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Tuesday May 15, 2:31 pm Eastern Time
Press Release

Cendant Real Estate Division Posts 12 Percent Increase in Franchise Sales For Its Century 21(R), Coldwell Banker(R) and ERA(R) Brands in First Quarter 2001
Combined Cendant and NRT Franchise Sales Up 84 Percent In First Quarter of 2001

PARSIPPANY, N.J., May 15 /PRNewswire/ -- The Real Estate Division of Cendant Corporation (NYSE: CD news) today announced that it posted a 12 percent year-over-year increase in core franchise sales for the quarter ended March 31, 2001 for its residential and commercial real estate brands, CENTURY 21®, COLDWELL BANKER®, COLDWELL BANKER COMMERCIAL® and ERA®.

Franchise sales increases are measured by the annual Gross Closed Commissions (GCC) of brokerages affiliated with Cendant real estate brands during the quarter.

Independently owned and operated brokerages affiliated with Cendant real estate brands during the first quarter generated a total of approximately $142.8 million in GCC as compared to about $127.2 million in 2000. Royalties paid to Cendant by these franchised brokerages are based on a percentage of their GCC.

In addition, brokerages affiliated with Cendant real estate brands by NRT Incorporated during the first quarter of 2001 generated $135.6 million in annual GCC in 2000. A joint investment by Cendant (NYSE: CD - news) and Apollo Management L.P., NRT is the nation's largest residential real estate brokerage operating under the COLDWELL BANKER®, ERA® and CENTURY 21® brands. Combined, Cendant and NRT franchise sales increased 84 percent in the first quarter.

"Amid signs of a softening home sales market, the value of our brands and their ability to assist brokerages in increasing productivity and profitability becomes increasingly evident," says Robert Moles, president and CEO, Cendant Real Estate Franchise Group.

Moles added: "Historically, slowing home sales force brokers to find ways to flourish in a newly competitive market. The need for affiliation with national marketing campaigns, more efficient office management systems and access to evolving technology becomes more apparent and compelling."

By percentage, ERA Franchise Systems, Inc. realized the most significant increase with core franchise sales for the quarter, up 206 percent. These sales are expected to generate a total of approximately $31.4 million in annual GCC. Coldwell Banker Real Estate Corporation posted an 18 percent year-over-year increase in franchise sales for the quarter with an expected increase in annual GCC of $67.4 million.

"Led by ERA®, our franchise systems are attracting great interest among independent brokers and others not currently affiliated with our brands,'' says Brien McMahon, executive vice president, Franchise Sales, Cendant Real Estate Franchise Group. "We are also having great success with existing franchisees for whom mergers and acquisitions are strategically viable."

Statements about future results made in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the current economic environment. The Company cautions that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the Company's Form 10-K for the year ended December 31, 2000.

About Cendant Corporation
Cendant Corporation is a diversified global provider of business and consumer services primarily within the real estate and travel sectors. The Company's fee-for-service businesses include hotel, real estate and tax preparation franchising; rental cars, fleet leasing and fuel cards; mortgage origination and employee relocation; customer loyalty programs; vacation exchange and rental services and vacation interval sales. Other businesses include the UK's largest private car park operator and electronic reservations processing for the travel industry. With headquarters in New York City, the Company has approximately 60,000 employees and operates in over 100 countries. More information about Cendant, its companies, brands and current SEC filings may be obtained by calling 877-4INFO-CD (877-446-3623) or by visiting the Company's Web site at http://www.Cendant.com.

SOURCE: Cendant Corporation

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