J.P.Morgan Investment Banking

Sum-of-the-parts analysis VALUATION SUMMARY $ per share Contribution to equity value per share Equity value per share $52.12 JPMorgan Existing operations The Palm mgmt. fees +$6.26 The Palm + $0.85 Phase III +$7.03 Condo Tel +$5.95 Morocco +$2.57 BLB +$0.98 Development projects Note: Detailed analysis can be located in the appendix; represents the midpoint of the assumed valuation range OC Condos + $0.85 Land +$6.56 Equity value per share $83.18 Upside Case Equity value per share $87.70 Adjusted Upside Case PROJECT PLATO 13

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