Trammell Crow Residential ("TCR") is America's premier multi-family real estate firm. TCR entities develop, construct and acquire multi-family rental and condominium communities of the highest standards. TCR was formed in 1977 by combining a group of Trammell Crow Residential enterprises. Our Chief Executive Officer, J. Ronald Terwilliger joined TCR in 1979 and assumed leadership of the enterprise in 1986. TCR's headquarters is located in Atlanta, Georgia.

Prior to TCR, Trammell Crow (the individual) began his real estate career in 1948 by building warehouses in Dallas, Texas. His strategy at the time was to capitalize each transaction through the use of joint venture capital and Trammell shared ownership with local partners. This strategy became a hallmark of the organization which grew from Trammell's early activities to one of the world's premier real estate enterprises. Mr. Crow, now 93, has passed on family involvement in TCR and other family investments to his son, Harlan. The family remains an active investor in virtually all real estate sectors.

Since inception, TCR has developed over 200,000 multi-family units in most major markets across the country. The firm is regarded as the industry leader in development and construction of high quality multifamily assets. TCR is the only national full-service, multifamily company which has been in business on a national level for over two decades.

TCR does business in partnership form, much the same way that Trammell Crow started some fifty years ago. By having TCR executives as owners in the business, everyone's incentives are aligned to share in profits as well as losses. The opportunity to control one's own destiny and create personal wealth has attracted, and continues to attract, outstanding real estate entrepreneurs.

TCR organizes its business geographically. A specific geographic focus allows the executives to be "local experts" and puts them in a position to take advantage of the local opportunities they typically see before others because they are working locally every day. This local real estate expertise is coupled with key national operating procedures and standards, as well as capital from the senior executives along with national financial relationships. The combination is powerful! Our executives are able to leverage off the reputation and the good ideas that they produce in various parts of the country as well as financial relationships that bring capital to bear on great local opportunities - a winning formula.

TCR believes in a low overhead approach to the business and maintains a very flat organization. There are four Executive Managing Directors ("EMDs") that have overall responsibility for all TCR activities within their geography. The EMDs report to CEO Ron Terwilliger. Ken Valach is the Executive Managing Director for the Southwest; Mike Collins is the Executive Managing Director for the West Coast; Michael McGwier is the Executive Managing Director for the Southeast and Bill MacDonald is the Executive Managing Director for the Northeast as well as South Florida. All of the EMDs have been with TCR for over 15 years with the exception of Michael Melaugh (who is responsible for capital markets, and has been with TCR for over 14 years). Our national administrative team located in Dallas directs firm-wide administration, including human resource and legal management, accounting, financial reporting, information systems, risk management and internal audit.

Divisional executives (Senior Managing Directors) report to the EMDs. These individuals also operate geographically. Currently our Senior Managing Directors oversee the following territories:

In addition to developing in these markets, each one of the divisions does its own general contracting work. TCR has found it important to be the general contractor in order to ensure that we obtain the quality and schedule that are necessary to be successful in the multi-family development business. Our construction businesses are run as profit centers and are staffed with experienced professionals. However, once again we have taken a low overhead approach and only do general contracting functions. Nothing is done in-house that can be effectively subcontracted.

In the late 1980s, TCR was active in condominium development in selected markets. With the surge in home buying evident in the early years of this new century, TCR has once again become active in condominium development. We are mindful of the differences between rental apartments and multifamily for-sale, and modify our product and service package accordingly. Due to current overbuilding in most markets, TCR's new condominium development activity has been suspended.

TCR's mission is to be Evergreen, Profitable and Good! We want our business to survive the departure of any executive and be in place for the long term. We must be profitable if we are going to be enduring, and must provide our associates with meaningful and rewarding work. And finally, we must be good to our associates and our communities if we are to be proud of our evergreen organization. One key example of our effort to be "good" is our ethics statement that all associates must read, sign and live by. Essentially, the ethics statement requires people to do the right thing, to present opportunities first to the company, to not be involved in any inappropriate financial dealings and to not tolerate or participate in harassment or any form of discrimination.

Our geographically focused entrepreneurial organization has been one of the great success stories in the residential industry. TCR has been the largest producer of multi-family units in the U.S. during the past 20 years.

In addition to being profitable, TCR wants to have a prominent role in industry leadership. Many of our key associates are involved in local and state apartment associations, and in many cases, they are the president of their apartment associations. At the national level, Ron Terwilliger is Chairman Emeritus of the Wharton Real Estate Center, is past Chairman of the Urban Land Institute and past Chairman of the National Association of Homebuilders Multi-Family Leadership Council.

TCR's reputation as the acknowledged leader in the multi-family rental housing industry has been achieved through a carefully crafted and diligently practiced philosophy over the past three decades. We develop, acquire and construct multi-family communities of the highest quality standards to enhance the lifestyles of our residents and create value for our investors. In more than fifty cities nationwide, the TCR philosophy is hard at work.