On July 31, 2006, as the result of a unique public-private partnership, the citizens of
the state of Florida and Lee County, Florida have preserved a substantial portion of the
Babcock Ranch – an important part of the history and fabric of Southwest Florida. The Babcock
Ranch Preserve will continue to be a working ranch managed by Babcock Ranch Management, LLC.

We look forward to opening more of the Preserve in the months ahead.
As we continue to evaluate and solicit approvals for appropriate programs on
the Preserve, we thank you for your patience and cooperation.