HIGH NET WORTH READERSHIP ANALYSIS Conducted by Prince & Associates 2005 Research January 2005 June 2005 October 2005

President, Prince & Associates, Inc. Consultants to financial institutions and high-end financial advisors and lawyers targeting the ultra-affluent Institutional clients include: AIG, American Express, Bank of New York, Chase, Citigroup, Bear Stearns, Goldman Sachs, Merrill Lynch and Contributing Editor to Institution Investor High Net Morgan Stanley Author of 31 books focused on wealth management for the ultra-affluent Worth Newsletter Regularly used by Wall Street Journal as expert on high-net worth individuals RUSS ALAN PRINCE

Representative Sample of high net worth individuals obtained through lawyers and financial advisors Telephone and in-person surveys Three separate surveys January Total Respondents May 2005 – 304 Total Respondents October 2005 – 471 Total Respondents Sample - Minimum Net Worth $10 million + to qualify

HIGHLIGHTS-PRINCE SURVEYS IN 2005 Between 66% and 70% High-Net Worth individuals (Net Worth $10 million +) surveyed report they are regular readers of the magazine (three surveys) Median Household Income of these readers is $1.724 million, and projected against the universe of individuals with a Net Worth of $10 million + the magazine has a readership of 436,000 individuals in this category. This does not include readers the magazine may have with a net worth under $10 million as this group was not surveyed The main location readers receive Elite Traveler is private jets (68%) and many receive Elite Traveler outside the US (37%) as well as within the US (89%) indicating they are frequently out-of-the country making them hard-to-reach by other means Readers like the size (86%), design (88%) and content (84%) 90% of readers consider Elite Traveler higher quality than other magazines providing excellent branding opportunities 89% of readers find information in Elite Traveler they don’t see in other magazines which provides the magazine a unique position with readers More than half of reader (57%) consider it one of their two or three favorite magazines which reflects positively on products featured There are very high incidences of purchases of items seen in the magazine, with very strong purchasing of Accessories (69%), Jewelry (68%), Hotels and Resorts (68%), Fashion (65%) and Watches (56%). Other strong categories included purchasing of private jet products (46%), Real Estate and Vacation Clubs (40%) and Yacht Charters and Yachts (20%). As these are high-priced items, this shows a very high trust readers place in the magazine. Average spend on purchasing categories in the Summer Survey (June) showed high amounts of money spent in a short period (two months) – cruises ($71,000), Hotels/Resorts/Spas ($147,000), Vacation Home/Villa Rentals ($143,000), Jewelry/Watches ($63,000) and Apparel ($16,000) among others Post hurricane research no significant changes in purchasing of luxury goods and services, demonstrating the magazine’s readership provides luxury marketers a segment of big purchasers that can be depended on to keep spending More than 4 in 10 readers take the magazine with them from their private jet/yacht (43%) showing a very high degree of interest and typically look at the magazine at least three times (2.9 median) Preference and trust for the magazine is again demonstrated in that readers typically show something in the magazine to approximately five other people (4.7 median)

Read Elite Traveler Regularly (Jan) 66.8% Read 4 of last 6 issues (Oct) 69.9% Very Much Like Elite Traveler (Jan) 79.6% 99% HHI $400,000+ (Jan) 66% HHI $1,000,000+ (Jan) Average Household Income - $5.3 million (Oct) Median Household Income - $1.724 million (Oct) Average Net Worth – US$ million (Oct) Median Net Worth – US$46.3 million (Oct) Answers on following pages based on Elite Traveler readers… Private Jet Displays

SourcePercent Private jet/private jet terminal67.8% Limousine41.7% Yacht-Yacht Marina20.9% Hotel Suites/Spa19.0% Airline Lounge/Cabin16.1% Golf Club13.7% Sports Team Locker/Training Facility7.6% Other4.3% Subscription1.0% N =211 WHERE WAS YOUR COPY OF ELITE TRAVELER OBTAINED (JANUARY)

LOCATIONS OBTAINED ELITE TRAVELER (JANUARY) Issues Percent Within the US89.1% Outside the US37.4% N =211

IssuesPercent Believe the oversize format and nice paper is a good showcase for luxury products 85.8% Like the design and format88.2% Consider it higher quality than other magazines90.5% Find the content interesting84.4% Usually find information and content (pictures of hotel suites, etc.) I don’t see in other magazines 89.1% Consider it one of my two or three favorite magazines57.3% Always pick up the new issue when I see it79.6% Find it usually available in the places I go – private jet, hotel suite, airport lounge, etc. 69.2% Will ask for it if it is not in a place I expect it to be46.0% N =211 FEELINGS ABOUT ELITE TRAVELER (JANUARY)

ItemsPercent Accessories – Shoes/Briefcases/Handbags69.2% Jewelry67.8% Hotel or Resort for a Meeting or Social Function67.8% Suit/Dress65.4% Hotel or Resort Suite58.3% Watch56.4% Private Jet/Fractional Ownership/Jet Charter45.5% Real Estate/Vacation Club Membership39.8% Yacht-Yacht Charter19.9% N =211 PURCHASED ITEMS SEEN IN ELITE TRAVELER (JANUARY)

ItemsDollars Spent Cruises – 43.1% of Elite Traveler readers$71,000 Experiential Excursions – 22.7%$79,000 Luxury Hotels/Resorts/Spas – 93.4%$147,000 Vacation Home/Villa Rentals –12.9%$143,000 Yacht Rentals – 9.5%$317,000 Jewelry/Watches – 63.2%$63,000 Apparel/Accessories – 86.8%$16,000 Wine/Spirits Entertaining/Personal – 75.6%$30,000 Redecorating – 30.9%$137,000 N =304 SUMMER SPENDING FOR JULY/AUGUST 2005 (JUNE)

Spending Changes $10M - $20M Net Worth $20M + Net Worth Postpone leisure trips between now and the end of the year 2.8% 0.0% Cause you to reconsider luxury purchases such as jewelry and fashion 1.9% 0.0% Cause you to delay large scale discretionary purchases such as cars or houses 2.5% 0.0% Travel less because of oil/gas prices 0.0% Overall, become more price sensitive when spending 0.0% IMPACT OF HURRICANES ON SPENDING (OCTOBER)

Average # of times looked/read a single issue – 3.8 Median # of times looked/read a single issue – 2.9 Average # of people showed something specific from a single issue of Elite Traveler – 7.1 Median # of people showed something specific from a single issue of Elite Traveler – 4.7 Took the last issue with them off private jet/yacht – 43.2% Saved something from last issue (ads or editorial) – 33.1% Took the last issue or/something from last issue – 57.1% DISPOSITION OF ISSUES (OCTOBER)