content: <HTML><HEAD><TITLE>Form 8-K Cendant Corporation</TITLE><!-- Licensed to: Theo--><!-- Document Created using EDGARIZER HTML --><!-- Copy Right 2003 EDGARfilings, Ltd., an IEC company.--><!-- All rights reserved EDGARfilings.com -->
  <META content="MSHTML 5.00.3502.5390" name=GENERATOR></HEAD>
  <BODY style="MARGIN-LEFT: 2.5%; MARGIN-RIGHT: 2.5%">
  <DIV><BR>
  <DIV></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR>
  <DIV><FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;&nbsp;&nbsp;</FONT></DIV></DIV>
  <DIV align=center>
  <DIV align=center>
  <TABLE bgColor=#ffffff border=1 cellPadding=0 cellSpacing=0 width="100%">
  <TR bgColor=#ffffff>
  <TD width="100%">&nbsp;</TD></TR></TABLE></DIV>&nbsp;</DIV>
  <DIV align=left><FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;&nbsp;&nbsp;</FONT></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 17.05pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 16pt; FONT-WEIGHT: bold">UNITED STATES</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 252pt"></FONT><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 16pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 252pt"></FONT><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold"></FONT>&nbsp;</DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">WASHINGTON, D.C. 20549</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 252pt"></FONT><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">____________</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 20.5pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 18pt">Form 8-K</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 252pt"></FONT><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE </FONT></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 252pt"></FONT><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">SECURITIES EXCHANGE ACT OF 1934</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 252pt"></FONT><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt">____________</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt"></FONT><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">March 31, 2004</FONT> <FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt"></FONT><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">(March 31, 2004)</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 252pt"></FONT><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-STYLE: italic">(Date of Report (date of earliest event reported))</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 22.75pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 20pt; FONT-WEIGHT: bold">Cendant Corporation</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 10.25pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-STYLE: italic">(Exact name of Registrant as specified in its charter)</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center>
  <TABLE border=0 cellPadding=0 cellSpacing=0 width="100%">
  <TR>
  <TD align=left width="23%">
  <DIV align=left style="DISPLAY: block; LINE-HEIGHT: 7.2pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre">&nbsp;</DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Delaware</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 9.1pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt; FONT-STYLE: italic">(State or other jurisdiction</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 9.1pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt; FONT-STYLE: italic">of incorporation)</FONT> </DIV></TD>
  <TD align=left width="28%">
  <DIV align=left style="DISPLAY: block; LINE-HEIGHT: 7.2pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre">&nbsp;</DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1-10308</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 9.1pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt; FONT-STYLE: italic">(Commission File No.)</FONT> </DIV></TD>
  <TD align=left width="24%">
  <DIV align=left style="DISPLAY: block; LINE-HEIGHT: 7.2pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre">&nbsp;</DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">06-0918165</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 9.1pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt; FONT-STYLE: italic">(I.R.S. Employer</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 9.1pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt; FONT-STYLE: italic">Identification Number)</FONT> </DIV></TD></TR>
  <TR>
  <TD align=left width="23%">
  <DIV align=left style="DISPLAY: block; LINE-HEIGHT: 7.2pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre">&nbsp;</DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">9 West 57</FONT> <FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold"><SUP>th</SUP></FONT> <FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Street</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">New York, NY</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 9.1pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt; FONT-STYLE: italic">(Address of principal executive office)</FONT> </DIV></TD>
  <TD align=left width="28%">
  <DIV align=left style="DISPLAY: block; LINE-HEIGHT: 7.2pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre">&nbsp;</DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 9.1pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre">&nbsp;</DIV></TD>
  <TD align=left width="24%">
  <DIV align=left style="DISPLAY: block; LINE-HEIGHT: 7.2pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre">&nbsp;</DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre">&nbsp;</DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">10019</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 9.1pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt; FONT-STYLE: italic">(Zip Code)</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 9.1pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre">&nbsp;</DIV></TD></TR></TABLE></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 9.1pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">(212) 413-1800</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 9.1pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt; FONT-STYLE: italic">(Registrant's telephone number, including area code)</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 9.1pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 9.1pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 9.1pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 11.35pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">None </FONT></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 9.1pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 8pt; FONT-STYLE: italic">(Former name or former address if changed since last report)</FONT> </DIV>
  <DIV align=left style="DISPLAY: block; LINE-HEIGHT: 9.1pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR>
  <DIV></DIV>
  <DIV align=left>&nbsp;</DIV><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 9.1pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center>
  <TABLE bgColor=#ffffff border=1 cellPadding=0 cellSpacing=0 width="100%">
  <TR bgColor=#ffffff>
  <TD width="100%">&nbsp;</TD></TR></TABLE></DIV>
  <DIV>
  <TABLE align=center border=0 cellPadding=0 cellSpacing=0 id=PGBRK width="100%">
  <TR vAlign=top>
  <TD colSpan=3 width="100%">&nbsp;</TD></TR>
  <TR>
  <TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=middle width="33%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=right width="34%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
  <TD colSpan=3 width="100%"><FONT size=1>
  <HR noShade SIZE=1>
  </FONT></TD></TR>
  <TR vAlign=top>
  <TD colSpan=3 width="100%">
  <P>&nbsp;</P>
  <P>&nbsp;</P></TD></TR></TABLE></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt"></FONT>&nbsp;</DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Item 5. Other Events</FONT>
  <DIV>
  <TABLE align=center bgColor=#ffffff border=0 cellPadding=0 cellSpacing=0 width="100%">
  <TR bgColor=#ffffff>
  <TD width="100%">&nbsp;</TD></TR></TABLE></DIV></DIV>
  <DIV align=left style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">EXCEPT AS EXPRESSLY INDICATED OR UNLESS THE CONTEXT OTHERWISE REQUIRES, "CENDANT", "WE", "OUR", OR "US" MEANS CENDANT CORPORATION, A DELAWARE CORPORATION, AND ITS SUBSIDIARIES.</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT style="DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt">On March 31, 2004, we announced that we have increased our projections for first quarter and full year 2004 earnings per share from continuing operations to $0.41 and $1.68 - $1.74, respectively, versus our prior projections of $0.37 - $0.38 and $1.65 - $1.72, respectively. The increased projections reflect strength being experienced across all of our businesses. As previously announced, these projections include a one-time tax benefit of $0.10 per share related to the transaction with Trilegiant Corporation on January 30, 2004. </FONT></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT style="DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt">We also announced that, beginning in first quarter 2004, we will report the results of our Mortgage and Settlement Services businesses as a discrete reportable segment. Previously, these businesses had been included in our Real Estate Services segment.</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR><FONT style="DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt">We plan to announce our first quarter 2004 results after the close of trading on April 19, 2004.</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">A copy of the press release announcing our increased projections is attached as Exhibit 99 to this Form 8-K and is incorporated by reference herein.</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 36pt"></FONT><FONT style="COLOR: #000000; DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Statements about future results made herein, including the projections, and the statements contained in the exhibit attached hereto constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the current economic environment. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in our Form 10-K for the period ended December 31, 2003. Such forward-looking statements include projections. Such projections were not prepared in accordance with published guidelines of the American Institute of Certified Public Accountants or the SEC regarding projections and forecasts, nor have such projections been audited, examined or otherwise reviewed by independent auditors of Cendant or its affiliates. In addition, such projections are based upon many estimates and are inherently subject to significant economic, competitive and other uncertainties and contingencies, including but not limited to the impact of war or terrorism, which are beyond the control of management of Cendant and its affiliates. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by Cendant or its affiliates that the projections will prove to be correct. </FONT></DIV>
  <DIV>
  <TABLE align=center border=0 cellPadding=0 cellSpacing=0 id=PGBRK width="100%">
  <TR vAlign=top>
  <TD colSpan=3 width="100%">&nbsp;</TD></TR>
  <TR>
  <TD align=left width="33%">
  <P>&nbsp;</P></TD>
  <TD align=middle width="33%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=right width="34%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
  <TD colSpan=3 width="100%"><FONT size=1>
  <HR noShade SIZE=1>
  </FONT></TD></TR>
  <TR vAlign=top>
  <TD colSpan=3 width="100%">&nbsp;</TD></TR></TABLE></DIV>
  <DIV>&nbsp;</DIV>
  <DIV align=left style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Item 7. Exhibits</FONT> </DIV>
  <DIV align=left style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">See Exhibit Index</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt; WHITE-SPACE: pre">&nbsp;</DIV>
  <TABLE border=0 cellPadding=0 cellSpacing=0 id=PGBRK width="100%">
  <TR>
  <TD colSpan=3 vAlign=bottom width="100%">&nbsp;</TD></TR>
  <TR>
  <TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=middle width="33%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR>
  <TD colSpan=3><FONT size=1>
  <HR noShade SIZE=1 width="100%">
  </FONT></TD></TR>
  <TR>
  <TD colSpan=3 vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 234pt"></FONT><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">SIGNATURE</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=left style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 216pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">CENDANT CORPORATION</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 216pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">By:</FONT> <FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; TEXT-DECORATION: underline">/s/ Eric Bock</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 23.5pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 23.5pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; TEXT-DECORATION: underline"> </FONT></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 252pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Eric J. Bock</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 252pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Executive Vice President -- Law</FONT> <FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">and Corporate Secretary</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Date: March 31, 2004</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV>
  <TABLE align=center border=0 cellPadding=0 cellSpacing=0 id=PGBRK width="100%">
  <TR vAlign=top>
  <TD colSpan=3 width="100%">&nbsp;</TD></TR>
  <TR>
  <TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=middle width="33%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=right width="34%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR vAlign=top>
  <TD colSpan=3 width="100%"><FONT size=1>
  <HR noShade SIZE=1>
  </FONT></TD></TR>
  <TR vAlign=top>
  <TD colSpan=3 width="100%">&nbsp;</TD></TR></TABLE></DIV>
  <DIV></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 234pt"></FONT><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">CENDANT CORPORATION</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 234pt"></FONT><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">CURRENT REPORT ON FORM 8-K</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 234pt"></FONT><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Report Dated March 31, 2004 (March 31, 2004)</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 234pt"></FONT><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">EXHIBIT INDEX</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Exhibit No.</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 10pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold; TEXT-DECORATION: underline">Description</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 12.5pt; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: -72pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">99</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 64pt">&nbsp;&nbsp;</FONT>&nbsp; <FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt">Press Release issued by Cendant Corporation on March 31, 2004.</FONT> </DIV>
  <TABLE border=0 cellPadding=0 cellSpacing=0 id=PGBRK width="100%">
  <TR>
  <TD colSpan=3 vAlign=bottom width="100%">&nbsp;</TD></TR>
  <TR>
  <TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=middle width="33%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR>
  <TR>
  <TD colSpan=3><FONT size=1>
  <HR noShade SIZE=1 width="100%">
  </FONT></TD></TR>
  <TR>
  <TD colSpan=3 vAlign=bottom width="100%">&nbsp;</TD></TR></TABLE>
  <DIV align=right style="DISPLAY: block; LINE-HEIGHT: 12.5pt; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: -72pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold"></FONT>&nbsp;</DIV>
  <DIV align=right style="DISPLAY: block; LINE-HEIGHT: 12.5pt; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: -72pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Exhibit 99</FONT> </DIV>
  <DIV align=right style="DISPLAY: block; LINE-HEIGHT: 12.5pt; MARGIN-LEFT: 72pt; MARGIN-RIGHT: 36pt; TEXT-INDENT: -72pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=left style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><IMG src="cendant8k-30march2004logo.jpg">&nbsp;</DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 15.95pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: Times New Roman, serif; FONT-SIZE: 12pt; TEXT-DECORATION: underline">CENDANT RAISES PROJECTIONS FOR 2004 </FONT></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 15.95pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt">1Q 2004 EPS from Continuing Operations Projection Increased to $0.41 </FONT></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt">Versus Prior Projection of $0.37 - $0.38</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt">Full Year EPS from Continuing Operations Projection Increased to $1.68 - $1.74 </FONT></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt">Versus Prior Projection of $1.65 - $1.72</FONT> </DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=center style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt">Increased Projections Reflect Strength Across All Businesses </FONT></DIV>
  <DIV align=left style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=left style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">New York, NY, March 31, 2004</FONT> <FONT style="DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt">- Cendant Corporation (</FONT> <FONT style="DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">NYSE: CD)</FONT> <FONT style="DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt">today announced that it has increased its projections for first quarter and full year 2004 earnings per share from continuing operations to $0.41 and $1.68 - $1.74, respectively, versus its prior projections of $0.37 - $0.38 and $1.65 - $1.72, respectively. The increased projections reflect strength being experienced across all of Cendant&#146;s businesses. As previously announced, these projections include a one-time tax benefit of $0.10 per share related to the transaction with Trilegiant Corporation announced on January 30. </FONT></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt">The Company also announced that, beginning in first quarter 2004, it will report the results of its Mortgage and Settlement Services businesses as a discrete reportable segment. Previously, these businesses had been included in the Company&#146;s Real Estate Services segment.</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt">Cendant&#146;s CFO, Ronald L. Nelson stated "As we have previously indicated, the year over year comparisons for the new Mortgage and Settlement Services segment are the most challenging in the first quarter of 2004. However, the strength of the remainder of our portfolio of businesses has enabled us to increase our guidance for the first quarter as well as the full year 2004." </FONT></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt">The Company plans to announce its first quarter 2004 results after the close of trading on April 19, 2004.</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="COLOR: #000000; DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt">Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 90,000 employees, New York City-based Cendant provides these services to businesses and consumers in over 100 countries.</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="COLOR: #000000; DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt">More information about Cendant, its companies, brands and current SEC filings may be obtained by visiting the Company&#146;s Web site at </FONT><FONT style="COLOR: #0000ff; DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt">www.cendant.com </FONT><FONT style="COLOR: #000000; DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt">or by calling 877-4-INFOCD (877-446-3623).</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="COLOR: #000000; DISPLAY: inline; FONT-FAMILY: CG Times, Times New Roman, serif; FONT-SIZE: 12pt; FONT-STYLE: italic">Statements about future results made in this release, including the projections, and the statements attached hereto constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the current economic environment. The Company cautions that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in Cendant&#146;s Form 10-K for the period ended December 31, 2003. Such forward-looking statements include projections. Such projections were not prepared in accordance with published guidelines of the American Institute of Certified Public Accountants or the SEC regarding projections and forecasts, nor have such projections been audited, examined or otherwise reviewed by independent auditors of Cendant or its affiliates. In addition, such projections are based upon many estimates and are inherently subject to significant economic, competitive and other uncertainties and contingencies, including but not limited to the impact of war or terrorism, which are beyond the control of management of Cendant and its affiliates. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by Cendant or its affiliates that the projections will prove to be correct. </FONT></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="COLOR: #000000; DISPLAY: inline; FONT-FAMILY: TimesNewRoman,Italic, serif; FONT-SIZE: 12pt; FONT-STYLE: italic">Media Contact: </FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 28pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 28pt">&nbsp; &nbsp;</FONT>&nbsp;<FONT style="COLOR: #000000; DISPLAY: inline; FONT-FAMILY: TimesNewRoman,Italic, serif; FONT-SIZE: 12pt; FONT-STYLE: italic">Investor Contacts:</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="COLOR: #000000; DISPLAY: inline; FONT-FAMILY: TimesNewRoman, serif; FONT-SIZE: 12pt">Elliot Bloom&nbsp;</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 28pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 28pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 28pt">&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;</FONT><FONT style="COLOR: #000000; DISPLAY: inline; FONT-FAMILY: TimesNewRoman, serif; FONT-SIZE: 12pt">Sam Levenson</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="COLOR: #000000; DISPLAY: inline; FONT-FAMILY: TimesNewRoman, serif; FONT-SIZE: 12pt">212-413-1832</FONT><FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 28pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 28pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp; <FONT id=TAB2 style="COLOR: black; LETTER-SPACING: 28pt">&nbsp;</FONT>&nbsp;<FONT style="COLOR: #000000; DISPLAY: inline; FONT-FAMILY: TimesNewRoman, serif; FONT-SIZE: 12pt">212-413-1834</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 144pt"></FONT></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 144pt"></FONT><FONT style="COLOR: #000000; DISPLAY: inline; FONT-FAMILY: TimesNewRoman, serif; FONT-SIZE: 12pt"><FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;</FONT><FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;</FONT></FONT></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT style="COLOR: #000000; DISPLAY: inline; FONT-FAMILY: TimesNewRoman, serif; FONT-SIZE: 12pt"><FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Henry A. Diamond</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><FONT id=TAB1 style="MARGIN-LEFT: 144pt"></FONT><FONT style="COLOR: #000000; DISPLAY: inline; FONT-FAMILY: TimesNewRoman, serif; FONT-SIZE: 12pt"><FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;<FONT id=TAB2 style="LETTER-SPACING: 18pt">&nbsp;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212-413-1920</FONT> </DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 15.95pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 13.65pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <DIV align=justify style="DISPLAY: block; LINE-HEIGHT: 15.95pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV>
  <TABLE border=0 id=LASTFTR width="100%">
  <TR>
  <TD colSpan=3 vAlign=bottom width="100%">
  <DIV align=left style="DISPLAY: block; LINE-HEIGHT: 12.5pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt; WHITE-SPACE: pre"><BR></DIV></TD></TR>
  <TR>
  <TD align=left width="33%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=middle width="33%"><FONT size=1>&nbsp;</FONT></TD>
  <TD align=right width="33%"><FONT size=1>&nbsp;</FONT></TD></TR></TABLE></DIV></BODY></HTML>
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "cendant8k-30march2004.htm", "description": "FORM 8-K CENDANT CORPORATION", "secsgml_size_bytes": 47209}]
metadata_filer: {"company-data": {"conformed-name": "CENDANT CORP", "cik": "0000723612", "assigned-sic": "6531", "irs-number": "060918165", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-10308", "film-number": "04706653"}, "business-address": {"street1": "9 WEST 57TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10019", "phone": "2124131800"}, "mail-address": {"street1": "9 WEST 57TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10019"}, "former-company": [{"former-conformed-name": "CUC INTERNATIONAL INC /DE/", "date-changed": "19920703"}, {"former-conformed-name": "COMP U CARD INTERNATIONAL INC", "date-changed": "19870914"}]}
text: Form 8-K Cendant Corporation
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  ____________
  Form 8-K
  CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
  SECURITIES EXCHANGE ACT OF 1934
  ____________
  March 31, 2004
  (March 31, 2004)
  (Date of Report (date of earliest event reported))
  Cendant Corporation
  (Exact name of Registrant as specified in its charter)
  Delaware
  (State or other jurisdiction
  of incorporation)
  1-10308
  (Commission File No.)
  06-0918165
  (I.R.S. Employer
  Identification Number)
  9 West 57
  th
  Street
  New York, NY
  (Address of principal executive office)
  10019
  (Zip Code)
  (212) 413-1800
  (Registrant's telephone number, including area code)
  None
  (Former name or former address if changed since last report)
  Item 5. Other Events
  EXCEPT AS EXPRESSLY INDICATED OR UNLESS THE CONTEXT OTHERWISE REQUIRES, "CENDANT", "WE", "OUR", OR "US" MEANS CENDANT CORPORATION, A DELAWARE CORPORATION, AND ITS SUBSIDIARIES.
  On March 31, 2004, we announced that we have increased our projections for first quarter and full year 2004 earnings per share from continuing operations to $0.41 and $1.68 - $1.74, respectively, versus our prior projections of $0.37 - $0.38 and $1.65 - $1.72, respectively. The increased projections reflect strength being experienced across all of our businesses. As previously announced, these projections include a one-time tax benefit of $0.10 per share related to the transaction with Trilegiant Corporation on January 30, 2004.
  We also announced that, beginning in first quarter 2004, we will report the results of our Mortgage and Settlement Services businesses as a discrete reportable segment. Previously, these businesses had been included in our Real Estate Services segment.
  We plan to announce our first quarter 2004 results after the close of trading on April 19, 2004.
  A copy of the press release announcing our increased projections is attached as Exhibit 99 to this Form 8-K and is incorporated by reference herein.
  Statements about future results made herein, including the projections, and the statements contained in the exhibit attached hereto constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the current economic environment. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in our Form 10-K for the period ended December 31, 2003. Such forward-looking statements include projections. Such projections were not prepared in accordance with published guidelines of the American Institute of Certified Public Accountants or the SEC regarding projections and forecasts, nor have such projections been audited, examined or otherwise reviewed by independent auditors of Cendant or its affiliates. In addition, such projections are based upon many estimates and are inherently subject to significant economic, competitive and other uncertainties and contingencies, including but not limited to the impact of war or terrorism, which are beyond the control of management of Cendant and its affiliates. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by Cendant or its affiliates that the projections will prove to be correct.
  Item 7. Exhibits
  See Exhibit Index
  SIGNATURE
  Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  CENDANT CORPORATION
  By:
  /s/ Eric Bock
  Eric J. Bock
  Executive Vice President -- Law
  and Corporate Secretary
  Date: March 31, 2004
  CENDANT CORPORATION
  CURRENT REPORT ON FORM 8-K
  Report Dated March 31, 2004 (March 31, 2004)
  EXHIBIT INDEX
  Exhibit No.
  Description
  99
  Press Release issued by Cendant Corporation on March 31, 2004.
  Exhibit 99
  CENDANT RAISES PROJECTIONS FOR 2004
  1Q 2004 EPS from Continuing Operations Projection Increased to $0.41
  Versus Prior Projection of $0.37 - $0.38
  Full Year EPS from Continuing Operations Projection Increased to $1.68 - $1.74
  Versus Prior Projection of $1.65 - $1.72
  Increased Projections Reflect Strength Across All Businesses
  New York, NY, March 31, 2004
  - Cendant Corporation (
  NYSE: CD)
  today announced that it has increased its projections for first quarter and full year 2004 earnings per share from continuing operations to $0.41 and $1.68 - $1.74, respectively, versus its prior projections of $0.37 - $0.38 and $1.65 - $1.72, respectively. The increased projections reflect strength being experienced across all of Cendant's businesses. As previously announced, these projections include a one-time tax benefit of $0.10 per share related to the transaction with Trilegiant Corporation announced on January 30.
  The Company also announced that, beginning in first quarter 2004, it will report the results of its Mortgage and Settlement Services businesses as a discrete reportable segment. Previously, these businesses had been included in the Company's Real Estate Services segment.
  Cendant's CFO, Ronald L. Nelson stated "As we have previously indicated, the year over year comparisons for the new Mortgage and Settlement Services segment are the most challenging in the first quarter of 2004. However, the strength of the remainder of our portfolio of businesses has enabled us to increase our guidance for the first quarter as well as the full year 2004."
  The Company plans to announce its first quarter 2004 results after the close of trading on April 19, 2004.
  Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 90,000 employees, New York City-based Cendant provides these services to businesses 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
  www.cendant.com
  or by calling 877-4-INFOCD (877-446-3623).
  Statements about future results made in this release, including the projections, and the statements attached hereto constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the current economic environment. The Company cautions that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in Cendant's Form 10-K for the period ended December 31, 2003. Such forward-looking statements include projections. Such projections were not prepared in accordance with published guidelines of the American Institute of Certified Public Accountants or the SEC regarding projections and forecasts, nor have such projections been audited, examined or otherwise reviewed by independent auditors of Cendant or its affiliates. In addition, such projections are based upon many estimates and are inherently subject to significant economic, competitive and other uncertainties and contingencies, including but not limited to the impact of war or terrorism, which are beyond the control of management of Cendant and its affiliates. Accordingly, actual results may be materially higher or lower than those projected. The inclusion of such projections herein should not be regarded as a representation by Cendant or its affiliates that the projections will prove to be correct.
  Media Contact:
  Investor Contacts:
  Elliot Bloom
  Sam Levenson
  212-413-1832
  212-413-1834
  Henry A. Diamond
  212-413-1920