<Page>
Exhibit 99.1
[LOGO] CENDANT
CENDANT REPORTS THIRD QUARTER 2001 RESULTS
Adjusted EPS of $0.32 Meets Current Projection
3Q01 Adjusted EBITDA Increased 18% to $603 Million
Adjusted EPS $0.32 in 2001 vs. $0.31 in 2000
Reported EPS $0.23 in 2001 vs. $0.29 in 2000
Company Reiterates Fourth Quarter 2001 Outlook
NEW YORK, NY, OCTOBER 17, 2001 - Cendant Corporation (NYSE: CD) today reported
third quarter 2001 results and reiterated its outlook for fourth quarter 2001.
"We are pleased to report adjusted earnings per share for the third quarter in
line with the revised projections we announced on September 28, reflecting what
we believed to be the financial effect of the September 11 terrorist attacks,"
said Cendant Chairman, President and Chief Executive Officer, Henry R.
Silverman. "Prior to September 11, we had been performing above plan for the
quarter in a difficult economic environment largely because of the diversity of
our business model and our ability to lower our effective tax rate. We are
confident in our long-term outlook, as the Company's fundamental financial
strengths remain intact with its diversified business portfolio, substantial
cash flow, excellent profit margins and adequate capital for liquidity and
growth."
The Company announced that third quarter adjusted earnings per share (adjusted
EPS excludes non-recurring or unusual items and the effect of an equity
ownership in Homestore.com) met its projection of $0.32. Adjusted EPS in third
quarter 2001 excludes the effect of unusual charges of approximately $50
million, net of tax, related to the events of September 11. The Company also
reiterated that it projects fourth quarter adjusted EPS, before unusual charges
primarily related to the impact of the September 11 events and the acquisition
and integration of Galileo and Cheap Tickets, to be in the range of $0.15 to
$0.19 resulting in adjusted EPS in the range of $0.98 to $1.02 for full year
2001. Based on its current view, planned management actions, and absent major
additional external disruptions, the Company expects cash flow and EBITDA to
significantly increase in 2002 and adjusted EPS is projected to be between $1.15
and $1.25 in 2002, depending upon the extent to which business and consumer
spending increases and the levels of travel volume.
1
<Page>
THIRD QUARTER AND RECENT ACTIVITIES
Consistent with its strategic agenda, the Company announced several events:
o The completion in October 2001 of the acquisition of Galileo
International, Inc., a diversified global technology leader providing
electronic computer reservation services for the travel industry, for
approximately $1.8 billion in common stock and cash plus the repayment
of approximately $540 million of existing net debt. The Company expects
the transaction to be accretive to its earnings per share immediately,
and significantly more accretive as air travel approaches levels
experienced prior to the events of September 11, 2001.
o The completion in October 2001 of the acquisition of Cheap Tickets,
Inc., a leading seller of discount leisure travel products, for a net
purchase price of approximately $280 million.
o The completion in July 2001 of an offering of $863 million of Upper
DECS, consisting of senior notes and forward purchase contracts to
purchase Cendant common stock. The offering will result in the issuance
of common stock at a price ranging between $21.53 and $28.42 per share
depending upon the price of Cendant common stock in July 2004.
o The completion in August 2001 of a private offering of $850 million of
senior notes.
o In October 2001, the Company increased its revolving credit facilities
to $2.9 billion and repaid $650 million of bank term debt.
THIRD QUARTER SEGMENT RESULTS
The underlying discussion of operating results focuses on adjusted EBITDA, which
is defined as earnings before non-operating interest, income taxes, non-vehicle
depreciation and amortization, minority interest and equity in Homestore.com,
adjusted to exclude certain items which are of a non-recurring or unusual nature
and are not measured in assessing segment performance or are not segment
specific. Such discussion is the most informative representation of how
management evaluates performance and allocates resources.
In the third quarter, the Company had the following reportable operating
segments: Real Estate Services (consisting of the Company's real estate brands,
mortgage and relocation services); Hospitality (consisting of the Company's nine
lodging brands, timeshare exchange and interval sales, travel agency and cottage
rental); Vehicle Services (consisting of car rental, vehicle management services
and car park facility services); and Financial Services (consisting of
individual membership, insurance related services, financial services
enhancement products and tax preparation services). Additionally, Corporate and
Other includes unallocated corporate overhead and the operating results of
certain other non-strategic business units, some of which have been disposed.
(See Table 2 for third quarter 2001 and 2000 Revenues and Adjusted EBITDA by
Segment and Table 3 for third quarter 2001 and 2000 Segment Revenue Driver
Analysis.)
REAL ESTATE SERVICES
<Table>
<Caption>
2001 2000 % CHANGE
-------------------------------------------------------------------------------
REVENUES $514 $419 23%
-------------------------------------------------------------------------------
EBITDA $287 $242 19%
-------------------------------------------------------------------------------
</Table>
The increase in operating results was primarily driven by a significant increase
in mortgage loan production and increased franchise fees from our real estate
franchise brands.
2
<Page>
HOSPITALITY
<Table>
<Caption>
2001 2000 % CHANGE
-------------------------------------------------------------------------------
REVENUES $488 $278 76%
-------------------------------------------------------------------------------
EBITDA $152 $115 32%
-------------------------------------------------------------------------------
</Table>
Revenues and EBITDA increased primarily from the acquisition of Fairfield
Resorts in 2001. RCI revenues grew due to an increase in the number of members
and timeshare exchange transactions. These increases were partially offset by
higher RCI staffing costs to support volume growth and lower lodging results
principally from lower room occupancy.
VEHICLE SERVICES
<Table>
<Caption>
2001 2000 % CHANGE
-------------------------------------------------------------------------------
REVENUES $1,119 $146 N/M
-------------------------------------------------------------------------------
EBITDA $127 $81 57%
-------------------------------------------------------------------------------
N/M = not meaningful
</Table>
In March 2001, we acquired the remaining 82% of the outstanding common shares of
Avis Group Holdings that we did not already own. Prior to the acquisition,
revenues and EBITDA principally consisted of Avis royalties and earnings from
our equity investment in Avis and the operations of National Car Parks. Avis
results were lower than expected principally from a decline in commercial travel
compounded by the effects of reduced demand at airport locations in the
aftermath of the September 11 terrorist attacks.
FINANCIAL SERVICES
<Table>
<Caption>
2001 2000 % CHANGE
-------------------------------------------------------------------------------
REVENUES $338 $333 2%
-------------------------------------------------------------------------------
EBITDA $58 $86 (33%)
-------------------------------------------------------------------------------
</Table>
Increased revenues principally reflect contributions from the individual
membership businesses which were supported by the favorable operations of
Netmarket Group, an online membership business. The decrease in EBITDA is
principally due to the previously disclosed transaction-related expenses
associated with the outsourcing and licensing of the Company's individual
membership and loyalty business to Trilegiant Corporation. Excluding these
costs, adjusted EBITDA increased 22%.
BALANCE SHEET AND OTHER ITEMS
o As of September 30, 2001, we had approximately $3.2 billion of cash and
cash equivalents and $6.1 billion of debt and minority interest, exclusive
of the mandatorily convertible Upper DECS securities.
o As of September 30, 2001, the net debt to total capital ratio was 30%. The
ratio of adjusted EBITDA to net interest expense (non-vehicle and program
related) was 11 to 1 for third quarter 2001.
o In third quarter 2001, we paid $250 million to a settlement trust, reducing
the net outstanding principal obligation associated with the principal
common stock class action litigation settlement at September 30, 2001 to
$1.75 billion.
o Weighted average common shares outstanding were 912 million for third
quarter 2001 compared with 759 million for third quarter 2000. The increase
was primarily from the issuance of 61 million shares in connection with the
retirement of $1.7 billion of Feline PRIDES and the sale of 46 million
shares in February 2001.
3
<Page>
THIRD QUARTER EPS ITEMS
Reported EPS for CD common stock includes Cendant Group operations and, in third
quarter 2000, a retained interest in Move.com Group. Reported EPS for CD common
stock was $0.23 in third quarter 2001 and $0.29 in third quarter 2000. The
following are the significant items reflected in reported results that are
considered to be of an unusual or non-recurring nature for purposes of deriving
adjusted EPS:
THIRD QUARTER 2001
o An after tax charge of approximately $50 million, or $0.05 per share,
reflecting certain effects on our operations of the September 11
terrorist attacks. This loss principally related to costs incurred to
reduce Avis' fleet size.
o An after tax loss of $0.02 per share related to Cendant's proportionate
ownership in Homestore.com.
o An after tax charge of $0.01 per share for litigation
settlement-related costs.
THIRD QUARTER 2000
o An after tax loss of $0.02 per share related to move.com's operating
results.
o An after tax gain of $0.02 per share related to the dispositions of
certain non-strategic businesses.
o An after tax charge of $0.02 per share for litigation
settlement-related costs.
FOURTH QUARTER OUTLOOK
The Company announced the following financial projections for fourth quarter
2001:
o Adjusted EBITDA is projected to be between $485 million and $520
million compared with $439 million, excluding move.com, in 2000.
o Depreciation and amortization (non-vehicle and program related) is
projected to be between $155 million and $165 million compared with $93
million in 2000. The increase is principally due to the 2001
acquisitions of Avis, Fairfield Resorts, Galileo and Cheap Tickets.
o Net interest expense (non-vehicle and program related) is projected to
be between $75 million and $85 million compared with $63 million in
2000. The increase is principally due to the Company's 2001
acquisitions.
o The Company's fourth quarter and full year 2001 tax rates on adjusted
pretax income are projected to be 33.2% compared with 34.0% in 2000.
The decrease is principally due to the recognition of certain foreign
tax credits in 2001.
o Minority interest is projected to be approximately $3 million compared
with $23 million in 2000. The reduction is primarily a result of the
retirement of the Feline PRIDES in February 2001.
o Weighted average shares outstanding are projected to be between 1.01
billion and 1.025 billion compared with 757 million in 2000. The
increase in the average share balance is primarily the result of the
issuance of 61 million shares of common stock in connection with the
retirement of the Feline PRIDES, the issuance of 46 million shares of
common stock in February 2001 and the issuance of 117 million shares of
common stock in connection with the acquisition of Galileo.
4
<Page>
INVESTOR CONFERENCE CALL
Cendant will host a conference call to discuss third quarter results on
Thursday, October 18, 2001 at 1:00 p.m. Eastern Time. Investors may access the
call live at WWW.CENDANT.COM or dial in to 913-981-5571. A web replay will be
available at WWW.CENDANT.COM following the call. A telephone replay will be
available from 4:00 p.m. Eastern Time on October 18, 2001 until 8:00 p.m. on
October 22 at 719-457-0820, access code: 614080.
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.
More information about Cendant, its companies, brands and current SEC filings
may be obtained by visiting the Company's Web site at WWW.CENDANT.COM or by
calling 877-4-INFOCD (877-446-3623).
STATEMENTS ABOUT FUTURE RESULTS MADE IN THIS RELEASE CONSTITUTE FORWARD-LOOKING
STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995. THESE STATEMENTS ARE BASED ON CURRENT EXPECTATIONS AND THE CURRENT
ECONOMIC ENVIRONMENT. THE COMPANY CAUTIONS THAT THESE STATEMENTS ARE NOT
GUARANTEES OF FUTURE PERFORMANCE. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM
THOSE EXPRESSED OR IMPLIED IN THE FORWARD-LOOKING STATEMENTS. IMPORTANT
ASSUMPTIONS AND OTHER IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO
DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS ARE SPECIFIED IN
CENDANT'S FORM 8-K FILED ON OCTOBER 15, 2001.
SUCH FORWARD-LOOKING STATEMENTS INCLUDE PROJECTIONS. SUCH PROJECTIONS WERE NOT
PREPARED IN ACCORDANCE WITH PUBLISHED GUIDELINES OF THE AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS OR THE SEC REGARDING PROJECTIONS AND FORECASTS, NOR
HAVE SUCH PROJECTIONS BEEN AUDITED, EXAMINED OR OTHERWISE REVIEWED BY
INDEPENDENT AUDITORS OF CENDANT OR ITS AFFILIATES. IN ADDITION, SUCH PROJECTIONS
ARE BASED UPON MANY ESTIMATES AND ARE INHERENTLY SUBJECT TO SIGNIFICANT ECONOMIC
AND COMPETITIVE UNCERTAINTIES AND CONTINGENCIES, MANY OF WHICH ARE BEYOND THE
CONTROL OF MANAGEMENT OF CENDANT AND ITS AFFILIATES. ACCORDINGLY, ACTUAL RESULTS
MAY BE MATERIALLY HIGHER OR LOWER THAN THOSE PROJECTED. THE INCLUSION OF SUCH
PROJECTIONS HEREIN SHOULD NOT BE REGARDED AS A REPRESENTATION BY CENDANT OR ITS
AFFILIATES THAT THE PROJECTIONS WILL PROVE TO BE CORRECT.
MEDIA CONTACT: INVESTOR CONTACTS:
Elliot Bloom Denise Gillen Sam Levenson
212-413-1832 212-413-1833 212-413-1834
# # #
Tables Follow
5
<Page>
<Table>
TABLE 1
CENDANT CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(IN MILLIONS, EXCEPT PER SHARE DATA)
<Caption>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------ ------------------
2001 2000 2001 2000
------- ------- ------- -------
Revenues
Membership and service fees, net $ 1,374 $ 1,129 $ 3,803 $ 3,169
Vehicle-related 1,087 69 2,520 211
Other 20 27 47 110
------- ------- ------- -------
Net revenues 2,481 1,225 6,370 3,490
------- ------- ------- -------
EXPENSES
Operating 862 351 2,101 1,079
Vehicle depreciation, lease charges and interest, net 560 -- 1,285 --
Marketing and reservation 216 233 757 676
General and administrative 240 151 594 429
Non-vehicle depreciation and amortization 125 87 347 258
Other charges (credits):
Restructuring and other unusual charges 77 3 263 109
Litigation settlement and related costs 9 27 28 (6)
Merger-related costs -- -- 8 --
Non-vehicle interest, net 57 38 176 86
------- ------- ------- -------
Total expenses 2,146 890 5,559 2,631
------- ------- ------- -------
Net gain (loss) on dispositions of businesses -- 3 435 (7)
------- ------- ------- -------
INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND EQUITY IN HOMESTORE.COM 335 338 1,246 852
Provision for income taxes 101 101 438 276
Minority interest, net of tax 4 23 22 61
Losses related to equity in Homestore.com, net of tax 20 -- 56 --
------- ------- ------- -------
INCOME BEFORE EXTRAORDINARY LOSS AND CUMULATIVE EFFECT
OF ACCOUNTING CHANGE 210 214 730 515
Extraordinary loss, net of tax -- -- -- (2)
------- ------- ------- -------
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE 210 214 730 513
Cumulative effect of accounting change, net of tax -- (38) (56)
------- ------- ------- -------
NET INCOME $ 210 $ 214 $ 692 $ 457
======= ======= ======= =======
CD COMMON STOCK INCOME PER SHARE
BASIC
Income before extraordinary loss and cumulative effect
of accounting change $ 0.25 $ 0.30 $ 0.85 $ 0.72
Net income 0.25 0.30 0.81 0.64
DILUTED
Income before extraordinary loss and cumulative effect
of accounting change $ 0.23 $ 0.29 $ 0.81 $ 0.69
Net income 0.23 0.29 0.77 0.62
WEIGHTED AVERAGE SHARES
Basic 857 725 832 722
Diluted 912 759 883 763
MOVE.COM COMMON STOCK INCOME (LOSS) PER SHARE
BASIC
Income (loss) before extraordinary loss and cumulative effect
of accounting change $ (0.55) $ 9.94 $ (1.22)
Net income (loss) (0.55) 9.87 (1.22)
DILUTED
Income (loss) before extraordinary loss and cumulative effect
of accounting change $ (0.55) $ 9.81 $ (1.22)
Net income (loss) (0.55) 9.74 (1.22)
WEIGHTED AVERAGE SHARES
Basic 4 2 4
Diluted 4 2 4
</Table>
<Page>
<Table>
TABLE 2
CENDANT CORPORATION AND SUBSIDIARIES
REVENUES AND ADJUSTED EBITDA BY SEGMENT
(DOLLARS IN MILLIONS)
<Caption>
THREE MONTHS ENDED SEPTEMBER 30,
--------------------------------
REVENUES ADJUSTED EBITDA (A)
------------------------- -------------------------------------
2001 2000 % CHANGE 2001 2000 % CHANGE
------------------------- -------------------------------------
Real Estate Services $ 514 $ 419 23% $ 287 $ 242 19%
Hospitality 488 278 76% 152 (C) 115 (F) 32%
Vehicle Services 1,119 146 * 127 (D) 81 57%
Financial Services 338 333 2% 58 86 (33%)
------ ------ ------ ------
Total Reportable Segments 2,459 1,176 624 524
Corporate and Other (B) 22 49 * (21) (E) (34) (G) *
------ ------ ------ ------
Total Company $2,481 $1,225 $ 603 $ 490
====== ====== ====== ======
</Table>
<Table>
<Caption>
NINE MONTHS ENDED SEPTEMBER 30,
-------------------------------
REVENUES ADJUSTED EBITDA (A)
------------------------- -------------------------------------
2001 2000 % CHANGE 2001 2000(K) % CHANGE
------------------------- -------------------------------------
Real Estate Services $1,328 $1,085 22% $ 650 (H) $ 550 18%
Hospitality 1,225 777 58% 416 (C) 309 (L) 35%
Vehicle Services 2,685 418 * 361 (D)(I) 221 63%
Financial Services 1,060 1,035 2% 259 302 (14%)
------ ------ ------ -------
Total Reportable Segments 6,298 3,315 1,686 1,382
Corporate and Other (B) 72 175 * (53) (J) (76) (M) *
------ ------ ------ -------
Total Company $6,370 $3,490 $1,633 $ 1,306
====== ====== ====== =======
---------
* Not meaningful.
(A) Defined as earnings before non-operating interest, income taxes, non-vehicle
depreciation and amortization, minority interest and equity in Homestore.com, adjusted
to exclude certain items which are of a non-recurring or unusual nature and not measured
in assessing segment performance or are not segment specific.
(B) Includes Move.com Group revenues and Adjusted EBITDA losses of $15 million and $20
million, respectively, for the three months ended September 30, 2000. Includes Move.com
Group revenues of $10 million and $41 million and Move.com Group Adjusted EBITDA losses
of $9 million and $74 million for the nine months ended September 30, 2001 and 2000,
respectively.
(C) Excludes a charge of $6 million related to marketing fund expenses that will not be
recovered by franchisees as a result of decreased occupancy levels after the September
11th terrorist attacks.
(D) Excludes a charge of $60 million principally related to costs incurred to reduce Avis'
fleet size and certain other effects on Avis' car rental operations as a result of the
September 11th terrorist attacks.
(E) Excludes (i) charges incurred as a result of the September 11th terrorist attacks
comprised of $8 million related to information systems costs associated with terminated projects
and $3 million related to the termination of certain transactions and (ii) $9 million for
litigation settlement and related costs.
(F) Excludes $8 million of losses related to the dispositions of businesses.
(G) Excludes (i) a charge of $27 million for litigation settlement and related costs, (ii)
$24 million of losses related to the dispositions of businesses and (iii) $3 million of
unusual charges incurred in connection with the postponement of the initial public
offering of Move.com common stock. Such charges were partially offset by a gain of $35
million, which represents the recognition of a portion of the company's previously
recorded deferred gain from the sale of its fleet businesses due to the disposition of
VMS Europe by Avis Group Holdings, Inc. in August 2000.
(H) Excludes a charge of $95 million to fund an irrevocable contribution to an independent
technology trust responsible for providing technology initiatives for the benefit of
current and future franchisees at Century 21, Coldwell Banker and ERA.
(I) Excludes a charge of $4 million related to the acquisition and integration of Avis Group
Holdings, Inc ("Avis Group").
(J) Excludes (i) a net gain of $435 million related to the dispositions of businesses and
(ii) a credit of $14 million to reflect an adjustment to the PRIDES class action
litigation settlement charge recorded in the fourth quarter of 1998 primarily for Rights
that expired unexercised. Such amounts were partially offset by charges of (i) $85
million incurred in connection with the creation of Travel Portal, Inc., a company that
was created to pursue the development of an online travel business for the benefit of
certain current and future franchisees, (ii) $42 million for litigation settlement and
related costs, (iii) $11 million incurred as a result of the September 11th terrorist attacks
comprised of $8 million of information systems costs associated with terminated projects and
$3 million related to the termination of certain transactions, (iv) $7 million related
to a non-cash contribution to the Cendant Charitable Foundation and (v) $4 million related to
the acquisition and integration of Avis Group.
(K) Excludes a charge of $109 million in connection with restructuring and other initiatives
($2 million, $63 million, $31 million and $13 million of charges were recorded within
Real Estate Services, Hospitality, Financial Services and Corporate and Other,
respectively).
(L) Excludes $12 million of losses related to the dispositions of businesses.
(M) Excludes (i) a non-cash credit of $41 million in connection with a change to the
original estimate of the number of Rights to be issued in connection with the PRIDES
settlement resulting from unclaimed and uncontested Rights and (ii) a gain of $35
million, which represents the recognition of a portion of the Company's previously
recorded deferred gain from the sale of its fleet business due to the disposition of VMS
Europe by Avis Group Holdings, Inc. in August 2000; partially offset by (i) $30 million
of losses related to the disposition of businesses and (ii) $35 million of litigation
settlement and related costs.
</Table>
<Page>
<Table>
TABLE 3
CENDANT CORPORATION AND SUBSIDIARIES
SEGMENT REVENUE DRIVER ANALYSIS
(REVENUE DOLLARS IN THOUSANDS)
<Caption>
THREE MONTHS ENDED SEPTEMBER 30,
--------------------------------------------
2001 2000 % CHANGE
---------- ---------- ----------
REAL ESTATE SERVICES SEGMENT
REAL ESTATE
Closed Sides - Domestic (000's) 527,490 518,652 2%
Average Price $ 183,265 $ 171,856 7%
Royalty and Marketing Revenue $ 161,393 $ 145,838 11%
Total Revenue $ 193,373 $ 161,945 19%
RELOCATION
Service Based Revenue (Referrals, Outsourcing, etc.) $ 83,504 $ 77,085 8%
Asset Based Revenue (Corporate and
Government Home Sale Closings and Financial Income) $ 46,578 $ 49,583 (6%)
Total Revenue $ 130,082 $ 126,668 3%
MORTGAGE
Production Loans Sold (millions) $ 10,069 $ 6,754 49%
Production Revenue $ 185,204 $ 107,798 72%
Average Servicing Loan Portfolio (millions) $ 91,277 $ 64,298 42%
Net Servicing Revenue (A) $ 6,142 $ 24,355 (75%)
Total Revenue $ 191,584 $ 132,330 45%
HOSPITALITY SEGMENT
LODGING
RevPar ($) $ 32.53 $ 35.17 (8%)
Weighted Average Rooms Available 517,174 504,648 2%
Royalty, Marketing and Reservation Revenue $ 119,106 $ 123,738 (4%)
Total Revenue $ 138,123 $ 147,113 (6%)
RCI
Average Subscriptions 2,807,517 2,393,439 17%
Number of Timeshare Exchanges 439,608 386,899 14%
Total Revenue $ 130,093 (B) $ 107,697 21%
FAIRFIELD RESORTS
Average Revenue per Transaction $ 12,428 $ 11,608 7%
Total Revenue $ 192,618 (C) n/a
VEHICLE SERVICES SEGMENT
CAR RENTAL
Rental Days (000's) 16,382 17,071 (4%)
Time and Mileage Revenue per Day $ 38.04 $ 39.05 (3%)
Average Length of Rental Days 4.02 3.88 4%
Total Revenue $ 649,011 (C) n/a
VEHICLE MANAGEMENT AND FUEL CARD SERVICES
Average Fleet (Leased) 318,216 305,370 4%
Average Number of Cards (000's) 3,738 3,269 14%
Total Revenue $ 378,059 (C) n/a
FINANCIAL SERVICES SEGMENT
Insurance/Wholesale-related Revenue $ 140,118 $ 138,843 1%
Other Revenue $ 198,360 $ 194,034 2%
Total Revenue $ 338,478 $ 332,877 2%
-------------
(A) Includes gross recurring service fees of $96 million and $60 million (net of non-cash amortization of
mortgage rights assets of $96 million and $46 million) for the three months ended September 30, 2001 and
2000, respectively. Non-cash amortization expenses were accelerated during the three months ended
September 30, 2001 due to a higher volume of refinancing activity.
(B) Includes property management revenues of $13 million from the acquisition of Fairfield Resorts for the
three months ended September 30, 2001. Subsequent to the acquisition, Fairfield's property management
operations were included within the RCI business structure, as RCI is our service provider for the
timeshare industry.
(C) The operations of these businesses were acquired during 2001. Accordingly, prior period total revenues
are not comparable to the current period amounts.
</Table>
<Page>
<Table>
TABLE 4
CENDANT CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(IN BILLIONS)
<Caption>
SEPTEMBER 30, 2001 DECEMBER 31, 2000
------------------ -----------------
ASSETS
Current assets
Cash and cash equivalents $ 3.2 $ 0.9
Stockholder litigation settlement trust 1.1 --
Other current assets 3.1 1.8
------------------ -----------------
Total current assets 7.4 2.7
Property and equipment, net 1.7 1.3
Goodwill, net 5.5 3.2
Stockholder litigation settlement trust -- 0.4
Other assets 4.8 4.6
------------------ -----------------
Total assets exclusive of assets under programs 19.4 12.2
Assets under management and mortgage programs 11.4 2.9
------------------ -----------------
TOTAL ASSETS $ 30.8 $ 15.1
================== =================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current portion of long-term debt $ 0.2 $ --
Stockholder litigation settlement 2.9 --
Other current liabilities 3.6 2.5
------------------ -----------------
Total current liabilities 6.7 2.5
Long-term debt, excluding Upper DECS 5.5 1.9
Upper DECS equity-linked securities 0.9 --
Stockholder litigation settlement -- 2.9
Other noncurrent liabilities 0.6 0.4
------------------ -----------------
Total liabilities exclusive of liabilities under programs 13.7 7.7
Liabilities under management and mortgage programs 10.8 2.5
Mandatorily redeemable preferred securities issued by subsidiaries 0.4 2.1
Total stockholders' equity 5.9 2.8
------------------ -----------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 30.8 $ 15.1
================== =================
</Table>