Sotheby's

FOR IMMEDIATE RELEASE

June 10, 2005, Las Vegas (PRNEWSWIRE) Sotheby’s International Realty today announced that it has entered into a strategic alliance agreement with Jack Wishna, President & CEO of CPAmerica, a prominent deal-maker and leading expert on Vertical Development projects.

This strategic alliance will bring together the strengths of CPAmerica and Sotheby’s International Realty for the purpose of designing and operating a Vertical Development Group in conjunction with Sotheby’s International Realty.

The Vertical Development Group - Sotheby’s International Realty will exclusively pursue vertical projects and developments in the Las Vegas market and surrounding areas and will focus on pre-development planning, consulting, marketing and sales, specializing exclusively on vertical luxury residential properties, condominiums and condominium hotels.

Sotheby’s International Realty is excited to join forces with CPAmerica in structuring a premier “Vertical Development Group” to service this explosive segment of the marketplace. Jack Wishna is a leading expert in vertical development projects and a visionary who recently brought Donald J. Trump to the Las Vegas market to construct the Trump International Hotel & Towers project now under construction on the Las Vegas ‘Strip’. We look forward to this new alliance with Jack, said James Beasley, President & CEO.

Sotheby’s International Realty is the leading firm in luxury residential brokerage and with the Sotheby’s International network will bring a diversified clientele into the Las Vegas market to develop vertical projects, as well as individuals seeking to purchase or sell luxury high-rise units. It is our mission to have “The Vertical Development Group” - Sotheby’s International Realty become THE SOURCE for developers, investors, land owners, gaming companies, and buyers and sellers of Vertical Development projects and residences in Las Vegas, said Jack Wishna. The alliance with Sotheby’s International Realty, which has a strong network of premier real estate companies throughout the world, will help the Vertical Development Group grow and expand, said Wishna.

The Vertical Development Group incorporates a strong expertise in pre-development planning, consulting, marketing and sales exclusively for vertical projects. This thorough understanding of the luxury vertical market enhances decisions at the predevelopment stage, identifies the quality of services and amenities required, and zeros in on design and marketing issues that this market demands.