Presented by:

Jeff Seal AVP – Client ManagementAuction.com1 Mauchly, Irvine, CA 92618Direct: (949) 413-9807Email: Jseal@auction.com

COMPANY OVERVIEWFounded in 1989, Auction.com is the largest auctioneer of real estate in the world. During the past 4 years, Auction.com has sold more than $12 billion of residential and commercial real estate on behalf of the nation’s largest lenders, special servicers, prestigious developers and private individuals. Between its 65,000 square foot company-owned office in Irvine, CA and its Dallas and NY offices, Auction.com employs 567 people across the country specializing in all areas of real estate transactions.  Having spent more than $5 million and 250,000 man hours developing its state of the art website and online auction platform, Auction.com is today the undisputed leader of online real estate sales in the United States. Auction.com has over 1 million unique visitors per month and a database of over 4 million people. This combined with the fact that it spends in excess of $35 million a year in marketing, means that every property that is listed on the website receives the maximum amount of exposure to the relevant market.  As a result of continued downward pressure on prices, the US residential market has been markedly tilted in favor of buyers. Through the use of its sustained and comprehensive marketing campaigns combined with the intense excitement and competitiveness of an auction forum, Auction.com has managed to rebalance the scales of demand and supply. In the same manner that the distinguished auction firms of Sotheby’s and Christie’s have successfully created a market for luxury art, wine and jewelry by allowing bidders to compete in an open and transparent exchange , so too has Auction.com established itself as the premier platform for the sale of luxury real estate.

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CURRENT CLIENTS – 92 INSTITUTIONAL CLIENTS CURRENTLY SELL ASSETS ON AUCTION.COM

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PLATINUM SUCCESS

• Our foray into auctioning off high-end REO assets started with our platinum program

• Through the Platinum program we have achieved the following success:

• Sales Results

• 167 High-End Assets Sold for a Total of $116 million

• 85% Brought to Auction Have Sold

• Average Purchase Price 100% of Agent BPO Value

• Average Purchase Price 90% of List Price`

Newport Beach, CASold $1.625MM

100% of List Price

Coto De Caza, CASold $1.086MM97% of Reserve

Beverly Hills, CASold $3.8MM

109% of BPO Value

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SELLER BENEFITS• National and international marketing reach

• Auction.com spends in excess of $35 million per year to create maximum market exposure for our clients

• 30-60 day execution and date certain close

• $1+ Million homes may linger on the market for years at a time

• Access to a 4+ million buyer database

• Auction.com receives over 1 million unique visitors per month

• Cutting edge technology for convenience and transparency

• Competitive bidding = Higher prices

• Bidders are prequalified prior to bidding

• No post auction contingencies – properties are sold “as-is where-is”

• Certainty of close

• All auctions are with reserve which are set at sellers’ discretion

Auctions Pose No Risk or Cost to Seller

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THE DIFFERENTIATOR: MAXIMUM MARKETING

• E-marketing, TV, print and direct mail

• State-of-the-art website at www.auction.com

• 4+ million prospect database

• $35 million annual media spend

• Local, national and international print

• Local classified listings

• Auction event catalogs

• Display ads in leading publications

• Property signage

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45-40 DAYS PRIOR

40-35 DAYS PRIOR

35 DAYS PRIOR

3-4 WEEKS PRIOR

1-2 WEEK PRIOR

AUCTION DAY CLOSING

Auction Agreement Executed

Prelim Ordered

Data Tape submitted

Reserve Accepted

Data Tape and Photos

uploaded to RCP/Spring

Title Received and Uploaded

AuctionCampaign

Outlined and reviewed

Website Live

Marketing campaign launched

Bidder due diligence

period begins

Broker and Client Kick-off

call

Leads generated & contacted by

brokers

Potential buyer lists

mined

Financing/ escrow

determined

Brokers hold one open

house

POF’s and/or prequal letter collected from

Registered Buyers

PSAs signed at Auction close; 10% EMD in

24-hrs

30 day closing

Funds disbursed

TIMELINE TO MARKET AND CLOSE

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UNPARALLELED REPORTING CAPABILITIES

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Event Id Auction Name Auction DateSold

Status Property Address Property CityProperty

State Property Type Bids Unique Bidders Web Hits

X-000Newport Coast - Pel ican

Hi l l Es tate Luxury Auction 06/09/2011 Sold 28 FAIRWAY PTNEWPORT

COAST CA Single Family 63 12 11,634

Event IdProperty Address Property City State

Auction Date

Bidder Id

Bidder First Name Bidder Last Name Bid Amount Bid Date Time

X-001 28 FAIRWAY PT NEWPORT COAST CA 06/09/2011 24727 Howard Meese 4,600,000 6/9/2011 5:25 PMX-001 28 FAIRWAY PT NEWPORT COAST CA 06/09/2011 24853 Randy Gabai 4,625,000 6/9/2011 5:25 PMX-001 28 FAIRWAY PT NEWPORT COAST CA 06/09/2011 26166 Christine Higelson 4,700,000 6/9/2011 5:25 PMX-001 28 FAIRWAY PT NEWPORT COAST CA 06/09/2011 24853 Randy Gabai 4,725,000 6/9/2011 5:26 PMX-001 28 FAIRWAY PT NEWPORT COAST CA 06/09/2011 24918 Michael Pearl 4,750,000 6/9/2011 5:27 PMX-001 28 FAIRWAY PT NEWPORT COAST CA 06/09/2011 26691 Mohammad Nadallah 4,775,000 6/9/2011 5:28 PMX-001 28 FAIRWAY PT NEWPORT COAST CA 06/09/2011 24918 Michael Pearl 4,800,000 6/9/2011 5:30 PMX-001 28 FAIRWAY PT NEWPORT COAST CA 06/09/2011 26166 Christine Higelson 4,850,000 6/9/2011 5:31 PMX-001 28 FAIRWAY PT NEWPORT COAST CA 06/09/2011 26691 Mohammad Nadallah 4,875,000 6/9/2011 5:34 PMX-001 28 FAIRWAY PT NEWPORT COAST CA 06/09/2011 26166 Christine Higelson 5,000,000 6/9/2011 5:37 PMX-001 28 FAIRWAY PT NEWPORT COAST CA 06/09/2011 24918 Michael Pearl 4,900,000 6/9/2011 5:37 PMX-001 28 FAIRWAY PT NEWPORT COAST CA 06/09/2011 26691 Mohammad Nadallah 5,025,000 6/9/2011 5:37 PMX-001 28 FAIRWAY PT NEWPORT COAST CA 06/09/2011 26166 Christine Higelson 5,100,000 6/9/2011 5:40 PMX-001 28 FAIRWAY PT NEWPORT COAST CA 06/09/2011 26691 Mohammad Nadallah 5,150,000 6/9/2011 5:42 PMX-001 28 FAIRWAY PT NEWPORT COAST CA 06/09/2011 26166 Christine Higelson 5,160,000 6/9/2011 5:43 PMX-001 28 FAIRWAY PT NEWPORT COAST CA 06/09/2011 26691 Mohammad Nadallah 5,170,000 6/9/2011 5:45 PMX-001 28 FAIRWAY PT NEWPORT COAST CA 06/09/2011 26166 Christine Higelson 5,180,000 6/9/2011 5:47 PM

Event Code Auction NameAuction

DateTotal

Registered

Total Approved to

BidPOF

Unique Web Hits

Total Saved To

Faves

Total Open House Foot

TrafficSeller CLP BPO Value

Valuation Date

Opening Bid - Live

Seller Reserve

Seller Reserve to

Seller CLP (%)

Seller Reserve to

Broker BPO (%)

X-000Newport Coast - Pel ican Hi l l Es tate Luxury

Home Auction 06/09/2011 20 18 11 11,634 79 900 8,000,000 5,000,000 40,513 2,400,000 4,500,000 56.3% 90.0%

Valuation InfoRegistration and Guest Summary

Luxury Homes Pre-Auction Event Summary

Luxury Homes Bidder Report Summary and Live Bid Details

PLATFORM

Our online platform offers sellers and buyers a state-of-the-art service.

• Allows property sellers to:• Offer assets online for maximum

exposure• Maintain confidentiality and information

control• Self reserve• Monitor real-time bidding, set reserve

prices and control final timing of sales• Obtain best execution from worldwide

market

iPad app

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HOW DOES BUYING YOUR HOME ON AUCTION.COM/LUXURY WORK?

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