Dear Spinnaker Owner,

Dear Spinnaker Owner, Thank you for becoming a Spinnaker Resorts Owner and joining our over 40,000 other vacation Owners. We are committed to ensuring that your ownership and vacation experiences are the best they can possibly be. Whether you have purchased vacation time at a Spinnaker Resort in Hilton Head, S.C., Ormond Beach, FL., or Branson, MO., we are confident that you will be enjoying a lifetime of smooth sailing vacations. In addition to the information you received when you purchased your Spinnaker vacation, we wanted to remind you of the resources available to you - our new Owner. Spinnaker Owners Website You will be able to access the Owners site once your Owner Contract has been processed. You ll find the most current Owner information on the secure Owners website, including vacation planning information and Spinnaker Rewards information. Vacation planning can be as easy as 1-2-3. If you have a loan, you can access Equiant Financial Online to view your account and make payments. Making Float Reservations As a new Owner, Spinnaker wants to ensure that your most important question is answered, When and how can I book my float use reservation? o o Hilton Head, SC and Branson, MO, and Royal Floridian South, FL Owners: You can book your float resort reservation 360 days before your desired check in day. Royal Floridian, FL Owners: You can book your float resort reservation 365 days before your desired check in day. Email your reservation requests to: res@spinnakerresorts.com Exchange Memberships Spinnaker will pay for and enroll you into your purchased resorts respective Exchange Affiliation Membership so that you can enjoy the many benefits of our Exchange affiliates programs including exchange, extra vacations, car rental, vacation concierge and other programs. You will receive your Exchange Membership number from them within 60 and 90 business days. Help Us Go Green Sign Up for Paperless Communications If you have an email address, we encourage you to forward it to addressupdate@spinnakerresorts.com so that you may receive your updates and communications via email. Join in our efforts to preserve our resources. Again, thank you and congratulations. We look forward to providing you with many memorable and fun filled vacations with us! Regards, Owner Services Spinnaker Resorts (877) 842-3201 spinnakerresorts.com Hilton Head Island, SC Ormond Beach, FL Branson, MO 1

SPINNAKER RESORTS OWNER PROGRAMS SPINNAKER REWARDS Earn additional vacations or offset your vacation expenses Participate in this loyalty / referral program and earn Spinnaker Rewards Credits (SRCs) that you can allocate however you desire. EARN REWARDS: Submit referrals, add-on to your vacation, rent a Spinnaker condominium / stay at S.R Hotel. Owner Programs are subject to change. Visit spinnakerresorts.com for current programs. ENJOY REWARDS: Save money by allocating SRCs toward Association Fees, take additional vacation at a Spinnaker Resort, through Exchange affiliates, or at S.R Hotel. Refer to your Spinnaker Rewards Guide or email rewards@spinnakerresorts.com for details.

OWNER BONUS TIME EXCHANGE BENEFITS Treat yourself to additional vacations with Owner s only pricing Plan incremental vacations at a different Spinnaker location or add-on to your designated ownership time and save twenty fifty percent (20 50%) off regular pricing for reservation requests made thirty (30) days prior to check-in date. Reservations may be made even farther in advance from November 1st through February 28th for Bluewater and Palace View Heights (excluding event dates) based on availability. Bluewater, Royal Floridian South and Palace View Heights Owner Bonus Time is available to Spinnaker Premier Members only. Refer to your Owner s website (under Owner Bonus Time) or email res@spinnakerresorts.com for pricing and conditions. Spinnaker s top resort exchange ratings provide greater exchange opportunities At Spinnaker we strive to maintain the highest quality standards at our resorts for your vacation enjoyment and satisfaction. As a Spinnaker Owner, you automatically have priority reservation privileges (over non-spinnaker exchange guests) at your home resort and all Spinnaker properties. Because Spinnaker Resorts have the highest resort ratings / designations, you can exchange to other top-rated resorts worldwide.

OFFSET ASSOCIATION FEES EARN EXTRA VACATIONS Dear Spinnaker Vacation Owner, As a Spinnaker Owner, you are entitled to the many benefits of Spinnaker Rewards. Through Spinnaker Rewards, you can earn Spinnaker Rewards Credits (SRCs), which can save you money (offset /cover your Association Fees), or be allocated toward additional vacations (short or long getaways at any Spinnaker Resort or through II or RCI). Have a look through the Rewards Guide to understand all the ways you can earn and redeem Rewards. The easiest way to earn SRCs is through Referral submissions. By introducing friends, family, and colleagues to the Spinnaker way of vacationing, you would be helping them improve their lifestyle. Refer those who share the same vacation goals as you - those who d like to who d like to: Enjoy an economical way of vacationing Ensure they vacation regularly (to promote and maintain good health) Establish a tradition (to reconnect with significant other and/or family) To submit Referrals, you can find Referral Forms on the Spinnaker website. Also, for your reference and use, all Rewards information and forms reside on your Owners website under REWARDS. You will have access the Owners site once your Owner Contract has been processed. To access: 1. Go to spinnakerresorts.com, Click on OWNER LOGIN (top right corner) 2. Your login details will be: I. Username: Owner ID/Email address II. Password*: Zip Code/Postal Code *For optimum security, we recommend changing your Password after your initial login. Please contact us with any questions you have regarding your Spinnaker Rewards loyalty program, we ll be pleased to answer any questions you may have. Sincerely, Spinnaker Rewards Phone: (888) 809-4054 rewards@spinnakerresorts.com spinnakerresorts.com Hilton Head Island, SC Ormond Beach, FL Branson, MO 1

BLUEWATER QUICK REFERENCE GUIDE FLOATING RESERVATION PROCEDURE (pgs 2-6) RULES AND REGULATIONS (pgs 7-8) GOLF PRIVILEGES (pg 9) PRIVACY ASSURANCE POLICY (pg 10) ADDITIONAL INFORMATION IS AVAILABLE ON SPINNAKER S WEBSITE spinnakerresorts.com VISIT THE OWNER WEBSITE spinnakerresorts.com/main/owners BOOK YOUR SPINNAKER VACATION TODAY! res@spinnakerresorts.com May 2017

Bluewater by Spinnaker FLEXIBLE/FLOATING TIME USAGE GUIDE AND RESERVATION PROCEDURES Bluewater by Spinnaker does everything possible to maximize the flexibility of vacation leasehold ownership making it as beneficial as possible for you. The Vacation Timesharing Lease Interval which you purchased is known as "Floating Time." Instead of being locked into vacationing during the same week year after year, you are able to reserve different weeks each year (or during your odd, even, or triennial year). Few of us know years in advance which week of the year we would choose to vacation. "Floating Time" enables member to choose a week in your unit type during each year of your leasehold ownership. You may reserve a week on a first come first serve basis, subject to the reservation procedures listed below. To ensure fairness to all Bluewater by Spinnaker leasehold members, "Floating Time" reservations should be made as far in advance as possible. Reservations must be made a minimum of 30 days in advance and not more than 360 days in advance of the desired week of occupancy at Bluewater by Spinnaker. Multiple week members owning more than one annual usage week may reserve their float usage not more than 390 days in advance for consecutive week usage. Multiple week members owning more than one annual float usage week may reserve their float usage weeks non consecutively 390 days in advance within the same usage year. No more than one (1) annual float reservation per week can be made 390 days in advance. Reserving your usage week six to twelve months in advance will better enable you to obtain the specific week you wish to use. Members who choose to stay at their home resort will be given priority over any other usage types. Please refer to the DETAILED Flexible/Floating Usage Guide pertaining to the Spinnaker PREMIER Internal Owner Exchange Program reservation parameters (page 3). All float members must contact Bluewater by Spinnaker Flexible Time Reservation Department in writing, by facsimile transmission or by electronic mail in order to schedule an available week of time for the member during their usage year (annual, odd, even or triennial year). All reservation requests must be in writing. Go online at spinnakerresorts.com, click RESERVATIONS in the upper right corner to submit your reservation request online or email your request directly to res@spinnakerresorts/com. Fax and mail written owner requests are also permitted. Fax (843) 341-6504, or mail to Southwind Management Corp. P.O. Box 6685, Hilton Head Island, SC 29938. If member wishes to spacebank with Interval International they must contact the Bluewater by Spinnaker Flexible Time Reservation Department as noted above for a usage week to be deposited to member s Interval International account. Reservations may be made as far as two years in advance. If member spacebanks two years in advance with Interval International, a specific request must be made to the Bluewater by Spinnaker Flexible Time Reservations Department and requests are conditional upon all membership fees and loan fees being current and a payment of the estimated membership fees for the second year. A written/emailed reservation confirmation will be sent to all members that have requested a reservation. Each member is responsible for ensuring that a written reservation confirmation is received. Thereafter, the exchange or trade of the space-banked week is done directly by the Member with II and Member further understands that an exchange fee must be paid by the Member to II. Page 2

FLEXIBLE/FLOATING TIME USAGE GUIDE (Detailed) The leasehold usage rights acquired by each Member pursuant to the terms and conditions of the Declaration and the Membership and Lease Agreement entered into between said Member and the Seller consist of seven (7) days of occupancy/usage of a Unit in Bluewater by Spinnaker, commencing on Sunday at 4:00 pm on the first day of usage and terminating at 10:00 am on the following Sunday. The Seller reserves the right (in its sole discretion) to establish Friday to Friday usage, Saturday to Saturday usage, and Sunday to Sunday usage. Members acquire leasehold usage rights for annual year usage, odd year, even year or triennial year usage (depending upon the type of vacation timesharing leasehold interest purchased by the Member). The specific designation of the Vacation Timesharing Lease Interval or Alternate Year Vacation Timesharing Lease Interval or Triennial Year Vacation Timesharing Lease Interval purchased by the Member will allow the Member to reserve usage in a Unit in Bluewater by Spinnaker (pursuant to the reservation system set forth in this Declaration, as amended) in a particular type of unit (two bedroom or three bedroom unit) on an annual basis, odd year basis, even year basis or triennial year basis (depending upon the type of Vacation Timesharing Lease Interval purchased). The rights of all Members to use and enjoy their Vacation Timesharing Lease Interval or Alternate Year Vacation Timesharing Lease Interval or Triennial Year Vacation Timesharing Lease Interval shall be exclusively governed by the "first requested, first confirmed" reservations system which is more fully described herein despite the fact the Member may otherwise have purchased a specifically designated week in a specifically designated Interval. In other words, the designation of the Vacation Timesharing Lease Interval or Alternate Year Vacation Timesharing Lease Interval or Triennial Year Vacation Timesharing Lease Interval identified on the Member s Membership and Lease Agreement is solely used for identification purposes of the unit type to which the Member will have usage rights (two or three bedroom unit) and the time periods of usage (annual, odd years, even years or triennial years); the Member is not purchasing the right of usage in a particular unit and/or week and the numerical designation on the Membership and Lease Agreement shall not be construed to give the Member usage in a particular unit and/or week. Upon compliance with the provisions of that "first requested, first confirmed" reservations system discussed below, Members will receive an accommodations confirmation in a particular Unit in the Regime which is comparable in nature to that Unit which is the subject of the Member s Membership and Lease Agreement. For the purposes of the Declaration, a comparable Unit is one possessing the same number of bedrooms as the Unit which is otherwise referenced in the Member s Membership and Lease Agreement, without regard to the building, floor or location upon a floor of the Unit. Usage of a Unit commences at 4:00 pm on the Sunday designated as first date of occupancy and terminates at 10:00 am on the following Sunday (that being the last day of occupancy by the Member). Reservation System. The administrative operation of the reservation system set forth herein shall be the sole and exclusive obligation of the Seller and has been delegated to a management company (Southwind Management Corp.). All Members must contact the Bluewater by Spinnaker Flexible Time Reservations Department in writing, by facsimile transmission, or by electronic mail in order to schedule an available week of time for the Member during a particular year (annual, odd year, even year, or triennial year usage) as is more fully described below during which the Member s occupancy may be scheduled. Members scheduling a reservation in Page 3

advance are more likely to reserve more desirable occupancy times than Members delaying their reservation requests. Reservation requests will be honored by the Bluewater by Spinnaker Flexible Time Reservations Department in the order in which they are received. A written reservation confirmation will be mailed/emailed to all Members requesting reservations. Each Member is responsible for insuring that a written reservations confirmation is received. Confirmations will be mailed/emailed no later than fifteen (15) days after confirmation. All Members are required to bring their confirmation with them and present same upon check-in. Reservation Time Period(s). Reservation requests may be made Three Hundred Sixty (360) days prior, and not less than Thirty (30) days prior, to the first day of the usage week. Multiple week members owning more than one annual usage week may reserve their float usage no more than Three Hundred Ninety (390) days in advance for consecutive week usage. Multiple week members owning more than one annual float usage week may reserve their float usage weeks non consecutively 390 days in advance within the same usage year. No more than one (1) annual float reservation per week can be made 390 days in advance. To provide maximum owner satisfaction and the opportunity for Spinnakers Owners to occupy the resorts during peak times an Owner Only Use Period has been established (Week including Memorial Day through Week Including Labor Day). The Owner Only Use Period is defined as the seven (7) day period commencing the Saturday/Sunday before Memorial Day and ending the Saturday/Sunday after Labor Day. During the Owner Only Use Period rental and/or banking activity is restricted. Association fee prepayment will be required to reserve these peak float week reservations. Additionally, during this period, Owners are restricted from making a float reservation that repeats in consecutive years. Repeat float reservations are defined as any seven (7) day period or period that includes four (4) or more of the identical calendar days of their stay in the prior year. The Seller reserves the right to change the reservation time periods as appropriate. Spinnaker PREMIER Internal Owner Exchange -Exclusive offer to Bluewater, Royal Floridian South and Palace View Heights The Spinnaker PREMIER Internal Owner Exchange program provides usage privileges at Bluewater, Hilton Head Island, South Carolina; Royal Floridian South, Ormond Beach, Florida and Palace View Heights, Branson, Missouri. This program has been designed to ensure that your home Bluewater reservation has exclusive reservation advantage from 360 days to 181 days over requests by non home resort owners (RFS, PVH) however offers members the advantage of vacationing at Spinnaker s three Premier resorts. All Spinnaker Premier Internal Owner Exchange member(s) reservation requests can be made 180 days and not less than 30 days prior to the first day of the usage week based upon availability at any Premier resort. Blue-water membership unit size and sleeping capacity is an exchange criterion. A 3 bedroom member may reserve to a 3, 2 or 1 bedroom unit, a 2 bedroom member may reserve a 2 or 1 bedroom unit and a 1 bedroom member may reserve a 1 bedroom unit at the Spinnaker Premier Internal Owner Exchange resort locations, based upon availability. Effect of Reservation Delays. Members delaying their reservation requests may lose their rights to use their accommodations entitlement for any calendar year should an occupancy be unavailable for reservation due to lack of availability of the desired week (due to prior reservation). However, the Seller warrants that the number of weeks available on an annual basis for usage by the Members shall be of a sufficient number so as to accommodate all Members of Bluewater by Spinnaker during any given year (so long as the Members make their reservations in a timely manner in accordance with the requirements contained herein). The Seller reiterates to each Member that it makes no warranty or guaranty that a Member will be assigned the week which he/she desires; however, the program is such that the requisite number of weeks are available to accommodate all Members on an annual basis (so long as the Members make reservations set forth herein). In the event a Member loses their rights to use their accommodations entitlement for any calendar year should an occupancy be unavailable for reservation due to lack of availability of the desired week, neither the Seller, nor its respective successors, assigns and/or affiliates are obligated to make alternative arrangements, or to excuse or waive the payment of appropriate Assessment Fees, or to refund any of the Member s payments. Page 4

Usage. It is to be noted that the Seller may affiliate Bluewater by Spinnaker with a timeshare exchange company from time to time. Interval International ("II") is currently the affiliated timeshare exchange company. II or the then-affiliated timeshare exchange company for Bluewater by Spinnaker reserves the right to modify its seasonal week allocations (if any). Carry Over. No Member shall be allowed to carry over into a subsequent year any accommodation use rights which the Member failed to schedule during a specific calendar year or was otherwise unable to schedule due to lack of availability. Designation of Principal Contact. Should more than one Member own a Vacation Timesharing Lease Interval or an Alternate Year Vacation Timesharing Lease Interval, or a Triennial Year Vacation Timesharing Lease Interval, or in the event a Member is a corporation, a trust, or another legal entity, then a "Principal Contact" shall be established from time to time by the Member and shall provide notification to the Seller in writing. The Principal Contact shall be the person solely responsible for making reservations in accordance with the procedures set forth herein. Confirmations. Written/emailed confirmation shall be forwarded to all Members regarding all accommodations reservations made pursuant to this Declaration. While special accommodation assignments, such as ground level accommodations, may be requested, and while the Seller will endeavor to accommodate these requests, such special requests cannot be guaranteed. Before a Member may rent to a third party or exchange with an exchange company a confirmed Interval accommodation, the Member must first receive a written/emailed confirmed reservation from the Seller. Members are encouraged to contact the Seller immediately should they not receive a written/emailed accommodations confirmation within thirty (30) days after the date upon which the reservation request was made. Cancellations and Modifications. Once a reservation has been made by a Member, the Member may change (subject to availability) that reservation upon the payment to the Seller of that rescheduling fee which the Seller may determine from time to time. The rescheduling fee currently is $50.00 per reservation change. Annual Membership Fee Delinquencies. No Member shall be allowed to reserve accommodations under the reservation guideline unless that Member is otherwise current with the payment of all Annual Membership Fees which he/she is obligated to pay the Seller. Moreover, no Member may make reservations hereunder if that Member is otherwise delinquent in connection with any financial obligations owed to the Seller. Thirty-Day Period. If no Member places a hold for a reservation within a specific Interval week thirty (30) days prior to the first day that the Interval week is scheduled to begin the Seller reserves the right to limit the availability of such Interval weeks subject to the following: Page 5

(A) Interval week availability may be withheld if the Seller has otherwise rented the Interval week on behalf of the Seller to a third party. Net rental proceeds received on behalf of the Seller shall be used to offset Seller expenses: (B) Interval week availability may be withheld if the Seller, in its sole and absolute discretion, has withheld the specified Interval week for: i. Members who have failed to reserve Interval weeks in a timely fashion and who have no other use alternative; or ii. Members who have cancelled previously-existing confirmations due to unique and unusual circumstances and who risk losing usage of a unit week for the subject calendar year Amendment by Seller. The Seller reserves the right to amend the terms and conditions of the reservation system from time to time as may be necessary in the opinion of this Seller to improve upon the quality and operation of the reservation system and to further the collective enjoyment of the use of the Intervals. General Provisions Regarding Usage. No Member may occupy a Unit, or exercise any other rights of ownership in respect of the Vacation Timesharing Lease Interval or Alternate Year Vacation Timesharing Lease Interval or Triennial Year Vacation Timesharing Lease Interval other than the rights provided to him in this Declaration and in the Membership and Lease Agreement. Each Member shall keep the Unit and all Common Furnishings contained therein in good condition and repair during his Vacation Timesharing Lease Interval or Alternate Year Vacation Timesharing Lease Interval or Triennial Year Vacation Timesharing Lease Interval, vacate the Unit at the expiration of his usage period, remove all persons and personal property there from (excluding the Common Furnishings), leave the Unit in good and sanitary condition and repair, and otherwise comply with such reasonable checkout and other procedures as may from time to time be contained in rules promulgated by the Seller or by the Association. The Management Company shall have the right to reserve, at any time, any week it chooses for each Unit each year (one week per Unit annually), in its sole discretion, for maintenance purposes. ******************* On behalf of all of our owners; the association has the obligation to protect itself and its members from unpaid assessment fees. Owners who choose to sell or transfer their timeshares to third parties (to persons or entities) will be required to contact the management company prior to any transfer of ownership so that the proposed transferee is verified to be a bona fide purchaser of the timeshare interest. Otherwise, the transfer can be deemed as invalid and of no effect, and the present owner will remain liable for all future assessment fees for the timeshare interval. Reservations will be denied for any unpaid assessment fees. Inter-family transfers or owners wishing to transfer into their trust for estate planning purposes are exempt from the Timeshare Transfer Policy. It is the Spinnaker family belief and that of your association that legacy is an important part of our business and a tremendous asset for the future generation. Page 6

Bluewater by Spinnaker RULES AND REGULATIONS 1. Each member shall vacate his dwelling unit no later than 10:00 A.M. on the Sunday on which his leasehold interest terminates each year. No Member shall take possession of his dwelling unit earlier than 4:00 P.M. on the Sunday on which his leasehold interest commences. Please keep in mind that this service interval is for the cleaning and maintenance staff to ready the unit for our next member or guest. 2. Please note that feeding alligators is against the law in South Carolina. A fine of at least $500 will be levied against those caught. We encourage you to report offenders to our Property Management Office. 3. No animals are allowed in any of the units. A mandatory charge of $150.00 will be levied for violation and the animal removed. Members are encouraged to report violations. The Declarant (or its management company) has the right to ask any and all violators to leave if they do not cooperate. 4. The Declarant (or its management company) may retain a pass key to each dwelling unit. No Member shall change any lock or install an additional lock. 5. The Annual Membership Fee provides for replacement of items in the units. The Annual Membership Fee does not cover damage or loss to villa furnishings, the unit, or grounds caused by negligence or theft. Please remember the occupant responsible for the damage or theft will be charged directly for the replacement or repair. 6. Members will be held responsible for actions of their guests and children. Children are allowed to play only in the designated play areas away from entrance ways and lagoons. 7. No Property shall be removed from a dwelling unit at any time for any purpose. This specifically applies to the use of blankets and towels on the beach or at the pool. 8. In accordance with local fire ordinances, barbecue grills cannot be used on any of the balconies or walkways. 9. Employees of the Association, the Declarant or their respective management agents, and any contractor or workman authorized by the Association or its management agents, may enter the dwelling unit at any reasonable hour of the day for any purpose permitted under the terms of the Master Lease of the Association. Except in the case of emergency, entry will be made by pre-arrangement with the Member. 10. The walkways and entrances to the dwelling units may not be obstructed in any way and will be used only for walking to and from units (This includes bicycles, baby carriages, and swimming floats). 11. The interiors of the dwelling units shall not be decorated by the occupant in any way whatsoever. No occupant shall do any painting to the exterior of his unit. No signs may be posted by the occupant inside or outside or on the grounds. 12. The occupants shall not put their names on the entry to the dwelling unit. Page 7

13. No article shall be hung or shaken from the doors, windows, or balconies, or placed upon the window sills of the unit. (This includes beach towels, blankets, swim suits, and swimming floats.) 14. No occupant, his children or guests will permit any noises that will disturb or annoy the occupants of the other units or interfere in any way with the rights, comforts, and convenience of the other occupants. A noise curfew is in effect from 9:00 P.M. to 9:00 A.M. Each occupant shall keep his unit in a clean and sanitary condition. 15. Federal guidelines for energy conservation should be followed. 16. Any complaints shall be made in writing to the Declarant or its management agent. 17. Any consent or approvals given under these Rules and Regulations by the Declarant or its management agent are revocable at any time. 18. Occupancy of the units is limited to six (6) people in a two (2) bedroom and eight (8) people in a three (3) bedroom unit. Amenities: Refer to Section 8 of Public Offering Statement. 19. No golf cleats are to be worn on property or in the units. 20. The pool has no lifeguard. All children must be accompanied by an adult. Pool hours are from 9:00a.m. until dark. 21. Motor homes, U-haul trailers, boat trailers, or motorcycles are not allowed on Bluewater by Spinnaker property. 22. While Declarant or its management agent will be inspecting the unit at the end of the usage by the Member, we would also suggest that you, as a Member, carry out a brief inspection and notify the Declarant or its management agent of anything that is missing, not in good repair or abused. 25. Effective 2011, no owner, family member, tenant, resident, guest, business invitee, or visitor shall smoke cigarettes, cigars, or any other tobacco product within the vacation unit. Smoking will only be permitted on the balcony area of each unit. If found that an Owner and/or Guest has violated this policy a fine of $150 for a professional cleaning of the unit will be charged to the Owner and/or Guest who is registered at the Resort. If the next occupant to this unit must be relocated due to the smoke smell, the previous occupant will also be charged for any additional fees that may be incurred by the relocation. 26. Effective 2016 the smoking policy has been amended to include no smoking of e-cigarettes and smoking will no longer be permitted on the pool deck/s or the unit balconies. 27. The Rules and Regulations may be added to or modified at any time by the Declarant. Bluewater by Spinnaker Activities Center Children under the age of 15 must be accompanied by an adult while in the Activities Center. Activities Center is only for the use of the Bluewater by Spinnaker Members and guests. The Activities Center is for your enjoyment; please clean up the facility after yourself. Neither smoking nor consumption of alcoholic beverages is permitted in the Activities Center. Hours available to owners and guests are 9:00 a.m. to 9:00 p.m. Page 8

Bluewater by Spinnaker GOLF PRIVILEGES USE AND ACCESS AGREEMENT GOLDEN BEAR GOLF CLUB AT INDIGO RUN (GBIR) COUNTRY CLUB OF HILTON HEAD (CCHH) 1. The term of the agreement is until December 31, 2027. The term shall automatically renew thereafter for 10 year periods 2. Usage for golf includes daily play for any four people staying in the villa. Only a cart fee is required to be paid by each player. Usage is subject to availability. Cart fees are subject to reasonable annual increases as determined by GBIR and CCHH. 3. Reservations for the first round of golf may be made 7 days in advance. Subsequent rounds 24 hours in advance. Owners failing to use reserved tee times will be subject to a "no show" fee as published by GBIR and CCHH. Schedule of golf rounds: Spring March-May After noon* Summer June-August After noon* Fall Sept.-Nov. After noon* Winter Dec.-Feb. No Restriction *A limited number of morning tee times will be made available on first come, first serve basis. 4. Owners have the right to transfer their golf privileges one time. The second transfer of the golf privileges can be transferred but only upon the payment of a transfer fee in the amount of $500 to GBIR and CCHH. Page 9

Spinnaker Resorts PRIVACY ASSURANCE POLICY Spinnaker Resorts, and each of our affiliates, respects the confidential nature of both your personal and account information. To ensure your privacy, we have, and will continue to safeguard the information with which we are entrusted. Below, we have outlined the type of information that is typically collected from our owners and how this information is used. Please read this policy carefully and be assured of our commitment to safeguard the privacy policy rights of our owners. I. Type of personal information collected Information typically obtained for the purchase of property, from your purchase contract, credit application and other paperwork includes: your name, address, telephone number, social security number, employment, income, bank account information and monthly payment liability. Information obtained from third parties, as part of the purchase process, include credit reports and bank account information necessary to maintain your account. Information is also received from our regular transactions and experiences, which help us maintain the accuracy of your account information. II. Sharing your personal information We DO NOT share personal information on present or former customers with any nonaffiliated third parties, who are not directly involved in the process of handling or servicing your purchase. We do share your information with our title company to secure your title policy; and with our financial institution, as part of the mortgage servicing and collection process. We also use information for our own (internal) marketing programs. We DO NOT SELL your name, address or telephone number to any unaffiliated third parties. Here at Spinnaker Resorts, your personal information is private and is used to help us make your vacation ownership experience the best that it can be. III. Control of your personal information Spinnaker Resorts, and its affiliated companies, safeguard your information, both physically and electronically. Only parties with proper authority are permitted access to your personal information. All employees and related parties are required to adhere to the company s privacy Assurance Policy and violations would result in disciplinary action. IV. Your right to "Opt Out" While Spinnaker Resorts does not presently share personal information with non-affiliated third parties, or have any plans to do so. you have the option to "opt out", please contact us at 866-455-3577 to notify us of your choice. We will process your request within thirty (30) days and maintain this information on file until we receive further direction from you. While we may, as permitted by federal law, continue to share information such as your account history and balance with affiliates of the company, no information will be shared with nonaffiliated parties. While our Privacy Assurance Policy is designed for the primary signatory on each account, we honor the opt out request of all joint signatories, as well. ( If one signatory on an account "opts out", the entire account will be coded accordingly. ) We thank you for choosing Spinnaker Resorts to provide you and your family with a lifetime of vacation experiences. You may be assured that your personal information is properly safeguarded. Page 10