GMAC Relocation Services Acquires Windham International and TRAC to Expand Global Reach.

LIBERTY CORNER, N.J.--(BUSINESS WIRE)--JUNE 17, 1999--

Acquisition Strengthens GMAC Home Services'

Aggressive Growth Strategy

GMAC Relocation Services (GRS), a subsidiary of GMAC Home Services, today announced its acquisition of Windham International and its related company, The Relocation Assistance Cooperative (TRAC). Adding Windham and TRAC to the GRS team expands the scope and services GRS can offer to companies relocating employees domestically or worldwide.

"Under the leadership of respected industry expert Michael Schell, Windham and TRAC have established themselves as leading providers of international and domestic relocation management services," says Dick Schlott, president and CEO of GMAC Home Services. "Adding the experience and relationships that Windham and TRAC offer is an exciting and essential part of our plan to build GMAC Relocation Services into a global relocation partner for our clients, focused on all facets of the relocation process."

Windham Adds International Depth

Windham International was founded in 1992 as a global relocation management firm. It provides comprehensive relocation services, including data and compensation information for developing expatriate packages, cross-cultural preparation and worldwide on-the-ground support for expatriates and their families. Windham International created the Global Relocation Partnership (GRP)TM, linking international relocation companies with capabilities in more than 60 countries to provide uniform, seamless service worldwide.

TRAC Adds Outsourced Services

TRAC was also founded in 1992, by a team that included two of Windham's founders. TRAC specializes in outsourced relocation management services, either on-site or off-site, including third-party home sales, destination counseling, expense payment and processing, and household goods and transition assistance.

"In today's global business environment, organizations must be able to deploy their people anywhere in the world, and they need the support of a globally focused relocation company to make this happen smoothly," said Michael S. Schell, CEO of Windham International. "This acquisition allows us to put the resources of GMAC Home Services behind the global service structure we've built in Windham and TRAC. GMAC Relocation Services has the vision, stability and commitment from its management and parent company to provide the long-term relationships and trust that global organizations want."

With this acquisition, Windham and TRAC will provide integrated services under the Windham International banner as part of GRS. Windham's three founders will remain with the company: Michael S. Schell will continue as chief executive officer of Windham International; Eric M. Stern, formerly president of TRAC, will serve as president of Windham International; and Ilene L. Dolins will continue as senior vice president of Windham International.

GRS: Rapid Growth Strategy

GMAC Relocation Services was founded in 1998 as a single source to provide all services associated with family relocation and home ownership. In its first year, GRS has grown into one of the largest relocation service provider in the U.S. with the acquisitions of Morrell & Associates and Argonaut Relocation Services, LLC. The company's second year will bring continuing growth through the acquisition of strategic partners, the addition of new service locations, and the development of web based services and technology to streamline the relocation process.

GRS is a subsidiary of GMAC Home Services, which is a sister company of GMAC Mortgage Corporation, part of the General Motors Acceptance Corporation (GMAC). For more information about GMAC Relocation Services, visit the company's web site at www.gmac-relocation.com.