Since 1906, the Coldwell Banker

organization has been the premier provider of full-service real estate.

In 2003, Franchise Times magazine's prestigious

Top 200 issue ranked the organization number one in real estate and number

eight overall. Additionally, the Coldwell Banker organization has the highest

ranking in customer satisfaction from both first-time homebuyers and sellers

who used national real estate firms, according to the J.D. Power and Associates

2003 Home Buyer/Seller Satisfaction Study.

The Coldwell Banker system has approximately 3,600 residential and commercial

real estate offices with 113,800 sales associates globally. Each office is

independently owned and operated except for offices owned and operated by NRT

Incorporated. The Coldwell Banker system is a leader in the industry in residential

real estate, and in niche markets such as resort, new homes and luxury properties

through its Coldwell Banker Previews International division. It is a pioneer

in consumer services with its Coldwell Banker Concierge program and award-winning

Web site, www.coldwellbanker.com.

Coldwell Banker Mortgage is one of the largest telephone/web based lenders

in the country and the Coldwell Banker Commercial system is one of the largest

commercial franchise operations with over 400 affiliates offering clients comprehensive

buying, selling, leasing, acquisition, disposition and management services.

Coldwell Banker Real Estate Corporation, is a subsidiary of Cendant Corporation

(NYSE: CD).