Cendant Completes Travelport Sale

AUGUST 24, 2006. Cendant Corporation has announced it has completed the previously announced sale of its Travelport business to affiliates of the Blackstone Group for $4.3 billion in cash subject to closing adjustments.

The sale of Travelport follows the spin-offs of the Company's real estate and hospitality businesses, Realogy Corporation and Wyndham Worldwide Corporation, respectively, on July 31.

At its annual meeting of shareholders, scheduled for August 29, the Company is seeking the approval of its shareholders to rename Cendant as Avis Budget Group, Inc. and effect a one-for-ten reverse stock split.

In accordance with previously disclosed plans, the net proceeds of the sale, after repayment of Travelport debt, taxes, fees and expenses, will be distributed to Realogy Corporation and Wyndham Worldwide.

Realogy Corporation will receive approximately $1.4 billion and Wyndham Worldwide will receive approximately $760 million.

Cendant has also been nominated this year for a World Travel Award as World's Leading Travel Distribution Services.

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