The transaction is valued at approximately $690 million and is expected to close on April 2, 2001, following the special meeting of Fairfield stockholders.

Fairfield Communities, with more than 324,000 vacation-owning households, is one of the largest vacation ownership companies in the United States, marketing and managing resort properties at 33 locations in 12 states and the Bahamas.  Fairfield operates over 32 dedicated sales centers and manages over 110 timeshare and whole ownership resort associations.

Cendant Corporation is a diversified global provider of business and consumer services primarily within the real estate and travel sectors. The Company�s core competencies include building franchise systems and providing outsourcing services.  Cendant is among the world�s leading franchisers of real estate brokerage offices, hotels, rental car agencies, and tax preparation services.  Cendant is also a provider of outsourcing solutions to its business partners including mortgage origination, employee relocation, customer loyalty programs, vehicle management and fuel card services, and vacation exchange services. Other business units include NCP, the UK�s largest private car park operator, and WizCom, an information technology services provider. With headquarters in New York City, the Company has approximately 55,000 employees and operates in over 100 countries.

Statements about future results made in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.