PowerPoint Presentation and deep roster of real estate technology developers and strategists booj Background 7 The Real Estate Franchisor 8 Unique product or service offering Brand

March 2018

Investor Presentation

2

Forward-Looking Statements and Preliminary Financial Information

This presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by the use of words such as “believe,” “intend,” “expect,” “estimate,” “plan,” “outlook,” “project,” “anticipate,” “may,” “will,” “would” and other similar words and expressions that predict or indicate future events or trends that are not statements of historical matters. Forward-looking statements include statements related to the Company’s financial outlook (including statements regarding agent count, revenue, free cash flow and Adjusted EBITDA margins), dividends, future acquisitions, franchise sales, the benefits of the acquisition of booj, the Company’s strategic and operational plans and business models, and the housing and mortgage markets. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily accurately indicate the times at which such performance or results may be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Such risks and uncertainties include, without limitation, (1) the impact of the findings and recommendations of the Special Committee on the Company and its management and operations, including reputational damage to the Company and the time and expenses incurred in implementing the recommendations of the Special Committee, (2) that, while the Special Committee investigation has been completed, the full implications of the investigation on the Company and its operations are still being evaluated and there may be unanticipated adverse or negative consequences that are not identified at this time, including reputational damage to the Company as well as the time and expense incurred in implementing the recommendations of the Special Committee, (3) any legal proceedings or governmental or regulatory investigations or actions directly or indirectly related to the underlying matters of the recently completed Special Committee’s internal investigation may result in adverse findings, the imposition of fines or other penalties, increased costs and expenses, and the diversion of management’s time and resources to address such matters, any of which may have a material adverse effect on the Company, (4) the impact of recent changes to our senior management team, (5) the impact of disclosing previously undisclosed transactions between members of our management team, including the loan from David Liniger to Adam Contos, (6) the existence and identification of control deficiencies, including disclosure controls or internal controls over financial reporting, and any impact of such control deficiencies as well as the associated costs in remediating those control deficiencies, (7) changes in business and economic activity in general, (8) changes in the real estate market or interest rates and availability of financing, (9) the Company’s ability to attract and retain quality franchisees, (10) the Company’s franchisees’ ability to recruit and retain real estate agents and mortgage loan originators, (11) changes in laws and regulations, (12) the Company’s ability to enhance, market, and protect the RE/MAX and Motto Mortgage brands, (13) fluctuations in foreign currency exchange rates, and (14) the impact of the Tax Cuts and Jobs Act, as well as those risks and uncertainties described in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) and similar disclosures in subsequent periodic and current reports filed with the SEC, which are available on the investor relations page of the Company’s website at www.remax.com and on the SEC website at www.sec.gov. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Except as required by law, the Company does not intend, and undertakes no obligation, to update this information to reflect future events or circumstances.

http://www.remax.com/

http://www.sec.gov/

3

Why Invest in RE/MAX Today?

Organic Growth Catalysts Return of Capital

Shareholder Return Driven By

Stable recurring revenue

High margin & Strong

Free Cash Flow

Driven by:

1) Agent growth

2) Franchise sales

3) Motto Mortgage

4) Steadily improving

housing market

Independent region

acquisitions

Reinvest in the business

Other acquisitions within

our core competencies of

franchising and real

estate

Committed to returning

capital through dividend

payments over time

Dividend metrics:

– ~36% of FCF in 20171

– $0.20 quarterly dividend

FCF Fuels Catalysts and Return of Capital to Create Shareholder Value

1Free Cash Flow (“FCF”) = Operating Cash Flow – Capital Expenditures; $22M 2017 quarterly dividend payments / $61M 2017 FCF = 36%; see Appendix forreconciliation of non-GAAP measures

4

$64.9

$103.9

2012 2017

$49.6

61.2

2012 2017

$143.7

$195.9

2012 2017

89,008

119,041

2012 2017

Sustained Growth & Expanding Margins

46%

margin

53%

margin

$’s in MillionsAgent Count Revenue

Free Cash Flow1Adjusted EBITDA1

1Non-GAAP measure. See Appendix for reconciliation of Non-GAAP measures

5

Steady demand for housing

Attractive mortgage rates

Housing starts improving

Steady jobs growth

Household formations

forecasted to grow

First-time homebuyers

entering the market

Wage growth

Constrained inventory

Single-family home starts

Access to credit

Housing Market Gradually Improving

Drivers Opportunities

6

Acquisition of booj: A Real Estate Technology CompanyKey component of RE/MAX Technology Strategy

RE/MAX will leverage the capabilities of booj and other strategic partners to deliver

core technology solutions designed for and with RE/MAX affiliates. The objective:

technology platforms that create a distinct competitive edge for RE/MAX brokerages

and agents and complement other technology products they choose to use.

Financial Considerations

Expect minimal financial impact to Q1 2018

Expect $0.03-$0.05 per share reduction to

Adjusted EPS in FY18

Funded via cash on hand

Financial terms not disclosed

booj, established in 2005, has created proven real estate technology enabling the

success of independent brokerages and agents across the U.S.

These platforms, designed by and for the real estate industry, include websites,

mobile apps, lead generation and cultivation systems and predictive analytics

Talented and deep roster of real estate technology developers and strategists

booj Background

7

The Real Estate Franchisor

8

Unique product or service offering

Brand name and market share

Training and productivity tools

Group purchasing power

Hallmarks of a Successful Franchise Business

Key Success Factors of

FranchisorsSuccessful Franchisors

9

RE/MAX is a Premium Franchisor

Nobody in the world sells more Real

Estate than RE/MAX1

100% franchised business, delivering

the full economic benefits of the model

Dual-brand franchisor, focused on our

core businesses

Among the best-in-class franchisor

operating margins

1As measured by residential transaction sides

10

Transactions Per

Agent

(Large brokerages only)1

U.S. Residential

Transaction Sides2

Brand Awareness

(unaided) 3

Countries and

Territories

Offices

Worldwide

Agents

Worldwide

17.2 1 million+ 27.6% 100+ 7,343 111,915

6.8 977,603 7.3% 16 800 154,979

8.4 727,415 14.2% 49 3,000 88,400

8.2 420,184 19.7% 77 7,300 110,800

8.2 128,812 1.1% 31 2,300 37,900

6.5 111,950 2.1% 66 850 20,300

6.9 70,980 0.6% 3 300 10,900

9.2 Not Released 4.3% 1 1,240 42,747

RE/MAX Agents Outsell Other Agents by More Than 2 to 1 at Large Brokerages

Ranking RE/MAX vs. Other National Real Estate Franchise Brands

Realogy Brand

Data is full-year or as of year-end 2016, as applicable. Except as noted, Coldwell Banker, Century 21, ERA, Sotheby’s and Better Homes and Gardens data is as reported by RealogyCorporation on SEC Form 10-K, Annual Report for 2016; Keller Williams, and Berkshire Hathaway HomeServices data is from company websites and industry reports1Two surveys of the largest participating U.S. brokerages. The 2017 REAL Trends 500 includes data for 1,705 brokerages with at least 500 transaction sides each. The RIS Media2017 Power Broker Report includes data for 1,000 brokerages with the highest sales volume and a minimum of 500 residential transaction sides each..²Keller Williams reports all transaction sides and does not itemize U.S. residential transactions.³MMR Strategy Group study of buyers and sellers, asked if there is one real estate brand they would be most likely to recommend to a friend or relative, and if so which one.

11

Among Highest Franchisor Adjusted EBITDA Margins1,2

57% 53%

27%

20%17%

15%12%

10%

Franchisors Real Estate Brokerages

1Adjusted EBITDA and Adjusted EBITDA margin are Non-GAAP measures. See Appendix for definitions and reconciliations of RE/MAX Non-GAAP measures.

Other companies may calculate this measure differently so these measures may not be comparable. This chart is for illustrative purposes only. Calculations

use financial statements from company public filings.2Choice Hotels and Domino’s do not report Adjusted EBITDA therefore EBITDA has been used for the calculation of the margin

Full-year 2016

12

the Mortgage Brokerage Franchisor

13

Motto Mortgage is a mortgage brokerage franchisor

Franchises are independently owned and operated

Motto Mortgage is not a lender and will not underwrite loans

Offers potential homebuyers the opportunity to find both real estate agents and

independent Motto Mortgage loan originators in offices in one location

Motto Mortgage loan originators access a variety of quality loan options from

multiple leading wholesalers

Ward Morrison leads Motto Mortgage with an operational team that scales as Motto

grows

Motto Mortgage franchises are available for purchase by select qualified real estate

professionals outside of RE/MAX

Motto Mortgage Fact Sheet

14

Motto Mortgage UpdateFocused on Enabling the Success of Initial Group of Franchisees

▪ Over 70 franchise sales in 29 states

during our first 16 months of operations

▪ Over 30 offices open

▪ Validating the concept with each new

office opened

▪ Scaling the business efficiently and

effectively

▪ Franchise sales in 2018 expected to be

comparable to 2017

▪ Will generally take ~14-17 months after

the sale of a franchisee to ramp to

paying a full set of monthly fees

As of February 22, 2018

15

Agent Count Growth

16

87,47689,008

93,228

98,010

104,826

111,915

119,041

2011 2012 2013 2014 2015 2016 2017

Global Agent Network Growing

+31,565 from 2011

through 2018

Strongest full-year

agent gain in 2017

since 2006

Added over 7,000

agents in 2017

Total Network Agent Count

17

53%

18%

29%

Unmatched Global Footprint

December 31, 2017

Canada21,112 Agents

Outside the U.S.

and Canada34,767 Agents

U.S.63,162 Agents

RE/MAX Regional or Franchise Presence

RE/MAX Global Footprint Agents by Geography

The RE/MAX brand spans over 100 countries and territories

December 31, 2017

18

111,915

82,402

29,513

119,041

84,274

34,767

Total RE/MAX U.S. & Canada Outside U.S. & Canada

Growing Our Global Network Year-over-Year Agent Count Growth of 6.4%

(+7,126 agents)

+6.4% YoY

+2.3% YoY(+1,872 agents)

+17.8% YoY(+5,254 agents)

December 31, 2016 December 31, 2017

Agent Count Growth Year-over-Year

19

Agent Count in the U.S. and Canada Increases

Agents in the U.S.

Agent Count Growth FY 2017 over FY 2016

Agents in Canada

+2.1%(+440 Agents)

+2.3%(+1,432 Agents)

20

Business Model

21

Owned & operated by brokerage

30-40% of commission goes to broker

Commission rate typically determined

by brokerage, not agent

Lack of autonomy within brokerage

Marketing dictated by brokerage

100% franchised

Recommended 95% agent commission

Ability for agent to set commission

rates with sellers in many cases

Entrepreneurially driven agents

Multiple support channels: brand,

marketing & training

Revenue Driven by Commission Revenue Driven by Agent Count

Agent-Centric Model is Unique and Effective

Traditional Brokerage The RE/MAX Model

22

#1 name in real estate1

RE/MAX agents average more than twice as many residential transaction sides compared

to the average of all competitors in the 2017 Real Trends 500 survey of the country’s

largest brokerages2

Founded by industry “mavericks”

Agent-centric model

Freedom to set commission rates, self-promote, etc.

We believe we generate more free leads than any other brand

Global agent network facilitates agent-to-agent referrals

#1 real estate franchisor website3; global websites attract buyers and sellers

Our Agents and Franchisees are in Business FOR Themselves, But NOT by Themselves

1MMR Strategy Group study of unaided awareness.2Calculated by RE/MAX based on 2017 REAL Trends 500 data, using 2016 transaction sides for the 1,705 largest participating U.S. Brokerages.3According to Hitwise data

Affiliation with #1

Brand

Attractive Agent &

Franchise

Economics

Entrepreneurial

Culture

Lead Referral

System

Training

Programs

RE/MAX University; 24/7 on demand and certification training courses

Motto Mortgage training program in place for existing and new franchisees

Recommended 95% / 5% split with broker vs. 70% / 30% or 60% / 40% at traditional

brokerages

Sell more, earn more

Relatively low initial franchisee fee

Differentiated Agent-Centric Approach Attracts Entrepreneurial Agents and Franchisees

23

Reacquiring Independent Regions Increases Revenue Per Agent by ~$1,850

67% of Agents in the U.S. & Canada are in

Company-owned Regions1

Washington

Oregon

Idaho

Montana

California

Hawaii

ColoradoUtah

Wyoming

SouthDakota

NorthDakota

Texas

Pennsylvania

Delaware

Florida

North Carolina

South Carolina

BritishColumbia

Alberta

Saskatchewan

Manitoba

Yukon

U.S./Canada Overview1

Company-owned Regions

– 19 regions

– 56,293 agents

Independent Regions

– 9 regions

– 27,981 agents

Average Annual Revenue per

Agent

– Company-owned regions:

~$2,600

– Independent regions:

~$750

Company-owned Regions

Independent Regions

Nevada

Arizona New Mexico

Maryland

Virginia

WestVirginia

Missouri

Illinois

Ohio

Northwest

TerritoriesNunavut

1Agent counts and average revenue to RE/MAX, LLC per agent is for the year ended December 31, 2017

New York

Alaska

New Jersey

Georgia

24

Agents

RE/MAX

Franchises / Brokerages

Independent Regions

$410 / AgentPer Year

Recommended5% of AgentGeneratedCommissions

Fixed Monthly

Management Fee

ContinuingFranchise

Fee

1% of Agent GeneratedCommissions

15%-30%of Continuing Franchise / Broker Fee Revenue

Implied

70%-85%

Upside

Through

Independent

Region

Acquisitions

~$300 /

Agent

Average

~$100 /

Agent

Average

~$350 /

Agent

Revenue Model Independent Regions in U.S. & Canada

~$750 / Agent

Average

Revenue Streams from Agent to

Franchisee to Independent Region to RE/MAX1

2017 Annual Revenue per Agent to RE/MAX

(U.S. & Canada)2

Annual DuesBroker FeeContinuing

Franchise Fees1Illustrative of independent regions in the U.S.2Annual dues are currently a flat fee of US$410/CA$410 per agent annually for our U.S. and Canadian agents. The average per agent for

the year ended December 31, 2017 in Independent Regions reflects the impact of foreign currency movements related to revenue

received from Canadian agents. The ratio of Canadian agents to U.S. agents in Independent Regions has increased as a result of U.S.

Independent Region acquisitions.

Increased from

$400 July 1, 2017

25

~$2,600 / Agent

Average

Revenue ModelCompany-owned Regions in U.S. & Canada

~$1,450 /

Agent

Average

~$750 /

Agent

Average

~$400 /

Agent

RE/MAX

Franchises / Brokerages

$410 / AgentPer Year

Recommended5% of AgentGeneratedCommissions

$128 / Agent Per Month

1% of Agent GeneratedCommissions

Agents

Revenue Streams from Agent to

Franchisee to RE/MAX1

2017 Annual Revenue per Agent to RE/MAX

(U.S. & Canada)2

Annual DuesBroker FeeContinuing

Franchise Fees

Increased from

$123 July 1, 2016

Fixed Monthly

Management Fee

1Illustrative of company-owned regions in the U.S.2Annual dues are currently a flat fee of US$410/CA$410 per agent annually for our U.S. and Canadian agents. The average per agent for

the year ended December 31, 2017 in company-owned regions reflects the impact of foreign currency movements related to revenue

received from Canadian agents. The ratio of Canadian agents to U.S. agents in Independent Regions has increased as a result of U.S.

Independent Region acquisitions.

Increased from

$400 July 1, 2017

26

Key Initiatives

Target underpenetrated

geographies in the U.S.

and Canada where

RE/MAX share is below

network average

Selling to entrepreneurial

brokers who will grow the

business

Best global franchise sales

in over a decade

Global Franchise Sales Consistently Strong

Franchise Sales Drive Agent Growth

714 729692

752

929 903

1,059

87,47689,008

93,228

98,010

104,826

111,915

119,041

80,000

85,000

90,000

95,000

100,000

105,000

110,000

115,000

120,000

125,000

0

200

400

600

800

1,000

1,200

2011 2012 2013 2014 2015 2016 2017

Franchise Sales Agents

27

Financials

28

1Adjusted EBITDA and Adjusted Net Income are Non-GAAP measures. See Appendix for definitions and reconciliations of Non-GAAP measures.

Annual Financial PerformanceGenerating High Margins

Revenue Adjusted EBITDA1 Adjusted Net Income1

51%

($M) ($M) ($M)

Stable, High Adjusted

EBITDA Margins53% 53%

$177 $176

$196

2015 2016 2017

$90 $94$104

2015 2016 2017

$48 $52 $57

2015 2016 2017

29

Quarterly Financial PerformanceGenerating High Margins

53%51% 60%Stable, High Adjusted

EBITDA Margins

Revenues Adjusted EBITDA1 Adjusted Net Income1

($M) ($M) ($M)

47% 52%

1Adjusted EBITDA and Adjusted Net Income are Non-GAAP measures. See Appendix for definitions and reconciliations of Non-GAAP measures.

$44

$48 $49 $49 $50

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

$23 $22

$29$26 $26

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

$12 $12

$16$14 $14

Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017

30

83%

12%

5%

48%

17%

22%

13%

Revenue by Stream and Geographic AreaGrowing Recurring Revenue Base

Revenue Streams Revenue by Geographic Area

U.S.

Canada

Outside the U.S.

and Canada

Recurring fees and dues (i.e. Continuing

Franchise Fees and Annual Dues) accounted for

65% of revenue in 2017

~95% of 2017 revenue

was generated in the U.S.

and Canada

Franchise Sales & Other

Franchise Revenue

Broker Fees

Annual Dues

Continuing

Franchise Fees

31

Maturities of Debt1 Balance Sheet

▪ Credit facility of $235.0 million plus $10.0 million

revolving credit facility

▪ Covenant light deal

▪ Variable Rate: LIBOR + 275bps with 0.75% floor

▪ $229.0 million in term loans1 and no revolving

loans outstanding

▪ Cash balance of $50.8 million on December 31,

2017

▪ Total Debt / Adjusted EBITDA of 2.2x2

▪ Net Debt / Adjusted EBITDA of 1.7x3

Low Leverage to Support Strategy

$2.4 $2.4 $2.4 $2.4 $2.4 $220.3

2018 2019 2020 2021 2022 Thereafter

1Net of unamortized debt discount and debt issuance costs2Based on twelve months ended December 31, 2017, Adjusted EBITDA of $103.9M and total debt of $229.0M, net of unamortized debt discount

and debt issuance costs3Based on twelve months ended December 31, 2017, Adjusted EBITDA of $103.9M and net debt of $178.2M, net of unamortized debt discount,

debt issuance costs and cash balance at December 31, 2017

32

$63

$61

$53

$51

Operating

Cash Flow

Free Cash

Flow

Free Cash

Flow after

Distributions to

RIHI

Unencumbered

Cash

Generated

1Free Cash Flow = Operating Cash Flow – Capital Expenditures2Free Cash Flow after Distributions to RIHI = Free Cash Flow – Tax and other discretionary non-dividend distributions paid to RIHI to enable RIHI to satisfy its

income tax obligations3Unencumbered Cash Generated = Free Cash Flow after Distributions to RIHI – Quarterly debt principal payments – Annual excess cash flow payment on debt, see Appendix for reconciliation of Non-GAAP measures

Acquire independent regions

Reinvest in the business

Other acquisitions

Return of capital

1

2

3

4

1

2

3

59% 49%As % of

Adj. EBITDA

Capital Allocation Priorities

51%

$’s in Millions

Cash Flow Generation Fuels Capital Allocation Strategy

Strong Annual Adjusted EBITDA Conversion to FCF

Full Year 2017

33

Leading Real Estate Franchisor

#1 Real Estate Franchise Brand1 with Unmatched

Global Footprint

Highly Productive Network of More Than 115,000

Agents

Agent-Centric Model is Different and Better

Stable, Recurring Fee-Based Revenue Model with Strong

Margins and Cash Flow

100% Franchised Business

Multiple Drivers of Shareholder Value Creation

1Source: MMR Strategy Group study of unaided awareness.

Each Office Independently Owned and Operated.

35

Positive Forecasts for 2018 & 2019Gradual Expansion of the Housing Market Continues

Monthly Existing Home Sales1 (Thousands) Annual Existing Home Sales2,3 (M)

Housing Starts - Single Family3,4 (Thousands)Home Price Appreciation2,3 (YoY)

1Source: NAR (National Association of Realtors) – Existing Home Sales, numbers presented are not seasonally adjusted; December 2013 through January 20182Source: NAR (National Association of Realtors) – U.S. Economic Outlook, February 20183Source: Fannie Mae – Economic and Strategic Research – Housing Forecast, February 20184Source: NAHB (National Association of Home Builders) – Housing and Interest Rate Forecast February 2018

5.45.5

5.65.7

5.5

5.6

5.8

5.7

2016 2017 2018e 2019e

Fannie Mae NAR

200

250

300

350

400

450

500

550

600

650

6.4%

5.6% 5.6%

3.5%

5.1%

5.8%

2.7%

3.4%

2016 2017 2018e 2019e

Fannie Mae NAR

782 848

921 965

784 851

893 943

2016 2017 2018e 2019e

Fannie Mae NAHB

36

Mortgage Finance ForecastsPurchase Originations Expected to Grow, Rates to Rise

1Source: Mortgage Bankers Association – MBA Mortgage Finance Forecast February 2018

Loan Originations1 Mortgage & Interest Rates1

$1,052$1,110

$1,183$1,250

$999

$600

$433$395

2016 2017 2018e 2019e

Purchase Refinance

3.8% 3.9%

4.9%5.4%

2.1%2.4%

3.2% 3.5%

2016 2017 2018e 2019e

30-Year Fixed 10-Year Treasury

37

(1) As of the year ended December 31, 2017, U.S. Company-owned Regions include agents in the Northern Illinois region, which converted from an Independent Region to a Company-owned Region

in connection with the acquisition of certain assets of RE/MAX of Northern Illinois, Inc. (“RE/MAX of Northern Illinois”), including the regional franchise agreements issued by us permitting the sale

of RE/MAX franchises in the northern region of the state of Illinois, on November 15, 2017. As of the acquisition date, the Northern Illinois region had 2,266 agents. As of each year end since

December 31, 2016, U.S. Company-owned Regions include agents in the Georgia, Kentucky/Tennessee and Southern Ohio regions, which converted from Independent Regions to Company-

owned Regions in connection with the acquisition of certain assets of RE/MAX of Georgia, Inc., RE/MAX of Kentucky/Tennessee, Inc. and RE/MAX of Southern Ohio, Inc., collectively (“RE/MAX

Regional Services”), including the regional franchise agreements issued by us permitting the sale of RE/MAX franchises in the states of Georgia, Kentucky and Tennessee and Southern Ohio, on

December 15, 2016. As of the acquisition date, the Georgia, Kentucky/Tennessee and Southern Ohio regions had 3,963 agents. As of each year end since December 31, 2016, U.S. Company-

owned Regions include agents in the New Jersey region, which converted from an Independent Region to a Company-owned Region in connection with the acquisition of certain assets of RE/MAX

of New Jersey, Inc. (“RE/MAX of New Jersey”), including the regional franchise agreements issued by us permitting the sale of RE/MAX franchises in the state of New Jersey, on December 1,

2016. As of the acquisition date, the New Jersey region had 3,008 agents. As of each year end since December 31, 2016, U.S. Company-owned Regions include agents in the Alaska region,

which converted from an Independent Region to a Company-owned Region in connection with the acquisition of certain assets of RE/MAX of Alaska, Inc. (“RE/MAX of Alaska”), including the

regional franchise agreements issued by us permitting the sale of RE/MAX franchises in the state of Alaska, on April 1, 2016. As of the acquisition date, the Alaska region had 245 agents. In

addition, as of each year end since December 31, 2016, U.S. Company-owned Regions include agents in the New York region, which converted from an Independent Region to a Company-owned

Region in connection with the acquisition of certain assets of RE/MAX of New York, Inc. (“RE/MAX of New York”), including the regional franchise agreements issued by us permitting the sale of

RE/MAX franchises in the state of New York, on February 22, 2016. As of the acquisition date, the New York region had 869 agents.

RE/MAX Holdings, Inc. Agent Count

2017 2016 2015 2014 2013 2012

Agent Count:

U.S.

Company-owned regions (1) 49,411 46,240 37,250 35,299 33,416 25,819

Independent regions (1) 13,751 15,490 22,668 21,806 21,075 25,984

U.S. Total 63,162 61,730 59,918 57,105 54,491 51,803

Canada

Company-owned regions 6,882 6,713 6,553 6,261 6,084 6,070

Independent regions 14,230 13,959 13,115 12,779 12,838 12,796

Canada Total 21,112 20,672 19,668 19,040 18,922 18,866

U.S. & Canada Total 84,274 82,402 79,586 76,145 73,413 70,669

Outside U.S. and Canada

Company-owned regions — — — 328 338 336

Independent regions 34,767 29,513 25,240 21,537 19,477 18,003

Outside U.S. and Canada Total 34,767 29,513 25,240 21,865 19,815 18,339

Total 119,041 111,915 104,826 98,010 93,228 89,008

Net change in agent count compared to the prior period 7,126 7,089 6,816 4,782 4,220 1,532

As of December 31,

38

(Amounts in thousands)

RE/MAX Holdings, Inc. Adjusted EBITDA Reconciliation to Net Income(Reflects RE/MAX Holdings with 100% ownership of RMCO, LLC)

(1) Represents loss (gain) on the sale or disposition of assets as well as the losses (gains) on the sublease of a portion of the Company’s corporate headquarters office

building.

(2) Represents losses incurred on early extinguishment of debt on the Company’s credit facility for each full-year period presented as well as costs associated with the

refinancing of the Company’s credit facility during the year ended December 31, 2016.

(3) Represents the annual salaries paid to David Liniger, our Chairman and Co-Founder, and Gail Liniger, our Vice Chair and Co-Founder. Such salaries have not been paid

subsequent to the IPO, and will not be paid in future periods.

(4) Represents costs incurred for compliance services performed in connection with the issuance of shares of Class A common stock as a result of the RIHI, Inc. (“RIHI”)

redemption of 5,175,000 common units in RMCO during the fourth quarter of 2015 (the “Secondary Offering”).

(5) Acquisition-related expenses include fees incurred in connection with the Company’s acquisitions of certain assets of HBN, Inc. (“HBN”) and Tails, Inc. (“Tails”) in October

2013, the acquisition of six Independent Regions (New York, Alaska, New Jersey, Georgia, Kentucky/Tennessee and Southern Ohio, collectively, the (“2016 Acquired

Regions”) and the acquisition of Full House Mortgage Connection, Inc., now known as Motto Mortgage (“Motto”). Costs include legal, accounting and advisory fees,

consulting fees for integration services and litigation settlement and fees specific to tails.

(6) Gain on reduction in tax receivable agreement liability is a result of the Tax Cuts and Jobs Act enacted in December 2017.

(7) Special investigation costs relate to costs incurred in relation to a special committee of independent directors appointed by the Board of Directors to investigate allegations

concerning actions of certain members of our senior management.

(8) Non-GAAP measure. See the end of this presentation for definitions of Non-GAAP measures.

2017 2016 2015 2014 2013 2012

Net income 35,179$ 47,226$ 50,775$ 43,426$ 28,252$ 33,324$

Depreciation and amortization 20,512 16,094 15,124 15,316 15,166 12,090

Interest expense 9,996 8,596 10,413 9,295 14,647 11,686

Interest income (352) (160) (178) (313) (321) (286)

Provision for income taxes 55,576 15,273 12,030 9,948 2,844 2,138

EBITDA 120,911 87,029 88,164 77,672 60,588 58,952

Loss (gain) on sale or disposition of assets and sublease (1) 4,260 (171) (3,650) (340) 971 1,352

Loss on early extinguishment of debt and debt modification expense (2) - 2,893 94 178 1,798 136

Equity-based compensation 2,900 2,330 1,453 2,002 2,995 1,089

Chairman Executive Comp (3) - - - - 2,261 3,000

Public offering related expenses (4) - 193 1,097 - 6,995 -

Acquisition related expenses (5) 5,889 1,899 2,750 313 495 336

Gain on reduction in TRA liability (6) (32,736) - - - - -

Special investigation costs (7) 2,634 - - - - -

Adjusted EBITDA (8) 103,858$ 94,173$ 89,908$ 79,825$ 76,103$ 64,865$

Adjusted EBITDA Margin (8) 53.0% 53.4% 50.8% 46.7% 47.9% 45.1%

Year Ended December 31,

39


RE/MAX Holdings, Inc. Adjusted EBITDA Reconciliation to Net Income (Reflects RE/MAX Holdings with 100% ownership of RMCO, LLC)


building.

(2) Represents losses incurred associated with the refinancing of the Company’s credit facility during the quarter ended December 31, 2016.

(3) Acquisition-related expenses include fees incurred in connection with the Company’s acquisitions of certain assets of HBN and Tails, the 2016 Acquired Regions and the

acquisition of Motto. Costs include legal, accounting and advisory fees, consulting fees for integration services and litigation settlement and fees specific to Tails.





Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016

Net income $ 1,934 $ 7,537 $15,637 $10,071 $ 8,397 $14,306

Depreciation and amortization 4,834 4,286 5,397 5,995 4,612 3,889

Interest expense 2,582 2,598 2,462 2,354 2,103 2,121

Interest income (157) (145) (25) (26) (42) (32)


EBITDA 53,886 17,367 28,233 21,424 18,167 24,916

Loss (gain) on sale or disposition of assets and sublease (1) 401 3,980 (74) (47) 4 (99)

Loss on early extinguishment of debt and debt modification expense (2) - - - - 2,757 -

Equity-based compensation 739 868 732 562 518 501

Acquisition related expenses (3) 1,491 3,566 274 557 1,200 169



Adjusted EBITDA (6) $26,415 $25,781 $29,165 $22,496 $22,646 $25,487

Adjusted EBITDA Margin (6) 53.4% 52.2% 59.7% 46.6% 51.0% 55.9%

Quarter Ended

40


RE/MAX Holdings, Inc. Adjusted Net Income and Adjusted EPS Reconciliation to Net Income (Reflects RE/MAX Holdings with 100% ownership of RMCO, LLC)

(1) Represents loss (gains) on the sale or disposition of assets as well as the losses (gains) on the sublease of a portion of the Company’s corporate headquarters office

building.

(2) Represents losses incurred on early extinguishment of debt on the Company’s credit facility for each full-year period presented as well as costs associated with the

refinancing of the Company’s credit facility during the year ended December 31, 2016.



(4) Represents costs incurred for compliance services performed in connection with the issuance of shares of Class A common stock as a result of the Secondary Offering

(5) Acquisition-related expenses include fees incurred in connection with the Company’s acquisitions of certain assets of HBN, Inc. HBN and Tails, in October 2013, the 2016

Acquired Regions and the acquisition of Motto. Costs include legal, accounting and advisory fees, consulting fees for integration services and litigation and settlement fees

specific to Tails.





2017 2016 2015 2014 2013 2012

Net income $ 35,179 $ 47,226 $ 50,775 $ 43,426 $ 28,252 $ 33,324

Amortization of franchise agreements 17,741 14,590 13,566 13,566 12,274 9,080


Add backs:

Loss (gain) on sale or disposition of assets and sublease (1) 4,260 (171) (3,650) (340) 971 1,352

Loss on early extinguishment of debt and debt modification expense (2) - 2,893 94 178 1,798 136

Equity-based compensation 2,900 2,330 1,453 2,002 2,995 1,089

Chairman Executive Compensation (3) - - - - 2,261 3,000

Public offering related expenses (4) - 193 1,097 - 6,995 -

Acquisition related expenses (5) 5,889 1,899 2,750 313 495 336



Adjusted pre-tax net income 91,443 84,233 78,115 69,093 58,885 50,455

Less: Provision for income taxes at 38% (34,748) (32,009) (29,684) (26,255) (22,376) (19,173)

Adjusted net income (8) $ 56,695 $ 52,224 $ 48,431 $ 42,838 $ 36,509 $ 31,282


41


RE/MAX Holdings, Inc. Adjusted Net Income and Adjusted EPS Reconciliation to Net Income (Reflects RE/MAX Holdings with 100% ownership of RMCO, LLC)


building.

(2) Represents costs associated with the refinancing of the Company’s credit facility during the year ended December 31, 2016.







Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016

Net income $ 1,934 $ 7,537 $15,637 $10,071 $ 8,397 $14,306

Amortization of franchise agreements 3,847 3,665 4,806 5,423 4,081 3,534


Add-backs:

Loss (gain) on sale or disposition of assets and sublease (1) 401 3,980 (74) (47) 4 (99)

Loss on early extinguishment of debt and debt modification expense (2) - - - - 2,757 -

Equity-based compensation 739 868 732 562 518 501

Acquisition related expenses (3) 1,491 3,566 274 557 1,200 169



Adjusted pre-tax net income 23,003 22,707 26,137 19,596 20,054 23,043

Less: Provision for income taxes at 38% (8,741) (8,628) (9,932) (7,446) (7,621) (8,756)

Adjusted net income (6) $14,262 $14,079 $16,205 $12,150 $12,433 $14,287

Quarter Ended

42


Annual Free Cash Flow


2017 2016 2015 2014 2013 2012

Cash flow from operations 63,288$ 64,379$ 77,358$ 64,445$ 50,069$ 51,259$

Less: Capital expenditures (2,126) (4,395) (3,546) (2,026) (1,108) (1,610)

Free cash flow (1) 61,162$ 59,984$ 73,812$ 62,419$ 48,961$ 49,649$


43

(1) Non-GAAP measure. See the end of this presentation for definitions of non-GAAP measures.

RE/MAX Holdings, Inc. Free Cash Flow & Unencumbered Cash Generation

(Amounts in 000s)

2017 2016

Cash flow from operations $ 63,288 $ 64,379

Less: Purchases of property, equipment and softw are (2,126) (4,395)

Free cash flow (1)61,162 59,984

Free cash flow 61,162 59,984

Less: Tax/Other non-dividend distributions to RIHI (8,217) (10,391)

Free cash flow after tax/non-dividend distributions to RIHI (1)

52,945 49,593

Free cash flow after tax/non-dividend distributions to RIHI 52,945 49,593

Less: Quarterly debt principal payments (2,350) (2,081)

Less: Annual excess cash flow (ECF) payment - (12,727)

Unencumbered cash generated (1)$ 50,595 $ 34,785

Summary

Cash flow from operations $ 63,288 $ 64,379

Free cash flow $ 61,162 $ 59,984

Free cash flow after tax/non-dividend distributions to RIHI $ 52,945 $ 49,593

Unencumbered cash generated $ 50,595 $ 34,785

Adjusted EBITDA $ 103,858 $ 94,757

Free cash flow as % of Adjusted EBITDA 58.9% 63.3%

Free cash flow less distributions to RIHI as % of Adjusted EBITDA 51.0% 52.3%

Unencumbered cash generated as % of Adjusted EBITDA 48.7% 36.7%

Year ended December 31,

44

The SEC has adopted rules to regulate the use in filings with the SEC and in public disclosures of financial measures that are not in accordance with U.S. GAAP, such as Adjusted EBITDA

and the ratios related thereto, Adjusted net income, Adjusted basic and diluted earnings per share (Adjusted EPS) and Free cash flow. These measures are derived on the basis of

methodologies other than in accordance with U.S. GAAP.

The Company calculates Adjusted EBITDA as EBITDA (consolidated net income before depreciation and amortization, interest expense, interest income and the provision for income taxes,

each of which is presented in the unaudited condensed consolidated financial statements included in the Company’s earnings release issued on February 22, 2018), adjusted for the impact

of the following items that are either non-cash or the Company does not consider representative of its ongoing operating performance: loss or gain on sale or disposition of assets and

sublease, loss on early extinguishment of debt, equity based compensation expense, professional fees and certain expenses incurred in connection with the issuance of Class A common

stock as a result of RIHI’s redemption of common units in RMCO, acquisition-related expenses and other non-recurring items including the impact of the Tax Cuts and Jobs Act and the

special committee investigation costs.

Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of revenue.

During the first quarter of 2017, the Company revised its definitions of Adjusted EBITDA and Adjusted EBITDA margin to better reflect the performance of the business and comply with SEC

guidance. The Company now adjusts for equity-based compensation expense and no longer adjusts for straight-line rent expense and severance-related expenses. Adjusted EBITDA and

Adjusted EBITDA margin were revised in prior periods to reflect this change for consistency in presentation.

Because Adjusted EBITDA and Adjusted EBITDA margin omit certain non-cash items and other non-recurring cash charges or other items, the Company believes that each measure is less

susceptible to variances that affect its operating performance resulting from depreciation, amortization and other non-cash and non-recurring cash charges or other items. The Company

presents Adjusted EBITDA and the related Adjusted EBITDA margin because the Company believes they are useful as supplemental measures in evaluating the performance of its operating

businesses and provides greater transparency into the Company’s results of operations. The Company’s management uses Adjusted EBITDA and Adjusted EBITDA margin as factors in

evaluating the performance of the business.

Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider these measures in isolation or as a substitute for analyzing the Company’s

results as reported under U.S. GAAP. Some of these limitations are:

• these measures do not reflect changes in, or cash requirements for, the Company’s working capital needs;

• these measures do not reflect the Company’s interest expense, or the cash requirements necessary to service interest or principal payments on its debt;

• these measures do not reflect the Company’s income tax expense or the cash requirements to pay its taxes;

• these measures do not reflect the cash requirements to pay dividends to stockholders of the Company’s Class A common stock and tax and other cash distributions to its non-controlling

unitholders;

• these measures do not reflect the cash requirements to pay RIHI Inc. and Oberndorf pursuant to the tax receivable agreements;

• although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often require replacement in the future, and these measures do not reflect

any cash requirements for such replacements;

• although equity-based compensation is a non-cash charge, the issuance of equity-based awards may have a dilutive impact on earnings per share; and

• other companies may calculate these measures differently so similarly named measures may not be comparable.

The Company’s Adjusted EBITDA margin guidance does not include certain charges and costs. The adjustments to EBITDA margin in future periods are generally expected to be similar to

the kinds of charges and costs excluded from Adjusted EBITDA margin in prior quarters, such as gain on sale or disposition of assets and sublease and acquisition related expenses, among

others. The exclusion of these charges and costs in future periods will have a significant impact on the Company’s Adjusted EBITDA margin. The Company is not able to provide a

reconciliation of the Company’s Non-GAAP financial guidance to the corresponding U.S. GAAP measures without unreasonable effort because of the uncertainty and variability of the nature

and amount of these future charges and costs.

Non-GAAP Financial Measures

45

Adjusted net income is calculated as Net income attributable to RE/MAX Holdings, assuming the full exchange of all outstanding non-controlling interests for shares of Class A common

stock as of the beginning of the period (and the related increase to the provision for income taxes after such exchange), plus primarily non-cash items and other items that management does

not consider to be useful in assessing the Company’s operating performance (e.g., amortization of acquired intangible assets, gain on sale or disposition of assets and sub-lease, loss on

early debt extinguishment, public-offering related expenses, acquisition-related expenses, equity-based compensation expense, the impact of the TCJA and special investigation expenses).

Adjusted basic and diluted earnings per share (Adjusted EPS) are calculated as Adjusted net income (as defined above) divided by pro forma (assuming the full exchange of all

outstanding non-controlling interests) basic and diluted weighted average shares, as applicable.

When used in conjunction with GAAP financial measures, Adjusted net income and Adjusted EPS are supplemental measures of operating performance that management believes are

useful measures to evaluate the Company’s performance relative to the performance of its competitors as well as performance period over period. By assuming the full exchange of all

outstanding non-controlling interests, management believes these measures:

• facilitate comparisons with other companies that do not have a low effective tax rate driven by a non-controlling interest on a pass-through entity;

• facilitate period over period comparisons because they eliminate the effect of changes in Net income attributable to RE/MAX Holdings, Inc. driven by increases in its ownership of RMCO,

LLC, which are unrelated to the Company’s operating performance; and

• eliminate primarily non-cash and other items that management does not consider to be useful in assessing the Company’s operating performance.

Free cash flow is calculated as cash flows from operations less capital expenditures, both as reported under GAAP, and quantifies how much cash a company has to pursue opportunities

that enhance shareholder value. The Company believes free cash flow is useful to investors as a supplemental measure as it calculates the cash flow available for working capital needs, re-

investment opportunities, potential independent region and strategic acquisitions, dividend payments or other strategic uses of cash.

Free cash flow after tax and non-dividend distributions to RIHI is calculated as free cash flow less tax and other non-dividend distributions paid to RIHI (the non-controlling interest

holder) to enable RIHI to satisfy its income tax obligations. Similar payments would be made by the Company directly to federal and state taxing authorities as a component of the Company’s

consolidated provision for income taxes if a full exchange of non-controlling interests occurred in the future. As a result and given the significance of the Company’s ongoing tax and non-

dividend distribution obligations to its non-controlling interest, free cash flow after tax and non-dividend distributions, when used in conjunction with GAAP financial measures, provides a

meaningful view of cash flow available to the Company to pursue opportunities that enhance shareholder value.

Unencumbered cash generated is calculated as free cash flow after tax and non-dividend distributions to RIHI less quarterly debt principal payments less annual excess cash flow payment

on debt, as applicable. Given the significance of the Company’s excess cash flow payment on debt, when applicable, unencumbered cash generated, when used in conjunction with GAAP

financial measures, provides a meaningful view of the cash flow available to the Company to pursue opportunities that enhance shareholder value after considering its debt service

obligations.

Non-GAAP Financial Measures (continued)

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