LANDMARK LAND COMPANY, INC. March 3, 2010 "The Moving Finger writes: and, having writ, Moves on: nor all your Piety nor Wit Shall lure it back to cancel half a Line, Nor all your Tears wash out a Word of it " Dear All, To me the above quote means that all comments on the future are speculation, but the past is the truth, the truth, the truth. The purpose of this letter is to briefly 1. South Padre Island — The history review the operations of Landmark for February. of sales at South Padre Island since it began in 1999 are as follows: 1999 28 2000 70 2001 71 2002 63 2003 71 2004 108 2005 197 2006 175 2007 126 2008 24 2009 20 2010 (Jan/Feb) 2 As you can see, we had 2 sales in the first two months of the year and to me it is unbelievable that the beginning of 2010 would be worse than the beginning of 2009. There are approximately 1,000 units that are sold and occupied, a vibrant community has been created, and yet our sales are not nearly as good as they were before the housing boom started. 2817 CRAIN Hicancnv • P.O. Box 1880 • UPPER MAIU.BORO, MARYLAND 20774 • PHONE: (301) 574-3330 • FAX (301) 574-3301 EFTA_R1_01519515 EFTA02443920