DEVELOPER PROFILE, PROJECT RESUME AND REFERENCES

For more than 30 years, Comstock Homes has established a tradition of creative

design, meticulous construction and careful community planning throughout

California. Quality construction and superior supervision are maintained

throughout the building process to ensure customer satisfaction. Talented

architects, designers and craftsmen work together to create Comstock Homes and

communities that are nothing short of exceptional.

OUR PROMISE

DEVELOPER PROFILE

At Comstock Homes, innovative and progressive real estate solutions not only set the tone for what’s to

come—they also set the standard. Founded in 1979, the family-owned and -operated company takes pride in

its storied history of entitling and developing a variety of projects that have greatly enhanced the quality of life

for their respective communities throughout California. Managed by several of the most talented professionals

in the industry, Comstock Homes is built on over 30 years of quality, family tradition and, above all else, integrity

and reputation.

The firm was originally organized in 1979 in Manhattan Beach, California as a full-service real estate company

primarily specializing in the acquisition and management of passive real estate investments for offshore clients.

As a result of the skill demonstrated by the company in the management of its acquisitions, several of its

clients expressed a strong interest in pursuing development projects. In 1982 its first development project was

completed in West Los Angeles, and, since then, direction has been focused fully on the development and

management of real estate.

Over the next decade, the company successfully developed and leased approximately 3,000,000 square

feet of office and retail space, the completed projects of which are detailed on the project list that follows.

The largest of these projects consisted of a 500,000-square-foot corporate headquarter facility located in San

Jose, California; a 350,000-square-foot power center located in Hawthorne, California; a 380,000-square-

foot lifestyle center located in El Segundo, California, and a 300,000-square-foot regional shopping center

rehabilitation located in Rolling Hills Estates, California.

In 1995 the firm acquired a 70-acre site in West Valley City, Utah. Thirty acres were developed into a 12,000-seat

event center and a 5,000-seat performing arts theater for the city while the balance of the land was developed

with hotels, retail and entertainment facilities.

1995 also saw the company form a partnership with St. Paul Properties, Inc. (now a subsidiary of Travelers

Insurance) and K.V. Mart Co. to develop infill supermarkets throughout California. The venture successfully

completed and subsequently sold projects in the cities of Canoga Park, Lynwood, Eagle Rock and Long Beach.

Comstock currently manages several assets on behalf of St. Paul/Travelers as well as 1.2 million square feet

of Class A retail portfolios along the Rosecrans Avenue corridor in Manhattan Beach, CA, including Manhattan

Gateway and Manhattan Marketplace.

The firm created a residential housing division in 1994 and, since inception, has acquired, entitled, built and sold

29 residential projects with approximately 3,000 units. Currently, the company is in various stages of development

on residential projects totaling approximately 1,700 residential units throughout California, with expected revenue

north of $876 million. Comstock has proven itself to be one of the few California infill developers with the unique

ability to overcome substantial project barriers to create exceptional communities.

company bios

ROBERT W. COMSTOCK, President and Founder

Robert “Bob” Comstock has devoted nearly his entire career to the identification and development of real estate

assets with more than 30 years of success in commercial, retail and residential development.

Born to a career naval officer who relocated his family to the South Bay, Bob attended local schools where

he received several athletic honors. While attending college, Bob began his real estate career by opening a

small real estate brokerage firm specializing in residential sales and management. After the firm grew to 15

salespersons, Bob sold his interest in the firm to a partner in order to pursue a career in commercial real estate.

He joined Security Pacific National Bank as a commercial real estate appraiser, reviewing projects throughout

the nation. Within two years Bob was promoted to vice president and moved into a mortgage banking position

within the bank. In that capacity, he was responsible for making commercial loans in excess of $100 million

throughout the United States and reselling them in the secondary market.

Bob left Security Pacific National Bank to form his own commercial real estate company. The firm was initially

involved in the acquisition and consultation of commercial real estate for offshore clients. During this period, the

firm acquired and managed several retail projects in the southwestern United States.

In addition to Bob’s development activities, he has received a life teaching credential from the Los Angeles

Community College District for teaching real estate appraisal and finance. Bob has served on several committees

for the City of Manhattan Beach, including a long study of housing for the elderly. As a result of his successful

effort to save the Ellwood Mesa, Bob acted as a consultant to the Trust for Public Land and Environmental

Defense Center for a project along the Central Coast. Those efforts led to the highly successful development of

The Bluffs along the Santa Barbara Coast.

Bob holds a Bachelor of Science in business administration and finance from California State University,

Northridge.

THE TEAM

company bios

DAVID M. LAULETTA, Chief Executive Officer

David has over 25 years of experience working in senior-level positions for national and regional-sized real

estate investment and development companies. David has directed and managed multifaceted strategic real

estate investments in feasibility, acquisition, disposition, entitlements, development, financial restructuring and

dispositions.

Prior to joining Comstock Homes, David was the vice president and regional manager for Shea Homes of

Southern California (one of the largest privately held homebuilders in the nation), where he was responsible for

overseeing the homebuilding activity including acquisitions and entitlements in excess of $150 million and home

sales with annual revenues of $200 million. Prior to joining Shea Homes, David worked at various real estate

companies including Empire Land, Woodridge Capital, Langdon Wilson Architect and Calmark Properties,

where he held executive management positions including chief financial officer, senior vice president of asset

management, vice president of finance and area director.

David has been an active participant in many industry associations, held public agency roles and taken on

volunteer positions, including board member of Building Industrial Association of Greater Los Angeles, vice

chairman of planning commissioners for the City of Moorpark, AYSO, Special Olympics and various other

volunteer associations. David holds a Bachelor of Arts from University of California, Santa Barbara in economics,

is a certified public accountant and is a licensed real estate broker in the state of California.

THE TEAM

company bios

NICHOLAS M. LONG, Chief Financial Officer

Nicholas brings over 12 years of professional operations, finance and accounting experience to Comstock

Homes. Nicholas has developed a solid track record of managing through various stages of the real estate cycle

and has developed a high level of expertise in accounting, finance, loss mitigation, acquisitions, dispositions,

asset management, portfolio optimization, financial restructuring, strategic and business plan development,

capital sourcing and operational improvement.

Prior to joining Comstock Homes, Nicholas was the Southern California regional manager of finance and

acquisitions for JF Shea Co. Inc., the parent company for the largest privately held residential homebuilder

in the nation and a leading commercial, retail and multi-family developer and property manager. At Shea, he

was responsible for closing over $400 million in residential for sale, multi-family, retail, commercial and public

facilities transactions. In addition, Nicholas managed over a dozen joint ventures with various institutional and

non-institutional partners, with total capital of approximately $2 billion. He began his career as a certified public

accountant with Deloitte and Touche, LLP, where he managed financial statement audits, M&A, IPOs and debt

issuances on behalf of his clients from a broad range of industries. Over the past few years he has also been

involved in several large real estate restructurings and turnarounds as a financial advisor and real estate expert

as a consulting manager with Kibel Green, Inc.

Nicholas is an active participant in many professional real estate associations, including the BIA, ULI and OREO.

He has also resided as a member of the BIA’s Government Affairs Advisory Board and has been a guest speaker

and panelist on public/private infrastructure financing at University of California, Los Angeles and University of

Southern California. In addition, he is a licensed certified public accountant and real estate broker in the state of

California. Nicholas holds a master’s degree in business administration from University of Southern California,

Marshall School of Business and a Bachelor of Science in accounting and finance from Chapman University,

Argyros School of Business and Economics.

THE TEAM

company bios

THE TEAM

PETE PEREA, Director of Construction

Pete joined the Comstock team in January 2003 and is a key reason for the company’s success in the residential

development business. His strong foundation in construction began during his childhood, a time when he built

homes in the family business. He refined his skills through his time at D.R. Horton, one of the largest builders in

the nation. Pete is a master builder and there is no other way to put it.

Pete was born in Las Cruces, New Mexico, where he lived until his teenage years. His family relocated to

Chino, California, where he graduated from Chino High School. He then began his formal education by studying

architectural design at California State University, Fullerton. Pete officially began his real estate career by taking

an entry-level position in the residential building industry, where he soon became a superintendent. Pete spent

over 15 years in the field as a superintendent, including seven years as a general superintendent. During that

period, Pete built over 20 communities with one of the largest public homebuilders in the nation.

After reaching the goals he set for himself to secure a position in construction management for a well-recognized

homebuilder, Pete joined Comstock Homes as director of construction and has since proven to be a master in

the field. Pete manages the construction and development teams for the company as well as purchasing and

customer service. Since Pete joined the team, the company has had a spotless site safety record, warranty

claims have been minimal and the company has never had a WRAP claim and continues to show a clean

loss history.

ERIC WINQUIST, Asset Manager

Upon graduation, Eric worked for two years with the accounting firm Deloitte and Touche, LLP. He then

accepted a position with the internal audit department of Continental Airlines, where he reviewed all aspects

of the company’s operations, from accounts payable to maintenance operations and operational reviews of

international stations. During this time, Eric became a licensed certified public accountant in the state of Texas.

Eric joined Comstock, Crosser & Associates in June 1996 as assistant controller and assisted in the residential

and commercial areas of the company, including accounting and tax work, acquisition analysis, financing and

property management. Since 2001, he has served as the asset manager for company-owned and third-party-

managed commercial retail, industrial and office properties located in Southern California, with responsibilities

that include managing the development, leasing and operations of the properties.

THE TEAM

company bios

company bios

THE TEAM

DEBRA GEILER, Director of Entitlements

Over the last decade and a half, Debra has negotiated the acquisition and disposition of over 35,000 acres of

important resource lands valued in excess of $250 million. Debra achieved these successes working closely

with landowners and interested stakeholders – negotiating and managing complex real estate transactions from

acquisition to the entitlement process to disposition.

Prior to joining Comstock Homes, Debra served as the Southern California director of The Trust for Public

Land in addition to serving in the real estate investment and development industry. Her law practice focuses

on providing strategic advice to buyers and sellers of complex real estate assets, including plan processing,

regulatory compliance and environmental issues and tax matters.

Debra’s success is grounded in her ability to assess and strategize for multi-benefit outcomes; develop

and implement community outreach and coalition and consensus building; and create and maintain strong

relationships with key local and state policy makers.

Debra earned her Juris Doctor from the University of California, Hastings College of the Law and her Bachelor

of Science degree in finance, real estate and land use from California State University, Sacramento. She is an

attorney and member of the State Bar of California and is a licensed real estate broker in the state of California.

company bios

THE TEAM

TROY BUSSE, Director of Purchasing

Troy has made a career in homebuilding since 1999. After graduating from the University of Oregon with a

master’s degree in business administration and Bachelor of Science in finance and marketing, he headed east

to start working toward a profession in the construction industry. Troy began his journey as a superintendent

constructing homes for John Wieland Homes and Neighborhoods in Atlanta, Georgia. Through hard work

and dedication, Troy became a key team member delivering quality-built homes to satisfied customers and

dramatically reducing warranty claims. A project management position with a smaller builder offered Troy a

chance to expand his knowledge base before opening up his own construction management company in 2005.

With the housing market entering a transition, Troy decided to relocate back to the West Coast, closer to family

and friends. In 2007 Troy joined the purchasing team of Shapell Homes. It was there that he was able to bridge

his years of experience in the field and business background. Troy began working for Shapell as a purchasing

agent and, throughout the course of his time there, developed many key process improvements, earning a

position as their lead purchasing manager overseeing multiple projects in diverse geographic areas of Southern

California.

In 2013 Troy joined Comstock Homes as director of purchasing and leads the efforts for developing trade partner

relationships, enhancing procurement processes and discovering efficient design solutions.

company bios

THE TEAM

JEFF MALONE, Director of Project Manager

During his 25-year career in the homebuilding industry, Jeff has held positions as a customer service

representative, project superintendent, purchasing manager, sales associate and senior project manager. Jeff

was born in Los Angeles and graduated from the University of Southern California. He currently holds a California

real estate broker license.

Jeff’s early career experience was gained working in California for Citation Builders, the Donald Bren Company

Malone Homes (a family-operated homebuilder) and The William Lyon Company. A six-year period was spent with

Richmond American Homes in Tucson, Arizona, where he gained varied experience selling homes, managing

purchasing operations and working in land acquisition, land development and project management disciplines.

Jeff’s most recent experience was with Standard Pacific Homes in Ventura County and included management

of over 30 single- and multi-family home communities, including management of two large master-planned

communities, Dos Vientos Ranch in Newbury Park and RiverPark in Oxnard.

Jeff manages several projects for Comstock Homes throughout Southern California. His expertise in entitlements,

scheduling, development management and problem solving has proven to be extremely valuable to the company.

HARRIET RAPISTA, Project Manager

Harriet Rapista was born and raised in Southern California. After graduating from Whitney High School in

Cerritos, California, she attended University of California, Los Angeles to earn her Bachelor of Science degree in

civil engineering. Shortly after graduation, Harriet was offered her first job in the industry at ESI/FME Structural

Engineers, where she spent five years doing the structural engineering for several projects serving many of the

top homebuilders in Southern California until deciding to become more involved with the development side.

Following her decision, she joined EPAC Homes, where she was a project manager for high-end semi-custom

home projects in San Diego and Los Angeles counties. After her time at EPAC, Harriet joined Western Pacific

Housing in Irvine, which later was acquired by D.R. Horton, one of America’s largest public homebuilders. At

D.R. Horton, she worked with the project managers to develop many subdivision home projects throughout

Riverside County as the director of forward planning.

Harriet first joined Comstock Homes in late 2007 and was primarily responsible for project management and

project analysis. She managed all aspects of the Villages at Heritage Springs project in Santa Fe Springs. After

leaving Comstock in late 2010, she joined City Ventures and worked on several communities in Orange and Los

Angeles counties, with most of her time spent on the Monrovia Nursery site in Glendora.

Harriet rejoined the Comstock team in February 2014 and is excited to be back. She assisted in the closeout of

the Villages at Heritage Springs project and will work on Villa Portofino in Palm Desert, other desert communities

and feasibility for future acquisitions.

THE TEAM

company bios

RON MAZZIOTTI, Site Supervisor

With over 30 years of diverse experience in the construction industry, Ron joined Comstock Homes in April 2012

as site supervisor. With a work history spanning the entire homebuilding range of responsibilities, Ron brings to

the team valuable insight and knowledge of on-site and off-site construction management.

Over the years Ron worked in the capacity of customer service/supervisor, project manager, and vice president

of construction. In 1990 Ron went to work for a Ventura-based land development company, where he remained

for over 18 years. He started as a project manager and advanced to vice president of construction/division

manager for its northern, central and southern divisions. Ron’s work experience includes developing small-lot

subdivisions, building single-family homes, condominiums and 12,000- to 20,000-square-foot custom estates,

and the development of a golf course, strip malls, apartment complexes and a hotel.

Ron worked as a consultant providing expertise in land design, map/permit processing and bids and more.

He has established a reputation for completing projects on time and below budget with a higher-end product

exceeding client expectations.

Ron has a degree in construction management and certificates in construction technologies.

THE TEAM

company bios

JOSEPH PERRI, Director of Finance and Acquisitions

Throughout his career, Joseph has been an integral part of the acquisition, financing, development, management

and disposition of over $3.75 billion of real estate. He has consulted and transacted on numerous developments

and product types, including single-family homes, residential condominiums, high-rise office towers, retail space,

multi-family assets, self-storage facilities and infill mixed-use projects. Joseph is experienced working directly

with large investment and commercial banks, pension funds, equity institutions and high-networth individuals

throughout the capital stack. At Comstock Homes Joseph oversees the analysis of acquisition targets, assists

with the management of existing assets and is heavily involved with overall business planning efforts.

Prior to joining Comstock Homes, Joseph was responsible for new project underwriting and oversaw the creation

of acquisition, development and construction joint ventures as Vice President for ETCO Homes, a private

developer. He also spent several years at Thomas Properties Group, where he worked as an associate on the

acquisition and management of Class A operating assets in Southern California, Texas and Northern Virginia.

Prior to that, Joseph was a senior analyst at TriMont Real East Advisors and managed numerous asset types

with various workout strategies. Joseph began his career in development with KB Home.

Joseph prides himself on his commitment to success through his detailed analysis and understanding of

projects, cultivating long-term relationships within the industry and his fundamental love of real estate. Joseph

is a Southern California native and holds a Bachelor of Science degree in business administration with an

emphasis in real estate finance from the University of Southern California, Marshall School of Business.

THE TEAM

company bios

active residential portfolio

ACTIVE RESIDENTIAL

VILLA PORTOFINO Country Club Drive/Portola AvenuePALM DESERT41 detached and 245 attached single-family residences 33.6 acres 30,000-square-foot private clubhouse/restaurant Estimated Project Value: $87,000,000

VillaPortofino.com

SUMMIT 800 Brotherhood Way / Junipero Serra BoulevardSAN FRANCISCO60 detached and 122 attached single-family residences 7.69 acres Estimated Project Value: $225,000,000

Summit800.com

THE AXIS AT RIVERPARK N. Ventura Road/N. Oxnard BoulevardOXNARD91 detached single-family residences Estimated Project Value: $47,000,000

elacoraRiverPark.com

HARMONY GROVE Harmony Grove Road/Country Club DriveNORTH SAN DIEGO110-acre residential development Estimated Project Value: $150,000,000

elacora SPRINGVILLECAMARILLO315 homesites.These homes include 4 distinct product types. The products will include single-family attached and detached plans.

springvilleelacora.com

THE DISTRICT AT RIVERPARK N. Ventura Road/N. Oxnard BoulevardOXNARD113 detached single-family residences Estimated Project Value: $48,500,000

elacoraRiverPark.com

VILLAGE AT LOS CARNEROS Los Carneros Road/Calle KoralGOLETA56 detached and 265 attached single-family residences 43 acres and 144 apartment units. Estimated Project Value: $194,000,000

coming soon

COMING SOON

elacora MIDTOWNEHEALDSBURG

completed residential portfolio

COMPLETED RESIDENTIALVILLAGES AT SANTA FE SPRINGS Telegraph Road/Bloomfield AvenueSANTA FE SPRINGS186 detached and 326 attached units 150 apartment units 54 acres Estimated Project Value: $230,000,000

THE BLUFFS ALONG THE SANTA BARBARA COAST Hollister Road and Santa Barbara Shores ParkGOLETA62 detached residences 20 acres

TheBluffsSBCoast.com

TRADITIONS AT THE GREENS West El Segundo Boulevard and Van Ness AvenueHAWTHORNEA 108-unit detached housing project for entry-level and move-up buyers Total Project Value: $20,000,000

MONTEREY PINES Lomita Boulevard and Neptune AvenueCARSONA 69-unit detached single-family development price range of $180,000 to $200,000 per home Total Project Value: $14,000,000

CAMBRIA PINES 228th Street and Main StreetCARSON165-lot, 20-acre single-family residential development Total Project Value: $17,000,000

SAN PEDRO PINES Miraflores Avenue and North Gaffey StreetSAN PEDRO10 affordable single-family homes Total Project Value: $2,650,000

THE KNOB OF NAPLES Colorado Street and Reedley StreetLONG BEACH27-lot single-family residential development Total Project Value: $7,000,000

THE GROVE Roscoe Boulevard and Reedley StreetPANORAMA CITY17 single-family residences 3.32 acres Total Project Value: $4,000,000

THE TERRACES Glickman AvenueTEMPLE CITY24 single-family residences 2.976 acres Total Project Value: $7,500,000

VICTORIA ESTATES Victoria Avenue Between 76th and 78th StreetsINGLEWOOD13 single-family residences 2 acres Total Project Value: $3,280,000

BURNET VILLAS Burnet AvenueNORTH HILLS (CITY OF LOS ANGELES)33 detached residences 3 acres Total Project Value: $7,456,000

BONITA VILLAGE 675 E. Bonita AvenuePOMONA117 lots 20 acres Total Project Value: $11,900,000

SYLMAR TERRACES 15231 Polk StreetSYLMAR24 single-family residences 5.5 acres Total Project Value: $7,308,000

completed residential portfolio

COMPLETED RESIDENTIALLEMONA VILLAS 15231 Polk StreetSYLMAR24 single-family residences 5.5 acres Total Project Value: $7,308,000

ANAHEIM VILLAS Knott AvenueANAHEIM18 detached residences 2 acres Value: $6,708,000

PROMONTORY AT SIGNAL HILL Skyline DriveSIGNAL HILL250 single-family residences 36 acres Value: $120,000,000

CREEKSIDE Holt Avenue and Grand AvenueWEST COVINA46 detached residences 9.1 acres Value: $19,000,000

RANCHO VERDUGO AT SHADOW HILLS Wentworth AvenueSHADOW HILLS57 detached residences 47 acres Value: $37,000,000

SONOMA VILLAS Dronfield Avenue/Carl StreetPACOIMA39 detached residences 3 acres Value: $13,650,000

NORTHWIND VILLAS Noble Avenue/Lemona AvenueNORTH HILLS26 detached residences 2.15 acres Value: $9,100,000

CITRUS VILLAS West Katella Avenue and Carnelian StreetANAHEIM16 townhomes 1 acre Value: $8,580,000

MEADOWCREST VILLAS Oxnard Boulevard and Robert AvenueOXNARD50 detached residences 5 acres Value: $18,000,000

RIVIERA VILLAS Palos Verdes Drive and Pacific Coast HighwayREDONDO BEACH14 townhomes 0.76 acres Value: $12,600,000

BELLA VISTA 220th StreetCARSON11 detached condominium units 1 acre Value: $6,600,000

OAK HILL COURT Archibald Avenue/Oak Hill DriveONTARIO36 attached condominium units 2.81 acres Estimated Project Value: $12,960,000

VERANDA CREST Rosemead Blvd/Catherine StreetPICO RIVERA42 attached condominium units 3.12 acres Estimated Project Value: $21,000,000

completed commercial portfolio

HUNTINGTON PARK SHOPPING CENTER Northeast Corner of Pacific Boulevard and Randolph Street HUNTINGTON PARK

A commercial redevelopment project consisting of approximately 94,000 square feet of rentable space. Major tenants are Superior Warehouse Supermarket and Pep Boys. Value: $16,000,000

MANHATTAN MARKETPLACE 1500 Rosecrans Avenue MANHATTAN BEACHA 110,000-square-foot shopping center located in an affluent community, approximately 4 miles south of the Los Angeles International Airport. The center, within a strong retail market, is one of the area’s premier retail developments and has a high traffic count and a broad national tenant mix. Anchored by Bristol Farms and CVS Pharmacy. The center was completed in 1991. Value: $28,000,000

GLEN COURT SHOPPING CENTER 5221 Rosecrans AvenueHAWTHORNEA 3.5-acre site located on Rosecrans Avenue at the 405 freeway. This redevelopment project is in a neighborhood shopping center containing approximately 31,500 square feet. The Center is currently 85% leased. Ground was broken March 1990 and completion was January 1991. Value: $6,300,000

OCEANGATE COMMERCE CENTER 5150 Rosecrans Avenue HAWTHORNEA promotional center located at the southeast intersection of Rosecrans Avenue and the 405 freeway. It was a redevelopment project consisting of approximately 350,000 square feet of retail space. Groundbreaking occurred in January 1991 and all phases were essentially completed and leased by mid-1993. Home Depot, Toys “R” Us and Kids “R” Us opened for business in 1991; Staples, SportMart, Ross Dress for Less, Michael’s and Food 4 Less opened in the first quarter of 1993. Value: $40,000,000

PENINSULA SHOPPING CENTER Silver Spur Road and Hawthorne Boulevard ROLLING HILLS ESTATESA 300,000-square-foot regional center located at Hawthorne Boulevard and Silver Spur Road on the Palos Verdes Peninsula. It was purchased for $25,000,000 in June 1992, and shortly thereafter approximately 50% of the center was renovated and released, at a total additional cost of approximately $8,000,000 anchored by Vons Pavilions and Thrifty Drug Store. Value: $45,000,000

COMPLETED COMMERCIAL

Manhattan Marketplace The EdgeThe Collection

completed commercial portfolio

COMPLETED COMMERCIAL

VALU+ MARKETPLACE OF LYNWOOD Southeast Intersection of Atlantic Avenue and Abott Road LYNWOODThe development consists of a 68,000-square-foot neighborhood shopping center anchored by Valu+ Food Warehouse, a subsidiary of K.V. Mart Co. In addition to Valu+, Chief Auto Parts, Blockbuster Entertainment and McDonald’s executed leases. The center was completed in fall 1996 and is 100% leased. Value: $8,200,000

CANOGA PARK SHOPPING CENTER Northeast Intersection of Vanowen Street and De Soto Avenue CANOGA PARKThe center contains approximately 50,000 square feet of existing retail space, which was rehabilitated to include a new Valu+ Food Warehouse of approximately 30,000 square feet. Existing tenants include Jack in the Box, Sunray Cleaners, Off the Bolt Fabric Shop, Yum Yum Donuts, Hair Designs by Marie and Bambino’s Restaurant. Rehabilitation construction was completed in spring 1997. Value: $7,335,000

EAGLE ROCK SHOPPING CENTER Southwest Intersection of Eagle Rock and Fairpark Drive EAGLE ROCKThe center contains approximately 65,219 square feet of existing retail space. Existing tenants are Osco Drugs, Super A Food, Kentucky Fried Chicken, Warehouse, Subway and other local tenants. Value: $8,300,000

MANHATTAN GATEWAY 1800 Rosecrans Avenue MANHATTAN BEACHThe center consists of approximately 99,000 square feet of retail space and 8,000 square feet of restaurant space. The tenants include the following: REI, Gateway Computers, Barnes & Noble, Pier 1 Imports, Old Navy, Trader Joe’s and more. Value: $19,000,000

TOWN CENTER WEST SIGNAL HILLAn 84,000-square-foot retail center. This is a redevelopment project with acquisition assistance provided by the Signal Hill RDA. The center was completed in the second quarter of 2001. Tenants include Food 4 Less, Starbucks and a combination McDonalds/Chevron/convenience store. Value: $12,000,000

2000 LONG BEACH BOULEVARD LONG BEACHA new development completed in September 2001. The major tenant is Top Value Supermarket. Approximately 10,000 square feet of shop and restaurant space are included and are fully leased. Value: $5,000,000

The CollectionManhattan Gateway Manhattan Gateway

completed commercial portfolio

COMPLETED COMMERCIAL

FOSTER COURT Foster Road and San Antonio Drive NORWALKSelf-storage facility (rezoned from residential parcel) 7.6 acres Value: $9,500,000

THE ARBORS AT RANCHO PENASQUITOS 12979 Rancho Penasquitos Boulevard SAN DIEGO92-unit assisted living facility 2.75 acres Value: $10,000,000

PARSONS HOUSE AT EAGLE RUN 144th and Eagle Run Drive OMAHA, NEBRASKA86-unit assisted living Alzheimer’s facility 84,000 square feet Value: $9,000,000

PLAZA EL SEGUNDO Rosecrans Avenue and Sepulveda Boulevard EL SEGUNDO (WWW.PLAZAELSEGUNDO.COM)385,000-square-foot regional shopping center 40 acres Value: $220,000,000

THE POINT - EL SEGUNDOEL SEGUNDO8-acre high-end retail development 70,000 square feet under development Value: $60,000,000

Plaza El SegundoManhattan Marketplace The Edge

completed office portfolio

COMPLETED OFFICE

4640 LANKERSHIM BOULEVARDNORTH HOLLYWOODA 76,000-square-foot, six-story Class A office building and four-level parking garage. The structure was completed in mid-1983 and is currently 90% leased to tenants that include NBC, Hewlett Packard and GTE. Value: $11,500,000

10474 SANTA MONICA BOULEVARDLOS ANGELESA 54,000-square-foot, three-story Class A office building constructed over two levels of parking. This project was completed in mid-1983 and is currently 85% leased. The major tenant is National Education Corporation (a NYSE firm), which occupies two full floors. Value: $12,000,000

321 12TH STREETMANHATTAN BEACHThe company, for use as its corporate headquarters, constructed this 8,000-square-foot office building. It was completed in July 1984. Value: $2,300,000

101 NORTH SEPULVEDA BOULEVARDEL SEGUNDOA 210,000-square-foot, three-story Class A office building constructed over three subterranean parking levels. The shell was completed in August 1985, at which time the building was 100% leased by Hughes Aircraft Company. Sold to Shuwa Investments (Japan). Value: $38,000,000

GOLDEN TRIANGLE CORPORATE CENTERSAN JOSETwo three-story and two six-story Class A office/R&D buildings (555,000 square feet total). The buildings were completed in August 1985. Ford Aerospace Corporation, for use as its Western Regional Headquarters, purchased this project in its entirety in 1987. Value: $92,000,000

QUAIL HILL OFFICE BUILDING SAN RAFAELA five-story Class A office building of approximately 60,000 square feet, which was completed in late 1985. The building is currently 100% leased and was sold in 1990 to Commerce Clearing House. Value: $12,000,000

ULTRASYSTEMS BUILDING EL SEGUNDOA two-story concrete tilt-up office building containing 40,000 square feet of rental space. This is a build-to-suit project for UltraSystems Defense and Space, Inc. The building was completed and occupied on November 1, 1985. Value: $8,000,000

completed office portfolio

CIGNA HEALTH CARE FACILITY MANHATTAN BEACHA two-story concrete tilt-up office building containing 40,000 square feet. This was a build-to-suit for CIGNA HealthPlans of California. The building was completed in December 1986. Sold to Taiyo Investments (Japan). Value: $11,500,000

615 NORTH NASH STREET EL SEGUNDOThis is a two-story office/R&D building, constructed over one parking level, containing 45,000 square feet of rentable space. It was leased to Martin Marietta Corporation, General Research Corporation, Sparta and GTE. Value: $9,100,000

2335 ALASKA AVENUE EL SEGUNDOA two-story office building containing 48,000 square feet of rentable space. Parking is provided at a ratio of four cars per 1,000 square feet of rentable area. Groundbreaking occurred in summer 1987, and the shell was completed in the second quarter of 1988. Sold upon completion to Aura Systems. Value: $6,000,000

PIER PLAZA REDONDO BEACHA 68,600-square-foot office project located on the waterfront overlooking the newly constructed Redondo Beach Municipal Pier. Leasing opportunities range from 1,000 square feet to 10,000 square feet. The project was 50% occupied when acquired and an extensive remodel and lease campaign was established to reposition the site to 100% occupancy. Value: $5,500,000

DEL AMO BUSINESS PLAZA TORRANCEA 117,000-square-foot office project consisting of three-story buildings, located at Hawthorne Boulevard and Torrance Boulevard. The project was acquired in February 1997 and is now 81% leased. Value: $10,000,000

SKYPARK MEDICAL BUILDING TORRANCEA 35,000-square-foot medical office building consisting of two stories on 5.2 acres. The project was acquired in September of 1992 and is currently 95% leased. Value: $6,000,000

COMPLETED OFFICE

references

REFERENCES

LEWIS N. WOLFF Chairman/Chief Executive OfficerWOLFF URBAN DEVELOPMENT, LLC

11828 La Grange Avenue, Suite 200 Los Angeles, California 90025 310/477-3593

WILLIAM B. SEITH Partner BROOKFIELD HOMES SERVICES LLC

3090 Bristol Street, Suite 240 Costa Mesa, California 92626 714/427-6868

JAMES C. ADAMS President ST. PAUL PROPERTIES, INC.

385 Washington Street St. Paul, Minnesota 55102 651/310-8429

SANDRA C. STEWART COX, CASTLE & NICHOLSON LLP

2049 Century Park East, 28th Floor Los Angeles, California 90067 310/284-2250

LINDA KROP ENVIRONMENTAL DEFENSE CENTER

906 Gardena Street Santa Barbara, California 93101 805/963-1622

DARIOUSH KHALEDI Chairman, CEO K.V. MART CO.

1245 East Watson Center Road Carson, California 90745 310/816-0200

CRAIG C. BARTO President SIGNAL HILL PETROLEUM, INC.

2633 Cherry Avenue Signal Hill, California 90755 562/595-6440

corporate references

city references

REFERENCES

SHERI REPP-LOADSMAN Manager, Developmental Services CITY OF CARSON

701 East Carson Street Carson, California 90745 310/830-7600

KURT H. ANDERSON Director CITY OF NORWALK

12700 Norwalk Boulevard Norwalk, California 90651-1030 562/929-5740

TIM GILES City Attorney CITY OF GOLETA

130 Cremona Drive, Suite B Goleta, California 93117 805/961-7500

KARL BERGER City Attorney CITY OF SANTA PAULA

970 Ventura Street Santa Paula, California 93060 805/525-4478

THADDEUS J. McCORMACK City Manager CITY OF SANTA FE SPRINGS

11710 Telegraph Road Santa Fe Springs, California 90670 562/868-0511

WILLIAM C. ROUNDS Councilmember CITY OF SANTA FE SPRINGS

11710 Telegraph Road Santa Fe Springs, California 90670 562/868-0511

city references

financial references

REFERENCES

R. WILLIAM INSERRA, JR. Vice President Asset Management ST. PAUL FIRE & MARINE INSURANCE COMPANY

385 Washington Street, Mail Code NB512A St. Paul, Minnesota 55102 651/310-8449

MARK HAGEN Vice President Controller ST. PAUL FIRE & MARINE INSURANCE COMPANY

385 Washington Street, Mail Code NB512A St. Paul, Minnesota 55102 651/310-2089

PATTI VOLLMER Vice President & Sr. Relationship Manager AMERICAN BUSINESS BANK

523 West 6th Street, Suite 900 Los Angeles, California 90014 213/430-4000

BRYAN D. BORDERS Senior Vice President FIRST COMMUNITY BANK

438 First Street Santa Rosa, California 95401 707/636-9056

MARCEL J.C. ARSENAULT Principal REAL CAPITAL SOLUTIONS

371 Centennial Parkway, Suite 200 Louisville, California 80027-1360 303/466-2500

JAMES PAYNE Relationship Manager U.S. BANK COMMERCIAL REAL ESTATE

950 17th Street, Third Floor Denver, Colorado 80202 303/585-8744

financial references

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CALIFORNIA

UTAH NEBRASKA TEXAS

Omaha Beaumont

PARTNER CITIES

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DEVELOPMENT PARTNERS

legal counsel

LEGAL COUNSEL

PUBLIC ACCOUNTANT

a subsidiary of: COMSTOCK CROSSER & ASSOCIATES DEVELOPMENT COMPANY

COMSTOCK HOMES321 12th Street Manhattan Beach, CA 90266 310/546-5781 310/545-2802 Fax

www.Comstock-Homes.com