Cendant Increase in Share Repurchase

Cendant Corporation (NYSE: CD) today announced that its Board of Directors has authorized an increase in the Company`s share repurchase program. The repurchase program has been increased by $500 million plus proceeds from the exercise of stock options. The increase is consistent with Cendant`s previously stated strategy of utilizing its available cash on an annual basis to reduce corporate debt and repurchase the Company`s common stock as well as, beginning in the first quarter of 2004, paying a quarterly cash dividend on the Company`s common stock.

About Cendant Corporation:
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.