INVESTOR DAY August 10, 2017

Transcription

1 INVESTOR DAY August 10, 2017

2 SAFE HARBOR Forward-Looking Statements 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 is as of August 10, 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. RECIPIENTS ARE STRONGLY ADVISED TO READ THE. COMPANY S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Non-GAAP Financial Measures Certain financial measures, as used in this presentation, are supplemental measures of the Company s performance that are not Generally Accepted Accounting Principles ( GAAP ) measures. Refer to the Appendix of this presentation 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. Because of the forward-looking nature of the Company s forecasted non-gaap financial measures, specific quantifications of the amounts that would be required to reconcile forecasted Operating EBITDA to forecasted net income and forecasted Free Cash Flow to forecasted net income are not readily determinable. The Company believes that there is a degree of volatility with respect to certain of the Company s GAAP measures which preclude the Company from providing accurate forecasted GAAP to non-gaap reconciliations. Based on the above, the Company believes that providing estimates of the amounts that would be required to reconcile the range of the non-gaap measures to forecasted GAAP measures would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. 2

3 OUR COMPANIES

4 RICHARD A. SMITH Chairman, Chief Executive Officer & President

5 REALOGY OFFERS A UNIQUELY POWERFUL VALUE PROPOSITION RFG 62% of EBITDA * NRT 19% of EBITDA * Cartus 12% of EBITDA * TRG 7% of EBITDA * World s largest Residential Real Estate Franchisor Largest U.S. Residential Real Estate Brokerage Leading Global Relocation & Affinity Services Company Significant Provider of Title & Settlement Services *2016 Operating EBITDA, excluding corporate expense *See Appendix for Operating EBITDA contribution by business segment, the definition of Operating EBITDA, a reconciliation of this measure to its most comparable GAAP measure, and the Company s explanation of why it believes this non-gaap measure is useful to investors. 5

6 OUR SCALE AND RESOURCES ARE UNMATCHED Realogy is the leader in U.S. existing home sales a market that generated an estimated $70 billion in commissions last year Realogy Franchisees and Owned Brokerages earned $12 billion of that total, or 17% share Realogy s fully integrated business model gives the company the ability to capitalize on many facets of each real estate transaction Source: Real Trends, Realogy data 6

7 OUR SCALE AND RESOURCES ARE UNMATCHED Realogy 2016 revenue was $5.8 billion, resulting in: Operating EBITDA * of $770 million Free Cash Flow * of $457 million Asset-light model has enabled Realogy to return more than $1 billion of capital to its stakeholders since 2013 Realogy has been recognized among the World s Most Ethical Companies for 6 years in a row by Ethisphere Institute *See Appendix A for the definitions of Operating EBITDA and Free Cash Flow, 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. 7

8 WE BELIEVE Agents are critical to the value chain Consumers generally rely on relationships and referrals to select an agent, and they don t shop around Consumers are satisfied with the commissions they pay for the value they get from their agent Technology is unlikely to disintermediate the agent It is an enabler on which we believe we are best positioned to capitalize Viewing/posting listings Transacting and Closing Agent s role Changing now Likely to change Unlikely to change medium-term 8

9 WE BELIEVE Our growth as a company will come primarily from growing our agent population and quality of their service Improving agent productivity is essential to maintaining and driving growth We have a significant opportunity to grow via agents currently unaffiliated with a large national broker 9

10 WE BELIEVE OUR SUCCESS DEPENDS ON OUR AGENTS SUCCESS We serve agents. We bring the power of Realogy to help agents become more productive and build more profitable businesses. 10

11 AGENTS SPOKE. WE LISTENED. Q: What are the keys to the success of your business? Tools and support A manager I can trust and a support system Technology to amplify my reputation, connect with clients and market myself More and better leads than I can get anywhere else

12 VIDEO

13 JOHN PEYTON President & Chief Executive Officer, RFG

14 WORLD S LARGEST RESIDENTIAL REAL ESTATE FRANCHISOR We sell franchises, service and retain franchisees through our compelling brand value propositions. We bring the power of Realogy to help agents become more productive and build more profitable businesses. 14

15 OUR UNIQUE BUSINESS MODEL DELIVERS UNMATCHED SUPPORT More productive and profitable brokers and agents 15

16 WE HAVE THE NATION S MOST COMPREHENSIVE MARKET FOOTPRINT 190,000 domestic agents 6,100 offices in the U.S. Serving all price points 9% 6% 10% 1% 96% of U.S. Population Covered 30% 8% 5% 1% 10% All 50 States 37% $500K to $1M 20% > $1M 18% Homesale price range $20K to $200M < $200K 21% 44% 39% $200K to $500K 41% Century 21 ERA Sotheby's International Realty Coldwell Banker Better Homes and Gardens Corcoran and ZipRealty Information as of December

17 HOW RFG GENERATES REVENUE 2016 KEY REVENUE DRIVERS 1,135,344 Homesale sides X $272,206 Average Homesale Price Transaction Volume 2016 $309 Billion Average Broker Commission Rate 2.50% X X NET REVENUE DISTRIBUTION ~$780 Million Total Revenue in 2016 $56 All Other Revenue $83 Brand Marketing Fund $282 NRT Royalties Net Effective Royalty Rate 4.46% = ~$360 Million In Net Affiliate Royalties including other franchise income $360 Affiliate Royalties 17

18 SOLID MARKET SHARE IN A HIGHLY COMPETITIVE ENVIRONMENT 12% 10% 8% 6% 4% RFG market share of U.S. transaction volume 10.1% 10.1% 10.6% 10.4% 10.3% BETTER HOMES & GARDENS SOTHEBY S INTERNATIONAL REALTY ERA COLDWELL BANKER 2% CENTURY 21 0%

19 $ in millions DELIVERING STRONG MARGINS $900 $800 $700 60% 65% 65% 66% 67% $600 $500 $400 $300 $200 $100 $ Revenue Operating EBITDA 1 1 See Appendix for the definition of Operating EBITDA, a reconciliation of this measure to its most comparable GAAP measure, and the Company s explanation of why it believes this non-gaap measure is useful to investors. 19

20 HOW RFG IS EXECUTING ON THE ONE REALOGY GROWTH STRATEGY Leads Technology Learning Recruiting More Productive and Profitable Agents Emerging Segments World-class Brands 20

21 Recruiting WE WILL HARNESS OUR UNIQUE ADVANTAGES TO IMPROVE RECRUITING 51% of agents are unaffiliated with any franchise Other 6% More than half 2 million licensed agents are unaffiliated with a brand 1 Industry-leading agent productivity machine Best practices from our franchise and owned brokerage Affiliated 43% Unmatched ability to fund growth Unaffiliated 51% NAR 2017 Member Profile Survey 1 The Association of Real Estate License Law Officials 21

22 HOW RFG IS EXECUTING ON THE ONE REALOGY GROWTH STRATEGY Leads Technology Learning Recruiting More Productive and Profitable Agents Emerging Segments World-class Brands 22

23 Learning WE INVEST IN PROVEN PRACTICAL LEARNING *Independent sales associate **Office manager, broker owner or regional leadership 23

24 HOW RFG IS EXECUTING ON THE ONE REALOGY GROWTH STRATEGY Leads Technology Learning Recruiting More Productive and Profitable Agents Emerging Segments World-class Brands 24

25 Leads CONVERTED COMPANY-GENERATED LEADS ARE GROWING The right tools and learning Grow Closings The right leads to the right agents Lead Conversion & Support Quantity and quality Lead Allocation All other Company generated Lead Generation RFG is providing a growing number of leads to its franchisees and agents 25

26 HOW RFG IS EXECUTING ON THE ONE REALOGY GROWTH STRATEGY Leads Technology Learning Recruiting More Productive and Profitable Agents Emerging Segments World-class Brands 26

27 Technology TECHNOLOGY BRINGING AGENTS TO CONSUMERS 27

28 HOW RFG IS EXECUTING ON THE ONE REALOGY GROWTH STRATEGY Leads Technology Learning Recruiting More Productive and Profitable Agents Emerging Segments World-class Brands 28

29 Emerging Segments SIGNIFICANT OPPORTUNITY TO GAIN SHARE IN EMERGING CUSTOMER SEGMENTS THE OPPORTUNITY Hispanics are 18% of population but 42% of new households 78% of LGBT adults would switch brands to those that are LGBT friendly Asian American population is expected to double by 2050 African American homeownership, at under 48%, has plenty of room to grow 34 million new millennial households by 2025 OUR RESPONSE Access to diverse markets through deep relationships with NAHREP, NAREB, AREAA, NAGLREP CENTURY 21 Case Study: Hispanic Market New Spanish website and collateral Sponsor NAHREP Conference Assist NAHREP in identifying and developing local chapters Communicate daily, culturally relevant social media posts on Spanish Facebook and Twitter accounts Launched Hispanic Marketing Workplace by Facebook Sponsored POSiBLE L.A. 2017, a curated Univision event dedicated to Angelino entrepreneurs Source: U.S. Census NAHREP: National Association of Hispanic Real Estate Professionals, AREAA: Asian Real Estate Association of America, NAREB: National Association of Real Estate Brokers, NAGLREP: National Association of Gay and Lesbian Real Estate Professionals 29

30 HOW RFG IS EXECUTING ON THE ONE REALOGY GROWTH STRATEGY Leads Technology Learning Recruiting More Productive and Profitable Agents Emerging Segments World-class Brands 30

31 31

32 BRUCE ZIPF President & Chief Executive Officer, NRT RYAN GORMAN Chief Strategy & Operating Officer, NRT

33 WORLD S LARGEST REAL ESTATE BROKERAGE COMPANY Other 5 ~780 Offices ~49,000 sales associates $164 billion in sales volume in 2016 Average sales price $490k (2x national avg.) WEST: 198 offices MIDWEST: 159 offices EAST: 425 offices Note: Offices and agents as of June 30,

34 HOW AND WHERE NRT GENERATES REVENUE NRT 2016 KEY REVENUE DRIVERS 335,699 Homesale sides X X + = $4.3 Billion Total Revenue $489,504 Average Homesale Price $164 BILLION TRANSACTION VOLUME IN 2016 Average Broker Commission Rate 2.46% Non-sides Related GCI and Other Revenue $300 Million 2016 NRT NET REVENUE DISTRIBUTION $4.3 Billion Total Revenue in % 14% 19% % 26% 34% Northeast California Midwest Western Southeast 34

35 KEY COMPONENTS OF NRT OPERATING EBITDA NRT 2016 Operating EBITDA ($ in millions) Total Revenue $4,344 69% Commission Split Expense (2,945) Paid to RFG Royalties and Marketing Fees to RFG (293) Operating, G&A, Marketing Expense (955) Mortgage JV Earnings 8 Operating EBITDA* $159 Operating EBITDA before Royalties and Marketing Fees to RFG $452 *See Appendix for Operating EBITDA contribution by business segment, the definition of Operating EBITDA, a reconciliation of this measure to its most comparable GAAP measure, and the Company s explanation of why it believes this non-gaap measure is useful to investors. 35

36 IMPROVED AGENT RETENTION Top 2 agent quartiles based on GCI generate 90% of NRT revenue Retention of top 2 agent quartiles approximately 94% Compelling support = improved retention 36

37 AGENTS PERSONAL NETWORKS CONTINUE TO BE THEIR MAIN SOURCE OF BUSINESS While Internet as a source of business remains in single digits agents continue to generate more than 60% of their business from sphere of influence 60% 63% 61% 64% 63% Sphere of Influence Data from NAR Profile of Home Buyers and Sellers, Sphere of Influence is a calculation arrived by summing the percentages of Referred by friend, neighbor or relative, Used agent previously to buy or sell a home, and Referred by another real estate agent or broker as found in the exhibits tilted How Buyer Found Real Estate Agent and Method Used to find Real Estate Agent. 37

38 KEY OPERATING STRATEGY SHIFTS AT NRT From: To: Results: Real estate brokerage acquisition growth strategy An intense focus on productive agent recruiting Increased agent count & productivity A decentralized support structure A Centers of Excellence support structure Enhanced agent experience with more efficient operations Disparate products, services, and technology for agents More clearly articulated support of Local Agent Services Improved productivity and retention 38

39 HOW NRT S GROWTH STRATEGIES ALIGN WITH THE ONE REALOGY GROWTH STRATEGY Technology Recruiting Learning Local Agent Services More Productivity and Profitability Leads 39

40 Local Agent Services ACCELERATING PRODUCTIVITY THROUGH IMPROVED LOCAL AGENT SERVICES Providing distinctive value to agents locally is core to how we win (e.g., non-competing managers) Incredible opportunity to learn from our best offices in terms of: Coaching Administrative support Tools & technology Listing marketing Personal branding Agent-to-agent mentoring Business planning Deploying best practices across NRT and sharing across RFG brokers 40

41 HOW NRT S GROWTH STRATEGIES ALIGN WITH THE ONE REALOGY GROWTH STRATEGY Technology Recruiting Learning Local Agent Services More Productivity and Profitability Leads 41

42 Recruiting OVERVIEW OF NRT RECRUITING STRATEGIES A Primary Responsibility of Field Management Traditional Recruiting Often newer to the business ~9,900 agents recruited LTM June 30 th Targeted Recruiting Highly productive, experienced agents ~1,850 agents recruited LTM June 30 th NRT Agent Recruiting Referral Program Mobilize 49,000 NRT agents as recruiting partners 42

43 Recruiting ACCELERATING ORGANIC GROWTH Sales agents recruited Closed GCI generated from agent recruits YOY revenue increase LTM June 2017 ~11,750 $262 Million 23% 2016 ~10,740 $212 Million 11% 2015 ~9,400 $191 Million 2% 2014 ~9,450 $187 Million 43

44 Recruiting TARGETED RECRUITING EFFORTS POSITION NRT FOR GROWTH TOTAL AGENTS RECRUITED LTM JUNE 30, 2017 ~11,750 agents Traditional Recruits Targeted Recruits ~1,850 ~9,900 AVERAGE UNITS PER RECRUITED AGENT Traditional Recruits Targeted Recruits 2.4* 13.2 ** AVERAGE GROSS COMMISSION INCOME OF RECRUITED AGENT Traditional Recruits Targeted Recruits $20,000* $136,000** TOTAL GROSS COMMISSION INCOME OF RECRUITED AGENT Traditional Recruits Targeted Recruits $198 million* $252 million** * Represents actual production/revenue generated with NRT LTM June 30, 2017 ** Represents production/revenue generated LTM from agent s previous broker per respective Multiple Listing Service 44

45 Recruiting MOBILIZING NRT S 49,000 AGENTS AS RECRUITING PARTNERS GCI generated ($ millions) from agent-to-agent recruiting * 30% $146 $75 $75 $93 $112 $ LTM June 2017 *Agent may have been recruited in current or prior period. 45

46 HOW NRT S GROWTH STRATEGIES ALIGN WITH THE ONE REALOGY GROWTH STRATEGY Technology Recruiting Learning Local Agent Services More Productivity and Profitability Leads 46

47 STEPHEN FRASER Chief Information Officer, Realogy JAMIE WILSON President & Chief Executive Officer, ZapLabs

48 REALOGY TECHNOLOGY OVERVIEW Over 1,300 Technology Professionals Types of activities overlap / coordinate across Technology Teams Business Operation Applications Cyber Security Cloud, Data Centers and Networks Data Platforms, Analytics and AI IT Field Support (~1,000 offices) Technology Innovation Initiatives Lead Generation and CRM Systems Consumer Websites, SEO, SEM Mobile Applications 48

49 TECHNOLOGY EMPOWERS AGENTS Source: NAR s Field Guide to Quick Real Estate Statistics May National Association of REALTORS Profile of Home Buyers and Sellers 49

50 TECHNOLOGY STRATEGY We deliver a differentiated experience, not through technology in isolation, but by combining technology tools with agent learning, development, and support DIFFERENTIATED EXPERIENCE We will use data generated by all of our services to drive continuous improvement in our offerings We build proprietary tools where there is a strategic imperative to do so, and, where we have the ability to create differentiated experiences TOOLS LEARNING & DEVELOPMENT DATA SUPPORT Insights to continuously optimize current offerings and develop new ones 50

51 WE RE MAKING MAJOR STRATEGIC TECHNOLOGY INVESTMENTS Customer Engagement Platform & Lead Conversion: Accelerate Zap adoption across all Realogy brands Transaction Management: Enable lead-to-close tracking with integrated, open platform Agent Marketing: Increase customer conversion and drive agent productivity with new tools Digital Learning: Learning platform with seamless integration into productivity tools Data Platform: Leverage Realogy s scale, depth and breath of data to fuel agent offerings 51

52 ZAP IS REACHING NEW HEIGHTS CB Transition (2017) ERA Transition (2016) Agent and Broker Mobile Apps Launched (2016)) First 1500 Companies Launched (2016) BHGRE Transition (2017) First 390 Companies Launched (2015) Consumer Mobile Apps Launched (2016) Joined Realogy (2014) Zap Beta Launch (2015) 52

53 As technology and a new generation of buyers and sellers change, consumers: Consumer behavior has changed Spend a larger portion of their purchase journey online Expect more personalization, information, and transparency Want a seamless relationship across online and in-person service LANDSCAPE FOR CONSUMERS 53

54 Agents need a solution for challenges faced: Agents struggle to connect with consumers Spending too much time and money on outdated solutions Struggling to foster personalized, authentic client relationships Not meeting consumers where they are online LANDSCAPE FOR AGENTS 54

55 ZAP HELPS AGENTS CONNECT WITH CONSUMERS Customer Engagement Platform Websites and Mobile Apps Brokerage Operations Tools Zap Integrations ZapLeads 55

56 OUR DATA ADVANTAGE GIVES US A BEST-IN-CLASS AGENT PLATFORM Zap s strongest capability is the extensive data intelligence it gathers on all contacts Zap s mobile app is highly effective in giving agents the info they need to manage their lead activities on-the-go ProScore and ZapScore were developed via a wide range of agent platform actions and growth data 56

57 ZAP TECHNOLOGY PAVES THE WAY TO SUCCESS Zap is an amazing talent attraction tool because it truly sets us apart from the competition in our market. Sarah D. Agents love tools that make their life easier, and that s what Zap does giving you everything you need to increase your business triple fold. Kayla K. Zap needs to become a habit, if utilized every day, it gives agents an opportunity to get more leads and grow their business. Jill L. Agents are thrilled that they can sort their contacts and leads by the ZapScore, and run their business more effectively. Steven P. 57

58 AGENTS PRODUCTIVITY INCREASES AS THEY INCREASE THEIR USE OF ZAP 30% of engaged users for experienced increases in productivity correlating to usage* 10.0% 7.5% 5.4% >1-5 LPM (2,285 users) >5-10 LPM (726 users) >10 LPM (614 users) Average Agent Logins Per Month (LPM) * Based on Zap usage by 3,625 of 11,694 Realogy agents affiliated during the two-year period ended December 31, This was not a controlled study. Productivity information is based on Realogy and ZapLabs internal usage data and is intended to show correlation rather than causation. There is no assurance any Realogy brand agent will achieve the same or similar results. 58

59 ZAP USERS HAVE INCREASED 10X Monthly ZAP Users 30,000 25,000 20,000 15,000 10,000 28% of those with access are monthly users 5,

60 Users ZAP POWERED BRAND WEBSITE INCREASED SITE TRAFFIC 786,000 >3X Increase 562,000 >4X Increase 171, ,000 April May Better Homes and Gardens Brand Site 2016 Zap Site

61 ZAP TECHNOLOGY INCREASED SIDES AND DROVE DOWN COSTS SPOTLIGHT ERA WILDER REALTY*: An almost 70% increase in traffic to the company site ZapLeads doubled company generated leads 50% generating from the program and 50% from agents sphere of influence Mobile engagement/usage increased from 8% to 42% If you use the system, work the system, and know the system, there s no way not to be successful. Lucinda Brasington, ERA Wilder Realty Closed 2,600+ units in 2016, a +28% yearover-year increase A higher quality and higher volume of leads at a 3x lower cost *As reported by ERA Wilder, not independently verified. Results reflect two year period of ZAP usage. 61

62 TRANSFORMATIVE REAL ESTATE TECHNOLOGY 62

63 BREAK ROLL VIDEO 63

64 KEVIN KELLEHER President & Chief Executive Officer, Cartus

65 WE ARE GLOBAL RELOCATION Outsource provider of global mobility services Top 25 clients have an average tenure of approximately 20 years 1 Broad international reach, serving nearly 150 countries in 2016 Customer base includes 56% of Fortune 50 companies 1 Manages residential real estate transactions at departure and destination points for relocating employees Integral to the Realogy business model Performance-based broker network is largest in the U.S. 1 As of December 31,

66 WE ARE AFFINITY REAL ESTATE SERVICES Leading affinity real estate services provider 60,000 Closed Affinity Transactions 60K For financial/mortgage, corporate, or membership-based organizations 50,000 40, years of experience 660,000 buyers/sellers served $612 million in cash back to customers 30,000 20,000 10,

67 KEY REVENUE DRIVERS Client Transactional Fees Initiations X Average Fee + Household Goods and Other Commissions + Real Estate Referral Fees Referrals X Average Referral Fee + Other Revenue 1 = Total Cartus Segment Revenue ¹Other revenue includes net interest income on funds advanced to transferees, policy advisory fees, and other items. 67

68 THREE CHANNELS TO GENERATE LEADS Corporate (Employees of Corporate Clients) 20% of 2016 closings Affinity (Members) 70% of 2016 closings Broker to Broker (Agents with Retail Customers) 10% of 2016 closings High-Quality Leads Policy Consultation Advocacy Brokerage/Agent Selection Quality Control 68

69 SATISFIED CUSTOMERS ACROSS INDUSTRIES Service Satisfaction Clients by Industry Awards and Recognition AFFINITY % 6% Other Tech 15% Consumer Goods OVERALL % Service/ Media 17% Financial Q1 3% Raw Materials 2% Pharma 3% Oil & Gas 28% Manufacturing/ Construction 800 clients globally 69

70 CARTUS PROVIDES REALOGY AGENTS EXTRAORDINARY VALUE High-Quality/High-Conversion Leads Generated to Realogy Affiliated Agents Affinity Corporate relocation Broker-to-broker referrals Cartus Broker Network Person-to-person leads allocated to network of trained agents certified to deliver high-quality service (88% of converted leads to Realogy Family agents in 2016) Closed Transactions for Realogy Cartus leads convert at 50% - 90% In 2016, Cartus originated ~80K transactions for Realogy agents Total additional Realogy Operating EBITDA of $33 million Cartus Operating EBITDA 1 $100M 2016 Additional Operating EBITDA from Cartus-generated transactions $33M + = POWER OF ONE REALOGY Total Operating EBITDA Impact $133M 1 See Appendix for Operating EBITDA contribution by business segment, the definition of Operating EBITDA, a reconciliation of this measure to its most comparable GAAP measure, and the Company s explanation of why it believes this non-gaap measure is useful to investors 70

71 DON CASEY President & Chief Executive Officer, TRG

72 TRG operates OVER 40 distinct brand names throughout the U.S. TRG operates 440 branches with over 2,600 employees 2 26% 8% 4% TRG 2016 Operating EBITDA 1 Contributions by Channel 2016 Revenue $573 Million 2016 Operating EBITDA 1 $63 Million 62% DIRECT OPERATIONS Over 400 title and settlement offices complimenting NRT UNDERWRITER The nation s 7th largest underwriter LENDER CHANNEL Provides Title and Settlement Services nationally to lenders RELOCATION SERVICES Provides title services to Cartus transferees 1 See Appendix for Operating EBITDA contribution by business segment, the definition of Operating EBITDA, a reconciliation of this measure to its most comparable GAAP measure, and the Company s explanation of why it believes this non-gaap measure is useful to investors. 2 As of June

73 STRATEGIC PILLARS Capitalize on Realogy s Value Circle by increasing NRT capture rates Diversify revenue sources Drive unaffiliated resale growth Expand lender refinance market share Grow & establish commercial channel Grow underwriter premiums through affiliated agent strategy with limited claims (<2%) Acquire companies that contribute to the TRG Value Circle Leverage technology to accelerate revenue growth, increase profit margins, and enhance the customer service experience 73

74 TRENDS IN ONE-STOP SHOPPING 39% 53% 53% of consumers said they would be more likely to consider a firm affiliated with their real estate agent. An increase of 83% From % 50% 29% 50% of recent consumers used one source to produce home buying services vs. 29% In % of consumers stated that one-stop shopping makes the home buying process more efficient and manageable 74% *Statistics were based on a NAR/Harris Poll of Consumer Preferences for Real Estate Services Performed in 2008, 2010, and most recently in 2015

75 TRG OFFERS REAL ESTATE AGENTS A PROPRIETARY VALUE PROPOSITION A platform supplying real estate and settlement content to our customers Training classes for agents professional advancement Mobile access to property data, market data, recorded documents Mobile access to seller and buyer side real estate cost calculators A mobile app protecting consumers from wire fraud attempts TRG s proprietary system standardizing how we do business with agents 75

76 PREMIER NEW MORTGAGE JV PARTNER Top 10 retail mortgage originator 240% Growth in Total Origination Market share over five years Enhanced products and pricing Improved recruiting and retention of loan officers World s first digital mortgage lender Transparent and efficient process with cutting-edge technology Superior client service reflected in Net Promoter Score of 79 * All data presented based on Guaranteed Rate. *Net Promoter Score based on Guaranteed Rate customer satisfaction survey and NPS benchmarks. 76

77 UNIQUELY POSITIONED TO CREATE VALUE FOR REAL ESTATE AGENTS AND THEIR CUSTOMERS Consumer preference for one-stop shopping continues to grow TRG s agent focus makes us the best positioned company to capitalize on this trend Transition to GRA is a step towards a better one-stop shopping experience We have all the components to create a best-inclass home buying experience for agents and their customers 77

78 TONY HULL Executive Vice President, Treasurer & Chief Financial Officer

79 EXISTING HOME RESIDENTIAL HOUSING IS A ROBUST MARKET Existing home sale transaction commissions were about $70B in 2016 Realogy s share was 17% Commission rates remain stable Average 2 bps decline per year due mainly to higher average sales price More and more consumers prefer to work with real estate agents Far too much is at stake to enter this complex process alone $85 billion 5.14% $75 $65 $55 $45 $35 $ % 89% 87% 85% 83% 81% 79% Sources: Real Trends, Realogy data, National Association of Realtors (NAR) 79

80 DEMAND REMAINS STRONG DESPITE CURRENT HEADWINDS Low Inventory in months % 6 months is equilibrium 4.3 months as of June Tight Credit Share of Home Purchase Mortgage Originations Below and Higher FICO Scores Source: NAR Source: Harvard Joint Center for Housing Studies 80

81 4,110 4,340 4,190 4,260 5,173 5,335 5,030 4,660 5,090 4,940 5,634 5,250 5,450 5,625 6,176 6,778 6,477 7,080 TOTAL UNIT TRANSACTIONS STILL RECOVERING FROM RECESSION LEVELS U.S. home sale units (000) U.S. Existing Home Sales and Median Home Price Median home price($000) 8,000 7,000 CAGR Units 2% +6% Median price 5% % $300 $250 6,000 5,000 $200 4,000 $150 3,000 2,000 1,000 $100 $ E U.S. HOME SALES UNITS RECESSION MEDIAN HOME PRICE $0 Source: National Association of Realtors 81

82 2018 INDUSTRY FORECASTS IN LINE WITH HISTORICAL GROWTH AVERAGES 10.0% 9% Volume 8% Volume 8.0% 6.0% 6% Volume 6% Volume 3.6% 2.4% 6% Volume Average = 7% 4.0% 2.0% 4.9% 4.9% 5.3% 6.0% 3.6% 0.0% -2.0% 1.4% 0.9% FNMA Freddie Mac GS Mortgage Monitor MBA 1.8% NAR Sides Median Price NOTE: NAR forecast is as of August 2017, FNMA, Freddie Mac and MBA forecasts are as of July 2017, GS is as of June

83 TRANSFORMATIONAL DEMOGRAPHIC SHIFT = GREATER HOUSING VELOCITY Source: Harvard Center for Joint Housing Studies, US Census 83

84 STEADY FINANCIAL PROGRESS ($ in millions) Year ended Dec CAGR Revenue $4,672 $5,289 $5,328 $5,706 $5,810 6% Operating EBITDA 1 $625 $721 $723 $769 $770 5% Operating EBITDA Margin 13.4% 13.6% 13.6% 13.5% 13.3% NM Free Cash Flow 1 ($216) $443 $373 $443 $457 $1.5B NM in Free Cash Net Corporate Debt 2 Flow $3,990 $3,669 $3,597 $3,337 $3,284 NM (excluding securitizations) over last 5 years 1 See Appendix 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. 2 Net Corporate Debt (excluding securitizations) represents total long term corporate debt, including short term portion, net of cash and cash equivalents. 84

85 GROWTH IN REAL ESTATE BUSINESSES RFG & NRT $ in millions $5,500 $5,000 $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 $4,804 $4,832 $4,511 $4,403 $685 $671 $3,828 $630 $647 $ $800 $700 $600 $500 $400 $300 $200 $100 $0 RFG & NRT Revenue* RFG & NRT Operating EBITDA** RFG & NRT Operating EBITDA Margin** 12.4% 14.3% 14.3% 14.3% 13.9% *Revenue after netting out intercompany royalties and marketing fees. **Reflects Operating EBITDA before equity earnings related to our minority joint venture interest in PHH Home Loans LLC ( PHHHL JV Earnings ). See Appendix for additional information regarding RFG & NRT Combined Operating EBITDA before and after PHHHL JV Earnings. 85

86 1H 2016 VS 1H 2017 $ in millions except sides & price 1H H 2017 Variance Total RFG and NRT (net of intercompany royalty and marketing fees) $2,344 $2,540 $196 Cartus and TRG $452 $456 $4 Total Revenue $2,796 $2,996 $200 Total RFG and NRT 1,3 $313 $322 $9 Cartus, TRG, Corporate and PHHHL JV 2,3 $27 $8 ($19) Total Operating EBITDA 4 $340 $330 ($10) Realogy Free Cash Flow 4 $96 $157 $61 Total NRT and RFG Sides 700, ,608 2% Combined Average Price $319,090 $340,220 7% Total NRT and RFG Volume $223.6 B $243.5 B 9% 1 Total RFG and NRT excludes PHHHL JV Earnings of $3 million in 1H 2016 and $(4) million in 1H H 2017 includes: Cartus - $28 million, TRG - $28 million, Corporate - $(52) million and PHHHL JV Earnings - $4 million 1H 2016 includes: Cartus - $37 million, TRG - $26 million, Corporate - $(33) million and PHHHL JV Earnings - $(3) million 3 Please note: New mortgage joint venture with Guaranteed Rate will be reported with TRG segment 4 See Appendix for the definitions of Operating EBITDA and Free Cash Flow, 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. 86

87 FULL YEAR 2017 OUTLOOK 2017 * ($ in millions) Low High Revenue $5,706 $5,810 $6,100 $6,200 Operating EBITDA 1 $769 $770 $760 $770 Cash Interest Expense (excluding securitizations) $238 $175 $165 $165 Free Cash Flow 1 $443 $457 $500 $530 RFG FY Transaction Volume (YoY Change) 9% 6% 5% 7% NRT FY Transaction Volume (YoY Change) 7% - 6% 8% Combined FY Volume (YoY Change) 8% 4% 5% 7% Commission Split (NRT) 68.39% 68.79% ~70.0% Net Effective Royalty Rate (RFG) 4.48% 4.46% ~4.40% * Guidance as disclosed in the company s earnings press release and investor conference call on August 3, See Appendix for the definitions of Operating EBITDA and Free Cash Flow, 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. 87

88 WELL-POSITIONED BALANCE SHEET ($ in millions) Rate Maturity date As of June 30, 2017 Cash and Cash Equivalents $219 Revolver L+200 (1) Oct Term Loan A L+200 (1) Oct Term Loan A-1 L+200 (1) July Term Loan B L+225 (1)(2) July ,089 Senior Notes 4.50% April Senior Notes 5.250% Dec Senior Notes 4.875% June Net Corporate Debt (excluding securitizations) $3,308 Low cost debt Average 4.8% 80% fixed rate, including swaps Staggered maturity schedule Over $1B of liquidity estimated at YE 2017 (cash + revolver availability) Net Debt Leverage Ratio (3) 3.9x 1) Adjusts up or down based on senior secured leverage ratio as defined by the Senior Secured Credit Facility. 2) Includes 75 basis point LIBOR floor. 3) Defined as net corporate debt divided by EBITDA as defined by the Senior Secured Credit Facility. 88

89 CONSISTENT STRONG FREE CASH FLOW GENERATION 2017 * ($ in millions) 2016 Low High Operating EBITDA 1 $770 $760 $770 Cash Interest Expense (175) (165) (165) Cash Taxes (24) (20) (25) Working Capital (27) Cap Ex (87) (100) (95) Free Cash Flow 1 $457 $500 $530 At current corporate tax rates, we expect FCF conversion to adjust to mid to high 40% range after NOLs are utilized and we become a full cash tax payer during 2019 * Guidance as disclosed in the company s earnings press release and investor conference call on August 3, See Appendix for the definitions of Operating EBITDA and Free Cash Flow, 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. 89

90 COMPELLING EQUITY CHARACTERISTICS Market is Attractive Large and growing addressable market Dramatic demographic shift will drive velocity Durable economic model remains dominant Realogy is Best Positioned Advantageous scale with market-leading 17% share of commissions Capitalize through strategy focused on productivity and recruitment EBITDA capture across the value circle Growth at a Reasonable Price Strong free cash flow generation from asset-light model Shareholder-focused capital return policy while pursuing 3x net debt leverage Sustainable growth prospects for EPS and tax effected FCF 90

91 ERIC CHESIN Vice President, Strategy Office

92 GROWTH OPPORTUNITY The industry outlook is strong Demographics suggest long-term growth Agents will not be marginalized Technology will enable and not disintermediate and Realogy is uniquely positioned to capitalize 92

93 ONLY REALOGY HAS WHY REALOGY? The geographic reach. 96% of U.S. population lives where we transact The brand equity. Breadth of recognized brands to appeal to every demographic The cash. Significant FCF to invest and deploy at scale The value circle. Foundational infrastructure to maximize value, lead to close The scale. 190K U.S. agents doing 1.5 million transactions per year 93

94 OUR STRATEGY IS SIMPLE Grow Agent Productivity Units/agent # of agents Grow Productive Agent Count 94

95 AND OUR APPROACH IS SUSTAINABLE Build programs, pilots, projects, partnerships that capitalize on our SCALE and what ONLY REALOGY can do 95

96 QUESTIONS?

97 LUNCH

98 APPENDIX

99 FULL YEAR OPERATING EBITDA RECONCILIATION For the year ended Dec 31 st ($ in millions) Net income (loss) attributable to Realogy $(543) $438 $143 $184 $213 Income tax expense (benefit) 39 (242) Income (loss) before income taxes (504) Interest expense, net Depreciation and amortization EBITDA $197 $653 $687 $726 $733 EBITDA adjustments: Restructuring costs, net 12 4 (1) Former parent legacy benefit, net (8) (4) (10) (15) (2) Loss on the early extinguishment of debt IPO Related costs and Apollo management fees 400 Operating EBITDA $625 $721 $723 $769 $770 99

100 FULL YEAR FREE CASH FLOW RECONCILIATION For the year ended Dec 31 st ($ in millions) Net income (loss) attributable to Realogy Holdings $(543) $438 $143 $184 $213 Income tax expense (benefit), net of payments 32 (258) Interest expense, net Cash interest payments (571) (312) (249) (244) (181) Depreciation and amortization Capital expenditures (54) (62) (71) (84) (87) Restructuring costs and former parent legacy items, net of payments (14) (11) (15) (14) 5 IPO related costs, net 256 Cash payment related to final Apollo management fee termination (15) Loss on the early extinguishment of debt Working capital adjustments (35) 92 (4) Relocation receivables (assets), net of securitization obligations (12) 46 (12) (4) (9) Free Cash Flow 1 $(216) $443 $373 $443 $457 1 Free cash flow for the years was restated due to a change in accounting principles 100

101 1H 2016 AND 1H 2017 FREE CASH FLOW RECONCILIATION For the six months ended June 30 th ($ in millions) 1H H 2017 Net income attributable to Realogy Holdings $50 $81 Income tax expense, net of payments Interest expense, net Cash interest payments (86) (86) Depreciation and amortization Capital expenditures (40) (48) Restructuring costs and former parent legacy items, net of payments 5 (18) Loss on the early extinguishment of debt 4 Working capital adjustments (49) 12 Relocation receivables (assets), net of securitization obligations (45) (29) Free Cash Flow $96 $

102 1H 2016 AND 1H 2017 OPERATING EBITDA RECONCILIATION For the six months ended June 30 th ($ in millions) 1H H 2017 Net income attributable to Realogy $50 $81 Income tax expense Income before income taxes $90 $145 Interest expense, net Depreciation and amortization EBITDA $318 $330 EBITDA adjustments: Restructuring costs, net 21 7 Former parent legacy costs (benefit), net 1 (11) Loss on the early extinguishment of debt 4 Operating EBITDA $340 $

103 RFG AND NRT COMBINED OPERATING EBITDA RECONCILIATION For the year ended Dec 31 st ($ in millions) CAGR RFG and NRT Combined Revenue 1 $3,828 $4,403 $4,511 $4,804 $4,832 6% RFG EBITDA NRT EBITDA RFG and NRT Combined EBITDA $529 $654 $656 $694 $653 5% EBITDA adjustments: Restructuring costs, net 7 (1) 5 26 RFG and NRT Combined Operating EBITDA $536 $654 $655 $699 $679 6% RFG and NRT Combined Margin 14.0% 14.9% 14.5% 14.6% 14.1% PHHHL JV Earnings RFG and NRT Combined Operating EBITDA (before PHHHL JV Earnings) $476 $630 $647 $685 $671 9% RFG and NRT Combined Margin (before PHHHL JV Earnings) 12.4% 14.3% 14.3% 14.3% 13.9% 1 RFG and NRT Revenue after netting out intercompany royalties and marketing fees 2 Represents equity earnings related to our investment in PHH Home Loans LLC ( PHHHL JV Earnings ), our home mortgage joint venture with PHH Corporation ( PHH ). We own 49.9% of the joint venture and PHH owns the remaining 50.1% and as managing member of the venture is responsible for its operations. The new mortgage joint venture with Guaranteed Rate will be reported in the TRG segment. 103

104 BUSINESS UNIT FULL YEAR OPERATING EBITDA RECONCILIATION For the year ended Dec 31 st 2016 ($ in millions) RFG 1 NRT Cartus TRG Corporate and other EBITDA $516 $137 $96 $62 $(78) EBITDA adjustments: Restructuring costs, net Former parent legacy costs (benefit), net (2) Operating EBITDA $520 $159 $100 $63 $(72) 1 For fiscal years ended December 31, 2012 through 2015 no EBITDA adjustments were made to calculate the Operating EBITDA of RFG. 104

105 NON-GAAP DEFINITIONS EBITDA is defined by us as net income (loss) before depreciation and amortization, interest expense, net (other than relocation services interest for securitization assets and securitization obligations) and income taxes and is our primary non-gaap measure. Operating EBITDA is defined by us as EBITDA before restructuring, early extinguishment of debt and legacy items and is used as a supplementary financial measure. We present EBITDA and Operating EBITDA because we believe they are useful as supplemental measures in evaluating the performance of our operating businesses and provide greater transparency into our results of operations. Our management, including our chief operating decision maker, uses EBITDA as a factor in evaluating the performance of our business. EBITDA and Operating EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations data prepared in accordance with GAAP. We believe EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences caused by variations in capital structures (affecting net interest expense), taxation, the age and book depreciation of facilities (affecting relative depreciation expense) and the amortization of intangibles, which may vary for different companies for reasons unrelated to operating performance. We further believe that EBITDA is frequently used by securities analysts, investors and other interested parties in their evaluation of companies, many of which present an EBITDA measure when reporting their results. EBITDA and Operating EBITDA have limitations as analytical tools, and you should not consider EBITDA and Operating EBITDA either in isolation or as substitutes for analyzing our results as reported under GAAP. Some of these limitations are: these measures do not reflect changes in, or cash required for, our working capital needs; these measures do not reflect our interest expense (except for interest related to our securitization obligations), or the cash requirements necessary to service interest or principal payments on our debt; these measures do not reflect our income tax expense or the cash requirements to pay our taxes; these measures do not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments; although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often require replacement in the future, and these measures do not reflect any cash requirements for such replacements; and other companies may calculate these measures differently so they may not be comparable. Free Cash Flow is defined as net income (loss) attributable to Realogy before income tax expense (benefit), net of payments, interest expense, net, depreciation and amortization, capital expenditures, restructuring costs and former parent legacy costs (benefits), net of payments, loss on the early extinguishment of debt, working capital adjustments and relocation assets, net of change in securitization obligations. We use Free Cash Flow in our internal evaluation of operating effectiveness and decisions regarding the allocation of resources, as well as measuring the Company's ability to generate cash. Since Free Cash Flow can be viewed as both a performance measure and a cash flow measure, the Company has provided a reconciliation to both net income attributable to Realogy Holdings and net cash provided by operating activities. Free Cash Flow is not defined by GAAP and should not be considered in isolation or as an alternative to net income (loss), net cash provided by (used in) operating, investing and financing activities or other financial data prepared in accordance with GAAP or as an indicator of the Company s operating performance or liquidity. Free Cash Flow may differ from similarly titled measures presented by other companies. 105

106 BIOS

107 Richard A. Smith Chairman, Chief Executive Office and President Realogy Holdings Corp. Smith has led the Company s business operations for the past 21 years. He was named as Realogy s chief executive officer in November 2007 in addition to his previous role as vice chairman and president. He was appointed chairman of the Realogy Board of Directors in March Previously, he served as chairman and chief executive officer of the Real Estate Services Division of Cendant Corporation from 1996 to 2006, when the Division was spun off to create Realogy. Smith is a member of the Business Roundtable, an association of chief executive officers of leading U.S. companies with $7.4 trillion in annual revenues, and previously served as chair of the Business Roundtable s Housing Working Group. He currently serves as a commissioner on the Bipartisan Policy Center s Housing Commission. He serves on the executive committee of the Policy Advisory Board for Harvard University s Joint Center for Housing Studies, is an honorary member of the Easter Seals National Board of Directors, a member of the Columbus State University Foundation Board of Trustees, and a former member of the New Jersey Economic Growth Council. Smith is also a past recipient of the Ellis Island Medal of Honor, presented by the National Ethnic Coalition of Organizations Foundation, Inc. In 2010, Smith was named one of The 50 Most Powerful People in U.S. Real Estate by Bloomberg Businessweek magazine, and in 2011, Smith was named to SmartMoney magazine s list of the Power 30: The World s Most Influential Players. 107

108 John Peyton President and Chief Executive Officer Realogy Franchise Group John Peyton became president and chief executive officer of the Realogy Franchise Group in April Peyton, who joined RFG as President and Chief Operating Officer in October 2016, previously served for 17 years as a senior executive with Starwood Hotels & Resorts Worldwide Inc. He is a recognized global branding leader who brings deep experience leading large, complex organizations and maximizing scale while enabling innovation and flexibility. During his nearly two decades with Starwood, most recently serving as Chief Marketing Officer, he leveraged his expertise in global operations and brand building to drive innovation and build loyalty for the company s leading hotel brands. Peyton also led Starwood s Global Initiatives team, where he directed the implementation of key strategic company priorities around the world, including supply chain and revenue management initiatives. From 2003 to 2008, Peyton served as chief operating officer of Starwood s North America Hotel Division. In 2000, he led Starwood s launch of Six Sigma becoming the first company in the hospitality industry to adopt this methodology as a way of improving business processes and driving innovative change. Prior to joining Starwood, he had a 10-year career with Pricewaterhouse Coopers, serving in both its accounting and management consulting practices. In 2017, Peyton was named to the Swanepoel 200, an annual list of the most powerful people in real estate. 108

109 Bruce Zipf President and Chief Executive Officer NRT LLC Bruce Zipf is president and chief executive officer for NRT LLC, Realogy s wholly owned and operated real estate brokerage subsidiary with operations in more than 50 of the 100 largest metropolitan areas in the United States. In this capacity, Zipf focuses on guiding the strategic direction of the organization, including the company s finance, acquisitions, marketing, legal and human resources functions. Prior to assuming his current role, Zipf was NRT s president and chief operating officer. He also previously served as executive vice president and chief administrative officer for NRT, and headed a region that spanned from Boston to Atlanta. Before that, Zipf was president of NRT s New York metro region for four years. Earlier on, Zipf was responsible for the development of the organization s real estate support services area, which includes the Coldwell Banker Previews luxury marketing program; its new homes division; relocation; asset management (REO); the referral network; and the innovative, HomeMatch telephone counseling service. Zipf has held senior management positions since he joined Schlott Realtors as controller in In 1994, he was promoted to senior vice president of Coldwell Banker Schlott, Realtors. Prior to entering the real estate industry, Zipf was in public accounting and held the position of senior audit manager for Ernst and Young, where he served a variety of Fortune 500 companies as well as privately held companies. 109

110 Ryan Gorman Chief Strategy & Operating Officer NRT LLC Ryan Gorman, who most recently held the role of NRT Senior Vice President, Strategic Operations, is responsible for bringing a heightened focus on service delivery, defining a comprehensive integrated growth strategy and leveraging the resources of NRT and Realogy to drive a superior experience for affiliated agents, employees and customers. Since joining NRT, Gorman has worked with the leadership team to craft and refine new strategic and operating plans throughout the company, in addition to launching NRT s new property management business. During his Realogy career, Gorman led the company s strategic acquisition of ZipRealty as well as Title Resource Group s acquisition of the title insurance agency and title insurance underwriting operations of Texas American Title Company and Cartus acquisition of Primacy Relocation. Prior to joining NRT in May 2012, Gorman was the Corporate Senior Vice President and Head of Strategic Development for Realogy Corporation, NRT s parent company. In that role, he oversaw strategic development and merger and acquisition activities for Realogy and its four business units. Gorman was the driving force behind TRG s acquisition of Texas American Title Company, Cartus acquisition of Primacy Relocation and NRT s acquisition of Coldwell Banker Preferred in Philadelphia. He also contributed significant strategy work for Realogy s world-renowned brands and franchisees. Before joining Realogy in 2004, Gorman held advisory and principal investment roles with PricewaterhouseCoopers (Transaction Services, Philadelphia, Pa.), Credit Suisse (CS First Boston s Technology Investment Banking Group, Palo Alto, Calif.), and The Blackstone Group (Blackstone Debt Advisors, New York City). He graduated with honors from the Wharton School of the University of Pennsylvania. 110

111 Stephen Fraser Senior Vice President and Chief Information Officer Realogy Holdings Corp. Stephen Fraser serves as senior vice president and chief information officer for Realogy Holdings Corp., a leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. In this role, Fraser is responsible for developing and executing Realogy s enterprise-wide technology strategy and aligning the IT vision with business objectives for each business unit. Additionally, he has direct oversight of the corporate IT functions, and develops and delivers technology solutions for the business benefit of its corporate customers, affiliated brokers and independent agents, and consumers across the Company s brand networks. Prior to joining Realogy in 2014, Fraser was the global head of information technology service and information management for IKEA Group in Sweden. Previously, he held IT leadership roles for A.P. Moller-Maersk Group in the United States and Denmark, and for Canadian Pacific Corporation s CP Ships division in Florida. Earlier in his career, Fraser held IT posts at International Shipholding Corporation in New Orleans, and at Accenture in multiple locations. Fraser has a strong background in collaborating with fellow IT executives and leading research analysts, exploring how emerging technologies can drive innovation and enable new ways of working. He has been a member of the CIO Executive Council, Gartner Group Executive Programs, The Research Board and Leading Edge Forum. 111

112 Jamie Wilson Chief Executive Officer ZapLabs Jamie Wilson is president and chief executive officer of ZapLabs LLC, the innovation and technology hub for Realogy and the driving force behind inventive technology for brokers and agents affiliated with Realogy s world-renowned real estate brands. ZapLabs was formed in June 2016 after previously operating as the ZipRealty technology development group. In 2017, he was named to the Swanepoel 200, an annual list of the most powerful people in real estate. Wilson was promoted to president and chief executive officer of ZipRealty in March Previously, he had served as the company s senior vice president for technology since 2013, with responsibility for all aspects of technology, including product development and IT infrastructure. Wilson joined ZipRealty in 2000, and has contributed to and led the development of the company s award-winning website, CRM and mobile products since his arrival. Under Wilson s leadership, the company developed its flagship ZapSM technology platform and seamless digital experience that its parent company, Realogy, is currently deploying to its affiliated brokers and sales associates across the Better Homes and Gardens Real Estate, CENTURY 21, Coldwell Banker, ERA and Sotheby s International Realty franchise brands. Prior to joining ZipRealty, Wilson served as director of investment services at Pension Dynamics Corporation where he helped develop their technology and marketing strategies. He also previously worked at Prizm Communications, where he leveraged new communications technologies to develop one of the first virtual call centers. Wilson holds a bachelor s degree in economics from Stanford University and a master s degree in business administration from the Haas School of Business at University of California Berkeley. 112

113 Kevin Kelleher President and Chief Executive Officer Cartus Corporation Kevin Kelleher has led Cartus on high growth and global expansion strategies, inclusive of multiple acquisitions and the creation of new products for distinctly different customer segments. For the past several years, Kelleher has been listed in the Swanepoel 200, an annual list of the most powerful people in real estate and in 2016 was included in Real Estate Executive s 100 Most Influential Executives list. Under his leadership, Cartus has been recognized as one of Connecticut s Top Workplaces and for 15 consecutive years, Cartus has achieved the prestigious Top 125 listing status from Training Magazine for its commitment to organizational development. The company has also won numerous accolades in its EMEA and APAC regions. Cartus is a signature member of the U.N Global Compact. Kelleher served on a wide variety of boards and advisory councils, including the Greater New England Minority Supplier Development Council, which twice has honored Cartus as Corporation of the Year. Kelleher has served multiple years as Campaign Chairman for United Way of Western Connecticut and the YMCA, and is a member of the Junior Achievement Hall of Fame. He was appointed Chairman of Connecticut s Transportation Strategy Board by then Governor M. Jodi Rell, and has also served on the Board of Directors of Bradley International Airport. He is a past recipient of the Small Business Administration Minority Champion Award and a former member of Fairfield University s Charles F. Dolan School of Business s Advisory Council and the University of Connecticut s Board of Trustees. 113

114 Donald J. Casey President and Chief Executive Officer Title Resource Group Don Casey is president and chief executive officer of Title Resource Group, a full-service title and settlement services company serving real estate companies, affinity groups, corporations and financial institutions in support of residential and commercial real estate transactions. With more than 2,600 employees, Title Resource Group (TRG) is composed of 40 title and settlement services companies with approximately 440 offices licensed in 48 states and the District of Columbia. Casey was named the company s president and CEO when Cendant consolidated its title and settlement services assets within its Real Estate Services Division (now Realogy Holdings Corp.) in April Casey joined Cendant Mortgage (now PHH Corporation) in 1989 as a secondary marketing analyst. He was promoted to vice president of government operations in 1993 and to senior vice president of real estate brands in 1995, where his focus was on working with NRT and Realogy real estate affiliates. Prior to joining PHH Corporation, Casey served as vice president of the first mortgage alliance program for Westpac Pollock Mortgage Finance. He was also vice president of mortgage finance for L.F. Rothschild Mortgage Capital Corporation 114

115 Anthony E. Hull Executive Vice President, CFO and Treasurer Realogy Holdings Corp. Anthony E. Hull has served as executive vice president, chief financial officer and treasurer for Realogy since August Hull played a pivotal role in helping take Realogy public on the New York Stock Exchange in October 2012, in what was the second-largest IPO of the year. Hull received the 2013 NJBIZ CFO of the Year award in the large public company category. Previously, Hull served as executive vice president, finance, for Cendant Corporation from October 2003 until August In that role, he had oversight for key finance functions including annual budgeting, forecasting and strategic planning for the company s businesses, analysis of performance variances and capital planning and development. Prior to joining Cendant, Hull served seven years as chief financial officer for DreamWorks LLC, a diversified entertainment company. At DreamWorks he managed the company s finance, accounting and information technology functions. Prior to DreamWorks, Hull held senior financial executive positions at Paramount Communications, a diversified entertainment and publishing company. Additionally, he worked as an investment banker at Morgan Stanley & Co., Inc. from 1984 to

116 Eric Chesin Vice President, Strategy Office Realogy Holdings Corp. Eric Chesin is the head of Realogy s newly created Strategy Office. In this role, Chesin oversees the development and execution of the company s corporate strategy and leads a team directly responsible for executing Realogy s most strategic pilots, projects, and partnerships. His team works across the company s four business units and five strategic programs, leveraging the full scale and power of Realogy to better serve its affiliated real estate agents. Chesin joined Realogy in January 2017 with a background in disruptive innovation and management consulting. At McKinsey & Company, he served industry leaders on strategy and growth across Media, Travel & Hospitality, Technology, Finance, and Consumer Goods & Services. He has also served startups and early-stage companies both directly and through his boutique consulting firm, bringing both new products and new businesses to market and specializing in agile development, piloting, and in-market testing. Chesin earned his bachelor s degree from Harvard University in 2002 and holds both an MBA from Columbia Business School (Beta Gamma Sigma Honors Society) and a JD from Columbia Law School (Stone Scholar). 116

117 Alicia Swift SVP Financial Planning & Analysis, and Investor Relations Realogy Holdings Corp. Alicia Swift serves as senior vice president for financial planning and investor relations at Realogy, a role she has held since She oversees the financial planning and analysis process for Realogy and its business units, which include the Realogy Franchise Group, NRT, Cartus and Title Resource Group. Swift also manages the Company s investor relations function, serving as the key relationship manager with Wall Street analysts and Realogy shareholders. During this period, Realogy went from private ownership to publicly traded with an initial public offering in October Swift previously served as Realogy s vice president of financial planning after its spin-off from Cendant in August During that time, she was responsible for annual budgeting, forecasting, financial analysis and strategic planning for the company s businesses. Swift was a member of the finance team at Cendant from 2004 to Swift received her bachelor s degree from Lehigh University and her MBA in finance from Seton Hall University. 117