Cendant CEO Completes Program To Acquire 1.5 Million Cendant Common Shares

Cendant Corporation(NYSE: CD) today announced that its Chairman, President and CEO, Henry R. Silverman, has fulfilled a commitment to shareholders to own 1.5 million common shares outright.
``I am pleased to complete this program,`` said Mr. Silverman. ``All of our senior managers have been asked to achieve meaningful levels of direct stock ownership over time. This further aligns my interests with those of our shareholders.``

Mr. Silverman indicated that after this transaction he holds roughly 7 million additional options scheduled to expire in 2001. These options were granted in 1991 in conjunction with his founding of HFS, a predecessor to Cendant. In order to minimize the market impact of stock sales associated with the exercise of these options, Mr. Silverman intends to exercise roughly equal portions of these options each quarter from now until their expiration next year.

In addition, Mr. Silverman holds about 36 million Cendant stock options that expire in 2002 through 2010.

Mr. Silverman is a Trustee of the University of Pennsylvania, New York University and the Whitney Museum of American Art. His pledges to these institutions exceed $25 million.