Parsippany, NJ 07-10-2002—RCI Resort Management (RCIRM), the leading resort management company in the vacation ownership industry, today announced that Timeshare Management Service International (TMSI), formerly a division of RCI Europe, will become part of RCIRM and operate under the name RCI Resort Management - Europe (RCIRM-Europe).

TMSI, acquired by RCI Europe in April 2001, currently manages fifteen resorts located throughout Europe. RCIRM and RCIRM-Europe together offer developer and homeowners association clients centralized resort management functions that create operating efficiencies and reduced overheard in human resources, information technology, legal, finance and call center operations.

RCIRM manages more than 280 resorts and associations around the world representing nearly 600,000 owners. As the leading resort management company and full-service provider of resort and association management services, RCIRM is leveraging its economies of scale, the resources of RCI and Cendant Corporation, and a deep and talented workforce of dedicated professionals to become a greater engine for client growth around the world, in resort revenues, inventory utilization, resort and guest services, quality assurance and value-added travel services.

“RCIRM`s philosophy is to treat every resort, whether timeshare, whole ownership or hotel, as though they are our only client,” said John Paul Nichols, executive vice president, RCI Leisure Property Management Division and president, RCIRM. “That philosophy reflects in the company’s recent performance, with annualized occupancy levels at 87 percent, and 95 percent satisfaction ratings among visitors at our resorts. These numbers give us the fuel to continue to grow our business, expand our reach internationally and become the brand of choice worldwide.”

Under Nichols` leadership, RCIRM will continue to pursue its expansion into international markets. Currently, RCIRM is planning continued growth in Europe as well as in the Asia Pacific region and Latin America.

About RCIRM: RCI Resort Management is a unit of RCI Leisure Property Management, a global division of RCI, a provider of services to the travel and leisure industry. RCIRM is the world`s leading resort management company in the vacation ownership industry, responsible for 280 resorts and associations, with 2,200 employees worldwide dedicated to excellence in customer service.

About RCI: RCI is a global provider of leisure travel services to businesses and consumers, with market leadership positions in vacation property exchange, rental and resort management. As a growth partner to its business clients, RCI leverages core competencies in networks, technology, brand and product development and world-class customer service to deliver superior vacation experiences for travelers anywhere in the world.

RCI operates the world`s largest vacation exchange network, RCI Weeks, with 3 million members around the world, as well as the world`s only global points-based exchange network, RCI Points. The RCI Holiday Network offers consumers the world`s largest and most diverse selection of holiday rental properties, and operates rental programs on behalf of resorts around the world. RCI offers property owners at private residence clubs access to a portfolio of fine leisure assets through The Abercrombie & Kent Registry, bringing flexibility and added value to the luxury segment of the vacation ownership industry. RCI Resort Management is the vacation ownership industry`s largest property management company, providing branded holiday experiences to consumers on behalf of nearly 280 resorts and associations worldwide. RCI is a subsidiary of Cendant Corporation (NYSE: CD), a global provider of services primarily in travel and real estate.

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