Investor Update

December 2009

Dear Unitholders:

2009 has been a good year for NVDLP. As will be reported in our annual report for the year we have had a strong turn around in hotel performance at both the top and bottom line. Combined, our hotels have recorded record top and bottom line performance and in particular the Best Western Gold Rush Inn has made a major contribution to improved revenue and cashflow.

Our property portfolio has continued to perform well and we remain almost fully leased. The Limited Partnership has also benefited from the low interest rate environment due to a skew to variable rate mortgages.

We look forward to reporting to you fully on our success in the new year.