J.P.Morgan Investment Banking Pitch Book

Sum-of-the-parts analysis VALUATION SUMMARY $ per share Contribution to equity value per share Equity value per share $51.81 JPMorgan Existing operations The Palm mgmt. fees +$6.23 The Palm + $0.85 Phase III +$6.99 CondoTel +$5.91 Morocco +$2.56 BLB +$0.98 Development projects Note: Detailed analysis located in the appendix; all metrics represent the midpoint of the assumed valuation range OC Condos +$0.85 Land +$6.52 Equity value per share $82.68 Upside Case Equity value per share $87.23 Adjusted Upside Case PROJECT PLATO 15

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