EXHIBIT 99.1

Wyndham Worldwide Reports Strong Second Quarter 2011 Earnings
Delivers Free Cash Flow Growth
Increases Guidance

PARSIPPANY, N.J. (July 27, 2011) — Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended June 30, 2011.

Highlights:

•		Second quarter 2011 adjusted diluted earnings per share (EPS) was $0.64, compared with $0.51 in the second quarter of 2010, an increase of 25%. Second quarter 2011 reported diluted EPS was $0.67, an increase of 31%, compared with the same period in 2010.
•		Free cash flow increased 22% to $595 million for the first half, compared with $486 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.
•		During the quarter, the Company repurchased approximately 6.2 million shares of its common stock at an average price of $32.50 for $200 million.
•		The Company is increasing its full-year adjusted EPS guidance from a range of $2.15 — $2.25 to a range of $2.32 — $2.40 based on a diluted share count of 171 million.

“Wyndham Worldwide once again delivered strong results across all three of our businesses, which are each well-positioned to deliver profit growth in the future,” said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide. “In addition, we continue to generate significant and growing levels of sustainable free cash flow that we are deploying to drive shareholder value.”

SECOND QUARTER 2011 OPERATING RESULTS

Second quarter revenues increased 13% from the prior year period to $1.1 billion. The revenue growth reflects strong RevPAR growth of 9.7% in our hotel business, contributions from acquisitions of vacation rental businesses and higher sales in the vacation ownership business.

For the second quarter of 2011, adjusted net income increased to $108 million, compared with $95 million in the second quarter of 2010. On a per share basis, adjusted net income grew 25% to $0.64 per diluted share, compared with the same period in 2010. The increase reflects strong operational performance by the Company’s

three business units and the significant benefit from the Company’s share repurchase program, partially offset by higher tax rates compared with the second quarter of 2010. Adjusted net income for the second quarter of 2011 excludes an after-tax net benefit of $13 million related to a refund of value added taxes. This was partially offset by $5 million of after-tax costs related to a previously announced restructuring of call centers at the Company’s vacation exchange and rentals business and a $2 million after-tax expense related to the resolution of certain contingent liabilities and assets.

Including the above adjustments, second quarter 2011 net income grew 20% to $114 million, or $0.67 per diluted share, compared with net income of $95 million, or $0.51 per diluted share, for the second quarter of 2010.

Free cash flow increased 22% to $595 million for the first half, compared with $486 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. For the first half, cash provided by operating activities was $696 million, compared with $557 million in the prior year period.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues were $190 million in the second quarter of 2011, an increase of 7%, compared with the second quarter of 2010, reflecting a RevPAR increase and incremental revenues related to the acquisition of the TRYP hotel brand in June of 2010.

In the second quarter of 2011 system-wide RevPAR increased 9.7%. Excluding the impact of the TRYP by Wyndham hotel brand and in constant currency, the increase was 5.8%.

Second quarter 2011 EBITDA was $66 million, an increase of 32%, compared with second quarter 2010 adjusted EBITDA, primarily as a result of the RevPAR improvement and lower bad debt expense.

As of June 30, 2011, the Company’s hotel system consisted of approximately 7,220 properties and 612,900 rooms. The development pipeline included over 840 hotels and approximately 111,000 rooms, of which 58% were new construction. International rooms accounted for 64% of the development pipeline.

Vacation Exchange and Rentals (Wyndham Exchange & Rentals)

Revenues were $361 million in the second quarter of 2011, an increase of 28% compared with the second quarter of 2010, reflecting incremental revenues from acquisitions and the favorable impact from foreign currency.

Exchange revenues were $168 million, an increase of 4%, compared with the second quarter of 2010. In constant currency, exchange revenues increased 2%, reflecting a 1% increase in exchange revenue per member. The average number of members remained relatively flat.

Vacation rental revenues were $180 million, which included $46 million of incremental revenues related to acquisitions, compared with $115 million in the second 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 3%, reflecting a 5% increase in the average net price per vacation rental, partially offset by a 1% decline in rental transaction volume.

Adjusted EBITDA for the second quarter of 2011 was $82 million, a 5% increase compared with $78 million in the prior year period. The increase reflects incremental contributions from acquisitions. Second quarter 2011 adjusted EBITDA excludes a net benefit of $31 million related to a refund of value added taxes and $7 million of costs related to a previously announced restructuring initiative.

Vacation Ownership (Wyndham Vacation Ownership)

Gross Vacation Ownership Interest (VOI) sales were $412 million in the second quarter of 2011, up 11% from the second quarter of 2010, reflecting a 9% increase in tour flow and a 3% increase in volume per guest.

Total segment revenues were $541 million in the second quarter of 2011, compared with $505 million in the second quarter of 2010, reflecting the increase in gross VOI sales and a lower provision for loan losses.

EBITDA for the second quarter of 2011 increased 25% to $130 million, compared with EBITDA of $104 million in the second quarter of 2010. This EBITDA increase reflects the increase in VOI sales and the lower provision for loan losses.

Other Items

	•		The Company repurchased approximately 6.2 million shares of its common stock during the second quarter of 2011 at an average price of $32.50 and an additional 1.5 million shares at an average price of $34.11 through July 26, 2011.
	•		Net interest expense in the second quarter of 2011 was $35 million. Net interest includes $3 million of expenses related to value added tax accruals and $1 million of costs associated with the early repurchase of a portion of the Company’s convertible notes, which are excluded from adjusted net income.
	•		The Company previously announced the closing of a new $1 billion revolving credit facility with a maturity date of July 15, 2016 to replace its existing $980 million facility, which had been scheduled to mature in October 2013. There is no change to the Company’s overall corporate debt balance as a result of this transaction.

Balance Sheet Information as of June 30, 2011:

	•		Cash and cash equivalents of approximately $295 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 $2.0 billion, compared with $2.1 billion at December 31, 2010. The remaining borrowing capacity on the revolving credit facility was $860 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 $2.15 — $2.25 to $2.32 — $2.40, based on a diluted share count of 171 million.

The Company is increasing full-year 2011 guidance:

	•		Revenues from approximately $4.0 — $4.2 billion to approximately $4.2 — $4.3 billion
	•		Adjusted EBITDA from approximately $925 — $955 million to approximately $960 — $975 million

The guidance reflects assumptions used for internal planning purposes. Guidance may exclude legacy items, restructuring costs, debt extinguishment, asset impairments, value added tax refunds 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. 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.

Conference Call Information

Wyndham Worldwide Corporation will hold a conference call with investors to discuss this news on Wednesday, July 27, 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 July 27, 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 noon EDT on July 27, 2011, at (866) 443-1216.

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 services and products across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Worldwide encompasses approximately 7,380 franchised hotels and vacation ownership resorts with approximately 633,700 rooms worldwide. Wyndham Exchange & Rentals offers leisure travelers, including its 3.8 million members, access to approximately 97,000 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 April 29, 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 June 30, 2011 and 2010:

		Three Months Ended June 30,
		2011								2010
		Net Revenues				EBITDA				Net Revenues				EBITDA
Lodging		$	190			$	66			$	178			$	49	(d)
Vacation Exchange and Rentals			361				106	(b)			281				78
Vacation Ownership			541				130				505				104
Total Reportable Segments			1,092				302				964				231
Corporate and Other (a)			(2	)			(26)	(c)			(1	)			(14	)
Total Company		$	1,090			$	276			$	963			$	217
Reconciliation of EBITDA to Net Income
EBITDA						$	276							$	217
Depreciation and amortization							45								42
Interest expense							37	(e)							36
Interest income							(2	)							(2	)
Income before income taxes							196								141
Provision for income taxes							82								46
Net income						$	114							$	95

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

		Three Months Ended June 30,
		2011								2010
						Adjusted								Adjusted
		Net Revenues				EBITDA				Net Revenues				EBITDA
Lodging		$	190			$	66			$	178			$	50
Vacation Exchange and Rentals			361				82				281				78
Vacation Ownership			541				130				505				104
Total Reportable Segments			1,092				278				964				232
Corporate and Other			(2	)			(23	)			(1	)			(14	)
Total Company		$	1,090			$	255			$	963			$	218

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 six months ended June 30, 2011 and 2010:

		Six Months Ended June 30,
		2011								2010
		Net Revenues				EBITDA				Net Revenues				EBITDA
Lodging		$	339			$	92	(c)		$	322			$	82	(f)
Vacation Exchange and Rentals			716				199	(d)			582				158	(g)
Vacation Ownership			992				227	(e)			950				186
Total Reportable Segments			2,047				518				1,854				426
Corporate and Other (a) (b)			(6	)			(38	)			(5	)			(34	)
Total Company		$	2,041			$	480			$	1,849			$	392
Reconciliation of EBITDA to Net Income
EBITDA						$	480							$	392
Depreciation and amortization							90								85
Interest expense							81	(h)							86	(i)
Interest income							(3	)							(2	)
Income before income taxes							312								223
Provision for income taxes							126								78
Net income						$	186							$	145

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

		Six Months Ended June 30,
		2011								2010
						Adjusted								Adjusted
		Net Revenues				EBITDA				Net Revenues				EBITDA
Lodging		$	339			$	105			$	322			$	83
Vacation Exchange and Rentals			716				175				582				162
Vacation Ownership			992				226				950				186
Total Reportable Segments			2,047				506				1,854				431
Corporate and Other			(6	)			(46	)			(5	)			(33	)
Total Company		$	2,041			$	460			$	1,849			$	398

Table 2

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

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2011				2010				2011				2010
Net revenues
Service and membership fees		$	499			$	409			$	995			$	833
Vacation ownership interest sales			313				271				535				488
Franchise fees			134				120				235				211
Consumer financing			103				106				206				211
Other			41				57				70				106
Net revenues			1,090				963				2,041				1,849
Expenses
Operating			458				387	(a)			868				769	(a)
Cost of vacation ownership interests			48				49				79				86
Consumer financing interest			23				29				46				53
Marketing and reservation			153				138				290				261
General and administrative (b)			126	(c)			146				266	(c)			293
Asset impairment			—				—				13	(d)			—
Restructuring			7	(e)			—				6	(f)			—
Depreciation and amortization			45				42				90				85
Total expenses			860				791				1,658				1,547
Operating income			230				172				383				302
Other income, net			(1	)			(3	)			(7	)(g)			(5	)
Interest expense			37	(h)			36				81	(i)			86	(j)
Interest income			(2	)			(2	)			(3	)			(2	)
Income before income taxes			196				141				312				223
Provision for income taxes			82				46				126				78
Net income		$	114			$	95			$	186			$	145
Earnings per share
Basic		$	0.68			$	0.53			$	1.10			$	0.81
Diluted			0.67				0.51				1.07				0.78
Weighted average shares outstanding
Basic			167				180				170				180
Diluted			170				187				174				186

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				N/A				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				N/A				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				N/A				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				N/A				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				N/A				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				N/A				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				N/A				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				N/A				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				N/A				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

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				N/A				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				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				N/A				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				N/A				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				N/A				N/A				N/A
			2010			$	3,000			$	8,000			$	12,000			$	9,000			$	31,000

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 products and services.

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				N/A				N/A				N/A			$	52			$	69			$	82			$	62			$	265
Marketing, Reservation and Wyndham Rewards Revenues (a)			54				75				N/A				N/A				N/A				50				65				76				60				251
Hotel Management Reimbursable Revenues (b)			19				19				N/A				N/A				N/A				21				20				18				18				77
Ancillary Revenues (c)			18				21				N/A				N/A				N/A				21				24				27				23				95
Total Lodging			149				190				N/A				N/A				N/A				144				178				203				163				688
Vacation Exchange and Rentals
Exchange Revenues			194				168				N/A				N/A				N/A				189				161				163				153				666
Rental Revenues			150				180				N/A				N/A				N/A				105				115				161				114				495
Ancillary Revenues (d)			12				13				N/A				N/A				N/A				6				5				6				15				32
Total Vacation Exchange and Rentals			356				361				N/A				N/A				N/A				300				281				330				282				1,193
Vacation Ownership
Vacation Ownership Interest Sales			222				313				N/A				N/A				N/A				217				271				308				276				1,072
Consumer Financing			102				103				N/A				N/A				N/A				105				106				107				107				425
Property Management Fees			110				108				N/A				N/A				N/A				100				100				104				101				405
WAAM Commissions			10				11				N/A				N/A				N/A				3				8				12				8				31
Ancillary Revenues (e)			6				6				N/A				N/A				N/A				19				20				2				5				46
Total Vacation Ownership			450				541				N/A				N/A				N/A				444				505				533				497				1,979
Total Reportable Segments		$	955			$	1,092				N/A				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

Table 5

Wyndham Worldwide Corporation
SCHEDULE OF DEBT
(In millions)

		June 30,				March 31,				December 31,				September 30,				June 30,
		2011				2011				2010				2010				2010
Securitized vacation ownership debt (a)
Term notes		$	1,446			$	1,666			$	1,498			$	1,400			$	1,255
Bank conduit facility (b)			242				148				152				215				291
Securitized vacation ownership debt (c)			1,688				1,814				1,650				1,615				1,546
Less: Current portion of securitized vacation ownership debt			190				216				223				187				248
Long-term securitized vacation ownership debt		$	1,498			$	1,598			$	1,427			$	1,428			$	1,298
Debt:
Revolving credit facility (due October 2013) (d)		$	107			$	5			$	154			$	26			$	—
6.00% senior unsecured notes (due December 2016) (e)			803				797				798				798				798
9.875% senior unsecured notes (due May 2014) (f)			242				241				241				240				239
3.50% convertible notes (due May 2012) (g)			32				41				266				289				362
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				—
5.625% senior unsecured notes (due March 2021) (j)			245				245				—				—				—
Vacation rentals capital leases			120				120				115				120				110
Other			1				28				26				34				36
Total debt			2,044				1,971				2,094				2,001				1,792
Less: Current portion of debt			43				12				11				32				29
Long-term debt		$	2,001			$	1,959			$	2,083			$	1,969			$	1,763

		June 30, 2011				March 31, 2011				December 31, 2010				September 30, 2010				June 30, 2010
Debt principal		$	12			$	17			$	116			$	138			$	230
Unamortized discount			(1	)			(1	)			(12	)			(17	)			(31	)
Debt less discount			11				16				104				121				199
Fair value of conversion feature (*)			21				25				162				168				163
Convertible notes		$	32			$	41			$	266			$	289			$	362