**Exhibit 10.1.4**

 

**Exhibit A**

 

**ALLOCATION OF PARTNERSHIP UNITS, PERCENTAGEOF INTERESTSAND THE AGREED UPON VALUE OF NON-CASH CAPITAL CONTRIBUTIONS**

 
| **Date  Admitted** |   | **Name and  address of partners**                                                  |   | **Value of non-cash  capital contribution** |       |       |      | **Partnership  units issued** |   | **Approx. Percentage  Interests** |   | **Federal ID #** |       |
|--------------------|--------|------------------------------------------------------------------------------------|--------|---------------------------------------------|------------|------------|-----------|-------------------------------|--------|-----------------------------------|--------|------------------|------------|
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
| 2/12/97            |   | Golf Legends Ltd., Inc.  P.O. Box 2038  1500 Legends Drive  Myrtle Beach, SC 29578 |   | $                                           | 30,647,030 |       | 1,532,352 |                          |   |                              |   |             | 57-0886834 |   |
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
| 4/2/01             |   | Legends (conversion)                                                               |   |                                        |       | (294,613   | )         |                          |   |                              |   |             |       |
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
| 7/31/01            |   | Redemption at disposition                                                          |   | (14,852,868                                 | )          | (1,237,739 | )         |                          |   |                              |   |             |       |
| 7/31/01            |   | Residual Value                                                                     |   | (15,794,162                                 | )          |       |      |                          |   |                              |   |             |       |
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
|               |   | Golf  Legends Ltd., Inc. Total                                                     |   | $                                           | —     |       |      |                          | — |                              | 0.00   | %                |       |   |
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
| 2/12/1997          |   | Seaside Resorts Ltd., Inc.  1500 Legends Drive  Myrtle Beach, SC 29578             |   | $                                           | 16,129,118 |       | 806,456   |                          |   |                              |   |             | 57-0729308 |   |
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
| 7/31/2001          |   | Redemption at disposition                                                          |   | (9,677,472                                  | )          | (806,456   | )         |                          |   |                              |   |             |       |
| 7/31/2001          |   | Residual Value                                                                     |   | (6,451,646                                  | )          |       |      |                          |   |                              |   |             |       |
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
|               |   | Seaside  Resorts Ltd., Inc. Total                                                  |   | $                                           | —     |       |      |                          | — |                              | 0.00   | %                |       |   |
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
| 2/12/1997          |   | Heritage Golf Club, Ltd.,  Inc.  1500 Legends Drive  Myrtle Beach, SC 29578        |   | $                                           | 16,031,230 |       | 801,561   |                          |   |                              |   |             | 57-0818596 |   |
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
| 1/6/1999           |   | Heritage (conversion)                                                              |   |                                        |       | (11,700    | )         |                          |   |                              |   |             |       |
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
| 7/31/2001          |   | Redemption at disposition                                                          |   | (9,478,332                                  | )          | (789,861   | )         |                          |   |                              |   |             |       |
| 7/31/2001          |   | Residual Value                                                                     |   | (6,552,898                                  | )          |       |      |                          |   |                              |   |             |       |
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
|               |   | Heritage  Golf Club, Ltd., Inc. Total                                              |   | $                                           | —     |       |      |                          | — |                              | 0.00   | %                |       |   |
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
| 2/12/1997          |   | Legends of Virginia L.C.  1500 Legends Drive  Myrtle Beach, SC 29578               |   | $                                           | 11,963,738 |       | 598,187   |                          |   |                              |   |             | 57-1003883 |   |
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
| 4/2/2001           |   | Legends (conversion)                                                               |   |                                        |       | (598,187   | )         |                          |   |                              |   |             |       |
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
| 7/31/2001          |   | Residual Value                                                                     |   | (11,963,738                                 | )          |       |      |                          |   |                              |   |             |       |
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
|               |   | Legends  of Virginia L.C. Total                                                    |   | $                                           | —     |       |      |                          | — |                              | 0.00   | %                |       |   |
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
| 2/12/1997          |   | Northgate  16055 Northgate Forest Drive  Houston, TX 77068                         |   | $                                           | 3,797,071  |       | 189,854   |                          |   |                              |   |             | 76-0527250 |   |
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
| 5/20/1998          |   | Northgate (redemption)                                                             |   | (158,969                                    | )          | (5,000     | )         |                          |   |                              |   |             |       |
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
| 1/6/1999           |   | Northgate (conversion)                                                             |   | —                                      |       | (30,000    | )         |                          |   |                              |   |             |       |
|               |   |                                                                               |   |                                        |       |       |      |                          |   |                              |   |             |       |
| 3/2/2001           |   | Northgate (conversion)                                                             |   |                                        |       | (60,581    | )         |                          |   |                              |   |             |       |

 

----

 
| **Date  Admitted** |   | **Name and address of partners**                                                                                                 |   | **Value of non-cash  capital contribution** |      |     |    | **Partnership  units issued** |   | **Approx. Percentage  Interests** |   | **Federal ID #** |        |
|--------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|-----------|----------|---------|-------------------------------|--------|-----------------------------------|--------|------------------|-------------|
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 3/26/2002          |   | Northgate (redemption)                                                                                                           |   | (534,999                                    | )         | (94,273  | )       |                          |   |                              |   |             |        |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 3/26/2002          |   | Residual Value                                                                                                                   |   | (3,103,103                                  | )         |     |    |                          |   |                              |   |             |        |
|               |   | Northgate Total                                                                                                                  |   | $                                           | —    |     |    |                          | 0      |                              | 0.00   | %                |        |   |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 2/12/1997          |   | Olde Atlanta Golf Club  Limited Partnership  c/o The Crescent Company  1580 S. Milwaukee Ave., Suite 101  Libertyville, IL 60048 |   | $                                           | 1,444,926 |     | 72,246  |                          |   |                              |   |             | 36-3834881  |   |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 4/13/1998          |   | Olde Atlanta (redemption)                                                                                                        |   | (62,838                                     | )         | (2,000   | )       |                          |   |                              |   |             |        |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 5/20/1998          |   | Olde Atlanta (redemption)                                                                                                        |   | (64,018                                     | )         | (2,000   | )       |                          |   |                              |   |             |        |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 8/21/1998          |   | Olde Atlanta (redemption)                                                                                                        |   | (52,388                                     | )         | (1,500   | )       |                          |   |                              |   |             |        |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 12/10/1998         |   | Olde Atlanta (redemption)                                                                                                        |   | (30,166                                     | )         | (1,150   | )       |                          |   |                              |   |             |        |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 1/20/1999          |   | Olde Atlanta (redemption)                                                                                                        |   | (66,079                                     | )         | (2,500   | )       |                          |   |                              |   |             |        |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 4/6/1999           |   | Olde Atlanta (conversion)                                                                                                        |   | —                                      |      | (2,000   | )       |                          |   |                              |   |             |        |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 5/1/1999           |   | Olde Atlanta  (recapitalization)                                                                                                 |   | 683,967                                     |      | 30,826   |    |                          |   |                              |   |             |        |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 5/27/1999          |   | Olde Atlanta (conversion)                                                                                                        |   |                                        |      | (2,000   | )       |                          |   |                              |   |             |        |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 7/15/1999          |   | Olde Atlanta (conversion)                                                                                                        |   |                                        |      | (3,500   | )       |                          |   |                              |   |             |        |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 1/10/2000          |   | Olde Atlanta (conversion)                                                                                                        |   |                                        |      | (3,300   | )       |                          |   |                              |   |             |        |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 1/26/2000          |   | Olde Atlanta (conversion)                                                                                                        |   |                                        |      | (4,100   | )       |                          |   |                              |   |             |        |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 4/28/2000          |   | Olde Atlanta (correction  from 3/24/99)                                                                                          |   |                                        |      | 2,000    |    |                          |   |                              |   |             |        |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 8/14/2000          |   | Olde Atlanta (conversion)                                                                                                        |   |                                        |      | (10,600  | )       |                          |   |                              |   |             |        |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 7/9/2001           |   | Redemption at disposition                                                                                                        |   | (757,037                                    | )         | (70,422  | )       |                          |   |                              |   |             |        |
| 7/9/2001           |   | Residual Value                                                                                                                   |   | (1,096,369                                  | )         |     |    |                          |   |                              |   |             |        |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
|               |   | Olde Atlanta Total                                                                                                               |   | $                                           | —    |     |    |                          | — |                              | 0.00   | %                |        |   |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 2/12/1997          |   | Bright’s Creek Development  Co. LLC  104 Cotton Creek Drive  Gulf Shores, AL 36542                                          |   | $                                           | 2,119,005 |     | 105,950 |                          |   |                              |   |             | 63-1120089  |   |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 5/1/2001           |   | Redemption at disposition                                                                                                        |   | (1,271,400                                  | )         | (105,950 | )       |                          |   |                              |   |             |        |
| 5/1/2001           |   | Residual Value                                                                                                                   |   | (847,605                                    | )         |     |    |                          |   |                              |   |             |        |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
|               |   | Bright’s Creek Development  Co. LLC Total                                                                                   |   | $                                           | —    |     |    |                          | — |                              | 0.00   | %                |        |   |
|               |   |                                                                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |        |
| 10/31/1996         |   | David Dick Joseph  14 North Adger’s Wharf  Charleston, SC 29401                                                             |   | $                                           | —    |     | 12,500  |                          |   |                              |   |             | ###-##-#### |   |

 

2

----

 
| **Date  Admitted** |   | **Name and address of partners**                                                                                    |   | **Value of non-cash  capital contribution** |      |     |    | **Partnership  units issued** |   | **Approx. Percentage  Interests** |   | **Federal ID #** |                     |
|--------------------|--------|---------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|-----------|----------|---------|-------------------------------|--------|-----------------------------------|--------|------------------|--------------------------|
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
| 12/14/1999         |   | David Dick Joseph  (conversion)                                                                                     |   |                                        |      | (12,500  | )       |                          |   |                              |   |             |                     |
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
|               |   | David Dick Joseph Total                                                                                             |   | $                                           | —    |     | —  |                          | — |                              | 0.00   | %                |                     |   |
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
| 2/4/1997           |   | W. Bradley Blair, II  14 North Adger’s Wharf  Charleston, SC  29401                                       |   | $                                           | —    |     | 12,500  |                          |   |                              |   |             | ###-##-####              |   |
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
| 12/31/2002         |   | W. Bradley Blair, II  (conversion)                                                                                  |   |                                        |      | (12,500  | )       |                          |   |                              |   |             |                     |
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
|               |   | W. Bradley Blair, II Total                                                                                          |   | $                                           | —    |     |    |                          | — |                              | 0.00   | %                |                     |   |
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
| 2/4/1997           |   | James Hoppenrath  422 1/2 Marguerite Ave.  Corona Del Mar CA 92625                                                  |   | $                                           | —    |     | 3,750   |                          |   |                              |   |             | ###-##-####              |   |
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
| 1/6/2000           |   | James Hoppenrath  (conversion)                                                                                      |   |                                        |      | (3,750   | )       |                          |   |                              |   |             |                     |
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
|               |   | James Hoppenrath Total                                                                                              |   | $                                           | —    |     |    |                          | — |                              | 0.00   | %                |                     |   |
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
| 6/20/1997          |   | Golf Host Resorts, Inc.  c/o Starwood Capital Group, LP  Three Pickwick Plaza, Suite 250  Greenwich, CT  06830 |   | $                                           | —    |     | 274,039 |                          |   |                              |   |             | 84-0631130               |   |
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
| 3/3/2000           |   | Golf Host (conversion)                                                                                              |   |                                        |      | (274,039 | )       |                          |   |                              |   |             |                     |
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
|               |   | Golf Host Resorts, Inc.  Total                                                                                      |   | $                                           | —    |     |    |                          | — |                              | 0.00   | %                |                     |   |
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
| 9/2/1997           |   | John J. Rainieri, Sr.  Betty Rainieri  4350 Mayfair Road  Uniontown, OH 44685                                       |   | $                                           | 3,198,168 |     | 114,237 |                          |   |                              |   |             | ###-##-####  ###-##-#### |   |
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
| 1/4/2001           |   | Redemption at disposition                                                                                           |   | (910,632                                    | )         | (75,886  | )       |                          |   |                              |   |             |                     |
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
| 5/16/2001          |   | Redemption at disposition                                                                                           |   | (460,212                                    | )         | (38,351  | )       |                          |   |                              |   |             |                     |
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
| 5/16/2001          |   | Residual Value                                                                                                      |   | (1,827,324                                  | )         |     |    |                          |   |                              |   |             |                     |
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
|               |   | John J. Rainieri, Sr. Total                                                                                         |   | $                                           | —    |     |    |                          | 0      |                              | 0.00   | %                |                     |   |
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
| 9/2/1997           |   | Raintree Country Club, Inc.  4350 Mayfair Road  Uniontown, OH 44685                                                 |   | $                                           | 204,138   |     | 7,292   |                          |   |                              |   |             | 34-1736212               |   |
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
| 1/4/2001           |   | Raintree (redemption at  disposition)                                                                               |   | (87,504                                     | )         | (7,292   | )       |                          |   |                              |   |             |                     |
| 1/4/2001           |   | Residual Value                                                                                                      |   | (116,634                                    | )         |     |    |                          |   |                              |   |             |                     |
|               |   | (Value at Issue - Value at  Redemption)                                                                             |   |                                        |      |     |    |                          |   |                              |   |             |                     |
|               |   |                                                                                                                |   |                                        |      |     |    |                          |   |                              |   |             |                     |
|               |   | Raintree Country Club, Inc.  Total                                                                                  |   | $                                           | —    |     |    |                          | — |                              | 0.00   | %                |                     |   |

 

3

----

 
| **Date  Admitted** |   | **Name and address of partners**                                                                                                                       |   | **Value of non-cash  capital contribution** |      |    |    | **Partnership  units issued** |   | **Approx. Percentage  Interests** |   | **Federal ID #** |       |
|--------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|-----------|---------|---------|-------------------------------|--------|-----------------------------------|--------|------------------|------------|
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
| 9/30/1997          |   | Eagle Watch Golf Club,  Limited Partnership  c/o E. Neal Trogdon  The Crescent Company  1580 South Milwaukee Avenue, Suite 101  Libertyville, IL 60048 |   | $                                           | 1,890,682 |    | 70,158  |                          |   |                              |   |             | 36-3903287 |   |
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
| 11/2/1998          |   | Eagle Watch (redemption)                                                                                                                               |   | (64,199                                     | )         | (2,150  | )       |                          |   |                              |   |             |       |
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
| 5/21/1999          |   | Eagle Watch  (conversion)                                                                                                                         |   |                                        |      | (1,250  | )       |                          |   |                              |   |             |       |
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
| 4/28/2000          |   | Eagle Watch (correction  from 3/24/99)                                                                                                                 |   |                                        |      | (2,000  | )       |                          |   |                              |   |             |       |
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
| 7/9/2001           |   | Redemption at disposition                                                                                                                              |   | (696,149                                    | )         | (64,758 | )       |                          |   |                              |   |             |       |
| 7/9/2001           |   | Residual Value                                                                                                                                         |   | (1,130,335                                  | )         |    |    |                          |   |                              |   |             |       |
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
|               |   | Eagle Watch Total                                                                                                                                      |   | $                                           | —    |    | —  |                          |   |                              | 0.00   | %                |       |   |
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
| 10/17/1997         |   | Properties of the Country,  Inc.  102 West Crestview Circle, Suite 100  Louisburg, KS  66053                                                      |   | $                                           | 500,000   |    | 19,231  |                          |   |                              |   |             | 48-1157265 |   |
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
| 3/16/2001          |   | Redemption at disposition                                                                                                                              |   | (230,772                                    | )         | (19,231 | )       |                          |   |                              |   |             |       |
| 3/16/2001          |   | Residual Value                                                                                                                                         |   | (269,228                                    | )         |    |    |                          |   |                              |   |             |       |
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
|               |   | Properties of the Country,  Inc. Total                                                                                                                 |   | $                                           | —    |    | —  |                          |   |                              | 0.00   | %                |       |   |
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
| 11/25/1997         |   | Granite Golf Corporation  1510 N. Hayden Road, Suite 7  Scottsdale, AZ 85260                                                                           |   | $                                           | 650,000   |    | 24,424  |                          |   |                              |   |             | 86-0926890 |   |
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
| 7/2/1999           |   | Granite Golf (redemption)                                                                                                                              |   | (200,257                                    | )         | (8,393  | )       |                          |   |                              |   |             |       |
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
| 7/27/1999          |   | Granite Golf  (redemption)                                                                                                                        |   | (237,935                                    | )         | (10,354 | )       |                          |   |                              |   |             |       |
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
| 8/13/1999          |   | Granite Golf  (redemption)                                                                                                                        |   | (125,746                                    | )         | (5,677  | )       |                          |   |                              |   |             |       |
| 8/13/1999          |   | Residual Value                                                                                                                                         |   |                                        |      |    |    |                          |   |                              |   |             |       |
|               |   | (Value at Issue - Value at  Redemption)                                                                                                                |   | (86,062                                     | )         |    |    |                          |   |                              |   |             |       |
|               |   |                                                                                                                                                   |   | —                                      |      |    |    | —                        |   |                              |   |             |       |
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
|               |   | Granite Golf Corporation  Total                                                                                                                        |   | $                                           | —    |    |    |                          | — |                              | 0.00   | %                |       |   |
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
| 12/19/1997         |   | Stonehenge Golf  Development, LLC  90 Mallet Hill Road  Columbia, SC  29223                                                                       |   | $                                           | 4,500,000 |    | 169,811 |                          |   |                              |   |             | 56-2027442 |   |
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
| 1/10/2000          |   | Stonehenge Golf  (conversion)                                                                                                                          |   |                                        |      | (50,000 | )       |                          |   |                              |   |             |       |
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
| 6/20/2000          |   | Stonehenge Golf  (conversion)                                                                                                                          |   |                                        |      | (25,471 | )       |                          |   |                              |   |             |       |
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
| 3/26/2002          |   | Stonehenge Golf  (conversion)                                                                                                                          |   |                                        |      | (94,340 | )       |                          |   |                              |   |             |       |
|               |   |                                                                                                                                                   |   |                                        |      |    |    |                          |   |                              |   |             |       |
| 8/13/1999          |   | Equity Reclass                                                                                                                                         |   | (4,500,000                                  | )         |    |    |                          |   |                              |   |             |       |

 

4

----

 
| **Date  Admitted** |   | **Name and address of partners**                                                         |   | **Value of non-cash  capital contribution** |      |     |    | **Partnership  units issued** |   | **Approx. Percentage  Interests** |   | **Federal ID #** |       |
|--------------------|--------|------------------------------------------------------------------------------------------|--------|---------------------------------------------|-----------|----------|---------|-------------------------------|--------|-----------------------------------|--------|------------------|------------|
|               |   |                                                                                     |   |                                        |      |     |    |                          |   |                              |   |             |       |
|               |   | Stonehenge Golf  Development, LLC Total                                                  |   | $                                           | —    |     |    |                          | — |                              | 0.00   | %                |       |   |
|               |   |                                                                                     |   |                                        |      |     |    |                          |   |                              |   |             |       |
| 1/16/1998          |   | Mystic Creek Golf Club,  Limited Partnership  1303 West Commerce Road  Milford, MI 48380 |   | $                                           | 1,500,000 |     | 52,724  |                          |   |                              |   |             | 38-3187304 |   |
|               |   |                                                                                     |   |                                        |      |     |    |                          |   |                              |   |             |       |
|               |   |                                                                                     |   |                                        |      |     |    |                          |   |                              |   |             |       |
|               |   |                                                                                     |   |                                        |      |     |    |                          |   |                              |   |             |       |
| 9/20/2002          |   | Mystic Creek (redemption)                                                                |   | (91,792                                     | )         | (52,724  | )       |                          |   |                              |   |             |       |
| 9/20/2002          |   | Residual Value                                                                           |   | (1,408,208                                  | )         |     |    |                          |   |                              |   |             |       |
|               |   | (Value at Issue - Value at  Redemption)                                                  |   |                                        |      |     |    |                          |   |                              |   |             |       |
|               |   |                                                                                     |   |                                        |      |     |    |                          |   |                              |   |             |       |
|               |   | Mystic Creek Golf Club  Total                                                            |   | $                                           | —    |     |    |                          | — |                              | 0.00   | %                |       |   |
|               |   |                                                                                     |   |                                        |      |     |    |                          |   |                              |   |             |       |
| 2/1/1998           |   | Okeechobee Championship  Golf, Inc.  2100 Emerald Dunes Drive  West Palm Beach, FL 33411 |   | $                                           | 6,138,369 |     | 227,347 |                          |   | (1)                               |   |             | 65-0115196 |   |
|               |   |                                                                                     |   |                                        |      |     |    |                          |   |                              |   |             |       |
| 9/7/2001           |   | Redemption at disposition                                                                |   | (2,289,924                                  | )         | (218,088 | )       |                          |   |                              |   |             |       |
| 9/7/2001           |   | Residual Value                                                                           |   | (3,598,452                                  | )         |     |    |                          |   |                              |   |             |       |
|               |   | (Value at Issue - Value at  Redemption)                                                  |   |                                        |      |     |    |                          |   |                              |   |             |       |
|               |   |                                                                                     |   |                                        |      |     |    |                          |   |                              |   |             |       |
| 9/10/2002          |   | Cancelled                                                                                |   | —                                      |      | (9,259   | )       |                          |   |                              |   |             |       |
|               |   |                                                                                     |   |                                        |      |     |    |                          |   |                              |   |             |       |
| 9/10/2002          |   | Residual Value                                                                           |   | (249,993                                    | )         |     |    |                          |   |                              |   |             |       |
|               |   | (Value at Issue - Value at  Redemption)                                                  |   |                                        |      |     |    |                          |   |                              |   |             |       |
|               |   |                                                                                     |   |                                        |      |     |    |                          |   |                              |   |             |       |
|               |   | Okeechobee Championship  Golf, Inc. Total                                                |   | $                                           | —    |     |    |                          | — |                              | 0.00   | %                |       |   |

 

----

(1)     Includes 218,088 Class A Common Units issuedwith a valuation of $5,888,376 and 9,259 Class B Common OP Units issued with avaluation of $249,993

 
| 5/22/1998  |   | Eagle Ridge Lease Company  LLC  16100 N. Greenway-Hayden Loop  Scottsdale, AZ 85260 |   | $          | 1,198,750 |    |    |   | 35,794 |   | 0.45   | %      | 52-2099405 |   |
|------------|--------|-------------------------------------------------------------------------------------|--------|------------|-----------|---------|---------|--------|--------|--------|--------|--------|------------|--------|
|       |   |                                                                                |   |       |      |    |    |   |   |   |   |   |       |
| 5/28/1998  |   | Golf Classic Resorts, LLC  536 South Avenue  Glencoe, IL 60022                      |   | $          | 879,995   |    | 26,357  |   |   |   |   |   | 85-0453484 |   |
|       |   |                                                                                |   |       |      |    |    |   |   |   |   |   |       |
| 11/26/1999 |   | Golf Classic Resorts  (redemption)                                                  |   | (199,633   | )         | (11,577 | )       |   |   |   |   |   |       |
|       |   |                                                                                |   |       |      |    |    |   |   |   |   |   |       |
| 12/31/1999 |   | Golf Classic Resorts  (redemption)                                                  |   | (34,517    | )         | (2,060  | )       |   |   |   |   |   |       |
|       |   |                                                                                |   |       |      |    |    |   |   |   |   |   |       |
| 2/7/2000   |   | Golf Classic Resorts  (redemption)                                                  |   | (221,408   | )         | (12,720 | )       |   |   |   |   |   |       |
| 2/7/2000   |   | Residual Value                                                                      |   | (424,437   | )         |    |    |   |   |   |   |   |       |
|       |   | (Value at Issue - Value at  Redemption)                                             |   |       |      |    |    |   |   |   |   |   |       |
|       |   | Golf Classic Resorts, LLC  Total                                                    |   | $          | —    |    | —  |   |   |   | 0.00   | %      |       |   |
|       |   |                                                                                |   |       |      |    |    |   |   |   |   |   |       |
| 8/28/1998  |   | Osage National Golf Club  LLC  900 Hickory Street  St. Louis, MO 63104              |   | $          | 3,451,068 |    | 124,700 |   |   |   |   |   | 43-1735431 |   |
|       |   |                                                                                |   |       |      |    |    |   |   |   |   |   |       |
| 6/30/1999  |   | Osage (Redemption)                                                                  |   | (1,393,382 | )         | (58,576 | )       |   |   |   |   |   |       |
|       |   |                                                                                |   |       |      |    |    |   |   |   |   |   |       |
| 6/20/2000  |   | Osage (Redemption)                                                                  |   | (1,055,101 | )         | (66,124 | )       |   |   |   |   |   |       |

 

5

----

 
| **Date  Admitted**    |   | **Name and address of partners**                                                                                      |   | **Value of non-cash  capital contribution** |    |    |      | **Partnership  units issued** |   | **Approx. Percentage  Interests** |   | **Federal ID #** |       |
|-----------------------|--------|-----------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|---------|---------|-----------|-------------------------------|--------|-----------------------------------|--------|------------------|------------|
|                  |   |                                                                                                                  |   |                                        |    |    |      |                          |   |                              |   |             |       |
| 6/20/2000             |   | Residual Value                                                                                                        |   | (1,002,585                                  | )       |    |      |                          |   |                              |   |             |       |
|                  |   | (Value at Issue - Value at  Redemption)                                                                               |   |                                        |    |    |      |                          |   |                              |   |             |       |
|                  |   | Osage National Golf Club  LLC Total                                                                                   |   | $                                           | —  |    |      |                          | — |                              | 0.00   | %                |       |   |
|                  |   |                                                                                                                  |   |                                        |    |    |      |                          |   |                              |   |             |       |
| 12/14/1998            |   | Brentwood Golf &  Country Club, Inc.  4801 Faircourt, West Bloomfield, MI 48322  PO Box 386, Union Lake, MI 48387 |   | $                                           | 650,000 |    | 24,482    |                          |   |                              |   |             | 38-3148750 |   |
|                  |   |                                                                                                                  |   |                                        |    |    |      |                          |   |                              |   |             |       |
| 6/20/2000             |   | Brentwood (Redemption)                                                                                                |   | (390,645                                    | )       | (24,482 | )         |                          |   |                              |   |             |       |
| 6/20/2000             |   | Residual Value                                                                                                        |   | (259,355                                    | )       |    |      |                          |   |                              |   |             |       |
|                  |   |                                                                                                                  |   |                                        |    |    |      |                          |   |                              |   |             |       |
|                  |   | Brentwood Golf &  Country Club, Inc. Total                                                                        |   | $                                           | —  |    |      |                          | — |                              | 0.00   | %                |       |   |
|                  |   |                                                                                                                  |   |                                        |    |    |      |                          |   |                              |   |             |       |
| 12/22/1998            |   | Gutta-Percha Golf, Inc.  365 W. California Blvd.  Suite 2  Pasadena, CA  91105                              |   | $                                           | 870,000 |    | 32,986    |                          |   |                              |   |             | 95-4493507 |   |
|                  |   |                                                                                                                  |   |                                        |    |    |      |                          |   |                              |   |             |       |
| 9/5/2000              |   | Palm Desert (Redemption)                                                                                              |   | (460,785                                    | )       | (32,986 | )         |                          |   |                              |   |             |       |
| 9/5/2000              |   | Residual Value                                                                                                        |   | (409,215                                    | )       |    |      |                          |   |                              |   |             |       |
|                  |   |                                                                                                                  |   |                                        |    |    |      |                          |   |                              |   |             |       |
|                  |   | Gutta-Percha Golf, Inc.  Total                                                                                        |   | $                                           | —  |    |      |                          | — |                              | 0.00   | %                |       |   |
|                  |   |                                                                                                                  |   |                                        |    |    |      |                          |   |                              |   |             |       |
| 2/4/1997              |   | GTA LP, Inc.  14 North Adger’s Wharf  Charleston, SC 29401                                                       |   | $                                           | —  |    | 7,868,789 |                          |   |                              | 99.34  | %                | 58-2290326 |   |
|                  |   |                                                                                                                  |   |                                        |    |    |      |                          |   |                              |   |             |       |
| 2/4/1997              |   | GTA GP, Inc.  14 North Adger’s Wharf  Charleston, SC 29401                                                       |   | $                                           | —  |    | 16,154    |                          |   |                              | 0.20   | %                | 58-2290217 |   |
|                  |   |                                                                                                                  |   |                                        |    |    |      |                          |   |                              |   |             |       |
| Total Common OP Units |   |                                                                                                                  |   | 7,920,737                                   |    |    |      | 100.00                        | %      |                              |   |

 

**Series A Preferred OP Units**

 
| 4/2/1999 |   | GTA LP, Inc.  14 North Adger’s Wharf  Charleston, SC 29401 |   | $ | 20,000,000 |   | 800,000 |   |   |   | 100 | % |   |   |
|----------|--------|-----------------------------------------------------------------|--------|---|------------|--------|---------|--------|--------|--------|-----|---|--------|--------|

 

**Series B Preferred OP Units**

 
| 5/11/1999 |   | Metamora Golf Operating  Company, L.L.C.  c/o Total Golf, Inc.  1303 W. Commerce Drive  Milford, MI  48380 |   | $        | 295,003 |    | 10,169 |   |   |   |   |   | 38-3462287 |   |
|-----------|--------|-----------------------------------------------------------------------------------------------------------------|--------|----------|---------|---------|--------|--------|--------|--------|--------|--------|------------|--------|
|      |   |                                                                                                            |   |     |    |    |   |   |   |   |   |   |       |
| 9/25/2000 |   | Redemption at Disposition                                                                                       |   | (295,003 | )       | (10,169 | )      |   |   |   |   |   |       |
|      |   |                                                                                                            |   |     |    |    |   |   |   |   |   |   |       |
|      |   | Metamora Golf Operating  Company, L.L.C.                                                                        |   | $        | —  |    |   |   | — |   | 0.00   | %      |       |   |

 

6

----

 

**Series C Preferred OP Units**

 
| **Date  Admitted** |   | **Name and address of partners**                                       |   | **Value of non-cash  capital contribution** |         |    |   | **Partnership  units issued** |   | **Approx. Percentage  Interests** |   | **Federal ID #** |       |
|--------------------|--------|------------------------------------------------------------------------|--------|---------------------------------------------|--------------|---------|--------|-------------------------------|--------|-----------------------------------|--------|------------------|------------|
| 7/28/1999          |   | Burning Embers Corporation  801Aaron Smith Drive  Bridgeport, WV 26330 |   | $                                           | 1,350,000.00 |    | 48,949 |                          |   |                              |   |             | 55-0720833 |   |
|               |   |                                                                   |   |                                        |         |    |   |                          |   |                              |   |             |       |
| 6/20/2001          |   | Redemption (foreclosure on  collateral)                                |   | (1,350,000                                  | )            | (48,949 | )      |                          |   |                              |   |             |       |
|               |   |                                                                   |   |                                        |         |    |   |                          |   |                              |   |             |       |
|               |   | Burning Embers Corporation  Total                                      |   | $                                           | —       |    |   |                          |   |                              | 0.00   | %                |       |   |

 

7

----