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Saturday, August 14, 2004

Cendant Corporation Announces Amount of Common Stock to Be Purchased By Holders of Upper DECS(sm) Securities

Cendant Corporation Announces Amount of Common Stock to Be Purchased By Holders of Upper DECS(sm) Securities: "NEW YORK, Aug 13, 2004 /PRNewswire-FirstCall via COMTEX/ -- Cendant Corporation (CD) today announced that the holders of its Upper DECS securities will purchase approximately 38 million shares of common stock on August 17, 2004 for aggregate proceeds of approximately $863 million in cash. Following this purchase, no Upper DECS securities will be outstanding.

The forward purchase contracts forming a part of the Upper DECS securities require the holders of such securities to purchase Cendant common stock based upon the average closing price per share of Cendant common stock for the 20 consecutive trading day period which ended on August 12, 2004. Cendant initially issued the Upper DECS securities in July 2001.

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

NEW YORK, Aug 13, 2004 /PRNewswire-FirstCall via COMTEX/ -- Cendant Corporation (CD) today announced that the holders of its Upper DECS securities will purchase approximately 38 million shares of common stock on August 17, 2004 for aggregate proceeds of approximately $863 million in cash. Following this purchase, no Upper DECS securities will be outstanding.
The forward purchase contracts forming a part of the Upper DECS securities require the holders of such securities to purchase Cendant common stock based upon the average closing price per share of Cendant common stock for the 20 consecutive trading day period which ended on August 12, 2004. Cendant initially issued the Upper DECS securities in July 2001.
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). "