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ERA® REAL ESTATE ANNOUNCES RECORD BREAKING FRANCHISE SALES INCREASE Parsippany, NJ (April 8, 1999) – ERA Real Estate announced today a 325 percent increase in overall franchise sales for 1998, as compared to 1997. Over the last year ERA has seen record growth due to effective business planning and strong marketing strategies, allowing ERA to make gains in markets where the franchises could grow and gain market share. Much of the increase in total sales can be attributed to the affiliation of O'Conor, Piper & Flynn, based in Maryland. Additional gains were made throughout 1998 as the Franchise Sales Division of ERA Real Estate exceeded its national goals by 137 percent, an ERA milestone. "We are so pleased with the performance of our franchise sales force," said Peter Burgdorff, ERA President and CEO. "To have O'Conor, Piper & Flynn as a part of our system only adds to the wealth of talent and commitment throughout the ERA network. This increase also comes at the launch of our new branding and advertising campaign, which is helping spur further expansion on both a national and global level." 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 28,000 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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