<Page>
EXHIBIT 99.1
[CENDANT LOGO]
CENDANT REPORTS RESULTS FOR THIRD QUARTER 2002;
ANNOUNCES INCREASED SHARE REPURCHASE PROGRAM
3Q 2002 Adjusted EPS Was $0.28, Including Previously Announced $0.17 Per Share
Non-Cash Charge Related to Mortgage Servicing Rights, In Line with Revised
Guidance
3Q 2002 Reported EPS from Continuing Operations Increased 14% to $0.24
Versus $0.21 in 3Q 2001
Board of Directors Has Authorized $200 Million Share Repurchase Program
NEW YORK, NY, OCTOBER 21, 2002 - Cendant Corporation (NYSE: CD) today reported
third quarter 2002 Adjusted EPS of $0.28, in line with recently revised
guidance. This result includes a previously announced $0.17 per share non-cash
charge related to the revaluation of the Company's mortgage servicing rights
asset (MSR). The Company also affirmed that it continues to expect fourth
quarter 2002 Adjusted EPS from continuing operations of $0.29, an increase of
38% over fourth quarter 2001, and full year 2002 Adjusted EPS from continuing
operations of $1.26, an increase of 31% over 2001.
Cendant's Chairman, President and CEO, Henry R. Silverman, stated: "On a cash
basis, our business segments performed at or ahead of expectations this quarter,
despite a challenging environment for commercial travel and corporate spending.
Upside was driven primarily by our residential real estate brokerage and Avis
car rental businesses. Although our reported mortgage servicing earnings were
negatively impacted by unprecedented levels of refinancing activity, our
servicing portfolio grew and recurring cash flow increased.
During the third quarter we continued to deploy our free cash flow to create
shareholder value. We retired over $300 million in debt and invested over $375
million in acquisitions expected to be immediately accretive. However, going
forward, we plan to change that mix and substantially curtail acquisition
activity in order to deploy our free cash flow primarily to reduce debt and
repurchase stock. To that end, our Board of Directors has authorized a share
repurchase program of $200 million."
5
<Page>
RECONCILIATION OF THIRD QUARTER REPORTED EPS TO ADJUSTED EPS
Adjusted EPS excludes items that are of a non-recurring or unusual nature,
including securities litigation costs and acquisition and integration related
costs consisting primarily of the non-cash amortization of the pendings and
listings intangible asset from real estate brokerage acquisitions. In 2001,
Adjusted EPS also excludes certain effects on our operations from the September
11th terrorist attacks and Homestore.com related items. Adjusted EPS is a
non-GAAP (generally accepted accounting principles) measure, but the Company
believes that it is useful to assist investors in gaining an understanding of
the trends and results of operations for the Company's core businesses. Adjusted
EPS should be viewed in addition to, and not in lieu of, the Company's reported
results. The following table reconciles Reported EPS from Continuing Operations
to Adjusted EPS, identifying the items reflected in reported results that are
considered to be of an unusual or non-recurring nature for purposes of deriving
Adjusted EPS. Some numbers may not add due to rounding:
<Table>
<Caption>
THIRD THIRD FIRST CALL
QUARTER QUARTER % CONSENSUS
2002 2001 CHANGE ESTIMATE
------- ------- ------- ----------
Reported EPS from Continuing Operations $ 0.24 $ 0.21 14%
Litigation settlement and related costs(1) 0.00 0.01
Acquisition and integration related costs(2) 0.03 -
Costs related to 9/11 terrorist attacks - 0.05
Losses related to equity in Homestore.com - 0.02
ADJUSTED EPS FROM CONTINUING OPERATIONS(3) $ 0.28 $ 0.29 (3%) $ 0.28
======= ======= == ======
</Table>
(1) Third quarter 2002 litigation settlement and related costs were less
than $0.005 per share.
(2) This charge is primarily the non-cash amortization of the pendings and
listings intangible asset from real estate brokerage acquisitions.
(3) Third quarter 2002 Adjusted EPS includes a $0.17 per share non-cash,
after-tax charge related to MSR writedown.
RECENT DEVELOPMENTS
The Company had several important accomplishments during the third quarter of
2002:
- Retired $304 million of debt including $264 million carrying amount of our
zero coupon senior convertible contingent notes (CODES) due February 2021,
$30 million of our 7 3/4% notes due December 2003, and $10 million of our
11% senior subordinated notes due May 2009, thereby reducing total net
debt, including preferred minority interest, to $5.4 billion. This resulted
in a net extraordinary loss of approximately $3 million related to the
early extinguishment of debt.
- Completed acquisitions for approximately $325 million in cash, including
DeWolfe Companies, Trust International and Lodging.com, and funded over $50
million in liabilities related to previously completed acquisitions.
6
<Page>
- Agreed to acquire certain assets of Budget Group, Inc. for approximately
$110 million in cash, which will be distributed to bondholders, and the
assumption of certain liabilities and asset-backed vehicle financing. In
addition, following the completion of the transaction, Cendant expects to
invest approximately $400 million in cash to restructure Budget's
operations, including approximately $200 million to increase equity in
Budget's rental truck fleet.
- Announced that, beginning in 2003, the Company will expense stock options.
THIRD QUARTER 2002 SEGMENT RESULTS
The following discussion of operating results addresses segment revenue and
Adjusted EBITDA, which is defined as earnings from continuing operations before
non-program related interest, income taxes, non-program related depreciation and
amortization, minority interest and, in 2001, equity in Homestore.com. Adjusted
EBITDA also excludes certain items that are of a non-recurring or unusual nature
and are not measured in assessing segment performance including, in 2001,
certain effects on our operations from the September 11th terrorist attacks. We
believe this metric is the most informative presentation of how management
evaluates performance and allocates resources. Revenue and Adjusted EBITDA are
expressed in millions.
REAL ESTATE SERVICES
(Consisting of the Company's real estate franchise brands, brokerage operations,
mortgage services and relocation services.)
<Table>
<Caption>
2002 2001 % CHANGE
------- ----- --------
REVENUES $ 1,331 $ 514 159%
------- ----- --------
ADJUSTED EBITDA $ 69 $ 287 (76%)
------- ----- --------
</Table>
Revenues and Adjusted EBITDA were positively impacted by real estate brokerage
acquisitions (primarily NRT in April 2001) and by growth in our real estate
franchise business due to increases in transaction volume, market share and
price. As previously announced, revenues and Adjusted EBITDA were negatively
impacted by a $275 million non-cash writedown of the carrying value of our
mortgage servicing rights asset (MSR), due to an unprecedented amount of
refinancing activity and related acceleration of loan prepayment speeds.
Revenues and Adjusted EBITDA were also negatively impacted by a decline in
relocation volumes, owing to a continued weak corporate spending environment.
HOSPITALITY
(Consisting of the Company's nine franchised lodging brands, timeshare exchange
and interval sales, and vacation rental.)
<Table>
<Caption>
2002 2001 % CHANGE
------- ----- --------
REVENUES $ 671 $ 465 44%
------- ----- --------
ADJUSTED EBITDA $ 205 $ 152 35%
------- ----- --------
</Table>
7
<Page>
Revenues and Adjusted EBITDA increased primarily due to the acquisitions of
Trendwest and Equivest in 2002. In addition, operating results were favorably
impacted by organic growth in RCI timeshare subscription and transaction fees
and in Fairfield timeshare unit sales and related financing income. Revenue and
Adjusted EBITDA growth was partially offset by lower revenues within our lodging
franchise operations, as revenues per available room declined 8% year over year.
However, comparable quarter over quarter travel volumes and related occupancy
trends continued to improve during third quarter 2002 versus second quarter
2002.
TRAVEL DISTRIBUTION
(Consisting of electronic global distribution services for the travel industry
and travel agency services.)
<Table>
<Caption>
2002 2001 % CHANGE
------- ----- --------
REVENUES $ 432 $ 24 N/M
------- ----- --------
EBITDA $ 129 $ 1 N/M
------- ----- --------
</Table>
N/M = not meaningful, as periods are not comparable due to acquisitions of
businesses
Revenues and EBITDA increased due to the October 2001 acquisitions of Galileo
International, Inc. and Cheap Tickets, Inc. Although travel has progressively
rebounded from its lows following the September 11, 2001 terrorist attacks,
booking volumes at Galileo and our travel agency businesses have not yet reached
pre-September 11th levels.
VEHICLE SERVICES
(Consisting of car rental, vehicle management services and fuel card services.)
<Table>
<Caption>
2002 2001 % CHANGE
------- ------ --------
REVENUES $ 1,085 $1,036 5%
------- ------ --------
ADJUSTED EBITDA $ 143 $ 95 51%
------- ------ --------
</Table>
Revenues and Adjusted EBITDA increased primarily due to stronger than expected
results at the Avis car rental business, reflecting increases in both pricing
and market share.
FINANCIAL SERVICES
(Consisting of individual membership products, insurance-related services,
financial services enhancement products and tax preparation services.)
<Table>
<Caption>
2002 2001 % CHANGE
------- ------ --------
REVENUES $ 322 $ 338 (5%)
------- ------ --------
EBITDA $ 122 $ 58 110%
------- ------ --------
</Table>
Revenue declined while EBITDA increased primarily due to the 2001 outsourcing of
8
<Page>
the individual membership business to Trilegiant. As expected, the retained base
of membership customers existing prior to the Trilegiant transaction continued
to decline, resulting in lower revenues to Cendant, while new member marketing
and operating costs are now borne by Trilegiant, resulted in higher margins. In
addition, 2001 results included $41 million in expenses related to the
Trilegiant outsourcing transaction.
BALANCE SHEET AND OTHER ITEMS
- - Free cash flow for the nine months ended September 30, 2002 was approximately
$1.2 billion. The company projects free cash flow for the full year 2002 of
approximately $1.6 billion. 2002 free cash flow as now defined is less than
previous forecasts due to the Company's determination to include cash
invested to grow its management and mortgage programs as a cash use in its
definition of free cash flow.
- - As of September 30, 2002, the Company had $205 million of cash and cash
equivalents, $5.2 billion of debt and $375 million of preferred minority
interest. In addition, the Company has $863 million of mandatorily
convertible Upper DECS securities outstanding.
- - As of September 30, 2002, the net debt to total capital ratio was 35%. The
ratio of Adjusted EBITDA to net non-program related interest expense was 10
to 1 for third quarter 2002.
- - As of September 30, 2002, the Company had unused credit facilities of over $2
billion. In addition, the Company had unused credit facilities of $1.6
billion related to our PHH subsidiary.
- - Weighted average common shares outstanding, including dilutive securities,
were 1.06 billion for third quarter 2002 compared with 912 million for third
quarter 2001. The increase was primarily from the issuance of common shares
in connection with the acquisitions of Galileo, Trendwest and NRT.
FOURTH QUARTER AND FULL YEAR 2002 OUTLOOK
The Company projects Adjusted EPS of $0.29 for the fourth quarter 2002 compared
with $0.21 for the fourth quarter 2001, an increase of 38%, and $1.26 for the
full year 2002 compared with $0.96 for the full year 2001, an increase of 31%.
Adjusted EPS excludes results from discontinued operations (National Car Parks)
totaling $0.05 in 2002 and $0.09 in 2001. The Company announced the following
financial projections for the remainder of 2002 ($ in millions, except per share
amounts):
<Table>
<Caption>
FOURTH
QUARTER 2002 FULL YEAR 2002
------------ --------------
Adjusted EBITDA $680 - 690 $2,777 - 2,787
Percentage increase, year over year 25% - 27% 33%-34%
Depreciation and amortization $130 - 135 $467 - 472
</Table>
9
<Page>
<Table>
Interest expense, net $70 - 75 $262 - 267
Minority interest $7 $23
Diluted weighted average shares outstanding 1,045 - 1,055 1,043 - 1,046
Adjusted EPS from continuing operations $0.29 $1.26
Adjusted EPS from discontinued operations - $0.05
Adjusted EPS, including income from discontinued $0.29 $1.31
operations (but excluding loss on sale)
</Table>
- Depreciation and amortization and interest expense exclude program-related
amounts, which are already reflected in Adjusted EBITDA. Depreciation and
amortization also excludes the amortization of the pendings and listings
intangible asset.
- The effective tax rate is expected to be 34.4% in 2002.
- Adjusted EBITDA excludes acquisition and integration related costs and
securities litigation costs.
INVESTOR CONFERENCE CALL
Cendant will host a conference call to discuss the third quarter results on
Tuesday, October 22, 2002, at 11:00 a.m. (EDT). Investors may access the call
live at www.cendant.com or by dialing 913-981-4900. A web replay will be
available at www.cendant.com following the call. A telephone replay will be
available from 2:00 p.m. (EDT) on October 22, 2002 until 8:00 p.m. (EDT) on
October 29, 2002 at 719-457-0820, access code: 371501.
Cendant Corporation is primarily a provider of travel and residential real
estate services. With approximately 70,000 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, INCLUDING THE PROJECTIONS,
AND THE STATEMENTS ATTACHED HERETO 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
10
<Page>
DIFFER MATERIALLY FROM THOSE IN THE FORWARD-LOOKING STATEMENTS ARE SPECIFIED IN
CENDANT'S FORM 10-Q/A FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2002.
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, COMPETITIVE AND OTHER UNCERTAINTIES AND CONTINGENCIES, INCLUDING BUT
NOT LIMITED TO THE POTENTIAL IMPACT OF WAR OR TERRORISM, 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.
11
<Page>
MEDIA CONTACT: INVESTOR CONTACTS:
Elliot Bloom Sam Levenson
1-1-1832 212-413-1834
Henry A. Diamond
212-413-1920
# # #
Tables Follow
12
<Page>
TABLE 1
CENDANT CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(IN MILLIONS, EXCEPT PER SHARE DATA)
<Table>
<Caption>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------------- ------------------------
2002 2001 2002 2001
----------- ----------- ------------ ----------
REVENUES
Service fees and membership-related, net $ 2,799 $ 1,365 $ 7,299 $ 3,778
Vehicle-related 1,034 1,011 2,905 2,307
Other 6 13 34 34
----------- ----------- ------------ ----------
Net revenues 3,839 2,389 10,238 6,119
----------- ----------- ------------ ----------
EXPENSES
Operating 2,007 751 4,700 1,819
Vehicle depreciation, lease charges and interest, net 523 557 1,532 1,279
Marketing and reservation 379 248 1,059 819
General and administrative 294 263 850 658
Non-program related depreciation and amortization 121 119 337 328
Other charges:
Acquisition and integration related costs(A) 56 - 263 8
Litigation settlement and related costs, net 7 9 26 28
Restructuring and other unusual charges - 77 - 263
Non-program related interest, net 68 58 194 180
----------- ----------- ------------ ----------
Total expenses 3,455 2,082 8,961 5,382
----------- ----------- ------------ ----------
Net gain on dispositions of businesses - - - 435
----------- ----------- ------------ ----------
INCOME BEFORE INCOME TAXES, MINORITY INTEREST AND
EQUITY IN HOMESTORE.COM 384 307 1,277 1,172
Provision for income taxes 123 97 427 427
Minority interest, net of tax 8 4 16 22
Losses related to equity in Homestore.com, net of tax - 20 - 56
----------- ----------- ------------ ----------
INCOME FROM CONTINUING OPERATIONS 253 186 834 667
Income from discontinued operations, net of tax - 24 51 63
Loss on disposal of discontinued operations, net of tax(B) - - (256) -
----------- ----------- ------------ ----------
INCOME BEFORE EXTRAORDINARY LOSSES AND CUMULATIVE EFFECT
OF ACCOUNTING CHANGES 253 210 629 730
Extraordinary losses, net of tax (3) - (30) -
----------- ----------- ------------ ----------
INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGES 250 210 599 730
Cumulative effect of accounting changes, net of tax - - - (38)
----------- ----------- ------------ ----------
NET INCOME $ 250 $ 210 $ 599 $ 692
=========== =========== ============ ==========
CD COMMON STOCK INCOME PER SHARE
BASIC
Income from continuing operations $ 0.24 $ 0.22 $ 0.82 $ 0.78
Net income 0.24 0.25 0.59 0.81
DILUTED
Income from continuing operations $ 0.24 $ 0.21 $ 0.80 $ 0.74
Net income 0.24 0.23 0.58 0.77
WEIGHTED AVERAGE SHARES
Basic 1,039 857 1,014 832
Diluted 1,058 912 1,043 883
</Table>
- ----------
(A) Includes non-cash amortization of pendings and listings principally related
to the acquisition of NRT Incorporated of $45 million and $239 million
during the three and nine months ended September 30, 2002, respectively.
(B) Includes $245 million of non-cash currency translation adjustment, which was
previously reflected within stockholders' equity.
<Page>
TABLE 2
CENDANT CORPORATION AND SUBSIDIARIES
REVENUES AND ADJUSTED EBITDA BY SEGMENT(A)
(Dollars in millions)
<Table>
<Caption>
THREE MONTHS ENDED SEPTEMBER 30,
--------------------------------
REVENUES ADJUSTED EBITDA
--------------------------------------- ---------------------------------------
2002 2001 % CHANGE 2002 2001 (H) % CHANGE
-------- --------- -------- -------- -------- ---------
Real Estate Services $ 1,331(C) $ 514 * $ 69(D) $ 287 *
Hospitality 671 465 * 205 152 *
Travel Distribution 432 24 * 129 1 *
Vehicle Services 1,085 1,036 5% 143 95 51%
Financial Services 322 338 (5%) 122 58 110%
-------- --------- -------- --------
Total Reportable Segments 3,841 2,377 668 593
Corporate and Other(B) (2) 12 * (32)(E) (23)(I) *
-------- --------- -------- --------
CONTINUING OPERATIONS $ 3,839 $ 2,389 61% $ 636 $ 570 12%
======== ========= ======== ========
</Table>
<Table>
<Caption>
NINE MONTHS ENDED SEPTEMBER 30,
--------------------------------
REVENUES ADJUSTED EBITDA
--------------------------------------- ---------------------------------------
2002 2001 % CHANGE 2002 2001(H) % CHANGE
-------- --------- -------- -------- -------- ---------
Real Estate Services $ 3,181(C) $ 1,328 * $ 574(F) $ 650(J) *
Hospitality 1,640 1,152 * 490 409 *
Travel Distribution 1,314 74 * 405 6 *
Vehicle Services 3,048 2,443 25% 336 276(K) 22%
Financial Services 1,052 1,060 (1%) 374 259 44%
-------- --------- -------- --------
Total Reportable Segments 10,235 6,057 2,179 1,600
Corporate and Other(B) 3 62 * (82)(G) (56)(L) *
-------- --------- -------- --------
CONTINUING OPERATIONS 10,238 6,119 67% 2,097 1,544 36%
Less: Move.com Group - 10 * - (9) *
-------- --------- -------- --------
CONTINUING OPERATIONS EXCLUDING MOVE.COM GROUP $ 10,238 $ 6,109 68% $ 2,097 $ 1,553 35%
======== ========= ======== ========
</Table>
- ----------
* Not meaningful, as periods are not comparable due to acquisitions or
dispositions of businesses.
(A) In connection with the sale of the Company's car parking facility business,
National Car Parks ("NCP"), on May 22, 2002, the account balances and
activities of NCP have been segregated from the Company's Vehicle Services
segment and reported as a discontinued operation for all periods presented.
(B) Principally reflects unallocated corporate overhead and, in 2001, includes
Move.com Group operating results.
(C) Includes a write-down of $275 million (pre-tax) related to the impairment
of the Company's mortgage servicing rights portfolio.
(D) Excludes a charge of $10 million principally related to the acquisition and
integration of NRT Incorporated ("NRT") and other real estate brokerage
businesses and includes a write-down of $275 million (pre-tax) related to
the impairment of the Company's mortgage servicing rights portfolio.
(E) Excludes $7 million of litigation settlement and related costs and $1
million of acquisition and integration related costs.
(F) Excludes a charge of $18 million principally related to the acquisition and
integration of NRT and other real estate brokerage businesses and includes
a write-down of $275 million (pre-tax) related to the impairment of the
Company's mortgage servicing rights portfolio.
(G) Excludes $26 million of litigation settlement and related costs and $6
million of acquisition and integration related costs.
(H) Excludes charges of $77 million related to the September 11, 2001 terrorist
attacks, which primarily resulted from the rationalization of the Avis
Group Holdings, Inc. ("Avis") fleet and related car rental operations ($6
million, $60 million and $11 million within Hospitality, Vehicle Services
and Corporate and Other, respectively).
(I) Excludes $9 million of litigation settlement and related costs.
(J) Excludes a charge of $95 million related to the funding of an irrevocable
contribution to the Real Estate Technology Trust.
(K) Excludes a charge of $4 million related to the acquisition and integration
of Avis.
(L) Excludes (i) a net gain of $435 million primarily related to the sale of
the Company's real estate Internet portal, move.com, and (ii) a credit of
$14 million to reflect an adjustment to the settlement charge recorded in
the fourth quarter of 1998 primarily for the PRIDES class action
litigation. Such amounts were partially offset by charges of (i) $85
million incurred in connection with the creation of Trip Network, Inc.
(formerly Travel Portal, Inc.), (ii) $42 million of litigation settlement
and related costs, (iii) $7 million related to a contribution to the
Cendant Charitable Foundation and (iv) $4 million related to the
acquisition and integration of Avis.
<Page>
TABLE 3
CENDANT CORPORATION AND SUBSIDIARIES
ADJUSTED EPS BY QUARTER
<Table>
<Caption>
YEAR ENDED DECEMBER 31, 2002
---------------------------------------------------------------------------------------
HISTORICAL PROJECTED
--------------------------------------------------- ---------------------------------
1ST QTR 2ND QTR 3RD QTR 4TH QTR FULL YEAR
--------------- --------------- --------------- --------------- ---------------
Continuing Operations $ 0.32 $ 0.38 $ 0.28 $ 0.29 $ 1.26
Discontinued Operations 0.03 0.02 - - 0.05
--------------- --------------- --------------- --------------- ---------------
TOTAL* $ 0.34 $ 0.40 $ 0.28 $ 0.29 $ 1.31
=============== =============== =============== =============== ===============
</Table>
<Table>
<Caption>
YEAR ENDED DECEMBER 31, 2001
---------------------------------------------------------------------------------------
1ST QTR 2ND QTR 3RD QTR 4TH QTR FULL YEAR
--------------- --------------- --------------- --------------- ---------------
Continuing Operations $ 0.19 $ 0.27 $ 0.29 $ 0.21 $ 0.96
Discontinued Operations 0.02 0.02 0.02 0.02 0.09
--------------- --------------- --------------- --------------- ---------------
TOTAL* $ 0.21 $ 0.30 $ 0.32 $ 0.23 $ 1.05
=============== =============== =============== =============== ===============
</Table>
- ----------
* May not add due to rounding.
<Page>
TABLE 4
(PAGE 1 OF 2)
CENDANT CORPORATION AND AFFILIATES
SEGMENT REVENUE DRIVER ANALYSIS
(REVENUE DOLLARS IN THOUSANDS)
<Table>
<Caption>
THREE MONTHS ENDED SEPTEMBER 30,
-------------------------------------------------
2002 2001 % CHANGE
------------ ------------- --------------
REAL ESTATE SERVICES SEGMENT
REAL ESTATE FRANCHISE
Closed Sides - Domestic 562,645 527,490 7%
Average Price $ 197,645 $ 183,265 8%
Royalty and Marketing Revenue $ 180,614 $ 161,393 12%
Total Revenue(A) $ 187,639 $ 193,373 (3%)
REAL ESTATE BROKERAGE
Revenue from Real Estate Transactions(B) $ 994,341 (C)
Total Revenue $ 1,014,667 (C)
RELOCATION
Service Based Revenue (Referrals, Outsourcing, etc.) $ 78,710 $ 83,504 (6%)
Asset Based Revenue (Corporate and Government Home
Sale Closings and Financial Income) $ 38,642 $ 46,578 (17%)
Total Revenue $ 117,352 $ 130,082 (10%)
MORTGAGE
Production Loans Closings (millions)(D) $ 15,019 $ 11,243 34%
Production Loans Sold (millions)(D) $ 9,156 $ 10,069 (9%)
Average Servicing Loan Portfolio (millions) $ 108,333 $ 91,277 19%
Production Revenue $ 207,209 $ 177,723 17%
Gross Recurring Servicing Revenue $ 103,173 $ 92,862 11%
Amortization of Mortgage Servicing Rights $ (146,148) $ (64,066) (128%)
Hedging Activity for Mortgage Servicing Rights $ 25,460 $ (8,457) *
Mortgage Servicing Rights Impairment $ (274,633) $ (23,300) *
Other Servicing Revenue(E) $ 3,433 $ 6,567 (48%)
Total Revenue $ (81,506) $ 181,329 *
SETTLEMENT SERVICES
Title and Appraisal Units 116,514 106,875 9%
Total Revenue(F) $ 93,299 $ 10,256 *
HOSPITALITY SEGMENT
LODGING
RevPar $ 29.99 $ 32.53 (8%)
Weighted Average Rooms Available 517,903 517,174 -
Royalty, Marketing and Reservation Revenue $ 112,981 $ 119,106 (5%)
Total Revenue $ 128,175 $ 136,080 (6%)
RCI(G)
Average Subscriptions 2,884,272 2,807,517 3%
Average Subscription Fee $ 57.68 $ 56.84 1%
Subscription Revenue $ 41,588 $ 39,894 4%
Timeshare Exchanges 459,864 429,461 7%
Average Exchange Fee $ 144.02 $ 137.67 5%
Exchange Fee Revenue $ 66,228 $ 59,125 12%
Total Revenue $ 148,187 $ 130,093 14%
FAIRFIELD RESORTS
Tours 150,057 146,206 3%
Total Revenue (excluding Equivest) $ 211,352 $ 192,618 10%
Total Revenue (Fairfield and Equivest in 2002,
Fairfield only in 2001) $ 230,761 $ 192,618 20%
TRENDWEST RESORTS
Tours 105,005 104,169 1%
Total Revenue $ 141,834 (C)
</Table>
- ----------
* Not meaningful.
(A) In 2001, includes a $15 million franchise termination fee and a $6
million preferred dividend from NRT.
(B) Net of royalties paid to Real Estate Franchise.
(C) The operations of these businesses were acquired in, or subsequent to,
the third quarter of 2001. Accordingly, third quarter 2001 revenues are
not comparable to the current period amounts.
(D) Loan closings increased and loan sales decreased due to (i) the timing
of the sales of loans to the secondary market and (ii) an increase in the
mix of those loans produced on a private label basis, which are retained
by the private label partner, not sold. The Company receives a fee for
this private label mortgage production.
(E) Includes interest expense of $16 million and $4 million for 2002 and
2001, respectively.
(F) 2001 revenue includes the revenue of the existing settlement services
operations prior to the acquisition of NRT.
(G) Includes weeks and points members.
<Page>
TABLE 4
(PAGE 2 OF 2)
CENDANT CORPORATION AND AFFILIATES
SEGMENT REVENUE DRIVER ANALYSIS
(REVENUE DOLLARS IN THOUSANDS)
<Table>
<Caption>
THREE MONTHS ENDED SEPTEMBER 30,
------------------------------------------------
2002 2001 % CHANGE
------------ --------- ---------
TRAVEL DISTRIBUTION SEGMENT
GALILEO
Domestic Booking Volume (000's)
Air 21,681 21,989 (1%)
Non-air 4,491 4,518 (1%)
International Booking Volume (000's)
Air 44,470 46,321 (4%)
Non-air 1,237 1,312 (6%)
Worldwide Booking Volume (000's)
Air 66,151 68,310 (3%)
Non-air 5,728 5,830 (2%)
Total Galileo Revenue $ 395,485 (A)
VEHICLE SERVICES SEGMENT
CAR RENTAL
Rental Days (000's) 16,619 16,382 1%
Time and Mileage Revenue per Day $ 40.21 $ 37.31 8%
Average Length of Rental Days 3.94 4.02 (2%)
Total Revenue $ 715,191 $ 657,901 9%
VEHICLE MANAGEMENT AND FUEL CARD SERVICES
Average Fleet (Leased) 318,725 318,216 -
Average Number of Cards (000's) 3,888 3,738 4%
Asset Based Revenue(B) $ 319,578 $ 332,853 (4%)
Service Based Revenue $ 50,103 $ 45,206 11%
Total Revenue $ 369,681 $ 378,059 (2%)
FINANCIAL SERVICES SEGMENT
Insurance/Wholesale-related Revenue $ 134,653 $ 140,117 (4%)
Other Revenue $ 187,456 $ 198,361 (5%)
Total Revenue $ 322,109 $ 338,478 (5%)
TRILEGIANT
Gross New Member Joins (000's) 2,570 3,057 (16%)
Blended Cancellation Rate(C) 12.9% 11.6% (11%)
Blended Average Membership Fee(D) $ 8.45 $ 7.75 9%
</Table>
- ----------
(A) The operations of these businesses were acquired in, or subsequent
to, the third quarter of 2001. Accordingly, third quarter 2001
revenues are not comparable to the current period amounts.
(B) Reflects a decline in revenue due to lower interest expense on
vehicle funding, which is substantially passed through to clients and
therefore results in lower revenues but has a minimal EBITDA impact.
(C) Represents the blended cancellation rate across the entire active
member base, which includes new and renewal retail members, as well
as wholesale members.
(D) Represents the blended average quarterly membership rate across the
entire active member base, which includes new and renewal retail
members, as well as wholesale members.
<Page>
TABLE 5
CENDANT CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(IN BILLIONS)
<Table>
<Caption>
SEPTEMBER 30, 2002 DECEMBER 31, 2001
------------------ -----------------
ASSETS
Current assets:
Cash and cash equivalents $ 0.2 $ 1.9
Stockholder litigation settlement trust - 1.4
Assets of discontinued operations - 1.3
Other current assets 2.9 3.1
------ ------
Total current assets 3.1 7.7
Property and equipment, net 1.6 1.4
Goodwill, net 10.3 7.4
Other non-current assets 4.5 5.1
------ ------
Total assets exclusive of assets under programs 19.5 21.6
Assets under management and mortgage programs 12.6 11.9
------ ------
TOTAL ASSETS $ 32.1 $ 33.5
====== ======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt $ 0.3 $ 0.4
Stockholder litigation settlement - 2.9
Liabilities of discontinued operations - 0.2
Other current liabilities 4.0 4.3
------ ------
Total current liabilities 4.3 7.8
Long-term debt, excluding Upper DECS 4.9 5.7
Upper DECS 0.9 0.9
Other noncurrent liabilities 0.9 0.7
------ ------
Total liabilities exclusive of liabilities under programs 11.0 15.1
Liabilities under management and mortgage programs 11.6 10.9
Mandatorily redeemable preferred interest in a subsidiary 0.4 0.4
Total stockholders' equity 9.1 7.1
------ ------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 32.1 $ 33.5
====== ======
</Table>
<Page>
TABLE 6
CENDANT CORPORATION AND SUBSIDIARIES
SCHEDULE OF CORPORATE DEBT AND NET STOCKHOLDER LITIGATION
SETTLEMENT OBLIGATION(A)
(IN MILLIONS)
<Table>
<Caption>
EARLIEST
MANDATORY
REDEMPTION SEPTEMBER 30, JUNE 30,
DATE MATURITY DATE 2002 2002
- -------------- ----------------- --------------- ---------------
CORPORATE DEBT:
December 2003 December 2003 7 3/4% notes $ 1,042 $ 1,071
August 2006 August 2006 6 7/8% notes 850 850
May 2009 May 2009 11% senior subordinated notes 554 571
November 2004 November 2011 3 7/8% convertible senior debentures(B) 1,200 1,200
February 2004 February 2021 Zero coupon senior convertible contingent notes(C) 417 678
May 2003 May 2021 Zero coupon convertible debentures(D) 1,000 1,000
February 2002 3% convertible subordinated notes - -
Net hedging gains (losses)(E) 95 44
Other 51 52
---------- ---------
Total corporate debt, excluding Upper DECS 5,209 5,466
---------- ---------
NET STOCKHOLDER LITIGATION SETTLEMENT OBLIGATION:
Stockholder litigation settlement obligation - -
Less: Payments made to the stockholder litigation
settlement trust - -
---------- ---------
Net stockholder litigation settlement obligation - -
---------- ---------
TOTAL CORPORATE DEBT AND NET STOCKHOLDER
LITIGATION SETTLEMENT OBLIGATION $ 5,209 $ 5,466
========== =========
NET DEBT TO TOTAL CAPITALIZATION RATIO(F) 35% 35%
<Caption>
EARLIEST
MANDATORY
REDEMPTION MARCH 31, DECEMBER 31,
DATE MATURITY DATE 2002 2001
- -------------- ----------------- ---------- --------------
CORPORATE DEBT:
December 2003 December 2003 7 3/4% notes $ 1,150 $ 1,150
August 2006 August 2006 6 7/8% notes 850 850
May 2009 May 2009 11% senior subordinated notes 577 584
November 2004 November 2011 3 7/8% convertible senior debentures(B) 1,200 1,200
February 2004 February 2021 Zero coupon senior convertible contingent notes(C) 925 920
May 2003 May 2021 Zero coupon convertible debentures(D) 1,000 1,000
February 2002 3% convertible subordinated notes - 390
Net hedging gains (losses)(E) (6) 11
Other 24 27
--------- -----------
Total corporate debt, excluding Upper DECS 5,720 6,132
--------- -----------
NET STOCKHOLDER LITIGATION SETTLEMENT OBLIGATION:
Stockholder litigation settlement obligation 2,850 2,850
Less: Payments made to the stockholder litigation
settlement trust 1,660 1,410
--------- -----------
Net stockholder litigation settlement obligation 1,190 1,440
--------- -----------
TOTAL CORPORATE DEBT AND NET STOCKHOLDER
LITIGATION SETTLEMENT OBLIGATION $ 6,910 $ 7,572
========= ===========
NET DEBT TO TOTAL CAPITALIZATION RATIO(F) 37% 37%
</Table>
- ----------
(A) Amounts presented herein exclude liabilities under management and mortgage
programs and the Company's mandatorily convertible Upper DECS securities.
(B) Each $1,000 principal amount is convertible into 41.58 shares of CD common
stock during 2002 if the average price of CD common stock exceeds $28.86
during the stipulated measurement periods. The average price of CD common
stock at which the debentures are convertible decreases annually by a
stipulated percentage. Redeemable by the Company after November 27, 2004.
Holders may require the Company to repurchase the notes on November 27, 2004
and 2008.
(C) Each $1,000 principal amount is convertible into 33.4 shares of CD common
stock during Q1, Q2, Q3 and Q4 of 2003 if the average price of CD common
stock exceeds $21.06, $21.19, $21.32 and $21.45, respectively, during the
stipulated measurement period. The average price of CD common stock at which
the notes are convertible increases on a quarterly basis by a stipulated
percentage. Redeemable by the Company after February 13, 2004. Holders may
require the Company to repurchase the notes on February 13, 2004, 2009 and
2014. Issued at a discount resulting in a yield-to-maturity of 2.5%.
(D) Each $1,000 principal amount is convertible into 39.08 shares of CD common
stock if the average price of CD common stock exceeds $28.15 during the
stipulated measurement periods. Redeemable by the Company after May 4, 2004.
Holders may require the Company to repurchase the notes on May 4, 2003,
2004, 2006, 2008, 2011 and 2016. Amended to provide for cash interest
payments of 3% per annum beginning May 5, 2002 and continuing through May 4,
2003 payable on a semi-annual basis.
(E) Represents derivative gains (losses) resulting from fair value hedges, $56
million of which have been realized as of September 30, 2002 and will be
amortized by the Company to offset future interest expense.
(F) Reflects the Company's net debt (net of cash and cash equivalents and
excluding the Upper DECS, debt related to management and mortgage programs
and net stockholder litigation settlement obligation) to total
capitalization ratio (including net debt and the Upper DECS).
<Page>
TABLE 7
CENDANT CORPORATION AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(IN MILLIONS)
<Table>
<Caption>
NINE MONTHS ENDED
SEPTEMBER 30,
-----------------------
2002 2001
-------- --------
OPERATING ACTIVITIES
Net cash provided by (used in) operating activities exclusive of management
and mortgage programs $ (1,556)(A) $ 813
Net cash provided by operating activities of management
and mortgage programs 1,987 1,339
-------- --------
NET CASH PROVIDED BY OPERATING ACTIVITIES 431 2,152
-------- --------
INVESTING ACTIVITIES
Property and equipment additions (235) (216)
Proceeds from (payments to) stockholder litigation settlement trust 1,410 (750)
Net assets acquired (net of cash acquired) and acquisition-related payments (1,005) (1,907)
Net proceeds from dispositions of businesses 1,175 -
Other, net 39 (167)
-------- --------
Net cash provided by (used in) investing activities exclusive of management
and mortgage programs 1,384 (3,040)
-------- --------
MANAGEMENT AND MORTGAGE PROGRAMS:
Investment in vehicles (12,574) (10,508)
Payments received on investment in vehicles 10,720 9,215
Origination of timeshare receivables (834) (384)
Principal collection of timeshare receivables 749 413
Equity advances on homes under management (4,645) (4,949)
Repayment on advances on homes under management 4,685 4,937
Additions to mortgage servicing rights and related hedges, net (556) (555)
Proceeds from sales of mortgage servicing rights 12 45
-------- --------
(2,443) (1,786)
-------- --------
NET CASH USED IN INVESTING ACTIVITIES (1,059) (4,826)
-------- --------
FINANCING ACTIVITIES
Proceeds from borrowings (7) 4,407
Principal payments on borrowings (1,452) (854)
Issuances of common stock 102 773
Repurchases of common stock (207) (74)
Other, net (38) (92)
-------- --------
Net cash provided by (used in) financing exclusive of management
and mortgage programs (1,602) 4,160
-------- --------
MANAGEMENT AND MORTGAGE PROGRAMS:
Proceeds from borrowings 9,425 11,447
Principal payments on borrowings (9,212) (10,824)
Net change in short-term borrowings 194 87
-------- --------
407 710
-------- --------
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (1,195) 4,870
-------- --------
Effect of changes in exchange rates on cash and cash equivalents 12 4
Cash provided by discontinued operations 74 80
-------- --------
Net increase (decrease) in cash and cash equivalents (1,737) 2,280
Cash and cash equivalents, beginning of period 1,942 856
-------- --------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 205 $ 3,136
======== ========
</Table>
- ---------
(A) Net cash provided by operating activities exclusive of management and
mortgage programs is $1.29 billion when excluding the application of the
prior payments to the stockholder litigation settlement trust of $2.85
billion ($1.41 billion in 2001, the first quarter 2002 payment of $250
million and the funding of the remaining settlement liability balance,
including interest, of $1.19 billion on May 28, 2002).
<Page>
TABLE 8
CENDANT CORPORATION AND SUBSIDIARIES
CONSOLIDATED SCHEDULES OF FREE CASH FLOWS
(IN MILLIONS)
<Table>
<Caption>
NINE MONTHS ENDED
SEPTEMBER 30,
-----------------------
2002 2001
-------- --------
Adjusted EBITDA(*) $ 2,097 $ 1,553
Interest expense, including minority interest(A) (205) (198)
Tax payments, net of refunds (77) (28)
-------- --------
CASH FLOW 1,815 1,327
Working capital (302) (62)
Capital expenditures (235) (216)
Restructuring and other unusual payments (61) (31)
-------- --------
CASH FLOW BEFORE MANAGEMENT AND MORTGAGE PROGRAMS(B) 1,217 1,018
Management and mortgage programs(C)(F) (49) 265
-------- --------
FREE CASH FLOW 1,168 1,283
Acquisitions, net of cash acquired (1,005) (1,907)
Net issuances (repurchases) of equity securities (106) 702
Net proceeds from dispositions of businesses 1,175 -
Funding of stockholder litigation settlement (1,440) (750)
Investments and other(D) (70) (601)
Net proceeds from (repayments on) borrowings(E) (1,459) 3,553
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS $ (1,737) $ 2,280
======== ========
</Table>
- ---------
(*) Represents Adjusted EBITDA excluding Move.com Group operating losses (see
Table 2 for items excluded from Adjusted EBITDA).
(A) Excludes non-cash accretion recorded on the Company's zero-coupon senior
convertible notes and includes the before tax amounts of minority interest.
(B) The reconciliation of Cash Flow before Management and Mortgage Programs to
Net Cash Provided by (Used in) Operating Activities Exclusive of Management
and Mortgage Programs is as follows:
<Table>
<Caption>
NINE MONTHS ENDED
SEPTEMBER 30,
-----------------------
2002 2001
-------- --------
CASH FLOW BEFORE MANAGEMENT AND MORTGAGE PROGRAMS $ 1,217 $ 1,018
Reconciling items:
Capital expenditures 235 216
Funding of stockholder litigation settlement liability (2,850) -
Restricted cash used in insurance operations (56) (89)
Unusual charges (21) (202)
Other, including interest on litigation settlement liability (81) (130)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES EXCLUSIVE OF -------- --------
MANAGEMENT AND MORTGAGE PROGRAMS (SEE TABLE 7) $ (1,556) $ 813
======== ========
</Table>
(C) Net change in cash from management and mortgage programs is as follows:
<Table>
<Caption>
NINE MONTHS ENDED
SEPTEMBER 30,
-----------------------
2002 2001
-------- --------
MANAGEMENT AND MORTGAGE PROGRAMS(F)
Net investment in vehicles (543) (277)
Net mortgage originations and sales 6 86
Net mortgage servicing rights 126 (272)
Net timeshare receivables (85) 30
Net relocation receivables 40 (12)
Net financing for assets under management and mortgage programs 407 710
-------- --------
NET CHANGE IN CASH FROM MANAGEMENT AND MORTGAGE PROGRAMS (49) 265
======== ========
</Table>
(D) The activity for the nine months ended September 30, 2002 primarily relates
to cash payments associated with (i) interest on the stockholder litigation
settlement, (ii) the insurance operations of subsidiaries and (iii) the
repurchase of loans in foreclosure, net of cash received on the sale of
marketable securities. The activity for the nine months ended September 30,
2001 includes cash payments associated with (i) the funding of marketing
expenses incurred by Trilegiant Corporation ($104 million), (ii) an
investment in NRT Incorporated ($99 million), (iii) the contribution to the
technology trust ($95 million), (iv) the creation of Trip Network, Inc.
($45 million) and (v) other payments, primarily related to preferred stock
investments.
(E) Represents debt borrowings, net of debt repayments.
(F) Cash flows related to management and mortgage programs may fluctuate
significantly from period to period due to the timing of the underlying
management and mortgage program transactions (i.e., timing of mortgage loan
origination versus sale). For the nine months ended September 30, 2002, the
net change in cash from management and mortgage programs represents (i)
$1,987 million of net cash provided by operating activities, (ii) $2,443
million of net cash used in investing activities and (iii) $407 million of
net cash provided by financing activities, as detailed on Table 7. For the
nine months ended September 30, 2001, the net change in cash from
management and mortgage programs represents (i) $1,339 million of net cash
provided by operating activities, (ii) $1,786 million of net cash used in
investing activities and (iii) $710 million of net cash provided by
financing activities, as detailed on Table 7.
<Page>
TABLE 9
CENDANT CORPORATION AND SUBSIDIARIES
REVENUES AND ADJUSTED EBITDA BY SEGMENT(A)
(IN MILLIONS)
NINE MONTHS ENDED SEPTEMBER 30, 2002(B)
<Table>
<Caption>
REVENUES ADJUSTED EBITDA
---------------------------------------------- -------------------------------------------------
1ST QTR 2ND QTR 3RD QTR YEAR TO DATE 1ST QTR 2ND QTR 3RD QTR YEAR TO DATE
-------- -------- -------- ------------ -------- -------- -------- ------------
Real Estate Services $ 410 $ 1,440 $ 1,331 $ 3,181 $ 182 $ 323 $ 69 $ 574
Hospitality 403 565 671 1,640 112 173 205 490
Travel Distribution 444 438 432 1,314 146 130 129 405
Vehicle Services 933 1,030 1,085 3,048 70 123 143 336
Financial Services 419 311 322 1,052 164 88 122 374
-------- -------- -------- ------------ -------- -------- -------- ------------
Total Reportable Segments 2,609 3,784 3,841 10,235 674 837 668 2,179
Corporate and Other 7 - (2) 3 (12) (38) (32) (82)
-------- -------- -------- ------------ -------- -------- -------- ------------
CONTINUING OPERATIONS $ 2,616 $ 3,784 $ 3,839 $ 10,238 $ 662 $ 799 $ 636 $ 2,097
======== ======== ======== ============ ======== ======== ======== ============
</Table>
YEAR ENDED DECEMBER 31, 2001
<Table>
<Caption>
REVENUES ADJUSTED EBITDA
------------------------------------------------ ----------------------------------------------------
1ST QTR 2ND QTR 3RD QTR 4TH QTR FULL YEAR 1ST QTR 2ND QTR 3RD QTR 4TH QTR FULL YEAR
------- ------- ------- ------- --------- ------- ------- ------- ------- ---------
Real Estate Services $ 339 $ 474 $ 514 $ 532 $ 1,859 $ 132 $ 231 $ 287 $ 289 $ 939
Hospitality 240 448 465 369 1,522 102 156 152 103 513
Travel Distribution 25 26 24 362 437 2 3 1 102 108
Vehicle Services 379 1,028 1,036 879 3,322 69 112 95 14 290
Financial Services 390 332 338 342 1,402 131 70 58 51 310
------- ------- ------- ------- --------- ------- ------- ------- ------- ---------
Total Reportable Segments 1,373 2,308 2,377 2,484 8,542 436 572 593 559 2,160
Corporate and Other 38 11 12 10 71 (18) (16) (23) (16) (73)
------- ------- ------- ------- --------- ------- ------- ------- ------- ---------
CONTINUING OPERATIONS 1,411 2,319 2,389 2,494 8,613 418 556 570 543 2,087
Move.com Group 10 - - - 10 (9) - - - (9)
------- ------- ------- ------- --------- ------- ------- ------- ------- ---------
CONTINUING OPERATIONS
EXCLUDING MOVE.COM GROUP $ 1,401 $ 2,319 $ 2,389 $ 2,494 $ 8,603 $ 427 $ 556 $ 570 $ 543 $ 2,096
======= ======= ======= ======= ========= ======= ======= ======= ======= =========
</Table>
YEAR ENDED DECEMBER 31, 2000
<Table>
<Caption>
REVENUES ADJUSTED EBITDA
------------------------------------------------ ----------------------------------------------------
1ST QTR 2ND QTR 3RD QTR 4TH QTR FULL YEAR 1ST QTR 2ND QTR 3RD QTR 4TH QTR FULL YEAR
------- ------- ------- ------- --------- ------- ------- ------- ------- ---------
Real Estate Services $ 289 $ 377 $ 419 $ 376 $ 1,461 $ 114 $ 193 $ 242 $ 203 $ 752
Hospitality 219 231 253 215 918 89 99 112 85 385
Travel Distribution 25 27 26 21 99 2 4 3 1 10
Vehicle Services 50 61 66 53 230 35 45 50 39 169
Financial Services 381 321 333 345 1,380 133 83 86 71 373
------- ------- ------- ------- --------- ------- ------- ------- ------- ---------
Total Reportable Segments 964 1,017 1,097 1,010 4,088 373 424 493 399 1,689
Corporate and Other 77 46 48 61 232 2 (44) (36) (26) (104)
------- ------- ------- ------- --------- ------- ------- ------- ------- ---------
CONTINUING OPERATIONS 1,041 1,063 1,145 1,071 4,320 375 380 457 373 1,585
Move.com Group 11 15 15 18 59 (26) (29) (20) (19) (94)
------- ------- ------- ------- --------- ------- ------- ------- ------- ---------
CONTINUING OPERATIONS
EXCLUDING MOVE.COM GROUP $ 1,030 $ 1,048 $ 1,130 $ 1,053 $ 4,261 $ 401 $ 409 $ 477 $ 392 $ 1,679
======= ======= ======= ======= ========= ======= ======= ======= ======= =========
</Table>
- ----------
(A) In connection with the sale of the Company's car parking facility business,
National Car Parks ("NCP"), on May 22, 2002, the account balances and
activities of NCP have been segregated from the Company's Vehicle Services
segment and reported as a discontinued operation for all periods presented.
(B) The sum of the quarters may not equal the year to date due to rounding.
<Page>
TABLE 10
CENDANT CORPORATION AND SUBSIDIARIES
ORGANIC SEGMENT GROWTH FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2002
(IN MILLIONS)
<Table>
<Caption>
REVENUES ADJUSTED EBITDA
------------------------------- ---------------------------
2002 2001 % 2002 2001 %
------------------------------- ---------------------------
Real Estate Services $ 288(C) $ 508(G) (43%) $ 6 (C) $ 281(G) (98%)
Hospitality 484(D) 465 4% 161 (D) 152 6%
Travel Distribution 19(E) 24 * (3)(E) 1 *
Vehicle Services(A) 1,085 1,036 5% 143 95 51%
Financial Services 322(F) 338 (5%) 125 (F) 58 116%
------- ------- ----- -----
Total Reportable Segments $ 2,198 $ 2,371 (7%) $ 432 $ 587 (26%)
======= ======= ===== =====
EXCLUDING MSR IMPAIRMENT AND TRILEGIANT
OUTSOURCING COSTS(B):
Real Estate Services $ 563 $ 508(G) 11% $ 281 $ 281(G) -
Financial Services 322 338 (5%) 125 99 26%
------- ------- ----- -----
Total Reportable Segments $ 2,473 $ 2,371 4% $ 707 $ 628 13%
======= ======= ===== =====
</Table>
- ----------
NOTE: REFER TO TABLE 2 FOR TOTAL SEGMENT GROWTH.
* Not meaningful, as periods are not comparable due to acquisitions or
dispositions of businesses.
(A) In connection with the sale of the Company's car parking facility business,
National Car Parks ("NCP"), on May 22, 2002, the account balances and
activities of NCP have been segregated from the Company's Vehicle Services
segment and reported as a discontinued operation for all periods presented.
(B) Reflects revenue and Adjusted EBITDA excluding the $275 million mortgage
servicing rights impairment write-down in 2002 and the $41 million of costs
incurred in 2001 related to the Trilegiant outsourcing transaction.
(C) Excludes revenue and Adjusted EBITDA of NRT Incorporated of $1.0 billion and
$62 million, respectively.
(D) Excludes the aggregate revenues and Adjusted EBITDA of Equivest, Trendwest,
Novasol, Welcome Holidays and Cuendet of $188 million $44 million,
respectively.
(E) Excludes aggregate revenues and Adjusted EBITDA for Galileo, Cheap Tickets,
Trust, Thor and Lodging.com of $413 million and $132 million, respectively.
(F) Excludes the Adjusted EBITDA loss impact of Tax Services of America (after
royalty payments) of $4 million (the revenue impact was de minimis).
(G) Excludes NRT preferred dividends of $6 million.