Announcements to Be Made at Investor Meeting by Cendant Corporation

NEW YORK, Nov. 13 /PRNewswire/ — At a meeting of institutional investors
and sell-side analysts here today, Cendant Corporation (NYSE: CD) will
announce that its long-term growth goals are 5%-7% for revenue, 10% for EBITDA
and 13% for earnings per share from continuing operations.

Our strategic objective is to reinvigorate both our top line and bottom
line through organic growth and accretive acquisitions. Furthermore, we will
transform, consolidate and increase our share of major sectors of the service
economy, while pursuing incremental opportunities in each sector; in
particular, travel and real estate, said Cendant Chairman, President and
Chief Executive Officer, Henry R. Silverman.

The Company will reiterate that its expectations for fourth quarter 2000
adjusted earnings per share are in line with published Wall Street estimates.
Adjusting for the reclassification of the Individual Membership segment as a
discontinued operation, the Company expects fourth quarter 2000 adjusted
earnings per share from continuing operations and excluding move.com to be
$0.18 and full year 2000 adjusted earnings per share from continuing
operations and excluding move.com to be $0.90.

The Company also will announce that preliminary projections, including the
benefit of the pending acquisitions of Avis Group and Fairfield Communities,
for adjusted earnings per share from continuing operations and excluding
move.com are $0.91 in 2001, $1.06 in 2002 and $1.21 in 2003. The growth rate
in 2001 will be negatively affected by the incremental interest from the
common stock class action litigation settlement. The impact of this interest
will diminish over time. The combined effect of the decreased interest impact
and the full year benefit of the pending Avis Group and Fairfield Communities
acquisitions will increase earnings per share growth to approximately 16% in
2002 versus 2001. The Company anticipates that the 2003 earnings per share
growth rate will return to levels more consistent with its long-term growth
goals.

The Company will announce the following financial projections for 2000 and
2001, including the benefit of the pending acquisitions of Avis Group and
Fairfield Communities in 2001:

* Adjusted EBITDA is expected to be between $1,605 million and
$1,630 million in 2000 and between $2,015 million and $2,060 million in
2001

* Depreciation and amortization is expected to be between $320 million
and $325 million in 2000 and between $425 million and $435 million in
2001

* Interest expense (non-litigation) is expected to be between
$85 million and $90 million in 2000 and between $170 million and
$180 million in 2001

* Interest expense related to litigation is expected to be between
$65 million and $70 million in 2000 and between $165 million and
$170 million in 2001

* The tax rate is expected to be 34.5% in 2000 and 2001

* Minority interest is expected to be approximately $84 million in 2000
and approximately $31 million in 2001

* Shares outstanding are expected to be between 760 million and
765 million in 2000 and between 885 million and 895 million in 2001

Additionally, the Company will announce its Adjusted EBITDA growth outlook
by business unit for 2000 and 2001 (see attached table for projected results
and footnotes).

The Company will reiterate that it has $2.5 billion in letters of credit
and surety bonds in place in connection with its class action litigation
settlement and that it expects to fund approximately $1.35 billion to the
litigation settlement trust by December 31, 2001. The Company's goal is to
maintain its investment grade ratings on its debt.

In connection with the recent adoption of new SEC rules on corporate
disclosure (Regulation Fair Disclosure), the Company intends to update and
publish forward-looking statements regarding its projected financial
performance on a periodic basis. Today's investor meeting will be
simultaneously webcast on the Company's Web site at www.cendant.com .

Cendant Corporation is a global provider of real estate, travel and direct
marketing related consumer and business services. The Company's core
competencies include building franchise systems, providing outsourcing
solutions and direct marketing. As a franchiser, Cendant is among the world's
leading franchisers of real estate brokerage offices, hotels, rental car
agencies, and tax preparation services. As a provider of outsourcing
solutions, Cendant is a major provider of mortgage services to consumers, the
global leader in employee relocation, and the world's largest vacation
exchange service. In direct marketing, Cendant provides access to insurance,
travel, shopping, auto, and other services primarily to customers of its
affinity partners. Other business units include NCP, the UK's largest private
car park operator, and WizCom, an information technology services provider.
Headquartered in New York, NY, the Company has approximately 28,000 employees
and operates 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 877-4INFO-CD
(877-446-3623).

Statements about future results made in this release and during the
investor meeting may constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These statements are
based on current expectations and the current economic environment. The
Company cautions that these statements are not guarantees of future
performance. Actual results may differ materially from those expressed or
implied in the forward-looking statements. Important assumptions and other
important factors that could cause actual results to differ materially from
those in the forward-looking statements are specified in the Company's
quarterly report on Form 10-Q for the period ended September 30, 2000.

Such forward-looking statements may include projections. Such projections
were not prepared in accordance with published guidelines of the American
Institute of Certified Public Accountants or the SEC regarding projections and
forecasts, nor have such projections been audited, examined or otherwise
reviewed by independent auditors of Cendant or its affiliates. In addition,
such projections are based upon many estimates and are inherently subject to
significant economic and competitive uncertainties and contingencies, many of
which are beyond the control of management of Cendant and its affiliates.
Certain of such uncertainties and contingencies are specified in Cendant's
quarterly report on Form 10-Q for the period ended September 30, 2000.
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.

Cendant Corporation and Subsidiaries
Financial Goals — including Avis Group and Fairfield Communities in 2001
Adjusted EBITDA(1)(2)
2000 versus 2001
($ millions)

2000 % Growth 2001

Lodging/Agency $215-220 (1)-1% $215-220
Timeshare $170-175 55-60% $270-280
Rental Car $165-170 100+% $390-400
Real Estate Franchise $430-435 5-7% $455-460
Relocation $130-135 9-11% $145-150
Mortgage $170-180 10-15% $195-205
Wholesale/Insurance $175-185 10-12% $195-205
Other $125-135 10-13% $140-150
Total $1,605-1,630 24-28% $2,015-2,060

Cendant Corporation and Subsidiaries
Financial Goals — excluding Avis Group and Fairfield Communities in 2001
Adjusted EBITDA(1)(2)
2000 versus 2001
($ millions)

2000 % Growth 2001

Lodging/Agency $215-220 (1)-1% $215-220
Timeshare $170-175 8-10% $185-190
Rental Car $165-170 12-14% $185-195
Real Estate Franchise $430-435 5-7% $455-460
Relocation $130-135 9-11% $145-150
Mortgage $170-180 10-15% $195-205
Wholesale/Insurance $175-185 10-12% $195-205
Other $125-135 (20)-(15)% $100-110
Total $1,605-1,630 5-8% $1,690-1,725

Notes: 2001 depreciation and amortization — $350-$360
2001 interest expense (non-litigation) — $110-$120
2001 shares outstanding — 830-840 million

(1) EBITDA is defined as earnings before non-operating interest, income
taxes, depreciation, amortization and minority interest. Adjusted
results exclude net gains and losses on disposition of businesses and
other items that are of a non-recurring or unusual nature.

(2) Excludes results of discontinued operations and Move.com Group

SOURCE Cendant Corporation