PARSIPPANY, N.J.—(BUSINESS WIRE)—Aug. 13, 2002—Cendant Corporation announced today that Alain Grange has been named President and Managing Director, Cendant International Timeshare Resort Group.

In this newly-created position, Grange will lead Cendant`s efforts to expand its timeshare resort development portfolio beyond the United States.

Developers within the Cendant Timeshare Resort Group currently market vacation ownership interests at resorts outside the United States on a limited basis, with Fairfield Resorts having a presence in the Caribbean and Trendwest Resorts operating in the South Pacific, Mexico and Canada, but the majority of Cendant`s resorts and operations are within the U.S.

“Our goal is to leverage our core competencies in resort development, sales, marketing, finance, exchange and value-added services to take advantages of opportunities for timeshare in both traditional and emerging tourism markets around the world,” said Jack McConnell, president, Cendant Timeshare Resort Group. “Alain Grange is ideally qualified to lead these efforts.”

Prior to his new position Alain has served as president and chief executive officer of RCI Latin America/Caribbean, where he oversaw all operations in the region on behalf of Cendant`s timeshare exchange unit. Before joining Cendant, Grange spent nine years with Starwood Vacation Ownership, Inc. (SVOI), of Orlando, Fla., as president and CEO of SVOI International, where he led in the planning and creation of Starwood`s international resort development portfolio as well as all international sales and marketing activities.

“We see opportunities for timeshare in a number of regions where Cendant`s existing timeshare developers have not yet established a strong presence,” said Grange. “Our expansion efforts may include many different types of initiatives, including acquisitions, strategic partnerships and joint ventures, with proprietary branding as well as private label branding.”

The Cendant Timeshare Resort Group is the world`s largest timeshare development business, with over $1 billion in combined annual vacation ownership interest revenues, and more than 600,000 owners, 10,000 units and 110 resorts. Business units include Fairfield Resorts, based in Orlando, Fla., and Trendwest Resorts, based in Redmond, Wash. The Cendant Timeshare Resort Group is dedicated to the highest standards of ethics and practices in the marketing and sales of innovative, market-leading vacation ownership products and services.

Cendant Corporation (NYSE: CD) is a diversified global provider of business and consumer services primarily within real estate and travel.

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