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  Cendant Real Estate Appoints Richard W. Davidson President & COO of Coldwell Banker Commercial
      24-5-2006

     The Real Estate Services Division of Cendant Corporation (NYSE: CD) has announced the appointment of Richard W. Davidson as president and chief operating officer of Coldwell Banker Commercial Affiliates, Inc., one of the largest franchisors of commercial real estate brokerages in the world. With nearly 4,000 sales associates and 500 offices in 29 countries, the Coldwell Banker Commercial(r) brand is one of the most widely recognized commercial real estate brands in the United States. Davidson, an 18-year veteran of the industry, was most recently the chief executive officer and founding principal of Coldwell Banker Commercial Capitol Realty Services, an independently owned and operated company in the Washington, D.C. metropolitan market. Davidson will begin the transition to his new role in Parsippany effective immediately.
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