1. WHISTLER VACATION CLUB AT TWIN PEAKS SPECIAL GENERAL MEETING AUGUST 13, 2024 BOARD PRESENTATION

2. WHERE ARE WE AS A CLUB? Two years post-renovation that took too long and cost too much We have a beautiful building! Two years since open market rentals were discontinued The Club membership has declined by nearly 300 Members since 2020 We are facing the highest maintenance fees in the history of the Club – which are likely to continue We have not found an easy or clear way to recovery 2

3. WHY ARE WE IN THIS PLACE? The cost over-runs on the renovation have many reasons – most are due to a 30 year old building that had to be gutted to fix Other reasons include pandemic which caused supply chain and skilled labor shortages, lack of consistent project management and the location Our Members are aging and many want out – many are legacy owners! The zoning of the building is very restrictive 3

4. WHAT ARE WE RECOMMENDING, AND WHY? Reluctantly, it is time to pursue a sale and dissolution of the Club As we will explain: Steps to achieve financial stability will take 2-3 years No certainty that efforts at stability will be effective Recent Member survey shows super-majority want to sell and dissolve 4

5. BUT, WE NEED A PARALLEL PATH… We want to get the right price for the Club’s real property A sale process will take time – possibly 1-2 years Dissolution is a complicated process We need to keep the Club open during this time to honor and respect all Members while the Club winds down The parallel path involves pushing alternative revenue initiatives to keep a lid on maintenance fees 5

6. WHAT IS THE VALUE OF THE CLUB’S PROPERTY? Twin Peaks is assessed by the taxing authorities at approximately $40 million The two 2 bedroom Northstar condominiums are assessed at $1.5 million each The two 1bedroom Northstar condominiums are assessed at $1.0 million each A Club-owned 1 bedroom and a 2 bedroom Northstar condominium unit are currently on the market Assessed values may or may not reflect market value 6

7. WHAT ARE THE ISSUES AROUND DISSOLUTION? The Club is seeking professional advice regarding the taxation in Canada and the US - both at the Club and individual member level. We want to minimize taxes where possible. Revenue Canada “holds back” proceeds on the sale, which will take time to recover Points Members (RCI Exchange) will possibly lose points All Club debts and liabilities need to be resolved prior to any distributions to Members 7

8. HOW DO WE KEEP OPERATING? Right now, the sources of funds to keep operating are: Member maintenance fees Future sales of Northstar condominiums Possible RTX utilization of some vacant inventory 8

9. HOW CAN RTX HELP? RTX will become a “class B” Member under the Club bylaws RTX will pay maintenance fees based on its usage of inventory RTX will market Twin Peaks to its Members based at other resorts (just like RCI) Twin Peaks will be paid for usage by RTX guests This is being structured to conform with the models for exchange already in place at Twin Peaks, though there is no certainty that it will not be challenged and the challenge could be upheld. 9

10. WHAT ABOUT REZONING? The Club has received advice from many sources saying that rezoning is not likely All of our research shows that the present zoning is an anomaly and, possibly an error. Given the issues facing the Club, we have decided to apply for rezoning with professional help The outcome and timing is uncertain 10

11. WHAT OTHER ISSUES IS THE CLUB FACING? A severe shortage of cash Quadrupling of property tax – currently past due! Unsettled litigation Need to file US tax returns Significant uncollected maintenance fees Possible removal of 5 board members $2.1 million of outstanding loans coming due in 2025 Cash flow out of compliance with bank covenants 11

12. MOTION #1 – RECOMMENDED TO THE MEMBERS – It is hereby moved that the Members authorize the board of Directors of the Club to take necessary steps to ascertain a market value for the Club-owned real estate and place the property on the market to obtain satisfactory purchase offers. Upon qualifying such offer or offers, the board will recommend sale approval by Members. 12

13. MOTION #2 – RECOMMENDED TO THE MEMBERS – It is hereby approved by the Members that the board levy a Special Assessment of $1,300 CDN to all annual Members and $650 CDN to all biennial Members payable immediately as a stop gap measure to keep the Club operational. 13

14. MOTION #3 – RECOMMENDED TO THE MEMBERS It is hereby approved that the Members authorize the board to investigate and take all action necessary to determine the appropriate path to dissolution of the Club which plan will be approved by Members in accordance with the bylaws as soon as possible 14

15. SUMMARY – PARALLEL PATHS Place all Club property on the market for sale Investigate and resolve steps to dissolution Seek Member approval for sale of Twin Peaks upon receipt of qualified offer Recommend dissolution for vote by Members Continue to operate the Club Take steps to collect outstanding maintenance fees Collect special assessment Implement RTX program Resolve litigation Actively pursue rezoning 15