NRT Acquires Henry S. Miller, Realtors in Dallas/Ft.Worth and Perry & Butler in Denver
Real Estate Industry Leader Strengthens its No. 1 Positions in Texas and Colorado

PARSIPPANY, NJ – March 13, 2001--NRT, the nation's leading residential real estate brokerage company, today acquired the residential real estate operations of the Henry S. Miller Companies, Inc. of Dallas/Fort Worth, a venerable Texas real estate institution. In addition to the Henry S. Miller, Realtors' offices in Dallas/Fort Worth, NRT also acquired the Henry S. Miller Companies' operation in the Denver metropolitan area, operated as Perry & Butler Realty, Inc. The acquired entities will be merged into two NRT-owned companies, Coldwell Banker Residential Brokerage of Dallas/Fort Worth and Coldwell Banker Residential Brokerage of Colorado, respectively.

"We are extremely pleased to add the proven, professional expertise of Henry S. Miller, Realtors' and Perry & Butler Realty's sales and management teams to NRT's family of companies," said Bob Becker, president and chief executive officer of NRT. "Henry S. Miller has been an important name in the Texas real estate industry for decades, while Perry & Butler Realty in Denver brings with it a similar high reputation for service. We're proud to have their people join our national organization."

"Both the Henry S. Miller and Perry & Butler organizations are an excellent fit with NRT's customer service-oriented culture," added Becker. "We have always strived to create exceptional real estate experiences for our customers and communities. Our success lies in the fact that we have a company-wide commitment to provide the people and resources to do whatever it takes to allow our associates to deliver extraordinary service to consumers."

The move strengthens the two NRT companies' No. 1 positions in Texas and Colorado. All told, NRT added 30 locations and more than 1,000 sales associates across the two states with sales volume in excess of $2.45 billion in the year 2000. Henry S. Miller, Realtors is the 16th firm with an annual sales volume greater than $1 billion to join NRT in the past three and a half years.

The Henry S. Miller Companies will retain ownership and control of Henry S. Miller's commercial and real estate development operations, with Vance C. Miller remaining as chairman and chief executive officer. Heidi Holman, former president of Henry S. Miller Realtors, will serve as president of the new Henry S. Miller division of Coldwell Banker Residential Brokerage of Dallas/Fort Worth.

Founded in 1914 by Henry S. Miller, the company that bears his name has grown into one of Texas' most successful independent real estate brokerages. With 30 offices and more than 1,000 sales professionals, Henry S. Miller, Realtors, achieved $2.7 billion in closed sales volume in Texas for 2000. Specifically in the Dallas/Fort Worth Metroplex, Henry S. Miller, Realtors achieved $1.75 billion in closed sales volume in 2000 with its 19 offices and more than 750 sales professionals.

Led by president and chief operating officer Linda Berg, NRT's Coldwell Banker Residential Brokerage of Dallas/Forth Worth completed more than $2.9 billion in closed sales volume last year, which ranked No. 1 in the Dallas/Fort Worth Metroplex and in all of Texas. Now with more than 45 offices and 2,000 sales associates, Coldwell Banker Dallas/Fort Worth greatly extends its lead in the marketplace.

"This event is an unparalled opportunity for our sales associates," said Vance C. Miller, who followed in his grandfather's and father's footsteps to oversee the family-owned business. "With Coldwell Banker, our talented sales force will have the best technology and resources available to them within a progressive climate that supports their needs and their dedication to our loyal customers."

"With the addition of all the dedicated professionals at Henry S. Miller, Realtors, Coldwell Banker Residential Brokerage of Dallas/Fort Worth is an even greater local resource for home buyers and sellers in Fort Worth and Dallas," said Linda Berg. "Our new associates will soon learn that being part of an NRT company means the best of both worlds — local traditions and global connections. With this merger, our company will have a greater market presence, which for sales professionals means more signs, more marketing, more traffic and more buyers than ever before."

"This union gives our sales professionals access to cutting-edge industry and technological developments far in advance of their competition," said Heidi Holman. "I'm excited to be a part of the senior leadership team with Coldwell Banker Residential Brokerage of Dallas/Fort Worth. As members of a family of companies under the NRT umbrella, our teams will benefit from a strong, financially stable company with unmatched resources."

Founded in 1963, Perry & Butler Realty has been part of the Henry S. Miller Companies, Inc. since 1993. Perry & Butler recorded sales volume of greater than $700 million in the year 2000. The company's 300 sales associates operate from 11 offices throughout the Denver metropolitan area.

"Perry & Butler Realty is among the oldest and most respected real estate firms in Colorado, and we are excited about joining forces with this leading company and its 300 broker associates," said Kate Rossi, president of NRT's Coldwell Banker Residential Brokerage of Colorado. "The combined strengths of Coldwell Banker and Perry & Butler create exceptional opportunities for growth while firmly solidifying our No. 1 position in Colorado. Coldwell Banker brings impressive value to this union with the industry's most comprehensive marketing tools, training and education programs, uncompromising use of advanced technology, and a sincere focus on customer service."

At the same time that the Henry S. Miller Realtors' operations in Dallas/Fort Worth were folded into NRT's Coldwell Banker Residential Brokerage, it was announced that the company's eight residential real estate offices in Houston will join Coldwell Banker United, Realtors, while its four residential offices in Austin will become part of Coldwell Banker Richard Smith, Realtors. Both of these companies are owned and operated by Richard Smith.

Coldwell Banker Residential Brokerage of Dallas/Fort Worth is the leading residential real estate company in Texas with 45 locations and more than 2,000 sales professionals. Coldwell Banker Residential Brokerage of Colorado is the leading residential real estate company in Colorado, and now has 29 locations and 1,300 sales associates.

NRT is the nation's largest residential real estate brokerage company with more than 650 offices, 32,000 sales associates and closed sales volume of $105 billion in the year 2000. NRT independently owns and operates companies in 22 of the nation's largest metropolitan areas. The NRT family of companies do business under the COLDWELL BANKER®, ERA® and CENTURY 21® brand names. NRT is a joint venture between Cendant (NYSE: CD) and Apollo Management L.P.