CGC Member Group, Inc. Presentation August 29 and 30

1. CGC Member Group, Inc. PresentationAugust 29 and 30 CGC Member Group Presentation August 29 and 30

2. THIS PRESENTATION IS BASED ON THE POSSIBILITY OF CERTAIN ASSETS OF CORDILLERA BECOMING AVAILABLE AS A RESULT OF THE CURRENT BANKRUPTCY PROCEEDINGS. CGC Member Group Presentation August 29 and 30

3. Who We Are • CGC Member Group • Ron Yordi • Jennifer Hays • Andy Cruce • Jim Landis • Ed Shriner • Research • South Side Asset • Joe Petrash • Tim Taagen • John Kuzina • Accountants CGC Member Group Presentation August 29 and 30

4. Real Estate CGC Member Group Presentation August 29 and 30

5. Other Plans • Letter Read at CPOA Meeting • CMD Meeting • Others • Not here to discuss other plans or compare • Q&A at the End CGC Member Group Presentation August 29 and 30

6. Corporate Structure • NPE • Community to Member Owned • CMD/CPOA Pushed • Non Committal • Changed our request from participation for Community to a Loan CGC Member Group Presentation August 29 and 30

7. Vision • High end club – well maintained, beautiful mountain courses • Three course goal • Active social program • Timber Hearth and Summit Club House integral to plan • CCR model with restaurant operator • Summer months: casual food service – breakfast buffet, lunch and dinner • Winter months: more formal dinner service with sleigh ride a significant attraction CGC Member Group Presentation August 29 and 30

8. Goals • Find a financially sound operating model for as sustainable Club • Reasonable assumptions • Sufficient reserves to handle unforeseen events • Cash positive operation from day 1 • Sufficient budgets for a first class facility • Membership contribution and dues structure to make club attractive and competitive with Vail Valley alternatives • Attractive to previous members who have already invested significant amounts in Cordillera • Competitive with other Vail Valley alternatives • Sonnenalp, CCR, Red Sky, Eagle Ranch, Eagle Springs, etc. CGC Member Group Presentation August 29 and 30

9. Potential Member Pool • Sellers wait list potential* Sellers wait list as of August 2010 366 Sellers on wait list with homes in Cordillera 15 Conclusion: Most of sellers on wait list have left Cordillera and are not potential members • Individuals who paid dues in 2011* 538 • Own homes South of I-70 – 57% of homes built 327 – 60% • Own homes North of I-70 – 27% of homes built 40 – 8% • Owns Cordillera lot with no home 36 – 7% • Lives outside Cordillera Community 135 – 25% • Homes bought since mid 2009 – 65, 57% historical take rate – 37 potential members • Other potential members outside the Cordillera community – unknown * - Estimated based on information received CGC Member Group Presentation August 29 and 30

10. Sources of Funds • Membership Contribution – Initial Membership Drive • $15,000 for the first 45 days or until 450 members • $25,000 after the first 45 days • If purchase falls through all but pre-transaction costs will be refunded • $13,000 of the Initial Membership Deposits Escrowed • $2,000 reserved for closing costs, due diligence and a reserve for attorneys’ fees, $1,000 of which is reserved unknown contingent events • Future Membership Contribution levels will be established by the Club • Memberships only issued by the Club • If member sells property and retains membership the purchaser of the property moves to priority on the the wait list – if any. CGC Member Group Presentation August 29 and 30

11. Sources of Funds cont. Member Contributions $6.0 million Bank Loan $2.7 million Total $8.7 million Uses of Funds Anticipated Cost of Assets $4.5 million Start up and rehab costs $1.3 million Transaction Costs .5 million Total $6.3 million Working Capital $2.4 CGC Member Group Presentation August 29 and 30

12. Sources of Funds cont. • Annual Dues • $11,000 paid January 1 of each year. • $1,000 of the $11,000 used to partially fund Valley operating costs in return for rounds granted to the club • Provides reasonable access for Members without risk of additional course to support • If the club doesn’t execute an agreement with the Valley Course dues will be $10,000 CGC Member Group Presentation August 29 and 30

13. Model/Financial Information • Will present two analyses • Two club – Mountain and Summit courses operation budget • Three club – Valley, Mountain and Summit operating cost estimates • Effect on dues requirements CGC Member Group Presentation August 29 and 30

14. Two Course Model Assumptions • Revenue Assumptions • 25 New Members per year – supported by historical experience • 7,831 Member rounds • 4,500 paid rounds – outside play, accompanied or unaccompanied • Expense Estimate Sources • Course Maintenance - Historical information bottom up budgeting and Tim Taagen consultation • Golf Operations – Historical information, bottom up budgeting and consulting with previous golf professionals • Club Houses – Historical Informaiton • G&A Savings – Contracting out many functions, IT, HR, etc., modeling after other private clubs in the valley • Discussions with other clubs and knowledgeable people in the golf industry. • Membership contributions in 2012 supports asset acquisition – Next 45 days • Membership dues for 2013 fund operations CGC Member Group Presentation August 29 and 30

15. Two Course Financial Model CGC Member Group Presentation August 29 and 30

16. Conclusions • A 400 member Club is possible • At this level 25 new members per year required to make things comfortable • The combination of membership contributionlevel and annual dues very competitive • Sonnenalp – Initiation $50,000, Dues $5,200 • CCR – Initiation $125,000; Dues $9,500 • Eagle Springs – Initiation $60,000; Dues $12,900 • Resulting Club will be very attractive • At 400 plus members Club and courses can equal or rival any in the Vail Valley • At 550 members, only 275 members per course • Courses not overcrowded, fast rounds, plentiful tee times • Successful implementation of this plan will restore Cordillera to its previous glory and go a long way to restoring the quality of life and real estate values in the community. CGC Member Group Presentation August 29 and 30

17. Challenges • Reaching initial membership level • Previous members have found other alternative golf opportunities • People reluctant to invest more money in another Cordillera Club • Many golfing alternatives in the Vail Valley • Sustaining membership • Finding 25 new members per year • Generates $500,000 in revenue per year NEED COMMUNITY SUPPORT TO ATTRACT THE REQUIRED INITIAL MEMBERSHIP LEVEL OF 400 TO 450 MEMBERS AND TO CONTINUE TO ATTRACT NEW MEMBERS TO REACH THE 450 TO 550 MEMBER LEVEL. CGC Member Group Presentation August 29 and 30

18. Addition of a Third Course • A third course adds $2.5 million to Club costs • Course Maintenance • Another Clubhouse • Other Costs – G&A, Engineering, etc. • Property Taxes • Capital Expense • Less $400,000 Access Payment reapplied to Valley Course operation • At $11,000 in dues this requires an additional 190 members • With 400 members requires and increase of $5,250 in dues • Two course option most viable - something like 600+ members required for three courses. – Similar to previous conventional wisdom. CGC Member Group Presentation August 29 and 30

19. Final Summary • If the assets of the club become available at a reasonable price • If we can recruit 400 and preferably 450 initial members for the club • THEN WE CAN HAVE THE SUSTAINABLE CLUB WE ALL WANT CGC Member Group Presentation August 29 and 30