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William Blair 39th Annual Growth Stock

ConferenceJune 6, 2018

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Forward Looking StatementsThis presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, in particular, projected future performance and any statements about Frontdoor’s plans, strategies and prospects. Forward-looking statements can be identified by the use of forward-looking terms such as “believe,” “expect,” “estimate,” “could,” “should,” “intend,” “may,” “plan,” “seek,” “anticipate,” “project,” “will,” “shall,” “would,” “aim,” or other comparable terms. These forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Such risks and uncertainties include, but are not limited to: weather conditions and seasonality; weakening general economic conditions; lawsuits, enforcement actions and other claims by third parties or governmental authorities; the effects of our substantial indebtedness; the success of our business strategies; and failure to achieve some or all of the expected benefits of the Spin-off. We caution you that forward-looking statements are not guarantees of future performance or outcomes and that actual performance and outcomes, including, without limitation, our actual results of operations, financial condition and liquidity, and the development of new markets or market segments in which we operate, may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. For a discussion of other important factors that could cause Frontdoor’s results to differ materially from those expressed in, or implied by, the forward-looking statements included in this presentation, you should refer to the risks and uncertainties detailed from time to time in Frontdoor’s periodic reports filed with the SEC as well as the disclosure contained in Item 1A. Risk Factors in our 2018 Annual Report on Form 10-K or other periodic reports filed with the SEC. Except as required by law, Frontdoor does not undertake any obligation to update or revise these forward-looking statements to reflect new information or events or circumstances that occur after the date of this presentation or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review Frontdoor’s filings with the Securities and Exchange Commission, which are available from the SEC’s EDGAR database at www.sec.gov and via Frontdoor’s website at frontdoorhome.com.

Non-GAAP Financial MeasuresTo supplement Frontdoor’s results presented in accordance with accounting principles generally accepted in the United States (“GAAP”), Frontdoor has disclosed the non-GAAP financial measures of Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Net Income, and Adjusted Diluted Earnings per Share.

We define "Adjusted EBITDA" as net income before: provision for income taxes; interest expense; interest income from affiliate; depreciation and amortization expense; non-cash stock-based compensation expense; restructuring charges; Spin-off charges; secondary offering costs; affiliate royalty expense; (gain) loss on insured home service plan claims; and other non-operating expenses. We believe Adjusted EBITDA is useful for investors, analysts and other interested parties as it facilitates company-to-company operating performance comparisons by excluding potential differences caused by variations in capital structures, taxation, the age and book depreciation of facilities and equipment, restructuring initiatives, Spin-off charges, arrangements with affiliates and equity-based, long-term incentive plans.

We define “Adjusted Net Income” as net income before: amortization expense; restructuring charges; Spin-off charges; secondary offering costs; affiliate royalty expense; interest income from affiliate; (gain) loss on insured home service plan claims; and the tax impact of the aforementioned adjustments. We believe Adjusted Net Income is useful for investors, analysts and other interested parties as it facilitates company-to-company operating performance comparisons by excluding potential differences caused by items listed in this definition.

We define “Adjusted Diluted Earnings per Share” as Adjusted Net Income divided by the weighted-average diluted common shares outstanding.

See the schedules attached hereto for additional information and reconciliations of such non-GAAP financial measures. Management believes these non-GAAP financial measures provide useful supplemental information for its and investors’ evaluation of Frontdoor’s business performance and are useful for period-over-period comparisons of the performance of Frontdoor’s business. While we believe that these non-GAAP financial measures are useful in evaluating our business, this information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly entitled measures reported by other companies.

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Experienced leadership of driving rapid growth through industry disruptionTransforming customer experience through technology-enabled solutions

Rex Tibbens

Scaled Lyft’s overall operations, expanded customer support, and developed new innovations for driver and passenger experience

o Expanded service to every state

o Launched crucial strategic initiatives including the Express Drive rental service and expansion of driver and customer support centers

o Helped grow business over 10x in 2+ years

Led the technical infrastructure development of the Prime Now program

Pioneered the transformation and expansion of Global Kindle Services

ChiefOperating Officer

Vice PresidentLogistics

North America

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• Company Overview and Vision

• Key Investment Highlights

• Q1 Summary

Agenda

1

2

3

Our business, strategy and vision

What makes us special

How we create value for shareholders

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A powerful company with a history of service

go-to-market brands

More than 2 millioncustomers

150+account

executives in the field

Included in nearly

500,000real estate

transactions in 2018

More than $2 billionhome warranty claims paid

since 2014

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Founded the home service plan industry in1971of experience45+ years

Network of 16,000+contractor firms

More than 45,000technicians

who employ

$238 million2018 Adj. EBITDA1

$1,258 million2018 Revenue

4+ millionservice requests

annually

~4x largerthan next closest provider of home service plans by

revenue

50 statesserved

All figures are as of December 31, 20181 See Appendix for a reconciliation of Adjusted EBITDA, a non-GAAP measure, to the nearest GAAP measure. See “Non-GAAP Financial Measures” included in this presentation for a description of the calculation of Adjusted EBITDA.

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Large total addressable market

22%

27%

51%

Home Improvement

120Million

Occupied Homes

75Million

Owner OccupiedHomes

5Million

Home ServicePlan Customers

Increasing Penetration

On-Demand Service

Repair Service for Property Managers

Growth Strategy

~$400B U.S. Home Services Market

View by homes View by services

Home Maintenance

Home Repair

Source: U.S. Census Bureau; Management estimates as of December 31, 2018.

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Creating value for both customers and contractors

NATIONWIDEMARKETPLACE

45+ years of experience

16K+contractor firms

4M+jobs completed annually

2M+customers

Source: 2018 American Home Shield contractor annual surveyNote: As of December 31, 2018

Budget Protection

Convenience GuaranteedResolution

Peace of Mind

Our value proposition to contractors

Paid jobs, not just leads

Steady volume of work

Access to infrastructure for replacement systems/appliances and parts

Opportunities to up-sell value-added additional services

95% of contractors in our network want to expand relationships with us over next two years

Our value proposition to homeowners

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What is a home service plan and how does it work?

Agreement that protects homeowner from unexpected expenses and inconvenience of breakdowns to major systems and appliances

Repair or replacement of covered items that will inevitably breakdown due to normal wear and tear

Customer chooses coverage and plan and pays monthly or annual fee

Appliances planSystems plan

Combo planSystems & Appliances

1 2 3 4Customer requests service and pays Trade Service Fee

We assign a proCovered item breaks 5 We pay pro for

covered expenses

Overview

Process

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Diversified go-to-market strategy

All figures are as of December 31, 2018.1 First year revenue only.

Renewals66%

Real Estate21%1

Direct-to-Consumer

12%1

Real Estate channel Direct-to-Consumer (DTC) channel2018 revenue mix

Home service plans purchased by home sellers, real estate agents and home buyers in

conjunction with a real estate transaction

Home service plans purchased directly by homeowners outside of a

real estate transaction

Value proposition is peace of mind for new home buyers

Marketed through 150+ field sales professionals

Profitable in first year; renews at 29% after year one

Value proposition is budget protection from unexpected home system and appliance breakdowns

Marketed directly to consumers through digital, direct mail, TV, etc.

Profitable in second year; renews at 76% after year one

Acquisition channels Acquisition channels

Unique access to customers who are moving, including many before a home is even sold

Deep and long-standing relationships with real estate agents and brokers

Diverse marketing channels, which both capture existing demand (e.g., paid search) and grow the category (e.g., broadcast)

Data-driven marketing approach within the DTC channel

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Strong core business well-positioned for long-term growth

Source: Management estimates

Grow Category

Geographies

Segments

Improve

Repair

Maintain

3. Data Platform

1. Core Business 2. Home Services

Significant upside in U.S. home service planhousehold penetration

Repair makes up only ~25% ofhome services industry

Assets Parts MaintenanceNeeds Warranties Recalls Inspection

ReportsRepairHistory

Internet of Things

Consumer education Customer experience

U.S. penetration International growth

Multi-family homes Convenience seekers

Remodeling, flooring replacement, painting

HVAC repair, electrical, appliance, plumbing

HVAC checkups and gutter cleaning

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• Company Overview and Vision

• Key Investment Highlights

• Q1 Summary

Agenda

1

2

3

Our business, strategy and vision

What makes us special

How we create value for shareholders

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Key Investment Highlights

Building on a great core business with significant upside opportunity

Leading position in large, underpenetrated, growing markets1

Subscription-based model drives recurring revenue streams2

Nationwide, pre-qualified contractor network provides competitive advantage4

High-value service offering that appeals to a broad range of demographics3

Technology-enabled platform drives efficiency, quality of service, and customer retention5

Strong core business well-positioned for long-term growth with key initiatives underway 6

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Industry leader in home service plans1

Frontdoor’s scale is a key competitive advantage and results in stronger financial performance

More customers in a local market

Ability to negotiate annual volume discounts with

contractors

More dispatches from those customers

Gross margin to invest in growth

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The value of scale creates a virtuous flywheel driving…

…both profitability… … and top-line growth

50%1

Competitor A13%

Competitor B10%

Others27%

Home service plan category (by revenue)

Source: Company filings; Management numbers1 Derived from December 31, 2018 results

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U.S. home service plan industry is underpenetrated1

Source: Census, National Association of Realtors, Company materialsNote: 2018 data

Real Estate Channel Direct-to-Consumer Channel

Fewer than 4% of U.S. households have a home service plan

Households(less home resales)

Households with home service planHome Resales Home Resales with homeservice plan

3.8M homes sold without home service

plan

1.5M sold with home service

plan

67%Competitors

33%Frontdoor

5.3M 1.5M

112M homes without home service plan

<50%Competitors

>50%Frontdoor

115M 3M

3M with home

service plan

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Subscription-based model provides consistency and predictability in our revenue streams

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Source: Company Data. All figures are AHS only

Monthly Auto-Pay

67%

Pay Upfront 31%

Other2%

Customer Payment Method – FY 2018

67% of our customers (nearly 1.4 million accounts) are on a monthly auto-pay program

Monthly auto-pay customers are more likely to renew

31% of customers pay upfront, primarily in the real estate channel

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17%

31%

17%

20%

16%

1st Year DTC

We have a high-value service offering that appeals to a broad range of demographics

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1 2017 Internal Home Repair and Replacement Cost Study2 2016 GoBanking Rates StudyNote: Based on DTC contracts with effective dates between July 2017 and June 2018; Demographic data from Experian

36% of DTC customers have household income of $100K+

Household income

12%

21%

22%

29%

16%

1st Year DTC

$0-100k

$100k-200k

$200k-300k

$300k-400k

$400k+

19-29

30-39

40-49

50-64

65+

$1k-35k

$35k-75k

$75k-100k

$100k-150k

$150k+

13%

35%

24%

12%

16%

1st Year DTC

Home purchase price Head of household age

Our customers use their plans an average of twice a year, helping protect their budget from covered repair or replacement costs such as:o Refrigerator: $1,035 average replacement cost1 without a home service plano Air Conditioning: $3,565 average replacement cost1 without a home service plano Stove: $755 average replacement cost1 without a home service plan

69% of Americans have less than $1,000 saved, and 34% have no savings at all2

Broad customer base demographics

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Superior contractor development is a key competitive advantage

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All figures are AHS only

Our contractor management expertise is rooted in our robust quality control and cost management structure

10 10 11 12 13 14 16

2012 2013 2014 2015 2016 2017 2018

Number of contractors (000’s) Contractor Average Rating (out of 5)

2017 4.0

2018 4.3

2016 3.8

Recruiting Onboarding Network PreferredDirect Dispatch

Target markets with greatest needs or expected growth

Background checks coupled with mandatory

training

More jobs based on performance; matched

with one of 80+ contractor relations reps

Largest number of jobs with more stringent quality

requirements; annual cost and volume targets

Begin in direct dispatch; small number of jobs;

monitored for feedback

~80% of service work is handled by our Preferred Network

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Our technology-enabled platform drives efficiency, quality of service, and customer retention

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Foundation for operational and customer service excellence, driving customer retention and contractor growth

TECHNOLOGY PLATFORM

Customers ContractorsReal Estate

Professionals

Electronic chat

Purchase plan

Pay bills

Track service progress

Interact with Frontdoor

Servecustomers

Facilitatepurchase

View / manageexpiring orders

~6,500 Active users1 ~80,000 Active users1

1As of December 31, 2018

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Customer Experience Enhancing the Customer Experience

Pricing Optimizing Pricing /Launching Dynamic Pricing

Business Processes/Cost Containment

Managing to the Inputs of the Business

People Building a Fast-Moving Culture /Enabling Frontline Employees

Technology Advancing Systems and Platforms

On-Demand Establishing Playbook for the Future

6 2019 Strategic Objectives

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Optimizing the pricing function to drive profitability

Location State: CAZip code: XXXXX-XXXX

State: CAZip code: YYYYY-YYYY

AHS contractor coverage Good Good

Home size 2,066 sq. ft. 2,050 sq. ft.

Home age 1997 2007

Home value $800K - $1.5M $200K - $400K

Appliance grade High-end Mid-range

Labor rates High Low

Current price (Combo-$100) $39.99 / month $39.99 / month

Achieve consistent gross margin across geographies

Target lower risk customers

Utilize our data capabilitiesto measure price elasticity and costs to set price

Dynamic pricing objectives and illustrative example

Home A Home BCurrently launching dynamic pricing

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Price increases take time to be fully realized as revenue is recognized each month

About half of the benefits of price increases are expected to be realized in 2019, with full benefit expected in 2020

Attrition rates at or better than originally forecasted across all channels

Price increases have been incorporated and are realized over time

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Pioneering on-demand home services

On-demand service Service experience transparency

Transparent pricing Preventative maintenance

Early version of mobile on-demand platform and functionality

Target trajectory Key elements of home services strategy

Launch on-demand business with repair services and expand into maintenance and improvement services

Initially market to our 2M+ existing home service plan customers

Pilot

2H 2019

Optimize

2021

Scale

2020

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• Company Overview and Vision

• Key Investment Highlights

• Q1 Summary

Agenda

1

2

3

Our business, strategy and vision

What makes us special

How we create value for shareholders

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• Marketing spend to ramp through balance of year and continue to drive customer growth

• Benefiting from customer acquisition optimizationDirect-to-Consumer

• Addressing real estate headwinds by adding new brokerage partners to increase unit growth

• Lower interest rates expected to improve real estate market conditions in the second half of 2019

RealEstate

• Expanding HVAC tune-up service pilot that has shown promising trend to date

• Tiger teams focused on improving customer retentionRenewals

6 Q1 Business Update

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Q1 2019 Summary

Revenue increased 10% to $271 millionGross profit margin increased 150 bps to 47%Adjusted EBITDA1 increased 34% to $43 million

Home Service Plans increased 5%Customer Retention of 75% despite price increasesProcess improvements continued to drive results

Chief People Officer completes leadership teamAdvanced execution of strategic objectivesCompleted offering of SERV retained shares

41 See Appendix for a reconciliation of Adjusted EBITDA, a non-GAAP measure, to the nearest GAAP measure. See “Non-GAAP Financial Measures” included in this presentation for a description of the calculation of Adjusted EBITDA.

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Why Frontdoor?

Great core business —a growing subscription business with high margins

Opportunities within core business alone represent significant upside

Unique and powerful marketplace model in home services

Well-positioned to be a leader in the $400B U.S. home services market

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Appendix

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Consolidated and Combined Results

Note: See elsewhere in this Appendix for a reconciliation of Adjusted Net Income, Adjusted EBITDA and Adjusted Diluted Earnings per Share, non-GAAP measures, to the nearest GAAP measure; see “Non-GAAP Financial Measures” included in this presentation for a description of the calculation of these measures; amounts presented in table may not sum due to rounding.

$ millions, except per share amounts

2019 2018 Better / (Worse)Revenue $ 271 $ 247 $ 24 YoY Growth 10%

Gross Profit 128 113 15 % of revenue 47.2% 45.7% 1.5 pts

Selling and administrative expenses 89 81 (7) % of revenue 32.8% 32.9% (0.2) pt

Depreciation and amortization expense 6 4 (2) Restructuring charges — 2 2 Spin-off charges 1 7 6 Interest expense 16 — (15) Interest income from affiliate — (1) (1) Interest and net investment income (1) (1) 1 Income before Income Taxes 18 18 — Provision for income taxes 5 5 — Net Income $ 13 $ 13 $ — Earnings per Share:Basic $ 0.15 $ 0.16 $ (0.01) Diluted $ 0.15 $ 0.16 $ (0.01)

Weighted-average common shares outstanding(1):Basic 84.6 84.5 0.1 Diluted 84.7 84.5 0.2

Adjusted EBITDA $ 43 $ 32 $ 11 Adjusted Net Income $ 16 $ 22 $ (5) Adjusted Diluted Earnings per Share $ 0.19 $ 0.26 $ (0.07)

Three Months EndedMarch 31,

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Net Income to Adjusted EBITDA Reconciliation

Amounts presented in table may not sum due to rounding.

$ millions

Net Income $ 13 $ 13 Depreciation and amortization expense 6 4 Restructuring charges — 2 Spin-off charges 1 7 Provision for income taxes 5 5 Non-cash stock-based compensation expense 2 1 Interest expense 16 — Secondary offering costs 1 — Interest income from affiliate — (1) Gain on insured home service plan claims — (1) Adjusted EBITDA $ 43 $ 32

Revenue $ 271 $ 247 Adjusted EBITDA Margin 16% 13%

Three Months EndedMarch 31,

2019 2018

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$ millions

Net Income $ 125 $ 160 Depreciation and amortization expense 21 17 Restructuring charges 3 7 Spin-off charges 24 13 Provision for income taxes 42 60 Non-cash stock-based compensation expense 4 4 Affiliate royalty expense 1 2 Interest expense 23 1 Interest income from affiliate (2) (3) Gain on insured home service plan claims (2) (1) Adjusted EBITDA $ 238 $ 259

Revenue $ 1,258 $ 1,157 Adjusted EBITDA Margin 19% 22%

Year EndedDecember 31,

2018 2017

Net Income to Adjusted EBITDA Reconciliation

Amounts presented in table may not sum due to rounding.

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Net Cash Provided from Operating Activities to Free Cash Flow Reconciliations

(1)For the three months ended March 31, 2018, earnings per share was calculated based on the 84,515,619 shares of Frontdoor stock that were outstanding at the date of distribution.

Net Income to Adjusted Net Income Reconciliations

Amounts presented in table may not sum due to rounding.

$ millions, except per share amounts

Net Income $ 13 $ 13 Amortization expense 2 2 Restructuring charges — 2 Spin-off charges 1 7 Interest income from affiliate — (1) Gain on insured home service plan claims — (1) Secondary offering costs 1 — Tax impact of adjustments (1) (2) Adjusted Net Income $ 16 $ 22 Adjusted Earnings per Share:Basic $ 0.19 $ 0.26 Diluted $ 0.19 $ 0.26 Weighted-average common shares outstanding(1):Basic 84.6 84.5 Diluted 84.7 84.5

March 31,2019 2018

Three Months Ended

$ millionsNet Cash Provided from Operating Activities $ 52 $ 49Property Additions (4) (5)Free Cash Flow $ 47 $ 44

2019 2018

Three Months Ended March 31,