REAL.TO

Hi there,

This is a very short time frame - what you are referring to is a weekly statistics. The long-term thesis for REAL remains intact and there is a huge refinancing pipeline in the US over the next few years. The weakness in REAL's share price is in our opinion, disconnected from the company's growth prospects. In fact, we now consider it a value stock at these levels. Likewise, even if rates do rise - its not like the company's business stops. Growth may slow, but its not like business is going to halt even in a high rate environment.

All this being said, there has been nothing with in the context of quarterly results, conference calls or guidance which has caused us to think there is a change in the investment thesis.

Mat