et al. 2004; Daddi et al. 2005; Somerville et al. 2004) that we have recalled in the Introduction. Such a point is addressed in fig. 8, where we plot the observed frame $R-K$ color distribution of $K<20$ (Vega system) galaxies in the redshift range $1.7<z<2.5$ and compare it with the observed distribution. Note how the inclusion AGN feedback strongly enhances the number of predicted EROs (see also fig. 5, bottom panel), to yield a fraction 0.31 of objects with $R-K>5$ close to the observed value 0.35. The normalization of both data and model predictions is provided by the redshift distribution of $K<20$ galaxies shown in the bottom panel. The same panel also shows how the model matches the observed $z$-distribution of $m_K<20$ EROs, and (in the inset) the distribution of $I-K>4$ galaxies down to $m_K=21.5$ to probe the predictions of the model for the most luminous galaxies up to redshift $z=3$.

Note that the matching between the model [*global*]{} (not color selected) redshift distributions and the observations is not due to the effect of AGN feedback. Indeed, this is due to the effect of starbursts triggered not only by margers (like, e.g., in the model by Somerville et al. 2004) 