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 Operating EBITDA. Operating EBITDA is defined by us as net income (loss) before depreciation and amortization, interest expense, net (other than relocation services interest for securitization assets and securitization obligations), income taxes, and other items that are not core to the operating activities of the Company such as restructuring charges, former parent legacy items, losses on the early extinguishment of debt, asset impairments, gains or losses on discontinued operations and gains or losses on the sale of investments or other assets. The Company’s presentation of Operating EBITDA may not be comparable to similar measures used by other companies.



	Revenues (a) (b)
	Three Months Ended March 31,
	2018			2017
Real Estate Franchise Services	$	176		$	170
Company Owned Real Estate Brokerage Services	917			897
Relocation Services	79			77
Title and Settlement Services	120			120
Corporate and Other (c)	(63		)	(61		)
Total Company	$	1,229		$	1,203

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(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 $63 million and $61 million for the three months ended March 31, 2018 and 2017, 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 $8 million for both the three months ended March 31, 2018 and 2017. 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.



	Operating EBITDA
	Three Months Ended March 31,
	2018			2017
Real Estate Franchise Services	$	105		$	102
Company Owned Real Estate Brokerage Services	(45		)	(21		)
Relocation Services	(1		)	1
Title and Settlement Services	(6		)	2
Corporate and Other (a)	(19		)	(23		)
Total Company	$	34		$	61
Less: Depreciation and amortization (b)	$	50		$	50
Interest expense, net	33			39
Income tax benefit	(19		)	(9		)
Restructuring costs (c)	30			5
Loss on the early extinguishment of debt (d)	7			4
Net loss attributable to Realogy Holdings and Realogy Group	$	(67	)	$	(28	)

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(a)	Includes the elimination of transactions between segments.


(b)	Depreciation and amortization for the three months ended March 31, 2018 includes $2 million of amortization expense related to Guaranteed Rate Affinity's purchase accounting included in the "Equity in losses of unconsolidated entities" line on the Condensed Consolidated Statement of Operations.

(c)

Includes restructuring charges of $2 million in the Real Estate Franchise Services segment, $17 million in the Company Owned Real Estate Brokerage Services segment, $8 million in the Cartus segment, $1 million at Title and Settlement Services segment and $2 million in Corporate and Other for the three months ended March 31, 2018. Includes restructuring charges of $5 million in the Company Owned Real Estate Brokerage Services segment for the three months ended March 31, 2017.


(d)	Loss on the early extinguishment of debt is recorded in the Corporate and Other segment.