Cendant's Real Estate Brands Join Forces With National Association of REALTORS -NAR- To Strengthen Real Estate Industry's Commitment to Multicultural Future.

SAN DIEGO--(BUSINESS WIRE)--March 12, 1999--

CENTURY 21(R), Coldwell Banker(R), and ERA(R) Become First National

Sponsors of NAR's "At Home with Diversity: One America" Initiative

Citing current housing statistics that highlight the changing demographics of the real estate marketplace, Cendant Corporation (NYSE: CD) today announced its national sponsorship of the groundbreaking "At Home With Diversity: One America" program developed by the National Association of REALTORS(R) ("NAR") and the U.S. Department of Housing and Urban Development ("HUD"). The program is designed to train and certify real estate professionals in cultural diversity and outreach, in addition to signaling their commitment to principles of diversity.

According to recent statistics compiled by the Joint Center for Housing Studies at Harvard University, minority buyers were responsible for 42 percent of the increase in the number of U.S. homeowners since 1994. The African-American and Hispanic populations alone accounted for 28 percent of the increase in the number of homeowners in recent years, and more than two-thirds of African-Americans and Hispanics polled cite "homeownership" as a "very important priority" or a "number one priority." In addition, the number of first-time homebuyers has been steadily increasing among minority populations.

"We applaud NAR's recognition that the real estate marketplace, just as the nation as a whole, is becoming increasingly multicultural," said Richard A. Smith, chairman and CEO of Cendant's Real Estate Division. "Cendant is committed to keeping our franchisees strongly positioned to meet the needs of all their potential customers - and the "At Home With Diversity: One America" initiative represents a critical educational component of that effort."

As part of the new two-year sponsorship agreement, Cendant's Real Estate Division will coordinate workshops on diversity issues at its national conferences (including this week's ERA International Business Conference in San Diego) and offer similar courses at other venues throughout the year. In addition, information on "At Home With Diversity: One America" principles and course offerings will be included in marketing materials and internal franchisee publications. The "One America" principles include a commitment to the U.S. Fair Housing Act and an awareness of the special needs that culturally diverse customers may have during the home buying/selling process.

"The enthusiasm of our industry to promote market diversity is epitomized by the corporate commitment of Cendant and its real estate companies to offer the One America course," said NAR President Sharon A. Millett. "The national reach of these companies will provide tremendous exposure for the training, and we at NAR congratulate Richard Smith for leading this effort."

The National Association of Realtors, "The Voice for Real Estate," is the nation's largest professional association, representing more than 730,000 members involved in all aspects of the real estate industry.

Cendant Corporation is a global provider of consumer and business services. The Company operates in four principal divisions: Travel Related Services, Real Estate Related Services, Alliance Marketing Related Services and Other Consumer and Business Services. In Real Estate Related Services, Cendant is the world's largest franchiser of residential real estate brokerage offices with more than 12,000 offices and over 200,000 agents worldwide, a major provider of mortgage services to consumers, and a global leader in corporate employee relocation. In Travel Related Services, Cendant is the leading franchiser of hotels and rental car agencies worldwide, the largest provider of vacation exchange services, and a leading fleet management company. In Alliance Marketing Related Services, Cendant provides access to insurance, travel, shopping, auto, and other services, primarily through direct marketing to customers of its affinity partners. Other Consumer and Business Services include Jackson Hewitt, a leading tax preparation service franchise system in the United States; NCP, the UK's largest private car park operator; and Green Flag, a leading motorist assistance group in the UK. Headquartered in New York, NY, the Company has more than 35,000 employees and operates in over 100 countries.