Cendant Corporation (NYSE: CD) announced that transactions disclosed earlier today related to raising $1.278 billion through offerings of Cendant common stock and senior zero-coupon convertible notes are expected to be accretive to earnings per share in 2001.

Accordingly, the Company has raised its projected adjusted earnings per share from continuing operations for 2001 from $0.93 to $0.95. The second quarter forecast has been raised by $0.01 from $0.25 to $0.26 per share and the second half of the year will also benefit by $0.01 per share. For a further discussion of the Company`s projected 2001 adjusted earnings per share, please see Cendant`s Form 8-K filed on February 7, 2001.

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