Thank you for your continued support of Marriott Vacation Club^℠, Asia Pacific. Unless otherwise specified, all expressions used in this letter have the meanings ascribed to them in the Disclosure Document & Club Guidelines.

Notice of Changes to Club Governing Documents as at 1 November 2017.

Addition of limited-term Club Resort Properties

We are dedicated to carrying on the traditions and standards of excellence that you expect from a member of the Marriott family of hospitality brands. As part of this pursuit of excellence, the Developer actively seeks out potential club resort properties (or interests therein) to be added to the Club Inventory for enjoyment of Club Members, including you.

The Developer and Club Resorts are now looking into an opportunity to add a number of units at a resort in the Nusa Dua region in Bali to the Club Inventory. Due to local regulatory requirements, the initial term of the use rights in respect of such units, which Club Resorts (and accordingly, the Developer) would be entitled to be granted, will expire before the Club term comes to an end on 31 December 2056. Club Resorts will endeavor to cause the initial term to be extended, and if successful, such extension will likely take the term of these use rights to December, 2053, or to the termination of the Club, on 31 December 2056. If the former, any further extension of the term would likely cause the term of such use rights to continue through the termination of the Club. Nevertheless, if the term of such use rights terminates before the Club term comes to an end on 31 December 2056, access to this resort will terminate for all Club Members, but such termination will not affect the use rights of Club Members (including you) to other existing Club Resort Properties.

The Developer believes that the addition of these types of properties to the Club Inventory would be for the benefit of Club Members and the Club as a whole, notwithstanding their limited term. Amendments to the Disclosure Document & Club Guidelines, as well as the Club Constitution, are thus being made to accommodate the addition of this new category of units and properties. Amended versions of these documents will be made available to you at www.vacationclubap.com.

New type of Club Points – Variable Club Points

The Developer and Club Resorts are now looking to provide existing and future Club Members with an option to purchase a new type of Club Points, known as "Variable Club Points". Variable Club Points will, for all intents and purposes, be regarded as Club Points, and all provisions relating to Club Points will apply to Variable Club Points, save that Variable Club Points will have an initial term that will expire before the Club term comes to an end on 31 December 2056. If an extension of the term in any particular case is possible, such term may be extended, and any extension will be notified by the Developer to the relevant Club Member. Any such extension shall be binding on the relevant Club Member, who will not be entitled to request that those Variable Club Points be cancelled prior to the end of the extended term.

Amendments to the Disclosure Document & Club Guidelines, as well as the Club Constitution, are being made to accommodate the addition of this new type of Club Points. For your information, these amendments are also reflected in the amended versions of the Disclosure Document & Club Guidelines and Club Constitution that will be made available to you at www.vacationclubap.com.

Reduction of Daily Point Values

Separately, the Developer has observed that the demand for certain Club Units has been lower than that reflected by the Daily Point Values allocated to such Club Units. Such lower demand is not always accompanied by a corresponding higher demand for another Club Unit or Club Resort Property.

Accordingly, the Developer wishes to provide for greater flexibility to reduce Daily Point Values relating to a particular Club Resort Property (or the Club Units therein), such that Club Members will require fewer Club Points per stay at such Club Resort Property (particular Club Units at particular times), without increasing the Daily Point Values of another Club Resort Property.

To this end, amendments to the Disclosure Document & Club Guidelines, as well as the Club Constitution, are being made to enable a reduction to Daily Point Values relating to a particular Club Resort Property (or particular Club Units therein) by way of a corresponding reduction of the Club Reserve Points associated with such Club Resort Property. No changes will be made to the total number of Club Points or Developer Points in circulation, and no increase will be made to the Daily Point Value of another Club Resort Property.

For your information, these amendments are also reflected in the amended versions of the Disclosure Document & Club Guidelines and Club Constitution that will be made available to you at www.vacationclubap.com.

Minimum increments for acquisition of additional Club Points

To provide more flexibility for Member level Club Members to purchase additional Club Points, the minimum increment for the acquisition of additional Club Points for Member level Club Members will be reduced from 400 Club Points to 250 Club Points with effect from the date of this notice. This amendment is reflected in the amended versions of the Disclosure Document & Club Guidelines and Club Constitution that will be made available to you at www.vacationclubap.com.

Other changes

We have also taken the opportunity to make editorial amendments to clarify certain matters in the Disclosure Document & Club Guidelines and Club Constitution.

Please feel free to contact Member Services if you have any questions. We look forward to continuing to service you and your family and friends in the years to come.