Investor
Presentation
May 7, 2024

Forward-Looking Statements
This presentation and accompanying schedules contain “forward-looking statements” within the meaning of federal securities laws, including statements about expectations for future
growth and projections for full year 2024. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology
such as the words “believe,” “expect,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,”“might,” “should,” “could” or the negative of these terms or similar
expressions. We caution you that these statements are not guarantees of future performance and are subject to numerous and evolving risks and uncertainties that we may not be able
to predict or assess, such as: a future health crisis and responses to a health crisis, including possible quarantines or other government imposed travel or health-related restrictions and theeffects of a health crisis, including the short and longer-term impact on consumer confidence and demand for travel, and the pace of recovery following a health crisis; variations indemand for vacation ownership and exchange products and services; worker absenteeism; price inflation; difficulties associated with implementing new or maintaining existing
technology; changes in privacy laws; the impact of a future banking crisis; impacts from natural or man-made disasters and wildfires, including the Maui wildfires; global supply chain
disruptions; volatility in the international and national economy and credit markets, including as a result of the ongoing conflicts between Russia and Ukraine, Israel and Gaza, and otherconflicts elsewhere in the world and related sanctions and other measures; our ability to attract and retain our global workforce; competitive conditions; the availability of capital tofinance growth; the impact of changes in interest rates; the effects of steps we have taken and may continue to take to reduce operating costs; political or social strife; and other mattersreferred to under the heading “Risk Factors” in our most recent Annual Report on Form 10-K, and which may be updated in our periodic filings with the U.S. Securities and Exchange
Commission. All forward-looking statements in this presentation are made as of the date of this presentation and we undertake no obligation to publicly update or revise any forwardlooking statement, whether as a result of new information, future events, or otherwise, except as required by law. There may be other risks and uncertainties that we cannot predict at thistime or that we currently do not expect will have a material adverse effect on our financial position, results of operationsor cash flows. Any such risks could cause our results to differ
materially from those we express in forward-looking statements.

Non-GAAP Financial Measures. In this presentation we report certain financial measures that are not prescribed by United States generally accepted accounting principles (“GAAP”). We
discuss our reasons for reporting these non-GAAP financial measures herein, and reconcile the most directly comparable GAAP financial measure to each non-GAAP financial measurethat we report (in the appendix). Non-GAAP financial measures are identified in the footnotes in the pages that follow and are further explained in the appendix. Although we evaluate
and present these non-GAAP financial measures for the reasons described in the appendix, please be aware that these non-GAAP financial measures have limitations and should not be
considered in isolation or as a substitute for revenues, net income or loss attributable to common stockholders, earnings orloss per share or any other comparable operating measureprescribed by GAAP. In addition, other companies in our industry may calculate these non-GAAP financial measures differently than we do or may not calculate them at all, limiting theirusefulness as comparative measures.
Brands. We refer to brands that we own, as well as those brands that we license, as our brands. All brand names, trademarks, trade names, and service marks names cited in thispresentation are the property of their respective owners, including those of other companies and organizations. Solely for convenience, trademarks, trade names, and service marks
referred to in this presentation may appear without the ® or TM symbols, however such references are not intended to indicatein any way that MVW or the owner, as applicable, will not
assert, to the fullest extent under applicable law, all rights to such trademarks, trade names, and service marks.

2Driving Sustained
Long-Term Growth
Unique and resilient business model
Consistent and sustainable growth3

Leading Provider of Vacation Experiences
Vacation Ownership – 87% of Adjusted EBITDA Contribution*• Sales of vacation ownership products & financing• Management & rentals

7

~120

~700,000

Leader in

Iconic Brands

Resorts

Owner Families

Upper Upscale Resorts

Exchange and Third-Party Management – 13% of Adjusted EBITDA Contribution*• Exchange~1.6M

Interval International
Members>3,200Exchange Resorts• Third-party management

Premier

Exchange Company

All values as of 12/31/2023 and Adjusted EBITDA contribution based on full year 2023 results.
*Adjusted EBITDA contribution and Adjusted EBITDA are non-GAAP measures. For definitions and reconciliation, please see appendix.

>90
Countries and Territories

4

Evolving and Resilient Business Model

Pre-2011

Today

Outcome

Products

Timeshare + residence +fractional ownership

Timeshare +exchange

Diverse cash flow

Brand
Expansion

3 brands

7 brands

Now selling Marriott- andHyatt-branded products

Sales Centers

Site-specific“Sell the system”

Perpetual sales centers
across system and more
efficient marketing channels

Product
Structure

Deededweeks-basedPrimarily points-based

Capital efficient

Capital intensive

Capital efficientHigh margins andfree cash flow

Development
Model

5

Large and Attractive Addressable Market and Customer Base
Vacation Ownership~48M

Households – addressable
market in U.S. alone

735

Average FICO score~80%

Owners with no loan~$125K

Owner medianannual income

Addressable households based on 2022 data from the American Community Survey. FICO score based on buyers in full year 2023. Annual income and owners without loans based on all owners as of 12/31/2022.

6

On-Site Guests Drive Vacation Ownership Sales
Pre-paid Vacations Drive
High Resort Occupancy
88%

89%

Most Vacation Ownership
Sales Come from
On-Property Guests1

88%

~85%
from resort
guests20192022

1. Sales from resort guests based on full year 2023 contract sales.

2023

7

High-Margin Exchange and Third-Party Management Business with
Low Capital Intensity~40% of Members are MVW Vacation Ownership Owners$130M
Segment
Adjusted EBITDA*

1%

52%

Capital Expenditure
as % of Revenue (excluding
Cost Reimbursements)

Segment
Adjusted EBITDA Margin*

All numbers based on full year 2023 results.
*Segment Adjusted EBITDA and Segment Adjusted EBITDA margin are non-GAAP measures. Please see appendix for definitions and reconciliations.

8Substantial Adjusted EBITDA from Recurring Sources
Adjusted EBITDA Contribution*
Management
andExchange

Development

30%

~35%

40%

of Adjusted EBITDA
contribution fromrecurring sources

10%

20%
Financing

Rentals

All numbers are approximate.
*Adjusted EBITDA Contribution is based on full year 2023 results and is a non-GAAP measure. For definition and reconciliation, please see appendix.

9

Well Positioned To Grow

4
3
2
1

High margin/cash flow business• Efficient capital and cost controls
provide substantial free cash flow

Strong value proposition• Versus lodging average rates

Spacious upper upscale resorts• Product well aligned with current
vacation style

100% leisure focused• Flexible and resilient tochanging work trends

10Strong Liquidity Position
As of March 31, 2024
Available cash on hand

$237M

Gross notes available for securitization 1$61M

Additional borrowing capacity under revolving credit facility$557M~$860 Million of Liquidity

1. Represents gross notes receivable eligible for securitization that are not in the warehouse credit facility.

11

No Near-Term Maturities
Corporate Debt Maturity Schedule

Q1 2024
EndingLeverage of($M)$1,325

s

3.9x

$590
Revolving
CreditFacility1

$575

$800

$160

$500
$350

$575
2024

2025

Convertible notes

2026

2027

Unsecured notes

2028

2029

Term loan

2030

2031

Drawn portion of revolver

All numbers as of 3/31/2024, pro forma for new $800 million Term Loan B which closed on 4/01/2024 and the hedges which expired on 4/30/2024, and exclude non-recourse securitized debt. Corporate debt
maturity schedule excludes finance leases. Net leverage calculated using gross corporate debt minus cash, divided by last twelve months Adjusted EBITDA.
1. Excludes $33 million of outstanding letters of credit.

12

Disciplined Capital Allocation Model

Strong Free Cash Flow
Generation

Organic
growthStrategic
M&A

Returncapital toshareholders

Corporate
debt
reduction• Reduce leverage• Inventory acquisition• Bolt-on• Share repurchases• Technology
investment• New leisure-related
opportunities• Dividends

13Driving Sustained
Long-Term Growth
Unique and resilient business model
Consistent and sustainable growth14

Three-Point Growth Strategy

3
2

1
Drive growththrough
continued
transformationof our products

Disciplined use of
free cash flow

Leveragetechnology to
expand ourbusinesses andnew productofferings

15

Driving Vacation Ownership Growth

1

2

3

Leveraging our Brands toDrive GrowthTechnology-Driven Sales
and Marketing GrowthHigh Owner Engagementwith Customer-Driven
Product Strategies

16

Vacation Ownership Growth Strategy #1

Leveraging Strong License Relationships
Number of Loyalty Members

203M

188M
108M
44M

Marriott, Hilton, and Wyndham as of March 31, 2024. Hyatt as of December 31, 2023.

17

Vacation Ownership Growth Strategy #1

Global Footprint in Premium Locations

Scottsdale, AZ

Orlando, FL
Maui, HIOahu, HIBig Island, HI

Kauai, HI
Las Vegas, NV

New York, NY
Aruba

Cancun, Mexico
Los Cabos, Mexico
Asia Pacific18Vacation Ownership Growth Strategy #1

Transforming Hyatt Vacation Ownership Business

1

Implement bestpractices2

3

4

Productenhancements

Capitalize on
development
opportunities

Optimizemarketingchannels

19

Vacation Ownership Growth Strategy #2

Unified Products and Enhancing Digital Capabilities
1

2

Unified product drives growth

Transform marketing, sales, and service with technology

Enhance internetbased marketing
campaigns

Invest in AI and data
science to improveself-service

Expand virtual sales
presentationss

Leverage data &analytics for more
efficient marketing20

Vacation Ownership Growth Strategy #3

Focusing on First-Time Buyer Growth
Increasing Sales toYounger Generations1

Other
~5%
Millennial&
GenX

Boomers~35%~60%

1. Based on 2023 contract sales. First-time buyers only.
2. 2016 – 2023.

Growing New Owners2~160K
First-time buyers
added since
2016

21

Vacation Ownership Growth Strategy #3

Repurchases Refresh Owner Base to Improve Margins and Satisfaction
Low-cost
repurchased
Refreshinventory
less engaged
ownersPoints owners
are

2.5x
as likely
to tour and2x
Increasedowner
engagement

Higherdevelopment
margins

1. Represents North America Marriott Vacation Club owners who stayed on-site. Based on full year 2023 results.

First-timebuyersreload multiple
times

as likely
to buy122

Vacation Ownership Growth Strategy #3

Adding Highly Engaged New Owners Drives Revenue Growth
Ongoing Relationship
Drives Future Revenue

Other Revenue

Financing

Development
Revenue

Development
RevenueManagement
Fees, Ancillary,
Rental, Other

Financing
Revenue

Potential
Incremental
Purchase

Initial Vacation
Ownership Purchase23

Exchange & Third-Party Management Business Growth Strategies

1

2

3

Increase share ofwallet with enhanced
product offerings

Expand distribution
channels

Grow affiliations andmanagement
contracts

24

Growing in Full Year 2024
Contract Sales($M)$1,880-1,930$1,772Adjusted EBITDA*
($M)

$761

Adjusted Free Cash Flow*($M)$760-800$400-450$348

Margin*

23%

2023

2024

2023

2024

CAGRs and Adjusted EBITDA margin calculated using the 2024 midpoint of guidance.
*Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted free cash flow are non-GAAP measures. For definitions and reconciliation, please see appendix.

2023

2024

25

Resilient, Well-Positioned Business
Executing on Proven Strategy▶ Proven resilient business model▶ Well-positioned products with iconic brands▶ Expansion through organic growth, acquisitions, andnew product lines▶ Enhancing value and efficiency with technology▶ High-margin businesses yielding substantial
adjusted free cash flow

IN SUMMARY

26

Appendix

A-1

Non-GAAP Financial Measures
In our presentation we report certain financial measures that are not prescribed by GAAP. We discuss our reasons for reporting these non-GAAP financial measures below and we have madefootnote references to them on the preceding pages. The financial schedules included herein reconcile the most directly comparable GAAP financial measure to each non-GAAP financial measurethat we report. Although we evaluate and present these non-GAAP financial measures for the reasons described below, please be aware that these non-GAAP financial measures have limitations
and should not be considered in isolation or as a substitute for revenues, net income or loss attributable to common stockholders, earnings or loss per share or any other comparable operating
measure prescribed by GAAP. In addition, other companies in our industry may calculate these non-GAAP financial measures differently than we do or may not calculate them at all, limiting theirusefulness as comparative measures.
We evaluate non-GAAP financial measures, including those described below, that exclude certain items in the periods indicated, and believe these measures provide useful information to investors
because these non-GAAP financial measures allow for period-over-period comparisons of our on-going core operations before the impact of these certain items. These non-GAAP financial measures
also facilitate the comparison of results from our on-going core operations before these items with results from other companies in our industry.
Earnings Before Interest Expense, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA. EBITDA, a financial measure that is not prescribed by GAAP, is defined as earnings, or
net income or loss attributable to common stockholders, before interest expense, net (excluding consumer financing interest expense associated with term loan securitization transactions), income
taxes, depreciation and amortization. Adjusted EBITDA reflects additional adjustments for certain items, as itemized in the discussion of Adjusted EBITDA in the following pages and excludes sharebased compensation expense to address considerable variability among companies in recording compensation expense because companies use share-based payment awards differently, both in
the type and quantity of awards granted. For purposes of our EBITDA and Adjusted EBITDA calculations, we do not adjust for consumer financing interest expense associated with term loan
securitization transactions because we consider it to be an operating expense of our business. We consider Adjusted EBITDA to be an indicator of operating performance, which we use to measure
our ability to service debt, fund capital expenditures, expand our business, and return cash to stockholders. We also use Adjusted EBITDA, as do analysts, lenders, investors and others, because thismeasure excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be dependent on a company’s
capital structure, debt levels and credit ratings. Accordingly, the impact of interest expense on earnings can vary significantly among companies. The tax positions of companies can also varybecause of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions in which they operate. As a result, effective tax rates and provisions for income
taxes can vary considerably among companies. EBITDA and Adjusted EBITDA also exclude depreciation and amortization because companies utilize productive assets of different ages and use
different methods of both acquiring and depreciating productive assets. These differences can result in considerable variability in the relative costs of productive assets and the depreciation andamortization expense among companies. We believe Adjusted EBITDA is useful as an indicator of operating performance because it allows for period-over-period comparisons of our on-going core
operations before the impact of the excluded items. Adjusted EBITDA also facilitates comparison by us, analysts, investors, and others, of results from our on-going core operations before the impactof these items with results from other companies.
Adjusted EBITDA Margin and Segment Adjusted EBITDA Margin. We evaluate Adjusted EBITDA margin and Segment adjusted EBITDA margin as indicators of operating performance. Adjusted
EBITDA margin represents Adjusted EBITDA divided by our total revenues less cost reimbursement revenues. Segment adjusted EBITDA margin represents Segment adjusted EBITDA divided by
the applicable segment’s total revenues less cost reimbursement revenues. We evaluate Adjusted EBITDA margin and Segment adjusted EBITDA margin and believe it provides useful information
to investors because it allows for period-over-period comparisons of our on-going core operations.

A-2

Expect to Generate Substantial Adjusted Free Cash Flow in 2024

($M)

Low

High

Adjusted EBITDA*

$760

$800

Cash interest

(150)

(145)

Cash taxes

(140)

(150)

Corporate capital expenditures

(65)

(85)

Inventory(10)-

Financing activity and other

5

30

$400

$450

Adjusted Free Cash Flow**Adjusted EBITDA and Adjusted Free Cash Flow are non-GAAP measures. For definitions and reconciliation, please see appendix.

A-3

Non-GAAP Financial Measures
2024(In millions)

Consolidated Adjusted EBITDA
Net income attributable to common stockholders
Interest expense
Provision for income taxes
Depreciation and amortization

Low$

EBITDA
Share-based compensation
Certain items
Transaction and integration costs
Litigation and other charges
Adjusted EBITDA
Total revenues excluding cost reimbursements
Adjusted EBITDA margin

265
163
119
143

High
$

300
158
134
143

690
37

735
37

20
13

15
13

$

760

$

800

$

3,380

$

3,450

22%

23%

A-4

Non-GAAP Financial Measures
Reportable Segments

Vacation

Exchange &Third-Party

Corporate(In millions)

Ownership

Management

and Other

Net income attributable to common stockholders
Interest expense
Provision for income taxes
Depreciation and amortization

$

$

$

EBITDA
Share-based compensation
Certain items (1)

777
93

93

Total

Management

Ownership

Management

87%

13%

31

870
8

124
2

(314)
21

680
31

994
10

5

4

41

50

9

Adjusted EBITDA

$

883

$

130

$

(252)

Total revenues
Less: cost reimbursements

$

4,468
(1,587)

$

262
(16)

$

(3)
42

Total revenues excluding cost reimbursements

$

2,881

$

246

$

39

Adjusted EBITDA margin% Vacation% Exchange &Third-Party

(616)
145
146
11

-

$

2023

VO and Exchange& Third-Party

$

$

254
145
146
135

$

870
124

761

$

1,013

4,727
(1,561)$

4,730(1,603)

3,166

$

3,127

52%

(1) Certain items for combined company in 2023 consisted of $37 million of transaction and integration costs (including $15 million of ILG integration related costs and$22 million of Welk acquisition and integration related costs), $8 million of purchase accounting adjustments, $13 million of litigation charges, $32 million of
impairment charges, $6 million of restructuring charges, $10 million of early redemption of senior secured notes, and $1 million of other charges, partially offset by $31
million of changes in indemnification asset, $9 million of insurance proceeds, $8 million of gains on dispositions, $6 million of foreign currency translation, and $3
million of other income.

A-5

Non-GAAP Financial Measures
Adjusted EBITDA Contribution. We calculate Adjusted EBITDA Contribution by calculating profit by revenue source (development, management and exchange, rental andfinancing) and then calculating profit by revenue source as a percentage of total profit, as reconciled herein. We consider Adjusted EBITDA Contribution to be an indicator ofoperating performance and believe it provides useful information to investors because it demonstrates the diversity of our business model and provides perspective regarding
how much of our total Adjusted EBITDA comes from each revenue source.

2023
Adjusted EBITDA

AdjustedContribution

Contribution % (1)(In millions)

Development profit
Management and exchange profit
Rental profit
Financing profit
Total

$

413
371
119
209

37%
33%
11%
19%

$

1,112

100%

(1) Represents the contribution toward Adjusted EBITDA for the listed profit lines.

A-6

Non-GAAP Financial Measures
Free Cash Flow and Adjusted Free Cash Flow. We evaluate Free cash flow and Adjusted free cash flow as liquidity measures that provide useful information to management
and investors about the amount of cash provided by operating activities after capital expenditures for property and equipment and the borrowing and repayment activity related
to our term loan securitizations, which cash can be used for, among other purposes, strategic opportunities including acquisitions and strengthening the balance sheet. Adjusted
free cash flow, which reflects additional adjustments to Free cash flow for the impact of transaction and integration charges, borrowings available from the securitization ofeligible vacation ownership notes receivable, changes in restricted cash, restructuring charges, certain project costs and capital expenditures, insurance proceeds, litigation
charges, and other adjustments, allows for period-over-period comparisons of the cash generated by our business before the impact of these items. Analysis of Free cash flow andAdjusted free cash flow also facilitates management’s comparison of our results with our competitors’ results.

(In millions)2024

Net cash, cash equivalents, and restricted cash provided by operating activities
Capital expenditures for property and equipment (excluding inventory)
Borrowings from securitizations, net of repayments
Securitized debt issuance costs

High

Low

Adjusted free cash flow
$

235
(65)
105
(11)

$

276
(85)
120
(12)

264

299

Net change in borrowings available from the securitization of eligible vacation ownership notes receivable (1)

110

125

Certain items (2)Change in restricted cash

26
-

22
4

Free cash flow
Adjustments:

Adjusted free cash flow

$

400

$

450

(1) Represents the anticipated net change in borrowings available from the securitization of eligible vacation ownership notes receivable
between the 2023 and 2024 year-ends.
(2) Certain items adjustment consists primarily of the after-tax impact of anticipated transaction and integration costs.

A-7

Non-GAAP Financial Measures(In millions)2023

Adjusted free cash flow
Net cash, cash equivalents, and restricted cash provided by operating activities
Capital expenditures for property and equipment (excluding inventory)
Borrowings from securitizations, net of repayments
Securitized debt issuance costs$

Free cash flow
Adjustments:

232
(118)
161
(12)
263

Capital expenditures (1)56Transaction, integration, and restructuring costs
Decrease in restricted cash

(2)

33
4

Net change in borrowings available from the securitization of eligible vacation ownership notes receivable (3)Insurance proceeds

(2)

(4)

Litigation charges and other

(7)
(5)

Adjusted free cash flow

1
$

348

(1) Represents adjustment to exclude capital expenditures, primarily related to our new global corporate headquarters in Orlando, FL.
(2) Represents adjustment to exclude the after-tax impact of transaction and integration costs, primarily in connection with the Welk
Acquisition and business restructuring.
(3) Represents the net change in borrowings available from the securitization of eligible vacation ownership notes receivable
between the 2022 and 2023 year-ends.
(4) Represents adjustment to exclude the after-tax impact of insurance proceeds.
(5) Represents adjustment to exclude the after-tax impact of litigation charges and miscellaneous other items which were primarily
related to a concession payment in Cancun and Maui wildfire recoveries.
A-8

Thank you.