Letter to Shareholders 18 Although the bulk of Realpoint’s revenue comes from buy-side clients, it now rates new issues too. Realpoint  thus embraces a hybrid business model—issuer-paid ratings for new issues and investor-paid for surveillance  ratings and research. And the  CMBS market is recovering. After peaking in 2007 with $230 billion of new  issues, the  CMBS market went into free fall and had only $2 billion of new issues in 2009. The market recovered  somewhat in  2010 with $11.6 billion of new issues. Industry forecasts for 2011 new issuance are as  high as  $50 billion. Realpoint rated a significant portion of new issues in 2010, and we think the rebound in the  CMBS market bodes well for Realpoint in 2011. We bought Old Broad Street Research (OBSR) for $17 million in April 2010. OBSR is one of the most  respected independent fund research and investment consulting firms in the  UK. The OBSR fund rating is widely  used by investors in the  UK market. We already manage a similar business there, and this acquisition  considerably strengthens our capabilities. Richard Downs and Richard Romer-Lee started  OBSR in 1999 by buying out the research business within  Buck Consultants, which was originally set up in  1994. They began publishing research on funds, launched the  OBSR UK Fund Ratings in 2002, and later branched out to investment consulting. OBSR sells its services  to financial intermediaries and institutions and is especially popular with financial advisors. Richard Downs  decided to leave  OBSR, but Richard Romer-Lee is staying and runs the business with Nigel Whittingham, a third  OBSR partner. Richard Romer-Lee has a high profile in the UK market and is widely quoted in the media.  We call him the “Don Phillips” of the  UK.  Old Broad Street Research $16.8 million UK Research and consulting 