CENDANT'S REAL ESTATE DIVISION POSTS STRONG GROWTH IN SECOND QUARTER FRANCHISE SALES
New Franchise Affiliations Rose By 24% Over Second Quarter 1998

Press Release: Cendant Corporation

July 30, 1999
NEW YORK -- The same week that U.S. existing homes sales were reported to be surging, the Real Estate Division of Cendant Corporation (NYSE: CD) announced today that it has closed another strong quarter of franchise sales. Through its CENTURY 21®, Coldwell Banker® and ERA® brands, Cendant Real Estate's second quarter franchise sales rose by 24 percent over the second quarter of 1998.

The 24 percent increase in the second quarter is measured by the annual aggregate gross closed commission income ("GCC") of brokerage companies that purchased a Cendant brand franchise. These newly affiliated companies generated a total of $146 million in annual aggregate GCC (note: Cendant franchisees pay royalties to Cendant based on a percentage of their GCC). Franchise sales for the Real Estate Division in the first half of 1999 rose by 18 percent over the same 1998 period.

"The robust residential market has clearly had a positive impact on the overall revenue of our franchising business, which is based largely on royalties collected from existing franchisees," said Richard A. Smith, Chairman and CEO of Cendant's Real Estate Division. "For our franchise sales to achieve such brisk growth in this climate is a testament to the tremendous value that our brands offer brokers and associates in all markets."

Added Michael Jalbert, executive vice president of franchise sales for Cendant's Real Estate Division. "Independent brokers across the nation continue to recognize that they can achieve greater success through a Cendant franchise, regardless of market conditions."

Cendant Corporation (NYSE: CD - news) is a global provider of consumer and business services. Cendant's core competencies include building franchise systems, providing outsourcing solutions and direct marketing. Cendant is the world's leading franchisor of hotels, rental car agencies, tax preparation services and real estate brokerage offices. Cendant's Real Estate Division includes: more than 12,000 residential real estate offices and more than 200,000 sales associates operating under the CENTURY 21®, Coldwell Banker®, and ERA® brand names; Cendant Mobility, a global leader in corporate and government employee relocation with over 2,000 corporate clients; Cendant Mortgage, the 6th largest retail mortgage originator in the United States with over $26 billion in loans closed in 1998; and Cendant's soon-to-be created residential real estate services super-site on the Internet, including Rent.Net, the leading online apartment rental site. Headquartered in New York, NY, the company has more than 30,000 employees and operates in over 100 countries. More information about Cendant, its companies and brands may be obtained by visiting our Web site at http://www.cendant.com or by calling 877-4INFO-CD (877-446-3623).