INVESTOR PRESENTATIONJUNE 2021

Forward-Looking Statements
We refer throughout this presentation to the results from the business associated with the brands that existed prior to ouracquisition of ILG, Inc. (“ILG”) as “Legacy-MVW,” and we refer to the results from the business and brands that were acquired
from ILG as “Legacy-ILG.”
The Company cautions you that these statements are not guarantees of future performance and are subject to numerous risks
and uncertainties, including, without limitation, conditions beyond our control such as the length and severity of the current
COVID-19 pandemic and its effect on our operations, its short and longer-term impact on the demand for travel and consumer
confidence, and the availability and distribution of effective vaccines; the pace of recovery following the COVID-19 pandemic oras effective treatments or vaccines become widely available; the Company’s ability to manage and reduce expenditures in a low
revenue environment; volatility in the economy and the credit markets, changes in supply and demand for vacation ownershipproducts, competitive conditions, the availability of additional financing when and if required, and other matters disclosed under
the heading “Risk Factors” contained in the Company’s most recent Annual Report on Form 10-K filed with the U.S. Securities
and Exchange Commission (the “SEC”) and in subsequent SEC filings, any of which could cause actual results to differ
materially from those expressed in or implied in this presentation. These statements are made as of the date of issuance and theCompany undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
In this presentation we use 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 mostdirectly comparable GAAP financial measure to each non-GAAP financial measure that 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 weevaluate 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, earnings per share or any other comparable operating measure prescribed by GAAP. In addition, these non-GAAP
financial measures may be calculated and / or presented differently than measures with the same or similar names that arereported by other companies, and as a result, the non-GAAP financial measures we report may not be comparable to thosereported by others.
MARRIOTT VACATIONS WORLDWIDE I

2

Leading Provider of Vacation Experiences
Vacation Ownership
NearlyApproximately

7120

700,000

Iconic brands

Resorts

Owner families

Over

Leading
Upper Upscale& Luxury
Vacation
Ownership
Developer

Exchange and Third-Party Management
Serving

Nearly

Over

1.7M

3,200

160

Members

Exchange
Resorts

Properties
managedVacation Ownership Resorts and Owner Families include Welk Resorts, which are expected to be rebranded Hyatt
Residence Club.

MARRIOTT VACATIONS WORLDWIDE I

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AGENDAPowerful Business Model Driving Long-Term Growth• Ideally Positioned For Travel Recovery• Unique Business Model• Long-Term Growth Strategy

MARRIOTT VACATIONS WORLDWIDE I

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Ideally Positioned For Travel Recovery

100% focused on leisure travel

Timeshare owners are avid travelers with vested interests intheir vacations

Enviable owner base with large & attractive addressable market

Large square footage & in-room kitchens make properties
better suited for social distancing

Strong liquidity position with substantial cost saving opportunities

MARRIOTT VACATIONS WORLDWIDE I

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Highly Resilient Business Model
Adjusted EBITDA Contribution
Recurring~
Vacation
Ownership
Sales

Management andExchange28%

19%
Rentals~45%

36%

of Adjusted EBITDA
Contribution from
Recurring Sources

17%

Financing

Adjusted EBITDA Contribution is based on 2019 results and is a non-GAAP measure (see Appendix for definition).

MARRIOTT VACATIONS WORLDWIDE I

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Leisure Customers Are TravelingFirst Qtr.
2021

April
2021

May
2021

• Hawaii

64%

86%

94%

• Florida Beaches

93%

96%

96%

• South Carolina

91%

98%

99%

• Orlando, FL

64%

82%

83%

• Desert

66%

91%

85%

• Mountains

89%

81%

87%

• Newport Coast, CA

75%

98%

99%

• U.S. Virgin Islands

84%

93%

94%

SelectOccupancies:

Mountains include Utah, Colorado and California locations.
Desert includes Palm Desert, Phoenix, Scottsdale and Palm Springs.

MARRIOTTMARRIOTT VACATIONSVACATIONS WORLDWIDEWORLDWIDE II

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Most Contract Sales Historically Come From Guests
Staying on Property~80%

of Sales Come From
On-Property Guests

Vacationing

Other
20%

On-Property

50%
Package
Tours
30%

Based on 2019 contract sales
Other includes off-premise marketing channels (“OPC”), Linkage and other channels, a portion of which have been discontinued.

MARRIOTT VACATIONS WORLDWIDE I

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Contract Sales Continue to RecoverContract Sales($M)$345-355

226
178
140

Q3 2020

Q4 2020

Q1 2021

Q2 2021E

Q3 2020 to Q1 2021 exclude Welk Resorts, which was acquired on April 1, 2021.

MARRIOTT VACATIONS WORLDWIDE I

9Bookings Are Up in Second Half 2021 Compared toSame Time in 2019

Nights Booked(000’s)

2,354
2,021

H2 2019

H2 2021

Reflects Preview and Owner nights booked as of 6/8/2021 compared to the same time in 2019.
Nights booked excludes Welk Resorts, which was acquired on April 1, 2021.

MARRIOTT VACATIONS WORLDWIDE I

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Strong Liquidity Position . . .
As of March 31, 2021

• Available cash on hand

$432M

• Gross notes available for securitization
under warehouse facility$345M• Additional borrowing capacity underrevolving credit facility$598M

Nearly $1.4 Billion of Liquidity

Cash on hand and gross notes available for securitization under warehouse facility reflect acquisition of Welk Resorts on
April 1, 2021.

MARRIOTT VACATIONS WORLDWIDE I

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. . . With No Long-Term Debt Maturities Before Late 2022

Debt Maturity Schedule($M)$1,284

Revolving
Credit Facility

$825
$600
$500
$350

$230

2021

2022

2023

Convertible Notes

2024

2025

Unsecured Notes

2026

2027

Secured Notes

2028

2029

Term loan

Excludes $2M of outstanding Letters of Credit and after planned repayment of $500M of unsecured notes due 2026.

MARRIOTT VACATIONS WORLDWIDE I

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Now Targeting $200M+ Total Cost Savings~$55M+
To-Go Opportunities

ADDITIONAL
SAVINGS~$200M+
Total
Savings• Process consolidation• Digital transformation~$145M

1• Reduced applications

Synergies• IT platform optimization

COMPLETEDINITIATIVES• Infrastructure modernization• Duplicate Positions• Public company costs• Process alignment• G&A / infrastructure

September
2018

1. Run-rate synergies as of March 2021.

March
2021

MARRIOTT VACATIONS WORLDWIDE I

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AGENDAPowerful Business Model Driving Long-Term Growth• Ideally Positioned For Travel Recovery• Unique Business Model• Long-Term Growth Strategy

MARRIOTT VACATIONS WORLDWIDE I

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We Have a Broad, Diverse Portfolio
Strengthened by the ILG Acquisition
Vacation Ownership~88% of Revenues• Sales of vacation ownershipproducts & financing• Management & rentals

Exchange & Third-Party
Management~12% of Revenues• Exchange• Third-party management

MARRIOTT VACATIONS WORLDWIDE I

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More Diverse, Less Capital-Intensive Model
Then

Now

Business

Timeshare +Residences +Fractional

Timeshare + ExchangeMorediverseDevelopment
Model

Weeks-based

Points-based

Less capitalintensive

Sales
Centers

Site-specificSell the system

Perpetualsales centers

Funding

On balance
sheet

Capital-efficient

Solid free
cash flow

MARRIOTT VACATIONS WORLDWIDE I

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Large And Attractive Addressable Market– addressable>35M households
market in U.S. alone>$130k median annual income~740 FICO score$1.5M median net worth

MARRIOTT VACATIONS WORLDWIDE I

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High-Margin Exchange & Third-Party Management
Business Provides Strong Free Cash Flow
Adjusted EBITDA Contribution

Key Metrics
Interval International
Active Members

Third-Party
Management

1.5M

~20%

Average Revenue per
MemberExchange

~80%

$169

Capital Expenditures$13M
All numbers are based on 2019 except for Interval International members, which is based on 2020.
Adjusted EBITDA Contribution is a non-GAAP measure. For definition and reconciliation see Appendix.

MARRIOTT VACATIONS WORLDWIDE I

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Strong Performance Record
LegacyMVW Contract Sales($M)

LegacyILG Contract Sales($M)

Combined
Contract Sales
($M)

8%

CAGR

$1,524

7%

CAGR$1,112

$952

10%
CAGR

$719

$572
$393

2015

2019

2015

2019

2015

2019

MARRIOTT VACATIONS WORLDWIDE I

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A Powerful Free Cash Flow Engine

Adjusted Free Cash Flow
before Inventory and Capex$2.6B

Inventory Investment$1.0B

Shares Repurchased$1.0B

Adjusted Free Cash Flow

$1.4B

~90% Returnedto Shareholders

Cumulative 2015 to 2019. Free Cash Flow and Adjusted Free Cash Flow are non-GAAP measures. For definitions
please see appendix.

Capital Expenditure$0.2B

Dividends$0.2B

MARRIOTT VACATIONS WORLDWIDE I

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AGENDAPowerful Business Model Driving Long-Term Growth• Ideally Positioned For Travel Recovery• Unique Business Model• Long-Term Growth Strategy

MARRIOTT VACATIONS WORLDWIDE I

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Leveraging Strong License Relationships
Number of Loyalty Members
147M
112M
86M

25M

As of December 31, 2020.

MARRIOTT VACATIONS WORLDWIDE I

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Driving Growth with DigitalStrengthen Our
Digital Infrastructure

Grow Online
Tour Packages

Enhance Customer
Experiences

MARRIOTT VACATIONS WORLDWIDE I

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Acquired Brands Underrepresented in Major Markets• Las Vegas, NV• Orlando, FL• Maui, HI• Waikiki, HI• Big Island, HI• Urban• Key West, FL• Aruba• Cancun, Mexico• Los Cabos, Mexico• Asia PacificHyatt Residence Club includes Sirena del Mar by Welk Resorts, which is expected to be rebranded.

MARRIOTT VACATIONS WORLDWIDE I

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Focus on New Owners and Younger Generations
Increasing Sales
to Younger
Generations

Not Disclosed

Millennial& GenX

Growing New
OwnersNew Owner
Growth

10%

33%
57%

~95k
first-time buyers
added since 2016!!

Boomers

Based on 2019 contract sales.

MARRIOTT VACATIONS WORLDWIDE I

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Adding New Owners to the System Grows Revenue

Average Revenue Contribution of Initial Purchases
Through First Five Years
Other
Financing
Revenue

Development
Revenue

Financing
RevenueManagement
Fees, Ancillary,
Rental, Other

Additional
Purchase
Development
Revenue

Initial Vacation
Ownership PurchaseTotal Revenue
First Five Years

MARRIOTT VACATIONS WORLDWIDE I

26

Grow Exchange & Third-Party Management Business

Increase share ofwallet withenhanced productofferings

Expanddistribution
channels

Grow affiliations& management
contracts

MARRIOTT VACATIONS WORLDWIDE I

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Capturing Revenue Synergies From ILG Acquisition

Hotel
MarketingLocationsBest Practices

Call
Transfer

Volume per
Guest
(VPG)

Sales Excellence

MARRIOTT VACATIONS WORLDWIDE I

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Acquisition of Welk Resorts Provides Long-term
Growth and Margin Improvement
Plan to rebrandWelk to Hyatt
Residence Club

• Will expand number of Hyatt Residence Clubkeys by 90%• More than double number of Owners to ~80k
• 3+ years of built inventory

Increasedevelopment
profit• Replace high-cost marketing & sales channels• Leverage branded marketing channels• Introduce MVW’s sales training

Contract sales ($M)$150 - $160
$123

2019A

2023/4E

Development profit (%)
20% - 25%

Improverental profit

2%• Leverage more efficient Hyatt distribution channels

2019A

2023/4E

Adjusted EBITDA ($M)

Capture costsynergies• Leverage existing infrastructure to eliminate
redundancies and deliver cost savings• Opportunity to drive exchange savings throughInterval International$60 - $70
$29

2019A
Welk 2019 financials.

2023/4E

MARRIOTT VACATIONS WORLDWIDE I

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Linking All Marriott-Branded Vacation Ownership Resorts
Today
TargetFutureProduct FormMARRIOTT VACATIONS WORLDWIDE I

30

IN SUMMARY

Well Positioned For Travel Recovery

100% focused on leisure travel

Timeshare owners are avid travelers with vested interests intheir vacations

Enviable owner base with large & attractive addressable market

Large square footage & in-room kitchens make properties
better suited for social distancing

Strong liquidity position with substantial cost saving opportunities

MARRIOTT VACATIONS WORLDWIDE I

31

APPENDIXMARRIOTT VACATIONS WORLDWIDE I A-1

Non-GAAP Financial Measures
In our presentation we report certain financial measures that are not prescribed by United States generally accepted accounting principles ("GAAP"). We discuss below our reasons for reportingthese non-GAAP financial measures, and we’ve made footnote references to them on the preceding pages. Although we evaluate and present these non-GAAP financial measures for the reasonsdescribed 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 any othercomparable operating measure prescribed by GAAP. In addition, these non-GAAP financial measures may be calculated and / or presented differently than measures with the same or similarnames that are reported by other companies, and as a result, the non-GAAP financial measures we report may not be comparable to those reported by others.
We evaluate non-GAAP financial measures, including Adjusted EBITDA and Adjusted Free Cash Flow, that exclude certain items such as cost reimbursements, acquisition related, organizationaland separation related, litigation, and other charges, because these non-GAAP financial measures allow for period-over-period comparisons of our on-going core operations before the impact ofthese items. These non-GAAP financial measures also facilitate our comparison of results from our on-going core operations before these items with results from other vacation ownershipcompanies.
Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization (“Adjusted EBITDA”). We define Adjusted EBITDA as earnings, or net income or loss attributable tocommon shareholders, before interest expense (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 Company’s most recent Annual Report on Form 10-K filed with the U.S.
Securities and Exchange Commission (the “SEC”) and in subsequent SEC filings, and excludes share-based compensation expense to address considerable variability among companies inrecording 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 ourbusiness. We consider Adjusted EBITDA to be an indicator of operating performance, which we use to measure our ability to service debt, fund capital expenditures and expand our business. We
also use Adjusted EBITDA, as do analysts, lenders, investors and others, because this measure excludes certain items that can vary widely across different industries or among companies within thesame 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 varysignificantly among companies. The tax positions of companies can also vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the jurisdictions inwhich they operate. As a result, effective tax rates and provision for income taxes can vary considerably among companies. EBITDA and Adjusted EBITDA also exclude depreciation andamortization 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 and amortization 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 impact of these items with results from other vacation companies.
Free Cash Flow, Adjusted Free Cash Flow and Total Cash Flow. We evaluate Free Cash Flow as a liquidity measure that provides useful information to management and investors about theamount of cash provided by operating activities after capital expenditures for property and equipment (excluding inventory) and the borrowing and repayment activity related to our securitizations,which cash can be used for strategic opportunities, including acquisitions and strengthening the balance sheet. Adjusted Free Cash Flow and Total Cash Flow, which reflects additional adjustments
to Free Cash Flow for the impact of borrowings available from the securitization of eligible vacation ownership notes receivable, acquisition and restructuring charges, and changes in restricted cash,
allows for period-over-period comparisons of the cash generated by our business before the impact of these items. Analysis of Free Cash flow and Total Cash Flow also facilities management’s
comparison of our results with our competitors’ results.

MARRIOTT VACATIONS WORLDWIDE I A-2
A-33

Non-GAAP Financial Measures
Revenues Excluding Cost Reimbursements. Cost reimbursements revenue includes direct and indirect costs that property owners' associations and joint ventures we participate in reimburse to us,
and relates, predominantly, to payroll costs where we are the employer. As we record cost reimbursements based upon costs incurred with no added markup, this revenue and related expense has no
impact on net income attributable to us because cost reimbursements revenue net of reimbursed costs expense is zero. We consider revenues excluding cost reimbursements to be a meaningful
metric as it represents that portion of revenue that impacts net income attributable to us.

(In millions)

Revenues
Sale of vacation ownership productsManagement and exchange
RentalFinancing
Cost reimbursements
Total revenues
Less: cost reimbursements
Total revenues excluding cost reimbursements

Exchange &Third Party

Vacation Corporate andOwnership
Other

$

$

298
61
4
91
454
(91)
363

1,390
509
562
271
1,137
3,869
(1,137)
2,732

$

147
5
(120)
32
120
152

VO and Exchange& Third Party
Adjusted

2019
Total
$

1,390
954
628
275
1,108
4,355
(1,108)
3,247

$

1,390
807
623
275
1,228
4,323
(1,228)
3,095% Vacation
Ownership
Revenues% Exchange andThird Party
Revenues

88%

12%

Adjusted EBITDA Profit. We calculate Adjusted EBITDA Profit by dividing segment or total company Adjusted EBITDA, where applicable, by segment or total company revenues excluding cost
reimbursements, where applicable. We consider Adjusted EBITDA Profit to be an indicator of operating performance for our segments and total company, and believe it provides useful information toinvestors, because it demonstrates the diversity of our business model and provides perspective regarding how much of our total Adjusted EBITDA Profit comes from each segment and the totalcompany.
Adjusted EBITDA Contribution. We calculate Adjusted EBITDA Contribution by adding up the results of operations from our Development, Resort management / Management and exchange, Rental
and Financing businesses, excluding allocations for general and administrative costs, royalty fees, and add backs for share-based compensation and depreciation, and then dividing that result by eachbusiness’ results of operations, as reconciled herein. We consider Adjusted EBITDA Contribution to be an indicator of operating performance for our collective and separate businesses, 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 of
our businesses.
.

(In millions)
Development profit
Management and exchange profit
Rental profit
Financing profit
Total adjusted EBITDA profit
(1)

2019
Adjusted
EBITDA Profit**
$

$

316
404
212
179
1,111

Adjusted
EBITDA Margin**Contribution(1)
28%
36%
19%
16%
100%

Represents the contribution toward Adjusted EBITDA.

The company now refers to Development Margin as Development profit. While the calculation remains unchanged, the company believes
the revised term better depicts the financial results being presented

MARRIOTT VACATIONS WORLDWIDE I A-3
A-34

Cumulative Adjusted Free Cash Flow – 2015 through 2019
(In millions)

Net cash provided by operating activities
Capital expenditures for property and equipment (excluding inventory):
Other
1
Investment in operating portion of Surfers Paradise hotel that will be sold
Change in restricted cash
Borrowings from securitization transactions
Repayment of debt related to securitizations
Free cash flow
Adjustments:
ILG acquisition-related costs
Litigation charges
Inventory / other payments associated with capital efficient inventory arrangements
Net insurance proceeds from business interruption claims
Borrowings from non-traditional securitization transaction
Organizational and separation-related, litigation and other charges
Proceeds from sale of operating portion of Surfers Paradise hotel

$

2015
109

3

2018
$

97

$

2019
382

Cumulative
$
871

(40)
539
(382)
214

(46)
1,026
(880)
482

(183)
(47)
42
2,597
(2,156)
1,124

8

-

-

162
18
(33)
(57)
-

81
22
(27)
(41)
(59)
-

243
40
(60)
(98)
(59)
8

47

-

-

-

-

47

66

-

-

-

-

66

-

-

6
(31)

(21)
58

(15)
135

68

$

2017
142
(26)
400
(293)
223

-

4

receivable
Change in restricted cash
Adjusted free cash flow

$

(35)
5
377
(323)
165

2

Other
Borrowings available from the securitization of eligible vacation ownership notes

2016
141

(36)
(47)
37
255
(278)
40

1

Accelerated payment of liability for Marriott Rewards customer loyalty program

$

229

(5)

$

160

45

$

(15)
253

$

(14)
265

$

(31)
464

$

(60)
1,371

NOTE: Beginning in fiscal year 2017, we now present the change in restricted cash as an adjustment to free cash flow, rather than including the change in restricted cash in free cash flow, but have not restated prior year presentation for thischange.
1Represents the estimated investment in, as well as the proceeds from the subsequent sale of, the operating portion of the Surfers Paradise hotel.

2

Represents the portion of the Q1 2016 liability for Marriott Rewards customer loyalty program payment that was accelerated into Q4 2015.

32018 - primarily an adjustment to exclude losses resulting from fraudulently induced electronic wire payment disbursements made to third parties; 2019 - primarily $21 million to exclude prior year Legacy-ILG net tax refunds and $2 million
recovery of a portion of the fraudulently induced electronic payment disbursements made in 2018, offset partially by $2 million of integration related IT costs.

4

Represents the net change in borrowings available from the securitization of eligible vacation ownership notes receivable between year ends.

Adjusted Free Cash Flow is a non-GAAP measure. For definition, please see A-2.

MARRIOTT VACATIONS WORLDWIDE I A-4
A-35