Raymond C. Lantz, Jr. Secretary Sabal Palms of Orlando Condominium Association, Inc. October 12, 2012

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1 October 12, 2012 RE: Notice of Annual Meeting Sabal Palms of Orlando Condominium Association, Inc. Dear Marriott s Sabal Palms Owner: The 2012 Annual Meeting of the Sabal Palms of Orlando Condominium Association, Inc., will be held at 4:00 p.m., Eastern time, on November 2, 2012, at Marriott s Sabal Palms, Clubhouse, 8805 World Center Drive, Orlando, Florida The purpose of this meeting is to review the operations of the Association, conduct any other business which may be presented at the meeting, and to consider the following: Election of Two (2) Members to the Board of Directors Waiving of Fully Funded Reserves The following Annual Meeting materials are enclosed for your review: Proposals providing an explanation of the voting issues Biographical Sketches of the candidates for the Board of Directors Voting Methods Limited Proxy If you are unable to attend in person, you may cast your vote(s) electronically through the Internet at proxyvoting.com/mvci by 11:59 p.m., Eastern time on October 26, The Internet voting procedures are designed to authenticate votes cast by use of a personal control number found on your Limited Proxy. Or vote by marking, signing, and dating your Limited Proxy and returning it in the prepaid envelope to: Proxy Services Corporation, P.O. Box 9001, Brentwood, New York , by October 26, If you vote on the Internet, please do not mail your Limited Proxy. If you have any questions about your Limited Proxy or the information enclosed, please contact Greg Herman, General Manager, at or by at greg.herman@vacationclub.com. Whether or not you plan to attend the Annual Meeting, we encourage you to vote promptly. If the quorum requirement is not met, the Association will incur additional expense to re-notice Owners in order to obtain the votes required to hold the Annual Meeting. Your vote and participation are important to the Association. Sincerely, Raymond C. Lantz, Jr. Secretary Sabal Palms of Orlando Condominium Association, Inc.

2 Sabal Palms of Orlando Condominium Association, Inc Annual Meeting Proposals 1. Election of Two (2) Members to the Board of Directors (Item 2 on your Limited Proxy) Two (2) Members will be elected to the Board of Directors each to serve a three-year term. See the Biographical Sketches for a summary of the candidates. 2. Waiving of Fully Funded Reserves (Item 3 on your Limited Proxy) The State of Florida requires condominium associations to fund reserves for capital improvements and deferred maintenance at statutory levels through annual contributions. However, the State permits the annual waiver or reduction of the statutory reserve contribution with an affirmative vote by the majority of those Owners voting by proxy or in person at a duly called meeting of the membership. Your Board of Directors advocates fulfilling the fully funding requirement by adjusting annual contributions on the basis of long-range cash flow projections. The reserve contribution of your proposed 2013 assessment will be based on this method, resulting in a lower annual contribution than the statutory method. However, without a majority vote for waiver or reduction, the statutory formula will be followed and a significant increase per unit week will be made for the 2013 fiscal year. With a majority vote for waiver or reduction, no additional reserve assessment to Owners is anticipated for Your Board of Directors recommends a vote FOR waiver or reduction of the statutory Reserve contribution for the 2013 fiscal year.

3 RAYMOND C. LANTZ, JR, SECRETARY SABAL PALMS CONDOMINIUM ASSOCIATION OF ORLANDO September, 2012 Dear Fellow Sabal Palms Owners. I am a candidate for membership to the Board of Directors of Sabal Palms. I would appreciate your vote on the ballot you have received. My wife, Tenney, and I have been owners at Sabal Palms for about 20 years. We also have owned at Royal Palms for more than 20 years, although we deeded that week to one of our children. And, we own two weeks on Hilton Head at Barony Beach. PAST HISTORY WITH MARRIOTT VACATION CLUB INTERNATIONAL AND SABAL PALMS Currently serving as Secretary on the Board of Directors Chaired a committee and served as primary spokesman for all 3 Palms resorts in negotiating a compensation package with Host Marriott (owner of the Marriott World Center Hotel). When the hotel wanted to expand the convention center space, they required easements and other concessions from Sabal and the other Palms resorts. I helped negotiate a compensation package that resulted in payment of $500,000. to each of Sabal, Imperial and Royal Palms. Participated in the decisions to install sprinklers in the Sabal villas (both a safety issue and helped avoid large insurance premium increases). Sprinklers had not been required by code when the resort was originally built. Voted for and helped in decision process for villa refurbishments, new mattresses and bedding packages, and on-going upgrades in the pool renovation, tv and digital signal upgrades. Motivated to keep costs within bounds while keeping Sabal Palms in a world class condition. Previously served for 10 years as board president of Royal Palms. GENERAL EXPERIENCE AND BACKGROUND Financial Advisor and Retirement Planner. Help clients make suitable financial decisions for retirement as well as legacy wealth planning. Graduate of Clark University (A.B. English); Boston College Law School (J.D.); and Boston University School of Law (LLM in Taxation). Helped clients with all legal documents in more than $600 million in multi-family real estate developments during legal career. Experienced in all areas of real estate and tax issues. Have held leadership positions in numerous community and non-profit organizations. Active in the Masonic fraternity as Past Master, Dean of Masonic Leadership Institute, prior board of directors of Masonic Home and trust fund. Recently received 33 rd degree from Scottish Rite Freemasons. THANK YOU FOR YOUR CONTINUED SUPPORT; THANK YOU FOR YOUR VOTE.

4 CANDIDATE FOR RE-ELECTION BOARD OF DIRECTORS, SABAL PALMS, ORLANDO, FLORIDA AS OWNERS OF SABAL PALMS (PRE-CONSTRUCTION) I BELIEVE SABAL PALMS IS THE BEST DESTINATION RESORT IN THE ORLANDO AREA. AS A CURRENT BOARD MEMBER I HAVE ENJOYED THE RESPONSIBILITY AND CHALLENGES OF WORKING WITH THE OTHER BOARD MEMBERS AND WITH GENERAL MANAGERS GREG, MANUELA, SHERRY, PETER, JANE TO NAME A FEW. ALSO THE DISTINCT PLEASURE OF WORKING WITH CATALINA, MY FAVORITE FRONT DESK PERSON AND MANY OTHERS. EXPERIENCE: FULL TIME MOM UNTIL YOUNGEST CHILD WAS IN SCHOOL. COMPLETED MY RN DEGREE ON A SPECIAL MOTHER S DAY. THE SAME DAY OUR DAUGHTER GRADUATED FROM THE COLLEGE OF WILLIAM & MARY. TWENTY FIVE YEARS EXPERIENCE AS A NAVY WIFE, A CHALLENGE AND A PRIVILEGE THAT TOOK OUR FAMILY TO PERU, GUANATANAMO BAY, CUBA; RHODE ISLAND, TEXAS, CALIFORNIA, VIRGINIA & HAWAII. I CONTINUE TO WORK PART-TIME AS A CASE MANAGER FOR WORKER S COMPENSATION CLIENTS. THIS POSITION IS VERY FLEXIBLE ALLOWING ME TO TRAVEL ON SHORT NOTICE TO VISIT OUR SIX CHILDREN NOW LIVING IN SIX STATES, AND THE OPPORTUNITY TO STAY AT OTHER MARRIOTT VACATION RESORTS, OBSERVING NEW IDEAS FOR ACTIVITIES TO SHARE AT OUR HOME RESORTS. I ALSO SERVE ON THE BOARD AT A NON-MARRIOTT RESORT AND MARRIOTT S MANOR CLUB IN VIRGINIA. WITH FELLOW BOARD MEMBERS WE HAVE FACED MANY CHALLENGES INCLUDING THE NEED NOT AN OPTION: 1. TO INSTALL SPRINKLER SYSTEMS 2. REPAIR DECKS 3. REPAIR OUTSIDE STAIRWAYS TO THE SECOND DECK 4. UPGRAD THE POOL AND DECKING COMPLYING WITH THE EVER CHANGING ADA REQUIREMENTS. THE OPTIONS TO KEEP SABAL UP TO DATE AS YOUR HOME AWAY FROM HOME: 1. UPGRADING THE MASTER & GUEST BATHROOMS INCLUDING THE DECISION TO RETAIN THE BEAUTIFUL TILE FLOORING IN THE ENTRY WITH A RECOMMENDED CLEANING PROJECT. 2. UPGRADING THE KITCHEN INCLUDING THE LIGHTING. 3. REMODELING OF THE LOBBY INCLUDING A CHILDREN S AREA 4. CREATING A TEEN ROOM 5. UPGRADING THE FITNESS FACILITY MY HUSBAND AND I STAY AT SABAL 2 TO 4 TIMES A YEAR. WE WALK THE GROUNDS AND INTERACT WITH OWNERS AND EXCHANGERS TO DISCUSS THEIR SUGGESTIONS FOR IMPROVING THEIR TIME AT SABAL. I REQUEST YOUR VOTE AND SUPPORT TO ALLOW ME TO CONTINUE SERVING ON THIS BOARD. RUTH SCHRIEFER VIRGINIA BEACH, VA

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6 Raynard A. Zollo, CPA MBA I ve been a Marriott time share owner since 1988 at Sabal Palms, and at the Grand Ocean (Hilton Head) since I am a practicing CPA since I have taught full time at St. John s University (New York) for 28 years before retiring from that position in 2010 with the rank of Associate Professor of Accounting. I am an active member of the American Institute of Certified Public Accountants (AICPA), and the New York State Society of Certified Public Accountants (NYSSCPA) where I have served a three year term as a member of the Board of Directors. I currently serve on the Curriculum Committee of the NYSSCPA and assist in setting the agenda for what education is provided annually to CPAs in New York State. I have experience in big and small business operations in addition to real estate management. I would like to bring my business, finance and accounting expertise to the Board at Sabal Palms.

7 Voting Methods The accompanying Notice of Annual Meeting describes important issues affecting the Association. To vote: 1. By Internet a. Log onto proxyvoting.com/mvci, 24 hours a day, seven days a week by the deadline of 11:59 p.m., Eastern Time, on October 26, b. Enter the control number that appears on your Limited Proxy. c. Follow the simple instructions. 2. By Mail a. Mark your selections on the enclosed Limited Proxy. b. Date and sign your name exactly as it appears on your Limited Proxy. c. If you will not be able to attend the Annual Meeting, please appoint a proxy holder to vote on your behalf. You may appoint the designated proxy holder named on your Limited Proxy, or you may write in the name of another person that you wish to act as your proxy holder. The person you designate must be in attendance at the Annual Meeting. d. Mail the Limited Proxy in the enclosed postage-paid envelope.

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