WYNDHAM WORLDWIDE CORPORATION

Economic conditions affecting the hospitality industry, the global economy and credit markets generally may
adversely affect our business and results of operations, our ability to obtain financing and/or securitize our
receivables on reasonable and acceptable terms, the performance of our loan portfolio and the market price of
our common stock.
The future economic environment for the hospitality industry and the global economy may continue to be
challenged. The hospitality industry has experienced and may continue to experience significant downturns in
connection with, or in anticipation of, declines in general economic conditions. The current economy has been
characterized by higher unemployment, lower family income, lower business investment and lower consumer
spending, leading to lower demand for hospitality services and products. Declines in consumer and commercial
spending may adversely affect our revenues and profits.
Uncertainty in the equity and credit markets may negatively affect our ability to access short-term and longterm
financing on reasonable terms or at all, which would negatively impact our liquidity and financial condition. In
addition, if one or more of the financial institutions that support our existing credit facilities fails, we may not be
able to find a replacement, which would negatively impact our ability to borrow under the credit facilities.
Disruptions in the financial markets may adversely affect our credit rating and the market value of our common
stock. If we are unable to refinance, if necessary, our outstanding debt when due, our results of operations and
financial condition will be materially and adversely affected.
While we believe we have adequate sources of liquidity to meet our anticipated requirements for working
capital, debt service and capital expenditures for the foreseeable future, if our cash flow or capital resources prove
inadequate we could face liquidity problems that could materially and adversely affect our results of operations and
financial condition.
Our liquidity as it relates to our vacation ownership contract receivables securitization program could be
adversely affected if we were to fail to renew or replace our securitization warehouse conduit facility on its renewal
date or if a particular receivables pool were to fail to meet certain ratios, which could occur in certain instances if
the default rates or other credit metrics of the underlying vacation ownership contract receivables deteriorate. Our
ability to sell securities backed by our vacation ownership contract receivables depends on the continued ability and
willingness of capital market participants to invest in such securities. It is possible that asset-backed securities issued
pursuant to our securitization programs could in the future be downgraded by credit agencies. If a downgrade occurs,
our ability to complete other securitization transactions on acceptable terms or at all could be jeopardized, and we
could be forced to rely on other potentially more expensive and less attractive funding sources, to the extent
available, which would decrease our profitability and may require us to adjust our business operations accordingly,
including reducing or suspending our financing to purchasers of vacation ownership interests.
Our businesses are subject to extensive regulation and the cost of compliance or failure to comply with such
regulations may adversely affect us.
Our businesses are heavily regulated by federal, state and local governments in the countries in which our
operations are conducted. In addition, domestic and foreign federal, state and local regulators may enact new laws
and regulations that may reduce our revenues, cause our expenses to increase and/or require us to modify
substantially our business practices. If we are not in compliance with applicable laws and regulations, including,
among others, those governing franchising, timeshare, lending, privacy, marketing and sales, unfair and deceptive
trade practices, telemarketing, licensing, labor, employment, health care, health and safety, accessibility, immigration,
gaming, environmental (including climate change), and regulations applicable under the Office of Foreign Asset
Control and the Foreign Corrupt Practices Act (and local equivalents in international jurisdictions), we may be
subject to regulatory investigations or actions, fines, penalties and potential criminal prosecution.
We are subject to risks related to corporate responsibility.
Many factors influence our reputation and the value of our brands including perceptions of us held by our key
stakeholders and the communities in which we do business. Businesses face increasing scrutiny of the social and
environmental impact of their actions and there is a risk of damage to our reputation and the value of our brands if
we fail to act responsibly or comply with regulatory requirements in a number of areas such as safety and security,
sustainability, responsible tourism, environmental management, human rights and support for local communities.
We are dependent on our senior management.
We believe that our future growth depends, in part, on the continued services of our senior management team.
Losing the services of any members of our senior management team could adversely affect our strategic and
customer relationships and impede our ability to execute our business strategies.
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