CENDANT CORPORATION ANNOUNCES FILING OF WYNDHAM WORLDWIDE CORPORATION…

CENDANT CORPORATION ANNOUNCES FILING OF WYNDHAM WORLDWIDE
CORPORATION REGISTRATION STATEMENT

Second Milestone in Separation Plan Achieved

NEW YORK 05-11-2006 -- Cendant Corporation (NYSE: CD) today announced 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.

About Cendant Corporation

Cendant 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 Cendant's Web
site at www.cendant.com.

About Wyndham Worldwide Corporation

As one of the world's largest hospitality companies, Wyndham Worldwide offers individual
consumers and business-to-business customers a broad suite of hospitality products and
services across various accommodation alternatives and price ranges through its premier
portfolio of world-renowned brands. Wyndham Worldwide encompasses more than 6,300
franchised hotels with approximately 525,000 hotel rooms worldwide. It serves more
than three million members of RCI's exchange networks, offering its members and rental
customers access to approximately 55,000 vacation properties comprised of
approximately 51,000 vacation rental properties and approximately 4,000 vacation
ownership resorts located in over 100 countries. In addition, Wyndham Worldwide
develops, markets and sells vacation ownership interests and provides consumer
financing to owners through its network, which includes over 140 vacation ownership
resorts serving more than 750,000 owners throughout North America, the Caribbean and
the South Pacific. Wyndham Worldwide is headquartered in Parsippany, NJ, and is
supported by approximately 28,800 employees around the world.

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 possible sale of TDS) will be
completed, nor can it give assurances as to the terms on which such transactions will be
consummated. The separation 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 risks
related to borrowings and costs related to the proposed transactions (including the
possible sale of TDS); 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", as such
assumptions and other factors were updated in Cendant's 10-Q for the quarter ended
March 31, 2006. 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.