The Reserve Budget is funded from our Reserve account which GENERAL INFORMATION

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1 Issue 1 A Message From Your Board Our beautiful resort is entering its 14th year, and as a long-time owner, I still look forward to spending time at the resort. I d like to join the other members of the Board of Directors in congratulating you, our owners, for your outstanding involvement and history of ownership of the resort. The continued commitment to your financial responsibilities as an owner allows High Sierra Lodge to rank amongst the best in the industry. Your support provides the Board with the funds needed for the upgrades we have enjoyed over the last year. As a result, we completed upgrades of all the kitchen appliances, improved Internet service, installed flat-screen TV s and replaced the beds in each unit. Your Board works in tandem with our Hyatt partners to manage two budgets. One for the dayto-day operations, known as the Operating Budget; the second is the Reserve Budget, which funds the replacement of items that have a life span beyond a year; i.e., major appliances, the building roof, furnaces, etc. Our goal last year was to utilize the Operating Budget as close to actual income and expenses as possible -- and we came right in on the numbers. This strategy is used in an effort to keep our annual increases to a minimum while still maintaining the quality and the high standards that the Hyatt name has come to represent. Your Board has employed this strategy for the past six years resulting in the dues being among the lowest in the Hyatt Residence Club system. When compared to similar properties from other operators, our dues are as much as 20% lower -- and your Board pledges to continue its efforts toward this goal. The Reserve Budget is funded from our Reserve account which is money the association has set aside for future needs. The reserve account is tied directly to a reserve study, which determines the useful life for various items. For example, beds might have a seven-year life span, while a roof might have a 30-year life span. The study is updated every five years to remain with current costs and to add new items, such as supporting the Internet service, which provides the board and Hyatt a tool to plan for expenditures. Currently, our reserve account is over $2M and rated in fair condition relative to future planned needs. The current Reserve study calls for a bathroom refurbishment/ remodel in The board recently hired The Carl Ross Design Group to scope this project. The Carl Ross team designed Hyatt Siesta Key Beach resort for Hyatt Residence Club and is currently working on the Continued Inside On Page 2 CONTACT INFORMATION Resort Manager: Travis Deer tdeer@hyattvoi.com Phone: GENERAL INFORMATION Check In 4:00 pm Check Out 10:00 am No Smoking, No Pets Lobby Hours: 7:00 am - 11:00 pm

2 A Message From Your Board (Continued) A Message From The Resort Manager remodel of Highlands Inn and the new Maui project. We are excited to partner with Hyatt and Carl Ross on this project and we look forward to sharing details with you as soon as they become available. On another financial matter, our resort is located in Washoe County, Nevada. A recent court case ruled that Washoe County owes property tax refunds to Washoe County property owners. Your HOA is working with Hyatt in completing all the necessary paperwork to obtain these refunds and will keep you informed regarding this item. The Board wishes to thank Hyatt for their partnership and support as well as the efforts of our local Incline Village staff and the Hyatt Residence Club team. This support makes it possible for all the owners to enjoy our wonderful resort. Lastly, the Board thanks all the unit owners for their support and diligence regarding energy savings and their overall support for the property. All the best for a wonderful 2013! Your Board of Directors Jim Novack - President Steve Dykstra - Vice President Jack Hopkins - Secretary Steve Dallas - Director Thom Chinn - Director Spring is in the air greetings from beautiful North Lake Tahoe! As we transition from winter season into spring and summer, it is my sincere pleasure to take a quick moment to share some of the exciting things we have going at High Sierra Lodge. As you may have noticed during your most recent visit, we have been very busy improving your home away from home and the overall quality of the property. Most recently, during the fall of 2012, we were able to upgrade the hallway carpeting in the common area corridors for all six buildings, as well as complete the remodel of all six elevators. These common area updates have added nicely to the warmth and arrival experience for each of the buildings. For those of you who enjoy going to the pool and Jacuzzi area, you ll notice we ve also installed two new ADA accessible chair lifts for those owners and guests who may need a little extra assistance. We are very excited to announce that after almost a year of design review and testing of fabric samples and pillow options, your HOA Board of Directors has approved the new bedding soft goods design and we are moving full steam ahead with the implementation. We fully anticipate having this project completed by the first half of May. We also have some new faces in our Front Desk department and they are excited to get to know everyone. Please take a moment to introduce yourself the next time you are in the lobby and welcome them to the High Sierra Lodge. It continues to be a sincere pleasure to serve as your Resort Manager. If there is ever anything I can do to make your Hyatt Residence Club ownership more enjoyable, please do not hesitate to contact me directly. On behalf of our entire resort team here at the Hyatt High Sierra Lodge, we wish you and your family a safe and fun summer season. We look forward to having you back on property with us in the future! Travis Deer, Resort Manager tdeer@hyattvoi.com

3 Employee Spotlight Victor Buenrostro For those of you that have been coming to the High Sierra Lodge for a few years, you more than likely have had the opportunity to meet one of our star employees, Mr. Victor Buenrostro from our Engineering Department. If you have not had the chance to meet Victor, it is our pleasure to highlight him as our 2012 Employee of the Year. Most evenings, he can be found answering service requests but has been known to cover a few day shifts, as well. Victor was selected as our 2012 Employee of the Year because of his passionate work ethic and his continued focus to provide authentic hospitality. We are very thankful to have Victor looking after our property. In September 2003, Victor joined the Hyatt High Sierra Lodge and has remained a dedicated employee over the years, often commuting up the mountain from Minden / Gardnerville as well as Carson City. Over the years, Victor has been recognized many times for his ongoing excellence in the Engineering Department. He has now received the Employee of Year award three times (2004, 2007 and now in 2012) and he also been recognized twice as the Employee of the Quarter (in 2008 and 2011). Although we do our best to ensure you do not have engineering issues with your unit, things do happen. If you have the opportunity to meet Victor during your next visit, please thank him for his efforts and congratulate him on this award. We look forward to Victor s continued success with Hyatt and the High Sierra Lodge as he reaches is 10-year anniversary this September. Congratulations, Victor -- keep up the great work! GO-HYATT

4 Lake Tahoe 2013 Spring and Summer Event Calendar April 2013 April Reno Jazz Festival Marking its 50th year in 2012 and lauded by the San Francisco Chronicle as showcasing music s future, the Reno Jazz Festival at the University of Nevada, Reno has become one of the world s largest and most enduring celebrations of jazz, with three days of concerts, competitions and clinics each spring. Hosting concerts by worldrenowned jazz superstars, the festival also acts as an educational venue for some of the country s most talented middle school, high school and college-age musicians, as thousands of students compete at the festival with their school bands, vocal groups and ensembles from around the Western states. June 2013 June Reno Rodeo It s the Wildest, Richest Rodeo in the West! with ten nights of the best rodeo competition in the country. Enjoy all of the fan favorites including: two world-class team roping events, professional bull riding, team roping, steer wrestling, barrel racing and bronco riding. The exciting western action features an authentic cattle drive, parade, Double R Marketplace for western shopping, food, carnival and Mutton Bustin. July 2013 July 12- August 25 Lake Tahoe Shakespeare Festival The Lake Tahoe Shakespeare Festival presents Shakespeare s comic masterpiece A Midsummer Night s Dream on the scenic shores of Lake Tahoe. An exhilarating night of midsummer madness, this magical comedy brims with mistaken identity, mismatched lovers and mischief-making fairies. Boldly inspired by the marvelously mod influences of a rock n roll infused 1960s London, LTSF s production ensnares two pairs of lovers and a rustic troupe of wouldbe actors in a magical-mystery tour de force. A Midsummer Night s Dream is a joyful celebration of love lost, transformed and restored that casts a powerfully pleasing spell on audiences of all ages. July Wanderlust Yoga and Music Festival Wanderlust is a one-of-a-kind festival bringing together the world s leading yoga teachers, top musical acts and DJs, renowned speakers, top chefs and winemakers, and much, much more - all in a setting of breathtaking natural beauty. The yogis teaching and speaking at this year s North Lake Tahoe festival are considered the rock stars of the discipline and include Seane Corn, Shiva Rea, Dharma Mittra, Rod Stryker, Gurumkh Kaur Khalsa, Schuyler Grant and more. The music lineup is equally impressive with the sounds of Moby, Gramatik, Caravan Palace, Random Rab, Quixotic, Hannah Thiem, East Forest, MC Yogi, DJ Drez and Fabian Alsultany. In addition to yoga and live music, attendees will also enjoy organic food and wine, an inspirational speaker program, meditation and outdoor activities, such as paddle boarding, hiking, biking, and running. Event tickets went on sale Tuesday, February 12th. For more information about the Wanderlust Festival, including a complete lineup of events, click on the link below. Squaw Valley is located just 40 miles west of Reno and is an easy commute on Interstate 80 for most of the way. For accommodation options in Reno/Sparks, Incline Village or Crystal Bay, click on the Hotels tab above. wanderlustfestival.com July Tour de Nez-Vada The Tour de Nez-Vada is on. With the backing of the Nevada Commission of Tourism and Cultural Affairs, the 20-year event known as the Tour de Nez will add Vada and become four days of cycling and celebration in north western Nevada for The event will be held in front of the State House in Carson City, along the shores of Lake Tahoe, at ski areas, in the Historic Comstock area of Virginia City and in Downtown Reno. Everything the Tour de Nez has been known for, from the pros to the clunkers, messengers and kids races, hand cycles to wanna-be s, this event is for those looking for a good party even if you don t really care about bikes. All of this will be part of the expanded Tour de Nez- Vada.

5 Front Desk Spotlight July 29-August 4 Reno-Tahoe Open CATCH PGA TOUR STARS IN ACTION! Recognized as a favorite stop on the PGA TOUR, the 15th annual Reno-Tahoe Open is one of only 45 cities to host the PGA TOUR and the only one offering the exciting Modified Stableford playing format, encouraging the professionals to shoot for the pin every time. There are Pro-Am opportunities coupled with fan enhancements for every member of the family, from the Wine Walk to the Kids Tree House. The stunning Montrêux Golf & Country Club is northern Nevada s only Jack Nicklaus Signature Design course and provides a challenging, yet beautiful, test for the top notch PGA TOUR professionals. Since 1999, northern Nevada charities have benefited to the tune of more than $2.2 million dollars, thanks to the goodwill and community outreach of the Reno- Tahoe Open Foundation. The Reno-Tahoe Open highlights the region as a world-class golf destination through national and international media coverage. Don t miss your opportunity to see renowned PGA TOUR players tackle a beautiful golf course. L to R - Sonia Morales, Judith Galindo, Debbie Fuller You may have noticed some new faces around the Lobby and Front Desk, as well as a couple of our anchor employees who help keep the High Sierra Lodge delivering the world class check-in experience you expect from Hyatt Resorts. In this edition of the newsletter we would like to highlight the new faces at the Front Desk and share a couple updates. The first item of business is to congratulate Ms. Sonia Morales on her recent promotion to Front Office Manager last November. Sonia has been with Hyatt since October 1998 offering exceptional service that is second to none. After many years as your trusted Front Desk Agent, we are thrilled to have Sonia in her new role. With Sonia s promotion to the Front Office Manager role, we found ourselves looking for someone to fulfill the exceptional service you ve come to love when arriving at the Hyatt High Sierra Lodge. We we re very fortunate to have found Ms. Judith Galindo this past December. Judith has proven to be a welcome addition to our team. Mary Esther Cano The newest member of the Front Desk team is Ms. Debbie Fuller. Debbie joined us the first week of February and is excited to get to know all of our owners. An overview of the Front Desk team would not be complete without a sincere and heartfelt acknowledgement of our longest Front Desk team member, Ms. Mary Esther Cano. Esther continues to serve the owners and guests of this resort with an unparalleled level of knowledge and customer service. Esther is a welcoming and familiar face to many of you and loved by all. We wouldn t be able to do what we do without the service of these wonderful ladies. Thank you to our Front Desk team! GO-HYATT

6 Owner Spotlight Anne-Lise & Arthur Buzz Gralla What are your favorite aspects of ownership with Hyatt? Our family enjoys the charm of the many beautiful properties that are part of the Hyatt Residence Club ownership. All that we own are exceptionally well-maintained with fair and modest maintenance fees. The reservation system is easy to understand and use. We enjoy the fact that the Residence Club is located adjacent to the Hyatt Regency property with all the additional amenities that they offer. Last but not least, the management and staff is top notch and always aim to please. The continual upgrading of our units at High Sierra Lodge are most impressive new beds, high-definition TVs, kitchens and high-speed Internet over a very short period of time. Do you have any favorite memories to share about vacationing with Hyatt Residence Club? Our favorite memories are from our stay at the Hyatt High Sierra Lodge in February 2011 when there was a foot of fresh snow at our door almost every day during our week-long stay. Have you taken the opportunity to visit any other Hyatt Residence Club Properties? Yes. Over the past five years of our ownership, we have visited and stayed at nine properties including our two home properties, High Sierra Lodge, Incline Village, Nevada, and Wild Oak Ranch, San Antonio, Texas. Our #1 favorite is Hyatt High Sierra Lodge followed by Hyatt Mountain Lodge. We particularly have been most impressed by the magnificent location, setting and design of the units -- and, of course, with the staff at High Sierra Lodge, who always make us feel at home. Have you had the opportunity to exchange through Interval International? Not yet, but we are now planning a trip to Spain and Portugal in late summer and we will use Interval International. Are there any future Hyatt Residence Club locations whereyou would be interested in visiting or owning in the future? We would like to visit Highlands Inn, which we have heard so many positive comments. What made you decide to choose this Hyatt Residence Club location? We came to the High Sierra Lodge first in 2010 for only four days and fell in love with this location and then decided to purchase our first week of ownership in February Later in October 2011, we purchased our second week and now enjoy returning in the fall season. In addition to appreciating the unsurpassed beautiful nature of Lake Tahoe, we were most impressed with the personal attention by the management and staff of High Sierra. They immediately make us feel like we are at home. What are your favorite activities at your home resort? Skiing, walking, hiking and biking are our favorite activities. Enjoying the serene vistas of Lake Tahoe provides a real cleansing of the mind and a significant change from the hustle & bustle of the large city, which is our permanent residence. Would you recommend any restaurants, shopping, activities, attractions in the area to owners or guests? Our favorite restaurant is Jason s in nearby Kings Beach and MoFo s Pizza in Incline Village. We also enjoy The Beacon Grill at Camp Richardson near South Lake Tahoe. For shopping, we like the outlet stores at the Y near South Lake Tahoe as well as the small shops in Tahoe City and Truckee. We also like the Lone Eagle Grill and the outdoor fire pits particularly at sunset. Is there an employee(s) you would like to highlight and recognize? Yes Travis Deer s friendly smile, personality and can do attitude has impressed us. His leadership has resulted in an outstanding staff, which has a very high level of retention so we see the same knowledgeable, friendly professionals each time we visit. The cleanliness of our unit is exceptional and whenever there is a maintenance issue, it is attended to immediately. Overall, the property is first-class in all respects.

7 Club Corner At Hyatt Residence Club, we believe that vacations are an essential key to a family s happiness. Whether it s a brief romantic interlude or a dream vacation for the whole family, each year, you have the opportunity to spread your wings and explore the world through Hyatt. The Hyatt Residence Club is a points-based reservation system for your timeshare or fractional interval(s) equating to an annual allotment of Club Points. Each year, at the start of your deeded week, you will receive Club Points that may be used towards various vacation options within the Club. The amount of points you receive is determined by the week, resort location and unit type purchased. It s been said that the key to success is preparation and successful vacations are no different. The more in advance you plan, the more options are available to you. We realize with flexibility comes complexity, but we re here to help. Please feel free to reach out to a Club Service Representative by calling 800-GO-HYATT. Home Resort Preference Period (HRPP) You receive the maximum travel options during your Home Resort Preference Period. The Home Resort Preference Period begins on the second day of your current year s deeded week and extends to six (6) months (182 days) prior to next year s deeded week check-in day. Reserve any portion of your fixed week. The first HRPP reservation for any portion of your deeded week is complimentary. If you should choose to split your week, the remaining portion of your week will automatically convert to Club Points for the options listed below, excluding Hyatt Gold Passport Program. Additional travel options within the HRPP window: (1) Hyatt Residence Club Resorts Use any or all of your Club Points to reserve available accommodations within the Hyatt Residence Club collection of resorts for travel in the next 12 months. Two-night minimum stay. (2) Interval International Resorts Use any or all of your Club Points to secure reservations within Interval International for travel in the next 12 months. 7-night minimum stay (ask your I.I. representative about shorter stays). OR Extended External Exchange (EEE): Designed to extend the life of your points past your deeded week, this option is available to you from the beginning of HRPP through the first 2 months (60 days) of the Club Use Period. You may transfer any portion of your Club Points for use solely within Interval International for travel up to 24 months following your deeded week. (3) Hyatt Gold Passport Program You may choose to convert your entire allotment of Club Points to the Hyatt Gold Passport Program for travel throughout the world of Hyatt Hotels and Resorts. Diamond and Platinum ownership weeks may convert their Club Points to Gold Passport Points every year. All other ownership weeks may convert Club Points to Gold Passport Points every other year. For current conversation rates, please reference your External Exchange Guide or ask your Club Service Representative GO-HYATT

8 The Hyatt Residence Club Collection Piñon Pointe, A Hyatt Residence Club Resort, Sedona, Arizona Highlands Inn, A Hyatt Residence Club Resort, Carmel, California Northstar Lodge, A Hyatt Residence Club Resort, Truckee, California Grand Aspen, A Hyatt Residence Club Resort, Aspen, Colorado Mountain Lodge, A Hyatt Residence Club Resort, Avon, Colorado The Residences At Park Hyatt Beaver Creek, Beaver Creek, Colorado Main Street Station, A Hyatt Residence Club Resort, Breckenridge, Colorado Coconut Plantation, A Hyatt Residence Club Resort, Bonita Springs, Florida Beach House, A Hyatt Residence Club Resort, Key West, Florida Sunset Harbor, A Hyatt Residence Club Resort, Key West, Florida Windward Pointe, A Hyatt Residence Club Resort, Key West, Florida Hyatt Miami At The Blue, Doral, Florida Siesta Key Beach, A Hyatt Residence Club Resort, Siesta Key, Florida High Sierra Lodge, A Hyatt Residence Club Resort, Incline Village, Nevada Hacienda del Mar, A Hyatt Residence Club Resort, Dorado, Puerto Rico Call Us Or Visit The Website Today Book Your Week NOW! GO-HYATT Wild Oak Ranch, A Hyatt Residence Club Resort, San Antonio, Texas Hyatt Escala Lodge, Park City, Utah Hyatt has granted the Developers of The Blue, Hyatt Residences and Hyatt Escala Lodges the right to sell condominiums at those Resorts under the Hyatt trade names and marks pursuant to Marketing License Agreements. Units in those Resorts have not been developed, offered, or sold by Hyatt or its affiliates. Inventory at The Blue, Hyatt Residences and Hyatt Escala Lodges available for reservation by Hyatt Residence Club members may be limited due to the whole ownership product offered at those Resorts.