Statement of CredentialsFor:

Stakeholders, Creditors & LendersInvested in the Real Estate SectorUnited States and the Caribbean

The Monticello Group, LLC Formation

The homebuilding and real estate development industry is currently in a state of distress not seen in decades.With the unprecedented growth in the industry in recent years, many operators have not experienced a downturn with the depth and breadth of the current market.The founders of The Monticello Group, LLC recognized the need to form a team of seasoned homebuilding and real estate development professionals with a history of creating value for stakeholders.The principals of The Monticello Group, LLC have led a successful turnaround as senior executives at Dominion Homes, Inc. The companies market capitalization increased from approx. $20 million to a peak of $330 millionThe Monticello Group, LLC team is well-equipped to provide stakeholders with a tailored business plan reflecting current and forecasted market conditions designed to maximize enterprise value.The Monticello Group, LLC has the expertise to lead the execution of any such business plan.

Why The Monticello Group?

The real estate sector has experienced an unprecedented decline in values. Most current executives have not led their organizations during an industry downturn and have not been required to formulate the creative solutions needed in today’s environment. The Monticello Group, LLC was formed out of the recognition that there would be a need for seasoned real estate professionals that can design and implement creative solutions for distressed real estate assets which will maximize enterprise value for the benefit of all stakeholders. A very experienced team including Founders Jon Donnell and Karl Billisits, real estate industry leaders and seasoned homebuilding industry executives with over 40 years of combined experience.

– The Founders of The Monticello Group, LLC have a pedigree that consists of:• Experience as Advisors and Senior Executives with Del Webb, Beazer Homes, Dominion Homes,

Levitt and Sons, Gulfstream Development Group and others.• A proven record of delivering outstanding results as measured by maximizing enterprise value• Diverse and complimentary skill sets• Ability to collaborate and work in conjunction with restructuring firms and financial institutions who

need assistance in the real-estate sector.• A history of working with management teams, debtors, financial institutions, legal and financial

advisors in difficult situations– The team members of The Monticello Group, LLC have a proven track record of identifying problem

areas, developing and executing a wide range of business plans compatible with the company’s capital structure and lending plan execution

At The Monticello Group, LLC (“TMG”) we have available a roster of results driven real estate professionals. TMG team members possess many years of community design, development, sales, financial and construction experience. Each TMG team member has been selected based upon experience and personal integrity.

The TMG team understands the deficit outcomes that occur with the one size fits all approach.

“Our clients expect and receive specific solutions to specific problems”

Jon M. Donnell, Principal

Mr. Donnell is an industry leader with over 20 years of real estate development and homebuilding experience, he has an established track record of leading companies in achieving stellar results. During Mr. Donnell’s five years as Dominion Homes President, the company doubled its revenue to $563 million, increased earnings 4x, experienced an industry leading 52% cumulative average growth rate (CAGR) and improved its market share from 20% to 32%. Mr. Donnell also led the company’s transformation from a single-market builder to a builder with a multiple state platform. Additionally, under Mr. Donnell’s leadership Dominion Homes was twice named to Forbes Magazine’s list of 200 Best Small Companies. Mr. Donnell left Dominion Homes in 2004.

Prior to joining Dominion Homes, Mr. Donnell was a senior executive with Del Webb Corporation (currently part of Pulte Homes) responsible for the design, development, marketing, sales and construction of active adult communities. Del Webb is nationally recognized as the leading builder of active adult communities. The lifestyle created by a Del Webb community typically includes multiple golf courses and a myriad of recreational options located within a multi-million dollar recreational and fitness facility. During Mr. Donnell’s 11 year tenure at Del Webb, his accomplishments include Sun City Las Vegas and Sun City Hilton Head.

Since leaving Dominion Homes, Mr. Donnell has helped homebuilders and developers around the country with the implementation of a scalable operating platform reflecting the financial necessities of the current industry downturn. In January 2008, Mr. Donnell and his business partner Karl Billisits founded The Monticello Group, LLC. With decades of turnaround and growth experience, the principals of The Monticello Group, LLC have since been advising financial stakeholders regarding the preservation of value and development of strategic alternatives of large real estate developments throughout the United States and the Bahamas.

Mr. Donnell is a Certified Public Accountant who began his career with Peat, Marwick, Mitchell & Co. Mr. Donnell earned a Bachelor of Science degree in Business Administration from the University of Arizona.

In addition to serving on the Board of Directors of Dominion Homes, Mr. Donnell served on the Board of Directors of Vistacare, a publicly traded hospice company which was sold to Odyssey Healthcare in 2008 and on the Board of Directors of HealthStar Corporation (a publicly traded PPO.)

Karl E. Billisits, Principal

Mr. Billisits is a homebuilding and real estate development industry leader with nearly 20 years of experience. Mr. Billisits has a proven track record of exceptional leadership.

As Executive Vice President of Operations for Dominion Homes, Mr. Billisits’ leadership was evident during a period in which the company doubled in size while also improving upon every key financial metric. The operational team built by Mr. Billisits produced industry leading customer satisfaction which greatly contributed to the company’s growth platform. Additionally, Mr. Billisits led the company’s “on the ground” greenfield growth initiative as the company was transforming from a single-market builder to a builder with a multiple state presence. Mr. Billisits ability to navigate the regulatory environment enabled the company to maximize profitability in each and every community.

Prior to joining Dominion Homes, Mr. Billisits was general manager for Price Bothers Company (currently part of Hanson, llp) responsible for design, manufacturing, sales, marketing and operations for a concrete precast manufacturing facility.

Since leaving Dominion Homes, Mr. Billisits worked with Beazer Homes as a senior executive responsible for operations in the company’s Midwest region. In this capacity Mr. Billisits developed the company’s strategic plan in which each operation was triaged to determine which would be disposed and which would remain operational. Subsequently, in January 2008, Mr. Billisits and his business partner Jon Donnell founded The Monticello Group, LLC. With decades of turnaround and growth experience, the principals of The Monticello Group, LLC have since been advising financial stakeholders regarding the preservation of value and development of strategic alternatives of large real estate developments throughout the United States and the Bahamas.

Mr. Billisits is a Registered Professional Engineer in the states of Ohio, Michigan and Kentucky who began his career with Bauer, Davidson and Merchant as a design engineer. He earned a Bachelor of Science degree in Civil, Structural and Hydrologic Engineering from The Ohio State University.

The Monticello Group, LLC Approach

Restructuring homebuilders / real estate developers and positioning them for future growth is what we do. The Monticello Group, LLC team has the pedigree and proven track record of producing results. We specialize in designing and implementing the strategic and tactical solutions necessary for companies to maximize enterprise value for all stakeholders. At The Monticello Group, LLC we are guided by the following principals:

At Our Core We are Team Builders

We align our approach to the needs of our client. We quickly establish credibility with all stakeholders by building “a team” environment. We understand that change can be difficult and for it to be long lasting the needs of all stakeholders must be considered.

We Measure Our Success by RESULTS

Our group is defined by individuals who have a proven track record of producing results. We understand that our success is predicated on the results we can produce for our clients. We are comfortable with the development and implementation of quantitative benchmarks.

We are Defined by Creative Thought Balanced by Experience

We believe that the best leaders balance intuitive thought with data driven decision-making. Each engagement has the personal involvement of a principal of The Monticello Group, LLC.

The Monticello Group, LLC integrated team is able to assist Home-Builders / Real Estate

Developers & their stakeholders to deal with the current crisis

Ÿ Crisis management

- Liquidity assessment

- Short term cash flow forecast

- Immediate actions to raise cash

Ÿ Financing / debt issues

- Borrowing and collateral availability

- Covenant defaults

- Lender / creditor negotiations

Assess &Stabilize

Ÿ Comprehensive operationalassessment

Ÿ Turnaround plan development

- Action plans

- Cost reductions

Ÿ Business plan development

Ÿ Financial projections

Evaluate &Execute

Optimize theCapital Structure

Ÿ Valuation analysis

Ÿ Debt capacity assessment

Ÿ Financing options

Ÿ Financial restructuring alternatives

Ÿ Restructuring planning andexecution

RESTRUCTURING EXPERTISE

REAL ESTATE DEVELOPMENT AND HOMEBUILDING EXPERTISE

Ÿ Assess project cash flows

- Starts, completions, closures

- Inventory positions

- Land, lots, WIP, spec homes

- Cost to complete

- Holding costs

- Cancellation issues

- Immediate overhead cost

reductions

Ÿ Project / development fundingrequirements

Ÿ Strategic asset liquidations

- Projects / development

- Home inventory

- Lots / land

Ÿ Project / Development Investment

- Strategic partnerships / JV’s

Ÿ Strategic reviews / back to basics

Ÿ Market assessments

- Demographics / psychographics

Ÿ Project/development assessments

- Focus consistent with market

- Model proliferation / profitability

Ÿ Management and marketing

- Refocus sales force

- Training and compensation programs

Ÿ Cost structure realignment

- “Right-size” field and corporate

overhead costs

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The Monticello Group, LLC Credentials & Selected

Homebuilding / Real Estate Engagements

Background

The project is a privately owned 3,600 acre master planned community in the western United States

The project has completed the build out of approximately 1,500 of the total 9,000 available lots

Due to certain covenant violations, in January 2008, the owners relinquished all of their membership interests in the project to an equity group appointed by the Senior Lenders

Due to the Company’s poor liquidity position, poor sales, massive contingent litigation issues, high debt service requirements and complex structure, the Company has recently filled file for Chapter 11 protection

The Company has over $600 million of senior debt

Engagement Summary

The Monticello Group, LLC was retained to advise the agent of the 30-member Senior Lender Group, on all operational aspects of a potential bankruptcy filing and ultimate restructuring including the development of strategic alternatives

We have completed initial diligence of the Company’s financial forecast and strategic long-term plan, including assessment of the remaining land inventory and potential uses to maximize lender recovery

The Monticello Group conducted a market assessment, including analyzing demographics, psychographics and the competitive landscape

Master Planned Community- Lake Las Vegas

Las Vegas, Nevada

Master Planned Community-

Las Vegas

(Privately Owned)

Background

The project is a privately owned 7,200 acre master planned community in the western United States

The project has completed the build out of approximately 800 of the total 1,900 available lots

Due to companies poor liquidity position and deteriorating sales, the second lien lenders filled for involuntary chapter 11 proceeding against Promontory on May 28, 2008

The company has approximately $400 million in senior debt

Engagement Summary (on-going)

The Monticello Group, LLC was retained to advise Senior Lenders in their review and evaluation of all business plans and financial forecasts associated with the chapter 11 proceedings as well as development of the appropriate plan of reorganization

We have completed initial diligence of the Company’s financial forecast and strategic long-term plan, including assessment of the remaining land inventory and potential uses to maximize lender recovery

The Monticello Group conducted a market assessment, including analyzing demographics, psychographics and the competitive landscape

Master Planned Community

Park City, Utah

(Privately Owned)

Master Planned Community- Promontory Ranch Club

Park City, Utah

Background

The project is a privately owned 13,400 acre master planned community in the western United States and is the only private ski resort in the world.

The project has completed approximately 270 of the 864 total residences at projected at build-out.

Due to companies poor liquidity position and deteriorating sales, the first lien lenders filled for involuntary chapter 11 proceeding against The Yellowstone Club in early November, 2008

The company has approximately $300 million in senior debt

Engagement Summary (on-going)

The Monticello Group, LLC was retained to advise Senior Lenders in their review and evaluation of all business plans and financial forecasts associated with the chapter 11 proceedings.

We have completed initial review of the Company’s financial forecast and worked with management to reduce the initial operating cash needs.

The Monticello Group has advised the lender group regarding complex membership issues and their impact on future development.

Master Planned Community- The Yellowstone Club

Big Sky, Montana

Master Planned Community

Big Sky, Montana

(Privately Owned)

Background The project is comprised of four master planned golf

communities located in the United States and Caribbean, which range in size from 1,200 to 6,000 acres

Developed and managed by a nationally recognized developer, these residential projects are in various states of completion, from the initial construction phase to partially developed and half sold

Due to the Company’s defaults under its $675 million first and second lien credit facilities', the Company entered into a Master Restructuring Agreement with its lenders. Under the terms of the agreement, the Company filed Chapter 7 bankruptcy protection for the two Florida communities in the collateral. The Company did not file bankruptcy for its North Carolina and Caribbean communities.

Engagement Summary (on-going)

The Monticello Group, LLC was retained to advise the senior lenders in their review and evaluation of all business plans and financial forecasts and to work with management to prepare an interim budget which would minimize operating cash and protect collateral value while pursuing a sale of the two Florida communities.

The Monticello Group, LLC has presented the stakeholders a going forward operational leadership plan which is currently under consideration.

Master Planned Communities- North Carolina, Florida & Caribbean

Master Planned Communities

(Privately Owned)

Background

Located in the southern foothills of the Las Vegas Valley, Inspirada is a nearly 2,000-acre town unto itself, a blend of architectural styles and amenities in which neighborhoods are centered around public parks and gathering spaces.

It is a community in which seven 200 to 250-acre residential villages featuring choices from brownstones to estate homes that will surround a 300-acre city center filled with restaurants, shops, offices and other commercial amenities.

Developed and managed by the largest developer in the Las Vegas Valley, the residential villages and Town Center are in various states of completion, from the initial construction phase to partially developed and half sold.

The project is joint venture of 6 of the top 20 homebuilders in the United States and due to the Company’s poor liquidity position and deteriorating sales trends the Company is reviewing its financial alternatives.

The Company has over $350 million of senior project financed debt.

Engagement Summary (on-going)

The Monticello Group, LLC was retained to advise the senior lenders in their review and evaluation of all business plans and financial forecasts

The Monticello Group, LLC estimated the cost to complete the project and assisted in the appraisal of the collateral value.

The Monticello Group, LLC assisted attorneys with real estate development industry information, practices and analysis so as to support litigation alternatives.

Master Planned Community- Inspirada

Las Vegas, Nevada

Master Planned Community

(Privately Owned)

CORPORATE HEADQUARTERS P.O. Box 4253, Sarasota, Fl. 34230p. 941-228-9094 f. 941-388-2751

www.monticellogrp.com