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                                                                                                                                                  Cendant Corporation and Subsidiaries
                                                                                                                                                   Segment Revenue Driver Analysis **
                                                                                                                                                      (Revenue dollars in thousands)



                                                                                               2006                                                                    2005 *                                                                                                     2004 *

                                                                                  1st Qtr                 2nd Qtr           1st Qtr                2nd Qtr             3rd Qtr               4th Qtr              Full Year            1st Qtr              2nd Qtr              3rd Qtr              4th Qtr              Full Year

REALOGY SEGMENT

  Real Estate Franchise
      Closed Sides                                                                   334,897                439,914            372,541                521,471             516,534               420,621             1,848,000             341,741              512,247              516,747              443,430             1,814,165
      Average Price                                                           $      227,024          $     233,457     $      208,412        $       221,737      $      233,211       $       232,060       $       224,486      $      181,466       $      195,346       $      201,952       $      207,350       $       197,547
      Royalty Revenue (A)                                                     $       95,205          $     128,233     $      104,846        $       141,553      $      147,268       $       118,934       $       512,601      $       80,342       $      125,348       $      131,062       $      118,434       $       455,187
      Total Revenue (A)                                                       $      121,740          $     158,035     $      122,338        $       160,366      $      168,900       $       142,867       $       594,471      $       95,621       $      140,093       $      148,776       $      137,186       $       521,678

  Real Estate Brokerage
      Closed Sides                                                                    85,826                 117,799            91,757                135,173             135,463               105,854               468,248              95,767              144,384              137,805              111,349               489,304
      Average Price                                                           $      490,947          $      492,809    $      463,177        $       470,404      $      476,636       $       469,287       $       470,538      $      385,365       $      409,807       $      412,058       $      426,142       $       409,374
      Net Revenue from Real Estate Transactions (B)                           $    1,086,399          $    1,485,603    $    1,097,687        $     1,638,710      $    1,649,607       $     1,274,201       $     5,660,205      $      940,013       $    1,541,363       $    1,481,887       $    1,232,582       $     5,195,845
      Total Revenue (B)                                                       $    1,101,830          $    1,501,245    $    1,113,164        $     1,654,855      $    1,666,738       $     1,287,893       $     5,724,221      $      951,710       $    1,553,206       $    1,494,002       $    1,242,873       $     5,241,791

  Cartus (formerly "Relocation")
      Transaction Volume                                                              18,705                 26,771             18,629                 28,655              25,149                19,354               91,787               18,992               27,103               24,863               18,456                89,417
      Total Revenue                                                           $      110,346          $     131,333     $      105,626        $       135,108      $      139,202       $       118,371       $      498,307       $      105,705       $      114,164       $      127,951       $      120,493       $       468,313

  Title Resource Group (formerly "Settlement Services") (C)
       Purchase Title and Closing Units                                               35,781                 47,163             29,323                 42,954               43,613               32,426              148,316                27,605              43,344               40,618                33,133              144,699
       Refinance Title and Closing Units                                              10,366                 10,639             11,914                 12,776               14,222               12,991               51,903                12,915              18,417               11,590                12,986               55,909
       Total Revenue                                                          $       91,282          $     112,837     $       68,430        $        92,312      $        93,440      $        71,136       $      325,318       $        62,632      $      100,710       $       85,406       $        71,761      $       320,509

HOSPITALITY SERVICES SEGMENT

  Lodging (D)
      RevPar                                                                  $        30.45          $       36.97     $        25.53        $         31.91      $        36.86       $         29.72       $        31.45       $        22.50       $        29.08       $        34.04       $        24.53       $         27.55
      Weighted Average Rooms Available                                               520,624                531,019            517,354                511,998             511,531               535,058              513,599              511,962              510,696              507,330              502,954               508,219
      Royalty, Marketing and Reservation Revenue (B)                          $      102,741          $     125,409     $       84,704        $       104,281      $      119,829       $        99,804       $      408,620       $       77,830       $       97,959       $      112,765       $       82,502       $       371,058
      Total Revenue (B)                                                       $      143,653          $     176,368     $      111,727        $       128,953      $      148,215       $       143,947       $      532,842       $       93,063       $      115,574       $      132,349       $      101,869       $       442,855

  Vacation Exchange and Rental
      Average Number of Exchange Subscribers                                       3,291,963               3,327,129         3,147,721              3,185,419           3,232,901             3,270,763             3,209,201           2,994,799            3,030,969            3,073,811            3,116,362             3,053,985
      Subscriber Related Revenue                                              $      179,518          $      152,316    $      173,451        $       148,735      $      144,723       $       146,626       $       613,536      $      163,779       $      137,995       $      140,958       $      138,290       $       581,022
      European Cottage Weeks Sold (E)                                                311,120                 256,860           321,616                246,002             242,899               208,944             1,019,461             325,568              242,102              223,850              223,273             1,014,793
      Total Revenue (B) (E)                                                   $      265,564          $      244,525    $      283,505        $       237,966      $      255,843       $       217,288       $       994,603      $      237,885       $      204,812       $      233,095       $      220,948       $       896,740

TIMESHARE RESORTS SEGMENT
     Tours                                                                           207,805                273,343            194,818                250,231             271,591               217,480               934,120             181,038              227,070              245,820              204,905               858,833
     Total Revenue                                                            $      406,992          $     479,285     $      368,458        $       436,183      $      483,748       $       446,130       $     1,734,520      $      350,451       $      381,000       $      423,831       $      388,959       $     1,544,241

AVIS BUDGET GROUP SEGMENT

  Car
        Rental Days (000's)                                                           24,919                  26,526            22,044                 25,809              28,720                24,460               101,033              20,036               22,510               24,583               20,899                88,027
        Time and Mileage Revenue per Day                                      $        39.36          $        39.30    $        38.84        $         36.13      $        38.29       $         38.80       $         37.96      $        39.74       $        38.01       $        38.41       $        38.96       $         38.74
        Total Car Revenue (F)                                                 $    1,218,636          $    1,309,575    $    1,061,962        $     1,165,574      $    1,360,975       $     1,181,266       $     4,769,777      $      975,154       $    1,054,130       $    1,156,939       $    1,004,800       $     4,191,024

  Truck
      Total Truck Revenue (F)                                                 $      100,586          $     129,543     $      102,929        $       146,513      $      169,469       $       126,903       $      545,813       $        92,423      $      137,229       $      161,774       $      126,061       $       517,486


    * Note that the full year amounts may not foot across due to rounding.
   ** Certain drivers presented herein have been revised to reflect a new presentation adopted during first quarter 2005. All prior period amounts have been revised accordingly.
  (A) Excludes intercompany royalties paid primarily by NRT of (i) $72 million and $96 million in the first and second quarter of 2006, respectively (ii) $76 million, $110 million, $110 million and $87 million in the first, second, third and fourth quarters of 2005, respectively and (iii) $67 million, $104 million, $100 million and
      $84 million in the first, second, third, and fourth quarters of 2004, respectively.
  (B) Includes revenues of businesses acquired during 2004, 2005 or 2006. Accordingly, some prior period revenues are not comparable to the current period amounts.
  (C) The 2006 amounts include Texas American Title Company, which we acquired on January 6, 2006. Therefore, any drivers presented prior to the acquisition date do not include the Purchase Title and Closing Units and Refinance Title and Closing Units of Texas American Title Company.
  (D) We acquired the Wyndham hotel brand and franchise system on October 12, 2005 and the Ramada International Hotels and Resorts trademark on December 10, 2004. Any drivers presented prior to the respective acquisition dates do not include RevPAR and Weighted Average Rooms Available of Wyndham and
      Ramada International.
  (E) We acquired Landal Green Parks on May 5, 2004. Revenue generated by Landal prior to that date is not reflected in the revenue data presented herein and, therefore, the revenue data is not comparable. However, the number of cottage weeks sold has been adjusted to include 84,583 and 42,402 cottage weeks sold by
      Landal for the first and second quarter of 2004, respectively, so as to present comparable driver data.
  (F) For comparability purposes, revenues have been grossed up by (i) $77 million, $88 million and $97 million, respectively for first, second and third quarter 2005, respectively, and (ii) $66 million, $73 million, $76 million and $70 million for first, second, third and fourth quarter 2004, respectively, to reflect a change in
      accounting presentation adopted during fourth quarter 2005 to be consistent with industry competitors.