Document:

EXHIBIT 10.12

                              EMPLOYMENT AGREEMENT
                             DATED AS OF MAY 1, 2003
                                     BETWEEN
                           TRANS GLOBAL SERVICES, INC.
                                       AND
                            ARTHUR PINER GRIDER, III

Arthur  Piner  Grider,  III  ("Executive") and Trans Global Services, a Delaware
Corporation,  and  its  subsidiaries  (collectively,  "Company") hereby agree as
follows:

1.  TERM

The  term of this Agreement shall commence as of May 1, 2003 and shall terminate
on  May  1,  2005  with  annual  options  thereafter.

2.  DUTIES

Executive  shall  be  employed  by  the  Company  as its Chief Executive Officer
("CEO")  and  President. Executive shall report directly and solely to the Board
of Directors ("Board"). Executive shall devote full time and best efforts to the
Company  and  to fulfillment of the responsibilities called for by his position,
which  shall  include  such  duties  as may from time to time be assigned by the
Company.  The Executive shall promptly disclose any enterprise in which he has a
managerial role, majority ownership, controlling relationship or other financial
interests.  In  the  event  Company  does  business  with  enterprise  in  which
Executive  has  any interests, Executive shall recuse himself from participating
in  those  business  relationship.

3.  SALARY

Executive  shall  receive  an  annual  base salary of $200,000 for the Period of
Employment.  For  any  period  thereafter during which this Agreement remains in
effect,  the  Executive's  Base  Salary  may  be  increased  consistent  with
recommendations  from  the  Compensation Committee of the Board, but the Company
shall  have  no  obligation  hereunder  to  effect such increases. Annually, the
Compensation  Committee  will  review  the  Executive's  Base  salary  for
competitiveness  and appropriateness in the industry. In no event, however, will
the  Executive's Base Salary on or after May 1, 2003 be less than an annual rate
of  $200,000.  Base  Salary,  will be payable according to the customary payroll
practices  of  the  Company  and will be subject to all required withholding for
taxes.

4.  BONUS

In  lieu  of  participation in any other Company-sponsored annual bonus program,
Executive shall be eligible for a target annual bonus of 100% of the Base Salary
earned during the fiscal year, with the actual amount of the bonus determined by
the  Compensation  Committee  based  on  an  assessment  of  Company  financial
performance and Executive's strategic accomplishments during the fiscal year. In
no  way should the target bonus amount be construed as limiting the actual bonus
amount  that  may  be paid to the Executive in any fiscal year. A bonus shall be
payable  in cash or a combination of cash, Restricted Stock or Stock Options, as
mutually  agreed  by  and  between the Executive and the Compensation Committee.
Final  approval  of  the  Executive bonus will be by vote of the majority of the
Board.

5.  HEALTH  AND  WELFARE  BENEFITS

During the Period of Employment, the Executive shall be entitled to participate,
under  the  terms  and  conditions thereof, in any group life medical, dental or
other  health  and  welfare  program  generally

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available  to  management  personnel  of the Company which may be in effect from
time  to  time  during the Period of Employment. In addition, Executive shall be
provided  with supplemental benefits at no cost to the Executive which result in
the  following  levels  of coverage, inclusive of any coverage provided by basic
Company-sponsored  benefits:

     (a)  Pre-Retirement  Life  Insurance  equal  to three (3) times Executive's
          annual  Base  Salary.
     (b)  Post-Retirement  life  insurance equal to one and one-half (1.5) times
          Executive's  annual  base  salary  as  of  the  date  of  Executive's
          retirement.
     (c)  Disability  coverage from all Company-sponsored and government sources
          combined  to  equal  to 60% of Base Salary plus pro-rata target bonus,
          less  any  required  offsets.

6.  LIFE  STYLE  PERQUISITES

The Executive shall receive the following perquisites:

     (a)  The Executive will be provided with an automobile. This perquisite may
          take  the  form  of reimbursements of monthly payments on an Executive
          owned  vehicle(taxable),  payment of monthly lease (non-taxable) or an
          agreed  to  monthly  cash  automobile  allowance  (non  taxable).
     (b)  The  Company  will  reimburse the Executive for his initial membership
          fee,  monthly  dues  and other associated costs for a Health/Executive
          Club  Membership,  subject  to  approval  of  the  Board of Directors.
     (c)  During  each  year  of  the term of this Agreement, Executive may take
          vacations  at  the  standard  number of days set by Company policy, or
          such  other  period  as  the  Board  may  authorize, during which time
          Executive's  compensation  shall be paid in full and he shall continue
          to  participate  in  all  other  rights  and  benefits.
     (d)  The  Company  will  reimburse  the  Executive  for  all reasonable and
          necessary  expenses incurred by him for or on behalf of the benefit of
          the  Company.

7.  TERMINATION  BY  THE  COMPANY

The Company shall have the right to terminate this Agreement under the following
circumstances:

     (i)  Upon  death  of  the  Executive
     (ii) Upon  notice  to  the  Executive  in  the event of an illness or other
          disability  which has incapacitated him from performing his duties for
          six  consecutive  months  as  determined  in  good faith by the Board.
    (iii) For  good  cause  upon  notice  from  the Company.  Termination by the
          Company of the Executive's employment for "good cause" as used in this
          Agreement  shall  be  limited  to  gross  negligence or malfeasance by
          Executive  in  performance  of  his  duties under the Agreement or the
          voluntary  resignation  by the Executive as an employee of the Company
          without  the  prior  written  consent  of  the  Company.

If  this  Agreement  is terminated  pursuant to Section 7 (i) above, Executive's
rights  and  Company's obligations hereunder shall terminate except as expressly
provided  in  this  Agreement.

Notice  of  termination  pursuant  to 7(ii)-(iii) must be given to the Executive
within  5 calendar days of the Board's action.  Notice shall be by registered or
certified  mail  or  by  courier  delivery to the Executive at both the Houston,
Texas  offices of the Company as well as to Executive's last known home address.

8.  TERMINATION  BY  EXECUTIVE

Executive  shall have the right to terminate his employment under this Agreement
upon  30  calendar  days  written notice to the Company given within 60 calendar
days following the occurrence of any of the following events:

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     (a)  Executive  is  not  elected  or retained Chief Executive Officer (CEO)

     (b)  Company  acts  to change the geographic location of the performance of
          Executive's  duties  from  the  Houston,  Texas  Metropolitan  area.

9.  CONSEQUENCES  OF  BREACH  BY  THE  COMPANY

If  this Agreement is terminated pursuant to Section 8 hereof, or if the Company
shall  terminate  the  Executive's  employment under this Agreement in any other
manner  that  is  considered  a  breach  of  this  Agreement by the Company, the
following  shall  apply:

     (a)  Executive  shall  receive  payment,  in  cash  or  Restricted stock as
          mutually  agreed  by the Executive and the Board, equal to the present
          value  of  the  Executive's base salary hereunder for the remainder of
          the  term,  payable  within  30  calendar  days  of  the  date of such
          termination.
     (b)  All  stock  options and Restricted Stock granted by the Company to the
          Executive  under  the Plan or granted by the Company prior to the date
          of termination shall become immediately exercisable. The Company shall
          pay  for  and  cause  the  registration  of  any  Restricted  Stock.

10.  BINDING  AGREEMENT

This  Agreement shall be binding upon and inure to the benefit of the Executive,
his heirs, distributes and assigns and company, its successor assigns. Executive
may not, without the express written permission of the Company, assign or pledge
any  rights  or  obligations  hereunder  to  any  person,  firm  or corporation.

11.  GOVERNING  LAW

This Agreement shall be governed by and construed in accordance with the laws of
the state of Texas.   Company and Executive agree that Harris County, Texas will
be  the  venue  for  any  disputes  arising  from  this  Agreement.

IN  WITNESS  THEREOF,  the  parties have executed this Agreement this 6th day of
May, 2003, effective as of May 1, 2003.

Executive:    /s/ Arthur P. Grider
              ------------------------------------
                  Arthur P. Grider

Compensation  Committee  Chairperson:     /s/ Paul E. McManus
                                          ------------------------------------
                                          Paul E. McManus

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                                                                   Exhibit 10.13

                        [FORM OF SUBSCRIPTION AGREEMENT]

                             SUBSCRIPTION AGREEMENT

         THIS SUBSCRIPTION AGREEMENT dated as of _______________________, 200__
(the "Agreement") is by and among the undersigned subscriber (the "Subscriber"),
Sardy House, LLC, a Colorado limited liability company (the "Company"), and
North and South Aspen, L.L.C., a Colorado limited liability company ("North and
South").

                                    RECITALS

         A. The Company and North and South are conducting a public offering
(the "Offering") through W.G. Nielsen & Co. (the "Underwriter") of up to 25
units of the Company's assessable limited liability company membership interests
(the "Membership Interests"), which allow for exclusive use of the Sardy House
in Aspen, Colorado. Each Membership Interest is governed by the terms and
conditions of the Company's Operating Agreement dated as of March 21, 2003, as
amended (the "Operating Agreement"). All of the Membership Interests being
offered are held by North and South.

         B. The Offering price is $750,000 per Membership Interest. This price
may be changed at any time after _________________. If the price is decreased it
will be decreased for all purchasers, and if the price is increased it will be
increased for all purchasers who have not as of that date executed subscription
agreements and submitted subscription funds.

         C. In connection with the Offering, the Company has filed a
Registration Statement on Form SB-2 (Registration No. 333-105521) (together with
all amendments thereto, the "Registration Statement") with the Securities and
Exchange Commission (the "SEC"). As part of the Registration Statement, the
Company has filed with the SEC a prospectus dated ___________________, 2003 (the
"Prospectus") which describes the Offering, the Membership Interests and the
Company, and which contains disclosures of other important information for
investors. The Registration Statement was declared effective by the SEC on
____________________, 2003, and no stop order has been entered by the SEC as of
the date hereof.

         D. As disclosed in the Prospectus, the Offering is being conducted on a
"best efforts, all or none" basis as to a minimum of seven (7) Membership
Interests necessary to allow for complete repayment of the bank debt of up to
$4,350,000 on the Sardy House property, the sale of which seven (7) Membership
Interests must result in total proceeds of a minimum of $4,665,000 before any
commissions and referral fees and excluding accrued interest on the bank debt to
the repaid, and on a "best efforts" basis as to the remaining 18 Membership
Interests up to the maximum of 25 Membership Interests. If a minimum of seven
(7) Membership Interests are not sold by _____________, 2004, subject to
extension in the discretion of the Company, North and South and the Underwriter
of up to an additional 30 days, the Offering will be terminated and all money
received shall be returned to investors with interest within five (5)

<PAGE>

business days. Until the minimum is achieved, all funds received from investors
shall be deposited into an interest bearing escrow account, with interest to be
credited toward the final purchase price.

         E. The Subscriber desires to purchase one or more Membership Interests
pursuant to the terms and conditions of the Offering as disclosed in the
Prospectus, and pursuant to the terms and conditions of this Agreement, subject
to acceptance of this Agreement by the Company and North and South in their sole
discretion.

                                    AGREEMENT

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, each intending
to be legally bound hereby, agree as follows:

         1. Subscription for Purchase of Membership Interests. The Subscriber
hereby subscribes for and agrees to purchase from North and South a total of
___________ units of the Membership Interests, in exchange for cash in the
amount of $750,000 per Membership Interest, or an aggregate purchase price of
$__________________. In connection therewith, the Subscriber agrees to become a
member of the Company, subject to all of the rights and obligations of a member
under the Operating Agreement, and to execute and deliver a signature page to
the Operating Agreement upon admission as a member of the Company.

         2. Payment for Purchase of Membership Interests. Full payment for the
Membership Interests subscribed for under this Agreement shall be submitted by
the Subscriber along with this Agreement to the Company or the Underwriter. Such
payment shall be in the form of either a wire transfer or a check for the
aggregate purchase price payable to "Computershare Trust Company, Inc., as
Escrow Agent for Sardy House, LLC." A wire transfer shall be directed to the
following account:

                  Bank:  _____________________________________
                  ABA #:  ____________________________________
                  Account #:  _________________________________
                  Account Name:  Computershare Trust Company, Inc., as Escrow
                                 Agent for Sardy House, LLC

A check will be promptly forwarded to the escrow agent pursuant to the terms and
conditions of an escrow agreement filed with the SEC as an exhibit to the
Registration Statement and described in the Prospectus.

         3. Representations and Warranties by Subscriber. The Subscriber hereby
makes the following representations and warranties to the Company and North and
South:

                  (a) Receipt and Review of Prospectus and Operating Agreement.
         The Subscriber has received and carefully reviewed and considered the
         Prospectus and the Operating Agreement, which were delivered to the
         Subscriber at least five business days prior to the date of this
         Agreement. The Subscriber understands that neither the SEC nor any
         state securities regulator has approved or disapproved of the
         Membership Interests or

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<PAGE>

         determined if the Prospectus is truthful or complete. In making a
         decision to purchase the Membership Interests, the Subscriber has
         relied exclusively on the information contained in the Prospectus and
         the Operating Agreement.

                  (b) Investor Suitability. The Subscriber understands that an
         investment in the Membership Interests is suitable only for persons of
         substantial financial means who can afford not only the purchase price
         of the Membership Interests, but also unlimited future assessments and
         the possibility of a complete loss of their investment in the
         Membership Interests. Accordingly, the Subscriber represents and
         warrants that the Subscriber is an "accredited investor" as defined in
         Rule 501 of Regulation D under the Securities Act of 1933, as evidenced
         by the Subscriber's completion of the Accredited Investor Declaration
         attached hereto as Exhibit A, and that the Subscriber has the objective
         of making a long-term investment in the exclusive use program for the
         Sardy House property and is prepared to forego the use of the invested
         funds for an indefinite period of time. In addition, to facilitate a
         determination by the Underwriter that there are reasonable grounds for
         believing that the purchase of the Membership Interests hereunder is
         suitable for the Subscriber, the Subscriber represents and warrants
         that the information furnished by the Subscriber about the Subscriber's
         investment objectives, investment experience, income, net worth,
         financial situation, other investments, and other relevant information
         through completion of the Confidential Investor Questionnaire form
         attached hereto as Exhibit B is accurate and complete in all material
         respects.

                  (c) Subscriber Can Protect Own Interests. The Subscriber has
         such knowledge and experience in financial, investment and business
         matters that the Subscriber is capable of evaluating the merits and
         risks of an investment in the Membership Interests and of making an
         informed decision in purchasing the Membership Interests.

                  (d) Membership Interests are Subject to Transfer Restrictions.
         The Subscriber understands that the Membership Interests are subject to
         certain right of first refusal transfer restrictions as set forth in
         the Operating Agreement, and cannot be resold except in compliance with
         the terms and conditions of the Operating Agreement. In addition, the
         Subscriber understands that certificates evidencing ownership of the
         securities comprising the Membership Interests will contain a legend
         providing that the transfer thereof is restricted, except in compliance
         with the Operating Agreement. The Subscriber also understands that
         there is no public trading market for the Membership Interests and that
         the Company does not expect any trading market for the Membership
         Interests to develop.

                  (e) Subscriber Purchasing Membership Interests for Own
         Account. The Subscriber is purchasing the Membership Interests for the
         Subscriber's own account, and not with a view to any resale or
         "distribution" of the Membership Interests within the meaning of the
         Securities Act of 1933.

                  (f) Subscriber Able to Bear Substantial Risks. The Subscriber
         is aware that an investment in the Membership Interests is subject to
         substantial risks as described in the Risk Factors section of the
         Prospectus. Those risk factors include the following:

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<PAGE>

                           (i) Neither the Company nor its affiliated manager
                  nor the affiliate North and South has any prior experience
                  operating the proposed type of exclusive use program for the
                  Sardy House property.

                           (ii) Substantial reconstruction and renovation of the
                  Sardy House property must be completed before the condition
                  and amenities of the property will be as described in the
                  Prospectus, and any delays in the completion of that project
                  will delay the closing of the Offering.

                           (iii) There are significant limitations on the
                  transferability of the Membership Interests, including the
                  lack of any public market and rights of first refusal held by
                  the Company and North and South under the Operating Agreement.

                           (iv) Investors will be subject to unlimited
                  additional assessments, including assessments for operating
                  expenses, repair reserves, capital improvements and operating
                  deficits, and investors who fail to timely pay all assessments
                  may forfeit their exclusive occupancy rights and be subject to
                  other remedies.

                           (v) Investors may suffer a complete loss of their
                  investment if other investors do not timely pay all required
                  assessments.

                           (vi) If investors choose to rent out their exclusive
                  occupancy weeks, they may be unable to successfully rent those
                  weeks and the Company's affiliated manager will receive
                  substantial compensation if the weeks are rented.

                           (vii) There are substantial conflicts of interest
                  between the interests of investors and those of the Company,
                  the manager, North and South and their affiliates, including
                  the incentive to obtain satisfaction of the minimum Offering
                  conditions to relieve affiliates' personal debt obligations,
                  the operation of a competing hotel in Aspen and compensation
                  arrangements for the renovation and management of the property
                  and the rental of exclusive occupancy weeks.

                           (viii) Investors will be purchasing their Membership
                  Interests for an aggregate purchase price that significantly
                  exceeds the book value of the Membership Interests and the
                  appraised value of the renovated property as a private
                  residence, and investors will experience immediate and
                  substantial dilution.

         The Subscriber understands these risks and is financially capable of
         bearing the economic risks and burdens of an investment in the
         Membership Interests, including the possibility of a complete loss of
         the entire investment. The Subscriber understands that the Operating
         Agreement right of first refusal transfer restrictions and the lack of
         public market for the Membership Interests may prevent the transfer of
         the Membership Interests in the amounts or at the times desired by the
         Subscriber. The Subscriber has

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<PAGE>

         adequate means of providing for the Subscriber's current needs and
         contingencies, and has no need for liquidity in the investment in
         Membership Interests.

                  (g) Realtor Referral. The Subscriber understands that, as
         disclosed in the Prospectus, in the event that the Subscriber was
         referred to the Company by a licensed real estate broker (a "Realtor"),
         a referral fee may be paid to such Realtor upon the completion of the
         sale of Membership Interests to the Subscriber under this Agreement. To
         ensure that any such referral, the completion of such sale and the
         payment of any such referral fee complies with securities laws, the
         Subscriber hereby represents and warrants that no Realtor has:

                           (i) made any offer to the Subscriber for the sale of
                  Membership Interests or solicited any offer from the
                  Subscriber for the purchase of Membership Interests, to the
                  Subscriber's knowledge made any advertisements in connection
                  with the Offering, or solicited the Subscriber as a new
                  referral prospect with respect to the Membership Interests
                  with whom the Realtor did not have a pre-existing
                  relationship;

                           (ii) delivered to the Subscriber the Prospectus or
                  any other materials in connection with the Offering, or
                  directed any marketing or selling activities to the Subscriber
                  with respect to the Membership Interests;

                           (iii) become involved in the sale or negotiation of
                  the sale of a Membership Interest to the Subscriber, or in the
                  preparation of any documentation required for such sale under
                  applicable state law; or

                           (iv) made any statements or communications to the
                  Subscriber in connection with the Offering other than
                  notifying the Subscriber that the Subscriber may be contacted
                  by representatives of the Company.

                  (h) Due Execution and Enforceability. All action on the
         Subscriber's part required for the due execution and delivery of this
         Agreement has been effectively taken, and this Agreement represents a
         valid and binding obligation of the Subscriber, enforceable in
         accordance with its terms, except as limited by applicable bankruptcy,
         insolvency or other laws of general application affecting the
         enforcement of creditors' rights. If the Subscriber is not an
         individual, the execution and delivery by the Subscriber of this
         Agreement has been duly authorized by all necessary corporate or other
         action on behalf of the Subscriber, the performance of this Agreement
         will not constitute a breach or violation of, default under, or
         conflict with, the Subscriber's governing instruments, and the
         individual signing this Agreement on behalf of the Subscriber has been
         duly authorized by the Subscriber to do so. If the Subscriber is a
         natural person, the Subscriber is at least 21 years of age and has full
         legal capacity to enter into and perform his or her obligations under
         this Agreement.

                  (i) Residence. The residence or the office or offices of the
         Subscriber in which the Subscriber's investment decision with respect
         to this Agreement was made is or are located at the address of the
         Subscriber set forth on the signature page hereof.

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<PAGE>

                  4. Continuing Effect of Representations and Warranties. The
         representations and warranties set forth in Section 3 hereof shall be
         true and correct as of the date hereof and as of the date of the
         release of funds from escrow for the purchase by the Subscriber of the
         Membership Interests hereunder and the admission of the Subscriber as a
         member of the Company. If in any respect such representations and
         warranties are not true and accurate prior to the release of funds from
         escrow and the admission of the Subscriber as a member of the Company,
         the Subscriber shall give immediate written notice of such fact to the
         Company, specifying which representations and warranties are not true
         and accurate and the reasons therefor.

                  5. Acceptance of Subscription Subject to Discretion. The
         Subscriber understands that this Agreement may be accepted or rejected
         by the Company and North and South in their sole discretion.

                  6. Limited Power of Attorney to Admit Subscriber as Member of
         Company. The Subscriber hereby appoints Daniel D. Delano, who is the
         Company's Secretary and Treasurer, to act as the Subscriber's agent and
         true and lawful attorney-in-fact in the Subscriber's name, place and
         stead with power and authority to admit the Subscriber as a member of
         the Company and to execute any and all instruments on behalf of the
         Subscriber that may be required to effect the admission of the
         Subscriber as a member of the Company or to otherwise comply with
         applicable law regarding the Subscriber's status as a member of the
         Company.

                  7. Certification of Taxpayer Identification Number. The
         Subscriber shall execute and deliver herewith an appropriate IRS Form
         W-9 or Form W-8 (or the escrow agent's substitute forms therefor if
         furnished to the Subscriber by the Company or the Underwriter) with
         respect to the certification of the Subscriber's Taxpayer
         Identification Number and backup withholding status.

                  8. Binding Agreement. The Subscriber agrees that this
         Agreement, upon acceptance by the Company and North and South, is and
         shall be irrevocable. This Agreement shall be binding upon the heirs,
         executors, administrators and successors of the Subscriber.

                  9. Assignability. This Agreement is not transferable or
         assignable by the Subscriber.

                  10. Notice. All notices and other communications hereunder
         shall be in writing and shall be deemed to have been validly served,
         given or delivered five (5) days after deposit in the United States
         mail, by certified mail with return receipt requested and postage
         prepaid, when delivered personally, or one (1) day after delivery to
         any overnight courier. For purposes of notice, the addresses of the
         parties shall be as follows:

                   If to the Company/North   Sardy House, LLC/North and South
                   and South:                Aspen, L.L.C.
                                             c/o Hotel Lenado
                                             200 S. Aspen Street
                                             Aspen, Colorado 81611
                                             Attn: Mr. Daniel D. Delano

                   If to the Subscriber:     At the address of the Subscriber
                                             set forth on the

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<PAGE>

                                             signature page hereof.

                  11. Governing Law. This Agreement shall be construed in
         accordance with and governed by the laws of the State of Colorado,
         without regard to any conflicts of laws provisions thereof.

                  12. Venue. Any suit, action or proceeding arising out of or
         relating to this Agreement shall be brought and maintained in a court
         or other appropriate forum of competent jurisdiction located in Denver,
         Colorado. Each party hereby irrevocably waives, to the fullest extent
         permitted by law, any objection which such party may now or hereafter
         have, to the laying of venue of any such suit, action or proceeding
         brought or maintained in a court or other appropriate forum of
         competent jurisdiction located in Denver, Colorado, and any claim that
         any such suit, action or proceeding has been brought or maintained in
         an inconvenient forum.

                  13. Entire Agreement. This Agreement constitutes the entire
         agreement among the parties hereto with respect to the subject matter
         hereof.

                  14. Severability.  To the extent that any provision of this
         Agreement is prohibited by or invalid under applicable law, such
         provision shall be ineffective to the extent of such prohibition or
         invalidity, without invalidating the remainder of such provision or
         the remaining provisions of this Agreement.

                  15. Execution in Counterparts. This Agreement may be executed
         in counterparts and signature pages may be delivered by facsimile
         transmission.

                  [Remainder of page intentionally left blank]

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<PAGE>

         IN WITNESS WHEREOF, the Subscriber has executed this Subscription
Agreement on the date set forth on the following applicable signature page
hereof.

         The Subscriber desires to take title in the Membership Interests as
follows (check one):

                  ___ (a) Individual (one signature required on Page 9),

                  ___ (b) Joint Tenants with right of survivorship (both
                          parties must sign on Page 10),

                  ___ (c) Tenants in Common (both parties must sign on Page 10),

                  ___ (d) Trust (Trustee(s) must sign on Page 11),

                  ___ (e) Partnership (general partner(s) must sign on Page 12),

                  ___ (f) Corporation (authorized officer must sign on
                          Page 13), or

                  ___ (g) Limited Liability Company (authorized party must sign
                          on Page 14).

         The exact spelling of the names(s) under which title to the Membership
Interests shall be taken is:

--------------------------------------------------------------------------------

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<PAGE>

                                 SIGNATURE PAGE
                           FOR INDIVIDUAL SUBSCRIBERS
                           --------------------------

SUBSCRIBER

------------------------------
Signature

------------------------------
Social Security Number

------------------------------
Print or Type Name

Residence Address:
------------------

-----------------------------------
-----------------------------------
-----------------------------------

Executed this ______ day of _______________, 200__.

Accepted:

NORTH AND SOUTH ASPEN, L.L.C.,
a Colorado limited liability company

By:
    --------------------------------
         Daniel D. Delano, Manager

SARDY HOUSE, LLC,
a Colorado limited liability company

By:      BLOCK 66, LLC,
         a Colorado limited liability company,
         its Manager

         By:
             --------------------------------
              Daniel D. Delano, Manager

Executed this _______ day of ______________, 200__.

                                       9
<PAGE>

                                 SIGNATURE PAGE
                             FOR SUBSCRIBERS WHO ARE
                       JOINT TENANTS OR TENANTS IN COMMON
                       ----------------------------------

SUBSCRIBER                                                    SUBSCRIBER

------------------------------              ------------------------------
Signature                                   Signature

------------------------------              ------------------------------
Social Security Number                      Social Security Number

------------------------------              ------------------------------
Print or Type Name                          Print or Type Name

Residence Address                           Residence Address
-----------------                           -----------------

------------------------------              ------------------------------
------------------------------              ------------------------------
------------------------------              ------------------------------
------------------------------              ------------------------------

Executed this ___ day of ______, 200__.  Executed this ___ day of ______, 200__.

Accepted:

NORTH AND SOUTH ASPEN, L.L.C.,
a Colorado limited liability company

By:
    --------------------------------
         Daniel D. Delano, Manager

SARDY HOUSE, LLC,
a Colorado limited liability company

By:      BLOCK 66, LLC,
         a Colorado limited liability company,
         its Manager

         By:
             --------------------------------
                  Daniel D. Delano, Manager

Executed this ____ day of _________, 200__.

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<PAGE>

                                 SIGNATURE PAGE
                              FOR TRUST SUBSCRIBERS
                              ---------------------

TRUST

-----------------------------------------------------------------
Name of Trust (Please print or type)

-----------------------------------------------------------------
Name of Trustee (Please print or type)

-----------------------------------------------------------------
Date Trust was formed

By:
   --------------------------------------------------------------
      Trustee's Signature

Taxpayer Identification Number:
                               ---------------------------

Trustee's Address:
                    ---------------------------------------
                    ---------------------------------------
                    ---------------------------------------

Executed this ______ day of ___________, 200__.

Accepted:

NORTH AND SOUTH ASPEN, L.L.C.,
a Colorado limited liability company

By:
    --------------------------------
         Daniel D. Delano, Manager

SARDY HOUSE, LLC,
a Colorado limited liability company

By:      BLOCK 66, LLC,
         a Colorado limited liability company,
         its Manager

         By:
             --------------------------------
                  Daniel D. Delano, Manager

Executed this ____ day of _________, 200__.

                                       11
<PAGE>

                                 SIGNATURE PAGE
                           FOR PARTNERSHIP SUBSCRIBERS
                           ---------------------------

PARTNERSHIP

-----------------------------------------------------------------
Name of Partnership (Please print or type)

By:
         --------------------------------------------------------
         Signature of a General Partner

By:
         --------------------------------------------------------
         Signature of Additional General Partner
         (if required by partnership agreement)

Taxpayer Identification Number:
                               ----------------------------------

Partnership's Address:
                       ------------------------------------
                       ------------------------------------
                       ------------------------------------

Executed this ______ day of _____________, 200__.

Accepted:

NORTH AND SOUTH ASPEN, L.L.C.,
a Colorado limited liability company

By:
    -------------------------------
         Daniel D. Delano, Manager

SARDY HOUSE, LLC,
a Colorado limited liability company

By:      BLOCK 66, LLC,
         a Colorado limited liability company,
         its Manager

         By:
              -----------------------------
                  Daniel D. Delano, Manager

Executed this ____ day of _________, 200__.

                                       12
<PAGE>

                                 SIGNATURE PAGE
                            FOR CORPORATE SUBSCRIBERS
                            -------------------------

CORPORATION

------------------------------------------------------------------
Name of Corporation (Please print or type)

By:
         ---------------------------------------------------------
         Signature of Authorized Officer

Printed Name:
               ---------------------------------------------------

Title:
        ----------------------------------------------------------

Taxpayer Identification Number:
                                 ---------------------------------
Corporation Address:
                     ------------------------------------
                     ------------------------------------
                     ------------------------------------

Executed this _______ day of ________________, 200__.

Accepted:

NORTH AND SOUTH ASPEN, L.L.C.,
a Colorado limited liability company

By:
   -----------------------------------
         Daniel D. Delano, Manager

SARDY HOUSE, LLC,
a Colorado limited liability company

By:      BLOCK 66, LLC,
         a Colorado limited liability company,
         its Manager

         By:
              ----------------------------
                  Daniel D. Delano, Manager

Executed this ____ day of _________, 200__.

                                       13
<PAGE>

                                 SIGNATURE PAGE
                    FOR LIMITED LIABILITY COMPANY SUBSCRIBERS
                    -----------------------------------------

LIMITED LIABILITY COMPANY

----------------------------------------------------------------------
Name of Limited Liability Company (Please print or type)

By:
         -------------------------------------------------------------
         Signature of Authorized Party

Printed Name:
               -------------------------------------------------------

Title:
        --------------------------------------------------------------

Taxpayer Identification Number:
                                ----------------------------------

Company Address:
                ------------------------------------------------
                ------------------------------------------------
                ------------------------------------------------

Executed this _______ day of ________________, 200__.

Accepted:

NORTH AND SOUTH ASPEN, L.L.C.,
a Colorado limited liability company

By:
    -------------------------------
         Daniel D. Delano, Manager

SARDY HOUSE, LLC,
a Colorado limited liability company

By:      BLOCK 66, LLC,
         a Colorado limited liability company,
         its Manager

         By:
             -------------------------------
                  Daniel D. Delano, Manager

Executed this ____ day of _________, 200__.

                                       14
<PAGE>

                                                                       EXHIBIT A
                                                                       ---------

                         ACCREDITED INVESTOR DECLARATION

         The undersigned represents that the undersigned qualifies as an
"accredited investor," as that term is defined in Rule 501 of Regulation D
promulgated by the Securities and Exchange Commission under the Securities Act
of 1933, as amended (the "Securities Act"), because the undersigned is:

______ (1)        A natural person whose individual net worth, or joint net
                  worth with that person's spouse, at the time of his or her
                  purchase exceeds $1,000,000;

______ (2)        A natural person who had an individual income in excess of
                  $200,000 in each of the two most recent years, or joint income
                  with that person's spouse of $300,000 in each of those years,
                  and has a reasonable expectation of reaching those levels in
                  the current year;

______ (3)        A trust, with total assets in excess of $5,000,000, not
                  formed for the specific purpose of acquiring the securities
                  offered, whose purchase is directed by a sophisticated person
                  as described in Section (b)(2)(ii) of Rule 506 of Regulation D
                  under the Securities Act;

______ (4)        A corporation, organization described in Section 501(c)(3)
                  of the Internal Revenue Code, Massachusetts or similar
                  business trust, or partnership, not formed for the specific
                  purpose of acquiring the securities offered, with total assets
                  in excess of $5,000,000;

______ (5)        An entity in which all of the equity owners are accredited
                  investors;

______ (6)        A bank as defined in Section 3(a)(2) of the Securities Act, or
                  a savings and loan association or other institution as defined
                  in Section 3(a)(5)(A) of the Securities Act whether acting in
                  its individual or fiduciary capacity; a broker or dealer
                  registered pursuant to Section 15 of the Securities Exchange
                  Act of 1934; an insurance company as defined in Section 2(13)
                  of the Securities Act; an investment company registered under
                  the Investment Company Act of 1940 or a business development
                  company as defined in Section 2(a)(48) of the Securities Act;
                  a Small Business Investment Company licensed by the U.S. Small
                  Business Administration under Section 301(c) or (d) of the
                  Small Business Investment Act of 1958; a plan established and
                  maintained by a state, its political subdivisions, or any
                  agency or instrumentality of a state or its political
                  subdivisions, for the benefit of its employees, if such plan
                  has total assets in excess of $5,000,000; an employee benefit
                  plan within the meaning of the Employee Retirement Income
                  Security Act of 1974 ("ERISA") if the investment decision is
                  made by a plan fiduciary, as defined in Section 3(21) of
                  ERISA, which is either a bank, savings and loan association,
                  insurance company, or registered investment adviser, or if the
                  employee benefit plan has total assets in excess of $5,000,000
                  or, if a self-

                                      A-1
<PAGE>

                  directed plan, with investment decisions made solely by
                  persons that are accredited investors;

______ (7)        A private business development company as defined in Section
                  202(a)(22) of the Investment Advisers Act of 1940; or

______ (8)        A director, executive officer, or general partner of the
                  issuer of the securities being offered or sold, or any
                  director, executive officer, or general partner of a general
                  partner of that issuer.

Date:             _________________, 200__

Signed:
                 ----------------------------

                 By:
                    ----------------------------------------
                 Printed Name:
                              ------------------------------
                 Title:
                       -------------------------------------
Address:
                  ------------------------------------------
                  ------------------------------------------
                  ------------------------------------------
                  ------------------------------------------

Tax Identification Number:
                          -----------------------------

                                      A-2
<PAGE>

                                                                       EXHIBIT B

                                SARDY HOUSE, LLC

               Confidential Investor Questionnaire For Individuals
               ---------------------------------------------------

         The primary purpose of this Confidential Investor Questionnaire is to
assure Sardy House, LLC, a Colorado limited liability company (the "Company")
and W.G. Nielsen & Co. (the "Underwriter") that the prospective investor in the
Units (the "Units" or the "Securities") of the Company will be eligible to
invest in the Securities.

         Please print or type your answers. If the answer to any questions is
"No" or "Not Applicable," please so state. Please provide information for all
subscribers, using separate questionnaires if necessary. Please do not combine
or consolidate financial information of co-subscribers, except that of your
spouse.

         Except as set forth herein, your answers will at all times be kept
confidential. By signing this Confidential Investor Questionnaire, however, you
understand and agree that (i) the Underwriter is relying on the accuracy, truth
and completeness of your representations and statements set forth in your
response in this Confidential Investor Questionnaire, the Subscription Agreement
and any other document delivered by you to the Company and Underwriter in
determining whether the offer and sale of the Securities comply with applicable
federal and state securities laws, (ii) if your representations and statements
are not accurate, truthful and complete, you or the Company, or both, may be
found to be in violation of federal or state securities laws, and (iii) the
Company and Underwriter may present this Confidential Investor Questionnaire,
and other documents delivered by you to the Company or Underwriter, to the
appropriate parties if the Company or Underwriter is called upon to establish
the availability of exemptions from registration and other compliance with
federal and state securities laws and for other appropriate purposes.

         The entire Confidential Investor Questionnaire For Individuals,
consisting of PART I and PART II, must be completed by all individual Investors.

                                     PART I
                                     ------

1. General Information
   -------------------

           Name of Investor:
                           ----------------------------------------------------

If ownership of the Securities will be held in the name of two or more
individuals, complete the following information for each of the other co-owners:

Name:
       ------------------------------------------------------------------------
Home Address:
               ----------------------------------------------------------------

-----------------------------------------------------------------------------

Mailing Address (complete if different from home address below):

-------------------------------------------------------------------------------

                                      B-1
<PAGE>

Relationship to subscriber:          Spouse            Parent
                               -----             -----
                                     Child             Other Blood Relative
                               -----             -----
                                     Other (please specify)
                               -----
                               -----------------------------------------

2.       Employment and Business Information
         -----------------------------------

         Occupation or Profession:
                                   --------------------------------------------
         Name of Current Employer:
                                   --------------------------------------------

         Business Address:
                            ---------------------------------------------------

         ----------------------------------------------------------------------

         Business Telephone:
                            ---------------------------------------------------

         Current Position or Title:

                                   --------------------------------------------
         Principal Responsibilities:
                                     ------------------------------------------

         ----------------------------------------------------------------------

         Period Employed by Current Employer:
                                               --------------------------------

3.       Investment Objectives (Subscriber, Not Custodian):
         ---------------------

         Order of INVESTMENT       Secondary Residence Opportunity:   ______
         OBJECTIVES of
         Subscriber [or of         Long Term Capital Appreciation:    ______
         minor(s), not
         custodian]: Number                        Current income:    ______
         preferences from 1
         (most preferred) to 3                          Liquidity:    ______
         (least preferred).
         Reminder: This                                     Other:    ______
         investment is most
         appropriate for
         persons seeking
         primarily a long-term
         secondary residence
         opportunity and
         secondarily possible
         long-term capital
         appreciation
         associated with such
         residence.

4.       Financial Information
         ---------------------

         a.       Annual income:    $_____________________

         b.       Net Worth:        _____________________

         c.       Do you have adequate means of providing for your current needs
                  and personal contingencies and no need for liquidity for your
                  investment?

                  Yes ____          No _____

                                      B-2
<PAGE>

         d.       Are you able to bear the economic risk of an investment in the
                  Company of the size contemplated, including a complete loss of
                  your investment?

                  Yes ____          No_____

5.       Educational Background
         ----------------------

                                            MAJOR (AREA OF
         COLLEGE OR UNIVERSITY              STUDY)                 DEGREE(S)

         --------------------------         ---------------        -------------
         --------------------------         ---------------        -------------
         --------------------------         ---------------        -------------

6.       Business Experience
         -------------------

         Please provide details of any professional licenses, registrations or
         other training or experience (including courses or seminars attended)
         in financial, business or tax matters:

         ----------------------------------------------------------------------
         ----------------------------------------------------------------------
         ----------------------------------------------------------------------

7.       Ability to Make Investment Decisions
         ------------------------------------

         a.       Do you have such knowledge and experience in financial matters
                  that you are capable of evaluating the merits and risks of
                  your prospective investment in the Company?

                  Yes ______                No ______

         b.       If the answer to (a) is No, do you intend to use a purchaser
                  representative together with whom you would be capable of
                  evaluating the merits and risks of your prospective investment
                  in the Company?

                  Yes _____                 No _____

                                      B-3
<PAGE>

                                     PART II

                       (To Be Completed By All Investors)

8.       Prior Investments

         Have you previously purchased securities in a private placement or
         securities which were otherwise subject to substantial limitations on
         transferability?

         Yes _____                  No _____

         Have you previously invested in private companies, speculative ventures
         or ventures with no history of earnings from operations?

         Yes _____                  No _____

         Other Investments:                               Current Market Value
         -----------------                                --------------------

         a.       Real estate, other than principal
                  residence (directly or through
                  partnerships or other entities
                  managed by others)                     ___________________

         b.       Tax shelter programs (real estate,
                  leasing, oil & gas, cattle)            ___________________

         c.       Marketable securities (stocks, bonds,
                  debentures, notes, cash)               ___________________

         d.       Speculative or venture
                  capital investments                    ___________________

         e.       Other private investment funds
                  (hedge funds, commodity pools)         ___________________

9.       Purchaser Representative
         ------------------------

         Do you intend to use the services of a Purchaser Representative in
         connection with evaluating the merits and risks of an investment in the
         Company?

         Yes _____                  No _____

              If "Yes", please state the name of the Purchaser Representative:

              ----------------------------------------------------------------

10.      Taxable Year (check one):          [ ]      Calendar Year
         ------------

                                            [ ]      Fiscal Year Ending________

11.      Agreements
         ----------

         The undersigned hereby understands, represents, warrants and agrees to
the following:

         a.       The information contained in this Confidential Investor
                  Questionnaire is true, complete and accurate and may be relied
                  upon by the Underwriter in determining the undersigned's

                                      B-4
<PAGE>

                  suitability as a purchaser of the Securities of the Company
                  and in establishing compliance with federal and state
                  securities laws;

         b.       The undersigned understands that any information contained in
                  this Confidential Investor Questionnaire that is untrue,
                  incomplete or inaccurate may result in the undersigned or the
                  Company, or both, being in violation of federal and state
                  securities laws, and that by subscribing to purchase the
                  Securities of the Company and executing this Confidential
                  Investor Questionnaire and the Subscription Agreement
                  contained in this Subscription Packet, the undersigned is
                  agreeing to indemnify the Company and Underwriter from damages
                  arising from those statements or from other matters;

         c.       The undersigned understands that a false statement or
                  representation may constitute a violation of law, and that any
                  person who suffers damage as a result of a false statement or
                  representation, may have claims against the undersigned for
                  damages;

         d.       The undersigned will notify the Underwriter immediately of any
                  material change in any of such information occurring prior to
                  the acceptance of the undersigned's subscription;

         e.       The undersigned understands that the Underwriter may request
                  further information in order to determine the suitability of
                  the undersigned's subscription and in establishing compliance
                  with federal and state securities laws. The undersigned shall
                  furnish this additional information promptly if the
                  undersigned desires to have the undersigned's subscription
                  considered further; and

         f.       The undersigned knows of no pending or threatened litigation
                  the outcome of which could adversely affect the answer to any
                  questions hereunder.

                  IN WITNESS THEREOF, the undersigned has completed the
                  foregoing statements and executed this Confidential Investor
                  Questionnaire this _____ day of __________, 200_.

         ------------------------------------        --------------------------
         Signature of Investor                       Printed name of Investor

         ------------------------------------        --------------------------
         Signature of co-owner (if interest to       Print name of co-owner
         be purchased in joint name or as            (if interest to be
         community property)                         purchased in joint name or
                                                     as community property)

                                      B-5
<PAGE>

                                SARDY HOUSE, LLC

                Confidential Investor Questionnaire for Entities
                ------------------------------------------------

The primary purpose of this Confidential Investor Questionnaire is to assure
Sardy House, LLC, a Colorado limited liability company (the "Company") and W.G.
Nielsen & Co (the "Underwriter"), that the prospective Investor in the Units
(the "Units" or the "Securities") of the Company will be eligible to invest in
the Securities.

Please print or type your answers. If the answer to any question is "No" or "Not
Applicable," please so state. Please provide information for all subscribers,
using separate questionnaires if necessary. Please do not combine or consolidate
financial information of co-subscribers.

Except as set forth herein, your answers will at all times be kept confidential.
By signing this Confidential Investor Questionnaire, however, you understand and
agree that (i) the Underwriter is relying on the accuracy, truth and
completeness of your representations and statements set forth in your responses
to this Confidential Investor Questionnaire, the Subscription Agreement and any
other document delivered by you to the Company and Underwriter in determining
whether the offer and sale of the Securities comply with applicable federal and
state securities laws, (ii) if your representations or responses are not
accurate, truthful and complete, you or the Company, or both, may be found to be
in violation of federal and state securities laws, and (iii) the Company and
Underwriter may present this Confidential Investor Questionnaire, and other
documents delivered by you to the Company and Underwriter, to the appropriate
parties if the Company or Underwriter is called upon to establish the
availability of exemptions from registration and other compliance with federal
and state securities laws and for other appropriate purposes.

The entire Confidential Investor Questionnaire, consisting of PART I, PART II
and PART III, must be completed by all Investors.

PARTNERSHIPS, CORPORATIONS, OTHER ENTITIES AND TRUSTS: If the Investor is a
partnership, this Confidential Investor Questionnaire should be completed by a
general partner of the partnership. If the Investor is a corporation or other
type of entity, this Confidential Investor Questionnaire should be completed by
the authorized officer or other person who is empowered to make the investment
decision on behalf of the corporation or other type of entity. If the Investor
is a trust, this Confidential Investor Questionnaire should be completed by the
trustee or the trustee's authorized representative. If the Investor is a limited
liability company (an "LLC"), this Confidential Investor Questionnaire should be
completed by the manager or the managing member of the LLC. In addition, each
partner of an investing partnership, each shareholder of an investing
corporation, each equity owner of an entity and each beneficiary of an investing
trust, may be required to complete a duplicate copy of PARTS I, II and III in
their entirety, if deemed necessary by the Company. FOR EXAMPLE, IN THE EVENT
THAT THE INVESTING ENTITY WAS FORMED FOR THE SPECIFIC PURPOSE OF MAKING THIS
INVESTMENT, EACH EQUITY OWNER OF SUCH ENTITY IS REQUIRED TO COMPLETE A SEPARATE
CONFIDENTIAL INVESTOR QUESTIONNAIRE TO ENSURE COMPLIANCE WITH APPLICABLE
SECURITIES LAWS.

                                      B-6
<PAGE>

                                     PART I

1.       General Information
         -------------------

         Name of Investor:
                           ----------------------------------------------------

If ownership of the Securities will be held in the name of two or more entities
or persons, complete the following information for each of the other co-owners.

Name:
       ------------------------------------------------------------------------
Street Address:
               ----------------------------------------------------------------
-------------------------------------------------------------------------------
Mailing Address (complete only if different from street address above):

-------------------------------------------------------------------------------
-------------------------------------------------------------------------------

2.       Business Information
         --------------------

         Type of Business of Investor:
                                      -----------------------------------------
         -----------------------------------------------------------------------
         -----------------------------------------------------------------------

         Period In Business:
                             --------------------------------------------------

3.       Investment Objectives (Subscriber, Not Custodian):
         ---------------------

         Order of INVESTMENT       Secondary Residence Opportunity:      ______
         OBJECTIVES of
         Subscriber [or of         Long Term Capital Appreciation:       ______
         minor(s), not
         custodian]: Number                        Current income:
         preferences from 1                                              ______
         (most preferred) to 3
         (least preferred).
         Reminder: This                                Liquidity:        ______
         investment is most
         appropriate for                                  Other:         ______
         persons seeking                  ------
         primarily a long-term
         secondary residence
         opportunity and
         secondarily possible
         long-term capital
         appreciation
         associated with such
         residence.

4.       Financial Information
         ---------------------

         a.       Does the Investor have adequate means of providing for its
                  current needs and contingencies and no need for liquidity in
                  its investments?

                  Yes ______                         No ______

         b.       Is the Investor able to bear the economic risk of an
                  investment in the Company of the size contemplated, including
                  a complete loss of its investment?

                                      B-7
<PAGE>
                  Yes _____                          No _____

                                     PART II

5.       General Information
         -------------------

         a.       Type of entity making investment (bank, insurance company,
                  corporation, partnership, LLC, trust, etc.):

                  -------------------------------------------------------------
                  -------------------------------------------------------------
                  -------------------------------------------------------------

         b.       Date of Formation:
                                    -------------------------------------------
                                    -------------------------------------------
                                    -------------------------------------------

         c.       Purpose of formation (please note particularly whether the
                  purpose is to make this investment):

                  -------------------------------------------------------------

         d.       If the entity is a partnership or taxed as a partnership
                  (including most LLCs), please list the name of the partners:

                  -------------------------------------------------------------

6.       Investment Authority

         In order to establish that the Investor is authorized to invest in the
         Securities, the following must be furnished:

         a.       Partnerships and LLCs must attach to this Confidential
                  Investment Questionnaire a copy of the partnership agreement
                  or operating agreement (together with articles of formation),
                  which may show that the person signing the subscription
                  documents is a general partner of the partnership or manager
                  (or managing member) of the LLC who has the authority to make
                  the investment decision and to execute the agreement.

         b.       Corporations must attach to this Confidential Investor
                  Questionnaire a certified copy of a resolution of the board of
                  directors showing that the corporation is authorized to make
                  this investment and that the person who is signing this
                  Confidential Investor Questionnaire and the other subscription
                  documents is authorized to do so.

         c.       Trusts must attach to this Confidential Investor
                  Questionnaire a copy of the trust agreement.

                  In addition, you may be required to provide additional
                  information with respect to investment authority including,
                  without limitation, an opinion of counsel.

                                      B-8
<PAGE>

7.       Investment Decision
         -------------------

         If the entity is a partnership, did each partner elect whether to
         participate in the partnership's investment in the Securities?

         Yes ______                 No _____

         If the answer is yes, please state the number of partners who elected
         to participate in this investment: _________________.

         If the entity is a trust, may the trust be amended or revoked at any
         time by the grantor(s)?

         Yes _____                  No _____

8.       Ability to Make Investment Decisions
         ------------------------------------

         a.       Do you have such knowledge and experience in financial matters
                  that you are capable of evaluating the merits and risks of the
                  prospective investment in the Company?

                  Yes _____                 No _____

         b.       If the answer to (a) is No, do you intend to use a purchaser
                  representative together with whom you would be capable of
                  evaluating the merits and risks of the prospective investment
                  in the Company?

                  Yes _____                 No _____

9.       Representations and Warranties
         ------------------------------

         The undersigned represents and warrants as follows:

         a.       The entity has been duly formed and is validly existing and in
                  good standing under the laws of the jurisdiction of its
                  formation with full power and authority to enter into the
                  transactions contemplated by the Subscription Agreement;

         b.       (i)      The entity's officers, partners, managers (or
                           managing members) or trustees of the undersigned who,
                           on behalf of the undersigned, have considered the
                           purchase of the Securities and the advisors, if any,
                           of the corporation, partnership, LLC or trust or
                           other entity in connection with such consideration in
                           this Confidential Investor Questionnaire, and such
                           officers and advisors, if any, were duly authorized
                           to act for the corporation, partnership, LLC or trust
                           or other entity in reviewing such investment; and

                  (ii)     In evaluating the merits and risks of the purchase of
                           the Securities, the corporation, partnership, LLC,
                           trust or other entity intends to rely upon the advice
                           of, or will consult with, the following persons:

         c.       The officers of the corporation, the partners of the
                  partnership, the manager (or managing member) of the LLC or
                  the trustees of the trust or other authorized representative
                  of the entity who, on its behalf, have considered the purchase
                  of the Securities and the advisors,

                                      B-9
<PAGE>

                  if any, of the corporation, partnership, LLC or trust or other
                  entity who, in connection with such consideration, together
                  have such knowledge and experience in financial and business
                  matters that such officer(s), partner(s), manager(s)/managing
                  member(s), trustee(s) and such advisor(s), if any, together
                  are capable of evaluating the merits and risks of purchase of
                  the Securities and of making an informed investment decision.

10.      Accredited or Unaccredited Investor
         -----------------------------------

         The investor is:

                  ____     A bank as defined in Section 3(a)(2) of the
                           Securities Act of 1933 (the "Securities Act"), or any
                           savings and loan association or other institution as
                           defined in Section 3(a)(5)(A) of the Securities Act
                           whether acting in an individual or fiduciary
                           capacity;

                  ____     A broker or dealer registered pursuant to Section 15
                           of the Securities Exchange Act of 1934;

                  ____     An insurance company as defined in Section 2(13) of
                           the Securities Act;

                  ____     An investment company registered under the Investment
                           Company Act of 1940 or a business development company
                           as defined in Section 2(a)(48) of that Act;

                  ____     A Small Business Investment Company licensed by the
                           U.S. Small Business Administration under Section
                           301(c) or (d) of the Small Business Investment Act of
                           1958;

                  ____     A plan established and maintained by a state, its
                           political subdivisions, or any agency or
                           instrumentality of a state or its political
                           subdivisions for the benefit of its employees, if
                           such plan has total assets in excess of $5,000,000;

                  ____     An employee benefit plan within the meaning of the
                           Employee Retirement Income Security Act of 1974 if
                           the investment decision is made by a plan fiduciary,
                           as defined in Section 3(21) of such Act, which is
                           either a bank, savings and loan association,
                           insurance company, or registered investment adviser,
                           or if the employee benefit plan has total assets in
                           excess of $5,000,000 or, if a self-directed plan,
                           with investment decisions made solely by persons that
                           are accredited investors;

                  ____     A private business development company as defined in
                           Section 202(a)(22) of the Investment Advisers Act of
                           1940;

                  ____     An organization described in Section 501(c)(3) of the
                           Internal Revenue Code, corporation, Massachusetts or
                           similar business trust, or partnership, not formed
                           for the specific purpose of acquiring the securities
                           offered, with total assets in excess of $5,000,000;

                  ____     A trust, with total assets in excess of $5,000,000,
                           not formed for the specific purpose of acquiring the
                           securities offered, whose purchase is directed by a
                           sophisticated person who has such knowledge and
                           experience in financial

                                      B-10
<PAGE>

                           business matters that such person is capable of
                           evaluating the risks and merits of an investment in
                           the Securities;

                  ____     An entity in which all of the equity owners are
                           accredited investors; or

                  ____     None of the above.

                                    PART III

11.      Prior Investments
         -----------------

         Has the Investor previously purchased securities in a private placement
         or securities which were otherwise subject to substantial limitations
         on transferability?

         Yes_____                           No ______

         Other Investments:                               Current Market Value
         -----------------                                --------------------

                  a. Real estate, other than principal
                     residence (directly or through
                     partnerships or other entities
                     managed by others)                    ___________________

                  b. Tax shelter programs (real
                     estate, leasing, oil & gas, cattle)   ___________________

                  c. Marketable securities (stocks,
                     bonds, debentures, notes, cash)       ___________________

                  d. Speculative or venture capital
                     investments                           ___________________

                  e. Other private investment funds
                     (hedge funds, commodity pools)        ___________________

12.      Purchaser Representative
         ------------------------

         Does the Investor intend to use the services of a Purchaser
         Representative in connection with evaluating the merits and risks of an
         investment in the Company?

         Yes _____                                   No ______

         If "Yes", please state the name of the Purchaser Representative:

         ----------------------------------------------------

13.      Taxable Year (check one):          [ ]      Calendar Year
         ------------

                                            [ ]      Fiscal Year Ending _______
14.      Agreements
         ----------

         The undersigned hereby represents warrants and agrees to the following:

         a.       The information contained in this Confidential Investor
                  Questionnaire is true, complete and accurate and may be relied
                  upon by the Underwriter in determining the undersigned's

                                      B-11
<PAGE>

                  suitability as a purchaser of the Securities of the Company
                  and in establishing compliance with federal and state
                  securities laws;

         b.       The undersigned understands that any information contained in
                  this Confidential Investor Questionnaire that is untrue,
                  incomplete or inaccurate may result in the undersigned or the
                  Company, or both, being in violation of federal or state
                  securities laws, and that by subscribing to purchase the
                  Securities of the Company and executing this Confidential
                  Investor Questionnaire and the Subscription Agreement
                  contained in this Subscription Packet, the undersigned is
                  agreeing to indemnify the Company and Underwriter from damages
                  arising from those statements or from other matters;

         c.       The undersigned understands that a false statement or
                  representation may constitute a violation of law, and that any
                  person who suffers damage as a result of a false statement or
                  representation may have a claim against the undersigned for
                  damages;

         d.       The undersigned will notify the Underwriter immediately of any
                  material change in any of such information occurring prior to
                  the acceptance of the undersigned's subscription;

         e.       The undersigned understands that the Underwriter may request
                  further information in order to determine the suitability of
                  the undersigned's subscription and in establishing compliance
                  with federal and state securities laws. The undersigned will
                  furnish this additional information promptly if the
                  undersigned desires to have the undersigned's subscription
                  considered further; and

         f.       The undersigned know of no pending or threatened litigation
                  the outcome of which could adversely affect the answer to any
                  questions hereunder.

                  IN WITNESS WHEREOF, the undersigned has completed the
                  foregoing statements and executed this Confidential Investor
                  Questionnaire this ____ day of ____________, 200_.

         -------------------------------
         Printed Name of Investor Entity

         BY:
            --------------------------------------    -------------------------
                Signature of Investor's Authorized    Print Name and Title
                Representative                        of Investor's
                                                      Authorized Representative

                                      B-12
<PAGE>

                                SARDY HOUSE, LLC
                     Purchaser Representative Questionnaire
                     --------------------------------------

                 To be completed on behalf of all Investors who
                    are utilizing a Purchaser Representative

Please Print or Type:

Name of Investor:
                 --------------------------------------------------------------

The following information pertains to the Purchaser Representative advising the
Investor:

Name:
       ------------------------------------------------------------------------

Business Address:
                   ------------------------------------------------------------

-------------------------------------------------------------------------------

Age:                                         Business Telephone:
      ------------                                              ---------------

1.       State your present occupation or position, indicating period of such
         practice or employment and field or professional specialization, if
         any:

2.       State your educational background, including any business or
         professional education, including degrees received, if any:

3.       Describe your prior experience in advising clients with respect to
         investments of this type:

4.       List any professional licenses or registrations (including bar
         admissions, accountant certifications, real estate brokerage licenses,
         SEC or state broker-dealer registrations) held by you:

5.       Describe generally any business, financial or investment experience
         that would help you to evaluate the merits and risks of this
         investment:

6.       State your relationship (family, business, professional, etc.) with the
         Investor:

7.       State whether you or any of your affiliates have any material
         relationship with Sardy House, LLC (the "Company") or any affiliates of
         the Company, whether any such material relationship is understood to be
         contemplated or has been in effect during the last two years. If so,
         describe the

                                      B-13
<PAGE>

         nature of the relationship and indicate the amount of compensation
         received or to be received as a result of the relationship:

8.       State whether, in advising the Investor in connection with the
         investment in the Company, you will be relying in part on the
         Investor's own experience in certain areas. If so, describe the areas
         where you will be relying on the Investor's expertise:

9.       State whether, in advising the Investor in connection with the
         investment in the Company, you will be relying in part upon the
         expertise of an additional representative. If so, give the name and
         address of that additional representative and describe the area for
         which you will be relying on his expertise:

         I understand that the Company will be relying on the accuracy and
         completeness of my responses to the foregoing questions and I represent
         and warrant to it as follows:

         a.       I am acting as a representative for the above-named Investor
                  in connection with an investment in the Company;

         b.       the answers to the above questions are complete and correct
                  and may be relied upon in determining whether the offering in
                  connection with which I have executed this Purchaser
                  Representative Questionnaire is exempt from registration under
                  the Securities Act of 1933, as amended, pursuant to Regulation
                  D thereunder or otherwise;

         c.       I will notify the Underwriter immediately of any material
                  change in any statement made herein occurring prior to the
                  closing of any purchase by the Investor of an interest in the
                  Company; and

         d.       I personally (or, if I have responded in the affirmative in
                  response to questions 8 and 9 above, together with the
                  Investor or the additional representatives indicated above)
                  have such knowledge and experience in financial and business
                  matters that I am capable of evaluating the merits and risks
                  of an investment in the Company.

I have executed this Purchaser Representative Questionnaire this ____ day of
______________, 200_.

                                    -------------------------------------------
                                    Signature of Purchaser Representative

                                    -------------------------------------------
                                    Print Name of Purchaser Representative

                                      B-14

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