2002 Press Releases

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

Media contact: Stacy Quinn (973) 496-7904 stacy.quinn@ERA.com

FOR IMMEDIATE RELEASE 

PARSIPPANY, NJ, December 23, 2002 - ERA Franchise Systems LLC announced today the appointment of Jack Kornfeind to the new position of senior vice president of Service Operations, reporting to President & COO, Brenda W. Casserly.

In this newly created position, Kornfeind is responsible for the continued success of ERA® service initiatives including Educational Development, Awards, ERA® Sellers Security Plan, Franchise Sales Service Support and ERA Mortgage. He will also assume the duties previously held by Vice President of Service Support, Scott Becker, who recently accepted the position of vice president of the Preferred Client Group for the Cendant Real Estate Franchise Group.

"We are excited to have Jack join our leadership team," said Brenda W. Casserly, president and COO, ERA Franchise Systems LLC. "He brings more than 25 years of management and business operations experience. Since joining Cendant, Jack has played an integral role in the growth of the Real Estate Franchise Group. His proven analytical skills and problem-solving ability will be invaluable in our continuing effort to grow the ERA® network."

Kornfeind joined the Cendant Real Estate Services Division in 1997. He comes to ERA Real Estate from his position as senior vice president of Franchise Administration. In this capacity, he implemented many procedures and programs that have streamlined processes and enhanced efficiencies.

Prior to his career at Cendant, Kornfeind spent nearly two decades at Pennsylvania-based Unisys Corporation in several positions, including director of finance, director of business operations and national director of contracts. He also spent several years as an associate attorney at a law firm in Illinois.

Kornfeind is a graduate of the University of Illinois Law School.

About ERA Franchise Systems LLC
ERA Franchise Systems LLC is a global leader in the residential real estate industry with 30 years experience in developing consumer-oriented products and services. It is a subsidiary of Cendant Corporation (NYSE: CD) and part of its Real Estate Franchise Group. The ERA real estate network includes more than 28,000 brokers and sales associates throughout the United States and 30 other countries and territories. Each ERA office is independently owned and operated except offices owned and operated by NRT Incorporated. ERA information is available to consumers on the Internet at ERA.com. ERA properties can also be viewed www.REALTOR.com®.

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