Forward-Looking Statements

Certain statements in this presentation constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that refer to expectations or other characterizations of future events, circumstances or results are forward-looking statements. Such forward- looking statements include projections. Such projections were not prepared in accordance with public guidelines of the American Institute of Certified Public Accountants regarding projections and forecasts, nor have such projections been audited, examined or otherwise reviewed by independent auditors of or . Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Realogy Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Neither Cendant Corporation nor Realogy Corporation can provide any assurances that the contemplated separation or any of the proposed transactions related thereto will be completed, nor can Cendant Corporation or Realogy Corporation give any assurances as to the terms on which such transactions will be consummated. These transactions are subject to certain conditions precedent, including final approval by the Board of Directors of Cendant Corporation. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of May 30, 2006. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward looking statements are specified in Realogy Corporation’s Form 10 filed with the Securities and Exchange Commission, including under headings such as “Risk Factors,” "Forward- Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Except for ongoing obligations of Cendant Corporation and Realogy Corporation to disclose material information under the federal securities laws, neither Cendant Corporation nor Realogy Corporation undertakes any obligation to release any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required by law. The information in this presentation should be read in conjunction with the audited combined financial statements and accompanying notes, "Capitalization" , "Selected Historical Combined Financial Data", "Unaudited Pro Forma Combined Financial Statements", "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in Realogy Corporation's Form 10 filed with the Securities and Exchange Commission.

2 Realogy Business Overview

Richard A. Smith, Vice Chairman and President Realogy Corporation

3 Realogy is a Leader in the Real Estate Industry and is Comprised of Four Segments…

Franchise (RFG) - 63% of 2005 EBITDA Brokerage (NRT) – 21% of 2005 EBITDA

• Franchisor of five of the most recognized brands • Largest U.S. full-service real estate brokerage in the real estate industry: , Coldwell business operating in more than 35 of the largest Banker, ERA, Sotheby’s International Realty and metropolitan areas of the United States Commercial • 1,100 offices and over 64,000 agents • Approximately 15,000 offices and 310,000 • Approximately 9,000 employees brokers and agents worldwide (1) • Geographically diverse • Approximately 750 employees

Relocation (CARTUS) - 11% of 2005 EBITDA Settlement Services (TRG) – 5% of 2005 EBITDA

• Largest U.S. provider and leading global provider • Provides full-service title and settlement (i.e., of outsourced employee relocation services closing and escrow) services to real estate • Over 1,200 active corporate and government companies and financial institutions in connection clients with closing real estate transactions • Drives business to RFG, NRT and TRG ` Captures business from NRT, Franchisees, CARTUS • Approximately 2,750 employees and PHH Home Loans ` Approximately 2,500 employees

Note: EBITDA percentages include intercompany activity of $383 million (1) Data includes NRT 4 … With a Seasoned Senior Management Team

Senior Management • Henry R. Silverman Chairman and Chief Executive Officer(1) • Richard A. Smith Vice Chairman and President • Anthony E. Hull Chief Financial Officer and Treasurer • Alex E. Perriello III Chief Executive Officer, Realogy Franchise Group • Bruce G. Zipf Chief Executive Officer, NRT • Kevin J. Kelleher Chief Executive Officer, CARTUS • Donald J. Casey Chief Executive Officer, Title Resource Group • David J. Weaving Chief Administrative Officer • C. Patteson Cardwell IV General Counsel

(1) Mr. Silverman is expected to step down as CEO on December 31, 2007 with Mr. Smith expected to assume his role 5 Realogy — We are:

• One of the preeminent and most integrated providers of real estate and relocation services in the world • Financially strong ` 2005 revenue of $7.1 billion ` 2005 EBITDA of $1.2 billion (1) ` Investment grade debt ratings (Rated BBB stable / Baa2 stable) • Well positioned for solid long-term growth • Owner of many of the most prominent residential real estate consumer brands • Participated in approximately one of every four domestic homes sold through a brokerage in 2005 • 25% share of broker commissions in 2005 • More than 3x the size of our nearest competitors in brokerage and franchise • Proven in our ability to capitalize on cross-selling opportunities • A strong free cash flow generator

(1) As part of Cendant. Excludes pro forma standalone corporate costs. 6 Realogy — We are NOT:

• Dependent on only a few geographic locations, franchisees or clients

• A home builder (or as cyclical and interest rate sensitive as homebuilders)

• A REIT

• Capital, fixed cost, or inventory intensive

7 Realogy and Our Franchise Affiliates Have Been Growing Faster than the Industry

Gross Commission Income (GCI) – Realogy vs. Industry total

($ in Billions) 80 Industry $67 CAGR 12.1% $61 60 $53

40 Realogy CAGR 15.1%

20 $16 $12 $15

0 2003 2004 2005

Industry GCI Realogy GCI

GCI = Total Value of Homes Sold x Broker Commission Rate

Source: Real Trends Industry Estimates 8 Proven Acquisition Track Record

Success in Integration and Expansion of Acquired Companies has Resulted in Attractive Returns

Return on Invested Capital(1) Date of Year of Revenue CAGR from Acquisition Acquisition(2) 2005(3) Date of Acquisition(4) Sotheby’s International Realty® 2/17/2004 9% 16% 127%

NRT®(5) 4/17/2002 8% 49% 15%

Coldwell Banker® 5/31/1996 15% 74% 19%

Century 21® 8/01/1995 39% 96% 8%

(1) ROIC = EBIT / 2005 invested capital (2) Year of acquisition is the first 12 months following acquisition (3) 2005 EBIT is gross of royalty payments between NRT and RFG (4) Revenue CAGR calculated from first full calendar year owned and revenue is net of royalty payments between NRT and RFG (5) Includes Arvida and DeWolfe from date of acquisition 9 Value Circle is Critical to our Success

Approximately 50% of EBITDA is a Function of our Successful Execution of the Value Circle

Beneficiary

RFG NRT CARTUS TRG

Franchisees Partner with RFG paid $73 RFG in the million in title & closing referral fees business Paid $369 NRT agents 93,500 million in paid $57 title/closing NRT royalties million in units sourced referral fees 37,900 15,200 referral 29,100 title/closing CARTUS referrals to transactions franchisees units sourced

Source of Business PHH Home Brand license/ $5 million in 856 referral 33,500 title Loans marketing for fees/JV closings products franchisees revenue Venture

10 Franchise Growth Initiatives

Brand Expansion Productivity Initiatives

• Enhance and grow each brand’s • Enhanced technology (LeadRouter, value proposition SearchRouter)

• Assist existing franchisees to grow • Operational business reviews their business • Online, activity-based agent training • Franchise sales (added 2% and 3% to revenue in 2004 and 2005, respectively)

• Franchise retention

• Continued expansion of Sotheby’s International Realty

• International market development

11 NRT Growth Initiatives

• Organic Growth ` Focus on recruiting, retaining and developing agents and sales office managers ` Shift from traditional print media marketing to technology media marketing ` Emphasis on reducing storefront costs ` New expansions and start-ups ` Cross sell mortgage, settlement services and preferred alliance products

• Growth Through Acquisitions ` Target level/year: $300 – 400 million GCI ($30 – 40 million EBITDA, including royalties paid to RFG) at a cost of $200 – 300 million ` Average EBITDA multiple paid was 5.5x in 2004 and 6.0x in 2005 ` Enhance geographic diversity ` Enter new regions ` Expand existing footprint 12 CARTUS Growth Initiatives

• Increase client base ` Multi-national companies consolidating global relocation purchasing ` Opportunities in international relocation • Increase breadth of services with existing clients ` Service fees from corporate and government clients for relocation services (policy counseling, expense processing, homesale assistance, destination services, homesale goods shipments) ` Third-party referral fees from real estate brokers, moving van lines and other third party providers • New product offerings ` Expatriate compensation administration • Increase Value Circle contribution • Enhance operating efficiencies

13 Title Resource Group Growth Initiatives

• Increase coverage of NRT brokerage offices ` 70% of TRG offices are co-located with NRT offices, 48% capture rate ` Expand into new and existing NRT brokerage areas ` Improve same store capture rates – $20-25 million EBITDA opportunity • Build third-party business ` Leverage existing geographic coverage, scale, capabilities and reputation • Grow franchise model ` Offer settlement solutions to our franchisees that will allow them to participate in the title and closing business • Build upon recent Texas acquisition(1)

(1) Title companies in Texas include American Title Company of Houston, Texas American Title Company, Title Resources Guaranty Company and their related title companies based in Texas 14 Key Technology and Marketing Innovations

Goal: Drive Franchise Retention/Sales, Market Share and Cost Savings

• LeadRouter ` Converts Internet customer inquiries into voice messages for brokers ` Allows for real-time responses to customer inquiries ` 113,000 agents currently enrolled • SearchRouter ` Allows customers to view non-Realogy listings through Realogy Websites • Spot Runner ` Exclusive provider contract for 3 years ` Cost-effective, customized local advertising platform • Streamline CARTUS operational/financial systems • Web initiatives ` Realtor.com marketing program ` SettlementAdvantage.com — Settlement status program for agents

15 Issues to Address

• Housing “bubble” ` Soft landing; no precipitous decline ` Homes trade differently than traditional financial assets • Discount brokers / Commission pressure ` Not a profitable model ` Less commission rate sensitivity in buyer’s market • Internet impact ` No disintermediation occurring ` Positive impact on traditional brokerage model — enables brokers and agents ` A compelling marketing tool ` A compelling lead generator • Regulatory focus on commissions/access ` No traction to-date

16 History Supports Premise: No National Housing Bubble

• Real estate values are determined by local dynamics • Fundamentals of supply and demand • The housing market is relatively illiquid ` High transaction costs ` Limited arbitrage opportunities between local areas ` Long occupancy periods • Mortgage debt burdens are stable and well below peak • Housing inventory remains moderate by historical standards • Overall price growth has been reasonable and remains in line with family income growth

Home Sale Units and Median Price Growth Forecast 2006 2007 Units Median Price Units Median Price NAR (7%) 6% 1% 4% Fannie Mae (10%) 3% (3%) 2%

Source: National Association of Realtors – U.S. Economic Outlook, June 6, 2006 and FNMA, May 2006

17 Growing Homeownership and Demographics Driving Unit Volume

Total Existing Home Sales(1)

2005 Homeownership: 69%(3) 8 U.S. Households: 108mm 1991 7 Homeownership: 64% U.S. Households: 95mm 1985 6 Homeownership: 64% (Units in Millions) in (Units U.S. Households: 88mm 5

4

3

2

1

0 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 % of Total Inventory(2) 2.8% 3.4% 3.1% 3.5% 3.9% 4.5% 5.7%

(1) National Association of Realtors (2) Homes sold as a % of total U.S. Housing Stock. Source: HUD “U.S. Housing Market Conditions” (3) As of 4Q 2005 18 U.S. Home Prices Have Grown Every Year Since 1950

Annual National Home Price Growth (%)

16%

14%

12%

10% CAGR of 4.8% 1950-2004 8%

6%

4%

2%

0% '50 '53 '56 '59 '62 '65 '68 '71 '74 '77 '80 '83 '86 '89 '92 '95 '98 '01 '04

–Recession Year

Source: E.H. Boeckh and Associates, Bureau of Labor Statistics, U.S. Census Bureau, Freddie Mac 19 Rising Incomes & Larger Homes Drive Price Increases

Months Supply of Existing 9.9 8.9 5.7 4.5 4.5 Homes for Sale(1) Income Personal Capita Disposable Per and Index Price Home 2,500 480

420 2,300 U.S. per capita disposable personal income(2) 360

2,100 300

Average Home square 1,900 240 feet(2)

180 1,700 Home Price Index(3)

120

1,500 60 Square Feet of Floor Areas in New One-Family Houses (Units) 1,300 0 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005

(1) National Association of Realtors (2) Freddie Mac, Bureau of Economic Analysis (3) Conventional Mortgage Home Price Index 20 Commission Dollars Per Transaction Continue to Grow

Realogy Total Commission Per Transaction

$16,000 5.25%

$14,000 5.20%

$12,000 5.15% 5.10% $10,000 5.05% $8,000 5.00% $6,000 4.95% $4,000 4.90% $2,000 4.85% $- 4.80% 2003 2004 2005 2006 (e) Commission Commission Rate

• Slow commission rate erosion will continue • Discount models are not a new phenomena

Source: Company data and estimates 21 Sellers Relying on Agents/Brokers More than Ever

Method Used to Sell Homes

Sold Home Using an Agent or Broker For-Sale-by-Owner (FSBO) Other

100% 1% 2% 3% 2% 4% 4% 7% 8% 4% 17% 13% 15% 18% 14% 14% 19% 16% 13% 80%

60% % Distribution

82% 83% 82% 85% 40% 77% 81% 80% 77% 79%

20%

0% 1991 1993 1995 1997 1999 2001 2003 2004 2005

Source: 2005 NAR Profile of Home Buyers and Sellers 22 2006 Expectations

• Transition year – Pro forma EBITDA down approximately 11% from 2005’s record results • Reversion to a more normalized market • Growth expected to resume in 2007 driven by compelling demographics and strength of business model

23 Realogy Financial Overview

Anthony E. Hull, CFO and Treasurer Realogy Corporation

24 Key Business Drivers

Revenue 2005 Drivers Drivers

Home Sales Broker Net • Sides = 1.85M Sides Home Sales Franchise Commission Franchise = (buyer/ XXPrices X Rate Fee seller) • Price = $224K

National Footprint

• Sides = 468K Home Home Broker 6% Broker/ Brokerage = Sales XXSales Commission - Franchise - Agent Sides Prices Rate Fee Split • Price = $471K

35 Key Metropolitan Areas

Household Client • Initiations = 122K Real Estate Goods and Net Interest Relocation = Transactional Referral Fee ++Other + Income Fees • Referrals = 92K Commissions

Purchase Transactions X Title and Escrow Fee • Purchase Units = 148K Settlement Franchise & Brokerage Footprint Services = • Refinance Units = Refinance Transactions X Title and Escrow Fee 52K PHH/Lender Footprint

25 Solid Financial Growth

($ in Millions) Revenues 14% CAGR $7,139 $6,549 $5,532

2003 2004 2005

EBITDA 12% CAGR

(1) (1) $1,115 $1,167 $932

2003 2004 2005 RFG NRT CARTUS TRG

Note: Revenue for individual segments include intercompany activity for 2003, 2004 and 2005 of $307, $355 and $383 million, respectively. Total Revenue gives effect to the elimination of this intercompany activity. (1) Includes inter-company interest benefit from PHH spin which contributed $14 million of interest income in 2004 and $11 million of interest income in 2003. Excludes pro forma corporate costs.

26 Cost Structure Detail

($ in Millions)

2005 Actual(1)

RFG NRT CARTUS TRG

Revenue $988 $5,723 $495 $316

Less: Costs % of % of % of % of Total Total Total Total

Variable (estimated) 72 29% 4,378 80% 186 50% 142 54%

Fixed (estimated) 176 71% 1,095 20% 185 50% 121 46%

Total Operating 248 5,473 371 263 Costs

EBITDA $740 $250 $124 $53

% Margin 75% 4% 25% 17%

(1) Includes intercompany activity of $383 million. 27 Seasonality of Revenues and EBITDA

2005

First Second Third Fourth ($ in Millions) Full Year Quarter Quarter Quarter Quarter Total Realogy Revenues $7,139 $1,399 $2,046 $2,075 $1,619 % total 19% 29% 29% 23%

58%

Total Realogy EBITDA 1,167 154 390 405 218 % total 13% 33% 35% 19%

68%

EBITDA Margin 16% 11% 19% 20% 13%

NRT EBITDA 250 (8) 116 123 19

96%

Note: Historical revenue and EBITDA as reported in the Form 10 28 Quarterly Results Q1 2005 versus Q1 2006

($ in Millions, Except Drivers)

Key Drivers Q1 2005 Q1 2006 % change

Realogy Franchise Group Sides 365,650 334,897 (8%) Price $208,412 $227,024 9%

NRT Sides 91,757 85,826 (6%) Price $463,177 $490,947 6%

As Reported in Realogy Form 10

Total Revenues $1,399 $1,422 2%

Realogy Franchise Group $136 $131 (4%) NRT (8) (36) * Relocation Services 20 15 (25%) Title & Settlement Services 6 7 17% EBITDA $154 $117 (24%)

(*) - Not meaningful Note: RFG Sides excludes the impact of Q1 2005 IBNR adjustment (16,533 sides) and the impact of Q1 2006 acquisitions of franchisees by NRT, which reduced RFG sides by 6,891. 29 Key Stand-Alone Financial Matters

• We expect to distribute approximately $2.2 billion to Cendant prior to Spin(1)

• Funding of Distribution expected to be as follows:(1)

Facility Amoun t

($ in Millions) $1,050 million Revolving Credit Facility $300 (2)

(drawn)

Term loan funded in the bank market $600

(3) Interim Facility $1,325

• Stand alone incremental corporate costs estimated to total $66 million

• Real Estate’s priority focus will be to maintain investment-grade credit metrics

` New Board will determine dividend policy

` Reduce debt with portion of annualized cash flows from operations

(1) Estimate as of May 30, 2006, which may change based on activity through the date of spin-off from Cendant (2) $750 million unused capacity available at closing (3) Expect to refinance interim facility 30 Summary 2006 Revenue Assumptions

2006 Drivers (1) 2007 Outlook Units Price Units Price Industry NAR -7% +6% +1% +4% FNMA -10% +3% -3% +2%

RFG Organic -14 to -10% +6% Total -12 to -8% +6%

NRT

Organic -17 to -13% +4% Total -10 to -6% +4%

Units Revenue CARTUS Referral +1% +4% Total +3%

TRG Organic -7% -5% Total +11% +31%

(1) Change from 2005 to 2006. NAR projections as of June 6, 2006 and all other estimates are as of May 30, 2006. 31 Expected Pro Forma Stand-Alone Income Statement

(Unaudited) Pro Forma ($ in Millions) 2006E 2005 Low High Total Revenue $7,139 $6,900 - $7,300 EBITDA (1) RFG 740 665 - 720 NRT 250 125 - 200 CARTUS 124 115 - 125 TRG 53 55 - 75 Corp & Other (60) (65) - (60) Total $1,107 $925 - $1,045

Depreciation, Amortization, Pend/List (142) (155) - (145) Net Interest Expense (141) (140) - (130) Pretax Income 824 630 - 770 Provision for Income Taxes (324) (245) - (300) Minority Interest, net of tax (3) (5) - (5) Net Income (2) $497 $380 - $465

Note: All projections are as of May 30, 2006. 2006 projections are before any spin-off transaction or restructuring related costs estimated to be approximately $120 to $155 million. EBITDA projections do not total because we do not expect the actual results of all segments to be at the lowest or highest end of all projected ranges simultaneously. Gives effect to the separation transaction as if it had occurred 1/1/05 but does not reflect the impact of the potential sale of . (1) Based on Cendant format and includes current corporate allocation methodology but excludes inter company interest income (2) The Company estimates that as of March 31, 2006 the pro forma fully diluted share count would have been 258 million. 32 Expected Pro Forma Stand-Alone Free Cash Flow

($ in Millions) 2006E Pro Forma (stand-alone) EBITDA $925 - $1,045

Net Interest Expense (140) - (130) Cash Taxes (165) - (220) Minority Interest (5) - (5)

Funds from Operations 615 - 690

Capital Expenditures (110) - (90) Working Capital & Other (45) - (40) Secured Assets/Liabilities 0 - 0 Free Cash Flow 460 - 560

Acquisitions (325) - (275) Dividends(1) (100) - (50)

(FFO – Capital Expenditures)/EBITDA 55% - 57%

Corporate Debt to EBITDA(2) 2.4x - 1.9x EBITDA to Interest Expense(2) 6.6x - 8.0x

Note: All projections are as of May 30, 2006. 2006 projections are before any spin-off transaction or restructuring related costs. (1) Subject to approval and declaration by Realogy’s Board of Directors (2) Excludes $757 million of secured debt (as of 12/31/05) and related interest which is included as a reduction 33 to EBITDA Possible Impact of Sale of Travelport

• Amount of transfer to Cendant ($2,225 million) required prior to separation • Potential Travelport sale proceeds would be used to reduce ultimate funded debt levels at Realogy ` Estimated Debt range of $450 to $750 million after sale • Interest expense reduced accordingly • Realogy share of “residual” Cendant corporate overhead, liabilities, contingent liabilities and contingent assets would increase from 50% to 62.5%

34 Sensitivity Analysis

2005

Segment Homesale sides/ Decline of Increase of EBITDA Average Price ($ in millions) (000s) (1) 5% 3% 1% 1% 3% 5%

Impact of Closed sides change

RFG (2) $740 1,848 units ($24) ($15) ($ 5) $ 5 $15 $24

NRT (3) 250 468 units (76) (46) (15) 15 46 76

Impact of Average price change

RFG (2) 740 $224 (24) (15) (5) 5 15 24

NRT (3) 250 $471 (76) (46) (15) 15 46 76

(1) Average price represents the average selling price of closed homesale transactions. (2) Increase/decrease relates to impact on non-company owned real estate brokerage operations only. (3) Increase/decrease represents impact on company owned real estate brokerage operations and related intercompany royalties to our real estate franchise services operations. 35 Medium- and Long-Term Housing Outlook Is Strong

2005-2015 Forecasts

• 13.3 million additional U.S. households(1) Home Turnover • Favorable demographics (immigration, minority Drivers homeownership, baby boomers, echo boomers)(1)

• Mortgage rates expected to stay below 8%(2)

• Average household income increasing from $45K to $65K(3) Home Price • Continued GDP growth Drivers • Housing affordability still greater than 20 years ago(4)

Long-Term Forecast • 40 million net additions to U.S. housing stock required by 2030 to satisfy demand from a population of 376 million(5)

(1) Joint Center for Housing Studies of Harvard University (4) National Association of Realtors (2) Global Insight estimates (5) The Brookings Institution Metropolitan Policy Program, 2004 (3) U.S. Census Bureau estimates 36 Realogy: Drivers of Long-Term Earnings Growth

Annual Target Growth • Unit growth driven by U.S. household growth and home ownership growth 3-4% • Continued home price appreciation driven by CPI, home size, etc. 4-6% • Benefit from greater “value circle” capture rates and technology initiatives 1-2% • New franchise sales/international growth 1-2% • Brokerage/title acquisitions 2-4% • Other deployment of cash flow (e.g., capex, reduce debt, repurchase stock) 1-3% • Offsets ` Broker commission erosion 0-(2)% ` Inflation impact on fixed costs (1)-(3)%

• Total Net Earnings Growth 12 to 15%

Note: All projections are as pf May 30, 2006. Projections do not total because we do not expect the actual results to be at the lowest or highest end of all projected ranges simultaneously 37 Key Investment Considerations

• A preeminent and highly integrated residential real estate company

($ in Millions) 2003 2004 2005

(1) Revenue $5,532 $6,549 $7,139

EBITDA (1) $932 $1,115 $1,167

• Leading portfolio of brands with strong market positions

• Recurring and growing revenue streams with high variable cost characteristics

• Serves as intermediary and provides valuable service to home buyers and sellers in critical and complex real estate and relocation transactions

• Realogy’s four businesses are complementary and capitalize on proven cross-selling opportunities and synergies

• Significant growth opportunities in all businesses

(1) Historical revenue and EBITDA as reported in Form 10. EBITDA is as part of Cendant and excludes pro forma corporate costs. 38 Realogy - Glossary Corporate Debt: Long-term debt, including current portion of long-term debt. Corporate debt does not include secured debt. EBITDA: EBITDA represents net income before depreciation and amortization, interest expense (other than interest expense relating to secured obligations), income taxes and minority interest. We believe EBITDA is useful as a supplemental measure in evaluating performance of our operating businesses and provides greater transparency into our combined results of operations. EBITDA is the measure used by our management, including our chief operating decision maker, to perform such evaluation, and it is a factor in measuring compliance with debt covenants relating to secured borrowing arrangements within our relocation business. EBITDA should not be considered in isolation or as a substitute for net income or other income statement data prepared in accordance with generally accepted accounting principles and our presentation of EBITDA may not be comparable to similarly titled measures used by other companies. EBIT: EBITDA after depreciation and amortization Free Cash Flow/FCF: Represents Net Cash Provided by Operating Activities adjusted to include the cash inflows and outflows relating to (i) capital expenditures, and (ii) restricted cash. We believe that Free Cash Flow is useful to management and the Company’s investors in measuring the cash generated by the Company that is available to be used to repurchase stock, repay debt obligations, pay dividends and invest in future growth through new business development activities or acquisitions. Free Cash Flow should not be construed as a substitute in measuring operating results or liquidity, and our presentation of Free Cash Flow may not be comparable to similarly titled measures used by other companies. We do not provide a reconciliation of Free Cash Flow to the most directly comparable measure under GAAP (Net Cash Provided by Operating Activities), as we do not project the items that would be necessary to provide such reconciliation. Gross Commission Income: Represents fees earned by real estate brokers for real estate transactions. Organic Growth: Results of operations excluding the impact of acquisitions, dispositions and other items that would affect the comparability of period over period results. ROIC (Year of Acquisition): Pre-tax income plus intangible assets amortization plus interest expense (including both external and intercompany interest on debt assumed in connection with the acquisition excluding securitized debt interest expense) plus pendings and listings amortization divided by acquisition consideration (cash plus debt assumed including earnouts). ROIC (2005): Pre-tax income plus interest expense (including both external and intercompany interest on debt assumed in connection with the acquisition excluding securitized debt interest expense) plus pendings and listing amortization divided by business unit book equity plus intercompany debt. 39 Realogy - Glossary

Projected Pro Forma Pro Forma Historical 2006E(1) 2006E (2)(3) 2005(3) 2005 2004 2003 EBITDA: RFG$ 700 $ 700 $ 740 $ 740 $ 666 $ 582 NRT 145 155 250 250 263 188 CARTUS 115 120 124 124 126 113 TRG 65 70 53 53 62 50 Corporate & Other (145) (60) (60) - (2) (1) 880 985 1,107 1,167 1,115 932 Less: Depreciation and amortization 130 130 119 113 104 93 Pendings and listings amortization 20 20 23 23 16 17 EBIT 730 835 965 1,031 995 822 Less: Interest expense (income) 68 135 141 (7) (6) (38) Income before income taxes and minority interest 663 700 824 1,038 1,001 860 Provision for income taxes 257 270 324 408 379 285 Minority interest, net of tax 5 5 3 3 4 6 Net income$ 400 $ 425 $ 497 $ 627 $ 618 $ 569

Note: All projections are as of May 30, 2006 (1) Amounts represent the midpoint of the range of guidance set forth on slide 32 after adjusting for (a) estimated spin-off transaction and restructuring costs of $120 to $155 million, (b) estimated interest expense on debt outstanding during the period after the separation from Cendant (July 2006), (c) incremental standalone corporate overhead costs from July 2006 through the end of 2006, and (d) does not reflect the impact of the potential sale of Travelport. (2) Amounts represent the mid-point of the range set forth on slide 32. 2006 projections are before any spin-off transaction and restructuring related costs. (3) Gives effect to the separation transaction as if it had occurred on 1/1/05 and does not reflect the impact of the potential sale of Travelport

40