$49,000,000. TULARE 22 Pistachios. 1,509.21± acres. Exclusively Presented by: Tulare County, CA. ($32,468 per acre)

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1 TULARE 22 $49,000,000 ($32,468 per acre) Exclusively Presented by: CA BRE#

2 TULARE 22 Location The property is located East of Highway approximately 5 miles northwest of the town of Delano. It is on the northeast corner of Highway and Avenue 16. Pixley Terra Bella Alpaugh Earlimart 65 Road 104 Avenue 16 Delano Garces Highway Richgrove All America City Highway Golden State Highway 65 2

3 TULARE 22 Property Aerial Property Details Road 104 Avenue 24 DESCRIPTION: A large investment grade pistachio orchard located in a desirable nut growing region. The 1,509.21± acre property includes 1,450.94± net acres of pistachios planted in 2009 to Kerman/Peters varieties on UCB-1 rootstock with spacing. The growing crop is included in the sale with reimbursement of costs to the Seller. The investment opportunity offers income, young pistachios at the beginning of their productive life, large contiguous & efficient block, and numerous tax benefits. WATER: Irrigation water is currently supplied by nine (9) groundwater wells (two wells are pulled for repairs) and distributed to the trees via a dual-line drip system with a portion supplemented by micro-sprinklers (blocks north of Avenue 24). At each well, the irrigation system includes sandmedia filters and a gypsum silo. The property is not located in an irrigation district and does not receive any surface water supplies. BUILDINGS: There are no buildings on the property. EQUIPMENT: No farm equipment is included in the sale. PRICE/TERMS: $49,000,000 cash at the close of escrow. The 2017 crop is included in a sale with Buyer s reimbursement to Seller for actual out of pocket costs (including cultural costs, property management costs, and property insurance costs) beginning November 1, 2016 through the close of escrow. Avenue 16 3

4 TULARE 22 Legal located in portions of sections 14, 15, 22, & 23, T24S., R24E., M.D.B.&M. Tulare County. APN Acres± Zoning AE AE AE AE AE AE-40 ZONING: AE-40 (Agriculture exclusive 40 acre minimum parcel size.) MINERAL RIGHTS: There are no mineral rights available with the property. 4

5 TULARE 22 Soils California Revised Storie Index (CA) Map unit symbol Map unit name 103 Atesh-Jerryslu association, 0 to 2 percent slopes 119 Gareck-Garces association, 0 to 2 percent slopes 127 Kimberlina fine sandy loam, 0 to 2 percent slopes MLRA 17 Rating Percent of AOI Grade 1 Excellent.3% Grade 2 Good 52.4% Grade 1 Excellent 4.3% 5

6 TULARE 22 Plantings/Wells Well HP (elec.) GPM* ,097± Pulled for Repairs Pulled for Repairs Block ± acres ,697± ,508± ,780± 13N 200 1,139± Block ± acres Block ± acres Block ± acres Block ± acres Block ± acres Block ± acres 13N 13S 200 1,200± ,579± *The above estimated GPM was obtained from a historical pump report. Buyer agrees to independently investigate and verify the pump & well production to Buyer s satisfaction. Block ± acres Block ± acres Avenue 24 (dirt road) 9 Block ± acres 15 Block ± acres Block ± acres Block ± acres 13S Road Well Ditch Paved Road 6 Block ± acres Block ± acres Block ± acres Block ± acres 4 2 Avenue 16 Block ± acres Block ± acres 6

7 TULARE 22 Production BLOCK VARIETY GROSS ACRES± PLANTED ACRES± ROOTSTOCK YEAR PLANTED 2014 Pay Pounds 2014 Per Acre 2015 Pay Pounds 2015 Per Acre 2016 Pay Pounds 2016 Per Acre 1 Kerman/Peters UCB , , ,387 1,794 2 Kerman/Peters UCB , , ,016 2,696 3 Kerman/Peters UCB , , ,311 2,424 4 Kerman/Peters UCB , , ,705 2,442 5 Kerman/Peters UCB , , ,622 1,626 6 Kerman/Peters UCB , , ,080 2,000 7 Kerman/Peters UCB , , ,584 3,769 8 Kerman/Peters UCB , , ,298 2,384 9 Kerman/Peters UCB , , ,340 2, Kerman/Peters UCB , , ,7 2, Kerman/Peters UCB , , ,009 2, Kerman/Peters UCB , , ,331 2, Kerman/Peters UCB , , ,974 1, Kerman/Peters UCB , , ,244 1, Kerman/Peters UCB , , ,473 1, Kerman/Peters UCB , , ,707 1, Kerman/Peters UCB , , ,908 2, Kerman/Peters UCB , , , Kerman/Peters UCB , , ,791 1,575 TOTAL - 1,509.21± 1,450.94± , , ,935,8 2,023 7

8 TULARE 22 I-5 80 Sacramento Stockton Oakland San Francisco Modesto Woodside Monterey Carmel San Jose Salinas 101 CA 1 I-5 Merced Madera SITE Fresno Lemoore Visalia Delano Paso Robles Bakersfield I-5 Los Angeles 15 San Bernardino Riverside FRESNO 7480 N. Palm Ave. Suite 101 Fresno, CA VISALIA 3447 S. Demaree St. Visalia, CA BAKERSFIELD 1801 Oak St. Suite 159 Bakersfield, CA CA BRE# San Diego 8 We believe the information contained herein to be correct. It is obtained from sources which we regard as reliable, but we assume no liability for errors or omissions.