1. Willows HOA / WQS & WMLP Annual Meeting September 19, 2015

2.   Roll Call and Introductions  Proof of Notice of Annual Meeting  Quorum of Owners and Proxies (20% of the total voting power of all owners from each class [4 votes])  Motion to dispense with reading of minutes  Report from Board of Directors  Report from General Manager Homeowners Association Meeting

3.  Building Report ..  Painting  Wood siding, wood trim, and stucco re- stained/re-painted  Cost $38,500  Timeframe: next spring  Garage Door  Door damaged this winter  Possibility of replacing with vinyl panel door: $25,612

8.   Budget Approval (Budget does not need a vote but a majority of owners can vote to reject the budget) Homeowners Association Meeting

11.   Old & Unfinished Business  Use of Spa by Willows Management  New Business  Conversion of stairwell 6 to residential space  Election of Officers  Adjournment Homeowners Association Meeting

12.   Approval of Minutes from prior meeting  Report from the Board of Directors  General Manager’s Report Willows Quarter Share / Management Meeting

13. WQS Winter Revenue

15. Winter Owner Days Comparison 2011/122012/132013/142014/15 Owner Days 192292299326 Unique Owner Visits 42565452 Average Owner Stay 4.575.215.546.27

18. WMLP Winter Revenue

19.  Willows QS Summer Revenues

21.  WMLP Summer Revenues

22.  Summer Source of Business

31.   Vail Vitality Center/Vail Athletic Club  Ski Storage at Bridge Street Ski Haus  Breakfast discounts at Lodge at Vail  Bikes Owner Benefits

32.   Old & Unfinished Business  New Business  Election of Officers  Adjournment Willows Quarter Share / Management Meeting