Cendant Reports Results for First Quarter of 2006

Cendant Corporation reported results for first quarter 2006. Revenue totaled $4.2 billion, an increase of 7 percent over first quarter 2005, reflecting growth across each of the Company´s core operating segments.

Revenue increased modestly primarily due to the acquisition of Texas American Title Company and related companies in January 2006. EBITDA decreased 25 percent, which was a lower decline than expected.

Revenue and EBITDA increased principally due to growth in timeshare sales and increased consumer financing income. In addition, revenue was negatively impacted and EBITDA was positively impacted by a timing benefit due to the adoption of a new accounting standard for the recognition of timeshare sales revenue and expenses.

Excluding the impact of this item, revenue and EBITDA increased 18 percent and 38 percent, respectively.

Growth in timeshare sales revenue was driven by a 7 percent increase in tour flow and a 9 percent increase in revenue per guest. Revenue per guest benefited from increased sales of premium inventory, and tour flow was positively impacted by the continued development of the in-house sales program and continued improvement in local marketing efforts.