Wyndham Worldwide Spins Off From Cendant, Begins Trading as WYN

Wyndham Worldwide Spins Off From Cendant, Begins Trading as WYN

August 02, 2006

WYN Joins the S&P 500 Index

    PARSIPPANY, N.J., Aug. 2 /Xinhua-PRNewswire/ -- In a
move that will create one of the world's largest publicly
traded hospitality companies, Wyndham Worldwide Corporation
today will spin off from Cendant Corporation and begin
trading on the New York Stock Exchange under the symbol
WYN.

    (Photo: 
http://www.newscom.com/cgi-bin/prnh/20060801/NYTU075 )

    (Logo:
http://www.newscom.com/cgi-bin/prnh/20060801/NYTU075LOGO )

    Wyndham Worldwide, which became a member of Standard
& Poor's S&P 500 index this week, is a global
leader in leisure travel accommodations and a major
provider of products and services to business-to-business
customers.  Its three business segments include: 

    * Wyndham Hotel Group, one of the world's largest hotel
franchisors and a 
      provider of hotel management services;

    * RCI Global Vacation Network, operator of the world's
largest vacation 
      exchange network and one of the largest vacation
rental networks; and 

    * Wyndham Vacation Ownership, the world's largest
developer of vacation 
      ownership resorts in terms of owners and resorts. 

    "This is an exciting day that immediately
establishes Wyndham Worldwide as a leading, pure-play
hospitality business with a strong and diverse portfolio of
global brands that are widely recognized by consumers,
business travelers and partners," said Stephen P.
Holmes, Wyndham Worldwide chairman and chief executive
officer.

    Wyndham Worldwide meets the diverse needs of today's
travelers by offering accommodations in more than 100
countries on six continents, from economy roadside motels
and suburban midscale hotels to upscale center-city hotels
and from country vacation rental properties to vacation
ownership resorts in major destinations.

    "Wyndham Worldwide has a deep and broad market
presence, a long operating history and an extremely
experienced management team," Holmes said.  "We
anticipate enhancing shareholder value by continuing to
focus on the evolving needs of travelers and offering the
greatest choice in business and leisure accommodations,
destinations and experiences."

    The NYSE listing follows completion of the distribution
of all Wyndham Worldwide common shares to Cendant
shareholders at a ratio of one Wyndham Worldwide share for
every five Cendant (NYSE: CD) shares held on July 21,
2006.

    As one of the world's largest hospitality companies,
Wyndham Worldwide (NYSE: WYN) 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 6,300 franchised hotels and
525,000 hotel rooms worldwide. RCI Global Vacation Network
offers its more than 3 million members access to
approximately 55,000 vacation properties located in more
than 100 countries.  Wyndham Vacation Ownership develops,
markets and sells vacation ownership interests and provides
consumer financing to owners through its network of more
than 140 vacation ownership resorts serving more than
750,000 owners throughout North America, the Caribbean and
the South Pacific. Wyndham Worldwide, headquartered in
Parsippany, N.J., employs approximately 28,800 employees
globally. 

    Forward-Looking Statements

    Certain statements in this press release constitute
"forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. 
Such 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 statements followed by the
word "anticipate," are generally forward-looking
in nature and not historical facts.

    You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date
stated, or if no date is stated, as of the date of this
press release.  Important assumptions and risk factors that
could cause actual results to differ materially from those
in the forward looking statements are specified in Wyndham
Worldwide's Form 10 as amended, filed July 12, 2006,
including under headings including "Risk
Factors," "Forward-Looking Statements" and
"Management's Discussion and Analysis of Financial
Condition and Results of Operations."  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 unless
required by law.

    NOTE TO EDITORS:  Photos and logos can be downloaded
from http://www.wyndhamimages.com .  Log in under the user
name "service" and the password
"excellence." For more information about Wyndham
Worldwide Corporation and its businesses, go to
http://www.wyndhamworldwide.com .

    For more information, please contact:

    Press
     Rich Roberts
     Vice President, Communications
     Wyndham Hotel Group
     Tel:    [phone]
     Pager:  [phone]
     Email:  [e-mail]
 
    Investors
     Margo Happer
     Senior Vice President, Investor Relations
     Wyndham Worldwide Corporation
     Tel:    [phone]
     Email:  [e-mail]

SOURCE  Wyndham Worldwide Corporation