WYNDHAM WORLDWIDE CORPORATION

k availability of acceptable financing and cost of capital as they apply to us, our customers, current and
potential hotel franchisees and developers, owners of hotels with which we have hotel management
contracts, our RCI affiliates and other developers of vacation ownership resorts;
k our ability to securitize the receivables that we originate in connection with sales of vacation ownership
interests;
k the risk that purchasers of vacation ownership interests who finance a portion of the purchase price default
on their loans due to adverse macro or personal economic conditions or otherwise, which would increase
loan loss reserves and adversely affect loan portfolio performance; that if such defaults occur during the
early part of the loan amortization period we will not have recovered the marketing, selling, administrative
and other costs associated with such vacation ownership interest; such costs will be incurred again in
connection with the resale of the repossessed vacation ownership interest; and the value we recover in a
default is not, in all instances, sufficient to cover the outstanding debt;
k the quality of the services provided by franchisees, our vacation exchange and rentals business, resorts
with units that are exchanged through our vacation exchange business and/or resorts in which we sell
vacation ownership interests may adversely affect our image and reputation;
k our ability to generate sufficient cash to buy from third-party suppliers the products that we need to
provide to the participants in our points programs who want to redeem points for such products;
k overbuilding in one or more segments of the hospitality industry and/or in one or more geographic regions;
k changes in the number and occupancy and room rates of hotels operating under franchise and management
agreements;
k changes in the relative mix of franchised hotels in the various lodging industry price categories;
k our ability to develop and maintain positive relations and contractual arrangements with current and
potential franchisees, hotel owners, vacation exchange members, vacation ownership interest owners,
resorts with units that are exchanged through our vacation exchange business and/or owners of vacation
properties that our vacation rentals business markets for rental;
k the availability of and competition for desirable sites for the development of vacation ownership properties;
difficulties associated with obtaining entitlements to develop vacation ownership properties; liability under
state and local laws with respect to any construction defects in the vacation ownership properties we
develop; and our ability to adjust our pace of completion of resort development relative to the pace of our
sales of the underlying vacation ownership interests;
k our ability to adjust our business model to generate greater cash flow and require less capital expenditures;
k private resale of vacation ownership interests could adversely affect our vacation ownership resorts and
vacation exchange businesses;
k revenues from our lodging business are indirectly affected by our franchisees’ pricing decisions;
k organized labor activities and associated litigation;
k maintenance and infringement of our intellectual property;
k the bankruptcy or insolvency of any one of our customers could impair our ability to collect outstanding
fees or other amounts due or otherwise exercise our contractual rights;
k increases in the use of third-party Internet services to book online hotel reservations; and
k disruptions in relationships with third parties, including marketing alliances and affiliations with
e-commerce channels.
We may not be able to achieve our growth objectives.
We may not be able to achieve our growth objectives for increasing our cash flows, the number of franchised
and/or managed properties in our lodging business, the number of vacation exchange members in our vacation
exchange business, the number of rental weeks sold by our vacation rentals business and the number of tours
generated and vacation ownership interests sold by our vacation ownership business.
We may be unable to identify acquisition targets that complement our businesses, and if we are able to identify
suitable acquisition targets, we may not be able to complete acquisitions on commercially reasonable terms. Our
ability to complete acquisitions depends on a variety of factors, including our ability to obtain financing on
acceptable terms and requisite government approvals. If we are able to complete acquisitions, there is no assurance
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