Century 21 System and America Online launch Century 21 Communities.

PARSIPPANY, N.J./DULLES, Va.--(BUSINESS WIRE)--Aug. 19, 1996--

Only online area home buyers need to find community that's right for them; breakthrough productivity tool changes the way homes are

bought and sold

Century 21 Real Estate Corporation(R), the world's leading consumer real estate brokerage organization, and America Online, the world's largest consumer online service, today launched CENTURY 21 Communities(SM), the first online area to respond nationally to the needs of potential home buyers for a comprehensive, user-friendly source of information about communities and neighborhoods in the U.S. and Canada.

CENTURY 21 Communities, including resources ranging from demographic information and ratings of communities and schools to tips on financing, will be the exclusive real estate brokerage icon on America Online's newly redesigned Real Estate Center. With the introduction of this new area, America Online members can leverage the power of the online medium and a large, well-established subscriber base of more than 6 million members, to find the community that's right for them, all combined with the ease of navigation and outstanding, interactive content for which AOL is famous.

Century 21 Communities can be easily accessed on America Online by entering Keyword: CENTURY 21 or Real Estate.

Unmatched Range of Services

CENTURY 21 Communities will launch with a detailed national database of government, transportation, and other information relevant for homebuyers, in 112 communities across America, each of which will be continually updated and expanded by CENTURY 21's network of more than 5,000 brokers nationwide.

AOL members will also find a range of interactive services unmatched by any other online real estate area, allowing consumers to research across the nation and pre-select an appropriate community based on the most important factors for a typical buyer. These services include:

-- a proprietary national database of information beginning with

112 communities across America, focusing on government,

transportation and other relevant home-buying information;

-- national rankings of 358 metropolitan cities nationwide on

key quality-of-life factors such as cost-of-living,

education, arts and culture, recreation, health care, crime,

housing, and jobs;

-- a system for rating community education systems across the

nation;

-- demographic and other information on every zip code in

America;

-- a comprehensive listing of CENTURY 21 brokers and associates,

with profiles of associates in a particular community, and

links to Web sites sponsored by individual brokers;

-- links to message boards and community chat rooms on America

Online's real estate area;

-- information on banking services, such as how to calculate a

mortgage; and tips on all aspects of home ownership from a

variety of sources.

Henry R. Silverman, chairman and chief executive officer of HFS Inc. (NYSE:HFS) stated, "CENTURY 21 Communities is one of our major initiatives developed to help CENTURY 21 franchisees sell more homes and increase revenues. In partnering with the leading online service, we are leveraging the market strength of HFS and the unmatched brand power of the CENTURY 21 name in a way that ensures that the company continues to stand alone."

Bob Pittman, managing partner and CEO of Century 21 Real Estate Corp., said, "CENTURY 21 Communities will revolutionize the way houses are bought and sold in America -- it provides the missing link in the evolution of the real estate industry by responding online to the consumers' need for information about what they are really buying: a community. In place of time-consuming drives through neighborhoods looking for the right home, CENTURY 21 Communities is the first and only site to assemble the comprehensive set of resources potential buyers need to thoroughly research and select the neighborhood that's right for them before embarking on their search for a house."

Pittman continued, "In doing so, CENTURY 21 Communities will also provide a powerful, one-of-a-kind productivity tool for agents: providing a tremendous new source of leads, putting at their fingertips information it might otherwise take weeks to pull together and enabling them to show many fewer houses for each sale. Working with the leader in its own field, America Online, CENTURY 21 is once again offering brokers and agents success tools no one else can match, and consumers, services never before seen in the real estate industry."

Ted Leonsis, president, American Online Services Co., added, "AOL provides Century 21 with a huge competitive advantage over the Internet. Now, rather than having to sort through thousands of entries in a typical Web search, consumers can go straight to the Communities area, which gathers all the information most home buyers need in one, easy-to-navigate location. This comprehensive resource, paired with our member community of 6 million people, will be invaluable to anyone looking to purchase a new home or relocate to an unfamiliar part of the country."

Latest in a series of CENTURY 21 Information Technology Innovations CENTURY 21 Communities(SM) is the latest in a series of cutting-edge information technology tools that have catapulted the CENTURY 21 system into the lead in the real estate industry in this critical area. These include 21 Online(SM), an exclusive service for CENTURY 21 members, also on America Online, which gives system members a state-of-the-art, nationwide communications and referral network and will provide the platform for the company's vision of the 'virtual home store,' with one-stop shopping for a range of home-related services.

New management has also introduced PowerPak21(SM), a state-of-the-art office automation and financial management software package proprietary to the CENTURY 21 system, which offers the capability to link each associate in a brokerage to a centralized financial management system and can also link through 21 Online to the corporate organization to streamline office financial reporting requirements. In addition, earlier this month the organization launched the CENTURY 21 Television Network(SM), an exclusive network for system members over the RealNet satellite network.

Century 21 Real Estate Corp., a subsidiary of HFS Inc., is the largest residential real estate sales organization in the world, with approximately 6,100 independently owned and operated franchised broker offices in 14 countries and territories worldwide.

America Online Inc., (NASDAQ:AMER), based in Dulles, Va., is the largest and fastest-growing provider of online services in the world, with more than 6 million members worldwide. Through its services, AOL offers its subscribers a wide variety of services including electronic mail, conferencing, software, computing support, interactive magazines and newspapers, and online classes, as well as easy and affordable access to services on the Internet. Founded in 1985, AOL today has a global work force consisting of more than 5,000 people. Personal computer owners can obtain America Online software at major retailers and bookstores or by calling 800/316-6633.

CONTACT: Century 21

Regina Lewis, 800/959-3731

[e-mail]

or

The Weber Group

Deidre Wilkins, 617/520-7083

[e-mail]