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San Francisco Exchange Company (SFX) Audit & Disclosure Statement
THE SAN FRANCISCO EXCHANGE COMPANY REPORT OF KEY OPERATING STATISTICS December 31, 2025 The number of purchasers or owners currently enrolled and eligible to participate in the exchange program 360,241 The number of accommodations and facilities or properties that have current affiliation agreements with The San Francisco Exchange Co. None The percentage of exchanges properly applied for that were confirmed 96.8% The number of exchanges confirmed by the exchange program 3,232 The number of timeshare periods for which The San Francisco Exchange Company has an outstanding obligation to provide an exchange in the future 521 The above listed percentage of confirmed exchanges is a summary of the exchange requests entered with the exchange program between January 1, 2025 and December 31, 2025. This does not represent a purchaser's probability of being confirmed to any specific choice or range of choices, since availability at individual locations may vary. See Accompanying NOTEs to Report of Key Operating Statistics. -2-
THE SAN FRANCISCO EXCHANGE COMPANY
NOTES TO REPORT OF KEY OPERATING STATISTICS December 31, 2025
NOTE 1 – DESCRIPTION OF COMPANY The San Francisco Exchange Company (SFX) is a California corporation. SFX offers reciprocal exchange services for owners of resort timeshare or other vacation ownership interests throughout the world. SFX headquarters are located in Burlingame, California.
NOTE 2 – ENROLLMENT POLICY Owners of any qualified timeshare interest receive complimentary Gold memberships in SFX, or they may choose Diamond membership which requires an annual fee.
NOTE 3 – PROPERLY APPLIED FOR EXCHANGE REQUEST A properly applied for exchange request occurs when the requirements listed below have been satisfied. The exchange is not considered to be properly applied for as long as any of these criteria have not been met. An exchange request is received by SFX. The exchange request is from a member of SFX. The member must have a current membership in SFX and be in compliance with all terms and conditions governing SFX membership. The member must be current with all financial obligations (maintenance fees and assessments, special assessments, property taxes, NOTE payments, etc.) to their home resort through the week being relinquished to SFX in conjunction with either an exchange request or the deposit of a week in SFX exchange system. The member must have a confirmed reservation for a specific interval at the home resort prior to requesting an exchange or depositing a week. A properly submitted request must have a choice of three alternative locations and travel dates. -3-
THE SAN FRANCISCO EXCHANGE COMPANY
NOTES TO REPORT OF KEY OPERATING STATISTICS December 31, 2025
NOTE 4 – ACCOMMODATIONS AND FACILITIES Accommodations and facilities at the reporting date include exchange service organizations which SFX may use to complete an exchange for a member.
NOTE 5 – EXCHANGE FEES SFX members are charged a fee for each exchange confirmed by the company. The fee for domestic or international exchanges is $249 for Gold members and $149 for Diamond members.
NOTE 6 – OUTSTANDING EXCHANGE OBLIGATION Diamond and Gold members may deposit a timeshare period without requesting an exchange at the time of deposit. Diamond members have the option of placing a request prior to depositing their timeshare period or depositing their timeshare period first and having a higher priority for an exchange in the system. Gold members are required to deposit a timeshare period prior to the time they request an exchange. Gold members have 24 months from the start date of the timeshare period deposit to complete the exchange. After the 24-month period, Gold member’s request expires, and no exchange can then be completed. Diamond members have up to 36 months from the start date of the timeshare period deposit to complete the exchange. After the 36-month period, the Diamond member’s request expires and no exchange can then be completed.
NOTE 7 – SUBSEQUENT EVENTS Management has evaluated subsequent events through May 14, 2026 the date when the Report of Key Operating Statistics was available for issuance.
Additional Legal Disclosures:
Updated: 06/04/2026 [202]