Cendant Corporation is one of the foremost providers of travel, real estate, vehicle, and financial services in the world. For those interested in franchising opportunities in the hotel, real estate brokerage or tax preparation industries, Cendant is the world leader.

Our name, "Cendant," derives from the Latin root "ascendant" and reflects our belief and commitment to rise to the occasion . . . to take on the challenge of ensuring consistent value for our customers, while discovering new ways to help our affiliated franchises to improve their operations and drive business to their doors.

At Cendant, we see opportunities, not barriers, and reward those who lead in the discovery and implementation of new and valuable ideas. We treat each other and our customers with respect and dignity, valuing individual and cultural differences and approaches to work.

"Embracing diversity as a corporate way of life for Cendant is a critical business initiative, and my personal commitment . . ." says Henry R. Silverman, the company's chairman. "Every step we take to further that goal will make a substantive contribution to the continued success of our company and strengthen our competitive advantage."

With nearly 60,000 employees in 100 countries, Cendant Corporation and its individual business units are committed to ensuring that the people of Cendant are as diverse as the people they serve. Throughout our organization, diversity is a core value against which we measure our success. Notable among our diversity efforts is our corporation's participation in the national INROADS internship program, through which talented minority youths are employed by Cendant companies to help prepare them for corporate and community leadership.

"In the final analysis," says Silverman, ". . .we recognize and reflect the changing face of our customer and do what is good for business and also what is right."

Real Estate Franchising:
Century 21®, Coldwell Banker®, Coldwell Banker Commercial® and ERA®

The Cendant Real Estate Services Division is comprised of three components: Cendant Mobility, the largest relocation company in the world, Cendant Mortgage, one of the leading and most innovative retail mortgage originators in the United States and the Real Estate Franchise Group, which includes three of the world's four largest residential real estate franchise systems and a leading national commercial real estate franchise system.

As the world's largest franchisor of real estate brokerages, with almost 12,000 offices and 200,000 sales associates, about one out of every four homes bought or sold in the U.S. in 2001 involved a Cendant-affiliated office. Along with size comes power. We have the power to provide our affiliated brokerages with an unmatched worldwide referral network, international brand awareness, national marketing and advertising campaigns and access to alliance partners.

These are a few of the reasons why each year an increasing number of residential real estate brokers choose to join the Cendant family of brands. Other reasons include our aggressive growth strategies in the areas of mergers and acquisitions, our successful Agent Affiliation Assistance program, which enables the recruitment and retention of the highest quality sales associates and our national Diversity Council, which we established to promote minority ownership of franchised brokerages among our following affiliated brands:

• Century 21 Real Estate Corporation, with 6,600 offices in more than 28 countries and territories worldwide, is the most recognized name in real estate.

• Coldwell Banker Real Estate Corporation, with 3,200 offices globally, is the nation's oldest real estate company, with 90 years of experience in the industry.

• ERA Franchise Systems, Inc., with 2,500 offices throughout the U.S. and 26 other countries and territories, boasts enormous growth potential, with an expanding presence in international markets.

• Coldwell Banker Commercial Real Estate Corporation, operating in 325 markets throughout North America, South America, Europe, Africa and Australia, serves the needs of landlords, sellers and buyers in the leasing, acquisition, disposition and management of commercial real estate property.

Hospitality Franchising:
AmeriHost Inn®, Days Inn®, Howard Johnson®, Knights Inn®, Ramada®, Super 8®, Travelodge®, Villager, Wingate Inn®

Cendant is also one of the world's leading franchisors of mid-economy market lodging brands, with more than 6,600 hotels and over 550,000 rooms on five continents.

Cendant-franchised hotels sell one of every four economy and mid-priced room nights in the U.S. Every year our nine hotel brands welcome millions of pleasure and business travelers. (Source: Smith Travel Research.) However, raising the flag on a new property is only the beginning. Value-added services, aimed at helping increase franchisee revenues, include creative marketing and public relations programs, training and technical systems.

The "Keys to Success" program, which provides a development allowance, a single point of contact, financing referrals, a mentoring program and training, has been created as a result of our company's recognition of the under-representation of African-American, Hispanic and Native American owners in the hotel industry. We recognize the opportunity for these groups to play a more prominent role in the ownership of the following affiliated hotels:

• AmeriHost Franchise Systems, a rapidly growing family of hotels pledging friendly, consistent quality, can be found in 17 states.

• Days Inns Worldwide, with over 1,900 hotels worldwide, is committed to making each stay as convenient as possible by providing a line of value-added amenities.

• Howard Johnson International, with over 500 hotels in 14 countries, is one of the most well known mid-priced hotel families in the world.

• Knights Franchise Systems, with nearly 225 locations across the U.S. and Canada, is committed to delivering a higher level of service to exceed guest expectations of a budget hotel.

• Ramada Franchise Systems, an established part of the American landscape for over four decades, continues to build on years of consumer recognition, confidence and loyalty with more than 975 hotels from coast to coast.

• Super 8 Hotels, the largest economy lodging chain in North America with 2,070 motels throughout the U.S. and Canada, and also one of the fastest growing.

• Travelodge Hotels, introduced in 1939 in response to traveler's needs for homelike accommodations, is a growing franchise system with upper economy Travelodge® and budget Thriftlodge® properties in the U.S., Canada and Mexico.

• Villager Franchise Systems, with 150 properties open or under development in the U.S., Canada and Mexico, is in the fast growing extended-stay lodging segment, which boasts lower operating and labor costs compared to traditional hotels.

• Wingate Inns International offers a host of thoughtful amenities, including advanced technology and telecommunications, outstanding value, an all-inclusive rate and new construction properties.

Tax Preparation Franchising:
Jackson Hewitt Tax Service®

Jackson Hewitt Inc. is the fastest growing national tax preparation company and is currently the nation's second largest company in this category. With more than 3,800 locations in 47 states and the District of Columbia for Tax Season 2002, the company provides full-service, individual federal and state income tax preparation through its proprietary computerized software system. Approximately 95 percent of all income tax returns filed through Jackson Hewitt locations are electronically filed (IRS e-file). Most Jackson Hewitt offices are independently owned and operated, and offer customers related tax preparation services such as Accelerated Check Refunds, Assisted Direct Deposit of refund checks, Refund Anticipation Loans and free electronic filing with paid tax preparation.

Whether you have an existing tax business, or are entering the industry for the first time, Jackson Hewitt provides you with the strength of a nationally recognized brand name and the power of a leader in the tax preparation industry. Jackson Hewitt is interested in assisting minorities who are interested in owning a franchise. We will work with all eligible potential franchisees to help make the purchase, start-up and operating of a Jackson Hewitt location as easy and financially non-straining as possible. Our initiatives to date include the establishment of the Jackson Hewitt Minority Franchisee Council, collaboration with and contributions to Cendant joint minority sponsorship ventures and presentations at minority conferences.

For More Information

To learn more about minority franchising opportunities with Cendant Corporation, please call:

Jack Kornfeind, Vice President, Franchise Sales and Administration
Cendant Real Estate Services Division
1-973-496-5656
Email: jack.kornfeind@cendant.com

Nicole Johnson-Reece, Director, Multicultural Marketing and Sales
Cendant Hospitality Services Division
1-800-758-8999
Email: keysto.success@cendant.com

William Scavone, Senior Vice President, Franchise Sales
Jackson Hewitt, Inc.
1-800-475-2904
Email: william.scavone@jtax.com

Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 60,000 employees, New York City-based Cendant provides these services to businesses and consumers in over 100 countries.