Century 21 Real Estate Signs Master Franchise Agreement for Shanghai

Business Wire, April 6, 1998

PARSIPPANY, N.J.--(BUSINESS WIRE)--April 6, 1998--Century 21 Real Estate Corp. has announced the signing of a master franchise agreement with Ronald F.C. Wang, chairman of CTC Shanghai Ltd. for the development of CENTURY 21(R) real estate offices in Shanghai.

The CENTURY 21(R) System's entry into Shanghai marks its fifth master franchise agreement within the past 12 months. Four of these master franchise agreements have been in Asian markets.

"This agreement represents another huge step in accelerating the growth of the CENTURY 21 System in Asia," stated Bob Moles, president & CEO of Century 21 Real Estate Corp. "With this agreement, the CENTURY 21 System is poised to be a vital part of China's economy as it evolves into one of the world's strongest over the next 10 to 15 years."

"I am thrilled to be a part of the world's largest real estate network as it continues to expand in Asia," added master franchisor Wang, whose company purchased the franchise rights for Taiwan in 1997. "By utilizing all of the tools and services that the CENTURY 21 System has to offer, we expect to establish a dominant presence in the market."

By year's end, Wang expects to open 25 CENTURY 21 offices in Shanghai. In the past year, his company has experienced unprecedented success with its Taiwan franchise, which has opened more than 80 offices since its establishment less than nine months ago.

"This agreement, being the first in mainland China, is a tremendous boost for the growth of the CENTURY 21 System in Asia," stated C. Javier Parraga, vice president of international development and services for Century 21 Real Estate Corp. "Adding Shanghai to our presence in Asia, and building on our unique support systems and strong brand name, positions the CENTURY 21 System to take advantage of the growing Asian real estate market and continue its rapid expansion into the 21st Century."

Century 21 Real Estate Corp. is the world's largest residential real estate sales organization, with more than 6,300 independently owned and operated franchised broker offices in more than 25 countries and territories worldwide. It is a subsidiary of Cendant Corp. (NYSE:CD).

CONTACT: Laurie Quinn, 973/496-5150

laurie.quinn@century21.com

or

Amy M. Rinaldi, 973/496-7575

amy.rinaldi@century21.com