Real Matters Investor Meeting Takeaways

Research evidence excerpt

Real Matters Investor Meeting Takeaways

TD Cowen Real Matters Inc.

Global Research May 21, 2026

VALUATION METHODOLOGY AND RISKS

Valuation Methodology

Technology

Our valuation methodology is primarily based on comparable company multiples, such as

EV/EBITDA, P/E, EV/FCF, EV/Revenue; Discounted Cash Flow; and sum-of-the-parts. We make

investment recommendations on certain early stage, pre-revenue companies based upon

an assessment of their business model, technology, probability of market success, and the

potential market opportunity, balanced by an assessment of applicable risks. Such companies

may not be assigned a price target.

Investment Risks

Companies in our coverage face the risk of competition from new innovations and technology

risks, including operational and cybersecurity risks. They are also affected by economic

activity, including enterprise and government (IT) spending and consumer spending patterns.

Changes to technological standards and/or legal/regulatory/compliance frameworks could

negatively impact our covered companies. Goods and labour-related cost pressures, as well as

supply chain disruptions, can impact the performance of our covered companies. Our covered

companies operate internationally, exposing them to currency fluctuations and other factors

associated with operating in a foreign territory.

Risks To The Price Target

Lower North American mortgage origination volume; failure to grow wallet share to offset

market weakness; traction of the TC offering; competitive companies’ products and

technologies; loss of large customers due to concentration of large lenders; technology risks,

including operational and cybersecurity risk; failure to comply with regulations; labour cost

pressure; and foreign exchange exposure.

2 TDSecurities.com