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             April 2007
                        TABLE OF CONTENTS

I.   Fidelity Profile

II. Investment Philosophy

III. Management Team Biographies

IV. Representative Transactions

V. Sampling of Current Retail Portfolio

VI. References

                                          FIDELITY-AMG REALTY PARTNERS, LLC
I. Fidelity Profile

Fidelity-AMG Realty Partners, LLC is the acquisition and investment arm of the Fidelity group of
companies. Fidelity Land Development Corporation is an entrepreneurial real estate investment and
development company headquartered in Chatham, New Jersey. Through its related companies, Fidelity
Properties, LLC, Fidelity Management Company and Fidelity Maintenance, Fidelity offers a fully
integrated asset management platform including in-house leasing, management, maintenance,
construction, and architecture and design services. Fidelity Management Company also manages
properties in Maryland, Pennsylvania and Connecticut for third party owners. Fidelity is recognized as
one of the preeminent retail development firms in the State of New Jersey.

Fidelity-AMG Realty Partners, LLC was formed to coordinate all future acquisitions of existing
shopping centers and to expand Fidelity’s target markets as well as provide a capital markets platform
(including fund sponsorship, investor relations and reporting services). Fidelity-AMG will also provide
investment advisory and asset management services to select domestic and offshore clients.

Fidelity was founded in 1978 by Salvatore A. Davino. Over this 29-year period, Fidelity has been
responsible for the acquisition and development of more than 40 properties in excess of 4 million square
feet. During this period, the company has organized numerous private partnerships in connection with
the aforementioned acquisitions and developments.

Fidelity highlights:

    •   Proven 29-year track record of delivering superior results.
    •   Fully integrated investment acquisition, management and disposition platform.
    •   Meaningful alignment of interest with investors.
    •   Exceptional relationships with the best national and regional tenants.
    •   Excellent banking and lending relationships.
    •   Overall portfolio occupancy level of 98%.
    •   Exceptional pipeline of product.
    •   Access to off-market transactions.
    •   Potential to acquire newly constructed properties developed by Fidelity.
    •   State-of-the-art property management and reporting systems.

                                                              FIDELITY-AMG REALTY PARTNERS, LLC
II. Investment Philosophy:

To deliver superior risk-adjusted returns by acquiring neighborhood community shopping centers and
power centers leased to credit tenants in the northeastern portion of the United States and southeast
coast of Florida. Underperforming centers will be targeted, as will newly constructed properties.
Location and a property’s position in the market are given paramount consideration. Only markets
with high barriers to entry will be considered to ensure the intrinsic growth expected of real estate
except in markets where a strong retail location is needed to compliment new housing growth.
Leverage will be utilized to enhance returns and provide portfolio diversification.

Target Markets:

   •   New Jersey           Entire state
   •   New York             NYC Boroughs, Long Island, Rockland, Westchester
                            and Orange Counties
   •   Connecticut          Fairfield County, I-91 Corridor, Greater Hartford MSA
   •   Pennsylvania         Philadelphia MSA, Bucks County, Lehigh County,
                            Pocono Region
   •   Massachusetts        I-90 Corridor, Greater Boston MSA
   •   Delaware             Newark, Wilmington, New Castle
   •   Maryland             North of Washington DC Beltway
   •   Northern Virginia    Fairfax and Loudon Counties, Richmond MSA
   •   Florida              All major MSA’s – Orlando and coastal markets preferred.

Additionally, Raw Land will be considered in the NJ-NY-CT-PA and DE markets.

Benefits of Investing in Retail Shopping Centers:

   •   Neighborhood, community and power centers have enjoyed the benefits of continued positive
       growth in consumer spending despite weak economy. Continued economic growth will further
       this trend.
   •   Operating performance has remained stable and releasing rates and NOI have been modestly
       positive compared to negative rental and NOI growth for apartments, industrial and office
   •   Average property transaction of $20 to $40 million enables acquisition of a diversified portfolio.
   •   Size of investment provides greater liquidity through access to a wide range of buyers.
   •   Favorable financing terms available.
   •   Combination of long-term leases to creditworthy anchors provides stability and predictability of
       returns while income from smaller satellite tenants, with short-term leases provides for more
       periodic increases in rents.
   •   Relatively low volatility compared to other property types without sacrificing returns.

                                                               FIDELITY-AMG REALTY PARTNERS, LLC
III. Management Team Biographies

Salvatore A. Davino, Founder and President of Fidelity Group of Companies
                     Managing Director of Fidelity-AMG Realty Partners, LLC

Mr. Davino is the founder of the Fidelity group of companies and has more than 40+ years experience in acquisition,
development, construction and management of real estate projects. Mr. Davino has been involved in all phases of a project
from the site acquisition stage through design, construction, financing, leasing, management and marketing of the properties.
Prior to forming Fidelity, Mr. Davino was President of Gibraltar Land Resources (a real estate syndication arm of Gibraltar
Securities) and co-owner of Anthony Davino & Son, a contracting and home building firm.

Mr. Davino's community involvement and philanthropic activities are dedicated to organizations which include Columbus
Hospital, Cathedral Healthcare System Board of Governors, Board of Overseers of Redemptoris Master Seminary, Trustee
of The Shepherds of Youth in Florham Park, appointed by the Governor of New Jersey as a Commissioner to the State’s
Italian-American Heritage Commission, Board Member of Opportunity Project in Millburn and founding Director of
Enterprise Bank. Mr. Davino was awarded the Ellis Island Medal of Honor for his philanthropic endeavors.

Alexander J. Tafro, Managing Director of Fidelity-AMG Realty Partners, LLC

Mr. Tafro has 20+ years of investment real estate experience in acquisitions, financing, leasing and development. Mr. Tafro
joined Fidelity in 1999 to serve as its Chief Operating Officer and co-founded Fidelity-AMG Realty Partners, LLC. Mr.
Tafro oversaw the acquisition, financing and lease-up of the 800,000+ s.f. Watchung Square Mall anchored by Target, Home
Depot and Wal-Mart, as well as the final approvals and leasing of The Streets at Chester. Mr. Tafro's prior experience
includes ten years as a principal in the law firm of Brach, Eichler, Rosenberg, Silver, Bernstein, Hammer & Gladstone, P.C.
(now WolfBlock Brach Eichler) and employment with The Chase Manhattan Bank N.A. Mr. Tafro is a member of the
ICSC and a licensed NJ real estate salesperson.

Mr. Tafro graduated from The College of William and Mary in Virginia with a BA in Economics in 1980 and from Seton
Hall Law School, cum laude in 1984. Mr. Tafro volunteers his time to various youth sports programs in Mendham, NJ.

Louis P. Lagios, Managing Director of Fidelity-AMG Realty Partners, LLC

Prior to co-founding Fidelity-AMG Realty Partners, LLC, Mr. Lagios was a Principal of GC Capital Partners, LLC, a
boutique real estate investment advisory firm representing foreign investors acquiring real estate in the United States and
Europe. Prior to forming GC Capital, Mr. Lagios was a Director of Sentinel Real Estate Investment Corp. from 2000-2001
and Vice President of Investments at ARC Properties, Inc. and its affiliates Tibor Pivko+Company, ARC International
Fund and ARC Corporate Realty Trust, Inc. from 1996-2000. Prior to joining ARC Properties, Inc., Mr. Lagios was an
attorney with the Roseland, NJ law firm of Brach, Eichler (now WolfBlock Brach Eichler) from 1993-1996. Mr. Lagios is
also a licensed real estate broker and has nearly 18 years of experience in real estate.

Mr. Lagios graduated from New York University with a Bachelor of Arts in Politics with honors and holds a Juris Doctor
degree from Fordham University and a Master of Laws (LL.M) degree in Taxation from New York University. Mr. Lagios
is a member of NAREIT, ICSC, Hellenic American Bankers Association and Arab Bankers Association of North America.

Theodore M. Kakoyiannis, Principal, Fidelity-AMG Development Partners, LLC

Mr. Kakoyiannis joined Fidelity in 2006 to focus on the acquisition of development sites and redevelopment opportunities.
Prior to joining Fidelity, Mr. Kakoyiannis co-founded Imian Properties, a NY area development firm. Mr. Kakoyiannis was
counsel to the New York firm Eiseman Levine Lehrhaupt & Kakoyiannis, P.C. (2000 to 2004), a boutique law firm with a
specialty in real estate acquisition and leasing. Mr. Kakoyiannis provided counsel to owners, contractors and developers in
the areas of construction litigation; real estate acquisition; real estate financing (construction and permanent); and negotiated
and drafted construction documentation. Prior to joining Eiseman Levine, Mr. Kakoyiannis was an attorney at the New
York firm Ingram Yuzek Gainen Carroll & Bertolotti, LLC (1995 to 2000). Mr. Kakoyiannis is also a licensed real estate
broker in the State of New York.

Mr. Kakoyiannis graduated from New York University with a Bachelor of Arts degree in Literature and Politics with honors
and holds a Juris Doctor degree from Brooklyn Law School. Mr. Kakoyiannis is admitted to the bars of the States of New
York and New Jersey, a member of the New York State Bar Association, The Bar for the City of New York, ICSC and the
Hellenic American Bankers Association.

                                                                             FIDELITY-AMG REALTY PARTNERS, LLC
Edward D. Maceiko, Chief Technical Officer

Mr. Maceiko joined Fidelity in 1998 following his tenure as President of Selkirk, a commercial real estate development,
design and construction company. He has been responsible for the development, design and construction of in excess of 12
million square feet of office, industrial and retail buildings over the past 20 years. Mr. Maceiko is a registered Architect and
Professional Engineer in the State of New Jersey and numerous other states in the region. Mr. Maceiko is also a licensed NJ
real estate salesperson. Mr. Maceiko manages Fidelity’s construction efforts and is responsible for providing a technical and
structural evaluation of potential acquisitions. Mr. Maceiko’s primary responsibilities with Fidelity have included the role as
Project Executive for the development of Watchung Square Mall.

Mr. Maceiko holds a Bachelor of Architecture and Master of Civil Engineering degrees from New Jersey Institute of
Technology and an MBA from Rutgers University. Mr. Maceiko is a member of the American Institute of Architects, holds
a National Council of Architectural Registration and is a member of the American Society of Civil Engineers.

David Voight, Director of Development.

Mr. Voight is responsible for the coordination of all development activities, including governmental approvals, permitting,
management of construction projects, bidding, awarding and administration of construction contracts. David joined Fidelity
Land Development in 2000, and served as the on-site Project Manager for Watchung Square Mall a 800,000 sq ft retail
shopping center. In addition, he coordinated all tenant fitouts and obtained governmental approvals for the State Highway
widening project and sewer main extension components of Watchung Square Mall. Mr. Voight has also overseen numerous
retail centers and expansions including the conversion of a theater complex to a retail building in Brick Township, NJ.

A graduate of New England College, Mr. Voight holds a Bachelor of Arts degree in philosophy and communications.

Carlo Caparruva, Vice President of Leasing
Mr. Caparruva is Vice President of Leasing and Broker of Record for Fidelity’s in-house leasing company, Fidelity
Properties, LLC. Mr. Caparruva’s primary responsibility is leasing the Fidelity portfolio, and he has been instrumental in
satisfying Fidelity’s strict standards of maintaining the highest occupancy levels with the industry’s leading nation and
regional retail tenants. Mr. Caparruva brings 15+ years of experience in investment sales, leasing and development to the
Fidelity team. Prior to joining Fidelity, Mr. Caparruva served as Vice President of Investment Sales for Jeffery Realty, Inc, a
New Jersey retail brokerage firm. His prior experience also includes 7+ years as a principal of a New Jersey based optical
firm and employment as Senior Marketing Manager with Marriott International Corporation. Since his arrival at Fidelity in
2003, Mr. Caparruva has been involved in the addition of 500,000+ s.f. to Fidelity’s leasing portfolio as well as new property
acquisitions totaling 1,300,000 s.f.
A graduate of Upsala College, Mr. Caparruva holds Bachelor of Arts degrees in Political Science and History. He is a
member of several professional organizations including the ICSC and is a licensed NJ Real Estate Broker.

Anthony P. Davino, Executive Vice President
Mr. Davino is an Executive Vice President of Fidelity Maintenance, Inc., overseeing Fidelity’s maintenance and related
construction services. In 1989, Mr. Davino renovated his first shopping center, the Kennedy Mall in Brick, NJ. Since that
time, he has completed 5 additional overall shopping center renovations including site-work and landscaping. Mr. Davino
has completed in excess of 250 retail and office interior build-outs and retrofits and has overseen several projects from the
ground out. He is a medical office specialist and has participated in constructing 3 state-of-the-art radiology centers as well
as out-patient surgi-centers. Additionally, he has recently completed and oversees the operations of a modern full-service
golf range, pro shop and family entertainment facility in Roseland, NJ. Mr. Davino studied Real Estate and Business Law at
Boston College.

                                                                             FIDELITY-AMG REALTY PARTNERS, LLC
Elliot L. Warm, Esq., General Counsel

Mr. Warm is General and Real Estate Counsel to the Fidelity group of companies and affiliated businesses. He joined
Fidelity in November 1991, having previously been a partner in a law firm at which he practiced law for 15 years. He has
spent his entire legal career of more than 30 years being involved in all phases of real estate transactions. He has also acted
as an Adjunct Instructor at the Rutgers School of Law, Newark, New Jersey, and has had various materials published in
connection with seminar presentations.

Mr. Warm received a BA Degree from Rutgers College in New Brunswick in 1969, summa cum laude, and a JD Degree
from Rutgers School of Law, Newark, New Jersey in 1973.

Joseph N. Machiaverna, CPA, Controller
                       CFO, Fidelity Management Company, Inc.

Mr. Machiaverna's duties at Fidelity include overseeing all areas of accounting and taxation as well as supervising and
maintaining IT systems. Mr. Machiaverna joined Fidelity in 1992 as a CPA, bringing with him 15 years experience in the
practice of public accounting and taxation.

Mr. Machiaverna received a BA Degree in Accounting from New York University School of Business which he attended
under an early admittance program. He is a member of the New Jersey State Society of Certified Public Accountants and the
American Institute of Certified Public Accountants.

Juliet Fidlow, Director of Property Management

Juliet Fidlow is the Director of Property Management, overseeing Fidelity's portfolio of retail, commercial, and medical
facilities. Ms. Fidlow has over 20 years of experience in the real estate industry and contributes at a senior level in all areas
of property management including implementation of lease renewals, identification and resolution of facility problems,
tenant concerns and the preparation of operational budgets and financial reporting. Ms. Fidlow's prior experience includes
five years as Director of Property Management for a third party management firm operating multi-tenanted commercial
properties for private and institutional clients, and nine years employment as Senior Commercial Property Manager for a
group of overseas investors of medical and retail properties in New Jersey.

Ms. Fidlow is an ICSC Certified Property Manager, a licensed NJ real estate salesperson and is a member of several
organizations including ICSC and BOMA.

Maryann Devcic, Lease Analyst

Ms. Devcic's primary responsibility is to coordinate and oversee lease administration. Her duties include lease review and
abstraction, financial reporting and account analysis for the management company and owners as necessary. Ms. Devcic also
assists in the administration of IT systems and website for the company. Prior to joining the Fidelity team, Ms. Devcic’s
experience includes work at AT&T and as a contract lease analyst for Jones Lang LaSalle

Maryann graduated Seton Hall University in 1999 with a BA in Finance and is a licensed NJ real estate salesperson.

Fidelity is complemented by an excellent support and maintenance staff and as an organization employs over 40 people.

                                                                             FIDELITY-AMG REALTY PARTNERS, LLC
IV. Representative Transactions

Seaview Square
GLA: 1,089,628 s.f.
upon completion

Seaview Square
2301 NJ Route 66
Ocean Twp, NJ

The Story:

Seaview Square is emerging as one of the most prolific power centers in the region. This redevelopment project is located
between Route 35, Route 66 and Route 18; three of Monmouth County’s most highly traveled corridors. The center is
anchored by Target, Costco, Value City, Sears and PetsMart, with a number of parcels slated for development.

Fidelity acquired Seaview Square with Investcorp International, Inc. in October 2005 in what was the largest retail trade in
2005 in New Jersey. At the time of acquisition the Center had approximately 773,000 s.f. leased and approximately 185,000
s.f. vacant and four potential pad sides for expansion that would add approximately another 70,000 s.f. to the Center. .

The Center has a number of environmental and topographical issues that needed to be addressed as a result of being
constructed on an former landfill. Fidelity had the expertise to tackle these issues, particularly with its experience in
developing Watchung Sqaure.

Lehman Brothers provided the acquisition financing as well as an additional facility to finance the expansion center.


                                                                            FIDELITY-AMG REALTY PARTNERS, LLC
Watchung Square
GLA: 809,801 s.f.

Watchung Square
1515 Route 22 West
Watchung, NJ

The Story:

Watchung Square is one of the largest and most dominant power centers in the Northeast. This 80 acre site is strategically
located on the densely populated Route 22 corridor and is recognized as one of New Jersey's premier destinations in a
strong trade area. This center, which opened in 2001, is anchored by Target, Home Depot, Wal-Mart, Stop&Shop
Supermarket, TJ Maxx, Bed, Bath & Beyond and Borders. This site has excellent access and visibility with two signalized
access points.

Fidelity acquired the land for Watchung Square Mall from the Lockheed Martin Corporation. Among the many challenges
to this site was the re-zoning to permit its construction, the remediation of soil and ground water contamination, successful
defense of legal appeals to the Supreme Court of NJ, the movement of over 1 million cubic yards of material to grade the
site, and the construction of a retaining wall in excess of 2000 linear feet to contain the Watchung Mountains slope to the
north end of the site. Project costs exceeded $100 million.

Working closely with the Borough of Watchung, the State of New Jersey and prospective tenants, Fidelity redeveloped this
site into a premier destination power center.

Summit Bank (now Bank of America) provided the construction financing and permanent financing.


                                                                           FIDELITY-AMG REALTY PARTNERS, LLC
Roxbury Mall
GLA: 690,562 s.f.

Roxbury Mall
275 Hwy 10
Succasunna, NJ

The Story:

Located at the intersection of Route 10 and Commerce Boulevard in western Morris County, Roxbury Mall is only minutes
from the major transportation arteries of Interstate 80, Route 46 and Route 206. Roxbury Mall has an excellent tenant roster
that generates high sales volumes.

Originally this site consisted principally of an underperforming enclosed mall, two small supermarkets and a mom-and-pop
cinema. Upon acquisition, Fidelity repositioned the entire center in 18 months. By eliminating the enclosed mall and
acquiring the associated leases, Fidelity constructed a power center and added Home Depot, Caldor’s (now a Kohl’s),
Linens-N-Things, Staples and other national retailers. Fidelity bought out the 42,000 square foot Acme lease and facilitated
the expansion of the ShopRite supermarket to a state-of-the-art 72,000 square foot superstore. A new lease was signed with
Clearview Cinemas to expand the theater to a 10 screen multiplex. Fidelity also added 90,000 square feet of Class A office
space, including a 60,000 square foot building dedicated as one of the first “medical office buildings” in underserved western
Morris County.

The International Trade Center in nearby Mt. Olive is the home of New Jersey Foreign Trade Zone, Office Park and
Commerce Park. Just a few of the many major corporations that are located there are Kenwood USA Corp., BMW of North
America, Calvin Klein Cosmetics, Quest Intentional, Seiko Corporation of America, and Samsung International.

The property has been refinanced with permanent financing from John Hancock Life Insurance Company.


                                                                            FIDELITY-AMG REALTY PARTNERS, LLC
The Streets at Chester

The Streets at Chester
Route 206
Chester, NJ

The Story:

This 12+ acre site located in historic Chester in western Morris County, NJ, was approved by Fidelity for the development
of a 105,000 square foot retail center. The project was leased to a compliment of top national retailers seeking to locate in
this new “lifestyle” type center. Prospective tenants included Borders, Talbots, William-Sonoma, Pier One, Ann Taylor
Loft, Chicos, Domain Furniture, The Children’s Place, Victoria’s Secret, The Limited and Saladworks. Due to an extremely
attractive purchase and sale offer, and to accommodate the investment objectives of partners, the property was recently sold
to the Continental Real Estate Companies of Columbus, Ohio which retained Fidelity Properties to complete the lease-up of
the project.


                                                                           FIDELITY-AMG REALTY PARTNERS, LLC
V. Sampling of Current Retail Portfolio (Acquisitions & Development):

     Seaview Square Mall

     1,089,628 s.f. / 70% leased (acquired 2005)

     Target, Costco, Sears (Shadow), PetsMart
     Starbucks, Applebees, Rag Shop, Value City

      Fidelity is in negotiations with several tenants
      that will increase occupancy to 95%.

                                                               Watchung Square Mall,
                                                               Watchung, NJ

                                                               810,000 s.f. / 99% leased

                                                               Home Depot, Target. Wal-Mart,
                                                               Stop&Shop, Bed Bath & Beyond, TJ
                                                               Maxx, Old Navy, PC Richard, AC
                                                               Moore, PetsMart, Staples

      Roxbury Mall,
      Roxbury, NJ

      700,000 s.f. / 96% leased

      Home Depot, Shop Rite,
      Linen-N-Things, Staples,
      Kohl’s, McDonald’s

                                                         FIDELITY-AMG REALTY PARTNERS, LLC
Hickory Square,
Chatham, NJ

109,000 s.f. / 99% leased

Shop Rite, CVS

                                                           Town Center Plaza,
                                                           East Windsor, NJ

                                                           200,000 s.f. / 90% leased

                                                           Shop Rite, Fashion Bug, Dress
                                                           Barn, Marty’s

Total Wine & More
Tampa, FL

18,000 s.f. / 100% leased (acquired 2005)

Total Wine & More (shadow anchored by
Target, Home Depot, Toys R Us, Linen’s & Things
DSW Shoe, Wild Oats and PetsMart)

                                                  FIDELITY-AMG REALTY PARTNERS, LLC
                                      Garwood Mall
                                      Garwood, NJ

                                      87,000 s.f. / 95.5% leased

                                      Kings, Walgreens

Crescent Plaza,
Florham Park, NJ

63,000 s.f. / 94.5% leased

Kings, Drug Fair

                                      Bay Harbor Plaza
                                      Brick, NJ

                                      160,000 s.f. / 100% leased

                                      Stop&Shop, Burlington Coat,
                                      AC Moore

Lord Stirling Shopping
Stirling, NJ

77,000 s.f. / 100% leased

ShopRite, Drug Fair

                             FIDELITY-AMG REALTY PARTNERS, LLC
VI. References

Lenders:    Bank of America
            750 Walnut Avenue
            Cranford, NJ 07016
            Harry Ekstrand, Senior Client Manager/Team Leader

            2840 Morris Avenue
            Union, NJ 07083
            Andrew Markey, Vice President, Relationship Manager
            Joe Tkac, Senior Vice President, Market Manager

            John Hancock Real Estate Finance
            Office Court at Walton Point
            486 Norristown Road, Suite 130
            Blue Bell, PA 19422
            John Ferrie, Regional Vice President

Tenants:    Home Depot USA
            3096 Hamilton Boulevard
            South Plainfield, NJ 07080
            Marc O’Lear
            James Scott, Esq.

            701 South Walton Boulevard
            Bentonville, AR 72716
            Robert Stoker, Senior Real Estate Manager

            33 South Sixth Street
            P.O. Box 1392
            Minneapolis, MN 55402
            Scott Columb, Regional Real Estate Manager

            Stop & Shop
            Quincy Center Plaza
            1385 Hancock Street
            P.O. Box 1942
            Boston, MA 02105
            Jim Sylvia, Vice President Real Estate

                                                           FIDELITY-AMG REALTY PARTNERS, LLC
             Village Super Market, Inc.
             733 Mountain Avenue
             Springfield, NJ 07081
             William Sumas, Principal

             RoNetco Supermarkets, Inc.
             1070 US Highway 46
             Morris Canal Plaza
             Ledgewood, NJ 07852-9735
             Dominick Romano, Chairman of the Board

Municipal:   Borough of Watchung
             15 Mountain Avenue
             Watchung, NJ 07060
             Mayor Albert Ellis
             Former Mayor Anthony Addario

Legal:       Alan R. Hammer, Esq.
             Managing Partner
             WolfBlock Brach Eichler
             101 Eisenhower Parkway
             Roseland, NJ 07068

             Peter Kakoyiannis, Esq.
             Eiseman Levine Lehrhaupt & Kakoyiannis, P.C.
             805 Third Avenue
             New York, NY 10022

                                                            FIDELITY-AMG REALTY PARTNERS, LLC

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