1. Phuket Shared Ownership State of the Invasion Bill Barnett, Managing Director C9 Hotelworks October 12, 2009

2. Sleeping giant with over THB2 billion sales 2008 Total market size of 554 units as of H1 2009 Natural accompaniment to destinations tourism market Evolving from timeshare model; more global brands Notable component of Phuket real estate sector

3. Vacation Ownership (VO) core sector Yacht Fractional Ownership (YFO) sales launched 2007 Property Fractional Ownership (PFO) 2009 Vacation Ownership (VO) core sector Yacht Fractional Ownership (YFO) sales launched 2007 Property Fractional Ownership (PFO) 2009

4. PFO marked 13% of sales 2009 VO market share 2009 decreased from 95% to 83% PFO marked 13% of sales 2009 VO market share 2009 decreased from 95% to 83%

7. At a Glance Critical mass of units (92%) in Bangtao and Mai Khao Week-based members (68%) vs. point-based (32%) Vacation clubs and point memberships popularity increasing 20% Thai members in favor of local club, shorter duration and lower entry price Innovative features: Vacation exchange partnership (RCI, II and DAE) Reward program / privilege card Membership repurchase or resale programs

8. Point programs attaining higher selling price

9. International brands 62% price premium; dominating sales volume International brands 62% price premium; dominating sales volume

10. PFO in Phuket Context: Sales started late 2008; a few projects in Patong and vicinity Wide range of week ownership, unit size, and price points All foreign buyers; mostly Australian, British, South African and Malaysian Purchase on leasehold and share basis Innovative features: Rental pooling Branded hotel management Exchange affiliation (Register Collection)

11. No significant influence of ownership period on price

12. Smaller units higher price per square meter

13. YFO in Phuket context: 10 fractional ownership shares; each with 28 day entitlement Local entity developers/sellers with related businesses All foreign buyers; mostly British, French and Scandinavian over half residing in Asia Private charter rental during non-usage periods Relevant expenses i.e. maintenance, insurance, food & beverage, and fuel charges

14. Price growth slowing down as 2009 sales volume dropped

15. Emphasis on lower entry products, domestic buyers and financing options More developers attracted to conversions; pipeline increasing Branded luxury and mixed use projects to offer fractional options Rising niche fractional products i.e. yachts, private aircraft and luxury automobiles Resale market to develop, testing appreciation viability

16. Todays Takeaway Shared Ownerships Greatest Advantage is - Its Ability to Innovate New Products You can download the report and this presentation at www.C9hotelworks.com market research