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The remaining liability related to the workforce reduction and fundings under guarantees will be substantially paid by the end of 2002. The amounts related to the space reduction 

## OPERATING PROFIT IMPACT 

and resulting lease expense due to the consolidation of facili- ties will be paid over the respective lease terms through 2012. Further detail regarding the charges is shown below: 

<img src='content_image/44714.jpg'>

## NON-OPERATING IMPACT 

<img src='content_image/44716.jpg'>

## SUBSEQUENT EVENTS (unaudited) 

In March 2002, Marriott and Cendant Corporation (“Cendant”) completed the formation of a joint venture to fur- ther develop and expand the Ramada and Days Inn brands in the United States. We contributed to the joint venture the domestic Ramada license agreements and related intellectual property at their carrying value of approximately $200 million. We also contributed a $205 million note receivable from us and the joint venture assumed a $205 million note payable to us, which eliminate upon consolidation. Cendant contributed the Days Inn license agreement and related intellectual property with a carrying value of approximately $205 million. We each 

own approximately 50 percent of the joint venture, with Cendant having the slightly larger interest. We will account for our interest in the joint venture using the equity method. The joint venture can be dissolved at any time with the consent of both members and is scheduled to terminate in March 2012. In the event of dissolution, the joint venture’s assets will generally be distributed in accordance with each member’s capital account. In addition, during certain periods of time commenc- ing in March 2004, first the joint venture and later Marriott will have a brief opportunity to cause a mandatory redemption of Marriott’s joint venture equity. 

