CENDANT TERMINATES EXECUTIVE


Stamford, Conn. and Parsippany, N.J.--(BUSINESS WIRE)-- April 17, 1998-- Cendant
Corporation (NYSE: (CD) announced today that it has terminated the employment
of Cosmo Corigliano executive vice president of the company.

Mr. Corigliano had been executive vice president and chief financial officer of
CUC International Inc. prior to its merger with HFS Incorporated on December 17,
1997 forming Cendant.

The Company said that the independent investigation by the Audit Committee of
its Board of Directors, assisted by independent legal and auditing firms, is
continuing.

Cendant is the  world's  premier  provider of consumer  and  business  services.
Cendant operates in three principal  segments:  Alliance  Marketing,  Travel and
Real Estate Services. In Alliance Marketing,  Cendant provides access to travel,
shopping,  auto,  dining  and other  services  through  more  than 66.5  million
memberships worldwide. In Travel Services,  Cendant is the leading franchisor of
hotels and rental car  agencies  worldwide,  the  premier  provider  of vacation
exchange  services and the second  largest  fleet  management  company.  In Real
Estate Services,  Cendant is the world's largest  franchisor of residential real
estate brokerage offices, a major provider of mortgage services to consumers and
a global leader in corporate employee relocation.  Headquartered in Stamford, CT
and Parsippany, NJ, Cendant has more than 34,000 employees, operates in over 100
countries and makes approximately 100 million customer contacts annually.