Cendant Corporation Promotes J P Morgan And Salomon Smith Barney

Cendant Corporation (CD : NYSE) announced today that it has named JP Morgan and Salomon Smith Barney as joint book-running managers on a $750 million intermediate term maturity senior debt transaction expected to be marketed in early January 2003. The proceeds will be used to term out debt. This press release does not constitute an offer of any securities for sale. A prospectus when available can be obtained from the persons set forth below.

Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 90,000 employees, New York City-based Cendant provides these services to businesses and consumers in over 100 countries.

Statements about future results made in this release 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. Actual results may 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 Cendant’s Form 10-Q for the quarterly period ended September 30, 2002.