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ROBERT PODESTA AND LINN WATSON TO JOIN NETWORK REAL ESTATE BOARD OF DIRECTORS

 ROBERT PODESTA AND LINN WATSON TO JOIN
 NETWORK REAL ESTATE BOARD OF DIRECTORS
 SOQUEL, Calif., April 23 /PRNewswire/ -- The board of directors of Network Real Estate of California, Inc. (NASDAQ: NETW) has elected Robert A. Podesta vice chairman of the board, member of the board executive committee and member of the executive management committee. Franklin H. (Linn) Watson III was also elected as a member of the board of directors and a member of the compensation committee.
 Podesta, vice president of Robert A. Podesta & Company, was a founding member of the Chicago Board Options Exchange; a director of Edgemark Financial Corp., an Illinois bank holding company, as well as numerous private enterprises. His educational background includes a BA degree from the University of Notre Dame and the London School of Economics.
 Lee Danna, chairman of the board and CEO, said, "The election of Robert Podesta is a significant event for the company. His background and experience will be a tremendous asset." Danna further stated that Podesta will have the primary responsibility for the company's activities in the capital markets, as well as merger and acquisition activity, and is currently working on a multi-million dollar debt equity package, which the company hopes to complete over the next year.
 "We plan to use the proceeds from the financing to invest in a secured mortgage servicing portfolio to be managed by our mortgage banking subsidiary. Obviously, this should have a significant impact on earnings. In addition, capital will be needed to provide services to the over 300 ERA real estate offices throughout California. In March of this year, we signed an agreement to provide mortgage, insurance and home services to home buyers throughout the ERA real estate system."
 Franklin H. (Linn) Watson has also been elected to the board of directors of Network Real Estate of California, Inc. and will serve on its compensation committee. Watson formerly spent 35 years with Wells Fargo where he was vice president and manager of the International Private Banking Division and another four years before retiring in 1992 as vice president and North American Regional Manager of Bankers Trust International Private Banking Division. During this four-year period, he built the assets under management and deposits from $212 million to $441 million. He currently is President of The Watson Consulting Group, based in Orinda, Calif., specializing in corporate finance, capitalization and private financial planning.
 Lee Danna, chairman/CEO, stated that Watson is another example of Network bringing in outstanding, experienced and knowledgeable talent to help Network achieve and reach its goals as a financial services company. Danna said, "This senior banking executive will play a major role in helping the management of the company establish banking relationships, current lines and financial planning."
 -0- 4/23/92
 /CONTACT: Lee J. Danna, chairman of Network Real Estate of California, 408-462 6200, or Lise Needham of the Financial Relations Board, 415-986-1591, for Network Real Estate of California/
 (NETH) CO: Network Real Estate of California Inc. ST: California IN: FIN SU: PER


TS -- NY078 -- 1905 04/23/92 12:50 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
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