Legal

SNOWMASS BASE VILLAGE
This is not an offering or solicitation in any jurisdiction where prohibited by law or where prior registration has not been obtained and is required. Developer uses The Little Nell Snowmass and Viceroy Resort & Residences Snowmass trademarks in connection with the development, marketing and sale of the project pursuant to a private agreement with the owner of such trademarks.

New York Residents only
Developer uses The Little Nell Snowmass and Viceroy Resort & Residences Snowmass trademarks in connection with the development, marketing and sale of the project pursuant to a private agreement with the owner of such trademarks. The complete offering terms are in an offering plan available from sponsor. FILE NO. CD08-0347.

VICEROY RESORT & RESIDENCES SNOWMASS
This is not an offering or solicitation in any jurisdiction where prohibited by law or where prior registration has not been obtained and is required. Developer uses the Viceroy trademark in connection with the development, marketing and sale of the project pursuant to a private agreement with the owner of such trademark. Use of the Viceroy trademark by developer is subject to the provisions of that agreement and the agreement may be terminated or expire without being renewed. In the event of such termination or expiration, the project will no longer be eligible to use the trademark for any purposes. The Viceroy Resorts & Residences, Snowmass are not being developed by Viceroy Hotels, LLC or The Kor Hotel Group and/or any of its or their affiliates. All future Viceroy locations are based on current development plans and may not ultimately be constructed. No representation or warranty regarding any such planned future location is made.

New York Residents only
The complete offering terms are in an offering plan available from sponsor. FILE NO. CD08-0347.

HUD & California Residents only
"Obtain the Property Report required by Federal law and read it before signing anything. No Federal agency has judged the merits or value, if any, of this property. Warning: The California Department of Real Estate has not examined or qualified this offering."

THE LITTLE NELL RESIDENCES SNOWMASS
The complete offering terms are in an offering plan available from sponsor. FILE NO. CD08-0347.

HUD & California Residents only
"Obtain the Property Report required by Federal law and read it before signing anything. No Federal agency has judged the merits or value, if any, of this property. Warning: The California Department of Real Estate has not examined or qualified this offering."