LAUREL CREEK - APPROVED FOR 71 SMALL DETACHED LOTS

MAP FLOOR S OFFERS DUE WEDNESDAY - JULY 2, 2014 Delivered With All Environmental Permits 3 Bed/3 Bath Homes 9.25 Acres 1,781-2,306 SF Homes SALE PRICE: $7,500,000 Carlsbad Oceanside Emerald Dr Grapevine Rd Vista Durian St Hill Rd N T: 760.929.9700 F: 760.929.9977 CalBRE Lic# 01367183 1

2 LAUREL CREEK - APPROVED FOR 71 SMALL DETACHED LOTS MAP FLOOR S N Oceanside Oceanside Blvd W Vista Way Emerald Dr Hacienda Dr Grapevine Rd E Vista Way Durian St Hill Dr

MAP FLOOR S san marcos Vista Vista Courthouse Melrose Dr Hill Dr E Vista Way Durian St Grapevine Rd N 3

MAP FLOOR S LOCATION MAP CAMP PENDLETON FALLBROOK PALOMAR MOUNTAIN OCEANSIDE SUBJECT VISTA SAN MARCOS CARLSBAD PALOMAR AIRPORT ESCONDIDO ENCINITAS SOLANA BEACH N DEL MAR POWAY Emerald Dr Grapevine Rd Durian St Hill Dr E. Vista Way T: 760.929.9700 F: 760.929.9977 CalBRE Lic# 01367183 4

MAP FLOOR S Location: Jurisdiction: Thomas Bros. Map: Laurel Creek is located between Grapevine Road and Durian Street just north of California State Highway 78 in Vista, CA. City of Vista Page# 1087 - D7 APN & Acreage: 166-080-16.92 Acres 166-080-18 1.41 166-080-19.88 166-080-65.82 166-080-83 1.68 166-110-40 2.50 166-110-41.84 7 tax parcels totaling 9.05 Acres (County Data)/9.223 acres (TTM) Site Characteristics: Zoning: Project Summary: Environmental Permit Summary: Unit Breakdown: Local Services: Flat to very gently rolling R-M Multi Residential Zone (RM-21) Laurel Creek Condominiums is a 71 lot small detached project with an approved Tentative Map #2-117 and Mitigated Negative Declaration. The Project will be delivered with all environmental permits in place. There is no CFD or Mello-Roos requirement associated with the project, but there is a requirement for 4 affordable units. 1602 Permit - Stream Alteration Permit Dudek Engineering is processing Incidental Take Permit for Brodiaea. Application is deemed complete. 2-3 months to process CLICK HERE FOR THE FOLLOWING ITEMS: 1. ACOUSTIC 2. AFFORDABLE HOUSING 3. ARCHAEOLOGICAL 4. ARCHITECTURE 5. CIVIL ENGINEERING 6. CONDITIONS OF APPROVAL 7. ENVIRONMENTAL 8. GEOTECHNICAL 9. HOA 10. 11. TITLE 12. TRAFFIC STUDIES *Note: Some files may take a while to download due to their size. No Army Corps permits needed Submit Offer - Call for Offers July 2, 2014 Buyer will need to complete all final engineering. Mitigation Fees have already been paid Site Improvement Costs: $71,738 per lot Plan 1 (16) - 3 bedroom + Loft, 2.5 bath, 2 car garage - 1,781 s.f. Impact & Miscellaneous Fees: $36,700 avg. per lot Plan 2 (24) - 3 bedroom + Loft with Optional Bedroom, 2.5 bath, 2 car garage 2,145 s.f. Plan 3 (31) - 3 bedroom + Flex with Optional Bedroom & Optional Bedroom 4, 2.5 bath with Optional Bath 3, 2 car garage 2,306 s.f. Water..Vista Irrigation District Police San Diego County Sheriff s Department Sewer..City of Vista School..Vista Unified School District Fire.City of Vista Fire Department T: 760.929.9700 F: 760.929.9977 CalBRE Lic# 01367183 5

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MAP FLOOR S CLICK HERE FOR DETAILED COST BREAKDOWN Prelimary Construction for Laurel Creek Condominiums Development Grading and Site Development Vista, CA Date: 12/23/2013 Revised Date: 1/03/2014 Ref: 12-020 SUMMARY CONSTRUCTION ITEMS ROUGH $700,952.15 DEMOLITION & REMOVALS $4,607.28 TEMPORARY EROSION CONTROL $119,000.00 PERIMETER WALLS & FENCES $816,306.52 & IRRIGATION $826,200.00 STORM DRAIN SYSTEM IMPROVEMENTS $139,064.15 SURFAC E IMPROVEMENTS (PRIVATE & PUBLIC) $807,384.84 DOMESTIC WATER IMPROVEMENTS $103,610.00 PRIVATE FIRE SERVICE $116,663.45 SEWER (ON) $89,754.00 SEWER (OFF) $34,400.00 WATER QUALITY, HYDRO-MOFICATION BMPS $95,232.00 CONSTRUCTION STAKING $60,000.00 ELECTRIC & STREET LIGHTS, PUBLIC AND PRIVATE $304,950.00 CONTRACTOR GENERAL CONDITIONS $210,906.22 SUBTOTAL, CONSTRUCTION COSTS $4,429,030.61 15% CONTINGENCY ON HARD COST $664,354.59 TOTAL, CONSTRUCTION COSTS $ 5,093,385.20 UNIT COSTS PER UNIT $ 71,737.82 T: 760.929.9700 F: 760.929.9977 CalBRE Lic# 01367183 9

MAP FLOOR S CLICK HERE TO VIEW MISCELLANEOUS FEE BREAKDOWN IMPACT SIZES 17811,781 SF SF 21452,145 SF SF 23062,306 SF SF Building Permit $2,413.58 $2,493.62 $2,573.65 School Fee ($3.20/sf) $5,699.20 $6,864.00 $7,379.20 Drainage Fee $390.52 $390.52 $390.52 Fire Protection Fee $379.00 $379.00 $379.00 Park Fee $6,568.24 $6,568.24 $6,568.24 Public Facility Fee $1,218.00 $1,218.00 $1,218.00 Traffic Fee $1,902.00 $1,902.00 $1,902.00 Sewer Fee $2,769.20 $2,769.20 $2,769.20 Mapping Fee $60.00 $60.00 $60.00 Miscellaneous fees (BREAKDOWN BELOW) $13,223.77 $13,223.77 $13,223.77 Sub-Total $34,623.51 $35,868.35 $36,463.58 Contingency (3.5%) $1,211.82 $1,255.39 $1,276.23 Total $35,835.34 $37,123.75 $37,739.81 T: 760.929.9700 F: 760.929.9977 CalBRE Lic# 01367183 10

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MAP FLOOR S T: 760.929.9700 F: 760.929.9977 CalBRE Lic# 01367183 15

MAP FLOOR S MAKET INGO EXHIBIT REAL ESTATE ECONOMICS RESIDENTIAL SUMMARY New Housing Developments Surveyed in Select Areas of San Diego County as of 2014 Q1 Field Audit. Sales Information PRICING RMATION FLOOR CHARACTERISTICS Min Est. Mo. Costs Map Total Units Units Monthly Sales List Advertised Price/ Maximum Size Bed Rm. Bath No. Of Garage Lot Size Assoc. Tax Mo. No. Development Builder City Community Units Off'd Avail. Quarter Overall Base Concess. Sq. Ft. Premiums (Sq. Ft.) Count Count Levels Spaces (Sq. Ft.) Dues Assess. Pymt. (1) 1 Focus Shea Homes San Diego Civita 76 22 8 5.46 5.46 $493,500 $6,000 $344.88 $6,333 1,437 3.0 2.5 2.0 2.0 1,742 $338 $33 $2,741 2 Frame Shea Homes San Diego Civita 76 24 8 6.24 6.24 $566,750 $6,000 $318.92 $0 1,787 3.0 2.5 2.5 2.0 2,500 $338 $0 $3,064 3 Origen Sky Loft Shea Homes San Diego Civita 73 61 3 0.39 2.27 $570,114 $5,000 $366.33 $8,882 1,563 2.4 2.9 3.2 2.0 1,245 $283 $0 $3,033 4 Origen Social Garden Shea Homes San Diego Civita 127 105 8 1.17 3.79 $571,215 $5,000 $351.03 $10,207 1,654 2.8 3.3 3.2 2.0 1,245 $283 $0 $3,035 5 Altana TRI Pointe HomesSan Diego Civita 45 34 7 2.34 4.67 $703,076 $4,000 $375.13 $38,000 1,888 3.0 3.1 2.5 2.0 3,500 $520 $0 $3,886 6 Jacaranda McMillin Homes Chula Vista Lomas Verdes 109 109 0 0.33 2.44 $472,320 $8,000 $218.85 $0 2,159 3.7 2.7 2.0 2.0 4,600 $163 $310 $2,737 7 Mosaic Shea Homes Chula Vista Lomas Verdes 218 212 11 3.56 2.51 $319,003 $8,000 $224.95 $0 1,414 2.6 2.9 2.7 1.7 1,307 $260 $197 $1,987 8 Santa Rita Heritage Homes Chula Vista Otay Ranch - Montecito Ridg 94 70 0 1.32 1.78 $509,486 $10,000 $203.88 $12,333 2,500 4.0 2.5 2.0 3.0 4,300 $47 $375 $2,850 9 Bacara Heritage Homes Chula Vista Otay Ranch 125 13 1 2.28 2.94 $423,592 $10,000 $238.39 $15,000 1,780 3.3 2.5 2.0 2.0 4,200 $50 $310 $2,369 10 Anacapa Otay Ranch New Chula Vista Otay Ranch 46 29 7 0.99 0.68 $440,680 $10,000 $196.82 $0 2,235 4.0 3.0 2.0 2.0 4,500 $58 $358 $2,507 11 Avalon Sunrise Company Chula Vista Otay Ranch 165 110 12 1.98 3.35 $315,800 $10,000 $219.27 $7,727 1,456 2.7 2.3 1.7 1.3 1,307 $205 $204 $1,896 12 Corta Bella Sunrise Company Chula Vista Otay Ranch 75 45 18 2.31 3.44 $473,389 $10,000 $205.64 $0 2,401 4.3 2.9 2.5 2.0 2,800 $45 $382 $2,655 13 Presidio Sunrise Company Chula Vista Otay Ranch 64 27 5 0.33 0.67 $496,200 $10,000 $187.68 $18,333 2,587 5.0 3.0 2.0 2.0 4,500 $58 $317 $2,685 14 Verona McMillin Homes Chula Vista Rolling Hills Ranch 77 74 0 1.01 2.68 $799,693 $15,000 $196.61 $7,000 4,103 4.0 3.5 1.7 3.3 21,000 $262 $7 $4,083 15 Veranza Cornerstone Com Chula Vista Summit At Eastlake 111 89 7 2.37 3.52 $340,091 $5,000 $233.72 $5,667 1,461 3.0 2.5 2.0 2.0 1,089 $372 $251 $2,250 16 La Mesa Meadows KB Home La Mesa La Mesa 31 13 5 1.52 1.83 $756,913 $22,707 $202.63 $0 3,755 4.2 3.6 2.0 3.0 8,000 $225 $0 $3,791 17 Canton Hills KB Home Lakeside Lakeside 67 41 14 3.94 8.93 $609,124 $18,273 $191.47 $0 3,199 3.7 2.7 2.0 2.0 6,200 $48 $0 $2,912 18 Voscana Shea Homes Carlsbad Carlsbad 68 52 5 3.31 2.97 $545,942 $6,000 $345.69 $1,787 1,600 3.0 2.5 2.3 2.0 3,734 $289 $270 $3,187 19 Palo Verde Brookfield Reside Carlsbad Foothills - The 96 12 4 4.20 4.20 $809,073 $10,000 $282.24 $0 3,031 3.8 3.9 1.7 2.0 6,500 $193 $125 $4,171 20 Sycamore DR Horton Carlsbad Foothills - The 78 78 0 0.33 4.01 $737,845 $38,500 $294.94 $0 2,534 3.2 3.5 1.8 2.3 4,800 $192 $525 $4,117 21 Wescott Standard Pacific HCarlsbad La Costa Oaks 80 80 4 3.15 2.25 $901,784 $2,500 $306.68 $59,722 2,965 3.9 2.8 2.0 2.0 6,000 $239 $94 $4,557 22 Seaside Ridge Brookfield Reside Encinitas Encinitas 21 21 3 1.48 1.93 $1,226,405 $5,000 $369.72 $32,325 3,529 3.8 3.4 1.3 2.5 10,000 $171 $0 $6,196 23 Collection - The Van Daele HomesRancho Santa FCrosby Estate - The Lakes 49 49 6 6.01 5.47 $964,736 $10,000 $276.88 $186,133 3,538 4.0 4.0 1.7 2.7 10,000 $433 $278 $5,341 24 Sentinels Brookfield Homes San Diego Del Sur 51 23 7 2.48 2.23 $954,921 $5,000 $308.14 $208,407 3,131 3.3 3.5 2.0 2.0 8,500 $225 $119 $4,968 25 Carrillo Standard Pacific HSan Diego Del Sur 52 44 9 1.77 4.88 $755,627 $10,000 $280.83 $69,000 2,700 4.0 3.0 2.0 2.0 4,000 $176 $341 $4,129 26 Hawthorne Standard Pacific HSan Diego Del Sur 49 39 9 2.83 4.47 $824,669 $10,000 $300.39 $95,667 2,768 4.0 3.0 2.0 2.0 4,000 $176 $502 $4,636 27 Marston Standard Pacific HSan Diego Del Sur 54 28 7 2.12 3.57 $1,096,043 $15,000 $262.24 $111,667 4,229 5.0 5.5 2.0 2.3 6,000 $176 $494 $5,915 28 Presideo Standard Pacific HSan Diego Del Sur 52 47 0 0.00 1.48 $925,304 $15,000 $256.54 $66,667 3,618 4.7 4.1 2.0 3.0 6,000 $176 $727 $5,319 29 Presideo II Standard Pacific HSan Diego Del Sur 56 43 6 5.66 3.20 $992,412 $15,000 $274.51 $162,667 3,609 4.7 4.0 2.0 3.0 6,000 $176 $779 $5,687 30 Estrella Lennar Homes San Diego Lakes - The 52 25 4 3.18 2.33 $1,264,650 $20,000 $258.82 $122,633 4,898 4.3 4.8 1.7 3.7 9,000 $536 $842 $7,438 31 Sevilla Lennar Homes San Diego Lakes - The 37 29 7 1.77 2.44 $1,070,507 $20,000 $259.95 $57,500 4,132 4.0 4.0 1.5 3.5 9,000 $536 $708 $6,346 32 Watermark Pardee Homes San Diego Pacific Highlands Ranch 89 47 0 3.68 4.18 $1,163,021 $10,000 $302.52 $48,333 3,851 5.0 4.5 2.0 3.0 6,000 $213 $865 $6,682 33 Alta Del Mar Pardee Homes San Diego San Diego 107 39 5 3.01 3.16 $1,871,439 $20,000 $379.64 $63,394 4,983 4.5 4.7 1.5 3.3 10,000 $420 $757 $10,188 34 Sorrento Heights Pardee Homes San Diego Sorrento Valley 113 107 8 3.20 4.99 $780,027 $18,000 $341.02 $31,942 2,297 4.0 2.7 2.0 2.0 4,500 $147 $0 $3,850 35 Sorrento Prestige Pardee Homes San Diego Sorrento Valley 20 5 5 0.00 0.00 $926,196 $6,000 $302.08 $0 3,103 4.4 3.4 2.0 3.0 4,800 $147 $77 $4,699 36 Sorrento Ridge Pardee Homes San Diego Sorrento Valley 59 42 0 7.60 7.26 $429,143 $10,000 $336.78 $3,857 1,283 2.0 1.9 1.0 1.6 1,089 $312 $0 $2,349 37 Sorrento Terrace Pardee Homes San Diego Sorrento Valley 71 61 0 0.00 6.63 $392,052 $6,000 $305.10 $0 1,317 1.9 1.9 1.1 1.6 2,614 $298 $16 $2,167 38 Bellasario Standard Pacific HSan Diego Stonebridge Estates 47 44 9 1.52 1.62 $1,159,264 $25,000 $253.16 $327,333 4,584 4.7 4.5 1.7 3.7 16,000 $152 $737 $6,399 39 Toll Brothers Toll Brothers San Diego Stonebridge Estates 103 100 17 1.88 2.80 $1,104,842 $15,000 $248.64 $55,000 4,442 4.4 4.7 1.7 3.6 17,000 $177 $457 $5,971 40 Contempo William Lyon HomEscondido Escondido 84 55 12 5.01 6.26 $296,554 $5,000 $221.32 $0 1,354 2.5 3.0 2.5 2.0 933 $200 $10 $1,625 41 Shady Grove II KB Home Fallbrook Fallbrook 28 28 0 0.00 1.07 $542,909 $0 $174.78 $0 3,149 3.4 2.2 1.0 3.0 10,000 $274 $0 $2,909 42 Saybrook DR Horton Oceanside Arrowood 113 62 5 1.43 3.45 $601,442 $12,000 $218.45 $25,750 2,786 3.5 2.8 1.8 3.0 6,000 $101 $29 $2,997 43 Greens - The Toll Brothers Oceanside Arrowood 79 79 5 0.36 1.95 $824,247 $25,000 $229.45 $220,114 3,609 4.6 3.9 1.8 3.0 10,000 $122 $265 $4,249 44 Marisol Meritage Homes Oceanside Ocean Ranch 92 86 6 3.04 4.58 $696,905 $13,937 $193.65 $4,537 3,655 4.7 3.6 1.8 3.0 10,000 $188 $51 $3,563 45 North River Taylor Morrison Oceanside Oceanside 105 105 0 0.36 2.51 $285,506 $7,000 $226.88 $16,700 1,225 2.4 2.6 2.0 2.0 1,867 $275 $0 $1,509 46 Laurel Cornerstone Com San Marcos Old Creek Ranch 98 98 0 0.00 2.36 $412,714 $6,000 $241.07 $2,000 1,715 3.0 3.0 2.0 2.0 1,867 $303 $210 $2,489 47 Magnolia Cornerstone Com San Marcos Old Creek Ranch 177 148 0 7.33 5.50 $338,112 $5,000 $238.28 $0 1,413 2.4 2.7 3.0 2.0 1,188 $222 $13 $1,807 48 Haciendas KB Home San Marcos Rancho Santalina 70 66 9 3.30 5.40 $499,763 $14,992 $200.55 $21,121 2,504 3.5 2.5 2.0 2.0 4,000 $57 $327 $2,741 49 Vistas KB Home San Marcos Rancho Santalina 49 49 0 1.10 5.69 $558,602 $0 $174.95 $0 3,317 3.6 2.8 2.0 2.3 5,000 $57 $398 $3,124 50 Altaire I & II DR Horton San Marcos San Elijo Hills 106 98 4 3.94 3.03 $804,472 $5,000 $264.08 $2,128 3,079 3.3 3.0 2.0 3.0 5,000 $82 $67 $4,044 51 Belmont Lennar Homes San Marcos San Elijo Hills 131 124 1 12.52 3.94 $512,788 $5,000 $301.67 $0 1,718 3.3 2.5 2.0 2.0 2,100 $285 $179 $2,949 52 Bella Vista Ryland Homes San Marcos San Elijo Hills 106 56 3 2.50 2.66 $841,533 $10,000 $230.04 $79,432 3,600 5.0 4.5 2.0 3.0 6,000 $85 $213 $4,306 53 Amarra Homes Harmony Homes Vista Tri-City 16 16 0 $485,505 2,714 3.5 2.8 2.0 3.0 6,000 $216 54 Tesoro A & S Developme Vista Tri-City 55 55 0 $410,990 1,976 3.0 2.6 2.5 2.0 3,500 $164 T: 760.929.9700 F: 760.929.9977 CalBRE Lic# 01367183 16