Cendant Announces Completion of Neat Group Acquisition

Transaction Increases Dynamic Packaging and Travel Distribution Capabilities

PARSIPPANY, N.J., May 8 -- The Travel Distribution Services Division of Cendant Corporation today announced it has completed its acquisition of substantially all of the assets of Neat Group, Inc., an industry leading developer and operator of dynamic packaging technology for the travel industry that enables air, car and hotel components to be easily bundled for one low price. As previously announced, the transaction is not material to Cendant and financial terms were not disclosed.

Neat, which will now operate as Neat Product Group, has created powerful rules-based packaging technology, merchant model capability, as well as valuable reporting and settlement tools. Neat's cutting-edge dynamic packaging technology has already been added to Cendant's flagship online consumer Web site, CheapTickets.com, and as a result, sales of vacation packages have increased significantly. Cendant also plans to integrate the packaging engine across its other travel distribution businesses, including Lodging.com and Galileo International, a leading global distribution services company. It will provide consumers and travel agents access to dynamic and discounted travel packages that average 30 percent less than purchasing individual components separately.

Neat will continue to offer air, car and hotel suppliers the dual benefits of a private label booking engine for their own Web sites, as well as expanded distribution through a growing number of Neat channels. With the Neat product, suppliers may exercise more pricing and inventory control than offered by other distributors while shielding actual prices from their competitors.

Neat will be integrated into Cendant's Travel Distribution Services business unit focused on the hospitality and leisure market. Steve Cossette, previously president of Neat Group, Inc. will assume the role of chief operating officer of Neat Product Group.

About Cendant Travel Distribution Services Division

Cendant's Travel Distribution Services Division is one of the world's largest and most geographically diverse collections of travel distribution businesses. The division, employing some 5,000 people in more than 110 countries, includes: Galileo, a leading global distribution system (GDS) serving more than 47,000 travel agencies and over 51,000 hotels; hotel distribution and services businesses (Trust, THOR, WizCom); leading travel agencies, including Cheap Tickets and Lodging.com; an airline market intelligence company; and Highwire, a corporate travel booking company.

About Neat Product Group

Neat Product Group (Neat), part of Cendant's Hospitality and Leisure business unit, develops, markets and operates innovative electronic distribution technology for the travel industry. Neat was the first to enable consumers, travel suppliers and travel agents to better manage their travel by leveraging Neat's patent pending packaging and merchant model technology in a low cost electronic environment. Founded in 1999, Neat counts among its customers 40 of the world's leading airline, hotel, and car rental brands and travel service companies. For more information, visit www.neatgroup.com .

About Cendant Corporation

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 businesses 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).