New York, NY and Gütersloh, Germany 06-25-2002—Cendant Corporation (NYSE: CD) and Bertelsmann Arvato AG today announced that they have signed a definitive agreement for Cendant to acquire TRUST International, a subsidiary of Bertelsmann. The transaction is not material to either Cendant or Bertelsmann and terms were not disclosed.

TRUST International is a worldwide supplier of reservation and distribution solutions for the hospitality industry, providing services to approximately 1,300 of the world`s leading hotels at 685 destinations in 95 countries. The transaction is subject to regulatory approval in Germany.

“TRUST`s products and services are highly regarded in the market, and we expect that TRUST`s Central Reservations System (CRS) platform will increase non-air revenue in the Company`s Travel Distribution Division, enhance our ability to offer additional strategic marketing services to suppliers within the hospitality industry and improve our position in Europe and Asia,” said Samuel L. Katz, chairman and CEO of Cendant`s Travel Distribution Division. “Consistent with Cendant`s brand management strategy, TRUST will operate as a separate brand that will complement the WizCom business unit.”

“TRUST is widely recognized in the market place for its high quality and personalized services as well as for its leading edge CRS technology. We look forward to being able to offer the same strengths to all of our current and future customers,” said Michael McCormick, senior vice president, Cendant Travel Distribution.

“We are pleased that, in Cendant, Bertelsmann found a buyer that recognizes TRUST`s capabilities and is focused on further developing them,” said Rolf Buch, a member of the Board of Bertelsmann Arvato AG.

TRUST International (www.trustinternational.com) develops and implements a state-of-the-art central reservation system, providing tailor-made, real-time reservations and global distribution solutions for the hospitality industry. TRUST services provide real-time solutions that seamlessly connect hotels and bookers worldwide, including private label telephone lines, connectivity to all Global Distribution Systems (GDS) and various Web sites and Internet platforms, and three Global Communication Call Centers serving 36 countries in currently 16 languages. TRUST maintains three offices worldwide including the Headquarters in Frankfurt, Germany, the Americas office in Orlando, Florida, and an Asia Pacific communication center in Singapore. Among TRUST`s clients are some 1,300 hotels at 685 destinations in 95 countries such as Astron Hotels & Resorts, Dorint Hotels & Resorts, Four Seasons Hotels & Resorts, Hard Rock Hotels, Kempinski Hotels & Resorts, The Leading Hotels of the World, Mandarin Oriental Hotel Group, Mövenpick Hotels & Resorts, Oberoi Hotels & Resorts, Pan Pacific Hotels & Resorts, Raffles International Hotels & Resorts, Small Luxury Hotels of the World, SRS-WORLDHOTELS, Steigenberger Hotels & Resorts, and Swiss™tel Hotels & Resorts.

Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 70,000 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 http://www.cendant.com or by calling 877-4-INFOCD (877-446-3623).
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