/C O R R E C T I O N -- Cendant Corporation/ In the news release, Cendant (NYSE:CD) Board of Directors Approves Spin- Off of Its Mortgage and Fleet Businesses to Stockholders Through a Distribution of PHH Corporation Common Stock, issued earlier today by Cendant Corporation over PR Newswire, we are advised by the company that the ninth paragraph, first sentence, should read, "Shortly after January 19, 2005, Cendant will mail an information statement to its stockholders of record as of the close of business on the record date," rather than "2004" as originally issued inadvertently. PRNewswire -- Jan. 6 DATASOURCE: Cendant Corporation

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