Cendant Corporation to Increase Advertising Investment Across AOL Time Warner Media Properties

Cendant Corporation to Increase Advertising Investment Across AOL Time Warner Media Properties

Business Editors

NEW YORK–(BUSINESS WIRE)–Jan. 31, 2001

New Advertising Initiatives Build On Cendant’s Longtime Successful

Relationship With America Online

AOL Time Warner Will Now Provide On-Air, Online and Offline

Promotions of Several Cendant Brands

AOL Time Warner (NYSE:AOL), the world’s first Internet-powered media and communications company, and Cendant Corporation (NYSE: CD), a global provider of real estate, travel and direct marketing-related consumer and business services, today announced that Cendant will expand advertising for a number of its brands through a series of broad promotions across various channels within AOL Time Warner’s network of on-air, online and offline media. This arrangement builds on the longtime successful online marketing and advertising relationship that Cendant has had with America Online, Inc.

Under this agreement, Cendant, whose brands include such major consumer brand names as Avis, Century 21, Jackson-Hewitt and Ramada, will now add a series of multi-platform campaigns across AOL Time Warner’s online, print and television properties, which include the America Online brands, Time Inc. magazines and CNN on-air programming.

In addition, to enhance its current AOL marketing relationship, Cendant’s online businesses, including Netmarket and Travelers Advantage, will continue to be extensively promoted across several America Online brands, including AOL, CompuServe and Netscape.

Henry R. Silverman, Cendant Chairman, President and CEO, said: “We’ve had a great relationship with America Online, and we’re very excited by the new cross-platform opportunities an alliance with AOL Time Warner can provide. Working with AOL Time Warner offers us a seamless package of promotions that make sense for a multi-brand corporation like Cendant. By combining our trusted brands with AOL Time Warner’s marketing strengths and top-drawer media properties, I believe we will get the greatest value and reach the widest audience in the online and offline worlds.”

Bob Pittman, Co-Chief Operating Officer, AOL Time Warner, said: “America Online has had a successful relationship with Cendant since the companies began working together in 1994. We’re delighted to reach this new alliance between AOL Time Warner and Cendant, one of the world’s true consumer brand marketing powerhouses and one of the great innovators of online commerce. This agreement demonstrates the nimbleness and vision of Cendant and highlights the online and offline marketing power that the AOL Time Warner company can provide.”

About Cendant Corporation

Cendant Corporation is a diversified global provider of business and consumer services primarily within the real estate and travel sectors. The Company’s core competencies include building franchise systems and providing outsourcing services. Cendant is among the world’s leading franchisers of real estate brokerage offices, hotels, rental car agencies, and tax preparation services. Cendant is also a provider of outsourcing solutions to its business partners including mortgage origination, employee relocation, customer loyalty programs, and vacation exchange services. Other business units include NCP, the UK’s largest private car park operator, and WizCom, an information technology services provider. With headquarters in New York City, the Company has approximately 28,000 employees and operates in over 100 countries. More information about Cendant, its companies, brands and current SEC filings may be obtained by calling 877-4INFO-CD (877-446-3623) or by visiting the Company’s Web site at www.cendant.com.

About AOL Time Warner, Inc.

AOL Time Warner (NYSE:AOL) is the world’s first Internet-powered media and communications company, whose industry-leading businesses include interactive services, cable systems, publishing, music, cable networks and filmed entertainment.

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