Executive Summary

Castlerock Partners is a partnership comprised of experienced principals from an accomplished distressed debt firm with over twenty years of experience in the purchase of distressed debt and workouts, combined with the skills of an established real estate acquisition and development company. The company is acquiring financial assets, primarily in the form of commercial and residential real estate debt, including whole loans and portfolios, as well as real estate owned by banks, insurance companies and other financial institutions. Targeted assets include both performing and non-performing loans. In addition, the company will pursue other types of debt instruments including CDD and "Mello-Roos" bonds. Castlerock Partners manages and services its asset portfolios in-house and provides pre- and post-ownership analytical and asset management expertise. In order to provide a full service menu of options for its clients and counter-parties, Castlerock Partners provides the following services including but not limited to: initial asset assessment together with valuation analysis, pre-foreclosure services, legal and lien negotiations, construction management, property and association management, marketing, leasing and sales.

The possession of in-house development, construction and asset management expertise in all product types, across multiple geographic areas, coupled with a history of successful acquisition and management of distressed debt instruments positions Castlerock Partners as an excellent resource and partner for investors, managers, and borrowers. Our principals have been involved in more than $1 billion in note purchases, consisting of over one thousand real estate loans across 38 states. Noteworthy past purchases include RTC Land Fund Trust I and II, RTC NP2-C Portfolio, and the RTC S-6 Portfolio. Additionally, our principals have been responsible for the development and acquisition of real estate projects with an aggregate value of $2 billion. Our construction expertise is extensive, whether the rehabilitation of an existing project, a new development or consulting for our partners. Our in-house team of construction managers is exemplary in their expertise and tenure in the business. No project of any size is beyond their capacity. In addition to our in-house construction management team, our principals also own a controlling interest in Rampart Construction Company. Founded in 2004, Rampart Construction provides superior general contracting services for multi-family, residential and light commercial construction with projected total billings in 2008 of $200 million. Rampart's principals carry with them over forty years of multi-family and industrial construction experience with a cumulative value in excess of $2 billion and have completed projects in more than 26 states.

Castlerock Partners is well capitalized and eager to pursue opportunities with financial institutions that have a desire to monetize certain assets on their books or to provide asset management and construction services for those under-performing assets that may be held by the institution for an extended period of time. In either case, Castlerock Partners is one of the most qualified and well regarded firms to provide such a combination of skills.