RCI, the world�s leading timeshare exchange and travel organisation, has retained the accolade of Call Centre of the Year - Large Agency and picked up the additional title of Best Leisure Air Seat Retailer of the Year at the Travel Industry The 2003 Agent Achievement Awards.

Over 80 finalists from all over the UK took part in the awards, now in its seventh year. Nominations for 33 award categories were submitted from across the industry and judged by a panel of specialists in each field. RCI was also a finalist in the Travel Agent of the Year - Central England category.

RCI�s award-winning UK call centre is based in Kettering, Northants, where a team of over 200 agents service the holiday needs of its 200,000 member families. In addition to its core exchange and travel business, RCI acts as travel agency for a number of banks in Europe, including the Royal Bank of Scotland, Ulster Bank and Lloyds TSB in the UK, for whom it sells the full range of holiday products, including leisure flights.

Paul Carter, Vice President - Travel, RCI Europe, who accepted the awards at a glittering ceremony on April 6, 2003, commented: �We are absolutely delighted to receive these prestigious awards and would like to thank all of our key travel partners for their continued support.

"RCI has now been recognised as Call Centre of the Year for two consecutive years. We attribute this to our large investment in new technology and comprehensive staff training, enabling our agents to deliver consistent, world-class service to our customers. We are part of Investors in People and have one of the best records for staff retention in the industry. Our commitment to our employees has resulted in a steady growth in package holiday, car rental and leisure flight sales.�

As part of the Cendant group of companies, which includes the Galileo distribution system, RCI is in a strong position to capitalise on group synergies. Over �1.5 million will be spent during the next 18 months to cement RCI�s position as a leader in leisure travel distribution, focusing primarily on new back-office technology and implementing an internet booking engine.

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Notes to Editors:

About RCI

RCI is a global provider of leisure travel services to businesses and consumers. It is the market leader in holiday property exchange, rental, and resort management.

In partnership with its business clients, RCI delivers superior holiday experiences for travellers across the globe, utilising its expertise in world-class customer service, network, technology, brand and product development.

RCI's core business is the RCI community, an exchange network of 3 million timeshare owners around the world who enjoy dream vacation experiences through RCI's traditional week-for-week and points-based exchange networks.

RCI provides consumers the world's largest and most diverse selection of holiday rental properties through the RCI Holiday Network, and operates rental programmes on behalf of resorts, property management companies and holiday property owners around the world.

RCI Resort Management is the holiday ownership industries largest property management company, providing branded holiday experiences to consumers on behalf of nearly 280 resorts and associations world-wide.

RCI also offers property owners at private residence clubs access to a portfolio of fine leisure assets through The Abercrombie and Kent Registry, bringing flexibility and added value to the luxury segment of the holiday ownership industry.

RCI is a subsidiary of Cendant Corporation (NYSE: CD), a global provider of services primarily in travel and real estate.

For further information, please contact: Rebecca Genin, Samantha Jones or Geoff Saltmarsh The Saltmarsh Partnership Tel: 020 7928 1600 Fax: 020 7928 1700 E-mail: rebecca@saltmarshpr.co.uk The Copperfields, 25d Copperfield Street, London SE1 0EN