Avis Group Shareholders Approve Cendant Acquisition

    GARDEN CITY, N.Y., Feb. 28 Avis Group Holdings, Inc.
today announced that shareholders at a special meeting approved
Cendant Corporation's acquisition of Avis Group Holdings, Inc. at a
price of $33.00 per share in cash.
    The Company said that 99.6% of the votes cast at the meeting today by
shareholders were in favor of the merger transaction, which will close on
March 1.
    Avis Group Holdings, Inc. is one of the world's leading service and
information providers of comprehensive automotive transportation and vehicle
management solutions. It operates Avis Rent A Car, the second largest
general-use car rental business in the world, with locations in the United
States, Canada, Australia, New Zealand and the Latin American Caribbean
region; PHH Arval, one of the world's largest fleet management and leasing
companies; and Wright Express, the world's largest fleet card provider.
    For additional information and news, please log onto the Avis Web Site
(http://www.avis.com) or contact Company News on Call (1.800.758.5804, access
code #078975).