Results of the Special General Meeting Vote

As you are aware from the documents sent to you at the start of June, a Special General Meeting of the CPV timeshare owners was held at the Devonshire House Hotel, Liverpool, United Kingdom on the 15th July.

Firstly, may I take this opportunity to thank all of those owners that attended the meeting for their support, and I hope that they found the meeting informative.

The votes cast at the meeting were added to the proxy votes cast and sent to the trustees, FNTC and we are pleased to announce that a total of 726 votes were cast and that the results are as follows:


As the votes in favour of both resolutions exceeded 75% of the votes cast, both resolutions were passed.

What happens next?

We have provided Crown Resorts with your CPV timeshare ownership and contact details, and they will begin allocating you suitable timeshare accommodation within their resorts based on your current CPV timeshare accommodation and on your membership to the various exchange organizations (if any).

Once allocated, Crown Resorts will mail to you a welcome letter which will contain details of your new timeshare week/s at Crown Resorts and will provide answers to many of the questions that you may have regarding how Crown Resorts works.

Crown Resorts and CPV will be liaising with RCI regarding the matter of the one year's free membership, and RCI will contact you in due course regarding details of this.

Your membership card from Timeshare Holiday Experience Club Ltd ("THE Club") is currently being printed. You will shortly be sent this complete with further details of how THE Club works, and how to obtain access of the members area of THE Club's website.

Just to remind you that CPV will continue in operation as a timeshare management company until 2nd January 2010 and if any of you are due to come down before the end of the year we look forward to welcoming you all.

Finally, I would like to re-iterate that CPV believe strongly that given the current troubled economic times we have found a solution which moving forward will provide CPV timeshare owners with years of quality timeshare holidays at a value for money price in a location in which they are familiar and with enhanced exchange capabilities.

May I take this opportunity of thanking you for all of your support over the years and wish you all many happy holidays in the future.

Yours sincerely,


Garrie Harrington
For and on behalf of
CPV Management Services Ltd.

RESOLUTION 1
FOR
AGAINST
Club Playa Vista shall cause the transfer of every Club Playa Vista member into membership of the timeshare Club know as "Crown Resorts", with equivalent membership by reference to apartment type and season.
711
15
RESOLUTION 2
FOR
AGAINST
Club Playa Vista be wound up by the trustees of the Club, First National Trustee Company (UK) Limited.

That First National Trustee Company (UK) Limited be empowered and authorized to the fullest extent to do all such things as are necessary or desirable to give effect to this resolution; and

That Club Playa Vista shall cease to exist and First National Trustee Company (UK) Limited shall be fully released from all obligations and liabilities as trustee".
640
86