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ERA® REAL ESTATE COMPANIES REAP BENEFITS OF NEW GLOBAL REFERRAL NETWORK Parsippany, NJ (July 7, 1999) – Affirming their position as technological industry leaders, ERA® Real Estate companies are leading the way as users of the Cendant Global Referral Network (CGRN), the Internet-based broker-to-broker referral system. In the system's first full month of operation, ERA Real Estate companies placed 46 percent of the outgoing referrals and received 63 percent of the incoming referrals, transacting nearly 800 referrals overall. Currently, 85 percent of ERA companies are activated users of the new system. "Once again, ERA companies are at the industry forefront, demonstrating how technology can be used as an impetus for business growth and greater productivity," says ERA President and Chief Executive Officer Peter Burgdorff. "With CGRN, our members now have an efficient means to place, track and process referrals not only with other ERA companies, but with our sister companies (Century 21 and Coldwell Banker) as well." CGRN is a leading edge, online referral system capable of linking more than 8,000 of Cendant's franchised real estate offices in the U.S. The system allows Cendant-affiliated brokers to easily refer clients to other quality brokers within the three brands anywhere in the nation and will also provide detailed office information, including locations, broker profiles and, eventually, office conversion rates. The system also tracks the status of referrals and will maintain detailed records of each broker's referral history. ERA Franchise Systems LLC, a subsidiary of Cendant Corporation (NYSE: CD), is a leader in the residential real estate industry with over 25 years experience in developing consumer-oriented products and services. The ERA Real Estate network includes more than 2,600 independently owned and operated brokerage offices with more than 29,000 brokers and sales associates throughout the United States and 19 other countries and territories. ERA is available to consumers on the Internet at www.ERA.com.
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