Board of Trustees Meeting Minutes April 8, 2000

Mad River Glen Cooperative

Board Meeting Highlights for 4/8/2000 Meeting

In attendance Trustees Eaton, Russell, Kirkpatrick, Blier, Shultz, Meier, Coleman, Michl and Steins, General Manager Bob Ackland, Assistant General Manager Jamey Wimble and Council, Peter Monte.

Minutes from pervious meeting reviewed, corrected and approved.

Shareholder comments, letter regarding 12 and Under program stating a disapproval of program, a letter thanking Jon Cohen for assisting them and contributing to a good day of skiing, board noted a special thanks to Jon. Shareholders in attendance commented on a need for an outside clock that was readable. Also commented on was the amount of Coca-Cola advertising in the Basebox.

Motion was based to appoint Jito Coleman to fill the vacant trustee seat caused by Chach Curtis’s resignation.

General manager presented a rebuttal to presentation made by Rick Singer at March Board meeting. The presentation used the same accounting principals that Mr. Singer used but all numbers were corrected to be of the same time period, payables, capital expenditures and deferred income. This analysis showed a positive cash flow from operations of $139K rather than the negative $202K presented by Mr. Singer. The rebuttal was approved and noted to be attached to the minutes.

Management report was presented showing the decline in skier visits during the month of March, paid visits actual = 3,389 versus budget of 8,848 and last year of 11,314. Revenue suffered accordingly, YTD revenue is behind budget by $206K and behind last year by $87K.

Management informed the board that there needs to be an opening and closing policy that management can follow. This matter is to be scheduled for a future board meeting.

Share marketing report was included as part of the management report. Share sales fell short of target by 18 for the month. On a YTD basis 74 shares have been sold versus a target of 83 through March, total targeted sales for year are 110 shares.

Financial report was given for March 2000. Revenues fell short due to conditions and low skier visits. Revenues did match up with general manager’s February projections. Expenses for the month ran below budget and last year but exceeds GM’s projection especially in Basebox expenses and Facility expenses. Month operating income was -$26.7K versus budget of $70K and $148K last year. This puts YTD operating income at $318K versus budget of $552K and last year of $407K. It is projected that year end operating revenue will come in close to break even.

The board elected officers for the Coop. They are:

President — Ken Eaton

Vice President — Allan Russell

Treasurer — Leigh Michl

Secretary — Rocky Bleier

Committee assignments were tabled until next board meeting. Current standing committees will continue functioning with current members.

Pricing strategy was presented by management and discussed with board members and shareholders present. Discussion took place regarding shareholder discounts with a motion passing 8-1, Meier dissenting, that management could make recommendations to alter shareholder discounts as needed to balance any losses forecasted in a budget processes. Pricing for the upcoming year presented kept current prices intact for season passes, raised day ticket prices to $42 for holidays, $40 for weekends and mid week stayed the same. All other prices on day tickets were adjusted accordingly. The 12 and under program was discussed with the summary being that it had a $15K positive impact in revenues for the year. Management recommended continuing with the following changes, the number of passes be limited to 1000, cutoff date is October 15^th, non pass holders or non shareholders must purchase a Mad River Card for $79.00 providing 3 days of skiing, $2.00 off day tickets, and transferable in order to enroll their child.

Also discussed was the shareholder APR for next season. Management recommended that all shareholders receive $200 in Mad Money and can use however they see fit. Ticket vouchers would be eliminated and shareholders can go to the ticket window and purchase a shareholder ticket, up to 12 tickets annually. A motion approving management’s recommendations was voted yes by an 8-1 vote, Meier dissenting.

Management presented board meeting schedule. It was recommended to have 6 board meetings, January, March, April, July, October and November and to have two meetings, December and February that are informational exchanges between board members, management and shareholders. It was agreed to have the next meeting on July 1,2000 @ 9:00AM in the Basebox. At this meeting the scheduling of board meetings would be discussed further and voted on.

Meeting moved to Executive session and then adjourned.