AMREP Corporation

General Information Index: NYSE Symbol: AXR Sector: Industrial Goods Industry: Residential Construction Sub-Industry: Diversified Commercial & Professional Services Employees: 1,295 Senior Management: 4 Board of Directors: 7

Company Overview Product Categories: Real Estate Development Rio Rancho, New Mexico: 500 businesses 17 shopping centers Industrial properties 85 buildings with 4.5 million square feet. Colorado: Residential properties 160 acres with 350 homes Commercial properties 10 acres Focus of its current activity is on the entitlement, development and the sale of land for residential, commercial and industrial uses

Company Overview Product Categories: Magazine Service Operations Provides an array of fulfillment services for publishers and distributes magazines to wholesalers, direct distributors and specialty retailers Second largest provider of subscription fulfillment services to magazine publishers in the United States 725 different magazine titles, for 250 clients and almost 41 million active subscriber names

Additional Financial Information Year Ended April 30 2006 2005 2004 Revenues:   Real Estate Operations - Land Sales $57,810 $36,154 $28,012 Media Services Operations $88,463 $96,913 $99,791 Interest and Other $2,023 $1,439 $1,488 Total Revenues: $148,296 $134,506 $129,291 Net Income $26,050 $15,525 $11,677 EPS - Basic 3.93 2.35 1.77

One Year Chart

Competitors Competitors for the magazine services: Anderson News Company, Chas. Levy Circulating Company, etc. Competitors in real estate: Pulte Homes Industries, Lennar Corporation, etc. I would probably eliminate this slide

Real Estate Comparisons Amrep Lennar Pulte Homes Stock Price 84.76 50.87 31.70 P/E 13.28 16.30 6.49 Current Ratio 7.059 4.851 3.354 Market Capitalization 563.23M 8.06B 8.07B ROA 14.9% 12.00% 9.15% ROE 29.4% 25.74% 20.43% Debt to Equity .034 .637 .79

Risks Primary Risk: Interest rate risk on its long term debt and fixed rate receivables Company does not hedge interest rate risk using financial instruments Major decreases in land value in New Mexico and Colorado Company’s real estate business is highly concentrated in one market (New Mexico), so current and future growth may be limited if the economy contracts in this market. Substantial legal, regulatory, and other requirements regarding the development of the land Beta: 1.82

James Wall, 69 - Senior Vice President of the Company since 1991; Chairman, President and Chief Executive Officer of AMREP Southwest Inc., a wholly-owned subsidiary of the Company, since 1991. Peter M. Pizza, 55 - Vice President and Chief Financial Officer of the Company since May 2001; Vice President and Controller of the Company from 1997 to 2001. Joseph S. Moran, 58 - Vice President, General Counsel and Secretary of the Company since June 2005; Mr. Moran previously served as Vice President, General Counsel and Secretary of SatCon Technology Corporation from 2001 to 2005. Michael P. Duloc, 49 - President and Chief Operating Officer of the Company's Newsstand Distribution Services business since 1996 and of the Company's Fulfillment Services business since 2000. Executive Officers This information seems really uneccessary when evaluating the company

Reasons for Investing Large Revenue growth From 2004 to 2005: 14.73% From 2005 to 2006: 33.13% Expansion: acquiring Palm Coast Data Holdco 67.79% increase in net income from 2005 to 2006 351% increase in cash flow from operating activities from 2005 to 2006 Higher ROA and ROE then competitors

Questions???