Cendant Corporation establishes share repurchase plan for up to $500 Million of its common stock


NEW YORK (Cendant) - Company Will Also Explore Alternatives to Complete Part of the Separation Into Four Independent Entities Earlier than Previously Anticipated.

Cendant Corporation today announced that it has entered into an agreement with a broker-dealer that specifies the parameters under which up to $500 million of open-market repurchases may be made on the Company's behalf.  This purchase plan is designed to comply with Rule 10b5-1 (the "10b5-1 Plan") under the Securities Exchange Act of 1934, as amended.  Repurchases under the 10b5-1 Plan will occur pursuant to the Company's previously announced and approved share repurchase program.

The Company also stated that it was exploring the possible acceleration of the effectiveness of the previously announced separation of the Company into four independent, publicly traded, pure-play companies.  This acceleration may allow the first two spin-offs, Real Estate and Hospitality, to occur in mid-second quarter.  There can be no assurances, however, that the plan of separation will be completed on an accelerated time frame.

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