Turnstone Group LLC utilizes an opportunistic investment approach, seeking to deliver superior returns to its investors. Since its inception in 2001 and through the first quarter of 2009, Turnstone has achieved a realized, quarterly adjusted IRR of 138.9% and a cash flow-to-equity multiple of 3.6x. Realized and projected returns are approximately 137% and 3.3x cash flow-to-equity.

Selected Case Studies:

• Calhoun Place – Condominium Conversion
• The Timbers of Apple Valley – Non-performing Loan Acquisition
• RiverWest Condominiums – Condominium Conversion
• Murals of Lynlake – Luxury For-rent Apartment Development
• Pence Building – Commercial Office Historic Renovation and Repositioning

Past performance is not an indication or guaranty of future results.