Cendant filing brings separation closer

11th May 2006

Cendant Corporation have revealed that Wyndham Worldwide Corporation, its wholly owned subsidiary and intended parent company of its Hospitality Services ( including Timeshare Resorts) businesses, has filed a registration statement on Form 10 with the Securities and Exchange Commission.This achievement marks the second milestone in Cendant’s previously announced plan to separate into four independent companies, the first being the filing of the Form 10 for Realogy Corporation on April 3, 2006. The separation of Wyndham continues to be expected in the summer of 2006.

It is also expected that Wyndham Worldwide Corporation will apply to have its common stock listed on the New York Stock Exchange under the symbol “WYN”.

Cendant also announced that its next major milestone in its plan to separate Cendant into four companies will be the filing of a registration statement on Form 10 for Travelport Inc., the intended parent company of Cendant’s Travel Distribution Services Division (TDS). Cendant also previously announced on April 24, 2006 that, in addition to pursuing its plan to spin off TDS to shareholders, which is anticipated to occur in October 2006, it will also consider a sale of that division.



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