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Contributors: Douglas McIntyre Jon C. Ogg

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Tuesday, August 01, 2006

Cendant: Who Owns What

Stock Tickers: CD, WYN, H

This morning Cendant (CD) is trading on its own without its Wyndham and Realogy units. Before choking when you look at the stock price of CD, it is important to understand what you really hold on a post-spin-off basis. All of these were tax-free as far as tax basis consideration.

If you owned 1000 shares of Cendant (CD) and held these going into all of the spin-offs, then here is what you have this morning:

1000 shares of Cendant (CD); $2.30= $2,300.00
200 shares of Wyndham (WYN); $33.45= $6,690.00
250 shares of Reallogy (H); $25.29= $6,322.50

Your current value would be $15,312.50, but that of course changes on a static basis. We also had the S&P Index reshufflings ahead of this, and now that is complete. Cendant has also proposed a name change to Avis Budget group, and will propose a 1-10 reverse stock split so that it can reduce its 1 billion outstanding shares now down to 100 million.

Jon C. Ogg
August 31, 2006

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