CALIFORNIA ACADEMY FOUNDATION

Santa Barbara Dream Home Raffle 2006 - Please note new dates and additional prizes!
These official rules govern the conduct of the raffle. By purchasing a raffle ticket, you agree to be bound by these official rules and the decisions of The California Academy Foundation(CAF), which shall be final. State of California Non-Profit Raffle Registration #R-4395

ELIGIBILITY: Raffle ticket purchasers must be California residents 18 years of age or older. No employees of CAF or members of its board of directors or those living in their households are eligible to participate. The same ineligibility applies to the pr firm and the graphic design firm and their employees and family members. Prize winners will be required to submit a signed affidavit of eligibility, photo identification, winning ticket stub, taxpayer identification number and other identifying information or else will be deemed ineligible to claim the prize. The raffle is void where prohibited by law.

ENTRY: A maximum of 18,000 tickets will be sold. 260 prizes will be awarded. If fewer tickets are sold, the odds of winning the Grand and other prizes increase. No more than three persons may share a ticket. Tickets ordered as a gift must have the name of the purchaser listed as Name 1 and the gift recipient name designated as Name 2 (e.g. John Doe, gift). Named ticket-holders may not be changed. CAF shall report payment to, and withhold applicable withholding amounts from, the ticket-holder(s) of record in accordance with applicable law. The IRS has taken the position that amounts paid for chances in raffles, lotteries or similar drawings for valuable prizes are not gifts, and consequently do not qualify as deductible charitable contributions. Raffle participants and prizewinners agree that CAF will be able to use their name and/or likenesses for media including television, radio, web and print. The list of prizewinners will be published on the Santa Barbara Dream Home website at www.santabarbarahomeraffle.org.

TICKET ORDERS: Tickets are $150.00 each and may be purchased solely from CAF. Customers who order 5 tickets in their name by September 29, 2006 are entitled to receive a free ticket. You may buy as many tickets as you wish, subject to availability. To order tickets: send entry form by mail to California Academy Foundation, 3463 State Street, Suite 400, Santa Barbara, CA 93105; or fax to (805) 805-966-7458; or by phone at (800) 615-0655. Tickets may not be purchased via voicemail or email. Phoned, faxed or mailed raffle ticket orders accompanied by valid credit card (MasterCard, Visa) numbers, expiration dates and card holder signature or check/money order will be processed in the approximate order in which they are received and verified. Make checks/money orders payable to “California Academy Foundation.” CAF will reject any raffle ticket order if the check or credit card payment is not honored or returned for insufficient funds. The ticket receipt(s) will be mailed to first named ticket-holder. Tickets may not be changed, sold or transferred by the purchasing party or anyone else without the express written approval of CAF in its sole discretion.

REFUNDS: All raffle ticket sales are final. No refunds will be made except under the following circumstances: any ticket order with payment received after 18,000 tickets have been sold or after October 12, 2006, will be returned. No other refunds are available. CAF assumes no responsibility for lost, late, misdirected or non-delivered mail or fax messages, or any other failure to receive orders or deliver receipts prior to the drawing deadlines. A raffle participant's sole and exclusive remedy for CAF's breach shall be limited to the return of the purchase price paid for his or her raffle ticket(s). In no event shall CAF, its directors, officers, employees, agents or representatives be liable to any party for any loss or injuries to earnings, profits or goodwill, or for any incidental, special, punitive or consequential damages of any person or entity whether arising in contract, tort or otherwise, even if advised of the possibility of such damages.

PRIZES: All winners will be called by name and verified by matching the ticket with information in CAF records including the ticket order form. All prizes awarded to a winning ticket shall be shared equally among the named ticket-holder(s). Prizes are subject to tax withholding in accordance with applicable law. If any winner cannot be located after reasonable attempts to do so by CAF, or if any winner is deemed to be ineligible or does not otherwise claim his or her prize by 5:00 p.m. on the day that is 180 calendar days following the Grand Prize Drawing, 3463 State Street, Suite 400, Santa Barbara, CA 93105 / 800-615-0655 such winner will be deemed to have forfeited his or her prize. A list of winners may be obtained by writing to CAF. Requests must be received in the 30 day period following the Grand Prize Drawing. CAF, its directors, officers, employees, agents and representatives are not responsible for any injuries, losses or damages of any kind arising in connection with or as a result of a winner's acceptance or use of any prize. Each prize winner agrees to indemnify, defend and hold CAF, its directors, officers, employees, agents and representatives harmless from any and all losses, damages, rights, claims and actions of any kind arising in connection with or as a result of such winner's acceptance or use of any prize.

DRAWINGS: Early raffle ticket purchasers will be eligible for multiple drawings for cash as well as the Final and Grand Prize Drawing for the Santa Barbara Dream Home, or $800,000 in cash. Ticket purchase deadline dates must be met to insure entry in the Early Bird Drawings and the Final and Grand Prize Drawing. Any tickets purchased by the first Early Bird deadline will be eligible for both the Second & Third Early Bird drawing and the Grand and Final Prize Drawing. Winners of the Early Bird Drawings, and of prizes 2-250 during the Final Drawing will be re-entered in the Grand Prize Drawing for the house. The raffle begins April 23, 2006. To be eligible for Early Bird Drawing # 1, tickets must be purchased by 5 pm, May 26, 2006. The drawing will be held at 2 pm on June 10, 2006 at the Multimedia Arts and Design Academy at Santa Barbara High School. First prize is a new Ford Mustang GT valued at $32,000; 2nd prize is $10,000; 3rd prize is $5,000; 4th prize is $2,000; 5th prize is $1,000. To be eligible for Early Bird Drawing #2 , tickets must be urchased by 5 pm, June 23, 2006. The drawing will be held at 2 pm on July 15, 2006 at Santa Barbara High School. First prize is a new Mini-Cooper valued at $27,000; 2nd prize is $5,000; 3rd-5th prizes are $1,000 each. To be eligible for Early Bird Drawing #3, (our “Summer Special”) tickets must be purchased by 5 pm, July 21, 2006. The drawing will be held at 2 pm on August 19, 2006 at Santa Barbara High School. First prize is a new 2006 VW Beetle Convertible valued at $25,000; 2nd prize is $5,000; 3rd prize is $2000 and 4th prize is $1,000 each. To be eligible for the Final & Grand Prize Drawing, tickets must be purchased by 5 pm, October 12, 2006. The final drawing will be held at 2 pm on Saturday, October 28, 2006 at the historic Santa Barbara High School. Grand prize is a Santa Barbara home valued at $989,000 plus $11,000 cash, alternatively, winner may opt not to take the house and instead accept an award of $800,000 cash; 2nd prize is $25,000; 3rd prize is $10,000; 4th prize is 5,000; 5th prize is $2,000; 6th-10th prizes are $1,000/each; 11-15th prizes are $500/each; 16th-250th are $300/each. Winning tickets will be drawn at random from a drum containing all eligible raffle tickets. All drawing dates and locations, including without limitation, the drawing dates and locations for the grand prize and final drawing, are estimated dates and anticipated locations and are subject to change at the discretion of CAF. CAF reserves the right to conduct the prize drawings on alternate dates or at alternate locations. CAF will post notice of drawing date or location changes on its website. No other notice of drawing date or location changes will be provided. You need not be present to win.

GRAND PRIZE DETAILS: The Grand Prize Winner (“GPW”) is strongly advised to seek professional legal, tax, investment and real estate advice. Award of the Grand Prize could have material adverse effects on the GPW, including, without limitation, with respect to taxes. income, government entitlements or other benefit, or other legal, financial, investment, real estate or other matters. The Grand Prize award is either the home or the alternative cash prize. The GPW must deliver written notice to CAF specifying the GPW's choice of the home or the cash prize by 3:00 p.m. on the day that is 14 calendar days following the grand prize drawing. In the absence of an irrevocable written election or nonperformance by the GPW by 3 p.m. on the day that is 14 calendar days following the Grand Prize Drawing, CAF will determine conclusively that the cash prize has been chosen by the person(s) named on the winning ticket. During that time the GPW may inspect the property and a preliminary title report will be made available. The election will be considered irrevocable and be subject to the following conditions: if the GPW chooses the cash prize, required state, federal and other applicable taxes will be withheld. CAF will remit the balance of the cash prize to the GPW. If the GPW elects to receive the home, the GPW shall be solely responsible for all closing costs and must deposit in escrow cash in an amount sufficient to pay all federal and state taxes and all closing costs, including escrow fees charged or subject to pro-ration no later than 3:00 p.m. on the day that is 20 calendar days following the grand prize drawing. Failure to meet these deadlines will result in the conclusive determination by CAF that the winner has chosen the cash prize alternative. In the event the grand prize home is destroyed, damaged, or otherwise unavailable for any reason whatsoever, CAF may, in its sole discretion award a substitute prize of equivalent value, deemed not greater than $1,000,000. Estimated federal and state taxes and fees will be provided to the GPW by telephone and by fax or email following the Grand Prize Drawing. CAF is not providing legal or tax advice to any contestant or winner, and all contestants and winners are strongly advised to consult professional legal and tax advisers prior to ticket purchase. To the extent required by applicable law, taxes, whether paid by the GPW when choosing the house or withheld when choosing cash, will be remitted to the IRS and Franchise Tax Board for the credit of the GPW, identified by his/her valid taxpayer identification number or social security number. The Home will be transferred or sold “as is”. No warranties or representations of any kind, expressed or implied are made by CAF. If for any reason the GPW finds the home or conditions or effects of transfer unsatisfactory, his/her sole remedy is to accept the cash alternative prize less federal, state and all other applicable taxes.

* CAF does not represent, warrant or guarantee that the GPW will be able to sell the home for its estimated value of $989,000. There is no guarantee the IRS, Franchise Tax Board or any other party will accept the estimated value of the home in determining the amount of income tax that will be due from the GPW or for any other purpose.

Prize awards in the event of non-sellout of tickets : Rules as stated above shall apply except as follows: if fewer than 15,000 tickets are sold by October 12, 2006 at 5 p.m. , the raffle will be held as scheduled on October 28, 2006 . However, the Home and the $800,000 cash prize will be excluded from the drawing and the GPW will be awarded a cash prize computed as 50% of net raffle proceeds. For the purpose of these rules, net proceeds' are defined as the balance of ticket sales revenue remaining after payment of all other prizes and all raffle-related expenses. The net proceeds will then be divided equally between CAF and the GPW based on CAF's accounting, which shall be final and conclusive with respect to the GPW.

ADDENDUM - AUGUST 20, 2006 To be eligible for the Bonus Drawing, customers must have 2 or more tickets in their name by 5 pm, September 29, 2006. 2 or more tickets sent to the same household in different names will also be honored.  The Bonus Drawing will be held at 2 pm on Saturday, October 28, 2006 at Santa Barbara High School , preceding the Final & Grand Prize Drawing. Every customer who qualifies will have all their eligible tickets entered into the raffle drum for the extra Bonus drawing for $20,000.