Company Press Release: Cendant Corporation
February 7, 2000
NEW YORK, NY -- Cendant Corporation (NYSE: CD) has announced that its Chairman, President and CEO, Henry R. Silverman,
has fulfilled a commitment to shareholders to own 1.5 million common shares outright. Mr. Silverman, who previously
owned 300,000 shares, exercised three million options granted in 1991 and sold 1.8 million common shares. The proceeds
were used to purchase 1.2 million shares of Cendant common stock, pay taxes on the transaction and to fund charitable
giving commitments.
``I am pleased to complete this program,'' said Mr. Silverman. ``All of our senior managers have been asked to
achieve meaningful levels of direct stock ownership over time. This further aligns my interests with those of our
shareholders.''
Mr. Silverman indicated that after this transaction he holds roughly 7 million additional options scheduled to
expire in 2001. These options were granted in 1991 in conjunction with his founding of HFS, a predecessor to Cendant.
In order to minimize the market impact of stock sales associated with the exercise of these options, Mr. Silverman
intends to exercise roughly equal portions of these options each quarter from now until their expiration next year.
In addition, Mr. Silverman holds about 36 million Cendant stock options that expire in 2002 through 2010.
Mr. Silverman is a Trustee of the University of Pennsylvania, New York University and the Whitney Museum of American
Art. His pledges to these institutions exceed $25 million.
Cendant Corporation is a global provider of real estate, travel and direct marketing related consumer and business
services. The Company's core competencies include building franchise systems, providing outsourcing solutions and
direct marketing. As a franchisor, Cendant is among the world's leading franchisors of real estate brokerage offices,
hotels, rental car agencies, and tax preparation services. The Company's real estate-related operations also includes
Move.com, Cendant's residential real estate services portal on the Internet. As a provider of outsourcing solutions,
Cendant is a major provider of mortgage services to consumers, the global leader in employee relocation, and the
world's largest vacation exchange service. In direct marketing, Cendant provides access to insurance, travel, shopping,
auto, and other services primarily to customers of its affinity partners. Other business units include NCP, the
UK's largest private car park operator, and WizCom, an information technology services provider. Headquartered
in New York, NY, the Company has approximately 30,000 employees and operates 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 877-4INFO-CD (877-446-3623).
SOURCE: Cendant Corporation