Welcome to America 2030™ Equity An American Private Equity

1. Welcome to America 2030™ Equity An American Private Equity Sponsor of Institutional Grade U.S. Real Estate Investments Understanding and Investing in American Multifamily Apartment Buildings, The Greatest Asset Type of the Real Estate Asset Class

2. Why Buy American Real Estate? • Diversification. U.S. real estate’s stability offers mitigation against rapid but non-sustainable markets. • Openness, Size and Selection. The U.S. contains one-third of the world’s institution-grade real estate and has no barriers to foreign investment. • Higher Yields. Current U.S. Cap rates average 40% higher than current European and Asian rates. • Inflation Hedge. U.S. real estate has historically outpaced U.S. inflation.

3. What is a Representative Chicago Multifamily Investment? Chicago, Illinois Cook County Property Type: Multifamily Property Class: A Sub Type: High-Rise No. Units: 306 Building Size: 204,185 SF Occupancy: 95% Year Built: 1989 Sale Price: $91,250,000 Price/Unit: $298,000 Neither America 2030*, nor any related parties, affiliates, officers, employees, shareholders, partners or representatives were involved in the transactions listed herein. These are examples of the investments which America 2030* will purchase but no guarantee is made that a building identical or similar to this building will be purchased.

4. What is a Representative Southwest U.S. Multifamily Investment? Chandler, AZ Maricopa County Property Type: Multifamily Property Class: A Sub Type: Garden/Low-Rise No. Units: 352 Year Built: 2005 Sold Price: $58,000,000 Price/Unit: $164,773 Occupancy: 94% Neither America 2030*, nor any related parties, affiliates, officers, employees, shareholders, partners or representatives were involved in the transactions listed herein. These are examples of the investments which America 2030* will purchase but no guarantee is made that a building identical or similar to this building will be purchased.

5. What is a Representative Texas U.S. Multifamily Investment? Neither America 2030*, nor any related parties, affiliates, officers, employees, shareholders, partners or representatives were involved in the transactions listed herein. These are examples of the investments which America 2030* will purchase but no guarantee is made that a building identical or similar to this building will be purchased.

6. 289-Unit Class A Community – Houston, Texas

7. 356-Unit Class AAA Garden Style Multifamily - Naples, Florida

8. 241 Unit Multifamily--Arlington, Virginia (Metropolitan DC)

9. The Economy, The Economy, The Economy . . . • Slow-Going Economy? Necessary to Call it a Recession? • America is a Country we Love to Hate, So Let’s Bash It! • America is the 800 pound Gorilla. • Subprime is Limited to 1% of Housing . . . Soooooo What? • HUD Predicts that Oversupply of Housing to be Absorbed in next Twenty-Four to Thirty-Six Months . . . • America Receives over 1,000,000 New Immigrants, Per Year, Most of Whom Enter the Workforce and Stimulate the GDP • Echoboomers (in their twenties) Having Children Close to Boomer’s Parent’s Rates! • Eastern European Population is Falling and EU Steady only Because of Immigration

10. The Economy, The Economy, The Economy . . . • US Exports Are Up Year over Year, Three Years in a Row (2005-2007) • U.S. is the World’s Most Diversified Economy and Still the Largest • American Families Still Averaging 2.0 Children Per Family • GDP is Predicted to Grow at 1.5% to 2% for 2008 • Consumer Spending Remains Robust • Hotels, Airplanes, Restaurants and Vacation Destinations Remain Full! • Unemployment Expected to Go From 5.0% to 5.3% . . . Sooooo . . . • Americans Not Concerned with the World Economy, EU or Elsewhere • Foreign Newspapers Cannot Stop Writing About the U.S. Economy

11. The Economy, The Economy, The Economy . . . • Where’s the Recession? • Mortgage Rates are at Forty-Seven Year Lows . . . • Commercial Real Estate Market is Still a Seller’s Market • CMBS was Small Portion of Commercial Lending; Most Commercial Lending Still Done by Banks • Banks Have Experienced Little to No Write Off’s • Bank Debt Stands at 5.5% to 6.5% on Three to Ten Year Money • Banks Depend on Real Estate Lending as the Majority of Their Lending • China, Japan and the Middle East Have a Savings Glut and Love American Real Estate

12. The Economy, The Economy, The Economy . . . • US Has Not Had a Property Meltdown Since the Early 1990’s • Current Mortgage Issues Due to Bad Underwriting, High Leverage (110%+), and Economy Slowdown • Banking Regulators Have Changed Lending Criteria to 70% to 80% • U.S. Multifamily Results Vary by Region and City • Multifamily is Historically the Highest Returning Asset Type • Multifamily Provides Inflation Protection Since Leases Renew Annually • Barriers To Entry are Higher with Apartments than Any Other Asset Type • US Institutions Love Apartments

13. The Economy, The Economy, The Economy . . . • Apartment Supply is Restricted in Many Markets • U.S. Real Estate Has Higher Cap and Yield Rates in the U.S. than Most of Asia and Western Europe • Multifamily Has Predictable Returns and Steady Growth with No Lease Roll Backs • Reliable Long Term Hold Periods of Ten to Twenty Years • Supply Versus Demand Issues in Different Markets Based on Cycles • Condominium Crisis in Chicago, A Case in Point • Apartments Offer Diversification Through Many Markets • Apartments Can Be a Sector Play; I.E. Buy in Florida; Buy in Arizona

14. U.S. Dollar Discrepancy . . .

15. Why is Multifamily the Best Asset Type? Mitigation of Lease Rollover RiskApartment Buildings targeted by America 2030 range from 100 to 1,000 occupants working in varied industries. At any one time only 3% to 12% of the building will ever be vacant, in the assets we target. Lower Taxes. Owning 100 units in a 100 unit condominium building may seem like the same thing as owning a 100 unit apartment building. It is not for several reasons, not the least of which is having one tax parcel identification number rather than 101 tax identification numbers. Barriers to Entry. Apartment building zoning is the most difficult to obtain of the four asset types because it has the largest negative impact on school budgets. High barrier to entry equals difficulty on competition. Rent Growth. Office, retail and industrial rents have not kept pace with replacement costs, nor construction costs. There are only two ways that real estate prices increase, artificially through cap rate compression (more dollars chasing less assets), and fundamentally through rent growth. American Mobile Lifestyle. Eighteen percent of all American move annually; One third of all Americans live in Apartment Buildings. Shelter—Economic Condition Resilience. When people cannot afford anything else they still spend on two things—Food and Shelter.

16. How Prolific is the Foreign Acquisition of American Assets? "US Fears Overseas Funds Could Buy Up America. Money is naturally going to gravitate toward dollar-based assets because of the strength of our economy.” U.S. Treasury Secretary Henry Paulson Jr. Morgan Stanley predicts foreign funds will own $17.5 trillion of US assets, up from $2.5 trillion in 2007, in only the next 10 years.August 21, 2007, International Herald Tribune Foreign investors poured $163 billion into U.S. commercial real estate in the first half of 2007, a 37% increase over the first half of 2006. Jones Lang LaSalle Morgan Stanley, in a widely cited study, projects that foreign investment funds investing in the United States could grow from $2.5 trillion in 2007, to a staggering $17.5 trillion, in 2017.

17. What is the Trend for Foreign Purchase of U.S. Real Estate? Chinese Government Purchases $3 Billion stake in Blackstone Group. BBC, May 27, 2007. The World’s Fastest Growing Economy invests in United States real estate.

18. Why are Foreigners Buying Trillions of U.S. Assets? Weak Dollar Makes U.S. World's Bargain Bazaar, New York Times, September 5, 2007. Pound Trades at Twenty-Five Year Premium to the Dollar

19. Why are Foreigners Buying Trillions of U.S. Assets? Ruble at Five Year High to the Dollar

20. Why are Foreigners Buying Trillions of U.S. Assets? US Dollar – Historical Chart – 6.5 Year Average Cycles

21. Dollar versus Euro U.S. real estate is selling at a 30% to 40% discount Source: Bureau of Labor and Statistics

22. Population Stagnation and Declines Across EU 2050 2000 Source: U.S. Census, Brugesgroup, The Economist

23. International Home Price Growth (1997-2005) • U.S. price growth 74% --------------------------------- • Spain 140% • U.K. 150% • Ireland 180% RISKIER MORTGAGE PRODUCTS Source: National Association of Realtors

24. Buyer Composition by Property Type Funds and Private Investors Leading Buyers of All Properties in 2007 * Properties of at Least $5 Million Source: Jones Lang LaSalle, Real Capital Analytics • While funds have enjoyed dominance as buyers of office, the buyer profile has been much different for other property types • Private investors were leading buyers of apartments, while industrial and retail properties enjoyed highly diverse buyer profiles in 2007 Source: Institutional Real Estate, Inc.

25. Extended Period of Downward Cap Rates Has Finally Ended Upward Pressure on Rates is Currently Developing • With the debt market correction, cap rates for all property types have bottomed out and are facing upward pressure; trend to continue throughout 2008; Prior to debt market correction, office in particular had seen cap rates continue to decline during the 1st half of 2007. Source: Institutional Real Estate, Inc.

26. Growth in Property Values Slowing Further Increases to be Much More Dependent on Continuing Strong NOI Growth • Overall prices paid per square foot are up by more than 70% over last 6 years • As the most highly-leveraged private buyers will be forced to the sidelines, growth in values will moderate significantly and be increasingly driven by underlying property fundamentals and cash flows. Source: Institutional Real Estate, Inc.

27. U.S. REALTORS Engagement (April 2006 to April 2007) or 243,000 NAR members 65% of FL REALTORS had foreign clients Source: National Association of Realtors

28. International Home Buyers in Florida 81,900 Home Sales Source: 2005 NAR Profile of International Home Buyers in Florida

29. International Homebuyer Trend in Florida, Over 5 Years Source: NAR

30. International Buyers’ Origin by Country in Florida Source: NAR

31. International Buyers’ Destination in the U.S. Source: NAR

32. Downtown Resurgence? • Downtown Population Trending Up (Examples from 1990 to 2000) • Houston up 69% • Seattle 67% • Chicago 51% • Denver 51% • Portland 35% • Cleveland 32% • Central cities holding up better than before • 31 of 50 largest cities lost population in 1970s • 22 of 50 largest cities lost population in 1980s • 15 of 50 largest cities lost population in 1990s U.S. Census Bureau

33. The World’s Largest Economies . . . In $US Trillions. Source: International Monetary Fund

34. Economic Expansion Rates . . . Source: International Monetary Fund

35. World Economies in 2037 . . . Source: NAR

36. What is a Megapolitan? Brookings Institution researchers estimate that the massive American build-out will constitute a $25 trillion development market by 2030, more than twice the size of the entire U.S. economy today. The bulk of that money will flow into ten major metro regions called "megapolitans." The ten metro areas are: Seattle/Portland Sacramento/San Francisco Los Angeles/Las Vegas Phoenix/Tucson San Antonio/Dallas/Kansas City Houston/New Orleans Boston/New York/D.C. Raleigh-Durham/Atlanta Miami/Tampa Chicago/Detroit/Pittsburgh By 2040, two of every three Americans will live in one these regions.

37. U.S. Multi-Family Market & The Subprime Conundrum? “Single Family Home Late Payments, Foreclosures Hit All-Time High in First Quarter" causing apartment rental increases. Associated Press, Thursday, June 14, 2007 "What's good for homebuilders is bad for apartments and vice versa,'' said James Corl, head of real estate investment at New York-based Cohen & Steers Inc. In the apartment market, ``demand is going to be swamping supply for the next few years."

38. U.S. Commercial Real Estate . . . The Sky Isn’t Falling? “Spending on commercial real estate maintained a record pace year to date through July, at $257 billion, a hearty 75% increase over the same period in 2006, according to the National Association of Realtors.”“A strong economy and job growth over the past few years support the solid commercial market fundamentals being seen, including rising lease and rental rates and low vacancies, and that is what maintained the flow of property transactions at higher levels, said the industry group in its latest Commercial Real Estate Outlook.” “Defying Credit Crunch, Commercial Real Estate Boomed Through July” September 19, 2007, Corporate Finance Financial Week.

39. Is There a Forty-Six Percent Off Sale in the U.S.? • The weak dollar represents two opportunities for foreign capital. First, the weak dollar allows more property purchased per foreign currency unit. Second, when the dollar rebounds, the investment value increases again, making the real estate investment doubly attractive to foreigners. • Current currency prices avail the foreign investor a fifty percent discount for U.S. assets compared to foreign markets including Europe and Asia.

40. Top Five Countries of Origin of International Home Buyers National Association of Realtors

41. Locations of Homes Purchased in America by UK Buyers National Association of Realtors

42. Primary Reason for Purchasing the Home in America National Association of Realtors

43. Powerful Demographics Fuel U.S. Apartment Demand • A child is born every seven seconds • A person dies every thirteen seconds • A migrant enters the country every thirty—one seconds • That’s a net gain of one person every 11 seconds

44. 275 % or 25% and the Dow Makes the News! Source: FTSE/NAREIT, Bloomberg

45. Real Estate Offers Attractive Returns Total Returning Ending September 30th Source: National Council of Real Estate Investment Fiduciaries

46. Apartment Returns Ending September 30th Source: National Council of Real Estate Investment Fiduciaries

47. Actually, Apartments Look Really Good! IRR Rank of all One-Year Periods – 1991:4 to 2006:3 Source: National Council of Real Estate Investment Fiduciaries

48. Percentage of Apartments Offering Concessions Source: Axiometrics

49. America’s 30 Fastest Growing Cities 2006-2020

50. Multifamily Performs the Best . . .