RLGY_InvestorDay_May2014

8/10/2019 RLGY_InvestorDay_May2014

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Safe Harbor StatementThis 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 eachforward-looking statement in this presentation and other factors contained in the Companys filings with the Securities and Exchange Commission under

the captions Forward-Looking Statements, Risk Factors and Managements 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 Co mpany 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, 2014. 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 Companys performance that are not Generally Accepted Accounting Principles (GAAP) measures. Refer to slides 83 and 84 of this presentation andTables 5a, 5b, 6a, 6b, 7, 8 and 9, of the Companys 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 Companys 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 Realog y 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 whichwe 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.

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Richard A. Smith

Chairman, Chief Executive Officer & President

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Composition of Homebuyers

Homebuyer Classification

Source: National Association of Realtors

46%

51%

44%

49%

38%

32%33%

29%

34%36%

31%32%

35%

31%33%

35%34%

31%30%

29% 29%28% 28% 28%

30%

12% 14%15%

19%

15%13%

21%

18%20%

23%

20%18%

22%

18%

21%23%

20%19%

16%18%

21%

22%

19%

16%

19% 19%21%

17%

38%37%

43%

36%

40%

48% 47% 47%

44%

50%49%

48%

44%46%

49%50% 50% 51%

48%

51%

54%55%

53%54%

51%53%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%60%

First-Time Buyer Individual Investor All Other

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Credit Remains Challenging

748 749 745 743 742 743 742737

734 732 732729 727

724 724 725

699 699 699696 697 697 696 695 694 694

692 690 690 688 686 684

640

660

680

700

720

740

760

FICO - All Loans

FICO - FHA Purchase

Source: Ellie Mae Origination Insight Report, March 2014

March 2014:

33% of all closed loans hadan average FICO score of less

than 700 compared to 27%

one year ago.

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Inventory Levels and Sources of Inventory

Potential Triggers for Inventory IncreasesInventory Levels and Months Supply

0

2

4

6

8

10

12

14

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Mo

nthsSupply

InventoryLevels

Inventory Months' Supply

Home price appreciation

Recovering negative equity

Move up buyer activity

New construction

Rental rate increasesrent vs own

Normalization of underwriting standards

Source: Inventory levels and supply, National Association of

Realtors

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Mortgage Mix Shifting to Purchase Market

0

10

20

3040

50

60

70

80

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

REFI %

Purchase %

Source: Ellie Mae Origination Insight Report, March 2014

Trending:

Purchase loan

market climbing

as credit

requirements

normalizing.

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Transaction Volume Trends by Price Points(Shown as Percentages of Total Volume)

54%

34%

13%

50%

36%

14%

44%38%

18%

0%

10%

20%

30%

40%

50%

60%

0-$300k $300k -$1mm > $1 mm

Q1 2012

Q1 2013

Q1 2014

RFGs shift in

mix evidencedby decline at

lower end and

growth

at higher price

points.

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Relocation

ServicesTitle Settlement & Services

Real Estate Franchise Services (RFG) Owned Brokerage Network (NRT)

Worlds Largest Real Estate Franchisor Largest U.S. Residential Real Estate

Brokerage

Significant Provider of Title

& Settlement Services

Fee-for-Service Business Focused on Residential Real Estate

26%

13%

6%

55%

Leading Global Relocation

Company

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Alex Perriello

President & CEO, Realogy Franchise Group

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WHO WHAT BRANDS PURPOSE

The worlds

largestresidential real

estate franchisor

What makes us

uniqueis our multi-brand approach to

the business

We helpreal estate

entrepreneurs be moresuccessful.

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

We operate sixworld class

brands in 103countries

RFG Business Unit

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How We Generate Revenue

Homesale Sides

1,083,424

Average Homesale Price

$233,011

Average Broker Commission Rate

per Side(2.54%)

Net Effective Royalty Rate

(4.49%)

RFG Net Domestic FranchiseRoyalty Revenue

($299 Million)

X

X

X

=

Transaction Volume 2013*

* Does Not Include NRT

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Efficient Operating Structure

Information

TechnologyLegalHuman Resources

Franchise

SalesFinance/Audit

Franchise

Administration and

Compliance

Separate Brand Leadership, Broker Services, Marketing and Training

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Our global affiliate base :

- Representation in 103 countries- 2013 RFG Domestic GCI of $6.7 billion Domestic

44%International

56%

Office Distribution

Brand Presence

As of December 31, 2013

2013 Sides Offices

Worldwide

Sales

AssociatesWorldwide

# of

Countries

Aided Brand

Awareness

Century 21 410,543 7,109 103,833 74 94%*

Coldwell Banker 725,058 3,120 84,912 49 86%*

Coldwell Banker

Commercial Incl. in CB 195 2,563 35 91%**

ERA 118,160 2,325 31,223 34 41%*

Better Homes and Gardens

Real Estate

55,712 259 8,371 2 97%***

Sothebys International

Realty 78,841 698 14,529 52 N/A

Corcoran Group 11,751 32 2,319 1 N/A

Total**** 1,400,065 13,738 247,750 103

Geographic Footprint

* Millward Brown 2013 Ad Tracking Study

** Penton Media 2012

*** BHG Magazine has 97% Brand Awareness

**** Includes NRT

Royalty Distribution

Domestic96%

International4%

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Brand Presence Offices U.S. Agents U.S. OfficesWorldwide

AgentsWorldwide

# of Countries Aided BrandAwareness

Realogy (all brands) 5,992 170,278 13,738 247,750 103 --

RE/MAX 3,300 54,491 6,481 93,228 95 91%*

Keller Williams 678 74,470 700 95,000 12 46%*

Berkshire Hathaway

HomeServices /

Prudential / Real Living**

1,800 55,000 1,800 55,000 2 67%*

Realty Executives 395 N/A 507 10,000 26 13%*

Exit Realty 449 3,245 449 3,245 2 N/A

Regional (Limited Franchising)

Weichert 374 14,000 374 14,000 1 N/A

Long & Foster 164 10,054 164 10,054 1 N/A

Windemere 295 7,000 295 7,000 1 N/A

Howard Hanna 167 5,700 167 5,700 1 N/A

Franchise Competitive Landscape

* 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.

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Franchise Sales Growth Opportunities

40%Affiliated 60%

Unaffiliated

60% of Realtors are Unaffiliatedwith any Franchise

Franchised firms are typically larger

companies, thus 44% of firms with fouror

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.*

*NAR 2013 Member Profile Survey

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 Presidents Prospect-List

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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

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Why Brokers Affiliate With Our Brands - GROWTH

REFERRALS

BRAND NAMERECOGNITIONMARKETING

FIELD

CONSULTING

GROWTH

OPPORTUNITIES

TOOLS

TECHNOLOGY

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TOOLS

TECHNOLOGY

Lead Management (LeadRouter)

Customer Relationship Management

Recruiting Platform

Online Learning

Business Management (Crest EDG)

Buyer and Seller Presentations

Brand Intranet Sites


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REFERRALS

MARKETING

National Brand Advertising

Global Consumer Website

Niche Market Website

Local Consumer Website (PC and Mobile)

YouTube Channel

SEO and SEM

Broker to Broker Referrals

Cartus Broker Network (when applicable)


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FIELD

CONSULTING

Dedicated Business Consultants

Value Proposition Expertise

Business and Financial Planning

Market and Business Analytics

Best Practices

Networking, Learning Events and

Conferences

Succession Planning


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GROWTH

OPPORTUNITIES

Dedicated Franchise Sales Team

Acquisition and Roll-In Support

Competitor Analysis and Strategy

In-Person Prospecting

Selling the Value Proposition


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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 MLSs in the U.S.

Local member governance

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Brand Umbrella Web Strategy

Deliver a Superior User Experience

Build Brand Awareness and Preferences Generate Incremental Leads to Franchisees

Anywhere, Anytime, Any Device

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RFGShared Listing Database Others

Listing Distribution Strategy

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

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Lead Volume Trends

162,647

241,234

368,352

510,183

-

150,000

300,000

450,000

600,000

2010 2011 2012 2013

Lead Volume

RFG Brand Sites

CAGR 46%

719,482

851,659

1,228,397

1,479,895

-

1,000,000

2,000,000

2010 2011 2012 2013

Lead Volume

All Sources (Except Brand Sites)

CAGR 27%

Note: Data does not include NRT

Conversion Rate: 5.6% Conversion Rate: 2.0%

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2.51% 2.47% 2.49% 2.52%2.55% 2.54% 2.55% 2.54% 2.54%

2005 2006 2007 2008 2009 2010 2011 2012 2013

Net Effective Royalty Rate

4.69%4.87% 5.03%

5.12% 5.10% 5.00% 4.84% 4.63% 4.49%

2005 2006 2007 2008 2009 2010 2011 2012 2013

Other Key Business Driver Trends

Note: Does not include NRT

Average Broker Commission Rate

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RFG Performance Award Rebate Impact

Incents Growth

Ensures contract compliance Contractual ability to raise GCI thresholds annually

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%

Illustrative Purposes Only

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2013 Sales Volume by Geography

Northeast18%

Midwest15%

South34%

West33%

Note: Excludes NRT

2013 GCI Breakout Contract renewals by year as percentage of 2013 GCI

20145%

20155% 2016

5%

20176%

20189%

2019 andbeyond

70%

Percentage of GCI by Top 250 Franchisees

Summary Franchisee Overview

Top 25060%

Other40%

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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 enhanceprofitability

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Bruce Zipf

President & CEO, NRT

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NRT MSA Presence

NRT Presence

National or Regional Homesale Sides

# of Offices

NY Metro Area 154

New England 80

Florida 78

Southern California 70

Northern California 66

Chicago, IL 51

Minnesota 22

St. Louis, MO 21

Baltimore, MD 20

Phoenix, AZ 20

All Others 124

Total Offices 7062

2013 Avg. Sale Price Comparison

$245k

$471k

National Average NRT1

NRT: Leader in Key Real Estate Markets

631

32

32

11

Firm National or Regional Volume ($bn) Markets Served Homesale Sides # of Offices

NRT (2013) National $149.2 40 Markets 316,640 706HomeServices of America (Berkshire Hathaway) National 63.5 19 Markets 205,602 455

Long & Foster Companies Regional 26.1 Mid-Atlantic 73,202 164

Weichert Regional 374

Source: Competitor data, April 2014 REAL Facts Databasedata is as of 12/31/2013.1 Per NAR.2 Weichert information is from Weichert franchise sales documents.

Total Offices 706

2

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NRTs Key Business Driver Trends

468,2

48

316,6

40

0

100,000

200,000

300,000

400,000

500,000

2005

2006

2007

2008

2009

2010

2011

2012

2013

$470,5

38

$471,1

44

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

2005

2006

2007

2008

2009

2010

2011

2012

2013

2.4

9%

2.5

0%

2.40%

2.45%

2.50%

2.55%

2005

2006

2007

2008

2009

2010

2011

2012

2013

67.8

0%

68.2

1%

0%

10%

20%

30%

40%

50%

60%

70%

2005

2006

2007

2008

2009

2010

2011

2012

2013

Up 9%

YOY

Up 6%

YOY

Home Sale Sides Home Sale Price

Average Broker Commission Rate Per Side Sales Associate Split

Flat YOYUp 45

bps YOY

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NRTs Key Business Objectives

I. Utilize NRTs 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 OperatingPerformance

IV. Maximize Primary Service and Secondary Revenue

Opportunities

V. Improve Overall EBITDA Margins

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Use Our Competitive Advantage to


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Use Our Competitive Advantage toRecruit Sales Associates

GrossCommissionRevenue

Production from New RecruitsBy Year

15%15%

8%7%$113 $116

$134

$167 $187

$0

$25

$50

$75

$100

$125

$150

$175$200

2009 2010 2011 2012 20132009 2010 2011 2012 2013

New Sales Associates1 7,040 7,323 7,491 7,998 9,153

GCI/Agent (000s) $16 $16 $18 $21 $21

1. Excludes Sales Associate Disassociations

($ in millions)

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R t i T P d i g S l A i t


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Retention of Top 2 Agent Quartiles(Based on Gross Commission Revenue)

Retain Top Producing Sales Associates

92%

93% 93%

94% 94% 94% 94%

91.0%

91.5%

92.0%

92.5%

93.0%

93.5%

94.0%

94.5%

2007 2008 2009 2010 2011 2012 2013

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E t A i iti St t i E i ti d N M k t


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Acquisition Trend

GrossCom

missionIncome

Number of Acquisitions 7 9 13 7 15 5

Execute Acquisition Strategy in Existing and New Markets

$6

$60

$19

$13

$87

$73

$0

$25

$50

$75

$100

2009 2010 2011 2012 2013 2014YTD

($ in millions)

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Where Our Business Comes From:


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Sales Associate Sphere of Influence Remains the No. 1 Source of Business

Source: National Association of Realtors 2013 Profile of

Home Buyers and Sellers

Referrals

42%

Past Client24%

Internet

4%

Open House

or Prospecting

8%

Relo or

Walk-ins

5%

Yard Signs

3%

Offline Ads

4%Other

10%

WhereBUYERS find their Sales Associate

Referrals

46%

Past Client12%

Internet

9%

Open House or

Prospecting

9%

Relo or

Walk-ins

7%

Yard Signs

6%

Offline Ads

1%

Other

10%

Sphere ofInfluence

Sphere ofInfluence

WhereSELLERS find their Sales Associate

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L T h l E h R O i i


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Leverage Technology to Enhance Revenue Opportunities

Where Internet Opportunities are Generated for NRT

Source: NRTs March 2014 LTM Internet prospect leads

BUYERS

Internet

Local NRT

Sites30%

700+

Other

web sites

70%

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Enhance Lead Generation / Conversion to


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Enhance Lead Generation / Conversion toEnhance Operating Performance

Illustrative Purposes Only

Traditional Closing Referral Closing

Home Price $300,000 $300,000

Gross Commission

(one side) 2.5% $7,500 2.5% $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%

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Optimize the Lead Channel

Online Transaction

HomeBase management

system

Lead Conversion Funnel

ACQUIRE

CAPTURE

QUALIFY &

ASSIGN

PROSPECT

CLOSE

REPRESENT

ENGAGE

MORE leads

Focus on key initiatives toincrease Internet presence and

generate more opportunities

BETTER lead handling

Improved systems for ourcentralized contact centers and

agents

Improved understanding ofperformance

Increased accountability for

performance

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Leverage NRTs Footprint to Enhance


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Leverage NRT s Footprint to Enhance

Primary Services & Secondary Revenue

$24 $23

$9 $8

$4

$0

$10

$20

$30

Mortgage Title Commercial Prop. Mgmt./Resort Rental

Insurance/Home

Warranty

2013 Contribution by Primary Services to Realogy

EBITDARContributions

($ in millions)

EBITDAR: Earnings Before Interest, Taxes, Depreciation,

Amortization, and Royalty

EBITDAR included in TRGs P&L

EBITDA included in NRTs P&L

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Ryan Gorman

Senior Vice President, Strategic Operations

&

Ryan Melone

Vice President, Strategic Development

40

M&A P


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M&A Process

Deal

Sourcing

Valuation

ProcessApproval

Closing

Integration

Negotiations

& Diligence

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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 savingsAugmenting Existing Market $20-$40 Million Similar commission plans and corporate culture, etc.

Real Trendsestimates ~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 Trendsestimates fewer than 70 brokers of this size

Beyond NRT and BHHS, next 10 largest brokers

reported by Real Trendsgenerated 2013 cumulative GCI

of ~$2.2 billion

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Si l P i i St t E l


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Simple Pricing Strategy Example

Year 2 Earnout

Year 1 Earnout

Cash Up Front$2,250

$750

$750

USD 000's

Company FinancialsGCI/Revenue $7,500Percent Retained X 30%Gross Profit (After Agent Splits) $2,250

Seller Operating Expense - $1,500

Seller's Adjusted EBITDA $750

Multiple 5xPurchase Price $3,750

Purchase Price Summary

Cash at Close $2,250

Year 1 Earnout + $750Year 2 Earnout + $750Total $3,750

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V l Ci l C t d E i


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Value Circle Created Earnings

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 $1,000 100%

Incremental Realogy EBITDA $1,000

USD 000's

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A ti E i ti M k t


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Augmenting an Existing MarketUSD 000's

Synergy delay (approximately 90 days to implement)

Data based upon actual acquisition

Purchase Price: $23,900 Year 1 Year 2 Year 3GCI/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%

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Augmenting an Existing MarketUSD 000's

NRT Seasonality Impact

Data based upon actual acquisition

Assumes Deal Closes January 1st1

stQuarter

17.9%

2nd

Quarter

29.2%

3rd

Quarter

28.2%

4th

Quarter

24.7%Total

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 $7,875Synergies $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%

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BREAK

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Kevin Kelleher

President & CEO, Cartus

49

Cartus: Leading Global Relocation Services Company


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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

1 Other revenue includes net interest incomeon funds advanced to transferees, policyadvisory fees, and other items.

2 As of 12/31/2013.

+Household Goods and Moving

Company Commissions

Other Revenue1

Total CartusSegment Revenue

+

+

=

x AverageFeeInitiations

Client Transactional Fees

Real Estate Referral Fees

xAverage

Referral FeeReferrals

Key Revenue Drivers

Integral to our overall business model

Broad & growing international reach (>150 countries) and

product portfolio

Customer base includes 50% of Fortune 50 companies2

Top 25 clients have an average tenure of 18 years2

High quality broker network is largest in the U.S.

50

Cartus Customer Referrals


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Cartus Customer Referrals

Cartus Policy Consultation

Advocacy

Brokerage/Agent Selection

Quality Control

Affinity

(Members)

Broker to Broker

(Agents with Retail

Customers)

Corporate

(Employees of

Corporate Clients)

51

Cartus Broker Network


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Cartus Broker Network

425 Principal Brokers & 377 Associate

Brokers

Almost 3,000 Sales Offices & 43,300A-Team Agents

Nearly 32,413 unique residential ZIP

codes serviced

503 individual MLS

52

Cartus 2013 Highlights


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Cartus 2013 Highlights

Affinity

136,889 Referrals

49,834 Affinity closings(up 24.5%)

5,500 AGR Closings

GCI = $336 million

Relocation

22,229 Relocationclosings

GCI = $250 million

Closings by units

2013

Affinity

Relocation

Broker to Broker

Value Circle Contribution

89,651 Closings(up 13.7%)

GCI = $707 million

Broker to Broker

49,961 placements

(up 12.2%)

17,588 Broker to Broker closings

(up 17.4%)

GCI = $121 million

-

5,000

10,000

15,000

20,000

25,000

2001 2003 2005 2007 2009 2011 2013

16,211 17,588

53

Cartus: 2014 and Beyond


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Cartus: 2014 and Beyond

Drive Profitable Organic Growth Expand existing clientrelationships

Grow mobility market share

Grow Affinity Services

Execute on Margin Enhancing Initiatives

Reduce expenses Increase efficiencies

Improve price competitiveness

Identify and Establish Non-RelocationRevenue Opportunities

Language

Immigration

Expand Global Footprint in Response toClient Expectations and Opportunity for

Growth

Latin America

India

Maintain Competitive Service ScoresThat Support Brand Reputation as

Superior Provider and Market Leader

Invest in systems

Integration of mobile

technologies

54

Cartus Global Footprint


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Cartus Global Footprint

THE AMERICASDanbury

Chicago

Dallas

Los Angeles

Memphis

Minneapolis

Montreal

Omaha

Sacramento

EMEASwindon

Amsterdam

Geneva

London

Munich

Paris

Zurich

APACSingapore

Beijing

Hong Kong

Shanghai

Global Coverage

Cartus Office Locations

Onsite Client Centers

GlobalNet Destination Service Providers

55

Largest Provider of Outsourced End-to-End Relocation Services


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Largest Provider of Outsourced, End to End Relocation Services

Domestic Services International Services

Acadia Moving Services1

Acadia Temporary Housing1

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

Acadia Moving Services1

Acadia Temporary Housing1

Host Country Services

Departure Program

Intl Educational Counseling

and Placement

Furniture Services

International AutoSource

Visa & Immigration Services

School Search

Lease Negotiation

Look/See Visits

Spouse/Partner Assistance

Program Administration

Pre-decision Counseling

Preparation of Letter of Assignment

Cost Estimates

Policy Counseling

Expense Administration

Balance Sheet Prep/Comp Accumulation

Ongoing Assignment Support

Executive Support Services

Tenancy Payment Services

Property Management

Consulting Solutions

Policy Consulting

Benchmarking

Policy Design/Rewrite

Transition Planning

Group MovesVirtual Resource Center

Intercultural & Language Training

Candidate Assessment

Cross-Cultural Training

Repatriation Integration

Language Training

Global Awareness Seminars

Global Business Briefings

Global Workforce Development

Intercultural Management Training

Note: programs vary based on local country customs

1Patented eProcurement bidding model

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Don Casey

President & CEO, Title Resource Group

57


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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

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59


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70

105

62

94

63

89 76

11610593

60


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Turn-key title & closing solutions to franchisees

42% capture rate

Settlement services throughnationwide closing network

Title and settlement services for refinanceand resale transactionsPrivate label closing process

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 tit le companies

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Richard A. Smith

Chairman, Chief Executive Officer & President

62

Perspective on Existing Home Sales and Median Price


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p g

US Home Sale Units and Median Home Price

2,3

34

2,2

72

2,4

76 3

,064 3

,650

3,9

86

3,8

27

2,9

73

2,4

19

1,9

90

2,6

97

2,8

29

3,1

34

3,4

74

3,4

36

3,5

13

3,2

90

3,1

84

3,1

46

3,4

31

3,7

37

3,8

84

3,8

49

4,1

67

4,37

4 4,9

65

5,1

79

5,1

73

5,3

35

5,6

34 6

,176 6

,778

7,0

80

6,4

77

5,0

30

4,1

10

4,3

4

0

4,1

90

4,2

60

4

,660

5,0

90

4,9

76

5,2

57

0

50

100

150

200

250

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

1973

1974

1975

1976

1977

1978

1979

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014E

2015E

Recession

Median home price

Recovery

US Hom e sale unitsUS hom e sale units (000)

Median home price ($000)

19751976

+23.75%

19821983

+35.53%

19911992

+9.06%

20012002

+5.60%

Source: National Association of Realtors

CAGR

19722013

Units 2%

Median price 5%

Total 7%

20112013

+19.48%

63

Note: Informative historical interest rates per Freddie Mac

1986: 10.2%, 1987: 10.2%, 1994: 8.4%, 1995: 7.9%

Near and Long-Term Drivers Support Continued Housing Market Growth


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19%

4%

10%

0%

5%

10%

15%

20%

2013 2014E 2015E

g pp g

Homesale Drivers

Home Price Drivers

Pent up demand: 20 million renters qualified to buy a homein 2012 versus 9 million in 20053

Historically low mortgage rates

Existing homesales as a percentage of U.S. householdsreverts to its 4.5% mean level4

Harvards housing think tank projections indicate that

household growth should average 1.16 million annually inthe decade leading up to 20205.

Sources: National Association of Realtors; Fannie Mae1NAR 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 2014.3 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 Nations Housing 2013.

Tight housing supply in most markets

Rental rate increases

Housing affordability

4% average annual existing home price appreciationforecasted for 2014-20172

Near-Term Outlook

Projected Change in Existing Homesale Transaction Volume (Sides + Price)1

Average industry 2014E and

2015E forecast1

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Regulatory Issues


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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 Novembers midterm elections

Likely to meet stiff resistance in the House

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Management Initiatives to Drive Growth


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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

New franchise sales

Enhance franchisee productivity

Renew and retain existing franchisees

Penetrate new markets

Incentivize franchisees to accelerate growth

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

Increase NRT capture rates

Increase unaffiliated business

Increase agency services for franchisees

Continue to prudently expand underwriting

Continue to grow third-party lender channel

Real Estate Franchise Services Owned Brokerage Network

Relocation Services Title and Settlement Services

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Tony Hull

Executive Vice President, CFO & Treasurer

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First Quarter 2014 Results


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Financial Metric

Q

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

Net loss of $46.0 million

GAAP net loss includes $70 million ofinterest 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 quarterLoss per share GAAP basic loss per share for the quarter

was $0.32

* Refer to Appendix of this presentation for Adjusted EBITDA

reconciliation.

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First Quarter 2014 Revenue Drivers


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First Quarter 2014 Revenue Drivers

Q1 2014 vs. Q1 2013

Amount % Change

Realogy Franchise Group

Homesale sides 203,972 (3)%

Average homesale price $236,711 +12%

NRT

Homesale sides 56,685 (2)%

Average homesale price $489,053 +14%

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First Quarter 2014 Revenue Drivers (Contd)


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Q ( )

Q1 2014 vs. Q1 2013

Amount % ChangeCartus

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 $1,715 +30%

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Second Quarter 2014 Transaction Volume Guidance


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Second Quarter 2014 Transaction Volume Guidance

Realogy Combined (both RFG and NRT)

Q2 2014 vs.

Q2 2013 %Change

Homesale sides -5% to -7%

Average homesale price +5% to +7%

Transaction volume -2% to +2%

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Segment EBITDA Summary


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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% 238 76% 273 65%

Fixed (3) 134 81% 739 19% 77 24% 144 35%

Sub Total 164 3,808

National Advertising Fund

Expense/(PHH) 78(4) (24)(5)

Total Costs 242(1) 3,784 314 418

EBITDA $448 $206 $104 $50

% Margin 65% 5% 25% 11%

Employees 576 4,138 2,861 2,033 487

2013 Actual

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.3Fixed costs generally increase annually due to inflation.4 National Advertising Fund revenue and expense offset one another.

5 Represents earnings from PHH

Overall 2013 Cost Structure 77% Variable / 23% Fixed

$ in millions

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Seasonality of Revenues and EBITDA


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First Second Third FourthFull Year Quarter Quarter Quarter Quarter

Total Realogy Revenues $5,289 $957 $1,533 $1,553 $1,246

% total 18% 29% 29% 24%

Total Adjusted EBITDA * 796 71 278 285 151

% total

Adjusted EBITDA Margin 15% 7% 18% 18% 12%

Homesale Transaction Sides 1,400,064 267,839 395,298 408,515 328,412

58%

2013

$ in millions

71%

57%* Refer to Appendix of this presentation for Adjusted EBITDA

reconciliation.

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US Home Sales and Prices*


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130,000

140,000

150,000

160,000

170,000

180,000

190,000

200,000

210,000

220,000

230,000

240,000

250,000

260,000

270,000

$145,000

$155,000

$165,000

$175,000

$185,000

$195,000

$205,000

$215,000

$225,000

$235,000

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

SalesPriceMedian Price Sales

* Based on the Top 100 MSAs (excluding Wichita) Source: DataQuick;

DQNews.com

74

Existing Homesale Transaction Volume Remains Well Below Peak


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Realogys Financial Results Over Past Three Years Have Tracked Housing Recovery

$1,888

$912

$1,050

$1,250

$0

$200

$400

$600

$800

$1,000

$1,200

$1,400

$1,600

$1,800

$2,000

2005 2011 2012 2013

Transaction

Volume(HomeSales*AveragePrice)

34% below

peak

U.S. Existing Home Sales Transaction Value - NAR Realogy Revenue and Adjusted EBITDA

$7,135

$4,093

$4,672

$5,289

$1,167

$571 $674

$796

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

$8,000

2005 2011 2012 2013

Revenue Adj EBITDA

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%

// //

($ in billions) ($ in millions)

NOTE: Existing home sale transaction volume based on National Association

of Realtors.

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Historical Financial Performance


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($ 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 359 10% 421 17% 467 11%

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 115 27% 103 24% 104 25%

TRG 29 8% 38 9% 50 11%

Corporate * (77) (473) (155)

Total EBITDA $443 $197 $653

Adjusted EBITDA $571 13.9% $674 14.4% $796 15.1%

* Note: Corporate in 2013 includes $68 million loss on early extinguishmentof debt, $4 million legacy benefit, $30 million of costs for Phantom Value Plan.

2012 includes $24 million loss on early extinguishment of debt and $400

million in IPO related charges and $8 million benefit from legacy charges.

2011 includes $36 million loss on early extinguishment of debt, $15 million

Apollo management fee and $15 mil lion benefit from legacy charges.

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Industry Forecasts


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6.6%

4.1%6.2%

9.5%

7.0%

4.2%

4.8%

3.0%

2.2%

2.8%

0%

2%

4%

6%

8%

10%

12%

14%

%Ch

ange

Price Sides

12%

volume

9%

volume

11%

volume

10%

volume

9%

volume

-3.3%

-1.0%

6.4%5.1%

-4%

-2%

0%

2%

4%

6%

8%

%Change

4% volume3% Volume

NAR FNMA

2014 Forecasts 2015 Forecasts

NOTE: NAR forecast as of May 2014, all other forecasts as of April

2014.

77

RLGY Continues to Strategically Deleverage and Reduce Interest Expense


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(1)Assuming three month LIBOR remains below 0.75%

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 million1after 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 16 103.813% $593 $593

1.5 Lien Debt 7.875% Feb 15 103.938% $685 $(354) $331

1.5 Lien Debt 9.000% Jan 16 104.500% $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

78

Key Takeaways


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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 5090 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

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Q&A

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This Concludes Todays Webcast

Thank you

81


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Appendix

82

GAAP Reconciliation


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LTM Ended

($ in millions) March 31, 2014

Net income attributable to the Company $467Income 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 Companys explanationof why it believes those non-GAAP measures are useful to investors.

83

GAAP Reconciliation


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Note: Refer to Table 9 of the Press Release dated May 5, 2014 for the definitions of certain non-GAAP financial measures and the Companys explanation of why itbelieves those non-GAAP measures are useful to investors.

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 70 89

Depreciation and amortization 46 42

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

RLGY_InvestorDay_May2014

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