Risk Factors Update Summary

• The number of open Cambria hotels increased from six to seven, with ongoing development.
• The Offer will convert Wyndham common stock into $49.50 cash and 0.324 shares of common stock.
• Climate change risks now include physical and transition risks, such as sea level changes.
• The Offer is for us to acquire all Wyndham shares to combine businesses, intending to merge companies.
• The Offer may require antitrust filings in non-U.S. jurisdictions, with incomplete analysis.
• The Offer may trigger a change of control under Wyndham's Credit Agreement, leading to default.
• Cybersecurity risks expanded to include deepfake attacks and advanced cybercriminal capabilities.
• The Offer is subject to antitrust approvals, with a waiting period under the HSR Act.
• The Offer may necessitate non-antitrust approvals, with incomplete analysis based on limited information.
• Legal and regulatory risks now include potential impacts from government franchise and tax regulations.
• Failure to replace terminated agreements post-Offer may increase operating costs or hinder operations.
• The hospitality industry faces increasing cybersecurity attacks, including phishing and hacking schemes.
• Failure to protect trademarks and intellectual property could impact brand reputation and market acceptance.
• Investment in new business lines poses inherent risks that could disrupt the core business.