MAD RIVER GLEN COOPERATIVE

STRATEGIC PLAN REVIEW MEETING

MINUTES OF MEETING – Final

November 13, 2004

After due notice, a meeting of the Board of Trustees of the Mad River Glen Cooperative was convened at 8:00 AM on November 13, 2004 on the 3^rd floor of the Basebox at Mad River Glen Ski Area in Fayston, Vermont.

Trustees Alan Moats (Board Chair), Jay Appleton, Paul Finnerty, Rick Moulton, Bill Reynolds, Leigh Michl, Mary Schramke, Deb Steines, and Jed Kalkstein were present.No trustees were absent.Also present were President Jamey Wimble andseveral shareholders.

CALL TO ORDER:

Deb Steines, moderator of the Strategic Plan Review meeting, called the meeting to order at 8 AM.

MISSION STATEMENT

The board reviewed the revised 2003 Mission Statement.Other than a split infinitive, the board was satisfied with the revised Mission Statement.

VISION STATEMENT

There was an extensive discussion of the items under the “We will not:” section of the Vision Statement.A discussion ensued regarding the statement “Construct on mountain Facilities”.The general consensus of the board was that this statement applied to the land above the base area.There were conflicting opinions regarding whether there should be restrictions on new facilities in the base area.It was noted that there are other checks and balances that address buildings in the base area.It was reaffirmed that construction of new facilities in the base area would come before the board for approval.The board recommended that the sentence:

“Buildings’ additions and upgrades…”

Be modified to:

“Buildings’ additions, replacements, and upgrades…”

In the “We will not:” section, the board corrected the typographical error “assemble” to “assembly” and also deleted the word efficient.

The board discussed whether pricing strategy should be included in the plan.The general consensus was that this was a tactical consideration, rather than a strategic consideration.The board also discussed the motivation for share ownership.The consensus of the board that motivation of share ownership should be steward ship and that we would not encourage “financial buyers”, but owners motivated to preserve the experience and provide long term capital.

In the Value Statements, in the Our Ownership section, the board added the bullet:

“is motivated by the desire to fulfill the Co-op Mission Statement, rather than by personal financial gain.”

There was a lengthy discussion of share sales.Questions included:

<![if !supportLists]>·         <![endif]>whether financial sustainability should be attained through operations alone, or through operations and share sales.

<![if !supportLists]>·         <![endif]>whether the ability of shareholders should redeem their share should be facilitated.

The board did not make changes in these areas of the plan.

OPERATING ASSUMPTIONS

Two changes to the operating assumptions were made:

<![if !supportLists]>·         <![endif]>With respect to “Resources”, “Ski suppliers will continue to consolidate”was changed to “Industry consolidation will continue”.

<![if !supportLists]>·         <![endif]>With respect to “Business System Influences”, the bullet “Aging skier population” was added.

MRG STRATEGIC INITIATIVES

The board discussed the status of its 8 Strategic Initiatives.It was noted that the “Develop Alternative Sources for Capital Funds” initiative had been completed.Minor modifications were made to the wording of several other initiatives.Employee Job Satisfaction was deleted as an initiative and portions were added to Values.

The board considered whether to add the issue of the Single Chair as a strategic initiative.It was agreed that a new initiative would be added named “Renovate the Single Chair”.It was also agreed to add to the “Facility Master Plan” initiative a bullet named “Evaluation of Real Estate Assets – New House Lots”.

ADJOURNMENT

There was no further business to come before the board and the meeting adjourned at 12:11 PM.

Respectfully submitted, Leigh Michl

A true record.

ATTEST:__________________________________________

Leigh Michl, Secretary

Attachments

<![if !supportLists]>a.      <![endif]>Revised Strategic Plan