Gale International LLC-Changsha

February 5, 2009

      Compass Advisers, LLP ("Compass") is pleased to announce the signing of a Framework Agreement between Gale International, LLC ("Gale International") and the Changsha Municipal People's Government of Hunan Province to plan, develop and operate Meixi Lake District, a 10,168 mu (1,675 acres) state-of-the-art, new ecological city in Changsha, the capital city of Hunan Province.  The Meixi Lake project represents Gale International's first city-scale development in China and its largest international commitment since the Songdo International Business District development in South Korea began in 2001.  This transaction emphasizes Compass' ability to work with international companies to achieve their cross-border goals, and highlights Compass' expertise in the Chinese real estate industry.

      Meixi Lake District will serve as the heart of the West Changsha Pioneer Zone, a 1,200 square kilometer area, recognized by the State Council of the People's Republic of China.  This city-scale development is specifically designed to be energy efficient and environmentally friendly.  Meixi Lake District will include resource-saving residential developments, schools, healthcare facilities, retail shopping complexes, high-tech office space, a five-star hotel and a world-class convention center, all set within an integrated, people-friendly lake environment and surrounded by abundant green space.

      Compass recognized the need for Gale International's world-class development experience in China, and then worked closely with Gale International to identify and investigate city-scale development opportunities for Gale International throughout China, including the cities of Beijing, Shanghai, Changsha, Xi'an, Tianjin, Chongqing, Dalian, and Jiangyin.

      After Changsha was chosen by Gale, Compass negotiated the Framework Agreement, which provided for a substantial master planning fee for Gale International, and worked closely with Gale and the Committee of West Changsha Pioneer Zone, the People's Government of Hunan Province, the Changsha Municipal People's Government, the Hunan CPC Provincial Committee, and the Changsha CPC Municipal Committee to present detailed design, engineering, infrastructure, and financial plans to the Party Secretary of Hunan Province, Zhang Chunxian.  The financial plan prepared by Compass included recommendations of tax and development incentives, proposed sources and structure of offshore financing, and proposals for how to include local developers as partners in the overall development.