EX-99.1

Exhibit 99.1

Wyndham Worldwide Reports Strong Fourth Quarter and Full Year 2007 Results

	•		Delivers Double-Digit Top- and Bottom-Line Growth for Full Year 2007

	•		Announces Full Year 2007 Adjusted EPS Growth of 25%

	•		Affirms 2008 Guidance

PARSIPPANY, N.J. (February 12, 2008) – Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months and year ended December 31, 2007.

Financial information discussed in this press release includes 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.

FOURTH QUARTER AND 2007 HIGHLIGHTS:

	•		Fourth quarter 2007 revenues increased 6% to $1.0 billion

	•		Fourth quarter 2007 net income was $104 million or $0.58 diluted earnings per share. Adjusted net income was $83 million or $0.46 diluted earnings per share

	•		Revenues for full year 2007 increased 13% to $4.4 billion compared to full year 2006, with strong, top-line growth across the Company’s three businesses

	•		Net income for full year 2007 increased 40% to $403 million, or $2.20 per diluted share, compared to 2006 net income of $287 million, or $1.44 per diluted share

	•		Adjusted net income for full year 2007 increased to $387 million, or $2.12 per diluted share, up 14% and 25%, respectively, compared to 2006 Adjusted net income of $339 million, or $1.70 per diluted share

	•		Vacation Ownership posted strong full-year results, with 2007 revenues and gross vacation ownership sales increasing 17% and 14%, respectively, compared to 2006

	•		Vacation Ownership resort count continued to expand, adding over 1,500 units to the portfolio during the year

	•		Comparable revenue per available room (RevPAR) rose 5.9% in the fourth quarter of 2007 compared to the fourth quarter of 2006, while system-wide RevPAR increased 5.3% over the prior year period

	•		Lodging opened nearly 19,000 rooms in the fourth quarter of 2007, while ending the year with a hotel pipeline of over 105,000 rooms

	•		Average number of vacation exchange members increased 5% for full year 2007 compared to 2006, reaching a Company record of more than 3.5 million members

	•		Average net price per vacation rental increased 14% for full year 2007 compared to 2006, or 6% excluding the favorable effect of currency translations

	•		During 2007, Wyndham Worldwide repurchased approximately 14.8 million shares. At December 31, 2007, approximately $163 million remained under the Company’s previously announced share repurchase program

“Wyndham Worldwide posted strong financial and operating results in 2007, concluding our first full year as a public company with double-digit revenue and EBITDA growth as each of our business units delivered within our expectations,” said Stephen P. Holmes, Wyndham Worldwide chairman and chief executive officer. “Our company continues to benefit from a global portfolio of economically resilient businesses and brands and from our multiple revenue sources, with more than half of our revenue generated from fee-for-service businesses. We continue to believe that our business model solidly positions us for continued growth, even in what looks like a tougher economic environment in 2008.”

FULL YEAR 2007 OPERATING RESULTS

Revenues for full year 2007 increased to $4.4 billion, up 13% over the same period in 2006, reflecting strong organic growth:

•

Lodging revenues grew 10% primarily due to solid RevPAR gains, increased property management reimbursable revenues and the continued strength and positioning of our portfolio of brands worldwide

	•		Vacation Exchange and Rentals revenues increased 9% due to strength in vacation rentals and solid growth in the vacation exchange member base, as well as favorable currency translations

	•		Vacation Ownership posted terrific results, with full year 2007 revenues and gross vacation ownership sales increasing 17% and 14%, respectively, driven by increases in both tour flow and volume per guest

Net income for full year 2007 was $403 million or $2.20 diluted earnings per share, compared to 2006 net income of $287 million or $1.44 diluted earnings per share. Net income for 2007 includes $10 million after-tax of separation and related costs and $26 million in after-tax net benefit from the resolution of and adjustment to certain legacy items. Excluding these items, Adjusted net income for full year 2007 was $387 million or $2.12 diluted earnings per share, up 14% and 25%, respectively, from full year 2006. Adjusted net income for full year 2006 was $339 million, or $1.70 diluted earnings per share.

FOURTH QUARTER 2007 OPERATING RESULTS

Revenues for the fourth quarter of 2007 were $1.0 billion, up 6% over the same period in 2006, reflecting continued organic growth.

Net income for the fourth quarter of 2007 was $104 million or $0.58 diluted earnings per share, compared to $92 million or $0.48 diluted earnings per share for the fourth quarter of 2006.

Excluding $21 million in after-tax net benefit from the resolution of and adjustment to certain legacy items, primarily related to a previously disclosed litigation settlement agreement by our former parent company, Adjusted net income for the fourth quarter of 2007 was $83 million, or $0.46 diluted earnings per share.

Excluding $22 million after-tax of separation and related costs and excluding $30 million in after-tax net benefit from the resolution of and adjustment to certain legacy items, Adjusted net income for the fourth quarter of 2006 was $84 million, or $0.44 diluted earnings per share.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues increased 16% to $176 million in the fourth quarter of 2007 compared with the fourth quarter of 2006, reflecting strong RevPAR gains and increased property management reimbursable revenues. Comparable RevPAR increased 5.9% in the fourth quarter of 2007 and system-wide RevPAR increased 5.3% over the prior year period. For the quarter, Days Inn and Super 8, which collectively represent almost 60% of the Company’s U.S. lodging portfolio — continued to experience industry-leading

comparable RevPAR growth for their segments. The Company’s top five international lodging markets, Canada, China, the U.K., Germany and Mexico, which collectively represent 75% of the Company’s international lodging portfolio, enjoyed RevPAR growth of almost 19% in the fourth quarter.

Property management reimbursable revenues were $28 million and marketing/reservation revenues, including TripRewards revenues, were $65 million in the fourth quarter of 2007, compared to $16 million and $61 million, respectively, in the fourth quarter of 2006; these items contribute little, if any, margin.

Fourth quarter 2007 EBITDA grew to $49 million compared to $47 million in the fourth quarter of 2006 (which included $1 million of separation and related costs). The EBITDA growth was muted by the timing of approximately $5 million of incremental marketing expenses.

As of December 31, 2007, the Company’s hotel system consisted of approximately 550,600 rooms and 6,540 properties, with a development pipeline of approximately 930 hotels and over 105,000 rooms, of which 44% were new construction and 32% were international.

Vacation Exchange and Rentals (Group RCI)

Revenues increased to $280 million in the fourth quarter of 2007, a 5% increase compared with the fourth quarter of 2006, reflecting growth in both vacation exchange and vacation rentals, as well as favorable currency translations, partially offset by a decline in other ancillary revenue. Excluding the favorable effect of currency translations of $14 million, revenues were flat compared to the fourth quarter of 2006.

Vacation exchange revenues were $112 million, up 2% compared to the fourth quarter of 2006, primarily driven by a 5% increase in the average number of members, partially offset by a 3% decrease in annual dues and exchange revenue per member primarily related to the timing and mix of exchange deposits.

Vacation rentals revenues were $125 million, a 20% increase compared to the fourth quarter of 2006, or a 9% increase excluding the favorable effect of currency translations. These results reflect a 20% increase in the average net price per vacation rental, or 9% excluding favorable currency translations, primarily due to the mix of activity at premium locations and the conversion of existing Landal parks from franchised to managed properties.

Other ancillary revenues generated primarily from additional products and services provided to affiliates and members were $43 million in the fourth quarter of 2007, compared with $51 million in the fourth quarter of 2006, primarily due to the absence of $4 million of revenues recorded during the fourth quarter of 2006 relating to consulting activities in Asia Pacific and $3 million of other marketing program revenues.

Fourth quarter 2007 EBITDA was $56 million, compared to fourth quarter 2006 EBITDA of $59 million, dampened by the impact of the consulting activities mentioned above and other marketing revenues in the fourth quarter of 2006 that were not repeated in 2007.

Vacation Ownership (Wyndham Vacation Ownership)

Revenues increased 4% to $576 million in the fourth quarter of 2007 compared to the fourth quarter of 2006, reflecting continued success in marketing and sales, incremental property management revenues and growing consumer finance revenues. Fourth quarter 2007 revenues included a $21 million reduction in revenues as a result of deferred vacation ownership revenue under the percentage-of-completion method of accounting compared with an $11 million reduction in the fourth quarter of 2006.

Gross Vacation Ownership Interest sales (which exclude the effect of deferred revenues) were $488 million for the fourth quarter of 2007, up 4% compared to the fourth quarter of 2006, driven by marketing efforts resulting in increases in tour flow and volume per guest based on strong performance by our sales force and continued strength in transaction pricing.

Consumer finance revenues increased $17 million or 22% for the fourth quarter of 2007 compared to the fourth quarter of 2006, which was partially offset in EBITDA due to improved borrowing efficiency against vacation ownership receivables. This shifted approximately $4 million of what would have been interest expense below EBITDA into interest expense reflected within EBITDA.

EBITDA for the fourth quarter of 2007 increased 11% to $99 million, compared to $89 million in the fourth quarter of 2006, which included $15 million of separation and related costs. Fourth quarter 2007 EBITDA reflects a net reduction of approximately $6 million due to the increase in deferred vacation ownership revenue compared with the fourth quarter of 2006.

By the end of the quarter, Wyndham Vacation Ownership had largely completed its program of rebranding its properties under the Wyndham flag.

Other Items

Corporate results were positively affected by lower legal fees and transition service expenses in fourth quarter 2007 compared to the prior year period. Interest expense for the fourth quarter of 2007 was $17 million, unchanged from the fourth quarter of 2006. Interest income for the quarter was $2 million, a $1 million decrease from the comparable prior year period. Depreciation and amortization rose $3 million to $44 million.

Balance Sheet Information as of December 31, 2007:

	•		Cash and cash equivalents of approximately $210 million compared to approximately $270 million at December 31, 2006

	•		Vacation ownership contract receivables, net, of $2.9 billion compared to $2.4 billion at December 31, 2006

	•		Vacation ownership and other inventory of approximately $1.2 billion compared to approximately $955 million at December 31, 2006

	•		Securitized vacation ownership debt of $2.1 billion compared to $1.5 billion at December 31, 2006

	•		Other debt of $1.5 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 970,000 shares of stock during the fourth quarter of 2007 at an average price of $27.92. For full year 2007, the Company repurchased 14.8 million shares of stock at an average price of $34.32. At December 31, 2007, approximately $163 million remained under the Company’s previously announced share repurchase program.

Through February 11, the Company repurchased an additional 473,000 shares of stock at an average price of $22.19 and had approximately $154 million remaining under the current share repurchase authorization.

Outlook and Guidance

Wyndham Worldwide affirms guidance as follows:

Full Year 2008:

	•		Revenues of $4,800 – $4,900 million

	•		EBITDA of $920 – $945 million

	•		Depreciation and amortization expense of $175 – $185 million

	•		Interest expense, net of $75 – $85 million

	•		Effective tax rate of 38.25%

	•		Net income of $401 – $429 million

	•		EPS of $2.23 – $2.38 based on weighted average shares of approximately 180 million

First Quarter 2008:

	•		EPS of $0.30 – $0.35 based on weighted average shares of approximately 180 million

	•		EPS guidance reflects a reduction for the estimated impact of deferred vacation ownership revenue of $0.12 - $0.15 per share that will be recognized in future quarters

All guidance excludes legacy items which may have a positive or negative impact on reported results.

“I am pleased with our performance in 2007 and believe we are well-positioned to generate substantial long-term value for our shareholders,” said Mr. Holmes. “While we see no current evidence of a slowdown in our businesses, we are watching consumer sentiment and the overall economy very carefully. That said, we believe 2008 will be a year of opportunity for Wyndham Worldwide, in large part because of the resiliency and flexibility inherent in our business model. We believe that Wyndham Worldwide can successfully compete and perform even in a slowing macro-economic environment.”

Conference Call Information

Wyndham Worldwide Corporation will provide a webcast of its conference call to discuss the Company’s fourth quarter and full year 2007 financial results on Tuesday, February 12, 2008 at 8:30 a.m. EST. 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 February 12. 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 (203) 369-0767 beginning at noon EST on February 12 until 5 p.m. EST on February 17.

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 more than 6,500 franchised hotels and approximately 550,000 hotel rooms worldwide. Group RCI offers its more than 3.6 million members access to more than 67,000 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 145 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 33,000 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 and the number of hotels the Company intends to add in future periods.

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 performance of the financial markets, 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 2006 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.

# # #


Investor contact:		Press contact:

Margo C. Happer		Betsy O’Rourke
Senior Vice President,		Senior Vice President,
Investor Relations		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), interest income, 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 twelve months ended December 31, 2007 and 2006:


	Three Months Ended December 31,
	2007					2006
	Net Revenues		EBITDA			Net Revenues			EBITDA ^(c)
Lodging	$	176	$	49		$	152		$	47
Vacation Exchange and Rentals		280		56			266			59
Vacation Ownership		576		99			554			89

Total Reportable Segments		1,032		204			972			195
Corporate and Other ^{(a) (b)}		-		28			(2	)		6

Total Company	$	1,032	$	232		$	970		$	201


Reconciliation of EBITDA to Net Income

EBITDA			$	232					$	201
Depreciation and amortization				44						41
Interest expense				17						17
Interest income				(2	)					(3	)

Income before income taxes				173						146
Provision for income taxes				69						54

Net income			$	104					$	92


	Twelve Months Ended December 31,
	2007						2006
	Net Revenues			EBITDA ^(d)			Net Revenues			EBITDA ^(d)
Lodging	$	725		$	223		$	661		$	208
Vacation Exchange and Rentals		1,218			293			1,119			265
Vacation Ownership		2,425			378			2,068			325

Total Reportable Segments		4,368			894			3,848			798
Corporate and Other ^{(a) (b)}		(8	)		(11	)		(6	)		(73	)

Total Company	$	4,360		$	883		$	3,842		$	725


Reconciliation of EBITDA to Net Income

EBITDA				$	883					$	725
Depreciation and amortization					166						148
Interest expense					73						67
Interest income					(11	)					(32	)

Income before income taxes					655						542
Provision for income taxes					252						190

Income before cumulative effect of accounting change					403						352
Cumulative effect of accounting change, net of tax					-						(65	)

Net income				$	403					$	287


^(a)		Includes the elimination of transactions between segments; excludes incremental stand alone company costs through July 31, 2006.

^(b)		Includes $41 million and $46 million of a net benefit during the three and twelve months ended December 31, 2007, respectively, and $32 million of a net benefit for the three and twelve months ended December 31, 2006 related to the resolution of and adjustment to certain contingent liabilities and assets.

^(c)		Includes separation and related costs of $1 million, $15 million and $7 million for Lodging, Vacation Ownership and Corporate and Other, respectively, during the three months ended December 31, 2006.

^(d)		Includes separation and related costs of $9 million and $7 million for Vacation Ownership and Corporate and Other, respectively, during the twelve months ended December 31, 2007 and $2 million, $3 million, $18 million and $76 million for Lodging, Vacation Exchange and Rentals, Vacation Ownership and Corporate and Other, respectively, during the twelve months ended December 31, 2006.

Table 2

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


	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
	2007			2006			2007			2006
Net revenues
Vacation ownership interest sales	$	383		$	379		$	1,666		$	1,461
Service fees and membership		387			348			1,619			1,437
Franchise fees		118			112			523			501
Consumer financing		96			79			358			291
Other		48			52			194			152

Net revenues		1,032			970			4,360			3,842


Expenses
Operating		420			391			1,742			1,474
Cost of vacation ownership interests		80			78			376			317
Marketing and reservation		199			168			831			734
General and administrative ^(a)		100			109			519			493
Separation and related costs ^(b)		-			23			16			99
Depreciation and amortization		44			41			166			148

Total expenses		843			810			3,650			3,265


Operating income		189			160			710			577
Other (income)/loss, net		1			-			(7	)		-
Interest expense		17			17			73			67
Interest income		(2	)		(3	)		(11	)		(32	)


Income before income taxes		173			146			655			542
Provision for income taxes		69			54			252			190


Income before cumulative effect of accounting change		104			92			403			352
Cumulative effect of accounting change, net of tax ^(c)		-			-			-			(65	)


Net income	$	104		$	92		$	403		$	287


Earnings per share
Basic
Income before cumulative effect of accounting change	$	0.59		$	0.48		$	2.22		$	1.78
Cumulative effect of accounting change, net of tax		-			-			-			(0.33	)

Net income	$	0.59		$	0.48		$	2.22		$	1.45


Diluted
Income before cumulative effect of accounting change	$	0.58		$	0.48		$	2.20		$	1.77
Cumulative effect of accounting change, net of tax		-			-			-			(0.33	)

Net income	$	0.58		$	0.48		$	2.20		$	1.44


Weighted average shares outstanding
Basic		178			193			181			198
Diluted		179			194			183			199


^(a)		Includes a net benefit of $41 million and $46 million during the three and twelve months ended December 31, 2007, respectively, and $32 million during the three and twelve months ended December 31, 2006 related to the resolution of and adjustment to certain contingent liabilities and assets.

^(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 $22 million during the three months ended December 31, 2006 and $10 million and $69 million during the twelve months ended December 31, 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.

Table 3
(1 of 2)

Wyndham Worldwide Corporation
OPERATING STATISTICS


	Year		Q1		Q2		Q3		Q4		Full Year
Lodging ^(a)
Number of Rooms^(b)		2007		539,300		541,700		540,900		550,600		N/A
		2006		525,500		535,900		533,700		543,200		N/A
		2005		519,300		516,000		512,000		532,700		N/A
		2004		515,700		514,500		509,600		521,200		N/A

Weighted Average Rooms Available		2007		529,700		530,700		529,800		537,500		532,300
		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

RevPAR		2007	$	31.35	$	38.35	$	43.10	$	33.09	$	36.48
		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	$	146,290	$	107,870	$	489,041
		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		3,538		3,588		3,526
		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	$	131.38	$	124.59	$	135.85
		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		360		293		1,376
		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	$	506.78	$	426.93	$	422.83
		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	$	552,000	$	488,000	$	1,993,000
		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		332,000		268,000		1,144,000
		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	$	1,545	$	1,690	$	1,606
		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 affiliated rooms from the fourth quarter of 2006 forward.

Table 3
(2 of 2)

Wyndham Worldwide Corporation
OPERATING STATISTICS

GLOSSARY OF TERMS

Lodging

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

Weighted Average Rooms Available: Represents the weighted average number of hotel rooms available for rental during 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. Comparable RevPAR represents RevPAR of hotels which are included in both periods.

Royalty, Marketing and Reservation Revenues: Royalty, marketing and reservation revenues 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 revenues are fees that we collect and are contractually obligated to spend to support marketing and reservation activities. Marketing and reservation fees are also included in the above table within marketing, reservation and TripRewards revenues.

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
ADDITIONAL DATA


	Year		Q1		Q2			Q3			Q4			Full Year
Lodging ^(a)
Number of Properties^(b)		2007		6,450		6,460			6,460			6,540			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

Marketing, Reservation and TripRewards Revenues (in 000s)^(c)		2007	$	61,369	$	74,575		$	84,820		$	65,208		$	285,973
		2006	$	58,572	$	70,931		$	78,856		$	61,135		$	269,495
		2005	$	45,066	$	56,558		$	65,812		$	58,053		$	225,491
		2004	$	39,092	$	50,181		$	57,485		$	43,284		$	190,044

Property Management Reimbursable Revenue (in 000s)^(d)		2007	$	15,624	$	22,338		$	25,612		$	28,414		$	91,987
		2006	$	15,732	$	19,935		$	17,210		$	16,263		$	69,142
		2005	$	-	$	-		$	-		$	17,291		$	17,291
		2004	$	-	$	-		$	-		$	-		$	-

Vacation Ownership
Deferred Revenues (in 000s)^(e)		2007	$	3,906	$	(4,908	)	$	506		$	(21,092	)	$	(21,588	)
		2006	$	12,708	$	(221	)	$	(23,491	)	$	(10,675	)	$	(21,679	)
		2005	$	492	$	(9,150	)	$	(5,856	)	$	(2,022	)	$	(16,536	)
		2004	$	5,420	$	(1,482	)	$	(10,080	)	$	(2,467	)	$	(8,610	)

Estimated Uncollectible Receivables (in 000s) ^(f)		2007	$	60,869	$	75,032		$	85,762		$	83,644		$	305,307
		2006	$	61,242	$	55,872		$	63,213		$	78,680		$	259,007
		2005	$	24,652	$	27,754		$	44,050		$	31,644		$	128,101
		2004	$	19,428	$	21,910		$	24,698		$	19,535		$	85,571


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

^(a)		Information includes 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 data is not presented on a comparable basis.

^(b)		Numbers include affiliated hotels from the fourth quarter of 2006 forward.

^(c)		Marketing and reservation revenues represent fees we receive from franchisees that are to be expended for marketing purposes or the operation of a centralized, brand-specific reservation system for the respective franchisees. These fees are typically based on a percentage of the gross room revenues of each franchised hotel. Marketing and reservation fees are also included in the above table within royalty, marketing and reservation revenues. TripRewards revenues represent fees we receive from the franchisees relating to our loyalty program.

^(d)		Primarily represents payroll costs in our hotel management business that we incur and pay on behalf of property owners and for which we are reimbursed by the property owners.

^(e)		Represents the revenue that is deferred under the percentage of completion method of accounting. Under the percentage of completion method of accounting, a portion of the total revenue from a vacation ownership contract sale is not recognized if the construction of the vacation resort has not yet been fully completed. This revenue will be recognized in future periods in proportion to the costs incurred as compared to the total expected costs for completion of construction of the vacation resort. Positive amounts represent the recognition of previously deferred revenues.

^(f)		Represents expected losses on vacation ownership contract receivables. Beginning January 1, 2006, the Company recorded estimated uncollectible receivables as a contra revenue to vacation ownership interest sales on the Consolidated and Combined Statements of Income, as required by Statement of Financial Accounting Standards No. 152, ''Accounting for Real Estate Time-Sharing Transactions.’’ Prior to January 1, 2006, the Company recorded estimated uncollectible receivables, net of estimated inventory recoveries, as a separate expense line item on the Consolidated and Combined Statements of Income and thus 2004 and 2005 amounts are not comparable to 2006 and 2007 amounts.

Table 5

Wyndham Worldwide Corporation
SCHEDULE OF DEBT
(In millions)


	December 31,		September 30,		June 30,		March 31,		December 31,
	2007		2007		2007		2007		2006
Securitized vacation ownership debt
Term notes	$	1,435	$	1,148	$	1,322	$	887	$	838
Bank conduit facility ^(a)		646		777		491		826		625

Securitized vacation ownership debt ^(b)		2,081		1,925		1,813		1,713		1,463
Less: Current portion of securitized vacation ownership debt		237		304		242		231		178

Long-term securitized vacation ownership debt	$	1,844	$	1,621	$	1,571	$	1,482	$	1,285


Debt:
6.00% Senior unsecured notes (due December 2016) ^(c)	$	797	$	797	$	797	$	796	$	796
Term loan (due July 2011)		300		300		300		300		300
Revolving credit facility (due July 2011) ^(d)		97		133		215		48		-
Bank borrowings:
Vacation ownership		164		148		130		112		103
Vacation rentals ^(e)		-		-		-		-		73
Vacation rentals capital leases		154		153		147		147		148
Other		14		14		14		16		17


Total debt		1,526		1,545		1,603		1,419		1,437
Less: Current portion of debt		175		159		140		123		115

Long-term debt	$	1,351	$	1,386	$	1,463	$	1,296	$	1,322


^(a)		This 364-day vacation ownership bank conduit facility was renewed through October 2008 and upsized to $1,200 million on October 30, 2007.

^(b)		This debt is collateralized by $2,596 million, $2,428 million, $2,288 million, $2,198 million and $1,844 million of underlying vacation ownership contract receivables and related assets at December 31, 2007, September 30, 2007, June 30, 2007, March 31, 2007 and December 31, 2006, respectively.

^(c)		The balance at December 31, 2007 represents $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 December 31, 2007, the Company has $53 million of outstanding letters of credit and a remaining borrowing capacity of $750 million.

^(e)		The borrowings under this facility were repaid on January 31, 2007.

Table 6
(1 of 2)

Wyndham Worldwide Corporation
HOTEL BRAND SYSTEMS DETAILS


	As of and For the Three Months Ended December 31, 2007
										Average
										Revenue Per
	Number of				Average			Average Daily		Available Room
Brand	Properties		Number of Rooms		Occupancy Rate			Rate (ADR)		(RevPAR)

Wyndham Hotels and Resorts		79		20,953		60.4	%	$	111.71	$	67.44

Wingate Inn		152		13,944		56.8	%	$	92.25	$	52.42

Ramada		874		106,978		50.9	%	$	83.24	$	42.38

Baymont		193		16,592		43.2	%	$	58.92	$	25.43

AmeriHost Inn		28		1,943		45.5	%	$	69.40	$	31.60

Days Inn		1,883		153,333		46.7	%	$	62.19	$	29.05

Super 8		2,081		128,587		51.1	%	$	57.77	$	29.53

Howard Johnson		471		45,781		45.4	%	$	60.33	$	27.39

Travelodge		494		36,876		44.7	%	$	67.25	$	30.03

Knights Inn		268		18,733		37.7	%	$	43.35	$	16.33

Unmanaged, Affiliated and Managed, Non-Proprietary Hotels^(*)		21		6,856		N/A			N/A		N/A


Total		6,544		550,576		48.6	%	$	68.03	$	33.09



	As of and For the Three Months Ended December 31, 2006
										Average
										Revenue Per
	Number of				Average			Average Daily		Available Room
Brand	Properties		Number of Rooms		Occupancy Rate			Rate (ADR)		(RevPAR)

Wyndham Hotels and Resorts		82		22,582		64.9	%	$	108.63	$	70.46

Wingate Inn		154		14,146		59.2	%	$	85.15	$	50.41

Ramada		871		105,986		49.6	%	$	73.65	$	36.53

Baymont		137		12,377		50.9	%	$	60.71	$	30.88

AmeriHost Inn		98		6,745		50.0	%	$	61.58	$	30.78

Days Inn		1,859		151,438		47.5	%	$	59.24	$	28.13

Super 8		2,054		126,175		50.2	%	$	56.00	$	28.11

Howard Johnson		467		44,432		38.9	%	$	64.49	$	25.06

Travelodge		503		37,468		45.5	%	$	60.06	$	27.33

Knights Inn		231		16,892		39.5	%	$	39.43	$	15.56

Unmanaged, Affiliated and Managed, Non-Proprietary Hotels^(*)		17		4,993		N/A			N/A		N/A


Total		6,473		543,234		48.5	%	$	64.70	$	31.41


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. Eight of the managed properties are scheduled to be branded or cobranded as either Wyndham or Ramada during 2008.

Table 6
(2 of 2)

Wyndham Worldwide Corporation
HOTEL BRAND SYSTEMS DETAILS


	As of and For the Twelve Months Ended December 31, 2007

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

Wyndham Hotels and Resorts		79		20,953		63.9	%	$	112.42	$	71.88

Wingate Inn		152		13,944		64.2	%	$	90.23	$	57.96

Ramada		874		106,978		55.1	%	$	78.88	$	43.48

Baymont		193		16,592		52.7	%	$	66.60	$	35.09

AmeriHost Inn		28		1,943		48.5	%	$	67.09	$	32.51

Days Inn		1,883		153,333		52.5	%	$	63.37	$	33.24

Super 8		2,081		128,587		56.2	%	$	58.35	$	32.80

Howard Johnson		471		45,781		48.4	%	$	64.34	$	31.12

Travelodge		494		36,876		50.3	%	$	66.60	$	33.52

Knights Inn		268		18,733		41.1	%	$	43.53	$	17.88

Unmanaged, Affiliated and Managed, Non-Proprietary Hotels^(*)		21		6,856		N/A			N/A		N/A


Total		6,544		550,576		53.7	%	$	67.96	$	36.48


	As of and For the Twelve Months Ended December 31, 2006

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


Wyndham Hotels and Resorts		82		22,582		68.6	%	$	110.37	$	75.68

Wingate Inn		154		14,146		64.7	%	$	83.99	$	54.33

Ramada		871		105,986		53.7	%	$	72.34	$	38.85

Baymont		137		12,377		57.7	%	$	63.35	$	36.56

AmeriHost Inn		98		6,745		53.7	%	$	62.09	$	33.37

Days Inn		1,859		151,438		52.0	%	$	60.37	$	31.41

Super 8		2,054		126,175		55.2	%	$	56.17	$	31.00

Howard Johnson		467		44,432		46.3	%	$	65.82	$	30.45

Travelodge		503		37,468		50.7	%	$	63.05	$	31.95

Knights Inn		231		16,892		42.3	%	$	40.11	$	16.98

Unmanaged, Affiliated and Managed, Non Proprietary Hotels^(*)		17		4,993		N/A			N/A		N/A


Total		6,473		543,234		53.4	%	$	65.44	$	34.95

Table 7
(1 of 2)

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


	Three Months Ended								Year Ended
	March 31, 2007		June 30, 2007		September 30, 2007		December 31, 2007		December 31, 2007

Reported EBITDA	$	192	$	211	$	248	$	232	$	883
Separation and related costs ^(a)		6		7		3		-		16
Resolution of and adjustment to contingent liabilities and assets ^(b)		(13)		(17)		25		(41)		(46)


Adjusted EBITDA	$	185	$	201	$	276	$	191	$	853


Reported PreTax Income	$	139	$	154	$	189	$	173	$	655
Separation and related costs ^(a)		6		7		3		-		16
Resolution of and adjustment to contingent liabilities and assets ^(b)		(13)		(17)		25		(41)		(46)


Adjusted PreTax Income	$	132	$	144	$	217	$	132	$	625


Reported Tax Provision	$	(53)	$	(58)	$	(72)	$	(69)	$	(252)
Separation and related costs^(c)		(2)		(3)		(1)		-		(6)
Resolution of and adjustment to contingent liabilities and assets ^(c)		4		6		(10)		20		20


Adjusted Tax Provision	$	(51)	$	(55)	$	(83)	$	(49)	$	(238)


Reported Net Income	$	86	$	96	$	117	$	104	$	403
Separation and related costs		4		4		2		-		10
Resolution of and adjustment to contingent liabilities and assets		(9)		(11)		15		(21)		(26)


Adjusted Net Income	$	81	$	89	$	134	$	83	$	387


Reported Diluted EPS	$	0.45	$	0.52	$	0.65	$	0.58	$	2.20
Separation and related costs		0.02		0.02		0.01		-		0.05
Resolution of and adjustment to contingent liabilities and assets		(0.05)		(0.06)		0.09		(0.12)		(0.14)


Adjusted Diluted EPS	$	0.43	$	0.49	$	0.75	$	0.46	$	2.12


Diluted Shares		190		183		180		179		183


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)/expense 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 2)

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


	Three Months Ended								Year Ended
	March 31, 2006		June 30, 2006		September 30, 2006		December 31, 2006		December 31, 2006

Reported EBITDA	$	182	$	166	$	176	$	201	$	725
Separation and related costs ^(a)		3		5		68		23		99
Incremental stand-alone costs ^(b)		(13)		(13)		(4)		-		(30)
Resolution of contingent liabilities ^(c)		-		-		-		(32)		(32)


Adjusted EBITDA	$	172	$	158	$	240	$	192	$	762


Reported Depreciation and Amortization	$	(34)	$	(36)	$	(37)	$	(41)	$	(148)
Incremental stand-alone costs ^(b)		(1)		(1)		-		-		(2)


Adjusted Depreciation and Amortization	$	(35)	$	(37)	$	(37)	$	(41)	$	(150)


Reported Interest Income/(Expense), Net	$	2	$	(11)	$	(12)	$	(14)	$	(35)
Incremental stand-alone costs ^(b)		(12)		(12)		(4)		-		(28)


Adjusted Interest Expense, Net	$	(10)	$	(23)	$	(16)	$	(14)	$	(63)


Reported PreTax Income	$	150	$	119	$	127	$	146	$	542
Separation and related costs ^(a)		3		5		68		23		99
Incremental stand-alone costs ^(b)		(26)		(26)		(8)		-		(60)
Resolution of contingent liabilities ^(c)		-		-		-		(32)		(32)


Adjusted PreTax Income	$	127	$	98	$	187	$	137	$	549


Reported Tax Provision	$	(57)	$	(44)	$	(35)	$	(54)	$	(190)
Separation and related costs^(d)		(2)		(2)		(25)		(1)		(30)
Incremental stand-alone costs^(d)		10		10		3		-		23
State tax rate adjustment ^{(d) (e)}		-		-		(15)		-		(15)
Resolution of contingent liabilities ^(d)		-		-		-		2		2


Adjusted Tax Provision	$	(49)	$	(36)	$	(72)	$	(53)	$	(210)


Reported Net Income	$	28	$	75	$	92	$	92	$	287
Cumulative effect of SFAS No. 152^(f)		65		-		-		-		65

Reported Income before Cumulative Effect of SFAS No. 152		93		75		92		92		352

Separation and related costs		1		3		43		22		69
Incremental stand-alone costs		(16)		(16)		(5)		-		(37)
State tax rate adjustment		-		-		(15)		-		(15)
Resolution of contingent liabilities		-		-		-		(30)		(30)


Adjusted Net Income	$	78	$	62	$	115	$	84	$	339


Reported Diluted EPS	$	0.14	$	0.37	$	0.45	$	0.48	$	1.44
Cumulative effect of SFAS No. 152		0.32		-		-		-		0.33

Reported Income before Cumulative Effect of SFAS No. 152		0.46		0.37		0.45		0.48		1.77

Separation and related costs		0.00		0.01		0.21		0.11		0.35
Incremental stand-alone costs		(0.08)		(0.08)		(0.02)		-		(0.19)
State tax rate adjustment		-		-		(0.07)		-		(0.08)
Resolution of contingent liabilities		-		-		-		(0.15)		(0.15)


Adjusted Diluted EPS	$	0.39	$	0.31	$	0.56	$	0.44	$	1.70


Diluted Shares^(g)		200		200		203		194		199


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), primarily the acceleration of vesting of Cendant equity awards and the related equitable adjustments of such awards.

^(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 net benefit from the resolution of certain contingent liabilities.

^(d)		Relates to the tax effect of the adjustments.

^(e)		Relates to a $15 million benefit relating to changes in the Company’s 2005 state effective tax rate.

^(f)		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.

^(g)		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 8
(1 of 4)

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


	Three Months Ended December 31, 2007

			Legacy and
			Other
	As Reported		Adjustments			As Adjusted
Net revenues
Vacation ownership interest sales	$	383				$	383
Service fees and membership		387					387
Franchise fees		118					118
Consumer financing		96					96
Other		48					48

Net revenues		1,032		-			1,032


Expenses
Operating		420					420
Cost of vacation ownership interests		80					80
Marketing and reservation		199					199
General and administrative		100		41	^(a)		141
Depreciation and amortization		44					44

Total expenses		843		41			884


Operating income		189		(41)			148
Other loss, net		1					1
Interest expense		17					17
Interest income		(2)					(2)


Income before income taxes		173		(41)			132
Provision for income taxes		69		(20)	^(b)		49


Net income	$	104	$	(21)		$	83


Earnings per share
Basic		0.59	$	(0.12)		$	0.47
Diluted		0.58		(0.12)			0.46

Weighted average shares outstanding
Basic		178		178			178
Diluted		179		179			179


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

^(a)		Relates to the net benefit from the resolution of and adjustment to certain contingent liabilities and assets.

^(b)		Relates to the tax effect of the adjustments.

Table 8
(2 of 4)

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


	Year Ended December 31, 2007
				Separation and				Legacy and
				Related				Other
	As Reported			Adjustments				Adjustments				As Adjusted
Net revenues
Vacation ownership interest sales	$	1,666										$	1,666
Service fees and membership		1,619											1,619
Franchise fees		523											523
Consumer financing		358											358
Other		194											194

Net revenues		4,360			-				-				4,360


Expenses
Operating		1,742											1,742
Cost of vacation ownership interests		376											376
Marketing and reservation		831											831
General and administrative		519							46		^(b)		565
Separation and related costs		16			(16	)	^(a)						-
Depreciation and amortization		166											166

Total expenses		3,650			(16	)			46				3,680


Operating income		710			16				(46	)			680
Other income, net		(7	)										(7	)
Interest expense		73											73
Interest income		(11	)										(11	)


Income before income taxes		655			16				(46	)			625
Provision for income taxes		252			6		^(c)		(20	)	^(c)		238


Net income	$	403		$	10			$	(26	)		$	387


Earnings per share
Basic	$	2.22		$	0.05			$	(0.14	)		$	2.13
Diluted		2.20			0.05				(0.14	)			2.12

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 8
(3 of 4)

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


	Three Months Ended December 31, 2006
				Separation and				Legacy and
				Related				Other
	As Reported			Adjustments				Adjustments				As Adjusted
Net revenues
Vacation ownership interest sales	$	379										$	379
Service fees and membership		348											348
Franchise fees		112											112
Consumer financing		79											79
Other		52											52

Net revenues		970			-				-				970


Expenses
Operating		391											391
Cost of vacation ownership interests		78											78
Marketing and reservation		168											168
General and administrative		109							32		^(b)		141
Separation and related costs		23			(23	)	^(a)						—
Depreciation and amortization		41											41

Total expenses		810			(23	)			32				819


Operating income		160			23				(32	)			151
Interest expense		17											17
Interest income		(3	)										(3	)


Income before income taxes		146			23				(32	)			137
Provision for income taxes		54			1		^(c)		(2	)	^(c)		53


Net income	$	92		$	22			$	(30	)		$	84


Earnings per share
Basic	$	0.48		$	0.11			$	(0.16	)		$	0.44
Diluted		0.48			0.11				(0.15	)			0.44

Weighted average shares outstanding
Basic		193			193				193				193
Diluted		194			194				194				194


Note: EPS amounts may not foot across 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 certain contingent liabilities.

^(c)		Relates to the tax effect of the adjustments.

Table 8
(4 of 4)

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


	Year Ended December 31, 2006
				Separation and				Legacy and				Stand-Alone
				Related				Other				Company
	As Reported			Adjustments				Adjustments				Adjustments				As Adjusted
Net revenues
Vacation ownership interest sales	$	1,461														$	1,461
Service fees and membership		1,437															1,437
Franchise fees		501															501
Consumer financing		291															291
Other		152															152

Net revenues		3,842			-				-				-				3,842


Expenses
Operating		1,474															1,474
Cost of vacation ownership interests		317															317
Marketing and reservation		734															734
General and administrative		493							32		^(b)		30		^(c)		555
Separation and related costs		99			(99	)	^(a)										-
Depreciation and amortization		148											2		^(c)		150

Total expenses		3,265			(99	)			32				32				3,230


Operating income		577			99				(32	)			(32	)			612
Interest expense		67											28		^(c)		95
Interest income		(32	)														(32	)


Income before income taxes		542			99				(32	)			(60	)			549
Provision for income taxes		190			30		^(d)		(2	)	^(d)		(8	)	^(d)		210


Income before cumulative effect of accounting change		352			69				(30	)			(52	)			339
Cumulative effect of accounting change		(65	)						65		^(e)						-


Net income	$	287		$	69			$	35			$	(52	)		$	339


Earnings per share
Basic
Income before cumulative effect of accounting change	$	1.78		$	0.35			$	(0.15	)		$	(0.26	)		$	1.71
Cumulative effect of accounting change		(0.33	)		-				0.33				-				-

Net income	$	1.45		$	0.35			$	0.18			$	(0.26	)		$	1.71


Diluted
Income before cumulative effect of accounting change	$	1.77		$	0.35			$	(0.15	)		$	(0.26	)		$	1.70
Cumulative effect of accounting change		(0.33	)		-				0.33				-				-

Net income	$	1.44		$	0.35			$	0.18			$	(0.26	)		$	1.70


Weighted average shares outstanding
Basic		198			198				198				198				198
Diluted		199			199				199				199				199


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

^(a)		Represents the costs incurred in connection with the Company’s separation from Cendant (now Avis Budget Group), primarily the acceleration of vesting of Cendant equity awards and the related equitable adjustments of such awards.

^(b)		Relates to the net benefit from the resolution of certain contingent liabilities.

^(c)		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 in 2006.

^(d)		Relates to the tax effect of the adjustments and a $15 million benefit relating to the changes in the Company’s 2005 state effective tax rates.

^(e)		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.