Investment Portfolio

Crow Holdings' investment portfolio includes multiple components.  While a large

portion of the portfolio is allocated to real estate, the remainder is diversified

across multiple asset classes.  Crow Holdings' non-real estate portfolio includes

investments in marketable securities and private buisnesses made directly and

through third-party public equity, fixed income, hedge fund and private equity

managers.  These investments provide significant portfolio diversification for

Crow Holdings and offer the company liquidity that is not dependent on real

estate cycles.