STOCKTON PROPERTY OPPORTUNITIES FUND I

1. STOCKTON PROPERTY OPPORTUNITIES FUND I Identifying and capitalizing on the historic and unprecedented opportunities currently existing in the U.S. property and debt markets. Private and Confidential January 2008

2. Table of Contents

3. Stockton Mission • Acquire undervalued property and debt investments throughout the U.S. at a significant discount to current market value. • The convergence of several unprecedented economic conditions has softened the U.S. property and mortgage markets, presenting significant opportunities to purchase considerably discounted property and underlying debt. • Utilizing the extensive experience and vast network of its Management Team, Stockton will identify opportunities and acquire undervalued property and deeply discounted mortgage debt. • Acquired property will be stabilized and primed for resale. • Field workout teams will restructure debt and simplify property repossession. Stabilized property and debt will be repackaged and sold. • Holding period for both asset classes will not exceed 6 – 12 months, then sold at a premium.

4. Overview • Management Team • Core group comprised of seasoned, distinguished professionals with widespread understanding of the U.S. property and finance markets. • Experience includes management of a publicly traded property company. • Successfully owned, operated, developed and invested in real estate projects throughout the U.S., including such major markets as Florida, Chicago, Washington, D.C. and New York. • Longstanding relationships with an array of lenders – well established network of leading figures in the property and lending markets facilitate the purchase of property and mortgage debt at significantly reduced prices.

5. Overview • Market/Economic Conditions Causes of current decline in U.S. property and debt markets: • Unprecedented growth from 2001 to 2006. Residential home prices rose and interest rates fell to 50-year lows. Mortgage lenders relaxed lending criteria thereby fueling growth residential and debt markets. • Increase in volume of subprime loans to non-conforming borrowers and lax lending standards creates pentup volitility. • The U.S. housing bubble led to the current residential market correction. Borrowers with high loan-to-value ratios find themselves with property worth less than outstanding mortgage loan balance, a condition known as negative equity. • Homeowners with negative equity are unable to, or elect not to, remain current on mortgage payments. Underperforming debt and increase in the foreclosure rate has led to current mortgage crisis. • Two million Adjustable Rate Mortages (ARMs), representing some $362 billion in value, are scheduled to reset in 2008 – many of them in a state of negative equity. • Over the past decade, Wall Street has built a market for more than $2 trillion in securities backed by loans to U.S. homeowners. This market is beginning to unravel as CDO and SIV values plummet. • Initial estimate of total losses on subprime and similar mortgages range from $150 billion to $400 billion. 3

6. Field Workout vs. Financial Workout • Financial workout entails the purchase of debt portfolios at a low price to be resold at a marginally higher price factoring in the reworking of any debt that may be accomplished with relative ease during a short holding period. Field workout involves the purchase of debt portfolios at a low price and analyzing a definitive exit strategy for each loan, which may involve such areas as legal, sales, construction and management. • Stockton’s expertise with current property opportunities is as a field workout company. Unlike financial buyers, field workout buyers do not need to buy a market bottom,. So long as assets are well purchased, they will be sold at a premium, regardless of further price depreciation. In certain instances, underperforming and nonperforming debt are convertible to performing debt, thereby enabling the sale of such assets at a price close to par value. • As a field workout company, Stockton is able to purchase a greater breadth of debt portfolios as it maintains a more hands-on approach to the assets. Working face-to-face with each debtor, Stockton’s field team will conduct a situation assessment to accomplish one of the following: • convert nonperforming loans to performing • obtain a Deed-in-Lieu-of-Foreclosure • commence foreclosure on the subject property • Financial workout specialists take more risks with underperforming and nonperforming assets. Working on smaller spreads, there is less room for error, particularly on the purchase price. Field workout companies have less market exposure because their exit price is closer related to asset value than purchase price..

7. Overview • Investment Opportunity • Time sensitive, unique market opportunity to purchase traditionally resilient property at temporarily reduced pricing. • Decline of the U.S. property and mortgage markets has created unparalleled investment opportunities. • Capitalize upon these advantageous conditions by acquiring prime commercial and residential property, as well as mortgage debt, at discounted rates. Assets will be stabilized, repackaged and sold at a premium. • Experts claim U.S. currently near low point of property market cycle and expect recovery within next 12-18 months. • U.S. Dollar at its lowest historical level to Euro and thirty year low to the British Pound Sterling. • Weak exchange rate for U.S. Dollars offers notable purchase advantage for foreign investors. 4

8. Recent Bailouts Due to Subprime Exposure InvestorRecipientInvestment AmountDate Citadel Investment Group E*Trade $800 million* week of 11/19/07 Abu Dhabi Investment Authority Citigroup $7.5 billion week of 11/26/07 China Investment Corp. Morgan Stanley $5 billion ** week of 12/17/07 Government of Singapore UBS AG $11.5 billion week of 12/17/07 Investment Corp. + unnamed Middle Eastern investor Temasek Holding Pte. Ltd. Merrill Lynch & Co. $5 billion week of 12/24/07 (Singaporea state-owned company) * Portfolio valued at $3 billion, representing a discount to $.27 of par value. ** Represents a 9.9% interest in the company

9. Asset-Backed Securities: CDOs & SIVs • Collateralized Debt Obligations (CDOs) are a type of structured credit product tied to to the credit of a portfolio of fixed-income assets. The credit risk exposure to these assets is divided among different tranches: senior tranches (rated AAA), mezzanine tranches (AA to BB), and equity tranches (unrated). Losses are applied in reverse order of seniority and so junior tranches offer higher interest rates to compensate for the additional risk. • According to a recent J.P. Morgan Chase study, about $173 billion of CDOs backed primarily by U.S. subprime mortgage bonds and related derivatives were created in 2006. About 40% of CDO collateral is residential mortgage backed securities. Almost three quarters of that is in subprime and home-equity loans, with the balance in higher-quality, prime home loans. • Through December 21, 2007, Standard & Poors had lowered its ratings on 1,078 tranches from 353 U.S. CDO transactions because of  "stress in the residential mortgage market and credit deterioration" of U.S. residential mortgage-backed securities. The affected tranches represent a total of $68.16 billion. • According to Moody’s Investors Service, approximately 42% of CDOs sold in the U.S. in 2006 contained subprime securities.

10. Asset-Backed Securities: CDOs & SIVs [continued] • Structured Investment Vehicles (SIVs) are funds that borrow money by issuing short-terms securities at low interest and then lending that money by buying long-term securities at higher interest, thereby profiting from the spread. Because SIVs rely on short-term commercial paper to finance longer term assets, there is a constant need to renew funding. As of September 2007, illiquidity had pervaded the SIV market, thereby compelling many SIVs to unload assets into a depressed market. • Because many SIVs are affiliated with banks, these banks will be forced to either infuse each SIV fund with sufficient capital in order to forestall failure or unravel the SIV, thereby selling its assets. The latter option will result in the liquidation of billions of dollars of mortgage-backed securities and other assets into the current weakened market at significant discounts to par value. • Approximately $350 billion in debt issued by SIVs will be coming due before August 2008. • On September 16, 2007, representatives of financial institutions including Merrill Lynch , Bank of America, J.P. Morgan Chase, Bear Stearns., Barclay’s PLC, Citigroup and Goldman Sachs reached a consensus that large scale dumping of SIV assets was a likely outcome over the next year. • On December 14, 2007, Citigroup, the largest player in the SIV market, bailed out its seven SIV funds for $49 billion. The value of these funds was $66 billion on December 1, 2007 and roughly $100 billion in August 2007.

11. Subprime Debt Written Off by Banks • Through December 20, 2007, financial institutions have announced more than $50 billion of write-downs and losses. BankAmount of Write-downType of LossPeriod Covered • Citigroup $14.5-17.5 Billion Subprime Mortgages Q4 2007 • UBS AG $13.7 Billion Subprime Mortgages Q4 2007 • Morgan Stanley $10.3 Billion Subprime Assets/Leveraged Loans Q3 2007 • Merrill Lynch $8.4 Billion CDOs/Subprime Mortgage Q3 2007 • Credit Agricole $4.8 Billion CDOs Q4 2007 • Freddie Mac $3.6 Billion Subprime Mortgages/CDOs Q4 2007 • Bank of America $3.7 Billion Subprime Mortgages Q4 2007 • HSBC $3.4 Billion Subprime Mortgages Q4 2007 • Deutsche Bank $3.1 Billion Mortgage-Backed Assets Q4 2007 • Barclays Capital $2.7 Billion Subprime Mortgages 2007 • Royal Bank of Scotland $2.6 Billion Investment Banking 2007* • Washington Mutual $2.4 Billion Subprime Mortgages Q4 2007 • Goldman Sachs $2.4 Billion Leveraged Loans Q3 2007** • Lehman Brothers $2.1 Billion Asset Backed Securities Q3&Q4 2007 • Bear Stearns $1.9 Billion Subprime Mortgages Q42007 • Credit Suisse $1.9 Billion CDOs Q4 2007 • J. P Morgan Chase $1.6 Billion Leveraged Loans/ CDOs Q3 2007 • Wells Fargo $1.4 Billion Mortgage Writedoens Q4 2007 • LBBW $1.1. Billion Subprime Mortgages Q4 2007 • Wachovia $1.1. Billion Structured Products Q3 2007 • Swiss Re $1.07 Billion Mortgage-Backed Securities Q4 2007 • CIBC $750 Million Subprime Mortages Q1 2008 • Commerzbank $440 Million Subprime Mortgages Q3 2007 *forecast **Despite such loss, GS generated nearly $4 Billion of profits betting that securities backed by risky home loans would fall in value, thereby generating overall net profits of $1.6 Billion.

12. Stockton Investment Strategy • The Approach: Stockton’s management will focus on three primary areas of operation: • A. Acquisition of Distressed Residential Communities • B. “REO” Portfolio Acquisition • C. Underperforming and Non-Performing Debt

13. Stockton Investment Strategy A. Acquisition of Distressed Residential Communities • The Management Team recognizes significant opportunities in acquiring multi-familycommunities at tremendously undervalued rates. Whether a failed residential condominium conversion or a distressed apartment complex, there exists a multitude of below-market residential communities well positioned for acquisition. The lack of liquidity in the U.S. capital markets has temporarily paralyzed many investors’ ability to take advantage of these opportunities. Moreover, larger, publicly owned development companies are looking to minimize their losses, recognize a tax benefit and remove non-performing projects from their balance sheets. This provides a further source of potential inventory for the Fund. Stockton will purchase appropriately undervalued communities and, depending upon the particular investment, either (i) stabilize the investment as a rental community, then resell at a premium, or (ii) immediately resell individual units to investors or end-users. • Stockton Advantage: Through its dynamic and extensive network of property and mortgage brokers, lenders and other property industry contacts, Stockton’s Management Team often learns of unique opportunities before they reach the general market. Importantly, the Management Team’s experience in project development and sales will enable Stockton to stabilize and sell property expeditiously.

14. Stockton Investment Strategy B. “REO” Portfolio Acquisition • Financial institutions throughout the U.S. maintain portfolios of “REO” assets. REO denotes Real Estate Owned, and is the industry term for properties that a lender has acquired from its borrowers as a result of foreclosure or otherwise. Because U.S. banking regulations limit the amount of REO property banks may maintain on their books, in an effort to avoid a repeat of the Savings & Loan debacle of the early 1990’s, lenders are constantly seeking avenues to transfer large portions of their REO portfolios off of their books, often at discounted pricing. The lender’s basis in its REO property is its outstanding principal loan balance, a figure often below market value. Acquiring REO portfolios in significant bulk assures Stockton of an even greater discount from market value. Stockton will evaluate each property, undertake modest improvements when necessary, and rent and/or sell inventory, as appropriate. • Stockton Advantage: Stockton is in a unique position vis-à-vis REO properties as it is often made privy to such opportunities before introduction into the wider market. As field workout professionals, Stockton is in a better position than financial workout groups to capitalize on acquired properties, thereby increasing the potential returns to investors.

15. Stockton Investment Strategy C. Underperforming and Non-Performing Debt • There will be significant growth and profit opportunities during 2008 by acquiring debt and commercial paper directly from lenders. Institutional and private lenders throughout the U.S. are currently holding trillions of dollars of debt. Because compliance with U.S. regulatory requirements creates additional expense and onerous reserve obligations on the part of these lenders, they need to foreclose non-performing loans or sell the paper. • Lenders’ portfolios of non-performing debt will increase through calendar year 2008 as, for example, millions of adjustable rate mortgages are slated for rate adjustment or borrowers walk away from devalued property. These and other events create tremendous opportunity. Stockton’s strategy is to buy large blocks of the underlying, sub-performing and non-performing debt at a significant discount, undertake the process of loan workout and other procedures adding value to the debt and create REO portfolio for resale. • Stockton Advantage:Maximizing profit from both residential and commercial debt, is labor intensive. While there are modest profit opportunities in the area of “wholesaling” or flipping well-purchased debt to third parties, Stockton’s objectives regarding such debt are: • (1) Work out and restructure with borrowers; • (2) Foreclose and sell select property; and • (3) Resell select debt. • Stockton’s approach will result in the highest return on acquired debt. The Fund’s staff of highly trained mortgage professionals, former Resolution Trust Corporation (RTC) employees and closing agents are prepared to analyze and work the debt.

16. Management Team Experience • The Stockton Management Team has built an outstanding investment track record that includes a multitude of residential, commercial and mixed-use property projects throughout the U.S. • Total gross sellout value of the Management Team’s combined projects exceeds $4 billion. They have owned and developed over 13,000 residential units, and a significant amount of commercial office and retail space, hotel and resort properties and skilled nursing facilities. • Building upon approximately 100 years of combined experience in the property and finance markets, the Stockton Management Team is uniquely qualified to identify hidden assets and capitalize on the current opportunities presented by the U.S. property and mortgage markets. • Experience includes property management, development, entitlement, construction and sales activity, not mere passive, sideline investment. Blending this breadth of knowledge and expertise in the property industry with a well developed understanding of the overall capital markets, Stockton is able to identify and pursue the most advantageous opportunities and capitalization structure for each individual investment.  • The Stockton Management Team has earned a stellar reputation in the residential and commercial property industries for their ability to execute successful investment and development strategies at the most opportune phases in the market cycle.  As these cycles and trends now appear to be maturing to the next phase, Stockton is focused on identifying those hidden opportunities that present themselves during a market downturn and capitalizing on the essential characteristics of these maturing cycles.

17. Management Team • Elie Berdugo is a veteran real estate developer with an expertise that spans three decades in the property and home building industries. His innovative approach and ability to quickly analyze markets and specific property ventures have been directly responsible for the accelerated success of E.B. Developers, Inc., one of Florida's most respected developer/builders. His legacy of quality development has set precedent in construction of single-family homes, apartment communities, new condominium and townhome communities and condominium conversions. • Mr. Berdugo is Chairman and C.E.O. of Ofek International Real Estate, Ltd., a publicly owned real estate company traded on the Tel Aviv Stock Exchange. • In addition to the apartment, condominium and luxury home communities developed by Mr. Berdugo, he is now developing several mixed-use, new urban communities and hotel projects in Florida and New York. Mr. Berdugo is in the process of developing a new hotel adjacent to the Ground Zero site in lower Manhattan. Under Mr. Berdugo’s leadership EB Developers currently has well in of excess of $1.5 billion of sellout value under development. • Mr. Berdugo is a principal of First Fidelity Mortgage Trust, LLC, a Florida licensed mortgage brokerage firm, representing such financial institutions as Wachovia, Washington Mutual, Countrywide, HSBC and National City Bank. • Elie Berdugo is a Florida State certified general contractor. This experience and qualification has enabled Mr. Berdugo to self-perform on almost all of his company’s projects. He is a member of numerous trade associations including National Association of Home Builders.

18. Management Team • Abraham Galbut has over thirty years experience developing and investing in residential and commercial property. Mr. Galbut is currently a principal of Hudson Capital, LLC and formerly served as the senior partner of a Miami, Florida law firm concentrating in property acquisition, financing and development matters. In addition to development, construction and conversion of property projects to condominium ownership, Mr. Galbut is a principal in a number of multi-family residential housing projects, hotels, and skilled nursing facilities in Florida, Washington, D.C. and Baltimore, Maryland. • Mr. Galbut brings over three decades of continually advancing expertise in the acquisition, financing, construction, rehabilitation and conversion of properties throughout the United States, including condominiums, condominium-hotels, office buildings, shopping centers, assisted living facilities and skilled nursing facilities. He has also served as counsel and consultant to Crescent Heights of America, one of the foremost condominium developers in the U.S. • Mr. Galbut has been an active member of many civic and charitable organizations and has led or served on many boards of directors of local, national and international organizations and charities, including being a member of the City of Miami Beach Planning Board, member of both the City of Miami Beach and the City of Miami Chamber of Commerce, Miami-Dade County Bar Probate and Guardianship Committee, and a member of the Florida Bar. Mr. Galbut received his Bachelor of Arts degree from New York University and his Juris Doctor degree from University of Miami School of Law. He is an active member of the Florida Bar and a member of the American Bar Association.

19. Management Team • Andrew Greenbaum is the consummate, successful entrepreneur, equally adept at locating lucrative opportunities at the right time, attracting capital, purchasing and investing boldly but prudently, nurturing ventures, and selling completed projects profitably. • Mr. Greenbaum is a founder and principal of Hudson Capital, LLC, a fully integrated property company. Hudson has developed over $1 billion of residential and commercial property, and has amassed a portfolio of over 3,000 residential units and over 250,000 square feet of commercial space. Through Hudson, Mr. Greenbaum served as a Principal and Director of Washington Mortgage, a mortgage banking joint venture with Wells Fargo. • Mr. Greenbaum earned his law degree from Brooklyn Law School. He also holds NASD Series 7, 63 and 55 Licenses that he used to trade various financial products, commodities, and derivatives, utilizing customized strategies. In 2000, Greenbaum founded Spectrum Capital Partners LLC, a trading firm specializing in proprietary trading of stocks, futures and other financial products. He expanded the business to 150 employees and, in 2003, sold the company to his former employer. • In 2000, Andrew Greenbaum co-founded Foundation Source (FS), a financial services software firm that establishes and administers private charitable foundations. Clients include TD Waterhouse, Bear Stearns, Banc One and Wilmington Trust. FS develops software to facilitate the formation, administration and management of charitable foundations. Beginning with $20 million in venture capital, FS currently represents over $2.5 billion of assets under administration. Mr. Greenbaum is no longer involved in daily operations. • Mr. Greenbaum received his Bachelor of Arts from Yeshiva University and his Juris Doctor from Brooklyn Law School.

20. Management Team • Neil Greenbaum’s expertise is his meticulousness in ensuring that every venture is properly analyzed, methodically monitored, prudently supported, legally documented, and efficiently developed. • Upon graduating law school, the native New Yorker joined Bankers Trust Company in Manhattan, where he worked as a private banker, responsible for the administration of over 100 private trusts, representing in excess of $1 billion in assets. At two New York City law firms, where he worked for the next decade, Mr. Greenbaum represented numerous banks and institutional investors in the purchase and sale of billions of dollars of commercial property. He also worked with property owners in leasing millions of square feet of commercial office and retail space. • In 2000, Neil Greenbaum co-founded Foundation Source (FS), a financial services software firm that establishes and administers private charitable foundations. Clients include TD Waterhouse, Bear Stearns, Banc One and Wilmington Trust. FS develops software to facilitate the formation, administration and management of charitable foundations. Beginning with $20 million in venture capital, FS currently represents over $2.5 billion of assets under administration. Greenbaum is no longer involved in daily operations. • Mr. Greenbaum is a founder and principal of Hudson Capital, LLC, a fully integrated property company. Hudson has developed over $1 billion of residential and commercial property. Between 2003 and 2007, Hudson has developed over 3,000 residential units and over 250,000 square feet of commercial space. Through Hudson, Mr. Greenbaum was a Principal and Director of Washington Mortgage, a mortgage banking joint venture with Wells Fargo. • Mr. Greenbaum graduated magma cum laude from Queens College and obtained a Juris Doctor from Fordham University School of Law.

21. Management Team • Daniel A. Kaskel is Vice President and General Counsel with E.B. Developers, Inc. of Boca Raton, Florida.  Mr. Kaskel is a Board Certified property lawyer by the Florida Bar. His legal practice has included property acquisition and development, condominium and homeowner association formation and operation, property and commercial lending, retail and office leasing and title insurance matters. He has represented both borrowers and lenders in permanent, construction, mezzanine and other property secured lending transactions. He has represented developers and investors on all phases of property acquisition, development, financing, leasing and sale throughout the U.S.  He has also represented developers of residential, commercial and mixed-use developments in the planning, formation, document drafting and operation of these projects, and has represented cooperative associations, investors and developers in connection with condominium conversions. • Mr. Kaskel serves as U.S. legal counsel to Ofek International Real Estate, Ltd., a publicly owned real estate company traded on the Tel Aviv Stock Exchange. • Mr. Kaskel is a principal of First Fidelity Mortgage Trust, LLC, a Florida licensed mortgage brokerage firm, representing such financial institutions as Wachovia, Washington Mutual, Countrywide, HSBC and National City Bank. He is also principal of Fidelity Title of Florida, LLC, a Florida licensed title and escrow company. • Mr. Kaskel is a member of the Florida Bar’s Property, Probate and Trust Law Section. He has lectured in the area of property contract drafting and negotiation, and has written on commercial leasing, condominium association, insurance and casualty issues.  He also served as in-house counsel to one of the United States’ largest privately owned property development and management companies. Mr. Kaskel worked as a tax associate for PriceWaterhouseCoopers in New Jersey, associate with the law firm of Drinker, Biddle & Reath, LLP in New Jersey, as well as Becker & Poliakoff, P.A. in Fort Lauderdale, Florida.  • Mr. Kaskel received his Bachelor of Arts in Economics from the State University of New York at Binghamton and his Juris Doctor from Western New England College School of Law.

22. Management Team’s Historical Project Summary Name                             Location                         # of Units         Commercial Size          Type of Project • 4770 Biscayne Miami, FL                                      147,000                     Office • AntiguaSt. Augustine, FL           450             100,000                             Mixed Use • Aventine Miramar, FL      848                                                       Condominiums • Belmont Boynton Beach Palm Bch County 250        Apartments • Belmont St. Lucie West St. Lucie County  444                                                Apartments • Belmont N. Lauderdale Broward County 303                                                       Apartments • CityMark Orlando, FL       3,025                                                   Mixed Use • Dolphin Reef Jacksonville, FL 1,000           100,000 Mixed Use • Eden Springs Orlando, FL       1,332                                                    Hotel • Forte International Miami, FL          750                                                       Hotel/Office • Gables Marquis City of Miami     177                5,000                             Mixed Use • Gardens of Bridgehampton Jacksonville, FL 352                                                       Condominium • Greenwich Street NY, NY              250                                                       Hotel • Hawthorn Estates Chicago, IL      398                                                       Apartments • Hawthorn Estates Chicago, IL       217                                                       Condominiums • Heritage Estates Orlando, FL      272                                                       Condominiums • Itopia St. Petersburg, FL 354                                                       Condominiums

23. Management Team’s Historical Project Summary (continued) NameLocation# of UnitsCommercial SizeType of Project • Key RoyalNaples, FL       270 Condominiums • Landmark at Doral City of Doral, FL 1,109                500,000   Mixed Use • Mangolia Hotel Orlando, FL 200 Hotel • Milano W. Palm Beach, FL 200 Condominiums • Mondrian South Beach South Beach, FL            335                    Condominium/Hotel • Promenade Shores at Doral City of Doral, FL 241 Condominiums • Promenade Lakes at DoralCity of Doral, FL 531 Condominiums • Sanctuary at Bay Hill Orlando, FL 304 Condominiums • Riviera Palms Coconut Creek, FL 248 Condominiums • Village Oaks Tampa, FL 240 Condominiums • Promenade at Tampa Palms Tampa, FL 240 Condominiums • Osprey Oaks Boynton Beach, FL 221 Single Family • The Groves @ Palm BeachPalm Beach County, FL 2,576 Mixed Use • Central Park Palm Beach Gardens, FL 180 100,000 Mixed Use

24. Stockton Fund Summary • Company: Stockton Property Opportunities Fund I • Structure: AIM listed • Investment Manager: Stockton Management, LLC • Tax: To be determined • Target Fund: $300 Million • Target Investments: Value opportunities in U.S. residential and commercial properties and debt • Management Fee: To be determined • Performance Fee: To be determined • Deployment Objective: Fully invested within 6-12 months • Target Capital Return: To be determined

25. Merrill Lynch Capital Barclays Capital EuroHypo Lehman Brothers Natixis LaSalle Bank Colonnade Properties Fortress Investment Group Principal Commercial Acceptance SunTrust Bank Bank of America Fannie Mae GMAC Northern Trust Ohio Savings Bank Wachovia AmTrust Bank Ocean Bank Compass Bank Bank Leum. Colonial Bank Regions Bank Mutual of New York Key Bank iStar Financial, Inc. Freddie Mac Countrywide Home Mortgage Key Industry Relationships The principals of Stockton have created and maintain a broad range of long term relationships with leaders in the U.S. property and mortgage industries. Capital relationships include the following financial institutions:

26. Key Industry Relationships The Stockton Management Team maintains relations with many property developers and brokerages firms throughout Florida and the U.S., as well as smaller, regional firms, including: • CB Richard Ellis • Cushman & Wakefield • Marcus & Millichap • Holliday Fenoglio Fowler • Jones Lang LaSalle • Morgan’s Hotel Group • GL Homes • TOUSA Homes • Century Homes • Lennar • Toll Brothers • Crescent Heights • Coldwell Banker • M/I Homes • Pulte Homes • Crescent Resources • Blackrock • Colliers International • Re/Max • Keller Williams Realty

27. Management Team’s Prior/Current Projects Landmark at Doral City of Doral, Florida 26

28. Management Team’s Prior/Current Projects Wachovia Tower 4770 Biscayne Boulevard Miami, Florida 27

29. Management Team’s Prior/Current Projects Gables Marquis Miami, Florida 28

30. Stockton Contact Information Stockton Property Opportunities Fund I 7284 West Palmetto Park Road, Suite 106 Boca Raton, Florida 33433 Contacts: Andrew Greenbaum – (561) 922-5266 agreenbaum@hudcap.com Neil Greenbaum – (561) 992-5261 ngreenbaum@hudcap.com Daniel Kaskel – (561) 368-0777 dkaskel@ebdevelopers.com