Cendant Unveils an Internet-Based Broker Referral Network For CENTURY 21, Coldwell Banker, and ERA Offices.

ANAHEIM, Calif.--(BUSINESS WIRE)--Nov. 6, 1998--

More Than 8,000 U.S. Offices Will Have Unprecedented

Ability to Exchange Business and Assist Customers

Through New "Cendant Global Referral Network(SM)"

Cendant Corporation (NYSE:CD), the world's largest franchisor of residential real estate brokerage offices, announced today at the National Association of Realtors Annual Convention that it has established an Internet-based broker referral network accessible to more than 8,000 of its franchised offices and their over 120,000 agents.

The new system, the "Cendant Global Referral Network" ("CGRN"), began a testing phase last month and will be rolled out system-wide during the first quarter of 1999.

The new network will give eligible brokers from the CENTURY 21(R), Coldwell Banker(R), and ERA(R) systems instant electronic access to each other through the Internet. With a user-friendly interface and vital performance-related data on participating brokerages, Cendant franchisees will now have a powerful tool to make and track successful referrals.

The CGRN was designed based on six months of development from task forces representing each of Cendant's three franchise systems. Approved users will be able to access key information -- such as participating broker profiles, broker conversion rates, and links to local market information -- all from any PC with an Internet connection and the appropriate browser software installed. If brokers are unsatisfied with the coverage provided within their own franchise system, a click of the mouse will allow them to search among Cendant's other two franchise systems. Once a broker is selected, the CGRN will automatically process and track referrals.

"Our brokers asked us to use our information technology resources to create an efficient referral tool, and we responded by developing a performance-driven referral system of truly unprecedented size," said Richard A. Smith, chairman and CEO of Cendant's Real Estate Division. "As the largest franchisor in residential real estate, we felt an obligation to let Cendant brokers take even greater advantage of our incredibly deep organization. And, for independent brokers outside our family of brands, the CGRN should represent another compelling reason to affiliate with one our three franchise systems."

The CGRN was created through synergies uniquely available within Cendant's family of companies. Its design involved input from the information technology groups of Cendant, Cendant Mobility and the three real estate franchise systems. "The development of CGRN is an example of the unique value -- and cost efficiencies -- that the Cendant companies bring to our real estate brands," added Smith.

Cendant is offering franchisees the opportunity to participate in the CGRN on a voluntary basis and the system is being launched without any initial or monthly charges. All referrals closed through the CGRN will carry an industry standard referral fee.

"This is wonderful news for Cendant franchisees," said W. Bruce Wallin, President of the Cendant Mobility Broker Network, who will also manage the CGRN. "The Cendant Global Referral Network will facilitate a new universe of business for eligible franchisees -- including even the smallest companies -- who previously based their broker referral business primarily on informal relationships." Cendant-affiliated brokers who are already Principal brokers within the Cendant Mobility Broker Network will not participate in the new system.

Users will access the CGRN through either their respective brand intranet site (CBnet, Century 21 Communities, and TeamERA.com), or directly at www.cgrn.com.

Cendant (NYSE:CD) is the world's premier provider of consumer and business services. Cendant operates in three principal segments: Real Estate, Travel and Alliance Marketing. Through the CENTURY 21, Coldwell Banker, and ERA brands, the Cendant Real Estate Division's 12,000 plus franchised offices with more than 200,000 sales associates. Each CENTURY 21, Coldwell Banker and ERA office is independently owned and operated. The Cendant Real Estate Division also includes Cendant Mobility Services, the largest relocation company in the world with over 1,700 corporate clients, and Cendant Mortgage, the 10th largest mortgage originator in the United States with more than $18 billion in loans closed during the first ten months of 1998. Headquartered in Parsippany, NJ, Cendant Corporation has more than 40,000 employees and operates in over 100 countries.