Realogy Terminates Invitations to Participate in Second Lien Incremental Term Loans

RISMEDIA, Dec. 22, 2008-(MCT)-Realogy Corporation announced that it is immediately terminating its invitations for commitments of up to $500,000,000 aggregate principal amount of new second lien incremental term loans (the “Second Lien Incremental Term Loans”) from holders of each of the Company’s 10.50% Senior Notes due 2014 (the “Senior Cash Notes”), 12.375% Senior Subordinated Notes due 2015 (the “Senior Subordinated Notes”) and 11.00%/11.75% Senior Toggle Notes due 2014 (the “Senior Toggle Notes” and, collectively with the Senior Cash Notes and the Senior Subordinated Notes, the “Existing Notes”). Existing Notes previously delivered will be promptly returned to the holders.

As previously announced, on November 26, 2008, Bank of New York Mellon, the trustee (the “Trustee”) under the Indenture, dated as of April 10, 2007, pursuant to which the Senior Toggle Notes were issued (the “Senior Toggle Notes Indenture”), and High River Limited Partnership, a holder of Senior Toggle Notes (“High River” and, together with the Trustee, the “Plaintiffs”), filed a complaint (the “Complaint”) in the Court of Chancery of the State of Delaware (the “Court”) seeking, among other things, declaratory relief that the incurrence of the Second Lien Incremental Loans constitute a breach of the Senior Toggle Notes Indenture (the “Contract Claim”). On December 18, 2008, the Court granted the Plaintiffs’ motion for partial summary judgment with respect to the Contract Claim.

Realogy says that it anticipates it will continue to explore other opportunities to reduce its outstanding indebtedness and improve its capital structure. The termination of the transaction will have no impact on the operations of the company.

For more information, visit www.realogy.com.