Press Release: Cendant Corporation
February 1, 2002
NEW YORK, NY -- In response to unusual market conditions primarily related to concerns over off balance sheet entities
at various public companies, Cendant Corporation (NYSE: CD) yesterday announced that it has posted information
on the Company's investments in affiliated entities on its corporate Web site at www.cendant.com.
Cendant's Chairman, President and CEO, Henry R. Silverman, stated: ``It's extremely unfortunate that the market
is reacting to the existence of unconsolidated entities affiliated with Cendant Corporation. The Company has investments
in unconsolidated entities principally to support its business model of growing earnings and cash flow with minimal
asset risk. In an effort to provide clarity and eliminate further misunderstanding, we have compiled what we believe
to be all the relevant information in one conveniently accessed location on the Company's Web site.''
The Company's financial statements reflect Cendant's investments in unconsolidated entities in accordance with
generally accepted accounting principles, and these relationships are regularly reviewed by the Company's management,
its independent auditors, its audit committee and its board of directors.
Statements about future results made in this release 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 Cendant's Form 10-Q filed on November 14, 2001.
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 and competitive uncertainties and contingencies, 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.
About Cendant
Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately
60,000 employees, New York City-based Cendant provides these services to businesses and consumers in over 100 countries.
SOURCE: Cendant Corporation