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I I I I I I I I I I I I I I I I I I I BEAR'S PAW In 1979, Shelter acquired Bear's Paw in Naples, Florida, a 244-acre d~velopment consistinq vi a 75\ completed golf course de~igned by Jack Nicklaus and sites for 327 residential unlts. The initial inYe~tment to acquire the developme~t and co~plete the 6,123 yard golf course was approximately $8,000,000. The entire property is now surrounded by the golf course and tennis COUtts, clubhouse, two swimming pools, eight lakes and a canal with ~cce~s to the Gulf of Mexico. The d~vc1opMent of Bear's ?aw Phase I consists of 180 luxury condomini~m lInlts in IS two and three-sto;y buildinJ~ surrounding the -back- nine holes of the gol~ course. Phase I was completpd in 1982. In 1982, a marketln~ program was introduced for two and thlee-bedrcom villa units in Phase II. When conpleted, phase II will have 147 units surroundIng the -front- nine holes of the golf course. Eighty of the villa units have now bepn completed. The principal and regist~rcd office of Sheltc: is located at 2600 reven EYer9r~en Place, Winnipeg, Manitoba RJL 2T3. Branch officec in Canada are located at IS Chesterfield Place, North vancouver, B.C.; Suite 400, 10325 Bonaven~ure Drive S.E., Calgary, Alberta: 2500 Seven Evergreen Place, Winnipeg, Manltoba: Suite 1013, 2869 Dat~lefo~d ROad, Mlssissauga, Ontario, 701 King Street West, Toronto, Ontario; and SUlte 701, 2881 Richmond Road, Ott~wa, Ontarlo. Branch offices in the United States are located at 5051 Castello Drive, Naples, Florica, and 9050 Red Br~nch R~ad, Columbia, Maryland.