Our company is a Guam limited partnership. The sole general partner is Tanota Corporation, a Guam corporation. The five limited partners are irrevocable trusts. Tanota Partners, Tanota Corporation and the Trusts were formed on December 1, 1986 to receive the liquidating distributions of various real estate corporations owed by the Ysrael family. In 1998, the company was partially reorganized with the creation of three sister companies owned by the Trusts, GSA Guam, L.P., a Delaware limited Partnership, Tanota Hotels, a Guam LLC and Bayview III, a Guam LLC. GSA Guam owns the Sirena Plaza project, Tanota Hotels owns Bayview I, LLC, and Bayview II, LLC which in turn hold the Plaza and Outrigger hotel projects, and Bayview III owns nearby property.

The assets of the Company and related companies are primarily real estate owned on Guam, with some real estate investments in the mainland United States which are held in separate subsidiaries. The Company's goal is to develop its real estate holdings into rental property consisting of housing units, commercial spaces and more recently hotels. After development, the company will continue to hold the property for rental income and long term appreciation. Currently the Company and related companies own approximately 350 housing units, approximately 170,000 square feet of commercial space in various complexes, two hi-rise hotels and approximately 3,000,000 square meters of undeveloped land.

Tanota Partners is the product of numerous real estate corporations. One of our predecessor corporations, the Tumon Beach Hotel, built and leased the very first tourist hotel on Guam and started Guam's tourist industry. The Fujita Hotel, was at one time the largest hotel on Guam. After 18 years of operation, the hotel was sold to our long term tenant and hotel manager, the Fujita Tourist Company. After the Fujita Hotel, we then built and leased the Sunroute hotel in 1986. Next we completed the Regency Hotel in 1990. Recently we completed an expansion of the Sun Route Hotel. Currently we are approaching the completion of the 600 room 22 story Outrigger Hotel.

Though we have recently been developing hotels and high end retail centers, our Company also owns and leases various commercial properties and apartment complexes throughout Guam. Our staffing is kept to a minimum with most operations either subcontracted out or the property to leased to third parties. Our Company has approximately 20 core employees that maintain and manage most of our rental properties.

If you have any questions concerning the foregoing or need any additional information, please feel free to contact our office.