2003-2004 MAJOR TRANSACTIONS

• Winco Capital was formed in the later half of 2004. Winco Capital is designed to be a short term, bridge lender, in the form of a mortgage fund. While still in organization, the principals of Winco Capital are finalizing a credit facility with a large institution, and expect the fund will have $25 Million dollars to provide towards mortgage loans.

• After 29 months of ownership Winco Garfield partners sold the industrial property it purchased in Commerce, California. The investors received a profit on their investment of approximately 43%, or a 19% internal rate of return.

• During the first half of 2004 two prior clients, Healthline Medical Group and Equity Marketing. Inc. reached out for Winco to assist them with real estate related projects. Winco Real Estate Services negotiated a new 5 year lease for Healthline and provided consulting advice to Equity Marketing.

• Also in April, 2004 Winco was retained by Stephen S. Wise Temple to develop a new middle school and separate athletic field. The multi million dollar project is estimated to be completed in 2009. Winco is spearheading all aspects of the development from entitlements and design concepts through construction completion.

• Winco was hired in April 2004 to develop an approximate 45,000 square foot multi-tenant industrial park. This ground up development is located in Commerce, California. The project was in the planning stages when an unsolicited offer was received and accepted by the client.

• In November 2003, Winco was hired by a large religious organization to evaluate its existing properties, including creation of a master plan for the expansion and redevelopment of its major assets.

• The partnership that owned the property at 7th and Montana in turn purchased two properties as part of a 1031 deferred tax exchange. We purchased two small office buildings totaling 33,400 square feet in Commerce, California. The buildings are triple net leased to ABM Industries, Inc. (NYSE) for the ensuing 9 years. The partnership also purchased a retail/restaurant site in Citrus Heights, California. This property is leased to Barbacoa Breeze Restaurant on a triple net basis for in excess of 10 years. The principal of Winco is the Managing General Partner of the partnership that owns these properties, and Winco will continue to manage them.

• In line with the buying frenzy in California, both the 7th and Montana property and the 11th and Montana property were sold in October 2003. These properties had been held for nearly 20 years.

• For most of 2003 Winco looked at numerous projects to purchase, but none of them met the investment criteria of the company. Interest rates were at all time lows, and the acquisition market heated up to a level that Winco felt was unreasonable and unsustainable. Rather than make any acquisition in a market that we believed was over priced, we expanded our search to other markets, and development opportunities.