Cendant Acquires RCI Southern Africa and RCI Pacific

NEW YORK, Dec. 18 /PRNewswire/ — Cendant Corporation (NYSE: CD) today
announced that RCI Europe, a wholly owned subsidiary, has entered into an
agreement to acquire 100 percent of the share capital in Vacation Exchanges
International, Ltd, trading as RCI Southern Africa Ltd, from Avis Southern
Africa Limited and other minority shareholders for $48 million in cash. The
transaction is subject to customary regulatory approvals and is expected to
close in the first quarter of 2001.

We expect this transaction to be immediately accretive to Cendant's
earnings and cash flow, said Cendant Vice Chairman and Travel Division
Chairman and CEO, Stephen P. Holmes. Additionally, owning the license in
this part of the world enhances the overall strategic direction of RCI's
leadership role in the global timeshare industry.

Bringing these businesses back into our RCI unit is a natural step
towards further strengthening Cendant's holdings in timeshare, a strategic
business sector for us, said Ken May, RCI president and CEO. These
businesses are delivering strong results in regions where further growth is
possible, and we intend to be a driver of this growth.

Included in this acquisition is the remaining 50 percent ownership stake
in RCI Pacific (Pty) Ltd not already owned by Cendant, 100 percent of the
shareholding of Club Resorts International Operations (Pty) Ltd, 100 percent
of Club Resorts International IPO (Pty) Ltd and 100 percent of RCI Management
Services (Pty) Ltd.

RCI Southern Africa Ltd operates in the timeshare exchange industry in
southern Africa, Australia, New Zealand and Fiji. RCI has more than
180,000 members in South Africa and 50,000 members in the Pacific region.

About RCI
RCI is the world's leading timeshare-exchange company with more than
3,600 affiliated resorts in 93 countries. In 1999, RCI booked more than
2 million exchanges, sending an estimated 7.5 million people on vacation. As
a single-source resource of integrated timeshare solutions, the company's
services include feasibility analysis, market research, technological support
and lead-generation strategies along with club development and operations.
RCI is a subsidiary of Cendant Corporation.

About Cendant Corporation
Cendant Corporation is a global provider of real estate, travel and direct
marketing related consumer and business services. The Company's core
competencies include building franchise systems, providing outsourcing
solutions and direct marketing. As a franchiser, Cendant is among the world's
leading franchisers of real estate brokerage offices, hotels, rental car
agencies, and tax preparation services. As a provider of outsourcing
solutions, Cendant is a major provider of mortgage services to consumers, the
global leader in employee relocation, and the world's largest vacation
exchange service. In direct marketing, Cendant provides access to insurance,
travel, shopping, auto, and other services primarily to customers of its
affinity partners. Other business units include NCP, the UK's largest private
car park operator, and WizCom, an information technology services provider.
Headquartered in New York, NY, the Company has approximately 28,000 employees
and operates in over 100 countries. More information about Cendant, its
companies, brands and current SEC filings may be obtained by visiting the
Company's Web site at http://www.cendant.com or by calling 877-4INFO-CD

Statements about future results made in this release may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on current
expectations and the current economic environment. The Company cautions that
these statements are not guarantees of future performance. Actual results may
differ materially from those expressed or implied in the forward-looking
statements. Important assumptions and other important factors that could
cause actual results to differ materially from those in the forward-looking
statements are specified in the Company's quarterly report on Form 10-Q for
the period ended September 30, 2000.

Such forward-looking statements may include projections. Such projections
were not prepared in accordance with published guidelines of the American
Institute of Certified Public Accountants or the SEC regarding projections and
forecasts, nor have such projections been audited, examined or otherwise
reviewed by independent auditors of Cendant or its affiliates. In addition,
such projections are based upon many estimates and are inherently subject to
significant economic and competitive uncertainties and contingencies, many of
which are beyond the control of management of Cendant and its affiliates.
Certain of such uncertainties and contingencies are specified in Cendant's
quarterly report on Form 10-Q for the period ended September 30, 2000.
Accordingly, actual results may be materially higher or lower than those
projected. The inclusion of such projections herein should not be regarded as
a representation by Cendant or its affiliates that the projections will prove
to be correct.

SOURCE Cendant Corporation