Sotheby's International Realty® Network Expands to Blue Ridge Mountains of North Carolina

Business Wire, April 4, 2007

PARSIPPANY, N.J. & BANNER ELK, N.C. -- Sotheby's International Realty Affiliates, Inc. today announced that Eagles Nest Real Estate of Banner Elk, N.C., has joined the Sotheby's International Realty[R] real estate network. The firm will now do business as Mountain Sotheby's International Realty and have access to exclusive real estate products and services to better market their clients' properties to buyers throughout the country and world.

"Eagles Nest Real Estate serves an area of the country that has become an extremely attractive home market in recent years - the scenic and peaceful Blue Ridge Mountain region of North Carolina," said Michael R. Good, president & CEO of Sotheby's International Realty Affiliates, Inc. "Owner John Turchin is a dynamic, visionary figure in the real estate industry, and we are honored to welcome Mountain Sotheby's International Realty to our family or real estate firms."

John Turchin, owner of Mountain Sotheby's International Realty, said, "The Sotheby's International Realty network is comprised of leaders in their respective markets. We are excited to become part of such a fine organization that has rightfully earned its stellar industry reputation. Taking this step provides us with significant competitive advantages in our market."

The Sotheby's International Realty[R] network has more than 7,200 sales associates located in more than 350 worldwide offices. All listings from Mountain Sotheby's International Realty will be marketed on the sothebysrealty.com global Web site. In addition to the referral opportunities and great exposure generated from these sources, the firm will benefit from an association with the Sotheby's auction house and worldwide Sotheby's International Realty[R] marketing programs.

Clients of Mountain Sotheby's International Realty are expertly served by its growing team of knowledgeable and dedicated sales associates. The main office is located at 2120 Tynecastle Highway in Banner Elk, N.C. For more information, contact the firm at 1-828-898-8965.

About Sotheby's International Realty Affiliates, Inc.

Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty([R]) network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Cendant Corporation (NYSE: CD), the world's leading real estate brokerage franchisor, entered into a long-term strategic alliance with Sotheby's Holdings, Inc. (NYSE: BID; LSE: STBA). The agreement provided for the licensing of the Sotheby's International Realty([R]) name and the development of a full franchise system by Sotheby's International Realty Affiliates, Inc., a Cendant subsidiary. The agreement also included the acquisition of the company-owned real estate brokerage offices by NRT Incorporated, a Cendant subsidiary that owns and operates those offices today as Sotheby's International Realty, Inc. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby's International Realty Affiliates, Inc. supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable, 260-year-old Sotheby's auction house. For more information, visit www.sothebysrealty.com.

About The Lodges at Eagles Nest

A new resort community, The Lodges at Eagles Nest, is nestled into the Blue Ridge Mountains on 1,350 acres in Banner Elk, NC. Fashioned after the camp you treasured most as a kid, only better, Eagles Nest is a place for generations of families, offering activities such as an equestrian center, spa, library, ropes course, motocross track, glass blowing studio and bowling combined with unparalleled beauty, sense of discovery, non-stop action. Unique, custom-designed log cabins on 2 to 10 acres are available for purchase through Sotheby's International Realty. For more information, please visit http://www.EaglesNestBE.com.