Cendant Real Estate Division Posts Record 44 Percent Increase In Third Quarter Franchise Sales

PARSIPPANY, N.J., Oct. 31 /PRNewswire/ — The Real Estate Division of
Cendant Corporation (NYSE: CD) today announced that it posted a record 44
percent increase in franchise sales in the third quarter at its residential
and commercial real estate brands, CENTURY 21(R), COLDWELL BANKER(R) and
ERA(R). These newly affiliated, independently owned and operated brokerages
are expected to generate a total of approximately $146 million in annual gross
closed commissions (GCC) as compared to about $101 million in the previous
quarter. Royalties paid to Cendant by these franchised brokerages are based
on a percentage of their gross closed commissions.

The value of our brands and their offerings, coupled with the historic
tendency of franchise sales to increase as the market slows, contributed to
the most successful quarter of franchise sales this division has seen, said
Richard A. Smith, chairman and CEO of Cendant's Real Estate Division. The
reorganization of our franchise sales management team and their ability to
help both new and existing brokerages realize increased efficiency,
productivity and profitability have added to our overall success in the
quarter.

Brien J. McMahon, executive vice president of Franchise Sales for
Cendant's Real Estate Division, said: The changes we've made in our sales
force are clearly making a difference. Our dedicated and motivated team is
focused on continued growth and expansion of new and existing franchises,
respectively.

Statements about future results made in this release may 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. They involve a
number of risks and uncertainties that are difficult to predict including the
outcome of litigation. Actual results could 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 the
Company's Form 10-Q for the quarter ended June 30, 2000.

About Cendant Corporation
Cendant Corporation is a global provider of consumer and business
services. Cendant's core competencies include building franchise systems,
providing outsourcing solutions and direct marketing. As a franchiser,
Cendant is the world's leading franchiser of hotels, rental car agencies, tax
preparation services and real estate brokerage offices. Cendant's Real Estate
Division includes: nearly 12,000 residential real estate offices and more than
200,000 sales associates operating under the CENTURY 21(R), Coldwell
Banker(R), and ERA(R) 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, according to Inside Mortgage Finance, with $25 billion in loans
closed in 1999; move.com, Cendant's relocation, real estate and home-related
services portal on the Internet; and Welcome Wagon, the nation's most
extensive neighborhood greeting service. In addition, Cendant Internet Group
is aggressively pursuing a convergence strategy for the Company's off-line and
online businesses. Headquartered in New York, NY, the company has nearly
28,000 employees and operates in over 100 countries. More information about
Cendant, its companies and brands may be obtained by visiting Cendant's Web
site at http://www.cendant.com or by calling 877-4INFO-CD (877-446-3623).

SOURCE Cendant Corporation