DCP International<sup>sm</sup>

Management Team

   Gregory W. Hadley - Principal
   Stephen K. Dering - Principal
   Michelle Mull - Principal
   Randy Burgess - Executive Vice President, Sales
   Jeff Heilbrun - Executive Vice President, Chief Operating Officer, North America
   Dex Shorter - Senior Vice President, Sales Operations
   Dennis Draper - Senior Vice President, Project Development
   Reed Anderson - Senior Vice President, Project Development
   Peter Kempf - Chief Executive Officer, Managing Director of Europe
   Catherine Bentley - Director of Administration, Europe
   Nina Rangger - Project Coordinator, Italy

Gregory W. Hadley - Principal

Mr. Hadley has overall responsibility for all company functions and is specifically responsible for structuring DCP's business relationships with landowners and developers. He negotiates all DCP land acquisitions and/or joint ventures, creates strategic alliances and handles investor relations. For qualifying projects, DCP can arrange equity funding and Mr. Hadley shepherds this process.

Mr. Hadley is also a managing partner of Greglin Investments, a limited liability partnership, which focuses on residence, commercial and institutional properties. He is also a principal in Uplink, which holds the patent rights for the use of global positioning satellite technology in golf applications. Mr. Hadley's introduction to the residence club business was through his investments at the Christie Club in Steamboat Springs, Colorado.

In 1989, Mr. Hadley purchased a Bell South cellular service and equipment company in Houston.

Mr. Hadley founded Americom Paging Corporation in 1986 and served as CEO and President until 1995 when it was sold to a publicly traded company. Under Mr. Hadley's direction, Americom Paging became one of the country's largest independently owned paging companies.

In 1978, Mr. Hadley founded American Radio Communication, the primary business of which was to acquire two-way radio towers and sell two-way radio airtime and equipment. This company was later expanded to a national level and became Americom Communications Corporation.

Stephen K. Dering - Principal

Mr. Dering is the lead development expert, evaluating potential club sites, conducting preliminary business discussions, assessing project feasibility, formulating club ownership parameters, and supervising club design and marketing planning.

Mr. Dering is a founder of the luxury residence club concept and supervised its implementation at the Deer Valley Club, the prototype for today's high-end fractional industry. He serves as the primary DCP participant in the design, ownership structuring, and marketing of all DCP residence clubs.

Mr. Dering has been the owner of a full-service advertising agency specializing in resorts and high-end resort real estate and a specialty-marketing firm. He served as Deer Valley Resort's first marketing director and was responsible for the launch of this top-rated ski destination. He also supervised the marketing launch of Park City's Park Meadows Country Club community, which features a Jack Nicklaus signature golf course. He was a founder, owner and editor of the local Park City, Utah newspaper, served as an elected member of the Park City Council, and was a systems analyst for the National Security Agency in Fort Meade, Maryland.

Michelle Mull - Principal

Ms. Mull is responsible for financial forecasts, regulatory approvals, corporate and project accounting, administration and human resources. She supervises the corporate accounting department and financial reporting and administration at the club level. Ms. Mull has been instrumental in formulating club ownership parameters and the extensive documentation associated with club products and real estate registrations.

Ms. Mull is responsible for the financial tracking of sales and marketing activities. She is the industry's most experienced professional in residence club financial forecasting, obtaining development debt financing, and establishing residence club operating budgets and homeowners associations. She was a significant contributor to the launch of the Christie Club EQUITY RESIDENCE CLUB^SM program, was a key player in the administration and management of the Deer Valley Club, provided consulting services for Franz Klammer Lodge and has played a critical role in all subsequent DCP projects.

Ms. Mull has an MBA from the University of Missouri. She served as business manager for Cardiology Consultants of Utah where she was responsible for all financial and business tasks. She also has sales and marketing experience in the retail-merchandising sector.

Randy H. Burgess - Executive Vice President, Sales

Mr. Burgess is the high-end fractional ownership industry's most experienced sales executive having personally directed sales at three of the nation's most successful fractional developments and having provided consulting services in the areas of Club feasibility, structure, operations and marketing for dozens of Club developers throughout North America. His additional consulting expertise includes mixed-use developments incorporating whole-ownership, condo-hotel and hotel operations.

Mr. Burgess' fractional sales leadership and experience includes: The Austria Haus Club in Vail, Colorado, the first private residence club to be integrated with a luxury hotel; the Deer Valley Club in Park City, Utah, the prototype for today's high-end fractional industry and previously Ships Watch in Duck, North Carolina, one of the first purpose-built high-end fractional developments, recognized nationally in 1991 as "America's Most Successful Fractional Ownership Development".

Mr. Burgess is responsible for DCP's national and international sales and participates in the evaluation of new developments.

Dennis Draper - Senior Vice President, Project Development

Mr. Draper analyzes residence club real estate opportunities and provides project management services. He has more than 20 years of real estate development, real estate investment and real estate consulting experience. He has structured a multitude of commercial and mixed-use developments. Mr. Draper worked with Hines Interest to assemble the Galleria North complex in Dallas. It comprises 650,000 square feet of office/retail space and exceeded $300,000,000 in value.

Mr. Draper was one of two principals in VestAmericare, which purchased four medical office buildings in Atlanta and Houston totaling over 300,000 square feet. He also managed the development of sixteen medical office buildings for American Medical International (now Tenet HealthSystems) in Southern California, Alabama, and Florida.

Mr. Draper received an MBA from the University of Texas at Austin and a BS from the United States Naval Academy, where he graduated with merit. He served as a Carrier Naval Aviator and was selected for the prestigious test pilot program.

Reed Anderson - Senior Vice President, Project Development

Mr. Anderson brings years of EQUITY RESIDENCE CLUB^SM experience to the DCP Project Management team. He is responsible for managing all aspects of residence club developments in the western United States and Hawaii including legal registration oversight, marketing planning, budgeting and implementation, sales direction and developer relations.

Many residence club developments have benefited from Mr. Anderson's efforts including the Snowmass Club in Aspen, CO; Les Saisons and The Hemingways, both in Sun Valley, ID; The Porches in Steamboat Springs, CO and most recently The Orchard at The Carneros Inn in Napa Valley. Additional experience includes construction management and education. Mr. Anderson has a Bachelor of Arts degree in English from the University of California - Davis.

Dex Shorter - Senior Vice President, Sales Operations

Ms. Shorter oversees the administration of the sales office operations for each development including staff selection, office setup, and assisting with the preliminary launch of the sales and marketing process. She serves as the liaison between DCP's corporate offices and the office administration at each location and is responsible for database maintenance and the customer relationship management system.

Jeff Heilbrun - Executive Vice President, Chief Operating Officer, North America

Mr. Heilbrun works directly with developers and coordinates all tasks required for the successful integration of residence club components with traditional real estate development. Mr. Heilbrun joined DCP following a very successful 18-year career in the hospitality industry. He was formerly the General Manger of Teton Pines Resort and Country Club in Jackson Hole, Wyoming. During his tenure at Teton Pines, Heilbrun also served as project manager for the very successful Residence Club at Teton Pines and worked with DCP from its inception to sellout.

Mr. Heilbrun is a graduate of the Ohio State University and is a Certified Club Manager through the Club Managers Association of America. Immediately following college, Mr. Heilbrun worked in the aerospace industry in Ohio before moving to Jackson Hole in 1987. He has been recognized for his work in the hospitality industry through awards such as Jackson Hole Business Person of the Year and the Governor's Big Wyo Award given to Wyoming's most influential person in the hospitality industry.

Peter Kempf - Chief Executive Officer, Managing Director of Europe

Mr. Kempf is responsible for managing DCPI operations in Europe from the company’s new European headquarters in London. His experience in the private residence club industry began in 1998. His experience in the newly emerging destination club industry is a valuable asset because of the increased interaction between residence clubs and destination clubs.

Mr. Kempf’s international experience is considerable having been directly involved with the sale and marketing of multi- million dollar properties in 31 states and 22 countries. Having been the Director of International Real Estate for Christie’s Great Estates, Vice President and Midwest Regional Manager for Sotheby’s International Realty, a member of Who’s Who in Luxury Real Estate and the Board of Regents, Mr. Kempf is considered to be one of the leading authorities in international real estate and is a frequent guest speaker at international real estate conferences. Many of his clients were some of the world’s most prominent Fortune 500 CEO’s, successful entrepreneurs and celebrities.

Catherine Bentley - Director of Administration, Europe

Nina Rangger - Project Coordinator, Italy

Nina Rangger is the Project Coordinator for Italy and is also responsible for the administration and coordination of the Florence office. Nina has travelled extensively and lived abroad working in various high profile industries such as recruitment, event planning and real estate in New York, London, St. Barths and Florence for the past 12 years.

Fluent in German, Italian and English, she was born and raised in Austria. Nina graduated from the Fashion Institute of Technology in New York and Polimoda Italy holding a degree in Marketing and Communications. She also has a degree in Tourism and Management.