CENDANT MODIFIES RELATIONSHIP WITH TRILEGIANT

NEW YORK, January 29, 2004 - Cendant Corporation (NYSE:CD) today announced that it has amended its contractual arrangements with Trilegiant Corporation pursuant to which Cendant will assume responsibility for marketing to new members of its membership clubs as well as servicing existing members.

The transaction is not expected to have any material impact on Cendant’s 2004 revenue or pre-tax earnings, as Trilegiant’s results have been consolidated within Cendant since July 1, 2003 pursuant to Financial Interpretation 46, issued last year by the Financial Accounting Standards Board.

“This transaction is predicated in part upon an unintended consequence of FIN 46 and our very strong focus on effective corporate governance,” said Cendant’s Chairman, CEO and President, Henry R. Silverman. “Our board of directors, our CFO and I believe that the consolidation of a unit within our financial results requires the direct control and supervision of the operations of that unit by Cendant.”

Cendant has created Cendant Marketing Group, a new entity to coordinate the activities of its two direct marketing units, Progeny Marketing Innovations and Trilegiant. Cendant Marketing Group will be part of the Company’s Financial Services Division.

Statements about future results made in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the current economic environment. The Company cautions that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in Cendant’s Form 10-Q for the period ended September 30, 2003.

About Cendant Corporation
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 business 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).