TABLE OF CONTENTS EXECUTIVE SUMMARY BRAND IMPACT TARGET MARKETS AND DEMAND COMPETITIVE MARKET ANALYSIS POSITIONING ANALYSIS ABSORPTION SCHEDULE APPENDIX: VACATION HOME TRENDS DISCLAIMERS 4 11 14 23 31 40 42 48 DPEP | Cotino™, a Storyliving by Disney™ Community | Rancho Mirage, California R1-12149.06 | March 25, 2022 | 3