Jackson Hewitt Tax Service Plans IPO

Cendant Corporation and Jackson Hewitt Tax Service Inc., its wholly owned subsidiary, announced this week that Jackson Hewitt has filed a registration statement with the SEC for the sale by Cendant of 100% of its ownership interest in Jackson Hewitt in a planned initial public offering.

Goldman, Sachs & Co. and J.P. Morgan Securities Inc. are serving as joint book-running managers of the offering. The initial public offering is expected to take place in the second quarter of 2004.

A registration statement relating to the shares of Jackson Hewitt common stock has been filed with the SEC but has not yet become effective. The shares of Jackson Hewitt common stock may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

Cendant 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.

Jackson Hewitt is the second largest tax preparation business in the United States, with 4,937 franchised and company-owned offices nationwide as of January 31, 2004. Jackson Hewitt is based in Parsippany, New Jersey.

A copy of the prospectus relating to the shares of Jackson Hewitt common stock may be obtained, when available, from Goldman, Sachs & Co., Prospectus Department, 85 Broad Street, New York, NY 10004 (Telephone: 212-902-1171), or J.P. Morgan Securities Inc., Prospectus Department, One Chase Manhattan Plaza, New York, NY 10081 (Telephone: 212-552-5164).

We can give no assurances that the aforementioned initial public offering will be consummated. Prior to consummating the initial public offering, Cendant and Jackson Hewitt will need to complete the negotiation of the financial and other terms, including the initial public offering price. In addition, consummation of the initial public offering is subject to market conditions and other factors outside of the control of Cendant and Jackson Hewitt.

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