PROJECT DATA

LAND USE INFORMATION

Site Area: 695 acres
Total Dwelling Units Planned: 516
Total Dwelling Units Completed: 364
Gross Density¹: 0.86 units per acre
Average Net Density²: 1.36 units per acre

LAND USE PLAN

<table><thead><tr><th></th><th>Acres</th><th>Percent of Site</th></tr></thead><tbody><tr><td>Residential lots</td><td>316</td><td>45.5%</td></tr><tr><td>Roads</td><td>62</td><td>8.9</td></tr><tr><td>Common open space</td><td>30</td><td>4.3</td></tr><tr><td>Golf course</td><td>190</td><td>27.3</td></tr><tr><td>Commercial</td><td>80</td><td>11.5</td></tr><tr><td>Hall family estate</td><td>17</td><td>2.4</td></tr><tr><td>Total</td><td>695</td><td>100.0%</td></tr></tbody></table>

RESIDENTIAL LOT INFORMATION

<table><thead><tr><th>Unit Type</th><th>Average Lot Size (Square Feet)</th><th>Units Planned/ Built</th><th>Current Lot Sales Price</th></tr></thead><tbody><tr><td>Single-family home (on golf course)</td><td>29,500</td><td>111/81</td><td>$125,000-$750,000</td></tr><tr><td>Single-family home (off golf course)</td><td>29,500</td><td>300/260</td><td>$69,000-$235,000</td></tr><tr><td>Patio home</td><td>14,100</td><td>105/23</td><td>$85,000-$230,000</td></tr></tbody></table>

ANNUAL OPERATING EXPENSES (1993)

<table><tbody><tr><td>Taxes</td><td>$200,000</td></tr><tr><td>Insurance</td><td>15,000</td></tr><tr><td>Maintenance</td><td>50,000</td></tr><tr><td>Legal/accounting</td><td>65,000</td></tr><tr><td>Management</td><td>200,000</td></tr><tr><td>Miscellaneous</td><td>100,000</td></tr><tr><td>Other:</td><td></td></tr><tr><td>Design review</td><td>50,000</td></tr><tr><td>Office</td><td>70,000</td></tr><tr><td>Total</td><td>$750,000</td></tr></tbody></table>

Golf Course Annual Operating Cost: $675,000 ($37,500 per hole)

DEVELOPMENT COST INFORMATION

(to June 30, 1993)

<table><tbody><tr><td>Site Acquisition Cost</td><td>$0</td></tr><tr><td colspan="2"><strong>Site Improvement Costs</strong></td></tr><tr><td>Excavation/grading</td><td>$ 675,000</td></tr><tr><td>Sewer/water/drainage</td><td>4,452,000</td></tr><tr><td>Paving/curbs/sidewalks</td><td>3,921,000</td></tr><tr><td>Landscaping/irrigation</td><td>2,665,000</td></tr><tr><td>Electrical/gas</td><td>343,000</td></tr><tr><td>Golf course construction (includes irrigation system, maintenance building, maintenance equipment)</td><td>8,000,000</td></tr><tr><td>Clubhouse (includes tennis courts, bubble for tennis courts, swimming pool, 50,000 square feet in two buildings, all furniture and equipment)</td><td>11,000,000</td></tr><tr><td>Specially designed streetlights and cluster mailboxes</td><td>1,475,000</td></tr><tr><td>Total</td><td>$32,531,000</td></tr></tbody></table>

Soft Costs

<table><tbody><tr><td>Architecture/engineering</td><td>$ 1,878,000</td></tr><tr><td>Project management</td><td>550,000</td></tr><tr><td>Marketing</td><td>3,316,000</td></tr><tr><td>Legal/accounting/title fees</td><td>547,000</td></tr><tr><td>Taxes/insurance</td><td>1,302,000</td></tr><tr><td>Construction interest and fees</td><td>4,969,000</td></tr><tr><td>Other-homes association subsidy</td><td>1,032,000</td></tr><tr><td>Total</td><td>$13,594,000</td></tr><tr><td><strong>Total Development Cost (to date)</strong></td><td><strong>$46,125,000</strong></td></tr></tbody></table>

Total Development Cost Expected at Buildout:
$51,000,000-$52,000,000

Development Cost per Residential Lot: $76,000-$78,000 (projected)

Notes

¹ Density calculation excludes commercial land and Hall family estate.

² See footnote 1.