Laura P. Hamilton Vice President, Investor Relations (203) 965-5141 CUC INTERNATIONAL INC. FILES REGISTRATION STATEMENT FOR SECONDARY OFFERING Stamford, CT - October 7, 1996 - CUC International Inc. (NYSE:CU) today filed a Registration Statement on Form S-3 with the Securities and Exchange Commission in connection with a proposed secondary offering by certain stockholders of approximately 11,000,000 shares of CUC common stock. The selling shareholders are Robert Davidson, Janice Davidson, and certain charitable and family trusts established by them. Robert and Janice Davidson are the founders of Davidson & Associates, Inc., which CUC International acquired by merger in July of this year. It is expected that the offering will be effected concurrently in the United States and internationally. It is anticipated that certain of the selling stockholders will grant the underwriters an option to purchase up to 1,650,000 additional shares of common stock owned by them, solely to cover over- allotments. As adjusted for CUC's previously announced three-for- two stock split (payable on approximately October 21, 1996 to stockholders of record on October 7, 1996), the aggregate number of shares proposed to be offered is 16,500,000, which does not include 2,475,000 shares subject to the underwriters over- allotment option. The co-lead managers for the proposed offering are Goldman, Sachs & Co. and Morgan Stanley & Company. The co- managers for the proposed offering are Bear Stearns & Co. Inc.; Donaldson, Lufkin & Jenrette Securities Corporation; and Smith Barney Inc. - More - October 7, 1996 Page 2 A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be lawful prior to registration or qualification under the securities laws of any such State. A copy of the Registration Statement can be obtained upon request from CUC International Inc., 707 Summer Street, Stamford, Connecticut 06901, Attention: Investor Relations Department. CUC International is a leading technology-driven, membership- based consumer services company that provides more than 62.5 million consumers worldwide with access to home shopping, travel, insurance, automobile, dining, home improvement, lifestyle clubs, checking account enhancement, and discount coupon programs. The Company also provides educational and entertainment interactive media products. # # #