State & Legal Disclosures

Arizona

The Ritz-Carlton Club, Aspen Highlands, 39 Boomerang Rd., Aspen, CO 81611; The Ritz-Carlton Club, Bachelor Gulch, 100 Bachelor Ridge Trail, Avon, CO 81620; The Ritz-Carlton Club, Kapalua Bay and Kapalua Bay Condominium (The Residences at Kapalua Bay), One Bay Dr., Lahaina, HI 96761, are registered projects with the State of Arizona Department of Real Estate.

This advertising material is being used for the purpose of soliciting the sale of a vacation ownership plan. The other projects referenced within this site are not considered an offer to Arizona residents.

California

The Ritz-Carlton Club, Aspen Highlands; Makalil’i Condominium (The Ritz-Carlton Residences at Kauai Lagoons, Kapule Highway, Kalapaki, Kauai, HI. Kalanipu’u Condominium (The Spa Condos at Kauai Lagoons), Kapule Highway, Kalapaki, Kauai, HI, The Ritz-Carlton Club, Kapalua Bay, One Bay Dr., Lahaina, HI 96761; The Ritz-Carlton Club, Lake Tahoe, Crossroads at Highlands Drive and Private Resort Road, North Lake Tahoe, California; The Ritz-Carlton Club, San Francisco, 690 Market St., San Francisco, CA 94104; and The Ritz-Carlton Residences, San Francisco, 690 Market St., San Francisco, CA 94104 are registered projects with the State of California Department of Real Estate. A fact sheet on facilities including association assessments is available upon request.

The Ritz-Carlton Club and Residences, San Francisco, is not owned or developed by The Ritz-Carlton Hotel Company, L.L.C. R.C. Chronicle Building, LP, in which an affiliate of The Ritz-Carlton Hotel Company, L.L.C. owns an interest, uses the Ritz-Carlton trademarks under a license from The Ritz-Carlton Hotel Company, L.L.C. which may be terminated or revoked according to its terms.

Kapalua Bay Condominium (The Residences at Kapalua Bay), One Bay Dr., Lahaina, HI 96761, is a registered project with the State of California Department of Real Estate. Warning, the California Department of Real Estate has not inspected, examined, or qualified this offering.

The Ritz-Carlton Club, St. Thomas, 6900 Great Bay, St. Thomas, USVI 00802, is not a registered project with the California Department of Real Estate. WARNING: THE CALIFORNIA DEPARTMENT OF REAL ESTATE HAS NOT EXAMINED THIS OFFERING, INCLUDING, BUT NOT LIMITED TO, THE CONDITION OF TITLE, THE STATUS OF BLANKET LIENS ON THE PROJECT (IF ANY), ARRANGEMENTS TO ASSURE PROJECT COMPLETION, ESCROW PRACTICES, CONTROL OVER PROJECT MANAGEMENT, RACIALLY DISCRIMINATORY PRACTICES (IF ANY), TERMS, CONDITIONS, AND PRICE OF THE OFFER, CONTROL OVER ANNUAL ASSESSMENTS (IF ANY), OR THE AVAILABILITY OF WATER, SERVICES, UTILITIES, OR IMPROVEMENTS. IT MAY BE ADVISABLE FOR YOU TO CONSULT AN ATTORNEY OR OTHER KNOWLEDGEABLE PROFESSIONAL WHO IS FAMILIAR WITH REAL ESTATE AND DEVELOPMENT LAW IN THE COUNTRY WHERE THIS SUBDIVISION IS SITUATED.

The other projects referenced within this site are not considered an offer to California residents.

Colorado

The Ritz-Carlton Club, Aspen Highlands; The Ritz-Carlton Club, Bachelor Gulch; The Ritz-Carlton Club, Jupiter, 106 Ritz Carlton Club Dr., Jupiter, FL 33477, The Ritz-Carlton Club, Kapalua Bay, One Bay Dr., Lahaina, HI 96761, The Ritz-Carlton Club, St. Thomas; and The Ritz-Carlton Club, San Francisco are registered projects with the Colorado Real Estate Commission. The other projects referenced within this site are not considered an offer to Colorado residents.

Connecticut

The Ritz-Carlton Club, Aspen Highlands; The Ritz-Carlton Club, Bachelor Gulch; The Ritz-Carlton Club, Jupiter; and The Ritz-Carlton Club, St. Thomas are registered projects with the Connecticut Real Estate Commission. This advertising material is being used for the purpose of soliciting the sale of time-share periods. Any names and addresses acquired will be used for the purpose of soliciting the sale of a vacation ownership plan. The other projects referenced within this site are not considered an offer to Connecticut residents.

Florida

The Ritz-Carlton Club, Aspen Highlands; The Ritz-Carlton Club, Bachelor Gulch, The Ritz-Carlton Club, Jupiter; and The Ritz-Carlton Club, St. Thomas are registered projects with the Department of Business and Professional Regulation, Division of Florida Land Sales, Condominiums and Mobile Homes.

The Ritz-Carlton Club, South Beach, 2901 Collins Ave., Miami Beach, FL 33140, is a registered project with the Department of Business and Professional Regulation, Division of Florida Land Sales, Condominiums and Mobile Homes. The Ritz-Carlton Club, South Beach is not owned or developed by The Ritz-Carlton Hotel Company, L.L.C. 2901 Beach Ventures, LLLP uses the Ritz-Carlton trademarks under a license from The Ritz-Carlton Hotel Company, L.L.C. which may be terminated or revoked according to its terms. Obtain the Property Report required by Federal Law and read it before signing anything. No Federal agency has judged the merits or value, if any, of the property.

This advertising material is being used for the purpose of soliciting the sale of time-share periods.

Villas at Eagle Tree Condominium, 106 Ritz-Carlton Club Drive, Jupiter, Florida 33477, is a registered project with the Department of Business and Professional Regulation, Division of Florida Land Sales, Condominiums and Mobile Homes. The Seville Beach Condominium (The Residences at South Beach), 2901 Collins Ave., Miami Beach, FL 33140, is a registered project with the Department of Business and Professional Regulation, Division of Florida Land Sales, Condominiums and Mobile Homes. The Ritz-Carlton Residences, South Beach is not owned or developed by The Ritz-Carlton Hotel Company, L.L.C. 2901 Beach Ventures, LLLP uses the Ritz-Carlton trademarks under a license from The Ritz-Carlton Hotel Company, L.L.C. which may be terminated or revoked according to its terms. Obtain the Property Report required by Federal Law and read it before signing anything. No Federal agency has judged the merits or value, if any, of the property.

The other projects referenced within this site are not considered an offer to Florida residents.

Hawaii

The Ritz-Carlton Club, Kapalua Bay is a registered project with the Hawaii Department of Commerce and Consumer Affairs. THIS IS A TIME SHARING SALES PRESENTATION. The Ritz-Carlton Development Company, Inc. is the broker (B). Obtain the Property Report required by Federal Law and read it before signing anything. No Federal agency has judged the merits or value, if any, of the property. The Ritz-Carlton Club, Kapalua Bay is not owned or developed by The Ritz-Carlton Hotel Company, L.L.C. Kapalua Bay, LLC, in which an affiliate of The Ritz-Carlton Hotel Company, L.L.C. owns an interest, uses the Ritz-Carlton trademarks under a license from The Ritz-Carlton Hotel Company, L.L.C. which may be terminated or revoked according to its terms.

Kapalua Bay Condominium (The Residences at Kapalua Bay) and The Ritz-Carlton Club, Kapalua Bay are registered projects with the Hawaii Real Estate Commission. The Ritz-Carlton Development Company, Inc. and Kapalua Realty Co., Ltd. are the brokers. (B) for the Kapalua Bay Condominium (The Residences at Kapalua Bay). The Ritz-Carlton Development Company, Inc. is the broker. (B) for The Ritz-Carlton Club, Kapalua Bay. Obtain the Property Report required by Federal Law and read it before signing anything. No Federal agency has judged the merits or value, if any, of the property. The Residences at Kapalua Bay and The Ritz-Carlton Club, Kapalua Bay are not owned or developed by The Ritz-Carlton Hotel Company, L.L.C. An affiliate of The Ritz-Carlton Hotel Company, L.L.C. owns an interest in Kapalua Bay, L.L.C., the Developer, and The Residences at Kapalua Bay will be managed by The Ritz-Carlton Hotel Company, L.L.C. Kapalua Bay, L.L.C. uses The Ritz-Carlton trademarks under a license from The Ritz-Carlton Hotel Company, L.L.C. which may be terminated or revoked according to its terms.

Makalil’i Condominium (The Ritz-Carlton Residences at Kauai Lagoons), Kapule Highway, Kalapaki, Kauai, HI. The Ritz-Carlton Development Company, Inc. is the broker. (B). The Ritz-Carlton Residences, Kaua’i Lagoons are not owned, developed or sold by The Ritz-Carlton Hotel Company, L.L.C. Kaua’i Lagoons LLC, in which an affiliate of The Ritz-Carlton Hotel Company, L.L.C. owns an interest, uses The Ritz-Carlton marks under license from The Ritz-Carlton Hotel Company, L.L.C.

Kalanipu’u Condominium (The Spa Condos at Kauai Lagoons), Kapule Highway, Kalapaki, Kauai, HI. The Ritz-Carlton Development Company, Inc. is the broker. (B).

The other projects referenced within this site are not considered an offer to Hawaii residents.

Illinois

Kapalua Bay Condominium (The Residences at Kapalua Bay),.; The Ritz-Carlton Club, Aspen Highlands; The Ritz-Carlton Club, Bachelor Gulch; The Ritz-Carlton Club, Jupiter; The Ritz-Carlton Club, St. Thomas; and The Ritz-Carlton Club, San Francisco, The Ritz-Carlton Club Seville are registered projects with the Illinois Real Estate Commission. Any acquired names and addresses may be used for soliciting sales of timeshare periods. THIS ADVERTISING MATERIAL IS BEING USED FOR THE PURPOSE OF SOLICITING THE SALE OF TIMESHARE INTERESTS. The other projects referenced within this site are not an offer to Illinois residents.

Indiana

The Ritz-Carlton Club, St. Thomas is a registered project with the Indiana Consumer Protection Division. The other projects referenced within this site are not an offer to Indiana residents.

New Jersey

The Ritz-Carlton Club, Aspen Highlands (N.J. Reg. No. 00/3-111); The Ritz-Carlton Club, Bachelor Gulch (N.J. Reg. No. 01/3-112); The Ritz-Carlton Club, Jupiter (N.J. Reg. No. 02/4-901); The Ritz-Carlton Club, St. Thomas (N.J. Reg. No. 00/25-004); and The Ritz-Carlton Club, South Beach (N.J. Reg. No. 07-4-0020); are registered projects with the New Jersey Real Estate Commission. The other projects referenced within this site are not considered an offer to New Jersey residents.

Nevada

The Ritz-Carlton Club, San Francisco is located in the State of California; Kapalua Bay Condominium (The Residences at Kapalua Bay) is located in the state of Hawaii and are registered projects with The State of Nevada, Department of Business and Industry, Real Estate Division. This advertising material is being used for the purpose of soliciting the sales of timeshare periods in the state of California. The other projects referenced within this site are not an offer to Nevada residents.

New York

As of December 2007, the prices of the Timeshare Intervals for the following resorts are as follows: The Ritz-Carlton Club, Aspen Highlands range from $39,000 to $530,000; The Ritz-Carlton Club, Jupiter r276,000 to $866,000 and The-Ritz Carlton Club, St. Thomas range from $36,000 to $313,000. Prices are subject to change. These are all registered projects with the Real Estate Financing Bureau, Department of Law. The other projects referenced within this site are not considered an offer to New York residents.

THE COMPLETE OFFERING TERMS ARE IN AN OFFERING PLAN AVAILABLE FROM SPONSOR.

THIS ADVERTISING MATERIAL IS BEING USED FOR THE PURPOSE OF SOLICITING THE SALE OF TIMESHARE SALES.

Ohio

The Ritz-Carlton Club, Aspen Highlands; The Ritz-Carlton Club, Bachelor Gulch; The Ritz-Carlton Club, Jupiter; The Ritz-Cartlon Club, South Beach and The Ritz-Carlton Club, St. Thomas are registered projects with the Ohio Division of Real Estate. The other projects referenced within this site are not considered an offer to Ohio residents.

Oregon

The Ritz-Carlton Club, Kapalua Bay is a registered project with the State of Oregon Real Estate Agency. The other projects referenced within this site are not an offer to Oregon residents

Puerto Rico

The Ritz-Carlton Club, St. Thomas, is a registered project with the Puerto Rico Tourism Company. THIS ADVERTISING MATERIAL IS BEING USED FOR THE PURPOSE OF SOLICITING THE SALE OF TIME-SHARE PERIODS. The other projects referenced within this site are not considered an offer to Puerto Rico residents.

Rhode Island

The Ritz-Carlton Club, Aspen Highlands; The Ritz-Carlton Club, Bachelor Gulch; The Ritz-Carlton Club, Jupiter and The Ritz-Carlton Club, St. Thomas are registered projects with the Rhode Island Securities Division. The other projects referenced within this site are not considered an offer to Rhode Island residents.

South Carolina

The Ritz-Carlton Club, Jupiter is a registered project with the South Carolina Real Estate Commission. Any acquired names and addresses may be used for soliciting sales of timeshare periods. This advertising material is being used for the purpose of soliciting the sale of a vacation time sharing plan. The other projects referenced within this site are not considered an offer to South Carolina residents.

Texas

The Ritz-Carlton Club, Aspen Highlands; The Ritz-Carlton Club, Bachelor Gulch; The Ritz-Carlton Club, St. Thomas; and The Ritz-Carlton Club, San Francisco are registered projects with the Texas Real Estate Commission. This advertising material is being used for the purpose of soliciting the sale of time-share periods. The other projects referenced within this site are not considered an offer to Texas residents.

Washington

The Ritz-Carlton Club, Kapalua Bay; The Ritz-Carlton Club, San Francisco, is a registered project with the Washington Department of Licensing.

The other projects referenced within this site are not considered an offer to Washington residents.

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