The agreement is among the first of its kind that gives the affiliated businesses of a national corporation a single point of access for all of their communications needs. Cendant is franchiser of such popular brand names as COLDWELL BANKER(R), ERA(R), CENTURY 21(R) and Avis(R), as well as hospitality names Ramada(R), Howard Johnson(R), Super 8(R), Travelodge(R), Villager Lodge(R), Wingate Inn(R), Knights Inn(R) and Days Inn(R).

"This is a far-ranging venture that will provide our franchisees with the tools they need to quickly and efficiently serve their customers, using everything from basic telephone features to high-tech communications services," said John Chidsey, president and CEO of Cendant's affiliate marketing division.

Pacific Bell's dedicated account team will offer a single, centralized contact for everything from ordering and installation to billing and repair. Cendant franchisees also will have access to Pacific Bell's comprehensive networking solutions, including systems integration, design, consulting, installation, maintenance and network management.

Cendant franchisees can receive volume discounts on services such as toll-free numbers, local toll calls, Centrex, PBX trunks and high- speed broadband services such as Frame Relay. Discounts and special offerings will be available for additional services like Pacific Bell Voice Mail and digital PCS. Franchisees will be able to take advantage of special offerings and new products and services on an ongoing basis.

"One of Pacific Bell's primary strengths is the ability to create product and service packages that meet the individual needs of large business customers," said Richard Robinson, national sales director for Pacific Bell National Accounts. "We've developed the resources and expertise that enable us to enter unique partnerships such as this." Cendant (NYSE: CD) is the world's premier provider of consumer and business services. The company operates in three principal segments: Travel Services, Real Estate Services and Alliance Marketing. In Travel Services, Cendant is the leading franchiser of hotels and rental car agencies worldwide; the largest provider of vacation exchange services; a leading fleet management company, the UK's largest private car park operator and a leading motorist assistance group in the UK. In Real Estate Services, Cendant is the world's largest franchiser of residential real estate brokerage offices, a major provider of mortgage services to consumers and a global leader in corporate employee relocation. In Alliance Marketing, Cendant provides access to insurance, travel, shopping, auto and other services, primarily through direct marketing to customers of its affinity partners.

Headquartered in Parsippany, NJ, the company has more than 40,000 employees and operates in 100 countries. SBC Communications Inc. is a global leader in the telecommunications industry, with more than 34 million access lines and over 5.8 million wireless customers across the United States, as well as investments in telecommunications businesses in 10 countries. Under the Southwestern Bell, Pacific Bell, Nevada Bell and Cellular One brands, SBC, through its subsidiaries, offers a wide range of innovative services, including local and long-distance telephone service, wireless communications, paging, Internet access, and messaging, as well as telecommunications equipment, and directory advertising and publishing. SBC (www.sbc.com) has more than 119,000 employees and reported 1997 revenues of nearly $25 billion. SBC's equity market value of $74 billion as of June 30, 1998, ranks it as one of the largest telecommunications companies in the world.