Exhibit 13

September 1, 2000


Dear Shareholders:

Greetings!

Your  Board of  Directors  is  pleased  to report  that  fiscal  year 2000 was a
remarkable  period for your Company.  Revenues from our  operations  reached new
highs and we continued to make progress in implementing  our development  plans.
We are well into the  infrastructure  design stage for our Sector Plan,  and the
initial  projects  for the  area  have  started  to take  shape.  Financing  the
infrastructure  is a key  component  to our  future  success.  We are  currently
working on a number of possibilities in this regard.

Our Cedar Ridge project is completely sold out, and we have started construction
on two new  subdivisions.  We have  executed a letter of intent  with  Kaufman &
Broad Homes for one of the  projects  and expect to begin  marketing  the second
subdivision in the near future. A third residential project, Painted Sky, should
come into focus by the end of the year.  Overall,  while the Albuquerque  market
for new housing has slowed some over the past twelve months,  we continue to see
a good demand for our area.

Over the past 10 years, we have made the Company's  cemeteries a priority.  Many
new improvements were introduced in fiscal year 2000, and we continue to work to
beautify these areas. Like all of our projects, we want you to feel proud of the
cemeteries.

The business of real estate and land  development  faces a lot of adversity from
individuals and organizations  opposed to Albuquerque's growth. We are committed
meet the needs for employment,  housing,  education,  and recreation by building
new  communities  on the  west  side.  Our  goal  is to  develop  the  land in a
responsible  manner and to be mindful of water  conservation and air quality and
the many issues that face a growing economy.  We are proud of our successful ten
years and more excited about the Company's future.

I look forward to seeing you at our Annual Shareholder Meeting. Please feel free
to call upon me anytime.

Sincerely,



Barbara Page

President and Chief Executive Officer

BUSINESS OF WESTLAND

Westland  owns a large tract of land  consisting of  approximately  59,000 acres
(the "Land")  located on the west side of the City of  Albuquerque,  New Mexico.
Most of the Land is held for  long-term  investment  and is leased to others for
grazing  purposes while the balance is held for  development,  sales and leasing
activities.  Approximately 48,000 acres of this Land were originally part of the
Atrisco Land Grant, which was granted to a group of Spanish settlers in 1692.

Westland generates cash internally through its land operations  (grazing leases,
real  estate  sales and  commercial  leases)  and  externally  through  long and
short-term  borrowing.  The profitability and resulting cash flows of Westland's
land operations depend on numerous  factors,  such as demand for grazing leases,
land  leases,  supply  of  competitively   priced,   developed  or  undeveloped,
properties for  residential,  industrial or commercial uses. Over the long term,
Westland  expects that residential and industrial  growth on Albuquerque's  west
side will continue to increase the demand for Westland's  land,  thus continuing
Westland's  ability to generate  revenue from land development and sales. In the
short  term,  however,  periodic  local and  national  economic  conditions  may
decrease  the number of land sales and  hinder  development,  such as during the
period  from 1986  through  1992.  Westland  is now  starting  on its next major
undertaking  as development  on its new sector plan comes into  existence.  This
development  start  culminates a decade of hard and diligent  work by Westland's
Directors and employees.

Westland's  basic business  philosophy  continues to be to hold certain areas of
the land in trust for  shareholders  and to enhance  the value of other areas of
the Land through careful planning and development to assure perpetual benefit to
the Company and its shareholders.

MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF  FINANCIAL  CONDITION  AND RESULTS OF
OPERATION OPERATIONS

In the past  fiscal  year,  land sales were  greater  than the prior year as the
Company  experienced  about the same sales of improved  residential lots as last
year and greater large parcel sales. During fiscal 1999 there were $2,605,000 of
sales of lands to the National Park Service  ("NPS") as part of its  acquisition
of the lands included in the Petroglyph  National  Monument.  This was the final
acquisition of land to be purchased from the Company by NPS. Such sales amounted
to approximately 54% of the Company's sales revenue for 1999.

During fiscal 2000, Albuquerque continued a slower but still significant pattern
of growth that has  benefited  Westland  for the past eight  years.  Albuquerque
continues to be one of the fastest growing cities in the Southwest and,  because
of certain  geographical and other  limitations on its growth,  Westland's lands
lie  directly  in the  path of  future  predictable  growth  patterns.  Sales of
improved residential lots in fiscal 2000 were approximately $1,148,000, compared
to sales of approximately $1,221,000 in fiscal 1999.

Westland's  future revenues will continue to be largely  dependent upon the sale
of land. The Company's assets are illiquid,  comprising principally  undeveloped
land. Sales are dependent upon the market conditions in Albuquerque, New Mexico.

Westland  anticipates making capital  commitments for land development  projects
over the next few  years as the  economy  and  opportunities  dictate  that such
expenditures  would  be  warranted.  Capital  commitments  may  include  special
assessment  districts  for roads and water and sewer lines on its land.  In some
cases  infrastructure  improvements are paid for by assessments,  which increase
the value of Westland's  land and make further  development  possible.  Westland
intends  to  incur  capital   expenditures   when  management   determines  such
investments will increase the value of the land and generate future revenue.

Land is Westland's  principal  capital  resource,  and is valued,  for financial
accounting purposes, at its 1907 value plus the cost of improvements. Westland's
balance  sheet does not reflect  the actual  current  value of this  asset.  The
Company has no current appraisals of the land and,  therefore,  the actual value
of the land is not known.  The carrying  value of the land was increased  during
the fiscal year ended June 30, 2000, primarily reflecting increased  investment.
The  carrying  value  will be  increased  or  decreased  regularly  as  Westland
acquires,  sells or develops parcels of land.  Management  believes the June 30,
2000 carrying  value of the land is  substantially  less than its current market
value.  Westland's  balance sheet also  segregates  income-producing  properties
which consist of commercial  real estate and  improvements.  The actual value of
Westland's land varies depending on national and local market conditions and the
amount and proximity of roads,  utilities and other  amenities to the land under
development.  As Albuquerque continues to grow, the land value of both developed
and undeveloped land should increase.

As reported  last year,  after some  delay,  Westland  received  approval of its
Master Plan by both the City of Albuquerque  and Bernalillo  County.  The Master
Planned  land  includes  the area north of  Interstate  40 and south of the area
designated  for the Petroglyph  National  Monument  between Unser  Boulevard and
Paseo del Volcan  Road.  The Master Plan area  encompasses  approximately  6,400
acres,  but does not include any land located  within the Monument and will have
no  adverse  impact  on the  Monument.  During  the  fiscal  year  the  City  of
Albuquerque  annexed the initial 1,600 acres of the master  planned area,  which
will permit sewer and water services to be extended in an orderly manner to that
number of acres as they are developed. Westland has agreed with the City that it
will pay the cost of the  infrastructure  normally  paid for by the city for new
development  in the master  planned area and will recover  those costs through a
fee charged by the city as each lot is  connected  to the  services.  Management
still  anticipates  that  development  and sale of the  initial  parcels of land
within  the  Master  Planned  area  will  occur  in  the  year  2000,   however,
unforeseeable  delays in getting utilities to the lands may cause this period to
be extended beyond that anticipated date.

Westland is currently preparing marketing  information and considering financial
options and the optimum timing for initiating development,  marketing, and sales
of land in the Sector Plan area.  The  Company  and Mesa Golf of Dallas,  Texas,
recently  obtained  approval for a 27 hole golf course community  located on 500
acres  adjoining the Petroglyph  National  Monument  within the Sector Plan area
from the City of Albuquerque's Environmental Planning Commission.  Unfortunately
the City's  approval  was  appealed by Mr.  Jaime Chavez "on behalf of concerned
Atrisco Land Grant heirs" in the name of Water Information  Network.  The appeal
may  delay  the golf  course  project,  and  possibly  the  Sector  Plan  area's
development,  increase  expenses  for the  Company,  and  damage  the  Company's
reputation.

Management   remains   committed  to  begin  the  construction  of  residential,
industrial and commercial  developments for lease or sale.  Westland's long term
business  philosophy is to enhance the value of Westland's  land through careful
planning and  development,  while retaining  ownership of a major portion of the
land in perpetuity and  simultaneously  increasing the value of Westland's stock
and to provide dividends for its  shareholders,  when consistent with Westland's
need for a sufficient cash flow to meet current operating expenses.

Financial Condition:

During fiscal 2000,  total assets  increased to  $20,237,662  from  $19,900,219,
while liabilities decreased from $13,208,119 to $12,060,545.  During fiscal 2000
Westland  invested  $2,183,749  in income  producing and other assets and repaid
notes and mortgages of $1,161,221.  Including  these uses of cash and payment of
cash  dividends  of  $802,708,   cash  equivalents  and  short-term  investments
increased by $114,273, as operations provided $2,407,033.

In fiscal  2000,  the  Company  maintained  lines of  credit  with  local  banks
aggregating approximately  $3,600,000,  collateralized by certain real property.
The  purpose of these  lines is to provide  funds  necessary  for its  continued
expansion. At June 30, 2000, the lines had no outstanding balances During fiscal
2001,  the  Company  will  be  obligated  to pay  income  tax  of  approximately
$1,200,000 should replacement  properties  totaling $2,986,000 for lands sold to
the National Park Service not be acquired.  Management  diligently  seeks income
producing properties for acquisition as replacement properties and fully expects
to off-set this tax obligation. Management believes that the uncommitted balance
of cash, cash equivalents, investments and its borrowing capacity are sufficient
to  meet  all of the  Company's  obligations  during  2001  without  considering
additional revenues that may be generated during that period.

Results of Operations:

In fiscal 2000, land revenues increased by $1,726,720 from $4,785,199 in 1999 to
$6,511,919.  The related  cost of land  revenues  increased  to  $1,253,870,  or
$415,838 from $838,032 in fiscal 1999. Rental revenue increased from $702,065 to
$843,105  and the related  costs  increased  from  $173,800 to  $258,572.  These
increases  are  expected to continue as the Company  expands its  activities  in
these areas. In 1999, other income and expense included gain on disposition  and
cost of land donated to charity.

MARKET  PRICE  OF  AND  DIVIDENDS  ON  WESTLAND'S   COMMON  EQUITY  AND  RELATED
STOCKHOLDER MATTERS

Because  ownership of Westland's  stock is  restricted  in the manner  discussed
below,  no established  public trading market exists for Westland's  outstanding
shares and, to the best of Westland's knowledge,  no dealer has made, is making,
or is  attempting  to create such a market from which to  determine an aggregate
market  value of any of  Westland's  stock.  In 1989,  Westland  entered into an
arrangement with an independent stockbroker to broker transactions in Westland's
stock between  shareholders.  The broker has informed Westland that the price at
which   Westland's   common  stock  had  been  bought  and  sold  by  Westland's
shareholders  during the ninety (90) days preceding this date of this report has
been $22 per share.

Since 1982, the outstanding shares have been subject to restrictions  imposed by
a majority  of  Westland's  shareholders  who  amended  Westland's  Articles  of
Incorporation.   Those  Articles  prohibit  (with  certain  limited  exceptions)
transfer  of Westland  stock to persons  other than  lineal  descendants  of the
original incorporators of the Town of Atrisco (a New Mexico Community Land Grant
Corporation).

The following  table sets forth the  approximate  number of holders of record of
each class of Westland's common stock as of September 1, 2000:

                                                            Number of
             Title of Class                                Record Holders
         ----------------------                            --------------

         No Par Value Common                                    5622
         $1.00 Par Value Common           Class A                  0
         $1.00 Par Value Common           Class B                 22

Dividends:  During each of the last two (2) fiscal years ended June 30, 1999 and
June 30, 2000, Westland paid cash dividends to shareholders, aggregating a total
during those two years of  $1,605,416.  Subsequent to June 30, 2000, the Company
has paid an  additional  cash  dividend  of $1.25  per  share  for an  aggregate
dividend payment to the shareholders of $1,001,471.

ON WRITTEN  REQUEST,  THE COMPANY WILL PROVIDE,  WITHOUT  CHARGE,  A COPY OF ITS
ANNUAL  REPORT ON FORMS  10-KSB FOR THE FISCAL YEAR ENDED JUNE 30,  2000,  FILED
WITH THE SECURITIES AND EXCHANGE COMMISSION  (INCLUDING THE FINANCIAL STATEMENTS
AND THE  SCHEDULES  THERETO)  TO ANY RECORD  HOLDER OR  BENEFICIAL  OWNER OF THE
COMPANY'S  SHARES AS OF THE CLOSE OF BUSINESS ON SEPTEMBER 1, 2000.  ANY EXHIBIT
WILL  BE  PROVIDED  ON  REQUEST  UPON  PAYMENT  OF THE  REASONABLE  EXPENSES  OF
FURNISHING THE EXHIBIT. ANY SUCH WRITTEN REQUEST SHOULD BE ADDRESSED TO DAVID C.
ARMIJO,  SECRETARY,  WESTLAND  DEVELOPMENT  CO., INC., and 401 COORS  BOULEVARD,
N.W., ALBUQUERQUE, NEW MEXICO 87121.


<PAGE>


               Report of Independent Certified Public Accountants

Stockholders
Westland Development Co., Inc.

We have audited the  accompanying  balance  sheet of Westland  Development  Co.,
Inc., as of June 30, 2000, and the related statements of earnings, stockholders'
equity,  and cash flows for each of the two years in the  period  ended June 30,
2000.  These  financial  statements  are  the  responsibility  of the  Company's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of Westland Development Co., Inc.,
as of June 30, 2000,  and the results of its  operations  and its cash flows for
each of the two years in the  period  ended  June 30,  2000 in  conformity  with
generally accepted accounting principles.




GRANT THORNTON LLP


Oklahoma City, Oklahoma
August 11, 2000


<PAGE>


                         Westland Development Co., Inc.

                                  BALANCE SHEET

                                  June 30, 2000

           ASSETS

Cash and cash equivalents ..........................                 $ 3,882,560

Short-term investments .............................                     109,914

Receivables

  Real estate contracts (note B) ...................  $    66,857
  Note receivable - related party (note M) .........      103,075
  Other receivables ................................       93,596        263,528
                                                      -----------

Land and improvements held for future
  development (notes C and E) ......................                   6,971,322

Income-producing properties, net (notes D and E) ...                   8,202,679

Property and equipment, net of accumulated
  depreciation of $527,642 (note E) ................                     388,574

Investments in partnerships and joint ventures .....                     234,709

Income taxes receivable ............................                      22,585

Other assets .......................................                     161,791
                                                                     -----------
                                                                     $20,237,662
                                                                     ===========

           LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable, accrued expenses, and
  other liabilities ................................                 $   476,066
Deferred income taxes (note F) .....................                   5,369,049
Notes, mortgages, and assessments payable (note E) .                   6,215,430
                                                                     -----------

                  Total liabilities                                   12,060,545

Commitments and contingencies (notes E and L) ......                       --

Stockholders' equity (note G)
  Common  stock - no par value; authorized
    736,668   shares;  issued  and  outstanding,
    715,293 shares .................................  $     8,500
  Class B common stock - $1 par value; authorized,
    491,112 shares; issued and outstanding,
    86,100 shares ..................................       86,100
    Additional paid-in capital .....................      581,527
    Retained earnings ..............................    7,500,990      8,177,117
                                                      -----------    -----------

                                                                     $20,237,662
                                                                     ===========

        The accompanying notes are an integral part of this statement.



<PAGE>


                         Westland Development Co., Inc.

                             STATEMENTS OF EARNINGS

                               Year ended June 30,

                                                       2000            1999
                                                    -----------     -----------

Revenues
  Land .........................................    $ 6,511,919     $ 4,785,199
  Deferred profit recognized on
    installment sales ..........................           --            30,306
  Rentals ......................................        843,105         702,065
                                                    -----------     -----------
                                                      7,355,024       5,517,570

Costs and expenses
  Cost of land revenues ........................      1,253,870         838,032
  Cost of rentals ..............................        258,572         173,800
  Other general, administrative,
    and operating ..............................      1,802,016       1,991,667
                                                    -----------     -----------
                                                      3,314,458       3,003,499
                                                    -----------     -----------

              Operating income .................      4,040,566       2,514,071

Other (income) expense
  Interest income ..............................       (234,872)       (136,611)
  Gain on sale or disposition of
    property and equipment (note O) ............           (280)       (747,560)
  Other, net (note O) ..........................        (16,223)        789,158
  Interest expense .............................        605,277         540,516
                                                    -----------     -----------
                                                        353,902         445,503
                                                    -----------     -----------

              Earnings before income taxes .....      3,686,664       2,068,568

Income tax expense (note F) ....................      1,354,464         780,000
                                                    -----------     -----------

              NET EARNINGS .....................    $ 2,332,200     $ 1,288,568
                                                    ===========     ===========

Weighted average common shares outstanding .....        802,626         807,775
                                                    ===========     ===========

Earnings per common share ......................    $      2.91     $      1.60
                                                    ===========     ===========

        The accompanying notes are an integral part of these statements.


<PAGE>


                         Westland Development Co., Inc.

                        STATEMENT OF STOCKHOLDERS' EQUITY

                       Years ended June 30, 2000 and 1999
<TABLE>
<CAPTION>
                                                                         Class B
                                         Common stock                 Common stock
                                         no par value                 $1 par value         Additional
                                  --------------------------   -------------------------     paid-in      Retained
                                    Shares          Amount        Shares        Amount       capital      earnings         Total
                                  -----------    -----------   -----------   -----------   -----------   -----------    -----------
<S>                               <C>            <C>           <C>           <C>           <C>           <C>            <C>
Balances at July 1, 1998 ......       716,608    $     8,500        86,100   $    86,100   $   581,527   $ 5,530,113    $ 6,206,240

Net earnings ..................          --             --            --            --            --       1,288,568      1,288,568

Cash dividends paid -
  $1 per share ................          --             --            --            --            --        (802,708)      (802,708)
                                  -----------    -----------   -----------   -----------   -----------   -----------    -----------

Balances at June 30, 1999 .....       716,608          8,500        86,100        86,100       581,527     6,015,973      6,692,100

Net earnings ..................          --             --            --            --            --       2,332,200      2,332,200

Cash dividends paid -
  $1 per share ................          --             --            --            --            --        (802,708)      (802,708)

Purchase/retirement of
  common stock ................        (1,315)          --            --            --            --         (44,475)       (44,475)
                                  -----------    -----------   -----------   -----------   -----------   -----------    -----------

Balances at June 30, 2000 .....       715,293    $     8,500        86,100   $    86,100   $   581,527   $ 7,500,990    $ 8,177,117
                                  ===========    ===========   ===========   ===========   ===========   ===========    ===========
</TABLE>

        The accompanying notes are an integral part of these statements.

<PAGE>


                         Westland Development Co., Inc.

                            STATEMENTS OF CASH FLOWS

                               Year ended June 30,
<TABLE>
<CAPTION>

                                                                                        2000           1999
                                                                                     -----------    -----------

Increase (Decrease) in Cash and Cash Equivalents
<S>                                                                                  <C>            <C>
Cash flows from operating activities
    Cash received from land sales and collections on real estate
       contracts receivable ......................................................   $ 6,415,088    $ 4,822,132
    Development and closing costs paid ...........................................    (1,179,963)    (1,277,974)
    Cash received from rental operations .........................................       915,206        680,780
    Cash paid for rental operations ..............................................       (70,535)        (5,321)
    Cash paid for property taxes .................................................      (135,736)       (78,409)
    Interest received ............................................................       234,872        136,735
    Interest paid ................................................................      (604,029)      (538,845)
    Income taxes paid, net .......................................................    (1,315,000)      (171,162)
    Other general and administrative costs paid ..................................    (1,871,536)    (1,983,301)
    Other ........................................................................        18,666        106,804
                                                                                     -----------    -----------

                  Net cash provided by operating activities ......................     2,407,033      1,691,439

Cash flows from investing activities
    Capital expenditures .........................................................      (238,281)    (1,404,295)
    Investments in partnerships and joint ventures ...............................        (2,808)        (1,993)
    Change in short-term investments .............................................     2,468,105     (2,578,019)
    Change in note receivable - related party ....................................       (43,267)         5,793
                                                                                     -----------    -----------

                  Net cash provided by (used in) investing activities ............     2,183,749     (3,978,514)

Cash flows from financing activities
    Borrowings on notes, mortgages, and assessments payable ......................       990,698      2,498,309
    Repayments of notes, mortgages, and assessments payable ......................    (2,151,919)    (1,318,237)
    Payment of dividends .........................................................      (802,708)      (802,708)
    Purchase of common stock .....................................................       (44,475)          --
                                                                                     -----------    -----------

                  Net cash provided by (used in) financing activities ............    (2,008,404)       377,364
                                                                                     -----------    -----------

                  NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ...........     2,582,378     (1,909,711)

Cash and cash equivalents at beginning of year ...................................     1,300,182      3,209,893
                                                                                     -----------    -----------

Cash and cash equivalents at end of year .........................................   $ 3,882,560    $ 1,300,182
                                                                                     ===========    ===========
</TABLE>
        The accompanying notes are an integral part of these statements


<PAGE>
                        Westland Development Co., Inc.

                      STATEMENTS OF CASH FLOWS - CONTINUED

                               Year ended June 30,
<TABLE>
<CAPTION>

                                                                                        2000           1999
                                                                                     -----------    -----------

Reconciliation of Net Earnings to Net Cash Provided by Operating Activities
<S>                                                                                  <C>            <C>
Net earnings .....................................................................   $ 2,332,200    $ 1,288,568
Adjustments to reconcile net earnings to net cash provided by operating activities
       Depreciation ..............................................................       259,253        227,955
       (Gain) loss on sale of property and equipment .............................          (280)         2,440
       Profit recognized on installment sales ....................................          --          (30,306)
       Deferred income taxes .....................................................        57,049        785,000
       Proceeds from sale of property and equipment ..............................           280           --
       Change in
           Income taxes recoverable/payable ......................................       (17,585)      (177,273)
           Other receivables .....................................................       (54,265)         4,749
           Land and improvements held for future development .....................       (73,907)      (439,942)
           Other assets ..........................................................        (9,744)       (69,702)
           Accounts payable, accrued expenses, and other liabilities .............       (44,649)        62,796
           Accrued interest payable ..............................................         1,247          1,671
           Real estate contracts receivable ......................................       (42,566)        35,483
                                                                                     -----------    -----------

                  Net cash provided by operating activities ......................   $ 2,407,033    $ 1,691,439
                                                                                     ===========    ===========
</TABLE>
        The accompanying notes are an integral part of these statements


<PAGE>
                         Westland Development Co., Inc.

                          NOTES TO FINANCIAL STATEMENTS

                             June 30, 2000 and 1999

NOTE A - NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES

    1.     History of Company and Beginning Basis of Financial Reporting
           -------------------------------------------------------------

    In 1892, the descendants of the owners of a land grant deeded in 1692 by the
    Kingdom of Spain became incorporators of a land grant corporation named Town
    of  Atrisco.  Ownership  of the Town of Atrisco  was based on  proportionate
    ownership of the land grant.  In 1967,  the Town of Atrisco was  reorganized
    and became Westland  Development Co., Inc. (the  "Company"),  with the heirs
    receiving shares in the Company in proportion to their ancestors'  interests
    in the Town of Atrisco  corporation.  The net assets of $232,582 at the date
    of reorganization were assigned as follows:

       Value of no par common stock as stated
         in the Articles of Incorporation                          $   8,500
       Additional paid-in capital                                    224,082
                                                                   ---------
                                                                   $ 232,582
                                                                   =========

    The Company  estimated that it owned  approximately  49,000 acres of land at
    the date of incorporation as Westland Development Co., Inc. Such acreage was
    used as the beginning  cost basis for financial  reporting  purposes and was
    valued at  $127,400  ($2.60 per acre)  based on an  appraisal  in 1973 which
    determined the approximate value of the land in 1907. This date approximates
    the date that the Patent of  Confirmation  covering the land  comprising the
    Atrisco Land Grant was given to the Town of Atrisco by the United  States of
    America. Since the date of the Patent of Confirmation, the Company's acreage
    has increased in market value,  but a full  determination  of such value has
    not been made.

    2.     Nature of Operations
           --------------------

    The Company  develops,  sells,  or leases its real estate  holdings,  all of
    which are located near  Albuquerque,  New Mexico.  The Company may use joint
    ventures  or  participation  in limited  partnerships  to  accomplish  these
    activities.  Revenue  sources  for the years  ended  June 30,  2000 and 1999
    consist  primarily of proceeds  from land sales and rentals  from  developed
    properties, such as single-tenant retail stores and office space. Land sales
    are primarily to commercial  developers and others in the  Albuquerque  area
    and certain governmental  agencies,  and the terms of sale include both cash
    and internal financing by the Company.  Such sales are collateralized by the
    land.  The Company has relied  primarily  upon cash land sales over the past
    several  years  due to the  collection  risk  associated  with  real  estate
    contracts.

    3.     Cash and Cash Equivalents
           -------------------------

    Cash  and  cash   equivalents   are  considered  to  include  highly  liquid
    investments with maturities of three months or less and money market funds.

    The Company maintains its cash in bank deposit accounts which, at times, may
    exceed  federally  insured  limits and in certain  other funds which are not
    federally  insured.  The  Company  has not  experienced  any  losses in such
    accounts  and believes it is not exposed to any  significant  credit risk on
    cash and cash equivalents.


<PAGE>
                         Westland Development Co., Inc.

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                             June 30, 2000 and 1999

NOTE A - NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES - CONTINUED

    4.     Investments
           -----------

    Short-term  investments  include  certificates  of deposit  carried at cost,
    which approximates fair value. Such investments generally have maturities of
    more than three months and less than one year.

    Investments  in  partnerships  and  joint  ventures  owned  20% to  50%  are
    accounted for by the equity method.  Accordingly,  the financial  statements
    include the Company's share of the investees' net earnings.

    5.     Land and Improvements Held for Future Development
           -------------------------------------------------

    Land and improvements  held for future  development are recorded at cost not
    to exceed net realizable value. Improvements consist of abstracts,  surveys,
    legal fees, master and sector plans, infrastructure improvements,  and other
    costs  related to land held by the Company which are allocated to respective
    tracts primarily by specific identification of costs.

    6.     Income-Producing Properties and Property and Equipment
           ------------------------------------------------------

    Income-producing  properties  and property and equipment are stated at cost,
    less accumulated depreciation,  computed on a straight-line basis over their
    estimated lives of three to thirty years.  The cost of the building in which
    the Company  has its  offices,  a portion of which is rented to others,  has
    been  allocated to property and  equipment and  income-producing  properties
    based upon square footage.

    7.     Recognition of Income on Real Estate Transactions
           -------------------------------------------------

    The  Company  recognizes  the entire  gross  profit on sales  where the down
    payment is sufficient to meet the requirements for the full-accrual  method.
    Transactions   where  the  down  payment  is  not  sufficient  to  meet  the
    requirements for the  full-accrual  method are recorded using the deposit or
    installment method. Under the deposit method, cash received is recorded as a
    deposit on land sale. Under the installment  method, the Company records the
    entire  contract price and the related costs at the time the  transaction is
    recognized as a sale. Concurrently, the gross profit on the sale is deferred
    and is  subsequently  recognized as revenue in the statements of earnings as
    payments of principal are received on the related contract receivable.

    8.     Income Taxes
           ------------

    Deferred  income  tax  assets or  liabilities  are  determined  based on the
    difference  between financial  statement and tax bases of certain assets and
    liabilities  as  measured  by the  enacted  tax  rates in  effect  using the
    liability method.


<PAGE>

                         Westland Development Co., Inc.

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                             June 30, 2000 and 1999

NOTE A - NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES - CONTINUED

    9.     Earnings Per Common Share
           -------------------------

    Earnings  per common  share are based upon the  weighted  average  number of
    common shares  outstanding  during the year,  including the number of no par
    value  common  shares  which may be issued in  connection  with  eliminating
    fractional shares (which resulted from the  determination  made by the Court
    in the heirship case) and the number of no par value common shares for which
    the Court ruled that no  incorporator  or heirs existed.  The Company has no
    potential common stock items.

    10.    Use of Estimates
           ----------------

    In preparing  financial  statements in conformity  with  generally  accepted
    accounting  principles,   management  is  required  to  make  estimates  and
    assumptions   that  affect  certain   reported   amounts  and   disclosures;
    accordingly, actual results could differ from those estimates.

    11.    Long-Lived Assets
           -----------------

    Long-lived assets to be held and used are reviewed for impairment, generally
    on a property-by-property basis, whenever events or changes in circumstances
    indicate  that the  related  carrying  amount may not be  recoverable.  When
    required,  impairment  losses are  recognized  based upon the estimated fair
    value of the asset.

    12.    Reclassifications
           -----------------

    Certain reclassifications have been made to the 1999 financial statements to
    conform to the 2000 presentation.

NOTE B - REAL ESTATE CONTRACTS RECEIVABLE

    Real estate contracts  receivable at June 30, 2000 consist of two contracts,
    due in monthly  installments  with an interest rate of 9% and 9.5%,  and are
    collateralized by land.

    Principal  collections due on real estate contracts receivable for the years
    ending June 30 are as follows:

            2001                                              $  8,273
            2002                                                 9,076
            2003                                                13,900
            2004                                                 4,508
            2005                                                 4,930
            Thereafter                                          26,170
                                                              --------

                                                              $ 66,857
                                                              ========

<PAGE>

                         Westland Development Co., Inc.

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                             June 30, 2000 and 1999

NOTE C - LAND AND IMPROVEMENTS HELD FOR FUTURE DEVELOPMENT

    The Company  estimates  that it presently  owns in excess of 59,000 acres of
    land,  primarily including land located within the boundaries of the Town of
    Atrisco Land Grant and land located elsewhere which the Company has acquired
    since  incorporation.  Plans for ultimate development of the properties have
    not been finalized.

    Land and improvements consist of the following at June 30, 2000:

       Land                                              $1,058,512
       Improvements                                       5,912,810
                                                         ----------
                                                         $6,971,322
                                                         ==========

NOTE D - INCOME-PRODUCING PROPERTIES

    Income-producing  properties consist primarily of four single-tenant  retail
    store  buildings  and a portion of the  Company's  office  building  and are
    summarized as follows at June 30, 2000:

       Buildings and equipment                           $5,765,755
           Less accumulated depreciation                    879,791
                                                         ----------
                                                          4,885,964
       Land                                               3,316,715
                                                         ----------
                                                         $8,202,679
                                                         ==========

    The  Company's  rentals from  income-producing  properties  are  principally
    obtained  from  tenants  through  rental  payments  as  provided  for  under
    noncancelable  operating  leases.  The lease  terms range from one to twenty
    years and typically  provide for guaranteed  minimum rent,  percentage rent,
    and other charges to cover certain operating costs.

    Minimum future  rentals from  income-producing  properties on  noncancelable
    tenant operating leases as of June 30, 2000 are as follows:

                     Year ending June 30
                         2001                      $   891,019
                         2002                          861,458
                         2003                          865,280
                         2004                          868,263
                         2005                          808,983
                         Thereafter                  6,611,177
                                                   -----------

                                                   $10,906,180
                                                   ===========

<PAGE>

                         Westland Development Co., Inc.

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                             June 30, 2000 and 1999

NOTE E - NOTES, MORTGAGES, AND ASSESSMENTS PAYABLE

    Notes, mortgages,  and assessments payable are summarized as follows at June
    30, 2000:

        Promissory note, due in monthly installments of
        $17,970 through May 2015, including interest at
        9.37%;   collateralized   by   income-producing
        properties                                                   $ 1,729,442

        Promissory note, due in monthly installments of
        $9,079 through July 2014, including interest at
        8%;    collateralized    by    income-producing
        properties                                                       915,820

        Note payable,  due in monthly  installments  of
        $6,893  through   September   2015,   including
        interest    at   8.75%;    collateralized    by
        income-producing properties                                      693,358

        Mortgage note, due in monthly  installments  of
        $24,682,   including  interest  at  8.52%,  due
        November    1,    2016;    collateralized    by
        income-producing properties                                    2,613,731

        Mortgage note, due in monthly  installments  of
        $3,000 through October 2002, including interest
        at 9%;  collateralized  by  specific  tracts of
        land                                                              81,232


        Note payable,  due in monthly  installments  of
        $5,093   through   February   2002,   including
        interest  at  9%;  collateralized  by  specific
        tracts of land                                                    90,656

        Balloon note, interest due quarterly in arrears
        at 9%, principal due March 2003; collateralized
        by specific tracts of land                                        83,048

        Other                                                              8,143
                                                                     -----------
                                                                     $ 6,215,430
                                                                     ===========

    The Company's  revolving  line of credit with a bank provides for borrowings
    up to $2,000,000 at the bank's prime rate of interest collateralized by real
    estate,  which  matures  September  2000.  At June 30,  2000,  there  was no
    outstanding balance on this line of credit.

    The  Company's  line of credit with a bank  provides  for  borrowings  up to
    approximately $1,600,000 at the bank's prime rate of interest collateralized
    by real  estate,  which  matures May 2001.  At June 30,  2000,  there was no
    outstanding balance on this line of credit.


<PAGE>

                         Westland Development Co., Inc.

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                             June 30, 2000 and 1999

NOTE E - NOTES, MORTGAGES, AND ASSESSMENTS PAYABLE - CONTINUED

    Aggregate  required  principal  payments  on  the  notes,   mortgages,   and
    assessments payable as of June 30, 2000 are as follows:

                     Year ending June 30
                         2001                        $   283,465
                         2002                            280,064
                         2003                            330,425
                         2004                            249,472
                         2005                            272,070
                         Thereafter                    4,799,934
                                                     -----------

                                                     $ 6,215,430
                                                     ===========

NOTE F - INCOME TAXES

    An analysis of the deferred income tax assets and liabilities as of June 30,
    2000 is as follows:

       Deferred tax assets

           Contribution carryforwards                      $   238,252
           Property, equipment, and land                       434,652
           Investments                                          24,608
           Other                                                11,667
           Valuation allowance                                (121,216)
                                                           -----------
                                                               587,963
                                                           ===========

       Deferred tax liabilities

           Deferred tax gain on involuntary
             conversion of land                              5,957,012
                                                           -----------

                         Net deferred tax liability        $ 5,369,049
                                                           ===========

    Income tax expense (benefit) consists of the following:

                                                      Year ended June 30,
                                                  ---------------------------
                                                     2000             1999
                                                  ----------       ----------
       Current
           Federal                                $1,015,805       $   (5,000)
           State                                     281,610             --
                                                  ----------       ----------
                                                   1,297,415           (5,000)

       Deferred
           Federal                                    44,497          667,000
           State                                      12,552          118,000
                                                  ----------       ----------
                                                      57,049          785,000
                                                  ----------       ----------

                                                  $1,354,464         $780,000
                                                  ==========       ==========


<PAGE>

                         Westland Development Co., Inc.

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                             June 30, 2000 and 1999

NOTE F - INCOME TAXES - CONTINUED

    The income tax  provision  is  reconciled  to the tax  computed at statutory
    rates as follows:

                                                     Year ended June 30,
                                                ----------------------------
                                                   2000              1999
                                                ----------        ----------

     Tax expense at statutory rates             $1,253,466        $  703,000
     State income taxes at statutory rates         280,186           104,000
     Change in valuation allowance                (194,784)          227,000
     Change in effective state tax rate               --            (159,000)
     Nontaxable gain                                  --            (255,000)
     Nondeductible expenses                         19,926            27,000
     Expiration of contribution carryforwards         --              73,000
      Other                                         (4,330)           60,000
                                                ----------        ----------

                         Total expense          $1,354,464        $  780,000
                                                ==========        ==========

    A valuation allowance of approximately  $121,216 has been recognized at June
    30,  2000  based on  estimates  of tax  assets  which  are not  likely to be
    realized in the future. Significant changes in assumptions concerning future
    taxable income and deductions may cause changes in the valuation allowance.

NOTE G - COMMON STOCK

    Under its original Articles of Incorporation  (the "Articles"),  the Company
    was authorized to issue 1,964,448  shares of common stock.  During 1999, the
    Articles were amended to eliminate the authority to issue 736,668  shares of
    Class A common stock for $1.45 a share. The remaining authorized stock is as
    follows:

    (a)    736,668  shares of  no par  value common  stock  to  represent $8,500
           estimated value of land held by the Town of Atrisco;

    (b)    491,112  shares to be sold for a price to be  determined by the Board
           of Directors,  designated as Class B, $1 par value, common stock. The
           holders of no par value  common  stock have no  preemptive  rights to
           purchase Class B stock.

    At June 30,  2000,  the  5,047  shares of no par value  common  stock,  upon
    judicial  determination,  can be distributed to stockholders of record as of
    the date of incorporation.


<PAGE>

                         Westland Development Co., Inc.

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                             June 30, 2000 and 1999

NOTE G - COMMON STOCK - CONTINUED

    There is no established market value for the Company's common stock. At June
    30,  2000,  715,293  shares of the  Company's no par value common stock were
    issued and  outstanding.  Of the 5,047  shares of no par value  common stock
    issuable,  1,872  shares  may  be  issued  in  connection  with  eliminating
    fractional shares which resulted from the  determinations  made by the Court
    in the heirship case and 3,175 shares  represent  shares for which the Court
    in the  heirship  case  ruled that no  incorporator  or heirs  existed.  The
    Company  also has  reacquired  and  canceled  15,013  shares of no par value
    common stock which have been constructively  retired.  These shares have not
    been  formally  retired  and, as such,  may be issuable to  stockholders  of
    record as of the date of incorporation.

    During  the year  ended  June 30,  1999,  the  Board of  Directors  approved
    protection  against takeover measures whereby a threat of change of three or
    more  directors in any one year would result in  directors  threatened  with
    replacement  being granted an immediate  Class B stock bonus of 5,000 shares
    if in office as a director  ten years or more,  and 2,500  shares of Class B
    stock if in office as a director for less than ten years. The maximum number
    of shares  which could be issued  under this  agreement  at June 30, 2000 is
    40,000 shares.

NOTE H - SEGMENT INFORMATION

    The  Company  operates  primarily  in two  industry  segments.  They  are as
    follows:

       Land         -  Operations  involve  the development  and sale of tracts,
                       both  residential and commercial.  In addition,  included
                       are incidental revenues from leasing of grazing rights.

       Rentals      -  Operations involve rentals from four single-tenant retail
                       store  buildings and a portion of the  Company's   office
                       building.

    Financial information for each industry segment is summarized as follows:

<TABLE>
<CAPTION>

                                                2000                                                  1999
                          --------------------------------------------------   ----------------------------------------------------
                                                     General                                               General
                            Land       Rentals      corporate       Total         Land       Rentals      corporate        Total
                         ----------   ----------   -----------   -----------   ----------   ----------    ----------    -----------
<S>                      <C>          <C>          <C>           <C>           <C>          <C>          <C>            <C>
Revenues ..............  $6,511,919   $  843,105   $    --       $ 7,355,024   $4,815,505   $  702,065   $     --       $ 5,517,570
Operating income (loss)   4,658,425      508,774    (1,126,633)    4,040,566    3,341,526      445,421    (1,272,876)     2,514,071
Interest income .......        --           --         234,872       234,872         --           --         136,611        136,611
Interest expense ......     (20,106)    (536,240)      (48,931)     (605,277)     (57,331)    (464,335)      (18,850)      (540,516)
Income tax expense ....        --           --       1,354,464     1,354,464         --           --        (829,000)      (829,000)
Identifiable assets ...   7,141,245    8,426,628     4,669,789    20,237,662    6,981,514    8,442,383     4,476,322     19,900,219
Capital expenditures ..        --        169,624        68,657       238,281         --      1,330,931        73,364      1,404,295
Depreciation ..........        --        188,037        71,216       259,253         --        168,479        59,476        227,955
Noncash gain on dispo-
  sition of land ......        --           --            --            --           --           --         750,000        750,000
</TABLE>

    General  corporate assets consist primarily of cash,  furniture,  equipment,
    and a portion  of an office  building,  of which the  remaining  portion  is
    included in rentals.


<PAGE>

                         Westland Development Co., Inc.

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                             June 30, 2000 and 1999

NOTE I - BENEFIT PLANS

    The Company has certain defined contribution  employee retirement plans that
    provide for employee and employer contributions.  The Company's contribution
    expense  for  these  plans  was  $95,000  and  $121,000  for 2000 and  1999,
    respectively.

NOTE J - SALES TO MAJOR CUSTOMERS

    Sales to major customers are summarized as follows:

       During  the year  ended  June 30,  2000,  land  sales to three  customers
       individually accounted for 12%, 29%, and 16% of total revenues.

       During  the  year  ended  June 30,  1999,  land  sales  to two  customers
       individually accounted for 47% and 21% of total revenues.

NOTE K - SALE OF LAND FOR NATIONAL PARK

    On June 28, 1990, the Petroglyph National Monument ("National Monument") was
    established by an act of the United States Congress ("Congress").  Under the
    bill passed by Congress,  the National Park Service is authorized to acquire
    acreage within the National Monument using funds  specifically  appropriated
    by Congress each year. In 1999,  approximately 362 acres were transferred to
    the  National  Park  Service  for cash of  $2,600,000.  The  Company  has no
    remaining land set aside for sale to the National Park Service at this time.

NOTE L - COMMITMENTS AND CONTINGENCIES

    The Company is engaged in various  lawsuits either as plaintiff or defendant
    which have arisen in the conduct of its  business  which,  in the opinion of
    management,  based upon advice of counsel,  would not have a material effect
    on the Company's financial position.

    The Company  has entered  into  employment  contracts  with eight of its key
    officers  and  employees  for  periods  from  one to five  years  which  are
    automatically renewed for one additional period. In the event of involuntary
    employee  termination  employees  may receive  from one to six times  annual
    compensation.  The remaining  terms under the  agreements  range from one to
    two-and-one-half  years  and  the  maximum  salaries  to be paid  under  the
    remaining contract periods are approximately $670,000.

NOTE M - RELATED PARTY TRANSACTIONS

    During the year ended June 30,  1999,  the Company  sold land to a member of
    the Board of  Directors.  Under the sales  agreement,  the Board member paid
    approximately $52,000 for three lots.

    The Company  purchases  its  directors'  and officers'  liability  insurance
    through a  corporation  controlled  by a member  of the Board of  Directors.
    Total  premiums  for these  policies  paid in 2000 and 1999 were $92,500 and
    $50,000, respectively.


<PAGE>

                         Westland Development Co., Inc.

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                             June 30, 2000 and 1999

NOTE M - RELATED PARTY TRANSACTIONS - CONTINUED

    The note  receivable - related  party is from a joint  venture  partner,  is
    payable in monthly installments of $1,033 including interest at 8.5%, and is
    collateralized by developed property. The note matures November 2014.

NOTE N - FINANCIAL INSTRUMENTS

    The following  table includes  various  estimated fair value  information as
    required by Statement of Financial  Accounting  Standards  ("SFAS") No. 107,
    Disclosures  about Fair Value of Financial  Instruments.  Such  information,
    which  pertains  to the  Company's  financial  instruments,  is based on the
    requirements set forth in SFAS No. 107 and does not purport to represent the
    aggregate net fair value of the Company.  The carrying  amounts in the table
    are the  amounts at which the  financial  instruments  are  reported  in the
    financial statements.

    All of the Company's financial  instruments are held for purposes other than
    trading.

    The following  methods and assumptions  were used to estimate the fair value
    of each class of financial instruments:

    1.     Cash and Cash Equivalents

    The carrying amount  approximates  fair value because either the Company has
    the  contractual  right to  receive  immediate  payment  or because of short
    maturities.

    2.     Short-Term Investments

    The carrying amount  approximates  fair value due to the short maturities of
    the investments.

    3.     Real Estate Contracts Receivable

    These  notes  receivable  are  generally  collateralized  by real estate and
    accrue interest at 9.5%. Because the ultimate  collectibility of these notes
    is not reasonably assured, it is not practicable to estimate fair value.

    4.     Note Receivable - Related Party

    Note  receivable  - related  party is valued at the present  value of future
    cash flows based on the cur-rent  rates at which similar loans would be made
    to borrowers with similar credit ratings.

    5.     Notes, Mortgages, and Assessments Payable

    The  discounted  amount of future  cash flows  using the  Company's  current
    incremental  rate of bor-rowing for similar  liabilities is used to estimate
    fair value.


<PAGE>

                         Westland Development Co., Inc.

                    NOTES TO FINANCIAL STATEMENTS - CONTINUED

                             June 30, 2000 and 1999

NOTE N - FINANCIAL INSTRUMENTS - CONTINUED

    The carrying  amounts and estimated  fair values of the Company's  financial
instruments at June 30, 2000 are as follows:

                                                    Carrying     Estimated
                                                     amount      fair value
                                                   ----------    ----------

   Financial assets
      Cash and cash equivalents ................   $3,882,560    $3,882,560
      Short-term investments ...................      109,914       109,914
      Real estate contract receivable
        (not practicable to estimate fair value)       66,857          --
      Note receivable - related party ..........      103,075       103,075

   Financial liabilities
      Notes, mortgages, and assessments payable     6,215,430     5,803,155

NOTE O - CONTRIBUTION OF LAND

    In keeping with the Company's long-standing commitment to the furtherance of
    community  projects  which  benefit  the  education  and welfare of its less
    fortunate  citizens,  during 1999 the Company  donated  approximately  fifty
    acres of land to a nonprofit  organization to develop a residential and work
    facility for seriously  disabled/mentally  ill persons. The contributed land
    had a fair value of  approximately  $790,000  which was recorded as an other
    expense  and a pretax gain of  approximately  $750,000  was  recorded on the
    donation.

NOTE P - SUBSEQUENT EVENT

    On July 20,  2000,  the  Company  declared a dividend of $1.25 per share for
    stockholders  of record as of July 20,  2000.  The  dividend  is  payable on
    August 4, 2000.


<PAGE>

                              DIRECTORS OF WESTLAND

SOSIMO S. PADILLA,  Chairman of the Board of Directors  and Director.  Member of
the Executive Committee.  Mr. Padilla is retired from the circulation department
of  the  Albuquerque  Publishing  Company  and  was  owner/operator  of  Western
Securities Transportation Corporation for over thirty years.

BARBARA PAGE, President, Chief Executive Officer and Director.  Secretary of the
Executive  Committee.  Ms. Page is employed by Westland Development Co., Inc. as
its President.

POLECARPIO (LEE) ANAYA, Executive Vice President,  Assistant Secretary/Treasurer
and Director.  Mr. Anaya is also Chairman of the Executive Committee.  Mr. Anaya
was owner/operator of Lee's Conoco.

DAVID C. ARMIJO,  Secretary/Treasurer  and Director.  Mr. Armijo is an insurance
broker  and  serves as  President  and  Chairman  of the  Board of  California's
All-Risk Insurance Agency, Inc. in Los Angeles, California.

CARMEL CHAVEZ,  Director.  Member of the Executive  Committee and the Disclaimer
Committee  and Vice  Chairman of El Campo Santo,  Inc.  Mr.  Chavez is a retired
employee of the Albuquerque Public Schools.

JOSIE G. CASTILLO,  Director. Member of the Executive Committee,  Chairman of El
Campo  Santo,  Inc.  and member of the  Disclaimer  Committee.  Ms.  Castillo is
retired from the Human Services Department of the State of New Mexico.

CARLOS  SAAVEDRA,   Director.  Alternate  member  of  the  Executive  Committee,
Alternate  Member  of El  Campo  Santo,  Inc.  and  Chairman  of the  Disclaimer
Committee.  Dr.  Saavedra is a former  director of bilingual  education  for the
Colorado  Department  of  Education  and the Oakland  Unified  School  District,
Oakland, California. Dr. Saavedra retired from education in 1985.

JOE S. CHAVEZ,  Director.  Member of the  Disclaimer  Committee.  Mr.  Chavez is
employed at Galles Chevrolet in Albuquerque, New Mexico.

CHARLES V. PENA,  Director.  Member of El Campo Santo,  Inc., and the Disclaimer
Committee. Mr. Pena owns and operates CJ's New Mexican Food Restaurant.