Real Estate Technology Market Update Q3 2019 EXECUTIVE SUMMARY – Q3 2019 REAL ESTATE TECHNOLOGY

PRELIMINARY CONFIDENTIAL DRAFT

Real estate technology continues to be one of the most active areas of financing and M&A activity through Q3 of 2019 ▪ The private U.S. real estate tech sector received nearly $1.9Bn of growth equity capital in Q3 2019 in addition to ~$140MM in debt for iBuyer and RE financing companies

Commercial real estate technology companies continued to drive significant activity in Q3, with several notable capital raises and acquisitions ▪ Knotel raised $400M at a ~$1.0Bn valuation led by Wafra, signaling continued investment in the alternative workplace market ➔ important to note that the Knotel raise was completed prior to The We Company’s S-1 filing and subsequently delayed IPO ▪ Strong M&A appetite among large strategics driving consolidation in the CRE market: – In the construction tech market, Procore acquired two companies: Construction BI, which offers business intelligence solutions for the construction industry, as well as Honest Buildings, a leading project management platform for the CRE / construction market – On October 1st, CoStar announced the acquisition of STR, a leading hospitality data aggregator, for $450MM, representing a major push into the hotel market for the CRE data leader – The We Company also acquired two companies, Spacious and SpaceIQ, to bolster their space utilization analytics capabilities

Q3 2019 also saw major investments in the mortgage and insurance tech sub-verticals ▪ Better Mortgage and Hippo insurance completed capital raises of $160MM and $100M respectively, signaling the growing influence of direct to consumer digitally driven offerings in the mortgage and insurance categories

GCA remains highly active in the PropTech market, having announced two transactions during Q3 2019: the sale of Inside Real Estate to Lovell Minnick Partners and the acquisition of Centralized Showing Service by ShowingTime Select Q3 2019 Active Investors Select Q3 2019 Active Acquirers

2 GCA 2019 PROPTECH TRANSACTIONS

GCA is one of the most active advisors to the global PropTech ecosystem, with six deals in 2019 and 23 PropTech deals globally in the past 3 years

September 2019 August 2019 May 2019

May 2019 April 2019 January 2019

3 THE LEADING ADVISOR TO THE PROPTECH ECOSYSTEM

The Leading Advisor in the Property Tech Ecosystem Chris Gough Managing Director Head of Real Estate Technology Acquired Majority interest Acquired by Acquired by Phone: (415) 318-3658 acquired by [email protected] A Portfolio Company of A Portfolio Company of

We advised the buyer We advised the seller We advised the seller We advised the seller Marcus Anthony Vice President Phone: (415) 318-3662 Majority Interest [email protected] Acquired by Acquired by Acquired by Acquired by

Key Sub-Sector Coverage Verticals We advised the seller We advised the seller We advised the seller We advised the seller Residential RE Software

Commercial RE Software

Acquired by Acquired by Acquired by Acquired by Mortgage / Lending

Title / Insurance We advised the seller We advised the seller We advised the seller We advised the seller Home Services

Facilities Management Investment from Acquired by Acquired by MBO backed by Construction Tech

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

4 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 efficiently manage showings and feedback, while also ▪ ShowingTime’s products automate the showing providing market reports, recruiting tools and other scheduling and management process for MLSs, software products associations, offices and agents; simplify the report 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 and in the future. It will also fuel further investments in ▪ Centralized Showing Service provides a single phone research and development to provide innovative, number in each market they serve for all real estate streamlined products and solutions to the residential real agents to schedule showings for their buyers in hope to estate industry enable agents to organize more showings that convert into faster sales ▪ Centralized Showing Service’s clients will have access to technology-rich products that blend the best features of ▪ GCA acted as exclusive financial advisor to ShowingTime both companies’ offerings and equip them to serve their in connection with the transaction clients even more efficiently

5 CASE STUDY: INSIDE REAL ESTATE RECEIVES MAJORITY INVESTMENT FROM LOVELL MINNICK PARTNERS

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

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

6 Q3 2019 PRIVATE CAPITAL DEAL DASHBOARD

Quarterly Financing Activity(1) Select Q3 2019 Financing Transactions ($MM) ($MM) Number of Deals Equity Raise Debt Raise Post- Ann. Lead / Selected Amount Funding to Money Date Company Investor Invested Date Valuation

$2,676 9/26 $43 $46 NA

$50 Equity / 9/25 $43 $120 Debt NA 104 $969 $1,998 9/18 $20 $25 NA 91 $141 $141 8/27 $17 $48 $77 $1,752 85 $1,700 83 8/27 $47 $64 NA $403 $1,356 $1,298 $1,298 $50 8/27 $15 $29 NA 65 62 $1,084 60 $355 8/22 $80 $222 NA $100 56 $1,857 $1,707 8/21 $400 $565 $1,000

$1,306 $1,349 (7) 8/19 $65 $254 $600+ $943 $21 Equity / $38 Equity / 8/15 $120 Debt $120 Debt $150

7/30 $370 $1,483 $6,400

Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 7/24 $100 $210 NA

Avg. Equity $23.2 $25.8 $11.7 $21.8 $11.4 $16.4 $20.8 $20.4 $33 Equity $105 Equity / Investment: 7/23 / $15 Debt $15 Debt $300

7/11 $225 $358 $1,100

Source: Pitchbook and press releases (1) Excludes Airbnb, Credit Karma, Houzz, Nextdoor, OYO Hotels and The We Company Represents U.S. data across CRE / Investment, Residential Real Estate and Mortgage financing rounds 7 Technology REAL ESTATE PRIVATE COMPANY FUNDING LEADERS

($MM) Residential Real Estate Tech(1) (1) Mortgage / Closing / Insurance Tech CRE / Facilities / Construction Tech

Funding to Funding to Funding to Company Founded Date Company Founded Date Company Founded Date

2012 $1,483 2015 $480 2015 $1,110

$1,345 Equity 2014 2012 $310 2016 $565 / $3,000 Debt

2012 $358 2014 $254 2012 $326

2009 $213 2015 $210 2002 $307

(3) 2014 $185 2013 $166 2013 $297

$150 Equity / (2) 2015 2018 $120 1995 $259 $825 Debt

2008 $104 2010 $112 2013 $222

2011 $103 2009 $90 2011 $197

$105 Equity / 2012 2010 $85 2015 $179 $15 Debt

2008 $85 2015 $78 2012 $175

Capital raise completed in Q3 2019

Source: Pitchbook, Company filings, Company websites, press releases (2) Equity / debt mix per Mike DelPrete (1) Excludes Airbnb, Credit Karma, Houzz, Nextdoor, OYO Hotels and The We Company (3) Represents equity invested only 8 financing rounds REAL ESTATE PRIVATE COMPANY FUNDING LEADERS

Other Mega Funding Leaders Equity Raised to Date:

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

($1.6Bn) ($7.4Bn Equity (1) / $1Bn Debt) $200MM - $500MM 1

$100MM - $200MM 1

$50MM - $100MM

$25MM - $50MM

Source: Pitchbook, Company filings, Company websites, press releases (1) Funding totals exclude secondary transactions 9 Q3 2019 M&A DEAL DASHBOARD

Quarterly M&A Activity Select Q3 2019 M&A Transactions ($MM)

Ann. Date Target Acquirer Enterprise Value

9/20 $152 29 27 9/6 NA 26 26 26 25 9/5 NA 23 8/27 NA 8/22 NA

8/21 NA

8/19 NA 16 8/8 NA

8/6 NA

7/31 NA

7/30 NA

7/24 NA Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 7/16 NA

7/10 NA

7/9 NA

Source: Capital IQ , Pitchbook and press releases Represents data across CRE / Investment, Residential Real Estate and Mortgage Technology 10

. CRE CASE STUDY: COSTAR GROUP PLANS TO ACQUIRE STR

Transaction Overview CoStar Group Financial Detail(2) Revenues Adj. EBITDA − On October 1, CoStar Group announced its $1,616 CAGR: plan to acquire STR, one of the country’s $1,389 18% largest hotel data aggregators $1,192 − CoStar will pay $450 million for STR (7.0x EV / 2019E Revenue and 28.1x EV / 2019E $965 To be acquired by EBITDA) in an all-cash deal that is scheduled $838 to close in the fourth quarter of this year $605 − The acquisition will allow CoStar to expand $504 CAGR: $418 24% their office and industrial property database $256 $280 to include hotel data(1)

CY16A CY17A CY18A CY19E CY20E CoStar Group 3-Year Stock Price Performance & Selected Acquisition History October 1, 2019 $700.00 1.8mm July 18, 2017 1.6mm $600.00 October 12, 2018 1.4mm $500.00 September 12, 2017 March 10, 2017 1.2mm $400.00 June 20, 2019 1.0mm $300.00 0.8mm November 8, 2018 0.6mm $200.00 0.4mm $100.00 0.2mm

$0.00 0.0mm

Jul-17 Jul-19 Jul-18

Jan-17 Jan-19 Jan-18

Oct-16

Apr-17

Sep-19 Sep-17 Sep-18

Dec-16

Nov-17 Nov-18

Mar-19 Mar-18

May-17 May-19 May-18

Source: Capital IQ, Company websites and press releases (1) Commercial Observer, October 1, 2019 11 (2) Projected figures per Wall Street research CRE CASE STUDY: COSTAR GROUP PLANS TO ACQUIRE 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 Selected 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 hospitality industry for their brings leading technologies, over 180 countries 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 and press releases 12 RESIDENTIAL RE 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 Highlights Notarize Fundraising Timeline

($MM) Seed Series A Series B-I Series B-II Legally Sign & Subscription and Date 5/15/15 7/5/16 4/20/19 9/4/19 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 eSign • Electronically sign any document Select Deal Commentary • Free service Online Notarization “ Notarize’s online closing process aligns with Lennar’s vision of • Connect with a commissioned notary public 24x7 to sign and notarize creating a seamless digital transaction. We are excited to provide a documents from any device new resource that will improve the home buying experience and enable our customers to move into their dream homes faster. Real Estate Closings ” • Signers can electronically review, sign and notarize real estate documents • Connects the entire mortgage industry on one platform Bruce Gross, CEO, Lennar Financial Services

Source: Pitchbook, Company website, press releases 13 MORTGAGE 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 Employees: 700+ (as of 8/19) → targeting 2,000-7,000 by end of 2020 round. The company had initially announced a $70MM Series C in January but expanded CEO: Vishal Garg Series C the round in Q1, Q2 and Q3 in response to Description: Provider of an online real estate mortgage lending platform investor demand designed to re-engineer the way people finance their homes. The company's platform provides direct lender services through a − This brings the company’s total funding to digital mortgage $254MM (1) to date and brings its valuation to Current Investors: 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 Highlights Better.com Fundraising Timeline

Product Summary Market-Leading Position (2) ($MM) A-I A-II B C-I C-II C-III C-IV 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 Instant Loan $4Bn $375MM (1) Rate Quotes Raised to Date $10.0 $40.0 $55.0 $125.0 $130.0 $150.0 $254.0 Estimate Worth of Worth of Post-Money Mortgages Mortgages NA NA $220.0 NA NA NA $600.0+ Valuation 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 14 (2) Figures as of 8/19/19 RESIDENTIAL RE 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 $5,810 $5,854 $5,976 program partnership that simplifies the CAGR: process of finding and settling into a new 1% 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 (6%) $770 $732 like Redfin and Compass(1) $658 $596 $609 Realogy 1-Year Stock Price Performance CY16A CY17A CY18A CY19E CY20E ($MM) $25.00 50mm CY16A CY17A CY18A CY19E CY20E 45mm Revenues $5,810 $6,114 $6,079 $5,854 $5,976 % Growth 1.8% 5.2% (0.6%) (3.7%) 2.1% $20.00 40mm Adj. EBITDA $770 $732 $658 $596 $609 35mm % Margin 13% 12% 11% 10% 10% Adj. EPS $1.71 $1.67 $1.66 $0.92 $1.16 $15.00 30mm (partnership announcement) Jul 23, 2019 25mm Stock Data 9/30/19 Valuation Multiples Closing Price $6.68 EV / CY19E Revenue 0.9x $10.00 20mm 52 Week High $20.94 EV / CY20E Revenue 0.8x 15mm 52 Week Low $4.33 EV / CY19E Adj. EBITDA 8.5x $5.00 10mm FD Shares Outstanding 113.5 EV / CY20E Adj. EBITDA 8.3x 5mm Equity Value $758 $0.00 0mm Plus: Debt & Minority Interest $4,573 Price / CY19E EPS 7.3x Oct-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Less: Cash and Equivalents $270 Price / CY20E EPS 5.8x Enterprise Value $5,061

Source: Capital IQ, Company websites and press releases (1) New York Times, July 23, 2019; Wall Street Journal, July 23, 2019 15 (2) Projected figures per Wall Street Research RESIDENTIAL RE 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 and press releases 16 CONSTRUCTION CASE STUDY: HONEST BUILDINGS ACQUIRED BY PROCORE

Transaction Overview Honest Buildings Overview Headquarters: New York, NY − On July 16, Procore Technologies, Inc. Founded: 2012 announced that it had acquired Honest Employees: ~100 Buildings, Inc.; terms were not disclosed Description: Developer of construction project management software, − The acquisition follows Procore’s 2018 enabling both transparency and access to information for owners, acquisition of BIManywhere, a visual building general contractors and subcontractors. The company's platform Acquired by information modeling collaboration platform enables users to streamline vital components of the construction for construction and facilities management process, such as bidding and cost tracking − The transaction supports Procore’s aim to Current Investors: accelerate growth globally in construction technology by leveraging Honest Buildings’ experience of facilitating over $20 billion of projects worldwide Honest Buildings Highlights Honest Buildings Fundraising Timeline

Customers Product Summary ($MM) Seed Series A-I Series A-II Series B-I Series B-II Date 9/11/12 12/9/13 6/4/15 10/11/17 5/31/18 Project Costs Savings (1) Amount Raised $2.0 $9.5 $5.0 $13.0 $18.0 Raised to Date $2.0 $11.5 $16.5 $29.5 $47.5 Post-Money (2) N/A N/A N/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 and press releases (1) Per Company website, as of 4/17/19 (2) Pitchbook Estimate 17 PUBLIC COMPANY PERFORMANCE

LTM Share Price Performance

80% TREE: 35% MONY: 28% QNST: (7%) 60% 31% 40% 19% 17% 20% 16% 13% 11% 0% 9% (2%) (20%)

(40%) (44%)

(60%) Oct-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19

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

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

31% 19% 17% 16% 13% 11% 9% (2%) (44%) LTM Share Price Performance

Source: Capital IQ 18 PUBLIC COMPANY VALUATION

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

11.0x 27.8x

20.2x 7.2x 17.5x 17.2x 5.7x 14.4x 13.5x 4.0x 9.0x 8.9x 8.5x 3.0x 2.8x 1.5x 1.3x 0.9x

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

Public Real Estate Technology Ecosystem

4.0x / 13.5x 7.2x / 17.5x 11.0x / 20.2x 3.0x / 17.2x 1.3x / 8.5x 5.7x / 27.8x 0.9x / 9.0x 2.8x / 8.9x 1.5x / 14.4x 2020E Revenue / 2020E EBITDA Multiple

Source: Capital IQ Multiples represent median value of sector group 19 APPENDIX

20 APPENDIX Selected M&A Activity ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 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

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

2019 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

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

Source: Capital IQ , Pitchbook and Company filings (1) LTM multiples reflect 2019E figures 21 APPENDIX Selected M&A Activity (cont’d) ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 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 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

2019 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 NA 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

(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

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

Source: Capital IQ , Pitchbook and Company filings (1) Per Skift report, 3/8/19 22 APPENDIX Selected M&A Activity (cont’d) ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 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 2/12/2019 $3,390 7.1x 6.3x 27.7x(1) 21.9x(1) 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

1/7/2019 NA NA NA NA NA Provider of national real estate data and analytics 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 2018 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 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

Source: Capital IQ , Pitchbook and Company filings (1) EBITDA multiples based on adjusted EBITDA 23 APPENDIX Selected M&A Activity (cont’d) ($MM)

Date($MM) Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 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 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

2018 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

(2) 8/2/2018 117 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

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

Source: Capital IQ , Pitchbook and Company filings (1) Includes $70.2MM in potential earn-outs 24 (2) Includes $14.0MM in potential earn-outs APPENDIX Selected M&A Activity (cont’d) ($MM)

Date($MM) Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 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

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

2018 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 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

Source: Capital IQ , Pitchbook and Company filings (1) Represents value of the 55% stake acquired 25 APPENDIX Selected M&A Activity (cont’d) ($MM)

Date($MM) Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 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 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

Provides cloud-based intelligent sales software that enables mortgage companies to close more loans by 8/31/2017 128 NA NA NA NA helping loan officers respond quickly to prospective borrowers 8/9/2017 NA NA NA NA NA Provides Web-based integrated workplace management SaaS for enterprises Provides an online real estate marketplace allows people to buy and sell commercial and residential real estate

2017 8/2/2017 1,700 NA NA 18.9x NA properties online using desktop and mobile technology Provides a real estate leasing platform that facilitates communicaty marketing, renter qualification, lease 8/2/2017 250 NA NA NA NA contract generation and document storage 8/1/2017 NA NA NA NA NA Provides mortgage loan application software, loan origination software, and data security solutions

7/25/2017 NA NA NA NA NA Develops customer relationship management software and a marketing platform for real estate professionals

7/10/2017 NA NA NA NA NA Provides an online marketplace that connects borrowers and lenders

7/3/2017 1,434 3.0x 2.8x 14.2x 11.1x Provider of financial publishing services in the United States

6/19/2017 70 2.3x NA NA NA Provider of utility management and energy services Provider of an online real estate agent platform, offering agents maximum property exposure and a host of 6/13/2017 78 NA NA NA NA services Provider of an appraisal management platform that uses desktop and cloud-based valuation supply chain 6/6/2017 NA NA NA NA NA technology that connects all of the parties involved in the appraisal process 6/1/2017 NA NA NA NA NA Developer of web-based CRM software intended for the real estate industry

Mean 6.8x 5.4x 19.2x 14.6x Median 3.9x 6.0x 17.0x 13.8x

Source: Capital IQ , Pitchbook and Company filings 26 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 09/30/19 Value Debt Value CY19E CY20E CY19E CY20E CY19E CY20E 18A/19E 19E/20E CY19E CY20E

RE Media / Portals CoStar Group, Inc. $593.20 $21,681 ($1,154) $20,526 $1,389 $1,616 14.8x 12.7x NM 33.9x 16.5% 16.4% 36.3% 37.4% Zillow Group, Inc. $29.55 6,104 (53) 6,052 2,535 4,437 2.4x 1.4x NM NM 90.1% 75.1% (0.1%) (0.3%) Scout24 AG $57.03 6,188 781 6,969 677 752 10.3x 9.3x 19.8x 17.2x 7.4% 11.1% 51.9% 53.7% REA Group Limited $72.99 9,614 121 9,734 615 677 15.8x 14.4x 29.0x 22.3x (6.8%) 10.1% 54.6% 64.3% Rightmove plc $6.77 5,956 (53) 5,904 355 383 16.6x 15.4x 21.7x 20.2x 4.1% 7.6% 76.6% 76.4% LIFULL Co.,Ltd. $6.50 873 (50) 822 390 440 2.1x 1.9x 14.3x 11.3x 22.8% 12.8% 14.7% 16.6% RE Media / Portals Mean 10.3x 9.2x 21.2x 21.0x 22% 22% 39% 41% Median 12.5x 11.0x 20.8x 20.2x 12% 12% 44% 46%

RE Data / RE Software Black Knight, Inc. $61.06 $9,005 $1,672 $10,677 $1,181 $1,267 9.0x 8.4x 18.3x 16.6x 6.0% 7.3% 49.4% 50.8% CoreLogic, Inc. $46.27 3,708 1,818 5,526 1,733 1,727 3.2x 3.2x 11.5x 10.8x (3.1%) (0.4%) 27.8% 29.5% Altus Group Limited $30.18 1,206 134 1,340 424 469 3.2x 2.9x 20.6x 17.8x 13.4% 10.5% 15.3% 16.1% Real Matters Inc. $8.34 711 (60) 650 317 358 2.1x 1.8x 23.6x 20.2x 18.1% 13.0% 8.7% 9.0% RE Data / RE Software Mean 4.4x 4.1x 18.5x 16.4x 9% 8% 25% 26% Median 3.2x 3.0x 19.5x 17.2x 10% 9% 22% 23%

Property Management Software RealPage, Inc. $62.86 $5,811 $462 $6,273 $991 $1,100 6.3x 5.7x 22.3x 19.2x 14.0% 11.0% 28.4% 29.7% AppFolio, Inc. $95.14 3,239 33 3,272 254 321 12.9x 10.2x NM NM 33.8% 26.3% 13.2% 16.5% Agilysys, Inc. $25.61 595 (21) 573 153 171 3.8x 3.4x NM 36.4x 12.1% 11.9% 8.1% 9.2% Property Management Software Mean 7.6x 6.4x 22.3x 27.8x 20% 16% 17% 18% Median 6.3x 5.7x 22.3x 27.8x 14% 12% 13% 17%

Residential Brokerage eXp World Holdings, Inc. $8.38 $524 ($29) $495 $948 $1,317 0.5x 0.4x NM 21.8x 89.5% 38.9% 0.7% 1.7% Purplebricks Group plc $1.39 426 (82) 345 157 162 2.2x 2.1x NM 20.4x (3.7%) 2.8% (9.2%) 10.4% Realogy Holdings Corp. $6.68 764 4,300 5,064 5,854 5,976 0.9x 0.8x 8.5x 8.3x (3.7%) 2.1% 10.2% 10.2% Redfin Corporation $16.84 1,546 (69) 1,478 734 965 2.0x 1.5x NM NM 50.8% 31.4% (7.1%) (3.6%) RE/MAX Holdings, Inc. $32.16 574 218 791 282 289 2.8x 2.7x 7.9x 7.7x 32.6% 2.6% 35.5% 35.6% Residential Brokerage Mean 1.7x 1.5x 8.2x 14.6x 33% 16% 6% 11% Median 2.0x 1.5x 8.2x 14.4x 33% 3% 1% 10%

Source: Capital IQ “NM” signifies multiple >40x 27 REAL ESTATE TECHNOLOGY ECOSYSTEM (CONT’D)

Commercial Brokerage CBRE Group, Inc. $53.01 $17,448 $4,051 $21,500 $23,374 $25,130 0.9x 0.9x 10.6x 10.1x 9.5% 7.5% 8.7% 8.5% Colliers International Group Inc. $75.16 2,975 905 3,880 3,094 3,295 1.3x 1.2x 10.6x 9.6x 9.5% 6.5% 11.8% 12.3% Cushman & Wakefield plc $18.53 4,021 2,952 6,974 8,857 9,372 0.8x 0.7x 9.7x 9.0x 7.8% 5.8% 8.1% 8.3% Jones Lang LaSalle Incorporated $139.06 7,165 1,933 9,098 9,406 10,099 1.0x 0.9x 8.9x 8.0x 3.5% 7.4% 10.9% 11.2% Newmark Group, Inc. $9.06 1,610 1,512 3,122 2,260 2,390 1.4x 1.3x 5.3x 5.0x 21.2% 5.7% 26.2% 26.1% Savills plc $10.82 1,474 533 2,006 2,324 2,394 0.9x 0.8x 8.7x 8.3x 3.5% 3.0% 9.9% 10.0% Marcus & Millichap, Inc. $35.49 1,387 (234) 1,153 813 853 1.4x 1.4x 10.0x 9.4x 8.8% 5.0% 14.2% 14.4% Commercial Brokerage Mean 1.1x 1.0x 9.1x 8.5x 9% 6% 13% 13% Median 1.0x 0.9x 9.7x 9.0x 9% 6% 11% 11%

Traditional Mortgage / Title Fidelity National Financial, Inc. $44.41 $12,186 ($150) $12,036 $5,088 $8,026 2.4x 1.5x 8.9x 10.3x (33.6%) 57.7% 26.7% 14.6% First American Financial Corporation $59.01 6,615 (167) 6,448 5,802 5,973 1.1x 1.1x 6.5x 6.8x 0.5% 3.0% 17.2% 15.8% Radian Group Inc. $22.84 4,643 (143) 4,500 1,311 1,471 3.4x 3.1x NM NM 7.4% 12.2% NA NA Stewart Information Services Corporation $38.79 920 61 981 1,908 - 0.5x NM NM NM (2.5%) NA 0.0% NA Altisource Portfolio Solutions S.A. $20.22 323 235 558 838 782 0.7x 0.7x NM NM (11.0%) (6.7%) 0.1% 0.0% Traditional Mortgage / Title Mean 1.6x 1.6x 7.7x 8.5x (8%) 17% 11% 10% Median 1.1x 1.3x 7.7x 8.5x (2%) 8% 9% 15%

Credit / Mortgage Marketing LendingTree, Inc. $310.43 $4,032 $342 $4,374 $765 $1,097 5.7x 4.0x 21.9x 17.0x 23.8% 43.5% 26.1% 23.5% Moneysupermarket.com Group PLC $4.65 2,497 16 2,513 453 479 5.5x 5.2x 14.4x 13.5x 1.7% 5.7% 38.4% 38.8% QuinStreet, Inc. $12.59 642 (63) 579 446 475 1.3x 1.2x 15.7x 10.6x 33.0% 6.3% 8.3% 11.5% Credit / Mortgage Marketing Mean 4.2x 3.5x 17.3x 13.7x 20% 18% 24% 25% Median 5.5x 4.0x 15.7x 13.5x 24% 6% 26% 23%

RE Sharing Economy / Travel Booking Holdings Inc. $1,962.61 $83,434 $2,501 $85,935 $14,527 $15,207 5.9x 5.7x 14.5x 13.3x 14.6% 4.7% 40.7% 42.5% Expedia Group, Inc. $134.41 22,886 (598) 22,288 11,223 12,149 2.0x 1.8x 9.9x 8.9x 11.6% 8.2% 20.1% 20.7% TripAdvisor, Inc. $38.68 5,388 (796) 4,592 1,615 1,620 2.8x 2.8x 9.7x 8.8x 3.8% 0.3% 29.2% 32.2%

RE Sharing Economy / Travel Mean 3.6x 3.4x 11.4x 10.3x 10% 4% 30% 32% Median 2.8x 2.8x 9.9x 8.9x 12% 5% 29% 32%

Source: Capital IQ “NM” signifies multiple >40x 28 REAL ESTATE TECHNOLOGY ECOSYSTEM (CONT’D)

Broader Data Experian plc $31.97 $28,798 $3,318 $32,116 $4,843 $5,012 6.6x 6.4x 19.0x 17.5x 7.1% 3.5% 34.9% 36.7% TransUnion $81.11 15,232 3,808 19,040 2,317 2,639 8.2x 7.2x 18.5x 16.8x 19.8% 13.9% 44.4% 43.0% Equifax Inc. $140.67 17,005 2,842 19,847 3,412 3,477 5.8x 5.7x 16.8x 15.4x 1.5% 1.9% 34.6% 37.1% Moody's Corporation $204.83 38,754 4,672 43,426 4,443 4,684 9.8x 9.3x 19.4x 18.0x 5.7% 5.4% 50.3% 51.4% Fair Isaac Corporation $303.52 8,771 744 9,514 1,062 1,170 9.0x 8.1x 27.7x 25.4x 12.4% 10.1% 32.3% 32.0%

Broader Data Mean 7.9x 7.3x 20.3x 18.6x 9% 7% 39% 40% Median 8.2x 7.2x 19.0x 17.5x 7% 5% 35% 37%

Source: Capital IQ “NM” signifies multiple >40x 29