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TRAVEL+ 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 |

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