Cendant Corp. Publishes Updated Investor Presentation

New York, NY 04-29-2002—Cendant Corporation (NYSE: CD) announced today that it has published an update to its investor presentation to reflect detailed revenue and EBITDA assumptions underlying the 2002 adjusted earnings per share projection of $1.36. On April 17, the Company raised its adjusted earnings per share outlook for 2002 from $1.29 to $1.36.

The updated presentation, available in the Cendant Investor Center at www.cendant.com, also reflects a revised income statement outlook for 2002 and cash flow projections through 2004 consistent with the increased earnings per share forecast noted above.

The Company has made this presentation available in advance of meetings it expects to have with investors in several cities this week.

Cendant`s Chief Financial Officer, Kevin M. Sheehan, said “On April 17 we raised our full year adjusted earnings per share outlook by $0.07 to reflect outstanding results in the first quarter and recently announced acquisitions. Since that time, we have gained even more confidence in our outlook for the year.”

Adjusted EPS excludes items that are of a non-recurring or unusual nature and Move.com-related items. Adjusted EPS is a non-GAAP (generally accepted accounting principles) measure, but the Company believes that it is useful to assist investors in gaining an understanding of the trends and results of operations for the Company`s core businesses. Adjusted EPS should be viewed in addition to the Company`s reported results and not in lieu of reported results.


Adjusted EPS for the balance of 2002 will exclude acquisition and integration-related costs, including the non-cash amortization of pendings and listings from real estate brokerage acquisitions, and securities litigation costs.