CD Cendant

WYN Joins the S&P 500 Index PARSIPPANY, N.J., Aug. 1 /PRNewswire-FirstCall/ -- In a move that will create one of the world's largest publicly traded hospitality companies, Wyndham Worldwide Corporation today will spin off from Cendant Corporation and begin trading on the New York Stock Exchange under the symbol WYN. (Photo: http://www.newscom.com/cgi-bin/prnh/20060801/NYTU075 ) (Logo: http://www.newscom.com/cgi-bin/prnh/20060801/NYTU075LOGO ) Wyndham Worldwide, which became a member of Standard & Poor's S&P 500 index this week, is a global leader in leisure travel accommodations and a major provider of products and services to business-to-business customers. Its three business segments include: * Wyndham Hotel Group, one of the world's largest hotel franchisors and a provider of hotel management services; * RCI Global Vacation Network, operator of the world's largest vacation exchange network and one of the largest vacation rental networks; and * Wyndham Vacation Ownership, the world's largest developer of vacation ownership resorts in terms of owners and resorts. "This is an exciting day that immediately establishes Wyndham Worldwide as a leading, pure-play hospitality business with a strong and diverse portfolio of global brands that are widely recognized by consumers, business travelers and partners," said Stephen P. Holmes, Wyndham Worldwide chairman and chief executive officer. Wyndham Worldwide meets the diverse needs of today's travelers by offering accommodations in more than 100 countries on six continents, from economy roadside motels and suburban midscale hotels to upscale center-city hotels and from country vacation rental properties to vacation ownership resorts in major destinations. "Wyndham Worldwide has a deep and broad market presence, a long operating history and an extremely experienced management team," Holmes said. "We anticipate enhancing shareholder value by continuing to focus on the evolving needs of travelers and offering the greatest choice in business and leisure accommodations, destinations and experiences." The NYSE listing follows completion of the distribution of all Wyndham Worldwide common shares to Cendant shareholders at a ratio of one Wyndham Worldwide share for every five Cendant (NYSE:CD) shares held on July 21, 2006. As one of the world's largest hospitality companies, Wyndham Worldwide (NYSE:WYN) 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 Hotel Group encompasses more than 6,300 franchised hotels and 525,000 hotel rooms worldwide. RCI Global Vacation Network offers its more than 3 million members access to approximately 55,000 vacation properties located in more than 100 countries. Wyndham Vacation Ownership develops, markets and sells vacation ownership interests and provides consumer financing to owners through its network of more than 140 vacation ownership resorts serving more than 750,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide, headquartered in Parsippany, N.J., employs approximately 28,800 employees globally. 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. The statements followed by the word "anticipate," are generally forward-looking in nature and not historical facts. 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 risk factors that could cause actual results to differ materially from those in the forward looking statements are specified in Wyndham Worldwide's Form 10 as amended, filed July 12, 2006, including under headings including "Risk Factors," "Forward-Looking Statements" 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, it undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required by law. http://www.newscom.com/cgi-bin/prnh/20060801/NYTU075 http://www.newscom.com/cgi-bin/prnh/20060801/NYTU075LOGO http://photoarchive.ap.org/ DATASOURCE: Wyndham Worldwide Corporation CONTACT: Press: Rich Roberts, Vice President, Communications, of Wyndham Hotel Group, Office: +1-973-496-0750, Pager: 1-888-901-8235, ; Investors: Margo Happer, Senior Vice President, Investor Relations, of Wyndham Worldwide Corporation, Office: +1-973-496-2705, Web site: http://www.wyndhamworldwide.com/

Copyright