EXHIBIT 99.1

Wyndham Worldwide Reports Strong Third Quarter 2011 Earnings

Repurchased Over $300 Million of Common Stock in the Third Quarter
Increases Full-Year 2011 EPS Guidance

PARSIPPANY, N.J. (October 26, 2011) – Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended September 30, 2011.

Highlights:

• Third quarter 2011 adjusted diluted earnings per share (EPS) was $0.94, compared with $0.68 in the third quarter of 2010, an increase of 38%. Third quarter 2011 reported diluted EPS was $1.08, an increase of 29%, compared with the same period in 2010.

• Free cash flow increased 24% to $699 million for the first three quarters of 2011, compared with $564 million during the same period in 2010. The Company defines free cash flow as net cash provided by operating activities less capital expenditures, equity investments and development advances and excludes a 2010 cash payment related to contingent IRS tax liabilities.

• During the quarter, the Company repurchased approximately 10.2 million shares of its common stock at an average price of $29.75 for $304 million.

     “I am pleased once again with our strong results, which reflect outstanding operating performance and the resiliency of our businesses,” said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide. “In addition, we continued to thoughtfully deploy our free cash flow to repurchase our common shares and invest in our company.”

THIRD QUARTER 2011 OPERATING RESULTS

Third quarter revenues increased 14% from the prior year period to $1.2 billion. The revenue growth reflects strong RevPAR growth of 6.3% in our hotel business, increased rental revenues including contributions from acquisitions of vacation rentals businesses and higher sales in the vacation ownership business.

For the third quarter of 2011, adjusted net income increased 22% to $153 million, compared with $125 million in the third quarter of 2010. On a per share basis, adjusted net income grew 38% to $0.94 per diluted share, compared with $0.68 per diluted share

in the same period in 2010. The increase reflects strong operational performance and the benefit from the Company’s share repurchase program, partially offset by a higher tax rate compared with the third quarter of 2010. Adjusted net income for the third quarter of 2011 excludes a tax benefit of $13 million related to the reversal of a tax valuation allowance, $7 million, after tax, of interest income related to a refund of value added taxes and a $6 million after-tax net benefit related to the adjustment and resolution of certain contingent liabilities and assets. These adjustments were partially offset by a $4 million after-tax loss related to the write-off of foreign exchange translation adjustments resulting from the liquidation of a foreign entity.

Including the above adjustments, third quarter 2011 net income grew 12% to $175 million, or $1.08 per diluted share, compared with net income of $156 million or $0.84 per diluted share, a 29% increase per share from the third quarter of 2010.

Free cash flow increased 24% to $699 million for the first nine months of 2011, compared with $564 million during the same period in 2010. The growth in free cash flow reflects higher cash earnings, more efficient working capital utilization and a refund of value added taxes and related interest income. For the first nine months, cash provided by operating activities was $860 million, compared with $528 million in the prior year period, which included a $145 million cash payment related to contingent IRS tax liabilities.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues were $222 million in the third quarter of 2011, an increase of 9%, compared with the third quarter of 2010, primarily reflecting improved RevPAR performance, an increase in system size and a $12 million reclassification of certain reservation fees, which had no impact on EBITDA. In the third quarter of 2011, system-wide RevPAR increased 6.3%, or 4.8% in constant currency.

Third quarter 2011 EBITDA of $67 million, was flat, compared with the same period in 2010, primarily reflecting the timing of $3 million in marketing and reservation expenses as well as $3 million of pre-opening costs for the Wyndham Grand Orlando Resort Bonnet Creek.

As of September 30, 2011, the Company’s hotel system consisted of approximately 7,190 properties and 611,200 rooms. The development pipeline included approximately 870 hotels and 115,000 rooms, of which 58% were new construction. International rooms accounted for 62% of the development pipeline.

Vacation Exchange and Rentals (Wyndham Exchange & Rentals)

Revenues were $436 million in the third quarter of 2011, an increase of 32% compared with the third quarter of 2010, reflecting incremental revenues from acquisitions and the favorable impact from foreign currency.

Exchange revenues were $161 million, flat compared with the third quarter of 2010. In constant currency, exchange revenues decreased 3%, reflecting a 2.2% decrease in exchange revenue per member. The average number of members was flat.

Vacation rental revenues were $260 million, which included $83 million of incremental revenues related to acquisitions, compared with $161 million in the third quarter of 2010. In constant currency, excluding the impact of the incremental revenues from acquisitions, net revenues generated from rental transactions and related services increased 2%, reflecting a 1.4% increase in the average net price per vacation rental, while rental transaction volume was flat.

Adjusted EBITDA for the third quarter of 2011 was $135 million, a 30% increase compared with $104 million in the prior year period. The increase reflects incremental contributions from acquisitions and the favorable impact from foreign currency. Third quarter 2011 adjusted EBITDA excludes a $4 million loss related to the write-off of foreign exchange translation adjustments resulting from the liquidation of a foreign entity.

Vacation Ownership (Wyndham Vacation Ownership)

Revenues for the third quarter of 2011 were $559 million, a 5% increase compared with $533 million in the third quarter of 2010, reflecting an increase in Vacation Ownership Interest (VOI) sales and commissions under the Wyndham Asset Affiliation Model (WAAM).

Gross VOI sales were $455 million in the third quarter of 2011, up 10% from the third quarter of 2010, reflecting a 5.6% increase in volume per guest and a 5.3% increase in tour flow.

EBITDA for the third quarter of 2011 increased 21% to $149 million, compared with EBITDA of $123 million in the third quarter of 2010, reflecting the increase in VOI sales and a decrease in cost of sales.

Other Items

• The Company repurchased approximately 10.2 million shares of its common stock during the third quarter of 2011 at an average price of $29.75 for $304 million and an additional 1.4 million shares at an average price of $29.19 for $40 million through October 25, 2011.

• Net interest expense in the third quarter of 2011 was $15 million, compared with $45 million in the same period in 2010. Third quarter 2011 net interest expense

included $16 million of interest income related to a refund of value added taxes and third quarter 2010 net interest expense included $11 million of costs incurred for the early extinguishment of debt.

Balance Sheet Information as of September 30, 2011:

• Cash and cash equivalents of $175 million, compared with approximately $155 million at December 31, 2010.

• Vacation ownership contract receivables, net, of $2.9 billion, compared with $3.0 billion at December 31, 2010.

• Vacation ownership and other inventory of $1.1 billion, compared with $1.2 billion at December 31, 2010.

• Securitized vacation ownership debt of $1.7 billion, unchanged from December 31, 2010.

• Other debt of $2.1 billion, unchanged from December 31, 2010. The remaining borrowing capacity on the revolving credit facility was $820 million, compared with $788 million as of December 31, 2010.

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

Outlook

The Company is increasing full-year 2011 adjusted EPS guidance from $2.32 – $2.40 to $2.41 – $2.45, based on a diluted share count of 167 million.

For the fourth quarter of 2011, the Company expects adjusted EPS of $0.40 – $0.44 based on a diluted share count of 158 million.

The Company’s preliminary guidance for the full-year 2012 is as follows:

• Revenues of approximately $4.425 – $4.600 billion

• Adjusted EBITDA of approximately $1.030 – $1.055 billion

• Adjusted EPS of approximately $2.72 – $2.82 based on a diluted share count of 160 million.

The guidance reflects assumptions used for internal planning purposes. Guidance may exclude non-recurring or special items, which may have a positive or negative impact on reported results. If economic conditions change materially from current levels, these assumptions and our guidance may change materially.

Conference Call Information

Wyndham Worldwide Corporation will hold a conference call with investors to discuss this news on Wednesday, October 26, 2011 at 8:30 a.m. EDT. Listeners may access the webcast live through the Company’s website at www.wyndhamworldwide.com/investors/. An archive of this webcast will be available at the website for approximately 90 days beginning at noon EDT on October 26, 2011. The conference call may also be accessed by dialing (800) 369-2052 and providing the passcode “WYNDHAM.” Listeners are urged to call at least 10 minutes prior to the scheduled start time. A telephone replay will be available for approximately 90 days

beginning at 11:00am EDT on October 26, 2011 by dialing (866) 490-5935 and providing the pass code “8425.”

Presentation of Financial Information

Financial information discussed in this press release includes non-GAAP measures, which include or exclude certain items. These non-GAAP measures differ from reported GAAP 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 the press release. It is not practicable to provide a reconciliation of forecasted adjusted EBITDA and EPS to the most directly comparable GAAP measures because certain items cannot be reasonably estimated or predicted at this time. Any such items could be significant to our financial results.

About Wyndham Worldwide Corporation

As one of the world’s largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality services and products across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Worldwide encompasses approximately 7,360 franchised hotels and vacation ownership resorts with approximately 632,000 rooms worldwide. Wyndham Exchange & Rentals offers leisure travelers, including its 3.7 million members, access to approximately 99,000 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 vacation ownership resorts serving nearly 815,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 26,000 employees globally.

For more information about Wyndham Worldwide, please visit the Company’s website 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.

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, terrorist activity or political strife, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those described in the Company’s Quarterly Report on Form 10-Q, filed with the SEC on August 1, 2011. 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 and Media contact:
Margo C. Happer
Senior Vice President, Investor Relations
Wyndham Worldwide Corporation
(973) 753-6472
margo.happer@wyn.com

Table 1
(1 of 2)

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 consumer financing interest), interest income (excluding consumer financing interest) and income taxes, each of which is presented on the Company’s Consolidated Statements of Income. The Company believes that EBITDA is a useful measure of performance for the Company’s industry segments which, when considered with GAAP measures, the Company believes gives a more complete understanding of its operating performance. 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 months ended September 30, 2011 and 2010:

	Three Months Ended September 30,
	2011						2010
	Net Revenues			EBITDA			Net Revenues			EBITDA
Lodging	$	222		$	67		$	203		$	67
Vacation Exchange and Rentals		436			131	(b)		330			103	(e)
Vacation Ownership		559			149			533			123
Total Reportable Segments		1,217			347			1,066			293
Corporate and Other(a)		(5	)		(18)	(c)		(1	)		30	(c)
Total Company	$	1,212		$	329		$	1,065		$	323
Reconciliation of EBITDA to Net Income
EBITDA				$	329					$	323
Depreciation and amortization					43						43
Interest expense					34						47	(f)
Interest income					(19)	(d)					(2	)
Income before income taxes					271						235
Provision for income taxes					96						79
Net income				$	175					$	156

(a)	Includes the elimination of transactions between segments.
(b)	Includes a $4 million charge related to the write-off of foreign exchange translation adjustments associated with the liquidation of a foreign entity.
(c)	Includes $8 million and $52 million of a net benefit during the three months ended September 30, 2011 and 2010, respectively, related to the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.
(d)	Includes $16 million of interest income related to a refund of value added taxes.
(e)	Includes $1 million related to costs incurred in connection with the Company’s acquisition of ResortQuest during September 2010.
(f)	Includes $11 million of costs incurred for the early repurchase of a portion of the Company’s 3.50% convertible notes during the third quarter of 2010.

The following tables summarize net revenues and Adjusted EBITDA for reportable segments for the three months ended September 30, 2011 and 2010 (for a description of adjustments by segment, see Table 7):

	Three Months Ended September 30,
	2011						2010
				Adjusted						Adjusted
	Net Revenues			EBITDA			Net Revenues			EBITDA
Lodging	$	222		$	67		$	203		$	67
Vacation Exchange and Rentals		436			135			330			104
Vacation Ownership		559			149			533			123
Total Reportable Segments		1,217			351			1,066			294
Corporate and Other		(5	)		(26	)		(1	)		(22	)
Total Company	$	1,212		$	325		$	1,065		$	272

Table 1
(2 of 2)

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

The following tables summarize net revenues and EBITDA for reportable segments, as well as reconcile EBITDA to net income for the nine months ended September 30, 2011 and 2010:

	Nine Months Ended September 30,
	2011						2010
	Net Revenues			EBITDA			Net Revenues			EBITDA
Lodging	$	561		$	160	(b)	$	525		$	148	(h)
Vacation Exchange and Rentals		1,152			330	(c)		912			261	(i)
Vacation Ownership		1,550			376	(d)		1,483			310
Total Reportable Segments		3,263			866			2,920			719
Corporate and Other(a)		(10	)		(57)	(e)		(6	)		(4)	(e)
Total Company	$	3,253		$	809		$	2,914		$	715
Reconciliation of EBITDA to Net Income
EBITDA				$	809					$	715
Depreciation and amortization					133						128
Interest expense					115	(f)					133	(j)
Interest income					(22)	(g)					(3	)
Income before income taxes					583						457
Provision for income taxes					222						157
Net income				$	361					$	300

(a)	Includes the elimination of transactions between segments.
(b)	Includes a non-cash impairment charge of $13 million related to a write-down of an international joint venture in the Company’s lodging business.
(c)	Includes (i) a $31 million net benefit resulting from a refund of value added taxes, (ii) $7 million of restructuring costs incurred in connection with a strategic initiative commenced by the Company during 2010 and (iii) a $4 million charge related to the write-off of foreign exchange translation adjustments associated with the liquidation of a foreign entity.
(d)	Includes a $1 million benefit for the reversal of costs incurred as a result of various strategic initiatives commenced by the Company during 2008.
(e)	Includes $16 million and $51 million of a net benefit during the nine months ended September 30, 2011 and 2010, respectively, related to the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.
(f)	Includes (i) $12 million of costs incurred for the early repurchase of a portion of the Company’s convertible notes during the first nine months of 2011 and (ii) $3 million of interest related to value added tax accruals.
(g)	Includes $16 million of interest income related to a refund of value added taxes.
(h)	Includes $1 million related to costs incurred in connection with the Company’s acquisition of the TRYP hotel brand during June 2010.
(i)	Includes (i) $4 million related to costs incurred in connection with the Company’s acquisition of Hoseasons Holdings Ltd. during March 2010 and (ii) $1 million related to costs incurred in connection with the Company’s acquisition of ResortQuest during September 2010.
(j)	Includes (i) $16 million of costs incurred for the early extinguishment of the Company’s term loan facility and revolving foreign credit facility during March 2010 and (ii) $11 million of costs incurred for the repurchase of a portion of the Company’s 3.50% convertible notes during the third quarter of 2010.

The following tables summarize net revenues and Adjusted EBITDA for reportable segments for the nine months ended September 30, 2011 and 2010 (for a description of adjustments by segment, see Table 7):

	Nine Months Ended September 30,
	2011						2010
				Adjusted						Adjusted
	Net Revenues			EBITDA			Net Revenues			EBITDA
Lodging	$	561		$	173		$	525		$	149
Vacation Exchange and Rentals		1,152			310			912			266
Vacation Ownership		1,550			375			1,483			310
Total Reportable Segments		3,263			858			2,920			725
Corporate and Other		(10	)		(73	)		(6	)		(55	)
Total Company	$	3,253		$	785		$	2,914		$	670

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,
	2011			2010			2011			2010
Net revenues
Service and membership fees	$	584		$	464		$	1,579		$	1,298
Vacation ownership interest sales		320			308			855			796
Franchise fees		160			142			395			353
Consumer financing		105			107			310			318
Other		43			44			114			149
Net revenues		1,212			1,065			3,253			2,914
Expenses
Operating		490	(a)		410	(b)		1,358	(a)		1,179	(b)
Cost of vacation ownership interests		35			52			115			138
Consumer financing interest		21			27			67			80
Marketing and reservation		182			149			472			410
General and administrative (c)		157			101			422	(d)		394
Asset impairment		—			4	(e)		13	(f)		4	(e)
Restructuring		—			—			6	(g)		—
Depreciation and amortization		43			43			133			128
Total expenses		928			786			2,586			2,333
Operating income		284			279			667			581
Other income, net		(2	)		(1	)		(9	) (h)		(6	)
Interest expense		34			47	(i)		115	(j)		133	(i)
Interest income		(19	)(k)		(2	)		(22	)(k)		(3	)
Income before income taxes		271			235			583			457
Provision for income taxes		96	(l)		79			222	(l)		157
Net income	$	175		$	156		$	361		$	300
Earnings per share
Basic	$	1.10		$	0.88		$	2.17		$	1.68
Diluted		1.08			0.84			2.12			1.62
Weighted average shares outstanding
Basic		159			177			166			179
Diluted		162			184			170			186

(a)	Includes a $4 million charge related to the write-off of foreign exchange translation adjustments associated with the liquidation of a foreign entity.
(b)	Includes $1 million during both the three and nine months ended September 30, 2010 related to costs incurred in connection with the Company’s September 2010 acquisition of ResortQuest. The nine months ended September 30, 2010 also includes (i) $4 million of costs incurred in connection with the Company’s March 2010 acquisition of Hoseasons Holdings Ltd. and (ii) $1 million related to costs incurred in connection with the Company’s June 2010 acquisition of the TRYP hotel brand.
(c)	Includes $8 million and $52 million of a net benefit during the three months ended September 30, 2011 and 2010, respectively, and $12 million and $51 million of a net benefit during the nine months ended September 30, 2011 and 2010, respectively, related to the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation.
(d)	Includes a $31 million net benefit resulting from a refund of value added taxes.
(e)	Represents a non-cash impairment charge to reduce the value of certain vacation ownership properties and related assets held for sale that are no longer consistent with the Company’s development plans.
(f)	Represents a non-cash impairment charge related to a write-down of an international joint venture in the Company’s lodging business.
(g)	Includes (i) $7 million of costs incurred as a result of a strategic initiative commenced by the Company during 2010 and (ii) a $1 million benefit for the reversal of costs incurred as a result of various strategic initiatives commenced by the Company during 2008.
(h)	Includes $4 million of a gain related to the redemption of a preferred stock investment allocated to the Company in connection with our separation from Cendant.
(i)	Includes $11 million during both the three and nine months ended September 30, 2010 related to costs incurred for the early repurchase of a portion of the Company’s 3.50% convertible notes during the third quarter of 2010. The nine months ended September 30, 2010 also includes $16 million of costs incurred for the early extinguishment of the Company’s term loan facility and revolving foreign credit facility during March 2010.
(j)	Includes (i) $12 million of costs incurred for the early repurchase of a portion of the Company’s 3.50% convertible notes and (ii) $3 million of interest related to value added tax accruals.
(k)	Includes $16 million of interest income related to the refund of value added taxes.
(l)	Includes a benefit of $13 million related to the reversal of a tax valuation allowance.

Table 3
(1 of 3)

Wyndham Worldwide Corporation
OPERATING STATISTICS

	Year		Q1		Q2		Q3		Q4		Full Year
Lodging (a)
Number of Rooms		2011		609,600		612,900		611,200		N/A		N/A
		2010		593,300		606,800		605,700		612,700		N/A
		2009		588,500		590,200		590,900		597,700		N/A
		2008		551,100		551,500		583,400		592,900		N/A
RevPAR		2011	$	27.71	$	35.38	$	39.49		N/A		N/A
		2010	$	25.81	$	32.25	$	37.14	$	29.18	$	31.14
		2009	$	27.69	$	32.38	$	34.81	$	26.47	$	30.34
		2008	$	32.21	$	38.87	$	41.93	$	30.03	$	35.74
Vacation Exchange and Rentals
Average Number of Members (in 000s)		2011		3,766		3,755		3,744		N/A		N/A
		2010		3,746		3,741		3,766		3,759		3,753
		2009		3,789		3,795		3,781		3,765		3,782
		2008		3,632		3,682		3,673		3,693		3,670
Exchange Revenue Per Member		2011	$	205.64	$	178.46	$	172.38		N/A		N/A
		2010	$	201.93	$	172.20	$	173.44	$	162.59	$	177.53
		2009	$	194.83	$	174.22	$	173.90	$	163.89	$	176.73
		2008	$	234.05	$	201.04	$	193.39	$	165.99	$	198.48
Vacation Rental Transactions (in 000s) (b)		2011		398		328		370		N/A		N/A
		2010		291		297		322		253		1,163
		2009		273		231		264		196		964
		2008		269		220		255		191		936
Average Net Price Per Vacation Rental (b)		2011	$	377.71	$	549.09	$	701.81		N/A		N/A
		2010	$	361.17	$	387.01	$	500.31	$	449.12	$	425.38
		2009	$	353.15	$	471.74	$	594.34	$	499.66	$	477.38
		2008	$	442.50	$	541.69	$	659.93	$	460.86	$	528.95
Vacation Ownership
Gross Vacation Ownership Interest (VOI) Sales (in 000s) (c)		2011	$	319,000	$	412,000	$	455,000		N/A		N/A
		2010	$	308,000	$	371,000	$	412,000	$	373,000	$	1,464,000
		2009	$	280,000	$	327,000	$	366,000	$	343,000	$	1,315,000
		2008	$	458,000	$	532,000	$	566,000	$	432,000	$	1,987,000
Tours (d)		2011		137,000		177,000		197,000		N/A		N/A
		2010		123,000		163,000		187,000		160,000		634,000
		2009		137,000		164,000		173,000		142,000		617,000
		2008		255,000		314,000		334,000		240,000		1,143,000
Volume Per Guest (VPG) (d)		2011	$	2,192	$	2,227	$	2,197		N/A		N/A
		2010	$	2,334	$	2,156	$	2,081	$	2,214	$	2,183
		2009	$	1,866	$	1,854	$	1,944	$	2,210	$	1,964
		2008	$	1,668	$	1,583	$	1,550	$	1,630	$	1,602

Note: Full year amounts may not add across due to rounding.
(a)	Includes the impact of the acquisitions of Microtel Inns & Suites and Hawthorn Suites (July 2008) and the TRYP hotel brand (June 2010) from the acquisition dates forward. Therefore, the operating statistics are not presented on a comparable basis.
(b)	Includes the impact of the acquisitions of Hoseasons (March 2010), ResortQuest (September 2010), James Villa Holidays (November 2010) and a tuck-in acquisition (August 2011) from the acquisition dates forward. Therefore, the operating statistics are not presented on a comparable basis.
(c)	Includes gross VOI sales under the Company’s Wyndham Asset Affiliate Model (WAAM) beginning in the first quarter of 2010 (see Table 9 for a reconciliation of gross VOI sales to vacation ownership interest sales).
(d)	Includes the impact of WAAM related tours beginning in the first quarter of 2010.

Table 3
(2 of 3)

Wyndham Worldwide Corporation
ADDITIONAL DATA

	Year		Q1			Q2			Q3			Q4		Full Year
Lodging (a)
Number of Properties		2011		7,190			7,220			7,190			N/A		N/A
		2010		7,090			7,160			7,150			7,210		N/A
		2009		6,990			7,020			7,040			7,110		N/A
		2008		6,550			6,560			6,970			7,040		N/A
Vacation Ownership
Deferred Revenues (in 000s) (b)		2011	$	—		$	—		$	—			N/A		N/A
		2010	$	—		$	—		$	—		$	—	$	—
		2009	$	67,000		$	37,000		$	36,000		$	47,000	$	187,000
		2008	$	(82,000	)	$	(5,000	)	$	(2,000	)	$	14,000	$	(75,000	)
Provision for Loan Losses (in 000s) (c)		2011	$	79,000		$	80,000		$	96,000			N/A		N/A
		2010	$	86,000		$	87,000		$	85,000		$	82,000	$	340,000
		2009	$	107,000		$	122,000		$	117,000		$	103,000	$	449,000
		2008	$	82,000		$	113,000		$	119,000		$	136,000	$	450,000
Sales under WAAM (in 000s) (d)		2011	$	18,000		$	19,000		$	38,000			N/A		N/A
		2010	$	5,000		$	13,000		$	20,000		$	14,000	$	51,000
WAAM Commission Revenues (in 000s)		2011	$	10,000		$	11,000		$	23,000			N/A		N/A
		2010	$	3,000		$	8,000		$	12,000		$	9,000	$	31,000

Note: Full year amounts may not add across due to rounding.
(a)	Includes the impact of the acquisitions of Microtel Inns & Suites and Hawthorn Suites (July 2008) and the Tryp hotel brand (June 2010) from the acquisition dates forward. Therefore, the operating statistics are not presented on a comparable basis.
(b)	Represents the revenue that is deferred under the percentage of completion method of accounting.
(c)	Represents provision for estimated losses on vacation ownership contract receivables originated during the period, which is recorded as a contra revenue to vacation ownership interest sales on the Consolidated Statements of Income.
(d)	Represents gross VOI sales under the Company’s WAAM for which the Company earns commission revenue (WAAM Commission Revenues). The commission revenue earned on these sales is included in service fees and membership revenues on the Consolidated Statements of Income. The Company implemented this sales model during the first quarter of 2010 and, as such, there is no historical data prior to 2010.

Table 3
(3 of 3)

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 under affiliation agreements for which we receive a fee for reservation and/or other services provided or (iii) properties managed under a 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.

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 services and products.

Exchange Revenue Per Member: Represents total annualized revenues generated from fees associated with memberships, exchange transactions, member-related rentals and other servicing for the period divided by the average number of vacation exchange members during the period.

Vacation Rental Transactions: Represents the number of transactions that are generated in connection with customers booking their vacation rental stays through us. One rental transaction is recorded for each standard one-week rental.

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

Vacation Ownership

Gross Vacation Ownership Interest Sales: Represents sales of vacation ownership interest (VOIs), including Wyndham Asset Affiliation Model sales, before the net effect of percentage-of-completion accounting and loan loss provisions. See Table 9 for a reconciliation of Gross VOI sales to Vacation Ownership Interest Sales. We believe that Gross VOI sales provides an enhanced understanding of the performance of our vacation ownership business because it directly measures the sales volume of this business during a given reporting period.

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

Volume per Guest (VPG): Represents gross VOI sales (excluding tele-sales upgrades, which are non-tour upgrade sales) divided by the number of tours. We have excluded non-tour upgrade sales in the calculation of VPG because non-tour upgrade sales are generated by a different marketing channel. See Table 9 for a detail of tele-sales upgrades for 2007-2010. We believe that VPG provides an enhanced understanding of the performance of our vacation ownership business because it directly measures the efficiency of this business’ tour selling efforts during a given reporting period.

General

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

Table 4

Wyndham Worldwide Corporation
REVENUE DETAIL BY REPORTABLE SEGMENT
(In millions)

	2011										2010
	Q1		Q2		Q3		Q4		Year		Q1		Q2		Q3		Q4			Year
Lodging
Royalties and Franchise Fees	$	58	$	75	$	85		N/A		N/A	$	52	$	69	$	82	$	62		$	265
Marketing, Reservation and Wyndham Rewards Revenues (a)		54		75		94		N/A		N/A		50		65		76		60			251
Hotel Management Reimbursable Revenues (b)		19		19		21		N/A		N/A		21		20		18		18			77
Ancillary Revenues (c)		18		21		22		N/A		N/A		21		24		27		23			95
Total Lodging		149		190		222		N/A		N/A		144		178		203		163			688
Vacation Exchange and Rentals
Exchange Revenues		194		168		161		N/A		N/A		189		161		163		153			666
Rental Revenues		150		180		260		N/A		N/A		105		115		161		114			495
Ancillary Revenues (d)		12		13		15		N/A		N/A		6		5		6		15			32
Total Vacation Exchange and Rentals		356		361		436		N/A		N/A		300		281		330		282			1,193
Vacation Ownership
Vacation Ownership Interest Sales		222		313		320		N/A		N/A		217		271		308		276			1,072
Consumer Financing		102		103		105		N/A		N/A		105		106		107		107			425
Property Management Fees		110		108		105		N/A		N/A		100		100		104		101			405
WAAM Commissions		10		11		23		N/A		N/A		3		8		12		8			31
Ancillary Revenues (e)		6		6		6		N/A		N/A		19		20		2		5			46
Total Vacation Ownership		450		541		559		N/A		N/A		444		505		533		497			1,979
Total Reportable Segments	$	955	$	1,092	$	1,217		N/A		N/A	$	888	$	964	$	1,066	$	942		$	3,860
	2009										2008
	Q1		Q2		Q3		Q4		Year		Q1		Q2		Q3		Q4			Year
Lodging
Royalties and Franchise Fees	$	57	$	68	$	72	$	57	$	254	$	64	$	78	$	88	$	66		$	297
Marketing, Reservation and Wyndham Rewards Revenues (a)		54		66		73		53		246		60		75		84		61			280
Hotel Management Reimbursable Revenues (b)		22		23		21		19		85		27		26		25		21			100
Ancillary Revenues (c)		21		17		17		20		75		19		21		16		22			76
Total Lodging		154		174		183		149		660		170		200		213		170			753
Vacation Exchange and Rentals
Exchange Revenues		185		165		164		154		668		213		185		178		152			728
Rental Revenues		96		109		157		98		460		119		119		169		88			495
Ancillary Revenues (d)		6		6		6		6		24		9		10		7		10			36
Total Vacation Exchange and Rentals		287		280		327		258		1,152		341		314		354		250			1,259
Vacation Ownership
Vacation Ownership Interest Sales		239		242		285		287		1,053		294		414		446		309			1,463
Consumer Financing		109		109		108		109		435		99		104		111		112			426
Property Management Fees		91		94		96		95		376		85		84		89		89			346
Ancillary Revenues (e)		23		22		19		17		81		26		19		15		(18	)		43
Total Vacation Ownership		462		467		508		508		1,945		504		621		661		492			2,278
Total Reportable Segments	$	903	$	921	$	1,018	$	915	$	3,757	$	1,015	$	1,135	$	1,228	$	912		$	4,290

Note: Full year amounts may not add across due to rounding.
(a)	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. Wyndham Rewards revenues represent fees we receive relating to our loyalty program.
(b)	Primarily represents payroll costs in our hotel management business that we pay on behalf of property owners and for which we are reimbursed by the property owners.
(c)	Primarily includes additional services provided to franchisees.
(d)	Primarily includes fees generated from programs with affiliated resorts and homeowners.
(e)	Primarily includes revenues associated with bonus points/credits that are provided as purchase incentives on VOI sales and fees generated from other non-core operations.

Table 5

Wyndham Worldwide Corporation
SCHEDULE OF DEBT
(In millions)

	September 30,		June 30,		March 31,		December 31,		September 30,
	2011		2011		2011		2010		2010
Securitized vacation ownership debt (a)
Term notes	$	1,512	$	1,446	$	1,666	$	1,498	$	1,400
Bank conduit facility (b)		218		242		148		152		215
Securitized vacation ownership debt (c)		1,730		1,688		1,814		1,650		1,615
Less: Current portion of securitized vacation ownership debt		179		190		216		223		187
Long-term securitized vacation ownership debt	$	1,551	$	1,498	$	1,598	$	1,427	$	1,428
Debt:
Revolving credit facility (due July 2016) (d)	$	169	$	107	$	5	$	154	$	26
6.00% senior unsecured notes (due December 2016) (e)		812		803		797		798		798
9.875% senior unsecured notes (due May 2014) (f)		243		242		241		241		240
3.50% convertible notes (due May 2012) (g)		27		32		41		266		289
7.375% senior unsecured notes (due March 2020) (h)		247		247		247		247		247
5.75% senior unsecured notes (due February 2018) (i)		247		247		247		247		247
5.625% senior unsecured notes (due March 2021) (j)		245		245		245		—		—
Vacation rentals capital leases		108		120		120		115		120
Other		1		1		28		26		34
Total debt		2,099		2,044		1,971		2,094		2,001
Less: Current portion of debt		37		43		12		11		32
Long-term debt	$	2,062	$	2,001	$	1,959	$	2,083	$	1,969

(a)	The Company’s vacation ownership contract receivables are securitized through bankruptcy-remote special purpose entities (“SPE”) that are consolidated within our financial statements. These bankruptcy-remote SPEs are legally separate from the Company. The receivables held by the bankruptcy-remote SPEs are not available to the Company’s creditors and legally are not the Company’s assets. Additionally, the creditors of these SPEs have no recourse to the Company for principal and interest.
(b)	Represents a non-recourse vacation ownership bank conduit facility with a term through June 2013 and borrowing capacity of $600 million. As of September 30, 2011, this facility had remaining borrowing capacity of $382 million.
(c)	This debt is collateralized by $2,502 million, $2,672 million, $2,778 million, $2,865 million and $2,874 million of underlying vacation ownership contract receivables and related assets as of September 30, 2011, June 30, 2011, March 31, 2011, December 31, 2010 and September 30, 2010, respectively.
(d)	Represents a $1.0 billion revolving credit facility that expires on July 15, 2016. As of September 30, 2011, the Company had $11 million of outstanding letters of credit and a remaining borrowing capacity of $820 million.
(e)	Represents senior unsecured notes issued by the Company during December 2006. The balance as of September 30, 2011 represents $800 million aggregate principal less $2 million of unamortized discount, plus $14 million of unamortized gains from the settlement of a derivative.
(f)	Represents senior unsecured notes issued by the Company during May 2009. The balance as of September 30, 2011 represents $250 million aggregate principal less $7 million of unamortized discount.
(g)	Represents convertible notes issued by the Company during May 2009, which includes debt principal, less unamortized discount, and a liability related to a bifurcated conversion feature. During the third and fourth quarters of 2010, the Company repurchased a portion of these notes. During the nine months ended September 30, 2011, the Company repurchased a portion of these notes, primarily through the completion of a cash tender offer. The following table details the components of the convertible notes

	September 30, 2011			June 30, 2011			March 31, 2011			December 31, 2010			September 30, 2010
Debt principal	$	12		$	12		$	17		$	116		$	138
Unamortized discount		(1	)		(1	)		(1	)		(12	)		(17	)
Debt less discount		11			11			16			104			121
Fair value of conversion feature (*)		16			21			25			162			168
Convertible notes	$	27		$	32		$	41		$	266		$	289

(*) The Company also has an asset with a fair value equal to the conversion feature, which represents cash-settled call options that the Company purchased concurrent with the issuance of the convertible notes.

(h)	Represents senior unsecured notes issued by the Company during February 2010. The balance as of September 30, 2011 represents $250 million aggregate principal less $3 million of unamortized discount.
(i)	Represents senior unsecured notes issued by the Company during September 2010. The balance as of September 30, 2011 represents $250 million aggregate principal less $3 million of unamortized discount.
(j)	Represents senior unsecured notes issued by the Company during March 2011. The balance as of September 30, 2011 represents $250 million aggregate principal less $5 million of unamortized discount.

Table 6

(1 of 2)

Wyndham Worldwide Corporation

BRAND SYSTEM DETAILS

	As of and For the Three Months Ended September 30, 2011
										Average Revenue
	Number of		Number of		Average Occupancy			Average Daily		Per Available
Brand	Properties		Rooms		Rate			Rate (ADR)		Room (RevPAR)
Lodging
Wyndham Hotels and Resorts		98		26,548		62.3	%	$	106.49	$	66.34
TRYP by Wyndham		93		13,456		67.0	%	$	102.53	$	68.73
Wingate by Wyndham		166		15,234		64.7	%	$	83.02	$	53.68
Hawthorn Suites by Wyndham		74		7,047		66.7	%	$	75.65	$	50.48
Ramada		848		114,377		56.9	%	$	78.49	$	44.64
Baymont		257		21,464		54.6	%	$	64.72	$	35.33
Days Inn		1,857		149,165		54.5	%	$	65.47	$	35.68
Super 8		2,241		141,272		60.4	%	$	58.35	$	35.24
Howard Johnson		453		45,016		52.4	%	$	64.10	$	33.57
Travelodge		436		32,563		54.7	%	$	71.30	$	39.00
Microtel Inns & Suites		317		22,601		59.4	%	$	62.74	$	37.23
Knights Inn		348		21,362		43.0	%	$	44.84	$	19.29
Dream		5		990		78.7	%	$	175.65	$	138.32
Night		1		72		94.8	%	$	214.38	$	203.31
Total Lodging		7,194		611,167		57.0	%	$	69.34	$	39.49
Vacation Ownership
Wyndham Vacation Ownership resorts		162		20,803		N/A			N/A		N/A
Total Wyndham Worldwide		7,356		631,970
	As of and For the Three Months Ended September 30, 2010
										Average Revenue
	Number of		Number of		Average Occupancy			Average Daily		Per Available
Brand	Properties		Rooms		Rate			Rate (ADR)		Room (RevPAR)
Lodging
Wyndham Hotels and Resorts		99		27,753		57.4	%	$	107.11	$	61.46
TRYP by Wyndham		92		13,236		63.2	%	$	83.93	$	53.03
Wingate by Wyndham		165		15,097		63.1	%	$	81.19	$	51.22
Hawthorn Suites by Wyndham		78		7,451		61.7	%	$	75.83	$	46.77
Ramada		894		117,842		55.0	%	$	73.43	$	40.38
Baymont		245		20,479		53.3	%	$	63.36	$	33.78
Days Inn		1,859		148,155		53.4	%	$	64.03	$	34.19
Super 8		2,156		134,827		58.3	%	$	59.40	$	34.61
Howard Johnson		474		45,735		52.6	%	$	63.19	$	33.26
Travelodge		438		32,377		54.1	%	$	68.24	$	36.89
Microtel Inns & Suites		319		22,760		57.1	%	$	60.12	$	34.34
Knights Inn		331		19,597		43.2	%	$	46.42	$	20.06
Other		2		404		N/A			N/A		N/A
Total Lodging		7,152		605,713		55.3	%	$	67.16	$	37.14
Vacation Ownership
Wyndham Vacation Ownership resorts		160		20,569		N/A			N/A		N/A
Total Wyndham Worldwide		7,312		626,282

NOTE: A glossary of terms is included in Table 3 (3 of 3); RevPAR may not recalculate by multiplying average occupancy rate by ADR due to rounding.

Table 6

(2 of 2)

Wyndham Worldwide Corporation

BRAND SYSTEM DETAILS

	As of and For the Nine Months Ended September 30, 2011
										Average Revenue
	Number of		Number of		Average Occupancy			Average Daily		Per Available
Brand	Properties		Rooms		Rate			Rate (ADR)		Room (RevPAR)
Lodging
Wyndham Hotels and Resorts		98		26,548		59.5	%	$	107.74	$	64.14
TRYP by Wyndham		93		13,456		60.7	%	$	105.13	$	63.85
Wingate by Wyndham		166		15,234		61.1	%	$	81.27	$	49.68
Hawthorn Suites by Wyndham		74		7,047		62.7	%	$	75.32	$	47.26
Ramada		848		114,377		52.1	%	$	75.97	$	39.58
Baymont		257		21,464		49.0	%	$	62.41	$	30.59
Days Inn		1,857		149,165		48.4	%	$	62.12	$	30.09
Super 8		2,241		141,272		53.1	%	$	55.31	$	29.36
Howard Johnson		453		45,016		47.6	%	$	61.12	$	29.07
Travelodge		436		32,563		48.2	%	$	66.22	$	31.94
Microtel Inns & Suites		317		22,601		53.9	%	$	59.21	$	31.90
Knights Inn		348		21,362		39.1	%	$	42.98	$	16.79
Dream		5		990		75.5	%	$	174.99	$	132.10
Night		1		72		93.8	%	$	232.89	$	218.53
Total Lodging		7,194		611,167		51.2	%	$	66.85	$	34.25
Vacation Ownership
Wyndham Vacation Ownership resorts		162		20,803		N/A			N/A		N/A
Total Wyndham Worldwide		7,356		631,970
	As of and For the Nine Months Ended September 30, 2010
										Average Revenue
	Number of		Number of		Average Occupancy			Average Daily		Per Available
Brand	Properties		Rooms		Rate			Rate (ADR)		Room (RevPAR)
Lodging
Wyndham Hotels and Resorts		99		27,753		56.1	%	$	109.35	$	61.32
TRYP by Wyndham		92		13,236		63.2	%	$	83.93	$	53.03
Wingate by Wyndham		165		15,097		58.8	%	$	79.67	$	46.85
Hawthorn Suites by Wyndham		78		7,451		56.1	%	$	76.95	$	43.14
Ramada		894		117,842		49.9	%	$	72.73	$	36.26
Baymont		245		20,479		48.1	%	$	61.03	$	29.37
Days Inn		1,859		148,155		46.9	%	$	61.16	$	28.69
Super 8		2,156		134,827		50.4	%	$	56.48	$	28.50
Howard Johnson		474		45,735		46.1	%	$	60.85	$	28.04
Travelodge		438		32,377		45.9	%	$	64.36	$	29.57
Microtel Inns & Suites		319		22,760		51.1	%	$	57.59	$	29.41
Knights Inn		331		19,597		38.0	%	$	42.67	$	16.22
Other		2		404		N/A			N/A		N/A
Total Lodging		7,152		605,713		49.0	%	$	64.98	$	31.81
Vacation Ownership
Wyndham Vacation Ownership resorts		160		20,569		N/A			N/A		N/A
Total Wyndham Worldwide		7,312		626,282

NOTE: A glossary of terms is included in Table 3 (3 of 3); RevPAR may not recalculate by multiplying average occupancy rate by ADR due to rounding.

Table 7
(1 of 2)

Wyndham Worldwide
NON-GAAP RECONCILIATION
(In millions)

				Reported			Legacy			Asset		Restructuring			VAT			CTA		Adjusted
	Net Revenues			EBITDA			Adjustments(b)			Impairment(c)		Costs			Adjustments(e)			Writeoff(f)		EBITDA
Three months ended March 31, 2011
Lodging	$	149		$	27		$	—		$	13	$	—		$	—		$	—	$	40
Vacation Exchange and Rentals		356			93			—			—		—			—			—		93
Vacation Ownership		450			97			—			—		(1)	(d)		—			—		96
Total Reportable Segments		955			217			—			13		(1	)		—			—		229
Corporate and Other (a)		(3	)		(14	)		(11	)		—		—			—			—		(25	)
Total Company	$	952		$	203		$	(11	)	$	13	$	(1	)	$	—		$	—	$	204
Three months ended June 30, 2011
Lodging	$	190		$	66		$	—		$	—	$	—		$	—		$	—	$	66
Vacation Exchange and Rentals		361			106			—			—		7	(g)		(31	)		—		82
Vacation Ownership		541			130			—			—		—			—			—		130
Total Reportable Segments		1,092			302			—			—		7			(31	)		—		278
Corporate and Other (a)		(2	)		(26	)		3			—		—			—			—		(23	)
Total Company	$	1,090		$	276		$	3		$	—	$	7		$	(31	)	$	—	$	255
Three months ended September 30, 2011
Lodging	$	222		$	67		$	—		$	—	$	—		$	—		$	—	$	67
Vacation Exchange and Rentals		436			131			—			—		—			—			4		135
Vacation Ownership		559			149			—			—		—			—			—		149
Total Reportable Segments		1,217			347			—			—		—			—			4		351
Corporate and Other (a)		(5	)		(18	)		(8	)		—		—			—			—		(26	)
Total Company	$	1,212		$	329		$	(8	)	$	—	$	—		$	—		$	4	$	325

(a)	Includes the elimination of transactions between segments.
(b)	Relates to the net expense/(benefit) from the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.
(c)	Relates to a non-cash impairment charge related to a write-down of an international joint venture in the Company’s lodging business.
(d)	Relates to the reversal of costs incurred as a result of various strategic initiatives commenced by the Company during 2008.
(e)	Relates to a net benefit resulting from a refund of value added taxes.
(f)	Relates to the write-off of foreign exchange translation adjustments associated with the liquidation of a foreign entity.
(g)	Relates to costs incurred as a result of a strategic initiative commenced by the Company during 2010.

Table 7
(2 of 2)

Wyndham Worldwide
NON-GAAP RECONCILIATIONS
(In millions)

				Reported			Acquisition		Legacy			Restructuring		Adjusted
	Net Revenues			EBITDA			Costs(b)		Adjustments(c)			Costs(d)		EBITDA
Three months ended March 31, 2010
Lodging	$	144		$	33		$	—	$	—		$	—	$	33
Vacation Exchange and Rentals		300			80			4		—			—		84
Vacation Ownership		444			82			—		—			—		82
Total Reportable Segments		888			195			4		—			—		199
Corporate and Other (a)		(2	)		(20	)		—		2			—		(18	)
Total Company	$	886		$	175		$	4	$	2		$	—	$	181
Three months ended June 30, 2010
Lodging	$	178		$	49		$	1	$	—		$	—	$	50
Vacation Exchange and Rentals		281			78			—		—			—		78
Vacation Ownership		505			104			—		—			—		104
Total Reportable Segments		964			231			1		—			—		232
Corporate and Other (a)		(1	)		(14	)		—		—			—		(14	)
Total Company	$	963		$	217		$	1	$	—		$	—	$	218
Three months ended September 30, 2010
Lodging	$	203		$	67		$	—	$	—		$	—	$	67
Vacation Exchange and Rentals		330			103			1		—			—		104
Vacation Ownership		533			123			—		—			—		123
Total Reportable Segments		1,066			293			1		—			—		294
Corporate and Other (a)		(1	)		30			—		(52	)		—		(22	)
Total Company	$	1,065		$	323		$	1	$	(52	)	$	—	$	272
Three months ended December 31, 2010
Lodging	$	163		$	40		$	—	$	—		$	—	$	40
Vacation Exchange and Rentals		282			32			1		—			9		42
Vacation Ownership		497			131			—		—			—		131
Total Reportable Segments		942			203			1		—			9		213
Corporate and Other (a)		(5	)		(20	)		—		(3	)		—		(23	)
Total Company	$	937		$	183		$	1	$	(3	)	$	9	$	190
Twelve months ended December 31, 2010
Lodging	$	688		$	189		$	1	$	—		$	—	$	190
Vacation Exchange and Rentals		1,193			293			6		—			9		308
Vacation Ownership		1,979			440			—		—			—		440
Total Reportable Segments		3,860			922			7		—			9		938
Corporate and Other (a)		(9	)		(24	)		—		(54	)		—		(78	)
Total Company	$	3,851		$	898		$	7	$	(54	)	$	9	$	860

Note: Amounts may not add across due to rounding.
(a)	Includes the elimination of transactions between segments.
(b)	Relates to costs incurred in connection with the Company’s acquisitions of Hoseasons during March 2010, the TRYP hotel brand during June 2010, ResortQuest during September 2010 and James Villa Holidays during November 2010.
(c)	Relates to the net expense/(benefit) from the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.
(d)	Relates to costs incurred as a result of a strategic initiative commenced by the Company during 2010.

Table 8
(1 of 4)

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

	Three Months Ended September 30, 2011
				Tax Valuation
	As Reported			Allowance			Legacy Adjustments			VAT Adjustments			CTA Writeoff			As Adjusted
Net revenues
Service fees and membership	$	584														$	584
Vacation ownership interest sales		320															320
Franchise fees		160															160
Consumer financing		105															105
Other		43															43
Net revenues		1,212			—			—			—			—			1,212
Expenses
Operating		490												(4)	(d)		486
Cost of vacation ownership interests		35															35
Consumer financing interest		21															21
Marketing and reservation		182															182
General and administrative		157						8	(b)								165
Restructuring		—															—
Depreciation and amortization		43															43
Total expenses		928			—			8			—			(4	)		932
Operating income		284			—			(8	)		—			4			280
Other income, net		(2	)														(2	)
Interest expense		34															34
Interest income		(19	)								16	(c)					(3	)
Income before income taxes		271			—			(8	)		(16	)		4			251
Provision for income taxes		96			13	(a)		(2	)(e)		(9	)(e)		—	(e)		98
Net income	$	175		$	(13	)	$	(6	)	$	(7	)	$	4		$	153
Earnings per share
Basic	$	1.10		$	(0.08	)	$	(0.03	)	$	(0.05	)	$	0.02		$	0.96
Diluted		1.08			(0.08	)		(0.03	)		(0.04	)		0.02			0.94
Weighted average shares outstanding
Basic		159			159			159			159			159			159
Diluted		162			162			162			162			162			162

Note: EPS amounts may not add across due to rounding.
(a)	Relates to the reversal of a tax valuation allowance.
(b)	Relates to the net benefit from the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.
(c)	Relates to interest income associated with a refund of value added taxes.
(d)	Relates to the write-off of foreign exchange translation adjustments associated with the liquidation of a foreign entity.
(e)	Relates to the tax effect of the adjustments.

Table 8
(2 of 4)

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

	Nine Months Ended September 30, 2011
				Early
				Extinguishment of			Tax Valuation			Legacy			Asset			Restructuring
	As Reported			Debt			Allowance			Adjustments			Impairment			Costs			VAT Adjustments			CTA Writeoff			As Adjusted
Net revenues
Service fees and membership	$	1,579																							$	1,579
Vacation ownership interest sales		855																								855
Franchise fees		395																								395
Consumer financing		310																								310
Other		114																								114
Net revenues		3,253			—			—			—			—			—			—			—			3,253
Expenses
Operating		1,358																					(4)	(j)		1,354
Cost of vacation ownership interests		115																								115
Consumer financing interest		67																								67
Marketing and reservation		472																								472
General and administrative		422									12	(c)								31	(g)					465
Asset impairment		13												(13)	(e)											—
Restructuring		6															(6)	(f)								—
Depreciation and amortization		133																								133
Total expenses		2,586			—			—			12			(13	)		(6	)		31			(4	)		2,606
Operating income		667			—			—			(12	)		13			6			(31	)		4			647
Other income, net		(9	)								4	(d)														(5	)
Interest expense		115			(12)	(a)														(3)	(h)					100
Interest income		(22	)																	16	(i)					(6	)
Income before income taxes		583			12			—			(16	)		13			6			(44	)		4			558
Provision for income taxes		222			5	(k)		13	(b)		(5	)(k)		5	(k)		2	(k)		(24	)(k)		—	(k)		218
Net income	$	361		$	7		$	(13	)	$	(11	)	$	8		$	4		$	(20	)	$	4		$	340
Earnings per share
Basic	$	2.17		$	0.04		$	(0.08	)	$	(0.06	)	$	0.05		$	0.03		$	(0.12	)	$	0.02		$	2.05
Diluted		2.12			0.04			(0.08	)		(0.06	)		0.05			0.03			(0.12	)		0.02			2.00
Weighted average shares outstanding
Basic		166			166			166			166			166			166			166			166			166
Diluted		170			170			170			170			170			170			170			170			170

(a)	Relates to costs incurred for the early repurchase of a portion of the Company’s 3.50% convertible notes during the first half of 2011.
(b)	Relates to the reversal of a tax valuation allowance.
(c)	Relates to the net benefit from the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.
(d)	Relates to a gain on the redemption of a preferred stock investment allocated to the Company in connection with our separation.
(e)	Relates to a non-cash impairment charge related to a write-down of an international joint venture in the Company’s lodging business.
(f)	Primarily relates to costs incurred as a result of a strategic initiative commenced by the Company during 2010.
(g)	Relates to a net benefit resulting from a refund of value added taxes.
(h)	Relates to interest on value added tax accruals.
(i)	Relates to interest income associated with a refund of value added taxes.
(j)	Relates to the write-off of foreign exchange translation adjustments associated with the liquidation of a foreign entity.
(k)	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, 2010
	As Reported			Early Extinguishment of Debt			Acquisition Costs			Legacy Adjustments			As Adjusted
Net revenues
Service fees and membership	$	464											$	464
Vacation ownership interest sales		308												308
Franchise fees		142												142
Consumer financing		107												107
Other		44												44
Net revenues		1,065			—			—			—			1,065
Expenses
Operating		410						(1)	(b)					409
Cost of vacation ownership interests		52												52
Consumer financing interest		27												27
Marketing and reservation		149												149
General and administrative		101									52	(c)		153
Asset impairment		4												4
Depreciation and amortization		43												43
Total expenses		786			—			(1	)		52			837
Operating income		279						1			(52	)		228
Other income, net		(1	)											(1	)
Interest expense		47			(11)	(a)								36
Interest income		(2	)											(2	)
Income before income taxes		235			11			1			(52	)		195
Provision for income taxes		79			5	(d)		—	(d)		(14	)(d)		70
Net income	$	156		$	6		$	1		$	(38	)	$	125
Earnings per share
Basic	$	0.88		$	0.04		$	0.01		$	(0.22	)	$	0.71
Diluted		0.84			0.04			0.01			(0.21	)		0.68
Weighted average shares outstanding
Basic		177			177			177			177			177
Diluted		184			184			184			184			184

Note: EPS amounts may not add across due to rounding.
(a)	Relates to costs incurred for the early repurchase of a portion of the Company’s 3.50% convertible notes during third quarter of 2010.
(b)	Relates to costs incurred in connection with the Company’s acquisition of ResortQuest during September 2010.
(c)	Relates to the net benefit from the resolution of and adjustment to certain contingent liabilities and assets primarily related to the accrual that was no longer needed for outstanding Cendant contingent tax liabilities since Cendant and the IRS agreed to settle the IRS examination of Cendant’s taxable years 2003 through 2006 on July 15, 2010.
(d)	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, 2010
				Early
				Extinguishment of
	As Reported			Debt			Acquisition Costs			Legacy Adjustments			As Adjusted
Net revenues
Service fees and membership	$	1,298											$	1,298
Vacation ownership interest sales		796												796
Franchise fees		353												353
Consumer financing		318												318
Other		149												149
Net revenues		2,914			—			—			—			2,914
Expenses
Operating		1,179						(6)	(b)					1,173
Cost of vacation ownership interests		138												138
Consumer financing interest		80												80
Marketing and reservation		410												410
General and administrative		394									51	(c)		445
Asset impairment		4												4
Depreciation and amortization		128												128
Total expenses		2,333			—			(6	)		51			2,378
Operating income		581			—			6			(51	)		536
Other income, net		(6	)					—						(6	)
Interest expense		133			(27	)(a)								106
Interest income		(3	)											(3	)
Income before income taxes		457			27			6			(51	)		439
Provision for income taxes		157			11	(d)		1	(d)		(15	)(d)		154
Net income	$	300		$	16		$	5		$	(36	)	$	285
Earnings per share
Basic	$	1.68		$	0.09		$	0.03		$	(0.21	)	$	1.59
Diluted		1.62			0.09			0.03			(0.20	)		1.53
Weighted average shares outstanding
Basic		179			179			179			179			179
Diluted		186			186			186			186			186

Note: EPS amounts may not add across due to rounding.

(a)	Relates to costs incurred for the early extinguishment of the Company’s term loan facility and revolving foreign credit facility during March 2010 and the early repurchase of a portion of the Company’s 3.50% convertible notes during the third quarter of 2010.
(b)	Relates to costs incurred in connection with the Company’s acquisitions of Hoseasons Holdings Ltd. during March 2010, the Tryp hotel brand during June 2010 and ResortQuest during September 2010.
(c)	Relates to the net benefit from the resolution of and adjustment to certain contingent liabilities and assets primarily related to the accrual that was no longer needed for outstanding Cendant contingent tax liabilities since Cendant and the IRS agreed to settle the IRS examination of Cendant’s taxable years 2003 through 2006 on July 15, 2010.
(d)	Relates to the tax effect of the adjustments.

Table 9

Wyndham Worldwide Corporation
NON-GAAP RECONCILIATIONS AND FINANCIAL INFORMATION
(In millions)

FREE CASH FLOW                        

The Company defines free cash flow as net cash provided by operating activities less capital expenditures, equity investments and development advances and excluding cash payments related to the Company’s contingent tax liabilities that it assumed and is responsible for pursuant to its separation from Cendant. The Company considers free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after the acquisition of property and equipment, equity investments and development advances, can be used for strategic opportunities, including making acquisitions, paying dividends, repurchasing the Company’s common stock and strengthening the balance sheet. Analysis of free cash flow also facilitates management’s comparisons of the Company’s operating results to its competitors’ operating results. A limitation of using free cash flow versus the GAAP measure of net cash provided by operating activities as a means for evaluating Wyndham Worldwide is that free cash flow does not represent the total increase or decrease in the cash balance from operations for the period.

The following table provides more details on the GAAP financial measure that is most directly comparable to the non-GAAP financial measure and the related reconciliation between these financial measures:

	Nine Months Ended September 30,
	2011			2010
Net cash provided by operating activities	$	860		$	528
Less: Property and equipment additions		(153	)		(100	)
Less: Equity investments and development advances		(8	)		(9	)
Plus: Cash payments related to contingent IRS tax liabilities		—			145
Free cash flow	$	699		$	564

GROSS VOI SALES                        

The following table provides a reconciliation of Gross VOI sales (see Table 3) to Vacation ownership interest sales (see Table 4):

Year
2011	Q1			Q2			Q3			Q4		Full Year
Gross VOI sales	$	319		$	412		$	455			N/A		N/A
Less: Sales under the WAAM		(18	)		(19	)		(38	)		N/A		N/A
Gross VOI sales, net of WAAM sales		302			393			417			N/A		N/A
Less: Loan loss provision		(79	)		(80	)		(96	)		N/A		N/A
Vacation ownership interest sales	$	222		$	313		$	320			N/A		N/A

2010
Gross VOI sales	$	308		$	371		$	412		$	373		$	1,464
Less: Sales under the WAAM		(5	)		(13	)		(20	)		(14	)		(51	)
Gross VOI sales, net of WAAM sales		303			358			392			359			1,413
Less: Loan loss provision		(86	)		(87	)		(85	)		(82	)		(340	)
Vacation ownership interest sales	$	217		$	271		$	308		$	276		$	1,072

2009
Gross VOI sales	$	280		$	327		$	366		$	343		$	1,315
Plus: Net effect of percentage-of-completion accounting		67			37			36			47			187
Less: Loan loss provision		(107	)		(122	)		(117	)		(103	)		(449	)
Vacation ownership interest sales	$	239		$	242		$	285		$	287		$	1,053

2008
Gross VOI sales	$	458		$	532		$	566		$	432		$	1,987
Plus/(less): Net effect of percentage-of-completion accounting		(82	)		(5	)		(2	)		14			(75	)
Less: Loan loss provision		(82	)		(113	)		(119	)		(136	)		(450	)
Vacation ownership interest sales	$	294		$	414		$	446		$	309		$	1,463

Note: Amounts may not add due to rounding.

The following represents tele-sales upgrades, which are excluded from Gross VOI sales in the Company’s VPG calculation (see Table 3):

	Q1		Q2		Q3		Q4		Full Year
2011	$	18	$	18	$	21		N/A		N/A
2010	$	20	$	20	$	23	$	17	$	80
2009	$	24	$	23	$	29	$	28	$	104
2008	$	33	$	35	$	49	$	40	$	156

Note: Amounts may not add across due to rounding.