We build homes; we build life on land

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Overview:The creation of work force housing is one of the most compelling drivers for Makan Constructions (the Companys) targeted markets given their close proximity to NYC. Work force housing is specifically targeted to teachers, nurses, police officers, fire fighters, government officials, administrative personnel and others than have been frozen out of the housing market for the last decade. With the prevailing general recession, coupled with decreased land prices and lower housing and construction costs, pricing of such homes has become affordable. Subdivisions in the Companys targeted areas that were commanding home prices ranging from $650,000 to $900,000, inclusive of $280,000 to $350,000 per lot costs, have declined dramatically to $70,000 or less per lot (improved). This enables the Company to decrease prices by more than $200,000 per house while still increasing their profit margins. The Company has been actively developing homes in infill locations where some un-built lots were still remaining in new subdivisions and has demonstrated the efficiency and profitability of their highly adaptive business model by selling homes at a high velocity. Many large-scale builders have been forced to retrench from the housing markets in the Companys targeted areas over the past twelve months. Their inventories were simply too large to manage and they have been forced consolidate, write down projects and restructure their credit lines. As a result, they were forced to begin, and continue to, sell lots at substantially discounted prices, creating a tremendous opportunity for the Company to take advantage of the lesser competition and enable the Company to provide a high quality, compellingly priced product for first time homebuyers. These troubled builders were constructing luxury for-sale homes at the $650,000-$700,000 price range in the same neighborhoods and areas where the Company is now building move up homes priced at less than $400,000. Further, our new consumer financing incentives, including the $8,000 tax credit for first time buyers, has served to open up the market for buyers who were historically priced out. Because of the opportunistic buying opportunities that are constantly presenting themselves, along with the Companys focus on work force housing, the Company is able to generate profits in excess of 28% of the gross cost. Given the number of very favorable opportunities the Company is currently seeing, they are actively seeking a financial partner who will put them in a position to act on more of these situations. The Company is relatively flexible on structure and would consider investmentAll Righ ts reserved . Cop yright Makan Construction 2005

partners at the corporate or individual project level.

Company Overview:Makan Construction, a family owned and operated business, has been operating for more than 20 years and has a growing reputation as one of the top home builders in New York State and the Hudson Valley Region. The Company began as an engineering, procurement and management (EPM) firm, and over time has evolved into one of the leading land developers and builders of single-family home sub division projects within the markets they operate in. Since the Companys inception and subsequent transition into land development and home building, their reputation for award-winning designs, quality construction and unparalleled customer service has made Makan Construction the homebuilder of choice in the Hudson Valley. David Makan, the majority shareholder and CEO, has more than 24 years experience in the residential development business. Davids experience and ability to react to market demands has enabled the Company to continue growing during this latest real estate downturn. The Company continues to grow by building quality single-family homes, townhomes and condominiums that accommodate every lifestyle and budget. In the last several years, the Company has completed more than 11 different residential developments, incorporating more than 170 homes, townhomes and condos, with prices ranging from $300,000 to more than $1,000,000. The Company creates value and quality in each home that it builds. The Company has developed a wide variety of custom market homes with fully approved plans that can be built on a range of terrains, significantly reducing architectural and pre-productions costs. This enables the Company to offer a very high quality product to their customer at a value oriented price point, and to achieve significant sales velocity when marketing and selling out their residential development projects. The Company has demonstrated great success over the last couple of years by anticipating market, and demand changes, and being able to stay ahead of the curve. The Companys dynamic and flexible business model, coupled with their market foresight, has enabled the Company to act opportunistically, exploiting current market conditions and the prevailing dislocations in the market, by acquiring full-approved sites at substantial discounts to market from both large, regional and national developers who have had to pull back their highAll Righ ts reserved . Cop yright Makan Construction 2005

cost operations and developments and local competitors that have been forced to exit the market completely as a result of financial hardship. This business philosophy and flexible operating model have allowed the Company to remain extremely profitable.

Hudson Valley Area:The Hudson Valley refers to the valley of the Hudson River and its adjacent communities in New York State, generally from northern Westchester County northward to the cities of Albany and Troy. Historically a cradle of European settlement in the northeastern United States and a strategic battleground in colonial wars, it now consists of suburbs of the metropolitan area of New York City at its southern end, shading into rural territory, including "exurbs," farther north.

The crowding and high cost of living associated with the New York metropolitan area and its adjacent suburbs has led increasing numbers of people to move from these densely populated areas to the Hudson Valley, including parts as far north as greater Poughkeepsie, and commute into New York City to work. This demand for housing has resulted in increased residential development, and a significant increase in housing costs in the lower- and mid-Hudson Valley regions. Along with this residential development has come commercial development such as shopping malls, and other landmarks of suburbia and urban sprawl. The Hudson Valley is generally divided into three regions: Lower, Middle and Upper. The Lower Hudson region is comprised on Westchester, Rockland and Putnam Counties and NY and Bergen County in NJ. The Middle Hudson region is comprised of Dutchess, Orange and Ulster Counties in NY. The Company is almost exclusively focused on projects within Putnam, Orange and Dutchess Counties given their close proximity to Manhattan and their favorable demographics.

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Putnam County Putnam County, founded in 1812, is located approximately 65 miles from Manhattan (two hours by train) and comprises a total land area of 246 square miles. The population, as of 2008, was 99,244, representing a population density of approximately 429 people per square mile. In 2008, the estimated median household income was $89,928, and the estimated median house or condo value was $423,900. The county consists of six towns and three incorporated villages, including Carmel, Kent, Patterson, Philipstown, Southeast, Putnam Valley, Cold Spring, Nelsonville and Brewster. Orange County Orange County was one of the first twelve counties established by the Province of New York in 1683, and is located approximately 60 miles from Manhattan. The county encompasses a total land area of 816 square miles, and a population of 379,647 in 2008, resulting in a density of 465 people per square mile. As of 2008, the estimated median household income was $71,674 and the estimated median house or condo value was $321,000. The three cities located within Orange County are Middletown, Newburgh and Port Jervis. Orange County is comprised of numerous towns, villages and hamlets (unincorporated communities). Dutchess County Dutchess County was also one of the first twelve counties established by the Province of New York back in 1683. Dutchess County is located 75 miles from Manhattan, and easily commutable via a 90 minute express train into Grand Central Station. The county encompasses a total land area of 802 square miles, and had a population of 292,878 in 2008, representing a population density of 365 people per square mile. The estimated median household income in 2008 was $69,617 and the estimated median house or condo value was $326,700 for the same period. The two cities in the county are Beacon and Poughkeepsie, and there are numerous towns, villages and hamlets within the county as well.

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Competitive Landscape / Projects:Over the last eighteen months, many large, regional and national homebuilders have been forced to retrench from the Hudson Valley markets. In addition, many local homebuilders in the area have gone out of business all together. This has created a tremendous opportunity for the Company to purchase tracts of land from these financially troubled homebuilders at distressed prices and develop and build homes at high profit margins. Some builders still remain active in the Hudson Valley area, and the below charts sets forth their projects. As evidenced by the chart below, there are very few, if any, projects that are truly competitive with the price points at which the Company offers their homes. Develop erToll Bros Toll Bros Toll Bros Toll Bros Toll Bros Orleans Beazer Sanford Pankin Hallmark Builders Hopewell Junction/Dutchess Wappingers Falls/Dutchess Ppughkeepsie/Dutchess Fishkill/Dutchess New Platz/Ulster Rock Tavern Campbell Hall/Orange Warwick/Orange Middleton/Orange

Town/County

Project NameBeekman Chase Old Hopewell Estates The Hills at LeGrange Van Wyck Glen Mountain View at Gardner Woodside Crossing The Enclave at Hamptonburg h Pelton Crossing Woodmont at Wawayanda

Current Price PointsFrom high $500Ks From $500K to low $700Ks High $400Ks to high $500Ks High $400Ks to low $500Ks Mid $500Ks to mid $600Ks From mid $400Ks From mid $600Ks High $500Ks to high $900Ks High $300Ks to high $400Ks

Home Sizes4 BRs; 3,724 sf avg. 4 BRs; 3,860 sf avg. 4 BR/2-3 bth: 3,166 sf avg. 3-4 BR/2-3bth; 2,500 sf avg. 4 BR/2.5-3.5 tbh Up to 4 BR/3.5 bth; from 2,566 sf 4 BR/3.5 bth; 3,922 sf 4 BR/2.5-3.5 bth; 3,000-4,284 sf 4 BR/2.5-3.5 bth; 2,100-3,100 sf

Total Home s37 61 33 128 33 26 36 47 n/a

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Recently Completed Projects:Orchard Hills East, Monroe, New York (2008-2009) Considered to be one of the most prestigious subdivisions in the Town of Monroe, the project commenced in 2008 and was completed in early 2009. The Company developed and constructed 22 homes within the subdivision at prices ranging from $500,000 to $700,000. The subdivision is surrounded by mountain views and in close proximity to both train and bus transportation options, making the cities of New Jersey and New York City easily commutable. Orchards at Briarcliff, Monroe, New York (June 2009 - December 2010) This project commenced in June 2009 and is almost completed at the beginning of 2011. The Company built 50 homes within this subdivision, with more than 50 homes already sold, at prices ranging from $400,000 to $700,000. The subdivision is located in close proximity to Woodbury Commons Premium Outlets and the main highways leading to New Jersey and New York City, and is characterized by scenic mountain views.

Mountain Estates, Monroe, New York (2008) This project was started and completed in 2008 and consisted of the development and construction of four homes, with prices ranging from $499,000 to $529,000. The property is surrounded by mountain views and in close proximity to both trains and buses, giving it easy accessibility to New Jersey and New York City. Beekman Estates, Beekman, New York (2007-2008) This particular project broke ground in 2007 and was completed in 2008, consisting of the development and construction of six homes. The property is surrounded by mountain views and accessible by both train and buses, giving it very close proximity to New Jersey and New York City. The homes sold for prices ranging from $450,000 to $525,000.All Righ ts reserved . Cop yright Makan Construction 2005

Port Jervis, New York (2008) The project entailed the development and construction of 25 affordable work force homes, and was one of the most attractive features of the entire subdivision. The homes were sold at prices ranging from $249,000 to $359,000. The subdivision was directly adjacent highway I-84, only a few minutes away from the main shopping centers. Gold Key Lake, Pennsylvania (2008) This project comprised the development and construction of 10 work force homes, with prices were ranging from $199,000 to $259,900. This project represented one of the hottest bargains at the time, offering quality homes at very low prices, enabling the Company to sell out the project extremely quickly. Deer Park, New York (2008) This project is best characterized by its affordability, and consisted of the development and construction of 11 work force homes with prices were ranging from $199,000 to $259,900. The project was located in close proximity to the main highways going to New Jersey and New York City. Millford, Pennsylvania (2007) This project is also best characterized by its affordability, and comprised the development and construction of five work force homes, with prices ranging from $199,000 to $259,900. The project was located in close proximity to the main highways going to New Jersey and New York City, making it ideal for this type of product. Pine Bush, New York (2007) Situated at a location with direct views of the Shawangunk Ridge, this property is defined by scenic views and

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wooded areas. Located right off of the main highway, the subdivision offered an easy commute to New Jersey and New York City. The project entailed the development and construction of seven work force homes, with prices ranging from $379,000 to $499,000. Middlesex, New Jersey (2006) This project entailed the construction of three luxury homes which each sold for $1.2 million or above. These homes were constructed in a community that is close to the main malls, and offers a plethora of restaurant and entertainment options. The community is located in close proximity to the Garden State Parkway, offering great accessibility to the main highways going either north or south in New Jersey. Old Indian Estates. Marlborough, New York (2005) The location of this property was characterized by its country-like views, and set apart by the homes competitive pricing. The project consisted of the construction of 5 single-family homes and they sold for prices ranging between $400,000 and $440,000.

Webber Estates, Walkill, New York (2004) This projected entailed the development and construction of a 10 lot, single-family subdivision. The homes in this project sold for prices ranging from $379,000 to $425,000. Orchard Hills East, Monroe, New York (2004-2005) This project consisted of an 18 lot, single-family subdivision that was ultimately sold to the owners of Marquis Time Square in New York. The homes in this subdivision had an average selling price of $700,000. East Fishkill, New York (2003) This project was composed of two separate single-family subdivisions, Somerset Crossing and Hosner Mountain, and was sold to Somerset Brothers at more than a 40%

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profit margin. The subdivisions are located in close - proximity to the major highways in the area and are characterized by their scenic views. LaGrange, New York (2002) This project was located in close proximity to the Techtonic Parkway, and consisted of the land development and construction of a 12-lot subdivision of single-family homes. The average sale price of the homes in this subdivision was $600,000. Montgomery, New York (2002) This particular project entailed the land development and construction of a 20,000 square foot professional office building. The total cost of project was $1.5 million. This property is situated directly adjacent to Highway I-84, providing easy accessibility to the surrounding major cities in New Jersey and New York. Far Rockaway, Ozone Park, Springfield and Rosedale, Queens, New York (1995-2001) This project encompassed the development and construction of 45 two-family homes with an average selling price of $290,000. Blooming Grove, New York (2000) This project entailed the development and construction of three single-family homes with an average price point of $400,000.

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Currently Active Projects:Ridgetop Estates, Monroe, New York (December 2010, estimated completion December 2011) Located in the very scenic area of Monroe, this property will consist of 34 homes with prices ranging from $389,000 to $419,000. The project is located very close to the Woodbury Common Premium Outlets and the Monroe-Woodbury School District. Surrounded by mountain views, the subdivision has close proximity to the train station to New York City, and is only 30 minutes away from New Jersey. As of January 2011, the Company has sold 11 houses.

Tamarack Heights Estates, Poughkeepsie, New York (April 2010, estimated completion December 2011) The Company started on this project sometime in October 2010, which entails the development and construction of a 10 lot single-family subdivision. The homes will be built on lots ranging in size from 4 to 11 acres, surrounded by scenic views and wooded areas. This property is only minutes away from the Hudson River and has close proximity to the world-renowned Culinary Institute of America. The relatively large lots encompassing this project will have prices ranging from $399,000 to $429,000.

Present Projects:Manor Hills, LaGrange, New York (2011, estimated completion 2013) This project is targeted to start in 2011 and estimated to be completed in 2013, and consists of the development and construction of a 48 lot, single-family subdivision. Home prices will range from $299,000 to $359,000. The property is located only five minutes away from the Taconic State Parkway and is only 30 minutes away from Westchester County. Final approval has been granted on this project. Shea Meadows, Monroe, New York (June 2011, estimated completion December 2012) This project is set to commence in the summer of 2011 and estimated to be completed by December 2012. The project will encompass the development and construction of a 47 lot singlefamily subdivision, with home prices ranging from $399,000 to $700,000. The mountain viewsAll Righ ts reserved . Cop yright Makan Construction 2005

and accessibility to the main malls, restaurants and schools are some of the greatest points of this subdivision.

Funding Opportunities:Goshen Meadows, Goshen, New York The Company has just gone into contract on Goshen Meadows for the development and construction of a 34-lot single-family subdivision. The price point on the planned homes is estimated to be $299,000, which will ensure that the project is sold out quickly. Based on the Companys historical track record, they estimate to complete the project within 12 to 16 months, and to have more than 70% of the homes pre-sold once the first models are constructed on site. The land tract was appraised at more than $3 million less than two years ago, and the Company has negotiated a purchase price on the land of $1.7 million. Total costs for the project are expected to be $4.6 million, and break down as follows: Land acquisition: $1.7 mm Bonding requirement: $0.7 mm Infrastructure costs: $0.7mm Revolver: $1.0mm Working capital: $0.5mm (mortgage taxes, closing costs, parkland fee, etc) The Company is fairly open as to structure (debt or equity) to fund this or any of the various other projects they have in their pipeline. In the past, the Company has successfully structured deals with investors in JV type formats, where the lots were held by the investor and released to the Company at a pre determined price over a defined period of time through an option agreement. With the combination of current pay interest and the mark up selling improved lots back to the Company, investors were able to generate IRRs in the 30s. The Company is prepared to invest along side their financial partner and issue both Company and personal guarantees. With the right financial partner in place, the Company is poised to exploit the numerous opportunities that presently exist in their targeted markets. These opportunities have come about as a result of the financial downturn, which caused many large, national and regional builders to retrench from those markets and force many smaller, local builders out of business.

Some of the other significant opportunities within the Companys proprietary pipeline, whichAll Righ ts reserved . Cop yright Makan Construction 2005

totals over $200 million in potential project funding opportunities, include the following, and more detail can be shared with potential partners at the appropriate time:

A 102 lot single-family subdivision project in Middleton, NY - $7million A 105 unit condo development in Newburgh, NY - $8.5 million A 110 unit townhouse development project in Wallkill, NY - $8.2 million A 110 condo units & single-family subdivision project in Chester, NY - $12.3 million A 160 unit condo development in Chester, NY - $14.0 million A 32 lot single-family subdivision in Goshen, NY - $6.8 million A 300 unit water front townhouse development in Haverstraw, NY - $20.0 million A 300 townhouse development in Monroe, NY - $19.0 million A 450 lot single-family subdivision (location confidential) - $35.0 million A 300 unit townhouse development (location confidential) - $18.0 million

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Management & Employees:Manik Makan Chief Executive Officer Manik Makan brings a unique blend of experience to the business through his years of experience. A graduate of New York Universitys construction management program, Manik brings nearly a decade worth of experience to the company as a specialist in residential projects. His over 15 years of construction expertise has contributed to the ever expanding and growing business of the company, making the company as one of the top builders in the Hudson Valley area. Ben Lim - Financial Controller Prior to joining the Company, Ben spent four years at Ernst & Young and PricewaterhouseCoopers in their respective audit practices as a senior associate. Bens main client industries were in construction, real estate, technology and communications, entertainment and professional services. Ben also worked for over two years as senior auditor and accounting manager for midsized auditing firm based in New York and California, doing both professional accounting and auditing services for clients engaged in real estate, construction, retail, non-profit organizations and for high net worth individuals. He was also a pipeline accounting liaison for an oil company based in Texas for almost a year. Ben is a licensed CPA.

Tanya Makan Director of Marketing and Sales Having grown up around the construction business, Tanya uses her experience with construction and homebuilding to create marketing strategies while heading sales and marketing for the Company. Tanya has a real estate license in the state of New York, and has handled all interactions with clients of the Company for the last three years. A graduate of Mount Saint Marys College with a degree in finance, Tanya is close to completing an MBA to further her knowledge of the business while sharpening her sales and marketing skills. Nadine N. Parkes, Esq. General Counsel Serving as In-House Counsel to the Makan companies since April 2010, Nadine N. Parkes, Esq. is a graduate of Pace University School of Law. In addition to her Juris Doctor, she also holds

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certificates in Environmental and International Law, was a research and writing editor for Paces International Law Review and author of the article: Environmental Laws of Jamaica published in August 2000. Ms. Parkes brought with her over eight years of litigation experience, four of which was spent on her own specializing in real estate law. With Ms. Parkes guidance, the Makan companies are looking to minimize legal exposure at all times and take a proactive approach to real estate development while expanding the companies arms in the construction market. Ms. Parkes also holds a Bachelors of Science from Cornell University.

David Makan Construction Manager David Makan has over twenty-five years of experience as a land developer and builder during which he developed a keen eye for purchasing large tracts of land, building, and selling his products at a competitive price. David has been successful in building over three hundred homes in the state of New York, Pennsylvania and New Jersey. Makan has continued to develop at a growing rate with his competitive business model while other companies bow out of the market completely. His expertise lies in homebuilding combined with his extensive knowledge of the ever-changing market demands while producing a quality product.

Kumar Pallav VP (Investors Relation) Kumar have experience in global corporate deals in USA, UK & India. He is a graduate from NYU Stern School of Business and NYU School of Law with Law & Business specialization. He worked extensively with BrownGreer PLC as Corporate Claims Analyst and Angel Law Group PC as a Business Associate. Mr. Kumar has joined our team as a VP Investors Relation to instill his experience for the growth of the Makan Construction.

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Contact us:Makan Construction P.O. Box 979 Harriman New York 10926 Phone: 845-783-9668 Fax : 845-782-4256 E-mail:dmakan@makanconstruction.com www.makanconstruction.com

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