Gregory W. Hadley - Principal
   Stephen K. Dering - Principal
   Michelle Mull - Principal
   Dex Shorter - Senior Vice President, Sales Operations
   Dennis Draper - Senior Vice President, Project Development

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.

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Stephen K. Dering - Principal

As the founding partner of DCP, Steve Dering pioneered the country's first residence club at Deer Valley Resort in Park City, Utah. Subsequently, he launched The Phillips Club, the country's first urban residence club. In addition to creating the country's first resort and urban residence clubs, Mr. Dering and DCP created the first residence clubs in Mexico, Bermuda and Florence, Italy.

Mr. Dering has been a frequent presenter at national and international symposiums on fractional ownership. He has been quoted in the New York Times, Business Week, and Conde Nast Traveler, among other publications, and was featured in the recently published business book The Middle-Class Millionaire: The Rise of the New Rich and How They are Changing America. As a principal of DCP, Mr. Dering works with developers in evaluating potential residence club sites, conducting preliminary business discussions, assessing project feasibility, formulating club ownership parameters, and supervising club design and marketing.

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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.

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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.

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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.

Ms. Shorter is a graduate of Averett University in Virginia and attended Hofstra University in New York. She began her career with DCP as the Sales Office Manager at The Christie Club in Steamboat Springs, CO.



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