The 18-hole championship Beaver Creek Golf Course is a Certified Audubon Cooperative Sanctuary and ranks among Golf Digest magazine’s "Top 75 Golf Resorts in North America." Designed by Robert Trent Jones, Jr., the course challenges golfers with a short layout featuring elevated tees and narrow fairways in a breathtaking mountain setting. The golf shop was recognized as one of the Top 100 Golf Shops in the country by Golf World magazine for 2009. The golf course from 2005-2007 went through a major from reshaping and realigning bunkers to more closely resemble the original course design. In addition, a new drainage system was installed and new sand added for better course playability, and new cart paths, golf carts, and landscaping were also included. In 2006-2007 winter/summer, the Beaver Creek Golf Club introduced a fully redesigned clubhouse, complete with a new golf shop (with a new logo), members lounge and the Rendezvous Club restaurant. The Beaver Creek Golf Course will offer limited public play from May 14- June 14 and Sept. 16-Oct. 10, 2010. The course will be open to club members and guests staying in Beaver Creek, Bachelor Gulch, and Arrowhead properties only from June 15- Sept. 15, 2010. The 6,784-yard, par-70 Beaver Creek Golf Course opened in 1984. The Club has played host to The Jerry Ford Golf Invitational on several occasions. For more information and to book tee times or lessons, call the Beaver Creek Golf Club at (970) 754-5775. For more information about Beaver Creek Resort and to book stay and play golf packages, visit www.beavercreek.com or call (800) 404-3535.

Membership Opportunity This Membership Plan offers you an opportunity to become a Member of the Beaver Creek Club™ (the "Club"). The Club offers access to world-class skiing and other exceptional activities, including golf, tennis, swimming, dining and other sporting/social events. Family Privileges Use of the Club facilities by the immediate family of a member. A Member's immediate family will be entitled to use the Club Facilities in accordance with the Member's category of Membership. A Member's immediate family will include the Member's spouse/significant other and their unmarried children, under the age of twenty-three, living at home or attending college or graduate school on a full-time basis. These immediate family members will be able to use the Club Facilities without being accompanied by the Member in accordance with the Rules and Regulations of the Club. The Member shall be responsible for all charges incurred by his or her immediate family. Guest Privileges Use of the Club facilities by a Guest of Members Members will be entitled to have guests use the Club Facilities in accordance with the Rules and Regulations of the Club. The Governance Board may adopt reasonable limitations on the number of guests and the number of times a particular guest may use the Club Facilities during each membership year provided such limitations do not materially adversely affect the Company's current projections of revenues, costs or operations associated with or at the Club without the Company's written consent. At all times, guests must be accompanied by their hosting member. Membership Privileges Description of Memberships currently offered by the Club: Each person who acquires a membership in the Club will be entitled to use the Club Facilities in accordance with his or her category of membership and the terms and conditions of this Membership Plan. The membership privileges currently associated with each category of membership in the Club are as follows: