Fabio Locatello / 2003 European GOLF Investment and Real Estate Conference & Exhibition

Fabio Lacatello, VP & Regional Managing Director, Southern Eastern Europe, RCI, to sit on expert panel at the 2003 European GOLF Investment and Real Estate Conference

Fabio Lacatello

November 5, 2003 -- Fabio Locatello, VP & Regional Managing Director - Southern Eastern Europe, RCI (a Cendant Company), will sit on the 'Ownership Resorts and Golf in Europe: The Timeshare Outlook' panel at the 2003 European GOLF Investment and Real Estate Conference and Exhibition in Athens on November 29, 2003.

"I'm very honoured to participate to this great event which combines golf and vacation ownership," says Fabio. "The timing couldn't be more appropriate and the subject as well as both industries are currently living an incredible growth in popularity. Golfing is already a consistent part of the vacation ownership offer and a fast growing portion of RCI's 3.3 million world-wide timeshare owners are searching and demanding for accommodations which merge the desire of vacationing with the pleasure of golfing."

Career summary

Fabio joined RCI in 1995 as Financial Controller for the Italian market.

His profile includes 10 years of Financial experience with Scar - Wurth Group, active in the Automotive market, where he served as Financial Director and member of the Executive board.

During his 9 years with RCI, Fabio covered senior positions within Finance, Travel and Sales & Marketing, where his contribute has been instrumental to the expansion and the growth of the timeshare and travel related operations in Italy.

In his role he is directly responsible for the day-by-day operations, for the implementation of the RCI sales strategies and for the new business development activities throughout the Southern Eastern Europe timeshare arena.

About RCI: The Marketplace for Leisure

RCI is a global provider of leisure travel services to businesses and consumers, and is the worldwide market leader in timeshare exchange. It is a wholly owned subsidiary of the US based Cendant Corporation, which is quoted on the New York Stock Exchange (NYSE: CD) and is a multi-billion dollar global consumer and business services organisation employing 90,000 people world-wide.

Founded in 1974 in Indianapolis, USA, as an exchange service for condominium owners and known originally as Resort Condominiums International, RCI pioneered timeshare exchange and quickly became a driving force behind the rapid growth of holiday property ownership, also known as timeshare. It became part of the Cendant group in 1997 (RCI is a subsidiary of Cendant Corporation (NYSE: CD), a provider of travel and real estate services).

RCI has a 70% share of the timeshare exchange market with 3,700 resorts registered to its exchange network and three million members worldwide; around 15% of these timeshare owning RCI member families reside in Europe. Last year the company handled 2.5 million timeshare exchanges world-wide.

Travel services are a key part of RCI's core business; in any one week of the year the company arranges travel for 100,000 holidaymakers.

RCI has 15 offices in Europe employing around 1,400 people. Its European headquarters is in London. Internationally, RCI employs 5,000 staff in 52 offices in 40 countries.

Timeshare is estimated to be the fastest growing sector within the travel and tourism industry - with a growth rate of around 12% in the last decade, and generating sales in 2002 of US$9.4 billion worldwide. 6.7 million households worldwide own a timeshare. There are around 5,400 timeshare resorts worldwide; 25% of these are in Europe. Ownership at timeshare resorts with sporting facilities is increasing, particularly those with golfing facilities. Around 10%-15% of resorts registered to RCI's exchange network have golf facilities enabling members to exchange their timeshare and play golf from Portugal to Cancun.

Further information

For further information, contact Peter Michel Heilmann, Founder & Director, INVgolf.