Angeles García-Tenorio, Business Development Manager for RCI Europe & Middle East (Cendant Group), to deliver keynote speech at the INVgolf Investment Forum 2005

FOR IMMEDIATE RELEASE

February 16, 2005 -- Angeles García-Tenorio, Business Development Manager for RCI Europe & Middle East (Cendant Group), will deliver a keynote speech titled "Worldwide tourism demand drivers: The importance of golf" at the INVgolf Investment Forum 2005, an important international industry and investment forum scheduled to take place in Belek, Antalya, Turkey, April 22 & 23, 2005.

The WTO World Tourism Barometer (Vol. 2, No. 2, June 2004) forecasts world growth in GDP of 4.4% in 2005. The growth of wealth and discretionary (disposable) income throughout the decade will be a major influence and driving force in the expansion of world travel in the period 2006 - 2010. The aging of the population in industrialised countries means a growing market of people with more discretionary income and more available time to travel.

This market is motivated by a desire to learn, experience new things, practice sports, etc., which adds meaning to people's lives rather than travel purely for rest and relaxation.

World-wide, golf is a USD 60 billion industry with 30,730 courses globally and 57 million golfers.

In Europe, the number of courses has more than doubled in the past sixteen years and the number of registered golfers has grown by an average of 6% per annum. 65% of European golfers are interested in "golf tourism" and 70% of them are looking for new destinations -- preferably a short-haul destination, i.e. a maximum three-hour flight.

Successful travel providers will be those who recognise the changing nature of travel in industrialised countries and build up the right products to respond to these trends of demand.

In her presentation at the INVgolf Investment Forum 2005, Angeles will cover key figures related to this activity and new world-wide developments focused on affinity groups related to golf to cater precisely for the demand of this important segment of the travel & tourism market.

Brief resume

Angeles García-Tenorio is Business Development and Planning Manager for RCI Europe & Middle East (EME).

Born in Spain but raised and educated in Kiel, Germany, Angeles is a graduate linguist and marketing specialist, with a degree in Business Management from the IESE Business School of the University of Navarra.

Before joining RCI Europe last year, Angeles was responsible for the launch and development of the Spanish Institute of Directors, where she managed to successfully launch and position the Institute's corporate governance activities amongst Company Directors and in the trade media, acquiring over 150 individual Directors as members in just six months.

Prior to that Angeles drove business development, marketing and communications activities for British telecommunications and Internet services provider Cable & Wireless in Spain & Portugal. She worked there for ten years generating brand and media awareness, and marketing advanced telecommunications and information technology services for the Spanish Business, Corporate and Wholesale Markets.

Moreover, Angeles has proven marketing and communications expertise in the Aerospace and High tech industries, having worked for EADS and AEG as an External Relations Manager in Spain.

Although not a golfer herself, she has organised two golf trophies and a golf clinic for corporate customers in Spain and Portugal (The Trofeo de Golf Cable & Wireless) at the PGA de Catalunya golf course, on Catalonia's Costa Brava, and at RACE (Real Automóvil Club de España) in Madrid.

About RCI

RCI operates the largest holiday exchange network in the world with more than 3,700 affiliated resorts in 90 countries. Golf is a key motivator to an important percentage of its more than 3 million member families and golf destinations are packaged in a way that offer members the possibility of enjoying their favourite sport in the context of a high-quality resort environment.

Founded in 1974, RCI pioneered the concept of vacation exchange and is today, the global leader in exchange vacations with more than three million members and over three million transactions annually. Today, RCI (Resort Condominiums International) is part of the New York City-based Cendant group (NYSE: CD). Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately 80,000 employees, New York City-based Cendant provides these services to businesses and consumers in over 100 countries. More information about Cendant, its companies and brands may be obtained by visiting the company's Web site at www.cendant.com.

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