Pact Company Overview

1. PACT Real Estate Development Group

3. Development services are tailored to the needs of property owners, including asset management, disposition of assets, planning and designing of buildings, directing construction and executing marketing and sales plans.

4. Actively working with banks, private equity firms and other owners to establish ongoing development services arrangements. Currently appointed as development manager for a large mixed-use project planned for the Sarasota bayfront.

5. As market conditions improve, also plan to acquire sites and develop quality residential/mixed-use projects in exclusive areas.2 Company Overview

7. PACT may be engaged to supervise completion of construction (likely including efforts to mitigate any cost overruns), develop and execute a plan to market remaining residential units or manage an asset on behalf of the owner.

8. PACT may be empowered to hire consultants and supervise the design, permitting, construction, marketing and sale of remaining units, culminating with the final building turnover to its residents or sale of the property.3 Comprehensive Development Services

10. After underwriting a property, we will orchestrate the acquisition by obtaining initial equity and raising additional equity and debt capital from existing relationships.

11. PACT brings unique management, design, planning , marketing and execution skills that mitigate risk and increase returns.4 Development Opportunities

13. Intend to create new vision/concept that fits today’s real estate market – adept at repositioning developments.

14. Plan to take advantage of currently discounted valuation of troubled projects.

15. Key to attracting investors is the identification and presentation of specific opportunities.5 Development Opportunities

17. Management has extensive experience on the East Coast of the U.S. and in Florida.

18. We will evaluate partially built or completed sites, particularly where value can be added to future phases and completed inventory can be sold to provide a near-term return.

19. Development opportunities will be examined to determine if they possess unique selling attributes that will be particularly crucial in the early phases of a recovering market.6 Strategic Targeting

20. Long-standing relationships with lenders, real estate brokers, attorneys, private equity funds and others often bring opportunities to our attention. In addition we will leverage extensive relationships with lenders, general contractors, engineers, architects, interior designers and other consultants to identify opportunities that are ripe for acquisition and repositioning. We will supplement these relationships with market evaluations, which will primarily rely on our existing expertise, using market consultants as needed. 7 Identification Process

21. The team has closed dozens of multi-million land purchases, often with creative terms. Intend to minimize initial deposits, and non-refundable deposits in particular. If sites are not fully entitled when identified, our team will drive the entitlement process and defer contractual payments until it is successfully completed. Whenever possible, we will establish the right to pre-sell units before closing on the site, thereby reducing risk and boosting investor returns. 8 Acquisition Structure

23. Evaluated real estate opportunities, including conducting due diligence and feasibility studies.

24. Directed entitlement process from local re-zoning, state DRI and Federal regulatory processes through site plan and building permit approvals.

25. Participated in raising billions in capital from private and public markets and community development districts, managing relationships with money sources.9 Development Team’s Experience and Success

27. The development team’s successful projects include the following:

28. Substantial Southwest Florida developments including thirteen residential towers in Pelican Bay, Bay Colony and Naples Cay and five buildings at Cove Towers in Naples; ten buildings in The Colony in Bonita Springs; and five towers in two communities in Marco Island.

29. Twenty buildings from Jacksonville to Miami Beach including two landmark condo/hotel developments.

30. Master planned developments including thousands of units in Estero, Bonita Springs and Pensacola, Florida.

31. Residential towers in Sarasota, Tampa, and Perdido Key.

32. A 210-unit residential tower across from Manhattan. 10 Development Team’s Experience and Success

34. 11 Background of the PACT Principals

35. 12 The Tower ResidencesAt The Ritz – Carlton, Sarasota

36. 13 The Tower ResidencesAt The Ritz – Carlton, Sarasota

37. 14 Trieste at Bay ColonyNaples, FL

38. 15 Trieste at Bay ColonyNaples, FL

39. 16 Trieste at Bay ColonyNaples, FL

40. 17 One Bal Harbour Bal Harbour, FL

41. 18 One Bal Harbour Bal Harbour, FL

42. 19 Montenero at Pelican Bay Naples, FL

43. 20 Montenero at Pelican Bay Naples, FL

44. 21 The Watermark on Hudson North Bergen, NJ

45. 22 The Watermark on Hudson North Bergen, NJ

46. 23 The Watermark on Hudson North Bergen, NJ