Prepared by: Greencrossing Real Estate Companies, LLC December 15, 2009

1. Greencrossing Real Estate Companies Lot Banking Fund I (the “Fund”) Prepared by: Greencrossing Real Estate Companies, LLC December 15, 2009

2. The Program • Lot banking program whereby the Fund acquires finished lots on behalf of the Builder. • Builder options lots back from the Fund on a preset takedown schedule and puts up a 10% - 15% cash or equivalent deposit to secure option. • Builder enters into a guaranteed maximum construction contract with the Fund to finish and maintain the lots. • The lots are priced such that it yields a 15% - 20% current return to Fund. Fund additionally receives profit participation on home sales. 2

3. Why Now? • There are three main reasons why now is the opportune time to start a lot banking fund: • 1st – Where we are in the real estate cycle • 2nd – The finished and blue-top nature of the lots builders are buying • 3rd – Lack of competition 3

4. Why Now? – Where we are in the Cycle • In “A” and “B” markets in California we are at or near a housing bottom. • In “A” and “B” markets in California we ARE at a land bottom. • Case-Shiller Index indicates a housing bottom. Housing Bottom 4

5. Why Now? – Where we are in the Cycle • Public builders believe we are at or near the bottom and they are buying lots again. • Leading real estate economists and trend watchers are calling a bottom. • Land brokers are experiencing a significant increase in demand for lots and offers from prospective buyers. • Macro economic trends bode well for the housing sector and many believe housing will lead the national recovery. 5

6. Why Now? – The finished nature of lots • During the last cycle of land banking, builders were buying raw land. Therefore, the land banker was subject to significant cost and timing risk and land devaluation as a result. • Builders are now buying finished and blue-top lots so the risk of cost overruns is greatly diminished and because the lots are essentially ready to go, the majority of timing risk only relates to the builder’s ability to process and get their architecture approved in order to start homes. • The finished nature of the lots makes is easy to quickly and efficiently underwrite deals. 6

7. Why Now? – Lack of competition • While some groups are talking about starting a lot banking program, most of the groups from the last cycle have left the business. • Having a first mover advantage in this next cycle will generate superior access to quality builders and their quality deals. • Target returns can remain high due to low competition. 7

8. Program Details • Target Builders: Lennar, DR Horton, Standard Pacific, MDC, K&B, K. Hovnanian and Meritage Homes • Target Markets: “A” and “B” submarkets within each of the following markets – Orange, San Diego and L.A. Counties, West Riverside and San Bernardino (I-15, I-215, I-210 corridors only), Greater Sacramento and Greater Bay Area. • Target Deal Size: 50 – 150 lots / $3M - $10M (peak capital) • Investment Duration: projected lot takedowns to occur within 30 months. 8

9. Program Details • Builder sources deal then approaches the Fund to lot bank it for them. • The Fund underwrites the deal during the Builder’s feasibility period. • If the Fund decides to pursue the deal, then Builder assigns the purchase and sale agreement to the Fund while simultaneously entering into an option agreement and construction agreement with the Fund. • Pursuant to the option agreement, Builder purchases lots from the Fund based on preset takedown timing and pricing. • Pursuant to the construction agreement, Builder maintains the property and finishes any required work. 9

10. Characteristics of the Option Agreement • Builder shall be required to takedown lots based on a preset takedown schedule which shall not be longer than 30 months. • Takedown pricing escalates each month and is pre-determined such that the appropriate target returns are achieved by the Fund. • Builder shall be required to have a cash or equivalent option deposit of between 10% - 15% of the total purchase price. • Builder and the Fund shall have a profit participation agreement whereby the Fund receives 50% of the home profits in excess of a pre-determined home margin. • Any default under the option agreement (including profit participation agreement) results in the forfeiture of the option deposit. 10

11. Characteristics of the Construction Agreement • Builder and the Fund shall enter into a guaranteed maximum construction and maintenance agreement whereby Builder completes any remaining work on the lots (which will be minimal) and maintains the lots. • The Fund shall reimburse Builder for costs and expenses related to maintaining and completing the lots. • Builder shall be responsible for costs in excess of the preapproved budget. • Builder to be responsible for improvement bonds. • Builder shall indemnify the Fund for all work performed by Builder. 11

12. The Fund Details • Target Capital Commitment: $40 - $60million total (6 – 10 deals) • Entity: Single purpose LLC for each deal. • Joint venture partners: Investor and Greencrossing Real Estate Companies, LLC (“Greencrossing”) • Target returns: 15% - 20% current return, 20%+ with profit participation. • Management: Greencrossing shall source and manage the deals on behalf of the Fund. For performing management services, Greencrossing shall receive a management fee TBD which shall be treated as a project cost. • Control: Investor shall control major decisions. • Contributions: 80% - 100% Investor, 0% - 20% Greencrossing. • Distributions: Pari-passu until a 15% - 20% IRR, then 50/50. 12

13. Sample Builder Proforma • The Property “Cimarron Trail” • 77 finished lots located in Eastvale (Corona), California. • 7,200 sq. ft. lot minimums. • Average home sales price is $387,000. • Average home size is 2,636 sq. ft. • Expected sales rate at 4 per month. • Model starts June 2010, Production starts September 2010 13

14. Sample Builder Proforma • Wholly Owned • Net margin 10.2% • IRR 22.4% (unlevered) • Net income $3,042,448 • Peak capital $14,824,855 • With Land Bank • Net margin 7.0% • IRR 29.1% (unlevered) • Net income $2,091,595 • Peak capital $9,700,191 14

15. The Fund Proforma • Base Case (no inflation) • Peak invested capital $10,073,075 • Net cash flow $2,113,248 • IRR 17% • Investment duration 23 months • Scenario Two (5% revenue inflation, 2% cost inflation) • Peak invested capital $10,073,075 • Net cash flow $4,919,293 • IRR 37.1% • Investment duration 23 months • Note: Inflation starts January 2010. 15

16. About Greencrossing Greencrossing was formed in June 2006 as an opportunistic real estate development, asset management and consulting platform. The firm seeks opportunities to acquire, entitle and develop land in California and other key Western markets. The Greencrossing Principals have over forty combined years in the real estate business and have been involved with some of the most successful developments in California. They are respected land industry leaders who have acquired, entitled and developed over 20,000 lots, managed complex land joint ventures, and were integral to the formation and operation of Lennar’s land banking program during the last cycle. 16

17. Greencrossing Principals Tom Banks Principal/Co-Founder Tom Banks has more than 25 years of real estate experience with expertise in acquisitions, entitlements, horizontal and vertical development, dispositions and joint venture partnerships and management. As co-founder and principal of Greencrossing Real Estate Companies, Banks is responsible for company strategy, sourcing acquisitions, and managing entitlement and development project teams and engagements. Prior to Greencrossing, Banks served as regional vice president of Lennar Corporation where he was responsible for the Southern California Inland Empire region. This region consistently had annual land and homebuilding revenues in excess of $500 million. Prior to his regional responsibilities, Banks created Lennar Communities' start-up Inland Empire land division where he served as division president. In addition to Lennar, Banks has held senior level management positions with Richmond American and The Irvine Company. Jason Perrin Principal/Co-Founder Jason Perrin has more than 15 years of real estate expertise in finance, mergers and acquisitions, joint venture structure and management, business operations, and land acquisitions and dispositions. As a co-founder and principal of Greencrossing Real Estate Companies, Perrin is responsible for overall company operations, capital sourcing, and managing finance and acquisition teams and engagements. Prior to Greencrossing, Perrin served as senior vice president of Lennar Corporation where he was responsible for the finance and business operations of the Southern California Inland Empire region. Additionally, Perrin was responsible for managing 10 joint ventures which included over 15,000 lots and oversaw the disposition of $600 million of real estate. Perrin started his Lennar career as a member of the west region corporate finance team where his responsibilities included company wide business and financial planning, private home builder acquisitions and managing the company’s land banking program. Prior to Lennar, Perrin worked for Archstone Communities Trust, E&Y Kenneth Leventhal and a private homebuilder. Perrin holds a master's degree in business from the University of Southern California Marshall School of Business and a bachelor’s degree from the University of Colorado. 17

18. Confidentiality All ideas, information, and data concerning Greencrossing Real Estate Companies, LLC’s business or affairs and contained in these slides shall be deemed Confidential Information. The viewers shall not disclose any portion of the Confidential Information to any persons or entities other than their directors, officers, employees, attorneys, accountants, consultants, potential partners, lenders or co-venturers and other representatives, who must have access to the Confidential Information for purposes of pursing an evaluation of the business opportunities presented herein; or (ii) use any portion of the Confidential Information for any purposes other than in connection with evaluating, presenting proposals about, or otherwise effecting such evaluation. Viewers agree to take all steps necessary to safeguard the Confidential Information in order to prevent disclosure thereof other than as permitted by Greencrossing. 18