Sotheby's International Realty(R) Network Expands Into Japan

To further its international growth in key luxury markets, Sotheby’s International Realty Affiliates, Inc. today announced the signing of an exclusive 25-year licensing agreement for Japan with Urban Corporation, a rapidly growing, integrated real estate company. The firm will look to open Sotheby’s International Realty offices beginning in 2008. According to Michael R. Good, president and chief executive officer, Sotheby’s International Realty Affiliates, Inc., the Japanese market is of utmost importance for the brand’s expansion in Asia. "Japan possesses the second largest economy in the world, has a stable and strong government and is experiencing rapid growth in the luxury real estate sector, with strong economic indicators supporting its growth,” he said. "As one of the largest real estate companies in Japan, Urban Corporation is the perfect candidate to grow our brand in that country.” Urban Corporation’s core businesses include residential sales and real estate development. The company is listed on the first section of the Tokyo Stock Exchange and currently has domestic operations in Tokyo, Nagoya, Osaka, Hiroshima and Fukuoka, with plans to expand throughout key luxury markets in Japan over the next few years. It has commenced overseas investments mainly targeting Asian countries through its offices in Singapore and South Korea. Urban Corporation has market capitalization of approximately $4 billion and reported consolidated sales in excess of $1.4 billion with condominium sales exceeding $237 million for the fiscal year ending March 31, 2007. For more information, visit www.urban.co.jp. "The Sotheby’s International Realty network represents an ideal fit for our development strategy,” said Hiroyuki Bozono, president and chief executive officer, Urban Corporation. "Its brand recognition, global distribution systems and support infrastructure will all help ensure success in a global environment. We are confident that the competitive advantages of Urban Corporation in the Japanese market and the international strengths of the Sotheby’s International Realty Network will be a winning combination. This strategic alliance will help us further expand internationally.” The Sotheby's International Realty luxury real estate network continues to expand worldwide, with offices located in luxury markets within metropolitan areas and destination communities around the world. Currently, there are more than 7,500 Sotheby’s International Realty sales associates located in more than 400 offices in the United States and 25 other countries and territories. About Sotheby’s International Realty Affiliates, Inc., Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, the world’s largest real estate franchisor, entered into a long-term strategic alliance with Sotheby’s Holdings, Inc. (NYSE: BID; LSE: STBA). The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Sotheby’s International Realty Affiliates, Inc., a subsidiary of Realogy, the world’s largest real estate office franchisor. Affiliations in the Sotheby’s International Realty system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates, Inc. supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.