Jun 30, 2006

Sale of Travelport Affirms its Recognition as One of the World's Largest Networks of Travel Brands

Affiliate of The Blackstone Group Signs Definitive Agreement to Acquire Cendant’s Travelport Unit for Approximately $4.3 Billion

Parsippany, NJ, June 30, 2006 — An announcement today by Cendant Corporation (NYSE: CD) that it has agreed to sell its travel distribution services subsidiary, Travelport, to an affiliate of The Blackstone Group, marked Travelport’s prominence as one of the world’s largest and most geographically dispersed competitors in the $6 trillion global travel industry.

“As a private company, Travelport will now have considerably greater financial latitude and firepower to take advantage of burgeoning opportunities in the travel market,” said Jeff Clarke, Travelport’s president and CEO. “Our unmatched global reach and local expertise, together with our strong management team and unique portfolio of assets, is a great combination for future success in the flourishing travel space.”

“I believe Travelport is poised to become the most relevant global brand in the travel industry,” said Gordon Bethune, Travelport’s Chairman. “Whether you’re a traveler, travel professional or travel supplier, Travelport will offer more ways for its customers to create and enjoy exceptional travel experiences.”

Travelport Factoids:

  • An integrated, focused leader in a dynamic $6 trillion industry that processes over 100 million transactions annually
  • A network of more than 8,000 employees across more than 140 countries
  • A well–established presence in the travel market of roughly 30 years and a portfolio of over 20 leading travel brands including Orbitz, Galileo and Gullivers Travel Associates (GTA)
  • Travelport provides access to more than 400 airlines, 75,000 hotels, 28,000 car rental locations and 8,000 tourist attractions
  • A Global Distribution System that occupies the number 1, 2 or 3 position on all continents
  • Connecting travel suppliers to 52,000 travel agency locations and some of the world’s leading online travel sites including Orbitz, CheapTickets and ebookers
  • Delivering over 17 million hotel bookings annually—that’s enough to fill every one of the guest rooms at the world’s largest hotel every night for over 15 years
  • Reserving over 10.5 million cars per year—placed in one line, these rentals would stretch 24,000 miles; a line of vehicles long enough to circle the globe
  • Galileo was voted Best Travel Distribution Company in 2005, Best Reservation System for 2006 and Best Corporate Technology in the UK for 2005
  • Orbitz has received service awards from J.D. Power & Associates, The Independent Customer Respect Study and The Best in the Business Travel Awards
  • Providing convenient, cost-saving e-ticketing on over 120 airlines, which not only saves the airlines millions of dollars annually but also saves 13 acres of forest per month
  • Orbitz was the first, and we believe remains the only, online travel agency to offer a dedicated Customer Care Team—comprising former air traffic controllers and travel agents through the Orbitz TLC Center—that monitors US travel conditions and updates customers 24/7

Travelport today also unveiled its dynamic new logo/brand identity, which not only symbolizes the three key elements of travel—earth, sea and sky, but also embodies the continuous integration of the Company’s core businesses—Orbitz, Galileo and GTA; moving together in a forward motion.

“There has been a lot of excitement and anticipation around the development of our new logo,” Clarke said. “But we’re also cognizant that a brand isn’t just about a logo or a visual identity – its about defining who we are, what we stand for, our values and culture, and the value we deliver to our customers. I believe that in time, what will differentiate Travelport from its competitors will be a refreshing, unmatched brand proposition based on global expertise, extraordinary value and innovative customer service.”

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 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 www.cendant.com.

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.

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 forwardlooking 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 forwardlooking 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 Corporation’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.