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Wyndham Worldwide Reports Strong Second Quarter 2007 Results
     -- Double-Digit Top- and Bottom-Line Growth; Robust Performance Across
        All Three Businesses

     -- Vacation Ownership Continues to Set Records With Sales Up 21%

     -- Board of Directors Declares First Quarterly Dividend

PARSIPPANY, N.J., Aug. 1 /PRNewswire-FirstCall/ -- Wyndham Worldwide Corporation (NYSE: WYN) today announced results for the three months ended June 30, 2007.

Financial information discussed in this press release include both GAAP and non-GAAP measures, which include or exclude certain items, or reflect pro forma adjustments, related to the Company's spin-off effective July 31, 2006. These non-GAAP measures differ from reported results and are intended to illustrate what management believes are relevant period-over-period comparisons. Non-GAAP measures are indicated as "Adjusted." A complete reconciliation of reported GAAP results to the comparable Adjusted information appears in the financial tables section of this press release.

    SECOND QUARTER 2007 HIGHLIGHTS (as compared to second quarter 2006):

    -- Revenues increased to over $1.1 billion, up 15%, with strong, organic
       growth across all businesses:  Lodging, Vacation Exchange and Rentals,
       and Vacation Ownership

    -- Net income for the second quarter of 2007 increased 28% to $96 million,
       or $0.52 per diluted share, compared to second quarter 2006 net income
       of $75 million, or $0.37 per diluted share

    -- Vacation Ownership gross sales and revenues each surged 21%

    -- Vacation Ownership tours increased 11% and volume per guest increased
       12%

    -- Comparable revenue per available room (RevPAR) increased 5.1% and
       system-wide RevPAR increased 3.7%

    -- Hotel pipeline was over 100,000 rooms as of June 30, 2007

    -- Average number of vacation exchange members increased 5%

    -- Vacation rental transactions increased 5% and average net price per
       vacation rental increased 11%

    -- The Board of Directors declared a dividend of $0.04 per share payable
       September 4, 2007 to shareholders of record as of August 13, 2007.

"In the one year since our spin-off, we have continued to drive strong results in all three of our businesses," said Stephen P. Holmes, Wyndham Worldwide chairman and chief executive officer. "Leading the way again this quarter was our Vacation Ownership business, where performance continues to be phenomenal.

We continued to invest in and build momentum behind the Wyndham brand by re-flagging well-known hotels including locations in London and Puerto Rico, launching Wingate by Wyndham, and flying new Wyndham banners over some of our great vacation ownership resorts. Additionally, operating statistics for our Vacation Exchange and Rentals business (Group RCI) showed continued strength in the quarter."

SECOND QUARTER 2007 OPERATING RESULTS

Revenues for the second quarter of 2007 were $1.1 billion, up 15% over the same period in 2006, reflecting strong organic growth across the businesses.

Net income for the second quarter of 2007 was $96 million or $0.52 diluted earnings per share, compared to $75 million or $0.37 diluted earnings per share for the second quarter of 2006.

Net income for the second quarter of 2007 includes $4 million after-tax of separation and related costs associated with Wyndham Worldwide's spin-off from Cendant Corporation (now Avis Budget Group) and $11 million of an after-tax net benefit from the resolution of and adjustment to certain legacy items. Excluding these items, Adjusted net income for the second quarter of 2007 was $89 million, or $0.49 diluted earnings per share.

Second quarter of 2006 includes $3 million after-tax of separation and related costs and excludes $16 million after-tax of estimated incremental stand-alone costs (assuming Wyndham Worldwide had been a stand-alone, public company). Assuming these items, Adjusted net income for the second quarter of 2006 was $62 million, or $0.31 diluted earnings per share.

Second quarter of 2006 also includes $32 million ($22 million, after-tax) of expenses related to an accrual for local foreign taxes at our European vacation rental operations.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues increased 6% to $186 million in the second quarter of 2007 compared with the second quarter of 2006, primarily reflecting RevPAR gains.

Comparable RevPAR increased 5.1% in the second quarter of 2007 and system- wide RevPAR increased 3.7% from the prior year period.

The Wyndham brand comparison was affected by the expected attrition of certain properties. Excluding these properties, the majority of which have left the system, RevPAR for the Wyndham Hotels and Resorts brand was up 9.9%.

Lodging EBITDA grew 11% to $59 million compared to the second quarter of 2006, reflecting strong fundamentals and timing of marketing spend.

As of June 30, 2007, the Company's hotel system consisted of 541,700 rooms and 6,460 properties with a development pipeline of over 100,000 rooms and approximately 900 hotels, of which 46% were new construction and 25% were international.

Vacation Exchange and Rentals (Group RCI)

Revenues increased 10% to $288 million in the second quarter of 2007 compared with the second quarter of 2006, reflecting continued momentum in both vacation exchange and vacation rentals as well as favorable currency translations.

Vacation exchange revenues were $116 million, a 7% increase compared to the second quarter of 2006. The average number of members increased 5% and annual dues and exchange revenue per member increased 2% from the second quarter of 2006.

Vacation rentals revenues were $136 million, a 17% increase compared to the second quarter of 2006, reflecting a 5% increase in vacation rental transactions and an 11% increase in the average net price per rental. Bookings and arrivals at Novasol and Landal GreenParks were strong as a result of enhanced marketing programs, supporting an expansion strategy to provide consumers with broader inventories and more destinations, as well as improved local economies.

Other ancillary revenues generated primarily from additional products and services provided to affiliates and members were $36 million in the second quarter of 2007, relatively flat to last year.

Second quarter of 2007 EBITDA was $49 million compared to second quarter of 2006 EBITDA of $32 million, which included a $21 million charge related to an accrual for local foreign taxes at our European vacation rental operations and $1 million of separation and related costs. Second quarter 2007 EBITDA included higher cost of sales on increased rentals and incremental expenses in operational infrastructures, including technology and call center costs to support higher volumes, as well as a reduction in results of $6 million related to certain Asia Pacific consulting relationships.

Compared to the second quarter of 2006, currency translations increased revenues by $10 million, principally rental related, and increased expenses by $9 million, resulting in a $1 million lift to EBITDA.

Vacation Ownership (Wyndham Vacation Ownership)

Revenues increased 21% to $629 million in the second quarter of 2007 compared with the second quarter of 2006 reflecting continued success in marketing and sales.

Gross Vacation Ownership Interest sales were $523 million for the second quarter of 2007, up 21% compared to the second quarter of 2006, driven by marketing efforts resulting in an 11% growth in tour flow and a 12% increase in volume per guest from strong performance by our sales force and continued strength in transaction pricing.

Consumer finance revenues increased 26% for the second quarter of 2007 compared to the second quarter of 2006 reflecting continued Vacation Ownership sales growth.

EBITDA for the second quarter of 2007 was $100 million. Excluding separation and related costs of $5 million, Adjusted EBITDA for the second quarter of 2007 was $105 million, increasing 22% from the second quarter of 2006, excluding $2 million from separation and related costs during that period. This EBITDA growth is consistent with the growth in Vacation Ownership sales.

As previously announced, the Company successfully completed a $600 million vacation ownership receivables securitization during the second quarter of 2007.

Other Items

Interest expense for the second quarter of 2007 was $18 million, a decrease of $5 million from the second quarter of 2006. This decrease is primarily due to interest related to a foreign tax accrual of $11 million in the second quarter of 2006, partially offset by higher rates and higher average borrowings due to differences in the Company's capital structure since the spin-off. Interest income for the quarter was $2 million compared to $12 million in 2006, principally due to differences in the Company's capital structure since the spin-off. Depreciation and amortization rose $5 million to $41 million.

    Balance Sheet Information as of June 30, 2007:

    -- Cash and cash equivalents of approximately $250 million compared to
       approximately $270 million at December 31, 2006

    -- Vacation ownership and other inventory of approximately $1.1 billion
       compared to approximately $955 million at December 31, 2006

    -- Vacation ownership contract receivables, net, of $2.6 billion compared
       to $2.4 billion at December 31, 2006

    -- Securitized vacation ownership debt of $1.8 billion compared to $1.5
       billion at December 31, 2006

    -- Other debt of $1.6 billion, compared to $1.4 billion at December 31,
       2006

A schedule of debt is included in the financial tables section of this press release.

Share Repurchase

The Company repurchased 6.5 million shares of stock during the second quarter of 2007 at an average price of $36.10. The Company has substantially completed its program announced February 13, 2007, repurchasing a total of 11.7 million shares at an average price of $35.26.

Dividend

The Board of Directors declared a dividend of $0.04 per share payable September 4, 2007 to shareholders of record as of August 13, 2007.

    Outlook and Guidance Increase


    Wyndham Worldwide updates full year 2007 guidance as follows:

    -- Revenues of $4,340 - $4,480 million

    -- Adjusted EBITDA of $845 - $860 million, excluding separation and
       related costs of $10 - $20 million ($6 - $12 million, after-tax), as
       well as legacy matters

    -- Full year depreciation and amortization expense of $160 - $170 million

    -- Interest expense of $65 - $75 million

    -- Effective tax rate of 38%, excluding separation and related costs, as
       well as legacy matters

    -- Adjusted net income of $372 - $392 million, excluding separation and
       related costs, as well as legacy matters

    -- Full year Adjusted EPS of $2.02 - $2.13, excluding separation and
       related costs, as well as legacy matters, based on weighted average
       shares of approximately 184 million

    -- Third quarter Adjusted EPS of $0.70 - $0.73, excluding separation and
       related costs, as well as legacy matters, based on weighted average
       shares of approximately 184 million

"I am extremely proud of our results and accomplishments this year, which reflect the talent, dedication, and enthusiasm of our employees around the world. Their efforts have fostered an industry leading brand portfolio and built valued relationships with franchisees and developers. We offer the right products, brands and geographic distribution to capture the strength in worldwide leisure travel and deliver value to consumers around the globe. We look forward to continued success," concluded Holmes.

Conference Call Information

Wyndham Worldwide Corporation will provide a webcast of its conference call to discuss the Company's second quarter 2007 financial results on Wednesday, August 1 at 9 a.m. EDT. Listeners may access the webcast live through the Company's Web site at www.wyndhamworldwide.com/investors/. An archive of this webcast will be available at the Web site for approximately 90 days beginning at noon EST on August 1. The conference call also may be accessed by dialing (517) 308-9108 and providing the pass code "Wyndham." Listeners are urged to call at least 10 minutes prior to the scheduled start time. A telephone replay will be available at (402) 220-3502 beginning at noon EDT on August 1 until 4 p.m. EST on August 6.

About Wyndham Worldwide

As one of the world's largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business customers a broad suite of hospitality products and services across various accommodation alternatives and price ranges through its premier portfolio of world-renowned brands. Wyndham Hotel Group encompasses almost 6,500 franchised hotels and almost 542,000 hotel rooms worldwide. Group RCI offers its more than 3.4 million members access to over 60,000 vacation properties located in approximately 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of approximately 140 vacation ownership resorts serving over 800,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs more than 30,000 employees globally.

For more information about Wyndham Worldwide, please visit the Company's web site at www.wyndhamworldwide.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, conveying management's expectations as to the future based on plans, estimates and projections at the time the Company makes the statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release include statements related to trends for the Company's revenues, earnings and related financial and operating measures, the number of hotels and resorts the Company intends to add in future periods, debt levels, share repurchases and dividends.

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward looking statements include general economic conditions, the economic environment for the hospitality industry, the impact of war and terrorist activity, operating risks associated with the hotel, vacation exchange and rentals and vacation ownership businesses, as well as those in the Company's Annual Report on Form 10-K, filed with the SEC on March 7, 2007. Except for the Company's ongoing obligations to disclose material information under the federal securities laws, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

    It is not practical to provide a reconciliation of forecasted Adjusted
EBITDA for the full year 2007 to the most directly comparable GAAP measure,
net income, because certain items cannot be reasonably estimated or predicted
at this time.  Any of those items could be significant to our financial
results.
                                                                      Table 1
                          Wyndham Worldwide Corporation
                    OPERATING RESULTS OF REPORTABLE SEGMENTS
                                  (In millions)

In addition to other measures, management evaluates the operating results of each of its reportable segments based upon net revenues and "EBITDA," which is defined as net income before depreciation and amortization, interest expense (excluding interest on securitized vacation ownership debt), income taxes and cumulative effect of accounting change, net of tax, each of which is presented on the Company's Consolidated and Combined Statements of Income. The Company's presentation of EBITDA may not be comparable to similarly-titled measures used by other companies.

The following tables summarize net revenues and EBITDA for reportable segments, as well as reconcile EBITDA to net income for the three and six months ended June 30, 2007 and 2006:

                                              Three Months Ended June 30,
                                             -----------------------------
                                               2007              2006
                                              ------            ------
                                            Net               Net
                                         Revenues EBITDA(c) Revenues EBITDA(c)
                                         -------- --------- -------- ---------
    Lodging                                 $186       $59     $176       $53
    Vacation Exchange and Rentals            288        49      261        32
    Vacation Ownership                       629       100      518        84
                                         -------- --------- -------- ---------
         Total Reportable Segments         1,103       208      955       169
    Corporate and Other (a) (b)               (3)        3        -        (3)
                                         -------- --------- -------- ---------
         Total Company                    $1,100      $211     $955      $166
                                         ======== ========= ======== =========

    Reconciliation of EBITDA to Net
     Income

    EBITDA                                            $211               $166
    Depreciation and amortization                       41                 36
    Interest expense                                    18                 23
    Interest income                                     (2)               (12)
                                                   --------          ---------
    Income before income taxes                         154                119
    Provision for income taxes                          58                 44
                                                   --------          ---------
    Net income                                         $96                $75
                                                   ========          =========



                                               Six Months Ended June 30,
                                              ---------------------------
                                               2007                2006
                                              ------              ------
                                            Net               Net
                                         Revenues EBITDA(d) Revenues EBITDA(d)
                                         -------- --------- -------- ---------
    Lodging                                 $338      $104     $320       $94
    Vacation Exchange and Rentals            601       134      543       109
    Vacation Ownership                     1,178       162      963       148
                                         -------- --------- -------- ---------
         Total Reportable Segments         2,117       400    1,826       351
    Corporate and Other (a) (b)               (5)        2       (1)       (3)
                                         -------- --------- -------- ---------
         Total Company                    $2,112      $402   $1,825      $348
                                         ======== ========= ======== =========

    Reconciliation of EBITDA to Net
     Income

    EBITDA                                            $402               $348
    Depreciation and amortization                       79                 70
    Interest expense                                    35                 33
    Interest income                                     (5)               (24)
                                                   --------          ---------
    Income before income taxes                         293                269
    Provision for income taxes                         111                101
                                                   --------          ---------
    Income before cumulative effect of
     accounting change                                 182                168
    Cumulative effect of accounting
     change, net of tax                                  -                (65)
                                                   --------          ---------
    Net income                                        $182               $103
                                                   ========          =========


    (a)  Includes the elimination of transactions between segments; excludes
         incremental stand alone company costs during the three and six months
         ended June 30, 2006.
    (b)  Includes $17 million and $30 million of a net benefit related to the
         resolution of and adjustment to certain contingent liabilities and
         assets during the three and six months ended June 30, 2007,
         respectively.
    (c)  Includes separation and related costs of $5 million and $2 million
         for Vacation Ownership and Corporate and Other, respectively, during
         the three months ended June 30, 2007 and $1 million, $2 million and
         $2 million for Vacation Exchange and Rentals, Vacation Ownership and
         Corporate and Other, respectively, during the three months ended June
         30, 2006.
    (d)  Includes separation and related costs of $8 million and $5 million
         for Vacation Ownership and Corporate and Other, respectively, during
         the six months ended June 30, 2007 and $2 million, $2 million and $4
         million for Vacation Exchange and Rentals, Vacation Ownership and
         Corporate and Other, respectively, during the six months ended June
         30, 2006.



                                                                      Table 2
                          Wyndham Worldwide Corporation
             CONDENSED CONSOLIDATED AND COMBINED STATEMENTS OF INCOME
                      (In millions, except per share data)

                                         Three Months Ended  Six Months Ended
                                              June 30,           June 30,
                                         ------------------  ----------------
                                             2007     2006     2007     2006
                                          -------- --------  ------- --------
    Net revenues
       Vacation ownership interest sales     $443     $377     $816     $685
       Service fees and membership            387      341      790      696
       Franchise fees                         137      134      251      243
       Consumer financing                      88       70      169      135
       Other                                   45       33       86       66
                                          -------- --------  ------- --------
    Net revenues                            1,100      955    2,112    1,825
                                          -------- --------  ------- --------

    Expenses
       Operating                              447      369      853      700
       Cost of vacation ownership
        interests                             104       80      195      147
       Marketing and reservation              207      194      404      368
       General and administrative (a)         124      141      245      254
       Separation and related costs (b)         7        5       13        8
       Depreciation and amortization           41       36       79       70
                                          -------- --------  ------- --------
    Total expenses                            930      825    1,789    1,547
                                          -------- --------  ------- --------

    Operating income                          170      130      323      278
    Interest expense                           18       23       35       33
    Interest income                            (2)     (12)      (5)     (24)
                                          -------- --------  ------- --------

    Income before income taxes                154      119      293      269
    Provision for income taxes                 58       44      111      101
                                          -------- --------  ------- --------

    Income before cumulative effect of
     accounting change                         96       75      182      168
    Cumulative effect of accounting
     change, net of tax (c)                   -        -        -        (65)
                                          -------- --------  ------- --------

    Net income                                $96      $75     $182     $103
                                          ======== ========  ======= ========

    Earnings per share (d)
       Basic
       Income before cumulative effect of
        accounting change                   $0.53    $0.37    $0.98    $0.84
       Cumulative effect of accounting
        change, net of tax                    -        -        -      (0.32)
                                          -------- --------  ------- --------
       Net income                           $0.53    $0.37    $0.98    $0.51
                                          ======== ========  ======= ========


       Diluted
       Income before cumulative effect of
        accounting change                   $0.52    $0.37    $0.98    $0.84
       Cumulative effect of accounting
        change, net of tax                    -        -        -      (0.32)
                                          -------- --------  ------- --------
       Net income                           $0.52    $0.37    $0.98    $0.51
                                          ======== ========  ======= ========


    Weighted average shares outstanding
       Basic                                  181      200      185      200
       Diluted                                183      200      186      200


    (a)  Includes $17 million and $30 million of a net benefit related to the
         resolution of and adjustment to certain contingent liabilities and
         assets during the three and six months ended June 30, 2007,
         respectively.
    (b)  Represents costs that the Company incurred in connection with the
         execution of its separation from its former parent, Cendant (now Avis
         Budget Group, Inc.).  Such amounts, net of tax, were $4 million and
         $3 million during the three months ended June 30, 2007 and 2006,
         respectively, and $8 million and $4 million during the six months
         ended June 30, 2007 and 2006, respectively.
    (c)  Represents non-cash charges to reflect the cumulative effect of
         adopting Statement of Financial Accounting Standards No. 152,
         "Accounting for Real Estate Time-Sharing Transactions," on January
         1, 2006.
    (d)  Amounts may not foot down due to rounding.



                                                                      Table 3
                                                                      (1 of 2)
                        Wyndham Worldwide Corporation
                             OPERATING STATISTICS

                      Year       Q1       Q2       Q3       Q4  Full Year
    Lodging (a)
    Weighted Average
     Rooms Available  2007  529,700  530,700      N/A      N/A        N/A
                      2006  520,600  531,000  529,200  529,900    527,700
                      2005  517,400  512,000  511,500  535,100    519,000
                      2004  512,000  510,700  507,300  503,000    508,200

    Number of
     Properties (b)   2007    6,450    6,460      N/A      N/A        N/A
                      2006    6,300    6,440    6,420    6,470        N/A
                      2005    6,400    6,380    6,350    6,350        N/A
                      2004    6,380    6,390    6,350    6,400        N/A

    RevPAR            2007  $ 31.35  $ 38.35      N/A      N/A        N/A
                      2006  $ 30.45  $ 36.97  $ 40.82  $ 31.41    $ 34.95
                      2005  $ 25.53  $ 31.91  $ 36.86  $ 29.72    $ 31.00
                      2004  $ 22.50  $ 29.08  $ 34.04  $ 24.53    $ 27.55

    Royalty, Marketing
     and Reservation
     Revenue
     (in 000s)        2007 $105,426 $129,453      N/A      N/A       N/A
                      2006 $102,741 $125,409 $138,383 $104,505   $471,039
                      2005  $84,704 $104,281 $119,829  $99,804   $408,620
                      2004  $77,830  $97,959 $112,765  $82,502   $371,058

    Vacation Exchange
     and Rentals
     Average Number
     of Members
     (in 000s)        2007    3,474    3,506      N/A      N/A        N/A
                      2006    3,292    3,327    3,374    3,429      3,356
                      2005    3,148    3,185    3,233    3,271      3,209
                      2004    2,995    3,031    3,074    3,116      3,054

    Annual Dues and
     Exchange Revenue
     Per Member       2007  $155.60  $132.33      N/A      N/A        N/A
                      2006  $152.10  $130.37  $132.31  $128.13    $135.62
                      2005  $159.12  $134.98  $125.64  $124.05    $135.76
                      2004  $159.55  $132.51  $123.55  $124.43    $134.82

    Vacation Rental
     Transactions
     (in 000s)        2007      398      326      N/A      N/A        N/A
                      2006      385      310      356      293      1,344
                      2005      367      311      344      278      1,300
                      2004      309      246      295      253      1,104

    Average Net Price
     Per Vacation
     Rental           2007  $349.73  $415.71      N/A      N/A        N/A
                      2006  $312.51  $374.91  $442.75  $356.16    $370.93
                      2005  $331.37  $363.14  $412.66  $325.62    $359.27
                      2004  $279.46  $333.76  $368.79  $337.42    $328.77

    Vacation Ownership
    Gross Vacation
     Ownership Interest
     Sales (in 000s)  2007 $430,000 $523,000      N/A      N/A        N/A
                      2006 $357,000 $434,000 $482,000 $469,000 $1,743,000
                      2005 $281,000 $354,000 $401,000 $360,000 $1,396,000
                      2004 $274,000 $315,000 $361,000 $304,000 $1,254,000

       Tours          2007  240,000  304,000      N/A      N/A        N/A
                      2006  208,000  273,000  312,000  254,000  1,046,000
                      2005  195,000  250,000  272,000  217,000    934,000
                      2004  181,000  227,000  246,000  205,000    859,000

       Volume Per
        Guest (VPG)   2007  $ 1,607  $ 1,596      N/A      N/A        N/A
                      2006  $ 1,475  $ 1,426  $ 1,434  $ 1,623    $ 1,486
                      2005  $ 1,349  $ 1,284  $ 1,349  $ 1,507    $ 1,368
                      2004  $ 1,303  $ 1,253  $ 1,273  $ 1,327    $ 1,287


    Note: Full year amounts may not foot across due to rounding.

    (a)  Quarterly drivers in the Lodging segment include the acquisitions of
         Ramada International (December 2004), Wyndham Hotels and Resorts
         (October 2005) and Baymont Inn & Suites (April 2006) from their
         acquisition dates forward.  Therefore, the operating statistics are
         not presented on a comparable basis.
    (b)  Numbers include unmanaged, affiliated and managed, non-proprietary
         hotels from the fourth quarter of 2006 forward.



                                                                      Table 3
                                                                      (2 of 2)

                        Wyndham Worldwide Corporation
                             OPERATING STATISTICS

    GLOSSARY OF TERMS

    Lodging

    Weighted Average Rooms Available: Represents the weighted average number
    of hotel rooms available for rental during the period.

    Number of Properties: Represents the number of lodging properties under

    franchise and/or management agreements at the end of the period.

    Number of Rooms: Represents the number of rooms at lodging properties
    under franchise and/or management agreements at the end of the period.

    Average Occupancy Rate: Represents the percentage of available rooms
    occupied during the period.

    Average Daily Rate (ADR): Represents the average rate charged for renting
    a lodging room for one day.

    RevPAR:  Represents revenue per available room and is calculated by
    multiplying average occupancy rate by ADR.

    Royalty, Marketing and Reservation Revenue: Royalty, marketing and
    reservation revenue are typically based on a percentage of the gross room
    revenues of each franchised hotel. Royalty revenue is generally a fee
    charged to each franchised hotel for the use of one of our trade names,
    while marketing and reservation revenue are fees that we collect and are
    contractually obligated to spend to support marketing and reservation
    activities.

    Vacation Exchange and Rentals

    Average Number of Members:  Represents members in our vacation exchange
    programs who pay annual membership dues. For additional fees, such
    participants are entitled to exchange intervals for intervals at other
    properties affiliated with our vacation exchange business. In addition,
    certain participants may exchange intervals for other leisure-related
    products and services.

    Annual Dues and Exchange Revenue Per Member: Represents total revenues
    from annual membership dues and exchange fees generated for the period
    divided by the average number of vacation exchange members during the
    year.

    Vacation Rental Transactions: Represents the gross number of transactions
    that are generated in connection with customers booking their vacation
    rental stays through us. In our European vacation rentals businesses, one
    rental transaction is recorded each time a standard one-week rental is
    booked; however, in the United States, one rental transaction is recorded
    each time a vacation rental stay is booked, regardless of whether it is
    less than or more than one week.

    Average Net Price Per Vacation Rental: Represents the net rental price
    generated from renting vacation properties to customers divided by the
    number of rental transactions.

    Vacation Ownership

    Gross Vacation Ownership Interest Sales: Represents gross sales of
    vacation ownership interests (including tele-sales upgrades, which are a
    component of upgrade sales) before deferred sales and loan loss
    provisions.

    Tours: Represents the number of tours taken by guests in our efforts to
    sell vacation ownership interests.

    Volume per Guest (VPG): Represents revenue per guest and is calculated by
    dividing the gross vacation ownership interest sales, excluding tele-sales
    upgrades, which are a component of upgrade sales, by the number of tours.



                                                                      Table 4
                          Wyndham Worldwide Corporation
                                SCHEDULE OF DEBT
                                  (In millions)

                                        June    March   Dec.    Sept.   June
                                         30,     31,     31,     30,     30,
                                        2007    2007    2006    2006    2006
                                      ------- ------- ------- ------- -------
    Securitized vacation ownership
     debt
    Term notes                        $1,322    $887    $838    $967    $575
    Bank conduit facility (a)            491     826     625     371     653
                                      ------- ------- ------- ------- -------
    Securitized vacation ownership
     debt (b)                          1,813   1,713   1,463   1,338   1,228
    Less: Current portion of
     securitized vacation ownership
     debt                                242     231     178     213     210
                                      ------- ------- ------- ------- -------
    Long-term securitized vacation
     ownership debt                   $1,571  $1,482  $1,285  $1,125  $1,018
                                      ======= ======= ======= ======= =======

    Debt:
       6.00% Senior unsecured notes
        (due December 2016) (c)         $797    $796    $796    $-      $-
       Revolving credit facility (due
        July 2011) (d)                   215      48     -       150     -
       Interim loan facility (due July
        2007)                            -       -       -       350     -
       Term loan (due July 2011)         300     300     300     300     -
       Vacation ownership asset-linked
        facility (e)                     -       -       -       -       600
       Bank borrowings:
          Vacation ownership             130     112     103     113     111
          Vacation rentals (f)           -       -        73      70      70
       Vacation rentals capital leases   147     147     148     144     145
       Other                              14      16      17      37      35
                                      ------- ------- ------- ------- -------

    Total debt                         1,603   1,419   1,437   1,164     961
    Less: Current portion of debt        140     123     115     143     207
                                      ------- ------- ------- ------- -------
    Long-term debt                    $1,463  $1,296  $1,322  $1,021    $754
                                      ======= ======= ======= ======= =======

    (a)  This 364-day vacation ownership bank conduit facility was renewed and
         upsized to $1,000 million on November 13, 2006. The borrowings under
         this facility have a maturity date of December 2009.
    (b)  This debt is collateralized by $2,288 million, $2,198 million, $1,844
         million, $1,718 million and $1,624 million of underlying vacation
         ownership contract receivables and related assets at June 30, 2007,
         March 31, 2007, December 31, 2006, September 30, 2006 and June 30,
         2006, respectively.
    (c)  These notes represent $800 million aggregate principal less $3
         million of original issue discount.
    (d)  The Company's revolving credit facility has a borrowing capacity of
         $900 million. At June 30, 2007, the Company has $42 million of
         outstanding letters of credit and a remaining borrowing capacity of
         $643 million.
    (e)  The Company provided $600 million to its former parent, Cendant (now
         Avis Budget Group, Inc.) to repay this facility in July 2006.
    (f)  The borrowings under this facility were repaid on January 31, 2007.



                                                                       Table 5

                          Wyndham Worldwide Corporation
                           HOTEL BRAND SYSTEMS DETAILS

                                                   June 30, 2007
                                                                      Average
                                                                      Revenue
                                                              Average   Per
                                      Number  Number  Average  Daily Available
                                        of      of   Occupancy  Rate    Room
                  Brand             Properties Rooms    Rate   (ADR)  (RevPAR)

    Wyndham Hotels and Resorts            75   19,945  62.7%  $118.17  $74.06

    Wingate Inn                          154   14,172  69.9%   $91.30  $63.84

    Ramada                               859  105,299  57.8%   $78.11  $45.12

    Baymont                              169   14,986  55.4%   $69.77  $38.63

    AmeriHost Inn                         54    3,673  49.7%   $67.16  $33.35

    Days Inn                           1,862  150,984  56.3%   $62.63  $35.24

    Super 8                            2,054  126,450  59.1%   $58.17  $34.39

    Howard Johnson                       468   44,667  50.7%   $65.05  $32.99

    Travelodge                           496   37,284  51.4%   $66.25  $34.04

    Knights Inn                          252   18,019  43.3%   $43.75  $18.93

    Unmanaged, Affiliated and Managed,
     Non-Proprietary Hotels (*)           19    6,197   N/A     N/A     N/A
                                      ----------------
      Total                            6,462  541,676  56.5%   $67.86  $38.35
                                      ================



                                                   June 30, 2006
                                                                      Average
                                                                      Revenue
                                                              Average   Per
                                      Number  Number  Average  Daily Available
                                        of      of   Occupancy  Rate    Room
                  Brand             Properties Rooms    Rate   (ADR)  (RevPAR)

    Wyndham Hotels and Resorts            87   23,959  70.5%  $109.55  $77.19

    Wingate Inn                          148   13,665  69.2%   $83.95  $58.13

    Ramada                               892  107,735  56.8%   $72.86  $41.35

    Baymont                              130   11,649  58.5%   $64.52  $37.76

    AmeriHost Inn                        110    7,693  56.9%   $61.25  $34.85

    Days Inn                           1,850  150,162  54.9%   $60.57  $33.23

    Super 8                            2,038  124,247  58.8%   $55.41  $32.56

    Howard Johnson                       463   42,947  49.2%   $66.30  $32.64

    Travelodge                           500   37,132  52.7%   $62.54  $32.96

    Knights Inn                          223   16,713  45.1%   $40.33  $18.18
                                      ----------------
      Total                            6,441  535,902  56.4%   $65.50  $36.97
                                      ================

    NOTE: A glossary of terms is included in Table 3 (2 of 2).
    (*) Represents 1) affiliated properties for which we receive a fee for
        reservation services provided and 2) properties managed under the CHI
        Limited joint venture.  These properties are not branded; as such,
        certain operating statistics (such as average occupancy rate, ADR and
        RevPAR) are not relevant.  Twelve of the managed properties are
        scheduled to be branded or cobranded as either Wyndham or Ramada
        during 2007 and 2008.



                                                                     Table 6
                                                                    (1 of 2)
                         Wyndham Worldwide Corporation
                            NON-GAAP RECONCILIATIONS
                      (In millions, except per share data)
                                                                    Six Months
                                              Three Months Ended      Ended
                                            ----------------------
                                             March 31,    June 30,   June 30,
                                              2007          2007       2007
                                            ----------   ---------  ----------
    Reported EBITDA                             $192         $211        $402
       Separation and related costs (a)            6            7          13
       Resolution of and adjustment to
        contingent liabilities and
        assets (b)                               (13)         (17)        (30)
                                            ----------   ---------  ----------
    Adjusted EBITDA                             $185         $201        $385

    Reported PreTax Income                      $139         $154        $293
       Separation and related costs (a)            6            7          13
       Resolution of and adjustment to
        contingent liabilities and
        assets (b)                               (13)         (17)        (30)
                                            ----------   ---------  ----------
    Adjusted PreTax Income                      $132         $144        $276

    Reported Tax Provision                      $(53)        $(58)      $(111)
       Separation and related costs (c)           (2)          (3)         (5)
       Resolution of and adjustment to
        contingent liabilities and
        assets (c)                                 4            6          10
                                            ----------   ---------  ----------
    Adjusted Tax Provision                      $(51)        $(55)      $(106)

    Reported Net Income                          $86          $96        $182

       Separation and related costs                4            4           8
       Resolution of and adjustment to
        contingent liabilities and
        assets                                    (9)         (11)        (20)
                                            ----------   ---------  ----------
    Adjusted Net Income                          $81          $89        $170

    Reported Diluted EPS                       $0.45        $0.52       $0.98

       Separation and related costs             0.02         0.02        0.04
       Resolution of and adjustment to
        contingent liabilities and
        assets                                 (0.05)       (0.06)      (0.10)
                                            ----------   ---------  ----------
    Adjusted Diluted EPS                       $0.43        $0.49       $0.91

    Diluted Shares                               190          183         186


    Note: Amounts may not foot due to rounding.
    (a)  Represents the costs incurred in connection with the Company's
         separation from Cendant (now Avis Budget Group).
    (b)  Relates to the net benefit from the resolution of and adjustment to
         certain contingent liabilities and assets.
    (c)  Relates to the tax effect of the adjustments.



                                                                      Table 6
                                                                     (2 of 2)
                          Wyndham Worldwide Corporation
                            NON-GAAP RECONCILIATIONS
                      (In millions, except per share data)
                                                                    Six Months
                                              Three Months Ended      Ended
                                             March 31,    June 30,   June 30,
                                               2006         2006       2006

    Reported EBITDA                             $182        $166       $348
      Separation and related costs (a)             3           5          8
      Incremental stand-alone costs (b)          (13)        (13)       (26)
                                            ----------   ---------  ----------
    Adjusted EBITDA                             $172        $158       $330

    Reported Depreciation and
     Amortization                               $(34)       $(36)      $(70)
      Incremental stand-alone costs (b)           (1)         (1)        (2)
                                            ----------   ---------  ----------
    Adjusted Depreciation and
     Amortization                               $(35)       $(37)      $(72)

    Reported Interest Income /
    (Expense), Net                                $2        $(11)       $(9)
      Incremental stand-alone costs (b)          (12)        (12)       (24)
                                            ----------   ---------  ----------
    Adjusted Interest Expense, Net              $(10)       $(23)      $(33)

    Reported PreTax Income                      $150        $119       $269
      Separation and related costs (a)             3           5          8
      Incremental stand-alone costs  (b)         (26)        (26)       (52)
                                            ----------   ---------  ----------
    Adjusted PreTax Income                      $127         $98       $225

    Reported Tax Provision                      $(57)       $(44)     $(101)
      Separation and related costs (c)            (2)         (2)        (4)
      Incremental stand-alone costs (c)           10          10         20
                                            ----------   ---------  ----------
    Adjusted Tax Provision                      $(49)       $(36)      $(85)

    Reported Net Income                          $28         $75       $103
      Cumulative effect of SFAS No. 152 (d)       65         -           65
    Reported Income before Cumulative
     Effect of SFAS No. 152                       93          75        168

      Separation and related costs                 1           3          4
      Incremental stand-alone costs              (16)        (16)       (32)
                                            ----------   ---------  ----------
    Adjusted Net Income                          $78         $62       $140

    Reported Diluted EPS                       $0.14       $0.37      $0.51
      Cumulative effect of SFAS No. 152         0.32         -         0.32
    Reported Income before Cumulative
     Effect of SFAS No. 152                     0.46        0.37       0.84

      Separation and related costs              0.00        0.01       0.02
      Incremental stand-alone costs            (0.08)      (0.08)     (0.16)
                                            ----------   ---------  ----------
    Adjusted Diluted EPS                       $0.39       $0.31      $0.70

    Diluted Shares (e)                           200         200        200


    Note: Amounts may not foot due to rounding.
    (a)  Represents the costs incurred in connection with the Company's
         separation from Cendant (now Avis Budget Group).
    (b)  Represents the Company's estimate of incremental stand-alone
         corporate costs, depreciation and amortization and interest expense
         associated with corporate debt that the Company would have incurred
         in 2006 if it was a separate stand-alone company.
    (c)  Relates to the tax effect of the adjustments.
    (d)  Represents non-cash charges to reflect the cumulative effect of
         adopting Statement of Financial Accounting Standards No. 152,
         "Accounting for Real Estate Time-Sharing Transactions," on January 1,
         2006.
    (e)  On July 31, 2006, the Separation from Cendant was completed in a tax-
         free distribution to the Company's stockholders of one share of
         Wyndham common stock for every five shares of Cendant common stock
         held on July 21, 2006. As a result, on July 31, 2006, the Company had
         200 million shares of common stock outstanding. This share amount is
         being utilized for the calculation of diluted earnings per share for
         all periods presented prior to the date of Separation.



                                                                       Table 7
                                                                      (1 of 4)

                          Wyndham Worldwide Corporation
                          NON-GAAP FINANCIAL INFORMATION
                       (In millions, except per share data)

                                            Three Months Ended June 30, 2007
                                           ----------------------------------
                                                 Separation  Legacy
                                                    and       and
                                                   Related   Other
                                            As     Adjust-   Adjust-     As
                                         Reported   ments    ments    Adjusted
                                         --------- -------- -------- ---------
    Net revenues
       Vacation ownership interest sales     $443                        $443
       Service fees and membership            387                         387
       Franchise fees                         137                         137
       Consumer financing                      88                          88
       Other                                   45                          45
                                         --------- -------- -------- ---------
    Net revenues                            1,100    -          -       1,100
                                         --------- -------- -------- ---------

    Expenses
       Operating                              447                         447
       Cost of vacation ownership interests   104                         104
       Marketing and reservation              207                         207
       General and administrative             124                17(b)    141
       Separation and related costs             7     (7)(a)              -
       Depreciation and amortization           41                          41
                                         --------- -------- -------- ---------
    Total expenses                            930     (7)        17       940
                                         --------- -------- -------- ---------

    Operating income                          170      7        (17)      160
    Interest expense                           18                          18
    Interest income                            (2)                         (2)
                                         --------- -------- -------- ---------

    Income before income taxes                154      7        (17)      144
    Provision for income taxes                 58      3 (c)     (6)(c)    55
                                         --------- -------- -------- ---------
    Net income                                $96     $4       $(11)      $89
                                         ========= ======== ======== =========
    Earnings per share
       Basic                                 0.53  $0.02     $(0.06)    $0.49
       Diluted                               0.52   0.02      (0.06)     0.49

    Weighted average shares outstanding
       Basic                                  181    181        181       181
       Diluted                                183    183        183       183


    Note: EPS amounts may not foot across due to rounding.
    (a)  Represents the costs incurred in connection with the Company's
         separation from Cendant.
    (b)  Relates to the net benefit from the resolution of and adjustment to
         certain contingent liabilities and assets.
    (c)  Relates to the tax effect of the adjustments.



                                                                       Table 7
                                                                      (2 of 4)

                          Wyndham Worldwide Corporation
                          NON-GAAP FINANCIAL INFORMATION
                       (In millions, except per share data)

                                             Six Months Ended June 30, 2007
                                            --------------------------------
                                                 Separation  Legacy
                                                    and       and
                                                   Related   Other
                                            As     Adjust-   Adjust-     As
                                         Reported   ments    ments    Adjusted
                                         --------- -------- -------- ---------
    Net revenues
       Vacation ownership interest sales     $816                        $816
       Service fees and membership            790                         790
       Franchise fees                         251                         251
       Consumer financing                     169                         169
       Other                                   86                          86
                                         --------- -------- -------- ---------
    Net revenues                            2,112    -          -       2,112
                                         --------- -------- -------- ---------

    Expenses
       Operating                              853                         853
       Cost of vacation ownership interests   195                         195
       Marketing and reservation              404                         404
       General and administrative             245                30 (b)   275
       Separation and related costs            13    (13)(a)              -
       Depreciation and amortization           79                          79
                                         --------- -------- -------- ---------
    Total expenses                          1,789    (13)        30     1,806
                                         --------- -------- -------- ---------

    Operating income                          323     13        (30)      306
    Interest expense                           35                          35
    Interest income                            (5)                         (5)
                                         --------- -------- -------- ---------

    Income before income taxes                293     13        (30)      276
    Provision for income taxes                111      5 (c)    (10)(c)   106
                                         --------- -------- -------- ---------
    Net income                               $182     $8       $(20)     $170
                                         ========= ======== ======== =========
    Earnings per share
       Basic                                $0.98  $0.04     $(0.11)    $0.92
       Diluted                               0.98   0.04      (0.10)     0.91

    Weighted average shares outstanding
       Basic                                  185    185        185       185
       Diluted                                186    186        186       186


    Note: EPS amounts may not foot across due to rounding.
    (a)  Represents the costs incurred in connection with the Company's
         separation from Cendant.
    (b)  Relates to the net benefit from the resolution of and adjustment to
         certain contingent liabilities and assets.
    (c)  Relates to the tax effect of the adjustments.



                                                                       Table 7
                                                                      (3 of 4)

                          Wyndham Worldwide Corporation
                          NON-GAAP FINANCIAL INFORMATION
                       (In millions, except per share data)

                                            Three Months Ended June 30, 2006
                                           ----------------------------------
                                                 Separation  Stand-
                                                    and      Alone
                                                   Related   Company
                                            As     Adjust-   Adjust-     As
                                         Reported   ments    ments    Adjusted
                                         --------- -------- -------- ---------
    Net revenues
       Vacation ownership interest sales     $377                        $377
       Service fees and membership            341                         341
       Franchise fees                         134                         134
       Consumer financing                      70                          70
       Other                                   33                          33
                                         --------- -------- -------- ---------
    Net revenues                              955    -          -         955
                                         --------- -------- -------- ---------

    Expenses
       Operating                              369                         369
       Cost of vacation ownership interests    80                          80
       Marketing and reservation              194                         194
       General and administrative             141                13 (b)   154
       Separation and related costs             5     (5)(a)              -
       Depreciation and amortization           36                 1 (b)    37
                                         --------- -------- -------- ---------
    Total expenses                            825     (5)        14       834
                                         --------- -------- -------- ---------

    Operating income                          130      5        (14)      121
    Interest expense                           23                12 (b)    35
    Interest income                           (12)                        (12)
                                         --------- -------- -------- ---------

    Income before income taxes                119      5        (26)       98
    Provision for income taxes                 44      2 (c)    (10)(c)    36
                                         --------- -------- -------- ---------
    Net income                                $75     $3       $(16)      $62
                                         ========= ======== ======== =========
    Earnings per share
       Basic                                $0.37  $0.01     $(0.08)    $0.31
       Diluted                               0.37   0.01      (0.08)     0.31

    Weighted average shares outstanding
       Basic                                  200    200        200       200
       Diluted                                200    200        200       200


    Note: EPS amounts may not foot across due to rounding.
    (a)  Represents the costs incurred in connection with the Company's
         separation from Cendant.
    (b)  Represents the Company's estimate of incremental stand-alone
         corporate costs, depreciation and amortization and interest expense
         associated with corporate debt that the Company would have incurred
         if it was a separate stand-alone company.
    (c)  Relates to the tax effect of the adjustments.



                                                                      Table 7
                                                                      (4 of 4)

                          Wyndham Worldwide Corporation
                          NON-GAAP FINANCIAL INFORMATION
                       (In millions, except per share data)

                                        Six Months Ended June 30, 2006
                                       --------------------------------
                                        Separation  Legacy   Stand-
                                           and       and      Alone
                                          Related   Other    Company
                                   As     Adjust-   Adjust-  Adjust-     As
                                Reported   ments    ments     ments   Adjusted
                               --------- --------- --------- -------- --------
    Net revenues
      Vacation ownership interest
       sales                       $685                                  $685
      Service fees and membership   696                                   696
      Franchise fees                243                                   243
      Consumer financing            135                                   135
      Other                          66                                    66
                               --------- --------- --------- -------- --------
    Net revenues                  1,825    -         -          -       1,825
                               --------- --------- --------- -------- --------

    Expenses
      Operating                     700                                   700
      Cost of vacation ownership
       interests                    147                                   147
      Marketing and reservation     368                                   368
      General and administrative    254                          26 (b)   280
      Separation and related
       costs                          8     (8)(a)                        -

      Depreciation and
       amortization                  70                           2 (b)    72
                               --------- --------- --------- -------- --------
    Total expenses                1,547     (8)      -           28     1,567
                               --------- --------- --------- -------- --------

    Operating income                278      8       -          (28)      258
    Interest expense                 33                          24 (b)    57
    Interest income                 (24)                                  (24)
                               --------- --------- --------- -------- --------

    Income before income taxes      269      8       -          (52)      225
    Provision for income taxes      101      4 (c)   -          (20)(c)    85
                               --------- --------- --------- -------- --------

    Income before cumulative
     effect of accounting change    168      4       -          (32)      140
    Cumulative effect of
     accounting change              (65)              65 (d)              -
                               --------- --------- --------- -------- --------

    Net income                     $103     $4       $65       $(32)     $140
                               ========= ========= ========= ======== ========

    Earnings per share
      Basic
      Income before cumulative
       effect of accounting
       change                     $0.84  $0.02      $-       $(0.16)    $0.70
      Cumulative effect of
       accounting change          (0.32)   -        0.32        -         -
                               --------- --------- --------- -------- --------
      Net income                  $0.51  $0.02     $0.32     $(0.16)    $0.70
                               ========= ========= ========= ======== ========

      Diluted
      Income before cumulative
       effect of accounting
       change                     $0.84  $0.02      $-       $(0.16)    $0.70
      Cumulative effect of
       accounting change          (0.32)   -        0.32        -         -
                               --------- --------- --------- -------- --------
      Net income                  $0.51  $0.02     $0.32     $(0.16)    $0.70
                               ========= ========= ========= ======== ========

    Weighted average shares
     outstanding
      Basic                         200    200       200        200       200
      Diluted                       200    200       200        200       200

    Note: EPS amounts may not foot across due to rounding.
    (a)  Represents the costs incurred in connection with the Company's
         separation from Cendant.
    (b)  Represents the Company's estimate of incremental stand-alone
         corporate costs, depreciation and amortization and interest expense
         associated with corporate debt that the Company would have incurred
         if it was a separate stand-alone company.
    (c)  Relates to the tax effect of the adjustments.
    (d)  Represents non-cash charges to reflect the cumulative effect of
         adopting Statement of Financial Accounting Standards No. 152,
         "Accounting for Real Estate Time-Sharing Transactions," on January
         1, 2006.
SOURCE  Wyndham Worldwide Corporation
    -0-                             08/01/2007
    /CONTACT:  Investors, Margo C. Happer, Senior Vice President, Investor
Relations, +1-973-753-6472, or Margo.Happer@wyndhamworldwide.com, or Press,
Betsy O'Rourke, Senior Vice President, Marketing and Communications
+1-973-753-7422, or Betsy.O'Rourke@wyndhamworldwide.com, both of Wyndham
Worldwide Corporation/
    /Web site:  http://www.wyndhamworldwide.com /
    (WYN)

CO:  Wyndham Worldwide Corporation
ST:  New Jersey
IN:  LEI TRA
SU:  ERN

HB-AA
-- NYW011 --
4502 08/01/2007 07:14 EDT http://www.prnewswire.com