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Cendant Stockholders Approve Company Proposal to Declassify Its Board

Stockholders vote to re-elect the Company's Director nominees and ratify the reappointment of Auditors

Two Stockholder Proposals Defeated

Press Release: Cendant Corporation
April 21, 2004
NEW YORK, NY -- At its annual meeting held here yesterday, Cendant Corporation (NYSE: CD) announced that stockholders approved a proposal submitted by the Company to declassify its Board of Directors so that all Directors are subject to re-election on an annual basis.

Cendant's Chairman, CEO and President, Henry R. Silverman stated: "Our Board is committed to maintaining the highest standards of corporate governance and accountability to stockholders. This is further evidence of the Board's commitment to real action in these important areas."

This was the third time that the Company had voluntarily submitted a proposal to shareholders to declassify the Board. Proposals in 2000 and 2002 failed to receive the required number of votes in favor.

Cendant also reported that stockholders approved the election of Myra J. Biblowitz, Ronald L. Nelson, Robert W. Pittman, The Rt. Hon. Brian Mulroney, P.C., L.L.D., and Sheli Z. Rosenberg as members of the Company's Board of Directors and ratified the selection of Deloitte & Touche L.L.P. as auditors of Cendant's financial statements for fiscal year 2004.

Two proposals submitted by stockholders to separate the Chairman and CEO position and to limit the compensation of the CEO, respectively, were defeated.

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 www.cendant.com or by calling 877-4-INFOCD (877-446-3623).

Source: Cendant Corporation