We believe that this merger produces one of the best platforms in the industry when measured by future NOI growth potential. Our future NOI growth will be enhanced by accelerating the same- property NOI growth on Summit’s assets and by assimilating Summit’s development pipeline and production capabilities into Camden. We believe that an area in which a positive impact on NOI can be achieved almost immediately is in improving operating efficiencies as it relates to technology. Our combined companies will benefit from the substantial investments that Camden has made in technology and ancillary income streams over the last decade. These technologies have already demonstrated that they streamline our employees’ work flow and enhance our residents’ lives. Finally, the company would have a substantial development pipeline located in strong markets to drive future growth. Our combined development pipeline represents $1.1 billion of current and future development, primarily in Washington, D.C., Southeast Florida and Southern California. On a $5.3 billion asset base, the anticipated development of new, high-quality communities in high-growth markets is a compelling driver of future growth. Ultimately, the Summit merger transforms our portfolio into an exceptional multifamily operating platform and the fifth largest multifamily company in the industry with over 66,000 apartment homes and a total enterprise value of $5.3 billion. Growing simply to be the biggest isn’t our focus. We are driven to be the best by carefully selecting our markets and executing our development, acquisitions and dispositions plan. In this way, we are leveraging the advantage of size without sacrificing our entrepreneurial spirit and agility. 2005 is a year of transformation; a year in which, with one well-timed and conservatively structured transaction, we will achieve Market Balance, accomplishing in only a few short months what would have taken three to five years to otherwise achieve. It is a year in which we will realize the benefits of our technology investments and our commitment to continuous process improvement through best practices. It is a year that all of our initiatives, from mergers and acquisitions to our development pipeline, position us for future growth. Finally, 2005 is a year when the collective, focused efforts of our dedicated professionals will achieve breakthrough results. Bottom line: Camden is transforming – just as we planned. Respectfully, Richard J. Campo Chairman and Chief Executive Officer D. Keith Oden President and Chief Operating Officer