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Obtain the Property Report required by Federal law and read it before signing anything. No Federal Agency has judged the merits or value, if any of these properties. This is not intended to be an offer to sell nor a solicitation of offers to buy real estate in The Greenbrier Sporting Club (GSC), The Turks & Caicos Sporting Club at Ambergris Cay (TCSC), by residents of CT, HI, ID, IL, NY, NJ, or OR, unless the property is registered or exemptions are available, or in any other jurisdiction where prohibited by law. NJ Residents: GSC (Reg. #01-19-122), TCSC (Reg. #04-12-0102), and SRSC (Reg. #05-36-0002) projects are registered with the New Jersey Real Estate Commission. NY Residents: The offer in connection with GSC and TCSC are made pursuant to New York State Department of Law’s simplified procedure for Homeowners Associations with a De Minimus Cooperative Interest (CPS-7) and are contained in a CPS-7 application available from the sponsor. File No. HO-00-0082 (GSC). File No. HO-05-0011 (TCSC). File No. HO-06-0119 (SRSC). WARNING: THE CALIFORNIA DEPARTMENT OF REAL ESTATE HAS NOT INSPECTED, EXAMINED, OR QUALIFIED THIS OFFERING.