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SAND COMPANIES, INC. <br />CONSTRUCTION & DEVELOPMENT PROJECT LIST <br />1990 Park Place Estates <br />84 Units Luxury Apartments <br />St. Cloud, Minnesota <br />1990 Speedy Print <br />St. Cloud, Minnesota <br />1991 Skip Sorensen Residence <br />Monticello, Minnesota <br />1992 Park Place Estates II <br />92 Units Luxury Apartments <br />St. Cloud, Minnesota <br />1994 71h Street Townhomes <br />15 Units Rental Townhomes <br />Monticello, Minnesota <br />1994 Country Inn <br />46 Guest Rooms <br />Baxter, Minnesota <br />1994 Regency Park Estates <br />145 Units Luxury Apartments <br />St. Cloud, Minnesota <br />1995 Country Inn <br />6o Guest Rooms <br />Woodland Park, Colorado <br />1995 Lakeville Court Apartments <br />52 Units Rental Apts/Townhomes <br />Lakeville, Minnesota <br />1996 Countryside Townhomes <br />12 Units Rental Townhomes <br />Albany, Minnesota <br />1996 Country Inn & Suites <br />46 Guest Rooms <br />Detroit Lakes, Minnesota <br />1996 Albany Cottages — Phase I <br />4 Units Rental Patio Homes <br />Albany, Minnesota <br />1997 Country Inn & Suites <br />22 Guest Room Addition <br />Baxter, Minnesota <br />1997 Huski Townhomes <br />32 Units Rental Townhomes <br />Hutchinson, Minnesota <br />21997 Mercy Manor <br />41 Units HUD 202 Housing <br />Albany, Minnesota <br />1997 Country Inn & Suites <br />63 Guest Rooms <br />Shakopee, Minnesota <br />1997 Country Inn & Suites <br />46 Guest Rooms <br />Walker, Minnesota <br />1998 Albany Cottages — Phase II <br />8 Units Rental Patio Homes <br />Albany, Minnesota <br />1998 Park Forest Estates <br />55 Units Senior Apartments <br />Mora, Minnesota <br />1998 Country Inn & Suites <br />48 Guest Rooms <br />Albany, Minnesota <br />