1. The Greens at Cottonwood Golf Club INVESTMENT AND/OR PURCHASE OPPORTUNITY FOR ENTITLEMENT/DEVELOPMENT OF MULTI-FAMILY, ACTIVE ADULT, AGE RESTRICTED GOLF COMMUNITY IN RANCHO SAN DIEGO, CALIFORNIA. THESE TWO SITES [WEST END-27 ACRES; EAST END-26 ACRES SURROUNDING CLUBHOUSE] EACH HAVE GOLF COURSE FRONTAGE ON EXISTING 36-HOLE, 283 ACRE GOLF COURSE. MINUTES FROM ALL MAJOR FREEWAYS AND 25 MINUTES FROM SAN DIEGO AIRPORT AND BEACHES

2. LAST REMAINING LARGE PARCEL WITHIN ENTIRE VALLEY. REMAINDER OF VALLEY AND SURROUNDING AREA EITHER BUILT OUT OR OPEN SPACE

3. Cottonwood Golf Club Location 3121 Willow Glen Drive, Rancho San Diego, California 92019 [unincorporated area of County of San Diego, 20 minutes east of downtown San Diego] Description 36-hole public golf course including driving range, event Pavilion, Clubhouse and practice areas, 283 acres total Water Rights Water source from numerous wells on property, riparian water rights [adjudicated], taken from 1.75 miles of Sweetwater River traversing the length of the golf course. Golf Professional and Management General Partner –Premier Golf Property Management, Inc. General Manager – Rex Cole –PGA [47 years] Course Description Built 1962  Ivanhoe:  Approx. 6,840 yards  Par of 72.  Course rating is 72.6  Slope rating of 126  The Lakes:  Approx. 6,250 yards  Par of 71  Course rating is 69.5  Slope rating of 116 Remarks Well known regional and local daily fee course, host to numerous PGA, professional, charitable/civic and golf enthusiast tournaments. Water rights owned by Course.

4. GOOGLE EARTH VIEW WITH SURROUNDS

5. COTTONWOOD GOLF CLUB RANCHO SAN DIEGO, CALIFORNIA 92019 ITEMDETAILS STRUCTUREJOINT VENTURE BETWEEN INVESTOR AND OWNER OR SALE TO BUILDER/DEVELOPER[OF PROJECT AREA [TWO PARCELS -53 ACRES PROJECTOBTAIN ENTITLEMENTS FOR DEVELOPMENT OF ACTIVE ADULT, SENIOR COMPLEX SITEPORTION OF COTTONWOOD GOLF CLUB, 3121 WILLOW GLEN DRIVE, RANCHO SAN DIEGO, CA 92019, APPROXIMATELY 53 ACRES TOTAL [TWO SEPARATE SITES] ALONG WILLOW GLEN DRIVE MINIMUM INVESTMENT $18.0 MILLION CURRENT STATUSFORMAL ENTITLEMENT PROCESS COMMENCED FEBRUARY 2015 JOINT VENTURE PARTICIPATION LEVELS TO BE DETERMINED BY AMOUNT OF INVESTMENT AND ONGOING PARTICIPATORY LEVELS JOINT VENTURE, SALE OR DEVELOPMENT PROJECT AT COTTONWOOD GOLF COURSE IN EAST COUNTY OF SAN DIEGO. PROJECT INVOLVES GENERAL PLAN AMENDMENT TO ALLOW AN ACTIVE SENIOR COMPLEX ON TWO PARCELS COMPRISED OF ROUGHLY FIFTY TWO ACREAS OF EXCESS LAND WITHIN THIS TRADITIONAL AND POPULAR THIRTY SIX HOLE GOLF FACILITY. PROJECT IS EXPECTED TO BE ENTITLED IN TWENTY TO TWENTY FOUR MONTHS. MAXIMUM NUMBER OF UNITS CONSIDERING SURROUNDING HISTORICAL DENSITY IS ONE THOUAND FOUR HUNDRED

6. COTTONWOOD DEVELOPMENT SITE PHOTOS

7. ENTITLEMENT PROCESS:PREPARE, FILE AND PROCESS AN ENTITLEMENT PACKAGE COVERING THE EXTREME WEST END, APPROXIMATELY 27 ACRES, AND APPROXIMATELY 26 ACRES OF THE CLUBHOUSE/PARKING AREA. ESTIMATED PROCESS TIME IS 20-24 MONTHS, INCLUDING; PREPARE AND SUBMIT MPAA PACKAGE-DONE COUNTY REVIEW [ALL DEPARTMENT DIRECTORS]-DONE RECEIVE SCOPING LETTER [Done] DESIGN, LAYOUT, ENGINEERING, INFRASTRUCTURE BASICS, BOUNDARY ADJUSTMENTS-COMMENCED, IN PROCESS ALTA SURVEY AND PHASE I UPDATE-COMPLETED BIOLOGICAL STUDIES-COMMENCED CULTURAL RESOURCE STUDY-PREVIOUS STUDY IN PROCESS OF UPDATING FEMA MAP AND FLOOD CONTROL UPDATES-HEC RES/HYDROLOGY COMPLETED PLANNING COMMISSION HEARING BOARD OF SUPERVISOR HEARING APPROVAL ELEMENTS OF PROCESS

8. CURRENT SURROUNDING AREA INFRASTRUCTURE STATUS IS BEST DESCRIBED AS “UNDERUTILIZED” AS A RESULT OF THE BUILD-OUT OF RANCHO SAN DIEGO [EARLY 1990’S] BY HOME CAPITAL NOT BUILDING OUT 1800 DWELLING UNITS ON 3,000 ADJACENT ACRES, AFTER SEWER, WATER, PUBLIC SAFETY, RETAIL SHOPPING AND COMMERCIAL SITES, AND ALL OTHER EIR-RELATED ITEMS HAD BEEN CONSTRUCTED AND IMPLEMENTED.