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December 23, 2006
Mr. Robert E. Smith
Smith Equities Corporation
350 E. Pine Street
Orlando, FL 32801

Dear Robert:

As Executive Vice President of the Apartment Association of Greater Orlando (AAGO), I wanted to take a moment to express my gratitude to you and all of Smith Equities Corporation for your years of unwavering support to AAGO. Smith Equities has given great leadership to our association since 1993 when Mark first joined our Board of Directors. With your technical guidance and financial support, we were one of the first associations nationwide with an internet presence.

As President of AAGO in 1998-1999, Mark Smith was instrumental in providing the leadership to purchase of our current office building. This has helped our association grow tremendously and provides a solid landmark for our association for years to come. His leadership and role as President of the Florida Apartment Association demonstrates your commitment and support of our industry.

I also cannot thank you enough for the outstanding guidance and contribution you made in making the AAGO market survey a reality. Providing our members up to date market rents and occupancies will be a great benefit to our membersand association. I know as President of AAGO in 2007, Gerald Smith will continue to provide the leadership and market knowledge that will keep AAGO on the leading edge of our industry. Before I retire and take some quality family time, I just wanted to say thanks again for all that you have done.


Laura M. Yoder
Executive Vice President
Apartment Association of Greater Orlando

Laura M. Yoder (Apartment Association of Greater Orlando)

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350 East Pine Street

Orlando, FL 32801

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