Century 21-R- South America Master Franchise to Open Its First Offices.

Business Editors/Real Estate Industry Writers

PARSIPPANY, NJ--(BUSINESS WIRE)--Jan. 20, 2000

Twenty One Offices in Venezuela and New Caracas Regional Office

Will Kickoff The CENTURY 21(R) System's Growth in South America 

Century 21 Real Estate Corporation, franchisor of the world's largest residential real estate sales organization, today announced the opening of the first offices under its Master Franchise for South America, all in Venezuela. Twenty-one new CENTURY 21 offices were launched today at a grand opening in Caracas, Venezuela.

The Master Franchise for South America calls for the rapid expansion of the CENTURY 21(R) System throughout South America. Philip J. Yeager, Managing Member, International Real Estate Franchise Consulting Group (IRFC), is spearheading this aggressive drive through South America. In addition, Cliff Kavanaugh, On-Site Executive for (IRFC), has aided in the adaptation of all the various manuals, training courses, web pages and programs to be used by the new offices. Kavanaugh's overall role will be to help ensure the proper implementation of the CENTURY 21 System.

The regional office for Venezuelan operations is located in one of Caracas' best commercial areas, and occupies approximately 3000 square feet of space. The new office will have state-of-the-art training facilities, a full complement of professional personnel, and room to accommodate the expected rapid expansion of the CENTURY 21 brand in Venezuela.

&uot;I believe the CENTURY 21 System will experience significant success in South America,&uot; said Robert Moles, President &CEO of Century 21 Real Estate Corporation. The expansion of the CENTURY 21 brand throughout this continent will serve to reinforce the CENTURY 21 System's position as the world's largest residential real estate sales organization as we enter the 21st century.&uot;

Phillip J. Yeager added, &uot;The opening of these 21 new offices in Venezuela marks the true beginning of the CENTURY 21 System in South America. Our strategy of rapid and calculated expansion, combined with proven leadership and comprehensive training and implementation programs, will ultimately lead us to greater success, both in Venezuela, and in South America.&uot;

For Yeager, the CENTURY 21 System is well-known terrain. His affiliation with the System began in 1972, when he and his brother acquired the CENTURY 21 franchise rights for a portion of Southern California, which grew to include 200 offices and 5,000 sales associates. In 1976, the Yeagers acquired a second region in the American Northwest (Oregon, Washington, and Idaho), which grew to include 200 offices and 3,500 sales associates. In 1989, the Yeagers partnered with another group of developers to acquire the master franchise rights for Mexico. To date, they have opened 109 offices there.

Century 21 Real Estate Corporation is the franchiser 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 28 countries and territories worldwide. Century 21 Real Estate Corporation is a subsidiary of Cendant Corporation (NYSE: CD), a global leader in business and consumer services.