TERMS OF USE

The Athens Group and principal(s) taking part in the public offering or sale of homes in the offering of the Naples Beach Club are not incorporated in, nor do they currently maintain an office within, the State of New York. Unless the offering of any cooperative interest in real estate is otherwise qualified under applicable New York law as described below, the offering for sale of property in the Naples Beach Club is neither made in the State of New York nor made to the residents of the State of New York. Until such time as all registration and filing requirements under the Martin Act and the Attorney General’s regulations are complied with; a written exemption is obtained pursuant to an application and such is granted pursuant to and in accordance with the Cooperative Policy Statements #1, #7, or #12; or a “No-Action” request is granted (i.e., the offering has been “qualified” under New York law), no offering for sale of homes in the Naples Beach Club will be directed to any person or entity in or from the State of New York by, or on behalf of The Athens Group or anyone acting on behalf of The Athens Group or anyone acting with The Athens Group’s knowledge, nor will any activities by The Athens Group under such circumstances target New York State residents. These disclosures have been made to ensure that The Athens Group has taken adequate measures to notify residents of the State of New York that it will not offer property that has not been previously qualified for sales in New York in or from the State of New York.