Investor Presentation

NOVEMBER 2018

© 2018 Wyndham Destinations Proprietary

Forward-Looking Statements

This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as

amended. Forward-looking statements include those that convey management's expectations as to the future based on plans, estimates and projections at the time Wyndham Destinations makes the statements

and may be identified by words such as "will," "expect," "believe," "plan," "anticipate," "intend," "goal," "future," "outlook," "guidance," "target," "projection," "estimate" and similar words or expressions, including

the negative version of such words and expressions. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or

achievements of Wyndham Destinations to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements

contained in this presentation include statements related to Wyndham Destinations’ current views and expectations with respect to its future performance and operations. You are cautioned not to place undue

reliance on these forward-looking statements, which speak only as of the date of this presentation. Factors that could cause actual results to differ materially from those in the forward-looking statements include

without limitation general economic conditions, the performance of the financial and credit markets, our ability to obtain financing, our credit ratings (including changes thereto as result of the spin-off and other

related transactions), post-closing credit obligations as result of the sale of our European vacation rentals business, the economic environment for the timeshare industry, the impact of war, terrorist activity or

political strife, operating risks associated with the vacation ownership and vacation exchange businesses, unanticipated developments related to the impact of the spin-off on our relationships with our customers,

suppliers, employees and others with whom we have relationships, uncertainties related to our ability to realize the anticipated benefits of the spin-off, as well as those factors described in our Quarterly Report on

Form 10-Q, filed with the SEC on November 1, 2018, and subsequently filed periodic filings with the SEC. Except as required by law, Wyndham Destinations undertakes no obligation to update or keep current

the information contained in this presentation, whether as a result of new information, subsequent events or otherwise.

Further Adjusted Financial Information

This presentation also includes certain further adjusted financial information, which is unaudited, presented for illustrative purposes only and is not necessarily indicative of the operating results or financial

position that would have occurred if the relevant transactions had been consummated on the date indicated, nor is it indicative of future operating results. The further adjusted financial information presented

includes adjustments that would not be included in the pro forma financial statements contained in a registration statement filed with the SEC that contain further adjusted information prepared in accordance with

Regulation S-X under the Securities Act.

Disclaimer

This presentation and the information contained herein are solely for informational purposes. This presentation does not constitute a recommendation regarding the securities of Wyndham Destinations. This

presentation or any related oral presentation does not constitute any offer to sell or issue, or any solicitation of any offer to subscribe for, purchase or otherwise acquire any securities of Wyndham Destinations,

nor shall it form the basis of, or be relied upon in connection with, or act as any inducement to enter into any contract or commitment whatsoever with respect to such securities. This presentation is not directed

to, or intended for distribution to or use by, any person or entity that is a citizen or resident located in any jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or

which would require registration of licensing within such jurisdiction. The information contained in this presentation, including the forward-looking statements herein, is provided as of the date of this presentation

and may change materially in the future. Except as required by law, Wyndham Destinations undertakes no obligation to update or keep current the information contained in this presentation, whether as a result of

new information, subsequent events or otherwise.

Non-GAAP Financial Measures

Financial information contained in this presentation includes non-GAAP measures, which include or exclude certain items. The Company utilizes non-GAAP measures on a regular basis to assess performance of

its reportable segments and allocate resources. These non-GAAP measures differ from reported GAAP results and are intended to illustrate what management believes are relevant period-over-period

comparisons and are helpful to investors as an additional tool for further understanding and assessing the Company’s ongoing operating performance. Management also internally uses these measures to assess

our operating performance, both absolutely and in comparison to other companies, and in evaluating or making selected compensation decisions. Exclusion of items in the Company’s non-GAAP presentation

should not be considered an inference that these items are unusual, infrequent or non-recurring. Full reconciliations of GAAP non-GAAP financial measures to the most directly comparable GAAP financial

measures for the reported periods appear in the appendix of this presentation. 2

Expansive Brand Portfolio

Best at Owner Acquisition

Strengths and Competitive Advantages

• Customer acquisition drives top line growth

• Access to deals that grow the network

• Innovation keeps WYND at the forefront

Leading Size and Scale

• Unassailable leader in Open Market channels

• Untapped Blue Thread potential

• Owner base with highly predictable revenues

• Seven vacation ownership brands

• Grow/expand into new markets

• Development partner of choice

3

Source: Annual reports on Form 10-K for year ended December 31, 2017. Marriott Vacations Worldwide metrics include ILG’s annual report for the same time period.

$2.1B

$1.3B

$1.4B

Members

3.9M

1.8M

221

48

108

4.3K

3.2K

Exchange Options

Unprecedented Size and Scale

4

VOI Sales Resorts

Note: Mid point of bubble corresponds to mean owner demographic by brand; area of circle corresponds to relative owner count of each brand.

Sources: US Census (2016), WYND Owner Data (September 2018, excludes Discovery), HGV Investor Deck (September 2018), VAC Investor Day (2015), ILG Investor Day (2017).

Serving the broadest demographic of travelersWYND HGV VAC ILG

US Census

Households

17.1M

17.8M

36.9M

54.4M

Owner Count 881K 288K 400K 250K

Mean HHI $91K $113K $155K $161K

US Traveler Mean HHI

$87,695

$0

$50,000

$100,000

$150,000

$200,000

US

Ho

us

eh

old

In

co

me

5

6

Key Statistics Show Stability in Owner Base

OWNERS OWNERS HAVE A

LOAN BALANCE

OF OWNERS HAVE NO

LOANS OUTSTANDING

ANNUAL OWNER CHURN

INCLUDING ELEVATED

LOAN DEFAULTS*

ANNUAL RETENTION OF

OWNERS WITHOUT A

LOAN BALANCE*

OF OWNERS WHO

PURCHASED IN AND SINCE

THE 1990s ARE STILL ACTIVE

IN THE WYND SYSTEM

881K 185K ~80%

~4% >98% ~70%

*Annual average over last 10 years

Source: Club Wyndham Owner Data

Shifting Sales Mix to Increase New Owners

7

The Future Value of New Members is High

• Owners spend an incremental ~2.6X the

initial purchase over their lifetime

• Average lifetime spend per owner, ~$65K

• Mix improved over the first nine months of

2018

• Shift mix while growing EBITDA and

maintaining industry leading margins

32% 36% 35.5% 38.8%45%

2011-2016

Average

2017 2017 YTD 2018 YTD 2022

8

New

Owner

Sales

2017 VOI

Blue Thread

$44M

Open Market

$718M

• Owner acquisition channels are strong,

diversified, and a growth engine

• Generated more than $750M in new

owner sales and 36K new owners in 2017

$762M

Industry Leader in New Owner Sales$2.1B

Blue Thread Opportunity

• Rental: Renting 174 resorts on Wyndham.com

• On Property Marketing: In-hotel marketing at select WH&R locations

• Call transfer: Access to 11M annual phone calls

• Loyalty Data: Marketing to database of 60M+ Wyndham Rewards members and post stay guests

Aligned Demographic

>$100k 93% 69% 29% 15%

>$100k 94% 73% 30% 17%

Average Household

IncomeHomeowner Married Gen X Millennials

New Owners (< 5 Years)

60M+ includes anticipated impact of La Quinta acquisition

+20% VPG

9

17%16% 16%

22% 22%

25%24%

25% 25% 25% 25%24% 23.6% 24.1%

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 YTD 2017 YTD 2018

673

683691

725 725 725 725 725 725 725 727 726 726

12.5%12.7%

12.9%13.1%

13.3%13.5%

13.6%13.7%

13.8%14.0%

14.1%14.2%

12.0%

12.5%

13.0%

13.5%

14.0%

14.5%

640

660

680

700

720

740

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD

Strong Credit Quality

Average FICO Score on

New Originations

Average Interest Rate

Maintain High Margins Across the Cycle

Wyndham Vacation Ownership Segment Adjusted EBITDA Margin

10

VOI Upgrade Sales

$1,078

Hospitality Services

$649

Vacation Exchange

$671

Consumer Finance

$463

Other

$947

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%$3,808

$3.6B loan portfolio;

Fixed interest rates

25+ years of data proves owners

consistently upgrade

Management fees from 200+ resorts;

98% contract retention

3.9M members paying annual dues;

85% retention~75% of Revenue is

RECURRING &

PREDICTABLE

~25% Primarily

New Owner Sales

11

High Free Cash

Flow Conversion

• Lower cash taxes with deferred

taxes on financed sales

• Access to ABS markets

• Disciplined capex

Capital Efficient

Inventory Model

• Moderate and consistent annual

inventory spend, ~$250M

• Strong ROIC

• Maximizes returns to shareholders

with ~90% of inventory sourced

through capital-efficient channels

12

Return of Capital to Shareholders

• Returned $237M to shareholders through dividends and share repurchases,

since June 1, 2018 through the end of October

• Total repurchases represented ~7% of market capitalization (a)

$44M $40M --

$15M $106M $32M

Month of June

(post-spin)

Q3

2018

Month of

October

Total Return

of Capital

13

DIVIDENDS

PAID

SHARE

REPURCHASES

$237M

(a) Market capitalization of $3.57B on October 31, 2018 with a share price of $35.88

Expected Further

Adjusted Free Cash Flow

Further Adjusted Full-Year 2018 Free Cash Flow

14

(a) Interest expense was calculated based on $3.0 billion of outstanding debt and assuming Wyndham Destinations is rated non-investment grade credit, resulting in higher interest rates for select tranches of notes; excludes non-cash interest expense.

(b) Based on an estimated cash tax rate of approximately 17%.

(c) Reflects the net change in vacation ownership contract receivables offset by the provision from loan losses and the net expected proceeds from securitization activities.

(d) Operating cash flow less capital expenditures. Does not include redundant personnel and related costs during the transition period.

($ in millions)

($109 - $113)

Changes in net working capital

Interest expense

$63 - $83

Expected Further

Adjusted EBITDA

Capital expenditures

($108 - $128)

Cash taxes

Net Consumer Finance activity

Net inventory spending

$952 - $960

($154 - $158)

($31 - $51)($28 - $48)

$555 - $575

Strong Balance Sheet

$19$64 $40

$250

$650

$400

$300

$884

$0

$400

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027

Debt Maturity Schedule (a)

($ in millions)

(a) Assumes revolving credit facility matures on May 1, 2025

Net Leverage: 2.9x

Target: 2.25x to 3.0x

WACD

~5%

WAM

~5.8 years

15

2018 Further Adjusted Guidance

16

Outlook is based upon September 30, 2018 foreign exchange rates

(a) Based upon 99.7 million diluted shares expected to be outstanding.

(b) Reflects projected growth over 2017.

(c) EBITDA sensitivities for revenue drivers are based on average systemwide trends. Operating circumstances including but not limited to brand mix, product mix, geographical concentration or market segment may result in

variability.

Revenues Further Adjusted EBITDA Further Adjusted EPS (a)

$3.925 - $3.975B $952 - $960M $4.77 - $4.85

Key Drivers (b)

Tours:

5% - 7%

VPG:

1% - 3%

Average Number of

Members:

1% - 3%

Exchange Revenue per

Member:

(2%) - 0%

EBITDA Impact of 100bps Change (c)

Tours:

$6.0M

VPG:

$9.0M

Average Number of

Members:

$4.5M

Exchange Revenue per

Member:

$7.0M

Consumer Finance Portfolio ($ in millions)

6%-8%

CAGR

Hospitality Services Revenue ($ in millions)

7%-9%

CAGR

Gross VOI Sales ($ in millions)

6%-8%

CAGR

Volume Per Guest (VPG)

0%-2%

CAGR

Number of Tours (in 000s)

5%-7%

CAGR

RCI Revenues ($ in millions)

1%-3%

CAGR

17

Key Drivers: Steady Mid-Single Digit Growth

The Company does not provide a reconciliation of 2018 – 2021 non-GAAP measures to the closest GAAP equivalent because the Company is unable to predict with reasonable certainty the totality or ultimate

outcome or occurrence of these adjustments or other potential adjustments that may arise in the future during the outlook period, which can be dependent on future events that may not be reliably predicted.

Total Revenue ($ in millions)

Adjusted EBITDA ($ in millions)

Free Cash Flow ($ in millions)

4%-7%

CAGR

4%-7%

CAGR

4%-7%

CAGR

Adjusted EBITDA Margins

18

Three Year Growth Outlook – Further Adjusted

The Company does not provide a reconciliation of 2018 – 2021 non-GAAP measures to the closest GAAP equivalent because the Company is unable to predict with reasonable certainty the totality or ultimate

outcome or occurrence of these adjustments or other potential adjustments that may arise in the future during the outlook period, which can be dependent on future events that may not be reliably predicted.

APPENDIX

789 794819

869

Number of Tours (in 000s)

$2,515 (a)$2,638 (a)

$2,772 (a) $2,774$2,881

Total Revenues ($ in millions)

$2,281 $2,257

$2,324 $2,345

Volume Per Guest (VPG)

$621$660

$708 $696

Adjusted EBITDA ($ in millions) (b)

(a) Does not reflect impact of the adoption of the new revenue recognition standard.

(b) Adjusted EBITDA is per Wyndham Worldwide’s definition.

3% CAGR

2% CAGR1% CAGR

3% CAGR

20

Historical FinancialsVacation Ownership

(a) Does not reflect impact of the adoption of the new revenue recognition standard.

3,6983,765

3,852 3,799

Average Number of Members (in 000s)

$856 (a) $864 (a)$880 (a)

$916$927

Total Revenues ($ in millions)

$229 (a)

$249 (a)

$241 (a)

$251$261

Adjusted EBITDA ($ in millions)

2% CAGR3% CAGR

Consolidated

$1,379 (a)$1,485 (a)

$1,604 (a) $1,601$1,684

Net VOI Sales ($ in Millions)

$3,372 (a)$3,503 (a)

$3,653 (a) $3,690$3,808

Total Revenues ($ in millions)

5% CAGR 3% CAGR

1% CAGR

21

Historical FinancialsExchange & Rentals

Appendix: Non-GAAP Reconciliations

2017

Further Adjusted Net Income $ 591

Benefit for income taxes $ (235)

Depreciation and amortization $ 131

Interest expense $ 130

Interest income $ (7)

Impairment $ 205

Stock-based compensation $ 36

Restructuring $ 14

Acquisition-related gain $ (12)

Assumed general and administrative cost savings $ 65

Other adjusting items $ (4)

Further Adjusted EBITDA $ 914

22

Wyndham Destinations Reconciliation of Further Adjusted Net

Income to Further Adjusted EBITDA ($ in millions)

Adjusted EBITDA is per Wyndham Worldwide’s definition and does not reflect the adoption of the new revenue recognition accounting standard.

VO Segment

Reported

EBITDA

Acquisition

Related

Restructuring

Costs

Loss on

Sale/Asset

Impairments

Executive

Costs

Separation

Costs

VO Adjusted

EBITDA

VO Adjusted

EBITDA

Margin

2017 $ 489 $ - $ - $ 205 $ 1 $ 1 $ 696 24%

2016 $ 694 $ - $ 8 $ - $ 6 $ - $ 708 25%

2015 $ 687 $ - $ 1 $ - $ - $ - $ 688 25%

2014 $ 660 $ - $ - $ - $ - $ - $ 660 25%

2013 $ 619 $ 2 $ - $ - $ - $ - $ 621 25%

2012 $ 549 $ 1 $ 2 $ - $ - $ - $ 552 24%

2011 $ 515 $ - $ (1) $ - $ - $ - $ 514 25%

2010 $ 440 $ - $ - $ - $ - $ - $ 440 22%

2009 $ 387 $ - $ 37 $ 9 $ - $ - $ 433 22%

2008 $ (1,074) $ - $ 66 $ 1,374 $ - $ - $ 366 16%

2007 $ 378 $ - $ - $ - $ - $ 9 $ 387 16%

2006 $ 325 $ - $ - $ - $ - $ 18 $ 343 17%

23

Appendix: Non-GAAP ReconciliationsVacation Ownership (VO) Further Adjusted EBITDA Reconciliation ($ in millions)

2018 2017

Q1 Q2 Q3 Q4 Full Year Full Year

Net revenues $907 $1,007 $1,062 N/A $3,925 - $3,975 $3,806

Adjusted EBITDA $189 $243 $269 $229 - $236 $931 - $938 $882

Separation adjustments (a) (5) (5) — — (10) (25)

Corporate and other costs (b) 13 11 1 6 – 8 31 - 33 57

Further adjusted EBITDA $197 $249 $271 $235 - $243 $952 - $960 $914

Depreciation and amortization (c) (31) (31) (29) (27 - 31) (119 - 123) (110)

Interest expense (d) (40) (40) (40) (38 - 42) (158 - 162) (160)

Stock-based compensation (9) (4) (3) (2 - 4) (17 - 19) (35)

Further adjusted pre-tax income $117 $174 $198 $162 - $170 $652 - $660 $609

Further adjusted taxes (e) (32) (49) (52) (43 - 46) (176 - 179) (164)

Further adjusted net income

from continuing operations$85 $125 $146 $118 - $126 $475 - $483 $443

Diluted shares outstanding 101.6 100.3 99.5 98.1 99.7 103.7

Further adjusted diluted earnings per share $0.84 $1.25 $1.47 $1.20 - $1.28 $4.77 - $4.85 $4.29

(a) Includes incremental license fees paid to Wyndham Hotels & Resorts and other changes being effected in conjunction with the spin-off.

(b) Represents the difference between corporate costs incurred and those expected to be incurred following the spin-off and transition period.

(c) Excludes amortization of acquisition-related intangible assets. Includes expected depreciation related to retained Wyndham Destinations' corporate

assets.

(d) Interest expense was calculated based on $3.0 billion of outstanding debt, excluding non-recourse vacation ownership debt, and a non-investment-

grade rating, resulting in higher interest rates for select tranches of notes.

(e) Assumes a stabilized effective tax rate of approximately 27% in all quarters, prior to the spin-off, which occurred in the second quarter of 2018. The

rate used for 2017 reflects the benefit of the tax rate reduction resulting from the U.S. Tax Cuts and Jobs Act. 24

Note: Amounts may not add due to rounding. The Company is providing guidance for net

income, EBITDA and diluted EPS only on a non-GAAP further adjusted basis because not all

of the information necessary for a quantitative reconciliation of forward-looking non-GAAP

financial measures to the most directly comparable GAAP financial measures is available

without unreasonable effort, primarily due to uncertainties relating to the occurrence or amount

of these adjustments or other potential adjustments that may arise in the future. Unavailable

reconciling items could significantly impact the Company’s financial results.

2018 Further Adjusted Guidance (in millions, except per share amounts)

Non-GAAP Measure: Reconciliation of Gross VOI Sales

25

2018 Q1 Q2 Q3 Q4 Full Year

Gross VOI sales $ 465 $ 602 $ 640 N/A N/A

Less: Sales under fee-for-service (15) (14) (5) N/A N/A

Gross VOI sales, net of fee-for-service sales 450 588 635 N/A N/A

Less: Loan loss provision (92) (126) (132) N/A N/A

Net VOI sales $ 358 $ 462 $ 503 N/A N/A

2017

Gross VOI sales $ 438 $ 562 $ 600 $ 538 $ 2,139

Less: Sales under fee-for-service (3) (5) (11) (15) (35)

Gross VOI sales, net of fee-for-service sales 435 556 589 523 2,104

Less: Loan loss provision (85) (110) (123) (101) (420)

Net VOI sales $ 350 $ 446 $ 466 $ 422 $ 1,684

(in millions)

The Company believes gross VOI sales provide an enhanced understanding of the performance of its vacation ownership business because it

directly measures the sales volume of this business during a given reporting period. The following table provides a reconciliation of Gross VOI sales

to Net VOI sales:

Non-GAAP Measure: Free Cash Flows and Further Adjusted Free Cash Flows

26

(in millions)

Nine Months Ended September 30,

Continuing Operations 2018 2017

Net cash provided by operating activities $ 205 $ 264

Less: Property and equipment additions (63) (76)

Less: Sum of proceeds and principal payments of non-recourse vacation ownership debt 94 (146)

Free cash flow from continuing operations $ 236 $ 42

Corporate and other costs (a) 27 145

Separation adjustments 93 --

Further adjusted free cash flow from continuing operations $ 356 $ 187

Discontinued Operations

Net cash provided by operating activities $ 150 $ 400

Less: Property and equipment additions -- --

Less: Sum of proceeds and principal payments of non-recourse vacation ownership debt -- --

Free cash flow from discontinued operations $ 150 $ 400

Corporate and other costs (a) -- --

Separation adjustments -- --

Further adjusted free cash flow from discontinued operations $ 150 $ 400

Total further adjusted free cash flow $ 506 $ 587

(a) Includes incremental license fees paid to Wyndham Hotels & Resorts and other changes being effected in conjunction with the spin-off including corporate costs that reflect the Company’s position as if the spin-off had occurred for

all periods presented.

Appendix: DefinitionsAdjusted EBITDA: A non-GAAP measure, defined by the Company as net income before depreciation and amortization, interest expense (excluding consumer financing interest), early extinguishment of debt, interest

income (excluding consumer financing revenues) and income taxes, each of which is presented on the Condensed Consolidated Statements of Income. Adjusted EBITDA also excludes stock-based compensation

costs, separation and restructuring costs, transaction costs and impairments, and items that meet the conditions of unusual and/or infrequent. We believe that Adjusted EBITDA is useful to assist our investors in

evaluating our ongoing operating performance for the current reporting period and, where provided, over different reporting periods. We also internally use these measures to assess our operating performance, both

absolutely and in comparison to other companies, and in evaluating or making selected compensation decisions. Adjusted EBITDA should not be considered in isolation or as a substitute for net income or other

income statement data prepared in accordance with GAAP and our presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies.

Further adjusted earnings measures: A non-GAAP measure, defined by the Company to exclude certain items including impairment charges, restructuring and other related charges, transaction-related items,

contract termination costs and other significant charges which in the Company's view does not reflect ongoing performance. Further adjusted earnings measures adjust for license fees, credit card income and

corporate expense to reflect the performance of the Company as if it were separated from Wyndham Hotels & Resorts during all reported periods. All further adjusted earnings measures are reported from continuing

operations, unless otherwise noted. Wyndham Destinations believes that these measures are useful to investors as supplemental measures in evaluating the aggregate performance of the Company. A full

reconciliation of non-GAAP measures to GAAP are included in Table 5.

Gross Vacation Ownership Interest Sales: Represents sales of vacation ownership interests (VOIs), including sales under the fee-for-service program before the effect of loan loss provisions. We believe that Gross

VOI sales provide an enhanced understanding of the performance of our vacation ownership business because it directly measures the sales volume of this business during a given reporting period.

Tours: Represents the number of tours taken by guests in our efforts to sell VOIs.

Volume Per Guest (VPG): Represents Gross VOI sales (excluding tele-sales upgrades, which are non-tour upgrade sales) divided by the number of tours. The Company has excluded non-tour upgrade sales in the

calculation of VPG because non-tour upgrade sales are generated by a different marketing channel.

Average Number of Members: Represents members in our vacation exchange programs who paid annual membership dues as of the end of the period or who are within the allowed grace period. For additional fees,

such participants are entitled to exchange intervals for intervals at other properties affiliated with the Company's vacation exchange business. In addition, certain participants may exchange intervals for other leisure-

related services and products.

Exchange Revenue Per Member: Represents total annualized revenues generated from fees associated with memberships, exchange transactions, member-related rentals and other servicing for the period divided

by the average number of vacation exchange members during the period.

Free Cash Flow (FCF): A non-GAAP measure, defined by the Company as Net Cash provided by operating activities less property and equipment additions which the Company also refers to as capital expenditures and

less the sum of proceeds and principal payments of non-recourse vacation ownership debt. The Company believes free cash flow to be a useful operating performance measure to evaluate the ability of its operations

to generate cash for uses other than capital expenditures and, after debt service and other obligations, its ability to grow its business through acquisitions, development advances and equity investments, as well as

its ability to return cash to shareholders through dividends and share repurchases. A limitation of using free cash flow versus the GAAP measures of net cash provided by operating activities as a means for evaluating

Wyndham Destinations is that free cash flow does not represent the total cash movement for the period as detailed in the consolidated statement of cash flows.

Net Debt: Net debt equals total debt outstanding, less non-recourse vacation ownership debt and cash and cash equivalents.

Leverage Ratio: The Company calculates leverage ratio as net debt divided by Adjusted EBITDA.27