By: Resort Condominiums International LLC
(21-10-2000)

PARSIPPANY, NJ -- Shell Vacations LLC, one of the largest independent developers of vacation ownership resorts, has signed a long-term agreement with Resort Condominiums International LLC (RCI) Global Points Network(SM) (GPN(SM)) to provide points-based vacation exchange products and services to Shell members.

Under the agreement, Shell provides GPN with quality inventory at its resorts in California, Arizona and Hawaii, and Shell Vacations Club members gain access to GPN, the largest points-based timeshare exchange network in the world, as well as additional value-added vacation and travel services provided by RCI.

``Shell resorts are among the finest in the world, and we are pleased to add these as part of the first multi-site vacation club to join our growing GPN network,'' said Kenneth May, president and chief executive officer, RCI. ``This agreement demonstrates the momentum that GPN is building within the timeshare world, and the enormous potential of the RCI's points-based exchange concept.''

``GPN offers our members expanded vacation resort choices and enhances our existing points-based vacation club,'' said Tracy Sherles, vice president, Shell Vacations LLC. ``Our members now have more international resorts to choose from, as well as a greater array of travel services.''

``We are enhancing our service to our Club members without having to make an enormous investment in technology and infrastructure,'' said Shelly Ginsburg, managing director, Shell Vacations LLC.

RCI launched GPN in April of 2000 to provide exchanges that are more flexible than the traditional week-for-a-week exchange service. GPN gives its members access to varying lengths of stays, unit types and sizes, and travel products.

In addition to vacations at top-quality resorts such as Shell, GPN members and Shell Vacations Club members can access GPN for benefits such as air travel, including American Airlines flights to Hawaii and Europe; car rentals from Avis; stays at over 180 Marriott Hotels, Resorts or Suites in the United States, Europe and the Middle East; golf getaways at more than a dozen dedicated golf resorts; cruises to destinations around the world on leading cruise lines; and lodging at fine hotels throughout the United States, including Orlando, Las Vegas and New York.

``The added value of GPN's alliances has transformed vacation ownership from a concept of accommodations-only to a full-service vacation resource with an amazing array of choices for our members,'' said Sherles.

The use of points in place of traditional week intervals as the basis for vacation ownership is acknowledged as the future of the industry. According to RCI Consulting, 25 percent of all active timeshare resorts in the U.S. now sell points, making it the fastest-growing product in the industry.

``At Shell, we have always recognized that our members preferred the flexibility of points-based exchanges,'' said Perry Snyderman, managing director, Shell Vacations LLC. ``What convinced us that GPN provided the best exchange option for our members was the global reach of their network and the additional services and customer support that RCI has invested in this service.''

Shell Vacations LLC owns and operates Shell Vacations Club (http://www.shellvacationsclub.com). Founded in 1963, Shell Vacations is one of the nation's largest independent developers of vacation ownership resorts. Today, Shell Vacations' 2,000 employees operate 14 vacation ownership resorts in Canada, California, Arizona and Hawaii and serve more than 50,000 owners.

RCI (http://www.rci.com) is the world's leading timeshare-exchange company with more than 3,700 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 Corp. (NYSE: CD), a global provider of consumer and business services. "