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

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

PARSIPPANY, NJ, February 18, 2005 – Three winners of the ERA® Real Estate Scholarship Grant Program were recently recognized at the annual ERA International Business Conference in Orlando, Fla. Each winner received a $10,000 check to further her academic pursuits. Brenda W. Casserly, president and COO of ERA Franchise Systems LLC, and Alex Perriello, president and CEO of the Cendant Real Estate Franchise Group, were on hand to personally present the scholarship grants to the three winners:

• Rachael Croft of Glen Aubrey, N.Y., a sophomore at Broome Community College and daughter of Gary Croft, a sales associate at ERA Decker Real Estate in Whitney Point.

• Margaret Elizabeth Frank of Franklin, Tenn., the daughter of Patricia Frank, a sales associate with ERA Pacesetter Partners in Brentwood, Tenn. Margaret is a senior at Fred J. Page High School.

• Jennifer Santana of Silverton, Ore., a senior at Silverton Union High School and the daughter of Lisa Santana, a sales associate at ERA Northwest Professional Realty in Salem, Ore.

"We are proud to help further the education of these gifted and hard-working students," said Casserly. "ERA sales associates and brokers are committed to achieving excellence by providing the 'Always There For You' customer service expected of ERA professionals. This scholarship program is our way of honoring that strong sense of dedication and determination these outstanding professionals have passed on to their families."

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 with the Muscular Dystrophy Association in its fight against neuromuscular diseases, raising more than $30 million. The ERA network includes more than 35,000 brokers and sales associates and approximately 2,900 offices throughout the United States and 49 other countries and territories. Each office is independently owned and operated. 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.