Cendant Named ” A Good Investment”.

Cendant has been named as one of Money Magazine`s eight “Best Investments for 2002”.

The list, which appears in the January 2002 issue of Money Magazine, was chosen based on extensive interviews with money managers, industry analysts and an evaluation of each company`s earnings performance. Also named to the list were Accenture, Alcoa, Chevron Texaco, Foot Locker, J.P. Morgan Chase, Proctor & Gamble, and Viacom.

Cendant`s Chairman, President and CEO, Henry R. Silverman, stated: “Making Money`s list of Best Investments for 2002 is especially rewarding this year. In an already difficult economic environment, September 11th challenged our management team to further enhance profitability in all of our businesses, particularly our non-travel related units. Money`s list reflects the benefits of our company`s diverse hedged portfolio.”

Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 60,000 employees, New York City-based Cendant provides these services to businesses and consumers in over 100 countries.