Investor Presentaiton

2018A 2019E WYNDHAM •DESTINATIONS Full-Year Adjusted Free Cash Flow ($ in millions) $990 - $1,000 $70-$90 ($153 - $157) ($33 - $53) ($128 - $132) $565 - $585 ($99 - $109) ($52-$72) $957 $105 ($156) ($24) $580 ($117) ($99) ($86) Further Adjusted EBITDA Interest (a) expense Cash taxes Net consumer (b) finance activity Net inventory spending Capital expenditures Changes in net working capital Adjusted Free Cash Flow (a) Based on an estimated cash tax rate of approximately 17% in 2018 and 19% expected in 2019. (b) Reflects the net change in vacation ownership contract receivables offset by the provision from loan losses and the net expected proceeds from securitization activities. 18

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