PARSIPPANY, N.J. (May 23, 2006) – The Real Estate Services Division of Cendant Corporation (NYSE: CD) today announced the appointment of Richard W. Davidson as president and Chief Operating Officer of Coldwell Banker Commercial Affiliates, Inc., one of the largest franchisors of commercial real estate brokerages in the world. With nearly 4,000 sales associates and 500 offices in 29 countries, the Coldwell Banker Commercial^® brand is one of the most widely recognized commercial real estate brands in the United States.  Davidson, an 18-year veteran of the industry, was most recently the chief executive officer and founding principal of Coldwell Banker Commercial Capitol Realty Services, an independently owned and operated company in the Washington, D.C. metropolitan market.  Davidson will begin the transition to his new role in Parsippany effective immediately.

“Rick Davidson is an outstanding commercial real estate practitioner who has been an integral part of the success of the Coldwell Banker Commercial brand,” said Alex Perriello, president & CEO of the Cendant Real Estate Franchise Group. “Rick’s accomplishments as a brokerage owner have demonstrated a great depth of understanding the complexities of both the commercial real estate business and growing a franchised brand on a local, regional and national level.”

“I am thrilled and honored for the opportunity to lead the Coldwell Banker Commercial brand into its next century of service,” said Davidson. “This is a company steeped in the tradition of service excellence and our goal in every instance will be to attain the highest level of confidence with our customers.  We want to become our clients’ trusted advisor.  I look forward to working with the incredible team of professionals in each of the global markets we serve and harnessing that talent to further develop the existing comprehensive and cohesive service delivery platform.  We take pride delivering our services to our clients with an institutional objective yet an entrepreneurial approach.” 

Before founding Coldwell Banker Commercial Capitol Realty Services in 2003, Davidson spent nine years as managing director of CB Richard Ellis in the Washington, D.C., metropolitan market and three years with Insignia/ESG as executive vice president. He brings with him solid understanding of industry and local marketplace dynamics as well as a keen grasp of the history and culture of the Coldwell Banker Commercial system. “This is really a thrilling time in the history of Coldwell Banker Commercial,” said Davidson. “Conceptually, our goals going forward are pretty simple:  continued enhancement of the brand through the companies we affiliate, the professionals we associate and the services we provide our clients.  The way we will achieve these goals will be through a comprehensive growth strategy focused on affiliating quality companies in tier one markets; an aggressive recruiting and retention program focused on leading professionals throughout our industry; and the continued enhancement of our services through a comprehensive and consistent professional education program.” 

Davidson, a licensed real estate broker in Virginia, Maryland and the District of Columbia, has received several national awards for real estate excellence. He is also a member of the Greater Washington Board of Trade, and a Board of Director for Big Brothers/Big Sisters of the National Capital Area in Washington, DC. He is a graduate of the National Louis University in Chicago.

About the Real Estate Services Division of Cendant Corporation

The Real Estate Services Division of Cendant Corporation (NYSE: CD) will become Realogy Corporation upon the completion of its previously announced spin-off from Cendant, anticipated in June 2006. The Division consists of four primary business units: the Real Estate Franchise Group, representing approximately 15,000 residential and commercial franchised real estate offices and 310,000 sales associates affiliated with the Century 21^®, Coldwell Banker^®, Coldwell Banker Commercial^®, ERA^®, and Sotheby’s International Realty^® brand names; Cendant Mobility (which will become Cartus), a premier provider of employee relocation and global mobility services with six global service centers on four continents; NRT Incorporated, the nation’s largest residential real estate brokerage company with operations in 35 major metropolitan markets; and Title Resource Group (TRG), a national provider of title, escrow and other settlement services.

About Coldwell Banker Commercial  Affiliates, Inc.

Coldwell Banker Commercial Affiliates, Inc., is one of the leading franchisors of commercial real estate in the country. Coldwell Banker Commercial^® is a registered trademark licensed to Coldwell Banker Real Estate Corporation. The Coldwell Banker Commercial brand is a premier provider of real estate, recognized globally as a company that puts the client first while delivering individual, distinctly different service. Coldwell Banker Commercial affiliates cover territory throughout North America, South America, Europe, Africa, Asia and Australia. Coldwell Banker Commercial is an industry leader in providing commercial real estate solutions that serve the needs of tenants, landlords, sellers and buyers in the leasing, acquisition, disposition and management of all property types. Each office is independently owned and operated.  Coldwell Banker Real Estate Corporation is a subsidiary of Cendant Corporation. (NYSE: CD). For additional information, visit the company’s Web site at www.coldwellbankercommercial.com or contact us at (800) 222-2162.