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THE FREMONT GROUP TO ACQUIRE COLDWELL BANKER

 MISSION VIEJO, Calif., May 13 /PRNewswire/ -- The Fremont Group has agreed to acquire Coldwell Banker Residential Group ("Coldwell Banker") from Sears Roebuck & Co. in partnership with Coldwell Banker's senior management executives. The Fremont Group, formerly named Bechtel Investments Inc., is a private investment company managing in excess of $3.5 billion in assets. The transaction is expected to close in July, subject to completion of financing. Other terms were not disclosed.
 The Coldwell Banker senior management participating in the transaction will be led by Chandler B. Barton, chairman and chief executive officer of Coldwell Banker Residential Group and also include Gregory S. Campbell, executive vice president of Coldwell Banker Residential Group; Robert J. Arrigoni, president of Coldwell Banker Residential Brokerage; Robert A. Rist, president of Coldwell Banker Residential Affiliates Inc. and Stephen C. Roney, president of Coldwell Banker Relocation Services Inc.
 Sears Chairman and Chief Executive Officer, Edward A. Brennan, said, "The successful completion of this transaction is another important step in our previously announced repositioning program and continues to enhance shareholder value. Coldwell Banker has grown into a widely respected and recognized national residential real estate company which provides a solid foundation for their future growth."
 The Fremont Group owns operating businesses in partnership with management. Operating independently after spinning off from Bechtel Group Inc. in 1986, The Fremont Group's activities are guided by a nine-decade history of private ownership and management of operating businesses. The Fremont Group operations include retailing, financial services, commercial real estate, timber, energy and communications.
 Barton said, "With the caliber and integrity of our new partner, Coldwell Banker will be able to continue our long-term strategic plans, including aggressive franchise growth, operation of our company-owned offices and continued leadership in the relocation industry." Robert Jaunich II, managing director of the Fremont Group, added that "The Fremont Group has a history of building businesses that provide lasting value to customers, shareholders and employees. Coldwell Banker will continue to provide high levels of service to customers or transferees served by the company, its sales associates and franchisees. In fact, we look forward to supporting the growth plans established by the management team."
 Jaunich also stated that Coldwell Banker's international headquarters will remain in Mission Viejo. The principal operating divisions of the company, including Coldwell Banker Residential Affiliates Inc. (franchise operations); Coldwell Banker Residential Brokerage (company-owned); Coldwell Banker Relocation Services Inc. and Relocation 1 will remain intact. Title and Escrow operations will also continue to be operated by the company.
 Coldwell Banker ranks third among national residential real estate firms in the total number of home sale transactions. The company completed more than 420,000 transactions for a total of $50 billion in 1992. Coldwell Banker has more 2,100 residential real estate offices and more than 50,000 sales associates and employees in North America.
 Coldwell Banker's three principal business units will continue to operate under the leadership and strategic growth plans initiated by Chandler Barton. Coldwell Banker Relocations Services Inc. (CBRS) is the second largest company in the relocation industry with a 22 percent market share. In 1992, CBRS purchased and sold $3.7 billion in residential real estate, and processed nearly 110,000 consumer referrals.
 Coldwell Banker Residential Brokerage (CBRB-company-owned offices) was ranked No. 1 in sales volume among U.S. residential real estate companies according to REAL Trends and National Relocation and Real Estate magazines. Coldwell Banker is the only real estate company that owns and operates offices nationwide.
 Coldwell Banker Residential Affiliates Inc. (CBRA-franchised offices) is the top real estate franchise according to Entrepreneur magazine and has grown from 142 offices in 1982 to 1,709 offices in 1993.
 -0- 5/13/93
 /CONTACT: Carol Beekman of Coldwell Banker, 714-367-2446; Mike Kidder of The Fremont Group, 415-768-6397; or Gerald E. Buldak of Sears, Roebuck and Co., 312-875-8371/


CO: Coldwell Banker; The Fremont Group; Sears, Roebuck & Co. ST: California IN: FIN SU: TNM

JB-MS -- LA020 -- 8110 05/13/93 12:34 EDT
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Date:May 13, 1993
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