United Nations, Geneva Khaled Bin Zayed Chairman Bin Zayed Group United Arab Emirates Nehayan Lee S. Neibart Global Chief Executive Officer AREA Property Partners USA John M. Neill CBE Group Chief Executive Unipart Group of Companies United Kingdom Harry Nelis Partner Accel Partners United Kingdom Jon

I met on Thursday morning, May 14th, with Lee Neibart, one of the long-time leaders of Apollo=20 Realty. I believe recently they changed the name to AREA Property Partners. We agreed that with few exceptions, every high quality, second home communities started or refinanc=d since 2005 are, or soon will be, in the hand