- The document summarizes Real Matter's Q1 2018 conference call, highlighting financial results for the period ending December 31, 2017. - Key highlights included consolidated market adjusted revenue growth of 19% driven by appraisal growth of 30% market share. However, title and closing revenues declined 4% due to lower refinance volumes. - Net loss for Q1 2018 was $5.4 million compared to a net loss of $2.3 million in Q1 2017, reflecting lower net revenue margins from a change in revenue mix and investments to support growth.

1. Q1 2018 Conference Call
Period ending December 31, 2017
(all figures in US$ millions unless otherwise noted)
January 30, 2018
Jason Smith
Chief Executive Officer
Bill Herman
Chief Financial Officer

2. This presentation contains forward-looking statements that relate to our current expectations and views of future events including but
not limited to future market share and transaction volumes. In some cases, these forward-looking statements can be identified by
words or phrases such as ‘‘forecast’’, ‘‘target’’, ‘‘goal’’, ‘‘may’’, ‘‘might’’, ‘‘will’’, ‘‘expect’’, ‘‘anticipate’’, ‘‘estimate’’, ‘‘intend’’, ‘‘plan’’,
‘‘indicate’’, ‘‘seek’’, ‘‘believe’’, ‘‘predict’’, or ‘‘likely’’, or the negative of these terms, or other similar expressions intended to identify
forward-looking statements.
We have based these forward-looking statements on our current expectations and projections about future events and financial trends
that we believe might affect our financial condition, results of operations, business strategy and financial needs. A comprehensive
discussion of the risks that impact Real Matters can be found in the Company's Annual Information Form dated December 27, 2017
available on SEDAR at www.sedar.com. Actual results may differ materially from those indicated or underlying forward-looking
statements as a result of various factors, including those described under the heading “Important Factors Affecting Results from
Operations” outlined in the Strategy and Outlook section of the Company’s MD&A for the quarters ended December 31, 2017 and
2016.
Real Matters cautions that the list of risk factors and uncertainties is not exhaustive and other factors could also adversely affect its
results. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information
and are cautioned not to place undue reliance on such information.
Information contained in forward-looking statements in this presentation is provided as of the date of this presentation and we
disclaim any obligation to update any forward-looking statements, whether as a result of new information or future events or results,
except to the extent required by applicable securities laws.
All of the forward-looking statements made in this presentation are qualified by these cautionary statements and other cautionary
statements or factors contained herein and there can be no assurance that the actual results or developments will be realized or, even
if substantially realized, that they will have the expected consequences to, or effects on, the Company.
Non-GAAP Measures
This presentation makes reference to certain Non-GAAP financial measures. Real Matters prepares its financial statements in
accordance with International Financial Reporting Standards ("IFRS" or “GAAP”). However, the Company considers certain Non-GAAP
financial measures as useful additional information in measuring its financial performance and condition. These measures, which the
Company believes are widely used by investors, securities analysts and other interested parties in evaluating our performance, do not
have a standardized meaning prescribed by GAAP and therefore may not be comparable to similarly titled measures presented by
other publicly traded companies, nor should they be construed as an alternative to financial measures determined in accordance with
IFRS. Non-GAAP measures include “Adjusted EBITDA”, “Net Revenue” and “Adjusted Net Income or Loss”. See "Non-GAAP measures" in
Real Matters’ MD&A for the quarters ended December 31, 2017 and 2016 for a more complete description of these terms.
Caution Regarding Forward-Looking Statements
2

3. Consolidated Market Adjusted Revenue Growth of 19%
(28% in appraisal, 4% in title and closing)
Appraisal
• New Tier 2 lenders
• Ranked #1 on Tier 1 lender scorecards
Q1 2018 Highlights
3
Quarterly U.S. Revenues vs. Average U.S. Mortgage Origination Market
Purchase Originations (billions) Rate Refinance Originations (billions)
Source: July MBA, Fannie Mae and Freddie Mac
Title and Closing
• Significantly advanced Top 100 pipeline
+30%
2016-2017
Appraisal
Market
Share
$396
$372
$525
$583
$542
$389
$476 $477
$416
$349
$475 $470
$44 $46
$77
$81 $79
$65
$77
$83
$74
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$0
$100
$200
$300
$400
$500
$600
$700
FY16 - Q1 FY16 - Q2 FY16 - Q3 FY16 - Q4 FY17 - Q1 FY17 - Q2 FY17 - Q3 FY17 - Q4 FY18 - Q1 FY18 - Q2 FY18 - Q3 FY18 - Q4
Total Real Matters Revenues (millions)

4. Q1 2018 Segment Revenue
Q1 2018 Q1 2017 Change
U.S.
Appraisal and Ancillary $49.9 $49.7 0.5%
Title and Closing 16.2 21.7 (26%)
Other 0.3 0.4 -
Total U.S. $66.4 $71.8 (7%)
Canada
Appraisal and Ancillary $6.5 $6.2 5%
Other 0.9 0.9 -
Total Canada $7.4 $7.1 4%
4
• Modest increase in U.S. appraisal and ancillary revenues related to market share gains and new customers.
• Decline in the refinance mortgage origination market significantly impacted title and closing revenues due
to its high correlation to refinance related volumes.
• Increase in Canadian appraisal and ancillary due to higher volumes and FX, partially offset by lower market activity.

5. Q1 2018 Summary Financial Information
Q1 2018 Q1 2017 Change
Revenues $73.9 $78.9 (6%)
Net Revenue1 $22.5 $26.0 (14%)
Adjusted EBITDA1 $2.4 $5.5 (56%)
Net loss $(5.4) $(2.3) −
Adjusted
Net Income1 $1.3 $1.9 (34%)
51. Net Revenue, Adjusted EBITDA and Adjusted Net Income are Non-GAAP measures. See pages 7-9.
• Organic revenue growth driven by market share gains and new clients helped offset the estimated market decline.
• Q1 2018 included acquisition revenue of $1.1 million from the consolidation of joint ventures previously
accounted for as equity investees.
• Net revenue margins impacted by change in revenue mix in the U.S., lower margin work completed in our title and
closing service line and transition of certain title and closing service offerings to a network management model.
• Network effect in appraisal business delivered margin improvements in the first quarter of 2018.
• Higher operating expenses in Corporate segment included stock-based compensation expense and higher public
company costs – remainder of the opex increase driven by investment to support our growth.

6. Reconciliation of
Non-GAAP Measures

7. Net Revenue
Net Revenue should not be construed as a measure of income or of cash flows. The reconciling items
between net income or loss and Net Revenue are detailed in the unaudited condensed consolidated
statement of operations and comprehensive income or loss for the three months ended December 31,
2017 and 2016. A reconciliation between net income or loss and Net Revenue is provided below.
Management typically calculates Net Revenue as follows:
7
2017 2016
Net loss (5,389)$ (2,285)$
Operating expenses 20,378 20,522
Acquisition and IPO (recovery) costs (7) 421
Integration expenses 50 -
Amortization 5,316 5,198
Interest expense 156 254
Interest income (106) -
Net foreign exchange gain (642) (3,741)
(Gain) loss on fair value of warrants (767) 4,505
Re-measurement gain on previously held
equity method investment (499) -
Net income from equity accounted investees - (105)
Income tax expense 3,995 1,248
Net Revenue 22,485$ 26,017$
Three months ended December 31
2017 2016
Revenues 73,870$ 78,894$
Less: Transaction costs 51,385 52,877
Net Revenue 22,485$ 26,017$
Three months ended December 31

8. Adjusted EBITDA
Management typically calculates Adjusted EBITDA as follows:
8
2017 2016
Net loss (5,389)$ (2,285)$
Stock-based compensation expense 284 -
Acquisition and IPO (recovery) costs (7) 421
Integration expenses 50 -
Amortization 5,316 5,198
Interest expense 156 254
Interest income (106) -
Net foreign exchange gain (642) (3,741)
(Gain) loss on fair value of warrants (767) 4,505
Re-measurement gain on previously held
equity method investment (499) -
Net income from equity accounted investees - (105)
Income tax expense 3,995 1,248
Adjusted EBITDA 2,391$ 5,495$
Three months ended December 31
2017 2016
Revenues 73,870$ 78,894$
Less: Transaction costs 51,385 52,877
Less: Operating expenses 20,378 20,522
Add: Stock-based compensation expense 284 -
Adjusted EBITDA 2,391$ 5,495$
Three months ended December 31

9. Adjusted Net Income
9
2017 2016
Net loss (5,389)$ (2,285)$
Stock-based compensation expense 284 -
Acquisition and IPO (recovery) costs (7) 421
Integration expenses 50 -
Amortization of intangibles 4,890 4,814
Net foreign exchange gain (642) (3,741)
(Gain) loss on fair value of warrants (767) 4,505
Re-measurement gain on previously held
equity method investment (499) -
Related tax effects (1,371) (1,818)
Impact of the statutory income tax rate change (U.S. tax reform) 4,707 -
Adjusted Net Income 1,256$ 1,896$
Weighted average number of shares
outstanding (thousands), diluted 92,084 82,760
Adjusted Net Income per weighted average share, diluted 0.01$ 0.02$
Three months ended December 31