b'Turnover of Club Cascadasto MembersTheDeveloperturnedovertheirthreeBoardofDirectorpositionsandallunsoldinventoryofvacationintervalstothe Club as of January 1, 2018. The Clubs inventory of 1,130 intervals consisted of a diverse mix of villas and weeks, which theClub continues to sell through the on-site Sales Department staff as before.The Club now sells villas -through a wholly-owned subsidiarycompany(formoreinformation,seepage27),andincome from rental of villas comes to the Club. At the same time, the DevelopernolongerpaysmaintenancefeestotheClubon paradisepreserved the unsold inventory. All of this means that the former LegacyCommitteeandBoardhavehadmuchtolearnaboutthe finances that now prevail following Turnover. But the Developer,especially the Developers long-time adviser Jessica Kim, was very open and forthcoming with data and explanations of how the business operates.In the meantime, the former Legacy Committee, and the Boardsformer Facilities Committee actively planned the financial futureof the Club anticipating these changes, and they are happy to report that the Clubs future looks very bright.1213'