Risk Factors Update Summary

• The company's only source of revenue is an asset management fee, relying on external capital.
• The company may not be successful in retaining key personnel, including the President and CEO.
• The company faces risks associated with debt financing, including potential default and increased debt service requirements.
• The company's ability to develop properties depends on obtaining permits and approvals, which may not be secured, affecting business plans.
• The company's common stock will be treated as "regularly traded on an established securities market" under FIRPTA Rules.
• The company's federal NOLs decreased from $316 million to $275 million, and state NOLs decreased from $267.4 million to $22.9 million.
• The company's properties secure loans, some with near-term maturity, and failure to meet obligations could impact financial condition.
• Non-U.S. investors holding up to 5% of common stock are not subject to U.S. federal income tax on gains.
• The company's ability to utilize NOLs for future transactions may be impacted by economic conditions.
• Purchasers of stock from non-U.S. investors are not required to withhold any portion of the purchase price.