Changes

• The Chapter 11 reorganization process eliminated all unknown liabilities, and positions Yellowstone Club with a clean balance sheet and favorable capital structure to ensure its future. As part of the reorganization process, ownership committed to turn over the Club assets to the membership once the development is complete, ensuring that the membership had long-term control over the club amenities and infrastructure. On request, more information about the Club’s ownership, development plans and operations is available to prospective Members.

• The Chapter 11 reorganization process eliminated all unknown liabilities, and positions Yellowstone Club with a clean balance sheet and favorable capital structure to ensure its future. As part of the reorganization process, ownership committed to turn over the Club assets to the membership once the development is complete, ensuring that the membership had long-term control over the club amenities and infrastructure. On request, more information about the Club’s ownership, development plans and operations is available to prospective Members.