NRT Acquires Schweppe & Co. in Upper Montclair, N.J.

Schweppe & Co. Combines Forces with Burgdorff ERA, Further Strengthening NRT’s Presence in New Jersey

PARSIPPANY, N.J. – October 9, 2003

NRT Incorporated, the nation’s largest residential real estate brokerage company, today announced the acquisition of Schweppe & Co. Realtors in Upper Montclair, N.J., under the banner of NRT-owned Burgdorff ERA. Schweppe & Co. Realtors’ single-office firm is one of the most productive individual offices in the state, generating $11 million gross commission income during the last 12 months.

Pat Hoferkamp will continue in her role as president and chief operating officer of Burgdorff ERA. Jay Schweppe, president and chief executive officer of Schweppe & Co., will become NRT vice president of strategic initiatives for the northeast region. He will continue to co-manage the Upper Montclair office, which will do business as Schweppe Burgdorff ERA, along with Denise Riordan, who will continue to co-manage the office in her role as vice president.

“I have long respected Jay Schweppe’s ability to strategically position his company and sales associates in the marketplace in a way that combines extraordinary service for buyers and sellers and extraordinary value for sales associates,” said Bob Becker, president and chief executive officer for NRT. “During the course of our talks, I found myself in fascinating discussions with Jay about thought-provoking ways to deliver even better service to clients and sales associates, and I eagerly look forward to continuing dialogues with him.”

With this announcement, Burgdorff ERA now has 16 offices and 700 sales associates serving northern and central New Jersey. During the last 12 months, Burgdorff ERA and Schweppe & Co. Realtors generated a combined $2.2 billion in closed sales volume.

“By joining NRT and Burgdorff ERA, we are able to tap immediately into opportunities for growth of our Upper Montclair office that extend far beyond our local marketplace and into an established network across 30 major metropolitan markets,” said Schweppe. “We see this as a terrific opportunity for our agents to gain more referrals and traffic to their listings – which is an excellent upshot for the consumer.”

In 2002, Schweppe & Co. accounted for $290 million in total closed sales volume. Schweppe & Co. was founded in 1960 by Jim and Mary Schweppe, parents of Jay Schweppe, and has grown since then from a four-agent storefront office to a team of 56 sales associates who are highly trained in the industry’s state-of-the art technological advancements.

“Over the past 40 years, Burgdorff ERA and Schweppe & Co. have evolved to become the two stellar companies in the Upper Montclair marketplace,” said Hoferkamp. “By uniting these powerful forces, we believe the synergies will shine brightly for consumers looking for superior market knowledge, experience and an unwavering commitment to excellent service.”

About NRT

NRT Incorporated, a subsidiary of Cendant Corporation (NYSE: CD), is the nation’s largest residential real estate brokerage company. NRT has more than 900 offices and 52,000 sales associates operating in more than 30 of the nation’s largest metropolitan markets. In 2002, NRT posted a real estate industry record of $149 billion in closed sales volume.

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