EFTA02685637.pdf

LANDMARK LAND COMPANY, INC. MEMORANDUM TO: Landmark Board of Directors, et. al. FROM: Jerry Barton DATE: December 17, 2010 SUBJECT: Landmark - Update All, The most important thing first. We have sent all the information requested to the Durst Organization and it is being analyzed by Douglas' personal accountant. There have been almost no questions and the only request was for filll details on the appraisals of Barbados and South Padre Island. This request was because Douglas had hired an appraisal firm to review them. This is one area in which I have no concern. Although we have no cash, we have substantial value. Recently we received a note apologizing for the slowness of the review and asking us to be patient. You will recall Douglas committed that we would "know if we have a deal by Christmas." Obviously we expect news soon and i will let you know. Landmark produces cash flow in one of two ways; through sales or fees. Sales in Barbados will not help our cash immediately, because we must repay the bank loan before dividends. Sales in South Padre have been disappointing to me this quarter. Quality traffic is up, but to-date, sales are not. New fees, which have been non-existent the last 3 years, will come when an investor decides to make a real estate investment in our area. In this regard, the wall of worry that built in the summer and fall has recently been disintegrated by the barrage of positive earnings reports. This opened up for the investors the slope of hope and we have received more interest in the last month or two than we have had all year. This demonstrates that investors are looking for opportunities to invest and we have what we believe is serious interest in Barbados, but as yet, nothing under contract. On a personal note, yesterday I drove through the snow to Johns Hopkins to have 3 more biopsies on my poor little foot; all in the same area, with the goal to define exactly what skin will be taken when I have the next and last operation. It is my hope that this will be done after Christmas, but before New Year's and I am told that the rehabilitation time that would limit travel, would be less. As the schedule becomes more certain, I will let you know. EFTA_R1_02009 190 EFTA02685637