Consult the Inland American Real Estate Trust, Inc. (“Inland American”) Form 10-K and Form 10-Qs for a discussion of the following and other risks:

• Inland American's investment policies and strategies are very broad and permit it to invest in any type of commercial real estate including developed or undeveloped properties, entities owning these assets or other real estate assets regardless of geographic location or property type.
  
  
• Inland American may borrow up to 300.0% of its net assets, and principal and interest payments will reduce the funds available for distribution to stockholders.
  
  
• Inland American's Business Manager could recommend that it make investments in an attempt to increase its fees, because the fees paid to it are based upon a percentage of its invested assets and, in certain cases, the purchase price for these assets. Further, because Inland American will pay its Business Manager a fee when it acquires a REIT or other real estate operating company but not a fee interest in real estate, its Business Manager may focus on, and recommend, acquiring REITs and real estate operating companies even if fee interests in real estate assets generate better returns.
  
  
• Inland American pays significant fees to affiliates of its sponsor including its Business Manager and Property Managers.
  
  
• Inland American has a limited operating history and there is no assurance that it will be able to successfully implement its strategies.
  
  
• There is no market for Inland American shares and no assurance that one will develop. Inland American does not expect that its shares will be listed for trading on a national exchange or nation market system in the near future. Stockholders will not, therefore, be able to easily resell any shares. Any shares that stockholders are able to resell may be sold at prices less than the amount paid for them.
  
  
• Stockholders will not have the opportunity to evaluate Inland American's investments before it make them because Inland American has not identified all of the specific assets that it will acquire in the future.
  
  
• The number and value of properties, entities or other real estate assets Inland American can initially acquire will depend on the proceeds raised in its public offerings.
  
  
• Inland American relies entirely on its Business Manager and Property Managers to manage its business and assets.
  
  
• Employees of Inland American's Business Manager, Property Managers and two of its directors, Ms. Gujral and Mr. Parks, are also employed by Inland Real Estate Investment Corporation (“Inland Investments”) or its affiliates and face competing demands for their time and service and may have conflicts in allocating their time to Inland American's business. Ms. Gujral and Mr. Parks also serve as its president and chairman of the board, respectively.
  
  
• Inland American's articles of incorporation limit a person from owning more than 9.8% of our common stock without the prior approval of its board of directors.
  
  
• Inland American may not continue to qualify as a REIT.

An investment in Inland American involves significant risks, including those risks associated with the operation and leasing of commercial properties. There can be no assurance the investment objectives will be achieved. There is no guarantee investors will receive distributions or the return of their capital. Consult Inland American's most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q for a discussion of the specific risks. This material is neither an offer to sell nor the solicitation of an offer to buy any security, which can be made only by a prospectus, filed or registered with appropriate state and federal regulatory agencies, and sold only by broker dealers authorized to do so.