The following graph compares the performance of our Class A Common Stock from January 1, 2010 to the end of fiscal
year 2014 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 January 1, 2010, and reinvestment of
dividends. 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 then 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. We reflect the effect of the spin-off
in the cumulative total return of our common stock as a reinvested dividend. See Footnote No. 15, “SPIN-OFF” of the Notes to
our Financial Statements in our 2011 Form 10-K for more information on the spin-off.
Fiscal