Document:

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                     GREAT WESTERN LAND AND RECREATION, INC.
                                STOCK OPTION PLAN

     The Great Western Land and Recreation, Inc., a Delaware corporation (the
"Company") hereby establishes the Great Western Land and Recreation, Inc. Stock
Option Plan (the "Plan") for employees, officers, directors and consultants to
acquire a proprietary interest in the Company. The purpose of the Plan is to
enhance the Company's stockholder value and financial performance by attracting,
retaining and motivating the Company's officers, directors, employees and
consultants and to encourage stock ownership by such individuals by providing
them with a means to acquire a proprietary interest in the Company's success
through stock ownership.

     It is intended that certain of the options issued under the Plan shall
constitute "Incentive Stock Options" within the meaning of section 422 of the
Internal Revenue Code ("Code") and that other options issued under the Plan
shall constitute "Nonstatutory Options" under the Code. The Committee shall
determine which Options are to be Incentive Stock Options and which are to be
Nonstatutory Options and shall enter into option agreements with recipients
accordingly.

                             ARTICLE I. DEFINITIONS

     1.1  DEFINITIONS. Whenever used herein, the following capitalized terms
shall have the meanings set forth below, unless the context clearly requires
otherwise.

          (a)  "Act" means the Securities Exchange Act of 1934, as amended.

          (b)  "Board" means the Board of Directors of the Company.

          (c)  "Cause" means (i) the failure of the Optionee to discharge or
     perform the duties and obligations of his position with the Company with
     due diligence and care; (ii) the refusal of the Optionee to implement or
     adhere to policies or directives of the Company; (iii) conduct by the
     Optionee of a criminal nature which may have an adverse impact on the
     Company's reputation and standing in the community; (iv) conduct which is
     in violation of the Optionee's common law duty of loyalty to the Company;
     (v) competition with the Company prior to or following the Optionee's
     Termination; or (vi) fraudulent conduct by the Optionee in connection with
     the business affairs of the Company, regardless of whether said conduct is
     designed to defraud the Company or others. The existence of Cause shall be
     conclusively determined by the Company.

          (d)  "Code" means the Internal Revenue Code of 1986, and any
     regulations issue thereunder, as the same may be amended from time to time.
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          (e)  "Committee" means the Compensation Committee or such other
     committee of the Board as the Board may designate to administer the Plan
     or, if for any reason the Board has not designated such a committee, the
     Board.

          (f)  "Company" means Great Western Land and Recreation, Inc.

          (g)  "Consultant" means any person or entity, including an officer or
     director of the Company who provides services (other than as an Employee)
     to the Company.

          (h)  "Date of Grant" means the date on which the granting of an Option
     is authorized by the Committee or such later date as may be specified by
     the Committee in such authorization.

          (i)  "Employee" means any person, including an officer or director of
     the Company, receiving remuneration or who is entitled to remuneration, for
     services rendered to the Company in the legal relationship of Company and
     employee and not in the relationship of a private contractor.
     Notwithstanding anything to the contrary in this Section 1(i), "Employee"
     shall not include an individual whose services are retained pursuant to a
     contract between the Company and such individual or a third party under
     which that individual is not designated as an employee of the Company. If
     an individual who has not been treated as an employee of the Company under
     the foregoing rules is subsequently determined to be a common-law employee
     of the Company through an administrative or judicial proceeding, that
     individual will be deemed to be employed in a job classification which is
     ineligible to participate in the Plan.

          (j)  "Exercise Price" means the purchase price per share of the Stock
     subject to an Option.

          (k)  "Fair Market Value" means

               (i)  For periods during which the Stock is not regularly traded
          on an established securities market, it shall be the net book value of
          a share of Stock as determined by the Committee based on the internal
          financial statements prepared by the Company as of the Valuation Date
          coinciding with or immediately preceding the particular date on which
          Fair Market Value is to be determined.

               (ii) For periods during which the Stock is regularly traded on an
          established securities market, it shall be the average of the highest
          price and the lowest price at which the Stock shall have been reported
          as sold on a generally recognized stock exchange or quoted pursuant to
          an

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          interdealer quotation system of a national securities association
          registered with the United States Securities and Exchange Commission
          on a specified date.

          (l)  "Incentive Stock Option" means an Option which is intended to
     qualify as an "incentive stock option" within the meaning of section 422 of
     the Code.

          (m)  "Nonemployee Director" means a member of the Board who is not an
     employee of the Company at the time an Option is granted.

          (n)  "Nonstatutory Option" means an Option which is not intended to
     qualify as an Incentive Stock Option within the meaning of section 422 of
     the Code.

          (o)  "Option" means an award granted under Article VI.

          (p)  "Option Agreement" means any written agreement, contract or other
     instrument or document evidencing an Option.

          (q)  "Optionee" means an Employee, Consultant or Nonemployee Director
     who has been granted an Option.

          (r)  "Participant" means any Employee, Consultant or Nonemployee
     Director who has been selected to participate in the Plan by the Committee.

          (s)  "Plan" means the Great Western Land and Recreation, Inc. Stock
     Option Plan, as set forth herein and as the same may be amended from time
     to time.

          (t)  "Stock" means the $.001 par value common stock of the Company as
     defined in the Company's Articles of Incorporation, unless, at any time
     prior to the grant of the first Option under the Plan, the Committee, in
     its sole and absolute discretion, designates an alternative class of stock
     of the Company as "Stock" for purposes of this Plan, and such designation
     is consistent with applicable law, and such other stock as shall be
     substituted therefor as provided in Section 4.3.

          (u)  "Valuation Date" means the last day of the most recently
     preceding completed calendar month of the Company or such other dates as
     the Committee shall determine more appropriate in its discretion.

                   ARTICLE II. ELIGIBILITY AND PARTICIPATION

     2.1  ELIGIBILITY AND PARTICIPATION. All Employees are eligible to
participate in this Plan and receive Incentive Stock Options and/or Nonstatutory
Options. All Consultants and Nonemployee Directors are eligible to participate
in this Plan and

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receive Nonstatutory Options. Participants in the Plan shall be selected by the
Committee from among those Employees, Consultants and Nonemployee Directors who,
in the opinion of the Committee, are in a position to contribute materially to
the Company's continued growth and development and to its long-term financial
success.

                          ARTICLE III. ADMINISTRATION

     3.1  ADMINISTRATION.

     The Plan shall be administered by the Committee which shall consist of not
less than three members of the Board and, to the extent required to comply with
Section 16(b) of the Act and/or Section 162(m) of the Code, who are
"disinterested persons," as such term is defined in the rules and regulations
issued under Section 16(b) and/or Section 162(m). The Board may from time to
time remove members from or add members to the Committee. Further, the Board may
terminate the Committee at any time. Vacancies on the Committee, however caused,
shall be filled by the Board. The Committee shall select one of its members as
Chairman, and shall hold meetings at such times and places as the Chairman may
determine. A majority of the Committee shall constitute a quorum. The acts of a
majority of the members present at any meeting at which a quorum is present and
acts approved in writing by a majority of the Committee in lieu of a meeting
shall be deemed the acts of the Committee.

     The Committee shall have full power and authority, subject to the
limitations of the Plan and any limitations imposed by the Board, to construe,
interpret and administer the Plan and to make determinations which shall be
final, conclusive and binding upon all persons, including, without limitation,
the Company, its stockholders, directors, officers, consultants, employees and
any persons having any interests in any Options which may be granted under the
Plan. The Committee shall have the full power and authority to provide, by
resolution, for the creation and issuance of any such Option, to fix the terms
upon which, the time or times at or within which, and the price or prices at
which any Stock may be purchased from the Company upon the exercise of Options,
which terms, time or times and price or prices shall, in every case, be set
forth or incorporated by reference in the instrument or instruments evidencing
such Option, which at all times shall be consistent with the terms and
conditions of the Plan.

                     ARTICLE IV. STOCK SUBJECT TO THE PLAN

     4.1  NUMBER. The total number of shares of Stock hereby made available and
reserved for issuance under the Plan shall be 3,500,000, subject to adjustment
as provided in Section 4.3. The total number of shares of Stock may be
authorized but unissued shares of Stock, Stock held in the treasury of the
Company, or shares acquired by purchase as directed by the Committee from time
to time in its discretion, to be used for issuance upon exercise of Options
granted hereunder.

     4.2  UNUSED STOCK. If an Option shall expire or terminate for any reason
without having been exercised in full, the unpurchased shares of Stock subject
thereto

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shall (unless the Plan shall have terminated) become available for re-issuance
under the Plan.

     4.3  ADJUSTMENT IN CAPITALIZATION. In the event of any change in the
outstanding shares of Stock by reason of a stock dividend or split,
recapitalization, reclassification or other similar corporate change, the
aggregate number of shares of Stock set forth in section 4.1 shall be
appropriately adjusted by the Committee to reflect such change. The Committee's
determination shall be conclusive; provided, however, that fractional shares
shall be rounded to the nearest whole share. In any such case, the number and
kind of shares of Stock that are subject to any Option (including any Option
outstanding after termination of employment) and the Option price per share
shall be proportionately and appropriately adjusted without any change in the
aggregate Option price to be paid therefor upon exercise of the Option.

                        ARTICLE V. DURATION OF THE PLAN

     5.1  EFFECTIVE DATE. The Plan is effective on the later of _________, 2001,
or the date on which it is approved by the shareholders of the Company holding a
majority of the Company's voting stock.

     5.2  DURATION OF THE PLAN. The Plan shall be in effect until ___________,
2011, unless extended by the Company's stockholders. Any Options outstanding at
the end of said period shall remain in effect in accordance with their terms.
The Plan shall terminate before the end of said period if all Stock subject to
the Plan has been purchased pursuant to the exercise of Options granted under
the Plan.

                       ARTICLE VI. TERMS OF STOCK OPTIONS

     6.1  GRANT OF OPTIONS. Options maybe granted to Participants at any time
and from time to time as determined by the Committee; provided, however, that
Consultants and Nonemployee Directors may receive only Nonstatutory Options, and
may not receive Incentive Stock Options. The Committee shall have complete
discretion in determining the number of Options granted to each Optionee. In
making such determinations, the Committee may take into account the nature of
services rendered by such Participants, their present and potential
contributions to the Company, and such other factors as the Committee in its
discretion shall deem relevant. The Committee also shall determine whether an
Option is to be an Incentive Stock Option or a Nonstatutory Option.

     6.2  TERMS AND CONDITIONS OF OPTION AGREEMENT. Each Stock Option granted
under the Plan shall be evidenced by an Option Agreement between the Company and
the Optionee containing such provisions as may be determined by the Committee,
subject to the following terms and conditions:

          (a)  Any Option or portion thereof that is exercisable shall be
     exercisable for the full amount or for any part thereof, except as
     otherwise determined by the grant.

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          (b)  Every share purchased through the exercise of an Option shall be
     paid for in full at the time of the exercise. Each Option shall cease to be
     exercisable, as to any share, when the Optionee purchases the share or when
     the Option lapses.

          (c)  Options shall not be transferable by the Optionee except by will
     or the laws of descent and distribution and shall be exercisable during the
     Optionee's lifetime only by him.

          (d)  Notwithstanding any provision in this Plan to the contrary, (i)
     the Committee may, in its sole discretion, declare previously granted
     Options to be immediately exercisable, and (ii) in the discretion of the
     Committee, an Optionee's Option Agreement may provide for the immediate
     exercise of the Option subject to that agreement upon the occurrence of
     such events as may be specified by the Committee in the Option Agreement.
     All Option Agreements shall incorporate the provisions of the Plan by
     reference.

     6.3  INDIVIDUAL DOLLAR LIMITATIONS. The aggregate Fair Market Value
(determined as of the Date Grant) of all shares of Stock with respect to which
Incentive Stock Options are first exercisable by any Optionee in any calendar
year may not exceed $100,000.

     6.4  EXERCISE PRICE. The Exercise Price for an Option shall be set forth in
the Option Agreement, provided that, in the case of an Incentive Stock Option,
the Exercise Price may not be less than Fair Market Value on the Date of Grant,
and provided further that, if the recipient of such Option owns more than ten
percent (10%) of the total combined voting power of all classes of stock of the
Company, the Exercise Price may not be less than one hundred ten percent (110%)
of the Fair Market Value on the Date of Grant.

     6.5  TERM OF OPTIONS. Each Option shall expire at such time as provided in
the Option Agreement, provided, however, that no Option shall be exercisable
later than ten (10) years from the Date of Grant, provided that, if the
recipient of an Incentive Stock Option owns more than ten percent (10%) of the
total combined voting power of all classes of stock of the Company, the
Incentive Stock Option shall lapse five (5) years after the Date of Grant unless
an earlier time is provided in the Option Agreement.

     6.6  EXERCISE OF OPTION. An Optionee wishing to exercise an Option shall
deliver written notice and full payment of the Exercise Price to the Company, in
the form and manner prescribed by the Committee. Until the certificates for the
Stock represented by an exercised Option are issued to an Optionee, such
Optionee shall have none of the rights of a holder of Stock. No Stock shall be
delivered upon any exercise of an Option until the requirements of all
applicable laws, rules and regulations have, in the opinion of the Company's
counsel, been satisfied. Under normal circumstances, certificates for Stock to
be delivered upon exercise of an Option shall be delivered within thirty (30)
days following exercise of an Option.

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     6.7  PAYMENT. Payment for all shares of Stock shall be made at the time
that an Option, or any part thereof, is exercised, and no shares shall be issued
until full payment therefor has been made. Payment shall be made in United
States dollars in cash or by certified funds. In addition, with the consent of
the Committee, payment may be made (i) by delivery of shares of Stock having a
Fair Market Value equal to the Exercise Price, or (ii) by delivery of Options
with an aggregate net value (i.e., the aggregate Fair Market Value of the Stock
subject to such Options less the aggregate Exercise Price of such Options) equal
to the Exercise Price, or (iii) by a combination of cash or certified funds
and/or one or more of the methods permitted under (i) and (ii) above. If the
Optionee delivers shares of Stock or Options as payment of the Exercise Price
upon exercise of an Option, the Committee shall determine acceptable methods for
tendering such Stock or Options by the Optionee and may impose such limitations
and prohibitions on the use of Stock or Options for such purposes as it deems
appropriate. Any Option tendered as payment of the Exercise Price shall be
canceled by the Company upon receipt.

     6.8  SPECIAL PROVISIONS FOR GRANTS TO OFFICERS OR DIRECTORS. Rule 16b-3
under the Act provides that the grant of a stock option to a director or officer
of a company subject to the Act will be exempt from the provisions of section
16(b) or the Act if the conditions set forth in said Rule are satisfied. Unless
otherwise specified by the Committee, grants of Options hereunder to individuals
who are officers or directors of the Company shall be made in a manner that
satisfies the conditions of Rule 16b-3 of the Act.

     6.9  SECURITIES REGISTRATION. In the event that the Company shall deem it
necessary or desirable to register under the Securities Act of 1933, as amended
(the "Securities Act"), or any other applicable statute, any Options or any
Stock with respect to which an Option may be or shall have been granted or
exercised, or to qualify any such Options or Stock under the Securities Act, or
any other statute, then the Optionee shall cooperate with the Company and take
such action as is necessary to permit registration or qualification of such
Options or Stock.

     Unless the Company has determined that the following representation is
unnecessary, each person exercising an Option under the Plan may be required by
the Company, as a condition to the issuance of the shares pursuant to exercise
of the Option, to make a representation in writing that (a) the Optionee is
acquiring such shares for his own account for investment and not with a view to,
or for sale in connection with, the distribution of any part thereof and (b)
before any transfer in connection with the resale of such shares, the Optionee
will obtain the written opinion of counsel for the Company, or other counsel
acceptable to the Company, that such shares may be transferred. The Company may
also require that the certificates representing such shares contain legends
reflecting the foregoing.

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               ARTICLE VII. TERMINATION OF EMPLOYMENT OR SERVICES

     Except as otherwise expressly specified by the Committee in the Option
Agreement for a Nonstatutory Option, all Options granted under this Plan shall
be subject to the following termination provisions:

     7.1  DEATH. If an Optionee's employment in the case of an Employee,
provision of services as a consultant, in the case of a Consultant or provision
of services as a director, in the case of a Nonemployee Director, terminates by
reason of death, the Option may thereafter be exercised at any time prior to the
expiration date of the Option or within twelve (12) months after the date of
such death, whichever period is the shorter, by the person or persons entitled
to do so under the Optionee's will or, if the Optionee shall fail to make a
testamentary disposition of an Option or shall die intestate, the Optionee's
legal representative or representatives. The Option shall be exercisable only to
the extent that such Option was exercisable as of the date of Optionee's death.

     7.2  TERMINATION OTHER THAN FOR CAUSE OR DUE TO DEATH. In the event of an
Optionee's termination of employment, in the case of an Employee, termination of
the provision of services as a consultant or a director, in the case of a
Consultant or a Nonemployee Director, respectively, other than by reason of
death or for cause, the Optionee may exercise such portion of his or her Option
as was exercisable by such Optionee at the date of such termination (the
"Termination Date") at any time within three (3) months following the
Termination Date; provided, however, that where the Optionee is an Employee, and
is terminated due to disability within the meaning of Code section 422, he or
she may exercise such portion of his or her Option as was exercisable on the
Termination Date within one year following such Termination Date. In any event,
the Option cannot be exercised after the expiration of the term of the Option.
Options not exercised within the applicable period specified above shall
terminate.

     7.3  TERMINATION FOR CAUSE. In the event of an Optionee's termination of
employment, in the case of an Employee, or termination of the provision of
services as a consultant or a director, in the case of a Consultant or a
Nonemployee Director, respectively, which termination is by the Company for
Cause, any Option or Options held by him under the Plan, to the extent not
exercised before such termination, shall immediately terminate.

                     ARTICLE VIII. AMENDMENT, MODIFICATION
                           AND TERMINATION OF THE PLAN

     8.1  AMENDMENT, MODIFICATION, AND TERMINATION OF THE PLAN. The Board may at
any time terminate, and from time to time amend or modify the Plan; provided,
however, that no amendment that requires stockholder approval in order for the
Plan to continue to comply with Section 162(m) of the Code or any applicable
listing requirement shall be effective unless same shall be approved by the
requisite vote of the stockholders of the Company. No amendment, modification or
termination of the

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Plan shall in any manner adversely affect any outstanding Option under the Plan
without the consent of the Optionee holding the Option.

                ARTICLE IX. ACQUISITION, MERGER AND LIQUIDATION

     9.1  ACQUISITION. In the event that an Acquisition occurs with respect to
the Company, the Company shall have the option, but not the obligation, to
cancel any Options outstanding as of the effective date of Acquisition, whether
or not such Options are then exercisable, in return for payment to the Optionees
of an amount equal to a reasonable estimate of an amount (the "Spread") equal to
the difference between the net amount per share of Stock payable in the
Acquisition, or as a result of the Acquisition, less the exercise price of the
Option. In estimating the Spread, appropriate adjustments to give effect to the
existence of the Options shall be made, such as deeming the Options to have been
exercised, with the Company receiving the exercise price payable thereunder, and
treating the shares receivable upon exercise of the Options as being outstanding
in determining the net amount per share. For purposes of this section, an
"Acquisition" shall mean any transaction in which substantially all of the
Company's assets are acquired or in which a "controlling amount" of the
Company's outstanding shares are acquired, in each case by a single person or
entity or an affiliated group of persons and/or entities. For purposes of this
section, a "controlling amount" shall mean more than 50% of the issued and
outstanding shares of Stock of the Company. The Company shall have such an
option regardless of how the Acquisition is effectuated, whether by direct
purchase, through a merger or similar corporate transaction, or otherwise. In
cases where the Acquisition consists of the acquisition of assets of the
Company, the net amount per share shall be calculated on the basis of the net
amount receivable with respect to shares upon a distribution and liquidation by
the Company after giving effect to expenses and charges, including but not
limited to taxes, payable by the Company before the liquidation can be
completed.

     Where the Company does not exercise its option under this Section 9.1, the
remaining provisions of this Article IX shall apply, to the extent applicable.

     9.2  MERGER OR CONSOLIDATION. Subject to any required action by the
stockholders, if the Company shall be the surviving corporation in any merger or
consolidation, any Option granted hereunder shall pertain to and apply to the
securities to which a holder of the number of shares of Stock subject to the
Option would have been entitled in such merger or consolidation.

     9.3  OTHER TRANSACTIONS. A dissolution or a liquidation of the Company or a
merger and consolidation in which the Company is not the surviving corporation
shall cause every Option outstanding hereunder to terminate as of the effective
date of such dissolution, liquidation, merger or consolidation. However, the
Optionee shall either (i) be offered a firm commitment whereby the resulting or
surviving corporation in a merger or consolidation will tender to the Optionee
an option (the "Substitute Option") to purchase its shares on terms and
conditions both as to number of shares and otherwise, which will substantially
preserve to the Optionee the rights and benefits of the Option outstanding
hereunder granted by the Company, or (ii) have the right

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immediately prior to such dissolution, liquidation, merger, or consolidation to
exercise any unexercised Options whether or not then exercisable, subject to the
provisions of this Plan. The Committee shall have absolute and uncontrolled
discretion to determine whether the Optionee has been offered a firm commitment
and whether the tendered Substitute Option will substantially preserve to the
Optionee the rights and benefits of the Option granted hereunder. In any event,
any Substitute Option for an Incentive Stock Option shall comply with the
requirements of Code section 424(a).

                               ARTICLE X. GENERAL

     10.1 TAX WITHHOLDING. Whenever shares of Stock are to be issued in
satisfaction of Options exercised under the Plan, Company shall have the power
to require the recipient of the Stock to remit to the Company an amount
sufficient to satisfy federal, state and local withholding tax requirements.

     10.2 INDEMNIFICATION. To the extent permitted by law, each person who is or
shall have been a member of the Committee shall be indemnified and held harmless
by the Company against and from any loss, cost, liability, or expense that may
be imposed upon or reasonably incurred by such member in connection with or
resulting from any claim, action, suit, or proceeding to which such member may
be a party or in which such member may be involved by reason of any action taken
or failure to act under the Plan and against and from any and all amounts paid
in settlement thereof, with the Company's approval, or paid in satisfaction of
judgment in any such action, suit or proceeding against such member, provided
such member shall give the Company an opportunity, at its own expense, to handle
and defend the same before such member undertakes to handle and defend it on
such member's own behalf. The foregoing right of indemnification shall not be
exclusive of any other rights of indemnification to which such persons may be
entitled under the Company's Articles of Incorporation or bylaws, as a matter of
law, or otherwise, or any power that the Company may have to indemnify them or
hold them harmless.

     10.3 CLAIM TO OPTIONS AND EMPLOYMENT RIGHTS. No employee or other person
shall have any claim or right to be granted an Option under the Plan. Neither
this Plan nor any action taken hereunder shall be construed as giving any
employee any right to be retained in the employ of the Company.

     10.4 NONTRANSFERABILITY. Except as otherwise expressly provided in this
Plan, a person's rights and interests under the Plan, including amounts payable,
may not be assigned, pledged, or transferred, provided that a person's rights
and interests under the Plan may be assigned, pledged or transferred pursuant to
a domestic relations order which satisfies the requirements for a "qualified
domestic relations order" set forth in Section 414(p)(1)(A) of the Code.

     10.5 RELATIONSHIP TO OTHER BENEFITS. No payment under the Plan shall be
taken into account in determining any benefits under any pension, retirement,
savings, profit sharing, group insurance, welfare or other benefit plan of the
Company.

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     10.6 EXPENSES. The expenses of administering the Plan shall be borne by the
Company.

     10.7 REQUIREMENTS OF LAW. The granting of Options and the issuance of
shares of Stock upon the exercise of an Option shall be subject to all
applicable laws, rules, and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required.
Notwithstanding any other provision of the Plan, the Board may, in its sole
discretion, terminate, amend, or modify the Plan in any way necessary to comply
with the applicable requirements of Rule 16b-3 promulgated by the Securities and
Exchange Commission as interpreted pursuant to no-action letters and
interpretive releases.

     In the event this Plan does not expressly incorporate a provision which
Rule 16b-3 requires to be incorporated, such provision (other than one relating
to eligibility requirements or the price and amount of Options) will be deemed
automatically to be incorporated in this Plan by reference with respect to those
Options who are subject to Section 16 of the Act.

     10.8 SEVERABILITY OF PROVISIONS. With respect to persons subject to Section
16 of the Act, transactions under this Plan are intended to comply with all
applicable conditions of Rule 16b-3 or its successors under the Act. To the
extent any provision of the Plan or action by the Board fails to so comply, it
will be deemed null and void, to the extent permitted by law and deemed
advisable by the Board, and the remaining provisions of the Plan or actions by
Board will be construed and enforced as if the invalid provision or action had
not been included or undertaken.

     10.9 GOVERNING LAW. The Plan and all agreements hereunder shall be
construed in accordance with and governed by the laws of the State of Arizona.

     IN WITNESS WHEREOF, this Plan has been approved and adopted by the Board of
Directors of the Company this _____day of ______________, 2001.

                                        GREAT WESTERN  LAND AND RECREATION, INC.

                                        By:
                                           -----------------------------------
                                           Its
                                              --------------------------------

                                       11<Page>

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE OF THIS WARRANT CAN
BE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT OF 1933, AS AMENDED,
AND APPLICABLE STATE SECURITIES LAWS. THIS WARRANT AND THE UNDERLYING SECURITIES
MAY NOT BE SOLD, TRANSFERRED, OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT, UNLESS SUCH REGISTRATION IS NOT THEN REQUIRED.

                     GREAT WESTERN LAND AND RECREATION, INC.

                          COMMON STOCK PURCHASE WARRANT

Warrant No. 1

     THIS CERTIFIES THAT, for value received, Amortibanc Management, L.C., a
Texas limited liability company, its successors and permitted assigns (the
"Holder"), is entitled to subscribe for and purchase from Great Western Land and
Recreation, Inc., a Delaware corporation (the "Company"), at any time from and
after Midnight (Arizona time) on the date of the closing (the "Effective Time")
of the merger (the "Merger") of quepasa.com, inc., a Nevada corporation
("quepasa"), with and into GWLAR, Inc. pursuant to the Merger Agreement dated as
of August 6, 2001 (the "Merger Agreement") among the Company, GWLR, LLC, GWLAR,
Inc. and quepasa until 5:00 p.m. (Arizona time) on the tenth anniversary of the
Effective Date (the "Exercise Period"), 14,827,175 shares of the Company's
common stock, $.01 par value per share (the "Common Stock"). The purchase price
for each share of Common Stock hereunder shall be in accordance with the
following table (subject to adjustment in accordance with this Warrant, the
"Purchase Price"), subject, however, to the provisions and upon the terms and
conditions set forth in this Warrant:

<Table>
<Caption>
 TRANCHE            NUMBER OF SHARES         EXERCISE PRICE
------------        ----------------         --------------
<S>                 <C>                      <C>
Tranche A              4,942,392                  $0.30
Tranche B              4,942,392                  $0.60
Tranche C              4,942,391                  $1.20
</Table>

     This Warrant is one of the "Parent Warrants" referenced in the Merger
Agreement.

     1.   EXERCISE; ISSUANCE OF CERTIFICATES; PAYMENT FOR SHARES. The rights
represented by this Warrant may be exercised by the Holder, in whole or in part,
at any time or from time to time during the Exercise Period, upon presentation
and surrender of this Warrant to the Company, at its principal executive office
as set forth in the Company's most recent filings with the Securities
<Page>

and Exchange Commission, with a duly executed subscription (in the form attached
hereto) and accompanied by payment of the Purchase Price for each share of
Common Stock purchased. Such payment shall be made, in cash or by certified bank
or cashier's check, payable to the order of the Company. Notwithstanding the
foregoing provisions requiring payment in cash or by check, the Holder may from
time to time at the Holder's option pay the Purchase Price or any portion
thereof by surrendering to the Company, in lieu of such payment, the right of
the Holder to receive a number of shares of Common Stock having an aggregate
Market Value equal to such Purchase Price (or portion thereof) on the date of
exercise (a "Cashless Exercise"). For purposes of the foregoing, the "Market
Value" of a share of Common Stock as of a relevant date means the closing price
on the trading day preceding such date with respect to the Common Stock on a
national securities exchange or the Nasdaq National Market or Nasdaq SmallCap
Market or the Nasdaq OTC, as the case may be . The closing price shall be: (i)
the last sale price of shares of the Common Stock on such trading day or, if no
such sale takes place on such date, the average of the closing bid and asked
prices thereof on such date, in each case as officially reported by the
principal exchange on which the Common Stock is then listed or admitted to
trading or by the Nasdaq Stock Market; or (ii) if no shares of Common Stock are
then listed or admitted to trading on any national securities exchange or the
Nasdaq National Market or the Nasdaq SmallCap Market, the average of the
reported closing bid and asked prices thereof on such date in the
over-the-counter market as shown on the National Association of Securities
Dealers automated quotation system. The Cashless Exercise rights of the Holder
shall be of no force or effect unless the Common Stock is then listed, admitted
to trading, or reported.

     The shares of Common Stock purchased hereunder shall be deemed to have been
issued to the Holder as of the close of business on the date on which this
Warrant shall have been surrendered to the Company, along with the subscription
and full payment, whether by cash or check, for the shares purchased.
Certificates for the shares so purchased and, unless this Warrant shall have
expired, a new Warrant representing the number of shares of Common Stock, if
any, with respect to which this Warrant shall not then have been exercised,
shall be delivered to the Holder within a reasonable time, and in any event
within 10 business days, after the Holder has complied with the provisions of
this Section 1.

     2.   RESTRICTIONS ON TRANSFER OF WARRANT. The Holder may not sell, assign
pledge, hypothecate or otherwise transfer any rights under this Warrant to
anyone other than (a) any officer or partner of the Holder; (b) any successor to
the business of the Holder; (c) any affiliate of the Holder; (d) a transfer
within the Family Group of the Holder, or (e) any transferee who receives this
Warrant by operation of law as a result of the death or dissolution of any
holder permitted by this Section 2. The Holder's "Family Group" means such
Holder's spouse and lineal descendants (whether natural or adopted) and any
trust formed and maintained solely for the benefit of such Holder, such Holder's
spouse and/or such Holder's lineal descendants. In the case of Amortibanc
Management, L.C., "Family Group" shall also include members of the Family Group
of Willard Garvey.

     3.   RESERVATION OF SHARES. The Company covenants and agrees that all
securities that it may issue upon the exercise of the rights represented by this
Warrant will, upon issuance, be fully paid and nonassessable and free from all
taxes, liens and charges. The Company further

                                       2
<Page>

agrees that at all such times there shall be authorized and reserved for
issuance upon exercise of this Warrant such number of shares of Common Stock as
shall be required for issuance on full exercise of this Warrant.

     4.   EXCHANGE, ASSIGNMENT, OR LOSS OF WARRANT.

          (a)  Subject to subsection (b) below, this Warrant is exchangeable and
     may be divided or combined with other Warrants that carry the same rights,
     without expense other than as provided in this Section 4, at the option of
     the Holder, upon presentation and surrender hereof to the Company, for
     other Warrants of different denominations entitling the holder(s) thereof
     to purchase in the aggregate the same number of shares of Common Stock at
     each Purchase Price purchasable hereunder. To effect any exchange, the
     Holder shall provide the Company written notice of any exchange signed by
     the Holder specifying the names and denominations in which new Warrants are
     to be issued.

          (b)  This Warrant may not be sold, transferred, assigned, or
     hypothecated except as permitted under Section 2 herein and except in
     compliance with Federal and state securities laws. Any permitted transfer
     shall be made by surrender of this Warrant to the Company, together with a
     duly executed assignment (in the form of the assignment attached to this
     Warrant) and funds or common stock sufficient to pay any transfer tax,
     whereupon the Company shall, without charge, execute and deliver a new
     Warrant or Warrants in the name(s) of the assignee(s) named in such
     instrument of assignment, and this Warrant shall be canceled. Any
     transferee of this Warrant, by its acceptance thereof, agrees to be bound
     by the terms of this Warrant, with the same force and effect as if a
     signatory thereto.

          (c)  The Company will execute and deliver a new Warrant of like tenor
     and date upon receipt by the Company of evidence satisfactory to it of the
     loss, theft, destruction, or mutilation of this Warrant, and (i) in the
     case of loss, theft, or destruction, upon receipt by the Company of
     indemnity satisfactory to the Company, or (ii) in the case of mutilation,
     upon presentation, surrender, and cancellation of this Warrant.

     5.   RIGHTS OF THE HOLDER. The Holder shall not, by virtue hereof, be
entitled to any rights of a stockholder in the Company, either at law or equity.
The rights of the Holder are limited to those expressed in the Warrant and are
not enforceable against the Company except to the extent set forth herein.

     6.   ADJUSTMENT AND OTHER EVENTS.

          (a)  If the Company shall, after the Issue Date, declare any dividend
     or other distribution upon its outstanding Common Stock payable in Common
     Stock or shall subdivide its outstanding shares of Common Stock into a
     greater number of shares, then the number of shares of Common Stock that
     may thereafter be purchased upon the exercise of the rights represented by
     this Warrant must be increased in proportion to the increase through such
     dividend, distribution, or subdivision, and the Purchase Price must be
     decreased in such proportion. If the Company shall at any time combine the
     outstanding shares of its Common Stock into a smaller number of

                                       3
<Page>

     shares, the number of shares of Common Stock that may thereafter be
     purchased upon the exercise of the rights represented hereby will be
     decreased in proportion to the decrease through such combination, and the
     Purchase Price will be increased in such proportion.

          (b)  If, after the date of original issuance of this Warrant (the
     "Issue Date"), there shall occur (i) any reclassification, capital
     reorganization, or other change of outstanding Common Stock of the Company
     (other than a change described or referred to in Subsection 6(a)), or (ii)
     any consolidation or merger of the Company with or into another corporation
     or other entity (other than a consolidation or merger in which the Company
     is the continuing corporation and that does not result in any
     reclassification, capital reorganization or other change of the shares of
     Common Stock issuable upon exercise of this Warrant), or (iii) sale or
     conveyance to a third party of all or substantially all of the Company's
     assets as an entirety, then and in such event the terms of this Section 6
     will be deemed to be appropriately adjusted, and the Company will cause
     effective provision to be made, so that the Holder shall have the right
     thereafter, by exercising this Warrant, to purchase the kind and amount of
     shares of stock and other securities and property, if any receivable upon
     such reclassification, capital reorganization, or other change,
     consolidation, merger, sale or conveyance that the Holder would have
     received had this Warrant been exercised in full immediately prior to such
     event.

          (c)  If, after the Issue Date, the Company shall at any time or from
     time to time (i) distribute (otherwise than as a dividend in cash or in
     Common Stock or in securities convertible into or exchangeable for Common
     Stock) to the holders of Common Stock (or grant any rights to such holders
     to acquire) assets, including stock or other securities of the Company (or
     the right to acquire the same) or any subsidiary, without any consideration
     paid or to be paid by such holders or for a consideration paid less than
     the fair market value of such assets as reasonably and objectively
     determined by the Board of Directors of the Company, or (ii) declare a
     distribution, right or dividend upon the Common Stock in cash or assets
     other than shares of Common Stock, THEN the Company shall reserve, and the
     Holder of this Warrant shall thereafter upon exercise of this Warrant be
     entitled to receive, for each share of Common Stock purchasable hereunder
     on the record date established by the Company for the determination of
     holders of Common Stock entitled to receive such distribution, right or
     dividend (or if no such record date shall have been established, on the
     date of such distribution, grant of such right or payment of such
     dividend), (i) the amount of such assets that would have been distributable
     to, or as to which such right would have been granted to, the Holder hereof
     or (ii) the amount of such dividend (to the extent above-stated) that the
     Holder would have received, had the Holder been a holder of the number of
     shares of Common Stock purchasable under this Warrant on such record (or
     other) date. Such entitlement by the Holder shall be without increase in
     (except in respect for the consideration, if any, paid for such assets by
     the holders of Common Stock) the then current Purchase Price.

          (d)  If: (i) there shall be an event requiring an adjustment as
     provided in subsections 6(a) or 6(b); (ii) the Company shall make a
     distribution that may come within subsection 6(c); (iii) the Company shall
     offer for subscription pro rata to the holders of its Common Stock any
     additional shares of stock of any class, or other rights; or (iv) there
     shall be a voluntary or involuntary dissolution, liquidation or winding up
     of the Company; then, in any one

                                       4
<Page>

     or more of such cases, the Company shall give to the Holder (1) at least
     twenty business days' prior written notice of the date on which the books
     of the Company shall close or a record shall be taken for such dividend,
     distribution or subscription rights, or for determining rights to vote in
     respect of any merger, consolidation, reorganization or reclassification,
     and (2) in the case of any such merger, consolidation, reorganization or
     reclassification at least twenty business days' prior written notice of the
     date when the same shall take place or the date on which the books of the
     Company shall close or a record shall be taken for same, whichever is the
     earlier. Such notice in accordance with the foregoing clause and to the
     extent applicable shall specify (A) in the case of any such dividend,
     distribution or subscription rights, the date on which the holders of
     Common Stock shall be entitled thereto, and (B) when the holders of Common
     Stock shall be entitled to exchange their Common Stock for securities or
     other property deliverable upon such merger, consolidation, reorganization,
     liquidation or winding up, as the case may be. Upon the happening of an
     event requiring adjustment of the Purchase Price or the kind or amount of
     securities or property purchasable hereunder, the Company shall forthwith
     give notice to the Holder, which notice shall be accompanied by a
     certificate of the Company, stating the adjusted Purchase Price and the
     adjusted number of shares of Common Stock purchasable or the kind and
     amount of any such securities or property purchasable upon exercise of this
     Warrant, as the case may be, and setting forth in reasonable detail the
     method of calculation and the facts upon which the calculation is based.

          (e)  No fractional shares of Common Stock or script representing
     fractional shares of Common Stock shall be issued upon the exercise of this
     Warrant, and the Company shall have no obligation for any cash payment with
     respect thereto. If a fractional share shall result from adjustments in the
     number of shares of Common Stock purchasable hereunder, the number of
     shares of Common Stock purchasable hereunder shall, on an aggregate basis
     taking into account all prior adjustments, be rounded up to the next whole
     number.

          (f)  Irrespective of any adjustment or change in the Purchase Price or
     the number of shares of Common Stock or other securities actually
     purchasable under this Warrant, this Warrant may continue to express the
     Purchase Price and the number of shares of Common Stock purchasable
     hereunder as such price and number of shares were expressed on this Warrant
     when initially issued.

     7.   REGISTRATION RIGHTS UNDER THE SECURITIES ACT OF 1933. The Holder shall
have the registration rights with respect to the Registrable Securities
contained in the Registration Rights Agreement dated as of the date hereof
between Amortibanc Management, L.C. and the Company. For the purposes of this
Section 7, the term "Registrable Securities" shall mean any Common Stock
purchasable upon exercise of the Parent Warrants (or any Warrant(s) issued in
replacement or upon transfer thereof), and any other capital stock issued or
issuable with respect to the Common Stock issued or issuable upon the exercise
of any Parent Warrant.

     8.   TRANSFER TO COMPLY WITH THE SECURITIES ACT OF 1933.

          (a)  This Warrant and the shares of Common Stock or any other security
     issued or issuable upon exercise of this Warrant may not be offered or sold
     except in compliance with

                                       5
<Page>

     the Act and then only against receipt of an agreement of such person to
     whom such offer or sale is made to comply with the provisions of this
     Section 8 with respect to any resale or other disposition of such
     securities; except that no such agreement shall be required from any person
     purchasing shares of Common Stock pursuant to a registration statement
     effective under the Act.

          (b)  The Company may cause a legend in substantially the form set
     forth on the first page of this Warrant to be placed on each Warrant and
     certificate representing shares of Common Stock, any Common Stock Warrant
     or any other security issued or issuable upon exercise of this Warrant,
     unless counsel for the Company is of the opinion as to any such certificate
     that such legend is unnecessary.

     9.   NOTICE. All notices and other communications provided for herein shall
be in writing and telecopied, mailed or personally delivered to the intended
recipient to the following addresses: (i) if to the Holder, to 5115 N.
Scottsdale Rd., Suite 101, Scottsdale, AZ 85250, and (ii) if to the Company, at
its principal executive office as set forth in the Company's most recent filings
with the Securities and Exchange Commission. The Holder and the Company may
change its address for delivery of notice to such other address as may be
designated therefor by written notice to the other hereunder. All such
communications shall be deemed to have been duly given when transmitted by
telecopier or personally delivered or, in the case of a mailed notice, upon
receipt, in each case given or addressed as aforesaid.

     10.  SURVIVAL. The various rights and obligations of the Holder and of the
Company as set forth in Sections 7 and 8 herein shall survive the exercise and
surrender of this Warrant.

     11.  SUCCESSORS AND ASSIGNS. All the covenants and provisions of this
Warrant shall bind and inure to the benefit of the Holder and the Company and
their respective successors and assigns.

     12.  DESCRIPTIVE HEADINGS. The descriptive headings of the several Sections
of this Warrant are inserted for convenience only and do not constitute a part
of this Warrant.

     13.  GOVERNING LAW. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware, without giving effect to
conflicts of laws principles.

                                    * * * * *

                                       6
<Page>

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed by its officer duly authorized.

DATED: August 6, 2001.

                                        GREAT WESTERN LAND AND RECREATION, INC.

                                        By:
                                           ---------------------------------
                                           Jay N. Torok
                                           President

                                       7
<Page>

                                   ASSIGNMENT
              (to be executed only upon assignment of the Warrant)

     FOR VALUE RECEIVED, the undersigned assigns and transfers to the Assignee
named below all of the rights of the undersigned under the attached Warrant with
respect to the shares of Common Stock of Great Western Land and Recreation,
Inc., a Delaware corporation (the "Company"), set forth below:

<Table>
<Caption>
Name                                              Number              Exercise
of Assignee              Address                  of Shares           Price
-----------              -------                  ---------           --------
<S>                      <C>                      <C>                 <C>

</Table>

     The undersigned does hereby irrevocably constitute and appoint the
Secretary of the Company as attorney-in-fact to transfer such right on the books
of the Company, with full power of substitution.

Dated:
      -----------------------

                                        By:
                                           -----------------------------------
                                        Its:
                                            ----------------------------------

                                       8
<Page>

                                  SUBSCRIPTION
                 (To be executed only upon exercise of Warrant)

Great Western Land and Recreation, Inc.
5115 N. Scottsdale Rd., Suite 101
Scottsdale, AZ 85250

     The undersigned hereby elects to purchase, pursuant to the provisions of
the within Warrant held by the undersigned, _________ shares of Common Stock
from Tranche __ .

(Check Appropriate Box)

|_|  Payment of the Purchase Price per share accompanies this Subscription.

|_|  Pursuant to Section 1 of the within Warrant, the undersigned hereby
     surrenders the right to receive ____ shares of Common Stock to which this
     exercise relates, in payment of the Purchase Price for all shares of Common
     Stock to which this exercise relates.

DATED:
      -----------------------------

                                        --------------------------------------

                                        By:
                                           -----------------------------------
                                        Its:
                                            ----------------------------------

                                       9

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