Avis Group's consolidated net income and diluted earnings per share for the three months ended December 31, 2000 were $15.3 million and 32 cents, respectively, compared to $10.7 million and 20 cents, respectively, for the same period in 1999. The fourth quarter 2000 diluted earnings per share represents a 60% increase over the same period in 1999.

Avis Group's consolidated net income and diluted earnings per share for the year ended December 31, 2000 were $120.7 million and $3.19, respectively, compared to $92.6 million and $2.61, respectively, for the same period in 1999. Revenue for the year was $4.2 billion.

On November 13, 2000 Cendant Corporation (NYSE: CD) and Avis Group announced that they had entered into a definitive agreement 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. The transaction is conditioned upon, among other things, customary regulatory approvals and the approval by both the holders of a majority of all outstanding shares of common stock as of the record date and a majority of the votes cast at the special meeting by stockholders other than Cendant and its subsidiaries.

Avis Group announced that the waiting period under the Hart-Scott-Rodino Act was terminated and that it had mailed a definitive proxy to its shareholders on January 29, 2001. Avis Group has scheduled a shareholder meeting for February 28, 2001. Upon completion of the transaction, which is expected to close March 1, 2001, Avis Group will become a subsidiary of Cendant.

Avis Group Holdings, Inc. is one of the world's leading service and information providers for comprehensive automotive transportation and vehicle management solutions. The Company operates Avis Rent A Car, the world's second largest general-use car rental business, with locations in the United States, Canada, Australia, New Zealand and the Latin American Caribbean Region; PHH Arval, the second largest fleet management and leasing company in North America; and Wright Express, the world's largest fleet card provider.

Avis Group's shareholders should carefully review Avis Group's proxy statement with respect to the proposed acquisition by Cendant Corporation, which has been filed with the Securities and Exchange Commission, before making any decision concerning the acquisition. The proxy statement contains important information. Avis Group shareholders can obtain a copy of the proxy statement for free from Morrow & Co., Inc., the proxy solicitor, by calling 1-800-654-2468. Copies may also be obtained at no cost from the website of the Securities and Exchange Commission at http:www.sec.gov. Read the proxy statement carefully before making a decision concerning the acquisition.

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