July 11, 2007

RE: HIGH COUNTRY CLUB COMPLETES ANNUAL NET ASSET TEST

Dear High Country Club Member,

I am pleased to announce that High Country Club has completed its annual Net Asset Test.

Our Net Asset Test is designed to confirm that the Club's assets are sufficient to meet its obligations, including the Membership Deposit Obligation in accordance with the terms and conditions of the Club's Membership Agreement.

The Net Asset Test is calculated using:
Cash and cash equivalents, plus market value of real estate (if less than 24 months from the purchase date, cost may be used), plus deposits or other instruments for the acquisition of real estate, less secured debt = Net Assets Available to Satisfy Membership Deposit Obligations.

As of December 31, 2006, the Club's Net Assets Available to Satisfy Membership Deposit Obligations exceeds its Membership Deposit Obligation.

Further proof of the Club's compliance with the Net Asset Test is evidenced by the Agreed Upon Procedures report, which was prepared by its independent accountants, BKD, LLP.

The Net Asset Test will be performed by the club annually on December 31st, and future results of the Net Asset Test will be reported by April 30th of the following year.

High Country Club also completed the audit of its 2006 financial statements on which they received an unqualified opinion from its independent accountants, BKD, LLP.

Thank you again for your continued support of High Country Club.

Christian V. Kirschner
President & CEO
High Country Club Investments, LLC