CENDANT TO PURSUE SALE OF ENTERTAINMENT PUBLICATIONS, INC.

Source: Cendant Corporation

April 26, 1999
Cendant Corporation announced last Wednesday that the Board of Directors has approved management's plan to pursue the sale of the Company's Entertainment Publications, Inc. (EPub) business segment, and has engaged Veronis, Suhler & Associates, Inc. to manage the sale process. EPub will be classified as a discontinued operation in current and prior periods when Cendant releases financial information, including 1999 first quarter results.

EPub, the world's leading marketer and publisher of coupon books and discount programs, sold more than 7 million coupon books in 1998 through distribution channels comprised of approximately 67,500 schools, community groups and corporations in North America, Puerto Rico and Australia. Its core products currently penetrate approximately 8.5 percent of the 83 million households within its 140 North American markets. EPub has an extensive network of more than 73,000 merchants representing over 275,000 business locations. In 1998, EPub generated $197.2 million in revenues and $32.1 million in earnings before interest, taxes, depreciation and amortization (EBITDA). Headquartered in Troy, Michigan, EPub employs more than 1,500 people.

Henry R. Silverman, Cendant Chairman, President and CEO stated: "EPub is a great company with an outstanding track record and unique growth opportunities, including the distribution of proprietary discount offers via the Internet and continued expansion of its core products into new markets. However, EPub is not on point strategically for us.

By selling businesses where we do not bring significant strategic advantages, we continue to sharpen our focus on Cendant's core competencies including building franchise systems, providing outsourcing solutions and direct marketing."

In a separate transaction, the Company also announced that it has reached a definitive agreement to sell its National Leisure Group (NLG) subsidiary to The Leisure Company, a subsidiary of America West Holdings Corporation, for an undisclosed cash amount. NLG, which is a leading retailer of cruise and vacation packages, will not be classified as a discontinued operation.

As previously announced, for the foreseeable future Cendant's excess financial resources, including cash flow from operations and proceeds from potential further asset sales, will be devoted to retiring debt and repurchasing its common stock, building shareholder value and maintaining appropriate credit protection. Since December 1998, Cendant has received approximately $1.3 billion in cash and Cendant common stock from asset sales, the proceeds of which have been used to repurchase Company common stock and reduce indebtedness. Since the Company's share repurchase program was
implemented in November 1998, Cendant has reduced its shares outstanding by over 10%, including the 7.1 million shares acquired as part of the sale of Hebdo Mag International.

Statements about future results made in this release may 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. They involve a number of risks and uncertainties that are difficult to predict. Actual results could 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 the Company's Annual Report on Form 10-K for the year ended December 31, 1998, including the resolution of the pending class action litigation against the Company and the Company's ability to implement its plan to divest non-strategic assets.

Cendant Corporation is a global provider of consumer and business services. The Company's core competencies include building franchise systems, providing outsourcing solutions and direct marketing. As a franchisor, Cendant is the world's leading franchisor of hotels, rental car agencies and real estate brokerage offices; and the second largest franchisor of tax preparation services. As a provider of outsourcing solutions, Cendant is a leading fleet management company; the world's largest vacation exchange service; a major provider of mortgage services to consumers and the global leader in employee relocation. In direct marketing, Cendant provides access to insurance, travel, shopping, auto, and other services, primarily to customers of its affinity partners. Other consumer and business services include NCP, the UK's largest private car park operator; and Green Flag, a leading motorist assistance group in the UK. Headquartered in New York, NY, the Company has more than 35,000 employees and operates in over 100 countries.