Exhibit 99.1

FOR IMMEDIATE RELEASE

Wyndham Worldwide Reports Solid Third Quarter 2008 Results

Adjusted EPS up 11% to $0.83

PARSIPPANY, N.J. (October 30, 2008) — Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended September 30, 2008.

HIGHLIGHTS:

• Third quarter reported EPS grew by 23%, or 11% on an adjusted basis. Third quarter 2008 net income was $142 million, or $0.80 diluted earnings per share. Adjusted net income, excluding $6 million after-tax in legacy items and restructuring costs, was $148 million, or $0.83 adjusted diluted earnings per share, exceeding Company-issued guidance of $0.80 - 0.82.

• Third quarter 2008 revenues were $1.2 billion, up 1% from the third quarter of 2007.

• Compared to the third quarter of 2007:

• System size increased by 42,500 rooms, or 8% (2% excluding the impact of the Microtel and Hawthorn brands acquisition in July 2008).

• Average net price per vacation rental increased 9%, or 5% in constant currency.

• Average number of vacation exchange members increased 4%, or 135,000 members.

• Gross Vacation Ownership Interest sales increased 3%.

• EBITDA increased in each of the Company’s businesses

“We produced solid operating results during the quarter in a difficult global economic environment,” said Stephen P. Holmes, Wyndham Worldwide Chairman and Chief Executive Officer. “We are taking the necessary steps to best weather this storm and, if necessary, we will make further adjustments. The diversity and flexibility of our

business model enables us to adjust to changes in the marketplace to optimize our performance.”

THIRD QUARTER 2008 OPERATING RESULTS

Revenues for the third quarter of 2008 were $1.2 billion, up 1% compared to the third quarter of 2007. The Company also reported year-over-year EBITDA growth in each of its three business units during the third quarter of 2008.

Reported net income for the third quarter of 2008 was $142 million, or $0.80 diluted earnings per share, compared to $117 million, or $0.65 diluted earnings per share, for the third quarter of 2007.

Excluding $2 million in after-tax net expense from the resolution of, and adjustment to, certain legacy items and $4 million in after-tax restructuring costs, adjusted net income for the third quarter of 2008 would have been $148 million, or $0.83 adjusted diluted earnings per share, an 11% increase compared to adjusted net income of $134 million, or adjusted diluted earnings per share of $0.75, in the third quarter of 2007. Adjusted net income in the third quarter of 2007 excludes $2 million in after-tax separation and related costs and $15 million in after-tax net expense from the resolution of, and adjustment to, certain legacy items.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)
Revenues were $213 million in the third quarter of 2008, up $2 million, or 1%, when compared with the third quarter of 2007. Higher revenues resulting from the Microtel and Hawthorn brands acquisition and incremental properties were partially offset by a decline in worldwide RevPAR.

System-wide RevPAR decreased 2.7% in the third quarter of 2008, reflecting 4.2% and 1.7% declines in domestic and international RevPAR, respectively.

Third quarter 2008 EBITDA grew 3% to $72 million, compared to $70 million in the third quarter of 2007. This increase was driven by cost containment initiatives, the Microtel and Hawthorn brands acquisition, a one-time benefit resulting from the sale of a non-strategic asset and lower marketing expenses due to timing, which were partially offset by $4 million in restructuring costs. Excluding the $4 million restructuring costs, adjusted third quarter 2008 EBITDA would have been $76 million, a 9% increase over 2007.

As of September 30, 2008, the Company’s hotel system consisted of 6,970 properties and approximately 583,400 rooms, of which 20% were international, with a development pipeline of approximately 990 hotels and more than 111,000 rooms, of which 51% were new construction and 41% were international.

Vacation Exchange and Rentals (Group RCI)
Revenues were $354 million in the third quarter of 2008, a 5% increase compared with the third quarter of 2007, reflecting growth in vacation rentals and ancillary revenues, partially offset by lower annual dues and exchange revenues. In constant currency, revenues increased 3% compared to the third quarter of 2007.

Vacation rentals revenues were $199 million, up 9% compared to the third quarter of 2007, or a 5% increase in constant currency. The increase reflects a higher average net price per rental and the conversion of an existing Landal park from franchised to a managed property. Rental transaction volume was flat during the third quarter of 2008 compared to the prior year.

Annual dues and exchange revenues were $114 million, down 2% compared to the third quarter of 2007. A 4% increase in the average number of members was more than offset by a 5% decline in the average revenue per member.

Other ancillary revenues were $41 million, up 8% compared to the third quarter of 2007, reflecting increased club servicing revenues, fees from credit card loyalty programs and fees generated from programs with affiliated resorts.

Third quarter 2008 EBITDA was $105 million, compared to third quarter 2007 EBITDA of $103 million. Revenue gains and overhead cost reductions were partially offset by unfavorable foreign exchange impact on expenses, incremental marketing expenditures and higher operational expenses related to a Landal park conversion. In constant currency, EBITDA increased 4% compared to the third quarter of 2007. Excluding $2 million of restructuring costs, in constant currency adjusted third quarter 2008 EBITDA would have been $109 million, a 6% increase over the prior year.

Vacation Ownership (Wyndham Vacation Ownership)
Gross Vacation Ownership Interest sales were $566 million for the third quarter of 2008, up 3% compared to the third quarter of 2007. This increase was principally driven by modest increases in tour flow and volume per guest, as well as higher levels of upgrades.

Consumer finance revenues increased $18 million to $111 million in the third quarter of 2008, up 19% compared to the third quarter of 2007, reflecting continued growth in the portfolio due to higher gross VOI sales.

Reported revenues were $661 million in the third quarter of 2008, down 1% compared to the third quarter of 2007, including a higher provision for loan losses. Third quarter 2008 revenues were also reduced by $2 million as a result of deferred vacation ownership revenue recorded under the percentage-of-completion method of accounting, while the Company recognized $1 million of previously deferred revenue in the third quarter of 2007.

EBITDA for the third quarter of 2008 increased 10% to $128 million, compared to $116 million in the third quarter of 2007. The increase was primarily due to cost containment and higher net interest income of $13 million. Third quarter 2007 EBITDA includes a $7 million pre-tax gain on the sale of certain vacation ownership properties.

Other Items
Interest expense for the third quarter of 2008 was $21 million, up from $20 million in the third quarter of 2007. Interest income for the quarter was $2 million, down from $4 million from the comparable prior-year period. Depreciation and amortization increased $4 million to $47 million reflecting increased capital investments over the past two years.

Bank Conduit Facility
The Company also announced that it expects to close on or about November 10, 2008, a new timeshare receivables conduit facility led by J.P. Morgan. The facility is expected to have capacity of at least $800 million.

Balance Sheet Information as of September 30, 2008:

• Cash and cash equivalents of approximately $230 million compared to approximately $210 million at December 31, 2007

• Vacation ownership contract receivables, net, of $3.3 billion compared to $2.9 billion at December 31, 2007

• Vacation ownership and other inventory of approximately $1.3 billion compared to $1.2 billion at December 31, 2007

• Securitized vacation ownership debt of $2.1 billion, unchanged since December 31, 2007

• Other debt of $1.7 billion, compared to $1.5 billion at December 31, 2007

A schedule of debt is included in the financial tables section of this press release.

Outlook
Given the disruptions in the global economy and capital markets, and uncertainty about how these will impact employment, consumer spending and other macroeconomic drivers, guidance related to Wyndham Worldwide’s performance during the remainder of 2008 and 2009 is subject to higher than normal levels of uncertainty. The following guidance reflects assumptions used for internal planning purposes. If economic conditions improve or deteriorate materially from current levels, these assumptions and our guidance may change materially.

For the fourth quarter 2008, the Company expects adjusted EPS of $0.41 - $0.46 based on weighted average shares of approximately 178 million.

The Company’s updated full-year 2008 guidance is:

• Revenues of $4,360 - $4,410 million

• Adjusted* EBITDA of $830 - $880 million

• Depreciation and amortization expense of $175 - $185 million

• Interest expense, net of $70 - $80 million

• Adjusted* net income of $377 - $386 million

• Adjusted* EPS of $2.12 - $2.17 based on weighted average shares of approximately 178 million

Management provided preliminary guidance for the full-year 2009:

• Revenues of approximately $4.1 - $4.5 billion

• Adjusted* EBITDA of approximately $840 - $890 million

* All guidance excludes legacy items, rebranding charges and restructuring costs, if any, which may have a positive or negative impact on reported results, as applicable.

On October 6, 2008, the Company announced strategic realignments that would result in estimated pre-tax restructuring costs of approximately $7 in the third quarter of 2008, $10 - $15 million in the fourth quarter of 2008, and approximately $5 - $10 million in the first quarter of 2009. Based upon more refined plans, the Company now believes it will incur restructuring costs of approximately $25 - $30 million in the fourth quarter of 2008 and approximately $5 - $10 million in the first quarter of 2009.

Conference Call Information
Wyndham Worldwide Corporation will provide a webcast of its conference call to discuss the Company’s third quarter 2008 financial results and outlook for the remainder of 2008 and full-year 2009 on Thursday, October 30, 2008 at 8:30 a.m. EDT. Listeners may access the webcast live through the Company’s Web site at www.wyndhamworldwide.com/investors/. An archive of this webcast will be available at the Web site for approximately 90 days beginning at noon EDT on October 30. The conference call also may be accessed by dialing (888) 395-6878 and providing the pass code “Wyndham.” Listeners are urged to call at least 10 minutes prior to the scheduled start time. A telephone replay will be available at (800) 280-4691 beginning at noon EDT on October 30 until 5 p.m. EST on December 15, 2008.

Presentation of Financial Information
Financial information discussed in this press release includes both GAAP and non-GAAP measures, which include or exclude certain items. These non-GAAP measures differ from reported results and are intended to illustrate what management believes are relevant period-over-period comparisons. A complete reconciliation of reported GAAP results to the comparable non-GAAP information appears in the financial tables section of this press release.

About Wyndham Worldwide
As one of the world’s largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges

through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses 6,970 franchised hotels and approximately 583,400 hotel rooms worldwide. Group RCI offers its nearly 3.7 million members access to more than 67,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of approximately 145 vacation ownership resorts serving over 800,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs more than 32,000 employees globally.

For more information about Wyndham Worldwide, please visit the Company’s web site at www.wyndhamworldwide.com.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, conveying management’s expectations as to the future based on plans, estimates and projections at the time the Company makes the statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release include statements related to the Company’s revenues, earnings and related financial and operating measures, financing transactions, restructuring plans, and the number of hotel rooms the Company intends to add in future periods.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward-looking statements include general economic conditions, the performance of the financial and credit markets, the economic environment for the hospitality industry, the impact of war and terrorist activity, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those described in the Company’s 2007 Annual Report on Form 10-K, filed with the SEC on February 29, 2008. Except for the Company’s ongoing obligations to disclose material information under the federal securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

# # #

Investor contact:	Press contact:
Margo C. Happer	Betsy O’Rourke
Senior Vice President,	Senior Vice President,
Investor Relations	Marketing and Communications
Wyndham Worldwide Corporation	Wyndham Worldwide Corporation
(973) 753-6472	(973) 753-7422
Margo.Happer@wyndhamworldwide.com	Betsy.O’Rourke@wyndhamworldwide.com

Table 1

Wyndham Worldwide Corporation
OPERATING RESULTS OF REPORTABLE SEGMENTS
(In millions)

In addition to other measures, management evaluates the operating results of each of its reportable segments based upon net revenues and “EBITDA,” which is defined as net income before depreciation and amortization, interest expense (excluding interest on securitized vacation ownership debt), interest income and income taxes, each of which is presented on the Company’s Consolidated Statements of Income. The Company’s presentation of EBITDA may not be comparable to similarly-titled measures used by other companies.

The following tables summarize net revenues and EBITDA for reportable segments, as well as reconcile EBITDA to net income for the three and nine months ended September 30, 2008 and 2007:

	Three Months Ended September 30,
	2008							2007
	Net Revenues			EBITDA			(d)	Net Revenues			EBITDA			(f)
Lodging	$	213		$	72			$	211		$	70
Vacation Exchange and Rentals		354			105				336			103
Vacation Ownership		661			128				671			116
Total Reportable Segments		1,228			305				1,218			289
Corporate and Other (a) (b)		(2	)		(11	)			(2	)		(41	)
Total Company	$	1,226		$	294			$	1,216		$	248
Reconciliation of EBITDA to Net Income
EBITDA				$	294						$	248
Depreciation and amortization					47							43
Interest expense					21							20
Interest income					(2	)						(4	)
Income before income taxes					228							189
Provision for income taxes					86							72
Net income				$	142						$	117

	Nine Months Ended September 30,
	2008							2007
	Net Revenues			EBITDA			(d)	Net Revenues			EBITDA			(f)
Lodging	$	583		$	179			$	549		$	174
Vacation Exchange and Rentals		1,009			252				937			237
Vacation Ownership		1,786			248		(e)		1,849			279
Total Reportable Segments		3,378			679				3,335			690
Corporate and Other (a) (c)		(8	)		(34	)			(7	)		(40	)
Total Company	$	3,370		$	645			$	3,328		$	650
Reconciliation of EBITDA to Net Income
EBITDA				$	645						$	650
Depreciation and amortization					137							122
Interest expense					59							55
Interest income					(8	)						(9	)
Income before income taxes					457							482
Provision for income taxes					175							184
Net income				$	282						$	298

(a)	Includes the elimination of transactions between segments.
(b)	Includes $1 million and $25 million of a net expense during the three months ended September 30, 2008 and 2007, respectively, related to the resolution of and adjustment to certain contingent liabilities and assets.
(c)	Includes $4 million and $5 million of a net benefit during the nine months ended September 30, 2008 and 2007, respectively, related to the resolution of and adjustment to certain contingent liabilities and assets.
(d)	Includes restructuring costs of $4 million and $2 million for Lodging and Vacation Exchange and Rentals, respectively, during both the three and nine months ended September 30, 2008.
(e)	Includes an impairment charge of $28 million due to the Company’s initiative to rebrand its vacation ownership trademarks to the Wyndham brand.
(f)	Includes separation and related costs of $1 million and $2 million for Vacation Ownership and Corporate and Other, respectively, during the three months ended September 30, 2007 and $9 million and $7 million for Vacation Ownership and Corporate and Other, respectively, during the nine months ended September 30, 2007.

Table 2

Wyndham Worldwide Corporation
CONSOLIDATED STATEMENTS OF INCOME
(In millions, except per share data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2008			2007			2008			2007
Net revenues
Vacation ownership interest sales	$	446		$	467		$	1,153		$	1,283
Service fees and membership		468			442			1,344			1,232
Franchise fees		153			155			402			406
Consumer financing		111			93			314			261
Other		48			59			157			146
Net revenues		1,226			1,216			3,370			3,328
Expenses
Operating		439			440			1,284			1,246
Cost of vacation ownership interests		86			101			226			296
Consumer financing interest (a)		34			29			93			77
Marketing and reservation		232			229			659			632
General and administrative (b)		140			174			438			419
Separation and related costs (c)		-			3			-			16
Trademark impairment (d)		-			-			28			-
Restructuring costs (e)		6			-			6			-
Depreciation and amortization		47			43			137			122
Total expenses		984			1,019			2,871			2,808
Operating income		242			197			499			520
Other income, net		(5	)		(8	)		(9	)		(8	)
Interest expense		21			20			59			55
Interest income		(2	)		(4	)		(8	)		(9	)
Income before income taxes		228			189			457			482
Provision for income taxes		86			72			175			184
Net income	$	142		$	117		$	282		$	298
Earnings per share
Basic	$	0.80		$	0.65		$	1.59		$	1.63
Diluted		0.80			0.65			1.58			1.62
Weighted average shares outstanding
Basic		178			179			177			183
Diluted		178			180			178			184

(a)	Prior to periods ending September 30, 2008, such amounts were included as a component of Operating Expenses.
(b)	Includes $1 million and $25 million of a net expense during the three months ended September 30, 2008 and 2007, respectively, and $4 million and $5 million of a net benefit during the nine months ended September 30, 2008 and 2007, respectively, related to the resolution of and adjustment to certain contingent liabilities and assets.
(c)	Represents costs that the Company incurred in connection with the execution of its separation from its former parent, Cendant (now Avis Budget Group, Inc.). Such amounts, net of tax, were $2 million and $10 million during the three and nine months ended September 30, 2007, respectively.
(d)	Represents an impairment charge due to the Company’s initiative to rebrand its vacation ownership trademarks to the Wyndham brand. Such amount, net of tax, was $17 million during the nine months ended September 30, 2008.
(e)	Relates to costs incurred as a result of various strategic initiatives approved by the Company and commenced during the third quarter of 2008. Such amount, net of tax, was $4 million during both the three and nine months ended September 30, 2008.

Table 3
(1 of 2)

Wyndham Worldwide Corporation
OPERATING STATISTICS

	Year		Q1		Q2		Q3		Q4		Full Year
Lodging (a)
Number of Rooms (b)		2008		551,100		551,500		583,400		N/A		N/A
		2007		539,300		541,700		540,900		550,600		N/A
		2006		525,500		535,900		533,700		543,200		N/A
		2005		519,300		516,000		512,000		532,700		N/A
RevPAR		2008	$	32.21	$	38.87	$	41.93		N/A		N/A
		2007	$	31.35	$	38.35	$	43.10	$	33.09	$	36.48
		2006	$	30.45	$	36.97	$	40.82	$	31.41	$	34.95
		2005	$	25.53	$	31.91	$	36.86	$	29.72	$	31.00
Royalty, Marketing and Reservation Revenue (in 000s)		2008	$	104,162	$	127,238	$	145,502		N/A		N/A
		2007	$	105,426	$	129,453	$	146,290	$	107,870	$	489,041
		2006	$	102,741	$	125,409	$	138,383	$	104,505	$	471,039
		2005	$	84,704	$	104,281	$	119,829	$	99,804	$	408,620
Vacation Exchange and Rentals
Average Number of Members (in 000s)		2008		3,632		3,682		3,673		N/A		N/A
		2007		3,474		3,506		3,538		3,588		3,526
		2006		3,292		3,327		3,374		3,429		3,356
		2005		3,148		3,185		3,233		3,271		3,209
Annual Dues and Exchange Revenue Per Member		2008	$	150.84	$	128.91	$	124.51		N/A		N/A
		2007	$	155.60	$	132.33	$	131.38	$	124.59	$	135.85
		2006	$	152.10	$	130.37	$	132.31	$	128.13	$	135.62
		2005	$	159.12	$	134.98	$	125.64	$	124.05	$	135.76
Vacation Rental Transactions (in 000s)		2008		387		319		360		N/A		N/A
		2007		398		326		360		293		1,376
		2006		385		310		356		293		1,344
		2005		367		311		344		278		1,300
Average Net Price Per Vacation Rental		2008	$	412.74	$	477.63	$	553.69		N/A		N/A
		2007	$	349.73	$	415.71	$	506.78	$	426.93	$	422.83
		2006	$	312.51	$	374.91	$	442.75	$	356.16	$	370.93
		2005	$	331.37	$	363.14	$	412.66	$	325.62	$	359.27
Vacation Ownership
Gross Vacation Ownership Interest Sales (in 000s)		2008	$	458,000	$	532,000	$	566,000		N/A		N/A
		2007	$	430,000	$	523,000	$	552,000	$	488,000	$	1,993,000
		2006	$	357,000	$	434,000	$	482,000	$	469,000	$	1,743,000
		2005	$	281,000	$	354,000	$	401,000	$	360,000	$	1,396,000
Tours		2008		255,000		314,000		334,000		N/A		N/A
		2007		240,000		304,000		332,000		268,000		1,144,000
		2006		208,000		273,000		312,000		254,000		1,046,000
		2005		195,000		250,000		272,000		217,000		934,000
Volume Per Guest (VPG)		2008	$	1,668	$	1,583	$	1,550		N/A		N/A
		2007	$	1,607	$	1,596	$	1,545	$	1,690	$	1,606
		2006	$	1,475	$	1,426	$	1,434	$	1,623	$	1,486
		2005	$	1,349	$	1,284	$	1,349	$	1,507	$	1,368

Note: Full year amounts may not foot across due to rounding.
(a)	Quarterly drivers in the Lodging segment include the acquisitions of Microtel Inns & Suites and Hawthorn Suites (July 2008), Wyndham Hotels and Resorts (October 2005) and Baymont Inn & Suites (April 2006) from their acquisition dates forward. Therefore, the operating statistics are not presented on a comparable basis.
(b)	Numbers include affiliated rooms from the fourth quarter of 2006 forward.

Table 3
(2 of 2)

Wyndham Worldwide Corporation
OPERATING STATISTICS

GLOSSARY OF TERMS

Lodging

Number of Rooms: Represents the number of rooms at lodging properties at the end of the period which are either (i) under franchise and/or management agreements, (ii) properties affiliated with Wyndham Hotels and Resorts brand for which we receive a fee for reservation and/or other services provided or (iii) properties managed under the CHI Limited joint venture.

Average Occupancy Rate: Represents the percentage of available rooms occupied during the period.

Average Daily Rate (ADR): Represents the average rate charged for renting a lodging room for one day.

RevPAR: Represents revenue per available room and is calculated by multiplying average occupancy rate by ADR. Comparable RevPAR represents RevPAR of hotels which are included in both periods.

Royalty, Marketing and Reservation Revenues: Royalty, marketing and reservation revenues are typically based on a percentage of the gross room revenues of each hotel. Royalty revenue is generally a fee charged to each franchised or managed hotel for the use of one of our trade names, while marketing and reservation revenues are fees that we collect and are contractually obligated to spend to support marketing and reservation activities. Marketing and reservation fees are also included in Table 4 within Marketing, Reservation and Wyndham Rewards Revenues.

Vacation Exchange and Rentals

Average Number of Members: Represents members in our vacation exchange programs who pay annual membership dues. For additional fees, such participants are entitled to exchange intervals for intervals at other properties affiliated with our vacation exchange business. In addition, certain participants may exchange intervals for other leisure-related products and services.

Annual Dues and Exchange Revenue Per Member: Represents total revenues from annual membership dues and exchange fees generated for the period divided by the average number of vacation exchange members during the year.

Vacation Rental Transactions: Represents the gross number of transactions that are generated in connection with customers booking their vacation rental stays through us. In our European vacation rentals businesses, one rental transaction is recorded each time a standard one-week rental is booked; however, in the United States, one rental transaction is recorded each time a vacation rental stay is booked, regardless of whether it is less than or more than one week.

Average Net Price Per Vacation Rental: Represents the net rental price generated from renting vacation properties to customers divided by the number of rental transactions.

Vacation Ownership

Gross Vacation Ownership Interest Sales: Represents gross sales of vacation ownership interests (including tele-sales upgrades, which are a component of upgrade sales) before deferred sales and loan loss provisions.

Tours: Represents the number of tours taken by guests in our efforts to sell vacation ownership interests.

Volume per Guest (VPG): Represents revenue per guest and is calculated by dividing the gross vacation ownership interest sales, excluding tele-sales upgrades, which are a component of upgrade sales, by the number of tours.

General

Constant Currency: Represents comparison eliminating the effects of foreign exchange rate fluctuations between periods.

Table 4

Wyndham Worldwide Corporation
ADDITIONAL DATA

	Year		Q1			Q2			Q3			Q4			Full Year
Lodging (a)
Number of Properties (b)		2008		6,550			6,560			6,970			N/A			N/A
		2007		6,450			6,460			6,460			6,540			N/A
		2006		6,300			6,440			6,420			6,470			N/A
		2005		6,400			6,380			6,350			6,350			N/A
Marketing, Reservation and Wyndham Rewards Revenues (in 000s) (c)		2008	$	62,200		$	76,507		$	85,491			N/A			N/A
		2007	$	61,369		$	74,575		$	84,820		$	65,208		$	285,973
		2006	$	58,572		$	70,931		$	78,856		$	61,135		$	269,495
		2005	$	45,066		$	56,558		$	65,812		$	58,053		$	225,491
Property Management Reimbursable Revenue (in 000s) (d)		2008	$	27,128		$	26,326		$	24,973			N/A			N/A
		2007	$	15,624		$	22,338		$	25,612		$	28,414		$	91,987
		2006	$	15,732		$	19,935		$	17,210		$	16,263		$	69,142
		2005	$	-		$	-		$	-		$	17,291		$	17,291
Vacation Ownership
Deferred Revenues (in 000s) (e)		2008	$	(81,716	)	$	(5,240	)	$	(2,023	)		N/A			N/A
		2007	$	3,906		$	(4,908	)	$	506		$	(21,092	)	$	(21,588	)
		2006	$	12,708		$	(221	)	$	(23,491	)	$	(10,675	)	$	(21,679	)
		2005	$	492		$	(9,150	)	$	(5,856	)	$	(2,022	)	$	(16,536	)
Provision for Loan Losses (in 000s) (f)		2008	$	82,344		$	112,669		$	118,609			N/A			N/A
		2007	$	60,869		$	75,032		$	85,762		$	83,644		$	305,307
		2006	$	61,242		$	55,872		$	63,213		$	78,680		$	259,007
		2005	$	24,652		$	27,754		$	44,050		$	31,644		$	128,101

Note: Full year amounts may not foot across due to rounding.
(a)	Information includes the acquisitions of Microtel Inns & Suites and Hawthorn Suites (July 2008), Wyndham Hotels and Resorts (October 2005) and Baymont Inn & Suites (April 2006) from their acquisition dates forward. Therefore, the data is not presented on a comparable basis.
(b)	Numbers include affiliated hotels from the fourth quarter of 2006 forward.
(c)	Marketing and reservation revenues represent fees we receive from franchised and managed hotels that are to be expended for marketing purposes or the operation of a centralized, brand-specific reservation system. These fees are typically based on a percentage of the gross room revenues of each hotel. Marketing and reservation fees are also included in the above table within royalty, marketing and reservation revenues. Wyndham Rewards revenues represent fees we receive relating to our loyalty program.
(d)	Primarily represents payroll costs in our hotel management business that we incur and pay on behalf of property owners and for which we are reimbursed by the property owners.
(e)	Represents the revenue that is deferred under the percentage of completion method of accounting. Under the percentage of completion method of accounting, a portion of the total revenue from a vacation ownership contract sale is not recognized if the construction of the vacation resort has not yet been fully completed. This revenue will be recognized in future periods in proportion to the costs incurred as compared to the total expected costs for completion of construction of the vacation resort. Positive amounts represent the recognition of previously deferred revenues.
(f)	Represents provision for estimated losses on vacation ownership contract receivables originated during the period. Beginning January 1, 2006, the Company recorded such provision as a contra revenue to vacation ownership interest sales on the Consolidated and Combined Statements of Income, as required by Statement of Financial Accounting Standards No. 152, ‘‘Accounting for Real Estate Time-Sharing Transactions.’’ Prior to January 1, 2006, the Company recorded such provision, net of estimated inventory recoveries, as a separate expense line item on the Combined Statements of Income and thus 2005 amounts are not comparable to 2006, 2007 and 2008 amounts.

Table 5

Wyndham Worldwide Corporation
SCHEDULE OF DEBT
(In millions)

	September 30,		June 30,		March 31,		December 31,		September 30,
	2008		2008		2008		2007		2007
Securitized vacation ownership debt
Term notes	$	1,437	$	1,727	$	1,278	$	1,435	$	1,148
Bank conduit facility (a)		647		354		841		646		777
Securitized vacation ownership debt (b)		2,084		2,081		2,119		2,081		1,925
Less: Current portion of securitized vacation ownership debt		324		284		268		237		304
Long-term securitized vacation ownership debt	$	1,760	$	1,797	$	1,851	$	1,844	$	1,621
Debt:
6.00% Senior unsecured notes (due December 2016) (c)	$	797	$	797	$	797	$	797	$	797
Term loan (due July 2011)		300		300		300		300		300
Revolving credit facility (due July 2011) (d)		305		145		95		97		133
Vacation ownership bank borrowings		172		196		181		164		148
Vacation rentals capital leases		143		162		165		154		153
Other		12		13		14		14		14
Total debt		1,729		1,613		1,552		1,526		1,545
Less: Current portion of debt		182		207		193		175		159
Long-term debt	$	1,547	$	1,406	$	1,359	$	1,351	$	1,386

(a)	This 364-day vacation ownership bank conduit facility has availability of $1,200 million and is no longer revolving as of October 29, 2008. See press release discussion regarding a new bank conduit facility.
(b)	This debt is collateralized by $2,721 million, $2,723 million, $2,667 million, $2,596 million and $2,428 million of underlying vacation ownership contract receivables and related assets at September 30, 2008, June 30, 2008, March 31, 2008, December 31, 2007 and September 30, 2007, respectively.
(c)	The balance at September 30, 2008 represents $800 million aggregate principal less $3 million of unamortized discount.
(d)	The Company’s revolving credit facility has a borrowing capacity of $900 million. At September 30, 2008, the Company has $60 million of outstanding letters of credit and a remaining borrowing capacity of $535 million. The increase in balance from June 30, 2008 to September 30, 2008 primarily relates to amounts borrowed to fund the July 2008 acquisition of U.S. Franchise Systems, Inc. and its Microtel Inns & Suites and Hawthorn Suites hotel brands.

Table 6
(1 of 2)

Wyndham Worldwide Corporation
HOTEL BRAND SYSTEMS DETAILS

			As of and For the Three Months Ended September 30, 2008
										Average
										Revenue Per
					Average			Average Daily		Available Room
Brand	Number of Properties		Number of Rooms		Occupancy Rate			Rate (ADR)		(RevPAR)
Wyndham Hotels and Resorts		80		21,365		63.4	%	$	123.13	$	78.09
Wingate Inn		158		14,427		62.9	%	$	93.44	$	58.77
Hawthorn Suites		90		8,404		63.5	%	$	91.00	$	57.78
Ramada		877		110,844		57.0	%	$	82.35	$	46.92
Baymont		213		18,194		55.7	%	$	67.82	$	37.74
AmeriHost Inn		14		893		59.8	%	$	79.06	$	47.27
Days Inn		1,878		152,557		56.9	%	$	68.95	$	39.22
Super 8		2,098		130,056		62.1	%	$	63.69	$	39.57
Howard Johnson		471		45,084		52.4	%	$	69.09	$	36.20
Travelodge		482		36,203		56.1	%	$	73.48	$	41.19
Microtel Inns & Suites		301		21,431		57.9	%	$	63.51	$	36.78
Knights Inn		294		19,568		45.4	%	$	46.18	$	20.95
Unmanaged, Affiliated and Managed, Non-Proprietary Hotels(*)		14		4,367		N/A			N/A		N/A
Total		6,970		583,393		57.7	%	$	72.61	$	41.93

			As of and For the Three Months Ended September 30, 2007
										Average
										Revenue Per
					Average			Average Daily		Available Room
Brand	Number of Properties		Number of Rooms		Occupancy Rate			Rate (ADR)		(RevPAR)
Wyndham Hotels and Resorts		75		20,585		65.3	%	$	110.47	$	72.10
Wingate Inn		152		13,952		67.1	%	$	89.71	$	60.18
Ramada		854		103,230		61.6	%	$	79.38	$	48.91
Baymont		182		15,962		63.6	%	$	72.61	$	46.16
AmeriHost Inn		39		2,754		58.4	%	$	70.99	$	41.45
Days Inn		1,857		150,667		59.7	%	$	67.91	$	40.57
Super 8		2,061		127,038		65.4	%	$	62.05	$	40.60
Howard Johnson		465		44,422		53.9	%	$	69.40	$	37.41
Travelodge		492		36,639		59.1	%	$	71.48	$	42.27
Knights Inn		261		18,193		45.2	%	$	46.49	$	21.01
Unmanaged, Affiliated and Managed, Non-Proprietary Hotels(*)		23		7,475		N/A			N/A		N/A
Total		6,461		540,917		60.9	%	$	70.77	$	43.10

NOTE: A glossary of terms is included in Table 3 (2 of 2).
(*)	Represents 1) affiliated properties for which we receive a fee for reservation services provided and 2) properties managed under the CHI Limited joint venture. These properties are not branded; as such, certain operating statistics (such as average occupancy rate, ADR and RevPAR) are not relevant.

Table 6
(2 of 2)

Wyndham Worldwide Corporation
HOTEL BRAND SYSTEMS DETAILS

			As of and For the Nine Months Ended September 30, 2008
										Average
										Revenue Per
					Average			Average Daily		Available Room
Brand	Number of Properties		Number of Rooms		Occupancy Rate			Rate (ADR)		(RevPAR)
Wyndham Hotels and Resorts		80		21,365		63.6	%	$	123.30	$	78.44
Wingate Inn		158		14,427		62.3	%	$	92.72	$	57.78
Hawthorn Suites		90		8,404		63.5	%	$	91.00	$	57.78
Ramada		877		110,844		54.2	%	$	82.35	$	44.63
Baymont		213		18,194		51.2	%	$	66.38	$	34.02
AmeriHost Inn		14		893		49.2	%	$	71.45	$	35.15
Days Inn		1,878		152,557		52.0	%	$	65.80	$	34.24
Super 8		2,098		130,056		56.0	%	$	60.40	$	33.84
Howard Johnson		471		45,084		48.5	%	$	65.95	$	32.01
Travelodge		482		36,203		50.7	%	$	70.20	$	35.60
Microtel Inns & Suites		301		21,431		57.9	%	$	63.51	$	36.78
Knights Inn		294		19,568		42.4	%	$	43.71	$	18.54
Unmanaged, Affiliated and Managed, Non-Proprietary Hotels(*)		14		4,367		N/A			N/A		N/A
Total		6,970		583,393		53.4	%	$	70.68	$	37.76

			As of and For the Nine Months Ended September 30, 2007
										Average
										Revenue Per
					Average			Average Daily		Available Room
Brand	Number of Properties		Number of Rooms		Occupancy Rate			Rate (ADR)		(RevPAR)
Wyndham Hotels and Resorts		75		20,585		65.2	%	$	112.65	$	73.42
Wingate Inn		152		13,952		66.7	%	$	89.65	$	59.82
Ramada		854		103,230		56.5	%	$	77.55	$	43.86
Baymont		182		15,962		56.5	%	$	68.91	$	38.90
AmeriHost Inn		39		2,754		49.0	%	$	66.71	$	32.66
Days Inn		1,857		150,667		54.4	%	$	63.72	$	34.67
Super 8		2,061		127,038		57.9	%	$	58.53	$	33.91
Howard Johnson		465		44,422		49.4	%	$	65.59	$	32.39
Travelodge		492		36,639		52.2	%	$	66.42	$	34.68
Knights Inn		261		18,193		42.3	%	$	43.58	$	18.43
Unmanaged, Affiliated and Managed, Non-Proprietary Hotels (*)		23		7,475		N/A			N/A		N/A
Total		6,461		540,917		55.4	%	$	67.94	$	37.63

NOTE: A glossary of terms is included in Table 3 (2 of 2).
(*)	Represents 1) affiliated properties for which we receive a fee for reservation services provided and 2) properties managed under the CHI Limited joint venture. These properties are not branded; as such, certain operating statistics (such as average occupancy rate, ADR and RevPAR) are not relevant.

Table 7
(1 of 2)

Wyndham Worldwide Corporation
NON-GAAP RECONCILIATIONS
(In millions, except per share data)

	Three Months Ended									Nine Months Ended
	March 31, 2008			June 30, 2008			September 30, 2008			September 30, 2008
Reported EBITDA	$	130		$	221		$	294		$	645
Resolution of and adjustment to contingent liabilities and assets (a)		3			(7	)		1			(4	)
Trademark impairment (b)		28			—			—			28
Restructuring costs (c)		—			—			6			6
Adjusted EBITDA	$	161		$	214		$	301		$	675
Reported PreTax Income	$	70		$	160		$	228		$	457
Resolution of and adjustment to contingent liabilities and assets (a)		3			(7	)		1			(4	)
Trademark impairment (b)		28			—			—			28
Restructuring costs (c)		—			—			6			6
Adjusted PreTax Income	$	101		$	153		$	235		$	487
Reported Tax Provision	$	(28	)	$	(62	)	$	86		$	175
Resolution of and adjustment to contingent liabilities and assets (d)		—			3			(1	)		(5	)
Trademark impairment (d)		(11	)		—			—			11
Restructuring costs (d)		—			—			2			2
Adjusted Tax Provision	$	(39	)	$	(59	)	$	87		$	183
Reported Net Income	$	42		$	98		$	142		$	282
Resolution of and adjustment to contingent liabilities and assets		3			(4	)		2			1
Trademark impairment		17			—			—			17
Restructuring costs		—			—			4			4
Adjusted Net Income	$	62		$	94		$	148		$	304
Reported Diluted EPS	$	0.24		$	0.55		$	0.80		$	1.58
Resolution of and adjustment to contingent liabilities and assets		0.01			(0.02	)		0.01			0.01
Trademark impairment		0.10			—			—			0.10
Restructuring costs		—			—			0.02			0.02
Adjusted Diluted EPS	$	0.35		$	0.53		$	0.83		$	1.71
Diluted Shares		178			178			178			178

Note: Amounts may not foot due to rounding.
(a)	Relates to the net (benefit)/expense from the resolution of and adjustment to certain contingent liabilities and assets.
(b)	Represents an impairment charge due to the Company’s initiative to rebrand its vacation ownership trademarks to the Wyndham brand.
(c)	Relates to costs incurred as a result of various strategic initiatives approved by the Company and commenced during the third quarter of 2008.
(d)	Relates to the tax effect of the adjustments.

Table 7
(2 of 2)

Wyndham Worldwide Corporation
NON-GAAP RECONCILIATIONS
(In millions, except per share data)

	Three Months Ended									Nine Months Ended
	March 31, 2007			June 30, 2007			September 30, 2007			September 30, 2007
Reported EBITDA	$	192		$	211		$	248		$	650
Separation and related costs (a)		6			7			3			16
Resolution of and adjustment to contingent liabilities and assets (b)		(13	)		(17	)		25			(5	)
Adjusted EBITDA	$	185		$	201		$	276		$	661
Reported PreTax Income	$	139		$	154		$	189		$	482
Separation and related costs (a)		6			7			3			16
Resolution of and adjustment to contingent liabilities and assets (b)		(13	)		(17	)		25			(5	)
Adjusted PreTax Income	$	132		$	144		$	217		$	493
Reported Tax Provision	$	(53	)	$	(58	)	$	(72	)	$	(184	)
Separation and related costs (c)		(2	)		(3	)		(1	)		(6	)
Resolution of and adjustment to contingent liabilities and assets (c)		4			6			(10	)		1
Adjusted Tax Provision	$	(51	)	$	(55	)	$	(83	)	$	(189	)
Reported Net Income	$	86		$	96		$	117		$	298
Separation and related costs		4			4			2			10
Resolution of and adjustment to contingent liabilities and assets		(9	)		(11	)		15			(4	)
Adjusted Net Income	$	81		$	89		$	134		$	304
Reported Diluted EPS	$	0.45		$	0.52		$	0.65		$	1.62
Separation and related costs		0.02			0.02			0.01			0.05
Resolution of and adjustment to contingent liabilities and assets		(0.05	)		(0.06	)		0.09			(0.02	)
Adjusted Diluted EPS	$	0.43		$	0.49		$	0.75		$	1.65
Diluted Shares		190			183			180			184

Note: Amounts may not foot due to rounding.
(a)	Represents the costs incurred in connection with the Company’s separation from Cendant (now Avis Budget Group).
(b)	Relates to the net (benefit)/expense from the resolution of and adjustment to certain contingent liabilities and assets.
(c)	Relates to the tax effect of the adjustments.

Table 8
(1 of 4)

Wyndham Worldwide Corporation
NON-GAAP FINANCIAL INFORMATION
(In millions, except per share data)

	Three Months Ended September 30, 2008
				Legacy			Restructuring
	As Reported			Adjustments			Costs			As Adjusted
Net revenues
Vacation ownership interest sales	$	446								$	446
Service fees and membership		468									468
Franchise fees		153									153
Consumer financing		111									111
Other		48									48
Net revenues		1,226			-			-			1,226
Expenses
Operating		439									439
Cost of vacation ownership interests		86									86
Consumer financing interest		34									34
Marketing and reservation		232									232
General and administrative		140			(1	) (a)					139
Restructuring costs		6						(6	) (b)		-
Depreciation and amortization		47									47
Total expenses		984			(1	)		(6	)		977
Operating income		242			1			6			249
Other income, net		(5	)								(5	)
Interest expense		21									21
Interest income		(2	)								(2	)
Income before income taxes		228			1			6			235
Provision for income taxes		86			(1	) (c)		2	(c)		87
Net income	$	142		$	2		$	4		$	148
Earnings per share
Basic	$	0.80		$	0.01		$	0.02		$	0.83
Diluted		0.80			0.01			0.02			0.83
Weighted average shares outstanding
Basic		178			178			178			178
Diluted		178			178			178			178

(a)	Relates to the net benefit from the resolution of and adjustment to certain contingent liabilities and assets.
(b)	Relates to costs incurred as a result of various strategic initiatives approved by the Company and commenced during the third quarter of 2008.
(c)	Relates to the tax effect of the adjustment.

Table 8
(2 of 4)

Wyndham Worldwide Corporation
NON-GAAP FINANCIAL INFORMATION
(In millions, except per share data)

	Nine Months Ended September 30, 2008
				Legacy			Trademark			Restructuring
	As Reported			Adjustments			Impairment			Costs			As Adjusted
Net revenues
Vacation ownership interest sales	$	1,153											$	1,153
Service fees and membership		1,344												1,344
Franchise fees		402												402
Consumer financing		314												314
Other		157												157
Net revenues		3,370			-			-			-			3,370
Expenses
Operating		1,284												1,284
Cost of vacation ownership interests		226												226
Consumer financing interest		93												93
Marketing and reservation		659												659
General and administrative		438			4	(a)								442
Trademark impairment		28						(28	) (b)					-
Restructuring costs		6									(6	) (c)		-
Depreciation and amortization		137												137
Total expenses		2,871			4			(28	)		(6	)		2,841
Operating income		499			(4	)		28			6			529
Other income, net		(9	)											(9	)
Interest expense		59												59
Interest income		(8	)											(8	)
Income before income taxes		457			(4	)		28			6			487
Provision for income taxes		175			(5	) (d)		11	(d)		2	(d)		183
Net income	$	282		$	1		$	17		$	4		$	304
Earnings per share
Basic	$	1.59		$	0.01		$	0.10		$	0.02		$	1.71
Diluted		1.58			0.01			0.10			0.02			1.71
Weighted average shares outstanding
Basic		177			177			177			177			177
Diluted		178			178			178			178			178

Note: EPS amounts may not foot across due to rounding.
(a)	Relates to the net benefit from the resolution of and adjustment to certain contingent liabilities and assets.
(b)	Represents an impairment charge due to the Company’s initiative to rebrand its vacation ownership trademarks to the Wyndham brand.
(c)	Relates to costs incurred as a result of various strategic initiatives approved by the Company and commenced during the third quarter of 2008.
(d)	Relates to the tax effect of the adjustments.

Table 8
(3 of 4)

Wyndham Worldwide Corporation
NON-GAAP FINANCIAL INFORMATION
(In millions, except per share data)

	Three Months Ended September 30, 2007
				Separation and
				Related			Legacy
	As Reported			Adjustments			Adjustments			As Adjusted
Net revenues
Vacation ownership interest sales	$	467								$	467
Service fees and membership		442									442
Franchise fees		155									155
Consumer financing		93									93
Other		59									59
Net revenues		1,216			-			-			1,216
Expenses
Operating		440									440
Consumer financing interest expense		29									29
Cost of vacation ownership interests		101									101
Marketing and reservation		229									229
General and administrative		174						(25	) (b)		149
Separation and related costs		3			(3	) (a)					-
Depreciation and amortization		43									43
Total expenses		1,019			(3	)		(25	)		991
Operating income		197			3			25			225
Other income, net		(8	)								(8	)
Interest expense		20									20
Interest income		(4	)								(4	)
Income before income taxes		189			3			25			217
Provision for income taxes		72			1	(c)		10	(c)		83
Net income	$	117		$	2		$	15		$	134
Earnings per share
Basic	$	0.65		$	0.01		$	0.09		$	0.75
Diluted		0.65			0.01			0.09			0.75
Weighted average shares outstanding
Basic		179			179			179			179
Diluted		180			180			180			180

Note: EPS amounts may not foot across due to rounding.
(a)	Represents the costs incurred in connection with the Company’s separation from Cendant (now Avis Budget Group).
(b)	Relates to the net benefit from the resolution of certain contingent liabilities.
(c)	Relates to the tax effect of the adjustments.

Table 8
(4 of 4)

Wyndham Worldwide Corporation
NON-GAAP FINANCIAL INFORMATION
(In millions, except per share data)

	Nine Months Ended September 30, 2007
				Separation and
				Related			Legacy
	As Reported			Adjustments			Adjustments			As Adjusted
Net revenues
Vacation ownership interest sales	$	1,283								$	1,283
Service fees and membership		1,232									1,232
Franchise fees		406									406
Consumer financing		261									261
Other		146									146
Net revenues		3,328			-			-			3,328
Expenses
Operating		1,246									1,246
Consumer financing interest expense		77									77
Cost of vacation ownership interests		296									296
Marketing and reservation		632									632
General and administrative		419						5	(b)		424
Separation and related costs		16			(16	) (a)					-
Depreciation and amortization		122									122
Total expenses		2,808			(16	)		5			2,797
Operating income		520			16			(5	)		531
Other income, net		(8	)								(8	)
Interest expense		55									55
Interest income		(9	)								(9	)
Income before income taxes		482			16			(5	)		493
Provision for income taxes		184			6	(c)		(1	) (c)		189
Net income	$	298		$	10		$	(4	)	$	304
Earnings per share
Basic	$	1.63		$	0.05		$	(0.02	)	$	1.66
Diluted		1.62			0.05			(0.02	)		1.65
Weighted average shares outstanding
Basic		183			183			183			183
Diluted		184			184			184			184

Note: EPS amounts may not foot across due to rounding.
(a)	Represents the costs incurred in connection with the Company’s separation from Cendant (now Avis Budget Group).
(c)	Relates to the net benefit from the resolution of certain contingent liabilities and assets.
(c)	Relates to the tax effect of the adjustments.