Exhibit 99.1

Wyndham Worldwide Reports Strong First Quarter 2007 Results

PARSIPPANY, N.J. (May 1, 2007) — Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months ended March 31, 2007. The Company also announced plans to pay a cash dividend on its common stock beginning in the third quarter of 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.

FIRST QUARTER 2007 RESULTS HIGHLIGHTS:

	•		Revenues increased to over $1.0 billion, up 16% compared to the first quarter of 2006, with top-line growth across the Company’s three businesses: Lodging, Vacation Exchange and Rentals, and Vacation Ownership.
	•		Net income for the quarter was $86 million, or $0.45 per diluted share. Adjusted net income was $81 million.
	•		Adjusted earnings per diluted share of $0.43 exceeded Company issued guidance and were 10% ahead of last year’s first quarter results on an Adjusted basis (assuming Wyndham Worldwide had been a stand-alone, public company).

“This was a terrific quarter for Wyndham Worldwide, with great performance across our businesses, reflecting solid execution in a healthy and growing global travel industry,” said Stephen P. Holmes, Wyndham Worldwide chairman and chief executive officer. “Our strong and diverse brand and service portfolio appeals to consumers and business partners around the world, enabling us to deliver strong financial results that should return value to shareholders today and in years to come. I am extremely proud of our results and the dedication of our team to continually deliver quality service to our partners and customers.”

Wyndham Worldwide to Initiate Dividend

Wyndham Worldwide’s Board of Directors approved a dividend plan and anticipates an initial quarterly cash dividend of $0.04 per share, or $0.16 annually, beginning in the third quarter of 2007. The actual declaration of dividends and the establishment of record and payment dates are subject to final determination by the Board of Directors.

“As we approach our first anniversary as a public company, we are pleased to initiate a dividend program, which is possible due to our strong results, coupled with a healthy balance sheet and an efficient capital structure,” said Holmes.

First Quarter 2007 Operating Results

Revenues for the first quarter of 2007 were $1,012 million, up 16% over the same period in 2006, reflecting strong organic growth across the businesses. Adjusted net income for the first quarter of 2007 was $81 million or $0.43 per diluted earnings per share, excluding $4 million after-tax of separation and related costs associated with Wyndham Worldwide’s spin-off from Cendant Corporation (now Avis Budget Group) and $9 million of an after-tax net benefit from the resolution of and adjustment to certain legacy items.

Lodging (Wyndham Hotel Group)

Revenues increased 6% to $152 million in the first quarter of 2007 compared with the first quarter of 2006, primarily reflecting RevPAR gains and the April 2006 acquisition of Baymont Inn & Suites. EBITDA grew 10% to $45 million.

RevPAR for the first quarter of 2007 increased 3.0% from the first quarter of 2006 or 6.8% excluding the Wyndham brand. The Wyndham brand comparison was affected by the expected attrition of certain properties. Excluding these properties, which have left or are expected to leave the system, Wyndham Hotel and Resorts RevPAR was up 5.2% compared to a 4.8% increase for the upscale sector. Additional RevPAR highlights include:

	•		RevPAR growth for the Company’s economy brands continued to outperform the industry; Days Inn increased domestic RevPAR by 2.7% and Super 8 increased domestic RevPAR by 5.6% compared to industry segment growth of 2.1%.
	•		Ramada increased domestic RevPAR by 5.0% compared to 2.2% in the midscale with food and beverage industry segment.
	•		Wingate increased domestic RevPAR by 8.0% versus a 5.6% increase for the midscale without food and beverage industry segment.

The total lodging system grew in line with the Company’s expectations, with weighted average rooms available and number of properties increasing 2% to 529,700 and 6,450, respectively, over the same period in 2006.

The Company’s hotel development pipeline as of March 31, 2007 included approximately 820 hotels and approximately 95,000 rooms, of which 21% are international and 42% are new construction.

Vacation Exchange and Rentals (RCI Global Vacation Network)

Revenues increased 11% to $314 million in the first quarter of 2007 compared with the first quarter of 2006, reflecting continued momentum in both vacation exchange and vacation rentals as well as favorable currency translations. EBITDA grew to $85 million for the first quarter of 2007, a 10% increase compared to the first quarter of 2006.

Vacation exchange revenues were $135 million, an 8% increase compared to the first quarter of 2006. The average number of members increased 6% and annual dues and exchange revenue per member increased 2% from the first quarter of 2006.

Vacation rentals revenues were $139 million, a 16% increase compared to the first quarter of 2006, due to a 3% increase in vacation rental transactions and a 12% increase in the average net price per rental. These results were primarily driven by double-digit revenue growth at Landal Parks and Novasol rental brands, which benefited from expanded offerings and targeted marketing to consumers for winter destinations.

Other ancillary revenues generated primarily from additional products and services provided to affiliates and members were $40 million in the first quarter 2007 compared to $37 million in the same period last year.

Currency translations contributed $11 million to revenues and increased expenses by $9 million, resulting in a $2 million lift to EBITDA.

Vacation Ownership (Wyndham Vacation Ownership)

Revenues increased 23% to $549 million in the first quarter 2007 compared with the first quarter of 2006 reflecting strong organic growth. EBITDA for the first quarter of 2007 was $63 million, including separation and related costs of $3 million. Excluding separation and related costs, Adjusted EBITDA for the first quarter of 2007 rose 3%. Year-over-year comparisons were significantly affected by a first quarter 2006 operational change made in conjunction with the adoption of SFAS No. 152, “Accounting for Real Estate Time-Sharing Transactions,” which contributed $39 million to revenues and $20 million to EBITDA in the first quarter of 2006.

Gross Vacation Ownership Interest sales were $430 million for the first quarter of 2007, up more than 20% compared to the first quarter of 2006, driven by expanded marketing efforts resulting in a 15% growth in tour flow and a 9% increase in volume per guest.

The strong results reflect continued robust purchases of the Company’s vacation ownership products among both new and existing owners, contribution from sales offices opened throughout 2006, and new marketing programs to existing owners. Price increases and larger transactions size also contributed to growth.

Consumer finance revenues increased 25% for the first quarter of 2007 compared to the first quarter of 2006, reflecting continued growth in the Company’s contract receivables portfolio, consistent with Vacation Ownership Interest revenue growth. The strong consumer finance revenues were partially offset by higher interest expense due to an increase in both our secured borrowings and interest rates.

Other Items

Net income for the first quarter of 2007 reflects an increase in interest expense of $8 million and a decrease in interest income of $9 million, both associated with the Company’s current capital structure, as well as an increase in depreciation and amortization of $4 million compared to the first quarter of 2006.

Balance Sheet

The Company provided the following balance sheet data as of March 31, 2007:

	•		Cash and cash equivalents of approximately $175 million compared to approximately $270 million at December 31, 2006
	•		Vacation ownership contract receivables, net, of $2.5 billion compared to $2.4 billion at December 31, 2006
	•		Vacation ownership and other inventory of approximately $1.1 billion compared to approximately $955 million at December 31, 2006
	•		Securitized vacation ownership debt of $1.7 billion compared to $1.5 billion at December 31, 2006
	•		Other debt of $1.4 billion, unchanged from December 31, 2006

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

Share Repurchase

The Company repurchased 6.7 million shares of stock during the first quarter 2007 at an average price of $33.78 and an additional 2.6 million shares at an average price of $35.04 during April 2007. The Company has approximately $140 million remaining under its current program.

Outlook and Guidance Increase

Wyndham Worldwide is increasing full year 2007 guidance as follows:

	•		Revenues of $4,350 — $4,510 million, up from $4,110 — $4,260 million
	•		Adjusted EBITDA of $835 — $875 million, up from $820 — $855 million, and still 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, unchanged
	•		Interest expense of $70 — $80 million, down from $75 — $85 million
	•		Tax rate of 38%, unchanged
	•		Adjusted net income of $365 — $400 million, up from $350 — $385 million, excluding separation and related costs, as well as legacy matters
	•		Full year Adjusted EPS of $1.98 — $2.17, up from $1.84 — $2.02, excluding separation and related costs, as well as legacy matters, based on weighted average shares of approximately 184 million (as calculated based on share count on March 31, 2007 of approximately 184 million). Prior share count guidance was 190 million.
	•		Second quarter Adjusted EPS of $0.43 — $0.46, excluding separation and related costs, as well as legacy matters, based on weighted average shares of approximately 184 million (as calculated based on share count on March 31, 2007 of approximately 184 million).

“Our customers and business partners continue to believe in us and our future as evidenced by the number of new construction contracts in our hotel pipeline, the innovative partnerships that are occurring within all of our businesses and the tremendous increase in vacation ownership sales to both new and existing customers. The Wyndham Worldwide winning formula is working,” concluded Holmes.

Wyndham Worldwide Corporation will provide a webcast of its conference call to discuss the Company’s first quarter 2007 financial results on Tuesday, May 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 May 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) 998-0463 beginning at noon EDT on May 1 until 5 p.m. EST on May 6.

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 over 539,000 hotel rooms worldwide. RCI Global Vacation Network 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 150 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.

# # #

Investor contact:		Press contact:
Margo C. Happer		Betsy O’Rourke
Senior Vice President, Investor Relations		Senior Vice President, Marketing and Communications
Wyndham Worldwide Corporation		Wyndham Worldwide Corporation
(973) 753-6472		(973) 753-7422
Margo.Happer@wyndhamworldwide.com		Betsy.O’Rourke@wyndhamworldwide.com

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 months ended March 31, 2007 and 2006:

		Three Months Ended March 31,
		2007								2006
		Net Revenues				EBITDA (c)				Net Revenues				EBITDA (c)
Lodging		$	152			$	45			$	144			$	41
Vacation Exchange and Rentals			314				85				282				77
Vacation Ownership			549				63				445				64
Total Reportable Segments			1,015				193				871				182
Corporate and Other (a) (b)			(3	)			(1	)			(1	)			—
Total Company		$	1,012			$	192			$	870			$	182
Reconciliation of EBITDA to Net Income
EBITDA						$	192							$	182
Depreciation and amortization							38								34
Interest expense							18								10
Interest income							(3	)							(12	)
Income before income taxes							139								150
Provision for income taxes							53								57
Income before cumulative effect of accounting change							86								93
Cumulative effect of accounting change, net of tax							—								(65	)
Net income						$	86							$	28

Table 2

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

		Three Months Ended
		March 31,
		2007				2006
Net revenues
Vacation ownership interest sales		$	373			$	309
Service fees and membership			403				356
Franchise fees			113				109
Consumer financing			81				65
Other			42				31
Net revenues			1,012				870
Expenses
Operating			406				332
Cost of vacation ownership interests			91				67
Marketing and reservation			196				174
General and administrative (a)			121				112
Separation and related costs (b)			6				3
Depreciation and amortization			38				34
Total expenses			858				722
Operating income			154				148
Interest expense			18				10
Interest income			(3	)			(12	)
Income before income taxes			139				150
Provision for income taxes			53				57
Income before cumulative effect of accounting change			86				93
Cumulative effect of accounting change, net of tax (c)			—				(65	)
Net income		$	86			$	28
Earnings per share
Basic
Income before cumulative effect of accounting change		$	0.46			$	0.46
Cumulative effect of accounting change, net of tax			—				(0.32	)
Net income		$	0.46			$	0.14
Diluted
Income before cumulative effect of accounting change		$	0.45			$	0.46
Cumulative effect of accounting change, net of tax			—				(0.32	)
Net income		$	0.45			$	0.14
Weighted average shares outstanding
Basic			188				200
Diluted			190				200

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				N/A				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				N/A				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				N/A				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				N/A				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				N/A				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				N/A				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				N/A				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				N/A				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				N/A				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				N/A				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				N/A				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.

Table 3
(2 of 2)

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)

		March 31,				December 31,				September 30,				June 30,				March 31,
		2007				2006				2006				2006				2006
Securitized vacation ownership debt
Term notes		$	887			$	838			$	967			$	575			$	656
Bank conduit facility (a)			826				625				371				653				511
Securitized vacation ownership debt (b)			1,713				1,463				1,338				1,228				1,167
Less: Current portion of securitized vacation ownership debt			231				178				213				210				184
Long-term securitized vacation ownership debt		$	1,482			$	1,285			$	1,125			$	1,018			$	983
Debt:
6.00% Senior unsecured notes (due December 2016) (c)		$	796			$	796			$	—			$	—			$	—
Revolving credit facility (due July 2011) (d)			48				—				150				—				—
Interim loan facility (due July 2007)			—				—				350				—				—
Term loan (due July 2011)			300				300				300				—				—
Vacation ownership asset-linked facility (e)			—				—				—				600				575
Bank borrowings:
Vacation ownership			112				103				113				111				104
Vacation rentals (f)			—				73				70				70				66
Vacation rentals capital leases			147				148				144				145				141
Other			16				17				37				35				35
Total debt			1,419				1,437				1,164				961				921
Less: Current portion of debt			123				115				143				207				196
Long-term debt		$	1,296			$	1,322			$	1,021			$	754			$	725

Table 5

Wyndham Worldwide Corporation
HOTEL BRAND SYSTEMS DETAILS

March 31, 2007

																		Average
																		Revenue Per
																		Available
		Number of								Average				Average Daily				Room
Brand		Properties				Number of Rooms				Occupancy Rate				Rate (ADR)				(RevPAR)
Wyndham Hotels and Resorts			78				20,456				67.7	%		$	109.42			$	74.04
Wingate Inn			155				14,243				63.2	%		$	87.74			$	55.42
Ramada			859				104,762				50.2	%		$	74.64			$	37.46
Baymont			149				13,248				48.9	%		$	61.86			$	30.23
AmeriHost Inn			76				5,314				43.2	%		$	63.08			$	27.22
Days Inn			1,862				151,355				47.1	%		$	59.65			$	28.11
Super 8			2,047				126,113				49.2	%		$	54.19			$	26.64
Howard Johnson			471				44,703				43.3	%		$	61.37			$	26.60
Travelodge			500				37,289				46.1	%		$	60.07			$	27.69
Knights Inn			237				17,151				38.2	%		$	39.73			$	15.18
Managed, Non-Proprietary Hotels (*)			16				4,677				N/A				N/A				N/A
Total			6,450				539,311				48.7	%		$	64.43			$	31.35

March 31, 2006

																		Average
																		Revenue Per
																		Available
		Number of								Average				Average Daily				Room
Brand		Properties				Number of Rooms				Occupancy Rate				Rate (ADR)				(RevPAR)
Wyndham Hotels and Resorts			94				26,738				68.4	%		$	116.32			$	79.58
Wingate Inn			146				13,556				62.3	%		$	81.27			$	50.62
Ramada			899				107,276				48.3	%		$	69.59			$	33.58
AmeriHost Inn			115				8,250				47.7	%		$	59.31			$	28.31
Days Inn			1,840				149,468				46.6	%		$	56.42			$	26.30
Super 8			2,034				123,725				47.4	%		$	52.53			$	24.91
Howard Johnson			453				42,572				43.6	%		$	63.20			$	27.57
Travelodge			506				37,739				45.7	%		$	58.40			$	26.71
Knights Inn			215				16,166				36.8	%		$	37.46			$	13.77
Total			6,302				525,490				48.0	%		$	63.43			$	30.45

NOTE: A glossary of terms is included in Table 3 (2 of 2).

Table 6

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

		Three Months Ended
		March 31, 2007				March 31, 2006
Reported EBITDA		$	192			$	182
Separation and related costs (a)			6				3
Incremental stand-alone costs (b)			—				(13	)
Resolution of contingent liabilities and assets (c)			(13	)			—
Adjusted EBITDA		$	185			$	172
Reported Depreciation and Amortization		$	(38	)		$	(34	)
Incremental stand-alone costs (b)			—				(1	)
Adjusted Depreciation and Amortization		$	(38	)		$	(35	)
Reported Interest Income/(Expense)		$	(15	)		$	2
Incremental stand-alone costs (b)			—				(12	)
Adjusted Interest Expense		$	(15	)		$	(10	)
Reported PreTax Income		$	139			$	150
Separation and related costs (a)			6				3
Incremental stand-alone costs (b)			—				(26	)
Resolution of contingent liabilities and assets (c)			(13	)			—
Adjusted PreTax Income		$	132			$	127
Reported Tax Provision		$	(53	)		$	(57	)
Separation and related costs (d)			(2	)			(2	)
Incremental stand-alone costs (d)			—				10
Resolution of contingent liabilities and assets (d)			4				—
Adjusted Tax Provision		$	(51	)		$	(49	)
Reported Net Income		$	86			$	28
Cumulative effect of SFAS No. 152 (e)			—				65
Reported Income before Cumulative Effect of SFAS No. 152			86				93
Separation and related costs			4				1
Incremental stand-alone costs			—				(16	)
Resolution of contingent liabilities and assets			(9	)			—
Adjusted Net Income		$	81			$	78
Reported Diluted EPS		$	0.45			$	0.14
Cumulative effect of SFAS No. 152			—				0.32
Reported Income before Cumulative Effect of SFAS No. 152			0.45				0.46
Separation and related costs			0.02				0.00
Incremental stand-alone costs			—				(0.08	)
Resolution of contingent liabilities and assets			(0.05	)			—
Adjusted Diluted EPS		$	0.43			$	0.39
Diluted Shares (f)			190				200

Note: EPS amounts may not foot down due to rounding.

Table 7
(1 of 2)

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

		Three Months Ended March 31, 2007
						Separation and				Legacy and
						Related				Other
		As Reported				Adjustments				Adjustments				As Adjusted
Net revenues
Vacation ownership interest sales		$	373											$	373
Service fees and membership			403												403
Franchise fees			113												113
Consumer financing			81												81
Other			42												42
Net revenues			1,012				—				—				1,012
Expenses
Operating			406												406
Cost of vacation ownership interests			91												91
Marketing and reservation			196												196
General and administrative			121								13	(b)			134
Separation and related costs			6				(6	)(a)							—
Depreciation and amortization			38												38
Total expenses			858				(6	)			13				865
Operating income			154				6				(13	)			147
Interest expense			18												18
Interest income			(3	)											(3	)
Income before income taxes			139				6				(13	)			132
Provision for income taxes			53				2	(c)			(4	)(c)			51
Net income		$	86			$	4			$	(9	)		$	81
Earnings per share
Basic		$	0.46			$	0.02			$	(0.05	)		$	0.43
Diluted			0.45				0.02				(0.05	)			0.43
Weighted average shares outstanding
Basic			188				188				188				188
Diluted			190				190				190				190

Note: EPS amounts may not foot across due to rounding.

Table 7
(2 of 2)

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

		Three Months Ended March 31, 2006
						Separation and				Legacy and				Stand-Alone
						Related				Other				Company
		As Reported				Adjustments				Adjustments				Adjustments				As Adjusted
Net revenues
Vacation ownership interest sales		$	309															$	309
Service fees and membership			356																356
Franchise fees			109																109
Consumer financing			65																65
Other			31																31
Net revenues			870				—				—				—				870
Expenses
Operating			332																332
Cost of vacation ownership interests			67																67
Marketing and reservation			174																174
General and administrative			112												13	(b)			125
Separation and related costs			3				(3	)(a)											—
Depreciation and amortization			34												1	(b)			35
Total expenses			722				(3	)			—				14				733
Operating income			148				3				—				(14	)			137
Interest expense			10												12	(b)			22
Interest income			(12	)															(12	)
Income before income taxes			150				3				—				(26	)			127
Provision for income taxes			57				2	(c)			—				(10	)(c)			49
Income before cumulative effect of accounting change			93				1				—				(16	)			78
Cumulative effect of accounting change, net of tax			(65	)			—				65	(d)			—				—
Net income		$	28			$	1			$	65			$	(16	)		$	78
Earnings per share
Basic
Income before cumulative effect of accounting change		$	0.46			$	—			$	—			$	(0.08	)		$	0.39
Cumulative effect of accounting change			(0.32	)			—				0.32				—				—
Net income		$	0.14			$	—			$	0.32			$	(0.08	)		$	0.39
Diluted
Income before cumulative effect of accounting change		$	0.46			$	—			$	—			$	(0.08	)		$	0.39
Cumulative effect of accounting change			(0.32	)			—				0.32				—				—
Net income		$	0.14			$	—			$	0.32			$	(0.08	)		$	0.39
Weighted average shares outstanding
Basic			200				200				200				200				200
Diluted			200				200				200				200				200