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Business Description
Cendant Corporation is a provider of travel and real estate services. Its businesses provide a wide range of consumer and business services. The Real Estate Services segment franchises the real estate brokerage businesses of the Century 21, Coldwell Banker, Coldwell Banker Commercial and ERA brands. The Hospitality segment operates the Days Inn, Ramada, Super 8 Motel, Howard Johnson, Wingate Inn, Knights Inn, Travelodge, Villager Lodge, Village Premier, Hearthside by Villager and AmeriHost Inn. The Vehicle Services segment operates and franchises Avis, the Company's car rental business. The Travel Distribution segment provides global distribution and computer reservation services to airlines, hotels, car rental companies and other travel suppliers. The Financial Services segment provides enhancement packages to financial institutions.

Financial Information
Cendant Corporation is a diversified global provider of business and consumer services primarily within the real estate and travel sectors. For the six months ended 6/30/02, revenues rose 72% to $6.40 billion. Net income from continuing operations before extraordinary item and acct. change increased 21% to $581 million. Revenues reflect higher vehicle-related revenues. Net income was partially offset by vehicle depreciation, lease charges and interest expenses.