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                   Mission Statement 
                  Capitalizing on the talents of principals 
                    who have developed, built, managed and leased more than $1 
                    billion in real estate, Cumberland Allegiance's mission is 
                    to maximize return and enhance the value of real estate portfolios 
                    for investors and property owners. 
                  Clients can take advantage of the company's 
                    management expertise in all facets of residential and commercial 
                    development including large-scale master planned communities, 
                    single and multi-family residential, retail centers and high 
                    rise office buildings. 
                  Cumberland Allegiance is comprised of a talented 
                    team of professionals who provide in-house expertise in the 
                    areas of land acquisition, financing, development planning, 
                    product design, construction, leasing property management 
                    and maintenance. This team brings to the table more than 200 
                    years of problem solving abilities and is capable of providing 
                    thoughtful and realistic plans that meet the objectives of 
                    our clientele. 
                  The advantage of having such a remarkable 
                    group on board is that virtually all phases of a project can 
                    be designed, constructed, marketed and managed without delays 
                    associated due to communication or other commitments by outside 
                    suppliers. 
                  Formed in 1997 by principals of Cumberland 
                    America Development Company and The Allegiance Group, the 
                    firm has its office in Dallas, Texas. The company has a subsidiary 
                    property management firm, Cumberland Allegiance Management 
                    which oversees and leases Cumberland's group of diverse properties. 
                  The multi-family property that the company 
                    builds and manages are market leading, high-end communities 
                    that are setting new standards for amenities, design and renter 
                    satisfaction in the regions they are introduced. Cumberland 
                    Allegiance has a long term view on property value that necessitates 
                    the attention to detail and commitment made in each project. 
                    This effort reduces maintenance expense and provides a stable 
                    rental base. 
                  The company offers a turnkey development program 
                    that can build a new project or renovate and reposition and 
                    existing property in an amazingly short period of time and 
                    on budget. Cumberland Allegiance is interested in working 
                    with individuals, corporations and institutions, who like 
                    us, are committed to quality and desire long term growth and 
                    asset appreciation. 
                  Overview 
                  Cumberland Allegiance Development Co. L.L.C. 
                    is a diversified real estate development and acquisition firm 
                    established in 1997, by the principals of Cumberland America 
                    Development Company and The Allegiance Group, with offices 
                    in Dallas, Texas. Areas of successful professional development 
                    encompass all facets of residential and commercial real estate 
                    including large-scale master planned communities, single- 
                    and multi- family residential, retail centers and high rise 
                    office buildings. Cumberland Allegiance Management Co. L.L.C., 
                    is a subsidiary property management firm, in association with 
                    Cumberland Allegiance Development. The firm manages and leases 
                    Cumberland's portfolio of multi-family properties. 
                    
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