EXHIBIT 99.1

Wyndham Worldwide Reports Strong Third Quarter 2011 Earnings

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

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

Highlights:

•		Third quarter 2011 adjusted diluted earnings per share (EPS) was $0.94, compared with $0.68 in the third quarter of 2010, an increase of 38%. Third quarter 2011 reported diluted EPS was $1.08, an increase of 29%, compared with the same period in 2010.
•		Free cash flow increased 24% to $699 million for the first three quarters of 2011, compared with $564 million during the same period in 2010. The Company defines free cash flow as net cash provided by operating activities less capital expenditures, equity investments and development advances and excludes a 2010 cash payment related to contingent IRS tax liabilities.
•		During the quarter, the Company repurchased approximately 10.2 million shares of its common stock at an average price of $29.75 for $304 million.

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

THIRD QUARTER 2011 OPERATING RESULTS

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

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

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

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

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

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

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

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

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

Vacation Exchange and Rentals (Wyndham Exchange & Rentals)

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

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

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

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

Vacation Ownership (Wyndham Vacation Ownership)

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

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

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

Other Items

	•		The Company repurchased approximately 10.2 million shares of its common stock during the third quarter of 2011 at an average price of $29.75 for $304 million and an additional 1.4 million shares at an average price of $29.19 for $40 million through October 25, 2011.
	•		Net interest expense in the third quarter of 2011 was $15 million, compared with $45 million in the same period in 2010. Third quarter 2011 net interest expense

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

Balance Sheet Information as of September 30, 2011:

	•		Cash and cash equivalents of $175 million, compared with approximately $155 million at December 31, 2010.
	•		Vacation ownership contract receivables, net, of $2.9 billion, compared with $3.0 billion at December 31, 2010.
	•		Vacation ownership and other inventory of $1.1 billion, compared with $1.2 billion at December 31, 2010.
	•		Securitized vacation ownership debt of $1.7 billion, unchanged from December 31, 2010.
	•		Other debt of $2.1 billion, unchanged from December 31, 2010. The remaining borrowing capacity on the revolving credit facility was $820 million, compared with $788 million as of December 31, 2010.

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

Outlook

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

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

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

	•		Revenues of approximately $4.425 – $4.600 billion
	•		Adjusted EBITDA of approximately $1.030 – $1.055 billion
	•		Adjusted EPS of approximately $2.72 – $2.82 based on a diluted share count of 160 million.

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

Conference Call Information

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

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

Presentation of Financial Information

Financial information discussed in this press release includes non-GAAP measures, which include or exclude certain items. These non-GAAP measures differ from reported GAAP results and are intended to illustrate what management believes are relevant period-over-period comparisons. A complete reconciliation of reported GAAP results to the comparable non-GAAP information appears in the financial tables section of the press release. It is not practicable to provide a reconciliation of forecasted adjusted EBITDA and EPS to the most directly comparable GAAP measures because certain items cannot be reasonably estimated or predicted at this time. Any such items could be significant to our financial results.

About Wyndham Worldwide Corporation

As one of the world’s largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality services and products across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Worldwide encompasses approximately 7,360 franchised hotels and vacation ownership resorts with approximately 632,000 rooms worldwide. Wyndham Exchange & Rentals offers leisure travelers, including its 3.7 million members, access to approximately 99,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of vacation ownership resorts serving nearly 815,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 26,000 employees globally.

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

Forward-Looking Statements

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

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual

results to differ materially from those in the forward-looking statements include general economic conditions, the performance of the financial and credit markets, the economic environment for the hospitality industry, the impact of war, terrorist activity or political strife, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those described in the Company’s Quarterly Report on Form 10-Q, filed with the SEC on August 1, 2011. Except for the Company’s ongoing obligations to disclose material information under the federal securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

# # #

Investor and Media contact:
Margo C. Happer
Senior Vice President, Investor Relations
Wyndham Worldwide Corporation
(973) 753-6472
margo.happer@wyn.com

Table 1
(1 of 2)

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

In addition to other measures, management evaluates the operating results of each of its reportable segments based upon net revenues and “EBITDA,” which is defined as net income before depreciation and amortization, interest expense (excluding consumer financing interest), interest income (excluding consumer financing interest) and income taxes, each of which is presented on the Company’s Consolidated Statements of Income. The Company believes that EBITDA is a useful measure of performance for the Company’s industry segments which, when considered with GAAP measures, the Company believes gives a more complete understanding of its operating performance. The Company’s presentation of EBITDA may not be comparable to similarly-titled measures used by other companies.

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

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

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

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

Table 1
(2 of 2)

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

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

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

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

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

Table 2

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

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2011				2010				2011				2010
Net revenues
Service and membership fees		$	584			$	464			$	1,579			$	1,298
Vacation ownership interest sales			320				308				855				796
Franchise fees			160				142				395				353
Consumer financing			105				107				310				318
Other			43				44				114				149
Net revenues			1,212				1,065				3,253				2,914
Expenses
Operating			490	(a)			410	(b)			1,358	(a)			1,179	(b)
Cost of vacation ownership interests			35				52				115				138
Consumer financing interest			21				27				67				80
Marketing and reservation			182				149				472				410
General and administrative (c)			157				101				422	(d)			394
Asset impairment			—				4	(e)			13	(f)			4	(e)
Restructuring			—				—				6	(g)			—
Depreciation and amortization			43				43				133				128
Total expenses			928				786				2,586				2,333
Operating income			284				279				667				581
Other income, net			(2	)			(1	)			(9	) (h)			(6	)
Interest expense			34				47	(i)			115	(j)			133	(i)
Interest income			(19	)(k)			(2	)			(22	)(k)			(3	)
Income before income taxes			271				235				583				457
Provision for income taxes			96	(l)			79				222	(l)			157
Net income		$	175			$	156			$	361			$	300
Earnings per share
Basic		$	1.10			$	0.88			$	2.17			$	1.68
Diluted			1.08				0.84				2.12				1.62
Weighted average shares outstanding
Basic			159				177				166				179
Diluted			162				184				170				186

Table 3
(1 of 3)

Wyndham Worldwide Corporation
OPERATING STATISTICS

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

Table 3
(2 of 3)

Wyndham Worldwide Corporation
ADDITIONAL DATA

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

Table 3
(3 of 3)

Wyndham Worldwide Corporation
OPERATING STATISTICS

GLOSSARY OF TERMS

Lodging

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

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

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

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

Vacation Exchange and Rentals

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

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

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

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

Vacation Ownership

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

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

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

General

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

Table 4

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

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

Table 5

Wyndham Worldwide Corporation
SCHEDULE OF DEBT
(In millions)

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

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