Accelerating success.

Colliers International Residential Project Marketing ServicesCapabilities

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“At Colliers Residential we create customized approaches for developers that are uniquelyadapted to each market, to the targeted buyer and to the specific situation. We bring our clientsboth a local and global perspective along with new thinking to both product design and theMarketing and Sales Programs we create and professionally execute.

In our role as a real estate service and solution provider we serve two audiences that areintrinsically linked; the real estate developer and the real estate buyer. The true measure ofsuccess for any real estate project, and for our business, is when both the developer and thebuyer have had their needs met .

From our perspective this means the service we provide and the Marketing and Sales Programswe conceive, articulate and execute for developers, deliver exceptional results. For the realestate buyer it means creating a buying experience second to none with the end result beingownership of a home that provides enduring value.

For the real estate developer we bring an innovative and fresh viewpoint, strategic and creativethinking, and ongoing insight as to the market’s wants, needs and desires as it relates to realestate product. We also provide the developer’s voice to the market in a provocative andmeaningful way that generates interest, enquiries and in turn, sales. Ultimately, we are thebuyer’s voice for the developers we serve. We are the developer’s voice for the buyers weserve. When these voices are aligned the end result is sales success.”

Greg Ashley

President and Managing Partner

Table of Content

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1. Introduction_______________4

2. Service Approach__________7

3. Business Terms__________18

4. Conclusion ______________20

5. Managing Principals______ 23

Colliers International Residential Project Marketing Service Corp.One Queen Street, Toronto,, Ontario, CanadaContact: Christine Brennan, Vice President, Eastern Canada T:416 643 3462 E:

christine.brennan@colliers.com

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Introduction 1

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Colliers International Residential Project Marketing Services (Colliers Residential) is a leadingprovider of residential real estate marketing and sales services and solutions. ColliersResidential is a partnership between Colliers International and reputable, innovative, industryleading residential real estate marketing executives. Colliers Residential’s executives possess arich history of serving clients by creating and leading innovative projects and businesses. Theorganization’s roots are inherently local, however, this team has significant global real estateexperience that provides for a broader, more in depth perspective on the business of marketingand selling real estate.

Colliers Residential offers a complete project marketing service to developers of large scaleresidential and mixed use projects. Colliers Residential believes in a collaborative approach andworks closely with developers through every step of the development process providingthoughtful market insight, timely advice, and performing vital marketing and sales services. It isheadquartered in Vancouver, British Columbia and is part of Colliers International, a leadingglobal real estate services consulting firm with over 11,000 professionals in more than 290offices worldwide.

Colliers Residential’s unparalleled experience in the real estate industry has formed thecompany’s philosophy and how it serves developers and buyers. Accordingly, ColliersResidential provides the following to its clients:

Introduction

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• Strong local leadership supported by a global platform. This leadershipis mindful of its commitments to existing clients and is careful not to overextend itself beyond its capacity to serve.

• Innovative and customized solutions for developers of both new projectsand those where a critical loss of sales momentum has occurred due tochanging market conditions and/or marketing and sales executionchallenges.

• World class real estate sales management, recruiting, staffing, trainingand development, and high performance coaching abilities. This meansthat each client will have the most professional representation in themarket.

• A proven track record for developing and managing international saleschannels through partnership with Colliers’ well established residentialbusiness in Asia. Colliers Residential is able to provide its clients withthe unique opportunity to distribute real estate product locally, nationally,and internationally.

Introduction Continued

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Service Approach 2

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Colliers Residential's work is a blend of: thinking- collaboratively studying markets and opportunities; clarifying needs and objectives;determining the appropriate actions to be taken; and, doing – executing on agreed upon actions; carefully monitoring progress andmaking real time course adjustments or enhancements.

Colliers Residential deploys a thoughtful, disciplined and progressive approach to serving developer. This consists of two phases: theOrganize Phase and the Perform Phase.

Service Approach

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As a full service real estate project marketing company, Colliers Residential is typically engaged at the outset of the developmentprocess. Colliers Residential uses its extensive knowledge to review and validate projects under consideration and assist its clients indetermining what product to build and how best to market and sell it. Colliers Residential calls this the Organize Phase of a project.The Organize Phase includes the following components and activities:

Service Approach : Organize Phase

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Concept DevelopmentConcept Development involves assisting developers in effectively positioning their project for a specific target market. ColliersResidential distinguishes its Concept Development process by ensuring the end product addresses the logical and financial aspects,as well as the creative and/or emotional aspects, of the project. Colliers Residential's work here includes:

Service Approach : Organize Phase

• Leading and managing market research.• Leading and managing the development of the proposed positioning, project identity,

and value proposition.• Identifying probable target market(s) and opportunities for local, national, or

international distribution.• Generating insights and informing product design (home sizes, mix, floor plans,

amenities, finishes, parking, upgrades, etc.).• Establishing initial pricing models, revenue, and absorption forecasts.

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Strategy DevelopmentOnce the Concept Development is completed, Colliers Residentialmoves to Strategy Development which results in the creation of acomprehensive Marketing and Sales Program. The StrategyDevelopment is a collaborative effort and typically includes anumber of intense Strategy Sessions involving key projectstakeholders.

Following the Strategy Sessions, Colliers Residential documentsthe Marketing and Sales Program. The documentation includes adetailed Program Budget outlining the Project expenditures and aWork Plan outlining essential activities, tasks and deliverables,and all respective completion dates. The client is involved eachstep of the way informing, enriching, and approving. ColliersResidential’s work here includes:

Service Approach : Organize Phase

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Service Approach : Organize Phase

• Leveraging strategic insights developed fromconsumer and market data collected andpresented.

• Reviewing planned and existing competitiveofferings and clarifying the competitivepositioning of the Project.

• Refining the goals and objectives for theProject.

• Refining target market(s).

• Defining the appropriate phasing, pricing, andproduct release strategies.

• Establishing marketing and sales objectivesand the strategies and tactics to achieve them.

• Establishing a ‘communication framework’ toensure the disciplined creation of allmarketing and sales messages, tools,collateral etc. This is essentially a ‘blueprint’for how the sales process will work and whatmessages and tools that will be utilized witha Prospective Buyer.

• Defining all the key activities and tasksrequired to market and sell the respectivereal estate offering(s).

• Determining the appropriate staffing modelfor the Project.

• Developing a comprehensive ProgramBudget and Work Plan.

• Defining the budget management andvendor payment processes.

• Establishing the required performancereporting and monitoring processes.

Strategy Development Continued

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Creative DevelopmentOnce the Marketing and Sales Program has been documented, presented, and approved, Colliers Residential works with its clients toselect the creative agency(ies) that best meet the unique needs of the Project. A Creative Session is conducted to establish thecreative direction for the Project and determine the appropriate messaging and the necessary marketing tools to be created andutilized throughout the performance of the Program. Colliers Residential works closely with the client and agency to produce all therequired marketing and sales tools, i.e. brochures, websites, advertising templates, store design and set up, point of sale displays, etc.Colliers Residential's work here includes

.

Service Approach : Organize Phase

• Selecting, engaging, and briefing the creative agency/suppliers/partners.

• Leading the preparation of the required marketing and sales tools.

• Directing Store Design and purchase/installation of required technology (phones, computers), etc.

• Providing marketing and sales perspective with respect to the creation of all legal documentation.

• Overseeing CRM installing/configuring prospect relationship management system/project database.

• Supporting jurisdictional registration requirements.

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The term ‘Organize’ is synonymous with planning and preparation and doing the ‘right things’ in the ‘right order’. On the other hand,‘Perform’ is synonymous with interaction and execution and doing the ‘right things’ at the ‘right time’.

First and foremost the Perform Phase is about generating results. The optimal achievement of results requires a highly disciplined andfocused, coordination of actions and activities in two related areas: Marketing and Sales. The Perform Phase includes the followingcomponents and activities:

Service Approach : Perform Phase

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Marketing PerformanceMarketing Performance entails: executing the agreed upon enquiry generating activities; supporting the Sales Team’s efforts withProspective Buyers; actively monitoring competitive projects and markets; effectively and efficiently managing and operating themarketing and sales function of a Project; managing the Program Budget; systematically measuring and evaluating performance; and,recommending and implementing real time course adjustments and/or adaptations. Colliers Residential's work here includes:

Service Approach : Perform Phase

• Executing all agreed upon enquiry generation activities.

• Deploying internet and email based marketing including utilizing social media.

• Maintaining and adapting marketing and sales tools and messaging.

• Coordinating Prospective Buyer and broker events.

• Managing the media plan and placements.

• Completing monthly market and competitive assessments.

• Executing public relations strategy.

• Managing the Program Budget including weekly and monthly reporting.

• Measuring effectiveness of all activities.

• Adapting tactics and activities based conditions.

• Supporting the client with ongoing communications with Purchasers regarding closing.

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Sales PerformanceSales is about results. To achieve optimal results in a competitive environment one must have the most appropriate and professionalrepresentation. Accordingly, Sales Performance involves assembling, training, coaching and rewarding a focused and dedicated SalesTeam who achieve sales results that meet or exceed agreed upon qualitative and quantitative objectives. Managing sales performancealso entails: producing and disseminating weekly and monthly performance reporting; maintaining the project database; managing thecontract administration and commission payment processes and assisting the client with Purchasers to closing. Colliers Residential’swork here includes:

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Service Approach : Perform Phase

• Recruiting, selecting, hiring, orienting, briefing, training, and performance coaching the Sales Team. This includes the development and delivery of customized project training modules.

• Building relationships, introducing the project, facilitating consideration, and gaining commitment to purchase from Prospective Buyers.

• Generating sales that meet or exceed targets.

• Implementing and maintaining weekly and monthly performance reporting protocol.

• Creating and implementing a contract administration process.

• Creating and implementing a commission payment system.

• Completing daily, weekly, and monthly performance reporting.

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In addition to providing service to developers of new projects, Colliers Residential offers assistance to developers ofprojects with pre or post construction inventory that are currently experiencing a critical loss of sales momentum due tochanging market conditions and/ or marketing and sales execution challenges. Colliers Residential performs audits ofexisting projects which includes:

.

Once Colliers Residential has completed its audit a Strategy Session is conducted with key client stakeholders to share the findings,explore options and alternatives for proceeding, and refine the goals and objectives for the project. The next step is to re-establishmomentum by developing and executing a new Marketing and Sales Program.

Service Approach : Existing Projects

• Assessing the original vision and/or financial model.

• Reviewing the established Marketing and Sales Program.

• Reviewing all spending to date.

• Analyzing the results generated thus far.

• Critiquing the existing marketing and sales tools and messaging.

• Assessing the current Sales Team.

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Business Terms 3

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Colliers Residential provides customized real estate marketingand sales services and solutions for developers. ColliersResidential receives competitive up front Commitment Fees forthe work undertaken during the Organize Phase and themobilization of resources during: Concept Development; StrategyDevelopment; and, Creative Development.

As a Marketing and Sales organization the majority of ColliersResidential's revenue is generated by creating sales results for itsclients. Accordingly, once a Project is organized, PerformanceFees (or commissions) are received based on a percentage oftotal sales revenue generated for the Project.

Business Terms

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Conclusion 4

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Colliers Residential’s collaborative approach to marketing andselling residential real estate serves its clients by providingmarket insight, timely advice, and performing vital marketing andsales services.

The experience that Colliers Residential’s executives possesspartnered with Colliers International’s industry leading brandassures developers that they are teaming with a well respected,knowledgeable Marketing and Sales organization whounderstands the complexity of real estate development and therole marketing and sales has in making a project successful.

Conclusion

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“Thank you for your interest in Colliers Residential. Our aim is to work with the most respected developers in each market we serve tohelp them vision, design, position, market and deliver compelling residential real estate offerings that people are proud to own.

Of course, the domestic and international residential real estate development industry is experiencing an unprecedented period ofvolatility. We see this as the opportunity for innovation, new thinking as well as understanding the need for adaptability in approach. Werecognize that the financing of residential development projects will continue to be challenging and more and more equity partners andlending institutions will be looking at a developer’s team and service providers as a measure of both credibility and predictability of aproject’s success. In response to all this, we have created a company that brings its clients:

A trusted brand with a well established organization and infrastructure.

• Senior leadership in each local market it serves.

• Global presence and distribution.

• Fresh ideas and new perspectives.

• Full service (from site selection to sales).

• Professional representation.

Finally, we understand that our success has been and will continue to be determined by the healthy, dynamic and energetic collaborativerelationships we form with our clients, the actions we take together and the results we help achieve. We welcome the opportunity to meetwith you to discuss how Colliers Residential can help.”

W. Scott Brown

Senior Vice President

Conclusion

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Principals 5

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Principals

With over 60 years of combined experience in the real estateindustry, the Principals of Colliers Residential have developedinnovative industry leading organizations and have established andexecuted on successful domestic and international residential realestate Marketing and Sales Programs. Their global experience hasformed a team that is able to effectively and efficiently organize andoperate in any region and country.

The Colliers Residential Team is made up of a group of dynamicindividuals who are dedicated to delivering and supporting allaspects of project marketing and sales services globally.

The Team is led by Principals Greg Ashley, W. Scott Brown, andChristine Brennan.

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Greg Ashley, President and Managing Partner

As President and Managing Partner of Colliers International Residential Project Marketing Services, Greg oversees the formation andgrowth of this practice group and leads an experienced team dedicated to building and expanding the market share and geographicreach of this business. A focus on delivering unmatched marketing and sales knowledge and service to residential developers,coupled with the synergies of Colliers overall global business platform, differentiates the organization from any others in the industry.

Greg has 20 years of leadership experience in the residential and resort real estate development business. As a senior executive ofIntrawest ULC, the world’s leading developer of village centered resorts, Greg was instrumental in the expansion of Intrawest. His workincluded the positioning, product concept development and real estate strategy for all of Intrawest’s resorts. As founding President ofPlayground Real Estate, a global project marketing company, in five years Greg grew this expertise driven business to achieving realestate sales volume of over $6 billion. His work culminated with the organization being sold, together with Intrawest, to a private equitycompany in late 2006. As President of Kor Real Estate, in less than 3 years Greg established a Vancouver and Los Angeles basedsales and marketing organization and expanded it into a global real estate advisory company providing advisory services to residentialand resort developers in North America, Europe, the Middle East and Asia.

During his career Greg has been involved in the creation of some of the world’s most recognized real estate developments and hasoriginated marketing and sales principles, and real estate product concepts that are recognized globally. He has advised selectdevelopers, hotel brands and private equity investors on their real estate strategy and has established teams and organizations toprovide innovative marketing and sales solutions in a variety of market conditions. A people first leader, Greg understands that a strongcorporate culture attracts the best talent and, in turn, generates the best results.

Principals

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W. Scott Brown, Senior Vice President

As Senior Vice President for Colliers Residential Project Marketing Services, Scott directly oversees the growth and success ofColliers’ Western Canada based business. In addition, Scott plays a vital corporate role in leading the ongoing evolution of how ColliersResidential markets and sells residential real estate worldwide and the creation of strategic management and sales tools for usethroughout the Company.

Most recently, he served as Chief Sales Officer for Kor Real Estate (KRE), where he oversaw the start up and global expansion ofKRE’s third party business. Scott was also responsible for shaping KRE’s marketing and sales process and methodology. His work atKRE included extensive leadership of marketing and sales advisory assignments for projects located in Manila, Philippines; Anguilla;Playa del Carmen, Mexico; Miami, Florida, USA; Seychelles; Da Nang, Viet Nam and Bangkok, Thailand. The highlight of this workwas the highly successful release of the Raffles, Makati – Manila, Philippines in July 2008. Under his direction, the KRE team set an incountry record for sales in an astonishing six week period.

Prior to joining KRE, he served as Senior Vice President with Intrawest/Playground, where he contributed to what was ultimately abillion-dollar-per annum portfolio as the senior executive overseeing North American based projects. A key member of Playground’sExecutive Management Team, Scott was directly responsible for leading strategic partnerships and negotiated a significant jointventure that expanded Playground's business to Asia, Australia and New Zealand.

His 20 years of work experience include a number of years working as an organizational development consultant. In this capacity heprovided strategic services to leading North American organizations in the real estate, financial services, resort, automotive andtechnology industries and expanded his sales culture performance and enhancement expertise.

Principals

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Christine Brennan, Vice President

As Vice President of Colliers International Residential Project Marketing Services, Christine directly oversees the growth and successof Colliers’ Eastern Canada based business. Her creative vision, energy and collaborative team building approach sets the foundationfor delivering exceptional service and sales results for desirable residential condominiums.

Christine is an accomplished marketing, sales and public relations professional, who has been instrumental in the success of several ofthe GTA’s landmark condominiums. Most recently, she served as Vice President Marketing and Sales for Empire Communitiesdirecting the company’s growing high-rise division. She was responsible for the concept; positioning and programming; marketing andsales strategy; as well as leading, coaching and motivating the marketing and sales teams for a number of well recognized, record-setting projects. While there, Christine spearheaded the creation of The Condo Living Store, a one-stop condominium shop thatconveniently combined several of the company’s high-rise communities under one roof. As a key member of the senior executiveteam, Christine also played a pivotal role in driving the overall profitability of the organization.

Prior to Empire Communities, Christine worked for Toronto based developer, Davies Smith as Director of Marketing and Sales. AtDavies Smith she was involved in project development, and oversaw the marketing and sales of all of their residential real estateofferings including the first fully integrated full-service senior’s condominium in the GTA.

During her career Christine has strategically shaped the marketing, launch or inventory sales components for over 5500 units in morethan 25 high-rise, resort and single-family home developments. She is an international, national and provincial award recipient,including twice winning the Ontario Home Builders’ Association’s Condo Project of the Year. In 2010 she was nominated as BestMarketing and Sales Person, High Rise by The Building Institute and Land Development Association.

Principals