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~ <br /> April 2s, 2401 <br /> lads. Geri Gifl'rtt, Chair <br /> ElannieA~ Comrr?i~sior: <br /> COL11gTY ®F k~IAA~IAII <br /> 25 Aupua~i Street <br /> l;~al®, HI 96720 <br /> l~earMs. Gifl`in: <br /> INra.?~YtT The purposo of this letter is to introduce OurSelv®s and to surnaraarize our intentBOnS re~at'ding <br /> coaroxwnor+ l~ig Island Country Club do Estates. Vlre are writing this letter at the request of the cere~rent <br /> oavaaer of the propeaty. <br /> SVITB BDO <br /> 100 BuRSwaL SrR6eT Intrawest is Bhe leading developer and aperator of village-centered resoats across IVor9~ <br /> vws+covvca. °c Arraerica. It is redefining the resort world with its teas mountain resorts, osoe w~.-weather golf <br /> CwNADA v6t ;Lb resort; ei teCn Olf ciaearseis, a <br /> gh g larernier vacation ownership baseness and five world-class <br /> <br /> T$L.S04.669-9799 warn9 weather and naousatain resort villages at other locations. ~'hc conlpasay owns <br /> cwx.6oy.66y.c6os WhistlerJE6laclccrantb, Norila Attterica's most popular motmtaisz resort, artd Panoaaaata iae British <br /> Columbia, ~Itac Mountains iai Ontario (50°/®), Ta~ablant and Mont Ste. Marie in Queb®c, <br /> Copp®r in Colorado, Stratton iaa Veranon8, Snowshoe Mountain in West Virginia, ldiountain ' <br /> Creek in 1Vew Jersey, Marrsaeaoth ~ California (59®/®), and Saradestiaa Golf aasd l~eacla 1Zesort in <br /> Elorlda. Ira addition, we are creatiatg world-class, foams soasora resort villages at Keystone, <br /> Colorado; 9olita~de, Utah; Squaw Valley near Idalce Tahoe, California; des Arcs, lFrarace, seed <br /> bake Las Vegas I~sorY, imlevada. I~awcst corrrbirres high-gaaaliity resort seroeices seed <br /> anaenitics with iaanovative residential and cornrarcrclal teal estate develo~erat to attract <br /> visitors and buyers of real estate to its villages. Intrawest's shares are listed on the N~ York <br /> (IJ®R) sand 1`oroaato (ITV) stock exchanges. <br /> VVe believe that I3ig Island Country Club di Estates, with its 18-hole golf cortrse and <br /> developable real estate, presents a unigree opportunity iar I~Iaovaii for Intrawest. ale have <br /> already establishod a presearce irr Princeville, Kauai vdith the dev®lopment of our Club <br /> Iartravvest property a®d we have been actively seekieag another oppotturaity itr I~Iawaii. At <br /> Ares®nt. we are Irarty to a more-binding lettst of intent with the current owrners of tlhte property. <br /> The letter of intent contemplates a tratasactioaa whereby Iratrawest woaald acquire dig 1•slarad <br /> Co~sntry Club Estates diaa¢ited Partnership (sand thus acquire ownership of the golf cotarse a®d <br /> taradeveloped land). <br /> P'arrsuant to tpgis letter of irptetat, we are cntly involved in due diligence irrvcstigations <br /> during which vie are revieavirag all anatters and materials relevatst to 13ig Island Cor~ratry Club <br /> acrd Estates. ODVe have invested coarsiderable titrac and rmoasey inn Dear investigations to date, <br /> facluding engaging various consultants (engineers, 8o1f corarse consultants and legal coons®1) <br /> ir? addition to creating aaa internal team to assist with Dear due diligence investigatioaas artd to <br /> provide ras with advice on various issues. <br /> ri:lP%pscrslHie Iar®eed Coa~aray CltnblSFukc 25Apa~l.d®e <br /> • <br /> <br />