BUYERS’ GUIDE 2016 FOR MEMBERS OF THE MARRIOTT VACATION CLUB DESTINATIONS PROGRAM AND OTHER MARRIOTT VACATION CLUB OWNERS This Buyers’ Guide to the Interval International ® Exchange Program contains important information concerning your exchange privilege. You should read this document prior to your purchase of a vacation interest. Unless otherwise stated, the information contained in this publication is correct as of May 31, 2016. CONTENTS Disclosure Information About The Interval 2 International® Exchange Program For Members Of The Marriott Vacation Club Destinations Program (The “MVC Destinations Program”) And Other MVCI Owners Who Participate In The Exchange Program Resorts With 51 Or More Units Participating And 12 Available For Occupancy* Resorts With 21 – 50 Units Participating And 25 Available For Occupancy* Resorts With 11 – 20 Units Participating And 37 Available For Occupancy* Resorts With 6 – 10 Units Participating And 42 Available For Occupancy* Resorts With 1 – 5 Units Participating And 45 Available For Occupancy* 48 Programs With 1,000 Or More Members* 50 Programs With 500 – 999 Members* BUYERS’ 51 Programs With 250 – 499 Members* GUIDE 51 Programs With 101 – 249 Members* 2016 52 Programs With 1 – 100 Members* 56 Telephone And Mail Directory Report Of Independent Accountants, Key 57 Operating Exchange Statistics, And Notes *Accurate as of December 31, 2015 2 DISCLOSURE INFORMATION ABOUT THE INTERVAL INTERNATIONAL EXCHANGE PROGRAM FOR MEMBERS OF THE MVC DESTINATIONS PROGRAM AND OTHER MVCI OWNERS WHO PARTICIPATE IN THE EXCHANGE PROGRAM his guide is provided to explain the Exchange Program made available to 14. “MVCD Exchange Program” means the exchange program operated by Club Program Members and Individual Members (as defined below) the Club Program Manager. through Interval International, Inc. (“II”). You should review this information 15. “MVCI Owner” means a person who owns a Vacation Interest at a MVCI to ensure that you understand the terms and conditions of your Resort, including, but not limited to, those persons owning a Vacation membershipT with II and the operation of the Exchange Program. The following are Interest in that certain vacation ownership program known as Marriott definitions of special terms which are included within the text of this guide. Vacation Club (“MVC”) or that certain vacation ownership program DEFINITIONS operated by MORI or one of its affiliates in MORI’s Asia/Pacific timeshare 1. “Club Program Exchange Member” means a MVCI Owner who enjoys plan, but does not include any such person during the period for which benefits of the MVCD Exchange Program through his or her execution he or she elects to participate as a Club Program Member, except of the requisite purchase agreement and payment of the applicable fee. where he or she maintains a Vacation Interest in a MVCI Resort separate 2. “Club Program Manager” means Marriott Resorts, Travel Company, Inc. and apart from the Vacation Interest giving rise to his or her status as a d/b/a MVC Exchange Company, which is a wholly owned subsidiary of corporate member of the Exchange Program. MORI. 16. “MVCI Resort” means a resort owned, operated, or managed by MORI 3. “Club Program Member” is a collective term meaning any Club Program or its affiliates under the brand name of MVC or Grand Residences by Direct Member or any Club Program Exchange Member. Marriott. 4. “Club Program Direct Member” means an owner of a Vacation Interest 17. “Other II Member” means a person, persons, or entity who owns a in a MVC Destinations Program by virtue of such ownership. Vacation Interest at a Member Resort, excluding each Club Program Member and MVCI Owner, and, by participating in the Exchange 5. “Component Resort” means any location containing accommodations at Program, agrees to be bound by the terms and conditions of II a site or resort that is part of the MVC Destinations Program or part of a membership and exchange. vacation ownership program affiliated with the MVC Destinations Program at which a Club Program Member may exercise occupancy rights directly 18. “Points” means the symbolic currency utilized by the MVC Destinations through the MVC Destinations Program. Program to quantify the ownership, reservation, use, and/or other rights of a Club Program Member based upon the Club Program Member’s 6. “Confirmation” means a written or electronic acknowledgment from II that a Vacation Interest. request for accommodations has been fulfilled. 19. “Suspension” or “Suspended” means that a Member Resort is not in 7. “Host Resort” or “Host Accommodations” means the resort into which compliance with an II affiliation agreement, II’s policies, and procedures, or the Club Program Member has been issued a Confirmation (including is not otherwise in good standing with II. While a Member Resort is Flexchange®, ShortStay Exchange®, and Getaway Confirmations, as well as suspended, processing of new memberships, membership renewals, and E-Plus® retrades). exchange deposits and requests may be temporarily halted. 8. “Individual Member” means any MVCI Owner who is enrolled in the 20. “TDI” or “Travel Demand Index” means the seasonal indices that are Exchange Program by MORI or otherwise, and who, by contract, agrees updated periodically to reflect the cycles of relative weekly demand for a to be bound by these terms and conditions of II membership and specific geographic area. The TDI is a vacation-planning tool offered by II exchange as amended from time to time. An Individual Member is said to to assist Members in determining which time periods offer the best be in good standing with II and/or MORI when the Individual Member is opportunities for travel to a particular region and when accommodations are current in the payment of all fees or assessments prescribed by II or most likely to be available. The TDI is not an indication of the quality or MORI, and is in compliance with all II, MORI, and/or any MVCI Resort desirability of vacationing in any specific resort, geographic area, or terms and conditions then in effect. The term “Individual Member” does season, nor is it necessarily an indication of the availability of a particular not include any Club Program Member where he or she participates in week in the Exchange Program. the Exchange Program by virtue of the corporate membership in the Exchange Program maintained by MORI, as explained in Membership, 21. “Vacation Interest” means the possessory rights, occupancy rights, or Paragraph 1. usage rights in accommodations and related facilities for a period of time during any given year, and which rights extend for any period prescribed 9. “Interval Gold®” and “Interval Platinum®” refer to the upgraded benefits or allowed by applicable law for establishing a timeshare plan. packages available to Individual Members and Club Program Members in good standing upon their election and payment of the applicable Interval 22. “Week” or “Weeks” means the time period for which a Club Program Gold or Interval Platinum membership upgrade fee. Interval Gold or Member or Individual Member requests or, where applicable, relinquishes Interval Platinum status provides such members with certain additional travel the usage of a unit and the amenities and facilities of a vacation and leisure benefits not available through basic membership in the ownership resort. Exchange Program. Club Program Members should consult the relevant MVC Destinations 10. “Resort Directory” or “Travel Planner” means II’s online and print Program offering and disclosure documents for information, details, and publications, respectively. Both publications include the Terms and explanations of Points values and requirements, the reservation and use of Conditions of Individual Membership and Exchange as well as an overview MVC Destinations Program accommodations and facilities, and other terms of benefits of II membership and a descriptive listing of selected Member and conditions regarding the MVC Destinations Program. II is not Resorts. responsible for fulfilling any such terms and conditions, nor does II have any control over such terms and conditions. All information contained in these 11. “Member Resort” means any resort or vacation club membership Terms and Conditions regarding the Points and all matters related thereto program for which a developer or homeowners’ association or other have been established by MORI and are subject to change by MORI. third party has entered into a contract with II (including each of the Component Resorts and MVCI Resorts), pursuant to which THE TERMS AND CONDITIONS SET FORTH HEREIN ARE DIFFERENT FROM accommodations and facilities may be made available to Club Program II’S STANDARD TERMS AND CONDITIONS OF INDIVIDUAL MEMBERSHIP Members, Individual Members, and Other II Members, as well as any AND EXCHANGE FOR OTHER II MEMBERS. THE TERMS AND CONDITIONS resort for which II provides exchange services directly to its owners. SET FORTH HEREIN HAVE BEEN SPECIALLY AGREED UPON BY MORI AND II FOR OBTAINING RESORT ACCOMMODATIONS THROUGH THE 12. “MORI” means Marriott Ownership Resorts, Inc., the developer of a MVC EXCHANGE PROGRAM. THEREFORE, WHEN PLACING A REQUEST FOR Destinations Program and the majority of the MVCI Resorts, which does ACCOMMODATIONS WITH II, YOU SHOULD REFER TO THESE TERMS AND business as Marriott Vacation Club International (“MVCI”). CONDITIONS AND NOT THE STANDARD TERMS AND CONDITIONS THAT 13. “MVC Destinations Program” means the Marriott Vacation Club ARE SET FORTH IN OTHER II PUBLICATIONS FOR OTHER II MEMBERS. IN Destinations Program, the Marriott Vacation Club Destinations, Australia THE EVENT OF A CONFLICT BETWEEN THESE TERMS AND CONDITIONS Program, the MVCD Exchange Program, and any future Marriott Vacation AND SUCH OTHER STANDARD TERMS AND CONDITIONS, THESE TERMS Club Destinations Program created and/or operated by MORI or its affiliates. AND CONDITIONS SHALL PREVAIL. 3 WHO WE ARE the deposit expires, the request is canceled or confirmed, or the confirmed 1. II is a Florida corporation offering an exchange service for use by its travel has been canceled or completed.