VACATION OWNERSHIP? CLUB. 1. When I become a Vacation Club Owner, what am I buying? When you choose ESJ Towers, you choose a vacation backed by a superior level of quality and service, developed through 33 years of experience and unmatched in the industry. You are buying a ?Special Property Right? under the Puerto Rico Timeshare Act to use a specific apartment and all the facilities at ESJ Towers for a specific Seven-Night interval or Fifteen-Night interval every year, for the life of the building. 2. Why should I become a Vacation Club Owner at ESJ Towers? Since our inception, we have stood for professionalism and reliability. With this comes the joy of vacationing in one of the world?s most beautiful destinations. Our goal is to provide you and your family with a ?home away from home?. There are several reasons to become a Vacation Club Owner. The following are just a few, but our Vacation Consultants are available to discuss the program in more detail with you. A ?special property right? is acquired for a specific apartment and interval of 7 or 15 nights, every year, for the life of the building, at a one time purchase price. Your future vacation costs are paid for at today?s prices and this provides for substantial savings on your future vacations. Your future will grow more secure by knowing that your family?s vacations are paid for. You are acquiring a vacation home without all the hassles and maintenance headaches generally associated with owning a second home. As a Vacation Club Owner you will be able to enjoy priceless time with your family every year. 3. Who are the Developer Manager of ESJ Towers? ESJ Towers was developed by ESJ Towers, Inc., over 33 years ago and it has been managed under the highest standards of excellence since the beginning! 4. Do I have to reserve my time period each year? You are always assured of the specific apartment and interval which you purchased. BECOME AN INTERVAL INTERNATIONAL MEMBER. 1. Can I exchange, if I can not use my time? We are committed to fixed weeks, but exchange organizations, such as Interval International, can arrange an exchange for you, subject to availability, at one of more than 1,900 resorts worldwide; including ESJ Towers. Of course, a membership fee and other charges have to be paid for this service. SALES PRICE/ FINANCING. 1. How much will my Vacation Club Ownership cost? There are several factors that determine the cost of your Interval. The price will depend upon the time of the year and the apartment size and location. The price of a Seven-Night Interval in an Efficiency apartment ranges from $11,400 to $16,000. The price of a Fifteen-Night Interval in an Efficiency apartment ranges from $20,000 to $27,000 and the price of a Fifteen-Night Interval in a One Bedroom apartment ranges from $28,000 to $52,000. Special discounts may apply to various time periods. 2. How can I become a Vacation Club Owner? The purchase price may be paid by check or credit card. Also we can finance up to 80% of the purchase price. Ten (10) year financing is available at reasonable rates. Your consultant will help you find the right alternative for you. Don?t forget to ask for your special discount. 3. Are there any ongoing expenses for the maintenance of my unit? Annual Dues provide assurance that your apartment will be managed and maintained in the same or better condition that you find it today. The Annual Dues pay for the operation of the resort and Vacation Club Ownership apartments, including staff salaries, taxes, insurance, utilities, accounting and other professional fees, maintenance of facilities, repair and replacement of furniture and appliances, repainting and refurnishing, linen, towels, flatware, etc. 4. Are there any hidden land or recreation leases? 5. Can I transfer my Vacation Club Ownership as a gift or can I ?will? it to my heirs? Yes, you may transfer your Vacation Club Ownership by gift or ?will? upon completion of the ?Transfer of Ownership? form, endorsed by ESJ, and the payment of a One Hundred Dollars ($100) transfer fee. There are no legal fees or legal expenses for this transfer. 6. May I sell my Vacation Club Ownership? Yes, you may; however, ESJ has the right to exercise the option of a first refusal within a period of sixty (60) days after you give written notice of your intent to sell your Vacation Club Ownership. In the event ESJ does not exercise its option, you may sell and transfer your Vacation Club Ownership and all the rights, privileges and interest there under to a third party at a price that cannot exceed the price that you paid for it. There are no legal fees or legal expenses involved, except for the One Hundred Dollars ($100.00) transfer fee. ADDITIONAL INFORMATION. 1. Do Vacation Club Owners have guest privileges? Yes, guests staying with the owner in the Owner?s apartment are not charged for their stay. Under the Vacation Club Rules, up to Four (4) persons may use an apartment. Please vacate your apartment no later than 11:00 AM. 3. What about check-in time? Your apartment is thoroughly cleaned and inspected prior to your check-in time at 3:00 PM. More frequent optional maid service is available for an additional charge. You may exchange linens and towels at the Service Center at no charge each day. 4. Where may I shop for groceries? The ESJ Towers has a fully stocked Mini-Market on the premises. Within walking distance, you will find shopping malls and a supermarket. 5. Are pets allowed? We are sorry, but pets are not allowed at the ESJ Towers. 6. May I rent or lease my Interval Ownership? Since the Vacation Club Owner purchases his interval solely for his own personal enjoyment and pleasure, with no expectations of profit or gain, he may not rent or lease the Interval. The use of the interval is restricted to the owner, his immediate family and his personal guests. 7. Will there be any sales pressure to purchase or reach a quick decision? When you are ready, only then will you purchase. All money paid at the signing of the ?Vacation Club Owner Agreement? will be refunded to you, if you notify us in writing of your cancellation within Seven (7) days of signing the Agreement. UNMATCHED CUSTOMER SERVICE. Ultimately, it is not a hotel, an apartment, or a beach that ensures a perfect vacation. It?s the people. At ESJ Towers, our staff is the best in the industry. We are all committed to make your vacation unforgettable and it inspires us to deliver every day, The Best Vacation Club of the World! THIS ADVERTISING MATERIAL IS BEING USED FOR THE PURPOSE OF SOLICITING THE PURCHASE OF TIMESHARES. QUESTIONS AND ANSWERS. Welcome to Puerto Rico. We would like to invite you and your spouse to enjoy a complimentary Full American Buffet Breakfast, or Lunch for two, at the ESJ Towers? Happy Apple Restaurant.*. Upon completion of a 90 minute personalized presentation about our exciting Vacation Ownership? Club Resort, and a quick Tour of our facilities, you will also receive a $35.00 Dinner Certificate that you can redeem at participating restaurants.*. For reservations or more information, just dial 1-800-490-9699 or present this invitation between 9:00 AM and 1:00 PM at the Vacation Club Reception Desk conveniently located at the Main Lobby entrance of the ESJ Towers.*. Don?t miss the chance to call the ESJ Towers ?your home away from home? and visit us before you leave.*. *Certain restrictions apply. If married, both husband and wife must attend. Proper attire required. Reservations recommended. *THIS ADVERTISING MATERIAL IS BEING USED FOR THE PURPOSE OF SOLICITING THE PURCHASE OF TIMESHARES*

What we have for you! ESJ has a variety of comfortable and affordable apartments for your enjoyment. All rooms are furnished in a tropical decor with carpeting, modern appliances, Cable TV, voice mail and daily maid service.. STUDIO- a spacious guest room with a terrace, fully equipped kitchenette, ice maker, bathroom with vanity and one king size or two full size beds.. 1, 2 and 3 BEDROOM SUITES - complete apartments with living room, dining area, fully equipped kitchen, icemaker, terrace, washer and dryer. Restaurant / Lounges. The bright and whimsical Happy Apple Restaurant is open from 6:30 a.m. to 2:30 p.m. for buffet dinning. The POOL BAR offers cool pool side drinks and hot snacks during the day and the MANO A MANO, opens from 5:00 p.m.to midnight, serves cocktails in a casual, fun atmosphere. Located in the heart of Isla Verde, ESJ Towers is operated under a unique condo hotel concept. A modern wonder of elegantly furnished apartments with fully equipped kitchenettes with ice makers and daily maid service, ESJ is perfect for the carefree family holiday or for your corporate business trip to the island. Evening dining, night clubs and casinos are available at our neighbors; the Wyndham El San Juan Hotel Casino and the Inter-Continental San Juan Hotel. Old San Juan offers an endless variety of international and local cuisine, action-packed casinos, exciting shows, romantic cobble stone streets and soft Caribbean breezes. Shopping is a pleasure in two nearby malls, 15 minutes by taxi, to your choice of the Caribbean's largest shopping malls: Plaza Carolina, Plaza Las Americas and Montehiedra Plaza. Nearby Old San Juan is known throughout the world for it's excellent selection of jewelry, rums, cigars, ceramics, lace, and hand-woven linens. Our Business Center with internet access, photocopy and fax service are open 24 hours. Complimentary indoor parking, Mini-Market, professional dry cleaning and valet service, self-service laundromat, babysitting, in-room safe's and doctor on call (24 hours).

ESJ has a variety of comfortable and affordable apartments for your enjoyment. All rooms are furnished in a tropical decor with carpeting, modern appliances, Cable TV, voice mail and daily maid service. STUDIO- a spacious guest room with a terrace, fully equipped kitchenette, ice maker, bathroom with vanity and one king size or two full size beds. 1, 2 and 3 BEDROOM SUITES - complete apartments with living room, dining area, fully equipped kitchen, icemaker, terrace, washer and dryer. ESJ Towers Suite 2200 6165 Isla Verde Avenue Carolina, Puerto Rico, 00979-5729 ESJ Towers @ 2000-2005 Tel. 787-791-5151 Fax. 787-641-3583 ESJ Towers in Isla Verde, Puerto Rico offers vacation rental apartments

 Guest rooms have air conditioning
 Luggage storage
 Rent-a-car service
 Central situation
 Playground for children
 Clothes dry cleaning
 Credit cards accepted
 Lift
 Disabled guests are welcome
 Facsimile services
 Fitness hall
 Hairdryer
 Ironing facilities
 Kitchen
 Laundry services/washing machine
 Licensed bar
 Mixed dorms
 Smoke-free guest rooms
 Parking lot
 Private park, garden, courtyard
 Clock/radio
 Fridge
 Restaurant
 Safe deposit box
 Sauna
 Private/Ensuite bathroom
 Swimming pool
 Tea and coffee making facilities
 Phone at reception
 Phones in rooms
 TV sets in rooms
 Tennis court
 Patio, summer terrace