THE RANCON GROUP

B U I L D E R D E V E L O P E R D I V I S I O N

ELDORADOAPPROVED TRACT MAP | 122 Single Family Lots in Menifee, CA

Building Relationships Building Communities Building A Legacy

THE RANCON GROUPB U I L D E R D E V E L O P E R D I V I S I O N

PROJECT OVERVIEW Executive Summary I-1 Site Plan I-4 Aerial Maps I-5 Location Maps I-8 Eldorado Parks I-9 Site Photos I-11 Area Photos I-13

RESIDENTIAL DEVELOPMENT STUDY Real Estate Economics II-1

AREA OVERVIEW Menifee III-1 Temecula III-2 Diamond Valley Lake III-3

REGIONAL INFRASTRUCTURE CONTACT INFORMATION

DUE DILIGENCE INFORMATION

TABLE OF CONTENTS

032416

DISCLAIMER

THE INFORMATION CONTAINED IN THIS OFFERING MEMORANDUM HAS BEEN COMPILED FROM A

VARIETY OF SOURCES BELIEVED TO BE RELIABLE, HOWEVER WE DO NOT GUARANTEE ITS ACCURACY.

ALL ASPECTS OF THE PROPERTY SHOULD BE INDEPENDENTLY VERIFIED BY THE BUYER AND/OR THEIR

CONSULTANTS.

I-1THE RANCON GROUP

ELDORADO - Executive Summary

Project overview

The Rancon Group Builder Developer Division is pleased to present for sale an in-fill project of 122 Blue-Top lots, nestled into the southeast corner at Menifee Road and Simpson Road in Menifee, CA.

Access to the property is granted off the newly completed Menifee Road “missing link” along the west border of the property, Simpson Road to the north and Rose Meadow Drive to the east. The property is comprised of 41+ gross acres, and flanked to the east by the Shea Eldorado Community and to the north by the Standard Pacific Heritage Lake Community, and to the south by the newly completed Lennar Menifee Hills project. Tract #31582 is a recorded final map.

The project has a minimum lot size of 7,200 sq ft (average of 9,722 sf) and was originally crafted for move up buyers coming from the surrounding counties of San Diego, Orange and Los Angeles. The project has all infrastructure to the site. Lots average 65 feet wide. Future residents of tract #31582 will be able to enjoy two recently constructed recreational facilities featuring walkways, tot lots, baseball fields and sprawling open areas.

The project has an approved Water Supply Assessment from Eastern Municipal Water District.

Project overview

PROJECT DESCRIPTION

FINAL MAP — #31582

• 122 single-family Blue-Top Lots

• Minimum lot size 7,200 sq ft

• Average lot size 9,722 sq ft

• Average lot width 65 ft

COMMUNITY PARK —

• A 5-acre community park, already

constructed by the original

developer, Shea homes, is included

in the Eldorado project

WATER SUPPLY ASSESSMENT

• Approved Water Supply

Assessment from Eastern Municipal

Water District (EMWD)

I-2THE RANCON GROUP

PROJECT SIZE: 41+ Acres 122 Single Family Lots

FINAL MAP — #31582 • 122 single-family Blue-Top Lots • Minimum lot size 7,200 sq ft • Average lot size 9,722 sq ft • Lots average 65 ft wide

PROPERTY CONDITION Lots have been graded and all offsites are completed to the street. The project has an approved Water Supply Assessment from Eastern Municipal Water District. Beginning January 14, 2011, there are new water quality standards for building projects in this region, however, Eldorado has been grandfathered in under the previous standards.

MUNICIPALITY Eldorado is situated in the City of Menifee in Riverside County, whereby enjoying all of the rights, opportunities and amenities cityhood affords.

LOCATION: I-215 Corridor: Eldorado enjoys convenient access to Interstate 215. It is located near the 6-lane expressway, Domenigoni Parkway, which

connects I-215 to SR 79 (Winchester Road.) COMMUNITY FACILITIES DISTRICT: Eldorado is within the Romoland School District 2006-1 CFD. The CFD

was formed to cover school fees and EMWD fees and costs. The CFD has been formed and the Series I Bonds have been sold. The Series I Bond Sale was sized so that the Eldorado lots are not being assessed an undeveloped CFD land tax.

ELDORADO - Executive Summary

Project overview

Eldorado CFDs

I-3THE RANCON GROUP

ELDORADO - Executive Summary

Project overview

HOA: Tracts #31485, #31582 and #31582-1 make up the Eldorado at

Riverside Community Association. It is responsible for maintenance of three water quality basins within the Community Association. Tract #31582 has not yet been annexed into the Association. The neighborhood park within Tract #31582, as well as the other parks within the Community Association, will be maintained by Valley Wide Parks and Recreation.

COMMUNITY PARKS: The Eldorado Portfolio includes a five-acre Community Park that has been constructed and is currently maintained by Valley Wide. The park contains a Tot Lot, open space and shaded picnic areas. In addition, Sunrise Park, directly across the street from Eldorado, includes Baseball and Soccer fields.

ENTITLEMENT SUMMARY: Tract#31582isanapproved,finalmap.

UTILITIES: Sewer Eastern Municipal Water District

Gas Southern California Gas Company

Electric Southern California Edison

Phone Verizon

I-4THE RANCON GROUPE L D O R A D O

Final Tract #31582

ELDORADO - Site Plan

Project overview

Actual Photo of Park

♦ Phase I was developed & 100% sold out by Shea Homes

♦ Tract #31582 122 Blue-Top Lots

♦ Phase II, 147 units, was sold to Lennar Homes and is currently under construction

I-5THE RANCON GROUPE L D O R A D O

Aerial View - Facing NorthEast

ELDORADO - Aerial

I-6THE RANCON GROUPE L D O R A D O

Aerial View - Facing SouthEast

ELDORADO - Aerial

I-7THE RANCON GROUPE L D O R A D O

Final Tract #31582

ELDORADO - Aerial

Project overview

I-8THE RANCON GROUP

♦ Eldorado is located at the southwest corner of Simpson and Lindenberger Roads in the City of Menifee, CA.

INTERSTATE

SEA WORLDSAN DIEGO ZOO

TOPALM SPRINGS

SAN DIEGOINTERNATIONAL

AIRPORTSAN DIEGO

INTERSTATE

5

INTERSTATE

8

805

LOS ANGELESINTERNATIONAL

AIRPORT

SANTAMONICA

LOS ANGELES

LONG BEACH

ANAHEIM

POMONA

CORONA

INTERSTATE

405

BEAUMONTBANNING

HEMET

TEMECULA

ESCONDIDO

SANMARCOS

CARLSBAD

ENCINITAS

DEL MAR

WINE COUNTRY

MISSIONINN

DISNEYLAND

KNOTT'SBERRY FARM

QUEEN MARY

MARCHAIR MUSEUM

MIRAMAR

OCEANSIDE

60

INTERSTATE

10

INTERSTATE

15

INTERSTATE

15 INTERSTATE

215

INTERSTATE

215

79

79

79

74

INTERSTATE

5

76

78

ONTARIOINTERNATIONAL

AIRPORTINTERSTATE

10

22

INTERSTATE

105

605

91

91

91

INTERSTATE

5

INTERSTATE

15

INTERSTATE

5

INTERSTATE

10

60 RIVERSIDE

INTERSTATE

10

74

163

MURRIETA

Winchester

Perris

Lake Elsinore

Hemet

Diamond Valley Lake

Riverside

Lake Elsinore

Moreno Valley

Temecula

Lake Perris

Nuevo

Murrieta

MenifeeELDORADO

ELDORADO - Location Map

Project overview

I-9THE RANCON GROUP

P A R K S A T E L D O R A D OBaseball Field in Background

ELDORADO - Parks

Project overview

I-10THE RANCON GROUP

P A R K S A T E L D O R A D OTot Lot

ELDORADO - Parks

Project overview

I-11THE RANCON GROUP

ELDORADO - Site Photo

Project overview

I-12THE RANCON GROUP

ELDORADO - Site Photos

Project overview

I-13THE RANCON GROUP

SURROUNDING AREA1 The Lakes - Centex Homes

2 Heritage Lake

3 Heritage Lake

4 Menifee Lakes

5 Menifee Lakes 36-Hole Championship Golf Course

6 Menifee Lakes Country Club

7 Mt San Jacinto College

8 Loma Linda Medical Center - Murrieta

9 Menifee Medical Center

1 2 3

4 5 6

7 8 9

ELDORADO - Area Photos

Project overview

I-14THE RANCON GROUP

AREA SHOPPING1 Menifee Countryside Marketplace

2 Chipolte

3 BJ’s Restaurant and Brewhouse

4 Panera Bread

5 Best Buy

6 Super Target

7 Kohl’s

8 Lowe’s

9 Neighborhood Grocery

Shopping all located just two miles from the project at the intersection of I-215 and Newport Road.

1 2 3

4 5 6

7 8 9

ELDORADO - Area Shopping

Project overview

II-1THE RANCON GROUP

residential develoPment study

NEW HOUSING DEVELOPMENT - Real Estate Economics

MinMap Total Units Units List Advertised Price/ Maximum Size Bed Rm. Bath No. Of Garage Lot Size Assoc. Tax Mo.No. 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 Big Sky Brookfield ResidentialMenifee Audie Murphy Ranch 108 108 3 3.99 3.03 $420,913 $7,000 $129.43 $14,967 3,318 4.4 3.0 1.7 3.3 7,500 $115 $348 $2,4742 Silvercreek KB Home Menifee Audie Murphy Ranch 94 34 14 1.19 2.03 $346,019 $3,415 $160.03 $0 2,239 3.6 2.3 1.6 2.0 7,000 $98 $285 $2,0453 Horseshoe Ridge Richmond American HomesMenifee Audie Murphy Ranch 117 67 13 1.54 3.15 $410,199 $5,000 $123.94 $8,000 3,353 4.5 3.0 1.8 3.0 8,000 $115 $338 $2,4244 Palomino Richmond American HomesMenifee Audie Murphy Ranch 112 112 2 0.00 3.24 $379,181 $10,000 $138.76 $11,376 2,758 3.2 2.5 1.6 2.8 7,500 $93 $338 $2,2255 Remington Woodside Homes Menifee Audie Murphy Ranch 69 33 6 1.54 1.88 $382,858 $7,000 $141.20 $24,975 2,710 3.8 2.8 1.5 3.0 7,500 $98 $251 $2,1826 Carmel Standard Pacific HomesMenifee Heritage Lake 110 64 8 3.58 3.12 $366,994 $5,000 $139.44 $19,825 2,634 4.7 3.0 1.5 3.0 7,600 $80 $302 $2,1457 Lakeview Standard Pacific HomesMenifee Heritage Lake 97 77 8 0.60 2.83 $352,199 $5,000 $152.70 $56,200 2,354 3.8 2.8 1.6 2.3 5,275 $80 $289 $2,0558 Newbridge Standard Pacific HomesMenifee Heritage Lake 116 60 5 2.68 3.06 $418,596 $5,000 $131.93 $10,079 3,209 4.5 3.3 1.5 3.3 7,350 $80 $345 $2,4359 Menifee Hills Lennar Homes Menifee Menifee Hills 115 92 13 5.07 4.06 $390,683 $8,000 $153.40 $0 2,611 4.2 2.6 1.4 2.3 8,000 $43 $272 $2,18110 Mahogany Creek DR Horton Menifee Menifee 108 108 4 5.23 3.94 $420,848 $5,000 $131.48 $0 3,204 4.1 3.2 1.8 3.0 4,800 $0 $324 $2,35911 Marigold Woodside Homes Menifee Menifee 42 35 5 2.87 2.45 $368,972 $7,000 $140.83 $8,910 2,634 4.3 2.5 1.5 3.0 7,200 $68 $290 $2,11812 Mountain Gate Woodside Homes Menifee Menifee 116 40 3 3.51 5.31 $313,840 $0 $149.76 $0 2,178 4.2 2.6 1.5 2.0 6,300 $0 $244 $1,75813 Cottonwood Pacific CommunitiesMenifee Pacific Mayfield 190 116 6 0.00 1.02 $364,361 $10,000 $118.14 $2,500 3,163 3.7 3.0 2.0 2.5 5,000 $53 $233 $1,98614 Camellia Lennar Homes Menifee The Lakes 204 56 11 3.07 4.11 $369,399 $5,000 $154.97 $0 2,393 3.7 2.7 1.7 3.0 6,800 $192 $244 $2,214

114.1 71.6 7 2.49 3.09 $378,933 $5,887 $140.43 $11,202 2,768 4.0 2.8 1.6 2.7 6,845 $80 $293 $2,1861,598 1,002 101 34.87 43.23

$378,110 $141.84 2,734

Audie Murphy Ranch 500 354 38 8.26 13.33 $387,834 $6,483 $138.68 $11,863 2,876 3.9 2.7 1.6 2.8 7,500 $104 $312 $2,270Heritage Lake 323 201 21 6.86 9.01 $379,263 $5,000 $141.36 $28,701 2,732 4.3 3.0 1.5 2.8 6,742 $80 $312 $2,212Menifee 266 183 12 11.61 11.70 $367,887 $4,000 $140.69 $2,970 2,672 4.2 2.8 1.6 2.7 6,100 $23 $286 $2,078Menifee Hills 115 92 13 5.07 4.06 $390,683 $8,000 $153.40 $0 2,611 4.2 2.6 1.4 2.3 8,000 $43 $272 $2,181Pacific Mayfield 190 116 6 0.00 1.02 $364,361 $10,000 $118.14 $2,500 3,163 3.7 3.0 2.0 2.5 5,000 $53 $233 $1,986The Lakes 204 56 11 3.07 4.11 $369,399 $5,000 $154.97 $0 2,393 3.7 2.7 1.7 3.0 6,800 $192 $244 $2,214

Note: community sales reflects total monthly sales for all individual new home developments within the communityNote: Monthly Costs assume 80.00% LTV and 4.000% fixed 30yr. mortgageNote: Dens, bonus rooms, lofts, etc. are counted as bedrooms

Report run on: 2016-03-24

Source: Real Estate Economics

Copyright 2003-2015 Real Estate Economics

Real Estate Economics

RESIDENTIAL DEVELOPMENT SUMMARYREAL ESTATE ECONOMICS

PRICING INFORMATION FLOOR PLAN CHARACTERISTICS Est. Mo. Costs

Riverside County as of 2016 Q1 Field Audit.New Housing Developments Surveyed in Select Areas of

OVERALL AVERAGES: GRAND TOTALS: WEIGHTED AVERAGES:

Monthly SalesSales Information

Development

Page 1 of 24:30 PM 3/24/2016

Copy of ResidentialDevelopmentSummary_1713ea04

AREA NEW HOME PROJECTS─ Menifee, CA ─

1st Qtr 2016

II-2THE RANCON GROUP

residential develoPment study

NEW HOUSING DEVELOPMENT - Real Estate EconomicsNEW HOUSING DEVELOPMENT - Real Estate Economics

AREA NEW HOME PROJECTS─ Menifee, CA ─

1st Qtr 2016

STANDARD PACIFIC

LENNAR

KB HOMES

PACIFIC COMMUNITIES

WOODSIDE

BROOKFIELDWOODSIDE HOMES

RICHMOND AMERICAN

DR HORTON

LENNAR

Product tyPe

WOODSIDE

III-1THE RANCON GROUP

market overview

THE CITY OF MENIFEE, like its neighboring city of Wildomar, is the next hot spot for new residential development in Southwest Riverside County. Both cities are located directly in the path of growth stemming from the near-build out conditions in the cities of Temecula and Murrieta.

Located just north of Murrieta in a booming area of Riverside County, Menifee is expected to become one of the largest cities in the county. Interstate-215, now under major expansion, provides excellent access to both the Menifee and Winchester Valley properties.

The City of Menifee incorporated in October of 2008. It encompasses approximately 50 square miles and is bordered by the City of Perris to the north, Winchester Valley to the east, the City of Murrieta to the south and the City of Canyon Lake to the west.

The community of Menifee dates back to the 1880s and was an area consigned to dry farming. Del Webb built a world famous senior citizens’ community known as Sun City, which is now a part of the City of Menifee. With a land area of 50 square miles, Menifee is projected to be the largest cities in both population and size in Riverside County.

The city is served by the Menifee Valley Medical Center and nearby Loma Linda University Medical Center in Murrieta. Menifee is also home to the expanding San Jacinto College Menifee Campus. The city has a growing commercial sector anchored by the Menifee Countryside Marketplace power center along the I-215 freeway.

• Incorporated in October of 2008• 50 square miles• Population of approximately 84,0001 • Estimated Population of 93,087 by 20202 • Approximately 30,787 housing units in 20102

• Estimated 35,226 housing units in 2015, & 40,259 in 20202

Located along the I-215 Corridor, the City of Menifee is in a prime area for growth coming from the built out cities of Temecula and Murrieta. In 2012, and the beginning of 2013, more single family homes were sold in Menifee than in Temecula and Murrieta combined (according to the SWC Association of Realtors) and that trend is expected to continue through the next decade.

Menifee Lake

Heritage Lake

CITY OF MENIFEE - at a Glance

1 (City of Menifee, CA); 2 (County of Riverside)

III-2THE RANCON GROUP

market overview

THE CITY OF TEMECULA has been the economic engine of Southwest Riverside County for the past 24 years. Along with neighboring Murrieta, Temecula started booming in the 1980s and has grown continually since. It has been rated as one of the safest cities to live in the United States, and also as one of the top-10 cities in the state in which to do business. Today, Temecula is estimated to be more than 91 percent built out of residential space.

The City of Temecula was incorporated in December of 1989. It encompasses approximately 34 square miles and is bordered by San Diego County to the south, the City of Murrieta to the north, and unincorporated area of Riverside County to the east and the Santa Rosa Mountains to the west.

Temecula has a rich and storied history dating back to the mid-1800s. It was a stop on the Butterfield Stage Line, had a Pony Express station and had one of the first United States Post Offices in California. The city has been the unqualified leader in residential, commercial and industrial growth for Southwest Riverside County since the early 1980s.

From the renovation of Old Town Temecula, to the Community Theater, Children’s’ Museum, Sports Park,

library and new Civic Center complex, the City of Temecula has excelled at efficiency, with excellence in the design, construction and implementation of public facilities.

• Incorporated in December of 1989• 30.5 Square Miles• Population of approximately 104,879 up from

57,716 in 20001 • Approximately 33,194 housing units in 20102

• Estimated 35,270 housing units in 2015, & 36,321 in 20202

• Residential space approximately 91% built out3

The City of Temecula is home to an extension of California State University San Marcos, and multiple private universities including University of Phoenix and the University of Redlands. City planners have a long-range goal of attracting at least one more large university to the area to help fuel economic development. The recently completed Temecula Valley Hospital features all private rooms, and a 20-bed intensive care unit (ICU). It has six high-tech surgical suites, digital imaging and an advanced electronic clinical information system. It opened its doors in September 2013.

CITY OF TEMECULA - at a Glance

1 (2013 California Department of Finance); 2 (County of Riverside); 3 (City of Temecula)

Old Town Temecula

Harveston

III-3THE RANCON GROUP

area overview

DIAMOND VALLEY LAKE is a man-made wonder, located just a few miles from Diamond Crossing, It measures almost five miles long and two miles wide and is up to 270-feet deep. It can hold more than 260 billion gallons of water, enough to supply area residents with up to six months supply of water. Its surface covers more than 4,500 acres, plenty of room for the avid fishermen that come from as far away as Japan just to get the chance to hook into one of lake’s many species of genetically-selected bass or trout.

Diamond Valley Lake is many things to many people. It is a pristine fishery stocked with bass, catfish and trout. It is also a 22,000 acre natural reserve where families and groups can spend the day walking the miles of multi-use trails surrounding the lake. It is an engineering masterpiece that is now the largest body of fresh water in Southern California. And, importantly, a drinking water reservoir that provides a lifeline for the area’s current and future residents.

Area environmentalists are pleased with preservation of open natural habitat surrounding the lake, which includes more than 9,000 acres of multi-species preservation land. Known as the Shipley Reserve, this open flowing waterway connects

Diamond Valley Lake with Lake Skinner to the south. The Shipley Reserve features a multi-species protection agreement that protects the area’s natural inhabitants. The reserve is home to at least eight types of habitat and up to 16 sensitive bird, animal and plant species.

Today Diamond Valley Lake is much more than a vital drinking water reservoir and world-class fishery, it is a multi-use recreational and natural species reserve that will support generations of

visitors for years to come. Diamond Valley Lake - The place to fish, boat and relax. Just a few minutes from Diamond Crossing.

DIAMOND VALLEY LAKE - at a Glance

• DEVELOPMENT PARTNER The Rancon GRoup

41391 Kalmia Street, Suite 200 | murrieta, Ca 92562 Jim lytle | jlytle@rancongroup.com Ph: (951) 200-2344 | Fx: (951) 834-9801 • AGENCIES-RIVERSIDE COUNTYplanninG DepaRTmenT, counTy of RiveRsiDe 4080 lemon Street. 9th Floor | riverSide, Ca 92501 P.o. Box 1409 | riverSide, Ca 92502 matt Straite, Senior planner Ph: (951) 955-3200 (general #)

TRanspoRTaTion DepaRTmenT, counTy of RiveRsiDe 4080 lemon Street. 8th Floor | riverSide, Ca 92501 P.o. Box 1090 |riverSide, Ca 92502 Ph: (951) 955-6757

• CFD CONTACT DevelopmenT planninG & financinG GRoup, inc. DpfG27127 Calle arroyo, Ste 1910 | San Juan CaPiStrano, Ca 92675Peter Piller | Peter.Piller@dPFg.Com

Ph: (949) 388-9269 ext. 109

• CIVIL ENGINEERS FSOD FOR TRACT #31582sv enGineeRinG 32605 highway 79, Suite 200 | temeCula, Ca 92592eriC Saenz | eriCSaenz@Svengr.Com Ph: 951-694-4824 | Fx: 951-694-4713 • CIVIL ENGINEERING SURVEY TOPO, MAPPINGpRojecT DesiGn consulTanTs, inc. 43460 ridge ParK drive, Suite170 | temeCula, Ca 92590Brad Sager | BradS@ProJeCtdeSign.Com Ph: 951-695-5596 | Fx: 951-695-5597

• STRUCTURAL ENGINEER esi/fme 1800 e. 26th Street | Santa ana, Ca 92701 ray wong | ray.wong@eSiFme.Com Ph: 714-835-2800 | Fx: 714-835-2819 • STRUCTURAL ENGINEER - WALLS

pRoTo ii Wall sysTems

gary otto | garyotto@Protoii.Com Ph: 951-694-3793 | Fx: 951-694-8741

• TITLE 24 CALCSheRiTaGe eneRGy GRoup

15375 BarranCa PrKwy Suite F-101 | irvine, Ca 92618 rudy SainS | rudy@heritageenergygrouP.Com Ph: 949-789-7221 | Fx: 949-789-7222

• ARCHITECTUREWooDley aRchiTecTuRal GRoup

2943 Pullman Street, Suite a | Santa ana, Ca 92705 miKe Fuller | mF@woodleyarCh.Com Ph: 714-546-8919 | Fx: 714-546-8929

• ARCHITECTURE PLANS 302, 303 & 304The mcKinley associaTes, inc. 1818 FirSt ave., Suite 200 | San diego, Ca 92101marK longStaFF | mlongStaFF@themCKinleyaSSoCiateS.Com

Ph: 619-238-1134 | Fx: 619-238-6038

• LANDSCAPE ARCHITECT - MODELS/TYPICALS

aRchiTeRRa

10221-a trademarK Street | ranCho CuCamonga, Ca 91730 greg denSon | gdenSon@arChiterradeSigngrouP.Com

Ph: 909-484-2800 | Fx: 909-484-2802

• LANDSCAPE ARCHITECT - LMD/PARk

communiTy WoRKs DesiGn GRoup

4649 BroCKton ave. | riverSide, Ca 92506 Kay Kite | Kay@ComworKSdg.Com Ph: 951-369-0700 | Fx: 951-369-4039 • TRAFFIC SIGNALuRban cRossRoaDs

5411 avenida enCinaS, Suite 100 | CarlSBad, Ca 92008Blaine werner | Bwerner@urBanCroSSroadS.Com

Ph: (760) 931-0664 | Fx: (760) 931-0064

•TRANSPORTATION PLANNINGRoDRiGuez consulTinG GRoup

Paul rodriguez | Paul@rodCongrP.Com Ph: (949) 660-1994

• ENVIRONMENTAL / GEOTECHNICALpacific soils

710 e. ParKridge ave, Suite 105 | Corona, Ca 92879doug mCCormiCK | doug.CmCormiCK@PaCiFiCSoilS.Com

Ph: (951) 582-0170 | Fx: (951) 582-0176

• BIOLOGICAL ADVOCACY - REGULATORY ASSISTANCE

michael bRanDman associaTes

220 CommerCe, Suite 200 | irvine, Ca 92602 Ken lord | Klord@Brandman.Com Ph: 714-508-4100 | Fx: 714-508-4110

• DRY UTILITIESuTiliTy consulTanTs of oRanGe counTy 23101 moulton PrKwy, Suite 202 | laguna hillS, Ca 92653 miKe SChneider | miKe@utilityConSultantS.net Ph: 949-855-9558 | Fx: 949-855-4079

ContaCt inFormation

REGIONAL INFRASTURCTURE - Contact Information

ELDORADO - Due Diligence Informationdue diligenCe inFormation

AVAILABLE FILES I. Assignments & Agreements 1. Agreement for the Construction of Road or Drainage Improvements 2. Agreement for the Construction of Water System Improvements 3. Coop Storm Drain and Basin Agreement – Approved 11-06-07 4. Flood Control Agreement – Recorded 04-05-99

II. BRE & HOA 1. Amended, Restated and Superseding Declaration of Covenants 11-20-07 2. Architectural Guidelines and General Rules 3. Articles of Incorporation of Eldorado at Riverside Community Assoc. 4. By-Laws of Eldorado at Riverside Community Association 5. Common Area Designation Map 31455, 31582-1 and 31582 6. Conditional Subdivision Public Report 7. DRE Budget 4-8-2008 8. First Amendment to Amended, Restated, and Reservation of Easements 9. Preliminary Public Report – Common Interest Subdivision Pink 10. Receipt for Public Report 11. Rules and Regulations Draft 4-11-2007

III. Consultants & Subcontractors 1. Consultant Contact Information

IV. Cost Estimates 1. El Dorado Cost Estimate – Murow CM 6-12-15

V. Easements 1. Diamond Brothers Easement Agreement Recorded 11-03-05 2. Easement 4-29-1990 3. Easement Deeds Recorded 07-07-04 4. Exhibit A – Temporary Construction Easement 5. First Amendment to Amended, Restated and Reservation of Easement 6. Menifee Lakes Golf Course Drainage and Easements 8-25-2005 7. SCE Easement 09-30-86 8. Storm and Sewer Easement Exhibit 9. Trailhead Drive – Road & Drainage Easement 04-11-07 10. Water Resources NOI Silverstone 02-20-08

VI. Environmental 1. 404 Permit 2. Archaeological Testing at Site CA-RIV-1168 3. FEMA CLOMR 4. FEMA LOMR 5. Final Noise Study Tract 31582 6. Fish & Game 1602 Permit TTM 31455 and 31582 10-24-05 7. Historical Archaeological Resources Survey Report TTM 31582 8. MSHCP Consistency Letter 9. Narrow Endemics Habitat Assessment 10. Natural Hazard Reference Map 11. Phase I – Black Rock Geosciences 01-14-08 12. Phase I – EnviroSoil, Inc. 09-22-08

The following reports and studies are available for review for Tract #31582:EL DORADOTRACT #31582 Due DiligenceMaterials January 2016

ELDORADO - Due Diligence Informationdue diligenCe inFormation

13.Section401WaterQualityCertificationPermitTTM31455 14.TrafficImpactAnalysisTT31582 15. Water Resources NOI Approval Silverstone 03-10-08 16. Water Resources NOI Approval Topaz 03-10-08 17. Water Resources NOT Silverstone 10-31-08 18. Water Resources NOT Topaz 10-31-08

VII. Fees & Credits 1. Executed Agreement for the Collection of Park Development Fees

VIII. Improvement Plans 1. Park Plans – Sheets 1-13 2. Perimeter Wall Plans – Sheets 1-14 3. Rough Grading Plans – Sheets 1-10 4. SCE Menifee Road – Trailhead - Sheets 1-6 5. SCE – Simpson – Lindenberger – Sheets 1-7 6. Storm Drain Plans – Sheets 1-5 7. Signing & Striping Plan – Sheet 1 8. Street Improvement Plans – Sheets 1-9 9. Street Lighting Plan – Sheet 1 10. Water & Sewer Improvement Plans – Sheets 1-11

IX. Marketing - Shea 1. Red Rock at Eldorado Brochure 2. Silverstone at Eldorado Brochure 3. Topaz at Eldorado

X. Planning & Entitlements 1. Address List 2. Aerial Photos 3. Conditions TR31582M1 2010-04-06 4. Conditions TR31582 2010-06-04 5. Construction Completion Exhibit 6. Construction Completion Exhibits 7. CSA 84 Annexation Correspondence 09-12-08 8. Impartial Analysis of the Annexation of TM 31582, -1 to LLMD 9. LLMD 2009-2010 Opt Out Request 10. Notice of Determination Filed 01-13-05 11. Notice of Public Hearing LLMD 12. Phasing Exhibit 13. Resolution to order the Annexation of Zone to LLMD 14. SP158 A5 – Staff Report 10-20-04 15. Special Assessment Ballot LLMD 16. Subdivision Guarantee 9-15-2008 17. Tentative Tract Map 31582 and 31582-1 18. TTM 31582 1st Extension 08-04-08 19. TTM Minor Change No. 1 20.Tract31582finalmapsigned

The following reports and studies are available for review for Tract #31582:EL DORADOTRACT #31582 Due DiligenceMaterials January 2016

ELDORADO - Due Diligence Informationdue diligenCe inFormation

XI. Property Taxes 1. El Dorado Property Taxes 2015-2016 2. Taxes – Eldorado CFD Assumptions

XII. Romoland School District CFD 2006-1 1. EMWD Work Order #11214 – CFD 2006-1 TR31582-1 Water, Sewer 2. Bond Transcript (Romoland School District CFD - Series 2011 3. Impact Mitigation Agreement Related to Proposed CFD 4. JCFA by and among Romoland School District and EMWD 5. JCFA by and among Romoland School District and Valley-Wide 6. Notice of Special Tax Lien of CFD of the Romoland School District 7. Rate and Method of Apportionment for Romoland School District

XIII. Soils 1. Civil Pad Certs 2. Corrosion Evaluation 31582 lots 75-96 01-23-08 3. Grading Plan Review 31582 & 31582-1 7-10-06 4. Grading Plan Review Appendix A 31582 & 31582-1 07-10-06 5. Grading Plan Review Appendix B 31582 & 31582-1 07-10-06 6. Grading Plan Review Appendix C 31582 & 31582-1 07-10-06 7. Grading Plan Review Appendix D 31582 & 31582-1 07-10-06 8. Grading Plan Review Appendix E 31582 & 31582-1 07-10-06 9. Grading Plan Review Appendix F 31582 & 31582-1 07-10-06 10. Grading Plan Review Appendix G 31582 & 31582-1 07-10-06 11. Grading Report Tract 31582 Lots 1-116, Park Site Lot 129 12. Preliminary Geotechnical Investigation – November 30, 2004 13. Preliminary Geotechnical Investigation–Summary November 30,2004 14. Soil Corrosivity Study Tracts 31455, 31582, 31582-1 03-08-07 15. Supplemental Subsurface Investigation Tract 31455 and 31582

XIV.SP158–Menifee 1.MenifeeSpecificPlanNo.158 2. SP158 Land Map 3. SP158 Landscape Guide 4. SP158 Planning Area 1-7 5. SP158 Planning Area 3-10 6. SP158 Planning Area 3-7 7. SP158 Site Plan Guide 8. SP158 Summary 9.SP158Traffic 10. SP158 Zoning Ordinance

XV. SWPPP 1. Appendices 1-20 2. Cover Page 3.CertificationPages 4. Table of Contents 5. Introduction 6. Section A 7. Section B

The following reports and studies are available for review for Tract #31582:EL DORADOTRACT #31582 Due DiligenceMaterials January 2016

ELDORADO - Due Diligence Informationdue diligenCe inFormation

XVI. TITLE 1. Grant Deed 11-5-2008 2. Grant Deed 12-21-007 3. Shea El Dorado ALTA-ACSM 4. Substitution of Trustee and Deed Reconveyance 9-24-2008 5. TR 31582 – PTR Update 6 & Docs as of 2015-12-01

The following reports and studies are available for review for Tract #31582:EL DORADOTRACT #31582 Due DiligenceMaterials January 2016

III-9THE RANCON GROUP

THE RANCON GROUP

B U I L D E R D E V E L O P E R D I V I S I O N

RANCON GROUP HEADQUARTERS41391 Kalmia Street | Suite 200 | Murrieta, CA 92562

T 951.696.0600 | F 951.834.9801

WWW.RANCONGROUP.COM

THE INFORMATION CONTAINED IN THIS OFFERING MEMORANDUM HAS BEEN COMPILED FROM A VARIETY

OF SOURCES BELIEVED TO BE RELIABLE, HOWEVER WE DO NOT GUARANTEE ITS ACCURACY. ALL ASPECTS

OF THE PROPERTY SHOULD BE INDEPENDENTLY VERIFIED BY THE BUYER AND/OR THEIR CONSULTANTS.

Jim LytLe Managing Director, Rancon Group - BRE Lic #01310987

jlytle@rancongroup.com • 951.200.2344

mike O’DOnneLL Builder Developer Division, Rancon Real Estate - BRE Lic #01142511

mikeod@rancongroup.com • 951.200.2369

DarryL StephenSOnVice President, Rancon Group - BRE Lic #01323977

dstephenson@rancon.com • 951.679.1959 ext 345