Year End Update

Posted on Tuesday, December 27, 2011

To NVD LP Unitholders and Stakeholders:

NVD is just finishing up another strong year from both a financial and operating perspective. During the past year we successfully launched our River's Reach Residential Condo and Waterfront Station Comerrcial Condo projects, marking an important milestone with respect to our original business plans which called on us to develop these core waterfront lands. We also sold 7 Titanium Way Business Park lots - meeting our plan in that regard - and built a new 8,000 square foot joint venture commercial project at Titanium Way in partnership with Selkirk Development Corporation and through our existing TW Joint Venture with the Vuntut Gwitchin LP.

Hotel performance recorded record levels of occupancy and both room and food and beverage revenues and margins. Our High Country Inn and Convention Centre delivered huge gains on all measures and met plan for the first time since we acquired the property in 2007. The Best Western Gold Rush Inn continued to exceed expectations. Combined these properties provided substantial cash flow to the Partnership during the year and were a big part of what allowed us to continue to provide regular distributions, in the form of return of capital to unitholders, in October 2011.

This year, the Whitehorse Chamber of Commerce named NVD LP as Business of the Year in Whitehorse. It is an honour to be recognized in such a way by our local business peers. We were also named a top Northern employer and we continue to attract high quality members to our management team, most recently with the addition of Philip Fitzgerald as our COO/CFO.

The annual report, to be published in early 2012, will provide a detailed update on our performance. I believe that Unitholders will be pleased with the accomplishments that will be described for the year just completed, as well as the outlook for more of the same in 2012.

Thanks to all for their support in 2011. I wish you the very best this holiday season.

Rich Thompson

CEO, NVD LP