Leadership Newsletter Spring 2021

GTCR Firm Update

Since GTCR’s founding in 1980, the firm has pursued the strategy of partnering with exceptional Financial Services & Technology management teams to build and transform growth businesses. GTCR has invested over $20 billion in more than 250 companies during this period. In November 2020, we closed GTCR Fund XIII, with 25+ 240+ PLATFORMS ADD-ONS $7.5 billion of limited partner capital commitments. GTCR Fund XIII is the largest investment fund $ in the firm’s history and will support the firm’s 25B long-tenured investment team and management PURCHASE partners in pursuing attractive platform and add-on PRICE investment opportunities across a wide range of transaction values. To date, GTCR has announced four new platform acquisitions in Fund XIII, Acquisition Activity Since 2000 including the pending investment in Wells Fargo As of March 1, 2021* Asset Management. This fund follows GTCR Fund XII, which we raised in 2017, with $5.25 billion of limited partner capital commitments. GTCR Fund XII is comprised of 13 portfolio companies, including three Financial Services & Technology (“FS&T”) platforms: AssuredPartners, CAPTRUST and Ultimus Fund Solutions.

Page 1 / Continues on next page Financial Services & Technology Group Update

Since 2000, GTCR has made more than 25 financial services and technology platform investments and over 240 add-on acquisitions for an aggregate purchase price of $25 billion, including $5 billion of GTCR capital.

The FS&T group has stayed very active over the past year despite the unprecedented environment. In February 2021, GTCR announced that, together with Reverence Capital Partners, it had signed a definitive agreement to acquire Wells Fargo Asset Management (“WFAM”), a leading asset management platform, in a corporate carve-out transaction from Wells Fargo & Company for $2.1 billion. We are enthusiastic to partner with new Executive Chairman Joseph Sullivan (former Chairman and CEO of Legg Mason) and current CEO Nico Marais to transition WFAM to a standalone business and accelerate growth through ongoing product innovation and investments in enhanced distribution and technology capabilities. The company will be re-branded upon the closing of the transaction, which is expected to occur in the third quarter of 2021 following the receipt of regulatory approval and contractual consents.

In June 2020, GTCR completed its minority investment in CAPTRUST, one of the largest independent retirement plan and wealth advisory businesses in the US. We partnered with CEO and founder Fielding Miller to accelerate organic growth and pursue accretive M&A. CAPTRUST, like our insurance brokerage platform AssuredPartners, has a focused acquisition strategy and has successfully acquired and integrated 47 acquisitions in its history. Since our initial investment in June, CAPTRUST has completed six add-on acquisitions and maintains a robust pipeline of future opportunities.

In addition to the two new platform investments, we have maintained our focus on completing add-on acquisitions through our existing platforms. AssuredPartners has continued to execute on its disciplined acquisition strategy with 49 new acquisitions over the past 12 months. RevSpring, our healthcare billing and payments platform, acquired Loyale Healthcare in February 2020 to enhance its payments capabilities and o¤erings. Paya, our integrated payments platform, acquired The Payments Group, a provider of government and utility billing and payments solutions, in October 2020. CAPTRUST completed six acquisitions during GTCR’s short ownership period and has built an attractive pipeline of future opportunities. Finally, we continue to pursue global registered and private fund administration acquisitions at Ultimus after acquiring and integrating LeverPoint, a leading North American private fund administrator, in late 2019.

The FS&T group also recently executed realizations of our highly successful investments in Optimal Blue and Paya. In September 2020, GTCR sold Optimal Blue, operator of the residential mortgage industry’s leading digital marketplace, to Black Knight (NYSE: BKI) for $1.8 billion in cash consideration. In October 2020, GTCR merged Paya with FinTech Acquisition Corp. III to become a publicly listed company (NASDAQ: PAYA). The transaction valued Paya at an enterprise value of $1.3 billion. Importantly, the transaction created significant near-term proceeds for existing shareholders while allowing GTCR to continue as the largest shareholder of Paya going forward.

The Optimal Blue and Paya transactions reflect the value created through our multi-year partnerships with excellent management teams to transform both businesses under GTCR’s ownership. We have detailed both investments below as case study examples of our Leaders Strategy ™ in action and our focus on driving di¤erentiated outcomes by partnering with exceptional leaders, embracing complexity and e¤ecting strategic transformations.

Page 2 / Continues on next page FS&T Investment Case Study: Optimal Blue

GTCR partnered with industry veteran Scott Happ to transform Optimal Blue into the residential mortgage industry’s leading digital marketplace.

GTCR partnered with industry veteran Scott Happ, founder and former CEO of Mortgagebot, to acquire Optimal Blue in July 2016. Leading up to the acquisition, GTCR and Scott developed a thesis to build a digital marketplace at the center of the $4 trillion mortgage issuance industry. We identified Optimal Blue, the operator of the leading product and pricing engine for the mortgage industry, as a unique platform to execute on this thesis. The company’s strong position in its segment with a large and underpenetrated addressable market was a characteristic shared by several past GTCR investments. We developed strong conviction that Optimal Blue’s position at the intersection of mortgage investors and originators provided a platform o¤ which the company could develop a broader marketplace and deliver additional information and services to the mortgage industry.

Under Scott’s leadership, the company executed a significant transformation to reposition itself from a mortgage technology point solution to an open, real-time, cloud-based marketplace operator positioned at the center of the mortgage market. While repositioning the business, GTCR and Scott assembled an industry-leading management team to enhance the technology platform, professionalize operations, optimize sales execution and invest in product development and innovation. The company added incremental capabilities and functionality to broaden its core product o¤erings and developed new o¤erings in compliance, data analytics and mortgage insurance distribution to expand the reach and relevance of its network. The company also completed three acquisitions to add complementary capabilities and expand its client base to support its organic expansion e¤orts. Today, Optimal Blue operates the residential mortgage industry’s leading digital marketplace, connecting approximately 3,500 mortgage lenders and brokers with 185 mortgage investors through a unique digital network that facilitates approximately $2 trillion of transactions annually. In addition to facilitating commerce between mortgage originators and investors, Optimal Blue also supports a broader ecosystem of secondary marketplace participants who leverage Optimal Blue’s network and data assets to improve their own products and service o¤erings.

GTCR successfully realized its investment in Optimal Blue in September 2020 with its sale to Black Knight (NYSE: BKI). The transaction valued Optimal Blue at an enterprise value of $1.8 billion, which reflected the company’s high rate of growth in subscription revenues and profits and its strategic value at the nexus of the growing digital mortgage industry.

Page 3 / Continues on next page FS&T Investment Case Study: Paya

GTCR transformed Paya into a leading integrated payments platform after completing a successful carve-out from The Sage Group plc.

GTCR combined its long successful history of investing in payments companies and strong expertise in corporate carve-outs in its acquisition of Paya (formerly known as Sage Payment Solutions) from The Sage Group plc (“Sage”, LSE:SGE) in August 2017. Leading up to the acquisition, GTCR had determined that the integrated payments segment, in which payments capabilities are integrated and sold with software solutions, was poised for outsized growth given the value-added nature of the technology based o¤ering. As GTCR pursued this thesis, it identified Paya as an attractive but undermanaged business given a lack of recent investment in technology and go-to-market operations. Using The Leaders Strategy™ approach to investing, GTCR carved out Paya for a purchase price of $260 million.

In the three years following the acquisition, GTCR recruited an entirely new management team, completed a successful carve-out from Sage, rebranded the company to Paya, invested in new technology and product capabilities and executed three highly strategic acquisitions. GTCR and Paya also accelerated the go-to-market strategy, with an emphasis on partnering with software companies that cater to attractive end markets characterized by their strong secular growth, low penetration of electronic payments and non-cyclical nature, such as B2B accounting, faith-based and non-profit, government and utilities, healthcare and education. Altogether, these actions drove an improved growth profile and enhanced Paya’s competitive position as a unique integrated payments platform. Today, Paya processes over $33 billion of payment volume annually and is a top 20 provider of payment processing in the US. The Company’s deep library of feature-rich software integrations drives a higher proportion of card-not-present volume, which represents approximately 87% of the total and makes Paya the sixth largest overall provider of e-commerce payment processing in the US.

In October 2020, GTCR closed the merger of Paya with FinTech Acquisition Corp. III to become a publicly listed company (NASDAQ: PAYA). The transaction valued Paya at an enterprise value of $1.3 billion. Following the transaction, GTCR remains the largest shareholder and looks forward to continuing to support Paya in its next chapter of growth.

Page 4 / Continues on next page Industry Viewpoints

The COVID-19 pandemic created significant and novel challenges for almost every sector of the economy, and this held true for many financial services and financial technology businesses. Reduced economic activity and operational disruptions challenged many established business models, while other digital business models benefited from the disruption. Although this uncertain environment presented challenges to all market participants, it also demonstrated the benefits of GTCR’s long-standing and disciplined focus on building great companies that are well-positioned to weather a variety of economic cycles, as well as our approach of investing in innovation and technology at our portfolio companies. For example, Paya has performed well, in part due to end markets that are less exposed to macro factors and growing quickly in payments adoption, such as B2B, healthcare, government, utility, non-profit, faith-based and education. Similarly, AssuredPartners continues to consolidate a leading position in insurance brokerage, an industry that has historically been resilient through different market environments. Broadly, our focus on enhancing the innovation and technology capabilities of our portfolio companies enabled them to quickly adapt business models and operating procedures to meet the unique requirements of the COVID-19 environment, such as remote working environments and digital delivery of customer services and support.

Amidst this period of economic uncertainty, strategic buyers and equity markets have rewarded high-quality businesses with resilient business models. These dynamics provided a favorable environment for us to realize the successful September 2020 exit of Optimal Blue, with its market-leading network that drives highly recurring growth while occupying a unique and strategic position within the residential mortgage ecosystem. Similarly, Paya’s October 2020 public offering was a testament to the value of its well-positioned, resilient payments platform.

GTCR remains consistent in applying its strategy of leveraging deep FS&T domain expertise to partner with exceptional leaders and execute transformational investments. Thematically, we remain focused on categories where we have deep experience and key executive relationships across the financial services and financial technology landscape. We believe this strategy will drive differentiated outcomes in an otherwise challenging and uncertain environment. This strategy is exemplified in our latest announced acquisition, Wells Fargo Asset Management (“WFAM”). Having closely followed the asset management market for many years, we quickly gained conviction that WFAM’s position as a high-performing asset management firm would be strengthened as an independent company, and that additional investment in the franchise would support sustained growth of the business and further enhance its culture of investment performance, innovative solutions and client service. Our conviction in the opportunity is further supported by our extensive experience with complex corporate carve-outs. Most importantly, our commitment to investing in WFAM’s growth is underscored by our Leaders Strategy™ partnership with new Executive Chairman Joseph Sullivan (former Chairman and CEO of Legg Mason) and current CEO Nico Marais, who bring strong executive leadership and a successful track record of product innovation, operational execution and value creation.

GTCR’s broader FS&T portfolio is similarly reflective of this strategy. For example, our growth investment in CAPTRUST was made early in the pandemic in June 2020, and it was only possible due to our pre-existing relationship with CEO Fielding Miller and the CAPTRUST team. Despite the volatile environment, GTCR was able to complete diligence remotely and had the conviction in the opportunity and broader wealth management space to make an investment which allows CAPTRUST to take advantage of the dislocation created by the pandemic. Ultimus represents another quintessential GTCR deal: The Leaders Strategy™ partnership with Gary Tenkman, transformative merger between Ultimus and Gemini, complex corporate

Page 5 / Continues on next page carve-out of Gemini, highly strategic acquisition of LeverPoint and investment in a space the FS&T team has followed for years. Similarly, we partnered with long-time healthcare private equity CEO Scott MacKenzie to transform our healthcare billing and payments platform, RevSpring, through investments in people and products as well as key acquisitions to emerge as the clear leader in its space.

Finally, we believe that COVID-19 has accelerated secular shifts that will provide long-term tailwinds for the financial technology sector. Among other things, social distancing has increased demand for the digital delivery of financial services and driven significant growth in e-commerce and digital payments. In turn, this has made digital delivery capabilities and adoption of new technologies a strategic imperative for financial institutions and many other businesses. These are continuations of trends we have been investing behind for over two decades, and their acceleration provides additional opportunities for us to identify, execute and build upon attractive platform investments.

Our focus on financial services and financial technology in particular began long before the investor attention the “fintech” sector has received in recent years. We are committed to supporting innovation and growth in the sector for many years to come, and we are highly enthusiastic about the opportunities in front of us. The Leaders Strategy™ is uniquely suited to the FS&T sector given its rapid secular change, technological primacy, execution complexity and talent scarcity. As one of the original private investors in the space, GTCR is positioned to continue building durable, category-leading companies through all phases of the economic cycle. We could not be more enthusiastic about what the future may bring, and we are deeply thankful and appreciative for all of our partners who have contributed to our success.

Page 6 / Continues on next page Portfolio Company Update

FS&T’s portfolio companies have been highly acquisitive over the firm’s history—since 2000, the average FS&T portfolio company has completed approximately nine add-on acquisitions. As this track record illustrates, we view acquisition-led growth as a proven strategy for value creation to supplement organic growth. Therefore, we seek to develop robust and creative acquisition strategies. All our active FS&T businesses are seeking and evaluating add-on acquisitions in this market environment.

The FS&T team has been very active over the past year. Below is a snapshot of our portfolio:

COMPANY SEGMENT LEADERS ACTIVITY Insurance Jim Henderson, Continued to execute on the Company’s strategy Brokerage Executive Chairman of pursuing accretive M&A with 49 add-on acquisitions in the last 12 months. Named Tom Riley, CEO co-founder and longtime COO Tom Riley as new CEO as Jim Henderson moved to Executive Chairman. AssuredPartners now serves over 400,000 clients and has relationships with over 1,700 insurance carriers.

Asset & Wealth Fielding Miller, Partnered with CEO and founder Fielding Miller Management Founder and CEO in June 2020. Completed six add-on acquisitions since GTCR’s investment and pursuing additional acquisition opportunities. CAPTRUST now advises on more than $600 billion in assets.

Mortgage Scott Happ, CEO Successfully exited investment with a $1.8 billion Technology sale to Black Knight (NYSE: BKI).

Integrated Je¤ Hack, CEO Merged with FinTech Acquisition Corp. III to Payments become a publicly listed company (NASDAQ: PAYA). The transaction valued Paya at an enterprise value of $1.3 billion. Completed the acquisition of government payments provider, The Payments Group, in October 2020.

Healthcare Billing Scott MacKenzie, Completed the acquisition of Loyale Healthcare and Payments CEO in February 2020 to enhance payments capabilities and o¤erings. Supplemented the management team with the hiring of Valerie Mondelli (former Chief Revenue O°cer at Verisys) as Healthcare Chief Commercial O°cer. RevSpring now generates 1.5 billion consumer communications annually.

Fund Gary Tenkman, CEO Hired Michael Neborak (former CFO of Administration Willis Group and MSCI) as CFO in April 2020. Pursuing add-on acquisition opportunities. Ultimus has grown to over $300 billion in assets under administration.

Asset Joseph Sullivan, Signed a definitive agreement to acquire WFAM for Management Executive Chairman $2.1 billion in a corporate carve-out transaction from Wells Fargo, partnering with new Executive Nico Marais, CEO Chairman Joseph Sullivan and current CEO Nico Marais. WFAM currently has over $600 billion in assets under management.

Page 7 / Continues on next page Meet the Leaders of FS&T Companies

Core to GTCR’s investment approach is The Leaders Strategy™. We are pleased to partner with these industry leading executives:

Jim Henderson Executive Chairman, AssuredPartners

Jim Henderson has over 40 years of experience in the insurance brokerage industry and co-founded AssuredPartners in March 2011. Jim transitioned to Executive Chairman of AssuredPartners in January 2021 after serving nearly 10 years as its CEO. Jim began his career as a certified public accountant with Ernst & Ernst. For ten years, Jim served as CFO and Executive Vice President with Ormond Reinsurance Group. From there, Jim spent 25 years with Brown & Brown, a publicly traded national insurance brokerage, progressing from CFO to serving as Vice Chairman and COO from 2007 through his retirement in August of 2010.

Tom Riley CEO, AssuredPartners

Tom Riley has over 30 years experience acquiring and building brokerage firms and co-founded AssuredPartners in March 2011. Tom succeeded longtime partner Jim Henderson as CEO of AssuredPartners in January 2021 after serving nearly 10 years as its President and COO. As COO, Tom designed and led operational improvement initiatives across multiple platforms and recruited an operational team that is responsible for the integration and continued growth of the 40+ agencies that join the AssuredPartners family every year. Tom began his career as a certified public accountant with Arthur Young before spending more than 20 years with the publicly traded national insurance brokerage Brown & Brown. In his last several years with Brown & Brown, Tom served as a Regional President and Chief Acquisitions O°cer growing the eastern region of that company to over $300 million in annual revenue.

Fielding Miller Founder and CEO, CAPTRUST

Fielding Miller is the founder and CEO of CAPTRUST. Fielding is credited with leading the company from an entrepreneurial start-up to one of the nation’s largest independent financial advisory firms. As Chairman and CEO, he leads corporate strategy and helps to ensure that CAPTRUST remains competitively positioned to serve its clients’ needs in an increasingly complex and volatile market environment. Prior to founding CAPTRUST, Fielding served as SVP, Investments at Interstate/Johnson Lane, Inc., an independent securities firm based in North Carolina. He began his career as a branch manager for Bank of America’s predecessor, North Carolina National Bank (NCNB).

Page 8 / Continues on next page Scott Happ CEO, Optimal Blue

Scott Happ has more than 20 years of experience in the mortgage technology sector and was previously the founder and CEO of Mortgagebot, the leading SaaS point-of-sale solution for mortgage origination. Scott initially oversaw the development of Mortgagebot within M&I Bank before executing a management buyout in 2001, and building the platform into a standalone online solution, enabling lenders to accept and process consumer applications. Under his leadership, Mortgagebot served nearly 1,000 banks and credit unions across the country. In 2011, D+H Corporation (TSE: DH) acquired Mortgagebot for $232 million.

Jeff Hack CEO, Paya

Jeff Hack has more than 20 years of experience at leading financial services firms and joined Paya as CEO in November 2018. Prior to joining Paya, Jeff was most recently an Executive Vice President and Management Committee Member at First Data, a global provider of payments technology and the largest US merchant processor. Jeff was an integral part of the leadership team that transformed First Data, leading to a successful IPO. During his tenure, he held various leadership roles at the firm, including serving as COO of Global Business Solutions, First Data’s largest division. At First Data, Jeff led the commercialization of integrated payments and software solutions to SMB clients, resulting in increased sales and retention. Prior to First Data, Jeff was COO at Morgan Stanley Smith Barney where he was part of the new management team that led the successful integration of Smith Barney into Morgan Stanley following its acquisition from Citigroup. He has also held a variety of leadership roles at J.P. Morgan Chase as Executive Vice President and Managing Director and at Smith Barney as COO and CFO.

Scott MacKenzie CEO, RevSpring

Scott brings more than 25 years of experience in healthcare and information technology, with a track record of achieving growth and transformation while enhancing strategic value. Most recently, Scott served as CEO of M*Modal, a leading technology provider of advanced clinical documentation solutions, recently acquired by 3M. Prior to that, Scott was CEO of Passport Health Communications until its acquisition by Experian, where he served as President of Experian Health. Scott was also part of McKesson Corporation as President of RelayHealth Pharmacy Solutions, and previously held executive positions at Cerner Corporation, where he ran its Providing Care business unit focused on physician, nurse, pharmacist and consumer electronic health record (EHR) software.

Page 9 / Continues on next page Gary Tenkman CEO, Ultimus Fund Solutions

Gary has over 25 years of experience in the financial services industry. He joined Ultimus Fund Solutions in 2014, having been brought in as COO to run the business before becoming President in 2018 and CEO in 2019, following Ultimus’ combination with Gemini. During his tenure, Ultimus has more than doubled in size. Prior to joining Ultimus, Gary served as Managing Director of Citi’s North America Investor Services business, which included mutual fund, hedge fund, private equity and middle-o°ce servicing. Before Citi, Gary held various fund administration leadership roles at BISYS, a publicly traded fund administrator acquired by Citi, and began his career as an Audit Manager at Ernst & Young.

Joseph Sullivan Executive Chairman, Wells Fargo Asset Management

Joseph (Joe) Sullivan will serve as Executive Chairman of the newly independent WFAM and brings over 40 years of experience in financial services and asset management. Joe was formerly Chairman and CEO of Legg Mason Inc., a global asset management firm with over $800 billion in assets under management as of December 2019. He joined Legg Mason in September 2008 and, after serving as Head of Global Distribution and Chief Administrative O°cer, was appointed CEO as of October 2012 and Chairman as of October 2014. Before joining Legg Mason, he served on the Board of Directors of Stifel Financial and as Executive Vice President and Head of Fixed Income Capital Markets for Stifel Nicolaus from December 2005. Previously, Joe held executive roles at Legg Mason Wood Walker, Dain Bosworth and Piper Ja¤ray.

Nico Marais CEO, Wells Fargo Asset Management

Nico Marais joined WFAM as President in 2017 and has served as CEO of WFAM since 2019, leading a team of more than 1,400 including over 450 investment professionals and o°ces around the world. Prior to joining WFAM, Nico served as head of Multi-Asset Investments and Portfolio Solutions at Schroders. Prior to Schroders, Nico was global head of Active Portfolio Management for BlackRock’s Multi-Asset and Client Solutions team. Previously, he held several leadership roles with Barclays Global Investors, including global head of Investment Strategy and head of European Active Equities, and also worked for The World Bank Group as a bond trader and for the South African Reserve Bank as a gold trader.

Page 10 / Continues on next page Portfolio Company Profiles

AssuredPartners Location: Lake Mary, FL Executive Chairman: Jim Henderson CEO: Tom Riley Platform Acquisition: May 2019 Recent Acquisition: January 2021

In executing The Leaders Strategy™, GTCR Fund X originally partnered with CEO Jim Henderson and President Tom Riley in 2011 to form AssuredPartners with the goal of building a leading middle market insurance broker through acquisitions and organic growth. Today, AssuredPartners is one of the fastest-growing, full-service insurance brokers in the US, o¤ering property, casualty and employee benefits insurance products and services to middle-market businesses, public institutions and high-net worth individuals. AssuredPartners serves over 400,000 clients and has relationships with over 1,700 insurance carriers. GTCR Fund XII recapitalized AssuredPartners in May 2019 in partnership with Apax Partners and management.

AssuredPartners has built a high-quality, scalable platform that benefits from diversification across customers, brokers, geographies, end markets and carriers. The management team remains focused on executing on its acquisition strategy, accelerating organic revenue growth through investments in producer recruitment, training, and building further specialization within niche product lines and industries which value deep expertise and insulate the company from competition.

CAPTRUST Location: Raleigh, NC CEO: Fielding Miller Platform Acquisition: June 2020 Recent Acquisition: January 2021

GTCR partnered with founder and CEO Fielding Miller to complete a growth investment in CAPTRUST in June 2020. CAPTRUST is an independent registered investment advisor with more than 800 employees nationwide and $600 billion in client assets under advisement with clients in all 50 states. CAPTRUST provides investment advisory, asset management and planning services to thousands of a³uent private clients and institutional investors such as retirement plan fiduciaries, endowments, foundations and religious entities.

CAPTRUST operates with both national scale and a strong local presence within its markets. Its organizational structure is comprised of centralized capabilities at its headquarters from which the company supports regional advisory locations. GTCR believes CAPTRUST is strategically di¤erentiated due to its scale in both the institutional and retail markets, its established consolidation platform and its leading organic growth.

Page 11 / Continues on next page Optimal Blue Location: Plano, TX CEO: Scott Happ Platform Acquisition: July 2016 Sale: September 2020

GTCR partnered with former Mortgagebot CEO Scott Happ to acquire Optimal Blue, provider of the leading product and pricing engine (“PPE”) for the $15+ trillion mortgage sector. Today, Optimal Blue operates the residential mortgage industry’s leading digital marketplace, connecting approximately 3,500 mortgage lenders and brokers with 185 mortgage investors through a digital network that facilitates approximately $2 trillion of transactions annually. Optimal Blue’s PPE processes real-time pricing and eligibility data on mortgage products from an array of investors interested in buying mortgages. Optimal Blue then distributes this data through its network of mortgage banks and mortgage brokers, who use it to determine the best priced product for their borrower customers. Optimal Blue also provides a suite of related solutions, including data and analytics, compliance services and secondary hedging and price-lock services.

Under GTCR’s ownership, Optimal Blue completed three add-on acquisitions to expand its product o¤erings and further strengthen its market-leading PPE position. In September 2020, GTCR sold Optimal Blue to Black Knight (NYSE: BKI) for $1.8 billion.

Paya Location: Atlanta, GA CEO: Jeƒ Hack Platform Acquisition: August 2017 Recent Acquisition: October 2020

Paya was created by GTCR in August 2017 through a corporate carve-out from The Sage Group, a UK-based provider of accounting, payroll and payment solutions. As a standalone entity, Paya is a leading provider of integrated payment and software solutions that help customers accept and make payments, expedite receipt of funds and increase operating e°ciencies. Paya processes over $33 billion of annual payment volume across credit/debit cards, ACH and checks, making it a top 20 provider of payment processing in the US and sixth overall in e-commerce (approximately 87% of volume is card-not-present). Paya serves over 100,000 end customers through over 1,000 key distribution partners focused on targeted, high-growth verticals such as healthcare, education, non-profit, government, manufacturing and other B2B end markets. The business has built its foundation on o¤ering robust integrations into front-end CRM and back-end accounting systems to enhance customer experience and workflow.

Paya is pursuing strategically complementary M&A with equity capital support from GTCR and has completed three acquisitions under GTCR ownership (First Billing Services, Stewardship Technology and The Payments Group). In October 2020, GTCR closed the merger of Paya with FinTech Acquisition Corp. III and became a publicly listed company (NASDAQ: PAYA). The transaction valued Paya at an enterprise value of $1.3 billion.

Page 12 / Continues on next page RevSpring Location: Livonia, MI CEO: Scott MacKenzie Platform Acquisition: November 2016 Recent Acquisition: February 2020

GTCR acquired RevSpring in November 2016. RevSpring is a leading provider of multi-channel billing and communications solutions for clients in the healthcare and financial services industries. RevSpring helps customers accelerate revenue through an end-to-end platform of o¤erings that includes print and electronic invoices, consumer payment portals and data and analytics tools that validate consumer identities and optimize engagement. RevSpring serves a diversified client base of approximately 2,700 health systems and hospitals, revenue cycle management providers, physicians and financial services organizations and generates 1.5 billion consumer communications annually.

In October 2018, RevSpring closed the transformative acquisition of Apex Revenue Technologies (“Apex”), a competing provider of billing and customer engagement solutions with a focus on healthcare. The Apex transaction significantly deepened RevSpring’s healthcare focus and provided enhanced scale and capacity for product innovation. In February 2020, RevSpring completed the strategic acquisition of Loyale Healthcare to extend its capabilities in healthcare payments.

Ultimus Fund Solutions Location: Cincinnati, OH CEO: Gary Tenkman Platform Acquisition: February 2019 Recent Acquisition: September 2019

In February 2019, GTCR partnered with CEO Gary Tenkman to acquire Ultimus Fund Solutions (“Ultimus”) and The Gemini Companies (“Gemini”). Gemini and Ultimus were both leading independent providers of fund administration services to the asset management industry, and the transformative merger of the companies created the leading independent provider of fund administration services. Today, Ultimus administers over $300 billion in assets on behalf of its clients. Ultimus supports the launching and servicing of mutual funds, private funds, ETFs, variable annuity trusts and other pooled investment vehicles. Ultimus is uniquely positioned in the industry as the largest independent provider of these solutions given that other large providers are owned by banks and other financial institutions for whom fund administration is not the core service o¤ering.

In September 2019, Ultimus completed the add-on acquisition of LeverPoint Management (“LeverPoint”). The acquisition of LeverPoint adds to Ultimus’ existing private fund administration capabilities, making Ultimus one of the largest independent providers of private fund services, servicing over $100 billion in private fund assets. With the addition of LeverPoint, Ultimus has further enhanced its unique position as an independent fund administration business with scale and diverse o¤erings in both registered fund and private fund services.

Page 13 / Continues on next page Wells Fargo Asset Management Location: San Francisco, CA Executive Chairman: Joseph A. Sullivan CEO: Nico Marais Platform Acquisition: Announced February 2021

In February 2021, GTCR announced that, together with Reverence Capital Partners, it had signed a definitive agreement to acquire WFAM in a corporate carve-out transaction from Wells Fargo & Company. GTCR and Reverence will partner with new Executive Chairman Joseph Sullivan, former Chairman and CEO of Legg Mason, and existing WFAM CEO Nico Marais, as well as other managers and portfolio managers of WFAM to complete and fund the transaction. Following the closing, management, portfolio managers and employees are expected to hold a significant share of the company’s equity interests. As part of the transaction, Wells Fargo will own a non-controlling, 9.9% equity interest and will continue to serve as an important client and distribution partner.

WFAM is a leading asset management firm with more than $600 billion in assets under management and specialized investment teams supported by more than 450 investment professionals in 24 offices globally. WFAM and its investment teams provide a broad range of investment products and solutions across equity, fixed income, money market and multi-asset strategies to help its institutional, retirement and wealth management clients meet their investment objectives. The company will be re-branded upon closing of the transaction.

Page 14 / Continues on next page FS&T Team Member Updates

VICE PRESIDENT Manny de Zarraga joined GTCR in 2020. Prior to joining GTCR, he worked as a Private Equity Associate at Morgan Stanley in their North American Buyout Group and as an Investment Banking Analyst at Bank of America Merrill Lynch in their Financial Services Group covering Financial Technology. Manny holds an MBA from Harvard Business School and a BA in economics from Vanderbilt University.

ASSOCIATE Nelson Collet joined GTCR in 2020. Prior to joining GTCR, he served as an Infantry Platoon Leader for the US Army in Afghanistan. Previously, he worked as an Investment Banking Analyst in the Technology Group at Barclays. Nelson graduated from Princeton University with a BA in history. He is a recipient of the Bronze Star Medal and Combat Infantryman Badge.

Oleg Grachev joined GTCR in 2020. Prior to joining GTCR, he worked as an Investment Banking Analyst in the Diversified Industries Group at J.P. Morgan. Oleg graduated with University Honors and summa cum laude from Northern Illinois University with a BS in finance and a BS in economics.

FS&T Team Contact Information

Collin Roche Aaron Cohen Mike Hollander Managing Director Managing Director Managing Director (312) 382-2214 (312) 382-2169 (312) 382-2068 collin.roche@gtcr.com [email protected] [email protected]

KJ McConnell David Lalo Manny de Zarraga Principal Vice President Vice President (312) 382-2244 (312) 382-2174 (312) 382-2290 [email protected] [email protected] [email protected]

Page 15 / Continues on next page Appendix: FS&T Investments Since 2000

» Aligned Asset Managers » Palladian Financial » Alliant Resources Group » Premium Credit Limited » AssuredPartners, Inc. » PrivateBancorp » Callcredit Information Group » QFour Digital » CAPTRUST » RevSpring » C-III » Sage Payment Solutions » ConvergEx Group » Service Net » Fundtech » Skylight Financial » Genpass » Syniverse Technologies » HomeBanc » TransFirst » International Check Services » Triad » Ironshore » Ultimus » Land Lease Group » VeriFone » National Processing Company » Wells Fargo Asset Management (pending) » Optimal Blue » Zenta » Opus Global/Hiperos

For a complete list of all active and prior GTCR portfolio companies, please visit gtcr.com

* This information represents the approximate number of platform acquisitions and add-on acquisitions and the aggregate purchase price associated with such acquisitions, completed by GTCR’s Financial Services and Technology group since 2000, as of March 1, 2021. Information includes the pending Wells Fargo Asset Management acquisition, which is expected to close in the third quarter of 2021. The actual amounts may exceed the amounts set forth above and, with respect to purchase price, include the amount paid by all investors in the applicable GTCR portfolio company. This information is for illustrative purposes only and reflects investments that were made across multiple funds during different economic cycles. If a portfolio company has been categorized in more than one industry group by GTCR, it may be separately included in the number of platform acquisitions and add-on acquisitions and the aggregate purchase price associated with such acquisitions, completed by each group. This information does not reflect or relate to fund or portfolio company performance in any manner whatsoever and is provided solely to illustrate recent activity with respect to Financial Services and Technology portfolio companies.

This newsletter is for informational purposes only. This newsletter is not an offer to sell or a solicitation of an offer to buy an interest in any private fund sponsored by GTCR LLC (“GTCR”) or any of its affiliates and was not prepared for existing or potential investors in such funds. This newsletter may not be relied upon in any manner as legal, tax or investment advice and is not to be used for any investment purpose whatsoever. GTCR assumes no responsibility or liability for, and expressly disclaims any obligation or undertaking to update, the information contained in this newsletter. Please visit www.gtcr.com for a complete list of all active and prior GTCR portfolio companies, including portfolio companies by industry sector. See our Terms of Use for important additional information.

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