04/03/2011Clarus MarketMetrics®Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

Malibu Condominiums, California 90265

Rita SimpsonThe MLS/CLAW™

Market Dynamics

Prepared For

1 of 19

Q1 2011482,500

Q1 20081,410,000

%-66%

Change-927,500

Q1 2008 vs. Q1 2011: The median sold price is down 66%Median Sold Price by Quarter

The MLS/CLAW™

Q1 2008 vs. Q1 2011

Rita Simpson

Clarus MarketMetrics® 1 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

MalibuCondominiumPeriod: All All

Property Types:Cities:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)CLAW

2 of 19

Median Sold Price by QuarterQ1 2008 vs. Q1 2011: The median sold price is down 66%

The MLS/CLAW™Rita Simpson

Time Period Median Price # Units Average DOMQ1 2011 482,500 12 122Q4 2010 605,000 8 283Q3 2010 457,500 8 72Q2 2010 550,000 16 102Q1 2010 800,000 9 108Q4 2009 680,000 9 127Q3 2009 1,263,000 6 69Q2 2009 1,068,350 10 125Q1 2009 936,000 4 198Q4 2008 1,030,000 5 74Q3 2008 1,165,000 11 108Q2 2008 882,500 4 250Q1 2008 1,410,000 6 138

Clarus MarketMetrics® 2 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

3 of 19

Q1 08 vs. Q1 11: The median price of for sale properties is down 25% and the median price of sold properties is down 66%

The MLS/CLAW™

Q1 2008 vs. Q1 2011

1,148,000 -25%

Rita Simpson

863,000Q1 2011

Median For Sale vs. Median Sold

ChangeQ1 2008 %-285,000

Q1 2008 Q1 2011 %1,410,000 -66%

Q1 2008 vs. Q1 2011

482,500Change-927,500

Clarus MarketMetrics® 1 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

MalibuCondominiumPeriod: All All

Property Types:Cities:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)CLAW

4 of 19

Median For Sale vs. Median SoldQ1 08 vs. Q1 11: The median price of for sale properties is down 25% and the median price of sold properties is down 66%

The MLS/CLAW™Rita Simpson

Time Period For SaleMedian SoldMedianFor Sale # Properties # PropertiesSold Price

Difference

Q1 2011 72 12863,000 482,500 -380,500Q4 2010 79 8869,000 605,000 -264,000Q3 2010 90 8817,500 457,500 -360,000Q2 2010 104 16812,000 550,000 -262,000Q1 2010 116 9834,000 800,000 -34,000Q4 2009 123 9899,000 680,000 -219,000Q3 2009 141 6925,000 1,263,000 338,000Q2 2009 142 10949,000 1,068,350 119,350Q1 2009 122 41,050,000 936,000 -114,000Q4 2008 117 51,050,000 1,030,000 -20,000Q3 2008 143 11995,000 1,165,000 170,000Q2 2008 134 4995,000 882,500 -112,500Q1 2008 119 61,148,000 1,410,000 262,000

Clarus MarketMetrics®Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

2 of 2 04/03/2011

5 of 19

Q1 201112

Q1 20086

%+100%

Change6

Q1 2008 vs. Q1 2011: The number of Sold properties is up 100%Sold Properties by Quarter

The MLS/CLAW™

Q1 2008 vs. Q1 2011

Rita Simpson

Clarus MarketMetrics® 1 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

MalibuCondominiumPeriod: All All

Property Types:Cities:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)CLAW

6 of 19

Sold Properties by QuarterQ1 2008 vs. Q1 2011: The number of Sold properties is up 100%

The MLS/CLAW™Rita Simpson

Time Period # Properties Median Price Average DOMQ1 2011 482,50012 122Q4 2010 605,0008 283Q3 2010 457,5008 72Q2 2010 550,00016 102Q1 2010 800,0009 108Q4 2009 680,0009 127Q3 2009 1,263,0006 69Q2 2009 1,068,35010 125Q1 2009 936,0004 198Q4 2008 1,030,0005 74Q3 2008 1,165,00011 108Q2 2008 882,5004 250Q1 2008 1,410,0006 138

Clarus MarketMetrics® 2 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

7 of 19

Q1 20118

Q1 20085

%+60%

Change3

Q1 2008 vs. Q1 2011: The number of Under Contract properties is up 60%Under Contract Properties by Quarter

The MLS/CLAW™

Q1 2008 vs. Q1 2011

Rita Simpson

Clarus MarketMetrics® 1 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

MalibuCondominiumPeriod: All All

Property Types:Cities:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)CLAW

8 of 19

Under Contract Properties by QuarterQ1 2008 vs. Q1 2011: The number of Under Contract properties is up 60%

The MLS/CLAW™Rita Simpson

Time Period # Properties Median Price Average DOMQ1 2011 974,5008 91Q4 2010 590,00011 193Q3 2010 562,0006 235Q2 2010 664,50016 90Q1 2010 650,00013 103Q4 2009 762,5008 124Q3 2009 965,2507 80Q2 2009 1,147,45010 120Q1 2009 1,150,0005 123Q4 2008 845,0003 140Q3 2008 1,085,00011 104Q2 2008 1,050,0007 164Q1 2008 1,495,0005 191

Clarus MarketMetrics® 2 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

9 of 19

Q1 201127

Q1 200836

%-25%

Change-9

Q1 2008 vs. Q1 2011: The number of New properties is down 25%New Properties by Quarter

The MLS/CLAW™

Q1 2008 vs. Q1 2011

Rita Simpson

Clarus MarketMetrics® 1 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

MalibuCondominiumPeriod: All All

Property Types:Cities:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)CLAW

10 of 19

New Properties by QuarterQ1 2008 vs. Q1 2011: The number of New properties is down 25%

The MLS/CLAW™Rita Simpson

Time Period # Properties Median PriceQ1 2011 749,00027Q4 2010 869,00015Q3 2010 939,00025Q2 2010 795,00027Q1 2010 729,00037Q4 2009 909,00026Q3 2009 875,00035Q2 2009 887,00046Q1 2009 947,00042Q4 2008 1,100,00023Q3 2008 1,067,50034Q2 2008 857,00044Q1 2008 1,046,50036

Clarus MarketMetrics® 2 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

11 of 19

Q1 201172

Q1 2008119

%-39%

Change-47

Q1 2008 vs. Q1 2011: The number of For Sale properties is down 39%For Sale Properties by Quarter

The MLS/CLAW™

Q1 2008 vs. Q1 2011

Rita Simpson

Clarus MarketMetrics® 1 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

MalibuCondominiumPeriod: All All

Property Types:Cities:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)CLAW

12 of 19

For Sale Properties by QuarterQ1 2008 vs. Q1 2011: The number of For Sale properties is down 39%

The MLS/CLAW™Rita Simpson

Time Period # Properties Median Price Average DOMQ1 2011 863,00072 178Q4 2010 869,00079 226Q3 2010 817,50090 250Q2 2010 812,000104 233Q1 2010 834,000116 230Q4 2009 899,000123 253Q3 2009 925,000141 249Q2 2009 949,000142 258Q1 2009 1,050,000122 268Q4 2008 1,050,000117 296Q3 2008 995,000143 260Q2 2008 995,000134 260Q1 2008 1,148,000119 260

Clarus MarketMetrics® 2 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

13 of 19

Q1 201121

Q1 200824

%-12%

Change-3

Q1 2008 vs. Q1 2011: The number of Expired properties is down 12%Expired Properties by Quarter

The MLS/CLAW™

Q1 2008 vs. Q1 2011

Rita Simpson

Clarus MarketMetrics® 1 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

MalibuCondominiumPeriod: All All

Property Types:Cities:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)CLAW

14 of 19

Expired Properties by QuarterQ1 2008 vs. Q1 2011: The number of Expired properties is down 12%

The MLS/CLAW™Rita Simpson

Time Period Median Price# Properties Average DOMQ1 2011 825,00021 118Q4 2010 930,00023 176Q3 2010 797,00020 234Q2 2010 950,00023 169Q1 2010 897,00026 168Q4 2009 940,00036 226Q3 2009 1,029,00037 196Q2 2009 847,00026 176Q1 2009 1,398,00021 166Q4 2008 824,50034 261Q3 2008 924,00038 152Q2 2008 1,047,00018 147Q1 2008 1,124,00024 157

Clarus MarketMetrics® 2 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

15 of 19

Q1 2008 vs. Q1 2011: The number of for sale properties is down 39% and the number of sold properties is up 100%

The MLS/CLAW™

Q1 2008 vs. Q1 2011

119 -39%

Rita Simpson

72Q1 2011

Supply & Demand by Quarter

ChangeQ1 2008 %-47

Q1 2008 Q1 2011 %6 +100%

Q1 2008 vs. Q1 2011

12Change

6

Clarus MarketMetrics® 1 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

MalibuCondominiumPeriod: All All

Property Types:Cities:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)CLAW

16 of 19

Supply & Demand by QuarterQ1 2008 vs. Q1 2011: The number of for sale properties is down 39% and the number of sold properties is up 100%

Rita Simpson The MLS/CLAW™

Time Period For SaleFor Sale SoldSold# Properties Average DOM Average DOM# Properties

Q1 2011 178 12272 12Q4 2010 226 28379 8Q3 2010 250 7290 8Q2 2010 233 102104 16Q1 2010 230 108116 9Q4 2009 253 127123 9Q3 2009 249 69141 6Q2 2009 258 125142 10Q1 2009 268 198122 4Q4 2008 296 74117 5Q3 2008 260 108143 11Q2 2008 260 250134 4Q1 2008 260 138119 6

Clarus MarketMetrics® 2 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

17 of 19

Q1 201191

Q1 2008191

%-53%

Change-100

Q1 2008 vs. Q1 2011: The average days on market is down 53%The Average Days on Market by Quarter

The MLS/CLAW™

Q1 2008 vs. Q1 2011

Rita Simpson

Clarus MarketMetrics® 1 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

MalibuCondominiumPeriod: All All

Property Types:Cities:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)CLAW

18 of 19

The Average Days on Market by QuarterQ1 2008 vs. Q1 2011: The average days on market is down 53%

The MLS/CLAW™Rita Simpson

Time Period # UC UnitsAverage DOMQ1 2011 891Q4 2010 11193Q3 2010 6235Q2 2010 1690Q1 2010 13103Q4 2009 8124Q3 2009 780Q2 2009 10120Q1 2009 5123Q4 2008 3140Q3 2008 11104Q2 2008 7164Q1 2008 5191

Clarus MarketMetrics® 2 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

19 of 19