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Ronald L. Nelson Named President of Cendant Corporation; Nelson Will Continue to Serve as Company's CFO

Linda C. Coughlin Joins Company as Chief Administrative Officer; Responsible for Key Matrixed Functions Previously Overseen by Nelson

Press Release: Cendant Corporation
October 20, 2004
NEW YORK, NY -- Cendant Corporation (NYSE: CD) yesterday announced that its Chief Financial Officer, Ronald L. Nelson, has been appointed as president of the Company. Mr. Nelson will continue to serve as Cendant's chief financial officer and report to the Company's Chairman and CEO, Henry R. Silverman, who previously held the title of president as well.

Mr. Silverman stated: "Our senior management team, through its leadership, unmatched industry experience, strategic intellect, and dogged determination, has clearly placed Cendant among the most innovative business and consumer services companies in the world. Through his strategic insight and strong leadership, Ron Nelson has further enhanced Cendant's position as a great operating company. During the past 18 months, Cendant has continued to deliver against its primary objectives of driving organic growth, generating significant cash flow and building long-term value. Today, Cendant has a well-capitalized balance sheet, substantial liquidity, strong cash flow generation and a renewed and sharper concentration on two of the largest and fastest growing vertical markets, travel and residential real estate. Ron's outstanding work ethic, integrity, values and results-oriented management style continue to elevate Cendant to even higher levels of operational excellence and strategic focus."

Prior to joining Cendant in April 2003, Mr. Nelson, 52, was co-chief operating officer at DreamWorks and played a pivotal role in the launch and development of that enterprise. He previously served as Executive Vice President, Chief Financial Officer, and Director at Paramount Communications, Inc., formerly Gulf & Western Industries, Inc.

Mr. Nelson stated: "Clearly, the prospects for future growth at Cendant are enormous, as we continue to sharpen our focus on the travel and real estate sectors and deliver even greater value to our customers and shareholders alike. I am very proud of the widely recognized and successful business model that our Company's management team and 90,000 employees have worked so hard to establish, sustain and grow through the years. I truly believe that the best is yet to come."

Cendant also announced that it has named Linda C. Coughlin as the Company's chief administrative officer, reporting to Mr. Nelson. Ms. Coughlin will assume Mr. Nelson's former responsibilities for key matrixed functions that interface with and support the Company's brands and business units, such as Information Technology, Preferred Alliance Group, Customer Service Centers and Human Resources. She joins Cendant from Linkage, Inc., a leadership and organization development firm, where she was president. She previously held senior positions at Zurich Scudder Investments, Scudder, Stevens & Clark, Citibank and American Express Company since 1976. Most notably, while serving in positions of increasing responsibility at Scudder Stevens and Clark from from 1986 to 1997, Ms Coughlin launched the American Association of Retired Persons (AARP) Investment Program and was appointed as chairman of the board of this mutual funds family in 1991. Under her management, the AARP Investment Program grew to $15 billion in assets. Following the acquisition of Scudder Stevens and Clark by Zurich Financial Services in 1998, Ms Coughlin was responsible for the integration and rationalization of five large business groups with significantly different cultures and distribution models.

"The unique combination of Lin Coughlin's management experience and for profit board experience will prove to be of great benefit to Cendant as we further strengthen the infrastructure and processes that support our three most important constituencies, namely customers, employees and, shareholders," Mr. Nelson said. "Lin is a seasoned general manager who, in recent years, has focused on the development and implementation of several change management initiatives involving corporate re-visioning, planning and execution in turn- around, merger and acquisition scenarios."

Ms. Coughlin is a graduate of Fordham University, where she received a Bachelor of Arts degree in economics, summa cum laude. She currently serves on the boards of Linkage, Inc. and Third Age, Inc., a media and marketing company. Ms Coughlin is also a member of The Women's Leadership Board at Harvard University's John F. Kennedy School of Government, and is vice chair of Brandeis University's Center on Women and Aging. She is a member of the Committee of 200, the Commonwealth Institute and The Boston Club.

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).

Source: Cendant Corporation