Coldwell Banker Residential Real Estate, Inc. and Arvida Realty Services, the two leading residential brokerage companies with offices throughout the state of Florida, announced today that they are uniting to become one company under the Coldwell Banker banner. In a related transaction, Naples-based Coldwell Banker McFadden & Sprowls is also joining forces to become part of Coldwell Banker Residential Real Estate’s extensive statewide real estate network.

Judith Green, will continue to lead Coldwell Banker Residential Real Estate as president and chief executive officer. Rich Cope, former president and chief executive officer of Arvida Realty Services, will become a senior consultant to NRT Incorporated, the parent company of Coldwell Banker Residential Real Estate. From Coldwell Banker McFadden & Sprowls, Gerry Warnken will now serve as Coldwell Banker Residential Real Estate’s regional president for Southwest Florida and Steve Oyer will become vice president for business development.

“This union brings together the best real estate professionals from the most respected and trusted real estate companies in Florida and blends them into one, unified organization that will continue to focus on enabling our sales associates to deliver personalized, neighborhood service,” said Green. “Our combined service area will be even greater, allowing Coldwell Banker Residential Real Estate to provide distinctive residential real estate service to clients throughout the entire state.”

“We look forward to utilizing the significant marketing resources and international networking opportunities made possible by our affiliation with the Coldwell Banker® system and the NRT family,” said Cope. “We are thrilled to be able to work together, maintaining our dedication to personal customer attention while strengthening our market position. Together, we can offer Florida real estate consumers even better services and resources than ever.”

“We know firsthand the benefits of our association with the Coldwell Banker network,” said Warnken. “We seized the opportunity to become part of NRT and continue to grow with Coldwell Banker Residential Real Estate throughout Florida.” Coldwell Banker Residential Real Estate is the largest real estate company in Florida. With the merger, the company now has 7,500 sales associates serving home buyers and sellers from over 200 office locations throughout the state. On a combined basis, Coldwell Banker Residential Real Estate, Arvida Realty Services, and Coldwell Banker McFadden & Sprowls were responsible for $15.5 billion in closed sales volume and 77,000 closed transaction sides1 in 2001.

“Arvida Realty Services is a great fit for Coldwell Banker Residential Real Estate as well as for the NRT family of companies,” said Bob Becker, president and chief executive officer of NRT. “What has impressed me most are the strong similarities between our company cultures. Like NRT, Arvida has demonstrated a commitment to its people and to its customers. The primary theme is that we all have a focus on finding new and innovative ways to support our sales associates. The same can be said for Coldwell Banker McFadden & Sprowls. We are proud to have these outstanding companies as part of our team in Florida.”

Prior to the merger, Clearwater-based Arvida Realty Services was the state’s largest independent real estate brokerage and the fifth-largest in the nation with more than 3,500 sales associates and 110 offices. Last year, Arvida had $7.7 billion in closed sales volume and 37,000 closed transaction sides. Coldwell Banker Residential Real Estate entered the merger with 3,700 sales associates and 95 office locations, and it had $7 billion in closed sales volume with more than 37,000 closed transaction sides last year. Coldwell Banker McFadden & Sprowls has 300 sales associates in 12 office locations and it recorded $764 million in closed sales volume with 3,200 transaction sides in 2001.

Coldwell Banker Residential Real Estate, Inc. offers Florida consumers a full-service real estate experience. The company’s primary services include residential sales and leasing, commercial sales and leasing, mortgage, title services, property management, relocation, and home warranty. The Coldwell Banker ConciergeSM Service provides home-related services for home buyers and sellers. The company’s sales associates market high-end luxury homes through Coldwell Banker Previews® International, the estates program of the Coldwell Banker system. Coldwell Banker Residential Real Estate is a Platinum Club member of the Cendant Mobility Broker Network. Cendant Mobility is a global leader in corporate and government relocation, annually assisting 128,000 employees in nearly 100 countries on seven continents. The commercial divisions from Arvida Realty Services and Coldwell Banker Commercial McFadden & Sprowls will now become part of Coldwell Banker Commercial NRT, which is the leading company within the Coldwell Banker Commercial® international network.

This multi-company merger with Coldwell Banker Residential Real Estate was made possible by NRT’s acquisition of Arvida Realty Services from The St. Joe Company (NYSE: JOE). The transaction does not include JOE’s community development unit, Arvida Community Development. NRT also acquired Coldwell Banker McFadden & Sprowls earlier today. In a simultaneous transaction, Cendant Corporation (NYSE: CD) announced that it had exercised its option to acquire 100% of the common stock of NRT Incorporated. NRT was originally formed in 1997 as a joint venture between Cendant and Apollo Management, LP.

Coldwell Banker Residential Real Estate, Inc. is a member of the NRT family of companies. NRT Incorporated is the nation’s leading residential real estate brokerage company with more than 850 offices and 45,000 sales associates operating in 24 of the nation’s largest metropolitan markets. NRT (www.nrtinc.com) is also the largest member of Coldwell Banker Real Estate Corporation’s worldwide network of 3,100 real estate offices and 75,000 sales associates. In 2001, NRT posted a real estate industry record of $117 billion in closed sales volume. NRT is a subsidiary of Cendant Corporation (NYSE: CD), one of the foremost providers of travel, real estate, vehicle, and financial services in the world. Cendant (www.cendant.com) is also one of the country’s largest retail mortgage originators and the leading corporate employee relocation service company in the United States.