Introduction

Pine Street Partners, Inc. (‘Pine Street’) has been retained as the sole and exclusive real estate advisor by the owner, Carlton Land Trust, an Illinois Trust (CLT) (‘Owner’) of the 2000-acre (MOL) conservation community known as Chinquapin located in Cashiers, Jackson County, North Carolina. We have been retained to offer Chinquapin for investment consideration to select, qualified parties.

This Investment Memorandum offers a cursory overview of the Highlands/Cashiers Plateau, an established second home mountain destination, including a description of other upscale second home planned communities in the area. We have current, updated market research by Ralph Stewart Bowden, Inc. which research supports the revised Chinquapin land plan and the revenue projections set forth in the financial model referenced herein. The Bowden market research provides extensive detail on the local market and the competitive set.

The Investment Memorandum then addresses the Chinquapin real estate development itself in terms of its position in the marketplace, the updated land plan and support for amenity expansion. A Cash Flow Model, complete with accompanying narrative assumptions, is presented as support for the offering. This Investment Memorandum concludes with a Transaction Summary. Additional data will be made available through the Documents File.

By accepting this Investment Memorandum, you specifically agree to be bound by the terms and conditions set forth in the Confidentiality, Principal and No-Reliance sections of the Transaction Summary. We encourage you to carefully review this information before reading the Investment Memorandum.

None of the information or material furnished to you by Pine Street, the Owner or anyone associated with Chinquapin, either in this Investment Memorandum or in subsequent conversations or material delivered to you, shall be used by you for any purpose other than evaluating this opportunity for possible investment. Therefore, such information shall be treated in a highly confidential manner by you and anyone acting on your behalf, such as your attorneys, accountants, advisors, etc. Copying, reproducing or distributing all or a portion of the contents of this Investment Memorandum is prohibited unless written permission is obtained from Pine Street and the Owner.