Dear Prospective Rental Partner,

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1 Dear Prospective Rental Partner, Pioneer Ridge specializes in comprehensive and hassle-free rental management services. We have operated a highly successful rental program in Steamboat Springs for over a decade, and we are excited to partner with you. Our homeowner partners appreciate the opportunity to offset ongoing costs of their vacation home, as well as the peace of mind that they will never be forced to address immediate guest requests or emergency situations. As your partner, we facilitate all aspects of marketing, cleaning, and maintaining your property, and the accounting and tax reporting required. Pioneer Ridge offers a dynamic new online reservations platform. Launched in May 2015, the Pioneer Ridge website offers responsive design, providing optimal viewing and interaction experience for guests on tablets and smartphones. Our website individually displays every rental property we manage, including interior photography, bedding configurations, features, and descriptions. Prospective renters can search properties using a vast array of criteria. Our website gives consumers a variety of tools to compare, save, and share property information. Guest reservations are confirmed in specific properties at the time of booking, rather than customers paying for a generic room-type. Behind the scenes, the website is driven by our proprietary online booking system, providing endless flexibility for special promotions, distribution, and yield management. We appreciate you taking the time to review the rest of this information, and look forward to speaking with you soon regarding our program.

2 Why Choose Pioneer Ridge? Care of Your Investment At Pioneer Ridge our job is to care for your property, and to leave you to enjoy the pleasures and profits of owning a home in Steamboat. Pioneer Ridge is successful because of our commitment to professionalism and our commitment to you our most important customer. An Experienced Team of Experts Resort Group, the locally-based parent company of Pioneer Ridge, recruits and retains the most talented professionals in the Yampa Valley. We are proud to be one of the area s largest employers with a local reputation as one of the most desirable places to work in Steamboat. More than 75% of our year-round management team has been with Resort Group for more than five years, and nearly half of these professionals have served our homeowners and guests for over a decade. Our team consists of Certified Community Association Managers, Certified Public Accountants, licensed real estate brokers, skilled tradesmen, certified pool operators and commercially licensed drivers. There is simply no other management team in all of Steamboat Springs with the professional credentials offered by Pioneer Ridge and Resort Group. Local Relationships Resort Group is the largest locally-owned property management company in Steamboat Springs. Our entire management team is based in the Steamboat Springs area, and all final decisions are made locally. We maintain a strategic partnership with the Steamboat Ski Resort and are proud to be one of their most important local business partners. The strong local relationships that we have developed provide us preferred status with vendors and suppliers to the benefit of the rental owners whom we represent. Community Involvement Our team is immersed and woven into the fabric of our community. Members of the Resort Group and Pioneer Ridge teams serve on virtually every existing local board and advisory committee. These include the Chamber Resort Executive Board, the Steamboat Springs Lodging Association, the Urban Renewal Authority, and the Yampa Valley Airport Commission. We support more than 30 local organizations through both volunteerism and philanthropy. A summary of our extensive community involvement is included at the end of this document.

3 Rental Management - Summary of Services Owner Representative Pioneer Ridge employs a team of professional Owner Liaisons, each assigned to different properties we manage. Every homeowner who participates in the Nightly Rental Program has a professional available to assist them in any way necessary. We know and appreciate the importance of providing owners consistent and personal contact with one individual who is knowledgeable about all facets of their investment. Front Desk and Concierge Pioneer Ridge s Guest Services Program operates much like that of a fine hotel with the added benefits that guests enjoy with vacation rentals. Our objective is to make each of our guests feel right at home. Our central front desk is conveniently located in the lobby of our own building right on Mt. Werner Road, the primary entry to the ski mountain. Guest services are provided 365 days per year. During the peak rental seasons of December through March and again June through August, representatives are available during extended hours to quickly attend to the needs of guests and owners. Housekeeping Pioneer Ridge employs an in-house housekeeping department that operates seven days a week year-round. All housekeeping costs from paid rental stays are included in the Pioneer Ridge management fee. Premium linens are supplied and laundered by Pioneer Ridge at no expense to the owner. Owner and guest of owner stays are only subject to a final check-out cleaning charge, and additional housekeeping services are always available to you. Our staff is not only trained to clean properties, but also to ensure safety and security of your property. Maintenance Pioneer Ridge employs an in-house maintenance department that also operates year-round, seven days a week year-round. Maintenance services are billed on the basis of time & materials, and any expense in excess of $300 will require your prior authorization. In addition to our team of skilled maintenance technicians, Pioneer Ridge maintains a strong network of reliable local contractors that provide us with favorable scheduling and service. Accounting The Pioneer Ridge accounting team provides timely, custom owner statements for all nightly rental program participants. Each month detailed information pertaining to rental activity and service costs are reported in a clear and concise manner.

4 State-of- the-art Commercial Laundry Facility Pioneer Ridge has no need to rely on outside vendors for professional laundry service. We built and operate our own commercial laundry facility that is capable of washing, drying, and folding thousands of pounds of laundry per day. Unlimited Referral Fees Owners can earn generous referral fees by connecting potential renters to Pioneer Ridge. When a referral rents the Owner s home, the referral is redeemed as a 10% reduction in management fees on the guest s stay. If the referral chooses to rent another Pioneer Ridge property, the referral fee will be paid via check each month. Owners may earn unlimited referral income, even when their property is occupied. Owners can also waive any portion of their referral fee, passing along up to 10% in additional savings to the referred guest. Property Reviews Every property in Pioneer Ridge rental program is periodically reviewed by trained personnel. A detailed inspection grades a variety of components in each room. Specific notes are made regarding needed improvements and unique features, and the accuracy of property descriptions are confirmed during this inspection. Your Owner Liaison will contact you if discuss any issues that require immediate attention. The results of these periodic inspections are always available to owners to help remedy weaknesses in quality and maximize guest satisfaction. Pioneer Ridge encourages every guest to complete our comment card, and we follow up every guest departure with an online survey. We request our guests post feedback and reviews on TripAdvisor / FlipKey, and we provide guests the opportunity to provide feedback and post property reviews directly on our website as well. Rental Management - Sales & Marketing We maintain an array of unique websites, ensuring we are the most visible lodging provider in Steamboat Springs. Our online marketing team administers a substantial pay-per-click and search engine optimization program in order to create incredible online visibility and website traffic for our property pages. Our homepage features special events and promotions on a rotating basis, and we provide guests with complete vacation planning services. Our experienced team operates a Vacation Sales Center with substantial call volume, and our sales professionals foster productive partnerships with third party travel distribution partners such as Ski.com and Steamboat Central Reservations. We execute targeted marketing campaigns seasonally and foster continued business and referrals for our rental properties with a large base of repeat customers and owner referrals. Marketing Overview The success of our nightly rental program begins with a highly effective Sales and Marketing program. The Pioneer Ridge sales and marketing team has an unrivaled level of experience and knowledge in selling Steamboat Springs vacations. Every ounce of our team s effort and skill is

5 devoted exclusively to the Steamboat Springs properties we manage. We harness the relationships and industry knowledge gained over decades to adapt to changing sales environments and to ultimately outperform our competition. Pioneer Ridge has an in-house art department, skilled photographers and two full-time Internet Marketing staff members. The creative team excels at delivering a strong online and print presence for the company and each property we promote. Our technical team develops websites from the ground up. The functionality and flow are carefully tested and retested to ensure a smooth web experience for our potential guests. The Web and how people navigate it are constantly changing, so we continually invest in tools and education to stay on top of the trends. We take pride in our technological aptitude, and our ability to implement change. As an example, we developed and maintain a proprietary online booking system that provides us with endless flexibility for promotions and yield management. We adopted a mobile platform before Smartphones were known as Smartphones. The emergence QR codes and our inclusion of them in our newest brochure is another example of our commitment to embracing new technology. This commitment extends to the integration of social media including Facebook, Twitter, YouTube and Flickr to name but a few of the more familiar names in this growing sector. Comprehensive Marketing Strategy Pioneer Ridge orchestrates a comprehensive sales & marketing plan, with specific strategies focused on five major booking sources. Below is a brief description of each: Direct Bookings: This category represents the most number and highest dollar amount of reservations. Directly booked reservations are more loyal and are generally willing to pay more than guests generated in other categories. All forms of media are used to attract direct bookings and maximize repeat guest bookings. Steamboat Central Reservations (SCR): SCR is a division of Steamboat Ski and Resort Corporation. SCR is the largest source of non-direct reservations. This channel helps us to attract new customers and takes advantage of packaging opportunities marketed heavily by the Steamboat Ski Corp. We maintain excellent relationships with mangers at all levels and have a thorough understanding of SCR intricacies in order to maximize sales performance and yield management strategies. Cooperative mailings and Internet promotions are keys to success in this booking source. HomeAway / VRBO Network: Every property we represent is automatically listed on the HomeAway Network, including VRBO.com, at no up-front expense to the homeowner. We maintain all content, photography, and availability for every listing, we respond to new inquiries promptly, and we enable real-time online booking capabilities throughout the HomeAway Network of websites. We have maintained a strategic partnership with HomeAway for over a decade, and we are the only property manager in Steamboat Springs who serves on HomeAway s prestigious Customer Advisory Board. Travel Wholesalers: National and International wholesalers help us find guests who are shopping worldwide or country wide and may not be familiar with Steamboat Springs. We find that by treating guests well who initially book through third parties, many choose to book directly with us

6 in subsequent years. Participating in print and online catalogs and using geographically targeted promotions are important in this segment. Groups: The group sales and marketing effort is important to attract large ski councils and ski clubs from around the nation. These guests enjoy longer stays than the average guest and often choose to come at lower demand time periods when occupancies are otherwise low. Strong personal relationships are vital in this category. This category also includes family reunions, corporate groups, sport teams and wedding parties. Travel and education are important components to securing group business. Electronic Distribution Partners: This booking channel consists of major Internet travel providers, also referred to as OTA s (Online Travel Agencies). These companies, which include familiar brands such as Expedia, Travelocity, Orbitz, and Hotels.com, are an important part of the marketing mix. These partners and the Global Distribution System provide massive marketing reach and comparison shopping tools preferred by many travelers. This category is important for last minute reservations and in particular for smaller unit types. Similar to other third party booking sources these guests will often shop on these sites but ultimately book directly. As a result this channel is as much an advertising medium as it is a booking source. Media Campaigns All types of media are used to attract and retain guests. The following is a brief description of a few of the campaigns, programs and tools used to maximize exposure. Direct Mail Campaigns: Used to generate website traffic, online bookings and reservations through the call center. These mailings are developed and integrated in to the look and feel of our current print brochures and website to maintain a consistent image. These mailings are at past guests and prospects in key direct flight markets. Cooperative Mailings Programs: Partners include Steamboat Ski & Resort Corp. (SSRC), Wholesalers and the Steamboat Springs Chamber Resort Association Print Media Production: We produce a 12 page full color brochure with large format professional photography; presents properties and communicates the vacation appeal of Steamboat Springs. Print Advertising: Choreographed print media campaign focused on key direct flight and drive markets. Major ski tour operator catalogs including Ski.com, Mountain Reservations, VacationRoost, Liberty Travel/GOGO Tours and others.) Multiple Websites: Use of over 70 individual websites to reach target markets. Examples include property specific sites, partner sites, special promotion sites, and Steamboat webcam sites. Campaigns: Help to generate website traffic and online bookings through the use of opt in E-Newsletter of Steamboat happenings, events and lodging specials; presented in robust HTML format and HD video with enticing images and relevant links for an interactive experience Pay Per Click (PPC): Search Engine placement: Sophisticated bidding strategies to maximize considerable PPC investment on Google and Yahoo (MSN.com, CNN.com, Weather.com

7 Search Engine Optimization: Use of advanced keyword, meta-tag and link popularity strategies to maximize organic (unpaid) search engine results. Banner Ad Campaigns: Content driven banner ad placement program across multiple niche websites (Colorado.com, ColoradoSki.com, DiscoverColorado.com etc.) Sophisticated Website Traffic Monitoring Tools: for extensive analysis of marketing productivity, website content and navigation effectiveness Travel Review Sites: Travel review sites such as TripAdvisor.com are increasingly important. We carefully monitor reviews and dedicate significant advertising revenue to the own the corporate listing of each property that we represent. Sales Overview The Marketing and Sales efforts are inexorably connected. The marketing efforts create awareness and generate leads to either our websites or call center. For the vast majority of vacationers booking condominium vacations, speaking with a representative is a vital part of the booking process. Pioneer Ridge operates a full service reservations call center which operates seven days per week during peak booking seasons. Our vacation counselors receive extensive training in the products and services we offer and build rapport with callers before using proven sales techniques to accomplish the sale. Agents utilize sophisticated yield management tools to maximize rental income at peak periods while making sure that appropriate value is offered during lower occupancy time frames. Complete vacation packages are desired by an increasing number of callers. To satisfy our guests and in order to generate incremental lodging bookings we have invested in the infrastructure that enables us to book all aspects of a guest stay including airfare, car rental or ground transfers, lift tickets and a variety of activities. By providing complete vacation packages we alleviate the hassle factor for our guests and assist them in creating cherished memories which in turn results in repeat business. The Sales and Marketing department is selective in hiring outside agencies when required to supplement its efforts or to achieve time critical deadlines. These areas include copywriting, architectural and landscape photography, video production and public relations. We independently invest over $1,000,000 in sales and marketing every year - and we spend it wisely. Our Sales & Marketing Team combines a wealth of knowledge, creativity, and adaptability with a forward thinking mindset to achieve positive results for our rental owner partners. Our skilled and dedicated Operations Team provides premier guest service, as well as thorough hassle-free oversight of your Steamboat investment.

8 Rental Program Agreement A sample rental management agreement is available upon request. Most rental program agreements in Steamboat Springs are very similar in nature. There are, however, some important differences. Pioneer Ridge turn-key Nightly Rental Program: Includes all marketing, housekeeping, and guest related services within the management commission fee. Provides, replenishes, and maintains all linens and towels within the rental units Provides all guest consumable supplies, such as soap, shampoo, paper towels, and tissue. Participates in paying for the rare instance of unit damage caused by rental guests. Provides check-in services for non-paying guests of owner Offers owners the opportunity to earn unlimited commissions for referred rental reservations Pioneer Ridge all-inclusive nightly rental program is available to you at a competitive management fee based upon a percentage of nightly rental revenue.

9 Resort Group Community Involvement Resort Group, the locally-based parent company of Pioneer Ridge, recruits and retains the most talented professionals in the Yampa Valley. We are proud to be one of the area s largest employers with a local reputation as one of the most desirable places to work in Steamboat. We take great pride in being a part of the community. This support is expressed not only in dollars and in-kind contributions, but also in the countless hours of volunteer work by our employees. Below is just a sample of the organizations and causes that we have supported in the past few years. Philanthropic Participation Routt County United Way Routt County Humane Society Yampa Valley Community Foundation Advocates Against Battering and Abuse Yampa Valley Land Trust Hospice of Steamboat Lift Up of Routt County Routt County 4-H program Strings in the Mountains Steamboat Symphony Orchestra Emerald City Opera Steamboat Adaptive Recreational Sports Walk of Olympians Christian Heritage School National Cancer Society Girl Scouts Make a Wish Foundation Healthcare Foundation for the Yampa Valley Northwest Colorado Visiting Nurses Assoc. Steamboat Springs Winter Sports Club Steamboat Springs Figure Skating Club Steamboat Springs High School Booster Club Steamboat Springs Youth Hockey Steamboat Springs Youth Soccer Rotary Club Lions Club Optimists Horizons Specialized Services Howelsen Hill Centennial Campaign Lowell Whiteman Primary School American Red Cross Boy Scouts of America Habitat for Humanity Toys for Tots Community Leadership Resort Group and Pioneer Ridge employees also hold several key positions on many local committees and advisory boards including: Chairman Steamboat Springs Lodging Association Co-Chairman Urban Renewal Authority Advisory Committee Past President Steamboat Springs Chamber Resort Association Executive Board Steamboat Springs Chamber Resort Association Yampa Valley Airport Commission Board of Directors Yampa Valley Medical Center Community Advisory Committee Mt. Werner Water Board of Directors Steamboat Springs Winter Sports Club Board of Directors Steamboat Springs Chamber Resort Association Summer Marketing Committee Steamboat Springs Free Summer Concert Series Board of Directors Mountain Business Association Board of Directors