CREP invests in partially completed or vacant condominium and mixed-use development projects located in urban and coastal areas of Southern California that have proven consumer demand. CREP buys projects in partnership with capital partners, adds value through leasing or selling, and targets an internal rate of return of at least 25% within a 2-5 year investment window. The management team has extensive experience in residential development, marketing, and sales.

1. 1 …strategic partnering of expertise and capital

3. Deal in Southern California residential projects only

4. Urban, coastal locations of proven consumer preference

5. Partially completed condominium or mixed-use projects

6. Completed ghost projects [vacant]

7. Fractured projects [with prior leasing or sales]

8. Careful selection of projects expected to yield large ROI’s

9. Project positioning based on today and tomorrow’s real market-driven demand, timing and pricing…not yesterdays

10. Buy in partnership with a capital partner

11. Add value / Lease today / Sell tomorrow / Sell today2

13. Flight to ‘A’ quality sub-market locations

14. Willingness to pay a premium to live there

15. Perceived affordability

16. Supply constraints

17. Limited new construction window

18. Difficulty in capitalization & underwriting

19. Relationships in the SoCal market place afford future deal flow and critical mass3

21. Bruce Keim[Chief Operating Officer] Former oil company real estate development executive in charge of community development; title insurance company founder and owner; licensed general contractor and real estate broker.4

22. Team Credentials 5

24. Insider knowledge of the homebuilding industry

25. Multiple markets’ knowledge and experience

26. National network of industry intelligence in place

27. Board Room presentation skills

28. Institutional quality underwriting

29. Transparent financial reporting

30. Personally committed, honest & forthright6

31. Partners’ Motivation 7

33. Maximum purchase price for a single asset: $25 million

34. Minimum purchase price: $2 million

35. Maximum whole dollars return

36. Unleveraged IRR minimum: +-25%

37. 2-5 year investment window

38. Total 2011 investments expected to be $25-50 million8

40. We know what to do.

41. We know how to do it.

42. We know how to make money doing it.9