Coldwell Banker Real Estate LLC

PARSIPPANY, N.J. (May 16, 2007) – Coldwell Banker Real Estate Corporation today announced the acquisition of one of its North American master franchisors, Coldwell Banker Canada, Limited. Founded in 1993 as one of the first international master franchisors of the brand, Coldwell Banker Canada previously held the right to franchise the Coldwell Banker^® brand in Canada. This acquisition enables Coldwell Banker Real Estate Corporation to expand its network in Canada and help its affiliated Canadian brokers facilitate cross-border business leads and opportunities with its U.S. counterparts. There are currently more than 135 independently owned and operated Coldwell Banker Canada affiliated companies with 245 offices and 3,900 sales associates in nine out of the 10 Canadian provinces and also in the Yukon and Northwest Territories. The terms of the agreement were not disclosed.

The current seasoned executive team will remain intact in its existing headquarters in Burlington, Ontario. Gary Hockey will remain as president and Ron Hunter will continue to serve as COO of Coldwell Banker Canada. Both executives will report directly to Sherry Chris, chief operating officer of Coldwell Banker Real Estate Corporation based in Parsippany, N.J.

"The long term housing outlook for Canada is strong," said Jim Gillespie, president & chief executive officer of Coldwell Banker Real Estate Corporation. "Homeownership rates exceed 70 percent and the national average home price is expected to rise over the next 25 years. This acquisition is in keeping with our growth strategy."

"Our affiliated companies in Canada will have the opportunity to leverage marketing and education programs and gain more immediate access to Coldwell Banker systems and tools," said Chris. "One of the quickest rollouts will be the Canadian launch of Coldwell Banker LeadRouter^ЅΜ, our lead management system that instantly converts Internet inquiries into voice messages. With more than
80 percent of consumers now beginning their home search online, technology-based tools are essential to success."

While Coldwell Banker Canada was previously a separate entity, its marketing and technology platforms closely mirrored those of Coldwell Banker Real Estate Corporation over the last few years. Many Coldwell Banker Canada listings are already displayed on the coldwellbanker.com website.

"I believe the biggest benefit to this arrangement is greater participation," said Hockey. "With this new relationship, we will have an even stronger voice in how the brand is marketed. Coldwell Banker Real Estate Corporation recognizes that while similarities exist between Canada and the U.S., there are unique differences in the way that real estate is marketed and legislated here in Canada. With our Canadian leadership and support team solidly in place, we are confident that Coldwell Banker will continue to grow and flourish in Canada."

Coldwell Banker Real Estate Corporation continues to employ the master franchise model elsewhere internationally, with a master franchise owner responsible for franchise sales and network growth in various countries and regions. This announcement pertains only to Coldwell Banker franchise operations in Canada and does not affect master franchise agreements in any of the other 30 countries or territories around the world. Coldwell Banker Real Estate Corporation currently services more than 1,260 independently owned and operated affiliated companies in the United States.

About Coldwell Banker®
Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2008, Franchise Times magazine's prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,500 residential real estate offices and approximately 100,000 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge ® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.

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