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Published by: Frazee, Inc. An Industry Leader in Hospitality Renovation Since 1976 Third edition

September 1, 2007

COMPANY EMPLOYEES RECOGNIZED FOR EXEMPLARY PERFORMANCE Daniel Frazee and Will Dixon were nominated for the 2007 ARDA (American Resort Development Association) Award finalist. The nomination resulted from the performance of the Frazee, Inc. team led by Daniel and Will on the “extreme makeover” of 840 timeshare units in Orange Lake Resorts and was submitted by the President of Orange Lake. Daniel Frazee was presented with the 2007 finalist award at the 2007 Awards Gala, held at the Walt Disney World Dolphin Resort. Orange Lake operates 2,300 timeshare units and has elevated standards in excellence with each new development. Thus, it was natural to assume that management was anxious to incorporate the “new feel” in older properties. Daniel Frazee “worked with the management company to develop a model unit that incorporated all the different and complex design details. Through that process, the resort experimented with moving, adding and modifying walls; upgrading finishes; and many other enhancements to the model unit. After completing the model unit, the resort invited owners to view the before and after product and received overwhelmingly positive comments about the final product.” Join us in congratulating Daniel for his outstanding performance and being presented the Finalist Award by ARDA and Will for being a nominee.

COMPANY RECOGNIZED BY THE ATLANTA BUSINESS CHRONICLE AS NO. 6 IN THE BOOK OF LISTS In the June 21, 2007 edition, the Atlanta Business Chronicle published it annual list of Atlanta’s Top 25 Interior Commercial Contractors. Frazee, Inc. moved into the number 6 position after occupying the number 11 position from the prior year. This individual listing will be incorporated in the annual book of lists that is normally published by the Chronicle during the month of December each year and will be included with the analysis of all the other industries and service company evaluations. Achieving a position among your peers or 25 of your top rated peers is an honor, but gaining the number 6 position is a reflection of a company’s standing in its chosen field of endeavor and the people (employees and customers) that made it possible.

FRAZEE NAMED BY INC MAGAZINE AS ONE OF THE 5,000 FASTEST GROWING PRIVATE CO’S IN AMERICA During July, 2007, INC Magazine notified management of Frazee, Inc. that the Company had been qualified to appear on the 2007 INC list of the “fastest-growing private companies in America”. The magazine independently identified and contacted the Company to extend an invitation to be included in their efforts to compile a list of the 5,000 prospective companies in the entire United States. The official public announcement will be forthcoming on August 27, 2007 and Chuck Frazee, CEO has been invited to a join other CEO’s and company officials of other selected companies from around the country for a three day event in Chicago honoring all nominees. Chuck Frazee believes that this is a tribute to the dedication of all the employees and a very dedicated customer base.

RENOVATION PROJECTS CONTINUE AT A FURIOUS PACE HILTON CENTER CITY CHARLOTTE Frazee, Inc. completed a major face lift to 400 guest rooms and corridors in a fast paced and major renovation project on a property in the downtown area of Charlotte, NC. Guest baths were virtually demolished and treated to stone finishes and updated fixtures. Guestrooms were redone with new vinyl wall covering, paint and carpet. The property purchased new furniture and fixtures to make this a grand hotel in a very busy area of the city. Frazee, Inc. was proud to be a part of the process of updating a prominent hotel in a city dominated by the banking industry. CLASSIC HYATT ASSISTED LIVING PROJECTS COME ALIVE During the past year, the Company has completed a slate of model rooms at selected Classic Hyatt Assisted living facilities to provide management of Classic Hyatt with a concept for a major planned makeover program at many different properties. The model rooms were well received and now Frazee, Inc. is in the initial stages of implementing the planned renovations at a select number of properties. If Classic Hyatt intends to embrace

their total program, it will be nationwide in scope and years to completion. Frazee, Inc. as a leader in the assisted living renovation field is excited about their present role with a customer of the caliber of Classic Hyatt. MARCO ISLAND MARIOTT BEACH RESORT, GOLF CLUB & SPA This Gulf front property, a favorite for vacationers and conventioneers, is undergoing a major upgrade on all 350 guestrooms. Mechanical systems are being upgraded which in turn creates the need for significant demolition and reconstruction of selected walls and the resulting room finishes were all new and fresh. This project will continue into January, 2008 at which time the hotel guestroom will have a new a beautiful look. REDDY CREEK INN-KISSIMMEE A multiphase endeavor to transform a prominent property to short term lease condos with a total interior and exterior rebuild. As the project manager for Frazee, Inc. described it “this is a virtual rebuild of the entire property and promises to be cornerstone property”. The entire property is to receive new wiring and plumbing with the all interiors from the framing up to be new with redesign floor plans and new fixture, lighting and baths. This project is expected to carry well into 2008. DID YOU KNOW………………… Did you know that at anytime Frazee, Inc. personnel can be working in up to ten states at the same time. Our reach has expanded and by using technology we have learned to serve our customers in far away locations by maintaining lines of communications and meeting expectations.

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