FINTECH SECTOR REPORT

January 2019 CASE STUDY: SALE OF ATTOM DATA SOLUTIONS TO LOVELL MINNICK PARTN ERS

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

2 BROAD AND DEEP FINTECH PRACTICE GCA has created a unique, interdisciplinary team of senior bankers across FinTech, Software, Private Capital and M&A to serve virtually all sub-sectors and business models across the FinTech market SELECTED BLUE CHIP STRATEGIC KEY STATS SECTOR COVERAGE & FINANCIAL CONTACTS

Strategic Acquirers Payments / Billing / Money Transfer 400+ Bankers globally Real Estate & Mortgage Technology

Insurance Technology 21 Offices globally Banking Technology

Online / Alternative Lending Continents – America, 3 Asia and Europe Investment & Wealth Technology

Blockchain / Crypto Private Equity / VC

Transactions in the last Regulatory Technology 375+ three years Trading & Capital Markets Technology

Cross-border BUSINESS MODEL COVERAGE 33%+ transactions

Information SaaS and Tech- Services / Transaction Enterprise Enabled Data & Processing Software Services Analytics

3 GCA FINTECH TEAM Strong sector and product expertise across FinTech and related sub-sectors

Chris Gough Paul DiNardo Rob Freiman Kegan Greene Managing Director Managing Director Director Director Software / FinTech M&A Head of Software FinTech - Payments FinTech - InsurTech Phone: (415) 318 - 3658 Phone: (212) 999 - 7097 Phone: (212) 999 - 7075 Phone: (415) 318 - 3686 Mobile: (415) 385 - 9427 Mobile: (650) 483 - 7246 Mobile: (973) 229 - 0436 Mobile: (917) 579 - 4838 [email protected] [email protected] [email protected] [email protected]

Selected Recent FinTech Experience

Preferred Financing Received an Preferred Financing Acquired by Acquired Acquired by Acquired by from investment from

We Advised Silver We Advised Liqid’s We advised Loanboox We advised Attom We advised GOQii Investment Partners We Advised QuoteWizard shareholder HQ Trust We Advised Bexio Banking & Lending Tech Real Estate Tech Insurance Technology Payments Insurance Technology Investment Technology Insurance Technology

Sold Sold majority stake to Acquired Acquired by Acquired by Acquired by Tender Offer for

To Asahi Fire & Marine Insurance Co. We Advised Risk International We Advised Principal We Advised CHX Fairness Opinion to Clearent We Advised FieldEdge We Advised BlackFin We Advised Asahi Insurance Technology Investment Technology Liquidity Venues Payments Financial SaaS Insurance Technology Insurance Technology

Sold stake in Sale of Acquired by Financing from Majority sale to Growth Investment Strategic Investment

To

We Advised WorkMarket We Advised RGI Shareholders We Advised Radius We Advised Skyslope Financial Advisor Financial Advisor We Advised ControlExpert Financial SaaS Insurance Technology Payments Real Estate Tech Banking & Lending Tech Payments Insurance Technology 4 FINTECH DEAL DASHBOARD Financing volume in Q1 ‘19 is on pace to exceed financing volume in Q1 ’18; M&A volume in Q1 ’19 is set to exceed Q1 ’18 volume due to Fiserv’s $22Bn acquisition of FirstData $48 Bn | 1,484 Deals $128 Bn | 757 Deals LTM Financing Volume LTM M&A Volume Select January Financing Transactions Select January M&A Transactions Date Company Selected Investors Amount Date Target Buyer Value

1/30/19 $500 1/22/19 $1,420

Thunder Bridge 1/29/19 $100 1/22/19 $653 Acquisition, Ltd.

1/28/19 $105 1/16/19 $22,000

1/23/19 $125 1/8/19 NA

1/18/19 $100 1/8/19 $200

1/10/19 $300 1/7/19 $445

Quarterly Financing Activity ($Bn) Quarterly M&A Activity ($Bn)

397 397 388 $19 223 377 378 378 222 216 192 212 177 308 155

$10 $10 $46 85 $9 145 $32 $8 $28 $26 $7 $5 $17 $17 $25 $4 $13

(1) Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 (1) Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19

$23.3 $12.7 $17.9 $19.4 $61.7 $26.5 $25.5 $25.4 $58.6 $147 $77.1 $240 $182 $124 $96.9 $296

Average Deal Size ($MM) Average Deal Size ($MM)

Notes: Source: Pitchbook. CapIq. GCA Deal Database. 5 Market data as of 1/31/19. GCA Transaction (1) Q1-19 data represents January only. FINTECH PUBLIC COMPANY LANDSCAPE FinTech sub-sectors and key operating stats ($Bn)

1 Banking & Lending Technology 2 Benefits Administration/Payroll 3 Financial SaaS

Combined Market Cap: $209 Combined Market Cap: $105 Combined Market Cap: $149 19/18 Rev. Growth: 7% 19/18 Rev. Growth: 12% 19/18 Rev. Growth: 20% 19 EBITDA Margin: 28% 19 EBITDA Margin: 28% 19 EBITDA Margin: 22%

4 Information Services 5 Insurance Technology

Combined Market Cap: $332 Combined Market Cap: $38 19/18 Rev. Growth: 5% 19/18 Rev. Growth: 9% 19 EBITDA Margin: 34% 19 EBITDA Margin: 16% Notes: 6 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 1/31/19. FINTECH PUBLIC COMPANY LANDSCAPE FinTech sub-sectors and key operating stats ($Bn)

6 Investment Technology 7 Liquidity Venues 8 Payments

Combined Market Cap: $241 Combined Market Cap: $273 Combined Market Cap: $981 19/18 Rev. Growth: 9% 19/18 Rev. Growth: 8% 19/18 Rev. Growth: 10% 19 EBITDA Margin: 28% 19 EBITDA Margin: 59% 19 EBITDA Margin: 27%

9 Real Estate & Mortgage Tech. 10 Trading Technology

Combined Market Cap: $210 Combined Market Cap: $115 19/18 Rev. Growth: 10% 19/18 Rev. Growth: 6% 19 EBITDA Margin: 17% 19 EBITDA Margin: 55% Notes: 7 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 1/31/19. FINTECH STOCK PRICE PERFORMANCE Financial SaaS leads the FinTech pack on an LTM basis

LTM Share Price Performance

45%

30% 28.2%

17.7% 17.2% 15% 15.0%

8.5%

3.5% 0% -3.9% -6.7% -8.4% -12.5% (15%)

(30%) Jan-18 Apr-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) Liquidity Venues 8) Payments 9) Real Estate & 10) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology 17.7% 15.0% 28.2% 3.5% 17.2% -12.5% -6.7% 8.5% -3.9% -8.4%

Notes: 8 Source: CapIq. Market data as of 1/31/19. FINTECH PUBLIC COMPANY VALUATION Financial SaaS outperforms the FinTech market on a revenue growth and EV / ’19E Revenue basis EV / Revenue EV / ‘19E Revenue

10.0x 10.0x

8.0x 8.0x 7.5x 7.3x

6.0x 4.4x 4.4x 5.8x 5.0x 5.2x 3.9x 4.7x 4.0x 4.2x 3.1x 3.8x 3.5x 2.0x 2.5x 3.5x 3.0x

0.0x 0.0x 2016 2017 2018 2019E Jan-18 Apr-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Revenue Growth Median 18E/19E Revenue Growth to EV/’19E Revenue Multiple

50.0% 25%

40.0% 20% 3

30.0% 15% 2 20.0% 10% 9 8 15.6% 6 5 9.7% 1 7 9.5% 8.9% 10.0% 5% 10 4

0.0% 0% 15A / 16A 16A / 17A 17A / 18E 18E / 19E 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) Liquidity Venues 8) Payments 9) Real Estate & 10) Trading

Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Growth

18E / 19E Rev. 19E / 18E 7.5% 12.1% 20.2% 5.3% 8.8% 9.0% 7.6% 10.0% 9.9% 5.5%

Notes: 9 Source: CapIq. Market data as of 1/31/19. Lines display median multiples across comp groups for given year. FINTECH PUBLIC COMPANY VALUATION (CONT’D) Financial SaaS outperforms the FinTech market on an EBITDA growth and EV / ‘19E EBITDA basis EV / EBITDA EV / ‘19E EBITDA

30.0x 35.0x

30.0x 24.0x 18.9x 25.0x 15.6x 18.0x 15.2x 15.7x 20.0x 14.7x 12.1x 14.3x 13.9x 14.0x 12.0x 13.8x 15.0x 13.6x 12.7x 10.0x 11.5x 6.0x 5.0x 6.6x 0.0x 2016 2017 2018 2019E 0.0x Jan-18 Apr-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 EBITDA Growth Median 18E/19E EBITDA Growth to EV/’19E EBITDA Multiple

75.0% 25% 3

60.0% 20%

45.0% 15% 6 2 8 5 10 9 30.0% 10% 7 1 4 11.9% 14.0% 12.2% 15.0% 9.8% 5%

0.0% 0% 15A / 16A 16A / 17A 17A / 18E 18E / 19E 0.0x 6.0x 12.0x 18.0x 24.0x 30.0x

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) Liquidity Venues 8) Payments 9) Real Estate & 10) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology

18E / 19E / 18E 10.3% 14.2% 23.5% 7.5% 13.1% 14.8% 9.6% 13.2% 11.3% 11.0% EBITDA Growth EBITDA

Notes: 10 Source: CapIq. Market data as of 1/31/19. Lines display median multiples across comp groups for given year. FINTECH PUBLIC COMPANY VALUATION (CONT’D) Long-term growth is not necessarily correlated with FinTech public company P/E multiples or PEG ratios

2019 P/E Ratio PEG Ratio Long-Term EPS Growth 3 Financial SaaS 26.2x 2.1 20%

2 Benefits Admin/Payroll 24.8x 1.6 18%

5 Insurance Technology 23.0x 2.3 15%

1 Banking & Lending Tech 22.2x 2.2 14%

4 Information Services 20.9x 2.2 10%

7 Liquidity Venues 19.6x 1.8 11%

9 Real Estate & Mort. Tech 18.2x 1.3 16%

8 Payments 18.1x 1.4 16%

6 Investment Technology 15.3x 1.3 13%

10 Trading Technology 14.2x 0.7 21%

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x

Notes: 11 Figures represent medians of sub-sectors. Market data as of 1/31/19. Long-term EPS growth covers last 5 years. SELECTED RECENT GROWTH EQUITY & VC ACTIVITY Date Announced Target Investors Type Amount ($MM) Sub-Sector American Express Ventures, Goldman Sachs, HOOPP, Kleiner Perkins Caufield & 1/31/19 Series C $70 Real Estate & Mortgage Tech. Byers, Pine Brook

1/30/19 London Stock Exchange Group Corporate $324 Trading Technology Delphen SARL, DKB, Emmanuel Roth, Gerd Häusler, LGT Group Stiftung, Luzius 1/30/19 Series B $22 Banking & Lending Technology Meisser, Mutschler Ventures, Roland Berger Illuminate Financial Management, Jefferies Financial Group, OCA Ventures, 1/30/19 Series B $15 Investment Technology Pivot Investment Partners, Quantum Strategic Partners, Regions Bank

1/30/19 Balderton Capital, Index Ventures Series B $30 Financial SaaS

1/30/19 Greenoaks Capital Management Series E $500 Insurance Technology

1/29/19 LL Funds Series A $60 Real Estate & Mortgage Tech.

1/29/19 Tiger Global Management Series E - II $100 Payments

1/29/19 Aflac Corporate Ventures, Chubb Insurance, Hiscox Holdings, MS&AD Series D $58 Insurance Technology

1/29/19 Munich Re Series B - II $35 Liquidity Venues Afore Capital, Brooklyn Bridge Ventures, Greyhound Capital, Ride Ventures, 1/29/19 Series B $30 Banking & Lending Technology RiverPark Ventures, Rosecliff Ventures, Story Ventures, The Gramercy Fund, Bain Capital Ventures, BlackRock, Comcast Ventures, DST Global, MSD Capital, 1/28/19 Series E $105 Investment Technology NBC Universal, The Rise Fund, TPG Capital Highland Europe, Insight Venture Partners, Invoke Capital, IP Group, 1/28/19 Series D $34 Financial SaaS MissionOG, Robert Sansom, TTV Capital

1/25/19 Accel India, Nippon Life Global Investors America, Ribbit Capital Series B $18 Financial SaaS

1/25/19 Matrix Partners India, WaterBridge Ventures, Whiteboard Capital Series B $14 Banking & Lending Technology Citi Ventures, Galaxy Digital Ventures, Nasdaq Ventures, Raptor Capital 1/23/19 Series C $123 Banking & Lending Technology Management, Undisclosed Investors Citi Ventures, Galaxy Digital Ventures, Nasdaq Ventures, Raptor Capital 1/23/19 Series B $20 Payments Management, Undisclosed Investors

1/23/19 Benchmark, Index Ventures, Sequoia Capital Series D $125 Financial SaaS

1/23/19 Accel-KKR Growth Equity $105 Financial SaaS

1/23/19 Accenture Ventures, Beedie Capital Partners, Vistara Capital Partners Series B $17 Banking & Lending Technology

1/22/19 Convoy Global Holdings, Goldman Sachs Principal Strategic Investments Series D $58 Investment Technology

1/22/19 Insight Venture Partners Growth Equity $77 Financial SaaS

Notes: 12 Source: CapIq. Pitchbook. GCA Transaction Selected deals from last calendar month. SELECTED RECENT GROWTH EQUITY & VC ACTIVITY (CONT’D) Date Announced Target Investors Type Amount ($MM) Sub-Sector Anthem Venture Partners, BAM Capital, Goodwater Capital, PayPal, Western 1/22/19 Series B $20 Financial SaaS Technology Investment

1/22/19 Undisclosed Investors Series B - II $14 Payments

1/22/19 Barclays Bank, Northzone Ventures, Santander InnoVentures Series B $34 Banking & Lending Technology

1/18/19 Warburg Pincus Series C $100 Payments Aflac Corporate Ventures, AXA Venture Partners, Launchpad Digital Health, 1/17/19 Series C $34 Insurance Technology MassMutual Ventures, Principal Life Insurance Company, Transamerica Bessemer Venture Partners, Broadhaven Capital Partners, Canaan Partners, 1/17/19 Series B $30 Financial SaaS Firebrand Ventures, Undisclosed Angel Investors 1/16/19 Volition Capital Growth Equity $10 Insurance Technology Battery Ventures, Felicis Ventures, FirstMark Capital, Global Founders Capital, 1/16/19 Series B $30 Financial SaaS QBE Ventures, Stripes Group, TD Ameritrade

1/16/19 Blume Ventures, Nexus Venture Partners, Sequoia Capital India Series B $25 Insurance Technology

1/15/19 Foundry Group, RRE Ventures, FJ Labs, Corazon Capital, WTI Series B $400 Real Estate & Mortgage Tech.

1/15/19 Warburg Pincus Series C $65 Banking & Lending Technology Menlo Ventures, NewView Capital, Salesforce Ventures, Scale Venture 1/15/19 Series C $33 Financial SaaS Partners, Workday Ventures Curitiba Angels, e.Bricks Ventures, Endeavor Catalyst, FinTech Collective, 1/15/19 Series C $20 Financial SaaS International Finance Corporation, Kaszek Ventures, Point72 Ventures, 1/14/19 Ant Financial Services Group Series D $40 Banking & Lending Technology

1/11/19 Welsh Carson Anderson & Stowe Private Equity - III $21 Payments Accel India, Balakrishna Adiga, HS Nagaraja, Nippon Life Global Investors 1/11/19 Series C $22 Investment Technology America, Omidyar Network 1/10/19 GIC, Insight Venture Partners, Undisclosed Investors Series D $300 Banking & Lending Technology

1/9/19 Centana Growth Partners, JMI Equity Growth Equity - II $87 Financial SaaS

1/9/19 Insight Venture Partners Series A $60 Financial SaaS

1/7/19 Builders VC, Camber Creek, Corigin Ventures, Fika Ventures, Navitas Capital Series A $12 Real Estate & Mortgage Tech. American Family Ventures, Cox Enterprises, Hyde Park Angels, IA Capital 1/7/19 Series B $43 Insurance Technology Group, Lightbank ABA, Accenture, Arkadi Kuhlmann, First Data Ventures, Live Oak Ventures, 1/4/19 Series A $30 Banking & Lending Technology SunTrust Banks, T.N. Incorporation, Woodforest National Bank Notes: 13 Source: CapIq. Pitchbook. Selected deals from last calendar month. SELECTED RECENT M&A ACTIVITY

Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value ($MM) LTM LTM Sub-Sector

1/23/2019 $28 NA NA Payments

1/22/2019 $1,420 NA NA Payments

1/22/2019 Thunder Bridge Acquisition, Ltd. $653 4.6x NA Payments

1/17/2019 $425 4.3x NA Benefits Administration/Payroll

1/16/2019 $22,000 4.0x 13.3x Payments

1/15/2019 $102 1.9x NA Benefits Administration/Payroll

1/8/2019 NA NA NA Information Services

1/8/2019 NA NA NA Insurance Technology

1/8/2019 $200 NA NA Financial SaaS

1/7/2019 NA NA NA Banking & Lending Technology

1/7/2019 $445 NA NA Information Services

1/4/2019 NA NA NA Investment Technology

Median 4.2x 13.3x

Notes: 14 Source: CapIq. Pitchbook. GCA Transaction Selected deals from last calendar month. PUBLIC COMPANY VALUATIONS ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 1/31/19 Value Value Growth PEG 19E/18E 20E/19E 19E/18E 20E/19E 19E 19E 20E 19E 20E 19E 20E Banking & Lending Technology Intuit Inc. $215.82 $56,013 $55,106 15% 2.2 7% 11% 2% 13% 36% 8.0x 7.2x 22.1x 19.5x 32.4x 27.5x Fidelity National Information Services, Inc. $104.53 $34,232 $42,638 12% 1.5 2% 3% 6% 5% 39% 4.9x 4.8x 12.7x 12.1x 18.2x 16.3x First Data Corporation $24.65 $23,093 $40,247 14% 1.1 5% 5% 8% 5% 39% 4.4x 4.2x 11.2x 10.6x 14.8x 12.8x Fiserv, Inc. $82.93 $32,438 $37,982 12% 2.0 6% 5% 6% 7% 38% 6.2x 5.8x 16.3x 15.2x 23.8x 21.0x Wolters Kluwer N.V. $62.31 $16,893 $19,192 9% 2.4 5% 4% 7% 6% 28% 3.7x 3.6x 13.3x 12.5x 20.5x 18.9x Jack Henry & Associates, Inc. $133.55 $10,323 $10,297 11% 3.1 3% 8% (1%) 11% 34% 6.3x 5.8x 18.8x 17.0x 34.9x 30.5x Temenos AG $134.73 $9,352 $9,791 17% 2.4 15% 12% 17% 16% 38% 10.1x 9.0x 26.5x 22.9x 39.1x 33.3x Black Knight, Inc. $49.19 $7,349 $8,730 15% 1.6 7% 8% 10% 10% 50% 7.3x 6.8x 14.6x 13.3x 24.1x 21.1x Coupa Software Incorporated $86.96 $5,169 $4,935 NA NM 36% 21% NA 17% 8% 19.5x 16.0x NM NM NM NM ACI Worldwide, Inc. $29.56 $3,428 $4,040 13% 2.3 3% 3% 10% 8% 28% 3.7x 3.6x 13.2x 12.3x 31.4x 25.4x Q2 Holdings, Inc. $59.43 $2,578 $2,460 20% NM 27% 23% 20% 95% 8% 8.0x 6.5x NM 54.8x NM 106.0x Ellie Mae, Inc. $75.80 $2,641 $2,369 14% 2.8 6% 9% 13% 15% 28% 4.7x 4.3x 16.4x 14.3x 38.7x 33.5x Bottomline Technologies (de), Inc. $51.65 $2,226 $2,239 15% 2.2 7% 13% 7% 20% 24% 5.0x 4.4x 20.9x 17.4x 32.0x 26.4x Enova International, Inc. $23.05 $774 $1,579 NA NM 13% 12% 18% 11% 20% 1.3x 1.1x 6.3x 5.7x 7.4x 6.2x

Banking Lending & Technology LendingClub Corporation $3.19 $1,360 $1,317 NA NM 14% 14% 43% 32% 17% 1.7x 1.4x 10.0x 7.6x 18.2x 12.7x On Deck Capital, Inc. $7.52 $564 $1,305 NA NM 14% 11% 14% 33% 10% 2.9x 2.6x 27.7x 20.9x 14.7x 13.4x GreenSky, Inc. $11.00 $632 $725 19% 0.8 28% 24% 21% 27% 40% 1.4x 1.1x 3.5x 2.7x 15.0x 11.7x Elevate Credit, Inc. $4.45 $192 $685 NA NM 11% 13% 23% 15% 16% 0.8x 0.7x 4.9x 4.3x 6.5x 4.1x Performant Financial Corporation $2.15 $114 $149 NA NM 27% 20% NA NM 0% 1.0x 0.8x NM 9.4x NM NM

Median 14% 2.2 7% 11% 10% 14% 28% 4.7x 4.3x 14.0x 12.9x 22.2x 21.0x

Benefits Administration/Payroll Automatic Data Processing, Inc. $139.84 $60,918 $61,338 15% 1.7 6% 7% 12% 13% 24% 4.2x 3.9x 17.3x 15.4x 24.9x 21.8x Paychex, Inc. $70.80 $25,424 $24,722 9% 2.7 17% 6% 12% 8% 39% 6.1x 5.8x 15.6x 14.4x 24.0x 22.1x Insperity, Inc. $106.68 $4,460 $4,217 16% 1.5 12% 9% 16% 18% 6% 1.0x 0.9x 15.4x 13.1x 24.8x 21.0x Paylocity Holding Corporation $71.03 $3,750 $3,646 24% 2.1 20% 23% 57% 28% 28% 8.0x 6.6x 28.6x 22.4x 51.1x 39.7x HealthEquity, Inc. $62.34 $3,889 $3,559 30% 1.6 19% 17% 21% 22% 41% 10.6x 9.0x 26.1x 21.5x 47.3x 38.9x TriNet Group, Inc. $45.66 $3,216 $3,359 NA NM 7% 11% 4% 11% 38% 3.6x 3.2x 9.5x 8.5x 14.2x 12.5x Benefitfocus, Inc. $55.95 $1,788 $1,867 20% NM 17% 19% 156% 85% 7% 6.2x 5.2x NM 46.3x NM 121.6x

WageWorks, Inc. $31.55 $1,251 $603 15% 0.9 3% 3% 7% 6% 31% 1.2x 1.2x 3.8x 3.6x 13.5x 12.6x Benefits Admin/Payroll Benefits Castlight Health, Inc. $2.97 $415 $352 23% NM (1%) NA NA NA 2% 2.3x NM NM NM NM NM

Median 18% 1.6 12% 10% 14% 15% 28% 4.2x 4.6x 15.6x 14.9x 24.8x 21.9x

Notes: 15 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 1/31/19 Value Value Growth PEG 19E/18E 20E/19E 19E/18E 20E/19E 19E 19E 20E 19E 20E 19E 20E Financial SaaS Intuit Inc. $215.82 $56,013 $55,106 15% 2.2 7% 11% 2% 13% 36% 8.0x 7.2x 22.1x 19.5x 32.4x 27.5x Workday, Inc. $181.53 $39,937 $39,545 38% 3.0 25% 22% 39% 38% 18% 11.2x 9.2x 62.1x 45.0x 113.2x 84.2x SS&C Technologies Holdings, Inc. $51.49 $12,914 $18,868 20% 0.7 38% 5% 44% 9% 38% 4.0x 3.8x 10.5x 9.7x 14.4x 12.8x The Sage Group plc $8.22 $8,929 $9,775 4% 5.4 11% 7% (1%) 8% 26% 3.7x 3.5x 14.6x 13.6x 20.4x 18.6x Paycom Software, Inc. $148.24 $8,689 $8,678 26% 1.8 24% 21% 24% 21% 42% 12.5x 10.3x 29.9x 24.7x 46.0x 38.2x Coupa Software Incorporated $86.96 $5,169 $4,935 NA NM 36% 21% NA 17% 8% 19.5x 16.0x NM NM NM NM Xero Limited $31.70 $4,432 $4,676 NA NM 36% 27% 104% 52% 20% 9.9x 7.8x 50.0x 32.8x NM 83.6x Paylocity Holding Corporation $71.03 $3,750 $3,646 24% 2.1 20% 23% 57% 28% 28% 8.0x 6.6x 28.6x 22.4x 51.1x 39.7x Envestnet, Inc. $54.25 $2,480 $2,783 16% 1.6 9% 13% 12% 17% 20% 3.1x 2.8x 15.8x 13.5x 26.2x 22.2x

Financial Financial SaaS Q2 Holdings, Inc. $59.43 $2,578 $2,460 20% NM 27% 23% 20% 95% 8% 8.0x 6.5x NM 54.8x NM 106.0x Benefitfocus, Inc. $55.95 $1,788 $1,867 20% NM 17% 19% NM 85% 7% 6.2x 5.2x NM 46.3x NM 121.6x Blucora, Inc. $29.51 $1,416 $1,588 NA NM 8% 8% 15% 12% 22% 2.6x 2.4x 11.7x 10.4x 13.6x 12.3x Alfa Financial Software Holdings PLC $1.83 $550 $502 NA NM 15% 10% 29% 16% 36% 4.5x 4.0x 12.4x 10.7x 0.2x 0.2x

Median 20% 2.1 20% 19% 24% 17% 22% 8.0x 6.5x 18.9x 21.0x 26.2x 32.8x

Information Services RELX PLC $22.16 $43,472 $51,750 7% 2.5 8% 5% 9% 5% 35% 5.0x 4.8x 14.1x 13.4x 18.6x 17.3x S&P Global Inc. $191.65 $48,085 $49,789 13% 1.7 5% 6% 5% 7% 50% 7.5x 7.1x 15.1x 14.0x 20.9x 18.9x Moody's Corporation $158.51 $30,372 $34,195 10% 1.9 4% 6% 5% 8% 48% 7.3x 6.9x 15.2x 14.1x 20.1x 18.2x Thomson Reuters Corporation $52.27 $26,211 $33,029 10% 4.4 8% 3% 8% 28% 24% 5.6x 5.4x 23.6x 18.5x 44.3x 28.9x IHS Markit Ltd. $51.92 $20,631 $26,190 10% 2.0 11% 6% 12% 8% 39% 5.9x 5.5x 15.0x 13.8x 20.3x 18.1x Experian plc $25.12 $22,635 $26,065 9% 2.5 4% 10% 4% 11% 34% 5.2x 4.7x 15.2x 13.7x 23.6x 20.9x Verisk Analytics, Inc. $117.41 $19,328 $21,764 11% 2.3 7% 7% 8% 8% 48% 8.5x 8.0x 17.8x 16.5x 26.2x 23.7x Wolters Kluwer N.V. $62.31 $16,893 $19,192 9% 2.4 5% 4% 7% 6% 28% 3.7x 3.6x 13.3x 12.5x 20.5x 18.9x Nielsen Holdings plc $25.68 $9,116 $17,276 7% 1.6 (0%) 2% 2% 7% 29% 2.7x 2.6x 9.3x 8.6x 11.8x 10.4x MSCI Inc. $170.27 $14,989 $16,166 10% 2.8 6% 10% 7% 13% 54% 10.6x 9.6x 19.5x 17.3x 28.3x 24.6x Equifax Inc. $107.02 $12,904 $15,283 8% 2.2 3% 6% 5% 8% 34% 4.3x 4.1x 12.6x 11.6x 18.2x 16.4x TransUnion $60.82 $11,270 $15,141 15% 1.5 14% 9% 15% 11% 39% 5.7x 5.2x 14.5x 13.0x 21.6x 18.6x Informa plc $8.89 $11,119 $14,698 6% 2.2 26% 3% 30% 6% 34% 3.9x 3.8x 11.4x 10.8x 13.1x 12.2x Gartner, Inc. $135.89 $12,351 $14,311 14% 2.3 10% 12% 11% 13% 18% 3.3x 3.0x 18.2x 16.1x 32.2x 27.5x FactSet Research Systems Inc. $218.63 $8,316 $8,693 11% 2.0 6% 6% 10% 9% 35% 6.0x 5.6x 17.0x 15.6x 22.4x 20.2x

News Corporation $12.83 $7,506 $7,542 (34%) (1.0) 3% 1% 8% 8% 13% 0.7x 0.7x 5.8x 5.4x 35.4x 29.3x Information Information Services Fair Isaac Corporation $225.20 $6,547 $7,299 10% 3.1 8% 7% (100%) NA NA 6.4x 5.9x NM NM 31.3x 28.3x CoreLogic, Inc. $36.30 $2,924 $4,591 10% 1.2 (2%) 2% 1% 8% 28% 2.6x 2.5x 9.3x 8.7x 13.1x 11.3x LiveRamp Holdings, Inc. $43.44 $2,961 $3,101 25% NM (55%) 32% (123%) NA (8%) 8.9x 6.7x NM 82.1x NM 117.6x Euromoney Institutional Investor PLC $16.29 $1,750 $1,648 7% 2.2 NA 2% NA 6% 27% 3.1x 3.1x 11.7x 11.1x 16.4x 15.9x comScore, Inc. $19.69 $1,160 $1,306 5% NM 5% 11% 119% 115% 6% 3.0x 2.7x 51.8x 24.1x NM NM National Research Corporation $39.98 $990 $1,022 NA NM 5% NA NA NA NA 8.1x NM NM NM 9.3x NM Forrester Research, Inc. $44.91 $820 $676 12% 2.3 5% NA 36% NA 14% 1.8x NM 12.9x NM 28.1x NM

Median 10% 2.2 5% 6% 8% 8% 34% 5.2x 4.8x 14.7x 13.7x 20.9x 18.9x

Notes: 16 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 1/31/19 Value Value Growth PEG 19E/18E 20E/19E 19E/18E 20E/19E 19E 19E 20E 19E 20E 19E 20E Insurance Technology Verisk Analytics, Inc. $117.41 $19,328 $21,764 11% 2.3 7% 7% 8% 8% 48% 8.5x 8.0x 17.8x 16.5x 26.2x 23.7x Guidewire Software, Inc. $86.68 $7,024 $6,241 14% 5.5 27% 20% 12% 19% 22% 9.6x 8.0x 43.3x 36.5x 78.8x 66.7x HealthEquity, Inc. $62.34 $3,889 $3,559 30% 1.6 19% 17% 21% 22% 41% 10.6x 9.0x 26.1x 21.5x 47.3x 38.9x Ebix, Inc. $57.12 $1,786 $2,283 15% 0.8 25% 39% 22% 24% 32% 3.7x 2.7x 11.5x 9.2x 12.7x 10.2x Benefitfocus, Inc. $55.95 $1,788 $1,867 20% NM 9% 12% 94% 97% 4% 7.2x 6.4x NM NM NM NM eHealth, Inc. $61.16 $1,336 $1,315 NA NM 31% 13% NA 139% 5% 5.8x 5.1x NM 52.4x NM 89.9x CorVel Corporation $62.47 $1,171 $1,075 NA NM 8% NA 2% NA 12% 1.8x NM 15.2x NM NM NM Crawford & Company $9.65 $515 $674 NA NM 2% 0% 14% 0% 11% 0.6x 0.6x 5.2x 5.2x 11.3x 9.7x

Sapiens International Corporation N.V. $12.20 $609 $623 5% 4.0 6% 6% 12% 10% 16% 2.0x 1.9x 13.0x 11.8x 19.8x 17.4x Insurance Insurance Technology Majesco $8.50 $312 $311 NA NM NA NA NA NA NA NM NM NM NM NM NM

Median 15% 2.3 9% 13% 13% 20% 16% 5.8x 5.8x 15.2x 16.5x 23.0x 23.7x

Investment Technology The Bank of New York Mellon Corporation $52.32 $50,249 $73,315 10% 1.3 6% 3% NA NA NA 4.4x 4.3x NM NM 12.3x 11.8x The Charles Schwab Corporation $46.77 $63,161 $39,196 19% 0.9 11% 6% 16% 6% 50% 3.5x 3.3x 6.9x 6.5x 16.6x 15.0x State Street Corporation $70.90 $26,938 $34,137 14% 0.7 8% 5% NA NA NA 2.8x 2.7x NM NM 9.5x 8.6x Northern Trust Corporation $88.46 $19,374 $30,288 11% 1.2 12% 12% NA NA NA 5.1x 4.5x NM NM 13.4x 12.2x TD Ameritrade Holding Corporation $55.95 $31,352 $26,467 23% 0.6 6% 7% 18% 11% 54% 4.4x 4.1x 8.1x 7.3x 13.9x 12.3x SS&C Technologies Holdings, Inc. $51.49 $12,914 $18,868 20% 0.7 38% 5% 44% 9% 38% 4.0x 3.8x 10.5x 9.7x 14.4x 12.8x Broadridge Financial Solutions, Inc. $100.83 $11,772 $12,716 10% 2.1 6% 4% 11% 4% 20% 2.8x 2.7x 13.8x 13.3x 21.1x 19.4x Computershare Limited $12.94 $7,027 $7,996 10% 1.6 4% 2% 10% 7% 30% 3.4x 3.3x 11.0x 10.3x 17.3x 16.0x SEI Investments Co. $47.54 $7,304 $6,549 12% 1.3 1% 6% 11% 10% 35% 4.0x 3.8x 11.3x 10.4x 15.3x 13.5x SimCorp A/S $78.94 $3,095 $3,059 13% 2.4 10% 8% 14% 8% 28% 6.4x 5.9x 22.6x 21.0x 31.5x 29.2x Envestnet, Inc. $54.25 $2,480 $2,783 16% 1.6 9% 13% 12% 17% 20% 3.1x 2.8x 15.8x 13.5x 26.2x 22.2x IRESS Limited $8.56 $1,463 $1,602 7% 3.4 10% 6% 15% 6% 28% 4.4x 4.2x 15.7x 14.8x 23.6x 21.7x

Investment Technology Investment Blucora, Inc. $29.51 $1,416 $1,588 NA NM 8% 8% 15% 12% 22% 2.6x 2.4x 11.7x 10.4x 13.6x 12.3x Equiniti Group plc $2.73 $977 $1,383 NA NM 8% 4% 12% 7% 25% 2.0x 1.9x 7.9x 7.4x 10.5x 9.9x Sanne Group plc $6.57 $941 $992 NA NM 18% 11% 23% 13% 34% 4.6x 4.2x 13.5x 12.0x 16.7x 14.9x First Derivatives plc $29.17 $763 $794 NA NM 16% 11% 15% 11% 18% 2.6x 2.3x 14.4x 13.0x 25.4x 22.8x StatPro Group plc $1.57 $103 $134 NA NM 9% 5% 15% 8% 17% 1.7x 1.7x 10.1x 9.3x 14.0x 12.2x

Median 13% 1.3 9% 6% 15% 8% 28% 3.5x 3.3x 11.5x 10.4x 15.3x 13.5x

Notes: 17 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 1/31/19 Value Value Growth PEG 19E/18E 20E/19E 19E/18E 20E/19E 19E 19E 20E 19E 20E 19E 20E Liquidity Venues CME Group Inc. $182.28 $65,216 $67,146 16% 1.6 20% 6% 18% 10% 68% 13.1x 12.4x 19.3x 17.6x 24.9x 22.8x Intercontinental Exchange, Inc. $76.76 $43,721 $50,438 11% 1.9 7% 6% 8% 8% 65% 9.5x 9.0x 14.6x 13.6x 19.8x 17.7x Deutsche Börse Aktiengesellschaft $133.16 $24,406 $25,895 12% 1.5 8% 7% 10% 9% 60% 7.7x 7.2x 12.8x 11.7x 19.3x 17.4x London Stock Exchange Group plc $60.16 $20,889 $21,640 14% 1.7 9% 6% 14% 9% 54% 7.3x 6.9x 13.7x 12.5x 23.2x 20.4x Nasdaq, Inc. $88.04 $14,435 $17,453 8% 2.4 4% 4% 3% 12% 51% 6.9x 6.7x 13.6x 12.1x 18.2x 16.1x B3 S.A. - Brasil, Bolsa, Balcão $8.63 $17,639 $17,252 14% 1.5 18% 9% 19% 8% 72% 11.9x 10.9x 16.4x 15.2x 21.6x 19.3x Cboe Global Markets, Inc. $93.27 $10,465 $11,370 12% 1.7 20% (0%) 23% (0%) 68% 9.5x 9.6x 14.0x 14.0x 19.6x 19.3x Hong Kong Exchanges and Clearing Limited $31.10 $38,798 $10,526 10% 2.9 7% 9% 9% 14% 76% 4.9x 4.5x 6.4x 5.6x 29.7x 26.3x ASX Limited $46.40 $8,980 $8,242 4% 4.5 7% 5% 6% 3% 76% 12.9x 12.2x 16.8x 16.3x 19.2x 24.3x MarketAxess Holdings Inc. $214.77 $8,074 $7,827 NA NM 12% 11% 12% 13% 56% 16.1x 14.5x 29.0x 25.6x 42.2x 37.2x Singapore Exchange Limited $5.68 $6,078 $5,561 5% 3.7 7% 5% 11% 5% 59% 8.1x 7.8x 13.8x 13.1x 20.2x 19.7x Euronext N.V. $61.68 $4,286 $4,379 8% 1.8 5% 4% 6% 5% 59% 6.0x 5.7x 10.0x 9.5x 14.8x 13.9x

Liquidity Liquidity Venues TMX Group Limited $60.22 $3,359 $4,053 NA NM 8% 5% 9% 6% 57% 6.3x 6.0x 11.2x 10.5x 14.3x 13.1x Bolsas y Mercados Españoles, Sociedad Holding de Mercados$30.22 y Sistemas$2,513 Financieros,$2,151 S.A. 4% 3.9 4% 2% 5% 3% 62% 6.0x 5.8x 9.7x 9.4x 15.7x 15.2x Bursa Malaysia Berhad $1.78 $1,441 $1,349 7% 3.6 4% 4% 2% 4% 59% 9.8x 9.4x 16.6x 16.0x 25.7x 24.6x Bolsa Mexicana de Valores, S.A.B. de C.V. $2.01 $1,191 $1,060 12% 1.3 10% 7% 11% 9% 56% 5.4x 5.0x 9.5x 8.7x 15.9x 15.0x JSE Limited $12.36 $1,057 $885 NA NM 15% 9% 16% 9% 50% 4.8x 4.4x 9.7x 8.9x 13.6x 12.7x Gielda Papierów Wartosciowych w Warszawie S.A. $10.75 $451 $372 NA NM (2%) (1%) (7%) (3%) 56% 4.1x 4.2x 7.4x 7.7x 13.0x 14.0x Hellenic Exchanges - Athens Stock Exchange SA $4.18 $252 $167 47% 0.7 17% 16% 55% 36% 38% 4.6x 4.0x 12.2x 9.0x 33.0x 22.7x

Median 11% 1.8 8% 6% 10% 8% 59% 7.3x 6.9x 13.6x 12.1x 19.6x 19.3x

Notes: 18 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 1/31/19 Value Value Growth PEG 19E/18E 20E/19E 19E/18E 20E/19E 19E 19E 20E 19E 20E 19E 20E Payments Networks Visa Inc. $135.01 $296,625 $301,508 16% 1.5 10% 11% 12% 12% 71% 12.9x 11.6x 18.3x 16.3x 24.6x 21.0x Mastercard Incorporated $211.13 $217,646 $215,602 19% 1.5 12% 13% 14% 15% 60% 12.9x 11.4x 21.3x 18.4x 28.0x 23.7x American Express Company $102.70 $86,987 $120,987 11% 1.2 8% 7% 11% 8% 32% 2.8x 2.6x 8.6x 8.0x 12.6x 11.5x PayPal Holdings, Inc. $88.76 $104,204 $97,093 19% 1.6 16% 18% 18% 19% 26% 5.4x 4.6x 20.7x 17.4x 30.7x 25.5x Discover Financial Services $67.49 $22,339 $31,052 10% 0.8 7% 6% NA NA NA 2.7x 2.6x NM NM 7.8x 7.1x Merchant Processing First Data Corporation $24.65 $23,093 $40,247 14% 1.2 6% 5% 8% 8% 39% 4.7x 4.4x 12.1x 11.2x 16.8x 14.8x Worldpay, Inc. $83.48 $24,824 $32,428 17% 1.3 83% 10% 83% 14% 48% 8.4x 7.6x 17.4x 15.2x 21.7x 18.0x Square, Inc. $71.35 $29,503 $29,356 55% 1.8 43% 35% 65% 57% 19% 13.0x 9.7x 69.6x 44.4x 100.7x 65.6x Global Payments Inc. $112.28 $17,764 $22,258 16% 1.1 12% 9% 14% 8% 37% 5.0x 4.6x 13.7x 12.7x 18.6x 16.0x Adyen N.V. $741.92 $21,927 $20,817 45% NM 37% 35% 45% 43% 50% 39.3x 29.0x 79.0x 55.2x NM 79.7x Total System Services, Inc. $89.61 $16,349 $19,796 11% 1.6 7% 7% 6% 9% 36% 4.9x 4.5x 13.7x 12.6x 18.4x 16.2x Wirecard AG $165.75 $20,481 $19,271 35% 1.0 28% 25% 37% 33% 29% 6.4x 5.1x 21.9x 16.5x 35.3x 26.1x Cielo S.A. $3.27 $8,887 $10,195 3% 4.9 0% 6% (13%) 8% 34% 3.4x 3.2x 9.8x 9.1x 12.3x 11.2x GMO Payment Gateway, Inc. $51.63 $3,803 $3,576 34% 2.1 20% 30% 33% 27% 33% 11.7x 9.1x 36.0x 28.5x 70.4x 55.1x EVERTEC, Inc. $27.67 $1,954 $2,428 12% 1.2 5% 5% 6% 6% 47% 5.1x 4.9x 10.9x 10.2x 14.1x 13.1x EVO Payments, Inc. $25.15 $1,944 $2,426 29% 1.1 9% 10% 14% 12% 27% 3.9x 3.6x 14.8x 13.1x 33.7x 27.5x SafeCharge International Group Limited $4.02 $612 $526 13% 1.5 13% 13% 14% 13% 27% 3.4x 3.0x 12.7x 11.2x 19.0x 16.7x i3 Verticals, Inc. $24.73 $227 $263 20% 2.3 NA 11% NA 13% 27% 2.4x 2.1x 8.9x 7.9x 45.8x 33.0x Prepaid / Closed Loop

Payments Alliance Data Systems Corporation $177.59 $9,674 $30,994 12% 0.6 5% 9% 8% 7% 27% 3.8x 3.5x 13.8x 12.9x 7.2x 6.5x FleetCor Technologies, Inc. $201.81 $17,890 $21,675 17% 1.0 6% 10% 6% 12% 56% 8.5x 7.7x 15.0x 13.4x 17.3x 15.1x Edenred SA $40.60 $9,630 $11,055 13% 2.1 10% 9% 13% 12% 39% 6.4x 5.8x 16.2x 14.5x 28.1x 24.6x WEX Inc. $161.33 $6,954 $8,800 18% 1.0 9% 10% 13% 11% 43% 5.4x 5.0x 12.7x 11.4x 18.1x 15.7x Green Dot Corporation $74.02 $3,901 $2,915 24% 0.8 10% 10% 15% 14% 25% 2.5x 2.3x 10.2x 8.9x 20.4x 17.5x Net 1 UEPS Technologies, Inc. $2.85 $162 $190 15% 0.2 (7%) 6% NA 18% 14% 0.4x 0.3x 2.6x 2.2x 3.3x 3.4x Other Payments Technology The Western Union Company $18.25 $8,081 $10,542 3% 2.7 2% 2% 2% 2% 25% 1.8x 1.8x 7.4x 7.2x 9.4x 9.0x The Sage Group plc $8.22 $8,929 $9,775 4% 5.4 11% 7% (1%) 8% 26% 3.7x 3.5x 14.6x 13.6x 20.4x 18.6x NCR Corporation $26.75 $3,162 $5,863 4% 2.3 2% 2% 7% 2% 16% 0.9x 0.9x 5.6x 5.5x 9.2x 8.0x Euronet Worldwide, Inc. $115.01 $5,930 $5,517 13% 1.3 14% 12% 23% 17% 21% 1.9x 1.7x 9.0x 7.7x 16.8x 14.5x Ingenico Group - GCS $54.54 $3,368 $5,410 6% 1.8 12% 6% 14% 10% 19% 1.6x 1.5x 8.4x 7.6x 10.0x 9.1x Cardtronics plc $27.07 $1,248 $2,038 NA NM (11%) 0% NM (90%) 217% 1.5x 1.5x 0.7x 7.1x 12.8x 13.2x Everi Holdings Inc. $6.65 $467 $1,494 NA NM 13% 8% 8% 14% 49% 3.2x 3.0x 6.5x 5.7x NM NM MoneyGram International, Inc. $2.13 $119 $813 NA NM (2%) (5%) (1%) (8%) 17% 0.6x 0.6x 3.4x 3.7x 3.6x 3.6x Cass Information Systems, Inc. $49.09 $724 $544 NA NM NA NA NA NA NA NM NM NM NM NM NM International Money Express, Inc. $11.50 $416 $442 NA NM 22% 24% 19% 25% 17% 1.3x 1.1x 7.9x 6.3x 16.3x 12.1x Cardlytics, Inc. $17.49 $374 $373 20% NM 33% 33% NA NA (1%) 1.9x 1.4x NM 20.7x NM 61.4x Earthport plc $0.50 $306 $266 NA NM 3% 36% NA NA (27%) 8.1x 5.9x NM NM NM NM eServGlobal Limited $0.08 $101 $93 NA NM (8%) NA NA NA (55%) 8.2x NM NM NM NM NM

Median 16% 1.4 10% 10% 13% 12% 27% 3.8x 3.5x 12.7x 11.4x 18.1x 16.0x

Notes: 19 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 1/31/19 Value Value Growth PEG 19E/18E 20E/19E 19E/18E 20E/19E 19E 19E 20E 19E 20E 19E 20E Real Estate & Mortgage Technology Booking Holdings Inc. $1,832.81 $84,913 $86,491 16% 1.1 11% 11% 11% 10% 39% 5.4x 4.8x 13.8x 12.5x 18.2x 16.0x Expedia Group, Inc. $119.25 $17,765 $19,011 19% 1.0 10% 10% 13% 13% 17% 1.5x 1.4x 8.8x 7.8x 18.2x 15.3x CoStar Group, Inc. $390.74 $14,231 $13,159 17% 2.4 16% 15% 22% 22% 36% 9.6x 8.3x 26.5x 21.8x 39.9x 33.3x Fidelity National Financial, Inc. $36.16 $9,952 $9,517 NA NM (2%) 2% (0%) 3% 15% 1.2x 1.2x 8.4x 8.1x 12.6x 11.7x Black Knight, Inc. $49.19 $7,349 $8,730 15% 1.6 7% 8% 10% 10% 50% 7.3x 6.8x 14.6x 13.3x 24.1x 21.1x Jones Lang LaSalle Incorporated $143.41 $6,535 $7,804 14% 1.0 2% 4% (0%) 5% 10% 0.9x 0.8x 8.6x 8.2x 13.0x 12.1x REA Group Limited $55.15 $7,263 $7,440 11% 2.4 16% 11% NA 13% 59% 10.5x 9.4x 17.9x 15.8x 27.7x 23.9x Ocwen Financial Corporation $1.68 $225 $7,275 NA NM 10% (3%) NA NA NA 6.4x 6.6x NM NM NM NM TripAdvisor, Inc. $57.38 $7,899 $7,236 16% 1.9 9% 10% 11% 14% 26% 4.1x 3.8x 15.7x 13.7x 30.5x 25.8x Zillow Group, Inc. $34.81 $7,075 $6,147 5% 17.4 43% 46% 11% 37% 12% 3.3x 2.2x 27.3x 20.0x 87.2x 77.0x Realogy Holdings Corp. $17.75 $2,097 $5,670 NA NM 1% 3% (1%) 3% 11% 0.9x 0.9x 8.6x 8.4x 9.6x 8.8x Rightmove plc $6.20 $5,514 $5,495 13% 1.8 12% 8% 12% 8% 76% 14.5x 13.5x 19.0x 17.6x 23.9x 21.7x RealPage, Inc. $55.77 $5,048 $5,365 NA NM 15% 11% 24% 17% 28% 5.3x 4.8x 18.8x 16.1x 31.6x 27.2x Radian Group Inc. $19.24 $4,105 $5,039 6% 1.2 9% 6% NA NA NA 3.6x 3.3x NM NM 6.9x 6.3x CoreLogic, Inc. $36.30 $2,924 $4,591 10% 1.2 (2%) 2% 1% 8% 28% 2.6x 2.5x 9.3x 8.7x 13.1x 11.3x First American Financial Corporation $50.08 $5,598 $4,215 NA NM (0%) 3% 1% 5% 15% 0.7x 0.7x 5.0x 4.8x 11.0x 10.5x LendingTree, Inc. $296.34 $3,801 $3,784 31% 1.2 32% 18% 32% 24% 20% 3.7x 3.1x 18.6x 15.0x 37.9x 29.6x Colliers International Group Inc. $63.83 $2,503 $3,209 21% 0.7 10% 9% 19% 9% 12% 1.0x 1.0x 8.8x 8.0x 13.9x 13.0x Ellie Mae, Inc. $75.80 $2,641 $2,369 14% 2.8 6% 9% 13% 15% 28% 4.7x 4.3x 16.4x 14.3x 38.7x 33.5x AppFolio, Inc. $63.31 $2,168 $2,123 18% 2.9 27% 22% 44% 34% 27% 8.9x 7.3x 33.3x 24.9x 52.5x 39.1x

Real Mortgage & Estate Tech. Moneysupermarket.com Group PLC $3.98 $2,135 $2,103 NA NM 12% 6% 12% 8% 37% 4.2x 4.0x 11.4x 10.5x 16.3x 14.9x Redfin Corporation $17.89 $1,602 $1,270 NA NM 30% 27% 63% NM 1% 2.6x 2.1x NM 45.9x NM NM Marcus & Millichap, Inc. $39.60 $1,531 $1,237 6% 3.0 3% 3% 6% 5% 16% 1.5x 1.5x 9.6x 9.1x 18.1x 17.4x Stewart Information Services Corporation $44.45 $1,055 $1,016 NA NM 1% 2% 18% 18% 7% 0.5x 0.5x 7.6x 6.4x 16.0x 13.1x RE/MAX Holdings, Inc. $41.72 $740 $918 150% 0.1 3% 4% 3% 6% 49% 4.2x 4.0x 8.5x 8.0x 18.1x 17.0x QuinStreet, Inc. $19.04 $938 $876 25% 1.3 15% 13% 41% 27% 11% 1.7x 1.5x 15.3x 12.0x 32.7x 20.6x Lifull Co., Ltd. $6.56 $880 $814 21% 1.1 19% 14% 20% 19% 16% 2.1x 1.9x 13.1x 11.1x 23.8x 19.4x Altisource Portfolio Solutions S.A. $23.68 $402 $639 NA NM (14%) NA (24%) NA 8% 0.8x NM 9.9x NM 11.3x NM Agilysys, Inc. $17.70 $417 $380 NA NM 13% 15% (12%) 74% 6% 2.5x 2.1x 39.4x 22.6x NM NM Real Matters Inc. $3.07 $268 $198 59% 0.7 (7%) 2% (38%) 109% 2% 0.7x 0.7x 34.2x 16.3x 43.9x 38.4x

Median 16% 1.3 10% 9% 11% 13% 17% 3.0x 2.5x 13.8x 12.5x 18.2x 18.4x

Trading Technology The Charles Schwab Corporation $46.77 $63,161 $39,196 19% 0.9 11% 6% 16% 6% 50% 3.5x 3.3x 6.9x 6.5x 16.6x 15.0x TD Ameritrade Holding Corporation $55.95 $31,352 $26,467 23% 0.6 6% 7% 18% 11% 54% 4.4x 4.1x 8.1x 7.3x 13.9x 12.3x E*TRADE Financial Corporation $46.66 $11,499 $11,559 22% 0.5 4% 4% 6% 4% 55% 3.9x 3.7x 7.0x 6.7x 11.3x 10.1x Virtu Financial, Inc. $25.55 $2,712 $3,604 NA NM (2%) 6% (15%) 15% 57% 3.6x 3.4x 6.4x 5.5x 14.2x 12.1x Interactive Brokers Group, Inc. $50.40 $3,785 $2,053 20% 1.0 9% 12% 61% 11% 97% 1.0x 0.9x 1.0x 0.9x 20.7x 18.3x

Investment Technology Group, Inc. $30.26 $1,001 $818 NA NM 8% 7% NA NA NA 1.5x 1.4x NM NM 18.1x 14.8x Trading Tech. GAIN Capital Holdings, Inc. $6.47 $287 $191 NA NM (7%) 5% (10%) NA 24% 0.6x 0.5x 2.3x NM 11.0x 8.7x INTL FCStone Inc. $38.23 $727 ($1,012) NA NM NA NA NA NA NA NM NM NM NM NM NM

Median 21% 0.7 6% 6% 11% 11% 55% 3.5x 3.3x 6.6x 6.5x 14.2x 12.3x

Notes: 20 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders

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