Cendant's Hospitality Timeshare Spin-Off to be Named Wyndham Worldwide

Wyndham Worldwide will become the name of the new hospitality company expected to be created by Cendant Corporation (NYSE: CD) later this year in the previously announced
spin-off of its lodging, vacation exchange and rental, and timeshare resorts
businesses, it was announced today.

Upon completion of the timeshare spin-off, Wyndham Worldwide will be an independent,publicly traded, pure-play company focused on the development and performanceof its nine hotel lodging chains including the Wyndham(R), Ramada(R), Super8(R), Wingate Inn(R) and Days Inn(R) brands; its vacation exchange and rental
businesses including RCI(R), Novasol(R) and Landal GreenParks(R), and its
timeshare resorts business including Fairfield(R) Resorts and Trendwest(R)
Resorts.

Stephen P. Holmes, Cendant vice chairman and the new company's chairman
and chief executive officer, said Wyndham Worldwide "represents the elevation
of a signature brand with high consumer appeal to serve as our new corporate
timeshare identity."

"As the leading provider of hotel, vacation exchange and rental, and
timeshare accommodations across six continents, we will leverage a name that
provides us with a familiar corporate identity that unquestionably conveys who
we are and what we provide to millions of consumers worldwide," he said.

Noting that the Wyndham hotel brand is widely known "for its distinctly
personalized approach to hospitality," Holmes said, "We believe Wyndham
Worldwide translates perfectly as the bold new identity for a company that
provides consumers with the widest choice in global travel accommodations for
virtually any occasion, price point and experience."

Wyndham Worldwide will be one of the world's largest hospitality companies
and preeminent providers of hospitality products and services, encompassing
more than 6,300 franchised or managed hotels with over 530,000 hotel rooms
worldwide; serving more than three million members of the RCI timeshare exchange network with access to over 4,000 resorts worldwide; more than 55,000 vacation
exchange and rental properties located in more than 100 countries, and over
140 timeshare resorts serving more than 750,000 timeshare owners throughout
North America, the Caribbean and the South Pacific.

"Even as we adopt a new corporate brand to represent the sum of our
hospitality businesses, we recognize the tremendous value and equity of each
of our brands," Holmes said. "Our commitment to our total brand portfolio
remains just as strong, and we will continue to grow and enhance the presence
of our brands within their respective market segments."

To further leverage RCI's unique brand equity in the timeshare exchange
businesses, and in recognition of the recent integration of RCI with our
European vacation rental businesses, the combined vacation exchange and rental
businesses will be renamed the RCI Global Vacation Network. The new name will
reinforce the groups' established global business network of partnerships and
distribution channels enabling the individual brands to flourish in existing
and new markets.

Since the Cendant name will be retired, the company's timeshare
development subsidiary, Cendant Timeshare Resort Group, Inc., will change its
identity to Wyndham Vacation Ownership, Inc. It will continue to operate
under its two highly-regarded resort development brands, Fairfield Resorts and
Trendwest Resorts, as well their respective timeshare programs, FairShare
Plus(R) and WorldMark(R).

Concurrently, Cendant Hotel Group, the unit that manages the company's
franchised and managed hotel lodging business, will change its name to Wyndham
Hotel Group, and the company's namesake hotel brand will become Wyndham Hotels
& Resorts.

"Wyndham will provide an integrated brand identity to bridge our
businesses as we pursue new growth strategies, including mixed-use hotel and
timeshare development," Holmes said. "As an upscale brand, Wyndham provides
both our hotel and timeshare development businesses with a common platform
from which to pursue further growth in higher-end segments.

"These and other integrated strategies will not only help further extend
our timeshare brands globally, but will also dramatically redefine Wyndham as a
worldwide leader in all facets of lodging hospitality," Holmes concluded.