<Page> Exhibit 99.1 [CENDANT LOGO] Kevin M. Sheehan Chief Financial Officer <Page> THE BUSINESS MODEL - -------------------------------------------------------------------------------- ORGANIC GROWTH TARGETS: o Revenue mid-single digits - 3 - 4% unit growth - 2 - 3% price o Earnings low double digits - Operating leverage - Use of free cash flow 2 <Page> OUTLOOK FOR 2003 - -------------------------------------------------------------------------------- MACRO-ECONOMIC ASSUMPTIONS: o Gradual recovery in corporate spending beginning in second half o Stable interest rate environment o Continued healthy real estate market o No war or additional terrorist incidents of the scope and scale of September 11 3 <Page> BUSINESSES BY DIVISION - -------------------------------------------------------------------------------- <Table> <Caption> ------- CENDANT ------- - -------------------------- -------------------------- -------------------------- -------------------------- ----------------------- REAL ESTATE TRAVEL VEHICLE FINANCIAL SERVICES HOSPITALITY DISTRIBUTION SERVICES SERVICES - -------------------------- -------------------------- -------------------------- -------------------------- ----------------------- - -------------------------- -------------------------- -------------------------- -------------------------- ----------------------- REAL ESTATE FRANCHISE LODGING GLOBAL DISTRIBUTION CAR RENTAL TAX PREPARATION CENTURY 21 Days Inn SYSTEM Avis Rent a Car Jackson Hewitt Tax Coldwell Banker Ramada Galileo Budget (1) Service ERA Howard Johnson Wizcom -------------------------- ----------------------- Coldwell Banker Commercial Travelodge Trust International - -------------------------- Villager -------------------------- Knights Inn -------------------------- ----------------------- Wingate Inn FLEET MANAGEMENT / INSURANCE AND - -------------------------- Amerihost -------------------------- FUEL CARD WHOLESALE BROKERAGE Super 8 TRAVEL AGENCY PHH Arval NRT -------------------------- CheapTickets Wright Express Progeny - -------------------------- Highwire -------------------------- Cims Lodging.com ----------------------- -------------------------- Cendant Travel - -------------------------- VACATION TIMESHARE Trip Network, Inc. MORTGAGE affiliation ----------------------- RCI -------------------------- MEMBERSHIP Cendant Mortgage Fairfield Resorts Coldwell Banker Equivest CMS CENTURY 21 Trendwest Trilegiant affiliation ERA -------------------------- ----------------------- - -------------------------- -------------------------- - -------------------------- VACATION RENTAL GROUP CENDANT SETTLEMENT SERVICES Holiday Cottages - -------------------------- Novasol Cuendet Welcome Holidays - -------------------------- International Leisure Life RELOCATION -------------------------- Cendant Mobility - -------------------------- 36% of 23% of 18% of 14% of 11% of 2003 2003 2003 2003 2003 EBITDA EBITDA EBITDA EBITDA EBITDA </Table> Percentages are prior to unallocated corporate charges. EBITDA data is projected and adjusted (1) Pending close of transaction 4 <Page> PRELIMINARY OUTLOOK FOR 2003 - -------------------------------------------------------------------------------- PROJECTED REVENUE (in millions) 2002 2003 ---------------- ---------------- Real Estate $ 4,550 - 4,600 $ 6,300 - 6,500 Hospitality 2,200 - 2,250 2,600 - 2,800 Travel Distribution 1,700 - 1,750 1,850 - 1,950 Vehicle Services (a) 4,125 - 4,225 5,800 - 6,100 Financial Services 1,300 - 1,350 1,100 - 1,200 Corp. & Other 0 - 20 0 - 0 Total $13,875 - 14,195 $17,650 - 18,550 % Increase 29% === (a) Estimate for 2002 excludes the results of National Car Parks, which has been reclassified as a discontinued operation, and is dependent on the timing of the Budget acquisition 5 <Page> PRELIMINARY OUTLOOK FOR 2003 - -------------------------------------------------------------------------------- PROJECTED ORGANIC GROWTH - REVENUE* (IN MILLIONS) Organic Acquired 2002 Growth Growth(c) 2003 ------- ------- --------- ------- Real Estate $ 4,575 $ 725 $ 1,100 $ 6,400 Hospitality 2,225 275 200 2,700 Travel Distribution 1,725 150 25 1,900 Vehicle Services (a) 4,175 175 1,600 5,950 Financial Services 1,325 (175) -- 1,150 ------- ------- ------- ------- Total (b) $14,025 $ 1,150 $ 2,925 $18,100 ======= ======= ======= ======= % Increase 8% === * Assumes mid-range of estimates (a) Estimate for 2002 excludes the results of National Car Parks, which has been reclassified as a discontinued operation, and is dependent on the timing of the Budget acquisition (b) Reportable segments only - excludes corporate and other (c) Acquired growth is from Budget acquisition and full-year impact of acquisitions completed in 2002 6 <Page> PRELIMINARY OUTLOOK FOR 2003 - -------------------------------------------------------------------------------- PROJECTED ADJUSTED EBITDA (a) (IN MILLIONS) 2002 2003 -------------- -------------- Real Estate $825 - 840 $1,175 - 1,250 Hospitality 660 - 670 750 - 825 Travel Distribution 530 - 540 600 - 625 Vehicle Services (b) 390 - 400 450 - 525 Financial Services 445 - 455 350 - 375 Corp. & Other (105 - 95) (75 - 50) -------------- -------------- Total $2,745 - 2,810 $3,250 - 3,550 ============== ============== % Increase 22% === (a) Adjusted EBITDA is defined as earnings from continuing operations before non-program related interest, income taxes, non-program related depreciation and amortization, and minority interest, adjusted to exclude certain items that are non-recurring or unusual. (b) Estimate for 2002 excludes the results of National Car Parks, which has been reclassified as a discontinued operation 7 <Page> PRELIMINARY OUTLOOK FOR 2003 - -------------------------------------------------------------------------------- PROJECTED ORGANIC GROWTH - ADJUSTED EBITDA (IN MILLIONS) Organic Acquired 2002 Growth Growth(c) 2003 ------ ------ --------- ------ Real Estate $ 833 $ 375 $ 5 $1,213 Hospitality 665 75 40 780 Travel Distribution 535 68 10 613 Vehicle Services (a) 395 33 70 498 Financial Services 450 (87) -- 363 Total (b) $2,878 $ 464 $ 125 $3,467 ====== ====== ====== ====== % Increase 16% ==== (a) Estimate for 2002 excludes the results of National Car Parks, which has been reclassified as a discontinued operation, and is dependent on the timing of the Budget acquisition. Acquired growth for 2003 is based on mid-range of $50 to $90, our current estimate for the Budget acquisition (b) Reportable segments only - excludes corporate and other (c) Acquired growth is from Budget acquisition and full-year impact of acquisitions completed in 2002 8 <Page> PRELIMINARY OUTLOOK FOR 2003 - -------------------------------------------------------------------------------- INCOME STATEMENT ($ IN MILLIONS, EXCEPT EPS) 2002(1) 2003 --------------- --------------- Adjusted EBITDA $2,745 - $2,810 $3,350 - $3,450 Depreciation 370 - 375 470 - 480 Amortization 95 - 100 95 - 100 Interest 265 - 270 300 - 340 Tax rate 34.4% 32.5 - 33.0% Minority interest 23 25 Diluted shares 1,045 1,050 - 1,060 Adjusted EPS (2) $1.26 $1.55 - $1.60 Reported EPS $1.05 $1.49 - $1.56 (1) Estimates for 2002 exclude the results of National Car Parks, which has been reclassified as a discontinued operation (2) Adjusted EPS excludes items that are of a non-recurring or unusual nature, as set forth in Slide #12, and is a non-GAAP measure 9 <Page> PRELIMINARY OUTLOOK FOR 2003 - -------------------------------------------------------------------------------- ADJUSTED EPS 2002* 2003 ----- ------------ Prior Year Actual/Projection $0.96 $1.26 Organic growth 0.15 0.28 - 0.31 End of goodwill amortization 0.14 - Impact of acquisitions 0.13 0.04 - 0.06 Lower interest rates 0.01 - Effect of 9/11 0.03 MSR revaluation (0.17) - Expensing of equity grants - (0.03) ----- ------------ Current Projection $1.26 $1.55 - 1.60 ===== ============ * Adjusted EPS for 2002 excludes the results of National Car Parks, which has been reclassified as a discontinued operation. Adjusted EPS is a non-GAAP (generally accepted accounting principles) measure. Please see page 12 for a reconciliation from Reported EPS to Adjusted EPS. Numbers do not add due to rounding. 10 <Page> PRELIMINARY OUTLOOK FOR 2003 - -------------------------------------------------------------------------------- ADJUSTED EARNINGS PER SHARE o 23% to 27% increase over 2002 ($1.55 to $1.60) o Seasonality of EPS shifting slightly with acquisitions of real estate brokers and Budget % of 2001 EPS % of 2002 EPS* % of 2003 EPS ------------- -------------- ------------- Q1 20% 22% 21 - 23% Q2 28% 27% 26 - 28% Q3 30% 31% 29 - 31% Q4 22% 20% 20 - 22% *Excludes 3Q02 impact of MSR revaluation 11 <Page> RECONCILIATION OF REPORTED TO ADJUSTED EPS - -------------------------------------------------------------------------------- 2002(1) 2003 Reported EPS $1.05 $1.49 - 1.56 year over year increase 42% - 49% CUC litigation settlement costs(2) 0.02 0.00 Acquisition & integration costs(3) 0.19 0.04 - 0.06 ----- ------------ Adjusted EPS $1.26 $1.55 - 1.60 ===== ============ year over year increase 31% 23 - 27% (1) Estimates for 2002 exclude the results of National Car Parks, which has been reclassified as a discontinued operation. Reported EPS is before extraordinary items. (2) In 2003, litigation settlement costs reflect $0.02 - 0.03 in legal costs offset by a $0.02 - 0.03 recovery from D&O insurance. (3) Amounts will depend on timing and other issues related to the Budget acquisition. 12 <Page> VISIBILITY AND PREDICTABILITY OF EARNINGS - -------------------------------------------------------------------------------- o Visibility comes from: - Reservation/booking systems (e.g. lodging, Galileo, rental car) - Home purchase contracts - Mortgage applications - Move authorizations - Memberships o Predictability comes from: - Long-term contracts with franchisees - Long-term relationships with outsourcing clients - Hedged nature of portfolio - Defensible, industry-leading positions o Enables proactive management of future business pipeline - Can react quickly to size our businesses for expected volumes - Adjustable cost structure means "right sizing" can still produce significant cash flow 13 <Page> SENSITIVITY ANALYSIS - -------------------------------------------------------------------------------- EBITDA IMPACT OF APPROXIMATE 5% CHANGE 2003 IN DRIVER PER SHARE DRIVER EXPECTATION (IN MILLIONS) EFFECT - -------------------------------------------------------------------------------- REAL ESTATE Gross Home Sales (Franchised) 1.6 million 18 $0.01 Gross Home Sales (CD Owned) 500,000 53 $0.03 Mortgage Origination Volume $63 billion 52 $0.03 HOSPITALITY Lodging RevPAR $28 $9 $0.01 RCI Timeshare Exchanges 2.0 million 11 $0.01 Timeshare Sales Tour Flow 1.1 million 21 $0.01 VEHICLE SERVICES Car Rental Days 95 million 63 $0.04 Car Rental Pricing $40 161 $0.10 TRAVEL DISTRIBUTION Galileo Segment Volume 317 million 46 $0.03 14 <Page> OUTLOOK FOR 2003 SENSITIVITIES - -------------------------------------------------------------------------------- EBITDA IMPACT OF APPROXIMATE 5% CHANGE 2003 IN DRIVER PER SHARE DRIVER EXPECTATION (IN MILLIONS) EFFECT - -------------------------------------------------------------------------------- Lodging RevPAR $28 $9 $0.01 479,000 $28 5% 4% 97% domestic X 365 days X RevPAR X charge X royalty X EBITDA rooms rate margin = $9 MILLION EBITDA 15 <Page> OUTLOOK FOR 2003 SENSITIVITIES - -------------------------------------------------------------------------------- EBITDA IMPACT OF APPROXIMATE 5% CHANGE 2003 IN DRIVER PER SHARE DRIVER EXPECTATION (IN MILLIONS) EFFECT - -------------------------------------------------------------------------------- Car Rental Days 95mm $63 $0.04 95 million $40 rate 5% 33% car rental X per day X charge X EBITDA days margin = $63 MILLION EBITDA 16 <Page> LONG TERM CASH FLOW PROJECTION (AMOUNTS IN MILLIONS, EXCEPT PER SHARE AMOUNTS) - -------------------------------------------------------------------------------- <Table> <Caption> 2001 2002 2003 2004 ------- ------- ------- ------- Adjusted EBITDA $ 2,087 $ 2,780 $ 3,400 $ 3,740 Interest, including minority interest (268) (285) (360) (300) Tax payments, net of refunds (1) (36) (100) (75) (100) ------- ------- ------- ------- CASH FLOW 1,783 2,395 2,965 3,340 ------- ------- ------- ------- Capital Expenditures (329) (360) (425) (445) Restructuring and Other (132) (72) (75) (50) Working Capital 108 (335) (200) (220) Management and Mortgage Programs (85) 23 (300) (330) ------- ------- ------- ------- FREE CASH FLOW (2) $ 1,345 $ 1,651 $ 1,965 $ 2,295 ======= ======= ======= ======= FCF/Share (2) $ 1.47 $ 1.58 $ 1.86 $ 2.02 ======= ======= ======= ======= </Table> (1) Company will be a cash tax payer in 2005 (2) Free Cash Flow is a non-GAAP measure 2004 ASSUMPTIONS: - 10% EBITDA growth - 5% Capital Expenditures growth - 10% growth in investment in working capital 17 <Page> MANAGEMENT AND MORTGAGE PROGRAMS (AMOUNTS IN MILLIONS) - -------------------------------------------------------------------------------- 2003 ---- Net Investment in Vehicles ($20) Net Mortgage Originations and Sales (20) Net Mortgage Servicing Rights (120) Net Timeshare Investment (140) Net Relocation Receivables - ----- Net Use of Cash by Management and Mortgage Programs ($300) ===== 18 <Page> VEHICLE SERVICES CASH FLOW - -------------------------------------------------------------------------------- CENDANT CASH FLOW STATEMENT 9 MONTHS ($ IN MILLIONS) ENDED 9/30/02 Net cash provided by operating activities exclusive of management and mortgage programs ($ 1,556) MANAGEMENT AND MORTGAGE PROGRAMS -------------------------------------------------------- Vehicle depreciation 1,310 -------------------------------------------------------- Other 677 -------- NET CASH PROVIDED BY OPERATING ACTIVITIES $ 431 Net cash provided by (used in) investing activities exclusive of management and mortgage programs 1,308 MANAGEMENT AND MORTGAGE PROGRAMS -------------------------------------------------------- Investment in Vehicles (12,574) Payment received on investment in vehicles 10,720 -------------------------------------------------------- Other (513) -------- NET CASH USED IN INVESTING ACTIVITIES ($ 1,059) ======== 19 <Page> VEHICLE SERVICES CASH FLOW - -------------------------------------------------------------------------------- CENDANT CASH FLOW STATEMENT 9 MONTHS ($ IN MILLIONS) ENDED 9/30/02 Net cash provided by operating activities exclusive of management and mortgage programs ($ 1,556) MANAGEMENT AND MORTGAGE PROGRAMS ---------------------------------------------------------- Vehicle Depreciation 1,310 ---------------------------------------------------------- Other 677 -------- NET CASH PROVIDED BY OPERATING ACTIVITIES $ 431 Net cash provided by (used in) investing activities exclusive of management and mortgage programs 1,308 MANAGEMENT AND MORTGAGE PROGRAMS ---------------------------------------------------------- Investment in Vehicles (12,574) Payment Received on investment in vehicles 10,720 ---------------------------------------------------------- Other (513) -------- NET CASH USED IN INVESTING ACTIVITIES ($ 1,059) ---------------------------------------------------------- Vehicle depreciation 1,310 Investment in vehicles (12,574) Payment received 10,720 -------- Net Investment in Vehicles (before financing) (544) Asset-backed financing (88% of investment) 479 -------- NET INVESTMENT IN VEHICLES (AFTER FINANCING) ($ 65) ---------------------------------------------------------- 20 <Page> VEHICLE SERVICES CASH FLOW - -------------------------------------------------------------------------------- CENDANT CASH FLOW STATEMENT 9 MONTHS ($ IN MILLIONS) ENDED 9/30/02 - ------------------------------------------------------------------------------- Net cash provided by operating activities exclusive of management and mortgage programs ($ 1,556) MANAGEMENT AND MORTGAGE PROGRAMS ---------------------------------------------------------------------- Vehicle Depreciation 1,310 ---------------------------------------------------------------------- Other 677 Net cash provided by operating activities $ 431 Net cash provided by (used in) investing activities exclusive of management and mortgage programs 1,308 MANAGEMENT AND MORTGAGE PROGRAMS ---------------------------------------------------------------------- Investment in Vehicles (12,574) Payment Received on investment in vehicles 10,720 ---------------------------------------------------------------------- Other (513) NET CASH USED IN INVESTING ACTIVITIES ($ 1,059) - ----------------------------------------------------------------------------- --------------------------------------------------------------------- Vehicle depreciation 1,310 Investment in vehicles (12,574) Payment received 10,720 Net Investment in Vehicles (before financing) (544) Asset-backed financing (88% of investment) 479 NET INVESTMENT IN VEHICLES (AFTER FINANCING) ($ 65) --------------------------------------------------------------------- -------------------------------------------------------------- VEHICLE SERVICES ADJUSTED EBITDA 336 Net Investment in Vehicles (after financing) (65) VEHICLE SERVICES FREE CASH FLOW (EX. CAPEX AND WC) $ 271 -------------------------------------------------------------- 21 <Page> PLANNED USE OF FREE CASH FLOW IN 2003 - -------------------------------------------------------------------------------- o $2 billion in free cash flow available to retire debt, invest in acquisitions and repurchase stock o Approximately 50% will be used to retire debt o Remainder will be used to repurchase stock and for accretive, tuck-in acquisitions, including remaining payments related to the Budget acquisition 22 <Page> BUDGET ACQUISITION FACT SHEET - -------------------------------------------------------------------------------- o Third largest general use car rental brand in U.S. o Domestic car rental operations generated revenue of $1.4 billion in 2001 o Average domestic car rental fleet of approximately 115,000 (Avis is 192,000) o Over 1,000 domestic car locations - Approximately 600 corporate owned locations - Approximately 440 franchise locations 23 <Page> BUDGET ACQUISITION FACT SHEET - -------------------------------------------------------------------------------- o High customer satisfaction (price/value) o Strong brand recognition 24 <Page> BUDGET ACQUISITION STRATEGIC RATIONALE - -------------------------------------------------------------------------------- o Ownership of corporate brand (Avis) and leisure brand (Budget) allows for fleet sharing, better yield management and increased utilization o Significant operational synergies through integration of Avis and Budget facilities, back-office and corporate functions and fleet financing o Strengthens our position in travel where we have a comparative advantage - Leisure traveler more aligned with Cendant travel brands in lodging, timeshare and travel distribution. 25 <Page> BUDGET ACQUISITION STRATEGIC RATIONALE - -------------------------------------------------------------------------------- o Expected yearly cost savings of at least $115 million beginning in 2004 o Expected to be modestly accretive in 2003 and significantly accretive beginning in 2004 26 <Page> BUDGET ACQUISITION TRANSACTION OVERVIEW ($ IN MILLIONS) - -------------------------------------------------------------------------------- AMOUNT TIMING -------- ---------- Asset purchase price $110 At closing Transaction and securitization costs 40 At closing Incremental rental truck fleet equity 200 At closing Headcount reduction, facilities closure, integration expenditures and working Over first capital 150-250 12 months -------- TOTAL CASH USE $500-600 ======== 27 <Page> DEBT ($ MILLIONS) - -------------------------------------------------------------------------------- <Table> <Caption> Earliest Redemp. Maturity Dec 31 Mar 31 Jun 30 Sep 30 Date Date 2001 2002 2002 2002 --------- -------- ------- ------- ------- ------- 7.75% Senior Notes 12/03 12/03 $ 1,150 $ 1,150 $ 1,071 $ 1,042 6.875% Senior Notes 8/06 8/06 850 850 850 850 11% Senior Subordinated Notes 5/09 5/09 584 577 571 554 3.875% Convertible Debentures 11/04 11/11 1,200 1,200 1,200 1,200 CODES Convertibles (2.5%) 2/04 2/21 920 925 678 417 CARZ Convertibles (3.0%) 5/03 5/21 1,000 1,000 1,000 1,000 3% Convertible Notes 2/02 390 -- -- -- Net Hedging Gains (Losses) 11 (6) 44 95 Other 27 24 52 51 Litigation Settlement 1,440 1,190 -- -- ------- ------- ------- ------- Debt (including litigation settlement) $ 7,572 $ 6,910 $ 5,466 $ 5,209 ======= ======= ======= ======= </Table> 28 <Page> 2003 OUTLOOK SUMMARY - -------------------------------------------------------------------------------- o Substantial year over year growth - Revenue up 24 - 34% - EBITDA up 19 - 26% - Adjusted EPS up 23 - 27% - Reported EPS up 42 - 49% o Visibility and predictability of earnings o Stable and recurring cash flow generation - Debt retirement - Share repurchase - Small tuck-in acquisitions o Strong and improving balance sheet - Liquidity and capital to grow business o Defensible, industry-leading positions 29 <Page> 2003 GOALS - -------------------------------------------------------------------------------- o Prove Our Business Model o Prove Our Cash Flow o Prove Our Organic Growth 30