Cendant Completes Spin-Offs, Reports Second Quarter Results

Cendant Corp. announced recently that it has completed the spin-offs of Realogy Corporation and Wyndham Worldwide Corporation.

The company distributed 100 percent of the common stock of its Realogy Corporation and Wyndham Worldwide Corporation subsidiaries to Cendant stockholders as of July 21, 2006.

Realogy and Wyndham Worldwide are now independent, publicly traded companies listed on the New York Stock Exchange under the symbols "H" and "WYN," respectively. As a result, Cendant will classify Realogy and Wyndham Worldwide as discontinued operations when it reports its third quarter results.

Cendant also reported results for second quarter 2006. Revenue totaled $4.3 billion, an increase of 2 percent over second quarter 2005, reflecting growth across Wyndham Worldwide and the Company's Avis Budget businesses. Car rental revenue grew 12 percent worldwide due to a 9 percent increase in price and a 3 percent increase in rental day volume.

Cendant also reiterated that it has submitted several proposals to be considered at its annual stockholders meeting scheduled for August 29, 2006, including one to change Cendant's name to Avis Budget Group, Inc. and another to authorize a 1-for-10 reverse stock split of Cendant's common stock to reduce the number of Cendant shares outstanding to approximately 100 million.

If approved, these proposals are expected to become effective on September 5, 2006 and the company’s New York Stock Exchange ticker symbol is expected to change to "CAR".

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