F. Robert Salerno Promoted to Chief Executive Officer of Cendant Car Rental Group, Inc.

NEW YORK, June 11 -- Cendant Corporation today announced that it has promoted F. Robert Salerno to chief executive officer of its Cendant Car Rental Group, Inc. subsidiary, operator of Avis Rent A Car System, Inc. and Budget Rent A Car System, Inc. He will also retain the title of president.

Mr. Salerno, 52, has been president and chief operating officer of Cendant Car Rental Group, Inc. since its creation following the acquisition of Budget in November 2002. He joined Avis in 1982 as vice president and held positions of increasing responsibility leading to his appointment as president and chief operating officer in 1996.

"During Bob Salerno's tenure, he has been the steward of Avis' steadfast focus on quality and customer service," said Kevin M. Sheehan, chairman and CEO of Cendant's Vehicle Services Division. "Furthermore, he has been relentless in his pursuit of the highest levels of efficiency, productivity and profitability, as evidenced by last year's strong financial results despite a very challenging economic environment."

With over 30 years of experience in the car rental industry, Mr. Salerno has most recently played an integral role in both the acquisition and integration of Budget. Avis and Budget together generated more than $4.3 billion in revenue in the regions where Cendant operates the brands.

"As we continue the integration of Budget this year, I can think of no individual better suited than Bob to complete the task and lead the Cendant Car Rental Group to even greater success in the future," added Sheehan.

Mr. Salerno earned a bachelor's degree from Marquette University. A native of Springfield, MA, he resides in Westchester County, New York with his wife and daughter.

Cendant Car Rental Group, Inc. is the largest general use car rental company in North America, the Caribbean, Australia and New Zealand. Through its subsidiaries and franchisees, the company operates the Avis Rent A Car system, the industry leader in customer service, and the Budget Rent A Car system, the leading value-oriented rental car brand. For more information about Avis and Budget, visit www.avis.com and www.budget.com.

Cendant Corporation is a leading provider of travel and residential real estate services to business in consumers in over 100 countries. For information about Cendant, its companies, brands and current SEC filings, visit www.cendant.com or call 877-4-INFOCD.