7.25.2008 Joshua Summers joins Riverstone Group Client Services and Business Development Dallas, TX (July 25, 2008) – Joshua Summers has joined Riverstone Group Client Services and Business Development as Senior Vice President. Josh’s responsibilities include identifying and developing strategic business alliances, building and maintaining client and industry relationships, and coordinating market analysis activities. “With his experience in strategic planning and successful track record of business development, we are confident that Josh will be an important asset to our growing organization,” said Terry Danner, CEO of Riverstone Group Client Services and Business Development. Immediately prior to joining the Riverstone Group, Josh served as senior vice president of business development and acquisitions for Ambling Management Company. Josh has a bachelor’s degree in criminology from Florida State University with a concentration in law. He is a member of the Professional Housing Management Association (PHMA) and serves on several community boards.

07.22.2008 Consolidated American Services (CAS) promotes Michael Payton to SVP, Insurance Services Dallas, TX (July 22, 2008) – Consolidated American Services (CAS) has promoted Michael Payton to Senior Vice President, Insurance Services. In his new role, Michael is responsible for directing all aspects of risk management and insurance services and oversees the company’s growing team of insurance professionals. CAS Insurance Services offers clients a master property and casualty insurance program focused on the delivery of specially tailored solutions. Programs are also available to vendors and residents of communities managed by the organizations flagship company, Riverstone Residential Group. "Michael sets extremely high standards for himself," said Rachel Purcell, Chief Financial Officer for the diversified real estate organization. "He has made significant contributions to our insurance services group and we are confident that he will be extremely successful in his new role." Michael Payton joined CAS in 2007. His diverse background includes 15 years of experience in the risk and insurance management industry, including more than six years in the field of property management. A graduate of Texas A&M University, Michael also holds ARM and CIC risk management designations and is a licensed insurance adjuster and agent.

7.21.08 Renee Holloway joins Consolidated American Services (CAS) as Corporate Controller Dallas, TX (July 21, 2008) – Renee Holloway has joined Consolidated American Services (CAS) as Corporate Controller. As Corporate Controller, Renee is responsible for directing a broad scope of accounting operations for CAS and its subsidiaries, which include Riverstone Residential Group and Recap Advisors. Her primary areas of focus include budgeting, financial reporting and planning, as well as the management of policies and procedures. “We are delighted to welcome Renee to our company,” said Rachel Purcell, Chief Financial Officer for CA “Our organization is experiencing exceptional growth and her strong background in both real estate and accounting will be invaluable assets.” Renee brings 14 years of real estate accounting experience to her role as Corporate Controller for CA She previously served as Senior Controller for Prentiss Properties Trust where she was responsible for compiling and filing financial reporting requirements to the Securities and Exchange Commission as well as overseeing the daily corporate accounting functions. Renee holds a Bachelor of Business in Administration from Stephen F. Austin State University with a major in Marketing and a Master of Science in Accounting from University of Texas at Dallas. She also holds a CPA certification in Texas.

07.10.2008 Craig Rooney joins Riverstone Residential Group as Senior Vice President, Southern California Dallas, TX – Riverstone Residential Group has hired Craig Rooney as Senior Vice President for the Southern California region. The announcement was made by Walt Smith, President of Riverstone HSC Residential’s Western Division. Craig’s responsibilities will include oversight of a portfolio of more than 12,000 apartment units located in communities throughout the region. He will also play a key role in the development of new business. “We are delighted to place Craig in this leadership role,” said Walt Smith. “His experience over the last 20 years has made him one of the true local experts of Southern California’s multifamily industry.” Immediately prior to joining Riverstone Residential, Craig served as Regional Vice President for Western National Group where he oversaw a portfolio of 7,000 units and was also active in new business development. He also served as a Regional Manager for Irvine Apartment Communities where he was responsible for a portfolio of more than 3,500 units. A graduate of Iowa State University, Craig is accredited as a CPM as well as a CCIM. He is a member of a number of industry organizations, including the Institute of Real Estate Management and the South Coast Apartment Association.

07.09.2008 Management Reins Flip for 2,372 Apartments http://www.globest.com/news/1195_1195/dallas/172169-1.html GlobeSt.com Commercial Real Estate News and Property ResourceEXCLUSIVE Last updated: July 9, 2008 10:13amManagement Reins Flip for 2,372 ApartmentsBy Connie GoreDALLAS-In a whirlwind round of deal-making, Riverstone Residential Group has grabbed management rights to 14 multifamily properties with 2,372 units in eight states. The class A and class B assets average 91% occupancy. Twelve of the 14 contracts, all separate owners, were inked in recent weeks, with the others crossing the finish line about 45 days ago, according to Christy Freeland, CEO of Dallas-based Riverstone Residential Group. She describes the mix as "bread-and-butter properties" to GlobeSt.com, adding that the management company is on track to ink $200 million of contracts this year. "There is a lot of value add going on out there," Freeland says. Riverstone's chief selling point is it drives upside through its purchasing might from 192,000 apartments in 32 states. "The upside is not just from a rent standpoint. We have purchasing power to deliver expense savings," she stresses. However, Freeland says the portfolio additions are located in markets where rents are projected to tick up 4% to 6% in the coming year. The 14 properties have in-place rents ranging from $600 to $1,500 per month for one, two and three-bedroom units. Freeland says Riverstone's three divisions in the US secured the new pacts at the local levels by courting institutional and private owners. She says Riverstone will gain about 80 associates from the management transition. The heaviest concentration of new contracts is California: the 295-unit Parc Chateaux at 24970 Constitution Ave. in Stevenson Ranch; 124-unit Solano Apartments at 1050 Crestview Dr. and 88-unit Aviana Apartments at 2101 California St., both in Mountain View; and 120-unit Pacific Point at 13811 Shoemaker Ave. in Norwalk. In Boise, ID, Riverstone picked up the 59-unit Spring Creek and 16-unit Spring Creek II at 685 E. Holly St. Two Texas properties also rolled: the 379-unit Alexan Parkway at 6653 McKinney Ranch Pkwy. in McKinney, and 275-unit Northcastle Apartments at 8100 N. Mopac Expwy. in Austin. And two more were transitioned in the Seattle area: the 20-unit Carbon 56 at 2015 Terry Ave. and 20-unit Urbane at 8296 169th Ave. Riverstone's new pacts also include the 351-unit Stonewater Apartments at 1200 Wisdom Dr. in Cary, NC; 289-unit Houston Levee at 9940 Paddle Wheel Dr. in Cordova, TN; 180-unit Knoll Ridge at 207 George St. in Middleton, CT; and 156-unit Oakbrook Inn at 3242 Felina Ave. in Salem, OR. Copyright © 2008 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited. For reprint information call 410-571-5893 or e-mail afaulkner@remedianetwork.com.

05.19.2008 Riverstone Residential Group ranks #2 in NAHMA 2008 Affordable 100 List. http://www.nahma.org/content/latestnews.html May 19, 2008, Alexandria, Va. — The National Affordable Housing Management Association (NAHMA) today announced the release of the NAHMA 2008 Affordable 100, a list of the 100 largest affordable multifamily property managers, ranked by affordable unit counts. The list is available at NAHMA’s website, at http://www.nahma.org/content/latestnews.html, as well as the June issue of Affordable Housing Finance magazine and June issue of Units magazine. The Affordable 100, created in an effort to accurately determine the size of the portfolio of affordable multifamily units receiving federal subsidy in the United States, lists affordable units containing at least one of following federal subsidies: HUD Project-based Assistance, Section 42 LIHTC, HOME funds, bonds and USDA Section 515. “The NAHMA Affordable 100 list is designed to aid the national discussion on the future of federal funding for affordable multifamily housing,” said NAHMA President Michelle Norris, SHCM, NAHP-e. “Affordable property managers have been adapting to the ever-changing landscape of federal assistance requirements for years. It is time for federal assistance programs to grow and meet the expanding needs of our nation.” “If the affordable housing industry is to successfully contend that more federal funds are required to address the rental housing needs of our country, we need the data to make our case,” said NAHMA Executive Director Kris Cook, CAE. “In most government reporting, a unit that receives a HUD project-based subsidy is counted as an affordable unit by HUD. If that same unit was built or rehabilitated using tax credits, it is again counted by the IRS or the state allocating agency as an affordable unit. Add HOME funds to the financing mix and it is counted a third time. NAHMA believes that overstating the supply of affordable housing leads policymakers to believe that more units are available than there truly are.” NAHMA has taken steps to determine the degree to which layering is overstating the supply of safe, sanitary, affordable housing through its annual Affordable 100 list. The goal of this survey is to produce a list of the 100 largest affordable multifamily property managers, ranked by affordable unit counts. NAHMA believes that benefits of the survey will include: * It will set a foundation for annually identifying an accurate count of available affordable units by a credible, national organization. * It will provide valuable historical information to advocate on behalf of developers, owners, managers, and most importantly, the residents who rely on federal funds. * It will aid in convincing federal departments and agencies to cooperate, and in working together, to assist in the preservation * It will aid in convincing federal departments and agencies to cooperate, and in working together, to assist in the preservation of affordable housing and the creation of improved housing policy. * It will ensure a continued subsidy stream based on actual need. The National Affordable Housing Management Association (NAHMA) is the leading voice for affordable housing management, advocating on behalf of multifamily rental property managers and owners whose mission is to provide quality affordable housing. NAHMA supports legislative and regulatory policy that promotes the development and preservation of decent and safe affordable housing. NAHMA serves as a vital resource for technical education and information, fosters strategic relations between government and industry, and recognizes those who exemplify the best in affordable housing. For more information, contact Joe Thomas at 703-683-8630, or joe.thomas@nahma.org.

05.01.2008 Recap Advisors Tops $2 Billion in assets under management. A respected provider of financial services on multifamily assets, Recap Advisors expands its work in the condo market Boston, Massachusetts, May 1, 2008 – Recap Advisors, LLC, a Boston-based multifamily firm that is the financial services division of Consolidated American Services, announced today that with its most recent expansion of activity, the company's loan assets under management have topped $2.0 billion. The newest assets are condominium loans located throughout the country. Recap's proven expertise in recapitalizing existing properties via its Recap Workout Group and its affiliation with Riverstone Residential, the nation's largest independent multifamily apartment manager, make the company a natural choice for capital providers seeking to protect their positions in this complex asset class. “Asset management of condo loans mixes reporting and tracking expertise with real estate knowledge,” said Cameron Booth, Vice President, Director-Special Assets at Recap Advisors, and the designated executive on this contract. “You have all types of condo loans – some with affordability, some with income mixing, some with special targeting like medical, retail and special purpose housing. It's both detailed and tricky work, and to do it right you have to have financial, real estate, and operational experience on one platform. Not many asset managers do." The institutional client also sought to use Recap’s proprietary asset modeling and reporting system, which includes market assessment, property positioning, loan performance, and asset viability. "Condo loans are an unusually complex financial asset," said David Smith, Recap's founder and CEO. "You have to know when is the moment to act, and act quickly and correctly when the time comes. Properties that are planned as condos can revert to rental, or can be partially rental along the way – and you can make money in either scenario, if you have the right strategy, execute it properly, and have the time horizon to recover the intrinsic asset value. Asset management is what we do, and we bring or build all the capacities and tools we need to handle any type of multifamily asset." In the coming weeks and months, Recap expects to take on other large complex asset portfolios based on discussions now in process with several national financial institutions. About Recap and CA Consolidated American Services ("CAS", www.casfirst.com), is the American property services company of UK based Regis Capital Ltd. Since 2006 the company has provided the real estate industry unparalleled services in property management, construction, maintenance, asset management, financial services and insurance services. CAS today manages its business though three divisions: Recap Advisors, LLC (www.recapadvisors.com) is the nation's acknowledged expert in asset management and asset value enhancement of complex multifamily real estate assets. Recap provides financial services to all types of properties within this asset class, with a particular emphasis on affordable housing, to leading financial institutions throughout the country. Recap has successfully completed recapitalization, underwriting, and sales transactions totaling over $2.5 billion, on more than 800 properties in 44 states, and currently asset-manages a portfolio in excess of $2 billion. Riverstone (www.riverstoneres.com) is largest independently owned pure third-party property services firm in the United States. Riverstone manages more than 890 properties, with more than 188,000 multifamily units and over 185 million square feet. Riverstone’s national network of more than 5,200 associates deliver market knowledge, a culture of client service, and innovative value propositions across the broadest geographic footprint. According to National Multi Housing Council’s April 2008 report, “NMHC 50, The Nation’s 50 Largest Apartment Owners and 50 Largest Apartment Managers”, “once again, Riverstone was in a class by itself.” CAS Insurance, Inc. (“CASI”) is the insurance division of CA CASI provides unique solutions for its clients by providing complex insurance instruments that delivers unparalleled protection and value to its clients. CASI provides General Liability, Property and Casualty, and Resident protection services. For more information, visit www.recapadvisors.comor contact. Alex Jablokow 617-338-9484 ajablokow@recapadvisors.com

04.17.2008 Riverstone Residential Group has acquired HSC Real Estate, Inc. expanding its service area and property management services within the Northwest. Dallas, Texas, April 17, 2008 – Riverstone Residential Group (Riverstone), a subsidiary of Consolidated American Services, Inc. (CAS), has acquired HSC Real Estate, Inc. (HSC), expanding its service area and property management services within the Northwest. HSC, headquartered in Seattle, Washington, a premier third-party residential property management firm in the region with 1,100 employees and more than 34,000 units under management. The combined entity will further strengthen Riverstone’s position as the largest third-party property services company in the United States. “This is a tremendous opportunity for us to include HSC, a proven leader throughout the Northwest, into the Riverstone family. Walt Smith and his partners have built a high-profile, quality organization and we are excited at the possibilities of what we will offer our clients as we join forces in the coming months,” stated Christy Freeland, CEO of Riverstone Residential Group. “My partners and I have been committed to developing and operating the highest quality third-party management company in the Northwest. Together, we have successfully built an extremely strong brand that is recognized as the leader in our region. The time is right to take the next step with one of the premier national firms in our industry. We are confident this move will benefit our customers and our employees for years to come,” explained Walt Smith, President of HSC Real Estate, Inc. Smith will be the Divisional President of the Western Division headquarters of Riverstone, covering operations in Washington, Oregon, Idaho, Montana, California, and Northern Nevada. The current management of HSC will continue to drive the impressive growth that has been a direct result of its exceptional service. In addition to management, the majority of HSC’s staff will remain in place. The current HSC Seattle office will serve as the Western Divsion headquarters for Riverstone. HSC will be known as Riverstone/HSC for the foreseeable future. CAS (www.casfirst.com) is the American property services company of UK based Regis Capital Ltd. Since 2006 the company has provided the real estate industry unparalleled services in property management, construction, maintenance, asset management, financial services and insurance services. Riverstone (www.riverstoneres.com) is the largest, independently owned, pure third-party property services firm in the United States. Riverstone manages more than 890 properties with more than 188,000 multifamily units. While preserving local market knowledge, Riverstone’s national network of more than 5,000 associates deliver industry-leading service and innovation across the broadest geographic footprint. Market knowledge, a culture of client service and innovative value propositions is enabling Riverstone clients to enjoy record revenues in excess of $2.85 billion annually. Additional information about CAS and Riverstone is available at www.casfirst.comand www.riverstoneres.com. Contact: Patricia Mash Senior VP Marketing pmash@casfirst.com

04.17.2008 Riverstone Residential Group — “In A Class By Itself”, says NMHC Dallas, Texas, April 17, 2008 - Each year the industry looks forward to the National Real Estate Investor’s annual “NMHC 50- The Nation’s 50 Largest Apartment Owners and 50 Largest Apartment Managers.” Riverstone Residential Group is proud to be recognized in the 2008 ranking as the third largest Apartment Manager and the largest “pure” management company in the U. — “In a class by itself”. A subsidiary of Consolidated American Services Inc., (CAS), Riverstone Residential Group has focused over the past 2 years on growing not only its number of assets, but the quality of its portfolio and management services offered. NMHC’s recognition is an impressive milestone in this ongoing effort. Christy Freeland and Terry Danner credit the hard work and dedication of the leadership group and all company associates for making this growth possible. As CAS continues to bring exciting new growth opportunities to the company, the industry will watch this national leader become the largest influence in the U.S Apartment Market. To view the NMHC 50 list, click hereor paste the following link into your Internet browser. http://www.nmhc.org/top50/SurveyDetail.cfm?SurveyID=14&Sort=Managers To view the NMHC special supplement with rankings, analysis, and related articles (pdf) click hereor paste the following link into your Internet Browser: http://www.nmhc.org/Content/ServeFile.cfm?FileID=6223

01.16.2008 Riverstone Residential Group continues to expand with new offices in Nevada, Arizona and Texas through acquisition of Realty Management, Inc. (RMI) Dallas, Texas, January 15, 2008 – Riverstone Residential Group (Riverstone), a subsidiary of Consolidated American Services, Inc. (CAS), has acquired Realty Management, Inc. (RMI) to expand client services with additional regional and local expertise. The acquisition will further broaden the geographical footprint of Riverstone to support the continuing expansion of our clients' businesses. RMI, headquartered in Las Vegas, Nevada, has been acquired by Riverstone, which is the CAS flagship brand headquartered in Dallas, Texas. The combined entity will be the largest independently owned third party property services company in the United States. Riverstone offers its clients operational efficiencies and integrated products (property insurance, renter’s insurance, stream-lined purchasing, energy procurement, utility rebilling, etc.) with rates and features not available through other real estate service companies. Market knowledge, a culture of client service and innovative value propositions are enabling Riverstone clients to enjoy record revenues in excess of $2.5 billion annually. “We are excited to now have RMI as part of the Riverstone family; they have developed a tremendous brand throughout Nevada, Arizona and Texas and their dedication and commitment to quality service matches well to our own beliefs. This is a great opportunity for our clients to benefit from a leader in markets that complement those in which we have already built our presence,” stated Christy Freeland, CEO of Riverstone Residential Group. “We have always been looking for ways in which to build our business and we have been approached by many other potential partners but until now we never found the right fit that benefited both the business and our clients. Riverstone is unique in terms of their strategy and the high quality manner in which they do business. This is simply the best move for RMI to grow to levels that we have aspired to for many years,” explained Dan Shaw, CEO of Realty Management, Inc. “CAS has brought a needed consolidation to the property services sector, which has been slow to adapt to standardized best practices. With its Riverstone brand, CAS’s national footprint and commitment to accounting and operating procedures, CAS is setting the bar in the residential property management sector and is of great benefit to both independent as well as institutional investors” says David Reznick, Chairman of Reznick Group. RMI currently manages more than 21,000 multi-family units with offices in Nevada, Arizona, and Texas. CAS (www.casfirst.com<http://www.casfirst.com/> ) is the American property services company founded by UK based Regis Capital Ltd. Since 2005 the company has provided the real estate industry unparalleled services in property management, construction, maintenance, asset management, financial services and insurance services. CAS’s forte is developing and executing a broad range of strategies and transactions that create value for its clients. Riverstone (www.riverstoneres.com<http://www.riverstoneres.com/> ) is the nation’s largest independently owned pure third party property services firm in the United States. While preserving local expertise, Riverstone’s 155,000 multifamily units, 23 divisional offices and 4,300 associates represent in the industry-leading market knowledge across the broadest geographic footprint in the nation. Additional information is available at : www.casfirst.comand www.riverstoneres.com