Inaja Land Company Summary Inaja Land Company is a privately owned ranch in the Eastern Sierra region of

Northern California in Inyo County. The company consists of 25 member/owners each of whom have an equal share in the property’s stock. The property consists of over 2,000 acres of land including 1,200 deeded acres and over 800 acres of leased state land. The 1,200 deeded acres are primarily meadows complemented by 8 miles of Owens River flowing through. Rife with Brown and Rainbow Trout, the river provides secluded and accessible fishing. It is not uncommon to land a 2-3 pound trout or to catch a dozen or more fish on any given day. Less commonly, 5-7 pound trout can be caught as well. It is uncommon to have more than 2 or 3 fisherman on the river at any given time, giving an avid fisherman plenty of room to find solitude. The ranch follows standard California fishing regulations and additionally requires that all flies and lures be barbless to ensure a lower attrition rate on released catches.

The membership consists primarily of affluent fishermen some of whom acquired their membership through inheritance. The Board of Directors consists of 5 members who discuss general policy. There is an annual barbecue that all members are invited to attend to discuss ideas and policy involving the ranch including meadow and river maintenance as well as general improvements such as bridge upgrades and road improvements. Inaja Land Company largely finances its maintenance through an annual contract with LADWP in which riparian rights to irrigate the meadow to accommodate cattle are waived for an annual cost to LADWP. In addition to providing most of the funds required to maintain the property, this contract also ensures that livestock are not interfering with the quality of the land and river. As part of the maintenance, a herd of sheep is corralled in a portable fence that gets moved throughout the property to keep the meadow from becoming overgrown. The sheep cannot access the river and do not affect general recreation or fishing. The meadows adjacent to the Owens River on Inaja Land Company property have a 4’ wide mowed path through the tall grass near the river bank to allow for easy access for walking, fishing, or viewing wildlife.

Inaja Land Company is 18 miles by road (Owens River Road and Highway 395) to Mammoth Lakes, and 10 miles from Mammoth Regional Airport. The ranch is accessed off of 395 through 10 miles of dirt road that meanders through sage covered desert in the Long Valley Caldera. Nearby interests include Hot Springs, the Minarets, Convict Lake, Rock Creek, Mono Lake, June Lake and many packing and hiking trails in the Eastern Sierra Mountain range. Deer, rabbits, eagles, hawks and an abundance of other wildlife abound on the location. The northern boundary of the ranch consists of the White Mountain range where hiking and exploring can lead to the discovery of Native American artifacts and tools from centuries past.

The membership/ownership provides for 12 guest fishing days and 1 designee.

The “Designee” enjoys the same fishing rights as the member/owner and may fish the river in the same fashion as the owner. The owner must be present to grant fishing days to guests. Records kept on the ranch show that on any given day, an average of 2 people fish on the 8 miles of river that flow through the property.

Inaja Land Company sits at an elevation of 6,800 feet just north of Sherwin

Summit, providing a secluded retreat. With the nearest city to the west being Fresno, nearly 100 miles away and on the other side of the 14,000 foot Sierra peaks, Reno 150 miles north, and the antelope valley and Salt Lake City to the south and east, the remote location provides a nighttime sky in which the milky way as well as planets in the solar system are visible and ambient noise consists solely of the sound of the river and calls of wildlife.

To the west of Inaja Land Company lies the Eastern Sierra Mountain Range.

Mount Morrison, the Minarets and other Eastern Sierra Mountains are visible from the property. The unique view includes the White Mountains to the Northeast in addition to the sharp edges of the sierra to the south.

The ranch employs a full time property manager who resides on site year round and maintains the overall quality and infrastructure including bridge and road maintenance as well as freelance cabin maintenance and preventive upkeep.

The Inaja Land Company was established in 1928 and has historically had a very low turnover in membership. Most of the members have been so for 30 years or more and have acquired their ownership through inheritance. This property is highly secluded and visited infrequently by most of the owners, thus providing a quiet retreat unique in property ownership.

BY-LAWS OF THE INAJA LAND COMPANY, LTD. AS AMENDED FEBRUARY 1. 2007 ARTICLE I Purposes of Company And Office of Company This Company shall carry on the business of owning, holding, operating and dealing in real and personal property and of operating and maintaining a fishing and hunting club or preserve and to carry on, promote, and further the sport of fishing and hunting, as set forth in the Articles of Incorporation. The office of this Corporation is hereby fixed and located at 5800 South Boyle Avenue, Los Angeles, California, County of Los Angeles, State of California, until otherwise ordered by the Board of Directors. ARTICLE II Board of Directors The company shall have a Board of five (5) Directors, to be elected from among the holders of stock, by secret ballot, a majority of whom being present and acting shall constitute a quorum. A majority of the directors shall be residents of the State of California, No person shall be eligible for election as Director unless he is a stockholder, owning not less than Twenty (20) shares of the capital stock of the Company, and which stock stands in his own name on the books of the Company Page 1

ARTICLE III Election of Directors The Directors shall be elected annually by the stockholders. The Directors shall be elected by secret ballot and shall serve for one (1) year, and until their successors are elected. Such election shall be held at the regular annual meeting of the stockholders. The term of office of all directors shall begin immediately after their election. ARTICLE IV Vacancies in Board of Directors Whenever a vacancy occurs in the office of Director, such vacancy shall be filled an appointee of the Board; and such appointee shall hold office until the first annual meeting of the stockholders thereafter; and until the election of a successor by the stockholders. ARTICLE V Powers and Duties of Directors The Directors shall have the power and it shall be their duty: First: To exercise, conduct and control the corporate powers, business and property of the Company, and to make rules and regulations not inconsistent with the laws of the State of California, or with the by-laws of the Company, for the conduct of the stockholders of the Company in the use of the Company’s property for fishing, hunting, or other sports or purposes; to fix and enforce penalties for any violation of these By-Laws or any rules or regulations of the Board; to prescribe rules and regulations for the admission of visitors and guests to the property; to issue each stockholder holding not less than twenty (20) shares of the capital stock of the Company Page 2

certificates entitling them to the fishing and hunting rights and privileges upon the Company’s property. The authority and duties of all officers, committees, and employees of the Company shall in all cases be subject to the supervision and control of the Board of Directors. The Board shall appoint such committees as it shall from time to time deem advisable. Second: At each regular meeting of the stockholders, the Board of Directors shall present a full report and statement showing in detail the assets and liabilities of the Company and generally the condition of its affairs. A similar report and statement, or a special report and statement in regard to any of the affairs of the Company, shall be presented at any meeting of the stockholders, or shall be filed with the Secretary when required in writing signed by persons holding one-half of the capital stock of the Company. ARTICLE VI Officers The officers of this Company shall be the following: a President, one or more Vice-Presidents, a Secretary, one or more Assistant Secretaries, a Treasurer and one or more Assistant Treasurers. The officers above named shall be elected by the Board of Directors and they shall hold office, unless removed by the Board of Directors, until their successors are elected and qualified. Any of said officers may be removed by resolution adopted by the affirmative vote of three (3) members of the Board of Directors, and in case of such removal or in case of a vacancy for any other cause, the vacant office shall be filled by the Board of Directors. Page 3

The President must be elected from among the members of the Board of Directors. ARTICLE VII President (1) The President shall preside at, and act as chairman of, all meetings of the Directors and Stockholders and shall cast his vote in all meetings the same as any other Director or stockholder. (2) The President shall be an ex-officio member of all committees appointed by the Board of Directors. (3) The President, subject to the other provisions of these By-Laws, shall have general direction of the affairs of the Company and shall perform such other duties as may be required by the By-Laws of the company or by resolution of the Board of Directors, or by any law or governmental rule or regulation, and shall enforce such rules and regulations as may be adopted by the Board of Directors. (4) He shall sign as President, all certificates of stock, conveyances, releases, certificates or notes, bonds and other securities, and all other instruments requiring an official signature on behalf of the Company. ARTICLE VIII Vice-Presidents The Company shall have one or more Vice-Presidents, and in case of a vacancy in the office of President, or in case of the absence or inability, refusal or neglect of the President to perform his duty as President, one of the Vice-Presidents shall perform all or any of the duties of the President. Page 4

ARTICLE IX Secretary It shall be the duty of the Secretary: First: To keep all official corporate books and records required by law or by orders of the Board of Directors, and make all entries therein, and particularly the following: (1) The journal of the minutes of the meeting of the Board of Directors and of the stockholders, including a record of all the business transactions of the Company. (2) The By-Laws and the record book of the By-Laws of the company. (3) The books of stock certificates and records of certificates of stock issued, and of stock cancelled or transferred. (4) The stock and transfer books of the Company. (5) All other official books and papers of the Company, including all papers, notices, reports and other instruments filed with the Board of Directors or ordered by the Board of Directors to be placed or kept on file, or required by any law or by any governmental rule or regulation to be prepared or kept by the Company. Second: To give all notices required by law or by any governmental rule or regulation, and to mail, post, publish or otherwise serve the same. Third: To sign, attest or countersign all certificates of stock, conveyances, releases, and such other instruments as may be required by the Page 5

Board of Directors or by the By-Laws, or any law or governmental rule or regulation, to be signed, attested or countersigned by the Secretary. Fourth: To keep the corporate seal of the Company and to affix the same to all instruments requiring such seal, and to any instruments to which such seal may be ordered to be affixed by the Board of Directors. Fifth: To perform such other duties as may be required by the By-Laws of the Company, or by resolution of the Board of Directors, or by any governmental rule or regulation. ARTICLE X Assistant Secretaries The Company may have one or more assistant secretaries, and in case of a vacancy in the office of Secretary, or in case of the absence or inability, refusal, or neglect of the Secretary to perform his duty as Secretary, or in any case, at the request of the Secretary, one of the Assistant Secretaries shall perform all or any of the duties of the Secretary. ARTICLE X-a Treasurer The Treasurer shall perform such duties regarding the funds and accounts of the Company as may be required by the By-Laws of the Company, or by resolution of the Board of Directors, or by any law or governmental rule or regulation. Page 6

ARTICLE X-b Assistant Treasurer The Company may have an Assistant Treasurer, and in case of a vacancy in the office of Treasurer or in case of the absence, or inability, refusal or neglect of the Treasurer to perform his duty as Treasurer, such Assistant Treasurer shall perform all or any of the duties of the Treasurer ARTICLE XI Signatures Checks, drafts, and other orders for payment of money drawn by this Company shall be signed, and endorsements for payment or deposit or other purposes, on checks, drafts, or other orders for the payment of money to this Company, shall me made by such of the officers of this company, or by such other persons, and in such manner and on such conditions as the Board of Directors shall order by resolution from time to time as in their judgment may be proper. ARTICLE XII Meetings All meetings of the Board of Directors and of the stockholders shall be held at the office of the Company in the City of Los Angeles or at such other place as the Board of Directors may determine. Page 7

ARTICLE XIII Regular Meetings of Directors The annual meeting of the Board of Directors shall be held each year immediately after the adjournment of the annual meeting of the stockholders. No notice of the annual meeting of the Board of Directors need be given. The Board of Directors may provide for regular meetings but such provision shall not take effect until fifteen (15) days after written or printed notice of the same has been mailed or delivered personally to each Director at his last known place of business or residence or to his post office address designated as provided in these By-Laws. ARTICLE XIV Special Meetings of Directors The President, or any three (3) of the Directors, may call special meetings of the Directors at any time. Notice shall be given of any special meeting by leaving a written or printed notice at, or by mailing the same addressed to the last known place of business or residence of each Director designated as provided in these By-Laws at least twenty-four (24) hours before the time of meeting. Such notice shall be given by the Secretary, but in the case of a vacancy in the office of Secretary, or the absence, inability, refusal or neglect of the Secretary to do so, the President, or either of the Directors calling such special meeting, may give such notice. Page 8

Delivery to any Director personally of such written or printed notice, or communication of the time of any meeting by telephone to any Director anywhere within the City Of Los Angeles, California, at least four (4) hours before the time of meeting, shall be sufficient. Such service of notice shall be entered on the minutes of the Company, and the said minutes, upon being read and approved at a subsequent meeting of the Board of Directors shall be conclusive as to the question of service. ARTICLE XV Annual Meeting of Stockholders The regular annual meeting of the stockholders shall be held at 2:00 o’clock in the afternoon on the second Saturday in July of each year unless this day falls on a holiday, in which case such regular meeting shall be held at 2:00 o’clock in the afternoon of the next succeeding day that is not a holiday. ARTICLE XVI Notice of Stockholder’s Meeting No notice of the annual meeting of the stockholders need be given provided that the President or Board of Directors may require the Secretary to give such notice as he or they might deem advisable, of any regular annual meeting of the stockholders to each stockholder addressed to such stockholder at his last known place of business or residence or to the last post office address of such stockholder designated as provided in these By-Laws. Provided that any failure to give such notice as herein provided shall not affect the legality nor invalidate any annual meeting of stockholders, if on Page 9

the day fixed in the By-Laws for the holding of an annual meeting there are present in person and represented by proxies holders of shares of stock aggregating more than one-half of the issued and outstanding stock of the Company. ARTICLE XVII Special Meetings of Stockholders The President or the Board of Directors, or any three (3) of the Directors, may call a special meeting of the stockholders at any time, and the President, upon order of the Board of Directors, or upon the written request of three (3) of the Directors, or upon the written request of stockholders owning one-third or more of the subscribed capital stock, shall call such a special meeting at any time. At least five (5) days notice of any such special meeting shall be given, which notice shall state the purpose thereof, at shall m Be mailed to each stockholder at his last known place of business or residence, or to the last post office address of such stockholder designated as provided in these By-Laws. ARTICLE XVIII Stockholders’ Meetings Quorum, Voting and Amendments No meeting of the stockholders shall be competent to transact business, and no elections or votes had for any purpose at any meeting of the stockholders shall be valid, unless a majority of the subscribed capital stock is represented, either in person or by proxy in writing. Page 10

In case, however, for want of a quorum, or other cause, the regular annual meeting of the stockholders shall not be held on the designated day in these By-Laws, or in case a special meeting of stockholders shall not be held on the day designated in the call or notice of such special meeting, or should the stockholders fail to complete their elections or such other business as may be presented for their consideration, at any regular meeting, or at any special meeting, those present may adjourn from day to day, or from time to time, until the same shall be accomplished, such adjournment and the reasons therefore being recorded in the journal of proceedings of the Board of Directors. At all corporate meetings each stockholder, either in person or by proxy, shall be entitled to as many votes as he holds, or has subscribed for, shares of stock, with the right to accumulate the same, as provided by law. Such proxy shall be in writing, and filed with the Secretary. Every person acting therein, in person or by proxy or representative, must be a bona fide stockholder having stock in his own name on the stock books of the Company at least ten (10) days prior to the election. ARTICLE XIX Designation of Post Office Address Any Director or stockholder may file in writing with the Secretary, a statement of his post office address and thereafter until a statement is received by the Secretary designating a different Post Office address, the mailing of any or all notices to such Director of stockholder at such address within the times in these By-Laws stated, shall be sufficient and proper mailing of notices. Page 11

ARTICLE XX Books and Papers The official corporate books and records of the Company, and all official reports and papers placed on file by direction of the Board of Directors or of the stockholders, shall at all times in business hours, be subject to the inspection of the Board of Directors and of any stockholder. ARTICLE XXI Certificate of Stock Certificates of stock shall be of such form and device as the Board of Directors may direct; and each certificate shall be signed by the President and by the Secretary and express on its face the number of the certificate, the date of issuance, the number of shares for which, and the person to whom it is issued, and the paid-up value of the shares. ARTICLE XXII Transfer of Stock Shares of the Company may be transferred at any time by endorsement by the signature of the stockholder, his agent, or legal representative and the delivery of the certificate, but such transfer is not valid except as to the parties thereto, unless the same is so entered in the books of the Company as to show the names of the parties by whom and to whom transferred, the number of the certificate, the number of designation of the shares, and the date of transfer. No surrendered certificate shall be cancelled by the Secretary before a new one is issued in lieu thereof. The Transfer of Memberships will be subject to the approval of the Board of Directors. The person purchasing a membership from a member who is Page 12

withdrawing must be passed on by the Board of Directors and approved before becoming a regular of the Company. The Company has the “Right of First Refusal” on all new transfers of membership. This “Right” must be carried by a 2/3 vote of the members. ARTICLE XXIII Duplicate Certificate of Stock Whenever any certificate for shares of stock in this Company has been lost or destroyed, a duplicate certificate may be issued in lieu thereof. Such certificate shall be in the same form as any other certificate of stock of the Company, except that on its face shall be plainly designated the fact that it is a duplicate certificate, and the number of the certificate or certificates of which it is a duplicate. Such duplicate certificate need not be issued except on proof to the satisfaction of the Board of Directors that the original certificate of stock has been lost or destroyed, and the Board of Directors may also require such indemnity in favor of the Company and of its officers on the account of the issuance of such duplicate certificates as to the Board of Directors may seem proper. The Board of Directors at its option may require that a proceeding be brought and judgment obtained, under Civil Code, Section 328, before issuing such new or duplicate certificate. ARTICLE XIV Seal The Company shall have a Company seal of which seal the following is an impression, and which said seal is the seal hereafter to be used by this Company in the transaction of its business. Page 13

ARTICLE XXV Amendment or Repeal of By-Laws These By-Laws may be altered, amended, or repealed by the affirmative vote of two-thirds of the total number of Directors, or by the written assent of the holders of the subscribed capital stock at any annual meeting of the stockholders or at any other meeting of the stockholders called for that purpose. Page 14

INAJA LAND COMPANY, LTD. Rules and Regulations Governing Use of Company Property AS AMENDED FEBRUARY 1, 2007 1. Primary Use The primary use of the property of the Inaja Land Co., Ltd. is for cattle grazing and range land. Therefore it is necessary to exclude the general public. Stockholders, their families, guests and visitors when on the property shall refrain from frightening or unnecessarily disturbing the cattle or other livestock. Care is to be exercised so that no damage is done to fences, or other improvements on the property and gates are not to be left open. 2. Secondary Use Inasmuch as both fishing and hunting are available on the property, the right to construct improvements for dwelling purposes, and to fish, hunt or otherwise enjoy the use of the property will be granted to shareholders. This secondary use shall be limited by the requirements of primary use set forth in Rule 1, and by the specific limitations set forth in the following rules. 3. Qualifications For Secondary Use Any stockholder in good standing holding at least twenty (20) shares of the capital stock of the Company, who has been furnished with a certificate granting fishing and hunting rights shall be designated as a member of the Inaja Land Co., Ltd., and as such shall be qualified for the secondary use of the Company property. Page 1

4. Fishing Privileges (Clarified) Each member is entitled and limited to two (2) fishing rods on the stream. All fishermen have the same bag limit. The persons fishing may be member, designee, family of member or designee, or member’s guests. Club rules pertaining to these categories are as follows: MEMBERS: The member, his minor children and grandchildren (under 18 years of age) may fish at any time but may not violate the two (2) rod rule. The member’s family over 18 years of age are treated as family members (see fee schedule). If the member’s family or guests intend to fish, they must be accompanied to the stream each day by the member. The member is entitled to twelve (12) guest days each year; no more than two guests are permitted on the same day. No other persons, including designees, are permitted fishing guests. DESIGNEE: Each member shall designate one member of his “immediate Family” to share the membership. “Immediate family” is defined as husband, wife, mother. father, brother, sister, son, daughter, son-in-law, daughter-in-law, or grandchild. The designee’s name is to be conveyed in writing to the secretary of the Inaja Land Co., Ltd. And will remain in effect until a new designation is made and approved by the board of directors. The designee may fish any time as long as the “two rod rule” is not violated. A designee may NOT have fishing guests, Guest privileges are given to members ONLY. However the designee’s spouse and minor children ARE Page 2

allowed to fish (see fee schedule) and do not count against the members guest allotment. The designee must accompany his spouse or children to the stream each day of fishing. GUEST: The member is entitled to twelve (12) guest days each year. There shall be no more than two (2) guests per membership per day. A guest day may not be split between two people; once a guest is signed in or commences fishing he may not pass his rod to another guest. The guest is not allowed to share his guest privileges with any other person, except his wife. A guest using this privilege fills a member’s daily allotment. FEE SCHEDULE: Relationship Daily Fee Guest Day Charged Member, his/her “immediate family” 0 No members under 18 Member’s spouse (if not his designee) $7.50 No and family members over 18 years Designees 0 No Designee’s spouse (if not the member), $7.50 No children or grandchildren over 18 years Guest (of the member) $25.00 Yes Page 3

5. Restrictions On Fishing Privileges (A) Each member, while on the Company’s property, shall strictly observe all of the fish and game laws of the State of California, and shall be responsible for assuring that all of the members of his immediate family and his guests do likewise. (B) Each member, holding the certificate referred to in paragraph 3 above must record in the register provided for that purpose: (1) The number of days fished and the number of fish caught by him, the Person designated to share his membership with him, and the members of His immediate family entitled to fish free; and (2) The number of days fished and the number of fish caught by the members of his immediate family not entitled to fish free; and (3) The names, number of days fished and number of fish caught by his Guests. (C) No member may, at any time, allow more than two people, either himself, the person designated to share the membership with him, the members of his immediate family, or his guest to fish at the same time. This two (2) rod rule is to be strictly observed. (D) Prior to fishing all guests are required each day to sign personally in a guest register provided at the bulletin board indicating date and sponsor. (E) The Inaja’s original rules and long-standing endorsement of good stream management and conservation of our fish population is reaffirmed by the following tackle usage: (1) Artificial flies – dry, wet, or streamers Page 4

(2) Only single barbless, pinched, or filed hooks (3) Spinners may be used but with single barbless hooks. Ends cut from The other one or two hooks will maintain balance. (4) No cheese, salmon eggs, or bait including worms, grasshoppers, or crickets may be used. (F) South ditch to be limited to dry fly only, catch and released only. (Except for fish over 18”) (G) In order to protect spawning in the north stream, all fish are to be released before May15 and after October 1 during each season. Members are to keep all injured fish. (H) It is the policy of the club to urge and encourage all persons who fish this stream to release fish in the 12” to 16” size range. These fish survive well and are prolific propagators with many future seasons. Please keep small fish to eat. (I) All fishermen are urged to release recognized spawners – Rainbows in the spring and Browns and Hot Creek Rainbows in the fall. They are not worth eating, but have much to contribute to the future fish population. (J) Infractions of the fishing rules regarding guest rods, the two rod rule, the use of bait, the required use of barbless hooks, or the returning of injured fish to the stream are considered to be serious violations of the Fishing Rules and Regulations. A quorum of any three directors is to decide individual infractions. A simple majority of the three directors may suspend fishing privileges for the violating member or designee on a sliding scale. (K) All guests, whether fishing or not, must be registered upon entering the property. Page 5

(L) If a member has appointed one of his immediate family as designee, not his spouse, then the spouse of the member and the designee both become family members and are subject to the $7.50 daily fishing fee. (M) The annual fish limits shall be ten (10) limits of fish killed per membership (100 fish). Fish taken by designee, guests, and all family members count against the total yearly membership limit. 6. Children’s Rules (A) There shall be no swimming, rock throwing or other activities along the stream where fishing may be disturbed. The use of pellet guns or air guns by children is forbidden. Children’s play is restricted to the Layton ditch. Children genuinely interested in fly fishing should be accompanied along the stream by an adult until competent. (B) Because of the danger, young children must be accompanied by an adult when along the stream unless they have competent judgment and swimming ability. (C) Members children and grandchildren 12 years old and less may fish when accompanied by the member. If this fishing occurs on the Layton ditch it will not eddect the two-rod rule. 7. Hunting Privileges The same rules shall apply to hunting on the Company’s property as apply to fishing. That is, no one, except a member, members of his immediate family, and guests shall hunt on the Company’s property, No more that two (2) guns will be allowed at any time and the game laws are to be strictly observed. Page 6

8. Camping Or Picnicking (A) Members who are picnicking on the Company’s property will be required to keep the premises clean and orderly. All refuse is to be buried or otherwise disposed of. Picnic areas are to be sufficiently removed from the stream so as to avoid any pollution of the stream and so as not to interfere with the fishing or disturb the fish. (B) There is to be no wading, bathing, splashing, or throwing of stones in the stream. Dogs are not to be allowed to disturb the cattle and other livestock. (C) Members or the members of their immediate family or their guests who wish to camp on the property, either in tents, house trailers, campers or mobile unites, will do so only in the areas which have been designated by the board of directors for that purpose. Any member who owns his own cabin or other permanent improvement on the Club property may permit members of his immediate family, or guests, to park trailers immediately adjacent to their improvements, but only if it does not interfere with the use or enjoyment of other members of the improvements which they have on the property. (D) Any such use, as set forth above, shall be subject to the requirements that the premises be kept neat and orderly and that adequate sanitation facilities be provided by the person using the property. 9. Members Improvements Any member (as defined in Rule 3 above) may purchase or construct improvements upon the Company’s property subject to the following: (A) Before any improvements, including permanent placement of house trailers or mobile homes, may be constructed or placed on the property, the Page 7

location and the plans and specifications of the improvements must first be approved by the Board of Directors. Such approval will not be granted for any location which interferes with the primary use of the property. (B) Such improvements shall be used only as dwellings by the member, the person designated to share his membership, with the members of the immediate family and their guests. (C) Members of the immediate family and guests occupying the improvements when the member or the person designated to share his membership, is not present, will not be permitted to fish or hunt on the Company’ property. (D) The member/owner of any improvements must pay all real and personal property taxes on such improvements. In the event of their failure to do so, the company may pay such taxes and they will thereupon become a lien against the members stock in the Inaja Land Co., Ltd. (E) The member/owner of any improvements must maintain such improvements and the ground surrounding them in a clean and sanitary condition at all times, and provide adequate sanitary facilities. (F) The member/owner of any improvements may remove the same from the Company’s property at any time, provided they leave the site of said improvement and the surrounding ground in a clean and sanitary condition. (G) The member/owner of any improvements may sell or transfer the ownership of such improvements to another member at any time. He may not, however, sell or transfer the ownership to a non-member unless such improvements are forthwith removed from the Company’s property in accordance with paragraph (E) above. (H) In the event a member/owner of any improvements ceases to be a member, he shall forthwith sell or transfer said improvements to a member, or remove all improvements from the Company’s property in accordance with paragraph (E) above. Page 8

10. General Use (A) Members are to consider it their duty to ascertain in as tactful a manner as possible if persons hunting or fishing on the Company’s property, and not personally known to them, have the right to do so. (B) Members holding more than one membership shall have, for each extra membership, all of the privileges of a member, except no person shall use such membership unless accompanied by a member, or the person designated to share such membership. (C) In the event of the death of a member, it is recognized that unusual circumstances may exist during the settlement of the estate. In such an event, the deceased member’s widow, or the member of the family designated to share the membership with him, may make application to the Board of Directors for the waiver of any of these rules and regulations. If the Board of Directors deems such waiver to be reasonable and equitable it may in its discretion grant such waiver for a reasonable period of time. (D) The fishing season on the Company’s property shall be the season established by the California Department of Fish and Game, except that, if the Board of Directors believes it to be advisable in order to maintain good fishing on the Company’s property, said Board of Directors may establish a shorter fishing season. Members will be required to observe the season so established. 11. Enforcement of Rules And Regulations (A) The foregoing rules and regulations have been made and adopted by the Board of Directors in accordance with the provisions of Article V of the by-laws of the Inaja Land Co., Ltd., and are intended to maintain good fishing and otherwise provide maximum use and enjoyment of the Company’s property by the shareholders. Page 9

(B) In the event a member violates any of the rules and regulations, or engages in any conduct believed to be injurious to the best interests or welfare or character of the Company, any three members of the Board of Directors shall have the power to fine such member or suspend or revoke the rights and privileges of such member to fish and hunt and otherwise enter upon and enjoy the use of the Company’s property. (C) At any time within thirty (30) days after the member has been advised in writing of said fine, suspension or revocation, said member may, together with four (4) other members, by written request filed with the President or the Secretary, ask for a meeting of the stockholders of the Company for the purpose of appealing the decision of the Board of Directors. Such meeting shall be called within a reasonable period of time. The action of the Board in levying such fine, or imposing such suspension or revocation may be either sustained or overruled by a majority of the stockholders present at such meeting, providing a quorum is present, and for this purpose the owners of no fewer than two hundred sixty (260) shares of capital stock of the company shall constitute a quorum. 12. Legacy Members (A) Subject to the approval of the Board of Directors, a shareholder may designate a member of his or her immediate family to receive the fishing privileges and family member fishing privileges. This “legacy member” will be responsible for all dues and assessments as well as guest fees associated with the membership. The shareholder may become either the designee, or a family member, and will continue to be the registered owner of the Inaja stock with the voting rights. Each shareholder may have only one opportunity to designate a “legacy member”. Page 10