Nelson Joins Cendant as CFO

Cendant Corporation (NYSE: CD) announced that effective today, Ronald L. Nelson, who had been Co-Chief Operating Officer of DreamWorks SKG since that company`s founding in 1994 until recently, has joined Cendant as Chief Financial Officer.Ê Also effective today, Kevin M. Sheehan, 49, formerly Cendant`s CFO, will focus exclusively on his duties as chairman and CEO of the Company`s Vehicle Services Division, which he assumed on March 1, 2003.

As previously announced, Mr. Nelson, 50, was appointed to Cendant`s Board of Directors on April 14, 2003.Ê In connection with his joining Cendant, Mr. Nelson purchased 75,000 shares of Cendant common stock for approximately $1 million on April 25, 2003.

Cendant`s Chairman, President and CEO, Henry R. Silverman stated: “Ron`s decision to join Cendant`s senior management team and board of directors is reflective of his confidence in the Company`s business model.Ê His recent stock purchase further aligns his interests with our stockholders.Ê We welcome his operational and financial expertise to Cendant.”

About Cendant: Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 90,000 employees, New York City-based Cendant provides these services to businesses and consumers in over 100 countries. More information about Cendant, its companies, brands and current SEC filings may be obtained by visiting the Company`s Web site at http://www.cendant.com or by calling 877-4-INFOCD (877-446-3623).

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