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[- I I I I I I I I I I I I I I I I I I THE SHELTER/CAN-AMERICAN GROUP Overview since 1971, The Sheltet/C~n-American uroup h~s had significant experience in developing, underwriting and managi~9 Multi-family residential, commercial and nolel properties in the United States and Canada. The group.s business is uivarsified but can b~ divided into five main areas of real estate activity. Acquisition, developm~nt and syndication of multi-family residential communjties Managing General Partner of a public Limited partnership Acquisition or developm~nt of hotels and commercial income-producing properties for syndication or retention Development and sale of condominlums in Maryland, Florida and Canad." Management of residential properties on behalf of investors The Shelter/Can-American Group is comprised of three main corporations, Shelter Canadian Holdings Limited, Can-Americ3n Corporation, and Shelter Developrrent Corporation LimIted. The principals of these thrpe corporations ~ave been affiliated for over a decade. Shelter Canadian Holdings is equally oW~ed by Graham C. Lou~t and Arni C. Thorsteinson. Shelter Canadlan HOldings Corporation 15 headquartered in w1nnipeg, Manitoba, Canada. Can-Amerlcan corporation 1S owned 66.6% by Shelter Canadian Holdings Limited and 33.3% by Garrett G. Carlson. Can-American is headquartered in Mlnneapolls, Minnesota. Shelter Development Corporat1on Limited is owned 66.6% by Can-Amer1can Realty Corporat1on and 33.3% by Mark K. Josepb. Shelter Development Corporat1on Limited is headquartered in Baltimore, Maryland. The Shelter/Can-American Group and its aff1lintes have developed and financed $564,022,000 of residential and com~erc1al real estate; Raised Equity totaling $306,295,000; Selcct~c" underwr1tten and closed on $261,000,000 in mortgage loans and ~anages or has managed 14,771 residentlal units. The Shelter/Can-American Group has a combined net worth of $20,000,000 as of Decembpr 31, 1987.