Cendant Acquires Coldwell Banker Success Realty And Its Affiliated Companies In Arizona And New Mexico

Subsidiary NRT Expands Operations into Southwest by Attracting Area's Market Leader

PARSIPPANY, N.J.AND SCOTTSDALE, ARIZ. (Thursday, September 15, 2005) - Cendant Corporation (NYSE: CD) today announced that its subsidiary, NRT Incorporated, has acquired the assets of CMLB, Ltd., which operates as Coldwell Banker Success Realty in Scottsdale, Ariz. With this announcement, Coldwell Banker Success Realty, one of the largest Coldwell Banker® franchisees, will now be owned and operated by NRT Incorporated, a wholly owned subsidiary of Cendant and the largest residential real estate brokerage company in the nation.


"This is a strategic acquisition that positions NRT to capitalize on two of the fastest growing housing markets in the United States," said Richard A. Smith, chairman and CEO of Cendant's Real Estate Services Division. "Arizona and New Mexico are two marketplaces with strong economies and expanding populations — an excellent complement to our diversification strategy."

Coldwell Banker Success Realty was ranked among the top 20 companies nationwide on the industry's REAL Trends 500 list in transaction sides and closed sales volume for 2004. During the last 12 months, Coldwell Banker Success Realty accounted for nearly $7 billion in total closed sales volume. The company has 40 offices and 2,200 sales associates in various Arizona markets, including Phoenix, Scottsdale, Mesa and Tucson under the Coldwell Banker banner. In addition, the company has five offices and 150 sales associates in Santa Fe, N.M., operating under the French & French Sotheby's International Realty banner.

Bob McCord, formerly chairman and CEO for Coldwell Banker Success Realty, will continue with NRT as chairman for the Arizona-based organization that will now operate as Coldwell Banker Residential Brokerage. Bill Jilbert, formerly president and COO for Coldwell Banker Success Realty, will assume this same role for Coldwell Banker Residential Brokerage in Arizona. Clayton Andrews, executive vice president and COO of the mountain region for Sotheby's International Realty, Inc., will expand his role to oversee Santa Fe operations.

"By joining NRT's family of companies, our sales associates will gain unparalleled resources and a market presence that extends far beyond our borders of Arizona and New Mexico," said McCord. "Keeping our affiliation to our Cendant brand names and becoming part of the nation's largest residential real estate brokerage will also bring tremendous advantages in the areas of marketing, technology and back-office support to our sales associates that will ultimately be apparent to our clients."

Bruce Zipf, president and chief executive officer for NRT said, "I've admired Bob McCord and Bill Jilbert for the remarkable job they have done in creating a tremendously successful organization. We look forward to their continued contribution to the expansion of this company."

NRT Incorporated, a subsidiary of Cendant Corporation, is the largest residential real estate brokerage company in the United States and also has offices in the United Kingdom. NRT has more than 1,000 offices and 60,000 sales associates operating in more than 35 of the largest metropolitan markets. In 2004, NRT posted a real estate industry record of $204 billion in closed sales volume.

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