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WyndhamVacationOwnershipOctober2010WyndhamWorldwideForwardLookingStatementsCertainstatementsinthispresentationconstitute“forward-lookingstatements”withinthemeaningofSection21EoftheSecuritiesExchangeActof1934,asamended.Anystatementsthatrefertoexpectationsorothercharacterizationsoffutureevents,circumstancesorresultsareforward-lookingstatements.Suchforward-lookingstatementsincludeprojections.SuchprojectionswerenotpreparedinaccordancewithpublicguidelinesoftheAmericanInstituteofCertifiedpjpjpppgPublicAccountantsregardingprojectionsandforecasts,norhavesuchprojectionsbeenaudited,examinedorotherwisereviewedbyindependentauditorsofWyndhamWorldwideCorporation(“WYN”).Suchforward-lookingstatementsinvolveknownandunknownrisks,uncertaintiesandotherfactorswhichmaycausetheactualresults,performanceorachievementsofWyndhamWorldwidetobemateriallydifferentfromanyfutureresults,fhitdilidbhfdlkitttperformanceorachievementsexpressedorimpliedbysuchforward-lookingstatements.Youarecautionednottoplaceunduerelianceontheseforward-lookingstatements.ImportantassumptionsandotherimportantfactorsthatcouldcauseactualresultstodiffermateriallyfromthoseintheforwardlookingstatementsarespecifiedinWyndhamWorldwide’smostrecentForm10-Kunder“RiskFactors”filedwiththeSecuritiesandExchangeCommission.ExceptforongoingobligationsofWyndhamWorldwidetodisclosematerialinformationunderthefederalCommission.ExceptforongoingobligationsofWyndhamWorldwidetodisclosematerialinformationunderthefederalsecuritieslaws,WyndhamWorldwidedoesnotundertakeanyobligationtoreleaseanyrevisionstoanyforward-lookingstatements,toreporteventsortoreporttheoccurrenceofunanticipatedevents.Theinformationinthispresentationshouldbereadinconjunctionwiththeconsolidatedfinancialstatementsandaccompanyingnotes,“Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations”inQffWyndhamWorldwide's2009Form10-KandForm10-QforthequarterlyperiodendingJune30,2010filedwiththeSecuritiesandExchangeCommissiononFebruary19,2010andJuly30,2010,respectively.2IntroductionƒWyndhamWorldwideisfocusedonmaximizingcashflowƒFreeCashFlowturnaroundofover$600millionin2009ƒSustainableannualfreecashflowofapproximately$600-$700millionin2011andbeyond(atthehighendofthe$500600millionrangefor2010)beyond(atthehighendofthe$500-600millionrangefor2010)ƒBusinesspracticesbeingrefocusedtoachievecashflowobjectivesƒWyndhamWorldwideembarkedontransformativechangesƒRebalancingportfoliotofocusonfee-for-servicebusinessesgƒAsset-lightvacationownershipmodelƒMigrationtowebinexchangeandrentalsbusinessƒReprioritizationofstrategicprioritiesintheHotelGrouptostrengthenvaluepropositionEnabledbstrongbalancesheetandcashflogenerationƒEnabledbystrongbalancesheetandcashflowgenerationƒProperapplicationsofcashyieldsaresignificantlyhighergrowththanorganicgrowthaloneƒOurVacationOwnershipbusinessisanunderappreciatedbusinesswithattractivepppbusinessattributesandimprovingreturnsprofile3VacationOwnershipOverviewƒTheWyndhamVacationOwnershipbusinesshashigherthanperceivedbusinessqualitiesandimprovingreturnsprofile.ƒWhilethisbusinessisstrongwearetakingstepstofurtherstrengthenƒWhilethisbusinessisstrong,wearetakingstepstofurtherstrengthenthefinancialprofileofthisbusiness.ƒImprovementsinthefinancialmarketssupportenhancedbusinessprofitabilityprofitability.ƒFromanaccountingperspective,thevacationownershipbusinessistransparentƒWehavethebestmanagementteamintheindustryƒWehavethebestmanagementteamintheindustry.ƒFinally,weunderstandthevacationownershipbuyerandbelievethedemandprofileforthisbusinesswillbestrongformanyyearstocome.4ChapterITheWyndhamVacationOwnershipbusinessTheWyndhamVacationOwnershipbusinesshashigherthanperceivedbusinessqualitiesandimprovingreturnsprofile.pgp5ThetruthaboutWyndhamVacationOwnershipTheWyndhamVacationOwnershipbusinessisatransparentandcleanmodelwithhigherthanperceivedbusinessquality.ƒWillenjoyimprovingreturnsasthecompanystreamlinesitsbalancesheet.ƒGeneratessignificantamountsoffreecashflow.GtiiitdithtfƒGeneratesrecurringincomeassociatedwithmanagementfees.ƒGeneratesrecurringinterestincomeassociatedwithreceivables.ƒGeneratesrecurringsalesdrivenbyupgradesfromadeeplyloyalcustomerbasebase.ƒCompetitionshiftingtheirbusinessmodeltooursandistenyearsbehindus.VacationOwnershipisnotanopaque,accounting-intensiveandconfusingbusiness!6ppqggHistoricallyROICisunderstatedduetotheaggressivepursuitofgrowth150%pursuitofgrowth.“PursuitofGrowth”Pre-TaxROICGrossVOI($millions)$1,99315.0%$2,000GrossVOICAGR14.5%88%10.3%$1,74210.0%$15008.8%$1,254$1,396$1,500$1,1615.0%$1,00020032004200520062007Pre-TaxROICGrossVOIPreTaxROICGrossVOI7Wearecommittedtoreducedlevelsofcapitalallocationandmoderategrowthofthisbusinessgoingforward.ggg“BalanceSheetStreamlining”Inventory($billions)Pre-TaxROIC19.4%20.0%$1.510.4%$1.2$1.2$1.1$1.010.0%$1.0$0.9$0.810.0%0.0%$0.5200920102011201220132014Pre-TaxROICInventory8Inalimitedgrowthscenario,thisbusinessdoesgeneratesubstantialfreecashflow.“BalanceSheetStreamlining”FreeCashFlow($millions)()$436$475-$525$450-$550$600$300$02009A20102011-20149ProjectlevelIRR