EAGLE COUNTY CONDO SALES 07/01/ /30/2012

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1 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. EMPLOYEE HOUSING/DEED RESTRICTED CONDOS EMPLOYEE HOUSING- VAIL R ZERMATT LN #C FAIR /13/ , , R ZERMATT LN #G FAIR /16/ , , R RED SANDSTONE RD #A FAIR /20/ , , R RED SANDSTONE RD #B FAIR /21/ , , R RED SANDSTONE RD #B FAIR /18/ , , R RED SANDSTONE RD #B FAIR /18/ , , R RED SANDSTONE RD #B FAIR /6/ , , R RED SANDSTONE RD #A FAIR /31/ , , R ZERMATT LN #D FAIR /31/ , , R ZERMATT LN #D FAIR /1/ , , R ZERMATT LN #B FAIR /10/ , , R ZERMATT LN #A FAIR /12/ , , EAGLE/ GYPSUM EMPLOYEE HOUSING R FOUNDERS AVE #D FAIR /1/ , , R FOUNDERS AVE #D FAIR /14/ , , R FREESTONE RD #A AVG /11/ , , BASALT/ EL JEBEL EMPLOYEE HOUSING R E VALLEY RD # FAIR /22/ , , R GOLD RIVERS CT # FAIR /29/ , , VILLAS AT BRETT RANCH R CRAZY HORSE CIR # FAIR /28/ , , MILLER RANCH MILL LOFTS R MILL LOFT #A FAIR /19/ , , R MILL LOFT #B FAIR /19/ , , R MARBLE #H FAIR INT 8/26/ , , R MARBLE #I FAIR INT 9/17/ , , R MARBLE #J FAIR INT 10/25/ , , /39 4/30/2013

2 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R MARBLE #E FAIR INT 5/11/ , , R MARBLE #J FAIR INT 7/25/ , , R MARBLE #F FAIR END 8/18/ , , R MARBLE #E FAIR INT 10/27/ , , R MARBLE #I FAIR END 10/31/ , , R MARBLE #H FAIR INT 11/10/ , , R MILL LOFT #A FAIR /16/ , , R MARBLE #J FAIR INT 5/31/ , , R MARBLE #H FAIR END 6/19/ , , HABITAT FOR HUMANITY EAGLE/ GYPSUM EMPLOYEE HOUSING R SECOND ST #A FAIR /6/ , , EAST VAIL/BOOTH FALLS CONDOS VAIL EAST TOWNHOMES R MAIN GORE PL # AVG /20/ , , R MAIN GORE PL # AVG /20/ , , RACQUET CLUB TH CONDOS R BIGHORN RD #2M AVG INT 11/12/ , , R BIGHORN RD #2P AVG INT 12/28/ , , R BIGHORN RD #1N AVG END 2/10/ , , R BIGHORN RD #4N AVG END 8/23/ , , R BIGHORN RD #4M AVG END 11/8/ , , R BIGHORN RD #1L AVG END 12/7/ , , R BIGHORN RD #1K AVG END 5/10/ , , R BIGHORN RD #4A AVG END 6/29/ , , MOUNTAIN MEADOWS R MEADOW DR #A AVG INT 8/9/ , , R MEADOW DR #B AVG INT 11/1/ , , R MEADOW DR #I AVG INT 3/2/ , , /39 4/30/2013

3 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. VAIL RACQUET CLUB CONDOS R VAIL RACQUET CLUB DR # AVG INT 8/12/ , , R VAIL RACQUET CLUB DR # AVG TOP END 9/2/ , , R VAIL RACQUET CLUB DR # AVG INT 9/17/ , , R VAIL RACQUET CLUB DR # AVG TOP INT 9/20/ , , R VAIL RACQUET CLUB DR # AVG TOP INT 10/15/ , , R VAIL RACQUET CLUB DR # AVG END 11/10/ , , R VAIL RACQUET CLUB DR # AVG INT 11/18/ , , R VAIL RACQUET CLUB DR # AVG TOP INT 2/22/ , , R MEADOW DR # AVG INT 3/1/ , , R VAIL RACQUET CLUB DR # AVG INT 3/10/ , , R VAIL RACQUET CLUB DR # AVG TOP END 4/6/ , , R VAIL RACQUET CLUB DR # AVG END 4/28/ , , R VAIL RACQUET CLUB DR # AVG END 5/20/ , , R VAIL RACQUET CLUB DR # AVG INT 5/31/ , , R VAIL RACQUET CLUB DR # AVG END 6/3/ , , R VAIL RACQUET CLUB DR # AVG TOP END 7/13/ , , R VAIL RACQUET CLUB DR # AVG INT 7/28/ , , R VAIL RACQUET CLUB DR # AVG INT 9/9/ , , R VAIL RACQUET CLUB DR # AVG INT 10/12/ , , R VAIL RACQUET CLUB DR # AVG END 11/17/ , , R VAIL RACQUET CLUB DR # AVG INT 2/21/ , , R VAIL RACQUET CLUB DR # AVG INT 3/2/ , , R VAIL RACQUET CLUB DR # AVG INT 3/21/ , , R VAIL RACQUET CLUB DR # AVG INT 3/27/ , , R VAIL RACQUET CLUB DR # AVG END 4/9/ , , R VAIL RACQUET CLUB DR # AVG END 4/20/ , , R VAIL RACQUET CLUB DR # AVG INT 5/4/ , , R VAIL RACQUET CLUB DR 15-A AVG END 6/6/ , , /39 4/30/2013

4 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R VAIL RACQUET CLUB DR # AVG TOP END 6/11/ , , R VAIL RACQUET CLUB DR # AVG INT 6/12/ , , COURTSIDE TOWNHOMES R MEADOW DR # AVG END 8/24/ , , R MEADOW DR # AVG END 8/31/ , , R MEADOW DR # AVG END 12/1/ , , SUNWOOD AT VAIL R MEADOW DR #B AVG END 8/12/ , , R MEADOW DR #B AVG END 9/13/ , , TIMBER FALLS CONDO R MEADOW DR # AVG PENT 9/9/ , , R MEADOW DR # AVG PENT 10/1/ , , R TIMBER FALLS CT # AVG END 2/28/ , , R TIMBER FALLS CT # AVG END 4/1/ , , R MEADOW DR # AVG END 7/20/ , , R TIMBER FALLS CT # AVG GRND END 7/29/ , , R TIMBER FALLS CT # AVG END 10/14/ , , R MEADOW DR # AVG PENT 1/30/ , , R MEADOW DR # AVG END 2/29/ , , R MEADOW DR # AVG PENT 5/15/ , , VAIL EAST LODGING R SPRUCE WY # FAIR INT 4/1/ , , R SPRUCE WY # FAIR TOP END 10/31/ , , PITKIN CREEK PARK R BIGHORN RD #10E FAIR TOP END 7/2/ , , R BIGHORN RD #6D FAIR END 10/1/ , , R BIGHORN RD #12N FAIR TOP INT 10/28/ , , R BIGHORN RD #9G FAIR TOP END 11/12/ , , R BIGHORN RD #14D FAIR INT 1/18/ , , /39 4/30/2013

5 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R BIGHORN RD #6F FAIR TOP INT 4/4/ , , R BIGHORN RD #7K FAIR END 5/9/ , , R BIGHORN RD #8A FAIR END 10/19/ , , R BIGHORN RD #7G FAIR INT 10/24/ , , R BIGHORN RD #4B FAIR INT 11/18/ , , R BIGHORN RD #14A FAIR END 12/28/ , , R BIGHORN RD #11I FAIR TOP INT 2/29/ , , R BIGHORN RD #2G FAIR TOP INT 6/29/ , , BOOTH CREEK TOWNHOMES R MANNS RANCH RD #A AVG END 1/4/ , , BALD MOUNTAIN TH CONDO R BALD MOUNTAIN RD #A AVG END 12/7/ , , VAIL CORE CONDOS EDLEWEISS R WILLOW PL # GOOD /26/2012 1,480,000 1,480,000 1,257 HOLIDAY HOUSE R VAIL RD #2H GOOD TOP END 3/29/2012 2,050,000 2,050,000 1,240 LAZIER ARCADE R WALL ST # AVG TOP 4/23/ , ,000 1,056 LODGE SOUTH R GORE CREEK DR # GOOD /15/2012 2,820,000 2,820,000 1,760 LODGE APARTMENT CONDO R GORE CREEK DR # GOOD TOP INT 11/2/2010 2,300,000 2,300,000 2,121 R GORE CREEK DR # GOOD TOP PENT 3/11/2011 1,602,500 1,602,500 1,611 R E GORE CREEK DR # GOOD TOP INT 5/16/2011 2,495,000 2,495,000 1,663 R GORE CREEK DR # GOOD INT 5/25/2011 1,823,000 1,823,000 1,654 R GORE CREEK DR # GOOD INT 1/6/2012 1,398,500 1,398,500 1,324 R GORE CREEK DR # GOOD TOP INT 2/24/2012 2,374,000 2,374,000 1,645 R E GORE CREEK DR # GOOD INT 3/7/2012 1,144,000 1,144,000 1,387 5/39 4/30/2013

6 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. MANOR VAIL R VAIL VALLEY DR #D GOOD INT 8/7/ , ,000 1,092 R VAIL VALLEY DR #D GOOD END 10/27/ , ,000 1,121 R VAIL VALLEY DR #C GOOD END 11/10/2010 1,740,000 1,740,000 1,151 R VAIL VALLEY DR #E GOOD INT 4/14/ , , R VAIL VALLEY DR #F GOOD INT 5/26/ , ,000 1,019 R VAIL VALLEY DR #A GOOD PENT 8/19/2011 2,000,000 2,000,000 1,323 R VAIL VALLEY DR #C GOOD INT 6/18/2012 1,695,000 1,695,000 1,121 MANOR VAIL PENTHOUSE CONDOS R VAIL VALLEY DR # V GOOD TOP INT 8/24/2010 5,340,000 5,340,000 1,525 R VAIL VALLEY DR # V GOOD TOP INT 2/2/2011 5,610,000 5,610,000 1,593 R VAIL VALLEY DR # V GOOD TOP INT 3/31/2011 5,380,000 5,380,000 1,619 MILL CREEK COURT R HANSON RANCH RD # GOOD /28/ , , R GORE CREEK DR # GOOD PENT 4/2/2012 1,630,000 1,630,000 1,400 MOUNTAIN HAUS R E MEADOW DR # GOOD INT 2/24/2011 1,340,000 1,340,000 1,175 R E MEADOW DR # GOOD INT 2/28/ , , R E MEADOW DR # GOOD END 8/5/ , , R E MEADOW DR # GOOD INT 3/2/ , , R E MEADOW DR # GOOD PENT 6/20/2012 2,300,000 2,300,000 1,326 NORTHWOODS R VAIL VALLEY DR #A V GOOD /4/2011 2,995,000 2,995,000 1,632 R VAIL VALLEY DR #B V GOOD /17/2012 1,950,000 1,950,000 1,334 PINOS DEL NORTE R VAIL VALLEY DR #T V GOOD /13/2010 3,249,000 3,249,000 1,336 RIVERHOUSE R WILLOW PL # GOOD INT 2/22/ , ,000 1,010 RIVA RIDGE CHALET NORTH 6/39 4/30/2013

7 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R WILLOW RD # GOOD /1/2011 1,675,000 1,675,000 1,313 TALISMAN CONDO R E MEADOW DR # GOOD /24/2010 2,087,500 2,087,500 1,240 R E MEADOW DR # GOOD INT 5/30/2012 1,799,000 1,799,000 1,435 TEXAS TOWNHOUSES R GORE CREEK DR GOOD /23/2010 2,300,000 2,300,000 1,377 R GORE CREEK DR GOOD /13/2010 1,200,000 1,200,000 1,217 VAIL TRAILS CHALET R GORE CREEK DR # GOOD /12/2010 1,000,000 1,000,000 1,139 R GORE CREEK DR #3A GOOD /20/ , ,000 1,011 VAIL TOWNHOUSE R GORE CREEK DR #6A V GOOD /3/2011 3,125,000 3,125,000 1,420 VILLA CORTINA R W MEADOW DR # GOOD /27/2010 1,008,500 1,008, R W MEADOW DR #360/ GOOD PENT 12/28/2010 2,600,000 2,600,000 1,306 VILLA VALHALLA R GORE CREEK DR # GOOD GRND 5/2/ , ,000 1,098 VILLAGE CENTER R WILLOW BRIDGE RD #1K GOOD /31/2011 1,800,000 1,800,000 1,593 R WILLOW BRIDGE RD #5G GOOD /14/2011 2,200,000 2,200,000 1,473 R WILLOW BRIDGE RD #6F GOOD /15/2011 1,669,000 1,669,000 1,408 R WILLOW BRIDGE RD #1C GOOD /30/2011 1,885,000 1,885,000 1,512 R WILLOW BRIDGE RD #6D GOOD /18/ , ,000 1,494 VORLAUFER R GORE CREEK DR # GOOD TOP PENT 10/19/2010 2,400,000 2,400,000 1,380 R E GORE CREEK DR # GOOD /6/2011 1,000,000 1,000, R E GORE CREEK DR # GOOD /27/ , , R GORE CREEK DR # GOOD TOP PENT 11/29/2011 1,600,000 1,600,000 1,097 WREN/INTERVAL 7/39 4/30/2013

8 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R S FRONTAGE RD E #A AVG /1/ , , VILLAGE INN PLAZA R E MEADOW DR # GOOD /9/2010 1,250,000 1,250, R E MEADOW DR # GOOD /22/2011 3,200,000 3,200,000 1,645 R E MEADOW DR # GOOD /2/2011 1,758,000 1,758,000 1,025 R E MEADOW DR # GOOD /30/2012 2,842,500 2,842,500 1,391 SUMMERS LODGE R WILLOW PL # EXE /17/2011 4,688,200 4,688,200 2,185 CHRISTIANIA AT VAIL R HANSON RANCH RD #A EXE /1/2012 5,700,000 5,700,000 2,127 ONE WILLOW BRIDGE ROAD CONDO R WILLOW BRIDGE RD # EXE END 1/26/2012 4,790,000 4,790,000 2,454 CHALETS AT LODGE AT VAIL R VAIL LN # EXE END 4/25/ ,000,000 12,000,000 2,750 VAIL MOUNTAIN VIEW RESIDENCE R S FRONTAGE RD E # V GOOD INT 9/30/2010 1,275,000 1,275,000 1,094 R S FRONTAGE RD E # V GOOD INT 11/23/2010 2,620,000 2,620,000 1,544 R S FRONTAGE RD E # V GOOD END 2/1/2011 2,535,000 2,535,000 1,505 R S FRONTAGE RD E # V GOOD TOP INT 10/31/2011 4,400,000 4,400,000 1,689 R S FRONTAGE RD E # V GOOD TOP INT 10/31/2011 4,400,000 4,400,000 1,646 SOLARIS R E MEADOW DR #4A SOUTH EXE TOP END 7/7/2010 7,500,000 7,500,000 2,252 R E MEADOW DR #4H EAST EXE END 7/13/2010 7,100,000 7,100,000 2,541 R E MEADOW DR #PH H-EAST EXE TOP PENT 8/9/ ,425,000 11,425,000 2,740 R E MEADOW DR #3B SOUTH EXE INT 8/11/2010 3,735,000 3,735,000 2,202 R E MEADOW DR #3A SOUTH EXE END 12/15/2010 3,700,000 3,700,000 1,973 R E MEADOW DR #PH F-EAST EXE TOP PENT 1/27/2011 7,450,000 7,450,000 1,994 R E MEADOW DR #3B WEST EXE INT 5/11/2011 4,226,200 4,226,200 2,340 R E MEADOW DR #7A WEST EXE INT 11/1/2011 6,350,000 6,350,000 2,204 8/39 4/30/2013

9 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R E MEADOW DR #PH F-WEST EXE TOP PENT 11/1/2011 4,600,000 4,600,000 1,974 R E MEADOW DR #4C EAST EXE INT 6/4/2012 3,025,000 3,025,000 1,739 ONE VAIL ROAD PRIVATE RESIDENCES R VAIL RD # V GOOD INT 5/2/2011 8,150,000 8,150,000 1,726 R VAIL RD # V GOOD INT 2/24/2012 4,228,000 4,228,000 1,476 LIONSHEAD/CASCADE CONDOS ANTLERS R W LIONSHEAD PL # GOOD END 11/3/ , ,500 1,090 R LIONSHEAD PL # GOOD INT 3/26/ , , LODGE AT LIONSHEAD R E LIONSHEAD CIR # GOOD /10/2010 1,250,000 1,250, R E LIONSHEAD CIR # GOOD TOP END 1/30/2012 2,500,000 2,500,000 1,563 LODGE AT LIONSHEAD PH III R E LIONSHEAD CIR # GOOD END 4/27/2012 1,885,000 1,885,000 1,243 LIONS ARCADE R E LIONSHEAD CIR # AVG END 4/26/ , , R E LIONSHEAD CIR # AVG INT 4/30/ , , LIFT HOUSE R E LIONSHEAD CIR # AVG /28/ , , LANDMARK- VAIL R W LIONSHEAD CIR # GOOD TOP PENT 8/9/2010 1,649,300 1,649, R W LIONSHEAD CIR # GOOD INT 8/20/2010 1,248,500 1,248,500 1,030 R W LIONSHEAD CIR # GOOD /6/2010 2,125,000 2,125,000 1,384 R W LIONSHEAD CIR # GOOD END 3/30/ , , LANDMARK- NEW R W LIONSHEAD CIR # GOOD END 2/16/2011 1,196,500 1,196,500 1,134 R W LIONSHEAD CIR # GOOD END 3/10/2011 1,150,000 1,150, R W LIONSHEAD CIR # GOOD TOP PENT 6/30/2011 2,520,000 2,520,000 1,427 R W LIONSHEAD CIR # GOOD TOP PENT 3/28/2012 2,300,000 2,300,000 1,252 9/39 4/30/2013

10 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R W LIONSHEAD CIR # GOOD TOP PENT 4/6/2012 3,525,000 3,525,000 1,414 LIONS SQUARE CONDO R LIONSHEAD PL #H GOOD END 2/23/ , ,000 1,317 LIONS SQUARE NORTH R LIONSHEAD PL # GOOD INT 11/18/ , , R LIONSHEAD PL # GOOD TOP PENT 8/31/2011 1,240,000 1,240,000 1,039 TOWER RESIDENCES AT LION SQUARE R LIONSHEAD PL # V GOOD END 9/1/2010 2,300,000 2,300,000 1,361 R LIONSHEAD PL # V GOOD END 11/12/2010 2,100,000 2,100, R LIONSHEAD PL # V GOOD END 3/29/2011 2,300,000 2,300,000 1,190 R LIONSHEAD PL # V GOOD TOP PENT 12/2/2011 6,100,000 6,100,000 1,310 MARK LODGE R LIONSHEAD PL #5F GOOD TOP PENT 8/12/2011 1,089,000 1,089,000 1,051 MONTANEROS R W LIONSHEAD CIR # GOOD /30/ , , R W LIONSHEAD CIR # GOOD /13/2010 1,148,000 1,148, R W LIONSHEAD CIR # GOOD TOP PENT 1/27/2011 1,145,000 1,145,000 1,060 R W LIONSHEAD CIR # GOOD INT 12/5/2011 1,077,500 1,077, SCORPIO R W MEADOW DR # GOOD END 3/8/ , , TREETOPS CONDO R E LIONSHEAD CIR #5B GOOD /15/2011 1,450,000 1,450,000 1,098 VAIL INTERNATIONAL R E LIONSHEAD CIR # AVG TOP PENT 5/25/ , , VAIL INN R S FRONTAGE RD W #5B AVG /8/ , , R S FRONTAGE RD W #6B AVG /3/ , , VAIL SPA CONDO R W LIONSHEAD CIR # V GOOD INT 7/23/2010 1,460,000 1,460, /39 4/30/2013

11 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R W LIONSHEAD CIR # V GOOD TOP PENT 11/12/2010 1,660,000 1,660, MILLRACE R WESTHAVEN DR #1E GOOD TOP 7/28/2010 1,300,000 1,300, R WESTHAVEN DR #2C GOOD /5/ , , R WESTHAVEN DR #1C GOOD /16/2011 1,025,000 1,025, R WESTHAVEN DR #5D GOOD /18/2012 1,261,800 1,261, COLORADO MOUNTAIN CONDO R WESTHAVEN DR #R GOOD END 4/25/2011 1,062,000 1,062, VANTAGE POINT/VAIL CONDO/INTERVAL R E LIONSHEAD CIR # AVG /17/ , , LIFTSIDE CONDO R WESTHAVEN DR #C V GOOD PENT 6/12/2012 2,970,000 2,970,000 1,098 GORE CREEK PLACE R FOREST RD # EXE /19/2012 7,370,000 7,370,000 1,859 WESTHAVEN AT CASCADE VILLAGE R WESTHAVEN DR #A V GOOD TOP PENT 9/15/2010 2,200,000 2,200, R WESTHAVEN DR #B V GOOD END 12/5/2011 1,740,000 1,740, R WESTHAVEN DR #A V GOOD END 4/10/2012 1,750,000 1,750, ARRABELLE AT VAIL SQUARE R LIONSHEAD PL # V GOOD TOP PENT 8/2/2010 5,245,000 5,245,000 1,563 R LIONSHEAD PL # V GOOD END 9/14/2010 2,900,000 2,900,000 1,140 R LIONSHEAD PL # V GOOD INT 10/12/2010 2,249,000 2,249,000 1,114 R LIONSHEAD PL # V GOOD INT 11/11/2010 2,025,000 2,025,000 1,215 R LIONSHEAD PL # V GOOD END 12/6/2010 5,796,200 5,796,200 1,625 R LIONSHEAD PL # V GOOD END 5/6/2011 4,270,000 4,270,000 1,367 R LIONSHEAD PL # V GOOD END 7/26/2011 2,775,000 2,775,000 1,495 R LIONSHEAD PL # V GOOD TOP PENT 8/3/2011 6,800,000 6,800,000 1,672 WDL VAIL CONDOS (AKA RITZ) R W LIONSHEAD CIR #R EXE END 11/3/2010 2,057,100 2,057,100 1,366 11/39 4/30/2013

12 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R W LIONSHEAD CIR #R EXE INT 1/10/2011 2,025,000 2,025,000 1,455 R W LIONSHEAD CIR #R EXE END 1/18/2011 4,400,000 4,400,000 1,667 R W LIONSHEAD CIR #R EXE TOP PENT 1/27/2011 9,195,000 9,195,000 2,361 R W LIONSHEAD CIR #R EXE END 2/21/2011 4,050,000 4,050,000 1,635 R W LIONSHEAD CIR #R EXE PENT 3/3/2011 2,810,000 2,810,000 1,510 R W LIONSHEAD CIR #R EXE GRND INT 3/11/2011 2,222,000 2,222,000 1,355 R W LIONSHEAD CIR #R EXE GRND INT 4/27/2011 2,154,000 2,154,000 1,095 R W LIONSHEAD CIR #R EXE INT 6/7/2011 2,165,000 2,165,000 1,560 R W LIONSHEAD CIR #R EXE INT 6/9/2011 2,725,000 2,725,000 1,482 R W LIONSHEAD CIR #R EXE GRND INT 6/20/2011 3,075,000 3,075,000 1,285 R W LIONSHEAD CIR #R EXE INT 6/24/2011 3,395,000 3,395,000 1,474 R W LIONSHEAD CIR #R EXE END 8/1/2011 1,590,000 1,590,000 1,121 R W LIONSHEAD CIR #R EXE END 9/8/2011 2,860,000 2,860,000 1,545 R W LIONSHEAD CIR #R EXE INT 9/21/2011 2,750,000 2,750,000 1,197 R W LIONSHEAD CIR #R EXE GRND INT 10/6/2011 2,775,000 2,775,000 1,361 R W LIONSHEAD CIR #R EXE INT 11/2/2011 2,995,000 2,995,000 1,600 R W LIONSHEAD CIR #R EXE END 2/15/2012 3,090,000 3,090,000 1,561 R W LIONSHEAD CIR #R EXE END 2/23/2012 4,200,000 4,200,000 1,686 R W LIONSHEAD CIR #R EXE GRND INT 3/8/2012 2,910,000 2,910,000 1,442 R W LIONSHEAD CIR #R EXE END 4/6/2012 3,450,000 3,450,000 1,453 R W LIONSHEAD CIR #R EXE END 5/21/2012 3,500,000 3,500,000 1,421 R W LIONSHEAD CIR #R EXE END 5/31/2012 2,375,000 2,375,000 1,590 R W LIONSHEAD CIR #R EXE INT 6/11/2012 3,400,000 3,400,000 1,483 POTATO PATCH & GOLF COURSE CONDOS VAIL GOLF COURSE CONDOS R GOLF TER #J GOOD /26/2011 1,220,000 1,095, R GOLF TER #H GOOD /20/2011 1,500,000 1,446, R SUNBURST DR #E GOOD /16/2012 1,400,000 1,383, R GOLF TER #L GOOD /3/2012 1,550,000 1,540, /39 4/30/2013

13 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R GOLF TER #H GOOD /11/2012 1,400,000 1,391, FALL RIDGE R FALLRIDGE RD # GOOD /20/ , , POTATO PATCH CLUB CONDO R RED SANDSTONE RD # AVG /7/2011 1,000, , R RED SANDSTONE RD # AVG /23/2011 1,080,000 1,015, R RED SANDSTONE RD # AVG /14/ , , R RED SANDSTONE RD # AVG /20/2012 1,127,500 1,107, SUN VAIL CONDO R N FRONTAGE RD W #33 C AVG /23/ , , R N FRONTAGE RD W #13 C AVG /2/ , , R N FRONTAGE RD W #21 A AVG /4/ , , R N FRONTAGE RD W #33 A AVG /28/ , , R N FRONTAGE RD W #12 B AVG /13/ , , R N FRONTAGE RD W #13 A AVG /30/ , , POTATO PATCH TH CONDOS R POTATO PATCH DR #J GOOD /1/ , , R POTATO PATCH DR #G GOOD /12/ , , WEST VAIL/ INTERMOUNTAIN CONDOS BREAKAWAY WEST R LIONS RIDGE LP # AVG /1/ , , R LIONS RIDGE LP # AVG /1/ , , R LIONS RIDGE LP # AVG /25/ , , BROOKTREE TOWNHOUSE R VAIL VIEW DR #203A AVG /16/ , , R VAIL VIEW DR #108B AVG END 12/10/ , , R VAIL VIEW DR #222D AVG /31/ , , R VAIL VIEW DR #201A AVG END 3/19/ , , R VAIL VIEW DR #118D AVG /27/ , , /39 4/30/2013

14 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. BUFFEHR CREEK CONDO R MEADOW RIDGE RD #A AVG /18/ , , R MEADOW RIDGE RD #A AVG /5/ , , CAMELOT R BASINGDALE BLVD # AVG /26/ , , CHAMONIX CHALETS R CHAMONIX LN #E AVG /18/ , , R CHAMONIX LN #K AVG END 10/18/ , , R CHAMONIX LN #K AVG /18/ , , R CHAMONIX LN #E AVG END 11/22/ , , R CHAMONIX LN #J AVG /30/ , , R CHAMONIX LN #A AVG /20/ , , COLUMBINE WEST R KINNIKINNICK RD #8B AVG /9/ , , R KINNIKINNICK RD # AVG /17/ , , HOMESTAKE AT VAIL R SANDSTONE DR #A AVG /31/ , , R SANDSTONE DR #305A AVG /26/ , , INNSBRUCK CONDO R KINNIKINNICK RD # AVG /3/ , , INTERLOCHEN R S FRONTAGE RD W #D AVG /15/ , , R S FRONTAGE RD W #B AVG /13/ , , R S FRONTAGE RD W #B AVG /5/ , , R S FRONTAGE RD W #B AVG /15/ , , MEADOW BROOK R BUFFEHR CREEK RD # AVG INT 2/2/ , , NORTH RIDGE CONDO R CHAMONIX LN #5B AVG /24/ , , /39 4/30/2013

15 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R CHAMONIX LN #3A AVG /11/ , , RUSH CONDO R BASINGDALE BLVD # AVG /15/ , , SANDSTONE 70 R N FRONTAGE RD W # AVG /9/ , , R N FRONTAGE RD W # AVG /28/ , , R RED SANDSTONE RD #C AVG /30/ , , R RED SANDSTONE RD #B AVG /15/ , , R N FRONTAGE RD W # AVG /9/ , , R RED SANDSTONE RD #A AVG /27/ , , SNOW LION R VAIL VIEW DR # AVG /30/ , , R VAIL VIEW DR # AVG /29/ , , VAIL HEIGHTS R CHAMONIX LN # AVG /29/ , , R CHAMONIX LN # AVG /1/ , , R CHAMONIX LN #1A AVG /30/ , , R CHAMONIX LN # AVG /3/ , , VAIL SKY HIGH R GARMISCH DR # AVG /13/ , , VALLEY CONDO R BUFFEHR CREEK RD #A AVG /15/ , , R BUFFEHR CREEK RD #C AVG /28/ , , VESTLANDET R W GORE CREEK DR #B AVG /28/ , , COLUMBINE NORTH R KINNIKINNICK RD #1C AVG END 12/14/ , , R KINNIKINNICK RD #3B AVG INT 10/21/ , , R KINNIKINNICK RD #2A AVG INT 6/20/ , , /39 4/30/2013

16 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. DOME MAIN CONDO R BASINGDALE BLVD # FAIR /18/ , , MEADOW CREEK CONDO R KINNIKINNICK RD #B AVG /1/ , , R KINNIKINNICK RD #E AVG /30/ , , SANDSTONE PARK R RED SANDSTONE RD #A AVG /6/ , , VAIL INTERMOUNTAIN SWIM/TENNIS CLUB R TIMBER CREEK DR #3A AVG /25/ , , SPRUCE CREEK TOWNHOME R S FRONTAGE RD W #C GOOD END 7/21/ , , R S FRONTAGE RD W #C GOOD /2/ , , R S FRONTAGE RD W #A GOOD END 3/9/ , , SIERRA CONDO R SIERRA TRL #A AVG /17/ , , CASA DEL SOL R W GORE CREEK DR # GOOD /17/ , , SNOW FOX R LIONS RIDGE LP # AVG /17/ , , R LIONS RIDGE LP # AVG /17/ , , GROUSE GLENN AT VAIL R BUFFEHR CREEK RD #1A GOOD /28/ , , R BUFFEHR CREEK RD # GOOD /19/ , , CREEKSIDE AT WEST VAIL CONDO R S FRONTAGE RD W # AVG /14/ , , SIMBA RUN R N FRONTAGE RD W # AVG /29/ , , R N FRONTAGE RD W # AVG /19/ , , R N FRONTAGE RD W # AVG /7/ , , /39 4/30/2013

17 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R N FRONTAGE RD W # AVG /20/ , , R LIONS RIDGE LP # AVG /3/ , , R N FRONTAGE RD W # AVG /23/ , , R N FRONTAGE RD W # AVG /13/ , , R N FRONTAGE RD W # AVG /16/ , , R N FRONTAGE RD W # AVG /19/ , , R N FRONTAGE RD W # AVG /20/ , , SAVOY VILLAS CONDO R LIONS RIDGE LP #2A GOOD /15/ , , R N FRONTAGE RD W #6A GOOD /11/ , , LODGES AT TIMBER CREEK R TIMBER CREEK DR #D GOOD /10/ , , MINTURN/REDCLIFF CONDOS EAGLE RIVER ENCLAVE R MAIN ST # AVG /22/ , , R MAIN ST # AVG /30/ , , MINTURN RACQUET AND TROUT CLUB R CROSS CREEK LN #A GOOD /13/ , , R CROSS CREEK LN GOOD /8/ , , EAGLE-VAIL/AVON CONDOS CORNERSTONE CONDO R EAGLE DR #A GOOD /23/ , , R EAGLE DR #C GOOD /19/ , , R EAGLE DR #B GOOD /19/ , , NINETEENTH FAIRWAY TH R COLUMBINE CIR #C GOOD /31/ , , R COLUMBINE CIR #B GOOD /30/ , , R COLUMBINE CIR #B GOOD /11/ , , R COLUMBINE CIR #A GOOD /18/ , , /39 4/30/2013

18 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. SUNDOWN R GOPHER RD #B AVG END 2/15/ , , R GOPHER RD #B AVG END 8/18/ , , TIMBERGREEN TH R LARKSPUR LN # AVG /15/ , , TREEHOUSE II R LARKSPUR LN # AVG /5/ , , R LARKSPUR LN # AVG END 1/21/ , , BEAVER BENCH R W BEAVER CREEK BLVD #A AVG END 11/16/ , , R W BEAVER CREEK BLVD #A AVG INT 11/14/ , , R W BEAVER CREEK BLVD #B AVG INT 12/30/ , , R W BEAVER CREEK BLVD #B AVG INT 6/25/ , , TH FAIRWAY R ELK LN # AVG /18/ , , EAGLE-VAIL TOWN HOUSE #2 R DEER BLVD # AVG END 2/3/ , , R DEER BLVD # AVG END 5/24/ , , R DEER BLVD # AVG END 6/29/ , , WHISKY HILL R DAISY LN # FAIR /17/ , , ELKHORN CONDO R EAGLE RD #A AVG /2/ , , BENCHMARK CONDO R W BEAVER CREEK BLVD #2B FAIR /8/ ,900 84, R W BEAVER CREEK BLVD #C FAIR /29/ ,000 85, R W BEAVER CREEK BLVD #A FAIR /16/ ,000 77, R W BEAVER CREEK BLVD #A FAIR /21/ ,000 88, PAR SIX 18/39 4/30/2013

19 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R GOPHER RD #C AVG END 10/1/ , , R GOPHER RD #E AVG /19/ , , R GOPHER RD #G AVG /8/ , , R GOPHER RD #E AVG /3/ , , R GOPHER RD #G AVG /17/ , , R GOPHER RD #E AVG END 5/23/ , , LAKEVIEW AT BENCHMARK R W BEAVER CREEK BLVD #A AVG /10/ , , R W BEAVER CREEK BLVD #A AVG /19/ , , CLUBHOUSE CONDO R EAGLE DR # AVG END 4/28/ , , R EAGLE DR # AVG /30/ , , R EAGLE DR # AVG /21/ , , EAGLE RIVER CONDO R RIVERSIDE CT # GOOD /31/ , , SUNRIDGE AT AVON PH II R W BEAVER CREEK BLVD #D AVG /2/ , , R W BEAVER CREEK BLVD #D AVG /7/ , , R W BEAVER CREEK BLVD #D AVG /16/ , , R W BEAVER CREEK BLVD #O AVG /8/ , , R W BEAVER CREEK BLVD #G AVG /26/ , , R W BEAVER CREEK BLVD #A AVG /29/ , , R W BEAVER CREEK BLVD #R AVG /1/ , , R W BEAVER CREEK BLVD #A AVG /7/ , , R W BEAVER CREEK BLVD #L AVG /30/ , , R W BEAVER CREEK BLVD #D AVG /7/ , , R W BEAVER CREEK BLVD #P AVG /17/ , , R W BEAVER CREEK BLVD #B AVG /24/ , , R W BEAVER CREEK BLVD #D AVG /30/ , , /39 4/30/2013

20 SUPER EFF_ HEAT_ SALE / *TIME ADJUSTED SALES : The price for which a property sold adjusted for the effects of inflation or deflation between the date of sale and the date of appraisal. R W BEAVER CREEK BLVD #N AVG /29/ , , R W BEAVER CREEK BLVD #D AVG /1/ , , R W BEAVER CREEK BLVD #A AVG /17/ , , R W BEAVER CREEK BLVD #D AVG /14/ , , R W BEAVER CREEK BLVD #A AVG /3/ , , R W BEAVER CREEK BLVD #N AVG /14/ , , R W BEAVER CREEK BLVD #A AVG /18/ , , R W BEAVER CREEK BLVD #O AVG /21/ , , R W BEAVER CREEK BLVD #D AVG END 1/6/ , , R W BEAVER CREEK BLVD #O AVG /31/ , , R W BEAVER CREEK BLVD #B AVG /12/ , , R W BEAVER CREEK BLVD #D AVG /19/ , , R W BEAVER CREEK BLVD #J AVG /19/ , , R W BEAVER CREEK BLVD #D AVG /28/ , , R W BEAVER CREEK BLVD #M AVG /29/ , , R W BEAVER CREEK BLVD #E AVG /30/ , , R W BEAVER CREEK BLVD #B AVG /17/ , , R W BEAVER CREEK BLVD #E AVG /26/ , , R W BEAVER CREEK BLVD #B AVG /30/ , , R W BEAVER CREEK BLVD #H AVG /25/ , , R W BEAVER CREEK BLVD #N AVG /14/ , , R W BEAVER CREEK BLVD #M AVG /19/ , , R W BEAVER CREEK BLVD #N AVG /20/ , , R W BEAVER CREEK BLVD #D AVG /22/ , , MOUNTAIN STREAM R HWY 6 #B AVG /24/ , , R HWY 6 #B AVG /1/ , , R HWY 6 #A AVG /30/ , , R HWY 6 #C AVG /19/ , , /39 4/30/2013

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