5 RIVERS LODGE WINDERMERE REAL ESTATE

TABLE OF CONTENTS Details

CONTENTS: Listing Information 1 Description & Value of 5 Rivers Lodge 3 Lodge History & Successes 4 Business Plans 6 Airports & Flight Information/ Medical Care 12 Price Comparisons 13 Advantages, Summary, & Benefits 14

LISTING INFORMATION 1

CONTENTS Listing Information | Price | Legal Description | MLS Number

LISTING INFORMATION » Five Rivers Lodge rests near , also known as Point of Rocks, is strategically located halfway between Dillon and Twin Bridges MT on HWY 41. Five Rivers Lodge is a short drive to five of 's best known trout streams; The Beaverhead, Madison, Jefferson, Big Hole, and Ruby rivers for which the lodge was named. This impressive 30,000 square foot lodge consists of 17 active double occupancy guest rooms with full bathrooms and an additional 15 guest room potential. All guest rooms have full walk out access to the 20,000 sq ft red wood decking overlooking the scenic Pioneer Mountains to the West and the Tobacco Root Mountains to the East. The lodge main floor includes a fully equipped commercial kitchen, butler's/prep pantry, hors d'oeurvre kitchen, dining hall, great room, lounge, separate chef's quarters, main business office, laundry, and additional break out rooms. The lower level includes commercial coolers/freezers, wine cellar, additional laundry services, library, and guest rooms. The in house fly shop is fully stocked and displayed in custom display cases. Inventory is negotiable but currently not included in the sale price. » The lodge has two significant unfinished spaces. Possibilities are endless with the 2,160 sq ft unfinished space on the lower level, however could be made into 12 additional guest rooms, conference space, gym studio, casino room, aquatic feature, or combination of all. An additional 2,368 sq ft unfinished conference room is near completion on the main floor. » Notable amenities include two spring fed ponds licensed to be stocked with trout, five functioning wells, four sperate septic systems, four miles of natural gas pipe, underground sprinklers, and a paved driveway. The property boasts a 2 bedroom/1 bath private residence and multiple outdoor storage buildings. Reopen the infamous Five Rivers Fishing Lodge, or bring new life to the grand facility. Other ideal uses include an assisted/adult living facility, corporate offices, rehabilitation center, medical facility, university conference center, convention center, or religious group facility. » Listing Agent Must be present to show. Pre-qualified buyers only. Financials available with signed NDA. Extensive documentation in FLEX. Information provided by seller is deemed reliable, however not guaranteed. Buyer to verify square footage. Furnishings shall be negotiated in Bill of Sale. » Asking price $2,500,000 » Legal Description: S33, T05 S, R07 W, ACRES 20.74, PT OF NE4NW4 » MLS number #22018549 » Presented by Mike Agee & Heather Lay » Fiveriverslodge.com

LISTING INFORMATION - CONTINUED 2

CONTENTS Photos

DESCRIPTION AND VALUE 3

CONTENTS Description and value

DESCRIPTION The lodge property is located on 22 acres and consists of two one acre stock fish ponds, and has one 24'x48' storage building, five water wells, a 1440 sq. ft. two bedroom/ one bath home built in 2003, and numerous small storage buildings. Also, a full 24' x 40' foundation with 3' above ground concrete walls that could be used as either a greenhouse or as additional bedrooms with gorgeous mountain views. Five Rivers Lodge consists of the following:

31,000 +/-sq ft lodge building 36'x 30' great room 13 guest bedrooms each with full baths & approximately 600 sq. ft. 3 staff bedrooms/guest bedrooms with full baths 1 chefs bedroom and full bath 4 extra guest bath rooms 2448 sq. ft. owners unit with full bath. Note* could be easily converted into more guest rooms 48' x 30' dining room 1296 sq. ft. all in one hors d'oeuvre kitchen & cocktail meeting area 1080 sq. ft. commercial kitchen, prep area and dish washing station plus a 10'x12' baking area A 12'x 20' walk-in cooler and a 12'x 16' walk-in freezer 1764 sq. ft. of meeting & library area 864 sq. ft. of small meeting room and library 3 large laundry rooms 760 sq. ft. fly shop with custom trim and fly cases with over 2,500 individual bins for the flies Value of Five Rivers Lodge based on the replacement method: Land value for 22 acres@ $4,000 per acre = $ 115,000 Two 1 ac. ponds with docks, bridges and fish = $ 120,000 1440 sq. ft. house @ $105 per sq. ft = $ 151,200 Five water wells@ $15,000 per well = $ 75,000 20,000=/- sq. ft. of redwood deck. labor and material @ $14 per sq. ft = $ 280,000 Fly shop furnishings and inventory at wholesale = $ 320,000 Lodge furnishings = $ 140,000 Lodge equipment kitchen/garden etc.= $ 70,000 4 miles of natural gas line to service the lodge = $ 45,000 Subtotal without lodge building $ 1,316,000 31,000 sq. ft. Lodge building @ 120 per sq. ft. + $ 3,720,000 #1 Total Value $ 5,036,200 Subtotal (from above) without lodge building $1,409,200 31,000 sq. ft. lodge building @ $95 per sq. ft + $ 2,945,000 #2 Total Value $ 4,354,000

5 RIVERS LODGE OVERVIEW 4

INTRODUCTION Lodge History & Successes

LODGE HISTORY Five Rivers Lodge has been around since the mid 1980’s, well before the boom of fly fishing occurred.

In fact, Five Rivers Lodge was the first lodge In the Beaverhead Valley and remained the only lodge for a number of years. The opening of Five Rivers Lodge In the Beaverhead Valley actually changed the valley from an add-on for fishing an extra day or so when fishing other areas In Montana, to one of a destination trip. Five Rivers Lodge, was In operation long before the movie “A River Runs Through it” and was one of the very first “upscale” fly fishing lodges In the lower .

The movie “A River Runs Through It” helped influence the growth of the fly fishing business. Lodges began to pop up all over the west. Five Rivers Lodge was one of the iconoclastic lodges uniquely positioned to capture a significant amount of the business the movie “A River Runs Through It” helped influence. This was a terrific time of growth for the industry and Five Rivers Lodge became well known to the American fishing public. Five Rivers Lodge attracts guests ranging from actors, to athletes, to fly fishing personalities and guests from all over the world.

Co-founders and co-owners are a married couple, Jay Burgin and Mary Jacques. Jay and Mary are still the owners and operators. After 30 years, they have decided to move in a different direction. The next person who owns Five Rivers Lodge will be uniquely positioned in the future to carry on the tradition of Five Rivers Lodge.

SUCCESSES OF FIVE RIVERS LODGE In deciding to open a lodge, Jay and Mary had a criteria they believed would make a lodge successful.

The following is an explanation of this criteria and why it is so crucial today In continuing to make the lodge successful.

1. Location: This was the number one thing Jay and Mary decided on in the beginning which would set them up for success. Jay and Mary decided being on the water didn’t make a lot of sense for the following reasons: » With five blue ribbon rivers within an hour of the lodge, being on one of the rivers might brand the lodge as mainly only fishing one river. Also, people may think the guide staff will not have experience on the other four rivers and/or the other rivers are too far from the lodge. With the Big Hole, Beaverhead, Ruby, Jefferson, and Madison rivers in the area, It made more sense to have a location which gives the guides access to all of these watersheds and tributaries. Placing Five Rivers Lodge in the middle of all these fabled waters made sense. Jay and Mary found a small, unfinished log home and 22 acres off of Hwy 41 outside of Dillon. Their choice has worked wonderfully and has given the guides easy access to all the rivers. » The location of Five Rivers Lodge off of Hwy 41 road frontage means almost anyone driving from other lodges in the area to fish the rivers our area offers, will have to pass by and see. Five Rivers Lodge. This also applies to people driving to or from Bozeman, Ennis, West Yellowstone, and Dillon.

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» The location away from the rivers has two other distinct advantages: first, because of the lodge elevation, the views are the most awesome and dramatic In the area and the sunsets are some of the most spectacular anywhere in the world. Second, with the lodge being on a hill, away from the river where ranchers flood irrigate their fields, the lodge does not seem to get the mosquitoes as a lodge would on the river. This means guests may sit out on the deck at almost any time. Those who want to have a drink and smoke on the deck in the late afternoon and evening, may do so without being eaten alive by mosquitoes. 2. Lodging » For Jay and Mary it also was important to build a lodge large enough to accommodate more guests than most lodges. The lodge can comfortably accommodate 28 to 30 quests. That is, to easily accept a single guest; small private groups; large and small corporate groups; continuing education seminars; group hosted trips from fly shops and to be able to integrate varied groups at the same time or be able to close the lodge for a large group. The unique layout creates room for meetings for 30 guests as well as privacy when needed. Most lodges are too small to accommodate any group over 12. Five Rivers Lodge was built to be marketed to a much more diversified group of potential customers. » While rates are based on double occupancy, as is common in the fly fishing industry, Five Rivers Lodge bedrooms are some of the largest anywhere. Each bedroom is 600 sq. ft. and has two king sized beds separated by a half-a-wall, compartmental baths rooms, and sitting areas. » Jay and Mary have been very effective in getting corporate groups to the lodge. CNN, Bayer Crop Sciences, Coca-Cola and others have brought larger than normal groups to the lodge because, quite literally, Five Rivers Lodge is one of only a very few lodges which can accommodate the larger groups.This has been a critical part of Five Rivers Lodge success and it can be expanded. 3. Food and Service » This is one area most over looked by lodges. From day one, Jay and Mary demanded first class food., wine, and service. Food at the lodge is gourmet and plentiful, two things clients really apprreciate. If the fishing was off, the food better not be and the service can't let clients down and it hasn't. Jay and Mary have made the Investment In this area and to that end have put in a complete, well equipped commercial grade kitchen. The lodge also has a very large walk-in cooler and freezer in order to be able to buy the best products in bulk. Food is the one thing a lot of lodges just don't put enough effort into.

5 RIVERS LODGE BUSINESS PLAN 6

INTRODUCTION Business Plan

BUSINESS PLAN The criteria Jay and Mary began with, are the reasons they have survived and flourished, when other lodges have not.

It Is the foundation of the business and is important to keep in mind for anyone thinking about owning Five Rivers Lodge. Long ago, Jay and Mary thought about how they would build value into their lodge and consequently it has continued it has worked her sleep expanding business client meeting group expanding the business expanding the business/client meeting group business.

A. Expanding the Corporate and the Business/Client Meeting Group Business Over the years, Jay and Mary have done a great job of building a corporate client list for Five Rivers Lodge. Building upon what has already been done is crucial to the plan. The plan to make this happen includes the following points: » Referencing the current corporate list and aggressively reaching out to contacts and to create incentives for them to bring their clients back. » Corporate incentive rewards programs are a great way to build a corporate client base. The plan would include offering aggressive corporate incentive rewards to the existing client list, as well as, additional contacts in the US. There are also corporate rewards trade shows that would be helpful to attend in order to build this client base. Many travel incentive magazines and incentive travel associations also deal with this type of business and are very good resources from which to get leads and guests. » Create incentives for fly fishing professionals to host and to bring large corporate groups which would Include a 20% commission to them, as opposed to the regular 15% commission. There are select groups of professionals who would be good at furthering and expanding this plan. » Expanding the customer appreciation and potential business customer groups, where the main purpose is to cement relationships of past and future customers in a relaxed and fun location. » Building on and expanding the "continuing education" meeting business. Such as, CME's or "Continuing Medical Education" groups. There are literally hundreds of different professional groups which have to use these meetings for getting their needed accreditation and thousands of these meetings are done every year. » Use of non-flshing activities to help attract these types of group bookings.

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B. Expanding Bookings for Individual Anglers and Non-corporate Groups » Develop a booking /rewards program for fly fishing shops and booking agents. To contact them by email; regular mall; phone calls; and personal contact. Fly fishing shows are a great place to do this. Email all the shops and booking agents with weekly photos and fishing reports. » Using the lodge's extensive email list to write weekly or informative "How To" articles: * Articles such as "Ten things to do to get your equipment ready for summer", "How to fish' with a guide" "Five steps in planning your fishing trip", "Fishing from a drift boat", etc. Note** At the end of each, put" brought to you by Five Rivers Lodge" and a website link. Develop a marketing plan using social media to include the following: » Daily and/or weekly photos and fishing updates on Facebook and Twitter. » Weekly fishing reports on the different fly fishing websites which specialize in hosting this type of information, as well as on Five Rivers Lodge website. » Send bi-monthly and/or monthly news letter email blasts with photos, fishing reports, seasonal outlooks, and special promotions, etc. to the entire email list. » Send happy birthday greeting and holiday messages to past guests, fly shops, booking agents, prospective guests and friends in the industry. Personal speaking engagements and visual presentations at the many fly fishing clubs throughout the US. » Establish fly fishing schools. These schools would be an incredibly important part of marketing and to continue branding Five Rivers Lodge. Have a three day school as a part of all-inclusive packages. Continue to use well known fly fishing celebrities to host these schools where they would make a booking fee and/or instructors' fees in doing so. The lodge already has excellent relationships with these celebrities. Advertise these schools over the internet, in fly fishing magazines, and with fly fishing clubs, etc. » Continue to offer wine and food weeks. Aggressively build on and expand the existing wine and food weeks by promoting and advertising them on the internet; through fly fishing magazines; and by bringing in wine and food writers to write articles for their respective bios and magazines. C. Five Rivers Lodge Fly Shop » The inventory in the store is an asset. The estimated wholesale cost of inventory in the store is $300,000. The lodge currently has one of the largest selections of flies in Montana and the United States. Use the existing inventory as a head start to continue building a quality fly shop. The following are a few short and long term plans for expanding the fly shop: Short Term Plan » The current location of the store in the lodge gives customers easy access to inventory and gives the guides easy access to flies needed for the day. Currently the guides get all the fly patterns they are using from the store. The clothing and gift items can be expanded by adding more items and brands. Update the inventory on leaders, tippets, and other basic sundry items anglers can buy when they come to the store in the morning with the guides. Guides will be instructed to pick flies out for the customers every day. Guides need to bring each client to the store every day. This will give them the opportunity to sell flies and possibly other items. Guides need to become better sales people for the lodge. This should be a priority for increasing sales in the store. Long Term Plan » Right now the lodge is closed to the public. It is for guests only. Within two seasons have it open to the general public. Anyone and everyone who fishes the Big Hole or Beaverhead must pass the lodge on their way to and from the rivers. Currently the lodge doesn't step on anyone's toes on fly shop equipment sales. The long term

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» plan should include building a quality inventory and use the property for the marketing of the store. Install signs coming and going on Highway 41. It will be the first stop for equipment, flies and, licenses. Develop, build, and launch an online internet store. The online store can use the lodge's onsite inventory. It should feature items which have the lodge's logo on them. The online store also will allow for year round sales and income. D. Develop non-fishing packages and activities » Five Rivers Lodge is ideally situated for fly fishing activities and for many non-fishing activities the area surrounding the Lodge has to offer. The non-fishing activities are a great way to increase profit to the lodge. Non-fishing activities help increase the length of the season by using the shoulder months of April and November, as well as by having the summer season packages appeal to a more diversified group of guests. The following are some of the many activities within an hour's drive of Five Rivers Lodge: » The beautiful rural town of Ennis has a lovely 18-hole course designed for golfers to enjoy. As you play the course you are surrounded by awesome mountains including a very rare alluvial fan mountain. This course is about 45 minutes east of the Lodge. To get to Ennis you travel through the historic towns of Virginia City and Nevada City. Guided Day Horseback Trips » A number of horseback outfitters provide half-day and all day trips to areas surrounding Five Rivers Lodge. These horseback trips offer a different way to see the beauty of Southwest Montana and to enjoy the same peace and tranquility experienced by Lewis and Clark. These trips can be for large groups or for as small as two riders. » Trips to the Centennial Mountains, Pioneer Mountains, the Gravelly Range, and the Ruby Mountains are most noted for their scenic vistas and diverse wildlife habitat. You have a good chance to see deer, elk, moose, and bald eagles. There are all day trips to high mountain lakes where you have lunch and can fish for Cutthroat Trout, Brook Trout, Golden Trout, and Arctic Grayling. Other trips feature riding along beautiful small streams and through lush mountain meadows. » Other horseback trips might be to the ghost town of Bannack which was the first territorial capital of Montana or to Elkhorn Hot Springs where you can combine a horseback ride through beautiful scenery with a dip in natural hot springs pools. Yellowstone National Park Yellowstone is an easy beautiful drive along the Madison River which is two hours Southwest of Five Rivers Lodge. » See the geysers of Yellowstone Park like Old Faithful which erupts every 91 minutes; the Mammoth Hot Springs; the Fountain Paint Pot area where all four types of thermal features can be seen; and many lesser- known geysers on the Lower Geyser Basin Trail. » Visit the fabulous Old Faithful Inn and have a wonderful lunch, where items include many local ingredients such as huckleberries, while you wait to see Old Faithful erupt. » Travel along some of the famous rivers which originate in Yellowstone Park such as the Madison River, the Gibbon River and the unique Firehole River with temperatures up to 86°. Be sure to look for wildlife who often frequent the banks of these rivers. » Experience seeing different species of wildlife which may include: Bison which are everywhere in Yellowstone. They number about 3500 and are sometimes called Buffalo. At one time the Bison numbered over 60 million before dwindling to about two dozen animals after being hunted almost to extinction. Elk in Yellowstone Park

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» number between 20,000 to 25,000. An adult bull elk can weigh up to 700 pounds. Look for elk as you're driving throughout Yellowstone Park and especially along the banks of the parks rivers. Moose are the largest member of the deer family. They feed on succulent vegetation along the rivers, many small streams, ponds and marshes found in the Park. In Yellowstone Park you can get a close-up look at America's national symbol, the Bald Eagle. An abundance of other species birds can be found to view also. Develop photography workshops, tours and photography safaris » Hosted by professional photographers, money is available from the camera companies such as, Nikon and Cannon. These companies not only sponsor these events, they pay money to professionals to put them on. These workshops and tours are very popular all over the world. This area of Southwest Montana is known by many people as one of the premier photography location in the lower United States and is under used and promoted. If there are any In this area, they are only occasionally put on and not even every year. The photography tours and workshops work well in conjunction with fly fishing trips and other activities. Nearby Historical Sites and Points of Interest » Dillon, Montana- The town of Dillon offers a gold mine of history ranging from the Native Americans trekking through the area to Lewis and Clark, gold rushers, robbers and vigilantes, railroaders and teamsters, farmers and ranchers. Much of the history is not only well preserved, it's up close and personal! Beaverhead County Museum » Housed in a historic log building and is filled to the rafters with an extensive collection of exhibits showing the history of B.eaverhead County. It has restored a turn-of-the-century one room rural schoolhouse. The Old Train Depot contains one of the best Lewis and Clark dioramas with their history, as well as a 300 bird display. This bird display Is considered to be one of the best collections in the US and has earned an Audubon Special Achievement Award. Historical Walking Tour » Examine Dillon's historic buildings and enjoy the beauty of their architecture; the story told about each; and, the names associated with them. Bannack State Park » Walking the wooden boardwalk streets of Bannack is going back to a moment frozen in time. The town at its peak had over 3,000 residents. Bannack was Montana's first territorial capital and was the first site for many "first" in the state's history. Bannack had the first jail, hotel, chartered Masonic Lodge, hard rock mine, electric gold dredge and brick courthouse. The town's infamous Sheriff Henry Plummer was also the leader of the gang of thieves, murderers, and robbers. His gang was reported to have murdered over 100 men in a two- year period and robbed countless others. The first known group of Vigilantes from Virginia City hung Sheriff Plummer in his own town. Viginia City, Nevada City, and surrounding area » The towns of Virginia City and Nevada City have been designated a National Historic Landmark District. Nevada City with its Music Hall has been joined by a number of old buildings which have been brought in from throughout Montana and restored to create an authentic 1870's Montana town. Virginia City became a town in 1863 when gold was discovered and a stampede was started to the area. » Many of the old homes and buildings with the business which occupied them have been restored and are able be viewed. In Virginia City during the summer, the Virginia City Players entertain nightly with authentic 19th century melodramas. Visit the historic Bale Of a Saloon and the Brewery Follies with the hilarious comedy cabaret at the Gilbert Brewery experience the many daily turn-of-the-century exhibits and demonstration's, ride the narrow gauge Short Line Railroad, or pan for gold. Butte, Montana » From the late 1800's to the mid-1970's Butte was known for its mining operations and as a mining town. In the early years of the 19th century, Butte was called the "Richest Hill on Earth" due to the incredible amount

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» wealth which was taken from the earth for both silver and copper. In the I 880's Butte was the biggest and wildest town between Denver and San Francisco. » At that time, Butte became the playground for the wealthy from all over the Western United States. Butte had many fine hotels; French restaurants; opulent opera houses; and the beautiful Columbia Gardens, which was one of the world's fanciest amusement parks, where bands played, and carnivals and large parties were held. It had the only merry-go-round in the West. Numerous remnants of these early years still remain. » The hillsides around Butte are still dotted with many derricks used to crank the miners down into the depths of the earth in hoist cages. These derricks were also known as "Widows Gallows", due to the number of miners who died in the mines. Honeycombed under Butte are over 3,500 miles of tunnels. Some of these tunnels are a mile deep. Besides the derricks, Butte contains thousands of historic commercial and residential buildings from those boom days. The uptown Butte historic district is now the largest National Historic Landmark District in the United States with over 6000 contributing properties. Guided tours and walking tours through this historic mining city take visitors to the old mining operations with their derricks and through the historic district. » There is a wonderful mining museum with a modern hoist installed in one of the old derricks which goes down 80 feet underground. There visitors can view what the mining operations nnd conditions looked like in Butte's heyday. Butte offers a taste of a historical time which can still be felt. Glendale Ghost Town and Charcoal Kilns » The town of Glendale is located about 30 miles from Dillon. Included in the remnant of the town, is the old smelter chimney which was part of the mill building and gives a ghostly appearance. The mills produced most of the brick for the town of Dillon in the city of Butte. The Charcoal Kilns were the cook ovens which provided the charcoal for the smelter and can still be seen. Both Glendale and the kilns provide great opportunities for execeptional photography. Big Hole National Battlefield » The National Battlefleld memorializes Nez Pierce men, women, and children at battle against the Army's 7th Infantry. Visit the museum and learn about the battle from the park rangers. Then take a walking tour along the meandering north fork of the Big Hole River and view the siege area of the Infantry and the Nez Pierce camp. Red Rock Lake The Red Rock Wildlife Refuge is often called the most beautiful national refuge in the United States. Surrounded by the rugged Centennial Mountains, rising over 9,000' above the valley, the wetlands floor provides a dramatic backdrop for this remote refuge. The solitude ancl suitable habitat has made this the perfect place for reviving the population of the enclangereol trumpeter swans. The refuge's lakes, marshes, and creeks provide attractive habitats for ducks, geese, and 18 species of other waterfowl. It is also home to raptors, grouse, Brewer's sparrows and many different songbirds. The area is a year round home to moose, elk, deer and pronghorn. Lewis and Clarie Trail and The State Park » Five Rivers Lodge is located on the Lewis and Clark Trail where guests, look from the dining room on to the natural, national monument: "Beaverhead Rocle". Lewis and Clark and Sacajawea stopped their boat voyage here and walked up the Beaverhead River where they met up with Sacajawea's people, the Northern Shoshone tribe. » » » » » » »

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» able to negotiate horses for the balance of their trip to the Pacific Coast. Lewis and Clark Caverns State Park is about 30 minutes from the lodge, This park is a colorful underground wonderland and may be second only to Carlsbad Caverns . The Caverns offer entertaining and educational dally tours conducted by park rangers. Rodeos » The town of Ennis has a professional (PRCA} rodeo over the Fourth of July weekend. The rodeo is preceded by a wonderful parade and other festivities. The small town of Twin Bridges, about 20 minutes from the lodge, features a PRCA rodeo and a great four day county fair which has judged animal categories and many different entries from local FFA youth, judged craft Items, as well as delicious food Items like jams, pickles, fresh vegetables etc. The town of Dillon has a PRCA rodeo over labor Day weekend. It is billed as "Montana's Biggest Weekend" and features the crowning of Miss Rodeo Montana. It also has a wonderful parade which shows a slice of small town America and is capped off by a country western concert which has featured the likes of Vince Gill, Garth Brooks, The Dixie Chicks, and Sawyer Brown etc. Throughout the spring, summer, and fall there are many small local rodeos. The University of Montana Western also holds a number of collegiaite rodeos. Non-fishing activities » Many local farmers markets feature locally grown food items and handmade crafts Items; quilt shops; places to pan for gold; digging for rubies/ garnets/crystals; searching arrowheads; taking a tour through the Big Hole Valley which is known as "The land of 10,000 haystacks", and explorlng through the lesser known roads In the area. Destination Weddings » Five Rivers Lodge is an ideal location for promoting a venue for destination weddings.The lodge is in a setting surrounded by the beautiful Rocky Mountains and lovely valley vistas. Five Rivers Lodge features 17 bedrooms with private baths; large rooms which can accommodate both the wedding and the reception; generous private indoor and outdoor spaces, which turns the lodge into a self-contalned wedding venue. The lodge's professional commercial kitchen easily handles 80+ meals at a time. The area has world-class fishing and many different non-fishing activities waiting for each member of the wedding party to discover. If more bedrooms for the wedding party are needed, the town of Dillon is 13 mlles away and has several excellent motels for overflow guests. The Bozeman Airport makes Five Rivers Lodge an easy flight for wedding guests arriving from anywhere in the US. PRICE COMPARISONS WITH OTHER LODGES 13

CONTENTS Price comparisons

PRICE COMPARISON WITH OTHER COMPETITIVE LODGES The following is a price comparison with competitive lodges for 4 day/ 5 nights compared to Five Rivers Lodge. Five Rivers Lodge's price of $3,595 and list below shows the price differences with other lodges: LODGE COST DIFFERENCE Healing Waters $3,975 $ 380 more Big Hole River Outfitters $4,350 $ 800 more Complete Fly Fisher $4,650 $1,055 more Ruby Springs Lodge $5,595 $2,355 more Madison Valley Ranch $4,325 $730 more Firehole Ranch $4,650 $1,055 more Henry's Fork Lodge $4,295 $700 more Ranch at Rock Creek $6,275 $2,630 more Three Rivers Ranch $5,895 $2,230 more Stonefly Lodge & Inn $3,995 $400 more Three Forks Lodge $5,475 $1,880 more

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ADVANTAGES, SUMMARY, & BENEFITS 14

CONTENTS Advantages of Investing | Summary | Benefits

ADVANTAGES OF INVESTING, SUMMARY & BENEFITS Owning Five Rivers Lodge allows the investor a number of additional advantages besides a monetary return on their investment. Below are some value added items that the investor would be able to take advantage of: » The ability to use the lodge as a personal getaway. The investor/owners of the lodge would have access to the Five Rivers Lodge for personal use. Between the owners, there would have to be an agreed upon number of times it could be used a year, on what terms, and the number of guests the investor could bring at one time. » Owning a lodge like Five Rivers would allow the investor to leverage time at Five Rivers Lodge in exchange for time at lodges all over the world. The lodge owners can trade out time in other lodges around the world, allowing them to visit lodges without additional expense except for airfare and gratuities. Jay and Mary have used this to travel to other lodges a couple of times a year and have had many more offers to do so. Being the managing partners, it was very difficult for them to take advantage of all the offers they received each year. » Being able to purchase fishing equipment at cost. Summary Owning a fly fishing lodge the caliber of Five Rivers Lodge is a wonderful opportunity for any investor to live out their fly fishing dream. Be that as it may, it also needs to be a solid financial investment. One in which the investor sees a legitimate return on their investment. Considering the current state of investments possible today, Five Rivers Lodge should be looked at not only as a lifestyle investment, but as a solid investment. Today it is difficult to find an established business with a long track record of success to invest in. Owning a lifestyle business, such as a lodge or bed and breakfast, is often just a hobby with little chance of profitability. This is not the case for Five Rivers Lodge. The marketing, blood, sweat, and tears needed to establish a lodge like Five Rivers Lodge in order to get the kind of clientele you would need, would be extremely expensive today. Not counting the many years it would require to achieve. The benefits of owning Five Rivers » Lodge and its profitability, based on the past history, makes investing in Five Rivers a terrific lifestyle opportunity, as well as an excellent financial investment.

AIRPORT & FLIGHT INFORMATION/ MEDICAL CARE 12

CONTENTS Flight Information | Medical Care & Hospitals | Eye Care & Dental

AIRPORT & FLIGHT INFORMATION » Bozeman Airport BZN - the Bozeman Airport is located in Belgrade Montana, 9 miles west of Bozeman and approximately one hour and 30 minutes east of the Lodge, the Bozeman Airport has over 25 flights per day. In 2013 the airport finished an extensive remodel which more than doubled the space and made it a beautiful state- of-the-art airport. Easy access from Interstate 90. The airport is served by the following airlines: Delta Airlines with flights through Salt Lake City and Minneapolis. United Airlines with direct flights from San Francisco, Los Angeles, and Chicago, as well as flights through Denver, Frontier Airlines has flights originating throughout the US through Denver. Horizon and Alaska Airlines have flights from and through Seattle and Portland. Note: the Bozeman airport with the large number of dally flights; five different airlines serving it; and direct flights from a number of cities, makes it ideal for promoting corporate/business groups, continuing education meetings, family gatherings, and wedding groups. » Butte Airport BTM - The Butte airport is approximately one hour north of the lodge. The airport is served by Delta Sky West, airlines, with flights through Salt Lake City, which is a hub for Delta. » Beaverhead County Airport - Located in Dillon, MT, the airport is an excellent small county airport located 10 minutes away from the lodge. It has three different runways with the longest being a lighted 6,800 foot long runway which wlll accommodate aircraft through a Gulfstream Four Jet. The airport has an excellent full-service fixed base operator with jet fuel and hangers which can handle jets. An airport like this is can be a must for attracting corporate/business and other groups. Medical Care and Hospitals in Dillon, MT located 15 minutes from the Five Rivers Lodge » Barrett Hospital - in June 2012, Barrett Hospital moved Into their $40,000,000 newly constructed 83,000 sq. ft state-of-the-art 25 bed new faclllty. Barrett Hospital has been recognized as an IVantage Healthstrong top 100 Critical Access Hospitals in 2011, 2013, and 2014. The hospital also has a federal designation as a Critical Access Hospital and as a Trauma Receiving Center. The surgical units use two new state-of-the-art operating rooms. The hospital is very well equipped with the latest updated equipment, including items such as a diagnostic imaging machine which cost well over $500,000. The hospital also has added the capacity to administer chemotherapy. The hospital employs more than 275 full time staff and provides different professional services from 26 doctors and a nursing staff which numbers over 50. The hospital also employs a number of Physicians Assistants and Nurse Practitioners. A helicopter pad is used In life fllghts out to the regional medical centers in Missoula MT, Billings MT, and Salt Lake City, UT, if needed. » Brand new medical offices have just been built to provide space for a number of the doctors in the Dillon area. It also houses a 24 hour a day walk-in clinic staffed by a doctor during the day and at night by a Physician's Assistant. » The Dillon area has 26 medical doctors with specialties which include internal medicine, family practice with obstetrics, general surgery, anesthesia, geriatrics, urology, pediatrics, and gynecology, etc. Eye Care and Dentistry and beyond » The Dillon area has five excellent dentists who provide great dental care. Most provide 24 hour emergency care, if necessary. Excellent eye care is available with both optometrist and ophthalmologist. The area also has a number of chiropractors and physical therapists. 5 RIVERS LODGE DILLON, MT

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