Attn All Royal Resorts Owners: PLEASE READ - this affects YOUR RIGHTS as an owner

If you are wondering why there are no available exchanges on Red Week or other 3rd Party Exchange Companies, here is why. Read this Policy from ISCO and then PLEASE write and email all of the Resort Management at ISCO and Royal Resorts, including the Board of Directors, to change this! We recently requested to deposit our studio portion for 2009 with one of these companies as they had a trade we wanted that Interval World did not have available. We received a copy of this letter from ISCO: POLICY CHANGE FOR UNIT/VILLA VERIFICATION

Dear Red Week Management: The following correspondence is designed to inform and instruct you on ISCO’s new policies and fees regarding the verification of owner/member information.

Effective December 1, 2005 ISCO is introducing a change in policy regarding procedures affecting the handling, verifying and/or releasing of confidential unit/villa information.

POLICY GUIDELINES

• Member information shall not be disclosed to any third party unless the request is accompanied by notarized letter from member/owner. Original documents only, no copies, faxes, or e-mail. • Notarized letter from member/owner must not be older than 30 days from the date on the submission request. • Regardless of the outcome, at the time the request is made, a fee of $50 USD must be collected from all third parties requesting information of member/owners occupancy status, assignment of use rights, etc. Royal Resorts does not charge a member for allowing an outside company to occupy their unit. The verification fee is charged to the outside company to cover the cost of ISCO verifying and submitting the following: 1. Member has paid the Club Service Fee and the unit is available for occupancy by the outside company. 2. The unit is available for occupancy and has not been rented or deposited for exchange. 3. ISCO will work with the outside company to add the inbound guest name for occupancy. 4. The inbound guest name will be submitted to the Front Desk and the guest will be allowed to check-in to the resort. • Acceptable forms of payment are a company VISA, MasterCard, American Express or a company check made payable to ISCO. If the outside company would like to use a credit card for payment, a company credit card must be validated and kept on file to process any future verification requests where credit card payment is desired. • Verification requests should be submitted and accompanied by the notarized letter from member to be received no later than 10 business days prior to the check in date. A copy of the form has been included for you to produce copies as required. • ISCO must receive final notice of inbound parties no later than the Wednesday prior to the arrival week.

We thank you in advance for your anticipated cooperation during this transition.

Sincerely, ISCO Management