The Real Estate Services Division of Cendant Corporation (NYSE:CD) today announced that its Cendant Mobility Broker Network reported an 11.3 percent increase in closed broker referrals in the first quarter of 2002.

The increase in closings is the direct result of a continued increase in the conversion rates of the network’s broker-to-broker referrals.

“Our first quarter results reflect the high quality of outgoing referrals shared by our network members,” said W. Bruce Wallin, president, Cendant Mobility Broker Services. “It is one thing to generate large volumes of referrals across a broker network but it is quite another to ensure the consistent high value of a large quantity of those leads. The value of the referrals shared by our network members is unparalleled in the industry and is reflected in our members successes in closing those referrals.”

In the first quarter 2002, the network recorded 3,459 closings, up from 3,107 in the first quarter of 2001. In March, the network closed 1,243 transactions, an increase of 25.9 percent from March 2001.

The network – which consists of top performing Cendant-affiliated real estate brand (Century 21®, ERA® and Coldwell Banker®) and independent brokerages nationwide – has demonstrated continued growth since its creation in 1997. In 2001, its fifth year of operation, the network reported 16,211 broker-to-broker closings in 2001 compared to 15,735 in the previous year – and established monthly records for closings in 10 of the 12 months of 2001.

The Cendant Mobility Broker Network is the leading network of brokers serving the clients and customers of Cendant Mobility, the industry’s premier corporate relocation provider. With nearly 2,100 clients, Cendant Mobility assists nearly 130,000 employees in more than 140 countries. The Broker Network is comprised of leading brokerages that meet strict criteria for production, performance and service quality. Cendant Mobility (www.cendantmobility.com/) is a subsidiary of Cendant Corporation (NYSE: CD).