CONTENT 01

Industry

05OPPORTUNITY

06GROWTH

10AREAS

11ACQUISITION

12NUMBERS

INTRODUCTION TO VACATION RENTALS

INDUSTRY OVERVIEW

TODAY, 22% OF LEISURE TRAVELERS HAVE STAYED IN A VACATION RENTALS.*

$26 BillionVacation Rental RevenueVacation rentals represent over 20% of hotel revenue.

8% OF ALL US TRAVELAND GROWINGVacation rental revenue is outgrowing the hotel industry.

ONLINE BOOKINGSSign of consumer growthIn recent years online bookings have nearly doubled.

20%

8%

24%

49%49% of leisure travelers are interested in staying in a

vacation home rental as an

alternative to a traditional hotel or resort during the next two years.*

18%

Online vacation rental growth has outperformed hotels at 18.1% (“CAGR”).

85B

Estimated worldwide annual revenues for vacation rental industry.

1*Ypartnership/Harrison Group 2011 Portrait of American TravelersSM.General Source: PhoCus Wright’s vacation rental marketplace industry report

HOW DO VACATION RENTALS WORK?

01

The property owner owns

vacation rental property.

PROPERTY OWNER

02

Vacation Rental manager

maintains, markets & rents out the

property.

RENTAL MANAGER

03

The guests contacts rental

manager to rent the property on a short term basis.

GUEST

Rental manager receives a set percentage of the rent for their services.

HOW THE RENTAL MANAGER GETS PAIDThe property owner receives a set

percentage of the rent for their property.

HOW THE PROPERTY OWNER GETS PAID

2

HOTELS ARE GOOD BUT VACATION RENTALS ARE BETTER

MORE THAN NINE OUT OF 10 LEISURE TRAVELERS RATE "VALUE FOR MONEY" AS THE PRIMARY MOTIVATION TO USE A VACATION RENTAL AS OPPOSED TO STAYING IN A

TRADITIONAL HOTEL OR RESORT.*

3

*Ypartnership/Harrison Group 2011 Portrait of American TravelersSM.General Source: PhoCus Wright’s vacation rental marketplace industry report

Only general room pictures and limited

description.

Hotel room has limited number of

beds.

No kitchen and limited cooking

facilities.

Detailed room pictures and description.

More beds = lower cost per person.

HOTEL VACATION RENTAL

A full kitchen allows decrease in overall

vacation cost.

OUR GROWTH STRATEGY

OPPORTUNITY OVERVIEW

VACATION RENTALS ARE A FRAGMENTED SECTOR OF THE LEISURE INDUSTRY AND ARE RIPE FOR CONSOLIDATION.

ROLL UP STRATEGYConsolidate a fragmented industry.

1

BUILD A BRANDEstablish a well recognized brand.2

BUY, BUILD, SELL.Acquisitions made at 3 x EBITDA. Consolidation to sell at 8 x EBITDA.

3

MINIMIZE RISKSteady growth: one acquisition at a time.

4

ACQUISITION POTENTIALOver 6,000 potential acquisition targets.

5

6

5

EXPERIENCED MANAGEMENT Technology, operations and management platform primed to support growth.

Scalable operations and systems allow for unfettered growth.

OPERATIONS

ACQUISITIONS

ACCOUNTING

GREAT MANAGERS/CORE STAFF

MARKETING

TECHNOLOGY

ESTABLISHED GROWTH PLATFORM

Highly trained staff in all departments with multiple years of experience.

Centrally located accounting department to manage all areas.

Dedicated acquisitions team to maintain a steady deal flow.

Highly specialized team focusing on vacation rental and guest marketing.

Our core technology systems are in place to accommodate growth.

6

SCALABLE TECHNOLOGY

7

Utilizing the best software to connect with the largest booking engines

Brandon Ezra is an experienced entrepreneur and business operator. Over the past decade Brandon founded his first vacation rental business and went on to own and manage several similar businesses.Brandon’s earliest venture in this space is JetLiving (www.jetliving.com), an online travel agency which focuses on vacation homes in the South Western United States.

Brandon founded JetLuxury Resorts (www.jetluxuryresorts.com), a business focused in the condo-hotel industry. JetLuxury Resorts was successfully launched and exited within two years. Shortly after which Brandon purchased Grand Mammoth Resorts and continues to grow and expand this Mammoth Lakes based property management company. Grand Mammoth Resorts has been listed on the INC500 list and rated TOP3 in US travel.

Watershed Cabins along with Smokey Mountain Cabins are Brandon’s most recent acquisition. They are a group of vacation rental companies based in North Carolina.

Grand Welcome, an umbrella brand, was recently established to consolidate the identity and operations of all of locations under Brandon’s management, Grand Welcome is a banner under which all the other brands can flourish and grow.

Brandon is also a distinguished speaker at the Vacation Rental Managers Association (V.R.M.A.) conferences. The leaders in the vacation rental industry all come together at the V.R.M.A. to summarize the past year and plan for the future.

BRANDON EZRA

8

STRATEGY & FOCUS

10

IDEAL ACQUISITIONS

POPULAR DESTINATION

NO NATIONAL BRANDS

CLOSE TO MAJOR CITIES

AIRPORTS

BEST AREAS

BEST AREAS AND IDEAL ACQUISITIONS

OPERATES IN ONE

LOCATION

PRIVATELY OWNED

3 + YEARS

IN OPERATION

50 + PROPERTIES

ACQUIRING THE BEST PROPERTIES IN THE BEST AREAS TO GROW A SOLID FOUNDATION

CURRENT NEGOTIATIONS

11

Details Company A

Company B

Company C

Company D Company E

Location Bryson City, NC Kona, HI Pigeon

Forge, TNSouth West,

USLake

Country, FL

Vacation Rentals 25 65 250 150 40

Years of operation 12 8 44 25 11

Stage Closed High Moderate Moderate Good

Opportunity Won High occupancy 5 Locations Stable for

growthHigh Growth

Area

Gross Sales 732K 4.2m 5.5m 2.7m 1.1m

THENUMBERS

ECONOMIC ANALYSIS

$150m REVENUETARGET 50%+

IRR18%+NET MARGIN

13

A FAVORABLE EXIT MULTIPLE AND UNSOPHISTICATED INDUSTRY ALLOW FOR A HIGH IRR

INCOME STATEMENTFor periods ending December 31st

453,021

10,231

50,000

312,020

10,102

350,201

453,021

10,231

50,000

312,020

10,102

350,201

55%+ 18%+ GROSS MARGIN

NET MARGIN14

2014 2015 2016 2017 2018

Gross Sales $5,431 $10,926 $40,597 $96,128 $146,489

Net Sales $3,017 $5,074 $16,141 $36,782 $55,515

Gross Profit $1,597 $2,914 $9,622 $22,092 $33,419

% margin 53% 57% 60% 60% 60%

EBITDA $569 $1,100 $4,783 $12,254 $19,358

TIME TO EXIT

EXIT STRATEGY

ACQUIRE - 3 X EBITDA

SELL - 8 X EBITDA

GRAND WELCOME WILL FOCUS ON IDENTIFYING AND ACQUIRING IDEAL COMPANIES WHICH WILL NOT ONLY GROW REVENUE AND ENHANCE OVERALL MARGINS, BUT WILL CREATE A NATIONAL BRAND SPECIFIC TO THE VACATION RENTAL INDUSTRY.

Industry type and growth allows for possible public listing.

Exit at $150m sales ($16m EBITDA)

Ideal size target for large hotel brand (Wyndham Hotels purchase ResortQuest for 45m.)

16

Confidential

This presentation contains confidential information regarding USA Travel, LLC and its various affiliates (collectively “Grand Welcome”). This presentation is provided solely for the purpose of assisting interested parties in making their own evaluation of Mammoth Property. The information contained in this presentation was obtained from Grand Welcome and other sources. Any estimates and projections contained herein have been prepared by the management of Grand Welcome and involve significant elements of subjective judgment and analysis which may or may not be correct. Neither Grand Welcome nor any party on its behalf makes any representation or warranty, expressed or implied, as to the accuracy or completeness of the information contained in this presentation, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. This presentation does not purport to contain all of the information that may be required to evaluate any transaction with Grand Welcome and any recipient hereof should conduct its own independent analysis of Grand Welcome and the data contained or referred to herein.

18