Coldwell Banker Residential Brokerage in Northern California Acquires Prestigious Ben Heinrich Real Estate.

Business Editors/High-Tech Writers

CARMEL, Calif.--(BUSINESS WIRE)--July 25, 2002

Coldwell Banker Residential Brokerage in Northern California (Coldwell Banker Northern California), the region's leading provider of residential real estate services, announced today that it has acquired prestigious Carmel-based Ben Heinrich Real Estate. This merger further solidifies Coldwell Banker Residential Brokerage's position as the top full-service brokerage in the Monterey Peninsula as well as Northern California.

"We are excited and proud that the talented sales professionals of Ben Heinrich Real Estate will be joining our Coldwell Banker Northern California team," said Avram Goldman, president and chief operating officer of Coldwell Banker Residential Brokerage in Northern California. "This move brings two of the most experienced companies on the Monterey Peninsula together to create an unbeatable team for our customers."

Under the terms of the transaction, Coldwell Banker Northern California will acquire Ben Heinrich Real Estate and its two offices serving Carmel, Pacific Grove and Big Sur. Ben Heinrich Real Estate's 13 sales associates will now become part of the Coldwell Banker team.

Goldman said Ben Heinrich Real Estate's high-end market representation, professional expertise and focus on customer service all fit well with Coldwell Banker Northern California. "They are an outstanding boutique brokerage that really knows this local market," he said. "They have some of the most experienced agents in the business, averaging over 20 years in real estate sales."

Ben Heinrich, the president and chief executive officer of Ben Heinrich Real Estate, has been active in Monterey-area real estate since 1976. He founded the brokerage that bears his name in 1981. The company has served the high-end market, but also has a particular expertise in golf course homes and Big Sur resort properties. Heinrich, and his wife, Carole, plan to stay on as sales associates with Coldwell Banker Residential Brokerage. Rita Lewis, Coldwell Banker's vice president and managing broker for the Monterey Peninsula, will oversee the combined operations.

"This is an exciting milestone in our 20-year history of serving buyers and sellers on the Monterey Peninsula," said Heinrich. "I am proud that my team is joining Coldwell Banker Northern California's elite group of real estate professionals."

Heinrich noted that the merger benefits his sales associates and customers by enhancing the firm's range of capabilities and national networking and resources. "Coldwell Banker(R) has an unparalleled network of buyers and sellers across the country and around the world," he said. "The company possesses outstanding marketing and technological capabilities that will help our agents achieve even greater results on behalf of our customers. And with the Coldwell Banker name, they have a powerful brand that is recognized around the world."

The acquisition of Ben Heinrich Real Estate marks the seventh acquisition or merger by Coldwell Banker Northern California during the past two years. During that time, Coldwell Banker Northern California has merged operations with Fine Homes & Estates Seville - Contempo, a leading brokerage in Santa Clara County; and acquired Pivetti Real Estate in Hollister; Pacific Preferred Properties, a 19-office brokerage based in Sacramento and Lake Tahoe; Caminiti Real Estate, also based in the Sacramento area; San Francisco-based Sapunar Realty; and the San Francisco operations of Fred Sands City Properties.

The acquisitions have helped Coldwell Banker Residential Brokerage build on its leading position in Northern California residential real estate, particularly in the high-end market. Coldwell Banker currently accounts for approximately three out of every four $1 million-dollar plus transactions in California.

Over the years, Coldwell Banker Northern California has also joined forces with such prestigious local brokerages as Del Monte Realty, Fox & Carskadon, Cornish & Carey Residential Real Estate and Jon Douglas. "Ben Heinrich is among the elite real estate firms on the Monterey Peninsula and this partnership is a natural progression for both of our companies," Goldman said.

About Coldwell Banker Residential Brokerage in Northern California

Coldwell Banker Residential Brokerage is the premium provider of real estate services in Northern California. Through the internationally renowned Coldwell Banker Previews(R) International(SM) program, the company is widely recognized for its expertise in the luxury housing market. In 2001, Coldwell Banker(R) participated in the sale of three out of every four luxury homes in California. Coldwell Banker Residential Brokerage operates more than 90 offices with 3,900 sales associates in Northern California. For more information, please call 925/275-3085 or visit the company's Web site at www.CaliforniaMoves.com.

Coldwell Banker Residential Brokerage is a member of the NRT family of companies. NRT Incorporated, the nation's leading residential real estate brokerage company, is a subsidiary of Cendant Corporation (NYSE:CD).