10.00 AM

Board of Directors In Attendance:

John Shingler (Chairman) – Hung Luk – Mark Sharkey – Jay Mahan – Suhas Naik – Matthew Cox - Joseph Yi ( Proxy ) - Michael Newbrand ( Proxy )

Apologies:

Paul Wischermann - Dave Johnson – Bruce Kinseth - Greg Miller – Ben Seidel - Sloan Dean

Discussion Points:

Engagement Agreement / Highly Satisfactory Execution by Board of Directors

Marriott / ASFONA / Communications Conduit Requirements - 2019 Onwards

Overview Cost Efficiencies’ / Fees – Commissions – Supply Chain

BONVOY - Loyalty Program / Program Merger – Timeline – Costs - Benefits

Information Technology / Systems Integration to One Platform & Cost Distribution

Revenue Management Program / Challenges - Functionality - Hotel Pricing Control

Starwood Legacy Brands / Current Pipeline & Growth Plans

New Development Impact / Brand Differentiation – Distinct Swim Lanes Timeline

General Business Environment / Observations - Projections

12.30 PM Conclusion of Executive ASFONA Board Meeting.