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

RCI Global Vacation Network

Kenneth N. May

President & CEO

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

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Vacation Exchange Vacation Rentals

Who We Are…

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

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Who We Are…

Fee-for-service business modelTypically serves as an intermediary, not a principalMatches supply and demand for non-hotel accommodations

Global leader in leisure accommodations with access to about 400,000 leisure accommodations in more than 100 countries.

Serving more than four million leisure-bound families a year

Network of 30 vacation accommodation brands and 50 worldwide offices

Vacation ownership condominiumsVillas and cottagesCity apartments and second homesFractional interest and private residence clubs

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

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Timeshare/Vacation Exchange

+ =

Vacation Rentals Combined

Vacation Exchange and Rentals is estimated to be $36 Billion in

Annual Revenue Worldwide

Given the market size and our unique industry position, the opportunity to continue building a global leisure real estate network is significant.

$0.3 Billion

$35.7 Billion

$36.0 Billion

Sources:Vacation Exchange Industry data: Florida Regulatory Agency; Vacation Rental Industry data: based on the number of rental weeks from various local industry publications, multiplied by our best estimate of $800 average global total revenue per week.

Rest ofWorld

Europe

AmericasSupports the $13 Billion

shared vacation ownership industry

Global Industry Size

Exchange

Rental

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Vacation Exchange and Rentals -- Where We Are

Global presence with over 50 offices in 35 countries

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Exchange

RCI introduced concept of timeshare exchange in 1974Provides vacation interval owners flexibility to exchange beyond home resort and system

Owner contributes intervals (primarily timeshare) to exchange networkExchange company rates contributed intervalsExchange company offers owner vacation with comparable ratings

Revenues derived through annual membership dues and exchange fees71 percent of timeshare owners are members of exchange companies and 66 percent participated in exchange In 2005, approximately 5.3 million members completed over 3.5 million transactions

Source of total membership and transaction data: Florida state regulatory filings

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Exchange

$460 - $480 Million

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Exchange Customers

Exchange members3.4 million RCI members as of 9/30/06

Approximately two-thirds of total exchange members

Similar demographic to vacation ownership industry demographicsWell-traveledBaby boomersThe median income is $74,000 for recent buyers and $81,000 among all ownersAverage age of recent timeshare buyers: 52High consumer satisfaction among timeshare owners: 80%

2006 RCI retention rate: 90%More than 40% of all timeshare owners own more than one week of timeshare

Source: ARDA for vacation ownership industry demographics

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Exchange Customers

RCI DevelopersMore than 4,000 resorts in more than 100 countries – from the largest developer to small niche playersTraditional timeshare resorts to fractional private residencesEconomy to luxury accommodationsTerm: affiliation agreements typically 5 – 10 years Retain 99% of affiliate developersRCI services provided include:

Exchange servicesRental programsSales table programsClub servicingGlobal advisory services

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Exchange Products

RCI WeeksOwner buys seven-day period for a specific home resortOwner buys a fixed week or floating week booked within certain season based on the resortOwner deposits time with RCI each yearWeek exchanged for comparable week at another resort

The Registry CollectionWorld’s largest luxury leisure asset exchange programHigh-end vacation ownership, fractional, condo-hotels

RCI PointsWorld’s first global points-based exchange offering for the timeshare industry, launched in 2000Owner buys a fixed week or floating week booked within certain season based on the resort, and cedes that inventory to RCI for the term of their membership for PointsPoints allocated annually based on various factors (size of condo, resort location, quality, season, duration)Flexibility to use points as desired (length of stay, season, resort)Use points for airline tickets, cruises, car rentals, hotel rooms

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

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Exchange Competitive Environment

Sources: Exchanges per Florida Regulatory Agency for the most recent year reported ending 12/31/2005, and from company financial filings and Web sites as of 11/21/06.Based on information regarding the two major competitors in the timeshare exchange industry.

RCI is the largest timeshare exchange network in the world.

RCI ExchangeNetwork

IntervalInternational

Resorts

66%

34%

RCI ExchangeNetwork

IntervalInternational

Exchanges

23%

77%

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Exchange Competitive Environment

More resorts of every variety, everywhere that matters most.Comparison of RCI “Gold Crown” resorts to II “5 Star”resorts in key locations:

Sources: RCI and II 2006 directories

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Exchange Competitive Environment

Sources: RCI Combined Statement of Key Operating Statistics for the RCI Weeks Exchange Program, as of and for the year ended December 31, 2005;RCI Combined Statement of Key Operating Statistics for the RCI Points Exchange Program, as of and for the year ended December 31, 2005;Interval International Report of Key Operating Exchange Statistics as of and for the year ended December 31, 2005;Includes member-initiated cancellations.

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RCI Brand Value

Key findings of study include:Brands with higher awareness tend to have higher preference shareRCI had 22% aided awareness vs. 8% for Interval International

Eight in 10 timeshare owners aware of RCI

RCI partnership added value to all developers included in the surveyPreference share increased between 2 - 8 points

An RCI partnership adds value to megaAn RCI partnership adds value to mega--brandbranddevelopers and niche players alikedevelopers and niche players alike

Source: Chadwick Martin Bailey 2006 RCI Brand Assessment

RCI is the brand for timeshare - the industry’s preferred partner.

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Vacation Rentals

Market leader in European vacation rental homes and global vacation condo hotelsEnables vacation property owners opportunity to rent when unoccupied

Owner provides exclusive access for property utilizationRental company markets the product under various brands and channels, as needed, to drive occupancy for ownerRental company often provides key-holding and property management services on the owner’s behalf

Revenues derived through commission on rental revenue and ancillary services providedIn 2005, Wyndham Worldwide’s rental businesses generated over one million weeks of occupancy for owners

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

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European Rentals Market

France11%

Netherlands8%

Scandinavia8%

Italy12%

Germany/ Austria

32%

U.K.29%

Source: 2005 RCI estimates

Leisure Travel – Major Source Markets% Total Trips

410 Million Trips

Vacation Ownership

1%

Self Catering/Renter

23%

Lodging66%

Parks and Camping

10%

Accommodations% Total Trips

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$490 - $510 Million

Rentals

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Rentals

Vacation RentalsThrough more than 30 brands and 63,000 units, vacationers can choose to rent from among the following types of properties:

ApartmentsBungalowsCampsites

CastlesCondosCottages

Restored farmhousesSki lodgesVillas

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RCI Global Vacation Network Global 63,000Pierre et Vacances Europe 45,000Interchalet Europe 20,000Interhome Europe 19,000ResortQuest North America 17,000 Hoseasons Europe 12,000

Rentals Competitors

Properties*

Source: Company financial filings and Web sites as of 11/21/06.

* Excludes posting services, bulletin boards, etc.

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Rentals Customers

Vacation rentersDiverse in geography, demand, price points and destinationGenerally look for independent travel and non-hotel accommodationsConsumer profile: Similar to timeshare owner profileEurope: Concentration in U.K., Germany, Netherlands,France, ItalyU.S.: Key rental destinations – Florida; Branson, Missouri; Las Vegas; Williamsburg, VirginiaRepeat customer rate: Approximately 45%Property retention: 80%

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

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Market Trends and Opportunities

ENHANCE the Network’sValue Proposition

EXTEND the Network’s Business Model

EXPAND the Network’sGeography

Developer Clubs

Shifting value proposition in leisure real estate market

Resales / Reloads /Tri & Bi Intervals

Regional shifts in destination demand

Increased productbenefits and flexibility

for members

New developermodels

New exchangeconcepts

Leverage scaleto balance inventory pool

Market Trends Opportunities Response = Constant Priorities

Online travel agenciesand bulletin boards

Leverage inventoryand network into e-space

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Differentiators and Summary

Innovator for the timeshare industry/30+ year operating historyRCI is the market leader and the premium brand in the timeshare exchange industrySegment leaders in vacation rental brands, generating a high number of repeat customers Long-term business partnering and relationshipsInternational portfolio, profits not dependent on one regionHigh margins with annuity-like revenue streams — fee for service modelThrough established infrastructure and ongoing strategic investments, well prepared to sustain future growthStrong long-term growth prospects

Enhance the network’s value propositionExtend the network’s business modelExpand the network’s geography

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Attitash Mountain Village Bartlett, New Hampshire

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Cypress Pointe Orlando, Florida

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Mayan Palace Nuevo Vallarta Nuevo Vallarta, Mexico

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Crystal Mountain Thompsonville, Michigan

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Quinta Real Aguascalientes, Mexico

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The Whiteface Lodge Lake Placid, New York

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Landal EsonstadAnjum, Netherlands

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Novasol Lorgues, France

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Novasol Flugonfjell, Norway

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Novasol Andratx, Spain