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Finance Finance average volume per guest each quarter in 2009. The closing rates and average volume per guest were as follows: 13.2 percent and $1,946 in Q1 2009, 13.8 percent and $2,043 in Q2 2009, and 14.6 percent and $2,125 in Q3 2009, respectively. • Respondents reported that the average down payments on non-upgrade sales increased every quarter during 2009. Average down payments on nonupgrade sales were as follows: 14.7 Figure 2 percent in Q1 2009, 17.9 percent in Q2 2009, and 18.5 percent in Q3 2009. Further average down payments on upgrade sales remained relatively consistent and were as follows: 38.8 percent in Q1 2009, 39.8 percent in Q2 2009, and 38.7 percent in Q3 2009. • Respondents reported average receivables portfolio interest rates to be consistent in 2009 with 2008 and were approximately 14 percent. • Figure 2 (see below) illustrates the amount of gross defaults on timeshare portfolios during 2008 and the first nine months of 2009. The default rates were calculated as gross defaults that were charged against the allowance for uncollectible accounts, as a percentage of the gross outstanding portfolio balance at the end of the quarter. The default rates may have begun to level off. • Figure 3 (see page 28) illustrates the level of portfolio currency (consumer loans FITNESS SPA Prototype Designs Nationwide Sales & Service Facility Design & Planning www.HotelFitnessClub.com The World’s Leader In Hotel & Resort Fitness® Call For Brochure phone 800.291.0403 e-mail: sales@HotelFitness.com Developments • March/April 2010

March/April 2010 Developments

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