the Board of Directors of Cendant Corporation approved a plan to separate the Company into four separate companies – one for each of the Company’s Real Estate Services, Hospitality Services (including Timeshare Resorts), Travel Distribution Services and Vehicle Rental businesses (the Separation Plan). Cendant is now comprised principally of its vehicle rental operations of Avis Budget Car Rental, LLC, which through its Avis and Budget brands, is the largest general-use vehicle rental operator in each of North America, Australia, New Zealand and certain other regions.