MOUNT LAUREL, NJ — PHH Corporation celebrated a new phase in its company history on February 3 as it rang The Opening Bell at the New York Stock Exchange. As previously announced, PHH Corporation became an independent, public company on February 1, after the spin-off from Cendant Corporation. Terence Edwards, president and chief executive officer, PHH Corporation, joined by a select group of PHH employees, had the honor of ringing the Bell. "We are very excited about the opportunity to showcase our company to the investment community. Shareholder value has always been part of our corporate culture; we will continue to maintain this focus as we begin this next phase of our company's history," Edwards said. PHH Corporation's mortgage and vehicle management operations provide outsourced services to corporate customers. PHH Mortgage, previously operating as Cendant Mortgage, is the sixth largest originator of residential mortgage loans in the United States. The fleet management business, PHH Arval, is the second-largest provider of fleet management services in the United States and Canada. In conjunction with strategic partners, PHH Arval provides fleet management services throughout the world. Executive Officers of PHH are as follows:

Terence W. Edwards — President and Chief Executive Officer
Neil J. Cashen — Executive Vice President and Chief Financial Officer; Chief Financial Officer - PHH Arval
George J. Kilroy — President and Chief Executive Officer - PHH Arval
Joseph E. Suter — President and Chief Executive Officer - PHH Mortgage
Mark R. Danahy — Senior Vice President and Chief Financial Officer - PHH Mortgage
William F. Brown — Senior Vice President, General Counsel and Corporate Secretary

Additionally, the following individuals will serve as members of the board of directors for PHH Corporation:

A.B. Krongard — Non-Executive Chairman of the Board of Directors
Terence W. Edwards — Director, President and Chief Executive Officer, PHH Corporation
George J. Kilroy — Director, President and Chief Executive Officer, PHH Arval
James W. Brinkley — Director
Ann D. Logan — Director
Jonathan D. Mariner — Director
Francis J. Van Kirk — Director, effective July 1, 2005