CLUB VELAS PREMIER LOYALTY PROGRAM

Vacation Ownership programs are purchased to vacation. They are designed to enjoy special moments with your family and friends. Your first option should always be to use or exchange your week(s) each year. And of course you will always have the option to allow your family members or friends to use your vacation week if you cant. Since we know that vacations are not always possible, the last option would be to lease your week(s) for this year. GRUPO VELAS may help you with the new Premier Loyalty Program for CLUB VELAS Members. The Premier Loyalty Program for CLUB VELAS Members has been designed to help you offset the maintenance fee expense. Different circumstances such as changes in travelling arrangements, world economy, Referral Program needs, etc., may influence the modification of this program, thus it will be redesigned each year, defining the amount of weeks to be included in the program, the assignment priorities and the benefits to be obtained. GRUPO VELAS will be entitled at its discretion to modify the Premier Loyalty Program every year. Read this Agreement carefully, which specifies the Terms and Conditions to request your week(s) to be deposited into the Club Velas Premier Loyalty Program for the year of 2013. Please fill in this Agreement if you would like to deposit your 2013 week into the Club Velas Premier Loyalty Program. Please keep a copy of this agreement on file. ITS VERY SIMPLE! HERE ITS HOW IT WORKS: Fill in the blanks of this document, sign it and send a scanned copy via e-mail to: loyaltyprogram@velasresorts.com CLUB VELAS PREMIER LOYALTY PROGRAM MEMBER NAME:____________________________________________________________________ MEMBERSHIP NUMBER:_____________________________________________________________ UNIT TYPE:____________________________SEASON:____________________________________ MEMBERS EMAIL ADDRESS:_________________________________________________________ MEMBERS TELEPHONE NUMBER:____________________________________________________

1.LENGTH OF TERM: This herein Agreement solely and exclusively applies for one Regular Week during the year of 2013. For any subsequent years in which you may want to deposit your week into the Premier Loyalty Program you must sign a new Agreement and a copy of the new agreement with the corresponding terms and conditions will be available at www.velasresorts.com/loyaltyprogram on September 15, of every year. 2.AUTHORIZATION: THE member authorizes GRUPO VELAS the use of the Regular Week for the year of 2013, and GRUPO VELAS has the exclusive right to use said week to its entire discretion upon members having been confirmed the acceptance of the deposited week of 2013. This Agreement regulates the rights and commitments of both parties involved. Members with multiple week memberships must fill in one of these formats for each week they wish to deposit into the Program. 3.ACCEPTANCE: This document is acknowledged as a request to participate in the Club Velas Premier Loyalty Program and must not bind any responsibility for GRUPO VELAS until the member has been confirmed of said acceptance. Within the year of 2013 Club Velas Premier Loyalty Program warranties that 300 weeks will be accepted. The acceptance of a week to participate into the Club Velas Premier Loyalty Program will be based on the priorities set forth in point No. 4 of this document. In order for a week to be accepted into the Club Velas Premier Loyalty Program the member must be up to date with all maintenance fees, including the year of 2013, and in the event of a financed membership should be current on all monthly payments. 4.ACCEPTANCE PRIORITIES: The first 300 applications received by November 15 2012 from Members who have been always current in all his/her payments, such as the Maintenance fees and/or the monthly payments of their Membership if this is financed, will be accepted into de Club Velas Premier Loyalty Program. If more than 300 members apply, first time users of the Program will have priority, then second time users and so on. If after this first assignment there are less than 300 applicants, then the residual weeks will be assigned to the first members that apply and are current with all their above payments even if they were not current in the past. If there are more applications than weeks available, first time users will have priority, then second time users and so on. 5.DUE DATE: GRUPO VELAS will receive the members weeks requests into the Club Velas Premier Loyalty Program for the year 2013 starting on October 1st of 2012 and no later than November 15th of 2012. In case that GRUPO VELAS does not accept any given week(s) application(s) for any of the reasons mentioned in point No. 4 of this document or if the requested weeks are more than the 300 weeks to be accepted for the year of 2013, or because the request was received past the due date November 15th of 2012, the Member will be notified before November 30th of 2012 via e-mail to the address submitted within said request. If the member does NOT receive the acceptance notification of his/her week into the Premier Loyalty Program before November 30th of 2012, it will be understood that said request has not been accepted for the year of 2013, thus the Member may use his/her week according to the Reservation Policies. 6.RESERVATION PROCEDURES: Once the Member has conformed with Point No. 4, Member may fill in the request to deposit his/her week which will be available on line at the website designed for this purpose www.velasresorts.com/loyaltyprogram by September 15th of each year and send the scanned signed copy to the specified e-mail address. The Member will then receive notice that said request has been received and the date of its reception within all of the terms described hereto in point No. 5 of this document.

7.EXCLUSIVE RIGHTS: For the fulfillment of this herein Agreement, the Member accepts that it is strictly forbidden to use a leasing agent, to commit the use of his/her week into any exchange company, or the use of the week, unless previous written cancelation or removal authorization of the week from the Club Velas Premier Loyalty Program for the year of 2013 has been made. 8.REPRESENTATION: The Member accepts that GRUPO VELAS WILL NOT BE LIABLE for those weeks which may not be accepted into the Club Velas Premier Loyalty Program. 9.CLUB VELAS PREMIER LOYALTY PROGRAM BENEFITS: Within the 2013 Club Velas Premier Loyalty Program GRUPO VELAS warranties that the Members week will be leased for the equivalent of the Maintenance Fee (not including the Added Value Tax and the Lodging Tax) plus a percentage according to the following: a.For Studio units during Super Prime and Holiday Season: .35% b.For Villa and Villa Plus units during Prime Season: ...50%. c.For Villa and Villa Plus units during Super Prime and Holiday Season: 60%. d.For Villa Plus Deluxe, Studio+Villa Plus and Studio+Villa Plus Deluxe during Prime Season:70%. e.For Villa Plus Deluxe, Studio+Villa Plus and Studio+Villa Plus Deluxe during Super Prime and Holiday Season: ...80%. GRUPO VELAS may in the future change these percentages. GRUPO VELAS will subtract a fee of $80.00 usd, per leased week deposited and accepted into the Club Velas Premier Loyalty Program in order to compensate the management and administrative expenses. 10.CLUB VELAS PREMIER LOYALTY PROGRAM BENEFIT PAYMENTS: The payment for the lease of the Member week will be made on November 1st of 2013. The Member may apply part or the entire leasing amount into any current or future expenses with GRUPO VELAS such as: Maintenance Fees, food and beverages, spa or merchandise purchases at the Hotel Velas Vallarta. The Member will be responsible for any TAX liabilities that may incur on their leased profits. The Member may consult a Tax expert to ensure the fulfillment of his/her county s Tax Laws. For American Citizens, GRUPO VELAS will provide the format 1099 if applicable. 11.LOSS OF LEASING RIGHTS: The Member accepts that he/she may lose the Club Velas Premier Loyalty Program rights in case of late payment to Grupo Velas of any kind, and all the weeks submitted into the Program will be withdrawn from eligibility to this program. 12. COMPENSATION: The Member commits to keep GRUPO VELAS good name and reputation by abstaining from any defamation or slander by any means of advertising or legal media, as well as paying compensation, defend and refrain from damaging GRUPO VELAS, its representatives, employees and agents, and against of any loss or damage, claim, demand or any other type of damage (including legal expenses and fees) which may arise or incur as a result of this Agreement or any fault by the Member of the clauses herein stated. 13.NOTICES: The filling in and signing of this herein Agreement must be scanned and sent via e-mail to: loyaltyprogram@velasresorts.com. For any questions the Member may call: 1 888-2307502 or via e-mail at the above mentioned address.

14.PROOF OF MEMBERSHIP: The Member warranties that he/she holds the right to use the vacation week stated below. That he /she is dully authorized to request the deposited week into the Club Velas Premier Loyalty Program and to execute the right and commitment pursuant to this herein Agreement. I here within request that the week described in this herein AGREEMENT be in effect into the Club Velas Premier Loyalty Program, with the understanding that the filling of this request in itself is not considered as an acceptance by GRUPO VELAS to be included into the Club Velas Premier Loyalty Program. I acknowledge that I will be notified to the e-mail address I provided here within of the acceptance of my week to be deposited into the Club Velas Premier Loyalty Program no later than the 30th of November of the year 2012, and that the lack of said notice will be understood as NOT accepted into the Club Velas Premier Loyalty Program. I acknowledge that only and exclusively the regular week corresponding to the use term for the year 2013 described within this AGREEMENT may be accepted into the Club Velas Premier Loyalty Program. I as well state that this week is not part of my Platinum Weeks and I have not whatsoever deposited this week into any exchange company.

Members Name: _______________________________________________________

Members Signature: ____________________________________________________