Understanding Real Estate Understanding Real Estate

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The only tradable security linked to U.S. Home Prices • Express a bullish view of U.S. Home Prices with MacroShares Major Metro Housing Up (NSYE: UMM) • Express a bearish view of U.S. Home Prices with MacroShares Major Metro Housing Down (NYSE: DMM) Establish bearish view without short selling, and without a margin account • No Counterparty Risk Trusts are fully secured by U.S. Treasuries and cash • Liquidity Listed on NYSE Arca Prior MacroShares product traded 3.3 million shares per day in 2008 • Moderately Levered Returns that meet the needs of buy-and-hold investors The leverage factor is applied to cumulative index returns Unlike levered ETFs, these MacroShares are designed to deliver magnified index returns for holding periods beyond a single day U.S. Housing: 21 st Century Alternatives for Investment and Risk Management 30
No Counterparty t Risk or Credit Risk An Investment and Hedging Breakthrough *No assets are actually transferred between the trusts until a redemption, an early termination, or the scheduled maturity date occurs. The $3 “transfers” within this illustration represent payment obligations of one trust to the other, as mandated by the applicable settlement contract. Nothing contained in this presentation should be construed as a recommendation of the MacroShares as a beneficial investment for any particular group of individuals, types of companies, or institutions, or as a representation that an investment in the MacroShares may provide a complete and accurate hedge against any particular form of exposure to real estate. Before making a decision to invest in any MacroShares, investors should carefully review the prospectus for those MacroShares. Copies of the applicable prospectus may be obtained as specified under "Important Information" on page 2 of this presentation. U.S. Housing: 21 st Century Alternatives for Investment and Risk Management 31
Page 1 and 2: Understanding Real Estate Strategie
Page 3 and 4: Our Panelists Robert Steers Co‐Ch
Page 5 and 6: Global Real Estate Securities Marke
Page 7 and 8: The Four Pillars Of REIT Investing
Page 9 and 10: Global Recapitalizations European R
Page 11 and 12: Starting Over—1990s Redux Value o
Page 13 and 14: REITs Structure Continues To Advanc
Page 15 and 16: Legal Notes This presentation is fo
Page 17 and 18: Important t Information Market info
Page 19 and 20: U.S. Housing: The Largest Asset Cla
Page 21 and 22: U.S. Housing as an Asset Class Dire
Page 23 and 24: Inefficient/complete markets = Oppo
Page 25 and 26: The Standard for Measuring U.S. Hom
Page 27 and 28: S&P/Case-Shiller Home Price Indices
Page 29: MacroShares Major Metro Housing An
Page 33 and 34: MacroShares: More Price Discovery f
Page 35 and 36: MacroShares: Summary An Investment
Page 37: Thank You! For More Information: In

Understanding Real Estate Understanding Real Estate

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