CUC INTERNATIONAL INC. TO OFFER $450 MILLION IN CONVERTIBLE DEBT Stamford, CT. - January 31, 1997 - CUC International Inc. (NYSE:CU) announced today that it has commenced a private offering of its $450.0 million principal amount of convertible subordinated notes due February 15, 2002, subject to the initial purchasers' over-allotment option to purchase up to an additional $112.5 million principal amount of such notes. The offering is being made to qualified institutional buyers, to certain institutional accredited investors and to certain non-U.S. persons in offshore transactions exempt from registration under United States federal securities laws. The Company intends to use the net proceeds from the sale of the notes for general corporate purposes, including to finance potential business acquisitions that complement the Company's core membership businesses and enhance its growth strategy. The securities offered will not be registered under the Securities Act of 1933 and may not be offered or sold in the United States without the appropriate registration or customary exemptions. CUC International Inc. is a leading technology-driven, membership-based consumer services company that provides more than 63.8 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. # # #