Cendant Corporation Completes the Sale of its Global Refund Unit to Apax Partners For Approximately $160 Million In Cash

Press Release: Cendant Corporation

August 25, 1999
NEW YORK, NY -- Cendant Corporation (NYSE: CD) yesterday announced that it has completed the sale of its Global Refund subsidiary to a management buyout backed by Apax Partners & Co. Ventures Ltd for total cash proceeds of approximately $160 million.

Global Refund Group, formerly known as Europe Tax Free Shopping, is the world's largest value-added tax ("VAT'') refund services company. VAT is an indirect tax included in the price of goods sold within 90 countries. Global Refund processes VAT refunds on goods sold to foreign travelers. The company operates in 25 countries, employs approximately 500 people and processed more than seven million transactions in 1998.

Cendant Corporation is a global provider of consumer and business services. The Company's core competencies include building franchise systems, providing outsourcing solutions and direct marketing. As a franchisor, Cendant is among the world's leading franchisors of hotels, rental car agencies, tax preparation services and real estate brokerage offices. The real estate division also includes Welcome Wagon/GETKO and the Company's residential real estate services Internet portal which is currently under development. As a provider of outsourcing solutions, Cendant is the world's largest vacation exchange service, a major provider of mortgage services to consumers and the global leader in employee relocation. In direct marketing, Cendant provides access to insurance, travel, shopping, auto, and other services primarily to customers of its affinity partners. Other business units include NCP, the UK's largest private car park operator, and Wizcom, an information technology services provider. Headquartered in New York, NY, the Company has more than 30,000 employees and operates 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 877-4INFO-CD (877-446-3623).

SOURCE: Cendant Corporation