$11,000,000

190+/- deeded acres, U.S. Highway 101, south of Arroyo Grande, California, County of San Luis Obispo

The Property has a generally south facing slope, and is located approximately four miles from the ocean. It is generally rectangular in shape, and consists of two legal parcels, each of approximately equal size. The County of San Luis Obispo has issued Certificates of Compliance for each of these lots, assuring their validity as separate legal parcels.

The subject property consists of generally rolling topography that rises up from the highway to the east with spectacular views of the ocean in the distance.

The Property is in the immediate vicinity of vineyards, citrus, avocados, and livestock operations

This zoning allows two residences per legal parcel; therefore the property is currently zoned for four residences since it is comprised of two legal parcels.

Water is provided by irrigation well and spring located on the southeast corner of the property, which delivers domestic water to the other side of Highway 101.

The water well was drilled on the property in December of 1998. The well finished to 345 feet with a 10-inch casing. The first 245 feet is solid steel casing, and the last 100 feet consisting of steel casing is screened to .08 slots. The pump is set at 315 feet and consists of a 9-stage bowl. Pump tests were not available, however production is reportedly estimated at 300 to 400 GPM.

There are no significant structural improvements on the Property.

The Property is within the sphere of influence of the City of Arroyo Grande and falls within the jurisdiction of San Luis Obispo County. The County has a zoning designation for the property of “AG” (Agricultural). The property lies within the South County Planning Area, and borders the San Luis Bay Planning Area. The “AG” zoning of the County allows for agricultural uses, and some uses incidental to the agricultural purpose.

The Property was made subject to a Land Conservation Contract in 1974. The property was placed into non-renewal status in 1991 and was released from the Land Conservation Contract July 2001.

The Property was recently annexed into the Sphere of Influence of the City of Arroyo Grande.

According to information derived from the Soil Survey of San Luis Obispo County, (Coastal Part), the soils found on the subject property consist of two primary soil classifications. The upper one-half of the property is made up of the Santa Lucia very shaley clay loam series, while the lower one-half consists primarily of the Zaca clay series.

Utilities at Highway 101 include electricity and telephone.

A.P.N. 075-341-002

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