Industry Update
Press Release 5 May 2004

Cendant Acquires Landal Green Parks, The Leading Vacation Rental Company In Holland

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Cendant Corporation

NEW YORK and LONDON | Cendant Corporation (NYSE: CD - News) today announced that it acquired Landal Green Parks (LGP), the largest Dutch vacation rental company, which specializes in the rental of privately owned vacation homes located in European holiday parks, for approximately $150 million in cash. LGP manages and markets properties throughout Europe, with 9,000 vacation homes located in 53 parks primarily in Holland, and also in Germany, Austria and the Czech Republic. These properties are offered through a combination of direct marketing, travel agencies, tour operators, and on-line channels including www.landal.nl. LGP generated revenues of approximately $200 million in 2003.

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This acquisition enhances Cendant Vacation Rental Group's growing global vacation rental portfolio to more than 50,000 properties in over 22 countries. When combined with the 300,000-plus rental weeks sold by LPG in 2003, Cendant now sells over one million rental weeks per year in Europe, reinforcing its position as the market leader in vacation rentals.

Markus Deutsch, CEO of Cendant's Vacation Rental Group added: "The acquisition of Landal Green Parks offers us both increased access to the important Dutch and German consumer markets as well as rental properties in high demand locations. Cendant's entry into the European holiday home sector has allowed us to apply our marketing, reservation and property service capabilities to a fragmented market, while benefiting from the significant demand for these types of vacations. A steadily increasing number of individual travelers and traditional family vacationers select villas and holiday parks for both primary vacations and short breaks throughout the year."

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 Cendant Vacation Rental Group

Cendant's Vacation Rental Group is a provider of villa, cottage, and holiday park rentals across multiple brands in 22 countries. These include English Country Cottages, Country Cottages in Scotland, Country Cottages in Ireland, Country Cottages in France, Blakes Country Cottages, Blakes Holiday Boating, Blakes Holiday Parks and Villages, Country Holidays, French Life, Italian Life, European Life, ferrysavers.com, Novasol, Dansomer, Dansk Familieferie, Cuendet, and Country Manors.

About Landal Green Parks

Landal Green Parks is a leading European provider of management and marketing of rental services to vacation properties located in parks. Established in 1954, Landal Green Parks markets vacations at its 9,000 bungalows located in 53 parks. The vacation bungalows are located in Holland, Germany, Austria and the Czech Republic. More information about Landal Green Parks can be found on the web at http://www.landal.nl

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