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Press Release

Budget Welcomes Continental OnePass Members

OnePass Members Receive Frequent Flyer Miles and Special Savings on Budget Rentals

Parsippany, NJ Jun 29, 2004 -

Budget Rent A Car System, Inc. announced today a new partnership with Continental Airlines. Effective June 1, 2004, Continental Airlines OnePass members can earn 50 OnePass miles per day on all qualifying Budget rentals at participating Budget locations worldwide.

In addition, customers can receive special savings and discounts on Budget rentals. To be eligible for the discount, an advance reservation is required and customers must mention Budget Customer Discount (BCD) number U072500 at the time of reservation.

“We welcome Continental Airlines into the Budget partner family,” stated Gerard Quirk, vice president of global travel industry for Cendant Car Rental Group, the parent of Budget. “We look forward to providing OnePass members with the opportunity to earn frequent flyer miles on the ground.”

For reservations, OnePass members can call 800-BUDGET-7 (800-283-4387), visit budget.com or contact a local travel agent. To earn OnePass miles, members should provide their OnePass number at the time of rental. To enroll in the OnePass program, visit continental.com or call 800-525-0280. For more information, visit budget.com/continental.

About Continental

Continental Airlines (NYSE: CAL) is the world’s sixth-largest airline with more than 2,800 daily departures throughout the Americas, Europe and Asia. Continental serves 149 domestic and 117 international destinations – more than any other airline in the world – and nearly 200 additional points are served via codeshare partner airlines. With 41,000 mainline employees, the airline has hubs serving New York, Houston, Cleveland and Guam, and carries approximately 51 million passengers per year. FORTUNE ranks Continental one of the 100 Best Companies to Work For in America, an honor it has earned for six consecutive years. FORTUNE also ranks Continental as the top airline in its Most Admired Global Companies in 2004. For more information, visit continental.com.

About Budget

Budget Rent A Car System, Inc. is the owner and franchiser of one of the world's best-known car rental brands with more than 1,900 car rental locations in the U.S., Canada, Latin America, Caribbean, Australia and New Zealand. The company is a wholly owned subsidiary of Cendant Corporation (NYSE: CD), a diversified global provider of business and consumer services primarily within the travel and real estate sectors. For further information visit budget.com or cendant.com/media.

Alice Pereira
Senior Associate, Public Relations
Cendant Car Rental Group
6 Sylvan Way
Parsippany, NJ 07054

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