Exhibit 99.1

DISCLOSURE INFORMATION ABOUT THE INTERVAL INTERNATIONAL® EXCHANGE PROGRAM

This guide is provided to explain the Exchange Program made available to Individual Members of Interval International, Inc. (“II”). You should review this information to ensure that you understand the terms and conditions of your membership with II and the operation of the Exchange Program. The following are definitions of special terms which are included within the text of this guide.

Definitions

1.     “Club Interval GoldSM” refers to the benefits package available to Individual Members at Member Resorts participating in the Club Interval Gold program upon payment of the applicable Club Interval Gold membership fee. Club Interval Gold provides Members with the benefits of Interval Gold plus participation in a points-based exchange service that allows the Members to deposit their Fixed Time and/or Floating Time Home Resort unit weeks with II in exchange for Club Interval Gold Points.

2.     “Club Interval Gold Points” means the symbolic currency utilized by Club Interval Gold to value the Member’s Home Resort unit week, as well as the unit week(s) requested by the Interval Member from the Exchange Program.

3.     “Confirmation” means a written or electronic acknowledgment (with the exception of certain Flexchange® confirmations, which may be oral) that a request for accommodations has been fulfilled.

4.     “Fixed Time” means that the Vacation Interest is for a specific time period each year.

5.     “Floating Time” means that the Vacation Interest is not for a specific time period and may vary from year to year. Floating Time accommodations are subject to the Home Resort’s own reservation system and operating procedures.

6.     “Home Resort” means the resort at which the Individual Member owns a Vacation Interest. When the Individual Member owns a Vacation Interest at more than one resort, the term Home Resort is used to identify the resort at which a unit week or its equivalent in points is being relinquished to effectuate an exchange.

7.     “Host Resort” or “Host Accommodations” means the resort into which the Individual Member has been issued a Confirmation (including Flexchange and Getaway confirmations).

8.     “Individual Member” or “Member” means a person, persons, or entity who owns a Vacation Interest at a Member Resort and who, by participating in the II Exchange Program, agrees to be bound by the terms and conditions of II membership and exchange as amended from time to time. An Individual Member is said to be in good standing with II and the Home Resort when the Individual Member is current in the payment of all fees and assessments prescribed by II and/or the Home Resort and is in compliance with all II and Home Resort terms and conditions then in effect.

9.     “Interval Gold®” and “Interval PlatinumSM” refer to upgraded benefits packages available to Individual Members in good standing upon payment of the applicable Interval Gold or Interval Platinum membership upgrade fee. Interval Gold or Interval Platinum status provides Members with certain additional travel and leisure benefits not available through basic membership in the II Exchange Program.

10.   “Interval International Resort Directory” or “Resort Directory” means II’s print and online publication, which includes the Terms and Conditions of Individual Membership and Exchange as well as an overview of benefits of II membership and a descriptive listing of certain Member Resorts.

11.   “Member Resort” means any resort or vacation ownership club membership program for which a developer, homeowners’ association, or other third party has entered into a formal contract with II, pursuant to which accommodations and facilities may be made available to Members, as well as any resort for which II provides exchange services directly to its owners.

12.   “Suspension” or “Suspended Resort” means that a Member Resort is not in compliance with an II affiliation agreement, II policies and procedures, or is not otherwise in good standing with II. While a Member Resort is suspended, processing of new memberships, membership renewals, and exchange deposits and requests may be temporarily halted.

13.   “TDI” or “Travel Demand Index” means the seasonal indexes that are updated periodically to reflect the cycles of relative weekly demand for a specific geographic area. The TDI is a vacation-planning tool offered by II to assist Members in determining which time periods offer the best opportunities for travel to a particular region and when accommodations are most likely to be available. The TDIs are not an indication of the quality or desirability of vacationing in any specific resort, geographic area, or season, nor are they necessarily an indication of the availability of a particular week in the Exchange Program.

14.   “Vacation Interest” means the ownership of or the right to use a unit and the amenities and facilities of a vacation ownership resort for at least one week during any given year, but not necessarily consecutive years, and which extends for a period of at least three years and which may be evidenced by points.

Who We Are

1.     II is a Florida corporation offering an exchange service for use by its Members, and in certain circumstances other travel and leisure benefits (the “Exchange Program”). II is a wholly owned subsidiary of Interval Holdings, Inc., a Delaware corporation. II’s corporate headquarters is located at:

P.O. Box 431920

6262 Sunset Drive

Miami, Florida 33243-1920

305.666.1861

The obligations of II, pursuant to this guide, may be performed by II, its authorized representatives, or designated licensees.

3.     The following are the corporate officers and directors of II:

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Individual Membership

1.     Member Resorts usually arrange for initial membership in II for their purchasers. These Terms and Conditions of Individual Membership and Exchange, which are contained in the Interval International Resort Directory and are also summarized on the Individual Membership Application, constitute the Member’s contract with II, which is a separate and distinct contract from a Member’s contract with the developer or seller of the Vacation Interest. Individual Membership commences upon II’s receipt and processing of said Application and the applicable membership fee.

2.     In subsequent years, Individual Members are generally billed directly by II and membership in the Exchange Program is voluntary. At all times, participation in the Exchange Program is voluntary.

3.     Membership benefits including, but not limited to, participation in Special Exchange Services and various incentive programs will be provided so long as the Member and the Home Resort are in good standing with II. Additionally, the Member must be in good standing with the Home Resort. Membership benefits other than the exchange privilege, including certain Interval Gold, Club Interval Gold, and Interval Platinum benefits, are subject to separate terms and conditions. Said benefits, their providers, and their terms of use may be changed, substituted, or eliminated without prior notice. Where benefits are provided by independent third parties, II expressly disclaims responsibility for the acts or omissions of any persons or entities providing such benefits. Members are not required to exchange their Vacation Interest to use any other benefits provided through the Exchange Program.

4.     Membership in II is conditioned upon the Home Resort’s continued adherence to II’s standards of service, appearance, management, and operation. A Member Resort’s failure to maintain these standards, or failure to timely renovate or construct vacation accommodations and/or amenities committed to the Exchange Program, or failure to remain in good standing with II (e.g., failure to comply with contractual obligations, including the obligation to enroll purchasers and remit fees and/or the failure to comply with II policies and procedures) may result in suspension or termination of the Member Resort’s affiliation with II. A Member Resort’s suspension or termination from the Exchange Program may result in the loss of all membership benefits, including the exchange privilege, for the resort’s associated Individual Members.

5.     Representations concerning Individual Membership and the Exchange Program are limited to materials supplied or otherwise approved by II in writing. All other representations are not valid or binding on II.

6.     Not all Member Resorts are included in the Interval International Resort Directory. The failure to picture a Member Resort in the Resort Directory, however, does not necessarily mean that such Member Resort is not in good standing with II, or that its associated Individual Members are not entitled to use the exchange privilege. Likewise, the inclusion of a Member Resort in the Resort Directory does not necessarily mean that such Member Resort is in good standing with II, or that an associated Individual Member is entitled to use the exchange privilege. All reasonable efforts are made to ensure that published resort information is accurate. II, however, expressly disclaims liability in the event of omission or error.

7.     Members acknowledge that:

(a)   Resort facilities, amenities, and services vary by country, location, and resort, and room accommodations vary in size, decor, and interior detail.

(b)   The description and amenities symbols provided in the Resort Directory for each Member Resort are representative of the features generally available at such Member Resort. However, unit amenities and views may vary from unit to unit within a Member Resort, and II cannot guarantee specific selection of any such elements with respect to the Host Accommodations. Each Individual Member should review the Confirmation for specific information about his or her Host Accommodations.

(c)   The exchange privilege should not be the primary reason for purchasing a Vacation Interest and the relative demand indicated in a Travel Demand Index and assigned to any particular week should not be relied upon in determining the value of that week.

(d)   II is not liable for any damage to, loss of, or theft of personal property left in the Home Resort accommodations; nor is II liable for any damage to, loss, or theft of personal property that occurs through Members’ use of Host Accommodations.

(e)   II is not liable for any personal or bodily injury that occurs either at the Home Resort or at a Host Resort.

(f)    Upon renewal of membership, any and all claims against II are waived, and II is released from all liability, if any, arising out of Individual Membership that occurred prior to the renewal of same.

(g)   II’s liability, if any, in connection with Individual Membership and participation in the Exchange Program is limited to the annual membership and exchange fees paid to II by the Member.

(h)   All rules and regulations of the Host Resort, as well as these terms and conditions, must be adhered to. Violation of such rules or these terms and conditions may result in loss of present and future occupancy rights at the Host Resort and/or the cancellation of membership without further obligation by II.

(i)    If a Vacation Interest is owned by a corporation, partnership, or trust, a corporate officer, partner, or trustee must be established as the primary contact or administrator to manage the membership.

(k)   Membership in II may be used only for personal and noncommercial purposes. Any other use of membership benefits may result in the suspension or termination of a Member’s privileges, as well as any

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existing Confirmations and loss of fees associated with all II memberships and Confirmations held by such Member.

(l)    Telephone conversations between Individual Members and II employees or representatives may be recorded and/or monitored for training and quality-control purposes.

(m)  If II should fail or be delayed or impaired in the performance of any obligation hereunder, including, but not limited to, providing exchange accommodations, due to causes beyond the control of and without the fault or negligence of II, then II shall be excused from further performance upon written notice. Such causes may include, but are not limited to, acts of God or public enemy, fire, strikes, lock-out or other labor unrest, riot, explosion, civil disobedience, declared or undeclared war, revolution, insurrection, boycotts, acts of piracy, acts of terrorism, acts of public authorities, blockade, embargo, accident, epidemic or quarantine, delays or defaults caused by public or common carriers, and/or other circumstances materially impacting travel to a particular geographic region or in general.

(n)   Although II submits this disclosure statement for approval by regulatory agencies having jurisdiction over timeshare and exchange programs in various states, such approval should not be interpreted as applying to any travel, leisure, or other benefit or service falling outside the jurisdiction of any such agency.

(o)   II is prohibited from doing business with certain entities, individuals, and groups of individuals as may be set forth from time to time on the Specially Designated Nationals and Blocked Persons Lists, and the Terrorism List (collectively, “Blocked Parties”). If II receives an Individual Membership Application from a purchaser defined as a Blocked Party, II will refuse membership for such purchaser. If an Individual Member subsequently becomes or is determined to be a Blocked Party, II will cancel the membership without refund or other obligation.

8.     Members acknowledge and agree that II may offer various products and services through telemarketing programs, and Members consent to such telephonic solicitation, including, but not limited to, solicitations through automatic dialing equipment, predictive dialing equipment, and/or prerecorded messages. If any telephone number provided by the Member as part of the membership record is a cellular telephone number, the Member expressly consents to II’s use of such cellular telephone number for all purposes and methods as set forth herein.

9.     Members acknowledge and agree that II may offer various products and services through electronic messaging, and Members consent to such electronic solicitation.

10.   The terms and conditions of membership with II and use of the Exchange Program shall be construed under the laws of the State of Florida. By maintaining Individual Membership in II, Members consent to the exclusive subject matter and personal jurisdiction of the courts in Miami-Dade County, Florida. In the event of litigation between the parties, the prevailing party shall be entitled to all costs incurred, including reasonable attorneys’ fees.

11.   The Terms and Conditions of Individual Membership and Exchange, including any fees associated therewith, may be changed by II at its sole discretion. Members will be advised of any such changes through II’s regular publications or on II’s website at IntervalWorld.com.

Requirements of Participation in Exchange

To utilize the exchange privilege, including Special Exchange Services, active membership (paid in full) in good standing must be in effect from the time a deposit is made and/or a request is placed through the actual requested and/or confirmed travel dates and/or the commencement date of the week deposited (whichever occurs later). Further, the Home Resort must be in good standing with II, and the Home Resort accommodations must be available for occupancy as determined by II. A Member Resort will be listed as unavailable for occupancy until such time as II determines that such resort is sufficiently complete to be desirable for exchange. In addition, the Home Resort unit must have check-in/check-out management available on-site at the resort, must be fully equipped and furnished in accordance with II standards, and must have at least weekly maid service.

To be eligible to participate in Club Interval Gold, a person must own or purchase an “Eligible” Vacation Interest. A Vacation Interest is deemed “Eligible” if it is comprised of a Fixed Time or Floating Time unit week, not otherwise evidenced by points, and II and the developer of the applicable Member Resort have agreed as to such Member Resort’s participation in the Club Interval Gold program. Once an owner of a Vacation Interest is enrolled in the Club Interval Gold program, the owner’s membership with II becomes a Club Interval Gold membership as to all Vacation Interests owned, both Eligible Vacation Interests and other Vacation Interests, including Vacation Interests at other Member Resorts. As to Eligible Vacation Interests, upon the deposit of accommodations with II, the Club Interval Gold member will receive an allotment of Club Interval Gold Points, and will have the opportunity to participate in points-based exchange. As to all other Vacation Interests owned by such Member, the Member will continue to participate in the Exchange Program by exchanging Fixed Time or Floating Time unit weeks.

Exchange Methods

Generally, Members may choose either the “Deposit First” or the “Request First” exchange method to utilize the exchange service. However, both exchange methods may not be available if one or the other is not compatible with the use rules of the Home Resort. Members should refer to the Home Resort’s use rules for additional information.

Deposit First Exchange Method

1.     When Home Resort accommodations are deposited, all rights to the use of same for the week(s) deposited are immediately assigned to II. Once a deposit is made, the deposited week may not be withdrawn. Submission or confirmation of an exchange request is not required in order for II to issue a Confirmation into a deposited week or otherwise utilize such deposited week.

2.     No fee is required to deposit vacation accommodations. An exchange fee, however, is required when placing an exchange request against the deposited accommodations.

4.     Upon receipt of a deposit, II will assign a deposit number, which must be utilized when placing an exchange request. Except for the flexible lengths of stay as provided for under II’s ShortStay ExchangeSM service, as described in Paragraph 6 below, and for exchange requests under Club Interval Gold, an exchange may be requested for the same amount of time as that deposited. The exchange request may be placed at the same time that the deposit is made or at any time after receipt of the deposit number, but no later than 24 months after the commencement date of the deposited week. In addition, the requested travel dates must be no earlier than 12 months before and no later than 24 months after the commencement date of the

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deposited week, unless the Individual Member chooses the Deposit Extension Option as defined in Paragraph 5 hereunder, if available. Additionally, requests may not be submitted more than 24 months prior to the commencement date of the week requested. All standard exchange procedures (as detailed below) must be adhered to when placing a request against the deposited week. If a Flex Deposit was made, a request may be submitted only through the Flexchange service, with travel dates no later than 24 months after the commencement date of the deposited week.

5.     By using the Deposit Extension Option, Members may, upon the payment of an additional fee, extend the period in which they can utilize a particular deposit (“Redemption Window”) for up to a period of one year. II reserves the right to limit the number of times a particular deposit may be extended. The Deposit Extension Option must be exercised no later than three months after the date on which the original or extended Redemption Window expires. The extension begins on the date on which the original or extended Redemption Window expired. The exchange request placed within an extended Redemption Window must be placed through II’s Flexchange service. The Deposit Extension Option may not be used to extend the expiration date of Club Interval Gold Points, to extend the time period in which Members may request substitute accommodations pursuant to II’s Exchange Cancellation Policy, or to request accommodations pursuant to the redemption of an accommodations certificate. All other terms and conditions of exchange apply.

6.     ShortStay Exchange (“ShortStay Exchange”) is an exchange service offered by II to members of the Interval Gold, Club Interval Gold, and Interval Platinum membership programs in which, upon payment of the appropriate fee and any applicable tax, resort accommodations for periods of less than seven days can be confirmed to Members who book such accommodations online at II’s website, IntervalWorld.com. To participate in a ShortStay Exchange, a Member must be a participant in the Interval Gold, Club Interval Gold, or Interval Platinum membership program and relinquish a Home Resort unit week in order to secure up to two ShortStay Exchange Confirmations for resort accommodations of equal or lesser size than the Home Resort accommodations relinquished by the Member. Members who own Vacation Interests that are points-based or have been converted to points through Club Interval Gold must relinquish a sufficient number of points to secure a ShortStay Exchange Confirmation. A ShortStay Exchange Confirmation will not be issued until the availability of the Home Resort unit week or availability of the required number of points is verified. Generally, the resort accommodations available through a ShortStay Exchange will be confirmed 30 days or less prior to the first date of occupancy. Holiday, summer, and other highly demanded travel periods usually will not be available through the ShortStay Exchange Program. II’s cancellation policy does not apply to ShortStay Exchange Confirmations. A cancellation of a ShortStay Exchange Confirmation results in the loss of the Home Resort unit week or points relinquished, as well as the exchange fee paid to secure such Confirmation. All other terms and conditions of the Exchange Program apply to this exchange service, except as noted to the contrary above.

7.     The Deposit First and/or the ShortStay Exchange methods may not be available to owners at some Member Resorts because of the resort’s internal reservation procedures.

Club Interval Gold Deposit of Accommodations and Club Interval Gold Points Values

1.     The number of Club Interval Gold Points that will be allotted to a Club Interval Gold Member based on his or her deposit of a unit week shall be determined based on the Club Interval Gold Points Value chart, which is established by II, from time to time, in its sole discretion upon publication on II’s website, IntervalWorld.com. The actual number of Club Interval Gold Points that will be allocated and placed in the member’s Club Interval Gold Points account is dependent upon such factors as the availability of and the demand for the relinquished accommodations as expressed by the Travel Demand Index (TDI) Value designation applicable to the relinquished unit week’s geographic area; the resort recognition tier of the relinquished accommodations; unit-specific attributes, such as the size of the unit, private sleeping capacity and kitchen facilities; as well as the amount of time in advance of the first date of occupancy the accommodations are relinquished to II. The current Club Interval Gold Points Value chart is set forth below, subject to modification by II, from time to time. The Club Interval Gold Points Value chart below represents the required number of points to be relinquished to secure the Confirmation of accommodations in one-week increments. For Confirmations of shorter stays of two to six days available through the Shortstay Exchange service, the required number of Club Interval Gold Points to be relinquished will be based upon the size of the unit, day of the week on which occupancy commences and length of the stay.

Club Interval Gold Weekly Points Values*

*Points values are ranges, and are subject to modification by II from time to time. Updates and ShortStay Exchange daily values, which are derived from the weekly values, will be available at IntervalWorld.com. Points values for larger accommodations may be outside of these ranges.

3.     All other terms and conditions of the Exchange Program apply to this exchange service, except as noted to the contrary above.

Request First Exchange Method

1.     With the Request First exchange method, Members do not give up the right to occupy the Home Resort accommodations until an exchange has been confirmed. Upon confirmation, however, all rights to the use of the Home Resort accommodations for the relinquished week(s) are immediately assigned to II.

2.     Exchange requests using the Request First method may be placed

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up to 12 months prior to the commencement date of the week(s) being relinquished for exchange. The requested travel dates must be prior to or the same as the dates of the week(s) being relinquished.

3.     Many owners of Floating Time Vacation Interests must first contact their Home Resort to secure a specific unit and time period, or to otherwise verify their eligibility to exchange prior to submitting an exchange request. The reservation information supplied by the Home Resort must then be submitted to II.

Exchange Procedures and Priorities

(i) Where the Home Resort has previously deposited Vacation Interests on behalf of the Members, the Member must secure a reservation or deposit number from the Home Resort. The reservation information supplied by the Home Resort must then be submitted to II.

(ii) Owners whose Vacation Interests are evidenced by points may contact II to place an exchange request using the Request First exchange method, but a Confirmation will not be issued until availability of the required number of points is verified through the Home Resort.

(b)   Regular exchange requests, whether using the Deposit First or Request First method, must be received by II at least 60 days in advance of the commencement date of the earliest week requested.

(c)   The Early Deposit/Request Program is an exchange service for Members who own Vacation Interests at resorts participating in such Program.

(i) Deposit First Exchange Method. Members who own Vacation Interests at resorts participating in the Early Deposit/Request Program and who utilize the Deposit First method may deposit their Home Resort accommodations up to 24 months before the commencement date of the deposited week. An exchange request may be placed against such deposit at the same time or at any time after the deposit, but no later than 24 months after the commencement date of the deposited week. The requested travel dates must be no earlier than 24 months before and no later than 24 months after the commencement date of the deposited week. Additionally, requests may not be submitted more than 24 months prior to the commencement date of the week requested.

(ii) Request First Exchange Method. Members who own Vacation Interests at resorts participating in the Early Deposit/Request Program and who utilize the Request First exchange method may place exchange requests up to 24 months prior to the commencement date of the week being relinquished for exchange and the requested travel dates must be prior to or the same as the dates of the week being relinquished. All other terms and conditions of exchange apply to this special service, except where expressly noted to the contrary.

(d)   For exchange requests made less than 60 days prior to the travel date requested, Flexchange is a service in which vacation exchange requests may be submitted by telephone or via the Internet at IntervalWorld.com and an instant confirmation received from 59 days up until 24 hours in advance of the travel dates desired. If a Flex Deposit has been made, the exchange request must be made through the Flexchange service. Available Host Accommodations for the date requested will be offered and a Confirmation will be instantly issued if one of these availabilities is accepted at the time of the offer. Holiday, summer, and other highly demanded weeks usually are not available through Flexchange.

(e)   Regardless of the methodology used, once an exchange request is submitted, it may be canceled only if notice (written or oral) of cancellation is received by II prior to Confirmation of the request. Once issued, a Confirmation may be canceled only in accordance with II’s Exchange Cancellation Policy, as described in Paragraph 7 below.

(f)    Club Interval Gold Points are not charged or deemed used until an exchange has been confirmed. For a Confirmation to be issued through the Club Interval Gold exchange service, the number of Club Interval Gold Points required will be established in accordance with the above Club Interval Gold Points Value chart based on the exchange accommodations being requested. Once a Confirmation has been issued, the Club Interval Gold Member will be deemed to have used the number of Club Interval Gold Points applicable to such request, and such Club Interval Gold Points will no longer be available to that Club Interval Gold member, unless the Confirmation is cancelled in accordance with II’s Exchange Cancellation Policy described in Paragraph 7 below. Where a given exchange request is not confirmed, no Club Interval Gold Points will be subtracted from the Club Interval Gold member’s account.

2.     To submit a valid exchange request, a minimum of three different resorts and one time period, three different time periods and one resort, or two resorts and two time periods must be requested. Members may be confirmed into any resort or time period requested.

3.     For those Members exchanging with II based on the deposit or relinquishment of a unit week, the Member may request to travel with a number of people equal to the maximum occupancy of the accommodations deposited or to be relinquished, provided that the number of people traveling does not exceed the standard traveling party size associated with each unit type as follows: hotel, studio, or efficiency unit — two persons; one-bedroom unit — four persons; two-bedroom unit — six persons; three-bedroom unit — eight persons, and four-bedroom unit — 10 persons. Confirmations may be made into any unit that will accommodate the number of people in the Member’s traveling party, regardless of the size of the Home Resort accommodations deposited or relinquished. For example, if a Member relinquishes a two-bedroom unit that accommodates six people, but is traveling with only four people, he or she may be confirmed into either a two-bedroom or one-bedroom unit. In all instances, exchange opportunities are enhanced by accepting any unit that will accommodate the number of people traveling.

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Cayman Island; Guatemala; Hawaii (the Big Island); Maui, Hawaii; Kauai, Hawaii; Hilton Head, South Carolina; Lake Tahoe, California; Las Vegas, Nevada; Madeira, Portugal; Malta; Marco Island, Florida; Mazatlán, Mexico; Naples, Florida; Okaloosa and Walton County, Florida; Kissimmee/Orlando, Florida; Palm Desert, California; Palm Springs, California; Phuket, Thailand; Puerto Vallarta, Mexico; Riviera Nayarit, Mexico; St. Maarten; Stateline, Nevada; Summit County, Colorado; Virginia Beach, Virginia; and Williamsburg, Virginia. This restriction, however, does not apply to Members requesting an exchange to Member Resorts under common ownership or management with the Home Resort. Additional geographic areas may be restricted in the future. Members affected by any future restrictions will be advised via II’s regular publications.

6.     Only II can confirm vacation exchange requests and only II written Confirmations are valid, with the exception of certain Flexchange Confirmations, which may be oral. II will attempt to confirm a request until 48 hours before the latest travel dates requested; however, beginning on the 30th day prior to the latest travel dates requested, II will contact the Member by telephone in order to obtain acceptance by the Member prior to issuing a Confirmation.

7.     (a)   The only circumstances under which a Member using the Exchange Program may lose the use and occupancy of the Home Resort accommodations without being provided Host Accommodations are if a Member: (i) using the Deposit First method of exchange fails to submit a valid exchange request within the time periods specified; (ii) using the Deposit First method of exchange requests accommodations that are not available and fails to accept any alternate locations and/or time periods offered; (iii) cancels a Confirmation seven days or more prior to the first date of occupancy of the Host Accommodations being canceled and fails to request substitute accommodations in accordance with II’s Exchange Cancellation Policy; (iv) cancels a Confirmation less than seven days prior to the first date of occupancy of the Host Accommodations being canceled; (v) cancels or loses the use of a Confirmation, at any time, due to the threatened or actual damage or destruction of the Host Accommodations; (vi) cancels a Confirmation for substitute Host Accommodations that was previously issued to the Member under II’s Exchange Cancellation Policy; or (vii) where the use of the Home Resort accommodations by II is lost or impaired due to circumstances beyond II’s control.

(b)   Under II’s Exchange Cancellation Policy, a Member is entitled to cancel a Confirmation by notifying II of his or her desire to cancel such Confirmation within the first 24 hours after the exchange request has been confirmed. In the event that the Member has used the Deposit First method of exchange, the Member’s exchange fee will be refunded and the deposit will revert to a status such that the Member may redeem such deposit at a future time to place another exchange request. If the Member has used the Request First method of exchange, the Member’s exchange fee will be refunded and the right to occupy the Home Resort accommodations shall revert to the Member. With respect to Club Interval Gold members, the Club Interval Gold Points are restored to the member’s account rather than the right to occupy the Home Resort accommodations being restored to the member. II’s cancellation policy does not apply to ShortStay Exchange Confirmations. A cancellation of a ShortStay Exchange Confirmation results in the loss of the Home Resort unit week or points relinquished.

(c)   When a Member notifies II of his or her desire to cancel a Confirmation seven days or more prior to the first date of occupancy of the Host Accommodations being canceled, the Member will be entitled to request substitute exchange accommodations, as long as the Member requests travel occurring no later than 12 months following the date on which the Member cancels said Confirmation for Host Accommodations. However, the time period in which the Member is entitled to request substitute exchange accommodations is limited, as follows:

(i) When a Member notifies II of his or her desire to cancel the Confirmation 60 days or more prior to the first date of occupancy of his or her Host Accommodations, the Member may request substitute exchange accommodations at any time from the date of cancellation up to 24 hours prior to the first date of occupancy of such substitute exchange accommodations.

(ii) Where the Member notifies II of his or her desire to cancel the Confirmation 59 days to 14 days prior to the first date of occupancy of his or her Host Accommodations, the Member may request substitute exchange accommodations 59 days to 24 hours prior to the first date of occupancy of such substitute exchange accommodations.

(iii) When a Member notifies II of his or her desire to cancel the Confirmation from 13 to seven days prior to the first date of occupancy of his or her Host Accommodations, the Member may request substitute exchange accommodations from limited travel destinations 30 days to 24 hours prior to the first date of occupancy of such substitute exchange accommodations.

(d)   Notwithstanding the foregoing, a Member may not request substitute exchange accommodations where such Member has canceled or has lost the use of a Confirmation as a result of the Host Accommodations being damaged or destroyed, or where such damage or destruction is imminent. Accordingly, where a Member is issued a Confirmation to a Host Resort located in an area prone to damage or destruction due to adverse weather conditions, earthquakes, or other natural disasters, the purchase of exchange cancellation insurance is strongly recommended by II.

(e)   II reserves the right to deny a Member substitute exchange accommodations under II’s Exchange Cancellation Policy where such Member has received compensation for his or her canceled exchange accommodations pursuant to exchange cancellation insurance or otherwise.

(f)    In all instances that a Member requests substitute exchange accommodations pursuant to II’s Exchange Cancellation Policy, the Member will be entitled to request substitute Host Accommodations comparable in quality to the Home Resort accommodations previously relinquished.

(g)   The date the Member cancels will be deemed the new date of relinquishment in determining a priority with respect to Paragraph 11(e).

(h)   No request for substitute exchange accommodations will qualify for an internal exchange priority as it relates to Paragraph 12 hereunder.

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8.               Irrespective of the calendar followed by the Home Resort, Members may be confirmed into a resort with weekly time periods beginning on any day of the week.

9.               Any week not confirmed by II to a Member will be used by II for general commercial purposes.

10.         The Exchange Program is based upon the “Comparable Exchange” concept. Comparable Exchange attempts to parallel, to the greatest extent possible, the supply of and demand for the vacation period relinquished to the Exchange Program with the supply of and demand for the vacation period being requested in exchange. Comparable Exchange also attempts to ensure that Members are confirmed, whenever possible, to resorts that are comparable in quality to the Home Resort.

11.         II, therefore, in order to achieve its goal of providing the Member with an exchange experience comparable to that which the Home Resort provides, assigns a priority to each request based on the following factors:

(a)          The supply of and demand for, within the Exchange Program, the vacation period deposited (Deposit First) or being offered in exchange (Request First), and the Home Resort.

(b)         The supply of and demand for, within the Exchange Program, the vacation period and Member Resort being requested in exchange.

(c)          The quality, facilities, and overall experience offered by the Home Resort as compared to the quality, facilities, and overall experience of the Member Resort being requested in exchange. This is based on evaluation forms received from exchange guests to the Home Resort, resort inspections and evaluations, and other information received by II regarding the Home Resort.

(d)         When the exchange request is received by II. The earlier of two identical requests for the same vacation period with identical relinquishment will receive priority.

(e)          The amount of time in advance of the first date of occupancy at which the Home Resort vacation period is relinquished to II.

(f)            The unit type and private sleeping capacity being relinquished as compared to the unit type and private sleeping capacity being requested. The priority established for exchange requests is based on the number of persons that the deposited or to-be-relinquished Home Resort unit will accommodate privately. The number of persons accommodated privately is generally determined on the basis of two people per private sleeping area having access to a bathroom. Such bathroom access must not interfere with the privacy of the people who occupy the unit’s other private sleeping areas.

All of the above factors, with the exceptions of when the Home Resort accommodations are relinquished, when a request is received, and the unit type and private sleeping capacity, are constantly changing and are updated by II on an ongoing basis.

Not all of the factors of “Comparable Exchange” and the assigning of a priority to an exchange request described above are applicable to Club Interval Gold Points—based exchanges (or, alternatively, have already been taken into account in the development of the Club Interval Gold Points value chart above).

12.         In addition to the above, priority in the exchange confirmation process is provided to:

(a)          Members requesting an exchange to selected Member Resorts that are owned, or in certain instances marketed, and/or managed in common with the Home Resort, and

(b)         Members who own a Vacation Interest at a Member Resort located in the geographic regions of Australia, New Zealand, and/or South Africa, and are requesting an exchange to other Member Resorts that are located in the same geographic region as the Member’s Home Resort.

13.         The Host Accommodations may be used only for personal and noncommercial purposes. Members are expressly prohibited from exchanging or renting the Host Accommodations, including, but not limited to offering the Host Accommodations for sale or rent to third parties through the use of a Guest Certificate or otherwise. Failure to use the Host Accommodations will not entitle Members to use the Home Resort accommodations for the period relinquished. Confirmations are issued only in the name of the Member placing the exchange request, and Host Accommodations may be used only by the Member and accompanying guests, unless a Guest Certificate is obtained from II. There is a fee for each week assigned via a Guest Certificate which must be paid, plus any applicable tax, when the certificate is requested. This Guest Certificate fee is in addition to the exchange fee required when the exchange request is placed. Notwithstanding the foregoing, Interval Platinum Members are not required to pay a Guest Certificate fee when requesting a Guest Certificate for their guests. Failure to secure a Guest Certificate for a guest of the Member may result in termination of the membership and cancellation of any existing Confirmations with future travel dates. Guests of Members who arrive at a Host Resort without a Guest Certificate will be denied access to the accommodations until the Member has purchased a Guest Certificate from II.

14.         The Member requesting the Guest Certificate is responsible for the acts and omissions of the individuals occupying the Host Accommodations, including any loss or damage to the Host Resort or the Host Accommodations. Individuals under the age of 21 are not eligible to receive a Guest Certificate. Additionally, the issuance of a Guest Certificate and the use of the Host Accommodations are subject to any restrictions or limitations that may be imposed by the Host Resort. Members are expressly prohibited from selling or exchanging a Guest Certificate for cash, barter, or other consideration. In the event that any of the above terms are breached, II reserves the right to revoke the Guest Certificate. Notwithstanding the foregoing, Interval Platinum Members are not required to pay a Guest Certificate fee when requesting a Guest Certificate for their guests.

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II will be suspended (without further obligation by II) until such time as all amounts owed to II have been paid in full.

Special Exchange Services

1.               The Getaway Program is a special exchange service offered by II from time to time in which resort accommodations are confirmed to Members upon payment of a fee plus any applicable tax. The resort accommodations available through the Getaway Program include resort accommodations that have been deposited or relinquished by Members, but are not otherwise utilized by II, and resort accommodations made available to II directly by resort developers or other third parties for their use in the Getaway Program. The fee charged to Members by II is based primarily upon the unit size confirmed, the location of the accommodations, and the occupancy date. To participate in the Getaway Program, Members are not required to relinquish their Home Resort accommodations. Interval Platinum Members are afforded “Priority” Getaway access, which allows the Interval Platinum Members to view and reserve Getaway resort accommodations in advance of other Members, provided, however that Priority Getaway access does not apply to any resort accommodations 59 days or less before their initial date of occupancy. Resort accommodations will be available to all Members in good standing at that time. In certain circumstances, Members may not be confirmed through the Getaway Program into their Home Resort or into Member Resorts that are, directly or indirectly, under common ownership or control with the Home Resort, due to the Home Resort’s internal rules, regulations, or procedures. Holiday, summer, and other highly demanded weeks usually are not available through the Getaway Program. II reserves the right to limit the number of Getaway Confirmations issued to a particular Member in any particular year and to limit the number of units confirmed to a Member for any given travel date. II’s Exchange Cancellation Policy does not apply to Getaway Confirmations. Any cancellation of a Getaway Confirmation results in the loss of the unit. Getaway fees will not be refunded under any circumstances. Members are expressly prohibited from selling or exchanging a Getaway Confirmation for cash, barter, or other consideration. A Guest Certificate may be obtained for a Getaway Confirmation in accordance with the terms set forth in Paragraphs 13 and 14 under Exchange Procedures and Priorities. All other terms and conditions of the Exchange Program apply to this special service, except where noted to the contrary.

2.               The Interval Options® Program is an alternative exchange service offered by II to members of the Interval Gold, Club Interval Gold, and Interval Platinum membership programs, whereby said members are allowed to exchange their Home Resort accommodations for a credit against the purchase of cruise, spa, or golf vacations. Participation in this Program requires the payment of an exchange transaction fee, as designated by II at the time the request is placed, and a supplemental fee upon II’s confirmation thereof. The exchange transaction fee will be refunded only if an exchange cannot be confirmed, or if written or oral cancellation of the applicable exchange request is received by II prior to Confirmation. The amount of the supplemental fee is assessed on a per-person basis and varies depending on many factors, including, but not limited to, the alternative vacation selected, the itinerary and travel dates selected, the accommodations selected, and the Home Resort accommodations relinquished. In the event that a Confirmation made through the Interval Options Program is canceled, the supplemental fee shall be refunded in accordance with the refund policies of the provider(s) of the alternative vacation component(s). In all instances, the alternative vacation packages are requested using the Request First exchange method. All Interval Options exchange requests must be placed at least 90 days prior to the initial occupancy date of the Home Resort accommodations relinquished for such Interval Options exchange. The initial occupancy date of the requested Interval Options exchange may be prior to or subsequent to the occupancy date of the Home Resort accommodations relinquished, but no later than the advance booking date of the alternative vacation component. Additionally, the commencement date of the Home Resort accommodations relinquished may not be more than one year after the first occupancy date of the confirmed alternative vacation component. Interval Options exchange confirmations may not be sold, bartered, or exchanged for other consideration. However, Interval Options exchange confirmations obtained may be assigned by using a Guest Certificate, which is available to Interval Platinum members without the payment of a fee. All other terms and conditions of the Exchange Program apply to this special service, except where noted to the contrary.

3.               II does not guarantee the continuation of either of these special exchange services. Members will be advised in writing if any of these services are discontinued.

Fees

The membership and exchange fees set forth below are applicable for residents of the United States, Canada, and the Caribbean. Residents of other geographic areas are subject to different membership and exchange fees which are assessed by local servicing offices or representatives.

1.               II’s current annual Individual Membership fee is US$89, plus any applicable tax, and the annual upgrade fee (in addition to the applicable Individual Membership fee) for: a) Interval Gold status is US$59, plus any applicable tax; and b) Interval Platinum is US$129, plus any applicable tax. When enrolled in II’s Automatic Renewal Option, annual renewal dues will be charged automatically to the credit card indicated, at the rate applicable at membership expiration, unless canceled in writing prior to the renewal date. II will provide each Member not less than seven calendar days’ written notice of renewal prior to processing such automatic charge. Membership will continue from year to year for as long as the Member is eligible for membership. Where a Member purchases additional Vacation Interests, such Member may include such additional Vacation Interests within his or her then-current Individual Membership upon the payment of an administrative fee of US$39 per adjustment. Alternatively, upon the purchase of additional Vacation Interests, said Member may elect to pay an additional annual Individual Membership fee of US$89 at the time such Vacation Interests are included with the Individual Membership, whereupon II shall extend the term of said Member’s then-current Individual Membership for an additional 12-month period per additional membership fee paid. Notwithstanding the foregoing provisions, where a Member owns a Vacation Interest at a Member Resort participating in a corporate membership program, as well as owning a Vacation Interest at a Member Resort through which the Member participates as an Individual Member of the II Exchange Program, said Member must maintain his or her Individual Membership in the II Exchange Program, separate and distinct from his or her participation in the corporate membership program.

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participation in the corporate membership program. Club Interval Gold Membership fees submitted by the Club Interval Gold Member are refundable on a pro rata basis (based on the number of full months remaining in the applicable membership period) upon a Club Interval Gold Member’s request for cancellation of his or her membership and provided that the Club Interval Gold Member also returns to II any Club Interval Gold membership card(s) that he or she has received.

3.               Membership fees submitted by the Individual Member are refundable on a pro rata basis (based on the number of full months remaining in the applicable membership period) upon a Member’s request for cancellation of his or her membership. Upgrade fees for Interval Gold status are also refundable on the same basis, provided, however, that the Member also returns to II any Interval Gold membership card(s) that he or she has received. Upgrade fees for Interval Platinum are nonrefundable under any circumstances. Failure to renew membership within 120 days from any expiration thereof may require payment of a US$200 readmission fee to reinstate membership.

4.               The exchange fee per week confirmed is US$169 for travel within the Member’s country of residence (“domestic processing fee”) or US$174 for travel outside the Member’s country of residence (“international processing fee”) and is subject to any applicable tax which must be paid at the time an exchange request is made. Notwithstanding the foregoing, Members residing in the United States or Canada pay only the domestic processing fee for travel within the United States or Canada. Members who choose to utilize II’s website at IntervalWorld.com to transact an exchange request, are eligible for a US$20 discount on the applicable processing fee, per week confirmed. Any request that contains destinations both within the country of residence and outside the country of residence requires the international processing fee, regardless of where the request is ultimately confirmed. If the international processing fee is paid, no portion of the fee will be refunded if confirmed to an area in which the domestic processing fee would otherwise apply. If the request is made by telephone, the exchange fee may be paid by a credit card acceptable to II or by check. Where the exchange fee is paid by check, however, confirmation will not occur until said check has been received and processed by II. Accommodations will be held for five calendar days pending receipt of a check for an exchange fee. In addition, in any instance in which a Member pays a fee by check, II reserves the right to collect an administrative fee where such check is returned to II. Checks are not accepted for Confirmations with occupancy commencement dates within 30 days or less. Exchange fees will be refunded only if an exchange cannot be confirmed or if written or oral cancellation of the applicable exchange request is received by II prior to Confirmation, and if the Member requests his or her refund in writing. Exchange fees will not be refunded under any other circumstances.

5.               The ShortStay Exchange fee of US$139, plus any applicable tax, must be submitted by the Member at the time a ShortStay Exchange Confirmation is received. This exchange fee is non-refundable.

6.               If the Deposit Extension Option is selected by the Member, an additional fee per deposit is required at the time the deposit extension is requested. The fee to extend a deposit for three months is US$69, for six months is US$99, and for 12 months is US$189.

7.               If a Guest Certificate is requested by any Member other than an Interval Platinum Member, an additional fee of US$49 is required at the time the certificate is requested. If II does not issue the Guest Certificate, the certificate fee will be refunded. Guest Certificate fees will not be refunded under any other circumstances. Interval Platinum Members are not required to pay a fee to request a Guest Certificate.

8.               In the event that a Member sells, rents, exchanges, or otherwise assigns the Home Resort accommodations to any third party after such accommodations have been deposited with II, while a request is pending with II, or after II has issued a Confirmation, II will assess such Member an administrative fee. Additionally, such Member will be responsible for all liabilities incurred by II in connection with the double use of the accommodations by the Member. Under these circumstances, membership privileges will be suspended (without further obligation by II) until such time as all amounts owing have been paid in full to II.

9.               II may suspend membership privileges in the event a Member fails to pay any amount owed to the Host Resort, II, or any other company related to II.

10.         Some jurisdictions have imposed a tax on the occupant of resort accommodations. Consequently, any bed tax, transient occupancy tax, or similar tax that is imposed shall, in those circumstances, be the responsibility of the exchanging Member. Members may be required to contact the Host Resort prior to arrival in order to prepay such taxes and certain other resort fees. Additionally, Members are responsible for all personal charges (e.g., telephone calls and meals) while at the Host Resort, and any utility surcharge or other permissible charge imposed by a resort, as well as any damage to, loss, or theft from the Host Accommodations and facilities that is caused by Members or their guests.

11.         Fees, if any, charged by Member Resorts for certain services and amenities are determined and levied by each resort. Such fees are the responsibility of the Member. These fees vary from resort to resort.

12.         All fees may be increased from time to time by II, at its sole discretion. Members will be advised of any such increases through II’s regular publications or on II’s website, IntervalWorld.com.

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RESORTS WITH 51 OR MORE UNITS PARTICIPATING AND AVAILABLE FOR OCCUPANCY

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