The Benefits of Demographic Investing

1. The Benefits of Demographic Investing 12/30/2008 THIS IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN. AN OFFERING IS MADE ONLY BY THE PROSPECTUS. THIS SALES AND ADVERTISING LITERATURE MUST BE READ IN CONJUNCTION WITH A PROSPECTUS IN ORDER TO UNDERSTAND FULLY ALL OF THE IMPLICATIONS AND RISKS OF THE OFFERING OF SECURITIES TO WHICH IT RELATES. A COPY OF A PROSPECTUS MUST BE MADE AVAILABLE TO YOU IN CONNECTION WITH ANY OFFERING. Demographic investing does not guarantee against loss. The direct or indirect purchase of real property involves significant risks. We may face significant competition from many sources for investment opportunities as well as risks related to general economic and regulatory factors we cannot control or predict. Investors should consult their own tax advisors and legal counsel. Securities offered through Grubb & Ellis Securities, Inc., member FINRA/SIPC.

2. Forward Looking Statement This presentation contains certain forward-looking statements with respect to the U.S. population and the potential benefits of demographic investing. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations, plans or predictions of the future, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: the possibility of demographic factors converging to create opportunities for investors; the accuracy of projections regarding increases in population and population concentration; the long-term outlook of residential investments; the demand for rental housing; the shortage of existing housing stock; the demand for housing and healthcare services among certain age groups; and other risk factors as outlined in the company’s prospectus, as amended from time to time, and as detailed from time to time in our periodic reports, as filed with the Securities and Exchange Commission.

3. Fundamental Analysis Technical Analysis Trend Following Contrarian Common Investment Strategies • “CANSLIM™” • Modern Portfolio Theory • Market Timing • Buy and Hold

4. “Patiently investing in long-term demographic trends will set up your portfolio for sustained supergrowth.” FORTUNE, JUNE 8, 2007 “6 TRENDS TO BANK ON,” TOM GARDNER • Demographic investing is one of the most effective ways to evaluate your investment choices. • Based on investing in the goods and services that the country’s largest population groups are most likely to consume over time, in the regions experiencing the greatest growth.

5. Demographic Investing ConsidersTHREE ESSENTIAL QUESTIONS . . . Who?Who are the dominant population groups? What?What are the essential needs of each group? Where?Where are these groups living, working and moving? AND THEN ASKS . . . How?How do these factors come together to create investment opportunities?

6. Which Is Easier to Understand? Who What Where OR

7. WHOAre the Key Population Groups In the U.S. Economy? Seniors Boomers Echo Boomers • Elders of the baby boomers • Age 65 and up • 34 million Americans • 12% of US population1 • Children of the greatest generation • Born 1946-1964 • 78 million Americans • 27% of US population2 • Children of the baby boomers • Born 1982-1994 • 76 million Americans • 26% of US population3 1 U.S. Census Bureau, 65+ in the United States: 2005, December 2005 2 U.S. Census Bureau, Facts for Features [Special Edition: Baby Boomers Turn 60], January 3, 2006 3 UC Davis Magazine, Talking ‘Bout Their Generation, Volume 22, Number 4, Summer 2005

8. WHATAre the Key Needs of Each Demographic Group? Seniors Baby Boomers Echo Boomers • Healthcare • Travel • Senior housing • Leisure activities • Transportation • Healthcare • Financial services • Empty-nest housing • Convenient shopping • Dining out • Technology • Education and training • Affordable housing • Customizable products • Fashion-forward clothes

9. WHERE are these groups living, working and moving? • Between 2000 and 2030, 88% of the nation’s population growth is projected to occur in the South and West. Source: US Census Bureau; U.S. Department of Commerce Report, April 2005.

10. HOWdo these demographic facts come together to form a sound investment strategy? Key elements of demographic convergence • When large-scale demographic trends overlap, they can create significant opportunities for demographic-minded companies and investors.

11. Demographic Convergence Case Study: Whole Foods Austin, Texas • Highly successful business on demographic fundamentals, targeting the right population groups with the right products in the right locations. • A gourmet grocer with 200 stores in growing, upscale areas appealing to key demographic groups with high-quality ingredients, prepared foods and fresh, organic produce. • Prospered as more and more affluent, time squeezed Americans choose to make special occasions of increasingly infrequent at-home meals. • Worked to build a positive reputation with boomers, echo boomers and others as a conscientious corporate citizen and employer. • An excellent example of a business strategy built around appealing to large, affluent population groups with a product that serves an essential need through a network of well-located stores. • On the other hand, Whole Foods also illustrates the dangers of marketing a product that is more sensitive to the pressures of core inflation and short-term consumer trends. When real disposable income is diminished, consumers may be less likely to purchase high-end grocery items. Overall demand for this type of product may be weaker, for example, than the demand for healthcare or quality rental housing. Whole Foods has seen a drop in net income (and stock price) over the first half of 2008. Source: www.wholefoods.com

12. Looking for Demographic Convergence: Analyzing the Essentials Which basic goods and services provide the most opportunity based on demographic trends? • Among the fundamental goods and services consumed in the United States, housing and healthcare provide great opportunities to capitalize on demographic trends.

13. Healthcare Healthcare is another essential industry with strong long-term fundamentals. Optimal Demographic ConvergenceTM • Baby Boomers are entering their 60’s… • General population both growing and aging • Expanding senior ranks require more healthcare • Boomers fueling demand for new procedures • Echo boomers poised for early health troubles • Growth regions continually catching up with demand • Today, people over 65, who make up about 12% of the population, use more than half of America’s healthcare resources. • America’s senior population is set to double between 2000 and 2030. Source: “65+ in the United States,” 2005

14. Healthcare • Who? • Expanding senior ranks who need more healthcare. • Boomers fueling demand for new procedures. • Echo boomers poised for early health troubles. What? • Medical services provided in hospitals, urgent care clinics, doctors’ offices, etc… • Where • In regions with unmet medical needs.

15. Demographic Based Investing You can invest in demographic-favored products and services by purchasing stock in related companies or by owning the buildings in which they operate. Demographic investing does not guarantee against loss. The direct or indirect purchase of real property involves significant risks. Consult your financial, tax and legal advisors before investing.