2. The Vacation Ownership Industry (Formerly Known As…Timeshare)

3. Why Vacation Ownership? Fastest growing Segment of the Hospitality Industry Fastest growing Segment of the Hospitality Industry Virtually 100% Leisure Oriented Virtually 100% Leisure Oriented Broad Opportunities Broad Opportunities 9 HQ’s in Orlando 9 HQ’s in Orlando

4. Why Vacation Ownership? Stay with family & friends Stay with family & friends  Limited to where they live  Not the best scenario Buy a vacation home or villa Buy a vacation home or villa Use traditional lodging accommodations Use traditional lodging accommodations Buy a “share” of a resort at today’s market value Buy a “share” of a resort at today’s market value  Ability to exchange/travel other places  Often full resort features  Buying at today’s prices  Some offer deeds/ability to gift or bequeath

5. Headquarters Tempus Tempus Island One Island One Fairfield Resorts Fairfield Resorts Marriott Vacations Marriott Vacations Westgate Resorts Westgate Resorts Hilton Grand Vacations Hilton Grand Vacations Starwood/Vistana Starwood/Vistana Sunterra Sunterra Disney Disney

6. Ability to be Flexible Misconception that timesharing/vacation ownership is rigid and inflexible Misconception that timesharing/vacation ownership is rigid and inflexible Resort Condominiums International (RCI) and Interval International (II) permit sharing and exchanging all over the world Resort Condominiums International (RCI) and Interval International (II) permit sharing and exchanging all over the world You pay membership fees, per transaction fees for exchange, and possibly other fees as well You pay membership fees, per transaction fees for exchange, and possibly other fees as well

7. Income Stream Unit Sales Unit Sales Food & Beverage Food & Beverage Unit Rental Pool Unit Rental Pool Unsold Unit Rentals Unsold Unit Rentals Homeowner Association Homeowner Association Mortgage Income Mortgage Income Annual Maintenance Fees Annual Maintenance Fees

8. Traditional Hospitality VP Resorts VP Resorts GM GM Ass’t GM Ass’t GM Security Mgr. Security Mgr. Security H/H Security H/H Director of Housekeeping Director of Housekeeping Housekeeping Mgr. Housekeeping Mgr. Housekeeping Sup. Inspectors Housemen Housekeepers Director of Laundry Ops. Laundry Mgr. Laundry Sup.

9. Market Differences Tour Generation Tour Generation Selling Real Estate Selling Real Estate Association Management Association Management Mortgage Services Mortgage Services

10. Association Mgmt. VP Association Management VP Association Management Director of Finance Director of Finance Manager of Collections Manager of Collections Director of Owner Services Director of Owner Services