February 8, 2006
Cendant and Spot Runner Announce Strategic National Alliance

The Real Estate Services Division of Cendant Corporation (NYSE: CD) and Spot Runner today announced an agreement for Spot Runner to provide preferred pricing on its premium television advertising production, planning and media-buying services to Cendant’s more than 9,000 U.S.-based affiliated real estate brokerage offices and their 260,000 affiliated sales associates. The agreement provides affiliates of Cendant’s real estate brands – Century 21®, Coldwell Banker®, Coldwell Banker Commercial®, ERA® and Sotheby’s International Realty® – and real estate brokerage operations owned by its subsidiary NRT Incorporated with preferred pricing on TV commercial development costs while taking advantage of a selection of several hundred branded television commercials customized for Cendant’s brands by Spot Runner. Spot Runner will showcase its platform at the Cendant brands’ respective international business conferences and conventions in mid-February and early March. The program will be rolled out to Cendant-affiliated brokers and sales associates during the next several months.

“This national alliance with Spot Runner is another example of our strategy to equip our real estate brand affiliates and our company-owned brokerage operations with the latest in technology and marketing tools that help set them apart from the competition,” said Richard A. Smith, chairman and CEO, Cendant Real Estate Services Division. “We believe Spot Runner is a technology innovator that delivers cost-effective television commercial production and advertising services, and we are pleased to be able to give our Cendantaffiliated brokers and sales associates an edge in their local markets all across the country.”

Co-founded by veteran Internet entrepreneurs Nick Grouf and David Waxman, Spot Runner is an Internet-based ad agency that allows local businesses to manage their commercial production, media planning and media buying through an innovative, “selfserve” online platform. Creating a commercial using Spot Runner takes just days and is but a fraction of the cost of traditional commercial production, putting the cost of television advertising on par with Internet, newspaper and Yellow Pages directory advertising. A local advertising campaign, including commercial and air time, can cost as little as $500,000.

“This relationship with Cendant is a tremendous opportunity for Spot Runner to put the power of television advertising into the hands of hundreds of thousands of real estate brokers and sales associates,” said Grouf, the chairman and CEO of Spot Runner. “This is an important step towards furthering our mission to break down the barriers that have previously prevented local businesses from using television as part of their marketing arsenal. Spot Runner’s simple online platform combined with its dedicated library of highquality real estate ads make it ideal for real estate professionals to promote their services or highlight individual property listings in a given market. This promises to revolutionize the way real estate is marketed at the local level.”

Spot Runner has populated Cendant’s customized ad library with hundreds of
professionally produced commercials that are designed to maximize the use of photos and digital images that real estate professionals have come to rely upon to sell properties. Spot Runner personalizes the ads with the agents’ or brokers’ own information, including their names, headshots, logos and digital images.

With local TV advertising, brokers and agents are able to cost-effectively reach a very precise demographic. Based on information provided by the clients, Spot Runner’s proprietary media planning engine will recommend personalized media plans that include major local broadcast and cable channels such as Fox News, Bravo, Lifetime, A&E and HGTV. Clients are able to selectively choose the networks that most appeal to their target audience and the time slots in which their commercials run. They are also able to focus on specific neighborhood areas. After the ad has run, Spot Runner’s service will also help Cendant-affiliated real estate professionals track their ads and analyze potential viewership and demographic information.

“Nothing powers real estate more than relationships,” said Smith. “Our agreement with Spot Runner opens up new avenues for our franchisees and owned brokerage operations to build upon the relationships with their own customers through the compelling medium of television.”