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Cendant Receives Alexander Hamilton Award for Excellence in Corporate Finance

Press Release: Cendant Corporation
October 22, 2004
NEW YORK, NY -- Cendant Corporation (NYSE: CD) announced yesterday that it is a recipient of Treasury & Risk Management magazine's annual Alexander Hamilton Award for excellence in corporate finance. Other leading companies honored at the magazine's ninth annual awards ceremony held recently in New York City included General Electric Co., Lucent Technologies Inc., McDonald's Corp., Microsoft Corp. and Toyota Financial Services.

The award recognizes the successful efforts that Cendant undertook between late 2002 and 2004 to reduce debt, extend its debt maturities, simplify its capital structure, access lower-cost funding sources, and improve the valuation of the Company's securities in both the debt and equity markets. Since October 2002, Cendant's stock price has more than doubled and its borrowing spreads have fallen to a fraction of previous levels.

"We believe the award is about more than the capital structure changes themselves. It also reflects the fact that our corporate finance activities supported the Company's broader strategic and operational goals of reducing complexity, generating free cash flow and deploying that cash to enhance shareholder value," said Cendant's Executive Vice President and Treasurer, David B. Wyshner, who accepted the Alexander Hamilton Bronze award on behalf of 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).

Source: Cendant Corporation