ABOUT EQUASTONE VALUE FUND I

Equastone Value Fund I (EVF I) was launched in September 2004 and closed in August 2005 with equity capital commitments of $53.5 million. The investment objective of EVF I is to acquire opportunistic and value-added real estate (primarily office properties) that will produce net returns to investors of 15-20% per year over a five-year term. EVF I was offered to accredited investors (either directly or through their fee-only financial advisors) and the minimum investment amount was $50,000.

EQUASTONE VALUE FUND I PORTFOLIO

Since September 2004, Equastone made 17 acquisitions totaling over $300 million on behalf of EVF I.  The portfolio includes investments in Class A and Class B office buildings located in San Diego, Phoenix, Las Vegas, Denver, Colorado Springs, San Antonio and Dallas. Equastone is aggressively driving the performance of the portfolio, adding value by repositioning and physically improving properties, leasing vacant space and improving operations.