ACQUIRE AND DEVELOP REAL ESTATE ASSETS THAT PROVIDE SUPERIOR RISK-ADJUSTED RETURNS TO OUR INVESTORS

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3 OUR MISSION ACQUIRE AND DEVELOP REAL ESTATE ASSETS THAT PROVIDE SUPERIOR RISK-ADJUSTED RETURNS TO OUR INVESTORS MAINTAIN CONSISTENTLY HIGH STANDARDS OF INTEGRITY, SERVICE AND ACCOUNTABILITY TO OUR INVESTORS, RESIDENTS, TENANTS AND EMPLOYEES ENHANCE AND CONTRIBUTE TO THE COMMUNITIES IN WHICH WE ARE ACTIVELY INVOLVED

4 WE ARE ACTIVELY INVOLVED ENHANCE AND CONTRIBUTE TO THE COMMUNITIES IN WHICH RESIDENTS, TENANTS AND EMPLOYEES SERVICE AND ACCOUNTABILITY TO OUR INVESTORS, MAINTAIN CONSISTENTLY HIGH STANDARDS OF INTEGRITY, SUPERIOR RISK-ADJUSTED RETURNS TO OUR INVESTORS ACQUIRE AND DEVELOP REAL ESTATE ASSETS THAT PROVIDE OUR MISSION

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7 OVERVIEW CYPRESS REAL ESTATE ADVISORS is a private real estate investment and development firm that invests in a diverse group of real estate assets, primarily in the southwestern and southeastern United States. Since its inception in 1995, the firm has managed institutional real estate capital, and counts among its investors some of the largest private endowments, foundations and financial institutions. Cypress invests and develops across a wide spectrum of product types, including both single-family and multi-family residential, mixed-use land development, hospitality and commercial assets. To date, Cypress has raised and managed five discretionary investment funds that have placed almost $1 billion of equity on behalf of institutional investors to acquire and develop more than $2 billion in real estate assets. The Cypress investment strategy consistently focuses on the following objectives: Strong Fundamentals Cypress seeks investment opportunities with strong fundamentals such as superior site locations, competitive supply constraints, attractive demographics, and positive longterm growth prospects. Value Creation Cypress targets opportunities where it can add value through its operating skills and expertise in the development process, construction management, marketing, disposition, and financial structuring. Risk Management Cypress invests in projects with the potential for generating strong risk-adjusted returns. The firm focuses on understanding both market and project-specific risks and creating strategies to mitigate or manage these risks. Aligned Incentives The principals of Cypress invest side-by-side with their partners, and structure profit participation such that Cypress benefits only when a project performs well and its partners are successful. This alignment of interests fosters an environment of teamwork and shared goals.

8 INVESTMENTS

9 MIXED-USE Brown Palm Beach County, FL Denargo Market Denver, FL East Avenue Austin, TX Hardy Yards Houston, TX Lake Highlands Dallas, TX Lakeshore Austin, TX Raceway Austin, TX Stapleton Plaza Denver, CO Tarlton Village Austin, TX Town and Country Houston, TX Westcreek Houston, TX RESIDENTIAL ~ SINGLE- FAMILY Abacoa Jupiter, FL Terra Mesa Portfolio Various Falcon Trace Orlando, FL Indian Shadow Durango, CO Julington Creek Plantation Jacksonville, FL Longwood Village Houston, TX Rock Creek Austin, TX Spanish Oaks Austin, TX Spring Trails Houston, TX Westover Park Houston, TX RESIDENTIAL ~ MULTI- FAMILY 54 Perimeter Center Atlanta, GA Amesbury Park Dallas, TX Baron-Lexington Phoenix, AZ Chelsea Creekside Austin, TX Cimarron Apartments Denver, CO Colinas Point Apartments Denver, CO Datura Street Condominiums West Palm Beach, FL Gleneagles Denver, CO Harbor Pointe Palm Beach County, FL Hidden Lake Fort Worth, TX Indian Tree Apartments Denver, CO Lamar and Manchaca Austin, TX Lincoln at Towne Square Dallas, TX Maverick-Ausland Dallas, Austin, and Houston, TX Nob Hill Houston, TX Philips Residential Jacksonville, FL Promenade Champions Forest Houston, TX Promenade Cullen Park Houston, TX Promenade at Hermann Park Houston, TX Promenade Jersey Village Houston, TX Promenade Memorial Houston, TX Ranch at Fossil Creek Fort Worth, TX Reserve at Lake Nona Orlando, FL Rosemont at East Cobb Atlanta, GA Savannah Austin, TX The Cambridge at Hickory Hollow Nashville, TN The Reserve at Lake Nona Orlando, FL West Avenue Lofts Austin, TX Westpoint Houston, TX Worthing Residential Atlanta, GA COMMERCIAL 800 West 6th Street Austin, TX Atwater Corporate Park Philadelphia, PA Cameron Road Corporate Park Austin, TX Churchill Building Houston, TX Congress Blocks 19/28 Austin, TX Cypress-Mexico Mexico Executive Plaza Houston, TX Hempstead Highway Distribution Center Houston, TX Interwood Office Park Houston, TX Main & Main Retail Various Northport Industrial Business Park Houston, TX Sierra at Las Colinas Dallas, TX The Atrium Houston, TX The Shops at Spanish Oaks Austin, TX Woodway Voss Houston, TX HOSPITALITY Crowne Plaza Riverwalk San Antonio, TX Doubletree at Roswell Atlanta, GA Embassy Suites at Pittsburgh International Airport Pittsburgh, PA Hilton at Research Triangle Durham, NC Marriott Country Club Plaza Kansas City, MO Radisson Stapleton Plaza Hotel Denver, CO Sheraton Downtown Nashville, TN The Park Vista Resort Gatlinburg, TN The Wyndham Anatole Hotel Dallas, TX SENIOR LIVING Town Village Arlington Arlington, TX Town Village Audubon Park Memphis, TN Town Village Leawood Kansas City, KS Town Village North Dallas, TX Town Village Ridgmar Fort Worth, TX Town Village Sterling Heights Detroit, MI Town Village Tulsa Tulsa, OK Town Village Vestavia Hills Birmingham, AL

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11 EAST AVENUE Austin, TX East Avenue is a mixed-use development at the former Concordia University site adjacent to Interstate 35 in central Austin. Located just two miles north of downtown Austin and less than one mile from the University of Texas at Austin, East Avenue will be a one-of-a-kind destination for Central Texans to live, work, shop, and dine. The 23-acre project will include 600,000 square feet of office, 1,350 multi-family units, 300,000 square feet of retail space, and a 210-key Hyatt Andaz Hotel. Cypress is contributing equity for the development of 200,000 square feet of office (anchored by Texas Monthly magazine), 384 multi-family units, and 80,000 square feet of ground-floor retail. East Avenue represents a new level of environmentally-conscious development and will help address the needs and desires of Austin s booming urban population.

12 ABACOA Jupiter, FL ABACOA is a 2,050-acre mixed-use Development of Regional Impact located in Palm Beach County, Florida. Land uses include residential, office, retail, university campuses, Major League Baseball spring training facilities, and a golf course. 6,280 single-family and multi-family homes located in ten distinct neighborhoods Town Center (70 acres) with 1.2 million square feet of retail, including numerous stores, restaurants and a 16-screen movie theater Workplace District (100 acres) with 1.4 million square feet of R&D facilities and 800,000 square feet of office and other commercial uses High-end, daily-fee 18-hole golf course University campuses Florida Atlantic University branch campus and Honors College Public elementary and middle school campuses 300 acres of open greenways, parks, wildlife preserves, and nature trails Spring Training facilities for the St. Louis Cardinals and the Florida Marlins

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15 HARDY YARDS Houston, TX Hardy Yards is a 40-acre redevelopment site adjacent to Houston s central business district. Formerly a Union Pacific rail yard, Hardy Yards consists of a 37-acre contiguous strip in addition to 3 acres of assembled out-parcels. Hardy Yards presents the opportunity to develop a price-sensitive alternative to downtown living. Furthermore, given its premier urban location and exceptional views of the Houston skyline, Hardy Yards is a prime site for mixed-use redevelopment. Bordered to the south by Interstate 10, to the west by Interstate 45, and to the east by State Highway 59, Hardy Yards has excellent access to all parts of Houston. It also has quick and convenient access directly to the Houston CBD via Elysian Street, Main Street, Hardy and McKee streets. Hardy Yards is just minutes from Downtown, Midtown, the Houston Medical Center, Minute Maid Park (home of the Houston Astros), and the Toyota Center (home of the Houston Rockets). Cypress Real Estate Advisors has created a land plan for Hardy Yards that allows for development of up to 2,356 multi-family units, 95 town homes, and 66,000 square feet of retail.

16 PREFERRED COMMUNITIES Houston, TX The PREFERRED COMMUNITIES portfolio consists of five Class-A garden-style multi-family properties totaling 1,812 units in some of the most popular submarkets in Houston. This investment platform was designed to acquire well located, fundamentally sound, quality real estate suffering from weak management, curable capital defects, and dated cosmetic elements. Each project has been or is currently undergoing extensive exterior and interior renovations. The physical improvements have resulted in increased market rents at each property. The property management and the renovations are being handled by Preferred Communities, a multifamily investment and management company based in Houston. Located near the world-renowned Houston Medical Center, Promenade Hermann Park was built in 1999 and offers 320 units. Amenities include a clubhouse, fitness center, swimming pool, controlled access entry system and covered parking. Constructed in 1992 and consisting of 228 units, Promenade Memorial is located adjacent to a multitude of employment opportunities in Houston s Energy Corridor and offers a clubhouse, pool, mature landscaping, fitness center, business center and controlled access entry system. Situated in close proximity to the Energy Corridor, Promenade Cullen Park offers 264 units constructed in 1991 and 1996, and is a gated community with a clubhouse, fitness center, dry sauna, two swimming pools and an attractive plaza area. Constructed in , Promenade Jersey Village consists of 596 units including 40 town-home units. Community amenities include a clubhouse, state-of-the-art fitness center, dry sauna, three swimming pools, heated lap pool and controlled access entry system. Promenade Champions Forest is a 404- unit community built in The complex offers two resort-style pools, spa, clubhouse, fitness center, sand volleyball and basketball courts, access gates and attached parking for some units.

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19 JULINGTON CREEK PLANTATION Jacksonville, FL JULINGTON CREEK PLANTATION is a 4,150-acre mixed-use community located in St. John s County (Jacksonville), Florida. The community is primarily single-family residences with approximately 6,292 units. 5,325 single-family residences ranging in price from the $170s to over $1 million 967 multi-family residences (110 acres) Retail, commercial, and church uses (70 acres) High-end, daily-fee 18-hole golf course Regional county park (20 acres) and community park (15 acres) Aquatic Center including a competition-sized pool, family pool, and children s pool, as well as basketball and volleyball courts 1,500 acres of open space, reserves and greenways

20 DENARGO MARKET Denver, CO DENARGO MARKET is a acre assemblage of twenty different land parcels on the edge of downtown Denver. Previously occupied by light industrial uses, Denargo Market represents one of the largest remaining redevelopment sites in the Denver CBD. Located two blocks north of Coors Field, Denargo Market has an unparalleled location with direct access to Interstate 25, Interstate 70 and to the peripheral highway system E-470/C-470 that encompasses the entire Denver metropolitan area. Residents and tenants of Denargo Market will have spectacular mountain views as well as South Platte River frontage. The site also benefits from proximity to LoDo, Pepsi Center, and Larimer Square. It is also located close to Confluence Park which provides paved bike and jogging trails that follow the river. The City of Denver has approved the General Development Plan and rezoning for Denargo Market: Residential Mixed-Use (RMU-30) zoning on the entire site Allows height of 75 feet, with the exception of the two tracts on the Platte River, which will be limited to 55 feet Approximately 2,000 to 2,500 dwelling units and 130,000 to 200,000 square feet of retail Office is a permitted use in the zoning (although it is not an anticipated use at this time) Three blocks zoned with PUD category to allow towers 180 feet to 220 feet in height

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22 HOSPITALITY Various Locations In achieving superior risk-adjusted returns for its investors, Cypress Real Estate Advisors seeks to capitalize on various opportunities presented by current market conditions. Investments resulting in equity returns from a more secured debt position include: The Hilton Anatole Hotel. Cypress was the mezzanine lender on this Class-A convention hotel in Dallas that boasts 1,609 rooms and 300,000 square feet of meeting space. The Davidson Hotel Portfolio. In 2001, Cypress purchased the notes on the portfolio totaling 1,729 rooms in five states. The Crowne Plaza Riverwalk. In 2008, Cypress purchased a $26 million note on this conference hotel in downtown San Antonio.

23 CYPRESS- MEXICO Querétaro, Mexico In 2007, Cypress identified a team in Mexico to act as its local partner to acquire, develop, and operate real estate in central Mexico. The Cypress-Mexico team is comprised of Mexican nationals with strong local relationships and a history of investing capital in Mexico on behalf of U.S. institutional investors. Located approximately 130 miles northwest of Mexico City, Querétaro has been the focus of Cypress recent industrial acquisition and development efforts in Mexico. Querétaro is ideally situated within two hours of approximately 60% of the entire Mexican market, and is at the intersection of two major distribution routes, creating the most active industrial market in central Mexico. Although industrial space has doubled during the last ten years, Querétaro has maintained healthy occupancy rates due to the expansion of the existing automotive and aerospace industries and the continued presence and growth of firms such as Kellogg s, Mars, and Nestlé.

24 SPANISH OAKS Austin, TX SPANISH OAKS, located approximately twenty miles west of Austin, Texas, is a high-profile 1,100-acre, low density master planned community that includes 360 single-family home sites, 100 townhome lots, a private 18-hole golf course, and over 200 acres dedicated to retail, commercial and multi-family uses. 360 single-family residences ranging in price from the $500s to over $1 million 100 single-family townhomes 500,000 square-foot retail center, with additional retail and commercial uses planned Private 18-hole golf course, recognized in 2003 by Golf Digest as one of the five best new private golf courses in the United States Spanish Oaks Golf Club

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27 LAKE HIGHLANDS TOWN CENTER Dallas, TX Lake Highlands Town Center is being developed on 69 acres of land inside of LBJ Freeway and just east of Skillman at Walnut Hill in Dallas, Texas. The project will be a unique, mixed-use transit oriented development with a combination of retail and residential uses. A pedestrian-friendly Main Street promenade will be lined with shopping, dining, and entertainment venues, all of which will be accessible via convenient on-street and garage parking. An additional proposed improvement for the project is an outdoor amphitheater which will allow residents and visitors to enjoy concerts and live theater performances. A new DART (Dallas Area Rapid Transit) light rail station will be developed at the northeast corner of the site, allowing convenient access to and from Lake Highlands Town Center. Public Financing $36,000,000 Net Developable Acreage 40.5 acres Park Acreage 20 acres Development Plan 1,696 multi-family units and 440,138 sf of retail/office

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29 Cypress was committed to seeking sound, creative approaches which would be sensitive to environmental concerns and [we] think the project will set a new standard for developing a community which is sensitive to the environment. The central Texas community should be proud of this effort and we hope other landowners will strive to achieve similar levels of environmental protection. David Frederick, Supervisor of the Austin office of the United States Fish and Wildlife Service, in press release on the 2,700-acre Cypress development Rock Creek

30 Service, in press release on the 2,700-acre Cypress development Rock Creek David Frederick, Supervisor of the Austin office of the United States Fish and Wildlife achieve similar levels of environmental protection. be proud of this effort and we hope other landowners will strive to sensitive to the environment. The central Texas community should project will set a new standard for developing a community which is would be sensitive to environmental concerns and [we] think the Cypress was committed to seeking sound, creative approaches which

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32 301 CONGRESS, SUITE 500 AUSTIN, TEXAS TEL: FAX: