Yes, this appears to be a real ad created by Ogilvy Atlanta for Underground Fitness in Roswell, Georgia. Click the ad and examine the little hairs on her belly. In the informative campaign, there's also an equally stupid but less provocative "Jerk" execution. Which is funny, because this "Snatch" ad is going to attract gym mooks like that guy. Note: the most repugnant (to women) gym ad ever is still this one (nsfw).