Ragatz Associates have announced today imminent plans to set up a European operation with offices in Spain and the UK to service Europe and the Middle East. The opening of a European based operation signals the growth of the shared leisure real estate market in this region and the increasing demand by the industry for tailored research services.

As an international consulting and market research company providing services to the resort industry, Ragatz has carried out projects throughout the world, although with an important focus on the North American market.

Richard Ragatz, President of Ragatz Associates said:

'Europe and the Middle East are important markets for all kinds of shared leisure real estate ownership whether its timeshare, fractional interests, condo-hotels or Private Residence Clubs and consequently offer Ragatz a wide range of business opportunities. Europe has an established timeshare industry that is growing and evolving and the Middle East represents a potential $2bn in sales over the next several years.'

Preben Vestdam, CEO RCI Europe & Middle East said

'At RCI we are seeing increased interest from European hospitality companies wanting to expand their business to encompass shared ownership models, and established brands associated with timeshare in the US looking to Europe as an area of potential growth. It's vital that we have a research consultancy with the experience and expertise of Ragatz based in Europe to help these interested companies invest in this region and continue to conduct important research on this dynamic and evolving industry.'

Set up in 1974, Ragatz has conducted over 2000 studies for resort developments and related companies in 56 countries. With a client base ranging from small individually owned companies and international corporations to national governments, Ragatz has conducted several landmark studies including the first worldwide survey of the resort timeshare industry (last updated in 2003) and the first national survey in the US of fractional interest purchasers (last updated in 2005).

Ragatz will offer the following services to European and Middle Eastern clients: market analysis; feasibility analysis; financial analysis; consumer surveys; consumer focus groups; mystery shopping; resort inspection and economic impact analysis.

For more information contact: Andrew Berry, Director Consulting & Research Ragatz Associates Europe & Middle East on Tel: +44 (0) 1536 314587.

Media Contacts: Sarah Long at RCI on 020 8762 6582 or slong@europe.rci.com, or call the Red Consultancy on 020 7025 6500 and ask for the RCI team.

Notes to editors

� Ragatz Associates is a subsidiary of RCI, owned by Cendant Corporation.

About RCI RCI is a global provider of leisure travel services to businesses and consumers, and the worldwide leader in holiday exchange. As a growth partner to its business clients, RCI leverage core competencies in exchange/barter networks, business partnering and travel currency arbitrage to build membership in travel and unlock the value of leisure assets in holiday 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.