TRAVEL & LEISURE CO. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-K)

BUSINESS AND OVERVIEW

We are a global provider of hospitality services and travel products and operate
our business in the following two segments:

•Vacation Ownership - develops, markets and sells vacation ownership interests
("VOIs") to individual consumers, provides consumer financing in connection with
the sale of VOIs, and provides property management services at resorts.

•Travel and Membership – operates a variety of travel businesses, including
three vacation exchange brands, a home exchange network, travel technology
platforms, travel memberships, and direct-to-consumer rentals.

Travel + Leisure Brand Acquisition

On January 5, 2021, Wyndham Destinations, Inc. acquired the Travel + Leisure
brand and related assets from Meredith Corporation ("Meredith") for $100
million, of which $55 million was paid during 2021. The remaining payments are
to be completed by June 2024. This acquisition included Travel + Leisure branded
travel clubs and members. We acquired the Travel + Leisure brand to accelerate
our strategic plan to broaden our reach with the launch of new travel services,
expand our membership travel business, and amplify the global visibility of our
leisure travel products. Meredith will continue to operate and monetize Travel +
Leisure branded multi-platform media assets across multiple channels under a
30-year royalty-free, renewable licensing relationship. In connection with this
acquisition, on February 17, 2021, Wyndham Destinations, Inc. was renamed Travel
+ Leisure Co. and continues to trade on the New York Stock Exchange under the
new ticker symbol TNL.

In connection with the Travel + Leisure brand acquisition we updated the names
and composition of our reportable segments to better align with how they are
managed. We created the Travel + Leisure Group which falls under the Travel and
Membership segment along with the Panorama business line. With the formation of
the Travel + Leisure Group, we decided that the operations of our Extra Holidays
business, which focuses on direct-to-consumer bookings, better aligns with the
operations of this new business line and therefore transitioned the management
of our Extra Holidays business to the Travel and Membership segment. As such, we
reclassified the results of our Extra Holidays business, which were 
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