CARVED IN STONEWOODSTONE TIME-SHARE OWNERS ASSOCIATIONP.O. Box 1227 | Harrisonburg, VA 22803 | MassResort.comAs a valued timeshare owner, enjoy remarkable vacation experiences at Woodstone Meadows® or Woodstone Casa de Campo®.

PHONE NUMBERS | Reservations 540 .289.4904 option 2 | Maintenance Fee Payments 540 .289.4904 option 1Mortgage Payments 434 .973.1250 | Public Relations /Sales 540 .289.4907 | WaterPark 540 .437.3340 Golf 540 .289.4941 | Concierge Desk 540 .289.4978 | Spa 540 .289.4040 | Snow Sports 540.289.4954For the latest news, trading power, exchange tips, and more visit www.rci.com/insiderci and log in to your account.

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Resort AppOur new Resort App is here & just for you! Now, you are able to learn about every experience at Massanutten Resort by using our new app.

Enjoy having the quick and easy ability to:• Navigate from check-in to your room/condo• Manage your rewards• Book activities• Receive app only discounts• Personalized vacation itineraries• Navigate the Resort using our interactive map• Stay up to date with Resort news & alerts• Check the weather & ski conditions

WWW.MASSRESORT.COM/APP

from the Google Play Store or the App Store

DOWNLOAD

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There have been a number of companies advertising and contacting owners with false promises that they are able to eliminate you of all financial responsibility by getting you out of your contract or even by transferring the title of your timeshare week to another party. These groups often charge up-front fees ranging from $3,000-$5,000 and will not absolve you of your ownership responsibilities. Falling for these false claims leaves owners at a significant monetary loss and still responsible for the

mortgage payments and maintenance fees.Protect yourself and your timeshare

ownership! Stay up-to-date on the latest scam offers in the resale market at owners.massresort.com/billboard and www.arda.org/advisories and be on the lookout for suspicious behavior. If you have questions about an offer or to find out if a caller is truly from Massanutten, please contact us at ownersassoc@massresort.com.

If you are looking to transfer your ownership to a new owner, a good place

to start is to contact family or friends to see if they are interested. Gold Card membership is transferrable to family members, so they can enjoy the benefits you have enjoyed over the years, too. You can also use a reputable resale company to assist in the process of selling your timeshare. Check out the links on the ARDA-ROC Resource Center website, www.arda-roc.org/resales, for resale company information and tips and tricks to get you started.

BEWARE OF SCAMS

WEEKS 1 – 26

Mid-November | Annual maintenance fee invoice is mailed.

January 1 | Annual maintenance fee is due each year. Please note if you have any type of reservation during January, your fees must be paid in full prior to arrival. Fees can easily be paid online at owners.massresort.com.

Last Business Day of January Full payment of maintenance fee must be received in our office. If not, a $25 late fee is incurred and finance charges begin to accrue each month at a rate of 1.5% per month.

March 15 | Collection Deadline! You must make a payment arrangement with your Owners Association prior to this date to avoid being turned over to an outside agency, where you will incur additional charges of approximately 33%. If you call the Association, you can set up a payment plan to avoid collection charges. Please call 540.289.4904 option 1. We cannot set up a payment plan unless you call.

WEEKS 27 – 52

Mid-May | Annual maintenance fee invoice is mailed.

July 1 | Annual maintenance fee is due each year. Please note if you have any type of reservation during July, your fees must be paid in full prior to arrival. Fees can easily be paid online at owners.massresort.com.

Last Business Day of July Full payment of maintenance fee must be received in our office. If not, a $25 late fee is incurred and finance charges begin to accrue each month at a rate of 1.5% per month.

September 15 | Collection Deadline! You must make a payment arrangement with your Owners Association prior to this date to avoid being turned over to an outside agency, where you will incur additional charges of approximately 33%. If you call the Association, you can set up a payment plan to avoid collection charges. Please call 540.289.4904 option 1. We cannot set up a payment plan unless you call.

URGENT INFO FOR WOODSTONE POINTS OWNERS!

1. Before you contact RCI to make your reservations, you must contact Massanutten to pay your maintenance fee up to and including the year of travel. 2. Contact RCI 13 months in advance to book your timeshare, even if you are reserving your Massanutten Home Week. If you call RCI with less notice, your Home Week booking may not be available. 3. All reservations, including your Home Week, will be confirmed by RCI. Watch for your confirmation. 4. If you requested to have your Home Week reserved for the first year and you have not received your confirmation, please contact RCI. 5. Please find additional information regarding reservation windows & fees online or in your RCI Points directory.

RCI CONTACT INFORMATION 844.968.7476

www.rci.com/pointstoremember

RCI Points offer flexibility & exciting new travel opportunities.

ANNUAL MAINTENANCE FEE SCHEDULE

Carved In Stone 3

GET THE MOST OUT OF YOUR OWNERSHIPRCI Weeks Ownerships Only

1. Pay your Massanutten Resort® maintenance fee up to and including the year in question.

2. Woodstone Meadows® is fixed week ownership. Your first and most important responsibility is to know which week you own and the start date of your week.

3. Book your reservation online at owners.massresort.com no less than 30 days in advance of your week if you wish to occupy your unit or to direct us to spacebank (deposit) your week with RCI.

4. Spacebanking means you have a “bank account” with RCI into which you can bank your week and exchange it for a different time or place that someone else

has banked in their account.5. Watch for written confirmation.

We will send you confirmation of your unit number if you are occupying your week. RCI will send you a Spacebank Deposit Acknowledgement if we have spacebanked your week for you.

You may also contact us by phone, fax, or email. Please see contact info below. (Please note: Our telephone volume is very high during the months of December through March. Email is preferable.)Web: owners.massresort.comEmail: reservations@massresort.comFax: 540.289.9599 Ph: 540.289.4904 option 2 RCI Ph: 844.874.5792

THINGS YOU NEED TO KNOW!• You must pay your

maintenance fee before you do anything.

• You must arrange for the usage of your week 30 days or more in advance.

• Although banking can be requested over the phone, online banking provides you with better documentation that you completed your obligation.

• Read the entire article for more details.

Vacation Guard®

Vacation Peace of Mind.Vacation Peace of Mind.

Built specifically for owners, you can protect your use-year timeshare trips

with our annual protection plan.

ONLY $89 per use-year!

View the FAQ’s & Overview: owners.massresort.com/

travelprotection

This is sponsored content from the licensed producers. Rates, product descriptions, and

benefits may be changed without notice. Refer to the applicable Certificate of Insurance (the

“Policy”) for full policy details. Certain conditions, exclusions, and limitations apply as set out in the Policy. Products or Benefits may not be available to residents of all states. VacationGuard® Travel

Insurance is provided by VacationGuard Insurance Services, CA Agency License # 0H18225.

It's your vacation - protect it!

As an RCI subscribing member, take advantage of opportunities

like your Extra Vacations Certificate! This certificate allows Gold Card Owners to use a week at the rate of the

standard exchange fee.

Based on availability. Must remain current on RCI membership and

resort’s maintenance fees, as well as be a Resort Gold Card Owner to redeem

the Extra Vacations Certificate. Holiday weeks may have

limited availability.

Enroll at DiscoverRCI.com

Learn how Affinity Rewards can help pay your maintenance fees! Visit www.affinityrewards.com or call 1.866.831.4437.

Have you redeemed your owner's COMPLIMENTARY GETAWAY?

For more info, please visit owners.massresort.com/getaway

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UPCOMING FE STIVAL SFE STIVAL S

Summer Jam | Friday, July 3Fall Festival | Saturday, Oct. 10ValleyFest | Saturday, Sep. 19 - NEW DATE!

Dates are subject to change. For more info & to buy tickets, visit MassResort.com/Festivals.

HOW IT WORKS

NEWS & EVENTSON THE MOUNTAIN

SIGN UP IN SECONDS Our online sign-up form is fast and easy!

EASY TO EARNCollect 1 point for every $1 spent *exclusions may apply.

REWARDS YOU WANT Earn your way to free Mega Zips, WaterPark passes, golf rounds, and lift tickets.

NO CARD? NO PROBLEM No card, no punchcard.. just your phone number!

REWARDS Massanutten

NIGHT DRIVELooking for something to do once the

sun goes down at Massanutten Resort? Stop by the Woodstone Meadows Golf Course for the Night Drive! Every evening this summer from dusk to 10:30 PM, come out to drive golf balls under the stars. Check your bucket of range balls to see if you were lucky enough to find a glow-in-the-dark golf ball and grab a cone of your favorite flavor of hand-dipped ice cream from Bogeys Snack Bar. Join the party on the green this summer!

DIRECTV’S AEP

Get ready for an upgrade to your vacation’s living room entertainment!  DirecTV’s Advanced Entertainment Platform (AEP) systems are being installed at the Resort to provide you with more ways to watch the entertainment you love. With streaming capabilities and on-demand programming through app-based content, you have access to entire libraries of movies, original series, live sports, and more from popular networks like Showtime and the Hallmark Channel. As this new technology evolves, so does your service, with new Apps available regularly. This service will be available by June 2020!

WATERPARK EXPANSIONBe on the lookout for a BIG SPLASH

at the WaterPark in summer 2020! More fun for the whole family with new attractions, updates to the kiddie and observation areas, a bathhouse, and an outdoor bar.

For your adventurer, check out the “Classic Twists and Turns: Green, Blue & White Inner Tube Slide” - Sensational twists, turns, and drops make for an exciting ride for everyone!

For your thrill-seeker, try the “Tightly-Coiled Yellow & Orange Inner Tube Slide” - Zoom around tight corners and high-banking turns, follow the tight coil, and experience some serious G’s! Keep your eyes open to catch the delightful sections of colorful lights!

Finally, your daredevil will love the “Reverse Freefall Rainbow Slide” - Experience the zero-gravity sensation as you plummet over 47’ down the half pipe and get vertical! This ride will leave you breathless!

Follow the adventure at www.massresort.com/summer2020

STAY HEALTHY DURING COVID-19

• Get outside and go for a walk - get your vitamin D!

• Drink 0.5 - 1oz of water per pound you weigh, every day.

• It’s normal to snack – just make sure to choose healthy options.

• Continue to socialize through technology during this time.

• Don’t overstimulate yourself with the news & media - see the first bullet point!

Carved In Stone 5

176 Woodstone units are completed and ready for use! We are still on schedule for the project’s completion by the end of 2022.

Haven’t seen the renovated units? Have you seen them and want to let us know what you think? Check out the owners website, owners.massresort.com/WoodstoneReno, for a virtual tour, to fill out the survey, or for more info!

RENOVATION UPDATE

Our Mission Statement To provide remarkable experiences in a safe and enjoyable environment.

Our Core Values• Take care of our guests• Take care of our property• Take care of our team• Take care of ourselves

Enroll Now!To register your account, you will need your Owner ID, which is located on your invoice.

owners.massresort.comOver 40% of owners are paying their annual fee online!

ENROLL NOW TO: • View exclusive owner’s content• View your account info• Pay your annual fees• Pay your mortgage• Book reservations

With New How To Videos!

Together we can work to preserve, protect, and enhance vacation ownership! Become a powerful voice for your timeshare ownership with a voluntary contribution to ARDA-ROC. Your contribution enables engagement with attorneys, government affairs professionals, and coalition partners to represent timeshare owners in city halls, state legislatures, Congress, and across the country. There is strength in numbers! For more information, visit www.arda-roc.org.

MAKE YOUR VOICE HEARD!

Exciting changes are coming to your owners portal! This fall, your Massanutten Newsletter will be completely online. Get ready for more articles, more dynamic and interactive content, more images, direct links, and more. Everything you need to stay up to date on what’s new on the Mountain in one convenient location!

WE ARE GOING DIGITAL!

@

Signage for the Gap Walking Trail

This fee also goes towards Ridge Trail maintenance and offering free Western Slope trail maps. At the Massanutten Fitness & Rec Club, the gym floor is being repaired, the fitness studio floor is being replaced, and the lower level locker rooms are being renovated. At the Woodstone Recreation Center, the lobby is being renovated. Be sure to keep up to date on the offerings and updates made possible with the Resort Fee on our website at massresort.com/resortfee.

Brought to you by:An Information Kiosk was constructed at the overlook

and updates were made to the Western Slope Sign to provide

guests with info, maps, and distances for hiking the Ridge Trail.

The Resort Fee

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We are happy to announce that we have plenty of inventory in our RCI spacebank account to offer the Trading Power Boost program this year!

We want to make sure that you’re not only informed of the program but that you know how to quickly and easily sign up for it. This includes payment of your 2021 maintenance fee and a note to request the boost before the 1st of November, 2020. This request can be sent as an email, but fax and snail mail requests are also acceptable for your convenience.

In the message it is important to include your association ID number as well as your name and your RCI weeks member number. This is so that we can keep track of each individual's needs. If you send us an email then your request will be replied to within two business days, however the transfer may take up to 10 business days due to the volume of requests.

The best contact email is as follows: tradeboost@massresort.com.

Like most email accounts, ours too experience the unfortunate case of spam. In these types of instances, if you do not receive a reply from us within two business days, please feel free to check up on your request.

We operate on a first come, first serve basis, so boosts will decrease in their value as they are being distributed to those who sign up early. The highest boost that we have currently is 20 points. Since we want to cater to all of you, we want to make sure that you send in your request as soon as possible.

Boosts generally last between 30 and 60 days from the date that they are transferred, however you have no obligation to travel directly on the boost unless you have an interest in traveling in the next 30 days. We do expect you to

combine it with other deposits in your RCI account. If you plan to combine this week, it will automatically extend its expiration date for your convenience. There is a combination fee (or extension fee), but you can choose the option that is the most fitting for you. The best way to make the most informed decision is to contact RCI at 844.874.5792 and find out the exact cost.

Although there are many dynamics to attaining a boost, there are many benefits and it will allow you to strengthen and improve your trading power by combining this old deposit with your already existing deposit in RCI.

Keep in mind that this offer is for 2020 and may not be available in 2021 if there are no leftovers.

Thank you so much for allowing Massanutten to continue to help create memorable experiences for you and your family.

TRADING POWER BOOST

MASSANUTTEN OWNERS' DREAM VACATION FUN FACTS 38,676 dream vacations were confirmed in the last 6 months!

21,951 dream vacations were made from Sept. 2019 – Feb. 2020 by Massanutten owners traveling through RCI.16,725 RCI members booked dream vacations from Sept. 2019 – Feb. 2020 to Massanutten Resort.

Top 10 USA Vacation Destinations in the last 6 months (with number of vacations)

1. Virginia (10010) 2. Florida (4051)3. South Carolina (1433)4. Nevada (1095) 5. Tennessee (595)6. North Carolina (573)7. Massachusetts (415)8. Indiana (369)9. Pennsylvania (345)10. California (252)

Top 10 International Vacation Destinations in the last 6 months (with number of vacations)

1. Mexico (343)2. Canada (129)3. St. Maarten Caribbean (80)4. Aruba (73)5. Jamaica (64)6. Dominican Republic (62)7. Spain (38)8. Costa Rica (34)9. Bahamas (33)10. Italy (28)

All-InclusiveFamily-Friendly

Fun Fact!Massanutten owners can book

their dream vacation by activity through RCI.

We want to feature your photos!

MASSANUTTEN RESORT 2021 CALENDAR PHOTO CONTEST

Send us your 4 best amateur shots by October 1st and you could win

a vacation, combo passes, & an exclusive spot in our 2021 calendar!

Submit your photos online atMassResort.com/PhotoContest

OWNERS' INFO

To stay up-to-date with your owner's association, please visit owners.massresort.com.

PREPARED BY Managing Agent, Great Eastern Resort Management, Inc. 1296 Resort Drive | Massanutten, VA 22840

Contact Person: Michael W. Owens Books & records maintained at 4047 Massanutten Drive Massanutten, VA 22840

OFFICERS AND DIRECTORS PRESIDENTSarah Elson-Staniunas1296 Resort DriveMassanutten, VA 22840 VICE PRESIDENT, DIRECTORMatthias N. Smith1296 Resort DriveMassanutten, VA 22840

VICE PRESIDENT, DIRECTORMichael W. Owens4047 Massanutten DriveMassanutten, VA 22840

TREASURER, DIRECTORThomas C. Waterbury610 W. Rio RoadCharlottesville, VA 22901 SECRETARY/GENERAL COUNSELRoyAnn Murray 610 W. Rio RoadCharlottesville, VA 22901

DIRECTORMichael L. Shiflet2236 Resort DriveMassanutten, VA 22840

Developer control period is in effect.

Woodstone at Massanutten, a Time-Share Project | State Route 644, Massanutten, VA 22840 Woodstone Time-Share Owners Association

2020 ANNUAL REPORT

Carved In Stone 7

2020 BUDGET DELUXE LUXURY CASADomestic ServicesCleaning Supplies 23.61 24.40 19.81Laundry Services 50.94 52.64 42.74Maid Service 139.51 144.16 117.07Total 214.06 221.20 179.62

UtilitiesCable TV 18.89 19.52 15.85Electricity 47.82 49.42 40.13Sewer & Water 27.45 28.36 23.03Telephone 6.62 6.84 5.56Trash Collection 8.95 9.24 7.51Total 109.73 113.38 92.08

AdministrationOffice Supplies/Equipment 0.10 0.11 0.09Postage 2.00 2.07 1.68Printing /Copying 2.88 2.98 2.42Professional Fees 1.23 1.27 1.03Management Fees 61.82 63.88 51.87Front Desk & Reservations 34.28 35.42 28.76Total 102.31 105.73 85.85

Unit & Property MaintenanceAppliance & Furniture Repair 13.03 13.46 10.93Building Repair 12.28 12.69 10.30Groundskeeping 0.51 0.53 0.43Maintenance /Grounds Supplies 3.89 4.02 3.26Maintenance Services 88.31 91.25 74.10Total 118.02 121.95 99.02

Other ExpensesBad Debt Allowance 73.95 76.42 62.05Collection Expense 6.24 6.45 5.24Insurance 6.49 6.71 5.45Miscellaneous 2.34 2.41 1.95Other Supplies & Fuel 2.27 2.34 1.90Real Estate Taxes 48.68 50.31 40.85Recreation Fees - - -Replacements 16.58 17.12 13.91Automated Services 9.85 10.18 8.27Total 116.40 171.94 139.62

Other Income (35.81) (37.00) (30.05)total timeshare expenses (net) 674.71 697.20 566.14

Replacement Reserve 195.29 201.80 163.86Total Maintenance Fee 870.00 899.00 730.00

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**Rates listed are for US residents only. All other RCI members contact your servicing office for rates. Fees are subject to change without notice.

RCI Member ServicesWeeks: 844.874.5792 | Points: 844.968.7476 RCI Weeks member since 2016: 800.743.3315

Mon-Fri: 8 am-8 pm | Sat: 8 am-5 pm

RCI Fees - WeeksExchange Fee: $239Internal Exchange Fee: $159Trading Power Protection: $64 - $104Guest Certificate: $89

RCI Fees - PointsPoints Transaction Fees: $49-$278 (depending on length of stay)

RCI Travel800.654.5000 | www.rci.com

HELPFUL RCI INFO

ASSUMPTIONSLuxury Units:

Woodstone Luxury unit owners’ 2020 total annual maintenance fee billed will be $899 which is a 5% increase from the 2019 annual maintenance fee of $855. The $899 annual maintenance fee for 2020 is comprised of a $697.20 assessment for time-share estate occupancy expenses, net of other income, and a $201.80 assessment for replacement reserves.

$697.20 assessment for time-share estate occupancy expenses, net of other income is calculated by dividing the budgeted 2020 Woodstone Luxury time-share estate occupancy expenses, net of other income earned, by the total number of estimated equivalent annual week Luxury owners in the project. The time-share estate occupancy expenses, net of other income earned, are projected to increase 1.9% in 2020. Included in the assessment for time-share expenses is bad debt reserve expense assumed to be 8.5% of 2020 billed assessments.

$201.80 assessment for replacement reserve represents an 18% increase from Woodstone Luxury unit’s 2019 assessment for replacement reserve.

For Biennial owners who selected the Internal Exchange (IE) option at purchase, there is an additional $50 charge ($25 per year) that is assessed on top of the budgeted amount. This IE charge will be included in the annual maintenance fee billing.

Deluxe Units:Woodstone Deluxe unit owners’ 2020

total annual maintenance fee billed will be $870 which is a 5.5% increase from the 2019 annual maintenance fee of $825. The $870 annual maintenance fee for 2020 is comprised of a $674.71 assessment for time-share estate occupancy expenses, net of other income, and a $195.29 assessment for replacement reserves.

$674.71 assessment for time-share estate occupancy expenses, net of other income is calculated by dividing the budgeted 2020 Woodstone Deluxe time-share estate occupancy expenses, net of other income earned, by the total number of estimated equivalent annual week Deluxe owners in the project. The time-share estate occupancy expenses, net of other income earned, are projected to increase 2% in 2020. Included in the assessment for time-share expenses is bad debt reserve expense assumed to be 8.5% of 2020 billed assessments.

$195.29 assessment for replacement reserve represents an 18.5% increase from Woodstone Deluxe unit’s 2019 assessment for replacement reserve.

Casa Units:Woodstone Casa unit owners’ 2020 total

annual maintenance fee billed will be $730 which is a 5% increase from the 2019 annual maintenance fee of $695. The $730 annual maintenance fee for 2020 is comprised of a $566.14 assessment for time-share estate occupancy expenses, net of other income, and a $163.86 assessment for replacement reserves.

$566.14 assessment for time-share estate occupancy expenses, net of other

income is calculated by dividing the budgeted 2020 Woodstone Casa time-share estate occupancy expenses, net of other income earned, by the total number of estimated equivalent annual week Casa owners in the project. The time-share estate occupancy expenses, net of other income earned, are projected to increase 2% in 2020. Included in the assessment for time-share expenses is bad debt reserve expense assumed to be 8.5% of 2020 billed assessments.

$163.86 assessment for replacement reserve represents an 18% increase from Woodstone Casa unit’s 2019 assessment for replacement reserve.

The Association will make a combined contribution to its replacement reserve fund in 2020 of at least $4,581,500 funded by the replacement reserve assessments noted above.

There are no other reserves being funded by the Association.

Neither the developer, nor any of its affiliates, are providing any services to the Association that are not being billed to the Association or reflected in its 2020 budget except as noted below:

• An affiliate of the Developer is the managing agent for the Woodstone Time-Share Owners Association. The managing agent may waive all or part of its management fee in 2020 if the Association does not have the resources to pay for it.

• The Developer is responsible to fund any operating deficits the Association incurs while it is still under developer control.

The 2020 WTOA budget was prepared by the Association’s Treasurer.

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2019 AUDITED FINANCIAL REPORTStarting below and continuing to page 11

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2019 AUDITED FINANCIAL REPORT CON'T

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2019 AUDITED FINANCIAL REPORT CON'T

Woodstone Time-Share Owners AssociationP.O. Box 1227Harrisonburg, VA 22803-1227ADDRESS SERVICE REQUESTED

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CHARLOTTESVILLE, VA

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