Exhibit 99.1

Wyndham Worldwide Reports First Quarter 2009 Results

PARSIPPANY, N.J. (April 29, 2009) — Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended March 31, 2009.

HIGHLIGHTS:

	•		First quarter 2009 adjusted net income was $74 million, or $0.41 diluted earnings per share (EPS), compared with adjusted net income of $62 million, or $0.35 diluted EPS, for the first quarter of 2008.
	•		First quarter 2009 net cash from operating activities was approximately $210 million, compared with $87 million in the first quarter of 2008. The remaining borrowing capacity on the Company’s revolving credit facility increased to approximately $355 million compared with approximately $290 million as of December 31, 2008.

“Wyndham Worldwide delivered solid first quarter results despite strong economic headwinds and a significant reduction in revenues due to the realignment of our vacation ownership business,” said Stephen P. Holmes, Chairman and CEO, Wyndham Worldwide. “Adjusted EPS was up 17% from last year, and the Company generated net cash from operating activities of approximately $210 million. These results reflect the durability of our businesses and the resilience of our fee-for-service business models, as well as strong execution and continued cost discipline.”

FIRST QUARTER 2009 OPERATING RESULTS

First quarter revenues of $901 million declined by 11% from the prior-year period, due to adverse foreign currency effects resulting from the strengthening U.S. dollar in the vacation exchange and rental business, the previously announced initiative to reduce sales in the Company’s vacation ownership business as well as an increased loan loss provision. These items were partially offset by the recognition of previously deferred vacation ownership revenue. Under the percentage-of-completion (POC) method of accounting for the sale of vacation ownership interests, the Company recognized $67 million of previously deferred revenue during the first quarter of 2009, while first quarter 2008 reported revenues were reduced by $82 million of deferred revenue.

Reported net income for the first quarter of 2009 was $45 million, or $0.25 diluted EPS, compared with net income of $42 million, or $0.24 diluted EPS, for the first quarter of 2008.

Adjusted net income for the first quarter of 2009 was $74 million, or $0.41 per diluted EPS, an increase of 19%, or 17% per diluted EPS, as compared with adjusted net income of $62 million, or $0.35 per diluted EPS, for the first quarter of 2008. 2009 first quarter adjusted EPS excludes the after-tax impact of $29 million in restructuring costs and legacy items. First quarter 2008 adjusted EPS excludes the after-tax impact of $20 million related to the Company’s rebranding initiative and legacy items.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues were $154 million in the first quarter of 2009, a decline of 9% compared with the first quarter of 2008, primarily reflecting a decline in worldwide revenue per available room (RevPAR) and lower property management reimbursable revenues.

In constant currency, the first quarter of 2009 system-wide RevPAR decreased 11.3%, reflecting declines of 13.4% and 5.5% in domestic and international RevPAR, respectively. Including the impact of foreign currency, system-wide RevPAR declined 14.0% in the first quarter of 2009.

First quarter 2009 EBITDA was $35 million, a 24% decline from the first quarter of 2008, primarily driven by the decline in worldwide RevPAR and $3 million of restructuring costs, partly offset by lower marketing expenses. Excluding restructuring costs, first quarter 2009 adjusted EBITDA would have been $38 million, a 17% decrease from the prior year.

As of March 31, 2009, the Company’s hotel system consisted of approximately 7,000 properties and 588,500 rooms, of which 21% were international. The development pipeline included approximately 1,000 hotels and 108,600 rooms, of which 54% were new construction and 39% were international.

Vacation Exchange and Rentals (Group RCI)

Revenues were $287 million in the first quarter of 2009, a 16% decrease compared with the first quarter of 2008, primarily related to the impact of a stronger U.S. dollar. In constant currency, revenues decreased 5%, reflecting lower rental and ancillary revenues.

Annual dues and exchange revenues were $127 million, a 7% decline from the first quarter of 2008, or relatively flat in constant currency. The revenues in constant currency reflect a 4% increase in the average number of members and a 5% decline in revenue per member.

Vacation rental revenues were $130 million, a 19% decrease from the first quarter of 2008. In constant currency, revenues generated from rental transactions and related services decreased $5 million, or 3%. The revenues in constant currency were driven by a 3% decrease in the average net price per rental. Rental transaction volume was flat compared with the first quarter of 2008.

Other ancillary revenues were $30 million, a 32% decrease from the first quarter of 2008. In constant currency, revenues decreased 25% due to lower miscellaneous fees and our termination of a low margin travel service contract.

First quarter 2009 EBITDA was $76 million, compared with $93 million in the first quarter of 2008. Excluding $4 million of restructuring costs, first quarter adjusted EBITDA was $80 million, a 14% decline from the prior year period. Excluding the unfavorable net effect of foreign currency translations of $12 million, adjusted EBITDA would have decreased $1 million, or 1%, from the first quarter of 2008.

Vacation Ownership (Wyndham Vacation Ownership)

Gross Vacation Ownership Interest (VOI) sales were $280 million for the first quarter of 2009, down 39% from the first quarter of 2008. This decrease was driven by the previously announced initiative to reduce sales in response to the disjointed capital markets that included a refocusing of the business’ sales and marketing efforts that resulted in fewer tours.

Total segment revenues were $462 million in the first quarter of 2009, down 8% from the first quarter of 2008, reflecting the previously mentioned lower tour flow and a higher provision for loan losses. This was partially offset by the recognition of revenue that was previously deferred under the POC method of accounting and a higher volume per guest (VPG), which increased 12% from the first quarter of 2008.

EBITDA for the first quarter of 2009 was $44 million, compared with $7 million in the first quarter of 2008, driven by a $70 million impact from the net increase in the recognition of revenue previously deferred under the POC method of accounting, offset by the net impact related to the planned reduction of VOI sales volume as well as restructuring costs. Excluding $35 million of restructuring costs, first quarter 2009 adjusted EBITDA was $79 million, compared to adjusted EBITDA of $35 million in the first quarter of 2008, which excludes a $28 million non-cash impairment charge relating to the Company’s rebranding initiative.

Other Items

Interest expense in the first quarter of 2009 was $19 million, unchanged from the first quarter of 2008. Depreciation and amortization declined $1 million to $43 million.

Balance Sheet Information as of March 31, 2009:

	•		Cash and cash equivalents of approximately $135 million, unchanged from December 31, 2008
	•		Vacation ownership contract receivables, net, of $3.2 billion compared with $3.3 billion at December 31, 2008
	•		Vacation ownership and other inventory of approximately $1.3 billion, unchanged from December 31, 2008
	•		Securitized vacation ownership debt of $1.7 billion compared with $1.8 billion at December 31, 2008

•

Other debt of $1.9 billion, compared with $2.0 billion at December 31, 2008; remaining borrowing capacity on revolving credit facility was approximately $355 million compared with approximately $290 million as of December 31, 2008

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

Outlook

For the second quarter of 2009, the Company expects adjusted EPS of $0.36 — $0.41.

The Company reaffirms full-year 2009 guidance:

	•		Revenues of $3.5 — $3.9 billion
	•		Adjusted EBITDA of $760 — $810 million
	•		Depreciation and amortization expense of $185— $195 million
	•		Interest expense, net of $80 — $90 million
	•		Effective tax rate of approximately 39%
	•		Adjusted net income of $289 — $331 million
	•		Adjusted EPS of $1.61 — $1.85 based on weighted average shares of approximately 179 million

The guidance reflects assumptions used for internal planning purposes. All guidance excludes legacy items and restructuring costs, if any, which may have a positive or negative impact on reported results. If economic conditions improve or deteriorate 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, April 29, 2009 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 April 29, 2009. The conference call may also be accessed by dialing (888) 989-4394 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 at (866) 359-3793 beginning at noon EDT on April 29, 2009 until 5 p.m. EDT on June 15, 2009; callers must provide the passcode “147852.”

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 the 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 almost 7,000 franchised hotels and approximately 588,500 hotel rooms worldwide. Group RCI offers its 3.8 million members access to more than 73,000 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 over 150 vacation ownership resorts serving over 830,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 25,500 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.

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 Annual Report on Form 10-K, filed with the SEC on February 27, 2009. 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		Julie Tenney
Senior Vice President,		Vice President,
Investor Relations		Corporate Communications
Wyndham Worldwide Corporation		Wyndham Worldwide Corporation
(973) 753-6472		(973) 753-6212
Margo.Happer@wyndhamworldwide.com		Julie.Tenney@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 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 the Company’s 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 March 31, 2009 and 2008:

		Three Months Ended March 31,
		2009								2008
		Net Revenues				EBITDA (c)				Net Revenues				EBITDA
Lodging		$	154			$	35			$	170			$	46
Vacation Exchange and Rentals			287				76				341				93
Vacation Ownership			462				44				504				7	(d)
Total Reportable Segments			903				155				1,015				146
Corporate and Other (a) (b)			(2	)			(21	)			(3	)			(16	)
Total Company		$	901			$	134			$	1,012			$	130
Reconciliation of EBITDA to Net Income
EBITDA						$	134							$	130
Depreciation and amortization							43								44
Interest expense							19								19
Interest income							(2	)							(3	)
Income before income taxes							74								70
Provision for income taxes							29								28
Net income						$	45							$	42

Table 2

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

		Three Months Ended
		March 31,
		2009				2008
Net revenues
Service fees and membership		$	400			$	453
Vacation ownership interest sales			239				294
Franchise fees			99				112
Consumer financing			109				99
Other			54				54
Net revenues			901				1,012
Expenses
Operating			386				408
Cost of vacation ownership interests			49				60
Consumer financing interest (a)			32				33
Marketing and reservation			137				209
General and administrative (b)			122				145
Asset impairments			—				28	(c)
Restructuring costs			43	(d)			—
Depreciation and amortization			43				44
Total expenses			812				927
Operating income			89				85
Other income, net			(2	)			(1	)
Interest expense			19				19
Interest income			(2	)			(3	)
Income before income taxes			74				70
Provision for income taxes			29				28
Net income		$	45			$	42
Earnings per share
Basic		$	0.25			$	0.24
Diluted			0.25				0.24
Weighted average shares outstanding
Basic			178				177
Diluted			178				178

Table 3
(1 of 2)

Wyndham Worldwide Corporation
OPERATING STATISTICS

		Year				Q1				Q2				Q3				Q4				Full Year
Lodging (a)
Number of Rooms (b)			2009				588,500				N/A				N/A				N/A				N/A
			2008				551,100				551,500				583,400				592,900				N/A
			2007				539,300				541,700				540,900				550,600				N/A
			2006				525,500				535,900				533,700				543,200				N/A
RevPAR			2009			$	27.69				N/A				N/A				N/A				N/A
			2008			$	32.21			$	38.87			$	41.93			$	30.03			$	35.74
			2007			$	31.35			$	38.35			$	43.10			$	33.09			$	36.48
			2006			$	30.45			$	36.97			$	40.82			$	31.41			$	34.95
Royalty, Marketing and Reservation Revenues (in 000s)			2009			$	95,368				N/A				N/A				N/A				N/A
			2008			$	104,162			$	127,238			$	145,502			$	105,803			$	482,709
			2007			$	105,426			$	129,453			$	146,290			$	107,870			$	489,041
			2006			$	102,741			$	125,409			$	138,383			$	104,505			$	471,039
Vacation Exchange and Rentals
Average Number of Members (in 000s)			2009				3,789				N/A				N/A				N/A				N/A
			2008				3,632				3,682				3,673				3,693				3,670
			2007				3,474				3,506				3,538				3,588				3,526
			2006				3,292				3,327				3,374				3,429				3,356
Annual Dues and Exchange Revenue Per Member			2009			$	134.38				N/A				N/A				N/A				N/A
			2008			$	150.84			$	128.91			$	124.51			$	109.56			$	128.37
			2007			$	155.60			$	132.33			$	131.38			$	124.59			$	135.85
			2006			$	152.10			$	130.37			$	132.31			$	128.13			$	135.62
Vacation Rental Transactions (in 000s)			2009				387				N/A				N/A				N/A				N/A
			2008				387				319				360				282				1,347
			2007				398				326				360				293				1,376
			2006				385				310				356				293				1,344
Average Net Price Per Vacation Rental			2009			$	335.54				N/A				N/A				N/A				N/A
			2008			$	412.74			$	477.63			$	553.69			$	400.09			$	463.10
			2007			$	349.73			$	415.71			$	506.78			$	426.93			$	422.83
			2006			$	312.51			$	374.91			$	442.75			$	356.16			$	370.93
Vacation Ownership
Gross Vacation Ownership Interest Sales (in 000s)			2009			$	280,000				N/A				N/A				N/A				N/A
			2008			$	458,000			$	532,000			$	566,000			$	432,000			$	1,987,000
			2007			$	430,000			$	523,000			$	552,000			$	488,000			$	1,993,000
			2006			$	357,000			$	434,000			$	482,000			$	469,000			$	1,743,000
Tours			2009				137,000				N/A				N/A				N/A				N/A
			2008				255,000				314,000				334,000				240,000				1,143,000
			2007				240,000				304,000				332,000				268,000				1,144,000
			2006				208,000				273,000				312,000				254,000				1,046,000
Volume Per Guest (VPG)			2009			$	1,866				N/A				N/A				N/A				N/A
			2008			$	1,668			$	1,583			$	1,550			$	1,630			$	1,602
			2007			$	1,607			$	1,596			$	1,545			$	1,690			$	1,606
			2006			$	1,475			$	1,426			$	1,434			$	1,623			$	1,486

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 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 revenue 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 gross vacation ownership interest sales (excluding tele-sales upgrades, which are a component of upgrade sales) divided 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)			2009				6,990				N/A				N/A				N/A				N/A
			2008				6,550				6,560				6,970				7,040				N/A
			2007				6,450				6,460				6,460				6,540				N/A
			2006				6,300				6,440				6,420				6,470				N/A
Marketing, Reservation and Wyndham Rewards Revenues (in 000s) (c)			2009			$	53,915				N/A				N/A				N/A				N/A
			2008			$	62,200			$	76,507			$	85,491			$	62,608			$	286,807
			2007			$	61,369			$	74,575			$	84,820			$	65,208			$	285,973
			2006			$	58,572			$	70,931			$	78,856			$	61,135			$	269,495
Property Management Reimbursable Revenues (in 000s) (d)			2009			$	21,640				N/A				N/A				N/A				N/A
			2008			$	27,128			$	26,326			$	24,973			$	21,472			$	99,899
			2007			$	15,624			$	22,338			$	25,612			$	28,414			$	91,987
			2006			$	15,732			$	19,935			$	17,210			$	16,263			$	69,142
Vacation Ownership
Deferred Revenues (in 000s) (e)			2009			$	66,516				N/A				N/A				N/A				N/A
			2008			$	(81,716	)		$	(5,240	)		$	(2,023	)		$	13,870			$	(75,108	)
			2007			$	3,906			$	(4,908	)		$	506			$	(21,092	)		$	(21,588	)
			2006			$	12,708			$	(221	)		$	(23,491	)		$	(10,675	)		$	(21,679	)
Provision for Loan Losses (in 000s) (f)			2009			$	107,202				N/A				N/A				N/A				N/A
			2008			$	82,344			$	112,669			$	118,609			$	136,090			$	449,712
			2007			$	60,869			$	75,032			$	85,762			$	83,644			$	305,307
			2006			$	61,242			$	55,872			$	63,213			$	78,680			$	259,007

Table 5

Wyndham Worldwide Corporation
SCHEDULE OF DEBT
(In millions)

		March 31,				December 31,				September 30,				June 30,				March 31,
		2009				2008				2008				2008				2008
Securitized vacation ownership debt:
Term notes		$	1,165			$	1,252			$	1,437			$	1,727			$	1,278
Bank conduit facilities (a)			569				558				647				354				841
Securitized vacation ownership debt (b)			1,734				1,810				2,084				2,081				2,119
Less: Current portion of securitized vacation ownership debt			305				294				324				284				268
Long-term securitized vacation ownership debt		$	1,429			$	1,516			$	1,760			$	1,797			$	1,851
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)			517				576				305				145				95
Vacation ownership bank borrowings			156				159				172				196				181
Vacation rentals capital leases			130				139				143				162				165
Other			13				13				12				13				14
Total debt			1,913				1,984				1,729				1,613				1,552
Less: Current portion of debt			166				169				182				207				193
Long-term debt		$	1,747			$	1,815			$	1,547			$	1,406			$	1,359

Table 6

Wyndham Worldwide Corporation
HOTEL BRAND SYSTEMS DETAILS

		As of and For the Three Months Ended March 31, 2009
																		Average
																		Revenue Per
										Average				Average Daily				Available Room
Brand		Number of Properties				Number of Rooms				Occupancy Rate				Rate (ADR)				(RevPAR)
Wyndham Hotels and Resorts			82				21,650				51.6	%		$	124.60			$	64.27
Wingate Inn			166				15,195				50.7	%		$	85.17			$	43.15
Hawthorn Suites			90				8,448				50.6	%		$	89.93			$	45.53
Ramada			885				114,448				44.0	%		$	74.44			$	32.78
Baymont			225				18,914				43.8	%		$	61.63			$	26.97
Days Inn			1,851				150,319				41.4	%		$	59.30			$	24.57
Super 8			2,105				130,725				43.6	%		$	54.67			$	23.84
Howard Johnson			475				46,273				39.9	%		$	60.02			$	23.97
Travelodge			471				35,477				39.6	%		$	57.07			$	22.58
Microtel Inns & Suites			313				22,476				45.5	%		$	55.96			$	25.48
Knights Inn			309				19,920				36.1	%		$	41.08			$	14.82
Unmanaged, Affiliated and Managed, Non-Proprietary Hotels (*)			21				4,613				N/A				N/A				N/A
Total			6,993				588,458				42.9	%		$	64.48			$	27.69

		As of and For the Three Months Ended March 31, 2008
																		Average
																		Revenue Per
		Number of								Average				Average Daily				Available Room
Brand		Properties				Number of Rooms				Occupancy Rate				Rate (ADR)				(RevPAR)
Wyndham Hotels and Resorts			83				22,763				61.8	%		$	116.61			$	72.04
Wingate Inn			155				14,172				58.1	%		$	91.84			$	53.39
Ramada			867				106,142				50.1	%		$	79.69			$	39.91
Baymont			201				17,373				46.0	%		$	65.66			$	30.23
Days Inn			1,881				153,323				45.9	%		$	61.99			$	28.43
Super 8			2,091				129,793				48.5	%		$	56.78			$	27.53
Howard Johnson			477				46,300				43.8	%		$	63.11			$	27.63
Travelodge			490				36,798				45.2	%		$	67.68			$	30.58
Knights Inn			272				18,657				37.9	%		$	40.88			$	15.51
Unmanaged, Affiliated and Managed, Non-Proprietary Hotels (*)			35				5,736				N/A				N/A				N/A
Total			6,552				551,057				47.7	%		$	67.60			$	32.21

Table 7

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

		Three Months Ended
		March 31, 2009				March 31, 2008
Reported EBITDA		$	134			$	130
Asset impairments (a)			—				28
Resolution of and adjustment to contingent liabilities and assets (b)			4				3
Restructuring costs (c)			43				—
Adjusted EBITDA		$	181			$	161
Reported Income Before Income Taxes		$	74			$	70
Asset impairments (a)			—				28
Resolution of and adjustment to contingent liabilities and assets (b)			4				3
Restructuring costs (c)			43				—
Adjusted Income Before Income Taxes		$	121			$	101
Reported Provision for Income Taxes		$	(29	)		$	(28	)
Asset impairments (d)			—				(11	)
Resolution of and adjustment to contingent liabilities and assets (d)			(2	)			—
Restructuring costs (d)			(16	)			—
Adjusted Provision for Income Taxes		$	(47	)		$	(39	)
Reported Net Income		$	45			$	42
Asset impairments			—				17
Resolution of and adjustment to contingent liabilities and assets			2				3
Restructuring costs			27				—
Adjusted Net Income		$	74			$	62
Reported Diluted EPS		$	0.25			$	0.24
Asset impairments			—				0.10
Resolution of and adjustment to contingent liabilities and assets			0.01				0.01
Restructuring costs			0.15				—
Adjusted Diluted EPS		$	0.41			$	0.35
Diluted Shares			178				178

Table 8
(1 of 2)

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

		Three Months Ended March 31, 2009
						Legacy				Restructuring
		As Reported				Adjustments				Costs				As Adjusted
Net revenues
Service fees and membership		$	400											$	400
Vacation ownership interest sales			239												239
Franchise fees			99												99
Consumer financing			109												109
Other			54												54
Net revenues			901				—				—				901
Expenses
Operating			386												386
Cost of vacation ownership interests			49												49
Consumer financing interest			32												32
Marketing and reservation			137												137
General and administrative			122				(4	)(a)							118
Restructuring costs			43								(43	)(b)			—
Depreciation and amortization			43												43
Total expenses			812				(4	)			(43	)			765
Operating income			89				4				43				136
Other income, net			(2	)											(2	)
Interest expense			19												19
Interest income			(2	)											(2	)
Income before income taxes			74				4				43				121
Provision for income taxes			29				2	(c)			16	(c)			47
Net income		$	45			$	2			$	27			$	74
Earnings per share		$	0.25			$	0.01			$	0.15			$	0.41
Weighted average shares outstanding			178				178				178				178

Table 8
(2 of 2)

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

		Three Months Ended March 31, 2008
		As Reported				Asset Impairments				Legacy Adjustments				As Adjusted
Net revenues
Service fees and membership		$	453											$	453
Vacation ownership interest sales			294												294
Franchise fees			112												112
Consumer financing			99												99
Other			54												54
Net revenues			1,012				—				—				1,012
Expenses
Operating			408												408
Cost of vacation ownership interests			60												60
Consumer financing interest			33												33
Marketing and reservation			209												209
General and administrative			145								(3	)(b)			142
Asset impairments			28				(28	)(a)							—
Depreciation and amortization			44												44
Total expenses			927				(28	)			(3	)			896
Operating income			85				28				3				116
Other income, net			(1	)											(1	)
Interest expense			19												19
Interest income			(3	)											(3	)
Income before income taxes			70				28				3				101
Provision for income taxes			28				11	(c)			—	(c)			39
Net income		$	42			$	17			$	3			$	62
Earnings per share
Basic		$	0.24			$	0.10			$	0.01			$	0.35
Diluted			0.24				0.10				0.01				0.35
Weighted average shares outstanding
Basic			177				177				177				177
Diluted			178				178				178				178