Please see the attached documents for the latest Pitkin County Market Analysis compliments of Land Title Guarantee Company

Summary for the month of March, 2009

•    Total dollars were $46,906,531, a decrease of 53% from 2008
•    Total transactions were 41, a decrease of 14.6% from 2008
•    Year to date dollars are $269,199,736, down 24.8% from 2008
•    Year to date transactions are 193, which is a decrease of 7%
•    Of the 41 transactions, 23 were fractional, 11 were in Aspen, 4 were in Snowmass, 2 were in Woody Creek, and 1 was in Old   Snowmass
•    Fractional sales continue to be strong representing 56% of the March transactions
•    Year to date fractional transactions account for 59% of the total
•    Residences at Little Nell had 8 transactions, Hyatt had 5, Ritz had 3, Dancing Bear had 3, and Prospector, Roaring Fork Club Suites, and Residences at Snowmass Club each had 1
•    Compared to 2008, fractional dollars are up 889% at $120,076,988 and transactions are up 84% to 114
•    The average single family home price for Pitkin County is down 2% from 2008 at $5,025,843
•    The median single family home price is up 21% to $4,950,000 over 2008
•    Multi family and residential land average and median prices are all up from 2008