2007 SUMMER SPENDING SURVEY Conducted by Prince & Associates May 2007

President, Prince & Associates, Inc. Consultant 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 Morgan Stanley Contributor to Institutional Investor Author of over 35 books focused on wealth management for the ultra-affluent Regularly quoted 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 Survey conducted by telephone and in-person interviews 198 individuals were surveyed, each with a Net Worth of $10 million + SURVEY PARTICIPANTS

SURVEY HIGHLIGHTS Survey participants plan to spend an average of $622,202 on luxury goods and services across 17 different categories during Summer Spending across all categories will climb by 56% over 2005, the last time the Summer Spending survey was conducted. Among the highest growth categories projected for elite spending are Electronics (up 121% to $31,000 spending over the summer), Apparel and Accessories (112% increase to $34,000), Luxury Resorts (78% to $41,000) and Jewelry and Watches (49% gain to $94,000). According to Russ Prince of Prince & Associates, “The Super Wealthy are not impacted by external influences such as gas prices, job outlook and mortgage rate increases.” Some other highlights: 48% plan to take a cruise, spending $92,000; 95% will stay at Luxury Hotels (separate from Resorts), spending $48,000; 68% will go to Spas, spending $61,000; 26% will take Experiential Trips, spending $103,000; 16% will rent Villas, spending $106,000, 45% will redecorate, spending $129,000; 85% will purchase Wines and Spirits for either Entertaining or Personal Consumption, spending $41,000, 11% will rent yachts, spending $384,000.

Summer Spending Change 2007 / 2005 Activity%$ Planned%$ Spent $ Change% Change Yacht Rentals10.60%$384, %$317,000 $67, % Redecorating44.90%$129, %$137,000 ($8,000)-5.84% Villa Rentals15.70%$106, %$79,000 $27, % Experiential Excursions25.80%$103, %$79,000 $24, % Jewelry/watches73.70%$94, %$63,000 $31, % Luxury Cruises47.50%$92, %$71,000 $21, % Charitable Giving97.50%$82, %$52,000 $30, % Vacation Home Rentals12.10%$82, %$64,000 $18, % Out-of-Home Spa Services67.70%$61, %$49,000 $12, % Summer Entertaining93.90%$56, %$39,000 $17, % Luxury Hotels95.50%$48, %$36,000 $12, % Luxury Resorts84.80%$41, %$23,000 $18, % At-Home Spa Services53.50%$38, %$26,000 $12, % Apparel/accessories92.40%$34, %$16,000 $18, % Audio/visual51.50%$31, %$14,000 $17, % Wines and Spirits – Social Entertaining86.90%$24, %$19,000 $5, % Wines and Spirits – Personal Consumption84.80%$17, %$11,000 $6, % Total Luxury Summer Spending Per Household $622,202.02$399,187.50$223, % SURVEY RESPONSES 2007 Planned spending v Actual Spending In descending order by $ change N= 198, 2007 N= 304, 2005

Summer Spending Change 2007 / 2005 Activity%$ Planned%$ Spent $ Change% Change Audio/visual51.50%$31, %$14,000 $17, % Apparel/accessories92.40%$34, %$16,000 $18, % Luxury Resorts84.80%$41, %$23,000 $18, % Charitable Giving97.50%$82, %$52,000 $30, % Wines and Spirits - Personal Consumption84.80%$17, %$11,000 $6, % Jewelry/watches73.70%$94, %$63,000 $31, % At-Home Spa Services53.50%$38, %$26,000 $12, % Summer Entertaining93.90%$56, %$39,000 $17, % Villa Rentals15.70%$106, %$79,000 $27, % Luxury Hotels95.50%$48, %$36,000 $12, % Experiential Excursions25.80%$103, %$79,000 $24, % Luxury Cruises47.50%$92, %$71,000 $21, % Vacation Home Rentals12.10%$82, %$64,000 $18, % Wines and Spirits - Social Entertaining86.90%$24, %$19,000 $5, % Out-of-Home Spa Services67.70%$61, %$49,000 $12, % Yacht Rentals10.60%$384, %$317,000 $67, % Redecorating44.90%$129, %$137,000 ($8,000)-5.84% Total Luxury Summer Spending Per Household $622,202.02$399,187.50$223, % N= 198, 2007 N= 304, 2005 SURVEY RESPONSES 2007 Planned spending v Actual Spending In descending order by % change

TRAVEL RELATED SPENDING 2007 Planned spending v Actual Spending In descending order by % change Summer Spending Change 2007 / 2005 Activity%$ Planned%$ Spent $ Change% Change Yacht Rentals10.60%$384, %$317,000 $67, % Villa Rentals15.70%$106, %$79,000 $27, % Experiential Excursions25.80%$103, %$79,000 $24, % Luxury Cruises47.50%$92, %$71,000 $21, % Luxury Resorts84.80%$41, %$23,000 $18, % Vacation Home Rentals12.10%$82, %$64,000 $18, % Luxury Hotels95.50%$48, %$36,000 $12, % Out-of-Home Spa Services67.70%$61, %$49,000 $12, % Total Travel-Related Summer Spending Per Household $259,000 $173,588$85, % N= 198, 2007 N= 304, 2005