Press Release

Exhibit 99.1

LOGO

Wyndham Worldwide Reports First Quarter 2012 Earnings

First Quarter Adjusted EPS Growth of 36%

Increases 2012 EPS Guidance

Share Repurchase Authorization Increased

PARSIPPANY, N.J. (April 25, 2012) – Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended March 31, 2012.

Highlights:

•

First quarter adjusted diluted earnings per share (EPS) was $0.60, compared with $0.44 in the first quarter of 2011, an increase of 36%. First quarter 2012 reported diluted EPS was $0.21, a decrease of 49% from the same period in 2011, reflecting early extinguishment charges related to $650 million of debt tender offers.

•

First quarter Adjusted EBITDA increased 8% to $220 million.

•

Free cash flow increased to $193 million for the quarter ended March 31, 2012, compared with $185 million from the same period in 2011.

•

During the quarter, the Company repurchased 3.6 million shares of its common stock for $150 million at an average price of $42.05.

•

The Company announced today that its Board of Directors approved a $750 million increase to the share repurchase authorization.

“First quarter results were strong, reflecting the power of our fee-for-service business model across economic cycles, continuing innovation throughout the Company, robust free cash flow and disciplined capital allocation,” said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide. “Furthermore, consumers are traveling. Our Vacation Ownership and Hotel businesses are showing great momentum and our Exchange and Rentals business proved resilient despite the difficult economic climate in Europe. As always, we will continue to focus on driving operational improvements in 2012 and beyond.”

FIRST QUARTER 2012 OPERATING RESULTS

First quarter revenues were $1.0 billion, an increase of 9% from the prior year period. The increase reflects growth in all of our business units led by the Company’s Lodging and Vacation Ownership businesses.

For the first quarter of 2012, adjusted net income was $90 million, or $0.60 per diluted share, compared with $79 million, or $0.44 per diluted share for the same period in 2011. The increase in adjusted net income primarily reflects stronger operating results in our Lodging and Vacation Ownership businesses. Adjusted net income for the first quarter of 2012 excludes a $62 million early extinguishment charge related to $650 million of debt tender offers and $4 million of benefits related to legacy and other adjustments. Full reconciliations of adjusted results to GAAP results appear in Table 8 of this press release.

Including the early extinguishment charge and legacy benefits, reported net income for the first quarter of 2012 was $32 million, or $0.21 per diluted share, compared with net income of $72 million, or $0.41 per diluted share, for the first quarter of 2011.

Free cash flow increased 4% to $193 million for the quarter ended March 31, 2012, compared with $185 million during the same period in 2011. The growth in free cash flow primarily reflects reduced capital expenditures. The Company defines free cash flow as net cash provided by operating activities less capital expenditures, equity investments and development advances. For the quarter ended March 31, 2012, cash provided by operating activities was $228 million, compared with $229 million in the prior year period.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues were $185 million in the first quarter of 2012, an increase of 24%, compared with the first quarter of 2011. The increase reflects domestic RevPAR gains of 9%, as part of a total system RevPAR improvement of 7%, revenues associated with the recently opened Wyndham Grand hotel in Orlando, and higher inter-segment licensing fees for use of the Wyndham brand trade name. The revenue increase also includes $10 million of reclassifications, primarily related to certain reservation fees, which had no impact on Adjusted EBITDA.

Adjusted EBITDA was $49 million, an increase of 23% compared with the first quarter of 2011, largely reflecting the revenue increases discussed above, partially offset by the operating costs associated with the recently opened Wyndham Grand hotel and higher marketing costs. Excluding the higher inter-segment licensing fees, Adjusted EBITDA increased by 13%.

As of March 31, 2012, the Company’s hotel system consisted of over 7,150 properties and approximately 609,300 rooms. The development pipeline included approximately 840 hotels and 108,200 rooms, of which 56% were new construction and 55% were international.

Vacation Exchange and Rentals (Wyndham Exchange & Rentals)

Revenues were $361 million in the first quarter of 2012, compared to $356 million in the first quarter of 2011. In constant currency and excluding the impact of acquisitions, revenues were flat.

Exchange revenues were $188 million, a decrease of 3% compared with the first quarter of 2011, primarily due to a 2% decline in the average number of members resulting from the non-renewal of an affiliation agreement. In constant currency, exchange revenues were down 2% and exchange revenue per member was flat.

Vacation rental revenues were $159 million, a 6% increase compared with the first quarter of 2011. Excluding the impact of foreign currency and acquisitions, vacation rental revenues were up 3% primarily due to a 2% increase in vacation rental transactions. Average net price per vacation rental remained flat.

Adjusted EBITDA for the first quarter of 2012 was $93 million, flat compared with the prior-year period. Excluding the impact of foreign currency and acquisitions, Adjusted EBITDA declined by 2%, reflecting the continued economic challenges in Europe.

Vacation Ownership (Wyndham Vacation Ownership)

Revenues were $501 million in the first quarter of 2012, an 11% increase over the first quarter of 2011, primarily reflecting increased vacation ownership interest (VOI) sales.

Gross VOI sales were $384 million in the first quarter of 2012, up 20% from the first quarter of 2011, primarily reflecting a 10% increase in volume per guest and an 8% increase in tour flow.

Adjusted EBITDA for the first quarter of 2012 was $103 million, a 7% increase compared with the first quarter of 2011. Excluding the higher inter-segment licensing fee paid for the use of the Wyndham brand trade name, Adjusted EBITDA increased by 11%, reflecting contributions from increased VOI sales.

Other Items

•

The Board of Directors approved a $750 million increase in the Company’s share repurchase program.

•

The Company repurchased approximately 3.6 million shares of common stock for $150 million during the first quarter of 2012 at an average price of $42.05, and an additional 850,000 shares for $40 million at an average price of $46.85 through April 24, 2012. The Company has $940 million remaining on its current share repurchase authorization, including the $750 million increase mentioned above.

•

Net interest expense in the first quarter of 2012 was $31 million, compared to $30 million in the first quarter of 2011.

•

During the quarter, the Company purchased $207 million of our 9.875% 2014 senior notes and $443 million of our 6.0% 2016 senior notes. We also issued $300 million of 5 year notes at 2.95% and $650 million of 10 year notes at 4.25%.

A portion of the proceeds was used to reduce revolver borrowings by approximately $170 million.

Balance Sheet Information as of March 31, 2012:

•

Cash and cash equivalents of approximately $240 million, compared with $142 million at December 31, 2011

•

Vacation ownership contract receivables, net, of $2.8 billion, unchanged from December 31, 2011

•

Vacation ownership and other inventory of approximately $1.1 billion, unchanged from December 31, 2011

•

Securitized vacation ownership debt of $2.0 billion, compared with $1.9 billion at December 31, 2011

•

Long-term debt of $2.3 billion, compared with $2.2 billion at December 31, 2011. The remaining borrowing capacity on the revolving credit facility was $942 million, compared with $771 million as of December 31, 2011

A schedule of debt is included in Table 5 of this press release.

Outlook

For the full year 2012, the Company:

•

Reiterates Revenues of approximately $4.425 – $4.6 billion

•

Reiterates Adjusted EBITDA of approximately $1.030 – $1.055 billion

•

Raises Adjusted EPS Guidance to $3.00 – $3.15 from $2.85 – $3.00

•

Reduces diluted shares to 149 million from 153 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, April 25, 2012 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 25, 2012. 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 25, 2012, at (800) 839-5569.

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 measure because certain items cannot be reasonably estimated or predicted at this time. Any such items could be significant to our reported 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 products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses over 7,150 hotels with approximately 609,300 rooms worldwide. Wyndham Exchange & Rentals offers leisure travelers, including its 3.7 million members, access to approximately 100,000 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 160 vacation ownership resorts serving over 813,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 27,800 employees globally.

For more information about Wyndham Worldwide, please visit 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, share repurchases 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 Annual Report on Form 10-K, filed with the SEC on February 17, 2012. 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

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 attributable to Wyndham Worldwide for the three months ended March 31, 2012 and 2011:


	Three Months Ended March 31,
	2012						2011
	Net Revenues			EBITDA			Net Revenues			EBITDA
Lodging	$	185		$	49		$	149		$	27	^(e)
Vacation Exchange and Rentals		361			95	^(c)		356			93
Vacation Ownership		501			103			450			97	^(f)

Total Reportable Segments		1,047			247			955			217
Corporate and Other ^{(a) (b)}		(11	)		(21	)		(3	)		(14	)

Total Company	$	1,036		$	226		$	952		$	203


Reconciliation of EBITDA to Net Income Attributable to Wyndham Worldwide

EBITDA				$	226					$	203
Depreciation and amortization					45						45
Interest expense					33						32
Early extinguishment of debt					106	^(d)					12	^(g)
Interest income					(2	)					(2	)

Income before income taxes					44						116
Provision for income taxes					13						44

Net income					31						72
Net loss attributable to noncontrolling interest					1						—

Net income attributable to Wyndham Worldwide				$	32					$	72

^(a)	Includes the elimination of transactions between segments.

^(b)	Includes $4 million and $11 million of a net benefit during the three months ended March 31, 2012 and 2011, respectively, related to the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.

^(c)	Includes a $2 million benefit related to the reversal of an allowance associated with a previously divested asset.

^(d)	Represents costs incurred for the early repurchase of a portion of the Company’s 9.875% senior unsecured notes and 6.00% senior unsecured notes.

^(e)	Includes a non-cash impairment charge of $13 million to reduce the value of an international joint venture.

^(f)	Includes a $1 million benefit for the reversal of costs incurred as a result of various strategic initiatives commenced by the Company during 2008.

^(g)	Represents costs incurred for the early repurchase of a portion of the Company’s convertible notes.

The following tables summarize net revenues and Adjusted EBITDA for reportable segments for the three months ended March 31, 2012 and 2011 (for a description of adjustments by segment, see Table 7):


	Three Months Ended March 31,
	2012						2011
	Net Revenues			Adjusted EBITDA			Net Revenues			Adjusted EBITDA
Lodging	$	185		$	49		$	149		$	40
Vacation Exchange and Rentals		361			93			356			93
Vacation Ownership		501			103			450			96

Total Reportable Segments		1,047			245			955			229
Corporate and Other		(11	)		(25	)		(3	)		(25	)

Total Company	$	1,036		$	220		$	952		$	204

Table 2

Wyndham Worldwide Corporation

CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share data)


	Three Months Ended March 31,
	2012			2011

Net revenues
Service and membership fees	$	504		$	495
Vacation ownership interest sales		271			222
Franchise fees		118			101
Consumer financing		103			102
Other		40			32

Net revenues		1,036			952


Expenses
Operating		442			411
Cost of vacation ownership interests		28			32
Consumer financing interest		23			23
Marketing and reservation		167			137
General and administrative^(a)		153			140
Asset impairments		—			13	^(b)
Restructuring		—			(1	)^(c)
Depreciation and amortization		45			45

Total expenses		858			800


Operating income		178			152
Other income, net		(3	)^(d)		(6	)^(e)
Interest expense		33			32
Early extinguishment of debt		106	^(f)		12	^(g)
Interest income		(2	)		(2	)


Income before income taxes		44			116
Provision for income taxes		13			44


Net income		31			72
Net loss attributable to noncontrolling interest		1			—


Net income attributable to Wyndham Worldwide	$	32		$	72


Earnings per share
Basic	$	0.22		$	0.42
Diluted		0.21			0.41

Weighted average shares outstanding
Basic		146			173
Diluted		149			179

^(a)

Includes $4 million and $7 million of a net benefit during the three months ended March 31, 2012 and 2011, respectively, related to the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.

^(b)

Represents a non-cash impairment charge related to a write-down of an international joint venture at the Company’s lodging business.

^(c)

Relates to the reversal of costs incurred as a result of various strategic initiatives commenced by the Company during 2008.

^(d)

Includes a $2 million benefit related to the reversal of an allowance associated with a previously divested asset at the Company’s vacation exchange and rentals business.

^(e)

Includes $4 million of a gain related to the redemption of a preferred stock investment allocated to the Company in connection with our separation from Cendant.

^(f)

Represents costs incurred for the early repurchase of a portion of the Company’s 9.875% senior unsecured notes and 6.00% senior unsecured notes.

^(g)

Represents costs incurred for the early repurchase of a portion of the Company’s convertible notes.

Table 3

(1 of 3)

Wyndham Worldwide Corporation

OPERATING STATISTICS


	Year		Q1		Q2		Q3		Q4		Full Year
Lodging ^(a)
Number of Rooms		2012		609,300		N/A		N/A		N/A		N/A
		2011		609,600		612,900		611,200		613,100		N/A
		2010		593,300		606,800		605,700		612,700		N/A
		2009		588,500		590,200		590,900		597,700		N/A

RevPAR		2012	$	29.73		N/A		N/A		N/A		N/A
		2011	$	27.71	$	35.38	$	39.49	$	30.65	$	33.34
		2010	$	25.81	$	32.25	$	37.14	$	29.18	$	31.14
		2009	$	27.69	$	32.38	$	34.81	$	26.47	$	30.34

Vacation Exchange and Rentals
Average Number of Members (in 000s)		2012		3,684		N/A		N/A		N/A		N/A
		2011		3,766		3,755		3,744		3,734		3,750
		2010		3,746		3,741		3,766		3,759		3,753
		2009		3,789		3,795		3,781		3,765		3,782

Exchange Revenue Per Member		2012	$	204.56		N/A		N/A		N/A		N/A
		2011	$	205.64	$	178.46	$	172.38	$	161.68	$	179.59
		2010	$	201.93	$	172.20	$	173.44	$	162.59	$	177.53
		2009	$	194.83	$	174.22	$	173.90	$	163.89	$	176.73

Vacation Rental Transactions (in 000s) ^(b)		2012		418		N/A		N/A		N/A		N/A
		2011		398		328		370		250		1,347
		2010		291		297		322		253		1,163
		2009		273		231		264		196		964

Average Net Price Per Vacation Rental^(b)		2012	$	379.40		N/A		N/A		N/A		N/A
		2011	$	377.71	$	549.09	$	701.81	$	497.04	$	530.78
		2010	$	361.17	$	387.01	$	500.31	$	449.12	$	425.38
		2009	$	353.15	$	471.74	$	594.34	$	499.66	$	477.38

Vacation Ownership
Gross Vacation Ownership Interest (VOI) Sales (in 000s) ^(c)		2012	$	384,000		N/A		N/A		N/A		N/A
		2011	$	319,000	$	412,000	$	455,000	$	409,000	$	1,595,000
		2010	$	308,000	$	371,000	$	412,000	$	373,000	$	1,464,000
		2009	$	280,000	$	327,000	$	366,000	$	343,000	$	1,315,000

Tours ^(d)		2012		148,000		N/A		N/A		N/A		N/A
		2011		137,000		177,000		197,000		173,000		685,000
		2010		123,000		163,000		187,000		160,000		634,000
		2009		137,000		164,000		173,000		142,000		617,000

Volume Per Guest (VPG) ^(d)		2012	$	2,414		N/A		N/A		N/A		N/A
		2011	$	2,192	$	2,227	$	2,197	$	2,296	$	2,229
		2010	$	2,334	$	2,156	$	2,081	$	2,214	$	2,183
		2009	$	1,866	$	1,854	$	1,944	$	2,210	$	1,964

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

^(a)	Includes the impact of the acquisition of the Tryp hotel brand (June 2010) from the acquisition date forward. Therefore, the operating statistics are not presented on a comparable basis.

^(b)	Includes the impact of the acquisitions of Hoseasons (March 2010), ResortQuest (September 2010), James Villa Holidays (November 2010) and two tuck-in acquisitions (third quarter 2011) from the acquisition dates forward. Therefore, the operating statistics are not presented on a comparable basis.

^(c)	Includes gross VOI sales under the Company’s Wyndham Asset Affiliate Model (WAAM) beginning in the first quarter of 2010 (see Table 9 for a reconciliation of gross VOI sales to vacation ownership interest sales).

^(d)	Includes the impact of WAAM related tours beginning in the first quarter of 2010.

Table 3

(2 of 3)

Wyndham Worldwide Corporation

ADDITIONAL DATA


	Year		Q1		Q2		Q3		Q4		Full Year
Lodging ^(a)
Number of Properties		2012		7,150		N/A		N/A		N/A		N/A
		2011		7,190		7,220		7,190		7,210		N/A
		2010		7,090		7,160		7,150		7,210		N/A
		2009		6,990		7,020		7,040		7,110		N/A

Vacation Ownership
Provision for Loan Losses (in 000s) ^(b)		2012	$	96,000		N/A		N/A		N/A		N/A
		2011	$	79,000	$	80,000	$	96,000	$	83,000	$	339,000
		2010	$	86,000	$	87,000	$	85,000	$	82,000	$	340,000
		2009	$	107,000	$	122,000	$	117,000	$	103,000	$	449,000

Sales under WAAM (in 000s) ^(c)		2012	$	17,000		N/A		N/A		N/A		N/A
		2011	$	18,000	$	19,000	$	38,000	$	31,000	$	106,000
		2010	$	5,000	$	13,000	$	20,000	$	14,000	$	51,000

WAAM Commission Revenues (in 000s)		2012	$	12,000		N/A		N/A		N/A		N/A
		2011	$	10,000	$	11,000	$	23,000	$	21,000	$	65,000
		2010	$	3,000	$	8,000	$	12,000	$	9,000	$	31,000

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

^(a)	Includes the impact of the acquisition of Tryp hotel brand (June 2010) from the acquisition date forward. Therefore, the operating statistics are not presented on a comparable basis.

^(b)	Represents provision for estimated losses on vacation ownership contract receivables originated during the period, which is recorded as a contra revenue to vacation ownership interest sales on the Consolidated Statements of Income.

^(c)

Represents gross VOI sales under the Company’s WAAM for which the Company earns commission revenue (WAAM Commission Revenues). The commission revenue earned on these sales is included in service fees and membership revenues on the Consolidated Statements of Income. The Company implemented this sales model during the first quarter of 2010 and, as such, there is no historical data prior to 2010.

Table 3

(3 of 3)

Wyndham Worldwide Corporation

OPERATING STATISTICS

GLOSSARY OF TERMS

Lodging

Number of Rooms: Represents the number of rooms at lodging properties at the end of the period which are either (i) under franchise and/or management agreements, or company owned, (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 2009-2012. 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)


	2012										2011
	Q1		Q2		Q3		Q4		Year		Q1		Q2		Q3		Q4		Year

Lodging
Royalties and Franchise Fees	$	62		N/A		N/A		N/A		N/A	$	58	$	75	$	85	$	66	$	284
Marketing, Reservation and Wyndham Rewards Revenues ^(a)		68		N/A		N/A		N/A		N/A		54		75		94		76		299
Hotel Management Reimbursable Revenues ^(b)		21		N/A		N/A		N/A		N/A		19		19		21		20		79
Inter-segment Trademark Fees ^(c)		8		N/A		N/A		N/A		N/A		1		2		3		4		10
Owned Hotel Revenues		8		N/A		N/A		N/A		N/A		—		—		—		5		5
Ancillary Revenues ^(d)		18		N/A		N/A		N/A		N/A		17		19		19		17		72

Total Lodging		185		N/A		N/A		N/A		N/A		149		190		222		188		749


Vacation Exchange and Rentals
Exchange Revenues		188		N/A		N/A		N/A		N/A		194		168		161		150		673
Rental Revenues		159		N/A		N/A		N/A		N/A		150		180		260		125		715
Ancillary Revenues ^(e)		14		N/A		N/A		N/A		N/A		12		13		15		16		56

Total Vacation Exchange and Rentals		361		N/A		N/A		N/A		N/A		356		361		436		291		1,444


Vacation Ownership
Vacation Ownership Interest Sales		271		N/A		N/A		N/A		N/A		222		313		320		295		1,150
Consumer Financing		103		N/A		N/A		N/A		N/A		102		103		105		105		415
Property Management Fees		110		N/A		N/A		N/A		N/A		110		108		105		101		424
WAAM Commissions		12		N/A		N/A		N/A		N/A		10		11		23		21		65
Ancillary Revenues ^(f)		5		N/A		N/A		N/A		N/A		6		6		6		5		23

Total Vacation Ownership		501		N/A		N/A		N/A		N/A		450		541		559		527		2,077

Total Reportable Segments	$	1,047		N/A		N/A		N/A		N/A	$	955	$	1,092	$	1,217	$	1,006	$	4,270


	2010										2009
	Q1		Q2		Q3		Q4		Year		Q1		Q2		Q3		Q4		Year

Lodging
Royalties and Franchise Fees	$	52	$	69	$	82	$	62	$	265	$	57	$	68	$	72	$	57	$	254
Marketing, Reservation and Wyndham Rewards Revenues ^(a)		50		65		76		60		251		54		66		73		53		246
Hotel Management Reimbursable Revenues ^(b)		21		20		18		18		77		22		23		21		19		85
Ancillary Revenues ^(d)		21		24		27		23		95		21		17		17		20		75

Total Lodging		144		178		203		163		688		154		174		183		149		660


Vacation Exchange and Rentals
Exchange Revenues		189		161		163		153		666		185		165		164		154		668
Rental Revenues		105		115		161		114		495		96		109		157		98		460
Ancillary Revenues ^(e)		6		5		6		15		32		6		6		6		6		24

Total Vacation Exchange and Rentals		300		281		330		282		1,193		287		280		327		258		1,152


Vacation Ownership
Vacation Ownership Interest Sales		217		271		308		276		1,072		239		242		285		287		1,053
Consumer Financing		105		106		107		107		425		109		109		108		109		435
Property Management Fees		100		100		104		101		405		91		94		96		95		376
WAAM Commissions ^(g)		3		8		12		8		31		—		—		—		—		—
Ancillary Revenues ^(f)		19		20		2		5		46		23		22		19		17		81

Total Vacation Ownership		444		505		533		497		1,979		462		467		508		508		1,945

Total Reportable Segments	$	888	$	964	$	1,066	$	942	$	3,860	$	903	$	921	$	1,018	$	915	$	3,757

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

^(a)

Marketing and reservation revenues represent fees we receive from franchised and managed hotels that are to be expended for marketing purposes or the operation of a centralized, brand-specific reservation system. These fees are typically based on a percentage of the gross room revenues of each hotel. Wyndham Rewards revenues represent fees we receive relating to our loyalty program.

^(b)	Primarily represents payroll costs in our hotel management business that we pay on behalf of property owners and for which we are reimbursed by the property owners.

^(c)	During 2011, $3 million, $1 million and $2 million of inter-segment trademark fees were recorded as a reduction of expenses in Q1, Q2 and Q3, respectively. As such, total inter-segment trademark fees for 2011 were $16 million.

^(d)	Primarily includes additional services provided to franchisees.

^(e)	Primarily includes fees generated from programs with affiliated resorts and homeowners.

^(f)	Primarily includes revenues associated with bonus points/credits that are provided as purchase incentives on VOI sales and fees generated from other non-core operations.

^(g)	The Company implemented the WAAM sales model during the first quarter of 2010 and, as such, there is no historical data for 2009.

Table 5

Wyndham Worldwide Corporation

SCHEDULE OF DEBT

(In millions)


	March 31, 2012		December 31, 2011		September 30, 2011		June 30, 2011		March 31, 2011

Securitized vacation ownership debt ^(a)
Term notes	$	1,896	$	1,625	$	1,512	$	1,446	$	1,666
Bank conduit facility ^(b)		104		237		218		242		148

Securitized vacation ownership debt ^(c)		2,000		1,862		1,730		1,688		1,814
Less: Current portion of securitized vacation ownership debt		206		196		179		190		216

Long-term securitized vacation ownership debt	$	1,794	$	1,666	$	1,551	$	1,498	$	1,598


Debt:
Revolving credit facility (due July 2016) ^(d)	$	47	$	218	$	169	$	107	$	5
3.50% convertible notes (due May 2012) ^(e)		44		36		27		32		41
9.875% senior unsecured notes (due May 2014) ^(f)		42		243		243		242		241
6.00% senior unsecured notes (due December 2016) ^(g)		362		811		812		803		797
2.95% senior unsecured notes (due March 2017) ^(h)		298		—		—		—		—
5.75% senior unsecured notes (due February 2018) ⁽ⁱ⁾		247		247		247		247		247
7.375% senior unsecured notes (due March 2020) ^(j)		248		247		247		247		247
5.625% senior unsecured notes (due March 2021) ^(k)		245		245		245		245		245
4.25% senior unsecured notes (due March 2022) ^(l)		643		—		—		—		—
Vacation rentals capital leases		103		102		108		120		120
Other		1		4		1		1		28

Total debt		2,280		2,153		2,099		2,044		1,971
Less: Current portion of debt		54		46		37		43		12

Long-term debt	$	2,226	$	2,107	$	2,062	$	2,001	$	1,959

^(a)

The Company’s vacation ownership contract receivables are securitized through bankruptcy-remote special purpose entities (“SPE”) that are consolidated within our financial statements. These bankruptcy-remote SPEs are legally separate from the Company. The receivables held by the bankruptcy-remote SPEs are not available to the Company’s creditors and legally are not the Company’s assets. Additionally, the creditors of these SPEs have no recourse to the Company for principal and interest.

^(b)	Represents a non-recourse vacation ownership bank conduit facility with a term through June 2013 and borrowing capacity of $600 million. As of March 31, 2012, this facility had remaining borrowing capacity of $496 million.

^(c)	This debt is collateralized by $2,622 million, $2,638 million, $2,502 million, $2,672 million and $2,778 million of underlying vacation ownership contract receivables and related assets as of March 31, 2012, December 31, 2011, September 30, 2011, June 30, 2011 and March 31, 2011, respectively.

^(d)	Represents a $1.0 billion revolving credit facility that expires on July 15, 2016. As of March 31, 2012, the Company had $11 million of outstanding letters of credit and a remaining borrowing capacity of $942 million.

^(e)	Represents convertible notes issued by the Company during May 2009. The balance at March 31, 2012 represents $12 million aggregrate principal plus a $32 million liability related to a bifurcated conversion feature.

^(f)	Represents senior unsecured notes issued by the Company during May 2009. The balance as of March 31, 2012 represents $43 million aggregate principal less $1 million of unamortized discount.

^(g)	Represents senior unsecured notes issued by the Company during December 2006. The balance as of March 31, 2012 represents $357 million aggregate principal less $1 million of unamortized discount, plus $6 million of unamortized gains from the settlement of a derivative.

^(h)	Represents senior unsecured notes issued by the Company during March 2012. The balance as of March 31, 2012 represents $300 million aggregate principal less $2 million of unamortized discount.

⁽ⁱ⁾	Represents senior unsecured notes issued by the Company during September 2010. The balance as of March 31, 2012 represents $250 million aggregate principal less $3 million of unamortized discount.

^(j)	Represents senior unsecured notes issued by the Company during February 2010. The balance as of March 31, 2012 represents $250 million aggregate principal less $2 million of unamortized discount.

^(k)	Represents senior unsecured notes issued by the Company during March 2011. The balance as of March 31, 2012 represents $250 million aggregate principal less $5 million of unamortized discount.

^(l)	Represents senior unsecured notes issued by the Company during March 2012. The balance as of March 31, 2012 represents $650 million aggregate principal less $7 million of unamortized discount.

Table 6

Wyndham Worldwide Corporation

BRAND SYSTEM DETAILS


	As of and For the Three Months Ended March 31, 2012
Brand	Number of Properties		Number of Rooms		Average Occupancy Rate			Average Daily Rate (ADR)		Average Revenue Per Available Room (RevPAR)

Lodging
Wyndham Hotels and Resorts		98		25,901		55.7	%	$	111.04	$	61.87

TRYP by Wyndham		90		12,904		51.2	%	$	96.12	$	49.25

Wingate by Wyndham		161		14,750		57.7	%	$	80.22	$	46.26

Hawthorn Suites by Wyndham		78		7,400		59.3	%	$	73.85	$	43.83

Ramada		843		114,251		47.6	%	$	75.97	$	36.19

Baymont		255		21,425		44.6	%	$	60.44	$	26.98

Days Inn		1,834		148,235		42.6	%	$	59.00	$	25.12

Super 8		2,253		142,686		47.2	%	$	50.56	$	23.89

Howard Johnson		440		44,090		44.3	%	$	58.98	$	26.10

Travelodge		434		32,602		42.8	%	$	61.39	$	26.27

Microtel Inns & Suites		310		22,086		49.1	%	$	58.37	$	28.69

Knights Inn		350		21,867		36.5	%	$	40.23	$	14.69

Dream		5		990		75.2	%	$	194.51	$	146.20

Night		1		72		90.6	%	$	203.86	$	184.77


Total Lodging		7,152		609,259		46.2	%	$	64.41	$	29.73

Vacation Ownership
Wyndham Vacation Ownership resorts		165		20,764		N/A			N/A		N/A


Total Wyndham Worldwide		7,317		630,023


	As of and For the Three Months Ended March 31, 2011
Brand	Number of Properties		Number of Rooms		Average Occupancy Rate			Average Daily Rate (ADR)		Average Revenue Per Available Room (RevPAR)

Lodging
Wyndham Hotels and Resorts		94		25,521		53.3	%	$	106.57	$	56.84

Tryp by Wyndham		92		13,420		48.3	%	$	111.27	$	53.75

Wingate by Wyndham		165		15,134		55.8	%	$	78.31	$	43.68

Hawthorn Suites by Wyndham		75		7,028		57.6	%	$	74.22	$	42.73

Ramada		888		117,278		45.4	%	$	73.37	$	33.30

Baymont		261		21,886		41.2	%	$	59.02	$	24.33

Days Inn		1,877		150,214		40.5	%	$	58.19	$	23.58

Super 8		2,185		137,260		43.9	%	$	51.41	$	22.56

Howard Johnson		464		46,080		41.1	%	$	57.28	$	23.56

Travelodge		434		31,920		40.8	%	$	59.70	$	24.34

Microtel Inns & Suites		316		22,528		46.3	%	$	55.03	$	25.46

Knights Inn		339		20,679		33.7	%	$	40.75	$	13.74

Dream		3		566		73.1	%	$	177.95	$	130.02

Night		1		72		93.8	%	$	298.78	$	280.20


Total Lodging		7,194		609,586		43.5	%	$	63.66	$	27.71

Vacation Ownership
Wyndham Vacation Ownership resorts		162		20,736		N/A			N/A		N/A


Total Wyndham Worldwide		7,356		630,322

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

Table 7

(1 of 2)

Wyndham Worldwide

NON-GAAP RECONCILIATION

(In millions)


	Net Revenues			Reported EBITDA			Legacy Adjustments ^(b)			Allowance Reversal ^(c)			Adjusted EBITDA

Three months ended March 31, 2012
Lodging	$	185		$	49		$	—		$	—		$	49
Vacation Exchange and Rentals		361			95			—			(2	)		93
Vacation Ownership		501			103			—			—			103

Total Reportable Segments		1,047			247			—			(2	)		245
Corporate and Other ^(a)		(11	)		(21	)		(4	)		—			(25	)

Total Company	$	1,036		$	226		$	(4	)	$	(2	)	$	220

^(a)

Includes the elimination of transactions between segments.

^(b)

Relates to the net benefit from the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.

^(c)

Relates to a benefit from the reversal of an allowance associated with a previously divested asset.

Table 7

(2 of 2)

Wyndham Worldwide

NON-GAAP RECONCILIATION

(In millions)


	Net Revenues			Reported EBITDA			Legacy Adjustments ^(b)			Asset Impairments			Restructuring Costs			VAT Adjustments ^(e)			CTA Writeoff ^(f)		Adjusted EBITDA
Three months ended March 31, 2011
Lodging	$	149		$	27		$	—		$	13	^(c)	$	—		$	—		$	—	$	40
Vacation Exchange and Rentals		356			93			—			—			—			—			—		93
Vacation Ownership		450			97			—			—			(1	) ^(d)		—			—		96

Total Reportable Segments		955			217			—			13			(1	)		—			—		229
Corporate and Other ^(a)		(3	)		(14	)		(11	)		—			—			—			—		(25	)

Total Company	$	952		$	203		$	(11	)	$	13		$	(1	)	$	—		$	—	$	204


Three months ended June 30, 2011
Lodging	$	190		$	66		$	—		$	—		$	—		$	—		$	—	$	66
Vacation Exchange and Rentals		361			106			—			—			7	^(g)		(31	)		—		82
Vacation Ownership		541			130			—			—			—			—			—		130

Total Reportable Segments		1,092			302			—			—			7			(31	)		—		278
Corporate and Other ^(a)		(2	)		(26	)		3			—			—			—			—		(23	)

Total Company	$	1,090		$	276		$	3		$	—		$	7		$	(31	)	$	—	$	255


Three months ended September 30, 2011
Lodging	$	222		$	67		$	—		$	—		$	—		$	—		$	—	$	67
Vacation Exchange and Rentals		436			131			—			—			—			—			4		135
Vacation Ownership		559			149			—			—			—			—			—		149

Total Reportable Segments		1,217			347			—			—			—			—			4		351
Corporate and Other ^(a)		(5	)		(18	)		(8	)		—			—			—			—		(26	)

Total Company	$	1,212		$	329		$	(8	)	$	—		$	—		$	—		$	4	$	325


Three months ended December 31, 2011
Lodging	$	188		$	(3	)	$	—		$	44	^(h)	$	—		$	—		$	—	$	41
Vacation Exchange and Rentals		291			38			—			—			—			—			—		38
Vacation Ownership		527			139			—			—			—			—			—		139

Total Reportable Segments		1,006			174			—			44			—			—			—		218
Corporate and Other ^(a)		(6	)		(26	)		(4	)		—			—			—			—		(30	)

Total Company	$	1,000		$	148		$	(4	)	$	44		$	—		$	—		$	—	$	188


Twelve months ended December 31, 2011
Lodging	$	749		$	157		$	—		$	57	^(c) (h)	$	—		$	—		$	—	$	214
Vacation Exchange and Rentals		1,444			368			—			—			7	^(g)		(31	)		4		348
Vacation Ownership		2,077			515			—			—			(1	) ^(d)		—			—		514

Total Reportable Segments		4,270			1,040			—			57			6			(31	)		4		1,076
Corporate and Other ^(a)		(16	)		(84	)		(16	)		—			—			—			—		(100	)

Total Company	$	4,254		$	956		$	(16	)	$	57		$	6		$	(31	)	$	4	$	976

^(a)

Includes the elimination of transactions between segments.

^(b)

Relates to the net expense/(benefit) from the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.

^(c)

Relates to a non-cash impairment charge related to a write-down of an international joint venture at the Company’s lodging business.

^(d)

Relates to the reversal of costs incurred as a result of various strategic initiatives commenced by the Company during 2008.

^(e)

Relates to a net benefit resulting from a refund of value added taxes.

^(f)

Relates to the write-off of foreign exchange translation adjustments associated with the liquidation of a foreign entity.

^(g)

Relates to costs incurred as a result of a strategic initiative commenced by the Company during 2010.

^(h)

Relates to non-cash impairment charges primarily related to the write-down of certain franchise and management agreements and development advance notes at the Company’s lodging business.

Table 8

(1 of 2)

Wyndham Worldwide Corporation

NON-GAAP FINANCIAL INFORMATION

(In millions, except per share data)


	Three Months Ended March 31, 2012
	As Reported			Legacy Adjustments			Allowance Reversal			Early Extinguishment of Debt			As Adjusted
Net revenues
Service fees and membership	$	504											$	504
Vacation ownership interest sales		271												271
Franchise fees		118												118
Consumer financing		103												103
Other		40												40

Net revenues		1,036			—			—			—			1,036


Expenses
Operating		442												442
Cost of vacation ownership interests		28												28
Consumer financing interest		23												23
Marketing and reservation		167												167
General and administrative		153			4	^(a)								157
Depreciation and amortization		45												45

Total expenses		858			4			—			—			862


Operating income		178			(4	)		—			—			174
Other income, net		(3	)					2	^(b)					(1	)
Interest expense		33												33
Early extinguishment of debt		106									(106	) ^(c)		—
Interest income		(2	)											(2	)


Income before income taxes		44			(4	)		(2	)		106			144
Provision for income taxes		13			(2	) ^(d)		—	^(d)		44	^(d)		55


Net income		31			(2	)		(2	)		62			89

Net loss attributable to noncontrolling interest		1			—			—			—			1


Net income attributable to Wyndham Worldwide	$	32		$	(2	)	$	(2	)	$	62		$	90


Earnings per share
Basic	$	0.22		$	(0.02	)	$	(0.01	)	$	0.43		$	0.61
Diluted		0.21			(0.02	)		(0.01	)		0.42			0.60

Weighted average shares outstanding
Basic		146			146			146			146			146
Diluted		149			149			149			149			149

Note: EPS amounts may not add due to rounding.

^(a)

Relates to the net benefit from the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.

^(b)

Relates to a benefit from the reversal of an allowance associated with a previously divested asset.

^(c)

Represents costs incurred for the early repurchase of a portion of the Company’s 9.875% senior unsecured notes and 6.00% senior unsecured notes.

^(d)

Relates to the tax effect of the adjustment.

Table 8

(2 of 2)

Wyndham Worldwide Corporation

NON-GAAP FINANCIAL INFORMATION

(In millions, except per share data)


	Three Months Ended March 31, 2011
				Early Extinguishment of Debt			Legacy Adjustments			Asset Impairment			Restructuring Costs
	As Reported			Early Extinguishment of Debt			Legacy Adjustments			Asset Impairment			Restructuring Costs			As Adjusted
Net revenues
Service fees and membership	$	495														$	495
Vacation ownership interest sales		222															222
Franchise fees		101															101
Consumer financing		102															102
Other		32															32

Net revenues		952			—			—			—			—			952


Expenses
Operating		411															411
Cost of vacation ownership interests		32															32
Consumer financing interest		23															23
Marketing and reservation		137															137
General and administrative		140						7	^(b)								147
Asset impairment		13									(13	) ^(d)					—
Restructuring		(1	)											1	^(e)		—
Depreciation and amortization		45															45

Total expenses		800			—			7			(13	)		1			795


Operating income		152			—			(7	)		13			(1	)		157
Other income, net		(6	)					4	^(c)								(2	)
Interest expense		32															32
Early extinguishment of debt		12			(12	) ^(a)											—
Interest income		(2	)														(2	)


Income before income taxes		116			12			(11	)		13			(1	)		129
Provision for income taxes		44			5	^(f)		(3	) ^(f)		5	^(f)		(1	) ^(f)		50


Net income	$	72		$	7		$	(8	)	$	8		$	—		$	79


Earnings per share
Basic	$	0.42		$	0.04		$	(0.04	)	$	0.04		$	—		$	0.46
Diluted		0.41			0.04			(0.04	)		0.04			—			0.44

Weighted average shares outstanding
Basic		173			173			173			173			173			173
Diluted		179			179			179			179			179			179

Note: EPS amounts may not foot due to rounding.

^(a)

Relates to costs incurred for the early repurchase of a portion of the Company’s 3.50% convertible notes during the first quarter of 2011.

^(b)

Relates to the net benefit from the resolution of and adjustment to certain contingent liabilities and assets resulting from our separation from Cendant.

^(c)

Relates to a gain on the redemption of a preferred stock investment allocated to the Company in connection with our separation with Cendant.

^(d)

Relates to a non-cash impairment charge to reduce the value of an international joint venture in the Company’s lodging business.

^(e)

Relates to the reversal of costs incurred as a result of various strategic initiatives commenced by the Company during 2008.

^(f)

Relates to the tax effect of the adjustments.

Table 9

Wyndham Worldwide Corporation

NON-GAAP RECONCILIATIONS AND FINANCIAL INFORMATION

(In millions)

FREE CASH FLOW

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

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


	Three Months Ended March 31,
	2012			2011

Net cash provided by operating activities	$	228		$	229
Less: Property and equipment additions		(33	)		(41	)
Less: Equity investments and development advances		(2	)		(3	)

Free cash flow	$	193		$	185

GROSS VOI SALES

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


Year
2012	Q1			Q2			Q3			Q4			Full Year

Gross VOI sales	$	384			N/A			N/A			N/A			N/A
Less: Sales under the WAAM		(17	)		N/A			N/A			N/A			N/A

Gross VOI sales, net of WAAM sales		367			N/A			N/A			N/A			N/A
Less: Loan loss provision		(96	)		N/A			N/A			N/A			N/A

Vacation ownership interest sales	$	271			N/A			N/A			N/A			N/A


2011

Gross VOI sales	$	319		$	412		$	455		$	409		$	1,595
Less: Sales under the WAAM		(18	)		(19	)		(38	)		(31	)		(106	)

Gross VOI sales, net of WAAM sales		302			393			417			378			1,489
Less: Loan loss provision		(79	)		(80	)		(96	)		(83	)		(339	)

Vacation ownership interest sales	$	222		$	313		$	320		$	295		$	1,150


2010

Gross VOI sales	$	308		$	371		$	412		$	373		$	1,464
Less: Sales under the WAAM		(5	)		(13	)		(20	)		(14	)		(51	)

Gross VOI sales, net of WAAM sales		303			358			392			359			1,413
Less: Loan loss provision		(86	)		(87	)		(85	)		(82	)		(340	)

Vacation ownership interest sales	$	217		$	271		$	308		$	276		$	1,072


2009

Gross VOI sales	$	280		$	327		$	366		$	343		$	1,315
Plus: Net effect of percentage-of-completion accounting ^(a)		67			37			36			47			187
Less: Loan loss provision		(107	)		(122	)		(117	)		(103	)		(449	)

Vacation ownership interest sales	$	239		$	242		$	285		$	287		$	1,053

Note: Amounts may not add due to rounding.

^(a)	Represents the revenue that is deferred under the percentage of completion method of accounting.

The following includes primarily tele-sales upgrades and other non-tour revenues, which are excluded from Gross VOI sales in the Company’s VPG calculation (see Table 3):


	Q1		Q2		Q3		Q4		Full Year


2012	$	27		N/A		N/A		N/A		N/A
2011	$	18	$	18	$	21	$	11	$	68
2010	$	20	$	20	$	23	$	17	$	80
2009	$	24	$	23	$	29	$	28	$	104

Note: Amounts may not add across due to rounding.