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PHH Corporation Completes Spinoff from Cendant Corporation

February 1, 2005

MOUNT LAUREL, NJ -- PHH Corporation has completed the spin-off from Cendant Corporation. Shares of PHH common stock were distributed to Cendant shareholders in the form of a tax-free stock dividend. Shareholders of record on January 19, 2005 of the common stock of Cendant received one share of PHH’s common stock for every 20 shares of Cendant common stock. Cendant shareholders will receive cash in lieu of any fractional shares of PHH common stock resulting from the distribution.PHH shares, which have been trading on a “when-issued” basis since January 19, 2005, will begin “regular way” trading on the New York Stock Exchange on February 1, 2005 when the market opens.Headquartered in Mount Laurel, New Jersey, PHH Corporation is an outsource provider of mortgage and vehicle fleet management services. It is the sixth largest retail originator of residential mortgages in the United States and the second largest fleet management services provider in the United States and Canada.
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