Real Matters Announces Amendment to Normal Course Issuer Bid

Real Matters Inc. (“Real Matters” or the “Company”) (TSX: REAL) today announced that the Toronto Stock Exchange (“TSX”) has approved an amendment to the Company’s current Normal Course Issuer Bid (“NCIB”) to increase the number of common shares that the Company may purchase for cancellation from 6,000,000 common shares (approximately 7.8% of the 76,489,997 common shares in the public float as at May 31, 2021) to 7,648,999 common shares (representing 10.0% of the 76,489,997 common shares in the public float as at May 31, 2021). No other terms of the NCIB have changed.

The Company believes that the prevailing share price for its common shares does not currently reflect its underlying value such that the purchase of common shares for cancellation represents an attractive opportunity to return value to the Company’s common shareholders.

Since commencement of the NCIB, Real Matters has purchased for cancellation 4,147,256 common shares at a weighted average price of $11.78. The Company’s previously approved NCIB commenced on June 11, 2021 and was amended on November 24, 2021. The further amended NCIB will commence on May 10, 2022 and will continue until June 10, 2022, or such earlier date as the Company has acquired the maximum number of common shares permitted under the NCIB or spent C$70 million. The Company has allocated up to C$70 million towards the purchase of common shares under the NCIB, of which C$48,860,512 has been spent to date, leaving C$21,139,488 available for purchases. The actual number of common shares purchased by the Company under the NCIB and the timing of such purchases will be determined by the Company. Subject to certain prescribed exceptions, daily purchases under the further amended NCIB will continue to be limited to a maximum of 153,956 common shares, which is 25% of the average daily trading volume of the Company’s common shares for the six months ended May 31, 2021 (being 615,827 common shares).

Purchases under the NCIB will continue to be made through the facilities of the TSX and alternative Canadian trading systems at the prevailing market price at the time of acquisition. All common shares purchased will be cancelled.

Real Matters previously entered into an automatic share purchase plan (the “Plan”) with National Bank Financial Inc. to allow for the purchase of common shares under the NCIB at times when the Company would not ordinarily be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise. The Plan will continue to apply to the further amended NCIB.

FORWARD-LOOKING INFORMATION

This Press Release contains “forward-looking information” within the meaning of applicable Canadian securities laws, including statements relating to the Company’s belief regarding the intrinsic value of its common shares. Words such as “could”, “forecast”, “target”, “may”, “will”, “would”, “expect”, “anticipate”, “estimate”, “intend”, “plan”, “seek”, “believe”, “likely” and “predict” and variations of such words and similar expressions are intended to identify such forward-looking information, although not all forward-looking information contains these identifying words.

The forward-looking information in this press release includes statements which reflect the current expectations of management based on information currently available to management. Although the Company believes that these expectations are reasonable, these statements by their nature involve risks and uncertainties and should not be read as a guarantee of the occurrence or timing of any future events, performance or results. A comprehensive discussion of the factors which could cause results or events to differ from current expectations can be found in the “Risk Factors” section of our Annual Information Form for the year ended September 30, 2021, which is available on SEDAR at www.sedar.com.

Readers are cautioned not to place undue reliance on the forward-looking information, which reflect our expectations only as of the date of this Press Release. Except as required by law, we do not undertake to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

About Real Matters

Real Matters is a leading network management services provider for the mortgage lending and insurance industries. Real Matters’ platform combines its proprietary technology and network management capabilities with tens of thousands of independent qualified field professionals to create an efficient marketplace for the provision of mortgage lending and insurance industry services. Our clients include top 100 mortgage lenders in the U.S. and some of the largest insurance companies in North America. We are a leading independent provider of residential real estate appraisals to the mortgage market and a leading independent provider of title and mortgage closing services in the U.S. Headquartered in Markham (ON), Real Matters has principal offices in Buffalo (NY), Middletown (RI) and Scottsdale (AZ). Real Matters is listed on the Toronto Stock Exchange under the symbol REAL. For more information, visit www.realmatters.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220506005112/en/

For more information: Lyne Beauregard Vice President, Investor Relations and Corporate Communications Real Matters [e-mail] 416.994.5930