Sunterra Corporation
 Consolidated Debtor and Non-Debtor Entities
 Balance Sheet
 March 31, 2002
 
  Total
 Consolidated
 (Unaudited)
 ---------
Assets:
------
Cash and cash equivalents $ 26,492,501
Cash in escrow and restricted cash 64,104,007
Mortgages receivable, net 172,522,584
Retained interests 15,973,946
Due from related parties 9,845,672
Other receivables, net 9,089,030
Income tax refund receivable 985,422
Prepaid expenses and other assets 26,697,111
Investment in joint ventures 20,044,983
Assets held for sale  11,665,896
Real estate and development costs 175,404,503
Property and equipment, net 65,978,815
Intangible assets, net  22,752,603
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 $ 621,557,073
  =============
 
Liabilities and equity:
----------------------
Accounts payable subject to compromise $ 59,605,371
Notes payable subject to compromise 526,925,305
Accounts payable not subject to compromise 20,632,263
Accrued liabilities 184,069,386
Notes payable not subject to compromise 170,687,720
Income taxes payable  -
Deferred income taxes (1,828,313)
 -------------
  960,091,732
 
Stockholders' equity (338,534,659)
 -------------
 
Total liabilities and equity $ 621,557,073
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 Sunterra Corporation
 Consolidated Debtor and Non-Debtor Entities
 Income Statement
  For the Month Ended March 31, 2002
 
 Total
 Consolidated
  (Unaudited)
 ---------
Revenues:
--------
Vacation interests sales $ 13,250,991
Interest income  2,057,555
Other income (loss) 4,940,200
 ------------
 Total revenues  20,248,746
 ------------
 
Costs and operating expenses:
----------------------------
Vacation interests cost of sales 2,992,033
Advertising, sales and marketing 8,455,570
Provision for doubtful accounts 687,519
Loan portfolio expenses 906,992
Maintenance fees and subsidies  1,258,618
General and administrative 5,471,475
Depreciation and amortization 1,178,599
Resort property asset writedowns  --
 ------------
Total costs and operating expenses 20,950,806
  ------------
 
Income (loss) from operations (702,060)
 
Interest expense 2,115,816
Restructuring costs 2,482
Realized (gain) on available-for-sale securities --
Equity (gain) on investment in joint ventures (350,002)
Bankruptcy expenses:
 Loss/(Gain) on Sale of Assets  (57,807)
 Interest (Income) (8,425)
 Professional Services 2,807,360
 
Extraordinary item --
  ------------
 
Income (loss) before provision for taxes (5,211,484)
 
Provision for income taxes 402,242
  ------------
Net income (loss) $ (5,613,726)
 ============