La Ventana - Iron Mountain Mine complaint/A La...La Ventana (the “Property”), is delineated into...

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La Ventana

LightHorse Ventures, LLCis pleased to introduce La Ventana, Baja California Sur, México.

This property is being planned by real estate developers and architects who specialize in residential development, resort development, and construction in the United States and Mexico. We invite you to discover their vision for this beautiful beachfront property.

Project Summary

Background

Property Information

Vicinity

About the Region

Ownership

Site Factors

Proposed Project

Site Plan

La VentanaHome ContactDevelopment Team Image GalleryProject Summary

Assumptions1. La Ventana (the “Property”), is delineated into five Parcels identified as Parcels A through E.

2. The total area of the Property is ±608 acres.

3. The beach area consists of 1.8 kilometers.

ValuationThe current value of the Property is USD $45M (see separate CB Richard Ellis Appraisal dated Nov. 2, 2006)

FootnoteWithin the last five years the town of La Ventana, situated minutes away from the Property, has become the focus of an international following of kite-boarders and windsurfers. Property values have appreciated significantly due to a dramatic increase in demand for rental accommodations, seasonal homes, and vacation club options.

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La Paz, Baja California Sur, México

SITE

LOCATIONSituated 35 miles southeast of La Paz, Baja California Sur, México and 90 miles northeast of Cabo San Lucas and San José del Cabo on Bahia de la Ventana

DESCRIPTIONUtilities: No

Existing Structures: None

Improvements: Requires complete infrastructure from roads through water and power.

Zoning: Mixed-use residential and commercial tourist/resort.

TERRAINGently sloping sandy hillsides; landscape dotted with cacti and low bushes.

FINANCING SUMMARYCurrent Status

LightHorse Ventures has arranged for the financing of the property to date. For use of funds, see next slide.


Financing SummaryUse of Proceeds

Financing is and will continue to be applied toward:

■ Completion of a Land Development and Pricing Strategy

■ Completion of Project Plan and Recommendation of Profit Centers

■ Completion of Master Development Plan

■ Site Planning and Landscape Architecture

■ Theme Development

■ Branding and Positioning for Hotel Development

■ Infrastructure including roads, power, water, perimeter fencing, landscaping

■ Operations

Other Considerations

The success of the planned facilities, related infrastructure, and service improvements are based on the following types of assumptions:

■ Funding

■ Environmental Analysis and Zoning

■ Development Costs

■ Sales and Marketing Campaign

■ Revenue Generation by Profit Center

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Pacific SideFor a comprehensive description of the market including a competitive analysis, review of over seventy real estate developments, property listings, and accessibility please refer to the document entitled “Market Assessment”, pictured below, published under separate cover.

For purposes of this presentation, vicinity is defined as the area within a thirty-mile radius of La Paz. The Pacific Side refers to the area between Cabo San Lucas and north of Todos Santos which is described at some length in the “Market Assessment”.


Resort Developments

Paraiso del Mar La Paz, Baja California Sur, MéxicoParaiso del Mar is a new residential members-only club and community, 11,700-acre resort development situated minutes by private ferry from La Paz, Baja California Sur. In keeping with the area’s worldwide reputation as the environmental and ecological center of Mexico, the five mile beach was designed to showcase the natural habitat and its inhabitants. Paraiso is Mexico’s only Audobon International Signature Development.

Founders and developers of Paraiso del Mar are John Fair and Luis Cano. Projects of note include the Esperanza Resort in Cabo San Lucas and Grace Bay Club in the Turks and Caicos.

The first phase features 150 two-and three-bedroom homes as well as 200 two-and three-bedroom condominiums from 1,450 square feet to 3,000 square feet.

The project broke ground in June 2005 and the first release of homes and condos is scheduled for 2006. Paraiso del Mar sales are being managed by RE/MAX.

In November 2005 Paraiso del Mar announced that sales exceeded USD $100M in its first sixteen months of pre-construction sales.

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Resort Developments

Marina Costabaja La Paz, Baja California Sur, México

Located within minutes of downtown La Paz, Costabaja opened in the fall of 2005. Operated by the BellPort Group from Newport Beach, California, the Marina is being billed as a five-star yachting destination by boaters and promoters alike. The developers, Parque Reforma, pride themselves in creating a commercial environment that is in harmony with the natural surroundings. Phase One included the construction of 22 condominiums spanning six buildings on floors two and three with square footage from 670 to 2,660. Beach condos (one, two, and three-bedroom units); 16 villas (two bedrooms of one or two levels); and cluster housing (six houses per cluster, each with two and three bedrooms) are scheduled for construction. Each unit is equipped with a seaview terrace. Sales are managed by Prudential California Realty, Mexico Resort Properties.

By January 2006 the company announced that all 19 one- and two-bedroom marina condo units were sold out.


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Resort Developments

Punta Colorada Beach and Golf Resort La Paz, Baja California Sur, México

A ten minute drive from downtown La Paz, this 640-acre development is situated on a scenic peninsula. The master plan calls for a championship 18-hole, Robert von Hagge golf course; 350 single-family home sites at an average lot size of 12,200 square feet; a 120,000 square meter hotel site; four condominium sites of 20,000 to 40,000 square meters each for a total of 300 units; and a timeshare or fractional ownership site. Appropriate zoning permits including SEMARNAT have been obtained. Three adjacent parcels of land also scheduled for golf courses, home sites, and hotel pads, bring the total area to 4,600 acres accompanied by an estimated price tag of USD $1.0B.


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Resort Developments

Balandra La Paz, Baja California Sur, México

Although information is limited, plans for this 2000-acre resort development --headed by the family of former Mexico President Aleman -- are reportedly permitted and underway.

Bahia de la Sueños La Paz, Baja California Sur, México

Recently renamed “Turquésa Cove” by its original owners, this 4,377-acre resort development is located 35 minutes south of La Paz. The property itself is situated on Bahia de Los Muertos on the southern end of the Sea of Cortez. Construction originally started in 2001. Today there are approximately seventeen luxury estate-homes, a golf course in development, and a restaurant on the property.

A detailed description of these and other properties can be found in the document entitled “Market Assessment”.


Regional and Local SettingPolitical Boundaries

The stretch of highway or “Tourist Corridor” between Cabo San Lucas and San José del Cabo contains several world class resorts mixed with luxury hotels, golf courses, and private second homes. This Corridor, San José del Cabo, Cabo San Lucas, and the East Cape are all part of the municipality of Los Cabos, meaning “the capes” in Spanish. The area east and north of San Josédel Cabo, is referred to as the East Cape. La Paz is situated on the southern portion of Baja California Sur north of both Cabo San Lucas and Todos Santos on the Sea of Cortez. This area includes the following population centers: El Sargento, La Ventana, Los Planes, Isla Cerralvo, Tecolate, Las Cruces, Mogote, and El Saltito.

La Paz

La Paz, the capital of the southern half of Baja Peninsula, is located on the Sea of Cortez, ninety miles, a comfortable two-hour drive, northwest of Cabo San Lucas. Other major centers include San José del Cabo, Todos Santos, and Loreto.

Surrounded by desert and situated in a deep inlet on the southeastern corner of a bay on the Sea of Cortez, La Paz is considered the eco-tourism capital of the country, and is the destination of choice for world class whale watchers, divers, and fishermen. The City itself is immersed in laurel trees, coconut, and date palms. The second largest city in Baja, next to Tijuana, La Paz has a population of about 260,000.

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AccessibilityAirlift

As reported in “Market Assessment”, Los Cabos experienced a dramatic increase of 33 percent in airlift in April 2005 as compared to April 2004. In the year 2000, the last available figures, commercial flight arrivals in La Paz totaled 6,838 with an additional 121 charter flights.

The following air service is available to General Manuel Márquez de León International Airport in La Paz. The airport is about a ten minute drive west of La Paz and forty-five minutes north west of La Ventana.

Scheduled Commercial Carrier Flights per Week

American/Aero Mexico 7

Alaska/Aero Mexico 14

United/Mexicana 7

Aero Litoral 28

Delta/Aero Mexico 7

America West 21

Charter 2+

Roads

Note: Alaska Airlines and Delta both have daily non-stops from LAX to La Paz. Route 286, a paved road, connects the Property with La Paz. Highway 1, which stretches from San Francisco, California through La Paz and Los Cabos, is paved.


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Online Resources

Location, Location, Location -- Where the Smart Money is Buying Real Estate, The Robb Report Collection, November 2005.

Beautiful Baja -- From Rosarita Beach to Los Cabos, New High-End Developments are Taking Shape on the Baja Peninsula, Luxury Living, Fall 2005 Issue.

Baja, Where Bing and Desi Once Partied, Steven Kurutz, The New York Times, October 2, 2005.

The Baja Coast Offers Luxury for Less, Real Estate Journal, The Wall Street Journal, wsj.com, November 30, 2005.

Americans Flocking to Baja in Land Grab, Jeff Shelley, Cybergolf.

http://www.marinacostabaja.com/pdfs/Robb Report Collection.pdf


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LightHorse Ventures, LLCLightHorse Ventures, LLC (“LightHorse” or the “Company”) is a privately-held diversified private equity holding company. The estimated aggregate value of the fund is approximately USD $325 M. The LightHorse portfolio currently consists of sixteen companies representing four industry sectors: Business and Consumer Services, Natural Resources, Real Estate, High-Tech and Bio-Tech. One of these real estate interests is La Ventana.

Baja Peninsula Properties, S.A. De C.V.This company is registered as a Mexican corporation. Principal shareholders include LightHorse Ventures, LLC, Mr. David Murphy, and Mr. Hector Magallanes.


Legal StatusThere is no pending litigation to report.

Zoning, Entitlements, and PermitsRecent Zoning change from Agricultural to Resort/Tourist use. Entire area that encompasses the property recently was designated a Tourist Zone by the Baja equivalent government land use and planning agency. Such designation directs infrastructure dollars and facilitates the development process. Planned infrastructure includes a highway and new town directly adjacent to the entrance to the La Ventana property. Entitlements and Permits in progress.

LandownerBaja Peninsula Properties, S.A. De C.V., a Mexican corporation, of which LightHorse Ventures, LLC, a California Limited Liability Company, owns 75%. The remaining 25% is held by David Murphy and Hector Magallanes. The Property is the sole asset of Baja Peninsula Properties.

ViewsOne mile of white sand beach skirts the northern border of the Property. Views west and south, or inland, are consistently sandy and brushy, with gently rolling slopes and cacti dotting the landscape. A large arroyo and fresh-water lake border the eastern portion of the Property

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NeighborhoodThe immediate neighborhood includes estate-style housing, condos, single-family residences, and retail and service businesses. A jet-capable airstrip is situated on private land near the Property.

Distance to Major Attractions, Airports, and ServicesThe largest major centers are La Paz located thirty-five miles northwest of the Property and Cabo San Lucas, a two-hour drive south of the Property. Please refer to a slide earlier in this presentation for airlift and road conditions. La Ventana, about a fifteen minute drive north of the Property, is rapidly developing the reputation as the kite boarding and sport fishing capital of the world. The nearest food, fuel, and accommodations are in El Sargento and La Ventana, approximately 15 minutes drive from the Property.

Real Estate Market ConditionsThe market conditions in general are very strong. Although development continues to be brisk in Cabo San Lucas and the Tourist Corridor (see “Market Assessment”), as available beach property becomes more scarce, investment dollars are flowing further north toward the East Cape and the La Paz area. Realtors are listing vacation rental villas which sleep fourteen, in Bahia de la Sueños, for USD $600 - $700 per night.

Environmental AssessmentIn April 2005, the Project submitted a study for review of the overall development. Environmental assessments in Mexico are mandatory and are typically referred to as “Land Use Studies”.


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ConceptPreliminary plans for the project call for the following elements:

■ four types of structures: dock, earth, cluster, and general residential;

■ two hotels;

■ one to two golf courses;

■ commercial/retail center;

■ walkways and trails throughout the dunes;

■ lagoon(s) interspersed with trails and residences.

Development Plan

■ In Progress.

■ Plan shown on the following slide is for illustration only as there are expected to be significant changes including no marina, residential development closer to the beach, and higher density.


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Capability StatementAs with any undertaking of this magnitude, participants are drawn from a multitude of industry specialties including financing, architecture, marine engineering, hotel operations, marina operations, and construction. Their collective expertise is a culmination of projects developed in North America, Mexico, Spain, and the Caribbean.

Project Participants

Stephen B. LopezPresident, Chief Executive Officer, and Managing Director LightHorse Ventures, LLC

For twenty years Mr. Lopez has worked with start-up and emerging companies including Silicon Valley pioneers such as Hewlett-Packard and Fairchild Semiconductor. Serving as corporate legal counsel, management consultant, and strategic planner, his experience spans a broad spectrum of growth industries, from technology and natural resources to real estate and business services. In 2000 Mr. Lopez formed LightHorse Ventures, a private equity fund, which to date has financed sixteen companies with investments in excess of USD $35M. He holds a Bachelor of Science degree awarded with Honors in accounting and finance; Masters of Business Administration from the University of California, Berkeley Haas School of Business; and a J.D. from Stanford Law School. Mr. Lopez is also actively involved in his community, serving as a founding Member of the Board of Directors of two schools, and a hospital foundation.

LIGHTHORSE VENTURES

Development Team

Capability Statement


Professional Services


James D. ThompsonPrincipal

Finance & Operations LightHorse Ventures, LLC

Mr. Thompson is a seasoned financial manager and veteran entrepreneur. He has been a principal of the Sierra Financial Group, an investment and consulting company he co-founded in 1987. Mr. Thompson successfully started, financed, managed and took public two technology-oriented companies on NASDAQ. He has broad experience in numerous other companies as Chief Executive Officer, CFO or as a consultant and has been active in developing and implementing marketing and sales strategies. Earlier he was Chief Operating Officer and CFO of both The Harvey Group, Inc. and Universal Container. Inc., each $200 million+ AMEX Exchange companies.

Prior to the above, Mr. Thompson was CFO of two nationally recognized consumer products companies, Yardley of London, Inc. and The Chun King Corp. He started his career with Ernst & Ernst (Ernst & Young) leaving as a manager. He is a Certified Public Accountant, and holds a BS in Professional Accounting from the University of Washington, Seattle.

Mr. Thompson is a member of the American Institute of CPAs, former executive of New Jersey Alhtaha Council of Boy Scouts of America and Co-founder of the California Foundation for the Developmentally Disabled.

Development Team





Alonso MencosExecutive Vice President (European Equity Investments) Managing Partner (European Affiliate) LightHorse Ventures, LLC

In addition to raising venture capital for LightHorse Ventures in the United States, Mr. Mencos, who resides in Madrid, Spain, is also widely-recognized throughout Latin America and the Caribbean. He is currently Director of Analysis for Valmenta S.C.R., a Spanish venture capital fund; Director for Canela Foods, a food distributor and transportation operator; and Member of the Board for a family-owned holding company involved in hotel, real estate, and agriculture. One of his firms, Global Home Hotels, headquartered in Madrid, has planned, developed, and restructured hotels across Spain, Mexico, Columbia, Venezuela, Togo, Malaysia, Indonesia, the Comoros Islands, Puerto Rico, Senegal, St. Martin, and Portugal. Mr. Mencos holds a Bachelor of Arts degree from the University of California, Berkeley; a Masters in Business Administration from Golden Gate University, San Francisco; and an executive Masters in Business Administration in E-Business from Instituto de Empresa, Spain. Mr. Mencos is a patron of CODESPA, a foundation offering educational opportunities in third world countries.

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Development Team




David Robert MurphyPresidentCortez Properties, S.A. De C.V.

A resident of La Paz, Baja California Sur, Mexico, and San Diego, Mr. Murphy has been actively engaged in the acquisition and development of real estate in Mexico for seventeen years. He was responsible for successfully obtaining the initial entitlements for Turquésa Cove. A licensed real estate broker, developer, and general contractor, Mr. Murphy has owned and operated companies in each of these areas. Working with LightHorse Ventures, Mr. Murphy is responsible for identifying investment properties in Baja California Sur, negotiating acquisitions, and obtaining various government permits and licenses required by the Mexican authorities prior to engaging in any development. His accomplishments state-side include the exclusive residential developments of Fairbanks Ranch and Rancho Santa Fe, San Diego, California; founder of the Fairbanks Ranch Golf and Country Club; and founder of the Marbella Golf and Country Club in San Juan Capistrano, California. From 1976 to 1983 while with Coldwell Banker, Mr. Murphy consistently performed at the highest of national levels. He is currently a principal in Baja Peninsula Properties, S.A. De C.V., and La Paz Properties, S.A. De C.V., the management companies for La Ventana and Turquésa Cove.


Development Team




Hector MagallanesArchitect

Mr. Magallanes is well known in business, professional and political circles throughout La Paz and Baja California, a required ingredient for success in conducting business anywhere in Mexico. Fully credentialed and certified as an architect, for thirty years he has left his imprint throughout the Los Cabos region by negotiating and successfully managing the development of hundreds of properties from land acquisition through sale, entitlement, the subdivision process, and final sale of finished lots and homes. As a shareholder in Baja Peninsula Properties, he is part of the management and development of both the Turquésa Cove and La Ventana properties.


Development Team




Frank C. WheelerSenior Vice President (Investment Leasing) Colliers International Services Group (CISG) San Francisco

From Mr. Wheeler’s dossier on the Collier’s website, “With twenty-five years of commercial real estate brokerage in San Francisco, Mr. Wheeler is consistently one of Colliers International’s Top Brokers. His expertise encompasses both investment sales and leasing, wherein he has participated in over 300 transactions with an aggregate value of USD $1.0 B”. He specializes in urban mixed-use, land development, adaptive re-use, and under-performing office properties. Transactions of note include thefollowing: The Elevated Ships on Powell Street in San Francisco, a mixed-use redevelopment project (USD $30 M); South End Properties, a mixed-use development project USD $18 M land sale); and 501 Second Street (USD $55 M office property sale). Mr. Wheeler graduated with a degree in Liberal Arts from Colorado College. He is also serves as Advisor to LightHorse Ventures.


Development Team




Richard S. StevensPresident, Chief Executive Officer and Founder BellPort Group

The Miami Herald, one of many dozens of national and international publications which have featured BellPort, recognizes Mr. Stevens as “ . . . one of the world’s leading authorities and executives in the resort, club, marina, and hospitality industries. His more than 35 years experience in creating and operating some of the most prestigious waterfront facilities in America is a testament to his vision and skills as both a manager and entrepreneur.” His personal accomplishments include: President and COO of the 100 Million Dollar Marina City Club; President of Wrather Properties: Spruce Goose; President and COO, Wrather Hotels which includes the 1400-room Disneyland Hotel and related facilities; Commissioner of the Modern Pentathlon for the 1984 Olympic Games; and Board Member for the California State Fair and Expo. BellPort’s most recent marina is the Costabaja in La Paz, Baja California Sur, Mexico. Headquarters are in Newport Beach, California with additional offices located throughout the United States, Mexico, and Japan.


Development Team




Donald BrackenbushPrincipal La Paz Properties, S.A. De C.V.

Mr. Brackenbush contributes three decades of corporate land planning and development experience including the most recently completed entitlement for the 5500-acre Ahmanson Ranch New Community in Ventura County, California. Other projects of significant note are in California: the 1,000-acre Playa Vista project in Marina del Rey and the 80,000-acre Hearst Ranch in Santa Barbara County. His urban design and redevelopment plans are scattered across the globe, from California and Arizona to Nigeria’s new capital in Lagos. Mr. Brackenbush’s other credits include Senior Vice President for Home Savings of America (1986 – 1997); Director of Planning and Business Development for Albert C. Martin Company (1982 – 1985); and Partner responsible for the western region of Wallace, McHarg, Roberts, and Todd (1970 – 1980). Mr. Brackenbush is a graduate of the University of Pennsylvania with a Masters of Arts degrees in Architecture and City Planning; and a Bachelor of Arts degree in Architectural Engineering, Ohio University. In addition to memberships in the American Institute of Architects, American Institute of Certified Planners and the Urban Land Institute, he is also a licensed architect in California and Pennsylvania as well as a distinguished and sought-after speaker.


Legal, Accounting, and ConsultingLegal Counsel – La Paz, Baja California SurJosé Leonardo Pérez Rodríguez Guillermo Prieto #3910 Casa Blanca La Paz, Baja California Sur, México Telephone: 011.52.612.122.4199 011.52.612.128.6717 Extension 102

Legal Counsel – Walnut Creek, CaliforniaDonald Tenconi1600 South Main Street, Suite 325Walnut Creek, CA 94596Tel: 925-977-9080Fax: 925-977-9089

Accountant - MexicoC.P. Pedro Peréz Pliego S.V. Carranza No. 11 Local 1e/ Abasolo y OcampoCabo San Lucas, B.C.S.Tel: 011.52.143.34.49Fax: 011.52.143.06.49

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View from eastern property line looking east toward Las Arenas.


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View looking northwest approximately midway through the Property.


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View from the vicinity of Parcel 386 looking northwest.


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View east from eastern edge of property line.


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View typical of terrain looking south and west away from beach with low ridge in background.


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View of road in foreground looking south and west away from beach.


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View of the island, Isla Cerralvo, directly from beach.


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View of the arroyo and fresh-water lake at the east border of the Property.


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View of sandy beach from directly on the beach.


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View of beach to the east showing coastline with gentle upslope of cacti and low bushes in the background.


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View of elevation and sandy hill sloping down toward beach.


Aerial view of La Paz, Baja California Sur, Mexico from Google Earth.

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Aerial view of road network (yellow lines) between La Paz in the upper left hand corner of image and Bahia La Ventana toward the center. The distance is thirty-five miles or approximately a forty-five minute drive on paved roads.

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Map Bahia La Ventana

Bahia Los Muertos

Bahia de los Muertos

Subject Property


Aerial view of terrain and roadways approaching Bahia La Ventana and the Property.

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Map of La Paz area: La Paz to the north , El Sargento, La Ventana, Punta Arena, and Bahia de los Muertos toward the lower center of the map.

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Disclaimer

This presentation is intended solely for purposes of introducing the La Ventana property (or “Property”) to parties who have expressed an interest in the Property. This presentation does not purport to be all-inclusive or to contain information of an investment nature. This presentation and its contents and any other documents, materials or information provided by LightHorse Ventures, LLC (or “LightHorse” or “LightHorse Ventures”), related to the Property in this presentation shall be used solely for purposes of general interest and shall be treated as such. LightHorse, or any of its respective directors, officers, employees,representatives, controlling persons, or affiliates makes no representation or warranty, expressed or implied, as to the accuracy or completeness of this presentation or any of its contents, nor shall any of the foregoing have any liability resulting from use of the information contained herein or otherwise supplied. Such information is subject to change or amendment without notice. In all cases, interested parties should conduct their own investigation and analysis of the presentation and the data contained in this presentation.

All photographs, unless otherwise noted, were taken in December 2005 during on-site visits to the Property, captured from the Internet, or made available by private sources.

Confidentiality Policy

In consideration of LightHorse providing this information to the recipient, the recipient acknowledges that the contents and discussion thereof, of the Property are confidential to LightHorse Ventures, and the recipient agrees not to disclose, distribute or permit to be communicated verbally, directly or indirectly, or otherwise, or to publish the contents of this presentation exceptwith the prior written consent of LightHorse. This includes any information, whether furnished before or after the date of thispresentation whether furnished orally, visually, in writing, on computer disk, via e-mail or other electronic communication or gathered by inspection, and regardless of whether specifically identified as “confidential” and any notes, analyses, compilations, forecasts, studies, summaries, licenses, patent documentation, and other material or documents prepared by LightHorse Ventures or its representatives.


Contact InformationInquiries may directed to any of the following individuals:STEPHEN B. LOPEZ, [email protected] S. THOMPSON, [email protected] R. MURPHY, [email protected] MENCOS, [email protected]

LocationsUNITED STATESWalnut Creek Office1600 South Main StreetSuite 325Walnut Creek, CA 94596Telephone: 925.932.4900Facsimile: 925.932.4974

SPAINMadrid OfficeP° Habana, 14-4A28036 Madrid, SpainTelephone/Facsimile: 34.91.564.1504

BAJA CALIFORNIA SUR, MEXICOLa Paz OfficeAlvaro Obregon 2140-102La Paz CentralBaja California SurMexico 23000Telephone/Facsimile: 011.52.612.123.3358

La Ventana - Iron Mountain Mine complaint/A La...La Ventana (the “Property”), is delineated into...

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