TASK FORCE CHAIRMEN

		Henry R. Silverman Chairman, Fiscal Policy Task Force Chairman & CEO, Realogy Corporation

Henry R. Silverman, age 65, is chairman & CEO of Realogy Corporation, the world's largest residential brokerage franchisor and the largest U.S. residential real estate brokerage firm. Silverman also serves as CEO of Cendant Corporation, a position he has held since 1997. He assumed the role of Cendant's chairman of the board of directors and the executive committee in July 1998. Silverman also held the position of president of Cendant from December 1997 until October 2004. Cendant was the largest global provider of consumer and business services within the travel and residential real estate sectors before its decision to separate into four new companies effective in 2006. Realogy Corporation is comprised of the business units from Cendant's former Real Estate Services Division.

It is expected that Silverman will step down as CEO effective January 1, 2008, and, subject to board approval, Vice Chairman and President Richard A. Smith will assume the position of CEO. It is also expected that Silverman will continue as Cendant's CEO and chairman of the board and executive committee until completion of the final distribution, at which time Silverman will resign from all his positions at Cendant.

Prior to the formation of Cendant in 1997, Silverman was chairman, president and chief executive officer of HFS Incorporated, which he founded in 1990. As an investor in and manager of private equity during the 1980's, Silverman's principal areas of focus included Days Inns of America, later acquired by Cendant. In 1985, Silverman also founded Telemundo Group, which was sold to General Electric Company in 2002 for $2.7 billion.

In addition to his positions at Realogy and Cendant, Silverman currently serves as chairman of the Business Roundtable's Fiscal Policy Task Force. Additionally, he is a Commissioner of the Port Authority of New York and New Jersey and chairman of its finance committee. Silverman is also a trustee of New York University and its School of Medicine and Medical Center, and a director of the NYU Child Study Center; a trustee of the University of Pennsylvania; a member of JP Morgan's National Advisory Board and a member of the G-100.

Silverman's philanthropy includes Silverman Hall, the new law school building at the University of Pennsylvania; the Silverman-Rodin scholars and the Silverman Professor of Law at Penn Law School; and the Silverman Professor of Obstetrics and Gynecology, the Silverman Reproductive Choice Foundation and the Silverman Cancer Research Laboratories at NYU School of Medicine.

In 1998, Silverman received the American Heritage Award from the Anti-Defamation League for lifetime achievement in fighting discrimination. He has been honored twice for his efforts to promote diversity in the workplace - first in 2001, by the Jackie Robinson Foundation and again in 2003, by the U.S. Hispanic Chamber of Commerce.

Silverman graduated from Williams College in 1961, and the University of Pennsylvania Law School in 1964, and served as an officer in the U.S. Navy Reserve from 1965 to 1972.