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Wyndham Worldwide Reports Third Quarter 2009 Results
Increases 2009 Adjusted EBITDA Guidance

PARSIPPANY, N.J., Oct. 28 /PRNewswire-FirstCall/ -- Wyndham Worldwide Corporation (NYSE: WYN) today announced results for the three months ended September 30, 2009.

HIGHLIGHTS:     

    --  Wyndham Worldwide generated diluted adjusted earnings per share (EPS) of
        $0.58, compared with Company-issued guidance of $0.53 - $0.57.  Reported
        EPS was $0.57.
    --  The Company raises full-year 2009 adjusted EBITDA guidance to $775 -
        $825 million, compared with prior guidance of $760 - $810 million.
    --  For the nine months ended September 30, 2009, the Company generated net
        cash from operating activities of approximately $570 million, compared
        with $146 million in 2008.
    --  Wyndham Worldwide recently completed two term securitization
        transactions totaling $350 million.

    --  The Company announces the renewal of its asset-backed vacation ownership
        receivables conduit.  The 364-day facility bears interest at variable
        commercial paper rates plus a spread with a capacity of $600 million.

"Wyndham Worldwide delivered solid results in the third quarter, once again demonstrating the benefits of a strong, resilient business model and excellent execution" said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide. "We continue to transform the Company by rebalancing our worldwide business portfolio to increase the contribution of fee-for-service businesses and drive strong cash flow."

THIRD QUARTER 2009 COMPANY OPERATING RESULTS

Third quarter revenues of $1,016 million declined by 17% from the prior-year period due to the previously announced initiative to reduce the deployment of capital in the Company's vacation ownership business; continued weakness in the global lodging industry; and unfavorable foreign exchange rate movements which negatively impacted the Company's exchange and rentals business.

Net income for the third quarter of 2009 was $104 million, or $0.57 diluted EPS, compared with third quarter 2008 net income of $142 million, or $0.80 diluted EPS.

Adjusted net income for the third quarter of 2009 was $106 million, or $0.58 diluted adjusted EPS, compared with third quarter 2008 adjusted net income of $148 million, or $0.83 diluted adjusted EPS. Third quarter 2009 includes the after-tax impact of $2 million, or $0.01 diluted EPS, of legacy items. Third quarter 2008 net income includes the after-tax impact of $6 million, or $0.03 diluted EPS, of restructuring costs and legacy items.

THIRD QUARTER 2009 BUSINESS UNIT RESULTS

Wyndham Hotel Group

Revenues were $183 million in the third quarter of 2009, a decline of 14% compared with the third quarter of 2008, primarily reflecting a decline in worldwide RevPAR.

Third quarter 2009 system-wide RevPAR decreased 17.0%, reflecting declines of 16.0% and 21.9% in domestic and international RevPAR, respectively.

Third quarter 2009 EBITDA was $58 million compared with $72 million in the third quarter of 2008, which included $4 million of restructuring costs. The reduction in EBITDA reflects the decline in worldwide RevPAR and other franchise fees, partly offset by lower marketing expenses.

As of September 30, 2009, the Company's hotel system consisted of approximately 7,040 properties and 590,900 rooms, of which 21% were international. The development pipeline included approximately 1,000 hotels and 110,800 rooms, of which 50% were new construction and 41% were international.

Wyndham Exchange and Rentals

The Company has renamed Group RCI to Wyndham Exchange and Rentals to more accurately reflect the two very profitable fee-based businesses where Wyndham Worldwide has leadership positions.

Revenues were $327 million in the third quarter of 2009, an 8% decrease compared with the third quarter of 2008, primarily resulting from the impact of unfavorable foreign currency movements. Excluding the impact of foreign currency, revenues were flat.

Excluding the impact of foreign currency annual dues and exchange revenues were flat compared with the third quarter of 2008, reflecting a 3% increase in the average number of members and a 3% decline in revenue per member. Including the impact of foreign currency, revenues were $110 million, a 4% decrease from the prior year period.

Excluding the impact of foreign currency vacation rental revenues increased $5 million, or 3%, compared with the third quarter of 2008, primarily driven by a 2% increase in rental transaction volume and a 1% increase in average price per vacation rental. Including the impact of foreign currency, revenues were $185 million, a 7% decrease from the prior year period.

Third quarter 2009 EBITDA increased 2% to $107 million, compared with $105 million in the third quarter of 2008, which included $2 million of restructuring costs. Excluding an unfavorable net effect of foreign currency of $14 million and restructuring costs, adjusted EBITDA would have increased $14 million, or 13%, from the third quarter of 2008, primarily reflecting cost savings.

Wyndham Vacation Ownership

Gross Vacation Ownership Interest (VOI) sales were $366 million for the third quarter of 2009, a 35% decline from the third quarter of 2008. This decrease was primarily driven by the previously announced initiative to reduce the capital deployed in this business, which included sales office closures and a reduction of marketing efforts that resulted in fewer tours.

Total segment revenues were $508 million in the third quarter of 2009, down 23% from the third quarter of 2008, primarily reflecting the planned reduction in tour flow which was partially offset by a 25% increase in volume per guest and a $38 million favorable impact from the percentage-of-completion (POC) method of accounting from the third quarter of 2008. Under the POC method of accounting for the sale of vacation ownership interests, the Company recognized $36 million of previously deferred revenue during the third quarter of 2009, while third quarter 2008 reported revenues were reduced by $2 million of deferred revenue.

EBITDA for the third quarter of 2009 was $104 million, down 19% from the third quarter of 2008, reflecting the net impact of the planned reduction of VOI sales volume, partially offset by an $18 million impact from the net increase in the recognition of revenue previously deferred under the POC method of accounting.

Other Items

Net interest expense in the third quarter of 2009 was $33 million, a $14 million increase from the third quarter of 2008 due to higher interest rates, primarily reflecting the impact of the long-term debt issuances in May 2009, the proceeds of which were used to reduce revolving credit facility borrowings and lower capitalized interest.

Balance Sheet Information as of September 30, 2009:

    --  Cash and cash equivalents of approximately $170 million compared with
        $135 million from December 31, 2008
    --  Vacation ownership contract receivables, net, of $3.1 billion compared
        with $3.3 billion at December 31, 2008
    --  Vacation ownership and other inventory of $1.3 billion unchanged from
        December 31, 2008
    --  Securitized vacation ownership debt of $1.6 billion compared with $1.8
        billion at December 31, 2008

    --  Other debt of $2.0 billion, unchanged from December 31, 2008; remaining
        borrowing capacity on the revolving credit facility was approximately
        $850 million compared with approximately $290 million as of December 31,
        2008

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

Guidance

For the fourth quarter of 2009, the Company expects adjusted EPS of $0.35 - $0.38, based on weighted average shares of 184 million.

The Company updates full-year 2009 guidance:

    --  Revenues of $3.5 - $3.9 billion

    --  The Company now expects adjusted EBITDA of $775 - $825 million, compared
        with prior guidance of $760 - $810 million.

"For full year 2010, we expect that revenue and adjusted EBITDA will be consistent with the current guidance ranges for 2009. We believe this reflects significant strength in our business, given that 2009 results will benefit from approximately $90 million of EBITDA related to vacation ownership deferred revenue roll-in that will be absent in 2010," said Mr. Holmes. Management also expects that interest expense will be higher than 2009 levels due to financings completed in 2009 and lower capitalized interest in 2010.

The guidance reflects assumptions used for internal planning purposes. All guidance excludes legacy items and restructuring costs, if any, which may have a positive or negative impact on reported results. If economic conditions improve or deteriorate materially from current levels, these assumptions and our guidance may change materially. It is not practicable to provide a reconciliation of forecasted adjusted EBITDA 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 financial results.

Conference Call Information

Wyndham Worldwide Corporation will provide a webcast of its conference call to discuss the Company's third quarter 2009 financial results on Wednesday, October 28, 2009 at 8:30 a.m. EDT. Listeners can access the webcast live through the company's website at www.wyndhamworldwide.com/investors/. The conference call also may be accessed by dialing (800) 369-1776 and providing the pass code "Wyndham." Listeners are urged to call at least 10 minutes prior to the scheduled start time. An archive of this webcast will be available at the website for approximately 90 days beginning at 12:00 p.m. EDT on October 28, 2009. A telephone replay will be available at (888) 473-0114 beginning at 12:00 p.m. EDT on October 28, 2009, until 5:00 p.m. EST on December 13, 2009.

Presentation of Financial Information

Financial information discussed in this press release includes both GAAP and non-GAAP measures, which include or exclude certain items. These non-GAAP measures differ from reported results and are intended to illustrate what management believes are relevant period-over-period comparisons. A complete reconciliation of reported GAAP results to the comparable non-GAAP information appears in the financial tables section of the press release.

About Wyndham Worldwide

As one of the world's largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses approximately 7,040 franchised hotels and approximately 590,900 hotel rooms worldwide. Wyndham Exchange and Rentals offers its 3.8 million members access to more than 73,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of over 150 vacation ownership resorts serving over 830,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 25,500 employees globally.

For more information about Wyndham Worldwide, please visit the Company's web site at www.wyndhamworldwide.com.

Forward-Looking Statements

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

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward-looking statements include general economic conditions, the performance of the financial and credit markets, the economic environment for the hospitality industry, the impact of war and terrorist activity, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those described in the Company's Quarterly Report on Form 10-Q, filed with the SEC on August 7, 2009. Except for the Company's ongoing obligations to disclose material information under the federal securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

                                                                       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 the Company's operating
    performance.  The Company's presentation of EBITDA may not be comparable
    to similarly-titled measures used by other companies.

    The following tables summarize net revenues and EBITDA for reportable
    segments, as well as reconcile EBITDA to net income for the three and
    nine months ended September 30, 2009 and 2008:


                             Three Months Ended September 30,
                     ----------------------------------------------
                             2009                       2008
                     -------------------        -------------------
                        Net                        Net
                     Revenues    EBITDA         Revenues    EBITDA (d)
                     ---------  --------        ---------  --------
    Lodging               $183       $58             $213       $72
    Vacation
     Exchange and
     Rentals               327       107              354       105
    Vacation
     Ownership             508       104              661       128
                     ---------  --------        ---------  --------
         Total
          Reportable
          Segments       1,018       269            1,228       305
    Corporate and
     Other (a) (b)          (2)      (15)              (2)      (11)
                     ---------  --------        ---------  --------
         Total
          Company       $1,016      $254           $1,226      $294
                     =========  ========        =========  ========

    Reconciliation
     of EBITDA to
     Net Income


    EBITDA                          $254                       $294
    Depreciation and
     amortization                     46                         47
    Interest expense                  34                         21
    Interest income                   (1)                        (2)
                                --------                   --------
    Income before
     income taxes                    175                        228
    Provision for
     income taxes                     71                         86
                                --------                   --------
    Net income                      $104                       $142
                                ========                   ========


                            Nine Months Ended September 30,
                     ----------------------------------------------
                             2009                       2008
                     -------------------        -------------------
                        Net                        Net
                     Revenues    EBITDA (e)      Revenues    EBITDA (d)
                     ---------  --------        ---------  --------
    Lodging               $511      $143             $583      $179
    Vacation
     Exchange and
     Rentals               894       240            1,009       252
    Vacation
     Ownership           1,437       255            1,786       248 (f)
                     ---------  --------        ---------  --------
         Total
          Reportable
          Segments       2,842       638            3,378       679
    Corporate and
     Other (a) (c)          (5)      (55)              (8)      (34)
                     ---------  --------        ---------  --------
         Total
          Company       $2,837      $583           $3,370      $645
                     =========  ========        =========  ========

    Reconciliation
     of EBITDA
     to Net Income


    EBITDA                          $583                       $645
    Depreciation and
     amortization                    134                        137
    Interest expense                  79                         59
    Interest income                   (5)                        (8)
                                --------                   --------
    Income before
     income taxes                    375                        457
    Provision for
     income taxes                    155                        175
                                --------                   --------
    Net income                      $220                       $282
                                ========                   ========

    (a)  Includes the elimination of transactions between segments.
    (b)  Includes $2 million ($2 million, net of tax) and $1 million
         ($2 million, net of tax) of a net expense during the three months
         ended September 30, 2009 and 2008, respectively, related to the
         resolution of and adjustment to certain contingent liabilities and
         assets.
    (c)  Includes $6 million ($6 million, net of tax) of a net expense and
         $4 million of a net benefit ($1 million, net of tax, of a net
         expense) during the nine months ended September 30, 2009 and 2008,
         respectively, related to the resolution of and adjustment to certain
         contingent liabilities and assets.
    (d)  Includes restructuring costs of $4 million and $2 million for Lodging
         and Vacation Exchange and Rentals, respectively, during both the
         three and nine months ended September 30, 2008.  The after-tax impact
         of such costs is $4 million.
    (e)  Includes restructuring costs of $3 million, $6 million, $36 million
         and $1 million for Lodging, Vacation Exchange and Rentals, Vacation
         Ownership and Corporate and Other, respectively.  The after-tax
         impact of such costs is $28 million.
    (f)  Includes a non-cash impairment charge of $28 million ($17 million,
         net of tax) due to the Company's initiative to rebrand its vacation
         ownership trademarks to the Wyndham brand.



                                                                     Table 2

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

                                               Three Months    Nine Months
                                                   Ended          Ended
                                               September 30,  September 30,
                                                -----------   --------------
                                                2009   2008    2009     2008
                                                ----   ----    ----     ----
    Net revenues
      Service fees and membership               $445   $468  $1,241   $1,344
      Vacation ownership interest sales          285    446     766    1,153
      Franchise fees                             126    153     342      402
      Consumer financing                         108    111     325      314
      Other                                       52     48     163      157
                                               -----  -----   -----    -----
    Net revenues                               1,016  1,226   2,837    3,370
                                               -----  -----   -----    -----

    Expenses
      Operating                                  386    439   1,153    1,284
      Cost of vacation ownership interests        54     86     136      226
      Consumer financing interest                 35     34     102       93
      Marketing and reservation                  149    232     423      659
      General and administrative (a) (b)         140    140     398      438
      Asset impairments (c)                        -      -       -       28
      Restructuring costs (d)                      -      6      46        6
      Depreciation and amortization               46     47     134      137
                                                 ---    ---    ----    -----
    Total expenses                               810    984   2,392    2,871
                                                 ---    ---   -----    -----

    Operating income                             206    242     445      499
    Other income, net                             (2)    (5)     (4)      (9)
    Interest expense                              34     21      79       59
    Interest income                               (1)    (2)     (5)      (8)
                                                 ---    ---     ---      ---

    Income before income taxes                   175    228     375      457
    Provision for income taxes                    71     86     155      175
                                                ----   ----    ----     ----

    Net income                                  $104   $142    $220     $282
                                                ====   ====    ====     ====

    Earnings per share
      Basic                                    $0.58  $0.80   $1.23    $1.59
      Diluted                                   0.57   0.80    1.21     1.58

    Weighted average shares outstanding
      Basic                                      179    178     178      177
      Diluted                                    183    178     181      178


    (a)  Includes $2 million ($2 million, net of tax) and $1 million ($2
         million, net of tax) of a net expense during the three months ended
         September 30, 2009 and 2008, respectively, related to the resolution
         of and adjustment to certain contingent liabilities and assets.
    (b)  Includes $6 million ($6 million, net of tax) of a net expense and $4
         million of a net benefit ($1 million, net of tax, of a net expense)
         during the nine months ended September 30, 2009 and 2008,
         respectively, related to the resolution of and adjustment to certain
         contingent liabilities and assets.
    (c)  Relates to a non-cash impairment charge ($17 million, net of tax)
         for Vacation Ownership due to the Company's initiative to rebrand
         its vacation ownership trademarks to the Wyndham brand.
    (d)  Relates to costs incurred as a result of various strategic
         initiatives commenced by the Company during 2008.  Such amounts, net
         of tax, were $28 million during the nine months ended September 30,
         2009 and $4 million during both the three and nine months ended
         September 30, 2008.



                                                              Table 3
                                                              (1 of 3)


                           Wyndham Worldwide Corporation
                               OPERATING STATISTICS

                                                               Full
                  Year    Q1       Q2       Q3       Q4        Year
                  ----    --       --       --       --        -----
    Lodging (a)

      Number of
       Rooms (b)  2009  588,500  590,200  590,900     N/A        N/A
                  2008  551,100  551,500  583,400  592,900       N/A
                  2007  539,300  541,700  540,900  550,600       N/A
                  2006  525,500  535,900  533,700  543,200       N/A

      RevPAR      2009   $27.69   $32.38   $34.81     N/A        N/A
                  2008   $32.21   $38.87   $41.93   $30.03     $35.74
                  2007   $31.35   $38.35   $43.10   $33.09     $36.48
                  2006   $30.45   $36.97   $40.82   $31.41     $34.95

    Vacation
     Exchange and
     Rentals

      Average
       Number of
       Members
       (in 000s)  2009    3,789    3,795    3,781     N/A        N/A
                  2008    3,632    3,682    3,673    3,693      3,670
                  2007    3,474    3,506    3,538    3,588      3,526
                  2006    3,292    3,327    3,374    3,429      3,356

      Annual Dues
       and Exchange
       Revenue Per
       Member     2009  $134.38  $117.59  $116.76     N/A        N/A
                  2008  $150.84  $128.91  $124.51  $109.56    $128.37
                  2007  $155.60  $132.33  $131.38  $124.59    $135.85
                  2006  $152.10  $130.37  $132.31  $128.13    $135.62

      Vacation
       Rental
       Transactions
       (in 000s)  2009      387      324      367     N/A        N/A
                  2008      387      319      360      282      1,347
                  2007      398      326      360      293      1,376
                  2006      385      310      356      293      1,344

      Average Net
       Price Per
       Vacation
       Rental     2009  $335.54  $422.00  $505.82     N/A        N/A
                  2008  $412.74  $477.63  $553.69  $400.09    $463.10
                  2007  $349.73  $415.71  $506.78  $426.93    $422.83
                  2006  $312.51  $374.91  $442.75  $356.16    $370.93

    Vacation
     Ownership

      Gross
       Vacation
       Ownership
       Interest
       Sales
       (in 000s)  2009 $280,000 $327,000 $366,000     N/A        N/A
                  2008 $458,000 $532,000 $566,000 $432,000 $1,987,000
                  2007 $430,000 $523,000 $552,000 $488,000 $1,993,000
                  2006 $357,000 $434,000 $482,000 $469,000 $1,743,000

      Tours       2009  137,000  164,000  173,000     N/A        N/A
                  2008  255,000  314,000  334,000  240,000  1,143,000
                  2007  240,000  304,000  332,000  268,000  1,144,000
                  2006  208,000  273,000  312,000  254,000  1,046,000

      Volume Per
       Guest(VPG) 2009   $1,866   $1,854   $1,944     N/A        N/A
                  2008   $1,668   $1,583   $1,550   $1,630     $1,602
                  2007   $1,607   $1,596   $1,545   $1,690     $1,606
                  2006   $1,475   $1,426   $1,434   $1,623     $1,486

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

    (a)  Quarterly drivers in the Lodging segment include the acquisitions of
         Microtel Inns & Suites and Hawthorn Suites (July 2008) and Baymont
         Inn & Suites (April 2006) from their acquisition dates forward.
         Therefore, the operating statistics are not presented on a comparable
         basis.
    (b)  Numbers include affiliated rooms from the fourth quarter of 2006
         forward.



                                                               Table 3
                                                               (2 of 3)

                         Wyndham Worldwide Corporation
                               ADDITIONAL DATA

                                                                    Full
                     Year    Q1        Q2        Q3        Q4       Year
                     ----    --        --        --        --       -----
    Lodging(a)

      Number of
       Properties(b) 2009    6,990     7,020     7,040      N/A       N/A
                     2008    6,550     6,560     6,970     7,040      N/A
                     2007    6,450     6,460     6,460     6,540      N/A
                     2006    6,300     6,440     6,420     6,470      N/A

    Vacation
     Ownership

      Deferred
       Revenues
       (in 000s)(c)  2009  $66,516   $37,140   $36,102      N/A       N/A
                     2008 $(81,716)  $(5,240)  $(2,023)  $13,870  $(75,108)
                     2007   $3,906   $(4,908)     $506  $(21,092) $(21,588)
                     2006  $12,708     $(221) $(23,491) $(10,675) $(21,679)

      Provision
       for Loan
       Losses
       (in 000s)(d)  2009 $107,202  $121,641  $117,111      N/A       N/A
                     2008  $82,344  $112,669  $118,609  $136,090  $449,712
                     2007  $60,869   $75,032   $85,762   $83,644  $305,307
                     2006  $61,242   $55,872   $63,213   $78,680  $259,007

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

    (a)  Information includes the acquisitions of Microtel Inns & Suites and
         Hawthorn Suites (July 2008) and Baymont Inn & Suites (April 2006)
         from their acquisition dates forward.  Therefore, the data is not
         presented on a comparable basis.
    (b)  Numbers include affiliated hotels from the fourth quarter of 2006
         forward.
    (c)  Represents the revenue that is deferred under the percentage of
         completion method of accounting.  Under the percentage of completion
         method of accounting, a portion of the total revenue from a vacation
         ownership contract sale is not recognized if the construction of the
         vacation resort has not yet been fully completed.  This revenue will
         be recognized in future periods in proportion to the costs incurred
         as compared to the total expected costs for completion of
         construction of the vacation resort.  Positive amounts represent the
         recognition of previously deferred revenues.
    (d)  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.



                                                                       Table 3
                                                                      (3 of 3)

                           Wyndham Worldwide Corporation
                               OPERATING STATISTICS

                                GLOSSARY OF TERMS

    Lodging

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

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

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

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


    Vacation Exchange and Rentals

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

    Annual Dues and Exchange Revenue Per Member: Represents total revenues
    from annual membership dues and exchange fees generated for the period
    divided by the average number of vacation exchange members during the
    year.

    Vacation Rental Transactions: Represents the number of transactions that
    are generated in connection with customers booking their vacation rental
    stays through us. In our European vacation rentals businesses, one rental
    transaction is recorded each time a standard one-week rental is booked;
    however, in the United States, one rental transaction is recorded each
    time a vacation rental stay is booked, regardless of whether it is less
    than or more than one week.

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


    Vacation Ownership

    Gross Vacation Ownership Interest Sales: Represents gross sales of
    vacation ownership interests (including tele-sales upgrades, which are a
    component of upgrade sales) before deferred sales and loan loss
    provisions.

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

    Volume per Guest (VPG): Represents revenue per guest and is calculated by
    dividing the gross vacation ownership interest sales, excluding tele-sales
    upgrades, which are a component of upgrade sales, by the number of tours.


    General

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



                                                                       Table 4

                        Wyndham Worldwide Corporation
                    Revenue Detail by Reportable Segment
                                (In millions)

                                                  2009
                                  --------------------------------------
                                    Q1     Q2     Q3      Q4      Year
                                  ------ ------ ------  ------  --------
    Lodging
      Royalties and Franchise
       Fees                          $57    $68    $72   N/A       N/A
      Marketing, Reservation and
       Wyndham Rewards Revenues(a)    54     66     73   N/A       N/A
      Property Management
       Reimbursable Revenues (b)      22     23     21   N/A       N/A
      Ancillary Revenues (c)          21     17     17   N/A       N/A
                                     ---    ---    --- -------   -------
      Total Lodging                  154    174    183   N/A       N/A
                                     ---    ---    --- -------   -------

    Vacation Exchange and Rentals
      Exchange Revenues              127    112    110   N/A       N/A
      Rental Revenues                130    137    185   N/A       N/A
      Ancillary Revenues (d)          30     31     32   N/A       N/A
                                     ---    ---    --- -------   -------
      Total Vacation Exchange
       and Rentals                   287    280    327   N/A       N/A
                                     ---    ---    --- -------   -------

    Vacation Ownership
      Vacation Ownership
       Interest Sales                239    242    285   N/A       N/A
      Consumer Financing             109    109    108   N/A       N/A
      Property Management Fees        91     94     96   N/A       N/A
      Ancillary Revenues (e)          23     22     19   N/A       N/A
                                     ---    ---    --- -------   -------
      Total Vacation Ownership       462    467    508   N/A       N/A
                                     ---    ---    --- -------   -------
    Total Reportable Segments       $903   $921 $1,018   N/A       N/A
                                    ====   ==== ====== =======   =======


                                                  2008
                                  --------------------------------------
                                    Q1     Q2     Q3      Q4      Year
                                  ------ ------ ------  ------  --------
    Lodging
      Royalties and Franchise
       Fees                          $64    $78    $88     $66      $297
      Marketing, Reservation and
       Wyndham Rewards Revenues(a)    60     75     84      61       280
      Property Management
       Reimbursable Revenues (b)      27     26     25      21       100
      Ancillary Revenues (c)          19     21     16      22        76
                                     ---    ---    ---     ---       ---
      Total Lodging                  170    200    213     170       753
                                     ---    ---    ---     ---       ---

    Vacation Exchange and Rentals
      Exchange Revenues              137    119    114     101       471
      Rental Revenues                160    153    199     113       624
      Ancillary Revenues (d)          44     42     41      36       164
                                     ---    ---    ---     ---     -----
      Total Vacation Exchange
       and Rentals                   341    314    354     250     1,259
                                     ---    ---    ---     ---     -----

    Vacation Ownership
      Vacation Ownership
       Interest Sales                294    414    446     309     1,463
      Consumer Financing              99    104    111     112       426
      Property Management Fees        85     84     89      89       346
      Ancillary Revenues (e)          26     19     15     (18)       43
                                     ---    ---    ---     ---       ---
      Total Vacation Ownership       504    621    661     492     2,278
                                  ------ ------ ------    ----    ------
    Total Reportable Segments     $1,015 $1,135 $1,228    $912    $4,290
                                  ====== ====== ======    ====    ======



                                                  2007
                                  --------------------------------------
                                    Q1     Q2     Q3      Q4      Year
                                  ------ ------ ------  ------  --------
    Lodging
      Royalties and Franchise
       Fees                          $63    $78    $89     $67      $296
      Marketing, Reservation and
       Wyndham Rewards Revenues(a)    60     73     84      64       281
      Property Management
       Reimbursable Revenues (b)      16     22     26      28        92
      Ancillary Revenues (c)          13     13     12      17        56
                                     ---    ---    ---     ---       ---
      Total Lodging                  152    186    211     176       725
                                     ---    ---    ---     ---       ---

    Vacation Exchange and Rentals
      Exchange Revenues              135    116    116     112       479
      Rental Revenues                139    136    182     125       582
      Ancillary Revenues (d)          40     36     38      43       157
                                     ---    ---    ---     ---     -----
      Total Vacation Exchange
       and Rentals                   314    288    336     280     1,218
                                     ---    ---    ---     ---     -----

    Vacation Ownership
      Vacation Ownership
       Interest Sales                373    443    467     383     1,666
      Consumer Financing              81     88     93      96       358
      Property Management Fees        74     78     79      78       310
      Ancillary Revenues (e)          21     20     32      19        91
                                  ------ ------ ------  ------    ------
      Total Vacation Ownership       549    629    671     576     2,425
                                  ------ ------ ------  ------    ------
    Total Reportable Segments     $1,015 $1,103 $1,218  $1,032    $4,368
                                  ====== ====== ======  ======    ======



                                                  2006
                                  --------------------------------------
                                    Q1     Q2     Q3      Q4      Year
                                  ------ ------ ------  ------  --------
    Lodging
      Royalties and Franchise
       Fees                          $59    $75    $81     $63      $278
      Marketing, Reservation and
       Wyndham Rewards Revenues(a)    58     70     78      60       266
      Property Management
       Reimbursable Revenues (b)      16     20     17      16        69
      Ancillary Revenues (c)          11     11     13      13        48
                                     ---    ---    ---     ---       ---
      Total Lodging                  144    176    189     152       661
                                     ---    ---    ---     ---       ---

    Vacation Exchange and Rentals
      Exchange Revenues              125    108    112     110       455
      Rental Revenues                120    116    158     105       498
      Ancillary Revenues (d)          37     37     40      51       166
                                     ---    ---    ---     ---     -----
      Total Vacation Exchange
       and Rentals                   282    261    310     266     1,119
                                     ---    ---    ---     ---     -----

    Vacation Ownership
      Vacation Ownership
       Interest Sales                309    377    396     379     1,461
      Consumer Financing              65     70     77      79       291
      Property Management Fees        58     60     66      68       253
      Ancillary Revenues (e)          13     11     12      28        63
                                     ---    ---    ---     ---     -----
      Total Vacation Ownership       445    518    551     554     2,068
                                    ----   ---- ------    ----    ------
    Total Reportable Segments       $871   $955 $1,050    $972    $3,848
                                    ====   ==== ======    ====    ======

    Note: Full year amounts may not foot 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 incur and pay on behalf of property owners and for
        which we are reimbursed by the property owners.
    (c) Primarily includes additional services provided to
        franchisees.
    (d) Primarily includes fees from additional services provided to
        transacting members, fees from a credit card loyalty program and
        fees generated from programs with affiliated resorts.
    (e) Primarily includes revenues associated with bonus points/
        credits that are provided as purchase incentives on VOI sales and
        fees generated from other non-core businesses.



                                                                      Table 5
                          Wyndham Worldwide Corporation
                                SCHEDULE OF DEBT
                                  (In millions)

                            Sept. 30, June 30, March 31, Dec. 31, Sept. 30,
                               2009     2009      2009      2008     2008
                            --------- -------- --------- -------- ---------
    Securitized vacation
     ownership debt
      Term notes              $1,305   $1,290    $1,165   $1,252    $1,437
      Bank conduit
       facilities(a)             299      340       569      558       647
                              ------   ------    ------    -----    ------
    Securitized vacation
     ownership debt (b)        1,604    1,630     1,734    1,810     2,084
    Less: Current portion of
     securitized vacation
     ownership debt              291      288       305      294       324
                              ------   ------    ------   ------    ------
    Long-term securitized
     vacation ownership debt  $1,313   $1,342    $1,429   $1,516    $1,760
                              ======   ======    ======   ======    ======

    Debt:
      6.00% senior
       unsecured notes
       (due December 2016)(c)   $797     $797      $797     $797      $797
      Term loan
       (due July 2011)           300      300       300      300       300
      Revolving credit
       facility
       (due July 2011)(d)         21       30       517      576       305
      9.875% senior
       unsecured notes
       (due May 2014)(e)         237      237         -        -         -
      3.50% convertible notes
       (due May 2012)(f)         309      253         -        -         -
      Vacation ownership
       bank borrowings(g)        163      154       156      159       172
      Vacation rentals
       capital leases            139      135       130      139       143
      Other                       23       22        13       13        12
                               -----    -----     -----    -----     -----
    Total debt                 1,989    1,928     1,913    1,984     1,729
    Less: Current
     portion of debt             176      169       166      169       182
                              ------   ------    ------   ------    ------
    Long-term debt            $1,813   $1,759    $1,747   $1,815    $1,547
                              ======   ======    ======   ======    ======

    (a)  Represents (i) a 364-day, non-recourse vacation ownership bank
         conduit facility with a term through November 2009 and borrowing
         capacity of $943 million and (ii) the outstanding balance of the
         Company's prior bank conduit facility that was repaid on October 8,
         2009.  At September 30, 2009, our 364-day facility has remaining
         borrowing capacity of $671 million.
    (b)  This debt is collateralized by $2,947 million, $2,916 million, $3,005
         million, $2,929 million and $2,737 million of underlying vacation
         ownership contract receivables and related assets at September 30,
         2009, June 30, 2009, March 31, 2009, December 31, 2008 and September
         30, 2008, respectively.
    (c)  The balance at September 30, 2009 represents $800 million aggregate
         principal less $3 million of unamortized discount.
    (d)  The Company's revolving credit facility has a borrowing capacity of
         $900 million.  At September 30, 2009, the Company has $30 million of
         outstanding letters of credit and a remaining borrowing capacity of
         $849 million.
    (e)  Represents senior unsecured notes issued by the Company during May
         2009.  The balance at September 30, 2009 represents $250 million
         aggregate principal less $13 million of unamortized discount.
    (f)  Represents cash convertible notes issued by the Company during May
         2009.  Such balance includes $187 million of debt ($230 million
         aggregate principal less $43 million of unamortized discount) and a
         liability with a fair value of $122 million related to a bifurcated
         conversion feature.
    (g)  Represents a 364-day, AUD 213 million, secured, revolving foreign
         credit facility, which expires in June 2010.



                                                                   Table 6
                                                                   (1 of 2)

                       Wyndham Worldwide Corporation
                        HOTEL BRAND SYSTEMS DETAILS

                 As of and For the Three Months Ended September 30, 2009
                 -------------------------------------------------------

                                                                    Average
                                                                    Revenue
                                                          Average     Per
                             Number   Number   Average     Daily    Available
                               of       of    Occupancy    Rate       Room
         Brand             Properties  Rooms     Rate      (ADR)    (RevPAR)
         -----             ---------- ------- ----------  -------- ----------

      Wyndham Hotels
       and Resorts                 87  23,555       53.2%  $108.57     $57.76

      Wingate Inn                 169  15,456       57.1%   $83.19     $47.54

      Hawthorn Suites              90   8,386       55.6%   $82.65     $45.98

      Ramada                      895 116,320       51.8%   $73.89     $38.26

      Baymont                     233  19,829       48.9%   $64.39     $31.46

      Days Inn                  1,851 148,949       50.7%   $65.03     $32.96

      Super 8                   2,125 131,921       55.8%   $60.34     $33.68

      Howard Johnson              474  45,233       47.6%   $63.57     $30.24

      Travelodge                  465  34,800       50.0%   $67.25     $33.61

      Microtel Inns & Suites      315  22,608       53.3%   $60.15     $32.04

      Knights Inn                 327  20,324       39.8%   $44.56     $17.75

      Unmanaged, Affiliated
       and Managed,
       Non-Proprietary
       Hotels (*)                  11   3,549        N/A       N/A        N/A
                                ----- -------
        Total                   7,042 590,930       51.8%   $67.24     $34.81
                                ===== =======


                As of and For the Three Months Ended September 30, 2008
                -------------------------------------------------------
                                                                    Average
                                                                    Revenue
                                                          Average     Per
                             Number   Number   Average     Daily    Available
                               of       of    Occupancy    Rate       Room
          Brand            Properties  Rooms     Rate      (ADR)    (RevPAR)
          -----            ---------- ------- ----------  -------- ----------

      Wyndham Hotels
       and Resorts                 80  21,365       63.4%  $123.13     $78.09

      Wingate Inn                 158  14,427       62.9%   $93.44     $58.77

      Hawthorn Suites              90   8,404       63.5%   $91.00     $57.78

      Ramada                      877 110,844       57.0%   $82.35     $46.92

      Baymont                     213  18,194       55.7%   $67.82     $37.74

      Days Inn                  1,878 152,557       56.9%   $68.95     $39.22

      Super 8                   2,098 130,056       62.1%   $63.69     $39.57

      Howard Johnson              471  45,084       52.4%   $69.09     $36.20

      Travelodge                  482  36,203       56.1%   $73.48     $41.19

      Microtel Inns & Suites      301  21,431       57.9%   $63.51     $36.78

      Knights Inn                 294  19,568       45.4%   $46.18     $20.95

      Unmanaged, Affiliated
       and Managed,
       Non-Proprietary
       Hotels (*)                  28   5,260        N/A       N/A        N/A
                                ----- -------
        Total                   6,970 583,393       57.7%   $72.61     $41.93
                                ===== =======

    NOTE: A glossary of terms is included in Table 3 (3 of 3).

    (*)  Represents 1) affiliated properties for which we receive a fee for
         reservation services provided and 2) properties managed under the CHI
         Limited joint venture.  These properties are not branded; as such,
         certain operating statistics (such as average occupancy rate, ADR and
         RevPAR) are not relevant.  As of September 30, 2008, amounts also
         include AmeriHost branded properties.



                                                                Table 6
                                                                (2 of 2)

                       Wyndham Worldwide Corporation
                        HOTEL BRAND SYSTEMS DETAILS

                 As of and For the Nine Months Ended September 30, 2009
                 ------------------------------------------------------
                                                                    Average
                                                                    Revenue
                                                          Average     Per
                             Number    Number  Average     Daily   Available
                               of        of   Occupancy    Rate       Room
         Brand             Properties  Rooms     Rate      (ADR)    (RevPAR)
         -----             ----------  ------ ----------  -------- ----------

      Wyndham Hotels
       and Resorts                 87  23,555       53.3%  $116.58     $62.15

      Wingate Inn                 169  15,456       55.0%   $84.61     $46.55

      Hawthorn Suites              90   8,386       53.2%   $85.69     $45.58

      Ramada                      895 116,320       48.1%   $74.11     $35.64

      Baymont                     233  19,829       47.0%   $63.64     $29.91

      Days Inn                  1,851 148,949       46.9%   $63.15     $29.61

      Super 8                   2,125 131,921       50.4%   $57.48     $28.96

      Howard Johnson              474  45,233       43.3%   $62.14     $26.94

      Travelodge                  465  34,800       45.1%   $62.57     $28.20

      Microtel Inns & Suites      315  22,608       50.9%   $57.18     $29.08

      Knights Inn                 327  20,324       38.4%   $43.14     $16.56

      Unmanaged, Affiliated
       and Managed,
       Non-Proprietary
       Hotels (*)                  11   3,549        N/A       N/A        N/A
                                ----- -------
        Total                   7,042 590,930       47.9%   $66.08     $31.66
                                ===== =======


                   As of and For the Nine Months Ended September 30, 2008
                   ------------------------------------------------------

                                                                    Average
                                                                    Revenue
                                                          Average     Per
                             Number   Number   Average     Daily    Available
                               of       of    Occupancy    Rate      Room
          Brand            Properties  Rooms     Rate      (ADR)    (RevPAR)
          -----            ---------- ------- ----------  -------- ----------

      Wyndham Hotels
       and Resorts                 80  21,365       63.6%  $123.20     $78.44

      Wingate Inn                 158  14,427       62.3%   $92.72     $57.78

      Hawthorn Suites              90   8,404       63.5%   $91.00     $57.78

      Ramada                      877 110,844       54.2%   $82.35     $44.63

      Baymont                     213  18,194       51.2%   $66.38     $34.02

      Days Inn                  1,878 152,557       52.0%   $65.80     $34.24

      Super 8                   2,098 130,056       56.0%   $60.40     $33.84

      Howard Johnson              471  45,084       48.5%   $65.95     $32.01

      Travelodge                  482  36,203       50.7%   $70.20     $35.60

      Microtel Inns & Suites      301  21,431       57.9%   $63.51     $36.78

      Knights Inn                 294  19,568       42.4%   $43.71     $18.54

      Unmanaged, Affiliated
       and Managed,
       Non-Proprietary
       Hotels (*)                  28   5,260        N/A       N/A        N/A
                                ----- -------
        Total                   6,970 583,393       53.4%   $70.68     $37.76
                                ===== =======

    NOTE: A glossary of terms is included in Table 3 (3 of 3).

    (*)  Represents 1) affiliated properties for which we receive a fee for
         reservation services provided and 2) properties managed under the CHI
         Limited joint venture.  These properties are not branded; as such,
         certain operating statistics (such as average occupancy rate, ADR and
         RevPAR) are not relevant.  As of September 30, 2008, amounts also
         include AmeriHost branded properties.



                                                                      Table 7
                                                                      (1 of 2)

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

                                 Three Months Ended         Nine Months Ended
                         ---------------------------------  -----------------
                         March 31,   June 30,   Sept. 30,     September 30,
                            2009        2009       2009            2009
                         ----------  ---------  ----------  -----------------

    Reported EBITDA            $134       $196        $254               $583
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets (a)                 4          -           2                  6
      Restructuring
       costs (b)                 43          3           -                 46
                               ----       ----        ----               ----

    Adjusted EBITDA            $181       $199        $256               $635
                               ----       ----        ----               ----

    Reported PreTax
     Income                     $74       $127        $175               $375
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets (a)                 4          -           2                  6
      Restructuring
       costs (b)                 43          3           -                 46
                               ----       ----        ----               ----

    Adjusted PreTax
     Income                    $121       $130        $177               $427
                               ----       ----        ----               ----

    Reported Tax
     Provision                 $(29)      $(56)       $(71)             $(155)
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets (c)                (2)         2           -                  -
      Restructuring
       costs (c)                (16)        (1)          -                (18)
                               ----       ----        ----               ----

    Adjusted Tax
     Provision                 $(47)      $(55)       $(71)             $(173)
                               ----       ----        ----              -----

    Reported Net Income         $45        $71        $104               $220
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets                     2          2           2                  6
      Restructuring
       costs                     27          2           -                 28
                               ----       ----        ----               ----

    Adjusted Net Income         $74        $75        $106               $254
                                ---        ---        ----               ----

    Reported Diluted EPS      $0.25      $0.39       $0.57              $1.21
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets                  0.01       0.01        0.01               0.03
      Restructuring
       costs                   0.15       0.01           -               0.16
                               ----       ----        ----               ----

    Adjusted Diluted EPS      $0.41      $0.41       $0.58              $1.40
                              -----      -----       -----              -----

    Diluted Shares              178        182         183                181

    Note: Amounts may not foot due to rounding.

    (a)  Relates to the net expense from the resolution of and adjustment to
         certain contingent liabilities and assets.
    (b)  Relates to costs incurred as a result of various strategic
         initiatives commenced by the Company during 2008.
    (c)  Relates to the tax effect of the adjustments.



                                                                      Table 7
                                                                      (2 of 2)

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

                                 Three Months Ended         Nine Months Ended
                         ---------------------------------  -----------------
                         March 31,   June 30,   Sept. 30,     September 30,
                            2008        2008       2008            2008
                         ----------  ---------  ----------  -----------------

    Reported EBITDA            $130       $221        $294               $645
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets (a)                 3         (7)          1                 (4)
      Trademark
       impairment (b)            28          -           -                 28
      Restructuring
       costs (c)                  -          -           6                  6
                               ----       ----        ----               ----

    Adjusted EBITDA            $161       $214        $301               $675
                               ----       ----        ----               ----

    Reported PreTax
     Income                     $70       $160        $228               $457
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets (a)                 3         (7)          1                 (4)
      Trademark
       impairment (b)            28          -           -                 28
      Restructuring
       costs (c)                  -          -           6                  6
                               ----       ----        ----               ----

    Adjusted PreTax
     Income                    $101       $153        $235               $487
                               ----       ----        ----               ----

    Reported Tax
     Provision                 $(28)      $(62)       $(86)             $(175)
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets (d)                 -          3           1                  5
      Trademark
       impairment (d)           (11)         -           -                (11)
      Restructuring
       costs (d)                  -          -          (2)                (2)
                               ----       ----        ----               ----

    Adjusted Tax
     Provision                 $(39)      $(59)       $(87)             $(183)
                               ----       ----        ----              -----

    Reported Net Income         $42        $98        $142               $282
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets                     3         (4)          2                  1
      Trademark
       impairment                17          -           -                 17
      Restructuring
       costs                      -          -           4                  4
                               ----       ----        ----               ----

    Adjusted Net Income         $62        $94        $148               $304
                                ---        ---        ----               ----

    Reported Diluted EPS      $0.24      $0.55       $0.80              $1.58
      Resolution of and
       adjustment to
       contingent
       liabilities and
       assets                  0.01      (0.02)       0.01               0.01
      Trademark
       impairment              0.10          -           -               0.10
      Restructuring
       costs                      -          -        0.02               0.02
                               ----       ----        ----               ----

    Adjusted Diluted EPS      $0.35      $0.53       $0.83              $1.71
                              -----      -----       -----              -----

    Diluted Shares              178        178         178                178

    Note: Amounts may not foot due to rounding.

    (a)  Relates to the net (benefit)/expense from the resolution of and
         adjustment to certain contingent liabilities and assets.
    (b)  Represents an impairment charge due to the Company's initiative to
         rebrand its vacation ownership trademarks to the Wyndham brand.
    (c)  Relates to costs incurred as a result of various strategic
         initiatives commenced by the Company during 2008.
    (d)  Relates to the tax effect of the adjustments.



                                                                    Table 8
                                                                    (1 of 4)

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

                                     Three Months Ended September 30, 2009
                                     -------------------------------------

                                         As           Legacy          As
                                     Reported      Adjustments     Adjusted
                                     ---------     -----------     --------
    Net revenues
      Service fees and membership         $445                         $445
      Vacation ownership interest
       sales                               285                          285
      Franchise fees                       126                          126
      Consumer financing                   108                          108
      Other                                 52                           52
                                         -----          ----          -----
    Net revenues                         1,016            -           1,016
                                         -----          ----          -----

    Expenses
      Operating                            386                          386
      Cost of vacation ownership
       interests                            54                           54
      Consumer financing interest           35                           35
      Marketing and reservation            149                          149
      General and administrative           140           (2) (a)        138
      Depreciation and amortization         46                           46
                                         -----          ----          -----
    Total expenses                         810           (2)            808
                                         -----          ----          -----

    Operating income                       206            2             208
    Other income, net                       (2)                          (2)
    Interest expense                        34                           34
    Interest income                         (1)                          (1)
                                         -----          ----          -----

    Income before income taxes             175            2             177
    Provision for income taxes              71            -  (b)         71
                                         -----          ----          -----

    Net income                            $104           $2            $106
                                         =====          ====          =====

    Earnings per share
      Basic                              $0.58        $0.01           $0.59
      Diluted                             0.57         0.01            0.58

    Weighted average shares
     outstanding
      Basic                                179          179             179
      Diluted                              183          183             183

    (a)  Relates to the net expense from the resolution of and adjustment to
         certain contingent liabilities and assets.
    (b)  Relates to the tax effect of the adjustment.



                                                                    Table 8
                                                                    (2 of 4)

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

                                 Nine Months Ended September 30, 2009
                                 ------------------------------------

                               As       Legacy     Restructuring      As
                           Reported   Adjustments       Costs      Adjusted
                           ---------  -----------  --------------  --------
    Net revenues
      Service fees and
       membership             $1,241                                 $1,241
      Vacation ownership
       interest sales            766                                    766
      Franchise fees             342                                    342
      Consumer financing         325                                    325
      Other                      163                                    163
                               -----         ----             ---     -----
    Net revenues               2,837            -               -     2,837
                               -----         ----             ---     -----

    Expenses
      Operating                1,153                                  1,153
      Cost of vacation
       ownership
       interests                 136                                    136
      Consumer financing
       interest                  102                                    102
      Marketing and
       reservation               423                                    423
      General and
       administrative            398           (6)(a)                   392
      Restructuring costs         46                          (46)(b)     -
      Depreciation and
       amortization              134                                    134
                               -----         ----             ---     -----
    Total expenses             2,392           (6)            (46)    2,340
                               -----         ----             ---     -----

    Operating income             445            6              46       497
    Other
     income, net                  (4)                                    (4)
    Interest expense              79                                     79
    Interest income               (5)                                    (5)
                               -----         ----             ---     -----

    Income before
     income taxes                375            6              46       427
    Provision for
     income taxes                155            -(c)           18(c)    173
                               -----         ----             ---     -----

    Net income                  $220           $6             $28      $254
                               =====         ====             ===     =====

    Earnings per
     share
      Basic                    $1.23        $0.03           $0.16     $1.42
      Diluted                   1.21         0.03            0.16      1.40

    Weighted
     average shares
     outstanding
      Basic                      178          178             178       178
      Diluted                    181          181             181       181

    (a)  Relates to the net expense from the resolution of and adjustment to
         certain contingent liabilities and assets.
    (b)  Relates to costs incurred as a result of various strategic
         initiatives commenced by the Company during 2008.
    (c)  Relates to the tax effect of the adjustments.



                                                                 Table 8
                                                                 (3 of 4)

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

                              Three Months Ended September 30, 2008
                              -------------------------------------

                           As        Legacy     Restructuring      As
                        Reported   Adjustments       Costs      Adjusted
                        ---------  -----------  --------------  --------
    Net revenues
      Service fees and
       membership            $468                                   $468
      Vacation
       ownership
       interest sales         446                                    446
      Franchise fees          153                                    153
      Consumer
       financing              111                                    111
      Other                    48                                     48
                            -----         ----           -----     -----
    Net revenues            1,226            -               -     1,226
                            -----         ----           -----     -----

    Expenses
      Operating               439                                    439
      Cost of vacation
       ownership
       interests               86                                     86
      Consumer
       financing
       interest                34                                     34
      Marketing and
       reservation            232                                    232
      General and
       administrative         140           (1)(a)                   139
      Restructuring
       costs                    6                           (6)(b)     -
      Depreciation and
       amortization            47                                     47
                            -----         ----           -----     -----
    Total expenses            984           (1)             (6)      977
                            -----         ----           -----     -----

    Operating
     income                   242            1               6       249
    Other income,
     net                       (5)                                    (5)
    Interest
     expense                   21                                     21
    Interest income            (2)                                    (2)
                            -----         ----           -----     -----

    Income before
     income taxes             228            1               6       235
    Provision for
     income taxes              86           (1)(c)           2(c)     87
                            -----         ----           -----     -----

    Net income               $142           $2              $4      $148
                            =====         ====           =====     =====

    Earnings per
     share
      Basic                 $0.80        $0.01           $0.02     $0.83
      Diluted                0.80         0.01            0.02      0.83

    Weighted
     average shares
     outstanding
      Basic                   178          178             178       178
      Diluted                 178          178             178       178

    (a)  Relates to the net expense from the resolution of and adjustment to
         certain contingent liabilities and assets.
    (b)  Relates to costs incurred as a result of various strategic
         initiatives commenced by the Company during 2008.
    (c)  Relates to the tax effect of the adjustment.



                                                                   Table 8
                                                                   (4 of 4)

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

                              Nine Months Ended September 30, 2008
                              ------------------------------------


                                                         Restruc-
                         As       Legacy     Trademark    turing      As
                     Reported   Adjustments  Impairment    Costs   Adjusted
                     ---------  -----------  ----------  --------  --------
    Net revenues
      Service fees
       and membership   $1,344                                       $1,344
      Vacation
       ownership
       interest sales    1,153                                        1,153
      Franchise fees       402                                          402
      Consumer
       financing           314                                          314
      Other                157                                          157
                         -----         ----        ----      ----     -----
    Net revenues         3,370            -           -         -     3,370
                         -----         ----        ----      ----     -----

    Expenses
      Operating          1,284                                        1,284
      Cost of
       vacation
       ownership
       interests           226                                          226
      Consumer
       financing
       interest             93                                           93
      Marketing
       and
       reservation         659                                          659
      General and
       adminis-
       trative             438            4(a)                          442
      Trademark
       impairment           28                      (28)(b)               -
      Restruc-
       turing
       costs                 6                                 (6)(c)     -
      Depreciation
       and
       amortization        137                                          137
                         -----         ----        ----      ----     -----
    Total expenses       2,871            4         (28)       (6)    2,841
                         -----         ----        ----      ----     -----
    Operating income       499           (4)         28         6       529
    Other income, net       (9)                                          (9)
    Interest expense        59                                           59
    Interest income         (8)                                          (8)
                         -----         ----        ----      ----     -----
    Income before
     income taxes          457           (4)         28         6       487
    Provision for
     income taxes          175           (5)(d)      11(d)      2(d)    183
                         -----         ----        ----      ----     -----

    Net income            $282           $1         $17        $4      $304
                         =====         ====        ====      ====     =====

    Earnings per share
      Basic              $1.59        $0.01       $0.10     $0.02     $1.71
      Diluted             1.58         0.01        0.10      0.02      1.71

    Weighted average
     shares outstanding
      Basic                177          177         177       177       177
      Diluted              178          178         178       178       178

    Note: EPS amounts may not foot across due to rounding.

    (a)  Relates to the net benefit from the resolution of and adjustment to
         certain contingent liabilities and assets.
    (b)  Represents an impairment charge due to the Company's initiative to
         rebrand its vacation ownership trademarks to the Wyndham brand.
    (c)  Relates to costs incurred as a result of various strategic
         initiatives commenced by the Company during 2008.
    (d)  Relates to the tax effect of the adjustments.

SOURCE Wyndham Worldwide Corporation

Margo C. Happer, Senior Vice President, Investor Relations, Wyndham Worldwide Corporation, +1-973-753-6472, Margo.Happer@wyndhamworldwide.com