The Klotz Group of Companies, LLC

THE
KLOTZGROUP OF COMPANIES
I n s t i t u t i o n a l A d v i s o r s
Tierra Linda
Development, LLC
CapGainproperties inc.
- THE KLOTZ GROUP OF COMPANIES
- MULTIFAMILY INVESTMENTS
- $100M CO-SPONSORED REAL ESTATE FUND
OR JOINT VENTURE PROGRAM
2.
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18.
Introduction
What is Multifamily?
Why Multifamily?
Why South East United States?
Why Klotz?
The Team
Investment Overview

Klotz Investment Opportunity Overview 2
THE
INTRODUCTION
AnewlyformedFundorJointVenturewillendeavortoinvestinanddevelopopportunities
in Multifamily Housing in the Southeastern region of the United States.
The Klotz Group, with a regional focus and impact in the Southeastern United States,
owns, operates and develops multifamily real estate and has done so with the support of
450+ employees over the course of two decades.
A Fund or Joint Venture will seek to raise $100M in equity capital to invest in strategically
selected multifamily opportunities offering investors favorable, risk adjusted returns.
With a collective vision, strategy and capability, The Klotz Group has endeavored
to provide select individuals, family offices and institutions, a private and unique
multifamily real estate investment opportunity to invest alongside experienced
general partners with a confident mission of producing superior returns and
outcomes within one of the most exciting global sectors - Multifamily real estate
assets within the Southeastern United States.
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THE
WHAT IS MULTIFAMILY?
Multifamily Real Estate Basics:
Multifamily Housing - A building or structure that is designed and built to house several different families or individuals in separate housing units.
The most common type of multifamily housing is an apartment building.
Generally, garden product built within the last 10 years
Properties with a physical age greater than 10 years but have been
substantially renovated
Commands rents within the range of Class “A” rents in the submarket
Well merchandised with landscaping, attractive rental office and/or
club building
High-end exterior and interior amenities as dictated by other Class “A”
products in the market
High quality construction with highest quality materials
Generally have the highest valuations per door and the lowest market
cap rates
Bought primarily for appreciation
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Class A Multifamily
Generally, product built within the last 20 years
Exterior and interior amenity package is dated and less than
what is offered by properties in the high end of the market
Good quality construction with little deferred maintenance
Commands rents within the range of Class “B” rents in
the submarket
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Class B Multifamily
Generally, product built within the last 30 years
Limited, dated exterior and interior amenity package
Improvements show some age and deferred maintenance
Commands rents below Class “B” rents in submarket
Majority of appliances are “original”
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Class C Multifamily
Generally, product over 30 years old, worn properties,
operationally more transient, situated in fringe or
mediocre locations
Shorter remaining economic lives for the system components
No amenity package offered
Marginal construction quality and condition
Lower side of the market unit rent range, coupled with
intensive use of the property (turnover and density of use)
combine to constrain budget for operations
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Class D Multifamily
Multifamily Property Classification Overview
Properties consisting of typically 100+ apartment units
Held on a single title
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Communities zoned specifically for occupancy by renters
Historically attractive levels of income and capital growth
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THE
WHY MULTIFAMILY?
I - Risk to Return Profile
Multifamily Provides Superior Risk Adjusted Returns
Source: Thompson-Reuters.
Conclusion: Multifamily private equity real
estate investment (as the best performing
segment within “Institutional Private Real
Estate”) provides the best risk/return profile
when compared to alternative investments in
the marketplace.

THE
WHY MULTIFAMILY?
II - Demand Continuing to Outpace Supply
Persistent Strength of Rental Demand
The renter share of U.S. households stands at a 50-year high of 37%
600,000 U.S. households became renters in 2016, marking 12 consecutive years of growth
Annual expected household formations will require new housing increases of 1.3 million units per year in the next 14 years, of which 40%
are excepted to be renters
The U.S. will need an average of 328,000 units per year from now through 2030 and cumulatively 4.6 million units of 5+ unit housing to
satisfy demand
The industry averaged just 225,000 completions per year from 2011-2016
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Rental demand up for the 12th consecutive year in 2016 Multifamily demand expected to outpace construction
Source: Joint Center for Housing Studies of Harvard University (JCHS) tabulations of U.S. Census Bureau, Housing Vacancy Surveys
National Multifamily Housing Council, U.S. Apartment Demand 2017
Million Apartments

THE
Conclusion: The annualized yield produced
by multifamily real estate investments have
been favorably (larger spread) disconnected
from treasury yields providing superior
comparable returns to investors.
WHY MULTIFAMILY?
III - Historic Cap Rate Trend
Historical Real Estate Cap Rate (annualized yield) Trend
Historic relationship between Treasury rates and multifamily cap rates is not linear
Treasury rates have gone up, however cap rates have not always followed
Spread has been as low as 104 bps (Q2’06), current spread is at 280 bps (Q4’17)
Potential increase in Treasury rates may be cushioned by current wide spreads and strong fundamentals
Catalysts for higher rates (robust economy) are positive factors that would also benefit multifamily fundamentals
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U.S. Apartment Cap Rate Trends
Current spread is wide.
Source: Marcus & Millichap Reseach Advisors; CoStar Group, Inc.; Real Capital Analytics
Note: Cap Rate = annual net operating
income of a property divided by the sale
price or appraised value.

THE
WHY MULTIFAMILY?
Key Marketplace References, Facts and Expert Opinion
Reference:
http://www.pionline.com/article/20180205/PRINT/180209914/investors-embrace-multifamily-as-demographic-trends-shift
Feb 2018
“The multifamily housing sector is attracting real estate investors that wouldn’t have looked at it previously. Foreign investors, along with core,
core-plus and open-end real estate funds, are moving into multifamily investments because of demographic trends. Young and older Americans are
preferring to rent apartments rather than buy homes.”
“Not only are these investors moving into the multifamily market, but also much of the interest is for older or Class B properties in secondary cities
— properties that are a bit higher risk than these investors had considered in the past.”
“We are starting to see different kinds of capital coming into the multifamily market,” said Josh Grossman, Philadelphia-based senior vice president
of real estate money management firm LEM Capital LLC. These investors are drawn to the sector by the demand for apartments, which has risen to
its highest level in more than 25 years, according to a report released Jan. 31 by data provider Trepp LLC. Foreign capital, which had been focusing
on the most stable properties in big-city locations, is moving into the multifamily sector in a big way, and not just into Class A properties. Four of
the top 10 buyers of multifamily properties in 2017 are based outside the U.S., Real Capital Analytics data show.”
“The key attractions for the multifamily sector in the U.S. include the strong secular demand tailwinds in the U.S. (due to favorable trends in
population and employment), the resilient return profile of the sector, and the opportunity to partner with quality managers,” said Marissa Lum, a
Singapore-based associate”
“Cortland executives expect the multifamily sector will enjoy “significant tailwinds” from baby boomers’ and millennials’ preference for rental
apartments rather than home purchases for the next eight to 10 years, he said. At the same time, new apartment buildings are taking longer to
complete due to a shortage of construction workers, keeping supply down”

THE
WHY MULTIFAMILY?
Reference:
http://www.businessalabama.com/Business-Alabama/October-2017/Multifamily-Boom-Undiminished/
Oct 2017
“The development of apartments, condominiums and lofts — especially in downtown areas — faltered for decades in Alabama, the Southeast and
beyond, but has flourished in the wake of the 2008 financial crisis and single-family housing plunge.The multifamily trend has many drivers,
including millennials and empty nesters being drawn to an urban lifestyle, fewer single-family homebuyers, historic tax credits and keen investor
interest, commercial real estate experts agree.“Investing in apartment projects is especially popular. It’s become a ‘go-to’ investment these days,” says
K.C. Conway, the new director of Research & Corporate Engagement for the Alabama Center for Real Estate.”
“Investors that weren’t very interested in multifamily projects in the past are showing great interest. They are perceived as a safer harbor than some
other investments,” says Chad Hagwood, senior vice president, originations, Capital One Multifamily Finance.”
Southeastern United States Growth Highlights:
Reference:
http://nationalinterest.org/blog/the-buzz/the-economic-engine-america-isthe-south-11225
Sept 2015
“There is something strange happening in the South—it is beginning to look like the economic engine of America. The South region (defined by the
Census Bureau to go as far west as Texas and Oklahoma, north to Kentucky, and east to the District of Columbia and Maryland, down to Florida
and everything in between) has come to dominate nearly every economic measure. The South is where the homes are being sold, and the jobs are
being created. Somehow, while few were watching, the South has become the center of US growth.”

THE
WHY SOUTH EAST UNITED STATES?
The South is the largest generator of both GDP and GDP growth in the United States
South represented 50 percent of all housing starts in 2017
45 percent of multi-family are started in the South in 2017
With around 120 million people, the South is the most populous region in the U.S.
The South grew its population 49 percent over the past two decades; representing 47 percent of US population growth
Ten of the 15 fastest-growing large cities were located across the South in 2017
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Reference:
http://www.nreionline.com/office/southeastern-us-experiencing-growth-spurt
July 2017
“Due to rapid growth, the Southeast is emerging as an economic powerhouse with a diversifying base.”
“The Southeast boasts an industrial expansion fueled by both import and export activity, as well as increases in manufacturing employment and
activity. Overall industrial vacancy is at a record low for the region. Atlanta, Orlando and Memphis provide strategic locations for e-commerce
users, and Memphis has seen an excessive amount of distribution activity relative to the market’s size. The region benefits from port markets such as
Savannah, Miami and Charleston as well, and industrial health will continue to strengthen with the widening of the Panama Canal.”
“With 48 percent of the country’s net migration flocking to the Southeast, there is still a high amount of activity and interest in urban multifamily
assets.”
Southeastern United States Growth Highlights: (Cont.)

THE
Reference:
http://rebusinessonline.com/berkadia-forecast-southeast-to-garner-bulk-of-multifamily-investment-financing-activity-in-2018/
Jan 2018
“Berkadia Forecast: Southeast to Garner Bulk of Multifamily Investment, Financing Activity in 2018”
“Mortgage bankers and investment sales brokers alike expect multifamily markets in the Southeast to record more investment and financing activity
than any other region in 2018. In Berkadia’s inaugural poll of nearly 150 staffers across 60 offices, the company reveals that more than one-third (36
percent) of its respondents predict the Southeast would see the most deals take place this year.”
“Population influx, continued job growth and significant development stabilization will make the Southeast a destination for commercial real estate
growth and investor appetite in the coming months,” says Ernie Katai, executive vice president and head of production at Ambler-based Berkadia.”
“Other corporate relocations and expansions in the region have also increased the prospects of the region’s overall multifamily market, as these jobs
often attract young talent who are looking to rent versus own while living near their workplaces and surrounding intown amenities.”
“Younger generations who are looking to take advantage of low cost of living and increased opportunity to build their careers are turning to the
Southeast to serve these needs,” says Katai. “As this renter activity spikes, investment opportunities will follow and investors will seek financing in
the growing region.”
“Multifamily’s Momentum Continues - Berkadia respondents predict the growth of the multifamily sector continuing across the country, not just in
the Southeast. Nearly three-quarters (74 percent) of mortgage bankers expect to see no downturn in the multifamily lending space this year, saying
that deal volume will either increase or remain the same from 2017.”
“Expectations are high on the investment sales side as well, with 72 percent of brokers saying they expect the number of transactions to either
increase or stay the same over the course of the year.”

THE
Reference:
http://www.nreionline.com/industrial/why-foreign-investors-are-attracted-southeast-real-estate-market
Feb 2018
“The U.S. real estate market has proven to be the safest market for many years,” Garcia says. “The legal system, transparency, currency and growth
have placed U.S. markets as the most attractive markets worldwide. And we’re exploring additional opportunities to invest in the Southeastern
United States.”
“With these factors in place, it’s no surprise that a recent survey from the Association of Foreign Investors in Real Estate (AFIRE) showed that 95
percent of respondents sought to increase their U.S. investments.”
“The long-term economic and demographic trends show the Southeast continuing to grow over the next 10 to 15 years, so real estate investment will
remain strong. As Latin American economies continue to grow, we expect to see investors from countries like Mexico, Chile, Argentina and Brazil
become even bigger players in the Southeast commercial real estate market.”

THE
Reference:
https://urbanland.uli.org/development-business/employment-affordability-driving-growth-u-s-southeast/
July 2017
“For the fifth year in a row, Georgia in 2017 is expected to outperform the nation in population growth, job creation, and the rate of real estate
expansion. “Housing and real estate development will be a powerful driver of Georgia’s economy this year,” says Jeffrey M. Humphreys, director of
the Selig Center for Economic Growth at the University of Georgia’s Terry College of Business.”
“The Southeast region continues to generate steady gains in commercial real estate performance as positive employment momentum converges with
generally limited development pipelines,” says John Chang, first vice president, research services, at Marcus & Millichap Real Estate Investment
Services. “Tight vacancy rates remain supportive of rent growth across the majority of the region, reinforcing asset values.”
“Florida - Buoyed by stronger economic growth, continued recovery in the state’s labor market, and rising home values, retail sales are forecast to
grow at an average rate topping 6.3 percent this year, according to an analysis by the University of Central Florida (UCF). The state’s economy is
expected to expand by 3.7 percent—about 1.2 percentage points higher than the average rate for U.S. growth—with Florida poised to become a $1
trillion economy by 2018. The World Bank says that would make the state’s economy the 16th largest in the world, reports Sean Snaith, director of
the UCF Institute for Economic Competitiveness.”
“Florida’s labor force is expected to increase an average of 1.9 percent each year through 2019, with payroll job growth forecast to average 2.6 percent
a year,” Snaith says. “Housing starts are expected to be 128,800 in 2017, increasing to 146,400 in 2018 and 160,400 in 2019.”

THE
WHY KLOTZ?
About The Klotz Group:
The Klotz Group of Companies, LLC is a vertically integrated real estate investment platform serving as the parent company for a group of operating
subsidiaries, investment partnerships, funds and ventures.
The Klotz Group platform has a nationwide presence, a reputation for excellence and has become a “best in class” multifamily real estate sponsor,
investor, owner, partner, broker, capital provider and developer. The Klotz Group is setting the bar with transactional quality, real estate strategies,
investment returns, client services and industry impact. Explosive growth and thriving domestic and foreign relationships have provided The Klotz
Group with the ability to thrive on the leading edge of real estate investment and impact the multifamily real estate investment space in an exciting
way. With corporate offices in Charlotte, Atlanta and Jacksonville and city offices serving FL, GA, NC, SC, TN, & AL, The Klotz Group employs a
team of over 450 dedicated professionals including a highly experienced executive management team with decades of experience.
The Klotz Group has been committed to the multifamily industry since 1995. It has proven itself as an operator of choice, a trusted investment
advisor and has established itself as one of the most active real estate groups in the Southeast. Prior to the formation of AmveStar, its addition to The
Klotz Group in 2010 and the launching of its first real estate fund, the group traditionally syndicated private real estate partnerships creating a long
standing track-record of success providing superior risk-adjusted returns. Currently, the Klotz group owns and operates 12,000+ units of multifamily
apartment housing within several institutional programmatic joint ventures, private syndications and separately managed accounts.

THE
WHY KLOTZ?
About AmveStar Capital:
AmveStar Capital is a privately held Real Estate Sponsor and Investment Firm with a nationwide presence specializing in the Multifamily Industry.
As a wholly owned subsidiary of The Klotz Group, to date, AmveStar has sponsored or co-sponsored a series of four blind pools, discretionary real
estate funds, a separate series of institutional programmatic joint ventures, numerous separately managed accounts and co-sponsored client projects
involving 60,000 units and +$3 billion in real estate since 1995.
AmveStar is actively developing a portfolio of six development projects along coastal areas of the Southeast with an estimated value of $700,000,000.
Though involved in the full spectrum of commercial real estate, AmveStar has maintained a strategic focus on two main business strategies in which
it takes pride having won achievement awards and being recognized as “best in class”:
Opportunistic Repositioning of Multifamily - AmveStar has become well known in the industry for extraordinary performance, return-
focused investment strategy and client satisfaction in the execution of opportunistic acquisitions of Distressed, Undervalued & High Yield
B/C Class and low-risk “A” Class Multifamily assets.
Ground-Up Luxury & Class “A” Multifamily - AmveStar sponsors and co-sponsors some of the most exciting real estate development
projects including large class “A” apartment complexes and luxury, waterfront condominium towers. AmveStar’s sister company, Tierra
Linda Development (TLD), has become trusted by several institutional real estate investment firms in NY/NJ as a partner developer having
received recent financial commitments in excess of $1 billion.
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THE
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General Counsel
Neal Hutchinson
Divisional Leader
Bryan Weber
Divisional Leader
Hope Walker
Divisional Leader
Charles Taylor
...................
CIO
Jeffrey Vaughn
President of
Operations
Bob Clarkson
CEO
Jeff Klotz
CFO
David Glaser
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Divisional Leader
Brad Glass
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Asset Management
Derek Smith
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Director
Keith Dusenberry
Chief Legal
Officer
William Corley
THE TEAM
A SCALABLE OPERATING PLATFORM WITH A REGIONAL FOOTPRINT
FLORIDA - GEORGIA - NORTH & SOUTH CAROLINA - TENNESSEE - ALABAMA
The Executive Team & Platform Departments oversee The Klotz Group of Companies and Team of over 400.

THE
.........................................................................................................................................................Jeff Klotz
CEO
Neal Hutchinson
General Counsel
David Glaser
CFO
Over 30 years of
professional management
experience in real estate and
oil & gas
Over 20 years of financial
management experience
in multifamily managing
rapid growth, stabilization
and M&A activity in both
private and public REIT
environments
MBA from Texas A&M
University and CPA
40 years finance law
practice in securities,
capital markets, public and
private M&A, real
estate asset backed
securities
Represented commercial
banks, mortgage banks,
investment banks, real estate
issuers and technology firms
JD with high honors
University of Florida, BA
Johns Hopkins - analytic
philosophy and economics
Jeffrey Vaughn
CIO
12 years executing
strategies on behalf of
3 high powered private
equity firms (HIG Capital,
General Atlantic Capital
and Apax Capital)
facilitating exponential
growth through
acquisitions, operational
and technical integration,
systems development
and operational process
excellence
B.S. - Computer
Information Systems
from University of North
Florida
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William Corley
Chief Business and
Compliance Officer
34 years of legal practice,
including experience with
a Wall Street law firm and
with two publicly traded
companies. Expert in
commercial real estate
mortgage originations and
securitizations. Highly
accomplished in real estate
related litigation, in cor-
porate governance and in
title insurance matters.
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Bob Clarkson
President of
Operations
CCIM in the real estate
industry since 1989
Co-Founder and Leader of the
Clarkson Group for 17 years
Extensive experience in
development, brokerage and
property operations
Mr, Clarkson has played a very
active role within the Institute
of Real Estate Management, as
an instructor for the Apartment
Association and Chairperson
of the Realtors Commercial
Alliance
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20 years of experienceas a
real estate principalin the
multifamily industry
A serial entrepreneur with
20 years of success building
brands,
organizations,
relationships & teams
involving all aspects of the
real estate industry
Personally involved in over
200 complex real estate
transactions, representing
over 20k residential units
valued at over $1 Billion
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Institutional Infrastructure Executive Team – Summary Bios
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THE TEAM

THE
Operations•
1 CEO
1 CIO
Chief Business and Compliance Officer
President of Operations
President of Capital Markets
1 Managing Director/Asset Manager
1 Corporate Sales Division President
1 Property Operations President
1 State Licensed General Contractor
1 VP Capital/Construction Projects
1 Capital/Construction Projects Coordinator
3 Regional Vice Presidents
5 Regional Managers
2 Due Diligence Engineers
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Accounting•
1 CFO
2 CPA’s
1 Financial Controller
2 Underwriting Analysts
2 Accounting Clerks
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Legal•
1 Chief Legal Officer
1 General Counsel
1 Paralegal/Closing Coordinator
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Investments•
1 CIO
8 Acquisition Directors
2 Underwriting Analysts
1 Capital Markets Director
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Klotz Group of Companies – Leadership and Bench Strength
THE TEAM

THE
INVESTMENT OVERVIEW
The purpose of this investment program will be to acquire, on a programmatic* basis, value add/opportunistic class A/B/C multifamily properties
throughout the Southeast US. The program will also endeavor to invest in economically favorable ground up multifamily development projects in
markets deemed exceptional for growth and returns. The business plan and value add strategy for the program will include moderate to light physical
rehab/uplift, aggressive leasing, re-tenanting, corrective management, expense control, and other ROI generating capital improvements. The hold
term for acquired assets will be targeted between 18 and 36 months. Assets held within this term would be located in neighborhood submarkets
characterized with very strong fundamentals, economics, growth prospects, and demographics.
*Why Programmatic? Programmatic investment capital provides for several benefits to investors, the investment program and to the return profile
of the program- this is especially true in today’s fast paced, highly competitive United States multifamily real estate space.
Programmatic (readily available) capital allows for program managers to act quickly to take control of the best deals in the marketplace, thus
providing a competitive and economic advantage to the program. Programmatic capital allows for program managers to gain confidence from
owners in the marketplace by being financially agile, thus being able to move quickly lowering the average cost basis of assets by buying right and
buying with velocity - optimizing the speed of performance when entering deals is key. Programmatic capital enables recycling (immediate movement
of disposition proceeds into the acquisition pipeline), allowing for significantly higher returns through the increase of committed (deployable)
capital to available, pre-qualified deals. The compounding effect and yield of programmatic capital investment produces far superior returns when
compared to traditionally managed programs with antiquated methods of operating and low capital churn velocity.

THE
• Investment Program Focus A/C/B - light value add, value add and opportunistic, strategic multifamily development
• Program Term 4 years with a 1 year extension option
• Regional Focus Southeastern United States (middle market assets), FL, GA, NC, SC, TN, AL
• Sponsor/General Partner/Manager/Operator AmveStar Capital LLC.
• Governance Typical Institutional Level Meeting ILPA Standards
• Governing Law State of Florida, United States
• Total Fund or Joint Venture Program Size $100M (USD)
• Targeted Program IRR/Equity Multiple 30%/2.5+
• Preferred Return 10% quarterly
• Return Split/Waterfall Pari Passu preferred return up to 10% IRR, 70/30 (LP/GP) over 10% IRR
• Limited Partner(s) Commingled Fund Investors or Joint Venture Partners
• Equity Ownership Limited Partners will retain 100% ownership of all assets in the Portfolio including all
associated development rights, plans, permits, and other real and personal property
• Debt Financing Conservative use of leverage either at acquisition or upon stabilization
INVESTMENT OVERVIEW
AmveStar will be responsible for arranging fund or venture financing, audits, insurance coverage, portfolio management, supervisions and valuations.
AmveStar will also use their CPA and law firm for accounting and legal purposes. Regular reporting will be provided.

THE
www.TheKlotzCompanies.com
The material contained in this presentation (“Presentation”) is for informational purposes only and is being furnished on a highly confidential basis to select, qualified investors for their
consideration in connection with an investment in the collective efforts of The Klotz Group. This Presentation is for the confidential and exclusive use of the persons to whom it has been
delivered by The Klotz Group (the “Managing Member”). It may not be reproduced, provided or disclosed to others without prior written authorization of the Managing Member and upon
request must be returned to the Managing Member. This Presentation does not constitute an offer to sell or the solicitation of an offer to purchase an interest in The Klotz Group. The
Managing Member does not have any liability for the recipient’s use of this Presentation, any information contained in this Presentation, or any other oral, written, or other communications
transmitted to the recipient in connection with this Presentation. This Presentation contains statements about the past performance of investments made by affiliates of the Managing
Member and its management team. All prior investment results are approximates and have been internally prepared in good faith by the Managing Member. Such past performance is not
necessarily indicative of future performance of the investments contemplated to be acquired by The Klotz Group. This Presentation is intended for discussion purposes only, is not to be used
for any other purpose, and does not purport to be a description of the terms or risks of an investment. An investor should conduct its own independent investigation and assessment of an
investment and make such additional inquiries as it deems necessary or appropriate and should not rely solely on the past performances of prior investments contained in this Presentation.
Statements contained in this Presentation that are not historical facts are based on current expectations, estimates, projections and opinions of the Managing Member and include “forward
looking” statements. Such statements involve assumptions and known and unknown risks and uncertainties, and such statements are not necessarily indicative of future performance of the
investments covered in the Presentation. Actual events, performance or results may differ materially from those reflected or contemplated in this Presentation. Certain economic, market and
other information contained herein has been obtained from published sources prepared by third parties. While such sources are believed to be reliable, neither Managing Member assumes
any responsibility for the accuracy or completeness of such information. Investors should not invest unless they are prepared to lose all or a substantial portion of their investment.Prospective
investors should have the financial ability and willingness to accept risks associated with an investment and the lack of liquidity that is characteristic of the investments contemplated.
Investors should not construe the contents of this Presentation as legal, tax, investment or other advice. Investors must make their own inquiries and should consult their own advisors as to
the appropriateness and desirability of investing and as to legal, tax and related matters concerning such investment.

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