U.S. Multifamily Rental Housing as an appropriate investment class for international investors prepared by: Kerry D. Vandell, Ph.D.

Mr. Vandell is the Director for the Center for Urban Land Economics Research at the University of Wisconsin-Madison School of Business, and former Chairman of the Real Estate Department. "U.S. News & World Report", as well as "Business Week" have recognized the University of Wisconsin's Real Estate Program, both graduate and undergraduate, as one of the top three such programs in the U.S.

Kerry D. Vandell is a member of the Board of Trustees of Chrisken Residential Trust.