Asia PR News

NEW YORK, June 30 /PRNewswire-AsiaNet/ –

Cendant Corporation (NYSE: CD) today 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.

SOURCE Cendant Corporation

/CONTACT: Cendant Corporation: Media - Elliot Bloom, +1-212-413-1832,
Investors - Sam Levenson, +1-212-413-1832, or Henry A. Diamond,
+1-212-413-1920; The Blackstone Group: Media - John Ford, +1-212-583-5559/
/Web site: http://www.cendant.com
http://www.blackstone.com /
(CD)