04/03/2011Clarus MarketMetrics®Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

Malibu land side, California 90265

Rita SimpsonThe MLS/CLAW™

Market Dynamics

Prepared For

1 of 19

Q1 20111,700,000

Q1 20082,425,000

%-30%

Change-725,000

Q1 2008 vs. Q1 2011: The median sold price is down 30%Median Sold Price by Quarter

The MLS/CLAW™

Q1 2008 vs. Q1 2011

Rita Simpson

Clarus MarketMetrics® 1 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

MalibuSingle Family ResidentialPeriod: All All

Property Types:MLS Areas:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)CLAW

2 of 19

Median Sold Price by QuarterQ1 2008 vs. Q1 2011: The median sold price is down 30%

The MLS/CLAW™Rita Simpson

Time Period Median Price # Units Average DOMQ1 2011 1,700,000 21 194Q4 2010 1,750,000 25 132Q3 2010 1,500,000 36 140Q2 2010 1,725,000 26 146Q1 2010 1,775,000 25 200Q4 2009 1,455,000 31 157Q3 2009 1,850,000 35 176Q2 2009 2,000,000 23 219Q1 2009 1,687,000 19 132Q4 2008 1,900,000 25 165Q3 2008 2,370,000 24 178Q2 2008 1,550,000 19 184Q1 2008 2,425,000 16 129

Clarus MarketMetrics® 2 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

3 of 19

Q1 08 vs. Q1 11: The median price of for sale properties is down 2% and the median price of sold properties is down 30%

The MLS/CLAW™

Q1 2008 vs. Q1 2011

2,500,000 -2%

Rita Simpson

2,450,000Q1 2011

Median For Sale vs. Median Sold

ChangeQ1 2008 %-50,000

Q1 2008 Q1 2011 %2,425,000 -30%

Q1 2008 vs. Q1 2011

1,700,000Change-725,000

Clarus MarketMetrics® 1 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

MalibuSingle Family ResidentialPeriod: All All

Property Types:MLS Areas:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)CLAW

4 of 19

Median For Sale vs. Median SoldQ1 08 vs. Q1 11: The median price of for sale properties is down 2% and the median price of sold properties is down 30%

The MLS/CLAW™Rita Simpson

Time Period For SaleMedian SoldMedianFor Sale # Properties # PropertiesSold Price

Difference

Q1 2011 329 212,450,000 1,700,000 -750,000Q4 2010 326 252,429,500 1,750,000 -679,500Q3 2010 385 362,499,000 1,500,000 -999,000Q2 2010 386 262,489,500 1,725,000 -764,500Q1 2010 380 252,349,500 1,775,000 -574,500Q4 2009 403 312,190,000 1,455,000 -735,000Q3 2009 464 352,262,500 1,850,000 -412,500Q2 2009 474 232,399,000 2,000,000 -399,000Q1 2009 432 192,490,000 1,687,000 -803,000Q4 2008 428 252,494,500 1,900,000 -594,500Q3 2008 441 242,495,000 2,370,000 -125,000Q2 2008 399 192,575,000 1,550,000 -1,025,000Q1 2008 355 162,500,000 2,425,000 -75,000

Clarus MarketMetrics®Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

2 of 2 04/03/2011

5 of 19

Q1 201121

Q1 200816

%+31%

Change5

Q1 2008 vs. Q1 2011: The number of Sold properties is up 31%Sold Properties by Quarter

The MLS/CLAW™

Q1 2008 vs. Q1 2011

Rita Simpson

Clarus MarketMetrics® 1 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

MalibuSingle Family ResidentialPeriod: All All

Property Types:MLS Areas:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)CLAW

6 of 19

Sold Properties by QuarterQ1 2008 vs. Q1 2011: The number of Sold properties is up 31%

The MLS/CLAW™Rita Simpson

Time Period # Properties Median Price Average DOMQ1 2011 1,700,00021 194Q4 2010 1,750,00025 132Q3 2010 1,500,00036 140Q2 2010 1,725,00026 146Q1 2010 1,775,00025 200Q4 2009 1,455,00031 157Q3 2009 1,850,00035 176Q2 2009 2,000,00023 219Q1 2009 1,687,00019 132Q4 2008 1,900,00025 165Q3 2008 2,370,00024 178Q2 2008 1,550,00019 184Q1 2008 2,425,00016 129

Clarus MarketMetrics® 2 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

7 of 19

Q1 201129

Q1 200822

%+32%

Change7

Q1 2008 vs. Q1 2011: The number of Under Contract properties is up 32%Under Contract Properties by Quarter

The MLS/CLAW™

Q1 2008 vs. Q1 2011

Rita Simpson

Clarus MarketMetrics® 1 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

MalibuSingle Family ResidentialPeriod: All All

Property Types:MLS Areas:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)CLAW

8 of 19

Under Contract Properties by QuarterQ1 2008 vs. Q1 2011: The number of Under Contract properties is up 32%

The MLS/CLAW™Rita Simpson

Time Period # Properties Median Price Average DOMQ1 2011 1,875,00029 165Q4 2010 1,647,00020 138Q3 2010 1,895,00033 159Q2 2010 1,750,00029 114Q1 2010 1,995,00026 171Q4 2009 1,287,50026 175Q3 2009 2,398,00035 163Q2 2009 1,399,00029 221Q1 2009 1,595,00019 192Q4 2008 2,033,00021 139Q3 2008 2,295,00031 156Q2 2008 1,850,00017 165Q1 2008 1,797,50022 176

Clarus MarketMetrics® 2 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

9 of 19

Q1 2011122

Q1 2008126

%-3%

Change-4

Q1 2008 vs. Q1 2011: The number of New properties is down 3%New Properties by Quarter

The MLS/CLAW™

Q1 2008 vs. Q1 2011

Rita Simpson

Clarus MarketMetrics® 1 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

MalibuSingle Family ResidentialPeriod: All All

Property Types:MLS Areas:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)CLAW

10 of 19

New Properties by QuarterQ1 2008 vs. Q1 2011: The number of New properties is down 3%

The MLS/CLAW™Rita Simpson

Time Period # Properties Median PriceQ1 2011 2,395,000122Q4 2010 2,125,00064Q3 2010 2,397,50098Q2 2010 2,485,000123Q1 2010 2,349,000115Q4 2009 2,150,00071Q3 2009 1,932,500102Q2 2009 1,995,000128Q1 2009 2,695,000140Q4 2008 2,395,000103Q3 2008 2,450,000117Q2 2008 2,695,000137Q1 2008 2,582,000126

Clarus MarketMetrics® 2 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

11 of 19

Q1 2011329

Q1 2008355

%-7%

Change-26

Q1 2008 vs. Q1 2011: The number of For Sale properties is down 7%For Sale Properties by Quarter

The MLS/CLAW™

Q1 2008 vs. Q1 2011

Rita Simpson

Clarus MarketMetrics® 1 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

MalibuSingle Family ResidentialPeriod: All All

Property Types:MLS Areas:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)CLAW

12 of 19

For Sale Properties by QuarterQ1 2008 vs. Q1 2011: The number of For Sale properties is down 7%

The MLS/CLAW™Rita Simpson

Time Period # Properties Median Price Average DOMQ1 2011 2,450,000329 200Q4 2010 2,429,500326 260Q3 2010 2,499,000385 267Q2 2010 2,489,500386 267Q1 2010 2,349,500380 278Q4 2009 2,190,000403 288Q3 2009 2,262,500464 279Q2 2009 2,399,000474 283Q1 2009 2,490,000432 300Q4 2008 2,494,500428 290Q3 2008 2,495,000441 278Q2 2008 2,575,000399 283Q1 2008 2,500,000355 298

Clarus MarketMetrics® 2 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

13 of 19

Q1 201179

Q1 200871

%+11%

Change8

Q1 2008 vs. Q1 2011: The number of Expired properties is up 11%Expired Properties by Quarter

The MLS/CLAW™

Q1 2008 vs. Q1 2011

Rita Simpson

Clarus MarketMetrics® 1 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

MalibuSingle Family ResidentialPeriod: All All

Property Types:MLS Areas:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)CLAW

14 of 19

Expired Properties by QuarterQ1 2008 vs. Q1 2011: The number of Expired properties is up 11%

The MLS/CLAW™Rita Simpson

Time Period Median Price# Properties Average DOMQ1 2011 2,434,00079 249Q4 2010 2,485,00099 212Q3 2010 2,797,50090 222Q2 2010 2,262,00070 167Q1 2010 2,100,00091 196Q4 2009 1,995,000112 225Q3 2009 2,450,00097 211Q2 2009 2,795,00083 195Q1 2009 2,750,00067 242Q4 2008 2,950,000115 173Q3 2008 2,495,00085 197Q2 2008 2,749,50058 202Q1 2008 2,995,00071 198

Clarus MarketMetrics® 2 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

15 of 19

Q1 2008 vs. Q1 2011: The number of for sale properties is down 7% and the number of sold properties is up 31%

The MLS/CLAW™

Q1 2008 vs. Q1 2011

355 -7%

Rita Simpson

329Q1 2011

Supply & Demand by Quarter

ChangeQ1 2008 %-26

Q1 2008 Q1 2011 %16 +31%

Q1 2008 vs. Q1 2011

21Change

5

Clarus MarketMetrics® 1 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

MalibuSingle Family ResidentialPeriod: All All

Property Types:MLS Areas:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)CLAW

16 of 19

Supply & Demand by QuarterQ1 2008 vs. Q1 2011: The number of for sale properties is down 7% and the number of sold properties is up 31%

Rita Simpson The MLS/CLAW™

Time Period For SaleFor Sale SoldSold# Properties Average DOM Average DOM# Properties

Q1 2011 200 194329 21Q4 2010 260 132326 25Q3 2010 267 140385 36Q2 2010 267 146386 26Q1 2010 278 200380 25Q4 2009 288 157403 31Q3 2009 279 176464 35Q2 2009 283 219474 23Q1 2009 300 132432 19Q4 2008 290 165428 25Q3 2008 278 178441 24Q2 2008 283 184399 19Q1 2008 298 129355 16

Clarus MarketMetrics® 2 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

17 of 19

Q1 2011165

Q1 2008176

%-6%

Change-10

Q1 2008 vs. Q1 2011: The average days on market is down 6%The Average Days on Market by Quarter

The MLS/CLAW™

Q1 2008 vs. Q1 2011

Rita Simpson

Clarus MarketMetrics® 1 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

AllBathrooms:MLS: AllAllSq Ft:

MalibuSingle Family ResidentialPeriod: All All

Property Types:MLS Areas:

AllConstruction Type:Price: Lot Size:Bedrooms:3 years (quarterly)CLAW

18 of 19

The Average Days on Market by QuarterQ1 2008 vs. Q1 2011: The average days on market is down 6%

The MLS/CLAW™Rita Simpson

Time Period # UC UnitsAverage DOMQ1 2011 29165Q4 2010 20138Q3 2010 33159Q2 2010 29114Q1 2010 26171Q4 2009 26175Q3 2009 35163Q2 2009 29221Q1 2009 19192Q4 2008 21139Q3 2008 31156Q2 2008 17165Q1 2008 22176

Clarus MarketMetrics® 2 of 2 04/03/2011Information not guaranteed. © 2009-2010 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

19 of 19