Investor
Presentation
August 3, 2023

Forward-Looking Statements
We refer throughout this presentation to the business acquired by our acquisition of Welk Resorts as “Legacy Welk.”
This presentation and accompanying schedules contain “forward-looking statements” within the meaning of federal securities laws, including statements about expectations for future growth andprojections for full year 2023. 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 thatthese 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: the effects ofhealth crises, including their short and longer-term impact on consumer confidence and demand for travel, and the pace of recovery following a future health crisis; variations in demand forvacation ownership and exchange products and services; worker absenteeism; price and wage inflation; global supply chain disruptions; volatility in the international and national economy andcredit markets; impact of the current or a future banking crisis; the ongoing war between Russia and Ukraine and related sanctions and other measures; our ability to attract and retain our global
workforce; competitive conditions; the availability of capital to finance growth; the impact of rising interest rates; political or social strife; difficulties associated with implementing new or maintaining
existing technology; changes in privacy laws, and other matters referred to under the heading “Risk Factors” in our most recent Annual Report on Form 10-K, and which may be updated in ourperiodic 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 forward-looking 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 this time or that we currently do not expect will have a material adverse effect on our financial position, results of operations or cash flows. Any such risks could cause ourresults 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 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 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 substitutefor revenues, net income or loss attributable to common shareholders, 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 their usefulness as comparative measures.
Alignment. In the third quarter of 2022, in connection with the unification of our Marriott-, Westin-, and Sheraton-branded vacation ownership products under the Abound by Marriott Vacations
program, we aligned our contract terms for the sale of vacation ownership products, resulting in the prospective acceleration of revenue from the sale of Marriott-branded vacation ownershipinterests. In addition, in the third quarter of 2022 we aligned our reserve methodology on vacation ownership notes receivable for these brands, resulting in a decrease in the reserve for the acquired
notes offset by an increase in the reserve for the originated notes. Together, these changes are herein referred to as the “Alignment.”
Brands. We also refer to brands that we own, as well as those brands that we license, as our brands. All brand names, trademarks, service marks, and trade names cited in this presentation are theproperty 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 indicate in 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 – ~85% 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 – ~15% of Adjusted EBITDA Contribution*• Exchange~1.6M

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

Premier

Exchange Company

All values as of 12/31/2022 and Adjusted EBITDA contribution based on FY 2022 and is adjusted for the $51M impact of the Alignment.
*Adjusted EBITDA contribution and Adjusted EBITDA as Adjusted for the Alignment are non-GAAP measures. For definition and reconciliation, please see appendix.

>90
Countries and Territories

4

Evolving and Resilient Business ModelPre 2011

Today

Outcome

Brand
Expansion

3 brands

7 brands

Strong consumer
demographic/ New
Marriott/Hyatt programs

Product

Timeshare + residence +fractional ownership

Timeshare +exchange

Diverse cash flow

Deededweeks-basedPrimarily points-based

Capital efficientSite-specific“Sell the system”

Perpetual sales centers
across system and more
efficient marketing channels

Capital intensive
weeks-based product

Little near-term
construction
Limited exposure tovariable rate debt

High margins andfree cash flow

Development
Model
Sales Centers

Inflation5

Large and Attractive Addressable Market and Customer Base
Vacation Ownership

~43M
~735

~$125K$1.5M
1.

Households – addressable
market in U.S. alone1

FICO score

Median annual income

Median net worth

Based on 2021 data from the American Community Survey.

6

On-Site Guests Drive Sales
Most Vacation Ownership
Sales Come from
On-Property Guests1

High Resort
Occupancy
88%

82%

89%

89%

~85%
from resort
guests2019

2021

1. Sales from resort guests based on 2022 contract sales.

2022

YTD
2023

7

High-Margin Exchange and Third-Party Management Business with
Low Capital Intensity$148M
Segment
Adjusted EBITDA*

2%

55%

Capital Expenditure
as % of Revenue (excluding
Cost Reimbursements)

Segment
Adjusted EBITDA Margin*

All numbers represent FY 2022.
*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

15%

15%

Financing

Rentals

All numbers are approximate.
*Adjusted EBITDA Contribution is based on 2022 results as adjusted for the $51M Alignment and is a non-GAAP measure. For definition and reconciliation, please see appendix.

9

Well Positioned To Continue Rapid Growth

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 w/ iconic brands• Flexible and resilient to changing
work trends

Industry

10Strong Liquidity Position
As of June 30, 2023
Available cash on hand

$242M

Gross notes available for securitization$59M

Additional borrowing capacity under revolving credit facility 1$685M~$1.0 Billion of Liquidity1

1.

Excludes $1 million of outstanding Letters of Credit.

11Conservative Balance Sheet with Interest Rates Primarily Fixed
Fixed vs Floating Rate Debt2

Debt Maturity Schedule($M)

Floating$1,32510%$685(cost: 6.9%)

Revolving
CreditFacility1

$784
$575

$65

$500
$350

$575

Fixed

90%
(cost: 3.2%)

2023

2024

Convertible notes

2025

2026

2027

Unsecured notes
Drawn portion of revolver

2028

2029

Term loan

Net corporate debt: $2.8B
at 3.6% weighted average cost

All numbers as of 6/30/2023 and exclude finance leases, non-interest-bearing note for Bali, and non-recourse securitized debt. Net corporate debt is net of unamortized debt issuance costs.
1.
Excludes $1 million of outstanding Letters of Credit.
2. Fixed rate includes hedged portion of Term Loan B, $250 million of which will mature in September 2023 and $300 million of which will mature in April 2024 for a total $550M hedged. Pro forma for thematurity of the hedges, the weighted average cost of corporate debt would have been 4.1%.

12

Disciplined Capital Allocation Model

Q2 2023
EndingLeverage ofStrong Free Cash Flow
Generations

3.1x
Additionalorganic
growthStrategic
M&A

Returncapital toshareholders• Inventory acquisition• Bolt-on to existing• Share repurchases• Technology investment• New leisure-related
opportunities• Dividends

Total net leverage as of 6/30/2023. Calculated using gross corporate debt minus cash, divided by last twelve months Adjusted EBITDA (excluding the $51 million Alignment impact).

13

Well Positioned to Face Recessionary Challenges✓ Strong customer base
✓ Vacations are “pre-paid,” driving high resort occupancy rates✓ The Interval International exchange model performs well in typical recessionary periods✓ Minimal inventory commitments and debt maturities for the next few years✓ Ability to adjust sales incentives

14

Driving Sustained
Long-Term Growth
Unique and resilient business model
Consistent and sustainable growth15

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

16

Driving Vacation Ownership Growth

1

2

3

4

Leveraging ourBrands to Drive
GrowthIntegrate Digital
Experience &Enhance Service for
Next Generation ofTravelersTechnology-Driven
Sales andMarketing GrowthHigh Owner
Engagement with
Customer-Driven
Product Strategies
17

Vacation Ownership Growth Strategy #1

Leveraging Strong License Relationships
Number of Loyalty Members
186M

166M
103M

36M

Marriott, Hilton, and Wyndham as of June 30, 2023. Hyatt as of December 31, 2022.

18

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 PacificHyatt Vacation Ownership includes Sirena del Mar, a legacy Welk resort in Los Cabos, which will be rebranded..

19

Vacation Ownership Growth Strategy #1

Transforming Hyatt Vacation Ownership Business

1

2

3

4

Implement bestpractices

Productenhancements

Capitalize on
development
opportunities

Optimizemarketingchannels

20

Vacation Ownership Growth Strategy #2

Vacation Next – Multi-Year Transformation for Key Advantages
1

Unify products and New Owner Program

2

Create integrated digital experience for
associates and owners

3

Transform marketing, sales and service

Screenshot is a prototype and does not reflect the final user experience.

21

Vacation Ownership Growth Strategy #3

Initiatives to Optimize Direct Marketing

Expandedaccess tomembers

Enhancing
digital program
efficiency

DigitalPrograms

Moderncampaign
management
tools

CRM
implementation
acrossbusiness

Improvingperformanceacross allchannels

Advanced
Analytics

22

Vacation Ownership Growth Strategy #4

Focusing on First Time Buyer Growth
Increasing Sales toYounger Generations1

Other
~5%
Millennial&
GenX

Boomers
~35%

1.
2.

~60%

Q2 2023 YTD contract sales. First time buyers only.
2016 – Q2 2023. Includes legacy Welk since acquisition.

Growing New Owners2~150K
First-time buyers
added since
2016

23

Vacation Ownership Growth Strategy #4

Adding Highly Engaged New Owners Drives Revenue Growth
Average Revenue Contribution of Initial Purchases
Through First Five Years

Other
Financing
Development
Revenue

Financing
RevenueManagement
Fees, Ancillary,
Rental, Other

Additional
Purchase
Development
Revenue

Initial Vacation
Ownership Purchase

For illustrative purposes only.

Total Revenue
First Five Years

24

Exchange & Third-Party Management Business Growth Strategies

1

2

3

Increase share ofwallet with enhanced
product offerings

Expand distribution
channels

Grow affiliations andmanagement
contracts

25

Growing Contract Sales and Adjusted EBITDAFY Contract SalesFY Adjusted EBITDA*($M)$1,837($M)$1,840-1,900$1,524

2019

2022

2023

1. Excludes $51 million of Alignment benefit. Including the Alignment, FY 2022 Adjusted EBITDA was $966 million.
*Adjusted EBITDA and the Alignment are non-GAAP measures. For definition and reconciliation, please see appendix.

$915
$758

ExcludesAlignment
Benefit 1*

2019

2022

$880-910

2023

26

Expect to Generate Substantial Adjusted Free Cash Flow in 2023

($M)

Low

High

Adjusted EBITDA*

$880

$910

Cash interest

(120)

(120)

Cash taxes

(190)

(200)

Corporate capital expenditures

(65)

(75)

Inventory

80

105

Financing activity and other

(45)

(20)

$540

$600

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

27

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

28

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 made footnote references to themon the preceding pages. The financial schedules included herein reconcile the most directly comparable GAAP financial measure to each non-GAAP financial measure that 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 shareholders, 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 their usefulness 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 nonGAAP financial measures allow for period-over-period comparisons of our on-going core operations before the impact of these items. These non-GAAP financial measures also facilitate the comparison of results from ouron-going core operations before these items with results from other vacation ownership companies.
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 shareholders, 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 share-based 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 shareholders. 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 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 ofcompanies can also vary because 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 bothacquiring 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 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 comparisonsof our on-going core operations.
Alignment. In the third quarter of 2022, in connection with the unification of our Marriott-, Westin-, and Sheraton-branded vacation ownership products under the Abound by Marriott Vacations program, we aligned ourcontract terms for the sale of vacation ownership products, resulting in the prospective acceleration of revenue from the sale of Marriott-branded vacation ownership interests. In addition, in the third quarter of 2022 wealigned our reserve methodology on vacation ownership notes receivable for these brands, resulting in a decrease in the reserve for the acquired notes offset by an increase in the reserve for the originated notes. Together,
these changes are herein referred to as the “Alignment.”
Results as Adjusted. In our presentation and schedules we provide “as adjusted” results for comparison. The “as adjusted” results exclude any impacts to our reported results on a GAAP basis due to the Alignment. We
provide this “as adjusted” information because we believe that it facilitates the comparison of results from our on-going core operations before the impact of the Alignment. We believe that the “as adjusted” results provide
useful information to assist with period-over-period comparisons of our on-going operations excluding any impact from the Alignment.

A-2

Non-GAAP Financial Measures2023(In millions)

Consolidated Adjusted EBITDA

2019

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

EBITDA
Share-based compensation
Certain items
Litigation charges
Transaction and integration costs
Impairment charges(1)

Miscellaneous other adjustments
Purchase accounting adjustments
Adjusted EBITDA

$

138
132
83
141

Low
$

355
145
163
135

High
$

375
145
173
135

494
37

798
37

828
37

7
119
99

10
50
4

10
50
4

(15)
17

(33)
14

(33)
14

758

$

880

$

910

(1) 2019 includes $19 million of dispositions, $9 million of hurricane business interruption insurance
claims, and $3 million from the partial recovery of fraudulently induced payments, partially offset by $1
million of other severance costs and $15 million of integration-related tax matters and othermiscellaneous expenses.

A-3

Non-GAAP Financial Measures
Reportable Segments
As Adjusted (1)(In millions)

Net income attributable to common shareholders
Interest expense
Provision for income taxes
Depreciation and amortization
EBITDA
Share-based compensation
Certain items (2)Adjusted EBITDA
Total revenues
Less: cost reimbursements
Total revenues excluding cost reimbursements

Vacation

2022

Vacation
Ownership

Exchange &Third-Party

Corporate

Ownership
$
961
92
1,053
7
(27)
$
1,033

Alignment
$
(38)
(13)
(51)
$
(51)

As Adjusted (1)
$
923
(13)
92
1,002
7
(27)
$
982

Management
$
132
31
163
2
(17)
$
148

and Other
$
(702)
118
191
9
(384)
30
139
$
(215)

$

$

$

$

$

$

4,342
(1,388)2,954

Adjusted EBITDA margin

$

(39)
(39)

$

4,303
(1,388)
2,915

291
(23)
268

$

$

23
44
67

2022
Total
353
118
178
132
781
39
95
$
915

$

$

4,617
(1,367)3,250

VO and Exchange& Third-Party
Management
1,055(13.00)
123
1,165
9
(44)
$
1,130

% Vacation% Exchange &Third-Party

Ownership

Management

87%

13%

92%

8%

$

$
$

4,594
(1,411)
3,183

55%(1) As adjusted for the impact of the Alignment, as defined in A-2.
(2) Certain items for combined company in 2022 consisted of $125 million of transaction and integration costs (including $82 million of ILG integration related costs, $16 million of other integration
costs, $14 million of Welk Acquisition and integration related costs, and $13 million of other transaction costs), $11 million of purchase accounting adjustments, $11 million of litigation charges, $2
million of impairment charges, and $6 million of miscellaneous other adjustments, partially offset by $40 million of gains and other income, $12 million of change in estimate relating to preacquisition contingencies, $6 million of revenue associated with expired or forfeited deposits on pre-acquisition preview packages, and $2 million of revenue associated with an early terminationof a VRI management contract.

A-4

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.

2022
Adjusted EBITDA
Contribution(In millions)

Development profit
Management and exchange profit
Rental profit
Financing profit
Total

Adjusted

Adjusted EBITDA
Alignment

Contribution as Adjusted(1)

Contribution %

$

522
383
169
218

$

(32)
(19)

$

490
383
169
199

39%
31%
14%
16%

$

1,292

$

(51)

$

1,241

100%

(1,2)

(1) As adjusted for the impact of the Alignment, as defined in A-2.
(2) Represents the contribution toward Adjusted EBITDA for the listed profit lines.

A-5

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, impact of borrowings available from thesecuritization 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 Adjusted free cash flow also facilitates management’s comparison of ourresults with our competitors’ results.

(In millions)

2023
Low

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 securitization transactions
Repayment of debt related to securitization transactions
Securitized debt issuance costs$

Free cash flow
Adjustments:
Net change in borrowings available from the securitization of eligible vacation ownership notes receivable (1)Certain items, net of taxes:
Litigation charges
Transaction and integration costs
Change in restricted cash
Adjusted free cash flow

$

360
(110)
750
(660)
(12)

High
$

395
(125)
800
(670)
(12)

328

388

120

120

10
82
-

10
82
-

540

$

600

(1) Represents the net change in borrowings available from the securitization of eligible vacation ownership notes receivable between the2022 and 2023 year ends.
A-6

Thank you.