NEWS RELEASE 12/16/04

FASB Issues Accounting Standard to Improve the Accounting and Reporting of Real Estate Time-Sharing Transactions

Norwalk, CT, December 16, 2004—The Financial Accounting Standards Board (FASB) has issued Statement No. 152, Accounting for Real Estate Time-Sharing Transactions. Statement 152 amends FASB Statements No. 66, Accounting for the Sales of Real Estate, and No. 67, Accounting for Costs and Initial Rental Operations of Real Estate Projects, in association with the issuance of AICPA Statement of Position (SOP) 04-2, Accounting for Real Estate Time-Sharing Transactions.

The Accounting Standards Executive Committee of the American Institute of Certified Public Accountants issued SOP 04-2 to address the diversity in practice caused by a lack of guidance specific to real estate time-sharing transactions. Statement 152 and SOP 04-2 will improve the accounting and reporting of those transactions.

The guidance is effective for financial statements for fiscal years beginning after June 15, 2005, with earlier application encouraged.

The Statement may be accessed from the FASB’s website at www.fasb.org.

About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors and others rely on credible, transparent and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.