Wyndham Vacation Ownership

For every kind of traveler. For every kind of trip.

Wyndham Vacation Ownership

Franz S. HanningPresident & CEO

For every kind of traveler. For every kind of trip.

2

Wyndham Vacation Ownership – Who We Are

World’s largest timeshare developer & marketerMore than 140 resorts in North America & South PacificMore than 18,000 individual vacation ownership unitsMore than 750,000 owners

Leading provider of points-based timeshareHighly flexible product structure popular with today’s vacationing consumersWide portfolio of resort destinations and vacation experiencesStrong upgrade sales programs

More than 25 years in the timeshare industryFairfield ResortsTrendwest ResortsCurrently re-branding under Wyndham flag

For every kind of traveler. For every kind of trip.

3

Competitive Environment – Year End 2005

Timeshare Revenue ($ in Millions) Owners

Resorts Units

Source: Vacation Ownership World Magazine, February 2006

$0 $500 $1,000 $1,500

Disney

Hilton

Starwood

Marriott

Wyndham

0 200,000 400,000 600,000 800,000

Disney

Hilton

Starwood

Marriott

Wyndham

0 50 100 150

Disney

Hilton

Starwood

Marriott

Wyndham

0 5,000 10,000 15,000

Disney

Hilton

Starwood

Marriott

Wyndham

For every kind of traveler. For every kind of trip.

4

Net VOI Sales Consumer Finance Resort Management & Other Fees

Revenue Drivers

Multiple annuity-like revenue streams

Vacation Ownership Interest Upgrade SalesConsumer FinancingResort Management & Other Fees

(1) For the nine months ending September 30, 2006

71%14%

15%

Revenue Mix(1)

For every kind of traveler. For every kind of trip.

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Vacation Ownership Interest Operating Profit

Product costsLand/Inventory acquisition and product development

Sales and marketing costsLead generationTour costsSales commissionsSales administration

G&A

Vacation Ownership Interest operating profit

≈ 10%

≈25%

≈ 50%

≈ 15%

For every kind of traveler. For every kind of trip.

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Wyndham Consumer Finance – Overview

Wyndham Consumer Finance is a captive finance company

Develops consumer loan programs that support the purchase of vacation ownership intervals

Develops and consummates securitization programs that enable andsupport these consumer loans

Executes upon the processes by which such consumer loans are funded through these securitizations

Services customers and investors through requisite billing, cashmanagement, collections, customer support and reporting activities

Provides accounting, financial planning and portfolio analysis in support of this consumer lending and securitization activity

For every kind of traveler. For every kind of trip.

7Competitive StrengthDiverse Portfolio of Locations

For every kind of traveler. For every kind of trip.

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Competitive Strength – On-site and Off-site Sales Stores

For every kind of traveler. For every kind of trip.

9

Competitive Strength – Robust Business Partners

For every kind of traveler. For every kind of trip.

10

Competitive Strength – Strong Value Proposition

Greater value for vacation dollarsMore economical than individual hotel staysLarger living space and selection of amenities Fully transferable to heirs

Consistency of accommodationsRCI quality ratedDeveloper maintained & operated at most resortsOwner-driven HOA management & oversight

Vacation certaintyTimeshare owners more apt to take vacations already paid forWide variety of resort locations & experiencesPoints-based ownership allows seamless upgrades to suit evolving life stages

For every kind of traveler. For every kind of trip.

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Types of Ownership – First Generation

For every kind of traveler. For every kind of trip.

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Types of Ownership – First Generation

For every kind of traveler. For every kind of trip.

13

Types of Ownership – Next Generation

For every kind of traveler. For every kind of trip.

14

Points-Based Ownership – Strength

For every kind of traveler. For every kind of trip.

15

Points – Alternative Use Options

For every kind of traveler. For every kind of trip.

16

Points – Developer Strengths

Enables seamless channel for upgrade transactionsSales programs designed to continually build upon initial owner purchaseInitial value proposition is maintained in subsequent sales

Enables the sale of inventory of a single resort from multiple sales locations

More efficient inventory absorption On-site sales continue at sold-out locations

Ensures demand-driven resort developmentNew builds/acquisitions based on owner usageNo over-built markets to satisfy sales consumption

For every kind of traveler. For every kind of trip.

17

Development Lifecycle

For every kind of traveler. For every kind of trip.

18

Development Strategies

Existing Destinations

New Destinations

Urban Destinations

Presidential Unit Inventory

Mixed-Use Developments

For every kind of traveler. For every kind of trip.

19

Development Strategies

New Destinations Develop resorts in new destinations currently not served by Wyndham Vacation Ownership

For every kind of traveler. For every kind of trip.

20

New Destinations

Waikiki Beach Walk, HI

For every kind of traveler. For every kind of trip.

21

New Destinations

Palm Springs, CA

For every kind of traveler. For every kind of trip.

22

New Destinations

La Cascada – San Antonio, TX

For every kind of traveler. For every kind of trip.

23

New Destinations

West Yellowstone, WY

For every kind of traveler. For every kind of trip.

24

Development Strategies

New Destinations

Develop resorts in popular urban destinations

Urban Destinations

For every kind of traveler. For every kind of trip.

25

Urban Destinations

WorldMark San Diego

For every kind of traveler. For every kind of trip.

26

Urban Destinations

Canterbury – San Francisco

For every kind of traveler. For every kind of trip.

27

Development Strategies

New Destinations

Leverage the Wyndham brand to expand high-end Presidential Unit Inventory

Urban Destinations

Presidential Unit Inventory

For every kind of traveler. For every kind of trip.

28

Presidential Inventory

Bonnet Creek Resort –Orlando, FL

For every kind of traveler. For every kind of trip.

29

Presidential Inventory

Grand Desert – Las Vegas, NV

For every kind of traveler. For every kind of trip.

30

Presidential Inventory

WorldMark Indio – Palm Springs, CA

For every kind of traveler. For every kind of trip.

31

Development Strategies

New Destinations

Leverage the Wyndham brand to develop mixed-use hotel and vacation ownership properties

Urban Destinations

Presidential Unit Inventory

Mixed-Use Developments

For every kind of traveler. For every kind of trip.

32

Mixed-Use Development

Wyndham Lake Buena Vista Hotel & Spa at Bonnet Creek Resort

For every kind of traveler. For every kind of trip.

33

Development Strategies

New Destinations

Increase market penetration at existing destinations that continue to experience strong demand

Urban Destinations

Presidential Unit Inventory

Mixed-Use Developments

Existing Destinations

For every kind of traveler. For every kind of trip.

34

Existing Destinations

Bonnet Creek Resort – Orlando, FL

For every kind of traveler. For every kind of trip.

35

Existing Destinations

Grand Desert – Las Vegas, NV

For every kind of traveler. For every kind of trip.

36

Existing Destinations

Myrtle Beach, SC

For every kind of traveler. For every kind of trip.

37

Existing Destinations

National Harbor – Washington, D.C.

For every kind of traveler. For every kind of trip.

38Existing DestinationsFive-Year Growth Comparison

2000 2001 2002 2003 2004 2005

Branson - 8% Gatlinburg - 24% Myrtle Beach- 16% Orlando - 12% Las Vegas - 46%

Site CAGR

For every kind of traveler. For every kind of trip.

39

Investing in the Future – Wyndham Re-branding

For every kind of traveler. For every kind of trip.

40

Investing in the Future – Wyndham Re-branding

Wyndham-branded marketing campaigns beginning in Q4 2006

For every kind of traveler. For every kind of trip.

41

Investing in the Future – Wyndham Re-branding

Re-flagging 16 resorts during Q4 2007

Remaining properties to incorporate Wyndham branding during 2007

For every kind of traveler. For every kind of trip.

42

Investing in the Future – Wyndham Re-branding

Wyndham-branded sales process currently in place at all stores

Additional elements scheduled for 2007

For every kind of traveler. For every kind of trip.

43Investing in the Future – Wyndham Program Integration

Wyndham Hotels integrated within timeshare programs

Preferred pricing hotel stays for Wyndham timeshare owners

Timeshare inventory available through Wyndham Hotel reservations system

Common loyalty program

For every kind of traveler. For every kind of trip.

44

Investing in the Future – Wyndham Re-branding

Develop and leverage high-profile consumer branding initiatives

For every kind of traveler. For every kind of trip.

45

Strategic Impact to Financial Results

Growth Projections

2006E Base 2011E w/ Strategic Impact

80%

20%350 basis pointmargin improvement

84%

16%

Expense EBITDA

For every kind of traveler. For every kind of trip.

46

Strong Long-Term Growth Prospects

Grow the owner base

Expand the product offering

Drive business model efficiencies

Execute the Wyndham Vacation Ownership brand strategy