Cendant Comments on Fraud Investigations

New York, NY 06-07-2002—Cendant Corporation (NYSE: CD) today announced, in connection with news reports that the US attorney for NJ has reopened its investigation, that the Company or any of its officers or directors are not in any way involved in such investigation.

Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 70,000 employees, New York City-based Cendant provides these services to business and consumers in over 100 countries. More information about Cendant, its companies, brands and current SEC filings may be obtained by visiting the Company`s Web site at http://www.cendant.com or by calling 877-4-INFOCD (877-446-3623).