1. Growing Global Opportunities and Challenges as Timeshare Comes of Age Presented by Howard Nusbaum RRP President and CEO ARDA

2. A presentation designed exclusively for 3. If everyone is moving forward together, then success takes care of itself. Henry Ford 4. AIF Research 5. Where is timeshare? ? ? ? ? 6. Resorts Region Total Resorts % of Resorts Africa 220 4% Asia 334 6% Australasia 112 2% Caribbean 246 5% Central & South America 539 10% Europe 1,345 25% Middle East 53 1% North America 2,467 46% N. America (U.S.) 1,840 35% N. American (Non-U.S.) 627 12% Total, World 5,316 100% Source: World Wide Shared Vacation Ownership Report prepared by Oxford Economics and TRiG for AIF 7. Units Africa 4% Asia 5% Australasia 0.8% Caribbean 8% Central & South America 12% Europe 18% Middle East 0.5% North America - U.S. 37% North America - Non-U.S. 15% Source: World Wide Shared Vacation Ownership Report prepared by Oxford Economics and TRiG for AIF Total Units: 497,107 8. Sales Volume Africa, 4.40% Asia, 3.60% Australaisa, 1.70 % Caribbean, 4.10 % Central & South America, 4.50% Europe, 11.10% Middle East, 0.30%North America (U.S.), 49.10% North America (Non- U.S.), 21.30% Source: World Wide Shared Vacation Ownership Report prepared by Oxford Economics and TRiG for AIF Sales Volume $14.12 b 9. Intervals Sold Source: World Wide Shared Vacation Ownership Report prepared by Oxford Economics and TRiG for AIF 10. Maintenance Fees Source: World Wide Shared Vacation Ownership Report prepared by Oxford Economics and TRiG for AIF 11. Occupancy Region 2008 2009 2010 Africa 80% 83% 81% Asia 69% 71% 70% Australasia 83% 84% 84% Caribbean 79% 79% 82% Central and South America 69% 73% 78% Europe 75% 74% 73% Middle East 58% 63% 55% North America 79% 77% 77% N. America (U.S.) 82% 80% 79% N. America (Non-U.S.) 74% 72% 72% Total, World 78% 77% 76% Source: World Wide Shared Vacation Ownership Report prepared by Oxford Economics and TRiG for AIF 12. Rental Region Nights Rented Avg. Rate Africa 49,404 $100 Asia 1,750,939 $149 Australasia 175,056 $117 Caribbean 105,255 $160 Central and South America 30,948 $127 Europe 3,279,033 $131 Middle East 63,600 $143 North America 9,246,775 $154 N. America (U.S.) 7,900,000 $156 N. America (Non-U.S.) 1,346,775 $143 Total, World 14,701,010 $148 Source: World Wide Shared Vacation Ownership Report prepared by Oxford Economics and TRiG for AIF 13. Output and Employment Central & South America Output: $3.14 b Jobs: 56,250 Income: $1.4 b Taxes: $273 m North America Output: $84 b Jobs: 653,247 Income: $30.7 b Taxes: $9.6 b Africa Output: $3.85 b Jobs: 101,658 Income: $1.8 b Taxes: $486 m Middle East Output: $475 m Jobs: 6,303 Income: $175 m Taxes: $46 m Australasia Output: $819 m Jobs: 8,159 Income: $255 m Taxes: $109 M Caribbean Output: $2.2 b Jobs: 48,580 Income: $753 m Taxes: $166 m Europe Output: $15.93 b Jobs: 134,527 Income: $6.2 b Taxes: $2.4 b Asia Output: $3.3b Jobs: 43,742 Income: $1.2 b Taxes: $317 m Source: World Wide Shared Vacation Ownership Report prepared by Oxford Economics and TRiG for AIF 14. Shared Ownership Owners NORTH AMERICA SOUTH AMERICA EUROPE REST OF WORLD Canada Argentina Finland Australia Mexico Brazil France China United States Colombia Germany India Venezuela Great Britain Israel Hungary Japan Italy Malaysia Portugal New Zealand Spain Russia South Africa 15. Incidence of Ownership 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% Rest of World South America North America Europe Global 2.0% 0.6% 1.8% 2.5% 6.4% Source: World Wide Shared Vacation Ownership Report prepared by Oxford Economics and TRiG for AIF 16. Products Owned Source: World Wide Shared Vacation Ownership Report prepared by Oxford Economics and TRiG for AIF GLOBAL EUROPE NORTH AMERICA SOUTH AMERICA REST OF WORLD Weeks 50% 65% 47% 47% 47% Points 36% 22% 44% 16% 37% Fractional 17% 17% 12% 23% 23% PRC 13% 11% 12% 24% 13% 17. Vacationed Past 12 Months 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Global Europe North America South America Rest of World Owners Non-Owners 81% 77% 83% 76% 82% 43% 50% 50% 29% 42% Source: World Wide Shared Vacation Ownership Report prepared by Oxford Economics and TRiG for AIF 18. Challenges & Opportunities Secondary Market Legacy Resorts Emerging Products & Structures 19. US State of the Industry 2012 Statistics Resorts 1,551 in 48 States # of Units 189,222 Intervals Sold 366,155 Sales Price/Interval $18,723 Sales Volume $6.9 Billion Occupancy 77% Maintenance Fees $822 Rental Nights/Rate 9.6 M @ $163 Rental Revenue $1.6 Billion Employment 215,291 Source: 2013 State of the Vacation Timeshare Industry: United States Study prepared by Ernst & Young for ARDA International Foundation 20. 2013 A Good Year Q1 Q2 Q3 Q4 Q1 Q4 Totals Net originated sales (B) $1.119 $1.329 $1.462 $1.399 $5.334 Net fee-for-service sales (M) $125 $144 $163 $131 $563 Net total sales (B) $1.244 $1.473 $1.625 $1.530 $5.897 Timeshare loans current 90.7% 91.4% 90.8% 89.8% 90.7% Occupancy 75.5% 80.5% 83.9% 80.7% 80.2% * Weighted average Source: 2013 Q1 Q4 Financial Performance Pulse Reports conducted by Deloitte & Touche for ARDA International Foundation 21. strategicpriorities Evolve the Regulatory Environment on behalf of the Industry and Owners Support a Viable Secondary Market Strengthen and Enforce a Clear, Current Ethics Policy Enhance the Timeshare Industrys Public Image Explore Ways to Support Legacy HOA-Operated Resort Viability Execute a Long-Term Membership Strategy Provide High-Value Networking, Education, Business Development Opportunities Expand our Focus on International Growth Markets Support Industry Developers with Tools to Educate Lenders and Wall Street ARDA and the industry will work collectively to make our vision for the future a reality by focusing our collective resources and efforts on executing our shared strategic priorities. American Resort Development Association | 2013 2015 Strategic Plan Strategic Plan 22. ARDA-ROC Governance 23. STOP the tax the visitor -- not the voter mentality ARDA-ROC Services 24. Working Together 25. Bullish on the Future Economic Environment Available funding Greater efficiency Controlling marketing costs Societal Environment Demographics Focus on wellness Social Media Opportunities Abound Hospitality management Partnership services Cost efficient distribution channels Product opportunities 26. ARDA WORLD April 6 10, 2014 The Venetian Resort Hotel & Casino Las Vegas, NV