Exclusive Rental Pool Benefits

GUESTS WILL SEE A VACATION PARADISE. YOU’LL SEE GREATER POTENTIAL FOR YOUR CONDO.We are the only rental program that can grant your guests full access to Innisbrook Resort’s most popular amenities through your Golf Membership. Your guests do not get these privileges with Airbnb BNB, VRBO, HomeAway or any other third party rental management company.

OFFICIAL INNISBROOK RESORT RENTAL PROGRAM

ALL OTHER RENTAL COMPANIES

UNLIMITED ACCESS TO FOUR GOLF COURSESThe only way to book golf packages at the very best rates and reserve preferred tee times No Access to Non-Rental Pool Guests

COMPLIMENTARY ACCESS TO ALL SIX RESORT POOLS INCLUDING LOCH NESS MONSTER POOLNo Access to Non-Rental Pool Guests

COMPLIMENTARY FITNESS CENTER ACCESSNo Access to Non-Rental Pool Guests

COMPLIMENTARY TENNIS CENTER ACCESSNo Access to Non-Rental Pool Guests

24-HOUR ON-SITE CHECK-INIn the Osprey Clubhouse with bell serviceNot Available to Non-Rental Pool Guests

ONE-TOUCH GUEST SERVICES 24/7Just dial 0 for whatever you may needNot Available to Non-Rental Pool Guests

ACCESS TO IN-ROOM DININGDon’t feel like cooking—let us deliver!Not Available to Non-Rental Pool Guests

COMPLIMENTARY ON-RESORT SHUTTLE SERVICEAvailable 24/7 at no charge, just dial 0Not Available to Non-Rental Pool Guests

COMPLIMENTARY WI-FINot Available to Non-Rental Pool Guests

COMPLIMENTARY BUSINESS CENTERWith computers, fax, scan and ATM facilitiesNot Available to Non-Rental Pool Guests

ON-SITE PROPERTY CAREProfessional on-site Innisbrook Housekeeping and Property Maintenance Departments to ensure care of your home and consistent service for guestsNot Available to Non-Rental Pool Guests

Capital Improvements

RESORT RENOVATIONS AT A GLANCESalamander Hotels & Resorts’ 10-year historical spend on Innisbrook Resort renovations listed in the graph below for the 2007 - 2017 spend period.

Coming 2018: South Course Renovations

Island Golf Course Renovations

New Vehicle Fleet Purchases

Extensive Conference Center

Renovations

New Fitness Center Addition

Salamander Spa Addition

Osprey Clubhouse Complete

Renovation

New Market Salamander Grille & Bar

All New Resort Signage

Loch Ness Pool Renovation

Copperhead Course Complete

Restoration

New Greens North Course

TOTAL SPENT:

$33 MILLION

Incentive Program

SUMMARY OF 2018 RENOVATION INCENTIVES

As an additional inducement for Innisbrook condominium unit owners to fully renovate their units and continue to participate, or to join, the rental pool, Salamander Innisbrook, LLC is pleased to offer this significant incentive program. Beginning with the calendar year starting January 1, 2019 and continuing through December 31, 2023, Salamander will provide a credit to each rental pool participant’s quarterly statements totaling the following amounts for each unit type:

The annual amounts, credited quarterly, are as follows:

UNIT A1 ....................... $4,950.00

UNIT A2 ....................... $5,400.00

UNIT B ......................... $6,225.00

UNIT C ......................... $8,400.00

UNIT D ....................... $10,350.00

YEAR UNIT A1 UNIT A2 UNIT B UNIT C UNIT D

2019 $495 $540 $623 $840 $1,035

2020 $743 $810 $934 $1,260 $1,553

2021 $990 $1,080 $1,245 $1,680 $2,070

2022 $1,238 $1,350 $1,556 $2,100 $2,588

2023 $1,485 $1,620 $1,868 $2,520 $3,105

5 YEAR TOTALS $4,950 $5,400 $6,225 $8,400 $10,350

The following conditions are applicable to Salamander’s ability to provide these incentives:1. In consideration of this incentive, participants agree to dedicate their units to the rental pool for the calendar years 2019 through

2023. Participants must leave their units in the rental pool for the entire five year period to receive the full credits shown above. All future incentive credits will be forfeited if the unit is withdrawn from the rental pool at any time prior to December 31, 2023.

2. This incentive program is contingent on there being a minimum of 375 unit doors committed to the renovation and rental pool. Should less than 375 total doors commit to the renovation program, this incentive program offer will be null and void. Thereafter and through 2023, the minimum number of doors in the rental pool must be maintained at a minimum of 350 for the incentive credits to continue.

3. The funding of refurbishment escrow accounts must be reinstated and stay in place for the balance of the term of the MLA at amounts and levels mutually acceptable to Salamander and the LAC, but in no event less than the amounts and levels in the most recent year such escrow accounts were maintained.

4. The MLA will be amended to include the provisions, terms and conditions of the incentive program.

Renovation FAQs

WHY SHOULD I RENOVATE MY UNIT?Innisbrook competes with many other resorts for group and leisure business, including Saddlebrook, Trump Doral, PGA National, Sawgrass, etc. All of our competitors have renovated and/or upgraded their rooms products in the last few years. We must be able to compete with these other resorts to maintain market share and remain viable.

Innisbrook is losing vital group business specifically because group meeting planners and decision makers see our rooms product as old, tired, inconsistent and inferior to our competitors. In 2017 alone, we lost over $3.1 million in group business due to condition of accommodations. Although it is impossible to quantify, we believe we have also lost significant leisure business as well.

With the exception of a few custom units, most of the condominium units at Innisbrook have not had a significant renovation in 15 or 16 years. A larger percentage of the kitchens and bathrooms throughout the resort have not been renovated.

This renovation includes the soft goods, which are normally replaced every 5 to 7 years, ensuring the units are staying fresh and competitive. Again, the majority of units have not had a soft goods renovation since 2004/2005, which is more than twice the expected life span. The last soft goods renovation, in 2012, included only 148 units, and that renovation is at the end of its life cycle.

WHAT IS MY COST TO MEET THE REQUIREMENTS AND DO THE RENOVATION?Because we are able to obtain significant volume discounts on the furniture, fixtures, equipment and building materials, we are able to fully renovate each unit at an average cost of $33,000, $36,000, $41,500, $56,000 and $69,000 for A1, A2, B, C and D units, respectively. These amounts are before applying any incentives offered by Salamander, further reducing the total costs for each unit.

ARE THE QUOTES THAT WE ARE BEING GIVEN A GOOD VALUE?Costs include significant volume and other trade discounts negotiated by Salamander and represent a great value for the owners. Detailed scope, plans and specifications have been developed in partnership with the LAC over the past 3 years and were competitively bid. Salamander has also leveraged its relationships with suppliers and contractors to further drive the costs down and add value for the owner.

WHY ARE SOME OF THE UNIT COSTS PER SQUARE FOOT MUCH HIGHER THAN OTHERS?The costs are based on the amount of work to be done and the amount of materials (hard and soft goods) to be supplied. The smaller units need additional work to allow for wall removals and kitchen improvements, while the larger units have more items to add.

IS SALAMANDER PROVIDING ASSISTANCE?Salamander is offering a significant and attractive incentive to all owners as an additional inducement to renovate and participate in the rental pool. Details of the incentive are available in your brochure. Salamander has also arranged for the financing of a portion of the costs through their contacts at Regions Bank at very reasonable rates. Details of the offerings are available in your brochure. Salamander is providing all sourcing, purchasing services and managing the project including warehousing and construction supervision at no cost to the owners.

WHEN WILL THE RENOVATION OCCUR AND HOW LONG WILL MY UNIT BE UNAVAILABLE? The renovation is expected to begin on or around mid July and be completed by December 31, 2018. It is expected to take approx. 30-45 days to renovate and equip each unit. While the units are being renovated and out of order, every effort will be made to find reciprocal units for the owners who wish to visit Innisbrook during the renovation.

HOW WILL THE SELECTION FOR THE UNIT CONSTRUCTION TIMING BE ESTABLISHED?Units will be selected by the Resort and the contractor on a building-by-building basis and will start with 15 in the first group and adding 15 at a time. Approx. 45 units may be out of service at a period of time.

HOW WILL MY UNIT BEING OUT OF SERVICE AFFECT MY DISTRIBUTION?Since all units are being renovated, the distribution percentages will not be affected. Your unit will continue to participate in revenue distributions along with all the units.

WHEN WILL I HAVE TO COMMIT TO DOING THIS AND WHAT WILL BE REQUIRED OF ME?Commitment letters will be going out and those wishing to commit must reply and fund by March 31, 2018.

IS THERE A MODEL ROOM AVAILABLE TO SEE THE ACTUAL RENOVATIONS?Yes, we have renovated two different unit types and both models are now completed and available for tours. In addition to several scheduled owner education events and tours, the model rooms can be viewed anytime by calling Jim Busch at 727.939.3873 or Barbara Loubier at 727.942.5526 to arrange an appointment. Additionally, we are preparing an online presentation for those owners who are unable to travel to Innisbrook in person. Details and a link will be emailed as soon as the site is complete.

IF I’M NOT IN THE RENTAL POOL CAN I GET BACK IN THE RENTAL POOL AND GET THE WORK DONE?We welcome any unit owner to join or rejoin the rental pool as long as they agree to renovate their unit as proscribed in the renovation plan.

WHAT WILL HAPPEN IF I DECIDE NOT TO PROCEED WITH THE RENOVATION? Your unit will remain in the Pool through December 31, 2018. Effective January 1, 2019, your unit will no longer be eligible for participation in the rental pool until such time as you complete the proscribed renovation plan.

WHAT CAN WE DO ABOUT ALL THESE NEW LONG TERM RENTERS?Innisbrook has experienced an influx of long term renters on property. Most of these renters have not purchased memberships and do not contribute to the Innisbrook resort lifestyle. Many of them have been trying to utilize the resort amenities that are reserved exclusively for member and rental pool guest use. Putting your unit in the Rental Pool prevents the spread of long term rentals and protects everyone’s long term property values.

WHAT IS THE RESORT DOING TO PROTECT OUR MEMBER EXPERIENCE?The Innisbrook/Salamander management team and staff values the membership in which you have invested and participate in. As such, we are aggressively enforcing the club rules, policies and practices of checking for membership cards and valid guest passes prior to dispatching or boarding trams, granting access to the fitness center, allowing tee times or tennis courts to be reserved or having access to the pools and other amenities. We apologize if these enforcement practices inconvenience you in any way and appreciate your understanding, patience and cooperation as we strive to maintain the high quality of service and amenities we have always delivered.

WILL THE ESCROW ACCOUNT FUNDING BE RE -ESTABLISHED?History has shown us that the lack of escrow funding for rental pool participation has not made good fiscal sense. Innisbrook/Salamander believes we need to re-institute the funding of this account effective January 1, 2019. Doing so will appropriately secure partial funding for future rental pool enhancements or renovations. Escrow percentages and funding mechanisms will mirror previous practices.

WILL I RECEIVE CREDIT FOR UPGRADES ALREADY DONE TO MY UNIT?We appreciate and respect the investments you have made to your unit and want to incorporate your upgrades. Each unit will be walked and inspected to determine if the upgrades are consistent with the current renovation requirements. Credit will be issued on a case by case basis based on the results of the inspection. Each unit owner will receive a written report detailing any credits granted.

WILL THE RENTAL POOL ACCEPT CUSTOM UNITS IN THE FUTURE?As with the current program, custom units will be accepted as long as they are consistent with the new renovation standards.

MY PHASE 1 UNIT WAS RENOVATED IN 2012. WHAT AM I BEING ASKED TO DO AT THIS TIME?The soft good refresh done in 2012 consisted of window treatments, carpet, soft upholstered seating, table lamps, shower curtains and crown molding. You will receive a credit for the crown molding however the other refresh components will need to be replaced to be consistent with current renovation requirements.

Unit Costs

BUDGET PRICING BY UNIT

SALAMANDER CONTRIBUTIONS

NET PRICING

UNIT A1 $33,000* $4,950 $28,050

UNIT A2 $36,000* $5,400 $30,600

UNIT B $41,500* $6,225 $35,275

UNIT C $56,000* $8,400 $47,600

UNIT D $69,000* $10,350 $58,650

*Budgets are estimates only and subject to change. Pricing per unit determined subsequent to individual unit inspections. Acceptance of existing owner upgrades will be determined by hotel management and LAC. Final pricing will be directly affected by the number of rental pool participants due to volume purchasing.

Regions BankLENDING INFORMATION

• Maximum 15 Year Terms

• Rates are Based on Credit Score and Debt Ratio

• Fill out an Application and Email to Bank Representative, Call or Fax

• Mail Away Closings with Regions Loan Closer

• Rental Pool or Investment Condo’s are Ok

REGIONS BANK HOME EQUITY LOAN CONTACT

Location: 4535 South Florida Avenue, Lakeland, FL 33813

Phone: 863-688-6085 or 863-286-3700 (as of March 1, 2018) | Fax: 863-607-9355 (as of March 1, 2018)

Email: alexandra.lee@regions.com | leslie.gough@regions.com | nancy.boatright@regions.com

Bank of the OzarksLENDING INFORMATION

• Over 245 Offices Across Nine States

• Chartered in 1903 (113-Year Heritage)

• #1 Rated Bank in the US 6 Years in a Row*

*#1 Bank in the U.S. as named by SNL Financial, 2012, 2015, 2016; Bank Director, 2013, 2014, 2015, 2016;

ABA Banking Journal, 2011, 2012

• $18.89 Billion in Assets with more than $27.6 Billion Lent Since 2014

• Loans as Small as $3,500 and as Large as $15,000,000 (Per Loan)

• Preferred SBA Lender

BANK OF THE OZARKS HOME EQUITY LOAN CONTACT

Adam Ellis: Retail Lending Executive, VP (NMLS ID #1020970)

Location: 6100 4th Street North, Saint Petersburg, FL 33703

Phone: 727-865-4048 | Fax: 727-522-7727 | Email: aellis@bankozarks.com