Disclosure Guide 2004-2005 This publication contains information that indicates resorts participating in, and explains the terms, conditions and use of the RCI Weeks Exchange Program operated by Resort Condominiums International, LLC. You are urged to read it carefully. ® DISCLOSURE GUIDE (o) Indemnitee — RCI and its partners, officers, employ- TO ees, directors, shareholders, agents, representatives, RCI WEEKS parent companies, affiliates and subsidiaries and the predecessors, successors and assigns of all of them. (p) Internal Exchange — That Exchange which occurs 1. DEFINITIONS when the week owned by an RCI Weeks Member is exchanged for a week in the same Home Resort or (a) Affiliated Resort — A resort, resort group, vacation same Home Resort Group. club, vacation plan or other legal entity with which RCI has a contractual agreement to offer the RCI Weeks (q) Maximum Occupancy — The maximum number of Exchange Program. persons that a resort unit may accommodate. (b) Auto-Deposit Program — A program which allows (r) Member — RCI Weeks Member. members to automatically deposit their Vacation Time (s) Private Occupancy — The number of persons that with RCI. a resort unit may accommodate, based on two adults (c) Cancellation Fee — Fee charged to RCI Weeks per private sleeping area with private access to a Members who cancel confirmed exchanges pursuant bathroom. to the “Canceling a Confirmation” section of this (t) RCI — Resort Condominiums International, LLC, Disclosure Guide. a Delaware limited liability company, its officers, (d) Comment Cards — The written evaluation by an RCI employees, directors, shareholders, agents, Weeks Member of a Host Resort. representatives, parent companies, affiliates and subsidiaries and the predecessors, successors and (e) Comment Card Scores — The composite evaluation assigns of all of them. RCI is the owner and operator of an RCI-Affiliated Resort derived from member of the RCI Weeks Exchange Program. comments. (u) RCI Weeks Exchange Program — RCI’s interval-based (f) Confirmation — The written notice informing an program of facilitating exchanges of Vacation Time. RCI Weeks Member of a confirmation and that accommodations have been reserved for use by the (v) RCI Weeks Member — A person who, or entity that, RCI Weeks Member. owns or purchases Vacation Time and is enrolled as a subscribing member of RCI. This term includes a (g) Depositor — An RCI Weeks Member who deposits ® Vacation Owner whose participation in the RCI Weeks Vacation Time into the RCI SPACEBANK . Exchange Program is arranged through corporate (h) Enrollment Application — The form or forms participation in RCI. prescribed by RCI for the enrollment of Members in (w) RCI SPACEBANK — The inventory of Vacation Time the RCI Weeks Exchange Program. from which RCI Weeks Exchange Requests and other (i) Exchange — The process by which RCI Weeks demand needs are confirmed. Members receive comparable vacation exchanges. (x) Resort Affiliation Agreement — The written contract (j) Exchange Request — A request of resort or region governing the relationship between RCI and an choices from which RCI attempts to locate a resort Affiliated Resort. unit which has comparable Trading Power. (y) Seasonal Designations — The seasonal periods into (k) Guest Certificate — Certificate presented to the which deposited Vacation Time is divided, based upon provider of accommodations when an RCI Weeks demand. Red = High Demand, White = Medium Member has given a Confirmation to a friend or Demand, Blue = Low Demand. family member as a gift. (z) Trading Power — The value of deposited Vacation (l) Home Resort — A resort at which an RCI Weeks Time and the related Exchange Request. Member owns Vacation Time or a resort at which an (aa) Travel Dates — The starting and ending dates of a RCI Weeks Member is assigned Vacation Time to vacation exchange. deposit for the purpose of exchange. (bb) Vacation Owner — A person (including a corporate (m) Home Resort Group — A group of RCI-Affiliated participant) that has purchased Vacation Time. Resorts which are under common ownership, control or contractual arrangement with the RCI Weeks (cc) Vacation Time — Recurring week(s), or parts thereof, Member's Home Resort. purchased or deposited into the RCI SPACEBANK, whether owned as a real estate interest or as a right (n) Host Resort — A resort to which an RCI Weeks to use interest. Member travels on an Exchange vacation. 1 David B. Wyshner 2. SCOPE AND PURPOSE OF Executive Vice President and Treasurer DISCLOSURE GUIDE 1 Campus Drive, Parsippany, NJ 07054 This Disclosure Guide to RCI Weeks (“Disclosure Guide”) is Mary Falvey provided to explain the RCI Weeks Exchange Program offered Senior Vice President to Vacation Owners by RCI. Vacation Owners are urged to 7 Sylvan Way, Parsippany, NJ 07054 carefully review this information to ensure full understand- Ilese Meltzer Flamm ing of the terms, conditions, operation and use of the RCI Senior Vice President, General Counsel and Weeks Exchange Program. Assistant Secretary 7 Sylvan Way, Parsippany, NJ 07054 3. THE EXCHANGE COMPANY Gordon Gurnik Senior Vice President RCI is a Delaware limited liability company with its principal 7 Sylvan Way, Parsippany, NJ 07054 offices located at: Richard S. Meisner 7 Sylvan Way Senior Vice President and Assistant Secretary Parsippany, New Jersey 07054 1 Campus Drive, Parsippany, NJ 07054 The RCI Exchange Program is processed at this principal David L. Pontius office location. RCI is an indirect subsidiary of Cendant Senior Vice President Corporation, a Delaware corporation. 4901 Vineland Road, Suite 250, Orlando, FL 32811 Officers Vincent Ventura Stephen P. Holmes Senior Vice President, Tax Chairman 1 Campus Drive, Parsippany, NJ 07054 1 Campus Drive, Parsippany, NJ 07054 Lynn A. Feldman Kenneth N. May Vice President and Assistant Secretary President and Chief Executive Officer 1 Campus Drive, Parsippany, NJ 07054 7 Sylvan Way, Parsippany, NJ 07054 Frank Galus Christopher Annese Vice President Executive Vice President and Chief Financial Officer 1 Campus Drive, Parsippany, NJ 07054 7 Sylvan Way, Parsippany, NJ 07054 Joseph J. Huber Eric J. Bock Vice President, Tax Executive Vice President and Secretary 1 Campus Drive, Parsippany, NJ 07054 9 West 57th Street, 37th Floor, New York, NY 10019 Gail Mandel Joel R. Buckberg Vice President Executive Vice President and Assistant Secretary 1 Campus Drive, Parsippany, NJ 07054 1 Sylvan Way, Parsippany, NJ 07054 Anne Morrison James E. Buckman Vice President and Assistant Secretary Executive Vice President and Assistant Secretary 1 Campus Drive, Parsippany, NJ 07054 9 West 57th Street, New York, NY 10019 Jeffrey W. Parker Peter Giamalva Vice President Executive Vice President 9998 North Michigan Road, Carmel, IN 46032 7 Sylvan Way, Parsippany, NJ 07054 Garry R. Stamm Anthony E. Hull Vice President and Assistant Secretary Executive Vice President 7 Sylvan Way, Parsippany, NJ 07054 1 Campus Drive, Parsippany, NJ 07054 Kevin Monaco John Paul Nichols Assistant Treasurer Executive Vice President 1 Campus Drive, Parsippany, NJ 07054 Horacio 1855 – P.H., esp. Periferico, Col. Los Morales, Polanco, 11510 Mexico, D.F., Mexico John M. Peterson Assistant Treasurer Kevin M. Sheehan 1 Campus Drive, Parsippany, NJ 07054 Executive Vice President 9 West 57th Street, New York, NY 10019 2 RCI provides the RCI Weeks Exchange Program and other (b) The resort must be operated in a commercially related services and benefits to RCI Weeks Members. RCI is an reasonable fashion that will enable it to meet its independent exchange service company and is not owned, obligations and must otherwise be in compliance with operated or controlled by an Affiliated Resort developer, seller, all terms of the Resort Affiliation Agreement, if any. managing entity or vacation ownership plan participating in the RCI Weeks Exchange Program. Other than as stated in (c) RCI must have received and accepted either a complet- this paragraph, neither RCI nor any of its officers or ed Enrollment Application or a corporate participation directors has any legal or beneficial interest in any enrollment on behalf of the Vacation Owner, together developer, seller, managing entity or vacation ownership with other pertinent information concerning the plan participating in the RCI Weeks Exchange Program. Vacation Time purchase. RCI Resort Management, Inc. (“RCIRM”), a resort (d) The current initial subscription fee for ENDLESS management company, Fairfield Resorts, Inc. VACATION magazine must have been submitted to (“Fairfield”), Trendwest Resorts, Inc. (“Trendwest”), RCI by the developer or Vacation Owner. and Equivest Finance, Inc. (“Equivest”), timeshare companies, and their respective subsidiaries and The collection and submission to RCI of the foregoing Global Registry, LLC (“Global Registry”), an exchange subscription fee payment, together with required ownership service company, are subsidiaries of Cendant information, allows RCI to waive the initiation fee (currently Corporation (“Cendant”). Cendant is the parent corpo- $200 USD) that is otherwise required for RCI Weeks ration of RCI. Some officers and/or directors of Cendant Membership. may from time to time serve as officers and/or directors of RCI, RCIRM, Fairfield, Trendwest, Equivest and/or Participation in the RCI Weeks Exchange Program is further Global Registry, and vice versa. RCIRM, Fairfield, governed by the terms stated in both the Enrollment Trendwest and/or Equivest resorts are marked with a Application, which purchasers applying for RCI