PORTFOLIO DIVERSITY

One of the keys to the success of the investment strategy will be the presence of multiple measures of portfolio diversity. This strategy is intended to protect the Company’s performance by minimizing exposure to downturns in particular product types, industries and regions. Accordingly, Management will target a portfolio diversified by geographic location, value components, cash flow characteristics and suitable risk and reward considerations. The Company will be managed with the objective of having no more than 20% of the portfolio’s assets allocated to any one individual land investment.