WYNDHAM WORLDWIDE CORPORATION

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WYNDHAM WORLDWIDE CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Year Ended December 31, 2010 2009 2008 Operating Activities Net income/(loss) ............................................... $ 379 $ 293 $ (1,074) Adjustments to reconcile net income/(loss) to net cash provided by operating activities: Depreciation and amortization ................................. 173 178 184 Provision for loan losses. ..................................... 340 449 450 Deferred income taxes ....................................... 76 90 110 Stock-based compensation .................................... 39 37 35 Excess tax benefits from stock-based compensation ................. (14) — — Impairment of goodwill and other assets .......................... 4 15 1,426 Non-cash interest ........................................... 60 51 12 Non-cash restructuring ....................................... — 15 23 Net change in assets and liabilities, excluding the impact of acquisitions and dispositions: Trade receivables ..................................... 14 92 3 Vacation ownership contract receivables. .................... (202) (199) (786) Inventory ........................................... 54 (9) (147) Prepaid expenses. ..................................... 12 25 3 Other current assets. ................................... (4) 41 (25) Accounts payable, accrued expenses and other current liabilities . . . (52) (54) (124) Due to former Parent and subsidiaries, net ................... (179) (44) (23) Deferred income ...................................... (82) (315) 87 Other, net ................................................. 17 24 (45) Net cash provided by operating activities ............................ 635 689 109 Investing Activities Property and equipment additions ................................... (167) (135) (187) Net assets acquired, net of cash acquired .............................. (236) — (135) Equity investments and development advances .......................... (10) (13) (18) Proceeds from asset sales ......................................... 20 5 9 (Increase)/decrease in securitization restricted cash. ...................... (5) 22 (30) (Increase)/decrease in escrow deposit restricted cash ..................... (12) 9 42 Other, net ..................................................... (8) 3 — Net cash used in investing activities ................................ (418) (109) (319) Financing Activities Proceeds from securitized borrowings ................................ 1,697 1,406 1,923 Principal payments on securitized borrowings .......................... (1,554) (1,711) (2,194) Proceeds from non-securitized borrowings ............................. 1,525 822 2,183 Principal payments on non-securitized borrowings ....................... (1,837) (1,451) (1,681) Proceeds from note issuances ...................................... 494 460 — Repurchase of convertible notes. .................................... (250) — — Proceeds from/(purchase of) call options .............................. 136 (42) — Proceeds from issuance of warrants/(repurchase of warrants) ............... (98) 11 — Dividends to shareholders ......................................... (86) (29) (28) Capital contribution from former Parent ............................... — — 8 Repurchase of common stock ...................................... (235) — (15) Proceeds from stock option exercises ................................. 40 — 5 Debt issuance costs .............................................. (41) (27) (27) Excess tax benefits from stock-based compensation ...................... 14 — — Other, net ..................................................... (24) — (8) Net cash provided by/(used in) financing activities ..................... (219) (561) 166 Effect of changes in exchange rates on cash and cash equivalents ............ 3 — (30) Net increase/(decrease) in cash and cash equivalents ..................... 1 19 (74) Cash and cash equivalents, beginning of period ......................... 155 136 210 Cash and cash equivalents, end of period ............................ $ 156 $ 155 $ 136 See Notes to Consolidated Financial Statements. F-5
WYNDHAM WORLDWIDE CORPORATION CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (In millions) Common Stock Treasury Stock Shares Amount Shares Amount Additional Paid-In Capital Retained Earnings/ (Accumulated Deficit) Accumulated Other Comprehensive Income Total Stockholders’ Equity Balance as of December 31, 2007 Comprehensive income .................. 204 $ 2 (27) $ (857) $ 3,652 $ 525 $ 194 $ 3,516 Net loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — (1,074) — Currency translation adjustment, net of tax benefit of $107 . . . . . — — — — — — (76) Unrealized losses on cash flow hedges, net of tax benefit of $12. . — — — — — — (19) Pension liability adjustment, net of tax benefit $0 .......... — — — — — — (1) Total comprehensive loss ....................... (1,170) Exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . — — — — 5 — — 5 Issuance of shares for RSU vesting . . . . . . . . . . . . . . . . . . 1 — — — — — — — Change in deferred compensation . . . . . . . . . . . . . . . . . . . — — — — 28 — — 28 Repurchase of common stock . . . . . . . . . . . . . . . . . . . . . . — — — (13) — — — (13) Cash transfer from former Parent . . . . . . . . . . . . . . . . . . . — — — — 8 — — 8 Change in excess tax benefit on equity awards . . . . . . . . . . . . — — — — (3) — — (3) Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — (29) — (29) Balance as of December 31, 2008 Comprehensive income .................. 205 2 (27) (870) 3,690 (578) 98 2,342 Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — 293 — Currency translation adjustment, net of tax of $31 . . . . . . . . . . — — — — — — 25 Unrealized gains on cash flow hedges, net of tax of $10 . . . . . . — — — — — — 18 Pension liability adjustment, net of tax benefit of $1 . . . . . . . . — — — — — — (3) Total comprehensive income ..................... 333 Issuance of warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — 11 — — 11 Issuance of shares for RSU vesting . . . . . . . . . . . . . . . . . . 1 — — — — — — — Change in deferred compensation . . . . . . . . . . . . . . . . . . . — — — — 36 — — 36 Change in excess tax benefit on equity awards . . . . . . . . . . . . — — — — (4) — — (4) Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — (30) — (30) Balance as of December 31, 2009 Comprehensive income .................. 206 2 (27) (870) 3,733 (315) 138 2,688 Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — 379 — Currency translation adjustment, net of tax benefit of $16 . . . . . Reclassification of unrealized loss on cash flow hedge, net of tax — — — — — — 5 benefit of $6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — — 8 Unrealized gains on cash flow hedges, net of tax of $2 . . . . . . . — — — — — — 4 Total comprehensive income ..................... 396 Exercise of stock options . . . . . . . . . . . . . . . . . . . . . . . . 2 — — — 40 — — 40 Issuance of shares for RSU vesting . . . . . . . . . . . . . . . . . . 2 — — — — — — — Change in deferred compensation . . . . . . . . . . . . . . . . . . . — — — — 17 — — 17 Reversal of net deferred tax liabilities from former Parent . . . . . — — — — 188 — — 188 Repurchase of warrants . . . . . . . . . . . . . . . . . . . . . . . . . — — — — (98) — — (98) Repurchase of common stock . . . . . . . . . . . . . . . . . . . . . . — — (10) (237) — — — (237) Change in excess tax benefit on equity awards . . . . . . . . . . . . — — — — 12 — — 12 Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — — — — (89) — (89) Balance as of December 31, 2010 .................. 210 $ 2 (37) $ (1,107) $ 3,892 $ (25) $ 155 $ 2,917 See Notes to Consolidated Financial Statements. F-6
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UNITED STATES SECURITIES AND EXCHAN
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PART I FORWARD LOOKING STATEMENTS T
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Our portfolio of well-known hospita
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The following table sets forth the
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free access to a gym facility and t
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as annual budget preparation, finan
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Our field services team, strategica
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Competition Competition is robust a
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we offer property owners marketing
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Internet Given the increasing inter
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According to information compiled b
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Owners who participate in Club Wynd
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Purchaser Financing Wyndham Vacatio
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EMPLOYEES As of December 31, 2010,
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that we will be able to achieve the
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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
Page 69 and 70: on the matter. As a result of settl
Page 71 and 72: was approximately $373 million as o
Page 73 and 74: performance for a five-year period.
Page 75 and 76: cash flow model in determining the
Page 77 and 78: Cendant’s Vacation Network Group
Page 79 and 80: SIGNATURES Pursuant to the requirem
Page 81 and 82: REPORT OF INDEPENDENT REGISTERED PU
Page 83: WYNDHAM WORLDWIDE CORPORATION CONSO
Page 87 and 88: The Company’s franchise agreement
Page 89 and 90: manages paid Wyndham Exchange & Ren
Page 91 and 92: expenses amounted to $48 million, $
Page 93 and 94: average exchange rates during the p
Page 95 and 96: integrated the operations of its ac
Page 97 and 98: (3) Adjusting the carrying value of
Page 99 and 100: 7. Income Taxes The income tax prov
Page 101 and 102: The following table summarizes the
Page 103 and 104: Credit Quality for Financed Receiva
Page 105 and 106: 10. Property and Equipment, net Pro
Page 107 and 108: measurement date and a maximum cons
Page 109 and 110: As of December 31, 2010, the Compan
Page 111 and 112: Vacation Rental Capital Leases. The
Page 113 and 114: The following table presents additi
Page 115 and 116: Consolidated Statement of Operation
Page 117 and 118: capacity and the Company’s corpor
Page 119 and 120: shareholders and further amended as
Page 121 and 122: comprehensive income on the Consoli
Page 123 and 124: Total restructuring costs by segmen
Page 125 and 126: and Avis Budget Group to satisfy th
Page 127 and 128: (a) (b) (c) (d) (e) (f) (g) (h) (i)
Page 129 and 130: 10.4 Employment Agreement with Fran
Page 131 and 132: 14.1 101.INS XBRL Instance document
Page 133 and 134: Name WYNDHAM WORLDWIDE CORPORATION
Page 135 and 136:
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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