September, 1991 Dear Property Owner: C.B.G. Limited has been in the process of restructuring the financing for Valley of Lakes/Eagle Rock Resort for the past 18 months. We have just accepted a commitment which will allow us to resume our original schedules and complete Pennsylvania's premiere residential resort community in grand style. Full funding of this commitment should occur within 90 days. Simultaneously, we have arranged additional bridge financing which allows us to continue our work on the golf course. Construction crews have been contracted and will begin underground utility line installation within two weeks. These include water, sewer, electric, cable and telephone lines. On the Valley floor, the underground utilities for the "E" Section have been completed and the "EA" Section is now underway. We will be working through the winter months to complete this section by spring. The roads in the "E" and "EA" Sections will be shale paved with final paving being completed in the spring. The ski season will bring with it the additional snowmaking capacity and, most important, Ken Knize as General Manager. Ken has been the President and General Manager of Big Boulder Ski Area for the past 11 years. Please help us welcome him. We will also begin construction on an additional 24-room expansion on our motel, which will provide 48 rooms for rent prior to Christmas. Once the motel is complete, we will complete our Commercial Operations Building for a spring opening. We apologize for the infrequency of our updates, but the financing process has been tedious, frustrating and very unpredictable. Your ongoing support and understanding during these critical times has been important to our success. Hundreds of developers have gone out of business during this financial crisis facing our country. We ask you for your continuous support and thank you for your patience. We have scheduled two events to celebrate the autumn season and hope you mark your calendars! OCTOBER 11, 12 and 13 OKTOBERFEST Carnival Rides, German Bandsg Bavarian Village, Fireworks, Food and Drink, Great Family Fun Located by the Panorama Lodge (A flyer was previously sent to you with all the information regarding this spectacular event) NOVEMBER 16 SECOND ANNUAL FINE ARTS SHOW Located at the Fireside Base Lodge The art is acquired from the Heisman's Fine Arts Gallery in Ardmore, Pennsylvania. You will see a variety of fine art including original oils, lithographs, serigraphs and graphics by nationally known artists. The starting bids are from $60 to $150, which includes framing and matting. There will be complimentary hor-doeurves and a cash bar. Enclosed are two complimentary tickets for you to use. Please plan to attend this event. There is something for everyone's taste and budget. Sincerely, /s/ Frank M. Cedrone
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