100 ARBANEY RANCH ROAD { BASALT, COLORADO 81621 { 970.927.9000 { RFCLUB.COM

DEVELOPED BY RFC PROPERTIES, LLC.

What is the Roaring Fork Club Cabins 52-64 project? Earlier this year, the Roaring Fork Club Board of Directors and Partners approved moving forward with development of 20 acres formerly known as the Arbaney Kittle Addition. Planned are 13 cabins situated along the westerly and northerly edges of Hole #5 of the golf course. Existing employee housing will be relocated northwesterly of its current location. The maintenance facilities will remain where located. Extensive grading, water and landscape features will create a setting representative of other cabins and sites within the Roaring Fork Club campus.

Why is Roaring Fork Club building more cabins? The Roaring Fork Club chose to take on this expansion to meet demand of members for larger, multi-generational use residences or cabins and to enhance Club facilities. Key considerations are:

• Provide larger cabins for members that need additional space for their extended families• Implement the project with reverence to the overall fabric and character of existing

Roaring Fork Club cabin features and environs• Relocate employee housing to the northwesterly portion of the property adjoining the

existing Kittle House (to be converted to employee housing) and enable development ofadditional employee units

• Provide a place for much needed employee and guest overflow parking• Convert long-term land and maintenance facility lease obligations to Roaring Fork Club

ownership and control.• Provide resources to address near-term capital requirements for Club and Course

refurbishments including golf course irrigation and fire protection systems

What’s going to be built? • There are 13 cabin sites, eight of which adjoin the 5th hole and five of which are

internally oriented along a new private pond enhanced by views of Basalt Mountain andnearby foothills.

• Three prototype cabins will range from 3,200 to 4,000 square feet in one-story and two-story configurations.

• Cabins will offer 4 to 5 bedrooms and/or den, larger kitchen and living areas, enhancednatural light, extensive decks and other distinctive features.

• Automobile parking for each Cabin will be in multi-unit two-car fully enclosed andover-sized (for storage) garages located at the entry to the Cabin area. Cabins will beaccessed along cart paths typical of existing Roaring Fork Club cabin areas.

• The entire Cabins 52-64 complex will be graded and landscaped with a mix of nativegrasses, Spruce, Fir and Aspen groves interconnecting with reconfigured Hole #5 pondand a new pond with meandering streams and water features.

ROARING FORK CLUBCABINS 52-64FREQUENTLY ASKED QUESTIONS

JULY 2017

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• Connective cart paths will provide easy and quick access to the Member Lodge and Clubamenities.

• We are selling the sites to our members and then immediately building the cabins forthem. This concentrates construction into a shorter, less impactful period and results incost savings to our buyers.

What are the Cabin choices? • Cabin A – One story, 4-bedroom, 4 ½ baths, 3,200+ sq. ft.• Cabin B – Two story, 4-bedrooms + den, or 5 bedrooms, 4 ½ - 5 ½ baths, 3,746 sq. ft.• Cabin C – Two story, 4 bedrooms + den, or 5 bedrooms, 4 ½ - 5 ½ baths, 3,938+ sq. ft.

Note: Cabin features will be the Rocky Mountain style currently existing throughout the Roaring Fork Club campus. Exteriors will be of log and wood siding, rustic metal and composite shingle roofing, timber frame porches, thermal insulated and divided light windows, appropriate natural and manicured landscaping and extensive water features. Cabin square footages are estimates and are subject to minor modification through design development.

What are Cabin features and how do I provide input? • Poss Architects is currently moving from schematic design to early stage construction

documents for the three Cabin prototypes.• There will be two exterior color and material options and two interior design packages

for selection by each Cabin owner. Interior design choices will be of traditional cabinvernacular or a more contemporary plan.

• It is anticipated that plans, specifications and relevant information will be distributed inAugust.

• The project team will formalize a program for Buyers to request design modifications tothe baseline plans and specifications. This program will be documented in the LotPurchase and Cabin Development agreements. Opportunity for each Buyer to formalizerequested design modifications will become available in the September/Octobertimeframe and beyond.

• In the interim, if there are questions about possible modifications, please contactAlexandra George who will discuss topics with the architectural/builder team.

What will the new Cabins cost? The full price including site purchase, site development and Cabin construction, including landscape and water features, high quality interior finishes and appliances is estimated to range from $4.2 to $5.2 million depending on site and cabin selections. The initial site purchase price ranges from $1,750,000 to $1,975,000 with site closing anticipated January 2018. Payments for construction will occur at various stages through completion.

When will this all happen? July – September 2017

o Process development applications through Town of Basalto Finalize Cabin A, Cabin B and Cabin C architectural planso Enter into Lot Purchase and Cabin Development agreements with buyers

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o Seek buyers for all Cabin sitesOctober – December 2017

o Obtain Development Plan approvals from Basalt Planning & Town Councilo Bid site development work and select infrastructure contractoro Bid landscape and water features work and select landscape contractor

January 2018 o Close Lot Purchase agreements with buyerso Enter Cabin Development agreements with buyerso Enter site improvement contracts

February – May 2018 o Prepare employee housing site and install foundationso Move existing employee housingo Initiate Phase I site development worko Start Phase I Cabin construction

June – October 2018 o Initiate Phase II site development worko Start Phase II Cabin construction

May 2019 – June 2020 o Deliver cabins for occupancyo Celebrate completion of outstanding community

Who is the development team? Roaring Fork Club Properties, LLC (Developer)

o Project Oversight – RFC Board, Kent Meager and Geoff Hasley, COOo Project Manager – Dennis Carruth, Carruth Properties Companyo Project Insight – Bill Hegbergo Construction Manager – Don Carpenter, Project Resource Companyo Real Estate and Marketing Manager – Alexandra Georgeo Construction Coordinator – Teri Bruna

Consultants o Site Design and Landscape Architecture – Design Workshopo Cabin Architecture – Bill Poss Architects/Plannerso Civil Engineering – Sopris Engineeringo Environmental – Colorado Wildlife Scienceo Soils/Geotechnical – CTL Thompsono Traffic – Felsburg Holt & Ullevig

Cabin Builder o Harriman Construction

What entitlements are required prior to Project start? The property is in the Town of Basalt which is the governing authority for approval of zoning and property development plans. The first step, Sketch Plan approval, was granted by the Town Planning Commission on April 17 and by the Town Council on May 23. The Project Team is currently assembling a comprehensive package comprising a combined Preliminary Development Plan and Final Development Plan application for submittal to the Town in late

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July. Town of Basalt final approvals are anticipated in December 2017, anticipating final plat recordation and initial lot closings in January 2018.

How do I become a Site and Cabin Owner? The first step is to contact Dennis Carruth or Alexandra George to arrange an information meeting and site tour. If you like what you see, then the following process applies:

• Choose an unreserved Cabin site, enter a Reservation Agreement, and advance an initial$250,000 deposit.

• If a Cabin Lot of interest is currently under reservation, you may enter into a “BackupReservation Agreement” which will place you in a sequence to choose a Lot if and whenit becomes available.

• Enter into a “Lot Purchase Agreement” and a “Cabin Development Agreement”.• Close on your Lot purchase anticipated January 2018.• Begin Cabin construction and advance periodic payments.

o Phase I – May 2018 to July 2019o Phase II – September 2018 to June 2020

How do I stay updated on project happenings? Project updates and documents will be available on www.rfccabins5264.com.

How do I contact you?

• Dennis Carruth, Project Manager, dcarruth@rfclub.com, Cell: 303-263-2970• Alexandra George, Real Estate & Marketing Manager, ageorge@rfclub.com, Cell: 304-

561-8760

Note: Dennis Carruth, Broker, and Alexandra George, Broker Associate, are Colorado licensed real estate brokers under Carruth Properties Company, acting as Seller’s Agent with respect to the RFC Cabin 52 – 64 project. We are members of the Aspen Board of Realtors.