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NOTICE TO NEW YORK RESIDENTS: THE DEVELOPER/OFFEROR OF THE RAMBLE BILTMORE FOREST AND ITS PRINCIPALS ARE NOT INCORPORATED IN, LOCATED IN, OR RESIDENT IN THE STATE OF NEW YORK. NO OFFERING IS BEING MADE IN OR DIRECTED TO ANY PERSON OR ENTITY IN THE STATE OF NEW YORK OR TO NEW YORK RESIDENTS BY OR ON BEHALF OF THE DEVELOPER/OFFEROR OR ANYONE ACTING WITH THE DEVELOPER/OFFEROR’S KNOWLEDGE. NO SUCH OFFERING, OR PURCHASE OR SALE OF REAL ESTATE BY OR TO RESIDENTS OF THE STATE OF NEW YORK, SHALL TAKE PLACE UNTIL 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 IS GRANTED PURSUANT TO AND IN ACCORDANCE WITH COOPERATIVE POLICY STATEMENTS #1 OR #7, OR A “NO-ACTION” REQUEST IS GRANTED.