ional investment of $1,000,000 in cash. This values Apes Hill at $100,000,000 and our interest at $33,000,000. For the last approximately 9 months, Paul Lamb, acting as a trustee for a large private trust, has shown interest in investing in Apes Hill. He has hired a golf analyst from Dallas to talk to Ma

BJECT: Apes Hill — Paul Lamb Martha and I returned last night from 5 days in Barbados. We had very encouraging and constructive conversations with Paul Lamb and are expecting a term sheet by the end of this week or perhaps the beginning of next week concerning a loan he has agreed to make to Landmark.