REGISTERED TIME SHARE PROJECTS

AS OF SEPTEMBER 1, 1984

PROJECT LOCATION DEVELOPER
A Place at the Beach III Atlantic Beach Sands Investments No. III Inc.
Alpine Village   Burnsville Summer Timeshares, Inc.
Barrier Island Station Duck Barrier Island Station, Inc.
Beach Harbor   Carolina Beach RGP Enterprises
Blue Ridge Village Banner Elk Carolina Investment of Avery, Inc.
Cape Hatteras Beach Club Buxton Cape Hatteras Beach Club, Inc.
Christie Village   Beech Mountain Woods of Beech, Inc.
Chetola Lake Condominium Blowing Rock Chetola Properties
Eagles Nest Atlantic Beach Eagle's Nest Co.
Fairfield Harbor New Bern Fairfield Harbor, Inc.
Fairfield Mountain Lake Lure   Fairfield Communities, Inc.
Fairfield Sapphire Valley Sapphire   Fairfield Sapphire Valley, Inc.
Five Seasons Nags Head Five Seasons Partnership
Four Seasons at Beech Banner Elk Virginia Carolina Inns, Inc.
Foxfire Interval Ownership Foxfire First Resort Properties, of N.C.
Frontier Village I & 11 Boone Condo Venture Corp.
Golden Strand Condominiums Kill Devil Hills Lifestyle Homes, Inc.
Hatteras High Resort Kill Devil Hills Lifestyles Homes, Inc.
Hawk's Nest If-III Nags Head Hawk's Nest Co. of Nags Head
Holiday Island Resort Hertford Resorts Marketing Ltd.
Ithilien Lodge   Waynesville K. R. Skogg, Inc.
Linville Mountain Inn Marion Linville Villas, Inc.
Nags Header Retreat Nags Head Nags Headers Homes, Inc.
North Pier Ocean Villas Carolina Beach North Pier, Inc.
Northpoint Duck Outer Banks Venture, Inc.
Ocean Isle Beach Club Ocean Isle Bch American Vacations, Inc.
Ocean Pines Condominium Kitty Hawk AI-Ed Corporation
Ocean Reef Morehead City Carolina Coastal Properties, Inc.
Ocean Villas 11 Nags Head First Flight Builders, Inc.
Outer Banks Beach Club   Kill Devil Hills Outer Banks Beach Club, Inc.
Penny Hill by the Sea Corolla Penny Hill by the Sea, Inc.
Peppertree Resort Villas Atlantic Beach Peppertree Atlantic Bch Assoc.
Peppertree Resort Villas   Maggie Valley Peppertree Maggie Valley
Peppertree Vocation Club Asheville Great Smokies Hotel Association
Sea Oats Club Wrightsville Bch   Sea Oats Association
Sea Ranch 11, Inc. Kill Devil Hills Sea Ranch 11, Inc.
Sea Scape Beach & Golf Villas Kitty Hawk Sea Scape Associates, Ltd.
Snowcloud 1, Condominium Seven Devils First Star, Inc.
Snowcloud If Condominium Seven Devils First Star, Inc.
Spinnaker at Port Trinitie Duck Trinitie Group, Inc.
Strand South Kill Devil Hills Strand South Ltd.
Swiss Mountain Village Blowing Rock Swiss Mountain Corp.
The Pines Golf & Resort, Inc. Pinebluff The Pines Golf & Resort, Inc.
The Waterway Wilmington Waterway Ltd.
Whispering Pines Time Whispering Pines Whispering Pines, Inc.
Share Villas
Windjammer Condominium Nags Head Seashore Development, Inc.
Woodlake Country Club   Vass Woodlake Partners, Ltd.
Interval Ownership Dev. Partnership