The IAC Notes are guaranteed by MVWC, ILG and certain other subsidiaries whose voting securities are wholly owned directly or indirectly by ILG (such subsidiaries collectively, the “IAC Notes Guarantors”). These guarantees are full and unconditional and joint and several. The guarantees of the IAC Notes Guarantors are subject to release in limited circumstances only upon the occurrence of certain customary conditions. The indenture governing the IAC Notes contains covenants that, among other things, limit the ability of Interval Acquisition Corp. (the “Issuer”) and the IAC Notes Guarantors to pay dividends to us or make distributions, loans or advances to us.

The following tables present consolidating financial information as of September 30, 2019 and December 31, 2018, and for the three and nine months ended September 30, 2019 and September 30, 2018 for MVWC and ILG on a stand-alone basis, the Issuer on a stand-alone basis, the IAC Notes Guarantors, the combined non-guarantor subsidiaries of MVW and MVW on a consolidated basis.



	As of September 30, 2019
($ in millions)	MVWC		Interval Acquisition Corp.		IAC Notes Guarantors		Non-Guarantor Subsidiaries		Total Eliminations			MVW Consolidated
Cash and cash equivalents	$	—	$	—	$	47	$	136	$	—		$	183
Restricted cash	—		—		43		279		—			322
Accounts receivable, net	84		27		75		224		(38		)	372
Vacation ownership notes receivable, net	—		—		268		1,900		—			2,168
Inventory	—		—		435		475		—			910
Property and equipment	—		—		240		530		—			770
Goodwill	2,890		—		—		—		—			2,890
Intangibles, net	—		—		997		47		—			1,044
Due from parent	—		—		—		1,834		(1,834		)	—
Investments in subsidiaries	2,189		1,771		1,653		—		(5,613		)	—
Other	36		—		189		180		(5		)	400
Total assets	$	5,199	$	1,798	$	3,947	$	5,605	$	(7,490	)	$	9,059

Accounts payable	$	37	$	—	$	91	$	120	$	—		$	248
Advance deposits	—		—		80		105		—			185
Accrued liabilities	4		4		166		157		(38		)	293
Deferred revenue	—		—		130		309		(3		)	436
Payroll and benefits liability	5		—		70		110		—			185
Deferred compensation liability	—		—		6		98		—			104
Securitized debt, net	—		—		—		1,686		—			1,686
Debt, net	205		142		—		1,947		—			2,294
Due to subsidiary	1,834		—		—		—		(1,834		)	—
Other	2		—		150		47		—			199
Deferred taxes	—		—		145		162		—			307
MVW shareholders' equity	3,112		1,652		3,109		854		(5,615		)	3,112
Noncontrolling interests	—		—		—		10		—			10
Total liabilities and equity	$	5,199	$	1,798	$	3,947	$	5,605	$	(7,490	)	$	9,059



	As of December 31, 2018⁽¹⁾
($ in millions)	MVWC		Interval Acquisition Corp.		IAC Notes Guarantors			Non-Guarantor Subsidiaries		Total Eliminations			MVW Consolidated
Cash and cash equivalents	$	1	$	11	$	28		$	191	$	—		$	231
Restricted cash	—		—		83			300		—			383
Accounts receivable, net	31		2		107			184		—			324
Vacation ownership notes receivable, net	—		—		176			1,863		—			2,039
Inventory	—		—		440			423		—			863
Property and equipment	—		—		272			679		—			951
Goodwill	2,828		—		—			—		—			2,828
Intangibles, net	—		—		1,065			42		—			1,107
Due from parent	—		—		—			1,834		(1,834		)	—
Investments in subsidiaries	2,681		1,975		1,875			—		(6,531		)	—
Other	27		28		140			172		(75		)	292
Total assets	$	5,568	$	2,016	$	4,186		$	5,688	$	(8,440	)	$	9,018

Accounts payable	$	50	$	—	$	120		$	131	$	—		$	301
Advance deposits	—		—		81			90		—			171
Accrued liabilities	7		—		(28		)	295		(24		)	250
Deferred revenue	—		—		181			206		(4		)	383
Payroll and benefits liability	15		—		72			119		—			206
Deferred compensation liability	—		—		7			86		—			93
Securitized debt, net	—		—		—			1,714		—			1,714
Debt, net	199		141		1			1,763		—			2,104
Due to subsidiary	1,834		—		—			—		(1,834		)	—
Other	2		—		1			9		—			12
Deferred taxes	—		—		155			159		4			318
MVW shareholders' equity	3,461		1,875		3,599			1,108		(6,582		)	3,461
Noncontrolling interests	—		—		(3		)	8		—			5
Total liabilities and equity	$	5,568	$	2,016	$	4,186		$	5,688	$	(8,440	)	$	9,018



	Three Months Ended September 30, 2019
($ in millions)	MVWC			Interval Acquisition Corp.			IAC Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Revenues	$	—		$	—		$	286		$	796		$	—		$	1,082
Expenses	(7		)	—			(255		)	(750		)	—			(1,012		)
Losses and other expense, net	—			—			—			(5		)	—			(5		)
Interest expense	(3		)	(1		)	—			(27		)	—			(31		)
ILG acquisition-related costs	—			—			(2		)	(30		)	—			(32		)
Other	—			—			—			1			—			1
Benefit (provision) for income taxes	3			1			(18		)	4			—			(10		)
Equity in net (loss) income of subsidiaries	(2		)	31			31			—			(60		)	—
Net (loss) income	(9		)	31			42			(11		)	(60		)	(7		)
Net income attributable to noncontrolling interests	—			—			(1		)	(1		)	—			(2		)
Net (loss) income attributable to common shareholders	$	(9	)	$	31		$	41		$	(12	)	$	(60	)	$	(9	)



	Three Months Ended September 30, 2018
($ in millions)	MVWC			Interval Acquisition Corp.			IAC Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations		MVW Consolidated
Revenues	$	—		$	—		$	114		$	636		$	—	$	750
Expenses	(1		)	—			(125		)	(572		)	—		(698		)
Gains and other income, net	—			—			1			1			—		2
Interest expense	(3		)	(1		)	—			(10		)	—		(14		)
ILG acquisition-related costs	—			—			(18		)	(60		)	—		(78		)
Benefit (provision) for income taxes	—			—			5			(3		)	—		2
Equity in net (loss) income of subsidiaries	(32		)	(16		)	(17		)	—			65		—
Net (loss) income	(36		)	(17		)	(40		)	(8		)	65		(36		)
Net income attributable to noncontrolling interests	—			—			—			—			—		—
Net (loss) income attributable to common shareholders	$	(36	)	$	(17	)	$	(40	)	$	(8	)	$	65	$	(36	)



	Nine Months Ended September 30, 2019
($ in millions)	MVWC			Interval Acquisition Corp.			IAC Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Revenues	$	—		$	—		$	1,083		$	2,136		$	(9	)	$	3,210
Expenses	(16		)	—			(970		)	(1,929		)	9			(2,906		)
Gains and other income, net	—			—			—			5			—			5
Interest expense	(8		)	(4		)	(3		)	(85		)	—			(100		)
ILG acquisition-related costs	—			—			(16		)	(78		)	—			(94		)
Other	—			—			—			1			—			1
Benefit (provision) for income taxes	7			2			(40		)	(19		)	—			(50		)
Equity in net income (loss) of subsidiaries	81			95			93			—			(269		)	—
Net income (loss)	64			93			147			31			(269		)	66
Net income attributable to noncontrolling interests	—			—			(1		)	(1		)	—			(2		)
Net income (loss) attributable to common shareholders	$	64		$	93		$	146		$	30		$	(269	)	$	64



	Nine Months Ended September 30, 2018
($ in millions)	MVWC			Interval Acquisition Corp.			IAC Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations		MVW Consolidated
Revenues	$	—		$	—		$	114		$	1,802		$	—	$	1,916
Expenses	(6		)	—			(125		)	(1,631		)	—		(1,762		)
Gains (losses) and other income (expense), net	—			—			1			(5		)	—		(4		)
Interest expense	(8		)	(1		)	—			(14		)	—		(23		)
ILG acquisition-related costs	—			—			(17		)	(81		)	—		(98		)
Other	—			—			—			(3		)	—		(3		)
Benefit (provision) for income taxes	4			—			8			(27		)	—		(15		)
Equity in net income (loss) of subsidiaries	21			(37		)	(38		)	—			54		—
Net income (loss)	11			(38		)	(57		)	41			54		11
Net income attributable to noncontrolling interests	—			—			—			—			—		—
Net income (loss) attributable to common shareholders	$	11		$	(38	)	$	(57	)	$	41		$	54	$	11



	Nine Months Ended September 30, 2019
($ in millions)	MVWC			Interval Acquisition Corp.			IAC Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	$	(79	)	$	(3	)	$	177		$	61		$	24		$	180
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(5		)	—			14			(8		)	—			1
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	83			(8		)	(212		)	(129		)	(24		)	(290		)
Cash, cash equivalents and restricted cash, beginning of period	1			11			111			491			—			614
Cash, cash equivalents and restricted cash, end of period	$	—		$	—		$	90		$	415		$	—		$	505



	Nine Months Ended September 30, 2018
($ in millions)	MVWC			Interval Acquisition Corp.		IAC Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations		MVW Consolidated
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	$	(59	)	$	—	$	(31	)	$	157		$	—	$	67
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(1,846		)	2		126			295			—		(1,423		)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	1,905			—		(4		)	(230		)	—		1,671
Cash, cash equivalents and restricted cash, beginning of period	—			—		—			491			—		491
Cash, cash equivalents and restricted cash, end of period	$	—		$	2	$	91		$	713		$	—	$	806

The Senior Unsecured Notes and Exchanges Notes (collectively referred to as the “Senior MVW Notes”) are guaranteed by MVWC, Marriott Ownership Resorts, Inc. (“MORI”), ILG and certain other subsidiaries whose voting securities are wholly owned directly or indirectly by MORI or ILG (such subsidiaries collectively, the “Senior Notes Guarantors”). These guarantees are full and unconditional and joint and several. The guarantees of the Senior Notes Guarantors are subject to release in limited circumstances only upon the occurrence of certain customary conditions.

The following tables present consolidating financial information as of September 30, 2019 and December 31, 2018, and for the three and nine months ended September 30, 2019 and September 30, 2018 for MVWC on a stand-alone basis, each of MORI and ILG on a stand-alone basis (collectively, the “Issuers” and each individually, an “Issuer”), the Senior Notes Guarantors, the combined non-guarantor subsidiaries of MVW and MVW on a consolidated basis.



	As of September 30, 2019
	MVWC		Issuers				Senior Notes Guarantors		Non-Guarantor Subsidiaries		Total Eliminations			MVW Consolidated
($ in millions)	MVWC		MORI		ILG		Senior Notes Guarantors		Non-Guarantor Subsidiaries		Total Eliminations			MVW Consolidated
Cash and cash equivalents	$	—	$	33	$	—	$	50	$	100	$	—		$	183
Restricted cash	—		22		—		45		255		—			322
Accounts receivable, net	84		46		18		100		162		(38		)	372
Vacation ownership notes receivable, net	—		181		—		275		1,712		—			2,168
Inventory	—		328		—		475		107		—			910
Property and equipment	—		211		—		283		276		—			770
Goodwill	2,890		—		—		—		—		—			2,890
Intangibles, net	—		—		—		997		47		—			1,044
Due from parent	—		1,834		—		—		—		(1,834		)	—
Investments in subsidiaries	2,189		98		1,653		—		—		(3,940		)	—
Other	36		48		2		268		66		(20		)	400
Total assets	$	5,199	$	2,801	$	1,673	$	2,493	$	2,725	$	(5,832	)	$	9,059

Accounts payable	$	37	$	45	$	9	$	117	$	40	$	—		$	248
Advance deposits	—		79		—		91		15		—			185
Accrued liabilities	4		70		20		168		69		(38		)	293
Deferred revenue	—		4		—		205		230		(3		)	436
Payroll and benefits liability	5		83		—		79		18		—			185
Deferred compensation liability	—		88		—		15		1		—			104
Securitized debt, net	—		—		—		—		1,686		—			1,686
Debt, net	205		1,940		—		149		—		—			2,294
Due to subsidiary	1,834		—		—		—		—		(1,834		)	—
Other	2		36		55		94		12		—			199
Deferred taxes	—		139		2		180		—		(14		)	307
MVW shareholders' equity	3,112		317		1,587		1,395		644		(3,943		)	3,112
Noncontrolling interests	—		—		—		—		10		—			10
Total liabilities and equity	$	5,199	$	2,801	$	1,673	$	2,493	$	2,725	$	(5,832	)	$	9,059



	As of December 31, 2018⁽¹⁾
	MVWC		Issuers				Senior Notes Guarantors			Non-Guarantor Subsidiaries		Total Eliminations			MVW Consolidated
($ in millions)	MVWC		MORI		ILG		Senior Notes Guarantors			Non-Guarantor Subsidiaries		Total Eliminations			MVW Consolidated
Cash and cash equivalents	$	1	$	62	$	2	$	39		$	127	$	—		$	231
Restricted cash	—		19		—		122			242		—			383
Accounts receivable, net	31		20		—		169			104		—			324
Vacation ownership notes receivable, net	—		121		—		183			1,735		—			2,039
Inventory	—		212		—		475			176		—			863
Property and equipment	—		439		1		308			203		—			951
Goodwill	2,828		—		—		—			—		—			2,828
Intangibles, net	—		—		—		1,065			42		—			1,107
Due from parent	—		1,834		—		—			—		(1,834		)	—
Investments in subsidiaries	2,681		93		1,875		—			—		(4,649		)	—
Other	27		53		—		251			36		(75		)	292
Total assets	$	5,568	$	2,853	$	1,878	$	2,612		$	2,665	$	(6,558	)	$	9,018

Accounts payable	$	50	$	13	$	—	$	213		$	25	$	—		$	301
Advance deposits	—		65		—		89			17		—			171
Accrued liabilities	7		96		7		14			150		(24		)	250
Deferred revenue	—		6		—		253			128		(4		)	383
Payroll and benefits liability	15		96		—		79			16		—			206
Deferred compensation liability	—		79		—		13			1		—			93
Securitized debt, net	—		—		—		—			1,714		—			1,714
Debt, net	199		1,726		—		179			—		—			2,104
Due to subsidiary	1,834		—		—		—			—		(1,834		)	—
Other	2		6		—		1			3		—			12
Deferred taxes	—		133		—		157			24		4			318
MVW shareholders' equity	3,461		633		1,871		1,617			579		(4,700		)	3,461
Noncontrolling interests	—		—		—		(3		)	8		—			5
Total liabilities and equity	$	5,568	$	2,853	$	1,878	$	2,612		$	2,665	$	(6,558	)	$	9,018



	Three Months Ended September 30, 2019
	MVWC			Issuers					Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
($ in millions)	MVWC			MORI			ILG		Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Revenues	$	—		$	191		$	—	$	575		$	316		$	—		$	1,082
Expenses	(7		)	(230		)	—		(518		)	(257		)	—			(1,012		)
(Losses) gains and other (expense) income, net	—			(6		)	—		1			—			—			(5		)
Interest expense	(3		)	(34		)	—		2			4			—			(31		)
ILG acquisition-related costs	—			(29		)	—		(3		)	—			—			(32		)
Other	—			1			—		—			—			—			1
Benefit (provision) for income taxes	3			35			—		(4		)	(44		)	—			(10		)
Equity in net (loss) income of subsidiaries	(2		)	27			31		—			—			(56		)	—
Net (loss) income	(9		)	(45		)	31		53			19			(56		)	(7		)
Net income attributable to noncontrolling interests	—			—			—		(1		)	(1		)	—			(2		)
Net (loss) income attributable to common shareholders	$	(9	)	$	(45	)	$	31	$	52		$	18		$	(56	)	$	(9	)



	Three Months Ended September 30, 2018
	MVWC			Issuers						Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
($ in millions)	MVWC			MORI			ILG			Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Revenues	$	—		$	194		$	—		$	408		$	148		$	—		$	750
Expenses	(1		)	(185		)	(4		)	(396		)	(112		)	—			(698		)
Gains and other income, net	—			1			—			1			—			—			2
Interest expense	(3		)	(10		)	—			(1		)	—			—			(14		)
ILG acquisition-related costs	—			(60		)	—			(18		)	—			—			(78		)
Benefit (provision) for income taxes	—			7			1			2			(8		)	—			2
Equity in net (loss) income of subsidiaries	(32		)	60			(17		)	—			—			(11		)	—
Net (loss) income	(36		)	7			(20		)	(4		)	28			(11		)	(36		)
Net income attributable to noncontrolling interests	—			—			—			—			—			—			—
Net (loss) income attributable to common shareholders	$	(36	)	$	7		$	(20	)	$	(4	)	$	28		$	(11	)	$	(36	)



	Nine Months Ended September 30, 2019
	MVWC			Issuers					Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
($ in millions)	MVWC			MORI			ILG		Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Revenues	$	—		$	541		$	—	$	1,981		$	697		$	(9	)	$	3,210
Expenses	(16		)	(622		)	—		(1,732		)	(545		)	9			(2,906		)
Gains and other income, net	—			5			—		—			—			—			5
Interest expense	(8		)	(88		)	—		(4		)	—			—			(100		)
ILG acquisition-related costs	—			(77		)	—		(17		)	—			—			(94		)
Other	—			1			—		—			—			—			1
Benefit (provision) for income taxes	7			75			—		(74		)	(58		)	—			(50		)
Equity in net income (loss) of subsidiaries	81			142			93		—			—			(316		)	—
Net income (loss)	64			(23		)	93		154			94			(316		)	66
Net income attributable to noncontrolling interests	—			—			—		(1		)	(1		)	—			(2		)
Net income (loss) attributable to common shareholders	$	64		$	(23	)	$	93	$	153		$	93		$	(316	)	$	64



	Nine Months Ended September 30, 2018
	MVWC			Issuers						Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
($ in millions)	MVWC			MORI			ILG			Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Revenues	$	—		$	559		$	—		$	991		$	366		$	—		$	1,916
Expenses	(6		)	(551		)	(4		)	(901		)	(300		)	—			(1,762		)
(Losses) gains and other (expense) income, net	—			(5		)	—			1			—			—			(4		)
Interest expense	(8		)	(12		)	—			(3		)	—			—			(23		)
ILG acquisition-related costs	—			(81		)	—			(17		)	—			—			(98		)
Other	—			—			—			(3		)	—			—			(3		)
Benefit (provision) for income taxes	4			26			1			(19		)	(27		)	—			(15		)
Equity in net income (loss) of subsidiaries	21			170			(38		)	—			—			(153		)	—
Net income (loss)	11			106			(41		)	49			39			(153		)	11
Net income attributable to noncontrolling interests	—			—			—			—			—			—			—
Net income (loss) attributable to common shareholders	$	11		$	106		$	(41	)	$	49		$	39		$	(153	)	$	11



	Nine Months Ended September 30, 2019
	MVWC			Issuers						Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
($ in millions)	MVWC			MORI			ILG			Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations			MVW Consolidated
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	$	(79	)	$	(159	)	$	—		$	251		$	157		$	10		$	180
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(5		)	(9		)	—			24			(9		)	—			1
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	83			142			(2		)	(341		)	(162		)	(10		)	(290		)
Cash, cash equivalents and restricted cash, beginning of period	1			81			2			161			369			—			614
Cash, cash equivalents and restricted cash, end of period	$	—		$	55		$	—		$	95		$	355		$	—		$	505



	Nine Months Ended September 30, 2018
	MVWC			Issuers					Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations		MVW Consolidated
($ in millions)	MVWC			MORI			ILG		Senior Notes Guarantors			Non-Guarantor Subsidiaries			Total Eliminations		MVW Consolidated
Net cash, cash equivalents and restricted cash (used in) provided by operating activities	$	(59	)	$	78		$	—	$	122		$	(74	)	$	—	$	67
Net cash, cash equivalents and restricted cash (used in) provided by investing activities	(1,846		)	(6		)	2		123			304			—		(1,423		)
Net cash, cash equivalents and restricted cash provided by (used in) financing activities	1,905			(152		)	—		(179		)	97			—		1,671
Cash, cash equivalents and restricted cash, beginning of period	—			377			—		63			51			—		491
Cash, cash equivalents and restricted cash, end of period	$	—		$	297		$	2	$	129		$	378		$	—	$	806