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This excerpt taken from the WYN 10-Q filed May 10, 2007. Acquisition
of Realogy by Apollo Management VI, L.P.
On April 10, 2007, Realogy was acquired by an affiliate of
Apollo Management VI, L.P. and no longer trades as an
independent public company. The acquisition does not negate
Realogy’s obligation to satisfy 62.5% of the contingent and
other corporate liabilities of Cendant or its subsidiaries
pursuant to the terms of the separation agreement. As a result
of the acquisition, Realogy has greater debt obligations and its
ability to satisfy its portion of the liabilities may be
adversely impacted. In accordance with the terms of the
separation agreement, Realogy posted a letter of credit to cover
its share of certain liabilities relating to the Cendant
Corporation plan of separation.
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