Cendant Chairman, President and CEO, Henry R. Silverman stated: "The strategic realignment of Direct Marketing enables the new division to take advantage of an integrated sales approach as well as leverage product development capabilities both domestically and internationally. We also expect to enhance operating efficiencies as well as maximize the division's online distribution across all product lines. Coupled with our core competencies in direct marketing, this realignment positions us uniquely in the marketplace to provide unparalleled service to our affinity partners and customers."

Michael P. Monaco, a Cendant vice chairman, will be chairman and CEO of the Company's new Direct Marketing Division and will take on additional responsibilities for FISI Madison Financial Corporation (FISI), Benefit Consultants, Inc. (BCI), National Card Control, Inc. (NCCI), Long Term Preferred Care (LTPC), and Cendant International Membership Services (CIMS). Related to these additional responsibilities, reporting to Mr. Monaco will be FISI President and CEO and BCI and LTPC Chairman, Kenneth L. Keith; and CIMS Managing Director, Mark Maybrey. Mr. Monaco will also have responsibility for Financial Institutions Relationship Management. He will continue to report to Mr. Silverman.

Thomas D. Christopoul, previously executive vice president of corporate services, has been appointed president of Individual Membership Services. He will report to Mr. Monaco.

The Company also announced that John W. Chidsey, formerly chairman and CEO of Cendant's Insurance/Wholesale Division, has been named chairman and CEO of the Company's new Diversified Services Division and chairman of Cendant Europe, with responsibility for National Car Parks (NCP), Jackson Hewitt Tax Service, Cendant Customer Service Centers (which comprise 50 facilities and approximately 15,000 employees), Corporate Relations for the Travel, Real Estate and Diversified Services divisions, and Preferred Alliance. Mr. Chidsey will also continue to report to Mr. Silverman.

Cendant Corporation is a global provider of 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 soon-to-be-launched 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 www.Cendant.com or by calling 877-4INFO-CD (877-446-3623).