Northstar at Tahoe® - Rental Revenue

					AVERAGES				Average Daily Rate		REVENUE RANGE**
# UNITS			SIZE	Rented Nights				Owner Nights	LOW*	HIGH	HIGH	LOW
Northstar^™ Village
6		V1				110		10	$123	$163	$19,440	$10,565
26		VR				116		6	$120	$156	$22,703	$12,769
7		VL				112		6	$98	$221	$26,148	$15,550
6		XL				131		31	$130	$224	$31,097	$17,643
Aspen Grove
21		SD				152		9	$88	$143	$23,359	$12,103
5		1/1				109		19	$97	$195	$17,500	$9,768
6		2/1				127		27	$188	$210	$28,504	$21,353
13		2/2				106		17	$205	$235	$29,000	$12,812
7		3/2				96		37	$267	$325	$34,482	$19,181
1		4/2				56		62	AVG=$396		N/A	N/A
Gold Bend
9		2/1				101		16	$192	$212	$26,739	$19,735
9		2/2				107		20	$158	$256	$25,844	$18,176
14		3/2				78		17	$145	$328	$27,761	$9,515
2		4/2				114		11	$275	$371	$37,066	$34,101
Indian Hills
20		2/2				75		20	$62	$269	$23,147	$10,193
7		3/2				97		19	$109	$320	$26,557	$17,304
Ski Trails
21		1/1				126		13	$87	$195	$23,480	$11,285
15		1/1(T)				116		18	$107	$209	$26,415	$17,857
3		2/1				47		12	$219	$234	$30,938	$19,168
2		2/1(T)				194		16	$120	$270	$33,912	$28,389
10		2/2				89		21	$207	$292	$27,710	$15,935
3		2/2(T)				96		32	$272	$301	$30,483	$22,821
Houses
2	3/2						75	42	$370	$385	$29,244	$27,368
3	3/2 (CSTM)						54	12	$440	$449	$30,542	$16,444
6	3/3						63	69	$392	$456	$43,512	$17,319
2	4/2						68	19	$462	$498	$33,293	$31,354
3	4/3						82	15	$494	$552	$48,364	$34,362
4	4/3(CSTM)						67	39	$461	$490	$45,113	$35,000
2	5/3						108	18	$501	$543	$58,072	$53,720
1	5/4						117	17	AVG=$809		N/A	N/A
1	6/4						44	9	AVG=$920		N/A	N/A
237 Units on our Rental Program.									*Low includes stay and ski free calculation and all other discounts offered to guests.		** Factors include guest requests, amount of Home Owner usage and length on program.

Information above provided by Northstar^™ Rental Program
*Northstar^™ Rental Program Fees are 50% of Gross Rental Income
for more specific information about the Northstar^™ rental program,
please download the Synopsis of Northstar^™ Rental Management Agreement

					AVERAGES				Average Daily Rate		REVENUE RANGE**
# UNITS			SIZE	Rented Nights				Owner Nights	LOW*	HIGH	HIGH	LOW
Northstar^™ Village
5		V1				125		10	$81	$131	$16,241	$10,009
27		VR				117		6	$87	$160	$21,257	$9,646
7		VL				147		8	$88	$203	$24,706	$17,406
6		XL				143		20	$133	$201	$27,305	$20,777
Aspen Grove
22		SD				169		11	$94	$121	$21,216	$10,549
4		1/1				131		17	$118	$142	$20,162	$15,190
7		2/1				104		21	$170	$225	$22,968	$18,175
14		2/2				99		14	$171	$227	$30,084	$6,568
7		3/2				108		30	$115	$299	$34,627	$11,030
1		4/2				75		49	Av $311	Av $311	N/A	N/A
Gold Bend
9		2/1				80		22	$146	$264	$18,385	$9,208
10		2/2				99		16	$155	$223	$28,761	$16,081
13		3/2				105		16	$92	$277	$34,930	$14,744
3		4/2				70		21	$264	$316	$29,905	$8,436
Indian Hills
19		2/2				85		23	$100	$245	$25,288	$8,542
8		3/2				91		13	$100	$300	$25,868	$8,359
Ski Trails
22		1/1				127		20	$88	$179	$22,485	$4,817
17		1/1(T)				120		12	$109	$218	$27,681	$16,024
3		2/1				41		14	$227	$239	$28,160	$20,790
2		2/1(T)				102		26	$231	$247	$27,389	$21,250
16		2/2				67		13	$162	$270	$28,728	$19,060
4		2/2(T)				113		28	$148	$291	$29,926	$19,396
Houses
2	3/2						93	41	$302	$316	$29,063	$28,358
3	3/2 (CSTM)						55	49	$344	$355	$34,428	$23,033
6	3/3						63	46	$296	$415	$35,230	$7,407
2	4/2						74	23	$351	$399	$31,264	$23,521
5	4/3						96	34	$383	$447	$56,018	$27,779
2	5/3						112	13	$448	$485	$56,774	$47,900
1	5/4						108	42	Av $571	Av $571	N/A	N/A
1	6/4						84	21	Av $712	Av $712	N/A	N/A
248 Units on our Rental Program.									*Low includes stay and ski free calculation and all other discounts offered to guests.		** Factors include guest requests, amount of Home Owner usage and length on program.

					AVERAGES				Average Daily Rate		REVENUE RANGE**
# UNITS			SIZE	Rented Nights				Owner Nights	LOW*	HIGH	HIGH	LOW
Northstar^™ Village
33		VR				97		9	$78	$166	$17,959	$9,674
14		VL				147		17	$93	$247	$28,955	$9,898
Aspen Grove
23		SD				174		11	$76	$137	$21,723	$10,800
4		1/1				136		13	$118	$137	$20,245	$15,322
6		2/1				128		17	$162	$191	$27,764	$19,492
15		2/2				115		14	$120	$224	$30,032	$3,362
7		3/2				99		22	$189	$300	$33,795	$5,392
1		4/2				75		42	$294	$294	$22,037	$22,037
Gold Bend
9		2/1				101		40	$157	$198	$23,714	$13,685
11		2/2				105		13	$132	$263	$28,105	$8,876
13		3/2				115		16	$100	$253	$28,453	$17,734
3		4/2				135		23	$127	$319	$32,314	$20,437
Indian Hills
21		2/2				99		18	$81	$274	$24,920	$9,820
9		3/2				62		17	$193	$314	$24,481	$10,202
Ski Trails
22		1/1				124		14	$111	$148	$21,604	$8,510
16		1/1(T)				126		14	$135	$189	$25,743	$14,184
5		2/1				119		16	$200	$226	$28,730	$22,403
16		2/2				102		13	$208	$268	$34,272	$19,013
Houses
4	3/2						73	28	$312	$341	$29,975	$15,710
4	3/2 (CSTM)						72	71	$323	$386	$34,845	$10,024
6	3/3						47	48	$299	$482	$24,783	$15,512
2	4/2						72	28	$309	$383	$28,712	$21,015
5	4/3						95	42	$333	$406	$37,106	$31,283
2	5/3						86	19	$419	$477	$52,933	$25,550
1	5/4						151	22	$564	$564	$85,157	$85,157
1	6/4						72	30	$690	$690	$49,674	$49,674
253 Units on our Rental Program.									*Low includes stay and ski free calculation and all other discounts offered to guests.		** Factors include guest requests, amount of Home Owner usage and length on program.