Brenda W. Casserly Promoted To Ceo Of Era Real Estate

Judy Green Appointed as Chief Operating Officer for ERA

(Friday, May 19, 2006) - The Cendant Real Estate Franchise Group today announced the promotion of Brenda W. Casserly to president and chief executive officer of ERA Real Estate. Casserly has served as president and chief operating officer of ERA(r) since 2001. In addition, ERA announced the appointment of Judy Green as its chief operating officer. Green most recently served as chief administrative officer for NRT Incorporated, a Cendant subsidiary that is the nation's largest residential real estate brokerage company.
"I am pleased to announce Brenda Casserly's promotion to president and CEO of ERA Real Estate," said Alex Perriello, president and CEO of Cendant's Real Estate Franchise Group. "The ERA(r) network has experienced tremendous growth since Brenda first became president and chief operating officer. In addition, Judy Green is a well-respected real estate industry leader and is a tremendous addition to the ERA senior leadership team."

Under Casserly's leadership, ERA Real Estate has increased its annual sales volume by more than 50 percent since 2001. At the same time, the ERA network has grown to include nearly 3,000 offices and 38,000 sales associates and brokers in 29 countries and territories worldwide.

As president and chief executive officer, Casserly will continue to lead the growth, development and strategic direction of ERA Real Estate. In her new role with ERA, Green will be responsible for all field service operations and will oversee the regional field staff, training, business development, affiliate transitions and operational review.

In Green's most recent role as NRT's chief administrative officer, she was responsible for NRT's efforts in relocation, preferred alliances, acquisitions, and ancillary services including mortgage and settlement services. A real estate professional for more than 20 years, Green has vast and extensive professional and personal experience that includes serving as president and CEO of Coldwell Banker Residential Real Estate in Florida, NRT senior vice president of Florida and Texas, ownership of a real estate company and a term as the first female mayor of the City of Oviedo, Fla.

About the Real Estate Services Division of Cendant Corporation

The Real Estate Services Division of Cendant Corporation (NYSE: CD) will become Realogy Corporation upon the completion of its previously announced spin-off from Cendant, anticipated in June 2006. The Division consists of four primary business units: the Real Estate Franchise Group, representing approximately 15,000 residential and commercial franchised real estate offices and 310,000 sales associates affiliated with the Century 21(r), Coldwell Banker(r), Coldwell Banker Commercial(r), ERA(r) and Sotheby's International Realty(r) brand names; Cendant Mobility (which will become Cartus), a premier provider of employee relocation and global mobility services; NRT Incorporated, the nation's largest residential real estate brokerage company with operations in 35 major metropolitan areas; and Title Resource Group (TRG), a national provider of title and settlement services.

Media Contacts: Mark Panus, (973) 496-7215, mark.panus@cendant.com Steve Alessandrini, (973) 496-7904, steve.alessandrini@cendant.com

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