Community Facilities District No. 2001-01 (French Valley) of the Eastern Municipal Water District

NEW ISSUE - BOOK-ENTRY ONLY NO RATING In the opinion of Stradling Yocca Carlson & Rauth, a Professional Corporation, Newport Beach, California (“Bond Counsel”), under existing statutes, regulations, rulings and judicial decisions, and assuming the accuracy of certain representations and compliance with certain covenants and requirements described herein, interest (and original issue discount) on the Bonds described herein is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals and corporations. In the further opinion of Bond Counsel, interest (and original issue discount) on the Bonds is exempt from State of California personal income tax. See “TAX MATTERS” herein. $11,320,000 COMMUNITY FACILITIES DISTRICT NO. 2001-01 (FRENCH VALLEY) OF THE EASTERN MUNICIPAL WATER DISTRICT IMPROVEMENT AREA A 2015 SPECIAL TAX REFUNDING BONDS Dated: Date of Delivery Due: September 1, as shown on inside front cover This Official Statement describes bonds (the “Bonds”) being issued by Community Facilities District No. 2001-01 (French Valley) of the Eastern Municipal Water District (the “Community Facilities District”) and delivered primarily to refund the Community Facilities District’s outstanding Improvement Area A 2006 Special Tax Bonds. The Community Facilities District has been formed by and is located within the boundaries of Eastern Municipal Water District (the “Water District”) in Riverside County, California. The Bonds are authorized to be issued pursuant to the Mello-Roos Community Facilities Act of 1982, as amended. The Bonds are being issued pursuant to Eastern Municipal Water District’s Resolution No. 2014-163 adopted on January 21, 2015 and a Trust Indenture, dated as of February 1, 2015, by and between the Community Facilities District and U.S. Bank National Association, as the Fiscal Agent (the “Indenture”). The Bonds are special obligations of the Community Facilities District and are payable solely from revenues derived from certain annual special taxes to be levied on the taxable property within Improvement Area A of the Community Facilities District (the “Special Taxes”) and from certain other funds pledged under the Indenture, as further described herein. The Bonds are payable from Special Taxes on a parity with the Community Facilities District’s Improvement Area A 2013 Special Tax Refunding Bonds, which are currently outstanding in the aggregate principal amount of $7,040,000 (the “2013 Bonds”). The Bonds are being issued in book-entry form and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York. Purchasers of Bonds will not receive certificates representing their beneficial ownership thereof but will receive credit balances on the books of their respective nominees. The Bonds will not be transferable or exchangeable except for transfer to another nominee of The Depository Trust Company or as otherwise described herein. Individual purchases may be made in principal amounts of $5,000 and integral multiples thereof. Interest on the Bonds will be payable on March 1 and September 1 of each year commencing September 1, 2015. Principal of and interest on the Bonds will be paid by the Fiscal Agent to Cede & Co., and such payments are expected to be disbursed to the beneficial owners of the Bonds through their nominees. Neither the faith and credit nor the taxing power of the County of Riverside, the Water District, the State of California or any political subdivision thereof (other than the taxing power of the Community Facilities District) is pledged to the payment of the Bonds. No taxes other than the Special Taxes are pledged to the payment of such Bonds. The Bonds are subject to optional redemption, redemption resulting from the prepayment of Special Taxes, and mandatory sinking fund redemption prior to maturity, as described herein.

MATURITY SCHEDULE (See Inside Cover Page)

This cover page contains certain information for quick reference only. It is not a summary of this issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. The Bonds are not rated by any rating agency, and investment in the Bonds involves risks which may not be appropriate for certain investors. Therefore, only persons with substantial financial resources who understand the risks of investment in the Bonds should consider such an investment. See the section of this Official Statement entitled “SPECIAL RISK FACTORS” for a discussion of certain risk factors that should be considered, in addition to the matters set forth herein, in evaluating the investment quality of the Bonds. The Bonds are offered when, as and if issued and received by the Underwriter, subject to the approval of Stradling Yocca Carlson & Rauth, a Professional Corporation, Newport Beach, California, Bond Counsel, and to certain other conditions. Certain legal matters will be passed upon for Eastern Municipal Water District by Lemieux & O’Neill, Westlake Village, California, its General Counsel and for the Underwriter by its counsel, Nossaman LLP, Irvine, California. It is anticipated that the Bonds will be available for delivery to The Depository Trust Company or its agent on or about February 19, 2015.

Dated: February 3, 2015 MATURITY SCHEDULE COMMUNITY FACILITIES DISTRICT NO. 2001-01 (FRENCH VALLEY) OF THE EASTERN MUNICIPAL WATER DISTRICT IMPROVEMENT AREA A 2015 SPECIAL TAX REFUNDING BONDS

$5,450,000 Serial Bonds

Maturity Date Principal Interest (September 1) Amount Rate Yield Price CUSIP No.®† 2015 $295,000 2.000% 0.630% 100.728 27627MGX9 2016 285,000 2.000 0.980 101.548 27627MGY7 2017 290,000 2.000 1.310 101.713 27627MGZ4 2018 295,000 2.000 1.570 101.472 27627MHA8 2019 300,000 2.000 1.860 100.605 27627MHB6 2020 305,000 2.000 2.110 99.428 27627MHC4 2021 315,000 4.000 2.330 110.065 27627MHD2 2022 325,000 4.000 2.540 109.952 27627MHE0 2023 335,000 4.000 2.780 109.210 27627MHF7 2024 345,000 4.000 2.910 109.016 27627MHG5 2025 360,000 4.000 3.010 108.878 27627MHH3 2026 380,000 3.000 3.110 98.940 27627MHJ9 2027 390,000 3.000 3.260 97.341 27627MHK6 2028 400,000 3.000 3.330 96.427 27627MHL4 2029 410,000 3.125 3.380 97.090 27627MHM2 2030 420,000 3.125 3.430 96.350 27627MHN0

$5,870,000 Term Bonds

$5,870,000 5.000% Term Bonds due September 1, 2036 Yield: 3.490% Price: 113.212C CUSIP No. 27627MHU4®†

C Priced to the optional redemption date of September 1, 2025. † CUSIP is a registered trademark of the American Bankers Association. CUSIP Global Services (CGS) is managed on behalf of the American Bankers Association by S&P Capital IQ. Copyright © 2015 CUSIP Global Services. All rights reserved. CUSIP® data herein is provided by S&P Capital IQ. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Service Bureau. CUSIP® numbers are provided for convenience of reference only. Neither the Community Facilities District nor the Underwriter takes any responsibility for the accuracy of such numbers.

EASTERN MUNICIPAL WATER DISTRICT

BOARD OF DIRECTORS

Randy A. Record, President David J. Slawson, Vice Director Joseph J. Kuebler, Director /District Treasurer Philip E. Paule, Director Ronald W. Sullivan, Director ______

DISTRICT OFFICIALS

Paul D. Jones II, P.E., General Manager Debby Cherney, Deputy General Manager Nick Kanetis, Deputy General Manager Charles J. Bachmann, Assistant General Manager, Planning, Engineering and Construction Jeff Wall, Assistant General Manager, Operations and Maintenance Charles Turner, Director of Finance ______

PROFESSIONAL SERVICES

Bond Counsel and Disclosure Counsel Stradling Yocca Carlson & Rauth, a Professional Corporation Newport Beach, California

General Counsel to the Water District Lemieux & O’Neill, California Westlake Village, California

Financial Advisor Fieldman, Rolapp & Associates Irvine, California

Fiscal Agent U.S. Bank National Association Los Angeles, California

Special Tax Consultant Albert A. Webb Associates Riverside, California

Appraiser Harris Realty Appraisal Newport Beach, California

Verification Agent Causey Demgen & Moore P.C. Denver, Colorado

All information for investors regarding Eastern Municipal Water District (the “Water District”), the Community Facilities District and the Bonds is contained in this Official Statement. While the Water District maintains an internet website for various purposes, none of the information on that website is intended to assist investors in making any investment decision or to provide any continuing information with respect to the Bonds or any other bonds or obligations of the Water District. No dealer, broker, salesperson or other person has been authorized by the Water District to provide any information or to make any representations other than as contained herein and, if given or made, such other information or representation must not be relied upon as having been authorized by the Water District. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds by a person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation or sale. This Official Statement is not to be construed as a contract with the purchasers of Bonds. Statements contained in this Official Statement that involve estimates, forecasts or matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as a representation of facts. The information set forth herein has been obtained from the Water District and certain other sources. Such information is believed to be reliable but is not guaranteed as to its accuracy or completeness. The information set forth in this Official Statement which has been obtained from third party sources is believed to be reliable but is not guaranteed as to accuracy or completeness by the Water District or the Community Facilities District. The information and expressions of opinion herein are subject to change without notice; and neither delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the Water District, the Community Facilities District or any matters expressed herein since the date hereof. All summaries contained herein of the Indenture or other documents are made subject to the provisions of such documents and do not purport to be complete statements of any or all of such provisions.

The Underwriter has provided the following sentence for inclusion in this Official Statement: The Underwriter has reviewed the information in this Official Statement in accordance with, and as part of, its responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriter does not guarantee the accuracy or completeness of such information.

CAUTIONARY INFORMATION REGARDING FORWARD-LOOKING STATEMENTS IN THIS OFFICIAL STATEMENT Certain statements included or incorporated by reference in this Official Statement constitute “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. Such statements are generally identifiable by the terminology used, such as “plan,” “expect,” “estimate,” “budget” and other similar words and include, but are not limited to, statements that describe possible future development of property within the Community Facilities District and the costs associated with such development. The achievement of certain results or other expectations contained in such forward-looking statements involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements described to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. While the Community Facilities District has agreed to provide certain on-going financial and operating data for a limited period of time (see “CONTINUING DISCLOSURE” and Appendix E hereto), it does not plan to issue any updates or revisions to those forward-looking statements if or when its expectations or events, conditions or circumstances on which statements are based change.

IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVER-ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. THE UNDERWRITER MAY OFFER AND SELL THE BONDS TO CERTAIN DEALERS AND DEALER BANKS AND BANKS ACTING AS AGENTS AT PRICES LOWER THAN THE PUBLIC OFFERING PRICES STATED ON THE INSIDE FRONT COVER PAGE HEREOF, AND SAID PUBLIC OFFERING PRICES MAY BE CHANGED FROM TIME TO TIME BY THE UNDERWRITER. THE BONDS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, IN RELIANCE UPON AN EXEMPTION CONTAINED IN SUCH ACT. THE BONDS HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATE.

TABLE OF CONTENTS

Page

INTRODUCTION ...... 1

THE REFUNDING PLAN ...... 4

THE BONDS ...... 5 Authority for Issuance ...... 5 General Provisions ...... 5 Redemption ...... 6 Book-Entry System ...... 8 Estimated Sources and Uses of Funds ...... 8 Debt Service Schedule ...... 9

LIMITATION OF LIABILITY ...... 9

SECURITY FOR THE BONDS ...... 9 General ...... 9 The Special Tax ...... 10 Reserve Account ...... 11 Covenant for Superior Court Foreclosure ...... 12 Water District’s Collection Practices ...... 13 No Additional Bonds ...... 13

THE WATER DISTRICT ...... 13

IMPROVEMENT AREA A ...... 14 General Information ...... 14 Rate and Method of Apportionment ...... 15 Property Values ...... 17 Value-to-Lien Ratios ...... 18 Direct and Overlapping Debt ...... 22 Top Taxpayers ...... 25 Delinquency History ...... 26

PROPERTY OWNERSHIP AND THE DEVELOPMENT ...... 27 General Description of the Development ...... 27 Development by Brookfield ...... 28 Development by Standard Pacific ...... 31

SPECIAL RISK FACTORS ...... 36 Risks of Real Estate Secured Investments Generally ...... 36 Concentration of Ownership ...... 36 Insufficiency of Special Tax Revenues ...... 37 Uncertainties in Land Development – General ...... 39 Geologic, Topographic and Climatic Conditions ...... 39 Hazardous Substances ...... 40 Enforcement Delays – Bankruptcy ...... 40 FDIC/Federal Government Interests in Parcels ...... 41 Direct and Overlapping Indebtedness ...... 42 i

TABLE OF CONTENTS (continued)

Page

Reductions in Property Values ...... 42 Payment of Special Taxes is not a Personal Obligation of the Property Owners ...... 43 No Acceleration Provision ...... 43 Ballot Initiatives ...... 43 Proposition 218 ...... 43 Loss of Tax Exemption ...... 45 No Ratings – Limited Secondary Market ...... 45 Limitations on Remedies ...... 45

TAX MATTERS ...... 46

ABSENCE OF LITIGATION ...... 48

ABSENCE OF RATINGS ...... 48

UNDERWRITING ...... 48

CONTINUING DISCLOSURE ...... 48

CERTAIN LEGAL MATTERS ...... 49

MISCELLANEOUS ...... 50

APPENDIX A SUMMARY OF INDENTURE ...... A-1

APPENDIX B FORM OF APPROVING LEGAL OPINION ...... B-1

APPENDIX C RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX ...... C-1

APPENDIX D INFORMATION CONCERNING THE DEPOSITORY TRUST COMPANY ... D-1

APPENDIX E FORM OF DISTRICT CONTINUING DISCLOSURE CERTIFICATE ...... E-1

APPENDIX F APPRAISAL REPORT ...... F-1

REGIONAL MAP EASTERN MUNICIPAL WATER DISTRICT

GRAND COLTON LOMA TERRACE LINDA REDLANDS ¨¦§10 YUCAIPA

CALIMESA ·|þ}60 ¨¦§215

RIVERSIDE MORENO VALLEY ·|þ}60 BANNING ¨¦§10

·|þ}243

BEAUMONT

·|þ}79

SAN JACINTO

PERRIS

·|þ}74 ¨¦§215 ·|þ}74 HEMET

MENIFEE CANYON LAKE LAKE ELSINORE ·|þ}79

CFD 2001-01 IA A

WILDOMAR

MURRIETA

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024 Miles

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$11,320,000 COMMUNITY FACILITIES DISTRICT NO. 2001-01 (FRENCH VALLEY) OF THE EASTERN MUNICIPAL WATER DISTRICT IMPROVEMENT AREA A 2015 SPECIAL TAX REFUNDING BONDS

INTRODUCTION

The purpose of this Official Statement, which includes the cover page and the appendices hereto, is to provide certain information concerning the Community Facilities District No. 2001-01 (French Valley) of the Eastern Municipal Water District Improvement Area A 2015 Special Tax Refunding Bonds (the “Bonds”).

The Bonds are being issued pursuant to Resolution No. 2014-163 adopted by the Board of Directors (the “Board”) of Eastern Municipal Water District (the “Water District”), acting as the legislative body of Community Facilities District No. 2001-01 (French Valley) of the Eastern Municipal Water District (the “Community Facilities District”) on January 21, 2015, and a Trust Indenture, dated as of February 1, 2015, by and between the Community Facilities District and U.S. Bank National Association, as the Fiscal Agent (the “Indenture”). The Bonds are payable from Special Taxes (defined below) and from certain other funds pledged under the Indenture on a parity with the Community Facilities District’s Improvement Area A 2013 Special Tax Refunding Bonds, which are currently outstanding in the aggregate principal amount of $7,040,000 (the “2013 Bonds”). Additional bonds secured on a parity with the Bonds and the 2013 Bonds may only be issued to refund outstanding Bonds or the 2013 Bonds. See “SECURITY FOR THE BONDS — No Additional Bonds.”

The proceeds of the Bonds, together with certain existing funds of the Community Facilities District, will be used to defease all of the Community Facilities District’s outstanding Improvement Area A 2006 Special Tax Bonds, originally issued in the aggregate principal amount of $13,445,000 and now outstanding in the principal amount of $11,830,000 (the “Refunded Bonds”). A portion of the proceeds of the Bonds will also be used to fund a deposit to the Reserve Account and to pay costs of issuance of the Bonds. See “THE REFUNDING PLAN” and “ESTIMATED SOURCES AND USES OF FUNDS.”

The Mello-Roos Community Facilities Act of 1982, as amended, Section 53311, et seq., of the California Government Code (the “Act”), was enacted by the California Legislature to provide an alternative method of funding certain essential public capital facilities and services, especially in developing areas of the State of California (the “State”). Once duly established, a community facilities district is a legally constituted governmental entity, with the governing board or legislative body of the local agency acting on its behalf. Subject to approval by a two-thirds vote of the qualified electors voting and compliance with the provisions of the Act, the legislative body of a local agency may issue bonds for a community facilities district and may levy and collect a special tax within such community facilities district to repay such indebtedness.

On July 18, 2001, the Board adopted a resolution stating its intention to establish the Community Facilities District and Improvement Area A thereof (“Improvement Area A”) and a resolution stating its intention to authorize bonded indebtedness for Improvement Area A. On September 19, 2001, the Water District established the Community Facilities District and Improvement Area A therein and authorized bonded indebtedness in an aggregate amount not to

exceed $24,000,000 for Improvement Area A to be issued pursuant to the provisions of the Act. Pursuant to the Act, the five members of the Board now act as the legislative body for the Community Facilities District. Community Facilities District administrative services are provided by the Water District’s staff.

At the September 19, 2001 election within Improvement Area A, the qualified electors within Improvement Area A, which consisted solely of the then owner of land in Improvement Area A, (i) authorized the Community Facilities District to incur bonded indebtedness for Improvement Area A of up to $24,000,000 in order to finance certain public facilities and various costs related thereto (the “Project”), (ii) approved a rate and method of apportionment of special tax for the Community Facilities District (the “Rate and Method of Apportionment”), and (iii) approved the levy of a special tax on the taxable property within Improvement Area A (the “Special Tax”) to pay the principal and interest on the Bonds and annual administrative expenses of the Community Facilities District, and to make any replenishments to the reserve account for the Bonds (the “Reserve Account”).

The Water District has also established Improvement Area B of the Community Facilities District (“Improvement Area B”). Special taxes collected within Improvement Area B, if any, are not pledged to the payment of principal of and interest on the Bonds.

The Indenture provides that the Bonds shall be secured by a pledge of the Net Special Taxes (which consist of the Gross Special Taxes collected by the Community Facilities District within Improvement Area A minus certain administrative expenses) and amounts on deposit in the Special Tax Fund established pursuant to the Indenture.

The Special Taxes are included on the regular property tax bills sent to the record owners of property within Improvement Area A. See “SECURITY FOR THE BONDS — The Special Tax.” The Community Facilities District has covenanted for the benefit of the owners of the Bonds that, under certain circumstances described herein, it will commence judicial foreclosure proceedings with respect to delinquent Special Taxes by October 1 following the close of the Fiscal Year in which such Special Taxes were due and will diligently pursue such proceedings. See “SECURITY FOR THE BONDS — Covenant for Superior Court Foreclosure.”

Neither the faith and credit nor the taxing power of the Water District, the County of Riverside (the “County”), the State or any political subdivision thereof (other than the taxing power of the Community Facilities District) is pledged to the payment of the Bonds. Except for the Net Special Taxes, no other taxes are pledged to the payment of the Bonds. The Bonds are not general or special obligations of the Water District or the Community Facilities District, but are limited obligations of the Community Facilities District payable solely from Net Special Taxes collected in Improvement Area A and certain amounts held under the Indenture as more fully described herein.

See the section of this Official Statement entitled “SPECIAL RISK FACTORS” for a discussion of special factors which should be considered, in addition to the other matters set forth herein, in considering the investment quality of the Bonds.

The Community Facilities District and Improvement Area A therein was formed by the Water District to finance various public improvements needed to develop property located within the Community Facilities District. The property in Improvement Area A is located north of the City of Temecula and east of the City of Murrieta in an unincorporated area of the County known as “French Valley.” Improvement Area A is being developed into a community known as “Morningstar Ranch”

and includes approximately 467 gross acres and approximately 245 net acres. The property within Improvement Area A is planned to be developed into 1,081 single family detached homes at buildout and a school site of approximately 22 acres owned by the Temecula Valley Unified School District. As of January 1, 2015, within Improvement Area A, there were 699 completed single family detached homes, including 677 completed homes which had been conveyed to individual homeowners. As of such date, within Improvement Area A, the Developers (as defined below) owned 13 units which were nearly complete, 30 homes in various stages of construction (from laid foundations to wrapped with roofs under construction), nine model homes and 352 lots in a finished lot condition (with building permits obtained for 13 of such finished lots).

The property within Improvement Area A is being developed in two phases. Phase 1 of the development (“Phase 1”) was completed by Brookfield Winchester LLC, a Delaware limited liability company and included approximately 147 acres and 448 single family detached homes. Phase 1 is complete and all 448 homes associated therewith have been conveyed to individual homeowners. Phase 2 of the development within Improvement Area A (“Phase 2”) includes approximately 310 acres and is planned for 633 single family detached homes. The first 182 homes within Phase 2 have been completed and conveyed to individual homeowners. The remaining 451 residential lots in Phase 2 are currently being developed by Brookfield 30069 LLC, a Delaware limited liability company (“Brookfield”) and Standard Pacific Corp. a Delaware corporation (“Standard Pacific” and, together with Brookfield, the “Developers”). As of January 1, 2015, of the 633 homes planned for Phase 2, 229 have been completed and conveyed to individual homeowners, including the 182 homes previously completed and 47 homes completed by the Developers. The remaining homes to be built in Phase 2 within Improvement Area A are further described below.

As of January 1, 2015, Brookfield owned 270 parcels within Improvement Area A. Brookfield’s current plans include the development of 90 of such parcels in a neighborhood called “Liberty at Morning Star Ranch.” Brookfield plans to either undertake to develop the remaining 189 parcels that it owns within Improvement Area A itself, sell such parcels to its homebuilding affiliates or subsidiaries or sell such parcels to other merchant builders. As of January 1, 2015, of the 90 homes proposed to be built within Liberty at Morning Star Ranch, nine had been completed and conveyed to individual homeowners. As of such date, within Improvement Area A, Brookfield owned three homes which were nearly complete, 14 homes under construction, three model homes and 61 lots in a finished lot condition (with building permits obtained for five of such finished lots). As of January 1, 2015, the remaining 189 parcels owned by Brookfield and not included within the Liberty at Morningstar Ranch neighborhood were in a finished lot condition.

Assuming Brookfield completes the development of all 270 total parcels that it currently owns within Improvement Area A, Brookfield expects that such development will be complete by the fourth quarter of 2017 and expects that all such homes will be conveyed to individual homeowners by 2018. See “PROPERTY OWNERSHIP AND THE DEVELOPMENT — Development by Brookfield.”

in a finished lot condition (with building permits obtained for eight of such finished lots). Since January 1, 2015, seven additional building permits have been issued for property owned by Standard Pacific within Improvement Area A. Standard Pacific expects to complete its planned development within Improvement Area A in October 2016 and convey all homes that it proposes to construct within Improvement Area A to individual homeowners by the end of 2016. There is no guaranty that Standard Pacific will be able to complete its development and convey all such homes to individual homeowners according to the timeline provided herein. See “PROPERTY OWNERSHIP AND THE DEVELOPMENT — Development by Standard Pacific.”

The Water District has obtained an appraisal of the property in Improvement Area A dated January 2, 2015 (the “Appraisal”) with a date of value as of January 1, 2015 (the “Date of Value”). The Appraisal was prepared for the Water District by Harris Realty Appraisal, Newport Beach, California (the “Appraiser”). Subject to the limitations set forth in the Appraisal, the Appraiser is of the opinion that, as of the Date of Value, the minimum market value of the property within Improvement Area A was $277,200,000 (the “Appraised Value”). See “IMPROVEMENT AREA A — Property Values” and “— Value to Lien Ratios.” A copy of the Appraisal is included as Appendix F to this Official Statement. It is a condition precedent to the issuance of the Bonds that the Appraiser deliver a certificate stating that nothing has come to the attention of the Appraiser subsequent to the date of the Appraisal that would lead the Appraiser to believe that the value of the property in Improvement Area A is less than the minimum market value of such property reported in the Appraisal.

This Official Statement sets forth brief descriptions of the Bonds, the Indenture, the Community Facilities District’s Continuing Disclosure Certificate and certain other matters. Such descriptions do not purport to be comprehensive or definitive. All references herein to any of the aforesaid documents are qualified in their entirety by reference to the forms thereof, which are available for inspection at the office of the Secretary of the Board of Directors in Perris, California. Capitalized terms not defined herein shall have the respective meanings ascribed to them in Appendix A hereto or, if not defined in Appendix A, the meanings ascribed to them in the Indenture. This Official Statement speaks only as of its date, and the information contained herein is subject to change.

THE REFUNDING PLAN

A portion of the proceeds from the sale of the Bonds will be used along with other funds held by the Community Facilities District to defease the Refunded Bonds. The Community Facilities District will enter into an Escrow Agreement with regard to the Refunded Bonds (the “Escrow Agreement”), dated as of February 1, 2015, by and between the Community Facilities District and the Trustee, as prior Trustee and as escrow bank (the “Escrow Bank”). An irrevocable escrow fund will be established under the Escrow Agreement (the “Escrow Fund”). The moneys deposited with the Escrow Bank will be sufficient to pay the interest on the Refunded Bonds due and payable on March 1, 2015, and to pay on March 1, 2015 (the “Redemption Date”), the principal amount due on the Prior Bonds maturing on and after September 1, 2015 at a redemption price equal to 102% of the principal amount to be redeemed. Moneys on deposit in the Escrow Fund will be either invested in United States Treasury Obligations, State and Local Government Series or other direct obligations issued by the United States Treasury for which the faith and credit of the United States are pledged for the payment of principal and interest (the “Investment Securities”), or held uninvested as cash. The amounts and any Investment Securities in the Escrow Fund will be held by the Escrow Bank for the benefit of the owners of the Refunded Bonds and will be applied to redeem the Refunded Bonds

on the Redemption Date. Upon deposit of the amounts into the Escrow Fund as described above, the Refunded Bonds will be discharged under the resolution and the supplement thereto pursuant to which such Refunded Bonds were issued, and the owners of the Refunded Bonds will have no rights thereunder except to be paid the principal and premium of and interest due on the Refunded Bonds from amounts in the Escrow Fund.

Causey Demgen & Moore P.C., Denver, Colorado, upon delivery of the Bonds, will deliver a verification report relating to the sufficiency of moneys deposited into the Escrow Fund to pay the principal of, interest on and the premium with respect to the Refunded Bonds on the Redemption Date.

THE BONDS

Authority for Issuance

The Community Facilities District was established, Improvement Area A was designated therein, and bonded indebtedness in an aggregate amount not to exceed $24,000,000 was authorized to be issued for Improvement Area A pursuant to the provisions of the Act on September 19, 2001. A proposition relating to the incurring of the indebtedness in this amount was submitted to and approved by the qualified elector of Improvement Area A on September 19, 2001. In accordance with the Act, the only qualified elector was the then owner of all the land located in Improvement Area A. The Rate and Method of Apportionment and the amount of the Special Tax that can be collected from the land within Improvement Area A are more fully described in the sections herein entitled “SECURITY FOR THE BONDS — The Special Tax” and “IMPROVEMENT AREA A.” See also Appendix C — “RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX.”

The Bonds are being issued pursuant to the Act, the Resolution and the Indenture.

General Provisions

The Bonds will be dated as of the Delivery Date and bear interest at the rates and mature (subject to prior redemption as described below) on the dates set forth on the inside front cover page hereof. Interest on the Bonds will be calculated on the basis of a 360-day year consisting of twelve 30-day months and will be payable on March 1 and September 1 of each year commencing September 1, 2015 (each such date, an “Interest Payment Date”). The Bonds will be issued in fully registered form and will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository of the Bonds. Ownership interests in the Bonds may be purchased in book-entry form only in denominations of $5,000 and any integral multiple. See the subsection hereof entitled “Book-Entry System.”

The principal of and interest on the Bonds will be payable in lawful money of the United States of America.

The Bonds are payable on a parity with the 2013 Bonds from Special Taxes and from certain other funds pledged under the Indenture. Additional bonds secured on a parity with the Bonds and the 2013 Bonds can be issued under the Indenture only to refund outstanding Bonds or 2013 Bonds. See “SECURITY FOR THE BONDS — No Additional Bonds.”

Redemption

Optional Redemption. The Bonds maturing on or after September 1, 2026, may be redeemed, at the option of the Community Facilities District, from any source of funds, other than Prepayments, on any date on or after September 1, 2025, in whole or in part (in such amounts and maturities as may be designated by the Community Facilities District, with the particular Bonds of such maturities to be selected by the Fiscal Agent by lot), at a redemption price equal to the principal amount to be redeemed, together with accrued interest to the date of redemption, without premium.

Mandatory Sinking Fund Redemption. The Term Bonds maturing on September 1, 2036 are required to be called before maturity and redeemed from Sinking Fund Payments deposited into the Principal Account, on September 1, 2031, and on each September 1 thereafter, in accordance with the schedule of Sinking Fund Payments set forth below. The Term Bonds so called for redemption shall be selected by the Fiscal Agent by lot and shall be redeemed at a redemption price for each redeemed Term Bond equal to the principal amount thereof, plus accrued interest to the redemption date, without premium, as follows:

TERM BONDS MATURING SEPTEMBER 1, 2036

Redemption Dates (September 1) Principal Amount 2031 $ 430,000 2032 460,000 2033 1,155,000 2034 1,215,000 2035 1,275,000 2036 (maturity) 1,335,000

If the Community Facilities District purchases Term Bonds and delivers them to the Fiscal Agent at least 45 days prior to an applicable redemption date, the principal amount of the Term Bonds so purchased will be credited to reduce the Sinking Fund Payment due on such redemption date for the applicable maturity of the Term Bonds.

In the event of a partial optional redemption or special mandatory redemption of Term Bonds, each of the remaining Sinking Fund Payments for such Term Bonds will be reduced, as nearly as practicable, on a pro rata basis.

Special Mandatory Redemption from Prepayments. The Bonds are subject to redemption as a whole, or in part on a pro rata basis among maturities of all Bonds, on any Interest Payment Date prior to maturity from the proceeds of the prepayment of the Special Taxes deposited in the Redemption Account pursuant to the Indenture and amounts transferred from the Reserve Account in connection with such prepayment. Such special mandatory redemption of Bonds shall be at the following redemption prices (expressed as percentages of the principal amount of the Bonds to be redeemed), together with accrued interest thereon to the date of redemption:

Redemption Dates Redemption Prices Each Interest Payment Date through March 1, 2023 103% September 1, 2023 and March 1, 2024 102 September 1, 2024 and March 1, 2025 101 September 1, 2025 and each Interest Payment Date thereafter 100

Selection of Bonds for Redemption. If less than all of the Bonds of a maturity are to be redeemed, the portion of any Bond of a denomination of more than $5,000 to be redeemed shall be in the principal amount of $5,000 or an integral multiple thereof. In selecting portions of such Bonds for redemption, the Fiscal Agent shall treat such Bonds, as representing that number of Bonds of $5,000 denominations which is obtained by dividing the principal amount of such Bonds to be redeemed in part by $5,000. The Fiscal Agent shall promptly notify the Community Facilities District in writing of the Bonds, or portions thereof, selected for redemption.

Notice of Redemption. When Bonds are to be redeemed under the Indenture the Fiscal Agent shall give notice, in the name of the Community Facilities District, of the redemption of such Bonds. Such notice of redemption shall (a) specify the CUSIP numbers (if any), the numbers and the maturity date or dates of the Bonds selected for redemption, except that where all of the Bonds are subject to redemption, or all the Bonds of one maturity, are to be redeemed, the bond numbers of such issue need not be specified; (b) state the date fixed for redemption and surrender of the Bonds to be redeemed; (c) state the redemption price; (d) state the place or places where the Bonds are to be redeemed; (e) in the case of Bonds to be redeemed only in part, state the portion of such Bond which is to be redeemed; (f) state the date of issue of the Bonds as originally issued; (g) state the rate of interest borne by each Bond being redeemed; and (h) state any other descriptive information needed to identify accurately the Bonds being redeemed as shall be specified by the Community Facilities District. Such notice shall further state that on the date fixed for redemption, there shall become due and payable on each Bond or portion thereof called for redemption, the principal thereof, together with any premium, and interest accrued to the redemption date, and that from and after such date, interest thereon shall cease to accrue and be payable.

At least 30 days but no more than 45 days prior to the redemption date, the Fiscal Agent shall mail a copy of such notice, by first class mail, postage prepaid, to the respective registered Owners thereof at their addresses appearing on the Bond Register, and to the original purchaser of the Bonds. The actual receipt by the Owner of any Bond or the original purchaser of any Bond of notice of such redemption shall not be a condition precedent to redemption, and neither the failure to receive nor any defect in such notice shall affect the validity of the proceedings for the redemption of such Bonds, or the cessation of interest on the redemption date. A certificate by the Fiscal Agent that notice of such redemption has been given as herein provided shall be conclusive as against all parties and the Owner shall not be entitled to show that he or she failed to receive notice of such redemption.

With respect to any notice of optional redemption of Bonds, such notice may state that such redemption shall be conditional upon the receipt by the Fiscal Agent on or prior to the date fixed for such redemption of moneys sufficient to pay the principal of, premium, if any, and interest on such Bonds to be redeemed and that, if such moneys shall not have been so received, said notice will be of no force and effect and the Fiscal Agent will not be required to redeem such Bonds. In the event that such notice of redemption contains such a condition and such moneys are not so received, the redemption will not be made, and the Fiscal Agent will within a reasonable time thereafter give

notice, in the manner in which the notice of redemption was given, that such moneys were not so received.

Book-Entry System

DTC will act as securities depository for the Bonds, and the Bonds will be registered in the name of Cede & Co. (DTC’s nominee). One fully-registered bond certificate will be issued for each maturity of the Bonds, in each case in the aggregate principal amount of such maturity of such Bonds, and will be deposited with DTC. So long as Cede & Co. is the registered owner of the Bonds, references herein to the Owners of the Bonds shall mean Cede & Co. and shall not mean the actual purchasers (the “Beneficial Owners”) of the Bonds. The Community Facilities District does not give any assurances that DTC, its Participants or others will distribute payments with respect to the Bonds or notices concerning the Bonds to the Beneficial Owners thereof or that DTC will service and act in the manner described in this Official Statement.

See Appendix D for a further description of DTC and its book-entry system. The information presented therein is based solely on information provided by DTC, and no representation is made by the Community Facilities District concerning the accuracy thereof.

Estimated Sources and Uses of Funds

The Bond proceeds and funds related to the Refunded Bonds are expected to be applied approximately as follows:

Sources: Principal amount of the Bonds $ 11,320,000.00 Plus: Net Original Issue Premium 893,501.45 Less: Underwriter’s Discount (136,972.00) Prior Funds(1) 1,318,503.09 Total $ 13,395,032.54

Uses: Costs of Issuance Account $ 165,577.92 Escrow Fund 12,365,730.63 Reserve Account(2) 863,723.99 Total $ 13,395,032.54

(1) Funds transferred from the Special Tax Fund, which includes the Reserve Account and the Redemption Account relating to the Refunded Bonds. (2) Equal to the Reserve Requirement for the Bonds.

Debt Service Schedule

The table below sets forth the estimated annual debt service payments for the Bonds and 2013 Bonds assuming no redemptions of Bonds prior to maturity except scheduled mandatory sinking fund redemptions.

Bond Year Total Bonds Total 2013 Bonds Ending Bonds Annual Debt Annual Debt Total Annual September 1 Bonds Principal Interest Service Service Debt Service 2015 $ 295,000 $ 243,806.67 $ 538,806.67 $ 593,331.26 $1,132,137.93 2016 285,000 451,237.50 736,237.50 595,081.26 1,331,318.76 2017 290,000 445,537.50 735,537.50 591,531.26 1,327,068.76 2018 295,000 439,737.50 734,737.50 592,831.26 1,327,568.76 2019 300,000 433,837.50 733,837.50 588,831.26 1,322,668.76 2020 305,000 427,837.50 732,837.50 593,581.26 1,326,418.76 2021 315,000 421,737.50 736,737.50 587,331.26 1,324,068.76 2022 325,000 409,137.50 734,137.50 595,581.26 1,329,718.76 2023 335,000 396,137.50 731,137.50 591,181.26 1,322,318.76 2024 345,000 382,737.50 727,737.50 591,381.26 1,319,118.76 2025 360,000 368,937.50 728,937.50 595,500.00 1,324,437.50 2026 380,000 354,537.50 734,537.50 590,250.00 1,324,787.50 2027 390,000 343,137.50 733,137.50 589,250.00 1,322,387.50 2028 400,000 331,437.50 731,437.50 582,250.00 1,313,687.50 2029 410,000 319,437.50 729,437.50 589,500.00 1,318,937.50 2030 420,000 306,625.00 726,625.00 590,250.00 1,316,875.00 2031 430,000 293,500.00 723,500.00 589,750.00 1,313,250.00 2032 460,000 272,000.00 732,000.00 588,000.00 1,320,000.00 2033 1,155,000 249,000.00 1,404,000.00 -- 1,404,000.00 2034 1,215,000 191,250.00 1,406,250.00 -- 1,406,250.00 2035 1,275,000 130,500.00 1,405,500.00 -- 1,405,500.00 2036 1,335,000 66,750.00 1,401,750.00 -- 1,401,750.00 Total $11,320,000 $7,278,856.67 $18,598,856.67 $ 10,635,412.60 $29,234,269.27

LIMITATION OF LIABILITY

The Bonds are secured only by the Net Special Taxes and amounts on deposit in the Special Tax Fund established by the Indenture. In the event of delinquencies in the payment of Special Taxes, neither the Water District nor the Community Facilities District is required to advance any funds for the payment of debt service on the Bonds. The Community Facilities District will only be required to enforce delinquent Special Taxes in the manner provided in the Act and in its covenant to take judicial foreclosure proceedings as set forth in the Indenture. See “SECURITY FOR THE BONDS — Covenant for Superior Court Foreclosure.” The full faith and credit of the Water District and the Community Facilities District are not pledged to the payment of the Bonds, nor is the payment of the Bonds secured by any encumbrance, mortgage or other pledge of property of the Water District or the Community Facilities District, except the pledge described above.

SECURITY FOR THE BONDS

General

The Bonds are secured on a parity with the 2013 Bonds by a pledge of the Net Special Taxes of Improvement Area A and all moneys deposited in the Special Tax Fund established by the

Indenture. The Bonds are not secured by moneys on deposit in the Administrative Expense Fund, the Rebate Fund or the Special Tax Holding Fund established by the Indenture.

The Indenture defines the term “Net Special Taxes” to mean Gross Special Taxes minus the amount (not in excess of the Administrative Expense Requirement) transferred from the Special Tax Fund to the Administrative Expense Fund prior to any transfer therefrom to the Fiscal Agent for deposit in the Special Tax Fund. “Gross Special Taxes” is defined by the Indenture to mean the amount of all Special Taxes received by the Community Facilities District from Improvement Area A, together with proceeds collected from the sale of property within Improvement Area A pursuant to the foreclosure provisions of such Indenture for the delinquency of Special Taxes after payment of administrative costs and attorneys’ fees payable from such proceeds to the extent not previously paid from the Administrative Expense Fund. The Administrative Expense Requirement is $45,000 for the Community Facilities District for Fiscal Year 2014-15, but this amount can be increased by up to 2% per fiscal year. See Appendix A — “SUMMARY OF INDENTURE — Definitions.”

In the opinion of Bond Counsel, under existing laws, regulations, rulings and judicial decisions, the Special Tax is exempt from the tax rate limitation of California Constitution Article XIIIA pursuant to Section 4 thereof because it constitutes a “special tax” authorized by a two-thirds vote of the qualified electors in Improvement Area A. Consequently, the Community Facilities District is legally authorized and has covenanted in the Indenture to cause the levy and collection of the Special Tax in Improvement Area A in an amount determined according to the Rate and Method of Apportionment. See “SECURITY FOR THE BONDS — The Special Tax” and “SPECIAL RISK FACTORS — Proposition 218” below. The Rate and Method of Apportionment apportions the total amount of the Special Tax to be collected among the taxable parcels in Improvement Area A as more particularly described herein. See “IMPROVEMENT AREA A — Rate and Method of Apportionment” and Appendix C — “RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX.”

Although the Special Tax will be levied against taxable parcels within Improvement Area A, it does not constitute a personal indebtedness of the respective property owners. There is no assurance that the property owners will be financially able to pay the annual Special Tax or that they will pay it even if financially able to do so. See “SPECIAL RISK FACTORS” herein.

The Special Tax

The Special Tax applicable to each parcel of Taxable Property within Improvement Area A each Fiscal Year is required to be calculated pursuant to the Rate and Method of Apportionment. See “IMPROVEMENT AREA A — Rate and Method of Apportionment” and Appendix C — “RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX.”

The Special Tax is collected by the County at the same time and in the same manner as general ad valorem property taxes. The Indenture requires that the Community Facilities District hold the Special Taxes in trust for the benefit of the Owners of the Bonds.

At least one Business Day before each Interest Payment Date, after depositing in the Administrative Expense Fund the amounts permitted to be deposited therein pursuant to the Indenture (but, in any case, not more than the Administrative Expense Requirement for the next succeeding Fiscal Year), the Community Facilities District is required to transfer to the Fiscal Agent

for deposit in the Special Tax Fund (to the extent Special Taxes are available therefor) an amount equal to: the sum of (i) the interest and any principal payment coming due on the Bonds on such Interest Payment Date, (ii) the amount required to pay principal of and interest on Bonds in connection with an optional redemption of Bonds as described in the Indenture (but only if so directed by an Authorized Representative of the Community Facilities District), (iii) the amount required to cause the balance on deposit in the Reserve Account to equal the Reserve Requirement, and (iv) the amount required to make the necessary deposits in the Rebate Fund. Notwithstanding the foregoing: (i) the portion of any Prepayment of a Special Tax received by the Community Facilities District that is the “Future Facilities Amount” (as defined in the Rate and Method of Apportionment) is required to be identified as such by the Community Facilities District and deposited in such fund as shall be specified in a Certificate of an Authorized Representative of the Community Facilities District; and (ii) the portion of any such Prepayment that is to be applied to the redemption of Bonds is required to be transferred to the Fiscal Agent for deposit in the Redemption Account.

Annual Debt Service for the Bonds has been structured so that, assuming no delinquencies, Net Special Taxes levied at the Assigned Special Tax rates on Developed Property and Approved Property, based on the development status within Improvement Area A as of January 1, 2015 (plus the seven additional building permits that have been issued for the property owned by Standard Pacific within Improvement Area A since such date), will generate in each Fiscal Year beginning in Fiscal Year 2015-16 not less than 110% of debt service payable with respect to the Bonds and the 2013 Bonds in the calendar year that begins in that Fiscal Year, assuming that Special Taxes are levied and collected on the Developed Property and Approved Property in Improvement Area A pursuant to the Rate and Method of Apportionment and that the Administrative Expense Requirement increases at the rate of two percent per year. “Developed Property” under the Rate and Method of Apportionment generally means property for which a building permit has been issued by April 1 of the Fiscal Year preceding the Special Tax levy, and “Approved Property” generally means parcels of taxable property included in a Final Map recorded prior to the January 1 preceding the Fiscal Year in which the Special Tax is being levied but for which no building permit was issued prior to the April 1 preceding such Fiscal Year. For the Fiscal Year 2015-16 Special Tax levy, based on development status as of January 1, 2015 (including the seven additional building permits that have been issued for the property owned by Standard Pacific within Improvement Area A since such date), 749 parcels within Improvement Area A are projected to be classified as Developed Property and the remaining 332 parcels are projected to be classified as Approved Property. See “IMPROVEMENT AREA A — Rate and Method of Apportionment.” See “IMPROVEMENT AREA A — Direct and Overlapping Debt” herein for a discussion of the Water District’s total effective tax rate policy.

Reserve Account

In order to secure further the payment of principal and interest on the Bonds, the Community Facilities District will deposit proceeds of the Bonds into the Reserve Account in an amount sufficient to make the balance on deposit therein equal the Reserve Requirement. The Reserve Requirement is defined in the Indenture as the amount, as of any date of calculation, that is equal to the sum of the least of 80% of (i) 10% of the initial principal amount of the Bonds, (ii) Maximum Annual Debt Service on the then Outstanding Bonds, or (iii) 125% of Average Annual Debt Service on the then Outstanding Bonds. Immediately following the issuance of the Bonds, the Reserve Requirement will be $863,723.99.

As a condition to the issuance of Parity Bonds (which may be issued for refunding purposes only; See “— No Additional Bonds”), proceeds from the sale of such Parity Bonds in an amount sufficient to cause the balance in the Reserve Account to equal the Reserve Requirement are to be deposited in the Reserve Account, provided that if the interest on such Parity Bonds is intended by the Community Facilities District to be excluded from the gross income of the recipients thereof for federal income tax purposes, such amount shall not exceed the maximum amount of proceeds that, in the opinion of Bond Counsel, can be so deposited without causing the interest on such Parity Bonds to be included in the gross income of the recipients thereof for federal income tax.

Moneys in the Reserve Account shall be used solely for the purpose of (i) paying principal of, including Sinking Fund Payments, and interest on the Bonds when due, and (ii) making any required transfer to the Rebate Fund upon written direction from the Community Facilities District or any required transfer to the Redemption Account. For a further discussion of the Reserve Account, see Appendix A — “SUMMARY OF INDENTURE — Creation of Funds; Application of Proceeds; and Special Taxes – Reserve Account of the Special Tax Fund.”

Covenant for Superior Court Foreclosure

Pursuant to Section 53356.1 of the Act, the Community Facilities District has covenanted under the Indenture with and for the benefit of the Bondowners to order, and cause to be commenced, on or before October 1 of the Fiscal Year immediately following the Fiscal Year in which a delinquency in the payment of a Special Tax occurs, and thereafter diligently prosecute to judgment (unless such delinquency is theretofore brought current), an action in the superior court to foreclose the lien of any Special Tax or installment thereof not paid when due, provided that the Community Facilities District need not commence or pursue such proceedings with respect to any property owned by a single property owner who is delinquent in the payment of Special Taxes in an amount less than $5,000 if both (i) the aggregate amount of such delinquent Special Taxes does not exceed 5% of the total Special Taxes due and payable for the Fiscal Year in question and (ii) the balance on deposit in the Reserve Account is not less than the Reserve Requirement.

Pursuant to the Act, the Community Facilities District may waive delinquency penalties and redemption penalties if it determines that (i) the waivers shall apply only to parcels delinquent at the time of the determination, (ii) the waivers shall only be available with respect to parcels for which all past due and currently due Special Taxes and all other related costs are paid in full within a limited period of time specified in the determination, (iii) the waivers shall be available only with respect to parcels sold or otherwise transferred to new owners unrelated to the owner responsible for the delinquency, and (iv) the waivers are in the best interest of the Owners of the Bonds.

In the event foreclosure or foreclosures are necessary, there may be a delay in payments to Bond Owners pending prosecution of the foreclosure proceedings and receipt by the Community Facilities District of the proceeds of the foreclosure sale; it is also possible that no bid for the purchase price or applicable property would be received at the foreclosure sale. See “SPECIAL RISK FACTORS — Enforcement Delays — Bankruptcy.” Notwithstanding any other provision of the Indenture, the Water District is not obligated to advance available funds from the Water District Treasury to cure any deficiency in the Special Tax Fund.

Water District’s Collection Practices

The staff of the Water District provides administrative and other support services for the community facilities districts that have been formed by the Water District. These services include, but are not limited to, attempting to collect delinquent special taxes prior to the commencement of foreclosure proceedings by sending demand letters to property owners whose special taxes are delinquent advising them of the consequences of failing to pay the applicable special taxes. The current practices of the Water District’s staff are summarized below.

Within approximately six weeks following each December 10 and April 10 (the respective dates on which the first and second installment of special taxes become delinquent), the County notifies the Water District of delinquencies within the Water District’s community facilities districts. Generally, it is the Water District’s practice to send out demand letters to delinquent property owners within 60 days of being notified of such delinquencies. The Water District generally allows at least 30 days from the date of mailing the demand letters before commencing foreclosure proceedings. In some circumstances, the Water District allows homeowners to pay delinquent Special Taxes and penalties in six month installments.

The Water District is not required to continue the collection practices described herein, but it has no current intention of ceasing to do so. The Community Facilities District has covenanted in the Indenture to commence foreclosure proceedings by October 1 following the fiscal year in which the delinquencies occurred, except under certain circumstances. See “SECURITY FOR THE BONDS — Covenant for Superior Court Foreclosure.”

No Additional Bonds

The Community Facilities District has covenanted in the Indenture that it will not issue any additional bonds payable from the Net Special Taxes or from any other amounts in the applicable Special Tax Fund on a parity with the Bonds. However, refunding bonds secured by Net Special Taxes on a parity with the Bonds may be issued to repay and redeem the Bonds in advance of their stated maturities if the annual debt service payable with respect to such refunding bonds will be less than the annual debt service payable with respect to the Bonds that are being so redeemed.

THE WATER DISTRICT

The Water District is located in Riverside County, California and includes the Cities of Temecula, Murrieta, Moreno Valley, Hemet, San Jacinto, Perris and Menifee, as well as unincorporated portions of the County. The Water District was established in 1950 and is a municipal water district formed and existing pursuant to the Municipal Water District Law of 1911, Division 20 (commencing at Section 71000) of the Water Code of the State. The Water District provides both water and wastewater services within its boundaries. Although at the time of its formation the major demand for the Water District’s services was related to agriculture, domestic customers now constitute the major portion of the demand for such services. The Water District encompasses nearly 542 square miles and has a current estimated population of approximately 768,000.

IMPROVEMENT AREA A

General Information

Pursuant to a petition the then-owner of the property within the Community Facilities District, the Board formed the Community Facilities District and Improvement Area A therein under the Act in order to provide for the financing of public improvements to meet the needs of new development within the Community Facilities District. Brookfield Land Company, Inc., as the only qualified elector eligible to vote, authorized the Community Facilities District to incur bonded indebtedness for Improvement Area A, approved the Rate and Method of Apportionment and authorized the levy of the Special Tax therein.

Improvement Area A. The property in Improvement Area A is located north of the City of Temecula and east of the City of Murrieta in an unincorporated area of the County known as “French Valley.” Improvement Area A includes approximately 467 acres that are planned to be developed into 1,081 single family detached homes at buildout and a school site of approximately 22 acres owned by the Temecula Valley Unified School District. As of January 1, 2015, within Improvement Area A, there were 699 completed single family detached homes, including 677 completed homes which had been conveyed to individual homeowners. As of such date, within Improvement Area A, the Developers owned 13 units which were nearly complete, 30 homes in various stages of construction (from laid foundations to wrapped with roofs under construction), nine model homes and 352 lots in a finished lot condition (with building permits obtained for 13 of such finished lots). Since such date, seven additional building permits have been issued for the property owned by Standard Pacific within Improvement Area A.

The property within Improvement Area A is being developed in two phases. Phase 1 was completed by Brookfield Winchester LLC, a Delaware limited liability company and included approximately 147 acres and 448 single family detached homes. Phase 1 is complete and all 448 homes associated therewith have been conveyed to individual homeowners. Phase 2 includes approximately 310 acres and is planned for 633 single family detached homes. The first 182 homes in Phase 2 have been completed and conveyed to individual homeowners. The remaining 451 residential lots in Phase 2 are currently being developed by the Developers. As of January 1, 2015, of the 633 homes planned for Phase 2, 229 have been completed and conveyed to individual homeowners, including the 182 homes previously completed and conveyed to individual homeowners. The remaining homes proposed to be built in Phase 2 within Improvement Area A are further described below.

As of January 1, 2015, Standard Pacific owned 134 parcels within Improvement Area A. Standard Pacific’s planned development of its property within Phase 2 of Improvement Area A includes the construction of and sale to individual homeowners of 172 single family detached homes in two neighborhoods “Sunrise at Morningstar” and “Horizon at Morningstar.” As of January 1, 2015, of the 172 homes that Standard Pacific plans to develop within Improvement Area A, 38 had been completed and conveyed to individual homeowners. As of such date, within Improvement Area A, Standard Pacific owned 10 homes which were nearly complete, 16 homes under construction, six model homes and 102 lots in a finished lot condition (with building permits obtained for eight of such finished lots). Since such date, seven additional building permits have been issued for the property owned by Standard Pacific within Improvement Area A. Standard Pacific expects to complete its planned development within Improvement Area A in October 2016 and convey all homes that it proposes to construct within Improvement Area A to individual homeowners by the end of 2016. There is no guaranty that Standard Pacific will be able to complete its development and convey all such homes to individual homeowners according to the timeline provided herein. See “PROPERTY OWNERSHIP AND THE DEVELOPMENT — Development by Standard Pacific.”

Water and sewer service to the property within Improvement Area A is currently supplied by the Water District. Electricity is currently supplied by Southern California Edison, gas by Southern California Gas Company and telephone services by Verizon Communications.

Although, like all of Southern California, the land within the Improvement Area A is subject to seismic activity, it is not located within an Alquist-Priolo Earthquake Fault Zone.

According to the Appraisal, the land within Improvement Area A is located in a Zone “X” flood designated area according to Federal Emergency Management Agency Community Panel No. 06065C-2730G with an effective date of August 28, 2008. Such designation refers to an area that is outside the 500-year flood plain. See Appendix F — “APPRAISAL REPORT.”

A map showing the location of the Community Facilities District and an aerial photograph thereof appear following the Table of Contents, respectively, and information about the ownership and planned development of such property is set forth under the caption “PROPERTY OWNERSHIP AND THE DEVELOPMENT.”

Rate and Method of Apportionment

The Rate and Method of Apportionment is contained in Appendix D — “RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX.” In general, the Rate and Method of Apportionment imposes a different Maximum Special Tax on Taxable Property within Improvement Area A depending upon whether such Taxable Property is classified as “Developed Property” (in general, Taxable Property included in a Final Map recorded prior to the January 1 preceding the Fiscal Year in which the Special Tax is being levied and for which a building permit for new construction was issued prior to the April 1 preceding such Fiscal Year), “Approved Property” (in general, parcels of Taxable Property included in a Final Map recorded prior to the January 1

preceding the Fiscal Year in which the Special Tax is being levied but for which no building permit was issued prior to the April 1 preceding such Fiscal Year), “Undeveloped Property” (in general, Taxable Property that is not “Developed Property,” “Approved Property,” “Public Property” or Property Owner’s Association Property”), “Public Property” or “Property Owner’s Association Property.” Different Maximum Special Taxes are also applicable to Developed Property depending upon whether such Developed Property is considered “Residential Property” or “Non-Residential Property.”

Pursuant to the Rate and Method of Apportionment the Board is required to determine the “Special Tax Requirement for Improvement Area A” (as defined therein) for each Fiscal Year. The Special Tax Requirement for Improvement Area A (the “Special Tax Requirement”) is the amount required in any Fiscal Year to pay: (i) annual debt service on all outstanding Bonds during the calendar year which commences in the Fiscal Year for which the Special Tax is being levied, (ii) periodic costs on the Bonds, (iii) Administrative Expenses, (iv) an amount equal to any anticipated shortfall due to Improvement Area A Special Tax delinquencies in the prior Fiscal Year, and (v) any amounts required to establish or replenish the Reserve Account, less (vi) a credit for funds available to reduce the annual Improvement Area A Special Tax levy as determined pursuant to the Indenture.

The Special Tax Requirement is to be satisfied first by levying the Special Tax Proportionately on each Parcel of Developed Property within Improvement Area A at up to 100% of the applicable Assigned Special Tax. If additional moneys are needed to satisfy the Special Tax Requirement, the Special Tax shall be levied proportionately on each Parcel of Approved Property within Improvement Area A at up to 100% of the Maximum Special Tax for Approved Property. If additional moneys are still needed to satisfy the Special Tax Requirement, the Special Tax shall be levied Proportionately on each Parcel of Undeveloped Property within Improvement Area A at up to 100% of the Maximum Special Tax for Undeveloped Property. If additional moneys are still needed to satisfy the Special Tax Requirement, the Special Tax that is to be levied on each Parcel of Developed Property within Improvement Area A whose Maximum Special Tax is derived by the application of the Backup Special Tax shall be increased in equal percentages from the Assigned Special Tax up to the Maximum Special Tax. Finally, any additional amounts required in order to satisfy the Special Tax Requirement shall be raised by the levy of the Special Tax Proportionately on each Parcel of Public Property and/or Property Owner’s Association Property within Improvement Area A that is not Exempt Property at up to 100% of the applicable Maximum Special Tax. Notwithstanding the above, under no circumstances will the Special Tax levied against any Parcel of Residential Property within Improvement Area A be increased by more than 10% per Fiscal Year as a consequence of a delinquency or default by the owner of any other Parcel within Improvement Area A.

The Assigned Special Taxes for Developed Property within Improvement Area A that is classified as Residential Property range from $1,092 to $1,640, depending upon the size of the residence. Developed Property within Improvement Area A that is Non-Residential Property has an Assigned Tax of $8,489 per acre. The Maximum Special Tax for each Parcel of Approved Property within Improvement Area A is the quotient obtained by dividing (a) the product of (i) $8,489 multiplied by (ii) the number of Acres of Taxable Property within Improvement Area A within the applicable Final Map (excluding acres associated with Public Property and/or Property Owner’s Association Property that is not Exempt Property) by (b) the number of residential lots within such Final Map. The Maximum Special Tax for each Parcel of Undeveloped Property within Improvement Area A is $8,489 per Acre.

The Community Facilities District intends to size the Bonds so that, assuming no delinquencies in Improvement Area A, Net Special Taxes from Developed Property and Approved Property, levied in accordance with the Rate and Method of Apportionment, will generate in each Fiscal Year beginning in Fiscal Year 2015-16 not less than 110% of debt service payable with respect to the Bonds and the 2013 Bonds in the calendar year that begins in that Fiscal Year.

Property Values

Assessed Value. The estimated assessed value of the property within Improvement Area A, as shown on the County’s assessment roll for Fiscal Year 2014-15, is approximately $223,408,953.

Appraisal. As a result of the requirements of Article XIIIA of the California Constitution, a property’s assessed value is not necessarily indicative of its market value. In order to provide information with respect to the value of the property within Improvement Area A, the Community Facilities District engaged Harris Realty Appraisal to prepare the Appraisal. The principal of the Appraiser, who was actively involved in the preparation of the Appraisal, has an “MAI” designation from the Appraisal Institute and has prepared numerous appraisals for the sale of land secured municipal bonds. The Appraiser was selected by the Community Facilities District and has no material relationships with the Water District, the Community Facilities District or the owners of the land within Improvement Area A, other than the relationship represented by the engagement to prepare the Appraisal and other similar engagements for the Water District. The Water District instructed the Appraiser to prepare its analysis and report in conformity with Water District-approved guidelines and the Appraisal Standards for Land Secured Financings published in 1994 and revised in 2004 by the commission now known as California Debt and Investment Advisory Commission. A copy of the Appraisal is included as APPENDIX F to this Official Statement. The purpose of the Appraisal was to estimate the “as is” market value of the fee simple estate, subject to special tax and special assessment liens, of the property within Improvement Area A. Subject to the contingencies, assumptions and limiting conditions set forth in the Appraisal, the Appraiser concluded that, as of January 1, 2015, the minimum market value of the property within Improvement Area A was not less than $277,200,000, including (a) $235,000,000 for the 677 completed units conveyed to individual homeowners, (b) $24,500,000 for the parcels owned by Brookfield (consisting of $4,800,000 for the three homes which were nearly complete, 14 homes under construction and three model homes and $19,700,000 for the 241 lots in a finished lot condition), and (c) $17,700,000 for the parcels owned by Standard Pacific (consisting of $9,200,000 for the 10 homes which were nearly complete, 16 homes under construction and six model homes and $8,500,000 for the 102 lots in a finished lot condition). Reference is made to APPENDIX F for a complete list and full discussion of the applicable contingencies, assumptions and limiting conditions and the methodology employed by the Appraiser. In the event that any of the contingencies, assumptions and limiting conditions are not actually realized, the value of the property within Improvement Area A may be less than the amount reported in the Appraisal. In any case, there can be no assurance that any portion of the property within Improvement A would actually sell for the amount indicated by the Appraisal. The Appraisal merely indicates the Appraiser’s opinion as to the minimum market value of the property referred to therein as of the date and under the conditions specified therein. The Appraiser’s opinion reflects conditions prevailing in the applicable market as of the date of value. The Appraiser’s opinion does not predict the future value of the subject property, and there can be no assurance that market conditions will not further adversely change in the future.

The Appraiser has specifically consented to the inclusion of the Appraisal in this Official Statement. Nevertheless, the Appraisal contains the following statement: The acceptance of and/or use of this appraisal report by the client or any third party constitutes acceptance of the following conditions: The liability of Harris Realty Appraisal and the appraisers responsible for this report is limited to the client only and to the fee actually received by the appraisers. Further, there is no accountability, obligation or liability to any third-party. If the appraisal report is placed in the hands of anyone other than the client for whom this report was prepared, the client shall make such party and/or parties aware of all limiting conditions and assumptions of this assignment and related discussions. Any party who uses or relies upon any information in this report, without the preparer’s written consent, does so at his own risk. If the client or any third party brings legal action against Harris Realty Appraisal or the signer of the Appraisal and the appraisers prevail, the party initiating such legal action shall reimburse Harris Realty Appraisal and/or the appraisers for any and all costs of any nature, including attorneys’ fees, incurred in their defense. It is a condition precedent to the issuance of the Bonds that the Appraiser deliver to the Community Facilities District a certification to the effect that nothing has come to the attention of the Appraiser subsequent to the date of the Appraisal that would cause the Appraiser to believe that the value of property in Improvement Area A is less than the minimum value reported in the Appraisal.

Value-to-Lien Ratios

The value of the property within Improvement Area A is significant because, in the event of a delinquency in the payment of Special Taxes, the Community Facilities District may foreclose only against delinquent parcels. Likewise, the ratio of the value of a parcel to its “share” of the Bonds is important because it provides an indication of the extent of the relative burden imposed on each parcel by the applicable Special Tax. As indicated above, the minimum appraised value of the property within Improvement Area A is not less than $277,200,000. The ratio of that value to the $11,320,000 total principal amount of the Bonds and the 2013 Bonds ($7,040,000) is approximately 15.10-to-1. This ratio does not include other overlapping debt within Improvement Area A. See “— Direct and Overlapping Debt” below. Taking that overlapping debt into account, the ratio of the minimum appraised value to the total amount of existing bonded debt for Improvement Area A of $19,055,288 (which includes other land secured property tax and assessment debt, certificates of participation payable from other special taxes applicable to property within Improvement Area A and overlapping general obligation debt) is approximately 14.55 -to-1.

As of January 1, 2015, 677 of the 1,081 planned homes within Improvement Area A had been conveyed to individual homeowners. See “PROPERTY OWNERSHIP AND THE DEVELOPMENT.”

Table 2 below sets forth the stratification of value-to-liens of the parcels within Improvement Area A as of January 1, 2015, based on the Appraised Value and such parcels’ respective shares of the principal amount of the Bonds, the 2013 Bonds and other direct and overlapping debt within Improvement Area A, allocated to each parcel based upon its respective share of the total projected

Special Tax levy for Fiscal Year 2015-16, and the ratio of the Appraised Value to its share of the Bonds, the 2013 Bonds and other direct and overlapping debt.

Each of the aforesaid value to lien ratios is for Improvement Area A, however, the ratios of the value of individual lots within Improvement Area A to their respective shares of the principal amount of the Bonds can be expected to vary substantially depending upon the status of development and selling price thereof. See Table 1 below. The apportionment of existing land secured debt other than the Bonds is a function of the rate and method of apportionment attributable to each of those community facilities districts.

No assurance can be given that, should a delinquent parcel be foreclosed and sold for the amount of the delinquency, any bid will be received for such parcel, or if a bid is received that such bid will be sufficient to pay such delinquent Special Taxes.

TABLE 1 EASTERN MUNICIPAL WATER DISTRICT COMMUNITY FACILITIES DISTRICT NO. 2001-01 (FRENCH VALLEY) IMPROVEMENT AREA A ESTIMATED VALUE-TO-LIEN RATIOS ALLOCATED BY PROPERTY OWNER

Percentage EMWD CFD Outstanding Aggregate of Fiscal Projected Percentage Projected Percentage (IA-A) No. Overlapping Outstanding Fiscal Year Year Fiscal Year of Projected Dwelling Appraised of Appraised 2001-01 Land & Proposed 2014-15 2014-15 2015-16 Fiscal Year Units at Property Value Proposed Secured Land Value-to- Maximum Maximum Special 2015-16 Property Owner Buildout Value(1) Value(1) Bonds(2) Debt(3) Secured Debt Lien Ratio Special Tax Special Tax Tax(4) Special Tax Developed – Individually Owned 677 $235,000,000 84.78% $8,595,730 $5,345,754 $13,941,484 16.86:1 $1,229,688 59.14% $1,045,094 75.93% Developed – Standard Pacific Owned 47 10,450,000 3.77 621,592 386,573 1,008,165 10.37:1 87,870 4.23 75,575 5.49 Developed – Brookfield Owned 25 5,194,000 1.87 337,218 209,719 546,937 9.50:1 54,004 2.60 41,000 2.98 Approved – Standard Pacific Owned 87 7,250,000 2.62 405,840 252,395 658,235 11.01:1 162,653 7.82 49,343 3.59 Approved– Brookfield Owned 245 19,306,000 6.96 1,359,620 845,559 2,205,179 8.75:1 544,909 26.21 165,307 12.01 TOTAL 1,081 $277,200,000 100.00% $11,320,000 $7,040,000 $18,360,000 15.10:1 $2,079,124 100.00% $1,376,319 100.00%

(1) Reflects Appraised Values as of January 1, 2015, as set forth in the Appraisal. (2) Responsibility of the principal amount of the Bonds has been allocated based on the projected Fiscal Year 2015-16 Special Tax levy for Improvement Area A of $1,376,319, based on development status as of January 1, 2015 and seven additional permits issued for property owned by Standard Pacific since such date. Reflects the Assigned Special Tax rate per tax rate category as set forth in the Rate and Method of Apportionment. (3) Includes the 2013 Bonds. Does not include Temecula Valley Unified School District Community Facilities District No. 2014-1 bonds authorized but unissued in the amount of $10,000,000. See Table 3. Does not include overlapping general obligation or special fund debt. (4) Includes the principal amount of the Bonds, the outstanding 2013 Bonds and projected Administrative expenses of $45,000 per fiscal year. Source: Albert A. Webb Associates.

TABLE 2 EASTERN MUNICIPAL WATER DISTRICT COMMUNITY FACILITIES DISTRICT NO. 2001-01 (FRENCH VALLEY) IMPROVEMENT AREA A VALUE-TO-LIEN STRATIFICATION

Aggregate Percentage Outstanding of Percentage and Outstanding of Projected Proposed Proposed Projected Fiscal Fiscal Year Percentage Land Land No. of Percentage of Year 2015-16 2015-16 Appraised of Appraised Secured Secured Value-to-Lien(1) Parcels Parcels Special Tax Special Tax Value(1) Value Debt Debt Less than 8:00:1 20 1.85% $ 32,226 2.34% $ 1,644,000 0.59% $ 429,893 2.34% Between 8.00 – 10.99:1 265 24.51 198,107 14.39 24,106,000 8.70 2,642,729 14.39 Between 11.00 – 12.99:1 87 8.05 49,343 3.59 7,250,000 2.62 658,235 3.59 Between 13:00 – 15.99:1 389 35.99 637,029 46.28 133,121,713 48.02 8,497,924 46.28 Between 16:00 – 18.99:1 255 23.59 379,319 27.56 88,515,510 31.93 5,060,090 27.56 Between 19:00 – 20.99:1 35 3.24 44,835 3.26 12,149,188 4.38 598,096 3.26 Greater than 21:00:1 30 2.78 35,460 2.58 10,413,589 3.76 473,034 2.58 TOTAL 1,081 100.00% $1,376,319 100.00% $277,200,000 100.00% $18,360,000 100.00%

(1) Reflects Appraised Values as of January 1, 2015, as set forth in the Appraisal. Source: Albert A. Webb Associates.

Direct and Overlapping Debt

Improvement Area A is included within the boundaries of numerous overlapping local agencies providing governmental services. Some of these local agencies have outstanding bonds, and/or the authority to issue bonds, payable from taxes or assessments. The existing and authorized indebtedness payable from taxes and assessments that may be levied upon the property within the Improvement Area A is shown in Table 3 below. In addition to current debt, new community facilities districts and/or special assessment districts could be formed in the future encompassing all or a portion of the property within Improvement Area A; and such districts or the agencies that formed them could issue more bonds and levy additional special taxes or assessments.

TABLE 3

EASTERN MUNICIPAL WATER DISTRICT COMMUNITY FACILITIES DISTRICT NO. 2001-01 (FRENCH VALLEY) IMPROVEMENT AREA A SECURED PROPERTY TAX ROLL AND DIRECT AND OVERLAPPING DEBT

APPRAISED VALUE(1) $277,200,000 SECURED PROPERTY TAX ROLL Parcels in Total Parcels % CFD No. Description of Tax Bill Type Levied Total Levy Applicable 2001-01 Levy Amount General Purpose 1% 903,070 $2,133,488,338 0.108% 1,081 $ 2,298,039 Temecula Unified B & I (0.03019%) GO 47,486 5,389,599 1.286 1,080 69,293 Metro Water East 1301999 (0.00350%)(2) GO N/A 81,023,196 0.010 1,080 8,028 Flood Control Stormwater/Cleanwater/Santa Marg. FLD 83,772 538,278 0.466 630 2,507 CSA #103 Lights CSA 9,783 483,810 9.664 916 46,756 CSA #152 Street Sweeping CSA 60,860 1,660,800 2.478 916 41,157 Valley-Wide Regional Fac LMD 88-1 LMD 68,643 1,164,377 0.326 685 3,795 Valley-Wide French Valley LMD 8,253 3,905,713 10.135 685 395,848 Metro Water District Standby East WTR 241,739 2,809,294 0.156 633 4,393 EMWD Stdby-Combined Chg WTR 245,279 5,587,941 0.738 1,081 43,240 Temecula Valley USD CFD No. 2014-1 CFD 31,900 31,900 100.000 25 31,900 CFD No. 2001-01 French Valley IA-A CFD 1,081 1,504,184 100.000 1,081 1,504,184 Fiscal Year 2014-15 Total Property Tax Liability $ 4,449,140 TOTAL PROPERTY TAX AS A PERCENTAGE OF FISCAL YEAR 2014-15 ASSESSED VALUATION(4) 1.61%

LAND SECURED BONDED INDEBTEDNESS Total Parcels % Amount of Outstanding Direct and Overlapping Bonded Debt Type Levied Issued Outstanding Applicable Debt Temecula Valley USD CFD No. 2014-1 CFD 451 $ 0 $ 0 100.000% $ 0 CFD No. 2001-01 Improvement Area A 2013 Bonds CFD 1,081 7,250,000 7,040,000 100.000% 7,040,000 CFD No. 2001-01 Improvement Area A 2015 Bonds CFD 1,081 11,320,000 11,320,000 100.000% 11,320,000 Total Outstanding Land Secured Bonded Debt $ 18,360,000 Authorized and Unissued Direct and Overlapping Total Parcels % Bonded Debt Levied Authorized Unissued Applicable Applicable Temecula Valley USD CFD No. 2014-1 CFD 451 $10,000,000 $10,000,000 100.000% $ 10,000,000 CFD No. 2001-01 Improvement Area A CFD 1,081 24,000,000 $0(5) 100.000% 0 Total Unissued Land Secured Indebtedness(3) 0 Total Outstanding and Unissued Land Secured Indebtedness $ 28,360,000

GENERAL OBLIGATION BOND INDEBTEDNESS Total Parcels % Amount of Outstanding Direct and Overlapping Bonded Debt Levied Issued Outstanding Applicable(4) Debt Temecula Unified B & I(0.03019%) GO 1,081 $ 99,995,070 $52,510,070 1.298705 % $ 681,951 Metro Water East 1301999 (0.00350%) GO 1,081 850,000,000 132,275,000 0.010083 13,337 Total General Obligation Bonded Debt $ 695,288 Authorized and Unissued Direct and Overlapping Total Parcels % Indebtedness Levied Authorized Unissued Applicable(4) Applicable Temecula Unified B & I (0.03019%) GO 1,081 $230,000,000 $130,004,930 1.298705% $ 1,688,381 Metro Water East 1301999 (0.00350%) GO 1,081 850,000,000 $0 0.010083 $0 Total Unissued General Obligation Indebtedness(3) $ 1,688,381 Total Outstanding and Unissued General Obligation Indebtedness(3) $ 2,383,669 TOTAL OF ALL OUTSTANDING, DIRECT AND OVERLAPPING DEBT $ 19,055,288 TOTAL OF ALL OUTSTANDING AND UNISSUED DIRECT AND $ 30,743,669 OVERLAPPING INDEBTEDNESS Ratios to Appraised Value Outstanding Land Secured Bonded Debt 15.10:1 Outstanding Direct and Overlapping Bonded Debt 14.55:1

(1) Reflects Appraised Values as of January 1, 2015, as set forth in the Appraisal. (2) The Metropolitan Water District does not receive parcel count data from the counties, and therefore “Total Parcels Levied” is not available and “Total Levy” is estimated and not exact. (3) Additional bonded debt or available bond authorization may exist but is not shown because a tax was not levied for the referenced fiscal year. (4) Percentage applicable determined by Fiscal Year 2014-15 Equalized Roll Assessed Valuation. (5) The Community Facilities District has covenanted not to issue any additional bonds with respect to Improvement Area A payable from Net Special Taxes on a parity with the Bonds. Source: Albert A. Webb Associates.

Annual Debt Service for the Bonds has been structured so that Net Special Taxes levied on Developed Property and Approved Property, based on the development status within Improvement Area A as of January 1, 2015 (plus seven parcels that will be classified as Developed Property in Fiscal Year 2015-16 based on building permits issued since such date), will generate in each Fiscal Year beginning in Fiscal Year 2015-16 not less than 110% of debt service payable with respect to the Bonds and the 2013 Bonds in the calendar year that begins in that Fiscal Year, assuming that Special Taxes are levied and collected on the Developed Property and Approved Property in Improvement Area A pursuant to the Rate and Method of Apportionment and that the Administrative Expense Requirement increases at the rate of two percent per year.

Based on the Bond sizing and assuming that Fiscal Year 2015-16 tax rates for all other taxing jurisdictions within Improvement Area A equal the Fiscal Year 2014-15 tax rates, the projected average total Fiscal Year 2015-16 effective tax rate for Developed Property in Improvement Area A is approximately 1.69% of the average Appraised Value of a parcel of Developed Property.

The following table sets forth the estimated total tax obligation of a parcel of Developed Property in Improvement Area A for Fiscal Year 2015-16, based on the average Appraised Value of a parcel of Developed Property as set forth in the Appraisal. TABLE 4 EASTERN MUNICIPAL WATER DISTRICT COMMUNITY FACILITIES DISTRICT NO. 2001-01 (FRENCH VALLEY) IMPROVEMENT AREA A PROJECTED FISCAL YEAR 2015-16 TAX OBLIGATION FOR INDIVIDUALLY OWNED SAMPLE DEVELOPED PROPERTY Average Average Appraised Value of a Developed Parcel(1) $347,119.65 Ad Valorem Property Taxes: General Purpose $3,471.20 Temecula Valley Unified B&I (0.03019%) 104.80 Metro Water East 1301999 (0.00350%) 12.15 Total General Property Taxes $3,588.15 Assessment, Special Taxes & Parcel Charges(2) Flood Control Stormwater /Cleanwater/Santa Margarita $4.00 CSA #103 Lighting 55.36 CSA #152 Street Sweeping 45.02 V-Wide Regional Facility LMD 88-1 5.54 V-Wide LMD French Valley 577.88 Metro Water District Standby East 6.94 EMWD Standby-Combined Charge 40.00 EMWD CFD 2001-01 IA A (French Valley)(3) 1,543.00 Total Assessments & Parcel Charges $2,277.74 Projected Total Property Tax $5,865.89 Projected Effective Tax Rate 1.69%

(1) Average of Appraised Values for Developed Property based on the Appraisal. (2) Reflects actual amounts for Fiscal Year 2014-15 for sample categories of properties within Improvement Area A. Amounts and overlapping assessments may not apply to all overlapping assessments for all property within Improvement Area A. (3) Reflects projected Fiscal Year 2015-16 Special Tax Requirement. Includes debt service on the 2013 Bonds, the projected debt service on the Bonds and Administrative Expenses. Sources: Albert A. Webb Associates.

Top Taxpayers

Special Taxes for Fiscal Year 2015-16 are projected to be levied on 749 parcels classified as Developed Property and 332 parcels classified as Approved Property, based on development status as of January 1, 2015 (plus the additional seven building permits issued for property owned by Standard Pacific since such date). Individual homeowners are expected to be responsible for approximately 75.93% of the projected Fiscal Year 2015-16 Special Tax levy and the Developers are expected to be responsible for approximately 24.07% of the projected Fiscal Year 2015-16 Special Tax levy, based on ownership status as of January 1, 2015.

Table 5 below lists the largest property taxpayers within Improvement Area A measured by the percentage of the projected Fiscal Year 2015-16 Special Tax levy. Brookfield is projected to be responsible for approximately 14.99% of the projected Fiscal Year 2015-16 Special Tax levy and Standard Pacific is projected to be responsible for approximately 9.08% of the projected Fiscal Year 2015-16 Special Tax levy, based on ownership status and development status within Improvement Area A as of January 1, 2015 (plus the additional seven building permits issued for property owned by Standard Pacific since such date). The Community Facilities District is not aware of any property owner other than the Developers within Improvement Area A which owns more than one home.

TABLE 5 EASTERN MUNICIPAL WATER DISTRICT COMMUNITY FACILITIES DISTRICT NO. 2001-01 (FRENCH VALLEY) IMPROVEMENT AREA A FISCAL YEAR 2015-16 PROJECTED TOP TAXPAYERS

Other Aggregate Percentage Estimated Overlapping Outstanding Projected Percentage of No. of No. of Total of EMWD CFD Land and Proposed Value-to- Current Percentage Fiscal Year Projected Fiscal Developed Approved No. of Appraised Appraised 2001-01 (IA A) Secured Land Secured Lien Maximum of Maximum 2015-16 Year 2015-16 Property Owner Parcels(1) Parcels Parcels Value(2) Value 2015 Bonds(3) Debt(3) Debt Ratio Special Tax Special Tax Special Tax Special Tax Brookfield 30069 25 245 270 $24,500,000 8.84% $1,696,838 $1,055,278 $2,752,116 8.90:1 $598,913 28.81% $206,307 14.99% Standard Pacific Corp. 47 87 134 17,700,000 6.39 1,027,432 638,968 1,666,400 10.62:1 250,522 12.05 124,918 9.08 Subtotal 72 332 404 $42,200,000 15.22 $2,724,270 $1,694,246 $4,418,516 9.55:1 849,435 40.86 331,225 24.07 All Others 677 0 677 235,000,000 84.78 8,595,730 5,345,754 13,941,484 16.86:1 1,229,688 59.14 1,045,094 75.93 TOTAL 749 332 1,081 $277,200,000 100.00% $11,320,000 $7,040,000 $18,360,000 15.10:1 $2,079,124 100.00% $1,376,319 100.00%

(1) Pursuant to the Rate and Method of Apportionment, Developed Property, in general, is property (i) that is included in a Final Map that was recorded prior to January 1 preceding the Fiscal Year in which the Special Tax is being levied and (ii) a building permit for new construction has been issued prior to April 1 preceding the Fiscal Year in which the Special Tax is being levied. Approved Property in general, is property included in a Final Map recorded prior to the January 1 preceding the Fiscal Year in which the Special Tax is being levied but for which no building permit was issued prior to the April 1 preceding such Fiscal Year. Parcels of Developed Property shown reflects development status as of January 1, 2015 and seven additional building permits issued for property owned by Standard Pacific since such date. (2) Reflects Appraised Values as of January 1, 2015, as set forth in the Appraisal. (3) Allocation of principal amount of the Bonds and the 2013 Bonds based on the pro rata share of the projected Fiscal Year 2015-16 Special Tax levy. Source: Albert A Webb Associates.

Delinquency History

The following table is a summary of Special Tax levies, collections and delinquency rates in Improvement Area A for Fiscal Years 2009-10 through 2013-14 and the first installment of Fiscal Year 2014-15. There are no foreclosure actions for delinquent Special Taxes currently within Improvement Area A.

TABLE 6 EASTERN MUNICIPAL WATER DISTRICT COMMUNITY FACILITIES DISTRICT NO. 2001-01 (FRENCH VALLEY) IMPROVEMENT AREA A SPECIAL TAX LEVIES, DELINQUENCIES AND DELINQUENCY RATES FISCAL YEARS 2009-10 THROUGH 2013-14

Delinquencies as of June 30 of Fiscal Year in which Special Taxes Were Levied(1) Delinquencies as of January 21, 2015 Fiscal Parcels Parcels Amount Percent Parcels Amount Percent Year Amount Levied Levied Delinquent Delinquent Delinquent Delinquent Delinquent Delinquent 2009-10 $1,378,414.52 918 34 $42,382.00 3.07% 2 $3,065.00 0.22% 2010-11 1,516,255.98 1,081 16 23,147.00 1.53 2 3,065.00 0.20 2011-12 1,481,206.76 1,081 13 16,143.00 1.09 2 3,065.00 0.21 2012-13 1,480,726.56 1,081 4 $3,884.50 0.26 0 0.00 0.00 2013-14 1,452,553.38 1,081 3 $3,920.50 0.27 2 2,280.50 0.16 2014-15(2) 752,091.83 1,081 N/A N/A N/A 14 10,974.50 1.46

(1) As of fiscal year end of year levied (2) Reflects first installment only.

PROPERTY OWNERSHIP AND THE DEVELOPMENT

Representatives of the Developers have provided the information in this section regarding the Developers and their respective developments in Improvement Area A. Neither the Underwriter nor the Community Facilities District has independently confirmed or verified the information in this section of the Official Statement nor does any such party make any representation as to accuracy or adequacy of this information. Further, there may be material adverse changes in this information after the date of this Official Statement.

The information in this section of the Official Statement regarding ownership of certain taxable property in Improvement Area A has been included because it is considered relevant to an informed evaluation of the Bonds. The inclusion in this Official Statement of information related to the Developers should not be construed to suggest that the Bonds, or the Special Taxes that will be used to pay the Bonds, are recourse obligations of the Developers or any other property owner in Improvement Area A. A property owner may sell or otherwise dispose of land within Improvement Area A or a development or any interest therein at any time.

The Bonds and the Special Taxes are not personal obligations of the Developers or any other current or subsequent property owners and, in the event that the Developers or any other current or subsequent property owner defaults in the payment of the Special Taxes, the Community Facilities District may proceed with judicial foreclosure but has no direct recourse to the assets of the Developers or any other current or subsequent property owner. As a result, other than as provided in the Official Statement, no financial statements or information is, or will be, provided about the Developers or any other current or subsequent property owner. The Bonds are secured solely by the Special Taxes and other amounts pledged under the Indenture. See “SECURITY FOR THE BONDS” and “SPECIAL RISK FACTORS.”

General Description of the Development

The property in Improvement Area A is located north of the City of Temecula and east of the City of Murrieta in an unincorporated area of the County known as “French Valley.” Improvement Area A is being developed into a community known as “Morningstar Ranch” and includes approximately 467 gross acres and approximately 245 net acres. The property within Improvement Area A is planned to be developed into 1,081 single family detached homes at buildout and a school site of approximately 22 acres owned by the Temecula Valley Unified School District. As of January 1, 2015, within Improvement Area A, there were 699 completed single family detached homes, including 677 completed homes which had been conveyed to individual homeowners. As of such date, within Improvement Area A, the Developers owned 13 units which were nearly complete, 30 homes in various stages of construction (from laid foundations to wrapped with roofs under construction), nine model homes and 352 lots in a finished lot condition (with building permits obtained for 13 of such finished lots). Since January 1, 2015, seven additional building permits have been issued for the property owned by Standard Pacific in Improvement Area A.

The property within Improvement Area A is being developed in two phases. Phase 1 of the development was completed by Brookfield Winchester LLC, a Delaware limited liability company and included approximately 147 acres and 448 single family detached homes. Phase 1 is complete and all 448 homes associated therewith have been conveyed to individual homeowners. Phase 2 of the development within Improvement Area A includes approximately 310 acres and is planned for 633 single family detached homes. The first 182 units in Phase 2 have been completed and conveyed

to individual homeowners. The remaining 451 residential lots in Phase 2 are currently being developed by the Developers. As of January 1, 2015, of the 633 homes planned for Phase 2, 229 have been completed and conveyed to individual homeowners, including the 182 homes previously completed and 47 homes completed by the Developers.

Development by Brookfield

General Description of Development. As of January 1, 2015, Brookfield owned 270 parcels within Improvement Area A. Brookfield’s current plans include the development of 90 of such parcels in a neighborhood called “Liberty at Morning Star Ranch.” As of January 1, 2015, of the 90 homes proposed to be built within Liberty at Morning Star Ranch, nine had been completed and conveyed to individual homeowners. As of such date, within Improvement Area A, Brookfield owned three homes which were nearly complete, 14 homes under construction, three model homes and 61 lots in a finished lot condition (with building permits obtained for five of such finished lots).

Brookfield owns 189 parcels within Improvement Area A in addition to the remaining 81 lots or homes within the Liberty at Morning Star Ranch neighborhood. Brookfield plans to either undertake to develop such parcels itself, sell such parcels to its homebuilding affiliates or subsidiaries or sell such parcels to other merchant builders. Assuming Brookfield develops all remaining 270 lots that it owns within Improvement Area A, Brookfield expects that development of such parcels will be complete by the fourth quarter of 2017 and expects that all such homes will be conveyed to individual homeowners by 2018.

Brookfield’s planned development within the Liberty at Morningstar Ranch neighborhood within Phase 2 of Improvement Area A contains three plans on lots ranging in size from approximately 8,200 square feet to approximately 23,000 square feet with the following estimated square footage and base sales prices:

Brookfield’s Proposed Development Liberty at Morningstar Ranch

(1) Base home prices shown are subject to change and exclude Brookfield’s estimate of lot premiums, the sale of options and extras and any incentives or price reductions. Based on base home sales prices as of January 1, 2015.

Financing Plan. As of January 1, 2015, Brookfield had expended approximately $17,000,000 in acquiring its land in Improvement Area A and approximately $7,000,000 in land improvements, home construction costs and other development, marketing and sales costs (exclusive of internal financing repayment). The remaining 189 lots to be developed by Brookfield in Improvement Area A are in a finished lot condition. Brookfield expects its remaining land

improvements, home construction costs and other development, marketing and sales costs within Improvement Area A to be approximately $53,000,000.

To date, Brookfield has financed its land acquisition and various site development and home construction costs related to its property in Improvement Area A with cash generated from its home building operations and, where necessary, internal corporate financing. Brookfield expects to finance its remaining site development and home construction costs in Improvement Area A with a combination of cash generated from its home building operations (including revenues generated from home sales in Improvement Area A) and, where necessary, internal corporate financing.

Notwithstanding the internal corporate financing and revenues generated from home sales in Improvement Area A, there can be no assurance that Brookfield will have timely access to the sources of funds which will be necessary to complete the remaining proposed development in Improvement Area A. Brookfield has no legal obligation to Bond Owners to make any such funds available to fund the remaining development costs or to pay ad valorem property taxes or Special Taxes related to Brookfield’s property in Improvement Area A. Many factors beyond Brookfield’s control, or a decision by Brookfield to alter its current plans, may cause the actual sources and uses to differ from the projections.

Based on the ownership information and development status as of as of January 1, 2015 within Improvement Area A, the Special Tax Consultant estimates that Brookfield is expected to be responsible for approximately 14.99% of the projected Fiscal Year 2015-16 Special Taxes within Improvement Area A.

Brookfield. Brookfield 30069 LLC, a Delaware limited liability company is a wholly-owned subsidiary of Brookfield Residential Properties, Inc. (“Brookfield Residential”), a north American land developer and homebuilder with headquarters in Calgary, Alberta, Canada. Brookfield Residential operates in several major markets in the United States and Canada, including Austin, Denver, Phoenix, Los Angeles, San Diego, San Francisco, Washington, D.C. as well as Calgary and Toronto. Brookfield Residential was formed in 2011 upon the merger of Brookfield Homes Corporation and Brookfield Office Properties, Inc.

Brookfield Residential is a foreign corporation listed on the NYSE under the ticker symbol “BRP” and is subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In accordance therewith, Brookfield Residential files reports and other information, including financial statements, with the Securities and Exchange Commission (the “SEC”). Such filings, particularly Brookfield Residential’s (i) Annual Report on Form 40-F for the fiscal year ended December 31, 2013, as filed by Brookfield Residential with the SEC on March 27, 2014, and (ii) periodic filings on Form 6-K filed from time to time, set forth certain data relative to the consolidated results of operations and financial position of Brookfield Residential and its subsidiaries as of such dates. The SEC maintains an Internet web site that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC, including Brookfield Residential. The address of such Internet website is www.sec.gov. All documents subsequently filed by Brookfield Residential pursuant to the requirements of the Exchange Act after the date of this Official Statement will be available for inspection in such manner as the SEC prescribes.

The Internet addresses and references to filings with the SEC are included for reference only, and the information on these Internet sites and on file with the SEC are not a part of this Official Statement and are not incorporated by reference into this Official Statement.

History of Brookfield’s Property Tax Payments; Loan Defaults; Litigation; Bankruptcy. Brookfield has represented to the Community Facilities District as follows:

1. Except as described in this Official Statement, there is no material indebtedness of Brookfield or its Affiliates (defined below) that is secured by an interest in the Property (defined below). Neither Brookfield nor, to the Actual Knowledge of Brookfield (defined below), any of its Affiliates is in default on any obligation to repay borrowed money, which default is reasonably likely to materially and adversely affect Brookfield’s ability to develop the Property as proposed in this Official Statement or to pay the Special Taxes when due with respect to the Property.

2. Except as set forth in this Official Statement, no action, suit, proceeding, inquiry or investigation at law or in equity, before or by any court, regulatory agency, public board or body is pending against Brookfield (with proper service of process or proper notice to Brookfield having been accomplished) or, to the Actual Knowledge of Brookfield, is pending against any current Affiliate (with proper service of process to such Affiliate having been accomplished) or to the Actual Knowledge of Brookfield is threatened in writing against Brookfield or any such Affiliate (a) to restrain or enjoin the collection of Special Taxes or other sums pledged or to be pledged to pay the principal of and interest on the Bonds (e.g., the Reserve Account established under the Indenture), (b) to restrain or enjoin the development of the Property as proposed in this Official Statement, (c) in any way contesting or affecting the validity of the Special Taxes, or (d) which if successful, is reasonably likely to materially and adversely affect Brookfield’s ability to complete its development planned within Improvement Area A as described in this Official Statement or to pay the Special Tax or ad valorem tax obligations on its Property when due.

3. As an affiliate of a large, nation-wide developer of residential projects, Brookfield cannot represent with assurance that no Affiliate has ever been delinquent in the payment of ad valorem property taxes; however, to the actual knowledge of the employees of Brookfield involved in the issuance of the Bonds, neither it nor any Affiliate has been delinquent to any material extent in the payment of any ad valorem property tax, special assessment or special tax on property included within the boundaries of a community facilities district or an assessment district that (a) would have caused a draw on a reserve fund relating to such assessment district or community facilities district or (b) resulted in a foreclosure action being commenced.

4. Brookfield is able to pay its bills as they become due and no legal proceedings are pending against Brookfield (with proper service of process to Brookfield having been accomplished) or, to the Actual Knowledge of Brookfield, threatened in writing in which Brookfield may be adjudicated as bankrupt or discharged from any and all of its debts or obligations, or granted an extension of time to pay its debts or obligations, or be allowed to reorganize or readjust its debts, or be subject to control or supervision of the Federal Deposit Insurance Corporation.

5. To the Actual Knowledge of Brookfield, Affiliates of Brookfield are able to pay their bills as they become due and no legal proceedings are pending against any Affiliates of Brookfield (with proper service of process to such Affiliate having been accomplished) or to the Actual Knowledge of Brookfield, threatened in writing in which the Affiliates of Brookfield may be adjudicated as bankrupt or discharged from any or all of their debts or obligations, or granted an

extension of time to pay their debts or obligations, or be allowed to reorganize or readjust their debts or obligations, or be subject to control or supervision of the Federal Deposit Insurance Corporation.

As used in the above representations of Brookfield, the following defined terms and phrases have the following meanings:

“Actual Knowledge of Brookfield” shall mean the knowledge of the authorized officer of Brookfield signing the certificate containing the above representations (the “Brookfield Letter of Representations”) as of the date of the Brookfield Letter of Representations obtained from interviews with such current officers and responsible employees of Brookfield and its Affiliates as the authorized officer signing the Brookfield Letter of Representations has determined are likely, in the ordinary course of their respective duties, to have knowledge of the matters set forth in the Brookfield Letter of Representations. The authorized officer of Brookfield signing the Brookfield Letter of Representations has not conducted any extraordinary inspection or inquiry other than such inspections or inquiries as are prudent and customary in connection with the ordinary course of Brookfield’s current business and operations.

“Affiliate” means, with respect to a Person (i) any other Person directly, or indirectly through one or more intermediaries, controlling, controlled by or under common control with such Person, and (ii) for whom information, including financial information or operating data, concerning such Person referenced in clause (i) is material to an evaluation of the Community Facilities District and the Bonds (i.e., information relevant to Brookfield’s development plans with respect to its Property and its payment of Special Taxes, or such Person’s assets or funds that would materially affect Brookfield’s ability to develop its Property as described in this Official Statement or to pay its Special Taxes).

“Person” means an individual, a corporation, a partnership, a limited liability company, an association, a joint stock company, a trust, any unincorporated organization or a government or political subdivision thereof.

“Control” (including the terms “controlling,” “controlled by” or “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

“Property,” as used under this caption “— History of Brookfield’s Property Tax Payments; Loan Defaults; Litigation; Bankruptcy,” means the property within Improvement Area A held in the name of Brookfield.

Development by Standard Pacific

General Description of Development. Standard Pacific’s planned development of its property within Phase 2 of Improvement Area A includes the construction and sale to individual homeowners of 172 single family detached homes in two neighborhoods – “Sunrise at Morningstar” and “Horizon at Morningstar.” As of January 1, 2015, of the 172 homes that Standard Pacific plans to develop within Improvement Area A, 38 had been completed and conveyed to individual homeowners. As of such date, within Improvement Area A, Standard Pacific owned 10 homes which were nearly complete, 16 homes under construction, six model homes and 102 lots in a finished lot condition (with building permits obtained for eight of such finished lots). Since

January 1, 2015, seven additional building permits have been issued for property owned by Standard Pacific in Improvement Area A. Standard Pacific expects to complete its planned development within Improvement Area A in October 2016 and convey all homes that it proposes to construct within Improvement Area A to individual homeowners by the end of 2016. There is no guaranty that Standard Pacific will be able to complete its development and convey all such homes to individual homeowners according to the timeline provided herein.

Standard Pacific’s planned development of its property within Phase 2 of Improvement Area A contains six plans on lots ranging in size from approximately 7,252 square feet to approximately 15,340 square feet with the following estimated square footage and base sales prices:

Standard Pacific’s Proposed Development

Completed & Closed to Individual Permitted/Under Projected Homeowners Construction Number of Units as of as of Estimated Estimated Base Plan at Buildout January 1, 2015 January 1, 2015(1) Square Feet (2) Sales Price(2) Sunrise at Morningstar 1 25 5 7 2,560 $380,900 2 32 7 8 2,719 363,900 3 30 11 6 2,998 375,900 Subtotal 87 23 21 Horizon at Morningstar 4 27 2 4 2,909 401,900 5 27 4 10 3,213 381,900 6 31 9 5 3,369 404,900 Subtotal 85 15 19 Total 172 38 40

(1) Since January 1, 2015, seven additional building permits have been issued for property owned by Standard Pacific. (2) Base home prices shown are subject to change and exclude Standard Pacific’s estimate of lot premiums, the sale of options and extras and any incentives or price reductions. Based on base home sales prices as of January 1, 2015.

Financing Plan. As of January 1, 2015, Standard Pacific had expended approximately $13,000,000 in acquiring its land in Improvement Area A and approximately $12,500,000 in land improvements, home construction costs and other development, marketing and sales costs (exclusive of internal financing repayment). The remaining 102 lots to be developed by Standard Pacific in Improvement Area A are in a finished lot condition. Standard Pacific expects the remaining land improvements, home construction costs and other development, marketing and sales costs within Improvement Area A to be approximately $26,000,000.

To date, Standard Pacific has financed its land acquisition and various site development and home construction costs related to its property in Improvement Area A through home sales and internally generated funds. Standard Pacific expects to use home sales, internal funding and funding under its revolving credit facility to complete its development in Improvement Area A. However, home sales revenues for Standard Pacific’s projects in Improvement Area A are not segregated and set aside for the payment of costs required to complete its projects in Improvement Area A. Homes sales revenue is accumulated by Standard Pacific and used to pay costs of Standard Pacific’s operations, to pay debt service on outstanding debt and for other corporate purposes, and may be diverted to pay costs other than the costs of completing the projects in Improvement Area A at the

discretion of Standard Pacific management. Notwithstanding the foregoing, Standard Pacific believes that it will have sufficient funds available to complete its proposed development in Improvement Area A in accordance with the development schedule described in this Official Statement.

As of July 31, 2014, Standard Pacific was party to a $450 million unsecured revolving credit facility (the “Revolving Facility”), which matures in July 2018. The Revolving Facility has an accordion feature under which the aggregate commitment may be increased up to $750 million, subject to the availability of additional bank commitments and certain other conditions. The Revolving Facility contains certain covenants and conditions which may limit the amount Standard Pacific may borrow or have outstanding at any time. As of September 30, 2014, Standard Pacific satisfied the conditions that would allow it to borrow up to $450 million under the Revolving Facility and had no amounts outstanding. Standard Pacific’s ability to renew the Revolving Facility in the future is dependent upon a number of factors including the state of the commercial lending environment, the willingness of banks to lend to homebuilders and Standard Pacific’s financial condition and strength.

Although Standard Pacific expects to have sufficient funds available to complete its development in Improvement Area A in accordance with the development schedule described in this Official Statement, there can be no assurance that amounts necessary to finance the remaining development and home construction costs will be available from Standard Pacific or any other source when needed. For example, borrowings under the Revolving Facility may not be available, and home sales revenue, which is accumulated daily for use in operations, to pay debt service on outstanding debt and for other corporate purposes, may be diverted to pay costs other than the costs of completing the projects in Improvement Area A at the discretion of Standard Pacific management. Neither Standard Pacific, nor its lenders, nor any of its related entities are under any legal obligation of any kind to expend funds for the development of and construction of homes on its property in Improvement Area A. Any contributions by Standard Pacific to fund the costs of such development and home construction are entirely voluntary.

If and to the extent that internal funding, including but not limited to home sales revenues, and borrowings under the Revolving Facility are inadequate to pay the costs to complete the planned development by Standard Pacific within Improvement Area A and other financing by Standard Pacific is not put into place, there could be a shortfall in the funds required to complete the proposed development by Standard Pacific in Improvement Area A and the remaining portions of the projects in Improvement Area A may not be developed.

Based on the ownership information and development status as of as of January 1, 2015 within Improvement Area A and the seven additional building permits issued for property owned by Standard Pacific, the Special Tax Consultant estimates that Standard Pacific is expected to be responsible for approximately 9.08% of the projected Fiscal Year 2015-16 Special Taxes within Improvement Area A.

Standard Pacific. Standard Pacific Corp. is a homebuilder incorporated in Delaware in 1991 with principal executive offices located in Irvine, California. Standard Pacific is a publicly traded company with its stock listed on the New York Stock Exchange under the symbol “SPF.”

Standard Pacific is subject to the informational requirements of the Exchange Act, and in accordance therewith files reports, proxy statements and other information, including financial

statements, with the SEC. Such filings, particularly Standard Pacific’s (i) Annual Report on Form 10-K for the fiscal year ended December 31, 2013, as filed by Standard Pacific with the SEC on February 24, 2014, and (ii) Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2014, as filed by Standard Pacific with the SEC on October 31, 2014, set forth certain data relative to the consolidated results of operations and financial position of Standard Pacific and its subsidiaries as of such dates. The SEC maintains an Internet web site that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC, including Standard Pacific. The address of such Internet website is www.sec.gov. All documents subsequently filed by Standard Pacific pursuant to the requirements of the Exchange Act after the date of this Official Statement will be available for inspection in such manner as the SEC prescribes.

Copies of Standard Pacific’s Annual Report and each of its other quarterly and current reports, including any amendments, are available from Standard Pacific’s website at www.standardpacifichomes.com. These Internet addresses and references to filings with the SEC are included for reference only, and the information on these Internet sites and on file with the SEC are not a part of this Official Statement and are not incorporated by reference into this Official Statement.

History of Standard Pacific’s Property Tax Payments; Loan Defaults; Litigation; Bankruptcy. Standard Pacific has represented to the Community Facilities District as follows:

1. Except as described in this Official Statement, there is no material indebtedness of Standard Pacific or its Affiliates (defined below) that is secured by an interest in the Property (defined below). Neither Standard Pacific nor, to the Actual Knowledge of Standard Pacific (defined below), any of its Affiliates is in default on any obligation to repay borrowed money, which default is reasonably likely to materially and adversely affect Standard Pacific’s ability to develop the Property as proposed in this Official Statement or to pay the Special Taxes when due with respect to the Property.

2. Except as set forth in this Official Statement, no action, suit, proceeding, inquiry or investigation at law or in equity, before or by any court, regulatory agency, public board or body is pending against Standard Pacific (with proper service of process or proper notice to Standard Pacific having been accomplished) or, to the Actual Knowledge of Standard Pacific, is pending against any current Affiliate (with proper service of process to such Affiliate having been accomplished) or to the Actual Knowledge of Standard Pacific is threatened in writing against Standard Pacific or any such Affiliate (a) to restrain or enjoin the collection of Special Taxes or other sums pledged or to be pledged to pay the principal of and interest on the Bonds (e.g., the Reserve Account established under the Indenture), (b) to restrain or enjoin the development of the Property as proposed in this Official Statement, (c) in any way contesting or affecting the validity of the Special Taxes, or (d) which if successful, is reasonably likely to materially and adversely affect Standard Pacific’s ability to complete its development planned within Improvement Area A as described in this Official Statement or to pay the Special Tax or ad valorem tax obligations on its Property when due.

3. As a large, nation-wide developer of residential projects, Standard Pacific cannot represent with assurance that neither it nor any Affiliate has ever been delinquent in the payment of ad valorem property taxes; however, to the actual knowledge of the employees of Standard Pacific involved in the issuance of the Bonds, neither it nor any Affiliate has been delinquent to any material extent in the payment of any ad valorem property tax, special assessment or special tax on property

included within the boundaries of a community facilities district or an assessment district that (a) would have caused a draw on a reserve fund relating to such assessment district or community facilities district or (b) resulted in a foreclosure action being commenced.

4. Standard Pacific is able to pay its bills as they become due and no legal proceedings are pending against Standard Pacific (with proper service of process to Standard Pacific having been accomplished) or, to the Actual Knowledge of Standard Pacific, threatened in writing in which Standard Pacific may be adjudicated as bankrupt or discharged from any and all of its debts or obligations, or granted an extension of time to pay its debts or obligations, or be allowed to reorganize or readjust its debts, or be subject to control or supervision of the Federal Deposit Insurance Corporation.

5. To the Actual Knowledge of Standard Pacific, Affiliates of Standard Pacific are able to pay their bills as they become due and no legal proceedings are pending against any Affiliates of Standard Pacific (with proper service of process to such Affiliate having been accomplished) or to the Actual Knowledge of Standard Pacific, threatened in writing in which the Affiliates of Standard Pacific may be adjudicated as bankrupt or discharged from any or all of their debts or obligations, or granted an extension of time to pay their debts or obligations, or be allowed to reorganize or readjust their debts or obligations, or be subject to control or supervision of the Federal Deposit Insurance Corporation.

As used in the above representations of Standard Pacific, the following defined terms and phrases have the following meanings:

“Actual Knowledge of Standard Pacific” shall mean the knowledge of the authorized officer of Standard Pacific signing the certificate containing the above representations (the “Standard Pacific Letter of Representations”) as of the date of the Standard Pacific Letter of Representations obtained from interviews with such current officers and responsible employees of Standard Pacific and its Affiliates as the authorized officer signing the Standard Pacific Letter of Representations has determined are likely, in the ordinary course of their respective duties, to have knowledge of the matters set forth in the Standard Pacific Letter of Representations. The authorized officer of Standard Pacific signing the Standard Pacific Letter of Representations has not conducted any extraordinary inspection or inquiry other than such inspections or inquiries as are prudent and customary in connection with the ordinary course of Standard Pacific’s current business and operations.

“Affiliate” means, with respect to a Person (i) any other Person directly, or indirectly through one or more intermediaries, controlling, controlled by or under common control with such Person, and (ii) for whom information, including financial information or operating data, concerning such Person referenced in clause (i) is material to an evaluation of Improvement Area A and the Bonds (i.e., information relevant to Standard Pacific’s development plans with respect to its Property and its payment of Special Taxes, or such Person’s assets or funds that would materially affect Standard Pacific’s ability to develop its Property as described in this Official Statement or to pay its Special Taxes). For purposes of the Standard Pacific Letter of Representations, Affiliates shall exclude MP CA Homes, LLC and its Affiliates (other than Standard Pacific and its direct or indirect subsidiaries).

“Property” as used under this caption “— History of Standard Pacific’s Property Tax Payments; Loan Defaults; Litigation; Bankruptcy,” means the property within Improvement Area A held in the name of Standard Pacific.

SPECIAL RISK FACTORS

The Bonds have not been rated by a rating agency and the purchase of the Bonds involves significant risks that are not appropriate for certain investors. The following is a discussion of certain risk factors which should be considered, in addition to other matters set forth herein, in evaluating the investment quality of the Bonds. This discussion does not purport to be comprehensive or definitive and does not purport to be a complete statement of all factors which may be considered as risks in evaluating the credit quality of the Bonds. The occurrence of one or more of the events discussed herein could adversely affect the ability or willingness of property owners in Improvement Area A to pay their Special Taxes when due. Such failures to pay Special Taxes could result in the inability of the Community Facilities District to make full and punctual payments of debt service on the Bonds. In addition, the occurrence of one or more of the events discussed herein could adversely affect the value of the property in Improvement Area A. See “— Reductions in Property Values” below.

Risks of Real Estate Secured Investments Generally

The Bond Owners will be subject to the risks generally incident to an investment secured by real estate, including, without limitation: (i) adverse changes in local market conditions, such as changes in the market value of real property in the vicinity of Improvement Area A, the supply of or demand for competitive properties in such area, and the market value of residential property or buildings and/or sites in the event of sale or foreclosure; (ii) changes in real estate tax rates and other operating expenses, governmental rules (including, without limitation, zoning laws and laws relating to endangered species and hazardous materials) and fiscal policies; (iii) natural disasters (including, without limitation, earthquakes, wildfires and floods), which may result in uninsured losses; (iv) adverse changes in local market conditions; and (v) increased delinquencies due to rising mortgage costs and other factors.

No assurance can be given that the individual property owners will pay Special Taxes in the future or that they will be able to pay such Special Taxes on a timely basis. See the caption “— Enforcement Delays – Bankruptcy” for a discussion of certain limitations on the Community Facilities District’s ability to pursue judicial proceedings with respect to delinquent parcels.

Concentration of Ownership

Based on the ownership and development status of the taxable property within Improvement Area A as of January 1, 2015 (plus the seven building permits issued for property owned by Standard Pacific since such date and assuming no further development or sales to individual homeowners), the projected Special Tax levy for Fiscal Year 2015-16 would result in approximately 75.93% of the Special Taxes securing the Bonds and the 2013 Bonds being paid by individual homeowners and approximately 9.08% and 14.99% being paid by Standard Pacific and Brookfield, respectively. Until

the construction and sale of all homes to individual homeowners, the receipt of the Special Taxes is dependent, in part, on the willingness and the ability of Standard Pacific, Brookfield, or their successors to pay the Special Taxes when due. Failure of Standard Pacific, Brookfield or their successors to pay the annual Special Taxes prior to delinquency could be a material factor in a default in payments of the principal of, and interest on, the Bonds, when due.

No assurance can be given that Standard Pacific, Brookfield, or their successors will complete the remaining construction and development in Improvement Area A in the timeframe or for estimated costs predicted herein or that they will complete it at all. No assurance can be given that the individual homeowners, Standard Pacific, Brookfield or their successors will pay Special Taxes in the future or that they will be able to pay such Special Taxes on a timely basis. See the caption “Enforcement Delays—Bankruptcy” for a discussion of certain limitations on the Community Facilities District’s ability to pursue judicial proceedings with respect to delinquent parcels.

Insufficiency of Special Tax Revenues

As discussed below, the Special Taxes may not produce revenues sufficient to pay the debt service on the Bonds either due to nonpayment of the amounts levied or because acreage within Improvement Area A becomes exempt from taxation due to the transfer of title to a public agency.

In order to pay debt service on the Bonds, it is generally necessary that the Special Taxes be paid in a timely manner. Should the Special Taxes not be paid on time, the Community Facilities District has established a Reserve Account in an amount equal to the Reserve Requirement to pay debt service on the Bonds to the extent other funds are not available. See “SECURITY FOR THE BONDS — Reserve Account.” The Community Facilities District has covenanted in the Indenture to maintain in the Reserve Account an amount equal to the Reserve Requirement, subject, however, to the availability of Net Special Taxes in amounts sufficient to do so and to the limitation that the Community Facilities District may not levy the Special Tax in any Fiscal Year at a rate in excess of the maximum amounts permitted under the Rate and Method of Apportionment. As a result, if a significant number of delinquencies occurs within Improvement Area A, the Community Facilities District could be unable to replenish the Reserve Account to the Reserve Requirement due to the limitations on the amount of the Special Tax that may be levied. If such defaults were to continue in successive years, the Reserve Account could be depleted and a default on the Bonds could occur.

The Act provides that, if any property within Improvement Area A not otherwise exempt from the Special Tax is acquired by a public entity through a negotiated transaction, or by gift or devise, the Special Tax will continue to be levied on and enforceable against the public entity that acquired the property. In addition, the Act provides that, if property subject to the Special Tax is acquired by a public entity through eminent domain proceedings, the obligation to pay the Special Tax with respect to that property is to be treated as if it were a special assessment and be paid from the eminent domain award. The constitutionality and operation of these provisions of the Act have not been tested in the courts, but it is doubtful that they would be upheld as to, for example, property owned by the federal government. If for any reason property within Improvement Area A becomes exempt from taxation by reason of ownership by a non-taxable entity such as the federal government or another public agency, subject to the limitation of the Maximum Special Tax, the Special Tax will be reallocated to the remaining taxable parcels within Improvement Area A. This would result in the owners of such property paying a greater amount of the Special Tax and could have an adverse impact upon their willingness and/or ability to pay the Special Tax. Moreover, if a substantial

portion of additional land within Improvement Area A became exempt from the Special Tax because of public ownership, or otherwise, the Maximum Special Tax which could be levied upon the remaining acreage might not be sufficient to pay principal of and interest on the Bonds when due and a default will occur with respect to the payment of such principal and interest.

The Community Facilities District has covenanted that, under certain circumstances, it will institute foreclosure proceedings to sell any property with delinquent Special Taxes in order to obtain funds to pay debt service on the Bonds. If foreclosure proceedings were ever instituted, any mortgage or deed of trust holder could, but would not be required to, advance the amount of the delinquent Special Tax to protect its security interest. See “SECURITY FOR THE BONDS — Covenant for Superior Court Foreclosure” for provisions which apply in the event of such foreclosure and which the Community Facilities District is required to follow in the event of delinquencies in the payment of the Special Tax.

In the event that sales or foreclosures of property are necessary, there could be a delay in payments to Owners of the Bonds (if the Reserve Account has been depleted) pending such sales or the prosecution of such foreclosure proceedings and receipt by the Water District on behalf of the Community Facilities District of the proceeds of sale. The Community Facilities District may adjust the future Special Tax levied on taxable parcels in Improvement Area A, subject to limitations described above under the caption “IMPROVEMENT AREA A — Rate and Method of Apportionment,” to provide an amount required to pay interest on and principal of the Bonds, and the amount, if any, necessary to replenish the Reserve Account to an amount equal to the Reserve Requirement and to pay all current expenses. There is, however, no assurance that the total amount of the Special Tax that could be levied and collected against taxable parcels in Improvement Area A will be at all times sufficient to pay the amounts required to be paid by the applicable Indenture, even if the Special Tax is levied at the Maximum Special Tax rates. See “— Enforcement Delays – Bankruptcy.”

No assurance can be given that the real property subject to sale or foreclosure will be sold, or if sold, that the proceeds of sale will be sufficient to pay any delinquent installments of the Special Tax. The Act does not require the Water District to purchase or otherwise acquire any lot or parcel of property to be sold at foreclosure if there is no other purchaser at such sale. The Act and the Indenture do specify that the Special Tax will have the same lien priority as for ad valorem property taxes in the case of delinquency. Section 53356.6 of the Act requires that property sold pursuant to foreclosure under the Act be sold for not less than the amount of judgment in the foreclosure action, plus post judgment interest and authorized costs, unless the consent of the owners of 75% of the Outstanding Bonds is obtained. The Indenture provides that the Water District may waive delinquency penalties and redemption penalties if it determines that (i) the waivers shall apply only to parcels delinquent at the time of the determination, (ii) the waivers shall only be available with respect to parcels for which all past due and currently due Special Taxes and all other costs are paid in full within a limited period of time specified in the determination, (iii) the waivers shall be available only with respect to parcels sold or otherwise transferred to new owners unrelated to the owner responsible for the delinquency, and (iv) the waivers are in the best interest of the Owners.

Prior to July 1, 1983, the right of redemption from foreclosure sales was limited to a period of one year from the date of sale. Under legislation effective July 1, 1983, the statutory right of redemption from such foreclosure sales has been repealed. However, a period of 20 days must elapse after the date on which the notice of levy of the interest in real property was served on the judgment debtor before the sale of such lot or parcel can be made. Furthermore, if the purchaser at the sale is

the judgment creditor (e.g., the Community Facilities District), an action may be commenced by the delinquent property owner within 90 days after the date of sale to set aside such sale. The constitutionality of the aforementioned legislation, which repeals the one year redemption period, has not been tested and there can be no assurance that, if tested, such legislation will be upheld. (Section 701.680 of the Code of Civil Procedure of the State.)

Uncertainties in Land Development – General

As of January 1, 2015, of the 1,081 homes proposed to be constructed in Improvement Area A, 677 homes had been completed and closed escrow to individual homeowners and there were 13 nearly completed homes owned by the Developers. As of such date, 30 homes were under construction and 352 parcels were in a finished lot condition. Since land without completed buildings is generally less valuable than land containing completed buildings, the vacant land will provide less security for the Bonds should it be necessary for the Community Facilities District to commence enforcement proceedings with respect to such land as a result of the non-payment of the Special Taxes. In short, the successful development of the land within Improvement Area A is important to the ultimate security for, and the payment of principal of and interest on, the Bonds.

There are many reasons why a project may not be developed in the manner and within the time frame and budget originally planned. For example, a project might be adversely affected by opposition to it, unfavorable economic conditions, an inability of the landowner to obtain financing, fluctuations in the local real estate market, fluctuations in interest rates, unexpected increases in development costs, changes in federal, state or local governmental policies relating to the ownership and development of real estate, and the appearance of previously unknown environmental considerations or material changes in known environmental considerations. Some of these factors are discussed below as individual risk factors. In addition to the foregoing, a substantial portion of projects within the County are historically occupied by commuters to employment centers in the neighboring counties of Los Angeles and Orange, and such projects may be adversely affected by circumstances affecting such commuters, including, but not limited to, rising gasoline prices

Geologic, Topographic and Climatic Conditions

The market value of the property within Improvement Area A can be adversely affected by a variety of factors which may affect public and private improvements. Such additional factors include, without limitation, geologic conditions (such as earthquakes), topographic conditions (such as earth movements) and climatic conditions (such as droughts, fire hazard and floods). According to the Appraisal, the property within Improvement Area A is not located within an Alquist-Priolo Earthquake Fault Zone.

With respect to geologic conditions, building codes require that some of these factors be taken into account in the design of private improvements of the parcels, and the County has adopted the Uniform Building Code standards with regard to seismic standards. Design criteria are established upon the basis of a variety of considerations and may change, leaving previously designed improvements unaffected by more stringent subsequently established criteria. In general, design criteria reflect a balance at the time of establishment between the present costs of protection and the future costs of lack of protection, based in part upon a present perception of the probability that the condition will occur and the seriousness of the condition should it occur. Consequently, neither the absence of nor the establishment of design criteria with respect to any particular condition means that the applicable governmental agency has evaluated the condition and has established

design criteria in the situations in which such criteria are needed to preserve value, or has established such criteria at levels that will preserve value. To the contrary, the Community Facilities District expects that one or more of such conditions may occur and may result in damage to improvements of varying seriousness, that the damage may entail significant repair or replacement costs and that repair or replacement may never occur either because of the cost, because repair or replacement will not facilitate habitability or other use, or because other considerations preclude such repair or replacement. Under any of these circumstances, the actual value of the parcels may well depreciate or disappear, notwithstanding the establishment of design criteria for any such condition.

Hazardous Substances

While government taxes, assessments and charges are a common claim against the value of a parcel, other less common claims may also be relevant. One of the most serious in terms of the potential reduction in the value of a parcel is a claim with regard to a hazardous substance. In general, the owners and operators of a parcel may be required by law to remedy conditions relating to releases or threatened releases of hazardous substances. The federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, sometimes referred to as “CERCLA” or the “Super Fund Act,” is the most well-known and widely applicable of these laws, but California laws with regard to hazardous substances are also stringent and similar in effect. Under many of these laws, the owner (or operator) is obligated to remedy a hazardous substance condition of a parcel whether or not the owner (or operator) had anything to do with creating or handling the hazardous substance. The effect, therefore, should any of the parcels within Improvement Area A be affected by a hazardous substance, is to reduce the marketability and value by the costs of remedying the condition.

The Developers represent that they are not aware of the presence of any federally or state classified hazardous substances located on their respective property within Improvement Area A. However, it is possible that such materials do currently exist and that the Developers are not aware of them.

It is possible that property in Improvement Area A may be liable for hazardous substances in the future as a result of the existence, currently, of a substance presently classified as hazardous but which has not been released or the release of which is not presently threatened, or the existence, currently, on the property of a substance not presently classified as hazardous but which may in the future be so classified. Additionally, such liabilities may arise not simply from the existence of a hazardous substance but from the method of handling such substance. All of these possibilities could have the effect of reducing the value of the applicable property.

Enforcement Delays – Bankruptcy

In the event of a delinquency in the payment of the Special Taxes, the Community Facilities District is required to commence enforcement proceedings under the circumstances described under the heading “SECURITY FOR THE BONDS — Covenant for Superior Court Foreclosure.” However, prosecution of such proceedings could be delayed due to crowded local court calendars or by bankruptcy, insolvency and other laws generally affecting creditors’ rights (such as the Soldiers’ and Sailors’ Relief Act of 1940) and by the laws of the State relating to judicial and non-judicial foreclosure. Although bankruptcy proceedings would not cause the liens of the Special Taxes to become extinguished, bankruptcy of a person or entity with an interest in the applicable property could result in a delay in the enforcement proceedings because federal bankruptcy laws provide for

an automatic stay of foreclosure and tax sale proceedings. Any such delay could increase the likelihood of delay or default in payment of the principal of and interest on the applicable Bonds. The various legal opinions to be delivered in connection with the issuance of the Bonds, including Bond Counsel’s approving legal opinion, are qualified as to the enforceability of the Bonds and the Indenture by reference to bankruptcy, reorganization, moratorium, insolvency and other laws affecting the rights of creditors generally or against public corporations such as the Community Facilities District.

FDIC/Federal Government Interests in Parcels

The ability of the Community Facilities District to collect interest and penalties specified by the Act and to foreclose the lien of delinquent Special Taxes may be limited in certain respects with regard to parcels in which the Federal Deposit Insurance Corporation (the “FDIC”), or other federal government entities such as Fannie Mae or Freddie Mac, has or obtains an interest.

In the case of FDIC, in the event that any financial institution making a loan which is secured by parcels is taken over by the FDIC and the applicable Special Tax is not paid, the remedies available to the Community Facilities District may be constrained. The FDIC’s policy statement regarding the payment of state and local real property taxes (the “Policy Statement”) provides that taxes other than ad valorem taxes which are secured by a valid lien in effect before the FDIC acquired an interest in a property will be paid unless the FDIC determines that abandonment of its interests is appropriate. The Policy Statement provides that the FDIC generally will not pay installments of non-ad valorem taxes which are levied after the time the FDIC acquires its fee interest, nor will the FDIC recognize the validity of any lien to secure payment except in certain cases where the Resolution Trust Corporation had an interest in property on or prior to December 31, 1995. Moreover, the Policy Statement provides that, with respect to parcels on which the FDIC holds a mortgage lien, the FDIC will not permit its lien to be foreclosed out by a taxing authority without its specific consent, nor will the FDIC pay or recognize liens for any penalties, fines or similar claims imposed for the nonpayment of taxes.

The FDIC has taken a position similar to that expressed in the Policy Statement in legal proceedings brought against Orange County in United States Bankruptcy Court and in Federal District Court. The Bankruptcy Court issued a ruling in favor of the FDIC on certain of such claims. Orange County appealed that ruling, and the FDIC cross-appealed. On August 28, 2001, the Ninth Circuit Court of Appeals issued a ruling favorable to the FDIC except with respect to the payment of pre-receivership liens based upon delinquent property tax.

The Community Facilities District is unable to predict what effect the application of the Policy Statement would have in the event of a delinquency with respect to parcels in which the FDIC has or obtains an interest, although prohibiting the lien of the FDIC to be foreclosed out at a judicial foreclosure sale would prevent or delay the foreclosure sale.

In the case of Fannie Mae and Freddie Mac, in the event a parcel of taxable property is owned by a federal government entity or federal government sponsored entity, such as Fannie Mae or Freddie Mac, or a private deed of trust secured by a parcel of taxable property is owned by a federal government entity or federal government sponsored entity, such as Fannie Mae or Freddie Mac, the ability to foreclose on the parcel or to collect delinquent Special Taxes may be limited. Federal courts have held that, based on the supremacy clause of the United States Constitution “this Constitution, and the Laws of the United States which shall be made in Pursuance thereof; and all

Treaties made, or which shall be made, under the Authority of the United States, shall be the supreme Law of the Land; and the Judges in every State shall be bound thereby, anything in the Constitution or Laws of any State to the contrary notwithstanding.” In the absence of Congressional intent to the contrary, a state or local agency cannot foreclose to collect delinquent taxes or assessments if foreclosure would impair the federal government interest. This means that, unless Congress has otherwise provided, if a federal government entity owns a parcel of taxable property but does not pay taxes and assessments levied on the parcel (including Special Taxes), the applicable state and local governments cannot foreclose on the parcel to collect the delinquent taxes and assessments.

Moreover, unless Congress has otherwise provided, if the federal government has a mortgage interest in the parcel and the Community Facilities District wishes to foreclose on the parcel as a result of delinquent Special Taxes, the property cannot be sold at a foreclosure sale unless it can be sold for an amount sufficient to pay delinquent taxes and assessments on a parity with the Special Taxes and preserve the federal government’s mortgage interest. For a discussion of risks associated with taxable parcels within Improvement Area A becoming owned by the federal government, federal government entities or federal government sponsored entities, see “— Insufficiency of Special Tax Revenues.”

The Community Facilities District’s remedies may also be limited in the case of delinquent Special Taxes with respect to parcels in which other federal agencies (such as the Internal Revenue Service and the Drug Enforcement Administration) have or obtain an interest.

Direct and Overlapping Indebtedness

The ability of an owner of property within Improvement Area A to pay the applicable Special Taxes could be affected by the existence of other taxes and assessments imposed upon taxable parcels. See “IMPROVEMENT AREA A — Direct and Overlapping Debt” herein. The Water District and other public agencies whose boundaries overlap those of Improvement Area A could impose additional taxes or assessment liens on the property within Improvement Area A in order to finance public improvements or services to be located or provided inside of or outside of such area. The lien created on the property within Improvement Area A through the levy of such additional taxes may be on a parity with the lien of the Special Taxes applicable to the property within Improvement Area A.

The imposition of additional liens on a parity with the Special Taxes may reduce the ability or willingness of property owners to pay the Special Taxes and increase the possibility that foreclosure proceeds will not be adequate to pay delinquent Special Taxes.

Reductions in Property Values

The value of the land within Improvement Area A is an important factor in determining the investment quality of the Bonds. If a property owner is delinquent in the payment of Special Taxes, the Community Facilities District’s only remedy is to commence foreclosure proceedings in an attempt to obtain funds to pay the Special Taxes. Reductions in property values due to a downturn in the economy, physical events such as earthquakes or floods, stricter land use regulations, delays in development or other events will adversely impact the security underlying the Special Taxes. See “IMPROVEMENT AREA A —Value-to-Lien Ratios” for a discussion of the appraised value within Improvement Area A.

The Appraiser has estimated, on the basis of certain assumptions and limiting conditions contained in the Appraisal, that as of January 1, 2015, the minimum market value of the property in Improvement Area A was $277,200,000. The Appraisal is based on the assumptions as stated in Appendix F — “APPRAISAL REPORT.” The Appraisal does not reflect any possible negative impact on property values which could occur by reason of the presence of hazardous substances within Improvement Area A or other similar situations.

Payment of Special Taxes is not a Personal Obligation of the Property Owners

An owner of a taxable parcel is not personally obligated to pay Special Taxes. Rather, Special Taxes are an obligation which is secured only by a lien against the taxable parcel. If the value of a taxable parcel is not sufficient, taking into account other liens imposed by public agencies, to secure fully Special Taxes, the Community Facilities District has no recourse against the property owner.

No Acceleration Provision

The Bonds do not contain a provision allowing for the acceleration of the Bonds in the event of a payment default or other default under the terms of the Bonds or the Indenture.

Ballot Initiatives

Articles XIII A, XIII B, XIII C, and XIII D of the California Constitution were adopted pursuant to measures qualified for the ballot pursuant to the State’s constitutional initiative process. From time to time, other initiative measures could be adopted by California voters. The adoption of any such initiative might place limitations on the ability of the State, the Water District, or other local agencies to increase revenues or to increase appropriations or on the ability of the landowners to complete the development of the vacant land within Improvement Area A.

Proposition 218

An initiative measure entitled “The Right to Vote on Taxes Act” (“Proposition 218”) was approved by the voters at the November 5, 1996 statewide general election. Among other things, Proposition 218 added a new Article XIII C to the California Constitution which states that “. . . the initiative power shall not be prohibited or otherwise limited in matters of reducing or repealing any local tax, assessment, fee or charge.” The Act provides for a procedure which includes notice, hearing, protest and voting requirements to alter the rate and method of apportionment of an existing special tax. However, the Act prohibits a legislative body from adopting any resolution to reduce the rate of any special tax or terminate the levy of any special tax pledged to repay any debt incurred pursuant to the Act unless such legislative body determines that the reduction or termination of the special tax would not interfere with the timely retirement of that debt. While the application of Proposition 218 in this context has not yet been interpreted by the courts and the matter is not completely free from doubt, it is not likely that Proposition 218 has conferred on the voters the power to effect a repeal or reduction of the Special Tax if the result thereof would be to impair the security of the Bonds.

It may be possible, however, for voters or the Board, acting as the legislative body of the Community Facilities District, to reduce the Special Taxes in a manner which does not interfere with the timely repayment of the Bonds, but which does reduce the maximum amount of Special Taxes

that may be levied in any year below the existing levels. Therefore, no assurance can be given with respect to the future levy of Special Taxes in amounts greater than the amount necessary for the timely retirement of the Bonds. Nevertheless, to the maximum extent that the law permits it to do so, the Community Facilities District has covenanted that it will not initiate proceedings under the Act to reduce the maximum Special Tax rates for Improvement Area A, unless, in connection therewith, (i) the Community Facilities District receives a certificate from one or more Independent Financial Consultants which, when taken together, certify that, on the basis of the parcels of land and improvements existing in Improvement Area A as of the July 1 preceding the reduction, the maximum amount of the Special Tax which may be levied on then existing Developed Property (as defined in the Rate and Method of Apportionment then in effect) in Improvement Area A in each Bond Year for any Bonds Outstanding will equal at least 110% of the sum of the estimated Administrative Expenses and gross debt service in each Bond Year on all Bonds of the Community Facilities District for Improvement Area A to remain Outstanding after the reduction is approved, (ii) the Community Facilities District finds that any reduction made under such conditions will not adversely affect the interests of the Owners of the Bonds, and (iii) the Community Facilities District is not delinquent in the payment of the principal of or interest on the Bonds. For purposes of estimating Administrative Expenses for the foregoing calculation, the Independent Financial Consultants shall compute the Administrative Expenses of the Community Facilities District for the current Fiscal Year and escalate that amount by 2% in each subsequent Fiscal Year. The Community Facilities District also has covenanted that, in the event an initiative is adopted which purports to reduce or otherwise alter the Rate and Method of Apportionment, it will commence and pursue legal action in order to preserve its ability to comply with the foregoing covenant. However, no assurance can be given as to the enforceability of the foregoing covenants.

With respect to the approval of the Special Taxes, on August 1, 2014, the California Court of Appeal, Fourth Appellate District, Division One, issued its opinion in City of San Diego v. Melvin Shapiro, et al. (D063997) (the “San Diego Decision”). The case involved a Convention Center Facilities District (the “CCFD”) established by the City of San Diego (the “City”). The CCFD is a financing district much like a community facilities district established under the provisions of the Act. The CCFD is comprised of all of the real property in the entire City. However, the special tax to be levied within the CCFD was to be levied only on hotel properties located within the CCFD.

The election authorizing the special tax was limited to owners of hotel properties and lessees of real property owned by a governmental entity on which a hotel is located. Thus, the election was not a registered voter election. Such approach to determining who would constitute the qualified electors of the CCFD was modeled after Section 53326(c) of the Act, which generally provides that, if a special tax will not be apportioned in any tax year on residential property, the legislative body may provide that the vote shall be by the landowners of the proposed district whose property would be subject to the special tax. The Court held that the CCFD special tax election was invalid under the California Constitution because Article XIIIA, Section 4 thereof and Article XIIIC, Section 2 thereof require that the electors in such an election be the registered voters within the district.

The facts of the San Diego Decision show that there were hundreds of thousands of registered voters within the CCFD (viz., all of the registered voters in the City). The elections held in the Community Facilities District and Improvement Area A therein had no registered voters at the time of the elections to authorize the Special Tax. In the San Diego Decision, the Court expressly stated that it was not addressing the validity of landowner voting to impose special taxes pursuant to the Act in situations where there are fewer than 12 registered voters. Thus, by its terms, the Court’s holding does not apply to the Special Tax elections in the Community Facilities District and

Improvement Area A therein. Moreover, Section 53341 of the Act provides that any “action or proceeding to attack, review, set aside, void or annul the levy of a special tax…shall be commenced within 30 days after the special tax is approved by the voters.” Similarly, Section 53359 of the Act provides that any action to determine the validity of bonds issued pursuant to the Act be brought within 30 days of the voters approving the issuance of such bonds. Voters in Improvement Area A approved Special Tax and the issuance of bonds on September 19, 2001. Based on Sections 53341 and 53359 of the Act and analysis of existing laws, regulations, rulings and court decisions, Bond Counsel is of the opinion that no successful challenge to the Special Tax being levied in accordance with the Rate and Method of Apportionment may now be brought.

The interpretation and application of the Initiative will ultimately be determined by the courts with respect to a number of the matters discussed above, and it is not possible at this time to predict with certainty the outcome of such determination or the timeliness of any remedy afforded by the courts.

Loss of Tax Exemption

As discussed under the heading “TAX MATTERS,” interest on the Bonds could cease to be excluded from gross income for purposes of federal income taxation, retroactive to the date the Bonds were issued, as a result of future acts or omissions of the Community Facilities District. In addition, it is possible that future changes in applicable federal tax laws could cause interest on the Bonds to be included in gross income for federal income taxation or could otherwise reduce the equivalent taxable yield of such interest and thereby reduce the value of the Bonds.

No Ratings – Limited Secondary Market

The Community Facilities District has not applied to have the Bonds rated by any nationally recognized bond rating company, and it does not expect to do so in the future.

There can be no guarantee that there will be a secondary market for the Bonds or, if a secondary market exists, that such Bonds can be sold for any particular price. Although the Community Facilities District has committed to provide certain financial and operating information, there can be no assurance that such information will be available to Bond owners on a timely basis. The failure to provide the required annual financial information does not give rise to monetary damages but merely an action for specific performance. Occasionally, because of general market conditions, lack of current information, the absence of a credit rating for the Bonds or because of adverse history or economic prospects connected with a particular issue, secondary marketing practices in connection with a particular issue are suspended or terminated. Additionally, prices of issues for which a market is being made will depend upon then prevailing circumstances. Such prices could be substantially different from the original purchase price.

Limitations on Remedies

Remedies available to the Owners of the Bonds may be limited by a variety of factors and may be inadequate to assure the timely payment of principal of and interest on the Bonds or to preserve the tax-exempt status of interest on the Bonds.

Bond Counsel has limited its opinion as to the enforceability of the Bonds and of the Indenture to the extent that enforceability may be limited by bankruptcy, insolvency reorganization,

fraudulent conveyance or transfer, moratorium or other similar laws affecting generally the enforcement of creditor’s rights, by equitable principles and by the exercise of judicial discretion and by limitations on remedies against public agencies in the State of California. The lack of availability of certain remedies or the limitation of remedies may entail risks of delay, limitation or modification of the rights of the Owners.

TAX MATTERS

In the opinion of Stradling Yocca Carlson & Rauth, a Professional Corporation, Newport Beach, California (“Bond Counsel”), under existing statutes, regulations, rulings and judicial decisions, and assuming the accuracy of certain representations and compliance with certain covenants and requirements described herein, interest on the Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals and corporations. In the further opinion of Bond Counsel, interest on the Bonds is exempt from State of California personal income tax. Bond Counsel notes that, with respect to corporations, interest on the Bonds may be included as an adjustment in the calculation of alternative minimum taxable income which may affect the alternative minimum tax liability of such corporations.

The difference between the issue price of a Bond (the first price at which a substantial amount of the Bonds of the same maturity is to be sold to the public) and the stated redemption price at maturity with respect to such Bond constitutes original issue discount. Original issue discount accrues under a constant yield method, and original issue discount will accrue to a Bond Owner before receipt of cash attributable to such excludable income. The amount of original issue discount deemed received by the Bond Owner will increase the Bond Owner’s basis in the Bond. In the opinion of Bond Counsel, the amount of original issue discount that accrues to the owner of a Bond is excluded from the gross income of such owner for federal income tax purposes, is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations, and is exempt from State of California personal income tax.

Bond Counsel’s opinion as to the exclusion from gross income of interest (and original issue discount) on the Bonds is based upon certain representations of fact and certifications made by the Water District and others and is subject to the condition that the Community Facilities District complies with all requirements of the Internal Revenue Code of 1986, as amended (the “Code”), that must be satisfied subsequent to the issuance of the Bonds to assure that interest (and original issue discount) on the Bonds will not become includable in gross income for federal income tax purposes. Failure to comply with such requirements of the Code might cause the interest (and original issue discount) on the Bonds to be included in gross income for federal income tax purposes retroactive to the date of issuance of the Bonds. The Community Facilities District has covenanted to comply with all such requirements.

The amount by which a Bond Owner’s original basis for determining loss on sale or exchange of a Bond (generally, the purchase price) exceeds the amount payable on maturity (or on an earlier call date) constitutes amortizable Bond premium, which must be amortized under Section 171 of the Code; such amortizable Bond premium reduces the Bond Owner’s basis in the applicable Bond (and the amount of tax-exempt interest received), and is not deductible for federal income tax purposes. The basis reduction as a result of the amortization of Bond premium may result in a Bond Owner realizing a taxable gain when a Bond is sold by the Owner for an amount equal to or less (under certain circumstances) than the original cost of the Bond to the Owner. Purchasers of the

Bonds should consult their own tax advisors as to the treatment, computation and collateral consequences of amortizable Bond premium.

The Internal Revenue Service (the “IRS”) has initiated an expanded program for the auditing of tax-exempt bond issues, including both random and targeted audits. It is possible that the Bonds will be selected for audit by the IRS. It is also possible that the market value of the Bonds might be affected as a result of such an audit of the Bonds (or by an audit of other similar bonds). It is also possible that the market value of the Bonds might be affected as a result of such an audit of the Bonds (or by an audit of similar bonds). No assurance can be given that, in the course of an audit, as a result of an audit, or otherwise, Congress or the IRS might not change the Code (or interpretation thereof) subsequent to the execution and delivery of the Bonds to the extent that it adversely affects the exclusion from gross income of interest on the Bonds or their market value.

Bond Counsel’s opinions may be affected by actions taken (or not taken) or events occurring (or not occurring) after the Closing Date. Bond Counsel has not undertaken to determine, or to inform any person, Whether any such actions or events are taken or do occur. The Indenture and the Tax Certificate relating to the Bonds permit certain actions to be taken or to be omitted if a favorable opinion of Bond Counsel is provided with respect thereto. Bond Counsel expresses no opinion as to the effect on the exclusion from gross income of interest (and original issue discount) on the Bonds for federal income tax purposes with respect to any Bond if any such action is taken or omitted based upon the advice of counsel other than Stradling Yocca Carlson & Rauth, a Professional Corporation.

SUBSEQUENT TO THE ISSUANCE OF THE BONDS, THERE MIGHT BE FEDERAL, STATE OR LOCAL STATUTORY CHANGES (OR JUDICIAL OR REGULATORY INTERPRETATIONS OF FEDERAL, STATE OR LOCAL LAW) THAT AFFECT THE FEDERAL, STATE OR LOCAL TAX TREATMENT OF THE BONDS OR THE MARKET VALUE OF THE BONDS. LEGISLATIVE CHANGES HAVE BEEN PROPOSED IN CONGRESS, WHICH, IF ENACTED, WOULD RESULT IN ADDITIONAL FEDERAL INCOME TAX BEING IMPOSED ON CERTAIN OWNERS OF TAX-EXEMPT STATE OR LOCAL OBLIGATIONS, SUCH AS THE BONDS. THE INTRODUCTION OR ENACTMENT OF ANY OF SUCH CHANGES COULD ADVERSELY AFFECT THE MARKET VALUE OR LIQUIDITY OF THE BONDS. NO ASSURANCE CAN BE GIVEN THAT, SUBSEQUENT TO THE ISSUANCE OF THE BONDS, SUCH CHANGES (OR OTHER CHANGES) WILL NOT BE INTRODUCED OR ENACTED OR INTERPRETATIONS WILL NOT OCCUR. BEFORE PURCHASING ANY OF THE BONDS, ALL POTENTIAL PURCHASERS SHOULD CONSULT THEIR TAX ADVISORS REGARDING POSSIBLE STATUTORY CHANGES OR JUDICIAL OR REGULATORY CHANGES OR INTERPRETATIONS, AND THEIR COLLATERAL TAX CONSEQUENCES RELATING TO THE BONDS.

Although Bond Counsel has rendered an opinion that interest (and original issue discount) on the Bonds is excluded from gross income for federal income tax purposes provided that the Community Facilities District continues to comply with certain requirements of the Code, the ownership of the Bonds and the accrual or receipt of interest (and original issue discount) with respect to the Bonds may otherwise affect the tax liability of certain persons. Bond Counsel expresses no opinion regarding any such tax consequences. Accordingly, before purchasing any of the Bonds, all potential purchasers should consult their tax advisors with respect to collateral tax consequences relating to the Bonds.

A copy of the proposed form of opinion of Bond Counsel is attached hereto as Appendix B.

ABSENCE OF LITIGATION

In connection with the issuance of the Bonds, the Water District’s General Counsel will deliver a certificate to the effect that, to his actual knowledge, after due inquiry and investigation, there is no action, suit, proceeding or investigation at law or in equity before or by any court, public board or body, pending or threatened, or any unfavorable decision, ruling or finding, against or affecting the Community Facilities District, which would adversely impact the Community Facilities District’s ability to complete the transactions described in, or contemplated by, the Indenture or this Official Statement, restrain or enjoin the collection of the Special Taxes, or in any way contest or affect the validity of the Bonds, the Indenture, the Special Taxes, or the transactions described herein.

ABSENCE OF RATINGS

The Community Facilities District has not made, and does not contemplate making, application to any rating organization for a rating on the Bonds.

UNDERWRITING

The Bonds are being purchased by Stifel, Nicolaus & Company, Inc. (the “Underwriter”). The Underwriter has agreed to purchase the Bonds at a price of $12,076,529.45 ($11,320,000.00 principal amount, plus a net original issue premium of $893,501.45 and less an Underwriter’s discount of $136,972.00). The Bond Purchase Agreement relating to the Bonds provides that the Underwriter will purchase all of the Bonds if any are purchased, the obligation to make such purchase being subject to certain terms and conditions set forth in the Bond Purchase Agreement, the approval of certain legal matters by counsel and certain other conditions. The Underwriter’s compensation is contingent upon the successful issuance of the Bonds.

The Underwriter may offer and sell Bonds to certain dealers and others at prices lower than the offering prices stated on the inside front cover page hereof. The offering prices may be changed from time to time by the Underwriter.

CONTINUING DISCLOSURE

The Community Facilities District will execute a continuing disclosure certificate for the benefit of the Owners and Beneficial Owners of the Bonds to provide certain financial information and operating data relating to the Community Facilities District (the “Annual Report”) and to provide notices of the occurrence of certain enumerated events (the “Listed Events”). The Annual Report will be filed by the Community Facilities District as the initial Dissemination Agent (the “Dissemination Agent”) with the Electronic Municipal Market Access System of the Municipal Securities Rulemaking Board (“EMMA”). Notices of Listed Events will be filed by the Dissemination Agent with EMMA. The specific nature of the information to be included in the Annual Reports and the notices of Listed Events is set forth in Appendix E — “FORM OF DISTRICT CONTINUING DISCLOSURE CERTIFICATE.” The Continuing Disclosure Certificate will be executed and delivered by the Community Facilities District in order to assist the Underwriter in complying with SEC Rule 15c2-12(b)(5) (the “Rule”). The Annual Reports are to be filed by the Community Facilities District no later than eight months after the end of the Community Facilities District’s fiscal year, which is currently June 30. The first Annual Report will be due March 1, 2016.

In the last five years, the Water District had not filed its comprehensive annual financial reports (“CAFRs”) for fiscal years ended June 30, 2009 through June 30, 2011 with the nationally recognized municipal securities information repositories and on EMMA, respectively. However, such CAFRs were available on the Water’s District’s website. The Water District has retroactively posted its CAFRs to EMMA, and will post all of its future CAFRs to EMMA. In addition, the Water District filed after the time required (i) certain annual reports for fiscal year ended June 30, 2009 with respect to the then outstanding special tax bonds of the community facilities districts formed by the Water District, (ii) certain annual reports for fiscal year ended June 30, 2013 with respect to certain certificates of participation and revenue bonds of the Water District, (iii) the annual report for fiscal year ended June 30, 2012 with respect to the Community Facilities District’s 2002 Special Tax Bonds and the annual report for fiscal year ended June 30, 2013 with respect to the Community Facilities District’s 2006 Special Tax Bonds and (iv) annual reports for the fiscal year ended June 30, 2013 with respect to certain revenue bonds issued through the Western Riverside Water and Wastewater Financing Authority. Finally, the Water District failed to timely file notices of significant events to reflect ratings changes for certain revenue bonds issued through the Western Riverside Water and Wastewater Financing Authority. Except as otherwise disclosed in this Official Statement, the Water District has never failed to comply in all material respects with any undertaking of the Water District or any of its community facilities districts pursuant to the Rule in the past five years. Except as otherwise disclosed in this Official Statement, the Community Facilities District has never failed to comply in all material respects with any undertaking of the Community Facilities District pursuant to the Rule in the past five years.

It should be noted that the Community Facilities District is required to file certain financial statements with the Annual Reports. This requirement has been included in the Continuing Disclosure Certificate solely to satisfy the provisions of the Rule. The inclusion of this information does not mean that the Bonds are secured by any resources or property of the Community Facilities District other than as described in this Official Statement. See “LIMITATION OF LIABILITY,” “SECURITY FOR THE BONDS” and “SPECIAL RISK FACTORS.” It should also be noted that the list of significant events which the Community Facilities District has agreed to report includes three items which have absolutely no application whatsoever to the Bonds. These items have been included in the list solely to satisfy the requirements of the Rule. Thus, any implication from the inclusion of these items in the list to the contrary notwithstanding, there are no credit enhancements applicable to the Bonds, there are no credit or liquidity providers with respect to the Bonds, and the Bonds have not been assigned a rating.

CERTAIN LEGAL MATTERS

Stradling Yocca Carlson & Rauth, a Professional Corporation, Bond Counsel, will render an opinion with respect to the validity and enforceability of each Indenture and as to the validity of the Bonds. A copy of the form of such approving opinion is attached hereto as Appendix B. Copies of such approving opinion will accompany each Bond. Bond Counsel has not undertaken any responsibility for the accuracy, completeness or fairness of the Official Statement or other offering materials relating to the Bonds and expresses no opinion relating thereto. Certain legal matters will be passed upon for the Water District by the Water District’s General Counsel.

In addition to serving as Bond Counsel in connection with the issuance and sale of the Bonds, Stradling Yocca Carlson & Rauth, a Professional Corporation, has served as Disclosure Counsel. Although it is serving as Bond Counsel and Disclosure Counsel to the Water District in connection

with the issuance and sale of the Bonds, Bond Counsel represents the Underwriter in connection with other financings and matters unrelated to the Bonds.

Compensation for Bond Counsel and Disclosure Counsel services is contingent upon the successful issuance and sale of the Bonds.

MISCELLANEOUS

So far as any statements made in this Official Statement involve matters of opinion, assumptions, projections, anticipated events or estimates, whether or not expressly stated, they are set forth as such and not as presentations of fact, and actual results may differ substantially from those set forth therein. Neither this Official Statement nor any statement that may have been made verbally or in writing is to be construed as a contract with the Owners of the Bonds.

The summaries of certain provisions of the Bonds, statutes and other documents or agreements referred to in this Official Statement do not purport to be complete, and reference is made to each of them for a complete statement of their provisions. Copies are available for review by making requests to the Water District.

The appendices are an integral part of this Official Statement and must be read together with all other parts of the Official Statement.

The distribution of this Official Statement has been authorized by the Community Facilities District.

/s/ Paul D. Jones II, P.E General Manager Eastern Municipal Water District

APPENDIX A

SUMMARY OF INDENTURE

The following is a brief summary of certain provisions of the Indenture. This summary is not intended to be definitive and is qualified in its entirety by reference to the Indenture for the complete terms thereof. Copies of the Indenture are available upon request from the Community Facilities District.

DEFINITIONS

Definitions. Unless the context otherwise requires, the following terms shall have the following meanings:

“Act” means the Mello-Roos Community Facilities Act of 1982, as amended, Sections 53311 et seq. of the California Government Code.

“Administrative Expense Fund” means the fund by that name established pursuant to the Indenture.

“Administrative Expense Requirement” means $45,000, provided that at its option, the District may establish the Administrative Expense Requirement for any Bond Year subsequent to the initial Bond Year at any amount larger than $45,000 that is not in excess of the lesser of (a) 102% of the Administrative Expense Requirement applicable in the immediately preceding Bond Year or (b) the remainder of (i) the sum of the Maximum Special Tax applicable to each Parcel of Taxable Property in the District in the Fiscal Year that ends in such Bond Year minus (ii) 110% of Annual Debt Service for such Bond Year.

“Administrative Expenses” means the administrative costs with respect to the calculation and collection of the Special Taxes, including all attorneys’ fees and other costs related thereto, the fees and expenses of the Fiscal Agent, any fees and related costs for credit enhancement for Bonds or which are not otherwise paid as Costs of Issuance, any costs related to the District’s compliance with state and federal laws requiring continuing disclosure of information concerning the Bonds, the District and any other costs otherwise incurred by the Water District on behalf of the District in order to carry out the purposes of the District as set forth in the Resolution of Formation and any obligation of the District under the Indenture.

“Affiliate” of another Person means (i) a Person directly or indirectly owning, controlling, or holding with power of vote, 25% or more of the outstanding voting securities of such other Person, (ii) any Person 25% or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by such other Person, and (iii) any Person directly or indirectly controlling, controlled by, or under common control with, such other Person; for purposes of the Indenture, control means the power to exercise a controlling influence over the management or policies of Person, unless such power is solely the result of an official position with such Person.

“Annual Debt Service” means, for any Bond Year, the sum of (i) the interest payable on all Outstanding Bonds in such Bond Year, assuming that all Outstanding Bonds are retired as scheduled (including by reason of Sinking Fund Payment redemption in such Bond Year), and (ii) the principal

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amount of all Outstanding Bonds due in such Bond Year (including any Sinking Fund Payment redemptions due in such Bond Year).

“Authorized Investments” means any of the following investments, if and to the extent the same are at the time legal for investment of the District’s funds (the Fiscal Agent is entitled to rely upon investment direction from the District as a certification that such investment is an Authorized Investment):

1. (a) Direct obligations (other than an obligation subject to variation in principal repayment) of the United States of America (“United States Treasury Obligations”), (b) obligations fully and unconditionally guaranteed as to timely payment of principal and interest by the United States of America, (c) obligations fully and unconditionally guaranteed as to timely payment of principal and interest by any agency or instrumentality of the United States of America when such obligations are backed by the full faith and credit of the United States of America, or (d) evidences of ownership of proportionate interests in future interest and principal payments on obligations described above held by a bank or trust company as custodian, under which the owner of the investment is the real party in interest and has the right to proceed directly and individually against the obligor and the underlying government obligations are not available to any person claiming through the custodian or to whom the custodian may be obligated.

2. Federal Housing Administration debentures.

3. The listed obligations of government-sponsored agencies which are not backed by the full faith and credit of the United States of America:

- Federal Home Loan Mortgage Corporation (FHLMC) Participation certificates (excluded are stripped mortgage securities which are purchased at prices exceeding their principal amounts) Senior Debt obligations - Farm Credit Banks (formerly: Federal Land Banks, Federal Intermediate Credit Banks and Banks for Cooperatives) Consolidated system-wide bonds and notes - Federal Home Loan Banks (FHL Banks) Consolidated debt obligations - Federal National Mortgage Association (FNMA) Senior debt obligations Mortgage-backed securities (excluded are stripped mortgage securities which are purchased at prices exceeding their principal amounts) - Financing Corporation (FICO) Debt obligations - Resolution Funding Corporation (REFCORP) Debt obligations

4. Unsecured certificates of deposit, time deposits, and bankers’ acceptances (having maturities of not more than 30 days) of any bank (including the Fiscal Agent and any affiliate) the short-term obligations of which are rated “A-1” or better by Standard & Poor’s.

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5. Deposits the aggregate amount of which are fully insured by the Federal Deposit Insurance Corporation (FDIC), in banks (including the Fiscal Agent and any affiliate) which have capital and surplus of at least $5 million.

6. Commercial paper (having original maturities of not more than 270 days rated “A-1+” by Standard & Poor’s and “Prime-1” by Moody’s.

7. Money market funds rated “AAm” or “AAm-G” by Standard & Poor’s, or better (including those of the Fiscal Agent or its affiliates).

8. “State Obligations,” which means:

(a) Direct general obligations of any state of the United States of America or any subdivision or agency thereof to which is pledged the full faith and credit of a state the unsecured general obligation debt of which is rated “A3” by Moody’s and “A” by Standard & Poor’s, or better, or any obligation fully and unconditionally guaranteed by any state, subdivision or agency whose unsecured general obligation debt is so rated.

(b) Direct general short-term obligations of any state agency or subdivision or agency thereof described in (A) above and rated “A-1+” by Standard & Poor’s and “Prime-l” by Moody’s.

(c) Special Revenue Bonds (as defined in the United States Bankruptcy Code) of any state, state agency or subdivision described in (A) above and rated “AA” or better by Standard & Poor’s and “Aa” or better by Moody’s.

9. Pre-refunded municipal obligations rated “AAA” by Standard & Poor’s and “Aaa” by Moody’s meeting the following requirements:

(a) the municipal obligations are (1) not subject to redemption prior to maturity or (2) the paying agent for the municipal obligations has been given irrevocable instructions concerning their call and redemption and the issuer of the municipal obligations has covenanted not to redeem such municipal obligations other than as set forth in such instructions;

(b) the municipal obligations are secured by cash or United States Treasury Obligations which may be applied only to payment of the principal of, interest and premium on such municipal obligations;

(c) the principal of and interest on the United States Treasury Obligations (plus any cash in the escrow) has been verified by the report of independent certified public accountants to be sufficient to pay in full all principal of, interest, and premium, if any, due and to become due on the municipal obligations (“Verification”);

(d) the cash or United States Treasury Obligations serving as security for the municipal obligations are held by an escrow agent or paying agent in trust for owners of the municipal obligations;

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(e) no substitution of a United States Treasury Obligation shall be permitted except with another United States Treasury Obligation and upon delivery of a new Verification; and

(f) the cash or United States Treasury Obligations are not available to satisfy any other claims, including those by or against the paying agent or escrow agent.

10. Repurchase agreements:

With (1) any domestic bank, or domestic branch of a foreign bank, the long term debt of which is rated at least “A” by Standard & Poor’s and Moody’s; or (2) any broker-dealer with “retail customers” or a related affiliate thereof which broker-dealer has, or the parent company (which guarantees the provider) of which has, long-term debt rated at least “A” by Standard & Poor’s and Moody’s, which broker-dealer falls under the jurisdiction of the Securities Investors Protection Corporation; or (3) any other entity rated “A” or better by Standard & Poor’s and Moody’s, provided that:

(a) The market value of the collateral is maintained at levels equal to 104% of the amount of cash transferred by the Fiscal Agent or the District to the provider of the repurchase agreement plus accrued interest with the collateral being valued weekly and marked-to-market at one current market price plus accrued interest;

(b) The Fiscal Agent or a third party acting solely as agent therefor or for the District (the “Holder of the Collateral”) has possession of the collateral or the collateral has been transferred to the Holder of the Collateral in accordance with applicable state and federal laws (other than by means of entries on the transferor’s books);

(c) The repurchase agreement shall state and an opinion of counsel shall be rendered at the time such collateral is delivered that the Holder of the Collateral has a perfected first priority security interest in the collateral, any substituted collateral and all proceeds thereof (in the case of bearer securities, this means the Holder of the Collateral is in possession);

(d) The repurchase agreement shall provide that if during its term the provider’s rating by either Moody’s or Standard & Poor’s is withdrawn or suspended or falls below “A-” by Standard & Poor’s or “A3” by Moody’s, as appropriate, the provider must, at the direction of Fiscal Agent or the District, within 10 days of receipt of such direction, repurchase all collateral and terminate the agreement, with no penalty or premium to the Fiscal Agent or the District.

Notwithstanding the above, if a repurchase agreement has a term of 270 days or less (with no evergreen provision), collateral levels need not be as specified in (a) above, so long as such collateral levels are 103% or better and the provider is rated at least “A” by Standard & Poor’s and Moody’s, respectively.

11. Investment agreements with a domestic or foreign bank or corporation (other than a life or property casualty insurance company) the long-term debt of which or, in the case of a guaranteed corporation the long-term debt, or, in the case of a monoline financial

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guaranty insurance company, claims paying ability, of the guarantor is rated at least “AA” by Standard & Poor’s and “Aa” by Moody’s; provided that, by the terms of the investment agreement:

(a) interest payments are to be made to the Fiscal Agent or the District at times and in amounts as necessary to pay debt service on the Bonds;

(b) the invested funds are available for withdrawal without penalty or premium, at any time upon not more than seven days’ prior notice; the Fiscal Agent or the District agrees to give or cause to be given notice in accordance with the terms of the investment agreement so as to receive funds thereunder with no penalty or premium paid;

(c) the investment agreement shall state that is the unconditional and general obligation of, and is not subordinated to any other obligation of, the provider thereof, or, in the case of a bank, that the obligation of the bank to make payments under the agreement ranks pari passu with the obligations of the bank to its other depositors and its other unsecured and unsubordinated creditors;

(d) the Fiscal Agent or the District receives the opinion of domestic counsel (which opinion shall be addressed to Fiscal Agent or the District) that such investment agreement is legal, valid, binding and enforceable upon the provider in accordance with its terms and of foreign counsel (if applicable) in form and substance acceptable, and addressed to, the Fiscal Agent or the District;

(e) the investment agreement shall provide that if during its term

(i) the provider’s rating by either Standard & Poor’s or Moody’s falls below “AA-” or “Aa3”, respectively, the provider shall, at its option, within 10 days of receipt of publication of such downgrade, either (y) collateralize the investment agreement by delivering or transferring in accordance with applicable state and federal laws (other than by means of entries on the provider’s books) to the District, the Fiscal Agent or a third party acting solely as agent therefor (the “Holder of the Collateral”) collateral free and clear of any third-party liens or claims the market value of which collateral is maintained at levels and upon such conditions as would be acceptable to Standard & Poor’s and Moody’s to maintain an “A” rating in an “A” rated structured financing (with a market value approach); or (z) repay the principal of and accrued but unpaid interest on the investment; and

(ii) the provider’s rating by either Standard & Poor’s or Moody’s is withdrawn or suspended or falls below “A-” or “A3”, respectively, the provider must, at the direction of the Fiscal Agent or the District, within 10 days of receipt of such direction, repay the principal of and accrued but unpaid interest on the investment, in either case with no penalty or premium to the Fiscal Agent or District; and

(f) the investment agreement shall state and an opinion of counsel shall be rendered, in the event collateral is required to be pledged by the provider under the terms of the investment agreement at the time such collateral is delivered, that the Holder of the Collateral has a perfected first priority security interest in the collateral, any substituted

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collateral and all proceeds thereof (in the case of bearer securities, this means the Holder of the Collateral is in possession);

(g) the investment agreement must provide that if during its term

(i) the provider shall default in its payment obligations, the provider’s obligations under the investment agreement shall, at the direction of the Fiscal Agent or the District, be accelerated and amounts invested and accrued but unpaid interest thereon shall be repaid to the Fiscal Agent or the District, and

(ii) the provider shall become insolvent, not pay its debts as they become due, be declared or petition to be declared bankrupt, etc. (“event of insolvency”), the provider’s obligations shall automatically be accelerated and amounts invested and accrued but unpaid interest thereon shall be repaid to the Fiscal Agent or the District.

12. The State of California Local Agency Investment Fund.

“Authorized Representative of the Water District” and/or “Community Facilities District” means the General Manager of the Water District, or his or her designee, the Deputy General Manager of the Water District, or his or her designee, the Assistant General Manager, Finance and Administration, or his or her designee, the Director of Finance of the Water District, or his or her designee, or any other person or persons designated by the Board of Directors of the Water District and authorized to act on behalf of the Water District by a written certificate signed on behalf of the Water District by the President of the Board of Directors of the Water District and containing the specimen signature of each such person.

“Average Annual Debt Service” means the average of the Annual Debt Service for all Bond Years, including the Bond Year in which the calculation is made.

“Board of Directors” means the Board of Directors of the Water District acting as the legislative body of the District.

“Bond Counsel” means an attorney at law or a firm of attorneys, selected by the District, of nationally recognized standing in matters pertaining to the tax-exempt nature of interest on bonds issued by states and their political subdivisions duly admitted to the practice of law before the highest court of any state of the United States of America or the District of Columbia.

“Bond Register” means the books which the Fiscal Agent shall keep or cause to be kept on which the registration and transfer of the Bonds shall be recorded.

“Bond Year” means the twelve month period commencing on September 2 of each year and ending on September 1 of the following year, except that the first Bond Year for the Bonds shall begin on the Delivery Date thereof and end on the first September 1 which is not more than 12 months after the Delivery Date.

“Bondowner” or “Owner” means, with respect to any Bond, the Person or Persons in whose name or names such Bond is registered, as shown on the Bond Register.

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“Bonds” means the Community Facilities District No. 2001-01 (French Valley) of Eastern Municipal Water District Improvement Area A 2015 Special Tax Refunding Bonds, issued pursuant to the Indenture.

“Business Day” means a day which is not a Saturday or Sunday or a day of the year on which banks in New York, New York, Los Angeles, California, or the city where the corporate trust office of the Fiscal Agent is located, are not required or authorized to remain closed.

“Certificate of an Authorized Representative” means a written certificate or warrant request executed by an Authorized Representative of the Water District or Community Facilities District.

“Code” means the Internal Revenue Code of 1986, as amended, and any Regulations, rulings, judicial decisions, and notices, announcements, and other releases of the United States Treasury Department or Internal Revenue Service interpreting and construing it.

“Continuing Disclosure Certificate” means that certain Continuing Disclosure Certificate executed and delivered by the District with respect to the Bonds.

“Costs of Issuance” means the costs and expenses incurred in connection with the formation of the District and the issuance and sale of the Bonds, including the acceptance and initial annual fees and expenses of the Fiscal Agent, legal fees and expenses, costs of printing the Bonds and the preliminary and final official statements for the Bonds, fees of the appraiser, the Special Tax Consultant and financial consultants and all other related fees and expenses.

“Costs of Issuance Fund” means the fund by that name established pursuant to the Indenture.

“County” means the County of Riverside, California.

“Delivery Date” means the date on which the Bonds of such issue were issued and delivered to the initial purchasers thereof.

“Depository” means The Depository Trust Company, New York, New York, and its successors and assigns as securities depository for the Bonds, or any other securities depository acting as Depository under the Indenture.

“Developed Property” has the meaning ascribed to it in the Rate and Method of Apportionment.

“District” means Community Facilities District No. 2001-01 (French Valley) of Eastern Municipal Water District established pursuant to the Act and the Resolution of Formation.

“Escrow Agreement” means that Escrow Agreement dated as of February 1, 2015, between the District and the Escrow Bank relating to the defeasance and refunding of the Prior Bonds.

“Federal Securities” means, subject to applicable law, United States Treasury notes, bonds, bills or certificates of indebtedness, including United States Treasury Obligations, State and Local Government Series (“SLGS”) or other direct obligations issued by the United States Treasury for which the faith and credit of the United States are pledged for the payment of principal and interest; and obligations issued by banks for cooperatives, federal land banks, federal intermediate credit

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“Fiscal Agent” means U.S. Bank National Association, a national banking association duly organized and existing under the laws of the United States of America, at its principal corporate trust office in Los Angeles, California, and its successors or assigns, or any other bank or trust company which may at any time be substituted in its place as provided in the Indenture and any successor thereto.

“Fiscal Year” means the period beginning on July 1 of each year and ending on the next following June 30.

“Gross Special Taxes” means the amount of all Special Taxes received by the District, together with the proceeds collected from the sale of property in the District pursuant to the foreclosure provisions of the Indenture for the delinquency of such Special Taxes after payment of administrative costs and attorney’s fees payable from such proceeds to the extent not previously paid from the Administrative Expense Fund.

“Improvement Area A” means Improvement Area A of the District, established pursuant to the Resolution of Formation.

“Indenture” means the Trust Indenture dated as of February 1, 2015, by and between the Community Facilities District and the Fiscal Agent.

“Independent Financial Consultant” means a financial consultant or special tax consultant or firm of such consultants generally recognized to be well qualified in the financial consulting or special tax consulting field, appointed and paid by the District, who, or each of whom:

(1) is in fact independent and not under the domination of the District or Water District;

(2) does not have any substantial interest, direct or indirect, in the District or Water District; and

(3) is not connected with the District as a member, officer or employee of the District or Water District, but who may be regularly retained to make annual or other reports to the District or Water District.

“Interest Account” means the account by that name in the Special Tax Fund.

“Interest Payment Date” means each March 1 and September 1, commencing September 1, 2015.

“Investment Agreement” means one or more agreements for the investment of funds of the District complying with the criteria therefor as set forth in Subsection (11) of the definition of Authorized Investments in the Indenture.

“Maximum Annual Debt Service” means, at any point in time, with respect to the Bonds then Outstanding, the greatest amount of Annual Debt Service on the Bonds in the then current or any succeeding Bond Year prior to the final maturity of the Bonds.

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“Maximum Special Tax” has the meaning ascribed to it in the Rate and Method of Apportionment.

“Moody’s” means Moody’s Investors Service, its successors and assigns.

“Net Special Taxes” means Gross Special Taxes minus the amount (not in excess of the then applicable Administrative Expense Requirement) deposited in the Administrative Expense Fund pursuant to the Indenture.

“Nominee” shall mean the nominee of the Depository, which may be the Depository, as determined from time to time pursuant to the Indenture.

“Ordinance” means Ordinance No. 89, adopted by the legislative body of the District on September 19, 2001, providing for the levying of the Special Tax.

“Outstanding” or “Outstanding Bonds” means all Bonds theretofore issued by the District, except:

(1) Bonds theretofore cancelled or surrendered for cancellation in accordance with the Indenture;

(2) Bonds for payment or redemption of which moneys shall have been theretofore deposited in trust (whether upon or prior to the maturity or the redemption date of such Bonds), provided that, if such Bonds are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as provided in the Indenture; and

(3) Bonds which have been surrendered to the Fiscal Agent for transfer or exchange pursuant to the Indenture or for which a replacement has been issued pursuant to the Indenture.

“Parcel” has the meaning ascribed to it in the Rate and Method of Apportionment.

“Participant” means each of the broker-dealers, banks and other financial institutions from time to time for which the Depository holds Bonds as securities depository.

“Person” means natural persons, firms, corporations, partnerships, associations, joint ventures, trusts, public bodies and other entities.

“Prepayments” means any amounts paid by the District to the Fiscal Agent and designated by the District as a prepayment of Special Taxes for one or more Parcels in Improvement Area A made in accordance with the Rate and Method of Apportionment.

“Principal Account” means the account by that name in the Special Tax Fund.

“Principal Office of the Fiscal Agent” means the corporate trust office of the Fiscal Agent located in Los Angeles, California, provided that for purposes of redemption, payment, exchange, transfer or surrender of Bonds such term shall mean the corporate trust office of the Fiscal Agent located in St. Paul, Minnesota, or such other office or offices as the Fiscal Agent may designate from time to time, or the office of any successor Fiscal Agent where it principally conducts its corporate trust and agency business.

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“Project” means those public facilities described in the Resolution of Formation which are to be acquired or constructed within and outside of the District, including all engineering, planning and design services and other incidental expenses related to such facilities and other facilities, if any, authorized by the qualified electors within the District from time to time.

“Rate and Method of Apportionment” means that certain Rate and Method of Apportionment of Special Tax approved pursuant to the Resolution of Formation, as it applies to Improvement Area A; and terms that are defined in the Indenture by reference to the Rate and Method of Apportionment shall be deemed to refer only to Improvement Area A.

“Rebate Fund” means the fund by that name established pursuant to the Indenture in which there are established the accounts described in the Indenture.

“Rebate Regulations” means any final, temporary or proposed Regulations promulgated under Section 148(f) of the Code.

“Record Date” means the fifteenth day of the month preceding an Interest Payment Date, regardless of whether such day is a Business Day.

“Redemption Account” means the account by that name in the Special Tax Fund.

“Regulations” means the regulations adopted or proposed by the Department of Treasury from time to time with respect to obligations issued pursuant to Section 103 of the Code.

“Representation Letter” shall mean the Blanket Letter of Representations from the District and the Fiscal Agent to the Depository as described in the Indenture.

“Reserve Account” means the account by that name in the Special Tax Fund.

“Reserve Requirement” means the amount as of any date of calculation that is equal to the sum of the least of 80% of (i) 10% of the initial principal amount of the Bonds, if any, (ii) Maximum Annual Debt Service on the then Outstanding Bonds, if any, or (iii) 125% of Average Annual Debt Service on the then Outstanding Bonds.

“Resolution of Formation” means Resolution No. 3534 adopted by the Board of Directors of the Water District on September 19, 2001, pursuant to which the Water District formed the District.

“Resolution of Issuance” means Resolution No. 2014-163 of the District, approving among other things the Indenture and any supplemental indenture approved pursuant to the Indenture.

“Sinking Fund Payment” means the annual payment to be deposited in the Principal Account to redeem a portion of the Term Bonds in accordance with the schedule set forth in the Indenture.

“Special Tax Administrator” means Albert A. Webb Associates in its capacity as the consultant engaged by the District to administer the calculation and collection of the Special Taxes, or any successor or replacement entity acting in such capacity.

“Special Tax Fund” means the fund by that name created and established pursuant to the Indenture.

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“Special Tax Holding Fund” means the fund by that name created and established pursuant to the Indenture.

“Special Taxes” means the taxes authorized to be levied by the District on property within Improvement Area A in accordance with the Ordinance, the Resolution of Formation, the Act and the voter approval obtained at the September 19, 2001 election in Improvement Area A.

“Standard & Poor’s” means Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies, its successors and assigns.

“Supplemental Indenture” means any supplemental indenture amending or supplementing the Indenture.

“Tax Certificate” means the certificate by that name to be executed by the District on a Delivery Date to establish certain facts and expectations and which contains certain covenants relevant to compliance with the Code.

“Taxable Property” has the meaning ascribed to it in the Rate and Method of Apportionment.

“Term Bonds” means the Bonds maturing on September 1, 2036.

“Water District” means Eastern Municipal Water District.

CREATION OF FUNDS; APPLICATION OF PROCEEDS; SPECIAL TAXES

Creation of Funds and Application of Proceeds. The following funds and accounts are created and established and will be maintained by the Fiscal Agent:

The Community Facilities District No. 2001-01 (French Valley) Improvement Area A Special Tax Fund (the “Special Tax Fund”), in which there shall be established and created an Interest Account, a Principal Account, a Redemption Account, and a Reserve Account; and

The Community Facilities District No. 2001-01 (French Valley) Improvement Area A Rebate Fund (the “Rebate Fund”), in which there shall be established a Rebate Account and an Alternative Penalty Account.

The amount on deposit in the foregoing funds and accounts shall be held by the Fiscal Agent, and the Fiscal Agent shall invest and disburse such amounts in accordance with the provisions of the Indenture.

The following funds and accounts will be created and established and will be maintained by the District:

The Costs of Issuance Fund;

The Administrative Expense Fund; and

The Community Facilities District No. 2001-01 (French Valley) Improvement Area A Special Tax Holding Fund (the “Special Tax Holding Fund”).

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The amounts on deposit in the foregoing funds and accounts will be held by the District, and the District will invest and disburse such amounts in accordance with the provisions of the Indenture.

Each of the Fiscal Agent and the District may, in its discretion, establish a temporary fund or account in its books and records to facilitate such transfers. The amounts on deposit in the foregoing funds and accounts shall be held by the Fiscal Agent and the District, as applicable, and the Fiscal Agent and the District, as applicable, shall invest and disburse the amounts in such funds and accounts in accordance with the provisions of the Indenture and shall disburse investment earnings thereon in accordance with the provisions of the Indenture.

Special Taxes and Deposits to and Disbursements from Special Tax Fund. The District shall hold in trust, for the benefit of the Bondowners, all Special Taxes received by it and shall apply them as set forth in the Indenture; and, pending such application, such Special Taxes shall be pledged to, and shall be subject to a lien in favor of the Bondowners.

The District shall deposit in its Administrative Expense Fund from time to time Special Taxes levied in Fiscal Years subsequent to Fiscal Year 2014-15 in an amount equal to the Administrative Expense Requirement for the next succeeding Fiscal Year or, if the District determines to transfer a lesser amount, then such lesser amount, provided that not more than one half of the Administrative Expense Requirement shall be so deposited in any Fiscal Year prior to the date on which the balance on deposit in the Interest Account of the Special Tax Fund is at least equal to the interest payable on the Bonds on March 1.

The portion of any Prepayment received by the District that is the “Future Facilities Amount” thereof (as defined in the Rate and Method of Apportionment) shall be identified as such by the District and deposited in such fund as shall be specified in a Certificate of an Authorized Representative of the District. The portion of any Prepayment received by the District that is to be applied to the redemption of Bonds shall be identified as such by the District and transferred to the Fiscal Agent for deposit in the Redemption Account.

After making the aforesaid deposits and transfers, at least one Business Day before each Interest Payment Date, the District shall transfer to the Fiscal Agent for deposit in the Special Tax Fund Special Taxes (to the extent Special Taxes are available therefor) in an amount equal to: the sum of (i) the interest and any principal payment coming due on Bonds on such Interest Payment Date, (ii) the amount required to pay principal of and interest on Bonds in connection with an optional redemption of Bonds as described in the Indenture (but only if so directed by an Authorized Representative of the District), (iii) the amount required to cause the balance on deposit in the Reserve Account to equal the Reserve Requirement, and (iv) the amount required to make the necessary deposits in the Rebate Fund pursuant to the Indenture. The Fiscal Agent shall use the Special Taxes on deposit in the Special Tax Fund on the dates and in the amounts set forth in the Indenture, in the following order of priority, to:

Deposit in the Interest Account of the Special Tax Fund the amount necessary to cause the balance on deposit therein to equal the interest coming due on the Bonds on the next succeeding Interest Payment Date;

Deposit in the Principal Account of the Special Tax Fund the amount necessary to cause the balance on deposit therein to be equal to the principal amount of the Bonds and/or the Sinking Fund Payment payable on the next succeeding September 1;

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Deposit in the Redemption Account of the Special Tax Fund the amount necessary to pay any optional redemption of the Bonds as provided in the Indenture;

Deposit in the Reserve Account of the Special Tax Fund the amount, if any, necessary to cause the balance on deposit in the Reserve Account to equal the Reserve Requirement; and

After the District has deposited any Administrative Expenses in excess of the Administrative Expense Requirement that the District has requested be paid or reimbursed to it, deposit in the Rebate Fund the amounts required to be deposited therein pursuant to the Indenture.

The District will deposit in the Special Tax Holding Fund any amount remaining after all of the foregoing deposits and transfers and all of the deposits and transfers required under the Indenture have been completed. At maturity of all of the Bonds and after all principal and interest then due on the Bonds then Outstanding has been paid or provided for, Special Taxes held by the District and moneys in the Special Tax Fund and any accounts therein may be used by the District for any lawful purpose.

Administrative Expense Fund. Amounts on deposit in the Administrative Expense Fund may be applied by the District from to time to time to pay Administrative Expenses.

Interest Account and Principal Account of the Special Tax Fund. The scheduled principal or Sinking Fund Payments of, and interest on, the Bonds shall be paid by the Fiscal Agent from amounts transferred to the Interest Account and the Principal Account of the Special Tax Fund. For the purpose of assuring that the payment of principal or Sinking Fund Payment of, and interest on, the Bonds will be made when due, after the deposit is made as required by the Indenture, at least one Business Day prior to each Interest Payment Date, the Fiscal Agent shall make the following transfers first to the Interest Account and then to the Principal Account:

To the Interest Account, an amount such that the balance in the Interest Account one (1) Business Day prior to each Interest Payment Date shall be equal to the installment of interest due on the Bonds on said Interest Payment Date. Moneys in the Interest Account shall be used for the payment of interest on the Bonds as the same become due.

To the Principal Account, an amount such that the balance in the Principal Account one (1) Business Day prior to September 1 of each year, shall equal the principal payment and Sinking Fund Payment of the Bonds due on such September 1. Moneys in the Principal Account shall be used for the payment of the principal and Sinking Fund Payment of the Bonds as the same become due.

However, notwithstanding the above, to the extent that deposits have been made in the Interest Account or the Principal Account from the proceeds of the sale of the Bonds, or otherwise, or to the extent that a transfer will be made from the Reserve Account to the Interest Account in accordance with the Indenture, the transfers from the Special Tax Fund described above will be reduced by a like amount.

Redemption Account of the Special Tax Fund. After making the transfers and deposits required by the Indenture, and in accordance with the District’s election to call Bonds for optional redemption as set forth in the Indenture, the Fiscal Agent shall transfer from the Special Tax Fund

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and deposit in the Redemption Account moneys available for the purpose and sufficient to pay the principal and the premiums, if any, payable on the Bonds called for optional redemption; provided, however, that amounts in the Special Tax Fund may be applied to optionally redeem Bonds only if immediately following such redemption the amount in the Reserve Account will equal the Reserve Requirement.

Prepayments deposited to the Redemption Account shall be applied on the redemption date established pursuant to the Indenture for the use of such Prepayments to the payment of the principal of, premium, and interest on the Bonds to be redeemed with such Prepayments.

Moneys set aside in the Redemption Account shall be used solely for the purpose of redeeming Bonds and shall be applied on or after the redemption date to the payment of principal of and premium, if any, on the Bonds to be redeemed upon presentation and surrender of such Bonds and, in the case of an optional redemption or a special mandatory redemption from Prepayments, to pay the interest thereon; provided, however, that in lieu or partially in lieu of such call and redemption, moneys deposited in the Redemption Account, other than Prepayments (which shall be used to redeem Bonds on the redemption date established pursuant to the Indenture, may be used to purchase Outstanding Bonds in the manner provided in the Indenture. Purchases of Outstanding Bonds may be made by the District at public or private sale as and when and at such prices as the District may in its discretion determine but only at prices (including brokerage or other expenses) not more than par plus accrued interest, plus, in the case of moneys set aside for an optional redemption, the premium applicable at the next following call date according to the premium schedule established pursuant to the Indenture. Any accrued interest payable upon the purchase of Bonds may be paid from the amount reserved in the Special Tax Fund for the payment of interest on the next following Interest Payment Date.

Reserve Account of the Special Tax Fund. Amounts in the Reserve Account shall be applied as follows:

Moneys in the Reserve Account shall be used solely for the purpose of paying the principal of, including Sinking Fund Payments, and interest on the Bonds when due or in the event that the balance on deposit in the Interest Account or the Principal Account, as the case may be, is insufficient for such purpose and for the purpose of making any required transfer to the Rebate Fund pursuant to the Indenture upon written direction from the District or any required transfer to the Redemption Account as described below. If after moneys in the Additional Special Tax Reserve Account have been transferred to the Interest Account and/or the Principal Account pursuant to the Indenture, the amounts in the Interest Account or Principal Account, as the case may be, are insufficient to pay the principal of, including Sinking Fund Payments, or interest on the Bonds when due, or amounts in the Special Tax Fund are insufficient to make transfers to the Rebate Fund when required, the Fiscal Agent shall withdraw from the Reserve Account for deposit in the Interest Account or the Principal Account, as the case may be, or the Rebate Fund, as applicable, moneys necessary for such purposes.

Whenever moneys are withdrawn from the Reserve Account, after making the required transfers referred to in the Indenture, the Fiscal Agent shall transfer to the Reserve Account from available moneys in the Special Tax Fund, or from any other legally available funds which the District elects to apply to such purpose, the amount needed to restore the amount of the Reserve Account to the Reserve Requirement. If amounts in the Special Tax Fund together with any other amounts transferred to replenish the Reserve Account are inadequate to restore the Reserve Account

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to the Reserve Requirement, then the District shall include the amount necessary to fully restore the Reserve Account to the Reserve Requirement in the next annual Special Tax levy to the extent of the Maximum Special Taxes.

In connection with a redemption of Bonds pursuant to the Indenture or a partial defeasance of Bonds in accordance with the Indenture, amounts in the Reserve Account may be applied to such redemption or partial defeasance if so provided in a Certificate of an Authorized Representative, so long as the amount on deposit in the Reserve Account following such optional redemption or partial defeasance equals the Reserve Requirement following such optional redemption or partial defeasance.

To the extent that the amount on deposit in the Reserve Account as of the first day of the final Bond Year for the Bonds equals or exceeds Annual Debt Service for that Bond Year, amounts in the Reserve Account may be applied to pay the principal of and interest due on the Bonds, as applicable, in the final Bond Year for such issue, if so provided in a Certificate of an Authorized Representative.

The Fiscal Agent shall withdraw from the Reserve Account moneys in excess of the Reserve Requirement not transferred in accordance with the preceding provisions of the Indenture one Business Day before each March 1 and September 1, and transfer such moneys to the Interest Account of the Special Tax Fund, unless prior to such date the Fiscal Agent is directed in a Certificate of an Authorized Representative to transfer such moneys to a different fund or account specified in such certificate.

Surplus Money in the Special Tax Fund. After making the transfers required by the Indenture, as soon as practicable after each September 1, the excess amounts in the Special Tax Fund may, at the written direction of the District, be (a) retained in the Special Tax Fund to pay interest and principal on the Bonds, (b) transferred to the Administrative Expense Fund if the amount therein is insufficient to pay Administrative Expenses, or (c) transferred to the Redemption Account. In the absence of any such written direction of the District, such excess amounts shall be transferred to the Special Tax Holding Fund.

Special Tax Holding Fund. Moneys deposited in the Special Tax Holding Fund are not pledged to the repayment of the Bonds and may be used by the District for any lawful purpose. In the event that the District reasonably expects to use any portion of the moneys in the Special Tax Holding Fund to pay debt service on any Outstanding Bonds, the District shall transfer such amounts to the Fiscal Agent and instruct in writing the Fiscal Agent to segregate such amount into a separate subaccount; and the moneys on deposit in such subaccount of the Special Tax Holding Fund shall be invested in Authorized Investments the interest on which is excludable from gross income under Section 103 of the Code (other than bonds the interest on which is a tax preference item for purposes of computing the alternative minimum tax of individuals and corporations under the Code) or in Authorized Investments at a Yield not in excess of the Yield on the Bonds, unless, in the opinion of Bond Counsel, investment at a higher Yield will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Bonds then Outstanding.

Investments. Moneys held in any of the funds, accounts and subaccounts under the Indenture shall be invested by the District or the Fiscal Agent, as applicable, in accordance with the limitations set forth below only in Authorized Investments which shall be deemed at all times to be a part of such funds, accounts and subaccounts. Any loss resulting from such Authorized Investments

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shall be credited or charged to the fund, account or subaccount from which such investment was made, and any investment earnings on all amounts deposited in the Special Tax Fund and the Rebate Fund and each account therein shall be deposited in those respective funds and accounts. Moneys in the funds, accounts and subaccounts held under the Indenture may be invested by the District or the Fiscal Agent as directed by the District, as applicable, from time to time, in Authorized Investments subject to the following restrictions:

Moneys in the Special Tax Fund and the Interest Account, the Principal Account and the Redemption Account of the Special Tax Fund shall be invested only in Authorized Investments which will by their terms mature, or in the case of an Investment Agreement, be available for withdrawal without penalty, on such dates so as to ensure the payment of principal of, premium, if any, and interest on the Bonds as the same become due.

Subject to the following sentence, moneys in the Reserve Account of the Special Tax Fund may be invested only in (i) Authorized Investments not less than 50% of which must mature within 6 months and all of which must mature within 1 year, (ii) Authorized Investments of the type defined in clause (7) of the definition of said term or (iii) one or more Investment Agreements. Moneys in the Reserve Account of the Special Tax Fund shall not be invested in Authorized Investments of the type described in clause (12) of the definition thereof.

Moneys in the Rebate Fund shall be invested only in Authorized Investments of the type described in clause (1) of the definition thereof which by their terms will mature, as nearly as practicable, on the dates such amounts are needed to be paid to the United States Government pursuant to the Indenture or in Authorized Investments of the type described in clause (7) of the definition thereof.

In the absence of written direction from the District, the Fiscal Agent will invest any money held by it in Authorized Investments of the type described in clause (7) of the definition thereof.

The District or the Fiscal Agent, as applicable, will sell or present for redemption, any Authorized Investment whenever it may be necessary to do so in order to provide moneys to meet any payment or transfer to such funds and accounts or from such funds and accounts. For the purpose of determining at any given time the balance in any such funds and accounts, any such investments constituting a part of such funds and accounts shall be valued at their cost, except that amounts in the Reserve Account shall be valued at the market value thereof at least semiannually on or before each Interest Payment Date. In making any valuations under the Indenture, the District or the Fiscal Agent, as applicable, may utilize such computerized securities pricing services as may be available to it, including, without limitation, those available through its regular accounting system, and conclusively rely thereon. Notwithstanding anything in the Indenture to the contrary, the District or the Fiscal Agent, as applicable, shall not be responsible for any loss from investments, sales or transfers undertaken in accordance with the provisions of the Indenture.

The District or the Fiscal Agent, as applicable, may sell, or present for redemption any Authorized Investment so purchased whenever it shall be necessary to provide moneys to meet any required payment, transfer, withdrawal or disbursement from the fund or account to which such Authorized Investment is credited, and, subject to the provisions of the Indenture, the District or the Fiscal Agent, as applicable, shall not be liable or responsible for any loss resulting from such investment. For investment purposes, the District or the Fiscal Agent, as applicable, may commingle the funds and accounts established under the Indenture, but shall account for each separately.

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The District acknowledges that to the extent regulations of the Comptroller of the Currency or other applicable regulatory entity grant the District or the Water District the right to receive brokerage confirmations of securities transactions as they occur, the District will not receive such confirmations to the extent permitted by law. The Fiscal Agent shall furnish the District periodic cash transaction statements which include detail for all investment transactions made by the Fiscal Agent under the Indenture. The Fiscal Agent and its affiliates may act as sponsor, advisor, depository, principal or agent in the holding, acquisition or disposition of any investment.

COVENANTS AND WARRANTY

Warranty. The District shall preserve and protect the security pledged under the Indenture to the Bonds against all claims and demands of all persons.

Covenants. So long as any of the Bonds issued under the Indenture are Outstanding and unpaid, the District makes the following covenants with the Bondowners under the provisions of the Act and the Indenture (to be performed by the District or its proper officers, agents or employees), which covenants are necessary and desirable to secure the Bonds and tend to make them more marketable; provided, however, that said covenants do not require the District to expend any funds or moneys other than the Special Taxes and other amounts deposited to the Special Tax Fund or Administrative Expense Fund:

Punctual Payment; Against Encumbrances. The District covenants that it will receive all Special Taxes in trust for the Owners (other than the Special Taxes to be deposited in the Administrative Expense Fund or other funds held by the District) and will deposit Special Taxes in the Special Tax Fund as provided in the Indenture, and the District shall have no beneficial right or interest in the amounts so deposited except as provided by the Indenture. All such Special Taxes shall be disbursed, allocated and applied solely to the uses and purposes set forth in the Indenture, and shall be accounted for separately and apart from all other money, funds, accounts or other resources of the District.

The District further covenants that, in connection with the delivery of any Prepayment to the Fiscal Agent, the District will also deliver to the Fiscal Agent a certificate of the Special Tax Administrator identifying with respect to the Prepayment: (i) the “Future Facilities Costs” (as defined in the Rate and Method of Apportionment), with instructions that said amount be deposited in a fund or an appropriate account designated in writing by an Authorized Representative of the Water District, (ii) the “Administrative Fees and Expenses” (as defined in the Rate and Method of Apportionment), with instructions that said amount shall be deposited in the Administrative Expense Fund, (iii) the amount that represents the Special Taxes levied in the current Fiscal Year on the subject Parcel which had not been paid, with instructions to deposit portions of said amount in the Interest Account and the Principal Account of the Special Tax Fund, (iv) the amount of the “Reserve Fund Credit” (as defined in the Rate and Method of Apportionment), with instructions to withdraw said amount from the Reserve Account and transfer it to the Redemption Account in connection with the redemption of Bonds, and (v) the amount to be deposited in the Redemption Account.

The District covenants that it will duly and punctually pay or cause to be paid the principal of and interest on every Bond issued under the Indenture, together with the premium, if any, thereon on the date, at the place and in the manner set forth in the Bonds and in accordance with the Indenture to the extent that Net Special Taxes and other amounts pledged under the Indenture are available therefor, and that the payments into the funds and accounts created under the Indenture will be made,

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all in strict conformity with the terms of the Bonds and the Indenture, and that it will faithfully observe and perform all of the conditions, covenants and requirements of the Indenture and all Supplemental Indentures and of the Bonds issued under the Indenture.

The District will not mortgage or otherwise encumber, pledge or place any charge upon any of the Net Special Taxes except as provided in the Indenture, and will not issue any obligation or security having a lien or charge upon the Net Special Taxes superior to or on a parity with the Bonds. Nothing in the Indenture shall prevent the District from issuing or incurring indebtedness which is payable from a pledged of Net Special Taxes which is subordinate in all respects to the pledge of Net Special Taxes to repay the Bonds.

Levy and Collection of Special Tax. On or before each August 1, commencing August 1, 2015, the Fiscal Agent shall provide a written notice to the District stating the amounts then on deposit in the various funds and accounts established by the Fiscal Agent pursuant to the Indenture. The receipt of such notice by the District shall in no way affect the obligations of the District under the following paragraphs. Upon receipt of a copy of such notice, the District shall communicate with the Treasurer or other appropriate official of the County to ascertain the relevant Parcels on which the Special Taxes are to be levied, taking into account any Parcel splits during the preceding and then current year.

The District may retain an Independent Financial Consultant to assist in the levy of the Special Taxes each Fiscal Year in accordance with the Ordinance such that the computation of the levy is complete before the final date on which the Treasurer of the County will accept the transmission of the Special Tax amounts for the Parcels within Improvement Area A for inclusion on the next secured tax roll. Upon the completion of the computation of the amounts of the levy, and approval by the legislative body of the District, the District shall prepare or cause to be prepared, and shall transmit to the Treasurer of the County, such data as the Treasurer of the County requires to include the levy of the Special Taxes on the next secured tax roll.

The District shall fix and levy the amount of Special Taxes required for the payment of principal of and interest on Outstanding Bonds becoming due and payable during the ensuing year including any necessary replenishment or expenditure of the Reserve Account for the Bonds, an amount equal to the estimated Administrative Expenses and any additional amounts necessary for expenses incurred in connection with administration or enforcement of delinquent Special Taxes. The District further covenants, to the maximum extent permitted by law, that it will take no actions that would discontinue or cause the discontinuance of the Special Tax levy or the District’s authority to levy the Special Tax for so long as the Bonds are Outstanding.

The Special Taxes shall be payable and collected in the same manner and at the same time and in the same installment as the general taxes on real property are payable, and have the same priority, become delinquent at the same times and in the same proportionate amounts and bear the same proportionate penalties and interest after delinquency as do the general taxes on real property; provided, the legislative body of the District may provide for direct collection of the Special Taxes in certain circumstances.

The fees and expenses of the Independent Financial Consultant retained by the District to assist in computing the levy of the Special Taxes under the Indenture and any reconciliation of amounts levied to amounts received, as well as the costs and expenses of the District (including a

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charge for District staff time) in conducting its duties under the Indenture, shall be an Administrative Expense under the Indenture.

Commence Foreclosure Proceedings. Pursuant to Section 53356.1 of the Act, the District covenants with and for the benefit of the Bondowners that it will order, and cause to be commenced, on or before October 1 of the Fiscal Year immediately following the Fiscal Year in which a delinquency in the payment of a Special Tax occurs, and thereafter diligently prosecute to judgment (unless such delinquency is theretofore brought current), an action in the superior court to foreclose the lien of any Special Tax or installment thereof not paid when due, provided that the District need not commence or pursue such proceedings with respect to any property owned by a single property owner who is delinquent in the payment of Special Taxes in an amount less than $5,000 if both (i) the aggregate amount of such delinquent Special Taxes does not exceed 5% of the total Special Taxes due and payable for the Fiscal Year in question and (ii) the balance on deposit in the Reserve Account of the Special Tax Fund is not less than the Reserve Requirement.

Special Taxes collected as a result of a foreclosure proceeding shall be deposited in the Special Tax Fund and only inure to the benefit of the Bonds in the manner provided in the Indenture.

Payment of Claims. The District will pay and discharge any and all lawful claims for labor, materials or supplies which, if unpaid, might become a lien or charge upon the Net Special Taxes or other funds in the Special Tax Fund or which might impair the security of the Bonds then Outstanding; provided that nothing in the Indenture contained shall require the District to make any such payments so long as the District in good faith shall contest the validity of any such claims.

Books and Accounts. The District will keep proper books of records and accounts, separate from all other records and accounts of the District, in which complete and correct entries shall be made of all transactions relating to the Project, the levy of the Special Tax and the deposits to the Special Tax Fund. Such books of records and accounts shall at all times during business hours be subject to the inspection by the Owners of not less than 10% of the principal amount of the Bonds then Outstanding or their representatives authorized in writing.

Federal Tax Covenants. Notwithstanding any other provision of the Indenture, absent an opinion of Bond Counsel that the exclusion from gross income of interest on the Bonds will not be adversely affected for federal income tax purposes, the District covenants to comply with all applicable requirements of the Code necessary to preserve such exclusion from gross income and specifically covenants, without limiting the generality of the foregoing, as follows:

(1) Private Activity. The District will take no action or refrain from taking any action or make any use of the proceeds of the Bonds or of any other moneys or property which would cause the Bonds to be “private activity bonds” within the meaning of Section 141 of the Code;

(2) Arbitrage. The District will make no use of the proceeds of the Bonds or of any other amounts or property, regardless of the source, or take any action or refrain from taking any action which will cause the Bonds to be “arbitrage bonds” within the meaning of Section 148 of the Code;

(3) Federal Guaranty. The District will make no use of the proceeds of the Bonds to be “federally guaranteed” within the meaning of Section 149(b) of the Code;

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(4) Information Reporting. The District will take or cause to be taken all necessary action to comply with the informational reporting requirement of Section 149(e) of the Code;

(5) Hedge Bonds. The District will make no use of the proceeds of the Bonds or any other amounts or property, regardless of the source, or take any action or refrain from taking any action that would cause the Bonds to be considered “hedge bonds” within the meaning of Section 149(g) of the Code unless the District takes all necessary action to assure compliance with the requirements of Section 149(g) of the Code to maintain the exclusion from gross income for federal income tax purposes of interest on the Bonds;

(6) Miscellaneous. The District will take no action or refrain from taking any action inconsistent with the expectations stated in the Tax Certificate in connection with the Bonds and will comply with the covenants and requirements stated therein and incorporated by reference in the Indenture; and

(7) Other Tax Exempt Issues. The District will not use proceeds of other tax exempt securities to redeem any Bonds without first obtaining the written opinion of Bond Counsel that doing so will not impair the exclusion from gross income for federal income tax purposes of interest on the Bonds.

Reduction of Maximum Special Taxes. The District finds and determines that, historically, delinquencies in the payment of special taxes authorized pursuant to the Act in community facilities districts in Southern California have from time to time been at levels requiring the levy of special taxes at the maximum authorized rates in order to make timely payment of principal of and interest on the outstanding indebtedness of such community facilities districts. For this reason, the District determines that a reduction in the maximum Special Tax rates authorized to be levied on Parcels in the District below the levels provided in the Indenture would interfere with the timely retirement of the Bonds. The District determines it to be necessary in order to preserve the security for the Bonds to covenant, and, to the maximum extent that the law permits it to do so, the District does covenant, that it shall not initiate proceedings to reduce the maximum Special Tax rates for Improvement Area A, unless, in connection therewith, (i) the District receives a certification from one or more Independent Financial Consultants which, when taken together, concludes that, on the basis of the Parcels of land and improvements existing in Improvement Area A as of the July 1 preceding the reduction, the maximum amount of the Special Tax which may be levied on then existing Developed Property (as defined in the Rate and Method of Apportionment) in each Bond Year for any Bonds Outstanding will equal at least 110% of the sum of the estimated Administrative Expenses and gross debt service in each Bond Year on all Bonds to remain Outstanding after the reduction is approved, (ii) the District finds that any reduction made under such conditions will not adversely affect the interests of the Owners of the Bonds, and (iii) the District is not delinquent in the payment of the principal of or interest on the Bonds. For purposes of estimating Administrative Expenses for the foregoing calculation, the Independent Financial Consultants shall compute the Administrative Expenses for the current Fiscal Year and escalate that amount by two percent (2%) in each subsequent Fiscal Year.

The District further covenants that in the event an ordinance is adopted by initiative pursuant to Section 3 of Article XIIIC of the California Constitution, which purports to reduce or otherwise alter the maximum Special Tax rates, it will commence and pursue legal action seeking to preserve its ability to comply with its covenant contained in the preceding paragraph.

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Covenants to Defend. The District covenants that, in the event that any initiative is adopted by the qualified electors in Improvement Area A which purports to reduce the minimum or the maximum Special Tax below the levels specified in the Indenture or to limit the power of the District to levy the Special Taxes for the purposes set forth in the Indenture, it will commence and pursue legal action in order to preserve its ability to comply with such covenants.

Limitation on Right to Tender Bonds. The District covenants that it will not adopt any policy pursuant to Section 53341.1 of the Act permitting the tender of Bonds in full payment or partial payment of any Special Taxes unless the District shall have first received a certificate from an Independent Financial Consultant that the acceptance of such a tender will not result in the District having insufficient Special Tax revenues to pay the principal of and interest on the Bonds when due.

Continuing Disclosure. The District covenants and agrees that it will comply with and carry out all of its obligations under the Continuing Disclosure Agreement. Notwithstanding any other provision of the Indenture, failure of the District to comply with its obligations under the Continuing Disclosure Agreement shall not be considered an event of default under the Indenture, and the sole remedy, in the event of any failure of the District to comply with the Continuing Disclosure Agreement shall be an action to compel performance. Upon receipt of indemnification to its satisfaction, the Fiscal Agent shall at the request of any Participating Underwriter (as defined in the Continuing Disclosure Agreement) or any Bondowner or Beneficial Owner take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the District to comply with its obligations under the Indenture. For purposes of the Indenture, “Beneficial Owner” means any Person who (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds (including persons holding Bonds through nominees, depositories or other intermediaries), or (b) is treated as the owner of any Bonds for federal income tax purposes.

Further Assurances. The District shall make, execute and deliver any and all such further agreements, instruments and assurances as may be reasonably necessary or proper to carry out the intention or to facilitate the performance of the Indenture and for the better assuring and confirming unto the Owners of the Bonds of the rights and benefits provided in the Indenture.

Opinions. In the event that an opinion is rendered by Bond Counsel as provided in the Indenture from a firm other than the firm which rendered the Bond Counsel opinion at closing, such subsequent opinion by Bond Counsel shall also include the conclusions set forth in the original Bond Counsel opinion relating to the exclusion of interest on the Bonds from gross income for federal income tax purposes.

AMENDMENTS TO INDENTURE

Supplemental Indentures or Orders Not Requiring Bondowner Consent. The District may from time to time, and at any time, without notice to or consent of any of the Bondowners, adopt Supplemental Indentures for any of the following purposes:

to cure any ambiguity, to correct or supplement any provisions in the Indenture which may be inconsistent with any other provision in the Indenture, or to make any other provision with respect to matters or questions arising under the Indenture or in any Supplemental Indenture or order, provided that such action is not materially adverse to the interests of the Bondowners;

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to add to the covenants and agreements of and the limitations and the restrictions upon the District contained in the Indenture, other covenants, agreements, limitations and restrictions to be observed by the District which are not contrary to or inconsistent with the Indenture as theretofore in effect or which further secure Bond payments;

to modify, amend or supplement the Indenture in such manner as to permit the qualification of the Indenture under the Trust Indenture Act of 1939, as amended, or any similar federal statute in effect after the date of the Indenture, or to comply with the Code or regulations issued thereunder, and to add such other terms, conditions and provisions as may be permitted by said act or similar federal statute, and which shall not materially adversely affect the interests of the Owners of the Bonds then Outstanding;

to modify, alter or amend the Rate and Method of Apportionment in any manner so long as such changes do not reduce the maximum Special Taxes that may be levied in each year to an amount which is less than 110% of the principal and interest due in each corresponding future Bond Year with respect to the Bonds Outstanding as of the date of such amendment; or

to modify, alter, amend or supplement the Indenture in any other respect which is not materially adverse to the Bondowners.

Notwithstanding the foregoing, no Supplemental Indenture may modify any of the duties or responsibilities of the Fiscal Agent without the written consent of the Fiscal Agent.

Supplemental Indentures or Orders Requiring Bondowner Consent. Exclusive of the Supplemental Indentures described in the Indenture, the Owners of not less than a majority in aggregate principal amount of the Bonds Outstanding shall have the right to consent to and approve the adoption by the District of such Supplemental Indentures as shall be deemed necessary or desirable by the District for the purpose of waiving, modifying, altering, amending, adding to or rescinding, in any particular, any of the terms or provisions contained in the Indenture; provided, however, that nothing in the Indenture shall permit, or be construed as permitting, (a) an extension of the maturity date of the principal, or the payment date of interest on, any Bond, (b) a reduction in the principal amount of, or redemption premium on, any Bond or the rate of interest thereon, (c) a preference or priority of any Bond over any other Bond, or (d) a reduction in the aggregate principal amount of the Bonds, without the consent of the Owners of all Bonds then Outstanding.

If at any time the District shall desire to adopt a Supplemental Indenture, which pursuant to the terms of the Indenture shall require the consent of the Bondowners, the District shall so notify the Fiscal Agent and shall deliver to the Fiscal Agent a copy of the proposed Supplemental Indenture. The Fiscal Agent shall, at the expense of the District, cause notice of the proposed Supplemental Indenture to be mailed, by first class mail, postage prepaid, to all Bondowners at their addresses as they appear in the Bond Register. Such notice shall briefly set forth the nature of the proposed Supplemental Indenture and shall state that a copy thereof is on file at the office of the Fiscal Agent for inspection by all Bondowners. The failure of any Bondowners to receive such notice shall not affect the validity of such Supplemental Indenture when consented to and approved by the Owners of not less than a majority in aggregate principal amount of the Bonds Outstanding if and as required by the Indenture. Whenever at any time within one year after the date of the first mailing of such notice, the Fiscal Agent shall receive an instrument or instruments purporting to be executed by the Owners of not less than a majority in aggregate principal amount of the Bonds Outstanding, which instrument or instruments shall refer to the proposed Supplemental Indenture described in such notice, and shall

A-22 specifically consent to and approve the adoption thereof by the District substantially in the form of the copy referred to in such notice as on file with the Fiscal Agent, such proposed Supplemental Indenture, when duly adopted by the District, shall thereafter become a part of the proceedings for the issuance of the Bonds. In determining whether the Owners of a majority of the aggregate principal amount of the Bonds have consented to the adoption of any Supplemental Indenture, Bonds which are owned by the District or by any Person directly or indirectly controlling or controlled by or under the direct or indirect common control with the District, shall be disregarded and shall be treated as though they were not Outstanding for the purpose of any such determination.

Upon the adoption of any Supplemental Indenture and the receipt of consent to any such Supplemental Indenture from the Owners of not less than a majority in aggregate principal amount of the Outstanding Bonds in instances where such consent is required pursuant to the provisions of the Indenture described above, the Indenture shall be, and shall be deemed to be, modified and amended in accordance therewith, and the respective rights, duties and obligations under the Indenture of the District and all Owners of Outstanding Bonds shall thereafter be determined, exercised and enforced under the Indenture, subject in all respects to such modifications and amendments.

Notation of Bonds; Delivery of Amended Bonds. After the effective date of any action taken as provided in the Indenture, the District may determine that the Bonds may bear a notation, by endorsement in form approved by the District, as to such action; and in that case, upon demand of the Owner of any Outstanding Bond at such effective date and presentation of his Bond for the purpose at the Principal Office of the Fiscal Agent or at such additional offices as the Fiscal Agent may select and designate for that purpose, a suitable notation as to such action shall be made on such Bonds. If the District shall so determine, new Bonds so modified as, in the opinion of the District, shall be necessary to conform to such action shall be prepared and executed, and in that case upon demand of the Owner of any Outstanding Bond at such effective date such new Bonds shall be exchanged at the Principal Office of the Fiscal Agent or at such additional offices as the Fiscal Agent may select and designate for that purpose, without cost to each Owner of Outstanding Bonds, upon surrender of such Outstanding Bonds.

FISCAL AGENT

Fiscal Agent. U.S. Bank National Association, having a corporate trust office in Los Angeles, California, is appointed Fiscal Agent for the District for the purpose of receiving all money which the District is required to deposit with the Fiscal Agent under the Indenture and to allocate, use and apply the same as provided in the Indenture. In the event that the District fails to deposit with the Fiscal Agent any amount due under the Indenture when due, the Fiscal Agent shall provide telephonic and e-mail notice to the District and shall confirm the amount of such shortfall in writing.

The Fiscal Agent is authorized to and shall mail by first class mail, postage prepaid, interest payments to the Bondowners, to select Bonds for redemption, and to maintain the Bond Register. The Fiscal Agent is authorized to pay the principal of and premium, if any, on the Bonds when the same are duly presented to it for payment at maturity or on call and redemption, to provide for the registration of transfer and exchange of Bonds presented to it for such purposes, to provide for the cancellation of Bonds all as provided in the Indenture, and to provide for the authentication of Bonds, and shall perform all other duties assigned to or imposed on it as provided in the Indenture. The Fiscal Agent shall keep accurate records of all funds administered by it and all Bonds paid, discharged and cancelled by it. The Fiscal Agent shall deliver to the District a monthly accounting of the funds and accounts it holds under the Indenture; provided, however, that the Fiscal Agent shall

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not be obligated to deliver such accounting for any fund or account that has a balance of zero. The Fiscal Agent may establish such funds and accounts as it deems necessary or appropriate to perform its obligations under the Indenture.

The Fiscal Agent is authorized to redeem the Bonds when duly presented for payment at maturity, or on redemption prior to maturity. The Fiscal Agent shall cancel all Bonds upon payment thereof in accordance with the provisions of the Indenture.

The District shall from time to time, subject to any agreement between the District and the Fiscal Agent then in force, pay to the Fiscal Agent compensation for its services, reimburse the Fiscal Agent for all its advances and expenditures, including, but not limited to, advances to and fees and expenses of independent accountants or counsel employed by it in the exercise and performance of its powers and duties under the Indenture, and indemnify and save the Fiscal Agent, its officers, directors, employees and agents, harmless against costs, claims, expenses and liabilities not arising from its own negligence or willful misconduct which it may incur in the exercise and performance of its powers and duties under the Indenture. The obligations of the District under the Indenture described above shall survive the discharge of the Bonds and the resignation or removal of the Fiscal Agent.

Removal of Fiscal Agent. The District may at any time at its sole discretion remove the Fiscal Agent initially appointed, and any successor thereto, by delivering to the Fiscal Agent a written notice of its decision to remove the Fiscal Agent and may appoint a successor or successors thereto; provided that any such successor shall be a bank or trust company having a combined capital (exclusive of borrowed capital) and surplus of at least fifty million dollars ($50,000,000), and subject to supervision or examination by federal or state authority. Any removal shall become effective only upon acceptance of appointment by the successor Fiscal Agent. If any bank or trust company appointed as a successor publishes a report of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority above referred to, then for the purposes of this paragraph the combined capital and surplus of such bank or trust company shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.

Resignation of Fiscal Agent. The Fiscal Agent may at any time resign by giving written notice to the District and by giving to the Owners notice of such resignation, which notice shall be mailed to the Owners at their addresses appearing in the Bond Register. Upon receiving such notice of resignation, the District shall promptly appoint a successor Fiscal Agent by an instrument in writing. Any resignation or removal of the Fiscal Agent and appointment of a successor Fiscal Agent shall become effective only upon acceptance of appointment by the successor Fiscal Agent.

If no appointment of a successor Fiscal Agent shall be made pursuant to the foregoing provisions of the Indenture within forty-five (45) days after the Fiscal Agent shall have received written notice from the District of its removal as Fiscal Agent or given to the District written notice of its resignation as Fiscal Agent, the Fiscal Agent, at the expense of the District, or any Owner may apply to any court of competent jurisdiction to appoint a successor Fiscal Agent. Said court may thereupon, after such notice, if any, as such court may deem proper, appoint a successor Fiscal Agent.

Liability of Fiscal Agent. The recitals of fact and all promises, covenants and agreements contained in the Indenture and in the Bonds shall be taken as statements, promises, covenants and agreements of the District, and the Fiscal Agent assumes no responsibility for the correctness of the

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same and makes no representations as to the validity or sufficiency of the Indenture or the Bonds and shall incur no responsibility in respect thereof, other than in connection with its duties or obligations specifically set forth in the Indenture, in the Bonds, or in the certificate of authentication assigned to or imposed upon the Fiscal Agent. The Fiscal Agent shall be under no responsibility or duty with respect to the issuance of the Bonds for value. The Fiscal Agent shall not be liable in connection with the performance of its duties under the Indenture, except for its own negligence or willful misconduct.

The Fiscal Agent shall be protected in acting upon any notice, resolution, request, consent, order, certificate, report, Bond or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. The Fiscal Agent may consult with counsel, who may be counsel to the District, with regard to legal questions, and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered under the Indenture in good faith and in accordance therewith.

The Fiscal Agent shall not be bound to recognize any Person as the Owner of a Bond unless and until such Bond is submitted for inspection, if required, and his title thereto satisfactorily established, if disputed.

Whenever in the administration of its duties under the Indenture the Fiscal Agent shall deem it necessary or desirable that a matter be proved or established prior to taking or suffering any action under the Indenture, such matter (unless other evidence in respect thereof be in the Indenture specifically prescribed) may, in the absence of bad faith on the part of the Fiscal Agent, be deemed to be conclusively proved and established by a written certificate of the District, and such certificate shall be full warrant to the Fiscal Agent for any action taken or suffered under the provisions of the Indenture upon the faith thereof, but in its discretion the Fiscal Agent may, in lieu thereof, accept other evidence of such matter or may require such additional evidence as to it may seem reasonable.

The Fiscal Agent shall have no responsibility with respect to any information, statement, or recital in any official statement, offering memorandum or any other disclosure material prepared or distributed with respect to the Bonds.

No provision of the Indenture or any other document related to the Indenture shall require the Fiscal Agent to risk or advance its own funds or otherwise incur any financial liability in the performance of its duties or the exercise of its rights under the Indenture.

The immunities extended to the Fiscal Agent also extend to its directors, officers, employees and agents.

Interested Transactions. The Fiscal Agent and its officers and employees may acquire and hold Bonds with the same effect as if it were not Fiscal Agent. The Fiscal Agent, either as principal or agent, may engage in or be interested in any financial or other transaction with the District.

Agents. The Fiscal Agent may execute any of its trusts or powers or perform its duties through attorneys, agents or receivers and the Fiscal Agent shall not be answerable for the default or misconduct of any such attorney, agent or receiver selected by it with reasonable care.

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EVENTS OF DEFAULT; REMEDIES

Events of Default. Any one or more of the following events shall constitute an “event of default”:

Default in the due and punctual payment of the principal of or redemption premium, if any, on any Bond when and as the same shall become due and payable, whether at maturity as therein expressed, by declaration or otherwise;

Default in the due and punctual payment of the interest on any Bond when and as the same shall become due and payable; or

Except as described above, default shall be made by the District in the observance of any of the agreements, conditions or covenants on its part contained in the Indenture, any Supplemental Indenture or the Bonds, and such default shall have continued for a period of 30 days after the District shall have been given notice in writing of such default by the Fiscal Agent or the Owners of 25% in aggregate principal amount of the Outstanding Bonds.

Remedies of Owners. Following the occurrence of an event of default, any Owner shall have the right for the equal benefit and protection of all Owners similarly situated:

By mandamus or other suit or proceeding at law or in equity to enforce his rights against the District and any of the members, officers and employees of the District, and to compel the District or any such members, officers or employees to perform and carry out their duties under the Act and their agreements with the Owners as provided in the Indenture;

By suit in equity to enjoin any actions or things which are unlawful or violate the rights of the Owners; or

By a suit in equity to require the District and its members, officers and employees to account as the trustee of an express trust.

Nothing described above or in any other provision of the Indenture or in the Bonds shall affect or impair the obligation of the District, which is absolute and unconditional, to pay the interest on and principal of the Bonds to the respective Owners thereof at the respective dates of maturity, as provided in the Indenture, out of the Net Special Taxes pledged for such payment, or affect or impair the right of action, which is also absolute and unconditional, of such Owners to institute suit to enforce such payment by virtue of the contract embodied in the Bonds and in the Indenture. The principal of the Bonds shall not be subject to acceleration under the Indenture.

A waiver of any default or breach of duty or contract by any Owner shall not affect any subsequent default or breach of duty or contract, or impair any rights or remedies on any such subsequent default or breach. No delay or omission by any Owner to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or an acquiescence therein, and every power and remedy conferred upon the Owners by the Act or by the Indenture may be enforced and exercised from time to time and as often as shall be deemed expedient by the Owners.

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If any suit, action or proceeding to enforce any right or exercise any remedy is abandoned or determined adversely to the Owners, the District and the Owners shall be restored to their former positions, rights and remedies as if such suit, action or proceeding had not been brought or taken.

No remedy in the Indenture conferred upon or reserved to the Owners is intended to be exclusive of any other remedy. Every such remedy shall be cumulative and shall be in addition to every other remedy given under the Indenture or now or existing after the date of the Indenture, at law or in equity or by statute or otherwise, and may be exercised without exhausting and without regard to any other remedy conferred by the Act or any other law.

In case the moneys held by the Fiscal Agent after an event of default pursuant to the Indenture shall be insufficient to pay in full the whole amount so owing and unpaid upon the Bonds, then all available amounts shall be applied in accordance with the Indenture.

Application of Revenues and Other Funds After Default. All amounts received by the District pursuant to any right given or action taken by the Owners under the provisions of the Indenture relating to the Bonds shall be applied by the District in the following order upon presentation of the Bonds:

First, to the payment of the fees, costs and expenses of the Owner in carrying out the provisions of the Indenture described under the heading “EVENTS OF DEFAULT; REMEDIES,” including reasonable compensation to its agents, attorneys and counsel, and to the payment of all other outstanding fees and expenses of the Owner; and

Second, to the payment of the whole amount of interest on and principal of the Bonds then due and unpaid, with interest on overdue installments of principal and interest to the extent permitted by law at the net effective rate of interest then borne by the Outstanding Bonds; provided, however, that in the event such amounts shall be insufficient to pay in full the full amount of such interest and principal, then such amounts shall be applied in the following order of priority:

first to the payment of all installments of interest on the Bonds then due and unpaid on a pro rata basis based on the total amount then due and owing,

second, to the payment of all installments of principal, including Sinking Fund Payments, of the Bonds then due and unpaid on a pro rata basis based on the total amount then due and owing, and

third, to the payment of interest on overdue installments of principal and interest on the Bonds on a pro rata basis based on the total amount then due and owing.

Non-Waiver. Nothing described under the heading “EVENTS OF DEFAULT; REMEDIES,” or in any other provision of the Indenture or the Bonds, shall affect or impair the obligation of the District, which is absolute and unconditional, to pay the interest on and principal of the Bonds to the respective Owners of the Bonds at the respective dates of maturity, as provided in the Indenture, out of the Net Special Taxes and other moneys in the Indenture pledged for such payment.

A waiver of any default or breach of duty or contract by any Owners shall not affect any subsequent default or breach of duty or contract, or impair any rights or remedies on any such

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subsequent default or breach. No delay or omission of any Owner of any of the Bonds to exercise any right or power accruing upon any default shall impair any such right or power or shall be construed to be a waiver of any such default or an acquiescence therein; and every power and remedy conferred upon the Owners by the Act or by the Indenture may be enforced and exercised from time to time and as often as shall be deemed expedient by the Owners, as the case may be.

DEFEASANCE

Defeasance. If the District shall pay or cause to be paid, or there shall otherwise be paid, to the Owner of an Outstanding Bond the interest due thereon and the principal thereof, at the times and in the manner stipulated in the Indenture, then the Owner of such Bond shall cease to be entitled to the pledge of Net Special Taxes, and, other than as set forth below, all covenants, agreements and other obligations of the District to the Owner of such Bond under the Indenture shall thereupon cease, terminate and become void and be discharged and satisfied. In the event of a defeasance of all Outstanding Bonds pursuant to the Indenture, the Fiscal Agent shall execute and deliver to the District all such instruments as may be desirable to evidence such discharge and satisfaction, and the Fiscal Agent shall, after payment of amounts payable to the Fiscal Agent under the Indenture, pay over or deliver to the District’s general fund all money or securities held by it pursuant to the Indenture which are not required for the payment of the interest due on and the principal of such Bonds.

Any Outstanding Bond shall be deemed to have been paid within the meaning expressed in the paragraph above if such Bond is paid in any one or more of the following ways:

(a) by paying or causing to be paid the principal of, premium, if any, and interest on such Bond, as and when the same become due and payable;

(b) by depositing with the Fiscal Agent, in trust, at or before maturity, money which, together with the amounts then on deposit in the Special Tax Fund is fully sufficient to pay the principal of, premium, if any, and interest on such Bond, as and when the same shall become due and payable; or

(c) by depositing with the Fiscal Agent, or another escrow bank appointed by the District, in trust, direct, non-callable, non-prepayable Federal Securities, of the type defined in the definition thereof set forth in the Indenture, in which the District may lawfully invest its money, in such amount as an Independent Financial Consultant shall determine will be sufficient, together with the interest to accrue thereon and moneys then on deposit in the Special Tax Fund, together with the interest to accrue thereon, to pay and discharge the principal of, premium, if any, and interest on such Bond, as and when the same shall become due and payable; then, at the election of the District, and notwithstanding that any Outstanding Bonds shall not have been surrendered for payment, all obligations of the District under the Indenture with respect to such Bond shall cease and terminate, except for the obligation of the Fiscal Agent to pay or cause to be paid to the Owners of any such Bond not so surrendered and paid, all sums due thereon and except for the covenants of the District contained in the Indenture relating to compliance with the Code. Notice of such election shall be filed with the Fiscal Agent not less than thirty (30) days prior to the proposed defeasance date. In connection with a defeasance under (b) or (c) above, there shall be provided to the Fiscal Agent a certificate of a certified public accountant stating its opinion as to the sufficiency of the moneys or securities deposited with the Fiscal Agent or the escrow bank to pay and

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discharge the principal of and interest on all Outstanding Bonds to be defeased in accordance with the Indenture, as and when the same shall become due and payable, and an opinion of Bond Counsel (which may rely upon the opinion of the certified public accountant) to the effect that the Bonds being defeased have been legally defeased in accordance with the Indenture and any applicable Supplemental Indenture. Upon a defeasance, the Fiscal Agent, upon request of the District, shall release the rights of the Owners of such Bonds which have been defeased under the Indenture and execute and deliver to the District all such instruments as may be desirable to evidence such release, discharge and satisfaction. The Fiscal Agent shall, at the written direction of the District, mail, first class, postage prepaid, a notice to the Bondowners whose Bonds have been defeased, in the form directed by the District, stating that the defeasance has occurred.

MISCELLANEOUS

Cancellation of Bonds. All Bonds surrendered to the Fiscal Agent for payment upon maturity or for redemption shall be upon payment therefor, and any Bond purchased by the District as authorized in the Indenture and delivered to the Fiscal Agent for such purpose shall be, cancelled forthwith and shall not be reissued. The Fiscal Agent shall destroy such Bonds, as provided by law, and, upon request of the District, furnish to the District a certificate of such destruction.

Execution of Documents and Proof of Ownership. Any request, direction, consent, revocation of consent, or other instrument in writing required or permitted by the Indenture to be signed or executed by Bondowners may be in any number of concurrent instruments of similar tenor and may be signed or executed by such Owners in person or by their attorneys appointed by an instrument in writing for that purpose, or by the bank, trust company or other depository for such Bonds. Proof of the execution of any such instrument, or of any instrument appointing any such attorney, and of the ownership of Bonds shall be sufficient for the purposes of the Indenture (except as otherwise provided in the Indenture), if made in the following manner:

The fact and date of the execution by any Owner or his or her attorney of any such instrument and of any instrument appointing any such attorney, may be proved by a signature guarantee of any bank or trust company located within the United States of America. Where any such instrument is executed by an officer of a corporation or association on behalf of such corporation or association or by a member of a partnership on behalf of such partnership, such signature guarantee shall also constitute sufficient proof of his authority.

As to any Bond, the Person in whose name the same shall be registered in the Bond Register shall be deemed and regarded as the absolute Owner thereof for all purposes, and payment of or on account of the principal of any such Bond, and the interest thereon, shall be made only to or upon the order of the registered Owner thereof or his or her legal representative. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond and the interest thereon to the extent of the sum or sums to be paid. Neither the District nor the Fiscal Agent shall be affected by any notice to the contrary.

Nothing contained in the Indenture shall be construed as limiting the Fiscal Agent or the District to such proof, it being intended that the Fiscal Agent or the District may accept any other evidence of the matters in the Indenture stated which the Fiscal Agent or the District may deem sufficient. Any request or consent of the Owner of any Bond shall bind every future Owner of the same Bond in respect of anything done or suffered to be done by the Fiscal Agent or the District in pursuance of such request or consent.

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Unclaimed Moneys. Anything in the Indenture to the contrary notwithstanding, any money held by the Fiscal Agent or the District in trust for the payment and discharge of any of the Outstanding Bonds which remain unclaimed for two years after the date when such Outstanding Bonds have become due and payable, if such money was held by the Fiscal Agent or the District at such date, or for two years after the date of deposit of such money if deposited with the Fiscal Agent or the District after the date when such Outstanding Bonds become due and payable, shall be repaid by the Fiscal Agent to the District or retained by the District, as its absolute property and free from trust, and the Fiscal Agent or the District shall thereupon be released and discharged with respect thereto and the Owners shall look only to the District for the payment of such Outstanding Bonds; provided, however, that, before being required to make any such payment to the District, the Fiscal Agent shall, upon the written request and at the expense of the District, cause to be mailed by first- class mail, postage prepaid, to the registered Owners of such Outstanding Bonds at their addresses as they appear in the Bond Register a notice that said money remains unclaimed and that, after a date named in said notice, which date shall not be less than 30 days after the date of the mailing of such notice, the balance of such money then unclaimed will be returned to the District.

Provisions Constitute Contract. The provisions of the Indenture shall constitute a contract between the District and the Bondowners and the provisions of the Indenture shall be construed in accordance with the laws of the State of California.

In case any suit, action or proceeding to enforce any right or exercise any remedy shall be brought or taken and, should said suit, action or proceeding be abandoned, or be determined adversely to the Bondowners or the Fiscal Agent, then the District, the Fiscal Agent and the Bondowners shall be restored to their former positions, rights and remedies as if such suit, action or proceeding had not been brought or taken.

After the issuance and delivery of the Bonds the Indenture shall be irrepealable, but shall be subject to modifications to the extent and in the manner provided in the Indenture, but to no greater extent and in no other manner.

Future Contracts. Nothing in the Indenture contained shall be deemed to restrict or prohibit the District from making contracts or creating bonded or other indebtedness payable from a pledge of the Net Special Taxes which is subordinate to the pledge under the Indenture, or which is payable from the general fund of the District or from taxes or any source other than the Net Special Taxes and other amounts pledged under the Indenture.

Further Assurances. The District will adopt, make, execute and deliver any and all such further resolutions, instruments and assurances as may be reasonably necessary or proper to carry out the intention or to facilitate the performance of the Indenture, and for the better assuring and confirming unto the Owners of the Bonds the rights and benefits provided in the Indenture.

Severability. If any covenant, agreement or provision, or any portion thereof, contained in the Indenture, or the application thereof to any person or circumstance, is held to be unconstitutional, invalid or unenforceable, the remainder of the Indenture and the application of any such covenant, agreement or provision, or portion thereof, to other persons or circumstances, shall be deemed severable and shall not be affected thereby, and the Indenture and the Bonds issued pursuant to the Indenture shall remain valid and the Bondowners shall retain all valid rights and benefits accorded to them under the laws of the State of California.

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APPENDIX B

FORM OF APPROVING LEGAL OPINION

[Closing Date]

Honorable Board of Directors Eastern Municipal Water District Perris, California

Re: $11,320,000 Community Facilities District No. 2001-01 (French Valley) of the Eastern Municipal Water District Improvement Area A 2015 Special Tax Refunding Bonds

Gentlemen:

We have examined the Constitution and laws of the State of California, a certified record of the proceedings of Eastern Municipal Water District (the “Water District”) taken in connection with the formation of Community Facilities District No. 2001-01 (French Valley) of the Eastern Municipal Water District (the “District”) and the authorization and issuance of the District’s Improvement Area A 2015 Special Tax Refunding Bonds in the aggregate principal amount of $11,320,000 (the “Bonds”) and such other information and documents as we consider necessary to render this opinion. In rendering this opinion, we have relied upon certain representations of fact and certifications made by the Water District, the District, the initial purchaser of the Bonds and others. We have not undertaken to verify through independent investigation the accuracy of the representations and certifications relied upon by us.

The Bonds have been issued pursuant to the Mello-Roos Community Facilities Act of 1982, as amended (Sections 53311 et seq. of the Government Code of the State of California), Resolution No. 2014-163 adopted by the Board of Directors of the Water District, acting in its capacity as the legislative body of the District, on January 21 2015 (the “Resolution of Issuance”) and a Trust Indenture by and between the District and U.S. Bank National Association, as Fiscal Agent (the “Fiscal Agent”), dated as of February 1, 2015 (the “Indenture”). All capitalized terms not defined herein shall have the meanings set forth in the Indenture.

The Bonds are dated as of the date of hereof and mature on the dates and in the amounts set forth in the Indenture. The Bonds bear interest payable semiannually on each March 1 and September 1, commencing on September 1, 2015, at the rates per annum set forth in the Indenture. The Bonds are registered Bonds in the form set forth in the Indenture redeemable in the amounts, at the times and in the manner provided for in the Indenture.

Based upon our examination of the foregoing, and in reliance thereon and on all matters of fact as we deem relevant under the circumstances, and upon consideration of applicable laws, we are of the opinion that:

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(1) The Bonds have been duly and validly authorized by the District and are legal, valid and binding limited obligations of the District, enforceable in accordance with their terms and the terms of the Indenture, except as the same may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or other similar laws affecting generally the enforcement of creditors’ rights, by equitable principles and by the exercise of judicial discretion; provided, however, we express no opinion as to the enforceability of the covenant of the District contained in the Indenture to levy Special Taxes for the payment of Administrative Expenses. The Bonds are limited obligations of the District but are not a debt of the Water District, the County of Riverside, the State of California or any other political subdivision thereof within the meaning of any constitutional or statutory limitation, and, except for the Special Taxes, neither the faith and credit nor the taxing power of the District, the Water District, the County of Riverside, the State of California, or any other political subdivision is pledged for the payment thereof. The execution and delivery of the Indenture has been duly authorized by the District, and the Indenture is valid and binding upon the District and is enforceable in accordance with its terms, except to the extent that enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws affecting creditors’ rights generally, by the exercise of judicial discretion in accordance with general principles of equity or otherwise in appropriate cases, and by the limitations on legal remedies against public agencies in the State of California; provided, however, we express no opinion as to the enforceability of the covenant of the District contained in the Indenture to levy Special Taxes for the payment of Administrative Expenses or as to any provisions therein relating to indemnification, contribution, penalty, waiver, choice of law or choice of forum.

(2) The Indenture creates a valid pledge of, and the Bonds are secured by, the Net Special Taxes and the amounts on deposit in certain funds and accounts established under the Indenture, as and to the extent provided in the Indenture, except as the same may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or other similar laws affecting generally the enforcement of creditors’ rights, by equitable principles and by the exercise of judicial discretion.

(3) Under existing statutes, regulations, rulings and judicial decisions, interest (and original issue discount) on the Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals and corporations; however, it should be noted that, with respect to corporations, such interest (and original issue discount) may be included as an adjustment in the calculation of alternative minimum taxable income, which may affect the alternative minimum tax liability of corporations.

(4) Interest (and original issue discount) on the Bonds is exempt from State of California personal income tax.

(5) The difference between the issue price of a Bond (the first price at which a substantial amount of the Bonds of a maturity are to be sold to the public) and the stated redemption price at maturity with respect to such Bond constitutes original issue discount. Original issue discount accrues under a constant yield method, and original issue discount will accrue to a Bond owner before receipt of cash attributable to such excludable income. The amount of original issue discount deemed received by a Bond owner will increase the

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Bond owner’s basis in the applicable Bond. Original issue discount that accrues to the Bond owner is excluded from the gross income of such owner for federal income tax purposes, is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals and corporations (as described in paragraph 3 above), and is exempt from State of California personal income tax.

The opinions expressed in paragraphs (3) and (5) above as to the exclusion from gross income for federal income tax purposes of interest and original issue discount on the Bonds are subject to the condition that the Water District and the District comply with all requirements of the Internal Revenue Code of 1986, as amended (the “Code”), that must be satisfied subsequent to the issuance of the Bonds to assure that such interest and original issue discount will not become includable in gross income for federal income tax purposes. Failure to comply with such requirements of the Code might cause interest and original issue discount on the Bonds to be included in gross income for federal income tax purposes retroactive to the date of issuance of the Bonds. The Water District and the District have covenanted to comply with all such requirements. Except as set forth in paragraphs (3), (4) and (5) above, we express no opinion as to any tax consequences related to the Bonds.

The opinions expressed herein are based upon an analysis of existing statutes, regulations, rulings and judicial decisions and cover certain matters not directly addressed by such authorities.

We call attention to the fact that the foregoing opinions may be affected by actions taken (or not taken) or events occurring (or not occurring) after the date hereof. We have not undertaken to determine, or to inform any person, whether such actions or events are taken (or not taken) or do occur (or do not occur). The Indenture and the Tax Certificate executed by the District with respect to the Bonds as of the date hereof permit certain actions to be taken or omitted if a favorable opinion of Bond Counsel is provided with respect thereto. We express no opinion as to the effect on the exclusion from gross income of interest and original issue discount on the Bonds for federal income tax purposes on and after the date on which any such change occurs or action is taken upon the advice or approval of counsel other than Stradling Yocca Carlson & Rauth, a Professional Corporation.

We express no opinion herein as to the accuracy, completeness or sufficiency of the Official Statement relating to the Bonds or other offering material relating to the Bonds and expressly disclaim any duty to advise the owners of the Bonds with respect to matters contained in the Official Statement.

Respectfully submitted,

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APPENDIX C

RATE AND METHOD OF APPORTIONMENT OF SPECIAL TAX FOR COMMUNITY FACILITIES DISTRICT NO. 2001-01 (FRENCH VALLEY) EASTERN MUNICIPAL WATER DISTRICT

A Special Tax, shall be applicable to each Parcel of Taxable Property located within the boundaries of Community Facilities District No. 2001-01 (“CFD”). The amount of Special Tax to be levied in each Improvement Area in each Fiscal Year, commencing in Fiscal Year 2002-2003 on a Parcel shall be determined by the Board of the Eastern Municipal Water District, acting in its capacity as the legislative body of the CFD by applying the appropriate Special Tax for “Developed Property”, “Approved Property”, and “Undeveloped Property” as set forth in Sections B, C, and D below. All of the real property within the CFD, unless exempted by law or by the provisions hereof in Section E., shall be taxed for the purposes, to the extent and in the manner herein provided.

A. DEFINITIONS

The terms hereinafter set forth have the following meanings:

“Acre or Acreage” means the acreage of a Parcel as indicated on the most recent Assessor’s Parcel Map, or if the land area is not shown on the Assessor’s Parcel Map, the land area shown on the applicable Final Map, parcel map, condominium plan, or other recorded County parcel map.

“Act” means the Mello-Roos Community Facilities Act of 1982, as amended, being Chapter 2.5, Part 1 of Division 2 of Title 5 of the California Government Code of the State of California.

“Administrative Expenses” means all actual or reasonably estimated costs and expenses of the District that are chargeable or allocable to the applicable Improvement Area to carry out its duties as the administrator of the CFD as allowed by the Act, which shall include without limitation, all costs and expenses arising out of or resulting from the annual levy and collection of the Special Tax, trustee fees, rebate compliance calculation fees, any litigation involving the CFD, continuing disclosure undertakings of the District as imposed by applicable laws and regulations, communication with bondholders and normal administrative expenses.

“Administrator” means an official of the District, or designee thereof, responsible for determining the levy and collection of the Special Taxes.

“Approved Property” means all Parcels of Taxable Property: (i) that are included in a Final Map that was recorded prior to the January 1st preceding the Fiscal Year in which the Special Tax is being levied, and (ii) that have not been issued a building permit prior to the April 1st preceding the Fiscal Year in which the Special Tax is being levied.

“Assessor’s Parcel Map” means an official map of the Assessor of the County of Riverside designating parcels by Assessor’s Parcel number.

“Assigned Special Tax” means the Special Tax for each Land Use Category of Developed Property, as determined in accordance with Section C.1.a. below. C-1

“Backup Special Tax” means the Special Tax amount set forth in Section C.1.b. below.

“Board” means the board of the Eastern Municipal Water District.

“Bonds” means any bonds or other indebtedness (as defined in the Act) issued by an Improvement Area of the CFD and secured by the levy of Special Taxes within such Improvement Area.

“CFD” means Community Facilities District No. 2001-01 (French Valley) of the District established pursuant to the Act.

“Developed Property” means all Parcels of Taxable Property, not classified as Approved Property, Undeveloped Property, Public Property and/or Property Owner’s Association Property that are not Exempt Property pursuant to the provisions of Section E. below: (i) that are included in a Final Map that was recorded prior to January 1 preceding the Fiscal Year in which the Special Tax is being levied and (ii) a building permit for new construction has been issued prior to April 1st preceding the Fiscal Year in which the Special Tax is being levied.

“District” means the Eastern Municipal Water District.

“Exempt Property” means any Parcel or portion of a Parcel, which is exempt from Special Taxes pursuant to Section E. below.

“Final Map” means a subdivision of property by recordation of a final map, parcel map, or lot line adjustment, pursuant to the Subdivision Map Act (California Government Code Section 66410 et seq.) or recordation of a condominium plan pursuant to California Civil Code 1352 that creates individual lots for which building permits may be issued without further subdivision.

“Fiscal Year” means the period starting on July 1 and ending on the following June 30.

“Improvement Area(s)” means Improvement Area A or Improvement Area B as geographically identified on the boundary map of the CFD.

“Improvement Area A” means the specific area identified on the boundary map as Improvement Area A of the CFD.

“Improvement Area B” means the specific area identified on the boundary map as Improvement Area B of the CFD.

“Indenture” means the bond indenture, fiscal agent agreement, trust agreement, resolution or other instrument pursuant to which Bonds are issued, as modified, amended and/or supplemented from time to time, and any instrument replacing or supplementing the same.

“Land Use Category” means any of the categories listed in Tables 1 and 2.

“Maximum Special Tax” means the maximum Special Tax, determined in accordance with Section C, which can be levied in any Fiscal Year on any Parcel.

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“Non-Residential Property” means all Parcels of Developed Property for which a building permit was issued for any type of non-residential use.

“Parcel(s)” means a lot or parcel shown on an Assessor’s Parcel Map with an assigned parcel number as of January 1 preceding the Fiscal Year for which the Special Tax is being levied.

“Property Owner’s Association Property” means any property within the boundary of the CFD which, as of January 1 of the preceding Fiscal Year for which the Special Tax is being levied has been conveyed, dedicated to, or irrevocably dedicated to a property owner association, including any master or sub-association.

“Proportionately” means for Developed Property that the ratio of the actual Special Tax levy to the Assigned Special Tax or Backup Special Tax is the same for all Parcels of Developed Property and for Undeveloped Property, Public Property and/or Property Owners Association Property that is not Exempt Property pursuant to Section E., that the ratio of the actual Special Tax levy per acre to the Maximum Special Tax per acre is the same for all such Parcels.

“Public Property” means any Parcel within the boundary of the CFD which, as of January 1 of the preceding Fiscal Year for which the Special Tax is being levied is used for rights-of-way or any other purpose and is owned by, dedicated to, or irrevocably offered for dedication to the federal government, the State of California, the county, city or any other local jurisdiction, provided, however, that any property leased by a public agency to a private entity and subject to taxation under Section 53340.1 of the Act shall be taxed and classified according to its use.

“Residential Floor Area” means all of the square footage of living area of a residential structure, not including any carport, walkway, garage, overhang, patio, enclosed patio or similar area on a Parcel. The determination of Residential Floor Area shall be made by reference to the building permit(s) for the Parcel.

“Residential Property” means all Parcels of Developed Property for which a building permit has been issued for purposes of constructing one or more residential dwelling units.

“Special Tax(es)” means the special tax to be levied in each Fiscal Year on each Parcel of Taxable Property.

“Special Tax Requirement for Improvement Area A” means that amount required in any Fiscal Year within Improvement Area A of the CFD to pay: (i) annual debt service on all outstanding Bonds due in the calendar year which commences in such Fiscal Year; (ii) periodic costs on the Bonds, including but not limited to, credit enhancement and rebate payments on the Bonds; (iii) Administrative Expenses; (iv) an amount equal to any anticipated shortfall due to Special Tax delinquencies in the prior Fiscal Year; and (v) any amounts required to establish or replenish any reserve funds for the outstanding Bonds; less (vi) a credit for funds available to reduce the annual Special Tax levy as determined pursuant to the Indenture.

“Special Tax Requirement for Improvement Area B” means that amount required in any Fiscal Year within Improvement Area B of the CFD to pay: (i) annual debt service on all outstanding Bonds due in the calendar year which commences in such Fiscal Year; (ii) periodic costs on the Bonds, including but not limited to, credit enhancement and rebate payments on the Bonds; (iii) Administrative Expenses; (iv) an amount equal to any anticipated shortfall due to

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Special Tax delinquencies in the prior Fiscal Year; and (v) any amounts required to establish or replenish any reserve funds for the outstanding Bonds; less (vi) a credit for funds available to reduce the annual Special Tax levy as determined pursuant to the Indenture.

“Taxable Property” means all Parcels in the CFD which have not prepaid pursuant to Section H or, which are not exempt from the Special Tax pursuant to law or Section E below.

“Undeveloped Property” means all Taxable Property not classified as Developed Property, Approved Property, Public Property and/or Property Owner’s Association Property that is not Exempt Property pursuant to the provisions of Section E.

B. ASSIGNMENT TO LAND USE CATEGORY

Each Fiscal Year, commencing with the 2002-2003 Fiscal Year, all Parcels of Taxable Property within the CFD shall be categorized into the applicable Improvement Area and classified as either Developed Property, Approved Property, Undeveloped Property, Public Property and/or Property Owner’s Association Property that is not Exempt Property pursuant to the provisions in Section E., and shall be subject to the levy of Special Taxes in accordance with this Rate and Method of Apportionment as determined pursuant to Sections C. and D. below.

Parcels of Developed Property shall further be classified as Residential Property or Non-Residential Property. A Parcel of Residential Property shall further be classified to its appropriate Land Use Classification based on the Residential Floor Area of such Parcel.

C. MAXIMUM SPECIAL TAX RATE

1. Developed Property

The Maximum Special Tax for each Parcel of Residential Property within its applicable Improvement Area that is classified as Developed Property shall be the greater of (i) the applicable Assigned Special Tax described in Tables 1 or 2 or (ii) the amount derived by application of the Backup Special Tax.

The Maximum Special Tax for each Parcel of Non-Residential Property within its applicable Improvement Area shall be the Assigned Special Tax described in Tables 1 or 2.

a. Assigned Special Tax

The Assigned Special Tax for each Parcel of Developed Property within its applicable Improvement Area are shown in Tables 1 or 2 below.

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TABLE 1

Assigned Special Taxes for Developed Property within Improvement Area A Taxable Assigned Special Tax Land Use Category Unit Residential Floor Area Per Taxable Unit 1 – Residential Property D/U 2,901 sq. ft. or greater. $1,640 2 - Residential Property D/U 2,701 sq. ft. to 2,900 sq. ft. $1,568 3 - Residential Property D/U 2,501 sq. ft. to 2,700 sq. ft. $1,497 4 - Residential Property D/U 2,301 sq. ft. to 2,500 sq. ft. $1,399 5 - Residential Property D/U 2,101 sq. ft. to 2,300 sq. ft. $1,281 6 - Residential Property D/U 1,901 sq. ft. to 2,100 sq. ft. $1,182 7 - Residential Property D/U 1,900 sq. ft. or less $1,092 8 - Non - Residential Property Acre N/A $8,489

TABLE 2

Assigned Special Taxes for Developed Property within Improvement Area B Taxable Assigned Special Tax Land Use Category Unit Residential Floor Area Per Taxable Unit 1 – Residential Property D/U 2,901 sq. ft. or greater $1,783 2 – Residential Property D/U 2,501 sq. ft. to 2,900 sq. ft. $1,685 3 – Residential Property D/U 2,301 sq. ft. to 2,500 sq. ft. $1,516 4 – Residential Property D/U 2,101 sq. ft. to 2,300 sq. ft. $1,418 5 – Residential Property D/U 1,901 sq. ft. to 2,100 sq. ft. $1,337 6 – Residential Property D/U 1,900 sq. ft. or less $1,213 7 – Non - Residential Property Acre N/A $8,829

b. Backup Special Tax

When a Final Map is recorded within the applicable Improvement Area, the Backup Special Tax for the Parcels of Residential Property within such Final Map area shall be determined.

For Parcels of Residential Property within a Final Map that lie within Improvement Area A, the Backup Special Tax shall be determined by multiplying $8,489 by the total Acreage of Taxable Property excluding the Acreage associated with Public Property and/or Property Owner’s Association Property that is not Exempt Property pursuant to Section E. in such Final Map and dividing such amount by the number of Parcels (i.e., the number of residential lots) within such Final Map.

For Parcels of Residential Property within a Final Map that lie within Improvement Area B, the Backup Special Tax shall be determined by multiplying $8,829 by the total Acreage of Taxable Property excluding the Acreage associated with Public Property and/or Property Owner’s Association Property that is not Exempt Property pursuant to

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Section E. in such Final Map and dividing such amount by the number of Parcels (i.e., the number of residential lots) within such Final Map.

If a Final Map within the applicable Improvement Area includes Parcels for which building permits for residential construction may be issued and non-residential construction that is issued, then the Backup Special Tax for each Parcel of Residential Property within the CFD shall be computed exclusive of the allocable portion of total Acreage attributable to Parcels for which building permits for non- residential construction are issued.

Notwithstanding the foregoing, if Parcels of Residential Property are subsequently changed or modified by recordation of a lot line adjustment or similar instrument, then the Backup Special Tax shall be recalculated to equal the amount of Backup Special Tax that would have been generated if such change did not take place.

2. Approved Property

The Maximum Special Tax for each Parcel of Approved Property within the applicable Improvement Area shall be the Backup Special Tax computed pursuant to Section C.1.b.

3. Undeveloped Property

The Maximum Special Tax for each Parcel of Undeveloped Property within Improvement Area A shall be $8,489 per Acre and the Maximum Special Tax for each Parcel of Undeveloped Property within Improvement Area B shall be $8,829 per Acre.

4. Public Property and/or Property Owners Association Property that is not Exempt Property pursuant to the provisions of Section E.

The Maximum Special Tax for each Parcel of Public Property and/or Property Owners Association Property that is not Exempt Property pursuant to the provisions of Section E., within Improvement Area A shall be $8,489 per Acre and the Maximum Special Tax for each Parcel of Public Property and/or Property Owners Association Property that is not Exempt Property pursuant to the provisions of Section E., within Improvement Area B shall be $8,829 per Acre.

D. METHOD OF APPORTIONMENT OF THE SPECIAL TAX

1. Improvement Area A

Commencing with Fiscal Year 2002-2003 and for each following Fiscal Year, the Board shall levy the Special Tax on all Taxable Property in Improvement Area A until the amount of Special Taxes equals the Special Tax Requirement for Improvement Area A in accordance with the following steps:

First: The Special Tax shall be levied Proportionately on each Parcel of Developed Property within Improvement Area A at up to 100% of the applicable Assigned Special Tax rate in Table 1 as needed to satisfy the Special Tax Requirement for Improvement Area A;

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Second: If additional moneys are needed to satisfy the Special Tax Requirement for Improvement Area A after the first step has been completed, the Special Tax shall be levied Proportionately on each Parcel of Approved Property within Improvement Area A at up to 100% of the Maximum Special Tax for Approved Property; Third: If additional moneys are needed to satisfy the Special Tax Requirement for Improvement Area A after the first two steps have been completed, the Special Tax shall be levied Proportionately on each Parcel of Undeveloped Property within Improvement Area A at up to 100% of the Maximum Special Tax for Undeveloped Property; Fourth: If additional moneys are needed to satisfy the Special Tax Requirement for Improvement Area A after the first three steps have been completed, the Special Tax to be levied on each Parcel of Developed Property within Improvement Area A whose Maximum Special Tax is derived by the application of the Backup Special Tax shall be increased Proportionately from the Assigned Special Tax up to the Maximum Special Tax for each such Parcel; Fifth: If additional moneys are needed to satisfy the Special Tax Requirement for Improvement Area A after the first four steps have been completed, the Special Tax shall be levied Proportionately on each Parcel of Public Property and/or Property Owner’s Association Property within Improvement Area A that is not Exempt Property pursuant to the provisions of Section E. at up to 100% of the Maximum Special Tax.

2. Improvement Area B

Commencing with Fiscal Year 2002-2003 and for each following Fiscal Year, the Board shall levy the Special Tax on all Taxable Property in Improvement Area B until the amount of Special Taxes equals the Special Tax Requirement for Improvement Area B in accordance with the following steps:

First: The Special Tax shall be levied Proportionately on each Parcel of Developed Property within Improvement Area B at up to 100% of the applicable Assigned Special Tax rate in Table 2 as needed to satisfy the Special Tax Requirement for Improvement Area B; Second: If additional moneys are needed to satisfy the Special Tax Requirement for Improvement Area B after the first step has been completed, the Special Tax shall be levied Proportionately on each Parcel of Approved Property within Improvement Area B at up to 100% of the Maximum Special Tax for Approved Property; Third: If additional moneys are needed to satisfy the Special Tax Requirement for Improvement Area B after the first two steps have been completed, the Special Tax shall be levied Proportionately on each Parcel of Undeveloped Property within Improvement Area B at up to 100% of the Maximum Special Tax for Undeveloped Property; Fourth: If additional moneys are needed to satisfy the Special Tax Requirement for Improvement Area B after the first three steps have been completed, the Special Tax to be levied on each Parcel of Developed Property within Improvement Area B whose Maximum Special Tax is derived by the application of the Backup Special Tax shall be increased Proportionately from the Assigned Special Tax up to the Maximum Special Tax for each such Parcel; Fifth: If additional moneys are needed to satisfy the Special Tax Requirement for Improvement Area B after the first four steps have been completed, the Special Tax shall be levied

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Proportionately on each Parcel of Public Property and/or Property Owner’s Association Property within Improvement Area B that is not Exempt Property pursuant to the provisions of Section E. at up to 100% of the Maximum Special Tax.

Notwithstanding the above, under no circumstances will the Special Taxes levied against any Parcel of Residential Property within an Improvement Area be increased by more than ten percent (10%) per Fiscal year as a consequence of delinquency or default by the owner of any other Parcel within an Improvement Area of the CFD.

E. EXEMPTIONS

1. Improvement Area A

The Board shall not levy Special Taxes on up to 202 Acres of Public Property and Property Owner’s Association Property within Improvement Area A of the CFD. Exempt Property status will be assigned by the Administrator in the chronological order in which property becomes Public Property and Property Owner’s Association Property.

After the limit of 202 Acres within Improvement Area A of the CFD has been reached, the Maximum Special Tax obligation for any additional Public Property and/or Property Owner’s Association Property shall be prepaid in full pursuant to Section H. prior to the transfer or dedication of such property. Until the Maximum Special Tax obligation is prepaid as provided for in the preceding sentence, the Public Property and/or Property Owner’s Association Property within the CFD shall be subject to the levy of the Special Tax as provided for in the fifth step in Section D.1.

2. Improvement Area B

The Board shall not levy Special Taxes on up to 31.73 Acres of Public Property and Property Owner’s Association Property within Improvement Area B of the CFD. Exempt Property status will be assigned by the Administrator in the chronological order in which property becomes Public Property and Property Owner’s Association Property.

After the limit of 31.73 Acres within Improvement Area B of the CFD has been reached, the Maximum Special Tax obligation for any additional Public Property and/or Property Owner’s Association Property shall be prepaid in full pursuant to Section H. prior to the transfer or dedication of such property. Until the Maximum Special Tax obligation is prepaid as provided for in the preceding sentence, the Public Property and/or Property Owner’s Association Property within the CFD shall be subject to the levy of the Special Tax as provided for in the fifth step in Section D.2.

F. MANNER OF COLLECTION

The Special Tax shall be collected in the same manner and at the same time as ordinary Ad valorem property taxes and shall be subject to the same penalties, the same procedure, sale and lien priority in the case of delinquency; provided, however, that the District may directly bill the Special Tax, may collect Special Taxes at a different time or in a different manner if necessary to meet its financial obligations, and may covenant to foreclose and may actually foreclose on

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Parcels having delinquent Special Taxes as permitted by the Act if necessary to meet the financial obligations of the CFD.

G. APPEALS

The Board shall establish as part of the proceedings and administration of CFD a Special three- member Review/Appeal Committee. Any landowner or resident who feels that the amount of the Special Tax levied on their Parcel is in error may file a notice with the Review/Appeal Committee appealing the amount of Special Tax levied on such Parcel. The Review/Appeal Committee shall interpret this Rate and Method of Apportionment and make determinations relative to the annual administration of the Special Tax and any landowner or resident who appeals, as herein specified. The decision of the Review/Appeal Committee shall be final and binding on all persons.

H. PREPAYMENT OF SPECIAL TAX

The following definitions apply to this Section H:

“CFD Public Facilities” means $17,198,000 for Improvement Area A and $2,587,000 for Improvement Area B expressed in 2001 dollars, which shall increase by the Construction Inflation Index on July 1, 2002, and on each July 1 thereafter, or such lower number as (i) shall be determined by the Administrator as sufficient to provide the public facilities under the authorized bonding program for Improvement Area A or Improvement Area B of the CFD, or (ii) shall be determined by the Board concurrently with a covenant that it will not issue any more Bonds to be supported by Special Taxes within Improvement Area A or Improvement Area B as levied under this Rate and Method of Apportionment.

“Construction Fund” means an account specifically identified in the Indenture or functionally equivalent for Improvement Area A or Improvement Area B to hold funds which are currently available for expenditure to acquire or construct public facilities eligible under the Act.

“Construction Inflation Index” means the annual percentage change in the Engineering News- Record Building Cost Index for the City of Los Angeles, measured as of the calendar year which ends in the previous Fiscal Year. In the event this index ceases to be published, the Construction Inflation Index shall be another index as determined by the Administrator that is reasonably comparable to the Engineering News-Record Building Cost Index for the City of Los Angeles.

“Future Facilities Costs” means for Improvement Area A or Improvement Area B the CFD Public Facilities minus public facility costs available to be funded through existing construction or escrow accounts or funded by the Outstanding Bonds, and minus public facility costs funded by interest earnings on the Construction Fund actually earned prior to the date of prepayment.

“Outstanding Bonds” means all previously issued bonds issued by an Improvement Area and secured by the levy of Special Taxes within such Improvement Area, which will remain outstanding after the first interest and/or principal payment date following the current Fiscal Year, excluding bonds to be redeemed at a later date with the proceeds of prior prepayments of Maximum Special Taxes.

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1. Prepayment in Full The Maximum Special Tax obligation within any Improvement Area may only be prepaid and permanently satisfied by a Parcel of Developed Property, Approved Property for which a building permit has been issued, and Public Property and/or Property Owner’s Association Property that is not Exempt Property pursuant to Section E. The Maximum Special Tax obligation applicable to such Parcel may be fully prepaid and the obligation of the Parcel to pay the Special Tax permanently satisfied as described herein; provided that a prepayment may be made only if there are no delinquent Special Taxes with respect to such the Parcel at the time of prepayment. An owner of Parcel intending to prepay the Maximum Special Tax obligation shall provide the Administrator with written notice of intent to prepay, and within 5 days of receipt of such notice, the Administrator shall notify such owner of the amount of the non-refundable deposit determined to cover the cost to be incurred by the CFD in calculating the proper amount of a prepayment. Within 15 days of receipt of such non-refundable deposit, the Administrator shall notify such owner of the prepayment amount of such Parcel. Prepayment must be made not less than 60 days prior to any redemption date for any Bonds to be redeemed with the proceeds of such prepaid Special Taxes. The Prepayment Amount (defined below) shall be calculated as summarized below (capitalized terms as defined below): Bond Redemption Amount plus Redemption Premium plus Future Facilities Amount plus Defeasance Amount plus Administrative Fees and Expenses less Reserve Fund Credit Total: equals Prepayment Amount As of the proposed date of prepayment, the Prepayment Amount (defined below) shall be calculated as follows: Paragraph No.: 1. For Parcels of Developed Property, compute the Maximum Special Tax for the Parcel to be prepaid. For Parcels of Approved Property to be prepaid, compute the Maximum Special Tax for that Parcel as though it was already designated as Developed Property, based upon the building permit which has already been issued for that Parcel. For Parcels of Public Property and/or Property Owner’s Association Property to be prepaid, compute the Maximum Special Tax for that Parcel. 2. Divide the Maximum Special Tax computed pursuant to paragraph 1 by the total estimated Maximum Special Taxes within the applicable Improvement Area based on the Developed Property Special Tax which could be charged, less any Parcels which have been prepaid. 3. Multiply the quotient computed pursuant to paragraph 2 by the Outstanding Bonds to compute the amount of Outstanding Bonds to be retired and prepaid (the “Bond Redemption Amount”). 4. Multiply the Bond Redemption Amount computed pursuant to paragraph 3 by the applicable redemption premium, if any, on the Outstanding Bonds to be redeemed (the “Redemption Premium”).

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5. Compute the Future Facilities Costs. 6. Multiply the quotient computed pursuant to paragraph 2 by the amount determined pursuant to paragraph 5 to compute the amount of Future Facilities Costs to be prepaid (the “Future Facilities Amount”). 7. Compute the amount needed to pay interest on the Bond Redemption Amount from the first bond interest and/or principal payment date following the current Fiscal Year until the earliest redemption date for the Outstanding Bonds. 8. Confirm that no Special Tax delinquencies apply to such Parcel. 9. Determine the Special Taxes levied on the Parcel in the current Fiscal Year which have not yet been paid. 10. Compute the amount the Administrator reasonably expects to derive from the reinvestment of the Prepayment Amount less the Future Facilities Amount and the Administrative Fees and Expenses from the date of prepayment until the redemption date for the Outstanding Bonds to be redeemed with the prepayment. 11. Add the amounts computed pursuant to paragraphs 7 and 9 and subtract the amount computed pursuant to paragraph 10 (the “Defeasance Amount”). 12. Verify the administrative fees and expenses, including the costs of computation of the prepayment, the costs to invest the prepayment proceeds, the costs of redeeming the Outstanding Bonds, and the costs of recording any notices to evidence the prepayment and the redemption (the “Administrative Fees and Expenses”). 13. The reserve fund credit (the “Reserve Fund Credit”) shall equal the lesser of: (a) the expected reduction in the reserve requirement (as defined in the Indenture), if any, associated with the redemption of Outstanding Bonds as a result of the prepayment, or (b) the amount derived by subtracting the new reserve requirement (as defined in the Indenture) in effect after the redemption of Outstanding Bonds as a result of the prepayment from the balance in the reserve fund on the prepayment date, but in no event shall such amount be less than zero. 14. The Maximum Special Tax prepayment is equal to the sum of the amounts computed pursuant to paragraphs 3, 4, 6, 11 and 12, less the amount computed pursuant to paragraph 13 (the “Prepayment Amount”). 15. From the Prepayment Amount, the amounts computed pursuant to paragraphs 3, 4, 11, and 13 shall be deposited into the appropriate fund as established under the Indenture and be used to retire Outstanding Bonds or make debt service payments. The amount computed pursuant to paragraph 6 shall be deposited into the Construction Fund. The amount computed pursuant to paragraph 12 shall be retained by the CFD.

The Prepayment Amount may be sufficient to redeem other than a $5,000 increment of Bonds. In such cases, the increment above $5,000 or integral multiple thereof will be retained in the appropriate fund established under the Indenture to be used with the next prepayment of bonds or to make debt service payments.

As a result of the payment of the current Fiscal Year’s Special Tax levy as determined under paragraph 9 (above), the Administrator shall remove the current Fiscal Year’s Special Tax levy for such Parcel from the County tax rolls. With respect to any Parcel that is prepaid, the Board shall cause a suitable notice to be recorded in compliance with the Act, to indicate the

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prepayment of Special Taxes and the release of the Special Tax lien on such Parcel, and the obligation of such Parcel to pay the Special Tax shall cease.

Notwithstanding the foregoing, no Special Tax prepayment shall be allowed unless the amount of Maximum Special Taxes that may be levied on Taxable Property within the applicable Improvement Area both prior to and after the proposed prepayment is at least 1.10 times the maximum annual debt service on all Outstanding Bonds.

2. Prepayment in Part

The Maximum Special Tax on a Parcel of Developed Property or a Parcel of Approved Property for which a building permit has been issued may be partially prepaid in increments of $2,000. The amount of the prepayment shall be calculated as in Section H.1; except that a partial prepayment shall be calculated according to the following formula:

PP = PE x F These terms have the following meaning: PP = the partial prepayment PE = the Prepayment Amount calculated according to Section H.1 F = the percent by which the owner of the Parcel(s) is partially prepaying the Maximum Special Tax.

The owner of a Parcel who desires to partially prepay the Maximum Special Tax shall notify the Administrator of (i) such owner’s intent to partially prepay the Maximum Special Tax, (ii) the amount of partial prepayment expressed in increments of $2,000, and (iii) the company or agency that will be acting as the escrow agent, if applicable, and within 5 days of receipt of such notice, the Administrator shall notify such owner of the amount of the non-refundable deposit determined to cover the cost to be incurred by the CFD in calculating the proper amount of a partial prepayment. Within 15 days of receipt of such non-refundable deposit, the Administrator shall notify such owner of the partial prepayment amount of such Parcel. Partial prepayment must be made not less than 60 days prior to any redemption date for any Bonds to be redeemed with the proceeds of such prepaid Special Taxes.

With respect to any Parcel that is partially prepaid, the Administrator shall (i) distribute the funds remitted to it according to Paragraph 15 of Section H.1, and (ii) indicate in the records of the Improvement Area of the CFD that there has been a partial prepayment of the Maximum Special Tax and that a portion of the Maximum Special Tax equal to the outstanding percentage (1.00-F) of the remaining Maximum Special Tax shall continue to be authorized to be levied on such Parcel pursuant to Section D.

I. TERM OF THE SPECIAL TAX

For each year that any Bonds are outstanding the Special Tax shall be levied on all Parcels subject to the Special Tax. If any delinquent Special Taxes remain uncollected prior to or after all Bonds are retired, the Special Tax may be levied to the extent necessary to reimburse the CFD for uncollected Special Taxes associated with the levy of such Special Taxes, but not later than the 2040-41 Fiscal Year.

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APPENDIX D

INFORMATION CONCERNING THE DEPOSITORY TRUST COMPANY

The information in this section concerning DTC and DTC’s book-entry only system has been obtained from sources that the District believes to be reliable, but the District takes no responsibility for the completeness or accuracy thereof. The following description of the procedures and record keeping with respect to beneficial ownership interests in the Bonds, payment of principal, premium, if any, accreted value and interest on the Bonds to DTC Participants or Beneficial Owners, confirmation and transfers of beneficial ownership interests in the Bonds and other related transactions by and between DTC, the DTC Participants and the Beneficial Owners is based solely on information provided by DTC. The Depository Trust Company (“DTC”), New York, New York, will act as securities depository for the Bonds. The Bonds will be issued as fully-registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Bond will be issued for each annual maturity of the Bonds, each in the aggregate principal amount of such maturity, and will be deposited through the facilities of DTC. DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has a Standard & Poor’s rating of “AA+.” The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com. Purchases of Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Bonds on DTC’s records. The ownership interest of each actual purchaser of each Bond (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Bonds, except in the event that use of the book-entry system for the Bonds is discontinued.

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To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Bonds; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Bonds may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Bonds, such as redemptions, tenders, defaults, and proposed amendments to the Bond documents. For example, Beneficial Owners of Bonds may wish to ascertain that the nominee holding the Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them. Redemption notices shall be sent to DTC. If less than all of the Bonds within a maturity are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such maturity to be redeemed. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Bonds unless authorized by a Direct Participant in accordance with DTC’s MMI procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the District as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy). Principal, redemption price and interest payments on the Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from the District or the Fiscal Agent, on payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC, the Fiscal Agent, or the District, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of principal, redemption price and interest payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the District or the Fiscal Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants. DTC may discontinue providing its services as depository with respect to the Bonds at any time by giving reasonable notice to the District or the Fiscal Agent. Under such circumstances, in the event that a successor depository is not obtained, Bond certificates are required to be printed and delivered. The District may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, Bond certificates will be printed and delivered to DTC.

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APPENDIX E

DISTRICT CONTINUING DISCLOSURE CERTIFICATE

THIS CONTINUING DISCLOSURE CERTIFICATE (this “Disclosure Certificate”), dated as of February 1, 2015, is executed and delivered by Community Facilities District No. 2001-01 (French Valley) of the Eastern Municipal Water District (the “Issuer”) in connection with the issuance by the Issuer of its Improvement Area A 2015 Special Tax Refunding Bonds (the “Bonds”). The Bonds are being issued pursuant to a Resolution of Issuance adopted by the Board of Directors of the Issuer on January 21, 2015 and a Trust Indenture by and between the Issuer and U.S. Bank National Association, as Fiscal Agent, dated as of February 1, 2015 (the “Indenture”).

The Issuer covenants as follows:

SECTION 1. Purpose of the Disclosure Certificate. This Disclosure Certificate is being executed and delivered, for the benefit of the Owners and Beneficial Owners of the Bonds and in order to assist the Participating Underwriter in complying with the Rule.

SECTION 2. Definitions. In addition to the definitions set forth in the Indenture and the Rate and Method of Apportionment, which apply to any capitalized term used in this Disclosure Certificate unless otherwise defined in this Section, the following capitalized terms shall have the following meanings:

“Annual Report” shall mean any Annual Report provided by the Issuer pursuant to, and as described in, Sections 3 and 4 of this Disclosure Certificate.

“Beneficial Owner” shall mean any person who (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bond (including a person holding Bond through a nominee, depository or other intermediary), or (b) is treated as the owner of any Bond for federal income purposes.

“Disclosure Representative” shall mean the General Manager, the Assistant General Manager, Finance and Administration, Director of Finance or such other officer or employee as the Issuer shall designate in writing to the Dissemination Agent from time to time.

“Dissemination Agent” shall mean, initially, the Issuer, or any successor Dissemination Agent designed in writing by the Issuer.

“EMMA” shall mean the Electronic Municipal Market Access System of the Municipal Securities Rulemaking Board, which can be found at www.emma.msrb.org, or any other repository of disclosure information that may be designated by the Securities and Exchange Commission in the future.

“Improvement Area A” means Improvement Area A of Community Facilities District No. 2001-01 (French Valley) of the Eastern Municipal Water District.

“Listed Events” shall mean any of the events listed in Section 5(a) of this Disclosure Certificate.

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“Official Statement” shall mean the Issuer’s official statement with respect to the Bonds.

“Participating Underwriter” shall mean Stifel, Nicolaus & Company, Incorporated.

“Rate and Method of Apportionment” means that certain Rate and Method of Apportionment of Special Tax for Improvement Area A approved pursuant to the Resolution of Formation, as amended in accordance with the Act and the Indenture.

“Resolution of Formation” means the Resolution adopted by the Board of Directors of Eastern Municipal Water District on September 19, 2001, pursuant to which Eastern Municipal Water District formed the Issuer.

“Rule” shall mean Rule 15c2-12(b)(5) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time.

“Tax-exempt” shall mean that interest on the Bonds is excluded from gross income for federal income tax purposes, whether or not such interest is includable as an item of tax preferences or otherwise includable directly or indirectly for purposes of calculating any other tax liability, including any alternative minimum tax or environmental tax.

SECTION 3. Provision of Annual Reports.

(a) Not later than eight months after the end of the Issuer’s fiscal year (which currently ends on June 30), commencing with the fiscal year ending June 30, 2015, the Issuer shall, or shall cause the Dissemination Agent to, provide to EMMA and the Participating Underwriter an Annual Report which is consistent with the requirements of Section 4 of this Disclosure Certificate. If the Dissemination Agent is other than the Issuer, then not later than 15 business days prior to the date referred to in the prior sentence hereof, the Issuer shall provide the Annual Report (in a form suitable for filing with EMMA) to the Dissemination Agent. The Annual Report may be submitted as a single document or as separate documents comprising a package and may include by reference other information as provided in Section 4 of this Disclosure Certificate; provided that the audited financial statements of the Issuer may be submitted separately from and later than the balance of the Annual Report if they are not available by the date required above for the filing of the Annual Report.

(b) In the event that the Dissemination Agent is an entity other than the Issuer, then the provisions of this Section 3(b) shall apply. Not later than fifteen (15) Business Days prior to the date specified in subsection (a) for providing the Annual Report, the Issuer shall provide the Annual Report to the Dissemination Agent. If by fifteen (15) Business Days prior to the due date for an Annual Report the Dissemination Agent has not received a copy of the Annual Report, the Dissemination Agent shall contact the Issuer to determine if the Issuer will be filing the Annual Report in compliance with subsection (a). The Issuer shall provide a written certification with each Annual Report furnished to the Dissemination Agent to the effect that such Annual Report constitutes the Annual Report required to be furnished by it hereunder. The Dissemination Agent may conclusively rely upon such certification of the Issuer and shall have no duty or obligation to review such Annual Report.

(c) If the Dissemination Agent is other than the Issuer and if the Dissemination Agent is unable to verify that an Annual Report has been provided to EMMA by the date required in

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subsection (a), the Dissemination Agent shall send a notice to EMMA, in the form required by EMMA.

(d) If the Dissemination Agent is other than the Issuer, the Dissemination Agent shall:

(i) determine each year prior to the date for providing the Annual Report the name and address of the repository if other than the MSRB through EMMA; and

(ii) promptly after receipt of the Annual Report, file a report with the Issuer certifying that the Annual Report has been provided to EMMA and the date it was provided.

(e) Notwithstanding any other provision of this Disclosure Certificate, all filings shall be made in accordance with the MSRB’s EMMA system or in another manner approved under the Rule.

SECTION 4. Content of Annual Reports. The Issuer’s Annual Report shall contain or include by reference:

(a) Financial Statements. The audited financial statements of the Issuer for the most recent fiscal year of the Issuer then ended. If the audited financial statements are not available by the time the Annual Report is required to be filed, the Issuer shall, as soon as practicable after the audited financial statements become available, post the audited financial statements to EMMA.

(b) Financial and Operating Data. The Annual Report shall contain or incorporate by reference the following information:

(i) the principal amount of Bonds outstanding as of the September 2 preceding the filing of the Annual Report;

(ii) the balance in each fund under the Indenture as of the September 2 preceding the filing of the Annual Report;

(iii) the assessed valuation of the Taxable Property within Improvement Area A;

(iv) any changes to the Rates and Method of Apportionment of the Special Tax approved or submitted to the qualified electors for approval prior to the filing of the Annual Report;

(v) a table setting forth the annual Special Tax delinquency rate within Improvement Area A at June 30 for each fiscal year on which a delinquency exists, listing for each fiscal year the total Special Tax levy, the amount delinquent and the percent delinquent;

(vi) the status of any foreclosure actions being pursued by the Issuer with respect to delinquent Special Taxes within Improvement Area A;

(vii) the number of parcels (x) which are included in a Final Map that was recorded prior to January 1 preceding the Fiscal Year in which the Annual Report is being filed and (ii) with respect to which a building permit for new construction has been issued prior to April 1st preceding the Fiscal Year in which the Annual Report is being filed, provided that such information need not be included for any year in which a property owner is required to supply it pursuant to an undertaking by the property owner to supply financial and operating data and provided further that this information need not be included for any period subsequent to the date on which building

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permits have been issued for all of the residences expected to be constructed on such property (as shown in the Official Statement or as otherwise determined by the Issuer); and

(c) Any or all of the items listed in (a) or (b) above may be included by specific reference to other documents, including official statements of debt issues of the Issuer or related public entities, which have been submitted to EMMA or the Securities and Exchange Commission. If the document included by reference is a final official statement, it must be available from the MSRB through EMMA. The Issuer shall clearly identify each such other document so included by reference.

SECTION 5. Reporting of Significant Events.

(a) Pursuant to the provisions of this Section 5, the Issuer shall give, or cause the Dissemination Agent to give, notice not less than ten (10) business days after the occurrence of any of the following events with respect to the Bonds:

1. principal and interest payment delinquencies;

2. unscheduled draws on debt service reserves reflecting financial difficulties;

3. unscheduled draws on credit enhancements reflecting financial difficulties;

4. substitution of credit or liquidity providers, or their failure to perform;

5. adverse tax opinions or the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the Bonds;

6. defeasances;

7. tender offers;

8. bankruptcy, insolvency, receivership or similar proceedings; and

9. ratings changes.

(b) Additionally, the Issuer shall give or cause the Dissemination Agent to give notice to EMMA of the occurrence of any of the following events with respect to the Bonds, if material:

1. mergers, consolidations, acquisitions, the sale of all or substantially all of the assets of the obligated persons or their termination;

2. appointment of a successor or additional fiscal agent or the change of the name of a fiscal agent;

3. nonpayment related defaults;

4. modifications to the rights of Bondholders;

5. notices of prepayment; and

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6. release, substitution or sale of property securing repayment of the Bonds.

(c) In the event that the Issuer’s fiscal year changes, the Issuer shall report or shall instruct the Dissemination Agent to report such change in the same manner and to the same parties as Listed Event would be reported pursuant to this Section.

(d) The Issuer hereby agrees that the undertaking set forth in this Disclosure Certificate is the responsibility of the Issuer, and the Dissemination Agent, if other than the Issuer, shall not be responsible for determining whether the Issuer’s instructions to the Dissemination Agent under this Section comply with the requirements of the Rule.

SECTION 6. Termination of Reporting Obligation. The obligations of the Issuer and the Dissemination Agent under this Disclosure Certificate shall terminate upon the legal defeasance, prior redemption or payment in full of all of the Bonds. If such termination occurs prior to the final maturity of the Bonds, the Issuer shall give notice of such termination in the same manner as for a Listed Event under Section 5.

SECTION 7. Dissemination Agent. The Issuer may, from time to time, appoint or engage a Dissemination Agent to assist it in carrying out its obligations under the Disclosure Certificate, and may discharge any such Dissemination Agent, with or without appointing a successor Dissemination Agent. The initial Dissemination Agent shall be the Issuer. The Dissemination Agent may resign by providing (i) thirty days written notice to the Issuer, and (ii) upon appointment of a new Dissemination Agent hereunder.

SECTION 8. Amendment.

(a) This Disclosure Amendment may be amended, by written agreement of the parties, without the consent of the Owners, and any provision of this Dissemination Agreement may be waived, if all of the following conditions are satisfied: (1) such amendment or waiver is made in connection with a change in circumstances that arises from a change in legal (including regulatory) requirements, a change in law, or a change in the identity, nature or status of the Issuer or the type of business conducted thereby, (2) the undertakings in this Disclosure Certificate as so amended or waived would, in the opinion of a nationally recognized bond counsel, have complied with the requirements of the Rule as of the date of this Disclosure Certificate, after taking into account any amendments or interpretations of the Rule, as well as any change in circumstances, and (3) the amendment or waiver either (i) is approved by the Owners of the Bonds in the same manner as provided in the Indenture for amendments to the Indenture with the consent of Owners or (ii) does not, in the determination of the Issuer, materially impair the interests of the Owners or Beneficial Owners of the Bonds.

(b) To the extent any amendment to this Disclosure Certificate results in a change in the type of financial information or operating data provided pursuant to this Disclosure Certificate, the first Annual Report provided thereafter shall include a narrative explanation of the reasons for the amendment and the impact of the change in the type of operating data or financial information being provided.

(c) If an amendment is made to the basis on which financial statements are prepared, the Annual Report for the year in which the change is made shall present a comparison between the financial statements or information prepared on the basis of the new accounting principles and those

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prepared on the basis of the former accounting principles. Such comparison shall include a quantitative and, to the extent reasonably feasible, qualitative discussion of the differences in the accounting principles and the impact of the change in the accounting principles on the presentation of the financial information.

SECTION 9. Additional Information. Nothing in this Disclosure Certificate shall be deemed to prevent the Issuer from disseminating any other information, using the means of dissemination set forth in this Disclosure Certificate or any other means of communication, or including any other information in any Annual Report or notice of occurrence of a Listed Event, in addition to that which is required by this Disclosure Certificate. If the Issuer chooses to include any information in any Annual Report or notice of occurrence of a Listed Event in addition to that which is specifically required by this Disclosure Certificate, the Issuer shall have no obligation under this Agreement to update such information or include it in any future Annual Report or notice of occurrence of a Listed Event.

SECTION 10. Default. In the event of a failure of the Issuer or the Dissemination Agent to comply with any provision of this Disclosure Certificate, any Owner or Beneficial Owner of the Bonds may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the Issuer and/or the Dissemination Agent to comply with their respective obligations under this Disclosure Certificate. A default under this Disclosure Certificate shall not be deemed an Event of Default under the Indenture, and the sole remedy under this Disclosure Certificate in the event of any failure of the Issuer or the Dissemination Agent to comply with this Disclosure Certificate shall be an action to compel performance.

SECTION 11. Duties, Immunities and Liabilities of Dissemination Agent. Where an entity other than the Issuer is acting as the Dissemination Agent, the Dissemination Agent shall have only such duties as are specifically set forth in this Disclosure Certificate, and the Issuer agrees to indemnify and save the Dissemination Agent and its officers, directors, employees and agents, harmless against any loss, expense and liabilities which they may incur arising out of or in the exercise or performance of their powers and duties hereunder, including the costs and expenses (including attorney’s fees) of defending against any claim of liability, but excluding liabilities due to the Dissemination Agent’s negligence or willful misconduct. Any Dissemination Agent shall be paid (i) compensation by the Issuer for its services provided hereunder in accordance with a schedule of fees to be mutually agreed to; and (ii) all expenses, legal fees and advances made or incurred by the Dissemination Agent in the performance of its duties hereunder. The Dissemination Agent shall have no duty or obligation to review any information provided to it by the Issuer pursuant to this Disclosure Certificate. The obligations of the Issuer under this Section shall survive resignation or removal of the Dissemination Agent and payment of the Bonds. No person shall have any right to commence any action against the Dissemination Agent seeking any remedy other than to compel specific performance of this Disclosure Certificate. The Dissemination Agent shall not be liable under any circumstances for monetary damages to any person for any breach under this Disclosure Certificate.

SECTION 12. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the Issuer, the Dissemination Agent, the Participating Underwriter and Owners and Beneficial Owners from time to time of the Bonds; and it shall create no rights in any other person or entity.

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SECTION 13. Merger. Any person succeeding to all or substantially all of the Dissemination Agent’s corporate trust business shall be the successor Dissemination Agent without the filing of any paper or any further act.

This Disclosure Certificate is executed as of the date and year first set forth above.

COMMUNITY FACILITIES DISTRICT NO. 2001-01 (FRENCH VALLEY) OF THE EASTERN MUNICIPAL WATER DISTRICT

By: Disclosure Representative

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[THIS PAGE INTENTIONALLY LEFT BLANK]

APPENDIX F

APPRAISAL REPORT

[THIS PAGE INTENTIONALLY LEFT BLANK] APPRAISAL REPORT

EASTERN MUNICIPAL WATER DISTRICT COMMUNITY FACILITIES DISTRICT NO. 2001-01, IMPROVEMENT AREA A FRENCH VALLEY 2015 SPECIAL TAX REFUNDING BONDS

Prepared for:

EASTERN MUNICIPAL WATER DISTRICT 2270 Trumble Road Post Office Box 8300 Perris, CA 92572-8300

James B. Harris, MAl Berri J. Cannon Harris Harris Realty Appraisal 5100 Birch Street, Suite 200 Newport Beach, CA 92660

January 2015 Harris Realty Appraisal 5100 Birch Street, Suite 200 Newport Beach, California 92660 949 - 851-1227 FAX 949 - 851-2055 Ja~~j s2{iMt5i sa l. com

Mr. Charles Turner Director of Finance EASTERN MUNICIPAL WATER DISTRICT 2270 Trumble Road Post Office Box 8300 Perris, CA 92572-8300

Re: Community Facilities District No. 2001-01, Improvement Area A, French Valley 2015 Special Tax Refunding Bonds

Dear Mr. Turner:

In response to your authorization, we have prepared a self-contained appraisal report that addresses all of the property within the boundaries of Community Facilities District No. 2001-01, Improvement Area A (CFD No. 2001 -01, lA-A, the District). This appraisal includes an estimate of Minimum Market Value of all the property subject to special tax as of January 1, 2015. The District is under the ownerships of two merchant builders, Brookfield 30069, LLC and Standard Pacific Corporation, plus 677 individual homeowners. The build-out of the District is for 1,081 single family detached dwelling units.

The appraisal includes a mass appraisal analysis for the completed and occupied dwelling units, which results in a Minimum Market Value for the District. Please review the definitions of Minimum Market Value and Mass Appraisal listed in the definitions section of this report.

According to the specific guidelines of the California Debt and Investment Advisory Commission (CDIAC), each ownership is valued in bulk, representing a discounted value to that ownership as of the date of value.

Based on the investigation and analyses undertaken, our experience as real estate appraisers and subject to all the premises, assumptions and limiting conditions set forth in this report, the following opinions of Minimum Market Value are formed as of January 1, 2015.

CFD No. 2001-01, IA-A French Valley TWO HUNDRED SEVENTY-SEVEN MILLION TWO HUNDRED THOUSAND DOLLARS $277,200,000 Mr. Charles Turner January 2, 2015 Page Two

677 Individual Homeowners TWO HUNDRED THIRTY-FIVE MILLION DOLLARS $235,000,000

Brookfield 30069, LLC TWENTY-FOUR MILLION FIVE HUNDRED THOUSAND DOLLARS $24,500,000

(20 Dwellings Completed and UtC - $4,800,000) (250 Physically Finished Lots - $19,700,000)

Standard Pacific Corporation SEVENTEEN MILLION SEVEN HUNDRED THOUSAND DOLLARS $17,700,000

(32 Dwellings Completed and UtC - $9,200,000) (102 Physically Finished Lots - $8,500,000)

The self-contained appraisal report that follows sets forth the results of the data and analyses upon which our opinions of value are, in part, predicated. This report has been prepared for Eastern Municipal Water District for use in the sale of Community Facilities District No. 2001-01, IA-A refunding bonds. The intended users of this report are Eastern Municipal Water District, its underwriter, financial advisor, legal counsel, consultants, and potential bond investors. This appraisal has been prepared in accordance with and is subject to the requirements of The Appraisal Standards for Land Secured Financing as published by the California Debt and Investment Advisory Commission; the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation; and the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. Mr. Charles Turner January 2, 2015 Page Three

We meet the requirements of the Competency Provision of the Uniform Standards of Professional Appraisal Practice. A statement of our qualifications appears in the Addenda.

Respectfully submitted, ~~~ Berri J. Cannon Harris Principal AG009147

mes B. Harris, MAl rincipal AG001846

SUMMARY OF FACTS AND CONCLUSIONS

EFFECTIVE DATE OF APPRAISAL January 1, 2015

DATE OF REPORT January 5, 2015

INTEREST APPRAISED Fee Simple Estate, subject to special tax liens

LEGAL DESCRIPTION Lots 1 to 123, Tract No. 29268 Lots 1 to 143, Tract No. 29269 Lots 1 to 127, Tract No. 29270 Lots 1 to 55, Tract No. 29271 Lots 1 to 103, Tract No. 30069 Lots 1 to 341, Tract No. 30069-1 Lots 1 to 189, Tract No. 30069-2

OWNERSHIPS 677 individual homeowners Brookfield 30069, LLC - 270 lots Standard Pacific Corporation - 134 lots

SITE CONDITION The District has all site development completed. 699 of the dwelling units are built. Of the 699 completed dwellings, 677 have closed escrow to individual homeowners, nine dwellings are model homes and 13 dwellings are nearly complete. Thirty dwellings are under construction, from foundation to physically wrapped with roofs under construction. The 352 remaining lots are in a physically finished lot condition requiring weed abatement, erosion remediation and development fees.

HIGHEST AND BEST USE Single-family detached homes

VALUATION CONCLUSIONS Minimum Market Value $277,200,000

677 Individual Homeowners $235,000,000

Brookfield 30069, LLC $24,500,000

Standard Pacific Corporation $17,700,000

v TABLE OF CONTENTS

Section

Transmittal Letter ......

Summary of Facts and Conclusions...... v

Table of Contents...... vi

Introduction ...... 1

Area Description...... 12

Site Analysis ...... 34

Improvement Description ...... 40

Highest and Best Use ...... 44

Valuation Methodology...... 54

Valuation of Dwelling Units...... 57

Valuation of Finished Lots ...... 64

Valuation Conclusion...... 80

Certification...... 81

Addenda Qualifications Ownerships Assessed Values & Taxes Dwelling Unit Sales by Year

VI HRA

INTRODUCTION

Purpose of the Report The purpose of this appraisal is to estimate the Minimum Market Value for the fee simple estate, subject to special tax liens for all the taxable property within Improvement Area A of CFD No. 2001-01, French Valley, located north of the City of Temecula in an unincorporated portion of Riverside County. The purpose of this appraisal is to estimate the "As Is" Minimum Market Value of the property within the District under the ownerships of the merchant builders and 677 homeowners.

The opinions set forth are subject to the assumptions and limiting conditions set forth in this appraisal, and the appraisal guidelines as set forth by Eastern Municipal Water District (EMWD).

Function of the Report and Intended Use It is our understanding that this appraisal report is to be used for Community Facilities District bond financing purposes only. The subject property is described more particularly within this report. The bonds are issued pursuant to the Mello-Roos Community Facilities District Act of 1982, as amended. The maximum authorized bonded indebtedness for CFD No. 2001-01, lA-A, is $24,000,000.

Client and Intended Users of the Report This report was prepared for our client, Eastern Municipal Water District. The intended users of the report include EMWD, its legal counsel, underwriter, financial advisor, consultants, and potential bond purchasers.

Scope of the Assignment According to the CDIAC guidelines, the total value conclusion includes the "As Is" estimate of Minimum Market Value for the property subject to special tax within the boundaries of CFD No. 2001-01, lA-A. The property is under the ownership of the two merchant builders, Brookfield 30069, LLC and Standard Pacific Corporation, plus 677 individual ownerships. This is a fully documented self-contained appraisal report. Any

CONSULTING REAL ESTATE APPRAISERS 1 HRA

lands designated for park, open space or civic uses within this CFD and not subject to special tax are not included in this assignment.

The residential land and improvements are valued in their "as is" condition as of the date of value. The ownership information is as of December 1, 2014, due to the time lag to obtain recorded information. All site development for CFD No. 2001-01, IA-A is complete. Due to the time from the completion of the site work to the date of value, weed growth and erosion have occurred and abatement is required on the finished lots. 699 dwellings are built; of those 677 have closed escrow to individual homeowners, 9 are used as model homes and 13 are nearly complete. Thirty dwellings are under construction and 352 lots are in a physically finished lot condition. Thirty dwellings were reported to be in escrow as of January 1,2015.

We have analyzed the subject property based upon the existing use and our opinion of its highest and best use. We have searched for sales of similar subdivisions to estimate the value of the property.

The following paragraphs summarize the process of collecting, confirming and reporting of data used in the analysis.

1. Gathered and analyzed demographic data from sources including the California Department of Finance (population data), Employment Development Department of the State of California (employment data), City of Temecula (zoning information, building permit trends), Temecula Chamber of Commerce (local demographic trends), Metrostudy (housing sales, inventory levels, and absorption), and sales personnel of comparable projects (market trends of individual home sales). Subject information was gathered from the builder and their consultants.

2. Inspected the subject's neighborhood and reviewed existing product and similar products for consideration of Highest and Best Use of the District.

Date of Value and Report The opinion of Minimum Market Value expressed in this report is stated as of January 1, 2015. The date of the appraisal report is January 5, 2015.

CONSULTING REAL ESTATE APPRAISERS 2 HRA

Date of Inspection The subject property was inspected on several occasions, with the most recent on December 18, 2014.

Property Rights Appraised The property rights appraised are those of the fee simple estate subject to special tax liens of the real estate described herein.

Property Identification The 1,081 existing lots and dwellings within Improvement Area A of CFD No. 2001-01 are known as French Valley. Home development has been on-going since 2003. The current community is known as Morningstar Ranch. Standard Pacific Corporation is building two developments; Sunrise and Horizon. Brookfield Homes is building the third development: Liberty. At this time, all of the lots are in a finished lot condition. There are nine models completed. The Improvement Area contains about 467± gross acres, and 245± net acres. The indicated density is 2.32± units per acre. The Improvement Area is located east of Pourroy Road about one-quarter mile southeast of Winchester Road (State Highway 79).

Please refer to the map on the following page, which outlines the boundaries of Improvement Area A of CFD No. 2001-01 as provided by the District's Tax Consultant, Albert A. Webb Associates.

Legal Description and Ownership The table below identifies the lots and tracts. Please refer to the Addenda section of this report for a lot-by-Iot summary of each ownership.

Improvement Area A Tract No. Lot Nos. Tract No. Lot Nos. 29268 1-123 30069 1-103 29269 1-143 30069-1 1-341 29270 1-127 30069-2 1-189 29271 1-55

CONSULTING REAL ESTATE APPRAISERS 3 DISTRICT AUDIT MAP EASTERN MUNICIPAL WATER DISTRICT COMMUNITY FACILITIES DISTRICT 2001-01 IA A FISCAL YEAR 2014-2015 (FRENCH VALLEY)

R Y D R T R SALVIA CIR W LO E L A A B N H A S L S N H E I L H I K A C N 79 COTTONWOOD RD G ·|}þ T O N

S SKINNER DR QUIET TRAIL DR T

L A

P N T LEAR A T C S E R P I R N IN R A G T S N WINCHESTER RD I E L D MAHOGANY GLEN DR R D L W C I

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R L D S

Y STSALLY O T V IE O W S P T

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ALLIUM LN ALLIUM S C C Y N A R M T MA GERANIUM ST U N NA SE T A U R O U S G A A A L I A V I V JASPER ST B IR C L H A B U R R A O B O ORCHIDDR E K L E L L T N AZALEA LN AZALEA R IA N PABLO EE S SA CT T TE

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O L E NOT LEVIED - 0 PARCELS P BL ST R P D AZIN R IN R G STA D Y E LEVIED - 1,081 PARCELS IS C O A VIA S D T D EL PA AMBROSIA DR CFD BOUNDARY

SKY VIEW 0 500 1,000 RD SKYVIEW RD

Y Feet OS EM IT E

ZION WAY ST

ANGUS DR This map contains Geographic Information CHARLOISDR O owned by the County of Riverside.© 2014 ALBERT A. WEBB ASSOCIATES Map created August 20, 2014. M:\GIS-Assessment\Audit_Maps\FY_1415\EMWD\EMWD_CFD2001-01_IAA.mxd HRA

Property History Improvement Area A was originally purchased in three transactions. Approximately 350 gross acres were purchased in 1990 for $5,600,000. The balance was purchased in 2000 for $3,400,000. These prices were based on raw, unentitled land. However, all of the land received Specific Plan Approval in 1997. On February 20, 2002, 448 lots that comprise Phase I of this development were sold to Brookfield Winchester, LLC. The purchase price was $10,000,000 for the property, in a raw condition. This portion of Improvement Area A is completely built out with sold dwellings. On November 6, 2013, 172 finished lots were sold to Standard Pacific Corporation for $13,400,000.:: or $77,900.:: per finished lot. The seller was Brookfield 30069, LLC. According to the seller, an additional $16,000 per lot in hard costs and $42,000 per lot in fees and associated costs were required to bring the finished lot to a ready to build condition.

Definitions Market Value 1 The most probable price in terms of money which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

(a) Buyer and seller are typically motivated. (b) Both parties are well informed or well advised, and each acting in what he considers his own best interest. (c) A reasonable time is allowed for exposure in the open market. (d) Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto. (e) The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

Minimum Market Value It may be appropriate for projects that have built-out and occupied product to use mass appraisal techniques. When conforming groups of property types

1 Part 563, subsection 563.17-1 a(b)(2), Subchapter D, Chapter V, Title 12, Code of Federal Regulations.

CONSULTING REAL ESTATE APPRAISERS 5 HRA

within the same CFD are built and have achieved a stabilized occupancy, appraisers may use a limited valuation analysis to value a sampling of similar properties. In this analysis, the overall average sales price per square foot is compared for each year. A conservative estimate of value per square foot is used in estimating Minimum Market Value for the 662 sold dwellings within CFD No. 2001-01, lA-A.

Mass Appraisal When a tract or project is built-out and absorbed, the appraiser may use an aggregate value estimate based upon conservative per dwelling unit estimates. It is implicit in mass appraisal that some individual value conclusions will not meet standards of reasonableness, consistency and accuracy. However, appraisers engaged in mass appraisal have a professional responsibility to ensure that, on an overall basis, the value conclusions meet attainable standards of accuracy. The appraisers have used an average conservative value for the average size unit within the District. By utilizing average value estimates, individual home values could be higher or lower, depending on unit size. However, on an overall basis, the value conclusions are reasonable and meet attainable standards of accuracy.

Fee Simple Estate2 Absolute ownership unencumbered by any other interest or estate subject only to the four powers of government.

Fee Simple Estate Subject to Special Tax and Special Assessment Liens Empirical evidence (and common sense) suggests that the selling prices of properties encumbered by such liens are discounted compared to properties free and clear of such liens. In new development projects, annual special tax and/or special assessment payments can be substantial, and prospective buyers take this added tax burden into account when formulating their bid prices. Taxes, including special taxes, are legally distinct from assessments.

The Minimum Market Value, included herein, reflects the value potential buyers would consider given the special tax lien of CFD No. 2001-01, lA-A.

Retail Value Retail value should be estimated for all fully improved and sold properties. Retail value is an estimate of what an end user would pay for a finished property under the conditions requisite to a fair sale.

2 The Dictionary of Real Estate Appraisal, Third Edition, published by The Appraisal Institute, 1993, Page 140

CONSULTING REAL ESTATE APPRAISERS 6 HRA

Physically Finished Lot Physically finished lot requiring development impact fees and possibly minor site work before development can proceed.

Finished Site3 Land that is improved so that it is ready to be used for a specific purpose. (Improvements include padded lot, streets and utilities to the lot, and all fees required to issue a building permit paid.)

Extraordinary Assumptions, Assumptions and Limiting Conditions The analyses and opinions set forth in this report are subject to the following assumptions and limiting conditions:

Standards Rule ("S.R.") 2-1 (c) of the "Standards of Professional Appraisal Practice" of the Appraisal Institute requires the appraisers to "clearly and accurately disclose any extraordinary assumption or limiting condition that directly affects an appraisal analysis, opinion, or conclusion." In compliance with S.R. 2-1(c) and to assist the reader in interpreting the report, the following contingencies, assumptions and limiting conditions are set forth as follows: Extraordinary Assumptions of the Appraisal The opinions of value rely on the information provided by the District's Special Tax Consultant, which we have assumed to accurately identify the properties within CFD No. 2001-01, lA-A. It is a specific assumption of this appraisal that the appraisers have been provided with a summary of all the parcels subject to special tax within lA-A.

The Minimum Market Value expressed in this report does not apply to any specific dwelling unit.

The appraisal is contingent upon the successful issuance and refunding of Community Facilities District No. 2001-1, Improvement Area A, through the Eastern Municipal Water District. The special tax formula was prepared on behalf of the Eastern Municipal Water District by Albert A. Webb Associates, consulting engineers.

3 Ibid, Page 334

CONSULTING REAL ESTATE APPRAISERS 7 HRA

Assumptions and Limiting Conditions No responsibility is assumed by your appraisers for matters that are legal in nature. No opinion of title is rendered, and the property is appraised as though free of all encumbrances and the title marketable. No survey of the boundaries of the property was undertaken by your appraisers. All areas and dimensions furnished to your appraisers are presumed to be correct.

The date of value for which the opinions of Minimum Market Value are expressed in this report is January 1, 2015. The dollar amount of this value opinion is based on the purchasing power of the United States dollar on that date.

Maps, plats, and exhibits included herein are for illustration only, as an aid for the reader in visualizing matters discussed within the report. They should not be considered as surveys or relied upon for any other purpose, nor should they be removed from, reproduced, or used apart from this report.

Oil, gas, mineral rights and subsurface rights were not considered in making this appraisal unless otherwise stated and is not a part of the appraisal, if any exist.

The appraisers were not provided a soil report for CFD No. 2001-1 Improvement Area A. All of IA-A has been graded and improved to 1,081 physically finished to finished lots, with 699 completed dwellings. For purposes of this appraisal, the soil is assumed to be of adequate load• bearing capacity to support all uses considered under our conclusion of Highest and Best Use.

The appraisers have been provided with two title reports for lA-A. The reports were dated December 9, 2014 and prepared by First American Title Company. The reports cover Tract Nos. 30069 and 30069-2. For purposes of this appraisal, we are not aware of any easements, encroachments or restrictions that would adversely impact the value of the subject properties. Special taxes for CFD No. 2001-01, IA-A were listed on the title report.

Information contained in this report has been gathered from sources which are believed to be reliable, and, where feasible, has been verified. No responsibility is assumed for the accuracy of information supplied by others.

Since earthquakes are common in the area, no responsibility is assumed for their possible affect on individual properties, unless detailed geologic reports are made available.

The appraisers have inspected as far as possible by observation, the land; however, it was impossible to personally inspect conditions beneath the soil. Therefore, no representations are made as to these matters unless specifically considered in the report.

CONSULTING REAL ESTATE APPRAISERS 8 HRA

The appraisers assume no responsibility for economic or physical factors that may occur after the date of this appraisal. The appraisers, in rendering these opinions, assume no responsibility for subsequent changes in management, tax laws, environmental regulations, economic, or physical factors that mayor may not affect said conclusions or opinions.

No engineering survey, legal, or engineering analysis has been made by us of this property. It is assumed that the legal description and area computations furnished are reasonably accurate. However, it is recommended that an analysis be made for exact verification through appropriate professionals before demising, hypothecating, purchasing or lending occurs.

The appraisers have not been provided with plans or specifications for the existing dwellings within lA-A. For purposes of this appraisal, we have assumed that the quality of construction, functional utility, amenities and features will meet market demand in the market area in which the subject is located. This is a specific assumption of the value estimate included in the report.

Unless otherwise stated in this report, the existence of hazardous substances, including without limitation asbestos, polychlorinated biphenyls, petroleum leakage, or agricultural chemicals, which may or may not be present on the property, or other environmental conditions, were not called to the attention of nor did the appraisers become aware of such during the appraisers' inspection. The appraisers have no knowledge of the existence of such materials on or in the property unless otherwise stated. The appraisers, however, are not qualified to test for such substances or conditions.

The presence of such substances such as asbestos, urea formaldehyde, foam insulation, or other hazardous substances or environmental conditions may affect the value of the property. The value estimated herein is predicated on the assumption that there is no such condition on or in the property or in such proximity thereto that it would cause a loss in value. No responsibility is assumed for any such conditions, or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in the field of environmental impacts upon real estate if so desired.

The cost and availability of financing help determine the demand for and supply of real estate and therefore affect real estate values and prices. The transaction price of one property may differ from that of an identical property because financing arrangements vary.

CONSULTING REAL ESTATE APPRAISERS 9 HRA

The distribution, if any, of the total valuation in this report between land and improvements applies only under the stated program of utilization. The separate allocations for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used.

The forecasts of future events that influence the valuation process are predicated on the continuation of historic and current trends in the market.

The property appraised is assumed to be in full compliance with all applicable federal, state, and local environmental regulations and laws, and the property is in conformance with all applicable zoning and use ordinances/restrictions, unless otherwise stated.

The Americans with Disabilities Act ("ADA'? became effective January 26, 1992. We have not made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the reqUirements of the ADA, could reveal that the property is not in compliance with one or more of the requirements of the Act. If so, this fact could have a negative effect on the value of the property. Since we have no direct evidence relating to this issue, we did not consider possible non-compliance with the requirements of the ADA in estimating the value of the property.

We shall not be required, by reason of this appraisal, to give testimony or to be in attendance in court or any governmental or other hearing with reference to the property without prior arrangements having first been made with the appraisers relative to such additional employment.

In the event the appraisers are subpoenaed for a deposition, judicial, or administrative proceeding, and are ordered to produce their appraisal report and files, the appraisers will immediately notify the client.

The appraisers will appear at the deposition, judicial, or administrative hearing with his/her appraisal report and files and will answer all questions unless the client provides the appraisers with legal counsel who then instructs them not to appear, instructs them not to produce certain documents, or instructs them not to answer certain questions. These instructions will be overridden by a court order which the appraisers will follow if legally required to do so. It shall be the responsibility of the client to obtain a protective order.

The appraisers have personally inspected the subject property; however, no opinion as to structural soundness of existing improvements or conformity to any applicable building code is made. The appraisers assume no responsibility for undisclosed structural deficiencies/conditions. No consideration has been given in this appraisal to personal property located

CONSULTING REAL ESTATE APPRAISERS 10 HRA

on the premises; only the real estate has been considered unless otherwise specified.

James B. Harris is a Member of the Appraisal Institute. The Bylaws and Regulations of the Institute require each Member to control the uses and distribution of each appraisal report signed by such Member. Except as hereinafter provided, possession of this report, or a copy of it, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraisers and in any event only with properly written qualification and only in its entirety. Eastern Municipal Water District, its undelWriter and legal counsel may publish this report in the Preliminary Official Statement and Official Statement for the CFD No. 2001-01, IA-A refunding bond issue.

Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraisers or the firm with which they are connected, or any reference to the Appraisal Institute or the MAl designation) shall be disseminated to the public through advertising media, public relations, news media or any other public means of communication without the prior consent and approval of the undersigned.

The acceptance of and/or use of this appraisal report by the client or any third party constitutes acceptance of the following conditions:

The liability of Harris Realty Appraisal and the appraisers responsible for this report is limited to the client only and to the fee actually received by the appraisers. Further, there is no accountability, obligation or liability to any third party. If the appraisal report is placed in the hands of anyone other than the client for whom this report was prepared, the client shall make such party and/or parties aware of all limiting conditions and assumptions of this assignment and related discussions. Any party who uses or relies upon any information in this report, without the preparer's written consent, does so at his own risk.

If the client or any third party brings legal action against Harris Realty Appraisal or the, signer of this report and the appraisers prevail, the party initiating such legal action shall reimburse Harris Realty Appraisal and/or the appraisers for any and all costs of any nature, including attorneys' fees, incurred in their defense.

CONSULTING REAL ESTATE APPRAISERS 11 HRA

AREA DESCRIPTION

The following section of this report will summarize the major demographic and economic characteristics such as population, employment, income and other pertinent characteristics for the Southern California region, Riverside County, City of Temecula and the subject market area.

Southern California Regional Overview The Southern California region, as defined in this report, encompasses six individual counties including Los Angeles, Orange, Riverside, San Bernardino, San Diego, and Ventura Counties. The Southern California region extends from the California-Mexico border on the south to the Tehachapi mountain range on the north and from the Pacific Ocean on the west to the California-Arizona border on the east. The region covers an estimated 38,242 square miles and embodies a diverse spectrum of climates, topography, and level of urban development. Please refer to the following page for a location map.

Population The Southern California region has added about 8.0 million new residents since 1980 as indicated in the table shown on page 14. According to the California Department of Finance, the most recent data available indicate that as of January 2014, the regional population stood at over 21.6 million. If the region were an individual state, it would rank as one of the most populous in the nation.

Since 2000, annual population gains from natural increase and immigration have ranged from a negative 738,081 persons in 2010 up to 397,400 persons in 2002. These figures represent annual gains/losses of -3.4% to 2.0%. During the past five years, the population of the six-county Southern California region grew by a negative 3.4% to a positive 0.9% per annum.

As of January 2014 the population of the six-county area stood at 21,558,800 persons. Looking toward the future it is estimated that the region's population will continue

CONSULTING REAL ESTATE APPRAISERS 12 Regional Map lytle Creek.. Blue Jay.. lake Arrowhead Green Fawnskin" Big Bear Cit/ Angeles foMount Baldy <> O <> " "Valley Lake 0 Crestline National Forest Scotland o Skyforest Arrowbear Big Bear lake "Moomidge Arrowhead Lake San Bernardino Highlands 330 " .. National Running Forest Smiley Pan"o Springs Seven Oakso l'inezanita LOS San Antonio "Heights West "Angelus Oaks San GorgoniO .East Highlands Mountain Wilderness Home Village" .,Forest Falls

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".c,.m,p Pendleton Marine Corps Base Pala GulfofSanra caralina WintelWarm.. Palal.R. Palomar Pacific Ocean "Mountain San LuiS 0 mi 5 10 15 20 Copyright © and (P) 1988–2012 Microsoft Corporation and/or its suppliers. All rights reserved. http://www.microsoft.com/streets/ Certain mapping and direction data © 2012 NAVTEQ. All rights reserved. The Data for areas of Canada includes information taken with permission from Canadian authorities, including: © Her Majesty the Queen in Right of Canada, © Queen's Printer for Ontario. NAVTEQ and NAVTEQ ON BOARD are trademarks of NAVTEQ. © 2012 Tele Atlas North America, Inc. All rights reserved. Tele Atlas and Tele Atlas North America are trademarks of Tele Atlas, Inc. © 2012 by Applied Geographic Solutions. All rights reserved. Portions © Copyright 2012 by Woodall Publications Corp. All rights reserved. HRA

to climb as new residents seek out the Southern California area. Starting with the economic downturn from 1992 through 1996, and continuing through 2012, the population growth rate declined compared to the growth experienced in the late 1980s. The regional and county populations experienced a negative 3.4% adjustment in the year 2010. This was due to the U.S. Census. The U.S. Census actual counts were significantly less than the prior State of California projections.

Population Trends 1980-20141 Average Annual Change Year Population Number Percent 19801 13,359,673 1990 17,029,545 366,987 2.7% 2000 19,187,487 215,795 1.3% 2001 19,522,500 335,000 1.7% 2002 19,919,900 397,400 2.0% 2003 20,299,100 379,200 1.9% 2004 20,629,300 330,200 1.6% 2005 20,902,600 273,300 1.3% 2006 21,147,200 244,600 1.2% 2007 21,430,300 266,100 1.3% 2008 21,491,700 61,400 0.3% 2009 21,710,400 218,700 1.0% 2010 20,972,319 (738,081) (3.4%) 2011 21,106,400 134,081 0.6% 2012 21,207,500 101,100 0.5% 2013 21,356,900 149,400 0.7% 2014 21,558,800 201,900 0.9%

1 April 1, 1980, 1990, 2000, and 2010 all other years January 1 Source: California Department of Finance 5/14

The future rate of growth will depend on a number of factors that may dramatically affect the region. Some of the major factors include availability of developable land, availability of water, national economic climate, and public policy toward growth and the assimilation of a large number of new foreign immigrants. The continued growth of the population within the region, even during periods of economic slowdown, provides a positive indicator as to the desirability of the Southern California region.

CONSULTING REAL ESTATE APPRAISERS 14 HRA

Employment In conjunction with the population growth, a key indicator of the region's economic vitality is the trend in employment. The most common measure of employment growth is the change in non-agricultural wage employment. The table below illustrates the non• agricultural wage employment trends in Southern California.

Southern California Region Employment Trends 1983-20131 Average Annual Change Year EmQloyment Number Percent 1983 5,691,000 1990 7,288,100 159,710 2.8% 2000 7,918,200 63,000 0.9% 2001 8,015,300 97,100 1.2% 2002 8,007,500 (7,800) (0.1%) 2003 8,035,400 27,900 0.3% 2004 8,159,700 124,300 1.5% 2005 8,310,500 150,800 1.8% 2006 8,481,600 171,100 2.1% 2007 8,514,100 32,500 0.4% 2008 8,365,100 (149,000) (1.8%) 2009 7,837,300 (527,800) (6.3%) 2010 7,748,700 (88,600) (1.1 %) 2011 7,959,800 211,100 2.7% 2012 8,164,700 204,900 2.6% 2013 8,391,800 227,100 2.8% 2013 Benchmark Source: Employment Development Department 4/14

In the Southern California region, average annual non-agricultural employment has grown from 5,691,000 jobs in 1983, to a then peak employment of 8,015,300 in 2001. Employment declined to 8,007,500 in 2002. This decline was mostly caused by a 46,800 job decrease in Los Angeles County. Each year between 2003 and 2007, Southern California employment climbed to a new record level, 8,514,100 in 2007. This was in spite of Los Angeles County only adding an additional 139,000± net jobs in four years. In 2008, the number of jobs declined by 149,000 to 8,365,100. The job losses accelerated in 2009

CONSULTING REAL ESTATE APPRAISERS 15 HRA

to a loss of 527,800 jobs for a total of 7,837,300 jobs. The job losses moderated in 2010 to a loss of 88,600 jobs, for a total of 7,748,700 jobs. This three year decline wiped out over ten years of employment increases. This represented a decrease of over 165,500 new jobs since 2000 in Southern California. During 2011, there was an increase of 2.7% to a total of 7,959,800 jobs. In 2012, employment increased by 2.6% to 8,164,700 jobs. In 2013, the jobs total was 8,391,800 or an increase of 2.8%. The last three years were the largest increases since 2000. Currently, the jobs total is back to the 2005-2006 level.

Employment among the individual industry categories reflects some fundamental regional changes in the economy during the past decade. The level of mining activity in Southern California continues to steadily decline as reflected in the consistent decrease in mining employment. Construction employment, as of 1989, was at a high level in response to the level of construction activity that had occurred in the region during the previous five years. During the period from 1991 through 1994, construction employment declined in response to decreased residential and commercial construction activity. From 1994 through 2006, as the economy rebounded, residential construction increased bringing back more than the construction jobs lost during the recession. Construction jobs have declined since the first quarter of 2007 as the residential market and commercial markets have weakened. There have been small increases over the last three years. As of 2013, there were 167,700 fewer construction jobs than in 2006. This reflects a 33% decline in construction jobs.

Total manufacturing employment in the region has exhibited little gain from the levels recorded in 1980. Due to the high labor, land, and capital costs in most of the Southern California region, some manufacturing firms have expanded or relocated their manufacturing operations outside of the area.

The Southern California economy, which historically depended heavily on aerospace and defense related employment, was dealt a double blow. First from the reduction of the space program and reduced defense spending which affected manufacturers and suppliers, and second from the closure of several military bases which

CONSULTING REAL ESTATE APPRAISERS 16 HRA

has had a ripple effect throughout the local economy. Areas heavily dependent on military spending will be impacted as the units are deployed abroad.

The finance, insurance, and real estate ("FIRE") employment category grew rapidly as the economy recovered from the 1981-1982 national recession. As the economy entered a recessionary cycle, the FIRE employment sector exhibited little growth from 1991 through 1995. Over the next ten years, job growth in this sector was significant. However, jobs began to decline in 2006 and are about 16% fewer in 2013 compared to 2006. There have been small increases over the last three years. Some of the manufacturing and aerospace jobs permanently displaced from the economy were slowly being replaced with administrative, marketing and research employment. It is reasonable to assume that similar stagnant growth in this area will be experienced during the current economy.

The employment group that has contributed most to the employment growth in the region is the service sector. Since 1980, the majority of all new jobs have been created in the service category. The service sector was the leader in new job growth during the last ten years.

Government employment tends to mirror the growth of the population that it services. It is expected that government employment will grow at a rate similar to the area population. The future employment growth in the Southern California region is expected to continue but at a level moderately lower than recent years. Factors that will affect employment growth include the direction of the national economy, wage levels, housing prices, and population trends. However, the California state budget deficit negatively impacted both state and local government employment, with a job loss of about 6% over the last four years.

Riverside County Riverside County consists of 28 individual cities and numerous unincorporated communities. Riverside County is typically grouped with adjacent San Bernardino County to form the Riverside-San Bernardino Metropolitan Statistical Area ("MSA"). This area is

CONSULTING REAL ESTATE APPRAISERS 17 HRA

commonly called the Inland Empire. Riverside County is bounded by Orange County to the west, San Bernardino to the north, the state of Arizona to the east, and San Diego County to the south.

The major urbanized areas are located in the western portion of the County. The major incorporated cities include the cities of Riverside, Corona, and Moreno Valley. These areas were the most active areas for new growth during the late 1990's until the recession took hold during 2008. The area which encompasses Lake Elsinore, Beaumont, Murrieta, Menifee Valley and Temecula has also experienced rapid growth since the mid 1990's. The areas that experienced the most active growth during the last decade also suffered the most during the recent lengthy recession.

Population Riverside County has more than tripled its population, adding approximately 1,591,860 new residents since 1980 as illustrated in the following table. As of the 2010 Census, the countywide population stood at 2,189,641 residents. The 2012 estimate by the State of California indicates that the County had 2,234,193 residents on January 1, 2012. This increased to 2,255,059 residents on January 1, 2013. By January 1, 2014, the population totaled 2,280,000 persons. Annual population gains, from natural increase and immigration, have ranged from 16,393 persons in 2012 up to 82,041 persons in 2010. Recent gains of 16,393 to 82,041 persons represent annual changes of 0.7% to 4.7% since 2004.

The future rate of growth within the County will depend on a number of factors. Some of the major factors include availability of developable land, availability of water, national and regional economic climate and public policy toward growth.

The areas within the County that will continue to experience the largest share of the new population growth will be the Corona-Riverside area and the area between Lake Elsinore, Menifee and Temecula.

CONSULTING REAL ESTATE APPRAISERS 18 HRA

Riverside County Population Trends 1980-2014 Average Annual Change Year Population Number Percent 1980 663,199 1990 1,170,413 50,721 7.6% 2000 1,545,387 37,497 3.2% 2001 1,590,200 44,813 2.9% 2002 1,653,800 63,600 4.0% 2003 1,726,300 72,500 4.4% 2004 1,807,600 81,300 4.7% 2005 1,888,300 80,700 4.5% 2006 1,953,300 65,000 3.4% 2007 2,031,600 78,300 4.0% 2008 2,078,600 47,000 2.3% 2009 2,107,600 29,000 1.4% 2010 2,189,641 82,041 3.9% 2011 2,217,800 28,159 1.3% 2012 2,234,200 16,400 0.7% 2013 2,255,700 21,500 1.0% 2014 2,280,000 24,300 1.1% April 1, 1980, 1990, 2000, 2010, all other years January 1. Source: California Department of Finance, U.S. Census 5/14

Employment

Employment data for Riverside County are compiled for the entire MSA, which includes San Bernardino and Riverside Counties. These counties have a diverse economy, with manufacturing, construction and tourism being the major industry groups. In conjunction with the rapid population growth experienced in the past two decades, the employment base continued to grow and diversify until 2007. The Inland Empire's unemployment rate is significantly above the Southern California average and higher than the State. The higher unemployment rate is due to the seasonal nature of agricultural employment in the area and the sharp decline in construction, manufacturing and logistics jobs. The following exhibit illustrates the area's unemployment compared to California as of November 2014. Unemployment rates have increased 40% from the record low of 5%± in 2006. The unemployment rate peaked in July 2010 at 15.1 %.

Labor Force Unemployment California 18,822,000 7.2% Inland Empire 1",841,500 8.0%

CONSULTING REAL ESTATE APPRAISERS 19 HRA

The most common measure of employment growth is the increase in nonagricultural employment. Nonagricultural employment is outlined in the following exhibit. Beginning in the 1980's, the Inland Empire's employment base expanded rapidly as the area moved away from its military and government oriented employment base to a more fully diversified economy.

Nonagricultural employment has grown from an annual average of 443,100 jobs in 1983 to 1,226,400 jobs in 2013. This represents an increase of over 783,000 new jobs created in San Bernardino and Riverside Counties during the past 30 years. Job gains peaked in 1990 with 67,000 new jobs. Since 2000, job increases have ranged from a negative 91,900 new jobs in 2009, to a near record increase of 62,000 new jobs in 2005. However, during 2008,2009 and 2010, the Inland Empire had losses of over 140,000 jobs. That reduced employment back to 2003-2004 levels. During 2011, 2012 and 2013 there was an increase of 115,200 jobs. Over the last five years, job growth has ranged from -7.5% to 4.4. The following table illustrates the annual employment trends from 1983 through 2013. In November 2014, the non-agricultural employment was 1,285,800 a 2.2% increase from November 2013.

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San Bernardino-Riverside MSA Employment Trends 1983-2013

Average Annual Change Year Employment Number Percent 1983 443,100 1990 735,200 41,700 9.4% 2000 988,400 25,300 3.4% 2001 1,029,700 41,300 4.2% 2002 1,064,500 34,800 3.4% 2003 1,099,200 34,700 3.3% 2004 1,160,000 60,800 5.5% 2005 1,222,000 62,000 5.3% 2006 1,267,700 45,700 3.7% 2007 1,270,900 3,200 0.3% 2008 1,223,800 (47,100) (3.7%) 2009 1,131,900 (91,900) (7.5%) 2010 1,111,200 (20,700) (1.8%) 2011 1,129,700 18,500 1.7% 2012 1,179,200 49,500 4.4% 2013 1,226,400 47,200 4.0%

2013 Benchmark Source: Employment Development Department 4/14

Employment among the individual industry categories reflects changes in the Inland Empire economy during the past decade. Construction employment gains generally mirror the regional economy. In response to the high level of construction activity that occurred in the County during the period from 1984 to 1989, construction employment reached nearly three times the level recorded in 1982. From 1992 through 1995, construction employment declined in response to decreased building activity. The 2006 levels were more than double the 1993 low. However, since 2006, construction jobs are down 45.6% to 69,300 jobs in 2013. There was a 10,200 job increase during 2012 and 2013.

The number of manufacturing jobs in the Inland Empire has increased over 45% from the levels recorded in 1991. However, manufacturing jobs declined 5.5% from the 2000 high of 120,000 jobs to 113,400 jobs by 2003, then increased back to 123,400 in 2006, but declined to 85,800 in 2011. A small increase occurred in 2012 and 2013, up to 86,800 jobs. Due to the high labor and capital costs in Los Angeles and Orange Counties,

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manufacturing firms have expanded or relocated some of their manufacturing operations to Riverside and San Bernardino Counties to take advantage of the labor force and lower land costs. The following table lists the largest employers in San Bernardino and Riverside Counties.

Inland Empire Major Employers Name of Company Local Employees Type of Business or Entity County of San Bernardino 19,000 Local Government County of Riverside 18,400 Local Government Stater Bros. Markets 18,221 Supermarket National Training Center 13,805 Military Training Base Loma Linda University 13,000 Higher Education in Health Adventist Health Science Center Related Profession U.S. Marine Corp Air 12,486 Military United Parcel Service 8,600+ Transportation S.B. City Unified School District 8,574 Education March Air Reserve Base 8,525 Military Reserve Base DOD Ontario International Airport 7,695 Aviation University of California, Riverside 7,618 Higher Education Loma Linda University Medical Center 6,147 Medical/Health Care Kaiser Permanente Medical Center 6,000 Health Care Riverside Unified School District 5,500 Public Education Corona-Norco Unified School District 5,147 Public Education Pechanga Resort and Casino 4,800 Casino/Resort Fontana Unified School District 4,700 Public Education Verizon 4,519 Telecommunication Abbott Vascular 4,500 Medical Device Manufacturer Moreno Valley Unified School District 3,784 Public Education

Based on ranking of total local employees for businesses that qualify for Book of List Rankings Source: The Inland Empire Business Journal, 2014 Book of Lists

Transportation and public utilities employment tends to mirror population growth. In the Inland Empire, the finance, insurance and real estate ("FIRE") category is still a small segment of the employment picture.

A significant number of the new jobs created in the last 15 years have been created in the service sector. The service sector will continue to playa major role in employment growth during the next few years. Government employment is a major employment sector

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in the Inland Empire due to the rapid growth. State and local government employment declined 3.2% from 2008 to 204,700 jobs in 2013.

The Inland Empire has finally started to show signs of improvement in employment over the last two years or so. The Inland Empire has seen larger employment growth compared to most other Metropolitan Statistical Areas in California and its unemployment rate has finally shown significant declines. The Inland Empire unemployment rate stood at 12.5% in January 2012, which is 3.1 % above the current rate. However, this data should be evaluated with some caution, with concern that the decline in the unemployment rate is the result of workers giving up their search for employment after the very lengthy and deep recession. Further analysis does indicate, however, that while the labor force shows an increase of 2.5% relative to the trough, employment growth was close to 5%. The effect is that the Inland Empire's decrease in the unemployment rate is caused primarily by growth in employment. The general thinking is that the worst is finally behind us and the Inland Empire and California should continue with positive numbers.

Income The average household income in Riverside County is estimated to be $69,254. The median household income stands at $52,648. These figures are moderately below the Southern California region average. The lower income level is due to the lower wages in agriculture, manufacturing, service and government employment. The household income distribution for Riverside County is illustrated in the following table.

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County of Riverside Household Income Distribution 2014 Income Range Households Percent 11 Less than $15,000 84,513 11.81% $15,000 - $24,999 81,581 11.40% $25,000 - $34,999 76,828 10.74% $35,000 - $49,999 100,941 14.11% $50,000 - $74,999 131,127 18.33% $75,000 - $99,999 89,941 12.57% $100,000 - $149,999 92,538 12.93% $150,000 - $199,999 34,051 4.76% $200,000 or more 23,981 3.35% Total 715,501 100.00% Median Household Income $52,648 Average Household Income $69,254 11 Percent of total distribution Source: Claritas 4/14

Retail Sales Retail demand continues to be fueled by the growth in population as outlined previously. For Riverside County, taxable retail sales have increased from $3.9 billion in 1985 to over $7.4 billion by 1995 and to over $21.8 billion by 2006. However, in 2007, 2008, and 2009 retail sales declined. The 2010 total of $16,919,500,000 was back to the 2003/2004 retail sales level. In 2011, the retail sales were $18,576,284,000, which was at the 2004 level. In 2012, the retail sales were $20,016,668,000 which is about the 2005 level. During the past five years, retail sales growth has ranged from a low of a negative $2.631 billion in 2009 to a positive $1.656 billion in 2011.

The increases in retail sales are due to the exceptionally high County population growth rates experienced during the period from 1983 through 1990. During the period from 1991 through 1993, retail sales were stagnant due to theeconomic recession. From 1994, and continuing through 2006, there was a significant rebound in retail sales. Due to the prior recession, sales declined in 2007,2008, and 2009 and were cumulatively 28.8% below the 2006 sales levels. However, during 2010, retail sales increased 5.4% over the 2009 retail sales and 2011 sales increased 9.8% over the 2010 retail sales. In 2012, retail sales were 7.8% above the 2011 level. During the first three quarters of 2013. Retail sales totaled $15.541 billion, 6.6% greater than the first three quarters of 2012. In the future, retail sales growth should reflect the population growth in the County.

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Riverside County Retail Sales Trends 11 1985-2012 Taxable Average Annual Change Retail Sales Number Year (OOO's) (OOO's) Percent 1985 $3,974,400 $319,632 8.7% 1990 $6,596,974 $524,515 13.2% 2000 $12,190,474 $559,350 8.5% 2001 $13,173,281 $982,807 8.1% 2002 $14,250,753 $1,077,472 8.2% 2003 $16,030,952 $1,780,199 12.5% 2004 $18,715,949 $2,684,997 16.7% 2005 $20,839,212 $2,123,263 11.3% 2006 $21,842,345 $1,003,133 4.8% 2007 $21,242,516 ($599,829) (2.7%) 2008 $18,689,249 ($2,553,267) (12.0%) 2009 $16,057,488 ($2,631,761) (14.1 %) 2010 $16,919,500 $862,012 5.4% 2011 $18,576,284 $1,656,784 9.8% 2012 $20,016,668 $1,440,384 7.8%

1/ Taxable Retail Sales Total (not adjusted for inflation) Source: State Board of Equalization 4/14

Transportation Riverside County is served by a major airport, Ontario International, located in adjoining San Bernardino County. Several major airlines have flights into Ontario, while international flights can be booked out of Los Angeles International Airport.

A network of freeways links most urbanized areas of the County. The major north• south arterials are the Corona (1-15) and Escondido (1-215) Freeways. The Pomona Freeway (SH-60) provides east-west access to Los Angeles and the desert areas of Riverside County. The Riverside Freeway (SH-91) provides access to Orange and Los Angeles Counties.

Real Estate The following table shows Riverside County in relation to the remaining Southern California counties for median price and number of dwellings sold.

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Southern California Home Sales No. Sold - All Homes Median Price - All Homes Nov. Nov. Pet. Nov. Nov. Pet. County 2013 2014 Chg. 2013 2014 Chg. Los Angeles 5,884 5,283 -10.2% $424,500 $455,000 7.2% Orange County 2,632 2,441 -7.3% $560,000 $585,000 4.5% Riverside 2,934 2,642 -10.0% $275,000 $305,000 10.9% San Bernardino 2,130 1,926 -9.6% $218.500 $255,000 16.7% San Diego 3,018 2,675 -11.4% $415,000 $430,000 3.6% Ventura 685 676 -1.3% $445,000 $460,000 3.4% Southern California 17,283 15,643 -9.5% $385,000 $412,000 7.0%

Source: DQNews.com 12/14

During the period from 1988 through 1989, housing values appreciated at rates approaching an average of 15% per annum throughout much of Riverside County and Southern California. In Southern California, during the period from 1990 through 1993 as the economic recession influenced all segments of potential homebuyers, the rate of home price appreciation fell dramatically with declines of approximately 4% to 6% per annum. During 1996 home prices stabilized, and most new subdivisions experienced significant price increases from 1997 to mid-2005, with annual double digit appreciation. Over the subsequent 6± years, sales, prices significantly decreased. However, over the last 28 months, sales prices have increased on a year-over-year basis. The November 2014 sales were 26.7% lower than the average sales rate for November over the last 26 years. The region's November home sales were the lowest November sales in the last seven years. Sales have not been above the average for any particular month in over seven years. There were also more signs of home prices flattening out: The region's median sale price has changed little over the last three months and November marked the sixth consecutive month in which the median had a single-digit year-over-year gain, following 22 months of double-digit increases.

In Riverside County, 2,642 homes were reported to trade hands in November 2014, which is a decrease of 10.0% from November 2013. This is primarily due to a lack of inventory in the current market, credit restrictions from lenders and reduced affordability caused by the recent price gains. The high level of investor demand over the past several years appears to have significantly reduced the excess inventory of existing homes. Prices are reportedly back to their 2004-2005 level. At this time,

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builders appear to be testing the market again with increases in sales and pricing. Over the past 12 months, the median sales price has increased 10.9% to $305,000, according to CoreLogic/DataQuick. This is a vast improvement from the 20% to 25% annual declines on a monthly basis in 2007 and 2008.

Conclusion In summary, the region exhibited very strong population and employment growth during the 1980 to 1989 period. The recession of the early 1990s significantly slowed population growth and resulted in overall job losses from 1990 to 1995. During the following decade, as the economy recovered, population and employment growth were stronger than during the prior growth years of the 1980s. As the past recession took hold in 2008, Riverside County was impacted particularly hard, with plummeting home prices and related job losses. However, the recent double digit year-over-year price increases indicated that the market is in a rebounding phase of the cycle. The long-term outlook for the region remains positive as the elements of abundant affordable land and labor still exist. Future growth will continue to be affected by the trends in the overall economy. Riverside County's economic environment should follow a path similar to that of the other Southern California counties.

Temecula The City of Temecula is located south of the subject in the Temecula Valley about 40 miles southeast of the City of Riverside and 60 miles north of San Diego. Development of the Temecula Valley began in the late 1960s, with the sale of the Vail Ranch to Kaiser Land Development Company. Prior to 1964, the land had been under the ownership of the Vail Family since 1904. Kaiser's development, known as "Rancho California," was the beginning of one of the fastest growing regions in California. The completion of the 1-15 between San Diego and San Bernardino speeded this area's growth. Please refer to the next page for the Neighborhood Map identifying the location of CFD No. 2001-01, lA-A.

CONSULTING REAL ESTATE APPRAISERS 27 Neighborhood Map

Skinner ReseNOir Lake Skinner Recreation Area

0 mi 1 2 3 Copyright © and (P) 1988–2012 Microsoft Corporation and/or its suppliers. All rights reserved. http://www.microsoft.com/streets/ Certain mapping and direction data © 2012 NAVTEQ. All rights reserved. The Data for areas of Canada includes information taken with permission from Canadian authorities, including: © Her Majesty the Queen in Right of Canada, © Queen's Printer for Ontario. NAVTEQ and NAVTEQ ON BOARD are trademarks of NAVTEQ. © 2012 Tele Atlas North America, Inc. All rights reserved. Tele Atlas and Tele Atlas North America are trademarks of Tele Atlas, Inc. © 2012 by Applied Geographic Solutions. All rights reserved. Portions © Copyright 2012 by Woodall Publications Corp. All rights reserved. HRA

Temecula is located along the 1-15, 1-215 and State Highway 79. The City of Murrieta is north of Temecula and to the west of lA-A. The Pechanga Indian ReseNation and Casino is southwesterly and unincorporated Riverside County surrounds the cities. The subject property is located in unincorporated Riverside County, about six miles northerly of the City limits of Temecula.

Population As of the 2000 Census, Temecula had a population of 57,716 or a 113.0% increase over its 1990 population. The State of California estimated the 2014 population at 106,300 for the City of Temecula. When the nearby community of Winchester and the City of Murrieta are included the population increases to almost 230,000 people.

Income Levels The City of Temecula has an income distribution significantly higher than the countywide distribution. The median household income for Temecula is $67,659, which is much higher than the countywide figure. The average household income in the City is $80,729, which is significantly higher that the countywide figure.

City of Temecula Household Income Distribution 2014 Income Range Households Percent 11 Less than $15,000 2,811 8.38% $15,000 - $24,999 2,769 8.26% $25,000 - $34,999 2,794 8.33% $35,000 - $49,999 4,079 12.16% $50,000 - $74,999 6,108 18.21% $75,000 - $99,999 5,206 15.52% $100,000 - $149,999 6,192 18.47% $150,000 - $199,999 2,247 6.70% 200,000 or more 1,329 3.97% Total 33,535 100.0% Median Household Income $67,659 Average Household Income $80,729

Source: Claritas 4/14

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Retail Sales In 2012, the City generated retail sales of $1,961,289,000 or 9.8% of the County's total retail sales. The retail sales increased 69.6% from the area's 2000 level, while the County's retail sales increased 64.2% during the same period. This shows the growth of income and population for the subject area. Retail sales during the first three quarters of 2013 totaled $1.5 billion, 6.1 % greater than the first three quarters of 2012.

Employment The City has a labor force of 39,400 workers. The unemployment rate for this area is 5.5%, 33% lower than the countywide rate. The top ten employers in Temecula are shown on the following table.

Top Ten Employers

Number of Name of Employer Employees Temecula Valley Unified School District 2,594 Abbott Laboratories 2,000 Professional Hospital Supply 1,700 I nternational Rectifier 653 Costco Wholesale Corporation 343 Macy's 300 EMD Millipore 275 Norm Reeves Auto GrouplDCH 274 Temecula Creek Inn 230 Southwest Traders 228

Source: City of Temecula 2013

Transportation Temecula is served by Interstate Highway 15/215 and State Highway 79. These provide access to most other parts of Southern California. In addition, rail service is provided by the BNSF railway.

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Immediate Surroundings The subject property is located in the French Valley area of Temecula Valley. This is a mostly rural area, where newer residential development has been on-going for the last 10 years. This area is north of the City of Temecula and east of the City of Murrieta. Most major commercial/retail developments are located in these two cities, between three and six miles from the subject. The Specific Plan area that the subject property is located in contains land proposed for retail/commercial and industrial uses.

The subject market area is bordered on the south by Auld Road, on the north by Scott Road, on the west by Briggs Road and on the East by Washington Street. This area is approximately 1% miles from east to west and two miles from north to south. The subject's north/south location is in the north/central portion of this area and it is located adjacent to the east side.

Within five miles are various service providers and several neighborhood and community shopping centers, including the Murrieta Springs Plaza along the 15 Freeway corridor in nearby Murrieta. Approximately three miles to the southwest is the Promenade mall, a regional mall located in the northwest corner of Temecula. The 1.02 million square foot mall contains over 110 specialty stores and is anchored by JC Penney, two Macy's and Sears.

Nearby recreational facilities include the Vail Lake and Lake Skinner Recreation Areas, as well as numerous golf courses and wineries.

Development of single-family dwellings in this area is taking place at this time within the subject development, Morningstar Ranch. Currently, Sunrise, Horizon and Liberty are under construction. These homes are 2,500 to 4,200 square feet in size located on lots that are approximately 7,200 to 10,000 square feet in size. These projects range from $375,000 to $440,000 in base price. Other planned communities include Heritage Ranch and Roripaugh Ranch. In terms of path of development, the subject properties will be among the last developments in the northeast direction from the more densely developed areas of MurrietalTemecula.

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The market area is bisected from southwest to northeast by Winchester Road, (State Highway 79), which is the main traffic artery for this area. The entire market area is relatively level and physically capable of being developed. The nearest existing schools are adjacent to the subject and there are two small parks within the subject community. Much of the land in this market area that is not yet developed with subdivisions is used either for farming or is left vacant and unused.

The majority of the residential development in the neighborhood is comprised of single-family tract homes of average quality construction. These homes were generally built over the last ten years and range between 2,200 and 4,200 square feet in size. Selling prices within the past year ranged from approximately $300,000 to $430,000, with the majority of the homes selling around $375,000. Similar housing tracts are situated to the east and west. In the rolling hills south of the subject neighborhood are generally larger custom homes selling for up to the mid-$800,OOOs, while much of the land to the north has yet to be developed.

Conclusion The local economy previously experienced economic decline from 2008 into 2012, due largely to the national and state recessions. However, beginning in mid-2012 the markets have stabilized and home price increases have returned. Inflation is reported to remain low, which should keep mortgage rates from rising too steeply while the economy gains strength.

Nationally, the economy has rebounded from the recent recession lows. As of January 2, 2015, the Dow Jones Industrial Average (DJIA) and S&P 500 are near historical highs over 17,800 and 2,050 respectively. Home buyer demand in the Temecula Valley and all of Southern California currently meets the supply of homes on the market.

Riverside County experienced an increase of 10% in the median home price from a year ago. The median home price in Riverside County was $305,000 in November

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2014. San Bernardino's median home price was $255,000. Home prices continue to increase, and the percentage change is increasing on a monthly basis. The subject's market area has experienced improving demand for detached single family homes. As long as the economy continues to grow, employment opportunities improve closer to the subject area, and the cities close to the more urbanized areas become even more expensive areas in which to live and operate a business. The Temecula Valley and IA-A are anticipated to continue to experience moderate growth.

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SITE ANALYSIS

General The subject property of this appraisal is identified as Improvement Area A of CFD No. 2001-01, French Valley. Improvement Area B, located adjacent to the south, is not a part of this appraisal assignment. The subject parcel has undergone significant site improvements and is being developed with residential uses. Improvement Area A comprises a 467± acre portion of the French Valley master planned community, zoned SP (Specific Plan No. 286). This specific plan was adopted by the Riverside County Board of Supervisors in 1997. Improvement Area A is currently known as Morningstar Ranch. Although adjacent to the City of Temecula, French Valley is in unincorporated Riverside County.

Location The subject parcel is located on the east side of Pourroy Road, about one-half mile north of Thompson Road and one-quarter mile south of Winchester Road (State Highway 79). At Thompson Road, Pourroy Road is about one mile east of Winchester Road (State Highway 79). Washington Street abuts the east side of the subject property.

Schools The community of Morningstar Ranch is located within the Temecula Valley Unified School District. This is considered to have a positive impact on the subject property.

Current Site Condition As of the date of value of this appraisal, the subject is in a physically finished to finished lot condition with 677 sold dwellings, nine model homes, 13 near complete dwellings, 30 dwellings under construction and 352 finished lots.

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Size and Shape The overall shape of Improvement Area A is generally rectangular and contains 467± gross acres and 245± net acres. Improvement Area A has been subdivided into seven recorded Tract Maps. Please refer to the following table which summarizes the seven tracts. The original four tract maps were previously built-out and sold.

CFD 2001-1 Improvement Area A Number Phase Tract No. Size Acres of Lots 1 29268 51.±. 123 1 29269 40.±. 143 1 29270 38± 127 1 29271 18+ ~ Total Phase 1 147+ 448 2 30069 103 2 30069-1 341 2 30069-2 189 Total Phase 2 320+ 633 Total 467± 1,081

Soils and Geology No soils report was provided for Improvement Area A. However, the soils information in the 1997 Environmental Impact Report (EIR) was previously reviewed. The report indicates that the project as proposed is feasible. The appraisers assume that the soil conditions allow all of the proposed development as discussed in the Highest and Best Use section of this report and as proposed by the developer. All 1,081 lots have been graded, 690 production dwellings and 9 model homes are built, 30 dwellings are under construction and 352 lots are in a physically finished lot condition.

Topography and Drainage Improvement Area A is mostly level along its west line, to rolling hillside in the eastern portion of the property. Elevations range from 1,385 feet up to 1,620 feet above sea level.

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Drainage is via natural sheet flow and percolation. All storm drains serving the subject property are completed. Storm drain capacity for the subject was constructed during the development process. During our inspection of the site, we did not observe any drainage problems.

Zoning The subject property is zoned SP, Specific Plan, by the County of Riverside. This zone allows for a variety of compatible uses that comprise a master planned community. The subject parcels are designated for residential uses within their master planned community. The minimum lot size ranges from 5,000 to 7,200 square feet per dwelling. Tract 29268 is zoned for a 6,000 square foot minimum lot size. However, the average lot size for this tract is 9,872 square feet. Tract 29269 is zoned for a 7,200 square foot minimum lot size. However, the average lot size for this tract is 7,930 square feet. Tract 29270 is zoned for a 7,200 square foot minimum lot size. However, the average lot size for this tract is 8,819 square feet. Tract 29271 is zoned for a 7,200 square foot minimum lot size. However, the average lot size for this tract is 10,903 square feet. Tract 30069 is zoned for a 7,200 square foot minimum lot size. However, the average lot size for this tract is 10,956 square feet. Tract 30069-1 is zoned for a 7,200 square foot minimum lot size. However, the average lot size for this tract is 9,593 square feet. Tract 30069-2 is zoned for a 7,200 square foot minimum lot size. However, the average lot size for this tract is 11,503 square feet. These large lot sizes are considered a desirable aspect of the subject property.

As existing and as proposed, the subject project appears to be a legally conforming use. The subject property is in conformance with all zoning requirements, and is assumed to be in conformance with all governmental regulations.

Access and Circulation The subject property is located on the east side of Pourroy Road, southeast of Winchester Road, Highway 79. Pourroy Road is a four-lane paved road with curbs, gutters and sidewalks. Pourroy Road is dedicated 100 feet wide. All interior streets are dedicated 60 feet wide and paved with one lane in each direction.

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Pourroy Road extends northerly from the subject and connects with Highway 79, Winchester Road. Highway 79 connects to the 1-15 Freeway about 10 miles southwest of the subject.

Easements The appraisers have been provided with two preliminary title reports for Improvement Area A of CFD No. 2001-01. These reports were prepared by First American Title Company and dated December 9, 2014.

There did not appear to be any easements, restrictions or conditions that would adversely impact the value of the subject property. It is a specific assumption of this appraisal that all easements and encumbrances affecting the property are not detrimental to value. A Notice of Special Tax Lien was recorded and the property is subject to the special taxes for CFD 2001-01, lA-A.

Utilities The subject property is served by the following companies/agencies:

Electricity Southern California Edison Water Eastern Municipal Water District Gas Southern California Gas Company Sewer Eastern Municipal Water District Telephone Verizon Police County of Riverside Fire County of Riverside

Earthquake, Flood Hazards, and Nuisances The subject property, as of the date of valuation, was not located in a designated Earthquake Study Zone as determined by the State Geologist. However, all of Southern California is subject to seismic activity. The subject property is located in a Zone "X" flood designated area according to Federal Emergency Management Agency Community Panel No. 06065C-2730G, effective date August 28, 2008. This designation references an area that is outside the 500-year flood plain. Flood insurance is not required. No other

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nuisances or hazards were observed on physical inspection of the subject property as of the date of value.

The nearest active fault is the Elsinore Fault (Temecula Strand) located approximately 2% miles west of the site. This fault is contained within an Alquist-Priolo Earthquake Fault zone. The Elsinore Fault is considered capable of generating a Maximum Credible earthquake event of Magnitude 6.8. Nearby faults are shown below.

Distance from Maximum Peak Site Fault Site (miles) Earthquake Magnitude Acceleration (g) Elsinore-Temecula 2.5 6.8 0.43 Elsinore-Julian 6.5 7.1 0.32 San Jacinto-Anza 19.9 7.2 0.15 San Jacinto-San Jacinto Valley 20.8 6.9 0.12 Elsinore-Glen Ivy 20.8 6.8 0.12

Due to the dense nature of the formational units and older alluvium, the removal and recompaction of the surficial soils, and the lack of near surface groundwater, the potential for seismically induced soil liquefaction occurring at the site is considered to be very low.

Environmental Issues The property is reportedly not impacted by any negative environmental issues.

Taxes and Special Assessments Improvement Area A is divided into 1,081 taxable assessor parcels. Pursuant to Proposition 13, passed in California in 1978, current Assessed Values mayor may not have any direct relationship to current Market Value. Real estate tax increases are limited according to Proposition 13 to a maximum of 2% per year plus bonds, if any. If the property is sold, real estate taxes are normally subject to modification to the then current Market Value.

In addition, there are special taxes for EMWD CFD No. 2002-01, French Valley. The total tax rate is estimated not to exceed 2.0%. Improvement Area A of CFD No. 2001-01 will have Special Taxes which will range from $1,281 to $1,640 per dwelling.

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The office of Albert A. Webb Associates estimates the Special Taxes on the residential land within Improvement Area A of CFD No. 2001-01. The Special Taxes for the individual homes are also estimated. The estimated property values are based, in part, on the Special Taxes estimated for the ultimate homeowner. For 2014-15, the 1,081 individual lots and dwellings have a total Assessed Value of $233,470,787. Within the Addenda of this report is a summary of the Assessed Values and taxes as reported by the Riverside County Assessor. The District's Special Tax Consultant Reports that two assessor parcels (dwellings) are delinquent.

The subject property falls within the taxing jurisdiction of the Riverside County Assessor's office. The applicable tax rate area is 94-248. The published annual tax rate in this area is 1.03369%. The subject tax rate includes bond indebtedness related to water district debt service, CSA 103, Valleywide Regional Parks and MWD.

The overall effective tax rate, including Special Taxes, for the proposed homes will be approximately 1.8% to 2.0% of base prices. This tax burden is common for southwest Riverside County where tax rates in new home communities typically range from 1.50% to 2.00%. A survey of the subject's market area revealed that special Assessment Districts or CFDs encumber most of the competing residential subdivisions. There does not appear to be a great deal of resistance to the special assessments that do not increase the overall tax rate significantly above 2.0% of value.

Site Improvements As of the date of value, all site improvements are reported to be complete. The developer has estimated $1,000 per physically finished lot for weed abatement and erosion remediation.

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IMPROVEMENT DESCRIPTION

General The subject property, CFD No. 2001-01, lA-A, is the second phase of a two phase development of the master planned community of Morningstar Ranch, located in southwest Riverside County, northerly of the City of Temecula. The community of Morningstar Ranch, in its entirety, includes approximately 467±- gross acres proposed for an ultimate build out of 1,081 single family detached homes on lots ranging from 5,000 square feet to 15,000 square feet, although the majority of development is on lots between 5,000 square feet and 8,000 square feet. The community of Morningstar Ranch has dedicated about 25%± to open space and parks. The residential development is planned for densities of 2± to 5± units per acre.

The subject of this appraisal is all of the planned community of Morningstar Ranch (Improvement Area A), which includes approximately 245±- net acres proposed for 1,081 single family detached units. The subject property is under construction with significant site improvements from physically finished lots to 699 completed dwellings, of which 677 dwellings have been sold to homeowners.

The following table summarizes the floor plans within the three actively selling products currently under construction at Morningstar Ranch. Sunrise is being built by Standard Pacific Homes. Horizon is also being built by Standard Pacific Homes. Liberty is being built by Brookfield Homes.

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CFD No. 2001-01, 1A-A Morningstar Ranch Unit Bedrooml Base Sales Average Lot Size Size Bath Price $/S.F. Sunrise 8,944 2,560 3/2.5 $380,900 $148.79 2,719 4/3 $363,900 $133.84 2,998 4/3 $375,900 $125.38 Horizon 9,138 2,909 4/3 $401,900 $138.16 3,213 3/3 $381,900 $118.86 3,369 4/3.5 $404,900 $120.18 Liberty 11,566 3,120 4/2.5 $408,500 $130.93 3,505 4/2.5 $428,500 $122.25 4,157 5/3.5 $440,500 $105.97

It is a specific assumption of this appraisal that the proposed units will be built according to the County's specifications and that they meet the market demand for the subject's market area.

The following is a list of some of the anticipated general construction specifications for the detached single-family homes for the second phase of Morningstar Ranch.

Construction Units are of Class "0" construction; wood frame and stucco siding with several elevation choices.

Foundations Foundations are poured concrete. Particle board over wood floor joists for the second floor.

Structural Frame Consists of 2" x 4" and 2" x 6" wood framing.

Roofs Roofs are of concrete tile.

Windows Vinyl dual glazed windows.

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Floor Covering Floor coverings are wall-to-wall carpet in all living areas. Entries are of ceramic tile and kitchen, bathrooms and laundry room are of vinyl.

Interior Finish Custom trowelled ceiling and painted drywall.

Heating/HVAC Energy efficient central air conditioning and gas forced air heating.

Kitchens Kitchens will be equipped with maple cabinets and granite counter tops. Each kitchen will include a 36-inch cook-top, self-cleaning oven, microwave, and dishwasher.

Bathrooms Master bathrooms will have double sinks with ceramic tile or marble countertops and stain grade cabinets, ceramic tile shower/tub. Secondary bathrooms will have cultured marble countertops, fiberglass combination tub/shower, and matte white cabinets.

Garage Sectional roll-up garage doors with concrete driveways. Tankless water heater.

Fireplace One fireplace per unit.

Laundry Facilities Interior laundry rooms for all plans.

Landscape Front yard landscape and irrigation system. Rear and side yard fencing.

Options Numerous options and upgrades will be available including flooring, cabinet, and countertop upgrades. Most options and upgrades provided at competing, similar quality developments will be offered.

Conclusion of the Improvements Based on the review of the product information and physical inspection of models of similar products, we are of the opinion that the quality of the products will be average• plus and will generally meet buyer expectations for the subject's marketplace.

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Functional Utility It is an assumption of this appraisal that all of the floor plans are functional, and competitive with current design standards.

Remaining Economic Life The total/remaining economic life, according to the Marshall Valuation Service, is considered to be 50 years from date of completion.

Homeowners Association Dues The subject tracts are anticipated to include a homeowner's association with dues around $50 per home per month. The HOA is planned to include brush management, monument and monument landscaping and a community recreation center.

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HIGHEST AND BEST USE

The term highest and best use is an appraisal concept that has been defined as follows:

The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity. 4

The determination of highest and best use, therefore, requires a separate analysis for the land as legally permitted, as if vacant. Next, the highest and best use of the property with its improvements must be analyzed to consider any deviation of the existing improvements from the ideal. liThe highest and best use of both land as though vacant and property as improved must meet four criteria. The highest and best use must be: legally permissible, physically possible, financially feasible, and maximally productive. These criteria are often considered sequentially."5 The four criteria interact and, therefore, may also be considered in concert. A use may be financially feasible, but it is irrelevant if it is physically impossible or legally prohibited.

Legally Permissible Use The legal factors affecting the site and its potential uses are often the most restrictive. These would typically be government regulations such as zoning and building codes.

The subject properties are located in the Temecula Valley area of Riverside County. Improvement Area A is within the Specific Plan of SP-286 (French Valley), which was approved in 1997. The Improvement Area is entitled with seven final tract maps, all recorded as of the date of value. A total of 1,081 dwellings are entitled.

4 The Dictionary of Real Estate Appraisal, 4th Edition, Pub. by the Appraisal Institute, Chicago, IL., P. 135.

th 5 The Appraisal of Real Estate, 10 Edition, Pub. By the Appraisal Institute, Chicago, IL., P. 280.

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Physically Possible Use The subject property is generally rectangular in shape. Improvement Area A of CFD No. 2001-01 contains approximately 467± gross acres and 245± net acres. The site has a flat to rolling topography, which has been improved to at least a physically finished lot condition, with 699 complete or nearly complete dwellings at this time. The Morningstar Ranch project is a natural extension of existing residential development, located in the French Valley, north of Temecula.

We were not provided with a geotechnical feasibility study for the subject property. However, the subject has been graded with 1,081 physically finished lots and improved with 699 built dwelling units. It is an assumption of this report that the soils are adequate to support the concluded highest and best use.

All normal utilities are available to serve the subject site. Site utilities are installed and operational, as of the date of value. The property is generally bounded by residential development and undeveloped land. Access is considered to be adequate via Pourroy Road, Washington Street, State Highway 79, and the 1-15 Freewayll-215 Freeway.

The size, access, and topography of the subject property make it physically suited for numerous types of development. The near-by uses of residential development appear to make the subject property more suitable for residential use.

Based on the physical analysis, the subject property appears to be viable for numerous types of development based on its size and topography. However, the site's location would suggest the lands have a primary use of residential development due to the adjacent developments.

Financial Feasibility and Market Conditions The financial feasibility of the development of the subject property is based on its ability to generate sufficient income and value in excess of the costs to develop the

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property to its highest and best use. Please refer to the Valuation section of this report, which gives support to the financial feasibility of CFD No. 2001-01, lA-A.

General Market Conditions - Riverside County The attractiveness of residential development anywhere in Riverside County is evidenced by market activity which has taken place over the last 15± years. Beginning in 1996/1997 and continuing through 2005, significant price increases occurred and incentives and concessions disappeared. The general consensus was that demand for residential land exceeded supply over the 10± year period. Both land sales and home sales showed annual double-digit appreciation from 1996/1997 through 2006. The past recession had a significant negative impact on the residential market.

The current condition of the housing market is that there has been a significant increase in demand over the past 24± months, which has positively impacted price. The decline in sales and prices between the end of 2005 through 2011 has ended. As reported by DataQuick, there was stabilization in the median Riverside County home price between February 2011 and February 2012, with a decline of only 1%. However, the following 12 month period to February 2013 shows the median price increased over 18%. The current median price of $305,000 is reportedly 10.9% higher than the November 2013 price. However, it appears that the upward pressure on price due to demand outpacing supply could be over. Over the past 12 months sales decreased by 10.0%, from 2,934 sales in November 2013 to 2,642 sales in November 2014.

Prior to the most recent recession, the general economy experienced economic growth beginning in the 3rd quarter of 2003, due largely to increased consumer and business spending. The general economy continued to remain strong through 2006, but began weakening in 2007. Over the following six years the general economy was negatively impacted by the recent recession. Inflation continues to remain low, which has kept mortgage rates from rising too steeply over the past several years. However, the Inland Empire's long running housing boom came to a halt in 2007. Prior to the recession, builders in Riverside County increased demand for new housing permits and pulled 34,226 residential permits during 2004 and 34,134 residential permits in 2005.

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However, demand declined to 25,211 permits in 2006 and 12,453 permits in 2007. The number of permits continued to decline to 5,919 in 2008 and to 4,190 permits in 2009, to 4,557 permits in 2010, to the low in 2011 at 3,751 permits, to 4,258 permits in 2012 and to 5,707 permits in 2013. Demand and sales started to decline the end of 2005 and continued through 2012. According to DataQuick, new home sales were reported to be 28,732 in 2005, 28,232 in 2006, 13,693 in 2007, 7,425 in 2008, 5,094 in 2009, 4,350 in 2010, 3,168 in 2011, 3,652 in 2012, and 4,116 in 2013. This protracted reduced demand has resulted in significant decreasing in new home prices, a significant reduction in the number of new home sales and an increase in the number of loan defaults and foreclosures.

The current projection for the housing market is that we are seeing a return to a more balanced and normal market. The past 6± years of low sales volume and declining prices, between 2007 and 2012, appear to have stabilized, causing property values to increase in some areas. Inland Empire homes are more affordable than on the coast. The Inland Empire is expected to continue to draw homebuyers from Orange, Los Angeles and San Diego counties where home prices are significantly higher, especially as those three markets improve.

According to CoreLogic/DataQuick, Riverside County's November 2014 home sales decreased 10.0% compared to November 2013. The low inventory of homes on the market has continued to impact home prices. Riverside County's median home price in November 2014 rose 10.9% to $305,000 from November 2013, but only 7% over the last 10 months. One of the reasons for the Inland Empire's weakness in housing demand is due to the lack of listings from sellers. Notices of default decreased every quarter for the last year. Absentee buyers, mainly investors, appear to have purchased much of the lower priced homes in Riverside County and throughout Southern California. However, due to the declining number of distressed homes, many recent purchases have been at prices above the listing price. Both short sales and foreclosures are at their lowest levels in over six years. Most economists are forecasting that sales rates and sales prices will continue to stabilize or even improve during 2015.

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According to Metrostudy, the median price of a new single family home in Riverside County increased 11.8% between Q4 2012 and Q4 2013. The Q3 2014 median price of a new detached home in Riverside County is reported to be $363,600. This is 5.1 % greater than Q3 2013 median prices. This price is still 21 %± lower than the County record high median price of $462,656 in March 2007. It is about 28% higher than the low median price of $284,491 reached in September 2009.

The rate of sales in Riverside County declined 29.7% between Q3 2013 and Q3 2014 to 736 sales, according to Metrostudy. This was the third quarter of declining year• over-year sales following seven quarters of increasing sales since the fourth quarter of 2009. Those were the only quarters of increasing sales since the second quarter of 2005. However, the annual sales for 2013 were 25.7% greater than for 2012. 3,973 detached dwellings sold in 2013.The general thinking was that this long term slowdown in sales was due to lack of demand, largely caused by fear of further price declines or lack of financing. The current general opinion is that sales prices, particularly for new homes, have reached a more affordable level that is supported by economic growth. As financing becomes more readily available, demand and sales activity is expected to continue, although at a much lower level than what was experienced before the downturn in the market. This could take an additional 3 to 6 months.

Inventory of available homes in the Riverside County marketplace increased dramatically in 2006 and 2007 and home prices began to decline. The rising mortgage rates, tighter loan standards and over-priced homes were considered the main reasons for the slowdown in sales and declining prices. In addition, the investor/speculator had disappeared in most markets, which also hurt demand. Between 2006 and 2008, sales activity continued to slow, causing inventories of unsold homes to rise. Builders slowed down the pace of construction, and the number of homes built, and unsold inventory started to decline in Riverside County between 2008 and 2014. We are of the opinion that the housing market will continue improving in Riverside County in 2015, similar to many other markets.

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Builders within Riverside County sold 3,973 new single-family detached homes and 143 attached homes during 2013. This was up 25.7% for detached homes and 10.9% for attached homes compared to 2012. Builders within Riverside County sold 2,575 new single-family detached homes and 142 condominiums during 2011. That equates to a 54.3% increase between 2011 and 2013

Third quarter 2014 sales represent a decrease of 29.7% for new detached product over 03 2013. Most of the detached homes sold in Riverside County during 03 2014 are priced over $300,000, and comprise 78%±- of the total sales. Sales of homes priced between $300,000 and $399,999 have the most activity, comprising 44.3%± of the detached market. The number of active detached projects in Riverside County was up 30 projects from 03 2013.

According to Metrostudy, there are 2,182 detached dwellings under construction in Riverside County as of 03 2014. In addition, there are a reported 14,465 lots that are improved to finished lot condition in Riverside County. At the end of 03 2013 there were 1,840 dwellings under construction and 14,212 lots were in at least a finished lot condition. According to Metrostudy, there are 6.6 months of inventory for units under construction as of the third quarter 2014. Total inventory, which includes units under construction, units built but not occupied and model homes; indicates 11.2 months of absorption. The current total inventory absorption of 11.2 months is up from the reported 9.2 months one year ago.

According to an interest rate survey published weekly in the Los Angeles Times, the typical 30-year, fixed rate conforming loan is between 3.75% and 4.00% as of the date of this report. Mortgage rates have been in the 3.75% and 4.25%± range over the past year. While a slight increase in rates may impact demand, we do not anticipate a significant drop in demand, due to the interest rate increases, as long as rates remain near or below the 8.00% level. The current level of interest rates, along with record low sales prices over the past 4 to 5 years, should help to increase sales activity, for qualified buyers.

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Riverside - South Submarket CFD No. 2001-01, IA-A is situated in the South submarket region which includes the cities and communities of Anza, French Valley, Lake Elsinore, Murrieta, Murrieta Hot Springs, Temecula, Wildomar, and Winchester. The South submarket region accounted for 227 detached sales during the third quarter of 2014, or a 30.8% market share of the Riverside County market. This sales rate is down 37.8% from the third quarter 2013 sales rate. An indication of the stagnating market is that during 2012, the South submarket had average sales per project of 13.8 units. However, in 2013, the average sales rate per project was 21.3 units. For the last 12 months ending September 2014, the South submarket's average sales ratio declined to 14.4 sales. The median sales price in the South submarket has increased over the past year to $381,900, an 8.5% increase. The median price for the South submarket is about 21 % below the submarket peak of $484,972 in the fourth quarter of 2006. It is a mid-affordable submarket in Riverside County with a median price per square foot of $156.00. The price per square foot in the subject's submarket increased by 3.8%, and the average size of a detached home decreased by 0.7% since the third quarter of 2013.

During the third quarter of 2014, the subject's submarket sold 1 detached home priced under $250,000; 22 detached homes priced between $250,000 and $299,999 were sold; and 204 homes priced over $300,000 were sold. There were 14 attached units that sold in the subject's submarket, with 5 units under $300,000.

Within the South submarket there are 62 active projects, which is three more than last year at this time. The subject's market area reports 263 unsold standing (built, but unsold) inventory units and 454 unsold units under construction. This is a 7.1 month absorption time for the completed dwellings and units under construction. Total inventory which includes units built, under construction and model homes totals 817 units which equates to an 8.1 month supply at the current sales rate. One year ago total inventory was at 663 units, and the absorption time based on last year's sales rate was 5.5 months. While total inventory increased 23.2%, absorption time increased 47.3% or 2.6 months.

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Feasibility The financial feasibility of the development of the subject property is based on its ability to generate sufficient income and value in excess of the costs to develop the property to its highest and best use. Please refer to the Valuation sections of this report, which give support to the financial feasibility of lA-A.

Most projects throughout French Valley and nearby markets started to plateau during the first quarter of 2006. Incentives and price reductions were apparent in most tracts in an attempt to find the "new" equilibrium in absorption and sales price, given market conditions at that time. A decline in sales activity and price occurred over the next 6± years. Over the next 24 months sales increased and builders began to increase sales prices between phase releases. However, over the last year, sales rates have declined and price increases have slowed. It appears that current prices have achieved an affordability level more consistent with current economic growth. Most economists are predicting a continued return to a more balanced and normal market during 2015.

Currently, the market appears to have stabilized with some modest market improvement. Please refer to the table on the following page that summarizes the actively selling projects most comparable to the subject. As indicated, demand has improved and projects similar to that of the subject are experiencing sales rates of 0.2 to 5.2 units per month. Five of the nine projects have sales rates between 1.9 and 2.9 dwellings per month.

Maximally Productive In considering what uses would be maximally productive for the subject property, we must consider the previously stated legal considerations. We are assuming the land uses allowed under the zoning of Riverside County are the most productive uses that will be allowed at the present time. Current zoning and approved uses indicate that other alternative uses are not feasible at this time.

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French Valley Market Area Comparable Residential Project Summary Detached Single Family Homes January 1, 2015

Lot Base Unit Price! No. Sold Overall No. Project Location Units Size Price Size Sq. Ft. Start Dt. Mo. Abs. Sunrise 87 7,200 $380,900 2,560 $148.79 26 2.6 Standard Pacific Homes $363,900 2,719 $133.84 Mar-14 French Valley $375,900 2,998 $125.38 Subject Property

2 Horizon 85 7,200 $401,900 2,909 $138.16 19 1.9 Standard Pacific Homes $381,900 3,213 $118.86 Mar-14 French Valley $404,900 3,369 $120.18 Subject Property

3 Liberty 90 7,200 $408,500 3,120 $130.93 17 2.3 Brookfield Homes $428,500 3,505 $122.25 May-14 French Valley $440,500 4,157 $105.97 Subject Property

4 Capistrano 60 7,200 $368,990 2,346 $157.28 0.2 Meritage Homes $384,990 2,610 $147.51 JUI-14 French Valley $403,990 3,087 $130.87 $425,990 3,439 $123.87

5 Acacia - Mahogany Hills 62 7,200 $344,990 2,343 $147.24 42 4.2 KB Home $354,990 2,607 $136.17 Mar-14 Murrieta $369,990 2,894 $127.85

6 Ironwood - Mahogany Hills 130 7,200 $350,490 2,628 $133.37 51 5.1 KB Home $370,990 3,379 $109.79 Mar-14 Murrieta $390,990 3,777 $103.52 $405,990 4,069 $99.78 $425,990 4,506 $94.54

7 Hawthorne - Mahogany Hills 48 7,200 $305,990 1,698 $180.21 3 2.9 KB Home $315,990 1,860 $169.89 Dec-14 Murrieta $335,990 2,528 $132.91 $349,990 2,925 $119.65

8 Willow - Spencer Crossing 38 7,000 $332,990 2,490 $133.73 34 2.1 Richmond American Homes $359,990 3,200 $112.50 Sep-13 French Valley $369,990 3,462 $106.87 $380,990 3,353 $113.63 $390,990 3,817 $102.43

9 Sweetwater Ranch 128 7,200 $349,990 2,217 $157.87 110 5.2 Meritage Homes $359,990 2,320 $155.17 Apr-13 Winchester $373,990 2,789 $134.09 $390,990 3,528 $110.82

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Given the moderate, but improving demand for residential product in Riverside County and the subject area, it is our opinion that development as built and as proposed provides the highest land value and is, therefore, maximally productive.

Conclusion Legal, physical, and market considerations have been analyzed to evaluate the highest and best use of the property. This analysis is presented to evaluate the type of uses that will generate the greatest level of future benefits possible from the land.

After reviewing the alternatives available and considering this and other information, it is the opinion of the appraisers that the highest and best use for the subject property, as vacant and as improved, is for residential development similar to the existing subject floor plans.

As Vacant After reviewing the alternatives available, it is these appraisers' opinion that ultimate development of single-family detached for-sale products, similar to the existing products, is considered the highest and best use of the properties.

As Improved The existing use is a legal use of the land and the value of the land as improved far exceeds the value of the site if vacant. This means that the existing improvements contribute substantial value to the site. Based on these considerations, it is our opinion that the existing improvements constitute the highest and best use of the subject property.

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VALUATION METHODOLOGY

Basis of Valuation Valuation is based upon general and specific background experience, opinions of qualified informed persons, consideration of all data gathered during the investigative phase of the appraisal, and analysis of all market data available to the appraiser.

Valuation Approaches Three basic approaches to value are available to the appraiser:

Cost Approach

This approach entails the preparation of a replacement or reproduction cost estimate of the subject property improvements new (maintaining comparable quality and utility) and then deducting for losses in value sustained through age, wear and tear, functionally obsolescent features, and economic factors affecting the property. This is then added to the estimated land value to provide a value estimate.

Income Approach

This approach is based upon the theory that the value of the property tends to be set by the expected net income therefrom to the owner. It is, in effect, the capitalization of expected future income into present worth. This approach requires an estimate of net income, an analysis of all expense items, the selection of a capitalization rate, and the processing of the net income stream into a value estimate.

Direct Comparison Approach

This approach is based upon the principle that the value of a property tends to be set by the price at which comparable properties have recently been sold or for which they can be acquired. This approach requires a detailed comparison of sales of comparable properties with the subject property. One of the main requisites, therefore, is that sufficient transactions of comparable properties be available to provide an accurate indicator of value and that accurate information regarding price, terms, property description, and proposed use be obtained through interview and observation.

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Static Residual Analysis is used to estimate the merchant builder land value. From the estimated base retail home price, all costs associated with the home construction including direct construction costs, indirect construction costs, financing and profit are deducted. Following the deduction of costs, the residual figure is an estimate of the merchant builder land value.

The Direct Sales Comparison Approach is used for the valuation of land when sufficient comparable sales are available. Their sales prices would be considered the best indicators of value, assuming the sales are current and in a similar land condition. The Income Approach is typically used when appraising income producing properties. This approach is not applicable in the valuation of land as land is not typically held to generate monthly income, but rather purchased to construct an end product that mayor may not generate income. The Cost Approach is not an appropriate tool in the valuation of land.

As previously discussed, there are 1,081 completed and proposed dwelling units within CFD No. 2001-01, lA-A, of which 677 dwellings have sold to individual homeowners. There are 9 model homes, 13 nearly complete dwellings and 30 dwellings under construction. The balance of the District consists of 352 physically finished lots. The appraisers have utilized a mass appraisal technique in the valuation of the 662 completed and sold dwelling units. When implementing a mass appraisal, conservative estimates are to be used in the valuation. It is implicit in mass appraisal that some individual value conclusions will not meet standards of reasonableness, consistency and accuracy. However, appraisers engaged in mass appraisal have a professional responsibility to ensure that, on an overall basis, the value conclusions meet attainable standards of accuracy. The appraisers have used an average conservative value, for the average size unit for the 677 dwellings within the subject product. By utilizing average value estimates, individual home values could be higher or lower, depending on unit size. However, on an overall basis, the value conclusions are reasonable and meet attainable standards of accuracy.

In addition to the 677 completed and sold dwelling units, there are 9 completed model homes, 13 nearly complete dwelling units and 30 dwellings under construction. Traffic and acceptance of the products have been acceptable, with stabilizing market

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conditions. These dwellings have been conservatively valued based on current base asking prices. The 30 dwellings under construction are valued based on the estimated completion of construction with consideration given to current market conditions. The model homes are based on 100% completion with consideration to the landscape, options and upgrades.

For the 352 physically finished lots under the ownerships of the merchant builders, the Direct Sales Comparison Approach and Static Residual Analysis are used to value the finished lots. Valuation by the Direct Sales Comparison Approach is with similar merchant builder land sales. The Static Residual Analysis is also used for valuation purposes as it more closely reflects current market conditions. A finished lot value is estimated with consideration from each analysis. The finished lots include 102 lots under the ownership of Standard Pacific Corporation proposed for the Sunrise and Horizon products. The balance of the lots are under the ownership of Brookfield 30069, LLC and include 61 lots proposed for the Liberty product and 189 addition lots. From the estimated finished lot value, a deduction for the cost to finish is made to arrive at an estimated value for the "as is" condition of the lots.

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VALUATION OF SOLD DWELLING UNITS - 677 UNITS

Valuation of 630 Completed and Sold Dwelling Units As previously discussed, there are 677 completed dwelling units which sold to individual homeowners within the development of Morningstar since 2003. Over the 12 year timeframe, sales within the community have gone through one complete economic cycle and well into the second cycle. Sales began during the beginning of a residential cycle that experienced unprecedented price increases over several years. Only to be followed by another unprecedented decrease in sales prices over the next several years. Finally during 2011, sales prices began to stabilize, with increases in price starting in 2012 that have continued to the present time. Please refer to the Addenda of this report for a unit by unit summary of each sale, date of sale, and sales price as of December 1, 2014. Due to the built-out status of this portion of the District, the appraisers have utilized a mass appraisal technique in the valuation of the completed dwelling units. When implementing a mass appraisal, conservative estimates are to be used in the valuation. It is implicit in mass appraisal that some individual value conclusions will not meet standards of reasonableness, consistency and accuracy. However, appraisers engaged in mass appraisal have a professional responsibility to ensure that, on an overall basis, the value conclusions meet attainable standards of accuracy. The appraisers have used an average conservative value, for the average size unit for the sold dwellings. By utilizing average value estimates, individual home values could be higher or lower, depending on unit size. However, on an overall basis, the value conclusions are reasonable and meet attainable standards of accuracy.

The total sold dwellings as of January 1, 2015 generally include dwellings that were built between 2003 and 2006. However, of the 677 sold dwellings, 47 sales are for three new products that opened for sales in 2014 within the community of Morningstar. As previously discussed two products are built by Standard Pacific Homes and one product by Brookfield Homes. This section of the report will first value, by mass appraisal, the 630 sold dwellings that were built 10± years ago. The following section of this report will value the sold dwellings currently offered for sale as well as the dwelling units that are under construction within the three products.

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As discussed within this report, the residential market has shown significant signs of improvement over the past 24+ months within the Inland Empire. Interviews with sales personnel have reported price increases between phases of development, which is the first time this has occurred since 2006. As discussed in the Highest and Best Use section of this report, the median new home price has increased approximately 8.5% over the past 12± months in the subject's market area.

Sales for CFD No. 2001-1, IA-A began in 2003 with the first escrow closing June 5, 2003. Due to the significant changes in market condition over the past 12 years, only sales during the more recent timeframe are considered relevant in valuing the 630 closed sales. To analyze the sales trends within the subject product the appraisers have reviewed the more recent closed sales by grouping sales by year. Based on current market conditions over the past 4 years, it would be reasonable to assume an upward trend in pricing for the subject sales, similar to other products in Riverside County and Southern California markets. Please refer to the following table which summarizes the average size unit, average sales price and average price per square foot for the sold sales. A unit by unit sales summary is included in the Addenda.

Summary of Subject Sales - (2011 through 2014) Year No. of Sales Avg. Size Avg. SIP Avg. $/SF

2011 42 2,788 SF $262,346 $94.10 2012 54 2,807 SF $258,713 $92.16 2013 51 2,700 SF $306,392 $113.47 2014 32 2,886 SF $353,188 $122.38 Total 179

Sales prices within the CFD reached an all time high in 2005/2006 with homes selling for around $170.00 per square foot for an average 2,800± square foot dwelling. Original sales prices in 2003 were around $112.00 per square foot. The appraisers have also given consideration to the 2014 sales prices for the three actively selling products within the CFD. The smallest of the products is built by Standard Pacific Homes known

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as Sunrise. Sales began in March 2014 and as of January 1,2105,26 were reported as sold, of which 22 homes had closed escrow with an average size of 2,733 square feet at $140.73 per square foot. Standard Pacific Homes also offers a larger product known as Horizon which also opened for sales in March 2014. As of January 1, 2015, 19 homes were reported as sold with 16 homes that had closed escrow with an average size of 3,213 square feet at $135.03 per square foot. The largest product offered within the District is known as Liberty which is built by Brookfield Homes. Liberty opened for sales in May 2014 and had reported 17 sales of which 9 had closed escrow by January 1, 2015. The average size home for the sales at Liberty was 3,709 square feet with an average price per square foot of $121.86.

The appraisers have given most consideration to the trend in sales prices over the past 24± months, which reflects the current market and market demand for the subject products. As previously discussed, the past recession has ended and market activity has increased significantly over the past 24± months. The average size for the 630 sold dwelling units within Community Facilities District No.1, IA-A is 2,850 square feet. The appraisers have given most consideration to the 2014 sales of the older product with an average size of 2,886 square feet. Less consideration is given to the new products that offer newer design standards and "new home" appeal. We have conservatively estimated a value per square foot of $120.00 for the 630 sold dwelling units. The estimated Minimum Market Value for the 630 sold dwellings within the CFD No. 2001-1, IA-A is calculated: 2,850 square feet X $120.00 per square foot X 630 dwelling units = $215,460,600.

The indicated Minimum Market Value for the 630 sold dwelling units within CFD No. 2001-01, IA-A is: $215,460,000 rounded to $215,500,000.

Valuation of 47 Completed and Sold Dwelling Units In addition to the 630 completed and sold dwelling units within the Community Facilities District, there are 3 new products currently being offered for sale. Please refer to the Addenda of this report for a unit by unit summary of each sale within each product. As indicated, all sales have occurred between June and December, 2014. All

CONSULTING REAL ESTATE APPRAISERS 59 HRA

products report continued sales activity since opening in March or May 2014 with dwellings in escrow and home development in various stages of construction. The three products are experiencing sales between 2 and 3 units per month.

As indicated in the sales summary, the 22 sales within the Sunrise product indicate an average size of 2,733 square feet at an average sales price of $384,591 which equates to $140.73 per square foot. The Horizon product has recorded 16 sales with an average size of 3,213 square feet at an average sales price of $433,813 which equates to $135.03 per square foot. The largest product offered within the CFD indicates 9 closed sales with an average size of 3,709 square feet, average sales price of $452,022 and average price per square foot of $121.86. Due to the continued sales activity within the three products and Riverside County, along with the stabilization in sales prices, we have concluded at the current sales prices for the 47 sold dwelling units.

The estimated Minimum Market Value for the 47 dwelling units built by Standard Pacific Corp. and Brookfield Homes is $19,490,700, rounded to $14,500,000.

Valuation of Completed or Under Construction Dwelling Units

In addition to the 47 completed and sold dwelling units within the three products, there are 9 completed model homes, 13 nearly complete production dwellings, 30 dwellings in various stages of unit construction and 163 physically finished lots. The balance of the District includes 189 physically finished lots that require weed abatement and erosion remediation. Product for the 189 lots has not been determined as of the date of value.

The 9 model homes include landscape and hardscape and interior upgrades. In estimating a Minimum Market Value, we have taken into consideration the landscape and hardscape and option package included with the dwellings. No consideration is given to the furniture and fixtures of the model homes. The estimated Minimum Market Value for the 9 model homes is conservatively estimated at 10% above the current base price for the individual floor plan. The 13 nearly completed production homes are valued

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at 85% of the base selling price for the individual floor plan. The discounting is to reflect any risk of closing escrow and the remaining interior improvements that could be required to close escrow for a particular homebuyer. The dwelling units in various stages of unit construction are valued at an estimated percent complete applied to the base sales price of the floor plan. Dwelling units wrapped with roofs under construction are conservatively valued at 55% of the base sales price. Dwelling units being framed are conservatively valued at 45% of the base sales price. Lots with foundations under construction are conservatively valued as finished lots. Please refer to the following page which summarizes the estimated Minimum Market Values for the dwellings in various stages of unit construction under the ownerships of the merchant builders. The following section of this report values the finished lots and the lots with foundations under construction.

The indicated Minimum Market Value for the 32 dwellings built or under construction within the Sunrise and Horizon products under the ownership of the builder, Standard Pacific Corporation, is: $9,192,600 rounded to $9,200,000.

The indicated Minimum Market Value for the 20 dwellings built or under construction within the Liberty product under the ownership of the builder, Brookfield 30069, LLC, is $4,770,675, rounded to $4,800,000.

CONSULTING REAL ESTATE APPRAISERS 61 EMWD CFD No. 2001-1, IA-A ::I: Valuation of Sunrise Product, Horizon Product & liberty Product under unit construction - Merchant Builder Ownerships :c APN Tract Lot Situs Address Condition of Dwelling Plan Unit Size Base Sales Price % Complete Est. Value l> Sunrise @ Morningstar by Standard Pacific Homes STANDARD PACIFIC CORP OWNERSHIP 476-150-002 30069-1 84 35136 Painted Rock St Model Home Plan 1 1 2,560 $381,000 110% $419,100 476-150-003 30069-1 85 35150 Painted Rock St Model Home Plan 2 2 2,719 $364,000 110% $400,400 476-150-004 30069-1 86 35164 Painted Rock St Model Home Plan 3 3 2,998 $376,000 110% $413,600 3 Model Homes

476-150-013 30069-1 95 35290 Painted Rock St Built 2 2,719 $364,000 85% $309,400 476-150-031 30069-1 113 32305 Pamilla St Built 1 2,560 $381,000 85% $323,850 2 Nearly Complete Dwellings 0 0 476-150-017 30069-1 99 32349 Old Grove Ct Wrapped/Roof Under Construction 1 2,560 $381,000 55% $209,550 Z (f) 476-150-018 30069-1 100 32335 Old Grove Ct Wrapped/Roof Under Construction 2 2,719 $364,000 55% $200,200 C 476-150-019 30069-1 101 32321 Old Grove Ct Wrapped/Roof Under Construction 3 2,998 $376,000 55% $206,800 ~ Z 476-150-020 30069-1 102 32307 Old Grove Ct Wrapped/Roof Under Construction 1 2,560 $381,000 55% $209,550 G) 476-150-021 30069-1 103 32304 Old Grove Ct Wrapped/Roof Under Construction 3 2,998 $376,000 55% $206,800 :II m 476-150-022 30069-1 104 32318 Old Grove Ct Wrapped/Roof Under Construction 2 2,719 $364,000 55% $200,200 » 476-150-023 30069-1 105 32332 Old Grove Ct Wrapped/Roof Under Construction 3 2,998 $376,000 55% $206,800 r 0) m 476-150-024 30069-1 106 32360 Old Grove Ct Wrapped/Roof Under Construction 1 2,560 $381,000 55% $209,550 (f) N 8 Dwellings Under Construction '-j5:! m » Horizon @ Morningstar by Standard Pacific Homes lJ lJ STANDARD PACIFIC CORP OWNERSHIP :II » 476-160-012 30069-1 198 32433 Marietta Ct Model Plan 6 6 3,369 $405,000 110% $445,500 05 m 476-160-013 30069-1 199 32447 Marietta Ct Model Plan 5 5 3,213 $382,000 110% $420,200 :II 476-160-014 30069-1 200 32461 Marietta Ct Model Plan 4 4 2,909 $402,000 110% $442,200 (f) 3 Model Homes

476-120-016 30069-1 273 32515 Presidio Hills Ln Built 5 3,213 $382,000 85% $324,700 476-120-018 30069-1 275 32487 Presidio Hills Ln Built 5 3,213 $382,000 85% $324,700 476-121-002 30069-1 278 32526 Presidio Hills Ln Built 5 3,213 $382,000 85% $324,700 476-121-003 30069-1 279 32540 Presidio Hills Ln Built 6 3,369 $405,000 85% $344,250 476-131-005 30069-1 289 32735 Quiet Trail Dr Built 5 3,213 $382,000 85% $324,700, 476-131-006 30069-1 290 32707 Quiet Trail Dr Built 5 3,213 $382,000 85% $324,700 476-131-008 30069-1 292 35056 Knollview Ct Built 5 3,213 $382,000 85% $324,700 476-132-007 30069-1 339 32718 Quiet Trail Dr Built 5 3,213 $382,000 85% $324,700 8 Nearly Complete Dwellings

476-120-011 30069-1 268 32585 Presidio Hills Ln Wrapped/Roof Under Construction 5 3,213 $382,000 55% $210,100 476-120-012 30069-1 269 32571 Presidio Hills Ln Wrapped/Roof Under Construction 6 3,369 $405,000 55% $222,750 476-120-013 30069-1 270 32557 Presidio Hills Ln Wrapped/Roof Under Construction 4 2,909 $402,000 55% $221,100 476-120-014 30069-1 271 32543 Presidio Hills Ln Wrapped/Roof Under Construction 6 3,369 $405,000 55% $222,750 476-121-004 30069-1 280 32554 Presidio Hills Ln Wrapped/Roof Under Construction 5 3,213 $382,000 55% $210,100 476-121-005 30069-1 281 325.68 Presidio Hills Ln Wrapped/Roof Under Construction 4 2,909 $402,000 55% $221,100 EMWD CFD No. 2001-1, IA-A :J: Valuation of Sunrise Product, Horizon Product & Liberty Product under unit construction - Merchant Builder Ownerships :c APN Tract Lot Situs Address Condition of Dwelling Plan Unit Size Base Sales Price % Complete Est. Value l> 476-121-006 30069-1 282 32582 Presidio Hills Ln Wrapped/Roof Under Construction 4 2,909 $402,000 55% $221,100 476-121-007 30069-1 283 32596 Presidio Hills Ln Wrapped/Roof Under Construction 6 3,369 $405,000 55% $222,750 8 Dwellings Under Construction

MINIMUM MARKET VALUE FOR 32 LOTS/DWELLINGS OWNED BY STANDARD PACIFIC OWNERSHIP: $9,192,600

Liberty @ Morningstar by Brookfield Homes 30069 BROOKFIELD OWNERSHIP 476-361-025 30069 54 35392 Autumn Glen Cir Model Plan 1 1 3,120 $408,500 110% $449,350 476-361-031 30069 52 35368 Autumn Glen Dr Model Plan 3 3 4,157 $440,500 110% $484,550 0 476-361-032 30069 53 35380 Autumn Glen Dr Model Plan 2 2 3,505 $428,500 110% $471,350 0 3 Model Homes Z (j) C 476-351-001 30069 70 32836 Tulip Ranch Cir Built 2 3,505 $428,500 85% $364,225 ~ Z 476-362-006 30069 63 32839 Tulip Ranch Cir Built 1 3,120 $408,500 85% $347,225 (j) 476-362-007 30069 64 32827 Tulip Ranch Cir Built 2 3,505 $428,500 85% $364,225 JJ 3 Nearly Complete Dwellings »m r m 476-360-002 30069 23 35280 Mahogany Glen Dr Framing 2 3,505 $428,500 45% $192,825 0> (j) W j;! 476-360-003 30069 24 35292 Mahogany Glen Dr Framing 1 3,120 $408,500 45% $183,825 '-l 476-360-004 30069 25 35304 Mahogany Glen Dr Framing 3 4,157 $440,500 45% $198,225 m » 476-351-012 30069 67 32800 Tulip Ranch Cir Framing 1 3,120 $408,500 45% $183,825 ""D 476-351-013 30069 68 32812 Tulip Ranch Cir Framing 2 3,505 $428,500 45% $192,825 ""D JJ» 476-351-014 30069 69 32824 Tulip Ranch Cir Framing 3 4,157 $440,500 45% $198,225 Vi 6 Framing m JJ (j) 476-351-003 30069 72 32841 Butterfly Cir Foundations Under Construction Finished Lot Value $142,500 476-351-004 30069 73 32829 Butterfly Cir Foundations Under Construction Finished Lot Value $142,500 476-351-005 30069 74 32817 Butterfly Cir Foundations Under Construction Finished Lot Value $142,500 476-351-006 30069 75 32805 Butterfly Cir Foundations Under Construction Finished Lot Value $142,500 476-351-007 30069 77 32790 Butterfly Cir Foundations Under Construction Finished Lot Value $142,500 476-351-008 30069 78 32802 Butterfly Cir Foundations Under Construction Finished Lot Value $142,500 476-351-015 30069 76 32793 Butterfly Cir Foundations Under Construction Finished Lot Value $142,500 476-352-001 30069 82 32840 Presidio Hills Ln Foundations Under Construction Finished Lot Value $142,500 8 Foundations Under Construction

MINIMUM MARKET VALUE FOR 20 LOTS/DWELLINGS OWNED BY BROOKFIELD 30069, LLCOWNERSHIP: $4,770,675 HRA

VALUATION OF FINISHED LOTS

General Information The land without unit construction within CFD No. 2001-01, lA-A, includes 50 physically finished lots proposed for the Horizon product, 52 physically finished lots proposed for the Sunrise product, 61 physically finished lots proposed for the Liberty product and 189 physically finished lots that do not have a specific product type proposed. All of the lots have a minimum lot size of 7,200 square feet. All of the physically finished lots require minor site work and payment of impact fees before unit construction can begin. The finished lots will be valued by the Direct Comparison Approach and the Static Residual. From the estimated finished lot values, deductions will be made for costs to complete to finished lot condition to estimate the "as is" condition of the 352 physically finished lots. This section of the report values the physically finished lots.

The actual sales price of a particular parcel is always considered the best indication of value, assuming the transaction is arm's length, current and meets the definition of Market Value. Due to the past downturn in the residential market between 2006 and 2012 and lack of demand for merchant builder land, there have been limited recent comparable land sales within the subject market place. Data No. 1 is the November 2013 sale of a portion of the subject lots that are proposed for the Sunrise and Horizon products. At the time of the sale, market conditions were considered more robust than what is currently being experienced, although home prices have increased since the time of sale, sales activity has significantly decreased. Data No.2 is located in Murrieta. Data Nos. 3, 4 and 5 are located in Temecula. The locations of Murrieta and Temecula are considered superior to the subject's location in French Valley. Data No.1 has a significantly smaller lot size and is proposed for a much smaller dwelling size. The finished lot prices range from $136,000 per lot for a portion of the subject lots to $200,000 per lot.

Due to the limited comparable land sales and the changing market conditions, the Static Residual Analysis is also used to estimate finished lot values. The currently

CONSULTING REAL ESTATE APPRAISERS 64 HRA

selling products of Standard Pacific Corporation and Brookfield 30069, LLC are analyzed. The results of both the Direct Comparison Approach and the Static Residual Analysis are considered in estimating finished lot values for the subject's 352 lots.

Direct Sales Comparison Approach The Direct Sales Comparison Approach is based upon the premise that, when a property is replaceable in the market, its value tends to be set by the purchase price necessary to acquire an equally desirable substitute property, assuming no costly delay is encountered in making the decision and the market is reasonably informed. In appraisal practice, this is known as the Principle of Substitution.

This approach is a method of analyzing the subject property by comparison of actual sales of similar properties, when available. These sales are evaluated by weighing both overall comparability and the relative importance of such variables as time, terms of sale, location of sale property, and lot characteristics. For the purpose of this report, the unit of comparison utilized is the price per lot for the residential land. Please refer to the following page that summarizes the sales considered most similar to the subject lots.

We have surveyed residential sales in the Temecula Valley market area. The four additional sales are the comparables considered most helpful in valuing the subject property. We have reviewed and inspected all of the data items. The data includes the finished lot prices for merchant builder parcels. The comparable land sales have sold in a raw condition. Data No.1, a portion of the subject, was sold in a near physically finished lot condition. Costs to bring the land from the condition at the time of sale to finished lot condition were made available by the seller to analyze the data. Therefore, the analysis will conclude at an indication of the finished lot value for the subject lots.

Between the date of the land sales and the date of value, market conditions have generally improved. As discussed, over the past 24± months, the residential market throughout Southern California and specifically Riverside County has experienced significant increases in sales activity and sales prices. As the demand for the dwelling units increase, and related home prices increase, the value of the land or lots increases.

CONSULTING REAL ESTATE APPRAISERS 65 J: :tJ

Land Sales Summary • »

Data No.1 Buyer/ Sale Minimum No. Sales Sale Price Finished Land Condition Project Seller Date LotSz of Lots Price Per Lot Price/Lot at Time of Sale

No.1 30069 Brookfield 11/6/2013 7,200 172 $13,402,500 $77,922 $136,000 Near Finished Morningstar Ranch Standard Pacific Corp 3,000± SF Avg. SunriselHorizon Project FM 33069-1 (portion) Home Size French Valley 0 0z I Portion Subject Property (fJ c ~ No.2 KB Home Coastal 3/3/2014 3,000 54 $3,767,000 $69,759 $162,000 Raw z NWC Sugarberry Ln. Lincoln Murrietaa Holdings 1,900± SF Avg. G) :IJ & Lincoln Ave. TTM 36595 Home Size »m Murrieta r I (J) m (J) (fJ No.3 Cardinal Investment Properties 12/26/2013 7,200 71 $1,800,000 $25,352 $200,000 Raw );! '-I NEC Nicholas Rd. Seraphina Development LLC 3,000± SF Avg. m » & Joseph Rd. TTM 32346 Home Size ""0 ""0 Temecula :IJ I » CiSm :IJ (fJ No.4 LS Terracina LLC 1/4/2013 7,200 206 $13,333,333 $64,725 $195,000 Raw NWC Monte Verde Rd. Highpoint Monte Verde 3,000± SF Avg. & Wool pert Ln. TTM 31597 Home Size Temecula

No.5 LS Terracina LLC 12/28/2012 7,200 115 $8,548,000 $74,330 $195,000 Raw SWC Monte Verde Rd. Atherton 124 Partners 3,000± SF Avg. & Via Pascal TTM 32627 Home Size Temecula HRA

Analysis Financing All of the comparable sales were all cash transactions or financing considered to be cash, therefore, no adjustments for financing were warranted.

Properly Rights Conveyed All of the com parables involved the transfer of the fee simple interest. The subject fee simple interest is appraised in this report, and therefore, no adjustment is warranted.

Time of Sale Since the time of the land sales, the residential market in the subject's area has rebounded from the previous recession. During the most recent recession, home prices were severely negatively impacted. During 2012, the market appeared to begin to stabilize. From mid-2012 through 2013, home sales significantly increased, along with sales prices. Interviews with sales personnel indicated that their base pricing was being increased with each phase of development over that timeframe. Over the most recent 12 months, the market has continued its rebound from the previous recession, although at a more moderate and hopefully sustaining rate. While home prices have continued to moderately increase, home sales have significantly decreased. The outlook for 2015 is that sales activity will strengthen, with continued historically low mortgage rates, while home prices will tend to level off. Data Nos. 1, 2, and 3 are considered to be indicators of the current market. Data Nos. 4 and 5 are two years old. We have conservatively estimated an upward adjustment of 5% for time of sale for Data Nos. 4 and 5.

Conditions of Sale Typically, adjustments for conditions of sale reflect the motivations of the buyer and the seller in the transfer of real property. The conditions of sale adjustment reflects the difference between the actual sales price of the comparable and its probable sales price if it were sold in an arms-length transaction with typical motivations. Some circumstances of comparable sales that will need adjustment include sales made under duress, eminent domain transactions and sales that were not arm's length. All of the transactions were reported to be arm's length in nature. Accordingly, no adjustment is indicated.

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Location The location adjustment is based on proximity to existing infrastructure, amenities and employment. The four sales located in Temecula and Murrieta are considered superior to that of the subject property. The comparable located in Murrieta offers significantly smaller lots and smaller homes, which is given consideration in the overall location adjustment. Data No.2 is adjusted down 10% while Data Nos. 3, 4 and 5 are adjusted downward 25%.

Entitlement/Map Status All of the sales are entitled. No adjustment is required.

Tax Rate The subject property is expected to have a projected tax rate that ranges from 1.8% to 2.0% of base sales price. Because none of the comparable sales have CFDs, a downward adjustment is required. We have estimated a downward adjustment of -5% for all of the Data Nos. 2, 3,4 and 5.

Lot Size The comparables have minimum lot sizes that range from 3,000 square feet to 7,200 square feet. The minimum lot size for the subject lots is 7,200 square feet. Data No.2, located in Murrieta, has a significantly smaller lot and offers a significantly smaller product than the subject and the other comparables. This difference is considered in the overall location adjustment previously discussed.

Condition of Lots All of the data included information to estimate a finished lot price for each comparable. According to the builder/developer, there will be costs associated with the physically finished lots within CFD No. 2001-01, lA-A. The costs will be deducted from the finished lot values when estimating the "As Is" Values for the subjects 352 lots.

CONSULTING REAL ESTATE APPRAISERS 68 HRA

Finished Lot Values by Direct Comparison Please refer to the following page for the adjustment grid of the five comparable land sales. The adjusted finished lot values range from $136,000 to $150,150 per lot. Data No.1, which is a portion of the subject lots, is considered the best indicator of value by Direct Comparison. We have concluded at $136,000 per lot for the finished lots within lA-A.

As previously discussed, the residential market started to stabilize during 2012, after the lengthy down turn in the residential market over the previous six years. By mid- 2012, the positive impact on the residential market started and has continued to the present time. The impact of the sales activity and minimal supply to meet demand resulted in increased sales prices during 2012 and 2013. While the residential market continues to be positive, sales activity has decreased during 2014 compared to 2013 and price levels have begun to moderate.

In a rapidly changing market the better indication of land value can be estimated by the Static Residual Analysis which reflects current dwelling sales prices and market conditions. The following paragraphs begin the discussion of the Static Residual Analysis for the three actively selling products within lA-A.

Static Residual Analysis to Finished Lot Value The merchant builder land is valued by the Direct Comparison Approach and by the Static Residual Analysis. The purpose of this analysis is to estimate a value for the land assuming no direct construction has taken place. This method is particularly helpful when development for a subdivision represents the highest and best use and when competitive house sales are available. Reportedly, this analysis is by far the most commonly used by merchant builders when determining price for land.

CONSULTING REAL ESTATE APPRAISERS 69 ::I: :rJ Land Sales Adjustment Summary I » Data No.1 Sale Minimum No. Finished Adjusted Overall Adjusted Land Condition Project Date LotSz of Lots Price/Lot Time F. Lot $ Location Tax Rate F. Lot $ at Time of Sale

No.1 11/6/2013 7,200 172 $136,000 0% $136,000 0% 0% $136,000 Near Finished Morningstar Ranch 3,000± SF Avg. SunriselHorizon Project Home Size French Valley 0 0z IPortion Subject Property cUJ No.2 3/3/2014 3,000 54 $162,000 0% $162,000 -10% -5% $137,700 Raw z~ G) NWe Sugarberry Ln. 1,900± SF Avg. :0 & Lincoln Ave. Home Size »m r Murrieta -....j I m o UJ );! No. 3 12/26/2013 7,200 71 $200,000 0% $200,000 -25% -5% $140,000 Raw =--j m NEe Nicholas Rd. 3,000± SF Avg. » lJ & Joseph Rd. Home Size lJ Temecula :0» I enm :0 UJ No.4 1/4/2013 7,200 206 $195,000 5% $214,500 -25% -5% $150,150 Raw NWe Monte Verde Rd. 3,000± SF Avg. & Wool pert Ln. Home Size Temecula

No.5 12/28/2012 7,200 115 $195,000 5% $214,500 -25% -5% $150,150 Raw swe Monte Verde Rd. 3,000± SF Avg. & Via Pascal Home Size Temecula HRA

This analysis is useful for projects that will have a typical holding period of one to two years which represents the typical holding period sought by merchant builders. The Static Residual Analysis best replicates the investor's analysis when determining what can be paid for the land based on proposed product. Purchase of the land is simply treated as one of the components necessary to build the houses to sell to the homeowner. When all the components of the end-product can be identified and reasonable estimates of costs and profit can be allocated, the Static Residual Analysis becomes the best indicator of value to a merchant builder for a specific product. Specific product information is available, which makes this analysis particularly meaningful.

The analysis uses an estimated average base sales price for a specific product, then deducts the various costs including direct and indirect costs of construction, marketing, taxes and overhead, as well as the required profit margin to attract an investor in light of the risks and uncertainties of the project and residential market. This analysis is most helpful when significant lot and or view premiums are not present. When negotiating land price, builders typically will consider the value of lot premiums when they are Significant, but typically do not give the premiums full consideration. When a downturn in the market occurs or a slight stall in a sales program, premiums are typically the first to be negotiated away.

End-product Sales Prices The analysis uses the average base sales price as provided by the builders without lot premiums. The three products have met with average to good market acceptance. Based on interviews with sales personnel in the subject's market area, it appears that the market is moderating, or at least not increasing in price as it had during 2012 and 2013.

Direct Development Costs The builders have provided direct construction costs to build the Sunrise, Horizon and Liberty products. Based on our understanding of the proposed quality of construction, home size and functional utility, we have estimated direct construction costs of $55.00 per square for the Sunrise product, $54.00 per square foot for the Horizon product and $48.00

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per square foot for the Liberty product. Based on the proposed quality of construction, home size and functional utility, the builders cost appear reasonable.

Indirect construction costs have been estimated at 4% of sales price. The 4% deduction is generally similar to the indirect cost estimate provided by the builder/developer.

General and Administrative General and administrative costs are estimated at 3% of retail value. This category covers such expenses as administrative, professional fees, real estate taxes, HOA dues, and miscellaneous costs. This estimate is typical and consistent with the market.

Marketing and Warranty Marketing and sales expenses plus warranty costs are estimated at 6% of retail value. This category covers such expenses as advertising and sales commissions and home warranties. This estimate is typical and consistent with the market.

Developer Profit The line item for profit reflects the required margin to attract an investor in light of the risk and uncertainties of the specific project. This analysis assumes a finished lot and no on-site construction. Therefore, additional risk of development is unknown.

Based on surveys of builders, current profit requirements are typically between 8% and 12% of revenues, with occasional responses as high as 15%. These profit estimates are for projects that can be constructed and sold out in a two-year period. Higher profits can be required for longer construction/sellout periods and riskier projects. Lower profits can be accepted in inexpensive land cost areas where homes sell quickly. Given the continued strength of the market over the past 24± months, the market demand for products similar to the subject is good. Based on a review of the absorption of the subject product and competing subdivisions, a sales rate of 2.0 to 2.5 dwellings per month for the products appears reasonable.

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The line item for profit is based on a typical holding period sought by merchant builders; that of 1 to 2 years. Based on current market conditions and the outlook for the next 12 to 24 months, an 8% line item for profit, would seem appropriate for a 2± year holding period. Lots proposed for the build-out of the Sunrise product is 52, which would indicate a 2± year holding period. The holding period would be similar for the 50 lots proposed for Horizon product. The Liberty product has 61 lots remaining to be built which would indicate a 2 to 2.5 year holding time.

Interest During Holding Period A typical allowance for financing during the holding period has been between 5% and 7%. Based on recent interviews with builders in the subject market area, we have chosen a 5% deduction for financing during the holding period.

Site Costs Because this analysis residuals to a finished lot condition, deductions for costs to bring to a finished lot condition are not required.

The following pages illustrate the Static Residual Analysis for the three currently selling products within the District. This analysis indicates a finished lot value of $122,500 to $142,500 for lots with a minimum lot size of 7,200 square feet, depending on proposed product.

Conclusion of Finished Lot Values The following table summarizes the conclusions of the finished lot values by the Direct Comparison Approach, the Static Residual Analysis and the concluded lot value. Due to the continued changes in the residential market and limited land sales, we have given most consideration to the results of the Static Residual Analysis.

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SUNRISE STANDARD PACIFIC HOMES 7,200 SF Lots - Minimum Lot Size Estimated Finished Lot Value

Size Base Price $/SF 2,560 $380,900 $148.79 2,719 $363,900 $133.84 2,998 $375,900 $125.38 Average 2,759 $373,567

Land Ratios 7,200 SF Lots 52 Finished Lots

Average Retail Value of Improvements $373,567 $135.40 (Per sq. ft.)

Average Dwelling Size (Sq. Feet) 2,759 Direct Building Cost Per Sq. Ft. $55.00 $151,745 Indirect Construction Costs 4.00% $14,943 General & Administrative Costs 3.00% $11,207 Marketing and Warranty Costs 6.00% $22,414 Builder's Profit 8.00% $29,885 Interest During Holding Period 5.00% $18,678 Costs to bring to Finished Lot None

Finished Lot Value Estimate: $124,694 Rounded to: $124,500 0,33

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HORIZON STANDARD PACIFIC HOMES 7,200 SF Lots - Minimum Lot Size Estimated Finished Lot Value

Size Base Price $/SF 2,909 $401,900 $138.16 3,213 $381,900 $118.86 3,369 $404,900 $120.18 Average 3,164 $396,233

Land Ratios 7,200 SF Lots 50 Finished Lots

Average Retail Value of Improvements $396,233 $125.24 (Per sq. ft.)

Average Dwelling Size (Sq. Feet) 3,164 Direct Building Cost Per Sq. Ft. $54.00 $170,838 Indirect Construction Costs 4.00% $15,849 General & Administrative Costs 3.00% $11,887 Marketing and Warranty Costs 6.00% $23,774 Builder's Profit 8.00% $31,699 Interest During Holding Period 5.00% $19,812 Costs to bring to Finished Lot None

Finished Lot Value Estimate: $122,375 Rounded to: ~1221500 0.31

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LIBERTY BROOKFIELD HOMES 7,200 SF Lots - Minimum Lot Size Estimated Finished Lot Value

Size Base Price $/SF 3,120 $408,500 $130.93 3,505 $428,500 $122.25 4,157 $440,500 $105.97 Average 3,594 $425,833

Land Ratios 7,200 SF Lots 61 Finished Lots

Average Retail Value of Improvements $425,833 $118.48 (Per sq. ft.)

Average Dwelling Size (Sq. Feet) 3,594 Direct Building Cost Per Sq. Ft. $48.00 $172,512 Indirect Construction Costs 4.00% $17,033 General & Administrative Costs 3.00% $12,775 Marketing and Warranty Costs 6.00% $25,550 Builder's Profit 8.00% $34,067 Interest During Holding Period 5.00% $21,292 Costs to bring to Finished Lot None

Finished Lot Value Estimate: $142,605 Rounded to: $142,500 0.33

CONSULTING REAL ESTATE APPRAISERS 76 HRA

Finished Lot Value Conclusions No. Direct Comparison Minimum Static Residual Finished Concluded Product Lots Approach Lot Size Analysis Lot Ratio Lot Value Sunrise 52 $136,000 7,200 SF $124,500 33% $124,500 Horizon 50 $136,000 7,200 SF $122,500 31% $122,500 Liberty 61 $136,000 7,200 SF $142,500 33% $142,500

In addition to the 163 lots proposed for the build-out of the three currently selling products, there are an additional 189 lots that are not currently planned for development. Given market conditions, it would appear that the development of the 189 lots would follow the build-out of the currently selling products. If market conditions were to remain similar and the 189 lots were to be built with three products, the holding time for each proposed product would be between 2 and 2.5 years, once sales began. This would indicate a longer than typical holding period for a merchant builder. A higher than typical profit margin would be required to entice a merchant builder to buy the land, as of the date of value, and hold for 4 to 5 years. We have estimated a finished lot value of $100,000 for the 189 finished lots.

The 52 lots proposed for the Sunrise product and the 50 lots proposed for the Horizon product are under the ownership of Standard Pacific Corporation. According to information provided by the developer of Morningstar, the impact fees required for the Sunrise product are estimated at $37,623 per lot. Estimated impact fees for the Horizon product are estimated at $40,804 per lot. The developer has also indicated that costs for weed abatement and erosion remediation is approximately $1,000 per lot. The following calculations estimate the "As Is" Minimum Market Value for the 102 lots under the ownership of Standard Pacific Corporation and 250 lots under the ownership of Brookfield 30069, LLC.

Sunrise Product 50 Finished Lots X $124,500 = $6,225,000 Less: Impact Fees = -$1,881,150 Less: Remaining Site Cost = -$ 50,000 $4,293,850 Say $4,300,000

CONSULTING REAL ESTATE APPRAISERS 77 HRA

Horizon Product 52 Finished Lots X $122,500 = $6,370,000 Less: Impact Fees = -$2,121,808 Less: Remaining Site Cost = -$ 52,000 $4,196,192 Say $4,200,000

The indicated Minimum Market Value for the 102 physically finished lots within the Sunrise and Horizon products under the ownership of the builder, Standard Pacific Corporation is: $8,500,000.

The 61 lots proposed for the Liberty product are under the ownership of Brookfield 30069, LLC. According to information provided by the developer of Morningstar, the impact fees required for the Liberty product are estimated at $33,750 per lot. The developer has also indicated that costs for weed abatement and erosion remediation are approximately $1,000 per lot. The following calculations estimate the "As Is" Minimum Market Value for the 61 lots under the ownership of Brookfield 30069, LLC.

Liberty Product 61 Finished Lots X $142,500 = $8,692,500 Less: Impact Fees = -$2,058,750 Less: Remaining Site Cost = -$ 61,000 $6,572,750 Say $6,570,000

As discussed there are 189 remaining lots in physically finished lot condition under the ownership of Brookfield 30069, LLC. The lots have been valued at $100,000 per finished lot. The estimated impact fees required for the lots are $29,653 per lot. The developer has also indicated that costs for weed abatement and erosion remediation are approximately $1,000 per lot. The following calculations estimate the "As Is" Minimum Market Value for the 189 lots under the ownership of Brookfield 30069, LLC.

CONSULTING REAL ESTATE APPRAISERS 78 HRA

Remaining Lots 189 Finished Lots X $100,000 = $18,900,000 Less: Impact Fees = -$ 5,604,417 Less: Remaining Site Cost = -$ 189,000 $13,106,583 Say $13,100,000

The indicated Minimum Market Value for the 61 physically finished lots within the Liberty product and the remaining 189 physically finished lots within CFD No. 2001-01, IA-A under the ownership of Brookfield 30069, LLC, is $19,670,000, rounded to $19,700,000.

CONSULTING REAL ESTATE APPRAISERS 79 HRA

VALUATION CONCLUSION

CFD No. 2001-01, IA-A French Valley TWO HUNDRED SEVENTY-SEVEN MILLION TWO HUNDRED THOUSAND DOLLARS $277,200,000

677 Individual Homeowners TWO HUNDRED THIRTY-FIVE MILLION DOLLARS $235,000,000

Brookfield 30069, LLC TWENTY-FOUR MILLION FIVE HUNDRED THOUSAND DOLLARS $24,500,000

(20 Dwellings Completed and utC - $4,800,000) (250 Physically Finished Lots - $19,700,000)

Standard Pacific Corporation SEVENTEEN MILLION SEVEN HUNDRED THOUSAND DOLLARS $17,700,000

(32 Dwellings Completed and utC - $9,200,000) (102 Physically Finished Lots - $8,500,000)

CONSULTING REAL ESTATE APPRAISERS 80 HRA

CERTIFICATION

We hereby certify that during the completion of this assignment, we personally inspected the property that is the subject of this appraisal and that, except as specifically noted:

We have no present or contemplated future interest in the real estate or personal interest or bias with respect to the subject matter or the parties involved in this appraisal.

We have not provided appraisal services regarding the subject property within the last three years to our client, Eastern Municipal Water District.

To the best of our knowledge and belief, the statements of fact contained in this appraisal report, upon which the analyses, opinions, and conclusions expressed herein are based, are true and correct.

Our engagement in this assignment was not contingent upon developing or reporting predetermined results. The compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event.

The appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan.

The reported analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the requirements of the Code of Professional Ethics & Standards of Professional Appraisal Practice of the Appraisal Institute, which include the Uniform Standards of Professional Appraisal Practice.

As of the date of this report, James B. Harris has completed the requirements of the continuing education program of the Appraisal Institute.

The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are our personal, unbiased professional analyses, opinions, and conclusions.

No one provided significant real property appraisal assistance to the persons signing this certificate.

CONSULTING REAL ESTATE APPRAISERS 81 HRA

The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives, In furtherance of the aims of the Appraisal Institute to develop higher standards of professional performance by its Members, we may be required to submit to authorized committees of the Appraisal Institute copies of this appra'isal and any subsequent changes or modifications thereof,

Respectfully submitted,

Berri Cannon Harris Principal AG009147 ~~iS~ Principal AG001846

CONSULTING REAL ESTATE APPRAISERS 82 ADDENDA HARRIS REAL TV APPRAISAL 5100 Birch Street, Suite 200 Newport Beach, CA 92660 (949) 851-1227 QUALIFICATIONS OF JAMES B. HARRIS, MAl

PROFESSIONAL BACKGROUND

Actively engaged as a real estate analyst and consulting appraiser since 1971. Principal of Harris Realty Appraisal, with offices at:

5100 Birch Street, Suite 200 Newport Beach, California 92660

Before forming Harris Realty Appraisal, in 1982, was employed with Real Estate Analysts of Newport, Inc. (REAN) as a Principal and Vice President. Prior to employment with REAN was employed with the Bank of America as the Assistant Urban Appraisal Supervisor. Previously, was employed by the Verne Cox Company as a real estate appraiser.

PROFESSIONAL ORGANIZA TIONS

Member of the Appraisal Institute, with MAl designation No. 6508 Director, Southern California Chapter - 1998, 1999 Chair, Orange County Branch, Southern California Chapter -1997 Vice-Chair, Orange County Branch, Southern California Chapter - 1996 Member, Region VII Regional Governing Committee - 1991 to 1995, 1997, 1998 Member, Southern California Chapter Executive Committee - 1990, 1997 to 1999 Chairman, Southern California Chapter Seminar Committee - 1991 Chairman, Southern California Chapter Workshop Committee - 1990 Member, Southern California Chapter Admissions Committee - 1983 to 1989 Member, Regional Standards of Professional Practice Committee -1985 - 1997

Member of the International Right-of-Way Association, Orange County Chapter 67.

California State Certified Appraiser, Number AG001846

EDUCATIONAL ACTIVITIES

B.S., California State Polytechnic University, Pomona.

Successfully completed the following courses sponsored by the Appraisal Institute and the Right-of• Way Association:

Course I-A Principles of Real Estate Appraisal Course I-B Capitalization Theory Course II Urban Properties Course IV Litigation Valuation Course VI Investment Analysis Course VIII Single-Family Residential Appraisal Course SPP Standards of Professional Practice Course 401 Appraisal of Partial Acquisitions

Has attended numerous seminars sponsored by the Appraisal Institute and the International Right• of-Way Association. TEACHING AND LECTURING ACTIVITIES

Seminars and lectures presented to the Appraisal Institute, the University of California-Irvine, UCLA, California Debt and Investment Advisory Commission, Stone & Youngberg and the National Federation of Municipal Analysts.

MISCELLANEOUS

Member of the Advisory Panel to the California Debt and Investment Advisory Commission, regarding Appraisal Standards for Land Secured Financing (March 2003 through June 2004)

LEGAL EXPERIENCE

Testified as an expert witness in the Superior Court of the County of Los Angeles and the County of San Bernardino and in the Federal Bankruptcy Courts five times concerning the issues of Eminent Domain, Bankruptcy, and Specific Performance. He has been deposed numerous times concerning these and other issues. This legal experience has been for both Plaintiff and Respondent clients. He has prepared numerous appraisals for submission to the IRS, without having values overturned. He has worked closely with numerous Bond Counsel in the completion of 175 Land Secured Municipal Bond Financing appraisals over the last five years.

SCOPE OF EXPERIENCE

Feasibility and Consultive Studies

Feasibility and market analyses, including the use of computer-based economic models for both land developments and investment properties such as shopping centers, industrial parks, mobile home parks, condominium projects, hotels, and residential projects.

Appraisal Projects

Has completed all types of appraisal assignments from San Diego to San Francisco, California. Also has completed out-of-state appraisal assignments in Arizona, Florida, Georgia, Hawaii, Nevada, New Jersey, Oklahoma, Oregon, and Washington.

Residential

Residential subdivisions, condominiums, planned unit developments, mobile home parks, apartment houses, and single-family residences.

Commercial

Office buildings, hotels, motels, retail store buildings, restaurants, power shopping centers, neighborhood shopping centers, and convenience shopping centers.

Industrial

Multi-tenant industrial parks, warehouses, manufacturing plants, and research and development facilities.

Vacant Land

Community Facilities Districts, Assessment Districts, master planned communities, residential, commercial and industrial sites; full and partial takings for public acquisitions. QUALIFICATIONS OF BERRI CANNON HARRIS

PROFESSIONAL BACKGROUND

Actively engaged as a real estate appraiser since 1982. Principal of Harris Realty Appraisal, with offices at:

5100 Birch Street, Suite 200 Newport Beach, California 92660

Before joining Harris Realty Appraisal was employed with Interstate Appraisal Corporation as Assistant Vice President. Prior to employment with Interstate Appraisal was employed with Real Estate Analysts of Newport Beach as a Research Assistant.

PROFESSIONAL ORGANIZA TlONS

Appraisal Institute Co-Chair, Southern California Chapter Hospitality Committee - 1994 - 1998 Chair, Southern California Chapter Research Committee - 1992, 1993

Commercial Real Estate Women (CREW) - Orange County Chapter Chair, Special Events - 1998 - 2003 Second Vice-President - 1996, 1997 Treasurer - 1993, 1994, 1995 Chair, Network Luncheon Committee - 1991, 1992

California State Certified Appraiser, Number AG009147

EDUCA TIONAL ACTIVITIES

B.S., University of Redlands, Redlands, California

Successfully completed the following courses sponsored by the Appraisal Institute:

Principles of Real Estate Appraisal Basic Valuation Procedures Capitalization Theory and Techniques - A Capitalization Theory and Techniques - B Report Writing and Valuation Analyses Standards of Professional Practice Case Studies in Real Estate Valuation

Has attended numerous seminars sponsored by the Appraisal Institute. Has also attended real estate related courses through University of California-Irvine. LECTURING ACTIVITIES

Seminars and lectures presented to UCLA, California Debt and Investment Advisory Commission, and Stone & Youngberg.

MISCELLANEOUS

Member of the Advisory Panel to the California Debt and Investment Advisory Commission, regarding Appraisal Standards for Land Secured Financing (March 2003 through June 2004)

SCOPE OF EXPERIENCE

Appraisal Projects

Has completed all types of appraisal assignments from San Diego to San Francisco, California. Also has completed out-of-state appraisal assignments in Arizona and Hawaii.

Residential

Residential subdivisions, condominiums, planned unit developments, mobile home parks, apartment houses, and single-family residences.

Commercial

Office buildings, retail store buildings, restaurants, neighborhood-shopping centers, strip retail centers.

Industrial

Multi-tenant industrial parks, warehouses, manufacturing plants, and research and development facilities.

Vacant Land

Residential sites, commercial sites, industrial sites, large multi-unit housing, master planned unit developments, and agricultural acreage. Specializing in Community Facilities District and Assessment District appraisal assignments. PARTIAL LIST OF CLIENTS

Lending Institutions

Bank of America NationsBank Bank One Preferred Bank Commerce Bank Santa Monica Bank Downey S&L Assoc. Tokai Bank Fremont Investment and Loan Union Bank First Los Angeles Bank Universal S&L Assoc. Institutional Housing Partners Wells Fargo Bank

Public Agencies

Army Corps of Engineers City of Palm Springs California State University City of Perris Caltrans City of Riverside City of Aliso Viejo City of San Marcos City of Beaumont City of Tustin City of Corona City of Victorville City of Costa Mesa County of Orange City of Encinitas County of Riverside City of Fontana County of San Bernardino City of Fullerton Eastern Municipal Water District City of Hemet Orange County Sheriff's Department City of Hesperia Ramona MuniCipal Water District City of Honolulu Rancho Santa Fe Comm. Services District City of Huntington Beach Capistrano Unified School District City of Indian Wells Hemet Unified School District City of Irvine Hesperia Unified School District City of Lake Elsinore Romoland School District City of Lama Linda Saddleback Valley Unified School District City of Los Angeles Santa Ana Unified School District City of Moreno Valley Val Verde Unified School District City of Newport Beach Yucaipa-Calimesa Unified School District City of Oceanside

Law Firms

Arter & Hadden McClintock, Weston, Benshoof, Bronson, Bronson & McKinnon Rochefort & MacCuish Bryan, Cave, McPheeters & McRoberts Palmiri, Tyler, Wiener, Wilhelm, & Waldron Richard Clements Sonnenschein Nath & Rosenthal Cox, Castle, Nicholson Strauss & Troy Gibson, Dunn & Crutcher Wyman, Bautzer, Rothman, Kuchel & Hill, Farrer & Burrill Silbert OWNERSHIP (12/1/2014) EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐100‐001 30069‐1 1 35159 Lost Trail Ct Julio & Rocio Arana 3,172 $334,000 $105.30 6/18/2010 282521 7,841 2010 476‐100‐002 30069‐1 2 35145 Lost Trail Ct Tracey L Stjulien 2,472 $340,000 $137.54 9/10/2010 434572 7,405 2006 476‐100‐003 30069‐1 3 35131 Lost Trail Ct Brian H & Helen R Hess 3,108 $397,500 $127.90 6/18/2013 288946 7,405 2006 476‐100‐004 30069‐1 4 35117 Lost Trail Ct Gregory L & Alane C Flores 2,946 $353,000 $119.82 7/30/2010 357164 7,405 2006 476‐100‐005 30069‐1 5 35103 Lost Trail Ct Edwin S & Lilia R Ward 3,171 $375,000 $118.26 5/21/2010 237033 7,405 2006 476‐100‐006 30069‐1 6 35089 Lost Trail Ct Gersom C & Sarah R Canlas 3,108 $380,000 $122.27 3/12/2014 91607 7,405 2010 476‐100‐007 30069‐1 7 35075 Lost Trail Ct Rosalie Demarco 2,472 $310,000 $125.40 8/31/2010 417776 7,405 2010 476‐100‐008 30069‐1 8 35061 Lost Trail Ct Jason L Sexton 2,946 $353,000 $119.82 8/26/2014 324093 7,405 2006 476‐100‐009 30069‐1 9 35047 Lost Trail Ct Fernando R & Evelyn E Rocillo 3,172 $338,000 $106.56 4/16/2010 175549 7,405 2006 476‐100‐010 30069‐1 10 35033 Lost Trail Ct Lorraine P Molina 3,108 $342,000 $110.04 4/15/2010 172527 10,019 2006 476‐100‐011 30069‐1 11 35019 Lost Trail Ct Randy Scott & Ursula Rauch Little 2,472 $320,000 $129.45 4/9/2010 164520 11,326 2006 476‐100‐012 30069‐1 12 35016 Lost Trail Ct Catherine N Devine 2,946 $340,000 $115.41 1/28/2010 37226 11,326 2006 476‐100‐013 30069‐1 13 35030 Lost Trail Ct Joseph W Davis 3,172 $341,000 $107.50 3/3/2010 96615 10,454 2006 476‐100‐014 30069‐1 14 35044 Lost Trail Ct Noel P Daoang 3,108 $333,000 $107.14 3/30/2010 142296 8,276 2006 476‐100‐015 30069‐1 15 35058 Lost Trail Ct Ramchand P & Zarina S Deguzman 3,172 $336,000 $105.93 2/11/2010 65708 9,148 2006 476‐100‐016 30069‐1 16 35072 Lost Trail Ct Jeffrey Chapin 3,172 $339,000 $106.87 4/16/2010 176392 9,583 2006 476‐100‐017 30069‐1 17 32116 Old Country Ct Mark Anthonyt & Stanley A Nagal 2,946 $480,000 $162.93 2/17/2006 123047 10,019 2006 476‐100‐018 30069‐1 18 32130 Old Country Ct Marianne & Tracy Yeager 2,472 $146,000 $59.06 11/27/2012 570594 7,405 2006 476‐100‐019 30069‐1 19 32144 Old Country Ct Antonio & Julie Romy David 3,108 $521,000 $167.63 6/23/2006 457998 10,890 2006 476‐100‐020 30069‐1 20 32158 Old Country Ct Christopher & Jennifer Walsh 2,802 $325,000 $115.99 11/14/2008 605724 10,890 2006 476‐100‐021 30069‐1 21 32161 Old Country Ct James I & Lori R Simmang 2,946 $482,000 $163.61 2/24/2006 138384 10,454 2006 476‐100‐022 30069‐1 22 32147 Old Country Ct Tatiana A Saini 2,802 $486,500 $173.63 4/28/2006 308299 9,583 2006 476‐100‐023 30069‐1 23 32133 Old Country Ct Darryl A & Romelda J Anderson 3,108 $285,000 $91.70 7/20/2010 338928 7,841 2006 476‐100‐024 30069‐1 24 32119 Old Country Ct Mark E & Lillian Stroder 2,802 $474,000 $169.16 4/14/2006 269607 7,405 2006 476‐100‐025 30069‐1 25 32105 Old Country Ct Nancy Jean Scholink 2,946 $336,000 $114.05 11/24/2010 566774 10,019 2006 476‐100‐026 30069‐1 26 32091 Old Country Ct Mark & Jennifer Dipasupil 3,108 $501,500 $161.36 2/10/2006 106949 7,405 2006 476‐100‐027 30069‐1 27 32077 Old Country Ct Craig R Lapierre 2,472 $456,500 $184.67 6/29/2006 473097 7,405 2006 476‐100‐028 30069‐1 28 32063 Old Country Ct Rhonda E Bagwell 2,946 $462,500 $156.99 3/31/2006 234136 7,841 2006 476‐100‐029 30069‐1 29 32049 Old Country Ct Andrew D & Andrea E Zaragoza 2,472 $253,000 $102.35 9/1/2011 388336 8,712 2006 476‐100‐030 30069‐1 30 32035 Old Country Ct Nathaniel M Simeon 3,108 $496,000 $159.59 2/2/2006 81749 10,019 2006 476‐100‐031 30069‐1 31 32034 Clear Springs Dr Richard L & Mary H Franco 2,946 $472,000 $160.22 6/28/2006 468600 10,454 2006 476‐100‐032 30069‐1 32 32048 Clear Springs Dr Laura Attig 2,472 $472,000 $190.94 8/31/2006 645829 8,276 2006 476‐100‐033 30069‐1 33 32062 Clear Springs Dr Yun Qin Ye 3,108 $475,500 $152.99 9/8/2006 666288 7,841 2006 476‐100‐034 30069‐1 34 32076 Clear Springs Dr Raymond T & Kazumi Soltys 2,946 $491,000 $166.67 6/21/2006 449283 7,841 2006 476‐100‐035 30069‐1 35 32090 Clear Springs Dr George W & Bonnie R Powell 2,472 $416,500 $168.49 4/16/2007 253900 7,841 2006 476‐100‐036 30069‐1 36 32104 Clear Springs Dr Salvatore & Pasqualina Aiello 2,802 $345,000 $123.13 4/12/2013 174282 7,841 2006 476‐100‐037 30069‐1 37 32118 Clear Springs Dr Wendy Walton 2,472 $360,000 $145.63 8/18/2014 312545 8,276 2006 476‐100‐038 30069‐1 38 32132 Clear Springs Dr Gary Tuttle 3,108 $250,000 $80.44 8/23/2012 403660 8,712 2006 476‐100‐039 30069‐1 39 35063 Barkwood Ct Cherie Slentz Tucker 2,472 $458,000 $185.28 12/28/2006 949558 8,276 2006 476‐100‐040 30069‐1 40 35049 Barkwood Ct Heather A & Erik K Kinsley 3,108 $462,500 $148.81 5/31/2007 358760 7,841 2006 476‐100‐041 30069‐1 41 35035 Barkwood Ct Michael & Theresa Sims 2,472 $479,500 $193.97 10/24/2006 780376 8,276 2006 476‐100‐042 30069‐1 42 35021 Barkwood Ct David Francis & Denise Vanacker Torok 2,802 $492,500 $175.77 10/26/2006 786815 8,712 2006 476‐100‐043 30069‐1 43 35007 Barkwood Ct Ernie & Ann Hoffman 2,946 $583,000 $197.90 11/7/2006 819439 9,583 2006 476‐100‐044 30069‐1 44 35004 Barkwood Ct Steven & Jodi Rae Paterson 2,802 $484,500 $172.91 10/31/2006 801565 8,712 2006 476‐100‐045 30069‐1 45 35018 Barkwood Ct Jason Dean Holley 3,108 $493,500 $158.78 3/30/2007 220757 8,276 2006 476‐100‐046 30069‐1 46 35032 Barkwood Ct Jackie S & Caprice A Bertone 2,472 $481,000 $194.58 11/17/2006 852310 8,712 2006 476‐100‐047 30069‐1 47 35046 Barkwood Ct Jesus & Rocio A Ramirez 2,946 $476,000 $161.58 11/22/2006 865154 9,148 2006 476‐100‐048 30069‐1 48 35060 Barkwood Ct Javier Ignacio & Ericca Ruby Acosta 2,802 $481,000 $171.66 11/17/2006 852313 8,276 2006 476‐100‐049 30069‐1 49 35074 Barkwood Ct Emanuel & Michelle Jarreau 2,946 $453,000 $153.77 4/27/2007 283414 9,583 2006 476‐100‐050 30069‐1 50 35093 Cedar Ridge Ct Maria A Deguzman 3,108 $498,000 $160.23 5/15/2007 323445 8,276 2006 476‐100‐051 30069‐1 51 35079 Cedar Ridge Ct Charles J & Kay C Straub 2,472 $311,000 $125.81 7/31/2013 369670 7,405 2006 476‐100‐052 30069‐1 52 35065 Cedar Ridge Ct Mark Delano 3,108 $406,000 $130.63 10/29/2007 663318 7,841 2006 476‐100‐053 30069‐1 53 35051 Cedar Ridge Ct Sergio Valenzuela Ramirez 2,946 $251,000 $85.20 6/5/2012 258858 8,276 2006 476‐100‐054 30069‐1 54 35037 Cedar Ridge Ct Jeffrey & Kari Horn 3,171 $531,000 $167.46 12/8/2006 905472 10,890 2006 476‐100‐055 30069‐1 55 35023 Cedar Ridge Ct Timothy M & Zulema Rios 3,108 $336,000 $108.11 6/30/2010 306794 11,761 2006 476‐100‐056 30069‐1 56 35020 Cedar Ridge Ct Stephen F & Mariana M Krueger 2,946 $350,000 $118.81 3/31/2010 146898 13,068 2006 476‐100‐057 30069‐1 57 35034 Cedar Ridge Ct Heinz‐dieter Nuhn 3,108 $348,000 $111.97 11/21/2014 447536 10,890 2006 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐100‐058 30069‐1 58 35048 Cedar Ridge Ct Craig B & Lisa J Shaw 3,171 $417,000 $131.50 10/1/2007 612113 7,841 2006 476‐100‐059 30069‐1 59 35062 Cedar Ridge Ct Greg & Peri L Leewaye 2,472 $240,000 $97.09 9/24/2012 453395 7,841 2006 476‐100‐060 30069‐1 60 35076 Cedar Ridge Ct Michael T Coufal 2,946 $386,000 $131.03 10/31/2007 667602 7,841 2006 476‐100‐061 30069‐1 61 35090 Cedar Ridge Ct Brad Smith 3,171 $487,000 $153.58 12/15/2006 922221 8,276 2006 476‐100‐062 30069‐1 62 35095 Deer Spring Dr Edgardo San Pascual 3,108 $320,000 $102.96 5/21/2009 256926 7,841 2007 476‐100‐063 30069‐1 63 35081 Deer Spring Dr Grant Taek & Lynn Marie Yi 3,171 $350,000 $110.38 9/30/2008 530821 7,405 2007 476‐100‐064 30069‐1 64 35067 Deer Spring Dr Christopher & Charisse Young 2,946 $263,000 $89.27 5/11/2012 219164 7,405 2007 476‐100‐065 30069‐1 65 35053 Deer Spring Dr Robert & Felicia Warren 3,108 $380,000 $122.27 7/1/2008 357325 7,405 2007 476‐100‐066 30069‐1 66 35039 Deer Spring Dr David & Tracy Boze 3,171 $330,000 $104.07 3/17/2009 127994 7,405 2007 476‐100‐067 30069‐1 67 35025 Deer Spring Dr Herbert & Mollie A Kelly 2,472 $340,000 $137.54 4/29/2008 218207 7,841 2007 476‐100‐068 30069‐1 68 35011 Deer Spring Dr Amy Alomar 3,108 $374,000 $120.33 3/17/2014 98060 12,632 2007 476‐101‐001 30069‐1 130 32275 Clear Springs Dr Lesbiz Waldina Tovar 3,108 $255,000 $82.05 9/9/2011 400801 8,276 2007 476‐101‐002 30069‐1 131 32261 Clear Springs Dr Gregory W & Kathie L Brzycki 2,472 $305,000 $123.38 12/4/2009 626479 7,841 2007 476‐101‐003 30069‐1 132 32247 Clear Springs Dr James M & Anna A Maxwell 2,946 $307,000 $104.21 5/29/2009 273790 7,841 2007 476‐101‐004 30069‐1 133 32233 Clear Springs Dr Jim Oneill 3,108 $310,000 $99.74 6/12/2009 301820 7,405 2007 476‐101‐005 30069‐1 134 32219 Clear Springs Dr James Sheng 3,171 $310,000 $97.76 3/3/2009 101140 7,405 2007 476‐101‐006 30069‐1 135 32205 Clear Springs Dr Heffernan Elaine A Trust 2,472 $314,000 $127.02 10/10/2008 549386 7,405 2007 476‐101‐007 30069‐1 136 32191 Clear Springs Dr Scott & Brigit Mcpherson 3,108 $459,500 $147.84 7/19/2007 470184 7,405 2006 476‐101‐008 30069‐1 137 32177 Clear Springs Dr Philip I Meza 2,946 $275,000 $93.35 3/25/2013 142874 7,405 2006 476‐101‐009 30069‐1 138 32163 Clear Springs Dr Diane Lee Patrick 2,472 $296,000 $119.74 4/25/2013 196558 7,405 2006 476‐101‐010 30069‐1 139 32149 Clear Springs Dr Todd M & Carole Ann K Bader 3,108 $475,500 $152.99 10/27/2006 793271 8,712 2006 476‐101‐011 30069‐1 140 32135 Clear Springs Dr Christopher Michael & Theresa Ann Baker 2,802 $250,000 $89.22 4/29/2011 187728 7,405 2006 476‐101‐012 30069‐1 141 32121 Clear Springs Dr Li He 3,108 $260,000 $83.66 6/15/2012 276529 7,405 2006 476‐101‐013 30069‐1 142 32107 Clear Springs Dr Juan Carrillo 2,946 $359,000 $121.86 6/25/2014 234083 7,405 2006 476‐101‐014 30069‐1 143 32093 Clear Springs Dr Brian Hines 3,108 $271,500 $87.36 1/4/2012 2436 7,405 2006 476‐101‐015 30069‐1 144 32079 Clear Springs Dr Eugene & Lavonda Hays 2,472 $225,000 $91.02 8/3/2012 368717 7,405 2006 476‐101‐016 30069‐1 145 32065 Clear Springs Dr Lili Zhao 2,802 $230,000 $82.08 7/29/2009 395274 6,970 2006 476‐101‐017 30069‐1 146 32051 Clear Springs Dr Steven L Vigo 2,946 $308,000 $104.55 7/15/2010 331311 6,970 2010 476‐101‐018 30069‐1 147 32037 Clear Springs Dr Roberto A & Geraldine A Deleon 2,472 $258,000 $104.37 3/11/2011 111829 7,841 2010 476‐110‐001 30069‐1 69 32242 Honeybee Dr Ernest Pressley 3,171 $275,000 $86.72 2/14/2011 70363 8,276 2006 476‐110‐002 30069‐1 70 32256 Honeybee Dr Derrick J & Stacy A Block 2,946 $340,000 $115.41 10/3/2008 539255 7,405 2006 476‐110‐003 30069‐1 71 32270 Honeybee Dr Sukarno S Ikbala 3,171 $335,000 $105.64 1/30/2009 46738 7,405 2006 476‐111‐024 30069‐1 171 32259 Honeybee Dr Sean & Jessica Adams 2,946 $365,000 $123.90 7/10/2008 378329 9,148 2007 476‐111‐025 30069‐1 172 32245 Honeybee Dr Raymundo R Lopez 3,108 $289,000 $92.99 7/16/2012 331037 11,326 2007 476‐111‐026 30069‐1 173 35050 Deer Spring Dr Kevin G & Michelle L Prude 2,946 $364,000 $123.56 5/30/2008 295800 7,841 2007 476‐111‐027 30069‐1 174 35064 Deer Spring Dr Bryant & Jessica A Briones 3,108 $284,000 $91.38 11/28/2012 575651 7,405 2007 476‐111‐028 30069‐1 175 35078 Deer Spring Dr Stewart Mullen 2,472 $340,000 $137.54 3/28/2008 154898 7,841 2007 476‐111‐029 30069‐1 176 32244 Clear Springs Dr Sonia M Gomez 3,171 $325,000 $102.49 6/19/2009 314110 9,148 2007 476‐111‐030 30069‐1 177 32258 Clear Springs Dr Glenn O & Angela P Ryberg 2,472 $310,000 $125.40 10/30/2009 563783 8,712 2007 476‐111‐031 30069‐1 178 32272 Clear Springs Dr Christina C & Harold A Breeden 3,108 $326,000 $104.89 11/13/2009 589327 7,841 2007 476‐111‐032 30069‐1 179 32286 Clear Springs Dr Ware R W & T M Family Trust 2,946 $318,000 $107.94 9/25/2009 498686 7,405 2007 476‐111‐033 30069‐1 180 32300 Clear Springs Dr Sharla R Peterson‐shirley 3,171 $321,000 $101.23 10/16/2009 537296 7,841 2007 476‐120‐020 30069‐1 303 32483 Quiet Trail Dr Dan & Jodi Birosak 2,675 $418,000 $156.26 11/21/2007 709375 11,761 2007 476‐120‐021 30069‐1 304 32469 Quiet Trail Dr Richard & Elmita Pierre 3,208 $367,000 $114.40 7/11/2013 334617 10,454 2007 476‐120‐022 30069‐1 305 35054 Lantern Light Dr Anthony R Rubalcaba 2,675 $269,000 $100.56 5/20/2011 223708 10,454 2006 476‐120‐023 30069‐1 306 35068 Lantern Light Dr Steven E & Jennifer L Stroder 3,208 $480,000 $149.63 4/13/2007 253374 10,019 2006 476‐120‐024 30069‐1 307 35082 Lantern Light Dr Christophe Bach 3,409 $264,000 $77.44 4/18/2014 142074 10,019 2006 476‐120‐025 30069‐1 308 35096 Lantern Light Dr Nicholas Dean Hummel 3,687 $305,000 $82.72 1/22/2009 29770 9,583 2006 476‐120‐026 30069‐1 309 35110 Lantern Light Dr Alfred D & Angelita A Deguzman 3,228 $325,000 $100.68 3/31/2009 156270 10,019 2006 476‐120‐027 30069‐1 310 35124 Lantern Light Dr Solomon & Veronica Petchers 3,409 $346,500 $101.64 3/14/2014 96822 12,197 2006 476‐120‐028 30069‐1 311 35138 Lantern Light Dr Jeffery Earl & Annabelle Antonio Testerman 3,168 $465,000 $146.78 6/15/2007 395801 13,504 2006 476‐121‐009 30069‐1 294 35073 Knollview Ct Gilbert & Patricia Rivera $447,000 7/23/2014 274126 8,712 2014 476‐121‐010 30069‐1 295 35059 Knollview Ct Stephan F Eckel $448,000 9/4/2014 336175 7,841 2014 476‐121‐011 30069‐1 296 35045 Knollview Ct David & Jennifer Ochoa $434,000 9/12/2014 347511 8,276 2014 476‐121‐012 30069‐1 297 32581 Quiet Trail Dr Bruce R & Judy B Demyer 3,687 $405,000 $109.85 10/24/2008 570198 9,583 2008 476‐121‐013 30069‐1 298 32567 Quiet Trail Dr Thomas Frank & Roxanne Solvieg Kelemen 2,675 $355,000 $132.71 10/23/2008 566993 10,454 2008 476‐121‐014 30069‐1 299 32553 Quiet Trail Dr Kurstan I & Kenneth Olaso 3,228 $320,000 $99.13 7/10/2009 358599 13,504 2008 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐121‐015 30069‐1 300 32539 Quiet Trail Dr Anthony J Warren 3,409 $334,000 $97.98 7/24/2009 386499 9,148 2007 476‐121‐016 30069‐1 301 32525 Quiet Trail Dr Edward Joseph Miller 3,687 $415,000 $112.56 7/25/2008 408347 10,019 2007 476‐121‐017 30069‐1 302 32511 Quiet Trail Dr Herman & Shirley L Fuentez 3,177 $360,000 $113.31 11/14/2008 605314 11,326 2006 476‐122‐001 30069‐1 312 35085 Lantern Light Dr Larry Barrett 3,177 $501,000 $157.70 6/27/2007 417635 8,276 2006 476‐122‐002 30069‐1 313 35071 Lantern Light Dr Colette & Zarif Tariqi 3,228 $297,000 $92.01 10/25/2012 510451 7,405 2006 476‐122‐003 30069‐1 314 35057 Lantern Light Dr Mark A & Bridget A Johnson 3,409 $500,500 $146.82 3/21/2007 192489 7,841 2006 476‐122‐004 30069‐1 315 35043 Lantern Light Dr Preeminent Investment Corp 3,114 $509,000 $163.46 4/12/2007 246954 8,276 2006 476‐122‐005 30069‐1 316 35029 Lantern Light Dr John Dunn & Karen Michelle Okimura 3,228 $512,000 $158.61 3/16/2007 184187 8,712 2006 476‐122‐006 30069‐1 317 35015 Lantern Light Dr Chadd E Creed 3,687 $316,000 $85.71 4/4/2013 161470 8,276 2006 476‐122‐007 30069‐1 318 35001 Lantern Light Dr Michael A Sunseri 3,409 $289,000 $84.78 9/19/2011 413387 12,197 2006 476‐122‐008 30069‐1 319 32438 Quiet Trail Dr William James & Chrisann Landgraf 2,675 $245,000 $91.59 9/23/2009 494541 13,068 2006 476‐122‐009 30069‐1 320 32452 Quiet Trail Dr Emmanuel G & Glenda G Butiu 3,409 $265,000 $77.74 2/29/2012 90244 8,712 2006 476‐122‐010 30069‐1 321 32466 Quiet Trail Dr Brian Doyle 3,687 $335,000 $90.86 12/23/2010 616541 7,841 2006 476‐122‐011 30069‐1 322 32480 Quiet Trail Dr Gregory & Michelle L Giroux 3,409 $415,000 $121.74 5/16/2008 265616 7,405 2006 476‐122‐012 30069‐1 323 32494 Quiet Trail Dr Wayne Richard Grakowsky 3,687 $410,500 $111.34 5/16/2008 266090 7,405 2006 476‐122‐013 30069‐1 324 32508 Quiet Trail Dr David L & Maria Morrell 3,228 $239,500 $74.19 3/6/2012 100536 7,405 2006 476‐122‐014 30069‐1 325 32522 Quiet Trail Dr Cornelius & Christan Schouten 2,675 $365,000 $136.45 11/18/2013 544053 7,405 2006 476‐122‐015 30069‐1 326 32536 Quiet Trail Dr Glen Marcos A Aguilus 3,114 $303,000 $97.30 7/8/2009 350342 7,405 2006 476‐122‐016 30069‐1 327 32550 Quiet Trail Dr Richard Profeta & Rosemarie T Olaes 3,687 $325,000 $88.15 5/29/2009 273641 7,405 2008 476‐122‐017 30069‐1 328 32564 Quiet Trail Dr Robert C & Michele Renee Patterson 3,409 $345,000 $101.20 6/12/2009 302076 6,970 2008 476‐122‐018 30069‐1 329 32578 Quiet Trail Dr Kyle Andrew & Courtnie Danelle Wallace 3,409 $310,000 $90.94 5/29/2009 273639 6,970 2008 476‐122‐019 30069‐1 330 32592 Quiet Trail Dr Antonio & Lashunta Carlton 3,228 $399,000 $123.61 10/6/2014 379869 7,405 2009 476‐122‐020 30069‐1 331 32606 Quiet Trail Dr Ronald & Cynthia L Bazard 3,196 $324,000 $101.38 12/31/2009 672200 6,970 2009 476‐122‐021 30069‐1 332 32620 Quiet Trail Dr Darryl Maurice & Patricia Ann Taylor 3,687 $370,000 $100.35 10/30/2012 519796 6,970 2009 476‐130‐004 30069‐1 239 35213 Gardenview Ct Richard J Barry 3,180 $427,000 $134.28 12/11/2008 649989 12,197 2008 476‐130‐005 30069‐1 240 35199 Gardenview Ct Charles H & Lois J Searer 4,242 $425,000 $100.19 12/19/2008 664496 9,148 2008 476‐130‐006 30069‐1 241 35185 Gardenview Ct Barbara Gail Moring 3,463 $460,000 $132.83 2/25/2009 89609 9,583 2006 476‐130‐007 30069‐1 242 35171 Gardenview Ct Sean Sisco 4,107 $499,000 $121.50 10/8/2014 384817 10,019 2006 476‐130‐008 30069‐1 243 35157 Gardenview Ct Scott & Yvette Ackerman 4,100 $490,000 $119.51 2/18/2009 74016 11,761 2006 476‐130‐009 30069‐1 244 35154 Gardenview Ct Lord T L & C 1994 Living Trust 3,180 $450,000 $141.51 9/22/2014 359261 13,504 2006 476‐130‐010 30069‐1 245 35168 Gardenview Ct Bud George & Katherine Hamilton Hood 4,250 $363,000 $85.41 4/17/2009 188827 17,424 2008 476‐130‐011 30069‐1 246 35182 Gardenview Ct Lisa Abma‐kammert 3,771 $420,000 $111.38 6/6/2014 209475 10,454 2008 476‐130‐012 30069‐1 247 35196 Gardenview Ct Robert J & Diana K Cannon 3,180 $415,000 $130.50 12/31/2008 680344 10,890 2008 476‐130‐013 30069‐1 248 32686 Shadyview St Gary V & Kathleen A Lombardi 3,180 $297,000 $93.40 4/30/2012 196752 13,939 2007 476‐130‐014 30069‐1 249 32700 Shadyview St John & Sharon Constantino 3,463 $438,000 $126.48 4/30/2008 223473 10,454 2007 476‐130‐015 30069‐1 250 32714 Shadyview St John & Jomarian Veasley 4,178 $488,000 $116.80 3/26/2008 147303 10,019 2007 476‐130‐016 30069‐1 251 32728 Shadyview St Lisa Cole 3,980 $474,000 $119.10 12/11/2007 739981 10,890 2007 476‐130‐017 30069‐1 252 32742 Shadyview St Richard Worcester 3,463 $315,000 $90.96 9/25/2013 462954 11,326 2007 476‐130‐018 30069‐1 253 32795 Presidio Hills Ln Craig A & Diane E Stone 3,180 $534,500 $168.08 11/5/2007 674886 11,326 2007 476‐130‐019 30069‐1 254 32781 Presidio Hills Ln Sylvia J Breeden 4,178 $432,000 $103.40 5/23/2008 279677 10,454 2007 476‐130‐020 30069‐1 255 32767 Presidio Hills Ln Matthew J & Ragnhild B Borden 3,980 $436,000 $109.55 6/27/2008 353586 10,890 2007 476‐130‐021 30069‐1 256 32753 Presidio Hills Ln Steven T & Amy Wallace 3,463 $468,000 $135.14 11/6/2007 676691 12,632 2007 476‐130‐022 30069‐1 257 32739 Presidio Hills Ln Melina Serna 3,980 $330,000 $82.91 1/27/2011 42624 14,810 2007 476‐130‐023 30069‐1 258 32725 Presidio Hills Ln Teresa Hyde 3,980 $320,000 $80.40 3/5/2013 107962 16,553 2007 476‐130‐024 30069‐1 259 32711 Presidio Hills Ln Daniel D Mendiola 3,463 $305,000 $88.07 10/21/2010 504247 16,553 2007 476‐131‐007 30069‐1 291 35042 Knollview Ct John H & Megan E Johnson $418,500 6/27/2014 239758 10,454 2014 476‐131‐009 30069‐1 293 35070 Knollview Ct Gary S Almeida $471,500 7/24/2014 276877 12,197 2014 476‐132‐001 30069‐1 333 32634 Quiet Trail Dr Romano Living Trust $456,500 7/10/2014 256923 7,405 2014 476‐132‐003 30069‐1 335 32662 Quiet Trail Dr Charles E Mcclain $394,000 12/2/2014 458095 7,841 2014 476‐132‐004 30069‐1 336 32676 Quiet Trail Dr Ron & Mary Shiwlall $377,000 9/23/2014 360470 8,276 2014 476‐132‐005 30069‐1 337 32690 Quiet Trail Dr Antonio Gastelum $427,000 11/26/2014 453876 13,939 2014 476‐132‐006 30069‐1 338 32704 Quiet Trail Dr George I & Deborah Siegenthaler $489,500 9/18/2014 354682 13,504 2014 476‐132‐008 30069‐1 340 32732 Quiet Trail Dr Jennifer Barlock $419,000 9/26/2014 366988 10,019 2014 476‐141‐001 29269 1 32184 Orange Blossom Dr Michael R Endy 2,000 $205,000 $102.50 9/23/2009 493607 7,405 2004 476‐141‐002 29269 2 32170 Orange Blossom Dr Daniel Santiago 2,500 $250,000 $100.00 3/23/2012 135870 6,970 2004 476‐141‐003 29269 3 32156 Orange Blossom Dr Pamela Powers 2,180 $275,000 $126.15 8/13/2013 395182 6,970 2004 476‐141‐004 29269 4 32142 Orange Blossom Dr Troy Shields 2,334 $250,000 $107.11 10/27/2009 552564 6,970 2003 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐141‐005 29269 5 32128 Orange Blossom Dr Elizabeth Squires 2,500 $247,500 $99.00 5/22/2009 259883 6,098 2003 476‐141‐006 29269 6 32114 Orange Blossom Dr Matthew K Walker 2,180 $238,000 $109.17 4/18/2008 194682 6,534 2003 476‐141‐007 29269 7 32100 Orange Blossom Dr Fred W Ingram 2,000 $198,000 $99.00 4/20/2011 174899 6,534 2003 476‐141‐008 29269 8 32086 Orange Blossom Dr Rick Mateo & Emilyn S Hizon 2,500 $301,000 $120.40 10/31/2003 864212 6,534 2003 476‐141‐009 29269 9 32072 Orange Blossom Dr Sergio & Mirlein Velasquez 2,180 $264,000 $121.10 11/4/2003 873121 6,534 2003 476‐141‐010 29269 10 32058 Orange Blossom Dr Robert & Adelina Medford 2,334 $240,000 $102.83 10/26/2009 551273 6,534 2003 476‐141‐011 29269 11 32044 Orange Blossom Dr Lisa Lakin 2,000 $265,000 $132.50 5/17/2013 237352 6,534 2003 476‐141‐012 29269 12 32030 Orange Blossom Dr George & Sheri Dawn Reyes 2,500 $252,000 $100.80 7/2/2012 307104 6,534 2003 476‐141‐013 29269 13 32016 Orange Blossom Dr Grant Lee & Sandy H Canfield 2,180 $206,000 $94.50 6/18/2010 282429 6,098 2003 476‐141‐014 29269 14 32002 Orange Blossom Dr Albert Joseph Godinez 2,334 $270,000 $115.68 6/27/2003 479917 7,841 2003 476‐141‐015 29269 15 34943 Allium Ln Raul Diaz 2,000 $425,000 $212.50 2/23/2006 132066 10,890 2003 476‐141‐016 29269 16 34957 Allium Ln Dulce A & Justin M Flores 2,180 $286,000 $131.19 11/4/2013 521021 6,970 2003 476‐141‐017 29269 17 34971 Allium Ln James D Martin 2,334 $210,000 $89.97 4/13/2012 169068 6,970 2003 476‐141‐018 29269 18 34985 Allium Ln Eligah Mcghee 2,500 $265,000 $106.00 10/5/2011 440588 6,970 2003 476‐142‐001 29269 50 32366 Orange Blossom Dr Charles M & Jeweline B Swafford 2,500 $298,000 $119.20 4/2/2004 239598 8,276 2003 476‐142‐002 29269 51 32352 Orange Blossom Dr Dale & Czarina Bautista 2,180 $285,000 $130.73 12/26/2013 595563 7,841 2004 476‐142‐003 29269 52 32338 Orange Blossom Dr Alvin & Michelle Thompson 2,500 $278,000 $111.20 8/15/2012 389690 7,405 2004 476‐142‐004 29269 53 32324 Orange Blossom Dr Michael R Leer 2,334 $273,000 $116.97 7/13/2010 326390 7,841 2004 476‐142‐005 29269 54 32310 Orange Blossom Dr Brett J & Kerri A Keller 2,000 $183,500 $91.75 10/12/2012 489260 7,841 2004 476‐142‐006 29269 55 32296 Orange Blossom Dr Herb Dilworth 2,180 $285,500 $130.96 4/7/2004 249646 7,841 2004 476‐142‐007 29269 56 32282 Orange Blossom Dr Steve Fermin Gillett 2,500 $430,000 $172.00 12/6/2006 894042 7,405 2004 476‐142‐008 29269 57 32268 Orange Blossom Dr Trevor & Erika Thompson 2,180 $325,000 $149.08 8/25/2004 670850 7,405 2004 476‐142‐009 29269 58 32254 Orange Blossom Dr Vanessa & Amador M Madriaga 2,334 $221,500 $94.90 6/29/2012 303784 7,405 2004 476‐142‐010 29269 59 32240 Orange Blossom Dr Jerome T & Carolyn A Schall 2,500 $350,500 $140.20 8/27/2004 680407 7,405 2004 476‐142‐011 29269 60 32226 Orange Blossom Dr Glenn A & Crystal A Tompkins 2,180 $310,000 $142.20 4/24/2014 150025 7,405 2004 476‐142‐012 29269 61 32212 Orange Blossom Dr Teodato T & Rosita D Mendoza 2,334 $369,000 $158.10 8/31/2004 689523 10,019 2004 476‐143‐001 29269 62 32163 Orange Blossom Dr Jesse & Glendy Carolina Cortes 2,334 $422,000 $180.81 11/1/2004 867442 10,019 2004 476‐143‐002 29269 63 32191 Orange Blossom Dr Adam Bundy 2,180 $308,000 $141.28 9/21/2004 747709 9,148 2004 476‐143‐003 29269 64 32219 Orange Blossom Dr Christopher S & Carrie L Harrell 2,500 $295,000 $118.00 9/11/2008 499860 9,148 2004 476‐143‐004 29269 65 32247 Orange Blossom Dr David & Jennifer Demyer Bokma 2,000 $320,000 $160.00 9/17/2004 742087 9,583 2004 476‐143‐005 29269 66 34921 Viscaria Ct Brett & Julie Ann Harwood 2,500 $368,000 $147.20 7/23/2004 573855 16,553 2004 476‐143‐006 29269 67 34949 Viscaria Ct Omar R A Munoz 2,180 $320,000 $146.79 12/17/2013 582542 10,454 2004 476‐143‐007 29269 68 34963 Viscaria Ct Blasic K B & K N Living Trust 2,334 $290,000 $124.25 6/7/2013 273691 7,841 2004 476‐143‐008 29269 69 34977 Viscaria Ct Gerald J & Theresa A Boker 2,000 $302,000 $151.00 7/29/2004 587771 6,534 2004 476‐143‐009 29269 70 34991 Viscaria Ct Jeremy Dean & Dawn M Mccullough 2,334 $348,500 $149.31 7/29/2004 587773 7,405 2004 476‐143‐010 29269 137 34988 Wintergrass Ct David & Kabarielle D Anderson 2,500 $230,000 $92.00 8/31/2011 387959 6,970 2003 476‐143‐011 29269 138 34974 Wintergrass Ct Joshua John Campbell 2,334 $239,000 $102.40 3/2/2012 96355 6,534 2003 476‐143‐012 29269 139 34960 Wintergrass Ct Michael Angelo & Josibel J Maamo 2,500 $235,000 $94.00 9/23/2011 424310 6,534 2003 476‐143‐013 29269 140 34946 Wintergrass Ct Carlos & Virginia Amezcua 2,180 $261,000 $119.72 11/25/2003 929893 6,534 2003 476‐143‐014 29269 141 34932 Wintergrass Ct Naseeb & Tuan Yong Anwar 2,334 $288,500 $123.61 11/26/2003 936413 7,405 2003 476‐143‐015 29269 142 34918 Wintergrass Ct Christian A & Terry A Langmead 2,180 $319,000 $146.33 3/14/2014 96819 6,534 2003 476‐143‐016 29269 143 34904 Wintergrass Ct Gregory C & Teodora C Robertson 2,000 $290,000 $145.00 12/24/2008 669413 8,712 2003 476‐144‐001 29269 74 34998 Viscaria Ct Isabel Marie Marion 2,180 $240,000 $110.09 6/22/2012 288456 8,712 2004 476‐144‐002 29269 75 34984 Viscaria Ct Kenneth G & Theresa J Smith 2,500 $275,000 $110.00 5/14/2008 259546 7,841 2004 476‐144‐003 29269 76 34942 Viscaria Ct Erik Gabriel Dobberstein 2,334 $233,000 $99.83 4/13/2011 162557 9,148 2004 476‐144‐004 29269 77 34928 Viscaria Ct Richarde & Margarita Espinoza 2,500 $185,000 $74.00 6/26/2009 329426 7,405 2004 476‐144‐005 29269 78 34914 Viscaria Ct R Martin & Michelle R Wesel 2,334 $321,000 $137.53 8/19/2004 655174 7,405 2004 476‐144‐006 29269 79 32317 Orange Blossom Dr Raymond A & Melinda K Patenaude 2,500 $317,500 $127.00 4/22/2004 294616 8,712 2004 476‐144‐007 29269 80 32345 Orange Blossom Dr William H & Erline W Siegmund 2,000 $275,000 $137.50 4/13/2004 265830 7,405 2004 476‐144‐008 29269 81 32359 Orange Blossom Dr Joseph U & Kimberly A Rapolla 2,334 $260,000 $111.40 6/28/2013 312671 6,534 2004 476‐145‐001 29269 105 34992 Allium Ln Richard A Foster 2,000 $246,000 $123.00 7/15/2003 524152 7,405 2003 476‐145‐002 29269 106 34978 Allium Ln Travis R Ames 2,180 $256,500 $117.66 7/23/2003 549083 6,534 2003 476‐145‐003 29269 107 34950 Allium Ln Norman D & Maria Theresa Guerrero 2,500 $277,000 $110.80 7/25/2003 560748 9,148 2003 476‐145‐004 29269 108 34941 Dogwood Ct Eric J & Elaine R Burkholder 2,334 $205,000 $87.83 7/15/2009 365429 6,970 2003 476‐145‐005 29269 109 34955 Dogwood Ct Raymond & Carolyn Weiss 2,000 $253,000 $126.50 8/14/2003 622066 7,841 2003 476‐145‐006 29269 110 34969 Dogwood Ct James Henry & Deborah Coleman Grant 2,334 $289,000 $123.82 8/15/2003 626859 6,534 2003 476‐145‐007 29269 111 34997 Dogwood Ct Christian Gaitan Rivera 2,180 $265,000 $121.56 5/30/2013 256832 6,534 2003 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐146‐001 29269 120 34990 Dogwood Ct Miguel Cliff Gonzalez 2,334 $200,000 $85.69 12/27/2012 632000 6,970 2003 476‐146‐002 29269 121 34976 Dogwood Ct Ryan D & Joannalyn M Enguancho 2,500 $277,500 $111.00 8/28/2003 666235 6,970 2003 476‐146‐003 29269 122 34962 Dogwood Ct Sara Jean Plumley 2,180 $422,000 $193.58 6/23/2005 496483 7,405 2003 476‐146‐004 29269 123 34948 Dogwood Ct Christopher Don & Brenda Denise Bickerstaff 2,500 $281,000 $112.40 8/29/2003 672819 8,276 2003 476‐146‐005 29269 124 34934 Dogwood Ct Enrique & Blanca Martinez 2,000 $200,000 $100.00 3/31/2009 157872 7,405 2003 476‐146‐006 29269 125 34911 Wintergrass Ct Michael D & Michelle L Zides 2,334 $420,000 $179.95 8/20/2004 661734 7,405 2003 476‐146‐007 29269 126 34925 Wintergrass Ct Pedro A Lopez 2,500 $292,500 $117.00 11/5/2003 878860 8,276 2003 476‐146‐008 29269 127 34939 Wintergrass Ct Richard & Lorraine Ramil 2,000 $261,000 $130.50 11/13/2003 895774 6,534 2003 476‐146‐009 29269 128 34953 Wintergrass Ct Leticia Jimenez 2,334 $210,000 $89.97 5/19/2011 221652 6,534 2003 476‐146‐010 29269 129 34967 Wintergrass Ct Juan C Quezada 2,000 $308,000 $154.00 8/28/2014 326600 6,534 2003 476‐146‐011 29269 130 34981 Wintergrass Ct Tina Seneff 2,180 $210,000 $96.33 3/20/2012 128167 7,405 2003 476‐150‐006 30069‐1 88 35192 Painted Rock St Stefanie L Richards $356,500 9/22/2014 358682 7,841 2014 476‐150‐007 30069‐1 89 35206 Painted Rock St Adam Engleman $356,000 11/14/2014 437413 7,405 2014 476‐150‐008 30069‐1 90 35220 Painted Rock St David M & Shannon M Perez $364,500 9/25/2014 365775 7,405 2014 476‐150‐009 30069‐1 91 35234 Painted Rock St Angela N Lindsey $374,000 9/26/2014 367172 7,405 2014 476‐150‐011 30069‐1 93 35262 Painted Rock St Michael V & Cassie Stewart $377,000 11/24/2014 449963 7,405 2014 476‐150‐012 30069‐1 94 35276 Painted Rock St Thomas E & Sheilah M Haugland $410,000 12/1/2014 456429 7,405 2014 476‐150‐026 30069‐1 108 32375 Pamilla St Galen & Sheryl Gabel $389,500 9/15/2014 348421 9,148 2014 476‐150‐027 30069‐1 109 32361 Pamilla St Erick I Cruz $363,000 11/10/2014 431693 8,276 2014 476‐150‐028 30069‐1 110 32347 Pamilla St Joseph K & Dawna L Janssen $409,000 8/15/2014 311123 8,276 2014 476‐150‐029 30069‐1 111 32333 Pamilla St Stephen D & Cynthia G Evans $369,000 9/25/2014 365754 8,276 2014 476‐150‐030 30069‐1 112 32319 Pamilla St Steven & Christina Hodgden $411,500 8/13/2014 307244 8,712 2014 476‐151‐001 30069‐1 114 32302 Pamilla St Taryn D Williams $435,000 11/19/2014 442378 7,841 2014 476‐151‐002 30069‐1 115 32316 Pamilla St Stephen M & Stephen M Emerson $405,000 6/26/2014 237573 7,841 2014 476‐151‐003 30069‐1 116 32330 Pamilla St Baldomero Rodriguez $392,000 6/23/2014 229396 7,841 2014 476‐151‐004 30069‐1 117 32344 Pamilla St Troy D & Nancee P Tegeder $384,000 6/26/2014 237000 7,841 2014 476‐151‐005 30069‐1 118 32358 Pamilla St Sharon L Mitchell $394,500 9/16/2014 350415 7,841 2014 476‐151‐006 30069‐1 119 32372 Pamilla St Ghanayem Therese Trust $364,000 9/12/2014 346684 8,276 2014 476‐160‐001 30069‐1 187 35113 Lantern Light Dr Jeri Price Smith 2,675 $252,500 $94.39 4/3/2009 165226 10,019 2006 476‐160‐002 30069‐1 188 35127 Lantern Light Dr Travis L Holt 3,687 $299,000 $81.10 3/8/2012 107770 9,583 2006 476‐161‐001 30069‐1 202 32503 Marietta Ct David L & Cheryl A Whitfield 2,675 $315,000 $117.76 11/13/2009 589810 11,326 2009 476‐161‐002 30069‐1 203 32517 Marietta Ct Franklin B & Glenda L Vialva 3,670 $366,000 $99.73 11/20/2009 603776 10,454 2009 476‐161‐003 30069‐1 204 32531 Marietta Ct Daniel & Rebecca Bosna 2,675 $360,000 $134.58 12/20/2013 590088 10,454 2009 476‐161‐004 30069‐1 205 32545 Marietta Ct John Warren Avery 3,409 $355,000 $104.14 12/2/2009 619899 14,375 2009 476‐161‐005 30069‐1 206 32559 Marietta Ct Brian & Lisa Hardin 3,687 $370,000 $100.35 12/10/2009 635454 18,731 2009 476‐161‐006 30069‐1 207 32573 Marietta Ct Ronald G & Dolores Palumbo 2,675 $375,000 $140.19 12/30/2009 667670 13,939 2006 476‐161‐007 30069‐1 208 32587 Marietta Ct Gary & Sandra Lee Spallino 2,522 $395,000 $156.62 11/6/2009 576361 11,761 2006 476‐161‐008 30069‐1 209 32601 Marietta Ct Fred & Loralyn Willis 3,357 $375,000 $111.71 9/7/2012 426569 14,375 2006 476‐161‐009 30069‐1 210 32598 Marietta Ct Anthony C Ciuffo 3,409 $470,909 $138.14 12/21/2009 653265 14,375 2006 476‐161‐010 30069‐1 211 32584 Marietta Ct David M & Edina D Wright 3,687 $400,000 $108.49 10/16/2009 536069 12,197 2006 476‐161‐011 30069‐1 212 32556 Marietta Ct Donald A & Elaine M Mccallen 3,228 $365,000 $113.07 11/20/2009 603542 17,424 2009 476‐171‐001 29269 19 34999 Allium Ln Tim Moore 2,334 $250,000 $107.11 1/30/2009 48012 6,534 2003 476‐171‐002 29269 20 35013 Allium Ln Jesus M & Amber M Ballesteros 2,180 $270,500 $124.08 7/9/2003 508815 6,534 2003 476‐171‐003 29269 21 35027 Allium Ln Joe & Anita Rodarte 2,000 $248,500 $124.25 7/9/2003 508817 6,534 2003 476‐171‐004 29269 22 35041 Allium Ln Alicia Alvarez De Tavarez 2,334 $435,000 $186.38 5/2/2005 346444 6,534 2004 476‐171‐005 29269 23 35055 Allium Ln Barbara E Jones 2,000 $412,500 $206.25 10/12/2004 805147 6,534 2003 476‐171‐006 29269 24 35069 Allium Ln John K & Mercedita Gorman 2,180 $215,000 $98.62 1/29/2010 41552 6,534 2003 476‐171‐007 29269 25 35083 Allium Ln Edward F Duncan 2,334 $347,000 $148.67 10/14/2004 814005 7,405 2003 476‐171‐008 29269 26 35097 Allium Ln Rosario C Zamorano 2,500 $293,000 $117.20 3/18/2013 130008 13,939 2003 476‐171‐009 29269 27 32011 Rosemary St Samuel Lee Carlos 2,334 $260,000 $111.40 8/8/2013 388428 8,712 2004 476‐171‐010 29269 28 32025 Rosemary St Suzanne Stopher 2,500 $240,000 $96.00 1/28/2011 45285 6,534 2004 476‐171‐011 29269 29 32039 Rosemary St Eric & Erika Buchanan 2,180 $295,000 $135.32 6/6/2008 311046 6,534 2004 476‐171‐012 29269 30 32053 Rosemary St Marcus J Decker 2,000 $195,000 $97.50 12/23/2011 569231 6,970 2004 476‐172‐001 29269 31 32081 Rosemary St Jennifer A Miller 2,000 $241,000 $120.50 7/20/2012 340689 9,148 2003 476‐172‐002 29269 32 32095 Rosemary St Christopher D & Monica Marie Wood 2,180 $290,000 $133.03 12/10/2003 968223 7,405 2003 476‐172‐003 29269 33 32109 Rosemary St Scott & Dianne E Precher 2,334 $320,000 $137.10 5/20/2014 183609 8,712 2003 476‐172‐004 29269 34 32123 Rosemary St Travis & Jessica Mitchell 2,500 $229,000 $91.60 7/9/2010 322136 9,583 2003 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐172‐005 29269 35 32137 Rosemary St Norrid Lisa Marie Living Trust 2,334 $223,000 $95.54 12/17/2009 649542 9,148 2003 476‐172‐006 29269 36 32151 Rosemary St Jamie Serrano 2,180 $270,000 $123.85 12/12/2003 973455 7,405 2003 476‐172‐007 29269 37 32165 Rosemary St Russel K & Viravine Vanny 2,500 $195,000 $78.00 6/26/2009 326351 6,970 2003 476‐172‐008 29269 38 32179 Rosemary St Rick E & Jennifer E Hess 2,334 $440,000 $188.52 7/8/2005 549478 7,405 2003 476‐172‐009 29269 39 32207 Rosemary St Mary Louise & Jack Obrien 2,500 $230,000 $92.00 2/25/2010 86955 7,405 2003 476‐172‐010 29269 40 32221 Rosemary St Robert E & Kathy H Geddes 2,334 $328,000 $140.53 12/18/2003 988980 6,970 2003 476‐172‐011 29269 41 32235 Rosemary St E Clayton Rossman 2,000 $266,500 $133.25 12/19/2003 992576 7,405 2003 476‐172‐012 29269 42 32249 Rosemary St Heidi S Shank 2,180 $230,000 $105.50 12/13/2011 549938 7,841 2003 476‐172‐013 29269 43 32263 Rosemary St Jeffrey & Rozina Crothers 2,000 $235,000 $117.50 2/28/2013 100597 8,276 2004 476‐172‐014 29269 44 32277 Rosemary St Jose Robles 2,334 $248,000 $106.26 8/31/2009 454502 9,148 2004 476‐172‐015 29269 45 32291 Rosemary St David M Fukuchi 2,180 $320,000 $146.79 3/30/2004 221971 15,682 2004 476‐172‐016 29269 46 32422 Orange Blossom Dr Lukhma & Asrat Mcbride 2,500 $303,000 $121.20 3/21/2008 141030 14,810 2004 476‐172‐017 29269 47 32408 Orange Blossom Dr Denis M & Mary Jane Curley 2,334 $265,000 $113.54 3/7/2013 112159 9,583 2004 476‐172‐018 29269 48 32394 Orange Blossom Dr Mai Van Pham 2,500 $300,000 $120.00 3/30/2004 220790 8,712 2004 476‐172‐019 29269 49 32380 Orange Blossom Dr Robert Earl & Shirley Monette Patton 2,334 $351,000 $150.39 4/23/2004 299961 8,276 2004 476‐173‐001 29269 71 35005 Viscaria Ct David & Justina Marie Meekhof 2,180 $336,000 $154.13 8/4/2004 607453 10,890 2004 476‐173‐002 29269 72 35019 Viscaria Ct Paul Mcgee 2,500 $480,000 $192.00 7/8/2005 547344 11,326 2004 476‐173‐003 29269 73 35012 Viscaria Ct Mary Martha Eastham 2,000 $200,000 $100.00 2/15/2012 68472 13,504 2004 476‐173‐004 29269 82 32373 Orange Blossom Dr Ruben & Karla Vasquez 2,500 $331,000 $132.40 10/9/2013 486725 6,534 2004 476‐173‐005 29269 83 32387 Orange Blossom Dr Natalie Herman 2,000 $244,000 $122.00 2/23/2010 80121 6,534 2004 476‐173‐006 29269 84 32401 Orange Blossom Dr Ralph F & Patti D Schockert 2,180 $430,000 $197.25 6/14/2006 428081 6,534 2004 476‐173‐007 29269 85 32242 Rosemary St Brian E & Maretta A Johnson 2,334 $240,000 $102.83 5/29/2009 273697 6,534 2003 476‐173‐008 29269 86 32228 Rosemary St Alfred Ventura Arviso 2,000 $399,000 $199.50 8/16/2006 601855 6,534 2003 476‐173‐009 29269 87 32214 Rosemary St Ryan Wayne Romaine 2,500 $230,000 $92.00 12/1/2009 617149 6,534 2003 476‐173‐010 29269 88 32200 Rosemary St Thomas & Ewa Graves 2,180 $190,000 $87.16 3/5/2009 105944 7,405 2003 476‐173‐011 29269 89 32186 Rosemary St Patrick L Esposito 2,500 $245,000 $98.00 3/12/2009 118673 7,405 2003 476‐173‐012 29269 90 32172 Rosemary St Yesenia Galeasquezada 2,180 $223,000 $102.29 4/23/2010 188333 7,405 2003 476‐173‐013 29269 91 32158 Rosemary St Gw San Diego Properties Llc 2,000 $419,000 $209.50 3/27/2007 206682 6,970 2003 476‐173‐014 29269 92 32130 Rosemary St Rodolfo Viray 2,500 $269,000 $107.60 3/25/2008 144744 6,534 2003 476‐173‐015 29269 92 32116 Rosemary St Timothy J & Pamela J Ultican 2,000 $265,000 $132.50 4/19/2013 185019 7,405 2003 476‐173‐016 29269 93 32088 Rosemary St Mark G & Terry L Salazar 2,334 $285,500 $122.32 1/28/2004 62327 8,712 2004 476‐173‐017 29269 94 32074 Rosemary St Elizabeth Lin Eng & Jonatas Mueng Chan 2,500 $286,000 $114.40 1/23/2004 47067 8,276 2003 476‐173‐018 29269 96 32060 Rosemary St Paner Family Trust 2,180 $310,000 $142.20 4/25/2014 150923 6,534 2004 476‐173‐019 29269 97 32046 Rosemary St Fahima Amini 2,500 $349,500 $139.80 9/30/2004 780168 6,970 2004 476‐173‐020 29269 98 32032 Rosemary St Maximo Ting & Sonia A Leach 2,334 $210,000 $89.97 12/2/2011 533042 7,405 2004 476‐173‐021 29269 99 35076 Allium Ln Spencer Heyward 2,180 $270,000 $123.85 7/5/2013 326216 6,970 2004 476‐173‐022 29269 100 35062 Allium Ln Ronald C & Cheryl L Every 2,500 $260,000 $104.00 2/25/2011 88129 6,970 2004 476‐173‐023 29269 101 35048 Allium Ln Richard W & Megan M Long 2,000 $215,000 $107.50 10/1/2010 472646 7,405 2004 476‐173‐024 29269 102 35034 Allium Ln Ethan Nguyen 2,500 $300,000 $120.00 7/31/2013 372604 7,405 2003 476‐173‐025 29269 103 35020 Allium Ln Lara Bova 2,334 $325,000 $139.25 5/9/2014 170970 7,405 2003 476‐173‐026 29269 104 35006 Allium Ln Gerald & Pamela A Gauthier 2,500 $274,000 $109.60 7/17/2003 532251 7,405 2003 476‐173‐027 29269 112 35011 Dogwood Ct Gary J & Amy R Pickard 2,500 $280,000 $112.00 8/20/2003 640379 6,534 2003 476‐173‐028 29269 113 35025 Dogwood Ct Edward Allen Powell 2,000 $223,000 $111.50 4/30/2013 202885 7,841 2003 476‐173‐029 29269 114 35039 Dogwood Ct Chuck & Margaret Donnelly 2,180 $470,000 $215.60 8/16/2005 665395 11,761 2003 476‐173‐030 29269 115 35053 Dogwood Ct Michael R & Tiffany A Fick 2,334 $513,000 $219.79 8/11/2006 595276 10,019 2003 476‐173‐031 29269 116 35046 Dogwood Ct Todd & Kimberly Huth 2,500 $300,500 $120.20 8/25/2003 654133 13,504 2003 476‐173‐032 29269 117 35032 Dogwood Ct David R & Kim Jamie Obrien 2,180 $199,000 $91.28 1/17/2012 19638 10,454 2003 476‐173‐033 29269 118 35018 Dogwood Ct Hsin Pei Chou 2,334 $270,000 $115.68 8/27/2003 662028 9,583 2003 476‐173‐034 29269 119 35004 Dogwood Ct Glen L & Monika G Stewart 2,000 $190,000 $95.00 10/4/2012 475802 6,970 2003 476‐173‐035 29269 131 34995 Wintergrass Ct Edwards Family Trust 2,334 $462,000 $197.94 4/4/2006 240887 6,970 2003 476‐173‐036 29269 132 35009 Wintergrass Ct John M & Donna J Fuller 2,180 $205,000 $94.04 8/26/2011 380402 8,712 2003 476‐173‐037 29269 133 35023 Wintergrass Ct Jerrad Hovis 2,500 $374,727 $149.89 9/25/2007 601338 16,117 2003 476‐173‐038 29269 134 35030 Wintergrass Ct John G & Julie S Graham 2,334 $298,000 $127.68 11/18/2003 908916 10,890 2003 476‐173‐039 29269 135 35016 Wintergrass Ct Robert F & Jacqueline M Smith 2,000 $270,000 $135.00 11/18/2003 908747 12,197 2003 476‐173‐040 29269 136 35002 Wintergrass Ct James & Amy Pickle 2,180 $307,500 $141.06 11/25/2003 929895 6,970 2003 476‐181‐001 29270 24 32115 Fern St Mathew A & Abby L Diaquila 2,596 $320,000 $123.27 10/11/2013 490605 9,148 2003 476‐181‐002 29270 25 32087 Fern St Paul L Ross 2,947 $329,500 $111.81 11/12/2003 892102 9,148 2003 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐181‐003 29270 26 32073 Fern St Thuy Hoa Vu & Tuan Minh Tran 2,596 $293,000 $112.87 2/10/2004 94916 8,712 2003 476‐182‐001 29270 27 32045 Fern St Kamran Ghoreishi 2,947 $230,000 $78.05 9/17/2012 442592 8,276 2003 476‐182‐002 29270 28 32031 Fern St Gilbert David & Jasminne Lizzette Becerra 2,784 $296,500 $106.50 6/19/2003 450208 8,276 2003 476‐182‐003 29270 29 32017 Fern St Bryan W Diehm 2,596 $228,000 $87.83 9/25/2009 499447 9,148 2003 476‐182‐004 29270 30 32003 Fern St Hubert Jeter 2,947 $304,000 $103.16 6/23/2003 459770 11,326 2003 476‐182‐005 29270 31 35037 Begonia Ln Dedamon M Howard 2,784 $275,000 $98.78 9/3/2008 484144 10,454 2003 476‐182‐006 29270 32 35293 Begonia Ln Kestler Family Living Trust 2,596 $299,000 $115.18 6/25/2003 467326 7,841 2003 476‐182‐007 29270 33 35279 Begonia Ln Tomas E & Carol A Meeks 2,947 $296,500 $100.61 6/26/2003 471227 7,841 2003 476‐182‐008 29270 34 35265 Begonia Ln Jeanette L & Russell H Segel 2,784 $267,000 $95.91 1/28/2011 46646 7,841 2003 476‐182‐009 29270 35 35251 Begonia Ln Richard L & Karen M Lacasse 2,596 $360,000 $138.67 3/7/2014 87356 7,841 2003 476‐182‐010 29270 36 35237 Begonia Ln Kevin M & Karen A Kearns 2,784 $440,000 $158.05 8/31/2005 721025 7,841 2003 476‐182‐011 29270 37 35223 Begonia Ln Robert & Rebecca Brown 2,947 $304,000 $103.16 7/25/2008 407854 7,841 2003 476‐182‐012 29270 38 35209 Begonia Ln Staton Family Trust 2,596 $329,000 $126.73 6/13/2008 325451 7,841 2004 476‐182‐013 29270 39 35195 Begonia Ln Ha Tran 2,784 $358,000 $128.59 9/15/2004 731934 7,841 2004 476‐182‐014 29270 40 35181 Begonia Ln Ximena & Jose Vintimilla 2,947 $340,000 $115.37 5/8/2014 167486 7,841 2004 476‐182‐015 29270 41 35167 Begonia Ln Walter & Ann Brenkus 2,596 $240,000 $92.45 8/21/2009 437932 7,841 2004 476‐182‐016 29270 42 35153 Begonia Ln Johnson Aaron & Johnson Lissa Zappardino 2,947 $300,000 $101.80 6/26/2008 349770 9,148 2003 476‐182‐017 29270 43 32014 Jasper St Gail Ann Feeley 2,784 $240,000 $86.21 2/10/2010 61717 12,197 2003 476‐182‐018 29270 44 32028 Jasper St Jose M & Maribel Escobar 2,596 $469,000 $180.66 9/29/2004 774069 10,019 2003 476‐182‐019 29270 45 32042 Jasper St Richard & Kelly Wheeler 2,784 $373,500 $134.16 9/30/2004 776704 7,841 2004 476‐182‐020 29270 46 32056 Jasper St William J & Colleen Parks 2,947 $255,000 $86.53 1/30/2009 47192 8,276 2004 476‐183‐001 29270 47 35160 Begonia Ln Hector J Vicencio 2,947 $381,500 $129.45 9/21/2004 748717 7,841 2004 476‐183‐002 29270 48 35174 Begonia Ln Duc M Tran 2,784 $354,000 $127.16 9/21/2004 747217 7,841 2004 476‐183‐003 29270 49 35188 Begonia Ln Richard C Woodall 2,596 $360,500 $138.87 9/16/2004 737655 7,405 2004 476‐183‐004 29270 50 35202 Begonia Ln Subhasish & Sujoya Biswas 2,947 $368,000 $124.87 9/16/2004 737635 7,405 2004 476‐183‐005 29270 51 35216 Begonia Ln Kenny & Leslie Lemieux 2,784 $453,000 $162.72 5/19/2006 367388 7,405 2003 476‐183‐006 29270 52 35230 Begonia Ln Sharon E Boston 2,596 $432,000 $166.41 11/4/2004 875238 7,405 2003 476‐183‐007 29270 53 35244 Begonia Ln Kyle & Ashly Wilmore 2,947 $348,000 $118.09 6/27/2014 239701 7,405 2003 476‐183‐008 29270 54 35258 Begonia Ln Donald C & Sarah G Robison 2,596 $425,000 $163.71 6/6/2007 370243 7,405 2003 476‐183‐009 29270 55 35272 Begonia Ln Beazer Pre Owned Homes 2,947 $275,000 $93.32 3/29/2013 151799 6,970 2003 476‐183‐010 29270 56 35286 Begonia Ln Rhianna & David Smith 2,784 $329,000 $118.18 4/30/2014 155811 7,405 2003 476‐183‐011 29270 57 35300 Begonia Ln Maria Eugenia & Paul Massillon Pierre 2,784 $255,000 $91.59 3/11/2011 112280 8,712 2003 476‐183‐012 29270 58 32038 Fern St Aleksandr & Stephanie Goldberg 2,947 $300,000 $101.80 1/13/2009 14766 8,712 2003 476‐183‐013 29270 59 32052 Fern St Jorge Armando & Hillario Terrones 2,596 $229,000 $88.21 10/3/2008 538612 6,970 2003 476‐183‐014 29270 60 32066 Fern St James R Everette 2,784 $240,000 $86.21 5/25/2012 243563 7,841 2003 476‐183‐015 29270 61 32080 Fern St Sfr Investments Socal‐s Llc 2,947 $333,000 $113.00 3/5/2014 83373 7,841 2003 476‐183‐016 29270 62 32094 Fern St Katherine Artiglio 2,947 $326,000 $110.62 10/21/2003 825706 7,841 2003 476‐183‐017 29270 63 32122 Fern St Michael C Mateos 2,784 $252,000 $90.52 12/10/2008 646403 7,841 2003 476‐183‐018 29270 84 35282 Golden Poppy Ct Troy William & Tricia Pace 2,947 $270,000 $91.62 2/19/2009 78795 12,197 2003 476‐183‐019 29270 85 35275 Golden Poppy Ct Michelle Ly 2,596 $327,000 $125.96 12/12/2003 974633 13,939 2003 476‐183‐020 29270 86 35261 Golden Poppy Ct Bryan & Gina Williams 2,947 $268,500 $91.11 2/26/2010 88424 7,405 2003 476‐183‐021 29270 87 35247 Golden Poppy Ct Fuller Family Trust 2,596 $365,000 $140.60 9/12/2014 347871 6,970 2003 476‐183‐022 29270 88 35233 Golden Poppy Ct Paige B Oliver 2,784 $304,500 $109.38 12/19/2003 991237 7,405 2003 476‐183‐023 29270 89 35219 Golden Poppy Ct Mark Anthony Hurtado 2,947 $309,000 $104.85 7/10/2008 377364 7,405 2003 476‐183‐024 29270 90 35205 Golden Poppy Ct Daniel Anthony Gilmour 2,596 $300,000 $115.56 12/19/2003 993898 7,405 2003 476‐183‐025 29270 91 35191 Golden Poppy Ct Jason & Alyse L Ruiz 2,947 $330,000 $111.98 9/13/2011 405475 7,405 2003 476‐183‐026 29270 92 35177 Golden Poppy Ct Patrick J & Jean M Vesey 2,596 $399,000 $153.70 6/21/2004 473974 7,405 2003 476‐183‐027 29270 93 35163 Golden Poppy Ct John Charles & Andrea Elizabeth Ellett 2,784 $310,000 $111.35 1/14/2004 27192 7,405 2003 476‐183‐028 29270 94 35158 Orchid Dr Levi & Yvette Eck 2,947 $303,000 $102.82 5/23/2008 282171 7,841 2003 476‐183‐029 29270 95 35172 Orchid Dr John W & Terry L Oliver 2,784 $308,000 $110.63 9/12/2003 710945 7,841 2003 476‐183‐030 29270 96 35186 Orchid Dr Eliane Hiroko K Chan 2,596 $265,000 $102.08 10/29/2012 515542 7,841 2003 476‐183‐031 29270 97 35200 Orchid Dr Kristopher Allen & Amy Noel Puffer 2,947 $240,000 $81.44 7/29/2010 355014 7,841 2003 476‐183‐032 29270 98 35214 Orchid Dr Matthew C & Kimberley A Willard 2,784 $315,000 $113.15 9/5/2003 689061 7,841 2003 476‐183‐033 29270 99 35228 Orchid Dr Alexander V Apodaca 2,947 $323,500 $109.77 9/5/2003 688167 8,276 2003 476‐183‐034 29270 100 35242 Orchid Dr Erin Wright 2,784 $334,000 $119.97 9/3/2003 678745 11,326 2003 476‐183‐035 29270 101 35270 Orchid Dr Mark & Cynthia L Spaargaren 2,784 $250,000 $89.80 5/22/2009 261606 16,553 2003 476‐183‐036 29270 102 35277 Orchid Dr Jeffrey S & Bonnie R Allen 2,947 $330,000 $111.98 2/29/2008 101595 10,890 2003 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐183‐037 29270 103 35263 Orchid Dr Christopher M & Anna M Washburn 2,596 $436,000 $167.95 7/27/2004 578003 13,504 2003 476‐183‐038 29270 104 35249 Orchid Dr Abelardo & Zuli Armendariz 2,947 $305,000 $103.50 8/27/2003 663173 7,405 2003 476‐183‐039 29270 105 35235 Orchid Dr Michael J & Mary B Townsend 2,596 $444,500 $171.22 10/15/2004 816941 7,405 2003 476‐183‐040 29270 106 35221 Orchid Dr Chateau Beau 2,784 $295,000 $105.96 8/22/2003 650050 7,405 2003 476‐183‐041 29270 107 35207 Orchid Dr George & Kayla Rennie 2,596 $312,500 $120.38 9/30/2013 471600 7,405 2003 476‐183‐042 29270 108 35193 Orchid Dr Ernesto Delgadillo 2,784 $305,000 $109.55 3/7/2008 113531 7,405 2003 476‐183‐043 29270 109 35179 Orchid Dr Arthur J & Karen D Nieto 2,947 $317,500 $107.74 8/21/2003 641296 7,405 2003 476‐183‐044 29270 110 35165 Orchid Dr Karl Clifford & Mary Elizabeth Greene 2,596 $307,000 $118.26 8/22/2003 648355 7,405 2003 476‐183‐045 29270 111 35151 Orchid Dr Joseph L & Alice M Gonsalves 2,784 $299,000 $107.40 9/12/2003 710954 7,405 2003 476‐184‐001 29270 112 35130 Orchid Dr Lk Ents Llc 2,784 $315,000 $113.15 5/29/2014 197325 8,712 2004 476‐184‐002 29270 113 35116 Orchid Dr Christopher & Sandra B Greer 2,947 $260,000 $88.23 1/4/2011 3278 10,019 2004 476‐184‐003 29270 114 32098 Jasper St Green Family Trust 2,596 $280,000 $107.86 8/31/2011 386653 15,246 2003 476‐191‐001 29270 1 32315 Geranium St Herbert Hayes 2,784 $381,000 $136.85 8/17/2004 645574 8,276 2004 476‐191‐002 29270 2 32301 Geranium St Reed & Angela Leitch 2,596 $325,000 $125.19 12/1/2014 455859 9,148 2004 476‐191‐003 29270 3 32287 Geranium St Nelson Rodriguez 2,947 $360,000 $122.16 8/20/2004 657921 8,712 2004 476‐191‐004 29270 4 32273 Geranium St Beazer Pre Owned Homes 2,784 $280,000 $100.57 1/30/2013 52401 8,276 2004 476‐192‐001 29270 5 35124 Azalea Ln Stacey Morgan 2,596 $241,000 $92.84 9/11/2012 432738 11,761 2004 476‐192‐002 29270 6 35138 Azalea Ln Constance V & Julius D Harrison 2,947 $386,500 $131.15 7/21/2004 564851 9,583 2004 476‐192‐003 29270 7 35152 Azalea Ln Jeffery S Hartsuyker 2,784 $315,000 $113.15 9/15/2010 441586 9,583 2004 476‐192‐004 29270 8 35166 Azalea Ln Clarita Sansano 2,947 $489,000 $165.93 1/20/2006 48369 9,148 2004 476‐192‐005 29270 9 35180 Azalea Ln Gary K Gordon 2,596 $299,000 $115.18 3/30/2004 221668 9,148 2004 476‐192‐006 29270 10 35194 Azalea Ln Yanik D & Melanie M Gozlan 2,784 $252,000 $90.52 6/15/2010 273816 8,712 2004 476‐192‐007 29270 11 35208 Azalea Ln Praxedes Javier A & Aurora P Santos 2,947 $315,000 $106.89 3/30/2004 222507 8,276 2004 476‐192‐008 29270 12 35222 Azalea Ln Michelle Tainatongo 2,784 $440,000 $158.05 8/20/2004 661627 7,841 2004 476‐192‐009 29270 13 35236 Azalea Ln Michael John & Kathryn J Dellavecchia 2,596 $240,000 $92.45 9/6/2012 425752 7,841 2004 476‐192‐010 29270 14 35250 Azalea Ln Donald K & Norma Hazelwood 2,784 $460,000 $165.23 9/1/2006 649734 7,841 2004 476‐192‐011 29270 15 35264 Azalea Ln Jeremiah & Tutti Layman 2,947 $325,000 $110.28 5/15/2012 224697 7,841 2004 476‐192‐012 29270 16 35278 Azalea Ln Danilo D & Lizel S Cinco 2,596 $403,500 $155.43 4/30/2007 287598 7,405 2003 476‐192‐013 29270 17 35292 Azalea Ln John D Mickus 2,784 $455,000 $163.43 7/11/2006 505070 7,405 2003 476‐192‐014 29270 18 35306 Azalea Ln Steven P & Christy Israel 2,947 $280,000 $95.01 2/26/2009 93663 7,841 2003 476‐192‐015 29270 19 35320 Azalea Ln Richard R & Margaret M Kidwell 2,784 $355,000 $127.51 10/3/2013 477079 10,019 2003 476‐192‐016 29270 20 32171 Fern St Mostefa & Fonxia Derraz Krifah 2,947 $280,000 $95.01 2/13/2013 76359 15,682 2003 476‐192‐017 29270 21 32157 Fern St Anthony & Tanya Valade 2,596 $246,000 $94.76 1/15/2013 23835 10,019 2003 476‐192‐018 29270 22 32143 Fern St Robert & Julie Kay Menchaca 2,947 $265,000 $89.92 8/9/2011 348014 8,712 2005 476‐192‐019 29270 23 32129 Fern St Oscar Ruben & Evangelina Galindo 2,784 $309,045 $111.01 12/23/2003 997798 7,841 2003 476‐193‐001 29270 64 32136 Fern St Elizabeth Jane Jensen 2,596 $255,000 $98.23 9/24/2012 453932 9,148 2003 476‐193‐002 29270 65 32150 Fern St John & Jamie Ortiz 2,784 $310,500 $111.53 10/24/2003 841814 9,583 2003 476‐193‐003 29270 66 35285 Azalea Ln Ronnie L & Kimberley C Vidaurri 2,947 $272,000 $92.30 5/27/2010 245203 7,841 2003 476‐193‐004 29270 67 35271 Azalea Ln Scott W & Errin S Mclellan 2,596 $309,000 $119.03 10/29/2003 855547 7,405 2003 476‐193‐005 29270 68 35257 Azalea Ln Martin W Collins 2,947 $342,500 $116.22 3/18/2004 190556 7,405 2004 476‐193‐006 29270 69 35243 Azalea Ln Steve Mahoney 2,596 $302,500 $116.53 4/19/2013 186638 7,405 2004 476‐193‐007 29270 70 35229 Azalea Ln Joel M & Teresa K Cederlind 2,947 $321,000 $108.92 2/28/2013 101438 7,405 2004 476‐193‐008 29270 71 35215 Azalea Ln Gary J Holt 3,189 $366,000 $114.77 3/16/2004 182617 7,405 2004 476‐193‐009 29270 72 35201 Azalea Ln Rene R & Sheri K Adame 2,596 $395,000 $152.16 12/29/2006 956325 7,405 2004 476‐193‐010 29270 73 35187 Azalea Ln Virgilio C & Teresita T Dungo 2,947 $316,000 $107.23 3/12/2004 173487 7,405 2004 476‐193‐011 29270 74 35173 Azalea Ln Christopher L & Melissa M Hawley 2,784 $263,000 $94.47 8/11/2010 376758 7,405 2004 476‐193‐012 29270 75 35159 Azalea Ln Samuel Antonio & Vienna Elizabeth Rivera 2,596 $316,500 $121.92 3/11/2004 172605 9,583 2004 476‐193‐013 29270 76 35156 Golden Poppy Ct Craig L Tuthill 2,596 $305,000 $117.49 1/2/2008 1402 9,148 2003 476‐193‐014 29270 77 35170 Golden Poppy Ct Cody & Cynthia Gawryluk 2,947 $325,000 $110.28 12/4/2003 950931 9,148 2003 476‐193‐015 29270 78 35184 Golden Poppy Ct Shirley E Brown 2,784 $319,000 $114.58 12/5/2003 954690 8,276 2003 476‐193‐016 29270 79 35198 Golden Poppy Ct Fidel G & Rosalinda M Herrera 2,947 $315,500 $107.06 12/9/2003 961775 8,276 2003 476‐193‐017 29270 80 35212 Golden Poppy Ct Eric C Fortner 2,784 $330,000 $118.53 6/28/2013 311194 9,148 2003 476‐193‐018 29270 81 35226 Golden Poppy Ct Brian William & Shalon Mcdowell 2,596 $250,000 $96.30 3/18/2009 131251 9,148 2003 476‐193‐019 29270 82 35240 Golden Poppy Ct Dain C Fish 3,173 $323,500 $101.95 12/11/2003 969763 11,326 2003 476‐193‐020 29270 83 35268 Golden Poppy Ct Ryan Pennington 2,784 $354,000 $127.16 8/13/2013 395473 17,424 2003 476‐194‐001 29270 115 32126 Jasper St Lori Bacher 2,947 $260,000 $88.23 11/18/2008 609475 12,197 2003 476‐194‐002 29270 116 32140 Jasper St Michael K & Julie A Toohey 2,784 $315,000 $113.15 12/19/2003 990236 13,068 2003 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐194‐003 29270 117 35131 Azalea Ln Ocean Ridge Equities Llc 2,784 $358,500 $128.77 7/21/2004 565647 10,019 2004 476‐194‐004 29270 118 35117 Azalea Ln Rolando A & Zaeptha T Lopez 2,947 $362,000 $122.84 7/23/2004 572085 10,019 2004 476‐194‐005 29270 119 32182 Geranium St Alexander William & Dawn April Orr 2,947 $365,000 $123.85 7/27/2004 579569 8,712 2004 476‐194‐006 29270 120 32196 Geranium St Kevin Lee & Denise L Scott 2,784 $240,000 $86.21 6/13/2012 273041 9,583 2004 476‐194‐007 29270 121 32210 Geranium St Luis Giron 2,947 $367,000 $124.53 11/30/2007 723292 9,148 2004 476‐194‐008 29270 122 32224 Geranium St Lillard Debi Living Trust 2,596 $333,000 $128.27 6/12/2014 215941 10,454 2004 476‐194‐009 29270 123 32238 Geranium St Jerry N & Sheryl D Grinstead 2,947 $450,500 $152.87 8/5/2004 610724 9,583 2004 476‐194‐010 29270 124 32252 Geranium St Jojo G & Venua M Marin 2,947 $255,000 $86.53 4/13/2011 162909 9,148 2004 476‐194‐011 29270 125 32266 Geranium St Wade A York 2,784 $269,000 $96.62 12/30/2010 627674 9,148 2004 476‐194‐012 29270 126 32280 Geranium St John Kupsh 2,596 $255,000 $98.23 10/14/2010 492643 11,761 2004 476‐194‐013 29270 127 32308 Geranium St William James & Ofelia Maria Ervin 2,947 $280,000 $95.01 11/13/2008 600218 10,890 2004 476‐201‐001 29271 1 35337 Lilac Ln Eric J & Charity L Stear 2,740 $320,000 $116.79 12/20/2013 588781 8,276 2004 476‐201‐002 29271 2 35323 Lilac Ln Russell L Medina 3,109 $273,000 $87.81 10/10/2012 483838 7,405 2004 476‐201‐003 29271 3 35309 Lilac Ln Gary D & Anna M King 2,950 $460,000 $155.93 8/12/2005 657546 7,841 2004 476‐201‐004 29271 4 35295 Lilac Ln Kenneth R & Meghan M Thurm 3,109 $416,000 $133.81 11/18/2004 922878 7,841 2004 476‐201‐005 29271 5 35281 Lilac Ln In Gods Land Of Shutdown 3,277 $413,000 $126.03 10/21/2004 834724 7,841 2004 476‐201‐006 29271 6 35267 Lilac Ln Joseph M & Leann R Cisneros 2,740 $398,500 $145.44 10/20/2004 829556 7,841 2004 476‐201‐007 29271 7 35253 Lilac Ln Todd & Charlene Gapen 2,950 $243,500 $82.54 2/7/2013 68462 7,841 2004 476‐201‐008 29271 8 35239 Lilac Ln Richard Albert Kay 3,109 $435,000 $139.92 10/22/2004 839043 8,276 2004 476‐201‐009 29271 9 35225 Lilac Ln Ronnie Wayne & Debra Marie Hammontree 3,277 $335,000 $102.23 1/11/2008 18105 8,712 2004 476‐201‐010 29271 10 35211 Lilac Ln Alfred & Dana Nolet 2,950 $300,000 $101.69 6/25/2008 347352 7,841 2004 476‐201‐011 29271 11 35197 Lilac Ln Lee & Lucille Leonardo 2,740 $376,000 $137.23 9/23/2004 757321 7,841 2004 476‐201‐012 29271 12 35183 Lilac Ln United Lenders Reo Inc 3,109 $394,500 $126.89 9/23/2004 757326 7,405 2004 476‐201‐013 29271 13 35169 Lilac Ln 2013‐1 Ih Borrower Lp 2,740 $325,550 $118.81 4/25/2011 181146 8,276 2004 476‐201‐014 29271 14 35155 Lilac Ln Robert F & Robyn Janell Bagnell 3,109 $392,000 $126.09 8/25/2004 670359 8,276 2004 476‐201‐015 29271 15 35141 Lilac Ln William D & Danica L Easter 2,950 $280,000 $94.92 7/1/2008 358626 7,841 2004 476‐201‐016 29271 16 35127 Lilac Ln Federick B & Maribeth R Torres 3,109 $499,000 $160.50 1/28/2005 82856 7,405 2004 476‐201‐017 29271 17 35113 Lilac Ln Wilfredo A & Virginia G Nocon 3,277 $435,000 $132.74 9/2/2004 699998 8,712 2004 476‐202‐001 29271 18 32258 Poinsettia Ct Leonardo F & Melissa M Martinez 3,109 $295,000 $94.89 9/13/2012 436624 8,276 2004 476‐202‐002 29271 19 32272 Poinsettia Ct Ryan Tan Le 2,740 $369,000 $134.67 9/3/2004 705301 10,454 2004 476‐202‐003 29271 20 32286 Poinsettia Ct My Duc Nguyen 3,277 $404,000 $123.28 9/10/2004 721178 9,148 2004 476‐202‐004 29271 21 32314 Poinsettia Ct Alicia Meier 2,740 $265,000 $96.72 9/14/2012 439806 16,117 2004 476‐202‐005 29271 22 32328 Poinsettia Ct Peter & Melissa Littlefield 3,277 $320,000 $97.65 4/1/2011 145352 16,117 2004 476‐202‐006 29271 23 32307 Poinsettia Ct Jon P & Elizabeth Faulk 3,109 $523,000 $168.22 11/12/2004 903837 17,860 2004 476‐202‐007 29271 24 32293 Poinsettia Ct Clel Edward & Susan Kay Ramsey 2,740 $256,000 $93.43 11/18/2011 514565 9,148 2004 476‐202‐008 29271 25 32279 Poinsettia Ct Kevin G Brown 2,950 $395,000 $133.90 9/16/2004 737630 8,712 2004 476‐202‐009 29271 26 32265 Poinsettia Ct Manuel Sanchez Garcia 2,740 $280,000 $102.19 5/30/2012 248754 7,841 2004 476‐202‐010 29271 27 32256 Mountain Blue Ct Michael Meram 2,950 $265,000 $89.83 10/22/2008 565290 10,019 2004 476‐202‐011 29271 28 32270 Mountain Blue Ct Patricia Ann Wing 2,740 $335,000 $122.26 6/27/2008 353312 9,583 2004 476‐202‐012 29271 29 32298 Mountain Blue Ct Williams Cherelle L Peters 3,277 $255,500 $77.97 2/17/2012 74489 9,148 2004 476‐202‐013 29271 30 32312 Mountain Blue Ct M Parsons Inc 3,109 $323,500 $104.05 10/16/2014 392871 10,019 2004 476‐202‐014 29271 31 32326 Mountain Blue Ct Blaise Randall Ebert 2,740 $410,000 $149.64 9/30/2004 779453 15,246 2004 476‐202‐015 29271 32 32333 Mountain Blue Ct Leldon V & Lois F Wood 3,109 $415,000 $133.48 10/1/2004 781363 18,731 2004 476‐202‐016 29271 33 32319 Mountain Blue Ct Daniel & Tammy Baker 3,277 $340,000 $103.75 7/1/2008 358145 17,424 2004 476‐202‐017 29271 34 32305 Mountain Blue Ct Larry Eugene & Donna Marie Sitterding 2,950 $442,500 $150.00 10/7/2004 797446 10,019 2004 476‐202‐018 29271 35 32291 Mountain Blue Ct Nigel B & Tracy A Young 3,109 $270,000 $86.84 10/1/2008 532791 8,276 2004 476‐202‐019 29271 36 32277 Mountain Blue Ct Farah Mansour 3,277 $480,000 $146.48 5/31/2007 359387 9,148 2004 476‐202‐020 29271 37 32263 Mountain Blue Ct Eduardo & Julie Ann Rodriguez 2,740 $383,500 $139.96 10/7/2004 797346 10,454 2004 476‐202‐021 29271 38 32260 Pink Carnation Ct Cah 2014‐2 Borrower Llc 2,740 $417,500 $152.37 10/29/2004 858715 11,326 2004 476‐202‐022 29271 39 32274 Pink Carnation Ct Johnny & Karelia R Pennington 3,109 $414,000 $133.16 10/27/2004 849324 10,019 2004 476‐202‐023 29271 40 32288 Pink Carnation Ct Christopher G & Lilac N Stahley 3,277 $255,000 $77.82 4/14/2009 182507 10,019 2004 476‐202‐024 29271 41 32302 Pink Carnation Ct Alex F & Cecilia F Preclaro 2,950 $432,000 $146.44 11/5/2004 882920 9,148 2004 476‐202‐025 29271 42 32330 Pink Carnation Ct William J Maher 3,109 $412,000 $132.52 11/2/2004 868823 12,197 2004 476‐202‐026 29271 43 32344 Pink Carnation Ct Michael Christopher & Jo Anna Renner 3,277 $438,000 $133.66 11/3/2004 871582 18,295 2004 476‐202‐027 29271 44 32351 Pink Carnation Ct Romualdo E & Elvira S Miclat 2,740 $448,000 $163.50 11/9/2004 891957 14,375 2004 476‐202‐028 29271 45 32337 Pink Carnation Ct Brian D Berg 2,950 $320,000 $108.47 4/22/2013 188569 16,117 2004 476‐202‐029 29271 46 32309 Pink Carnation Ct Jeffrey & Mary Grace Borden 3,109 $432,000 $138.95 11/10/2004 895782 10,454 2004 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐202‐030 29271 47 32295 Pink Carnation Ct Evan M Price 2,740 $260,000 $94.89 4/23/2012 184018 8,712 2004 476‐202‐031 29271 48 32281 Pink Carnation Ct Alonzo & Lourdes E Avery 2,950 $372,000 $126.10 8/29/2013 425247 9,583 2004 476‐202‐032 29271 49 32267 Pink Carnation Ct Diego & Virginia Casanova 3,277 $446,500 $136.25 11/16/2004 913395 10,890 2004 476‐202‐033 29271 50 32262 Wood Violet Ct Eric Dalton & Penelope G Underwood 3,277 $491,000 $149.83 11/19/2004 926818 13,939 2004 476‐202‐034 29271 51 32290 Wood Violet Ct Jeffrey & Traci Brown 2,950 $470,000 $159.32 9/28/2005 799289 11,326 2004 476‐202‐035 29271 52 32304 Wood Violet Ct Terri P Hollins 2,740 $411,500 $150.18 11/29/2004 943839 13,068 2004 476‐202‐036 29271 53 32332 Wood Violet Ct Mark Egan & Sally Gabriel Lenoir 3,109 $433,000 $139.27 12/1/2004 954916 16,117 2004 476‐202‐037 29271 54 32297 Wood Violet Ct Ryan & Nicole Strathearn 3,277 $448,000 $136.71 11/24/2004 941690 14,375 2004 476‐202‐038 29271 55 32269 Wood Violet Ct Joseph M & Theresa M Holden 2,740 $411,000 $150.00 11/23/2004 935673 13,939 2004 476‐211‐001 29268 1 32062 Blazing Star St Garrett Marsh 3,277 $280,000 $85.44 3/29/2011 136940 7,841 2004 476‐211‐002 29268 2 32048 Blazing Star St Louis E & Rosie Peete 2,740 $505,000 $184.31 12/15/2004 992186 7,841 2003 476‐211‐003 29268 3 32034 Blazing Star St Dennis K Miller 2,950 $498,000 $168.81 12/30/2004 1036326 7,841 2003 476‐211‐004 29268 4 32020 Blazing Star St Venancio & Purita M Linatoc 3,109 $555,000 $178.51 12/16/2004 996976 10,454 2003 476‐211‐005 29268 5 32006 Blazing Star St Richardo H & Leticia Terriquez 3,453 $575,000 $166.52 12/10/2004 984585 11,326 2003 476‐211‐006 29268 6 35405 Calendula Cir Arthur & Olivia Obregon 2,740 $414,000 $151.09 12/6/2004 966417 8,276 2004 476‐211‐007 29268 7 35419 Calendula Cir Robert Andrew & Shelby Elizabeth Capperauld 3,109 $449,500 $144.58 12/7/2004 971271 7,405 2004 476‐211‐008 29268 8 35433 Calendula Cir Lauro & Noemi A Almeron 3,277 $463,500 $141.44 12/8/2004 974116 7,405 2004 476‐211‐009 29268 9 35447 Calendula Cir Regan Carol A Living Trust 2,740 $239,000 $87.23 10/17/2012 496782 7,405 2004 476‐211‐010 29268 10 35461 Calendula Cir Joven E & Merina T Olegario 2,950 $439,000 $148.81 12/15/2004 992196 7,405 2004 476‐211‐011 29268 11 35475 Calendula Cir Timothy Wayne Birmingham 2,740 $456,500 $166.61 12/9/2004 978687 13,504 2004 476‐211‐012 29268 12 35489 Calendula Cir Zaida M Acosta 3,277 $485,000 $148.00 12/15/2004 992188 10,454 2004 476‐211‐013 29268 13 35482 Calendula Cir Calvin W Means 2,950 $295,000 $100.00 7/22/2010 342924 14,375 2004 476‐211‐014 29268 14 35454 Calendula Cir Stacy Renea Maiden 3,109 $442,000 $142.17 12/15/2004 992191 10,019 2004 476‐211‐015 29268 15 35440 Calendula Cir Larissa M Benigno 3,109 $433,000 $139.27 12/16/2004 996568 6,970 2004 476‐211‐016 29268 16 35412 Calendula Cir Ana M & Daniel J Lambert 2,950 $276,000 $93.56 9/24/2008 520151 7,405 2004 476‐211‐017 29268 17 35398 Calendula Cir Delfino Loya & Lisa Rose Torres 3,277 $470,000 $143.42 12/21/2004 1011444 7,841 2004 476‐211‐018 29268 18 35403 Ambrosia Dr Joshuah T Horvath 3,109 $250,000 $80.41 5/22/2009 259114 7,841 2003 476‐211‐019 29268 19 35417 Ambrosia Dr Ernest F & June A Leitheim 2,950 $303,500 $102.88 6/5/2003 406087 7,841 2003 476‐211‐020 29268 20 35431 Ambrosia Dr David C & Wendy A Antonetti 3,277 $360,000 $109.86 3/19/2008 135576 7,841 2003 476‐211‐021 29268 21 35445 Ambrosia Dr Carlo & Carmela Ciaramitaro 3,109 $305,000 $98.10 1/29/2014 36499 7,841 2003 476‐211‐022 29268 22 35459 Ambrosia Dr Gregory James & Mona A Royal 2,950 $309,000 $104.75 6/11/2003 425080 7,841 2003 476‐211‐023 29268 23 35473 Ambrosia Dr Venson L & Marcel S Gourd 3,277 $255,000 $77.82 4/8/2010 161516 9,583 2003 476‐211‐024 29268 24 35487 Ambrosia Dr Linda T Pham 2,740 $270,000 $98.54 12/31/2008 680820 14,375 2003 476‐211‐025 29268 25 35480 Ambrosia Dr George Habib 3,109 $240,000 $77.20 5/12/2009 237695 16,117 2003 476‐211‐026 29268 26 35466 Ambrosia Dr Sarah E Ghandour 3,277 $314,000 $95.82 6/27/2003 480805 13,939 2003 476‐211‐027 29268 27 35452 Ambrosia Dr Susan L Hale 3,109 $510,000 $164.04 8/18/2006 613291 10,019 2003 476‐211‐028 29268 28 35438 Ambrosia Dr Andre L & Leeanna J Massignani 3,277 $540,000 $164.78 7/5/2006 487798 9,583 2003 476‐211‐029 29268 29 35424 Ambrosia Dr Bobby R & Marcia R Mullins 2,950 $240,000 $81.36 9/21/2011 418592 9,148 2003 476‐211‐030 29268 30 35410 Ambrosia Dr Niklaus L & Aya Vosberg 3,109 $348,000 $111.93 7/29/2013 363332 8,712 2003 476‐211‐031 29268 31 35396 Ambrosia Dr Virginia Lacbain 3,277 $308,000 $93.99 6/26/2003 472353 8,276 2003 476‐211‐032 29268 32 35401 Daffodil Cir Jeriel D Ramos 3,277 $367,500 $112.15 10/16/2014 393918 9,148 2003 476‐211‐033 29268 33 35415 Daffodil Cir Roy S & Jan A Reimer 2,950 $308,000 $104.41 7/31/2003 581377 9,148 2003 476‐211‐034 29268 34 35429 Daffodil Cir Steven C & Shannon L Persson 3,277 $350,000 $106.81 7/18/2003 536509 10,019 2003 476‐211‐035 29268 35 35443 Daffodil Cir Richard L & Linda A Gordon 2,740 $262,500 $95.80 3/9/2012 111172 10,890 2003 476‐211‐036 29268 36 35457 Daffodil Cir Jeremy Paul & Amy Lynn Swingley 3,109 $355,000 $114.18 7/18/2003 536506 12,632 2003 476‐211‐037 29268 37 35471 Daffodil Cir Mark R & Jeanne Adams 3,277 $295,000 $90.02 3/11/2011 112932 15,246 2003 476‐211‐038 29268 38 35478 Daffodil Cir Tracy O & Maria J Mccluan 3,109 $290,000 $93.28 7/24/2012 347052 19,166 2003 476‐211‐039 29268 39 35464 Daffodil Cir John C & Imelda M Donnelly 2,950 $334,090 $113.25 7/25/2003 560287 11,761 2003 476‐211‐040 29268 40 35450 Daffodil Cir Wendy Podell 3,277 $331,000 $101.01 7/31/2003 581049 10,019 2003 476‐211‐041 29268 41 35436 Daffodil Cir Kevin A & Denise D Riffe 2,740 $320,500 $116.97 7/25/2003 558064 10,019 2003 476‐211‐042 29268 42 35422 Daffodil Cir William J & Veronica L Oppertshauser 3,109 $307,000 $98.75 7/29/2003 568151 10,454 2003 476‐211‐043 29268 43 35408 Daffodil Cir Damon M Duclayan 2,740 $289,000 $105.47 10/29/2010 521322 11,761 2003 476‐212‐001 29268 119 32146 Blazing Star St Robert Ray & Diana Mcdonald 2,950 $311,000 $105.42 7/31/2003 578016 8,712 2003 476‐212‐002 29268 120 32132 Blazing Star St John M Cobb 2,740 $238,000 $86.86 8/24/2012 405818 8,276 2003 476‐212‐003 29268 121 32118 Blazing Star St Fidencio Perez 3,109 $346,000 $111.29 8/7/2013 383966 8,276 2003 476‐212‐004 29268 122 32104 Blazing Star St Marshall & Tamara Lynne Gremard 2,950 $307,500 $104.24 6/25/2003 468816 8,712 2003 476‐212‐005 29268 123 32090 Blazing Star St Russell Edward Lane 2,740 $297,000 $108.39 6/26/2003 471379 9,583 2003 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐221‐001 29268 44 32073 Daisy Dr Mark & Dana L Cabrera 2,740 $295,500 $107.85 3/13/2009 122080 12,632 2003 476‐221‐002 29268 45 32087 Daisy Dr Bernard J & Y Sedonia Weary 3,277 $368,500 $112.45 9/30/2003 768476 10,890 2003 476‐221‐003 29268 46 32101 Daisy Dr James L & Robynn D Gualtiere 2,740 $304,000 $110.95 10/3/2003 780098 9,148 2003 476‐221‐004 29268 47 32115 Daisy Dr Brian L Sorensen 2,950 $325,000 $110.17 5/14/2013 229270 9,583 2003 476‐221‐005 29268 48 32129 Daisy Dr Scott & Caroline Ann Thomas 3,109 $347,000 $111.61 10/8/2003 794268 18,295 2003 476‐221‐006 29268 49 32143 Daisy Dr Susan Barbara Paredes 2,740 $305,000 $111.31 10/23/2009 549918 14,375 2003 476‐221‐007 29268 50 32157 Daisy Dr Juan Carlos & Terrilea Dawn Sanchez 3,277 $316,000 $96.43 10/17/2003 817076 13,939 1982 476‐221‐008 29268 51 32171 Daisy Dr Vinh T & Hien T Nguyen 2,950 $420,000 $142.37 4/23/2004 297531 9,583 2003 476‐221‐009 29268 52 32185 Daisy Dr Frank Romero 3,109 $307,500 $98.91 6/16/2011 265593 8,276 2003 476‐221‐010 29268 53 32199 Daisy Dr Jennifer J & Willie T Swing 3,277 $495,000 $151.05 9/7/2006 660898 8,276 2003 476‐221‐011 29268 54 32213 Daisy Dr Ronald Duane & Rachel Ulery 2,950 $327,000 $110.85 10/18/2011 457811 7,841 2003 476‐221‐012 29268 55 32227 Daisy Dr Eric & Erika Yzaguirre 3,109 $548,000 $176.26 6/23/2006 455017 7,841 2003 476‐221‐013 29268 56 32241 Daisy Dr Robert W Genn 2,950 $290,000 $98.31 1/7/2009 6641 7,405 2003 476‐221‐014 29268 57 32255 Daisy Dr Richard & Cheryl B Orona 3,277 $290,000 $88.50 12/29/2010 623713 7,405 2003 476‐221‐015 29268 58 32269 Daisy Dr Daniel Jay Fanolla 3,109 $330,000 $106.14 4/12/2013 174226 7,841 2003 476‐221‐016 29268 59 32283 Daisy Dr Charles H & Catherine A Sacayan 2,740 $315,500 $115.15 11/14/2003 903187 8,712 2003 476‐221‐017 29268 60 32297 Daisy Dr Gordon E & Christine M Petersen 2,950 $332,000 $112.54 11/14/2003 900353 8,712 2003 476‐222‐001 29268 76 32304 Daisy Dr Lucy G Lane 3,109 $318,000 $102.28 4/27/2012 190647 8,276 2003 476‐222‐002 29268 77 32290 Daisy Dr Garo & Kelly Ann Ghazarian 2,740 $332,000 $121.17 12/12/2003 974673 8,712 2003 476‐222‐003 29268 78 32276 Daisy Dr Blas & Martha Ochoa 2,950 $305,500 $103.56 12/16/2003 981492 7,841 2003 476‐222‐004 29268 79 32248 Daisy Dr Ann D Martin 2,740 $314,000 $114.60 12/16/2003 981494 8,276 2003 476‐222‐005 29268 80 32234 Daisy Dr Jana L & Jeffrey G Rutt 3,277 $600,000 $183.09 9/15/2006 686381 7,841 2003 476‐222‐006 29268 81 32220 Daisy Dr Ai Ca 4 Colfin 3,109 $495,000 $159.22 4/15/2005 297475 8,276 2003 476‐222‐007 29268 82 32206 Daisy Dr James B & Anita L Ward 3,277 $320,000 $97.65 10/23/2003 836066 8,712 2003 476‐222‐008 29268 83 32192 Daisy Dr Steven L Vos 2,950 $338,000 $114.58 12/14/2007 747751 9,583 2003 476‐222‐009 29268 84 32178 Daisy Dr Brian & Gorya Brown 3,277 $549,000 $167.53 12/12/2006 909352 9,148 2003 476‐222‐010 29268 85 32164 Daisy Dr Robert C & Lisa E Santos 2,740 $301,500 $110.04 10/30/2003 860839 9,148 2003 476‐222‐011 29268 86 32150 Daisy Dr Patrick B & Diane Cullison 2,950 $325,000 $110.17 10/31/2003 865500 10,454 2003 476‐222‐012 29268 87 32195 Blazing Star St Mark A & Julie Lakatos 3,109 $245,000 $78.80 7/29/2009 395470 11,326 2003 476‐222‐013 29268 88 32209 Blazing Star St Robert E & Mary L Klinger 2,950 $520,000 $176.27 12/19/2006 926255 10,890 2003 476‐222‐014 29268 89 32223 Blazing Star St Helio Jose & Kelly Dawn Hernandez 3,277 $290,000 $88.50 6/22/2012 289414 11,761 2003 476‐222‐015 29268 90 32237 Blazing Star St John L & Lacora S Horsley 3,109 $265,000 $85.24 10/29/2008 575173 11,761 2003 476‐222‐016 29268 91 32251 Blazing Star St Nathan & Kimberly Wald 3,277 $310,000 $94.60 1/26/2011 41699 12,632 2003 476‐222‐017 29268 92 32265 Blazing Star St Eugene & Norma Lambert 2,950 $248,000 $84.07 6/2/2011 242748 13,068 2003 476‐222‐018 29268 93 32279 Blazing Star St Luis A & Angelina Michele Reis 2,740 $285,000 $104.01 2/2/2011 51615 12,632 2003 476‐222‐019 29268 94 32293 Blazing Star St David S & Rebecca L Odowd 3,109 $350,500 $112.74 2/18/2004 110889 13,939 2003 476‐222‐020 29268 95 32307 Blazing Star St Terry Lee & Marcya Claudette Hiett 3,277 $419,000 $127.86 7/16/2004 554078 14,375 2004 476‐222‐021 29268 96 32321 Blazing Star St Brandee Beth Colombo 2,740 $391,500 $142.88 7/16/2004 552450 14,375 2004 476‐222‐022 29268 97 32335 Blazing Star St William & Kelli Norwood 3,109 $305,000 $98.10 7/10/2013 334059 13,504 2004 476‐223‐001 29268 105 32370 Blazing Star St Daniel W Chu 3,109 $260,000 $83.63 6/14/2011 262633 8,276 2004 476‐223‐002 29268 106 32356 Blazing Star St Ali Bahrani 2,950 $362,000 $122.71 7/28/2004 582331 8,276 2004 476‐223‐003 29268 107 32342 Blazing Star St Jon D & Brandy J Finch 3,277 $267,500 $81.63 1/14/2009 18543 8,276 2004 476‐223‐004 29268 108 32314 Blazing Star St Ronaldo D & Frida C Cunanan 2,950 $345,000 $116.95 12/13/2013 579680 8,276 2004 476‐223‐005 29268 109 32300 Blazing Star St Treneil L Smith 3,109 $250,000 $80.41 5/15/2009 246262 8,276 2004 476‐223‐006 29268 110 32286 Blazing Star St Chad D & Christie M Jones 3,277 $352,000 $107.42 9/3/2014 332935 8,276 2003 476‐223‐007 29268 111 32258 Blazing Star St Christopher N Calhoun 2,740 $342,000 $124.82 3/5/2004 155991 9,583 2003 476‐223‐008 29268 112 32244 Blazing Star St Patrick S & Kathryn G Falsetto 3,109 $250,000 $80.41 2/16/2011 72848 8,712 2003 476‐223‐009 29268 113 32230 Blazing Star St Roy S & Jan A Reimer 2,740 $327,000 $119.34 2/27/2004 136470 9,148 2003 476‐223‐010 29268 114 32216 Blazing Star St Alen Nabil Jarjis 3,109 $292,500 $94.08 12/2/2010 576892 9,148 2003 476‐223‐011 29268 115 32202 Blazing Star St Mario E & Isabel Genera 3,277 $388,500 $118.55 3/2/2004 144657 9,148 2003 476‐223‐012 29268 116 32188 Blazing Star St Scott Philippbar 2,950 $262,500 $88.98 2/28/2011 90432 8,712 2003 476‐223‐013 29268 117 32174 Blazing Star St Santillo Ivan & Santillo Kathryn Saxey 3,277 $261,500 $79.80 12/29/2009 665267 8,712 2003 476‐223‐014 29268 118 32160 Blazing Star St Allen T & Sandra J Tyler 2,740 $298,000 $108.76 7/23/2003 547892 8,712 2003 476‐231‐001 29268 61 32311 Daisy Dr Michelle Rogers 3,277 $326,000 $99.48 12/3/2003 948583 9,148 2003 476‐231‐003 29268 62 32325 Daisy Dr Erin M Lorge 2,950 $491,000 $166.44 10/12/2006 752870 8,276 2003 476‐231‐004 29268 63 32339 Daisy Dr Calvin F & Winalyn Peters 3,109 $274,000 $88.13 3/29/2012 145269 8,712 2003 476‐231‐005 29268 64 32353 Daisy Dr Kristian T & Jennifer A Peterson 2,950 $333,000 $112.88 11/20/2003 917443 8,276 2003 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐231‐006 29268 65 32367 Daisy Dr Brandon Cox 3,109 $328,000 $105.50 6/18/2010 281913 8,712 2003 476‐231‐007 29268 66 32381 Daisy Dr Timothy M Steging 2,950 $327,000 $110.85 11/20/2003 916796 9,583 2003 476‐231‐008 29268 67 32395 Daisy Dr Robert D & Amelia A Cruz 2,740 $311,000 $113.50 11/25/2003 929477 9,148 2003 476‐231‐009 29268 68 32409 Daisy Dr Eriberto & Maria Ana Anguiano 3,277 $331,000 $101.01 11/26/2003 932091 9,583 2003 476‐232‐001 29268 69 32402 Daisy Dr Paul Timmerwilke 3,109 $371,000 $119.33 12/2/2003 942115 10,890 2003 476‐232‐002 29268 70 32388 Daisy Dr Michael D & Sherry L Boyd 3,277 $378,500 $115.50 12/3/2003 947680 9,583 2003 476‐232‐003 29268 71 32374 Daisy Dr Robert Elie 2,740 $260,000 $94.89 8/11/2010 375973 8,712 2003 476‐232‐004 29268 72 32360 Daisy Dr David A Hamm 2,950 $330,500 $112.03 12/23/2003 998771 8,712 2003 476‐232‐005 29268 73 32346 Daisy Dr Ray Family Trust 3,109 $260,000 $83.63 7/16/2010 335252 8,276 2003 476‐232‐006 29268 74 32332 Daisy Dr Cindi Green 2,950 $470,000 $159.32 3/30/2007 219583 8,276 2003 476‐232‐007 29268 75 32318 Daisy Dr Deborah L Ganske 3,277 $341,000 $104.06 12/16/2003 981722 8,276 2003 476‐232‐008 29268 98 32349 Blazing Star St Jose A & Elidia T Quijas 3,277 $293,000 $89.41 8/9/2010 372129 13,068 2004 476‐232‐009 29268 99 32363 Blazing Star St Denis M & Mary J Curley 2,740 $310,000 $113.14 3/6/2013 111522 12,197 2004 476‐232‐010 29268 100 32377 Blazing Star St David & Tammie Mayer 3,277 $489,000 $149.22 11/12/2004 903741 10,890 2004 476‐232‐011 29268 101 32391 Blazing Star St Janice L Wozny 3,109 $257,000 $82.66 2/10/2012 62846 10,890 2004 476‐232‐012 29268 102 32405 Blazing Star St Robert & Diane Reece 2,740 $250,000 $91.24 3/14/2011 114389 10,890 2004 476‐233‐001 29268 103 32398 Blazing Star St Donavan Durbin 3,277 $330,000 $100.70 7/12/2013 337875 9,148 2004 476‐233‐002 29268 104 32384 Blazing Star St David & Laura Trujillo 2,740 $240,000 $87.59 4/3/2009 165032 9,148 2004 476‐350‐001 30069 1 35004 Mahogany Glen Dr Richard A & Kathleen A Pipenhagen 3,180 $554,500 $174.37 4/13/2007 251763 11,326 2007 476‐350‐002 30069 2 35016 Mahogany Glen Dr Casey & Carrie Mazzotta 4,178 $622,500 $148.99 7/20/2007 473323 10,019 2007 476‐350‐003 30069 3 35028 Mahogany Glen Dr Joseph L & Paula J Romero 3,463 $554,000 $159.98 4/11/2007 242965 10,454 2007 476‐350‐004 30069 4 35040 Mahogany Glen Dr Christina E & Edward Alvarez 4,100 $330,000 $80.49 3/12/2010 115807 14,375 2007 476‐350‐005 30069 5 35052 Mahogany Glen Dr Robert Westley & Loretta Ortiz Carr 3,463 $625,500 $180.62 4/13/2007 253270 14,810 2007 476‐350‐006 30069 6 35064 Mahogany Glen Dr Jerome H & Dianne Mcmahon 3,180 $539,000 $169.50 5/31/2007 359933 12,197 2007 476‐350‐007 30069 7 35076 Mahogany Glen Dr Thomas C Atilano 4,100 $633,500 $154.51 4/18/2007 260793 16,117 2007 476‐350‐008 30069 8 35088 Mahogany Glen Dr Ahmad R Lowe 3,763 $639,500 $169.94 4/13/2007 253377 14,375 2007 476‐350‐009 30069 9 35100 Mahogany Glen Dr Chad & Cara L Dawson 4,100 $436,000 $106.34 5/8/2008 243889 10,454 2007 476‐350‐010 30069 10 35112 Mahogany Glen Dr Daisy C Philbrook 3,463 $309,000 $89.23 6/3/2010 255126 8,712 2007 476‐352‐010 30069 91 32738 Presidio Hills Ln Craig L & Kathleen C Herman 4,100 $401,500 $97.93 8/30/2012 415431 18,295 2007 476‐352‐011 30069 92 35067 Mahogany Glen Dr David V & Dawn A Axene 4,759 $544,000 $114.31 4/13/2007 251766 16,988 2007 476‐352‐012 30069 93 35091 Mahogany Glen Dr Kenneth Edward Oconnell 4,178 $624,000 $149.35 4/18/2007 260797 11,761 2007 476‐360‐006 30069 27 35328 Mahogany Glen Dr De La Rosa L & M Living Trust $410,000 11/26/2014 453983 8,276 2014 476‐360‐007 30069 28 35340 Mahogany Glen Dr Michael & Amber Newman $434,000 11/3/2014 417834 8,276 2014 476‐362‐004 30069 61 35331 Mahogany Glen Dr Jay N & Jennifer L Hoffman $480,000 10/30/2014 412253 14,375 2014 476‐362‐005 30069 62 35319 Mahogany Glen Dr John & Chandra L Warfield $469,600 10/30/2014 412258 13,068 2014 662 Average 2,850 $343,435 $120.50 9,261

30069 Brookfield 476‐350‐011 30069 11 35124 Mahogany Glen Dr 30069 Brookfield 10,890 476‐350‐012 30069 12 35148 Mahogany Glen Dr 30069 Brookfield 8,276 476‐350‐013 30069 13 35160 Mahogany Glen Dr 30069 Brookfield 8,276 476‐350‐014 30069 14 35172 Mahogany Glen Dr 30069 Brookfield 8,276 476‐350‐015 30069 15 35184 Mahogany Glen Dr 30069 Brookfield 8,276 476‐350‐016 30069 16 35196 Mahogany Glen Dr 30069 Brookfield 8,276 476‐350‐017 30069 17 35208 Mahogany Glen Dr 30069 Brookfield 8,276 476‐350‐018 30069 18 35220 Mahogany Glen Dr 30069 Brookfield 8,276 476‐350‐019 30069 19 35232 Mahogany Glen Dr 30069 Brookfield 8,276 476‐350‐020 30069 20 35244 Mahogany Glen Dr 30069 Brookfield 8,276 476‐350‐021 30069 21 35256 Mahogany Glen Dr 30069 Brookfield 8,276 476‐351‐001 30069 70 32836 Tulip Ranch Cir 30069 Brookfield 11,761 476‐351‐002 30069 71 32848 Tulip Ranch Cir 30069 Brookfield 11,761 476‐351‐003 30069 72 32841 Butterfly Cir 30069 Brookfield 11,761 476‐351‐004 30069 73 32829 Butterfly Cir 30069 Brookfield 10,019 476‐351‐005 30069 74 32817 Butterfly Cir 30069 Brookfield 10,454 476‐351‐006 30069 75 32805 Butterfly Cir 30069 Brookfield 10,454 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐351‐007 30069 77 32790 Butterfly Cir 30069 Brookfield 13,068 476‐351‐008 30069 78 32802 Butterfly Cir 30069 Brookfield 11,326 476‐351‐009 30069 79 32759 Shadyview St 30069 Brookfield 13,939 476‐351‐010 30069 80 32745 Shadyview St 30069 Brookfield 10,890 476‐351‐011 30069 81 32731 Shadyview St 30069 Brookfield 10,890 476‐351‐012 30069 67 32800 Tulip Ranch Cir 30069 Brookfield 11,326 476‐351‐013 30069 68 32812 Tulip Ranch Cir 30069 Brookfield 11,761 476‐351‐014 30069 69 32824 Tulip Ranch Cir 30069 Brookfield 11,761 476‐351‐015 30069 76 32793 Butterfly Cir 30069 Brookfield 12,632 476‐352‐001 30069 82 32840 Presidio Hills Ln 30069 Brookfield 10,019 476‐352‐002 30069 83 32828 Presidio Hills Ln 30069 Brookfield 8,276 476‐352‐003 30069 84 32816 Presidio Hills Ln 30069 Brookfield 8,276 476‐352‐004 30069 85 32804 Presidio Hills Ln 30069 Brookfield 8,276 476‐352‐005 30069 86 32792 Presidio Hills Ln 30069 Brookfield 8,276 476‐352‐006 30069 87 32780 Presidio Hills Ln 30069 Brookfield 8,276 476‐352‐007 30069 88 32768 Presidio Hills Ln 30069 Brookfield 8,712 476‐352‐008 30069 89 32756 Presidio Hills Ln 30069 Brookfield 10,890 476‐352‐009 30069 90 32744 Presidio Hills Ln 30069 Brookfield 12,632 476‐352‐013 30069 94 35115 Mahogany Glen Dr 30069 Brookfield 9,148 476‐352‐014 30069 95 35127 Mahogany Glen Dr 30069 Brookfield 8,712 476‐352‐015 30069 96 35151 Mahogany Glen Dr 30069 Brookfield 9,583 476‐352‐016 30069 97 35163 Mahogany Glen Dr 30069 Brookfield 9,583 476‐352‐017 30069 98 35175 Mahogany Glen Dr 30069 Brookfield 9,583 476‐352‐018 30069 99 35187 Mahogany Glen Dr 30069 Brookfield 9,583 476‐352‐019 30069 100 35199 Mahogany Glen Dr 30069 Brookfield 9,583 476‐352‐020 30069 101 35211 Mahogany Glen Dr 30069 Brookfield 9,583 476‐352‐021 30069 102 35223 Mahogany Glen Dr 30069 Brookfield 9,583 476‐352‐022 30069 103 35235 Mahogany Glen Dr 30069 Brookfield 10,890 476‐360‐001 30069 22 35268 Mahogany Glen Dr 30069 Brookfield 8,276 476‐360‐002 30069 23 35280 Mahogany Glen Dr 30069 Brookfield 8,276 476‐360‐003 30069 24 35292 Mahogany Glen Dr 30069 Brookfield 8,276 476‐360‐004 30069 25 35304 Mahogany Glen Dr 30069 Brookfield 8,276 476‐360‐005 30069 26 35316 Mahogany Glen Dr 30069 Brookfield 8,276 476‐360‐008 30069 29 35352 Mahogany Glen Dr 30069 Brookfield 9,148 476‐361‐001 30069 30 35364 Mahogany Glen Dr 30069 Brookfield 9,148 476‐361‐002 30069 31 35376 Mahogany Glen Dr 30069 Brookfield 8,276 476‐361‐003 30069 32 35388 Mahogany Glen Dr 30069 Brookfield 8,276 476‐361‐004 30069 33 35400 Mahogany Glen Dr 30069 Brookfield 8,276 476‐361‐005 30069 34 35412 Mahogany Glen Dr 30069 Brookfield 8,712 476‐361‐006 30069 35 35424 Mahogany Glen Dr 30069 Brookfield 8,276 476‐361‐007 30069 36 35436 Mahogany Glen Dr 30069 Brookfield 8,276 476‐361‐008 30069 37 35448 Mahogany Glen Dr 30069 Brookfield 8,276 476‐361‐009 30069 38 35460 Mahogany Glen Dr 30069 Brookfield 8,712 476‐361‐010 30069 39 35472 Mahogany Glen Dr 30069 Brookfield 8,712 476‐361‐011 30069 40 35484 Mahogany Glen Dr 30069 Brookfield 12,632 476‐361‐012 30069 41 35496 Mahogany Glen Dr 30069 Brookfield 13,068 476‐361‐013 30069 42 35499 Mahogany Glen Dr 30069 Brookfield 13,504 476‐361‐014 30069 43 35487 Mahogany Glen Dr 30069 Brookfield 23,087 476‐361‐015 30069 44 35475 Mahogany Glen Dr 30069 Brookfield 14,375 476‐361‐016 30069 45 35463 Mahogany Glen Dr 30069 Brookfield 13,504 476‐361‐017 30069 46 35439 Mahogany Glen Dr 30069 Brookfield 13,068 476‐361‐018 30069 47 35427 Mahogany Glen Dr 30069 Brookfield 13,068 476‐361‐019 30069 48 35415 Mahogany Glen Dr 30069 Brookfield 13,504 476‐361‐022 30069 51 35332 Autumn Glen Cir 30069 Brookfield 16,988 476‐361‐025 30069 54 35392 Autumn Glen Cir 30069 Brookfield 9,583 476‐361‐026 30069 55 35404 Autumn Glen Cir 30069 Brookfield 8,712 476‐361‐027 30069 56 35416 Autumn Glen Cir 30069 Brookfield 12,632 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐361‐028 30069 57 35440 Autumn Glen Cir 30069 Brookfield 17,860 476‐361‐029 30069 49 35403 Mahogany Glen Dr 30069 Brookfield 476‐361‐030 30069 50 35391 Mahogany Glen Dr 30069 Brookfield 476‐361‐031 30069 52 35368 Autumn Glen Dr 30069 Brookfield 476‐361‐032 30069 53 35380 Autumn Glen Dr 30069 Brookfield 476‐362‐001 30069 58 35359 Autumn Glen Cir 30069 Brookfield 12,632 476‐362‐002 30069 59 35347 Autumn Glen Cir 30069 Brookfield 16,988 476‐362‐003 30069 60 35335 Autumn Glen Cir 30069 Brookfield 12,197 476‐362‐006 30069 63 32839 Tulip Ranch Cir 30069 Brookfield 12,197 476‐362‐007 30069 64 32827 Tulip Ranch Cir 30069 Brookfield 11,761 476‐362‐008 30069 65 32815 Tulip Ranch Cir 30069 Brookfield 11,761 476‐362‐009 30069 66 32805 Tulip Ranch Cir 30069 Brookfield 15,246 476‐370‐001 30069‐2 1 32486 Windchime Ct 30069 Brookfield 12,632 476‐370‐002 30069‐2 2 32500 Windchime Ct 30069 Brookfield 11,761 476‐370‐003 30069‐2 3 32514 Windchime Ct 30069 Brookfield 12,197 476‐370‐004 30069‐2 4 32528 Windchime Ct 30069 Brookfield 10,890 476‐370‐005 30069‐2 5 32542 Windchime Ct 30069 Brookfield 10,019 476‐370‐006 30069‐2 6 32556 Windchime Ct 30069 Brookfield 14,810 476‐370‐007 30069‐2 7 32570 Windchime Ct 30069 Brookfield 10,890 476‐370‐008 30069‐2 8 32584 Windchime Ct 30069 Brookfield 12,632 476‐370‐009 30069‐2 9 32598 Windchime Ct 30069 Brookfield 11,326 476‐371‐001 30069‐2 10 32601 Windchime Ct 30069 Brookfield 10,454 476‐371‐002 30069‐2 11 32587 Windchime Ct 30069 Brookfield 9,583 476‐371‐003 30069‐2 12 32573 Windchime Ct 30069 Brookfield 11,326 476‐371‐004 30069‐2 13 35390 Birchbrook Ln 30069 Brookfield 13,504 476‐371‐005 30069‐2 14 35404 Birchbrook Ln 30069 Brookfield 12,197 476‐371‐006 30069‐2 15 35418 Birchbrook Ln 30069 Brookfield 12,197 476‐372‐001 30069‐2 16 35379 Birchbrook Ln 30069 Brookfield 12,632 476‐372‐002 30069‐2 17 35393 Birchbrook Ln 30069 Brookfield 10,890 476‐372‐003 30069‐2 18 35407 Birchbrook Ln 30069 Brookfield 10,890 476‐372‐004 30069‐2 19 35421 Birchbrook Ln 30069 Brookfield 10,890 476‐372‐005 30069‐2 20 35435 Birchbrook Ln 30069 Brookfield 10,454 476‐372‐006 30069‐2 21 35449 Birchbrook Ln 30069 Brookfield 10,019 476‐372‐007 30069‐2 22 35463 Birchbrook Ln 30069 Brookfield 9,583 476‐372‐008 30069‐2 23 35477 Birchbrook Ln 30069 Brookfield 9,583 476‐372‐009 30069‐2 24 35491 Birchbrook Ln 30069 Brookfield 13,939 476‐380‐001 30069‐2 25 35516 Birchbrook Ln 30069 Brookfield 14,375 476‐380‐002 30069‐2 26 35530 Birchbrook Ln 30069 Brookfield 10,890 476‐380‐003 30069‐2 27 35544 Birchbrook Ln 30069 Brookfield 13,504 476‐380‐004 30069‐2 28 35603 Ginger Tree Dr 30069 Brookfield 13,504 476‐380‐005 30069‐2 29 35589 Ginger Tree Dr 30069 Brookfield 11,326 476‐380‐006 30069‐2 30 35575 Ginger Tree Dr 30069 Brookfield 10,454 476‐380‐007 30069‐2 31 35561 Ginger Tree Dr 30069 Brookfield 15,246 476‐380‐008 30069‐2 32 32612 Cougar Pass Ct 30069 Brookfield 13,068 476‐380‐009 30069‐2 33 32626 Cougar Pass Ct 30069 Brookfield 10,890 476‐380‐010 30069‐2 34 32640 Cougar Pass Ct 30069 Brookfield 13,068 476‐380‐011 30069‐2 35 32654 Cougar Pass Ct 30069 Brookfield 12,197 476‐380‐012 30069‐2 36 32668 Cougar Pass Ct 30069 Brookfield 20,473 476‐380‐013 30069‐2 37 32682 Cougar Pass Ct 30069 Brookfield 13,068 476‐380‐014 30069‐2 38 32696 Cougar Pass Ct 30069 Brookfield 10,454 476‐380‐015 30069‐2 39 32710 Cougar Pass Ct 30069 Brookfield 10,890 476‐381‐001 30069‐2 40 32713 Cougar Pass Ct 30069 Brookfield 17,860 476‐381‐002 30069‐2 41 32699 Cougar Pass Ct 30069 Brookfield 9,148 476‐381‐003 30069‐2 42 32685 Cougar Pass Ct 30069 Brookfield 13,068 476‐381‐004 30069‐2 43 35572 Ginger Tree Dr 30069 Brookfield 14,810 476‐381‐005 30069‐2 44 35586 Ginger Tree Dr 30069 Brookfield 13,939 476‐381‐006 30069‐2 45 35600 Ginger Tree Dr 30069 Brookfield 15,246 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐381‐007 30069‐2 46 35614 Ginger Tree Dr 30069 Brookfield 16,117 476‐381‐008 30069‐2 47 35628 Ginger Tree Dr 30069 Brookfield 16,988 476‐381‐009 30069‐2 48 35642 Ginger Tree Dr 30069 Brookfield 12,632 476‐381‐010 30069‐2 49 35656 Ginger Tree Dr 30069 Brookfield 11,761 476‐381‐011 30069‐2 50 35670 Ginger Tree Dr 30069 Brookfield 11,326 476‐381‐012 30069‐2 51 35684 Ginger Tree Dr 30069 Brookfield 10,890 476‐381‐013 30069‐2 52 35698 Ginger Tree Dr 30069 Brookfield 10,019 476‐381‐014 30069‐2 53 35712 Ginger Tree Dr 30069 Brookfield 10,019 476‐381‐015 30069‐2 54 35726 Ginger Tree Dr 30069 Brookfield 10,454 476‐382‐001 30069‐2 55 35715 Ginger Tree Dr 30069 Brookfield 16,553 476‐382‐002 30069‐2 56 35701 Ginger Tree Dr 30069 Brookfield 12,632 476‐382‐003 30069‐2 57 35687 Ginger Tree Dr 30069 Brookfield 11,761 476‐382‐004 30069‐2 58 35673 Ginger Tree Dr 30069 Brookfield 11,326 476‐382‐005 30069‐2 59 35659 Ginger Tree Dr 30069 Brookfield 10,890 476‐382‐006 30069‐2 60 35645 Ginger Tree Dr 30069 Brookfield 10,454 476‐382‐007 30069‐2 61 35631 Ginger Tree Dr 30069 Brookfield 10,890 476‐390‐001 30069‐2 62 35318 Oakstone Creek Ct 30069 Brookfield 14,375 476‐390‐002 30069‐2 63 35332 Oakstone Creek Ct 30069 Brookfield 9,583 476‐390‐003 30069‐2 64 35346 Oakstone Creek Ct 30069 Brookfield 9,148 476‐390‐004 30069‐2 65 35360 Oakstone Creek Ct 30069 Brookfield 11,326 476‐390‐005 30069‐2 66 35374 Oakstone Creek Ct 30069 Brookfield 9,148 476‐390‐006 30069‐2 67 35388 Oakstone Creek Ct 30069 Brookfield 9,148 476‐390‐007 30069‐2 68 35402 Oakstone Creek Ct 30069 Brookfield 9,148 476‐390‐008 30069‐2 69 35416 Oakstone Creek Ct 30069 Brookfield 8,276 476‐390‐009 30069‐2 70 35430 Oakstone Creek Ct 30069 Brookfield 8,712 476‐390‐010 30069‐2 71 35444 Oakstone Creek Ct 30069 Brookfield 8,712 476‐390‐011 30069‐2 72 35458 Oakstone Creek Ct 30069 Brookfield 11,326 476‐390‐012 30069‐2 73 35472 Oakstone Creek Ct 30069 Brookfield 13,068 476‐390‐013 30069‐2 74 35475 Oakstone Creek Ct 30069 Brookfield 12,197 476‐390‐014 30069‐2 75 35461 Oakstone Creek Ct 30069 Brookfield 10,019 476‐390‐015 30069‐2 76 35447 Oakstone Creek Ct 30069 Brookfield 7,405 476‐390‐016 30069‐2 77 35433 Oakstone Creek Ct 30069 Brookfield 7,405 476‐390‐017 30069‐2 78 35419 Oakstone Creek Ct 30069 Brookfield 7,405 476‐390‐018 30069‐2 79 35405 Oakstone Creek Ct 30069 Brookfield 7,841 476‐390‐019 30069‐2 80 35391 Oakstone Creek Ct 30069 Brookfield 8,276 476‐390‐020 30069‐2 81 35377 Oakstone Creek Ct 30069 Brookfield 9,583 476‐390‐021 30069‐2 82 35358 Laurel Tree Ct 30069 Brookfield 12,197 476‐390‐022 30069‐2 83 35386 Laurel Tree Ct 30069 Brookfield 9,583 476‐390‐023 30069‐2 84 35400 Laurel Tree Ct 30069 Brookfield 8,276 476‐390‐024 30069‐2 85 35414 Laurel Tree Ct 30069 Brookfield 8,712 476‐390‐025 30069‐2 86 35428 Laurel Tree Ct 30069 Brookfield 7,841 476‐390‐026 30069‐2 87 35442 Laurel Tree Ct 30069 Brookfield 8,276 476‐390‐027 30069‐2 88 35456 Laurel Tree Ct 30069 Brookfield 9,148 476‐390‐028 30069‐2 89 35484 Laurel Tree Ct 30069 Brookfield 8,712 476‐390‐029 30069‐2 90 35498 Laurel Tree Ct 30069 Brookfield 9,148 476‐390‐030 30069‐2 111 32458 Daisy Dr 30069 Brookfield 10,890 476‐390‐031 30069‐2 112 32472 Daisy Dr 30069 Brookfield 11,326 476‐390‐032 30069‐2 113 32486 Daisy Dr 30069 Brookfield 13,504 476‐390‐033 30069‐2 114 32493 Daisy Dr 30069 Brookfield 12,632 476‐390‐034 30069‐2 115 32479 Daisy Dr 30069 Brookfield 11,326 476‐390‐035 30069‐2 116 32465 Daisy Dr 30069 Brookfield 10,890 476‐391‐001 30069‐2 91 35319 Laurel Tree Ct 30069 Brookfield 10,454 476‐391‐002 30069‐2 92 35333 Laurel Tree Ct 30069 Brookfield 9,583 476‐391‐003 30069‐2 93 35347 Laurel Tree Ct 30069 Brookfield 9,148 476‐391‐004 30069‐2 94 35361 Laurel Tree Ct 30069 Brookfield 8,712 476‐391‐005 30069‐2 95 35375 Laurel Tree Ct 30069 Brookfield 8,712 476‐391‐006 30069‐2 96 35389 Laurel Tree Ct 30069 Brookfield 8,276 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐391‐007 30069‐2 97 35403 Laurel Tree Ct 30069 Brookfield 7,405 476‐391‐008 30069‐2 98 35417 Laurel Tree Ct 30069 Brookfield 7,405 476‐391‐009 30069‐2 99 35431 Laurel Tree Ct 30069 Brookfield 7,841 476‐391‐010 30069‐2 100 35445 Laurel Tree Ct 30069 Brookfield 10,890 476‐391‐011 30069‐2 101 35459 Laurel Tree Ct 30069 Brookfield 14,375 476‐391‐012 30069‐2 102 35473 Laurel Tree Ct 30069 Brookfield 10,890 476‐391‐013 30069‐2 103 35487 Laurel Tree Ct 30069 Brookfield 9,148 476‐391‐014 30069‐2 104 35501 Laurel Tree Ct 30069 Brookfield 8,276 476‐391‐015 30069‐2 105 35515 Laurel Tree Ct 30069 Brookfield 12,197 476‐391‐016 30069‐2 106 32376 Cherokee Rose St 30069 Brookfield 16,553 476‐391‐017 30069‐2 107 32390 Cherokee Rose St 30069 Brookfield 13,939 476‐391‐018 30069‐2 108 32404 Cherokee Rose St 30069 Brookfield 13,939 476‐391‐019 30069‐2 109 32418 Cherokee Rose St 30069 Brookfield 13,504 476‐391‐020 30069‐2 110 32432 Cherokee Rose St 30069 Brookfield 16,988 476‐400‐001 30069‐2 117 35554 Laurel Tree Ct 30069 Brookfield 13,939 476‐400‐002 30069‐2 118 35568 Laurel Tree Ct 30069 Brookfield 11,326 476‐400‐003 30069‐2 119 35582 Laurel Tree Ct 30069 Brookfield 10,454 476‐400‐004 30069‐2 120 35596 Laurel Tree Ct 30069 Brookfield 9,583 476‐400‐005 30069‐2 121 35610 Laurel Tree Ct 30069 Brookfield 9,148 476‐400‐006 30069‐2 122 35624 Laurel Tree Ct 30069 Brookfield 12,632 476‐400‐007 30069‐2 123 35613 Laurel Tree Ct 30069 Brookfield 11,326 476‐400‐008 30069‐2 124 35599 Laurel Tree Ct 30069 Brookfield 9,148 476‐400‐009 30069‐2 125 35585 Laurel Tree Ct 30069 Brookfield 10,019 476‐400‐010 30069‐2 126 35571 Laurel Tree Ct 30069 Brookfield 9,583 476‐400‐011 30069‐2 127 35557 Laurel Tree Ct 30069 Brookfield 8,276 476‐400‐012 30069‐2 128 35543 Laurel Tree Ct 30069 Brookfield 8,712 476‐400‐013 30069‐2 129 35529 Laurel Tree Ct 30069 Brookfield 13,068 476‐400‐014 30069‐2 130 32460 Cherokee Rose St 30069 Brookfield 15,682 476‐400‐015 30069‐2 131 32474 Cherokee Rose St 30069 Brookfield 16,117 476‐400‐016 30069‐2 132 32488 Cherokee Rose St 30069 Brookfield 14,375 476‐400‐017 30069‐2 133 32502 Cherokee Rose St 30069 Brookfield 14,810 476‐400‐018 30069‐2 134 32516 Cherokee Rose St 30069 Brookfield 13,504 476‐400‐019 30069‐2 135 32530 Cherokee Rose St 30069 Brookfield 13,939 476‐400‐020 30069‐2 136 32544 Cherokee Rose St 30069 Brookfield 13,939 476‐400‐021 30069‐2 137 32558 Cherokee Rose St 30069 Brookfield 13,068 476‐400‐022 30069‐2 138 32572 Cherokee Rose St 30069 Brookfield 13,068 476‐400‐023 30069‐2 139 32586 Cherokee Rose St 30069 Brookfield 12,632 476‐400‐024 30069‐2 140 32600 Cherokee Rose St 30069 Brookfield 13,504 476‐400‐025 30069‐2 141 32614 Cherokee Rose St 30069 Brookfield 11,761 476‐400‐026 30069‐2 142 32628 Cherokee Rose St 30069 Brookfield 10,890 476‐400‐027 30069‐2 143 32642 Cherokee Rose St 30069 Brookfield 10,890 476‐400‐028 30069‐2 144 32656 Cherokee Rose St 30069 Brookfield 10,890 476‐400‐029 30069‐2 145 32684 Cherokee Rose St 30069 Brookfield 10,890 476‐400‐030 30069‐2 146 32698 Cherokee Rose St 30069 Brookfield 9,583 476‐400‐031 30069‐2 147 32712 Cherokee Rose St 30069 Brookfield 10,890 476‐400‐032 30069‐2 148 35721 Small Pine Ct 30069 Brookfield 16,553 476‐400‐033 30069‐2 149 35707 Small Pine Ct 30069 Brookfield 12,197 476‐400‐034 30069‐2 150 35693 Small Pine Ct 30069 Brookfield 11,326 476‐400‐035 30069‐2 151 35679 Small Pine Ct 30069 Brookfield 10,019 476‐400‐036 30069‐2 152 35665 Small Pine Ct 30069 Brookfield 8,712 476‐400‐037 30069‐2 153 35651 Small Pine Ct 30069 Brookfield 8,712 476‐400‐038 30069‐2 154 35637 Small Pine Ct 30069 Brookfield 7,841 476‐400‐039 30069‐2 155 35623 Small Pine Ct 30069 Brookfield 11,761 476‐400‐040 30069‐2 156 35620 Small Pine Ct 30069 Brookfield 12,632 476‐400‐041 30069‐2 157 35634 Small Pine Ct 30069 Brookfield 9,148 476‐400‐042 30069‐2 158 35648 Small Pine Ct 30069 Brookfield 9,583 476‐400‐043 30069‐2 159 35662 Small Pine Ct 30069 Brookfield 9,583 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐400‐044 30069‐2 160 35676 Small Pine Ct 30069 Brookfield 10,890 476‐400‐045 30069‐2 161 35690 Small Pine Ct 30069 Brookfield 13,068 476‐401‐001 30069‐2 179 32645 Cherokee Rose St 30069 Brookfield 20,909 476‐401‐002 30069‐2 180 35708 Juniper Tree Ct 30069 Brookfield 10,454 476‐401‐003 30069‐2 181 35722 Juniper Tree Ct 30069 Brookfield 13,504 476‐401‐004 30069‐2 182 35725 Juniper Tree Ct 30069 Brookfield 10,890 476‐401‐005 30069‐2 183 35711 Juniper Tree Ct 30069 Brookfield 13,504 476‐401‐006 30069‐2 184 32575 Cherokee Rose St 30069 Brookfield 13,504 476‐401‐007 30069‐2 185 32561 Cherokee Rose St 30069 Brookfield 9,583 476‐401‐008 30069‐2 186 32547 Cherokee Rose St 30069 Brookfield 9,583 476‐401‐009 30069‐2 187 32533 Cherokee Rose St 30069 Brookfield 10,890 476‐401‐010 30069‐2 188 32519 Cherokee Rose St 30069 Brookfield 12,197 476‐401‐011 30069‐2 189 32477 Cherokee Rose St 30069 Brookfield 23,522 476‐410‐001 30069‐2 162 35718 Small Pine Ct 30069 Brookfield 10,019 476‐410‐002 30069‐2 163 35732 Small Pine Ct 30069 Brookfield 11,761 476‐410‐003 30069‐2 164 35746 Small Pine Ct 30069 Brookfield 15,246 476‐410‐004 30069‐2 165 32740 Cherokee Rose St 30069 Brookfield 11,326 476‐410‐005 30069‐2 166 32754 Cherokee Rose St 30069 Brookfield 13,504 476‐410‐006 30069‐2 167 32768 Cherokee Rose St 30069 Brookfield 13,068 476‐410‐007 30069‐2 168 32782 Cherokee Rose St 30069 Brookfield 11,326 476‐410‐008 30069‐2 169 32796 Cherokee Rose St 30069 Brookfield 10,019 476‐410‐009 30069‐2 170 32810 Cherokee Rose St 30069 Brookfield 16,988 476‐410‐010 30069‐2 171 32757 Cherokee Rose St 30069 Brookfield 12,197 476‐410‐011 30069‐2 172 32743 Cherokee Rose St 30069 Brookfield 8,276 476‐410‐012 30069‐2 173 32729 Cherokee Rose St 30069 Brookfield 9,148 476‐410‐013 30069‐2 174 32715 Cherokee Rose St 30069 Brookfield 8,276 476‐410‐014 30069‐2 175 32701 Cherokee Rose St 30069 Brookfield 8,712 476‐410‐015 30069‐2 176 32687 Cherokee Rose St 30069 Brookfield 8,712 476‐410‐016 30069‐2 177 32673 Cherokee Rose St 30069 Brookfield 11,326 476‐410‐017 30069‐2 178 32659 Cherokee Rose St 30069 Brookfield 15,682 275

Standard Pacific Corp 476‐110‐004 30069‐1 72 32284 Honeybee Dr Standard Pacific Corp $13,402,500 11/6/2013 529155 6,970 476‐110‐005 30069‐1 73 32298 Honeybee Dr Standard Pacific Corp 7,405 476‐110‐006 30069‐1 74 32312 Honeybee Dr Standard Pacific Corp 7,405 476‐110‐007 30069‐1 75 32326 Honeybee Dr Standard Pacific Corp 9,583 476‐110‐008 30069‐1 76 35010 Painted Rock St Standard Pacific Corp 10,019 476‐110‐009 30069‐1 77 35024 Painted Rock St Standard Pacific Corp 8,712 476‐110‐010 30069‐1 78 35038 Painted Rock St Standard Pacific Corp 7,841 476‐110‐011 30069‐1 79 35052 Painted Rock St Standard Pacific Corp 7,841 476‐110‐012 30069‐1 80 35066 Painted Rock St Standard Pacific Corp 7,405 476‐110‐013 30069‐1 81 35080 Painted Rock St Standard Pacific Corp 7,405 476‐110‐014 30069‐1 82 35094 Painted Rock St Standard Pacific Corp 7,841 476‐111‐001 30069‐1 148 35167 Painted Rock St Standard Pacific Corp 9,148 476‐111‐002 30069‐1 149 35153 Painted Rock St Standard Pacific Corp 7,405 476‐111‐003 30069‐1 150 35139 Painted Rock St Standard Pacific Corp 7,841 476‐111‐004 30069‐1 151 35125 Painted Rock St Standard Pacific Corp 9,583 476‐111‐005 30069‐1 152 32341 Mapleview Dr Standard Pacific Corp 12,197 476‐111‐006 30069‐1 153 32327 Mapleview Dr Standard Pacific Corp 12,632 476‐111‐007 30069‐1 154 32310 Mapleview Dr Standard Pacific Corp 13,504 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐111‐008 30069‐1 155 32324 Mapleview Dr Standard Pacific Corp 8,276 476‐111‐009 30069‐1 156 32338 Mapleview Dr Standard Pacific Corp 10,454 476‐111‐010 30069‐1 157 35083 Painted Rock St Standard Pacific Corp 9,148 476‐111‐011 30069‐1 158 35069 Painted Rock St Standard Pacific Corp 9,148 476‐111‐012 30069‐1 159 35055 Painted Rock St Standard Pacific Corp 8,712 476‐111‐013 30069‐1 160 35041 Painted Rock St Standard Pacific Corp 8,712 476‐111‐014 30069‐1 161 32319 Honeybee Dr Standard Pacific Corp 13,068 476‐111‐015 30069‐1 162 35028 Orchard Crest Ct Standard Pacific Corp 7,841 476‐111‐016 30069‐1 163 35042 Orchard Crest Ct Standard Pacific Corp 7,405 476‐111‐017 30069‐1 164 35056 Orchard Crest Ct Standard Pacific Corp 8,276 476‐111‐018 30069‐1 165 35070 Orchard Crest Ct Standard Pacific Corp 11,761 476‐111‐019 30069‐1 166 35084 Orchard Crest Ct Standard Pacific Corp 14,375 476‐111‐020 30069‐1 167 35087 Orchard Crest Ct Standard Pacific Corp 14,810 476‐111‐021 30069‐1 168 35073 Orchard Crest Ct Standard Pacific Corp 11,761 476‐111‐022 30069‐1 169 35059 Orchard Crest Ct Standard Pacific Corp 8,276 476‐111‐023 30069‐1 170 35045 Orchard Crest Ct Standard Pacific Corp 8,276 476‐111‐034 30069‐1 181 32314 Clear Springs Dr Standard Pacific Corp 7,841 476‐111‐035 30069‐1 182 32328 Clear Springs Dr Standard Pacific Corp 10,454 476‐111‐036 30069‐1 183 32342 Clear Springs Dr Standard Pacific Corp 8,712 476‐111‐037 30069‐1 184 32356 Clear Springs Dr Standard Pacific Corp 8,712 476‐111‐038 30069‐1 185 32412 Clear Springs Dr Standard Pacific Corp 8,276 476‐111‐039 30069‐1 186 32426 Clear Springs Dr Standard Pacific Corp 8,712 476‐120‐001 30069‐1 228 32504 Shadyview St Standard Pacific Corp 7,841 476‐120‐002 30069‐1 229 32518 Shadyview St Standard Pacific Corp 7,405 476‐120‐003 30069‐1 230 32532 Shadyview St Standard Pacific Corp 7,841 476‐120‐004 30069‐1 231 32546 Shadyview St Standard Pacific Corp 8,712 476‐120‐005 30069‐1 232 32560 Shadyview St Standard Pacific Corp 9,148 476‐120‐006 30069‐1 233 32574 Shadyview St Standard Pacific Corp 9,583 476‐120‐007 30069‐1 234 32588 Shadyview St Standard Pacific Corp 9,583 476‐120‐008 30069‐1 235 32602 Shadyview St Standard Pacific Corp 11,326 476‐120‐009 30069‐1 266 32613 Presidio Hills Ln Standard Pacific Corp 10,019 476‐120‐010 30069‐1 267 32599 Presidio Hills Ln Standard Pacific Corp 9,583 476‐120‐011 30069‐1 268 32585 Presidio Hills Ln Standard Pacific Corp 8,712 476‐120‐012 30069‐1 269 32571 Presidio Hills Ln Standard Pacific Corp 8,276 476‐120‐013 30069‐1 270 32557 Presidio Hills Ln Standard Pacific Corp 8,712 476‐120‐014 30069‐1 271 32543 Presidio Hills Ln Standard Pacific Corp 8,712 476‐120‐015 30069‐1 272 32529 Presidio Hills Ln Standard Pacific Corp 9,583 476‐120‐016 30069‐1 273 32515 Presidio Hills Ln Standard Pacific Corp 9,583 476‐120‐017 30069‐1 274 32501 Presidio Hills Ln Standard Pacific Corp 9,148 476‐120‐018 30069‐1 275 32487 Presidio Hills Ln Standard Pacific Corp 10,019 476‐120‐019 30069‐1 276 32473 Presidio Hills Ln Standard Pacific Corp 9,148 476‐121‐001 30069‐1 277 32512 Presidio Hills Ln Standard Pacific Corp 8,712 476‐121‐002 30069‐1 278 32526 Presidio Hills Ln Standard Pacific Corp 8,276 476‐121‐003 30069‐1 279 32540 Presidio Hills Ln Standard Pacific Corp 9,583 476‐121‐004 30069‐1 280 32554 Presidio Hills Ln Standard Pacific Corp 9,148 476‐121‐005 30069‐1 281 32568 Presidio Hills Ln Standard Pacific Corp 8,712 476‐121‐006 30069‐1 282 32582 Presidio Hills Ln Standard Pacific Corp 8,276 476‐121‐007 30069‐1 283 32596 Presidio Hills Ln Standard Pacific Corp 8,276 476‐121‐008 30069‐1 284 32610 Presidio Hills Ln Standard Pacific Corp 8,712 476‐130‐001 30069‐1 236 32616 Shadyview St Standard Pacific Corp 8,276 476‐130‐002 30069‐1 237 32630 Shadyview St Standard Pacific Corp 9,583 476‐130‐003 30069‐1 238 32644 Shadyview St Standard Pacific Corp 18,295 476‐130‐025 30069‐1 260 32697 Presidio Hills Ln Standard Pacific Corp 14,375 476‐130‐026 30069‐1 261 32683 Presidio Hills Ln Standard Pacific Corp 13,939 476‐130‐027 30069‐1 262 32669 Presidio Hills Ln Standard Pacific Corp 14,375 476‐130‐028 30069‐1 263 32655 Presidio Hills Ln Standard Pacific Corp 16,117 476‐130‐029 30069‐1 264 32641 Presidio Hills Ln Standard Pacific Corp 20,909 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐130‐030 30069‐1 265 32627 Presidio Hills Ln Standard Pacific Corp 16,117 476‐131‐001 30069‐1 285 32624 Presidio Hills Ln Standard Pacific Corp 9,148 476‐131‐002 30069‐1 286 32638 Presidio Hills Ln Standard Pacific Corp 8,276 476‐131‐003 30069‐1 287 32664 Presidio Hills Ln Standard Pacific Corp 8,712 476‐131‐004 30069‐1 288 32680 Presidio Hills Ln Standard Pacific Corp 10,890 476‐131‐005 30069‐1 289 32735 Quiet Trail Dr Standard Pacific Corp 7,841 476‐131‐006 30069‐1 290 32707 Quiet Trail Dr Standard Pacific Corp 9,583 476‐131‐008 30069‐1 292 35056 Knollview Ct Standard Pacific Corp 11,326 476‐132‐002 30069‐1 334 32648 Quiet Trail Dr Standard Pacific Corp 7,405 476‐132‐007 30069‐1 339 32718 Quiet Trail Dr Standard Pacific Corp 10,454 476‐132‐009 30069‐1 341 32746 Quiet Trail Dr Standard Pacific Corp 10,890 476‐150‐001 30069‐1 83 35122 Painted Rock St Standard Pacific Corp 8,712 476‐150‐002 30069‐1 84 35136 Painted Rock St Standard Pacific Corp 7,405 476‐150‐003 30069‐1 85 35150 Painted Rock St Standard Pacific Corp 7,841 476‐150‐004 30069‐1 86 35164 Painted Rock St Standard Pacific Corp 7,841 476‐150‐005 30069‐1 87 35178 Painted Rock St Standard Pacific Corp 7,841 476‐150‐010 30069‐1 92 35248 Painted Rock St Standard Pacific Corp 7,405 476‐150‐013 30069‐1 95 35290 Painted Rock St Standard Pacific Corp 10,890 476‐150‐014 30069‐1 96 32391 Old Grove Ct Standard Pacific Corp 13,068 476‐150‐015 30069‐1 97 32377 Old Grove Ct Standard Pacific Corp 8,276 476‐150‐016 30069‐1 98 32363 Old Grove Ct Standard Pacific Corp 8,712 476‐150‐017 30069‐1 99 32349 Old Grove Ct Standard Pacific Corp 8,276 476‐150‐018 30069‐1 100 32335 Old Grove Ct Standard Pacific Corp 8,712 476‐150‐019 30069‐1 101 32321 Old Grove Ct Standard Pacific Corp 12,197 476‐150‐020 30069‐1 102 32307 Old Grove Ct Standard Pacific Corp 8,276 476‐150‐021 30069‐1 103 32304 Old Grove Ct Standard Pacific Corp 11,326 476‐150‐022 30069‐1 104 32318 Old Grove Ct Standard Pacific Corp 10,890 476‐150‐023 30069‐1 105 32332 Old Grove Ct Standard Pacific Corp 9,148 476‐150‐024 30069‐1 106 32360 Old Grove Ct Standard Pacific Corp 7,841 476‐150‐025 30069‐1 107 32374 Old Grove Ct Standard Pacific Corp 9,148 476‐150‐031 30069‐1 113 32305 Pamilla St Standard Pacific Corp 8,276 476‐151‐007 30069‐1 120 32443 Clear Springs Dr Standard Pacific Corp 8,276 476‐151‐008 30069‐1 121 32429 Clear Springs Dr Standard Pacific Corp 7,405 476‐151‐009 30069‐1 122 32415 Clear Springs Dr Standard Pacific Corp 7,841 476‐151‐010 30069‐1 123 32401 Clear Springs Dr Standard Pacific Corp 8,712 476‐151‐011 30069‐1 124 32387 Clear Springs Dr Standard Pacific Corp 8,276 476‐151‐012 30069‐1 125 32373 Clear Springs Dr Standard Pacific Corp 13,504 476‐151‐013 30069‐1 126 32359 Clear Springs Dr Standard Pacific Corp 8,276 476‐151‐014 30069‐1 127 32345 Clear Springs Dr Standard Pacific Corp 7,405 476‐151‐015 30069‐1 128 32331 Clear Springs Dr Standard Pacific Corp 7,841 476‐151‐016 30069‐1 129 32317 Clear Springs Dr Standard Pacific Corp 8,712 476‐160‐003 30069‐1 189 35141 Lantern Light Dr Standard Pacific Corp 10,019 476‐160‐004 30069‐1 190 35155 Lantern Light Dr Standard Pacific Corp 9,583 476‐160‐005 30069‐1 191 35169 Lantern Light Dr Standard Pacific Corp 9,148 476‐160‐006 30069‐1 192 35183 Lantern Light Dr Standard Pacific Corp 9,583 476‐160‐007 30069‐1 193 35197 Lantern Light Dr Standard Pacific Corp 9,148 476‐160‐008 30069‐1 194 35211 Lantern Light Dr Standard Pacific Corp 9,148 476‐160‐009 30069‐1 195 35225 Lantern Light Dr Standard Pacific Corp 8,712 476‐160‐010 30069‐1 196 35239 Lantern Light Dr Standard Pacific Corp 8,712 476‐160‐011 30069‐1 197 35253 Lantern Light Dr Standard Pacific Corp 10,454 476‐160‐012 30069‐1 198 32433 Marietta Ct Standard Pacific Corp 16,553 476‐160‐013 30069‐1 199 32447 Marietta Ct Standard Pacific Corp 12,197 476‐160‐014 30069‐1 200 32461 Marietta Ct Standard Pacific Corp 10,890 476‐160‐015 30069‐1 201 32475 Marietta Ct Standard Pacific Corp 10,454 476‐161‐012 30069‐1 213 35236 Lantern Light Dr Standard Pacific Corp 17,860 476‐161‐013 30069‐1 214 35222 Lantern Light Dr Standard Pacific Corp 15,246 476‐161‐014 30069‐1 215 35208 Lantern Light Dr Standard Pacific Corp 13,068 EMWD CFD No. 2001‐1, IA‐A French Valley Ownership by Name

Homeowners APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476‐161‐015 30069‐1 216 35194 Lantern Light Dr Standard Pacific Corp 13,504 476‐161‐016 30069‐1 217 35180 Lantern Light Dr Standard Pacific Corp 13,504 476‐161‐017 30069‐1 218 35166 Lantern Light Dr Standard Pacific Corp 10,019 476‐161‐018 30069‐1 219 35152 Lantern Light Dr Standard Pacific Corp 10,890 476‐161‐019 30069‐1 220 32507 Shadyview St Standard Pacific Corp 16,117 476‐161‐020 30069‐1 221 32521 Shadyview St Standard Pacific Corp 13,939 476‐161‐021 30069‐1 222 32535 Shadyview St Standard Pacific Corp 12,632 476‐161‐022 30069‐1 223 32563 Shadyview St Standard Pacific Corp 10,890 476‐161‐023 30069‐1 224 32577 Shadyview St Standard Pacific Corp 10,454 476‐161‐024 30069‐1 225 32591 Shadyview St Standard Pacific Corp 10,019 476‐161‐025 30069‐1 226 32605 Shadyview St Standard Pacific Corp 9,148 476‐161‐026 30069‐1 227 32619 Shadyview St Standard Pacific Corp 11,326 144 SUMMARY OF ASSESSED VALUES & TAXES EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐100‐001 $63,177 $288,413 $351,590 $5,936.72 94‐248 476‐100‐002 $77,000 $251,000 $328,000 $5,451.88 94‐248 476‐100‐003 $100,454 $298,850 $399,304 $6,429.94 94‐248 476‐100‐004 $77,000 $264,000 $341,000 $5,899.62 94‐248 476‐100‐005 $84,238 $310,631 $394,869 $6,456.46 94‐248 476‐100‐006 $62,706 $277,528 $340,234 $5,891.70 94‐248 476‐100‐007 $62,706 $261,174 $323,880 $3,544.52 94‐248 476‐100‐008 $100,000 $253,000 $353,000 $6,023.66 94‐248 476‐100‐009 $63,177 $292,624 $355,801 $6,052.60 94‐248 476‐100‐010 $63,392 $329,076 $392,468 $6,359.30 94‐248 476‐100‐011 $83,000 $248,000 $331,000 $5,482.90 94‐248 476‐100‐012 $81,000 $263,000 $344,000 $5,858.28 94‐248 476‐100‐013 $63,177 $295,783 $358,960 $6,085.28 94‐248 476‐100‐014 $63,346 $288,149 $351,495 $6,981.02 94‐248 476‐100‐015 $63,177 $290,518 $353,695 $6,030.84 94‐248 476‐100‐016 $63,000 $342,000 $405,000 $6,488.84 94‐248 476‐100‐017 $125,000 $219,000 $344,000 $5,858.28 94‐248 476‐100‐018 $61,477 $165,989 $227,466 $4,485.02 94‐248 476‐100‐019 $133,000 $264,000 $397,000 $6,406.14 94‐248 476‐100‐020 $73,532 $272,818 $346,350 $5,882.58 94‐248 476‐100‐021 $125,000 $219,000 $344,000 $5,858.28 94‐248 476‐100‐022 $129,000 $230,000 $359,000 $6,013.34 94‐248 476‐100‐023 $62,706 $235,151 $297,857 $5,381.28 94‐248 476‐100‐024 $132,000 $225,000 $357,000 $6,065.00 94‐248 476‐100‐025 $83,609 $267,550 $351,159 $6,004.64 94‐248 476‐100‐026 $138,000 $257,000 $395,000 $6,385.44 94‐248 476‐100‐027 $124,000 $219,000 $343,000 $5,606.92 94‐248 476‐100‐028 $126,000 $230,000 $356,000 $5,982.30 94‐248 476‐100‐029 $81,970 $177,260 $259,230 $4,813.36 94‐248 476‐100‐030 $140,000 $257,000 $397,000 $6,478.50 94‐248 476‐100‐031 $128,000 $216,000 $344,000 $5,930.64 94‐248 476‐100‐032 $109,000 $234,000 $343,000 $5,606.92 94‐248 476‐100‐033 $145,000 $250,000 $395,000 $6,385.44 94‐248 476‐100‐034 $122,000 $234,000 $356,000 $6,054.66 94‐248 476‐100‐035 $126,000 $202,000 $328,000 $5,451.88 94‐248 476‐100‐036 $100,454 $246,112 $346,566 $5,884.78 94‐248 476‐100‐037 $123,000 $205,000 $328,000 $5,451.88 94‐248 476‐100‐038 $70,317 $180,817 $251,134 $4,970.68 94‐248 476‐100‐039 $123,000 $205,000 $328,000 $5,451.88 94‐248 476‐100‐040 $137,000 $258,000 $395,000 $6,457.80 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐100‐041 $109,000 $219,000 $328,000 $5,451.88 94‐248 476‐100‐042 $115,000 $242,000 $357,000 $8,011.62 94‐248 476‐100‐043 $94,000 $248,000 $342,000 $5,909.96 94‐248 476‐100‐044 $118,000 $239,000 $357,000 $5,993.00 94‐248 476‐100‐045 $128,000 $267,000 $395,000 $6,457.80 94‐248 476‐100‐046 $109,000 $219,000 $328,000 $5,451.88 94‐248 476‐100‐047 $115,000 $241,000 $356,000 $6,054.66 94‐248 476‐100‐048 $116,000 $256,000 $372,000 $6,148.06 94‐248 476‐100‐049 $121,000 $222,000 $343,000 $5,847.94 94‐248 476‐100‐050 $127,000 $268,000 $395,000 $6,385.44 94‐248 476‐100‐051 $70,000 $241,000 $311,000 $5,276.14 94‐248 476‐100‐052 $93,000 $317,000 $410,000 $6,612.86 94‐248 476‐100‐053 $71,724 $185,457 $257,181 $4,960.82 94‐248 476‐100‐054 $131,000 $269,000 $400,000 $6,437.52 94‐248 476‐100‐055 $84,238 $269,563 $353,801 $6,461.98 94‐248 476‐100‐056 $82,000 $279,000 $361,000 $6,034.04 94‐248 476‐100‐057 $127,000 $271,000 $398,000 $6,940.78 94‐248 476‐100‐058 $105,000 $293,000 $398,000 $6,416.82 94‐248 476‐100‐059 $70,317 $170,771 $241,088 $4,553.48 94‐248 476‐100‐060 $88,000 $253,000 $341,000 $5,899.62 94‐248 476‐100‐061 $143,000 $255,000 $398,000 $6,344.46 94‐248 476‐100‐062 $63,027 $275,760 $338,787 $6,314.94 94‐248 476‐100‐063 $73,532 $294,138 $367,670 $6,030.94 94‐248 476‐100‐064 $81,970 $187,507 $269,477 $5,087.92 94‐248 476‐100‐065 $73,000 $321,000 $394,000 $6,447.46 94‐248 476‐100‐066 $63,027 $283,525 $346,552 $5,812.64 94‐248 476‐100‐067 $68,000 $260,000 $328,000 $5,451.88 94‐248 476‐100‐068 $80,363 $209,948 $290,311 $5,375.68 94‐248 476‐101‐001 $81,970 $179,310 $261,280 $5,003.20 94‐248 476‐101‐002 $63,177 $257,981 $321,158 $5,381.14 94‐248 476‐101‐003 $63,177 $259,985 $323,162 $5,642.86 94‐248 476‐101‐004 $63,027 $262,516 $325,543 $5,667.48 94‐248 476‐101‐005 $63,027 $262,621 $325,648 $5,668.92 94‐248 476‐101‐006 $72,000 $256,000 $328,000 $5,451.88 94‐248 476‐101‐007 $138,000 $257,000 $395,000 $6,457.80 94‐248 476‐101‐008 $92,000 $249,000 $341,000 $7,907.48 94‐248 476‐101‐009 $81,600 $243,120 $324,720 $5,432.44 94‐248 476‐101‐010 $145,000 $250,000 $395,000 $6,385.44 94‐248 476‐101‐011 $62,706 $204,105 $266,811 $5,060.38 94‐248 476‐101‐012 $71,724 $194,679 $266,403 $5,128.52 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐101‐013 $127,000 $214,000 $341,000 $5,827.26 94‐248 476‐101‐014 $71,724 $206,216 $277,940 $5,685.96 94‐248 476‐101‐015 $70,317 $160,224 $230,541 $4,444.46 94‐248 476‐101‐016 $84,238 $210,596 $294,834 $5,422.24 94‐248 476‐101‐017 $62,706 $259,085 $321,791 $5,700.90 94‐248 476‐101‐018 $62,706 $206,933 $269,639 $4,848.60 94‐248 476‐110‐001 $62,706 $224,700 $287,406 $5,524.72 94‐248 476‐110‐002 $70,000 $271,000 $341,000 $5,827.26 94‐248 476‐110‐003 $63,027 $288,777 $351,804 $5,939.30 94‐248 476‐110‐004 $77,980 $0 $77,980 $2,008.22 94‐248 476‐110‐005 $77,920 $0 $77,920 $2,007.60 94‐248 476‐110‐006 $77,920 $0 $77,920 $2,007.60 94‐248 476‐110‐007 $77,920 $0 $77,920 $2,007.60 94‐248 476‐110‐008 $77,920 $0 $77,920 $2,007.60 94‐248 476‐110‐009 $77,920 $0 $77,920 $2,007.60 94‐248 476‐110‐010 $77,920 $0 $77,920 $2,007.60 94‐248 476‐110‐011 $77,920 $0 $77,920 $2,007.60 94‐248 476‐110‐012 $77,920 $0 $77,920 $2,007.60 94‐248 476‐110‐013 $77,920 $0 $77,920 $2,007.60 94‐248 476‐110‐014 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐001 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐002 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐003 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐004 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐005 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐006 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐007 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐008 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐009 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐010 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐011 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐012 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐013 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐014 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐015 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐016 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐017 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐018 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐019 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐020 $77,920 $0 $77,920 $2,007.60 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐111‐021 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐022 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐023 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐024 $65,000 $276,000 $341,000 $5,899.62 94‐248 476‐111‐025 $80,363 $209,948 $290,311 $5,303.30 94‐248 476‐111‐026 $92,000 $264,000 $356,000 $5,982.30 94‐248 476‐111‐027 $70,317 $214,971 $285,288 $5,323.72 94‐248 476‐111‐028 $96,000 $232,000 $328,000 $5,524.24 94‐248 476‐111‐029 $63,027 $278,274 $341,301 $5,758.36 94‐248 476‐111‐030 $63,177 $263,141 $326,318 $5,506.84 94‐248 476‐111‐031 $63,361 $314,112 $377,473 $10,767.14 94‐248 476‐111‐032 $63,177 $277,940 $341,117 $5,828.46 94‐248 476‐111‐033 $63,177 $274,829 $338,006 $5,796.30 94‐248 476‐111‐034 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐035 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐036 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐037 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐038 $77,920 $0 $77,920 $2,007.60 94‐248 476‐111‐039 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐001 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐002 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐003 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐004 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐005 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐006 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐007 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐008 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐009 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐010 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐011 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐012 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐013 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐014 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐015 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐016 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐017 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐018 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐019 $77,920 $0 $77,920 $2,007.60 94‐248 476‐120‐020 $86,000 $275,000 $361,000 $5,963.40 94‐248 476‐120‐021 $100,000 $267,000 $367,000 $6,168.40 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐120‐022 $83,609 $197,527 $281,136 $5,065.46 94‐248 476‐120‐023 $131,000 $284,000 $415,000 $6,592.20 94‐248 476‐120‐024 $104,000 $258,000 $362,000 $6,044.34 94‐248 476‐120‐025 $63,027 $257,370 $320,397 $5,614.30 94‐248 476‐120‐026 $63,027 $278,273 $341,300 $5,902.74 94‐248 476‐120‐027 $100,000 $244,000 $344,000 $5,930.66 94‐248 476‐120‐028 $130,000 $276,000 $406,000 $6,571.56 94‐248 476‐121‐001 $77,920 $0 $77,920 $2,007.60 94‐248 476‐121‐002 $77,920 $0 $77,920 $2,007.60 94‐248 476‐121‐003 $77,920 $0 $77,920 $2,007.60 94‐248 476‐121‐004 $77,920 $0 $77,920 $2,007.60 94‐248 476‐121‐005 $77,920 $0 $77,920 $2,007.60 94‐248 476‐121‐006 $77,920 $0 $77,920 $2,007.60 94‐248 476‐121‐007 $77,920 $0 $77,920 $2,007.60 94‐248 476‐121‐008 $77,920 $0 $77,920 $2,007.60 94‐248 476‐121‐009 $77,920 $0 $77,920 $3,867.02 94‐248 476‐121‐010 $77,920 $0 $77,920 $3,867.02 94‐248 476‐121‐011 $77,920 $0 $77,920 $3,867.02 94‐248 476‐121‐012 $66,000 $350,000 $416,000 $6,602.54 94‐248 476‐121‐013 $120,000 $258,000 $378,000 $6,066.74 94‐248 476‐121‐014 $63,177 $310,139 $373,316 $6,161.34 94‐248 476‐121‐015 $63,177 $288,413 $351,590 $6,009.08 94‐248 476‐121‐016 $119,000 $277,000 $396,000 $6,712.22 94‐248 476‐121‐017 $73,767 $305,528 $379,295 $6,295.48 94‐248 476‐122‐001 $127,000 $271,000 $398,000 $6,416.46 94‐248 476‐122‐002 $80,363 $217,985 $298,348 $5,458.72 94‐248 476‐122‐003 $113,000 $264,000 $377,000 $6,271.74 94‐248 476‐122‐004 $118,000 $256,000 $374,000 $6,168.38 94‐248 476‐122‐005 $123,000 $293,000 $416,000 $6,602.52 94‐248 476‐122‐006 $100,454 $216,980 $317,434 $5,583.66 94‐248 476‐122‐007 $81,970 $214,147 $296,117 $5,363.34 94‐248 476‐122‐008 $80,363 $209,948 $290,311 $5,232.68 94‐248 476‐122‐009 $71,724 $199,803 $271,527 $5,181.48 94‐248 476‐122‐010 $62,759 $287,642 $350,401 $8,928.82 94‐248 476‐122‐011 $109,000 $253,000 $362,000 $6,044.32 94‐248 476‐122‐012 $77,000 $319,000 $396,000 $6,468.14 94‐248 476‐122‐013 $71,724 $173,674 $245,398 $4,839.02 94‐248 476‐122‐014 $100,000 $265,000 $365,000 $6,004.70 94‐248 476‐122‐015 $63,253 $256,073 $319,326 $5,675.58 94‐248 476‐122‐016 $63,027 $278,274 $341,301 $5,902.72 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐122‐017 $63,000 $298,000 $361,000 $6,106.20 94‐248 476‐122‐018 $63,027 $262,621 $325,648 $5,668.40 94‐248 476‐122‐019 $63,177 $276,830 $340,007 $5,889.34 94‐248 476‐122‐020 $63,177 $277,883 $341,060 $5,900.08 94‐248 476‐122‐021 $100,454 $271,225 $371,679 $6,216.58 94‐248 476‐130‐001 $77,920 $0 $77,920 $2,007.60 94‐248 476‐130‐002 $77,920 $0 $77,920 $2,007.60 94‐248 476‐130‐003 $77,920 $0 $77,920 $2,007.60 94‐248 476‐130‐004 $65,000 $332,000 $397,000 $6,406.16 94‐248 476‐130‐005 $73,532 $372,818 $446,350 $6,916.24 94‐248 476‐130‐006 $97,000 $261,000 $358,000 $6,003.00 94‐248 476‐130‐007 $80,363 $220,998 $301,361 $5,489.88 94‐248 476‐130‐008 $137,000 $309,000 $446,000 $6,985.02 94‐248 476‐130‐009 $133,000 $280,000 $413,000 $6,643.90 94‐248 476‐130‐010 $64,441 $367,134 $431,575 $6,763.60 94‐248 476‐130‐011 $63,177 $305,366 $368,543 $6,184.34 94‐248 476‐130‐012 $88,604 $304,910 $393,514 $6,370.10 94‐248 476‐130‐013 $81,970 $260,215 $342,185 $5,839.56 94‐248 476‐130‐014 $101,000 $275,000 $376,000 $6,261.42 94‐248 476‐130‐015 $73,000 $397,000 $470,000 $7,233.10 94‐248 476‐130‐016 $145,000 $284,000 $429,000 $6,971.78 94‐248 476‐130‐017 $80,000 $235,000 $315,000 $5,630.88 94‐248 476‐130‐018 $89,000 $307,000 $396,000 $6,395.80 94‐248 476‐130‐019 $105,000 $350,000 $455,000 $7,078.04 94‐248 476‐130‐020 $121,000 $307,000 $428,000 $6,726.58 94‐248 476‐130‐021 $78,000 $286,000 $364,000 $6,137.40 94‐248 476‐130‐022 $62,706 $282,183 $344,889 $5,867.52 94‐248 476‐130‐023 $102,000 $277,800 $379,800 $10,425.44 94‐248 476‐130‐024 $83,609 $235,151 $318,760 $5,597.44 94‐248 476‐130‐025 $77,920 $0 $77,920 $2,007.60 94‐248 476‐130‐026 $77,920 $0 $77,920 $2,007.60 94‐248 476‐130‐027 $77,920 $0 $77,920 $2,007.60 94‐248 476‐130‐028 $77,920 $0 $77,920 $2,007.60 94‐248 476‐130‐029 $77,920 $0 $77,920 $2,007.60 94‐248 476‐130‐030 $77,920 $0 $77,920 $2,007.60 94‐248 476‐131‐001 $77,920 $0 $77,920 $2,007.60 94‐248 476‐131‐002 $77,920 $0 $77,920 $2,007.60 94‐248 476‐131‐003 $77,920 $0 $77,920 $2,007.60 94‐248 476‐131‐004 $77,920 $0 $77,920 $2,007.60 94‐248 476‐131‐005 $77,920 $0 $77,920 $2,591.02 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐131‐006 $77,920 $0 $77,920 $2,591.02 94‐248 476‐131‐007 $77,920 $0 $77,920 $3,867.02 94‐248 476‐131‐008 $77,920 $0 $77,920 $3,867.02 94‐248 476‐131‐009 $77,920 $0 $77,920 $3,867.02 94‐248 476‐132‐001 $77,920 $0 $77,920 $3,867.02 94‐248 476‐132‐002 $77,920 $0 $77,920 $3,867.02 94‐248 476‐132‐003 $77,920 $0 $77,920 $2,591.02 94‐248 476‐132‐004 $77,920 $0 $77,920 $2,591.02 94‐248 476‐132‐005 $77,920 $0 $77,920 $2,591.02 94‐248 476‐132‐006 $77,920 $0 $77,920 $2,591.02 94‐248 476‐132‐007 $77,920 $0 $77,920 $2,591.02 94‐248 476‐132‐008 $77,920 $0 $77,920 $2,591.02 94‐248 476‐132‐009 $77,920 $0 $77,920 $2,007.60 94‐248 476‐141‐001 $63,222 $152,805 $216,027 $4,070.48 94‐248 476‐141‐002 $81,970 $174,187 $256,157 $4,702.14 94‐248 476‐141‐003 $70,000 $205,000 $275,000 $4,778.92 94‐248 476‐141‐004 $84,238 $179,007 $263,245 $4,847.76 94‐248 476‐141‐005 $73,532 $186,354 $259,886 $5,256.86 94‐248 476‐141‐006 $85,717 $169,294 $255,011 $4,644.42 94‐248 476‐141‐007 $62,706 $144,226 $206,932 $4,048.42 94‐248 476‐141‐008 $78,000 $236,000 $314,000 $5,372.18 94‐248 476‐141‐009 $82,000 $206,000 $288,000 $4,985.42 94‐248 476‐141‐010 $84,375 $168,751 $253,126 $4,670.56 94‐248 476‐141‐011 $70,317 $195,885 $266,202 $4,661.10 94‐248 476‐141‐012 $70,317 $182,826 $253,143 $4,743.10 94‐248 476‐141‐013 $63,177 $153,734 $216,911 $4,250.34 94‐248 476‐141‐014 $78,000 $210,000 $288,000 $5,103.82 94‐248 476‐141‐015 $113,000 $162,000 $275,000 $4,680.10 94‐248 476‐141‐016 $70,000 $216,000 $286,000 $4,964.98 94‐248 476‐141‐017 $71,724 $143,448 $215,172 $7,479.38 94‐248 476‐141‐018 $81,970 $189,556 $271,526 $3,641.96 94‐248 476‐142‐001 $106,000 $209,000 $315,000 $5,763.10 94‐248 476‐142‐002 $80,000 $205,000 $285,000 $4,855.80 94‐248 476‐142‐003 $80,363 $198,898 $279,261 $5,013.48 94‐248 476‐142‐004 $62,706 $222,610 $285,316 $7,809.88 94‐248 476‐142‐005 $60,272 $124,060 $184,332 $3,815.22 94‐248 476‐142‐006 $81,000 $207,000 $288,000 $4,985.82 94‐248 476‐142‐007 $117,000 $198,000 $315,000 $5,382.92 94‐248 476‐142‐008 $133,000 $155,000 $288,000 $4,985.82 94‐248 476‐142‐009 $71,724 $155,230 $226,954 $4,472.80 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐142‐010 $135,000 $180,000 $315,000 $5,310.56 94‐248 476‐142‐011 $70,317 $165,749 $236,066 $4,448.98 94‐248 476‐142‐012 $118,000 $173,000 $291,000 $5,134.84 94‐248 476‐143‐001 $101,000 $189,000 $290,000 $5,124.52 94‐248 476‐143‐002 $141,000 $148,000 $289,000 $4,923.80 94‐248 476‐143‐003 $73,532 $236,359 $309,891 $5,707.26 94‐248 476‐143‐004 $129,000 $159,000 $288,000 $4,814.48 94‐248 476‐143‐005 $102,000 $221,000 $323,000 $5,393.34 94‐248 476‐143‐006 $80,000 $240,000 $320,000 $5,316.62 94‐248 476‐143‐007 $70,317 $220,998 $291,315 $5,065.72 94‐248 476‐143‐008 $132,000 $139,000 $271,000 $4,710.68 94‐248 476‐143‐009 $99,000 $189,000 $288,000 $5,103.82 94‐248 476‐143‐010 $61,477 $174,187 $235,664 $4,562.66 94‐248 476‐143‐011 $71,724 $173,162 $244,886 $4,585.40 94‐248 476‐143‐012 $71,724 $170,864 $242,588 $4,634.00 94‐248 476‐143‐013 $83,000 $205,000 $288,000 $4,913.06 94‐248 476‐143‐014 $75,000 $213,000 $288,000 $5,103.82 94‐248 476‐143‐015 $63,177 $163,212 $226,389 $4,348.56 94‐248 476‐143‐016 $65,000 $206,000 $271,000 $4,638.74 94‐248 476‐144‐001 $71,724 $174,187 $245,911 $4,478.38 94‐248 476‐144‐002 $80,451 $214,519 $294,970 $6,860.88 94‐248 476‐144‐003 $62,775 $185,290 $248,065 $6,057.54 94‐248 476‐144‐004 $63,026 $170,177 $233,203 $4,347.02 94‐248 476‐144‐005 $135,000 $153,000 $288,000 $5,031.46 94‐248 476‐144‐006 $149,000 $166,000 $315,000 $5,382.92 94‐248 476‐144‐007 $118,000 $153,000 $271,000 $4,638.74 94‐248 476‐144‐008 $70,317 $190,862 $261,179 $4,753.82 94‐248 476‐145‐001 $83,000 $188,000 $271,000 $4,638.74 94‐248 476‐145‐002 $94,000 $209,000 $303,000 $5,140.48 94‐248 476‐145‐003 $80,000 $251,000 $331,000 $5,475.94 94‐248 476‐145‐004 $63,177 $189,537 $252,714 $4,738.90 94‐248 476‐145‐005 $80,000 $191,000 $271,000 $4,711.08 94‐248 476‐145‐006 $74,000 $213,000 $287,000 $3,801.68 94‐248 476‐145‐007 $70,317 $195,885 $266,202 $4,702.20 94‐248 476‐146‐001 $60,272 $140,635 $200,907 $4,131.02 94‐248 476‐146‐002 $83,000 $232,000 $315,000 $5,382.76 94‐248 476‐146‐003 $102,000 $186,000 $288,000 $5,385.24 94‐248 476‐146‐004 $79,000 $236,000 $315,000 $5,832.44 94‐248 476‐146‐005 $63,026 $147,067 $210,093 $4,009.14 94‐248 476‐146‐006 $103,000 $185,000 $288,000 $5,103.82 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐146‐007 $81,000 $234,000 $315,000 $5,310.56 94‐248 476‐146‐008 $78,000 $193,000 $271,000 $4,710.68 94‐248 476‐146‐009 $62,706 $156,768 $219,474 $4,395.08 94‐248 476‐146‐010 $79,000 $192,000 $271,000 $4,638.34 94‐248 476‐146‐011 $71,724 $177,696 $249,420 $10,078.00 94‐248 476‐150‐001 $77,920 $0 $77,920 $2,007.60 94‐248 476‐150‐002 $77,920 $0 $77,920 $4,309.18 94‐248 476‐150‐003 $77,920 $0 $77,920 $4,452.18 94‐248 476‐150‐004 $77,920 $0 $77,920 $4,452.18 94‐248 476‐150‐005 $77,920 $0 $77,920 $2,007.60 94‐248 476‐150‐006 $77,920 $0 $77,920 $2,591.02 94‐248 476‐150‐007 $77,920 $0 $77,920 $2,591.02 94‐248 476‐150‐008 $77,920 $0 $77,920 $2,591.02 94‐248 476‐150‐009 $77,920 $0 $77,920 $2,591.02 94‐248 476‐150‐010 $77,920 $0 $77,920 $2,591.02 94‐248 476‐150‐011 $77,920 $0 $77,920 $2,591.02 94‐248 476‐150‐012 $77,920 $0 $77,920 $2,591.02 94‐248 476‐150‐013 $77,920 $0 $77,920 $2,591.02 94‐248 476‐150‐014 $77,920 $0 $77,920 $2,591.02 94‐248 476‐150‐015 $77,920 $0 $77,920 $2,591.02 94‐248 476‐150‐016 $77,920 $0 $77,920 $2,591.02 94‐248 476‐150‐017 $77,920 $0 $77,920 $2,007.60 94‐248 476‐150‐018 $77,920 $0 $77,920 $2,007.60 94‐248 476‐150‐019 $77,920 $0 $77,920 $2,007.60 94‐248 476‐150‐020 $77,920 $0 $77,920 $2,007.60 94‐248 476‐150‐021 $77,920 $0 $77,920 $2,007.60 94‐248 476‐150‐022 $77,920 $0 $77,920 $2,007.60 94‐248 476‐150‐023 $77,920 $0 $77,920 $2,007.60 94‐248 476‐150‐024 $77,920 $0 $77,920 $2,007.60 94‐248 476‐150‐025 $77,920 $0 $77,920 $2,591.02 94‐248 476‐150‐026 $77,920 $0 $77,920 $2,591.02 94‐248 476‐150‐027 $77,920 $0 $77,920 $2,591.02 94‐248 476‐150‐028 $77,920 $0 $77,920 $3,867.02 94‐248 476‐150‐029 $77,920 $0 $77,920 $3,867.02 94‐248 476‐150‐030 $77,920 $0 $77,920 $3,867.02 94‐248 476‐150‐031 $77,920 $0 $77,920 $3,867.02 94‐248 476‐151‐001 $77,920 $0 $77,920 $3,867.02 94‐248 476‐151‐002 $77,920 $0 $77,920 $3,867.02 94‐248 476‐151‐003 $77,920 $0 $77,920 $3,867.02 94‐248 476‐151‐004 $77,920 $0 $77,920 $3,867.02 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐151‐005 $77,920 $0 $77,920 $2,591.02 94‐248 476‐151‐006 $77,920 $0 $77,920 $2,591.02 94‐248 476‐151‐007 $77,920 $0 $77,920 $2,007.60 94‐248 476‐151‐008 $77,920 $0 $77,920 $2,007.60 94‐248 476‐151‐009 $77,920 $0 $77,920 $2,007.60 94‐248 476‐151‐010 $77,920 $0 $77,920 $2,007.60 94‐248 476‐151‐011 $77,920 $0 $77,920 $2,007.60 94‐248 476‐151‐012 $77,920 $0 $77,920 $2,007.60 94‐248 476‐151‐013 $77,920 $0 $77,920 $2,007.60 94‐248 476‐151‐014 $77,920 $0 $77,920 $2,007.60 94‐248 476‐151‐015 $77,920 $0 $77,920 $2,007.60 94‐248 476‐151‐016 $77,920 $0 $77,920 $2,007.60 94‐248 476‐160‐001 $73,532 $191,713 $265,245 $4,901.20 94‐248 476‐160‐002 $81,970 $224,393 $306,363 $5,469.24 94‐248 476‐160‐003 $77,920 $0 $77,920 $2,007.60 94‐248 476‐160‐004 $77,920 $0 $77,920 $2,007.60 94‐248 476‐160‐005 $77,920 $0 $77,920 $2,007.60 94‐248 476‐160‐006 $77,920 $0 $77,920 $2,007.60 94‐248 476‐160‐007 $77,920 $0 $77,920 $2,007.60 94‐248 476‐160‐008 $77,920 $0 $77,920 $2,007.60 94‐248 476‐160‐009 $77,920 $0 $77,920 $2,007.60 94‐248 476‐160‐010 $77,920 $0 $77,920 $2,007.60 94‐248 476‐160‐011 $77,920 $0 $77,920 $2,007.60 94‐248 476‐160‐012 $77,920 $0 $77,920 $4,452.18 94‐248 476‐160‐013 $77,920 $0 $77,920 $4,452.18 94‐248 476‐160‐014 $77,920 $0 $77,920 $4,452.18 94‐248 476‐160‐015 $77,920 $0 $77,920 $2,007.60 94‐248 476‐161‐001 $63,177 $268,511 $331,688 $5,588.02 94‐248 476‐161‐002 $61,000 $316,000 $377,000 $6,199.40 94‐248 476‐161‐003 $100,000 $260,000 $360,000 $5,953.04 94‐248 476‐161‐004 $62,000 $306,000 $368,000 $6,178.76 94‐248 476‐161‐005 $60,000 $363,000 $423,000 $6,747.34 94‐248 476‐161‐006 $94,000 $286,000 $380,000 $6,087.46 94‐248 476‐161‐007 $89,000 $262,000 $351,000 $5,930.66 94‐248 476‐161‐008 $100,454 $276,248 $376,702 $6,268.72 94‐248 476‐161‐009 $89,000 $294,000 $383,000 $6,261.46 94‐248 476‐161‐010 $100,000 $301,000 $401,000 $6,739.34 94‐248 476‐161‐011 $59,000 $366,000 $425,000 $6,695.64 94‐248 476‐161‐012 $77,920 $0 $77,920 $2,007.60 94‐248 476‐161‐013 $77,920 $0 $77,920 $2,007.60 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐161‐014 $77,920 $0 $77,920 $2,007.60 94‐248 476‐161‐015 $77,920 $0 $77,920 $2,007.60 94‐248 476‐161‐016 $77,920 $0 $77,920 $2,007.60 94‐248 476‐161‐017 $77,920 $0 $77,920 $2,007.60 94‐248 476‐161‐018 $77,920 $0 $77,920 $2,007.60 94‐248 476‐161‐019 $77,920 $0 $77,920 $2,007.60 94‐248 476‐161‐020 $77,920 $0 $77,920 $2,007.60 94‐248 476‐161‐021 $77,920 $0 $77,920 $2,007.60 94‐248 476‐161‐022 $77,920 $0 $77,920 $2,007.60 94‐248 476‐161‐023 $77,920 $0 $77,920 $2,007.60 94‐248 476‐161‐024 $77,920 $0 $77,920 $2,007.60 94‐248 476‐161‐025 $77,920 $0 $77,920 $2,007.60 94‐248 476‐161‐026 $77,920 $0 $77,920 $2,007.60 94‐248 476‐171‐001 $63,027 $199,591 $262,618 $4,841.04 94‐248 476‐171‐002 $80,000 $208,000 $288,000 $4,913.06 94‐248 476‐171‐003 $82,000 $189,000 $271,000 $4,638.34 94‐248 476‐171‐004 $99,000 $189,000 $288,000 $5,555.36 94‐248 476‐171‐005 $103,000 $168,000 $271,000 $4,638.34 94‐248 476‐171‐006 $63,177 $163,212 $226,389 $6,195.26 94‐248 476‐171‐007 $122,000 $181,000 $303,000 $5,639.06 94‐248 476‐171‐008 $80,363 $213,967 $294,330 $5,169.30 94‐248 476‐171‐009 $80,000 $180,000 $260,000 $4,814.38 94‐248 476‐171‐010 $62,706 $188,121 $250,827 $4,646.80 94‐248 476‐171‐011 $78,000 $210,000 $288,000 $4,985.42 94‐248 476‐171‐012 $61,477 $138,325 $199,802 $3,974.96 94‐248 476‐172‐001 $70,317 $171,776 $242,093 $4,339.92 94‐248 476‐172‐002 $74,000 $214,000 $288,000 $4,913.46 94‐248 476‐172‐003 $71,724 $143,448 $215,172 $4,351.00 94‐248 476‐172‐004 $62,706 $176,300 $239,006 $4,525.04 94‐248 476‐172‐005 $63,177 $171,636 $234,813 $4,554.02 94‐248 476‐172‐006 $80,000 $208,000 $288,000 $4,913.46 94‐248 476‐172‐007 $63,026 $141,709 $204,735 $4,242.96 94‐248 476‐172‐008 $98,000 $190,000 $288,000 $5,031.46 94‐248 476‐172‐009 $63,177 $179,007 $242,184 $4,413.22 94‐248 476‐172‐010 $67,000 $250,000 $317,000 $5,331.06 94‐248 476‐172‐011 $76,000 $195,000 $271,000 $5,253.24 94‐248 476‐172‐012 $61,477 $174,187 $235,664 $3,153.42 94‐248 476‐172‐013 $70,317 $165,749 $236,066 $4,277.62 94‐248 476‐172‐014 $84,238 $176,689 $260,927 $5,495.72 94‐248 476‐172‐015 $138,000 $157,000 $295,000 $4,985.88 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐172‐016 $106,000 $216,000 $322,000 $5,382.98 94‐248 476‐172‐017 $70,317 $195,885 $266,202 $4,878.52 94‐248 476‐172‐018 $105,000 $210,000 $315,000 $5,382.92 94‐248 476‐172‐019 $98,000 $190,000 $288,000 $5,031.46 94‐248 476‐173‐001 $109,000 $184,000 $293,000 $4,965.16 94‐248 476‐173‐002 $100,000 $237,000 $337,000 $5,610.34 94‐248 476‐173‐003 $61,477 $142,423 $203,900 $4,017.52 94‐248 476‐173‐004 $80,000 $251,000 $331,000 $5,547.90 94‐248 476‐173‐005 $63,177 $193,748 $256,925 $4,492.84 94‐248 476‐173‐006 $117,000 $171,000 $288,000 $4,913.06 94‐248 476‐173‐007 $73,532 $178,581 $252,113 $5,109.62 94‐248 476‐173‐008 $119,000 $152,000 $271,000 $4,638.34 94‐248 476‐173‐009 $63,177 $179,007 $242,184 $4,629.82 94‐248 476‐173‐010 $63,026 $136,560 $199,586 $3,999.54 94‐248 476‐173‐011 $63,026 $194,340 $257,366 $4,714.80 94‐248 476‐173‐012 $63,177 $171,636 $234,813 $4,363.68 94‐248 476‐173‐013 $103,000 $168,000 $271,000 $5,117.62 94‐248 476‐173‐014 $85,717 $202,510 $288,227 $5,105.76 94‐248 476‐173‐015 $80,363 $185,839 $266,202 $4,661.50 94‐248 476‐173‐016 $76,000 $212,000 $288,000 $5,103.82 94‐248 476‐173‐017 $83,000 $232,000 $315,000 $5,382.92 94‐248 476‐173‐018 $80,000 $185,000 $265,000 $4,915.94 94‐248 476‐173‐019 $135,000 $180,000 $315,000 $5,310.40 94‐248 476‐173‐020 $71,724 $143,448 $215,172 $4,351.00 94‐248 476‐173‐021 $70,000 $200,000 $270,000 $7,999.60 94‐248 476‐173‐022 $62,706 $211,535 $274,241 $4,889.08 94‐248 476‐173‐023 $62,706 $161,993 $224,699 $4,232.48 94‐248 476‐173‐024 $80,000 $220,000 $300,000 $5,155.50 94‐248 476‐173‐025 $63,177 $200,066 $263,243 $4,847.90 94‐248 476‐173‐026 $86,000 $229,000 $315,000 $5,382.92 94‐248 476‐173‐027 $84,000 $230,000 $314,000 $5,299.82 94‐248 476‐173‐028 $60,272 $163,740 $224,012 $4,225.38 94‐248 476‐173‐029 $114,000 $193,000 $307,000 $5,109.90 94‐248 476‐173‐030 $99,000 $192,000 $291,000 $5,062.48 94‐248 476‐173‐031 $75,000 $261,000 $336,000 $5,600.02 94‐248 476‐173‐032 $71,724 $175,676 $247,400 $4,493.80 94‐248 476‐173‐033 $81,000 $209,000 $290,000 $5,124.52 94‐248 476‐173‐034 $60,272 $130,590 $190,862 $3,882.56 94‐248 476‐173‐035 $109,000 $179,000 $288,000 $5,031.30 94‐248 476‐173‐036 $71,724 $138,325 $210,049 $4,180.04 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐173‐037 $129,000 $194,000 $323,000 $5,393.34 94‐248 476‐173‐038 $73,000 $219,000 $292,000 $5,072.82 94‐248 476‐173‐039 $76,000 $199,000 $275,000 $4,680.12 94‐248 476‐173‐040 $70,000 $218,000 $288,000 $4,913.30 94‐248 476‐181‐001 $70,000 $250,000 $320,000 $5,520.20 94‐248 476‐181‐002 $78,000 $286,000 $364,000 $6,316.74 94‐248 476‐181‐003 $87,000 $251,000 $338,000 $5,706.26 94‐248 476‐182‐001 $80,363 $167,758 $248,121 $4,920.20 94‐248 476‐182‐002 $82,000 $274,000 $356,000 $5,890.96 94‐248 476‐182‐003 $100,000 $230,000 $330,000 $4,332.16 94‐248 476‐182‐004 $85,000 $266,000 $351,000 $5,911.30 94‐248 476‐182‐005 $73,532 $215,349 $288,881 $5,197.18 94‐248 476‐182‐006 $85,000 $253,000 $338,000 $5,633.90 94‐248 476‐182‐007 $88,000 $261,000 $349,000 $5,890.60 94‐248 476‐182‐008 $62,706 $216,339 $279,045 $5,167.86 94‐248 476‐182‐009 $81,600 $219,300 $300,900 $5,322.76 94‐248 476‐182‐010 $134,000 $207,000 $341,000 $5,735.92 94‐248 476‐182‐011 $84,037 $235,307 $319,344 $5,584.06 94‐248 476‐182‐012 $107,146 $245,372 $352,518 $5,798.44 94‐248 476‐182‐013 $143,000 $198,000 $341,000 $5,808.28 94‐248 476‐182‐014 $134,000 $230,000 $364,000 $6,045.66 94‐248 476‐182‐015 $63,177 $189,536 $252,713 $4,824.66 94‐248 476‐182‐016 $107,146 $214,297 $321,443 $5,605.76 94‐248 476‐182‐017 $63,177 $189,536 $252,713 $4,895.70 94‐248 476‐182‐018 $109,000 $231,000 $340,000 $5,654.60 94‐248 476‐182‐019 $137,000 $204,000 $341,000 $5,808.28 94‐248 476‐182‐020 $63,026 $204,844 $267,870 $5,460.24 94‐248 476‐183‐001 $134,000 $230,000 $364,000 $6,045.66 94‐248 476‐183‐002 $144,000 $197,000 $341,000 $5,735.92 94‐248 476‐183‐003 $141,000 $197,000 $338,000 $5,633.90 94‐248 476‐183‐004 $142,000 $206,000 $348,000 $5,952.64 94‐248 476‐183‐005 $132,000 $209,000 $341,000 $5,808.28 94‐248 476‐183‐006 $63,177 $176,902 $240,079 $4,694.06 94‐248 476‐183‐007 $70,317 $189,858 $260,175 $5,044.80 94‐248 476‐183‐008 $127,000 $211,000 $338,000 $5,706.26 94‐248 476‐183‐009 $70,317 $205,930 $276,247 $5,210.76 94‐248 476‐183‐010 $86,982 $250,171 $337,153 $5,696.14 94‐248 476‐183‐011 $62,706 $203,798 $266,504 $4,965.86 94‐248 476‐183‐012 $63,027 $252,116 $315,143 $5,613.00 94‐248 476‐183‐013 $73,532 $167,026 $240,558 $4,698.86 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐183‐014 $81,970 $186,482 $268,452 $8,243.96 94‐248 476‐183‐015 $86,982 $261,537 $348,519 $6,447.50 94‐248 476‐183‐016 $80,000 $269,000 $349,000 $5,890.60 94‐248 476‐183‐017 $73,532 $191,186 $264,718 $4,947.40 94‐248 476‐183‐018 $63,026 $220,602 $283,628 $5,214.90 94‐248 476‐183‐019 $76,000 $283,000 $359,000 $5,851.04 94‐248 476‐183‐020 $63,177 $219,548 $282,725 $5,205.54 94‐248 476‐183‐021 $86,000 $252,000 $338,000 $5,706.10 94‐248 476‐183‐022 $84,000 $257,000 $341,000 $5,808.28 94‐248 476‐183‐023 $84,037 $240,141 $324,178 $5,706.38 94‐248 476‐183‐024 $84,000 $254,000 $338,000 $6,086.44 94‐248 476‐183‐025 $102,463 $235,665 $338,128 $5,850.58 94‐248 476‐183‐026 $47,420 $168,982 $216,402 $3,157.90 94‐248 476‐183‐027 $82,000 $259,000 $341,000 $5,808.28 94‐248 476‐183‐028 $107,146 $217,513 $324,659 $5,639.00 94‐248 476‐183‐029 $83,000 $258,000 $341,000 $5,808.28 94‐248 476‐183‐030 $80,363 $185,839 $266,202 $4,964.10 94‐248 476‐183‐031 $62,706 $187,807 $250,513 $4,872.56 94‐248 476‐183‐032 $81,000 $260,000 $341,000 $5,735.92 94‐248 476‐183‐033 $81,000 $268,000 $349,000 $5,890.60 94‐248 476‐183‐034 $77,000 $268,000 $345,000 $5,849.64 94‐248 476‐183‐035 $63,026 $199,590 $262,616 $4,925.74 94‐248 476‐183‐036 $106,000 $244,000 $350,000 $5,900.96 94‐248 476‐183‐037 $118,000 $225,000 $343,000 $5,685.62 94‐248 476‐183‐038 $86,000 $262,000 $348,000 $6,402.16 94‐248 476‐183‐039 $114,000 $224,000 $338,000 $5,633.90 94‐248 476‐183‐040 $83,000 $273,000 $356,000 $5,963.32 94‐248 476‐183‐041 $80,000 $232,500 $312,500 $5,442.68 94‐248 476‐183‐042 $107,146 $219,655 $326,801 $5,589.14 94‐248 476‐183‐043 $80,000 $284,000 $364,000 $6,045.66 94‐248 476‐183‐044 $83,000 $255,000 $338,000 $5,633.90 94‐248 476‐183‐045 $82,000 $274,000 $356,000 $5,963.32 94‐248 476‐184‐001 $102,000 $239,000 $341,000 $5,808.28 94‐248 476‐184‐002 $62,706 $208,918 $271,624 $5,163.16 94‐248 476‐184‐003 $81,970 $204,926 $286,896 $5,178.06 94‐248 476‐191‐001 $134,000 $207,000 $341,000 $5,735.92 94‐248 476‐191‐002 $152,000 $187,000 $339,000 $6,153.42 94‐248 476‐191‐003 $145,000 $219,000 $364,000 $6,045.66 94‐248 476‐191‐004 $70,317 $210,953 $281,270 $5,190.84 94‐248 476‐192‐001 $80,363 $161,730 $242,093 $4,714.92 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐192‐002 $108,000 $241,000 $349,000 $6,212.90 94‐248 476‐192‐003 $62,706 $266,506 $329,212 $6,040.98 94‐248 476‐192‐004 $125,000 $224,000 $349,000 $6,349.12 94‐248 476‐192‐005 $136,000 $203,000 $339,000 $5,644.24 94‐248 476‐192‐006 $63,177 $202,172 $265,349 $5,422.18 94‐248 476‐192‐007 $111,000 $238,000 $349,000 $5,962.96 94‐248 476‐192‐008 $115,000 $241,000 $356,000 $5,890.96 94‐248 476‐192‐009 $70,317 $170,771 $241,088 $4,632.14 94‐248 476‐192‐010 $119,000 $222,000 $341,000 $5,808.28 94‐248 476‐192‐011 $102,463 $230,541 $333,004 $5,797.62 94‐248 476‐192‐012 $134,000 $204,000 $338,000 $5,633.90 94‐248 476‐192‐013 $100,000 $230,000 $330,000 $5,694.56 94‐248 476‐192‐014 $63,026 $231,108 $294,134 $5,395.82 94‐248 476‐192‐015 $70,000 $285,000 $355,000 $8,679.40 94‐248 476‐192‐016 $70,317 $210,953 $281,270 $5,262.90 94‐248 476‐192‐017 $70,317 $176,799 $247,116 $6,971.22 94‐248 476‐192‐018 $71,724 $199,803 $271,527 $5,089.78 94‐248 476‐192‐019 $81,000 $260,000 $341,000 $5,735.92 94‐248 476‐193‐001 $70,317 $185,839 $256,156 $4,860.24 94‐248 476‐193‐002 $80,000 $277,000 $357,000 $5,973.68 94‐248 476‐193‐003 $63,177 $243,122 $306,299 $5,521.58 94‐248 476‐193‐004 $81,000 $272,000 $353,000 $5,788.96 94‐248 476‐193‐005 $76,000 $272,000 $348,000 $5,880.28 94‐248 476‐193‐006 $80,363 $223,510 $303,873 $5,295.60 94‐248 476‐193‐007 $100,454 $222,003 $322,457 $5,688.60 94‐248 476‐193‐008 $75,000 $292,000 $367,000 $6,076.68 94‐248 476‐193‐009 $137,000 $201,000 $338,000 $5,706.26 94‐248 476‐193‐010 $83,000 $265,000 $348,000 $5,880.28 94‐248 476‐193‐011 $62,706 $212,159 $274,865 $5,052.28 94‐248 476‐193‐012 $81,000 $259,000 $340,000 $5,654.60 94‐248 476‐193‐013 $107,146 $219,880 $327,026 $5,592.82 94‐248 476‐193‐014 $81,000 $268,000 $349,000 $5,890.60 94‐248 476‐193‐015 $80,000 $261,000 $341,000 $5,808.28 94‐248 476‐193‐016 $81,000 $283,000 $364,000 $6,045.66 94‐248 476‐193‐017 $70,317 $261,180 $331,497 $5,710.04 94‐248 476‐193‐018 $84,037 $178,581 $262,618 $4,854.68 94‐248 476‐193‐019 $79,000 $288,000 $367,000 $6,149.06 94‐248 476‐193‐020 $100,000 $254,000 $354,000 $5,942.74 94‐248 476‐194‐001 $73,533 $199,590 $273,123 $5,178.68 94‐248 476‐194‐002 $83,000 $264,000 $347,000 $5,797.98 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐194‐003 $115,000 $228,000 $343,000 $5,756.60 94‐248 476‐194‐004 $115,000 $257,000 $372,000 $6,128.38 94‐248 476‐194‐005 $109,000 $255,000 $364,000 $6,045.66 94‐248 476‐194‐006 $71,724 $174,187 $245,911 $4,825.36 94‐248 476‐194‐007 $114,000 $235,000 $349,000 $5,962.96 94‐248 476‐194‐008 $45,578 $136,759 $182,337 $4,024.86 94‐248 476‐194‐009 $92,000 $272,000 $364,000 $6,118.04 94‐248 476‐194‐010 $62,706 $203,798 $266,504 $5,110.22 94‐248 476‐194‐011 $62,706 $218,429 $281,135 $5,189.46 94‐248 476‐194‐012 $62,706 $203,798 $266,504 $5,223.32 94‐248 476‐194‐013 $73,532 $220,602 $294,134 $5,323.48 94‐248 476‐201‐001 $80,000 $240,000 $320,000 $5,591.20 94‐248 476‐201‐002 $70,317 $203,921 $274,238 $5,117.80 94‐248 476‐201‐003 $128,000 $241,000 $369,000 $6,097.34 94‐248 476‐201‐004 $122,000 $238,000 $360,000 $10,036.38 94‐248 476‐201‐005 $127,000 $244,000 $371,000 $6,118.02 94‐248 476‐201‐006 $127,000 $210,000 $337,000 $5,694.56 94‐248 476‐201‐007 $80,363 $163,840 $244,203 $4,807.34 94‐248 476‐201‐008 $123,000 $255,000 $378,000 $6,262.74 94‐248 476‐201‐009 $75,003 $283,948 $358,951 $5,993.48 94‐248 476‐201‐010 $107,147 $214,297 $321,444 $5,605.76 94‐248 476‐201‐011 $134,000 $203,000 $337,000 $5,694.56 94‐248 476‐201‐012 $131,000 $214,000 $345,000 $5,921.62 94‐248 476‐201‐013 $80,000 $240,000 $320,000 $4,952.02 94‐248 476‐201‐014 $132,000 $228,000 $360,000 $6,076.68 94‐248 476‐201‐015 $84,037 $210,096 $294,133 $5,395.82 94‐248 476‐201‐016 $104,000 $241,000 $345,000 $5,849.26 94‐248 476‐201‐017 $128,000 $243,000 $371,000 $6,190.38 94‐248 476‐202‐001 $80,363 $215,976 $296,339 $5,346.26 94‐248 476‐202‐002 $137,000 $201,000 $338,000 $5,704.92 94‐248 476‐202‐003 $138,000 $233,000 $371,000 $6,190.38 94‐248 476‐202‐004 $70,317 $195,885 $266,202 $5,035.18 94‐248 476‐202‐005 $62,706 $271,732 $334,438 $5,740.16 94‐248 476‐202‐006 $73,533 $185,935 $259,468 $4,965.20 94‐248 476‐202‐007 $81,970 $180,334 $262,304 $4,922.44 94‐248 476‐202‐008 $128,000 $209,000 $337,000 $5,766.92 94‐248 476‐202‐009 $81,970 $204,926 $286,896 $5,248.64 94‐248 476‐202‐010 $84,037 $194,234 $278,271 $5,159.52 94‐248 476‐202‐011 $84,000 $269,000 $353,000 $5,859.98 94‐248 476‐202‐012 $71,724 $189,566 $261,290 $4,983.96 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐202‐013 $116,000 $244,000 $360,000 $6,240.88 94‐248 476‐202‐014 $126,000 $218,000 $344,000 $5,766.98 94‐248 476‐202‐015 $128,000 $227,000 $355,000 $5,952.74 94‐248 476‐202‐016 $84,037 $273,126 $357,163 $6,047.42 94‐248 476‐202‐017 $114,000 $223,000 $337,000 $5,766.58 94‐248 476‐202‐018 $73,533 $210,095 $283,628 $5,287.22 94‐248 476‐202‐019 $123,000 $248,000 $371,000 $6,190.38 94‐248 476‐202‐020 $129,000 $209,000 $338,000 $5,704.92 94‐248 476‐202‐021 $80,363 $226,021 $306,384 $5,450.48 94‐248 476‐202‐022 $125,000 $220,000 $345,000 $5,921.64 94‐248 476‐202‐023 $63,026 $204,844 $267,870 $5,124.36 94‐248 476‐202‐024 $115,000 $237,000 $352,000 $4,702.56 94‐248 476‐202‐025 $121,000 $243,000 $364,000 $6,118.06 94‐248 476‐202‐026 $126,000 $268,000 $394,000 $6,355.88 94‐248 476‐202‐027 $117,000 $231,000 $348,000 $5,880.70 94‐248 476‐202‐028 $80,363 $241,089 $321,452 $5,605.92 94‐248 476‐202‐029 $120,000 $227,000 $347,000 $5,869.96 94‐248 476‐202‐030 $81,970 $184,433 $266,403 $5,037.18 94‐248 476‐202‐031 $100,000 $272,000 $372,000 $6,200.74 94‐248 476‐202‐032 $127,000 $268,000 $395,000 $6,438.48 94‐248 476‐202‐033 $115,000 $260,000 $375,000 $6,231.78 94‐248 476‐202‐034 $124,000 $230,000 $354,000 $6,441.90 94‐248 476‐202‐035 $124,000 $217,000 $341,000 $5,735.96 94‐248 476‐202‐036 $122,000 $231,000 $353,000 $6,004.40 94‐248 476‐202‐037 $118,000 $258,000 $376,000 $6,242.12 94‐248 476‐202‐038 $125,000 $217,000 $342,000 $5,746.32 94‐248 476‐211‐001 $83,609 $214,352 $297,961 $5,435.38 94‐248 476‐211‐002 $99,000 $238,000 $337,000 $4,475.52 94‐248 476‐211‐003 $105,000 $264,000 $369,000 $6,097.34 94‐248 476‐211‐004 $94,000 $253,000 $347,000 $5,942.32 94‐248 476‐211‐005 $93,000 $264,000 $357,000 $6,045.68 94‐248 476‐211‐006 $124,000 $228,000 $352,000 $4,630.56 94‐248 476‐211‐007 $115,000 $230,000 $345,000 $5,921.62 94‐248 476‐211‐008 $120,000 $251,000 $371,000 $6,118.02 94‐248 476‐211‐009 $70,317 $169,767 $240,084 $4,692.76 94‐248 476‐211‐010 $115,000 $222,000 $337,000 $5,766.56 94‐248 476‐211‐011 $112,000 $230,000 $342,000 $5,818.64 94‐248 476‐211‐012 $115,000 $257,000 $372,000 $6,200.74 94‐248 476‐211‐013 $62,706 $245,603 $308,309 $5,542.40 94‐248 476‐211‐014 $117,000 $228,000 $345,000 $5,849.28 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐211‐015 $120,000 $225,000 $345,000 $5,921.46 94‐248 476‐211‐016 $84,037 $205,788 $289,825 $5,351.28 94‐248 476‐211‐017 $118,000 $253,000 $371,000 $6,190.38 94‐248 476‐211‐018 $63,026 $211,425 $274,451 $5,192.36 94‐248 476‐211‐019 $83,000 $254,000 $337,000 $5,838.92 94‐248 476‐211‐020 $107,146 $278,588 $385,734 $6,270.32 94‐248 476‐211‐021 $80,000 $265,000 $345,000 $5,921.62 94‐248 476‐211‐022 $79,000 $258,000 $337,000 $5,766.56 94‐248 476‐211‐023 $63,177 $205,331 $268,508 $5,130.96 94‐248 476‐211‐024 $73,533 $210,095 $283,628 $5,664.80 94‐248 476‐211‐025 $63,026 $189,085 $252,111 $4,889.16 94‐248 476‐211‐026 $110,000 $265,000 $375,000 $6,507.60 94‐248 476‐211‐027 $118,000 $227,000 $345,000 $5,849.28 94‐248 476‐211‐028 $125,000 $261,000 $386,000 $6,273.10 94‐248 476‐211‐029 $71,724 $174,187 $245,911 $4,897.34 94‐248 476‐211‐030 $70,000 $278,000 $348,000 $5,952.64 94‐248 476‐211‐031 $88,604 $275,280 $363,884 $6,116.82 94‐248 476‐211‐032 $87,000 $284,000 $371,000 $6,620.30 94‐248 476‐211‐033 $82,000 $255,000 $337,000 $5,838.92 94‐248 476‐211‐034 $77,000 $309,000 $386,000 $6,345.46 94‐248 476‐211‐035 $71,724 $196,830 $268,554 $4,987.06 94‐248 476‐211‐036 $70,000 $294,000 $364,000 $6,045.70 94‐248 476‐211‐037 $83,609 $224,700 $308,309 $5,470.06 94‐248 476‐211‐038 $70,317 $220,998 $291,315 $5,294.42 94‐248 476‐211‐039 $78,000 $261,000 $339,000 $5,787.28 94‐248 476‐211‐040 $84,000 $287,000 $371,000 $6,190.40 94‐248 476‐211‐041 $79,000 $259,000 $338,000 $5,827.08 94‐248 476‐211‐042 $81,000 $281,000 $362,000 $6,097.36 94‐248 476‐211‐043 $62,706 $239,332 $302,038 $5,333.20 94‐248 476‐212‐001 $81,000 $256,000 $337,000 $5,838.92 94‐248 476‐212‐002 $70,317 $168,762 $239,079 $4,682.36 94‐248 476‐212‐003 $70,000 $276,000 $346,000 $5,859.60 94‐248 476‐212‐004 $82,000 $255,000 $337,000 $5,838.92 94‐248 476‐212‐005 $73,747 $204,411 $278,158 $5,086.34 94‐248 476‐221‐001 $84,037 $226,378 $310,415 $5,419.80 94‐248 476‐221‐002 $72,000 $315,000 $387,000 $6,355.80 94‐248 476‐221‐003 $82,000 $256,000 $338,000 $5,704.90 94‐248 476‐221‐004 $100,454 $226,021 $326,475 $5,898.02 94‐248 476‐221‐005 $73,000 $297,000 $370,000 $6,107.78 94‐248 476‐221‐006 $84,238 $270,617 $354,855 $9,143.86 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐221‐007 $67,000 $250,000 $317,000 $5,632.24 94‐248 476‐221‐008 $120,000 $217,000 $337,000 $5,838.94 94‐248 476‐221‐009 $104,604 $217,077 $321,681 $6,841.18 94‐248 476‐221‐010 $120,000 $251,000 $371,000 $6,605.52 94‐248 476‐221‐011 $102,463 $232,590 $335,053 $5,818.80 94‐248 476‐221‐012 $115,000 $245,000 $360,000 $6,004.32 94‐248 476‐221‐013 $63,027 $241,611 $304,638 $5,432.04 94‐248 476‐221‐014 $62,706 $240,377 $303,083 $5,415.98 94‐248 476‐221‐015 $100,454 $231,044 $331,498 $6,277.26 94‐248 476‐221‐016 $80,000 $257,000 $337,000 $5,694.56 94‐248 476‐221‐017 $73,000 $279,000 $352,000 $5,993.98 94‐248 476‐222‐001 $81,970 $243,861 $325,831 $5,723.48 94‐248 476‐222‐002 $74,000 $278,000 $352,000 $5,849.62 94‐248 476‐222‐003 $83,000 $254,000 $337,000 $5,838.92 94‐248 476‐222‐004 $80,000 $257,000 $337,000 $5,694.56 94‐248 476‐222‐005 $113,000 $273,000 $386,000 $6,273.08 94‐248 476‐222‐006 $100,454 $231,044 $331,498 $5,782.06 94‐248 476‐222‐007 $87,000 $284,000 $371,000 $8,417.46 94‐248 476‐222‐008 $100,000 $237,000 $337,000 $5,766.58 94‐248 476‐222‐009 $108,000 $263,000 $371,000 $6,118.02 94‐248 476‐222‐010 $84,000 $254,000 $338,000 $5,704.90 94‐248 476‐222‐011 $72,000 $282,000 $354,000 $5,942.32 94‐248 476‐222‐012 $63,177 $194,801 $257,978 $4,949.74 94‐248 476‐222‐013 $109,000 $244,000 $353,000 $6,004.34 94‐248 476‐222‐014 $71,724 $225,418 $297,142 $5,426.96 94‐248 476‐222‐015 $84,037 $194,340 $278,377 $5,160.62 94‐248 476‐222‐016 $62,706 $261,280 $323,986 $5,704.44 94‐248 476‐222‐017 $62,706 $196,482 $259,188 $5,364.80 94‐248 476‐222‐018 $83,609 $214,249 $297,858 $5,290.00 94‐248 476‐222‐019 $75,000 $275,000 $350,000 $5,901.00 94‐248 476‐222‐020 $108,000 $268,000 $376,000 $6,169.76 94‐248 476‐222‐021 $102,000 $255,000 $357,000 $5,901.36 94‐248 476‐222‐022 $100,000 $236,000 $336,000 $5,756.28 94‐248 476‐223‐001 $62,706 $209,024 $271,730 $5,164.24 94‐248 476‐223‐002 $112,000 $225,000 $337,000 $5,838.92 94‐248 476‐223‐003 $63,026 $217,975 $281,001 $5,260.06 94‐248 476‐223‐004 $100,000 $245,000 $345,000 $5,863.74 94‐248 476‐223‐005 $73,532 $194,618 $268,150 $3,835.82 94‐248 476‐223‐006 $63,026 $210,095 $273,121 $5,178.62 94‐248 476‐223‐007 $74,000 $264,000 $338,000 $5,704.92 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐223‐008 $62,706 $198,572 $261,278 $5,056.20 94‐248 476‐223‐009 $78,000 $260,000 $338,000 $5,777.26 94‐248 476‐223‐010 $62,706 $242,990 $305,696 $5,442.98 94‐248 476‐223‐011 $69,000 $317,000 $386,000 $6,273.08 94‐248 476‐223‐012 $62,706 $211,636 $274,342 $5,118.88 94‐248 476‐223‐013 $63,177 $212,176 $275,353 $5,201.68 94‐248 476‐223‐014 $75,000 $262,000 $337,000 $5,694.56 94‐248 476‐231‐001 $84,000 $287,000 $371,000 $6,190.38 94‐248 476‐231‐003 $110,000 $227,000 $337,000 $5,694.56 94‐248 476‐231‐004 $71,724 $209,024 $280,748 $5,257.46 94‐248 476‐231‐005 $73,000 $279,000 $352,000 $5,921.62 94‐248 476‐231‐006 $84,238 $261,141 $345,379 $5,925.54 94‐248 476‐231‐007 $77,000 $260,000 $337,000 $5,838.94 94‐248 476‐231‐008 $82,000 $256,000 $338,000 $5,704.90 94‐248 476‐231‐009 $79,000 $307,000 $386,000 $6,345.46 94‐248 476‐232‐001 $70,000 $276,000 $346,000 $5,859.62 94‐248 476‐232‐002 $72,000 $314,000 $386,000 $6,273.10 94‐248 476‐232‐003 $62,706 $209,024 $271,730 $5,019.88 94‐248 476‐232‐004 $76,000 $261,000 $337,000 $5,838.92 94‐248 476‐232‐005 $62,706 $209,024 $271,730 $5,164.24 94‐248 476‐232‐006 $115,000 $222,000 $337,000 $5,766.56 94‐248 476‐232‐007 $82,000 $289,000 $371,000 $6,118.02 94‐248 476‐232‐008 $62,706 $242,953 $305,659 $5,515.00 94‐248 476‐232‐009 $80,363 $231,044 $311,407 $5,502.42 94‐248 476‐232‐010 $112,000 $275,000 $387,000 $6,355.80 94‐248 476‐232‐011 $71,724 $191,605 $263,329 $5,077.42 94‐248 476‐232‐012 $62,706 $198,572 $261,278 $4,984.22 94‐248 476‐233‐001 $100,000 $230,000 $330,000 $6,177.62 94‐248 476‐233‐002 $73,533 $178,581 $252,114 $4,817.10 94‐248 476‐350‐001 $86,000 $309,000 $395,000 $6,385.46 94‐248 476‐350‐002 $115,000 $355,000 $470,000 $7,233.10 94‐248 476‐350‐003 $104,000 $271,000 $375,000 $6,178.72 94‐248 476‐350‐004 $84,238 $288,862 $373,100 $6,159.12 94‐248 476‐350‐005 $70,000 $296,000 $366,000 $6,085.74 94‐248 476‐350‐006 $88,000 $309,000 $397,000 $6,478.52 94‐248 476‐350‐007 $114,000 $336,000 $450,000 $6,954.06 94‐248 476‐350‐008 $76,000 $350,000 $426,000 $7,230.24 94‐248 476‐350‐009 $102,000 $344,000 $446,000 $6,912.64 94‐248 476‐350‐010 $63,177 $262,192 $325,369 $5,665.68 94‐248 476‐350‐011 $63,336 $0 $63,336 $2,020.80 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐350‐012 $63,336 $0 $63,336 $2,020.80 94‐248 476‐350‐013 $63,336 $0 $63,336 $2,020.80 94‐248 476‐350‐014 $63,336 $0 $63,336 $2,020.80 94‐248 476‐350‐015 $63,336 $0 $63,336 $2,020.80 94‐248 476‐350‐016 $63,336 $0 $63,336 $2,020.80 94‐248 476‐350‐017 $63,336 $0 $63,336 $2,020.80 94‐248 476‐350‐018 $63,336 $0 $63,336 $2,020.80 94‐248 476‐350‐019 $63,336 $0 $63,336 $2,020.80 94‐248 476‐350‐020 $63,336 $0 $63,336 $2,020.80 94‐248 476‐350‐021 $63,336 $0 $63,336 $2,020.80 94‐248 476‐351‐001 $63,336 $0 $63,336 $2,020.80 94‐248 476‐351‐002 $63,336 $0 $63,336 $2,020.80 94‐248 476‐351‐003 $63,336 $0 $63,336 $2,020.80 94‐248 476‐351‐004 $63,336 $0 $63,336 $2,020.80 94‐248 476‐351‐005 $63,336 $0 $63,336 $2,020.80 94‐248 476‐351‐006 $63,336 $0 $63,336 $2,020.80 94‐248 476‐351‐007 $63,336 $0 $63,336 $2,020.80 94‐248 476‐351‐008 $63,336 $0 $63,336 $2,020.80 94‐248 476‐351‐009 $63,336 $0 $63,336 $2,020.80 94‐248 476‐351‐010 $63,336 $0 $63,336 $2,020.80 94‐248 476‐351‐011 $63,336 $0 $63,336 $2,020.80 94‐248 476‐351‐012 $63,336 $0 $63,336 $2,020.80 94‐248 476‐351‐013 $63,336 $0 $63,336 $2,020.80 94‐248 476‐351‐014 $63,336 $0 $63,336 $2,020.80 94‐248 476‐351‐015 $63,336 $0 $63,336 $2,020.80 94‐248 476‐352‐001 $63,336 $0 $63,336 $2,020.80 94‐248 476‐352‐002 $63,336 $0 $63,336 $2,020.80 94‐248 476‐352‐003 $63,336 $0 $63,336 $2,020.80 94‐248 476‐352‐004 $63,336 $0 $63,336 $2,020.80 94‐248 476‐352‐005 $63,336 $0 $63,336 $2,020.80 94‐248 476‐352‐006 $63,336 $0 $63,336 $2,020.80 94‐248 476‐352‐007 $63,336 $0 $63,336 $2,020.80 94‐248 476‐352‐008 $63,336 $0 $63,336 $2,020.80 94‐248 476‐352‐009 $63,336 $0 $63,336 $2,020.80 94‐248 476‐352‐010 $100,454 $302,868 $403,322 $6,471.58 94‐248 476‐352‐011 $84,000 $436,000 $520,000 $7,677.64 94‐248 476‐352‐012 $113,000 $357,000 $470,000 $7,379.14 94‐248 476‐352‐013 $63,336 $0 $63,336 $2,020.80 94‐248 476‐352‐014 $63,336 $0 $63,336 $2,020.80 94‐248 476‐352‐015 $63,336 $0 $63,336 $2,020.80 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐352‐016 $63,336 $0 $63,336 $2,020.80 94‐248 476‐352‐017 $63,336 $0 $63,336 $2,020.80 94‐248 476‐352‐018 $63,336 $0 $63,336 $2,020.80 94‐248 476‐352‐019 $63,336 $0 $63,336 $2,020.80 94‐248 476‐352‐020 $63,336 $0 $63,336 $2,020.80 94‐248 476‐352‐021 $63,336 $0 $63,336 $2,020.80 94‐248 476‐352‐022 $63,336 $0 $63,336 $2,020.80 94‐248 476‐360‐001 $63,336 $0 $63,336 $2,020.80 94‐248 476‐360‐002 $63,336 $0 $63,336 $2,020.80 94‐248 476‐360‐003 $63,336 $0 $63,336 $2,020.80 94‐248 476‐360‐004 $63,336 $0 $63,336 $2,020.80 94‐248 476‐360‐005 $63,336 $0 $63,336 $2,604.22 94‐248 476‐360‐006 $63,336 $0 $63,336 $2,604.22 94‐248 476‐360‐007 $63,336 $0 $63,336 $2,604.22 94‐248 476‐360‐008 $63,336 $0 $63,336 $2,604.22 94‐248 476‐361‐001 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐002 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐003 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐004 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐005 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐006 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐007 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐008 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐009 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐010 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐011 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐012 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐013 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐014 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐015 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐016 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐017 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐018 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐019 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐022 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐025 $63,336 $0 $63,336 $4,301.42 94‐248 476‐361‐026 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐027 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐028 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐029 $63,336 $0 $63,336 $2,020.80 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐361‐030 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐031 $63,336 $0 $63,336 $2,020.80 94‐248 476‐361‐032 $63,336 $0 $63,336 $2,020.80 94‐248 476‐362‐001 $63,336 $0 $63,336 $2,020.80 94‐248 476‐362‐002 $63,336 $0 $63,336 $2,020.80 94‐248 476‐362‐003 $63,336 $0 $63,336 $2,020.80 94‐248 476‐362‐004 $63,336 $0 $63,336 $2,604.22 94‐248 476‐362‐005 $63,336 $0 $63,336 $2,604.22 94‐248 476‐362‐006 $63,336 $0 $63,336 $2,020.80 94‐248 476‐362‐007 $63,336 $0 $63,336 $2,020.80 94‐248 476‐362‐008 $63,336 $0 $63,336 $2,020.80 94‐248 476‐362‐009 $63,336 $0 $63,336 $2,020.80 94‐248 476‐370‐001 $63,336 $0 $63,336 $2,057.04 94‐248 476‐370‐002 $63,336 $0 $63,336 $2,057.04 94‐248 476‐370‐003 $63,336 $0 $63,336 $2,057.04 94‐248 476‐370‐004 $63,336 $0 $63,336 $2,057.04 94‐248 476‐370‐005 $63,336 $0 $63,336 $2,057.04 94‐248 476‐370‐006 $63,336 $0 $63,336 $2,057.04 94‐248 476‐370‐007 $63,336 $0 $63,336 $2,057.04 94‐248 476‐370‐008 $63,336 $0 $63,336 $2,057.04 94‐248 476‐370‐009 $63,336 $0 $63,336 $2,057.04 94‐248 476‐371‐001 $63,336 $0 $63,336 $2,057.04 94‐248 476‐371‐002 $63,336 $0 $63,336 $2,057.04 94‐248 476‐371‐003 $63,336 $0 $63,336 $2,057.04 94‐248 476‐371‐004 $63,336 $0 $63,336 $2,057.04 94‐248 476‐371‐005 $63,336 $0 $63,336 $2,057.04 94‐248 476‐371‐006 $63,336 $0 $63,336 $2,057.04 94‐248 476‐372‐001 $63,336 $0 $63,336 $2,057.04 94‐248 476‐372‐002 $63,336 $0 $63,336 $2,057.04 94‐248 476‐372‐003 $63,336 $0 $63,336 $2,057.04 94‐248 476‐372‐004 $63,336 $0 $63,336 $2,057.04 94‐248 476‐372‐005 $63,336 $0 $63,336 $2,057.04 94‐248 476‐372‐006 $63,336 $0 $63,336 $2,057.04 94‐248 476‐372‐007 $63,336 $0 $63,336 $2,057.04 94‐248 476‐372‐008 $63,336 $0 $63,336 $2,057.04 94‐248 476‐372‐009 $63,336 $0 $63,336 $2,057.04 94‐248 476‐380‐001 $63,336 $0 $63,336 $1,967.20 94‐248 476‐380‐002 $63,336 $0 $63,336 $1,967.20 94‐248 476‐380‐003 $63,336 $0 $63,336 $1,967.20 94‐248 476‐380‐004 $63,336 $0 $63,336 $1,967.20 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐380‐005 $63,336 $0 $63,336 $1,967.20 94‐248 476‐380‐006 $63,336 $0 $63,336 $1,967.20 94‐248 476‐380‐007 $63,336 $0 $63,336 $1,967.20 94‐248 476‐380‐008 $63,336 $0 $63,336 $1,967.20 94‐248 476‐380‐009 $63,336 $0 $63,336 $1,967.20 94‐248 476‐380‐010 $63,336 $0 $63,336 $1,967.20 94‐248 476‐380‐011 $63,336 $0 $63,336 $1,967.20 94‐248 476‐380‐012 $63,336 $0 $63,336 $1,967.20 94‐248 476‐380‐013 $63,336 $0 $63,336 $1,967.20 94‐248 476‐380‐014 $63,336 $0 $63,336 $1,967.20 94‐248 476‐380‐015 $63,336 $0 $63,336 $1,967.20 94‐248 476‐381‐001 $63,336 $0 $63,336 $1,967.20 94‐248 476‐381‐002 $63,336 $0 $63,336 $1,967.20 94‐248 476‐381‐003 $63,336 $0 $63,336 $1,967.20 94‐248 476‐381‐004 $63,336 $0 $63,336 $1,967.20 94‐248 476‐381‐005 $63,336 $0 $63,336 $1,967.20 94‐248 476‐381‐006 $63,336 $0 $63,336 $1,967.20 94‐248 476‐381‐007 $63,336 $0 $63,336 $1,967.20 94‐248 476‐381‐008 $63,336 $0 $63,336 $1,967.20 94‐248 476‐381‐009 $63,336 $0 $63,336 $1,967.20 94‐248 476‐381‐010 $63,336 $0 $63,336 $1,967.20 94‐248 476‐381‐011 $63,336 $0 $63,336 $1,967.20 94‐248 476‐381‐012 $63,336 $0 $63,336 $1,967.20 94‐248 476‐381‐013 $63,336 $0 $63,336 $1,967.20 94‐248 476‐381‐014 $63,336 $0 $63,336 $1,967.20 94‐248 476‐381‐015 $63,336 $0 $63,336 $1,967.20 94‐248 476‐382‐001 $63,336 $0 $63,336 $1,967.20 94‐248 476‐382‐002 $63,336 $0 $63,336 $1,967.20 94‐248 476‐382‐003 $63,336 $0 $63,336 $1,967.20 94‐248 476‐382‐004 $63,336 $0 $63,336 $1,967.20 94‐248 476‐382‐005 $63,336 $0 $63,336 $1,967.20 94‐248 476‐382‐006 $63,336 $0 $63,336 $1,967.20 94‐248 476‐382‐007 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐001 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐002 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐003 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐004 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐005 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐006 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐007 $63,336 $0 $63,336 $1,967.20 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐390‐008 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐009 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐010 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐011 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐012 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐013 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐014 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐015 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐016 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐017 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐018 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐019 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐020 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐021 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐022 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐023 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐024 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐025 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐026 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐027 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐028 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐029 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐030 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐031 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐032 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐033 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐034 $63,336 $0 $63,336 $1,967.20 94‐248 476‐390‐035 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐001 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐002 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐003 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐004 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐005 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐006 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐007 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐008 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐009 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐010 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐011 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐012 $63,336 $0 $63,336 $1,967.20 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐391‐013 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐014 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐015 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐016 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐017 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐018 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐019 $63,336 $0 $63,336 $1,967.20 94‐248 476‐391‐020 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐001 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐002 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐003 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐004 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐005 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐006 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐007 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐008 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐009 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐010 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐011 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐012 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐013 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐014 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐015 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐016 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐017 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐018 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐019 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐020 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐021 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐022 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐023 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐024 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐025 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐026 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐027 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐028 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐029 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐030 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐031 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐032 $63,336 $0 $63,336 $1,967.20 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐400‐033 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐034 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐035 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐036 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐037 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐038 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐039 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐040 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐041 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐042 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐043 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐044 $63,336 $0 $63,336 $1,967.20 94‐248 476‐400‐045 $63,336 $0 $63,336 $1,967.20 94‐248 476‐401‐001 $63,336 $0 $63,336 $1,967.20 94‐248 476‐401‐002 $63,336 $0 $63,336 $1,967.20 94‐248 476‐401‐003 $63,336 $0 $63,336 $1,967.20 94‐248 476‐401‐004 $63,336 $0 $63,336 $1,967.20 94‐248 476‐401‐005 $63,336 $0 $63,336 $1,967.20 94‐248 476‐401‐006 $63,336 $0 $63,336 $1,967.20 94‐248 476‐401‐007 $63,336 $0 $63,336 $1,967.20 94‐248 476‐401‐008 $63,336 $0 $63,336 $1,967.20 94‐248 476‐401‐009 $63,336 $0 $63,336 $1,967.20 94‐248 476‐401‐010 $63,336 $0 $63,336 $1,967.20 94‐248 476‐401‐011 $63,336 $0 $63,336 $1,967.20 94‐248 476‐410‐001 $63,336 $0 $63,336 $1,967.20 94‐248 476‐410‐002 $63,336 $0 $63,336 $1,967.20 94‐248 476‐410‐003 $63,336 $0 $63,336 $1,967.20 94‐248 476‐410‐004 $63,336 $0 $63,336 $1,967.20 94‐248 476‐410‐005 $63,336 $0 $63,336 $1,967.20 94‐248 476‐410‐006 $63,336 $0 $63,336 $1,967.20 94‐248 476‐410‐007 $63,336 $0 $63,336 $1,967.20 94‐248 476‐410‐008 $63,336 $0 $63,336 $1,967.20 94‐248 476‐410‐009 $63,336 $0 $63,336 $1,967.20 94‐248 476‐410‐010 $63,336 $0 $63,336 $1,967.20 94‐248 476‐410‐011 $63,336 $0 $63,336 $1,967.20 94‐248 476‐410‐012 $63,336 $0 $63,336 $1,967.20 94‐248 476‐410‐013 $63,336 $0 $63,336 $1,967.20 94‐248 476‐410‐014 $63,336 $0 $63,336 $1,967.20 94‐248 476‐410‐015 $63,336 $0 $63,336 $1,967.20 94‐248 476‐410‐016 $63,336 $0 $63,336 $1,967.20 94‐248 EMWD CFD No. 2001‐1, IA‐A French Valley Assessed Values & Taxes 2014‐15

APN Land Value Imp. Value Total Value Prop. Tax Tax Area 476‐410‐017 $63,336 $0 $63,336 $1,967.20 94‐248 1,081 Units Total $86,853,092 $146,617,695 $233,470,787 $4,517,727.46 SUMMARY OF SOLD DWELLINGS (1/1/2015) EMWD CFD No. 2001-1, IA-A French Valley Sales by Year

APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built Horizon @ Morningstar by Standard Pacific Homes 476-131-007 30069-1 291 35042 Knollview Ct John H & Megan E Johnson 3,213 $418,500 $130.25 6/27/2014 239758 10,454 2014 476-132-001 30069-1 333 32634 Quiet Trail Dr Romano Living Trust 3,363 $456,500 $135.74 7/10/2014 256923 7,405 2014 476-121-009 30069-1 294 35073 Knollview Ct Gilbert & Patricia Rivera 3,363 $447,000 $132.92 7/23/2014 274126 8,712 2014 476-131-009 30069-1 293 35070 Knollview Ct Gary S Almeida 2,909 $471,500 $162.08 7/24/2014 276877 12,197 2014 476-121-010 30069-1 295 35059 Knollview Ct Stephan F Eckel 3,213 $448,000 $139.43 9/4/2014 336175 7,841 2014 476-121-011 30069-1 296 35045 Knollview Ct David & Jennifer Ochoa 3,363 $434,000 $129.05 9/12/2014 347511 8,276 2014 476-132-006 30069-1 338 32704 Quiet Trail Dr George I & Deborah Siegenthaler 2,909 $489,500 $168.27 9/18/2014 354682 13,504 2014 476-132-004 30069-1 336 32676 Quiet Trail Dr Ron & Mary Shiwlall 3,213 $377,000 $117.34 9/23/2014 360470 8,276 2014 476-132-008 30069-1 340 32732 Quiet Trail Dr Jennifer Barlock 3,363 $419,000 $124.59 9/26/2014 366988 10,019 2014 476-132-005 30069-1 337 32690 Quiet Trail Dr Antonio Gastelum 3,363 $427,000 $126.97 11/26/2014 453876 13,939 2014 476-120-015 30069-1 272 32529 Presidio Hills Ln William E & Karen M Whitley 2,909 $451,500 $155.21 12/11/2014 474363 9,583 2014 476-120-017 30069-1 274 32501 Presidio Hills Ln John R Boynton 2,909 $479,000 $164.66 12/11/2014 474282 9,148 2014 476-121-001 30069-1 277 32512 Presidio Hills Ln Theodore T Jones 3,369 $414,500 $123.03 12/18/2014 484836 8,712 2014 476-132-002 30069-1 334 32648 Quiet Trail Dr Wayne N Evans 3,213 $386,500 $120.29 12/12/2014 477098 7,405 2014 476-120-019 30069-1 276 32473 Presidio Hills Ln Laura Marmar 3,369 $448,000 $132.98 12/22/2014 488438 9,148 2014 476-132-003 30069-1 335 32662 Quiet Trail Dr Charles E Mcclain 3,363 $394,000 $117.16 12/2/2014 458095 7,841 2014 16 Average 3,213 $435,094 $135.43 9,529

Liberty at Morningstar by Brookfield Homes 476-362-004 30069 61 35331 Mahogany Glen Dr Jay N & Jennifer L Hoffman 3,505 $480,000 $136.95 10/30/2014 412253 14,375 2014 476-362-005 30069 62 35319 Mahogany Glen Dr John & Chandra L Warfield 4,157 $469,600 $112.97 10/30/2014 412258 13,068 2014 476-360-007 30069 28 35340 Mahogany Glen Dr Michael & Amber Newman 4,157 $434,000 $104.40 11/3/2014 417834 8,276 2014 476-360-005 30069 26 35316 Mahogany Glen Dr James & Chanel L Navarro 3,120 $405,000 $129.81 12/8/2014 467659 8,276 2014 476-351-002 30069 71 32848 Tulip Rnch Todd D & Katherine A Baca 4,157 $518,000 $124.61 12/10/2014 472609 11,761 2014 476-362-008 30069 65 32815 Tulip Rnch Shane & Mychelle Manriquez 4,157 $473,600 $113.93 12/12/2014 475170 11,761 2014 476-362-009 30069 66 32805 Tulip Rnch Dorain M & Christopher H Dailey 3,505 $469,500 $133.95 12/22/2014 488400 15,246 2014 476-360-008 30069 29 35352 Mahogany Glen Dr Mark Grasso 3,120 $408,500 $130.93 12/30/2014 491985 8,276 2014 476-360-006 30069 27 35328 Mahogany Glen Dr De La Rosa L & M Living Trust 3,505 $410,000 $116.98 11/26/2014 453983 8,276 2014 9 Average 3,709 $452,022 $121.86 11,035

Sunrise @ Morningstar by Standard Pacific Homes 476-151-003 30069-1 116 32330 Pamilla St Baldomero Rodriguez 2,560 $392,000 $153.13 6/23/2014 229396 7,841 2014 476-151-002 30069-1 115 32316 Pamilla St Stephen M & Stephen M Emerson 2,719 $405,000 $148.95 6/26/2014 237573 7,841 2014 476-151-004 30069-1 117 32344 Pamilla St Troy D & Nancee P Tegeder 2,719 $384,000 $141.23 6/26/2014 237000 7,841 2014 476-150-030 30069-1 112 32319 Pamilla St Steven & Christina Hodgden 2,998 $411,500 $137.26 8/13/2014 307244 8,712 2014 476-150-028 30069-1 110 32347 Pamilla St Joseph K & Dawna L Janssen 2,998 $409,000 $136.42 8/15/2014 311123 8,276 2014 476-151-006 30069-1 119 32372 Pamilla St Ghanayem Therese Trust 2,560 $364,000 $142.19 9/12/2014 346684 8,276 2014 476-150-026 30069-1 108 32375 Pamilla St Galen & Sheryl Gabel 2,560 $389,500 $152.15 9/15/2014 348421 9,148 2014 476-151-005 30069-1 118 32358 Pamilla St Sharon L Mitchell 2,560 $394,500 $154.10 9/16/2014 350415 7,841 2014 476-150-006 30069-1 88 35192 Painted Rock St Stefanie L Richards 2,719 $356,500 $131.11 9/22/2014 358682 7,841 2014 476-150-008 30069-1 90 35220 Painted Rock St David M & Shannon M Perez 2,719 $364,500 $134.06 9/25/2014 365775 7,405 2014 476-150-029 30069-1 111 32333 Pamilla St Stephen D & Cynthia G Evans 2,719 $369,000 $135.71 9/25/2014 365754 8,276 2014 476-150-009 30069-1 91 35234 Painted Rock St Angela N Lindsey 2,998 $374,000 $124.75 9/26/2014 367172 7,405 2014 EMWD CFD No. 2001-1, IA-A French Valley Sales by Year

APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476-150-027 30069-1 109 32361 Pamilla St Erick I Cruz 2,719 $363,000 $133.50 11/10/2014 431693 8,276 2014 476-150-007 30069-1 89 35206 Painted Rock St Adam Engleman 2,998 $356,000 $118.75 11/14/2014 437413 7,405 2014 476-151-001 30069-1 114 32302 Pamilla St Taryn D Williams 2,305 $435,000 $188.72 11/19/2014 442378 7,841 2014 476-150-011 30069-1 93 35262 Painted Rock St Michael V & Cassie Stewart 2,998 $377,000 $125.75 11/24/2014 449963 7,405 2014 476-150-016 30069-1 98 32363 Old Grove Ct Brandon & Nancy Gaona 2,998 $420,500 $140.26 12/4/2014 463285 8,712 2014 476-150-010 30069-1 92 35248 Painted Rock St Arnold E & Marinela D Inguito 2,719 $359,000 $132.03 12/11/2014 473110 7,405 2014 476-150-025 30069-1 107 32374 Old Grove Ct Nicholas A & Carolina Vazquez 2,719 $378,000 $139.02 12/11/2014 474286 9,148 2014 476-150-015 30069-1 97 32377 Old Grove Ct Santos Bruno R S D & Jocelyn R Dos 2,719 $368,000 $135.34 12/19/2014 486925 8,276 2014 476-150-014 30069-1 96 32391 Old Grove Ct Robert Jordan 2,560 $381,000 $148.83 12/30/2014 498259 13,068 2014 476-150-012 30069-1 94 35276 Painted Rock St Thomas E & Sheilah M Haugland 2,560 $410,000 $160.16 12/1/2014 456429 7,405 2014 22 Average 2,733 $384,591 $140.73 8,257

Total Sales Prices: $19,490,700

Summary of 630 Sales within CFD No. 2001-1 476-211-021 29268 21 35445 Ambrosia Dr Carlo & Carmela Ciaramitaro 3,109 $305,000 $98.10 1/29/2014 36499 7,841 2003 476-183-015 29270 61 32080 Fern St Sfr Investments Socal-s Llc 2,947 $333,000 $113.00 3/5/2014 83373 7,841 2003 476-182-009 29270 35 35251 Begonia Ln Richard L & Karen M Lacasse 2,596 $360,000 $138.67 3/7/2014 87356 7,841 2003 476-143-015 29269 142 34918 Wintergrass Ct Christian A & Terry A Langmead 2,180 $319,000 $146.33 3/14/2014 96819 6,534 2003 476-183-010 29270 56 35286 Begonia Ln Rhianna & David Smith 2,784 $329,000 $118.18 4/30/2014 155811 7,405 2003 476-173-025 29269 103 35020 Allium Ln Lara Bova 2,334 $325,000 $139.25 5/9/2014 170970 7,405 2003 476-172-003 29269 33 32109 Rosemary St Scott & Dianne E Precher 2,334 $320,000 $137.10 5/20/2014 183609 8,712 2003 476-183-007 29270 53 35244 Begonia Ln Kyle & Ashly Wilmore 2,947 $348,000 $118.09 6/27/2014 239701 7,405 2003 476-146-010 29269 129 34967 Wintergrass Ct Juan C Quezada 2,000 $308,000 $154.00 8/28/2014 326600 6,534 2003 476-223-006 29268 110 32286 Blazing Star St Chad D & Christie M Jones 3,277 $352,000 $107.42 9/3/2014 332935 8,276 2003 476-183-021 29270 87 35247 Golden Poppy Ct Fuller Family Trust 2,596 $365,000 $140.60 9/12/2014 347871 6,970 2003 476-211-032 29268 32 35401 Daffodil Cir Jeriel D Ramos 3,277 $367,500 $112.15 10/16/2014 393918 9,148 2003 476-142-011 29269 60 32226 Orange Blossom Dr Glenn A & Crystal A Tompkins 2,180 $310,000 $142.20 4/24/2014 150025 7,405 2004 476-173-018 29269 96 32060 Rosemary St Paner Family Trust 2,180 $310,000 $142.20 4/25/2014 150923 6,534 2004 476-182-014 29270 40 35181 Begonia Ln Ximena & Jose Vintimilla 2,947 $340,000 $115.37 5/8/2014 167486 7,841 2004 476-184-001 29270 112 35130 Orchid Dr Lk Ents Llc 2,784 $315,000 $113.15 5/29/2014 197325 8,712 2004 476-194-008 29270 122 32224 Geranium St Lillard Debi Living Trust 2,596 $333,000 $128.27 6/12/2014 215941 10,454 2004 476-202-013 29271 30 32312 Mountain Blue Ct Matthew Lesmeister 3,109 $400,000 $128.66 12/10/2014 472176 10,019 2004 476-194-003 29270 117 35131 Azalea Ln Ocean Ridge Equities Llc 2,784 $385,000 $138.29 12/19/2014 486801 10,019 2004 476-191-002 29270 2 32301 Geranium St Reed & Angela Leitch 2,596 $325,000 $125.19 12/1/2014 455859 9,148 2004 476-120-027 30069-1 310 35124 Lantern Light Dr Solomon & Veronica Petchers 3,409 $346,500 $101.64 3/14/2014 96822 12,197 2006 476-120-024 30069-1 307 35082 Lantern Light Dr Christophe Bach 3,409 $264,000 $77.44 4/18/2014 142074 10,019 2006 476-101-013 30069-1 142 32107 Clear Springs Dr Juan Carrillo 2,946 $359,000 $121.86 6/25/2014 234083 7,405 2006 476-100-037 30069-1 37 32118 Clear Springs Dr Wendy Walton 2,472 $360,000 $145.63 8/18/2014 312545 8,276 2006 476-100-008 30069-1 8 35061 Lost Trail Ct Jason L Sexton 2,946 $353,000 $119.82 8/26/2014 324093 7,405 2006 476-130-009 30069-1 244 35154 Gardenview Ct Lord T L & C 1994 Living Trust 3,180 $450,000 $141.51 9/22/2014 359261 13,504 2006 476-130-007 30069-1 242 35171 Gardenview Ct Sean Sisco 4,107 $499,000 $121.50 10/8/2014 384817 10,019 2006 476-100-057 30069-1 57 35034 Cedar Ridge Ct Heinz-dieter Nuhn 3,108 $348,000 $111.97 11/21/2014 447536 10,890 2006 476-100-068 30069-1 68 35011 Deer Spring Dr Amy Alomar 3,108 $374,000 $120.33 3/17/2014 98060 12,632 2007 EMWD CFD No. 2001-1, IA-A French Valley Sales by Year

APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476-130-011 30069-1 246 35182 Gardenview Ct Lisa Abma-kammert 3,771 $420,000 $111.38 6/6/2014 209475 10,454 2008 476-122-019 30069-1 330 32592 Quiet Trail Dr Antonio & Lashunta Carlton 3,228 $399,000 $123.61 10/6/2014 379869 7,405 2009 476-100-006 30069-1 6 35089 Lost Trail Ct Gersom C & Sarah R Canlas 3,108 $380,000 $122.27 3/12/2014 91607 7,405 2010 32 2,886 $353,188 $122.38 8,739

476-142-002 29269 51 32352 Orange Blossom Dr Dale & Czarina Bautista 2,180 $285,000 $130.73 12/26/2013 595563 7,841 2004 476-161-003 30069-1 204 32531 Marietta Ct Daniel & Rebecca Bosna 2,675 $360,000 $134.58 12/20/2013 590088 10,454 2009 476-201-001 29271 1 35337 Lilac Ln Eric J & Charity L Stear 2,740 $320,000 $116.79 12/20/2013 588781 8,276 2004 476-143-006 29269 67 34949 Viscaria Ct Omar R A Munoz 2,180 $320,000 $146.79 12/17/2013 582542 10,454 2004 476-223-004 29268 108 32314 Blazing Star St Ronaldo D & Frida C Cunanan 2,950 $345,000 $116.95 12/13/2013 579680 8,276 2004 476-122-014 30069-1 325 32522 Quiet Trail Dr Cornelius & Christan Schouten 2,675 $365,000 $136.45 11/18/2013 544053 7,405 2006 476-141-016 29269 16 34957 Allium Ln Dulce A & Justin M Flores 2,180 $286,000 $131.19 11/4/2013 521021 6,970 2003 476-181-001 29270 24 32115 Fern St Mathew A & Abby L Diaquila 2,596 $320,000 $123.27 10/11/2013 490605 9,148 2003 476-173-004 29269 82 32373 Orange Blossom Dr Ruben & Karla Vasquez 2,500 $331,000 $132.40 10/9/2013 486725 6,534 2004 476-192-015 29270 19 35320 Azalea Ln Richard R & Margaret M Kidwell 2,784 $355,000 $127.51 10/3/2013 477079 10,019 2003 476-183-041 29270 107 35207 Orchid Dr George & Kayla Rennie 2,596 $312,500 $120.38 9/30/2013 471600 7,405 2003 476-130-017 30069-1 252 32742 Shadyview St Richard Worcester 3,463 $315,000 $90.96 9/25/2013 462954 11,326 2007 476-202-031 29271 48 32281 Pink Carnation Ct Alonzo & Lourdes E Avery 2,950 $372,000 $126.10 8/29/2013 425247 9,583 2004 476-141-003 29269 3 32156 Orange Blossom Dr Pamela Powers 2,180 $275,000 $126.15 8/13/2013 395182 6,970 2004 476-193-020 29270 83 35268 Golden Poppy Ct Ryan Pennington 2,784 $354,000 $127.16 8/13/2013 395473 17,424 2003 476-171-009 29269 27 32011 Rosemary St Samuel Lee Carlos 2,334 $260,000 $111.40 8/8/2013 388428 8,712 2004 476-212-003 29268 121 32118 Blazing Star St Fidencio Perez 3,109 $346,000 $111.29 8/7/2013 383966 8,276 2003 476-100-051 30069-1 51 35079 Cedar Ridge Ct Charles J & Kay C Straub 2,472 $311,000 $125.81 7/31/2013 369670 7,405 2006 476-173-024 29269 102 35034 Allium Ln Ethan Nguyen 2,500 $300,000 $120.00 7/31/2013 372604 7,405 2003 476-211-030 29268 30 35410 Ambrosia Dr Niklaus L & Aya Vosberg 3,109 $348,000 $111.93 7/29/2013 363332 8,712 2003 476-233-001 29268 103 32398 Blazing Star St Donavan Durbin 3,277 $330,000 $100.70 7/12/2013 337875 9,148 2004 476-120-021 30069-1 304 32469 Quiet Trail Dr Richard & Elmita Pierre 3,208 $367,000 $114.40 7/11/2013 334617 10,454 2007 476-222-022 29268 97 32335 Blazing Star St William & Kelli Norwood 3,109 $305,000 $98.10 7/10/2013 334059 13,504 2004 476-173-021 29269 99 35076 Allium Ln Spencer Heyward 2,180 $270,000 $123.85 7/5/2013 326216 6,970 2004 476-144-008 29269 81 32359 Orange Blossom Dr Joseph U & Kimberly A Rapolla 2,334 $260,000 $111.40 6/28/2013 312671 6,534 2004 476-193-017 29270 80 35212 Golden Poppy Ct Eric C Fortner 2,784 $330,000 $118.53 6/28/2013 311194 9,148 2003 476-100-003 30069-1 3 35131 Lost Trail Ct Brian H & Helen R Hess 3,108 $397,500 $127.90 6/18/2013 288946 7,405 2006 476-143-007 29269 68 34963 Viscaria Ct Blasic K B & K N Living Trust 2,334 $290,000 $124.25 6/7/2013 273691 7,841 2004 476-145-007 29269 111 34997 Dogwood Ct Christian Gaitan Rivera 2,180 $265,000 $121.56 5/30/2013 256832 6,534 2003 476-141-011 29269 11 32044 Orange Blossom Dr Lisa Lakin 2,000 $265,000 $132.50 5/17/2013 237352 6,534 2003 476-221-004 29268 47 32115 Daisy Dr Brian L Sorensen 2,950 $325,000 $110.17 5/14/2013 229270 9,583 2003 476-173-028 29269 113 35025 Dogwood Ct Edward Allen Powell 2,000 $223,000 $111.50 4/30/2013 202885 7,841 2003 476-101-009 30069-1 138 32163 Clear Springs Dr Diane Lee Patrick 2,472 $296,000 $119.74 4/25/2013 196558 7,405 2006 476-202-028 29271 45 32337 Pink Carnation Ct Brian D Berg 2,950 $320,000 $108.47 4/22/2013 188569 16,117 2004 476-173-015 29269 92 32116 Rosemary St Timothy J & Pamela J Ultican 2,000 $265,000 $132.50 4/19/2013 185019 7,405 2003 476-193-006 29270 69 35243 Azalea Ln Steve Mahoney 2,596 $302,500 $116.53 4/19/2013 186638 7,405 2004 476-100-036 30069-1 36 32104 Clear Springs Dr Salvatore & Pasqualina Aiello 2,802 $345,000 $123.13 4/12/2013 174282 7,841 2006 476-221-015 29268 58 32269 Daisy Dr Daniel Jay Fanolla 3,109 $330,000 $106.14 4/12/2013 174226 7,841 2003 476-122-006 30069-1 317 35015 Lantern Light Dr Chadd E Creed 3,687 $316,000 $85.71 4/4/2013 161470 8,276 2006 EMWD CFD No. 2001-1, IA-A French Valley Sales by Year

APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476-183-009 29270 55 35272 Begonia Ln Beazer Pre Owned Homes 2,947 $275,000 $93.32 3/29/2013 151799 6,970 2003 476-101-008 30069-1 137 32177 Clear Springs Dr Philip I Meza 2,946 $275,000 $93.35 3/25/2013 142874 7,405 2006 476-171-008 29269 26 35097 Allium Ln Rosario C Zamorano 2,500 $293,000 $117.20 3/18/2013 130008 13,939 2003 476-172-017 29269 47 32408 Orange Blossom Dr Denis M & Mary Jane Curley 2,334 $265,000 $113.54 3/7/2013 112159 9,583 2004 476-232-009 29268 99 32363 Blazing Star St Denis M & Mary J Curley 2,740 $310,000 $113.14 3/6/2013 111522 12,197 2004 476-130-023 30069-1 258 32725 Presidio Hills Ln Teresa Hyde 3,980 $320,000 $80.40 3/5/2013 107962 16,553 2007 476-172-013 29269 43 32263 Rosemary St Jeffrey & Rozina Crothers 2,000 $235,000 $117.50 2/28/2013 100597 8,276 2004 476-193-007 29270 70 35229 Azalea Ln Joel M & Teresa K Cederlind 2,947 $321,000 $108.92 2/28/2013 101438 7,405 2004 476-192-016 29270 20 32171 Fern St Mostefa & Fonxia Derraz Krifah 2,947 $280,000 $95.01 2/13/2013 76359 15,682 2003 476-201-007 29271 7 35253 Lilac Ln Todd & Charlene Gapen 2,950 $243,500 $82.54 2/7/2013 68462 7,841 2004 476-191-004 29270 4 32273 Geranium St Beazer Pre Owned Homes 2,784 $280,000 $100.57 1/30/2013 52401 8,276 2004 476-192-017 29270 21 32157 Fern St Anthony & Tanya Valade 2,596 $246,000 $94.76 1/15/2013 23835 10,019 2003 51 Average 2,700 $306,392 $113.47 9,148 476-146-001 29269 120 34990 Dogwood Ct Miguel Cliff Gonzalez 2,334 $200,000 $85.69 12/27/2012 632000 6,970 2003 476-111-027 30069-1 174 35064 Deer Spring Dr Bryant & Jessica A Briones 3,108 $284,000 $91.38 11/28/2012 575651 7,405 2007 476-100-018 30069-1 18 32130 Old Country Ct Marianne & Tracy Yeager 2,472 $146,000 $59.06 11/27/2012 570594 7,405 2006 476-122-021 30069-1 332 32620 Quiet Trail Dr Darryl Maurice & Patricia Ann Taylor 3,687 $370,000 $100.35 10/30/2012 519796 6,970 2009 476-183-030 29270 96 35186 Orchid Dr Eliane Hiroko K Chan 2,596 $265,000 $102.08 10/29/2012 515542 7,841 2003 476-122-002 30069-1 313 35071 Lantern Light Dr Colette & Zarif Tariqi 3,228 $297,000 $92.01 10/25/2012 510451 7,405 2006 476-211-009 29268 9 35447 Calendula Cir Regan Carol A Living Trust 2,740 $239,000 $87.23 10/17/2012 496782 7,405 2004 476-142-005 29269 54 32310 Orange Blossom Dr Brett J & Kerri A Keller 2,000 $183,500 $91.75 10/12/2012 489260 7,841 2004 476-201-002 29271 2 35323 Lilac Ln Russell L Medina 3,109 $273,000 $87.81 10/10/2012 483838 7,405 2004 476-173-034 29269 119 35004 Dogwood Ct Glen L & Monika G Stewart 2,000 $190,000 $95.00 10/4/2012 475802 6,970 2003 476-100-059 30069-1 59 35062 Cedar Ridge Ct Greg & Peri L Leewaye 2,472 $240,000 $97.09 9/24/2012 453395 7,841 2006 476-193-001 29270 64 32136 Fern St Elizabeth Jane Jensen 2,596 $255,000 $98.23 9/24/2012 453932 9,148 2003 476-182-001 29270 27 32045 Fern St Kamran Ghoreishi 2,947 $230,000 $78.05 9/17/2012 442592 8,276 2003 476-202-004 29271 21 32314 Poinsettia Ct Alicia Meier 2,740 $265,000 $96.72 9/14/2012 439806 16,117 2004 476-202-001 29271 18 32258 Poinsettia Ct Leonardo F & Melissa M Martinez 3,109 $295,000 $94.89 9/13/2012 436624 8,276 2004 476-192-001 29270 5 35124 Azalea Ln Stacey Morgan 2,596 $241,000 $92.84 9/11/2012 432738 11,761 2004 476-161-008 30069-1 209 32601 Marietta Ct Fred & Loralyn Willis 3,357 $375,000 $111.71 9/7/2012 426569 14,375 2006 476-192-009 29270 13 35236 Azalea Ln Michael John & Kathryn J Dellavecchia 2,596 $240,000 $92.45 9/6/2012 425752 7,841 2004 476-352-010 30069 91 32738 Presidio Hills Ln Craig L & Kathleen C Herman 4,100 $401,500 $97.93 8/30/2012 415431 18,295 2007 476-212-002 29268 120 32132 Blazing Star St John M Cobb 2,740 $238,000 $86.86 8/24/2012 405818 8,276 2003 476-100-038 30069-1 38 32132 Clear Springs Dr Gary Tuttle 3,108 $250,000 $80.44 8/23/2012 403660 8,712 2006 476-142-003 29269 52 32338 Orange Blossom Dr Alvin & Michelle Thompson 2,500 $278,000 $111.20 8/15/2012 389690 7,405 2004 476-101-015 30069-1 144 32079 Clear Springs Dr Eugene & Lavonda Hays 2,472 $225,000 $91.02 8/3/2012 368717 7,405 2006 476-211-038 29268 38 35478 Daffodil Cir Tracy O & Maria J Mccluan 3,109 $290,000 $93.28 7/24/2012 347052 19,166 2003 476-172-001 29269 31 32081 Rosemary St Jennifer A Miller 2,000 $241,000 $120.50 7/20/2012 340689 9,148 2003 476-111-025 30069-1 172 32245 Honeybee Dr Raymundo R Lopez 3,108 $289,000 $92.99 7/16/2012 331037 11,326 2007 476-141-012 29269 12 32030 Orange Blossom Dr George & Sheri Dawn Reyes 2,500 $252,000 $100.80 7/2/2012 307104 6,534 2003 476-142-009 29269 58 32254 Orange Blossom Dr Vanessa & Amador M Madriaga 2,334 $221,500 $94.90 6/29/2012 303784 7,405 2004 476-144-001 29269 74 34998 Viscaria Ct Isabel Marie Marion 2,180 $240,000 $110.09 6/22/2012 288456 8,712 2004 476-222-014 29268 89 32223 Blazing Star St Helio Jose & Kelly Dawn Hernandez 3,277 $290,000 $88.50 6/22/2012 289414 11,761 2003 476-101-012 30069-1 141 32121 Clear Springs Dr Li He 3,108 $260,000 $83.66 6/15/2012 276529 7,405 2006 EMWD CFD No. 2001-1, IA-A French Valley Sales by Year

APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476-194-006 29270 120 32196 Geranium St Kevin Lee & Denise L Scott 2,784 $240,000 $86.21 6/13/2012 273041 9,583 2004 476-100-053 30069-1 53 35051 Cedar Ridge Ct Sergio Valenzuela Ramirez 2,946 $251,000 $85.20 6/5/2012 258858 8,276 2006 476-202-009 29271 26 32265 Poinsettia Ct Manuel Sanchez Garcia 2,740 $280,000 $102.19 5/30/2012 248754 7,841 2004 476-183-014 29270 60 32066 Fern St James R Everette 2,784 $240,000 $86.21 5/25/2012 243563 7,841 2003 476-192-011 29270 15 35264 Azalea Ln Jeremiah & Tutti Layman 2,947 $325,000 $110.28 5/15/2012 224697 7,841 2004 476-100-064 30069-1 64 35067 Deer Spring Dr Christopher & Charisse Young 2,946 $263,000 $89.27 5/11/2012 219164 7,405 2007 476-130-013 30069-1 248 32686 Shadyview St Gary V & Kathleen A Lombardi 3,180 $297,000 $93.40 4/30/2012 196752 13,939 2007 476-222-001 29268 76 32304 Daisy Dr Lucy G Lane 3,109 $318,000 $102.28 4/27/2012 190647 8,276 2003 476-202-030 29271 47 32295 Pink Carnation Ct Evan M Price 2,740 $260,000 $94.89 4/23/2012 184018 8,712 2004 476-141-017 29269 17 34971 Allium Ln James D Martin 2,334 $210,000 $89.97 4/13/2012 169068 6,970 2003 476-231-004 29268 63 32339 Daisy Dr Calvin F & Winalyn Peters 3,109 $274,000 $88.13 3/29/2012 145269 8,712 2003 476-141-002 29269 2 32170 Orange Blossom Dr Daniel Santiago 2,500 $250,000 $100.00 3/23/2012 135870 6,970 2004 476-146-011 29269 130 34981 Wintergrass Ct Tina Seneff 2,180 $210,000 $96.33 3/20/2012 128167 7,405 2003 476-211-035 29268 35 35443 Daffodil Cir Richard L & Linda A Gordon 2,740 $262,500 $95.80 3/9/2012 111172 10,890 2003 476-160-002 30069-1 188 35127 Lantern Light Dr Travis L Holt 3,687 $299,000 $81.10 3/8/2012 107770 9,583 2006 476-122-013 30069-1 324 32508 Quiet Trail Dr David L & Maria Morrell 3,228 $239,500 $74.19 3/6/2012 100536 7,405 2006 476-143-011 29269 138 34974 Wintergrass Ct Joshua John Campbell 2,334 $239,000 $102.40 3/2/2012 96355 6,534 2003 476-122-009 30069-1 320 32452 Quiet Trail Dr Emmanuel G & Glenda G Butiu 3,409 $265,000 $77.74 2/29/2012 90244 8,712 2006 476-202-012 29271 29 32298 Mountain Blue Ct Williams Cherelle L Peters 3,277 $255,500 $77.97 2/17/2012 74489 9,148 2004 476-173-003 29269 73 35012 Viscaria Ct Mary Martha Eastham 2,000 $200,000 $100.00 2/15/2012 68472 13,504 2004 476-232-011 29268 101 32391 Blazing Star St Janice L Wozny 3,109 $257,000 $82.66 2/10/2012 62846 10,890 2004 476-173-032 29269 117 35032 Dogwood Ct David R & Kim Jamie Obrien 2,180 $199,000 $91.28 1/17/2012 19638 10,454 2003 476-101-014 30069-1 143 32093 Clear Springs Dr Brian Hines 3,108 $271,500 $87.36 1/4/2012 2436 7,405 2006 54 Average 2,807 $258,713 $92.16 9,131

476-171-012 29269 30 32053 Rosemary St Marcus J Decker 2,000 $195,000 $97.50 12/23/2011 569231 6,970 2004 476-172-012 29269 42 32249 Rosemary St Heidi S Shank 2,180 $230,000 $105.50 12/13/2011 549938 7,841 2003 476-173-020 29269 98 32032 Rosemary St Maximo Ting & Sonia A Leach 2,334 $210,000 $89.97 12/2/2011 533042 7,405 2004 476-202-007 29271 24 32293 Poinsettia Ct Clel Edward & Susan Kay Ramsey 2,740 $256,000 $93.43 11/18/2011 514565 9,148 2004 476-221-011 29268 54 32213 Daisy Dr Ronald Duane & Rachel Ulery 2,950 $327,000 $110.85 10/18/2011 457811 7,841 2003 476-141-018 29269 18 34985 Allium Ln Eligah Mcghee 2,500 $265,000 $106.00 10/5/2011 440588 6,970 2003 476-143-012 29269 139 34960 Wintergrass Ct Michael Angelo & Josibel J Maamo 2,500 $235,000 $94.00 9/23/2011 424310 6,534 2003 476-211-029 29268 29 35424 Ambrosia Dr Bobby R & Marcia R Mullins 2,950 $240,000 $81.36 9/21/2011 418592 9,148 2003 476-122-007 30069-1 318 35001 Lantern Light Dr Michael A Sunseri 3,409 $289,000 $84.78 9/19/2011 413387 12,197 2006 476-183-025 29270 91 35191 Golden Poppy Ct Jason & Alyse L Ruiz 2,947 $330,000 $111.98 9/13/2011 405475 7,405 2003 476-101-001 30069-1 130 32275 Clear Springs Dr Lesbiz Waldina Tovar 3,108 $255,000 $82.05 9/9/2011 400801 8,276 2007 476-100-029 30069-1 29 32049 Old Country Ct Andrew D & Andrea E Zaragoza 2,472 $253,000 $102.35 9/1/2011 388336 8,712 2006 476-143-010 29269 137 34988 Wintergrass Ct David & Kabarielle D Anderson 2,500 $230,000 $92.00 8/31/2011 387959 6,970 2003 476-184-003 29270 114 32098 Jasper St Green Family Trust 2,596 $280,000 $107.86 8/31/2011 386653 15,246 2003 476-173-036 29269 132 35009 Wintergrass Ct John M & Donna J Fuller 2,180 $205,000 $94.04 8/26/2011 380402 8,712 2003 476-192-018 29270 22 32143 Fern St Robert & Julie Kay Menchaca 2,947 $265,000 $89.92 8/9/2011 348014 8,712 2005 476-221-009 29268 52 32185 Daisy Dr Frank Romero 3,109 $307,500 $98.91 6/16/2011 265593 8,276 2003 476-223-001 29268 105 32370 Blazing Star St Daniel W Chu 3,109 $260,000 $83.63 6/14/2011 262633 8,276 2004 EMWD CFD No. 2001-1, IA-A French Valley Sales by Year

APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476-222-017 29268 92 32265 Blazing Star St Eugene & Norma Lambert 2,950 $248,000 $84.07 6/2/2011 242748 13,068 2003 476-120-022 30069-1 305 35054 Lantern Light Dr Anthony R Rubalcaba 2,675 $269,000 $100.56 5/20/2011 223708 10,454 2006 476-146-009 29269 128 34953 Wintergrass Ct Leticia Jimenez 2,334 $210,000 $89.97 5/19/2011 221652 6,534 2003 476-101-011 30069-1 140 32135 Clear Springs Dr Christopher Michael & Theresa Ann Baker 2,802 $250,000 $89.22 4/29/2011 187728 7,405 2006 476-201-013 29271 13 35169 Lilac Ln 2013-1 Ih Borrower Lp 2,740 $325,550 $118.81 4/25/2011 181146 8,276 2004 476-141-007 29269 7 32100 Orange Blossom Dr Fred W Ingram 2,000 $198,000 $99.00 4/20/2011 174899 6,534 2003 476-144-003 29269 76 34942 Viscaria Ct Erik Gabriel Dobberstein 2,334 $233,000 $99.83 4/13/2011 162557 9,148 2004 476-194-010 29270 124 32252 Geranium St Jojo G & Venua M Marin 2,947 $255,000 $86.53 4/13/2011 162909 9,148 2004 476-202-005 29271 22 32328 Poinsettia Ct Peter & Melissa Littlefield 3,277 $320,000 $97.65 4/1/2011 145352 16,117 2004 476-211-001 29268 1 32062 Blazing Star St Garrett Marsh 3,277 $280,000 $85.44 3/29/2011 136940 7,841 2004 476-232-012 29268 102 32405 Blazing Star St Robert & Diane Reece 2,740 $250,000 $91.24 3/14/2011 114389 10,890 2004 476-101-018 30069-1 147 32037 Clear Springs Dr Roberto A & Geraldine A Deleon 2,472 $258,000 $104.37 3/11/2011 111829 7,841 2010 476-183-011 29270 57 35300 Begonia Ln Maria Eugenia & Paul Massillon Pierre 2,784 $255,000 $91.59 3/11/2011 112280 8,712 2003 476-211-037 29268 37 35471 Daffodil Cir Mark R & Jeanne Adams 3,277 $295,000 $90.02 3/11/2011 112932 15,246 2003 476-223-012 29268 116 32188 Blazing Star St Scott Philippbar 2,950 $262,500 $88.98 2/28/2011 90432 8,712 2003 476-173-022 29269 100 35062 Allium Ln Ronald C & Cheryl L Every 2,500 $260,000 $104.00 2/25/2011 88129 6,970 2004 476-223-008 29268 112 32244 Blazing Star St Patrick S & Kathryn G Falsetto 3,109 $250,000 $80.41 2/16/2011 72848 8,712 2003 476-110-001 30069-1 69 32242 Honeybee Dr Ernest Pressley 3,171 $275,000 $86.72 2/14/2011 70363 8,276 2006 476-222-018 29268 93 32279 Blazing Star St Luis A & Angelina Michele Reis 2,740 $285,000 $104.01 2/2/2011 51615 12,632 2003 476-171-010 29269 28 32025 Rosemary St Suzanne Stopher 2,500 $240,000 $96.00 1/28/2011 45285 6,534 2004 476-182-008 29270 34 35265 Begonia Ln Jeanette L & Russell H Segel 2,784 $267,000 $95.91 1/28/2011 46646 7,841 2003 476-130-022 30069-1 257 32739 Presidio Hills Ln Melina Serna 3,980 $330,000 $82.91 1/27/2011 42624 14,810 2007 476-222-016 29268 91 32251 Blazing Star St Nathan & Kimberly Wald 3,277 $310,000 $94.60 1/26/2011 41699 12,632 2003 476-184-002 29270 113 35116 Orchid Dr Christopher & Sandra B Greer 2,947 $260,000 $88.23 1/4/2011 3278 10,019 2004 42 Average 2,788 $262,346 $94.10 9,262

476-194-011 29270 125 32266 Geranium St Wade A York 2,784 $269,000 $96.62 12/30/2010 627674 9,148 2004 476-221-014 29268 57 32255 Daisy Dr Richard & Cheryl B Orona 3,277 $290,000 $88.50 12/29/2010 623713 7,405 2003 476-122-010 30069-1 321 32466 Quiet Trail Dr Brian Doyle 3,687 $335,000 $90.86 12/23/2010 616541 7,841 2006 476-223-010 29268 114 32216 Blazing Star St Alen Nabil Jarjis 3,109 $292,500 $94.08 12/2/2010 576892 9,148 2003 476-100-025 30069-1 25 32105 Old Country Ct Nancy Jean Scholink 2,946 $336,000 $114.05 11/24/2010 566774 10,019 2006 476-211-043 29268 43 35408 Daffodil Cir Damon M Duclayan 2,740 $289,000 $105.47 10/29/2010 521322 11,761 2003 476-130-024 30069-1 259 32711 Presidio Hills Ln Daniel D Mendiola 3,463 $305,000 $88.07 10/21/2010 504247 16,553 2007 476-194-012 29270 126 32280 Geranium St John Kupsh 2,596 $255,000 $98.23 10/14/2010 492643 11,761 2004 476-173-023 29269 101 35048 Allium Ln Richard W & Megan M Long 2,000 $215,000 $107.50 10/1/2010 472646 7,405 2004 476-192-003 29270 7 35152 Azalea Ln Jeffery S Hartsuyker 2,784 $315,000 $113.15 9/15/2010 441586 9,583 2004 476-100-002 30069-1 2 35145 Lost Trail Ct Tracey L Stjulien 2,472 $340,000 $137.54 9/10/2010 434572 7,405 2006 476-100-007 30069-1 7 35075 Lost Trail Ct Rosalie Demarco 2,472 $310,000 $125.40 8/31/2010 417776 7,405 2010 476-193-011 29270 74 35173 Azalea Ln Christopher L & Melissa M Hawley 2,784 $263,000 $94.47 8/11/2010 376758 7,405 2004 476-232-003 29268 71 32374 Daisy Dr Robert Elie 2,740 $260,000 $94.89 8/11/2010 375973 8,712 2003 476-232-008 29268 98 32349 Blazing Star St Jose A & Elidia T Quijas 3,277 $293,000 $89.41 8/9/2010 372129 13,068 2004 476-100-004 30069-1 4 35117 Lost Trail Ct Gregory L & Alane C Flores 2,946 $353,000 $119.82 7/30/2010 357164 7,405 2006 476-183-031 29270 97 35200 Orchid Dr Kristopher Allen & Amy Noel Puffer 2,947 $240,000 $81.44 7/29/2010 355014 7,841 2003 EMWD CFD No. 2001-1, IA-A French Valley Sales by Year

APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476-211-013 29268 13 35482 Calendula Cir Calvin W Means 2,950 $295,000 $100.00 7/22/2010 342924 14,375 2004 476-100-023 30069-1 23 32133 Old Country Ct Darryl A & Romelda J Anderson 3,108 $285,000 $91.70 7/20/2010 338928 7,841 2006 476-232-005 29268 73 32346 Daisy Dr Ray Family Trust 3,109 $260,000 $83.63 7/16/2010 335252 8,276 2003 476-101-017 30069-1 146 32051 Clear Springs Dr Steven L Vigo 2,946 $308,000 $104.55 7/15/2010 331311 6,970 2010 476-142-004 29269 53 32324 Orange Blossom Dr Michael R Leer 2,334 $273,000 $116.97 7/13/2010 326390 7,841 2004 476-172-004 29269 34 32123 Rosemary St Travis & Jessica Mitchell 2,500 $229,000 $91.60 7/9/2010 322136 9,583 2003 476-100-055 30069-1 55 35023 Cedar Ridge Ct Timothy M & Zulema Rios 3,108 $336,000 $108.11 6/30/2010 306794 11,761 2006 476-100-001 30069-1 1 35159 Lost Trail Ct Julio & Rocio Arana 3,172 $334,000 $105.30 6/18/2010 282521 7,841 2010 476-141-013 29269 13 32016 Orange Blossom Dr Grant Lee & Sandy H Canfield 2,180 $206,000 $94.50 6/18/2010 282429 6,098 2003 476-231-006 29268 65 32367 Daisy Dr Brandon Cox 3,109 $328,000 $105.50 6/18/2010 281913 8,712 2003 476-192-006 29270 10 35194 Azalea Ln Yanik D & Melanie M Gozlan 2,784 $252,000 $90.52 6/15/2010 273816 8,712 2004 476-350-010 30069 10 35112 Mahogany Glen Dr Daisy C Philbrook 3,463 $309,000 $89.23 6/3/2010 255126 8,712 2007 476-193-003 29270 66 35285 Azalea Ln Ronnie L & Kimberley C Vidaurri 2,947 $272,000 $92.30 5/27/2010 245203 7,841 2003 476-100-005 30069-1 5 35103 Lost Trail Ct Edwin S & Lilia R Ward 3,171 $375,000 $118.26 5/21/2010 237033 7,405 2006 476-173-012 29269 90 32172 Rosemary St Yesenia Galeasquezada 2,180 $223,000 $102.29 4/23/2010 188333 7,405 2003 476-100-009 30069-1 9 35047 Lost Trail Ct Fernando R & Evelyn E Rocillo 3,172 $338,000 $106.56 4/16/2010 175549 7,405 2006 476-100-016 30069-1 16 35072 Lost Trail Ct Jeffrey Chapin 3,172 $339,000 $106.87 4/16/2010 176392 9,583 2006 476-100-010 30069-1 10 35033 Lost Trail Ct Lorraine P Molina 3,108 $342,000 $110.04 4/15/2010 172527 10,019 2006 476-100-011 30069-1 11 35019 Lost Trail Ct Randy Scott & Ursula Rauch Little 2,472 $320,000 $129.45 4/9/2010 164520 11,326 2006 476-211-023 29268 23 35473 Ambrosia Dr Venson L & Marcel S Gourd 3,277 $255,000 $77.82 4/8/2010 161516 9,583 2003 476-100-056 30069-1 56 35020 Cedar Ridge Ct Stephen F & Mariana M Krueger 2,946 $350,000 $118.81 3/31/2010 146898 13,068 2006 476-100-014 30069-1 14 35044 Lost Trail Ct Noel P Daoang 3,108 $333,000 $107.14 3/30/2010 142296 8,276 2006 476-350-004 30069 4 35040 Mahogany Glen Dr Christina E & Edward Alvarez 4,100 $330,000 $80.49 3/12/2010 115807 14,375 2007 476-100-013 30069-1 13 35030 Lost Trail Ct Joseph W Davis 3,172 $341,000 $107.50 3/3/2010 96615 10,454 2006 476-183-020 29270 86 35261 Golden Poppy Ct Bryan & Gina Williams 2,947 $268,500 $91.11 2/26/2010 88424 7,405 2003 476-172-009 29269 39 32207 Rosemary St Mary Louise & Jack Obrien 2,500 $230,000 $92.00 2/25/2010 86955 7,405 2003 476-173-005 29269 83 32387 Orange Blossom Dr Natalie Herman 2,000 $244,000 $122.00 2/23/2010 80121 6,534 2004 476-100-015 30069-1 15 35058 Lost Trail Ct Ramchand P & Zarina S Deguzman 3,172 $336,000 $105.93 2/11/2010 65708 9,148 2006 476-182-017 29270 43 32014 Jasper St Gail Ann Feeley 2,784 $240,000 $86.21 2/10/2010 61717 12,197 2003 476-171-006 29269 24 35069 Allium Ln John K & Mercedita Gorman 2,180 $215,000 $98.62 1/29/2010 41552 6,534 2003 476-100-012 30069-1 12 35016 Lost Trail Ct Catherine N Devine 2,946 $340,000 $115.41 1/28/2010 37226 11,326 2006 48 Average 2,899 $293,063 $101.10 9,247

476-122-020 30069-1 331 32606 Quiet Trail Dr Ronald & Cynthia L Bazard 3,196 $324,000 $101.38 12/31/2009 672200 6,970 2009 476-161-006 30069-1 207 32573 Marietta Ct Ronald G & Dolores Palumbo 2,675 $375,000 $140.19 12/30/2009 667670 13,939 2006 476-223-013 29268 117 32174 Blazing Star St Santillo Ivan & Santillo Kathryn Saxey 3,277 $261,500 $79.80 12/29/2009 665267 8,712 2003 476-161-009 30069-1 210 32598 Marietta Ct Anthony C Ciuffo 3,409 $470,909 $138.14 12/21/2009 653265 14,375 2006 476-172-005 29269 35 32137 Rosemary St Norrid Lisa Marie Living Trust 2,334 $223,000 $95.54 12/17/2009 649542 9,148 2003 476-161-005 30069-1 206 32559 Marietta Ct Brian & Lisa Hardin 3,687 $370,000 $100.35 12/10/2009 635454 18,731 2009 476-101-002 30069-1 131 32261 Clear Springs Dr Gregory W & Kathie L Brzycki 2,472 $305,000 $123.38 12/4/2009 626479 7,841 2007 476-161-004 30069-1 205 32545 Marietta Ct John Warren Avery 3,409 $355,000 $104.14 12/2/2009 619899 14,375 2009 476-173-009 29269 87 32214 Rosemary St Ryan Wayne Romaine 2,500 $230,000 $92.00 12/1/2009 617149 6,534 2003 476-161-002 30069-1 203 32517 Marietta Ct Franklin B & Glenda L Vialva 3,670 $366,000 $99.73 11/20/2009 603776 10,454 2009 EMWD CFD No. 2001-1, IA-A French Valley Sales by Year

APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476-161-011 30069-1 212 32556 Marietta Ct Donald A & Elaine M Mccallen 3,228 $365,000 $113.07 11/20/2009 603542 17,424 2009 476-111-031 30069-1 178 32272 Clear Springs Dr Christina C & Harold A Breeden 3,108 $326,000 $104.89 11/13/2009 589327 7,841 2007 476-161-001 30069-1 202 32503 Marietta Ct David L & Cheryl A Whitfield 2,675 $315,000 $117.76 11/13/2009 589810 11,326 2009 476-161-007 30069-1 208 32587 Marietta Ct Gary & Sandra Lee Spallino 2,522 $395,000 $156.62 11/6/2009 576361 11,761 2006 476-111-030 30069-1 177 32258 Clear Springs Dr Glenn O & Angela P Ryberg 2,472 $310,000 $125.40 10/30/2009 563783 8,712 2007 476-141-004 29269 4 32142 Orange Blossom Dr Troy Shields 2,334 $250,000 $107.11 10/27/2009 552564 6,970 2003 476-141-010 29269 10 32058 Orange Blossom Dr Robert & Adelina Medford 2,334 $240,000 $102.83 10/26/2009 551273 6,534 2003 476-221-006 29268 49 32143 Daisy Dr Susan Barbara Paredes 2,740 $305,000 $111.31 10/23/2009 549918 14,375 2003 476-111-033 30069-1 180 32300 Clear Springs Dr Sharla R Peterson-shirley 3,171 $321,000 $101.23 10/16/2009 537296 7,841 2007 476-161-010 30069-1 211 32584 Marietta Ct David M & Edina D Wright 3,687 $400,000 $108.49 10/16/2009 536069 12,197 2006 476-111-032 30069-1 179 32286 Clear Springs Dr Ware R W & T M Family Trust 2,946 $318,000 $107.94 9/25/2009 498686 7,405 2007 476-182-003 29270 29 32017 Fern St Bryan W Diehm 2,596 $228,000 $87.83 9/25/2009 499447 9,148 2003 476-122-008 30069-1 319 32438 Quiet Trail Dr William James & Chrisann Landgraf 2,675 $245,000 $91.59 9/23/2009 494541 13,068 2006 476-141-001 29269 1 32184 Orange Blossom Dr Michael R Endy 2,000 $205,000 $102.50 9/23/2009 493607 7,405 2004 476-172-014 29269 44 32277 Rosemary St Jose Robles 2,334 $248,000 $106.26 8/31/2009 454502 9,148 2004 476-182-015 29270 41 35167 Begonia Ln Walter & Ann Brenkus 2,596 $240,000 $92.45 8/21/2009 437932 7,841 2004 476-101-016 30069-1 145 32065 Clear Springs Dr Lili Zhao 2,802 $230,000 $82.08 7/29/2009 395274 6,970 2006 476-222-012 29268 87 32195 Blazing Star St Mark A & Julie Lakatos 3,109 $245,000 $78.80 7/29/2009 395470 11,326 2003 476-121-015 30069-1 300 32539 Quiet Trail Dr Anthony J Warren 3,409 $334,000 $97.98 7/24/2009 386499 9,148 2007 476-145-004 29269 108 34941 Dogwood Ct Eric J & Elaine R Burkholder 2,334 $205,000 $87.83 7/15/2009 365429 6,970 2003 476-121-014 30069-1 299 32553 Quiet Trail Dr Kurstan I & Kenneth Olaso 3,228 $320,000 $99.13 7/10/2009 358599 13,504 2008 476-122-015 30069-1 326 32536 Quiet Trail Dr Glen Marcos A Aguilus 3,114 $303,000 $97.30 7/8/2009 350342 7,405 2006 476-144-004 29269 77 34928 Viscaria Ct Richarde & Margarita Espinoza 2,500 $185,000 $74.00 6/26/2009 329426 7,405 2004 476-172-007 29269 37 32165 Rosemary St Russel K & Viravine Vanny 2,500 $195,000 $78.00 6/26/2009 326351 6,970 2003 476-111-029 30069-1 176 32244 Clear Springs Dr Sonia M Gomez 3,171 $325,000 $102.49 6/19/2009 314110 9,148 2007 476-101-004 30069-1 133 32233 Clear Springs Dr Jim Oneill 3,108 $310,000 $99.74 6/12/2009 301820 7,405 2007 476-122-017 30069-1 328 32564 Quiet Trail Dr Robert C & Michele Renee Patterson 3,409 $345,000 $101.20 6/12/2009 302076 6,970 2008 476-101-003 30069-1 132 32247 Clear Springs Dr James M & Anna A Maxwell 2,946 $307,000 $104.21 5/29/2009 273790 7,841 2007 476-122-016 30069-1 327 32550 Quiet Trail Dr Richard Profeta & Rosemarie T Olaes 3,687 $325,000 $88.15 5/29/2009 273641 7,405 2008 476-122-018 30069-1 329 32578 Quiet Trail Dr Kyle Andrew & Courtnie Danelle Wallace 3,409 $310,000 $90.94 5/29/2009 273639 6,970 2008 476-173-007 29269 85 32242 Rosemary St Brian E & Maretta A Johnson 2,334 $240,000 $102.83 5/29/2009 273697 6,534 2003 476-141-005 29269 5 32128 Orange Blossom Dr Elizabeth Squires 2,500 $247,500 $99.00 5/22/2009 259883 6,098 2003 476-183-035 29270 101 35270 Orchid Dr Mark & Cynthia L Spaargaren 2,784 $250,000 $89.80 5/22/2009 261606 16,553 2003 476-211-018 29268 18 35403 Ambrosia Dr Joshuah T Horvath 3,109 $250,000 $80.41 5/22/2009 259114 7,841 2003 476-100-062 30069-1 62 35095 Deer Spring Dr Edgardo San Pascual 3,108 $320,000 $102.96 5/21/2009 256926 7,841 2007 476-223-005 29268 109 32300 Blazing Star St Treneil L Smith 3,109 $250,000 $80.41 5/15/2009 246262 8,276 2004 476-211-025 29268 25 35480 Ambrosia Dr George Habib 3,109 $240,000 $77.20 5/12/2009 237695 16,117 2003 476-130-010 30069-1 245 35168 Gardenview Ct Bud George & Katherine Hamilton Hood 4,250 $363,000 $85.41 4/17/2009 188827 17,424 2008 476-202-023 29271 40 32288 Pink Carnation Ct Christopher G & Lilac N Stahley 3,277 $255,000 $77.82 4/14/2009 182507 10,019 2004 476-160-001 30069-1 187 35113 Lantern Light Dr Jeri Price Smith 2,675 $252,500 $94.39 4/3/2009 165226 10,019 2006 476-233-002 29268 104 32384 Blazing Star St David & Laura Trujillo 2,740 $240,000 $87.59 4/3/2009 165032 9,148 2004 476-120-026 30069-1 309 35110 Lantern Light Dr Alfred D & Angelita A Deguzman 3,228 $325,000 $100.68 3/31/2009 156270 10,019 2006 476-146-005 29269 124 34934 Dogwood Ct Enrique & Blanca Martinez 2,000 $200,000 $100.00 3/31/2009 157872 7,405 2003 476-193-018 29270 81 35226 Golden Poppy Ct Brian William & Shalon Mcdowell 2,596 $250,000 $96.30 3/18/2009 131251 9,148 2003 EMWD CFD No. 2001-1, IA-A French Valley Sales by Year

APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476-100-066 30069-1 66 35039 Deer Spring Dr David & Tracy Boze 3,171 $330,000 $104.07 3/17/2009 127994 7,405 2007 476-221-001 29268 44 32073 Daisy Dr Mark & Dana L Cabrera 2,740 $295,500 $107.85 3/13/2009 122080 12,632 2003 476-173-011 29269 89 32186 Rosemary St Patrick L Esposito 2,500 $245,000 $98.00 3/12/2009 118673 7,405 2003 476-173-010 29269 88 32200 Rosemary St Thomas & Ewa Graves 2,180 $190,000 $87.16 3/5/2009 105944 7,405 2003 476-101-005 30069-1 134 32219 Clear Springs Dr James Sheng 3,171 $310,000 $97.76 3/3/2009 101140 7,405 2007 476-192-014 29270 18 35306 Azalea Ln Steven P & Christy Israel 2,947 $280,000 $95.01 2/26/2009 93663 7,841 2003 476-130-006 30069-1 241 35185 Gardenview Ct Barbara Gail Moring 3,463 $460,000 $132.83 2/25/2009 89609 9,583 2006 476-183-018 29270 84 35282 Golden Poppy Ct Troy William & Tricia Pace 2,947 $270,000 $91.62 2/19/2009 78795 12,197 2003 476-130-008 30069-1 243 35157 Gardenview Ct Scott & Yvette Ackerman 4,100 $490,000 $119.51 2/18/2009 74016 11,761 2006 476-110-003 30069-1 71 32270 Honeybee Dr Sukarno S Ikbala 3,171 $335,000 $105.64 1/30/2009 46738 7,405 2006 476-171-001 29269 19 34999 Allium Ln Tim Moore 2,334 $250,000 $107.11 1/30/2009 48012 6,534 2003 476-182-020 29270 46 32056 Jasper St William J & Colleen Parks 2,947 $255,000 $86.53 1/30/2009 47192 8,276 2004 476-120-025 30069-1 308 35096 Lantern Light Dr Nicholas Dean Hummel 3,687 $305,000 $82.72 1/22/2009 29770 9,583 2006 476-223-003 29268 107 32342 Blazing Star St Jon D & Brandy J Finch 3,277 $267,500 $81.63 1/14/2009 18543 8,276 2004 476-183-012 29270 58 32038 Fern St Aleksandr & Stephanie Goldberg 2,947 $300,000 $101.80 1/13/2009 14766 8,712 2003 476-221-013 29268 56 32241 Daisy Dr Robert W Genn 2,950 $290,000 $98.31 1/7/2009 6641 7,405 2003 70 Average 2,945 $292,663 $99.39 9,540

476-130-012 30069-1 247 35196 Gardenview Ct Robert J & Diana K Cannon 3,180 $415,000 $130.50 12/31/2008 680344 10,890 2008 476-211-024 29268 24 35487 Ambrosia Dr Linda T Pham 2,740 $270,000 $98.54 12/31/2008 680820 14,375 2003 476-143-016 29269 143 34904 Wintergrass Ct Gregory C & Teodora C Robertson 2,000 $290,000 $145.00 12/24/2008 669413 8,712 2003 476-130-005 30069-1 240 35199 Gardenview Ct Charles H & Lois J Searer 4,242 $425,000 $100.19 12/19/2008 664496 9,148 2008 476-130-004 30069-1 239 35213 Gardenview Ct Richard J Barry 3,180 $427,000 $134.28 12/11/2008 649989 12,197 2008 476-183-017 29270 63 32122 Fern St Michael C Mateos 2,784 $252,000 $90.52 12/10/2008 646403 7,841 2003 476-194-001 29270 115 32126 Jasper St Lori Bacher 2,947 $260,000 $88.23 11/18/2008 609475 12,197 2003 476-100-020 30069-1 20 32158 Old Country Ct Christopher & Jennifer Walsh 2,802 $325,000 $115.99 11/14/2008 605724 10,890 2006 476-121-017 30069-1 302 32511 Quiet Trail Dr Herman & Shirley L Fuentez 3,177 $360,000 $113.31 11/14/2008 605314 11,326 2006 476-194-013 29270 127 32308 Geranium St William James & Ofelia Maria Ervin 2,947 $280,000 $95.01 11/13/2008 600218 10,890 2004 476-222-015 29268 90 32237 Blazing Star St John L & Lacora S Horsley 3,109 $265,000 $85.24 10/29/2008 575173 11,761 2003 476-121-012 30069-1 297 32581 Quiet Trail Dr Bruce R & Judy B Demyer 3,687 $405,000 $109.85 10/24/2008 570198 9,583 2008 476-121-013 30069-1 298 32567 Quiet Trail Dr Thomas Frank & Roxanne Solvieg Kelemen 2,675 $355,000 $132.71 10/23/2008 566993 10,454 2008 476-202-010 29271 27 32256 Mountain Blue Ct Michael Meram 2,950 $265,000 $89.83 10/22/2008 565290 10,019 2004 476-101-006 30069-1 135 32205 Clear Springs Dr Heffernan Elaine A Trust 2,472 $314,000 $127.02 10/10/2008 549386 7,405 2007 476-110-002 30069-1 70 32256 Honeybee Dr Derrick J & Stacy A Block 2,946 $340,000 $115.41 10/3/2008 539255 7,405 2006 476-183-013 29270 59 32052 Fern St Jorge Armando & Hillario Terrones 2,596 $229,000 $88.21 10/3/2008 538612 6,970 2003 476-202-018 29271 35 32291 Mountain Blue Ct Nigel B & Tracy A Young 3,109 $270,000 $86.84 10/1/2008 532791 8,276 2004 476-100-063 30069-1 63 35081 Deer Spring Dr Grant Taek & Lynn Marie Yi 3,171 $350,000 $110.38 9/30/2008 530821 7,405 2007 476-211-016 29268 16 35412 Calendula Cir Ana M & Daniel J Lambert 2,950 $276,000 $93.56 9/24/2008 520151 7,405 2004 476-143-003 29269 64 32219 Orange Blossom Dr Christopher S & Carrie L Harrell 2,500 $295,000 $118.00 9/11/2008 499860 9,148 2004 476-182-005 29270 31 35037 Begonia Ln Dedamon M Howard 2,784 $275,000 $98.78 9/3/2008 484144 10,454 2003 476-121-016 30069-1 301 32525 Quiet Trail Dr Edward Joseph Miller 3,687 $415,000 $112.56 7/25/2008 408347 10,019 2007 476-182-011 29270 37 35223 Begonia Ln Robert & Rebecca Brown 2,947 $304,000 $103.16 7/25/2008 407854 7,841 2003 476-111-024 30069-1 171 32259 Honeybee Dr Sean & Jessica Adams 2,946 $365,000 $123.90 7/10/2008 378329 9,148 2007 EMWD CFD No. 2001-1, IA-A French Valley Sales by Year

APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476-183-023 29270 89 35219 Golden Poppy Ct Mark Anthony Hurtado 2,947 $309,000 $104.85 7/10/2008 377364 7,405 2003 476-100-065 30069-1 65 35053 Deer Spring Dr Robert & Felicia Warren 3,108 $380,000 $122.27 7/1/2008 357325 7,405 2007 476-201-015 29271 15 35141 Lilac Ln William D & Danica L Easter 2,950 $280,000 $94.92 7/1/2008 358626 7,841 2004 476-202-016 29271 33 32319 Mountain Blue Ct Daniel & Tammy Baker 3,277 $340,000 $103.75 7/1/2008 358145 17,424 2004 476-130-020 30069-1 255 32767 Presidio Hills Ln Matthew J & Ragnhild B Borden 3,980 $436,000 $109.55 6/27/2008 353586 10,890 2007 476-202-011 29271 28 32270 Mountain Blue Ct Patricia Ann Wing 2,740 $335,000 $122.26 6/27/2008 353312 9,583 2004 476-182-016 29270 42 35153 Begonia Ln Johnson Aaron & Johnson Lissa Zappardino 2,947 $300,000 $101.80 6/26/2008 349770 9,148 2003 476-201-010 29271 10 35211 Lilac Ln Alfred & Dana Nolet 2,950 $300,000 $101.69 6/25/2008 347352 7,841 2004 476-182-012 29270 38 35209 Begonia Ln Staton Family Trust 2,596 $329,000 $126.73 6/13/2008 325451 7,841 2004 476-171-011 29269 29 32039 Rosemary St Eric & Erika Buchanan 2,180 $295,000 $135.32 6/6/2008 311046 6,534 2004 476-111-026 30069-1 173 35050 Deer Spring Dr Kevin G & Michelle L Prude 2,946 $364,000 $123.56 5/30/2008 295800 7,841 2007 476-130-019 30069-1 254 32781 Presidio Hills Ln Sylvia J Breeden 4,178 $432,000 $103.40 5/23/2008 279677 10,454 2007 476-183-028 29270 94 35158 Orchid Dr Levi & Yvette Eck 2,947 $303,000 $102.82 5/23/2008 282171 7,841 2003 476-122-011 30069-1 322 32480 Quiet Trail Dr Gregory & Michelle L Giroux 3,409 $415,000 $121.74 5/16/2008 265616 7,405 2006 476-122-012 30069-1 323 32494 Quiet Trail Dr Wayne Richard Grakowsky 3,687 $410,500 $111.34 5/16/2008 266090 7,405 2006 476-144-002 29269 75 34984 Viscaria Ct Kenneth G & Theresa J Smith 2,500 $275,000 $110.00 5/14/2008 259546 7,841 2004 476-350-009 30069 9 35100 Mahogany Glen Dr Chad & Cara L Dawson 4,100 $436,000 $106.34 5/8/2008 243889 10,454 2007 476-130-014 30069-1 249 32700 Shadyview St John & Sharon Constantino 3,463 $438,000 $126.48 4/30/2008 223473 10,454 2007 476-100-067 30069-1 67 35025 Deer Spring Dr Herbert & Mollie A Kelly 2,472 $340,000 $137.54 4/29/2008 218207 7,841 2007 476-141-006 29269 6 32114 Orange Blossom Dr Matthew K Walker 2,180 $238,000 $109.17 4/18/2008 194682 6,534 2003 476-111-028 30069-1 175 35078 Deer Spring Dr Stewart Mullen 2,472 $340,000 $137.54 3/28/2008 154898 7,841 2007 476-130-015 30069-1 250 32714 Shadyview St John & Jomarian Veasley 4,178 $488,000 $116.80 3/26/2008 147303 10,019 2007 476-173-014 29269 92 32130 Rosemary St Rodolfo Viray 2,500 $269,000 $107.60 3/25/2008 144744 6,534 2003 476-172-016 29269 46 32422 Orange Blossom Dr Lukhma & Asrat Mcbride 2,500 $303,000 $121.20 3/21/2008 141030 14,810 2004 476-211-020 29268 20 35431 Ambrosia Dr David C & Wendy A Antonetti 3,277 $360,000 $109.86 3/19/2008 135576 7,841 2003 476-183-042 29270 108 35193 Orchid Dr Ernesto Delgadillo 2,784 $305,000 $109.55 3/7/2008 113531 7,405 2003 476-183-036 29270 102 35277 Orchid Dr Jeffrey S & Bonnie R Allen 2,947 $330,000 $111.98 2/29/2008 101595 10,890 2003 476-201-009 29271 9 35225 Lilac Ln Ronnie Wayne & Debra Marie Hammontree 3,277 $335,000 $102.23 1/11/2008 18105 8,712 2004 476-193-013 29270 76 35156 Golden Poppy Ct Craig L Tuthill 2,596 $305,000 $117.49 1/2/2008 1402 9,148 2003 54 Average 3,011 $333,657 $110.80 9,277

476-222-008 29268 83 32192 Daisy Dr Steven L Vos 2,950 $338,000 $114.58 12/14/2007 747751 9,583 2003 476-130-016 30069-1 251 32728 Shadyview St Lisa Cole 3,980 $474,000 $119.10 12/11/2007 739981 10,890 2007 476-194-007 29270 121 32210 Geranium St Luis Giron 2,947 $367,000 $124.53 11/30/2007 723292 9,148 2004 476-120-020 30069-1 303 32483 Quiet Trail Dr Dan & Jodi Birosak 2,675 $418,000 $156.26 11/21/2007 709375 11,761 2007 476-130-021 30069-1 256 32753 Presidio Hills Ln Steven T & Amy Wallace 3,463 $468,000 $135.14 11/6/2007 676691 12,632 2007 476-130-018 30069-1 253 32795 Presidio Hills Ln Craig A & Diane E Stone 3,180 $534,500 $168.08 11/5/2007 674886 11,326 2007 476-100-060 30069-1 60 35076 Cedar Ridge Ct Michael T Coufal 2,946 $386,000 $131.03 10/31/2007 667602 7,841 2006 476-100-052 30069-1 52 35065 Cedar Ridge Ct Mark Delano 3,108 $406,000 $130.63 10/29/2007 663318 7,841 2006 476-100-058 30069-1 58 35048 Cedar Ridge Ct Craig B & Lisa J Shaw 3,171 $417,000 $131.50 10/1/2007 612113 7,841 2006 476-173-037 29269 133 35023 Wintergrass Ct Jerrad Hovis 2,500 $374,727 $149.89 9/25/2007 601338 16,117 2003 476-350-002 30069 2 35016 Mahogany Glen Dr Casey & Carrie Mazzotta 4,178 $622,500 $148.99 7/20/2007 473323 10,019 2007 476-101-007 30069-1 136 32191 Clear Springs Dr Scott & Brigit Mcpherson 3,108 $459,500 $147.84 7/19/2007 470184 7,405 2006 EMWD CFD No. 2001-1, IA-A French Valley Sales by Year

APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476-122-001 30069-1 312 35085 Lantern Light Dr Larry Barrett 3,177 $501,000 $157.70 6/27/2007 417635 8,276 2006 476-120-028 30069-1 311 35138 Lantern Light Dr Jeffery Earl & Annabelle Antonio Testerman 3,168 $465,000 $146.78 6/15/2007 395801 13,504 2006 476-183-008 29270 54 35258 Begonia Ln Donald C & Sarah G Robison 2,596 $425,000 $163.71 6/6/2007 370243 7,405 2003 476-100-040 30069-1 40 35049 Barkwood Ct Heather A & Erik K Kinsley 3,108 $462,500 $148.81 5/31/2007 358760 7,841 2006 476-202-019 29271 36 32277 Mountain Blue Ct Farah Mansour 3,277 $480,000 $146.48 5/31/2007 359387 9,148 2004 476-350-006 30069 6 35064 Mahogany Glen Dr Jerome H & Dianne Mcmahon 3,180 $539,000 $169.50 5/31/2007 359933 12,197 2007 476-100-050 30069-1 50 35093 Cedar Ridge Ct Maria A Deguzman 3,108 $498,000 $160.23 5/15/2007 323445 8,276 2006 476-192-012 29270 16 35278 Azalea Ln Danilo D & Lizel S Cinco 2,596 $403,500 $155.43 4/30/2007 287598 7,405 2003 476-100-049 30069-1 49 35074 Barkwood Ct Emanuel & Michelle Jarreau 2,946 $453,000 $153.77 4/27/2007 283414 9,583 2006 476-350-007 30069 7 35076 Mahogany Glen Dr Thomas C Atilano 4,100 $633,500 $154.51 4/18/2007 260793 16,117 2007 476-352-012 30069 93 35091 Mahogany Glen Dr Kenneth Edward Oconnell 4,178 $624,000 $149.35 4/18/2007 260797 11,761 2007 476-100-035 30069-1 35 32090 Clear Springs Dr George W & Bonnie R Powell 2,472 $416,500 $168.49 4/16/2007 253900 7,841 2006 476-120-023 30069-1 306 35068 Lantern Light Dr Steven E & Jennifer L Stroder 3,208 $480,000 $149.63 4/13/2007 253374 10,019 2006 476-350-001 30069 1 35004 Mahogany Glen Dr Richard A & Kathleen A Pipenhagen 3,180 $554,500 $174.37 4/13/2007 251763 11,326 2007 476-350-005 30069 5 35052 Mahogany Glen Dr Robert Westley & Loretta Ortiz Carr 3,463 $625,500 $180.62 4/13/2007 253270 14,810 2007 476-350-008 30069 8 35088 Mahogany Glen Dr Ahmad R Lowe 3,763 $639,500 $169.94 4/13/2007 253377 14,375 2007 476-352-011 30069 92 35067 Mahogany Glen Dr David V & Dawn A Axene 4,759 $544,000 $114.31 4/13/2007 251766 16,988 2007 476-122-004 30069-1 315 35043 Lantern Light Dr Preeminent Investment Corp 3,114 $509,000 $163.46 4/12/2007 246954 8,276 2006 476-350-003 30069 3 35028 Mahogany Glen Dr Joseph L & Paula J Romero 3,463 $554,000 $159.98 4/11/2007 242965 10,454 2007 476-100-045 30069-1 45 35018 Barkwood Ct Jason Dean Holley 3,108 $493,500 $158.78 3/30/2007 220757 8,276 2006 476-232-006 29268 74 32332 Daisy Dr Cindi Green 2,950 $470,000 $159.32 3/30/2007 219583 8,276 2003 476-173-013 29269 91 32158 Rosemary St Gw San Diego Properties Llc 2,000 $419,000 $209.50 3/27/2007 206682 6,970 2003 476-122-003 30069-1 314 35057 Lantern Light Dr Mark A & Bridget A Johnson 3,409 $500,500 $146.82 3/21/2007 192489 7,841 2006 476-122-005 30069-1 316 35029 Lantern Light Dr John Dunn & Karen Michelle Okimura 3,215 $512,000 $158.61 3/16/2007 184187 8,712 2006 36 Average 3,215 $485,215 $150.92 10,224

476-193-009 29270 72 35201 Azalea Ln Rene R & Sheri K Adame 2,596 $395,000 $152.16 12/29/2006 956325 7,405 2004 476-100-039 30069-1 39 35063 Barkwood Ct Cherie Slentz Tucker 2,472 $458,000 $185.28 12/28/2006 949558 8,276 2006 476-222-013 29268 88 32209 Blazing Star St Robert E & Mary L Klinger 2,950 $520,000 $176.27 12/19/2006 926255 10,890 2003 476-100-061 30069-1 61 35090 Cedar Ridge Ct Brad Smith 3,171 $487,000 $153.58 12/15/2006 922221 8,276 2006 476-222-009 29268 84 32178 Daisy Dr Brian & Gorya Brown 3,277 $549,000 $167.53 12/12/2006 909352 9,148 2003 476-100-054 30069-1 54 35037 Cedar Ridge Ct Jeffrey & Kari Horn 3,171 $531,000 $167.46 12/8/2006 905472 10,890 2006 476-142-007 29269 56 32282 Orange Blossom Dr Steve Fermin Gillett 2,500 $430,000 $172.00 12/6/2006 894042 7,405 2004 476-100-047 30069-1 47 35046 Barkwood Ct Jesus & Rocio A Ramirez 2,946 $476,000 $161.58 11/22/2006 865154 9,148 2006 476-100-046 30069-1 46 35032 Barkwood Ct Jackie S & Caprice A Bertone 2,472 $481,000 $194.58 11/17/2006 852310 8,712 2006 476-100-048 30069-1 48 35060 Barkwood Ct Javier Ignacio & Ericca Ruby Acosta 2,802 $481,000 $171.66 11/17/2006 852313 8,276 2006 476-100-043 30069-1 43 35007 Barkwood Ct Ernie & Ann Hoffman 2,946 $583,000 $197.90 11/7/2006 819439 9,583 2006 476-100-044 30069-1 44 35004 Barkwood Ct Steven & Jodi Rae Paterson 2,802 $484,500 $172.91 10/31/2006 801565 8,712 2006 476-101-010 30069-1 139 32149 Clear Springs Dr Todd M & Carole Ann K Bader 3,108 $475,500 $152.99 10/27/2006 793271 8,712 2006 476-100-042 30069-1 42 35021 Barkwood Ct David Francis & Denise Vanacker Torok 2,802 $492,500 $175.77 10/26/2006 786815 8,712 2006 476-100-041 30069-1 41 35035 Barkwood Ct Michael & Theresa Sims 2,472 $479,500 $193.97 10/24/2006 780376 8,276 2006 476-231-003 29268 62 32325 Daisy Dr Erin M Lorge 2,950 $491,000 $166.44 10/12/2006 752870 8,276 2003 476-222-005 29268 80 32234 Daisy Dr Jana L & Jeffrey G Rutt 3,277 $600,000 $183.09 9/15/2006 686381 7,841 2003 EMWD CFD No. 2001-1, IA-A French Valley Sales by Year

APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476-100-033 30069-1 33 32062 Clear Springs Dr Yun Qin Ye 3,108 $475,500 $152.99 9/8/2006 666288 7,841 2006 476-221-010 29268 53 32199 Daisy Dr Jennifer J & Willie T Swing 3,277 $495,000 $151.05 9/7/2006 660898 8,276 2003 476-192-010 29270 14 35250 Azalea Ln Donald K & Norma Hazelwood 2,784 $460,000 $165.23 9/1/2006 649734 7,841 2004 476-100-032 30069-1 32 32048 Clear Springs Dr Laura Attig 2,472 $472,000 $190.94 8/31/2006 645829 8,276 2006 476-211-027 29268 27 35452 Ambrosia Dr Susan L Hale 3,109 $510,000 $164.04 8/18/2006 613291 10,019 2003 476-173-008 29269 86 32228 Rosemary St Alfred Ventura Arviso 2,000 $399,000 $199.50 8/16/2006 601855 6,534 2003 476-173-030 29269 115 35053 Dogwood Ct Michael R & Tiffany A Fick 2,334 $513,000 $219.79 8/11/2006 595276 10,019 2003 476-192-013 29270 17 35292 Azalea Ln John D Mickus 2,784 $455,000 $163.43 7/11/2006 505070 7,405 2003 476-211-028 29268 28 35438 Ambrosia Dr Andre L & Leeanna J Massignani 3,277 $540,000 $164.78 7/5/2006 487798 9,583 2003 476-100-027 30069-1 27 32077 Old Country Ct Craig R Lapierre 2,472 $456,500 $184.67 6/29/2006 473097 7,405 2006 476-100-031 30069-1 31 32034 Clear Springs Dr Richard L & Mary H Franco 2,946 $472,000 $160.22 6/28/2006 468600 10,454 2006 476-100-019 30069-1 19 32144 Old Country Ct Antonio & Julie Romy David 3,108 $521,000 $167.63 6/23/2006 457998 10,890 2006 476-221-012 29268 55 32227 Daisy Dr Eric & Erika Yzaguirre 3,109 $548,000 $176.26 6/23/2006 455017 7,841 2003 476-100-034 30069-1 34 32076 Clear Springs Dr Raymond T & Kazumi Soltys 2,946 $491,000 $166.67 6/21/2006 449283 7,841 2006 476-173-006 29269 84 32401 Orange Blossom Dr Ralph F & Patti D Schockert 2,180 $430,000 $197.25 6/14/2006 428081 6,534 2004 476-183-005 29270 51 35216 Begonia Ln Kenny & Leslie Lemieux 2,784 $453,000 $162.72 5/19/2006 367388 7,405 2003 476-100-022 30069-1 22 32147 Old Country Ct Tatiana A Saini 2,802 $486,500 $173.63 4/28/2006 308299 9,583 2006 476-100-024 30069-1 24 32119 Old Country Ct Mark E & Lillian Stroder 2,802 $474,000 $169.16 4/14/2006 269607 7,405 2006 476-173-035 29269 131 34995 Wintergrass Ct Edwards Family Trust 2,334 $462,000 $197.94 4/4/2006 240887 6,970 2003 476-100-028 30069-1 28 32063 Old Country Ct Rhonda E Bagwell 2,946 $462,500 $156.99 3/31/2006 234136 7,841 2006 476-100-021 30069-1 21 32161 Old Country Ct James I & Lori R Simmang 2,946 $482,000 $163.61 2/24/2006 138384 10,454 2006 476-141-015 29269 15 34943 Allium Ln Raul Diaz 2,000 $425,000 $212.50 2/23/2006 132066 10,890 2003 476-100-017 30069-1 17 32116 Old Country Ct Mark Anthonyt & Stanley A Nagal 2,946 $480,000 $162.93 2/17/2006 123047 10,019 2006 476-100-026 30069-1 26 32091 Old Country Ct Mark & Jennifer Dipasupil 3,108 $501,500 $161.36 2/10/2006 106949 7,405 2006 476-100-030 30069-1 30 32035 Old Country Ct Nathaniel M Simeon 3,108 $496,000 $159.59 2/2/2006 81749 10,019 2006 476-192-004 29270 8 35166 Azalea Ln Clarita Sansano 2,947 $489,000 $165.93 1/20/2006 48369 9,148 2004 43 Average 2,822 $485,198 $171.94 8,661

476-202-034 29271 51 32290 Wood Violet Ct Jeffrey & Traci Brown 2,950 $470,000 $159.32 9/28/2005 799289 11,326 2004 476-182-010 29270 36 35237 Begonia Ln Kevin M & Karen A Kearns 2,784 $440,000 $158.05 8/31/2005 721025 7,841 2003 476-173-029 29269 114 35039 Dogwood Ct Chuck & Margaret Donnelly 2,180 $470,000 $215.60 8/16/2005 665395 11,761 2003 476-201-003 29271 3 35309 Lilac Ln Gary D & Anna M King 2,950 $460,000 $155.93 8/12/2005 657546 7,841 2004 476-172-008 29269 38 32179 Rosemary St Rick E & Jennifer E Hess 2,334 $440,000 $188.52 7/8/2005 549478 7,405 2003 476-173-002 29269 72 35019 Viscaria Ct Paul Mcgee 2,500 $480,000 $192.00 7/8/2005 547344 11,326 2004 476-146-003 29269 122 34962 Dogwood Ct Sara Jean Plumley 2,180 $422,000 $193.58 6/23/2005 496483 7,405 2003 476-171-004 29269 22 35041 Allium Ln Alicia Alvarez De Tavarez 2,334 $435,000 $186.38 5/2/2005 346444 6,534 2004 476-222-006 29268 81 32220 Daisy Dr Ai Ca 4 Colfin 3,109 $495,000 $159.22 4/15/2005 297475 8,276 2003 476-201-016 29271 16 35127 Lilac Ln Federick B & Maribeth R Torres 3,109 $499,000 $160.50 1/28/2005 82856 7,405 2004 10 Average 2,643 $461,100 $174.46 8,712

476-211-003 29268 3 32034 Blazing Star St Dennis K Miller 2,950 $498,000 $168.81 12/30/2004 1036326 7,841 2003 476-211-017 29268 17 35398 Calendula Cir Delfino Loya & Lisa Rose Torres 3,277 $470,000 $143.42 12/21/2004 1011444 7,841 2004 EMWD CFD No. 2001-1, IA-A French Valley Sales by Year

APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476-211-004 29268 4 32020 Blazing Star St Venancio & Purita M Linatoc 3,109 $555,000 $178.51 12/16/2004 996976 10,454 2003 476-211-015 29268 15 35440 Calendula Cir Larissa M Benigno 3,109 $433,000 $139.27 12/16/2004 996568 6,970 2004 476-211-002 29268 2 32048 Blazing Star St Louis E & Rosie Peete 2,740 $505,000 $184.31 12/15/2004 992186 7,841 2003 476-211-010 29268 10 35461 Calendula Cir Joven E & Merina T Olegario 2,950 $439,000 $148.81 12/15/2004 992196 7,405 2004 476-211-012 29268 12 35489 Calendula Cir Zaida M Acosta 3,277 $485,000 $148.00 12/15/2004 992188 10,454 2004 476-211-014 29268 14 35454 Calendula Cir Stacy Renea Maiden 3,109 $442,000 $142.17 12/15/2004 992191 10,019 2004 476-211-005 29268 5 32006 Blazing Star St Richardo H & Leticia Terriquez 3,453 $575,000 $166.52 12/10/2004 984585 11,326 2003 476-211-011 29268 11 35475 Calendula Cir Timothy Wayne Birmingham 2,740 $456,500 $166.61 12/9/2004 978687 13,504 2004 476-211-008 29268 8 35433 Calendula Cir Lauro & Noemi A Almeron 3,277 $463,500 $141.44 12/8/2004 974116 7,405 2004 476-211-007 29268 7 35419 Calendula Cir Robert Andrew & Shelby Elizabeth Capperauld 3,109 $449,500 $144.58 12/7/2004 971271 7,405 2004 476-211-006 29268 6 35405 Calendula Cir Arthur & Olivia Obregon 2,740 $414,000 $151.09 12/6/2004 966417 8,276 2004 476-202-036 29271 53 32332 Wood Violet Ct Mark Egan & Sally Gabriel Lenoir 3,109 $433,000 $139.27 12/1/2004 954916 16,117 2004 476-202-035 29271 52 32304 Wood Violet Ct Terri P Hollins 2,740 $411,500 $150.18 11/29/2004 943839 13,068 2004 476-202-037 29271 54 32297 Wood Violet Ct Ryan & Nicole Strathearn 3,277 $448,000 $136.71 11/24/2004 941690 14,375 2004 476-202-038 29271 55 32269 Wood Violet Ct Joseph M & Theresa M Holden 2,740 $411,000 $150.00 11/23/2004 935673 13,939 2004 476-202-033 29271 50 32262 Wood Violet Ct Eric Dalton & Penelope G Underwood 3,277 $491,000 $149.83 11/19/2004 926818 13,939 2004 476-201-004 29271 4 35295 Lilac Ln Kenneth R & Meghan M Thurm 3,109 $416,000 $133.81 11/18/2004 922878 7,841 2004 476-202-032 29271 49 32267 Pink Carnation Ct Diego & Virginia Casanova 3,277 $446,500 $136.25 11/16/2004 913395 10,890 2004 476-202-006 29271 23 32307 Poinsettia Ct Jon P & Elizabeth Faulk 3,109 $523,000 $168.22 11/12/2004 903837 17,860 2004 476-232-010 29268 100 32377 Blazing Star St David & Tammie Mayer 3,277 $489,000 $149.22 11/12/2004 903741 10,890 2004 476-202-029 29271 46 32309 Pink Carnation Ct Jeffrey & Mary Grace Borden 3,109 $432,000 $138.95 11/10/2004 895782 10,454 2004 476-202-027 29271 44 32351 Pink Carnation Ct Romualdo E & Elvira S Miclat 2,740 $448,000 $163.50 11/9/2004 891957 14,375 2004 476-202-024 29271 41 32302 Pink Carnation Ct Alex F & Cecilia F Preclaro 2,950 $432,000 $146.44 11/5/2004 882920 9,148 2004 476-183-006 29270 52 35230 Begonia Ln Sharon E Boston 2,596 $432,000 $166.41 11/4/2004 875238 7,405 2003 476-202-026 29271 43 32344 Pink Carnation Ct Michael Christopher & Jo Anna Renner 3,277 $438,000 $133.66 11/3/2004 871582 18,295 2004 476-202-025 29271 42 32330 Pink Carnation Ct William J Maher 3,109 $412,000 $132.52 11/2/2004 868823 12,197 2004 476-143-001 29269 62 32163 Orange Blossom Dr Jesse & Glendy Carolina Cortes 2,334 $422,000 $180.81 11/1/2004 867442 10,019 2004 476-202-021 29271 38 32260 Pink Carnation Ct Cah 2014-2 Borrower Llc 2,740 $417,500 $152.37 10/29/2004 858715 11,326 2004 476-202-022 29271 39 32274 Pink Carnation Ct Johnny & Karelia R Pennington 3,109 $414,000 $133.16 10/27/2004 849324 10,019 2004 476-201-008 29271 8 35239 Lilac Ln Richard Albert Kay 3,109 $435,000 $139.92 10/22/2004 839043 8,276 2004 476-201-005 29271 5 35281 Lilac Ln In Gods Land Of Shutdown 3,277 $413,000 $126.03 10/21/2004 834724 7,841 2004 476-201-006 29271 6 35267 Lilac Ln Joseph M & Leann R Cisneros 2,740 $398,500 $145.44 10/20/2004 829556 7,841 2004 476-183-039 29270 105 35235 Orchid Dr Michael J & Mary B Townsend 2,596 $444,500 $171.22 10/15/2004 816941 7,405 2003 476-171-007 29269 25 35083 Allium Ln Edward F Duncan 2,334 $347,000 $148.67 10/14/2004 814005 7,405 2003 476-171-005 29269 23 35055 Allium Ln Barbara E Jones 2,000 $412,500 $206.25 10/12/2004 805147 6,534 2003 476-202-017 29271 34 32305 Mountain Blue Ct Larry Eugene & Donna Marie Sitterding 2,950 $442,500 $150.00 10/7/2004 797446 10,019 2004 476-202-020 29271 37 32263 Mountain Blue Ct Eduardo & Julie Ann Rodriguez 2,740 $383,500 $139.96 10/7/2004 797346 10,454 2004 476-202-015 29271 32 32333 Mountain Blue Ct Leldon V & Lois F Wood 3,109 $415,000 $133.48 10/1/2004 781363 18,731 2004 476-173-019 29269 97 32046 Rosemary St Fahima Amini 2,500 $349,500 $139.80 9/30/2004 780168 6,970 2004 476-182-019 29270 45 32042 Jasper St Richard & Kelly Wheeler 2,784 $373,500 $134.16 9/30/2004 776704 7,841 2004 476-202-014 29271 31 32326 Mountain Blue Ct Blaise Randall Ebert 2,740 $410,000 $149.64 9/30/2004 779453 15,246 2004 476-182-018 29270 44 32028 Jasper St Jose M & Maribel Escobar 2,596 $469,000 $180.66 9/29/2004 774069 10,019 2003 476-201-011 29271 11 35197 Lilac Ln Lee & Lucille Leonardo 2,740 $376,000 $137.23 9/23/2004 757321 7,841 2004 476-201-012 29271 12 35183 Lilac Ln United Lenders Reo Inc 3,109 $394,500 $126.89 9/23/2004 757326 7,405 2004 EMWD CFD No. 2001-1, IA-A French Valley Sales by Year

APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476-143-002 29269 63 32191 Orange Blossom Dr Adam Bundy 2,180 $308,000 $141.28 9/21/2004 747709 9,148 2004 476-183-001 29270 47 35160 Begonia Ln Hector J Vicencio 2,947 $381,500 $129.45 9/21/2004 748717 7,841 2004 476-183-002 29270 48 35174 Begonia Ln Duc M Tran 2,784 $354,000 $127.16 9/21/2004 747217 7,841 2004 476-143-004 29269 65 32247 Orange Blossom Dr David & Jennifer Demyer Bokma 2,000 $320,000 $160.00 9/17/2004 742087 9,583 2004 476-183-003 29270 49 35188 Begonia Ln Richard C Woodall 2,596 $360,500 $138.87 9/16/2004 737655 7,405 2004 476-183-004 29270 50 35202 Begonia Ln Subhasish & Sujoya Biswas 2,947 $368,000 $124.87 9/16/2004 737635 7,405 2004 476-202-008 29271 25 32279 Poinsettia Ct Kevin G Brown 2,950 $395,000 $133.90 9/16/2004 737630 8,712 2004 476-182-013 29270 39 35195 Begonia Ln Ha Tran 2,784 $358,000 $128.59 9/15/2004 731934 7,841 2004 476-202-003 29271 20 32286 Poinsettia Ct My Duc Nguyen 3,277 $404,000 $123.28 9/10/2004 721178 9,148 2004 476-202-002 29271 19 32272 Poinsettia Ct Ryan Tan Le 2,740 $369,000 $134.67 9/3/2004 705301 10,454 2004 476-201-017 29271 17 35113 Lilac Ln Wilfredo A & Virginia G Nocon 3,277 $435,000 $132.74 9/2/2004 699998 8,712 2004 476-142-012 29269 61 32212 Orange Blossom Dr Teodato T & Rosita D Mendoza 2,334 $369,000 $158.10 8/31/2004 689523 10,019 2004 476-142-010 29269 59 32240 Orange Blossom Dr Jerome T & Carolyn A Schall 2,500 $350,500 $140.20 8/27/2004 680407 7,405 2004 476-142-008 29269 57 32268 Orange Blossom Dr Trevor & Erika Thompson 2,180 $325,000 $149.08 8/25/2004 670850 7,405 2004 476-201-014 29271 14 35155 Lilac Ln Robert F & Robyn Janell Bagnell 3,109 $392,000 $126.09 8/25/2004 670359 8,276 2004 476-146-006 29269 125 34911 Wintergrass Ct Michael D & Michelle L Zides 2,334 $420,000 $179.95 8/20/2004 661734 7,405 2003 476-191-003 29270 3 32287 Geranium St Nelson Rodriguez 2,947 $360,000 $122.16 8/20/2004 657921 8,712 2004 476-192-008 29270 12 35222 Azalea Ln Michelle Tainatongo 2,784 $440,000 $158.05 8/20/2004 661627 7,841 2004 476-144-005 29269 78 34914 Viscaria Ct R Martin & Michelle R Wesel 2,334 $321,000 $137.53 8/19/2004 655174 7,405 2004 476-191-001 29270 1 32315 Geranium St Herbert Hayes 2,784 $381,000 $136.85 8/17/2004 645574 8,276 2004 476-194-009 29270 123 32238 Geranium St Jerry N & Sheryl D Grinstead 2,947 $450,500 $152.87 8/5/2004 610724 9,583 2004 476-173-001 29269 71 35005 Viscaria Ct David & Justina Marie Meekhof 2,180 $336,000 $154.13 8/4/2004 607453 10,890 2004 476-143-008 29269 69 34977 Viscaria Ct Gerald J & Theresa A Boker 2,000 $302,000 $151.00 7/29/2004 587771 6,534 2004 476-143-009 29269 70 34991 Viscaria Ct Jeremy Dean & Dawn M Mccullough 2,334 $348,500 $149.31 7/29/2004 587773 7,405 2004 476-223-002 29268 106 32356 Blazing Star St Ali Bahrani 2,950 $362,000 $122.71 7/28/2004 582331 8,276 2004 476-183-037 29270 103 35263 Orchid Dr Christopher M & Anna M Washburn 2,596 $436,000 $167.95 7/27/2004 578003 13,504 2003 476-194-005 29270 119 32182 Geranium St Alexander William & Dawn April Orr 2,947 $365,000 $123.85 7/27/2004 579569 8,712 2004 476-143-005 29269 66 34921 Viscaria Ct Brett & Julie Ann Harwood 2,500 $368,000 $147.20 7/23/2004 573855 16,553 2004 476-194-004 29270 118 35117 Azalea Ln Rolando A & Zaeptha T Lopez 2,947 $362,000 $122.84 7/23/2004 572085 10,019 2004 476-192-002 29270 6 35138 Azalea Ln Constance V & Julius D Harrison 2,947 $386,500 $131.15 7/21/2004 564851 9,583 2004 476-222-020 29268 95 32307 Blazing Star St Terry Lee & Marcya Claudette Hiett 3,277 $419,000 $127.86 7/16/2004 554078 14,375 2004 476-222-021 29268 96 32321 Blazing Star St Brandee Beth Colombo 2,740 $391,500 $142.88 7/16/2004 552450 14,375 2004 476-183-026 29270 92 35177 Golden Poppy Ct Patrick J & Jean M Vesey 2,596 $399,000 $153.70 6/21/2004 473974 7,405 2003 476-172-019 29269 49 32380 Orange Blossom Dr Robert Earl & Shirley Monette Patton 2,334 $351,000 $150.39 4/23/2004 299961 8,276 2004 476-221-008 29268 51 32171 Daisy Dr Vinh T & Hien T Nguyen 2,950 $420,000 $142.37 4/23/2004 297531 9,583 2003 476-144-006 29269 79 32317 Orange Blossom Dr Raymond A & Melinda K Patenaude 2,500 $317,500 $127.00 4/22/2004 294616 8,712 2004 476-144-007 29269 80 32345 Orange Blossom Dr William H & Erline W Siegmund 2,000 $275,000 $137.50 4/13/2004 265830 7,405 2004 476-142-006 29269 55 32296 Orange Blossom Dr Herb Dilworth 2,180 $285,500 $130.96 4/7/2004 249646 7,841 2004 476-142-001 29269 50 32366 Orange Blossom Dr Charles M & Jeweline B Swafford 2,500 $298,000 $119.20 4/2/2004 239598 8,276 2003 476-172-015 29269 45 32291 Rosemary St David M Fukuchi 2,180 $320,000 $146.79 3/30/2004 221971 15,682 2004 476-172-018 29269 48 32394 Orange Blossom Dr Mai Van Pham 2,500 $300,000 $120.00 3/30/2004 220790 8,712 2004 476-192-005 29270 9 35180 Azalea Ln Gary K Gordon 2,596 $299,000 $115.18 3/30/2004 221668 9,148 2004 476-192-007 29270 11 35208 Azalea Ln Praxedes Javier A & Aurora P Santos 2,947 $315,000 $106.89 3/30/2004 222507 8,276 2004 476-193-005 29270 68 35257 Azalea Ln Martin W Collins 2,947 $342,500 $116.22 3/18/2004 190556 7,405 2004 EMWD CFD No. 2001-1, IA-A French Valley Sales by Year

APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476-193-008 29270 71 35215 Azalea Ln Gary J Holt 3,189 $366,000 $114.77 3/16/2004 182617 7,405 2004 476-193-010 29270 73 35187 Azalea Ln Virgilio C & Teresita T Dungo 2,947 $316,000 $107.23 3/12/2004 173487 7,405 2004 476-193-012 29270 75 35159 Azalea Ln Samuel Antonio & Vienna Elizabeth Rivera 2,596 $316,500 $121.92 3/11/2004 172605 9,583 2004 476-223-007 29268 111 32258 Blazing Star St Christopher N Calhoun 2,740 $342,000 $124.82 3/5/2004 155991 9,583 2003 476-223-011 29268 115 32202 Blazing Star St Mario E & Isabel Genera 3,277 $388,500 $118.55 3/2/2004 144657 9,148 2003 476-223-009 29268 113 32230 Blazing Star St Roy S & Jan A Reimer 2,740 $327,000 $119.34 2/27/2004 136470 9,148 2003 476-222-019 29268 94 32293 Blazing Star St David S & Rebecca L Odowd 3,109 $350,500 $112.74 2/18/2004 110889 13,939 2003 476-181-003 29270 26 32073 Fern St Thuy Hoa Vu & Tuan Minh Tran 2,596 $293,000 $112.87 2/10/2004 94916 8,712 2003 476-173-016 29269 93 32088 Rosemary St Mark G & Terry L Salazar 2,334 $285,500 $122.32 1/28/2004 62327 8,712 2004 476-173-017 29269 94 32074 Rosemary St Elizabeth Lin Eng & Jonatas Mueng Chan 2,500 $286,000 $114.40 1/23/2004 47067 8,276 2003 476-183-027 29270 93 35163 Golden Poppy Ct John Charles & Andrea Elizabeth Ellett 2,784 $310,000 $111.35 1/14/2004 27192 7,405 2003 101 Average 2,794 $392,158 $140.34 9,717

476-192-019 29270 23 32129 Fern St Oscar Ruben & Evangelina Galindo 2,784 $309,045 $111.01 12/23/2003 997798 7,841 2003 476-232-004 29268 72 32360 Daisy Dr David A Hamm 2,950 $330,500 $112.03 12/23/2003 998771 8,712 2003 476-172-011 29269 41 32235 Rosemary St E Clayton Rossman 2,000 $266,500 $133.25 12/19/2003 992576 7,405 2003 476-183-022 29270 88 35233 Golden Poppy Ct Paige B Oliver 2,784 $304,500 $109.38 12/19/2003 991237 7,405 2003 476-183-024 29270 90 35205 Golden Poppy Ct Daniel Anthony Gilmour 2,596 $300,000 $115.56 12/19/2003 993898 7,405 2003 476-194-002 29270 116 32140 Jasper St Michael K & Julie A Toohey 2,784 $315,000 $113.15 12/19/2003 990236 13,068 2003 476-172-010 29269 40 32221 Rosemary St Robert E & Kathy H Geddes 2,334 $328,000 $140.53 12/18/2003 988980 6,970 2003 476-222-003 29268 78 32276 Daisy Dr Blas & Martha Ochoa 2,950 $305,500 $103.56 12/16/2003 981492 7,841 2003 476-222-004 29268 79 32248 Daisy Dr Ann D Martin 2,740 $314,000 $114.60 12/16/2003 981494 8,276 2003 476-232-007 29268 75 32318 Daisy Dr Deborah L Ganske 3,277 $341,000 $104.06 12/16/2003 981722 8,276 2003 476-172-006 29269 36 32151 Rosemary St Jamie Serrano 2,180 $270,000 $123.85 12/12/2003 973455 7,405 2003 476-183-019 29270 85 35275 Golden Poppy Ct Michelle Ly 2,596 $327,000 $125.96 12/12/2003 974633 13,939 2003 476-222-002 29268 77 32290 Daisy Dr Garo & Kelly Ann Ghazarian 2,740 $332,000 $121.17 12/12/2003 974673 8,712 2003 476-193-019 29270 82 35240 Golden Poppy Ct Dain C Fish 3,173 $323,500 $101.95 12/11/2003 969763 11,326 2003 476-172-002 29269 32 32095 Rosemary St Christopher D & Monica Marie Wood 2,180 $290,000 $133.03 12/10/2003 968223 7,405 2003 476-193-016 29270 79 35198 Golden Poppy Ct Fidel G & Rosalinda M Herrera 2,947 $315,500 $107.06 12/9/2003 961775 8,276 2003 476-193-015 29270 78 35184 Golden Poppy Ct Shirley E Brown 2,784 $319,000 $114.58 12/5/2003 954690 8,276 2003 476-193-014 29270 77 35170 Golden Poppy Ct Cody & Cynthia Gawryluk 2,947 $325,000 $110.28 12/4/2003 950931 9,148 2003 476-231-001 29268 61 32311 Daisy Dr Michelle Rogers 3,277 $326,000 $99.48 12/3/2003 948583 9,148 2003 476-232-002 29268 70 32388 Daisy Dr Michael D & Sherry L Boyd 3,277 $378,500 $115.50 12/3/2003 947680 9,583 2003 476-232-001 29268 69 32402 Daisy Dr Paul Timmerwilke 3,109 $371,000 $119.33 12/2/2003 942115 10,890 2003 476-143-014 29269 141 34932 Wintergrass Ct Naseeb & Tuan Yong Anwar 2,334 $288,500 $123.61 11/26/2003 936413 7,405 2003 476-231-009 29268 68 32409 Daisy Dr Eriberto & Maria Ana Anguiano 3,277 $331,000 $101.01 11/26/2003 932091 9,583 2003 476-143-013 29269 140 34946 Wintergrass Ct Carlos & Virginia Amezcua 2,180 $261,000 $119.72 11/25/2003 929893 6,534 2003 476-173-040 29269 136 35002 Wintergrass Ct James & Amy Pickle 2,180 $307,500 $141.06 11/25/2003 929895 6,970 2003 476-231-008 29268 67 32395 Daisy Dr Robert D & Amelia A Cruz 2,740 $311,000 $113.50 11/25/2003 929477 9,148 2003 476-231-005 29268 64 32353 Daisy Dr Kristian T & Jennifer A Peterson 2,950 $333,000 $112.88 11/20/2003 917443 8,276 2003 476-231-007 29268 66 32381 Daisy Dr Timothy M Steging 2,950 $327,000 $110.85 11/20/2003 916796 9,583 2003 476-173-038 29269 134 35030 Wintergrass Ct John G & Julie S Graham 2,334 $298,000 $127.68 11/18/2003 908916 10,890 2003 476-173-039 29269 135 35016 Wintergrass Ct Robert F & Jacqueline M Smith 2,000 $270,000 $135.00 11/18/2003 908747 12,197 2003 EMWD CFD No. 2001-1, IA-A French Valley Sales by Year

APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476-221-016 29268 59 32283 Daisy Dr Charles H & Catherine A Sacayan 2,740 $315,500 $115.15 11/14/2003 903187 8,712 2003 476-221-017 29268 60 32297 Daisy Dr Gordon E & Christine M Petersen 2,950 $332,000 $112.54 11/14/2003 900353 8,712 2003 476-146-008 29269 127 34939 Wintergrass Ct Richard & Lorraine Ramil 2,000 $261,000 $130.50 11/13/2003 895774 6,534 2003 476-181-002 29270 25 32087 Fern St Paul L Ross 2,947 $329,500 $111.81 11/12/2003 892102 9,148 2003 476-146-007 29269 126 34925 Wintergrass Ct Pedro A Lopez 2,500 $292,500 $117.00 11/5/2003 878860 8,276 2003 476-141-009 29269 9 32072 Orange Blossom Dr Sergio & Mirlein Velasquez 2,180 $264,000 $121.10 11/4/2003 873121 6,534 2003 476-141-008 29269 8 32086 Orange Blossom Dr Rick Mateo & Emilyn S Hizon 2,500 $301,000 $120.40 10/31/2003 864212 6,534 2003 476-222-011 29268 86 32150 Daisy Dr Patrick B & Diane Cullison 2,950 $325,000 $110.17 10/31/2003 865500 10,454 2003 476-222-010 29268 85 32164 Daisy Dr Robert C & Lisa E Santos 2,740 $301,500 $110.04 10/30/2003 860839 9,148 2003 476-193-004 29270 67 35271 Azalea Ln Scott W & Errin S Mclellan 2,596 $309,000 $119.03 10/29/2003 855547 7,405 2003 476-193-002 29270 65 32150 Fern St John & Jamie Ortiz 2,784 $310,500 $111.53 10/24/2003 841814 9,583 2003 476-222-007 29268 82 32206 Daisy Dr James B & Anita L Ward 3,277 $320,000 $97.65 10/23/2003 836066 8,712 2003 476-183-016 29270 62 32094 Fern St Katherine Artiglio 2,947 $326,000 $110.62 10/21/2003 825706 7,841 2003 476-221-007 29268 50 32157 Daisy Dr Juan Carlos & Terrilea Dawn Sanchez 3,277 $316,000 $96.43 10/17/2003 817076 13,939 1982 476-221-005 29268 48 32129 Daisy Dr Scott & Caroline Ann Thomas 3,109 $347,000 $111.61 10/8/2003 794268 18,295 2003 476-221-003 29268 46 32101 Daisy Dr James L & Robynn D Gualtiere 2,740 $304,000 $110.95 10/3/2003 780098 9,148 2003 476-221-002 29268 45 32087 Daisy Dr Bernard J & Y Sedonia Weary 3,277 $368,500 $112.45 9/30/2003 768476 10,890 2003 476-183-029 29270 95 35172 Orchid Dr John W & Terry L Oliver 2,784 $308,000 $110.63 9/12/2003 710945 7,841 2003 476-183-045 29270 111 35151 Orchid Dr Joseph L & Alice M Gonsalves 2,784 $299,000 $107.40 9/12/2003 710954 7,405 2003 476-183-032 29270 98 35214 Orchid Dr Matthew C & Kimberley A Willard 2,784 $315,000 $113.15 9/5/2003 689061 7,841 2003 476-183-033 29270 99 35228 Orchid Dr Alexander V Apodaca 2,947 $323,500 $109.77 9/5/2003 688167 8,276 2003 476-183-034 29270 100 35242 Orchid Dr Erin Wright 2,784 $334,000 $119.97 9/3/2003 678745 11,326 2003 476-146-004 29269 123 34948 Dogwood Ct Christopher Don & Brenda Denise Bickerstaff 2,500 $281,000 $112.40 8/29/2003 672819 8,276 2003 476-146-002 29269 121 34976 Dogwood Ct Ryan D & Joannalyn M Enguancho 2,500 $277,500 $111.00 8/28/2003 666235 6,970 2003 476-173-033 29269 118 35018 Dogwood Ct Hsin Pei Chou 2,334 $270,000 $115.68 8/27/2003 662028 9,583 2003 476-183-038 29270 104 35249 Orchid Dr Abelardo & Zuli Armendariz 2,947 $305,000 $103.50 8/27/2003 663173 7,405 2003 476-173-031 29269 116 35046 Dogwood Ct Todd & Kimberly Huth 2,500 $300,500 $120.20 8/25/2003 654133 13,504 2003 476-183-040 29270 106 35221 Orchid Dr Chateau Beau 2,784 $295,000 $105.96 8/22/2003 650050 7,405 2003 476-183-044 29270 110 35165 Orchid Dr Karl Clifford & Mary Elizabeth Greene 2,596 $307,000 $118.26 8/22/2003 648355 7,405 2003 476-183-043 29270 109 35179 Orchid Dr Arthur J & Karen D Nieto 2,947 $317,500 $107.74 8/21/2003 641296 7,405 2003 476-173-027 29269 112 35011 Dogwood Ct Gary J & Amy R Pickard 2,500 $280,000 $112.00 8/20/2003 640379 6,534 2003 476-145-006 29269 110 34969 Dogwood Ct James Henry & Deborah Coleman Grant 2,334 $289,000 $123.82 8/15/2003 626859 6,534 2003 476-145-005 29269 109 34955 Dogwood Ct Raymond & Carolyn Weiss 2,000 $253,000 $126.50 8/14/2003 622066 7,841 2003 476-211-033 29268 33 35415 Daffodil Cir Roy S & Jan A Reimer 2,950 $308,000 $104.41 7/31/2003 581377 9,148 2003 476-211-040 29268 40 35450 Daffodil Cir Wendy Podell 3,277 $331,000 $101.01 7/31/2003 581049 10,019 2003 476-212-001 29268 119 32146 Blazing Star St Robert Ray & Diana Mcdonald 2,950 $311,000 $105.42 7/31/2003 578016 8,712 2003 476-211-042 29268 42 35422 Daffodil Cir William J & Veronica L Oppertshauser 3,109 $307,000 $98.75 7/29/2003 568151 10,454 2003 476-145-003 29269 107 34950 Allium Ln Norman D & Maria Theresa Guerrero 2,500 $277,000 $110.80 7/25/2003 560748 9,148 2003 476-211-039 29268 39 35464 Daffodil Cir John C & Imelda M Donnelly 2,950 $334,090 $113.25 7/25/2003 560287 11,761 2003 476-211-041 29268 41 35436 Daffodil Cir Kevin A & Denise D Riffe 2,740 $320,500 $116.97 7/25/2003 558064 10,019 2003 476-145-002 29269 106 34978 Allium Ln Travis R Ames 2,180 $256,500 $117.66 7/23/2003 549083 6,534 2003 476-223-014 29268 118 32160 Blazing Star St Allen T & Sandra J Tyler 2,740 $298,000 $108.76 7/23/2003 547892 8,712 2003 476-211-034 29268 34 35429 Daffodil Cir Steven C & Shannon L Persson 3,277 $350,000 $106.81 7/18/2003 536509 10,019 2003 476-211-036 29268 36 35457 Daffodil Cir Jeremy Paul & Amy Lynn Swingley 3,109 $355,000 $114.18 7/18/2003 536506 12,632 2003 EMWD CFD No. 2001-1, IA-A French Valley Sales by Year

APN Tract Lot Situs Address Owner Name Bldg. Area Sale Price $/SF Recording Date Doc. No. Lot SF Year Built 476-173-026 29269 104 35006 Allium Ln Gerald & Pamela A Gauthier 2,500 $274,000 $109.60 7/17/2003 532251 7,405 2003 476-145-001 29269 105 34992 Allium Ln Richard A Foster 2,000 $246,000 $123.00 7/15/2003 524152 7,405 2003 476-171-002 29269 20 35013 Allium Ln Jesus M & Amber M Ballesteros 2,180 $270,500 $124.08 7/9/2003 508815 6,534 2003 476-171-003 29269 21 35027 Allium Ln Joe & Anita Rodarte 2,000 $248,500 $124.25 7/9/2003 508817 6,534 2003 476-141-014 29269 14 32002 Orange Blossom Dr Albert Joseph Godinez 2,334 $270,000 $115.68 6/27/2003 479917 7,841 2003 476-211-026 29268 26 35466 Ambrosia Dr Sarah E Ghandour 3,277 $314,000 $95.82 6/27/2003 480805 13,939 2003 476-182-007 29270 33 35279 Begonia Ln Tomas E & Carol A Meeks 2,947 $296,500 $100.61 6/26/2003 471227 7,841 2003 476-211-031 29268 31 35396 Ambrosia Dr Virginia Lacbain 3,277 $308,000 $93.99 6/26/2003 472353 8,276 2003 476-212-005 29268 123 32090 Blazing Star St Russell Edward Lane 2,740 $297,000 $108.39 6/26/2003 471379 9,583 2003 476-182-006 29270 32 35293 Begonia Ln Kestler Family Living Trust 2,596 $299,000 $115.18 6/25/2003 467326 7,841 2003 476-212-004 29268 122 32104 Blazing Star St Marshall & Tamara Lynne Gremard 2,950 $307,500 $104.24 6/25/2003 468816 8,712 2003 476-182-004 29270 30 32003 Fern St Hubert Jeter 2,947 $304,000 $103.16 6/23/2003 459770 11,326 2003 476-182-002 29270 28 32031 Fern St Gilbert David & Jasminne Lizzette Becerra 2,784 $296,500 $106.50 6/19/2003 450208 8,276 2003 476-211-022 29268 22 35459 Ambrosia Dr Gregory James & Mona A Royal 2,950 $309,000 $104.75 6/11/2003 425080 7,841 2003 476-211-019 29268 19 35417 Ambrosia Dr Ernest F & June A Leitheim 2,950 $303,500 $102.88 6/5/2003 406087 7,841 2003 89 Average 2,732 $306,614 $112.25 8,918

677 TOTAL [THIS PAGE INTENTIONALLY LEFT BLANK] [THIS PAGE INTENTIONALLY LEFT BLANK]

COMMUNITY FACILITIES DISTRICT NO. 2001-01 (FRENCH VALLEY) OF THE EASTERN MUNICIPAL WATER DISTRICT • IMPROVEMENT AREA A 2015 SPECIAL TAX REFUNDING BONDS