January 14, 2016 Board of Directors’ Meeting
President David Brown called the meeting to order at 10:35am PST. Board members in attendance were David Brown, Nigel Lobo, Linda Ruane, Robert Shipley and Tim Stripe. Management and Resort Associates were also present.

• The Board approved the minutes of the October 15, 2015 Board of Directors’ Meeting.
• The Board received updates relating to resort operations including Front Desk, Housekeeping, Maintenance, Activities, Landscaping, Safety, Guest Satisfaction Scores, Inventory and Default Analysis, Reserves, Fiscal performance and Delinquency.
• The Board was provided an overview of the Operating Cash Projection and the Retained Earnings Analysis Report.

April 24, 2016 Board of Directors’ Meeting
Vice President Linda Ruane called the meeting to order at 12:30pm PDT. Board members in attendance were Linda Ruane, Nigel Lobo and Tim Stripe. Management and Owners were also present.

• The Board approved the minutes of the January 14, 2016 Board of Directors’ Meeting.
• The Board received updates relating to resort operations including Front Desk, Housekeeping, Maintenance, Activities, Landscaping, Safety, Guest Satisfaction Scores, Inventory and Default Analysis, Reserves, Fiscal performance and Delinquency.
• The Board ratified the reserve expenditures of $973,900 approved by email on March 8, 2016, which included ADA Ramps, Key Watcher System, Vacuums and Floor Care Machines, Laundry Carts, Televisions, Computers, Patio Replacement Furniture, Golf Carts, Fitness Center Flooring, Replacement of Carpet and Paint and HVAC Replacement.

April 24, 2016 Annual Owners’ Meeting
Vice President Linda Ruane called the meeting to order at 2:01pm PDT. The following actions took place:

• The minutes of the April 26, 2015 Annual Owners Meeting were approved.
• Megan Conner, General Manager, introduced Associates and discussed Resort Operations, including Guest Services, Housekeeping, Activities and Maintenance, Guest Satisfaction Scores, RCI Gold Crown status, 2015 fiscal performance, resort upgrades and improvements. Owner benefits available through Hilton Grand Vacations Club (HGVC), Hilton Honors, HGVC Affiliated Resorts, RCI Exchange and Grand Pacific Vacation Services were explained as well as the Grand Opportunity program available to Owners year round.
• Nigel Lobo and Robert Shipley were elected to the Board of Directors for a two-year term.
• The following was discussed during Owner Forum: Extending hours at the Cove Pool, the effects of Hilton Grand Vacations Club (HGVC) going public, installation of gas turbines and solar panels, installation of a water slide at one of the pools, additional accessible parking, creating an adult pool or swim hours, and maintaining value for unit resales.
• The winner of the proxy email contest was Robert Harper.

July 7, 2016 Board of Directors’ Meeting
President David Brown called the meeting to order at 10:38am PDT. Board members in attendance were David Brown, Robert Shipley, Nigel Lobo and Tim Stripe. Management and Owners were also present.

• The Board approved the minutes of the April 24, 2016 Board of Directors’ Meeting.
• The Board received updates relating to resort operations including Front Desk, Housekeeping, Maintenance, Activities, Landscaping, Safety, Guest Satisfaction Scores, Inventory and Default Analysis, Reserves, Fiscal performance and Delinquency.
• Marsi Gigler, Manager of Insurance and Risk Management, reviewed the insurance policies currently in place at MarBrisa.
• The Board reviewed the follow up on the Owner requests made during the Owner Forum at the Annual Meeting as follows:
  – The pool is now open until 11pm.
  – No new information has been received regarding Hilton going public.
  – Management is researching the cost and feasibility of solar panels.
  – A pool slide is not currently in the budget and will be addressed at a later time.
  – Management recommended an hour of adult swim each day at the pool and designating a spa as an Adult only area.
  – Bids to install a ramp from the parking lot to Villa 70 have been requested.
  – Management is researching a barrier or faux rock wall by the spa to muffle noise.
  – Follow-up to the Annual Meeting Open Forum will be distributed via Newsletter.
• The Board approved reserve expenditures for Computer Upgrades, Deadbolts for Lock-off Units and Storm Drain Filters not to exceed $32,596, and the addition of funds to Replace Carpet/Paint in Villas 51, 52, 53, not to exceed $53,314.
• The following was discussed during the Owner Forum: the ability to request minutes via email and the separation of Hilton Hotels and Hilton Grand Vacations Club (HGVC).

Meeting Dates

• Tuesday, October 11, 2016 at 9am PDT, HGVC at MarBrisa
• Thursday, January 12, 2017 at 10:30am PST, HGVC at MarBrisa
• Saturday, May 6, 2017 at 9:30am PST, Sheraton Board Room
• Saturday, May 6, 2017 at 11am PST, Annual Owners’ Meeting, Sheraton Ballroom

Note: If you wish to have a copy of the Minutes for your records, you may request a copy via email to gpvspecialist@gpresorts.com or send your request along with a ($.63) stamped self-addressed envelope to Grand Pacific Resort Services, L.P., 5900 Pasteur Court, Suite 200, Carlsbad, CA 92008, Attn: Rosalie McDonnough. Owners are welcome to attend any regular Board meeting. Board meeting agendas are posted at the resort four days prior to the meeting. If you would like a copy of the final agenda for any Board meeting mailed to you, please contact your Resort Manager prior to the meeting. Since meeting times and location are subject to change, please contact your Resort Manager in advance to reconfirm the exact time and location.