Proptech Market Update

PRELIMINARY CONFIDENTIAL DRAFT

PropTech Market Update 2019 Year-End Review Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix EXECUTIVE SUMMARY – 2019 REAL ESTATE TECHNOLOGY

Another Record Year in PropTech M&A & Growth Equity Investment

» Equity and debt raised in U.S. PropTech was up 69% y/y in 2019 to $9.0bn, reflecting continued momentum for growth companies in the PropTech sector − 78 deals of $20MM+ in equity investment, a 105% increase over 2018 → scale leaders emerging across all categories and investor appetite remains strong to continue to back “winners” with incremental capital − iBuyers and alternative RE financing firms are some of the biggest growth capital recipients in 2019 with major investments into companies like Opendoor, Ribbon, Point, Figure and many others

» Significant M&A activity with 104 PropTech M&A deals in 2019 − M&A driven primarily by strategics, but financial sponsors (e.g. Silver Lake, Lovell Minnick, etc.) and sponsor backed strategics (e.g. Ellie Mae, MRI, Lightbox, etc.) remain highly acquisitive as well − Consolidation driven by economies of scale and the emergence of platform tech providers across different end markets (e.g. Lone Wolf in RRE, Building Engines in CRE, Procore in ConTech, etc.)

» Sentiment for continued PropTech investment and M&A in 2020 remains strong with 96% of investors expecting either an increase or the same amount of M&A activity in the next twelve months(1)

» GCA remains one the most active M&A and growth capital advisors in the PropTech segment globally, having advised on 6 deals in the sector in 2019 and 24 in the sector in the past 3 years

GCA 2019 PropTech Transaction Activity

Acquired by Acquired by Acquired by Acquired by Majority interest Acquired acquired by

A Portfolio Company of A Portfolio Company of

We advised the seller We advised the seller We advised the seller We advised the seller We advised the seller We advised the buyer

Source: Capital IQ as of 1/25/20, Pitchbook, press releases. (1) MetaProp Mid-year 2019 Global PropTech Confidence Index as of 7/24/19. 2 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix 2019 PROPTECH SECTOR SUMMARY Most active year in history

» $5.3Bn of investment in the residential real estate tech sector in 2019, primarily driven by tech enabled brokerages (e.g. Compass, REX, Side, etc.), iBuyers (Opendoor, Offerpad, etc.) and an emerging category of alternative financing firms associated with home equity / down payment assistance (e.g. Ribbon, Figure, ZeroDown, Hometap, etc.) » RRE M&A activity driven by SaaS software consolidation in the broker, team and agent productivity category: Residential Real Estate / / / − GCA expects continued consolidation in the RRE software category as brokers, teams and agents demand integrated enterprise end-to-end productivity platforms to control data and run more efficient operations

» Massive year of investment and growth for the CRE sector with 183 U.S. growth investments and $3.7Bn invested into the space in 2019 » CRE data and productivity platforms attracting significant investment and were key M&A targets

Commercial Real Estate Acquired by Acquired by $128M capital raised $115M(1) investment

» CoStar, Real Page and MRI remain highly acquisitive, using M&A to add incremental products and expand into new categories

» Highly active year for companies working to drive efficiency in the mortgage origination, closing, title and escrow process − Qualia, Spruce, Notarize, Modus and States Title all raised capital in 2019 to digitize and accelerate the title Mortgage / P&C escrow and closing process Insurance / Title − Mortgage customer capture platforms, Blend and Roostify, both raised capital in 2019 − Multiple rounds of investment in direct to consumer brands focused on renters and homeowner insurance (Kin, Lemonade, Openly) » Category M&A driven by Ellie Mae’s sale to Thoma Bravo and their subsequent acquisition of Capsilon

Source: Capital IQ as of 1/25/20, Pitchbook, press releases. (1) Includes $89MM to buy out DMGT’s existing stake; includes an unknown amount of debt. 3 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix GCA 2019 PROPTECH TRANSACTIONS

GCA U.S. PropTech Team Global Leader in PropTech Advisory

Chris Gough Managing Director Acquired Majority Acquired by Acquired by Acquired by interest Head of Real Estate Technology acquired by Phone: (415) 318-3658 A Portfolio Company of A Portfolio Company of [email protected] We advised the buyer We advised the seller We advised the seller We advised the seller We advised the seller

Marcus Anthony Zain Azeem [email protected] [email protected]

Majority Interest Acquired by Acquired by Acquired by Refinanced Lizzie Cooperstone Acquired by [email protected] Key Sub-Sector Coverage Verticals We advised the seller We advised the seller We advised the seller We advised the seller We advised the lender Residential RE Software

Commercial RE Software

Acquired by Acquired by Acquired by Acquired by Investment from Mortgage / Lending

Title / Insurance We advised the seller We advised the seller We advised the seller We advised the seller We advised the seller

Home Services

Facilities Management a portfolio company of Investment from Acquired by Acquired by MBO backed by Construction Tech Acquired by

IWMS We advised the seller We advised the seller We advised the seller We advised the seller We advised the seller

4 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global investment bank providing strategic M&A and capital markets advisory services to growth companies and market leaders

MANCHESTER LEEDS PARIS FRANKFURT BIRMINGHAM MUNICH KYOTO NAGOYA ZURICH TOKYO LONDON SHANGHAI NEW YORK MILAN NEW DELHI OSAKA TEL AVIV SAN FRANCISCO FUKUOKA TAIPEI MUMBAI SINGAPORE HO CHI MINH CITY

Global platform: Sector expertise: Exceptional cross- 23 offices in key Experienced team: Expansive coverage border capabilities: markets across Over 450 employees and deep Over a third of all America, Asia and across the globe specialization transactions Europe Broad spectrum Diversified Strong reputation of clients: business model: and track record: Leading Geographically High number of conglomerates, top balanced, synergistic repeat clients and private equity firms and complementary referrals and emerging high- focus areas growth companies

5 GCA operates as GCA in America and Asia, and GCA Altium in Europe I. PROPTECH MARKET SUMMARY

II. PUBLIC MARKETS

III. RESIDENTIAL REAL ESTATE TRENDS

IV. COMMERCIAL REAL ESTATE TRENDS

V. MORTGAGE & FINANCING TRENDS

VI. ADDITIONAL TRANSACTION CASE STUDIES

VII. M&A AND MARKET COMPS BACK-UP

VIII. GCA 2019 TRANSACTION CASE STUDIES

6 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix ANOTHER RECORD YEAR – REFLECTED IN 2019 DEAL FLOW

U.S. Real Estate Technology Venture Investment (2014 - 2019)

($MM) Equity Raise Value Debt Raise Value $8,981

324 U.S. PropTech deals in 2019, the most active year 69% $2,060 of financing to date, totaling Increase in equity $9.0Bn in equity and debt, & debt raised y/y an increase of 69% y/y in total funding $5,308 Q1 Q4 $4,477 $475 $2,153 $2,730 $250 $8,981 $6,921 Q2 $2,748 $1,772 Q3 $4,833 $1,823 $4,226 $2,326 $1,339

2014 2015 2016 2017 2018 2019

Avg. Deal Value: $5.2 $10.6 $8.0 $20.6 $20.1 $21.4

Source: Capital IQ as of 1/25/20, Pitchbook, press releases. Excludes Oyo Rooms and The We Company financing rounds. 7 Represents data across CRE / Investment, Residential Real Estate and Mortgage Technology. Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix INVESTMENT BY CATEGORY

U.S. Investment by Category from 2019 ($MM)

$3,692 Commercial 41% $8,981 debt & equity raised $5,289 Commercial Residential Residential 59% CRE / Facilities Residential Real Estate Solutions

CRE Marketplace / Management iBuyers

Multi-family Financing Assistance

Construction Tech Referral Networks

Mortgage / Closing Software

P&C Insurance Tech

Construction Tech

Investment Marketplaces

8 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix ANOTHER RECORD YEAR – REFLECTED IN 2019 DEAL FLOW

U.S. Growth Capital Raises Greater than $20MM Top 10 U.S. Equity Rounds of 2019

($MM) Increase in round sizes signals emergence Latest of scale leaders and reflects TAM for sub- Select Reported categories of market Date Company Investor(s) Amt. Invested Funding to Date Valuation

8/21 $400 $565 $1,000

78 7/30 $370 1,513 $6,400 105% Increase in 10/29 $319 $527 >$1,000 Capital Raises Greater than 4/11 $300 $480 >$2,000 $20MM y/y $1,345 Equity 3/20 $300 $3,800 / $3,000 Debt 38 7/12 $225 $358 $1,100 32 2/20 $200 $297 NA

15 16 4/18 $160 $185 $240(1) 8 6/24 $130 $310 NA

5/14 $123 $468 $2,100 2014 2015 2016 2017 2018 2019

Source: Capital IQ as of 1/25/20, Pitchbook, press releases. (1) Estimated post-money valuation per Pitchbook. Excludes Oyo Rooms and The We Company financing rounds. 9 Represents data across CRE / Investment, Residential Real Estate and Mortgage Technology. Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix GROWING ECOSYSTEM OF PROPTECH-FOCUSED PE / GROWTH INVESTORS Portfolio Companies Portfolio

10 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix REAL ESTATE PRIVATE COMPANY FUNDING LEADERS

Other Mega Funding Leaders Equity Raised to Date:

>$500MM 1 ($4.4Bn) ($370MM) ($614MM) ($468MM)

($3.1Bn) ($8.9Bn Equity / $6.1Bn Debt)(1) $200MM - $500MM 1

39 companies raised $100MM+ $100MM - $200MM 1

126 companies raised $25MM+ $50MM - $100MM

$25MM - $50MM

Source: Pitchbook, CB Insights, Company filings, Company websites, press releases. (1) Funding totals exclude secondary transactions. 11 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix HEALTHY M&A MARKET

Annual U.S. PropTech M&A Activity Select U.S. 2019 PropTech M&A Transactions

($MM)

• Significant 2019 M&A activity Enterprise Buyer Target Announced Date Value − 80% strategic acquirers 11/6 $580 − 20% financial acquirers 11/6 NA 105 104 10/28 NA

10/1 $450

9/6 NA

8/21 NA

7/31 NA 57 7/16 NA 44 45 5/13 NA

4/22 NA

4/3 ~$220(1)

3/19 $2,083

3/13 $205

2015 2016 2017 2018 2019 3/7 ~$400(2)

2/12 $3,390

1/7 NA Source: Pitchbook, 451 Research, press releases. (1) Per The Real Deal New York Real Estate News. 12 (2) Per Skift News. Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix M&A BY CATEGORY

U.S. M&A Deals by Category from 2019

Buyer Target Buyer Target

46 Residential / Mortgage 44% 104 M&A deals 58 Commercial 56%

13 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix MOST ACTIVE ACQUIRERS IN REAL ESTATE TECHNOLOGY Total # of Deals 2017 2018 2019 (2017-2020 YTD)

(2020)

(2020) 5

Notes: Listed targets reflect publicly-announced transactions. 14 I. PROPTECH MARKET SUMMARY

II. PUBLIC MARKETS

III. RESIDENTIAL REAL ESTATE TRENDS

IV. COMMERCIAL REAL ESTATE TRENDS

V. MORTGAGE & FINANCING TRENDS

VI. ADDITIONAL TRANSACTION CASE STUDIES

VII. M&A AND MARKET COMPS BACK-UP

VIII. GCA 2019 TRANSACTION CASE STUDIES

15 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix PUBLIC COMPANY PERFORMANCE

LTM Share Price Performance

68% FICO: 77% TRU: 52% EXPN: 38% MCO: 62% EFX: 45% 53% 51% 48% 42% 37% 31% 28% 29%

8% 0% (7%) (12%) (7%)

(32%)

(52%) Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Jan-20

RE Media / RE Data / RE Property Mgmt Traditional Commercial Credit / Mortgage RE Sharing Residential Broader Data Portals Software Software Mortgage / Title Brokerage Marketing Economy / Travel Brokerage Public Real Estate Technology Ecosystem

Property RE Data Traditional Commercial Credit / Mortgage RE Sharing Residential Broader Data RE Media / Portals Management / RE Software Mortgage / Title Brokerage Marketing Economy / Travel Brokerage Software

53% 51% 42% 37% 31% 29% 0% (7%) (7%)

LTM Share Price Performance

Source: Capital IQ as of 2/5/20. 16 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix PUBLIC COMPANY VALUATION

Enterprise Value / 2020E Revenue Enterprise Value / 2020E EBITDA

12.7x 23.1x 19.0x 19.0x 18.8x 7.5x 5.2x 11.9x 10.1x 9.1x 3.4x 3.2x 7.5x 7.2x 2.2x 2.0x 1.4x 1.1x

Property Credit / RE Sharing Traditional Property Credit / RE Sharing Traditional RE Media / Broader RE Data / RE Residential Commercial RE Media / RE Data / Broader Commercial Residential Mgmt Mortgage Economy / Mortgage Mgmt Mortgage Economy / Mortgage Portals Data Software Brokerage Brokerage Portals RE Software Data Brokerage Brokerage Software Marketing Travel / Title Software Marketing Travel / Title

Public Real Estate Technology Ecosystem

7.5x / 18.8x 12.7x / 23.1x 3.2x / 19.0x 5.2x / 19.0x 1.4x / 7.2x 1.1x / 10.1x 3.4x / 11.9x 2.0x / 7.5x 2.2x / 9.1x

LTM Share Price Performance

Source: Capital IQ as of 2/5/20. Multiples represent median value of sector group. 17 eXp World Holdings and Purplebricks Group excluded from Residential Brokerage’s EV / EBITDA calculation. I. PROPTECH MARKET SUMMARY

II. PUBLIC MARKETS

III. RESIDENTIAL REAL ESTATE TRENDS

IV. COMMERCIAL REAL ESTATE TRENDS

V. MORTGAGE & FINANCING TRENDS

VI. ADDITIONAL TRANSACTION CASE STUDIES

VII. M&A AND MARKET COMPS BACK-UP

VIII. GCA 2019 TRANSACTION CASE STUDIES

18 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix RESIDENTIAL REAL ESTATE TRENDS

RRE Themes Top 10 U.S. RRE Equity Rounds of 2019

($MM)

Latest Theme 1: Growth of Select Reported Date Company Investor(s) Amt. Invested Funding to Date Valuation iBuyers

7/30 $370 $1,513 $6,400

$1,345 Equity / 3/20 $300 $3,800 $3,000 Debt Theme 2: RRE enterprise software 10/15 $71 $81 $30 platforms expand via M&A $150 Equity / 3/14 Undisclosed $70 $575 $825 Debt

$63 Equity / $119 Equity / 11/5 $498 $46 Debt $46 Debt Theme 3: Customer capture / 3/5 $48 $115 $355 qualification driving multiple modes of monetization 3/19 $45 $76 $135

1/22 Diana Nelson $45 $121 NA

Theme 4: Tech / $53 Equity / 9/25 $43 $163 hybrid brokerage $120 Debt models remain attractive 11/19 Ken Griffin $40 $121 NA

19 RRE Trends Theme 1 Theme 2 Theme 3 Theme 4 THEME 1: GROWTH OF IBUYERS

iBuyer Funding History ($MM) Select iBuyer Landscape

($MM) $2,509 Founded / Company Entered Funding ($MM) Current Markets $1,345 Equity / 2014 21 $3,000 Debt $150 Equity / 2015 15 $825 Debt $61 Equity / 2015 5 $1,613 $394 Debt

2017 Mkt Cap: $9.3Bn 10 $1,254 2017 Mkt Cap: $2.0Bn 21

$425 2018 Mkt Cap: $1.1Bn 10

2018 iBuyer National Market Share (Purchases)(1)

$298 $829 $896

$250 $47 26% 2017 2018 2019

Equity Raise Value Debt Raise Value 71%

Source: Capital IQ as of 1/25/20, Pitchbook, press releases. (1) Mike DelPrete 2019 iBuyer Report. 20 RRE Trends Theme 1 Theme 2 Theme 3 Theme 4 THEME 1: GROWTH OF IBUYERS Case Study: Zillow Continues Roll Out Of Its Offers Program Offers Program Zillow 3-Year Stock Price Performance

− On April 12, 2018 Zillow (NasdaqGS: ZG) announced plans to expand its $70.00 7.0mm “Offers” (iBuyer) program, following its launch in early 2017 $60.00 6.0mm − Zillow’s iBuyer program is now active in Atlanta, Charlotte, Dallas, Denver, Houston, Las Vegas, Phoenix, Raleigh and Riverside and has grown the $50.00 5.0mm program to 21 markets, as of 2/5/2020 $40.00 4.0mm − Zillow believes the iBuyer program represents a $1.8Tn TAM $30.00 3.0mm − In 2018, Zillow purchased 686 and sold 177 homes; the program $20.00 2.0mm accelerated in 2019, with 2,291 purchased and 1,211 sold homes in Q3 2019 alone; 2,822 homes are held in inventory as of November 7, 2019 $10.00 1.0mm

− Purchasing homes presents Zillow with an opportunity to enter into $0.00 0.0mm adjacent markets such as mortgage / title

Offers Purchasing and Financing Offers Model

− Zillow will focus on single family homes Revenue (Selling price of homes) priced between $200k - $300k Less: Purchase price of homes − Zillow will commit ~20% of the value of Less: Costs to purchase homes (commissions, escrow, title) the home in equity, with the remaining balance held as debt Less: Home improvement costs (including direct labor) Gross Margin − Zillow will work with lenders to create a funding vehicle to finance these Less: Holding costs (insurance, taxes, HOA fees) properties Less: Costs to sell homes (closing costs, commissions, escrow, title)

− Zillow assumes a 90-day holding period Less: Corporate overhead (indirect labor, marketing) EBITDA

“Assuming an average transaction value of ~$260k Zillow can expect a net operating profit of ~$7k (~3% margin)” (2)

Source: Capital IQ as of 1/24/20, press releases, public filings, Cowen Research, Susquehanna Financial Group, Pitchbook, company websites. Cowen Research, 4/26/18. 21 RRE Trends Theme 1 Theme 2 Theme 3 Theme 4 THEME 2: RRE ENTERPRISE SOFTWARE PLATFORMS EXPAND VIA M&A

Front-end Marketing & Sales Back-end Operations

Capture & nurture Convert & manage Ancillary components Generate leads Manage transaction Accounting leads leads (closing, title, etc.)

Manage data streams Software Scaling RRE Scaling Enterprise

22 RRE Trends Theme 1 Theme 2 Theme 3 Theme 4 THEME 3: CUSTOMER CAPTURE / QUALIFICATION DRIVING MULTIPLE MODES OF MONETIZATION

Total Addressable Market ($Bn)

2018 existing home 2018 homeowners’ sales (NAR) * + renters’ insurance average home sales industry revenue price (NAR) * 5.08% 2018 Origination (IBIS World) commission rate Units (Mortgage Bankers $108 (Real Trends 2018 Association) * $4 Average) Renters’ $9.7K revenue per $87 loan (Compass Point Research)

$64

$104 $19 2018 title industry Homeowners’ Refinancing Borrell Associates revenue (IBIS 2019 World)

$46 $17$18 $16 Purchase

Insurance (1) Real Estate Brokerage (2) Retail Mortgage (3) Real Estate Internet, Media (4) Title Insurance (5) Commission Origination & Tech

Source: 2018 Origination Units (Mortgage Bankers Association) * $9.7K revenue per loan (Compass Point 2018 homeowners’ + renters’ insurance industry revenue (IBIS World). Research). 23 2018 existing home sales (NAR) * average home sales price (NAR) * 5.08% commission rate (Real Borrell Associates 2019. Trends 2018 Average). 2018 title industry revenue (IBIS World). RRE Trends Theme 1 Theme 2 Theme 3 Theme 4 THEME 3: CUSTOMER CAPTURE / QUALIFICATION DRIVING MULTIPLE MODES OF MONETIZATION Case Study: HomeLight Raises $109MM in Series C Round (Equity + Debt) Transaction Overview HomeLight Overview Headquarters: San Francisco, CA − On November 5, HomeLight announced that Founded: 2012 it had raised $63MM in equity led by Zeev Description: Operator of a real estate platform that aims to simplify the Ventures with participation from Group 11, transaction process for homebuyers and sellers. HomeLight Menlo Ventures, Crosslink Capital, Stereo provides software and services to home buyers, sellers and real Series C Capital and others as well as secured $46MM estate agents, such as HomeLight Agent Matching, the investor in debt financing matching platform Simple Sale, HomeLight Home Loans, and HomeLight Closing Services − This brings the company’s total funding to ~$165MM to date (including debt) Current Investors: − HomeLight plans to use its new funding to $109MM Raised expand its capabilities, including agent matching, title, escrow and mortgage services Product Overview HomeLight Fundraising Timeline

Agent Matching ($MM) Seed Seed Series A Series B Series C Analyzes millions of real estate transactions and agents to refer buyers and sellers to Date NA 8/26/14 4/18/16 8/15/17 11/5/19 70,000+ in-network real estate agents based on customizable metrics Equity Raised $0.4 $4.5 $10.4 $40.0 $63.0 Debt Raised $0.0 $0.0 $0.6 $0.0 $46.0 HomeLight Home Estimates Home Loans Total Raised to Date $0.4 $4.9 $15.9 $55.9 $164.9 Simple Sale Taps into a network of Customers pair answers Apply in as little as 30 Select Deal Commentary 150+ pre-approved cash to a few questions with minutes and HomeLight buyers who compete to housing market data Home Loans will “ HomeLight's evolution from a single-product company to a real buy homes. from multiple trusted underwrite customers estate platform aligns with our vision for the future of real estate. I The service is free to sources and HomeLight within 1 business day sellers with no then predicts the home’s before an offer is made. am thrilled to partner with HomeLight to build the real estate obligation to accept, current value Once approved, platform and power the real estate transaction of the future.” and sellers receive HomeLight guarantees offers within 2 minutes a 21-day closing table Oren Zeev, Managing Director, Zeev Ventures

Source: Pitchbook, Company website, press releases. 24 RRE Trends Theme 1 Theme 2 Theme 3 Theme 4 THEME 3: CUSTOMER CAPTURE / QUALIFICATION DRIVING MULTIPLE MODES OF MONETIZATION Company Profile: OJO Home OJO Home Overview OJO Home Highlights Headquarters: Austin, TX Founded: 2015 Currently serves 100 Million 2019 Property Records, Description: Developer and operator of an AI-enabled personal assistant for 12 U.S. Winner of HousingWire Covering 99% of U.S. realtors and homebuyers that curates properties based on HW Tech100 Award Markets MLSs in U.S. & Canada buyers’ preferences and connects them with qualified real estate agents. The Company offers a platform for agents to find clients and engage them with personalized insights Acquisition Timeline Current Investors:

Oct Provider of a real estate agent software platform, offering 2019 custom websites, CRM and ai-driven collaborative home search

Oct Provider of real estate websites with lead capture capabilities, 2018 MLS data services and property search tools

OJO Home Fundraising Timeline ($MM) Product Overview

New Funding $71 Find a Home • AI engine intuitively processes a wide range of homebuyer preferences and highlights relevant properties in the market • Buyers can speak with the built-in chatbot to ask questions on properties as if they were asking a knowledgeable real estate agent

$45 Connect with an Agent • OJO connects homebuyers with qualified local real estate agents • Agents can leverage OJO’s analytics insights on their clients’ preferences and financial situations to tailor their recommendations $26 • Agents can also communicate with clients via the OJO app

$21 Partnerships & Integrations

$6 $6

Jan-16 May-18 Mar-19

Source: Company website, Pitchbook, press releases. 25 I. PROPTECH MARKET SUMMARY

II. PUBLIC MARKETS

III. RESIDENTIAL REAL ESTATE TRENDS

IV. COMMERCIAL REAL ESTATE TRENDS

V. MORTGAGE & FINANCING TRENDS

VI. ADDITIONAL TRANSACTION CASE STUDIES

VII. M&A AND MARKET COMPS BACK-UP

VIII. GCA 2019 TRANSACTION CASE STUDIES

26 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix COMMERCIAL REAL ESTATE TRENDS

CRE Themes Top 10 U.S. CRE Equity Rounds of 2019

($MM)

Latest Theme 1: Data drives Select Reported Date Company Investor(s) Amt. Invested Funding to Date Valuation valuation in CRE

8/21 $400 $565 $1,000

10/29 $319 $527 >$1,000

Theme 2: Expansion / investment behind 7/12 $225 $358 $1,100 software productivity platforms 2/20 $200 $297 NA

4/18 $160 $185 $240(1)

Theme 3: M&A rollup 5/14 $123 $468 $2,100 strategies in building operations 6/3 $115 $123 $220

1/16 $100 $140 NA

Theme 4: Highly active shared space / 5/7 $90 $178 $1,000 marketplace category 8/22 $80 $222 NA

Source: (1) Estimated post-money valuation per Pitchbook. 27 CRE Trends Theme 1 Theme 2 Theme 3 Theme 4 THEME 1: DATA DRIVES VALUATION IN CRE Case Study: Reonomy Raises $60MM in Series D Round Transaction Overview Reonomy Overview − On November 7, Reonomy announced that it Headquarters: New York, NY had raised a total of $60MM in its Series D Founded: 2013 round led by Georgian Partners with participation from new investors Wells Fargo Description: Developer of a commercial real estate (CRE) data and analytics Strategic Capital, Citi Ventures and Untitled platform. Reonomy leverages big data, machine learning and partnerships to integrate the fragmented, disparate world of Investments and existing investors including Series D commercial real estate Bain Capital Ventures, Primary Venture Partners and Sapphire Ventures Current Investors: − This brings the company’s total funding to ~$128MM to date

$60MM Raised − Reonomy plans to use its new funding to expand its machine learning capabilities and platform-driven applications and accelerate Product Overview its international expansion Reonomy Fundraising Timeline ($MM) Seed Series A Series B Debt Series C Series C-II Series D Data Network Date 3/1/13 3/10/14 1/2/15 4/14/15 2/6/18 6/13/18 11/7/19 • Aggregates data from an unprecedented network of providers, including Equity Raised $1.5 $3.7 $13.0 $0.0 $16.0 $30.0 $60.0 all 3,100 local county assessors in the U.S., secretaries of state, census data, title companies, and commercial data & geospatial providers Debt Raised $0.0 $0.0 $0.0 $4.0 $0.0 $0.0 $0.0 Total Raised to Date $1.5 $5.2 $18.2 $22.2 $38.2 $68.2 $128.2 AI: Machine Learning • Machine learning algorithms take data from any source and restructure it Select Deal Commentary using Reonomy’s own universal language: the Reonomy ID • The platform leverages artificial intelligence to provide predictive “ Reonomy has developed a powerful platform to integrate and analytics resolve sources of commercial real estate data into a single, unique • After 6 years in market, the algorithms have been trained on billions of unique data points and feedback from thousands of users identifier for every CRE asset in the United States. This unique identifier is being leveraged by some of the largest enterprises in the Partners world to tie together their public, proprietary, and third party data sources and to create a level of visibility into real estate assets that was previously unattainable.” Exclusive Data Access Agreements Emily Walsh, Principal, Georgian Partners

Source: CB Insights, Pitchbook, Company website, press releases. 28 CRE Trends Theme 1 Theme 2 Theme 3 Theme 4 THEME 1: DATA DRIVES VALUATION IN CRE Case Study: CoStar Group Acquires STR Transaction Overview CoStar Group Financial Detail(2) Revenues Adj. EBITDA $1,677 − On October 1, CoStar Group announced its CAGR: plan to acquire STR, one of the country’s 19% $1,389 largest hotel data aggregators. The transaction closed on October 22 $1,192

− The all-cash deal for STR was valued at $450 $965 To be acquired by million, ~7.0x EV / 2019E Revenue and $838 ~28.1x EV / 2019E EBITDA − The acquisition will allow CoStar to expand $499 $535 $418 CAGR: their office and industrial property database $280 20% to include hotel data(1) $256

CY16A CY17A CY18A CY19E CY20E CoStar Group 3-Year Stock Price Performance & Select Acquisition History

$800.00 2.0mm October 1, 2019 1.8mm $700.00 July 18, 2017 1.6mm $600.00 October 12, 2018 1.4mm $500.00 September 12, 2017 1.2mm March 10, 2017 $400.00 1.0mm June 20, 2019 $300.00 0.8mm 0.6mm $200.00 November 8, 2018 0.4mm $100.00 0.2mm $0.00 0.0mm Jul-17 Jul-18 Jul-19 Jan-17 Jan-18 Jan-19 Jan-20 Sep-17 Sep-18 Sep-19 Nov-17 Nov-18 Nov-19 Mar-17 Mar-18 Mar-19 May-17 May-18 May-19

Source: Capital IQ as of 1/25/20, Company website, press releases. (1) Commercial Observer, 10/1/19. 29 (2) Projected figures per Wall Street research consensus. CRE Trends Theme 1 Theme 2 Theme 3 Theme 4 THEME 1: DATA DRIVES VALUATION IN CRE Case Study: CoStar Group Acquires STR Strategic Rationale

STR will complement CoStar’s existing offerings and empower CoStar to provide valuable new services to investors and service providers in the STR has become the gold Founded in 1987, CoStar hospitality industry standard in the global conducts expansive, ongoing hospitality industry for premium research to produce and The combination of the two companies’ offerings will allow CoStar to data analytics, performance maintain the largest and most create valuable new and improved tools for investors, lenders, and service benchmarking and market comprehensive database of providers for use in developing, financing, valuing, and selling hotel insights having grown its data commercial real estate properties assets, product offerings and information. CoStar will focus on a number of attractive growth areas, including creating geographic reach over the past powerful hotel data and analytics in CoStar Suite, driving international 34 years. penetration, building and selling new products and expanding benchmarking to other areas

STR Highlights Select Transaction Commentary

Aggregates data from nearly STR brings an unrivaled We are very excited to Aggregates data from over “ “ nine million guest rooms in reputation within the global become part of CoStar. CoStar 65,000 hotels worldwide over 180 countries hospitality industry for their brings leading technologies, data integrity, reliability and analytics and sales capabilities strict confidentiality, and we that we believe will enable STR

look forward to continuing to to accelerate growth and

Distributes more than 1.2 370 employees in 15 “ build on these“ core values in increase the value and insights million reports each month countries the next chapter of STR’s we provide to our hospitality growth. clients.

Provides building Andrew Florance, Amanda Hite, information on 80,000 Founder and CEO, President and CEO, hotels CoStar Group STR

Source: Company websites, press releases. 30 CRE Trends Theme 1 Theme 2 Theme 3 Theme 4 THEME 1: DATA DRIVES VALUATION IN CRE Case Study: Real Capital Analytics Raises $115MM in Debt and Equity for Recap & Expansion Transaction Overview RCA Overview Headquarters: New York, NY − On June 3, Real Capital Analytics (RCA) Founded: 2000 announced that it had received growth Description: Provider of commercial real estate market data and analytics. The funding from Susquehanna Growth Equity Company offers a database of commercial real estate (SGE) in a combination of cash and debt transactions, property sales, recapitalization and refinancing PE Growth totaling $115MM across markets and property types, enabling investors, lenders, − The investment valued the Company at brokers and advisors to get comprehensive data and unique insight to formulate investment strategy, assess risk, source new ~$220MM opportunities and execute transactions − $89MM will be used to purchase Daily Mail Current Investors: and General Trust’s 40% stake acquired in $115MM Invested 2007 − RCA plans to use the remaining $26MM for investments in overseas CRE data firms RCA Fundraising Timeline RCA Highlights ($MM) Series A Recapitalization / PE Growth Current Investments Market-Leading Position Date 1/1/07 6/3/19

2015 200,000 Amount Raised $7.5 NA Investors Profiled Post-Money $18.8 ~$220 Indian commercial real estate data and Valuation analytics provider $18Tr Select Deal Commentary 2017 Total recorded

transaction value “My team and I are confident “ We’ve gotten to know Bob Dutch commercial real estate data and that SGE will provide “ White and the RCA team over analytics provider tracking over 400,000 172 tremendous support, expertise the last decade and could not buildings Countries Tracked and financial flexibility to RCA. be more excited to support

RCA as it continues to 2018 / 2016 transform the commercial“ real Commercial real estate data and analytics 100% estate industry. Penetration with provider for U.S. and Latin American Bob White, Founder & Scott Feldman, MD, properties top CRE brokers CEO, RCA SGE Source: Pitchbook, Company website, news reports, press releases. 31 CRE Trends Theme 1 Theme 2 Theme 3 Theme 4 THEME 2: EXPANSION / INVESTMENT BEHIND SOFTWARE PRODUCTIVITY PLATFORMS Case Study: LightBox – Building a Leading CRE Platform

▪ LightBox has assembled a leading end-to-end commercial real estate technology platform: − Acquired four companies since April 2018, that collectively create one of the largest tech players in the CRE market − Platform built to service all constituents in the CRE transaction: brokers, lenders, commercial services firms, investors and CRE transaction service providers

Database of environmental records and land use information / underwriting & Customer relationship due diligence platform management software The world’s largest online commercial real estate Cloud-based real designed to organize transaction marketplace, SaaS transaction management estate data, analytics contacts and track and business intelligence platform and GIS solutions properties Real estate appraisal management software

Market Data / Appraisal / Broker Transaction Transaction Transaction Investor Analytics / Underwriting CRM Business Marketing Marketplace Workflow Portal Geospatial Data / Intelligence Solutions Services

Sale / Purchase Due Risk Data Leasing Lending Refinancing Auctions Valuation Applications Transactions Diligence Mitigation Licensing

Commercial Capital Government Environmental Investors Lenders Appraisers Developers Builders Customers Services Firms Markets Planners Firms

32 CRE Trends Theme 1 Theme 2 Theme 3 Theme 4 THEME 2: EXPANSION / INVESTMENT BEHIND SOFTWARE PRODUCTIVITY PLATFORMS Case Study: Juniper Square Raises $75MM in Series C Round Transaction Overview Juniper Square Overview Headquarters: San Francisco, CA − On November 21, Juniper Square announced Founded: 2014 that it had raised a total of $75MM in its Description: Provides a software platform that streamlines fundraising, Series C round led by Redpoint Ventures with investment operations and investor reporting for the commercial participation from Felicis Ventures, Ribbit real estate industry. The system is used by hundreds of Series C Capital and Zigg Capital investment sponsors to manage nearly $800B in real estate − This brings the Company’s total funding to investments (5% of total U.S. CRE market capitalization). The Company aims to bring public equities market-like transparency ~$108MM to date and ease of transactions to commercial real estate − Juniper Square plans to use the new funding Current Investors: to continue to expand its headcount, capital $75MM Raised markets operations and overall scope of business

Product Overview Select Clients Juniper Square Fundraising Timeline Database for current and prospective CRM ($MM) Early Stage VC Series A Series B Series C investors and other business contacts Date 1/6/16 1/31/18 12/12/18 11/21/19 Equity Raised $1.9 $6.0 $25.0 $75.0 Target clients and prospects, organize Fundraising Total Raised to Date $1.9 $7.9 $32.9 $107.9 and track fundraising and securely Automation distribute offering documents Select Deal Commentary

Partnership Manage investment ownership / cap At Redpoint, we look for visionary founders who can create new Accounting tables and investor records “ markets or redefine existing ones – and that’s Alex and Juniper Square. To succeed in commercial real estate, you need the trust Customizable capital account Investor statements, transaction notices and of key players, and to win that trust, you need industry context, Reporting other investor reports which Alex and his team have in droves to complement their software expertise.” Secure access to documents and Investor Portal investment performance in the cloud Elliot Geidt, Partner, Redpoint

Source: Pitchbook, Company website, press releases. 33 CRE Trends Theme 1 Theme 2 Theme 3 Theme 4 THEME 3: M&A ROLLUP STRATEGIES IN BUILDING OPERATIONS Company Profile: BuildingEngines Building Engines Overview Building Engines Highlights Headquarters: Boston, MA Founded: 2000 Description: Provider of a building operations software suite, offering SaaS 750 25,000+ 2.4M+ web and mobile portfolio management platforms. The Company’s Clients Buildings Managed Sq. Ft. Managed products streamline operations by connecting commercial real estate stakeholders on a unified platform, automating workflows and delivering data and insights for property owners and Products and Solutions managers. Its suite of solutions supports the full range of critical building operations, including tenant engagement and service, Tenant Service • Work order communication & maintenance management, communications, task and scheduling • Tenant information / • Resource / amenity operational risk management. payment portal scheduling Current Investors: • Tenant survey tools

Maintenance • Vendor portal • Space visualization Wellfleet Capital • Preventative maintenance Partners • RFP automation scheduling

• Inspection organization tools Management Risk Management • Visitor access • Fire & life safety management Tim Curran CEO David O’Connor CFO • Insurance certification • Incident tracking Daniel Cozza Chief Product Officer Lou Jordano CMO

Nina Laven Chief People Officer Communications • Mobile tenant center • Tenant support chatbot AI • Property websites Acquisition Timeline • Broadcast messaging

Nov Provider of a property management RFP automation platform 2019 that simplifies RFP generation, scheduling and coordination Fundraising Timeline ($MM) New investment Existing Funding $39 Provider of software solutions and managed services for May commercial real estate, such as space management software, 2019 $27 $13 building compliance and acquisition and disposition services Provider of a facility management software for large May $27 commercial buildings and other properties, such as stadiums, 2018 that tracks building operations and customer experience data

Source: Source: Capital IQ as of 1/25/20, Company website, press releases. Oct-16 Oct-19 34 CRE Trends Theme 1 Theme 2 Theme 3 Theme 4 THEME 4: HIGHLY ACTIVE SHARED SPACE / MARKETPLACE CATEGORY Case Study: Vacasa Raises $319MM in Series C Round Transaction Overview Vacasa Overview Headquarters: Portland, OR − On October 29, Vacasa announced that it had Founded: 2009 raised a total of $319MM in its Series C CEO & Founder: Eric Breon round led by Silver Lake with participation from Riverwood Capital, Level Equity and Employees: ~3,300 Series C NewSpring Description: Publishes clients’ property listings on top hotel & rental platforms and hires local housekeepers and property managers. The end-to- − This brings the company’s total funding to end vacation rental service aims to provide optimal financial ~$530MM to date and brings its valuation to returns for owners and streamline the booking process for guests over $1Bn Current Investors: − Vacasa plans to further enhance its industry- $319MM Raised leading technology platform, accelerate expansion into new markets and grow new offerings Vacasa Fundraising Timeline Vacasa Highlights ($MM) Series ASeries B-ISeries B-IISeries C Date 11/14/1610/17/1710/18/1810/29/19 Amount Raised $45.0$103.5$64.0$319.0 Raised to Date $45.0$148.5$212.5$531.5 3,300+ 2MM+ 17+ 23,000+ Guests per Vacasa Employees Countries Select Deal Commentary Year Homes “ [Vacasa] has the potential to “ Vacasa’s revenue has grown become a global brand that almost seven-fold since our Booking Partners stands for superior financial Series A investment nearly returns for homeowners and four years ago, and we exceptional experiences for expect growth to accelerate guests.” in 2020.” Joerg Adams, Ben Levin, Founder, Managing Director, Level Equity Silver Lake

Source: Pitchbook, Company website, press releases. 35 CRE Trends Theme 1 Theme 2 Theme 3 Theme 4 THEME 4: HIGHLY ACTIVE SHARED SPACE / MARKETPLACE CATEGORY Case Study: Vacasa Raises $319MM in Series C Round Product Summary Rental Income Estimator Rental Listings Marketing Support Property Management

• Provides rental income estimator • Builds customers’ listings with a 3D • Provides marketing support through • Vacasa homes are cared for by local tools, leveraging its industry-leading virtual tour and high-quality HD interior design consultations and staff, including housekeepers and a database of rental histories of its photography professional photography shoots local property manager 23,000 homes under management to • Listings will be prominently featured • Digital marketing specialists ensure • Provides 24/7 support from Vacasa’s automate pricing on Airbnb, Vrbo, HomeAway, Vacasa homes are highly visible with reservations and customer service • Informed by factors such as weather, Booking.com, etc. targeted multi-channel campaigns teams local events and historic trends, rates across search engines, display • Implements guest screening and update multiple times per day advertising, social media and email liability protection

Ancillary Real Estate Buy a Vacation Sell a Vacation Industry Functions: Agent Network Home Home Insights

Number of Properties Recent Acquisition & Ownership Timeline 25,000 Jul $162 million deal expands Vacasa’s portfolio to more than 20,000 2019 23,000 vacation homes around the globe 15,000 Jun Take over the management of its 85 properties in Seattle, 10,000 2019 Stevens Pass, and Leavenworth, Washington 5,000 Apr Added 450 units in destinations along the Florida Gulf Coast 0 2019 Jul-16 Jul-17 Jul-18 Jul-19 Oct-15 Oct-16 Oct-18 Oct-19 Apr-16 Apr-19 Feb-17 Sep-17 Dec-14 Dec-18 Aug-14

Nov-16 Nov-17 Mar Added 12 properties in New Orleans and partners with all the Mar-18 2019 major booking channels (Airbnb, Booking.com, etc.) Portfolio increase from the Wyndham Vacation Rentals acquisition

Source: Pitchbook, Company website, press releases. 36 I. PROPTECH MARKET SUMMARY

II. PUBLIC MARKETS

III. RESIDENTIAL REAL ESTATE TRENDS

IV. COMMERCIAL REAL ESTATE TRENDS

V. MORTGAGE & FINANCING TRENDS

VI. ADDITIONAL TRANSACTION CASE STUDIES

VII. M&A AND MARKET COMPS BACK-UP

VIII. GCA 2019 TRANSACTION CASE STUDIES

37 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix MORTGAGE / INSURANCE / FINANCING TRENDS

Mortgage / Insurance / Financing Themes Top 10 U.S. Mortgage / Insurance / Financing Equity Rounds of 2019

($MM)

Theme 1: Alternative Latest financing products Select Reported going strong Date Company Investor(s) Amt. Invested Funding to Date Valuation

4/11 $300 $480 $2,000

Theme 2: Closing / 6/24 $130 $310 NA title software raising significant capital in 2019 12/5 $103 $225(2) $1,200

12/11 $100 $115 NA

Theme 3: Customer 7/24 $100 $210 $1,000 capture platforms

1/31 $75 $254 $885

Mortgage Originations(1) 8/19 $65 $254 $885 $2,052 $2,068 $1,914 $1,760 $1,676 2/27 $65 $225(2) $1,200 $796 $1,026 $609 $704 $467 10/28 $60 $111 $330

$1,209 $1,272 $1,305 $1,026 $1,056 1/29 $58 $115 $155

2016A 2017A 2018A 2019E 2020E New Purchase Volume ($Bn) Refi Volume ($Bn)

Source: (1) MBA Mortgage Bankers Association, 12/13/19. 38 (2) Per FinSMEs report. Financing Trends Theme 1 Theme 2 Theme 3 THEME 1: ALTERNATIVE FINANCING PRODUCTS GOING STRONG

Alternative Financing Funding History ($MM) Select Alternative Financing Landscape

($MM)

$1,683 Founded Company / Entered Funding ($MM) Description

$54 Equity / Provides cash offers to purchase a 2018 new home, leasing it to the buyer $505 Debt until the buyer's old home sells

Provides financing and debt $223 Equity / 2018 consolidation underwritten by $1,015 Debt home equity as well as home sale- leaseback options

Provides home co-investing, $1,503 allowing buyers to purchase homes 2004 $40 with smaller down payments and homeowners to sell equity

Purchases houses on behalf of homebuyers and offers financing to 2018 $36 buy back the property, allowing $451 purchases with no down payment Equips homebuyers with pre- $49 Equity / $115 2015 approved cash offers as well as $104 Debt assistance with home inspection and valuation

$336 $23 Equity / 2016 Provides home sale-leaseback $14 $180 $303 Debt financing services

2017 2018 2019 Purchases home equity and 2017 $115 provides cash upfront, using funds from accredited investors Equity Raise Value Debt Raise Value

39 Financing Trends Theme 1 Theme 2 Theme 3 THEME 1: ALTERNATIVE FINANCING PRODUCTS GOING STRONG Case Study: Ribbon Raises $330MM in Series B Round (Equity + Debt) Transaction Overview Ribbon Overview Headquarters: New York, NY − On October 29, Ribbon announced that it Founded: 2017 had raised $30MM in equity led by Greylock Description: A financial technology company that works with lenders and local as well as secured $300MM in a debt facility realtors to help homeowners buy a new home before they sell from Goldman Sachs their existing home by upgrading customers’ offers to cash and Series B − The $300MM debt facility includes an option removing financing contingencies to be increased by an additional $220MM Current Investors: − This brings the company’s total funding to ~$559MM(1) to date (including debt) − Ribbon plans to use its new funding to Ribbon Fundraising Timeline $330MM Raised facilitate the company’s expansion into new markets and accelerate product ($MM) Seed Series A(2) Series B development efforts Date 10/18/17 10/25/18 10/29/19 Product Overview Equity Raised $4.0 $20.0 $30.0 Debt Raised $0.0 $205.0 $300.0 Ribbon Buyers sort out Buyer finds a Close in as little Total Raised to Date $4.0 $229.0 $559.0 upgrades offer financing over home as 14 days to cash 180 days For Buyers Select Transaction Commentary • Pre-approves and upgrades customers’ offers to cash within 24 hours • Makes customers more competitive in the market, makes their purchase Since leading the seed round, Ribbon is proving that superior more affordable and provides them with certainty of moving into their “the Ribbon team hasn't slowed “technology and data plus capital new home on time by removing every contingency except inspection down when it comes to is what it will take to truly

For Agents innovating, and Greylock is transform the real estate

• Step in to reserve customers’ homes if realtors need time to get their thrilled to continue our support industry. As Ribbon continues to “

mortgage documentation and approvals in place as the company builds new, expand across the U.S., buyers • Both buying and listing agents earn full commission and get access to tools like free valuations and a personal account manager transformative technology“ for the and sellers are the real winners. real estate industry and expands For Lenders into more markets. • Enables lenders to fund more offers • Increases pull-through rate • Tracks all buyers in one place Josh McFarland, Pete Flint, Managing Partner, Greylock Partner, NFX

Source: Pitchbook, Company website, press releases. (1) Including $505MM of known debt. 40 (2) Equity / debt split estimate per Pitchbook. Financing Trends Theme 1 Theme 2 Theme 3 THEME 2: CLOSING / TITLE SOFTWARE RAISING SIGNIFICANT CAPITAL IN 2019 Case Study: Qualia Raises $55MM in Series C Round Transaction Overview Qualia Overview Headquarters: San Francisco, CA − On November 13, Qualia announced that it Founded: 2015 had raised a total of $55MM in its Series C Description: Developer of a digital real estate closing platform for homebuyers round led by Tiger Global, with participation and sellers, title and escrow agents, underwriters and lenders, from existing investors Bienville Capital, 8VC that provides connectivity between stakeholders to streamline Series C and Menlo Ventures the home closing experience. The Company also offers various − This brings the Company’s total funding to business tools for title and escrow agency operations ~$95MM to date Current Investors: − Qualia plans to use the new funding to expand its product, engineering and go-to- $55MM Raised market teams, with a focus on accelerating growth and building strategic partnerships

Product Overview Qualia Fundraising Timeline

Product Summary Market-Leading Position (1) ($MM) Series A Series B Series C Date 10/13/15 10/1/18 11/13/19 Qualia Title & Escrow Platform • Workflow, accounting and 15% 6,000+ Equity Raised $7.2 $33.0 $55.0 reporting platform for title and of U.S. real estate templated Total Raised to Date $7.2 $40.2 $95.2 escrow agents transactions are documents pre- Assure E-Remittance & Audit powered by loaded for • Title agency management suite Qualia’s platform closings Select Deal Commentary with revenue, auditing and reporting capabilities “ The workflow for most residential real estate transactions Connect Secure Closing Portal remains antiquated and opaque. Qualia has created a modern • Consumer interface that 200,000+ 2-4x system of record, communication, and action for title insurance title and escrow more transactions consolidates all closing functions, agents and mortgage originators and we believe their software vendors and workstreams agents, lenders closed by title and and realtors use escrow agents a platform materially improves productivity and reduces costs.” Marketplace Closing Services Qualia month using • Vendor marketplace for mortgage Qualia release tracking, title search, notary, survey and other services Scott Shleifer, Partner, Tiger Global

Source: Pitchbook, Company website, press releases. (1) Figures as of 1/24/20 . 41 Financing Trends Theme 1 Theme 2 Theme 3 THEME 2: CLOSING / TITLE SOFTWARE RAISING SIGNIFICANT CAPITAL IN 2019 Case Study: Notarize Raises $17MM in Series B-II Round Transaction Overview Notarize Overview Headquarters: Boston, MA − On September 4, 2019, Notarize announced Founded: 2015 that it had raised $17MM in its series B-II CEO: Patrick Kinsel round of funding from a group of investors including Polaris Partners, Lennar, Description: Provider of a document management platform oriented towards Series B-II Hyperplane Venture Capital, Realogy the real estate industry, allowing consumers and enterprises such as lenders, insurers, and title agents to sign and notarize Holdings and Second Century Ventures. This documents online follows the company’s $20MM Series B-I raise announced on April 20, 2018 Current Investors: − This brings the company’s total funding to $48 million $17MM Invested − Notarize plans to use the proceeds to integrate with additional lending partners and continue to develop their products Notarize Fundraising Timeline Notarize Highlights ($MM) SeedSeries ASeries B-ISeries B-II Legally Sign & Subscription and Date 5/15/157/5/164/20/199/4/19 Notarize Documents Available 24/7 Per-Notarization Amount Raised $2.5 $8.5$20.0$17.0 100% Online pricing plans Raised to Date $2.5$11.0$31.0$48.0

Notarize Products Select Deal Commentary eSign Notarize’s online closing process aligns with Lennar’s vision of • Electronically sign any document “ • Free service creating a seamless digital transaction. We are excited to provide a new resource that will improve the home buying experience and Online Notarization enable our customers to move into their dream homes faster. • Connect with a commissioned notary public 24x7 to sign and notarize ” documents from any device Bruce Gross, CEO, Lennar Financial Real Estate Closings Services • Signers can electronically review, sign and notarize real estate documents • Connects the entire mortgage industry on one platform

Source: Pitchbook, Company website, press releases. 42 Financing Trends Theme 1 Theme 2 Theme 3 THEME 2: CLOSING / TITLE SOFTWARE RAISING SIGNIFICANT CAPITAL IN 2019 Case Study: Blend Raises $130MM in Series E Round Transaction Overview Blend Overview Headquarters: San Francisco, CA − On June 24, Blend announced that it had Founded: 2012 raised $130 million in its series E round of Description: Developer of a digital lending platform intended to simplify and funding led by General Atlantic and Temasek fasten consumer finance processes. The company's machine- that also included 8VC, Founders Fund, learning based platform uses verified source data to build a Series E Greylock Partners and Lightspeed Venture consumer's complete financial profile, automates third-party Partners verification to reduce frauds, identifies delay-causing issues and manages the tasks needed to close a loan. − The investment puts Blend’s total equity raised at $310MM Current Investors: − Blend plans to use the money to grow its $130MM Invested team, seek new partnerships, develop new technology and expand its offering into a broader suite of consumer lending products Blend Fundraising Timeline Blend Highlights ($MM) Series A Series B Series B1 Series C Series D Series D1 Series E Customers Product Summary Date 6/22/12 10/2/14 7/14/15 12/18/15 8/24/17 3/27/18 6/24/19 Mortgage Amount Raised $6.1 $11.0 $10.0 $38.0 $100.0 $15.0 $130.0 Capabilities: ₋ Application Portal/Processing Raised to Date $6.1 $17.1 $27.1 $65.1 $165.1 $180.1 $310.1 ₋ CRM Post-Money (1) $20.1 $61.0 $100.0 $270.0 $500.0 $600.0 NA ₋ Data Management Valuation Third-Party Integrations: ₋ LOS Select Deal Commentary ₋ Lead Generation ₋ Credit “ In our conversations with investors over the past few months, it was ₋ Price Engine clear that there is an appetite to understand and drive the future of ₋ Processing & Underwriting technology in financial services—and Blend is at the forefront. Financial institutions, and lenders specifically, are under increasing Powers $1B+ in loans per day pressure from consumers to deliver a top-notch digital, intuitive, and with 150+ lending institutions satisfying experience. Blend’s lending platform can deliver all three. Deposit Digital Lending Home ” Accounts Platform Equity Marc Greenberg, Head of Finance, Blend Source: Pitchbook, Company website. (1) Pitchbook estimate. 43 Financing Trends Theme 1 Theme 2 Theme 3 THEME 3: CUSTOMER CAPTURE PLATFORMS Case Study: Total Expert Raises $52MM in Series C Round Transaction Overview Total Expert Overview Headquarters: St. Louis Park, MN − On October 24, Total Expert announced that Founded: 2012 it had raised a total of $52MM in its Series C CEO & Founder: Joe Welu round Description: Developer of an enterprise-grade marketing operating system − This brings the company’s total funding to Series C designed for regulated financial services organizations. The $86MM to date platform enables customer facing teams, marketing and compliance to work together to deliver marketing campaigns − Total Expert plans to use the proceeds to expand on its current team of 218 Current Investors: employees, hiring additional data scientists, designers and industry experts, in addition to $52MM Raised accelerating the development of its APIs, Total Expert Fundraising Timeline machine learning and AI capabilities ($MM) Seed Angel Series A Series A-ISeries A-II Series B Series C Date 12/12/14 NA 4/12/16 2/15/17 10/31/17 10/11/18 10/24/19 Product Summary Amount Raised $0.5$0.9$3.0$3.0$6.0$20.8$52.0 Raised to Date $0.5$1.4$4.4$7.4$13.4$34.2$86.2 Marketing Sales • Conduct unified, automated • Leverage historical client valuations Select Customers marketing campaigns across and business data to extract channels including email, social insights and maximize lead media, SMS and more conversion • Intelligent automation using CRM • Seamlessly manage client relations Select Deal Commentary data optimizes targeting strategies across the organization through a CRM purpose-built platform for the We are incredibly excited about Total Expert’s approach to financial industry “ building trust and maximizing the long-term value of relationships between consumers and lenders. The future of consumer finance is engaging across all product and customer needs during their Open Architecture Compliance financial life, and Total Expert is the category leader powering this humanized automation and compliance at scale. • API allows for integration into • Audit-ready ” existing tech stack and seamless record extension keeping Simon Chong, Managing Partner & Cofounder, Georgian Partners

Source: Pitchbook, Company website, press releases. 44 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix SECTOR M&A ACTIVITY Case Study: Thoma Bravo Acquires Ellie Mae Transaction Overview Ellie Mae Financial Detail(1) Revenue Adj. EBITDA $620 − On February 12, Ellie Mae, Inc. (NYSE:ELLI) CAGR: announced a definitive agreement to be $535 11% acquired by Thoma Bravo, LLC for $99.00 per $480 share in cash at an implied equity value of Acquired $3.7Bn and an implied enterprise value of $417 $3.4Bn $360 − The agreement included a 35-day “go-shop” period in which Ellie Mae may have solicited $201 alternative bids $155 $3.4Bn $123 CAGR: − The transaction closed on April 18 $113 $124 Closed 12%

Ellie Mae Stock Price Performance CY16A CY17A CY18A CY19E CY20E ($MM, except per share data) $140.00 12.0mm Stock Data Transaction Valuation Multiples Metric Multiple $120.00 $99.00 / Share 10.0mm EV / Revenue 52-Week High $116.90 CY18A $480 7.1x $100.00 8.0mm 52-Week Low $58.49 CY19E $535 6.3x $80.00 CY20E $620 5.5x 6.0mm Transaction Premium (4) $60.00 Premium to 1 Day Prior 21% EV / Adj. EBITDA Premium to Unaffected Price (2) 31% CY18A $123 27.7x 4.0mm (3) $40.00 Premium to 30-Day VWAP 47% CY19E $155 21.9x Premium to 1-Year VWAP 21% CY20E $201 16.9x $20.00 2.0mm At $99.00 per Share: $0.00 0.0mm FDSO 37.3 Net Debt ($303) Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Equity Value $3,693 Enterprise Value $3,390

Source: Capital IQ as of 1/25/20, Company filings, Company websites, press releases, JMP Equity reporting Ellie Mae’s exploration of strategic alternatives. Research. (3) As of 2/1/19 per Ellie Mae press release. 45 (1) Projected financials per Company management. (4) EBITDA multiples based on adjusted EBITDA. (2) Premium to the price as of 1/31/19, one day prior to the publication of a Dealreporter article Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix SECTOR M&A ACTIVITY Case Study: Ellie Mae Acquires Capsilon Transaction Overview Ellie Mae Recent Acquisition & Ownership Timeline

− On October 28, Ellie Mae announced that it Ellie Mae was acquired by Thoma Bravo for $3.7Bn in cash at Feb $99.00 per share, a 31% premium to its unaffected price(1) 2019 had signed a definitive agreement to acquire A portfolio company of Capsilon, the leading provider of AI-powered Ellie Mae acquired Velocify to combine Velocify’s lead Oct mortgage automation software for mortgage management, engagement and distribution capabilities with 2017 lenders, investors and servicers, from Ellie Mae’s Encompass CRM and Consumer Connect Announced the Francisco Partners acquisition of Mortgage Returns provided an automated marketing solution − Deal terms were not disclosed Nov to help mortgage originators maximize profitability from 2015 − With the acquisition of Capsilon, Ellie Mae is clients, prospects and referral partners A portfolio company of accelerating the vision of offering an end-to- end SaaS solution for companies in the Ellie Mae acquired AllRegs to expand its customer base and add Oct a broad array of content and services that complement their mortgage industry 2014 portfolio of product offerings MortgageCEO provided customer relationship management, Capsilon Highlights Jan and marketing automation solutions for the mortgage industry. 2014 The acquisition was consistent with Ellie Mae’s mission to automate every aspect of the mortgage process 15% of all U.S. mortgages $400 billion in new loans Ellie Mae acquired Del Mar Datatrac in order to boost the are processed through touched Capsilon Aug company’s loan volume in 2011 to 1.5 million from 1 million Capsilon technology technology in 2018 2011 with an expanded customer base

Jan Mortgage Pricing Systems developed loan pricing technology 160+ customers – 3 of top 15+ years working with top 2011 for small, medium and large mortgage banks and lenders 10 mortgage lenders mortgage companies Ellie Mae acquired Mavent to help the software developer Dec address predatory lending protection and changes to the myriad 2009 mortgage regulations on both the state and federal level 450 employees with 200+ engineers in 5 global offices Oct Online Documents provided compliant electronic mortgage 2008 documents and related services to the mortgage industry

Source: Pitchbook, Company website, press releases. (1) Premium to the price as of 1/31/19, one day prior to the publication of a Dealreporter article reporting Ellie Mae’s exploration of strategic alternatives. 46 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix SECTOR M&A ACTIVITY Case Study: Ellie Mae Acquires Capsilon Strategic Rationale Select Capsilon Clients

Capsilon is a provider of cloud- Ellie Mae is the leading cloud- based document management based platform provider for the technologies for the mortgage mortgage finance industry. Ellie industry. The company’s offerings Mae’s technology solutions support the full lifecycle of a enable lenders to originate more mortgage by helping lenders and loans, lower origination costs, and other mortgage companies with reduce the time to close with the document recognition, data highest levels of compliance, Capsilon Acquisition & Ownership Timeline extraction, collaborations, loan quality and efficiency Capsilon received a growth investment from Francisco Partners June delivery and retention to support product innovation and keep pace with growing 2016 demand from mortgage lenders, investors, and servicers

Provides mortgage loan document management software as a Feb service (SaaS) that enables financial institutions to 2013 automatically sort, process and share documents

Customer Capsilon’s best-of-breed platform, Capsilon IQ, is used by Select Transaction Commentary Consolidation & companies across the mortgage industry to automate Upsell Opportunity manual work and power their businesses with trusted data With the delivery of our next generation lending platform, we are “accelerating our mission to automate everything automatable for Capsilon’s integration with the Encompass Digital Lending the residential mortgage market. This includes making strategic Platform will help lenders leverage automation from acquisitions of best-in-class solutions to bring more value to the Tech Integration consumer engagement through investor delivery and platform and the ecosystem faster. This is a significant day for the servicing mortgage industry, as with the acquisition of Capsilon we are

bringing together two market-leading companies and adding to our

Ellie Mae can leverage Capsilon’s AI expertise for future platform the“ pioneer of AI-powered intelligent automation AI Platform for offerings to further automate document review, data Future leveraged by some of the largest lenders and servicers in the Innovations extraction and analysis, creating yet new efficiencies for the mortgage industry industry. Jonathan Corr, President and CEO, Ellie Mae

Source: Pitchbook, Company website, press releases. 47 I. PROPTECH MARKET SUMMARY

II. PUBLIC MARKETS

III. RESIDENTIAL REAL ESTATE TRENDS

IV. COMMERCIAL REAL ESTATE TRENDS

V. MORTGAGE & FINANCING TRENDS

VI. ADDITIONAL TRANSACTION CASE STUDIES

VII. M&A AND MARKET COMPS BACK-UP

VIII. GCA 2019 TRANSACTION CASE STUDIES

48 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix CASE STUDY: REALPAGE ACQUIRES BUILDIUM

Transaction Overview RealPage Financial Detail(1) Revenues Adj. EBITDA − On November 6, RealPage announced its $1,085 acquisition of Buildium LLC, a leading SaaS $984 CAGR: 18% real estate property management solution $870 provider − The all-cash deal for Buildium was valued at $671 To be acquired by $580 million, ~11.6x EV / LTM Revenue $568 − The acquisition will allow RealPage to combine its best-in-class capabilities with $313 $281 CAGR: Buildium to target smaller multifamily, single- $231 $163 25% family, associations (HOA and Condo) and $127 commercial real estate market segments

CY16A CY17A CY18A CY19E CY20E RealPage 3-Year Stock Price Performance & Select Acquisition History

$70.00 9.0mm October 23, 2017 August 2, 2018 July 29, 2019 $65.00 8.0mm $60.00 August 2, 2017 7.0mm $55.00 6.0mm $50.00 June 19, 2017 5.0mm $45.00 February 27, 2017 June 12, 2019 November 6, 2019 4.0mm $40.00 April 20, 2018 October 12, 2018 3.0mm $35.00 $30.00 2.0mm January 24, 2017 $25.00 1.0mm $20.00 0.0mm Jul-17 Jul-18 Jul-19 Jan-17 Jan-18 Jan-19 Jan-20 Sep-17 Sep-18 Sep-19 Nov-17 Nov-18 Nov-19 Mar-17 Mar-18 Mar-19 May-17 May-18 May-19

Source: Source: Capital IQ as of 1/25/20, 451 Research, Company websites, press releases. (1) Projected figures per Wall Street research consensus. 49 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix CASE STUDY: REALPAGE ACQUIRES BUILDIUM

Strategic Rationale Buildium Integrations

Buildium is the only property Founded in 1998, RealPage management solution that also provides a technology platform helps real estate portfolio that enables real estate owners managers find new business from and managers to change how property owners and community people experience and use associations seeking services. rental space. Clients use the Founded in 2004, Buildium platform to gain visibility and services over 17,000 customers in transparency in asset more than 50 countries, totaling performance, leverage data approximately 2 million insights and monetize space to residential units under generate incremental yields. management Select Transaction Commentary

The SMB market segment This is a fantastic time for us “represents a tremendous “to join forces with RealPage. growth opportunity for Our shared vision around The combination of the two companies’ offerings will allow RealPage to RealPage. Buildium in concert innovation, simplicity and a

reach deeper into the Small and Midsize Business market

with RealPage enables us to commitment to stressing reach deeper into that market,“ service to our clients will

with a best-in-class platform enable them to thrive and grow

RealPage expects to increase its investment in its Propertyware solution, backed by data science. as well as deliver unmatched “ which is designed for larger single-family managers with more complex property management and accounting requirements value for their investors, owners and residents alike. Steve Winn, RealPage intends to vastly expand Buildium’s platform, incorporating “click- Chris Litster, CEO, on” capabilities that: (i) improve the renter leasing and living experience, (ii) Chairman and Buildium improve the recovery of utility fees, (iii) enhance payment processing CEO, RealPage capabilities and (iv) expand insurance offerings

Source: Company websites, press releases. 50 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix CASE STUDY: VACASA RAISES $319MM IN SERIES C ROUND

Transaction Overview Vacasa Overview Headquarters: Portland, OR − On October 29, Vacasa announced that it had Founded: 2009 raised a total of $319MM in its Series C CEO & Founder: Eric Breon round led by Silver Lake with participation from Riverwood Capital, Level Equity and Description: Publishes clients’ property listings on top hotel & rental platforms Series C NewSpring and hires local housekeepers and property managers. The end-to- end vacation rental service aims to provide optimal financial − This brings the company’s total funding to returns for owners and streamline the booking process for guests ~$530MM to date and brings its valuation to Current Investors: over $1Bn − Vacasa plans to further enhance its industry- $319MM Raised leading technology platform, accelerate expansion into new markets and grow new Vacasa Fundraising Timeline offerings ($MM) Series ASeries B-ISeries B-IISeries C Vacasa Highlights Date 11/14/1610/17/1710/18/1810/29/19 Amount Raised $45.0$103.5$64.0$319.0 Raised to Date $45.0$148.5$212.5$531.5

3,300+ 2MM+ 17+ 23,000+ Guests per Vacasa Employees Countries Select Deal Commentary Year Homes “ [Vacasa] has the potential to “ Vacasa’s revenue has grown become a global brand that almost seven-fold since our Booking Partners stands for superior financial Series A investment nearly returns for homeowners and four years ago, and we exceptional experiences for expect growth to accelerate guests.” in 2020.” Joerg Adams, Ben Levin, Founder, Managing Director, Level Equity Silver Lake

Source: CB Insights, Pitchbook, Company website, press releases. 51 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix CASE STUDY: VACASA RAISES $319MM IN SERIES C ROUND

Product Summary Rental Income Estimator Rental Listings Marketing Support Property Management

Ancillary Real Estate Buy a Vacation Sell a Vacation Industry Functions: Agent Network Home Home Insights

Source: CB Insights, Pitchbook, Company website, press releases. 52 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix CASE STUDY: BETTER.COM RAISES $160MM IN SERIES C ROUND

Transaction Overview Better.com Overview Headquarters: New York, NY − On August 19, Better announced that it had Founded: 2014 raised a total of $160MM in its Series C CEO: Vishal Garg round. The company had initially announced a $70MM Series C in January but expanded Description: Provider of an online real estate mortgage lending platform Series C the round in Q1, Q2 and Q3 in response to designed to re-engineer the way people finance their homes. The company's platform provides direct lender services through a investor demand digital mortgage − This brings the company’s total funding to Current Investors: $254MM (1) to date and brings its valuation to over $600 million $160MM Invested − Better plans to use the proceeds to further scale the mortgage lender’s operations and grow its product offerings Better.com Fundraising Timeline Better.com Highlights ($MM) A-I A-II B C-I C-II C-III C-IV Product Summary Market-Leading Position (2) Date 3/1/15 5/24/16 12/28/16 1/31/19 2/21/19 4/18/19 8/19/19

Amount Raised $10.0 $30.0 $15.0 $70.0 $5.0 $20.0 $65.0 (1) Raised to Date $10.0 $40.0 $55.0 $125.0 $130.0 $150.0 $254.0 Instant Loan $4Bn $375MM Rate Quotes Post-Money Estimate Worth of Worth of NANA $220.0 NANANA $600.0+

Valuation Mortgages Mortgages No Originated Since Originated No Origination Inception Monthly Commission (As of 8/19/19) (As of 8/19/19) Fees Select Deal Commentary

Process On-Demand “ Vishal [CEO, Better] is a visionary entrepreneur who was Tracking Rate Lock Closes Mortgages $120MM willing to put in the work to completely rebuild a broken system.

50% Faster Run Rate Not only is the company making money, but it’s really helping its Bank than industry Revenue Available customers and will only continue to do so on a larger scale. Account average (As of 8/19/19) ” 24/7 Integration Steve Sarracino, Better Board Member

and Founder, Activant Capital

Source: Pitchbook, Wall Street Journal, Company website, press releases. (1) Includes undisclosed funding rounds. 53 (2) Figures as of 8/19/19. Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix CASE STUDY: PROCORE ACQUIRES HONEST BUILDINGS

Transaction Overview Honest Buildings Overview Headquarters: New York, NY − On July 16, Procore Technologies, Inc. Founded: 2012 announced that it had acquired Honest Description: Developer of construction project management software, Buildings, Inc.; terms were not disclosed enabling both transparency and access to information for owners, − The acquisition follows Procore’s 2018 general contractors and subcontractors. The company's platform acquisition of BIManywhere, a visual building enables users to streamline vital components of the construction Announced the process, such as bidding and cost tracking acquisition of information modeling collaboration platform for construction and facilities management Current Investors: − The transaction supports Procore’s aim to accelerate growth globally in construction technology by leveraging Honest Buildings’ experience of facilitating over $20 billion of projects worldwide Honest Buildings Fundraising Timeline Honest Buildings Highlights ($MM) Seed Series A-I Series A-II Series B-I Series B-II Customers Product Summary Date 9/11/12 12/9/13 6/4/15 10/11/17 5/31/18 Amount Raised $2.0 $9.5 $5.0 $13.0 $18.0 (1) Project Costs Savings Raised to Date $2.0 $11.5 $16.5 $29.5 $47.5 Post-Money (2) N/AN/AN/A$55.8$120.0 Valuation

Hard Change of Admin. Select Deal Commentary costs order costs costs “ The joining of Procore and Honest Buildings creates the gold

standard technology platform to manage construction projects of all Cost Type % Saved per SF sizes for owners, general contractors, and subcontractors, allowing“ Hard Costs 4% them to collaborate and execute in ways never before possible. Honest Buildings’ customers Soft Costs 1% save an average of 6.3% on Change Order Costs 38% Michael Turner, President, Oxford project costs (1) Administrative Costs 80% Properties Group

Source: Pitchbook, Company website, press releases. (1) Figures as of 4/17/19. 54 (2) Pitchbook Estimate. Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix CASE STUDY: AMAZON + REALOGY PARTNERSHIP (TURNKEY)

Partnership Overview Realogy Financial Detail(2)

Revenues Adj. EBITDA − On July 23, Realogy and Amazon announced $6,114 $6,079 the launch of TurnKey, a homebuying $5,874 $5,810 $5,653 program partnership that simplifies the CAGR: (1%) process of finding and settling into a new In Partnership With home, in 15 cities across the US − The partnership will combine Realogy’s real estate brokerage business with Amazon’s Launched home devices and services businesses − For Realogy, TurnKey is a step to innovate on the Company’s traditional brokerage model CAGR: to compete with tech-enabled companies (7%) $770 $732 like Redfin and Compass(1) $658 $590 $559 Realogy 1-Year Stock Price Performance CY16A CY17A CY18A CY19E CY20E ($MM) $20.00 50mm CY17A CY18A CY19E CY20E $18.00 45mm Revenues $5,810 $6,114 $6,079 $5,874 $5,653 % Growth 1.8% 5.2% (0.6%) (3.4%) (3.8%) $16.00 40mm Adj. EBITDA $770 $732 $658 $590 $559 $14.00 35mm % Margin 13% 12% 11% 10% 10% Adj. EPS $1.71 $1.67 $1.66 $0.92 $0.86 $12.00 (partnership announcement) 30mm Jul 23, 2019 $10.00 25mm Stock Data 1/30/20 Valuation Multiples Closing Price $10.47 EV / CY19E Revenue 0.9x $8.00 20mm 52 Week High $18.53 EV / CY20E Revenue 0.9x $6.00 15mm 52 Week Low $4.33 EV / CY19E Adj. EBITDA 9.1x $4.00 10mm FD Shares Outstanding 113.5 EV / CY20E Adj. EBITDA 9.6x $2.00 5mm Equity Value $1,188 $0.00 0mm Plus: Debt & Minority Interest $4,449 Price / CY19E EPS 11.4x Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Less: Cash and Equivalents $270 Price / CY20E EPS 12.2x Enterprise Value $5,367

Source: Capital IQ as of 1/30/20, Company websites, press releases. (1) New York Times, 7/23/19; Wall Street Journal, 7/23/19. 55 (2) Projected figures per Wall Street Research. Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix CASE STUDY: AMAZON + REALOGY PARTNERSHIP (TURNKEY)

TurnKey Details 1 TurnKey matches Home Purchase Amazon Credit Price Package Value Online platform to connect home buyers with Realogy’s real estate buyer with Realogy agents and Amazon’s move-in products and services at steep discounts agent $150K - $399K $1,000 2 Realogy agent works with buyer Connects homebuyers with Offers move in benefits like: to purchase home $400K - $699K $2,500 agents through subsidiaries: • Amazon Smart Home 3 products & services Amazon provides • Amazon Move buyers credits to $700K+ $5,000 set up & furnish new home

Current Realogy Market Foothold TurnKey Geographic Scope

Relocation Brokerage Seattle

Minneapolis / St. Paul

Sacramento Franchising Denver Chicago San Francisco Washington, D.C.

Los Angeles Charlotte

Phoenix Dallas / Fort Worth Atlanta Settlement Mortgage Houston Orlando (Joint Venture Partner) Tampa

Source: Company websites, press releases. 56 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix CASE STUDY: VTS RAISES $90MM IN SERIES D ROUND

Transaction Overview VTS Overview Headquarters: New York, NY − On May 7, VTS announced that it had Founded: 2012 received $90MM in its series D round of Description: Provider of a commercial property leasing and asset management funding led by customer and new investor platform. The Company’s platform allows landlords to maximize Brookfield Ventures, the technology portfolio performance by streamlining their leasing and asset Series D investment arm of Brookfield Asset management process and unlocking real-time insights Management (NYSE:BAM) History: Merged with competitor Hightower Inc. in 2016 − The investment puts VTS’s total equity raised at $197MM with a post-money valuation at Current Investors: ~$1.0Bn $90MM Invested − VTS plans to use the proceeds to enhance its commercial property management platform and launch Truva, its CRE marketplace VTS Fundraising Timeline VTS Highlights ($MM) Seed Series A Series A1 Series B Series C Merger(2) Series D Product Summary Market-Leading Position (1) Date 6/27/12 12/2/13 1/14/15 7/15/15 5/4/16 11/29/16 5/7/19

VTS 3 VTS Marketview 47,000 Amount Raised $1.4 $7.0 $3.3 $21.0 $55.0 $19.2 $90.0 Buildings Business Business managed Raised to Date $1.4 $8.4 $11.7 $32.7 $87.7 $106.9 $196.9 Intelligence Intelligence Post-Money $10.6 $23.5 $33.3 $90.3 $186.0 $300.0 $1,000.0 $10Bn+ Valuation Inventory Square Feet Select Deal Commentary Management Real-Time Managed Property Generally a strong sign in any industry when a company’s largest Market Metrics 35 “ Tenant International customers are their leading investors. In my opinion, the long-term Management Markets outlook for VTS is extremely bright as it has found a way to equally align with brokers and owners with value creation tools that Deal Portfolio Risk 35,000 optimize otherwise archaic processes. Management Management Users ” Jesse Weber, Managing Director, Newmark Knight Frank Source: Crunchbase, Pitchbook, Wall Street Journal, Company website, press releases. (1) Figures as of 5/7/19. 57 (2) Represents merger with Hightower; Amount Raised represents Hightower’s funding to date; Post-Money Valuation represents valuation of combined company. Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix CASE STUDY: JLL, INC. (NYSE:JLL) ACQUIRES HFF, INC. (NYSE:HF)

Transaction Overview HFF Financial Detail Revenue EBITDA − On March 19, JLL announced a definitive $662 $662 $675 CAGR: agreement to acquire HFF for $24.63 in cash $609 and 0.1505 JLL shares per share for a total 5% consideration of $49.16 per HFF share based $517 Acquired on JLL share pricing as of March 18 − JLL estimates run-rate EBITDA synergies of $60MM as a result of the acquisition − The transaction supports JLL’s 2025 growth $2.1Bn target of doubling capital markets revenue $163 $169 $170 $176 from 2017 levels $134 CAGR: Announced 6% − The transaction is expected to close in the third quarter of 2019 HFF Stock Price Performance CY16A CY17A CY18A CY19E CY20E ($MM, except per share data) $60.00 2.5mm Stock Data Transaction Valuation Multiples $49.16 / Share Metric Multiple $50.00 2.0mm Closing Price (4/22/2019) $47.72 EV / Revenue 52-Week High $49.25 CY18A $662 3.1x $40.00 52-Week Low $31.38 CY19E $662 3.1x 1.5mm CY20E $675 3.1x $30.00 Transaction Premium Premium to 1 Day Prior 6% EV / Adj. EBITDA 1.0mm Premium to 30-Day VWAP 9% CY18A $169 12.3x $20.00 Premium to 1-Year VWAP 24% CY19E $170 12.3x 0.5mm CY20E $176 11.9x $10.00 At $49.16 per Share: $0.00 0.0mm FDSO 41.4 Net Debt $47 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Equity Value $2,036 Enterprise Value $2,083

Source: Capital IQ as of 1/25/20, Company websites, press releases, William Blair Equity Research. 58 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix CASE STUDY: JLL, INC. (NYSE:JLL) ACQUIRES HFF, INC. (NYSE:HF)

HFF Highlights Full-Service Capital Markets Capabilities Two Large Customer Segments $100Bn 2,587 Transaction Transactions Volume in 2018 in 2018

Capital Providers Capital Consumers − Banks − Developers $81Bn 1,074 − Debt Funds − Private Owners − REITs − Private Equity Funds Loan Servicing Associates − Life Insurance Cos. − Institutional Investors Portfolio Worldwide − Family Offices − REITs − Private Equity Transaction Highlights

The combination with HFF provides a unique HFF's deep distribution network combined with Pro-Forma 2018 Financial

“opportunity to accelerate growth and establish JLL “JLL's originations platform will accelerate our “ “ Profile vs. JLL Standalone as a leading capital markets intermediary, with origination and debt replacement volumes. outstanding capabilities. Consolidated 11% Fee Revenue Christian Ulbrich, CEO, JLL Stephanie Plaines, CFO, JLL Capital Markets 68% Fee Revenue

It will allow us to accelerate the growth of our This is a terrific transaction for our shareholders, Consolidated 21%

“Capital Markets presence in the U.S. and globally, “providing them with an immediate cash payment Adj. EBITDA “ as well as great enhanced capabilities for our and the opportunity to participate in the “ long- clients and build an even stronger talent platform. term value of the combined company. Adj. EBITDA 9% % Margin Christian Ulbrich, CEO, JLL Mark Gibson, CEO, HFF Cash Flow from 34% Operations

Source: Company investor presentations, Company websites, press releases, filings. 59 I. PROPTECH MARKET SUMMARY

II. PUBLIC MARKETS

III. RESIDENTIAL REAL ESTATE TRENDS

IV. COMMERCIAL REAL ESTATE TRENDS

V. MORTGAGE & FINANCING TRENDS

VI. ADDITIONAL TRANSACTION CASE STUDIES

VII. M&A AND MARKET COMPS BACK-UP

VIII. GCA 2019 TRANSACTION CASE STUDIES

60 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix APPENDIX Select M&A Activity ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description Provider of data science, machine learning and human interaction to help real estate professionals better 12/18/2019 NA NA NA NA NA leverage the value of their personal network 12/18/2019 NA NA NA NA NA Provider of technology for home subscription sign-ups, and associated concierge offerings

12/11/2019 NA NA NA NA NA Provider of an Investor Relationship Management (IRM) platform

12/6/2019 NA NA NA NA NA Provider of augmented reality technology for home improvement technicians Provider of a system designed to integrate artificial intelligence and machine learning solutions into an 11/19/2019 NA NA NA NA NA organization's overall business strategy 11/12/2019 NA NA NA NA NA Provider of real estate marketing automation services

11/7/2019 $400 NA NA NA NA Provider of Relocation assets of Realogy's Cartus subsidiary Global Relocation Business

11/6/2019 580 11.6x NA NA NA Provider of property management SaaS solutions

11/6/2019 NA NA NA NA NA Provider of an automated RFP solution for commercial real estate property managers

10/28/2019 NA NA NA NA NA Provider of cloud-based document management technologies for the mortgage industry

2019 10/16/2019 NA NA NA NA NA Provider of a lease automation and software platform for retail landlords

10/1/2019 450 7.0x (1) NA 28.1x(1) NA Provider of data benchmarking, analytics and marketplace insights to global hospitality sectors Provider of a search platform for real estate properties designed to collaborate and make the process of finding 10/1/2019 NA NA NA NA NA and purchasing a home more efficient and personalized Provider of property tax management services to lenders, real estate investment trusts, and property 9/25/2019 NA NA NA NA NA management companies 9/20/2019 152 NA NA NA NA Provider of storage facility services

9/12/2019 NA NA NA NA NA Developer of a software platform for real estate brokers

9/10/2019 NA NA NA NA NA Provider of an end to end marketplace designed to make renting apartments easy

9/6/2019 NA NA NA NA NA Provider of a showing scheduling platform for the residential real esttate industry

9/5/2019 NA NA NA NA NA Provider of national residential and commercial title and escrow services

8/27/2019 NA NA NA NA NA Platform offering empty restaurant spaces as co-working spaces during the closed hours

Source: Capital IQ as of 1/25/20, Pitchbook, Company filings. (1) LTM multiples reflect 2019E figures. 61 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix APPENDIX Select M&A Activity (cont’d) ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 8/22/2019 NA NA NA NA NA Largest vacation rental marketplace in the Canadian market Provider of an end-to-end SaaS platform for the residential real estate industry, offering various agent 8/21/2019 NA NA NA NA NA productivity tools 8/19/2019 NA NA NA NA NA Predictive analytics and data-driven marketing automation platform for the residential real estate industry

8/8/2019 NA NA NA NA NA Provider of business intelligence software for the construction industry

8/6/2019 NA NA NA NA NA Online marketplace for furnished apartments aimed at the vacation, business and student markets

8/31/2019 NA NA NA NA NA Provider of AI-powered data extraction solutions for real estate and corporate documents Workplace real estate management and operations platform, offering space planning and portfolio 7/30/2019 NA NA NA NA NA optimization 7/24/2019 NA NA NA NA NA Real estate investment analytics platform offering valuation tools

7/16/2019 NA NA NA NA NA Provider of project management software for commercial property owners and developers

7/10/2019 NA NA NA NA NA Tech-enables direct mortgage lender targeting the luxury buyer segment

2019 7/9/2019 NA NA NA NA NA Provider of a predictive listing and lead generation platform for the rresidential real estate industry

6/20/2019 NA NA NA NA NA Online multifamily marketplace service for student housing in the United States provider of technology for tracking and engaging potential multifamily property residents and analyzing 6/20/2019 NA NA NA NA NA marketing returns Provider of advisory services, data management, partner management, application management and data 6/12/2019 NA NA NA NA NA analytics for the commercial real estate industry The credit, flood, income and tax verification services, government services, REO management and disposition, 6/4/2019 NA NA NA NA NA (Select Businesses) online foreclosure auction and homeowners association (HOA) tracking units of Chronos Solutions 6/3/2019 NA NA NA NA NA Provider of research, data and analytics to the commercial real estate industry in North America and Europe Provider of ERP software and SaaS for the multifamily and commercial real estate sectors, providing features 5/23/2019 NA NA NA NA NA for accounting, budgeting and forecasting, job costing, lease management, reporting and Web design Online marketplace and SaaS platform supporting commercial real estate (“CRE”) brokers through property 5/13/2019 NA NA NA NA NA marketing, transaction management and business intelligence tools Provider of cloud-based real estate and location data platforms serving more that 350,000 business and 5/13/2019 NA NA NA NA NA government users Provider of cloud-based operations management software that automates enterprise asset management 5/3/2019 $500 NA NA NA NA workflows such as work order, inventory, energy, capital planning and facility scheduling

Source: Capital IQ as of 1/25/20, Pitchbook, Company filings. 62 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix APPENDIX Select M&A Activity (cont’d) ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description Operator of a network connecting agents and jurisdictions that underpin residential mortgage records, 5/1/2019 $335 NA NA NA NA streamlining the local recording of residential mortgage transactions Provider of real etstate transaction forms and transaction management software for the residential real estate 4/22/2019 NA NA NA NA NA industry Online mortgage lender leveraging advanced analytics to offer no origination fees, fast approvals and 4/17/2019 NA NA NA NA NA competitive rates 4/3/2019 220 NA NA NA NA Provider of an office space management platform and office management logistics

4/1/2019 NA NA NA NA NA Provider of loan origination and servicing software systems for the residential real estate lending industry

3/26/2019 NA NA NA NA NA Provider of an operational cost analytics platform for commercial real estate facilities

3/19/2019 2,083 3.1x 3.1x 12.3x 12.3x Provider of capital markets and brokerage services to owners of commercial real estate

3/13/2019 205 NA NA NA NA Provider of environmental due diligence information

(1) 3/7/2019 ~400 NA NA NA NA Provider of an online hotel booking platform offering low rates on last-minute bookings

3/5/2019 NA NA NA NA NA Operator of a real estate appraisal firm that specializes in right-of-way appraisal and litigation

2019 3/4/2019 NA NA NA NA NA Operator of a luxury residential real estate company focusing on the San Francisco Bay Area

3/1/2019 NA NA NA NA NA Provider of an online real estate brokerage offering low-cost home sales

2/27/2019 NA NA NA NA NA Provider of AI-based customer relationship management SaaS to real estate brokers and agents Provides an online platform for home exchanges, connecting like-minded travelers and enabling them to swap 2/14/2019 NA NA NA NA NA vacation homes (2) (2) 2/12/2019 3,390 7.1x 6.3x 27.7x 21.9x Provider of loan origination SaaS for the financial sector

2/7/2019 NA NA NA NA NA Provider of residential real estate workflow and transaction management software

2/7/2019 NA NA NA NA NA Developer of a data platform that tracks the identity and behavior of people in the physical world

2/4/2019 NA NA NA NA NA Provider of operating cost analytics software for large data center operators

1/9/2019 / NA NA NA NA NA Provider of applicant screening platforms for the multifamily real estate industry and corporate employers

1/8/2019 NA NA NA NA NA Provider of an AI tool that automates leasing communication for property managers

Source: Capital IQ as of 1/25/20, Pitchbook, Company filings. (1) Per Skift report, 3/8/19. 63 (2) EBITDA multiples based on adjusted EBITDA. Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix APPENDIX Select M&A Activity (cont’d) ($MM)

Date($MM) Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 1/7/2019 NA NA NA NA NA Provider of national real estate data and analytics 2019 Provider of an online analysis website for consumers seeking advice on financial topics such as insurance, 12/21/2018 $105 6.3x NA 8.8x NA investing and credit cards Developer of a construction bid management platform designed to connect businesses in the construction 12/20/2018 275 NA NA NA NA industry 12/17/2018 NA NA NA NA NA Provider of marketing services for real estate in Chantilly, Virginia

12/6/2018 NA NA NA NA NA Provider of real estate settlement and title underwriting services Provider of an online hotel booking platform intended to serve the travelers, expets and locals around the 12/6/2018 NA NA NA NA NA world 12/5/2018 NA NA NA NA NA Provider of software designed to offer workplace space management and optimization Provider of appraisal and title management services to mortgage originators, quality control companies, due 11/21/2018 NA NA NA NA NA diligence firms, and other institutions involved in the real estate finance industry 11/20/2018 875 NA 8.8x NA NA Developer of a construction productivity software intended to deliver real-time project information Provider of an online property rental management platform designed to make the rental process simple, 11/8/2018 68 NA NA NA NA secure and intuitive

2018 11/6/2018 NA NA NA NA NA Provider of information services that help clients in processing real estate transactions

10/25/2018 NA NA NA NA NA Developer of a property management platform designed to offer information on short-term rentals Provides SaaS-based insurance claims management mobile applications for businesses in the property and 10/22/2018 122 3.5x NA 40.2x NA health insurance sector Also provides insurance claims analytics and change management services 10/12/2018 57 NA 6.3x NA NA Developer of data analytics platform intended to provide business intelligence to manage properties

(1) Provides an online automotive, home, renter's and health insurance quote comparison service for consumers 10/4/2018 370 2.4x NA 14.5x NA as well as lead generation services for insurance agents and other businesses 10/2/2018 NA NA NA NA NA Operates a high-end serviced home rentals platform for rental properties in sixteen countries around the world LoanDecisions, LoanLogics' product, pricing and eligibility (PPE) unit, offers a platform that allows lenders to 10/1/2018 NA NA NA NA NA (LoanDecisions Unit) quickly process and price mortgages and other loan products 9/11/2018 NA NA NA NA NA Provides an online marketplace designed to make buying a home simple and affordable

8/30/2018 263 5.1x 4.6x 17.0x 14.9x Provides information and marketing services to the commercial real estate industry

8/29/2018 NA NA NA NA NA Leading luxury real estate brokerage serving California

Source: Capital IQ as of 1/25/20, Pitchbook, Company filings. (1) Includes $70.2MM in potential earn-outs. 64 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix APPENDIX Select M&A Activity (cont’d) ($MM)

Date($MM) Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description Develops an online real estate referrals platform designed to match top agents with qualified home buyers and 8/29/2018 $210 NA NA NA NA sellers in real-time 8/22/2018 NA NA NA NA NA Provides an online platform designed to offer on-demand home repair services

8/8/2018 6,675 3.7x 3.8x 12.5x 12.6x Provider of business information and software for risk and supply management decisions

8/6/2018 NA NA NA NA NA Operates an online direct mortgage lending company

8/2/2018 117 (1) 5.9x NA NA NA Operates an innovative interactive media company intended to support the apartment industry Focuses on reducing expense and exposure of clients' portfolios from origination to disposition, enabling 8/2/2018 NA NA NA NA NA (Mortgage Solutions Business) clients to manage risk across the mortgage lifecycle 7/31/2018 2,000 7.4x NA 20.0x NA Provides enterprise contract management software Develops whole loan mortgage trade management software intended to bring automation and transparency to 7/10/2018 NA NA NA NA NA the spot market for mortgage loans 7/10/2018 NA NA NA NA NA Develops cloud-based software intended to improve government processes

7/9/2018 NA NA NA NA NA Operates a residential real estate brokerage in the San Francisco Bay Area

2018 7/2/2018 39 1.1x NA 12.2x NA Provides commission free real estate services Develops real-time facility support software services intended for facility maintenance management and 6/12/2018 290 NA NA NA NA process optimization Provides software which helps maintenance teams manage work orders, organize / execute preventative 6/6/2018 NA NA NA NA NA maintenance, predict asset maintenance and manage enterprise assets and equipment inventory 6/4/2018 NA NA NA NA NA Developer of facility scheduling and event management software

6/4/2018 NA NA NA NA NA Develops a mortgage processing software designed to accelerate the speed and scaling of mortgage processing Provides a searchable real estate classified ads website of properties for sale or rent for consumers in the UK 5/11/2018 3,208 9.7x 7.6x 27.8x 19.6x Also provides online home value reference content and related rental mobile apps 5/1/2018 $97 NA NA NA NA Provider of property data analytics to the financial sector (Australia) 4/23/2018 1,200 NA 6.0x NA NA Provides cloud, SaaS, and on premise commercial construction software solutions

4/20/2018 219 9.9x 6.8x NA NA Provides a SaaS-based payment and billing platform for the multi-family and commercial real estate industry

4/12/2018 NA NA NA NA NA Develops desktop, mobile, and Web tools for real estate and mortgage industries

Source: Capital IQ as of 1/25/20, Pitchbook, Company filings. (1) Includes $14.0MM in potential earn-outs. 65 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix APPENDIX Select M&A Activity (cont’d) ($MM)

Date($MM) Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 3/21/2018 NA NA NA NA NA Provides cloud-based medical device and facilities management SaaS for the healthcare industry

3/13/2018 $205 2.8x NA NA NA Provides environmental risk information services and solutions

3/8/2018 NA NA NA NA NA Provides housing software and services intended to help housing authorities effectively manage processes Provides servicing, origination, and transaction based services primarily to single-family residences in the 2/12/2018 3,587 2.2x 1.7x NM NM United States

2018 2/8/2018 NA NA NA NA NA Develops software for property management

Provides automotive finance and real-estate lending software solutions for banks, thrifts, credit unions, 2/7/2018 419 (1) NA NA NA NA (Lending Solutions Business) mortgage companies, and captive finance companies in the United States Provides cloud-based construction program management software to meet the needs of repeat builders in the 2/2/2018 485 9.2x NA NA NA construction industry Provides mobile physical asset management and surveying SaaS for the education, retail, healthcare, 1/3/2018 NA NA NA NA NA government, infrastructure, leisure and commercial property sectors globally 12/14/2017 NA NA NA NA NA Provides property management, accounting and facilities management software Provides an online portal that provides information on real estate properties Its portal provides ads and other 11/17/2017 NA NA NA NA NA advertising materials for real estate Develops an online rental platform designed to help people with disabilities find reasonable and accessible 11/16/2017 NA NA NA NA NA accommodations when traveling 11/7/2017 NA NA NA NA NA Provides engineering content management software for businesses and government agencies globally

10/23/2017 NA NA NA NA NA Developer of rental housing software designed to manage complex tenancy relationships Provides a cloud-based software system for clients in the condominium development and sales sector with a 10/17/2017 NA NA NA NA NA

2017 comprehensive web-based application Develops cloud-based transaction management systems designed to create, store, sign and manage all listing, 10/16/2017 NA NA NA NA NA sales and lease files online Provides housing management software for public housing authorities and private affordable housing 10/16/2017 NA NA NA NA NA developments Develops and supplies real estate management software designed to provide full access to vital information in 10/4/2017 NA NA NA NA NA real estate Develops a SaaS-based real estate transaction management software created to help real estate agents manage 10/2/2017 NA NA NA NA NA their transactions online Operates an online rental search destination that connects apartment shoppers to rental properties throughout 9/12/2017 385 3.9x NA 25.7x NA the United States and Canada 9/8/2017 NA NA NA NA NA Provider of real estate listing management technology to developers and builders

Mean 5.2x 5.7x 19.8x 15.7x Median 4.5x 6.2x 17.0x 14.9x

Source: Capital IQ as of 1/25/20, Pitchbook, Company filings. (1) Represents value of the 55% stake acquired. 66 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix REAL ESTATE TECHNOLOGY ECOSYSTEM

($MM, except per share data) Stock Trading Metrics Operating Metrics Price Equity Net Enterprise Revenue EV / Revenue EV / EBITDA CY Rev. Growth EBITDA Margin Company 02/05/20 Value Debt Value CY19E CY20E CY19E CY20E CY19E CY20E 18A/19E 19E/20E CY19E CY20E

RE Media / Portals CoStar Group, Inc. $665.46 $24,379 ($1,252) $23,127$1,389 $1,654 16.6x 14.0x NMNM 16.6% 19.1% 35.9% 32.2% Zillow Group, Inc. $49.13 10,192 125 10,3182,6144,5413.9x 2.3x NMNM 96.0% 73.7% 0.3% (1.0%) Scout24 AG $71.147,719 820 8,539 692751 12.3x 11.4x 25.4x 21.1x9.9% 8.5% 48.5% 53.8% REA Group Limited $75.93 10,001 121 10,122 610656 16.6x 15.4x 29.5x 25.6x (7.5%) 7.5% 56.2% 60.4% Rightmove plc $8.947,812(53)7,760 384406 20.2x 19.1x 26.4x 25.0x 12.5% 5.8% 76.6% 76.4% LIFULL Co.,Ltd. $5.36 719 (52) 667 377414 1.8x 1.6x 12.3x 9.2x 18.8% 9.6% 14.4% 17.6% RE Media / Portals Mean 11.9x 10.6x 23.4x 20.2x 24% 21% 39% 40% Median 14.5x 12.7x 25.9x 23.1x 15%9% 42% 43%

RE Data / RE Software Black Knight, Inc. $68.24 $10,077 $1,677 $11,754$1,178 $1,207 10.0x 9.7x 20.2x 19.6x 12.0% 2.5% 49.5% 49.8% CoreLogic, Inc. $47.753,797 1,7765,573 1,7611,7203.2x 3.2x 11.3x 10.9x (4.9%) (2.4%) 28.0% 29.8% Altus Group Limited $32.951,312 128 1,440 433461 3.3x 3.1x 21.7x 19.2x 14.0% 6.4% 15.3% 16.2% Real Matters Inc. $10.70 907 (72) 835 359415 2.3x 2.0x 21.4x 18.8x 20.5% 15.6% 10.8% 10.7% RE Data / RE Software Mean 4.7x 4.5x 18.7x 17.1x 10%6% 26% 27% Median 3.2x 3.2x 20.8x 19.0x 13%4% 22% 23%

Property Management Software RealPage, Inc. $59.25 $5,483 $467 $5,950 $985 $1,1516.0x 5.2x 21.1x 19.0x 46.9% 16.8% 28.6% 27.2% AppFolio, Inc. $133.52 4,548 32 4,580 255324 17.9x 14.1x NMNM 77.5% 27.1% 14.4% 16.5% Agilysys, Inc. $35.45 824 (28) 796 156177 5.1x 4.5x NMNM 24.2% 13.1% 7.5% 8.1% Property Management Software Mean 9.7x 7.9x 21.1x 19.0x 50% 19% 17% 17% Median 6.0x 5.2x 21.1x 19.0x 47% 17% 14% 17%

Residential Brokerage eXp World Holdings, Inc. $11.37 $736 ($31) $705 $963 $1,4070.7x 0.5x NMNM 516.9% 46.1% 0.7% 2.0% Purplebricks Group plc $1.48 454 (51) 403 166168 2.4x 2.4x NMNM 51.0% 1.1% (7.0%) 8.3% Realogy Holdings Corp. $11.601,187 4,1795,366 5,8745,6530.9x 0.9x 9.1x 9.6x (3.9%) (3.8%) 10.0% 9.9% Redfin Corporation $25.402,343(68)2,275 764 1,0193.0x 2.2x NMNM 106.4% 33.4% (6.1%) (2.9%) RE/MAX Holdings, Inc. $39.64 707201908 282289 3.2x 3.1x 8.8x 8.6x 45.8% 2.2% 36.6% 36.4% Residential Brokerage Mean 2.1x 1.8x 8.9x 9.1x 143% 16%7% 11% Median 2.4x 2.2x 8.9x 9.1x 51%2%1%8%

Source: Capital IQ as of 2/5/20. “NM” signifies multiple >40x. 67 eXp World Holdings and Purplebricks Group excluded from Residential Brokerage’s EV / EBITDA calculation. Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix REAL ESTATE TECHNOLOGY ECOSYSTEM (CONT’D)

Commercial Brokerage CBRE Group, Inc. $63.93 $20,942 $3,861 $24,802$23,613 $25,3401.1x 1.0x 12.1x 11.4x 26.8% 7.3% 8.7% 8.6% Colliers International Group Inc. $84.593,370 804 4,174 3,0563,2771.4x 1.3x 11.5x 10.3x 25.5% 7.2% 11.9% 12.3% Cushman & Wakefield plc $19.854,351 2,9707,320 8,7359,3420.8x 0.8x 10.4x 9.6x 26.2% 7.0% 8.1% 8.1% Jones Lang LaSalle Incorporated $177.16 9,130 3,020 12,15010,017 10,8591.2x 1.1x 11.3x 10.4x 25.7% 8.4% 10.8% 10.8% Newmark Group, Inc. $12.352,222 1,3193,541 2,2522,3801.6x 1.5x 6.2x 5.9x 44.1% 5.7% 25.2% 25.3% Savills plc $15.912,167 533 2,699 2,5592,5901.1x 1.0x 10.7x 10.1x 18.3% 1.2% 9.8% 10.3% Marcus & Millichap, Inc. $36.901,444(262)1,182 784833 1.5x 1.4x 10.6x 10.0x9.0% 6.2% 14.2% 14.2% Commercial Brokerage Mean 1.2x 1.2x 10.4x 9.7x 25%6% 13% 13% Median 1.2x 1.1x 10.7x 10.1x 26%7% 11% 11%

Traditional Mortgage / Title Fidelity National Financial, Inc. $49.03 $13,484 ($340) $13,144$8,318 $8,1171.6x 1.6x 8.6x 10.2x8.5% (2.4%) 18.3% 15.9% First American Financial Corporation$62.797,054(430)6,624 6,1316,0671.1x 1.1x 6.5x 7.2x6.2% (1.0%) 16.5% 15.2% Radian Group Inc. $25.545,137 929 6,067 1,4941,5014.1x 4.0x NMNM 22.3% 0.5% NANA Stewart Information Services Corporation $43.171,023(130) 894 1,9361,8810.5x 0.5x 4.9x 7.3x (1.1%) (2.8%) 9.4% 6.5% Altisource Portfolio Solutions S.A. $19.38 304212516 634 NA 0.8x NM 8.4x 5.7x (32.7%) NA 9.7% NA Traditional Mortgage / Title Mean 1.6x 1.8x 7.1x 7.6x 1% (1%) 14% 13% Median 1.1x 1.4x 7.4x 7.2x 6% (2%) 13% 15%

Credit / Mortgage Marketing LendingTree, Inc. $313.68 $4,078 $326 $4,403$1,114 $1,2944.0x 3.4x 21.8x 18.9x 80.3% 16.2% 18.2% 18.0% Moneysupermarket.com Group PLC $4.262,286 16 2,302 514534 4.5x 4.3x 12.3x 11.9x 15.4% 3.8% 36.3% 36.1% QuinStreet, Inc. $12.59 645 (55) 590 479533 1.2x 1.1x 17.4x 10.3x 42.7% 11.2% 7.1% 10.8% Credit / Mortgage Marketing Mean 3.2x 2.9x 17.2x 13.7x 46% 10% 21% 22% Median 4.0x 3.4x 17.4x 11.9x 43% 11% 18% 18%

RE Sharing Economy / Travel Booking Holdings Inc. $1,939.29 $81,170 $1,672 $82,842$15,021 $16,1535.5x 5.1x 14.2x 13.2x 18.5% 7.5% 38.8% 39.0% Expedia Group, Inc. $111.10 16,097 1,008 17,10512,103 13,0981.4x 1.3x 8.1x 7.5x 20.3% 8.2% 17.5% 17.3% TripAdvisor, Inc. $29.294,083(764)3,319 1,5641,6292.1x 2.0x 7.6x 7.2x0.5% 4.1% 27.9% 28.4%

RE Sharing Economy / Travel Mean 3.0x 2.8x 10.0x 9.3x 13%7% 28% 28% Median 2.1x 2.0x 8.1x 7.5x 18%8% 28% 28%

Source: Capital IQ as of 2/5/20. “NM” signifies multiple >40x. 68 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix REAL ESTATE TECHNOLOGY ECOSYSTEM (CONT’D)

Broader Data Experian plc $35.76 $32,156 $4,212 $36,368$5,002 $5,3887.3x 6.8x 21.5x 18.8x 10.7% 7.7% 33.8% 35.9% TransUnion $94.82 17,855 3,587 21,4422,6482,8778.1x 7.5x 20.7x 18.8x 37.0% 8.6% 39.1% 39.7% Equifax Inc. $155.89 18,876 3,142 22,0183,5093,7166.3x 5.9x 18.7x 17.3x4.4% 5.9% 33.6% 34.3% Moody's Corporation $264.34 49,894 4,549 54,4434,7835,075 11.4x 10.7x 23.5x 21.9x 13.8% 6.1% 48.4% 49.0% Fair Isaac Corporation $410.81 11,974 912 12,8861,1851,277 10.9x 10.1x 33.9x 30.3x 25.4% 7.7% 32.1% 33.3%

Broader Data Mean 8.8x 8.2x 23.7x 21.4x 18%7% 37% 38% Median 8.1x 7.5x 21.5x 18.8x 14%8% 34% 36%

Source: Capital IQ as of 2/5/20. “NM” signifies multiple >40x. 69 I. PROPTECH MARKET SUMMARY

II. PUBLIC MARKETS

III. RESIDENTIAL REAL ESTATE TRENDS

IV. COMMERCIAL REAL ESTATE TRENDS

V. MORTGAGE & FINANCING TRENDS

VI. ADDITIONAL TRANSACTION CASE STUDIES

VII. M&A AND MARKET COMPS BACK-UP

VIII. GCA 2019 TRANSACTION CASE STUDIES

70 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix CASE STUDY: SHOWINGTIME ACQUIRES CENTRALIZED SHOWING SERVICE

GCA acted as exclusive finanical advisor to ShowingTime, a leading showing software and market stats service provider for the residential real estate industry, on its acquisition of Centralized Showing Service.

Transaction Summary Strategic Rationale » On September 6th, ShowingTime announced its » The two established companies bring together a acquisition of Centralized Showing Service to better serve combined 43 years of experience helping real estate the needs of clients in the residential real estate industry professionals and their clients use technology to » ShowingTime’s products automate the showing efficiently manage showings and feedback, while also scheduling and management process for MLSs, providing market reports, recruiting tools and other associations, offices and agents; simplify the report software products generating process using MLS data; and deliver buyer » This acquisition will enable ShowingTime to leverage the leads generated from real estate websites two platforms to best serve the needs of their clients now » Centralized Showing Service provides a single phone and in the future. It will also fuel further investments in number in each market they serve for all real estate research and development to provide innovative, agents to schedule showings for their buyers in hope to streamlined products and solutions to the residential real enable agents to organize more showings that convert estate industry into faster sales » Centralized Showing Service’s clients will have access to » GCA acted as exclusive financial advisor to ShowingTime technology-rich products that blend the best features of in connection with the transaction both companies’ offerings and equip them to serve their clients even more efficiently

71 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix CASE STUDY: SALE OF INSIDE REAL ESTATE TO LOVELL MINNICK PARTNERS

GCA acted as exclusive finanical advisor to Inside Real Estate, a leading provider of software solutions for top brokerages, agents and teams, on its majority investment from Lovell Minnick Partners.

Transaction Summary Strategic Rationale » On August 20, 2019, Inside Real Estate (“IRE”) announced » IRE is one of the fastest growing independently-owned a majority investment from Lovell Minnick Partners real estate software companies and a trusted technology (“Lovell Minnick”) partner to agents, teams and top brokerages – Financial terms of the transaction were not disclosed – Serves industry primarily comprised of point solution » Headquartered in Salt Lake City, the Company’s flagship providers real estate software platform, kvCORE, is a modern and – Over 200,000 top agent, team, and brokerage comprehensive solution known for delivering profitable customers growth at every level of a brokerage organization – Products focus on increasing brokerage profitability, » Lovell Minnick is a private equity firm focused on driving team and agent success and enhancing investments in the global financial services industry, business differentiation for customers including related technology and business services companies. Since its inception in 1999, Lovell Minnick has – Investment comes during a period of substantial raised $3.2Bn in committed capital and has completed revenue growth and sustained profitability investments in over 50 platform companies » Transaction will fuel IRE’s continued growth, provide » GCA acted as exclusive financial advisor to IRE and its financing for future acquisition opportunities and help owner, NexPhase Capital, in connection with the create the best environment to attract, develop and transaction retain top talent

72 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix CASE STUDY: SALE OF FINANZEN GROUP TO ALLIANZ

GCA Altium advises the shareholders of Finanzen Group on the sale to Allianz via Allianz X

Transaction Summary Strategic Rationale » On May 20, 2019, Allianz announced its acquisition of » Headquartered in Berlin, Germany, Finanzen Group is the Finanzen Group leading B2B marketplace targeting the market of high- » GCA Altium acted as exclusive financial adviser to Eli value customer leads for insurance and financial products Global on the sale of Finanzen Group to Allianz via Allianz in Europe X » The company uses a proprietary technology platform to » Eli Global acquired Finanzen Group only in 2018, where connect lead generators and buyers in real-time GCA Altium acted as a financial adviser to BlackFin and » Finanzen Group additionally acts as a licensed broker for the Founders certain insurance products in Germany and Switzerland » Due to the ambitious timeline, GCA Altium contacted » The company has successfully implemented a buy-and- exclusively parties that were involved in the last process build strategy and acquired several companies across to ensure a sufficient level of understanding for the Europe, such as 2media, Village Conseil, Seguras, E-finity market and the business model amongst bidders Leads, Comfortplan and its latest acquisition was AGT » Allianz only entered the process at a later stage, when Media in the UK most other bidders had completed large parts of their » Finanzen Group was seeking a strong partner to further due diligence, but emerged as the highest and most strengthen its clear #1 position in Europe and potentially motivated bidder continue its successful history of international expansion » The transaction is amongst the largest FinTech and » Due to potential regulatory changes, Eli Global was aiming InsurTech transactions to date in the DACH region for a fast and efficient process that would also realize an attractive valuation, reflecting the successful organic and inorganic growth of the business and the attractive opportunities for further future growth

73 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix CASE STUDY: SALE OF REAL CAPITAL MARKETS TO LIGHTBOX

GCA acted as exclusive financial advisor to Real Capital Markets, the leading commercial real estate transaction marketplace, SaaS transaction management and business intelligence platform, on its sale to LightBox, a portfolio company of Silver Lake and Battery Ventures.

Transaction Summary Strategic Rationale » On May 13, 2019, LightBox Holdings, L.P. (“LightBox”) » RCM is central to Lightbox’s strategy of aggregating announced that it had completed the acquisition of transaction volume and deepening relationships with RealCapitalMarkets.com, LLC (“RCM” or “the Company”) large commercial services firms to expand its upstream – Financial terms of the transaction were not disclosed connectivity to the commercial real estate transaction » Headquartered in Carlsbad, CA, RCM is a leading online – ~50% of all US CRE assets greater than $10MM are marketplace and SaaS platform supporting commercial brought to market and sold using RCM’s online real estate (“CRE”) brokers throughout the transaction marketplace process – Since inception, RCM has executed over 65,000 » RCM’s solutions include property marketing, transaction assignments with total consideration in excess of management and business intelligence tools to unify $2.3Tn broker-level and firm-level data and workflows – RCM’s customers rely on the Company’s workflow, » LightBox, a portfolio company of Silver Lake and Battery marketing, and business intelligence tools to drive Ventures, delivers smarter commercial real estate transactions and productivity decision-making through data, analytics, and workflow » Lightbox has acquired 4 companies that comprehensively innovations create a leading commercial real estate technology » GCA acted as exclusive financial advisor to RCM in platform focused on the transaction, lending data, and connection with the transaction analytics segments of the market – combined entity is a scale leader with established relationships with lenders, commercial services firms, and principal investors

74 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix CASE STUDY: SALE OF ZIPLOGIX TO LONE WOLF REAL ESTATE TECHNOLOGIES

GCA acted as exclusive financial advisor to zipLogix, a leading provider of real estate transaction management software, on its sale to Lone Wolf Technologies, a portfolio company of Vista Equity Partners.

Transaction Summary Strategic Rationale » On April 22, 2019, Lone Wolf Technologies (“Lone Wolf”) » zipLogix will enhance Lone Wolf’s position as the leader in announced that it had completed the acquisition of real estate transaction forms zipLogix LLC (“zipLogix” or the “Company”) − zipLogix management has advanced market − Financial terms of the transaction were not penetration in the Company’s forms business having disclosed successfully developed strong upsell opportunities » Headquartered in Fraser, Michigan, zipLogix is the leading including e-signature, CRM and database linking provider of real estate transaction forms and transaction solutions documentation management software for the residential » Lone Wolf will support zipLogix’s continued operations real estate sector and leverage the combined Company’s cross-selling » Lone Wolf, a portfolio company of Vista Equity Partners, opportunities provides real estate software solutions, such as back » The combined company will service over 1.4 million office management, marketing and e-signature platforms, agents, 20,000 offices, and 1,000 MLSs and Associations to more than 20,000 real estate offices across North in the U.S. and Canada America » GCA acted as exclusive financial advisor to zipLogix in connection with the transaction

75 Introduction Market Summary Public Markets RRE Trends CRE Trends Financing Trends Appendix CASE STUDY: SALE OF ATTOM DATA SOLUTIONS TO LOVELL MINNICK PARTNERS

GCA acted as exclusive financial advisor to ATTOM, a leading provider of national real estate data solutions, on its sale to Lovell Minnick Partners.

Transaction Summary Strategic Rationale » On January 8, 2019, Lovell Minnick Partners announced » ATTOM is a leading, scale platform investment in the real that it had completed the acquisition of ATTOM Data estate data solutions market Solutions (“ATTOM” or the “Company”) − Company’s proprietary data solutions include − Financial terms of the transaction were not property tax, deed, mortgage, foreclosure, disclosed environmental risk, natural hazard and » Headquartered in Irvine, California, ATTOM is a leading neighborhood data for 150+ million U.S. residential provider of comprehensive data solutions to the real and commercial properties, covering 99% of the estate, mortgage, insurance, marketing and adjacent nation’s population markets − Company serves 225+ data customers with » Lovell Minnick Partners is a private equity firm with multiyear contracts expertise in investing in the financial technology and services industry. Since its inception in 1999, Lovell − ATTOM management has generated strong organic Minnick Partners has raised $2.7 billion in committed growth and successfully pursued accretive strategic capital and has completed investments in over 45 opportunities, including its acquisition of companies neighborhood data provider Onboard Informatics in early 2018 » GCA acted as exclusive financial advisor to ATTOM in connection with the transaction » Lovell Minnick will continue to support management in executing its strategic plan to build the leading technology platform in the real estate data industry

76 GCA is a global investment bank that provides strategic M&A, capital markets and private funds advisory services to growth companies and market leaders. The firm offers worldwide coverage with over 450 professionals in 23 offices across America, Asia and Europe. Built by the people that run the business, GCA is a firm of experts who focus on deals that require commitment, original perspective, skill and exceptional networks. www.gcaglobal.com

This report was prepared by GCA Advisors, LLC, a registered broker-dealer and member of FINRA and SIPC. Sources of data include Capital IQ and other news organizations. Information obtained from third- party sources is considered reliable, but we do not guarantee that the information herein is accurate and complete. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. Recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision.

DISCLAIMER: This report includes logos or other words or devices that may be registered trademarks of their respective owners. Such use is solely for purposes of convenience in referring to the trademark owners and their products/services. This report and its contents are not endorsed by, sponsored by or affiliated with any trademark owners. GCA Advisors, LLC and its affiliates are not affiliated with any trademark owner but may provide financial services to one or more trademark owners or their affiliates.