#1+ INVESTOR PRESENTATION November/December 2023 CLUB WYNDHAM PARK CITY 范盒 TRAVEL+ LEISURE#2Presentation of Financial Information Financial information discussed in this presentation includes non-GAAP measures such as Adjusted EBITDA, Adjusted EBITDA margin, Adjusted diluted EPS, Adjusted free cash flow, Adjusted free cash flow conversion, gross VOI sales and Adjusted net income, which include or exclude certain items, as well as non-GAAP guidance. 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 when considered with GAAP measures as an additional tool for further understanding and assessing the Company's ongoing operating performance by adjusting for items which in our view do not necessarily reflect ongoing 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. See the appendix to this presentation for definitions of these Non-GAAP measures, and full reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures where applicable. The Company may use its website as a means of disclosing information concerning its operations, results and prospects, including information which may constitute material nonpublic information, and for complying with its disclosure obligations under SEC Regulation FD. Disclosure of such information will be included on the Company's website in the Investor Relations section at travelandleisureco.com/investors. Accordingly, investors should monitor that Investor Relations section of the Company website, in addition to accessing its press releases, its submissions and filings with the SEC, and its publicly noticed conference calls and webcasts. About Travel + Leisure Co. As the world's leading membership and leisure travel company, Travel + Leisure Co. (NYSE:TNL) transformed the way families vacation with the introduction of the most dynamic points-based vacation ownership program at Club Wyndham, and the first vacation exchange network, RCI. The company delivers more than six million vacations each year at 245+ timeshare resorts worldwide, through tailored travel and membership products, and via Travel + Leisure GO - the signature subscription travel club inspired by the pages of Travel + Leisure magazine. With hospitality and responsible tourism at the heart of all we do, our 18,000+ dedicated associates bring out the best in people and places around the globe. We put the world on vacation. Learn more at travelandleisureco.com. Forward-Looking Statements This presentation includes "forward-looking statements" as that term is defined by the Securities and Exchange Commission ("SEC"). Forward-looking statements are any statements other than statements of historical fact, including statements regarding our expectations, beliefs, hopes, intentions or strategies regarding the future. In some cases, forward-looking statements can be identified by the use of words such as "may," "will," "expects," "should," "believes," "plans," "anticipates," "estimates,” “predicts," "potential," "continue," "outlook," or other words of similar meaning. Forward-looking statements are subject to risks and uncertainties that could cause actual results of Travel + Leisure Co. and its subsidiaries (“Travel + Leisure Co.” or “we”) to differ materially from those discussed in, or implied by, the forward-looking statements. Factors that might cause such a difference include, but are not limited to, risks associated with: the acquisition of the Travel + Leisure brand and the future prospects and plans for Travel + Leisure Co., including our ability to execute our strategies to grow our cornerstone timeshare and exchange businesses and expand into the broader leisure travel industry through new business extensions; our ability to compete in the highly competitive timeshare and leisure travel industries; uncertainties related to acquisitions, dispositions and other strategic transactions; the health of the travel industry and declines or disruptions caused by adverse economic conditions (including inflation, higher interest rates, and recessionary pressures), terrorism or acts of gun violence, political strife, war (including hostilities in Ukraine and the Middle East), pandemics, and severe weather events and other natural disasters; adverse changes in consumer travel and vacation patterns, consumer preferences and demand for our products; increased or unanticipated operating costs and other inherent business risks; our ability to comply with financial and restrictive covenants under our indebtedness; our ability to access capital and insurance markets on reasonable terms, at a reasonable cost or at all; maintaining the integrity of internal or customer data and protecting our systems from cyber-attacks; uncertainty with respect to potential resurgences of the novel coronavirus global pandemic ("COVID-19") and its impacts; the timing and amount of future dividends and share repurchases, if any; and those other factors disclosed as risks under "Risk Factors" in documents we have filed with the SEC, including in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 22, 2023. We caution readers that any such statements are based on currently available operational, financial and competitive information, and they should not place undue reliance on these forward-looking statements, which reflect management's opinion only as of the date on which they were made. Except as required by law, we undertake no obligation to review or update these forward-looking statements to reflect events or circumstances as they occur. TRAVEL+ LEISURE 21#3WE PUT THE WORLD ON VACATION Our mission TRAVEL+ LEISURE ABICA DE DUARTE BELO#4The Travel + Leisure Co. Story Resilient Business. Strong FCF and Capital Returns. Proven Resilient Business Model TRAVEL+ LEISURE Favorable Timeshare Reality Market Dynamics vs. Perception Expanding Platform Strong Margins and FCF Robust Capital Returns 4#5PROVEN RESILIENT FAVORABLE TIMESHARE BUSINESS MODEL MARKET DYNAMICS REALITY VS. PERCEPTION EXPANDING PLATFORM MARGARITAVILLE VACATION CLUB BY WYNDHAM ATLANTA Proven Resilient Business Model TRAVEL+ LEISURE STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS IN 5 LO#6TRAVEL+ LEISURE PROVEN RESILIENT BUSINESS MODEL FAVORABLE MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION EXPANDING PLATFORM STRONG MARGINS ROBUST CAPITAL AND FCF RETURNS Leading Membership & Leisure Travel Company At a Glance Revenue mix (2) Key Financials 2022 Net Revenue $3.6bn Gross VOI Sales (1) $2.0bn Adj. EBITDA (1) $859mn 21% Adj. Free Cash Flow (1) $439mn Key Facts 2022 79% Timeshare Resorts 245+ Timeshare Owners 816K Affiliated Exchange Resorts 4,100+ Avg. Exchange Members 3.5mn Vacation Ownership Travel and Membership (1) Non-GAAP measure: see appendix for definition and reconciliation. (2) Mix of reportable segment activity. 6 00#7TRAVEL+ LEISURE PROVEN RESILIENT FAVORABLE BUSINESS MODEL MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION EXPANDING PLATFORM STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS 3Q 2023 Results THREE MONTHS ENDED 9/30/2023 $ Net Revenue $986M $ W Gross VOI Sales (1) $598M + Adj. EBITDA (1) $248M Adj. Diluted Earnings Per Share (1) $1.54 +5% YOY growth +8% YOY growth +6% YOY growth (1) Non-GAAP measure: see appendix for definition and reconciliation. +20% YOY growth 7#8PROVEN RESILIENT BUSINESS MODEL FAVORABLE MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION EXPANDING PLATFORM STRONG MARGINS AND FCF Resilient Business with Strong Adjusted EBITDA Margins Vacation Ownership Segment Adjusted EBITDA Margin (1) TRAVEL+ LEISURE 16% 16% 25% (2) 22% 22% ROBUST CAPITAL RETURNS VO Adjusted EBITDA Margin % 30% 25% 23% 23% 20% 15% 10% 7% The Great Recession 5% COVID-19 0% 2007 2008 2009 2010 2011-2019 2020 2021 2022 2007 1,993 2008 1,987 2009 2010 2011-2019 2020 2021 1,315 1,464 1,988 (2) 967 1,491 2022 1,982 Gross VOI (¹) (1) Non-GAAP measure: see appendix for definition and reconciliation. (2) Average from 2011-2019. 8 00#9PROVEN RESILIENT BUSINESS MODEL FAVORABLE MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION EXPANDING PLATFORM STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS Strong Credit Quality Average FICO Score on New Originations 800 Average Interest Rate FICO 18.0% 17.0% 735 736 736 725 725 726 16.0% 700 691 683 14.7% 14.7% 14.6% 15.0% 13.9% 14.0% 13.1% 12.9% 12.7% 12.5% 13.0% 600 12.0% 11.0% 500 10.0% 2007 2008 2009 2010 2011-2019 2020 2021 2022 TRAVEL+ LEISURE 9#10TRAVEL+ LEISURE PROVEN RESILIENT BUSINESS MODEL FAVORABLE MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION EXPANDING PLATFORM STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS Predictable and/or Recurring Revenue ($ in millions) $3,567 Primarily New Vacation Owner Sales and Travel Club transactions Travel and Membership subscription revenue Booking revenue from exchange members $2.9B loan portfolio; Fixed interest rates Management fees from 245+ resorts; 98% contract retention 25+ years of data proves owners consistently upgrade Other $827 23% Subscription Revenue 5% $184 Exchange Transactions 10% $348 Consumer Financing 12% $406 Property Management 21% $763 VOI Upgrade Sales $1,039 29% 2022 >75% of Revenue in 2022 Predictable and/ or Recurring 10#11TRAVEL+ LEISURE PROVEN RESILIENT BUSINESS MODEL FAVORABLE MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION EXPANDING PLATFORM STRONG MARGINS AND FCF Embedded Revenue Potential of Existing Owner Base Ten year cumulative revenue potential, not discounted $12.5B Gross VOI Sales¹ Owner upgrade potential of current members over next ten years $4.5B Financing ROBUST CAPITAL RETURNS $2.3B Club & Resort Management Interest revenue on existing portfolio and potential upgrade loans over next ten years $19.3B Total Total Club & Resort Management Fees over next ten years (1) Gross VOI, a forward looking non-GAAP measure, the reconciliation of which is not available without unreasonable effort. See appendix for definition. Information provided as of September 10, 2021; this is not intended to update such outlook or guidance or to reflect any facts, circumstances or other factors occurring since the date of our previous public disclosure of such outlook or guidance. 11#12PROVEN RESILIENT FAVORABLE BUSINESS MODEL MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION Favorable Market Dynamics TRAVEL+ LEISURE EXPANDING PLATFORM STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS דון 17.57 CLUB WYNDHAM CLEARWATER 12#13PROVEN RESILIENT BUSINESS MODEL FAVORABLE MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION Strong Value Proposition ES EXPANDING PLATFORM STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS 珍 Favorable Attractive secular trends product form Scale/Product Flexibility TRAVEL+ LEISURE Inflation beneficiary 13#14PROVEN RESILIENT FAVORABLE BUSINESS MODEL MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION EXPANDING PLATFORM STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS Favorable secular trends Secular growth in leisure travel Global leisure travel market is forecast to grow at a CAGR of 7% (2024-2032)¹ Work from Anywhere 25% of our guests surveyed worked remote during their stay at our resorts² • Length of stay is 7% higher than 2019 Scale/Product Flexibility • 220+ resorts in the U.S. and 4,100+ resort options globally through RCI • Split points into multiple stays, borrow from the future or bank points into the next year E Attractive product form Spacious condominium accommodations with kitchen and washer/dryer • One bedroom unit is approximately . 2x the size of hotel room Inflation beneficiary . • Lock-in the price of future vacations Comparable hotel accommodation as much as 4x-6x³ average annual maintenance fee TRAVEL+ LEISURE (1) Source: Expert Market Research.com (2) Wyndham Destinations post-stay surveys (3) Sources: Smith Travel Research and company data. Comparison based on Upper Upscale average daily rates for two hotel rooms in peak season in Lake Buena Vista area of central Florida compared to one and two bedroom condominium maintenance fees for Wyndham Bonnet Creek in peak season. 14#15TRAVEL+ LEISURE PROVEN RESILIENT BUSINESS MODEL FAVORABLE MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION EXPANDING PLATFORM STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS +95% of U.S. Population Live within 300 Miles of one of our Resorts HAWAI As of 12/31/2022. Band M UT CANADA MT WY MEXICO NO MO U.S.A. TX AH W ALL TH FL WA NHI NY CT 245+ Resorts Globally Puerto Rico BuThomin US Win hand 220+ Resorts in North America 15#16TRAVEL+ LEISURE PROVEN RESILIENT FAVORABLE BUSINESS MODEL MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION Timeshare Reality vs. Perception EXPANDING PLATFORM STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS WORLDMARK MOAB 16#17TRAVEL+ LEISURE PROVEN RESILIENT FAVORABLE BUSINESS MODEL MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION EXPANDING PLATFORM STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS Industry Transformation HISTORICAL TODAY Fragmented, regional developers Fixed week/fixed unit Real estate focused/capital intensive TRAVEL+ LEISURE M DISNEY Hilton HARRIOTT VACATION サ Vacation Club GRAND VACATIONS CLUB' Branded hospitality developers Flexibility Capital efficient Holiday Inn Club Vacations 17#18PROVEN RESILIENT FAVORABLE BUSINESS MODEL MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION OWNERS LOVE THEIR TIMESHARE Owners¹ 816K Owners with No Loans Outstanding¹ ~80% Annual Retention of Owners² 98% Owners Buy More³ ~70% of sales to existing owners TRAVEL+ LEISURE (1) As of 12/31/2022. (2) Annual retention of owners without loans over the last 10 years as of 12/31/2022. (3) Full Year 2022. EXPANDING PLATFORM STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS CLUB WYNDHAM MIDTOWN 45 18#19TRAVEL+ LEISURE PROVEN RESILIENT FAVORABLE TIMESHARE BUSINESS MODEL MARKET DYNAMICS REALITY VS. PERCEPTION EXPANDING PLATFORM STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS YOUNGER GENERATIONS ARE BUYING Gen-X¹ 25% of new owner sales Millennial and Gen-Z¹ 41% of new owner sales Family formation drives interest in timeshare (1) New owner sales for the nine months ended September 30, 2023. CLUB WYNDHAM DESERT BLUE 19#20TRAVEL+ LEISURE PROVEN RESILIENT FAVORABLE BUSINESS MODEL MARKET DYNAMICS CAPITAL EFFICIENT Just-in-time inventory Owners fund FF&E reserves Inventory recycling - Certified exit programs TIMESHARE REALITY VS. PERCEPTION EXPANDING PLATFORM STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS MARGARITAVILLE VACATION CLUB BY WYNDHAM NASHVILLE 20|#21TRAVEL+ LEISURE PROVEN RESILIENT FAVORABLE BUSINESS MODEL MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION EXPANDING PLATFORM STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS Expanding Platform 21 |#22TRAVEL+ LEISURE PROVEN RESILIENT BUSINESS MODEL • . FAVORABLE MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION EXPANDING PLATFORM STRONG MARGINS ROBUST CAPITAL AND FCF RETURNS GROWING VACATION OWNERSHIP THROUGH BRAND EXPANSION Sports Illustrated is the first announced platform expansion Leverage affinity relationships & access new customer-databases ► Generate incremental tour flow and revenues Leverage existing operational skill-sets in sales, financing and resort management 22#23PROVEN RESILIENT FAVORABLE TIMESHARE BUSINESS MODEL MARKET DYNAMICS REALITY VS. PERCEPTION EXPANDING STRONG MARGINS PLATFORM AND FCF ROBUST CAPITAL RETURNS FIRST PARTNERSHIP WITH SPORTS ILLUSTRATED RESORTS ▸ Network of sports-themed resort and lifestyle resorts in popular college towns and leisure destinations Acquired the rights to the vacation ownership business of Sports Hospitality Ventures, LLC ▸ First location planned at the University of Alabama in Tuscaloosa anticipated to open in late 2025 Expected to drive incremental growth starting in the second half of 2025. TRAVEL+ LEISURE G ||||| 23#24PROVEN RESILIENT BUSINESS MODEL TRAVEL+ LEISURE • FAVORABLE MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION EXPANDING PLATFORM STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS SPORTS ILLUSTRATED VACATION OWNERSHIP CLUB Points based club Tuscaloosa resort anticipated to have 150 +/- vacation ownership units Three sources of revenue for TNL: Operations and resort management ▸ Vacation ownership sales Consumer finance Development expected to be Just-in-Time development DI 24#25PROVEN RESILIENT FAVORABLE BUSINESS MODEL MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION Strong Margins and FCF TRAVEL+ LEISURE 83 2 EXPANDING PLATFORM STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS CHILL MARGARITAVILLE VACATION CLUB BY WYNDHAM ST. THOMAS 25#26PROVEN RESILIENT BUSINESS MODEL FAVORABLE TIMESHARE MARKET DYNAMICS REALITY VS. PERCEPTION EXPANDING PLATFORM High Adjusted EBITDA Margins and Strong FCF STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS High Adjusted EBITDA Margins (1) Mid-20's Strong and Consistent Conversion of Adj. FCF (1) from Adj. EBITDA (1) Track Record of Execution in the ABS Market Minimal Inventory Commitments Increased margins during the Great Financial Crisis ~50% expected adj. FCF conversion (2) Average three transactions per year Four years of expected inventory on balance sheet (1) Non-GAAP measure: see appendix for definition. (2) 2023 Financial goal. Adjusted Free Cash Flow conversion is a forward-looking non-GAAP measure, the reconciliation of which is not available without unreasonable effort. See appendix for definitions. TRAVEL+ LEISURE 26#27TRAVEL+ LEISURE PROVEN RESILIENT BUSINESS MODEL FAVORABLE MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION EXPANDING PLATFORM STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS Adjusted EBITDA to Adjusted Free Cash Flow Conversion % 2022 Actuals 100% 4% (22%) 51% (18%) (3%) (10%) Adj. EBITDA¹ Cash Interest Cash Taxes Net consumer finance Net inventory spending Capex and working capital Adj. FCF1 conversion 2018 to 2019 Actual 100% Adj. EBITDA1 11% (16%) 61% (3%) (13%) (18%) Cash Interest (1) Non-GAAP measure: see appendix for definition and GAAP reconciliation. Cash Taxes Net consumer finance Net inventory spending Capex and working capital Adj. FCF1 conversion 27 |#28TRAVEL+ LEISURE PROVEN RESILIENT FAVORABLE BUSINESS MODEL MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION Robust Capital Returns EXPANDING PLATFORM STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS CLUB WYNDHAM KA EO KAI 28#29PROVEN RESILIENT BUSINESS MODEL FAVORABLE MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION EXPANDING PLATFORM STRONG MARGINS AND FCF Cumulative Capital Returned to Shareholders Since Spin Diluted Weighted Average Shares Outstanding Repurchases Dividends 99.2 $2,000 92.4 $1,692 $2,064 $1,500 86.1 87.3 84.2 $1,206 $1,331 $1,071 $1,064 $1,000 75.7 $808 $713 $687 $500 $562 $302 $733 $628 $493 $221 $384 $246 $81 $0 2018 2019 2020 2021 2022 Q3 YTD 2023 TRAVEL+ LEISURE ROBUST CAPITAL RETURNS $2.1B of capital returned to shareholders post spin 29#30TRAVEL+ LEISURE PROVEN RESILIENT BUSINESS MODEL FAVORABLE MARKET DYNAMICS Annual Dividend Growth $2.00 $1.80 $1.60 $1.50 $1.00 $0.50 $0.00 2019 2020 TIMESHARE REALITY VS. PERCEPTION EXPANDING PLATFORM +20% STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS $1.80 (1) $1.60 $1.25 2021 2022 2023 (1) Annualized dividend amount includes expected 2023 dividends that are subject to declaration at the discretion of the Board of Directors. 30#31TRAVEL+ LEISURE I PROVEN RESILIENT BUSINESS MODEL FAVORABLE MARKET DYNAMICS TIMESHARE REALITY VS. PERCEPTION EXPANDING PLATFORM Corporate Debt Maturities¹ As of September 30, 2023 ($ in millions) ☐ Revolving Credit Facility Term Loan B Secured Notes $300 2024 $285 $350 2025 1 $451 $298 $400 $350 $650 $650 2026 2027 2028 2029 2030 (1) Excludes Term Loan B amortization payments of $1.5M in 2023, $6M in 2024, $4M in 2025, and $3M per year in 2026-2028. The $1B revolving credit facility is expected to be renewed prior to its maturity in 2026. Corporate debt excludes our securitization transactions indebtedness and securitization conduit facilities. STRONG MARGINS AND FCF ROBUST CAPITAL RETURNS 72% of Corporate Debt is Fixed Weighted Average Effective Interest Rate of Total Corporate Debt is 6.3% 31#32TRAVEL+ LEISURE TNL LISTED NYSE FORTUNE WORLD'S MOST ADMIRED COMPANIES™ 2023 BEST COMPANIES TO WORK FOR & WORLD REPORT US News 2023-2024 TOP WORK PLACES 2023 USA MOST TRUSTWORTHY COMPANIES IN AMERICA 2023 Newsweek statista 32#33APPENDIX TRAVEL+ LEISURE 33#34APPENDIX: NON-GAAP RECONCILIATION TNL Consolidated Reconciliation of Net Income to Adjusted EBITDA ($ in millions) 2019 2018 (1) 2018 + 2019 Net income attributable to T+L shareholders Loss from ops of disc bus, net of income taxes $ 507 $ 672 $ 1,179 50 50 Gain on disposal of disc bus, net of income taxes (18) (456) (474) Provision for income taxes 191 130 321 (1) 2018 Adjusted EBITDA is further adjusted. Depreciation and amortization 121 138 259 Interest expense 162 170 332 Interest (income) (7) (5) (12) Acquisition and divestiture related costs 1 1 Restructuring 9 16 25 (2) Includes $4 million and $105 million of stock-based compensation expenses for the years ended 2019 and 2018. (3) Includes incremental license fees paid to Wyndham Hotels, other changes being affected in conjunction with the spin-off, and other costs to reflect the Company's position as if the spin-off of its hotel business and the sale of its European vacation rentals business had occurred for all reported periods. Asset impairments/(recoveries), net 27 (4) 23 Separation and related costs (2) 45 223 268 Legacy items 1 1 2 Gain on sale of business (68) (68) Stock based compensation 20 23 43 Value-added tax refund (16) (16) Further adjustments (3) 15 15 Adjusted EBITDA $ 991 $ 957 $ 1,948 TRAVEL+ LEISURE 34#35APPENDIX: NON-GAAP RECONCILIATION Reconciliation of Net Cash Provided by Operating Activities from Continuing Operations to Adjusted Free Cash Flow ($ in millions) TRAVEL+ LEISURE 2019 2018 2018+ 2019 Net cash provided by operating activities from continuing operations Property and equipment additions $ 453 $ 292 $ 745 (108) (99) (207) Sum of proceeds and principal payments of non-recourse vacation ownership debt Free Cash Flow 185 264 449 530 457 987 Separation and other adjustments (1) 87 123 210 Adjusted Free Cash Flow (2) $ 617 $ 580 $ 1,197 Net income cash flow conversion Adjusted Free Cash Flow conversion 63% 61% (1) Includes cash paid for separation-related activities and transaction costs for acquisitions and divestitures as well as certain adjustments to 2018 for comparative purposes for incremental license fees paid to Wyndham Hotels and other corporate costs being affected in order to reflect the Company's position as if the spin-off had occurred for all periods presented. (2) The Company had $66 million of net cash used in investing activities and $289 million of net cash used in financing activities for the year ended December 31, 2019, and $725 million of net cash used in investing activities and $280 million of net cash provided by financing activities for the year ended December 31, 2018. 35|#36APPENDIX: NON-GAAP RECONCILIATION Non-GAAP Measure: Reconciliation of Net VOI Sales to Gross VOI Sales ($ 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. 3Q 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 Net VOI Sales $ 433 $ 1,484 $ 1,176 $ 505 $ 1,848 $ 1,769 $ 1,684 $ 1,601 $ 1,604 $ 1,485 $ 1,379 $ 1,323 $ 1,150 $ 1,072 $ 1,053 $ 1,463 $ 1,666 Net effect of percentage-of-completion accounting (13) 12 1 (187) 74 22 Loan loss provision 99 302 129 415 479 456 420 342 248 260 349 409 339 341 449 450 305 Gross VOI sales, net of Fee-for-Service sales 532 1,786 1,305 920 2,327 2,225 2,104 1,943 1,839 1,757 1,729 1,732 1,489 1,413 1,315 1,987 1,993 Fee-for-Service sales 66 196 186 47 28 46 34 64 126 132 160 49 106 51 Gross VOl sales $ 598 $1,982 $ 1,491 $ 967 $ 2,355 $ 2,271 $ 2,138 $ 2,007 $ 1,965 $ 1,889 $ 1,889 $ 1,781 $1,595 $ 1,464 $ 1,315 $1,987 $ 1,993 TRAVEL+ LEISURE 2011-2019 Average $ 1,988 Note: 2007-2015 Gross VOI sales does not reflect the adoption of ASC 606 revenue recognition accounting standard. 36#37APPENDIX: NON-GAAP RECONCILIATION Non-GAAP Measure: Reconciliation of Net Income to Adjusted Net Income to Adjusted EBITDA ($ in millions except per share data) Reconciliation of Net income to Adjusted EBITDA Net income attributable to Travel + Leisure Co. shareholders Gain on disposal of discontinued business, net of income taxes Net income from continuing operations Three Months Ended September 30, 2023 $ 110 EPS Twelve Months Ended December 31, 2022 $ 1.49 $ 357 (1) $ 110 $ 1.49 $ 356 Restructuring (1) 23 14 9 EPS $ 4.24 $ 4.23 Amortization of acquired intangibles (2) Legacy Items Asset impairments, net Loss on equity investment COVID-19 related costs Fair value change in contingent consideration 1 11 52 (10) Taxes (3) (1) (8) Adjusted net income $ 113 $ 1.54 $ 380 $ 4.52 Income taxes on adjusted net income Interest expense 40 138 64 195 Depreciation 25 110 Stock-based compensation expense (4) 9 42 Interest income Adjusted EBITDA (3) (6) $ 248 $ 859 Diluted shares outstanding 73.6 84.2 TRAVEL+ LEISURE Note: Amounts may not calculate due to rounding. (1) Includes $3 million of stock-based compensation expenses for the twelve months ended December 31, 2022 associated with the 2022 restructuring. (2) Amortization of acquisition-related intangible assets is excluded from Adjusted net income and Adjusted EBITDA. (3) Represents the tax effects on the adjustments. We determine the tax effects of the non-GAAP adjustments based on the nature of the underlying adjustment and the relevant tax jurisdictions. The tax effect of the non-GAAP adjustments was calculated based on an evaluation of the statutory tax treatment and the applicable statutory tax rate in the relevant jurisdictions. (4) All stock-based compensation is excluded from adjusted EBITDA. 37 |#38APPENDIX: NON-GAAP RECONCILIATION Non-GAAP Measure: Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow ($ in millions) TRAVEL+ LEISURE Twelve Months Ended December 31, 2022 Net cash provided by operating activities Property and equipment additions Sum of proceeds and principal payments of non-recourse vacation ownership debt Free Cash Flow COVID-19 related adjustments (1) $ 442 (52) 47 $ 437 2 Adjusted Free Cash Flow (2) $ 439 Net income Cash Flow conversion Adjusted Free Cash Flow conversion 124% 51% (1) Includes cash paid for COVID-19 expenses factored into the calculation of Adjusted EBITDA. (2) The Company had $50 million of net cash used in investing activities and $196 million of net cash used in financing activities for the twelve months ended December 31, 2022. 38#39APPENDIX: NON-GAAP RECONCILIATION Vacation Ownership Net Income to Adj. EBITDA Reconciliation ($ in millions) 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 $ 373 $ 309 $ (69) $ 404 $ 340 $ 174 $ 316 $ 316 $ 295 $ 248 $227 $ 195 $ 156 $ 117 $ (1,281) $ 150 Vacation Ownership net income/(loss) Net income attributable to noncontrolling interest 1 1 1 Provision for/(benefit from) income taxes 149 128 (17) 150 119 110 194 196 185 144 137 122 96 72 50 95 Depreciation and amortization 78 82 86 81 73 63 53 47 47 47 38 38 46 54 58 48 Interest expense Interest (income) 38 34 43 78 117 142 131 130 133 180 147 160 142 144 100 85 (1) (1) (2) (1) (1) (1) Acquisition related 2 1 COVID-19 related 3 34 I Restructuring costs 3 (1) 14 LO 5 11 8 1 Asset impairments/(recoveries) 8 1 22 27 (4) 205 2 (1) 37 66 9 1,374 Executive costs I 6 (0 Separation and related costs 4 67 1 9 Stock-based compensation 16 13 8 7 9 13 16 2016 grant modifier Further adjustments (1) Vacation Ownership Adjusted EBITDA 1 (10) (25) (21) $ 665 $ 569 $ 121 $ 756 $ 721 $ 684 $ 703 $ 688 $ 660 $ 621 $ 552 $ 514 $ 440 $ 433 $ 366 $ 387 TRAVEL+ LEISURE Total revenue $ 2,835 $ 2,423 $ 1,637 $ 3,151 $ 2,979 $ 2,881 $ 2,774 $ 2,772 $ 2,638 $ 2,515 $ 2,269 $ 2,077 $ 1,979 $ 1,945 $ 2,278 $ 2,425 Net Income Margin Adj. EBITDA margin 13% 13% -4% 13% 11% 6% 11% 11% 11% 10% 10% 9% 8% 6% -56% 6% 23% 23% 7% 24% 24% 24% 25% 25% 25% 25% 24% 25% 22% 22% 16% 16% Note: 2007-2015 Adjusted EBITDA is per Wyndham Worldwide's definition and does not reflect the adoption of ASC 606 revenue recognition accounting standard. 2016-2018 Adjusted EBITDA is further adjusted. (1) Includes incremental license fees paid to Wyndham Hotels & Resorts and other changes being affected in conjunction with the spin-off. 39|#40DEFINITIONS Adjusted Diluted Earnings per Share: A non-GAAP measure, defined by the Company as Adjusted net income divided by the diluted weighted average number of common shares. Adjusted Diluted Earnings per Share is useful to assist our investors in evaluating our ongoing operating performance for the current reporting period and, where provided, over different reporting periods. Adjusted EBITDA: A non-GAAP measure, defined by the Company as net income from continuing operations 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, legacy items, transaction costs for acquisitions and divestitures, asset impairments/recoveries, gains and losses on sale/disposition of business, and items that meet the conditions of unusual and/or infrequent. Legacy items include the resolution of and adjustments to certain contingent assets and liabilities related to acquisitions of continuing businesses and dispositions, including the separation of Wyndham Hotels & Resorts, Inc. and Cendant, and the sale of the vacation rentals businesses. We believe that when considered with GAAP measures, 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/(loss) 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. Adjusted EBITDA Margin: A non-GAAP measure, represents Adjusted EBITDA as a percentage of revenue. Adjusted EBITDA Margin is useful to assist our investors in evaluating our ongoing operating performance for the current reporting period and, where provided, over different reporting periods. Adjusted Free Cash Flow: A non-GAAP measure, defined by the Company as net cash provided by operating activities from continuing operations less property and equipment additions (capital expenditures) plus the sum of proceeds and principal payments of non-recourse vacation ownership debt, while also adding back cash paid for transaction costs for acquisitions and divestitures, separation adjustments associated with the spin-off of Wyndham Hotels, and certain adjustments related to COVID-19. TNL believes FCF 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 and equity investments, as well as its ability to return cash to shareholders through dividends and share repurchases. A limitation of using Adjusted free cash flow versus the GAAP measure of net cash provided by operating activities as a means for evaluating TNL is that Adjusted free cash flow does not represent the total cash movement for the period as detailed in the consolidated statement of cash flows. Adjusted Free Cash Flow Conversion: Adjusted free cash flow as a percentage of Adjusted EBITDA. Forward-looking outlook regarding Adjusted Free Cash Flow Conversion is provided only on a non-GAAP basis because not all of the information necessary for a quantitative reconciliation is available without unreasonable effort. We use this non-GAAP performance measure to assist in evaluating our operating performance and the quality of our earnings as represented by adjusted EBITDA, and to evaluate the performance of our current and prospective operating and strategic initiatives in generating cash flows from our earnings performance. This measure also assists investors in evaluating our operating performance, management of our assets, and ability to generate cash flows from our earnings, as well as facilitating period- to-period comparisons. Adjusted Net Income: A non-GAAP measure, defined by the Company as net income from continuing operations adjusted to exclude separation and restructuring costs, legacy items, transaction costs for acquisitions and divestitures, amortization of acquisition-related assets, debt modification costs, impairments, gains and losses on sale/disposition of business, and items that meet the conditions of unusual and/or infrequent and the tax effect of such adjustments. Legacy items include the resolution of and adjustments to certain contingent assets and liabilities related to acquisitions of continuing businesses and dispositions, including the separation of Wyndham Hotels and Cendant, and the sale of the vacation rentals businesses. Adjusted Net Income is useful to assist our investors in evaluating our ongoing operating performance for the current reporting period and, where provided, over different reporting periods. Average Number of Exchange Members: Represents paid members in our vacation exchange programs who are considered to be in good standing. Free Cash Flow (FCF): A non-GAAP measure, defined by TNL as net cash provided by operating activities from continuing operations less property and equipment additions (capital expenditures) plus the sum of proceeds and principal payments of non-recourse vacation ownership debt. TNL believes FCF 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 and equity investments, as well as its ability to return cash to shareholders through dividends and share repurchases. A limitation of using FCF versus the GAAP measure of net cash provided by operating activities as a means for evaluating TNL is that FCF does not represent the total cash movement for the period as detailed in the consolidated statement of cash flows. Gross Vacation Ownership Interest Sales: A non-GAAP measure, 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. Leverage Ratio: The Company calculates leverage ratio as net debt divided by Adjusted EBITDA as defined in the credit agreement. Net Debt: Net debt equals total debt outstanding, less non-recourse vacation ownership debt and cash and cash equivalents. Tours: Represents the number of tours taken by guests in our efforts to sell VOIS. Travel and Membership Revenue per Transaction: Represents transaction revenue divided by transactions, provided in two categories; Exchange, which is primarily RCI, and Travel Club. Travel and Membership Transactions: Represents the number of exchanges and travel club bookings recognized as revenue during the period, net of cancellations. This measure is provided in two categories; Exchange, which is primarily RCI, and Travel Club. Volume Per Guest (VPG): Represents Gross VOI sales (excluding telesales and virtual sales) divided by the number of tours. The Company has excluded non-tour sales in the calculation of VPG because non-tour sales are generated by a different marketing channel. We believe that VPG provides an enhanced understanding of the performance of our Vacation Ownership business because it directly measures the efficiency of its tour selling efforts during a given reporting period. TRAVEL+ LEISURE 40