Cendant Corporation Completes Previously Announced Sale Of Marketing Services Division

Cendant Corporation (NYSE: CD) today announced that it has completed the previously announced sale of the companies that comprise its Marketing Services Division to Affinity Acquisition Holdings LLC, an affiliate of Apollo Management, L.P., for approximately $1.8 billion of total consideration, of which approximately $1.7 billion was in cash, net of estimated closing adjustments, and the balance was in preferred stock and warrants. The Company expects to record a gain on sale of these businesses in excess of $1 billion, pre-tax. The expected sale of this division to Affinity Acquisition Holdings LLC was originally announced on July 26, 2005.

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