COLDWELL BANKER Online Deflates Re/Max Web Site

Business Wire, August 20, 1998

PARSIPPANY, NJ--(BUSINESS WIRE)--August 20, 1998--

Independent Study Proves Consumer Preference

For COLDWELL BANKER Online(tm)

A recent, independent study conducted by CLT Research New York for Advertising Age's Business Marketing magazine showed consumer preference for the Coldwell Banker Real Estate Corporation (COLDWELL BANKER(R)) web site over the Re/Max web site. The article, which appeared in the publication's "Marketing Shoot-out" column, highlighted that consumer panelists voted COLDWELL BANKER Online(tm) easier to use and preferable overall to the Re/Max site. The panelists attributed their higher scores for www.coldwellbanker.com to several reasons, including the site's "search feature, self explanatory nature, mostly graphical and easier navigation system, speed and more visuals, tools and resources."

According to the publication, the national real estate companies' two respective web sites were chosen for the Shoot-out because it considered them among the best in the industry. Eighty-one consumer panelists were asked to imagine they were moving across the country to Phoenix. They were told to visit both Web sites and search for a single-family house with at least three bedrooms and two baths within a price range between $200,000 to $300,000. According to the panelists, COLDWELL BANKER Online(tm) "got the nod" over the other site as it allowed users "significantly fewer steps to locate homes."

COLDWELL BANKER Online(tm) on the average, has more than 200,000 listings online at any given time - most with visual accompaniments and many that provide a browser with virtual home tour options. The web site provides search capabilities customized to a house hunter's specifications from price range to county, town and street requirements to type of home (single family detached, townhouse, condo, etc.) and number of bedrooms and bathrooms. A unique, optional and free feature of COLDWELL BANKER Online(tm) is its Personal Retriever service which automatically matches and e-mails new listings, current interest rate information and comparable home sales information to the consumer. Additionally, COLDWELL BANKER Online(tm) features neighborhood and community data on towns across the United States, a mortgage calculator, virtual home tours on select properties and special property selections divided into: Previews(R) Program for upper-tier homes, Military Best(R) for homes located in and around military installations, Resort Property Network(R) for vacation and second homes, New Construction and University Housing.

Coldwell Banker Real Estate Corporation, a subsidiary of Cendant Corporation (NYSE: CD), franchises more than 2,900 independently owned and operated real estate offices with over 69,000 sales associates throughout North America. In addition to servicing the full spectrum of the residential real estate market, COLDWELL BANKER(R) is an industry leader in the sale of luxury homes through its Previews(R) program, and vacation homes through its Resort Property Network(R) program. COLDWELL BANKER Online(tm), one of the most comprehensive real estate industry web sites, is located at http://www.coldwellbanker.com. For more than 90 years COLDWELL BANKER has been North America's premier full-service provider of real estate services.

CONTACT: Gabrielle Sertich

973-496-7199

gabrielle.sertich@hfsinc.com