<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