Coldwell Banker Kent Karlock Realty Joins Florida's Leading Real Estate Company; Coldwell Banker Residential Real Estate Expands its Presence in South Florida.

Business Editors

MIAMI BEACH, Fla.--(BUSINESS WIRE)--May 22, 2002

Coldwell Banker Residential Real Estate, Inc., the leading residential brokerage company in Florida, announced today that Miami Beach-based Coldwell Banker Kent Karlock Realty is joining forces to become part of Coldwell Banker Residential Real Estate's extensive statewide real estate network.

This announcement comes one month after the successful merger of Arvida Realty Services and Coldwell Banker McFadden & Sprowls into Coldwell Banker Residential Real Estate.

"We're pleased to add Kent Karlock and his fine team of real estate professionals to our organization," said Judith Green, president and chief executive officer of Coldwell Banker Residential Real Estate. "This is a wonderful fit because both companies have a strong focus on enabling our sales associates to deliver personalized, neighborhood service to real estate consumers."

"We were already a strong member of the Coldwell Banker(R) network and it was important to us to keep our association with the most powerful brand name in real estate today," said Kent Karlock, who will assume a leadership role with Coldwell Banker Residential Real Estate, focusing on the celebrity and luxury home market. "We saw this as an opportunity to grow our business by joining a company with world-class resources, all while remaining part of the Coldwell Banker system."

Coldwell Banker Kent Karlock Realty was founded by its namesake in 1995. Last year, the company's three offices and over 100 sales associates were responsible for $125 million in closed sales volume. Coldwell Banker Kent Karlock Realty also generated $3.8 million in gross commission income in 2001.

Coldwell Banker Residential Real Estate offers Florida consumers a full-service real estate experience. The company's primary services include residential sales and leasing, commercial sales and leasing, mortgage, title services, property management, relocation, and home warranty. The Coldwell Banker Concierge(SM) Service provides home-related services for home buyers and sellers. The company's sales associates market high-end luxury homes through Coldwell Banker Previews(R) International, the estates program of the Coldwell Banker system. Coldwell Banker Residential Real Estate is a Platinum Club member of the Cendant Mobility Broker Network. Cendant Mobility is a global leader in corporate and government relocation, annually assisting 128,000 employees in nearly 100 countries on seven continents.

Coldwell Banker Residential Real Estate, Inc. is the largest real estate company in Florida. The company has 7,500 sales associates in nearly 200 office locations serving home buyers and sellers throughout the state. On a combined basis, Coldwell Banker Residential Real Estate was responsible for $15.5 billion in closed sales volume and 77,000 closed transaction sides(1) in 2001.

The Coldwell Banker system includes more than 3,200 offices and 90,000 sales associates worldwide. In addition to the United States, Coldwell Banker Real Estate Corporation has international connections in 32 countries including Argentina, Brazil, Bolivia, Chile, Colombia, Ecuador, French Guyana, Guyana, Paraguay, Peru, Suriname, Uruguay Bermuda, Canada, the Caribbean, Central America, China, Israel, Mexico, the Philippines, Singapore, Eastern and Western Europe.

Coldwell Banker Residential Real Estate, Inc. is a member of the NRT family of companies. NRT Incorporated is the nation's leading residential real estate brokerage company with more than 850 offices and 45,000 sales associates operating in 24 of the nation's largest metropolitan markets. In 2001, NRT posted a real estate industry record of $117 billion in closed sales volume. NRT is a subsidiary of Cendant Corporation (NYSE: CD).

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(1) A transaction side is defined as either the listing or the

selling portion of a residential sales transaction. (e.g., If

a company lists and sells a home, it is credited with two

closed transaction sides.)