2.00 PM

Board of Directors In Attendance:

John Shingler (Chairman) – Hung Luk – Paul Wischermann – Mark Sharkey – Greg Miller - Ben Seidel – Suhas Naik – Matthew Cox – Howard Zetley – Jay Mahan

Apologies:

Dave Johnson – Bruce Kinseth

Marriott Executive In Attendance:

Liam Brown – President, Franchising, Owner Services & MxM Select Brands N/A - Marriott International Inc.,

Discussion Points:

Overview Cost Efficiencies’ / Fees – Commissions – Supply Chain

SPG – Marriott Rewards / Program Merger – Timeline – Costs - Benefits

Information Technology / Systems Integration to One Platform & Cost Distribution

ISAC / Current & Projected Costs - Functionality

Starwood Legacy Brands / Current Pipeline & Growth Plans

New Development Impact / Brand Differentiation – Distinct Swim Lanes Timeline

General Business Environment / Observations - Projections

5.30 PM Conclusion of Executive ASFONA / MARRIOTT Board Meeting.