ERA Franchise Systems LLC 1 Campus Drive Parsippany, NJ 07054 (973) 428-9700 FOR IMMEDIATE RELEASE

Media contact: Steve Alessandrini (973) 496-7904 steven.alessandrini@era.com

PARSIPPANY, N.J., (Feb. 21, 2006) – The winners of the ERAŽ Scholarship Grant Program were announced at the annual ERA International Business Conference in San Francisco. Each winner received a $10,000 check to further her academic pursuits. Brenda W. Casserly, president and COO of ERA Real Estate, and Alex Perriello, president and CEO of the Cendant Real Estate Franchise Group, were on hand to present the scholarship grants to the three winners:

• Katie Lynn Kyle of Piedmont, Okla., a senior at Cashion High School and daughter of Stephen Kyle, a broker with ERA Kylecor in Oklahoma City.

• Katie Lanza of Youngstown, N.Y., the granddaughter of Lawrence Lanza, a sales associate with Hunt Real Estate ERA in Orchard Park. Katie is currently enrolled at Medaille College in Buffalo.

• Letita M. VasConselles of Rio Racho, N.M., a student at Albuquerque Technical Vocational Institute and the daughter of Sandra Dillinger, a sales associate at Pargin Realty ERA in Albuquerque, N.M.

"Once again, ERA Real Estate is proud to help support the academic pursuits of several bright and hard-working students," said Casserly. "Just as we are committed to fostering the continued growth of our affiliate members through ongoing training and development, we are equally dedicated to providing educational opportunities for their children and grandchildren through programs such as this scholarship program."

The grant program was open to children, grandchildren or legal wards of real estate professionals affiliated with the ERA system. Eligible candidates had to have a current cumulative GPA of 3.3 or higher (on a 4.0 scale), demonstrate financial need and reflect the same ideals for which ERA professionals are well known: leadership, volunteerism and a commitment to life-long learning.

About ERA Franchise Systems LLC
ERA Franchise Systems LLC is a global leader in the residential real estate industry with more than 30 years experience in developing consumer-oriented products and services. Since 1977, ERA Real Estate has teamed up with the Muscular Dystrophy Association in its fight against neuromuscular diseases, raising more than $30 million. The ERA network includes more than 38,000 brokers and sales associates and approximately 3,000 offices throughout the United States and 49 other countries and territories. Each office is independently owned and operated except offices owned and operated by NRT LLC. ERA Franchise Systems LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. ERA Franchise Systems LLC information is available at ERA.com.