Teton Mountain Lodge Bi-Level Penthouse

Bi-Level Penthouse Teton Mountain Lodge Teton Village, Wyoming

JAKE KILGROW, ASSOCIATE BROKER

JACKSON HOLE SOTHEBY’S INT’L REALTY

TWO BEDROOM BI- E E SUITE UNIT TYPE 'D' (Units 403, 41 )

ENTRY

SPIRAL STAIRCASE

MURPHY BED SPIRAL STAIRCASE

U OPEN TO BE OW

Nestled between the Teton Mountains and beautiful open ranch lands, the world-renowned Jackson Hole Mountain Resort is a year-round retreat. Just 12 miles northwest of the town of Jackson, the winter recreation is unsurpassed with some of the best downhill and Nordic skiing terrain in the world. Summer activities include renowned Grand Teton Music Festival with over 40 summer concerts – all situated at the gateway to Grand Teton and Yellowstone National Parks. Homeowners have numerous choices for real estate in this area including condos, homes or fractional ownership properties.

TETON VILLAGE connect with us jhsir.com

Jackson Hole Sotheby’s International Realty 185 West Broadway Jackson, WY 83001 | 888.733.9009

jackson, wyoming

7760 7790 7790 7760

7765 7765

7795 7795 7775 7775

7745 7745

7735 7735

7755 7755

7715 7715

3545 3545

Esther Way

3800 3800

3740 3770 3770 3740

3580 3580

3650 3650

3720 3720

3500 3500

3855 3855

3825 3825

3770 3770

3750 3750

3720 3720

3785 3785

3755 3755

3735 3735

3705 3705

3675 3675

Holly Drive

3850 3850 3830 3830

3000 3000

3780 3780

Wind Wind River River 3675 3675

Moose Moose Creek Creek Townhomes Townhomes 3723 3723

Teewinot Teewinot 3655 3655 3670 3670

Timber Timber Ridge Ridge

777

666

3635 3635 3635 8 88 88 8

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6870 6870 6850 6850 6850 6850 6850 6850

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6810 6810 6810

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6840 6840 6840

3605 3605

Nez Nez Perce Perce

3605 3605 3605 3605 3605 3605

3595 3595 3595

Eagles Eagles Rest Rest Condos Condos

5 55 55 5

60 60 60 60 60 60

3335 3335 3335 59 59 59 3345 3345 3345

3670 3670 3670 13 13 13

3675 3675 3675

7110 7110 7110

20 20 20

7085 7085 7085

7090 7090 7090 7090 7090 7090

40 40 40 40 40 40

7030 7030 7030

6985 6985 6985 6985 6985 6985

38 38 38 39 39 39

7045 7045 7045 7045 7045 7045 24 24 24 24 24

30 30 30

7035 7035 7035 29 29 29 26 26 26 26 26 26 27 27 27

7029 7029 7029 7029 7029 7029 25 25 25

7025 7025 7025

28 28 28 7015 7015 7015 7015 7015 7015

7005 7005 7005 7005 7005 7005

6995 6995 6995 6995 6995 6995

32 32 32

84 84 84

3190 3190 3190

82 82 82

77 77 77 77 77 77

53 53 53 53 53 53

C C C D D D

6965 6965 6965 33 33 33 33 33 33

3195 3195 3195 83 83 83 83 83 83

3185 3185 3185 3185 3185 3185 81 81 81 81 81 81 3175 3175 3175 3175 3175 3175 79 79 79

6945 6945 6945 52 52 52

3215 3215 3215 3205 3205 3205 3205 3205 3205

3180 3180 3180 80 80 80 80 80

78 78 78 78 78 78

6915 6915 6915 6915 6915 6915 54 54 54

34 34 34

6975 6975 6975 31 31 31 31 31 31

70 70 70 70 70 70

6935 6935 6935

6960 6960 6960

37 37 37

RRoo aadd

72 72 72 71 71 71

3170 3170 3170 3170 3170 3170

35 35 35 35 35 35

36 36 36 36 36 36

6990 6990 6990 7000 7000 7000 7000 7000 7000

23 23 23 23 23 23

50 50 50

6970 6970 6970 6970 6970 6970

7070 7070 7070 7070 7070 7070

22 22 22

7265 7265 7265 7255 7255 7255 7255 7255 7255

74 74 74

73 73 73 73 73 73

55 55 55 55 55 55

6980 6980 6980 6980 6980 6980

6750 6750 6750 7065 7065 7065

51 51 51

42 42 42 42 42 42 41 41 41

21 21 21

7075 7075 7075

6940 6940 6940

43 43 43 43 43 43 6950 6950 6950

7095 7095 7095 7095 7095 7095

47 47 47

48 48 48 48 48 48 49 49 49

76 76 76 76 76 76

Te ton V ill ag eC o.

Rd .2 26

3200 3200 3200

6930 6930 6930 6930 6930 6930 44 44 44 44 44 44

12 12 12 3680 3680 3680 3680 3680 3680

6920 6920 6920

45 45 45 45 45 45

7118 7118 7118

7305 7305 7305 7305 7305 7305

Jensen C anyon R d

6910 6910 6910 6910 6910 6910

7120 7120 7120 7120 7120 7120

19 19 19

11 11 11 11 11 11

3665 3665 3665

46 46 46 46 46 46

7140 7140 7140 7140 7140 7140

17 17 17

7105 7105 7105 7105 7105 7105 18 18 18

3350 3350 3350 3350 3350 3350 68 68 68

7315 7315 7315

65 65 65

56 56 56

7130 7130 7130 7130 7130 7130

3580 3580 3580 3580 3580 3580

14 14 14

9 99 99 9

1 11 11 1

3340 3340 3340 3340 3340 3340 67 67 67

69 69 69 69 69 69

7135 7135 7135 7135

3320 3320 3320 3320 3320 3320

3330 3330 3330 3330 3330 3330 66 66 66

57 57 57 57 57 57

7145 7145 7145 7145 7145 7145 87 87 87

B B B

62 62 62

3325 3325 3325 3325 3325 3325

58 58 58 58 58 58

3585 3585 3585

4 44 44 4

3315 3315 3315 3315 3315 3315 61 61 61

3355 3355 3355

Bowman Road

7055 7055 7055 7055 7055 7055

6700 6700 6700 6700 6700 6700

3305 3305 3305 3305 3305 3305

Shooting Star

7020 7020

Coy 3 333 3 ote 3575 C 3575 3575 3575 3610 3610 3610 3610 3610 ree 3575 3590 3590 3590 k R 222 15 15 15 15 15 d 3640 3640 3640 16 16 16

6790 6790 6790

6730 6730 6730

Ten Ten Sleep Sleep

7100 7100

7020 7020

16 16 16

3655 3655 3655 3655 3655 3655

10 10 10

7125 7125

3600 3600

Sleeping Sleeping Indian Indian

3615 3615 3615 3615 3615 3615

3625 3625 3625 3625 3625 3625

Ellen Creek

Rendezvous Rendezvous

7140 7140

A A A

Michael Drive

3720 3720

6950 6950

3570 3570

3630 3630

3650 3650

3680 3680

3720 3720

3750 3750

Gros Gros Ventre Ventre Condos Condos

7180 7180

3555 3575 3555 3625 3575 3645 3645 3625

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3290 3290

3800 3800

3850 3850

7195 3580 7195 3620 3620 3580 3650 3650 3670 3700 3700 3670

Four Four Seasons Seasons II II

7200 7200

Morley Drive

3875 3875

3300 3300

3440 3440

La La Choumine Choumine Choumine White White Ridge Ridge La 7250 7250 Snow Snow Ridge Ridge

3655 3675 3655 3705 3675 3725 3725 3705

The The Homesteads Homesteads

Crys tal S pring s Rd

3755 3755

3605 3605

3310 3310

3775 3775

7270 7270

7245 7245

3300 3300

3805 3805

Seasons Seasons Seasons

7255 7255

3650 3650

3670 3700 3700 3670

7710 7710

Village Village Core Core

Rd

3855 3855

3800 3800

3730 3760 3760 3730

Fou r Pe aks Rd

3870 3870 3820 3820

Rachel Way

3855 3855

3330 3330

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3840 3840

Snake Snake River River Lodge Lodge & & Spa Spa

Bridger Bridger Center Center

Teton Teton Club Club 3340 3340

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3850 3850

3670 3670

The The Timbers Timbers at at Granite Granite Ridge Ridge

86 86 86

85 85 85

Wyoming 390 Moose - Wilson Road

3875 3875

3855 3855

3345 3345 Cody Cody House House

7432 7432

Granite Loop Road

3825 3825 3805 3805 3775 3775 3745 3745 3725 3725 3675 3675 3655 3655 3575 3595 3575 3625 3625 3595

The The Cabins Cabins at at Granite Granite Ridge Ridge

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7680 7680 Four Four Seasons Seasons

Granite Granite Loop Loop Road Road

3855 3855

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7750 7750

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7770 7770

7730 7730

7725 7725

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The The Lodges Lodges at at Granite Granite Ridge Ridge Washakie Washakie Rd. Rd.

7775 7775

Teton Mountain Lodge Homeowners Association For the year ended December 31, 2016

2016 Budget

2015 Act/Fct

$$

Variance %%

2015 Budget

Variance $$ %%

ENERGY Electricity Firewood Gas Sewer Water Total Energy

113,634 9,625 100,502 82,102 21,910 327,774

106,305 8,741 105,738 76,594 20,173 317,550

7,329 884 (5,236) 5,509 1,737 10,223

6.9% 10.1% -5.0% 7.2% 8.6% 3.2%

110,022 11,625 142,979 71,084 21,441 357,151

3,612 (2,000) (42,477) 11,018 469 (29,378)

3.3% -17.2% -29.7% 15.5% 2.2% -8.2%

REPAIR & MAINTENANCE A&G Income Taxes A&G Misc Air Conditioning and Refrigeration Allocation - Maintenance PR Building Decorations Electrical and Mechanical Elevators Equipment-Rental HVAC Equip R&M - Fire & Safety Floor Coverings Grounds and Landscaping Light Bulbs Maintenance General Pest Control Snow Removal Swimming Pool Telephone Television - Cable Recycling Waste Removal Total Repair & Maintenance

350 2,500 325 349,378 11,800 9,400 1,120 19,884 250 18,808 12,410 2,500 13,900 3,600 3,350 5,016 2,350 28,030 4,032 36,648 4,372 12,590 542,612

(21) 90 106 6,178 2,008 2,647 137 (100) 250 3,801 783 (225) (8,199) (1,543) 228 (87) (212) (257) 157 944 693 (13,095) (5,719)

-5.7% 3.7% 48.5% 1.8% 20.5% 39.2% 13.9% -0.5% 0.0% 25.3% 6.7% -8.3% -37.1% -30.0% 7.3% -1.7% -8.3% -0.9% 4.1% 2.6% 18.8% -51.0% -1.0%

350 2,500 800 343,200 6,850 12,000 1,320 19,884 500 12,878 8,900 2,000 12,600 5,300 3,300 5,016 2,024 25,500 4,089 35,460 3,336 21,520 529,327

(475) 6,178 4,950 (2,600) (200) (250) 5,930 3,510 500 1,300 (1,700) 50 326 2,530 (57) 1,188 1,036 (8,930) 13,285

0.0% 0.0% -59.4% 1.8% 72.3% -21.7% -15.2% 0.0% -50.0% 46.0% 39.4% 25.0% 10.3% -32.1% 1.5% 0.0% 16.1% 9.9% -1.4% 3.4% 31.1% -41.5% 2.5%

FIXED Expenses Allocation - Housekeeping Audit Legal Insurance Accounting Fee Management Fee Total Fixed Expenses

221,738 500 58,120 25,055 121,598 427,011

371 2,410 219 343,200 9,792 6,753 983 19,984 15,007 11,627 2,725 22,099 5,143 3,122 5,103 2,562 28,287 3,875 35,704 3,679 25,685 548,331 217,796 67,953 24,614 119,448 429,811

3,942 500 (9,833) 441 2,150 (2,800)

1.8% 0.0% 0.0% -14.5% 1.8% 1.8% -0.7%

217,796 500 60,757 24,615 119,450 423,117

3,942 (2,637) 440 2,148 3,893

1.8% 0.0% 0.0% -4.3% 1.8% 1.8% 0.9%

Total 2015 HOA Expense

1,297,397

1,295,692

1,704

0.1%

1,309,596

(12,200)

-0.9%

Less Interest Income/Spa Usage Fee Total Common Assessments

43,200 1,254,197

39,923 1,255,770

3,277 (1,573)

8.2% -0.1%

43,200 1,266,396

(12,200)

0.0% -1.0%

Common FF&D/Carpet/Housewares Reserve L-T Building Reserve

250,000 150,000

230,000 150,000

20,000 -

8.7% 0.0%

230,000 150,000

20,000 -

8.7% 0.0%

Reserve Assessments

400,000

380,000

20,000

5.3%

380,000

20,000

5.3%

1,654,197

1,635,770

18,427

1.1%

1,646,396

7,800

0.5%

35,154

-77%

42,954

2.7%

Common & Reserve Assessments Previous Year Carry Forward Total 2015 Common & Reserve Expenses

(10,627) 1,643,570

(45,781) 1,600,616

Teton Mountain Lodge Homeowners Association For the year ended December 31, 2016

2016 Budget

TML HOA Meeting Meeting Minutes 1.26.16 Mr. DesLauriers calls the meeting to order with a quorum of 53% by proxy and in attendance.

As a matter of housekeeping, Mr. DesLauriers introduces the board members, with Mr. Dodgen being the newest member, as well as Dr. Brous. He also shared that Dr. Brous’ seat will be up for reelection, but he will also throw his hat into the ring to run again.

GENERAL COMMON EXPENSES 2015 Mr. DesLauriers reviews the 2015 General Common Expenses.

Energy Cost is down $39K or 11% as a result of the propane to natural gas conversion, and an additional price decrease in natural gas in July.

Maintenance is over $19K / or 3.6% due to various repairs that arose, such as: boiler maintenance, fire and safety repairs and glycol damage/repair.

Fixed: There was an increase in fixed costs by 1.6% due to an increase in insurance coverage for the building.

Overall: The budget is $10K under on the $1.6M budget Mr. Miller wondered about the decision to use our energy/gas conversion savings to pay for the remodel and if that will go towards paying off our debt, rebuilding the reserve balances?

Mr. DesLauriers: We propose to carry this balance of $10k forward, similar to last year when we had a $45K savings from 2014 to 2015. There was a carry forward from 2014, so 2015 dues reflected a $45K carry forward in savings. This will be a carry forward again into 2016.

GENERAL COMMONS EXPENSES 2016 Energy Budget 2016 Mr. DesLauriers explained that the budget projection is to increase by $10K, most of which is correlated with occupancy assumptions and subsequent consumption. There was a late summer increase in the electricity rates, so our budget is built on the assumption is that all of these rates will stay flat the first half of the year and then we increased the rate assumptions 5% in hopes that they stay stable for 6 months and would not increase until mid-year.

Both the Water and Sewer rates went up mid-year, and Mr. DesLauriers spoke to the assumption that we do not foresee additional rate increases in 2016, but we will absorb a full year of the 2015 rate increases.

Mr. Young wondered about whether solar power is permissible in Teton Village, and Mr. DesLauriers commented that while he doesn’t know specifically, the CCRs were historically written and interpreted in the Village to not allow solar.

Repair and Maintenance 2016 We are looking at a ($5700) or (1%) savings YOY, with the assumption that things are flat, and some one time expenses will not be repeated. Maintenance wages increased with CPI (1.8%).

Fixed Costs There are small CPI increases to the management fee and housekeeping fees related to the common area cleanings. Mr. DesLauriers noted that we maintain the least expensive housekeeping rate in Teton Village, including Rendezvous Mountain Rentals.

Mr. Miller wondered about insurance savings through NH. Mr. DesLauriers explained that we hoped that the policy would offer some savings, but there were some other policy exposure issues in that all liability claims had a high deductible. Our current broker was able to competitively price our current policy against NH’s proposal and offer the same if not better advantages and he was able to give us a great program, which also cost less. We stayed with the carrier that we have, and we learned through our due diligence that we have a very good program.

Overall Budget The total budget is up 1.1%, which includes taking reserves up to $200K funding in each Long Term and Common Reserve. Total dues are up 2.7% year over year due to the variance in prior year carry forward savings.

Mr. DesLauriers asks if there are any questions on the 2016 proposed GCE budget.

Mr. Turrinelli motioned to approve the presented 2016 budget, with Mr. Miller as a second for approval. With no further comments and all in favor, the motion carriers.

The 2016 General Common Expense Budget as Presented was Approved.

2015 RESERVES In Unit Reserves Overall, there was a combined savings of $100K through all three reserves, with most savings in the In-Unit reserve projects. Over the 2015 and 2016 years, we are sticking to plan, but deferred some expenditures within the two years and will spend it in 2016 instead of 2015.

One change to the 2015, five year look ahead budget presentation includes accelerating a television upgrade to 2017 instead of 2018. The combined budget will be similar to the

presented balance at last year’s meeting, with a combine ending balance of $623K in 2020 vs. $725K in 2019. The overall goal is to stay on track with having a 5-year balance above $600K. This forecast is continuing the evolution of the Lodge to the technology standards. Prior to the remodel, our high point reserve balance was $580K in 2011. Currently, our reserves balance is flat. In 2016, we are still finishing our phased renovation, and we are looking to be flat (as predicted last year) in 2016 with $27K ending reserve balance. We anticipated that starting in 2017, we would rebuild the reserves.

Noble House will be contributing $77K for upgrades in the rooms. They would like to take the linen to a different, more luxury specification and add a decorative triple sheet-top sheet. They are a nicer microfiber sheet. Historically, the PMC would purchase the first lot of any new spec, so they will purchase the first 2 of a total of 3 par stock. 1 par of the inventory is $19K with the reserves contributing only its previously budgeted amounts to linen and terry.

For a 4-diamond rating, AAA recently added the requirements of table height plugs and artwork in each bathroom. NH has offered to split the cost of the lamp purchase as well (as a gesture of goodwill as the manager). Lamps, artwork, and bathroom wallpaper are the last of the “old” generation of the rooms, so these enhancements will be welcome additions to the rooms.

Lastly, another AAA requirement is to move to move to a Keurig-type system in the rooms.

There was a discussion about the owners noticing that their wireless internet connections don’t stay connected, and have to reconnect multiple times a day. Mr. Barker agreed to look into this and adjust the parameters.

Mrs. Young wonders about leaving some personal items—specifically kitchen items—for guest usage in her condo. Mr. Barker would like to keep it consistent throughout the condos, however, after further discussion ensued, there was unanimous concern that perhaps the kitchen package needs to be upgraded. The Board, along with Mrs. Bauman and Mrs. Brin, will do a study to evaluate the entire package and look into spending some of the Common Area contingency to upgrade the par levels and offerings as needed.

There will be an artwork update in the bathrooms in 2017, which will accompany an owner expense of removing wallpaper and painting the walls. We are still receiving bids for bathroom painting or simple wallpaper, but currently the bids are coming in between $1,300 to $1,500 per bathroom. This is a fixed finish in the units, so it is a cost that falls to the owner.

Common Area Reserve Mr. DesLauriers reviewed the 2016 updates, which include a potential overhaul to the gym equipment, the lower lobby carpet, and rooftop hot tub furniture.

Mr. Ward requested a water drinking fountain by the pool.

Mr. Turrinelli wondered why the laundry machines are coin operated at TML and not at Terra.

The operations team will take making them free under advisement.

LONG TERM RESERVE Items for 2016 include: sparrow mitigation above Spur & the continuation of repairing and replacing the in-unit HVACs. The exterior building will also be painted using the escrow that has been built and set aside from previous years.

Next year, in 2017, we will replace the swipe key card system, which will convert TML to a more current industry expectation of the enhanced RFID key system.

Mr. Miller asked for additional hooks to hang your robes on at the hot tubs and pool, and Mr. Barker and Mrs. Bauman agreed to implement additional hooks throughout.

With no further questions or discussion, Mr. DesLauriers proposed approving the $400K that is going into the reserves this year, with $200K In-Unit (funded by NH), $230K in Common, and $150K in LT. Mr. Turrinelli questioned the costs and practice of wallpapering the bathrooms and its role in our 2016 dues. Mr. Baines does not want to let that elusive expense in the pipeline contaminate our evaluation of the current proposal in front of us. Mr. DesLauriers notes that they are related in that our funding projections look ok in the 5-year trend; we are able to keep dues flat year over year; and the reserves are adequate over the next 5 years. He pointed out that the future changes in reserve line item funding are the Kaba ILCO RFID room locks and the upgrade in the TVs. Mr. Ward spoke from a real estate component, and the bathrooms are significant in complimenting the guest experience and the presentation of the room. Mr. DesLauriers reiterated that it is a AAA 4-diamond spec to have art work on the walls. This can’t go on the current wallpaper. It was agreed upon that those that wish to complete their bathroom “renovation” in 2016 will be given the option to move forward this year, but due to the limited capacity of being able to complete this project during the off seasons, this will be a staggered project over the next two years. Mrs. Bauman will communicate the cost and timing with owners to put this phased renovation into motion.

Mr. DesLauriers circled the conversation back to what is in front of the HOA to vote on today: In Unit Reserve as Proposed for 2016 with $192K Spending coupled with $77K in funding from Noble House. Liisa Anselmi made a motion to approve with Mark Higgins seconding the motion.

All were in favor, and the motion carried.

Common Area Reserve as Proposed for 2016 with $143K in expenses was approved with a motion by Mr. Baines and a second by Mr. Young. All were in favor.

Long Term Reserve as Proposed for 2016 with $210K in expenses was approved with a motion

by Ms. Tracy and a second by Mr. Mathison. All were in favor.

HOTEL OPERATIONS SERVICES FEE This budget is currently lower than Terra’s formula, and currently 1 owner does pay this. The owners expressed comfort with the current formula.

With all in favor, the Hotel Operations Services Fee was approved for 2016.

Additional Business Bathrooms and wooden floors will not be completed in the same year in an owner’s condo in order to separate the burden of costs. The hotel will continue to work on bids and timing, and solicit feedback from owners that would like to proceed with their bathrooms this year or next.

The community wide standard will dictate that this is something that will need to be done, but the management team will work on the best timing and sequencing with each owner.

With no further discussion, this meeting has adjourned.

On this date ______, 2016.

Attest:

_________________________________________

DocuSign Envelope ID: F5649C57-12E9-400C-87AE-A849896047D5

EXHIBIT “B” TML Unit 522

FURNITURE INVENTORY TYPE D (King Option) 1000 Square Feet Two Bedroom, Three Bath Penthouse LIVING ROOM § 1 Grey Sofa § 1 Leather Lounge Chair § 1 Plank Topped Coffee Table § 1 End Table § 1 27” Television § 1 Sico /Murphy Bed § 1 Table Lamp § 1 Piece of Artwork DINING ROOM & KITCHEN § 1 Wooden Dining Table § 5 Wood Framed Dining Chairs § 2 Bar Stools § 1 Chandelier § Service for 6 Kitchen Package § Basic Cooking Package MASTER BEDROOM § 1 King Size Bed with Custom Designed Headboard § 1 Nightstand § 1 Dresser § 1 French Writing Desk § 1 Wood Framed Desk Chair § 1 Sumatra Rocker § 1 25” Television § 2 Table Lamps SECONDARY BEDROOM § 2 Twin Beds with Custom Designed Headboards § 1 Nightstands § 1 Dresser § 1 32” Flat Screen Television § 1 Table Lamp § 2 Framed Pieces of Artwork on Wall *Subject to change or substitution with items of equal or higher value at the sole discretion of the developer.

4/27/16, 2:55 PM SELLER __________

BROKER _________ 1 of 1

Teton Mountain Lodge Teton Mountain Lodge Property Management Company 2016 Revenue and Expense Summary Unit 522

Balance

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Total

Total

Total

Total

$0.00

0

-3150.93

2016 Total

%

Revenues Rental Income Management Fees Net Rental Revenue

$41,226.54 20,613.27 20,613.27

$0.00 0.00 0.00

$0.00 0.00 0.00

$0.00 0.00 0.00

$41,226.54 $20,613.27 $20,613.27

100.0% 50.0% 50.0%

Expenses Travel Agent Fees Credit Card Fees Houskeeping Charges Work Orders City Ledger HOA Assessments Total Expenses

334.48 526.45 177.00 226.04 165.48 4,579.12 6,008.57

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

$334.48 $526.45 $177.00 $226.04 $165.48 $4,579.12 $6,008.57

0.8% 1.3% 0.4% 0.5% 0.4% 11.1% 14.6%

Rental Profit

$11,453.77

$0.00

$0.00

$0.00

$14,604.70

35.4%

Paid to Owner Balance Carried Forward

$11,453.77

$0.00

$0.00

$0.00

Teton Mountain Lodge Teton Mountain Lodge Property Management Company 2015 Revenue and Expense Summary Unit 522

Balance

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Total

Total

Total

Total

Total

-277.13

2015 %

-$1,048.24

Revenues Rental Income Management Fees Net Rental Revenue

$36,548.45 18,274.23 18,274.23

$8,963.65 4,481.83 4,481.83

$33,891.86 16,945.93 16,945.93

$6,233.90 3,116.95 3,116.95

$85,637.86 $42,818.93 $42,818.93

100.0% 50.0% 50.0%

Expenses Travel Agent Fees Credit Card Fees Houskeeping Charges Work Orders City Ledger HOA Assessments Total Expenses

236.79 447.01 364.00 149.61 255.42 4,345.88 5,798.71

108.73 116.61 0.00 963.36 0.00 4,341.36 5,530.06

422.36 430.97 410.00 141.50 574.45 4,345.88 6,325.16

58.58 57.12 746.00 699.64 360.66 4,345.88 6,267.88

$826.46 $1,051.71 $1,520.00 $1,954.11 $1,190.53 $17,379.00 $23,921.81

1.0% 1.2% 1.8% 2.3% 1.4% 20.3% 27.9%

Rental Profit

$12,198.39

-$1,048.24

$9,572.54

-$3,150.93

$18,897.12

22.1%

Paid to Owner Balance Carried Forward

$12,198.39

-$1,048.24

$9,572.54

-$3,150.93

Teton Mountain Lodge Teton Mountain Lodge Property Management Company 2014 Revenue and Expense Summary Unit 522

Balance

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Total

Total

Total

Total

-$2,215.87

-424.48

-996.45

2014 Total

%

Revenues Rental Income Management Fees Net Rental Revenue

$36,045.52 18,022.76 18,022.76

$7,459.19 3,729.60 3,729.60

$31,980.80 15,990.40 15,990.40

$13,268.85 6,634.43 6,634.43

$88,754.36 $44,377.18 $44,377.18

100.0% 50.0% 50.0%

Expenses Travel Agent Fees Credit Card Fees Houskeeping Charges Work Orders City Ledger HOA Assessments Total Expenses

-43.17 404.48 280.00 159.25 1,090.24 4,526.00 6,416.80

52.34 81.19 514.00 947.93 0.00 4,350.00 5,945.46

814.90 357.90 399.00 4,876.05 3,400.00 4,350.00 14,197.85

-223.04 105.20 601.00 1,653.51 0.00 4,350.40 6,487.07

$601.03 $948.77 $1,794.00 $7,636.74 $4,490.24 $17,576.40 $33,047.18

0.7% 1.1% 2.0% 8.6% 5.1% 19.8% 37.2%

Rental Profit

$10,609.51

-$2,215.87

-$423.32

-$277.13

$11,330.00

12.8%

Paid to Owner Balance Carried Forward

$10,609.51

-$2,215.87

-$423.32

-$277.13

Teton Mountain Lodge Teton Mountain Lodge Property Management Company 2013 Revenue and Expense Summary Unit 522 1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Total

Total

Total

Total

Total

Balance

2013 %

-$4,812.50

Revenues Rental Income Management Fees Net Rental Revenue

$31,712.60 15,856.30 15,856.30

$4,879.10 2,439.55 2,439.55

$28,922.10 14,461.05 14,461.05

$8,807.50 4,403.75 4,403.75

$74,321.30 $37,160.65 $37,160.65

100.0% 50.0% 50.0%

Expenses Travel Agent Fees Credit Card Fees Houskeeping Charges Work Orders City Ledger HOA Assessments Total Expenses

83.59 302.12 0.00 1,565.87 0.00 0.00 1,951.58

150.54 49.81 704.00 1,906.53 267.17 4,174.00 7,252.05

305.97 271.25 177.00 172.00 133.76 4,174.00 5,233.98

69.17 54.40 514.00 588.63 0.00 4,174.00 5,400.20

$609.27 $677.58 $1,395.00 $4,233.03 $400.93 $12,522.00 $19,837.81

0.8% 0.9% 1.9% 5.7% 0.5% 16.8% 26.7%

Rental Profit

$13,904.72

-$4,812.50

$4,414.57

-$996.45

$17,322.84

23.3%

Paid to Owner Balance Carried Forward

$13,904.72

-$4,812.50

$4,414.57

-$996.45

BUYER COLLATERAL

tetonlodge.com l 307.732.6865 | 3385 Cody Lane, Teton Village, WY 93025

JACKSON HOLE AIRPORT The ease of flight travel in and out of Jackson Hole is another reason this Rocky Mountain destination makes perfect sense for the purchase of Jackson Hole real estate, with non-stop flights from 12 major cities.

The airline experience for visiting skiers or those who live in Jackson Hole to reach favorite destinations will be dramatically enhanced. The flight times will be shorter and more flights will be available. The local Jackson Hole airport makes arrival and departure experiences fast as well. With Jackson Hole Mountain Resort just a 30 minute drive from the terminal, getting on the slopes is easy and relaxing with no traffic to fight.

“The increase in service is a testament to the history, demand and faith our business community established with the airlines, beginning with our first Minimum Revenue Guarantee agreement in 1986, resulting in American Airlines non-stop service from Chicago”, stated Mike Gierau, Chair JH AIR. “Our business community, with the support from the State of Wyoming, has been exemplary in their leadership of contracting and managing air service.

In addition, and critical to the contracting of service is the investment in our destination experience by the major resorts such as Jackson Hole Mountain Resort. And finally, the commitment by our community, our resorts and hoteliers, and of course the Wyoming Office of Tourism to promote air service, ensures Jackson Hole, WY continues to be recognized as a world class destination resort on a year round basis.”

Gierau continued, “Our approach has been to identify the most active hubs to serve both domestic and international clients, and scheduling flights with our airline partners to ensure smooth, same day connections from North and South America, UK, Europe, Asia, and the South Pacific. The added benefit is extraordinary sustainable air service for a community of 20,000 people.

We look forward to welcoming visitors from all over the world to Jackson Hole, Wyoming, a world-class resort destination, gateway to the Nation’s first National Park (Yellowstone), and the splendor of Grand Teton National Park” concluded Gierau.

JACKSON HOLE SOTHEBY’S INTERNATIONAL REALTY 185 W. Broadway, Jackson, Wyoming 83001 888.733.9009 | www.jhsir.com

TOP 10 REASONS TO BUY IN JACKSON HOLE, WYOMING Philanthropic Community

Outdoor Recreation

Wyoming Tax Benefits

Jackson Hole’s Cultural Scene

Thriving State Economy

Convenient Air Service

Wildlife and Natural Beauty

National Parks and National Forest

Jackson Hole Mountain Resort Named #1 Ski Resort in North America

3% of Teton County Privately Owned

JACKSON HOLE SOTHEBY’S INTERNATIONAL REALTY 185 W. Broadway, Jackson, Wyoming 83001 888.733.9009 | www.jhsir.com

JACKSON HOLE OVERVIEW In a recent survey of Americans’ well-being, conducted by Gallup, Wyoming scored third in a poll that rated variables such as mental, physical and economic health. Utah took first place and the islands of Hawaii took second. Combined with a low state unemployment rate, Wyoming is one of few states in the nation that can boast of such health and happiness.

Jackson Hole is also one of few communities that can still be considered safe and friendly. With a low crime rate and a hospitable attitude, residents are community and civicminded. A modern hospital, an airport with daily jet service to major airline hubs, a wide array of stores, wine shops and restaurants all offer the big-city comforts anyone could want, but without big-city attitude.

Jackson is one of the most scenic areas in the United States offering limitless opportunities to explore or to just sit back and enjoy the views. With Grand Teton and Yellowstone National Parks at its doorstep, 97% of the lands in and around Jackson Hole are permanently protected as conservation easements or as National Forest and BLM lands. It is comforting to know that today’s scenery will be preserved for future generations to come.

To top off the benefits of Jackson and Wyoming - there is no state income tax.

Nestled in the center of the valley, the Town of Jackson keeps the Old-West alive with its wooden sidewalks, historic Town Square and buildings. But Jackson welcomes newcomers as well – like the Center for the Arts and an array of new cosmopolitan restaurants and galleries. The arts scene continues to thrive, with gallery shows, movies, film festivals, live music and comedy, theater performances, and a steady stream of special exhibits at the National Museum of Wildlife Art.

TETON COUNTY STATS • • • •

Teton County Population, 2000 - 18,251 Teton County Population, 2012 - 21,393 Teton County – 2,705,676 acres Elevation – 6,209 ft.

• Elevation of Grand Teton – 13,770 ft.

• Valley dimensions, 60 miles long by 20 miles wide • Teton County consistently ranked top 5 in mean adjusted gross income per tax return in the past 8 years.

JACKSON HOLE SOTHEBY’S INTERNATIONAL REALTY 185 W. Broadway, Jackson, Wyoming 83001 888.733.9009 | www.jhsir.com

WYOMING TAXES TAX BENEFITS OF OWNERSHIP IN JACKSON HOLE There are numerous reasons why those who live in Jackson Hole have chosen to have their primary residences here. Some of those reasons are emotional, such as the sheer beauty of the natural surroundings and the overall quality of life. Other reasons are more practical in scope and include Wyoming’s overall tax-climate benefits, when compared to all other states.

For years, Bloomberg has rated Wyoming as the most taxfriendly state in the United States. Here are the 10 top tax benefits offered by Brian Jones, a senior vice president at Bank of Jackson Hole.

1. No state income tax: With no state tax on personal or corporate income, “you have more disposable income,” Jones says.

2. Dynasty trusts: In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust. “You can establish a trust in Wyoming for the benefit of your family or other beneficiaries,” Jones says. “You can transfer your real estate into a limited liability company or family partnership and then put that into the “dynasty trust”. As a result, multiple generations can make use of and enjoy the property, without having to pay estate taxes or worse, having to sell the property in order to pay the taxes. A key point to remember: The trust must be administered in Wyoming.

5. No tax on out-of-state retirement income: “A lot of people in Jackson Hole use Wyoming as a second home,” Jones says. “They have retirement income that comes from other states where they may be a resident. Wyoming doesn’t tax that retirement income that’s earned outside of Wyoming, which is certainly beneficial.”

6. Low property taxes: “Wyoming has very low property taxes compared to other states,” Jones says. “The taxes that you do pay here are based on the assessed value of the property.”

7. No excise taxes: When you fill up your car or buy groceries in Wyoming, you won’t pay any state tax on either.

8. No tax on mineral ownership; “A lot of states charge owners a tax on their mineral ownership, but Wyoming does not,” Jones says. “If you own minerals, you won’t pay a tax on it like you would your home”.

9. No intangible taxes: Wyoming doesn’t make you pay a tax on financial assets like stocks and bonds.

10. No tax on the sale of real estate.

3. No inheritance tax or estate tax: “Wyoming repealed its estate tax as of January 1, 2005,” Jones says.

4. No state gift tax: “Somebody who owns property in Wyoming can ‘gift’ that real estate to their heirs without having to worry about paying a state gift tax,” Jones says.

JACKSON HOLE SOTHEBY’S INTERNATIONAL REALTY 185 W. Broadway, Jackson, Wyoming 83001 888.733.9009 | www.jhsir.com

RECREATIONAL OPPORTUNITIES SKIING

GOLFING

SNOW KING RESORT

TETON PINES 18-hole course designed by Arnold Palmer and Ed Seay.

The course becomes a cross-country ski course in winter months.

Blocks from Jackson Hole’s town square, Snow King Mountain rises dramatically, with stunning views of the valley and Teton Mountain Range. In 1939 this mountain opened as Jackson’s first ski area and one of the first in the United States. Today, Snow King welcomes hopeful Olympians as a top training camp destination.

GRAND TARGHEE SKI & SUMMER RESORT Grand Targhee is located in the Caribou-Targhee National Forest in western Wyoming. The base is at 8,000 ft. in the magnificent Teton Mountain Range, 42 miles west of Jackson Hole, Wyoming, and 87 miles northeast of Idaho Falls, Idaho. Grand Targhee is famous for consistently superb snow conditions with over 500 inches annually.

FLY FISHING The Jackson Hole, Grand Teton and Yellowstone regions offer a great diversity of fly fishing opportunities, from intimate small spring-fed creeks to flowing, bold rivers. Favorite destinations include Yellowstone Lake, the Snake River, Henry’s Fork, Teton River, the Salt River and the Green River near the Wind River Mountains.

JACKSON HOLE GOLF & TENNIS The valley’s first golf course, an 18-hole course, recently completed a $15 million upgrade, designed by Robert Trent Jones II. SHOOTING STAR™ Located at the base of Jackson Hole Mountain Resort, Shooting Star’s Tom Fazio designed 18-hole golf course a destination golf resort in the shadow of the Tetons.

HUNTSMAN SPRINGS As the most awarded new course in the United States, Huntsman Springs was recently named #1 Golf Development of the Year by Golf Inc. Magazine. This championship course was custom designed by Golf Architect of the Year, David McLay Kidd.

3 CREEK RANCH 18-hole course designed by Rees Jones ranked in Golf Digest as one of America’s best new private golf courses.

3-Creek is located just south of the Town of Jackson.

JACKSON HOLE SOTHEBY’S INTERNATIONAL REALTY 185 W. Broadway, Jackson, Wyoming 83001 888.733.9009 | www.jhsir.com

WILDLIFE & NATURAL BEAUTY CONSERVATION Did you know that only 3% of Teton County, Wyoming, is privately owned? This leaves 97 percent of Jackson Hole’s land protected as national parks and forests, so it’s easy to assume that elk, mule deer, antelope and other key wildlife species have plenty of room to roam between their winter and summer stomping grounds.

The Land Trust and The Nature Conservancy are on a mission to protect enough open space for the Yellowstone region’s wildlife to get where they need to go. Through conservation easements and other land-preservation tools, they are working acre by acre to protect important terrain ensuring our valley maintains it’s visually spectacular character and remains open for wildlife.

Jackson Hole is part of a much bigger, scientifically important region, the Greater Yellowstone Ecosystem, and the tiny 3 percent of land here that is privately owned is part of a network of critical migration corridors through the ecosystem.

Jackson Hole is very finite in terms of real estate. The scarcity of remaining available land and limited land development going into the future, ensures the character and openness of our valley will always remain.

JACKSON HOLE SOTHEBY’S INTERNATIONAL REALTY 185 W. Broadway, Jackson, Wyoming 83001 888.733.9009 | www.jhsir.com

JACKSON HOLE’S CULTURAL SCENE CENTER FOR THE ARTS

JACKSON HOLE ART AUCTION

A 41,000 sq. ft. Arts & Education Pavilion, a 500-seat theatre, Music Center, and theater rehearsal space. The Pavilion offers space for 20 nonprofit organizations creating an atmosphere of collaboration and inspiration.

An auction of past and present masterworks of the American West, this auction is defined by a high standard of works, and is the signature event of the Fall Arts Festival.

NATIONAL MUSEUM OF WILDLIFE ART

Celebrating their 50th year, Grand Teton Music Festival has inspired countless audiences with world-class concerts by the nation’s finest orchestra players. Led by music director, Donald Runnicles, the summer line up includes a stunning festival orchestra each weekend as well as sought after visiting musicians from around the globe and delightful chamber music.

The museum is unique among American art museums, distinguished by its mission and location. With collections of nearly 4,000 works of art, the museum strives to enrich and inspire public appreciation of fine art and humanity’s relationship with nature. Situated just outside the town of Jackson, the museum overlooks the Elk Refuge and is en route to Grand Teton and Yellowstone National Parks.

GRAND MUSIC FESTIVAL

JACKSON HOLE ART GALLERIES

There are about 30 to 40 galleries in Jackson featuring the best of Western art and more recently, newer galleries with a broader focus. The definition of art in the town and the surrounding valley of Jackson Hole has expanded with a popular international film festival, dedicated state-of-the art studios, and organizations such as the Art Association.

JACKSON HOLE ART ASSOCIATION

The Art Association offers painting, photography, mixed media and ceramic classes and workshops. Members have access to a state of the art darkroom, computers for digital photography, kilns and throwing wheels, and an endless supply of creativity.

GRAND TETON MUSIC FESTIVAL

JACKSON HOLE SOTHEBY’S INTERNATIONAL REALTY 185 W. Broadway, Jackson, Wyoming 83001 888.733.9009 | www.jhsir.com

JACKSON HOLE MOUNTAIN RESORT NAMED #1 JACKSON HOLE BREAKS THROUGH THE LOCK OF COLORADO AND UTAH RESORTS For the last 29 years, SKI magazine has drawn upon its national & international subscribers (145,000 last year) to elect the best ski resort in a variety of categories in North America.

This unbiased group of readers has ranked Jackson Hole Mountain Resort No. 1 for the winter of 2013/2014 - an accolade that has been typically claimed by larger resorts such as Deer Valley, UT and Vail, Colorado.

JACKSON HOLE MOUNTAIN RESORT With 2,500 acres of legendary inbound terrain, a 4,139 ft. vertical rise, and an average of 459 inches snowfall each winter, Jackson Hole offers a truly unique winter experience. Two distinct mountains in the heart of the Tetons – Rendezvous and Apres Vous – make up Jackson Hole Mountain Resort, home to incredible skiing for the past 40 years. Jackson Hole Mountain Resort recently invested $5+ million to make the mountain experience even better for 2013 and beyond. That’s on the heels of $31 million for the new Aerial Tram. The owners of Jackson Hole Mountain Resort have invested over $125 million over the last 12 years. That’s two times what the normal ski resort spends.

JACKSON HOLE SOTHEBY’S INTERNATIONAL REALTY 185 W. Broadway, Jackson, Wyoming 83001 888.733.9009 | www.jhsir.com

NATIONAL PARKS AND FOREST LANDS YELLOWSTONE NATIONAL PARK Established in 1872,Yellowstone National Park is America’s first national park. Located ninety miles north of Jackson, it is home to a large variety of wildlife including grizzly bears, wolves, bison, and elk. Preserved within Yellowstone National Park are Old Faithful and a collection of the world’s most extraordinary geysers and hot springs, and the Grand Canyon of the Yellowstone.

GRAND TETON NATIONAL PARK On the north end of Jackson Hole, Grand Teton National Park preserves a spectacular landscape rich with majestic mountains, pristine lakes and extraordinary wildlife. In the winter, the park’s main roadway is plowed and open for winter travel from the town of Jackson to Flagg Ranch near Yellowstone National Park’s south boundary. The Craig Thomas Discovery and Visitor Center in Moose is open year-round, except for December 25th.

BRIDGER-TETON NATIONAL FOREST Easily accessed by Jackson Hole, Bridger-Teton offers more than 3.4 million acres of public land for outdoor recreation enjoyment. With its pristine watersheds, abundant wildlife and immense wildlands, these forest lands comprise a large part of the Greater Yellowstone Ecosystem – the largest intact ecosystem in the lower 48 States. Offering nearly 1.2 million acres of designated Wilderness, over 30,000 miles of road and trails and thousands of miles of unspoiled rivers and streams, the BridgerTeton offers something for everyone.

JACKSON HOLE SOTHEBY’S INTERNATIONAL REALTY 185 W. Broadway, Jackson, Wyoming 83001 888.733.9009 | www.jhsir.com

JACKSON HOLE SOTHEBY’S INTERNATIONAL REALTY 185 W. Broadway, Jackson, Wyoming 83001 888.733.9009 | www.jhsir.com

WILSON NATIONAL ELK REFUGE

AIRPORT

GRAND TETON NATIONAL PARK

TOWN OF JACKSON

TETON VILLAGE

TETON VALLEY, IDAHO

GRAND TETON 13,770 FT.

YELLOWSTONE NATIONAL PARK