WYNDHAM WORLDWIDE CORPORATION

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ental bookings a year. We market vacation rental properties under proprietary brand names, such as Landal GreenParks, Hoseasons, Villas4You, cottages4you, English Country Cottages, James Villa Holidays, Novasol, Dansommer, Cuendet, Canvas Holidays, ResortQuest and Endless Vacation Rentals and through select private-label arrangements. The following is a description of some of our major vacation rental brands: k Novasol » is one of continental Europe’s largest rental companies, featuring properties in more than 20 European countries including holiday homes in Denmark, Norway, Sweden, France, Italy and Croatia, with over 29,000 exclusive holiday homes available for rent through established brands such as Novasol, Dansommer and Cuendet. k The Hoseasons Group operates a number of well-recognized and established brands within the vacation rental market, including Hoseasons, English Country Cottages, cottages4you, Welcome Cottages and James Villa Holidays, and offers unparalleled access to over 44,000 properties across the U.K. and Europe. k Landal GreenParks » is one of Holland’s leading holiday park companies, with over 70 holiday parks offering approximately 11,000 holiday park bungalows, villas and apartments in the Netherlands, Germany, Belgium, Austria, Switzerland and the Czech Republic. Every year more than 2 million guests visit Landal’s parks, many of which offer dining, shopping and wellness facilities. k Canvas Holidays is a specialist tour operator offering luxury camping holidays in Europe at over 90 of the finest European campsites with almost 3,000 accommodation units. It has a wide choice of luxury accommodations — spacious lodges, comfortable mobile homes and the unique Maxi Tent, plus an exciting range of children’s and family clubs. k ResortQuest is a leading provider of full-service, wholly-owned vacation condominiums and home rentals in the U.S. With more than 20 years of experience in the industry, ResortQuest represents a portfolio of approximately 6,000 vacation rental properties in premier beach, ski, golf and tennis resort destinations across North America — from ski-in/ski-out townhomes in Breckenridge, Colorado and Sundance Film Festival lodging in Park City, Utah, to golf course villas on Hilton Head Island in South Carolina and Gulf-front condos along Florida’s Emerald Coast. Most of the rental activity under our brands takes place in Europe and the U.S., although we have the ability to source and rent inventory in approximately 100 countries. Our vacation rentals business also has the opportunity to provide inventory to our 3.8 million vacation exchange members. Our vacation rentals business currently has relationships with over 51,000 independent property owners in 32 countries, including the Netherlands, United Kingdom, Germany, Denmark, Sweden, France, Ireland, Belgium, Italy, Spain, Portugal, Norway, Greece, Austria, Croatia, certain countries in Eastern Europe, the U.S., the Pacific Rim and Latin America. Property owners typically enter into one year or multi-year contracts with our vacation rentals subsidiaries to market the rental of their properties within our rental portfolio. Our vacation rentals business also has an ownership interest in, or capital leases under, approximately 10% of the properties in our Landal GreenParks rental portfolio. Customer Development In our vacation exchange business, we affiliate with vacation ownership developers directly as a result of the efforts of our in-house sales teams. Affiliated developers sign long-term agreements each with a duration of up to 12 years. Our members are acquired primarily through our affiliated developers as part of the vacation ownership purchase process. In our vacation rentals business, we primarily enter into exclusive annual rental agreements with property owners. We market rental properties online and offline to large databases of customers which generate repeat bookings. Additional customers are sourced through bookable websites and offline advertising and promotions, and through the use of third-party travel agencies, tour operators, and online distribution channels to drive additional occupancy. We have a number of specific branded websites, such as http://www.cottages4you.co.uk and http://www.resortquest.com as well as a new global portal highlighting all of our vacation rental brands across product type and geography, http://www.wyndhamvacationrentals.com, to promote, sell and inform new customers about vacation rentals. Given the diversified nature of our rental brands, there is limited dependence on a single customer group or business partner. Loyalty Program Our U.S. vacation exchange business’ member loyalty program is RCI Elite Rewards», which offers a branded credit card, the RCI Elite Rewards credit card. The card allows members to earn reward points that can be redeemed for items related to our exchange programs, including annual membership dues and exchange fees for transactions, and other services and products offered by our vacation exchange business or certain third parties, including airlines and retailers. 16
Internet Given the increasing interest of our members and rental customers to transact on the Internet, we invest and will continue to invest in cutting edge and innovative online technologies to ensure that our members and rental customers have access to similar information and services online that we provide through our call centers. Through our comprehensive http://www.RCI.com initiative, we have launched enhanced search capabilities that greatly simplify our search process and make it easier for a member to find a desired vacation. We have also greatly expanded our online content, including multiple resort pictures and high-definition videos, to help educate members about potential vacation options. Additionally, in 2010, we released a significant series of technology enhancements to our members. This new technology includes program enhancements for our RCI Weeks Members that provide complete trading power transparency, allowing members to better understand the trading power value of the timeshare interval that they deposited with RCI and the timeshare interval into which they want to exchange. Members also have the ability to combine the timeshare intervals that they have deposited with RCI for increased trading power and get a deposit credit if the trading power value of their deposited interval is greater than the interval that they have received by exchange. We also have enhanced our ability to merchandise offers through web only channels and have launched mobile technologies such as applications for the iPhone» to access http://www.RCI.com functionality. Over the last several years, we have improved our web penetration for European rentals through enhancements that have moved the majority of bookings online. As our online distribution channels improve, members and rental customers will shift from transacting business through our call centers to transacting business online, which we expect will generate cost savings. By offering our members and rental customers the opportunity to transact business either through our call centers or online, we offer our members and rental customers the ability to use the distribution channel with which they are most comfortable. Regardless of the distribution channel our members and rental customers use, our goals are member and rental customer satisfaction and retention. Call Centers Our vacation exchange and rentals business also services its members and rental customers through global call centers. The requests that we receive at our global call centers are handled by our vacation guides, who are trained to fulfill our members’ and rental customers’ requests for vacation exchanges and rentals. When our members’ and rental customers’ primary choices are unavailable in periods of high demand, our guides offer the next nearest match in order to fulfill the members’ and rental customers’ needs. Call centers are currently an important distribution channel and therefore we invest resources and will continue to do so to ensure that members and rental customers continue to receive a high level of personalized customer service through our call centers. Marketing We market to our members and rental customers through direct mail and email, online distribution channels, brochures, magazines and travel agencies. We recently launched a comprehensive social media initiative including an RCI application for the iPhone» and iPod touch», a Facebook fan page, a Twitter account and the RCI Blog. Our vacation exchange and rentals business has over 100 publications involved in the marketing of the business. Our vacation exchange and rentals business also publishes resort directories and other periodicals related to the vacation and vacation ownership industry and other travel-related services. We use our publications not only for marketing, but also for member and rental customer retention. Additionally, we promote our offerings to owners of resorts and homes through publications, trade shows, online and other marketing efforts. Strategies We intend to grow our vacation exchange and rentals business profitability by focusing on five strategic themes: k Inspire world-class associate engagement and “Count On Me!” service so that we will deliver better services and products, resulting in improved customer satisfaction and optimal business growth; k Invest in technology to improve the customer experience, grow market share and reduce costs; k Offer more options to our guests by expanding into new geographic markets and product lines; k Develop compelling new services and products by improving our analytic process; and k Promote the benefits of timeshare and vacation rentals to new customer segments. Our plans generally focus on pursuing these strategies organically. However, in appropriate circumstances, we will consider opportunities to acquire businesses, both domestic and international. 17
Page 1 and 2: UNITED STATES SECURITIES AND EXCHAN
Page 3 and 4: PART I FORWARD LOOKING STATEMENTS T
Page 5 and 6: Our portfolio of well-known hospita
Page 7 and 8: The following table sets forth the
Page 9 and 10: free access to a gym facility and t
Page 11 and 12: as annual budget preparation, finan
Page 13 and 14: Our field services team, strategica
Page 15 and 16: Competition Competition is robust a
Page 17: we offer property owners marketing
Page 21 and 22: According to information compiled b
Page 23 and 24: Owners who participate in Club Wynd
Page 25 and 26: Purchaser Financing Wyndham Vacatio
Page 27 and 28: EMPLOYEES As of December 31, 2010,
Page 29 and 30: that we will be able to achieve the
Page 31 and 32: Our inability to adequately protect
Page 33 and 34: 2014; Atlanta, Georgia expiring in
Page 35 and 36: Stock Performance Graph The Stock P
Page 37 and 38: (f) (g) (h) (i) (j) (k) (l) (m) (n)
Page 39 and 40: We enter into agreements to franchi
Page 41 and 42: eal estate inventory costs incurred
Page 43 and 44: Year Ended December 31, 2010 vs. Ye
Page 45 and 46: Arrangements), (ii) $16 million of
Page 47 and 48: at our U.K. and France destinations
Page 49 and 50: In addition, EBITDA was negatively
Page 51 and 52: OPERATING STATISTICS The following
Page 53 and 54: k $29 million of losses from foreig
Page 55 and 56: and $9 million of lower volume-rela
Page 57 and 58: k $25 million of increased costs re
Page 59 and 60: k a $49 million increase in franchi
Page 61 and 62: Operating Activities During 2010, n
Page 63 and 64: Capital Deployment We are focusing
Page 65 and 66: Capacity As of December 31, 2010, a
Page 67 and 68: We believe that our bank conduit fa
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on the matter. As a result of settl
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was approximately $373 million as o
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performance for a five-year period.
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cash flow model in determining the
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Cendant’s Vacation Network Group
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SIGNATURES Pursuant to the requirem
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REPORT OF INDEPENDENT REGISTERED PU
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WYNDHAM WORLDWIDE CORPORATION CONSO
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WYNDHAM WORLDWIDE CORPORATION CONSO
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The Company’s franchise agreement
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manages paid Wyndham Exchange & Ren
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expenses amounted to $48 million, $
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average exchange rates during the p
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integrated the operations of its ac
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(3) Adjusting the carrying value of
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7. Income Taxes The income tax prov
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The following table summarizes the
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Credit Quality for Financed Receiva
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10. Property and Equipment, net Pro
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measurement date and a maximum cons
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As of December 31, 2010, the Compan
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Vacation Rental Capital Leases. The
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The following table presents additi
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Consolidated Statement of Operation
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capacity and the Company’s corpor
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shareholders and further amended as
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comprehensive income on the Consoli
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Total restructuring costs by segmen
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and Avis Budget Group to satisfy th
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(a) (b) (c) (d) (e) (f) (g) (h) (i)
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10.4 Employment Agreement with Fran
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14.1 101.INS XBRL Instance document
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Name WYNDHAM WORLDWIDE CORPORATION
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Exhibit 23.1 CONSENT OF INDEPENDENT
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CERTIFICATION Exhibit 31.2 I, Thoma
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WYNDHAM WORLDWIDE CORPORATION

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