Sand Dollar Development. Apartment Hold

Sand Dollar Development Barranca 136 Condos Debt / Equity: 74.2% / 25.8% Prepared by: Hanover Development / Joe Richter

Hanover Development Inc. for: Sand Dollar Development Barranca First 32316.wcfx prepared by: Joe Richter ~ Barranca 136 Condos FAR Project Start: May16 FAR Gross Ac. / Sq Ft: 6.09 / 265,716 Project Sale: Jul23 0.8 Net Ac. / Sq. Ft: 5.89 / 257,004 Number of Unts 136 224,026 224,026 Project Length: 87 months Density Gross & Net: 22.3 23.1 Net Operating Income 22,866,449 102.07 168,136 102.07 15.5% Leasing Revenue Capitalized Rent 125,097,360 558.41 919,834 558.41 84.5% Prouduct Information CAPITALIZED INCOME REVENUE Per Net SF Per Unit Per Gross SF Revenue From Existing Leasing Operations 0 0.0% Total Project Revnue 147,963,809 660.48 1,087,969 660.48 100.0% 17 1,403 $ 2.60 $3,648 23,851 $62,013 $744,151 COSTS 17 1,386 $ 2.60 $3,604 23,562 $61,261 $735,134 Land 17 1,859 $ 2.40 $4,462 31,603 $75,847 $910,166 Land Price 30,000,000 133.91 220,588 133.91 20.3% 17 1,056 $ 2.80 $2,957 17,952 $50,266 $603,187 Acquition Closing and Other 931,000 4.16 6,846 4.16 0.6% 17 1,194 $ 2.70 $3,224 20,298 $54,805 $657,655 Subtotal 30,931,000 138.07 227,434 138.07 20.9% 17 1,865 $ 2.50 $4,663 31,705 $79,263 $951,150 Hard Cost 17 2,466 $ 2.20 $5,425 41,922 $92,228 $1,106,741 Demo & Temp Fence 382,248 1.71 2,811 1.71 0.3% 17 1,949 $ 2.55 $4,970 33,133 $84,489 $1,013,870 Site Improvements 3,441,208 15.36 25,303 15.36 2.3% Parking Structure (0 Parking Ratio) 0 0.0% Building Construction 28,003,250 125.00 205,906 125.00 18.9% Building & Developer's Contingency 1,836,785 8.20 13,506 8.20 1.2% GC Fee & General Cond. 0 0.0% Subtotal 33,663,491 150.27 247,526 150.27 22.8% APT Total / Average 136 1,647 $ 2.54 $4,119 224,026 $560,171 $6,722,055 Soft Cost RETAIL Total / Average 0 0 $ 0 $0 $0 Fees & Permits 8,078,482 36.06 59,401 36.06 5.5% Total or Average 136 1,647 $ 2.54 224,026 $560,171 $6,722,055 Professional Fees 2,346,480 10.47 17,254 10.47 1.6% Average (weighted) 1,647 3,295 Marketing, Leasing & Disposal 2,501,947 11.17 18,397 11.17 1.7% Other Income Duration Lvl1&2 A TH...1403 SF Lvl2 B...1386 Lvl2 C...1859 Lvl3 D...1056 Lvl 3 E...1194 Lvl3 F...1865 Lvl4&5 GPH...2466 Lvl4&5 HTH...1949 No. Of Units Operating Expenses Acreage & Density Management, Insurance & Property Taxes 4,630,043 20.67 34,044 20.67 3.1% Subtotal 17,556,952 78.37 129,095 78.37 11.9% Operations Revenue Total Per Unit % of GSI Subtotal Project Cost 82,151,443 366.70 604,055 366.70 55.5% Allowance GSI % Allowance $ 2,107,364 15,495 33.00% 0.0% Parking $ Salaries $ 0.00% Subtotal Project Cost Exclusive of Disposal Fees 79,649,496 355.54 355.54 53.8% Laundry Management Fee $ 0.00% Storage G&A $ 0.00% PreFinance Profit 65,812,366 293.77 483,914 293.77 44.5% T $ Marketing $ 0.00% Repairs & Maintence $ 0.00% Finance Cost SALES REVENUE & DEVELOPMENT AND DISPOSAL EXPENSES Retail Space / Other $ Gas $ 0.00% Equity Fee 0 0.0% Gross Scheduled Income $ 6,722,055 Water $ 0.00% CoInvestment Fee 0 0.0% Vacancy 5.00% $ 336,103 Electric $ 0.00% Construction Loan Fee 636,294 2.84 4,679 2.84 0.4% $ Net Rentable Area 6,385,952 Rate Psf Monthly Rent Total Net Rentable Area ADDITIONAL REVENUE & OPERATING EXPENSES Gross Monthly Gross Annual At Lease Up Trash $ 0.00% Const. Loan Interest 4,517,755 20.17 33,219 20.17 3.1% Operations Revenue $ Security $ 0.00% Mortgage Fee 350,000 1.56 2,574 1.56 0.2% Retail $ Insuarance $ 0.00% Mortgage Interest 12,493,194 55.77 91,862 55.77 8.4% Effective Gross $ 6,385,952 Property Tax $ 0.00% Subtotal 17,997,243 80.34 132,333 80.34 12.2% Less OP EX $ 2,107,364 CAP EX $ 0.00% Revenue From Existing Leasing Operations Reserve $ 0.00% Total Project Cost 100,148,686 447.04 736,387 447.04 67.7% First Year NOI $ 4,278,588 $ 2,107,364 $ 15,495 33.0% Profit 47,815,123 213.44 351,582 213.44 32.3% Debt / Equity: : 74.2% / 25.8% CONFIDENTIAL: Copy Rights: Hanover Development Printed: 3/24/2016 3:56 PM

Hanover Development Inc. Prepared by: Joe Richter ~ Barranca 136 Condos Exit CAP 4.00% Contributions: Equity & Debt $ 79,649,498 Mortgage Sales Price $ 125,097,360 Const. Loan / Equity Ratio 74.21% / 25.79% Mortgage (Rate and Fee 4.50% 0.5% Disposal Fees 2,501,947 Mortgage Fees & Interest 12,843,194 Construciton Loan Mortgage Fees 350,000 Net Sales $ 122,595,413 Construciton Loan 59,111,637 Mortgage Interest 12,493,194 Returns Construction Loan Rate 4.25% Mortgage Information Sale Profit $ 47,815,121 CLoan Fee 636,294 Mortgage as a % of Value 100% BuildToCAP 5.37% ROC Interest 4,517,755 Mortgage CAP Rate 6% Yield to CAP Spread 1.37% Amorization (months) 360 Development Margin 34.29% Interest and Fees 5,154,049 Add Fees to Mortgage Amount: Yes Profit on Cost% 47.74% Equity Contributions Total Fees Profit on GDV% 38.22% TOTAL Equity $20,537,861 Fundaed Amount 70,000,000 Profit on NDV% 38.22% Sand Dollar Partne 20,537,861 100.0% Mortgage Interest 12,493,194 Development Yield% (on Ren 5.00% CoInvestment Ca 0 0.0% Monthly P & I Payment 356,453 Equivalent Yield% (Nominal) 4.00% Developer 0 0.0% Total Repayment 74,244,562 Equivalent Yield% (True) 4.10% Gross Initial Yield% 4.21% Total Project Revenue 147,963,809 Net Initial Yield% 4.00% Total Costs 100,148,686 PreFinance IRR% 11.01% Pretax Profit 47,815,123 Geared IRR% (with Interest) 13.16% Equity IRR% (with Interest) 21.04% Return on Equity% 232.81% Rent Cover Capitalized Rent per Net ft² Cost per Gross ft² Cost per Net ft² PERFORMANCE MEASURES Construction Loan & Equity Mortgage 6 yrs 4 mths 833.00 pf² 447.00 pf² 447.00 pf² Floor Area Ratio 0.84% Investment & Financing Summary EQUITY Contribution % Of Total Total Preferred IRR % of Total Equity Prefered Return Profit Amount Contributions Return & Profit Multiple <> ROE TOTAL Equity Contributions 20,537,861 21.00% 25.8% 100.0% $11,788,956 $36,026,166 47,815,122 3.3 <> 232.8% Sand Dollar Partners 20,537,861 21.00% 25.8% 100.0% 11,788,956 36,026,166 47,815,122 3.3 <> 232.8% CoInvestment Capital 0 0.00% 0.0% 0.0% 0 0 0.00 Developer 0 0.00% 0.0% 0.0% 0 0 0.0 0 CONSTRUCTION LOAN Contribution % Of Total % of Total Debt Profit Fees Interest Total Returned Amount Contributions Total Debt Contributions 59,111,637 100.0% Construction Loan 59,111,637 74.2% 100.0% 0 636,294 4,517,755 64,265,686 CONFIDENTIAL: Copy Rights: Hanover Development Printed: 3/24/2016 3:56 PM

Hanover Development Barranca 136 Condos Lease REVENUE WITH Escalation Rental Area Summary Net Unit SF Units NET ft² Rate ft² Unit Amount Rent at Rent At Annual Lease Start Sale Lvl1&2 A TH...1403 SF 1,403 17 23,851 2.60 45,326 770,540 884,594 Lvl2 B...1386 1,386 17 23,562 2.60 44,777 761,203 873,876 Lvl2 C...1859 1,859 17 31,603 2.40 55,438 942,442 1,081,941 Lvl3 D...1056 1,056 17 17,952 2.80 36,740 624,577 717,026 Lvl 3 E...1194 1,194 17 20,298 2.70 40,057 680,976 759,004 Lvl3 F...1865 1,865 17 31,705 2.50 57,934 984,879 1,097,728 Lvl4&5 GPH...2466 2,466 17 41,922 2.20 67,411 1,145,987 1,277,296 Lvl4&5 HTH...1949 1,949 17 33,133 2.55 61,754 1,049,823 1,170,113 Totals Apartments 1,647 136 224,026 0.93 6,960,427 7,861,578 Commercial Total / Average Totals Retail & APT 0.68 Apartment 4,264.97 4,817.14 Apartment $ 580,036 $ 655,132 Valuation Summary Annual CAP Valuation Gross Schedule Income Op Ex NOI CAP Rate Gross CAP Value CAP Op Ex Net Cap Value Lvl1&2 A TH...1403 SF 840,364 (277,320) 563,044 4.00% 21,009,112 (6,933,007) 14,076,105 Lvl2 B...1386 830,182 (273,960) 556,222 4.00% 20,754,546 (6,849,000) 13,905,546 Lvl2 C...1859 1,027,844 (339,189) 688,655 4.00% 25,696,105 (8,479,715) 17,216,390 Lvl3 D...1056 681,175 (224,788) 456,387 4.00% 17,029,371 (5,619,693) 11,409,678 Lvl 3 E...1194 721,054 (237,948) 483,106 4.00% 18,026,339 (5,948,692) 12,077,647 Lvl3 F...1865 1,042,841 (344,138) 698,703 4.00% 26,071,036 (8,603,442) 17,467,594 Lvl4&5 GPH...2466 1,213,431 (400,432) 812,999 4.00% 30,335,782 (10,010,808) 20,324,974 Lvl4&5 HTH...1949 1,111,607 (366,830) 744,777 4.00% 27,790,187 (9,170,762) 18,619,425 Apartment At Disposition 7,468,498 (2,464,605) 5,003,893 $125,097,359 Occupancy Op Ex 95.0% 33.0% Lvl1&2 A TH...1403 SF 5.000% non recov. cost Capitalized Rent 840,364 Cap Rate 4.00% 21,009,112 33% GSI Op Ex (277,320) Cap Rate 4.00% (6,933,007) 14,076,105 14,076,105 Lvl2 B...1386 5.000% non recov. cost Capitalized Rent 830,182 Cap Rate 4.00% 20,754,546 33% GSI Op Ex (273,960) Cap Rate 4.00% (6,849,000) 13,905,546 13,905,546 Lvl2 C...1859 5.000% non recov. cost Capitalized Rent 1,027,844 Cap Rate 4.00% 25,696,105 33% GSI Op Ex (339,189) Cap Rate 4.00% (8,479,715) 17,216,390 17,216,390 Lvl3 D...1056 5.000% non recov. cost Capitalized Rent 681,175 Cap Rate 4.00% 17,029,371 33% GSI Op Ex (224,788) Cap Rate 4.00% (5,619,693) 11,409,679 11,409,679 Lvl 3 E...1194 5.000% non recov. cost Capitalized Rent 721,054 Cap Rate 4.00% 18,026,339 33% GSI Op Ex (237,948) Cap Rate 4.00% (5,948,692) 12,077,647 12,077,647 Lvl3 F...1865 5.000% non recov. cost Capitalized Rent 1,042,841 Cap Rate 4.00% 26,071,036 33% GSI Op Ex (344,138) Cap Rate 4.00% (8,603,442) CONFIDENTIAL Copy Right Hanover Development Inc. Printed: 3/24/2016 3:56 PM

Hanover Development Barranca 136 Condos Lease REVENUE WITH Escalation 17,467,594 17,467,594 Lvl4&5 GPH...2466 5.000% non recov. cost Capitalized Rent 1,213,431 Cap Rate 4.00% 30,335,782 33% GSI Op Ex (400,432) Cap Rate 4.00% (10,010,808) 20,324,974 20,324,974 Lvl4&5 HTH...1949 5.000% non recov. cost Capitalized Rent 1,111,607 Cap Rate 4.00% 27,790,187 33% GSI Op Ex (366,830) Cap Rate 4.00% (9,170,762) 18,619,425 18,619,425 125,097,360 Per Unit NOI at Sale 5,003,893 CAPITALIZED VALUE 125,097,360 919,834 Project Operating Expense and Revenue (Cumulative) Revenues cumulative Leasing Income Lvl1&2 A TH...1403 SF 4,069,472 Lvl2 B...1386 3,943,567 Lvl2 C...1859 4,476,599 Lvl3 D...1056 3,128,302 Lvl 3 E...1194 3,350,700 Lvl3 F...1865 4,759,129 Lvl4&5 GPH...2466 5,428,389 34,129,029 cumulative Operating Expenses 33% GSI Op Ex Lvl1&2 A TH...1403 SF (1,342,926) 33% GSI Op Ex Lvl2 B...1386 (1,301,377) 33% GSI Op Ex Lvl3 D...1056 (1,032,340) 33% GSI Op Ex Lvl 3 E...1194 (1,105,731) 33% GSI Op Ex Lvl3 F...1865 (1,570,513) 33% GSI Op Ex Lvl4&5 GPH...2466 (1,791,368) 33% GSI Op Ex Lvl2 C...1859 (1,477,278) cum. Gross Income (11,262,580) 22,866,449 cum. Net Operating Income Net Income From Existing Ops. TOTAL PROJECT REVENUE 147,963,809 1,087,969 Per Unit CONFIDENTIAL Copy Right Hanover Development Inc. Printed: 3/24/2016 3:56 PM

Hanover Development Barranca 136 Condos Lease REVENUE WITH Escalation OUTLAY ACQUISITION COSTS Per Unit Land Price (6.10 Acres 4,918,032.79 pacre) 30,000,000 30,000,000 220,588 Supplemental Tax Bill 0.62% 186,000 Acquisition Fee sourced 2.00% 600,000 Acquisition Legal 20,000 Closing Costs 0.25% 75,000 Due Diligence 25,000 906,000 6,661.76 Other Acquisition Partnership Legal 25,000 25,000 184 TOTAL ACQUISITION 30,931,000 227,434 HARD COSTS Per SF Per Unit Parking Stalls $ per Stall per Unit Parking Ratio Parking PNSF Parking PGSF Subtotal Parking Shell Construction Gross ft² Rate ft² Cost Lvl1&2 A TH...1403 SF 23,851 125 2,981,375 Lvl2 B...1386 23,562 125 2,945,250 Lvl2 C...1859 31,603 125 3,950,375 Lvl3 D...1056 17,952 125 2,244,000 Lvl 3 E...1194 20,298 125 2,537,250 Lvl3 F...1865 31,705 125 3,963,125 Lvl4&5 GPH...2466 41,922 125 5,240,250 Lvl4&5 HTH...1949 33,133 125 4,141,625 Subtotal Shell Const. 224,026 $ 28,003,250 $ 205,906 Contingencies Building Contingency 5.00% 1,400,162 Developers Contingency 10.00% 436,623 Subtotal Contingencies 1,836,785 $ 13,506 Site Improvements Demo Extisting Buildings 375,000 Temp Const. Fence 7,248 Rough Grading 136 un 1,305.00 /un 177,480 Erosion and Dust Control 136 un 1,204.00 /un 163,744 Storm Drain 136 un 2,806.00 /un 381,616 Sewer 136 un 1,742.00 /un 236,912 Water 136 un 2,955.00 /un 401,880 Curb & Gutter 136 un 2,189.00 /un 297,704 Paving 136 un 1,745.00 /un 237,320 Fences and Walls 136 un 1,118.00 /un 152,048 Landscaping 136 un 1,634.00 /un 222,224 Common Costs 136 un 5,184.00 /un 705,024 Bond Lease Repairs 136 un 244.00 /un 33,184 Dry Utilities Joint Trench 136 un 1,020.00 /un 138,720 Dry Utilities Electric 136 un 1,351.00 /un 183,736 Dry Utilities Street Lights 136 un 419.00 /un 56,984 Dry Utilities Gas 136 un 265.00 /un 36,040 Dry Utilities Misc 136 un 122.00 /un 16,592 Subtotal Site Improvements 3,823,456 Subtotal Improvements & Contingencies 5,660,241 $ 41,619 CONFIDENTIAL Copy Right Hanover Development Inc. Printed: 3/24/2016 3:56 PM

Hanover Development Barranca 136 Condos Lease REVENUE WITH Escalation Other Construction GC Fee & General Cond. Per Unit 247,525.67 Per Net SF Per Gross SF TOTAL HARD COST 33,663,491 150.27 150.27 SOFT COSTS Fees & Permits Site Improvement Fees, Permits 1,391.00 /un 189,176 Impact Fees paid @ Building Permit 54,893.00 /un 7,465,448 Bonds 288.00 /un 39,168 Contingency Fees & Permits 5.00% 384,690 Per Unit 8,078,482 59,401 Per Unit PROFESSIONAL FEES Civil Engineer Office 542,777 204,816 Civil Engineer Field 146,744 Soils 104,176 Environmental Processing 87,040 Dry Utility 1 Entitlement Processing 1 Traffic 1 Architect 707,000 475,000 Structural Engineer 150,000 Title 24 Consultant 20,000 HVAC 20,000 Plumbing 2,000 Electrical 20,000 Testing/Inspections 20,000 Landscape Architect 125,000 HOA, DRE & Legal 50,000 Indirects Site Management 625,000 SWPPP's Consultant 1 Testing & Inspections 1 Entitlement / Processing 1 Printing and Copy Services 1 Other Development Consulting 136 un 1,428.00 /un 194,208 Professionals Contingency 5.0% 102,489 MARKETING & LEASING 2,346,480 CONFIDENTIAL Copy Right Hanover Development Inc. Printed: 3/24/2016 3:56 PM

Hanover Development Barranca 136 Condos Lease REVENUE WITH Escalation DISPOSAL FEES Selling Agent Fees 2.00% 2,501,947 Management Dev. Management Fee 1,950,000 MISCELLANEOUS FEES Buildng Insurance 1.25% 367,543 Property Tax (semi annual) 1.25% 2,312,500 2,501,947 1,950,000 2,680,043 TOTAL SOFT COST 17,556,952 FINANCE COSTS Interest and Fees Interest paid to Debt Sources: Construction Loan (4.25%) 4,517,755 Mortgage Interest (4.50%) 12,493,194 4,517,755 12,493,194 Per Unit 17,010,949 Debt & Equity Financing Fees Construction Loan Fee (1.00%) (Single) 636,294 Mortgage % Fee (0.50%) (Single) 350,000 986,294 17,997,243 Per Unit COSTS EXCLUSIVE OF FINANCE AND DISPOSAL FEES 79,649,496 585,658 TOTAL COSTS 100,148,686 736,387 PROFIT Contribution IRR Multiple Sand Dollar Partners 20,537,861 21.00% 3.30 Preferred Return (8.00%) 11,788,956 IRR Lookback (12.00%) 23,245,678 8,886,531 3,893,956 47,815,121 Participating Debt Developer Other 47,815,121 CONFIDENTIAL Copy Right Hanover Development Inc. Printed: 3/24/2016 3:56 PM

Hanover Development Barranca 136 Condos Lease REVENUE WITH Escalation Performance Measures Profit on Cost% 47.74% Profit on GDV% 38.22% Profit on NDV% 38.22% Development Yield% (on Rent) 5.00% Equivalent Yield% (Nominal) 4.00% Equivalent Yield% (True) 4.10% Gross Initial Yield% 4.21% Net Initial Yield% 4.00% PreFinance IRR% 11.01% Geared IRR% (with Interest) 13.16% Equity IRR% (with Interest) 21.04% Return on Equity% 232.81% Rent Cover 6 yrs 4 mths Capitalized Rent per Net ft² 833.00 pf² Cost per Gross ft² 447.00 pf² Cost per Net ft² 447.00 pf² Floor Area Ratio 0.8% Inflation/Escalation applied Escalation on Capitalized Rent Unescalated Escalation Total Lvl1&2 A TH...1403 SF Market Rate Escalation 1 at 3.00% var. 17,673,591 3,335,521 21,009,112 Lvl2 B...1386 Market Rate Escalation 1 at 3.00% var. 17,459,442 3,295,104 20,754,546 Lvl2 C...1859 Market Rate Escalation 1 at 3.00% var. 21,616,452 4,079,653 25,696,105 Lvl3 D...1056 Market Rate Escalation 1 at 3.00% var. 14,325,696 2,703,675 17,029,371 Lvl 3 E...1194 Market Rate Escalation 1 at 3.00% var. 15,619,311 2,407,028 18,026,339 Lvl3 F...1865 Market Rate Escalation 1 at 3.00% var. 22,589,813 3,481,223 26,071,036 Lvl4&5 GPH...2466 Market Rate Escalation 1 at 3.00% var. 26,285,094 4,050,688 30,335,782 Lvl4&5 HTH...1949 Market Rate Escalation 1 at 3.00% var. 24,079,408 3,710,779 27,790,187 CONFIDENTIAL Copy Right Hanover Development Inc. Printed: 3/24/2016 3:56 PM

Cash Flow from May16 Project Length: 87 Months Now viewing: # of Months 1 1 1 1 1 1 1 1 1 1 1 1 Period Ending May16 Jun16 Jul16 Aug16 Sep16 Oct16 Nov16 Dec16 Jan17 Feb17 Mar17 Apr17 Totals for Revenue 147,963,81 0 0 0 0 0 Project Cost 82,151,445 32,906,836 61,163 88,880 483,986 125,375 135,629 137,029 129,576 114,826 466,812 691,229 519,972 All Finance Cost Incl. Mortgage(s) 17,997,243 636,294 43,807 44,179 44,650 46,522 47,131 47,778 48,433 49,063 49,644 51,473 54,103 Profit / Net for Period 47,815,122 33,543,130 104,970 133,058 528,636 171,897 182,760 184,807 178,008 163,889 516,456 742,701 574,075 Cumulative 33,543,130 33,648,100 33,781,158 34,309,794 34,481,692 34,664,452 34,849,259 35,027,267 35,191,156 35,707,612 36,450,313 37,024,388 Barranca First 32316.wcfx D:\Argus\Irvine Barranca\Argus Files\ Project IRR 13.2% Equity ROE 232.8% Equity IRR 21.0% Equity Multiple 3.30 # of Months 1 1 1 1 1 1 1 1 1 1 1 1 Period Ending May16 Jun16 Jul16 Aug16 Sep16 Oct16 Nov16 Dec16 Jan17 Feb17 Mar17 Apr17 Revenue for 147,963,81 0 0 0 0 0 Capitalized Rent 125,097,36 0 0 0 0 0 Capitalized Rent 186,712,478 0 0 0 0 Cap Rent Costs 61,615,118 0 0 0 0 Net Operating Income 22,866,449 0 0 0 0 Base Rental Income 34,129,029 0 0 0 0 Operating Costs 11,262,58 0 0 0 0 0 0 0 0 0 # of Months 1 1 1 1 1 1 1 1 1 1 1 1 Period Ending May16 Jun16 Jul16 Aug16 Sep16 Oct16 Nov16 Dec16 Jan17 Feb17 Mar17 Apr17 Costs for 82,151,445 32,906,836 61,163 88,880 483,986 125,375 135,629 137,029 129,576 114,826 466,812 691,229 519,972 Acquisition 30,931,000 30,931,00 0 0 0 0 Land Price 30,000,000 30,000,00 0 0 0 0 Supplemental Property Tax 186,000 186,00 0 0 0 0 Acquisition Fee 600,000 600,00 0 0 0 0 Acquisition Legal 20,000 20,00 0 0 0 0 Partnership Legal 25,000 25,00 0 0 0 0 Closing Costs 75,000 75,00 0 0 0 0 Due Diligency 25,000 25,00 0 0 0 0 Project Cost 41,741,973 386 893 1,332 1,704 2,008 2,245 2,414 2,516 2,550 2,517 607,375 429,187 Building Construction 28,003,25 0 0 0 52,283 120,871 Demo & Temp Fence 382,248 0 0 382,248 0 Site Improvements 3,441,208 0 0 5,838 13,892 Fees, Permits & Impact Fees 8,078,482 0 0 106,919 247,179 Developer's Contingency 436,623 386 893 1,332 1,704 2,008 2,245 2,414 2,516 2,550 2,517 41,557 4,405 Building Contingency 1,400,162 0 0 18,531 42,841 Professional Fees 2,346,482 25,450 60,270 87,548 107,282 123,367 133,384 134,615 127,060 112,276 89,295 83,854 90,785 Civil Engineer 542,781 3,863 8,930 13,323 17,040 20,082 22,449 24,141 25,158 25,500 25,167 27,480 30,153 Achitect 707,000 20,375 48,470 70,056 85,134 93,703 95,764 91,317 80,361 62,897 38,924 875 925 Landscape Architect 125,000 0 0 0 0 3,707 8,819 12,747 15,490 17,049 17,424 16,615 14,622 HOE, DRE & Legal 50,00 0 1,483 3,528 5,099 6,196 Indirects Site Management 625,00 0 0 0 27,344 28,906 Other Professionals & Contingency 296,701 1,212 2,870 4,169 5,109 5,875 6,352 6,410 6,051 5,347 4,252 6,441 9,982 Marketing & Sales 2,501,947 0 0 0 0 Sales Agent Fee 2,501,947 0 0 0 0 Additional Data 4,630,043 1,950,000 0 0 375,000 0 0 0 0 0 375,000 0 0 Development Management Fee 1,950,000 1,950,00 0 0 0 0 Building Insurance & Taxes 2,680,043 0 0 0 375,000 0 0 0 0 0 375,000 0 0

Cash Flow from May16 Project Length: 87 Months Now viewing: # of Months 1 1 1 1 1 1 1 1 1 1 1 1 $ 98,720,508 $ 183,489 $ 266,639 $ 1,451,959 $ 376,126 $ 406,887 $ 411,088 $ 388,727 $ 344,477 $ 1,400,436 $ 2,073,686 $ 1,559,916 Equity Sources # of Months 1 1 1 1 1 1 1 1 1 1 1 1 Period Ending May16 Jun16 Jul16 Aug16 Sep16 Oct16 Nov16 Dec16 Jan17 Feb17 Mar17 Apr17 Equity Contributions 20,537,861 20,537,861 0 0 0 Sand Dollar Partners 20,537,861 20,537,861 0 0 0 Equity Repayments 20,537,861 0 0 0 0 Sand Dollar Partners 20,537,861 0 0 0 0 Equity Profits 47,815,122 0 0 0 0 Sand Dollar Partners 47,815,122 0 0 0 0 $ 41,075,723 $ $ $ $ $ $ $ $ $ $ $ Debt Sources # of Months 1 1 1 1 1 1 1 1 1 1 1 1 Period Ending May16 Jun16 Jul16 Aug16 Sep16 Oct16 Nov16 Dec16 Jan17 Feb17 Mar17 Apr17 Debt Contributions 59,111,637 12,368,975 61,163 88,880 483,986 125,375 135,629 137,029 129,576 114,826 466,812 691,229 519,972 Construction Loan 59,111,637 12,368,975 61,163 88,880 483,986 125,375 135,629 137,029 129,576 114,826 466,812 691,229 519,972 Source Funded Interest 4,517,755 0 43,807 44,179 44,650 46,522 47,131 47,778 48,433 49,063 49,644 51,473 54,103 Construction Loan 4,517,755 0 43,807 44,179 44,650 46,522 47,131 47,778 48,433 49,063 49,644 51,473 54,103 Source Funded Fees 636,294 636,294 0 0 0 Construction Loan 636,294 636,294 0 0 0 Debt Repayments 64,265,686 0 0 0 0 $ 26,010,537.10 $ 209,939.50 $ 266,116.62 $ 1,057,272.36 $ 343,794.96 $ 365,519.98 $ 369,614.74 $ 356,016.82 $ 327,777.62 $ 1,032,911.04 $ 1,485,402.56 $ 1,148,150.34

Cash Flow from May16 Project Length: 87 Months # of Months Period Ending Totals for Revenue 147,963,810 Project Cost 82,151,445 All Finance Cost Incl. Mortgage(s) 17,997,243 Profit / Net for Period 47,815,122 Cumulative 12 12 12 12 12 12 12 12 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24 40,871 3,365,432 4,502,937 4,596,664 4,710,800 4,834,128 125,912,979 0 30,589,683 13,136,002 62,500 0 0 0 2,501,947 0 1,123,156 2,445,239 3,394,913 3,099,248 3,045,122 2,988,510 737,980 0 31,671,968 12,215,809 1,045,523 1,497,416 1,665,678 1,845,618 122,673,052 0 68,696,356 80,912,165 79,866,642 78,369,226 76,703,548 74,857,930 47,815,122 Barranca First 32316.wcfx D:\Argus\Irvine Barran # of Months Period Ending 12 12 12 12 12 12 12 12 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24 Revenue for 147,963,810 Capitalized Rent 125,097,360 Capitalized Rent 186,712,478 Cap Rent Costs 61,615,118 Net Operating Income 22,866,449 Base Rental Income 34,129,029 Operating Costs 11,262,580 # of Months Period Ending Costs for 82,151,445 Acquisition 30,931,000 Land Price 30,000,000 Supplemental Property Tax 186,000 Acquisition Fee 600,000 Acquisition Legal 20,000 Partnership Legal 25,000 Closing Costs 75,000 Due Diligency 25,000 Project Cost 41,741,973 Building Construction 28,003,250 Demo & Temp Fence 382,248 Site Improvements 3,441,208 Fees, Permits & Impact Fees 8,078,482 Developer's Contingency 436,623 Building Contingency 1,400,162 Professional Fees 2,346,482 Civil Engineer 542,781 Achitect 707,000 Landscape Architect 125,000 HOE, DRE & Legal 50,000 Indirects Site Management 625,000 Other Professionals & Contingency 296,701 Marketing & Sales 2,501,947 Sales Agent Fee 2,501,947 Additional Data 4,630,043 Development Management Fee 1,950,000 Building Insurance & Taxes 2,680,043 40,871 3,365,432 4,502,937 4,596,664 4,710,800 4,834,128 125,912,979 0 0 0 0 0 0 0 125,097,360 0 0 0 0 0 0 0 186,712,478 0 0 0 0 0 0 0 61,615,118 0 40,871 3,365,432 4,502,937 4,596,664 4,710,800 4,834,128 815,618 0 61,001 5,023,033 6,720,801 6,860,692 7,031,044 7,215,116 1,217,341 0 20,130 1,657,601 2,217,864 2,264,029 2,320,245 2,380,989 401,722 0 122,612 10,096,297 13,508,810 13,789,991 14,132,399 14,502,383 377,738,936 0 12 12 12 12 12 12 12 12 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24 30,589,683 13,136,002 62,500 0 0 0 2,501,947 0 28,444,283 12,242,563 0 0 0 0 0 0 16,459,123 11,370,973 0 0 0 0 0 0 3,291,316 130,163 0 0 0 0 0 0 7,105,211 619,173 0 0 0 0 0 0 357,158 14,939 0 0 0 0 0 0 1,231,475 107,315 0 0 0 0 0 0 1,027,858 143,439 0 0 0 0 0 0 280,262 19,232 0 0 0 0 0 0 15,000 3,200 0 0 0 0 0 0 18,526 0 0 0 0 0 0 0 33,695 0 0 0 0 0 0 0 468,750 100,000 0 0 0 0 0 0 211,625 21,007 0 0 0 0 0 0 0 0 0 0 0 0 2,501,947 0 0 0 0 0 0 0 2,501,947 0 1,117,543 750,000 62,500 0 0 0 0 0 1,117,543 750,000 62,500 0 0 0 0 0

Cash Flow from May16 Project Length: 87 Months Equity Sources # of Months # of Months Period Ending 12 12 12 12 12 12 12 12 $ 91,769,049 $ 39,408,006 $ 187,500 $ $ $ $ 7,505,842 $ 12 12 12 12 12 12 12 12 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24 Equity Contributions 20,537,861 Sand Dollar Partners 20,537,861 Equity Repayments 20,537,861 Sand Dollar Partners 20,537,861 Equity Profits 47,815,122 Sand Dollar Partners 47,815,122 0 0 4,221,552 0 0 0 16,316,309 0 0 0 4,221,552 0 0 0 16,316,309 0 0 0 5,857,471 319,227 433,362 556,691 40,648,371 0 0 0 5,857,471 319,227 433,362 556,691 40,648,371 0 $ $ $ 20,158,046 $ 638,453 $ 866,725 $ 1,113,381 $ 113,929,361 $ Debt Sources # of Months Period Ending 12 12 12 12 12 12 12 12 Apr18 Apr19 Apr20 Apr21 Apr22 Apr23 Apr24 Debt Contributions 59,111,637 Construction Loan 59,111,637 Source Funded Interest 4,517,755 Construction Loan 4,517,755 Source Funded Fees 636,294 Construction Loan 636,294 Debt Repayments 64,265,686 30,589,683 13,136,002 62,500 0 0 0 0 0 30,589,683 13,136,002 62,500 0 0 0 0 0 1,123,156 2,445,239 422,579 0 0 0 0 0 1,123,156 2,445,239 422,579 0 0 0 0 0 40,871 3,365,432 60,859,383 0 0 0 0 0 $ 63,507,418.88 $ 37,893,347.58 ############# $ $ $ $ $