2009-2010 MAJOR TRANSACTIONS

• During 2009, similar to the prior period we stayed out of the market primarily because values were over valued with cap rates so low, that it just didn’t make sense to be buying properties. Simply stated there didn’t appear to be any “buys” to make. Accordingly, we focused on the properties we held and kept them in good stead.

• In April of 2009, we sold one of the properties we owned in the Montana Ave. Preservation Company partnership, as it was a single tenant restaurant property and not something that we were completely pleased owning. A 1031 buyer was found and the property was successfully sold leaving the partnership with one remaining property asset, the office buildings in Commerce California.

• Throughout all of 2009 much of our focus was on completion of the Saperstein Middle School of Stephen S. Wise Temple. Winco oversaw every aspect of the development in its role as the Owners Representative for this $30 million project.

• In September 2009, the new Saperstein Middle School opened on schedule and within 3% of budget, despite additional costs beyond our control such as geological conditions, soils conditions, governmental requirements, etc. To view the finished product please refer to the Properties section on this web site and view pictures of the finished school.

• Looking forward in 2010, we are actively looking to find opportunities to acquire value add opportunities presented by the depressed real estate market. Currently we are focused on multi-family properties, as we believe that commercial properties are still overvalued and financing for any acquisitions will be very difficult to obtain.