Cendant Real Estate Rolls Out Groundbreaking Technology Platform for Its Real Estate Franchise Systems.

PARSIPPANY, NJ--(BUSINESS WIRE)--Oct. 12, 1999--

CENTURY 21(R) System launches "CREST EDG"

Internet-based reporting and web site listing capability are

first steps in Cendant's comprehensive technology strategy

Cendant Corporation's Real Estate Division announced today the introduction of a new Internet-based electronic reporting and office management tool to serve as the technology backbone for its franchisees as they enter the next century. In late September, the CENTURY 21 System became the first of Cendant's real estate companies to roll out CREST EDG ("Cendant Real Estate Systems Technology Electronic Data Gathering"). The COLDWELL BANKER(R) and ERA(R) franchise systems will introduce customized versions of the CREST EDG platform by the summer of 2000.

The successful CENTURY 21 launch of CREST EDG is the most notable deliverable to date in Cendant's more than $40 million investment in new technology for its three residential real estate brands. CREST EDG is designed to facilitate a quick, accurate and paper-free exchange of transaction and office information between CENTURY 21 franchisees and the CENTURY 21 Operations Center. With CREST EDG as the platform, franchisees will ultimately be able to utilize a variety of web-based products developed by Cendant - from comprehensive office management systems to cutting edge e*commerce tools - to help them better manage their operations and more efficiently interact with their franchisor.

"The real estate industry has long been plagued by operational inefficiencies," said Richard A. Smith, Chairman and CEO of Cendant's Real Estate Division. "CREST EDG is the most tangible example to date of Cendant's commitment to provide comprehensive solutions to these challenges. Our Internet-based strategy is built on the premise that we must provide our franchisees the leading technology tools in the industry."

Key benefits of CREST EDG include: faster, more secure, reporting of required information from offices to CENTURY 21(R) headquarters; next business day posting of franchisee listings to www.century21.com; and easily downloadable management reports for franchisees. As of October 11, over 40 percent of the 4,400 CENTURY 21 offices in the United States have already committed to reporting electronically through CREST EDG. These offices are immediately able to streamline what has historically been a paper-intensive, time-consuming and error-prone process. Moreover, customers listing their homes through these offices will see their homes listed on www.century21.com the next day.

"With the introduction of CREST EDG, the CENTURY 21 franchise system and its members become the industry leaders in yet another category," said Robert Moles, President and CEO of Century 21 Real Estate Corporation. "CREST EDG will make a tremendous difference in the way our offices manage their operations and market their listings. We're thrilled to be the first Cendant company to roll out the system and use its capabilities to improve our service to our brokers, agents, clients and the public at large."

To utilize the system, brokers simply need an Internet connection. There are no software costs or maintenance involved, nor will offices need to network their computers in order to utilize CREST EDG. In addition, all U.S. CENTURY 21 offices in good standing received a free scanner to facilitate the process of sending photos along with their listings through CREST EDG and on to the CENTURY 21 web site.

A number of CENTURY 21 brokers participated in a "beta" test of the CREST EDG system over the past three months.

"The benefits of this program are numerous," said Tom Adams of CENTURY 21 Adams & Barnes in Monrovia, CA. "The key is the real time exchange of information and the control it gives the office to make changes to the listing data on the web. In today's real estate market, time is critical; homes are selling in a week or less. With CREST EDG, we have that information up and available to the public within a day."

Century 21 Real Estate Corporation is the franchisor of the world's largest residential real estate sales organization, with more than 6,300 independently owned and operated franchised broker offices in more than 25 countries and territories worldwide. Century 21 Real Estate Corporation is a subsidiary of Cendant Corporation (NYSE: CD).

Cendant Corporation (NYSE: CD) is a global provider of consumer and business services. Cendant's core competencies include building franchise systems, providing outsourcing solutions and direct marketing. As a franchisor, Cendant is the world's leading franchisor of hotels, rental car agencies, tax preparation services and real estate brokerage offices. Cendant's Real Estate Division includes: more than 12,000 residential real estate offices and more than 200,000 sales associates operating under the CENTURY 21(R), Coldwell Banker(R), and ERA(R) brand names; Cendant Mobility, a global leader in corporate and government employee relocation with over 2,000 corporate clients; Cendant Mortgage, the 6th largest retail mortgage originator in the United States with over $26 billion in loans closed in 1998; and CompleteHome.com, Cendant's real estate portal on the Internet. Headquartered in New York, NY, the company has more than 30,000 employees and operates in over 100 countries. More information about Cendant, its companies and brands may be obtained by visiting our Web site at www.cendant.com or by calling 877-4INFO-CD (877-446-3623).