Wyndham Vacation Ownership. Franz S. Hanning. President & CEO. For every kind of traveler. For every kind of trip.

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1 Wyndham Vacation Ownership Franz S. Hanning President & CEO Competitive Strengths 2

2 Competitive Strengths Product Platform 3 Product Platform 4 Leading provider of points-based timeshare Innovator and leading provider since 1991 All product offerings currently points-based Three distinct points-based ownership programs Consumer benefits Flexible use plans: location, time of year, unit type May be used in increments for multiple shorter resort stays Enables seamless upgrades to suit evolving life stages

3 Types of Ownership First Generation 5 Types of Ownership First Generation 6

4 7 Types of Ownership Next Generation 8 Competitive Strengths Distribution Channels

5 Diversified Marketing Platform 9 Integrated Marketing Partnerships 10

6 Dual Sales Channels Onsite & Offsite Stores 11 Competitive Strengths Sustainable Growth 12

7 New Properties in Perth, Australia Canmore, Alberta (Canada) Dunsborough, Australia Marcoola, Australia Perth, Australia Oceanside, California San Diego, California Panama City Beach, Florida McCall, Idaho West Yellowstone, Montana Red River, New Mexico Wanaka, New Zealand San Antonio, Texas Wisconsin Dells, Wisconsin Urban Product 14 Wyndham National Harbor Washington D.C. / Prince George s County, MD Located within or near urban centers Features access to shopping, dining & entertainment Appeals to boomers & millenials preferring reduced travel times and shorter stays Current markets: New Orleans San Antonio San Diego San Francisco Seattle Sydney (Australia) Washington DC

8 New Upscale Offerings Presidential Reserve 15 Upscale product extension featuring: Preferred access to highdemand Presidential inventory Exclusive amenities Greater level of exchange options Personal concierge service Designed to appeal to: Existing owners with upgrade capacity Affluent first-time purchasers interested in shared-ownership concept Competitive Strengths New Efficiencies 16

9 Wyndham Re-branding 17 Enterprise Cross Marketing 18 Link to WVO Site

10 Mixed-Use Hotel & Timeshare Development 19 Bonnet Creek - Orlando, FL Competitive Strengths 20

11 Wyndham Vacation Ownership Mike Hug Executive Vice President & CFO Vacation Ownership Accounting

12 Vacation Ownership Accounting 23 Revenue Recognition WVO must receive 10% down plus fair value of incentive Contract must be beyond rescission period Provision for uncollectible contracts is recorded as a reduction of revenues Percentage of completion for sales in buildings under construction Vacation Ownership Accounting 24 Cost of Sales Relative sales value method Cost of sales equals total estimated final product cost divided by total estimated future sales revenue Total construction costs = COS % Projected revenues $25M Total construction costs = 25% COS $100M Projected revenues Changes in estimates are applied retrospectively as a current period adjustment Construction cost increases from $25M to $26M and $50M in revenues have been recognized in previous periods. COS rate increases to 26% and additional cost of sales of $0.5M is recognized in the current period

13 Vacation Ownership Accounting 25 Interest Income and Expense Wyndham Worldwide securitizations are on balance sheet; therefore, Interest is recognized on the receivable portfolio as it is earned Current securitizations are structured such that there is no gain upon sale to SPEs Recognition of income ceases when receivables become 90 days or more past due Interest expense on securitized borrowings is recognized in operating expenses (within EBITDA) ROIC and Inventory Pipeline

14 Grand Desert Tower III After-Tax Cash Flow 27 Grand Desert Tower 3 Development Cumulative After-Tax Cash Flow Annual After-Tax Net Cash Flow ($ in Thousands) 40,000 30,000 20,000 After-Tax Cash Flow 10,000 - (10,000) (20,000) (30,000) Year Year Annual After-Tax ROIC 20.4% 61.1% 25.1% 20.6% 17.4% 15.0% 12.8% 10.7% 9.9% 10.5% 15.4% 44.9% Grand Desert Tower III Gross Revenue & Margin 28 ($ in Thousands) Grand Desert Tower 3 $200,000 $180,000 Revenue Mix $160,000 21% 2% Gross VOI Sales Gross Interest Income $140,000 77% Net Management Fee Gross Revenue $120,000 $100,000 $80,000 Total Gross Revenue = $256M $60,000 $40,000 $20,000 $ Year Gross Revenue EBITDA

15 Inventory Pipeline Active Construction 29 Geographic Location # of Units Eastern U.S. 1,119 Central U.S. 266 Western U.S. 1,185 Caribbean 36 Hawaii 84 Asia Pacific 179 Total 2,869 Consumer Finance

16 Consumer Finance Operations 31 North American Portfolio Qualified Receivables Loan Count Avg. Loan Balance 12/31/06 $2.70 Billion 243,426 $11,082 9/30/07 $3.16 Billion 258,013 $12,232 W.A. FICO % of Portfolio Scored % % W.A. Gross Coupon W.A. Original Term W.A. Remaining Term W.A. Age 12.75% 113 months 93 months 19 months 12.52% 116 months 97 months 18 months % paying via automatic bank draft 81% 84% Consumer Finance Operations 32 Asia Pacific Portfolio 12/31/06 9/30/07 Qualified Receivables $156.4 Million $203.6 Million Loan Count 18,959 20,767 Avg. Loan Balance $8,250 $9,802 W.A. Gross Coupon 12.09% W.A. Original Term 105 months W.A. Remaining Term 86 months W.A. Age 19 months 12.11% 110 months 92 months 19 months % paying via automatic bank draft 92% 90% Currency converted at dates shown from Australian Dollars and New Zealand Dollars to U.S. Dollars: 12/31/06: AUD = USD; NZD = /3007: AUD = USD; NZD =

17 Consumer Finance Operations 33 98% Percentage of Non-Defaulted Portfolio Current (1) 97% 96% 95% 94% (1) Qualified Portfolio balance excludes 120+ delinquent contracts. Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep % Net New Monthly Default Dollars as a Percentage of Qualified Portfolio (excluding 120+ dpd) (2) 0.8% 0.6% 0.4% 0.2% Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Consumer Finance Operations Static Pool Default Curves North America % Third Quarter Prior Methodology Cumulative Default Rate 18.00% 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% WA Cume Defaults Arithmet ic Avg Cume Defaults 0.00% Loan Age in Months 20.00% Third Quarter Prior Methodology Cumulative Default Rate 18.00% 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% WA Cume Def aults Arit hmet ic Avg Cume Def ault s 0.00% Loan Age in Months

18 Consumer Finance Operations Static Pool Default Curves North America 35 Third Quarter Current Methodology 20.00% 18.00% Cumulative Default Rate 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% WA Cume Def ault s Arit hmet ic Avg Cume Def ault s 0.00% Loan Age in Months 20.00% Third Quarter Current Methodology % Cumulative Default Rate % % % % 8.00% 6.00% 4.00% 2.00% WA Cume Def ault s Arithmetic Avg Cume Default s 0.00% Loan Age in Months 36 Consumer Finance Operations Day 1 - Day 3 Day 15 Day 30 Day 60 Day 90+ Sale made, documents printed and signed (SalePoint) SalePoint data feeds (nightly) into CSS Documents sent to WCF WCF ensures adequacy and propriety of contract documents WCF verifies down payment Contract assigned to WCF WCF establishes funding eligibility of contract WCF images contract documents WCF boxes and ships original documents to document custodian Document custodian verifies documents received WCF draws ACH for, or bills and receives, first payment Loan placed into rated warehouse line of credit Loan removed from warehouse line of credit and placed into rated term transaction Check Points Along the Way Eligible purchase money loans are generally securitized within days of the sale.

19 Securitization Transaction Structure 37 Wyndham Vacation Resorts, Inc. Originator Wyndham Resort Development Corporation Originator On Balance Sheet for Accounting Purposes Wyndham Consumer Finance, Inc. Seller True Sale for Legal Purposes Sierra Deposit Company, LLC Depositor Sierra Timeshare Conduit Receivables Funding, LLC Issuer Sierra Timeshare 200_-_ Receivables Funding, LLC Issuer Conduit Banks Term Noteholders The Securitization Waterfall 38 Who gets paid in what order (*generally)? Trustee Servicer Swap issuer Custodian Bond insurer (wrap provider) Accrued interest on the higher rated (lower risk) bonds Accrued interest on the lower rated (higher risk) bonds Scheduled principal payments made (pro rata) Extra principal payments made (pro rata) Reserve Account Wyndham *assumes receivable pool performs as expected

20 39 Consumer Finance Operations - Summary We are one of the largest issuers and servicers of securitizations in the asset class $600 Million transaction in May 2007 is the industry s largest transaction to date $550 Million transaction in July 2006 is the industry s 2nd largest transaction to date $525 Million transaction in August 2005 is the industry s 3rd largest transaction to date $455 Million transaction in November 2007 was closed under stressed market conditions Warehouse line of credit increased to $1.2 Billion in October 2007 Currently Serviced Commercial Financings Original Balance/Line Current Senior Debt Balance Current Collateral Balance Term Securitizations $2,859 Million $1,381 Million $1,647 Million Revolving Conduit $1,200 Million $556 Million $745 Million Premium Yield Facility $155 Million $155 Million $221 Million Data as of October 2007, including Fully Satisfied Commercial Financings Issue Date Original Balance Call Date FFC II August 1998 $50 Million November 2003 TRI II March 1998 $130 Million March 2004 FFC III July 2001 $213 Million May 2005 TRI III August 1999 $160 Million March 2006 TRI IV November 2000 $163 Million October 2006 TRI V August 2001 $164 Million July March 2003 $303 Million August 2007 TOTAL $1,183 Million