Richard A. Smith. Chairman, Chief Executive Officer & President

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2 Safe Harbor Statement This presentation contains forward-looking statements. The Company desires to take advantage of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995 and is including this statement for the express purpose of availing itself of the protections of the safe harbor with respect to all forward-looking statements. Therefore, the Company wishes to caution each participant to consider carefully the specific factors discussed with each forward-looking statement in this presentation and other factors contained in the Company s filings with the Securities and Exchange Commission under the captions Forward-Looking Statements, Risk Factors and Management s Discussion and Analysis of Financial Condition and Results of Operations as such factors in some cases have affected, and in the future (together with other factors) could affect, the ability of the Company to implement its business strategy and may cause actual results to differ materially from those contemplated by the statements expressed herein. The information contained in this presentation speaks as of May 9, The Company assumes no obligation to update the information or the forward-looking statements contained herein, whether as a result of new information or otherwise. Non-GAAP Financial Measures The financial measures EBITDA, Adjusted EBITDA, Free Cash Flow and Cash Earnings Per Share, as used in this presentation, are supplemental measures of the Company s performance that are not Generally Accepted Accounting Principles ( GAAP ) measures. Refer to slides 83 and 84 of this presentation and Tables 5a, 5b, 6a, 6b, 7, 8 and 9, of the Company s May 5 press release announcing first quarter 2014 financial results for the definitions of these non-gaap financial measures, a reconciliation of these measures to their most comparable GAAP measures, and the Company s explanation of why it believes these non-gaap measures are useful to investors. Market and Industry Data and Forecasts This presentation includes information published by the National Association of Realtors ( NAR ) and the Federal National Mortgage Association ( Fannie Mae ). NAR and Fannie Mae are two of the primary sources of third-party industry data and forecasts. While data provided by NAR and Fannie Mae are two indicators of the direction of the residential housing market, we believe that homesale statistics will continue to vary between us, on the one hand, and NAR and Fannie Mae, on the other, because they use survey data in their historical reports and forecasting whereas Realogy uses data based on actual reported results. In addition to the differences in calculation methodologies, there are geographical differences and concentrations in the markets in which we operate versus the national market. NAR historical data is subject to periodic review and revision and these revisions could be material. NAR and Fannie Mae generally update their forecasts on a monthly basis and a subsequent forecast may change materially from a forecast that was previously issued. While we believe this industry data is derived from the most widely recognized sources for reporting U.S. residential housing market statistical data, we do not endorse or suggest reliance on this data alone. 2

3 Richard A. Smith Chairman, Chief Executive Officer & President 3

4 Composition of Homebuyers Homebuyer Classification 60% 55% 50% 45% 40% 35% 30% 46% 51% 38% 37% 43% 44% 49% 36% 40% 48% 47% 47% 38% 34% 33% 32% 29% 44% 36% 50% 31% 49% 32% 35% 48% 31% 44% 46% 35% 33% 49% 50% 50% 34% 31% 51% 48% 30% 51% 54% 29% 29% 55% 53% 54% 53% 51% 30% 28% 28% 28% 25% 20% 15% 12% 14% 15% 19% 15% 13% 21% 18% 23% 20% 20% 18% 22% 18% 21% 23% 20% 19% 16% 18% 21% 22% 19% 16% 19% 19% 21% 17% 10% First-Time Buyer Individual Investor All Other Source: National Association of Realtors 4

5 Credit Remains Challenging March 2014: 33% of all closed loans had an average FICO score of less than 700 compared to 27% one year ago FICO - All Loans FICO - FHA Purchase Source: Ellie Mae Origination Insight Report, March

6 Inventory Levels Months Supply Inventory Levels and Sources of Inventory Inventory Levels and Months Supply Potential Triggers for Inventory Increases 4,500 4,000 3, Home price appreciation Recovering negative equity Move up buyer activity 3,000 2,500 2, New construction Rental rate increases rent vs own Normalization of underwriting standards 1, ,000 0 Inventory Months' Supply Source: Inventory levels and supply, National Association of Realtors 6

7 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Mortgage Mix Shifting to Purchase Market Trending: Purchase loan market climbing as credit requirements normalizing. REFI % Purchase % 10 0 Source: Ellie Mae Origination Insight Report, March

8 Transaction Volume Trends by Price Points (Shown as Percentages of Total Volume) 60% 50% 40% 30% 20% 54% 50% 44% 34% 36% 38% 13% 14% 18% RFG s shift in mix evidenced by decline at lower end and growth at higher price points. Q Q Q % 0% 0-$300k $300k -$1mm > $1 mm 8

9 Fee-for-Service Business Focused on Residential Real Estate Real Estate Franchise Services ( RFG ) World s Largest Real Estate Franchisor Owned Brokerage Network ( NRT ) Largest U.S. Residential Real Estate Brokerage 26% 55% 13% Relocation Services Title Settlement & Services 6% Leading Global Relocation Company Significant Provider of Title & Settlement Services 9

10 Alex Perriello President & CEO, Realogy Franchise Group 10

11 RFG Business Unit WHO WHAT BRANDS PURPOSE The world s largest residential real estate franchisor What makes us unique is our multibrand approach to the business We operate six world class brands in 103 countries We help real estate entrepreneurs be more successful. How We Do Business: We deliver compelling brand value propositions We sell franchises We service franchisees We renew franchisees Key Franchise Metrics: Average U.S. franchisee tenure is 20 years Typical franchise agreement is 10 years Franchisee retention rate 98% No franchisee (excluding NRT) represents more than 1% of RFG revenues 11

12 How We Generate Revenue Transaction Volume 2013* Homesale Sides 1,083,424 X X Average Homesale Price $233,011 Average Broker Commission Rate per Side (2.54%) X Net Effective Royalty Rate (4.49%) = RFG Net Domestic Franchise Royalty Revenue ($299 Million) * Does Not Include NRT 12

13 Efficient Operating Structure Separate Brand Leadership, Broker Services, Marketing and Training Franchise Administration and Compliance Finance/Audit Franchise Sales Human Resources Legal Information Technology 13

14 Geographic Footprint Our global affiliate base : - Representation in 103 countries Office Distribution RFG Domestic GCI of $6.7 billion Domestic International 44% 56% Royalty Distribution International 4% Domestic 96% Brand Presence As of December 31, Sides Offices Worldwide Sales Associates Worldwide # of Countries Aided Brand Awareness Century ,543 7, , %* Coldwell Banker 725,058 3,120 84, %* Coldwell Banker Commercial Incl. in CB 195 2, %** ERA 118,160 2,325 31, %* Better Homes and Gardens Real Estate 55, , %*** Sotheby s International Realty 78, , N/A Corcoran Group 11, ,319 1 N/A Total**** 1,400,065 13, , * Millward Brown 2013 Ad Tracking Study ** Penton Media 2012 *** BHG Magazine has 97% Brand Awareness **** Includes NRT 14

15 Franchise Competitive Landscape Brand Presence Offices U.S. Agents U.S. Offices Worldwide Agents Worldwide # of Countries Aided Brand Awareness Realogy (all brands) 5, ,278 13, , RE/MAX 3,300 54,491 6,481 93, %* Keller Williams , , %* Berkshire Hathaway HomeServices / Prudential / Real Living** 1,800 55,000 1,800 55, %* Realty Executives 395 N/A , %* Exit Realty 449 3, ,245 2 N/A Regional (Limited Franchising) Weichert , ,000 1 N/A Long & Foster , ,054 1 N/A Windemere 295 7, ,000 1 N/A Howard Hanna 167 5, ,700 1 N/A * Millward Brown 2013 Ad Tracking Study ** Berkshire Hathaway HomeServices (BHHS), Prudential Real Estate Affiliates, and Real Living are owned by HSF Affiliates LLC. A conversion process to BHHS is currently underway. As of April 23, 2014, the BHHS network accounts for approximately 28,000 agents and 750 offices in 37 states of the combined total listed above. 15

16 Franchise Sales Growth Opportunities 40% Affiliated 60% Unaffiliated 60% of Realtors are Unaffiliated with any Franchise Franchised firms are typically larger companies, thus 44% of firms with four or more offices are franchised companies.* 87% of firms reported their current franchise affiliation improved their firm name recognition; 85% reported an improved use of technology; and 83% reported an improvement in acquiring listings.* Growth Strategy Sign new franchises Market driven approach to Franchise Sales Target top 10 Dark Markets and Top 10 Underserved Markets by brand Deploy resources to those markets where opportunities exist Brand President s Prospect-List * NAR 2013 Member Profile Survey 16

17 Annualized Impact of 2013 Franchise Sales 2013 in GCI from Franchise Sales (in millions)* $256 Net Incremental Annualized Sides 20,422 % of 2012 total RFG Sides 2.1% * Includes franchisee sales associate walk-overs 17

18 Why Brokers Affiliate With Our Brands - GROWTH TOOLS FIELD TECHNOLOGY MARKETING BRAND NAME RECOGNITION CONSULTING GROWTH REFERRALS OPPORTUNITIES 18

19 Why Brokers Affiliate With Our Brands - GROWTH TOOLS Lead Management (LeadRouter) Customer Relationship Management Recruiting Platform TECHNOLOGY Online Learning Business Management (Crest EDG) Buyer and Seller Presentations Brand Intranet Sites

20 Why Brokers Affiliate With Our Brands - GROWTH National Brand Advertising MARKETING Global Consumer Website Niche Market Website REFERRALS Local Consumer Website (PC and Mobile) YouTube Channel SEO and SEM Broker to Broker Referrals Cartus Broker Network (when applicable)

21 Why Brokers Affiliate With Our Brands - GROWTH FIELD Dedicated Business Consultants Value Proposition Expertise CONSULTING Business and Financial Planning Market and Business Analytics Best Practices Networking, Learning Events and Conferences Succession Planning

22 Why Brokers Affiliate With Our Brands - GROWTH GROWTH Dedicated Franchise Sales Team Acquisition and Roll-In Support OPPORTUNITIES Competitor Analysis and Strategy In-Person Prospecting Selling the Value Proposition

23 Multiple Listing Service Overview Listing Agreement Exclusive authorization to sell and receive a commission Asset of the listing broker MLS Function Aggregates the listings from local members Shares listing data with all members Establishes policies, procedures and guidelines for commission participation Arbitrates disputes between members Listing distribution to third parties as directed by Individual Member/Broker MLS Structure 870 local MLS s in the U.S. Local member governance 19

24 Brand Umbrella Web Strategy Deliver a Superior User Experience Build Brand Awareness and Preferences Generate Incremental Leads to Franchisees Anywhere, Anytime, Any Device 20

25 Listing Distribution Strategy RFG Shared Listing Database Others Listing distribution agreements with Zillow, Trulia, Homes and Homefinder Agreements provide significant advantages to our franchisees and their independent contractor agents NAR statistics show that 90% of buyers use an agent after finding a home on the web compared to 79% in 2009* * NAR 2013 Profile of Homebuyers and Sellers 21

26 Lead Volume Trends Lead Volume RFG Brand Sites Lead Volume All Sources (Except Brand Sites) 600,000 CAGR 46% 510,183 2,000, , ,352 CAGR 27% 1,228,397 1,479, , , , ,234 1,000, , , Conversion Rate: 5.6% Conversion Rate: 2.0% Note: Data does not include NRT 22

27 Other Key Business Driver Trends Average Broker Commission Rate 2.51% 2.47% 2.49% 2.52% 2.55% 2.54% 2.55% 2.54% 2.54% Net Effective Royalty Rate 4.69% 4.87% 5.03% 5.12% 5.10% 5.00% 4.84% 4.63% 4.49% Note: Does not include NRT 23

28 RFG Performance Award Rebate Impact Incents Growth Ensures contract compliance Contractual ability to raise GCI thresholds annually Illustrative Purposes Only Example Year 1 Year 2 $ Change Company GCI $10,000,000 $15,000,000 $5,000,000 6% Royalty $600,000 $900,000 $300,000 Rebate $84,356 $183,684 $99,329 Net Royalties $515,644 $716,316 $200,671 Net Effective Royalty Rate 5.16% 4.78% 24

29 Summary Franchisee Overview 2013 Sales Volume by Geography Percentage of GCI by Top 250 Franchisees West 33% Northeast 18% Midwest 15% South 34% 2013 GCI Breakout Contract renewals by year as percentage of 2013 GCI Other 40% % % % % Top % % 2019 and beyond 70% Note: Excludes NRT 25

30 RFG Goals and Objectives Continue to increase value proposition of each brand Franchise Sales goal is to increase transaction sides by 1% - 2% above market Enhance productivity of franchisees Invest in technology Lead Generation and management Assist franchisees with acquisitions Maintain historically high franchisee retention rate Continue to focus on net effective royalty rate and expense structure to enhance profitability 26

31 Bruce Zipf President & CEO, NRT 27

32 NRT: Leader in Key Real Estate Markets # of Offices NY Metro Area New England 80 Florida Southern California 70 Northern California 66 Chicago, IL Minnesota 22 St. Louis, MO 21 Baltimore, MD Phoenix, AZ 20 All Others 124 Total Offices Avg. Sale Price Comparison $471k $245k NRT Presence NRT MSA Presence National Average 1 NRT National or Regional Homesale Sides Firm National or Regional Volume ($bn) Markets Served Homesale Sides # of Offices NRT (2013) National $ Markets 316, HomeServices of America (Berkshire Hathaway) National Markets 205, Long & Foster Companies Regional 26.1 Mid-Atlantic 73, Weichert 2 Regional 374 Source: Competitor data, April 2014 REAL Facts Database data is as of 12/31/ Per NAR. 2 Weichert information is from Weichert franchise sales documents. 28

33 Business Overview Diversified Market Presence Diverse Group of Attractive Markets World's largest residential real estate brokerage company 706 offices 42,358 sales associates $149 billion in sales volume in 2013 Ranked No.1 or No.2 in most of its markets Provider of Real Estate related services: PHH Home Loan J.V. Property Management Insurance Resort Rental Title Mid- Atlantic 5% Florida 10% Midwest 15% Other 8% 2013 NRT Market Trends Total NRT 2013 Total Revenue: $4.0 billion Northeast 34% California 28% 2013 FY Homesale Sides % Change vs. PY Northeast 14% 1% California 0% 13% Midwest 15% 8% Florida 6% 14% Mid-Atlantic 4% 6% All Other 1 7% 8% Average Homesale Price% Change vs. PY 1 Total 9% 6% % Change vs. PY Sides 316, ,409 9% ASP $471,144 $444,638 6% 1 Includes SIR Santa Fe, Denver, Utah, Arizona, Hawaii, and Atlanta 29

34 % 2.50% 67.80% 68.21% , ,248 $470,538 $471,144 NRT s Key Business Driver Trends Home Sale Sides Home Sale Price 500, , , , ,000 Up 9% YOY $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 Up 6% YOY 0 $0 Average Broker Commission Rate Per Side Sales Associate Split 2.55% 2.50% 2.45% 2.40% Flat YOY 70% 60% 50% 40% 30% 20% 10% 0% Up 45 bps YOY 30

35 NRT s Key Business Objectives I. Utilize NRT s Competitive Advantages to Recruit, Retain, and Promote Productive Sales Associates II. Execute our Acquisition Strategy for Existing and New Real Estate Markets III. Leverage Technology to Enhance Operating Performance IV. Maximize Primary Service and Secondary Revenue Opportunities V. Improve Overall EBITDA Margins 31

36 Gross Commission Revenue Use Our Competitive Advantage to Recruit Sales Associates ($ in millions) $200 $175 $150 $125 $100 $75 $50 $25 $0 Production from New Recruits By Year 7% 8% $113 $116 15% $134 $167 15% $ New Sales Associates 1 7,040 7,323 7,491 7,998 9,153 GCI/Agent (000s) $16 $16 $18 $21 $21 1. Excludes Sales Associate Disassociations 32

37 Retain Top Producing Sales Associates Retention of Top 2 Agent Quartiles (Based on Gross Commission Revenue) 94.5% 94.0% 94% 94% 94% 94% 93.5% 93.0% 93% 93% 92.5% 92.0% 92% 91.5% 91.0%

38 Gross Commission Income Execute Acquisition Strategy in Existing and New Markets ($ in millions) Acquisition Trend $100 $75 $50 $60 $87 $73 $25 $0 $6 $19 $ YTD Number of Acquisitions

39 Where Our Business Comes From: Sales Associate Sphere of Influence Remains the No. 1 Source of Business Where BUYERS find their Sales Associate Where SELLERS find their Sales Associate Relo or Walk-ins 7% Offline Ads 1% Yard Signs 6% Open House or Prospecting 9% Other 10% Referrals 46% Sphere of Influence Offline Ads 4% Yard Signs 3% Relo or Walk-ins 5% Open House or Prospecting 8% Other 10% Referrals 42% Sphere of Influence Internet 4% Internet 9% Past Client 12% Past Client 24% Source: National Association of Realtors 2013 Profile of Home Buyers and Sellers 35

40 Leverage Technology to Enhance Revenue Opportunities Where Internet Opportunities are Generated for NRT BUYERS Internet 700+ Other web sites 70% Local NRT Sites 30% Source: NRT s March 2014 LTM Internet prospect leads 36

41 Enhance Lead Generation / Conversion to Enhance Operating Performance Illustrative Purposes Only Traditional Closing Referral Closing Home Price $300,000 $300,000 Gross Commission (one side) 2.5% $7, % $7,500 Referral Fee 35% $2,625 Company Retention 30% $2,250 40% $1,950 Gross Profit Before Royalty $2,250 $4,575 NRT Gross Profit /Gross Commission 30% 61% 37

42 Optimize the Lead Channel Lead Conversion Funnel ACQUIRE CAPTURE QUALIFY & ASSIGN PROSPECT ENGAGE REPRESENT CLOSE MORE leads: Focus on key initiatives to increase Internet presence and generate more opportunities BETTER lead handling: Improved systems for our centralized contact centers and agents Improved understanding of performance Increased accountability for performance Online Transaction HomeBase management system 38

43 EBITDAR Contributions Leverage NRT s Footprint to Enhance Primary Services & Secondary Revenue 2013 Contribution by Primary Services to Realogy ($ in millions) $30 $24 $23 $20 $10 $0 $9 $8 Mortgage Title Commercial Prop. Mgmt./ Resort Rental EBITDA included in NRT s P&L EBITDAR included in TRG s P&L $4 Insurance/ Home Warranty EBITDAR: Earnings Before Interest, Taxes, Depreciation, Amortization, and Royalty 39

44 Ryan Gorman Senior Vice President, Strategic Operations & Ryan Melone Vice President, Strategic Development 40

45 M&A Process Deal Sourcing Valuation Process Approval Negotiations & Diligence Closing Integration 41

46 Types of Transactions Deal Type $ Revenue/Typical Size Preferred Attributes Standard Roll-In Up to ~$5 Million Close proximity to current NRT offices 1-2 Office Consolidations Similar commission plans and corporate culture, etc. Stand Alone $5-$10 Million Filling gaps in existing footprint 1-2 Office Acquisition Similar commission plans and corporate culture, etc. Multi-Office Acquisition Midsize Acquisition Significant office overlap and back office savings Augmenting Existing Market $20-$40 Million Similar commission plans and corporate culture, etc. Real Trends estimates ~140 brokers of this size in U.S. Entering a New Market Large Acquisition Markets with above average home sales price $50 Million + Leading companies in their respective markets Similar commission plans and corporate culture, etc. Real Trends estimates fewer than 70 brokers of this size Beyond NRT and BHHS, next 10 largest brokers reported by Real Trends generated 2013 cumulative GCI of ~$2.2 billion 42

47 Simple Pricing Strategy Example USD 000's Company Financials GCI/Revenue $7,500 Percent Retained X 30% Gross Profit (After Agent Splits) $2,250 Seller Operating Expense - $1,500 Seller's Adjusted EBITDA $750 Multiple 5x Purchase Price $3,750 Purchase Price Summary Cash at Close $2,250 Year 1 Earnout + $750 Year 2 Earnout + $750 Total $3,750 $750 $750 $2,250 Year 2 Earnout Year 1 Earnout Cash Up Front 43

48 Value Circle Created Earnings USD 000's Midsize Roll-In Realogy Earnings Breakdown GCI/Revenue $7,500 RFG (GCI/Revenue x 6%) $450 45% Gross Profit $2,250 NRT $350 35% TRG $150 15% Seller's Adjusted EBITDA $750 PHHHL $50 5% Synergy + $250 $1, % Incremental Realogy EBITDA $1,000 44

49 Augmenting an Existing Market USD 000's Synergy delay (approximately 90 days to implement) Purchase Price: $23,900 Year 1 Year 2 Year 3 GCI/Revenue $43,100 $44,000 $45,943 Gross Profit $10,775 $11,000 $11,486 Percent Retained 25% 25% 25% Seller's Operating Expense $7,875 $8,033 $8,193 Synergies ($2,450) ($3,618) ($3,618) Realogy Operating Expense $5,425 $4,415 $4,576 NRT EBITDA $2,350 $3,385 $3,590 RFG EBITDA $2,520 $2,550 $2,620 Other EBITDA (TRG/PHHHL) $480 $650 $700 Realogy Incremental EBITDA $5,350 $6,585 $6,910 NRT ROR 5.5% 7.7% 7.8% Realogy ROR 12.4% 15.0% 15.0% ROI 22.4% 27.6% 28.9% Data based upon actual acquisition 45

50 Augmenting an Existing Market USD 000's NRT Seasonality Impact Assumes Deal Closes January 1st 1 st Quarter 2 nd Quarter 3 rd Quarter 4 th Quarter Total 17.9% 29.2% 28.2% 24.7% GCI/Revenue ($43,139) $7,715 $12,585 $12,154 $10,646 $43,100 Gross Profit [A] $1,929 $3,146 $3,039 $2,661 $10,775 Seller Operating Expense $1,969 $1,969 $1,969 $1,969 $7,875 Synergies $0 ($817) ($817) ($817) ($2,450) Realogy Operating Expense [B] $1,969 $1,152 $1,152 $1,152 $5,425 Realogy Incremental EBITDA [C] = [A] - [B] ($40) $1,994 $1,886 $1,509 $5,350 RFG EBITDA $460 $710 $720 $630 $2,520 Other EBITDA (TRG/PHHL) $100 $130 $140 $110 $480 NRT Incremental EBITDA ($600) $1,154 $1,026 $769 $2,350 NRT ROR (7.8%) 9.2% 8.4% 7.2% 5.5% Data based upon actual acquisition 46

51 Entering a New Market USD 000's Initial Target Company ~2010 Roll-In A Roll-In B Roll-In C Metro 2013 with Acquisitions, Recruiting, and Market Improvements GCI/Revenue $26,000 $975 $850 $990 $45,411 Gross Profit $9,500 $335 $330 $230 $13,852 Estimated Purchase Price $12,200 $460 $670 $555 $13,885 *Realogy Incremental EBITDA $2,755 $200 $235 $160 $7,260 Realogy ROR 10.6% 20.5% 27.6% 16.2% 16.0% Realogy ROI 22.6% 43.5% 35.1% 28.8% 52.3% * Includes EBITDA to NRT, RFG, TRG, and PHHHL, before most overhead expense allocations Data based upon actual acquisition 47

52 BREAK 48

53 Kevin Kelleher President & CEO, Cartus 49

54 Cartus: Leading Global Relocation Services Company Outsource provider of Global Mobility Services Manages residential real estate transactions at departure and destination points Receives referral fees from Cartus Broker Network members Integral to our overall business model Top 25 clients have an average tenure of 18 years 2 Broad & growing international reach (>150 countries) and product portfolio Customer base includes 50% of Fortune 50 companies2 High quality broker network is largest in the U.S. Key Revenue Drivers Client Transactional Fees Initiations x + Household Goods and Moving Company Commissions + + Other Revenue 1 = Average Fee Real Estate Referral Fees Referrals x Average Referral Fee Total Cartus Segment Revenue 1 Other revenue includes net interest income on funds advanced to transferees, policy advisory fees, and other items. 2 As of 12/31/

55 Cartus Customer Referrals Corporate (Employees of Corporate Clients) Affinity (Members) Broker to Broker (Agents with Retail Customers) Cartus Policy Consultation Advocacy Brokerage/Agent Selection Quality Control 51

56 Cartus Broker Network 425 Principal Brokers & 377 Associate Brokers Almost 3,000 Sales Offices & 43,300 A-Team Agents Nearly 32,413 unique residential ZIP codes serviced 503 individual MLS 52

57 Cartus 2013 Highlights Value Circle Contribution Affinity Broker to Broker Closings by units 2013 Affinity Relocation Broker to Broker 136,889 Referrals 49,834 Affinity closings (up 24.5%) 5,500 AGR Closings GCI = $336 million 49,961 placements (up 12.2%) 17,588 Broker to Broker closings (up 17.4%) GCI = $121 million 25,000 89,651 Closings (up 13.7%) GCI = $707 million Relocation 20,000 15,000 10,000 5,000 16,211 17,588 22,229 Relocation closings GCI = $250 million

58 Cartus: 2014 and Beyond Drive Profitable Organic Growth Expand existing client relationships Grow mobility market share Grow Affinity Services Execute on Margin Enhancing Initiatives Reduce expenses Increase efficiencies Improve price competitiveness Identify and Establish Non-Relocation Revenue Opportunities Language Immigration Expand Global Footprint in Response to Client Expectations and Opportunity for Growth Latin America India Maintain Competitive Service Scores That Support Brand Reputation as Superior Provider and Market Leader Invest in systems Integration of mobile technologies 54

59 Cartus Global Footprint Global Coverage Cartus Office Locations Onsite Client Centers GlobalNet Destination Service Providers THE AMERICAS Danbury Chicago Dallas Los Angeles Memphis Minneapolis Montreal Omaha Sacramento EMEA Swindon Amsterdam Geneva London Munich Paris Zurich APAC Singapore Beijing Hong Kong Shanghai 55

60 Largest Provider of Outsourced, End-to-End Relocation Services Domestic Services Acadia Moving Services 1 Acadia Temporary Housing 1 Home Sale Assistance Marketing Assistance Buyer Value Option Program Rental Assistance Home Purchase Assistance Mortgage Assistance Short Sales Counseling Lump Sum Support Spouse/Partner Assistance Pre-decision Counseling Preparation of Letter of Assignment Cost Estimates Policy Counseling Expense Administration Program Administration International Services Acadia Moving Services 1 Acadia Temporary Housing 1 Host Country Services Departure Program Int l Educational Counseling and Placement Furniture Services International AutoSource Visa & Immigration Services School Search Lease Negotiation Look/See Visits Spouse/Partner Assistance Balance Sheet Prep/Comp Accumulation Ongoing Assignment Support Executive Support Services Tenancy Payment Services Property Management Intercultural & Language Training Candidate Assessment Cross-Cultural Training Repatriation Integration Language Training Global Awareness Seminars Global Business Briefings Global Workforce Development Intercultural Management Training Consulting Solutions Policy Consulting Benchmarking Policy Design/Rewrite Transition Planning Group Moves Virtual Resource Center Note: programs vary based on local country customs 1 Patented eprocurement bidding model 56

61 Don Casey President & CEO, Title Resource Group 57

62 Full-service title and settlement services company - Licensed Title Agent in 42 states and Washington, D.C. Underwriter of title insurance policies for residential real estate transactions - Licensed title insurance underwriter in 27 states and Washington, D.C. Revenue earned at the time a homesale or refinancing closes Provides refinance closing services for third party lenders Largest real estate affiliated title and settlement company * Pie chart represents % of 2013 EBITDA 58

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65 42% capture rate Settlement services through nationwide closing network Title and settlement services for refinance and resale transactions Private label closing process Turn-key title & closing solutions to franchisees Increase NRT capture rates Expand in lock step with NRT acquisitions Grow TRG footprint for NRT and unaffiliated business Maintain high service levels Destination lead conversions Adjust facilities and staffing with refinance levels Capture home equity business Strategically work with the largest franchisees on affiliated relationships: Underwrite established affiliated title companies Partner with large affiliates creating title agency joint ventures Market to smaller brokers within footprint Continue vertical integration of TRG operations Strategically partner with agents to supplement business Expand with affiliated title companies 61

66 Richard A. Smith Chairman, Chief Executive Officer & President 62

67 E 2015E 2,334 2,272 1,990 2,476 2,419 3,064 2,973 2,697 2,829 3,134 3,650 3,474 3,436 3,986 3,827 3,513 3,290 3,184 3,146 3,431 3,737 3,884 3,849 4,167 4,374 4,110 4,340 4,190 4,260 4,965 4,660 5,179 5,173 5,335 5,030 5,090 4,976 5,257 5,634 6,176 6,778 6,477 7,080 Perspective on Existing Home Sales and Median Price US Home Sale Units and Median Home Price US home sale units (000) US Home sale units Recession Recovery Median home price Median home price ($000) 8,000 7,000 6,000 5, % CAGR Units 2% Median price 5% Total 7% % % % % ,000 3, , , Source: National Association of Realtors Note: Informative historical interest rates per Freddie Mac 1986: 10.2%, 1987: 10.2%, 1994: 8.4%, 1995: 7.9% 63

68 Near and Long-Term Drivers Support Continued Housing Market Growth Near-Term Outlook Projected Change in Existing Homesale Transaction Volume (Sides + Price) 1 Home Price Drivers Tight housing supply in most markets 20% 15% Average industry 2014E and 2015E forecast 1 Rental rate increases Housing affordability 4% average annual existing home price appreciation forecasted for Homesale Drivers 10% 5% 0% 19% 10% 4% E 2015E Pent up demand: 20 million renters qualified to buy a home in 2012 versus 9 million in Historically low mortgage rates Existing homesales as a percentage of U.S. households reverts to its 4.5% mean level 4 Harvard s housing think tank projections indicate that household growth should average 1.16 million annually in the decade leading up to Sources: National Association of Realtors; Fannie Mae 1 NAR 2013 actuals are based on transaction volume (sides x average price), 2014 and 2015 forecast based on units + median price. NAR May 2014 forecast and Fannie Mae April 2014 forecast. 2 John Burns Real Estate Consulting as of February Economic research from NAR. 4 Existing homesale data from NAR and US household estimates from Census Bureau. 5 Joint Center for Housing Studies of Harvard University, State of the Nation s Housing

69 Regulatory Issues QRM QRM likely to be aligned with QM No stringent down payment requirements as earlier contemplated GSE Reform- Johnson-Crapo GSE Reform Bill Proposes elimination of Fannie Mae and Freddie Mac and creation of Federal Mortgage Insurance Corporation (FMIC) Private capital would bear first 10 percent of credit losses and FMIC would absorb balance of losses Not likely to be voted on ahead of November s midterm elections Likely to meet stiff resistance in the House 65

70 Management Initiatives to Drive Growth Real Estate Franchise Services New franchise sales Enhance franchisee productivity Renew and retain existing franchisees Penetrate new markets Incentivize franchisees to accelerate growth Owned Brokerage Network Recruit and develop new sales associates Expand rental services and property management Enhance ancillary service capture rates Increase high-margin lead conversion Continue selective tuck-in and strategic acquisitions Relocation Services Title and Settlement Services Grow client base through new signings Increase value proposition for existing clients Expand new service offerings and global footprint (e.g., Learnship) Execute on margin-enhancing initiatives Increase NRT capture rates Increase unaffiliated business Increase agency services for franchisees Continue to prudently expand underwriting Continue to grow third-party lender channel 66

71 Tony Hull Executive Vice President, CFO & Treasurer 67

72 Financial Metric First Quarter 2014 Results Q1 Net Revenue $1.0 billion (up 5% year-over-year) Adjusted EBITDA* $53 million, down from $71 million in 2013 Net loss attributable to the Company Loss per share Net loss of $46.0 million GAAP net loss includes $70 million of interest expense, $46 million of depreciation and amortization expense and $10 million in pre-tax charges related to the repricing of its term loan and repurchases of $44 million of senior secured notes during the quarter GAAP basic loss per share for the quarter was $0.32 * Refer to Appendix of this presentation for Adjusted EBITDA reconciliation. 68

73 First Quarter 2014 Revenue Drivers Q vs. Q Amount % Change Realogy Franchise Group Homesale sides 203,972 (3)% Average homesale price $236, % NRT Homesale sides 56,685 (2)% Average homesale price $489, % 69

74 First Quarter 2014 Revenue Drivers (Cont d) Q vs. Q Cartus Amount % Change Initiations 37,898 +5% Broker referrals 16,496 +5% Title Resource Group Purchase title units 20,775 (3)% Refinance title units 7,199 (70)% Avg. fee per closing unit $1, % 70

75 Second Quarter 2014 Transaction Volume Guidance Realogy Combined (both RFG and NRT) Q vs. Q % Change Homesale sides -5% to -7% Average homesale price +5% to +7% Transaction volume -2% to +2% 71

76 Segment EBITDA Summary 2013 Actual $ in millions RFG NRT CARTUS TRG Corp Revenue $690 (1) $3,990 $419 $467 Less: Costs % of Total % of Total % of Total % of Total Variable 30 (2) 19% 3,069 81% % % Fixed (3) % % 77 24% % Sub Total 164 3,808 National Advertising Fund Expense/(PHH) 78 (4) (24) (5) Total Costs 242 (1) 3, EBITDA $448 $206 $104 $50 % Margin 65% 5% 25% 11% Employees 576 4,138 2,861 2, Overall 2013 Cost Structure 77% Variable / 23% Fixed 1 Includes intercompany royalties and marketing fees paid by NRT to RFG of $277 million and included as an expense in NRT. Includes national advertising fund revenue of $78 million. 2 RFG variable costs exclude national advertising fund expenses. 3 Fixed costs generally increase annually due to inflation. 4 National Advertising Fund revenue and expense offset one another. 5 Represents earnings from PHH 72

77 Seasonality of Revenues and EBITDA 2013 $ in millions First Second Third Fourth Full Year Quarter Quarter Quarter Quarter Total Realogy Revenues $5,289 $957 $1,533 $1,553 $1,246 % total 18% 29% 29% 24% 58% Total Adjusted EBITDA * % total 71% Adjusted EBITDA Margin 15% 7% 18% 18% 12% Homesale Transaction Sides 1,400, , , , ,412 57% * Refer to Appendix of this presentation for Adjusted EBITDA reconciliation. 73

78 3/31/11 4/30/11 5/31/11 6/30/11 7/31/11 8/31/11 9/30/11 10/31/11 11/30/11 12/31/11 1/31/12 2/29/12 3/31/12 4/30/12 5/31/12 6/30/12 7/31/12 8/31/12 9/30/12 10/31/12 11/30/12 12/31/12 1/31/13 2/28/13 3/31/13 4/30/13 5/31/13 6/30/13 7/31/13 8/31/13 9/30/13 10/31/13 11/30/13 12/31/13 1/31/14 2/28/14 3/31/14 US Home Sales and Prices* Price Median Price Sales Sales $235, ,000 $225, , ,000 $215, , ,000 $205, ,000 $195, , ,000 $185, ,000 $175, , ,000 $165, ,000 $155, , ,000 $145, ,000 * Based on the Top 100 MSAs (excluding Wichita) Source: DataQuick; DQNews.com 74

79 Transaction Volume (Home Sales * Average Price) Existing Homesale Transaction Volume Remains Well Below Peak U.S. Existing Home Sales Transaction Value - NAR ($ in billions) ($ in millions) $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $1,888 $912 $1,050 34% below peak $1,250 Realogy Revenue and Adjusted EBITDA $8,000 $7,000 $6,000 $5,000 $4,000 $7,135 Revenue $4,093 Adj EBITDA $4,672 $5,289 $800 $3,000 $600 $400 $200 $2,000 $1,000 $1,167 $571 $674 $796 $0 // $0 // NAR EHS 7.08M 4.26M 4.66M 5.09M % Change (40)% 9% 9% Avg. Sales Price $267K $214K $225K $246K % Change (20)% 5% 9% Realogy Sides 2.32M 1.16M 1.28M 1.40M % Change (50)% 9% 9% Realogy Avg. Price $274K $248K $266K $287K % Change (9)% 7% 8% Realogy s Financial Results Over Past Three Years Have Tracked Housing Recovery NOTE: Existing home sale transaction volume based on National Association of Realtors. 75

80 Historical Financial Performance ($ in millions) 2011 % Growth 2012 % Growth 2013 % Growth Revenue Realogy Franchise Group $557-1% $604 8% $690 14% NRT 2,970-2% 3,469 17% 3,990 15% Cartus 423 4% 423 -% 419-1% TRG % % % Eliminations (216) (245) (277) Total Revenue $4,093 1% $4,672 14% $5,289 13% EBITDA % Margin % Margin % Margin Realogy Franchise Group $320 57% $364 60% $448 65% NRT 56 2% 165 5% 206 5% Cartus % % % TRG 29 8% 38 9% 50 11% Corporate * (77) (473) (155) Total EBITDA $443 $197 $653 Adjusted EBITDA $ % $ % $ % * Note: Corporate in 2013 includes $68 million loss on early extinguishment of debt, $4 million legacy benefit, $30 million of costs for Phantom Value Plan includes $24 million loss on early extinguishment of debt and $400 million in IPO related charges and $8 million benefit from legacy charges includes $36 million loss on early extinguishment of debt, $15 million Apollo management fee and $15 million benefit from legacy charges. 76

81 % Change % Change Industry Forecasts 2014 Forecasts 2015 Forecasts 8% 6% 4% 2% 0% -2% 3% Volume 6.4% -3.3% 4% volume 5.1% -1.0% 14% 12% 10% 8% 6% 4% 2% 11% volume 4.2% 6.6% 9% volume 4.8% 4.1% 9% volume 3.0% 6.2% 12% volume 2.2% 9.5% 10% volume 2.8% 7.0% -4% NAR FNMA 0% Price Sides NOTE: NAR forecast as of May 2014, all other forecasts as of April

82 RLGY Continues to Strategically Deleverage and Reduce Interest Expense Realogy intends to continue to pay down high-cost debt and reduce interest costs and is focused on reducing overall leverage Annual run rate cash interest expense approximately $215 million 1 after Term Loan B repricing, 1.5 lien debt repurchases and partial refinance of 1.5 lien debt with 4.5% notes. $2.1 billion of NOLs at year-end 2013, which do not begin to expire until 2027 ($ in millions) Rate Next Call date First Call Price Actual March 31, 2014 Adjustments Proforma March 31, 2014 Cash & equivalents $119 $119 Revolver L+275 $145 $(53) $92 Term Loan L+300 $1,884 $1,884 First Lien Debt 7.625% Jan % $593 $ Lien Debt 7.875% Feb % $685 $(354) $ Lien Debt 9.000% Jan % $196 $196 Senior Cash Notes 3.375% May 16 NCL $500 $500 Senior Cash Notes 4.500% April 19 NCL 0 $450 $450 Total Net Debt $3,884 $3,927 (1) Assuming three month LIBOR remains below 0.75% 78

83 Key Takeaways 2014 potentially challenging year due to macroeconomic conditions and strength of 2013 If transaction volume continues to moderate in 2014, Adjusted EBITDA margin could be bps below 2013 levels Interest expense reduced $70M or 26% from 2013 levels Free cash flow generation remains strong Consensus view on 2015 transaction volume growth is encouraging 79

84 Q&A 80

85 This Concludes Today s Webcast Thank you 81

86 Appendix 82

87 GAAP Reconciliation LTM Ended ($ in millions) March 31, 2014 Net income attributable to the Company $467 Income tax benefit (283) Income before income taxes 184 Interest expense, net 262 Depreciation and amortization 180 EBITDA $626 Restructure costs and legacy benefits, net - Loss on the early extinguishment of debt 76 Pro forma effect of business optimization initiatives 12 Non-cash charges 44 Pro forma effect of acquisitions and new franchisees 17 Fees for secondary equity offerings 2 Incremental securitization interest costs 4 Adjusted EBITDA $781 Note: Refer to Table 9 of the Press Release dated May 5, 2014 for the definitions of certain non-gaap financial measures, and the Company s explanation of why it believes those non-gaap measures are useful to investors. 83

88 GAAP Reconciliation Three months ended Three months ended ($ in millions) March 31, 2014 March 31, 2013 Net loss attributable to the Company $(46) $(75) Income tax (benefit) expense (34) 7 Loss before income taxes (80) (68) Interest expense, net Depreciation and amortization EBITDA $36 $63 Former parent legacy costs, net 1 1 Loss on the early extinguishment of debt 10 3 Non-cash charges 2 (2) Pro forma effect of business optimization initiatives 2 4 Pro forma effect of acquisitions and new franchisees 1 1 Incremental securitization interest costs 1 1 Adjusted EBITDA $53 $71 Note: Refer to Table 9 of the Press Release dated May 5, 2014 for the definitions of certain non-gaap financial measures and the Company s explanation of why it believes those non-gaap measures are useful to investors. 84