FOR IMMEDIATE RELEASE
December 17, 2002

Ellen Qualls
www.governor.state.va.us
(804) 786-2211, x2379


Concetta O’Leary
Cendant Corporation
(973) 496-5031
Jill Lawrence
VEDP
(804) 371-0049
CENDANT TO CREATE 100 NEW JOBS IN VIRGINIA BEACH
-Governor Warner welcomes company’s investment-


RICHMOND - Governor Mark R. Warner today announced that Cendant Corporation, a leading provider of travel and residential real estate services, will create 100 new jobs in the City of Virginia Beach. The company will locate a human resources call center in the Avis Building located at 300 Centre Pointe Drive. This facility will serve Cendant’s more than 50,000 U.S. employees. Virginia successfully competed with New Jersey for the investment.

“This announcement is a tremendous win, as Virginia continues to aggressively recruit companies in the financial, insurance and real estate sectors (FIRE),” said Governor Warner. “Virginia Beach’s existing workforce and pro-business climate have persuaded this respected company to reinvest in the Commonwealth.”

Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 80,000 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.

The contact center will employ a minimum of 50 customer service specialists at its opening and will staff up to 100 in the next few years as the center expands. While recruiting and hiring is currently taking place, the new contact center will officially open on March 1, 2003.

“We selected Virginia Beach as the location for our new employee contact center because of its reputation for high-quality employees with a superior work ethic,” said Cendant Executive Vice President of Human Resources Terry Conley. “We are pleased to be able to expand our business to the Commonwealth of Virginia and the City of Virginia Beach.”

The Virginia Economic Development Partnership and the City of Virginia Beach Department of Economic Development assisted Cendant with its decision. The Virginia Department of Business Assistance will provide workforce training services.

“When a long-time corporate citizen decides to increase its presence in your community, it’s good news,” said Virginia Beach Mayor Meyera E. Oberndorf. “When you learn that corporate citizen is an economic titan such as Cendant, it’s cause for a celebration. I’m delighted to join with Gov. Warner in celebrating today’s announcement and look forward to Cendant’s continuing success in Virginia Beach.”

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