OFFERING MEMORANDUM

FOR INFO CONTACT BRUCE ZOLLINGER PATRICK JUHLIN VICE PRESIDENT VICE PRESIDENT +1 801 869 8040 +1 801 869 8005 [email protected] [email protected] TABLE OF CONTENTS CLICK ON HEADERS TO NAVIGATE TO EACH SECTION 01 02 03 04 05 NORDIC VAL L E Y

We are pleased to present a unique opportunity to Where learns to Ski. Nordic Valley is famous for its purchase, own and develop a Utah . Located ski school, intermediate and advanced slopes, and family in Eden, this resort has 438 deeded acres, with 1500 friendly atmosphere. It was immortalized as one of the additional acres available for potential expansion through best downhill training ski areas for the Winter Olympics in the US Forest Service land. Nordic Valley has the potential 2002 which the Austrians discovered was worth its weight for growth in several different areas. in Gold.

“In the year 1968, a small ski area in the heart of 120 acre boutique ski hill. Nordic Valley was acquired Utah’s powder country was born.” Nestled deep in the by Skyline Mountain Base, LLC when the famous barn heart of the Wasatch Mountains, Nordic Valley Ski Resort is was upgraded but worked to keep the family values and a few short miles from restaurants, entertainment and the small resort feel loved by its visitors. With terrain for all comforts of the city of Ogden. Ogden and Ogden Valley skiers and boarders, three lifts, 22 runs and the tubing are one of the most accessible, family and budget friendly hill, Nordic Valley’s close proximity and easy access means ski areas in the country so it’s no wonder Forbes magazine that visitors can be on the slopes within 30 minutes and once named Ogden the third best city in the country to take advantage of the best in Utah where all raise a family. runs remain open for night skiing.

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2 | NORDIC VALLEY OFFERING MEMORANDUM CBRE NORDIC VAL L E Y 3567 Nordic Valley Way | Eden, UT 84310 PROPERTY FEATURES

++438.71 deeded acres ++35,000 skier visits ++1500 acres available for additional expansion ++140 skiable acres potential of ski resort through US Forest Service Land −−23 Trails ++Parcels −−35% beginner, 45% intermediate, −−22-023-0045 (20.01 acres) 20% advanced runs −−22-023-0020 (19.41 acres) ++Terrain Park −−22-023-0086 (12.29 acres) −−Rails, box features, rollers and kickers −−22-023-0060 (3.6 acres) ++Other −−22-023-0019 (4.29 acres) −−“The Barn” housing rentals, retail shop and grill −−22-029-0008 (32.33 acres) −−Round yurt ski school −−22-029-0010 (346.78 acres) −−Ski patrol building ++965’ vertical drop −−Summer disc golf course ++Annual snowfall of 300 inches −−Summer biking and hiking trails ++4 lifts ++Zoned for 400 residential units −−Apollo lift by Hall, mid 70’s vintage −−54 unit Pine Canyon condo project concept at base of mountain −−Bridger lift by CTEC, early 80’s −−Expansion of retail uses at base of mountain −−Crockett lift by YAN, mid 80’s transplant −−Estate ski-in ski-out lots −−Cub

SALE PRICE: $7,500,000.00

Nordic Valley Ski Resort Gross Sales

Gross Income* 2014/2015 2015/2016 2016/2017 Food and Beverages $67,735.13 $109,803.99 $132,810.19 Ski School $89,348.05 $229,091.84 $274,301.49 Lift Tickets $268,719.32 $543,049.82 $581,673.57 Season Passes $90,181.39 $157,528.08 $106,216.22 Merchandise $22,188.01 $23,219.29 $12,473.25 Rentals $63,614.37 $109,579.30 $131,588.54 Misc. Income $2,369.48 $7,563.64 $1,951.03

Total Income $604,155.75 $1,179,835.96 $1,241,014.20

*Winter season from Sept. 1 to Mar. 31 y+1.

3 | NORDIC VALLEY OFFERING MEMORANDUM CBRE NORDIC VAL L E Y PROPERTY FEATURES Nordic Valley Zoning for Entitlements

Developable Parcel Zone Acres Units Allowed 22-023-0086 CVR-1 7.98 168 22-023-0086 FV-3 4.31 1 22-023-0019 FV-3 2.96 1 22-023-0020 FV-3 17.05 6 22-023-0045 OPEN 0 0 22-023-0045 FR-3 4.6 92 or 184* 22-023-0045 FV-3 2.6 ± 0 22-023-0008 OPEN 0 0 22-023-0008 FV-3 4.6 1 22-023-0010 OPEN 0 0 22-023-0010 FV-3 110.93 37 22-023-0060 FR-3 3.6 72 or 144

*units in FR-3 zone based on 20 units per acre or 40 rental sleeping units (hotel, etc.) per acre.

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4 | NORDIC VALLEY OFFERING MEMORANDUM CBRE NORDIC VAL L E Y WINTER TRAIL MAP

6330’

APOLLO

The Terrain CROCKETT Barn BRIDGER Park CUB

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SITE

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FACING PINEVIEW RESERVOIR

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THE BARN AND SKI SCHOOL

LOWER LIFTS

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APOLLO LIFT

FACING SOUTH

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10 | NORDIC VALLEY OFFERING MEMORANDUM CBRE NORDIC VAL L E Y ADDITIONAL PHOTOS

SKI & BOARD SCHOOL

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SKI AND BOARD SCHOOL

Nordic Valley draws people for its family friendly environment that fosters a learning atmosphere for kids, young adults and adults alike. Their ski and snowboard school is accessible and affordable, offering lessons for 1/3 of the cost that other resorts charge. Nordic Valley works closely with many schools and organizations to bring a cost effective option for students and employees to attend ski or board lessons.

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19 | NORDIC VALLEY OFFERING MEMORANDUM CBRE NORDIC VAL L E Y SUMMER ACTIVITIES

With the melting of comes the opportunity to experience Nordic Valley in a whole new and exciting way. Nordic valley transforms from slopes to trails for hiking and mountain biking, a disc golf course, and activities and events for the whole family. On the weekends, Nordic Valley is host to Saturday Night Events Live Music and there is of course the option of receiving guests for Family Reunions, Company Summer Party Events and Weddings.

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22 | NORDIC VALLEY OFFERING MEMORANDUM CBRE NORDIC VAL L E Y CONCEPTUAL DEVELOPMENT

Much preliminary work has gone into planning the future of Nordic Valley. Working together with the US Forest Service, Ogden Valley, and neighboring cities including North Ogden, a vision for growth, expansion and utilization of hundred’s of acres surrounding Nordic Valley is coming into focus. Below are some conceptual plans for condominiums, ski-in/ski-out properties, retail, restaurants and most importantly expansion of lifts and ski runs, giving guests the opportunity to experience even more of Nordic Valley’s unique beauty.

Future Lift Expansion - Concept drawings

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23 | NORDIC VALLEY OFFERING MEMORANDUM CBRE NORDIC VAL L E Y Pine Canyon Slopeside Condominums - Concept drawings

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2 7,400 ft OPEN SPACE Type F Type Type B Type 203 Type A Type 205 201 Type C Type 207 Type A Type Type B Type Type C Type Type B Type 206 Type B Type 204 202 413 414 Type D Type 20C Type B Type 209 Type G Type 416 Type E Type 415 Type C Type 208 4TH FLOOR Type A Type 211 Type C Type 417 Type B Type Type B Type 210 213 Type C Type 418 4th FLOOR Type G Type 212 Type E Type 215 2ND FLOOR Type C Type 217 Type C Type 214 2nd FLOOR Type F Type Type A Type Type H Type 303 305 301 Type C Type 307 Type A Type Type C Type Type B Type 306 302 304 Type D Type 30C

OWNER: Type B Type 309

LOCATION: Type C Type 308 Type F Type Type B Type 105 103 Type A Type Type A Type 101 311 Type J Type 107 PLAZA Type A Type 106 Type B Type Type C Type 104 102 Type B Type Type B Type 310 313 Type B Type

OWNER: 109 Type G Type 312 NORDIC VALNORDIC L E Y Type E Type

LOCATION: 3RD FLOOR Type C Type 315 108 Type A Type 111 POOL Type C Type 317 Type B Type Type B Type 110 113 Type C Type PATIO 314 3rd FLOOR 3rd Type G Type 112 Type E Type 115 MAIN FLOOR

Type C Type 117 D Type C Type 114

D 25 | NORDIC VALLEY OFFERING MEMORANDUM 25 | NORDIC VALLEY Pine Canyon Slopeside Condominums - Concept Floor Plans Concept Floor - Slopeside Condominums Pine Canyon 2N MAIN FLOOR

OWNER:

LOCATION:

OWNER:

LOCATION: NORDIC VAL L E Y MARKET ANALYSIS Utah boasts 14 world-class ski resorts, each with their own unique offerings. Nordic Valley hits the sweet spot for cost, accessibility for beginners and it’s close proximity to major cities making it a truly family friendly ski resort.

Vertical Drop Miles to Adult UTAH SKI RESORTS Avg # of Peak Ele- Base Skiable Serviced by Closest Day Night Skiing Snowfall Runs vation Elevation Acres Lifts Airport Ticket* Alta 560” 116 10,550’ 8,530’ 2,200 2,020’ 32 $96 No 400” 48 8,800’ 7,200’ 828 1,600’ 114 $48 No Fri & Sat Brian Head 360” 71 10,920’ 9,600’ 665 1,320’ 35 $59 until 9 pm Mon-Sat Brighton 500” 62 10,500’ 8,755’ 1,050 1,745’ 35 $79 until 9 pm Every day Cherry Peak 322” 20 7,050’ 5,775’ 200 1,265’ 99 $42 until 9 pm Deer Valley Resort 300” 101 9,570’ 6,570’ 2,026 3,000’ 36 $128 No Eagle Point 450” 39 10,500’ 9,100’ 600 1,500’ 217 $55 No Every day Nordic Valley 300” 22 6,400’ 5,400’ 120 1,000’ 51 $45 until 8 pm Every day Park City Mountain 360” 324 10,000’ 6,800’ 7,300 3,200’ 32 $139 until 6 pm Every day 500” 154 9,422’ 6,900’ 2,876 2,205’ 55 $79 until 9 pm Resort 300” 106 9,350’ 6,400’ 3,000 2,950’ 45 $99 No Every day Snowbird 500” 168 11,000’ 7,760’ 2,500 3,240’ 29 $106 until 8:30 pm 500” 77 10,035’ 7,988’ 1,200 2,047’ 33 $83 No M, W, F, Sat Sundance Mountain Resort 300” 45 8,250’ 6,100’ 450 2,150’ 55 $70 until 9 pm

*Adult day ticket prices reflect weekday prices only. Weekends and Holiday prices increase. Source: Ski Utah

AREA DEMOGRAPHICS

2016 Estimated Demographics 5 Miles 10 Miles 20 Miles 30 Miles 2016 Estimated Population 15,643 139,898 489,658 651,088 2021 Projected Population 16,208 146,109 522,432 697,082 2016 Estimated Households 5,042 48,021 157,916 207,964 2021 Projected Households 5,227 50,170 168,351 222,520 Household Growth 2010-2016 2% 4.5% 6.6% 7% Population Growth 2016-2021 3.6% 4.4% 6.7% 7.1% 2016 Average Household Income $96,035 $67,302 $78,084 $80,141 2021 Average Household Income $97,099 $68,288 $79,487 $81,637

26 | NORDIC VALLEY OFFERING MEMORANDUM CBRE NORDIC VAL L E Y REGIONAL DESCRIPTION

Ogden Valley and Pineview Reservoir

“A Valley for all Season” by Drienie Hattingh, Valley View Magazine, 2003

The Upper Ogden Valley Utah sits at an elevation ensuring plentiful winter snow and comfortable summer temperatures. Located 10 miles from Ogden City and 50 miles from International Airport, this Valley is easy to find. It is a place of wide-open spaces, mountains, wetlands, rivers, gurgling mountain streams and recreational Pineview Reservoir. Leave the stress of daily life and go walking, cycling or horseback riding through green fields, sage and woodlands with endless mountain views. At night, Mother Nature provides the only light with the Milky Way clearly visible in the dark velvet skies.

Ogden Valley is home to three Ski Resorts: Nordic Valley, Snowbasin Resort and Powder Mountain. Between the three ski resorts, snowmobiling, cross-country skiing, ice fishing and other winter activities, Ogden Valley is a beautiful destination for truly amazing winter experiences. -Visit Ogden Valley

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ADAM BARKER PHOTOGRAPHY

PHOTO CREDIT HAROLD SAMPSON

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The World is Taking Notice of Ogden

“A playground for adrenaline junkies…” Wall Street Journal, May 2006 “A stable economy and high ethics from its work force…” The Economist, June 2008 “The best new place to be…” National Geographic, January 2008

Welcome to Ogden. The town that Rock and Ice Magazine listed in its Top 10 Climbing Towns (Sept 2008); the place where Men’s Journal (March 2007) said you can “Do it All, Whatever the Season”. Outside Magazine (Aug 2008) called Ogden “unpretentious and adrenalized”, when it listed Ogden in the top three towns of Where to Live Now: The 20 Best Towns in America, and the New York Times (Feb 14, 2009) stated, “Ogden, Utah, is on several lists today including the best place to do business, the best economy, and the hippest city in America.”

This is our home. Our skyscrapers are Ben Lomond Peak, Mount Ogden, and Strawberry Peak. You might not see a lot of celebrities here, but you’ll see plenty of stars. You’ll find good eats, a place to sleep, and a huge playground. Whether you’re enjoying the serenity of our mountains or the eclectic vibe of downtown and the notoriously charming Historic 25th Street, we hope you feel welcome in our home.

Eleven national parks are less than a day’s drive from Ogden. Three major ski resorts are within 25 minutes of Ogden. Six more are within an hour’s drive along with three cross-country ski areas and the nation’s only recreational ski jumping complex. Ogden is adjacent to 170,000 acres of National Forest. You’ll find over 210 miles of US Forest Service maintained mountain biking, hiking, and equestrian trails and 20 or more federally maintained campgrounds. Within the area, there are over 13,000 acres of fresh water for both motorized and non-motorized water sports and recreation. - Ogden City

29 | NORDIC VALLEY OFFERING MEMORANDUM CBRE © 2018 CBRE, Inc. All rights reserved. This informa- tion has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all informa- tion. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.