CD Cendant

Stock to Trade Tomorrow on NYSE With Ticker Symbol 'H' for Homes PARSIPPANY, N.J., July 31 /PRNewswire-FirstCall/ -- Realogy Corporation (NYSE:H) today completed its previously announced spin-off from Cendant Corporation (NYSE:CD). Realogy, whose shares have traded on a "when-issued" basis since July 19, 2006, will begin "regular-way" trading Aug. 1 on the New York Stock Exchange. After the market closed today, shares of Realogy were issued to Cendant shareholders, who received one share of Realogy common stock for every four shares of Cendant common stock outstanding as of the July 21 record date. Realogy's single-letter ticker symbol "H" was chosen to represent "homes," reflecting the Company's position as the world's leading real estate franchisor and the largest operator of residential real estate brokerages in the United States. In 2005, Realogy posted revenue of $7.1 billion and net income of $627 million. The Company's stock will become a member of the S&P 500 Index upon the commencement of trading on Aug. 1. "Realogy represents a unique investment opportunity," said Richard A. Smith, vice chairman and president of Realogy Corporation. "By investing in Realogy, individual and institutional investors alike can invest in the expected long-term growth of existing home sales." Smith added, "U.S. home prices have increased every year since 1950, with an average compounded annual growth rate of 4.8 percent. Price appreciation is forecast to continue as household income and home size continue to grow over the medium and long term. While we're seeing a return to a more normalized rate of homesale unit volume this year, 2006 is still being forecast as the third-best home sales market in history. Escalating homeownership rates and expanding demographics in the U.S. should fuel future volume growth. Realogy is a true, long-term investment in the housing sector, which represents 20 percent of the country's total Gross Domestic Product." On Aug. 2, Smith and Realogy Chairman & CEO Henry R. Silverman will be at the New York Stock Exchange along with other Realogy executives for the ceremonial ringing of the NYSE's opening bell. Broadcast Media Note: Realogy, which is a coined word resulting from the fusion of "real estate" and "-logy," the suffix meaning "the study of," is pronounced "REEL-uh-jee" as in "real" estate. The name Realogy is intended to communicate the Company's rigorous approach to the business of real estate. About Realogy Realogy Corporation (NYSE:H), the world's leading real estate franchisor, has a diversified business model that also includes real estate brokerage, relocation and title services. Realogy's world-renowned brands and business units include Century 21(R), Coldwell Banker(R), Coldwell Banker Commercial(R), ERA(R), Sotheby's International Realty(R), NRT Incorporated, Cartus and Title Resource Group. Headquartered in Parsippany, N.J., Realogy (http://www.realogy.com/) has more than 15,000 employees worldwide. 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 Realogy Corporation ("Realogy") 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. Realogy cannot provide any assurances that any of the proposed transactions relating to the separation plan of Cendant Corporation ("Cendant") that may impact Realogy, such as the proposed sale of Cendant's travel distribution services division, will be completed, and can give no assurances as to the terms on which such transactions will be consummated. The sale of Travelport is subject to certain conditions precedent as described in the Purchase Agreement relating to such sale. Various factors that could affect our future results and could cause actual results to differ materially from those expressed in such forward- looking statements include but are not limited to risks inherent in Realogy's separation from Cendant and the related transactions (including a possible sale of Travelport), a decline in the number of home sales and/or prices, and adverse developments in general business, economic and political conditions or any outbreak or escalation of hostilities on a national, regional or international basis. 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 Realogy's Registration Statement on Form 10, as amended, filed with the Securities and Exchange Commission, including under headings such as "Risk Factors," "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Except for Realogy's ongoing obligations to disclose material information under the federal securities laws, Realogy undertakes no obligation to release any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required by law. DATASOURCE: Realogy Corporation CONTACT: Media Contacts - Mark Panus, Realogy Corporation, +1-973-407-7215, ; Eric Kim, Ketchum, +1-646-935-4179, ; Investor Relations Contact - Henry A. Diamond, +1-212-413-1920 Web site: http://www.realogy.com/

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