Trophy Lake Estates V is the newest project in its early stages. We recently received a signed purchase agreement from a land seller for 288 acres on the SW side of Horace, ND. It is an excellent location. The proposed project will have two lakes (one 2300' and the second 2600') with 15 powerboat lots per lake at least 1 acre in size. The additional acres acquired will allow us the option of considering additional phases for the project that could add a third lake to the east and a fourth lake lying east/west on the west side of the project. Ultimately, the market will determine the extent of the project.

We are proposing that the lakes be constructed in a similar manner to Trophy Lake Estates IV in New Germany, MN with one lake longer to cater to barefooting and a deeper trough to accommodate the depth for wakeboarding. A swimming pond is proposed in the middle of two lakes along with the tennis courts, sand volleyball, basketball court, lighted pond hockey (winter) and club boathouse. The site will include slalom courses.

Lot reservations are currently being taken as we are working through the regulatory process. If everything continues to proceed smoothly, we are hoping to work through the regulatory process this year and start construction on the lakes as early as Spring of 2009.