GOLF COURSE AND SUBDIVISION FOR SALE TETON RESERVE, VICTOR, ID

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1 GOLF COURSE AND SUBDIVISION FOR SALE TETON RESERVE, VICTOR, ID Teton Reserve is a 448 acre planned unit development in Victor, Idaho. The development is located at the foot of the Teton Mountains in Teton County which is located approximately 30 minutes west of Jackson Hole, WY. Teton Reserve PUD is approved for 384 homes, 8.7 acres of commercial area, and includes an 18 hole reversible championship golf course designed by Hale Irwin. The original concept included a campus of amenities containing a large clubhouse, swimming pool, tennis and croquet courts, health and fitness center, and health spa. Even in this tough market we believe the property is positioned very well to be the low cost provider of primary and secondary homes in a golf course community in the Jackson/Teton Valley market. PROPERTY FOR SALE OR JOINT VENTURE: Property Description Sales Price **Golf Course & 189 Undeveloped Lots in Osprey (59), Merlin (74), Golden Eagle (56). $1,900, sq ft temporary clubhouse $375,000 Older home and metal building used for golf maintenance $115,000 6 Residential Estate Lots ($35K/lot) $210, Residential Cabin Lots in Red Hawk ($20K/lot) $940,000 9 Residential Townhouse lots (18 units)-bison Phase ($20K/unit) $360,000 TOTAL $3,900,000 LOCATION: 11 East 600 South, Victor, ID (over the hill from Jackson Hole, WY) Teton Reserve is located in Teton Valley with limitless recreational opportunities of the Northern Rockies including warmer weather activities of golf, hiking, biking, fly fishing, kayaking; to cold weather activities of downhill and cross country skiing, snowboarding and snowmobiling along with year round scenic views and abundant wildlife. This community is 80 miles from both the South and West entrances of the Yellowstone National Park, 40 miles from Grand Teton National Park, 20 miles from Grand Targhee Ski Resort, 25 miles to Jackson Hole ski resort and 3 miles from the Teton River. The Teton Valley plays host to thousands of miles of hiking, biking, motorcycle trails, ski resorts, and centrally located to some of the best trout streams including the South Fork of the Snake, Henry s Fork and the Teton River. REMARKS: Teton Reserve has been positioned to be the Best Buy in the Real Rocky Mountain West We believe it will be a development that provides a great mix of secondary and primary residences Joint Venture is possible with the right passive or active $ partner. With a purchase price of $3.9M and additional development cost of $3.1M for a total of $7M on 262 residential unit is less than $27K per unit with a free and clear golf course and community area. At less than $27K per lot and residential end product at $350K-$450K there is a potential for large profit margin. There is room within the PUD/Land/Layout to customize the development plan. For more information please contact: Randy Hopkins, President, Ph: Fax: randyh@hopkinsfinancial.com

2 RESIDENTIAL PROPERTY AT TETON RESERVE: Phase Type Status # of lots #of lot sold #of lots remaining Red Fox estate developed Silver Fox estate developed Red Hawk cabin developed Trumpet Swan estate developed Peregrine estate developed Snow Goose estate developed Royal Elk estate developed Bison townhomes developed Golden Eagle patio 50% dev. (est.) Merlin patio-paired undeveloped Osprey patio undeveloped Total COST TO COMPLETE DEVELOPMENT: Cost to complete lot development estimated cost Golden Eagle Phase 56 undeveloped lots $9,970/lot $558,000 Osprey Phase 59 undeveloped lots $13,620/lot $804,000 Merlin Phase 74 undeveloped lots $12,140/lot $898,000 Remaining Common Area Development Costs 189 undeveloped lots $4,444/lot $840,000 Total Cost to Complete Development $3,100,000 STATUS OF RESIDENTIAL PROPERTY: Out of the 383 lots 189 are undeveloped. Of the 194 developed lots approximately 121 have been sold and there are a total of 25 homes located on those developed lots. At the start of 2012 we have seen most of the original lot buyers and home owners come and go and there is a new guard that have picked up the original properties at substantial discounts. The speculators are gone and the end users seem to have arrived. NEW CONSTRUCTION: We have built three spec cottages and one estate home on the golf course and they have all sold for $189K, $205K, and $240K. A 2941 sq. ft. estate home was completed in March 2012 and is on the market for $389K. We have taken our building model from Boise, Idaho area to the Teton Valley and we believe this will allow us to deliver what we believe the market wants quality primary and secondary homes in a nice community at an affordable price. These home are listed and you can view them at our web-site at STATUS OF GOLF COURSE AND AMENITIES: The 18 hole golf course is a Hale Irwin design that was completed and opened in 2006/2007. The golf course was operated in by a talented golf management group from Boise, Idaho, Raven Golf Services, LLC at the expense of the lender at the time, Hopkins. The good news is the golf course did 8098 rounds and had a net operating loss of only $4,100 in 2011 (excluding real estate taxes). Raven is operating a lean and mean golf operation entity. This number does include their management fee. A large 8000 sq ft. home has been renovated and is leased as the clubhouse and is currently owned by Hopkins. The permanent clubhouse, pool, and tennis courts have not been built at this time. For more information please contact: Randy Hopkins, President Ph: Fax: randyh@hopkinsfinancial.com Note: The statements provided in this Have Sheet are based upon the best information available at this time and are being provided to notify you of a lending opportunity. These statements should not be relied upon as representation of fact and prospective lenders should independently verify all information before deciding to fund.

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4 TETON RESERVE MASTER PLAN

5 TETON RESERVE PLANNED UNIT DEVELOPMENT MAP

6 TETON RESERVE VICINITY MAP