Cendant Corporation
CD

November 16, 2001

2-year bonds yielding 6.413 at 102.5 (12/1/03). Concerned with travel industry, rental car, housing and mortgage refinancing if rates perk up. These are my uneducated concerns and not necessarily analysts concerns. As a matter of fact I am reading a RS report on CD where they maintain strong buy on returning earnings momentum. Guidance raised since things are improving quicker than anticipated. A one-time charge in Q4’01 of 0.43/ share is expected. Great flow ratio of 0.64.

March 1, 2002

reviewing Value Line report dated March 1, 2002, I notice that projected revenues for 2001 and 2002 are 9.10 and 10.00 , whereas last report was 8.40 and 9.50. Yet projected Cash Flow for 2001 and 2002 in March 1, 2002 report are 1.50 and 1.70, whereas last report was 1.55 and 1.95. Projected Book value from report dated March 1, 2002 for 2001 and 2002 are 7.20 and 7.30, whereas last report was 5.90 and 7.10. Common shares outstanding projections for 2002 are 1100m as of March 1, 2002 report, whereas they were projected to be 1000m as of prior report (November 30, 2001). Same bonds discussed above on November 16, 2001 are now yielding 6.199 at 102.50.