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Avis Group Sets January 24 Record Date For Shareholders Eligible to Vote on Cendant Acquisition

15 January 2001

Avis Group Sets January 24 Record Date For Shareholders Eligible to Vote on Cendant Acquisition

    GARDEN CITY, NY, Jan. 15 Avis Group Holdings, Inc.
today announced that January 24, 2001 is the record date for
determination of shareholders entitled to receive notice of, and vote at, a
special meeting regarding the adoption of the Agreement and Plan of Merger,
dated as of November 11, 2000, by and among Cendant Corporation ,
PHH Corporation, Avis Acquisition Corp. and Avis Group Holdings, Inc.  A date
for the special meeting has not yet been determined.
    The Agreement and Plan of Merger provides for Cendant to acquire all of
the outstanding shares of Avis Group that are not currently owned by Cendant
at a price of $33.00 per share in cash.  Avis filed with the Securities and
Exchange Commission on January 8, 2001 a preliminary proxy statement regarding
the transaction.
    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).