clients.

Aimco is a real estate investment trust headquartered in Denver, Colorado owning and operating a geographically diversified portfolio of apartment communities through 19 regional operating centers. Aimco, through its subsidiaries, operates approximately 1,760 properties, including approximately 313,000 apartment units, and serves approximately one million residents each year. Aimco's properties are located in 47 states, the District of Columbia and Puerto Rico. Aimco common stock is included in the S&P 500.

Allen & O'Hara's Student Housing Management Division has specialized in student housing for more than 40 years, developing and managing full-service residence halls and student apartments nationwide. Allen & O'Hara has developed and managed over 30,000 beds at 44 different colleges and universities across the country. For almost five decades the company has housed and provided residence life services to over 420,000 students - 170,000 first-year students and 250,000 upper class and graduate students.

American Campus Communities was founded in 1993 in Austin, Texas to provide student housing communities and services to colleges and universities across the nation. Through the years, American Campus has assembled a team of the nation's leading privatized student housing professionals, who work together to develop, finance, construct and manage student housing communities nationwide.

American Campus's corporate professionals bring decades of student housing development, construction, finance and management experience. Together they have been involved with more than 90 student properties, ranging from modern student apartments to traditional full-service residence halls.

Capstone was founded in 1990 to focus exclusively on the development and management of student housing communities. The principals of Capstone have been in the business of student housing since the mid-1980's and the company's goal is to remain a long-term player in on-campus student housing development and management. With Capstone, our collegiate partners receive a team with an uncompromising commitment to exceeding expectations experienced in the turn-key development of student housing. To date, we have completed, or are in the process of completing, the development of over 37,000 beds, within seventy-seven (77) projects on or near sixty-five (65) college and university campuses.

At Ellis-Trick, the goal is to provide 100% resident satisfaction. We understand what people expect out of an apartment home. Consistently delivering high-quality and value and maintaining a high standard of customer service remain foremost in all our business decisions, as they are the key to promoting and preserving the value of our brand name.

Quality isn't something that can be added like a fresh coat of paint. It either goes into a community with every plan and every nail and every detail, or it doesn't go in at all. It is our goal and our practice to plan and to build each apartment home in this exceptionally careful, distinctive way. It is our hope that this effort will be obvious to our residents in the luxury and function of their private apartment homes, in the beauty and comfortof the public spaces of each community, and in the way the members of our management team meet their responsibilities with courtesy thoughtfulness and professional efficiency.

FirstWorthing(R) has been in the real estate business for more than 25 years. In that time, we have established ourselves as one of the leading companies in the apartment industry. We are a full-service, vertically integrated company based in Dallas, Texas. Our senior executives average 20 years experience in the multifamily industry. We have developed, constructed, acquired and managed more than 55,000 apartments with a value in excess of $1.9 billion for our own account and for third party investors throughout the United States. FirstWorthing(R) operates in markets throughout the United States. A majority of FirstWorthing(R)'s activity is conducted through an entity level partnership with Principal Enterprise Capital a leading institutional real estate asset manager. The objective of the entity is to deliver superior long-term results, with a commitment to be a leader in the multifamily industry.

Forest City Enterprises, Inc., is an exciting, diversified national real estate company that thrives on its expertise in creating value. A $4 billion NYSE (FCEA) real estate company headquartered in Cleveland, Ohio, Forest City owns, develops, acquires and manages commercial and residential real estate properties. Its portfolio of retail, residential, office and hotel properties throughout 20 states and the District of Columbia is operated by regional offices in New York, Los Angeles, Boston, Tucson, Denver, Washington, D.C. and San Francisco.

GDC Properties Inc. is a privately held company that develops, owns and manages high quality apartment communities in cities located in the northeastern and southeastern United States. You will find GDC communities in New York, Atlanta, Orlando, Miami, Tampa, Memphis and Nashville. We take great pride in our well-earned reputation for integrity and our total commitment to excellence and attention to good design. All GDC communities are owned and managed exclusively by us.

Greystar is a private real estate investment, management and development enterprise with regional offices locatedthroughout the Sunbelt and extensive experience across all product types. Greystar and its Principals believe localmarket presence, knowledge and expertise is a distinct, sustainable and long-term competitive advantage. The Principals also believe development, construction, and property management capabilities are essential to maximize the investment returns by controlling costs and quality at the property level. Greystar combines the local expertise and contacts of its regional operating companies with the broad set of complementary skills and experience of Greystar's capital partners to provide the best results for its investors.

JPI is an experienced, fully integrated real estate firm that specializes in the acquisition, development, construction and management of residential communities.

JPI operates in markets throughout the United States and is one of the country's top developers of residential real estate. The availability of entrepreneurial investment capital obtained through JPI's owners and General Electric Capital Corporation and relationships with other major capital sources enables JPI to take advantage of investment opportunities quickly and decisively. The executive leadership of JPI provides a clear direction and commitment to quality investments and management services, and instills the local entrepreneurial freedom needed to succeed in today's competitive marketplace. JPI's proven performance, financial strength, and depth of management expertise culminate in a single mission..."Building Quality For Our Customers."

Developed, owned and operated by United Campus Housing Management, L.P.headquartered in Austin, TX, Melrose Communities are unique in that every resident has a private bedroom and bathroom under an individual lease while sharing common living areas within two, three or four bedroom suites.

The Melrose student housing concept is defined by UCH as providing our residents a private, protective living environment with the highest quality of life, services and personal value available in a student community.

Post Properties, Inc. (NYSE:PPS) is the preeminent developer and operator of upscale multi-family apartment communities, with a total market capitalization of over 2 billion dollars. The Company operates as a real estate investment trust whose primary business consists of developing and managing Post brand name apartment communities for its own account.

Nationwide, Post Properties owns approximately 30,317 apartment homes in 84 communities, including 2,608 units currently under development.

Royal Properties is a company with one purpose: to develop, own and manage multi-family student housing near four-year universities throughout the United States.

The origin of Royal Properties can be traced back to 1979, when Rodrick L. Schmidt purchased an eleven-room rooming house on 209 East John St. in Champaign, Illinois. Schmidt owned and operated the rooming house for several years, and then - along with Michael J. Henneman - purchased the adjacent property, located at 211 East John. Both properties continued to be owned and operated as rooming houses through 1983.