Cendant Corporation
Industry: Hotels & Motels

Cendant Corporation is a diversified global provider of business and consumer services primarily within the real estate and travel sectors. The company operates in three principal divisions, travel, real estate and diversified services. The Company's travel division franchises hotel businesses, franchises and operates car rental businesses, facilitates vacation timeshare exchanges and provides fleet management services to corporate clients and government agencies. The real estate on franchises real estate brokerage businesses, provides home buyers with mortgages and assists in employee relocations. The Company's diversified services division provides marketing strategies, primarily to financial institutions, through offering an array of financial and insurance-based products to consumers, franchises tax preparation service businesses, operates parking facilities in the United Kingdom and provides information technology services.

Business Summary
Cendant Corporation is a global provider of consumer and business services, primarily to the travel and real estate services industries. The Company operates in four core business segments: Real Estate Services, Hospitality Services, Travel Distribution Services and Vehicle Services. The Real Estate Franchise Services segment franchises the real estate brokerage businesses of the CENTURY 21, Coldwell Banker, Coldwell Banker Commercial, Sotheby's International Realty and ERA brands. The Hospitality Services segment operates the worldwide Wingate Inn, Ramada, Howard Johnson, AmeriHost Inn, Days Inn, Travelodge (in North America only), Super 8 Motel and Knights Inn lodging franchise systems. The Travel Distribution Services segment provides travel content and services to consumers, travel agencies, corporations and suppliers of travel products and services worldwide. The Vehicle Services segment operates and franchises Cendant's Avis and Budget vehicle rental businesses.

Financial Summary
Cendant Corporation is a diversified global provider of business and consumer services, primarily within the real estate and travel sectors. For the 6 months ended 06/30/05, revenues rose 8% to $8.61B. Net income from cont. ops. fell 27% to $454M. Revenues reflect increased revenue contribution from the Real estate, Vehicle services and hospitality segments. Net income was offset by increased operating expenses.