This illustration is an artist's rendering based on the current proposed development concepts of TerraMesa Resorts, which are subject to change. Our vision for the project continues to evolve and facilities, features and other components are subject to change. Because TerraMesa Resorts does not own or control the land outside the boundaries of the community, TerraMesa Resorts does not guarantee the accuracy of any matters or conditions shown on this illustration outside the boundaries of the community, and/or the current or future uses of those properties. Your Contract and related documents contain the only representations and warranties of TerraMesa Resorts. As to homesites: Obtain the Property Report required by Federal law and read it before signing anything. No Federal agency has judged the merits or value, if any, of this property. As to the Mountain Lodges at Bear Lake Reserve®, a Condominium: WARNING: THE CALIFORNIA DEPARTMENT OF REAL ESTATE HAS NOT INSPECTED, EXAMINED, OR QUALIFIED THIS OFFERING. These materials shall not constitute an offer or solicitation in any state where prior registration is required. Void where prohibited by law. 8/2007.