Paragon Management, Inc. – $15,500,000

Proceeds used to assist in financing the acquisition of approximately 9.5 acres of land adjacent to
their Paradise Honors Middle School, located at 12805 North 175th Avenue, Surprise, Arizona
and to construct, improve and equip approximately 14,000 square feet of new buildings on the
Paradise Honors High School Campus, located at 12775 North 175th Avenue, Surprise, Arizona,
including a performing arts auditorium to be shared by their middle school and high school, and
12 new classrooms for the Paradise Honors High School, allowing the high school to accept up
to 200 new students.