Big Country Ranch

1. Big Country Ranch Boulevard, San Diego County, California Contact: Jim Stinnett Lanz Correia CA BRE # 01870563 CA BRE # 01883404 2850Womble Rd Suite 102 2850Womble Rd Suite 102 San Diego CA 92106 San Diego CA 92106 D 619.654.0331 D 619.564.6355 O 619.269.2266 x 1725 O 619.269.2266 x 1731 Stinnettsales@cox.netlcorreia@correiagroup.com

2. STATEMENT OF CONFIDENTIALITY & DISCLAIMER THIS DOCUMENT CONTAINS CONFIDENTIAL, PROPRIETARY INFORMATION. YOUR REVIEW OF THIS DOCUMENT CONSTITUTES YOUR AGREEMENT TO KEEP ALL SUCH INFORMATION CONFIDENTIAL, TO USE THE INFORMATION SOLELY IN CONNECTION WITH A PURCHASE OF ALL OR PART OF BIG COUNTRY RANCH (THE “PROPERTY”) FROMLANSING COMPANIES (“SELLER”), AND NOT TO REPRODUCE, REDISTRIBUTE OR OTHERWISE DISCLOSE ITS CONTENTS TO ANY PERSON OR ENTITY. YOU FURTHER AGREE TO PROMPTLY RETURN THE ATTACHED UPON REQUEST FROM SPONSOR. THE INFORMATION IN THIS DOCUMENT REPRESENTS THE SELLER’S CURRENT ESTIMATES AND ASSESSMENTS IN CONNECTION WITH THE PROPERTY. ACTUAL EVENTS AND CONDITIONS MAY DIFFER MATERIALLY FROM THE SELLER’S ESTIMATES AND ASSESSMENTS. ADDITIONALLY, THE ASSUMPTIONS UTILIZED BY THE SELLER IN PREPARING THE INFORMATION MAY DIFFER MATERIALLY FROM ACTUAL EVENTS. THERE CAN BE NO ASSURANCE THAT THE ESTIMATES AND ASSESSMENTS WILL REPRESENT AN ACCURATE REFLECTION OF LOCAL OR NATIONAL ECONOMIC CONDITIONS, ACTUAL EVENTS, OR ACTUAL INVESTMENT PERFORMANCE. THIS CONFIDENTIAL MEMORANDUM HAS BEEN PREPARED FROM INFORMATION PROVIDED BY THE SELLER. IT DOES NOT PURPORT TO BE ALL-INCLUSIVE OR TO CONTAIN ALL OF THE INFORMATION PROVIDED BY THE SELLER. IT DOES NOT PURPORT TO BE ALL INCLUSIVE OR TO CONTAIN ALL OF THE INFORMATION THAT A PROSPECTIVE BUYER MAY DESIRE. THE SELLER DOES NOT MAKE ANY REPRESENTATION OR WARRANTY, EXPRESSED OR IMPLIED, AS TO THE ACCURACY OR COMPLETENESS OF THIS CONFIDENTIAL MEMORANDUM OR ANY OF ITS CONTENTS, AND NO LEGAL LIABILITY IS ASSUMED OR TO BE IMPLIED, BY ANY OF THE AFOREMENTIONED WITH RESPECT THERETO. THIS MEMORANDUM HAS BEEN PREPARED SOLELY FOR INFORMATIONAL PURPOSES TO ASSIST AN INTERESTED PARTY IN DETERMINING WHETHER TO PROCEED WITH AN IN-DEPTH INVESTIGATION OF THIS INVESTMENT OPPORTUNITY. THE SELLER RESERVES THE RIGHT AT THEIR SOLE DISCRETION TO REJECT ANY OR ALL PROPOSALS OR EXPRESSIONS OF INTEREST IN THIS INVESTMENT OPPORTUNITY AND TO TERMINATE DISCUSSIONS WITH ANY PARTY AT ANY TIME WITH OR WITHOUT NOTICE. IF YOU DO NOT WISH TO PURSUE THIS MATTER, KINDLY RETURN THIS CONFIDENTIAL MEMORANDUM TO THE SELLER AT YOUR EARLIEST POSSIBLE CONVENIENCE. PHOTOCOPYING OR OTHER DUPLICATION IS NOT AUTHORIZED.

3. TABLE OF CONTENTS • EXECUTIVE SUMMARY • Big Country Ranch Summary • Preliminary Conceptual Plan • AREA OVERVIEW • Transmission Upgrades • Met Tower Map • Wind Resource Map • MARKET OVERVIEW • Proposed Projects – Boulevard • Wind & Solar Grid Integration • SITE PHOTOS

4. EXECUTIVE SUMMARY

5. EXECUTIVE SUMMARY BIG COUNTRY RANCH SUMMARY Location: The subject site is located in eastern San Diego County 2.5 miles north of Interstate 8 off the Ribbonwood Road Exit. Municipality: Unincorporated San Diego County APN’s: Multiple Acreage: Approximately 2900 gross acres Zoning: General Rural General Plan: Rural Lands 80 Topography: Elevation ranges from 3600 to 4200 feet, the site consists of flat areas throughout McCain Valley along with hilly terrain. Property Condition: Unimproved Purchase Price: $9,000,000

6. EXECUTIVE SUMMARY BIG COUNTRY CONCEPTUAL PLAN Comments: Eastern San Diego County is experiencing unprecedented growth in utility scale wind and solar energy installations. The State of California has mandated in Senate bill X1-2 that 33% of the energy produce in California come from renewable resources including wind, geothermal, & solar by the year 2020. Eastern San Diego County has been targeted by wind and solar energy developers due to the high concentration of wind and solar resources and proximity to the high load areas of coastal Southern California. SDG&E has just completed the Sunrise Powerlink and will soon begin construction on the CPUC approved ECO Substation and Transmission Line adding the capacity needed to facilitate the build out of wind and solar energy projects. Big Country Ranch is the largest private land holding in the Boulevard area north of Interstate 8. It is bordered by BLM land on the east and north and the Campo and Manzanita Indian Reservations on the west. Wildlife conservation groups have been interested in the property as critical wildlife linkage to the surrounding public lands and open spaces. Big Country encompasses a large majority of the McCain Valley where there is approximately 125 acres of wetlands mapped in the National Wetlands Inventory Database. This could be a tremendous opportunity to restore a valuable biological resource and set-up mitigation banks to off-set the areas being impacted by renewable energy development.

7. AREA OVERVIEW

8. AREA OVERVIEW TRANSMISSION UPGRADES • SDG&E is currently in the final permitting stage of the East County Substation/Tule Wind/Energia Sierra Juarez Gen-Tie Projects. The Final EIR was posted in October, 2011. • As proposed by SDG&E, the ECO Substation Project includes the following major components: • Construction of a 500/230/138 kV substation in southeastern San Diego County (ECO Substation) • Construction of the SWPL loop-in, a short loop-in of the existing SWPL transmission line to the proposed ECO Substation • Construction of a 138 kV transmission line, approximately 13.3 miles in length, running between the proposed ECO Substation and the rebuilt Boulevard Substation • Rebuild of the existing Boulevard Substation. Source: East County Substation/Tule Wind/Energia Sierra Juarez Gen-Tie Projects Final EIR, October 2011

9. AREA OVERVIEW TRANSMISSION UPGRADES, ECO Substation The proposed ECO Substation Project would provide an interconnection hub for renewable generation along SDG&E’s existing Southwest Powerlink (SWPL) 500-kilovolt (kV) transmission line. In addition to accommodating the region’s planned renewable generation, the project would also provide a second source for the southeastern 69 kV transmission system that avoids the vulnerability of common structure outages, which would increase the reliability of electrical service for Boulevard, Jacumba, and surrounding communities. The proposed project would provide interconnection capability at three voltage levels (500 kV, 230 kV, and 138 kV), which would provide renewable generators the option to connect at a voltage level that is appropriately sized for their project. Source: East County Substation/Tule Wind/Energia Sierra Juarez Gen-Tie Projects Final EIR, October, 2011

10. AREA OVERVIEW TRANSMISSION UPGRADES, Boulevard Substation Rebuild • The existing Boulevard Substation is located south of I-8 within the unincorporated community of Boulevard, approximately 9 miles northwest of the proposed ECO Substation Site (Figure B-2B, Vicinity/Overview Map). Old Highway 80 is located just north of the site. As proposed, the rebuilt Boulevard Substation would be located immediately east of the existing substation on a 8.5-acre parcel recently acquired by SDG&E • The substation would be designed so that the ultimate configuration would include the following: • Two sections of 138 kV low-profile radial buses with six line positions, three transformer positions, one capacitor position, and a bus-tie • One 138/69 kV transformer • Two 138/12 kV transformers • Two bays of 69 kV standard-profile switch racks with four line positions and one transformer position • Two quarter section 12 kV switchgears • Four 12 kV capacitors • One control shelter. Source: East County Substation/Tule Wind/Energia Sierra Juarez Gen-Tie Projects Final EIR, October, 2011

11. AREA OVERVIEW MET Tower Locations

12. AREA OVERVIEW

13. MARKET OVERVIEW

14. MARKET OVERVIEW PROPOSED PROJECTS - Boulevard • LanWest & LanEast Solar Farm CPV: Located immediately south of Interstate 8 and adjacent to the Boulevard Substation. One of the few renewable energy projects located on private land in the area. • The Tule Wind Project: Located in the In-Ko-Pah Mountains near the McCain Valley in southeastern San Diego County. • The Campo Wind Project (Shuluuk): Located south of the Tule Wind Project and west of the Boulevard Substation on the Campo Indian Reservation. • Manzanita Wind Project: Located on the same ridgeline as the existing Kumeyaay Wind facility. • Tierra Del Sol CPV: Located along the US and Mexico border • Rugged Solar CPV: Located north of Interstate 8, southeast of Big Country Ranch

15. MARKET OVERVIEW WIND & SOLAR GENERATION GRID INTEGRATION • Solar energy generation complements areas of high wind output to help reliably manage intermittency of renewable resources on grid operations. • The average daily profiles reveal several general trends with regard to the relationship between load, wind, and solar output: • • At the footprint level, wind output is generally falling during the early‐morning hours when load is rising most rapidly and tends to recover or flatten later in the morning. However, this inverse‐phase relationship is not as strong during the summer as in other seasons. • • The solar output complements the load as expected. It is either rising or at its peak around noon when the load is high, and rolls off in the late afternoon. Source: Western Wind & Solar Integration Study, GE Energy, Prepared for NREL, May 2010

16. MARKET OVERVIEW WIND & SOLAR GENERATION GRID INTEGRATION Load is plotted against the left scale and wind and solar against the right, amplified by three relative to the load. Source: Western Wind & Solar Integration Study, GE Energy, Prepared for NREL, May 2010

17. SITE PHOTOS

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24. SITE PHOTOS

25. FOR ADDITIONAL INFORMATION Contact: Jim Stinnett Lanz Correia CA BRE # 01870563 CA BRE # 01883404 2850Womble Rd Suite 102 2850 Womble Rd Suite 102 San Diego CA 92106 San Diego CA 92106 D 619.654.0331 D 619.564.6355 O 619.269.2266 x 1725 O 619.269.2266 x 1731 Stinnettsales@cox.netlcorreia@correiagroup.com