EX-99.1

Exhibit 99.1

Wyndham Worldwide Reports Second Quarter 2009 Results

PARSIPPANY, N.J. (July 29, 2009) — Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended June 30, 2009.

SECOND QUARTER 2009 HIGHLIGHTS:

	•		The Company generated diluted adjusted earnings per share (EPS) of $0.41, compared with Company-issued guidance of $0.36 — $0.41

	•		The Company reaffirms full-year 2009 revenue and adjusted EBITDA guidance

	•		Wyndham Hotel Group’s concentration in the economy and mid-scale segments led it to outperform the overall industry average domestic revenue per available room (RevPAR), posting a decline of 13.6% compared with a decline of 19.5%, as reported by Smith Travel Research

	•		Group RCI adjusted EBITDA, excluding the net effect of foreign currency impacts, increased 30%

	•		Volume per guest (VPG) at Wyndham Vacation Ownership increased 17%, reflecting strong pricing and higher close rates

	•		In May 2009, the Company successfully completed $480 million of debt issuances maturing in 2012 and 2014; increasing available capacity on its revolving credit facility to approximately $840 million as of June 30, 2009

“Wyndham Worldwide delivered strong second quarter results,” said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide. “Our diversified business model has proved to be flexible and efficient. In addition, we are well positioned to capitalize on an economic recovery.”

SECOND QUARTER 2009 OPERATING RESULTS
Second quarter revenues of $920 million declined by 19% from the prior-year period, due to continued weakness in the global lodging industry; unfavorable foreign exchange rate movements which negatively impacted the vacation exchange and rental business; and the previously announced initiative to reduce sales in the Company’s vacation ownership business.

Reported net income for the second quarter of 2009 was $71 million, or $0.39 diluted EPS, compared with net income of $98 million, or $0.55 diluted EPS, for the second quarter of 2008.

Adjusted net income for the second quarter of 2009 was $75 million, or $0.41 diluted EPS, compared with adjusted net income of $94 million, or $0.53 diluted EPS, for the second quarter of 2008. Second quarter 2009 adjusted EPS excludes the after-tax impact of $4 million in restructuring costs and legacy items. Second quarter 2008 adjusted EPS excludes the after-tax net benefit of $4 million related to legacy items.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)
Revenues were $174 million in the second quarter of 2009, a decline of 13% compared with the second quarter of 2008, primarily reflecting a worldwide decline in RevPAR and lower property management reimbursable revenues.

In constant currency, second quarter 2009 system-wide RevPAR decreased 14.7%, reflecting declines of 13.6% and 18.1% in domestic and international RevPAR, respectively. Including the impact of foreign currency, system-wide RevPAR declined 16.7% in the second quarter of 2009.

Second quarter 2009 EBITDA was $50 million, a 19% decline from the second quarter of 2008, primarily driven by the decline in worldwide RevPAR and lower other franchise fees, partly offset by the timing of marketing expenses.

As of June 30, 2009, the Company’s hotel system consisted of over 7,000 properties and 590,200 rooms, of which 21% were international. The development pipeline included approximately 1,000 hotels and 111,000 rooms, of which 50% were new construction and 41% were international.

Vacation Exchange and Rentals (Group RCI)
Revenues were $280 million in the second quarter of 2009, an 11% decrease compared with the second quarter of 2008, primarily related to the impact of unfavorable foreign currency movements. In constant currency, revenues decreased only 1%, as favorability in vacation rental revenues was offset by lower ancillary revenues.

Annual dues and exchange revenues were $112 million, relatively flat in constant currency compared with the second quarter of 2008 reflecting a 3% increase in the average number of members and a 4% decline in revenue per member. Including the impact of foreign currency, revenues declined 6% from the second quarter of 2008.

Vacation rental revenues were $137 million, an increase of $7 million, or 5%, in constant currency compared with the second quarter of 2008, driven by a 3% increase in the average net price per rental and a 2% increase in rental transaction volume.

Including the impact of foreign currency, revenues decreased 10% from the prior year period.

Second quarter 2009 EBITDA increased 4% to $56 million, compared with $54 million in the second quarter of 2008. Excluding $2 million of restructuring costs, second quarter adjusted EBITDA was $58 million, a 7% increase from the prior year period. Excluding a $12 million unfavorable net effect of foreign currency, adjusted EBITDA would have increased $16 million, or 30%, from the second quarter of 2008, reflecting cost savings.

Vacation Ownership (Wyndham Vacation Ownership)
Gross Vacation Ownership Interest (VOI) sales were $327 million for the second quarter of 2009, a 39% decline from the second quarter of 2008. This decrease was primarily driven by the previously announced initiative to scale down our sales in response to the disjointed capital markets, which included a refocusing of sales and marketing efforts that resulted in fewer tours.

Total segment revenues were $467 million in the second quarter of 2009, down 25% from the second quarter of 2008, primarily reflecting the previously mentioned lower tour flow. This was partially offset by a $42 million favorable gross impact from the recognition of revenue that was previously deferred under the percentage-of-completion (POC) method of accounting and a 17% increase in VPG from the second quarter of 2008. Under the POC method of accounting for the sale of vacation ownership interests, the Company recognized $37 million of previously deferred revenue during the second quarter of 2009, while second quarter 2008 reported revenues were reduced by $5 million of deferred revenue.

EBITDA for the second quarter of 2009 was $107 million, down 4% from the second quarter of 2008, reflecting a $20 million impact from the net increase in the recognition of revenue previously deferred under the POC method of accounting, offset by the net impact of the planned reduction of VOI sales volume. Excluding $1 million of restructuring costs, second quarter 2009 adjusted EBITDA was $108 million, compared to adjusted EBITDA of $112 million in the second quarter of 2008.

Other Items
Net interest expense in the second quarter of 2009 was $24 million, a $9 million increase from the second 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. Depreciation and amortization declined $1 million year-over-year to $45 million in the second quarter of 2009.

Balance Sheet Information as of June 30, 2009:

	•		Cash and cash equivalents of approximately $175 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 approximately $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 $1.9 billion, compared with $2.0 billion at December 31, 2008; remaining borrowing capacity on revolving credit facility was approximately $840 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 third quarter of 2009, the Company expects adjusted EPS of $0.53 — $0.57, based on weighted average shares of 182 million.

The Company reaffirms full-year 2009 guidance:

	•		Revenues of $3.5 — $3.9 billion

	•		Adjusted EBITDA of $760 — $810 million

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 hold a conference call with investors to discuss this news on Wednesday, July 29, 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) 369-1781 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 July 29, 2009. A telephone replay will be available at (800) 229-6292 beginning at 12:00 p.m. EDT on July 29, 2009, until 5:00 p.m. EDT on September 15, 2009; callers must provide the pass code “147852.”

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 over 7,000 franchised hotels and approximately 590,200 hotel rooms worldwide. Group RCI 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 as to the future based on plans, estimates and projections at the time the Company makes the statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release include statements related to the Company’s revenues, earnings and related financial and operating measures.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward-looking statements include general economic conditions, the performance of the financial and credit markets, the economic environment for the hospitality industry, the impact of war and terrorist activity, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those described in the Company’s Annual Report on Form 10-Q, filed with the SEC on May 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 six months ended June 30, 2009 and 2008:


	Three Months Ended June 30,
	2009						2008
	Net Revenues			EBITDA ^(d)			Net Revenues			EBITDA
Lodging	$	174		$	50		$	200		$	62
Vacation Exchange and Rentals		280			56			314			54
Vacation Ownership		467			107			621			112

Total Reportable Segments		921			213			1,135			228
Corporate and Other ^{(a) (b)}		(1	)		(17	)		(3	)		(7	)

Total Company	$	920		$	196		$	1,132		$	221


Reconciliation of EBITDA to Net Income

EBITDA				$	196					$	221
Depreciation and amortization					45						46
Interest expense					26						18
Interest income					(2	)					(3	)

Income before income taxes					127						160
Provision for income taxes					56						62

Net income				$	71					$	98


	Six Months Ended June 30,
	2009						2008
	Net Revenues			EBITDA ^(e)			Net Revenues			EBITDA
Lodging	$	328		$	85		$	370		$	108
Vacation Exchange and Rentals		566			132			654			147
Vacation Ownership		929			151			1,124			120	^(f)

Total Reportable Segments		1,823			368			2,148			375
Corporate and Other ^{(a) (c)}		(2	)		(39	)		(4	)		(24	)

Total Company	$	1,821		$	329		$	2,144		$	351


Reconciliation of EBITDA to Net Income

EBITDA				$	329					$	351
Depreciation and amortization					88						90
Interest expense					45						37
Interest income					(4	)					(5	)

Income before income taxes					200						229
Provision for income taxes					84						89

Net income				$	116					$	140


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

^(b)		Includes $2 million, net of tax, of a net expense and $7 million ($4 million, net of tax) of a net benefit during the three months ended June 30, 2009 and 2008, respectively, related to the resolution of and adjustment to certain contingent liabilities and assets.

^(c)		Includes $3 million ($3 million, net of tax) of a net expense and $4 million ($1 million, net of tax) of a net benefit during the six months ended June 30, 2009 and 2008, respectively, related to the resolution of and adjustment to certain contingent liabilities and assets.

^(d)		Includes restructuring costs of $2 million and $1 million for Vacation Exchange and Rentals and Vacation Ownership, respectively. The after-tax impact of such costs is $2 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 $29 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 Ended						Six Months Ended
	June 30,						June 30,
	2009			2008			2009			2008
Net revenues
Service fees and membership	$	397		$	424		$	797		$	876
Vacation ownership interest sales		242			414			482			708
Franchise fees		117			136			216			249
Consumer financing		109			104			217			203
Other		55			54			109			108

Net revenues		920			1,132			1,821			2,144


Expenses
Operating		394			438			767			845
Cost of vacation ownership interests		33			80			82			140
Consumer financing interest ^(a)		35			27			67			60
Marketing and reservation		137			218			275			427
General and administrative ^{(b) (c)}		122			152			258			298
Asset impairments ^(d)		—			—			—			28
Restructuring costs ^(e)		3			—			46			—
Depreciation and amortization		45			46			88			90

Total expenses		769			961			1,583			1,888


Operating income		151			171			238			256
Other income, net		—			(4	)		(3	)		(5	)
Interest expense		26			18			45			37
Interest income		(2	)		(3	)		(4	)		(5	)


Income before income taxes		127			160			200			229
Provision for income taxes		56			62			84			89


Net income	$	71		$	98		$	116		$	140


Earnings per share
Basic	$	0.40		$	0.55		$	0.65		$	0.79
Diluted		0.39			0.55			0.64			0.79

Weighted average shares outstanding
Basic		179			177			178			177
Diluted		182			178			180			178


^(a)		Prior to periods ending September 30, 2008, such amounts were included as a component of Operating Expenses.

^(b)		Includes $2 million, net of tax, of a net expense and $7 million ($4 million, net of tax) of a net benefit during the three months ended June 30, 2009 and 2008, respectively, related to the resolution of and adjustment to certain contingent liabilities and assets.

^(c)		Includes $3 million ($3 million, net of tax) of a net expense and $4 million ($1 million, net of tax) of a net benefit during the six months ended June 30, 2009 and 2008, respectively, related to the resolution of and adjustment to certain contingent liabilities and assets.

^(d)		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.

^(e)		Relates to costs incurred as a result of various strategic initiatives commenced by the Company during 2008. During the three and six months ended June 30, 2009, such amount, net of tax, was $2 million and $29 million, respectively.

Table 3
(1 of 3)

Wyndham Worldwide Corporation
OPERATING STATISTICS


	Year		Q1		Q2		Q3		Q4		Full Year
Lodging ^(a)
Number of Rooms ^(b)		2009		588,500		590,200		N/A		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		N/A		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

Royalty, Marketing and Reservation Revenues (in 000s)		2009	$	95,368	$	111,030		N/A		N/A		N/A
		2008	$	104,162	$	127,238	$	145,502	$	105,803	$	482,709
		2007	$	105,426	$	129,453	$	146,290	$	107,870	$	489,041
		2006	$	102,741	$	125,409	$	138,383	$	104,505	$	471,039

Vacation Exchange and Rentals
Average Number of Members (in 000s)		2009		3,789		3,795		N/A		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		N/A		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		N/A		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		N/A		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		N/A		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		N/A		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		N/A		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


	Year		Q1			Q2			Q3			Q4			Full Year
Lodging ^(a)
Number of Properties^(b)		2009		6,990			7,020			N/A			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			N/A			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			N/A			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.

Royalty, Marketing and Reservation Revenues: Royalty, marketing and reservation revenues are typically based on a percentage of the gross room revenues of each hotel. Royalty revenue is generally a fee charged to each franchised or managed hotel for the use of one of our trade names, while marketing and reservation revenues are fees that we collect and are contractually obligated to spend to support marketing and reservation activities. Marketing and reservation fees are also included in Table 4 within Marketing, Reservation and Wyndham Rewards Revenues.

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										2008
	Q1		Q2		Q3		Q4		Year		Q1		Q2		Q3		Q4			Year

Lodging
Royalties and Franchise Fees	$	57	$	68		N/A		N/A		N/A	$	64	$	78	$	88	$	66		$	297
Marketing, Reservation and Wyndham Rewards Revenues ^(a)		54		66		N/A		N/A		N/A		60		75		84		61			280
Property Management Reimbursable Revenues ^(b)		22		23		N/A		N/A		N/A		27		26		25		21			100
Ancillary Revenues ^(c)		21		17		N/A		N/A		N/A		19		21		16		22			76

Total Lodging		154		174		N/A		N/A		N/A		170		200		213		170			753


Vacation Exchange and Rentals
Exchange Revenues		127		112		N/A		N/A		N/A		137		119		114		101			471
Rental Revenues		130		137		N/A		N/A		N/A		160		153		199		113			624
Ancillary Revenues ^(d)		30		31		N/A		N/A		N/A		44		42		41		36			164

Total Vacation Exchange and Rentals		287		280		N/A		N/A		N/A		341		314		354		250			1,259


Vacation Ownership
Vacation Ownership Interest Sales		239		242		N/A		N/A		N/A		294		414		446		309			1,463
Consumer Financing		109		109		N/A		N/A		N/A		99		104		111		112			426
Property Management Fees		91		94		N/A		N/A		N/A		85		84		89		89			346
Ancillary Revenues ^(e)		23		22		N/A		N/A		N/A		26		19		15		(18	)		43

Total Vacation Ownership		462		467		N/A		N/A		N/A		504		621		661		492			2,278

Total Reportable Segments	$	903	$	921		N/A		N/A		N/A	$	1,015	$	1,135	$	1,228	$	912		$	4,290


	2007										2006
	Q1		Q2		Q3		Q4		Year		Q1		Q2		Q3		Q4		Year

Lodging
Royalties and Franchise Fees	$	63	$	78	$	89	$	67	$	296	$	59	$	75	$	81	$	63	$	278
Marketing, Reservation and Wyndham Rewards Revenues ^(a)		60		73		84		64		281		58		70		78		60		266
Property Management Reimbursable Revenues ^(b)		16		22		26		28		92		16		20		17		16		69
Ancillary Revenues ^(c)		13		13		12		17		56		11		11		13		13		48

Total Lodging		152		186		211		176		725		144		176		189		152		661


Vacation Exchange and Rentals
Exchange Revenues		135		116		116		112		479		125		108		112		110		455
Rental Revenues		139		136		182		125		582		120		116		158		105		498
Ancillary Revenues ^(d)		40		36		38		43		157		37		37		40		51		166

Total Vacation Exchange and Rentals		314		288		336		280		1,218		282		261		310		266		1,119


Vacation Ownership
Vacation Ownership Interest Sales		373		443		467		383		1,666		309		377		396		379		1,461
Consumer Financing		81		88		93		96		358		65		70		77		79		291
Property Management Fees		74		78		79		78		310		58		60		66		68		253
Ancillary Revenues ^(e)		21		20		32		19		91		13		11		12		28		63

Total Vacation Ownership		549		629		671		576		2,425		445		518		551		554		2,068

Total Reportable Segments	$	1,015	$	1,103	$	1,218	$	1,032	$	4,368	$	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. Marketing and reservation fees are also included in Table 3 (1 of 3) within Royalty, Marketing and Reservation Revenues. 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)


	June 30,		March 31,		December 31,		September 30,		June 30,
	2009		2009		2008		2008		2008
Securitized vacation ownership debt
Term notes	$	1,290	$	1,165	$	1,252	$	1,437	$	1,727
Bank conduit facilities ^(a)		340		569		558		647		354

Securitized vacation ownership debt ^(b)		1,630		1,734		1,810		2,084		2,081
Less: Current portion of securitized vacation ownership debt		288		305		294		324		284

Long-term securitized vacation ownership debt	$	1,342	$	1,429	$	1,516	$	1,760	$	1,797


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)		30		517		576		305		145
9.875% senior unsecured notes (due May 2014) ^(e)		237		—		—		—		—
3.50% convertible notes (due May 2012) ^(f)		253		—		—		—		—
Vacation ownership bank borrowings^(g)		154		156		159		172		196
Vacation rentals capital leases		135		130		139		143		162
Other		22		13		13		12		13

Total debt		1,928		1,913		1,984		1,729		1,613
Less: Current portion of debt		169		166		169		182		207

Long-term debt	$	1,759	$	1,747	$	1,815	$	1,547	$	1,406


^(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 ceased operating as a revolving facility as of October 29, 2008 and will amortize in accordance with its terms, which is expected to be approximately two years. At June 30, 2009, our 364-day facility has remaining borrowing capacity of $653 million.

^(b)		This debt is collateralized by $2,890 million, $2,981 million, $2,906 million, $2,721 million and $2,723 million of underlying vacation ownership contract receivables and related assets at June 30, 2009, March 31, 2009, December 31, 2008, September 30, 2008 and June 30, 2008, respectively.

^(c)		The balance at June 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 June 30, 2009, the Company has $29 million of outstanding letters of credit and a remaining borrowing capacity of $841 million. The decrease in balance from March 31, 2009 to June 30, 2009 is primarily due to the Company’s utilization of proceeds from the issuance of its 9.875% senior unsecured notes and 3.50% convertible notes during May 2009.

^(e)		Represents senior unsecured notes issued by the Company during May 2009. The balance at June 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 $184 million of debt ($230 million aggregate principal less $46 million of unamortized discount) and a liability with a fair value of $69 million related to a bifurcated conversion feature.

^(g)		Represents a 364-day, AUD 193 million, secured, revolving foreign credit facility, which closed during June 2009 and expires in June 2010. Such facility replaces the previous secured, revolving foreign credit facility which expired in June 2009. On July 7, 2009, an additional AUD 20 million of capacity was added to this facility, increasing total capacity to AUD 213 million.

Table 6
(1 of 2)

Wyndham Worldwide Corporation
HOTEL BRAND SYSTEMS DETAILS


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

Wyndham Hotels and Resorts		85		22,562		55.1	%	$	117.44	$	64.66
Wingate Inn		165		15,109		57.1	%	$	85.57	$	48.87
Hawthorn Suites		90		8,386		53.3	%	$	84.88	$	45.22
Ramada		894		116,225		48.3	%	$	74.04	$	35.78
Baymont		234		19,850		48.3	%	$	64.64	$	31.19
Days Inn		1,856		149,901		48.5	%	$	64.45	$	31.24
Super 8		2,116		131,282		51.6	%	$	56.66	$	29.22
Howard Johnson		475		45,679		42.6	%	$	62.53	$	26.61
Travelodge		464		34,911		45.6	%	$	62.23	$	28.40
Microtel Inns & Suites		317		22,660		53.5	%	$	55.17	$	29.54
Knights Inn		317		20,039		39.2	%	$	43.49	$	17.03
Unmanaged, Affiliated and Managed, Non-Proprietary Hotels^(*)		11		3,549		N/A			N/A		N/A

Total		7,024		590,153		48.9	%	$	66.22	$	32.38


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

Wyndham Hotels and Resorts		82		22,412		65.4	%	$	128.99	$	84.40
Wingate Inn		156		14,289		65.8	%	$	92.79	$	61.09
Ramada		865		107,272		55.4	%	$	84.75	$	46.98
Baymont		210		18,067		51.7	%	$	65.40	$	33.82
Days Inn		1,876		152,892		53.3	%	$	65.70	$	35.05
Super 8		2,095		129,738		57.3	%	$	59.83	$	34.31
Howard Johnson		470		45,256		49.4	%	$	65.12	$	32.18
Travelodge		490		36,666		50.9	%	$	68.83	$	35.03
Knights Inn		290		19,544		43.8	%	$	43.45	$	19.03
Unmanaged, Affiliated and Managed, Non-Proprietary Hotels^(*)		29		5,321		N/A			N/A		N/A

Total		6,563		551,457		54.6	%	$	71.20	$	38.87


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 June 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 Six Months Ended June 30, 2009
										Average
										Revenue Per
					Average			Average Daily		Available Room
Brand	Number of Properties		Number of Rooms		Occupancy Rate			Rate (ADR)		(RevPAR)

Wyndham Hotels and Resorts		85		22,562		53.4	%	$	120.80	$	64.47
Wingate Inn		165		15,109		53.9	%	$	85.39	$	46.04
Hawthorn Suites		90		8,386		52.0	%	$	87.33	$	45.37
Ramada		894		116,225		46.2	%	$	74.23	$	34.29
Baymont		234		19,850		46.0	%	$	63.22	$	29.10
Days Inn		1,856		149,901		45.0	%	$	62.07	$	27.90
Super 8		2,116		131,282		47.6	%	$	55.76	$	26.55
Howard Johnson		475		45,679		41.2	%	$	61.31	$	25.28
Travelodge		464		34,911		42.6	%	$	59.84	$	25.49
Microtel Inns & Suites		317		22,660		49.6	%	$	55.53	$	27.54
Knights Inn		317		20,039		37.6	%	$	42.35	$	15.94
Unmanaged, Affiliated and Managed, Non-Proprietary Hotels^(*)		11		3,549		N/A			N/A		N/A

Total		7,024		590,153		45.9	%	$	65.41	$	30.04


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

Wyndham Hotels and Resorts		82		22,412		63.7	%	$	123.38	$	78.62
Wingate Inn		156		14,289		62.0	%	$	92.35	$	57.28
Ramada		865		107,272		52.8	%	$	82.35	$	43.46
Baymont		210		18,067		48.9	%	$	65.52	$	32.06
Days Inn		1,876		152,892		49.6	%	$	63.98	$	31.73
Super 8		2,095		129,738		52.9	%	$	58.43	$	30.93
Howard Johnson		470		45,256		46.6	%	$	64.18	$	29.91
Travelodge		490		36,666		48.0	%	$	68.29	$	32.81
Knights Inn		290		19,544		40.9	%	$	42.27	$	17.28
Unmanaged, Affiliated and Managed, Non-Proprietary Hotels^(*)		29		5,321		N/A			N/A		N/A

Total		6,563		551,457		51.1	%	$	69.53	$	35.55


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 June 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						Six Months Ended
	March 31, 2009			June 30, 2009			June 30, 2009
Reported EBITDA	$	134		$	196		$	329
Resolution of and adjustment to contingent liabilities and assets ^(a)		4			—			3
Restructuring costs ^(b)		43			3			46


Adjusted EBITDA	$	181		$	199		$	378


Reported PreTax Income	$	74		$	127		$	200
Resolution of and adjustment to contingent liabilities and assets ^(a)		4			—			3
Restructuring costs ^(b)		43			3			46


Adjusted PreTax Income	$	121		$	130		$	249


Reported Tax Provision	$	(29	)	$	(56	)	$	(84	)
Resolution of and adjustment to contingent liabilities and assets ^(c)		(2	)		2			—
Restructuring costs ^(c)		(16	)		(1	)		(17	)


Adjusted Tax Provision	$	(47	)	$	(55	)	$	(101	)


Reported Net Income	$	45		$	71		$	116
Resolution of and adjustment to contingent liabilities and assets		2			2			3
Restructuring costs		27			2			29


Adjusted Net Income	$	74		$	75		$	148


Reported Diluted EPS	$	0.25		$	0.39		$	0.64
Resolution of and adjustment to contingent liabilities and assets		0.01			0.01			0.02
Restructuring costs		0.15			0.01			0.16


Adjusted Diluted EPS	$	0.41		$	0.41		$	0.82


Diluted Shares		178			182			180


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						Six Months Ended
	March 31, 2008			June 30, 2008			June 30, 2008
Reported EBITDA	$	130		$	221		$	351
Resolution of and adjustment to contingent liabilities and assets ^(a)		3			(7	)		(4	)
Trademark impairment^(b)		28			—			28


Adjusted EBITDA	$	161		$	214		$	375


Reported PreTax Income	$	70		$	160		$	229
Resolution of and adjustment to contingent liabilities and assets ^(a)		3			(7	)		(4	)
Trademark impairment^(b)		28			—			28


Adjusted PreTax Income	$	101		$	153		$	253


Reported Tax Provision	$	(28	)	$	(62	)	$	(89	)
Resolution of and adjustment to contingent liabilities and assets ^(c)		—			3			3
Trademark impairment^(c)		(11	)		—			(11	)


Adjusted Tax Provision	$	(39	)	$	(59	)	$	(97	)


Reported Net Income	$	42		$	98		$	140
Resolution of and adjustment to contingent liabilities and assets		3			(4	)		(1	)
Trademark impairment		17			—			17


Adjusted Net Income	$	62		$	94		$	156


Reported Diluted EPS	$	0.24		$	0.55		$	0.79
Resolution of and adjustment to contingent liabilities and assets		0.01			(0.02	)		(0.01	)
Trademark impairment		0.10			—			0.10


Adjusted Diluted EPS	$	0.35		$	0.53		$	0.88


Diluted Shares		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 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 June 30, 2009
				Legacy			Restructuring
	As Reported			Adjustments ^(a)			Costs			As Adjusted
Net revenues
Service fees and membership	$	397								$	397
Vacation ownership interest sales		242									242
Franchise fees		117									117
Consumer financing		109									109
Other		55									55

Net revenues		920			—			—			920


Expenses
Operating		394									394
Cost of vacation ownership interests		33									33
Consumer financing interest		35									35
Marketing and reservation		137									137
General and administrative		122									122
Restructuring costs		3						(3	) ^(b)		—
Depreciation and amortization		45									45

Total expenses		769			—			(3	)		766


Operating income		151			—			3			154
Interest expense		26									26
Interest income		(2	)								(2	)


Income before income taxes		127			—			3			130
Provision for income taxes		56			(2	) ^(c)		1	^(c)		55


Net income	$	71		$	2		$	2		$	75


Earnings per share
Basic	$	0.40		$	0.01		$	0.01		$	0.42
Diluted		0.39			0.01			0.01			0.41

Weighted average shares outstanding
Basic		179			179			179			179
Diluted		182			182			182			182


^(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
(2 of 4)

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


	Six Months Ended June 30, 2009
				Legacy			Restructuring
	As Reported			Adjustments			Costs			As Adjusted
Net revenues
Service fees and membership	$	797								$	797
Vacation ownership interest sales		482									482
Franchise fees		216									216
Consumer financing		217									217
Other		109									109

Net revenues		1,821			—			—			1,821


Expenses
Operating		767									767
Cost of vacation ownership interests		82									82
Consumer financing interest		67									67
Marketing and reservation		275									275
General and administrative		258			(3	) ^(a)					255
Restructuring costs		46						(46	) ^(b)		—
Depreciation and amortization		88									88

Total expenses		1,583			(3	)		(46	)		1,534


Operating income		238			3			46			287
Other income, net		(3	)								(3	)
Interest expense		45									45
Interest income		(4	)								(4	)


Income before income taxes		200			3			46			249
Provision for income taxes		84			—	^(c)		17	^(c)		101


Net income	$	116		$	3		$	29		$	148


Earnings per share
Basic	$	0.65		$	0.02		$	0.16		$	0.83
Diluted		0.64			0.02			0.16			0.82

Weighted average shares outstanding
Basic		178			178			178			178
Diluted		180			180			180			180


^(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 June 30, 2008
				Legacy
	As Reported			Adjustments			As Adjusted
Net revenues
Service fees and membership	$	424					$	424
Vacation ownership interest sales		414						414
Franchise fees		136						136
Consumer financing		104						104
Other		54						54

Net revenues		1,132			—			1,132


Expenses
Operating		438						438
Cost of vacation ownership interests		80						80
Consumer financing interest		27						27
Marketing and reservation		218						218
General and administrative		152			7	^(a)		159
Depreciation and amortization		46						46

Total expenses		961			7			968


Operating income		171			(7	)		164
Other income, net		(4	)					(4	)
Interest expense		18						18
Interest income		(3	)					(3	)


Income before income taxes		160			(7	)		153
Provision for income taxes		62			(3	) ^(b)		59


Net income	$	98		$	(4	)	$	94


Earnings per share
Basic	$	0.55		$	(0.02	)	$	0.53
Diluted		0.55			(0.02	)		0.53

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


^(a)		Relates to the net benefit from the resolution of and adjustment to certain contingent liabilities and assets.

^(b)		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)


	Six Months Ended June 30, 2008
				Legacy			Trademark
	As Reported			Adjustments			Impairment			As Adjusted
Net revenues
Service fees and membership	$	876								$	876
Vacation ownership interest sales		708									708
Franchise fees		249									249
Consumer financing		203									203
Other		108									108

Net revenues		2,144			—			—			2,144


Expenses
Operating		845									845
Cost of vacation ownership interests		140									140
Consumer financing interest		60									60
Marketing and reservation		427									427
General and administrative		298			4	^(a)					302
Trademark impairment		28						(28	) ^(b)		—
Depreciation and amortization		90									90

Total expenses		1,888			4			(28	)		1,864


Operating income		256			(4	)		28			280
Other income, net		(5	)								(5	)
Interest expense		37									37
Interest income		(5	)								(5	)


Income before income taxes		229			(4	)		28			253
Provision for income taxes		89			(3	) ^(c)		11	^(c)		97


Net income	$	140		$	(1	)	$	17		$	156


Earnings per share
Basic	$	0.79		$	(0.01	)	$	0.10		$	0.88
Diluted		0.79			(0.01	)		0.10			0.88

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


^(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 the tax effect of the adjustments.


Investor contact:		Press contact:
Margo C. Happer		Sandra Kelder
Senior Vice President,		Senior Vice President,
Investor Relations		Corporate Communications
Wyndham Worldwide Corporation		Wyndham Worldwide Corporation
(973) 753-6472		(973) 753-8142
Margo.Happer@wyndhamworldwide.com		Sandra.Kelder@wyndhamworldwide.com