----

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     |   |   | (Unaudited) Pro forma Adjustments |   |   |   | (Unaudited) Pro forma Adjustments |   |   |   |   |
|                                     | Historical |   | AgReserves Sale |   |   |   | RiverTown Sale |   |   |   | Pro forma |
| ASSETS                                   |   |   |   |   |   |   |   |   |   |   |   |
| Investments in real estate, net          | $ | 385,009 |  |   | $ | (51,954 | ) |   | a |   | $ | (22,307 | ) |   | f |   | $ | 310,748 |  |
| Cash and cash equivalents                | 21,894 |  |   | 348,036 |  |   | b |   | 23,600 |  |   | g |   | 393,530 |  |
| Investments                              | 146,972 |  |   | — |  |   |   |   | — |  |   |   |   | 146,972 |  |
| Notes receivable, net                    | 7,332 |  |   | 200,000 |  |   | b |   | 19,600 |  |   | g |   | 226,932 |  |
| Pledged treasury securities              | 26,260 |  |   | — |  |   |   |   | — |  |   |   |   | 26,260 |  |
| Prepaid pension asset                    | 35,117 |  |   | — |  |   |   |   | — |  |   |   |   | 35,117 |  |
| Property and equipment, net              | 11,410 |  |   | (219 | ) |   | a |   | (6 | ) |   | f |   | 11,185 |  |
| Deferred tax asset                       | 12,866 |  |   | (12,866 | ) |   | c |   | — |  |   |   |   | 0 |  |
| Other assets                             | 22,612 |  |   | (1,543 | ) |   | a |   | (245 | ) |   | f |   | 20,824 |  |
| Total Assets                             | $ | 669,472 |  |   | $ | 481,454 |  |   |   |   | $ | 20,642 |  |   |   |   | $ | 1,171,568 |  |
|                                     |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES AND EQUITY                   |   |   |   |   |   |   |   |   |   |   |   |
| LIABILITIES:                             |   |   |   |   |   |   |   |   |   |   |   |
| Debt                                     | $ | 44,217 |  |   | $ | — |  |   |   |   | $ | (5,521 | ) |   | f |   | $ | 38,696 |  |
| Accounts payable                         | 12,083 |  |   | (456 | ) |   | a |   | — |  |   |   |   | 11,627 |  |
| Income taxes payable                     | 302 |  |   | 80,096 |  |   | c |   | (21,025 | ) |   | h |   | 59,373 |  |
| Deferred tax liability                   | — |  |   | 15,303 |  |   | c |   | 31,098 |  |   | h |   | 46,401 |  |
| Accrued liabilities and deferred credits | 49,345 |  |   | (12,858 | ) |   | a |   | — |  |   |   |   | 36,487 |  |
| Total liabilities                        | 105,947 |  |   | 82,085 |  |   |   |   | 4,552 |  |   |   |   | 192,584 |  |
|                                     |   |   |   |   |   |   |   |   |   |
| EQUITY:                                  |   |   |   |   |   |   |   |   |   |   |   |
| Common stock, no par value               | 892,027 |  |   | — |  |   |   |   | — |  |   |   |   | 892,027 |  |
| Retained earnings                        | (325,871 | ) |   | 399,369 |  |   | d |   | 16,090 |  |   | i |   | 89,588 |  |
| Accumulated other comprehensive loss     | (7,517 | ) |   | — |  |   |   |   | — |  |   |   |   | (7,517 | ) |
| Treasury stock at cost                   | (285 | ) |   | — |  |   |   |   | — |  |   |   |   | (285 | ) |
| Total stockholders’ equity         | 558,354 |  |   | 399,369 |  |   |   |   | 16,090 |  |   |   |   | 973,813 |  |
| Non-controlling interest                 | 5,171 |  |   | — |  |   |   |   | — |  |   |   |   | 5,171 |  |
| Total equity                             | 563,525 |  |   | 399,369 |  |   |   |   | 16,090 |  |   |   |   | 978,984 |  |
| Total Liabilities and Equity             | $ | 669,472 |  |   | $ | 481,454 |  |   |   |   | $ | 20,642 |  |   |   |   | $ | 1,171,568 |  |
|                                     |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                   |
|---------------------------------------------------------------------------------------------------|
|                                                                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                              |   |   | (Unaudited) Pro forma Adjustments |   |   |   | (Unaudited) Pro forma Adjustments |   |   |   |   |
|                                                                                              | Historical |   | AgReserves Sale |   |   |   | RiverTown Sale |   |   |   | Pro forma |
| Revenues:                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Real estate sales                                                                                 | $ | 45,039 |  |   | $ | — |  |   |   |   | $ | (2,054 | ) |   | j |   | $ | 42,985 |  |
| Resorts, leisure and leasing revenues                                                             | 50,767 |  |   | — |  |   |   |   | — |  |   |   |   | 50,767 |  |
| Timber Sales                                                                                      | 35,450 |  |   | (28,757 | ) |   | e |   | — |  |   |   |   | 6,693 |  |
| Total revenues                                                                                    | 131,256 |  |   | (28,757 | ) |   |   |   | (2,054 | ) |   |   |   | 100,445 |  |
|                                                                                              |   |   |   |   |   |   |   |   |
| Expenses:                                                                                         |   |   |   |   |   |   |   |   |   |   |   |
| Cost of real estate sales                                                                         | 24,277 |  |   | — |  |   |   |   | (1,352 | ) |   | j |   | 22,925 |  |
| Cost of resorts, leisure and leasing revenues                                                     | 41,109 |  |   | — |  |   |   |   | — |  |   |   |   | 41,109 |  |
| Cost of timber sales                                                                              | 21,527 |  |   | (16,923 | ) |   | e |   | — |  |   |   |   | 4,604 |  |
| Other operating expenses                                                                          | 12,323 |  |   | (408 | ) |   | e |   | (1,806 | ) |   | j |   | 10,109 |  |
| Corporate expense                                                                                 | 17,032 |  |   | (68 | ) |   | e |   | — |  |   |   |   | 16,964 |  |
| Depreciation, depletion and amortization                                                          | 9,131 |  |   | (1,374 | ) |   | e |   | — |  |   |   |   | 7,757 |  |
| Impairment losses                                                                                 | 5,080 |  |   | — |  |   |   |   | — |  |   |   |   | 5,080 |  |
| Total expenses                                                                                    | 130,479 |  |   | (18,773 | ) |   |   |   | (3,158 | ) |   |   |   | 108,548 |  |
| Operating income (loss)                                                                           | 777 |  |   | (9,984 | ) |   |   |   | 1,104 |  |   |   |   | (8,103 | ) |
| Other income (expense):                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Investment income, net                                                                            | 1,498 |  |   | — |  |   |   |   | — |  |   |   |   | 1,498 |  |
| Interest expense                                                                                  | (2,040 | ) |   | — |  |   |   |   | 754 |  |   | j |   | (1,286 | ) |
| Other, net                                                                                        | 4,210 |  |   | (1,097 | ) |   | e |   | — |  |   |   |   | 3,113 |  |
| Total other income                                                                                | 3,668 |  |   | (1,097 | ) |   |   |   | 754 |  |   |   |   | 3,325 |  |
| Income (loss) from operations before equity in loss of unconsolidated affiliates and income taxes | 4,445 |  |   | (11,081 | ) |   |   |   | 1,858 |  |   |   |   | (4,778 | ) |
| Equity in loss of unconsolidated affiliates                                                       | 112 |  |   | — |  |   |   |   | — |  |   |   |   | 112 |  |
| Income tax benefit (expense)                                                                      | 409 |  |   | 1,494 |  |   | e |   | (650 | ) |   | j |   | 1,253 |  |
| Net income (loss)                                                                                 | 4,966 |  |   | (9,587 | ) |   |   |   | 1,208 |  |   |   |   | (3,413 | ) |
| Net loss attributable to non controlling interest                                                 | 24 |  |   | — |  |   |   |   | — |  |   |   |   | 24 |  |
| Net income (loss) attributable to the Company                                                     | $ | 4,990 |  |   | $ | (9,587 | ) |   |   |   | $ | 1,208 |  |   |   |   | $ | (3,389 | ) |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |
| INCOME (LOSS) PER SHARE                                                                           |   |   |   |   |   |   |   |   |   |   |   |
| Basic and Diluted                                                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Basic and diluted average shares outstanding                                                      | 92,285,888 |  |   | — |  |   |   |   | — |  |   |   |   | 92,285,888 |  |
| Net income (loss) attributable to the Company                                                     | $ | 0.05 |  |   | $ | (0.10 | ) |   |   |   | $ | 0.01 |  |   |   |   | $ | (0.04 | ) |
|                                                                                              |   |   |   |   |   |   |   |   |   |   |   |

----

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| a. | Pro forma adjustments to eliminate approximately $54 million of assets and approximately $13 million of liabilities sold in the AgReserves Sale.  Included in the $13 million of liabilities is approximately $11 million of deferred revenue related to a 2006 rural land sale, where title had not yet transferred to the buyer and as part of the AgReserves Sale, AgReserves has assumed the Company's obligations to ultimately transfer title to the buyer. |

|    |                                                                                                                                                                                                                                                                                                                                                                                                               |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| b. | Pro forma adjustments to record the cash proceeds received from the AgReserves Sale, which is comprised of the $559 million purchase price, less the $200 million Timber Note and estimated closing costs of $11 million.  Included in closing costs is approximately $2 million of costs related to the potential subsequent monetization of the Timber Note, which is discussed in the following paragraph. |

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| c. | Pro forma adjustments to reflect the estimated effects on income taxes.  The net change in the deferred tax asset and liability is primarily due to the following: i) the Company recorded an estimated deferred tax liability of $73 million related to the receipt of the Timber Note, ii) the Company reversed $55 million of the valuation allowance recorded against the net deferred tax assets; and iii) the Company utilized approximately $10 million of the state net operating loss carryforwards that did not have a valuation allowance. |

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| d. | Pro forma adjustment to reflect the estimated gain on the AgReserves Sale, which is comprised of the $559 million purchase price, less estimated closing costs of $11 million, less the carrying value of the assets and liabilities to be sold of $52 million, less estimated income tax expense of $108 million. In addition, the pro forma adjustment includes $11 million of deferred revenue recognized related to a 2006 rural land sale, where title had not yet transferred to the buyer and as part of the AgReserves Sale, AgReserves has assumed the Company's obligations to ultimately transfer title to the buyer. |

|    |                                                                                                                                                                                                                                                                                                 |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| e. | Pro forma adjustments for the estimated forestry operations related to the AgReserves Sale and certain other assets and inventory and rights under certain continuing leases and contracts. Pro forma adjustments do not include reductions in corporate overhead costs or restructuring costs. |

|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| f. | Pro forma adjustments to eliminate approximately $23 million of assets and approximately $6 million of liabilities sold in the RiverTown Sale. As part of the RiverTown Sale, Mattamy also assumed the Company’s obligations for the Rivers Edge CDD, which only Rivers Edge CDD for platted property has been recorded as a liability on the Company's Consolidated Balance Sheet. The Company’s total outstanding Rivers Edge CDD assessments were $11.1 million as of December 31, 2013 and $11.0 million as of April 2, 2014. |

|    |                                                                                                                                                                                                                                               |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| g. | Pro forma adjustments to record the receipt of the RiverTown Sale purchase price of $43.6 million, which is comprised of approximately $24 million in cash less estimated closing costs of $0.4 million and the $19.6 million RiverTown Note. |

|    |                                                                         |
|----|-------------------------------------------------------------------------|
| h. | Pro forma adjustments to reflect the estimated effects on income taxes. |

----

|    |                                                                                                                                                                                                                                                                                                                    |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| i. | Pro forma adjustment to reflect the estimated gain on the RiverTown Sale, which is comprised of the $43.6 million purchase price, less estimated closing costs of $0.4 million, less the carrying value of the assets and liabilities to be sold of $17 million, less estimated income tax expense of $10 million. |

|    |                                                                                                                                                                                                    |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| j. | Pro forma adjustments for the estimated operations related to RiverTown community assets sold. Pro forma adjustments do not include reductions in corporate overhead costs or restructuring costs. |