PRESS RELEASE

Village Life
January 30, 2008

W-HOA! A BRIGHT OUTLOOK FOR SERRANO IN 2008
Homeowners can be proud of their award-winning association

What's going to happen in the housing market this year? No one knows. Even industry experts can only predict what might be ahead in real estate for our region.

There is, however, a bright spot for homeowners in the Serrano master planned community as they begin this New Year. The Serrano El Dorado Owners' Association has been named "Association of the Year" for 2007 by the California North Chapter of the Community Associations Institute (CAI).

It is the top award bestowed by the CAI, honoring the community association in Northern California that demonstrates the highest standards of excellence and service to its homeowners.

And it is one of the topmost assurances to Serrano's residents, attesting their decision to choose Serrano as their home. It means that they can continue to be assured of a quality environment, outstanding homeowner benefits, and, importantly, value preservation in their home investment.

The award marks the second consecutive year that the Serrano association has been recognized for its successes. In 2006, the CAI named Serrano "Best-Maintained Association" for its excellence in landscaping and overall community maintenance.

"Serrano was chosen as Association of the Year because of the exemplary efforts of their Board and community association manager to achieve their vision, as well as for their support of our industry," says Marti Wallace, Executive Director of CAI. "The Serrano association excels in customer service, member education and involvement within the community."

Serrano El Dorado Owners' Association's vision is "to serve our members by keeping their community an exceptional place to live and own property, through our quality maintenance of the common grounds, fair and consistent application of the community standards, and courteous, professional communications".

The recent award is also reflective of Serrano's enduring value to its 3,700 homeowners.

"As members of the association, Serrano's owners get the attention and benefits of a staff of 70 professionals with a commitment to excellence in maintenance, security and responsive service," says John Bowman, general manager of Serrano El Dorado Owners' Association. "Serrano homeowners can be secure in knowing that their community will be managed in accord with the quality that they purchased."

For more information on Serrano and its award-winning homeowners association, visit www.serranoeldorado.com.