VREP, LLLP (DBA The LUSSO Collection) Announces Its Intent To File Chapter 11 Bankruptcy Petition; All of the Property Holding LLC Subsidiaries of The LUSSO Collection are Included in the Filing

Date: December 5, 2008

VREP, LLLP (dba The LUSSO Collection), a boutique luxury destination club, announced today that it is filing a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy Court for the District of Minnesota. All of the property holding subsidiaries of The LUSSO Collection are included in the filing. The club will continue to operate and members of the destination club may continue to utilize the luxury home properties during the reorganization.

The filing is planned in order to protect the club’s assets and maximize value for creditors. The current national financial crisis has resulted in a precipitous drop in new member enrollments and a significant contraction in the availability of debt financing, which has affected the club’s ability to acquire new properties and service existing obligations.

About The LUSSO Collection
The LUSSO Collection is an exclusive boutique travel destination club that provides members unlimited access to a collection of multi-million dollar residences in the world’s most sought-after vacation destinations. Founded in 2006 and headquartered in Eden Prairie, Minn., The LUSSO Collection offers its growing membership access to residences that average $4 million in value and an on-site concierge offers hassle-free planning for a truly luxurious vacation. For additional information, visit www.lussocollection.com.