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Aspen Properties Founded in 1976 Operations in Austin, San Diego, and Bellevue

Aspen Properties Founded in 1976 Operations in Austin, San Diego, and Bellevue Diversified Development and Investment Company Recent Development Experience -4 Million sf of commercial, 700 Dwelling units Greatest Asset: Our Team of Professionals

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Aspen Properties Founded in 1976 Operations in Austin, San Diego, and Bellevue

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  1. Aspen Properties • Founded in 1976 • Operations in Austin, San Diego, and Bellevue • Diversified Development and Investment Company • Recent Development Experience -4 Million sf of commercial, 700 Dwelling units • Greatest Asset: Our Team of Professionals • Vision: Create Value with Integrity

  2. Aspen Properties • Austin Portfolio

  3. Austin Office Market 2007 • Key Question: Where will occupancy costs/rents go from here? • Torto Wheaton 1.4% • Portfolio Research, Inc. 9.2%

  4. Austin Office Market Historical Overview Source: CBRE

  5. What drives Rental Rates? • Supply/Demand • Asset Cost- Sales and Replacement • Investor Return Requirements

  6. Austin Office New Inventory SOURCE: CBRE

  7. Austin Office Occupancy SOURCE: CBRE

  8. Austin Office Net Absorption Source: CBRE

  9. Office Replacement Cost Up 60% in 10 years Class A Suburban Office $250 - $280/sf Multistory Value Office - $190 - $210/sf One Story Value Office - $160-$180/sf

  10. Production Price Index – Construction Materials • PPI Index December ‘06-’07 – 2% • PPI Index December ’03-September ’07 – 28% • 2 CPI Index December ’03-September ’07 – 13%

  11. Office Sales Volume Source: CBRE

  12. Austin Office Sales Values Source: CBRE

  13. Office MarketAverage Capitalization Rates

  14. Austin Office Market Trends for 2008 • Expect leasing activity to increase due to 2008 lease expirations and overcrowding in existing office buildings • Occupancy rates to decline due to delivery of new office space • Expect office rental rates to increase but at a slower pace • New construction will slow significantly due to financing restrictions • Sales activity for buildings will increase as the year progresses • Austin market will continue to have positive job growth due to the talent pool and lower cost relative to CA and east coast

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