CENDANT APPOINTS LEADING TECHNOLOGY INDUSTRY EXECUTIVE JEFF CLARKE AS…

CENDANT APPOINTS LEADING TECHNOLOGY INDUSTRY EXECUTIVE JEFF
CLARKE AS CEO AND PRESIDENT OF ITS TRAVEL DISTRIBUTION SERVICES
DIVISION

New Name for Company's Travel Distribution Services Division Will be Travelport

NEW YORK 04-18-2006 -- Cendant Corporation (NYSE: CD) today announced that
leading technology executive, Jeff Clarke, has been appointed CEO and president of its
Travel Distribution Services (TDS) Division, effective May 1, 2006.

Mr. Clarke joins TDS from CA, formerly Computer Associates Inc., where he had served
as the software company's chief operating officer since 2004. The naming of Mr. Clarke
as CEO and president further strengthens the TDS management team, and completes the
division's senior leadership. Gordon Bethune became Chairman of the division last month.

"Jeff Clarke has been a rising star in the technology sector for many years and I am
delighted that he has agreed to accept the position as CEO and president," Cendant's
Chairman and CEO, Henry R. Silverman, said. "Jeff's strong management and operational
skills played an integral role in the successful revitalization of CA. As head of global
operations at Hewlett-Packard following its merger with Compaq Computer Corporation,
he helped to facilitate one of the largest and most successful merger integrations within
the technology sector. Jeff's unique experiences make him a seasoned executive who is
well prepared to continue to strengthen TDS's position as one of the world's leading
travel distribution services businesses."

"As we noted in December 2005, we have moved from the acquisition phase to the
execution phase of TDS's development, and Jeff is an ideal choice to lead that effort. His
experiences at CA and HP will be extremely helpful in driving revenue and profit growth
from our global, leading portfolio of brands and businesses. Together with Gordon
Bethune's extensive background in travel, our world-class management team is now
complete."

Mr. Clarke began his career at Digital Equipment Corporation in 1985, holding several
financial, operational and international positions before joining Compaq in 1998. He was
Compaq's Chief Financial Officer and Senior Vice President of Finance and Administration
before being asked to lead the integration with HP. Clarke joined CA in 2004, and in his
role of Chief Operating Officer, he was responsible for sales, services, corporate strategy,
business development, finance and information technology for the $3.5 billion company.

"I am thrilled to have the opportunity to lead a company with such a strong management
team and a remarkable portfolio of assets," Mr. Clarke said. "TDS, with its leading brands
such as Orbitz, Galileo and GTA (Gullivers Travel Associates), is ideally positioned to
experience considerable growth in the months and years ahead and I am excited about
being part of its success."

Mr. Bethune joined TDS in March after a career spent in the airline industry, including his
role as Chief Executive Officer of Continental Airlines, where he was credited with turning
around the struggling carrier. Between 1979 and 1988, Mr. Bethune held executive
positions at several other major airlines including Braniff, Western and Piedmont, along
with serving as a vice president and general manager at Boeing Corporation.

TDS to be Named as Travelport, Inc.
The Company also announced that TDS, comprised of widely recognized travel industry
brands such as Orbitz, Galileo and GTA (Gullivers Travel Associates), has been re-named
Travelport, Inc.

"Taking on the Travelport name offers us the opportunity to create a strong and unifying
brand identity for the distinct travel businesses that comprise our company. It also allows
us the opportunity to leverage the brand equity that already exists in the Travelport
name and identifies our company as the destination for travel bookings," Mr. Bethune
said. "Travelport will continue to focus on transforming the travel experience by
improving operating systems and employing a more customer-focused approach."

The division will continue to be referred to as TDS until such time as the logo and
complete brand identity have been announced, which is expected to be in the early
summer.

Travelport will be headquartered in New Jersey and is one of the most geographically
diverse and vertically integrated travel distribution companies in the world, with over
8,000 employees operating in more than 130 countries.

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 TDS

Cendant Corporation's (NYSE: CD) Travel Distribution Services division is one of the
world's largest and most geographically diverse collections of travel brands and
distribution businesses. The division, employing approximately 8,000 people and
operating in nearly 130 countries, includes: leading GDS (global distribution system)
Galileo, serving more than 50,000 travel agencies and over 60,000 hotels; GTA (Gullivers
Travel Associates), a leading wholesaler and global online provider of hotels, destination
services, travel packages and group tours; and leading online travel agencies including
Orbitz®.

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 a possible sale of Travelport) will be
completed, nor can it give assurances as to the terms on which such transactions will be
consummated. These transactions are subject to certain conditions precedent, including
final approval by the Board of Directors of Cendant.

Various risks that could cause future results to differ from those expressed by the
forward-looking statements included in this press release include, but are not limited to:
risks inherent in the contemplated separation and related transactions (including a
possible sale of Travelport), including risks related to borrowings and costs related to the
proposed transactions; increased demands on Cendant's management teams as a result
of the proposed transactions; changes in business, political and economic conditions in
the U.S. and in other countries in which Cendant and its companies currently do
business; changes in governmental regulations and policies and actions of regulatory
bodies; changes in operating performance; and access to capital markets and changes in
credit ratings, including those that may result from the proposed transactions. Other
unknown or unpredictable factors also could have material adverse effects on Cendant's
and its companies' performance or achievements. In light of these risks, uncertainties,
assumptions and factors, the forward-looking events discussed in this press release may
not occur. 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 10-K for the year ended December 31, 2005, 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.