THE RITZ-CARLTON. Dear Members,

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1 THE RITZ-CARLTON Dear Members, When I reflect upon the eclectic array of summer season events and activities offered locally and here at The Ritz-Carlton Club, Aspen Highlands, I am thankful to be situated in such a stimulating environment. Our Ladies and Gentlemen are proud to share your enjoyment and relive your experiences throughout your stay, so please share your highlights with them, as well as your aspirations for winter. While nature anticipated rest and recuperation, our refurbishment team sprang to work on October 1, 2017, to deliver heightened levels of comfort and convenience. A successful refurbishment sale made way for the installation of new furnishings and refurbishment work began in Elkhorn Lodge. With dedication and a carefully chosen 'mountain elegance' theme, your Aspen Highlands Board of Directors aimed to make you feel truly relaxed at home in the mountains. On October 14, 2017, the Aspen Highlands Condominium Association, Inc. Tourist Accommodation Board of Directors met in Aspen to view refurbishment updates, discuss financial and Member business and plan for I was delighted to announce that overall satisfaction scores of Members this year rose to a record level. During the Annual Meeting held later that same day, one Tourist Accommodation Director for the Board was elected. This and all Association items of particular note are detailed on the next two pages. As we witness snow settling high on surrounding mountains, I look forward to serving you this season. Warm regards, Nicholas DiMeglio General Manager

2 Association News Annual General Meeting: Election Results Thank you to Members who voted in the October 14, 2017 election, to volunteers who applied for the position of Tourist Accommodation Board Director and to the Members who attended the meeting. Following his three-year tenure as Secretary and Director, Mr. Joel Alper was re-elected for a three-year term. BOARD OF DIRECTORS Randy Mercer President Robert Harris Vice President / Treasurer Joel Alper Secretary Salvatore M. Cutrona, Sr. Director Scott Adams Commercial Director AHCABoard@gmail.com Mountain Elegance Detail Refurbishment of Residences The Residences refurbishment is complete. Members will notice new items of furniture, including dressers and chests, beds, dining table and chairs, side tables, desk and chair, lounge chairs, consoles and bar stools. Selected light fixtures, including lamps, were replaced and LED light bulbs fitted throughout to produce brighter lighting as well as financial savings. In addition, some art and mirrors were replaced, as were silverware and china. All is designed to be sleeker, lighter in weight and proportion, to convey a sense of space and contemporary mountain elegance. Overall, warmth and ambience were enhanced with new paintwork, wallpaper, drapes, carpet and pillows, creating visual impact with details of color and texture. Refurbishment work for spring 2018 includes replacement of sofas, along with a public area renovation. Designs for the Lodge Lobby and corridor areas were presented to the Board, based upon the theme of traditional styling with mountain western detailing. New furnishings and refurbished items will include finishes such as leather and leather stitching, nail head trim, iron, distressed wood, stone and woven textiles featuring rich, warm colors. Services Fall Television - In-residence television channels are adjusted to accommodate NFL Sunday Ticket channels until the end of the football season. Food and Beverage - Willow Creek Bistro is open from December 1 with regular winter hours of operation. Caffè Siena is fully operational for the winter season. Transportation - Regular shuttle transportation is provided for the season. CONTACT US 0075 Prospector Road Aspen, Colorado myritzcarltonclub.com

3 Property News Caffè Siena and Willow Creek Bistro: It has been five years since the Board's decision to operate Caffè Siena and Willow Creek Bistro. The refurbishment of Caffè Siena is believed to be particularly successful in attracting more customers, so similar attention will now be paid to refurbishment of Willow Creek Bistro. Mr. Scott Adams, Owner and Commercial Director, has agreed to assist with ideas as he chairs the Tourist Accommodation Commercial Refurbishment Committee for that purpose. Sales Report: The Board of Directors reported at the Annual Meeting held on October 14, 2017 that sale of 21 Residences had closed to date, with more forecast before year end. All developer inventory has been sold. Residence Moves: With increased sales and occupancy of Residences year-round, Members using unallocated time are reminded that Residence moves are likely. Further, no guarantees can be made to Members requesting a particular lodge or Residence, mountain view or balcony. Alicia's Cocktail Experience Rollaway Beds: Effective January 1, 2018, please note that a fee of $75 per night will be charged for each rollaway requested in a Residence. Member Storage Update: Only a few items in Member Storage remain to be addressed. Through a series of letters and newsletters during 2017, all Members are fully updated on the rules pertaining to Member Storage and are assured of uniform and fair application of policy. The Board thanks Members for assistance in supporting the storage policy. Thanks Giving Program: The Board of Directors has again implemented a Thanks Giving Fund for our Ladies and Gentlemen. Thank you for helping us generously recognize and show our appreciation of their service throughout the year. Members should have received the Thanks Giving Program letter dated November 17, 2017 in the mail.

4 Chef's Special Palisade Peaches Dustin Williams, Director of Loss Prevention Ladies and Gentlemen Promotions and Appointments Willow Creek Bistro Executive Sous Chef Zac Pictor: Zac's previous appointments include The Ritz-Carlton, Buckhead in Georgia, The Ritz-Carlton, Bachelor Gulch and The Ritz-Carlton, Sarasota in Florida. He quickly made an impact in Willow Creek Bistro with popular weekend specials using local ingredients such as Palisade peaches. Willow Creek Bistro Restaurant Manager Alicia Kuhlmann, CFSM: Alicia arrives from the Alfond Inn, Winter Park, Florida, with over 12 years of food and beverage experience. Accolades of hotels where she has worked include: Travel & Leisure Top 15 Best City Hotels in the Continental U.S.; U.S. News & World Report Top 10 Hotels in Orlando; Condé Nast Traveler Readers' Choice Awards, AAA Four Diamond Award and Trip Advisor Certificate of Excellence Award. Loss Prevention Manager Dustin Williams CLSD: Dustin has nine years of Loss Prevention experience, including time spent at Marriott's Lakeshore Reserve and Cypress Harbour, both in Orlando, Florida and Marriott's Manor Club at Ford's Colony, Williamsburg, Virginia. Dustin's certifications include OSHA 30 Hour General Industry Safety and Health; Lodging Security Director and Red Cross Instructor. He is a United States Air Force veteran. Director of Club Services Ryan Bickel: Ryan arrives from Denver Marriott Westminster, where he was formerly Assistant General Manager. Ryan has over 10 years of hospitality experience and has received numerous awards throughout his career. Ryan previously served as Restaurant Manager at The Ritz-Carlton, Amelia Island and Assistant Director of Food and Beverage at The Ritz-Carlton, St. Louis. Ryan, Sarah and Alicia Club Services Manager Sarah Gorman: Sarah Gorman was promoted from Member Experience Concierge Supervisor to Club Services Manager in August, Sarah has a Bachelor of Arts in Sociology and Human Services as well as several years of hospitality experience. Club Services Manager Eva Roja: Eva Rojo was promoted from Housekeeping Manager to Club Services Manager in August, Eva arrived from The Ritz-Carlton, Fort Lauderdale, with extensive front of house experience. Eva has received the Ritz-Carlton 5 Star of the Quarter Award three times throughout her career. She has a Bachelor of Science in Business Management and an FL MBA in International Business.

5 New Vacation Opportunities The Ritz-Carlton Yacht Experiences In 2019, the first luxury bespoke yachting and cruising experiences from The Ritz-Carlton will launch. The intimate size of the vessel allows for equally intimate destinations, which include signature, seasonally dependent locations in the Mediterranean, Northern Europe, the Caribbean and Latin America. Elements of luxury lifestyle resorts combined with the casual freedom of a yachting vacation will create unique and individualized journeys. The Ritz-Carlton, Bacara The Ritz-Carlton Bacara, Santa Barbara As part of its expanding portfolio of over 6,100 properties in 30 leading hotel brands, Marriott International regularly announces new ventures. One notable addition is The Ritz-Carlton Bacara, Santa Barbara, recently opened following a multi-million-dollar renovation of the former Bacara Resort and Spa, comprising 358 guest rooms and suites. The Ritz-Carlton, Bacara - Courtyard Located on the oceanfront in 78 acres of exclusive California coastline, The Ritz-Carlton Bacara, Santa Barbara offers three salt-water pools, a 42,000-square foot luxury spa with 36 treatment rooms, a salon and fitness center. Six culinary venues offer a taste of historic Santa Barbara which is just minutes away. The Ritz-Carlton, Bacara - Exterior

6 Local Events and Activities Aspen Highlands Opening Day Celebration December 9, 2017 Our opening day celebration will take place in the Plaza from 4:00 to 6:00 p.m. Members are invited to enjoy complimentary hot cocoa, hot cider and treats. Dickens Carolers will rouse the holiday spirit as bonfires keep listeners warm. Santa will visit and Jingle Bells the Elf will provide balloon animals and offer face painting. The Roaring Fork Transportation Authority Shuttle Aspen Highlands to Snowmass Direct December 9, 2017 to April 8, 2018 Departs 3:30 p.m. and 4:30 p.m. daily. December 18, 2017 to April 3, Monday and Tuesday only Departs 9:00 a.m. and 10:00 a.m. The Roaring Fork Transportation Authority Shuttle Snowmass to Aspen Highlands Direct December 9, 2017 to April 15, 2018 Departs 9:00 a.m. and 10:00 a.m. daily. December 18, 2017 to April 3, Monday and Tuesday only Departs 3:00 p.m. and 4:00 p.m. ACES Naturalist Nights Each winter, together with Wilderness Workshop and Roaring Fork Audubon, regional experts explore and share topics of the natural world through slide shows and discussion. From January to March, this popular series takes place in Aspen every Thursday evening at 7:00 p.m. Tea, cookies and doughnuts will be served. The series schedule will be published in December Aspen Art Museum Every Wednesday and Saturday at 1:00 p.m. Complimentary drop-in spotlight tours led by museum staff. December 9, and monthly at 10:00 a.m. Family Workshops designed to provide children and adults free opportunities to explore the galleries and create their own works of art. Live Here, Always.