Gene Carter

November 24,2003

IT IS THE FINAL WEEK OF SOLICITING SUBSCRIPTIONS FOR THE VENTANA CANYON ALLIANCE, LLC, WHICH WAS FORMED TO FACILITATE THE PURCHASE OF OUR PROPERTY BY ALL CLUB MEMBERS AND VENTANA COMMUNITY RESIDENTS.

Selling all 400 units will lower the cost of running the club and also spread the interest and concern for its well being over a much larger population.  Dont stop at 220 units.  Be a participant not a spectator.

DECEMBER 1, 2003

THIS IS THE DATE THEY NEED YOUR SUBSCRIPTION AND CHECK IN ORDER TO COMPLETE THE PURCHASE. 

For those that have already sent in their paperwork and check, your participation is appreciated. 

If you are still undecided after reading the newsletter of November 15th, consider the following:

LETS COMPARE CLUB VALUES IN TUCSON

If you want to know what your investment is worth as a golfing member, compare similar facilities in Tucson.

Stone Mountain has an initiation fee of $75,000 and when it becomes an equity club an additional $75,000 will be required.

The Gallery at Dove Mountain has an initiation fee for $65,000.

These two local clubs are often mentioned for their beauty and as comparables to Ventana.  Both of these clubs do not offer Tennis memberships, both are not centrally located to major shopping areas, are less environmentally desirable locations for living and playing golf (wind, views, flora and fauna).  The golfing members at Ventana Canyon have paid between $8,000 and $31,000 for their membership.  Add to that, a subscription unit in the Alliance and you have from $33,000 to $56,000 invested in your club.  A member (inside or outside of Ventana) can invest in one or more units in the Alliance to guarantee local management control over our membership and home values, and still be ahead of the cost to join one the these two clubs.

A homeowner within the nearby area of Ventana could pay for their membership by an increase in property value of 3% a year over the next 3-5 years.  This is a good investment for everyone associated within the Ventana Canyon Community.  All of this is above and beyond the potential return on the LLC investment.

IF YOU NEED OR WANT MORE INFORMATION:

 Go to the VCA website at www.ventanacanyonalliance.com.

If you still have questions and would like to speak to someone, please contact any of the following:

Tim Dittmann 520 529-4825 tcdittmann@aol.com

Bill Moore 520 465-7066 vcbmoore1@msn.com

Or e-mail Paul Adamsbaum at Starkfarm@earthlink.net to get on the VCA e-mailing list (DONT FORGET TO PUT HIS ADDRESS ON YOUR ANTI-SPAM LIST)

Please, help us perpetuate the right environment at Ventana Canyon. Dont wait for your neighbors to make the investment on your behalf.  Subscribe to 1 or 2, or even more shares of the Ventana Canyon Alliance NOW to assure the long term results we all want for our existing investments. DECEMBER 1, 2003 is very close.  Send your subscription documents and check to:

   Taylor Payson

     7340 Desert Moon Loop

  Tucson, AZ. 85750

This is a locked mail strongbox and secure.

Thank you for your consideration and support.

Gene Carter

6072 N. Coatimundi Drive

Tucson, Arizona

85750

Robert H. Pease, Sr.

November 17, 2003

Dear Ventana Canyon Alliance Managers, Club members, and Association property owners,

I am pleased to say that my subscription to invest in Alliance has been delivered to the Managers. I have been an active supporter of the plan for our Club membership and Ventana property owners to purchase Ventana Canyon Golf and Racquet Club. I strongly endorse every phase of this carefully studied and thoroughly checked plan to buy our two golf courses, buildings, tennis courts, and everything that is considered part of the Club.

In my opinion, this is by far the most important decision this Club, its members, and neighbors will ever make. We will only have this one opportunity to buy the Club. The success or failure of Alliance to raise the necessary capital will largely determine the whole future of the Club and the homes nearby.

I offer a summary of a discussion with two of my neighbors who have in the past week spent considerable time talking with me about the opportunity presented by Alliance. I thought the essence of that discussion might be helpful as Alliance representatives are talking with other members and property owners. The neighbors are not experienced real estate investors and are hesitant to make a decision. This is what I told them:

1. The two Ventana golf courses are among the very best in the Southwest. Those courses, our buildings, our tennis courts, our swimming facilities, and everything on the 300 acres of Ventana Canyon Golf and Racquet Club have a value of $22,000,000 in a professional appraisal very recently completed. That makes your share in the equity a high grade and conservative investment.
2. Some people live outside the gated area and feel unaffected. I think they should definitely reconsider. The value of any home that is within 10 minutes of our gate is and will be significantly affected by the quality of Ventana Canyon Golf and Racquet Club. Homes in the sphere of the Club all carry a hefty Ventana price premium. If Alliance falls short in its goal to raise equity capital, Alliance may well be forced to abandon its purchase plan and disappear. Premium real estate values here would undoubtedly also disappear, or worse, if alternative ownership of VCG&RC by speculators ensues.

If Alliance should fail to attract sufficient capital, then what are the consequences?

Wyndham will sell the Club to some other entity. The Club will be sold to a speculative Real Estate syndicate. Their only purpose will be to sell it in a few years and squeeze out maximum profits in the meantime.  They couldnt care less about you, the member and/or property owner. There are many such groups operating right now.

Each person must consider the seriousness of a situation wherein ownership of the Club falls into the hands of those with speculative, profit-driven goals. Each person must evaluate the predictable consequences to quality of membership and value of their real estate.

The last thing I told my friends is that this equity has some very strong features built in.

1. The symbiotic relationship with Loews Resort via the long term lease has been very good for both parties. Loews has the benefit of First Class golf courses which its guests thoroughly enjoy. In return, our Club enjoys handsome revenues from greens fees and cart rental generated by Loews. That is a very strong and valuable partnership which will continue to bring great mutual satisfaction and financial reward for many, many years to come.
2. The rental suites of the Club can be a whole new asset, if it is made into condominiums. Properly studied, a good plan developed, and executed, the suites can do wonders for serious reduction of debt service.

 There are golfers, swimmers, tennis players, and social members here. There are folks who own property here, but at present are not members. All help make this neighborhood a wonderful place. All share in the direct or indirect presence of the Club. All of us, for our own benefit, should buy equity shares in Alliance.

An investment in the Alliance is to share in a company that is strongly supported by solid investment fundamentals. It will be managed by men with experience, knowledge, and education to make the Club a success. I recommend that you buy the equity shares. It will help the Club, will help ensure stable or enhanced Real Estate values, and will help you maintain your vision of what you want Ventana to be.

Sincerely,

Robert H. Pease, Sr.

Managers notes:  Upon receipt of Bob Peases testimonial, he was interviewed. Here are some of the interesting facts that were learned.

1. Bob has been a member of VCG&RC for 12 years.
2. He has lived here for the same length of time, but will shortly be moving into

            a large, lovely home he has purchased which is 8 minutes from our gates. He 

            plans to continue to use the Club several times a week.

3. Bob is committed to investment in Alliance.
4. He states that he is in the upper segment of the more mature members.
5. Bob spent more than 50 years in Banking, Mortgages, and Real Estate in Chicago.

            He was Vice Chairman of  the 4^th largest Real Estate and Mortgage firm in the

            U.S.

      6.   He was a founder and founding director of Federal National Mortgage Corp

            (Fannie Mae). He was later Chairman of the Executive Committee and the

            Mortgage Marketing Committee. Fannie Mae is the worlds largest mortgage

            buyer.

      7.  He stated that he has known each of the Managers of the Alliance and has 

           complete confidence in their management ability, the depth of their experience,

           and in their integrity. You cant say that about your stocks, he said in

           closing the interview.

F. JamesLynch

November 17, 2003

Dear Club Members and Property Owners of Ventana Canyon,

            Its a beautiful day in Ventana Canyon, a quote by Mr. Lou Webb, a real Gentleman we will never forget.

            We have a great deal of respect and appreciation for the approximately 300 seniors that worked so hard through prior tough years, keeping the property and Club together, as we know it today. Our golf courses and tennis courts are something that most people dream about.

            Stop! Is it fair to ask why should a relatively new club member and homeowner of 5 years be writing to members (Senior and all others) in addition to all Association property owners?

            The fact is that you all have worked together successfully in the past. Members rights were embedded as a result of positive action being taken during past problem periods. Those who were leaders then are again needed to lend your leadership thoughts and to participate in the current plan that has been launched to acquire the Club. We can agree that we may have done things differently, however there is always more than one way to reach a goal.

            We know that the Ventana Canyon Alliance Group now needs our support. We all need to step up to the table, if at all possible, and to purchase at least one unit. This may be our last opportunity to assure the future of Ventana as we know and love it.

            Please contact the Managers to give them a chance to clarify and answer whatever questions you may have.

With sincere thanks,

Jim and Jane Lynch                     Ken and Judy Riskind                Daniel and Trish McCabe

6872 E. Desert Wind Ct.            6891 E. Desert Wind Ct.              6435 N. Desert Wind Cir.

  Tucson, AZ 85750                     Tucson, AZ 85750                        Tucson, AZ 85750