Dear Ritz-Carlton Destination Club Members: The Lion & Crown Travel Co., LLC and Exclusive Resorts have enjoyed a relationship, over the past four years, which has been beneficial to Members of The Ritz-Carlton Destination Club. The current agreement between Lion & Crown and Exclusive Resorts expires on December 31, 2018. Lion & Crown requested a renewal of the agreement for another term and was engaged in renewal discussions with Exclusive Resorts. Unfortunately, Exclusive Resorts has notified Lion & Crown that it is unwilling to renew the agreement. Therefore, this letter is being sent to inform you that the exchange agreement with Exclusive Resorts will expire on December 31, 2018, and Members will no longer be able to access Exclusive Resorts’ properties through enrollment in Lion & Crown. While we recognize that this development may be disappointing to some Members, The Ritz-Carlton Destination Club remains committed to providing you with memorable vacation experiences. Additionally, Lion & Crown continues to investigate additional exchange options for enrolled Members. You can continue to enjoy your annual Allocation at your Home Club, exchange your Allocation through The Cobalt Travel Company, L.L.C., elect to deposit your Allocation, through Lion & Crown, for Vacation Club Points in the Marriott Vacation Club Destinations® Exchange Program, or take advantage of opportunities available to you through a membership in THIRDHOME. As always, Member Services stands ready to assist you in planning your next vacation. Sincerely, Daniel Hicks General Manager, Member Services 742450