CENDANT REPORTS RESULTS FOR SECOND QUARTER 2006

NEW YORK, August 9, 2006 — Cendant Corporation (NYSE: CD) today reported results for second quarter 2006. Revenue totaled $4.3 billion, an increase of 2% over second quarter 2005, reflecting growth across Wyndham Worldwide and the Company’s Avis Budget businesses. EPS from Continuing Operations was $0.17, which excludes the results of Travelport, formerly the Company’s Travel Distribution Services division, which are classified as discontinued operations due to the pending sale of that business. As previously announced, the Company completed the spin-offs of Realogy and Wyndham Worldwide in tax-free distributions to its stockholders on July 31, 2006. Excluding separation and restructuring costs and the previously disclosed tax accrual at Wyndham Worldwide, EPS from Continuing Operations was $0.24.

Cendant’s Chairman and CEO, Henry R. Silverman, stated: “The past several months were a period of strategic milestones for Cendant. We completed the spin-offs of Realogy and Wyndham Worldwide to our shareholders and each is now an independent, publicly-traded company. The sale of Travelport is expected to be completed this month, after which Avis Budget Group will be an independent, publicly-traded company. These companies are leaders in their respective industries and we are excited about the prospects for each to grow, prosper and create long-term value for its shareholders.”

Second Quarter 2006 Results of Core Operating Segments
The following discussion of operating results focuses on revenue and EBITDA for each of the Company’s core operating segments as of June 30, 2006. Revenue and EBITDA are expressed in millions.

Realogy (formerly Real Estate Services)
(Consisting of the Company’s former real estate franchise brands, brokerage operations, relocation services and settlement services businesses)

		2006				2005				% change
Revenue		$	1,903			$	2,043				(7	%)
EBITDA		$	306			$	393				(22	%)

Revenue and EBITDA declined in line with Realogy’s expectations principally due to lower revenue at Realogy’s real estate franchise and NRT real estate brokerage businesses, partially offset by growth in its settlement services business due to the acquisition of Texas American Title Company and related companies in January 2006. Home prices increased 5% at both real estate franchise and NRT. These increases

were offset by closed sides decreases of 16% and 13% at real estate franchise and NRT, respectively. The decreases in closed sides were impacted by the acquisitions of brokerages by NRT. Excluding this impact, closed sides would have decreased 14% and 17% at real estate franchise and NRT, respectively. The decline in closed sides volume reflects moderation of the residential real estate market, particularly in some of the areas where NRT is concentrated such as Florida and California. In addition, EBITDA comparisons were negatively impacted by an incremental $13 million of separation and restructuring costs. Excluding these costs, EBITDA would have been down 19%.

Hospitality Services (now part of Wyndham Worldwide)
(Consisting of the Company’s former franchised lodging brands, hotel management, timeshare exchange and vacation rental businesses)

		2006				2005				% change
Revenue		$	421			$	367				15	%
EBITDA		$	77			$	100				(23	%)

Revenue increased due to growth in Wyndham Worldwide’s lodging and Vacation Network Group (VNG) businesses. The largest contributor to revenue growth was the inclusion of approximately $35 million of revenue resulting from the acquisition of Wyndham Hotels and Resorts, of which approximately $28 million had no impact on EBITDA because it related to reimbursable expenses. Lodging revenue was also positively impacted by a 10% improvement in RevPAR, excluding Wyndham Hotels and Resorts and Baymont Hotels, both of which were recently acquired. EBITDA declined principally due to a previously announced $25 million foreign tax accrual that was recorded in the European vacation rental operations.

Timeshare Resorts (now part of Wyndham Worldwide)
(Consisting of the Company’s former timeshare sales and development businesses)

		2006				2005				% change
Revenue		$	479			$	436				10	%
EBITDA		$	84			$	73				15	%

Revenue and EBITDA increased principally due to growth in timeshare sales and increased consumer financing income. Growth in timeshare sales revenue was driven by an 11% increase in revenue per guest and a 9% increase in tour flow. Revenue per guest benefited from higher pricing and increased conversion of tours into sales, and tour flow was positively impacted by the continued development of the Trendwest in-house sales program and continued improvement in local marketing efforts. Operating results were negatively impacted by the adoption in first quarter 2006 of a new accounting standard for the recognition of timeshare sales revenue and expenses (SFAS No. 152), and the absence of $11 million of income that was recognized in second quarter 2005 in connection with a previously disclosed disposal of land that was no longer needed for development. Excluding the impact of these items, revenue and EBITDA would have increased 24% and 39%, respectively.

Avis Budget (formerly Vehicle Rental)
(Consisting of the Company’s car and truck rental businesses)

		2006				2005				% change
Revenue		$	1,439			$	1,312				10	%
EBITDA		$	111			$	128				(13	%)

Revenue increased due to growth in our domestic and international car rental operations. Car rental revenue grew 12% worldwide due to a 9% increase in price and a 3% increase in rental day volume. As expected, EBITDA comparisons were negatively impacted by increased fleet costs. We expect continuing year-over-year price increases for the remainder of 2006 as we seek to offset the impact of higher fleet costs.

Other Items

•		Completion of Spin-Offs — We have completed the spin-offs of Realogy and Wyndham Worldwide in tax-free distributions to the Company’s shareholders. Realogy and Wyndham Worldwide are now independent, publicly-traded companies listed on the New York Stock Exchange under the ticker 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.
•		Sale of Travelport — We agreed to sell Travelport to an affiliate of The Blackstone Group for $4.3 billion in cash and confirmed that the net proceeds (after taxes, fees and expenses, and retirement of Travelport borrowings) from such sale will be used to reduce the initial indebtedness of Realogy and Wyndham Worldwide. The sale is expected to close this month.
•		Repayment of Corporate Debt — In connection with our separation plan, we repurchased approximately $2.5 billion aggregate principal amount under our 6.25% Senior Notes due 2008 and 2010, 7.375% Senior Notes due 2013, and 7.125% Senior Notes due 2015. We also pre-funded the payment of $950 million under our 4.89% and 6 7/8% Notes Due 2006 and repaid amounts outstanding under our $2.0 billion revolving credit facility.
•		Cendant Name Change and Reverse Stock Split — We have submitted several proposals to be voted upon at our 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. If approved, these proposals are expected to become effective on September 5, 2006 and at such time we expect that our New York Stock Exchange ticker symbol will be changed to “CAR”.
•		Discontinued Operations — Income from discontinued operations includes results of the Company’s Travelport unit and, in prior periods, results of operations of the

Company’s former Marketing Services Division, Wright Express fuel card business, and fleet and appraisal units, all of which have been disposed. In addition, the loss on disposal of discontinued operations in second quarter 2006 includes a previously announced, non-cash impairment charge of approximately $1.0 billion in connection with the sale of Travelport.

•		Separation Costs — Second quarter 2006 EBITDA includes separation costs of $49 million, including $42 million recorded in Corporate and Other, $2 million recorded in Realogy, $2 million recorded in Hospitality Services, $2 million recorded in Timeshare Resorts and $1 million recorded in Avis Budget. These costs consist primarily of legal, accounting, other professional and consulting fees, and employee costs.
•		Foreign Tax Accrual — Second quarter 2006 results include a previously announced $36 million pretax accrual for foreign taxes related to Wyndham Worldwide’s European vacation rental operations. $25 million of this accrual is recorded in the segment results for Hospitality Services and $11 million is recorded as interest expense, below EBITDA.
•		Free Cash Flow — Free cash flow in second quarter 2006 is not comparable to second quarter 2005 due to the impact of the repayment of certain vehicle related debt using the proceeds from the $1.875 billion of corporate borrowings completed in April 2006. See Table 7.

Outlook for Avis Budget
The following table presents the previously announced pro forma 2005 and expected pro forma 2006 financial data for Avis Budget Car Rental, LLC and its subsidiaries, the companies that comprise Cendant’s vehicle rental business.

($ millions)			2005(1)				2006E (1) (2)
Revenue			$5,316				$5,600 — 5,800
EBITDA			$497				$400 — 440
Corporate interest expense, net			141				140 — 145
EBITDA less corporate interest expense			356				260 — 295
Non-vehicle depreciation and amortization			98				90 — 100
Pretax income			$258				$165 — 200

(1)     The expected pro forma results provided above give effect to the $1.875 billion of corporate borrowings completed in April 2006 and repayment of vehicle-backed debt with a portion of the net proceeds of such financing, removal of Cendant-allocated general overhead costs, the incurrence of stand-alone public company costs, elimination of the approximately $802 million intercompany balance with Cendant and the associated interest income, and increased truck lease financing costs due to the separation.

(2)     Full year estimates may not total because actual results are not expected to be at the lowest or highest of the expected range.

Investor Conference Call
Cendant will host a conference call to discuss the second quarter results on Thursday, August 10, 2006, at 11:00 a.m. (ET). Investors may access the call live at www.cendant.com or by dialing (913) 981-5509. A web replay will be available at www.cendant.com following the call. A telephone replay will be available from 2:00 p.m. (ET) on August 10, 2006 until 8:00 p.m. (ET) on August 17, 2006 at (719) 457-0820, access code: 6465003.

About Cendant Corporation

Cendant is now comprised of its Travelport and Avis Budget Group businesses. Travelport is classified as a discontinued operation due to its impending sale. Avis Budget Group is a leading provider of vehicle rental services with operations in more than 50 countries. Through its Avis and Budget brands, Avis Budget Group is the largest general-use vehicle rental operator in each of North America, Australia, New Zealand and certain other regions. Avis Budget Group is headquartered in Parsippany, NJ and has more than 30,000 employees.

About Realogy Corporation

Realogy Corporation (NYSE: H) is the world’s largest residential real estate brokerage franchisor, the largest U.S. residential real estate brokerage firm, a leading global provider of outsourced employee relocation services, and a provider of title and settlement services. Realogy’s brands include Century 21, Coldwell Banker, Coldwell Banker Commercial, ERA, Sotheby’s International Realty, NRT Incorporated, Cartus and Title Resource Group. Realogy is headquartered in Parsippany, NJ and has more than 15,000 employees.

About Wyndham Worldwide Corporation

Wyndham Worldwide Corporation (NYSE: WYN) is one of the world’s largest hospitality companies offering individual consumers and business-to-business customers a broad suite of hospitality products and services including lodging, vacation exchange and rental services, and vacation ownership interests in resorts. 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 remaining proposed transactions related to the separation, principally the proposed sale of Travelport, will be completed, nor can it give assurances as to the terms on which such transactions will be consummated

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 related to the proposed sale of Travelport, the high level of competition in the vehicle rental industry, increased costs for new vehicles, a downturn in airline passenger traffic, an occurrence or threat of terrorism, a significant increase in interest rates or borrowing costs and the Company’s ability to make changes necessary to operate following completion of the separation plan. 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 Quarterly Report on Form 10-Q for the period ended June 30, 2006, including under headings such as “Forward-Looking Statements,” “Risk Factors” 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, the Company 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.

This release includes certain non-GAAP financial measures as defined under SEC rules. As required by SEC rules, important information regarding such measures is contained on Table 8 to this release.

Media Contacts:
Kelli Segal, Cendant Corporation
(212) 413-1871

Mark Panus, Realogy Corporation
(973) 407-7215

Investor Contacts:
Sam Levenson, Cendant Corporation
(212) 413-1834

Henry A. Diamond, Realogy Corporation
(973) 407-2710

Margo C. Happer, Wyndham Worldwide Corporation
(973) 496-2705

David Crowther, Avis Budget Group
(973) 496-7277

# # #

Tables Follow

Exhibit 99.1

Table 1
page 1 of 2

Cendant Corporation and Subsidiaries
SUMMARY DATA SHEET
(Dollars in millions, except per share data)

		Second Quarter
		2006				2005				% Change
Income Statement Items
Net Revenues		$	4,257			$	4,170				2	%
Pretax Income (A)			277				505				(45	%)
Income from Continuing Operations			174				316				(45	%)
EPS from Continuing Operations (diluted)			0.17				0.29				(41	%)
Cash Flow Items
Net Cash Provided by Operating Activities		$	724			$	869
Free Cash Flow (B)			(1,488	)			549
Payments Made for Current Period Acquisitions, Net of Cash Acquired			(66	)			(56	)
Net Borrowings			1,838				(45	)
Net Repurchases of Common Stock			14				(158	)
Payment of Dividends			—				(96	)
		As of				As of
		June 30, 2006				December 31, 2005
Balance Sheet Items
Total Corporate and Other Debt		$	3,694			$	3,578
Total Avis Budget Car Rental Corporate Debt			1,875				—
Cash and Cash Equivalents			441				730
Total Stockholders’ Equity			10,501				11,291
Segment Results
		Second Quarter
		2006				2005				% Change
Net Revenues
Realogy (formerly known as Real Estate Services)		$	1,903			$	2,043				(7	%)
Hospitality Services			421				367				15	%
Timeshare Resorts			479				436				10	%
Wyndham Worldwide			900				803				12	%
Avis Budget Group (formerly known as Vehicle Rental) (C)			1,439				1,312				10	%
Total Core Operating Segments			4,242				4,158				2	%
Corporate and Other			15				12				*
Cendant Corporation		$	4,257			$	4,170				2	%
EBITDA (D)
Realogy (formerly known as Real Estate Services)		$	306			$	393				(22	%)
Hospitality Services			77				100				(23	%)
Timeshare Resorts			84				73				15	%
Wyndham Worldwide			161				173				(7	%)
Avis Budget Group (formerly known as Vehicle Rental)			111				128				(13	%)
Total Core Operating Segments			578				694				(17	%)
Corporate and Other			(95	)			(35	)			*
Cendant Corporation		$	483			$	659				(27	%)
Reconciliation of EBITDA to Pretax Income
Total Company EBITDA		$	483			$	659
Less: Non-program related depreciation and amortization			94				85
Non-program related interest expense, net			110				66
Amortization of pendings and listings			2				3
Pretax Income (A)		$	277			$	505				(45	%)

Table 1
page 2 of 2

Cendant Corporation and Subsidiaries
SUMMARY DATA SHEET
(Dollars in millions, except per share data)

		Six Months Ended June 30,
		2006				2005				% Change
Income Statement Items
Net Revenues		$	7,834			$	7,580				3	%
Pretax Income (A)			420				609				(31	%)
Income from Continuing Operations			255				358				(29	%)
EPS from Continuing Operations (diluted)			0.25				0.33				(24	%)
Cash Flow Items
Net Cash Provided by Operating Activities		$	754			$	1,264
Free Cash Flow (B)			(1,763	)			626
Payments Made for Current Period Acquisitions, Net of Cash Acquired			(180	)			(87	)
Net Borrowings			2,051				576
Net Repurchases of Common Stock			(207	)			(269	)
Payment of Dividends			(113	)			(192	)
		As of				As of
		June 30, 2006				December 31, 2005
Balance Sheet Items
Total Corporate and Other Debt		$	3,694			$	3,578
Total Avis Budget Car Rental Corporate Debt			1,875				—
Cash and Cash Equivalents			441				730
Total Stockholders’ Equity			10,501				11,291

Segment Results

		Six Months Ended June 30,
		2006				2005				% Change
Net Revenues
Realogy (formerly known as Real Estate Services)		$	3,329			$	3,452				(4	%)
Hospitality Services			830				762				9	%
Timeshare Resorts			886				805				10	%
Wyndham Worldwide			1,716				1,567				10	%
Avis Budget Group (formerly known as Vehicle Rental) (C)			2,758				2,477				11	%
Total Core Operating Segments			7,803				7,496				4	%
Mortgage Services			—				46				*
Corporate and Other			31				38				*
Cendant Corporation		$	7,834			$	7,580				3	%
EBITDA (D)
Realogy (formerly known as Real Estate Services)		$	427			$	554				(23	%)
Hospitality Services			194				225				(14	%)
Timeshare Resorts			151				113				34	%
Wyndham Worldwide			345				338				2	%
Avis Budget Group (formerly known as Vehicle Rental)			166				194				(14	%)
Total Core Operating Segments			938				1,086				(14	%)
Mortgage Services			—				(181	)			*
Corporate and Other			(158	)			(72	)			*
Cendant Corporation		$	780			$	833				(6	%)
Reconciliation of EBITDA to Pretax Income
Total Company EBITDA		$	780			$	833
Less: Non-program related depreciation and amortization			183				172
Non-program related interest expense, net			168				46
Amortization of pendings and listings			9				6
Pretax Income (A)		$	420			$	609				(31	%)

Table 2

Cendant Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(In millions, except per share data)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2006				2005				2006				2005
Revenues
Service fees and membership, net		$	2,813			$	2,847			$	5,064			$	5,060
Vehicle-related			1,439				1,312				2,758				2,477
Other			5				11				12				43
Net revenues			4,257				4,170				7,834				7,580
Expenses
Operating			2,602				2,539				4,825				4,647
Vehicle depreciation, lease charges and interest, net			439				373				860				697
Marketing and reservation			359				321				683				617
General and administrative			324				276				599				564
Non-program related depreciation and amortization			94				85				183				172
Non-program related interest expense, net			110				66				168				46
Acquisition and integration related costs:
Amortization of pendings and listings			2				3				9				6
Other			1				1				2				2
Separation costs (A)			49				—				85				—
Restructuring and transaction-related charges			—				1				—				40
Valuation charge associated with PHH spin-off			—				—				—				180
Total expenses			3,980				3,665				7,414				6,971
Income before income taxes and minority interest			277				505				420				609
Provision for income taxes			103				188				164				249
Minority interest, net of tax			—				1				1				2
Income from continuing operations			174				316				255				358
Income from discontinued operations, net of tax (B)			53				67				106				81
Gain (loss) on disposal of discontinued operations, net of tax:			(981	)			4				(981	)			(133	)
Income (loss) before cumulative effect of accounting changes			(754	)			387				(620	)			306
Cumulative effect of accounting changes, net of tax (C)			—				—				(64	)			—
Net income (loss)		$	(754	)		$	387			$	(684	)		$	306
Earnings per share
Basic
Income from continuing operations		$	0.17			$	0.30			$	0.25			$	0.34
Income from discontinued operations			0.06				0.07				0.11				0.08
Gain (loss) on disposal of discontinued operations			(0.98	)			—				(0.98	)			(0.13	)
Cumulative effect of accounting changes			—				—				(0.06	)			—
Net income (loss)		$	(0.75	)		$	0.37			$	(0.68	)		$	0.29
Diluted
Income from continuing operations		$	0.17			$	0.29			$	0.25			$	0.33
Income from discontinued operations			0.05				0.07				0.11				0.08
Gain (loss) on disposal of discontinued operations			(0.97	)			—				(0.97	)			(0.13	)
Cumulative effect of accounting changes			—				—				(0.06	)			—
Net income (loss)		$	(0.75	)		$	0.36			$	(0.67	)		$	0.28
Weighted average shares outstanding
Basic			1,002				1,050				1,004				1,052
Diluted			1,011				1,072				1,014				1,075

Table 3

Cendant Corporation and Affiliates
SEGMENT REVENUE DRIVER ANALYSIS
(Revenue dollars in thousands)

		Second Quarter
		2006				2005				% Change
REALOGY SEGMENT
Real Estate Franchise
Closed Sides			439,914				521,471				(16	%)
Average Price		$	233,457			$	221,737				5	%
Royalty Revenue (A)		$	128,233			$	141,553				(9	%)
Total Revenue (A)		$	158,035			$	160,366				(1	%)
Real Estate Brokerage
Closed Sides			117,799				135,173				(13	%)
Average Price		$	492,809			$	470,404				5	%
Net Revenue from Real Estate Transactions		$	1,485,603			$	1,638,710				(9	%)
Total Revenue		$	1,501,245			$	1,654,855				(9	%)
Cartus (formerly “Relocation”)
Transaction Volume			26,771				28,655				(7	%)
Total Revenue		$	131,333			$	135,108				(3	%)
Title Resource Group (formerly “Settlement Services”) (B)
Purchase Title and Closing Units			47,163				42,954				10	%
Refinance Title and Closing Units			10,639				12,776				(17	%)
Total Revenue		$	112,837			$	92,312				22	%
HOSPITALITY SERVICES SEGMENT
Lodging (C)
RevPAR		$	36.97			$	31.91				16	%
Weighted Average Rooms Available			531,019				511,998				4	%
Royalty, Marketing and Reservation Revenue		$	125,409			$	104,281				20	%
Total Revenue		$	176,368			$	128,953				37	%
Vacation Exchange and Rental
Average Number of Exchange Subscribers			3,327,129				3,185,419				4	%
Subscriber Related Revenue		$	152,316			$	148,735				2	%
European Cottage Weeks Sold			256,860				246,002				4	%
Total Revenue		$	244,525			$	237,966				3	%
TIMESHARE RESORTS SEGMENT
Tours			273,343				250,231				9	%
Total Revenue		$	479,285			$	436,183				10	%
AVIS BUDGET GROUP SEGMENT
Car
Rental Days (000’s)			26,526				25,809				3	%
Time and Mileage Revenue per Day		$	39.30			$	36.13				9	%
Total Car Revenue (D)		$	1,309,575			$	1,165,574				12	%
Truck
Total Truck Revenue (D)		$	129,543			$	146,513				(12	%)

Table 4

Cendant Corporation and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(In billions)

		As of				As of
		June 30, 2006				December 31, 2005
Assets
Current assets:
Cash and cash equivalents		$	0.4			$	0.7
Assets of discontinued operations			6.3				6.9
Other current assets			2.5				2.0
Total current assets			9.2				9.6
Property and equipment, net			1.2				1.3
Goodwill			8.1				7.9
Other non-current assets			3.0				2.9
Total assets exclusive of assets under programs			21.5				21.7
Assets under management programs			13.7				12.4
Total assets		$	35.2			$	34.1
Liabilities and stockholders’ equity
Current liabilities:
Current portion of long-term debt		$	3.6			$	1.0
Liabilities of discontinued operations			1.8				1.6
Other current liabilities			3.9				3.8
Total current liabilities			9.3				6.4
Long-term debt			2.0				2.6
Other non-current liabilities			1.2				1.2
Total liabilities exclusive of liabilities under programs			12.5				10.2
Liabilities under management programs (*)			12.2				12.6
Total stockholders’ equity			10.5				11.3
Total liabilities and stockholders’ equity		$	35.2			$	34.1

Table 5

Cendant Corporation and Subsidiaries
SCHEDULE OF CORPORATE DEBT (*)
(In millions)

				June 30, 2006				June 30,				March 31,				December 31,
Maturity Date				Pro forma (A)				2006				2006				2005
		Net Debt
		Corporate debt:
August 2006		6 7/8% notes (B)		$	—			$	850			$	850			$	850
August 2006		4.89% notes (B)			—				100				100				100
January 2008		6 1/4% notes (C)			30				799				798				798
March 2010		6 1/4% notes (C)			12				349				349				349
January 2013		7 3/8% notes (C)			18				1,192				1,192				1,192
March 2015		7 1/8% notes (C)			3				250				250				250
November 2009		Revolver borrowings (C) (D)			—				200				225				7
		Net hedging losses (E)			—				(123	)			(91	)			(47	)
					63				3,617				3,673				3,499
		Avis Budget Car Rental Corporate debt: (F)
April 2012		Floating rate term loan			875				875				—				—
May 2014		Floating rate senior notes			250				250				—				—
May 2014		7 5/8% notes			375				375				—				—
May 2016		7 3/4% notes			375				375				—				—
					1,875				1,875				—				—
		Other (G)			11				77				85				79
		Total Debt		$	1,949			$	5,569			$	3,758			$	3,578

Table 6

Cendant Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2006				2005				2006				2005
Operating Activities
Net cash provided by operating activities exclusive of management programs		$	559			$	693			$	357			$	822
Net cash provided by operating activities of management programs			165				176				397				442
Net Cash Provided by Operating Activities			724				869				754				1,264
Investing Activities
Property and equipment additions			(86	)			(80	)			(148	)			(133	)
Net assets acquired, net of cash acquired, and acquisition-related payments			(169	)			(75	)			(303	)			(127	)
Proceeds received on asset sales			7				7				11				13
Proceeds from sale of available-for-sale securities			—				—				—				18
Proceeds (payments) from disposition of businesses, net of transaction-related payments			(9	)			6				(28	)			964
Other, net			(23	)			(12	)			(32	)			(1	)
Net cash provided by (used in) investing activities exclusive of management programs			(280	)			(154	)			(500	)			734
Management programs:
(Increase) decrease in program cash			(42	)			82				(75	)			(61	)
Net change in investment in vehicles			(691	)			(1,079	)			(1,532	)			(2,572	)
Net change in relocation receivables			(104	)			(115	)			(74	)			(118	)
Net change in mortgage servicing rights, related derivatives and mortgage-backed securities			—				—				—				21
Other, net			1				(11	)			(6	)			(20	)
			(836	)			(1,123	)			(1,687	)			(2,750	)
Net Cash Used in Investing Activities			(1,116	)			(1,277	)			(2,187	)			(2,016	)
Financing Activities
Proceeds from borrowings			1,875				4				1,875				4
Principal payments on borrowings			(11	)			(5	)			(16	)			(44	)
Net change in short-term borrowings			(26	)			(44	)			192				616
Issuances of common stock			14				71				36				191
Repurchases of common stock			—				(229	)			(243	)			(460	)
Cash reduction due to spin-off of PHH			—				—				—				(259	)
Payment of dividends			—				(96	)			(113	)			(192	)
Other, net			(27	)			1				(30	)			4
Net cash provided by (used in) financing activities exclusive of management programs			1,825				(298	)			1,701				(140	)
Management programs:
Proceeds from borrowings			3,217				3,137				7,011				6,983
Principal payments on borrowings			(4,541	)			(2,456	)			(7,769	)			(4,907	)
Net change in short-term borrowings			61				223				104				184
Other, net			(17	)			(6	)			(22	)			(12	)
			(1,280	)			898				(676	)			2,248
Net Cash Provided by Financing Activities			545				600				1,025				2,108
Effect of changes in exchange rates on cash and cash equivalents			—				(14	)			—				(20	)
Cash provided by (used in) discontinued operations			62				2				119				(1,397	)
Net increase (decrease) in cash and cash equivalents			215				180				(289	)			(61	)
Cash and cash equivalents, beginning of period			226				226				730				467
Cash and cash equivalents, end of period		$	441			$	406			$	441			$	406

Table 7

Cendant Corporation and Subsidiaries
CONSOLIDATED SCHEDULES OF FREE CASH FLOWS (*)
(In millions)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2006				2005				2006				2005
Pretax income		$	277			$	505			$	420			$	609
Addback of non-cash depreciation and amortization:
Non-program related			94				85				183				172
Pendings and listings			2				3				9				6
Addback of non-cash valuation charge associated with PHH spin-off			—				—				—				180
Tax payments, net of refunds			(159	)			(82	)			(251	)			(99	)
Working capital and other			335				167				22				(49	)
Capital expenditures			(86	)			(80	)			(148	)			(133	)
Free Cash Flow before Management Programs and Stockholder Litigation Payments			463				598				235				686
Management programs (A) (D)			(1,951	)			(49	)			(1,966	)			(60	)
Stockholder litigation payments			—				—				(32	)			—
Free Cash Flow (B)			(1,488	)			549				(1,763	)			626
Current period acquisitions, net of cash acquired			(66	)			(56	)			(180	)			(87	)
Payments related to prior period acquisitions			(103	)			(19	)			(123	)			(40	)
Proceeds from disposition of businesses, net			(9	)			6				(28	)			964
Net repurchases of common stock			14				(158	)			(207	)			(269	)
Payment of dividends			—				(96	)			(113	)			(192	)
Investments and other (C)			29				(1	)			74				(1,380	)
Cash reduction due to spin-off of PHH			—				—				—				(259	)
Net borrowings (D)			1,838				(45	)			2,051				576
Net increase (decrease) in cash and cash equivalents (per Table 6)		$	215			$	180			$	(289	)		$	(61	)