Since its founding in 1987, Pacific Monarch Resorts Inc. has concentrated solely on the business of vacation ownership resort development. With individual business units focused on development, marketing, sales, owner services, loan servicing, collections and resort management, the company’s senior management team is in a favorable position to directly influence results. Seasoned company executives are responsible for aggregate sales in excess of $950 million. Revenues for 2003 were $140 million. Senior management expects the privately held company to top the$100 million sales mark in 2004, with projected 2004 revenues of $145 million. Pacific Monarch’s 1,450 employees serve more than 75,000 owner families who now reserve and enjoy their vacations at eight world-class Pacific Monarch Resorts locations with 1,901 luxury villas. Company growth has been enhanced dramatically by its newest vacation ownership offering, Monarch Grand Vacations, which is a five star, multi-site, points-based vacation ownership program. MGV’s flagship, The Cancun Resort on South Las Vegas Boulevard in Las Vegas, Nevada, has opened and sold out its first and second phase totaling 322 vacation villas. With 849 vacation villas planned at build-out, the resort features a six-acre water park as its centerpiece. The development is situated just minutes from the heart of the world renowned Las Vegas Strip. Site preparation has begun for Cabo Azul Resort, a 330-villa vacation ownership development in Los Cabos, Mexico. The resort complex will be constructed on 12 acres with 600 feet of white-sand beach. Also, in response to the needs of its growing MGV ownership base, Pacific Monarch Resorts has added two ski locations (Brian Head, Utah and Lake Tahoe), and there are plans to add a Hawaiian resort. Pacific Monarch Resorts continues to focus on improving and refining the MGV program, opening new sales and marketing offices, and perfecting its operating efficiencies. The entire organization is dedicated to the creation of economical, flexible vacations at five-star quality resort facilities and proudly supports the mission and goals of ARDA. Pacific Monarch Resorts, Inc. PMR delivers the highest level of owner services and personal attention to its owner families, and has earned strong owner loyalty and product satisfaction. The growing Five-star PMR portfolio now includes:

All future development by PMR will relate exclusively to the MGV program. Additional resorts are being planned for popular vacation destinations!