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!"#$% '( )*+#,#-. /( 0'1 21"$% /34 5+#6 7'893 :',# David Einhorn, Greenlight Capital Value Investing Congress October 13, 2010

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David Einhorn, Greenlight CapitalValue Investing Congress

October 13, 2010

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our priority was to seek as many land-use entitlements for commercial and residential development in our region as possible. This continues to be one of our core competencies, ?8%&I#&8'I&+?X#&$?8%K1-#&#83"3$#,#83-&3'3?$"8F&'X#>&[;4\\\&>#-"%#83"?$&18"3-&?8%&?GG>'d",?3#$6&;;Ec&

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1,098.1895.2202.9;c[E`[MEa

1,098.1;N`EN;c[EN

Total EquityTotal Liabilities

Total Liabilities + Equity

=#C3<3+#>&R"?C"$"3"#-

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H#X#81#-Income Statement YTD as of June 30, 2010 (in millions $)

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WaterSound West Beach

Northwest Florida Beaches Airport

WaterSound Beach

WindMark

WaterSound SummerCamp Beach

Tallahassee

Jacksonville

RiverTown

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KOc&O&ON&;b&2?67"$%&P#>'8`Nc4[N\-(;4cONa;`O4;`OO4b`[7?$3'87?3#>)'18%&j;k`b4c\\-(&OOb&M;[&;4;`\&`MM&7?$3'87?3#>:'$'>Oa4\\\-(&`;b&NO&`MM&bcO&!>?8D$"8)1,,#>:?,G&2#?*+

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KN&O&;\&;O\&:?$+'18H"X#>)"%# ?3&:+"G'$?KO;b&;M;&`\N&;4`M;&2?6H"X#>:?,G-K;b&b&O`&;;[&U1$(R?8%"8F-&?3&7#3?GG'KOa&;`[&;cN&NN&2?6P?ID-&R?8%"8FKKc;c&c;c&;ba&<-*#'$?B>3"-?8&V?>D

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As of Dec. 31, 2009 (in millions $) j;k;`[Eb2?6&:'18364&!$'>"%?NEO:?$+'18&:'18364&!$'>"%?[E\=1X?$&:'18364&!$'>"%?`bE;!>?8D$"8&:'18364&!$'>"%?cENU?%-%#8&:'18364&!$'>"%?OOE[U#'>F"?O[[EMU1$(&:'18364&!$'>"%?;E\]#((#>-'8&:'18364&!$'>"%?c\EcR#'8&:'18364&!$'>"%?[EMR"C#>36&:'18364&!$'>"%?\E[<3+#>&!$'>"%?&:'183"#-bcE`)3E&]'+8-&:'18364&!$'>"%?\EM7?D1$$?&:'18364&!$'>"%?

;b[Ea7?$3'8&:'18364&!$'>"%?

746.7Total investment in Real Estate jOk

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648.7Investment in Selected Real Estate

As of Dec. 31, 2009 (in millions $)

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12 Units; 215 Lots Platted12 Units1,900 D.U.s2,600 D.U.sTotal Residential

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Cumulative Completed

Completed 2008-2009

Phase II 2012-2016

Phase I2005-2011

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Houses: 9Sold Properties: 29*

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Initiated(1)

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Unsold Properties: 144

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Unsold Properties: 72

Homes: 6

Sold Lots: 42

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Measure (%)

BuiltTo Date

BuiltThis Period

Phase I2004-2012

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