| Coldwell 
                                                                    Banker Real 
                                                                    Estate Corporation History In 
                                                                    1906, Colbert 
                                                                    Coldwell, 
                                                                    a young real 
                                                                    estate agent, 
                                                                    observed families 
                                                                    trying to 
                                                                    piece their 
                                                                    lives together 
                                                                    following 
                                                                    the San Francisco 
                                                                    earthquake. 
                                                                    In those days, 
                                                                    unscrupulous 
                                                                    agents acquired 
                                                                    property from 
                                                                    vulnerable 
                                                                    sellers and 
                                                                    resold it 
                                                                    at huge profits. 
                                                                    Colbert saw 
                                                                    a tremendous 
                                                                    need for honest 
                                                                    and knowledgeable 
                                                                    real estate 
                                                                    people in 
                                                                    the business. 
                                                                    Thus he founded 
                                                                    a company 
                                                                    that was to 
                                                                    revolutionize 
                                                                    the whole 
                                                                    concept and 
                                                                    philosophy 
                                                                    of the real 
                                                                    estate business. 
                                                                    In 1914, Benjamin 
                                                                    Arthur Banker 
                                                                    joined Colbert 
                                                                    Coldwell as 
                                                                    a full partner. 
                                                                    Together, 
                                                                    they forged 
                                                                    a tradition 
                                                                    of integrity, 
                                                                    exceptional 
                                                                    service and 
                                                                    customer satisfaction 
                                                                    that emerged 
                                                                    before the 
                                                                    world as Coldwell 
                                                                    Banker Real 
                                                                    Estate Corporation. The 
                                                                    Company Coldwell 
                                                                    Banker is 
                                                                    America's 
                                                                    oldest real 
                                                                    estate organization 
                                                                    and whether 
                                                                    you are a 
                                                                    first-time 
                                                                    buyer or in 
                                                                    the process 
                                                                    of stepping 
                                                                    up to your 
                                                                    'dream home', 
                                                                    it is a great 
                                                                    and the right 
                                                                    place to begin 
                                                                    the process. 
                                                                    At any moment, 
                                                                    you can get 
                                                                    information 
                                                                    on over 200,000 
                                                                    properties 
                                                                    for sale, 
                                                                    which is backed 
                                                                    up by 120,000 
                                                                    brightest 
                                                                    and most professional 
                                                                    Sales Associates 
                                                                    in the real 
                                                                    estate business. 
                                                                    The Sales 
                                                                    Associates 
                                                                    vow their 
                                                                    commitment 
                                                                    to professionalism 
                                                                    and customer 
                                                                    service which 
                                                                    has supported 
                                                                    the company 
                                                                    into being 
                                                                    an industry 
                                                                    leader in 
                                                                    resident real 
                                                                    estate, and 
                                                                    in niche markets 
                                                                    such as resort, 
                                                                    new homes 
                                                                    and luxury 
                                                                    properties 
                                                                    through its 
                                                                    Coldwell Banker 
                                                                    Previews International 
                                                                    division. 
                                                                    The company 
                                                                    is a subsidiary 
                                                                    of Cendant 
                                                                    Corporation 
                                                                    (NYSE: CD) 
                                                                    and has more 
                                                                    than 3,800 
                                                                    independently 
                                                                    owned and 
                                                                    operated residential 
                                                                    and commercial 
                                                                    real estate 
                                                                    offices.  The 
                                                                    offices are 
                                                                    spread throughout 
                                                                    the U.S., 
                                                                    Canada, Mexico, 
                                                                    Central America, 
                                                                    the Caribbean, 
                                                                    Singapore, 
                                                                    Australia, 
                                                                    Egypt and                    Europe and 
                                                                    they have 
                                                                    built their 
                                                                    reputation 
                                                                    through a 
                                                                    persistent 
                                                                    focus on stellar 
                                                                    customer service. 
                                                                    Coldwell Banker 
                                                                    Commercial 
                                                                    network is 
                                                                    an industry 
                                                                    leader in 
                                                                    providing 
                                                                    commercial 
                                                                    real-estate 
                                                                    solution that 
                                                                    serves the 
                                                                    needs of tenants, 
                                                                    landlords, 
                                                                    sellers and 
                                                                    buyers in 
                                                                    the leasing, 
                                                                    acquisition, 
                                                                    disposition 
                                                                    and management 
                                                                    of all property 
                                                                    types. About 
                                                                    the company's 
                                                                    website coldwellbanker.com, 
                                                                    Regina Taylor, 
                                                                    the senior 
                                                                    vice president, 
                                                                    marketing, 
                                                                    Coldwell Banker 
                                                                    Real Estate 
                                                                    Corporation, 
                                                                    says, "home 
                                                                    buying and 
                                                                    selling maybe 
                                                                    the most important 
                                                                    transactions 
                                                                    a consumer 
                                                                    can make and 
                                                                    information 
                                                                    throughout 
                                                                    the process 
                                                                    is the key. 
                                                                    In 1995, we 
                                                                    decided to 
                                                                    invest in 
                                                                    our website 
                                                                    as we predicted 
                                                                    it's crucial 
                                                                    role in the 
                                                                    real estate 
                                                                    process. Coldwell 
                                                                    Banker – Leaders 
                                                                    in Distributing 
                                                                    Franchise 
                                                                    Rights Coldwell 
                                                                    Banker encourages 
                                                                    people all 
                                                                    over the world 
                                                                    to buy a Master 
                                                                    Franchise 
                                                                    or a Franchise 
                                                                    Abroad. A 
                                                                    Master Franchise 
                                                                    is best described 
                                                                    as a company 
                                                                    that acquires 
                                                                    the franchising 
                                                                    rights exclusively 
                                                                    for an entire 
                                                                    country or 
                                                                    countries. 
                                                                    It gives the 
                                                                    exclusive 
                                                                    rights to 
                                                                    sell franchises 
                                                                    and oversee 
                                                                    the development 
                                                                    of the Coldwell 
                                                                    Banker brand. Franchise 
                                                                    Awards Won 
                                                                    by the Coldwell 
                                                                    Banker Franchise 
                                                                    Times Magazine 
                                                                    named Coldwell 
                                                                    Banker Real 
                                                                    Estate Corporation 
                                                                    the #1 real 
                                                                    estate franchise 
                                                                    for the third 
                                                                    year in a 
                                                                    row in 2002 
                                                                    and the #10 
                                                                    franchise 
                                                                    overall in 
                                                                    worldwide 
                                                                    sells. The 
                                                                    Coldwell Banker 
                                                                    network scored 
                                                                    the highest 
                                                                    in customer 
                                                                    satisfaction 
                                                                    in 2002 according 
                                                                    to the Nationwide 
                                                                    Relocation 
                                                                    Employee Survey. 
                                                                    In 2004, Franchise 
                                                                    Times Magazine's 
                                                                    prestigious 
                                                                    Top 200 issue 
                                                                    ranked Coldwell 
                                                                    Banker number 
                                                                    one in real 
                                                                    estate and 
                                                                    number eight 
                                                                    among all 
                                                                    franchisers. 
                                                                    Cendant Global 
                                                                    Services B.V., 
                                                                    is the international 
                                                                    master franchising 
                                                                    arm of Coldwell 
                                                                    Banker Real 
                                                                    Estate Corporation. 
                                                                    It has signed 
                                                                    Master Franchise 
                                                                    Agreement 
                                                                    for New South 
                                                                    Wales and 
                                                                    the Australian 
                                                                    Capitol Territory 
                                                                    in April 2002. 
                                                                    The company 
                                                                    has also awarded 
                                                                    Master Franchise 
                                                                    Rights for 
                                                                    expansion 
                                                                    into Egypt 
                                                                    in July 2002. 
                                                                    The Coldwell 
                                                                    Banker system 
                                                                    has a presence 
                                                                    in 17 countries 
                                                                    internationally, 
                                                                    consisting 
                                                                    of over 291 
                                                                    Coldwell Banker 
                                                                    real estate 
                                                                    offices. The 
                                                                    company's 
                                                                    continued 
                                                                    strategic 
                                                                    global expansion 
                                                                    is consistent 
                                                                    with its strong 
                                                                    leadership 
                                                                    position in 
                                                                    the residential 
                                                                    and commercial 
                                                                    real estate 
                                                                    markets. Thus 
                                                                    the agents 
                                                                    that desire 
                                                                    to utilize 
                                                                    the most innovative 
                                                                    tools and 
                                                                    systems available 
                                                                    in the marketplace 
                                                                    today, to 
                                                                    assist them 
                                                                    in providing 
                                                                    service to 
                                                                    their client 
                                                                    that has no 
                                                                    equal, should 
                                                                    seriously 
                                                                    consider joining 
                                                                    the Coldwell 
                                                                    Banker global 
                                                                    team. Coldwell 
                                                                    Banker - America's 
                                                                    Premier Luxury 
                                                                    Home Real 
                                                                    Estate Professionals Passing 
                                                                    by a neighborhood 
                                                                    with fine 
                                                                    country estates, 
                                                                    suburban mansions 
                                                                    or penthouse 
                                                                    condominiums 
                                                                    not only spurs 
                                                                    dreams of 
                                                                    luxury home 
                                                                    ownership 
                                                                    but also awakens 
                                                                    curiosity 
                                                                    about the 
                                                                    people who 
                                                                    actually live 
                                                                    in them. Some 
                                                                    of the top 
                                                                    findings of 
                                                                    the Coldwell 
                                                                    Banker Luxury 
                                                                    Homeowner 
                                                                    Profile: i)	
                                                                    88% of luxury 
                                                                    homeowners 
                                                                    are married, ii)	
                                                                    89% of luxury 
                                                                    homebuyers 
                                                                    request a 
                                                                    4-5 bedroom 
                                                                    home, iii)	
                                                                    Designer kitchens 
                                                                    are the top 
                                                                    priority with 
                                                                    regard to 
                                                                    luxury home 
                                                                    and amenities. Despite 
                                                                    paying a big 
                                                                    price tag 
                                                                    for top-of-the-line 
                                                                    homes and 
                                                                    amenities, 
                                                                    41% of these 
                                                                    luxury homebuyers 
                                                                    still plan 
                                                                    on investing 
                                                                    more money 
                                                                    in the home 
                                                                    by doing major 
                                                                    renovations. 
                                                                    While business 
                                                                    executives 
                                                                    of large corporations 
                                                                    are the number 
                                                                    one profession 
                                                                    among luxury 
                                                                    homeowners, 
                                                                    entrepreneurs 
                                                                    who own their 
                                                                    own businesses 
                                                                    are a close 
                                                                    second. Other 
                                                                    top professions 
                                                                    (in order) 
                                                                    of buyers 
                                                                    of million 
                                                                    dollar plus 
                                                                    homes were: 
                                                                    doctor, banker, 
                                                                    lawyer, stockbroker, 
                                                                    actor, musician 
                                                                    and inventor. 
                                                                    Two thirds 
                                                                    of these homeowners 
                                                                    are from the 
                                                                    "baby-boom" 
                                                                    generation 
                                                                    (between the 
                                                                    ages of 35 
                                                                    and 55). Following 
                                                                    kitchen, the 
                                                                    top five most 
                                                                    requested 
                                                                    amenities 
                                                                    (in order) 
                                                                    are: media/entertainment 
                                                                    room with 
                                                                    theater-style 
                                                                    sitting, wine-cellar, 
                                                                    tennis courts, 
                                                                    basketball 
                                                                    courts, indoor 
                                                                    pool, ballroom 
                                                                    and cigar 
                                                                    room. The 
                                                                    Coldwell Banker 
                                                                    Previews International 
                                                                    system has 
                                                                    been a world 
                                                                    leader in 
                                                                    the marketing 
                                                                    of luxury 
                                                                    homes since 
                                                                    1933. In 2002, 
                                                                    Coldwell Banker 
                                                                    sales associates 
                                                                    were involved 
                                                                    in the sale 
                                                                    of 11,158 
                                                                    properties 
                                                                    priced at 
                                                                    a million 
                                                                    dollars or 
                                                                    more with 
                                                                    a total sales 
                                                                    volume of 
                                                                    $18.9 billion 
                                                                    in the $1 
                                                                    million and 
                                                                    above price 
                                                                    range. According 
                                                                    to a report 
                                                                    of February 
                                                                    2004, Coldwell 
                                                                    Banker posted 
                                                                    a new record 
                                                                    in luxury 
                                                                    home sales 
                                                                    and the sales 
                                                                    volume tops 
                                                                    $23.3 billion 
                                                                    in 2003 which 
                                                                    is a 23% surge 
                                                                    over 2002.
 The 
                                                                    Coldwell Banker 
                                                                    Concierge 
                                                                    Program turns 
                                                                    real estate 
                                                                    offices into 
                                                                    one-stop shops 
                                                                    that help 
                                                                    homeowners 
                                                                    arrange everything 
                                                                    from financing 
                                                                    and coordinating 
                                                                    utility services 
                                                                    to home improvement, 
                                                                    moving arrangements 
                                                                    and renovation. 
                                                                    The Coldwell 
                                                                    Banker Concierge 
                                                                    Program was 
                                                                    designed so 
                                                                    that the service 
                                                                    could be provided 
                                                                    before, during 
                                                                    and even long 
                                                                    after the 
                                                                    sale, creating 
                                                                    customers 
                                                                    for life.
 Coldwell 
                                                                    Banker gives 
                                                                    back to the 
                                                                    community The 
                                                                    natural extension 
                                                                    of the company's 
                                                                    activities 
                                                                    has been to 
                                                                    assist the 
                                                                    less fortunate 
                                                                    and help provide 
                                                                    them with 
                                                                    the American 
                                                                    Dream of homeownership. 
                                                                    Celebrating 
                                                                    100 years 
                                                                    of its existence, 
                                                                    Coldwell Banker 
                                                                    will be participating 
                                                                    in a "100 
                                                                    – Habitat 
                                                                    for Humanity 
                                                                    homes" program 
                                                                    through the 
                                                                    end of December 
                                                                    2006. For 
                                                                    decades, Coldwell 
                                                                    Banker franchised 
                                                                    offices have 
                                                                    donated countless 
                                                                    dollars and 
                                                                    hours of labor 
                                                                    to Habitat 
                                                                    for Humanity. 
                                                                    Coldwell Banker 
                                                                    offices are 
                                                                    making a commitment 
                                                                    to donate 
                                                                    and/or raise 
                                                                    funds to sponsor 
                                                                    one or more 
                                                                    full homes 
                                                                    for a Habitat 
                                                                    for Humanity 
                                                                    affiliate 
                                                                    in their local 
                                                                    area. The 
                                                                    company proclaims 
                                                                    to be proud 
                                                                    to participate 
                                                                    in Habitat 
                                                                    for Humanity's 
                                                                    universally 
                                                                    praised mission 
                                                                    – to build 
                                                                    simple, decent 
                                                                    and affordable 
                                                                    homes in partnership 
                                                                    with deserving 
                                                                    families without 
                                                                    regard to 
                                                                    race, ethnic 
                                                                    background 
                                                                    or religion. 
                                                                    The company 
                                                                    dedicates 
                                                                    its 100th 
                                                                    anniversary 
                                                                    to Habitat 
                                                                    for Humanity. Related 
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