EFTA01461037.pdf

CONFIDENTIAL THE OPPORTUNITY Over the last two decades, the principals of Suntex have acquired, managed andior sold more than 40 marinas. The Company's marina experience spans geographic markets and economic cycles. The Company believes that the conditions it is observing in today's market are uniquely advantageous for acquiring high quality marina assets. CURRENT SUNTEX PROPERT ES(3) The Company's investment thesis is driven by a number of factors. HIGH BARRIERS TO ENTRY • The manna sector has steep barriers to entry with continually tightening environmental and zoning regulation • As a result. Suntex can exert strong leverage in certain gateway markets where demand outstrips supply, and new development is prohibitively expensive Bay Pointe — Quincy, MA thr FRAGMENTED OWNERSHIP • Greater than 90% of marinas are owned by non-institutional individual owners • Suntex has a scaleable operating infrastructure, a national geographic footprint and relationship with marina owners throughout the country Liberty Landing — Jersey City. NJ HIGHLY ATTRACTIVE CAP RATES • Trophy marinas can be acquired at highly attractive initial yields • Given the illiquidity in the sector, Suntex can acquire irreplaceable assets for cap rates in the 8 - 10% range Snook Bight — Fort Myers. FL PATHWAY TO THE PUBLIC MARKETS • A private letter ruling from the IRS paves the way for marina eligibility in a REIT structure • The ruling creates a tax-advantaged stock or unit-based "currency" for Suntex to offer sellers to facilitate the acquisition or contribution of assets Chandler's Landing — Rockwall. TX FIRST MOVER ADVANTAGE • Suntex has a burgeoning, in-place pipeline including several world renowned manna properties • The opportunity to spearhead the roll-up of a highly fragmented and inefficient industry is today Tidewater— Portsmouth, VA (a) Properties shorn are roprosanlatrra °lasso: 5i:ntnr NrnyCo vill seek to acquire. Suntex is uniquely positioned to capitalize on today's market opportunity, and be the standard bearer for the institutionalization of the marina real estate sector CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 122841 CONFIDENTIAL SDNY_GM_00269025 EFTA01461037