THE CO-OP WAS FORMED BY MEMBERS OF THE BEAR VALLEY COMMUNITY IN FEBRUARY 2014, FOR THE PURPOSE OF CONCLUDING A POTENTIAL PURCHASE OF CERTAIN ASSETS OF THE BEAR VALLEY MOUNTAIN RESORT INCLUDING THE SKI AREA ASSETS AND APPROXIMATELY 14 ACRES OF REAL ESTATE IN BEAR VALLEY VILLAGE (SUCH ASSETS HEREINAFTER REFERRED TO AS THE "LISTED ASSETS" AND SUCH PURCHASE HEREINAFTER REFERRED TO AS "THE ACQUISITION"). SINCE THE FORMATION OF THE CO-OP, ANOTHER PURCHASER, SKYLINE INVESTMENTS ("SKYLINE") ENTERED INTO A BINDING AGREEMENT TO CONCLUDE THE ACQUISITION IN ITS OWN RIGHT.THE CO-OP HAS TWO GOALS: (1) TO MAKE MONEY THAT WILL BE AVAILABLE FOR REINVESTMENT IN THE SKI AREA AND OTHER OUTDOOR RECREATIONAL FACILITIES; AND (2) TO PROMOTE THE DEVELOPMENT OF BEAR VALLEY VILLAGE AS AN ATTRACTIVE DESTINATION FOR MEMBERS OF THE COMMUNITY SEEKING TO ENGAGE IN OUTDOOR RECREATION ACTIVITIES AVAILABLE IN THE AREA. THE LONG-TERM OBJECTIVE OF THE CO-OP IS TO PROMOTE THE COMMUNIT'S ACCESS TO WINTER AND SUMMER OUTDOOR