A Strong FutureI t’s hard to believe how quickly this year is going by! I — along with the entire team for The Registry Collection

program — have been diligently spreading the word about the exceptional services and value The Registry Collection

program provides at conferences throughout the world.

During my travels, I have picked up many positive sentiments about

the fractional industry despite the current economic environment.

Most concur that projects in highly desirable locations have a better

chance of success in the current climate. While sales velocity has

slowed considerably, all regions still reported some projects that are

selling. Now more than ever our luxury exchange program can help

your development with its sales efforts.

During these turbulent times we have been focusing on getting the

positive word out about the fractional industry, and specifically about

The Registry Collection program. In April, Nick Turner, Vice President

& Head of New Developments; Brett Archibald, Senior Vice President

of Business Development, UK; and I all spoke at the Fractional

Summit in London where The Registry Collection program was the signature sponsor. Now in its second year, this event,

which hosted 250 participants across Europe, continues to look at the growth of the fractional marketplace to date and the

future of the UK and European market.

The Registry Collection program was also a platinum sponsor and exhibitor at the Ragatz Fractional Interest Conference

held in San Francisco in March. I participated on the panel “Fractionals 101” while Bob McGrath, Vice President of Business

Development, spoke on the panel “Fractionalizing One-Off Homes.” Boasting nearly 400 attendees, this conference

continues to be one of the foremost informational resources on the fractional industry. Eugenio Macouzet, our Managing

Director for the Caribbean region, along with his team and I participated in the Caribbean Hotel and Tourism Investment

Conference (CHTIC) in Bermuda, along with over 150 attendees with

development interests in this important region.

In other news, LENZ-works, an innovative company located in Salt Lake City,

Utah, has been selected as preferred video provider for affiliates of The Registry

Collection program. LENZ-works offers creative services from award-winning

television programming to high-end marketing, sales and communication tools.

All of The Registry Collection programs’ property videos are filmed by LENZ-

works in High Definition, bringing enhanced value and clarity to The Registry

Collection Web site, as well as to our marketing materials. Please contact your

Account Executive to learn how LENZ-works can help with your video needs.

As we move further into 2009, all of us at The Registry Collection program will

continue to look for more ways to bring value to you and all of our affiliates

worldwide. I wish you all the best for a healthy and happy Spring.

The Registry Review

Second Quarter, 2009

Management Message

Affiliate Spotlight

Industry Events

Affiliate Spotlight

Affiliate Spotlight

Featured Partner

New Collection Partners

Employee Testimonial

New Affiliations

Q&As

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p.61Vice President

Global Product Management, Luxury Segment

Collecting affiliate news from around the world

TABLE of CONTENTS

Gregg Anderson (seated left) and Claude Attala, Global Managing Director of Northcourse Leisure Real Estate Solutions (to Gregg’s right) spoke about Global Hotspots at the recent Fractional Life conference in London.

Affiliate Spotlight: Purgatory Lodge

2 All of the resort descriptions and amenity information included in this newsletter have been provided by each resort.

The Purgatory Lodge, part of Durango Mountain Resort in Durango, Colorado, opened

in grand style for the 2008-2009 winter ski season. Closer to the ski lifts than any other

development of its kind in all of Colorado, Purgatory Lodge is just steps away from the

high-speed, six-passenger “Express Lift,” which boosts skiers to the top of the hill in only

six minutes.

Members and visitors of Durango Mountain Resort will enjoy access to 11 lifts and 85 runs,

inviting skiers to ski down cliff faces, power through snow fields and carve perfect lines

down wide-open trails. Offering two, three and four-bedroom residences with amazing

views, this luxury ski-in/ski-out property is the anchor of the new Purgatory Village.

Members will appreciate the resort’s handsome exterior, boasting heavy timbers and rugged styling, complementing

the soft furnishings, crackling fireplaces and luxurious amenities awaiting guests inside. Exclusive, high-end

furnishings fill each residence, including granite countertops, gas fireplaces, flat screen televisions, wireless internet

and private balconies, allowing members to experience a variety of local vistas.

Members of The Registry Collection program will also

benefit from access to the resort’s full concierge service,

outdoor pool, day spa, well-equipped Fitness Center and

Purgy’s, an on-site fine dining establishment. Guests and

members traveling with children can enjoy The Family

Activity Center, fully equipped with video game stations,

foosball, shuffleboard and a family theater flat-screen

television with a children’s movie library. The Family

Pool Facility features a children’s water slide built into

rock formations and a variable-depth pool with jet spray

features.

With the wide range of amenities offered by Purgatory

Lodge, members will feel completely relaxed and at home,

and will want to visit this lively location time and again.

Industry EventsMay 13-14, 2009: Luxury Markets Symposium,

Mexico City, Mexico

The Registry Collection® is

the Platinum sponsor and

will have numerous speakers

throughout. The Luxury Markets

Symposium boasts a thorough

conference agenda that provides

a comprehensive overview of

the luxury tourism real estate

industry. This unique conference

fosters open discussion for

developers to meet with industry

experts to identify opportunities

and find solutions to capitalize

on them.

From conquering the slopes to lounging poolside, members can enjoy a wide selection of year-round activities at Durango Mountain Resort.

The rustic splendor of the resort is a standout against Durango’s spectacular snow-capped peaks.

“Exclusive, high-end furnishings fill each

residence, including granite countertops,

gas fireplaces, flat screen televisions,

wireless internet and private balconies.”

Affiliate Spotlight: Pezula Resort Hotel and Spa

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Located on the Eastern Head of Knysna and bordered by Noetzie Beach and the Sinclair Nature Reserve, Pezula

Resort Hotel and Spa is an exquisite South African retreat. Considered to be one Africa’s most luxurious resorts,

Pezula is a sanctuary of indulgence created to reflect the natural beauty of its surroundings.

Renowned for its dramatic scenery, sweeping

landscapes and ancient indigenous forests, Pezula

boasts breathtaking views of the Indian Ocean,

the Knysna Lagoon and the Outeniqua Mountains.

Set just beyond the18th hole of the Pezula

Championship Golf Course, impeccable residences

feature stunning master bedrooms with luxury

bathrooms, a comfortable living area with gas

fireplace, plasma television and a state-of-the-art

sound system. Members of The Registry Collection

program can also enjoy a spacious dining area, a

fully equipped kitchen with modern appliances,

a charming patio with a heated plunge pool and

loungers for the ultimate in relaxation.

The on-site amenities of Pezula Resort Hotel and Spa

will entertain members of The Registry Collection

program in impeccable style. For adventurous

guests, Pezula encompasses the best of the

outdoors, offering archery lessons, golfing, cricket,

canoeing and horseback riding, among many others

both on-site and nearby. Noetzie beach, an on-site haven for bathers and bird-watchers alike, provides a restful

alternative for members looking to unwind and relish the peaceful surroundings.

For those who crave pure relaxation, the Pezula Spa and Gym is a calm sanctuary that reflects the soul of Africa in the

natural elements and textures of its exquisite décor. Members of The Registry Collection program will thoroughly enjoy

being pampered by its many sublime treatments.

A truly unforgettable escape, the Pezula Resort Hotel and Spa offers members of The Registry Collection program a

rare opportunity to experience one of the most exquisite natural environments in the world.

Dramatic vistas of mountains, forests and ocean command the horizons ofPezula Resort Hotel and Spa.

Members’ fairway experience will reach dramatic new heights on the breathtaking Pezula Championship Golf Course.

“ Pezula is a sanctuary of indulgence

created to reflect the natural beauty

of its surroundings.”

Affiliate Spotlight: The Muskokan Resort Club

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Located just two hours north of Toronto, Canada on the waterfront of Lake Joseph, The Muskokan Resort Club

combines an exceptional natural setting with the most luxurious villas in the Muskoka district.

Known for its thundering waterfalls, more than 1,600 lakes and sheer granite cliffs, the district of Muskoka

mesmerizes all who visit. Once primarily a summer destination, Muskoka has become a premier four-season travel

destination. Members of The Registry Collection program can enjoy the many activities that this bustling outdoor

setting has to offer, such as golfing, canoeing, fishing, cross-country skiing, boutique shopping and local museums.

Spacious, sun-filled and beautifully furnished,

the Muskokan Resort Club’s three-bedroom

residences feature timber accents, impressive

great rooms with fifteen-foot ceilings, grand

Muskoka influenced fireplaces and gourmet

granite and stainless steel kitchens. Each

residence also boasts the classic “Muskoka

Room,” an airy, screened-in space that enlivens

the living and entertaining area with luscious

outdoor views.

The Muskokan Resort Club’s on-site amenities

provide both active and relaxing options to

members of The Registry Collection program

and their guests. The Boathouse offers a

fitness facility, outdoor hot tub, spa rooms,

recreational water sports equipment and

elevated decks for members to bask in the clear

Muskoka sun while capturing the views of Lake

Joseph. Outdoor tennis courts, an impressive natural sand beach, boat slips, outdoor shuffleboard courts, a children’s

playground and a lighted multi-sports court complete the Muskokan’s generous on-site amenities.

Opening in the summer of 2009, The Clubhouse will serve as The Muskokan Resort Club’s social gathering place and

will feature a library, billiards room and games room, as well as a movie theater. Also opening in summer 2009 is a

uniquely shaped and natural outdoor swimming pool, a perfect place for members to relax poolside, surrounded by

rocks and boulders that assume the look of natural overhangs and ledges.

Whether relaxing on the beach or enjoying the many outdoor

activities that the resort and its surrounding area have to

offer, The Muskokan Resort Club will have members of The

Registry Collection program reminiscing about the fond

memories of their time here for years to come.

At day’s end, members can retreat to luxurious villas and the exquisite amenities that are the Muskokan signature.

A warming fire is the perfect complement to the elegant interiors, where grand style meets homelike comfort.

“Muskoka has become a premier

four-season travel destination.”

Featured Partner: Yachtstore

Established in 1995, Yachtstore, Ltd. offers full-service online access to more than 5,000 luxury yacht charters

worldwide. One of The Registry Collection program’s exclusive Collection Partners, Yachtstore combines decades of

experience with global resources, allowing Collection members to browse through a wide variety of available charter

yachts in exciting destinations all over the world.

Yachtstore provides an international staff of Charter Specialists who deliver expertise in matching clients to successful

yacht charter vacations year after year. Collection members are then guided to the charter that meets their unique

travel preferences, personal needs and budget. Members of The Registry Collection program are also given a discount

off of the Base Charter Fee, which typically constitutes approximately 75 percent of the total cost of the yacht charter*.

Yachtstore can arrange anything from a small

“bareboat” sailboat rental to corporate cruises and

outings to multi-week crewed charters on the world’s

most luxurious mega-yachts or mini-cruise ships. With

the ability to arrange customized charters any time of

the year and in nearly any part of the world, members

of The Registry Collection program will be sure to

find their perfect luxury charter vacation through

Yachtstore, Ltd.

*NOTE: The remaining 25 percent of the total cost is the Advance Provisioning Allowance which is essentially a deposit intended to cover certain variable expenses such as port taxes, a docking fees and fuel.

Members can set sail aboard the Whisper and chart a course for adventure...

...Embark on an unforgettable cruise aboard the ZoomZoomZoom...

... Or cruise amid sweeping vistas of land and sea on the aft deck of the Carpe Diem.

“Yachtstore combines decades of

experience with global resources.”

New Collection PartnersThe Registry Review will feature our growing list of Collection Partners with each issue to keep you informed of all the great experiences that members can enjoy through the program. Currently, The Registry Collection program is proud to introduce the following new Collection Partner:

•Pure Luxury Holidays - representing the world’s finest and most exclusive five-star resorts in spectacular destinations worldwide.

For more information on any of The Registry Collection

program’s Collection Partners, please contact your Account Executive.

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Employee Testimonial: Bobby Coates Account Executive

Ultimate Luxury. Unlimited Opportunity.SM

If you asked a co-worker what Bobby Coates’ job entails, he or she would tell you that Bobby is the “face” of The Registry Collection program for his affiliates. Effectively communicating with all levels of a resort’s staff, he ensures that everyone from front-line operations staff to the Director of Sales and the Developer understands the benefits of their relationship with The Registry

Collection program.

Working in the vacation ownership industry since 1997, Bobby joined a team of talented Account Executives at Group RCI in March 2004. He was soon working with affiliates of The Registry Collection program in the Western U.S. region where he is currently based. His daily responsibilities involve addressing the needs of the 25 affiliates in his region, offering sales and marketing assistance and sourcing new resort opportunities for The Registry Collection network of affiliates.

Bobby has a true passion for what he does and it clearly shows in his work ethic,

professionalism and positive attitude. He states that his favorite part of the job is “visiting the resort locations to witness the level of service, quality and amenities that are associated with resorts of such high caliber, and knowing that this translates into more luxury vacation options for our members.”

In his free time, Bobby enjoys snowboarding with his wife and three little girls.

Contact us:• For questions and comments about The Registry Review,

please e-mail us at feedback@theregistrycollection.com.

• For specific questions about your affiliation, please contact

your Account Executive.

• For operational questions, please call your Account Specialist

at 800-529-5581. www.theregistrycollection.com

The Registry Collection program is constantly striving to build upon our elite network of distinguished luxury leisure assets. We are pleased to announce the following new affiliations for the 4th Quarter of 2008.

Caribbean•Wyndham Grand Bay – Waterford, Cayman Islands

Latin America•Aguativa Privilege, Puerto Rico•Sugar Loaf Ocean Club & Spa, Uruguay

North America•Luxury Lodging and Exchange, Utah•Carmel Beach Private Lodges, Canada

South Africa•The Legacy Private Residencies, Castleburn

New Affiliations

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The Registry Review Q&As

Q: Can members of The Registry Collection program renew their memberships for more than one year at a time?

A: Yes! In response to numerous member requests, The Registry Collection program now offers multi-year renewal packages (effective February 2, 2009). Members now have the opportunity to select a renewal option best fitting their needs — while enjoying great savings with the multi-year packages.• 1-yearrenewals:US$250• 2-yearrenewals:US$400(memberssave$100!)• 3-yearrenewals:US$550(memberssave$200!)

Q: What happens if a member of The Registry Collection program has credits from a 2007 deposit that cannot be used by their standard expiration date (12/31/09)?

A: The Registry Collection program gladly announces a new member benefit: Credit Extension Purchases. Designed to extend the eligibility of soon-to-expire Collection credits, all extensions add one full year of eligibility and costs are based upon the number of credits the member wishes to extend.• 1-200creditsextended:US$75• 201-2700creditsextended:US$250• 2701ormorecreditsextended:US$325

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