Cendant Real Estate Services Acquires Coldwell Banker Pacific Properties, Ltd.

PARSIPPANY, N.J. and HONOLULU, Nov. 1 /PRNewswire-FirstCall/ -- Cendant Corporation today announced that its real estate services subsidiary, NRT Incorporated, has acquired Coldwell Banker Pacific Properties, Ltd. and Coldwell Banker Commercial Pacific Properties, Ltd. in Honolulu. With this announcement, Coldwell Banker Pacific Properties, the largest residential real estate brokerage in Hawaii, will now be owned and operated by NRT.

During the past year, Coldwell Banker Pacific Properties accounted for approximately $2 billion in closed sales volume, which ranked No. 74 nationwide on the industry's REAL Trends 500 list. The company operates five residential sales offices with 500 sales associates on Oahu, where nearly three-quarters of the state's population resides. Coldwell Banker Commercial Pacific Properties, Ltd. is a single-office commercial real estate company with 15 sales professionals operating on Oahu.

"We are pleased that NRT will be entering such a strategic market as Hawaii," said Richard A. Smith, chairman & CEO of Cendant's Real Estate Services Division. "This acquisition helps us continue to diversify our portfolio of leading residential real estate brokerage firms in key markets across United States. This focus will continue as we transition from being a division of Cendant to an independent, publicly traded real estate services company, which is planned to occur in the summer of 2006."

Scott Bradley and Herb Conley, Jr., co-owners and managing directors of Coldwell Banker Pacific Properties, will continue as managing directors and co-presidents of the Hawaii-based operation for NRT.

"NRT can provide resources far beyond what we could provide on our own, and our sales associates and clients will see improvements in marketing, technology and services," said Bradley. Conley added, "This will extend our potential referrals across a network that goes beyond Hawaii and across the United States, strengthening our ability to connect buyers and sellers. We're especially pleased to continue to do business under the Coldwell Banker brand, which has a great deal of equity for us and our associates."

Founded in 1995, Coldwell Banker Pacific Properties was formed following the merger of four of the state's top five brokerage firms, and simultaneously became a Coldwell Banker(R) franchisee. During 2004, Coldwell Banker Pacific Properties was involved in the sale of more than 4,000 homes.

"Scott Bradley and Herb Conley have created a realty firm that has continued to outperform its peers," said Bruce Zipf, president and CEO for NRT. "Just as importantly, they have created a culture within their company that is known for integrity, innovation and growth, which have always been the hallmark of our success at NRT."

NRT Incorporated is the largest residential real estate brokerage company in the United States and also has offices in the United Kingdom. NRT operates in more than 35 major metropolitan areas. In 2004, NRT posted a real estate industry record of $204 billion in closed sales volume.

About the Real Estate Services Division of Cendant Corporation

Cendant Corporation is primarily a provider of residential real estate and travel services. On Oct. 24, 2005, Cendant announced its plans to separate into four independent, publicly traded companies - one for each of its real estate, travel distribution, hospitality and vehicle rental businesses. The transaction is expected to be completed in the summer of 2006, at which time the Cendant name will be retired. The Real Estate Services Division, which will remain intact to become a new, stand-alone Real Estate Services company, consisting of four primary business units: the Real Estate Franchise Group, representing more than 14,000 residential and commercial franchised real estate offices and 300,000 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, a premier provider of employee relocation and global mobility services with six global service centers on four continents; NRT Incorporated, the nation's largest residential real estate brokerage company with operations in 35 major metropolitan areas; and Cendant Settlement Services Group, a leading national provider of title, escrow and other settlement services. For more information on Cendant's Real Estate Services Division 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.

Completion of Cendant's contemplated separation is subject to various risks, including but not limited to, risks inherent in the contemplated separation and related transactions and borrowings and costs related to the proposed transactions; distraction of Cendant and its management as a result of the proposed transactions; changes in business, political and economic conditions in the U.S. and in other countries in which Cendant and its companies currently do business; changes in governmental regulations and policies and actions of regulatory bodies; changes in operating performance; access to capital markets and changes in credit ratings, including those that may result from the proposed transaction; the ability of Cendant to obtain the financing necessary to consummate the transaction; and the ability of Cendant to satisfy certain conditions precedent, including, final approval by our Board of Directors, receipt of a tax opinion of counsel and the filing and effectiveness of registration statements.