…

                                                                                                                                               Cendant Corporation and Subsidiaries
                                                                                                                                          REPORTABLE OPERATING SEGMENT RESULTS
                                                                                                                                                       (Dollars in millions)



                                                                                               2006                                                                2005                                                                                       2004

Net Revenues                                                                    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 (formerly known as Real Estate Services)                            $       1,425             $       1,903    $       1,410          $       2,043    $       2,068     $       1,620      $        7,141    $       1,216      $       1,908    $       1,856     $       1,572      $       6,552

 Hospitality Services                                                                 409                       421              395                    367               404              361               1,527              331                320               365              323              1,340
 Timeshare Resorts                                                                    407                       479              368                    436               484              446               1,735              350                381               424              389              1,544
Wyndham Worldwide                                                                     816                       900              763                    803               888              807               3,261              681                701               789              712              2,883

Avis Budget Group (formerly known as Vehicle Rental)
                                                   (D)                              1,319                     1,439            1,166                  1,312            1,530             1,308               5,316            1,068              1,191            1,319             1,131              4,709

Total Core Operating Segments                                                       3,560                     4,242            3,339                  4,158            4,486             3,735              15,718            2,965              3,800            3,964             3,415             14,144
 Mortgage Services                                                                    -                         -                 46                    -                -                 -                    46              152                217              175               155                699
 Corporate and Other                                                                    17                        15              25                      12               19                8                  64               47                 22               15                14                 96
Cendant Corporation                                                         $       3,577             $       4,257    $       3,410          $       4,170    $       4,505     $       3,743      $       15,828    $       3,164      $       4,039    $       4,154     $       3,584      $      14,939


EBITDA (A)
Realogy (formerly known as Real Estate Services)                            $         121             $         306    $         161          $         393    $          409    $         221      $        1,184    $         131      $         383    $          379    $         237              1,131

 Hospitality Services                                                                 116                        77              125                    100               144               80                 449              126                120               131               82                460
 Timeshare Resorts                                                                     67                        84               40                     73                80               96                 289               43                 58                80               74                254
Wyndham Worldwide                                                                     183                       161              165                    173               224              176                 738              169                178               211              156                714
Avis Budget Group (formerly known as Vehicle Rental                                       55                    111                  66                 128               173                  72              439                  68             140               179                  80             467

Total Core Operating Segments                                                         359                       578              392                    694               806              469               2,361              368                701               769              473              2,312
 Mortgage Services (B)                                                                -                                         (181)                   -                 -                -                  (181)               1                 58                29                8                 96
 Corporate and Other                                                                  (62)                      (95)             (37)                   (35)              (62)             (47)               (181)             -                  (34)              (26)              15                (48)
Cendant Corporation                                                         $         297             $         483    $         174          $         659    $          744    $         422      $        1,999    $         369      $         725    $          772    $         496      $       2,360

Reconciliation of EBITDA to Pretax Income
Total Company EBITDA                                                        $         297             $         483    $         174          $         659    $          744    $         422      $        1,999    $         369      $         725    $          772    $         496      $       2,360
Less: Non-program related depreciation and amortization                                 89                        94               87                     85                89               90                351                84                87                 89             101                361
        Non-program related interest expense, net                                       59                      110              (20)                     66                60               63                169                82                72                 34               67               254
        Early extinguishment of debt                                                  -                         -                -                      -                 -                -                     -              -                   18               -                -                   18
        Amortization of pendings and listings                                            6                         2                3                      3                 6               11                 23                 4                 4                  5                3                16
Pretax Income (C)                                                           $         143             $         277    $         104          $         505    $          589    $         258      $        1,456    $         199      $         544    $          644    $         325      $       1,711

_________
   * Note that the full year amounts may not foot across due to rounding.
(A)   Represents income from continuing operations before non-program related depreciation and amortization, non-program related interest, amortization of pendings and listings, income taxes, and minority interest.
(B)   First quarter 2005 includes a $180 million non-cash valuation charge associated with the PHH spin-off.
(C)   Referred to as "Income before income taxes and minority interest" on the Company's Consolidated Condensed Statements of Income.
(D)   For comparability purposes, revenues have been grossed up by $77 million, $88 million and $97 million, respectively for first, second and third quarter 2005, respectively, and $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.