WILLIAM PITT REAL ESTATE JOINS SOTHEBY'S INTERNATIONAL REALTY® NETWORK IN CONNECTICUT

Storied Connecticut Real Estate Company to Carry the Prestigious Sotheby’s International Realty® Name

Parsippany, N.J., and Stamford, C.T. – Jan. 5, 2005

Sotheby’s International Realty Affiliates, Inc., a subsidiary of Cendant Corporation (NYSE: CD), today announced that it has entered into a franchise agreement with William Pitt Real Estate, LLC. William Pitt Real Estate is a luxury market leader based in Stamford, Conn., that accounted for more than $2 billion in closed sales volume in 2004. William Pitt Real Estate’s 24 offices will now become part of the Sotheby’s International Realty® network of luxury real estate firms under two ownership structures.

Twenty-one offices will remain independently owned by L. Casey Jones and Paul E. Breunich and will now do business as William Pitt Sotheby’s International Realty. Three offices of William Pitt Real Estate in Greenwich, Old Greenwich, and Marbledale, Conn., have been acquired by Sotheby’s International Realty, Inc., the brokerage operation owned by NRT Incorporated, which is also a Cendant subsidiary. These three offices will now operate as Sotheby’s International Realty.

“We only align the Sotheby’s International Realty name with accomplished companies like William Pitt – companies that have a passion for excellence and a commitment to delivering unsurpassed real estate service,” said Michael R. Good, president and CEO of Sotheby’s International Realty Affiliates, Inc. “William Pitt sales associates will now have access to our exclusive marketing programs and business resources. We are honored to welcome brokers Paul Breunich and Casey Jones, and their entire team, to the Sotheby’s International Realty family.”

William Pitt Real Estate was founded in 1949 as a one-person real estate company in Stamford, Conn. Breunich and Jones, who assumed control of the privately held and operated William Pitt Real Estate in 2001, will now operate their firm as William Pitt Sotheby’s International Realty. The company’s 21 offices are comprised of approximately 500 sales associates.

“After celebrating the most successful year in this firm’s history, I think it is only fitting that we kick off the New Year with a new affiliation that will take us to the next level,” said Jones. “This is a win-win for everybody involved. We are thrilled that all of our sales associates will be able to operate under the Sotheby’s International Realty banner.”

“This is strategic co-branding at its best,” added Breunich. “We believe this arrangement will make our sales associates ubiquitous and efficient. With the click of a mouse, they will be able to bring a world of international sellers and buyers to Connecticut homeowners’ doorsteps in a manner that is highly customized to suit their needs and preferences. Without question, the Sotheby’s International Realty name gives us an even greater upscale image and added panache to help attract more sellers and buyers across the board.”

Sotheby’s International Realty, Inc., the NRT-owned residential real estate brokerage operations, has one existing office in Greenwich and two offices in Litchfield County, Conn. With the addition of the three William Pitt offices, Sotheby’s International Realty Inc. has six offices and approximately 180 sales associates in Connecticut. In Greenwich the company is the market leader in closed sales volume. In Litchfield County, the company has tripled its market presence since opening its first office there in 2002.

“The William Pitt organization has a long-standing history and is a highly regarded name in Connecticut real estate,” said Stuart N. Siegel, president and CEO of the NRT-owned Sotheby's International Realty, Inc. “Like our current offices in Greenwich and Litchfield, their business was built on an unwavering commitment to the clients and communities they serve – it couldn't be a better fit.”

Within the last two months, the NRT-owned Sotheby’s International Realty, Inc. has acquired DBL Realtors in Beverly Hills, Calif., and Sotheby’s International Realty Limited in London. With this announcement, the Sotheby’s International Realty, Inc. brokerage operates 31 offices with more than 1,250 sales associates.

About Sotheby’s International Realty Affiliates, Inc.

Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty® network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Cendant Corporation, the world’s leading real estate brokerage franchiser entered into a long-term strategic alliance with Sotheby’s Holdings, Inc. (NYSE: BID; LSE: STBA). Parts of the agreement provided for the licensing of the Sotheby’s International Realty® name and the development of a full franchise system. Affiliations in the system are granted only to brokerages meeting eligibility requirements. Sotheby International Realty Affiliates, Inc. supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable, 260-year-old Sotheby’s auction house. For more information, visit www.sothebysrealty.com.

About William Pitt Sotheby’s International Realty

One of the top-producing real estate firms in the nation, William Pitt Real Estate accounted for more than $2 billion in closed sales volume in 2004. On Jan. 5, 2005, William Pitt Real Estate became part of the Sotheby’s International Realty® network of luxury real estate firms and will now do business as William Pitt Sotheby’s International Realty. The firm has approximately 500 sales associates in 21 offices throughout southwestern Connecticut, including Stamford, Danbury, Darien, Fairfield, Monroe, New Canaan, Newtown, Norwalk, Redding, Ridgefield, Rowayton, Southbury, Southport, Trumbull, Westport, and Wilton. In December 2004, William Pitt opened a sales office in Avon. William Pitt Sotheby’s International Realty is an independently owned, full-service real estate company with residential, insurance, mortgage services, rental, relocation, luxury home and new construction divisions.

About Sotheby’s International Realty, Inc.

Sotheby’s International Realty, Inc. is an international residential real estate organization representing fine properties at a range of price points. Sotheby’s International Realty, Inc.’s brokerage offices—located in London, Manhattan, the Hamptons, Greenwich, Palm Beach, San Francisco, Los Angeles, Beverly Hills, and Jackson Hole, Wyo.—are part of the NRT family of companies. NRT Incorporated, the nation’s largest residential real estate brokerage company, is a subsidiary of Cendant.

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