Prudential Real Estate Announces Renewal OF PrudentialNetwork Realty; Long Term and Early...

IRVINE, Calif.--(BUSINESS WIRE)--April 28, 1999--

The Prudential Real Estate Affiliates Inc. announced today that Prudential Network Realty of Jacksonville, Fla., has announced its intent to renew its affiliation for another decade.

Linda Sherrer will remain as President and

"We felt like the national identity and the resources that we have become accustomed to were too great to give up," commented Linda Sherrer. "Over the past few months, we have been evaluating our options within the Florida market in order to make the best business decision for the success of our company, our sales associates and the consumers we serve. Our decision to stay with a world-class brand such as Prudential was based on its strength as well as its commitment to our long-term growth strategies and commitments to our sales associates. We are looking forward to the next decade with Prudential."

By extending the company's existing franchise agreement, Prudential Network Realty will remain an active member of the Prudential Real Estate Network and a flagship company within the state of Florida. After evaluating all the benefits and long term growth potential associated with its affiliation with Prudential Real Estate, the company concluded that it was in the best interests of its shareholders, its agents and the public to remain with a globally recognized industry leader.

The decision to remain with the Prudential Real Estate Affiliates, was prompted by the company's desire to grow and increase its market share. This objective will see both Prudential Network Realty and Gibraltar Title Company executing an aggressive future growth strategy within both their existing markets as well as new areas of the Florida market. In addition, the decision to remain a part of the Prudential Real Estate Network has proven business advantages. Sherrer's existing partners, J. Michael Hughes, E. Bruce Bower, W.A. McGriff, III, and Thomas F. Petway III, will remain active in the business.

Sherrer commented, "Prudential Real Estate puts our company and agents in a positive position to achieve higher revenue due to the tremendous value of the Prudential brand with consumers both here in Florida and throughout North America. Prudential Real Estate's commitment to exceptional customer service and its leadership position as a technology innovator for real estate and relocation were very important to us. Moreover, sales associates and consumers continue to experience the power of the brand, a brand that is trusted and recognized by 96% of U.S. consumers."

"Prudential Network Realty is an outstanding company and Linda Sherrer is an outstanding leader, as evidenced by our awarding her our Broker of the Year award, which is reflective of her leadership and her high-quality sales associates," commented John Van Der Wall, president of The Prudential Real Estate Affiliates Inc. "We are delighted that Linda and her management team have decided to continue their relationship with our Network. We know that the company's commitment to quality and service will provide consumers with the very best real estate services available and this decision will help them expand its presence in the Jacksonville market, as well as new territories being explored. The power of a proven brand like Prudential and our personal commitment to assist every affiliate grow and achieve success clearly differentiates us from other networks. With Prudential Network Realty, we have a long-term partnership that will carry us well into the next decade. We fully intend to continue assisting Prudential Network Realty in being the company best-suited for today's and tomorrow's customers."

A charter member of the Prudential Real Estate Affiliates, Prudential Network Realty has grown to be a leader in the Jacksonville market area during the past 10 years. With more than 180 sales associates, Prudential Network Realty generated over $350 million in sales volume in 1998. In addition, the company has a strong relocation division to service the needs of corporate clients and transferees within the Jacksonville market as well as aggressive programs for the resort market and property management.

Prudential Real Estate Affiliates is a leading full-service real estate brokerage franchisor that awarded its first affiliation in 1988. The Prudential Real Estate Network comprises 39,000 sales associates and brokers in more than 1,500 independently owned and operated offices throughout the United States and Canada. The company is a technology leader, altering the traditional real estate transaction experience by delivering innovative solutions that meet the needs of today's brokers, sales associates and consumers.

The company launched its eCertified sales associate designation in 1998. This electronic certification gives home buyers and sellers access to qualified and technology savvy real estate experts who will assist them in exploring and utilizing various technology tools and resources to deliver the best, most complete set of information by which to make home ownership decisions.

Prudential Real Estate Affiliates' Internet and Intranet sites have received recognition by leading technology authorities, including The ComputerWorld Smithsonian, CIO and Beyond Computing Magazine, for changing the way people access real estate information, products and services.

Prudential Real Estate Affiliates, with headquarters in Irvine, Calif., is a subsidiary of The Prudential Insurance Company of America and the Network generated sales of $75.5 billion in 1998. Prudential Real Estate can be found on Prudential's Web site at http://www.prudential.com/realestate/.