SHAREHOLDER RETURN PERFORMANCE GRAPH – UNAUDITED

The following graph compares the performance of the Company’s Class A Common Stock from December 29, 2006 to the end of fiscal year 2011 with the performance of the Standard & Poor’s Corporation Composite 500 Index and the Standard & Poor’s Hotels, Resorts & Cruise Lines Index. The graph assumes an initial investment of $100 on December 29, 2006, and reinvestment of dividends. As discussed in more detail in Footnote No. 17, “Spin-off” of the Notes to our Financial Statements in this report, on November 21, 2011 we completed a spin-off of our timeshare operations and timeshare development business through a special tax-free dividend to our shareholders of all of the issued and outstanding common stock of our wholly owned subsidiary Marriott Vacations Worldwide Corporation (“MVW”). As of the spin-off date, Marriott no longer beneficially owns any shares of MVW common stock. In conjunction with the spin-off, our shareholders received one share of MVW common stock for every ten shares of our common stock that were held on the record date. The effect of the spin-off is reflected in the cumulative total return of our common stock as a reinvested dividend.

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