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| COMMUNITIES |
| Carter Glen - 45 Acres - 417 Town Homes |
Orlando, FL
Initially breaking ground in early 2005, and completing the first phase late 2005, we have completed the horizontal development and await DR Horton to finish their takedown commitment. Of the original 417 townhome units, DR Horton has 39 units left to purchase. We believe this will occur in the first quarter of 2009. Final investor profit distributions will occur at this closing and will exceed the pro-forma we believe at this point by close to 50% Carter Glen was our first stretch into general contracting when Flagship built the clubhouse for the project.
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