Era Real Estate Announces Winners Of Third Annual Scholarship Program

Three grants totaling $30,000 presented to family members of ERA network professionals

PARSIPPANY, NJ (Tuesday, February 21, 2006) - The winners of the ERAź Scholarship Grant Program were announced at the annual ERA International Business Conference in San Francisco. Each winner received a $10,000 check to further her academic pursuits. Brenda W. Casserly, president and COO of ERA Real Estate, and Alex Perriello, president and CEO of the Cendant Real Estate Franchise Group, were on hand to present the scholarship grants to the three winners:

* Katie Lynn Kyle of Piedmont, Okla., a senior at Cashion High School and daughter of Stephen Kyle, a broker with ERA Kylecor in Oklahoma City.

* Katie Lanza of Youngstown, N.Y., the granddaughter of Lawrence Lanza, a sales associate with Hunt Real Estate ERA in Orchard Park. Katie is currently enrolled at Medaille College in Buffalo.

* Letita M. VasConselles of Rio Racho, N.M., a student at Albuquerque Technical Vocational Institute and the daughter of Sandra Dillinger, a sales associate at Pargin Realty ERA in Albuquerque, N.M.

"Once again, ERA Real Estate is proud to help support the academic pursuits of several bright and hard-working students," said Casserly. "Just as we are committed to fostering the continued growth of our affiliate members through ongoing training and development, we are equally dedicated to providing educational opportunities for their children and grandchildren through programs such as this scholarship program."

The grant program was open to children, grandchildren or legal wards of real estate professionals affiliated with the ERA system. Eligible candidates had to have a current cumulative GPA of 3.3 or higher (on a 4.0 scale), demonstrate financial need and reflect the same ideals for which ERA professionals are well known: leadership, volunteerism and a commitment to life-long learning.

About ERA Franchise Systems, Inc.
ERA Franchise Systems, Inc. is a global leader in the residential real estate industry with more than 30 years experience in developing consumer-oriented products and services. ERA Real Estate has earned the prestigious 2005 J.D. Power and Associates Award for "Highest Overall Satisfaction For First Time Home Sellers Among National Full Service Real Estate Firms." The ERAź real estate network includes more than 36,600 brokers and sales associates and 2,800 offices throughout the United States and 28 other countries and territories. Each office is independently owned and operated except offices owned and operated by NRT Incorporated. ERA Franchise Systems, Inc. is a subsidiary of Cendant Corporation (NYSE: CD) and part of its Real Estate Franchise Group. ERAź information is available to consumers at ERA.com. For additional information about ERA Franchise Systems, Inc. as well as expert commentary on emerging trends in the real estate industry, visit the Cendant Media Resource Center at http://www.cendant.com/media/.

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ERA Franchise Systems Inc.
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Parsippany, NJ

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