SEGMENT INFORMATION

The reportable segments presented below represent the Company’s operating segments for which separate financial information is available and which is utilized on a regular basis by its chief operating decision maker to assess performance and to allocate resources. In identifying its reportable segments, the Company also considers the nature of services provided by its operating segments. Management evaluates the operating results of each of its reportable segments based upon revenue and EBITDA, which is defined as net income (loss) before depreciation and amortization, interest (income) expense, net (other than Relocation Services interest for relocation receivables and securitization obligations) and income taxes, each of which is presented in the Company’s Consolidated Statements of Operations. The Company’s presentation of EBITDA may not be comparable to similar measures used by other companies.



	Revenues (a) (b)
	Year Ended December 31,
	2017			2016			2015
Real Estate Franchise Services	$	830		$	781		$	755
Company Owned Real Estate Brokerage Services	4,643			4,344			4,344
Relocation Services	382			405			415
Title and Settlement Services	570			573			487
Corporate and Other (c)	(311		)	(293		)	(295		)
Total Company	$	6,114		$	5,810		$	5,706

_______________

(a)

Transactions between segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services segment include intercompany royalties and marketing fees paid by the Company Owned Real Estate Brokerage Services segment of $311 million, $293 million and $295 million for the years ended December 31, 2017, 2016 and 2015, respectively. Such amounts are eliminated through the Corporate and Other line.

(b)

Revenues for the Relocation Services segment include intercompany referral commissions paid by the Company Owned Real Estate Brokerage Services segment of $40 million, $43 million and $49 million for the years ended December 31, 2017, 2016 and 2015, respectively. Such amounts are recorded as contra-revenues by the Company Owned Real Estate Brokerage Services segment. There are no other material intersegment transactions.


(c)	Includes the elimination of transactions between segments.



	EBITDA
	Year Ended December 31,
	2017 (a)			2016 (b)			2015 (c)
Real Estate Franchise Services	$	559		$	516		$	495
Company Owned Real Estate Brokerage Services	126			137			199
Relocation Services	85			96			105
Title and Settlement Services	58			62			48
Corporate and Other (d)	(103		)	(78		)	(121		)
Total Company	$	725		$	733		$	726

______________

(a)

For the year ended December 31, 2017, the Real Estate Franchise Services segment includes restructuring charges of $1 million; the Company Owned Real Estate Brokerage Services segment includes restructuring charges of $9 million; the Title and Settlement Services segment includes restructuring charges of $1 million; and Corporate and Other includes an $8 million expense related to the settlement of the Strader legal matter, an $8 million expense related to the transition of the Company's CEO, $5 million related to the losses on the early extinguishment of debt and restructuring charges of $1 million, partially offset by a net benefit of $10 million of former parent legacy items.

(b)

For the year ended December 31, 2016, the Real Estate Franchise Services segment includes restructuring charges of $4 million; the Company Owned Real Estate Brokerage Services segment includes restructuring charges of $22 million; the Relocation Services segment includes restructuring charges of $4 million; the Title and Settlement Services segment includes restructuring charges of $1 million; and Corporate and Other includes restructuring charges of $8 million, partially offset by a net benefit of $2 million of former parent legacy items.

(c)

For the year ended December 31, 2015, the Company Owned Real Estate Brokerage Services segment includes restructuring charges of $5 million; the Relocation Services segment includes restructuring charges of $1 million; and Corporate and Other includes $48 million related to the loss on the early extinguishment of debt and restructuring charges of $4 million, partially offset by a net benefit of $15 million of former parent legacy items.


(d)	Includes the elimination of transactions between segments.

Provided below is a reconciliation of EBITDA to Net income attributable to Realogy Holdings and Realogy Group:



	Year Ended December 31,
	2017			2016		2015
Net income attributable to Realogy Holdings and Realogy Group	$	431		$	213	$	184
Add: Depreciation and amortization (a)	201			202		201
Interest expense, net	158			174		231
Income tax (benefit) expense	(65		)	144		110
EBITDA	$	725		$	733	$	726

_______________


(a)	Depreciation and amortization for the year ended December 31, 2017 includes $3 million of amortization expense related to Guaranteed Rate Affinity's purchase accounting included in the "Equity in earnings of unconsolidated entities" line on the Consolidated Statement of Operations.

Depreciation and Amortization



	Year Ended December 31,
	2017		2016		2015
Real Estate Franchise Services	$	79	$	77	$	77
Company Owned Real Estate Brokerage Services	50		49		46
Relocation Services	33		31		33
Title and Settlement Services	16		23		25
Corporate and Other	20		22		20
Total Company	$	198	$	202	$	201

Segment Assets



	As of December 31,
	2017		2016
Real Estate Franchise Services	$	4,413	$	4,477
Company Owned Real Estate Brokerage Services	1,258		1,249
Relocation Services	1,029		1,081
Title and Settlement Services	486		416
Corporate and Other	151		198
Total Company	$	7,337	$	7,421

Capital Expenditures



	Year Ended December 31,
	2017		2016		2015
Real Estate Franchise Services	$	9	$	8	$	8
Company Owned Real Estate Brokerage Services	44		44		41
Relocation Services	11		12		14
Title and Settlement Services	13		9		8
Corporate and Other	22		14		13
Total Company	$	99	$	87	$	84

The geographic segment information provided below is classified based on the geographic location of the Company’s subsidiaries.



	United States		All Other Countries		Total
On or for the year ended December 31, 2017
Net revenues	$	5,997	$	117	$	6,114
Total assets	7,261		76		7,337
Net property and equipment	287		2		289
On or for the year ended December 31, 2016
Net revenues	$	5,683	$	127	$	5,810
Total assets	7,347		74		7,421
Net property and equipment	265		2		267
On or for the year ended December 31, 2015
Net revenues	$	5,579	$	127	$	5,706
Total assets	7,450		81		7,531
Net property and equipment	252		2		254