Exhibit 99.1

Wyndham Worldwide Reports First Quarter 2010 Earnings
Results Exceed Expectations
Increases Full-Year Guidance

PARSIPPANY, N.J. (April 28, 2010) – Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended March 31, 2010.

FIRST QUARTER HIGHLIGHTS:

•		Adjusted first quarter 2010 diluted earnings per share (EPS) was $0.34, compared with Company-issued guidance of $0.27 — $0.32.
•		Reported first quarter 2010 diluted EPS was $0.27, compared with $0.25 in the first quarter of 2009.
•		Free cash flow, which the Company defines as net cash from operations less capital expenditures, equity investments and development advances, increased 7% to $166 million in the first quarter of 2010, compared with $155 million during the same period in 2009.
•		For the quarter, the Company repurchased approximately 757,000 shares of its common stock at an average price of $24.20. The repurchase program was reactivated on February 19, 2010.
•		As previously announced, the Company tripled its quarterly dividend, paying its first dividend at the $0.12 per share level on March 15, 2010.

“Each of our three business units met or exceeded expectations in the first quarter, delivering terrific results while continuing to generate strong free cash flow. We are seeing great momentum at Wyndham Hotels and Resorts, with our flagship brand gaining significant market presence this year. Wyndham Exchange & Rentals continues to deliver stable, fee-for-service results from two fantastic business models, and Wyndham Vacation Ownership is performing better than ever, reflecting transformational changes implemented over the past 18 months,” said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide. “We are sharply focused to execute on our growth opportunities, not only as the economy recovers, but well into the future.”

FIRST QUARTER 2010 OPERATING RESULTS

First quarter revenues of $886 million declined 2% from the prior-year period, due to the fact that first quarter 2009 revenues included a $67 million benefit from the recognition of revenues previously deferred under the percentage-of-completion (POC) accounting method associated with the Company’s Vacation Ownership business. Excluding the effects of the POC method of accounting and favorable foreign currency of $12 million, adjusted revenue grew by 5%. The Company has decided to alter its business approach so that POC deferred revenue is eliminated going forward.

Reported net income for the first quarter of 2010 grew 11% to $50 million, or $0.27 per diluted share, compared with net income of $45 million, or $0.25 per diluted share, for the first quarter of 2009.

Adjusted net income for the first quarter of 2010 was $64 million, or $0.34 per diluted share, compared with $74 million, or $0.41 per diluted share, in the first quarter of 2009. The 2010 results reflect the absence of deferred revenues from the POC method of accounting included in 2009 and higher interest expense.

Excluded from the first quarter of 2010 adjusted net income are after-tax costs of $10 million associated with the early extinguishment of debt, $3 million of expenses related to the acquisition of Hoseasons Holdings Ltd. and $1 million of legacy expenses. Excluded from the first quarter of 2009 adjusted net income are after-tax costs of $27 million related to restructuring and $2 million of legacy expenses.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues were $144 million in the first quarter of 2010, a decline of 6% compared with the first quarter of 2009, primarily reflecting a decline in RevPAR of 6.8% or 8.7% in constant currency.

First quarter 2010 EBITDA was $33 million compared with $38 million of adjusted EBITDA in the first quarter of 2009, which excluded $3 million of restructuring costs. The decrease reflects the decline in RevPAR, which was partially offset by expense reductions.

As of March 31, 2010, the Company’s hotel system consisted of approximately 7,090 properties and 593,300 rooms, of which 22% were international. The development pipeline included approximately 910 hotels and 106,500 rooms, of which 53% were new construction and 45% were international.

Vacation Exchange and Rentals (Wyndham Exchange & Rentals)

Revenues were $300 million in the first quarter of 2010, a 5% increase compared with the first quarter of 2009. In constant currency, revenues were flat.

Exchange revenues were $189 million, a 2% increase compared with the first quarter of 2009. In constant currency, exchange revenues were flat compared with the first quarter of 2009, reflecting relatively flat performance in exchange revenue per member and average number of members.

Vacation rental revenues were $105 million, a 9% increase compared with the first quarter of 2009. In constant currency, vacation rental revenues increased 2% compared with the first quarter of 2009, reflecting the acquisition of UK rental brand Hoseasons, which closed in March.

First quarter 2010 Exchange and Rentals adjusted EBITDA was $84 million, which excluded $4 million of costs related to the Hoseasons acquisition, compared with $80 million in the first quarter of 2009, which excluded $4 million of restructuring costs. Excluding a favorable net effect of foreign currency of $2 million, first quarter 2010 adjusted EBITDA increased 3% compared with the first quarter of 2009.

Vacation Ownership (Wyndham Vacation Ownership)

Gross Vacation Ownership Interest (VOI) sales were $308 million in the first quarter of 2010, up 10% from the first quarter of 2009, reflecting an increase of 25% in volume per guest, partially offset by a 10% decrease in tour flow consistent with the Company’s planned restructuring of the business.

Total segment revenues were $444 million in the first quarter of 2010 compared with $462 million in the first quarter of 2009, which included the recognition of $67 million of previously deferred POC revenues. This unfavorable impact was partially offset by the increase in gross VOI sales and a reduction in the provision for loan losses of $21 million, primarily related to improved credit metrics of the portfolio.

EBITDA for the first quarter of 2010 was $82 million, compared with adjusted EBITDA of $79 million in the first quarter of 2009, which excluded $35 million of restructuring costs. Excluding an estimated $31 million impact from the POC method of accounting in the first quarter of 2009, first quarter 2010 adjusted EBITDA increased 71%, reflecting the increase in gross VOI sales and the lower provision for loan losses.

Other Items

	•		The Company repurchased approximately 757,000 shares of stock during the first quarter of 2010 at an average price of $24.20 and an additional 474,000 shares at an average price of $26.53 through April 27, 2010.
	•		Interest expense in the first quarter of 2010 was $50 million, an increase of $31 million from the first quarter of 2009, reflecting a $16 million charge primarily related to the early extinguishment of the Company’s term loan facility in March 2010 and higher interest expense related to long-term debt issuances in May 2009 and February 2010.
	•		On March 29, 2010, the Company closed on a new $950 million revolving credit facility, which matures October 1, 2013.

Balance Sheet Information as of March 31, 2010:

	•		Cash and cash equivalents of approximately $165 million, compared with $155 million at December 31, 2009
	•		Vacation ownership contract receivables, net, of $3.0 billion, compared with $3.1 billion at December 31, 2009
	•		Vacation ownership and other inventory of approximately $1.3 billion, unchanged from December 31, 2009
	•		Securitized vacation ownership debt of $1.5 billion, unchanged from December 31, 2009
	•		Other debt of $2.1 billion, compared with $2.0 billion at December 31, 2009, reflecting an increase in fair value of the conversion feature related to the Company’s convertible notes. The remaining borrowing capacity on the revolving credit facility was $721 million, compared with $869 million as of December 31, 2009.

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

Outlook

The Company increased full-year 2010 guidance:

	•		Revenues increased to $3.6 – $3.9 billion from $3.5 – $3.9 billion
	•		Adjusted EBITDA increased to $805 – $840 million from $775 – $825 million
	•		Adjusted diluted EPS increased to $1.56 – $1.71 from $1.48 – $1.69

For the second quarter of 2010, the Company expects adjusted diluted EPS of $0.38 – $0.42 based on weighted average shares of 189 million.

The guidance reflects assumptions used for internal planning purposes. All guidance excludes legacy items, restructuring costs, debt extinguishment and acquisition costs, if any, 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, April 28, 2010 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 28, 2010. 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 noon EDT on April 28, 2010, at (888) -566-0509.

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 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 products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses approximately 7,090 franchised hotels and approximately 593,300 hotel rooms worldwide. Wyndham Exchange & Rentals offers leisure travelers, including its 3.8 million members, access to over 65,000 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 155 vacation ownership resorts serving over 820,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 25,000 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 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 19, 2010. 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@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 consumer financing interest), interest income (excluding consumer financing interest) and income taxes, each of which is presented on the Company’s Consolidated Statements of Operations. 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 March 31, 2010 and 2009:

		Three Months Ended March 31,
		2010								2009
		Net Revenues				EBITDA				Net Revenues				EBITDA(d)
Lodging		$	144			$	33			$	154			$	35
Vacation Exchange and Rentals			300				80	(c)			287				76
Vacation Ownership			444				82				462				44	(e)
Total Reportable Segments			888				195				903				155
Corporate and Other (a) (b)			(2	)			(20	)			(2	)			(21	)
Total Company		$	886			$	175			$	901			$	134
Reconciliation of EBITDA to Net Income
EBITDA						$	175							$	134
Depreciation and amortization							44								43
Interest expense							50	(f)							19
Interest income							(1	)							(2	)
Income before income taxes							82								74
Provision for income taxes							32								29
Net income						$	50							$	45

Table 2

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

		Three Months Ended
		March 31,
		2010				2009
Net revenues
Service fees and membership		$	424			$	400
Vacation ownership interest sales			217				239
Franchise fees			92				99
Consumer financing			105				109
Other			48				54
Net revenues			886				901
Expenses
Operating			381	(a)			368
Cost of vacation ownership interests			36				49
Consumer financing interest			24				32
Marketing and reservation			123				137
General and administrative (b)			148				135
Asset impairment			—				5	(c)
Restructuring costs			—				43	(d)
Depreciation and amortization			44				43
Total expenses			756				812
Operating income			130				89
Other income, net			(1	)			(2	)
Interest expense			50	(e)			19
Interest income			(1	)			(2	)
Income before income taxes			82				74
Provision for income taxes			32				29
Net income		$	50			$	45
Earnings per share
Basic		$	0.28			$	0.25
Diluted			0.27				0.25
Weighted average shares outstanding
Basic			179				178
Diluted			186				178

Table 3
(1 of 3)

Wyndham Worldwide Corporation
OPERATING STATISTICS

		Year				Q1				Q2				Q3				Q4				Full Year
Lodging (a)
Number of Rooms			2010				593,300				N/A				N/A				N/A				N/A
			2009				588,500				590,200				590,900				597,700				N/A
			2008				551,100				551,500				583,400				592,900				N/A
			2007				539,300				541,700				540,900				550,600				N/A
RevPAR			2010			$	25.81				N/A				N/A				N/A				N/A
			2009			$	27.69			$	32.38			$	34.81			$	26.47			$	30.34
			2008			$	32.21			$	38.87			$	41.93			$	30.03			$	35.74
			2007			$	31.35			$	38.35			$	43.10			$	33.09			$	36.48
Vacation Exchange and Rentals (b)
Average Number of Members (in 000s)			2010				3,746				N/A				N/A				N/A				N/A
			2009				3,789				3,795				3,781				3,765				3,782
			2008				3,632				3,682				3,673				3,693				3,670
			2007				3,474				3,506				3,538				3,588				3,526
Exchange Revenue Per Member			2010			$	201.93				N/A				N/A				N/A				N/A
			2009			$	194.83			$	174.22			$	173.90			$	163.89			$	176.73
			2008			$	234.05			$	201.04			$	193.39			$	165.99			$	198.48
			2007			$	236.71			$	203.84			$	203.44			$	195.86			$	209.80
Vacation Rental Transactions (in 000s) (c)			2010				291				N/A				N/A				N/A				N/A
			2009				273				231				264				196				964
			2008				269				220				255				191				936
			2007				272				223				254				192				942
Average Net Price Per Vacation Rental (c)			2010			$	361.17				N/A				N/A				N/A				N/A
			2009			$	353.15			$	471.74			$	594.34			$	499.66			$	477.38
			2008			$	442.50			$	541.69			$	659.93			$	460.86			$	528.95
			2007			$	365.20			$	465.60			$	598.26			$	504.47			$	480.32
Vacation Ownership
Gross Vacation Ownership Interest Sales (in 000s)			2010			$	308,000				N/A				N/A				N/A				N/A
			2009			$	280,000			$	327,000			$	366,000			$	343,000			$	1,315,000
			2008			$	458,000			$	532,000			$	566,000			$	432,000			$	1,987,000
			2007			$	430,000			$	523,000			$	552,000			$	488,000			$	1,993,000
Tours			2010				123,000				N/A				N/A				N/A				N/A
			2009				137,000				164,000				173,000				142,000				617,000
			2008				255,000				314,000				334,000				240,000				1,143,000
			2007				240,000				304,000				332,000				268,000				1,144,000
Volume Per Guest (VPG)			2010			$	2,334				N/A				N/A				N/A				N/A
			2009			$	1,866			$	1,854			$	1,944			$	2,210			$	1,964
			2008			$	1,668			$	1,583			$	1,550			$	1,630			$	1,602
			2007			$	1,607			$	1,596			$	1,545			$	1,690			$	1,606

Table 3
(2 of 3)

Wyndham Worldwide Corporation
ADDITIONAL DATA

		Year				Q1				Q2				Q3				Q4				Full Year
Lodging (a)
Number of Properties			2010				7,090				N/A				N/A				N/A				N/A
			2009				6,990				7,020				7,040				7,110				N/A
			2008				6,550				6,560				6,970				7,040				N/A
			2007				6,450				6,460				6,460				6,540				N/A
Vacation Ownership
Deferred Revenues (in 000s) (b)			2010			$	—				N/A				N/A				N/A				N/A
			2009			$	66,516			$	37,140			$	36,102			$	46,784			$	186,543
			2008			$	(81,716	)		$	(5,240	)		$	(2,023	)		$	13,870			$	(75,108	)
			2007			$	3,906			$	(4,908	)		$	506			$	(21,092	)		$	(21,588	)
Provision for Loan Losses (in 000s) (c)			2010			$	86,332				N/A				N/A				N/A				N/A
			2009			$	107,202			$	121,641			$	117,111			$	103,115			$	449,069
			2008			$	82,344			$	112,669			$	118,609			$	136,090			$	449,712
			2007			$	60,869			$	75,032			$	85,762			$	83,644			$	305,307

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 affiliated with the Wyndham Hotels and Resorts brand 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 products and services.

Exchange Revenue Per Member: Represents total revenue 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 each time a standard one-week rental is booked.

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

Vacation Ownership

Gross Vacation Ownership Interest Sales: Represents total 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 comparison eliminating the effects of foreign exchange rate fluctuations between periods.

Table 4

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

										2010																				2009
		Q1				Q2				Q3				Q4				Year				Q1				Q2				Q3				Q4				Year
Lodging
Royalties and Franchise Fees		$	52				N/A				N/A				N/A				N/A			$	57			$	68			$	72			$	57			$	254
Marketing, Reservation and Wyndham Rewards Revenues (a)			50				N/A				N/A				N/A				N/A				54				66				73				53				246
Property Management Reimbursable Revenues (b)			21				N/A				N/A				N/A				N/A				22				23				21				19				85
Ancillary Revenues (c)			21				N/A				N/A				N/A				N/A				21				17				17				20				75
Total Lodging			144				N/A				N/A				N/A				N/A				154				174				183				149				660
Vacation Exchange and Rentals
Exchange Revenues			189				N/A				N/A				N/A				N/A				185				165				164				154				668
Rental Revenues			105				N/A				N/A				N/A				N/A				96				109				157				98				460
Ancillary Revenues (d)			6				N/A				N/A				N/A				N/A				6				6				6				6				24
Total Vacation Exchange and Rentals			300				N/A				N/A				N/A				N/A				287				280				327				258				1,152
Vacation Ownership
Vacation Ownership Interest Sales			217				N/A				N/A				N/A				N/A				239				242				285				287				1,053
Consumer Financing			105				N/A				N/A				N/A				N/A				109				109				108				109				435
Property Management Fees			100				N/A				N/A				N/A				N/A				91				94				96				95				376
Ancillary Revenues (e)			22				N/A				N/A				N/A				N/A				23				22				19				17				81
Total Vacation Ownership			444				N/A				N/A				N/A				N/A				462				467				508				508				1,945
Total Reportable Segments		$	888				N/A				N/A				N/A				N/A			$	903			$	921			$	1,018			$	915			$	3,757

										2008																				2007
		Q1				Q2				Q3				Q4				Year				Q1				Q2				Q3				Q4				Year
Lodging
Royalties and Franchise Fees		$	64			$	78			$	88			$	66			$	297			$	63			$	78			$	89			$	67			$	296
Marketing, Reservation and Wyndham Rewards Revenues (a)			60				75				84				61				280				60				73				84				64				281
Property Management Reimbursable Revenues (b)			27				26				25				21				100				16				22				26				28				92
Ancillary Revenues (c)			19				21				16				22				76				13				13				12				17				56
Total Lodging			170				200				213				170				753				152				186				211				176				725
Vacation Exchange and Rentals
Exchange Revenues			213				185				178				152				728				206				179				180				175				740
Rental Revenues			119				119				169				88				495				99				104				152				97				452
Ancillary Revenues (d)			9				10				7				10				36				9				5				4				8				26
Total Vacation Exchange and Rentals			341				314				354				250				1,259				314				288				336				280				1,218
Vacation Ownership
Vacation Ownership Interest Sales			294				414				446				309				1,463				373				443				467				383				1,666
Consumer Financing			99				104				111				112				426				81				88				93				96				358
Property Management Fees			85				84				89				89				346				74				78				79				78				310
Ancillary Revenues (e)			26				19				15				(18	)			43				21				20				32				19				91
Total Vacation Ownership			504				621				661				492				2,278				549				629				671				576				2,425
Total Reportable Segments		$	1,015			$	1,135			$	1,228			$	912			$	4,290			$	1,015			$	1,103			$	1,218			$	1,032				$4,368

Note: Full year amounts may not foot across due to rounding.

Table 5

Wyndham Worldwide Corporation
SCHEDULE OF DEBT
(In millions)

		March 31,				December 31,				September 30,				June 30,				March 31,
		2010				2009				2009				2009				2009
Securitized vacation ownership debt
Term notes		$	1,258			$	1,112			$	1,305			$	1,290			$	1,165
Bank conduit facilities (a)			240				395				299				340				569
Securitized vacation ownership debt (b)			1,498				1,507				1,604				1,630				1,734
Less: Current portion of securitized vacation ownership debt			220				209				291				288				305
Long-term securitized vacation ownership debt		$	1,278			$	1,298			$	1,313			$	1,342			$	1,429
Debt:
6.00% senior unsecured notes (due December 2016) (c)		$	798			$	797			$	797			$	797			$	797
Term loan (d)			—				300				300				300				300
Revolving credit facility (due October 2013) (e)			199				—				21				30				517
9.875% senior unsecured notes (due May 2014) (f)			239				238				237				237				—
3.50% convertible notes (due May 2012) (g)			448				367				309				253				—
7.375% senior unsecured notes (due March 2020) (h)			247				—				—				—				—
Vacation ownership bank borrowings (i)			—				153				163				154				156
Vacation rentals capital leases			123				133				139				135				130
Other			28				27				23				22				13
Total debt			2,082				2,015				1,989				1,928				1,913
Less: Current portion of debt			23				175				176				169				166
Long-term debt		$	2,059			$	1,840			$	1,813			$	1,759			$	1,747

		March 31, 2010				December 31, 2009				September 30, 2009				June 30, 2009
Debt principal		$	230			$	230			$	230			$	230
Unamortized discount			(35	)			(39	)			(43	)			(46	)
Debt less discount			195				191				187				184
Fair value of bifurcated conversion feature (*)			253				176				122				69
Cash convertible notes		$	448			$	367			$	309			$	253

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

Table 6

Wyndham Worldwide Corporation
HOTEL BRAND SYSTEMS DETAILS

						As of and For the Three Months Ended March 31, 2010
																		Average Revenue
										Average				Average Daily Rate				Per Available
Brand		Number of Properties				Number of Rooms				Occupancy Rate				(ADR)				Room (RevPAR)
Wyndham Hotels and Resorts			94				25,140				51.2	%		$	112.88			$	57.74
Wingate by Wyndham			164				15,020				51.8	%		$	77.42			$	40.09
Hawthorn Suites by Wyndham			87				8,106				49.2	%		$	76.99			$	37.89
Ramada			899				117,555				43.2	%		$	72.76			$	31.42
Baymont			242				20,529				41.3	%		$	57.68			$	23.83
Days Inn			1,860				149,770				38.7	%		$	57.80			$	22.36
Super 8			2,134				132,910				41.1	%		$	52.93			$	21.76
Howard Johnson			489				46,588				38.8	%		$	57.69			$	22.37
Travelodge			452				33,604				38.1	%		$	61.40			$	23.39
Microtel Inns & Suites			317				22,550				43.5	%		$	54.99			$	23.94
Knights Inn			347				21,155				33.1	%		$	38.94			$	12.89
Affiliated Hotels (*)			2				404				N/A				N/A				N/A
Total			7,087				593,331				41.1	%		$	62.78			$	25.81
						As of and For the Three Months Ended March 31, 2009
																		Average Revenue
										Average				Average Daily Rate				Per Available
Brand		Number of Properties				Number of Rooms				Occupancy Rate				(ADR)				Room (RevPAR)
Wyndham Hotels and Resorts			82				21,650				51.6	%		$	124.60			$	64.27
Wingate by Wyndham			166				15,195				50.7	%		$	85.17			$	43.15
Hawthorn Suites by Wyndham			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
Affiliated Hotels (*)			21				4,613				N/A				N/A				N/A
Total			6,993				588,458				42.9	%		$	64.48			$	27.69

Table 7
(1 of 2)

Wyndham Worldwide
NON-GAAP RECONCILIATION
(In millions)

						Reported				Acquisition				Legacy				Adjusted
Three months ended March 31, 2010		Net Revenues				EBITDA				Costs(b)				Adjustments(c)				EBITDA
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

Table 7
(2 of 2)

Wyndham Worldwide
NON-GAAP RECONCILIATIONS
(In millions)

						Reported				Restructuring				Legacy				Adjusted
Three months ended March 31, 2009		Net Revenues				EBITDA				Related Costs(b)				Adjustments(c)				EBITDA
Lodging		$	154			$	35			$	3			$	—			$	38
Vacation Exchange and Rentals			287				76				4				—				80
Vacation Ownership			462				44				35				—				79
Total Reportable Segments			903				155				42				—				197
Corporate and Other (a)			(2	)			(21	)			1				4				(16	)
Total Company		$	901			$	134			$	43			$	4			$	181
Three months ended June 30, 2009
Lodging		$	174			$	50			$	—			$	—			$	50
Vacation Exchange and Rentals			280				56				2				—				58
Vacation Ownership			467				107				1				—				108
Total Reportable Segments			921				213				3				—				216
Corporate and Other (a)			(1	)			(17	)			—				—				(17	)
Total Company		$	920			$	196			$	3			$	—			$	199
Three months ended September 30, 2009
Lodging		$	183			$	58			$	—			$	—			$	58
Vacation Exchange and Rentals			327				107				—				—				107
Vacation Ownership			508				104				—				—				104
Total Reportable Segments			1,018				269				—				—				269
Corporate and Other (a)			(2	)			(15	)			—				2				(13	)
Total Company		$	1,016			$	254			$	—			$	2			$	256
Three months ended December 31, 2009
Lodging		$	149			$	32			$	—			$	—			$	32
Vacation Exchange and Rentals			258				48				—				—				48
Vacation Ownership			508				132				—				—				132
Total Reportable Segments			915				212				—				—				212
Corporate and Other (a)			(2	)			(18	)			—				—				(18	)
Total Company		$	913			$	194			$	—			$	—			$	194
Twelve months ended December 31, 2009
Lodging		$	660			$	175			$	3			$	—			$	178
Vacation Exchange and Rentals			1,152				287				6				—				293
Vacation Ownership			1,945				387				36				—				423
Total Reportable Segments			3,757				849				45				—				894
Corporate and Other (a)			(7	)			(71	)			1				6				(64	)
Total Company		$	3,750			$	778			$	46			$	6			$	830