Homefed Corporation

HomeFed Corporation is engaged, directly and through subsidiaries, in the investment in and development of residential real estate projects in the state of California. As of December 31, 2004, the company's development projects consist of two master-planned communities located in San Diego County, Calif. The development projects in question are the San Elijo Hills and a portion of the larger Otay Ranch planning area. The company also owns the Rampage property, a 2,000-plus-acre grape vineyard located in southern Madera County, Calif., which was not entitled for commercial or residential development for the year ended December 31, 2004. HomeFed continues to investigate acquisition opportunities for new real estate projects, both residential and commercial, within and outside of California. The company is headquartered in Carlsbad, Calif.