ERA Franchise Systems LLC 1 Campus Drive Parsippany, NJ 07054 (973) 428-9700 FOR IMMEDIATE RELEASE

Media contact: Steve Alessandrini (973) 496-7904 steven.alessandrini@era.com

PARSIPPANY, N.J., (May 19, 2006) – The Cendant Real Estate Franchise Group today announced the promotion of Brenda W. Casserly to president and chief executive officer of ERA Real Estate. Casserly has served as president and chief operating officer of ERA® since 2001. In addition, ERA announced the appointment of Judy Green as its chief operating officer. Green most recently served as chief administrative officer for NRT Incorporated, a Cendant subsidiary that is the nation's largest residential real estate brokerage company.

"I am pleased to announce Brenda Casserly's promotion to president and CEO of ERA Real Estate," said Alex Perriello, president and CEO of Cendant's Real Estate Franchise Group. "The ERA® network has experienced tremendous growth since Brenda first became president and chief operating officer. In addition, Judy Green is a well-respected real estate industry leader and is a tremendous addition to the ERA senior leadership team."

Under Casserly's leadership, ERA Real Estate has increased its annual sales volume by more than 50 percent since 2001. At the same time, the ERA network has grown to include nearly 3,000 offices and 38,000 sales associates and brokers in 29 countries and territories worldwide.

As president and chief executive officer, Casserly will continue to lead the growth, development and strategic direction of ERA Real Estate. In her new role with ERA, Green will be responsible for all field service operations and will oversee the regional field staff, training, business development, affiliate transitions and operational review.

In Green's most recent role as NRT's chief administrative officer, she was responsible for NRT's efforts in relocation, preferred alliances, acquisitions, and ancillary services including mortgage and settlement services. A real estate professional for more than 20 years, Green has vast and extensive professional and personal experience that includes serving as president and CEO of Coldwell Banker Residential Real Estate in Florida, NRT senior vice president of Florida and Texas, ownership of a real estate company and a term as the first female mayor of the City of Oviedo, Fla.

About ERA Franchise Systems LLC
ERA Franchise Systems LLC is a global leader in the residential real estate industry with more than 30 years experience in developing consumer-oriented products and services. Since 1977, ERA Real Estate has teamed with the Muscular Dystrophy Association in its fight against neuromuscular diseases, raising more than $30 million. The ERA network includes more than 35,000 brokers and sales associates and approximately 2,900 offices throughout the United States and 49 other countries and territories. Each office is independently owned and operated. ERA Franchise Systems LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. ERA Franchise Systems LLC information is available at: ERA.com.