<Page> EXHIBIT 99.3 PRO FORMA FINANCIAL INFORMATION (UNAUDITED) The following Unaudited Pro Forma Condensed Combined Balance Sheet gives effect to the October 1, 2001 acquisition of Galileo International, Inc. ("Galileo"). The following Unaudited Pro Forma Condensed Combined Statements of Operations give effect to the acquisition of Galileo and the Company's March 1, 2001 acquisition of Avis Group Holdings, Inc. ("Avis"). Both transactions have been accounted for under the purchase method of accounting. Since the acquisition of Avis occurred on March 1, 2001, the financial position of Avis is included in the Company's historical balance sheet as of June 30, 2001. The Unaudited Pro Forma Condensed Combined Balance Sheet assumes the acquisition of Galileo occurred on June 30, 2001. The Unaudited Pro Forma Condensed Combined Statements of Operations assume the acquisitions of Avis and Galileo occurred on January 1, 2000. The unaudited pro forma financial data is based on the historical consolidated financial statements of the Company, Avis and Galileo under the assumptions and adjustments set forth in the accompanying explanatory notes. The Unaudited Pro Forma Condensed Combined Statement of Operations for the year ended December 31, 2000 also gives effect to various significant finance-related activities that occurred during the first quarter of 2001 (the "Financing Activities"), which comprise the issuance of debt securities (net of debt retirements) and equity securities, the conversion of PRIDES to CD common stock and the issuance of zero-coupon senior convertible notes. The Unaudited Pro Forma Condensed Combined Statement of Operations for the year ended December 31, 2000 assumes the Financing Activities occurred on January 1, 2000. For purposes of developing the Unaudited Pro Forma Condensed Combined Balance Sheet, Galileo's assets and liabilities were recorded at their estimated fair market values and the excess purchase price was assigned to goodwill. These fair market values are based on preliminary estimates. Accordingly, the pro forma adjustments may be subject to revision once appraisals, evaluations and other studies of the fair value of Galileo's assets and liabilities are completed. In addition, although goodwill and certain other intangible assets arising from this acquisition will not be amortized pursuant to Statement of Financial Accounting Standard ("SFAS") No. 142, "Goodwill and Other Intangible Assets," annual amortization of goodwill and certain other intangibles arising from the acquisition of $47 million and $16 million, respectively, has been reflected in the accompanying Unaudited Pro Forma Condensed Combined Statements of Operations since the acquisition was assumed to have occurred on January 1, 2000 (prior to the effective date of such standard) for purposes of preparing the Unaudited Pro Forma Condensed Combined Statements of Operations. Since Avis was consolidated with the Company as of March 1, 2001, the results of operations of Avis between January 1, 2001 and February 28, 2001 were combined with the Company's results of operations to report the combined pro forma results of operations for the six months ended June 30, 2001. The pro forma results of the combined company were then added to Galileo's results of operations for the six months ended June 30, 2001 and for the year ended December 31, 2000, subject to certain pro forma adjustments, to provide the Unaudited Pro Forma Condensed Combined Statements of Operations. All intercompany transactions were eliminated on a pro forma basis. Historically, Avis paid the Company for services the Company provided related to call centers and information technology and for the use of the Company's trademarks, and Avis paid Galileo for services Galileo provided related to reservations for vehicle rentals. The pro forma adjustments relating to the acquisition of Galileo reflect the disbursement of a combination of CD common stock and cash aggregating $20.91 for each share of Galileo common stock outstanding, the fair value of CD common stock options exchanged with certain fully-vested Galileo stock options of approximately $32 million and estimated transaction costs and expenses of $78 million. Approximately $1,482 million of the merger consideration was funded through the issuance of CD common stock, with the remainder being financed by available cash. In addition, Cendant repaid approximately $540 million of Galileo's net debt at closing with available cash ($615 million total debt based on June 30, 2001 balance). In August 2000, Avis contributed its European vehicle management and leasing business ("PHH Europe") to a newly formed joint venture in exchange for cash, settlement of intercompany debt and a 20% interest in the venture 1 <Page> (the "PHH Europe Transaction"). The accompanying Supplemental Unaudited Pro Forma Condensed Combined Statement of Operations of Avis for the year ended December 31, 2000 has been adjusted to reflect the PHH Europe Transaction. In connection with acquisitions entered into, the Company intends to review acquired operations, which may result in a plan to realign or reorganize certain of those operations. The costs of implementing such a plan, if it were to occur, have not been reflected in the accompanying pro forma financial information. The impact of a potential realignment or reorganization could increase or decrease the amount of goodwill and intangible assets and the related amortization in the accompanying pro forma financial information. Additionally, the Unaudited Pro Forma Condensed Combined Statements of Operations exclude any benefits that might result from the acquisitions due to synergies that may be derived or from the elimination of duplicate efforts. The Company's management believes that the assumptions used provide a reasonable basis on which to present the unaudited pro forma financial information. The Company has completed other acquisitions and dispositions which are not significant and, accordingly, have not been included in the accompanying unaudited pro forma financial information. The unaudited pro forma financial information may not be indicative of the financial position or results of operations that would have occurred if the acquisitions of Avis and Galileo and the Financing Activities had been in effect on the dates indicated or which might be obtained in the future. The unaudited pro forma financial information should be read in conjunction with the historical consolidated financial statements and accompanying notes thereto for the Company, Avis and Galileo. Certain reclassifications have been made to the historical amounts of Galileo to conform with the Company's classification. 2 <Page> UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET AS OF JUNE 30, 2001 (in millions) <Table> <Caption> PURCHASE HISTORICAL HISTORICAL AND OTHER COMBINED CENDANT GALILEO ADJUSTMENTS PRO FORMA -------- -------- ----------- --------- ASSETS Current assets Cash and cash equivalents $ 1,913 $ 18 $ (437)(a) $ 879 (615)(b) Receivables, net 1,392 253 -- 1,645 Other current assets 1,058 55 -- 1,113 -------- -------- -------- -------- Total current assets 4,363 326 (1,052) 3,637 Property and equipment, net 1,617 392 22 (a) 2,031 Stockholder litigation settlement trust 850 -- -- 850 Deferred income taxes 1,268 -- -- 1,268 Franchise agreements, net 1,506 -- -- 1,506 Goodwill, net 5,507 307 1,555 (a) 7,369 Other intangibles, net 805 408 (8)(a) 1,205 Other assets 1,758 135 (49)(a) 1,844 -------- -------- -------- -------- Total assets exclusive of assets under programs 17,674 1,568 468 19,710 -------- -------- -------- -------- Assets under management and mortgage programs Mortgage loans held for sale 829 -- -- 829 Relocation receivables 332 -- -- 332 Vehicle-related, net 8,293 -- -- 8,293 Timeshare receivables 301 -- -- 301 Mortgage servicing rights 1,858 -- -- 1,858 -------- -------- -------- -------- 11,613 -- -- 11,613 -------- -------- -------- -------- TOTAL ASSETS $ 29,287 $ 1,568 $ 468 $ 31,323 ======== ======== ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable and other current liabilities $ 2,749 $ 243 $ -- $ 2,992 Current portion of long-term debt 504 194 (181)(b) 517 Deferred income 1,011 -- -- 1,011 Deferred income taxes -- -- 2 (a) 2 -------- -------- -------- -------- Total current liabilities 4,264 437 (179) 4,522 Long-term debt 4,365 456 (434)(b) 4,387 Stockholder litigation settlement 2,850 -- -- 2,850 Other liabilities 681 157 85 (a) 923 -------- -------- -------- -------- Total liabilities exclusive of liabilities under programs 12,160 1,050 (528) 12,682 -------- -------- -------- -------- Liabilities under management and mortgage programs Debt 9,993 -- -- 9,993 Deferred income taxes 1,030 -- -- 1,030 -------- -------- -------- -------- 11,023 -- -- 11,023 -------- -------- -------- -------- Mandatorily redeemable preferred interest in a subsidiary 375 -- -- 375 -------- -------- -------- -------- Stockholders' equity 5,729 518 996 (c) 7,243 -------- -------- -------- -------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 29,287 $ 1,568 $ 468 $ 31,323 ======== ======== ======== ======== </Table> SEE ACCOMPANYING NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET. 3 <Page> NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET AS OF JUNE 30, 2001 (DOLLARS IN MILLIONS) The accompanying Unaudited Pro Forma Condensed Combined Balance Sheet was prepared to reflect the acquisition of Galileo, which was accounted for under the purchase method of accounting. The purchase price of $1,951 (including $78 of estimated transaction costs and expenses directly attributable to the acquisition of Galileo and $32 related to the fair value of CD common stock options issued in exchange for Galileo stock options) was based on acquiring 100% of the Galileo common stock outstanding at $20.91 per share. (a) Represents the excess of the purchase price over the preliminary estimate of the fair value of the identifiable net assets acquired, calculated as follows: <Table> Calculation of acquisition goodwill Cash consideration $ 359 Issuance of CD common stock 1,482 Fair value of CD common stock options issued in exchange for Galileo stock options 32 Transaction costs and expenses 78 ------- Total purchase price 1,951 ------- Preliminary estimate of fair value of identifiable net assets acquired Historical book value of assets acquired net of liabilities assumed 518 Elimination of Galileo goodwill (307) Preliminary estimate of fair value adjustments to identifiable intangible assets (8) Preliminary estimate of fair value adjustments to property and equipment 22 Preliminary estimate of fair value adjustments to other assets ($49) and other liabilities ($85) (134) Deferred tax liability on fair value adjustments and transaction costs and expenses (2) ------- Preliminary estimate of fair value of identifiable net assets acquired 89 ------- Acquisition goodwill $ 1,862 ======= Calculation of acquisition goodwill adjustment Acquisition goodwill $ 1,862 Historical Galileo goodwill (307) ------- Acquisition goodwill adjustment $ 1,555 ======= </Table> The pro forma financial information presented herein reflects annual amortization of goodwill and certain other intangibles arising from the acquisition of $47 million and $16 million, respectively, which will not be reflected in the Company's reported results of operations due to the issuance of SFAS No. 142, as previously discussed. (b) Represents the June 30, 2001 balance associated with Galileo's long-term debt that was repaid at closing. (c) Represents the issuance of CD common stock valued at $1,482 in exchange for outstanding shares of Galileo common stock, the issuance of CD common stock options valued at $32 in exchange for Galileo stock options and the elimination of Galileo equity balances aggregating $518. 4 <Page> <Table> <Caption> UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2001 (IN MILLIONS, EXCEPT PER SHARE AMOUNTS) HISTORICAL AVIS JAN 1- AVIS GALILEO HISTORICAL FEB 28, PURCHASE ADJUSTED HISTORICAL PURCHASE COMBINED CENDANT 2001 ADJUSTMENTS CENDANT GALILEO ADJUSTMENTS PRO FORMA ---------- ------ ----------- ------- ------- ----------- --------- REVENUES Membership and service fees, net $2,431 $ 27 $ (34)(a) $2,424 $ -- $ -- $2,424 Vehicle-related 1,433 594 -- 2,027 -- -- 2,027 Global distribution services -- -- -- -- 867 (5)(f) 862 Other 25 20 -- (b) 45 46 -- 91 ------ ------ ------ ------ ------ ------ ------ Net revenues 3,889 641 (34) 4,496 913 (5) 5,404 EXPENSES Operating 1,239 174 (34)(a) 1,379 206 (5)(f) 1,580 Selling, general and administrative 895 115 -- 1,010 391 (15)(g) 1,386 Vehicle depreciation, lease charges and interest, net 725 350 -- 1,075 -- -- 1,075 Non-vehicle depreciation and amortization 222 23 2 (d) 247 122 (30)(g) 339 Other charges, net 212 -- -- 212 -- -- 212 Non-vehicle interest, net 122 12 1 (c) 135 19 (21)(h) 133 Other, net -- -- -- -- 6 -- 6 ------ ------ ------ ------ ------ ------ ------ Total expenses 3,415 674 (31) 4,058 744 (71) 4,731 ------ ------ ------ ------ ------ ------ ------ Net gain on dispositions of businesses 435 -- -- 435 -- -- 435 ------ ------ ------ ------ ------ ------ ------ INCOME (LOSS) BEFORE INCOME TAXES, MINORITY INTEREST AND EQUITY IN HOMESTORE.COM 909 (33) (3) 873 169 66 1,108 Provision (benefit) for income taxes 336 (10) (2)(e) 324 74 23(i) 421 Minority interest, net of tax 18 -- -- 18 -- -- 18 Losses related to equity in Homestore.com, net of tax 36 -- -- 36 -- -- 36 INCOME (LOSS) BEFORE CUMULATIVE EFFECT OF ------ ------ ------ ------ ------ ------ ------ ACCOUNTING CHANGE $ 519 $ (23) $ (1) $ 495 $ 95 $ 43 $ 633 ====== ====== ====== ====== ====== ====== ====== CD COMMON STOCK INCOME PER SHARE INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE Basic $ 0.61 $ 0.58 $ 0.66 Diluted 0.58 0.55 0.63 WEIGHTED AVERAGE SHARES OUTSTANDING Basic 820 820 117(j) 937 Diluted 868 868 117(j) 985 MOVE.COM COMMON STOCK INCOME PER SHARE INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE Basic $ 9.94 $ 9.94 $ 9.94 Diluted 9.81 9.81 9.81 WEIGHTED AVERAGE SHARES OUTSTANDING Basic 2 2 2 Diluted 2 2 2 SEE ACCOMPANYING NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS. </Table> 5 <Page> NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2001 (DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS) THE FOLLOWING PRO FORMA ADJUSTMENTS RELATE TO THE ACQUISITION OF AVIS AND THE FINANCING ACTIVITIES. (a) Represents the elimination of amounts paid by Avis to the Company for services provided related to call centers and information technology and for the use of trademarks. (b) Represents the elimination of the Company's earnings attributable to its investment in Avis for which the combined effect is zero. (c) Represents interest expense on debt issued to finance the acquisition of Avis ($7), net of the amortization of the fair value adjustment on acquired debt ($4) and the reversal of Avis' amortization of debt-related costs ($2). (d) Represents the amortization of goodwill generated on the excess of fair value over the net assets acquired on a straight-line basis over 40 years, net of the reversal of Avis' amortization of pre-acquisition goodwill and other identifiable intangibles resulting from the allocation of purchase price on a straight-line basis over 20 years. (e) Represents the income tax effect of the purchase adjustments and other pro forma adjustments at an estimated statutory rate of 38.5% (not including adjustments for non-deductible goodwill). THE FOLLOWING PRO FORMA ADJUSTMENTS RELATE TO THE ACQUISITION OF GALILEO. (f) Represents the elimination of amounts paid by Avis to Galileo for services provided related to reservations for vehicle rentals. (g) Represents the amortization of goodwill generated on the excess of the purchase price over the preliminary estimate of the fair value of identifiable net assets acquired on a straight-line basis over 40 years ($23), the amortization of the estimated identifiable intangibles on a straight-line basis over 25 years ($8) and the amortization of estimated value of property and equipment ($61), net of the reversal of Galileo's amortization of pre-acquisition goodwill ($28), other identifiable intangibles ($22), other assets ($15) and property and equipment ($72). (h) Represents interest expense relating to the Galileo long-term debt that was repaid at closing. (i) Represents the income tax effect of the purchase adjustments and other pro forma adjustments at an estimated statutory rate of 38.5% (not including adjustments for non-deductible goodwill). (j) Represents the issuance of approximately 117 million shares of CD common stock used to fund a portion of the acquisition price of Galileo. 6 <Page> <Table> <Caption> UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2000 (IN MILLIONS, EXCEPT PER SHARE AMOUNTS) AVIS OTHER HISTORICAL ADJUSTED PURCHASE PRO FORMA ADJUSTED HISTORICAL CENDANT AVIS (*) ADJUSTMENTS ADJUSTMENTS CENDANT GALILEO ----------- -------- ----------- ----------- ---------- ---------- REVENUES Membership and service fees, net $ 4,512 $ 155 $ (173)(a) $ -- $ 4,494 $ -- Vehicle-related -- 3,783 -- -- 3,783 -- Global distribution services -- -- -- -- -- 1,561 Other 147 151 (39)(b) -- 259 82 ------- ------- ------- ------- ------- ------- Net revenues 4,659 4,089 (212) -- 8,536 1,643 EXPENSES Operating 1,426 966 (173)(a) -- 2,219 368 Vehicle depreciation, lease charges and interest, net -- 1,671 -- -- 1,671 -- Selling, general and administrative 1,508 637 -- -- 2,145 678 Non-vehicle depreciation and amortization 352 74 16(c) -- 442 241 Other charges, net 111 -- -- -- 111 28 Non-vehicle interest, net 148 482 6(d) 54(g, i) 690 45 Other, net -- -- -- -- -- 17 ------- ------- ------- ------- ------- ------- Total expenses 3,545 3,830 (151) 54 7,278 1,377 ------- ------- ------- ------- ------- ------- Net loss on dispositions of businesses (8) -- (35)(e) -- (43) -- ------- ------- ------- ------- ------- ------- Income before income taxes, minority interest and equity in Homestore.com 1,106 259 (96) (54) 1,215 266 Provision for income taxes 362 117 (30)(f) (20)(f) 429 117 Minority interest, net of tax 84 7 -- (66)(h) 25 -- Income before extraordinary loss and cumulative ------- ------- ------- ------- ------- ------- effect of accounting change $ 660 $ 135 $ (66) $ 32 $ 761 $ 149 ======= ======= ======= ======= ======= ======= CD COMMON STOCK INCOME PER SHARE INCOME BEFORE EXTRAORDINARY LOSS AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE Basic $ 0.92 -- -- -- $ 0.92 -- Diluted 0.89 -- -- -- 0.90 -- WEIGHTED AVERAGE SHARES OUTSTANDING Basic 724 -- -- 107(j) 831 -- Diluted 762 -- -- 107(j) 869 -- MOVE.COM COMMON STOCK LOSS PER SHARE LOSS BEFORE EXTRAORDINARY LOSS AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE Basic $ (1.76) -- -- -- $ (1.76) -- Diluted (1.76) -- -- -- (1.76) -- WEIGHTED AVERAGE SHARES OUTSTANDING Basic 3 -- -- -- 3 -- Diluted 3 -- -- -- 3 -- <Caption> GALILEO PURCHASE COMBINED ADJUSTMENTS PRO FORMA -------------- --------- REVENUES Membership and service fees, net $ -- $ 4,494 Vehicle-related -- 3,783 Global distribution services (12)(k) 1,549 Other -- 341 ------ ------- Net revenues (12) 10,167 EXPENSES Operating (12)(k) 2,575 Vehicle depreciation, lease charges and interest, net -- 1,671 Selling, general and administrative (23)(l) 2,800 Non-vehicle depreciation and amortization (57)(l) 626 Other charges, net -- 139 Non-vehicle interest, net (47)(m) 688 Other, net -- 17 ------ ------- Total expenses (139) 8,516 ------ ------- Net loss on dispositions of businesses -- (43) ------ ------- Income before income taxes, minority interest and equity in Homestore.com 127 1,608 Provision for income taxes 47(n) 593 Minority interest, net of tax -- 25 Income before extraordinary loss and cumulative ------- ------- effect of accounting change $ 80 $ 990 ======= ======= CD COMMON STOCK INCOME PER SHARE INCOME BEFORE EXTRAORDINARY LOSS AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE Basic -- $ 1.05 Diluted -- 1.02 WEIGHTED AVERAGE SHARES OUTSTANDING Basic 117(o) 948 Diluted 117(o) 986 MOVE.COM COMMON STOCK LOSS PER SHARE LOSS BEFORE EXTRAORDINARY LOSS AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE Basic -- $ (1.76) Diluted -- (1.76) WEIGHTED AVERAGE SHARES OUTSTANDING Basic -- 3 Diluted -- 3 </Table> ---------- (*) See Supplemental Unaudited Condensed Combined Statement of Operations and Notes included herein. SEE ACCOMPANYING NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS. 7 <Page> NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2000 (DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS) THE FOLLOWING PRO FORMA ADJUSTMENTS RELATE TO THE ACQUISITION OF AVIS AND THE FINANCING ACTIVITIES. (a) Represents the elimination of amounts paid by Avis to the Company for services provided related to call centers and information technology and for the use of trademarks. (b) Represents the elimination of the Company's earnings attributable to its investment in Avis. (c) Represents the amortization of goodwill generated on the excess of fair value over the net assets acquired on a straight-line basis over 40 years, net of the reversal of Avis' amortization of pre-acquisition goodwill and other identifiable intangibles resulting from the allocation of purchase price on a straight-line basis over 20 years. (d) Represents interest expense on debt issued to finance the acquisition of Avis ($44), net of amortization of the fair value adjustment on acquired debt ($25) and the reversal of Avis' amortization of debt related costs ($13). (e) Represents the reversal of a gain of $35 million recorded by the Company, which represents the recognition of a portion of its previously recorded deferred gain from the 1999 sale of its fleet business due to the disposition of PHH Europe by Avis in August 2000. (f) Represents the income tax effect of the purchase adjustments and other pro forma adjustments at an estimated statutory rate of 37.5% (not including adjustments for non-deductible goodwill), except Note (e) above where the tax effect was approximately 2%, which represented the rate at which taxes were provided on the related gain. (g) Represents interest expense relating to the issuance of the zero-coupon senior convertible notes, medium-term notes, borrowing under a $650 million term loan agreement and the repayment of an existing term loan, net of interest expense allocated to the acquisition of Avis (See Note (d) above). (h) Represents the reduction in preferred stock dividends resulting from the conversion of the PRIDES to CD common stock. (i) No adjustment has been made to reduce interest expense for interest income on the incremental cash of $1,587 raised through the Financing Activities. Assuming the incremental cash was invested at 5%, which represents the Company's current rate for cash investments, interest expense would have been reduced by $79. Additionally, income before extraordinary loss and cumulative effect of accounting change and income per share before extraordinary loss and cumulative effect of accounting change would have improved by $49 and $0.06, respectively. (j) Represents the issuance of CD common stock of 61 million shares and 46 million shares relating to the conversion of PRIDES to CD common stock and the issuance of CD common stock, respectively. THE FOLLOWING PRO FORMA ADJUSTMENTS RELATE TO THE ACQUISITION OF GALILEO. (k) Represents the elimination of amounts paid by Avis to Galileo for services provided related to reservations for vehicle rentals. (l) Represents the amortization of goodwill generated on the excess of the purchase price over the preliminary estimate of the fair value of identifiable net assets acquired on a straight-line basis over 40 years ($47), the amortization of the estimated identifiable intangibles on a straight-line basis over 25 years ($16) and the amortization of the estimated value of property and equipment ($121), net of the reversal of Galileo's amortization of pre-acquisition goodwill ($47), other identifiable intangibles ($39) and property and equipment ($155). (m) Represents interest expense relating to the Galileo long-term debt that was repaid at closing. (n) Represents the income tax effect of the purchase adjustments and other pro forma adjustments at an estimated statutory rate of 37.5% (not including adjustments for non-deductible goodwill). (o) Represents the issuance of approximately 117 million shares of CD common stock used to fund a portion of the acquisition price of Galileo. 8 <Page> SUPPLEMENTAL UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2000 (IN MILLIONS) The unaudited pro forma financial data presented below was prepared to reflect the historical consolidated financial statements of Avis, excluding the PHH Europe Transaction. Avis will receive an annual license fee in connection with the PHH Europe Transaction from the joint venture for the license of the PHH fleet management technology, PHH interactive. Avis utilized the proceeds of the PHH Europe Transaction to reduce Avis' indebtedness and to pay transaction costs. <Table> <Caption> HISTORICAL SALE OF PRO FORMA ADJUSTED AVIS PHH EUROPE(a) ADJUSTMENTS AVIS ---------- ------------- ----------- -------- Revenues Service fees, net $ 241 $ (86) $ -- $ 155 Vehicle rental 2,467 -- -- 2,467 Vehicle leasing and other fees 1,389 (73) -- 1,316 Other 146 -- 5 (b) 151 ------ ------ ------ ------ Net revenues 4,243 (159) 5 4,089 EXPENSES Operating 966 -- -- 966 Vehicle depreciation and lease charges 1,695 (24) -- 1,671 Selling, general and administrative 693 (56) -- 637 Interest, net 577 (37) (58)(c) 482 Depreciation and amortization 89 (12) (3)(d) 74 ------ ------ ------ ------ Total expenses 4,020 (129) (61) 3,830 INCOME (LOSS) BEFORE INCOME TAXES AND MINORITY INTEREST 223 (30) 66 259 Provision (benefit) for income taxes 95 (3) 25(e) 117 Minority interest 7 -- -- 7 ------ ------ ------ ------ INCOME (LOSS) BEFORE EXTRAORDINARY LOSS AND CUMULATIVE EFFECT OF ACCOUNTING CHANGE $ 121 $ (27) $ 41 $ 135 ====== ====== ====== ====== SEE ACCOMPANYING NOTES TO SUPPLEMENTAL UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS. </Table> 9 <Page> NOTES TO SUPPLEMENTAL UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2000 (DOLLARS IN MILLIONS) (a) Represents adjustments to pro forma the results of operations of PHH Europe, assuming that the PHH Europe Transaction occurred on January 1, 2000. (b) Represents fleet management technology fee income and the equity in the earnings of the joint venture formed pursuant to the PHH Europe Transaction, net of the amortization of the excess of cost over the assets acquired. (c) Represents a reduction in interest expense resulting from the retirement of acquisition debt and revolving credit facilities related to the application of proceeds of $1,053 from the PHH Europe Transaction. (d) Represents a decrease in amortization expense relating to goodwill generated from the PHH Europe Transaction, net of the reversal of PHH Europe goodwill. (e) Represents the income tax effect of the pro forma adjustments at an estimated statutory rate of 39% (not including adjustments for non-deductible goodwill). 10