REALOGY Q EARNINGS CALL. November 3, 2017

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1 REALOGY Q EARNINGS CALL November 3, 2017

2 Management Presenters Richard A. Smith Chairman and Chief Executive Officer Ryan Schneider President and Chief Operating Officer Tony Hull Executive Vice President, Chief Financial Officer & Treasurer Alicia Swift Senior Vice President, Investor Relations and Financial Planning & Analysis 2

3 Important Disclosures 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 November 3, 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 slides of this presentation and Tables 1a, 4a, 4b, 5, 6,7 and 8 of the November 3 press release announcing third quarter 2017 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. 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. 3

4 Operational and Financial Highlights Financial Results Revenue of $1.7 billion driven by combined Q3 homesales transaction volume growth of 4% Operating EBITDA of $258 million NRT Transaction volume increased 4% Year over year, approximately doubled recruited GCI* Top agent retention rate 94% RFG Zap platform will be deployed to substantially all eligible franchisees by year-end 5% gain in transaction volume Capital Deployment Since inception of capital return program, Company has repurchased 13.5 million shares for a total of $394 million and paid $63 million in dividends to shareholders * Represents production generated LTM from agents' previous brokers per respective Multiple Listing Service. 4

5 Q Guidance Homesale Metrics Q Guidance Ranges Transaction Volume (both RFG and NRT) 4% to 6% Sides flat to 1% Price 4% to 5% RFG transaction volume 3% to 5% NRT transaction volume 7% to 9% Guidance is as of November 3,

6 Full Year 2017 Guidance Homesale Metrics Full Year Guidance Ranges Transaction Volume (both RFG and NRT) 6% to 7% RFG transaction volume 5% to 6% NRT transaction volume 7% to 8% Revenue Operating EBITDA Free Cash Flow $6.1 billion to $6.150 billion $725 million to $735 million $505 million to $520 million Guidance is as of November 3,

7 Q Results Financial Metrics Net Revenue: Operating EBITDA 1 : Revenue was $1.7 billion, an increase of 2% compared with Q Operating EBITDA was $258 million, compared with $279 million in Q Net Income and Net Income Per Share: Adjusted Net Income and Adjusted Earnings Per Share 2 : Net Debt Leverage Ratio 3 : Net Income was $95 million, or $0.70 per share, compared with $106 million, or $0.74 per share in Q Adjusted Net Income was $97 million or $0.71 per share, compared with $108 million, or $0.75 per share in Q x, reflective of $3.2 billion of Net Corporate Debt (excluding securitizations) at September 30, See Slide 19 for a reconciliation from Net Income attributable to the Company to Operating EBITDA. 2 See Table 1a of our November 3, 2017 press release for a reconciliation from Net Income to Adjusted Net Income. 3 Defined as net corporate debt divided by EBITDA as defined by the Senior Secured Credit Facility. See Table 7 of our November 3, 2017 press release for Net Debt Leverage Ratio detail. 7

8 Q Key Revenue Drivers Amount % Change Realogy Franchise Group Closed Homesale Sides 318,961 (1%) Average Homesale Price $292,000 6% Average Broker Commission Rate 2.49% (1) bps NRT Closed Homesale Sides 95,236 % Average Homesale Price $506,418 4% Average Broker Commission Rate 2.45% (1) bps Cartus Initiations 39,608 (2%) Referrals 23,905 (6%) Title Resource Group Purchase Title and Closing Units 43,764 2% Refinance Title and Closing Units 6,513 (57%) Average Fee per Closing Unit $2,115 16% 8

9 Business Unit Revenue and Operating EBITDA Net Revenue ($ in millions) Q Q $ Change % Change RFG $ 224 $ 215 $ 9 4 % NRT 1,267 1, % Cartus (5) (4)% TRG (10) (6)% Intercompany Eliminations (82) (82) * Total Revenue $ 1,674 $ 1,644 $ 30 2 % Operating EBITDA ($ in millions) Q Q $ Change % Change RFG $ $ 5 3 % NRT (before PHHHL JV earnings) (24) (32)% PHHHL JV earnings* % Cartus (4) (10)% TRG (3) (13)% Corporate (23) (20) (3) ** Total Operating EBITDA $ 258 $ 279 $ (21) (8)% Note: Operating EBITDA excludes restructuring, legacy and early extinguishment of debt charges. See Slides for a reconciliation of Operating EBITDA to Net Income. * NRT results exclude 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. ** not meaningful 9

10 2017 Cash Flow Items 2017* ($ in millions) Low High Operating EBITDA 1 $725 $735 Cash Interest Expense (165) (165) Cash Taxes (10) (15) Working Capital Cap Ex (100) (95) Free Cash Flow 1 $505 $520 *Guidance is as of November 3, See Appendix for the definitions of Operating EBITDA and Free Cash Flow, a reconciliation of thees measures to their most comparable GAAP measures, and the Company's explanation of why it believes these non-gaap measures are useful to investors 10

11 Appendix

12 Existing Home Sale Transaction Volume 35% National Association of Realtors vs. Realogy % 15% 5% -5% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 NAR (sides x price) RFG (sides x price) NRT (sides x price) Source: National Association of Realtors, Realogy data 12

13 Total Realogy U.S. Footprint 13

14 NRT - U.S. Footprint 14

15 Historical Average Broker Commission Rate Average Broker Commission Rate and NAR Median Homesale Price Trends ABCR % , , , ,000 75, Period Ending Median Homesale Price in $ ABCR Median Price Source: RealTrends, National Association of Realtors 15

16 Capitalization Table ($ in millions) Rate Maturity Date As of September 30, 2017 Cash and Cash Equivalents $348 Revolver L+200 (1) October Term Loan A L+200 (1) October Term Loan A-1 L+200 (1) July Term Loan B L+225 (1)(2) July ,086 Senior Notes 4.50% April Senior Notes 5.25% December Senior Notes 4.875% June Net Corporate Debt (excluding securitizations) $3,169 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. See Table 7 of our November 3, 2017 press release for a Net Debt Leverage Ratio calculation. 16

17 2018 Industry Forecasts YoY % change 11% 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% -1% -2% -3% 12% volume 4.6% 6.9% NAR 8% volume 5.3% 2.3% FNMA Industry Forecasts 6% volume 5.2% 1.2% Freddie Mac 5% volume 2.8% 2.6% MBA 5% volume 3.4% 1.7% Goldman Sachs Housing Monitor ~7% average volume increase Existing Homesale Units Existing Home Median Price All forecasts are as of October except Goldman Sachs which is as of September. FNMA and MBA forecasts reflect unit and median price increases. Goldman Sachs and Freddie Mac price increases are represented by their respective Home Price Indices. Freddie Mac forecasts total homesale units (new + existing), which the Company adjusts by NAR projected new homesales. 17

18 Seasonal Revenue Trends $2,000 Quarterly Revenue $1,800 $1,600 $1,651 $1,668 $1,662 $1,644 $1,793 $1,674 $1,400 $1,325 $1,370 $ Millions $1,200 $1,000 $800 $1,062 $1,134 $1,203 $600 $400 $200 $ Q1 Q2 Q3 Q4 18

19 GAAP Reconciliation Three months ended ($ in millions) September 30, 2017 September 30, 2016 Net income attributable to Realogy $95 $106 Income tax expense Income before income taxes Interest expense, net Depreciation and amortization (a) EBITDA $254 $270 EBITDA adjustments: Restructuring costs 2 9 Former parent legacy cost, net 1 Loss on the early extinguishment of debt 1 Operating EBITDA $258 $279 (a) Depreciation and amortization for the three months ended September 30, 2017 includes $1 million of amortization expense related to Guaranteed Rate Affinity's purchase accounting included in the "Equity in earnings of unconsolidated entities" line on the Condensed Consolidated Statement of Operations. Note: Refer to Table 8 of the Press Release dated November 3, 2017 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. 19

20 GAAP Reconciliation ($ in millions) Three months ended September 30, 2017 September 30, 2016 RFG $159 $154 NRT Cartus TRG Corporate and Other (23) (20) Operating EBITDA Total Company $258 $279 Less: Restructuring costs 2 9 Former parent legacy cost, net 1 Loss on the early extinguishment of debt 1 0 Depreciation and amortization (a) Interest expense, net Income tax expense Net income attributable to Realogy Holdings $95 $106 (a) Depreciation and amortization for the three months ended September 30, 2017 includes $1 million of amortization expense related to Guaranteed Rate Affinity's purchase accounting included in the "Equity in earnings of unconsolidated entities" line on the Condensed Consolidated Statement of Operations. Note: Refer to Table 8 of the Press Release dated November 3, 2017 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. 20

21 GAAP Reconciliation ($ in millions) December 31, 2013 For the Year Ended December 31, 2014 December 31, 2015 December 31, 2016 Net income attributable to Realogy $438 $143 $184 $213 Income tax expense (benefit) (242) Income before income taxes Interest expense, net Depreciation and amortization EBITDA $653 $687 $726 $733 EBITDA adjustments: Restructuring costs, net 4 (1) Former parent legacy benefit, net (4) (10) (15) (2) Loss on the early extinguishment of debt Operating EBITDA $721 $723 $769 $770 Note: Refer to Table 8 of the Press Release dated November 3, 2017 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. 21

22 GAAP Reconciliation ($ in millions) Nine months ended September 30, 2017 September 30, 2016 Net income attributable to Realogy $176 $156 Income tax expense, net of payments Interest expense, net Cash interest payments (111) (117) Depreciation and amortization Capital expenditures (69) (61) Restructuring costs and former parent legacy items, net of payments (19) 4 Loss on the early extinguishment of debt 5 0 Working capital adjustments 28 (38) Relocation receivables (assets), net of securitization obligations (1) (5) Free Cash Flow $406 $358 Note: Refer to Table 8 of the Press Release dated November 3, 2017 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. 22