Vehicle Rental Financial Information

Below are excerpts from information provided to investors in connection with the issuance of $1 billion of senior notes in April 2006. These excerpts contain information related to Avis Budget Car Rental, LLC and its subsidiaries, the companies that comprise Cendant's vehicle rental business. The vehicle rental business will continue to be owned by Cendant following the completion of the separation of Cendant into four separate companies, one for each of its Real Estate Services businesses ("Realogy Corporation"), Hospitality Services and Timeshare Resorts businesses ("Wyndham Worldwide Corporation"), Travel Distribution Services businesses ("Travelport, Inc.") and Vehicle Rental businesses (the "Separation Transactions"). Following the completion of the Separation Transactions, Cendant plans to change its name to Avis Budget Group, Inc.

All of the information contained in the following excerpts is as of April 11, 2006 unless otherwise stated. No attempt has been made to update any of the information contained in such excerpts. The financial information presented is for Avis Budget Car Rental, LLC and its subsidiaries only and is not consolidated with Cendant Corporation or its subsidiary Cendant Finance Holding Company, LLC. Except as otherwise indicated or unless the context otherwise requires, "we", "us" and "our" refer to Avis Budget Car Rental, LLC and "Cendant" refers to Cendant Corporation. "Separation Transactions" has the meaning referred to above and such transactions have been more fully discussed in Cendant's public filings, including its recent preliminary Proxy Statement filed on July 14th, therefore, a full description of the Separation Transactions is not included in the excerpts below.

Cendant expects to provide pro forma financial information giving effect to the completion of the separation transaction, on or about August 4th.

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  Forward-Looking Statements and Non-GAAP Financial Measures

  Organizational Chart

  Summary Historical and Pro Forma Consolidated Financial Data

  Risk Factors

  Capitalization

  Selected Historical Consolidated Financial Data, Unaudited Pro Forma
Consolidated Financial Statements and Management's Discussion and Analysis of financial Condition and Results of Operations

  Business, Certain Relationships and Related Transactions and Description of Indebtedness

  2005 Financial Statements

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