CORPORATE STRUCTURE

Sagewood is comprised of two entities:

Sagewood Partners, LLC, sources projects and provides comprehensive project management services for mixed-use hotel and resort development, private residences and other hospitality real estate projects.

Sagewood Investments, LLC, provides equity on hospitality and residential projects that meet its investment criteria.

Both companies consist of accomplished individuals who have come together to create, acquire, partner and build properties and mixed-use projects with a high price-to-value proposition and a conscious approach to the footprint they leave. The partners have previously distinguished themselves by creating profitable and award-winning hotels, resorts and homes recognized by owners, travelers and media as among the best in the world.

Joseph J. Barile — Chairman, Sagewood Investments, LLC, and Sagewood Partners, LLC > Thomas C. Hendrick — President, Sagewood Partners, LLC >
Mary LaValley Blaine — Chief Financial Officer, Sagewood Investments, LLC >
San San Lee — President, Sagewood Investments, LLC >

Joseph J. Barile — Chairman, Sagewood Investments, LLC, and Sagewood Partners, LLC

Joseph J. Barile serves as chairman of Sagewood Investments, LLC, an international investment entity, and Sagewood Partners, LLC, a global development company specializing in high-quality resort, hotel and fractional mixed-use development.
The companies are based in Lake Placid, New York, with an office in Dallas, Texas.

Mr. Barile has spent the past three decades refining a singular vision for his real estate and development ventures. As a result, his projects are highly regarded for their commitment to preservation, quality, sustainability and environmental harmony.

A 1988 Winter Olympics competitor, Barile has spent most of his career in Lake Placid and the Adirondacks, where he has earned a reputation as a highly respected and award-winning developer. Among his numerous accomplishments is the design and construction of 500 residential units, and a number of commercial retail and office complexes. He also is responsible for the renovation and refurbishment of several historical and commercial buildings. He currently is overseeing the renovation of a 70-acre historical residential compound in Lake Placid that at one time was home to George Holley, founder of Holley Carburetor. Frequent visitors included Thomas Edison and Henry Ford.

Most recently he channeled his passion and attention to detail into his prized masterpiece — the design and construction of The Whiteface Lodge, a family-focused mountain retreat modeled after the grand estates of industrial-era barons and philanthropists. The 85-suite hotel and condominium resort has an indoor/outdoor swimming pool, three-lane bowling alley, 60-seat movie theater, fitness center and spa, and year-round outdoor skating rink. Of refined rustic Adirondack architecture, the Lodge was built using many local resources, including white pine timbers harvested from the property and milled on-site, and stones from a nearby quarry. Using a fractional ownership model, the property allowed for a number of condominiums for purchase on completion. The Whiteface Lodge, a Small Leading Hotel of the World and AAA Four Diamond designated property, has received numerous media accolades including being named to Condé Nast Traveler's 2006 Hot List and Robb Report's 2006 Best of the Best.

Mr. Barile is the quintessential passionate and tenacious self-made man. By the age of 14, he was a custom cabinet and furniture maker with his own business. At 18, he single-handedly built his first house. And in his early 20s, he was designing and building small housing developments complete with roads, playgrounds and parks. His interest in the sport of luge brought him to Lake Placid where he continues to work and live with his wife and family.

In January 2007, T-Rex Capital, LLC, acquired The Whiteface Lodge for its company flagship. A highly energized entrepreneur, Mr. Barile is now focused on expanding his hospitality and real estate expertise into luxury hotel, resort second home and vacation ownership markets on an international level.

Thomas C. Hendrick — President, Sagewood Partners, LLC

Thomas C. Hendrick oversees development for Sagewood Partners, LLC, a
privately held company specializing in high-end hotel, resort and fractional
mixed-use acquisitions throughout the world.



Prior to assuming the role of president in the winter of 2007, Mr. Hendrick was executive vice president of acquisitions and development for The Kor Group, a privately held real estate investment, development and management firm with more than $1.5 billion in assets and $1 billion in development. He has held similar senior development positions with Mandarin Oriental Hotels, Rosewood Hotels & Resorts, Regent Hotels & Resorts and Mariner Corporation (presently Remington Hotels). With 25-plus years' experience in the hospitality industry, he has had involvement in more than 100 projects valued at a total of several billion dollars.

In addition, he was recently elected to the board of directors for Felcor REIT (real estate investment trust), an approximately $3.7 billion dollar publicly traded company. FelCor is the largest owner of upscale hotels and suites with approximately 100 assets throughout the USA. Prior to his election to the FelCor board, he was a director with Caribbean Latin American Action (CLAA), an industry association based in DC.

Mr. Hendrick has been frequently tapped as a speaker and panelist at real estate and
development industry conferences, including the NYU Conference in Manhattan; ALIS Conference in Los Angeles; Resort Conference in West Palm Beach; Caribbean Hotel Industry Conference (CHIC) in Jamaica and Curacao; and Caribbean Latin American Action Conference (CLAA)
in Miami.

Mr. Hendrick holds a bachelor's degree in business administration from Southeast Missouri State University and a master's degree in business administration from the University of North Florida. He served in the military as a naval aviator. He lives in Dallas with his wife and has a daughter in the area.

Mary LaValley Blaine — Chief Financial Officer, Sagewood Investments, LLC

As chief financial officer for Sagewood Investments, LLC, Ms. Blaine has primary responsibility for directing for coordinating all company financial assets and transactions including financial reporting, cash management investment strategies and tax compliance. Additionally, Ms. Blaine oversees human resources and information technology for the company.

Ms. Blaine also serves as chief financial officer for Grand Lodge Resorts, LLC, a company owned by Joseph J. Barile, which includes various real estate holdings in and around the Lake Placid, New York area. Previously, she held management positions with regional public CPA firms in Vermont, Indiana and New York where she was responsible for business development,
corporate audit, accounting and tax compliance for a number of clients. She began her career
in upstate New York working for a general construction company specializing in commercial construction contracts.

Ms. Blaine is a certified public accountant licensed in the states of New York, Indiana and Vermont. She is a member of the New York State CPA Society, and a past member of the Indiana State CPA Society. Ms. Blaine is also a member of the American Institute of Certified Public Accountants.

Ms. Blaine received a B.S. from Le Moyne College in Syracuse, New York. Ms. Blaine and her husband reside in upstate New York.