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News Release

ERA REAL ESTATE UNVEILS NEW TECHNOLOGY AIMED AT INCREASING TRAFFIC TO ITS INTERNET SITE
Program designed to expand exposure for ERA® affiliates' listings  

PARSIPPANY, NJ, March 13, 2003 — ERA Real Estate today debuted "ERA® One-Click Away," a new technology designed to increase the exposure of its affiliates' listings on the Internet by feeding ERA listings directly to online search engines. In doing so, ERA One-Click Away increases the frequency with which ERA listings appear in online searches and drives traffic to ERA.com.

This new technology will offer ERA Real Estate professionals a competitive advantage by enabling customers who list with an ERA brokerage to realize more page views of their property on the Internet.

At its unveiling at the 2003 ERA International Business Conference in San Diego, more than 2,500 attendees learned about ERA One-Click Away's ability to modify content code to allow Web search engines, such as AltaVista or Google, to locate ERA listings as quickly as they find Web sites. As a result, consumers who use search engines will locate ERA One-Click Away listings with as little information as geographic location and the words, "real estate."

"ERA One-Click Away provides a real advantage for our affiliates and their customers," said Brenda W. Casserly, president and COO, ERA Real Estate. "Sales associates and brokers will gain greater exposure, buyers can access listings faster and sellers' properties get more attention."

Recent studies of online commerce reveal the importance of companies' visibility on search engines. The National Association of Realtors reports that more than 40 percent of potential homebuyers use the Internet as part of their search, and 90 percent of online customers start with search engines that lead them to such sites. ERA One-Click Away will help bring together consumers and listings in an effort to put real estate customers one step closer to finding a home.

ERA.com is an award-winning Web site, which spotlights more than 50,000 listings and features color photos, virtual tours, and expert advice for homebuyers. Visitors can create customized searches for homes based on property characteristics, location and other criteria.

In addition to listings, the Web site features many resources for buyers and sellers. This includes information about financing, home warranty programs, maintenance tips and neighborhood reports. ERA.com also highlights products and services such as the unique ERA Sellers Security® Plan, a popular program that guarantees the sale and closing date of a seller's home, provided the house meets specific qualifications.

For more information about ERA programs and services or to view home listings around the world, visit ERA.com.

About ERA Franchise Systems, Inc.
ERA Franchise Systems, Inc. is a global leader in the residential real estate industry with more than 30 years experience in developing consumer-oriented products and services. It is a subsidiary of Cendant Corporation (NYSE: CD) and part of its Real Estate Franchise Group. The ERA® real estate network includes more than 28,000 brokers and sales associates throughout the United States and 30 other countries and territories. Each office is independently owned and operated except offices owned and operated by NRT Incorporated. ERA® information is available to consumers at ERA.com. ERA® properties can also be viewed at Realtor.com. For additional information about ERA Franchise Systems, Inc. as well as expert commentary on emerging trends in the real estate industry, visit the Cendant Media Resource Center at http://www.cendant.com/media/.

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