1. #

2. # Rich Muller, RRP Senior Vice President Vacation Resorts International (508) 771-3399 rich.muller@vriresorts.com

3. # The New Spectrum DurationOwnershipCostsFeatures Ownership 40 Years to Perpetuity Deeded Trust Certificate Annual M/F Lowest Cost Strongest Commitment Term and Value 3 – 10 YearsRight to UseIn Between Some Commitment Flexibility RentalDailyNone Market Rate Highest Cost No Commitment

4. # Legacy Beach Resort 2001 2010 Dues Paying Deeded Owners Unsold Delinquent Dues Paying Deeded Owners Unsold Delinquent Rentals

5. # Flexibility & Value Ownership Retention Ownership Diversification Attract the Next Generation Attract Vacation Clubs Goals

6. # Legacy Beach “Diversified” Resort 2015 Deeded Perpetuity Owners Rentals Trust Intervals Vacation Club 1 Vacation Club 2 Term Owner/Members

7. # –Budgeting & Revenue Impact –Inventory –Term –Fees - Index –Annual Increases –Renewal –Upgrades –Voting Rights Decisions

8. # Governing Documents Sales Documents Promotional Materials Registration and Licensing Internal Systems and Procedures Training, Training, Training Implementation

9. # Inventory Management and Distribution Sales Verification Establish First Year Usage Exchange Company Enrollment Vacation Club Absorption Welcome Package Rescissions and Replacements Managing Vacation Club Needs Administration

10. # Legal Counsel Management Experienced On Site Sales Company Vacation Club Off Site Sales The Team

11. # Questions