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RCI Signs New Resort Affiliate in Germany

RCI to provide European resort with variety of programs and services support

Press Release: RCI
September 17, 2004
PARSIPPANY, NJ -- RCI, the global leader in vacation property exchange, announced yesterday that Germany's Sportshotel am Pfahl has signed a new affiliation agreement adding the vacation ownership property, located in the spa village of Viechtach within Germany's Bavarian Forest, to RCI's worldwide network of affiliated resorts.

Through this agreement, RCI will provide Sportshotel am Pfahl with a variety of programs and services that facilitate vacation exchange, ensure operational efficiency, increase customer retention and strengthen customer-marketing programs. These services include RCI® Weeks, Call Center Support, Travel Services, Direct-Mail Marketing and RCI's Resort Recognition and Comment Card quality assurance programs.

"Europe continues to be one of the most popular tourism destinations for leisure travelers around the world," said Ken May, RCI's president & chief executive officer. "We're proud to continue to expand our portfolio of exciting destinations in Germany to support our affiliates and enhance their sales and marketing efforts."

Sportshotel am Pfahl is a 110-room resort offering vacationers the chance to explore the region's beautiful countryside and take advantage of unique on-site facilities including a steam bath and Kneipp treatments, a 19th century bath therapy using natural herb and plant extracts. The resort is owned and operated by AZ Ferienclub Anton Zollner and is managed by Markus Fischer. Additional information is available at www.hotelampfahl.de or by calling +49-9942-9570.

About RCI:
RCI is a global provider of leisure travel services to businesses and consumers, and the worldwide leader in vacation property exchange and hospitality occupancy and revenue solutions. As a growth partner to its business clients, RCI leverages core competencies in exchange/barter networks, member marketing and business partnering to build membership in travel and unlock the value of leisure assets in vacation ownership, real estate, hospitality, travel and tourism, and with affinities. RCI is a subsidiary of Cendant Corporation (NYSE: CD), a provider of travel and real estate services.

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Media Contact:
David Jimenez
Sr. Mgr. External Communications
RCI
7 Sylvan Way
Parsippany, NJ 07054
Tel: (973) 496-7021
Fax: (973) 496-1977
david.jimenez@cendant.com