Document:

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                            ASSET PURCHASE AGREEMENT

                                     between

                              ACC OF TENNESSEE LLC,

                            ACC TENNESSEE LICENSE LLC

                                       and

                               CELLCO PARTNERSHIP
                             D/B/A VERIZON WIRELESS

                          DATED AS OF OCTOBER 30, 2001

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                            ASSET PURCHASE AGREEMENT

        THIS ASSET PURCHASE AGREEMENT (the "AGREEMENT") is made and entered into
as of October 30, 2001 by and between ACC OF TENNESSEE LLC, a Delaware limited
liability company ("ACC TENNESSEE"), ACC TENNESSEE LICENSE LLC, a Delaware
limited liability company ("LICENSE SUB," and together with ACC Tennessee, each
individually a "SELLER," and collectively, "SELLERS") and CELLCO PARTNERSHIP, a
Delaware general partnership, d/b/a Verizon Wireless ("PURCHASER").

                                    RECITALS

        WHEREAS, ACC Tennessee owns all of the outstanding membership interests
in License Sub; and

        WHEREAS, License Sub holds, as its only asset, the necessary FCC
Authorizations (as defined in Section 2.01(a)) to operate the Block A cellular
radio telephone system (the "CELLULAR SYSTEM") in rural service area ("RSA") #4
in the State of Tennessee (the "CELLULAR AREA"); and

        WHEREAS, Sellers own and operate the Cellular System; and

        WHEREAS, Sellers are engaged in the business of marketing, selling and
providing cellular telephone service in the Cellular Area (such business, as
conducted by ACC Tennessee, is referred to herein as the "SELLER BUSINESS"); and

        WHEREAS, Purchaser desires to purchase from each Seller, and each Seller
desires to sell to Purchaser, the assets and rights of such Seller that relate
primarily to the ownership and operation of the Cellular System, including the
FCC Authorizations, all subject to the terms and conditions set forth herein;
and

        WHEREAS, such assets shall not include any assets or rights of either
Seller used by such Seller relating primarily to the ownership or operation of
other businesses owned or operated by such Seller.

        NOW, THEREFORE, in consideration of the premises and mutual covenants
and agreements herein set forth and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto
hereby agree as follows:

                                    ARTICLE I
                                PURCHASE AND SALE

        Except as otherwise provided and subject to the terms and conditions set
forth in this Agreement, each Seller agrees to sell, convey, assign, transfer
and deliver to Purchaser, and Purchaser agrees to purchase from each Seller at
the Closing, all of such Seller's right, title and interest in and to the
Purchased Assets owned by such Seller (as defined in Section 2.01 hereof), free
and clear of all security interests, liens, pledges, charges, encroachments,
defects of title, options, rights of first refusal, easements or any other
encumbrance or restriction on the use or

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exercise of any attribute of ownership (collectively, "LIENS") other than
Permitted Liens. As used herein, the term "PERMITTED LIENS" means (i) any lien
or other encumbrance for taxes and assessments not yet past due, (ii) any lien
or other encumbrance provided for in, or arising out of, any Assumed Contract
and not related to any indebtedness for borrowed money, (iii) any lien or other
encumbrance that does not materially detract from the value of, or interfere
with the use of, the property subject thereto or affected thereby or materially
impair the operation of the Seller Business (including any easements, rights of
way, restrictions, installations or public utilities, title imperfections and
restrictions, encroachments, reservations in land patents, zoning ordinances or
other similar liens or other encumbrances), (iv) as to leaseholds, interests of
the lessors thereof and Liens affecting interests of such lessors and (v) any
lien or other encumbrance set forth on SCHEDULE 1 attached hereto.

                                   ARTICLE II
                DESCRIPTION OF PURCHASED ASSETS; EXCLUDED ASSETS

        SECTION 2.01. PURCHASED ASSETS. The assets, properties and rights to be
conveyed to Purchaser shall be as set forth in SECTIONS 2.01(a) through 2.01(j)
hereto (the "PURCHASED ASSETS"). The Purchased Assets shall include the
following assets, properties and rights of each Seller to the extent such assets
are owned by such Seller:

               (a)    the licenses and authorizations issued by the
Federal Communications Commission (the "FCC"), including (i) FCC licenses and
authorizations, as well as licenses and authorizations of any state body having
jurisdiction over the Seller Business, to construct, own and operate a cellular
radio telephone system in the Cellular Area (the "CELLULAR AUTHORIZATIONS") and
certain microwave paths used in connection with such cellular operations (the
"MICROWAVE AUTHORIZATIONS") and (ii) construction permits, if any, that have
been issued by the FCC to Sellers with respect to construction of a cellular
telecommunications system in the Cellular Area (the "FCC CONSTRUCTION PERMITS"
and together with the Cellular Authorizations and the Microwave Authorizations,
the "FCC AUTHORIZATIONS"), that are listed on SCHEDULE 2.01(a) attached hereto;

               (b)    all rights under (i) all Contracts between each Seller
and subscribers that are related primarily to the Seller Business, (ii) all
Contracts listed on SCHEDULE 7.06(a) attached hereto, (iii) all Contracts that
are not required to be listed on that Schedule solely because they involve
dollar amounts that are below the thresholds for inclusion on that Schedule,
(iv) all Contracts entered into during the period commencing on the date hereof
and ending on the Closing Date which Purchaser agrees to assume in accordance
with clause (ii) of Article III, and (v) all Contracts constituting Undisclosed
Contracts which Purchaser agrees to assume pursuant to Section 18.01(c) (all
such Contracts that are not Excluded Contracts shall be referred to collectively
as the "ASSUMED CONTRACTS");

               (c)    each Seller's right, title and interest in and to the
towers, tower equipment, antennas, switching and cell site equipment and
buildings, microwave equipment, mobile identification numbers, tools, testing
equipment, motor vehicles, office equipment, furniture and fixtures, supplies
and inventory, electrical power units, transmission lines, installations,

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appliances, improvements and other equipment, machinery and tangible personal
property used primarily in the Seller Business, including such as are listed on
SCHEDULE 2.01(c) attached hereto;

               (d)    all interests of each Seller in all those certain lots
and pieces of real property that are owned by or leased to such Seller that are
used primarily in the Seller Business including those set forth on SCHEDULE
2.01(d), together with the buildings, structures, facilities and other
improvements erected thereon, and together with all easements, rights-of-way and
other appurtenances thereto;

               (e)    all of each Seller's right, title and interest to
the engineering records, files (including customer information and records),
data, drawings, blueprints, books of account, schematics, maps, reports, lists
(including customer and supplier lists) and plans and processes used primarily
in the Seller Business, provided that each such Seller may retain copies thereof
so long as Purchaser is provided with the originals thereof;

               (f)    all of each Seller's right, title and interest in and to
the accounts receivable (billed or unbilled), prepaid assets, security deposits
(the "DEPOSITS"), copyrights relating to the Purchased Assets (whether
registered or unregistered), all of which are used primarily in the operation of
the Seller Business;

               (g)    to the extent assignable, all licenses, certificates
of occupancy, permits, franchises, registrations, certificates of public
convenience and necessity, approvals and operating rights, including any
applications therefor, used primarily in the operation of the Seller Business;

               (h) all computer software owned or licensed by each
Seller (including all related documentation) and used primarily in the Seller
Business;

               (i)    all rights or choses in action relating primarily to the
Seller Business, including all rights under express or implied warranties
relating to the Purchased Assets, except to the extent listed on Schedule
2.02(f); and

               (j)    subject to Article XII, all rights and claims under
insurance policies with respect to the Purchased Assets.

        SECTION 2.02. EXCLUDED ASSETS. All other assets owned by each Seller,
except the Purchased Assets, shall be retained by such Seller and shall not be
sold, assigned or transferred to Purchaser (the "EXCLUDED ASSETS").
Notwithstanding the provisions of Section 2.01, the Purchased Assets shall not
include any of the following assets, properties and rights of any Seller all of
which shall be deemed Excluded Assets:

               (a)    all cash on hand (other than the Deposits) and in
financial institutions, cash equivalents, marketable securities and bonds;

               (b)    all claims for refunds and/or credits for Taxes (as
defined herein);

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               (c)    the minute books and tax returns of such Seller;

               (d)    the Contracts listed or described in SCHEDULE 2.02(d) (the
"EXCLUDED CONTRACTS");

               (e)    the rights which accrue or will accrue to such Seller
under this Agreement;

               (f)    the assets, rights and claims listed in SCHEDULE 2.02(f);

               (g)    subject to Section 2.01(j), all insurance policies and
rights and claims thereunder arising from events, matters, conditions arising
prior to the Closing Date and which have not been assigned to Purchaser pursuant
to Article XII;

               (h)    such Seller's trademarks, trade names, service marks,
service names, logos and similar rights and all other intellectual property
(except as set forth in Section 2.01);

               (i)    copies of the documents referred to in Section 2.01(e);
and

               (j)    all System Employee Benefit Plans.

                                   ARTICLE III
                            ASSUMPTION OF LIABILITIES

        At the Closing, Purchaser shall assume and agree to perform and
discharge as of the Closing the following Liabilities of each Seller to the
extent not previously performed or discharged, and no others: (i) all
Liabilities of each Seller which are to be performed from and after the Closing
under the Assumed Contracts, but only to the extent such Liabilities relate to
periods or goods or services provided to Purchaser on or after the Closing Date,
provided that Purchaser shall not assume any Liabilities arising out of any
breach by either Seller of any provision of any Assumed Contract, (ii) all
Liabilities of each Seller entered into during the period from the date hereof
to the Closing by such Seller that were identified by such Seller in writing as
Assumed Liabilities and consented to in writing by Purchaser, (iii) all
Liabilities in connection with the Deposits and (iv) accrued property Taxes
relating to the Purchased Assets for the period prior to the Closing (such items
(i) through (iv) are collectively referred to herein as the "ASSUMED
LIABILITIES"). The Assumed Liabilities shall specifically exclude all other
Liabilities of any Seller or the Seller Business (the "EXCLUDED LIABILITIES"),
including (x) all Liabilities in connection with, resulting from, or arising out
of, directly or indirectly, the ownership, operation or control of the Purchased
Assets or Seller Business prior to the Closing Date, other than the Assumed
Liabilities, and (y) all Liabilities relating to any System Employee Benefit
Plan. For purposes of clarity, the parties hereby acknowledge that neither the
Assumed Liabilities nor the Excluded Liabilities will include any Liabilities in
connection with, resulting from, or arising out of, directly or indirectly,
Purchaser's ownership, operation, or control of the Purchased Assets or the
Seller Business from and after the Closing Date, and that such Liabilities will
be the responsibility of the Purchaser.

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                                   ARTICLE IV
                     INSTRUMENTS OF TRANSFER AND ASSUMPTION

        SECTION 4.01. TRANSFER DOCUMENTS. At the Closing, each Seller, or in the
case of clause (c) below and if applicable, each Regarded Entity, will deliver
to Purchaser (a) one or more Bills of Sale in substantially the form attached
hereto as EXHIBIT A (a "BILL OF SALE"), (b) all such other good and sufficient
instruments of sale, transfer and conveyance, including assignments of leases,
deeds in recordable form and certificates of title for motor vehicles, as shall
be effective to vest in Purchaser all of Sellers' right and title to, and
interest in, the Purchased Assets, and (c) a FIRPTA Certificate as required by
Section 1445 of the Internal Revenue Code of 1986, as amended (the "CODE").

        SECTION 4.02. ASSUMPTION DOCUMENTS. At the Closing, Purchaser and each
Seller will execute and deliver an Assumption Agreement in substantially the
form attached hereto as EXHIBIT B (the "ASSUMPTION AGREEMENT") in order to
effect the assumption of the Assumed Liabilities by Purchaser.

                                    ARTICLE V
                           PURCHASE PRICE; ALLOCATION

        SECTION 5.01. PURCHASE PRICE. The total purchase price for the Purchased
Assets shall be Two Hundred Two Million Dollars ($202,000,000.00) (the "BASE
PRICE"), as adjusted in accordance with the provisions of Section 5.05 hereof
(as adjusted, the "PURCHASE PRICE").

        SECTION 5.02. INDEMNITY ESCROW. At Closing, Purchaser will deposit by
wire transfer of immediately available funds an amount equal to four percent
(4%) of the Purchase Price (the "ESCROWED AMOUNT") with J.P. Morgan Trust
Company, National Association (the "ESCROW AGENT"), to be held, invested and
disbursed by the Escrow Agent pursuant to the terms of the Escrow Agreement
substantially in the form of EXHIBIT C attached hereto (the "ESCROW AGREEMENT").

        SECTION 5.03. PAYMENT OF PURCHASE PRICE. The Purchase Price, less the
Escrowed Amount and less any Taxes Purchaser is required by law to withhold or
remit to any taxing authority on account of the transactions contemplated
hereby, shall be payable by wire transfer of immediately available funds to ACC
Tennessee at Closing ("SELLER'S CLOSING PAYMENT").

        SECTION 5.04. ALLOCATION OF PURCHASE PRICE. SCHEDULE 5.04 sets forth the
allocation of the Purchase Price in accordance with the respective fair market
value of the Purchased Assets and as provided for under Section 1060 of the
Code. Each party hereby agrees to file and, if applicable, each Seller shall
cause each Regarded Entity to file, with its federal income tax return for the
tax year in which the Closing occurs IRS Form 8594 containing the allocation set
forth on Schedule 5.04.

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        SECTION 5.05. PURCHASE PRICE ADJUSTMENT.

               (a)    As used in this Section 5.05, the following terms shall
have the meaning set forth below:

        "CURRENT ASSETS" means the following Purchased Assets: (i) customer
accounts receivable, including roaming accounts receivable (except any such
accounts receivable owed by either Seller or any Affiliate of either Seller),
excluding an allowance for uncollectible accounts receivable (not including
roaming accounts receivable), calculated as follows: 2% for subscriber
receivables that are less than or equal to 30 days past due, 5% for subscriber
receivables that are between 31 and 60 days past due, 20% for subscriber
receivables that are between 61 and 90 days past due and 100% for subscriber
receivables that are more than 90 days past due, (ii) inventory, including
cellular telephone handsets and ancillary equipment held for sale to
subscribers, valued in accordance with GAAP consistently applied, and (iii)
prepaid items relating to the Purchased Assets, including prepaid rent, property
taxes, utility charges, fees and deposits paid (but excluding prepaid
insurance), all determined as of 12:01 a.m. on the Closing Date in accordance
with GAAP consistently applied. A physical audit of each Seller's inventory will
be taken by representatives of Sellers and Purchaser during the afternoon or
evening prior to the Closing Date, the results of which shall be final and
binding upon the parties (i.e., the physical inventory count shall not be
reviewable by the Independent Accountant pursuant to Section 5.05(d) below) for
purposes of determining the number and type of inventory items existing as of
the Closing, which information shall be used to derive the value of the
inventory of Sellers included as Current Assets and reflected on the Closing
Certificate.

        "CURRENT LIABILITIES" shall mean all Assumed Liabilities (as defined in
Article III above) that are of a type determined to be "current liabilities" in
accordance with GAAP.

        "GAAP" means generally accepted accounting principles consistently
applied.

               (b)    The Base Price shall be increased (or decreased) by the
amount by which Current Assets exceed (or are less than) Current Liabilities as
of the Closing Date (the "WORKING CAPITAL ADJUSTMENT").

               (c)    In the event that as of the Closing, a Seller shall have
failed to obtain any consent that is necessary for such Seller to assign to
Purchaser any cell site lease or license that is included in the Purchased
Assets, the Base Price shall be decreased by $200,000 for each cell site lease
or license as to which such Seller failed to obtain the consent that is
necessary to assign to Purchaser such cell site lease or license (the "CELL SITE
LEASE ADJUSTMENT").

               (d)    Sellers shall prepare and submit to Purchaser, not later
than 5 business days prior to the Closing Date, a written good faith estimate of
the amount of the Working Capital Adjustment and the Cell Site Lease Adjustment
(collectively the "ADJUSTMENTS") in accordance with this Section 5.05 and
Sellers' estimate of the Purchase Price resulting from the Adjustments
("SELLERS' ESTIMATE"). Sellers' Estimate shall be accompanied by supporting
documents, work papers, subscriber records and other data supporting the
Adjustments and

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Sellers' Estimate. Sellers' Estimate shall be based upon the books and records
of the Seller Business. Sellers' Estimate shall be accompanied by a certificate
signed by an officer of Sellers certifying that the Sellers' Estimate was
calculated in good faith and in accordance with the provisions of this Section
5.05. After the delivery of Sellers' Estimate and prior to the Closing,
Purchaser and Sellers shall attempt to resolve any disputes between Sellers and
Purchaser with respect to Sellers' proposed Adjustments. In connection
therewith, Purchaser shall have full access to Sellers' records related to
Sellers' proposed Adjustments. Prior to Closing, Purchaser shall advise Sellers
in writing as to any dispute Purchaser has with Sellers' Estimate and provide to
Sellers Purchaser's calculation of the Adjustments and the Purchase Price,
accompanied by a certificate signed by a senior officer of Purchaser certifying
that Purchaser's calculation was made in good faith and supporting documents and
information, to the extent the same is available to Purchaser ("PURCHASER'S
ESTIMATE"). In the event Purchaser's Estimate of the Purchase Price is less than
$100,000 less than Sellers' Estimate, the Closing shall proceed with the
Purchase Price based upon Sellers' Estimate. In the event the Purchaser's
Estimate of the Purchase Price is more than $100,000 less than Sellers'
Estimate, then the mid-point between Sellers' Estimate and Purchaser's Estimate
shall be used as the Purchase Price for purposes of Closing.

               (e)    Within 60 days after the Closing Date, Sellers shall
deliver to Purchaser a certificate (the "CLOSING CERTIFICATE") signed by a
senior officer of ACC Tennessee providing a compilation of the Working Capital
Adjustment to be made pursuant to this Section 5.05 including any changes in the
Working Capital Adjustment, used to determine the Purchase Price at Closing,
together with a copy of any supporting documents, work papers, subscriber
records and other data relating to such Closing Certificate and such other
supporting evidence as Purchaser may reasonably request either prior to or after
delivery thereof. If Purchaser shall conclude that the Closing Certificate does
not accurately reflect the adjustment to be made to the Base Price in accordance
with this Section 5.05, Purchaser shall, within 40 days after their receipt of
the Closing Certificate (such 40 day period being referred to as the "RESPONSE
PERIOD"), deliver to Sellers a written statement of any discrepancies believed
to exist. If Purchaser fails to so notify Sellers of any discrepancies, then the
calculation of the Purchase Price set forth in the Sellers' Closing Certificate
shall be controlling for all purposes hereof and Purchaser or Sellers, as the
case may be, shall on or before the fifth day following the expiration of the
Response Period pay to the other the amount which it is obligated to pay in
accordance with the Closing Certificate. On or before the fifth day following
the earlier to occur of the expiration of the Response Period and the date
Sellers receive Purchaser's statement of discrepancies, Purchaser or Sellers, as
the case may be, shall pay the other the amount, if any, as to which there is no
discrepancy. Purchaser and Sellers shall use good faith efforts to jointly
resolve their discrepancies within 15 days of Sellers' receipt of Purchaser's
written statement of discrepancies, which resolution, if achieved, shall be
binding upon all parties to this Agreement and not subject to further dispute or
review. If Purchaser and Sellers cannot resolve the discrepancies to their
mutual satisfaction within such 15-day period, then the matter shall be
submitted to KPMG, LLP (the "INDEPENDENT ACCOUNTANTS"). In submitting a dispute
to the Independent Accountants, each of the parties shall furnish, at its own
expense, the Independent Accountants and the other party with such documents and
information as the Independent Accountants may reasonable request. Each party
may also furnish to the Independent Accountants such other information and
documents as it deems relevant with the appropriate

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copies and notification being given to the other party. The Independent
Accountants may conduct a conference concerning the disagreements between
Sellers and Purchaser at which conference each party shall have the right to
present additional documents, materials and other evidence and to have present
its or their advisors, accountants or counsel. The Independent Accountants shall
promptly render a decision on the issues presented, and such decision shall be
final and binding on the parties. Within 5 days of receipt of the Independent
Accountants' decision with respect to such dispute, if Purchaser is determined
to owe an amount to Sellers, Purchaser shall pay such amount thereof to ACC
Tennessee, and if Sellers are determined to owe an amount to Purchaser, ACC
Tennessee shall pay such amount thereof to Purchaser. All amounts owed by
Purchaser or Sellers in accordance with this Section 5.05(d) shall be paid by
wire transfer of immediately available funds and shall not bear any interest.

        SECTION 5.06. PRELIMINARY TAX CERTIFICATES. At or before the Closing,
each Seller will deliver to Purchaser a tax clearance certificate from the State
of Tennessee, for all periods through the last completed calendar month prior to
the Closing Date (provided that if the Closing Date shall occur during the first
twenty days of a calendar month, the certificate shall be for the period through
the next previous completed calendar month), indicating that all tax returns
required to have been filed by such Seller through and including such date have
been filed and that all Taxes required to be paid by such Seller, as shown on
such returns, have been paid (each, a "PRELIMINARY TAX CERTIFICATE"). If a
Seller is unable to deliver any Preliminary Tax Certificate because such Seller
has not paid all Taxes which it was required to pay to the applicable
jurisdiction, then Purchaser shall have the option of paying such Taxes on the
Closing Date on behalf of such Seller, and reducing the amount of the Sellers'
Closing Payment by the amount of such tax payment, which shall be treated for
purposes of this Agreement as a payment on account of the Purchase Price.
Purchaser shall furnish Sellers at Closing with appropriate evidence of any such
payment. If a Seller is a disregarded entity for purposes of any tax, such
Seller shall also deliver a Preliminary Tax Certificate of each entity in whose
tax returns are reported the tax liability which is attributable to such
Seller's operations (each, a "REGARDED ENTITY").

                                   ARTICLE VI
                                     CLOSING

        Subject to the terms and conditions hereof, the closing of the
transactions contemplated by this Agreement (the "CLOSING") shall take place at
the offices of Edwards & Angell, LLP, 2800 Financial Plaza, Providence, Rhode
Island 02903, on the date (the "CLOSING DATE") which is the latest of (a) the
2nd day after the date that the FCC's consent to the assignment of the Cellular
Authorizations from License Sub to the Purchaser becomes a Final Order (as
defined in Section 10.04), (b) the fifth (5th) day after the expiration or early
termination of the waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended (the "HART-SCOTT-RODINO ACT") (if
applicable to the transactions contemplated by this Agreement) or (c) the date
on which all conditions to Closing set forth in Articles X and XI hereof have
been satisfied or waived; provided if such latest date is not a business day,
the Closing Date shall be the next following business day.

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                                   ARTICLE VII
                            SELLERS' REPRESENTATIONS

        Sellers hereby jointly and severally represent, warrant, covenant and
agree, as of the date hereof and also at and as of the Closing Date (except to
the extent that a representation or warranty is given as of a particular date in
which case such representation or warranty shall be made only as of such
particular date), which representations, warranties, covenants and agreements,
together with all other representations, warranties, covenants and agreements of
Sellers in this Agreement, shall survive the Closing as provided in Section
13.06, that:

        SECTION 7.01. ORGANIZATION, QUALIFICATION. Each Seller is a limited
liability company duly organized, validly existing and in good standing under
the Laws of the state of its organization and has all necessary limited
liability company power and authority to own and operate its properties and to
carry on its business as it is now being conducted and to carry out the
transactions contemplated by this Agreement and the other Transaction Documents,
as defined below. Each Seller has the power and authority to execute and deliver
and, subject to such Seller obtaining the Required Consents and giving the
Required Notices applicable to such Seller, perform its obligations under this
Agreement and the other Transaction Documents, as defined below, and to
undertake the transactions contemplated hereby and thereby. As used herein, the
term "TRANSACTION DOCUMENTS" means this Agreement and all other agreements,
documents and instruments executed in connection herewith or required to be
executed and/or delivered by the parties or any one or more of them in
accordance with the provisions of this Agreement. No shares of any corporation
or any ownership or other investment interest, either of record, beneficially or
equitably, in any Person (including the membership interest in License Sub held
by ACC Tennessee) are included in the Purchased Assets.

        SECTION 7.02. AUTHORIZATION, EXECUTION AND DELIVERY OF AGREEMENT AND
TRANSACTION DOCUMENTS. The execution, delivery and performance of this Agreement
and the other Transaction Documents by each Seller and the transfer of the
Purchased Assets to Purchaser have been duly and validly authorized and approved
by all necessary limited liability company action, including approval by such
Seller's managing member. This Agreement is, and each of the other Transaction
Documents when so executed and delivered will be, a valid and binding obligation
of each Seller, enforceable against such Seller in accordance with its terms
subject to bankruptcy, insolvency, reorganization, moratorium, or similar Laws
affecting creditors' rights generally.

        SECTION 7.03. TITLE TO AND CONDITION OF ASSETS.

               (a)    Each Seller has good and marketable title or a valid
leasehold interest, as applicable, to all of the properties and assets, real,
personal and mixed, which would be included in the Purchased Assets owned by
such Seller if the Closing took place on the date hereof, including all
properties and assets reflected in the Balance Sheet (as defined in Section
7.14) and not sold, retired or otherwise disposed of since the date thereof in
the ordinary course of the Seller Business consistent with past practices, free
and clear of all Liens except for Permitted Liens and except for the Liens
listed on SCHEDULE 7.03(a) which will be discharged at Closing. Each Seller has
full power, right and authority to sell and convey to Purchaser good and

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marketable title to the Purchased Assets owned by such Seller, free and clear of
all Liens other than Permitted Liens. Except as set forth on SCHEDULE 7.03(a)
and except for the Excluded Assets identified in Section 2.02(a)-(j) or in
SCHEDULE 2.02(d) or SCHEDULE 2.02(f), the Purchased Assets include all material
rights, assets and property necessary or material to operate the Seller Business
as it is currently operated. Except for the Excluded Assets and except as set
forth on SCHEDULE 7.03(a), neither AT&T Wireless, Inc. ("AT&T") nor any
Affiliate of either Seller owns or has an interest in any asset used primarily
in the Seller Business.

               (b)    All buildings, structures, facilities, fixtures, equipment
and other items of tangible property and assets (excluding Inventory) which
would be included in the Purchased Assets if the Closing took place on the date
hereof, including all network equipment, are in good working condition and
repair, subject to normal wear and maintenance and are located such that they
are not materially encroaching on the property or rights of any Person.

        SECTION 7.04. REAL PROPERTY. SCHEDULE 2.01(d) lists all real property
and interests in real property owned or leased by each Seller and used primarily
in the Seller Business, and specifying the address or other description suitable
to identify the property, a reasonable description of the use of each property,
and which of the properties are owned and which are leased.

               (a)    With respect to each parcel of Seller-owned real property
included in the Purchased Assets, and except for matters set forth on SCHEDULE
7.04(a):

                      (i)     A Seller has good and marketable title to the
parcel of real property, free and clear of all Liens, except for Permitted Liens
and except for the Liens listed on SCHEDULE 7.03(a) which will be discharged at
Closing;

                      (ii)    there are no leases, subleases, licenses,
concessions, or other agreements to which a Seller is a party or, to Sellers'
knowledge, subleases, licenses, concessions or other agreements to which a
Seller is not a party, granting to any party or parties the right of use or
occupancy of any portion of the parcel of real property; and

                      (iii)   there are no outstanding options or rights of
first refusal to purchase the parcel of real property, or any portion thereof or
interest therein.

               (b)    With respect to each parcel of real property listed on
SCHEDULE 2.01(d), and except for matters set forth on SCHEDULE 7.04(b):

                      (i)     To Sellers' knowledge, a Seller has valid and
enforceable rights of physical and legal ingress and egress to and from such
parcel; and

                      (ii)    No Seller Party has received any notice of, and no
Seller Party has any knowledge of, any non-compliance with applicable building
codes, zoning regulations, occupational health and safety Laws or any other Laws
applicable to such parcel or the use or occupancy thereof by any Seller Party.

                                     - 10 -
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        SECTION 7.05. [INTENTIONALLY DELETED.]

        SECTION 7.06. ASSUMED CONTRACTS AND SUBSCRIBERS.

               (a)    Set forth on SCHEDULE 7.06(a) is a list of all Contracts
to which any Seller Party or any Affiliate of a Seller Party or AT&T is a party
that relate primarily to the Seller Business and that fall within any one or
more of the following categories, other than Excluded Contracts:

                      (i)     any Contract with any present or former employee
               or consultant or for the employment of any person, including any
               consultant;

                      (ii)    any Contract with any labor union or other
               representative of employees;

                      (iii)   any confidentiality or non-disclosure agreement
               pursuant to which a Seller Party, an Affiliate of a Seller Party
               or AT&T has agreed to keep information which is related to the
               Purchased Assets obtained from any other person or entity
               confidential;

                      (iv)    any Contract limiting or restraining a Seller
               Party, an Affiliate of a Seller Party or AT&T or any successor
               thereto from engaging or competing in any manner or in any
               business;

                      (v)     any Contract with AT&T, any member or Affiliate of
               a Seller or with any Affiliate of any shareholder or member of a
               Seller;

                      (vi)    any retail store lease or cell site lease or
               license;

                      (vii)   any roaming agreement, interconnection agreement
               or contour extension agreement;

                      (viii)  any Contract with a third party to provide
               services to customers of either Seller;

                      (ix)    any commission, representative, distributorship or
               sales agency Contract;

                      (x)     any conditional sale or lease under which a Seller
               Party, an Affiliate of a Seller Party or AT&T is either purchaser
               or lessee relating to the Purchased Assets or any property at
               which the Purchased Assets are located;

                      (xi)    any note, debenture, bond, trust agreement, letter
               of credit agreement, loan agreement or other Contract for the
               borrowing or lending of

                                     - 11 -
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               money or for a line of credit or guarantee, pledge or undertaking
               of the indebtedness of any other person or entity;

                      (xii)   any Contract for any charitable or political
               contribution;

                      (xiii)  any license, franchise, distributorship or other
               agreement which relates in whole or in part to any software,
               patent, trademark, trade name, service mark or copyright or
               technical assistance;

                      (xiv)   any Contract granting power of attorney to any
               other person or entity;

                      (xv)    any Contract for the performance of services by a
               third party involving annual payments of $25,000 or more;

                      (xvi)   any Contract for the future purchase of, or
               payment for, supplies or products, involving in any one case
               $25,000 or more;

                      (xvii)  any Contract for any capital expenditure or
               leasehold improvement in excess of $25,000;

                      (xviii) any equipment lease with annual payments of more
               than $12,000;

                      (xix)   any Contract having annual payments greater than
               $25,000 or a commitment of $75,000 or more in the aggregate; and

                      (xx)    any other material Contract not made in the
               ordinary course of business consistent with past practice.

Sellers have heretofore delivered or made available to Purchaser true and
correct copies of the Assumed Contracts entered into as of the date hereof or
prior to the date hereof that are required to be set forth on SCHEDULE 7.06(a),
including all amendments, supplements and modifications thereto or waivers
currently in effect thereunder.

               (b)    Except as disclosed on SCHEDULE 7.06(b), no Seller Party
is in Default in any material respect with respect to, nor to Sellers' knowledge
is there any Default in any material respect by the other parties to, any
Assumed Contracts. The Assumed Contracts are in full force and effect,
enforceable against each Seller Party, Affiliate of a Seller Party or AT&T that
is a party thereto in accordance with their terms.

               (c)    As of July 31, 2001, there were approximately 24,498
subscribers of the Seller Business. SCHEDULE 7.06(c) sets forth the name of each
of the price plans presently in the process of being implemented or presently
covering the active subscribers of the Seller Business, together with the
approximate number of subscribers, as of July 31, 2001, under each such plan,

                                     - 12 -
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and the approximate number of such subscribers whose account balances have been
outstanding for more than 60 days.

               (d)    To the knowledge of Sellers, no party to an Assumed
Contract (which party accounts for $50,000 or more annually in business with
Sellers) has informed any Seller Party of its intent to cancel or otherwise
modify in any material respect, other than in the ordinary course of its
relationship with Sellers or the Seller Business, or to decrease significantly
or limit significantly its purchases, services, supplies or materials under such
Assumed Contract.

               (e)    Each roaming agreement between a Seller and any carrier to
which such Seller has paid roaming charges in the past 12 months contains
provisions requiring each party thereto to use a pre-call validation ("PV")
system in all markets covered by such roaming agreement and that any call
completed by the serving carrier under such roaming agreement shall be the sole
responsibility of such serving carrier if either (i) a PV request has determined
that the roamer placing such call is not a valid customer of the home carrier or
(ii) the call has been placed using an unauthorized ESN after entry to the
Industry Negative File has become effective. Notwithstanding the foregoing
sentence, in no event shall a Seller be liable for any point to point
validations where the carrier "assumes positive" (as such term is commonly
understood in the industry) at the switch level.

               (f)    SCHEDULE 7.06(f) sets forth all products and services that
each Seller offers or provide to their subscribers of the Cellular System in
addition to voice cellular service.

        SECTION 7.07. GOVERNMENTAL LICENSES.

               (a)    License Sub holds all FCC Authorizations and ACC Tennessee
holds those licenses, permits, certificates of public convenience and necessity
of any other governmental body having jurisdiction over the Seller Business or
any Purchased Assets, which are required in connection with the ownership and
operation of the Purchased Assets and the Seller Business as it is presently
being conducted (collectively referred to as the "AUTHORIZATIONS") except for
such licenses, consents, permits, approvals and authorizations for which the
failure to so hold would not be material. All FCC Authorizations are in full
force and effect. Each Seller Party has complied in all material respects with
the terms of the FCC Authorizations. True and correct copies of the FCC
Authorizations, and all amendments thereto to the date hereof, that are
Purchased Assets have been delivered or made available by Sellers to Purchaser.

               (b)    To Sellers' knowledge, there are no existing applications,
petitions to deny or complaints or proceedings (other than proceedings affecting
the wireless industry generally) pending before the FCC or any state public
utility commission ("STATE PUC") having jurisdiction over the Seller Business or
any Purchased Assets relating to the FCC or State PUC Authorizations or the
Seller Business. No Seller Party has received any notice of any claim of
material Default with respect to any of the FCC and State PUC Authorizations.
None of the FCC Authorizations will be, or could be reasonably expected to be,
adversely affected by consummation of any action of Sellers taken in connection
with the transactions contemplated

                                     - 13 -
<Page>

hereby or by any other Transaction Document. License Sub is the sole holder of
the FCC Authorizations and ACC Tennessee is the sole holder of all non-FCC
Authorizations.

               (c)    The map provided by Sellers and attached hereto as
SCHEDULE 7.07(c) is a true and accurate depiction of the current Cellular
Geographic Service Area and boundaries for the Cellular System in all material
respects, as such term is defined in Section 22.911 of the FCC's rules, 47
C.F.R. Section 22.911.

        SECTION 7.08. COMPLIANCE WITH LAWS. Except as set forth on SCHEDULE
7.08, each Seller Party is in material compliance with and there is no material
Default under any statute, law, ordinance, regulation, judgment, decree,
injunction, ruling, order or rule of any federal, state, local, foreign or other
governmental or quasi-governmental agency or body ("LAWS") applicable to the
Seller Business.

        SECTION 7.09. NO CONFLICTS; CONSENTS. Except for compliance with any
applicable requirements of the Hart-Scott-Rodino Act, consent by the FCC to the
assignment of the FCC Authorizations from License Sub to Purchaser and the
consents, authorizations and approvals identified on SCHEDULE 7.09
(collectively, the "REQUIRED CONSENTS") and the registrations, filings and
notices identified on SCHEDULE 7.09 ("REQUIRED NOTICES"), neither the execution
and delivery of this Agreement nor any of the other Transaction Documents by
either Seller nor the performance by any of them of the transactions
contemplated hereby or thereby will result in a Default under any term,
condition or provision of, or require the consent, authorization or approval of,
or any registrations or filings with or notices to, any Person or governmental
or regulatory official, body or authority under, (i) any Law to which any Seller
or any of the Purchased Assets or the Seller Business is subject, (ii) any
Assumed Contract listed on Schedule 7.06(a), or any Authorization to which
either Seller is a party or subject and by which any of the Purchased Assets or
the Seller Business is bound or affected, or (iii) the limited liability company
agreement of either Seller, except with respect to clause (i) above where such
Default or failure to gain a consent or file a notice would not be material.

        SECTION 7.10. LITIGATION AND LEGAL PROCEEDINGS. Except as set forth on
SCHEDULE 7.10, there is no outstanding judgment, order, writ, injunction, decree
or award of any court, arbitrator or governmental or regulatory official, body
or authority (including the FCC or any state body having jurisdiction over the
Seller Business or any Purchased Asset) against any Seller Party affecting the
Seller Business or the Purchased Assets or which questions the validity of any
action taken or to be taken pursuant to this Agreement or in which it is sought
to restrain or prohibit or to obtain damages or other relief in connection with
this Agreement. Except as set forth on SCHEDULE 7.10, there is no litigation,
arbitration, investigation or other proceeding of or before any court,
arbitrator or governmental or regulatory official, body or authority (including
the FCC or any state body having jurisdiction over the Seller Business or any
Purchased Asset) pending, or, to Sellers' knowledge, threatened, against any
Seller Party the result of which, alone or in the aggregate, could reasonably be
expected to adversely affect the Seller Business, the Purchased Assets or the
transactions contemplated by this Agreement, and Sellers have no knowledge of
any reasonably likely basis therefor.

                                     - 14 -
<Page>

        SECTION 7.11. SYSTEM EMPLOYEES. SCHEDULE 7.11 sets forth a true and
complete list of the names and base salaries of all employees of Dobson Cellular
Systems, Inc. ("DCS") primarily involved in the operation of the Seller Business
(the "SYSTEM EMPLOYEES"). No Person is employed by either Seller in the
operation of the Seller Business. Except as set forth on SCHEDULE 7.11, each
Seller Party and their Affiliates: (i) have in all material respects withheld
and reported all amounts required by law or by agreement to be withheld and
reported with respect to wages, salaries and other payments to System Employees;
(ii) are not liable for any material arrears of wages or any material taxes or
any material penalty for failure to comply with any of the foregoing; and (iii)
are not liable for any material payment to any trust or other fund governed by
or maintained by or on behalf of any court, arbitrator or governmental or
regulatory official, body or authority (including the FCC or any state body
having jurisdiction over the Seller Business or any Purchased Asset), with
respect to unemployment compensation benefits, social security or other benefits
or obligations for System Employees (other than routine payments to be made in
the normal course of business and consistent with past practice). There are no
material pending or to Sellers' knowledge threatened claims or actions against
any Seller Party under any worker's compensation policy or long-term disability
policy involving any System Employee. Except as set forth in SCHEDULE 7.11,
there are no actions, suits, claims or grievances pending, or, to the knowledge
of Sellers, threatened relating to any labor, safety or discrimination matters
involving any System Employee, including, charges of unfair labor practices or
discrimination complaints. No Seller Party nor any of their Affiliates have
engaged in any unfair labor practices within the meaning of the National Labor
Relations Act with respect to any System Employee or the Seller Business. Except
as set forth in SCHEDULE 7.11, no Seller Party nor any of their Affiliates are
presently, nor have they been in the past, a party to, or bound by, any
collective bargaining agreement or other labor union contract applicable to the
Seller Business and no such collective bargaining agreement is being negotiated
by any Seller, DCS or any Affiliate thereof. No consent of any union (or similar
group or organization) is required in connection with the consummation of the
transactions contemplated hereby. There are no pending, or, to Sellers'
knowledge, threatened (a) union representation petitions respecting the System
Employees, (b) efforts being made to organize any of the System Employees, or
(c) strikes, slow downs, work stoppages, or lockouts or threats affecting the
System Employees. No Seller Party has made any representation, warranty or
agreement with any of the System Employees or any other employees of any Seller
Party concerning employment with Purchaser after the Closing.

        SECTION 7.12. SYSTEM EMPLOYEE BENEFITS. Except as set forth on SCHEDULE
7.12 attached hereto, no Seller Party maintains or sponsors any System Employee
Benefit Plans. For purposes of this Agreement, the term "SYSTEM EMPLOYEE BENEFIT
PLANS" means any material plan, program, policy, practice, contract, agreement
or other arrangement providing for compensation, severance, termination pay,
deferred compensation, performance awards, stock or stock-related awards, fringe
benefits or other employee benefits or remuneration of any kind, whether written
or unwritten or otherwise, funded or unfunded, including, each "employee benefit
plan," within the meaning of Section 3(3) of ERISA which is or has been
maintained, contributed to, or required to be contributed to, by any Seller
Party or any ERISA Affiliate (which means any Affiliate or any entity which is
required to be aggregated with any Seller Party under Section 414 of the Code)
for the benefit of any System Employee. Each System Employee Benefit Plan has

                                     - 15 -
<Page>

been established and administered in material compliance with its terms and the
applicable provisions of ERISA, the Code and other applicable Laws. None of the
System Employee Benefit Plans is subject to Title IV of ERISA (including any
multiemployer plan within the meaning of ERISA Section 3(37) or 4001(a)(3)). No
System Employee Benefit Plan provides, reflects or represents any liability to
provide retiree health to any person for any reason, except as may be required
by COBRA or other applicable statute, and no Seller Party nor any ERISA
Affiliate has represented, promised or contracted (whether in oral or written
form) to any System Employee (either individually or to System Employees as a
group) or any other person that such Employee(s) or other person would be
provided with retiree health, except to the extent required by statute. Except
as set forth on SCHEDULE 7.12, the execution of this Agreement and the
consummation of the transactions contemplated hereby will not (either alone or
upon the occurrence of any additional or subsequent events) constitute an event
under any System Employee Benefit Plan or employment agreement or under any
related trust or loan agreement that will or may result in any payment (whether
of severance pay or otherwise), acceleration, forgiveness of indebtedness,
vesting, distribution, increase in benefits or obligation to fund benefits with
respect to any current or former System Employee.

        SECTION 7.13. TAX MATTERS. Except as set forth on SCHEDULE 7.13 attached
hereto, as relates to the Purchased Assets and the Seller Business, Sellers and
each Regarded Entity have timely filed all Tax returns and statements which they
were required to file, and Sellers and each Regarded Entity have paid all Taxes
due prior to the date hereof and will pay when due (or contest in good faith by
appropriate proceedings) all Taxes which may become due on or before the Closing
Date. Except as set forth on SCHEDULE 7.13, Sellers and each Regarded Entity
have not waived any statute of limitations in respect of Taxes or agreed to an
extension of time with respect to a Tax assessment or deficiency related to the
Purchased Assets or the Seller Business. After due inquiry of each Regarded
Entity, to Sellers' knowledge, there are no unresolved claims raised by any Tax
authority concerning the Tax liability of Sellers or any Regarded Entity related
to the Purchased Assets or the Seller Business. All Taxes related to the
Purchased Assets and the Seller Business which Sellers or any Regarded Entity
are required by law to withhold or to collect for payment have been duly
withheld and collected, and have been paid.

        SECTION 7.14. FINANCIAL STATEMENTS; CHANGES.

               (a)    Purchaser has heretofore been furnished with the following
information with respect to the Seller Business:

                      (i)     true and complete copies of unaudited statements
of income for the year ended December 31, 2000 (the "HISTORICAL FINANCIAL
STATEMENT"), such income statement being included in SCHEDULE 7.14(a)(i); and

                      (ii)    true and complete copies of the unaudited balance
sheet at July 31, 2001 (the "BALANCE SHEET") and the related unaudited statement
of income for the seven-month period then ended (such statement, together with
the Balance Sheet, the "CURRENT FINANCIAL STATEMENTS"), such balance sheet and
income statement being included in SCHEDULE 7.14(a)(ii).

                                     - 16 -
<Page>

               (b)    Each of the Historical and Current Financial Statements
delivered under Section 7.14(a) above was prepared in accordance with GAAP
applied on a basis consistent with prior periods and past practices except as
otherwise stated therein and with respect to the Current Financial Statements,
subject to normal recurring year-end adjustments and except in each case for the
omission of certain footnotes and other presentation items required by GAAP with
respect to audited financial statements; the balance sheets included in such
Current Financial Statements fairly present the financial condition of the
Sellers with respect to the Cellular System, as of the close of business on the
date thereof and, except for the Excluded Assets, do not include any assets that
are not intended to constitute part of the Purchased Assets after giving effect
to the transactions contemplated hereby; and each of the statements of income
included in such Historical and Current Financial Statements fairly presents the
results of operations of Sellers with respect to the Cellular System for the
fiscal period then ended.

               (c)    Except as set forth on SCHEDULE 7.14(c) attached hereto,
with respect to the Purchased Assets, since July 31, 2001, neither Seller has:

                      (i)     sold, assigned, or transferred any of the
material, assets, properties or rights included in the Purchased Assets (except
for the Excluded Assets and except pursuant to existing Contracts disclosed on
any Schedule to this Agreement or inventory in the ordinary course of business
consistent with past practice);

                      (ii)    entered into any other material transaction
relating to the Seller Business other than in the ordinary course of business
consistent with past practices;

                      (iii)   suffered any material damage, destruction or
casualty loss with respect to the Purchased Assets not covered by insurance;

                      (iv)    suffered any events which, individually or in the
aggregate, have, or could be reasonably expected to, materially adversely affect
the Purchased Assets, the Seller Business or the transactions contemplated by
this Agreement; or

                      (v)     entered into any agreement or understanding to do
any of the foregoing.

        SECTION 7.15. INSURANCE. ACC Tennessee has maintained all policies of
title, liability, fire, worker's compensation and other forms of insurance
(including bonds) that relate to the Purchased Assets and which insure against
risks and liabilities to an extent and in a manner customary in the cellular
industry. All such insurance policies and binders are in full force and effect.
No Seller Party has received any notice of cancellation or non-renewal of any
such policy or binder. No insurance carrier has canceled or reduced any
insurance coverage for any Seller or has given any notice or other indication of
its intention to cancel or reduce any such coverage. ACC Tennessee and DCS have
complied in all material respects with each of such insurance policies and
binders, and have not failed to give any notice or present any claim thereunder
in a due and timely manner.

                                     - 17 -
<Page>

        SECTION 7.16. BROKERS. Except for Daniels & Associates, L.P., no Seller
Party has engaged any agent, broker or other person acting pursuant to the
express or implied authority of any Seller Party which is or may be entitled to
a commission or broker or finder's fee in connection with the transactions
contemplated by this Agreement or otherwise with respect to the sale of the
Purchased Assets.

        SECTION 7.17. ENVIRONMENTAL COMPLIANCE.

               (a)    Except as set forth on SCHEDULE 7.17 hereto, (i) no Seller
Party has generated, used, transported, treated, stored, released or disposed
of, or knowingly permitted anyone else to generate, use, transport, treat,
store, release or dispose of any Hazardous Substance (as hereinafter defined)
at, on or in connection with the ownership or occupancy of the Purchased Assets
in violation of any applicable Environmental Laws (as hereinafter defined); (ii)
there has not been any generation, use, transportation, treatment, storage,
release or disposal of any Hazardous Substance in connection with the ownership
by any Seller, occupancy or use of the Purchased Assets or on, in or under any
property or facility owned or leased by any Seller Party and included in the
Purchased Assets which has created or might reasonably be expected to create any
Liability under any applicable Environmental Laws; (iii) any Hazardous Substance
handled or dealt with by any Seller Party at, on or in connection with the
ownership or occupancy of the Purchased Assets has been and is being handled or
dealt with in material compliance with all Environmental Laws; (iv) to Sellers'
knowledge, the operation of the Seller Business by each Seller Party is in
compliance with all Environmental Laws; and (v) to Sellers' knowledge, there are
no claims against any Seller Party by third parties, including governmental
agencies, pending or threatened under Environmental Laws arising out of the
ownership of or use of the Purchased Assets by any Seller Party or the condition
of the Purchased Assets; and (vi) to Sellers' knowledge, there are no penalties
that may be assessed against any Seller Party for the voluntary self-disclosures
under Environmental Laws that are referenced in SCHEDULE 7.17.

               (b)    For purposes of this Agreement, the term "HAZARDOUS
SUBSTANCE" shall mean any hazardous or toxic substance, pollutant, contaminant
or other material which, as of the date of this Agreement, is defined as
hazardous or toxic under the Comprehensive Environmental Response, Compensation
and Liability Act of 1980, as amended ("CERCLA"), and its implementing
regulations; defined as a hazardous waste or regulated substance under the
Resource Conservation and Recovery Act of 1976, as amended ("RCRA") and its
implementing regulations; or is regulated under any applicable Environmental
Laws, including any substance which has been determined by regulation, ruling or
otherwise by any governmental agency or court to be a hazardous or toxic
substance regulated under federal or state law, and shall include petroleum and
petroleum products.

               (c)    For purposes of this Agreement, the term "ENVIRONMENTAL
LAWS" shall mean common law, CERCLA, RCRA, and any applicable statutes,
regulations, rules, ordinances, codes, licenses, permits, orders, approvals,
plans, directives, authorizations, concessions, franchises and similar items of
all federal, state, interstate or local governmental authorities and all
applicable judicial, administrative and regulatory decrees, judgments and
orders, any of which relate to (i) the protection of human health or the
environment from the effects of Hazardous

                                     - 18 -
<Page>

Substances, including those pertaining to reporting, licensing, permitting,
investigating and remediating discharges, releases or threatened releases of
Hazardous Substances into the air, surface water, sediments, groundwater or
land; (ii) the manufacture, processing, distribution, use, treatment, storage,
disposal, transport or handling of Hazardous Substances; or (iii) the ownership,
occupancy or operation of the Purchased Assets.

        SECTION 7.18. ACCOUNTS RECEIVABLE. All accounts receivable of each
Seller relating to the Seller Business as set forth on the Balance Sheet and all
subsequent balance sheets and schedules required to be delivered pursuant to
this Agreement, including the Closing Certificate, are or will be valid and
genuine, have arisen or will arise solely out of bona fide sales and deliveries
of goods, performance of services and other business transactions in the
ordinary course of the Seller Business consistent with past practices, and the
allowance for collection losses on such balance sheets have been or will be
determined in accordance with GAAP and based upon Sellers' historical experience
in collecting accounts receivable. As of the date of this Agreement, to Sellers'
knowledge, there are no facts or circumstances that will or could reasonably be
expected to result in the allowances for collection losses on the Balance Sheet
being inadequate to cover expected collection losses.

                                  ARTICLE VIII
                           PURCHASER'S REPRESENTATIONS

        Purchaser hereby represents, warrants, covenants and agrees, as of the
date hereof and also at and as of the Closing Date, which representations,
warranties, covenants and agreements, together with all other representations,
warranties, covenants and agreements of Purchaser in this Agreement, shall
survive the Closing as provided in Section 13.06, that:

        SECTION 8.01. ORGANIZATION; QUALIFICATION. Purchaser is a general
partnership duly formed and validly existing under the laws of the state of its
organization. Purchaser has all necessary power and authority to (a) own and
operate its properties, (b) carry on its business as it is now being conducted,
and (c) carry out the transactions contemplated by this Agreement and to own and
operate the Purchased Assets and the Seller Business.

        SECTION 8.02. CONSENTS; AUTHORIZATION; EXECUTION AND DELIVERY OF
AGREEMENT. Except for compliance with any applicable requirements of the
Hart-Scott-Rodino Act and consent by the FCC to the assignment of the FCC
Authorizations from License Sub to Purchaser all necessary consents and
approvals have been obtained by Purchaser for the execution and delivery of this
Agreement. The execution, delivery and performance of this Agreement by
Purchaser has been duly and validly authorized and approved by all necessary
partnership action. This Agreement is a valid and binding obligation of
Purchaser, enforceable against it in accordance with its terms, subject to
bankruptcy, insolvency, reorganization, moratorium or similar laws now or
hereafter in effect affecting creditors' rights generally.

        SECTION 8.03. LITIGATION AND LEGAL PROCEEDINGS. There is no outstanding
judgment, order, writ, injunction, decree or award of any court, arbitrator, or
governmental or regulatory official, body or authority (including the FCC or any
state body having jurisdiction over the Purchaser) against Purchaser, and there
is no litigation, arbitration, investigation or other

                                     - 19 -
<Page>

proceeding of or before any court, arbitrator or governmental or regulatory
official, body or authority (including the FCC or any state body having
jurisdiction over the Purchaser) pending, or, to Purchaser's knowledge,
threatened, against Purchaser or its assets which individually or in the
aggregate, if adversely determined, could reasonably be expected to result in a
Purchaser Material Adverse Effect or which questions the validity of any action
taken or to be taken pursuant to or in connection with the provisions of this
Agreement or the consummation of the transactions contemplated hereby by the
Purchaser.

        SECTION 8.04. BROKERS. Purchaser has not engaged any agent, broker or
other person acting pursuant to the express or implied authority of Purchaser
which is or may be entitled to a commission or broker or finder's fee in
connection with the transactions contemplated by this Agreement or otherwise
with respect to the sale of the Purchased Assets.

        SECTION 8.05. COMPLIANCE WITH LAWS. Purchaser is in material compliance
with, and is not in material Default under, any Law applicable to its assets or
its business that could reasonably be expected to adversely affect its ability
to hold title to the Purchased Assets at Closing or to fulfill its obligations
under this Agreement and the Transaction Documents from and after Closing.

        SECTION 8.06. FCC MATTERS. Purchaser is fully qualified under the
Communications Act of 1934, as amended (the "COMMUNICATIONS ACT"), to be an FCC
licensee, and to be approved as the assignee of the FCC Authorizations.
Purchaser knows of no reason why the FCC will not grant its consent to the
assignment of the FCC Authorizations from License Sub to Purchaser.

        SECTION 8.07. FINANCIAL ABILITY TO CLOSE. Purchaser specifically
represents and warrants to Sellers that Purchaser at Closing will have the
financial ability to perform its obligations under this Agreement. Furthermore,
Purchaser specifically agrees with Sellers that the obligation of Purchaser to
consummate the transactions contemplated hereby is not subject to any financing
contingency.

        SECTION 8.08. ENVIRONMENTAL SITE ASSESSMENTS. Purchaser has delivered to
Sellers true and complete copies of all transaction screens (to the extent any
transaction screens were performed) and Phase I environmental site assessment
reports (as such terms are commonly understood in the industry) that were
ordered by Purchaser with respect to the Purchased Assets. Sellers acknowledge
that they are not entitled to rely on such reports (since the consultants did
not prepare them for the benefit of Sellers).

                                   ARTICLE IX
                       SELLERS' AND PURCHASER'S COVENANTS

        SECTION 9.01. FINANCIAL STATEMENTS AND CELLULAR SYSTEM INFORMATION. ACC
Tennessee covenants and agrees that from the date of execution of this Agreement
until the Closing, it shall provide Purchaser, as soon as they become available
and in any event within 45 days of the end of each calendar month, the unaudited
balance sheet, statement of income (including detailed revenue classifications),
as well as key operating statistics, including gross subscriber additions,

                                     - 20 -
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disconnects and end-of-period number of subscribers for such month, as they
relate to the Seller Business ("INTERIM FINANCIAL STATEMENTS").

        SECTION 9.02. GOVERNMENTAL APPROVALS.

               (a)    Purchaser and each Seller covenants and agrees that they
will fully cooperate with each other, and do all things reasonably necessary to
assist each other to obtain all consents and approvals and to file all notices
necessary for assignment to Purchaser of the Authorizations and applications
therefor that are Purchased Assets as soon as practicable after the date hereof.
Purchaser covenants and agrees that it will fully cooperate with each Seller,
and do all things reasonably necessary to assist Sellers to obtain all consents
and approvals and to file all notices necessary for assignment to Purchaser of
the Authorizations and applications therefor that are Purchased Assets,
including the furnishing of financial and other information specifically with
respect to Purchaser reasonably required by the Person whose consent or approval
is being sought. Each Seller covenants and agrees that it will fully cooperate
with Purchaser, and do all things reasonably necessary to assist Purchaser to
file all notices necessary for Purchaser's assumption of the Authorizations that
are Purchased Assets. Each party (the "NOTIFYING PARTY") shall use all
commercially reasonable efforts to provide adequate prior written notice to the
other of any meeting with governmental authorities the purpose of which is to
seek a consent or approval to the transactions contemplated hereby or resulting
from any notice being filed, and upon the Notifying Party's request the other
shall use all commercially reasonable efforts to furnish a representative to
attend meetings with appropriate government authorities for the purpose of
obtaining such consents or approvals and responding to issues resulting from the
filing of a notice. Purchaser and each Seller hereby agree to file the necessary
applications and other filings with the FCC seeking consent to the assignment of
the FCC Authorizations that are Purchased Assets to Purchaser and to diligently
pursue the processing of any such applications and filings and to file for all
other necessary regulatory approvals for the consummation of the transactions
contemplated by this Agreement within fifteen business days of the date of
execution of this Agreement to the extent any such filings have not been made
prior to the date of execution of this Agreement. Neither party shall take any
action or fail to take any action where such act or omission is likely to cause
the FCC not to grant its consent to the assignment of the FCC Authorizations.
Purchaser shall bear the expense of all filing fees in connection with any
filings pursuant to this Section 9.02(a).

               (b)    Each Seller and Purchaser shall each cooperate and use
their commercially reasonable efforts to prepare and file with the Federal Trade
Commission ("FTC") and the United States Department of Justice ("DOJ") and other
regulatory authorities as promptly as possible, but in any event within fifteen
business days of the date of execution of this Agreement all requisite
applications and amendments thereto together with related information, data and
exhibits necessary to satisfy the requirements of the Hart-Scott-Rodino Act (if
applicable to the transactions contemplated by this Agreement). Purchaser shall
bear all the expense of all filing fees in connection with any filings pursuant
to this Section 9.02(b).

        SECTION 9.03. THIRD PARTY CONSENTS; CLOSING CONDITIONS.

                                     - 21 -
<Page>

               (a)    Each Seller will use commercially reasonable efforts to
obtain all Required Consents and give all Required Notices as promptly as
practicable. Purchaser and each Seller covenant and agree that each of them will
reasonably cooperate with each other, and Purchaser will do all things
reasonably necessary to assist Sellers, to obtain all Required Consents and give
all Required Notices, including the furnishing of financial and other
information specifically with respect to Purchaser, its Affiliates, or Sellers,
as the case may be, reasonably required by the Person whose consent or approval
is being sought. Notwithstanding the foregoing, to the extent that any Assumed
Contract to be sold, assigned, transferred or conveyed to Purchaser, or any
claim, right or benefit arising thereunder or resulting therefrom (individually,
an "INTEREST" and collectively, the "INTERESTS"), is not capable of being sold,
assigned, transferred or conveyed without the approval, consent or waiver of the
issuer thereof, the other party thereto, or any third Person (including a
government or governmental unit), and such approval, consent or waiver has not
been obtained, or if such sale, assignment, transfer or conveyance, or attempted
assignment, transfer or conveyance, of such Assumed Contract would constitute a
breach thereof, and such approval, consent or waiver has not been obtained, this
Agreement shall not constitute an agreement to sell, assign, transfer or convey
such Assumed Contract; provided each Seller shall comply with Section 18.01(b).
Purchaser and each Seller shall use all commercially reasonable efforts to
consummate the transactions contemplated hereby.

               (b)    Purchaser and each Seller hereby covenant and agree to use
all commercially reasonable efforts to satisfy, or assist the other party in
satisfying, the closing conditions applicable to the Purchaser in Article X
hereof and the Sellers in Article XI hereof prior to the Closing Date.

        SECTION 9.04. CONDUCT OF BUSINESS. (a) From and after the date hereof
until the Closing Date, neither Seller shall, and shall cause DCS not to, engage
in any practice, take any action or enter into any transaction outside the
ordinary course of business without the prior approval of Purchaser, which
approval shall not be unreasonably withheld or delayed, and shall continue to
operate the Seller Business in the ordinary course consistent with past
practices. In furtherance and not in limitation of the foregoing, from and after
the date hereof, Sellers shall and shall cause DCS to:

                      (i)     operate the Seller Business in accordance with the
Authorizations, and comply in all material respects with all Laws applicable to
it, including the regulations of the FCC and any state body having jurisdiction
over the Seller Business or any Purchased Asset;

                      (ii)    except as disclosed on SCHEDULE 9.04(a)(ii), and
except for inventory sold, or retirements of assets, in each case in the
ordinary course of business, refrain from making any sale, lease, transfer or
other disposition of any of the Purchased Assets other than in connection with
replacements with assets of like use and value, or with the prior written
approval of Purchaser, which approval will not be unreasonably withheld or
delayed;

                      (iii)   refrain from amending in any material respect, or
terminating any of the Assumed Contracts, without Purchaser's prior written
approval, which approval will not be unreasonably withheld or delayed;

                                     - 22 -
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                      (iv)    maintain insurance on the Purchased Assets
comparable to that maintained prior to the date hereof;

                      (v)     maintain their books and records in accordance
with prior practice;

                      (vi)    take all actions necessary to maintain all of
their rights and interest in, and the validity of, the FCC Authorizations and
not permit any of the FCC Authorizations that are Purchased Assets to expire or
to be surrendered or voluntarily modified in a manner materially adverse to the
operation of the Cellular System, or take any action which would reasonably be
expected to cause the FCC or any other governmental authority to institute
proceedings for the suspension, revocation or limitation of rights under any of
the FCC Authorizations that are Purchased Assets; or fail to prosecute with
commercially reasonable due diligence any pending applications to any
governmental authority; and provide to Purchaser copies of all applications,
correspondence, pleadings and other documents furnished to or received from the
FCC relating to the Cellular System.

                      (vii)   notify Purchaser in writing promptly after
learning of the institution of any material action against either Seller
relating to the Cellular System in any court, or any action against either
Seller relating to the Cellular System before the FCC or any other governmental
agency, and notify Purchaser in writing promptly upon receipt of any
administrative or court order relating to the Purchased Assets or the Cellular
System;

                      (viii)  maintain the Seller Business's equipment, systems
and other fixed assets as necessary to maintain the Seller Business's
reliability standards, footprint coverage and network capacity in accordance
with prior practice of each Seller;

                      (ix)    continue in accordance with past practice all
marketing and promotions relating to the maintenance and growth of subscribers
of the Seller Business;

                      (x)     maintain the relations with the suppliers,
customers and distributors of the Seller Business and any others having business
relations with the Seller Business; and

                      (xi)    not cause or permit to occur any of the events or
occurrences described in Section 7.14(c) hereof.

               (b)    The Purchaser hereby acknowledges and agrees that from and
after the date hereof, either Seller may take any actions determined by Sellers
to be appropriate with respect to the Excluded Assets, including selling the
Excluded Assets.

               (c)    Each Seller shall use all commercially reasonable efforts
to keep available the services of the System Employees and of all agents of the
Seller Business.

        SECTION 9.05. ACCESS. Upon reasonable prior notice from Purchaser and
provided that significant disruption does not result, each Seller shall, and
shall cause DCS to, (a) give Purchaser and its authorized representatives
reasonable access during all reasonable times to such

                                     - 23 -
<Page>

Seller's books and records, facilities and assets comprising or relating to such
Seller or the Seller Business, (b) provide such financial and operating data and
other information with respect to each Seller or the Seller Business as
Purchaser may reasonably request, and (c) make their officers, agents and
Affiliates available to Purchaser.

        SECTION 9.06. SYSTEM EMPLOYEES. Upon reasonable notice, each Seller
shall, and shall cause DCS to, provide Purchaser with reasonable access to the
System Employees during normal business hours. Such access shall be in
accordance with applicable law and for the purpose of performing drug tests,
administering employment applications, interviewing employees, and informing
employees about Purchaser benefit plans. Requests for the necessary information
to perform background checks can be included in the employment applications. All
System Employee contact by Purchaser will be done on Sellers' premises and
Purchaser's representative(s) will be accompanied by DCS's Human Resource
representative(s). Purchaser shall have access to System Employees two weeks
before the Closing for the purpose of transition training, provided that such
training does not unreasonably interfere with Sellers' operation of the Seller
Business. At least 45 days prior to the Closing Date, Purchaser shall provide
written notice to Sellers identifying any System Employees to whom Purchaser
does not intend to extend offers of employment. Any medical plans offered by
Purchaser to System Employees hired by Purchaser shall contain no restrictions
or limitations with respect to pre-existing conditions, except to the extent any
such restrictions or limitations actually applied to the System Employees prior
to the Closing Date. Sellers shall, at their option, effective immediately prior
to Closing, cause DCS to terminate or retain the employment of any System
Employees not to be hired by Purchaser and, as soon as practicable after
Closing, shall provide to those terminated System Employees who have not been
employed by Purchaser severance benefits, if any, in accordance with the current
severance arrangements covering the System Employees. Sellers shall also cause
DCS to pay off all accrued vacation and sick time for all terminated System
Employees and all System Employees hired by Purchaser. As of the Closing Date,
all System Employees hired by Purchaser shall cease to participate as active
employees in or accrue benefits under System Employee Benefit Plans or any other
employee benefit plans that are sponsored by any Seller or DCS. From and after
the Closing Date, Purchaser shall cause each employee benefit plan, program,
agreement and arrangement maintained by Purchaser (including any 401(k) plans)
in which any System Employee hired by Purchaser participates to treat all
service accrued or deemed accrued prior to the Closing Date with any Seller or
DCS and their Affiliates and their respective predecessors, successors and
assigns as service rendered to Purchaser and its Affiliates for all purposes
under each such plan, program, agreement and arrangement of Purchaser, other
than for benefit accrual purposes under any defined benefit plan maintained or
sponsored by Purchaser. Purchaser shall take all appropriate action to permit
System Employees hired by Purchaser who were participants in any Seller's or
DCS's 401(k) plan and who received distributions of their account balances from
any Seller's or DCS's 401(k) plan in connection with the consummation of the
transactions contemplated hereby to make a direct rollover pursuant to Section
401(a)(31) of the Code to Purchaser's 401(k) plan. Nothing contained in this
Agreement shall confer upon any System Employee any right with respect to
continued employment by any Seller, DCS or Purchaser following the Closing Date.

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        SECTION 9.07. NON-SOLICITATION; NO SHOP.

               (a)    From the date of this Agreement until one year from the
Closing Date, Purchaser agrees that it will not, except as expressly provided in
the next sentence, directly or indirectly through any Affiliate or
representative or otherwise, recruit or solicit any management employee of any
Seller, DCS or any of their Affiliates, to become an employee, independent
contractor or consultant of Purchaser or of any of its Affiliates. However,
Purchaser and its Affiliates shall not be prohibited from recruiting,
soliciting, offering to employ or employing any such management employee who (i)
contacts Purchaser or its subsidiaries on his or her own initiative without
solicitation directly or indirectly by Purchaser or its Affiliates or on
Purchaser's or its Affiliates behalf, or (ii) is solicited directly by Purchaser
or its Affiliates, provided that there was no direct or indirect communication
regarding any Seller or DCS or the solicited management employee between the
person making such solicitation and any of Purchaser's representatives who were
given access to Information (as defined in the NDA) of any Seller or DCS in
connection with the negotiation of this Agreement, or (iii) is identified as a
result of a search by Purchaser or its Affiliates for employees through the use
of one or more general advertisements in the media (including trade media) or
through the engagement of one or more firms to conduct searches that are not
targeted or focused on any Seller, DCS and their subsidiaries.

               (b)    Prior to the Closing, neither any Seller Party nor any
Affiliate thereof shall, directly or indirectly, sell, agree to sell, solicit
inquiries or proposals or furnish any information with respect to, or initiate
or participate in any negotiations or discussions whatsoever concerning any
acquisition or purchase of, any or all of the Purchased Assets outside of the
ordinary course of the Seller Business. Each Seller shall instruct its officers,
trustees, beneficiaries, agents and Affiliates to refrain from doing any of the
above.

        SECTION 9.08. RESTRICTIONS ON CERTAIN ACTIONS. From the date hereof
until the earlier to occur of the Closing Date or the termination of this
Agreement, Purchaser and its Affiliates will not, in any manner, directly or
indirectly, solicit, initiate, encourage or participate in applications, bids,
purchases or negotiations with respect to the acquisition of any interest in an
FCC license, permit, approval or authorization that, if consummated, would have
the effect under the Communications Act of preventing or delaying Purchaser from
consummating the acquisition of the Purchased Assets as contemplated by this
Agreement.

        SECTION 9.09. SUPPLEMENTAL DISCLOSURE. Sellers shall have the right from
time to time prior to the Closing Date to supplement in writing the Schedules
hereto with respect to any event, matter, condition or circumstance first
arising after the date of this Agreement that, if existing or known as of the
date of this Agreement, would have been required to be set forth or described in
the Schedules hereto and that does not arise out of a breach by either Seller of
a covenant in Article IX (other than a breach of a covenant in Article IX that
was outside of such breaching Seller's control) (collectively, the "UPDATES").
In conjunction with the Updates, Sellers shall also specify the amount of Losses
(as such term is defined in Section 13.01) reasonably expected by Sellers to
result from the Updates (the "EXPECTED LOSS AMOUNT"). In the event that the
aggregate Expected Loss Amount resulting from such Updates is less than
$4,040,000, Purchaser

                                     - 25 -
<Page>

shall be deemed to have waived its right to terminate this Agreement pursuant to
Section 15.02(c) as a result of such Updates and it shall be required to
consummate the transactions contemplated herein (subject to the satisfaction of
the conditions set forth in Article X), provided, however, that Purchaser shall
be entitled to seek indemnification for any Losses, including any Losses
suffered by Purchaser as a result of the Updates, pursuant to Article XIII. If,
however, the aggregate Expected Loss Amount equals or exceeds $4,040,000.00,
Purchaser shall be entitled to either (i) consummate the transactions
contemplated herein but upon doing so Purchaser shall have automatically and
irrevocably been deemed to have released Sellers and their Affiliates for all
Losses suffered by Purchaser as a result of such Updates in excess of
$4,040,000.00, provided, however, that Purchaser shall be entitled to seek
indemnification pursuant to Article XIII for all Losses suffered by Purchaser as
a result of such Updates up to $4,040,000.00 and for all other Losses not
related to the Updates, or (ii) terminate this Agreement pursuant to Section
15.02(c).

        SECTION 9.10. DISCLAIMER OF OTHER REPRESENTATIONS AND WARRANTIES.
Purchaser acknowledges and agrees that neither Seller makes, nor has made, any
representation or warranty relating to any Seller Party, the Seller Business or
the Purchased Assets other than the representations and warranties of each
Seller expressly set forth in this Agreement. In addition, Purchaser
acknowledges and agrees that neither Seller has made any implied warranties of
merchantability or fitness for a specific purpose with regard to either the
Purchased Assets or the Seller Business. Without limiting the generality of the
disclaimer set forth in the two preceding sentences, neither Seller makes, and
no Seller, their officers, employees, representatives and agents has made, and
shall not be deemed to have made any representations or warranties in the
Confidential Information Memorandum dated as of June, 2001 relating to the sale
of the Purchased Assets, and any supplements or addenda thereto (collectively,
the "OFFERING MEMORANDUM"), any presentation relating to either Seller, the
Seller Business or the Purchased Assets given in connection with the
transactions contemplated by this Agreement, in any filing made by or on behalf
of any Seller with any governmental agency or in any other information provided
to or made available to Purchaser, and no statement contained in the Offering
Memorandum, made in any such presentation, made in any such filing or contained
in any such other information shall be deemed to be a representation or warranty
of any Seller hereunder or otherwise. No Person has been authorized by a Seller
to make any representation or warranty in respect of a Seller, Sellers, the
Seller Business or the Purchased Assets in connection with the transactions
contemplated by this Agreement that is inconsistent with or in addition to the
representations and warranties of each Seller expressly set forth in this
Agreement.

        SECTION 9.11. TRANSITIONAL ARRANGEMENTS. Sellers shall cooperate, and
shall cause DCS to cooperate, with Purchaser in establishing network conversion
and switching conversion arrangements and implementing other transitional
arrangements as reasonably requested by Purchaser provided that such cooperation
shall not unreasonably disrupt Sellers' operation of the Seller Business and no
Seller Party shall be required to incur any out-of-pocket costs in connection
therewith.

        SECTION 9.12. FINAL TAX CLEARANCE CERTIFICATES. Sellers and, if
applicable, each Regarded Entity, shall deliver to Purchaser no later than 60
days after the Closing Date a tax clearance

                                     - 26 -
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certificate from the State of Tennessee, for all periods through the Closing
Date, indicating that all tax returns required to have been filed by Sellers
and, if applicable, each Regarded Entity, through and including such date have
been filed and that all Taxes required to be paid by Sellers and, if applicable,
each Regarded Entity, as shown on such returns, have been paid.

        SECTION 9.13. Intentionally omitted.

        SECTION 9.14. CELLULAR ONE CONTRACT. Sellers shall use, and shall cause
DCS to use, commercially reasonable efforts to have the term of the Cellular One
license agreement for the Cellular System (the "CELLULAR ONE AGREEMENT")
extended through the term of the Transition Services Agreement of even date
herewith by and between DCS and Purchaser (the "TRANSITION SERVICES AGREEMENT").
Sellers will in good faith request the approval of Cellular One to the
sublicense to Purchaser of the Cellular One Agreement or otherwise arrange, in
form and substance acceptable to Sellers, Purchaser and Cellular One, for
Purchaser to receive all of Sellers' rights under the Cellular One Agreement,
for the period beginning on the Closing Date and continuing thereafter until
such time as neither Seller is providing "Services" in connection with the
Cellular System under the Transition Services Agreement or such earlier time at
which Purchaser may elect to terminate such sublicense or other arrangement.
Purchaser and Sellers covenant and agree that each of them will, and that
Sellers shall cause DCS to, reasonably cooperate with each other, and Purchaser
will do all things reasonably necessary to assist Sellers, in connection with
Sellers' undertakings in this Section 9.14. The terms of the sublicense or such
other arrangement, including license fees and other fees, shall be substantially
the same as the terms of the license and Purchaser shall be obligated to pay any
transfer fees and the fees, including license fees, promotion costs and other
costs under the Cellular One Agreement for the period in which Purchaser holds
the sublicense or other arrangement.

        SECTION 9.15. PERSONAL COMPUTERS. Within ten business days after the
Closing Date, Sellers shall have the right to uninstall and/or remove from the
personal computers that are Purchased Assets any proprietary software owned by
either Seller and other files not constituting Purchased Assets; provided that
such uninstallation or removal shall take place at mutually convenient times for
Purchaser and Sellers within such ten-business day period and in the presence of
both Sellers' and Purchaser's IT personnel. Purchaser will assume any Seller's
obligations for any Microsoft Operating System software and the Microsoft Office
suite of products in the personal computers (which shall not be uninstalled or
removed).

        SECTION 9.16. CONTRACTS HELD BY AFFILIATES. All of the Contracts set
forth in SCHEDULE 7.03(a) that relate primarily to the Seller Business and that
are held by AT&T, DCS or an Affiliate of any Seller Party shall be assigned to a
Seller prior to the Closing, and Sellers shall obtain all consents and give all
notices necessary to do so and shall furnish copies of such consents and notices
to Purchaser.

        SECTION 9.17. CALL AGREEMENT. Purchaser and Sellers shall amend prior to
the Closing that certain Agreement for Wireless Visiting Service dated May 25,
2001 ("CALL AGREEMENT") between Purchaser and Dobson Cellular Systems, Inc. to
delete from Exhibit A to the Call

                                     - 27 -
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Agreement all references to the Cellular System, which amendment shall be
effective as of the Closing Date.

                                    ARTICLE X
             CONDITIONS PRECEDENT TO PURCHASER'S OBLIGATION TO CLOSE

        The obligation of Purchaser under this Agreement with respect to the
purchase and sale of the Purchased Assets shall be subject to the fulfillment on
or prior to the Closing of each of the following conditions, any of which may be
waived in writing by Purchaser (provided that if any condition shall not have
been satisfied due to the actions or inaction of Purchaser or any of its
Affiliates that constitutes a breach of this Agreement, such condition shall be
deemed to have been satisfied or waived by Purchaser):

        SECTION 10.01. ACCURACY OF REPRESENTATIONS AND WARRANTIES; PERFORMANCE
OF THIS AGREEMENT. Each of the representations and warranties made by any Seller
in (i) the first sentence of Section 7.02, (ii) the last sentence of Section
7.06(a), (iii) Sections 7.07(a) and (b) (but only as they relate to FCC
Authorizations) and (iv) Sections 7.14(a) and (b) shall be true and correct in
all material respects on and as of the date hereof (unless such representation
or warranty is given as of a particular date in which case such representation
or warranty will be considered only as of such particular date), provided,
however, that for purposes of determining the accuracy of such representations
and warranties, such representations and warranties that are qualified by Seller
Material Adverse Effect or other materiality qualifications shall be true and
correct in all respects at and as of the date hereof. Each of the
representations and warranties made by any Seller in this Agreement shall be
true and correct in all material respects on and as of the Closing Date (unless
any representation or warranty is given as of a particular date in which case
such representation or warranty will be considered only as of such particular
date), provided, however, that for purposes of determining the accuracy of such
representations and warranties, all representations and warranties made by any
Seller in this Agreement that are qualified by Seller Material Adverse Effect or
other materiality qualifications shall be true and correct in all respects at
and as of the Closing Date. Sellers shall have complied with and performed all
of the agreements and covenants required by this Agreement and each other
Transaction Document to be performed or complied with by any of them on or prior
to the Closing. Purchaser shall have been furnished with a certificate of an
officer of each Seller, dated as of the Closing Date, certifying to the
fulfillment of the foregoing conditions. As used in this Agreement, the term
"SELLER MATERIAL ADVERSE EFFECT" means a material adverse effect on the
business, assets, Liabilities, properties, condition (financial or otherwise),
or results of operations of the Seller Business or the Purchased Assets taken as
a whole; PROVIDED, HOWEVER, that neither (a) the effects of any events,
circumstances or conditions resulting from changes, developments or
circumstances in worldwide or national conditions (political, economic, or
regulatory) that adversely affect generally the market where the Cellular System
is operated or affect generally industries engaged in the telecommunications
business (including proposed legislation or regulation by any governmental or
regulatory body or the introduction of any technological changes in the
telecommunications industry), nor (b) any effects of competition resulting from
the offering of personal communication services or other wireless
telecommunications services, will constitute a Seller Material Adverse Effect.

                                     - 28 -
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        SECTION 10.02. AUTHORIZING RESOLUTIONS. Sellers shall deliver to
Purchaser copies of the resolutions or consents of the managing members of each
Seller authorizing the execution, delivery and performance of this Agreement by
such Seller and all instruments and documents to be delivered in connection
herewith and the transactions contemplated hereby, duly certified by an officer
of each Seller.

        SECTION 10.03. INCUMBENCY CERTIFICATE. Purchaser shall have received a
certificate or certificates of an officer of each Seller, certifying as to the
genuineness of the signatures of officers of each Seller authorized to take
certain actions or execute any certificate, document, instrument or agreement to
be delivered pursuant to this Agreement, which incumbency certificate shall
include the true signatures of such officers.

        SECTION 10.04. THIRD PARTY CONSENTS; FCC; HART-SCOTT-RODINO ACT.
Sellers shall have received all Required Consents with respect to all mobile
telephone switching office leases and shall have delivered to Purchaser copies
thereof. Sellers shall have received all Required Consents with respect to
retail store leases and shall have delivered to Purchaser copies thereof;
provided that if only one Required Consent with respect to a retail store lease
has not been obtained and no mobile telephone switching office is located in the
store with respect to which a Required Consent has not been obtained, then the
requirements of this sentence shall be satisfied even though such Required
Consent was not obtained. Sellers shall have received all Required Consents with
respect to cell site leases and shall have delivered to Purchaser copies
thereof; provided that if only one Required Consent with respect to a cell site
has not been obtained and no mobile telephone switching office or microwave hop
is located on the cell site with respect to which a Required Consent has not
been obtained, then the requirements of this sentence shall be satisfied even
though such Required Consents were not obtained. Each Seller shall have given
all Required Notices and shall have delivered to Purchaser copies thereof. The
sublicense of the Cellular One Agreement or such other arrangements described in
Section 9.14 shall be in effect and Cellular One shall have consented to such
sublicense or other arrangement described in Section 9.14. The term of the
Cellular One Agreement shall have been extended as described in Section 9.14.
The FCC action granting the FCC's consent to the assignment of the Cellular
Authorizations to Purchaser shall have become a Final Order, free of any
conditions adverse to the Seller Business, except for such conditions that are
generally applicable to cellular licenses. In addition, all applicable waiting
periods under the Hart-Scott-Rodino Act (if applicable to the transactions
contemplated by this Agreement) shall have expired or been terminated and no
objection shall have been made by the FTC or the DOJ. For the purposes of this
Agreement, the term "Final Order" shall mean action by the FCC or its staff
acting under delegated authority as to which (a) no request for stay by the FCC,
as applicable, of the action is pending, no such stay is in effect, and, if any
deadline for filing any such request is designated by statute or regulation,
such deadline has passed; (b) no timely petition for review, rehearing or
reconsideration of the action is pending before the FCC, and the time for filing
any such petition has passed; (c) the FCC does not have the action under
reconsideration on its own motion and the time for such reconsideration has
passed; and (iv) no appeal to a court, or request for stay by a court, of the
FCC's action, as applicable, is pending or in effect, and, if any deadline for
filing any such appeal or request is designated by statute or rule, it has
passed.

                                     - 29 -
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        SECTION 10.05. BILL OF SALE; ASSUMPTION AGREEMENT. Sellers shall have
delivered to Purchaser an executed Bill of Sale and Assumption Agreement
pursuant to Sections 4.01 and 4.02 hereof.

        SECTION 10.06. REGULATORY AND CORPORATE OPINIONS OF COUNSEL FOR SELLERS.
Sellers shall have caused their counsel to deliver to Purchaser written legal
opinions substantially in the form set forth on EXHIBIT D hereto, which opinions
shall be dated the Closing Date.

        SECTION 10.07. NO THREATENED OR PENDING LITIGATION. On the Closing Date,
no suit, action or other proceeding, or injunction or final judgment relating
thereto, shall be threatened or be pending before any court, arbitrator or
governmental or regulatory official, body or authority having jurisdiction over
the Seller Business or the Purchased Assets in which it is sought to restrain or
prohibit the consummation of the transactions contemplated hereby or to obtain
damages or other relief in connection with this Agreement or any other
Transaction Documents, or the consummation of the transactions contemplated
hereby or thereby, or which could reasonably be expected to have a Seller
Material Adverse Effect.

        SECTION 10.08. RELEASE OF LIENS. Before or at the Closing, Sellers shall
have furnished to Purchaser documentation reasonably satisfactory to Purchaser
releasing all Liens set forth on SCHEDULE 7.03(a).

        SECTION 10.09. SIMULTANEOUS CLOSING OF OTHER TRANSACTIONS.
Simultaneously with the closing of the transactions contemplated by this
Agreement, DCS and Purchaser shall consummate (i) the transactions contemplated
by that certain Asset Purchase Agreement dated October 29, 2001 (the "CA-7, GA-1
AND OH-2 PURCHASE AGREEMENT") between DCS and Purchaser and (ii) the sale to
Purchaser of DCS's partnership interest in Gila River Cellular General
Partnership (the "AZ-5 TRANSACTION"); PROVIDED, HOWEVER, that if Gila River
Telecommunications, Inc. (f/k/a Gila River Telecommunications Subsidiary, Inc.)
exercises its right of first refusal in connection with the sale of DCS's
partnership interest in Gila River Cellular General Partnership, then only the
transactions contemplated by the CA-7, GA-1 and OH-2 Purchase Agreement shall be
required to close simultaneously with the closing of the transactions
contemplated by this Agreement.

        SECTION 10.10. TRANSITION SERVICES AGREEMENT. The Transition Services
Agreement shall not have been terminated by DCS and, if any force majeure event
has occurred thereunder, such event shall have ceased and DCS shall have resumed
its performance thereunder.

                                   ARTICLE XI
              CONDITIONS PRECEDENT TO SELLERS' OBLIGATION TO CLOSE

        The obligations of Sellers under this Agreement with respect to the
purchase and sale of the Purchased Assets shall be subject to the fulfillment on
or prior to the Closing of each of the following conditions, any of which may be
waived in writing by Sellers (provided that if any condition shall not have been
satisfied due to the actions or inaction of Sellers or their Affiliates that
constitutes a breach of this Agreement, such condition shall be deemed to have
been satisfied or waived by Sellers):

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        SECTION 11.01. ACCURACY OF REPRESENTATIONS AND WARRANTIES; PERFORMANCE
OF THIS AGREEMENT. Each of the representations and warranties made by Purchaser
in this Agreement shall be true and correct in all material respects at and as
of the Closing Date provided, however, that, for purposes of determining the
accuracy of such representations and warranties, all representations and
warranties made by Purchaser in this Agreement that are qualified by Purchaser
Material Adverse Effect or other materiality qualifications shall be true and
correct in all respects at and as of the Closing Date. Purchaser shall have
complied with and performed all of the agreements and covenants required by this
Agreement to be performed or complied with by it on or prior to the Closing.
Sellers shall have been furnished with a certificate of an officer of Purchaser,
dated as of the Closing, certifying to the fulfillment of the foregoing
conditions. As used in this Agreement, the term "PURCHASER MATERIAL ADVERSE
EFFECT" means a material adverse effect on the ability of the Purchaser to
complete the transactions contemplated by this Agreement or to pay the Purchase
Price at the Closing.

        SECTION 11.02. AUTHORIZING RESOLUTIONS. Purchaser shall have delivered
to Sellers copies of the authorizing resolutions of its Board of Representatives
authorizing the execution, delivery and performance of this Agreement and all
instruments and documents to be delivered in connection herewith and the
transactions contemplated hereby, duly certified by an authorized officer of
Purchaser.

        SECTION 11.03. NO THREATENED OR PENDING LITIGATION. On the Closing Date,
no suit, action or other proceeding, or injunction or final judgment relating
thereto, shall be threatened or be pending before any court, arbitrator or
governmental or regulatory official, body or authority in which it is sought to
restrain or prohibit the consummation of the transactions contemplated hereby or
to obtain damages or other relief in connection with this Agreement or any other
Transaction Documents, or the consummation of the transactions contemplated
hereby or thereby, or which could reasonably be expected to have a Purchaser
Material Adverse Effect, and no investigation that might result in any such
suit, action or proceeding shall be pending or threatened.

        SECTION 11.04. INCUMBENCY CERTIFICATE. Purchaser shall have delivered to
Sellers a certificate of its secretary, certifying as to the genuineness of the
signatures of its representatives authorized to take certain actions or execute
any certificate, document, instrument or agreement to be delivered pursuant to
this Agreement, which incumbency certificate shall include the true signatures
of such representatives.

        SECTION 11.05. FCC; HART-SCOTT-RODINO ACT. The FCC action granting the
FCC's consent to the assignment of the Cellular Authorizations to Purchaser
shall have become a Final Order. In addition, all applicable waiting periods
under the Hart-Scott-Rodino Act (if applicable to the transactions contemplated
by this Agreement) shall have expired or been terminated and no objection shall
have been made by the FTC or DOJ.

        SECTION 11.06. SIMULTANEOUS CLOSING OF OTHER TRANSACTIONS.
Simultaneously with the closing of the transactions contemplated by this
Agreement, DCS and Purchaser shall consummate (i) the transactions contemplated
by the CA-7, GA-1 and OH-2 Purchase

                                     - 31 -
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Agreement and (ii) the AZ-5 Transaction; PROVIDED, HOWEVER, that if Gila River
Telecommunications, Inc. (f/k/a Gila River Telecommunications Subsidiary, Inc.)
exercises its right of first refusal in connection with the sale of DCS's
partnership interest in Gila River Cellular General Partnership, then only the
transactions contemplated by the CA-7, GA-1 and OH-2 Purchase Agreement shall be
required to close simultaneously with the closing of the transactions
contemplated by this Agreement.

        SECTION 11.07. PURCHASE PRICE. Purchaser shall have paid to ACC
Tennessee the Seller's Closing Payment pursuant to Section 5.03 hereof and shall
have delivered to Sellers an executed Assumption Agreement pursuant to Section
4.02 hereof.

        SECTION 11.08. OPINIONS OF COUNSEL OF PURCHASER. Purchaser shall have
caused its counsel to deliver to Sellers written legal opinions substantially in
the form set forth on EXHIBIT E hereto, which opinions shall be dated the
Closing Date.

                                   ARTICLE XII
                                 CASUALTY LOSSES

        In the event that there shall have been suffered between the date hereof
and the Closing any casualty loss relating to the Purchased Assets, Sellers will
promptly notify Purchaser of such event. Sellers shall, at their option, (a)
repair, rebuild or replace the portion of the Purchased Assets damaged,
destroyed or lost prior to the Closing Date, or (b) assign to Purchaser at
Closing all claims to insurance proceeds or other rights of Sellers against
third parties arising from such casualty loss (the "CLAIMS"), provided, however,
that the foregoing shall not be deemed to affect Purchaser's right not to
proceed with the Closing because the casualty event has resulted in one or more
of the conditions set forth in Article X not being satisfied, notwithstanding
the aforesaid options of Sellers. To the extent any Claim is not assignable,
such claim may be pursued by Purchaser, for its own account and benefit, in the
name of Sellers.

                                  ARTICLE XIII
                                 INDEMNIFICATION

        SECTION 13.01. INDEMNIFICATION BY SELLERS. Notwithstanding the Closing,
subject to the terms of this Article XIII, each Seller jointly and severally
agrees to indemnify and to hold Purchaser and its partners, officers, managers,
and employees (the "INDEMNIFIED PURCHASER PARTIES") harmless from and against
and in respect of any Liability (including consequential damages), action, suit,
demand, judgment, cost of investigation and reasonable attorney fees (but
excluding the Assumed Liabilities and any exemplary or punitive damages, other
than exemplary or punitive damages payable to third parties) (collectively,
"LOSSES"), sustained, incurred or paid by any Indemnified Purchaser Party in
connection with, resulting from or arising out of, directly or indirectly: (a)
any breach of a representation or warranty on the part of any Seller under this
Agreement, (b) any breach or nonfulfillment of any covenant on the part of any
Seller under this Agreement, (c) any Excluded Liability, (d) any Excluded Asset,
(e) the ownership, operation or control by any Seller Party of the Purchased
Assets or the Seller Business for the period prior to the Closing, or (f) any
and all Taxes (i) that are obligations of any Seller or any of their Affiliates
or (ii) which are Pre-closing Taxes (as defined below) that arise out of the
Seller Business or

                                     - 32 -
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Purchased Assets (including any such Taxes which become legal liabilities of
Purchaser as a transferee of the Seller Business or the Purchased Assets). For
purposes of this Agreement, the term "Pre-closing Taxes" shall mean (i) any Tax
that is due on or before the Closing Date, (ii) any Tax which is payable for a
Tax period that ends on or before the Closing Date and which is not due until
after the Closing Date, and (iii) with respect to a Tax which is payable for a
Tax period that includes (but does not end on) the Closing Date, the portion of
such Tax that is related to the portion of such Tax period ending on and
including the Closing Date, which portion of such Tax shall (A) in the case of
any Taxes other than gross receipts, sales or use Taxes and Taxes based upon or
related to income, be deemed to be the amount of such Tax for the entire Tax
period (which period, with respect to personal property, ad valorem and real
property Taxes, shall be the calendar year in which the assessment date for such
Tax falls) multiplied by a fraction the numerator of which is the number of days
in the Tax period ending on and including the Closing Date and the denominator
of which is the number of days in the entire Tax period, and (B) in the case of
any Taxes based upon or related to income and any gross receipts, sales or use
Taxes, be deemed equal to the amount which would be payable if the relevant Tax
period ended on and including the Closing Date.

        SECTION 13.02. INDEMNIFICATION BY PURCHASER. Notwithstanding the
Closing, subject to the terms of this Article XIII, Purchaser agrees to
indemnify and to hold each Seller, and their membership interest holders,
managers, officers, employees, representatives and agents (the "INDEMNIFIED
SELLER PARTIES") harmless from and against and in respect of any Losses
suffered, sustained, incurred or paid by any Indemnified Seller Party in
connection with, resulting from or arising out of, directly or indirectly: (a)
any breach of a representation or warranty on the part of Purchaser under this
Agreement, (b) any breach or nonfulfillment of any covenant on the part of
Purchaser under this Agreement, (c) Purchaser's ownership, operation or control
of the Purchased Assets or the Seller Business after the Closing, or (d) the
Assumed Liabilities.

        SECTION 13.03. NOTICE OF CLAIMS; DEFENSE OF THIRD PARTY.

               (a)    A party claiming indemnification under this Article XIII
(the "ASSERTING PARTY") must promptly notify (in writing and in reasonable
detail) the party from which indemnification is sought (the "DEFENDING PARTY")
of the nature and basis of such claim for indemnification not later than the end
of the applicable survival period set forth in Section 13.06. If such claim
relates to a claim, suit, litigation or other action by a third party against
the Asserting Party or any Liability to a third party (a "THIRD PARTY CLAIM"),
the Defending Party may elect to assume such Liability and control the defense
of the Third Party Claim at its own expense with counsel selected by the
Defending Party. Assumption of such Liability, as against the Asserting Party,
shall not be deemed an admission of liability as against any such third party.
If the Defending Party assumes liability for the Third Party Claim as against
the Asserting Party and assumes the defense and control of the Third Party Claim
pursuant to this Section 13.03, the Asserting Party may participate in the
defense of such Third Party Claim through counsel of its choosing, but the
Defending Party shall not be liable for any fees and expenses of counsel for the
Asserting Party incurred thereafter in connection with the Third Party Claim,
provided, however, that no Defending Party shall, without the prior written
consent of the Asserting Party, consent to the entry of any judgment against the
Defending Party or enter into any settlement or

                                     - 33 -
<Page>

compromise which (i) does not include, as an unconditional term thereof, the
giving by the claimant or plaintiff to the Asserting Party of a release, in form
and substance reasonably satisfactory to the Asserting Party from all liability
in respect of such claim or litigation, provided that this requirement shall be
deemed waived to the extent that the Asserting Party does not undertake to
provide and promptly execute and, concurrently with the delivery of any such
release, deliver a corresponding release of the third party claimant with
respect to such Third Party Claim, or (ii) includes terms and conditions that
adversely affect the Asserting Party; provided further, however, that in the
case of clause (ii), the Asserting Party may not unreasonably withhold such
consent.

               (b)    If the Defending Party does not assume liability for, and
the defense of, the Third Party Claim pursuant to this Section 13.03, the
Asserting Party shall have the right (a) to control the defense thereof, and (b)
if the Asserting Party shall have notified the Defending Party of the Asserting
Party's intention to negotiate a settlement of the Third Party Claim (at the
Defending Party's expense to the extent the matter is determined to be subject
to indemnification hereunder), which notice shall include the material terms of
any proposed settlement in reasonable detail, the Asserting Party may settle the
Third Party Claim (at the Defending Party's expense to the extent the matter is
determined to be subject to indemnification hereunder) on terms not materially
inconsistent with those set forth in such notice, unless the Defending Party
shall have notified the Asserting Party in writing of the Defending Party's
election to assume Liability for and the defense of the Third Party Claim
pursuant to this Section 13.03 within ten days after receipt of such notice, and
the Defending Party promptly thereafter shall have taken appropriate action to
implement such defense. The Asserting Party shall not be entitled to settle any
such Third Party Claim pursuant to the preceding sentence unless such settlement
includes an unconditional release of the Defending Party by the Third party
claimant on account thereof, PROVIDED that such requirement shall be deemed
waived to the extent that the Defending Party does not undertake to provide and
promptly execute and, concurrently with delivery of any such release, deliver a
corresponding release of the third party claimant with respect to such Third
Party Claim. The Asserting Party and the Defending Party shall use all
commercially reasonable efforts to cooperate fully with respect to the defense
and settlement of any Third Party Claim covered by this Article XIII.

               (c)    The failure of any Asserting Party to give an indemnifying
party a notice of claim shall not relieve the Defending Party from any liability
in respect of such claim, demand or action which it may have to such Asserting
Party on account of the indemnity agreement of such Defending Party contained in
this Article XIII, except to the extent such Defending Party can establish
actual prejudice and direct damages as a result thereof.

        SECTION 13.04. NON-RECOURSE TO SELLERS' AFFILIATES. Except as otherwise
contemplated by the qualified guarantee and joinder of American Cellular
Corporation contained at the end of this Agreement ("ACC QUALIFIED GUARANTEE"),
the obligations of each Seller to Purchaser under this Agreement and any related
agreements, instruments, documents or certificates are non-recourse to each
Seller's Affiliates and if any Seller is in default hereof or under such other
agreements, instruments, documents or certificates, Purchaser shall not have any
recourse to the

                                     - 34 -
<Page>

assets of any Affiliate of any Seller. Purchaser's recourse shall be limited
following Closing as provided in Section 13.05 below.

        SECTION 13.05. LIMITATIONS. The Defending Party's obligations to
indemnify the Asserting Party pursuant to this Article XIII shall be subject to
the following limitations:

               (a)    No indemnification under Sections 13.01(a) or 13.02(a) for
any Losses shall be required to be made by the Defending Party until the
aggregate amount of the Asserting Party's Losses exceeds two percent (2%) of the
Purchase Price (the "BASKET"), and then indemnification shall only be required
to be made by the Defending Party to the extent of such Losses that exceed 50%
of the Basket, provided that the foregoing limitation shall not apply to any
intentional breach of a representation or warranty.

               (b)    The aggregate liability of the Defending Party under
Section 13.01(a) or 13.02(a), as applicable, shall not exceed (i) thirty percent
(30%) of the Purchase Price for the first twelve months after the Closing Date,
and (ii) twenty percent (20%) of the Purchase Price thereafter, provided that
the foregoing limitation shall not apply to any intentional breach of a
representation or warranty.

               (c)    The indemnification obligation of a Defending Party shall
be reduced to the extent of any available insurance proceeds payable to the
Asserting Party, net of any increased insurance premiums becoming payable by the
Asserting Party to the extent such increase is a direct result of such insurance
proceeds becoming available. The Defending Party shall pay its indemnification
obligations as and when required by this Article XIII and the Asserting Party
shall refund to the Defending Party any such amounts determined to be in excess
of the Defending Party's obligations due to reductions pursuant to this Section
13.05(c). Additionally, the Asserting Party shall refund promptly to the
Defending Party any amount of the Asserting Party's Losses that are subsequently
recovered by the Asserting Party pursuant to a settlement or otherwise.

               (d)    Notwithstanding anything to the contrary set forth in this
Agreement, Section 13.05(a) through (c) shall not apply to Purchaser's
obligation to pay to ACC Tennessee the Purchase Price in accordance with Article
V.

               (e)    From and after the Closing Date, the indemnification
rights contained in this Article XIII shall constitute the sole and exclusive
remedies of the parties hereunder and shall supersede and displace all other
rights that either party may have under Law.

        SECTION 13.06. SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All
representations and warranties made by the parties in this Agreement or in any
certificate, schedule, statement, document or instrument furnished hereunder or
in connection with the execution and performance of this Agreement shall survive
for a period lasting eighteen months after Closing, except that (a) any
intentional breach or misrepresentation or fraud shall survive Closing
indefinitely, (b) Section 7.17 shall survive for a period lasting three years
after Closing, and (c) Section 7.13, (i) with respect to federal and state
Taxes, shall survive for a period lasting two years after Closing, and (ii) with
respect to local, municipal and county Taxes, shall survive until

                                     - 35 -
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the expiration of the 15-day period commencing on the expiration date of the
relevant statute of limitations period (including any applicable extensions
thereof), if longer than the two-year period previously specified, unless in
each case survival is governed by the preceding clause (a). Any claim by a party
based upon breach of any such representation or warranty made pursuant to
Article XIII or otherwise must be submitted to the other party prior to or at
the expiration of the applicable survival period. In the case of any claim
submitted within such time period, the right of the party submitting the claim
to recover from the other party with respect to such claim shall not be
dependent on the claim being resolved or the losses being incurred within such
time period. Subject to the provisions of Section 9.09, the right to
indemnification hereunder shall not be affected by any investigation or audit
conducted before or after the Closing Date or the actual or constructive
knowledge of any party and each party shall be entitled to rely upon the
representations and warranties set forth herein regardless of any such
investigation or knowledge. The waiver of any condition regarding the accuracy
of any representation or warranty, or regarding the performance of or compliance
with any covenant or obligation, will not affect the right of indemnification or
any other remedy of the waiving party after Closing based on the inaccuracy of
such representation or warranty or the nonperformance of or noncompliance with
such covenant or obligation.

        SECTION 13.07. PAYMENT.

               (a)    Upon a determination of Liability under this Article XIII,
the appropriate party shall pay the indemnified party the amount so determined
within 10 business days after the date of such determination. If there should be
a dispute as to the amount or manner of determination of any indemnity
obligation owed under this Agreement the party from which indemnification is due
shall nevertheless pay when due such portion, if any, of the obligation as shall
not be subject to dispute. The difference, if any, between the amount of the
obligation ultimately determined as properly payable under this Agreement and
the portion, if any, theretofore paid shall bear interest as provided below in
Section 13.07(c).

               (b)    Any items as to which any Indemnified Purchaser Party is
entitled to payment under this Agreement shall first be paid to the Indemnified
Purchaser Party pursuant to the terms of the Escrow Agreement, to the extent
that the then outstanding amount of escrowed funds is sufficient to pay such
items. If the then outstanding amount of the escrowed funds is insufficient to
pay any such item in full (including if all escrowed funds have been released),
the payment of such item as to which the Indemnified Purchaser Party is entitled
to payment under this Agreement and which is not able to be paid from the
escrowed funds shall be the obligation of Sellers and Sellers shall make full
payment of any and all such items to the Indemnified Purchaser Party within 30
calendar days after the date of determination of Liability. If Sellers fail to
make full payment of any item within such period (the "PAYMENT PERIOD"), then
payment of the remaining balance of such item ("UNSATISFIED CLAIMS") shall be
satisfied pursuant to the provisions of the ACC Qualified Guarantee.

               (c)    If all or part of any indemnification obligation under
this Agreement is not paid when due, then the indemnifying party shall pay the
indemnified party interest on the unpaid amount of the obligation for each day
from the date the amount became due until

                                     - 36 -
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payment in full, payable on demand, at the fluctuating rate per annum which at
all times shall be two percentage points in excess of the "Prime Rate" published
from time to time in the "Money Rates" table of the Eastern Edition of The Wall
Street Journal.

                                   ARTICLE XIV
                       CONFIDENTIALITY AND PRESS RELEASES

        SECTION 14.01. CONFIDENTIALITY. The Non-Disclosure Agreement dated
August 31, 2000 between DCS and Purchaser (the "NDA") shall remain in effect in
accordance with its terms, except that it may only be terminated upon
termination of this Agreement, and except that the provisions of Section 7
thereof shall be subject to the provisions of Section 9.07 of this Agreement.
The obligations of Purchaser under the NDA and under this Article XIV shall
terminate as of the Closing, except with respect to Information (as defined in
the NDA) of DCS and of each Seller that does not relate to the Seller Business
that Purchaser is required by the NDA to keep confidential.

        SECTION 14.02. PRESS RELEASES. No press release or public disclosure or
disclosure to any third party, either written or oral, of the existence or terms
of this Agreement shall be made by either Purchaser or Sellers without the
consent of the other subject to the provisions of Section 14.03, and Purchaser
and Sellers shall each furnish to the other advance copies of any release which
they propose to make public concerning this Agreement or the transactions
contemplated hereby and the date upon which Purchaser or Sellers, as the case
may be, propose to make such press release.

        SECTION 14.03. DISCLOSURES REQUIRED BY LAW. This Article XIV shall not,
however, be construed to prohibit any party from making any disclosures to any
governmental authority that it is required to make by Law or from filing this
Agreement with, or disclosing the terms of this Agreement to, any institutional
lender to such party, or prohibit Sellers, Purchaser or any of their Affiliates
from disclosing to its investors, partners, accountants, auditors, attorneys,
parent company and broker/dealers such terms of this transaction as are
customarily disclosed to them in connection with the sale or acquisition of a
cellular telephone system; PROVIDED, HOWEVER, that any such party shall be
informed of the confidential nature of such information and shall agree to keep
such information confidential in accordance with the terms of Section 14.01
hereof; and PROVIDED, HOWEVER, that each party shall provide to the other
reasonable advance copies of any public release except where the provision of
such advance notice is not permissible.

                                   ARTICLE XV
                                   TERMINATION

        SECTION 15.01. BREACHES AND DEFAULTS; OPPORTUNITY TO CURE. Prior to the
exercise by a party of any termination rights afforded under this Agreement, if
either party (the "NON-BREACHING PARTY") believes the other (the "BREACHING
PARTY") to be in breach hereunder, the Non-Breaching Party shall provide the
Breaching Party with written notice specifying in reasonable detail the nature
of such breach, whereupon if such breach is curable the Breaching Party shall
have sixty (60) days from the receipt of such notice to cure such breach to the
reasonable satisfaction of the Non-Breaching Party; PROVIDED, HOWEVER, that if
such breach is

                                     - 37 -
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curable but is not capable of being cured within such period and if the
Breaching Party shall have commenced action to cure such breach within such
period and is diligently attempting to cure such breach, then the Breaching
Party shall be afforded an additional sixty (60) days to cure such breach;
PROVIDED, HOWEVER, Purchaser shall have no opportunity to cure the breach of its
obligations to deliver any required portion of the Purchase Price to be
delivered at Closing; and PROVIDED, FURTHER, HOWEVER, that the cure period for a
breach shall in no event extend beyond the Outside Date (as defined in Section
15.02(e)). If the breach is not cured within such time period, then the
Breaching Party shall be in default hereunder and the Non-Breaching Party shall
be entitled to terminate this Agreement (as provided in Section 15.02). This
right of termination shall be in addition to, and not in lieu of, any rights of
the Non-Breaching Party under Article XIII of this Agreement. Notwithstanding
anything to the contrary set forth in this Section 15.01, the provisions of this
Section 15.01 shall not apply in the event Purchaser fails to deliver the
Purchase Price even though all of the closing conditions set forth in Article X
have been satisfied.

        SECTION 15.02. TERMINATION. This Agreement may be terminated and the
transactions contemplated herein may be abandoned, by written notice given to
the other party hereto, at any time prior to the Closing:

               (a)    by mutual written consent of Sellers and Purchaser;

               (b)    by either Purchaser or Sellers, if any court of competent
jurisdiction in the United States or other United States governmental body shall
have issued an order, decree or ruling or taken any other action permanently
restraining, enjoining or otherwise permanently prohibiting the sale of the
Purchased Assets to Purchaser (which Sellers and Purchaser shall have used all
commercially reasonable efforts to have lifted or reversed) and such order,
decree, ruling or other action shall have become final and nonappealable;

               (c)    subject to Section 15.01, by Purchaser, if, as of any
date, Sellers shall have breached any of their representations, warranties or
covenants such that the condition set forth in Section 10.01 shall not be
satisfied as of such date;

               (d)    subject to Section 15.01, by Sellers, if, as of any date,
Purchaser shall have materially breached any of its representations, warranties
or covenants such that the condition set forth in Section 11.01 shall not be
satisfied as of such date; or

               (e)    by either Sellers or Purchaser if the Closing shall not
have occurred on or before the date that is nine months after the date of this
Agreement (the "OUTSIDE DATE"), unless the failure to have the Closing shall be
due to the failure of the party seeking to terminate this Agreement to perform
in any material respect its obligations under this Agreement required to be
performed by it at or prior to the Closing.

                                     - 38 -
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                                   ARTICLE XVI
                                  BROKERS' FEES

        Each party represents and warrants to the other that it shall be solely
responsible for the payment of any fee or commission due to any broker or finder
it has engaged with respect to this transaction and the other party hereto shall
be indemnified for any liability with respect thereto pursuant to Article XIII
hereof.

                                  ARTICLE XVII
                                   ARBITRATION

        Any controversy, dispute or claim (collectively, a "DISPUTE") between
the parties arising out of or relating to this Agreement, or the breach,
termination or validity thereof, shall be finally settled by arbitration in
accordance with the commercial arbitration rules of the American Arbitration
Association ("AAA") then pertaining. However, in all events, these arbitration
provisions shall govern over any conflicting rules that may now or hereafter be
contained in the AAA rules. The arbitration shall be held in the State of New
York unless the parties mutually agree to have the arbitration held elsewhere,
and judgment upon the award made therein may be entered by any court having
jurisdiction in the State of New York; provided however, that nothing contained
in this Article XVII shall be construed to limit or preclude a party from
bringing any action in any court of competent jurisdiction for injunctive or
other provisional relief to compel another party to comply with its obligations
under this Agreement during the pendency of the arbitration proceedings. Any
judgment upon the award rendered by the arbitrators may be entered in any court
having jurisdiction over the subject matter hereof. The arbitrator shall have
the authority to grant any equitable and legal remedies that would be available
in any judicial proceeding instituted to resolve any claim hereunder.

        Any such arbitration will be conducted before a single arbitrator who
shall be chosen by agreement of the parties, or, if the parties cannot agree, in
accordance with the rules of the AAA. The arbitrator shall permit such discovery
as he shall determine is appropriate in the circumstances, taking into account
the needs of the parties and the desirability of making discovery expeditious
and cost-effective. Any such discovery shall be limited to information directly
related to the controversy or claim in arbitration and shall be concluded within
sixty (60) days after appointment of the third arbitrator.

        The substantially prevailing party in any arbitration hereunder, as
determined by the arbitrator, shall be entitled to an award of a percentage of
its reasonable costs incurred in connection therewith, including attorneys'
fees, determined by dividing the amount actually awarded to the prevailing party
by the amount claimed by the prevailing party.

        For any Dispute submitted to arbitration, the burden of proof will be as
it would be if the claim were litigated in a judicial proceeding.

        Upon the conclusion of any arbitration proceedings hereunder, the
arbitrator will render findings of fact and conclusions of law and a written
opinion setting forth the basis and reasons

                                     - 39 -
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for any decision reached and will deliver such documents to each party to this
Agreement along with a signed copy of the award.

        The arbitrator chosen in accordance with these provisions will not have
the power to alter, amend or otherwise affect the terms of these arbitration
provisions or the provisions of this Agreement and shall make his decision based
on and in accordance with the provisions of this Agreement.

                                  ARTICLE XVIII
                                  MISCELLANEOUS

        SECTION 18.01. ADDITIONAL INSTRUMENTS OF TRANSFER.

               (a)    From time to time after the Closing, each party shall, if
requested by another party, make, execute and deliver such additional
assignments, bills of sale, deeds and other instruments, as may be reasonably
necessary or proper to carry out the specific provisions of this Agreement,
including transfer to Purchaser of all of Sellers' right, title and interest in
and to the Purchased Assets and any right, title or interest that DCS or any
Affiliate of Sellers or DCS may have in any asset used primarily in the Seller
Business, other than an Excluded Asset. Such efforts and assistance shall be at
the cost of the requesting party.

               (b)    Anything in this Agreement to the contrary
notwithstanding, neither of the Sellers are obligated to sell, assign, transfer
or convey to Purchaser any of their rights and obligations in and to any
Interest without first obtaining all necessary approvals, consents or waivers.
To the extent any Required Consents have not been obtained by Sellers as of the
Closing and Purchaser elects to proceed with the Closing, Sellers shall, for a
period equal to the shorter of twelve months after the CLOSING, or the remaining
term of such Interest, (i) except with regard to cell site leases or licenses,
use all commercially reasonable efforts to obtain the consent of any such third
party; (ii) cooperate with Purchaser in any reasonable and lawful arrangements
designed to provide the benefits (including the payment to Purchaser of any
monies received by Sellers in connection therewith and including cooperation
with Purchaser's efforts to obtain the consent of the third party to any such
cell site lease or license regarding the assignment of such cell site lease or
license to Purchaser) of such Interest to Purchaser so long as Purchaser
performs all obligations with respect to the Interest (and the payment of all
expenses in connection therewith); and (iii) enforce, at the request of
Purchaser and at the expense and for the account of Purchaser, any rights of
Sellers arising from such Interest against such issuer thereof or the other
party or parties thereto (including the right to elect to terminate any such
Interest in accordance with the terms thereof upon the request of Purchaser);
provided, however, that none of Purchaser or Sellers shall be obligated to pay
any consideration or other sums therefor (except for filing fees and other
ordinary administrative charges and except as set forth above) to the third
party from whom such approval, consent or waiver is requested.

               (c)    In the event that at any time between the date hereof and
the first anniversary of the Closing Date Purchaser becomes aware of the
existence of any Contract that was not identified on SCHEDULE 7.06(a) in breach
of the provisions of Section 7.06(a) (an "UNDISCLOSED CONTRACT"), Purchaser may
elect to have such Undisclosed Contract included as

                                     - 40 -
<Page>

an "Assumed Contract" for all purposes of this Agreement by giving written
notice of such election (an "INCLUSION NOTICE") to Sellers within 90 days after
Purchaser has actual knowledge of the existence of such Undisclosed Contract;
provided, however, that if at least seven (7) days prior to Closing, Sellers
give Purchaser written notice of any Undisclosed Contract of which Sellers have
become aware after the date hereof and deliver a copy of such Undisclosed
Contract to Purchasers, then by the earlier of (x) fifteen (15) days after
Purchaser's receipt of such notice (and the copy of such Undisclosed Contract)
or (y) two (2) days before Closing, Purchaser shall deliver to Sellers an
Inclusion Notice or written confirmation that it has elected not to have such
Undisclosed Contract included as an Assumed Contract.

                      If an Inclusion Notice is given before the Closing, then
SCHEDULE 7.06(a) shall be deemed to be updated to include the Undisclosed
Contract identified in the Inclusion Notice. In addition, SCHEDULE 7.09 shall be
deemed to be updated if necessary to include as a Required Notice or a Required
Consent hereunder any notice or consent required in connection with the
assignment of such Undisclosed Contract. Such updates shall be deemed not to
modify Sellers' representations and warranties hereunder for purposes of Article
XIII hereof.

                      If an Inclusion Notice is given after the Closing, then
Sellers (or, if appropriate, their Affiliate) and Purchaser shall make, execute
and deliver an instrument of transfer, in form and substance reasonably
satisfactory to both parties, pursuant to which Sellers (or their Affiliate)
shall assign their respective rights under such Undisclosed Contract to
Purchaser and Purchaser shall assume certain liabilities thereunder to the same
extent as such rights and liabilities would have been assigned and assumed if
such Undisclosed Contract had been an Assumed Contract on the Closing Date.
Prior to the execution of such instrument of transfer, Sellers shall give any
advance notice required to assign such Undisclosed Contract. Notwithstanding the
foregoing, if a consent is required in connection with such assignment, then
until such time (if any) as such consent is obtained and such instrument of
transfer can be executed, the provisions of Section 18.01(b) shall be
applicable; provided, however, that "twelve months after the Closing" shall be
replaced by "twelve months after the date of the Inclusion Notice."

        SECTION 18.02. NOTICES. All notices and other communications required or
permitted to be given hereunder shall be in writing and shall be deemed to have
been duly given if delivered, sent by telecopier, recognized overnight delivery
service or registered or certified mail, return receipt requested, postage
prepaid, to the following addresses:

                      IF TO PURCHASER:

                      Cellco Partnership
                      180 Washington Valley Road
                      Bedminster, NJ  07921
                      Attention: John Schreiber
                      Facsimile: 908-306-6442

                                     - 41 -
<Page>

                      with a required copy to:

                      Cellco Partnership
                      180 Washington Valley Road
                      Bedminster, NJ  07921
                      Attention: Steven B. Jackman, Esq.
                      Facsimile:  908-306-7766

                      IF TO SELLERS:

                      ACC of Tennessee LLC
                      and ACC Tennessee License LLC
                      c/o Dobson Cellular Systems, Inc.
                      14201 Wireless Way
                      Oklahoma City, OK 73134
                      Attention:  Ronald L. Ripley, Senior Corporate Counsel
                      Facsimile No.:  (405) 529-8765

                      with a required copy to:

                      Edwards & Angell, LLP
                      2800 Financial Plaza
                      Providence, Rhode Island 02903
                      Attention:  David K. Duffell, Esq.
                      Facsimile No.:  (401) 276-6611

        Notices delivered personally shall be effective upon delivery against
receipt. Notices transmitted by telecopy shall be effective when received,
provided that the burden of proving notice when notice is transmitted by
telecopy shall be the responsibility of the party providing such notice. Notices
delivered by overnight mail shall be effective when received. Notices delivered
by registered or certified mail shall be effective on the date set forth on the
receipt of registered or certified mail, or 72 hours after mailing, whichever is
earlier.

        SECTION 18.03. EXPENSES. Each party shall bear its own expenses and
costs, including the fees of any corporate or FCC attorney retained by it,
incurred in connection with the preparation of this Agreement and the
consummation of the transactions contemplated hereby; provided that Purchaser
shall bear the expense of all FCC, Hart-Scott-Rodino Act (if applicable) and
other governmental filing fees.

        SECTION 18.04. TRANSFER TAXES. Purchaser on the one hand and Sellers on
the other hand shall bear equally the expense of all use, sales, transfer and
other similar transaction taxes, if any, which are imposed solely and directly
by reason of the sale and delivery of the Purchased Assets from Sellers to
Purchaser under this Agreement. Notwithstanding anything else to the contrary
set forth in this Section 18.04, Purchaser shall in no event be responsible in
any manner for the payment of any taxes on any gross or net income, gross or net
receipts or gain which Sellers or

                                     - 42 -
<Page>

any Regarded Entity may realize as a result of the sale of the Purchased Assets
or otherwise related to the transactions contemplated by this Agreement.

        SECTION 18.05. COLLECTION PROCEDURES. From and after the Closing,
Purchaser shall have the right and authority, at its expense, to collect for its
account all items to which it is entitled as provided in this Agreement and to
endorse with the name of the Sellers any checks or drafts received on account of
any such items.

        SECTION 18.06. GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York (without
application of principles of conflicts of law). In connection with any
controversy arising out of or related to this Agreement, Sellers and Purchaser
hereby irrevocably consent to the jurisdiction of the United States District
Court for the District of New York, if a basis for federal court jurisdiction is
present, and, otherwise, in the state courts of the State of New York. Sellers
and Purchaser each irrevocably consents to service of process out of the
aforementioned courts and waives any objection which it may now or hereafter
have to the laying of venue of any action or proceeding arising out of or in
connection with this Agreement brought in the aforementioned courts.

        SECTION 18.07. ASSIGNMENT. Neither this Agreement nor any of the rights,
interests or obligations hereunder shall be assigned by any of the parties
hereto without the prior written consent of the other parties, which consent
will not be unreasonably withheld or delayed.

        SECTION 18.08. SUCCESSORS AND ASSIGNS. All agreements made and entered
into in connection with this transaction shall be binding upon and inure to the
benefit of the parties hereto, their successors and permitted assigns.

        SECTION 18.09. AMENDMENTS; WAIVERS. No alteration, modification or
change of this Agreement shall be valid except by an agreement in writing
executed by the parties hereto. Except as otherwise expressly set forth herein,
no failure or delay by any party hereto in exercising any right, power or
privilege hereunder (and no course of dealing between or among any of the
parties) shall operate as a waiver of any such right, power or privilege. No
waiver of any default on any one occasion shall constitute a waiver of any
subsequent or other default. No single or partial exercise of any such right,
power or privilege shall preclude the further or full exercise thereof.

        SECTION 18.10. ENTIRE AGREEMENT. Except for the NDA, this Agreement
merges all previous negotiations and agreements between the parties hereto,
either verbal or written, and constitutes the entire agreement and understanding
between the parties with respect to the subject matter of this Agreement.

        SECTION 18.11. COUNTERPARTS. This Agreement may be executed in one or
more counterparts, each of which when so executed shall be an original, but all
of which together shall constitute one agreement. Facsimile signatures shall be
deemed original signatures.

        SECTION 18.12. SEVERABILITY. If any provision of this Agreement or the
application thereof to any person or circumstance shall be invalid or
unenforceable to any extent, the remainder of

                                     - 43 -
<Page>

this Agreement and the application of such provision to other persons or
circumstances shall not be affected thereby and shall be enforced to the
greatest extent permitted by law, but only as long as the continued validity,
legality and enforceability of such provision or application does not materially
(a) alter the terms of this Agreement, (b) diminish the benefits of this
Agreement or (c) increase the burdens of this Agreement, for any person.

        SECTION 18.13. SECTION HEADINGS. The section headings contained in this
Agreement are solely for the purpose of reference, are not part of the agreement
of the parties and shall not in any way affect the meaning or interpretation of
this Agreement.

        SECTION 18.14. INTERPRETATION. As both parties have participated in the
drafting of this Agreement, any ambiguity shall not be construed against either
party as the drafter. Unless the context of this Agreement clearly requires
otherwise, (a) "or" has the inclusive meaning frequently identified with the
phrase "and/or," (b) "including" has the inclusive meaning frequently identified
with the phrase "including, but not limited to" and (c) references to "hereof,"
"hereunder" or "herein" or words of similar import relate to this Agreement.

        SECTION 18.15. FURTHER ASSURANCES. For a period of six (6) months after
Closing, each Seller agrees to, and shall cause DCS to, provide to Purchaser
from time to time any information that such Seller or DCS possesses with respect
to the operation of the Purchased Assets prior to the Closing which the
Purchaser reasonably requests in the future in connection with the Purchaser's
financing efforts now or in the future or in connection with any FCC or other
regulatory filing.

        SECTION 18.16. THIRD PARTIES. Nothing herein, expressed or implied, is
intended to or shall confer on any person other than the parties hereto any
rights, remedies, obligations or liabilities under or by reason of this
Agreement.

        SECTION 18.17. REMEDIES. The parties acknowledge and agree that the
material Purchased Assets, including the FCC Authorizations, are unique and that
remedies at law, including monetary damages, will be inadequate in the event of
a breach by Sellers in the performance of their obligations under this
Agreement. Accordingly, the parties agree that in the event of any such breach
by Sellers prior to the Closing, Purchaser shall be entitled, among other
remedies, to a decree of specific performance.

        SECTION 18.18. CERTAIN DEFINED TERMS. For purposes of this Agreement
(including the Schedules hereto) the terms defined in this Agreement shall have
the respective meanings specified herein, and, in addition, the following terms
shall have the following meanings:

        "Affiliate" means, as to any Person, any other Person which, directly or
indirectly, is in control of, is controlled by, or is under common control with,
such Person. The term "CONTROL" (including, with correlative meanings, the terms
"CONTROLLED BY" and "UNDER COMMON CONTROL WITH"), as applied to any Person,
means the possession, direct or indirect, of the power to direct or cause the
direction of the management and policies of such Person, whether through the
ownership of voting securities or other ownership interest, by Contract or
otherwise. Except as

                                     - 44 -
<Page>

otherwise expressly set forth in Sections 7.03, 7.06 and 9.16, in no event shall
AT&T Wireless, Inc. and its subsidiaries and Affiliates be considered Affiliates
of either Seller.

        "Contract" means any written or oral contract, agreement, lease,
license, instrument, or other document or commitment, arrangement, undertaking,
practice or authorization that is binding on any Person or its property under
any applicable Law.

        "Default" means (a) a breach, default or violation, (b) the occurrence
of an event that with or without the passage of time or the giving of notice, or
both, would constitute a breach, default or violation or cause a Lien to arise,
or (c) with respect to any Contract, the occurrence of an event that with or
without the passage of time or the giving of notice, or both, would give rise to
a right of termination, cancellation, amendment, renegotiation, acceleration or
a right to receive damages or a payment of penalties.

        "Liability" means any liability, indebtedness, obligation, expense,
claim, loss, cost, damage, obligation, responsibility, guaranty or endorsement
of or by any Person, absolute or contingent, accrued or unaccrued, known or
unknown, due or to become due, liquidated or unliquidated, whether or not
secured.

        "Person" means any corporation, partnership, limited liability company,
joint venture, business association, entity or individual.

        "Seller Parties" means Sellers and DCS.

        "Sellers' Knowledge" or "to the knowledge of Sellers" or any similar
phrase means the actual knowledge of (i) Everett Dobson, Bruce Knooihuizen,
Edward Evans, Thomas Coates, Ron Ripley or Tim Duffy after reasonable inquiry of
the network operations manager for the Cellular System or (ii) Peter Eckel.

        "Taxes" means any taxes, duties, assessments, fees, levies, or similar
governmental charges, together with any interest, penalties, and additions to
tax, imposed by any taxing authority, wherever located (I.E., whether federal,
state, local, municipal, or foreign), including all net income, gross income,
gross receipts, net receipts, sales, use, transfer, franchise, privilege,
profits, social security, disability, withholding, payroll, unemployment,
employment, excise, severance, property, windfall profits, value added, ad
valorem, occupation, or any other similar governmental charge or imposition.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

                                     - 45 -
<Page>

        IN WITNESS WHEREOF, each of the parties hereto has caused this Asset
Purchase Agreement to be executed by its duly authorized representative as of
the day and year first above written.

                              SELLERS:

                              ACC OF TENNESSEE LLC

                              By:        /s/ Everett Dobson
                                   ----------------------------------
                              Name:         Everett Dobson
                                     --------------------------------
                              Title:           Manager
                                      -------------------------------

                              ACC OF TENNESSEE LICENSE LLC

                              By:        /s/ Everett Dobson
                                   ----------------------------------
                              Name:         Everett Dobson
                                     --------------------------------
                              Title:           Manager
                                      -------------------------------

                              PURCHASER:

                              CELLCO PARTNERSHIP
                              D/B/A VERIZON WIRELESS

                              By:        /s/ Dennis F. Strigl
                                   ----------------------------------
                              Name:         Dennis F. Strigl
                                     --------------------------------
                              Title:        President & CEO
                                      -------------------------------

[Signature page of Asset Purchase Agreement, dated as of October 30, 2001, by
and between ACC of Tennessee LLC, ACC Tennessee License LLC and Cellco
Partnership D/B/A Verizon Wireless.]

<Page>

                      AMERICAN CELLULAR CORPORATION JOINDER

        The undersigned, being an Affiliate of each of the Sellers, acknowledges
that it has read and understands the foregoing Agreement and, intending to be
legally bound, hereby joins in this Agreement solely for the purpose of agreeing
to pay any Unsatisfied Claims within 10 calendar days after the end of the
Payment Period; provided, however, that Purchaser has first complied with the
terms of Article XIII hereof (including Section 13.07(b)). Furthermore, this ACC
Qualified Guarantee will automatically expire, if this Agreement is not earlier
terminated, upon the third anniversary of the Closing Date (the "CUT-OFF DATE")
with respect to any claim not properly submitted prior to the Cut-off Date in
accordance with the provisions of Article XIII. In the case of a claim submitted
prior to the Cut-off Date, the right of Purchaser to recover from the
undersigned any amounts ultimately due from the undersigned with respect to such
claim shall not be dependent on the claim being resolved or the losses being
incurred prior to the Cut-off Date; PROVIDED, HOWEVER, that nothing set forth in
this ACC Qualified Guarantee shall be deemed to increase the survival period of
any representation or warranty as set forth in Section 13.06.

                              AMERICAN CELLULAR CORPORATION

                              By:        /s/ Everett Dobson
                                  -----------------------------------
                              Name:        Everett Dobson
                              Title:         President

                                      - 2 -<Page>

CONFIDENTIAL TREATMENT REQUESTED                                   EXHIBIT 10.10

CONFIDENTIAL TREATMENT REQUESTED: PAGES WHERE CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED ARE MARKED "CONFIDENTIAL TREATMENT REQUESTED" AND APPROPRIATE
SECTIONS, WHERE TEXT HAS BEEN OMITTED, ARE NOTED WITH "[CONFIDENTIAL TREATMENT
REQUESTED]." AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION.

                           PURCHASE AND SALE AGREEMENT

                             AND ESCROW INSTRUCTIONS

                                 BY AND BETWEEN

                         SAN DIEGUITO PARTNERSHIP, L.P.,

                        A CALIFORNIA LIMITED PARTNERSHIP,

             AND THE INDIVIDUALS AND ENTITIES LISTED ON SCHEDULE "1"

                                   ("SELLER")

                                       AND

                        IDEC PHARMACEUTICALS CORPORATION

                                    ("BUYER")

                            DATED AS OF JULY 17, 2001

<Page>

                                                          CONFIDENTIAL TREATMENT

<Table>
<S>       <C>                                                                                             <C>
ARTICLE 1 RECITALS.........................................................................................1
  1.1     Ownership and Description........................................................................1
  1.2     The Settlement Agreement.........................................................................1
  1.3     Intention........................................................................................2
  1.4     Assignment.......................................................................................2
  1.5     Rights and Interests.............................................................................2
  1.6     Mitigation Land..................................................................................2

ARTICLE 2 AGREEMENT OF SALE................................................................................2
   2.1    Purchase Price...................................................................................2
   2.2    Reimbursement....................................................................................3

ARTICLE 3 OPENING OF ESCROW................................................................................3

ARTICLE 4 INVESTMENT OF DEPOSIT............................................................................3

ARTICLE 5 TITLE............................................................................................4
     5.1  Preliminary Title Report.........................................................................4
     5.2  Grant Deed.......................................................................................4
     5.3  Title Review.....................................................................................4
     5.4  Extended Closing Date............................................................................5

ARTICLE 6 CONDITIONS PRECEDENT AND COVENANTS...............................................................6
     6.1  Buyer's Conditions...............................................................................6
     6.2  Non-Satisfaction of Buyer's Conditions - Refund of Deposit and Waiver............................7
     6.3  Seller's Conditions..............................................................................8
     6.4  Non-Satisfaction of Seller's Conditions..........................................................8

ARTICLE 7 OBLIGATIONS AND DISCLOSURES......................................................................9
     7.1  Escrow Non-Liability.............................................................................9
     7.2  Definitions......................................................................................9
     7.3  Due Diligence Investigation.....................................................................10
     7.4  Property Documents..............................................................................10
     7.5  Right of Entry..................................................................................11
     7.6  Right of Inquiry................................................................................11
     7.7  Hold Harmless and Buyer Indemnity...............................................................12
     7.8  Hold Harmless and Seller Indemnity..............................................................13
     7.9  Assignments.....................................................................................13
     7.10 Wetland Restoration.............................................................................13
     7.11 License Agreement - Garden Communities..........................................................14
     7.12 Other Agreements................................................................................14

ARTICLE 8 SELLER'S DELIVERIES TO ESCROW...................................................................15
     8.1  Seller's Grant Deed.............................................................................15
</Table>

                                       (i)
<Page>

                                                          CONFIDENTIAL TREATMENT

<Table>
<S>       <C>                                                                                             <C>
     8.2  Non-Foreign Certificate.........................................................................15
     8.3  Assignments.....................................................................................15
     8.4  Assignment of Easement..........................................................................15
     8.5  Termination of Memorandum of Tenancy-In-Common Agreement........................................15

ARTICLE 9 BUYER'S DELIVERIES TO ESCROW....................................................................16
     9.1  Cash............................................................................................16
     9.2  Joining in Assignments..........................................................................16

ARTICLE 10 CLOSE OF ESCROW................................................................................16
     10.1 Closing Date....................................................................................16

ARTICLE 11 THE CLOSING....................................................................................16
     11.1  Closing Procedure..............................................................................16

ARTICLE 12 PRORATION, FEES AND COSTS......................................................................17
     12.1  Taxes..........................................................................................17
     12.2  Seller's Payment of Charges and Fees...........................................................17
     12.3  Buyer's Payment of Charges and Fees............................................................17

ARTICLE 13 ESCROW AGENT'S DELIVERY OF FUNDS AND DOCUMENTS.................................................17
     13.1  Recordation of Documents.......................................................................17
     13.2  Delivery of Documents..........................................................................18
     13.3  Delivery of Funds..............................................................................18

ARTICLE 14 SELLER'S WARRANTIES............................................................................18
     14.1  Seller's Power, Authority and Authorization....................................................18
     14.2  Notice of Violation............................................................................19
     14.3  No Pending Actions.............................................................................19
     14.4  Leases.........................................................................................19
     14.5  No Liens.......................................................................................19
     14.6  Agreements Affecting the Property..............................................................19
     14.7  No Default.....................................................................................19
     14.8  True Information...............................................................................20
     14.9  Contracts......................................................................................20
     14.10 Agreement Enforceable..........................................................................20
     14.11 Future Action..................................................................................20
     14.12 Undisclosed Assessments........................................................................20
     14.13 Hazardous Materials............................................................................20
     14.14 No Bankruptcy..................................................................................20
     14.15 Cost Liens.....................................................................................21
     14.16 Settlement Agreement...........................................................................21
     14.17 Wetlands Restoration...........................................................................21
     14.18 Change in Representation or Warranty...........................................................21

ARTICLE 15 BUYER'S WARRANTIES.............................................................................22
     15.1  Authority......................................................................................22
</Table>

                                      (ii)
<Page>

                                                          CONFIDENTIAL TREATMENT

<Table>
<S>        <C>                                                                                            <C>
     15.2  Satisfaction and Warranty......................................................................22

ARTICLE 16 SURVIVAL.......................................................................................22

ARTICLE 17 ASSIGNMENT AND  INDEMNIFICATION BY BUYER.......................................................22
     17.1  Assignment.....................................................................................22
     17.2  Effect of Assignment...........................................................................23

ARTICLE 18 LIQUIDATED DAMAGES; REMEDIES...................................................................23
     18.1  Escrow Non-Liability...........................................................................23
     18.2  Liquidated Damages.............................................................................23
     18.3  Buyer's Remedies...............................................................................24

ARTICLE 19 REAL ESTATE COMMISSION.........................................................................24

ARTICLE 20 NOTICES........................................................................................25

ARTICLE 21 TAX-FREE EXCHANGE..............................................................................26
     21.1  Buyer Cooperation in Tax Deferred Exchange.....................................................26

ARTICLE 22 EXTENT OF ESCROW AGENT'S RESPONSIBILITIES......................................................26
     22.1  Escrow Agent Liability.........................................................................26
     22.2  Informing Parties..............................................................................26
     22.3  Responsibility for Documents...................................................................26
     22.4  Conflicting Demands and Claims.................................................................26
     22.5  Reporting of Transaction.......................................................................26

ARTICLE 23 GENERAL PROVISIONS.............................................................................27
     23.1  Breach.........................................................................................27
     23.2  Captions.......................................................................................27
     23.3  Cash Defined...................................................................................27
     23.4  Confidentiality................................................................................27
     23.5  Construction...................................................................................27
     23.6  Counterparts...................................................................................27
     23.7  Entire Agreement...............................................................................27
     23.8  Escrow Defined.................................................................................27
     23.9  Exhibits.......................................................................................27
     23.10 Gender.........................................................................................28
     23.11 Good Faith.....................................................................................28
     23.12 Attorneys' Fees................................................................................28
     23.13 Modification...................................................................................28
     23.14 Possession.....................................................................................28
     23.15 Severability...................................................................................28
     23.16 Successors.....................................................................................28
     23.17 Survival.......................................................................................28
     23.18 Time of Essence................................................................................28
</Table>

                                      (iii)
<Page>

                                                          CONFIDENTIAL TREATMENT

<Table>
    <S>    <C>                                                                                            <C>
     23.19 Rule of Construction...........................................................................28
     23.20 Waiver.........................................................................................28
</Table>

<Table>
           <S>           <C>
           Exhibit "A" - Real Property Description

           Exhibit "B" - Plat Map

           Exhibit "C" - Mitigation Land Legal Description

           Exhibit "D" - Mitigation Land Plat Map

           Exhibit "E" - Title Report

           Exhibit "F" - Grant Deed

           Exhibit "G" - Assignment Agreement

           Exhibit "H" - Assignment and Assumption of Contracts

           Exhibit "I" - Assignment of Rights Under Settlement Agreement

           Exhibit "J" - Property Documents

           Exhibit "K" - Affidavit [Non-Foreign Affidavit Pursuant to FIRPTA]

           Exhibit "L" - Withholding Exemption Certificate and Nonresident Waiver Request for
                         Real Estate Sales (Form 597-W)

           Exhibit "M" - Assignment of Easements

           Exhibit "N" - Remaining Settlement Agreement Actions

           Exhibit "O" - Estoppel Certificate
</Table>

                                      (iv)
<Page>

                                                          CONFIDENTIAL TREATMENT

                           PURCHASE AND SALE AGREEMENT
                             AND ESCROW INSTRUCTIONS

     THIS AGREEMENT ("Agreement") dated as of the 17th day of July, 2001, by and
between SAN DIEGUITO PARTNERSHIP, L.P. ("PARTNERSHIP"), A CALIFORNIA LIMITED
PARTNERSHIP, AS TO AN UNDIVIDED 28.1083629% INTEREST, TOGETHER WITH THE
INDIVIDUALS AND ENTITIES LISTED ON SCHEDULE "1" ATTACHED HERETO, herein
collectively referred to as "Seller" and IDEC PHARMACEUTICALS CORPORATION, A
DELAWARE CORPORATION, herein referred to as "Buyer" is entered into with
reference to the recitals set forth in Article 1 [Recitals] below and
constitutes (a) a contract of purchase-and-sale between the parties; and (b)
escrow instructions to CHICAGO TITLE COMPANY, 925 "B" Street, San Diego, CA
92101 ("Escrow Agent"), the consent of which appears at the end hereof.

                                    ARTICLE 1

                                    RECITALS

     1.1    OWNERSHIP AND DESCRIPTION. Seller owns and holds fee title to the
real property ("Nobel Land") described in Exhibit "A" and depicted in Exhibit
"B." As used herein, the "Property" means the Nobel Land together with: (a) all
easements and other rights appurtenant thereto, including Seller's interest (if
any) in appurtenant water and mineral rights; and (b) Seller's entire right,
title and interest in and to all governmental permits, entitlements and
approvals applicable to development, construction, operation and use of the
Nobel Land, all soils tests and reports, maps, surveys, engineering reports,
environmental reports, drawings or specifications, the name "Nobel Research
Park", and all contracts, contract rights or other intellectual or intangible
property of any type whatsoever relating in any way to the Nobel Land, or the
development, use or operation thereof, and all other contracts or agreements
including without limitation the Settlement Agreement (defined herein below)
with respect to the Nobel Land that are approved in writing by Buyer.
Concurrently with the Closing, Seller shall cause San Dieguito Valley, Inc. to
convey its right, title and interest in and to the Easement as described in
Section 7.10.

     1.2    THE SETTLEMENT AGREEMENT. On November 16, 1998, San Dieguito
Partnership, L.P. and San Dieguito Valley, Inc., collectively as plaintiffs
(collectively referred to as "SDP"), and the City Council of the City of San
Diego and the City of San Diego (the "City"), collectively as defendants,
entered into a settlement agreement which was thereafter amended by that certain
First Amendment to Settlement Agreement dated December 21, 1999, and further
evidenced by that certain Letter Agreement between SDP and the City, dated
December 21, 1999 resolving certain issues relating to the settlement agreement
(the settlement agreement, First Amendment, and Letter Agreement are
collectively referred to as the "Settlement Agreement").

                                       -1-
<Page>

                                                CONFIDENTIAL TREATMENT REQUESTED

     1.3    INTENTION. Buyer desires to purchase and Seller desires to sell the
Property pursuant to the terms and conditions set forth in this Agreement.

     1.4    ASSIGNMENT. Seller desires to assign to Buyer all of its right,
title and interest to the Property and any rights relating thereto in and under
the Settlement Agreement, and any rights or benefits incident thereto, including
but not limited to any rights of Seller in, under or to those certain
development permits, governmental approvals, consents, orders, agreements or the
like issued with respect to the Property, pursuant to the Assignment Agreement
and the Assignment of Rights Under Settlement Agreement attached hereto as
Exhibit "G" and Exhibit "I", respectively, and incorporated herein by reference.

     1.5    RIGHTS AND INTERESTS. The Property to be purchased and sold pursuant
to this Agreement shall also include all of Seller's right, title and interest
in and to all rights, interests and privileges appertaining to the Property
including all land use entitlements, development rights, and permits subject to
the conditions and limitations set forth in this Agreement.

     1.6    MITIGATION LAND. The Partnership owns and holds fee simple title to
that certain real property comprising approximately 17 gross acres located in
the City and County of San Diego ("County") legally described on Exhibit "C" and
depicted on Exhibit "D" attached hereto (the "Mitigation Land"). As used herein,
the "Mitigation Property" means the Mitigation Land together with: (a) all
easements and other rights appurtenant thereto, including the Partnership's
interest (if any) in appurtenant water and mineral rights; and (b) the
Partnership's entire right, title and interest in and to all governmental
permits, entitlements and approvals applicable to the Mitigation Land, and all
other contracts or agreements with respect to the Mitigation Land that are
approved in writing by Buyer. On or before expiration of the Due Diligence
Period, as a condition to Buyer's obligations, Buyer and Seller shall execute
and deliver a Purchase and Sale Agreement and Joint Escrow Instructions under a
separate escrow with Escrow Agent for the purchase and sale of the Mitigation
Property (the "Mitigation Property Agreement"). The Purchase Price for the
Mitigation Property shall be [CONFIDENTIAL TREATMENT REQUESTED].

                                    ARTICLE 2

                                AGREEMENT OF SALE

     2.1    PURCHASE PRICE. Seller hereby agrees to sell, and Buyer hereby
agrees to purchase, through Escrow, the Property for a total purchase price of
[CONFIDENTIAL TREATMENT REQUESTED] ("Total Purchase Price"), subject to the
terms and conditions set forth herein. The Total Purchase Price shall be payable
in cash on or before the Close of Escrow as follows:

            2.1.1  Deposit to Escrow within one (1)
                   business day after the Opening
                   of Escrow (the "Deposit"):                    [CONFIDENTIAL
                                                                 TREATMENT
                                                                 REQUESTED]

                                       -2-
<Page>

                                                CONFIDENTIAL TREATMENT REQUESTED

            2.1.2  The balance of the Total Purchase Price
                   to Escrow on the business day preceding
                   the Closing Date:                             [CONFIDENTIAL
                                                                 TREATMENT
                                                                 REQUESTED]

            TOTAL:                                               [CONFIDENTIAL
                                                                 TREATMENT
                                                                 REQUESTED]

     2.2    REIMBURSEMENT. At the Close of Escrow Buyer shall reimburse Seller
[CONFIDENTIAL TREATMENT REQUESTED].

                                    ARTICLE 3

                                OPENING OF ESCROW

     Concurrent with the execution of this Agreement, Buyer and Seller agree
that Seller shall cause an escrow ("Escrow") for the purpose of the sale of the
Property to be opened at Chicago Title Company, 925 "B" Street, San Diego, CA
92101. This Agreement shall constitute Escrow instructions. Buyer and Seller
shall also promptly sign such other general instructions which Escrow Agent may
require provided such general instructions are not inconsistent with this
Agreement. The Escrow shall be deemed open ("Opening of Escrow") upon Buyer's
and Seller's execution and delivery of a copy of this Agreement, and Escrow
Agent's execution of the Consent of Escrow Agent attached to this Agreement.

                                    ARTICLE 4

                              INVESTMENT OF DEPOSIT

     Escrow Agent shall invest Buyer's Deposit in any federally-insured interest
bearing account, certificate of deposit or bond insured by the United States
government provided that all such investments shall be subject to Buyer's
reasonable approval, collectable upon demand and, if applicable, have a maturity
date before the Closing Date set forth in Article 10.1 [Closing Date]. Buyer and
Seller shall cooperate in the execution of any additional instructions required
by Escrow Agent for the investment of the Deposit provided such contemplated
investments comply with this Article. All accrued interest earned on such
invested Deposit shall belong to Buyer, shall be an offset or credit to the sums
to be paid by Buyer set forth in Article 2.1 [Purchase Price], and shall be
returned to Buyer whenever this Agreement provides for a return of the Deposit
to Buyer, provided that if Escrow is terminated because of a default of Buyer,
then in such event all such accrued interest together with the Deposit shall be
liquidated damages to Seller pursuant to Article 18.2.

                                       -3-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                    ARTICLE 5

                                      TITLE

     5.1    PRELIMINARY TITLE REPORT. Attached hereto as Exhibit "E" is Chicago
Title Company's ("Title Insurer") Preliminary Title Report No. 13048042 - U16
("Updated Report") for the Property showing the condition of title to the
Property as of 7:30 a.m., June 25, 2001.

     5.2    GRANT DEED. Seller shall convey title to the Property to Buyer by
Grant Deed through Escrow in the form attached hereto as Exhibit "F" ("Grant
Deed"). Subject to Buyer's review and approval pursuant to Article 5.3, title to
the Nobel Land shall be subject only to the following permitted matters
("Permitted Matters"):

            5.2.1  Printed exceptions and exclusions from coverage set forth
in the Title Policy described in Article 11.1.3 [Title Policy];

            5.2.2  Item Nos. 1, 4, 5, 6, 7, 9 and 10 as shown on Schedule "B" of
the Updated Report;

            5.2.3  Matters shown on that ALTA Survey, dated June 7, 2001,
prepared by Rick Engineering (the "Survey"); and

            5.2.4  Any voluntary lien or encumbrance imposed by Buyer.

     5.3    TITLE REVIEW.

            5.3.1  DELIVERY TO BUYER. Seller has delivered to Buyer the Updated
Report, together with copies of all underlying documents referred to therein,
and the Survey. Escrow Agent shall cause the Title Insurer: (a) to review the
Survey and to conduct a physical inspection for purposes of issuing the Title
Policy described in Article 11.1.3; and (b) to identify any additional title
exceptions resulting from the Title Insurer's review of such Survey and physical
inspection in a supplement to the Updated Report. Buyer shall have a right to
review and approve any such supplement in accordance with the procedure
described below.

            5.3.2  TIME TO OBJECT. Buyer shall have until the date which is
fifteen (15) days after the Opening of Escrow [and seven (7) days after Buyer's
receipt of any supplement thereto containing exceptions not set forth in the
original Updated Report, and the Closing Date shall be extended as necessary to
accommodate such review period and the response periods set forth in subsections
5.3.4 and 5.3.5], to notify Escrow Agent (with a copy to Seller), in writing, of
its objection to any exceptions and legal descriptions in the Updated Report and
any other matters indicated as Permitted Matters in Section 5.2 or to any new
matters shown in such supplemental report.

            5.3.3  NO OBJECTION. If Buyer's written approval is not received by
Escrow Agent within the applicable time period set forth in 5.3.2 above, Buyer
shall be deemed to have disapproved the Updated Report, or supplement thereto,
all exceptions indicated therein and the Survey, and to have elected to
terminate this Agreement and the Escrow, in which event neither

                                       -4-
<Page>

                                                          CONFIDENTIAL TREATMENT

party shall have any further rights or obligations hereunder except for any
obligations which survive such termination under the provisions of this
Agreement, and Buyer's Deposit and all interest earned thereon shall be returned
to Buyer.

            5.3.4  TIME TO ELIMINATE EXCEPTIONS. If Buyer timely objects to one
or more exceptions indicated in the Updated Report, the Permitted Matters or a
supplemental report, Seller may, at its option, cure such objection by
delivering written notice to Escrow Agent (with a copy to Buyer) within ten (10)
days after Seller's receipt of Buyer's objection to any matters shown in the
Updated Report or to any Permitted Matters (or within five (5) days after
receipt of Buyer's objection to any matters shown in a supplemental report),
indicating that Seller agrees to cure such exception(s) by the Closing Date. As
used herein, "cure" means either: (1) removing the matter as an exception set
forth in Schedule B of the Title Policy; or (2) modifying the Title Policy to
include an endorsement ensuring against risks related to such exception or an
indemnity of the Title Insurer, on terms and conditions approved by Buyer in
writing. If Seller delivers such written election to cure disapproved
exceptions, Seller shall complete such cure on or before the Closing Date. If
Seller fails to deliver such written notice, Seller shall be deemed to have
elected not to cure the disapproved exceptions.

            5.3.5  RIGHT TO CANCEL OR PERFORM. If Seller does not elect to cure
each exception to which Buyer has objected, Buyer shall elect one of the
following, by delivering written notice to Escrow Agent (with a copy to Seller)
within five (5) days after receipt of notice of Seller's election or expiration
of the cure period described in 5.3.4 above (whichever occurs first): (1) to
waive its objections, take title subject to such exceptions, and proceed with
Close of Escrow; or (2) to terminate this Agreement and the Escrow, in which
event neither party shall have any further rights or obligations hereunder
except for any obligations which survive such termination under the provisions
of this Agreement, and Buyer's Deposit and all interest earned thereon shall be
returned to Buyer. If Buyer fails to deliver written notice of its election
within said 5-day period, Buyer will be deemed to have elected to terminate
pursuant to subsection (2) above.

     5.4    EXTENDED CLOSING DATE. If Escrow Agent is unable to procure the
Title Policy specified in 11.1.3 [Title Policy] because of a defect in title or
a non-Permitted Matter recorded against the Property after the date of the
Updated Report by a third party not affiliated with any person or entity
comprising Seller and disapproved by Buyer (collectively a "Defect"), Seller in
its sole discretion may extend the Closing Date for a period not exceeding 90
days by notifying Escrow Agent and Buyer in writing before the scheduled Closing
Date of Seller's desire to extend the Closing Date for said period ("Extended
Closing Date"). If Seller extends the Closing Date, Seller shall use its
reasonable best efforts to cure the Defect within said 90 day period but nothing
herein shall require Seller to expend in excess of $50,000 to cure the Defect.
As used herein, the term Defect shall not include (1) a monetary lien or
encumbrance (other than non-delinquent real property taxes) which shall be
removed by Seller concurrently with or before the Closing Date, (2) the exercise
of a Purchase Right (as defined in Article 6.1.8), or (3) an exception recorded
by or at the request of Seller. If Seller cures such Defect within said 90 day
period, the Closing Date shall be on or before twenty (20) days after Seller and
the Title Insurer provide confirmation reasonably acceptable to Buyer that the
Defect has been cured. If Seller is unable to cure the Defect within the period
set forth above, Buyer shall have the option, on or before 5:00 p.m. of the
second business day following the Extended Closing Date, to

                                       -5-
<Page>

                                                          CONFIDENTIAL TREATMENT

unilaterally waive its objection to the Defect by delivery of written notice
thereof to Escrow Agent and Seller and take title to the Property subject to
said Defect without, however, any decrease, diminution or offset of or against
the Total Purchase Price. In the event Buyer does waive such objection, then the
Closing shall be on or before 5:00 p.m. of the 20th day following the Extended
Closing Date ("Buyer's Extended Closing Date"). In the event of no waiver by
Buyer of such objection, then Escrow shall be terminated as provided in Article
6.2 [Non-Satisfaction of Buyer's Conditions - Refund of Deposit and Waiver].
Provided Seller complies with its obligations under this Article 5.4, said
failure to cure a Defect shall not be a breach of this Agreement by Seller.
Recordation of any instrument pertaining to an exercise of a Purchase Right on
or after Opening of Escrow shall constitute a default by Seller under this
Agreement and shall entitle Buyer to those remedies set forth in Article 18
below.

                                    ARTICLE 6

                       CONDITIONS PRECEDENT AND COVENANTS

     6.1    BUYER'S CONDITIONS. Buyer's obligations to purchase the Property and
consummate the Close of Escrow shall be contingent upon satisfaction or waiver
by Buyer of each of the following conditions:

            6.1.1  TITLE POLICY. Commitment by the Title Insurer during the Due
Diligence Period described in Article 7.3 [Due Diligence Investigation] to issue
as of the Closing Date set forth in Article 10 [Close of Escrow] the Title
Policy described in Article 11.1.3 [Title Policy].

            6.1.2  ASSIGNMENT OF INTERESTS. Execution and delivery by Seller to
Escrow Agent before the Closing Date of the Assignments described in Article
7.09 [Assignments]. Such Assignments shall be in the form attached hereto as
Exhibits "G", "H" and "I" signed by Buyer and Seller.

            6.1.3  DUE DILIGENCE SATISFACTION. Delivery by Buyer to Escrow Agent
during the Due Diligence Period described in Article 7.3 [Due Diligence
Investigation] of Buyer's written satisfaction as to all matters to be
investigated by Buyer.

            6.1.4  MITIGATION PROPERTY. The Partnership and Buyer shall have
executed and delivered the Mitigation Property Agreement and opened a separate
escrow with Escrow Agent for the purchase and sale of the Mitigation Property
upon mutually acceptable terms and conditions prior to expiration of the Due
Diligence Period. Buyer's obligation to purchase the Property shall not be
contingent upon Buyer's purchase of the Mitigation Property from the
Partnership.

            6.1.5  APPROVAL BY BOARD OF DIRECTORS OF BUYER. Delivery by Buyer to
Escrow Agent and Seller on or before July 18, 2001 of a resolution certified by
Buyer setting forth the unconditional approval by Buyer's Board of Directors of
this Agreement and the transactions set forth herein.

            6.1.6  REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER. Seller
shall have duly performed each and every covenant to be performed by Seller
pursuant to this Agreement as

                                       -6-
<Page>

                                                          CONFIDENTIAL TREATMENT

of the Close of Escrow, and Seller's representations, warranties and covenants
set forth in Articles 7 and 14 hereof shall be true and correct in all material
respects as of the Close of Escrow.

            6.1.7  NO MATERIAL CHANGES. As of the Close of Escrow, there shall
have been no material adverse changes in the physical condition of the Property
as it existed at the Opening of Escrow.

            6.1.8  RIGHTS OF FIRST REFUSAL/BUY/SELL RIGHTS. Prior to Opening of
Escrow, Seller shall have delivered to Buyer and the Title Insurer written
evidence satisfactory to Buyer and the Title Insurer that any and all rights of
first refusal and buy/sell rights pursuant to the partnership agreements for the
Partnership and any other similar agreements among the partners, persons and
other entities directly or indirectly comprising the Partnership and Seller and
held by the persons or entities comprising Seller or their constituent partners,
members, trustors, trustees and beneficiaries (herein "Purchase Rights") have
been waived, terminated or satisfactorily resolved so as to enable Seller to
sell the Property to Buyer pursuant to the terms of this Agreement without any
exceptions to coverage under the Title Policy with respect to any such Purchase
Rights.

            6.1.9  SELLER BOARD APPROVAL. Prior to the Opening of Escrow Seller
has delivered to Escrow Agent and Buyer the resolutions adopted by the Board of
Directors of San Dieguito Valley, Inc. ("General Partner"), the sole General
Partner of the Partnership, setting forth the unconditional approval by such
General Partner and the Partnership of this Agreement and the transactions set
forth herein.

     6.2    NON-SATISFACTION OF BUYER'S CONDITIONS - REFUND OF DEPOSIT AND
WAIVER. Subject to Article 5.4 [Extended Closing Date], in the event any
condition set forth in Article 6.1 [Buyer's Conditions] is neither satisfied nor
waived by Buyer within the time specified therefor, as the same may be extended,
Buyer, provided it is not then in default, may terminate this Agreement and the
Escrow by written demand therefor delivered to Seller and Escrow Agent. The
making of such demand shall be optional, not mandatory; no delay in the making
of such demand shall affect the rights of Buyer hereunder. In the event such
demand is made:

            6.2.1  If Buyer is not in breach of its obligation under this
Agreement, then Escrow Agent shall return to each party the funds, including
Buyer's Deposit and all accrued interest thereon to Buyer, and documents
theretofore deposited by such party unless Escrow Agent decides (in its
uncontrolled discretion) the protection of its interest requires otherwise; in
which case Escrow Agent may interplead the deposited funds and documents in a
Court of competent jurisdiction.

            6.2.2  Each party shall pay one-half (1/2) of Escrow Agent's fees
and incurred expenses, if any.

            6.2.3  If this Agreement and the Escrow are terminated as provided
in this Article (except as a result of Seller's breach or default), Buyer shall
promptly, upon such termination, deliver to Seller copies of all items delivered
to Buyer set forth in Article 7.4 [Property Documents]. The sole remedy of Buyer
arising as a result of a failure (other than a

                                       -7-
<Page>

                                                          CONFIDENTIAL TREATMENT

failure arising out of the default of a party under this Agreement) of any of
the conditions precedent to Buyer's obligations shall be the termination of
Escrow and this Agreement and the return to Buyer of Buyer's Deposit and all
interest accrued thereon.

     6.3    SELLER'S CONDITIONS. Seller's obligations to sell the Property and
consummate the Close of Escrow shall be contingent upon satisfaction or waiver
by Seller of each of the following conditions:

            6.3.1  TITLE POLICY. The Title Insurer shall have issued or
committed to issue to Buyer the Title Policy described in Section 11.1.3 as of
the Closing.

            6.3.2  REPRESENTATION, Warranties and Covenants of Buyer. Buyer
shall have duly performed each and every covenant to be performed by Buyer
pursuant to this Agreement as of the Close of Escrow, and Buyer's
representations, warranties and covenants set forth in Article 15 hereof shall
be true and correct in all material respects as of the Close of Escrow.

            6.3.3  RIGHTS OF FIRST REFUSAL/BUY/SELL RIGHTS. Prior to Opening of
Escrow, Seller shall have delivered to Buyer and the Title Insurer written
evidence satisfactory to Buyer and the Title Insurer that the Purchase Rights
have been waived, terminated or satisfactorily resolved so as to enable Seller
to sell the Property to Buyer pursuant to the terms of this Agreement without
any exceptions to coverage under the Title Policy with respect to any such
Purchase Rights.

            6.3.4  SELLER BOARD APPROVAL. Prior to the Opening of Escrow Seller
has delivered to Escrow Agent and Buyer the resolutions adopted by the Board of
Directors of San Dieguito Valley, Inc. ("General Partner"), the sole General
Partner of the Partnership, setting forth the unconditional approval by such
General Partner and the Partnership of this Agreement and the transactions set
forth herein.

     6.4    NON-SATISFACTION OF SELLER'S CONDITIONS. Subject to Article 5.4
[Extended Closing Date], in the event any of the conditions set forth in Article
6.3 [Seller's Conditions] is neither satisfied nor waived by Seller within the
time specified therefore, as the same may be extended, Seller, provided it is
not then in default, may elect to terminate this Agreement and the Escrow by
written demand therefore delivered to Buyer and Escrow Agent. The making of such
demand shall be optional, not mandatory; no delay in the making of such demand
shall affect the rights of Seller hereunder. In the event such demand is made:

            6.4.1  If Buyer is not breach of its obligations under this
Agreement, then Escrow Agent shall return to Buyer its Deposit and all accrued
interest thereon to Buyer, and return to the parties such other funds and
documents theretofore deposited by such party unless Escrow Agent decides (in
its uncontrolled discretion) the protection of its interest requires otherwise;
in which case Escrow Agent may interplead the deposited funds and documents in a
Court of competent jurisdiction.

            6.4.2  Each party shall pay one-half of Escrow Agent's fees and
incurred expenses, if any.

                                       -8-
<Page>

                                                          CONFIDENTIAL TREATMENT

            6.4.3  If this Agreement and Escrow is terminated as provided in
this Article 6.4 (except as a result of Seller's breach or default) Buyer shall
promptly, upon such termination, deliver to Seller copies of all items delivered
to Buyer set forth in Article 7.4 [Property Documents]. The sole remedy of
Seller arising as a result of a failure (other than a failure arising out of the
default by Buyer under this Agreement) of any of the conditions precedent to
Seller's obligations shall be the termination of Escrow and this Agreement.

                                    ARTICLE 7

                           OBLIGATIONS AND DISCLOSURES

     7.1    ESCROW NON-LIABILITY. Escrow Agent shall have no concern with or
liability or responsibility for this Article.

     7.2    DEFINITIONS. For purposes of this Article 7 and Article 14 (Seller's
Warranties), the following terms shall have the meanings set forth below.

            7.2.1  LAWS. "Laws" means all governmental laws, statutes,
ordinances, resolutions, rules, regulations, restrictions and requirements
applicable to the Property, as amended or supplemented from time to time prior
to the Closing Date.

            7.2.2  ENVIRONMENTAL LAWS. "Environmental Laws" means all Laws
applicable to the physical condition of the Property or the presence of any
substance thereon, including without limitation the Comprehensive Environmental
Response, Compensation and Liability Act (42 U.S.C. Sections 9601 et seq.), the
Resource Conservation and Recovery Act (42 U.S.C. Sections 6901 et seq.), the
Clean Water Act (33 U.S.C. Sections 466 et seq.), the Safe Drinking Water Act
(14 U.S.C. Sections 300f et seq.), the Hazardous Materials Transportation Act
(49 U.S.C. Sections 5101 et seq.), the Toxic Substances Control Act (15 U.S.C.
Sections 2601 et seq.), the California Hazardous Waste Control Act (California
Health and Safety Code Sections 25100 et seq.), the California Hazardous
Substances Account Act (California Health and Safety Code Sections 25300 et
seq.), the Safe Drinking Water and Toxic Enforcement Act ("Proposition 65")
(California Health and Safety Code Sections 25249.5 et seq.), and the
Porter-Cologne Water Quality Control Act (California Health and Safety Code
Sections 13000 et seq.), and any similar federal, state or local Laws, all
regulations and publications implementing or promulgated pursuant to the
foregoing, as any of the foregoing may be amended or supplemented from time to
time.

            7.2.3  HAZARDOUS MATERIALS. "Hazardous Materials" means substances
which are flammable; explosive; corrosive; radioactive; toxic; and any
substances defined or regulated as hazardous substances, hazardous materials,
toxic substances or hazardous wastes in any of the Environmental Laws.

            7.2.4  SELLER'S KNOWLEDGE. The phrases "to the best of Seller's
knowledge," "Seller's knowledge" or similar phrases used in this Agreement mean
actually or constructively known or disclosed to any officer or director of the
General Partner, and excludes all other members of Seller, including, but not
limited to, all tenants in common; trusts and the trustees

                                       -9-
<Page>

                                                          CONFIDENTIAL TREATMENT

and beneficiaries thereof; and limited liability companies and officers,
directors and managers thereof as set forth in Schedule 1 attached hereto.

     7.3    DUE DILIGENCE INVESTIGATION. For a period commencing upon the
Opening of Escrow and ending thirty (30) days thereafter ("Due Diligence
Period"), Buyer shall have the right to conduct investigations and retain
consultants as it deems necessary to investigate the Property to determine its
suitability for development for Buyer's intended purposes. Buyer shall have the
right during the Due Diligence Period to examine and approve all things
concerning the Property which Buyer deems material to its purchase, use and
development of the Property, including, but not limited to, topography, geology,
condition of the soil, the presence, storage, discharge, or use of toxic or
hazardous materials on the Property, condition of title to the Property,
availability and capacity of utilities and sanitary facilities including,
without limitation, water, sewer, electricity, gas, telephone, cable television,
suitability for intended use, feasibility of development, zoning, fire and
police protection, the possibility of moratoria, governmental land use
regulations and government fees, fee increases, threatened and endangered
species mitigation, and the feasibility and availability of building permits and
other entitlements from any governmental agency for the development of the
Property including but not limited to any and all applications, fees, procedures
and approvals necessary to complete land use entitlement and the final
subdivision map for the Property. Buyer understands and agrees that Seller does
not, in any respect, guaranty, warrant or represent that any development of the
Property will be permitted. As part of Buyer's due diligence investigation,
Buyer may seek to obtain the City's execution of an Estoppel Certificate
concerning the Settlement Agreement in the form of Exhibit O attached hereto.
Seller shall reasonably cooperate with Buyer in seeking to obtain the City's
execution of such an Estoppel Certificate. The City's execution of such an
Estoppel Certificate shall not be a condition to Close of Escrow. Subject to
satisfaction or waiver of the conditions to the Close of Escrow set forth
herein, Buyer shall accept the Property in an "as is" condition, and
acknowledges that, except as expressly set forth in this Agreement, Seller has
not made and does not make any warranty or representation whatsoever as to the
physical condition or suitability for intended use of the Property, whether
express or implied. Buyer acknowledges and agrees that Buyer is purchasing the
Property solely in reliance on Buyer's own investigation (and the
representations and warranties of Seller set forth in this Agreement) and that
Buyer shall be responsible at its cost and expense to complete the land use
entitlement process and final subdivision map for the Property and, except as
expressly provided otherwise in this Agreement (including the exhibits hereto),
to comply at its expense with all obligations imposed by any agreement, permit
or land use entitlement relating to the Property.

     7.4    PROPERTY DOCUMENTS. Prior to the Opening of Escrow, Seller has
delivered or caused to be delivered to Buyer copies of those documents relating
or applicable to the Property more particularly described in Exhibit "J"
("Property Documents"). Within fourteen (14) days from the Opening of Escrow,
Seller shall deliver or cause to be delivered to Buyer copies of all of the
following documents within its possession or control relating or applicable to
the Mitigation Property (collectively, "Mitigation Land Documents"): a
preliminary title report and underlying exception documents; all surveys,
geotechnical, soils or grading investigations or reports, environmental,
biological, or hazardous materials investigations, reports, assessments or
studies, zoning and development permits, licenses, or other approvals,
correspondence with federal, state and local government agencies regarding use
of the Mitigation Land as mitigation

                                      -10-
<Page>

                                                CONFIDENTIAL TREATMENT REQUESTED

property for the development of the Nobel Land; copies of any property tax
bills; and any other documents which materially affect the value or use of the
Mitigation Property as mitigation land. Seller specifically represents that to
the best of Seller's knowledge the Property Documents and the Mitigation Land
Documents include all soils/geotechnical reports, engineering reports, plans and
specifications, and hazardous materials or environmental reports relating to the
Property or the Mitigation Land, as applicable, which are in Seller's possession
or under its reasonable control, and all commitments to, agreements with, or
approvals by all federal, state and local governmental agencies, public
utilities or other parties affecting the Property or the Mitigation Land, as
applicable. Seller has no knowledge or reason to believe that the documents are
incomplete or incorrect but Seller makes no warranty or representation of any
kind that said documents are accurate or complete. Seller warrants that as to
each of said documents there are no unpaid liens or costs for consultant fees
for which Buyer would be liable. To the extent that any of said documents are
proprietary to the consultant who prepared such documents or require the payment
of additional fees for reuse, [CONFIDENTIAL TREATMENT REQUESTED] shall pay all
such proprietary and additional fees which arise or accrue from and after Close
of Escrow.

     7.5    RIGHT OF ENTRY. During the term of the Escrow, Buyer and its
representatives, employees, agents and independent contractors shall have the
right, [CONFIDENTIAL TREATMENT REQUESTED], to enter on to the Property for the
purpose of obtaining any and all information regarding the Property as Buyer
deems appropriate, including, but not by way of limitation, environmental,
engineering and survey studies and soils tests. Buyer shall, [CONFIDENTIAL
TREATMENT REQUESTED], obtain all governmental approvals and permits necessary to
conduct its investigation. Buyer agrees to and does hereby hold Seller harmless
from and against any loss, liability or damage resulting from the activities of
Buyer, its representatives, agents and independent contractors, or anyone acting
pursuant to authorization from Buyer, in relation to the Property and from and
against any mechanics' liens or claims of lien resulting therefrom; provided,
however, that Buyer shall not be liable or responsible for (a) damage to the
Property which is reasonably necessary to the investigation of its physical
characteristics, including soils tests and surveying, or (b) any pre-existing
conditions or any losses, damages or liabilities resulting or arising therefrom.
Buyer shall, however, [CONFIDENTIAL TREATMENT REQUESTED], return the Property as
nearly as is practicable to its physical condition immediately prior to its
activities thereon and shall repair any physical damage resulting from its
activities thereon.

     7.6    RIGHT OF INQUIRY. During the term of this Escrow, Buyer and its
representatives, employees, agents and independent contractors shall have the
right, [CONFIDENTIAL TREATMENT REQUESTED], to (a) meet with all City, County,
district, State, Federal, and other governmental entities and agencies, subject
to Buyer providing Seller with reasonable prior notice of the time and place of
such meetings, and with all persons or other entities with whom Seller or others
have contractual arrangements in connection with or relating to the Property;
(b) discuss with any such entities, agencies or persons the terms of this
Agreement, the terms of any contractual arrangements between Seller and any such
entity, agency or person and Buyer's proposed development of the Property; and
(c) make any applications to any appropriate governmental agency provided the
same will not, in the event Escrow does not close, commit Seller or the Property
to any matter so applied for.

                                      -11-
<Page>

                                                          CONFIDENTIAL TREATMENT

     7.7    HOLD HARMLESS AND BUYER INDEMNITY.

            7.7.1  Buyer hereby holds all Sellers described in Schedule 1
including but not limited to as respects the persons and entities listed in
Schedule 1 the partners whether general or limited of any partnership or the
members of any limited liability company, the officers, directors, shareholders
of any corporation, the trustor, trustee and beneficiary of any trust, and the
respective agents, employees, attorneys, and attorneys in fact of each of them
(collectively "Seller Indemnified Parties" ), free and harmless and hereby
indemnifies the Seller Indemnified Parties from any and all claims, including
any claim of any owner or would be purchaser, demands, causes of action and
damages, including reasonable attorneys fees, arising from and after Close of
Escrow and arising from or relating to all work performed on the Property by or
for Buyer, onsite and offsite, or in the vicinity of the Property, including
without limitation, claims premised on construction or design defects, after
Close of Escrow, and all other acts and events occurring or arising from and
after Close of Escrow.

            7.7.2  In addition to the foregoing, Buyer hereby holds the Seller
Indemnified Parties free and harmless and hereby indemnifies the Seller
Indemnified Parties from any and all claims, demands, causes of action and
damages, including reasonable attorneys fees, arising under any land use
entitlement, permit or any agreement relating to the Property, occurring or
arising from and after the Close of Escrow.

     The foregoing indemnities of Buyer to the Seller Indemnified Parties shall
be subject to each of the following:

            (i)    Prior payment of a claim or loss shall not be required of the
Seller Indemnified Parties.

            (ii)   If any of the Seller Indemnified Parties receives a
complaint, claim or other notice of any loss, claim, damage or liability which
may give rise to an indemnified loss, such Seller Indemnified Party shall
promptly notify the indemnitor of such complaint, claim or other notice;
provided, however, the omission to so notify the indemnitor shall not relieve
the indemnitor from any liability under this Agreement except to the extent
liability could have been avoided had such notice been promptly given. In no
event, however, shall the indemnitor be obligated to indemnify any of the Seller
Indemnified Parties for any settlement of any claim or action effected without
the indemnitor's prior written approval.

            (iii)  In the event any claim is made or action brought against any
of the Seller Indemnified Parties for which a Seller Indemnified Party may be
indemnified by the indemnitor under this Agreement the indemnitor shall retain
counsel of its choice reasonably acceptable to the Seller Indemnified Party to
defend such claim or action and shall permit the Indemnified Party to monitor
the defense of such claim or action. The indemnitor shall have the right to
defend, compromise, settle, counter-sue, and appeal all such claims and actions.

            (iv)   Nothing expressed or referred to in this Article is intended
or shall be construed to give any person other than the Seller Indemnified
Parties any legal or equitable right, remedy or claim to indemnification under
or in respect to this Agreement.

                                      -12-
<Page>

                                                CONFIDENTIAL TREATMENT REQUESTED

     7.8    HOLD HARMLESS AND SELLER INDEMNITY. Seller hereby holds Buyer, and
Buyer's officers, directors, members, shareholders, partners, employees,
successors and assigns (collectively "Buyer Indemnified Parties"), and each of
them, free and harmless and hereby indemnifies the Buyer Indemnified Parties,
and each of them, from any and all claims, demands, liabilities, causes of
action and damages, including reasonable attorneys' fees ("Claims"), arising
prior to the Close of Escrow and arising from or relating to the Property,
including, without limitation, all acts and events occurring prior to the Close
of Escrow, and any breach by Seller of the representations, warranties and
covenants of Seller set forth in this Agreement; provided, however, that, except
for Claims arising from a breach by Seller of its representations, warranties
and covenants set forth in this Agreement (for which there is no maximum
liability), Seller's liability under this Article 7.8 shall not exceed the sum
of [CONFIDENTIAL TREATMENT REQUESTED].

     The obligations of Seller to the Buyer Indemnified Parties under this
Article 7.8 shall include and be subject to each of the following:

            (i)    Prior payment of a claim or loss shall not be required of the
Buyer Indemnified Parties.

            (ii)   If any of the Buyer Indemnified Parties receives a complaint,
claim or other notice of any loss, claim, damage or liability which may give
rise to an indemnified loss hereunder, such Buyer Indemnified Party shall
promptly notify Seller of such complaint, claim or other notice; provided,
however, the omission to so notify Seller shall not relieve Seller from any
liability under this Agreement except to the extent liability could have been
avoided had such notice been promptly given. In no event, however, shall Seller
be obligated to indemnify any of the Buyer Indemnified Parties for any
settlement of any claim or action effected without Seller's prior written
approval.

            (iii)  In the event any claim is made or action brought against any
of the Buyer Indemnified Parties for which a Buyer Indemnified Party is
indemnified by Seller under this Agreement, Seller shall retain counsel of its
choice reasonably acceptable to the Buyer Indemnified Party to defend such claim
or action and shall permit the Buyer Indemnified Party to monitor the defense of
such claim or action. Seller shall have the right to defend, compromise, settle,
counter-sue, and appeal all such claims and actions.

            (iv)   Nothing expressed or referred to in this Article is intended
or shall be construed to give any person other than the Buyer Indemnified
Parties any legal or equitable right, remedy or claim to indemnification under
or in respect to this Agreement.

     7.9    ASSIGNMENTS. Buyer acknowledges and agrees that upon the Close of
Escrow it shall become the assignee of those certain matters described in and
subject to the terms and conditions of the Assignment Agreement, Assignment and
Assumption of Contracts, and Assignment of Rights Under Settlement Agreement
(the "Assignments") attached hereto as Exhibit "G", Exhibit "H" and Exhibit "I",
respectively.

     7.10   WETLAND RESTORATION. Seller warrants and represents to Buyer that,
upon the Close of Escrow, San Dieguito Valley, Inc. shall execute and record in
favor of Buyer an

                                      -13-
<Page>

                                                          CONFIDENTIAL TREATMENT

assignment, in the form of Exhibit "M" attached hereto ("Assignment of
Easements"), of all of San Dieguito Valley, Inc.'s right, title and interest
under that certain easement (the "Easement") for the purpose of Access and
Wetlands Restoration described in that Amended and Restated Grant of Easements
recorded in the Office of the San Diego County Recorder on December 15, 2001,
(document no. 2000-0683653) ("Grant of Easements") as part of the consideration
set forth in Article 2.1 [Purchase Price]. Said Easement is located upon a
portion of an approximate 27 acre subdivision located in the San Dieguito Valley
("Villas Property") as described in the Grant of Easements, is located in the
Coastal Zone and is subject to the jurisdiction of the California Coastal
Commission, and benefits the Property as set forth in the CONCEPTUAL WETLAND
HABITAT RESTORATION PLAN FOR NOBEL RESEARCH PARK prepared by RECON (no. 3068B)
dated May 12, 1999 ("Restoration Plan"), and as set forth in City of San Diego
Mitigated Negative Declaration LDR No. 99-0034, pursuant to the approval by the
City of San Diego of the aforementioned Mitigated Negative Declaration and
Planned Industrial Development/Resource Protection Ordinance Permit No. 99-0034.
Said Grant of Easements, a copy of which has been provided to Buyer with the
Property Documents, sets forth the terms and conditions under which the grantee
of such Easement may enter upon the easement and perform the work and activity
required under the foregoing Mitigated Negative Declaration and the Planned
Industrial Development/Resource Protection Ordinance Permit ("Wetland Habitat
Restoration Activities"). A copy of Coastal Development Permit Amendment
6-98-154-A1 authorizing the Wetland Habitat Restoration Activities has been
provided to Buyer, which Permit shall be assigned by Seller to Buyer as set
forth in Article 7.09 [Assignments]. Seller represents to Buyer and Buyer
acknowledges that Seller has entered into that certain contract amendment with
RECON dated January 3, 2001 for the grading, restoration, monitoring, repair,
reinstallation and/or reestablishment of Wetland Habitat Restoration Activities
upon the Easement as set forth in the above referenced Mitigated Negative
Declaration and the Planned Industrial Development/Resource Protection Ordinance
Permit. The Title Policy shall include coverage of Buyer's easement rights
pursuant to the Assignment of Easements, on terms and conditions acceptable to
Buyer.

     7.11   LICENSE AGREEMENT - GARDEN COMMUNITIES. Pursuant to the terms and
conditions of that certain license agreement, dated January 26, 2001, as amended
(the "License Agreement"), a limited license has been granted by Seller to La
Jolla Crossroads, an affiliate of Garden Communities, for the purpose of
temporary haul road access generally along and within the Judicial Drive right
of way by the licensee to the development site located adjacent to the northwest
boundary of the Property. A copy of the License Agreement has been delivered to
Buyer as part of the Property Documents. Pursuant to its terms, the license
granted under the License Agreement has expired; and Seller agrees to obtain
Buyer's prior written approval of any modification or extension of the License
Agreement, other than an extension up to the Closing Date.

     7.12   OTHER AGREEMENTS. Buyer acknowledges that Seller, as a part of the
process of gaining approvals and entitlements for the development of the
Property, provided certain assurances and promises to the City of San Diego
University Planning Group, which subsequently endorsed approval of the
development of the Property, as follows:

                                      -14-
<Page>

                                                CONFIDENTIAL TREATMENT REQUESTED

                (a)    The developer of the Nobel Research Park shall, if so
requested by the University Planning Group, provide signal light access to the
City proposed Nobel Athletic Field by way of addition of a fourth "leg" to the
signal light to be constructed at the intersection of Street "A" (entry to the
proposed development on the Property) and Judicial Drive.

                (b)    The developer of the Nobel Research Park shall enhance
landscaping to the reasonable satisfaction of the University Planning Group at
the slope location on the east side of Judicial Drive, north of Street "A".

     Buyer agrees and covenants to implement the above assurances and promises
if and when requested by the University Planning Group in the development and
construction of improvements on the Property.

                                    ARTICLE 8

                          SELLER'S DELIVERIES TO ESCROW

     Seller shall deliver to Escrow Agent prior to the Closing Date, the
following:

     8.1    SELLER'S GRANT DEED. The Grant Deed in the form of Exhibit "F"
attached hereto, conveying the Property to Buyer, executed and acknowledged by
Seller and/or such other persons as the Title Insurer may require in order to
issue the Title Policy.

     8.2    NON-FOREIGN CERTIFICATE. Certificates pursuant to IRC Section 1445
and California Form 597-W, in form and content set forth in Exhibit "K" and
Exhibit "L", signed by each Seller (except [CONFIDENTIAL TREATMENT REQUESTED]),
certifying that the certifying Seller is or is not a non-resident alien or
foreign corporation, foreign partnership, foreign trust or foreign estate, as
the case may be. With respect to [CONFIDENTIAL TREATMENT REQUESTED], Seller
shall cause to be delivered to Escrow Agent evidence, reasonably satisfactory to
Escrow Agent and Buyer, of written agreements having been entered into between
[CONFIDENTIAL TREATMENT REQUESTED], the Internal Revenue Service and the
Franchise Tax Board regarding payment, or the provision for payment, of taxes by
[CONFIDENTIAL TREATMENT REQUESTED] with respect to this transaction; otherwise,
Escrow Agent shall withhold from distributions to Seller, for the benefit of
[CONFIDENTIAL TREATMENT REQUESTED], such amounts as are required by law to
provide for payment of taxes to such taxing authorities in respect of
[CONFIDENTIAL TREATMENT REQUESTED] ownership interests in the Property.

     8.3    ASSIGNMENTS. The Assignments described in Article 7.09 [Assignments]
fully executed by Seller.

     8.4    ASSIGNMENT OF EASEMENT. The Assignment of Easements for the Wetland
Habitat Restoration area described in Article 7.10 [Wetland Restoration] in the
form of Exhibit "M" duly executed and acknowledged by San Dieguito Valley, Inc.
("Assignment of Easements").

     8.5    TERMINATION OF MEMORANDUM OF TENANCY-IN-COMMON AGREEMENT. A document
in a form approved by the Title Insurer duly executed and acknowledged by Seller
to

                                      -15-
<Page>

                                                          CONFIDENTIAL TREATMENT

eliminate the Memorandum of Tenancy-In-Common Agreement recorded upon the
Property on March 27, 2000, as document no. 2000-0151333, as an exception to the
Title Policy.

                                    ARTICLE 9

                          BUYER'S DELIVERIES TO ESCROW

     Buyer shall deliver to Escrow Agent prior to the Closing Date, the
following:

     9.1    CASH. Cash pursuant to Article 2.1 [Purchase Price] and Article 2.2
[Reimbursement], and such sums as are necessary to pay Buyer's Escrow and other
charges pursuant to Article 12 [Proration, Fees and Costs].

     9.2    JOINING IN ASSIGNMENTS. Buyer shall promptly join in the execution
and if required acknowledgment of all documents within the scope of Article 8.3
[Assignments] so as not to delay the Close of Escrow.

                                   ARTICLE 10

                                 CLOSE OF ESCROW

     10.1   CLOSING DATE. Escrow shall close on a date (the "Closing Date")
designated by Buyer which is on or before forty-five days following the Opening
of Escrow as provided in Article 3 [Opening of Escrow], unless the Closing Date
is extended pursuant to the provisions of Articles 5.3.2 or 5.4 [Extended
Closing Date]. "Close of Escrow" or "Closing" means the date Escrow Agent
records the Grant Deed in favor of Buyer and delivers the Total Purchase Price
to Seller.

                                   ARTICLE 11

                                   THE CLOSING

     11.1   CLOSING PROCEDURE. Escrow Agent shall close the Escrow by recording
the following documents in the following order: (a) Grant Deed; (b) such other
documents as may be necessary to procure the Title Policy; and (c) the
Assignment of Easements, and delivering funds and documents as set forth in
Article 13 entitled "Escrow Agent's Delivery of Funds and Documents" if, AND
ONLY IF, each of the following conditions have been satisfied:

            11.1.1 DELIVERY OF FUNDS AND INSTRUMENTS. All funds and instruments
described in Article 8 [Seller's Deliveries to Escrow] and Article 9 [Buyer's
Deliveries to Escrow] have been delivered to Escrow Agent.

            11.1.2 SATISFACTION OF CONDITIONS. The conditions set forth in
Article 6.1 [Buyer's Conditions] and Article 6.3 [Seller's Conditions] have
been, or upon such Closing shall be, satisfied or waived.

            11.1.3 TITLE POLICY. Escrow Agent has procured from Title Insurer an
ALTA Owner's policy of title insurance (Form B-1970) with liability in the
amount of the Total

                                      -16-
<Page>

                                                CONFIDENTIAL TREATMENT REQUESTED

Purchase Price, insuring that fee title to the Property vests in Buyer subject
only to those matters approved, or deemed approved, by Buyer pursuant to Article
5.3 and containing such endorsements as Buyer may have requested and the Title
Insurer shall have committed during the Due Diligence Period to issue as of the
Closing (the "Title Policy").

                                   ARTICLE 12

                            PRORATION, FEES AND COSTS

     12.1   TAXES. Escrow Agent will prorate (i.e., apportion) between the
parties, in cash, to the Close of Escrow, non-delinquent County, City and
special district (if any) taxes, based on the latest information available to
Escrow Agent. Prorations shall be made on the basis of a thirty (30) day month
and a three hundred sixty (360) day year. If any supplemental real estate taxes
are, pursuant to California Revenue and Taxation Code Section 75 and following,
levied for any period preceding the Close of Escrow, the parties will,
immediately after (i) the Close of Escrow or (ii) the issuance of the
supplemental real estate tax bill (whichever occurs last) prorate between
themselves in cash, without interest, to the date of the Close of Escrow, the
supplemental real estate tax as shown by said bill with Seller responsible for
the portion of such taxes attributable to the period prior to and including the
Closing Date, and Buyer responsible for the portion of such taxes attributable
to the period after the Closing Date.

     Escrow Agent shall not be liable or responsible for the proration or
collection of supplemental taxes, if any, assessed pursuant to Chapter 498,
Statute of 1983 of the State of California.

     12.2   SELLER'S PAYMENT OF CHARGES AND FEES. Seller will pay [CONFIDENTIAL
TREATMENT REQUESTED]. -

     12.3   BUYER'S PAYMENT OF CHARGES AND FEES. Buyer will pay [CONFIDENTIAL
TREATMENT REQUESTED].

                                   ARTICLE 13

                 ESCROW AGENT'S DELIVERY OF FUNDS AND DOCUMENTS

     13.1   RECORDATION OF DOCUMENTS. Escrow Agent will cause the County
Recorder of San Diego County to mail the Grant Deed and Assignment of Easements
(and each other

                                      -17-
<Page>

                                                          CONFIDENTIAL TREATMENT

document which is herein expressed to be, or by general usage is, recorded)
after recordation, to the grantee or beneficiary acquiring rights under said
document.

     13.2   DELIVERY OF DOCUMENTS. Escrow Agent will, at Close of Escrow,
deliver by United States Mail (or will hold for personal pickup, if requested)
each non-recorded document received hereunder by Escrow Agent to the party
acquiring rights under said document.

     13.3   DELIVERY OF FUNDS. Escrow Agent will, at the Close of Escrow,
deliver by United States Mail (or will hold for personal pickup, if requested)
(a) to Seller, or order, any funds and documents Seller will be entitled to; and
(b) to Buyer, or order, any excess funds theretofore delivered to Escrow Agent
will be entitled to Buyer.

                                   ARTICLE 14

                               SELLER'S WARRANTIES

     In addition to any other express representations, warranties and agreements
of Seller contained in this Agreement, the matters set forth in this Article
constitute representations and warranties by Seller which are now and shall at
the Close of Escrow be true and correct and which shall survive the Close of
Escrow and recordation of Seller's Grant Deed.

     14.1   SELLER'S POWER, AUTHORITY AND AUTHORIZATION.

            14.1.1 Each of the entities comprising Seller has the legal power,
right and authority to enter into this Agreement and the instruments referenced
therein, and to consummate the transactions contemplated herein. All requisite
action (whether by partnership, corporation, trust or by limited liability
company, as applicable) has been taken by each entity comprising Seller to duly
and validly authorize the entity's execution, delivery and performance of this
Agreement and the transactions contemplated herein. The individuals executing
this Agreement and the instruments referenced therein on behalf of an entity
comprising Seller have been duly authorized to execute this Agreement. Each of
the Partnership and the General Partner (San Dieguito Valley, Inc.) is duly
formed, validly existing and in good standing under the laws of the State of
California.

            14.1.2 The execution, delivery and performance of this Agreement and
the instruments referenced therein will not violate the terms and conditions of
the organizational documents of any entity comprising Seller or the terms and
conditions of any agreement or obligation to which the entity is a party or by
which it is bound. Neither the execution, delivery and performance of this
Agreement, and the instruments referenced herein, by Seller, nor the assignment
of Buyer's right, title and interest in and to this Agreement as permitted by
the terms and conditions hereof, will violate or activate any of the Purchase
Rights, and all such Purchase Rights have been irrevocably waived, expired or
terminated with respect to this Agreement and the transactions contemplated
hereby pursuant to written consents, waivers and/or approvals heretofore
executed by all holders thereof and delivered to Escrow Agent and Buyer prior to
the Opening of Escrow. Seller has not received written notice of any proposed
transfer by a partner of its interest in the Partnership pursuant to Section
15.1 of the limited partnership agreement of

                                      -18-
<Page>

                                                          CONFIDENTIAL TREATMENT

the Partnership, as amended; and Seller has not received any Election Notice
which is still pending pursuant to Section 16.3 of said partnership agreement.

            14.1.3 The persons and entities set forth on Schedule "1" attached
hereto constitute all persons and entities having an ownership interest in the
Property, and such persons and entities, collectively, hold fee title to all of
the Property.

            14.1.4 Seller represents that neither Seller nor any person or
entity comprising Seller, is a party to nor bound by any other agreement to sell
or offer to sell the Property or any portion thereof to any other party, and
that any other prior agreements which Seller (or any of them) may have been
subject to or otherwise bound by have been terminated and the other parties
thereunder have no further rights or interests under any such agreements with
respect to the Property.

     14.2   NOTICE OF VIOLATION. To the best of Seller's knowledge, Seller has
not received any notices from governmental authorities pertaining to violations
of Laws with respect to the Property or the Easement with which Seller has not
fully complied with or corrected, and there are no known violations of Laws with
respect to the Property.

     14.3   NO PENDING ACTIONS. There are no actions, proceedings,
investigations or condemnation or eminent domain proceedings pending or
threatened, in writing, against Seller or the Property, before or by any court,
arbitrator, administrative agency or other governmental authority. To the best
of Seller's knowledge, there are no actions, proceedings, investigations or
condemnation or eminent domain proceedings that are expected to be brought
against or with respect to Seller or the Property or the Easement which would
materially and adversely affect the ability of Seller to convey the Property to
Buyer. To the best of Seller's knowledge, there are no actions or proceedings
pertaining to the Property or the Easement which have been threatened or are
being contemplated by the City, County, or state or federal agencies or bodies
having jurisdiction over the Property.

     14.4   LEASES. There are no oral or written leases, subleases, occupancies
or tenancies in effect pertaining to the Property, and no parties other than
Seller are in possession of the Property, except as provided in Article 7.11
[License Agreement - Garden Communities].

     14.5   NO LIENS. To the best of Seller's knowledge, there are no liens,
encumbrances, covenants, conditions, reservations, restrictions, easements or
other matters affecting the Property except as disclosed in the Updated Report
and this Agreement.

     14.6   AGREEMENTS AFFECTING THE PROPERTY. To the best of Seller's
knowledge, and except as disclosed to Buyer in writing or pursuant to this
Agreement, there are no commitments to or agreements with any federal, state or
local governmental agencies, public utilities or other parties affecting or
binding upon Seller or the Property or the Easement to pay or contribute
property or money to construct, install, maintain or provide any improvements on
the Property or off-site in connection with the development of the Property.

     14.7   NO DEFAULT. To the best of Seller's knowledge, Seller is not in
default, and will not be in default as of the Closing Date, with respect to any
of its obligations or liabilities pertaining to the Property or the Easement,
nor are there any facts, circumstances, conditions or

                                      -19-
<Page>

                                                          CONFIDENTIAL TREATMENT

events which, but for notice or lapse or time or both, would constitute or
result in any such default.

     14.8   TRUE INFORMATION. To the best of Seller's knowledge, all documents,
instruments and information delivered to by Buyer, pursuant to the terms hereof,
are complete and true copies of such documents or original counterparts thereof
and Seller is aware of no inaccuracy in or misrepresentation of the matters
contained therein. To the best of Seller's knowledge, none of the
representations or warranties of Seller in this Agreement, nor any document,
statement, certificate, schedule or other information furnished or to be
furnished by Seller to Buyer pursuant to this Agreement or in connection with
the transaction contemplated herein contains, or will as of the Close of Escrow
contain, any untrue statement of a material fact or omits, or omit any material
fact necessary to make the statement of facts contained therein not misleading.

     14.9   CONTRACTS. There are no material contracts affecting the Property
except as set forth in Exhibit "G", Exhibit "H" and Exhibit "I".

     14.10  AGREEMENT ENFORCEABLE. No consent, approval or other authorization
of, or registration, declaration or filing with, any court or governmental
agency or commission is required for the due execution and delivery of this
Agreement or for the validity or enforceability thereof against Seller.

     14.11  FUTURE ACTION. During the term of this Escrow, without the prior
written consent of Buyer, which consent may not be unreasonably withheld, Seller
(or any of them) shall not execute or consent to the execution of any document,
agreement or other instrument which may affect, modify, limit or terminate any
permits, approvals or entitlements affecting the Property, result in an
alteration of the condition of title to the Property or the Easement as approved
by Buyer, extend the Closing Date or impair the ability of Seller to deliver
title to and possession of the Property to Buyer in accordance with the terms of
this Agreement.

     14.12  UNDISCLOSED ASSESSMENTS. Other than as set forth in the Updated
Report, as supplemented from time to time, and the Property Documents, to the
best of Seller's knowledge there are no pending or proposed assessments nor any
understanding or agreement with any taxing authority respecting the imposition
or deferment of any taxes or assessments respecting the Property.

     14.13  HAZARDOUS MATERIALS. To the best of Seller's knowledge (1) the
Property and the Easement are not in violation of any Environmental Laws; (2)
neither Seller nor any third party has used, manufactured, generated, treated,
stored, disposed of, or released any Hazardous Materials on, under or about the
Property or the Easement or transported any Hazardous Materials over the
Property or the Easement; and (3) there has been no presence, use, generation,
storage, transportation, release or discharge of Hazardous Materials on,
beneath, above or in the vicinity of the Property or the Easement prior to the
Closing Date.

     14.14  NO BANKRUPTCY. The persons and entities comprising Seller have
neither filed nor been the subject of any filing of a petition under the Federal
Bankruptcy Law or any federal

                                      -20-
<Page>

                                                          CONFIDENTIAL TREATMENT

or state insolvency laws or laws for composition of indebtedness or for the
reorganization of debtors.

     14.15  COST LIENS. All costs associated with any improvements to, or for
the benefit of, the Property have been fully paid and, to the best of Seller's
knowledge, there is no basis for any mechanics' or materialmen's lien or any
lien for professional services affecting the Property or the Easement as a
result of work or services performed or materials provided to Seller or for the
benefit of the Property prior to the Close of Escrow.

     14.16  SETTLEMENT AGREEMENT. To the best of Seller's knowledge with respect
to the Settlement Agreement:

            14.16.1    Except as more particularly set forth on Exhibit "N" (to
be attached hereto by Seller within ten (10) days from Opening of Escrow
[Settlement Agreement Actions]) all respective obligations and conditions to
such obligations, of the parties to the Settlement Agreement pertaining to the
Property have been fully satisfied and performed in accordance with the terms
thereof;

            14.16.2    The City has no rights under the Settlement Agreement to
acquire or reacquire any portion of the Property, nor any interest therein; and

            14.16.3    Neither Seller nor the City has any right to rescind any
provisions contained in, or actions heretofore taken under the Settlement
Agreement pertaining to the Property and the use, entitlement and development
thereof.

            14.16.4    Neither Seller nor the City is in breach or default of
its respective obligations under the Settlement Agreement, and no event has
occurred which with notice or lapse of time would constitute an event of default
by Seller or the City under the Settlement Agreement.

     14.17  WETLANDS RESTORATION. Except as set forth in the Restoration Plan,
the Coastal Development Permit Amendment 6-98-154-A1 or as otherwise disclosed
in Article 7.10 [Wetland Restoration], to the best of Seller's knowledge, there
is no restriction upon or other impediment to implementation of the Restoration
Plan and use of the Easement for purposes of wetlands restoration as set forth
in the Restoration Plan.

     14.18  CHANGE IN REPRESENTATION OR WARRANTY. The representations of Seller
set forth above in this Article 14 are made as of the date of execution of this
Agreement and are intended to be true and correct as of the Close of Escrow. If,
subsequent to the date of this Agreement and prior to the Close of Escrow,
Seller determines that, as a result of facts or subsequent events discovered or
arising after execution of this Agreement, any of such representations (except
for those set forth in Section 14.1) [the "Section 14.1 Representations"] are no
longer true and correct as of such subsequent date, Seller shall not be in
breach of this Agreement, provided that Seller shall promptly notify Buyer in
writing ("Change Notice") of such facts or subsequent events and the effect on
the applicable representation and provided further that such subsequent event
was not caused or consented to by Seller. Seller shall have the option, but not
the obligation, to take steps to cure or correct the situation so that the
affected representation and any

                                      -21-
<Page>

                                                          CONFIDENTIAL TREATMENT

Section 14.1 Representation will be true and correct as of the Close of Escrow,
and, if Seller exercises such option, Seller shall identify the corrective
action in the Change Notice. If Seller elects to undertake corrective action
such that the affected representation will be true and correct as of the Close
of Escrow, the parties shall proceed with performance under this Agreement and
the Closing, Seller shall complete such corrective action, and the Closing Date
shall be extended for the time reasonably required by Seller to complete such
cure, not to exceed thirty (30) days. If Seller does not elect to undertake such
corrective action, then, within fifteen (15) days after Buyer's receipt of the
Change Notice, but in no event later than the Closing Date, Buyer shall elect,
by delivering written notice to Escrow Agent (with a copy to Seller) either to:
(1) proceed with performance of this Agreement and the Closing; or (2) terminate
this Agreement and the Escrow for non-satisfaction of a condition. In the event
of termination pursuant to this Section, Buyer's Deposit (plus interest earned
thereon) shall be returned to Buyer and except for termination resulting from
(A) the failure of a representation to be true as a result of a subsequent event
caused or consented to by Seller, or (B) the failure of Section 14.1
Representation to be true as of the Closing, neither party shall have any
further obligation hereunder except for any obligations which survive
termination under the provisions of this Agreement.

                                   ARTICLE 15

                               BUYER'S WARRANTIES

     15.1   AUTHORITY. Buyer warrants that, subject to satisfaction of the
conditions set forth in Article 6.1.5 (Approval by Board of Directors of Buyer),
Buyer has the authority to enter into this Agreement and to complete the
purchase of the Property as set forth in this Agreement.

     15.2   SATISFACTION AND WARRANTY. Buyer warrants to Seller that Buyer is
purchasing the Property in its "as is" condition and based upon Buyer's
examination, inspection, and satisfaction as to the physical condition of the
Property and all land use and development rights, entitlements and permits.

                                   ARTICLE 16

                                    SURVIVAL

     All of the covenants, representations and warranties of Buyer and Seller
set forth in this Agreement, including, without limitation, any and all waivers,
hold harmless and indemnity covenants of Buyer and Seller shall survive the
Close of Escrow and shall remain in full force and effect.

                                   ARTICLE 17

                     ASSIGNMENT AND INDEMNIFICATION BY BUYER

     17.1   ASSIGNMENT. Buyer shall have the right to assign its rights
hereunder ("Permitted Assignment") to (i) any entity that is controlled by,
controls, or is under common control with Buyer, provided that such assignee has
the financial capacity to consummate the transactions contemplated hereunder, or
(ii) a to-be-identified third party financial institution for purposes of

                                      -22-
<Page>

                                                          CONFIDENTIAL TREATMENT

structuring the purchase of the Property as a synthetic lease ( "Synthetic Lease
Entity"). Seller agrees to cooperate with Buyer if Buyer elects to structure the
purchase of the Property as a synthetic lease transaction, provided that Seller
shall incur no additional third party costs (except as reimbursed by Buyer) or
liabilities thereby. Buyer shall indemnify and hold Seller harmless from and
against any and all claims asserted by any such Synthetic Lease Entity with
respect to any assignment or otherwise arising from the transactions between
Buyer, the Synthetic Lease Entity or any other financial institution involved in
the proposed synthetic lease transaction, except to the extent any such claim
results from Seller's failure to perform its obligations, or a breach of
Seller's representations and warranties as set forth in this Agreement and
further excepting any other claims which Buyer would have against Seller had
Buyer purchased the Property directly from Seller. Except for a Permitted
Assignment, Buyer shall not have the right to otherwise assign its rights
hereunder without first having obtained Seller's written approval which Seller
may approve or deny in its sole and absolute discretion, except that Seller's
approval shall not be unreasonably withheld if the original Buyer remains liable
for consummating the Close of Escrow pursuant to this Agreement ("Requested
Assignment"). Any Permitted Assignment or request for a Requested Assignment
shall be submitted to Seller in writing, accompanied by (a) financial statement
of the proposed assignee, prepared by a certified public accountant in
accordance with generally accepted accounting principles so as to reflect the
assignee's financial condition as of a date not earlier than three (3) months
prior to the date of such written request; (b) a statement of the proposed
assignee's qualification to become the assignee of Buyer's rights; and (c) a
written agreement executed by the assignee obligating the assignee to perform
the assignor's obligations hereunder in a form reasonably satisfactory to
Seller. Approval of any Requested Assignment shall not constitute a waiver of
Seller's right to approve or disapprove any subsequent proposed Requested
Assignment.

     17.2   EFFECT OF ASSIGNMENT. In the event of any Permitted Assignment or
approved Requested Assignment, the assignee shall be and become obligated under
the terms of this Agreement as (i) the grantee of the Seller's Grant Deed and
any other grant of rights contemplated hereunder, whether by assignment or deed,
(ii) the insured under the Title Policy, (iii) the person(s) having the right or
obligation to (a) deliver statements, (b) deliver documents, (c) give approvals,
(d) waive conditions, or (e) make demands, all as may be permitted or required
by this Agreement.

                                   ARTICLE 18

                          LIQUIDATED DAMAGES; REMEDIES

     18.1   ESCROW NON-LIABILITY. Escrow Agent shall have no concern with or
liability or responsibility for this Article.

     18.2   LIQUIDATED DAMAGES. THE PARTIES ACKNOWLEDGE AND AGREE THAT SELLER
WILL SUFFER SUBSTANTIAL DAMAGES IF THE CLOSING DOES NOT OCCUR AS A RESULT OF A
DEFAULT BY BUYER. GIVEN FLUCTUATIONS IN LAND VALUES, THE UNPREDICTABLE STATE OF
THE ECONOMY AND OF GOVERNMENTAL REGULATIONS, THE FLUCTUATING MONEY MARKET FOR
REAL ESTATE LOANS, AND OTHER FACTORS WHICH DIRECTLY AFFECT THE VALUE AND
MARKETABILITY OF THE PROPERTY, THE PARTIES REALIZE THAT IT WILL

                                      -23-
<Page>

                                                CONFIDENTIAL TREATMENT REQUESTED

BE EXTREMELY DIFFICULT AND IMPRACTICAL, IF NOT IMPOSSIBLE, TO ASCERTAIN WITH ANY
DEGREE OF CERTAINTY THE ACTUAL AMOUNT OF SELLER'S DAMAGES IN THE EVENT OF SUCH
FAILURE TO PERFORM BY BUYER. THEREFORE, THE PARTIES HEREBY AGREE THAT BUYER'S
DEPOSIT [CONFIDENTIAL TREATMENT REQUESTED] AND ALL INTEREST ACCRUED THEREON
WHILE HELD BY ESCROW AGENT REPRESENTS A REASONABLE ESTIMATE OF SUCH DAMAGES,
CONSIDERING ALL THE CIRCUMSTANCES EXISTING ON THE DATE OF EXECUTION OF THIS
AGREEMENT, AND THAT SELLER SHALL HAVE THE RIGHT TO RECEIVE AND RETAIN THE FULL
AMOUNT OF THE DEPOSIT AND ACCRUED INTEREST AS LIQUIDATED DAMAGES PURSUANT TO
CALIFORNIA CIVIL CODE SECTION 1671, AS SELLER'S SOLE AND EXCLUSIVE REMEDY AS A
RESULT OF BUYER'S DEFAULT. SELLER WAIVES ALL RIGHTS AND REMEDIES SELLER
OTHERWISE MAY HAVE BASED UPON SUCH DEFAULT, INCLUDING, WITHOUT LIMITATION, ANY
RIGHT PURSUANT TO CALIFORNIA CIVIL CODE SECTION 3389 TO SPECIFICALLY ENFORCE
THIS AGREEMENT. IF THE CLOSE OF ESCROW FAILS TO OCCUR FOR ANY REASON OTHER THAN
BUYER'S DEFAULT UNDER THIS AGREEMENT, BUYER AND SELLER SHALL PROMPTLY GIVE
WRITTEN INSTRUCTIONS TO ESCROW AGENT TO IMMEDIATELY RETURN TO BUYER THE DEPOSIT,
TOGETHER WITH ALL INTEREST ACCRUED THEREON. BY SIGNING THEIR INITIALS BELOW,
EACH PARTY CONFIRMS ITS CONSENT TO AND AGREEMENT WITH THE PROVISIONS OF THIS
PARAGRAPH:

  -----------------------------              ------------------------------
        Seller's Initials                            Buyer's Initials

     The parties agree that a single initial by Archie Wright III, in his
capacity as attorney in fact for any of the entities comprising Seller, shall
for purposes of this Article 18 be effective as to all such entities.

     18.3   BUYER'S REMEDIES. In the event of a default by Seller, and in
addition to the return of the Deposit and interest accrued thereon and the right
to terminate this Agreement, Buyer shall have the right to recover damages or to
pursue any other remedy available at law or in equity.

                                   ARTICLE 19

                             REAL ESTATE COMMISSION

     Each party warrants to the other that the warranting party has incurred no
obligation for a real estate broker's or salesman's commission by reason of this
Agreement or the transaction contemplated hereby for which the other party would
be liable.

                                      -24-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                   ARTICLE 20

                                     NOTICES

     Unless otherwise specifically provided herein, all notices, demands or
other communications given hereunder shall be in writing and shall be deemed
delivered as of actual personal delivery or except as to Escrow Agent who may
use regular mail, as of the second business day after mailing by United States
registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

   If to Seller, to:         San Dieguito Partnership, LP
                             San Dieguito Valley, Inc., General Partner
                             Roy B. Collins, President 656 Fifth Avenue, Suite B
                             San Diego, CA 92101
                             Telephone: (619) 232-6599
                             Fax: (619) 232-6592

   with copy to:             Baker & McKenzie
                             Clark H. Libenson, Esq.
                             101 West Broadway, 12th Floor
                             San Diego, CA 92101
                             Telephone: (619) 235-7778
                             Fax: (619) 236-0429

   If to Buyer, to:          IDEC Pharmaceuticals Corporation
                             Attn:  Phillip Schneider, and Corporate Secretary
                             3030 Callan Road
                             San Diego, CA 92121
                             Telephone: (858) 431-8500
                             Fax: (858) 431-8887

   with copy to:             Allen Matkins Leck Gamble & Mallory LLP
                             Attn:  Ellen B. Spellman, Esq.
                             501 West Broadway, Ninth Floor
                             San Diego, CA 92101
                             Telephone: (619) 233-1155
                             Fax: (619) 233-1158

   If to Escrow Agent, to:   Chicago Title Company
                             Attn: Shelva Molm
                             925 "B" Street
                             San Diego, CA 92101
                             Telephone: (619) 544-6250
                             Fax: (619) 544-6229

or such other address or to such other person as any party shall designate to
the others for such purpose in the manner hereinabove set forth.

                                      -25-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                   ARTICLE 21

                                TAX-FREE EXCHANGE

     21.1   BUYER COOPERATION IN TAX DEFERRED EXCHANGE. Buyer shall cooperate
with any Seller desiring to exchange its undivided ownership interest in the
Property so as to effectuate a tax-free exchange under the provisions of Section
1031 of the Internal Revenue Code. Buyer shall cooperate with Seller by the
execution of such documents as are reasonably necessary to effectuate the
exchange provided the same (i) does not delay the Close of Escrow (ii) is
without any liability, cost or expense to Buyer; and (iii) Buyer is not required
thereby to hold title to any property other than the Property.

                                   ARTICLE 22

                    EXTENT OF ESCROW AGENT'S RESPONSIBILITIES

     22.1   ESCROW AGENT LIABILITY. Escrow Agent shall not be liable for any of
its acts or omissions unless the same shall constitute negligence or willful
misconduct.

     22.2   INFORMING PARTIES. Escrow Agent shall have no obligation to inform
any party of any other transaction or of facts within Escrow Agent's knowledge,
even though the same concerns the Property, provided such matters do not prevent
Escrow Agent's compliance with this Agreement.

     22.3   RESPONSIBILITY FOR DOCUMENTS. Escrow Agent shall not be responsible
for (a) the sufficiency or correctness as to form or the validity of any
document deposited with Escrow Agent; (b) the manner of execution of any such
deposited document, unless such execution occurs in Escrow Agent's premises and
under its supervision; or (c) the identity, authority, or rights of any persons
executing any document deposited with Escrow Agent.

     22.4   CONFLICTING DEMANDS AND CLAIMS. Should Escrow Agent receive or
become aware of conflicting demands or claims with respect to the Escrow, the
rights of any party hereto, or funds, documents or property deposited with
Escrow Agent, Escrow Agent shall have the right to discontinue any further acts
until such conflict is resolved to its satisfaction, and it shall have the
further right to commence or defend any action for the determination of such
conflict. The parties shall, immediately after demand therefor by Escrow Agent,
reimburse Escrow Agent (in such respective proportions as the Court shall
determine) any reasonable attorney's fees and court costs incurred by Escrow
Agent pursuant to this Paragraph.

     22.5   REPORTING OF TRANSACTION. As the party responsible for closing the
transaction contemplated by this Agreement, Escrow Agent will take all steps
necessary to report this transaction to the Internal Revenue Service as required
by section 6045 of the Internal Revenue Code of 1986. Buyer and Seller will
provide Escrow Agent with all documents reasonably required by Escrow Agent to
satisfy this reporting requirement.

                                      -26-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                   ARTICLE 23

                               GENERAL PROVISIONS

     23.1   BREACH. The failure of any condition precedent set forth in
Article 6, [Conditions Precedent and Covenants] to be satisfied shall not
constitute a breach of this Agreement by either Buyer or Seller provided that
the failure of a condition to be satisfied is not the result of a default in the
performance of any obligation of the defaulting party.

     23.2   CAPTIONS. Captions in this Agreement are inserted for convenience of
reference only and do not define, or limit the scope or the intent of this
Agreement or any of the terms hereof.

     23.3   CASH DEFINED. Whenever used in this Agreement the term "cash" means
currency, cashier's checks, or Federal Funds wire transferred into Escrow
Agent's bank account.

     23.4   CONFIDENTIALITY. Until the Close of Escrow, Seller and Buyer agree
to maintain, and cause their respective brokers and representatives to maintain,
the confidentiality of their negotiations with one another, and the transactions
contemplated by this Agreement. In addition, until the Close of Escrow, Buyer
agrees to maintain the confidentiality of all material and/or information
respecting the Property received from Seller to the extent such information has
been designated by Seller as confidential and is not otherwise within the public
domain. Buyer and Seller shall be permitted to disclose the terms of this
Agreement and such Property information to its employees, consultants, lenders,
partners, attorneys and/or agents responsible for working on this transaction.
Buyer and Seller shall also be permitted to disclose the terms of this Agreement
to the extent required by law applicable to such party such as, without
limitation, in the case of Buyer, reporting requirements of federal and state
securities laws and regulations. Seller and Buyer shall also coordinate and
consult with one another prior to making any public statements, or any
statements that may become public regarding this transaction. At the request of
Buyer or Seller, the documentary transfer tax shall be reported in a separate
document which shall not be recorded with the Grant Deed.

     23.5   CONSTRUCTION. This Agreement shall be construed and enforced in
accordance with the laws of the State of California.

     23.6   COUNTERPARTS. This Agreement may be executed in duplicate originals
or in any number of counterparts, and the signature pages of each counterpart
may be removed and attached to one agreement which shall be deemed an original,
and shall constitute one instrument.

     23.7   ENTIRE AGREEMENT. This Agreement contains the entire agreement
between the parties relating to the transaction contemplated hereby and all
prior or contemporaneous agreements, understandings, representations and
statements, oral or written, are merged herein.

     23.8   ESCROW DEFINED. Whenever used in this Agreement the term "Escrow"
shall mean the Escrow created by this Agreement.

     23.9   EXHIBITS. All exhibits referred to herein and attached hereto are a
part hereof.

                                      -27-
<Page>

                                                          CONFIDENTIAL TREATMENT

     23.10  GENDER. The use herein of (a) the neuter gender includes the
masculine and the feminine; and (b) the singular number includes the plural,
whenever the context so requires.

     23.11  GOOD FAITH. Seller and Buyer agree to execute all such instruments
and documents and to take all actions as may be required in order to consummate
the purchase and sale contemplated herein, and to use their best efforts to
accomplish the close of this Escrow in accordance with the provisions hereof.

     23.12  ATTORNEYS' FEES. In the event either party commences litigation
relating to or arising out of this Agreement, including any action or proceeding
for the judicial interpretation, enforcement or rescission hereof, the
prevailing party shall be entitled to a judgment against the other for an amount
including reasonable attorneys' fees and court and other costs incurred,
including attorney fees and court and other costs incurred in and from any
appeal resulting therefrom.

     23.13  MODIFICATION. No modification, waiver, amendment, discharge or
change of this Agreement shall be valid unless the same is in writing and signed
by the owner(s) against which the enforcement of such modification, waiver,
amendment, discharge or change is or may be sought.

     23.14  POSSESSION. Possession of the subject Property will be delivered to
Buyer as of the close of Escrow.

     23.15  SEVERABILITY. In the event any term, covenant, condition, provision
or agreement herein contained is held to be invalid or void by any court of
competent jurisdiction, the invalidity of any such term, covenant, condition,
provision or agreement shall in no way affect any other term, covenant,
condition, provision or agreement herein contained.

     23.16  SUCCESSORS. All terms of this Agreement shall be binding upon and
inure to the benefit of and be enforceable by the parties hereto and their
respective legal representatives, successors, assigns, trusts and beneficiaries
thereof.

     23.17  SURVIVAL. All obligations referred to herein to be performed at a
time or times after the close of the Escrow, and all warranties and
representations contained herein, shall survive the close of the Escrow and the
delivery of Seller's Grant Deed.

     23.18  TIME OF ESSENCE. Time is of the essence of this Agreement.

     23.19  RULE OF CONSTRUCTION. The terms of this Agreement have been
negotiated in any statute or rule of construction that ambiguities are to be
resolved against the drafting party shall not be employed in the interpretation
of this Agreement.

     23.20  WAIVER. The failure of a party to insist upon another party's strict
adherence to any term of this Agreement on any occasion will not be construed as
a waiver or deprive that party of the right thereafter to insist upon strict
adherence to that term or any other term of this Agreement.

                                      -28-
<Page>

                                                          CONFIDENTIAL TREATMENT

     THIS AGREEMENT has been executed in San Diego, California, as of the date
set forth at the beginning hereof.

"SELLER"

         SAN DIEGUITO PARTNERSHIP, L.P., a California limited liability company

             By:  SAN DIEGUITO VALLEY, INC., a California corporation,
                  its sole General Partner

             By:  /s/ Roy B. Collins
                  ------------------------
                  Roy B. Collins, President

         JOHN R. BENSON AND BARBARA B. MEYER,
         Co-Trustees of the Henrietta Benson Trust UDT 1/30/67

             /s/ Archie T. Wright III
             ------------------------
             John R. Benson, by Archie T. Wright III,
             as his Attorney-in-Fact

             /s/ Archie T. Wright III
             ------------------------
             Barbara B. Meyer, by Archie T. Wright III,
             as her Attorney-in-Fact

         JOHN V. HANNON AND MARGARET E. HANNON,
         Co-Trustees of the John V. Hannon Living Trust UDT 1/26/95

             /s/ Archie T. Wright III
             ------------------------
             John V. Hannon, by Archie T. Wright III,
             as his Attorney-in-Fact

             /s/ Archie T. Wright III
             ------------------------
             Margaret E. Hannon, by Archie T. Wright III,
             as her Attorney-in-Fact

                                      -29-
<Page>

                                                          CONFIDENTIAL TREATMENT

         JOSEPH S. HANNON AND MATTIE SUE HANNON,
         Co-Trustees of the Joseph S. Hannon Living Trust UDT 8/8/95

             /s/ Archie T. Wright III
             ------------------------
             Joseph S. Hannon, by Archie T. Wright III,
             as his Attorney-in-Fact

             /s/ Archie T. Wright III
             ------------------------
             Mattie Sue Hannon, by Archie T. Wright III,
             as her Attorney-in-Fact

         MARY S. BAKER,
         Trustee of the Mary S. Baker Living Trust UDT 5/14/92

             /s/ Archie T. Wright III
             ------------------------
             Mary S. Baker, by Archie T. Wright III,
             as her Attorney-in-Fact

         GUSTAF O. ARRHENIUS AND JENNY L. ARRHENIUS, Co-Trustees of the
         Arrhenius Family Trust UDT 10/11/79

             /s/ Archie T. Wright III
             ------------------------
             Gustaf O. Arrhenius, by Archie T. Wright III,
             as his Attorney-in-Fact

             /s/ Archie T. Wright III
             ------------------------
             Jenny L. Arrhenius, by Archie T. Wright III,
             as her Attorney-in-Fact

         PIA BARONE, a married woman

             /s/ Archie T. Wright III
             ------------------------
             Pia Barone, by Archie T. Wright III,
             as her Attorney-in-Fact

                                      -30-
<Page>

                                                          CONFIDENTIAL TREATMENT

         LOUIS J. PETERSON AND AGNES F. PETERSON,
         Co-Trustees of the Louis J. Peterson and Agnes F. Peterson
         Revocable Trust UDT 4/5/96

             /s/ Archie T. Wright III
             ------------------------
             Louis J. Peterson, by Archie T. Wright III,
             as his Attorney-in-Fact

             /s/ Archie T. Wright III
             ------------------------
             Agnes F. Peterson, by Archie T. Wright III,
             as her Attorney-in-Fact

         WILLIAM R. REVELLE,
         Trustee of the William R. Revelle Trust UDT 4/28/89

             /s/ Archie T. Wright III
             ------------------------
             William R. Revelle, by Archie T. Wright III,
             as his Attorney-in-Fact

         REVELLE FAMILY REAL ESTATE LIMITED LIABILITY COMPANY, a
         Delaware limited liability company

             By:  /s/ Archie T. Wright III
                  ------------------------
                  William R. Revelle, by Archie T. Wright III, as his
                  Attorney-in-Fact
             Its: Managing Member

"BUYER"

         IDEC PHARMACEUTICALS CORPORATION, a Delaware corporation

             By:  /s/ Phillip Schneider
                  ------------------------
             Its: SENIOR VICE PRESIDENT & CHIEF FINANCIAL OFFICER

                                      -31-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                  SCHEDULE "1"

                          NOBEL RESEARCH PARK OWNERSHIP
                           APN: 345-010-45; 345-011-25

     February 1, 2001

<Table>
<S>                                                                            <C>
SUPERVISING CO-TENANT:

     SAN DIEGUITO PARTNERSHIP                                                   28.1083629%

CO-TENANTS:

     Revelle Family Real Estate LLC, a Delaware limited
     liability company

     John R. Benson and Barbara B. Meyer, Co-Trustees of                        22.7398393%
     the Henrietta Benson Trust UDT 1/30/67

     John V. Hannon and Margaret E. Hannon, Co-Trustees                         11.6067898%
     of the John V. Hannon Living Trust UDT 1/26/95

     Joseph S. Hannon and Mattie Sue Hannon, Co-Trustees
     of the Joseph S. Hannon Living Trust UDT 8/8/95

     Mary S. Baker, Trustee of the Mary S. Baker Living
     Trust UDT 5/14/92

     Gustaf O. Arrhenius and Jenny L. Arrhenius, Co-Trustees of the
     Arrhenius Family Trust UDT 10/11/79

     Pia Barone, a married woman

     Louis J. Peterson and Agnes F. Peterson, Co-Trustees of
     the Louis J. Peterson and Agnes F. Peterson Revocable
     Trust UDT 4/5/96
                                                                            -------------------

     William R. Revelle, Trustee of the William R.
     Revelle Trust UDT 4/28/89
                                                                            -------------------
                                                                                71.8916371%
                                                                            -------------------
                                                                               100.0000000%
</Table>

                                      -32-
<Page>

                                                          CONFIDENTIAL TREATMENT

                             CONSENT OF ESCROW AGENT

     The undersigned Escrow Agent hereby agrees to (a) accept the foregoing
Agreement and Instructions; (b) be escrow agent under said Agreement and
Instructions for the fees therein specified; and (c) be bound by said Agreement
and Instructions in the performance of its duties as Escrow Agent; provided,
however, the undersigned shall have no obligations, liability or responsibility
under this Consent or otherwise, unless and until (a) said Agreement and
Instructions, fully signed by the parties, have been delivered to the
undersigned; and (b) any amendment to said Agreement and Instructions unless and
until the same shall be accepted by the undersigned in writing.

Dated : July __, 2001                             CHICAGO TITLE COMPANY

                                                  By:
                                                      -------------------------

                                      -33-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                   EXHIBIT "A"

                               NOBEL RESEARCH PARK

                            REAL PROPERTY DESCRIPTION

                                   EXHIBIT "A"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                   EXHIBIT "B"

                               NOBEL RESEARCH PARK

                                    PLAT MAP

     Refer to ALTA Survey, dated June 7, 2001, prepared by Rick Engineering

                                   EXHIBIT "B"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                    EXHIBIT C

                        MITIGATION LAND LEGAL DESCRIPTION

                                   EXHIBIT "C"
                                       -2-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                    EXHIBIT D

                            MITIGATION LAND PLAT MAP

                                   EXHIBIT "D"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                   EXHIBIT "E"

                                  TITLE REPORT

                  (CHICAGO TITLE COMPANY, DATED JUNE 25, 2001)

                                   EXHIBIT "E"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                   EXHIBIT "F"

                                   GRANT DEED

RECORDING REQUESTED BY                )
AND WHEN RECORDED MAIL TO:            )
                                      )
IDEC Pharmaceuticals Corporation      )
Attention: Mr. Phillip Schneider      )
3030 Callan Road                      )
San Diego, CA  92121                  )
                                      )
MAIL TAX STATEMENTS TO:               )
                                      )
SAME AS ABOVE                         )
                                      )
--------------------------------------------------------------------------------
                                                (Space Above For Recorder's Use)

TAX ASSESSOR' PARCEL NO.
                        -------------------

Amount of Documentary Transfer Tax shown on attached paper -- not for public
record.

                                   GRANT DEED

         FOR A VALUABLE CONSIDERATION, receipt of which is hereby acknowledged,
SAN DIEGUITO PARTNERSHIP, L.P., a California limited partnership, and the
undersigned persons and entities (collectively "Grantor"), hereby grant to IDEC
PHARMACEUTICALS CORPORATION, a Delaware corporation ("Grantee"), the real
property located in the City of San Diego, County of San Diego, State of
California, described as follows and hereinafter referred to as the "Property":

                           [INSERT LEGAL DESCRIPTION]

SUBJECT TO:

         (1)       All general and special real property taxes and assessments,
not delinquent; and

         (2)       All other conditions, covenants, liens, restrictions and

other encumbrances and matters of record in the Official Records of San Diego
County, California.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                   EXHIBIT "F"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

                         [Signature Page to Grant Deed]

          IN WITNESS WHEREOF, Grantor has executed this Grant Deed on

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

          GRANTOR:            SAN DIEGUITO PARTNERSHIP, L.P.,
                              a California limited liability company

                              By: San Dieguito Valley, Inc.,
                                  a California corporation, General Partner

                                   By:
                                       -----------------------------------------
                                   Title:
                                          --------------------------------------

                              JOHN R. BENSON AND BARBARA B.
                              MEYER, Co-Trustees of the Henrietta Benson
                              Trust UDT 1/30/67

                                   ---------------------------------------------
                                   John R. Benson, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   ---------------------------------------------
                                   Barbara B. Meyer, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              JOHN V. HANNON AND MARGARET E.
                              HANNON, Co-Trustees of the John V. Hannon
                              Living Trust UDT 1/26/95

                                   ---------------------------------------------
                                   John V. Hannon, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   ---------------------------------------------
                                   Margaret E. Hannon, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                                   EXHIBIT "F"
                                       -2-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              JOSEPH S. HANNON AND MATTIE SUE
                              HANNON, Co-Trustees of the Joseph S. Hannon
                              Living Trust UDT 8/8/95

                                   ---------------------------------------------
                                   Joseph S. Hannon, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   ---------------------------------------------
                                   Mattie Sue Hannon, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              MARY S. BAKER, Trustee of the Mary S. Baker
                              Living Trust UDT 5/14/92

                                   ---------------------------------------------
                                   Mary S. Baker, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                                   EXHIBIT "F"
                                       -3-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              GUSTAF O. ARRHENIUS AND JENNY L.
                              ARRHENIUS, Co-Trustees of the Arrhenius
                              Family Trust UDT 10/11/79

                                   ---------------------------------------------
                                   Gustaf O. Arrhenius, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   ---------------------------------------------
                                   Jenny L. Arrhenius, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              PIA BARONE, a married woman

                                   ---------------------------------------------
                                   Pia Barone, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              LOUIS J. PETERSON AND AGNES F.
                              PETERSON, Co-Trustees of the Louis J. Peterson
                              and Agnes F. Peterson Revocable Trust UDT
                              4/5/96

                                   ---------------------------------------------
                                   Louis J. Peterson, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   ---------------------------------------------
                                   Agnes F. Peterson, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              WILLIAM R. REVELLE, Trustee of the
                              William R. Revelle Trust UDT 4/28/89

                                   ---------------------------------------------
                                   William R. Revelle, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   EXHIBIT "F"
                                       -4-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              REVELLE FAMILY REAL ESTATE
                              LIMITED LIABILITY COMPANY, a Delaware
                              limited liability company

                              By:
                                   -------------------------------------------
                                   William R. Revelle, by Archie T. Wright III,
                                   as his Attorney-in-Fact
                              Its: Managing Member

                                   EXHIBIT "F"
                                       -5-
<Page>

                                                          CONFIDENTIAL TREATMENT

STATE OF
          --------------------------
                                    )  ss
COUNTY OF                           )
          --------------------------

     On ________________________, before me, ________________________, a Notary
Public in and for said state, personally appeared _______________________,
personally known to me (or proved to me on the basis of satisfactory evidence)
to be the person whose name is subscribed to the within instrument and
acknowledged to me that he/she executed the same in his/her authorized capacity,
and that by his/her signature on the instrument, the person, or the entity upon
behalf of which the person acted, executed the instrument.

     WITNESS my hand and official seal.

                                          --------------------------------------
                                          Notary Public in and for said State

[SEAL]

STATE OF
          --------------------------
                                    )  ss
COUNTY OF                           )
          --------------------------

     On ________________________, before me, ________________________, a Notary
Public in and for said state, personally appeared _______________________,
personally known to me (or proved to me on the basis of satisfactory evidence)
to be the person whose name is subscribed to the within instrument and
acknowledged to me that he/she executed the same in his/her authorized capacity,
and that by his/her signature on the instrument, the person, or the entity upon
behalf of which the person acted, executed the instrument.

     WITNESS my hand and official seal.

                                          --------------------------------------
                                          Notary Public in and for said State

[SEAL]

                                   EXHIBIT "F"
                                       -6-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                    EXHIBIT G

                              ASSIGNMENT AGREEMENT

     This ASSIGNMENT AND ASSUMPTION AGREEMENT ("Assignment"), effective on
________________________, ____ ("Effective Date"), is executed by SAN DIEGUITO
PARTNERSHIP, L.P., a California limited partnership, and those other persons and
entities set forth below ("Assignor"), and IDEC PHARMACEUTICALS CORPORATION, a
Delaware corporation ("Assignee"), with reference to the following facts:

                                    RECITALS

     A.     Pursuant to a Purchase and Sale Agreement and Escrow Instructions
("Purchase Agreement") dated _________________, 2001, Assignee has contracted to
purchase certain real property ("Property") owned by Assignor, located in the
City of San Diego, County of San Diego, State of California, more particularly
described in Exhibit "A" attached to the Purchase Agreement.

     B.     As a condition to such purchase, Assignor has agreed to transfer and
assign Assignor's interest in certain plans, drawings, specifications, tests,
reports, maps, governmental permits, approvals and other entitlements relating
to the Property.

     NOW, THEREFORE, in consideration of the mutual covenants set forth in the
Purchase Agreement, and for other valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties agree as follows:

     1.     ASSIGNMENT. Assignor hereby assigns and transfers to Assignee, as of
the Effective Date, the following property (collectively, the "Assigned
Property"):

            (a)    All of Assignor's right, title and interest in and to the
maps, permits, entitlements, rights and approvals issued by the City of San
Diego ("City") and any other governmental authorities in connection with the
construction, development, operation and use of the Property, all soils tests
and reports, surveys, engineering reports, environmental reports, drawings and
specifications relating in any way to the Property including, without limitation
all of Assignor's right, title and interest in and to those matters more
particularly described in Schedule "1" attached hereto;

            (b)    All of Assignor's right, title and interest in and to the
name "Nobel Research Park" and other intellectual or intangible property
relating to the Property.

     2.     PRORATION OF OBLIGATIONS. Assignor has paid and shall indemnify,
defend and hold Assignee harmless from and against any and all fees, costs and
expenses which arose and/or accrued prior to the Effective Date with respect to
the Assigned Property. As part of the Assigned Property, Assignor hereby assigns
to Assignee any and all deposits with the City, other governmental agencies or
other parties in respect of the Assigned Property. From and after the Effective
Date, Assignee shall pay and indemnify, defend and hold Assignor harmless from
and against any and all fees, costs, expenses and additional deposits which
accrue, arise or are required from and after the Effective Date with respect to
the Assigned Property.

                                   EXHIBIT "G"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

     3.     PROPRIETARY INTERESTS. To the extent any of the Assigned Property is
proprietary to the consultant or person preparing same or require payment of
additional fees for re-use by Assignee, Assignee shall be responsible for
obtaining any and all consents required from such consultants or persons and
shall pay any fees required for use or re-use of such Assigned property by
Assignee.

     4.     EFFECTIVE DATE OF ASSIGNMENT. The Assignment shall take effect on
the Effective Date set forth above, which is the date of recordation of the
Grant Deed conveying the Property from Assignor to Assignee.

     5.     GENERAL PROVISIONS.

            (a)    ATTORNEYS' FEES. In the event of any legal action or
proceeding between the parties in connection with this Assignment, the
prevailing party shall be entitled to recover from the losing party all of its
costs and expenses, including court costs and reasonable attorneys' fees.

            (b)    GOVERNING LAW. This Assignment shall be governed, construed
and enforced in accordance with the laws of the State of California.

            (c)    NOTICE. Notice to either party shall be in writing, addressed
to the party to be notified at the address specified herein, and either (a)
personally delivered, (b) sent by an overnight courier service such as Airborne,
Federal Express, or Purolator, (c) sent by first-class mail, registered or
certified mail, postage prepaid, return receipt requested, or (d) sent by
telecopier with written confirmation of receipt requested. Any such notice shall
be deemed received: (a) on the date of receipt if personally delivered; (b) on
the date of receipt as evidenced by the receipt provided by an overnight courier
service, if sent by such courier; or (c) three (3) business days after deposit
in the U.S. Mail, if sent by mail.

                         ASSIGNOR'S ADDRESS FOR NOTICE:

     If to Assignor, to:           San Dieguito Partnership, LP
                                   San Dieguito Valley, Inc., General Partner
                                   Roy B. Collins, President
                                   656 Fifth Avenue, Suite B
                                   San Diego, CA 92101
                                   Telephone:  (619) 232-6599
                                   Fax:  (619) 232-6592

     With copy to:                 Baker & McKenzie
                                   Clark H. Libenson, Esq.
                                   101 West Broadway, 12th Floor
                                   San Diego, CA 92101
                                   Telephone:  (619) 235-7778
                                   Fax:  (619) 236-0429

                                   EXHIBIT "G"
                                       -2-
<Page>

                                                          CONFIDENTIAL TREATMENT

     If to Assignee, to:           IDEC Pharmaceuticals Corporation
                                   3030 Callan Road
                                   San Diego, CA 92121
                                   Attn:    Mr. Phillip Schneider and Corporate
                                            Secretary
                                   Telephone:  (858) 431-8500
                                   Fax:  (858) 431-8887

     With copy to:                 Allen Matkins Leck Gamble & Mallory LLP
                                   501 West Broadway, Ninth Floor
                                   San Diego, CA 92101
                                   Attn:  Ellen B. Spellman, Esq.
                                   Telephone:  (619) 233-1155
                                   Fax:  (619) 233 1158

     If to Escrow Agent, to:       Chicago Title Company
                                   925 "B" Street
                                   San Diego, CA 92101
                                   Attn:  Ms. Shelva Molm
                                   Telephone:  (619) 544-6250
                                   Fax:  (619) 544-6229

     Either party may change its address for notice by delivering written notice
to the other party as provided herein.

            (d)    SUCCESSORS. This Assignment shall be binding on and inure to
the benefit of the parties and their respective heirs, legal representatives,
successors, and assigns.

                                   EXHIBIT "G"
                                       -3-
<Page>

                                                          CONFIDENTIAL TREATMENT

            IN WITNESS WHEREOF, Assignor and Assignee have executed this
Assignment to be effective as of the Effective Date set forth above.

            "ASSIGNOR"        SAN DIEGUITO PARTNERSHIP, L.P.,
                              a California limited liability company

                              By:  San Dieguito Valley, Inc.,
                                   a California corporation, General Partner

                                   By:
                                       -----------------------------------------
                                   Title:
                                          --------------------------------------

                              JOHN R. BENSON AND BARBARA B.
                              MEYER, Co-Trustees of the Henrietta Benson
                              Trust UDT 1/30/67

                                   ---------------------------------------------
                                   John R. Benson, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   ---------------------------------------------
                                   Barbara B. Meyer, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              JOHN V. HANNON AND MARGARET E.
                              HANNON, Co-Trustees of the John V. Hannon
                              Living Trust UDT 1/26/95

                                   ------------------------------------------
                                   John V. Hannon, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   ------------------------------------------
                                   Margaret E. Hannon, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                                   EXHIBIT "G"
                                       -4-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              JOSEPH S. HANNON AND MATTIE SUE
                              HANNON, Co-Trustees of the Joseph S. Hannon
                              Living Trust UDT 8/8/95

                                   ---------------------------------------------
                                   Joseph S. Hannon, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   Mattie Sue Hannon, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              MARY S. BAKER, Trustee of the Mary S. Baker
                              Living Trust UDT 5/14/92

                                   ---------------------------------------------
                                   Mary S. Baker, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              GUSTAF O. ARRHENIUS AND JENNY L.
                              ARRHENIUS, Co-Trustees of the Arrhenius
                              Family Trust UDT 10/11/79

                                   ---------------------------------------------
                                   Gustaf O. Arrhenius, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   ---------------------------------------------
                                   Jenny L. Arrhenius, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              PIA BARONE, a married woman

                                   ---------------------------------------------
                                   Pia Barone, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                                   EXHIBIT "G"
                                       -5-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              LOUIS J. PETERSON AND AGNES F.
                              PETERSON, Co-Trustees of the Louis J. Peterson
                              and Agnes F. Peterson Revocable Trust UDT
                              4/5/96

                                   ---------------------------------------------
                                   Louis J. Peterson, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   ---------------------------------------------
                                   Agnes F. Peterson, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              WILLIAM R. REVELLE, Trustee of the
                              William R. Revelle Trust UDT 4/28/89

                                   ---------------------------------------------
                                   William R. Revelle, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                              REVELLE FAMILY REAL ESTATE
                              LIMITED LIABILITY COMPANY, a Delaware
                              limited liability company

                              By:
                                   -------------------------------------------
                                   William R. Revelle, by Archie T. Wright III,
                                   as his Attorney-in-Fact
                              Its: Managing Member

     "ASSIGNEE"               DEC PHARMACEUTICALS CORPORATION,
                              a Delaware corporation

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

                                   EXHIBIT "G"
                                       -6-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                   SCHEDULE 1

                       ASSIGNMENT AND ASSUMPTION AGREEMENT

                                ASSIGNED PROPERTY

     1.     Vesting Tentative Map No. 99-0034

            -   Resolution R-292054 adopted by San Diego City Council on
                August 3, 1999

     2.     Planned Industrial Development/Resource Protection Ordinance Permit
            No. 99-0034

            -   Resolution R-292055 adopted by San  Diego City Council on
                August 3, 1999

     3.     Ordinance O-18677 approving zone change from R-1-5 to Scientific
            Research (SR) adopted by San Diego City Council on September 14,
            1999

     4.     Certification of Mitigated Negative Declaration DEP 99-0034

            -   Resolution R-292053 adopted by San  Diego City Council on
                August 3, 1999

     5.     Planned Industrial Permit recorded March 17, 2000

     6.     Design Guidelines dated June 28, 1999

     7.     California Coastal Commission Amendment 6-98-154-A1 dated
            November 1, 1999 (Implementation of 0.90 acre wetland creation and
            enhancement)

     8.     Non-Exclusive Mitigation Easement recorded November 4, 1999, as
            amended and restated and recorded on December 15, 2000

     9.     Geotechnical Report Prepared by Robert Prater Associates February
            28, 1999

     10.    Phase I Report Prepared by Robert Prater Associates January 29, 1999

     11.    Mitigated Negative Declaration & Technical Appendices (DEP 99-0034)
            Prepared by RECON Final Report June 30, 1999

            -   Wetland Delineation Report

            -   Biological Resources Survey

            -   Cultural Resource Survey

                                   SCHEDULE 1
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

            -   Conceptual Wetland Habitat Restoration Plan

            -   Quino Checkerspot Butterfly Flight Survey Report

            -   Noise Technical Report

     12.    Traffic Impact Analysis Prepared by Kimley Horn Associates May 19,
            1999

     13.    Water Study Prepared by Powell & Associates September 10, 1999

     14.    Department of Fish and Game Streambed Alteration Permit (Section
            1603) Notification No. 5-217-99

     15.    Settlement Agreement by and between the City of San Diego and the
            San Dieguito Partnership dated November 16, 1998

            -   First Amendment to Settlement Agreement dated December 21,
                1999

            -   Letter Agreement by and between the City of San Diego and the
                San Dieguito Partnership dated December 21, 1999

     16.    Approved Vesting Tentative Map No. 99-0034 (Drawings), prepared by
            Rick Engineering

     17.    Preliminary Plans and Drawings for Mass Grading of the Nobel
            Research Park and Improvement of Judicial Drive pursuant to private
            contract No. J-13360B dated December 14, 2000; prepared by Rick
            Engineering

     18.    ALTA Survey dated June 7, 2001, prepared by Rick Engineering

     19.    License Agreement by and between San Dieguito Partnership as
            Licensor and La Jolla Crossroads 1 LLC (Garden Communities) as
            Licensee dated January 26, 2001, as amended April 6, 2001.

     20.    All rights and privileges related to or arising from any and all
            studies, reports, surveys, plans, drawings, permits, approvals and
            agreements of any kind or nature undertaken, made, issued or granted
            on behalf of the Nobel Research Park.

                                   SCHEDULE 1
                                       -2-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                    EXHIBIT H

                     ASSIGNMENT AND ASSUMPTION OF CONTRACTS

     This ASSIGNMENT AND ASSUMPTION OF CONTRACTS ("Assignment"), effective on
______________, 2001 ("Effective Date"), is executed by SAN DIEGUITO
PARTNERSHIP, L.P., a California limited partnership, and those other persons and
entities set forth below ("Assignor"), and IDEC PHARMACEUTICALS CORPORATION, a
Delaware corporation ("Assignee"), with reference to the following facts:

                                R E C I T A L S :

     A.     Pursuant to that certain Purchase and Sale Agreement and Escrow
Instructions ("Purchase Agreement") dated _____________, 2001, Assignor has
contracted to sell and Assignee has contracted to purchase certain real property
more particularly described in Exhibit "A" attached to the Purchase Agreement
("Property").

     B.     Pursuant to the Purchase Agreement, Assignor has agreed to transfer
and assign, and Assignee has agreed to assume, certain contractual obligations
of Assignor relating to the Property.

                               A G R E E M E N T :

     NOW, THEREFORE, in consideration of the mutual covenants set forth in the
Purchase Agreement and the mutual covenants set forth herein, and for other
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

     1.     ASSIGNMENT OF CONTRACTS. Assignor hereby assigns and transfers to
Assignee all its right, title and interest in and to the contracts listed on
Schedule "1" attached hereto and made a part hereof ("Contracts").

     2.     ASSUMPTION OF CONTRACTS. Assignee hereby accepts said assignment,
expressly assumes Assignor's interest in the Contracts and agrees to be bound by
all the terms, conditions and covenants thereof, and agrees to perform all the
obligations imposed on Assignor thereunder arising on or after the Effective
Date.

     3.     EFFECTIVE DATE. The assignment and assumption shall take effect on
the Effective Date first set forth above, which is the date of recordation of
the grant deed transferring the Real Property from Assignor to Assignee.

     4.     PAYMENT. Assignor represents and warrants that, as of the Effective
Date, all sums due and payable by Assignor under the Contracts for work and
services performed or materials delivered prior to the Effective Date have been
paid in full.

     5.     INDEMNITY. Assignee shall indemnify, protect, hold harmless and
defend (by counsel reasonably approved by Assignor) Assignor from and against
any and all losses, liabilities, claims, demands, damages, costs or other
expenses, including reasonable attorneys' fees, arising from or relating to any
breach or default or obligation under the Contracts occurring

                                   EXHIBIT "H"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

on or after the Effective Date. Assignor shall indemnify, protect, hold harmless
and defend (by counsel reasonably approved by Assignee) Assignee from and
against any and all losses, liabilities, claims, demands, damages, costs or
other expenses, including reasonable attorneys' fees, arising from or relating
to any breach or default or obligation under the Contracts occurring prior to
the Effective Date.

     6.     GENERAL PROVISIONS.

            (a)    ATTORNEYS' FEES. In the event of any legal action or
proceeding between the parties arising out of this Assignment, the losing party
shall pay the prevailing party's legal costs and expenses, including, but not
limited to, reasonable attorneys' fees as determined by the court.

            (b)    ASSIGNMENT/SUCCESSORS. This Assignment shall inure to the
benefit of and be binding upon the parties and their respective legal
representatives, heirs, successors and assigns, including any nominee or
assignee of Assignee under the Purchase Agreement.

            (c)    AUTHORITY. Each party represents and warrants that it has
full power and authority to execute and fully perform its obligations under this
Assignment pursuant to its governing instruments, without the need for any
further action, and that the person(s) executing this Assignment on behalf of
such party are duly designated agents and are authorized to do so.

            (d)    COUNTERPARTS. This Assignment may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same agreement after each party has executed such a
counterpart.

            (e)    GOVERNING LAW. This Assignment shall be governed, construed
and enforced in accordance with the laws of the State of California.

            (f)    NOTICE. Notice to either party shall be in writing, addressed
to the party to be notified at the address specified herein, and either (1)
personally delivered, or (2) sent by a recognized national overnight courier
service such as Airborne, Federal Express or Purolator which provides a receipt
upon delivery, or (3) sent by registered or certified first-class U.S. mail,
postage prepaid, return receipt requested. Any such notice shall be deemed
received on the date of receipt if personally delivered, or on the date of
delivery evidenced by the receipt provided by the courier service or the
registered or certified mail receipt, as the case may be.

     If to Assignor, to:           San Dieguito Partnership, LP
                                   San Dieguito Valley, Inc., General Partner
                                   Roy B. Collins, President
                                   656 Fifth Avenue, Suite B
                                   San Diego, CA 92101
                                   Telephone: (619) 232-6599
                                   Fax:  (619) 232-6592

                                   EXHIBIT "H"
                                       -2-
<Page>

                                                          CONFIDENTIAL TREATMENT

     With copy to:                 Baker & McKenzie
                                   Clark H. Libenson, Esq.
                                   101 West Broadway, 12th Floor
                                   San Diego, CA 92101
                                   Telephone:  (619) 235-7778
                                   Fax:  (619) 236-0429

     If to Assignee, to:           IDEC Pharmaceuticals Corporation
                                   3030 Callan Road
                                   San Diego, CA 92121
                                   Attn:    Mr. Phillip Schneider and Corporate
                                            Secretary
                                   Telephone:  (858) 431-8500
                                   Fax:  (858) 431-8887

     With copy to:                 Allen Matkins Leck Gamble & Mallory LLP
                                   501 West Broadway, Ninth Floor
                                   San Diego, CA 92101
                                   Attn:  Ellen B. Spellman, Esq.
                                   Telephone:  (619) 233-1155
                                   Fax:  (619) 233 1158

     If to Escrow Agent, to:       Chicago Title Company
                                   925 "B" Street
                                   San Diego, CA 92101
                                   Attn:  Ms. Shelva Molm
                                   Telephone:  (619) 544-6250
                                   Fax:  (619) 544-6229

     Either party may change its address for notice by delivering written notice
to the other party as provided herein.

                        [Signatures Appear on Next Page]

                                   EXHIBIT "H"
                                       -3-
<Page>

                                                          CONFIDENTIAL TREATMENT

     IN WITNESS WHEREOF, the parties have executed this Assignment and
Assumption of Contracts to be effective on the Effective Date first set forth
above.

                              "ASSIGNOR"

                              SAN DIEGUITO PARTNERSHIP, L.P.,
                              a California limited liability company

                              By:  SAN DIEGUITO VALLEY, INC.,
                                   a California corporation, General Partner

                              By:
                                   -----------------------------------------
                                   Roy B. Collins, President

                              JOHN R. BENSON AND BARBARA B. MEYER,
                              Co-Trustees of the Henrietta Benson Trust
                              UDT 1/30/67

                                   -----------------------------------------
                                   John R. Benson, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   -----------------------------------------
                                   Barbara B. Meyer, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              JOHN V. HANNON AND MARGARET E. HANNON,
                              Co-Trustees of the John V. Hannon Living Trust
                              UDT 1/26/95

                                   -----------------------------------------
                                   John V. Hannon, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   -----------------------------------------
                                   Margaret E. Hannon, by Archie T. Wright
                                   III, as her Attorney-in-Fact

                                   EXHIBIT "H"
                                       -4-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              JOSEPH S. HANNON AND MATTIE SUE HANNON,
                              Co-Trustees of the Joseph S. Hannon Living
                              Trust UDT 8/8/95

                                   -----------------------------------------
                                   Joseph S. Hannon, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   -----------------------------------------
                                   Mattie Sue Hannon, by Archie T. Wright
                                   III, as her Attorney-in-Fact

                              MARY S. BAKER, Trustee of the Mary S. Baker
                              Living Trust UDT 5/14/92

                                   -----------------------------------------
                                   Mary S. Baker, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              GUSTAF O. ARRHENIUS AND JENNY L. ARRHENIUS,
                              Co-Trustees of the Arrhenius Family Trust UDT
                              10/11/79

                                   -----------------------------------------
                                   Gustaf O. Arrhenius, by Archie T. Wright
                                   III, as his Attorney-in-Fact

                                   -----------------------------------------
                                   Jenny L. Arrhenius, by Archie T. Wright
                                   III, as her Attorney-in-Fact

                              PIA BARONE, a married woman

                                   -----------------------------------------
                                   Pia Barone, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                                   EXHIBIT "H"
                                       -5-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              LOUIS J. PETERSON AND AGNES F. PETERSON,
                              Co-Trustees of the Louis J. Peterson and
                              Agnes F. Peterson Revocable Trust UDT 4/5/96

                                   -----------------------------------------
                                   Louis J. Peterson, by Archie T. Wright
                                   III, as his Attorney-in-Fact

                                   -----------------------------------------
                                   Agnes F. Peterson, by Archie T. Wright
                                   III, as her Attorney-in-Fact

                              WILLIAM R. REVELLE,
                              Trustee of the William R. Revelle Trust
                              UDT 4/28/89

                                   -----------------------------------------
                                   William R. Revelle, by Archie T. Wright
                                   III, as his Attorney-in-Fact

                              REVELLE FAMILY REAL ESTATE LIMITED LIABILITY
                              COMPANY, a Delaware limited liability company

                              By:
                                   -----------------------------------------
                                   William R. Revelle, by Archie T. Wright
                                   III, as his Attorney-in-Fact Its:
                                   Managing Member

                              "ASSIGNEE"

                              IDEC PHARMACEUTICALS CORPORATION,
                              a Delaware corporation

                              By:
                                   -----------------------------------------

                                   EXHIBIT "H"
                                       -6-
<Page>

                                                CONFIDENTIAL TREATMENT REQUESTED

                                    EXHIBIT 1

                           LIST OF ASSIGNED CONTRACTS

-    Contract by and between San Dieguito Partnership and RECON, under contract
     amendment dated January 3, 2001, in the amount of [CONFIDENTIAL TREATMENT
     REQUESTED], for the purpose of implementation and [CONFIDENTIAL TREATMENT
     REQUESTED] monitoring and maintenance of wetland restoration activities as
     required by MMRP.

-    Contract by and between San Dieguito Partnership and Rick Engineering dated
     December 14, 2000 in the amount of [CONFIDENTIAL TREATMENT REQUESTED]
     (amendment pending), for the purpose of preparing mass grading and
     improvement drawings for submittal to the City of San Diego.

-    License Agreement, dated January 26, 2001, as amended, between San Dieguito
     Partnership, as licensor, and La Jolla Crossroads, as licensee.

                                   EXHIBIT "1"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                    EXHIBIT I

                 ASSIGNMENT OF RIGHTS UNDER SETTLEMENT AGREEMENT

     This Assignment of Rights Under Settlement Agreement ("Assignment"),
effective ______________, 2001 ("Effective Date"), is executed by SAN DIEGUITO
PARTNERSHIP, L.P. (the "Partnership"), San Dieguito Valley, Inc. ("SDV") and
those other persons and entities set forth below ("Assignor"), and IDEC
PHARMACEUTICALS CORPORATION, a Delaware corporation ("Assignee"), with reference
to the following facts:

     A.     The Partnership, SDV and the City Council of San Diego and the City
of San Diego (collectively the "City") entered into that certain Settlement
Agreement dated November 16, 1998, thereafter amended by that certain First
Amendment to Settlement Agreement dated December 21, 1999, and further evidenced
by that certain Letter Agreement resolving certain issues related to the
Settlement Agreement, as amended, dated December 21, 1999. The Settlement
Agreement, First Amendment to Settlement Agreement, and the Letter Agreement are
collectively referred to herein as the "Settlement Agreement".

     B.     Pursuant to that certain Purchase and Sale Agreement and Escrow
Instructions ("Purchase Agreement"), dated July ___, 2001, by and between
Assignor and Assignee, Assignee has agreed to purchase certain real property
more particularly described in the Purchase Agreement and referred to therein
and in the Settlement Agreement as "Nobel Research Park" (the "Nobel Property").

     C.     Pursuant to the Purchase Agreement, Assignor desires to assign and
Assignee desires to accept the assignment of all of Assignor's right, title,
interest and benefits under the Settlement Agreement relating to the Nobel
Property.

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties agree as set forth
below.

     1.     ASSIGNMENT; RESERVATION. As of the Effective Date, Assignor hereby
assigns to Assignee all of Assignor's right, title, interest and benefits (but
not Assignor's obligations) under the Settlement Agreement relating to the Nobel
Property, including but not limited to (a) any covenants, representations and
warranties agreed to or made by the City, and (b) any rights or benefits arising
or flowing from the Settlement Agreement, including but not limited to any
rights of Assignor in, under or to those certain development permits,
governmental approvals, consents, orders, agreements or the like issued with
respect to the Nobel Property. Assignor hereby reserves from the foregoing
assignment, on a non-exclusive basis, any rights to indemnity or otherwise which
it may have under the Settlement Agreement against the City to defend against
any third-party claims brought against Assignor for which the City may have
responsibility under the Settlement Agreement.

     2.     NO ASSUMPTION. Assignee does not assume any of Assignor's
obligations or duties set forth in or arising out of the Settlement Agreement,
including but not limited to, any obligations in connection with SDP's Property
(as defined in the Settlement Agreement).

                                   EXHIBIT "I"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

     3.     EFFECTIVE DATE OF ASSIGNMENT. The Assignment shall take effect on
the Effective Date set forth above, which is the date of recordation of the
Grant Deed conveying the Nobel Property from Assignor to Assignee.

     4.     GENERAL PROVISIONS.

            (a)    ATTORNEYS' FEES. In the event of any legal action or
proceeding between the parties in connection with this Assignment, the
prevailing party shall be entitled to recover from the losing party all of its
costs and expenses, including court costs and reasonable attorneys' fees.

            (b)    GOVERNING LAW. This Assignment shall be governed, construed
and enforced in accordance with the laws of the State of California.

            (c)    NOTICE. Notice to either party shall be in writing, addressed
to the party to be notified at the address specified herein, and either (a)
personally delivered, (b) sent by an overnight courier service such as Airborne,
Federal Express, or Purolator, (c) sent by first-class mail, registered or
certified mail, postage prepaid, return receipt requested, or (d) sent by
telecopier with written confirmation of receipt requested. Any such notice shall
be deemed received: (a) on the date of receipt if personally delivered; (b) on
the date of receipt as evidenced by the receipt provided by an overnight courier
service, if sent by such courier; or (c) three (3) business days after deposit
in the U.S. Mail, if sent by mail.

                         ASSIGNOR'S ADDRESS FOR NOTICE:

     If to Assignor, to:           San Dieguito Partnership, LP
                                   San Dieguito Valley, Inc., General Partner
                                   Roy B. Collins, President
                                   656 Fifth Avenue, Suite B
                                   San Diego, CA 92101
                                   Telephone:  (619) 232-6599
                                   Fax:  (619) 232-6592

     With copy to:                 Baker & McKenzie
                                   Clark H. Libenson, Esq.
                                   101 West Broadway, 12th Floor
                                   San Diego, CA 92101
                                   Telephone:  (619) 235-7778
                                   Fax:  (619) 236-0429

     If to Assignee, to:           IDEC Pharmaceuticals Corporation
                                   3030 Callan Road
                                   San Diego, CA 92121
                                   Attn:    Mr. Phillip Schneider and Corporate
                                            Secretary
                                   Telephone:  (858) 431-8500
                                   Fax:  (858) 431-8887

                                   EXHIBIT "I"
                                       -2-
<Page>

                                                          CONFIDENTIAL TREATMENT

     With copy to:                 Allen Matkins Leck Gamble & Mallory LLP
                                   501 West Broadway, Ninth Floor
                                   San Diego, CA 92101
                                   Attn:  Ellen B. Spellman, Esq.
                                   Telephone:  (619) 233-1155
                                   Fax:  (619) 233 1158

     If to Escrow Agent, to:       Chicago Title Company
                                   925 "B" Street
                                   San Diego, CA 92101
                                   Attn:  Ms. Shelva Molm
                                   Telephone:  (619) 544-6250
                                   Fax:  (619) 544-6229

     Either party may change its address for notice by delivering written notice
to the other party as provided herein.

            (d)    SUCCESSORS. This Assignment shall be binding on and inure to
the benefit of the parties and their respective heirs, legal representatives,
successors, and assigns.

                                   EXHIBIT "I"
                                       -3-
<Page>

                                                          CONFIDENTIAL TREATMENT

     IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment to
be effective as of the Effective Date set forth above.

     "ASSIGNOR"               SAN DIEGUITO PARTNERSHIP, L.P.,
                              a California limited liability company

                              By:  San Dieguito Valley, Inc.,
                                   a California corporation, General Partner

                                   By:
                                       -----------------------------------------
                                       Roy B. Collins, President

                              SAN DIEGUITO VALLEY, L.P.,
                              a California corporation, General Partner

                              By:  San Dieguito Valley, Inc.,
                                   a California corporation, General Partner

                                   By:
                                      ------------------------------------------
                                      Roy B. Collins, President

                              JOHN R. BENSON AND BARBARA B. MEYER
                              Co-Trustees of the Henrietta Benson Trust UDT
                              1/30/67

                                   ---------------------------------------------
                                   John R. Benson, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   ---------------------------------------------
                                   Barbara B. Meyer, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              JOHN V. HANNON AND MARGARET E.
                              HANNON, Co-Trustees of the John V. Hannon
                              Living Trust UDT 1/26/95

                                   ---------------------------------------------
                                   John V. Hannon, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   ---------------------------------------------
                                   Margaret E. Hannon, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                                   EXHIBIT "I"
                                       -4-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              JOSEPH S. HANNON AND MATTIE SUE HANNON,
                              Co-Trustees of the Joseph S. Hannon Living
                              Trust UDT 8/8/95

                                   -----------------------------------------
                                   Joseph S. Hannon, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   -----------------------------------------
                                   Mattie Sue Hannon, by Archie T. Wright
                                   III, as her Attorney-in-Fact

                              MARY S. BAKER, Trustee of the Mary S. Baker
                              Living Trust UDT 5/14/92

                                   -----------------------------------------
                                   Mary S. Baker, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              GUSTAF O. ARRHENIUS AND JENNY L. ARRHENIUS,
                              Co-Trustees of the Arrhenius Family Trust UDT
                              10/11/79

                                   -----------------------------------------
                                   Gustaf O. Arrhenius, by Archie T. Wright
                                   III, as his Attorney-in-Fact

                                   -----------------------------------------
                                   Jenny L. Arrhenius, by Archie T. Wright
                                   III, as her Attorney-in-Fact

                              PIA BARONE, a married woman

                                   -----------------------------------------
                                   Pia Barone, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                                   EXHIBIT "I"
                                       -5-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              LOUIS J. PETERSON AND AGNES F. PETERSON,
                              Co-Trustees of the Louis J. Peterson and
                              Agnes F. Peterson Revocable Trust UDT 4/5/96

                                   -----------------------------------------
                                   Louis J. Peterson, by Archie T. Wright
                                   III, as his Attorney-in-Fact

                                   -----------------------------------------
                                   Agnes F. Peterson, by Archie T. Wright
                                   III, as her Attorney-in-Fact

                              REVELLE FAMILY REAL ESTATE LIMITED LIABILITY
                              COMPANY, a Delaware limited liability company

                              By:
                                   -----------------------------------------
                                   William R. Revelle, by Archie T. Wright
                                   III, as his Attorney-in-Fact
                                   Its: Managing Member

"ASSIGNEE"

                              IDEC PHARMACEUTICALS CORPORATION,
                              a Delaware corporation

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

                                   EXHIBIT "I"
                                       -6-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                   EXHIBIT "J"

                               PROPERTY DOCUMENTS

     A.     Aerial Photograph

     B.     Vesting Tentative Map No. 99-0034

-    Resolution R-292054 adopted by San Diego City Council on August 3, 1999

     C.     Planned Industrial Development/Resource Protection Ordinance Permit
            No. 99-0034

-    Resolution R-292055 adopted by San  Diego City Council on August 3, 1999

     D.     Ordinance O-18677 approving zone change from R-1-5 to Scientific
            Research (SR) adopted by San Diego City Council on September 14,
            1999

     E.     Certification of Mitigated Negative Declaration DEP 99-0034

-    Resolution R-292053 adopted by San  Diego City Council on August 3, 1999

     F.     Planned Industrial Permit recorded March 17, 2000

     G.     Design Guidelines dated June 28, 1999

     H.     California Coastal Commission Amendment 6-98-154-A1 dated November
            1, 1999 (Implementation of 0.90 acre wetland creation and
            enhancement)

     I.     Non-Exclusive Mitigation Easement recorded November 4, 1999, as
            amended and restated and recorded on December 14, 2000

     J.     Preliminary Title Report (with printed exceptions)
            Prepared by Chicago Title Company
            Order No. 13048042-U16
            April 17, 2001

     K.     Geotechnical Report
            Prepared by Robert Prater Associates
            February 28, 1999

     L.     Phase I Report
            Prepared by Robert Prater Associates
            January 29, 1999

                                   EXHIBIT "J"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

     M.     Mitigated Negative Declaration & Technical Appendices (DEP 99-0034)
            Prepared by RECON
            Final Report June 30, 1999
            Wetland Delineation Report

-    Biological Resources Survey

-    Cultural Resource Survey

-    Conceptual Wetland Habitat Restoration Plan

-    Quino Checkerspot Butterfly Flight Survey Report

-    Noise Technical Report

     N.     Traffic Impact Analysis
            Prepared by Kimley Horn Associates
            May 19, 1999

     O.     Water Study
            Prepared by Powell & Associates
            September 10, 1999

     P.     Department of Fish and Game
            Streambed Alteration Permit (Section 1603)
            Notification No. 5-217-99

     Q.     Settlement Agreement by and between the City of San Diego and the
            San Dieguito Partnership dated November 16, 1998

-    First Amendment to Settlement Agreement dated December 21, 1999

-    Letter Agreement by and between the City of San Diego and the San Dieguito
     Partnership dated December 21, 1999

     R.     Memorandum of Tenancy in Common Agreement dated March 27, 2000;
            recorded March 31, 2000

     S.     Memorandum to Prospective Purchasers dated March 15, 2001

     T.     License Agreement by and between San Dieguito Partnership as
            Licensor and La Jolla Crossroads 1, LLC (Garden Communities) as
            Licensee dated January 26, 2001, as amended April 6, 2001

     U.     Listing of Consultants

                                   EXHIBIT "J"
                                       -2-
<Page>

                                                          CONFIDENTIAL TREATMENT

ROLLED DRAWINGS

     1.     Approved Vesting Tentative Map No. 99-0034
            Prepared by Rick Engineering

     2.     Plans for Mass Grading of the Nobel Research Park and Improvement of
            Judicial Drive pursuant to private contract No. J-13360B dated
            December 14, 2000

     3.     ALTA Survey dated June 7, 2001
            Prepared by Rick Engineering

                                   EXHIBIT "J"
                                       -3-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                    EXHIBIT K

                                    AFFIDAVIT

                   [Non-Foreign Affidavit Pursuant to FIRPTA]

SELLER:
         -------------------------------------------

BUYER:
         -------------------------------------------

PROPERTY:
          ------------------------------------------

ESCROW NO:
           -----------------------------------------

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

------------------------------------ ("Seller"), hereby certifies the following:

     1.     Seller is the owner of the Property identified above. No other
person or entity has an ownership interest in the Property.

     2.     Seller is not a foreign person and is a "United States Person" as
such term is defined in Section 7701(a)(30) of the Internal Revenue Code, as
amended (the "Code").

     3.     Seller's U.S. Tax Identification Number is: ______________________.
Seller's business address is:

     4.     This Affidavit is provided pursuant to Section 1445 of the Code
which requires a transferor of a U.S. real property interest to withhold tax if
the transferee is a foreign person. Seller understands that the purchaser of the
Property intends to rely on this Affidavit in connection with the United States
Foreign Investment and Real Property Tax Act (FIRPTA).

     The undersigned hereby declares under penalty of perjury that the foregoing
is true and correct.

DATED:                                        SELLER:
      ------------------
                                              ---------------------------------

                                              By:
                                                  -----------------------------
                                              Title:
                                                     --------------------------

                                   EXHIBIT "K"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                    EXHIBIT L

<Table>
<Caption>
   YEAR      WITHHOLDING EXEMPTION CERTIFICATE AND                                        CALIFORNIA FORM
   2000      NONRESIDENT WAIVER REQUEST FOR REAL ESTATE SALES                                  597-W
===========================================================================================================

<S>                                            <C>                                            <C>
PART I                                         SELLER'S INFORMATION
-----------------------------------------------------------------------------------------------------------
Name                                           Social Security Number/California corporation No./FEIN

-----------------------------------------------------------------------------------------------------------
Street address                                                                                PMB no.

-----------------------------------------------------------------------------------------------------------
City, State, ZIP Code                                              Phone Number               Ownership
                                                                                              Percentage
-----------------------------------------------------------------------------------------------------------
Property Address (if no street address, provide parcel number and county)

-----------------------------------------------------------------------------------------------------------
                                               BUYER'S INFORMATION

-----------------------------------------------------------------------------------------------------------
Name                                           Social Security Number/California corporation No./FEIN

-----------------------------------------------------------------------------------------------------------
Street address                                                                                PMB no.

-----------------------------------------------------------------------------------------------------------
City, State, ZIP Code                                              Phone Number

-----------------------------------------------------------------------------------------------------------
</Table>

If there is more than on seller, attached a separate sheet listing additional
seller's information.

Read the following and check the boxes as they apply to the seller (see General
Information C. Exemptions from Withholding (Part I) for definitions and details
for each area):

<Table>
 <S>                                                                                                             <C>    <C>
                                                                                                                 YES    NO
  1. Is the total sales price of this property $100,000 or less?...............................................  / /    / /
  2. Are you a resident of California?.........................................................................  / /    / /
  3  Does the property being sold qualify as your principal residence?.........................................  / /    / /
  4. Are you a corporation registered in California or that has a permanent place of business in California?...  / /    / /
  5. Are you a partnership or a limited liability company with recorded title to the
     property in the name of the partnership or limited liability company?.....................................  / /    / /
  6. Are you a tax-exempt entity?..............................................................................  / /    / /
  7. Are you an irrevocable trust with at least one trustee who is a California resident?......................  / /    / /
  8. Are you an estate where the decedent was a California resident at the time of death?......................  / /    / /
  9. Are you a bank or a bank acting as a fiduciary for a trust?...............................................  / /    / /
 10. Are you an irrevocable trust with at least one trustee who is a California resident?......................  / /    / /
</Table>

Under penalties of perjury, I hereby certify that the information provided above
is, to the best of my knowledge, true and correct, If conditions change, I will
promptly inform the withholding agent. I understand that completing this form
does NOT exempt me from filing a California income tax return to report this
sale.

Seller's Signature _______________________________   Date: _____________________

If you answered "YES" to ANY of the above questions, STOP HERE. You are exempt
from the nonresident withholding requirements. Provide this form to your escrow
company or the buyer (withholding agent). If you answered "NO" to ALL of the
above questions, you are subject to the nonresident withholding requirements.
The required withholding is 3?% of the total sales price. Do you believe that
your estimated tax liability from the sale of this property will be less than
the required withholding amount?

     / /  Yes.   Complete the WAIVER REQUEST Section on Side 2 and send this
                 form to the Franchise Tax Board
     / /  No.    STOP HERE. Your escrow person will withhold 3?% of the
                 total sales price and sent it to the Franchise Tax Board on
                 your behalf. Obtain the seller's copy of Form 597, Nonresident
                 Withholding Tax Statement for Real Estate Sales, to attach to
                 your California income tax return when you file and claim the
                 withholding amount.

<Table>
<S>                                             <C>             <C>                     <C>
------------------------------------------                     --------------------------------
For Privacy Act Notice, get form FTB 1131.      597W99109       Form 597-W (NEW 1999)   Page 1
</Table>

                                   EXHIBIT "L"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

================================================================================
NONRESIDENT WITHHOLDING WAIVER REQUEST

State in detail your reason for requesting a withholding waiver or reduced
withholding. Attach additional sheets if needed. The Franchise Tax Board (FTB)
cannot make a determination on your request unless you provide all required
information and documentation. See instructions.

<Table>
<Caption>
--------------------------------------------------------------------------------------------------------------------------------
PART II               SELLER'S INFORMATION                                              ESCROW INFORMATION
--------------------------------------------------------------------------------------------------------------------------------
<S>                              <C>                                      <C>
Date Seller Acquired:                                                     Name and Address of Escrow Company:

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

Seller Acquired Property By (check one):

/ / Purchase / / Inheritance     / / Foreclosure/Repossession
/ / Gift     / / 1031 Exchange       call (888) 972-4900 U.S. toll-free
                                     or (916) 845-4900

                                     / / Other
                                               ------------------
-------------------------------------------------------------------------
Use of Property at time of sale:     Length of time Used for this purpose
/ /  Rental/Commercial
/ /  Secondary/Vacation home         Years __________   Months __________ Name of Escrow Officer     Escrow Number:
/ /  Other (attach explanation)
------------------------------------------------------------------------- -------------------------------------------------------
Seller's Adjusted Basis:                                                  Escrow Telephone Number    Escrow FAX Number:
     Purchase Price     $
                         -----------------------
     Add: Improvements
                         -----------------------
     Less: Depreciation                                                   -------------------------------------------------------
                         -----------------------                          Contract Price (total sales price):  Estimated Close of
     Adjusted Basis     $                                                                                      Escrow Date:
                         -----------------------
PROVIDE ALL REQUIRED DOCUMENTATION LISTED IN THE INSTRUCTIONS. ATTACH ANY OTHER
DOCUMENTS NECESSARY TO VERIFY THE ADJUSTED BASIS.
------------------------------------------------------------------ --------------------------------------------------------------
</Table>

<Table>
<S>                                             <C>
------------------------------------------                     --------------------------------
Page 2  Form 597-W (NEW 1999)                   597W99209
</Table>

                                   EXHIBIT "L"
                                       -2-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                    EXHIBIT M

RECORDING REQUESTED BY

AND WHEN RECORDED MAIL TO:

IDEC PHARMACEUTICALS CORPORATION
3030 Callan Road
San Diego, CA 92121

Attention:  Mr. Phillip Schneider

-------------------------------------------------------------------------------
                                                (Space Above For Recorder's Use)

                             ASSIGNMENT OF EASEMENTS

     This Assignment of Easements ("Assignment") is entered into by and between
San Dieguito Valley, Inc., a California corporation ("Assignor"), and IDEC
Pharmaceuticals Corporation, a Delaware corporation ("Assignee"), effective as
of _______________, 2001 (the "Effective Date"), with reference to the following
facts and intentions:

                                R E C I T A L S :

     A.     Pursuant to that certain Amended and Restated Grant of Easements,
dated October 21, 1999, by and between San Dieguito Partnership, L.P., a
California limited partnership, as to an undivided 98.0927675% interest, and the
Revelle Family Real Estate LLC, a Delaware limited liability company, as to an
undivided 1.9072325% interest, as Grantor, and Assignor, as Grantee, and
recorded with the Official Records of San Diego County, on December 15, 2000, as
Document No. 2000-0683653 (the "Grant of Easements"), Assignor acquired and is
the holder of those certain easements more particularly described and referred
to in the Grant of Easements as the Maintenance Easement and Access Easement
(herein the "Easements").

     B.     Pursuant to that certain Purchase and Sale Agreement and Escrow
Instructions, dated July ___, 2001, by and between Assignor, as Seller, and
Assignee, as Buyer, Assignee has purchased from Assignor that certain real
property located in the City and County of San Diego, commonly referred to as
the "Nobel Research Park" and more particularly described in Exhibit "A"
attached hereto (the "Nobel Research Park").

     C.     As contemplated by the Grant of Easements, Assignor hereby desires
to assign, transfer and convey unto Assignee, as the owner of the Nobel Research
Park, all of Assignor's right, title and interest in, to and under the Grant of
Easements and the Easements.

     NOW THEREFORE, in consideration of the foregoing, the transactions
contemplated by the Purchase Agreement, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
Assignor and Assignee hereby agrees as follows:

                                   EXHIBIT "M"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

     1.     ASSIGNMENT. Assignor hereby assigns, transfers, conveys and sets
over to Assignee all of Assignor's right, title and interest in and to the Grant
of Easements and the Easements.

     2.     ASSUMPTION. Assignee hereby accepts the foregoing assignment and
agrees to assume and perform the obligations of Assignor under the Grant of
Easements and Easements arising from and after the Effective Date hereof.

     3.     FUTURE ASSIGNMENTS. As contemplated by the Grant of Easements,
Assignee hereby reserves the right to further assign its rights, duties and
obligations under the Grant of Easements and the Easements to future owners of
the Nobel Research Park or to any incorporated or unincorporated association
whose members constitute the members of the Nobel Research Park.

     4.     REPRESENTATIONS. Assignor has the legal power, right and authority
to execute this Assignment and consummate the transactions contemplated herein.
All requisite corporate action has been taken by Assignor to duly and validly
authorize Assignor's execution, delivery and performance of the Assignment and
the individual executing this Assignment on behalf of Assignor has been duly
authorized to execute the Assignment. The execution, delivery and performance of
this Assignment will not violate the terms and conditions of the organizational
documents of Assignor or the terms and conditions of any agreement or obligation
to which Assignor is a party or by which it is bound.

     IN WITNESS WHEREOF, the parties have caused this Assignment to be executed
as of the date first above written.

"ASSIGNOR"                                SAN DIEGUITO VALLEY, INC.,
                                          a California corporation

                                          By:
                                             -----------------------------------
                                             Roy B. Collins, President

"ASSIGNEE"                                IDEC PHARMACEUTICALS CORPORATION,
                                          a Delaware corporation

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

                                   EXHIBIT "M"
                                       -2-
<Page>

                                                          CONFIDENTIAL TREATMENT

STATE OF
           --------------------------
                                     )  ss
COUNTY OF                            )
           --------------------------

     On ________________________, before me, ________________________, a Notary
Public in and for said state, personally appeared _______________________,
personally known to me (or proved to me on the basis of satisfactory evidence)
to be the person whose name is subscribed to the within instrument and
acknowledged to me that he/she executed the same in his/her authorized capacity,
and that by his/her signature on the instrument, the person, or the entity upon
behalf of which the person acted, executed the instrument.

     WITNESS my hand and official seal.

                                          --------------------------------------
                                          Notary Public in and for said State
[SEAL]

STATE OF
           --------------------------
                                     )  ss
COUNTY OF                            )
           --------------------------

     On ________________________, before me, ________________________, a Notary
Public in and for said state, personally appeared _______________________,
personally known to me (or proved to me on the basis of satisfactory evidence)
to be the person whose name is subscribed to the within instrument and
acknowledged to me that he/she executed the same in his/her authorized capacity,
and that by his/her signature on the instrument, the person, or the entity upon
behalf of which the person acted, executed the instrument.

     WITNESS my hand and official seal.

                                          --------------------------------------
                                          Notary Public in and for said State
[SEAL]

                                   EXHIBIT "M"
                                       -3-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                    EXHIBIT N

                     REMAINING SETTLEMENT AGREEMENT ACTIONS

     The following are the only obligations remaining to be fulfilled by the
parties to the Settlement Agreement (as defined in the attached Purchase
Agreement):

CITY OBLIGATIONS:

SELLER OBLIGATIONS.

        (To be completed by Seller within 10 days from Opening of Escrow)

                                   EXHIBIT "N"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                    EXHIBIT O

                              ESTOPPEL CERTIFICATE

     This Estoppel Certificate ("Certificate") is executed as of this ____ day
of __________, 2001, by the City of San Diego, a municipal corporation (the
"City"), for the benefit of IDEC Pharmaceuticals Corporation, a Delaware
corporation ("IDEC") with reference to the following facts and intentions:

                                R E C I T A L S :

     A.     San Dieguito Partnership, L.P., a California limited partnership
("Partnership") and San Dieguito Valley, Inc., a California corporation ("SDV
Inc."), collectively as plaintiffs (herein collectively referred to as "SDP"),
and the City Council of the City and the City, collectively as defendants,
entered into that certain Settlement Agreement, dated as of November 16, 1998,
that certain First Amendment to Settlement Agreement, dated December 21, 1999,
and that certain Letter Agreement, dated as of December 21, 1999 (herein
collectively the "Settlement Agreement").

     B.     The Partnership and certain other persons and entities as owners in
co-tenancy (the "Seller") and IDEC are parties to that certain Purchase and Sale
Agreement and Escrow Instructions, dated as of July ___, 2001 (the "Purchase
Agreement"). Pursuant to the terms and subject to the conditions set forth in
the Purchase Agreement, IDEC is purchasing from the Seller that certain real
property located in the City and County of San Diego, California and described
and referred to in the Purchase Agreement and the Settlement Agreement as the
"Nobel Research Park" (the "Nobel Property").

     C.     Further pursuant to the terms and conditions of that certain
Assignment of Rights Under Settlement Agreement (the "Assignment"), SDP and
Seller have agreed to assign to IDEC, as of the closing of the escrow
established for the Purchase Agreement, all of their rights and interests and
the benefits under the Settlement Agreement pertaining to the Nobel Property.

     NOW THEREFORE, in consideration of the foregoing, and other good and
valuable consideration the receipt and sufficiency of which are hereby
acknowledged, the City hereby acknowledges, agrees, represents, warrants and
certifies to and for the benefit of IDEC as follows:

     1.     A true and correct copy of the Settlement Agreement is attached
hereto as Exhibit "A", is in full force and effect and has not been modified or
amended or supplemented, orally or in writing, except as otherwise set forth in
Exhibit "A" attached hereto;

     2.     Except as more particularly set forth on Exhibit "B" attached hereto
(Remaining Settlement Agreement Actions), all of the respective obligations and
conditions to such obligations of the City and SDP set forth in the Settlement
Agreement pertaining to the Nobel Property have been fully satisfied and
performed in accordance with the terms thereof;

                                   EXHIBIT "O"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

     3.     The City has no remaining rights under the Settlement Agreement to
acquire or reacquire any portion of the Nobel Property nor any interest therein;

     4.     Neither party to the Settlement Agreement has any right to rescind
any provisions contained in, or actions heretofore taken under, the Settlement
Agreement pertaining to the Nobel Property;

     5.     Neither party is in breach or default of its respective obligations
under the Settlement Agreement, and no event has occurred which, with notice or
lapse of time, would constitute a default under the Settlement Agreement;

     6.     The City acknowledges the assignment by SDP and Seller of their
rights and interests and the benefits under the Settlement Agreement with
respect to the Nobel Property to IDEC pursuant to the terms of the Assignment, a
copy of which has been furnished to the City;

     7.     The City reaffirms for the benefit of IDEC its covenants and
agreements to perform all of its remaining obligations under the Settlement
Agreement pertaining to the Nobel Property including, without limitation, those
set forth in Exhibit "B" attached hereto;

     8. All improvements described in Paragraph B(7) of the Letter Agreement
under the heading "City Agreements" are assured to the satisfaction of the City
Engineer;

     9. The City acknowledges that IDEC is purchasing the Nobel Property in
reliance upon this Certificate.

     IN WITNESS WHEREOF, this Certificate has been executed as of the date first
above written.

                                     CITY OF SAN DIEGO, a municipal corporation

                                     By:
                                        ---------------------------------------
APPROVED AS TO FORM AND
LEGALITY:

CASEY GWINN, CITY ATTORNEY

By:
   ------------------------------

                                   EXHIBIT "O"
                                       -2-
<Page>

CONFIDENTIAL TREATMENT REQUESTED                                   EXHIBIT 10.10

CONFIDENTIAL TREATMENT REQUESTED: PAGES WHERE CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED ARE MARKED "CONFIDENTIAL TREATMENT REQUESTED" AND APPROPRIATE
SECTIONS, WHERE TEXT HAS BEEN OMITTED, ARE NOTED WITH "[CONFIDENTIAL TREATMENT
REQUESTED]." AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION.

                 FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT
                             AND ESCROW INSTRUCTIONS

     This First Amendment to Purchase and Sale Agreement and Escrow Instructions
("Amendment"), is entered into and made effective as of August 17, 2001, by and
between San Dieguito Partnership, L.P., a California limited partnership, as to
an undivided 28.1083629% interest, together with the individuals and entities
described below under the signature block for Seller (herein collectively
"Seller"), and IDEC Pharmaceuticals Corporation, a Delaware corporation
("Buyer"), with reference to the following facts and intentions:

                                R E C I T A L S:

     A.     Seller and Buyer executed and delivered that certain Purchase and
Sale Agreement and Escrow Instructions, dated as of July 17, 2001 (the
"Agreement"), and have opened an escrow ("Escrow") with Chicago Title Company,
925 B Street, San Diego, California ("Escrow Agent"), Escrow No. 013048042 U44.
Capitalized terms used herein shall have the meanings ascribed to them in the
Agreement.

     B.     Title Insurer has delivered to Buyer its Commitment for Title
Insurance, dated as of August 6, 2001, for an ALTA Owner's 1970 Form B Policy in
the liability amount of [CONFIDENTIAL TREATMENT REQUESTED] (the "Commitment").

     C.     Seller has caused to be recorded upon the Property a Deed of Trust
dated and recorded August 2, 2001, as Instrument No. 2001-0545653 (the "Deed of
Trust") securing payment of three notes in the aggregate sum of [CONFIDENTIAL
TREATMENT REQUESTED] (the "Notes"). Escrow Agent has prepared, Buyer and Seller
have executed, and Seller has delivered to Escrow Agent the Pay-Off Documents
described in that certain Amendment to Escrow Instructions, dated August 13,
2001 related to the Notes and Deed of Trusts. That Amendment to Escrow
Instructions is incorporated into and made a part of the Agreement.

     D.     The parties desire to amend the Agreement in certain respects.

     NOW THEREFORE, in consideration of the foregoing and the mutual covenants
and conditions hereinafter set forth, the parties agree as follows:

                                       -1-
<Page>

                                                        CONFIDENTIAL TREATMENT

     1.     COMMITMENT. Seller and Buyer hereby approve the Commitment. Seller
hereby confirms its agreement to remove on or before the Closing as exceptions
to title to the Property the Deed of Trust and those matters described as
exception nos. 2, 3, 11, 14 and 15 of Schedule "B" of that certain Second
Amended Preliminary Report dated as of June 25, 2001. Seller also agrees to
deliver prior to the Closing those documents as necessary or required by Title
Company to satisfy the Requirements set forth in the Commitment.

     2.     DUE DILIGENCE PERIOD. Section 7.3 of the Agreement is hereby amended
to extend the Due Diligence Period to 5:00 p.m. Pacific Standard Time, August
24, 2001.

     3.     CLOSING DATE. The Closing Date is hereby extended to September 7,
2001.

     4.     NO OTHER AMENDMENTS. Except as amended hereby, the Agreement remains
in full force and effect.

     5.     EXECUTION. This Amendment may be executed in counterparts, each of
which when taken together shall constitute but one original. A counterpart
hereof shall be deemed executed and delivered if the signed document is
transmitted by facsimile so long as the signing party concurrently deposits the
original for delivery to the other party by first class mail, overnight
delivery, or personal delivery.

     IN WITNESS WHEREOF, the parties have caused this Amendment to be executed
as of the date and year first above written.

                              "SELLER"

                              SAN DIEGUITO PARTNERSHIP, L.P.,
                              a California limited liability company

                              By:  SAN DIEGUITO VALLEY, INC.,
                                   a California corporation, General Partner

                                   By:  /s/ Roy B. Collins
                                       -----------------------------------------
                                       Roy B. Collins, President

                                       -2-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              JOHN R. BENSON AND BARBARA B. MEYER,
                              Co-Trustees of the Henrietta Benson Trust UDT
                              1/30/67

                                   /s/ Archie T. Wright III
                                   -----------------------------------------
                                   John R. Benson, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   /s/ Archie T. Wright III
                                   ------------------------------------------
                                   Barbara B. Meyer, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              JOHN V. HANNON AND MARGARET E. HANNON,
                              Co-Trustees of the John V. Hannon Living Trust
                              UDT 1/26/95

                                   /s/ Archie T. Wright III
                                   -----------------------------------------
                                   John V. Hannon, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   /s/ Archie T. Wright III
                                   -----------------------------------------
                                   Margaret E. Hannon, by Archie T. Wright
                                   III, as her Attorney-in-Fact

                              JOSEPH S. HANNON AND MATTIE SUE HANNON,
                              Co-Trustees of the Joseph S. Hannon Living
                              Trust UDT 8/8/95

                                   /s/ Archie T. Wright III
                                   -----------------------------------------
                                   Joseph S. Hannon, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   /s/ Archie T. Wright III
                                   ------------------------------------------
                                   Mattie Sue Hannon, by Archie T. Wright
                                   III, as her Attorney-in-Fact

                              MARY S. BAKER, Trustee of the Mary S. Baker
                              Living Trust UDT 5/14/92

                                   /s/ Archie T. Wright III
                                   ------------------------------------------
                                   Mary S. Baker, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                                       -3-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              GUSTAF O. ARRHENIUS AND JENNY L. ARRHENIUS,
                              Co-Trustees of the Arrhenius Family Trust UDT
                              10/11/79

                                   /s/ Archie T. Wright III
                                   ------------------------------------------
                                   Gustaf O. Arrhenius, by Archie T. Wright
                                   III, as his Attorney-in-Fact

                                   /s/ Archie T. Wright III
                                   ------------------------------------------
                                   Jenny L. Arrhenius, by Archie T. Wright
                                   III, as her Attorney-in-Fact

                              PIA BARONE, a married woman

                                   /s/ Archie T. Wright III
                                   ------------------------------------------
                                   Pia Barone, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              LOUIS J. PETERSON AND AGNES F. PETERSON,
                              Co-Trustees of the Louis J. Peterson and
                              Agnes F. Peterson Revocable Trust UDT 4/5/96

                                   /s/ Archie T. Wright III
                                   -------------------------
                                   Louis J. Peterson, by Archie T. Wright
                                   III, as his Attorney-in-Fact

                                   /s/ Archie T. Wright III
                                   -------------------------
                                   Agnes F. Peterson, by Archie T. Wright
                                   III, as her Attorney-in-Fact

                              WILLIAM R. REVELLE, Trustee of the
                              William R. Revelle Trust UDT 4/28/89

                                   /s/ Archie T. Wright III
                                   ------------------------------------------
                                   William R. Revelle, by Archie T. Wright
                                   III, as his Attorney-in-Fact

                                       -4-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              REVELLE FAMILY REAL ESTATE LIMITED LIABILITY
                              COMPANY, a Delaware limited liability company

                                   By: /s/ Archie T. Wright III
                                       --------------------------------------
                                       William R. Revelle, by Archie T.
                                       Wright III, as his
                                       Attorney-in-Fact
                                       Its:   Managing Member

                              "BUYER"

                              IDEC PHARMACEUTICALS CORPORATION,
                              a Delaware corporation

                              By:  /s/ Phillip Schneider
                                   ------------------------------------------

                                       -5-
<Page>

CONFIDENTIAL TREATMENT REQUESTED                                  EXHIBIT 10.10

CONFIDENTIAL TREATMENT REQUESTED: PAGES WHERE CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED ARE MARKED "CONFIDENTIAL TREATMENT REQUESTED" AND APPROPRIATE
SECTIONS, WHERE TEXT HAS BEEN OMITTED, ARE NOTED WITH "[CONFIDENTIAL TREATMENT
REQUESTED]." AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION.

                 SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT
                             AND ESCROW INSTRUCTIONS

     This Second Amendment to Purchase and Sale Agreement and Escrow
Instructions ("Amendment"), is entered into and made effective as of August 24,
2001, by and between San Dieguito Partnership, L.P., a California limited
partnership, as to an undivided 28.1083629% interest, together with the
individuals and entities described below under the signature block for Seller
(herein collectively "Seller"), and IDEC Pharmaceuticals Corporation, a Delaware
corporation ("Buyer"), with reference to the following facts and intentions:

                                R E C I T A L S:

     A.     Seller and Buyer executed and delivered that certain Purchase and
Sale Agreement and Escrow Instructions, dated as of July 17, 2001, as amended by
that First Amendment to Purchase and Sale Agreement and Escrow Instructions,
dated as of August 17, 2001 (collectively the "Agreement"), and have opened an
escrow ("Escrow") with Chicago Title Company, 925 B Street, San Diego,
California ("Escrow Agent"), Escrow No. 013048042 U44. Capitalized terms used
herein shall have the meanings ascribed to them in the Agreement.

     B.     The parties desire to amend the Agreement in certain respects.

     NOW THEREFORE, in consideration of the foregoing and the mutual covenants
and conditions hereinafter set forth, the parties agree as follows:

     1.     DUE DILIGENCE PERIOD. Section 7.3 of the Agreement is hereby amended
to extend the Due Diligence Period to 5:00 p.m. Pacific Standard Time,
August 29, 2001.

     2.     NO OTHER AMENDMENTS. Except as amended hereby, the Agreement
remains in full force and effect.

     3.     EXECUTION. This Amendment may be executed in counterparts, each of
which when taken together shall constitute but one original. A counterpart
hereof shall be deemed executed and delivered if the signed document
is transmitted by facsimile so long as the signing party concurrently deposits
the original for delivery to the other party by first class mail, overnight
delivery, or personal delivery

                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

          IN WITNESS WHEREOF, the parties have caused this Amendment to be
executed as of the date and year first above written.

                              "SELLER"

                              SAN DIEGUITO PARTNERSHIP, L.P.,
                              a California limited liability company

                              By:  SAN DIEGUITO VALLEY, INC.,
                                   a California corporation, General Partner

                                   By: /s/ Roy B.Collins
                                       --------------------------------------
                                       Roy B.Collins, President

                              JOHN R. BENSON AND BARBARA B. MEYER,
                              Co-Trustees of the Henrietta Benson Trust UDT
                              1/30/67

                                   /s/  Archie T. Wright III
                                   ------------------------------------------
                                   John R. Benson, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   /s/  Archie T. Wright III
                                   ------------------------------------------
                                   Barbara B. Meyer, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              JOHN V. HANNON AND MARGARET E.
                              HANNON, Co-Trustees of the John V.Hannon
                              Living Trust UDT 1/26/95

                                   /s/  Archie T. Wright III
                                   ------------------------------------------
                                   John V. Hannon, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   /s/  Archie T. Wright III
                                   ------------------------------------------
                                   Margaret E. Hannon, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                                       -2-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              JOSEPH S. HANNON AND MATTIE SUE
                              HANNON, Co-Trustees of the Joseph S. Hannon
                              Living Trust UDT 8/8/95

                                   /s/  Archie T. Wright III
                                   ------------------------------------------
                                   Joseph S. Hannon, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   /s/  Archie T. Wright III
                                   ------------------------------------------
                                   Mattie Sue Hannon, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              MARY S. BAKER, Trustee of the Mary S. Baker
                              Living Trust UDT 5/14/92

                                   /s/  Archie T. Wright III
                                   ------------------------------------------
                                   Mary S. Baker, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                                       -3-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              GUSTAF O. ARRHENIUS AND JENNY L.
                              ARRHENIUS, Co-Trustees of the Arrhenius Family
                              Trust UDT 10/11/79

                                   /s/  Archie T. Wright III
                                   ------------------------------------------
                                   Gustaf O. Arrhenius, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   /s/  Archie T. Wright III
                                   ------------------------------------------
                                   Jenny L. Arrhenius, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              PIA BARONE, a married woman

                                   /s/  Archie T. Wright III
                                   ------------------------------------------
                                   Pia Barone, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              LOUIS J. PETERSON AND AGNES F.
                              PETERSON, Co-Trustees of the Louis J. Peterson
                              and Agnes F. Peterson Revocable Trust UDT 4/5/96

                                   /s/  Archie T. Wright III
                                   ------------------------------------------
                                   Louis J. Peterson, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   /s/  Archie T. Wright III
                                   ------------------------------------------
                                   Agnes F. Peterson, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              WILLIAM R. REVELLE, Trustee of the
                              William R. Revelle Trust UDT 4/28/89

                                   /s/  Archie T. Wright III
                                   ------------------------------------------
                                   William R. Revelle, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                       -4-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              REVELLE FAMILY REAL ESTATE LIMITED
                              LIABILITY COMPANY, a Delaware limited
                              liability company

                                   By: /s/  Archie T. Wright III
                                       --------------------------------------
                                       William R. Revelle, by Archie T. Wright
                                       III, as his Attorney-in-Fact
                                       Its:   Managing Member

                              "BUYER"

                              IDEC PHARMACEUTICALS CORPORATION,
                              a Delaware corporation

                              By:  /s/ Phillip Schneider
                                   ------------------------------------------

                                       -5-
<Page>

CONFIDENTIAL TREATMENT REQUESTED                                   EXHIBIT 10.10

CONFIDENTIAL TREATMENT REQUESTED: PAGES WHERE CONFIDENTIAL TREATMENT HAS BEEN
REQUESTED ARE MARKED "CONFIDENTIAL TREATMENT REQUESTED" AND APPROPRIATE
SECTIONS, WHERE TEXT HAS BEEN OMITTED, ARE NOTED WITH "[CONFIDENTIAL TREATMENT
REQUESTED]." AN UNREDACTED VERSION OF THIS DOCUMENT HAS BEEN FILED SEPARATELY
WITH THE SECURITIES AND EXCHANGE COMMISSION.

                 THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT
                             AND ESCROW INSTRUCTIONS

                              (Nobel Research Park)

     This Third Amendment to Purchase and Sale Agreement and Escrow Instructions
("Amendment") is entered into and made effective as of August 29, 2001, by and
between San Dieguito Partnership, L.P., a California limited partnership, and
the individuals and entities set forth in the signature block for Seller (herein
collectively the "Seller"), and IDEC Pharmaceuticals Corporation, a Delaware
corporation ("Buyer"), with reference to the following facts and intentions:

     A.     Seller and Buyer executed and delivered that certain Purchase and
Sale Agreement and Escrow Instructions, dated as of July 17, 2001, as amended by
that certain First Amendment to Purchase and Sale Agreement and Escrow
Instructions dated as of August 17, 2001, and that certain Second Amendment to
Purchase and Sale Agreement and Escrow Instructions, dated as of August 24, 2001
(herein collectively the "Agreement"). Capitalized terms used herein shall have
the meanings ascribed to them in the Agreement.

     B.     Seller and Buyer have opened Escrow with Escrow Agent, Escrow No.
13048042 U44, and this Amendment shall constitute additional escrow instructions
to Escrow Agent.

     C.     The parties desire to amend the Agreement in certain respects.

     NOW THEREFORE, in consideration of the foregoing and the mutual covenants
and conditions hereinafter set forth, the parties agree to amend the Agreement
as follows:

     1.     MITIGATION LAND. Seller acknowledges that Buyer has entered into an
agreement with The Environmental Trust, Inc. to acquire [CONFIDENTIAL TREATMENT
REQUESTED] environmental credits within the Wruck Canyon Conservation Bank to be
applied towards satisfaction of the mitigation land requirements imposed by the
City as a condition to the development of the Property. Buyer hereby waives the
condition set forth in Section 6.1.4 of the Agreement. Seller and Partnership
hereby release Buyer and its successors and assigns from any obligation or
responsibility to acquire the Mitigation Property. Seller and Partnership hereby
further agree to

                                       -1-
<Page>

                                                CONFIDENTIAL TREATMENT REQUESTED

release, indemnify and hold harmless Buyer and its successors and assigns, and,
contingent upon the Close of Escrow, release the City of San Diego from and
against any claim, liability, cause of action or expense, including attorneys'
fees, which Seller or the Partnership may have, or claim to have, arising from
the Mitigation Property not being acquired and used by Buyer, or not being
accepted by the City, towards satisfaction of the mitigation land requirement
for the Property.

     2.     CITY ESTOPPEL CERTIFICATE. As a condition to Buyer's obligations to
purchase the Property and consummate the Close of Escrow, there shall be
delivered to Buyer an Estoppel Certificate, substantially in the same form as
EXHIBIT "B" attached hereto (the "City Estoppel Certificate"), duly executed by
Seller. Buyer intends to request the City to execute the Estoppel Certificate
prior to the Closing, but execution by the City shall not be a condition to the
Closing.

     3.     SATISFACTION OF CONDITION. Buyer acknowledges that the condition
described in Sections 6.1.3 has been satisfied, subject to execution of this
Amendment and compliance with its terms.

     4.     REIMBURSABLES; TOTAL PURCHASE PRICE. Prior to Close of Escrow:
[CONFIDENTIAL TREATMENT REQUESTED].

     5.     NEW EXHIBIT "H." EXHIBIT "H" to the Agreement is hereby amended and
replaced with Exhibit "H" attached hereto.

     6.     SCHEDULE OF SELLERS. Schedule 1 to the Agreement is amended and
replaced with Schedule 1 attached hereto. William R. Revelle, Trustee of the
William R. Revelle Trust UDT 4/28/89, has recontributed to the Partnership its
undivided 4.2170532% interest in the Property.

     7.     ASSIGNMENT. Buyer may assign its rights, interests and obligations
under the Agreement to IDEC-Nobel Research Center, LLC, a Delaware limited
liability company, the sole member of which is IDEC Pharmaceuticals Corporation,
and Seller hereby consents to such assignment.

     8.     NO OTHER AMENDMENTS. Except as amended hereby, the Agreement remains
in full force and effect.

     9.     EXECUTION. This Amendment may be executed in counterparts, each of
which when taken together shall constitute one (1) original. A counterpart
hereof shall be deemed executed and delivered if the signed document is
transmitted by facsimile so long as the signing party concurrently deposits the
original for delivery to the other party by first class mail, overnight delivery
or personal delivery.

                                       -2-
<Page>

                                                          CONFIDENTIAL TREATMENT

     IN WITNESS WHEREOF, the parties have caused this Amendment to be executed
as of the date and year first above written.

                              "SELLER"

                              SAN DIEGUITO PARTNERSHIP, L.P.,
                              a California limited liability company

                              By:  SAN DIEGUITO VALLEY, INC.,
                                   a California corporation, General Partner

                              By:  /s/ Roy B. Collins
                                   -----------------------------------------
                                   Roy B. Collins, President

                              JOHN R. BENSON AND BARBARA B. MEYER,
                              Co-Trustees of the Henrietta Benson Trust UDT
                              1/30/67

                                   /s/ Archie T. Wright III
                                   -----------------------------------------
                                   John R. Benson, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   /s/ Archie T. Wright III
                                   ------------------------------------------
                                   Barbara B. Meyer, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              JOHN V. HANNON AND MARGARET E. HANNON,
                              Co-Trustees of the John V. Hannon Living Trust
                              UDT 1/26/95

                                   /s/ Archie T. Wright III
                                   -----------------------------------------
                                   John V. Hannon, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   /s/ Archie T. Wright III
                                   -----------------------------------------
                                   Margaret E. Hannon, by Archie T. Wright
                                   III, as her Attorney-in-Fact

                                       -3-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              JOSEPH S. HANNON AND MATTIE SUE HANNON,
                              Co-Trustees of the Joseph S. Hannon Living
                              Trust UDT 8/8/95

                                   /s/ Archie T. Wright III
                                   -----------------------------------------
                                   Joseph S. Hannon, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   /s/ Archie T. Wright III
                                   ------------------------------------------
                                   Mattie Sue Hannon, by Archie T. Wright
                                   III, as her Attorney-in-Fact

                              MARY S. BAKER, Trustee of the Mary S. Baker
                              Living Trust UDT 5/14/92

                                   /s/ Archie T. Wright III
                                   ------------------------------------------
                                   Mary S. Baker, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              GUSTAF O. ARRHENIUS AND JENNY L. ARRHENIUS,
                              Co-Trustees of the Arrhenius Family Trust UDT
                              10/11/79

                                   /s/ Archie T. Wright III
                                   ------------------------------------------
                                   Gustaf O. Arrhenius, by Archie T. Wright
                                   III, as his Attorney-in-Fact

                                   /s/ Archie T. Wright III
                                   ------------------------------------------
                                   Jenny L. Arrhenius, by Archie T. Wright
                                   III, as her Attorney-in-Fact

                              PIA BARONE, a married woman

                                   /s/ Archie T. Wright III
                                   ------------------------------------------
                                   Pia Barone, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                                       -4-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              LOUIS J. PETERSON AND AGNES F. PETERSON,
                              Co-Trustees of the Louis J. Peterson and
                              Agnes F. Peterson Revocable Trust UDT 4/5/96

                                   /s/ Archie T. Wright III
                                   ------------------------------------------
                                   Louis J. Peterson, by Archie T. Wright
                                   III, as his Attorney-in-Fact

                                   /s/ Archie T. Wright III
                                   ------------------------------------------
                                   Agnes F. Peterson, by Archie T. Wright
                                   III, as her Attorney-in-Fact

                              WILLIAM R. REVELLE, Trustee of the
                              William R. Revelle Trust UDT 4/28/89

                                   /s/ Archie T. Wright III
                                   ------------------------------------------
                                   William R. Revelle, by Archie T. Wright
                                   III, as his Attorney-in-Fact

                              REVELLE FAMILY REAL ESTATE LIMITED LIABILITY
                              COMPANY, a Delaware limited liability company

                                   By: /s/ Archie T. Wright III
                                       --------------------------------------
                                           William R. Revelle, by Archie T.
                                           Wright III, as his
                                           Attorney-in-Fact
                                           Its:   Managing Member

                              "BUYER"

                              IDEC PHARMACEUTICALS CORPORATION,
                              a Delaware corporation

                              By:  /s/ Phillip Schneider
                                   ------------------------------------------

                                       -5-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                    EXHIBIT A

                             (Intentionally Omitted)

                                   EXHIBIT "A"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                   EXHIBIT "B"

                              ESTOPPEL CERTIFICATE

     This Estoppel Certificate ("Certificate") is executed as of this ____ day
of __________, 2001, by the City of San Diego, a municipal corporation (the
"City"), for the benefit of IDEC Pharmaceuticals Corporation, a Delaware
corporation ("IDEC") with reference to the following facts and intentions:

                                R E C I T A L S:

     A.     San Dieguito Partnership, L.P., a California limited partnership
("Partnership") and San Dieguito Valley, Inc., a California corporation ("SDV
Inc."), collectively as plaintiffs (herein collectively referred to as "SDP"),
and the City Council of the City and the City, collectively as defendants,
entered into that certain Settlement Agreement, dated as of November 16, 1998,
that certain First Amendment to Settlement Agreement, dated December 21, 1999,
and that certain Letter Agreement, dated as of December 21, 1999 (herein
collectively the "Settlement Agreement").

     B.     The Partnership and certain other persons and entities as owners in
co-tenancy (the "Seller") and IDEC are parties to that certain Purchase and Sale
Agreement and Escrow Instructions, dated as of July 17, 2001 (the "Purchase
Agreement"). Pursuant to the terms and subject to the conditions set forth in
the Purchase Agreement, IDEC is purchasing from the Seller that certain real
property located in the City and County of San Diego, California and described
and referred to in the Purchase Agreement as the "Nobel Research Park" and in
the Settlement Agreement as the "Nobel Property"(the "Nobel Property").

     C.     Further pursuant to the terms and conditions of that certain
Assignment of Rights Under Settlement Agreement (the "Assignment"), SDP and
Seller have agreed to assign to IDEC, as of the closing of the escrow
established for the Purchase Agreement, all of their rights and interests and
the benefits under the Settlement Agreement pertaining to the Nobel Property.

     NOW THEREFORE, in consideration of the foregoing, and other good and
valuable consideration the receipt and sufficiency of which are hereby
acknowledged, the City hereby acknowledges, agrees, represents, warrants and
certifies to and for the benefit of IDEC as follows:

     1.     A true and correct copy of the Settlement Agreement is attached
hereto as Exhibit "A," is in full force and effect and has not been modified or
amended or supplemented, orally or in writing, except as otherwise set forth in
Exhibit "A" attached hereto.

     2.     All of the respective obligations of the City and SDP set forth in
the Settlement Agreement pertaining to the Nobel Property have been fully
satisfied and performed in accordance with the terms thereof, except for the
following City obligations under the Letter Agreement: (a) the obligations set
forth in Sections B(1) and B(3) of the Letter Agreement can only be fulfilled
when the final subdivision map for the Nobel Property is recorded; (b) any
obligation of City under Section B(2) has yet to be triggered, since formation
of a cost reimbursement district has not been requested; (c) the City has
complied with and is continuing to comply with Section B(4); and (d) the City
will issue a right of entry permit consistent with

                                   EXHIBIT "B"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

Section B(8) at the time consistent with City practices and applicable
regulations, and after an application therefor has been filed.

     3.     The City has no remaining rights under the Settlement Agreement to
acquire or reacquire any portion of the Nobel Property or any interest therein.

     4.     Neither party to the Settlement Agreement has any right to rescind
any provisions contained in, or actions heretofore taken under, the Settlement
Agreement pertaining to the Nobel Property.

     5.     To the City's knowledge, neither party is in breach or default of
its respective obligations under the Settlement Agreement, and no event has
occurred which, with notice or lapse of time, would constitute a default under
the Settlement Agreement.

     6.     The City acknowledges that SDP and Seller have the right to assign
their rights and interests and the benefits under the Settlement Agreement with
respect to the Nobel Property to IDEC or an affiliate pursuant to the terms of
the Assignment, a copy of which has been furnished to the City.

     7.     All improvements described in Paragraph B(7) of the Letter Agreement
under the heading "City Agreements" and, to the extent not otherwise fully
described therein, the extension of Miramar Road from I-805 to east of Eastgate
Mall are assured to the satisfaction of the City Engineer.

     8.     IDEC shall have the right to assign its right to acquire the Nobel
Property to an affiliate or other party, as permitted under the Purchase
Agreement, prior to the close of escrow. The City acknowledges that this
Certificate is intended to benefit, and may be relied upon, by IDEC, by any such
assignee, and by any lender providing financing for the purchase of the Nobel
Property.

     IN WITNESS WHEREOF, this Certificate has been executed as of the date first
above written.

                                      CITY OF SAN DIEGO, a municipal corporation

                                      By:
                                         ---------------------------------------

                                      Dated:  August ___, 2001

APPROVED AS TO FORM AND
LEGALITY:

CASEY GWINN, CITY ATTORNEY

By:
   ------------------------------

Dated:  August ___, 2001

                                   EXHIBIT "B"
                                       -2-
<Page>

                                                          CONFIDENTIAL TREATMENT

ACKNOWLEDGED AND AGREED:

     By executing this Certificate in the space provided below, the Partnership
and Seller under the Purchase Agreement hereby acknowledge, agree, represent,
warrant and certify, for the benefit of IDEC, any assignee of IDEC under the
Purchase Agreement, and the City:

     1.     The matters set forth in Sections 1 through 8 above are true and
correct.

     2.     Neither IDEC nor any assignee of IDEC under the Purchase Agreement
is required to acquire, cause the City to acquire or accept, or otherwise
utilize the 17 acres owned by the Partnership and described in Section B(3) of
the Letter Agreement ("Mitigation Property") as mitigation land for purposes of
satisfying conditions of City approval of development of the Nobel Property
which require the provision of mitigation land. The Partnership and Seller
hereby release the City, IDEC and any assignee of IDEC under the Purchase
Agreement from any claim, loss, liability or cause of action which the
Partnership and/or Seller may have, or claim to have, arising from the
Mitigation Property not being acquired by the Buyer or by City or not being
accepted by the City, or not being otherwise utilized for purposes of satisfying
mitigation land requirements for the Nobel Property.

     3.     The above certifications by the Partnership and Seller may be relied
upon by IDEC, by any assignee of IDEC as permitted under the Purchase Agreement,
by any lender providing financing for the purchase of the Nobel Property, and by
the City.

                              "SELLER"

                              SAN DIEGUITO PARTNERSHIP, L.P.,
                              a California limited liability company

                              By:  SAN DIEGUITO VALLEY, INC.,
                                   a California corporation, General Partner

                              By:
                                   -----------------------------------------
                                   Roy B. Collins, President

                              JOHN R. BENSON AND BARBARA B. MEYER,
                              Co-Trustees of the Henrietta Benson Trust UDT
                              1/30/67

                                   -----------------------------------------
                                   John R. Benson, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   ------------------------------------------
                                   Barbara B. Meyer, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                                   EXHIBIT "B"
                                       -3-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              JOHN V. HANNON AND MARGARET E. HANNON,
                              Co-Trustees of the John V. Hannon Living Trust
                              UDT 1/26/95

                                   -----------------------------------------
                                   John V. Hannon, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   -----------------------------------------
                                   Margaret E. Hannon, by Archie T. Wright
                                   III, as her Attorney-in-Fact

                              JOSEPH S. HANNON AND MATTIE SUE HANNON,
                              Co-Trustees of the Joseph S. Hannon Living
                              Trust UDT 8/8/95

                                   -----------------------------------------
                                   Joseph S. Hannon, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   ------------------------------------------
                                   Mattie Sue Hannon, by Archie T. Wright
                                   III, as her Attorney-in-Fact

                              MARY S. BAKER, Trustee of the Mary S. Baker
                              Living Trust UDT 5/14/92

                                   ------------------------------------------
                                   Mary S. Baker, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                                   EXHIBIT "B"
                                       -4-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              GUSTAF O. ARRHENIUS AND JENNY L. ARRHENIUS,
                              Co-Trustees of the Arrhenius Family Trust UDT
                              10/11/79

                                   --------------------------------------------
                                   Gustaf O. Arrhenius, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   --------------------------------------------
                                   Jenny L. Arrhenius, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              PIA BARONE, a married woman

                                   ------------------------------------------
                                   Pia Barone, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              LOUIS J. PETERSON AND AGNES F. PETERSON,
                              Co-Trustees of the Louis J. Peterson and
                              Agnes F. Peterson Revocable Trust UDT 4/5/96

                                   -------------------------------------------
                                   Louis J. Peterson, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   -------------------------------------------
                                   Agnes F. Peterson, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              WILLIAM R. REVELLE, Trustee of the
                              William R. Revelle Trust UDT 4/28/89

                                   --------------------------------------------
                                   William R. Revelle, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   EXHIBIT "B"
                                       -5-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              REVELLE FAMILY REAL ESTATE LIMITED
                              LIABILITY COMPANY, a Delaware limited
                              liability company

                                By:
                                   ----------------------------------------
                                   William R. Revelle, by Archie T. Wright III,
                                   as his Attorney-in-Fact
                                   Its:  Managing Member

                                   EXHIBIT "B"
                                       -6-
<Page>

                                                CONFIDENTIAL TREATMENT REQUESTED

                                   EXHIBIT "C"

                              REIMBURSABLE AMOUNTS

                                                                REQUESTED
NOBEL RESEARCH PARK ENGINEERING                                 REIMBURSEMENT

      [CONFIDENTIAL TREATMENT REQUESTED]

                                   EXHIBIT "C"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                   EXHIBIT "H"

                                    (REVISED)

                     ASSIGNMENT AND ASSUMPTION OF CONTRACTS

     This ASSIGNMENT AND ASSUMPTION OF CONTRACTS ("Assignment"), effective on
______________, 2001 ("Effective Date"), is executed by SAN DIEGUITO
PARTNERSHIP, L.P., a California limited partnership, and those other persons and
entities set forth below ("Assignor"), and IDEC PHARMACEUTICALS CORPORATION, a
Delaware corporation ("Assignee"), with reference to the following facts:

                                R E C I T A L S:

     A.     Pursuant to that certain Purchase and Sale Agreement and Escrow
Instructions ("Purchase Agreement") dated July 17, 2001, as amended, Assignor
has contracted to sell and Assignee has contracted to purchase certain real
property more particularly described in Exhibit "A" attached to the Purchase
Agreement ("Property").

     A.     Pursuant to the Purchase Agreement, Assignor has agreed to transfer
and assign, and Assignee has agreed to assume, certain contractual obligations
of Assignor relating to the Property.

                               A G R E E M E N T:

     NOW, THEREFORE, in consideration of the mutual covenants set forth in the
Purchase Agreement and the mutual covenants set forth herein, and for other
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

     1.     ASSIGNMENT OF CONTRACTS. Assignor hereby assigns and transfers to
Assignee all of Assignor's right, title and interest in and to the contracts
listed on Exhibit "1" attached hereto and made a part hereof ("Assigned
Contracts"). This assignment includes the rights and interests of Assignor to
any and all guarantees and warranties expressly set forth or otherwise arising
under or with respect to the Assigned Contracts.

     2.     ASSUMPTION OF CONTRACTS. Assignee hereby accepts said assignment,
expressly assumes Assignor's obligations only under the Rick Engineering -
Judicial Drive Contract and the Leslie Farms Contract set forth on Exhibit 1
(the "Assumed Contracts") and agrees to be bound by the terms, conditions and
covenants thereof, and agrees to perform all the obligations imposed on Assignor
under the Assumed Contracts arising on or after the Effective Date.

     3.     EFFECTIVE DATE. The assignment and assumption shall take effect on
the Effective Date first set forth above, which is the date of recordation of
the grant deed transferring the Real Property from Assignor to Assignee.

     4.     PAYMENT. Assignor represents and warrants that, as of the Effective
Date, all sums due and payable by Assignor under the Assigned Contracts for work
and services performed or materials delivered prior to the Effective Date have
been paid in full.

                                   EXHIBIT "H"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

     5.     INDEMNITY. Assignee shall indemnify, protect, hold harmless and
defend (by counsel reasonably approved by Assignor) Assignor from and against
any and all losses, liabilities, claims, demands, damages, costs or other
expenses, including reasonable attorneys' fees, arising from or relating to any
breach or default or obligation under the Assumed Contracts occurring on or
after the Effective Date and with respect to any additional work or services
Assignee may request be performed under any of the Assigned Contracts from and
after the Effective Date. Assignor shall indemnify, protect, hold harmless and
defend (by counsel reasonably approved by Assignee) Assignee from and against
any and all losses, liabilities, claims, demands, damages, costs or other
expenses, including reasonable attorneys' fees, arising from or relating to any
breach or default or obligation under the Assigned Contracts occurring prior to
the Effective Date.

     6. GENERAL PROVISIONS.

     (a)    ATTORNEYS' FEES. In the event of any legal action or proceeding
between the parties arising out of this Assignment, the losing party shall pay
the prevailing party's legal costs and expenses, including, but not limited to,
reasonable attorneys' fees as determined by the court.

     (b)    ASSIGNMENT/SUCCESSORS. This Assignment shall inure to the benefit of
and be binding upon the parties and their respective legal representatives,
heirs, successors and assigns, including any nominee or assignee of Assignee
under the Purchase Agreement.

     (c)    AUTHORITY. Each party represents and warrants that it has full power
and authority to execute and fully perform its obligations under this Assignment
pursuant to its governing instruments, without the need for any further action,
and that the person(s) executing this Assignment on behalf of such party are
duly designated agents and are authorized to do so.

     (d)    COUNTERPARTS. This Assignment may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which shall
constitute one and the same agreement after each party has executed such a
counterpart.

     (e)    GOVERNING LAW. This Assignment shall be governed, construed and
enforced in accordance with the laws of the State of California.

     (f)    NOTICE. Notice to either party shall be in writing, addressed to the
party to be notified at the address specified herein, and either (1) personally
delivered, or (2) sent by a recognized national overnight courier service such
as Airborne, Federal Express or Purolator which provides a receipt upon
delivery, or (3) sent by registered or certified first-class U.S. mail, postage
prepaid, return receipt requested. Any such notice shall be deemed received on
the date of receipt if personally delivered, or on the date of delivery
evidenced by the receipt provided by the courier service or the registered or
certified mail receipt, as the case may be.

                                   EXHIBIT "H"
                                       -2-
<Page>

                                                          CONFIDENTIAL TREATMENT

     If to Assignor, to:              San Dieguito Partnership, LP
                                      San Dieguito Valley, Inc., General Partner
                                      Roy B. Collins, President
                                      656 Fifth Avenue, Suite B
                                      San Diego, CA 92101
                                      Telephone: (619) 232-6599
                                      Fax:  (619) 232-6592

     With copy to:                    Baker & McKenzie
                                      Clark H. Libenson, Esq.
                                      101 West Broadway, 12th Floor
                                      San Diego, CA 92101
                                      Telephone:  (619) 235-7778
                                      Fax:  (619) 236-0429

     If to Assignee, to:              IDEC Pharmaceuticals Corporation
                                      3030 Callan Road
                                      San Diego, CA 92121
                                      Attn: Mr. Phillip Schneider and Corporate
                                            Secretary
                                      Telephone:  (858) 431-8500
                                      Fax:  (858) 431-8887

     With copy to:                    Allen Matkins Leck Gamble & Mallory LLP
                                      501 West Broadway, Ninth Floor
                                      San Diego, CA 92101
                                      Attn:  Ellen B. Spellman, Esq.
                                      Telephone:  (619) 233-1155
                                      Fax:  (619) 233 1158

     If to Escrow Agent, to:          Chicago Title Company
                                      925 "B" Street
                                      San Diego, CA 92101
                                      Attn:  Ms. Shelva Molm
                                      Telephone:  (619) 544-6250
                                      Fax:  (619) 544-6229

Either party may change its address for notice by delivering written notice
to the other party as provided herein.

                        [Signatures Appear on Next Page]

                                   EXHIBIT "H"
                                       -3-
<Page>

                                                          CONFIDENTIAL TREATMENT

     IN WITNESS WHEREOF, the parties have executed this Assignment and
Assumption of Contracts to be effective on the Effective Date first set forth
above.

                              "ASSIGNOR"

                              SAN DIEGUITO PARTNERSHIP, L.P.,
                              a California limited liability company

                              By:  SAN DIEGUITO VALLEY, INC.,
                                   a California corporation, General Partner

                                   By:
                                       --------------------------------------
                                       Roy B. Collins, President

                              JOHN R. BENSON AND BARBARA B. MEYER,
                              Co-Trustees of the Henrietta Benson Trust UDT
                              1/30/67

                                   -----------------------------------------
                                   John R. Benson, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   ------------------------------------------
                                   Barbara B. Meyer, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              JOHN V. HANNON AND MARGARET E. HANNON,
                              Co-Trustees of the John V. Hannon Living Trust
                              UDT 1/26/95

                                   -----------------------------------------
                                   John V. Hannon, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   --------------------------------------------
                                   Margaret E. Hannon, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                                   EXHIBIT "H"
                                       -4-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              JOSEPH S. HANNON AND MATTIE SUE HANNON,
                              Co-Trustees of the Joseph S. Hannon Living
                              Trust UDT 8/8/95

                                   -----------------------------------------
                                   Joseph S. Hannon, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   ------------------------------------------
                                   Mattie Sue Hannon, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              MARY S. BAKER, Trustee of the Mary S. Baker
                              Living Trust UDT 5/14/92

                                   ------------------------------------------
                                   Mary S. Baker, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              GUSTAF O. ARRHENIUS AND JENNY L. ARRHENIUS,
                              Co-Trustees of the Arrhenius Family Trust UDT
                              10/11/79

                                   ------------------------------------------
                                   Gustaf O. Arrhenius, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   ------------------------------------------
                                   Jenny L. Arrhenius, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              PIA BARONE, a married woman

                                   ------------------------------------------
                                   Pia Barone, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                                   EXHIBIT "H"
                                       -5-
<Page>

                                                          CONFIDENTIAL TREATMENT

                              LOUIS J. PETERSON AND AGNES F. PETERSON,
                              Co-Trustees of the Louis J. Peterson and
                              Agnes F. Peterson Revocable Trust UDT 4/5/96

                                   ------------------------------------------
                                   Louis J. Peterson, by Archie T. Wright III,
                                   as his Attorney-in-Fact

                                   ------------------------------------------
                                   Agnes F. Peterson, by Archie T. Wright III,
                                   as her Attorney-in-Fact

                              REVELLE FAMILY REAL ESTATE LIMITED LIABILITY
                              COMPANY, a Delaware limited liability company

                                   By:
                                       --------------------------------------
                                       William R. Revelle, by Archie T.
                                       Wright III, as his
                                       Attorney-in-Fact
                                       Its:   Managing Member

                              "ASSIGNEE"

                              IDEC PHARMACEUTICALS CORPORATION,
                              a Delaware corporation

                              By:
                                  -------------------------------------------

                                   EXHIBIT "H"
                                       -6-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                    EXHIBIT I

-    Contract by and between RECON Environmental, Inc. ("RECON") and San
     Dieguito Partnership, L.P. ("SDP"), dated September 17, 1998, as RECON No.
     3086, modified as follows:

     --   Change Order Agreement dated January 3, 2001 with respect to
          implementation and monitoring of the Gonzalez Canyon Wetland
          mitigation/restoration (RECON No. 3068), as modified by that certain
          Change Order Agreement dated August 30, 2001 deleting from the scope
          of the original contract as amended all maintenance and monitoring
          services [to be included in a new separate contract with IDEC].

-    Contract by and between Construction Fence Company and SDP, dated August
     28, 2001, for installation of a six-foot chain link fence and two gates at
     perimeter of Gonzales Canyon wetland restoration area as specified by
     project biologist.

-    Contract by and between Rick Engineering Company and SDP, dated December
     14, 2000, for work pertaining to Nobel Research Park and construction of
     Judicial Drive and utilities (the "Rick Engineering - Judicial Drive
     Contract").

-    Unwritten Agreement between Rick Engineering Company and SDP for
     preparation of ALTA/ACSM Survey of the Nobel Research Park property (ALTA
     Survey Job No. 13360-C).

-    Unwritten Agreement between Rick Engineering Company and SDP concerning
     preparation of engineering drawings and coordination of installation of
     wet/dry utilities in Nobel Drive (Job No. 13360-0).

-    Short Form Standard Subcontract dated July 27, 2000, between SDP and FCI
     Constructors, Inc. for installation of utilities servicing Nobel Research
     Park.

-    Short Form Standard Subcontract dated May 15, 2000, between SDP and FCI
     Constructors, Inc. for installation of water line at Nobel Drive extension.

-    Contract between SDP and Utility Specialists Southwest, Inc. dated March
     22, 1999 regarding installation of wet and dry utilities in Nobel Drive
     extension to service the Nobel Research Park.

-    Agreement for Extension and Construction of Underground Electric and Gas
     Facilities, dated April 28, 2000, between SDP and San Diego Gas & Electric
     Company for installation of underground electric and gas service to the
     Nobel Research Park.

-    Letter Agreement between SDP and Leslie Farms, Inc., dated September 5,
     2001 ("Leslie Farms Contract") for the installation of a two-inch PVC water
     line and four months of irrigation water supply to the Gonzalez Canyon
     wetland restoration area.

                                   EXHIBIT "I"
                                       -1-
<Page>

                                                          CONFIDENTIAL TREATMENT

                                  SCHEDULE "1"

                          Nobel Research Park Ownership
                           APN: 345-010-45; 345-011-25

     September 6, 2001

<Table>
<S>                                                                  <C>
SUPERVISING CO-TENANT:

     SAN DIEGUITO PARTNERSHIP                                         32.3254161%

CO-TENANTS:

Revelle Family Real Estate LLC, a Delaware limited                     2.3484071%
liability company

John R. Benson and Barbara B. Meyer, Co-Trustees of                   22.7398393%
the Henrietta Benson Trust UDT 1/30/67

John V. Hannon and Margaret E. Hannon, Co-Trustees of                 11.6067898%
the John V. Hannon Living Trust UDT 1/26/95

Joseph S. Hannon and Mattie Sue Hannon, Co-Trustees                    9.0171929%
of the Joseph S. Hannon Living Trust UDT 8/8/95

Mary S. Baker, Trustee of the Mary S. Baker Living                     9.0171929%
Trust UDT 5/14/92

Gustaf O. Arrhenius and Jenny L. Arrhenius, Co-                        3.2384504%
Trustees of the Arrhenius Family Trust UDT 10/11/79

Pia Barone, a married woman                                            3.2384530%

Louis J. Peterson and Agnes F. Peterson, Co-Trustees                   6.4682585%
of the Louis J. Peterson and Agnes F. Peterson
Revocable Trust UDT 4/5/96
                                                               -------------------------
                                                                      67.6745839%
                                                               -------------------------
                                                                     100.0000000%
</Table>

                                  SCHEDULE "1"
                                       -1-

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