Cendant Agrees to Sell Its Travel Distribution Services Subsidiary Travelport to an Affiliate of The Blackstone Group for Approximately $4.3 Billion in Cash

Cendant Agrees to Sell Its Travel Distribution Services Subsidiary Travelport to an Affiliate of The Blackstone Group for Approximately $4.3 Billion in Cash

July 03, 2006

    NEW YORK, July 3 /Xinhua-PRNewswire/ -- Cendant
Corporation (NYSE: CD) announced that it has entered into a
definitive agreement to sell Travelport, the Company's
travel distribution services subsidiary, to an affiliate of
The Blackstone Group for approximately $4.3 billion in cash.
 The completion of the transaction is subject to
satisfaction of customary conditions to closing, including
the receipt of applicable regulatory approvals, and is
expected to close in August 2006.

    The Company previously announced that proceeds from the
sale of Travelport would be primarily used to reduce the
indebtedness allocated to its Realogy and Wyndham
subsidiaries.  Following completion of the sale of
Travelport, debt levels for Realogy and Wyndham are
expected to approximate $750 million and $600 million,
respectively.  

    Due to the additional disclosure required in the
Registration Statements on Form 10 for Realogy Corporation
and Wyndham Worldwide Corporation related to the use of
proceeds from the Travelport sale, Cendant now expects to
simultaneously spin-off its Realogy and Wyndham Worldwide
subsidiaries in late July.

    Cendant was advised by Citigroup, JPMorgan and Evercore
and by the law firm of Skadden, Arps, Slate, Meagher &
Flom LLP.

    About Travelport

    Travelport is one of the world's largest and most
geographically diverse travel companies. With a network of
over 8,000 local travel professionals working in more than
140 countries, Travelport delivers greater choice, more
content and cost savings to travelers, travel professionals
and travel suppliers every day. Travelport offers a wide
range of business and consumer services, from distribution
technology and travel packaging to retail sales and
solutions. Travelport operates over 20 leading brands,
including Orbitz, an online travel agency; Galileo, a
global distribution system (GDS); and GTA, a wholesaler of
global travel content.

    About the Blackstone Group

    The Blackstone Group, a global private investment and
advisory firm, was founded in 1985. The firm has raised a
total of approximately $59 billion for alternative asset
investing since its formation of which roughly $27 billion
has been for private equity investing. The Private Equity
Group has over 60 experienced professionals with broad
sector expertise. Blackstone's other core businesses
include Private Real Estate Investing, Corporate Debt
Investing, Hedge Funds, Mutual Fund Management, Private
Placement, Marketable Alternative Asset Management, and
Investment Banking Advisory Services. Further information
is available at http://www.blackstone.com .

    About Cendant Corporation 

    Cendant Corporation is primarily a provider of travel
and residential real estate services. With approximately
85,000 employees, New York City-based Cendant provides
these services to businesses and consumers in over 100
countries. More information about Cendant, its companies,
brands and current SEC filings may be obtained by visiting
the Company's Web site at http://www.cendant.com . 

    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. Statements preceded by,
followed by or that otherwise include the words
"believes," "expects,"
"anticipates," "intends,"
"projects," "estimates,"
"plans," "may increase," "may
fluctuate" and similar expressions or future or
conditional verbs such as "will,"
"should," "would," "may" and
"could" are generally forward-looking in nature
and not historical facts. Any statements that refer to
expectations or other characterizations of future events,
circumstances or results are forward-looking statements.
The Company cannot provide any assurances that the
separation or any of the proposed transactions related
thereto (including the proposed sale of the travel
distribution services division, Travelport) will be
completed, nor can it give assurances as to the terms on
which such transactions will be consummated. The sale of
Travelport is subject to certain conditions precedent as
described in the Purchase Agreement relating to the sale. 
In addition, the other separation transactions are subject
to other conditions precedent, including final approval by
the Board of Directors of Cendant.

    Various risks could cause future results to differ from
those expressed by the forward-looking statements included
in this press release. 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
other important factors that could cause actual results to
differ materially from those in the forward looking
statements are specified in Cendant's Form 10-K for the
year ended December 31, 2005, Cendant's Form 10-Q for the
three months ended March 31, 2006, Realogy Corporation's
Registration Statement on Form 10 and Wyndham Worldwide's
Registration Statement on Form 10, including under headings
such as "Forward-Looking Statements", "Risk
Factors" 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, the Company undertakes no
obligation to release any revisions to any forward-looking
statements, to report events or to report the occurrence of
unanticipated events unless required by law.

    For more information, please contact:

    Media:

     Elliot Bloom
     Cendant Corporation
     Tel:  [phone]

     John Ford
     The Blackstone Group
     Tel:  [phone]

    Investors:

     Sam Levenson
     Cendant Corporation
     Tel:  [phone]

     Henry A. Diamond
     Cendant Corporation
     Tel:  [phone]

SOURCE  Cendant Corporation