- 20 May, 2005 -

Ramada Worldwide today announced an incentive program to help offset its franchisees' cost of replacing property signs in conformance with the brand's new logos. The program offers a royalty incentive credit, based on room count, up to $12,000 to qualifying U.S. Ramada Inn and Ramada Plaza properties and Ramada Limited properties that have completed the requirements to become a Ramada Inn. Franchisees will lease sign faces through CIT Financial based on an 84-month term lease at an interest rate of 5.75 percent above the rate of seven-year Treasury Notes, to be fixed at lease signing. Sign fixtures and lighting are not included in the lease program. Persona Inc. of Watertown, S.D., is the Ramada brand's exclusive sign vendor for properties in the United States. "The signage program is a key element to showcase the brand's contemporary look," said Ramada President Keith Pierce. He said the chain successfully negotiated "significant price concessions" for signs on behalf of its franchisees. The original Ramada logo, created in 1953, featured classic circus letters. It was revised in the early 1960s, retaining the circus letters but adding the tag line "Luxury for Less." The logo changed again in the early 1970s with the addition of a bugle boy, dropping the previous tag line. In the 1980s the circus letters were phased out in favor of block letters. EDITORS: For more information about Cendant Corporation and trends associated with its businesses, go to www.Cendant.com and click on Media Center. The site includes an archive of news releases, biographies of the company's senior leaders, backgrounders and financial reports. About Ramada Ramada Worldwide Inc., a subsidiary of Cendant Corporation (NYSE: CD), is a mid-to upper-mid market chain of 993 properties worldwide. Reservations can be made by calling, toll-free, (800) 2-RAMADA or online at www.ramada.com. Media Contact: Jennifer Zimmerman Manager, Communications Cendant Hotel Group (973) 496-0750 jennifer.zimmerman@cendant.com

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