Cendant Announces Change In Board Membership

Cendant Corporation (NYSE: CD) today announced that Pauline Richards, 54, has joined its Board of Directors replacing John Malone, Chairman, Liberty Media Group who has resigned from the Board. Ms. Richards will be an independent director, continuing Cendant’s commitment to maintain the independence of two-thirds of the Board. Ms. Richards will also serve on the Audit Committee of the Board of Directors, replacing The Right Honourable Brian Mulroney who will remain on the Board as a member of the Corporate Governance Committee.

“In this new environment of enhanced corporate governance, the time and involvement of Directors are required more than ever before”, stated Cendant Chairman, President and CEO, Henry R. Silverman. “Liberty Media has a full agenda and Dr. Malone’s schedule is demanding enough that it precludes him from devoting additional time to Cendant. Liberty and Dr. Malone have informed us that they have no present intention of selling any of their Cendant stock. I am pleased that they will remain investors in the Company.”

“We are delighted to welcome Ms. Richards to Cendant`s Board of Directors”, added Mr. Silverman. “Her independence as well as her outstanding background and financial expertise combine to make her a valuable addition to the Company`s Board and its Audit Committee.”

Ms. Richards is currently Chief Financial Officer of Lombard Odier Darier Hentsch (Bermuda) Limited, a trust company business and served in various senior financial positions at Aon Group of Companies, Bermuda from 1988 until 1998 culminating in her appointment as Chief Financial Officer in 1996.