Cendant And Gullivers Travel Associates Form Multi-Brand, Global Accord

Parsippany, N.J. | Cendant Corporation (NYSE: CD) announced today the completion of a multi-year agreement with Gullivers Travel Associates (GTA). This new distribution accord is an expansion of an existing relationship between Cendant, which owns and operates one of the most comprehensive portfolios of travel companies, and GTA, one of the world’s largest distributors of hotel accommodations and travel services for the tour industry, servicing a worldwide clientele.

“Cendant is very excited to be partnering with Gullivers and OctopusTravel.com,” said Sam Katz, chairman and CEO of Cendant’s Travel Distribution Services Division. “For TDS, this pact is illustrative of our strategy to pursue partnerships that strengthen our role as the ‘new intermediary’ within the travel industry – forging alliances that are mutually beneficial and bolster the long-term health of our industry.”

The new accord includes two separate agreements, the first being an alliance between Cendant’s Travel Distribution Services Division and OctopusTravel.com, to distribute negotiated hotel inventory, in addition to tour packages and related inventory of a wide range of travel services worldwide including sightseeing and transfers, jointly across multiple Cendant channels. With its vast portfolio of independent hotels at deeply discounted rates, OctopusTravel.com doubles the negotiated rate inventory that Cendant provides to its customers through its online distribution channels Lodging.com and CheapTickets.com, to approximately 30,000 properties worldwide, creating the largest industry offering of net rate inventory in the United States and around the world. In the future, this inventory will also be extended to other Cendant distribution channels including Galileo, as well as TDS’ broad online affiliate network.

As part of the second agreement, GTA has formed a distribution relationship with Cendant’s Hotel Group, which includes more than 6,300 properties representing nine major hotel brands - Ramada®, Days Inn®, Howard Johnson®, Super 8®, Travelodge®, Wingate Inn® AmeriHost Inn®, Knights Inn® and Villager. GTA provides comprehensive travel solutions for the industry, including hotels, apartments, private transfers, sightseeing tours, packages, group services and travel guides – available in 22 languages - through its proprietary booking systems, utilized by thousands of wholesalers and retailers around the world.

In addition to the new distribution partnerships, GTA has signed on to connect to TDS’s JumpStart Web Services. Through JumpStart’s singular Web-based point of entry, GTA will be able to access hotel inventory allocations to power its global wholesale and retail network.

“Something that we have in common with Cendant’s travel and hospitality divisions is the desire to provide our customers with the most competitive and comprehensive global travel offering,” said David Babai, chairman of Gullivers Travel Associates. “Through this wide-reaching partnership, we have aligned two companies with very complementary products and services.”

About Cendant - Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 90,000 employees, New York City-based Cendant provides these services to business and consumers in over 100 countries. More information about Cendant, its companies, brands and current SEC filings may be obtained by visiting the Company's Web site at www.cendant.com or by calling 877-4-INFOCD (877-446-3623).

About Gullivers Travel Associates - Gullivers Travel Associates (GTA) is a global tourism company, established in 1975, with 30 offices worldwide. One of the world’s largest distributors of independent hotel accommodations and travel services, GTA directly contracts with suppliers on a global basis offering clients the benefit of unrivalled purchasing power, technology and products. GTA has been operating internet-based booking systems since 1995 and operates 16 interlinked IBM AS/400 systems worldwide, providing real-time, synchronized data with the safeguard of full disaster recovery and supported by its own in-house software development team.