Disposition of Assets

Asset Exchange Agreement

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Title: Disposition of Assets
Date: 3/18/2004

Item 1. N/A

Item 2. Disposition of Assets

On March 9, 2004, REII Incorporated (the "Company") disposed of One (1)

residential building held for investment purposes.

Naples Inc.

The total selling price of the one residential building

is follows:

17539 North H

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