NRT Acquires Coldwell Banker Success Realty and Its Affiliated Realty Companies in Arizona and New Mexico

September 15, 2005

PARSIPPANY, NJ and SCOTTSDALE, AZ - NRT Incorporated, the nation's largest residential real estate brokerage company, today announced it has acquired the assets of CMLB, Ltd., which operates as Coldwell Banker Success Realty in Scottsdale, Ariz. With this announcement, Coldwell Banker Success Realty, one of the largest Coldwell Banker® franchisees, will now be owned and operated by NRT.

Coldwell Banker Success Realty was ranked among the top 20 companies nationwide on the industry's REAL Trends 500 list in transaction sides and closed sales volume for 2004. During the last 12 months, Coldwell Banker Success Realty accounted for nearly $7 billion in total closed sales volume. The company operates 40 offices with 2,200 sales associates in various Arizona markets, including Phoenix, Scottsdale, Mesa and Tucson under the Coldwell Banker banner. In addition, the company has five offices and 150 sales associates in Santa Fe, N.M. operating under the French & French Sotheby's International Realty banner.

"Extending NRT's presence into southwestern markets that clearly reflect rapidly growing demographics, and doing so with a strong local management team already in place, made this a highly strategic opportunity," said Bruce Zipf, president and CEO for NRT. "I've personally admired Bob McCord and Bill Jilbert for the remarkable job they have done in creating a tremendously successful organization. We look forward to their contribution to the expansion of this company."

Bob McCord, formerly chairman and CEO for Coldwell Banker Success Realty, will continue with NRT as chairman for the Arizona-based realty organization that will now operate as Coldwell Banker Residential Brokerage. Bill Jilbert, formerly president and COO for Coldwell Banker Success Realty, will assume the same role for Coldwell Banker Residential Brokerage in Arizona. Jilbert will report to Jeff Culbertson, who has been promoted to the dual role of senior vice president for NRT's Southwest Region in addition to his position as president for Coldwell Banker Residential Brokerage in Sacramento/Lake Tahoe. Clayton Andrews, executive vice president and COO of the Mountain Region for Sotheby's International Realty, Inc., will expand his role to oversee Santa Fe operations.

"By joining NRT's family of companies, our sales associates will gain unparalleled resources and a market presence that extends far beyond our borders of Arizona and New Mexico," said McCord. "Keeping our affiliation to our brand names and becoming part of the nation's largest residential real estate brokerage will also bring tremendous advantages in the areas of marketing, technology and back-office support to our sales associates that will ultimately be apparent to our clients. Bill Jilbert and I couldn't be more pleased to have our company become part of such a fine organization as NRT."

Coldwell Banker Success Realty operates in several markets and under various trade names, including: Coldwell Banker Exito in Phoenix that focuses on the Spanish-speaking market; Coldwell Banker Grayhawk Realty in North Scottsdale; Coldwell Banker McCullough Judd Group in Lake Havasu City and Kingman, Ariz.; Coldwell Banker Pinnacle Peak in northern Scottsdale, Ariz.; Coldwell Banker Success Southwest in Tucson; and French & French Sotheby's International Realty in Santa Fe, N.M.

With this announcement, the former Coldwell Banker Success Realty subsidiaries acquired by NRT will now operate under the banner of Coldwell Banker Residential Brokerage, with the exception of Coldwell Banker Exito, which will maintain its focus on the Spanish-speaking market under the banner of Coldwell Banker Residential Brokerage Exito. The former Sotheby's International Realty® affiliate in New Mexico acquired by NRT in this transaction will become part of Sotheby's International Realty, Inc.

The acquisition also includes Coldwell Banker Commercial Metro, the commercial subsidiary of Coldwell Banker Success Realty. Developers Marketing Services, Inc., a wholly owned subsidiary of Coldwell Banker Success Realty that manages the company's relationships with local developers and home builders, was also part of this transaction.

NRT Incorporated, a subsidiary of Cendant Corporation (NYSE: CD), is the largest residential real estate brokerage company in the United States and also has offices in the United Kingdom. NRT has more than 1,000 offices and 62,000 sales associates operating in over 35 major metropolitan areas. In 2004, NRT posted a real estate industry record of $204 billion in closed sales volume.

Sotheby's International Realty, Inc., a leading residential real estate brokerage firm representing exceptional properties in some of the world's most sought-after markets, today announced it acquired the assets of The Mitchell Group, Inc. in Carmel-by-the-Sea, Calif. The Mitchell Group's five offices, located on the Monterey Peninsula, will now operate as Sotheby's International Realty, Inc. In Northern California, Sotheby's International Realty, Inc., now has seven offices, including these five offices and two in San Francisco and on the square in Sonoma.

This is the largest of four acquisitions that Sotheby's International Realty, Inc. has made this summer. The Mitchell Group has 140 sales associates who accounted for over $928 million in sales volume during the past 12 months. Sotheby's International Realty, Inc. most recently acquired three residential real estate brokerage firms with offices in Sun Valley, Idaho, Cape Cod, Mass., and Ventura County, Calif.

Bill Mitchell, co-owner and chairman of The Mitchell Group, and his sister, Hallie Mitchell Dow, co-owner and president, will assume sales roles with the new organization. D. Kent Nelson, The Mitchell Group's vice president and managing broker will continue in this capacity to oversee the five offices in Carmel Rancho, Carmel Valley, Pacific Grove and Carmel-by-the-Sea, for Sotheby's International Realty, Inc., Monterey Peninsula. Nelson will report to Frank Symons, executive vice president and chief operating officer for Sotheby's International Realty, Inc., California.

"This announcement marks our second acquisition in California this year, reflecting our commitment to providing comprehensive real estate services to clients on the West Coast," said Stuart Siegel, president and chief executive officer for Sotheby's International Realty, Inc. "The Mitchell Group's well-established reputation for excellence and their in-depth knowledge of the Monterey Peninsula made them the clear choice to help us further serve clients seeking to live in extraordinary places like this."

In Southern California, Sotheby's International Realty has 17 offices and 850 sales associates serving the Westside of Los Angeles, Pasadena, Los Feliz, Palm Springs, Palm Desert, Malibu, Ventura County, Santa Barbara and Los Olivos. With this announcement, Sotheby's International Realty, Inc., now has over 1,500 real estate professionals operating in 41 offices across the United States and in London.

"For over 30 years, my sister and I have been involved with nurturing our company's growth every step of the way," said Bill Mitchell. "The Mitchell Group is a family-oriented business with a unique culture - one that we treasure. We are very proud of our extraordinary group of talented and experienced professionals, and our growth is a reflection of their excellence and integrity."

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