GCA 1H 2020 Proptech Sector Report

PRELIMINARY CONFIDENTIAL DRAFT

PropTech Market Update 1H 2020 EXECUTIVE SUMMARY – 1H 2020 REAL ESTATE TECHNOLOGY

» COVID-19 and the associated economic shut-down has broad implications for the Real Estate and PropTech markets

» Market environment has created both opportunity and dislocation in PropTech and while some companies and market segments will be negatively impacted, many will benefit from tech tailwinds created by the crisis: PropTech is a massive market category with sub-verticals that are impacted in very different ways depending on their end-market focus, go-to-market strategy, distribution channels and revenue models

– Sub-vertical Matters: Residential RE, CRE Office, CRE Multifamily, Mortgage Tech, Hospitality Tech, Construction Tech, Facilities Management, Data / Analytics businesses, etc. all have very different end-market dynamics that impact performance

– Business Model Matters: Enterprise vs. B2C; recurring subscription revenue vs. transactional models; and fixed asset cost vs. variable costs drive preservation of revenue and unit economics

– Scale Matters: Scale platform solutions help enhance ability to weather slowdown and emerge as a leaders and consolidators going forward vs. point solutions

» M&A and growth investment deals are still getting done despite macro headwinds

– 1H 2020 decline of only ~6% y/y in capital raise activity in the PropTech market despite COVID-19 and Q2 saw a 97% increase in invested capital y/y – driven by large investments in category leaders Vacasa, AirBnb and Sonder

– $4.4Bn in growth capital raised YTD in the U.S. PropTech space across 136 deals through June 2020

– 36 U.S. PropTech M&A transactions through June 2020, including two significant transactions, First American’s acquisition of DocuTech and CoStar’s acquisition of RentPath

» GCA believes that PropTech adoption will accelerate due to COVID-19 and the industry will emerge stronger as a result

2 LEADING ADVISORY TEAM FOCUSED ON THE PROPTECH MARKET

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

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

Zain Azeem [email protected]

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

Commercial RE Software

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

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

Home Services

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

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

3 GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global investment bank providing strategic M&A and capital markets advisory services to growth companies and market leaders STOCKHOLM

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

Global platform: Sector expertise: Exceptional cross- 25 offices in key Experienced team: Expansive coverage border capabilities: markets across Over 500 employees and deep Half of all America, Asia and across the globe specialization transactions Europe Broad spectrum Diversified Strong reputation of clients: business model: and track record: Leading Geographically High number of conglomerates, top balanced, synergistic repeat clients and private equity firms and complementary referrals and emerging high- focus areas growth companies

4 GCA operates as GCA in America and Asia, and GCA Altium in Europe I. COVID-19 UPDATE

II. PROPTECH MARKET SUMMARY

APPENDIX

5 MARKET UPDATE: COVID-19

Key U.S. Developments Select Implications for PropTech

» US in Various Stages of Reopening ✓ Residential Real Estate Remains “Essential” » All 50 states had begun to reopen in some way after the » Consumer interest rates remain at historically low levels ➔ coronavirus drove the country into lockdown starting in driving significant refinancing activity and will support home March values on new purchase » Now, a growing number of states are pausing plans to » Crisis has impacted spring buying season ➔ likely leads to reopen, amid rising case counts(1) pent-up demand in 2H 2020 vs. evaporation of demand » Unemployment Claims Reached Record High But Have Since » Adoption of tech solutions in RE transaction increasing ➔ Decreased virtual showings, transaction management software, eSignatures, virtual notary, digital loan origination, etc. » In the week ending June 20, the 4-week moving average was 1,620,750 filed, a decrease of 160,750 from the previous » Tech to drive cost savings and productivity enhancement week's average for transaction exposed models (e.g., title / brokerage, etc.) » Strong Bipartisan Fiscal Action ✓ Commercial Real Estate Needs Tech to Adapt to Challenging Macro Trends » $2+Tn CARES act passed on 3/27 to provide relief to unemployed and small businesses » Highly challenged traditional retail environment » White House approved an additional ~$480Bn bill on 4/21 » Corporations rethinking their approach to office space in replenishing small business loans program post-COVID world ➔ drives need for enhanced tenant engagement, space utilization and building / facilities » Unprecedented Federal Reserve Response management tools » Fed reduced the fed funds rate to 0-0.25% on 3/15 and ✓ Accelerated Adoption of PropTech Platforms intends to maintain this target » COVID impacts expose shortcomings of “traditional” » Introduced “unlimited” bond buying program approach across RE end markets ➔ PropTech delivers » Government Response Targeted to Real Estate operating efficiencies, enhances customer / consumer » FHFA announced that Fannie Mae and Freddie Mac will experience, data-driven decision making and ability to extend moratorium on single-family evictions and operate virtually foreclosures until at least August 31, 2020 ✓ Scale Players Likely to Extend Lead » Well-capitalized scale leaders will extend their competitive Notes: (1) As of June 30, 2020. advantage in this market 6 1H 2020 PROPTECH SECTOR SUMMARY – KEY-SUB SEGMENT TRENDS

» Fundamentals remain strong: RRE transaction delays will drive strong 2H 2020 market activity ➔ COVID-19 impacted key spring selling season in RRE, but historically low interest rates and strong showing activity & mortgage applications provide strong positive leading indicators for transaction rebound Residential Real Estate » COVID-19 accelerating “digitization” of the transaction ➔ virtual showings, performance / data-driven Technology customer capture, virtual notary, transaction management, broker management tools, tech driven escrow / title all will benefit from adoption tailwinds in post-COVID market » Integration and combination of tool sets is critical to drive productivity ➔ expect continued consolidation of toolsets in RRE to create central “platforms” for brokers / teams / agents

» Market outlook for CRE is mixed and highly end-market dependent – hotel vs. retail vs. CRE office vs. multifamily » CRE building management solutions remain highly attractive segments for investors ➔ large TAM market remains very fragmented Commercial Real Estate » CRE office solutions that deliver operational efficiency drive high ROI and are in high demand (energy Technology efficiency, utilities bulling, predictive maintenance, etc.) » Tenant engagement, tenant experience and tenant safety tools are also critical in post-COVID environment » Continued activity and strong momentum in multifamily management software, especially for firms that are using tech to enhance tenant experience

» Expect adoption of construction tech to accelerate in post-COVID environment – digitization of building Construction models, collaboration tools, jobsite management tools (vendors / labor) and marketplace models will drive Technology growth » Off-site / modular construction likely to benefit as well

7 COVID-19 IMPACT IN RRE: DEMAND DELAY VS. DEMAND DISAPPEARANCE Economic indicators points towards strong recovery in RRE transaction activity in 2H 2020 1 CONSTRICTED SUPPLY AS INVENTORY NEAR RECORD LOWS(1) 2 MORTGAGE RATES NEAR HISTORIC LOWS(2) 2.4 5.3% Housing Inventory (MM) 30-Year Fixed Rate Mortgage Average 2.2 4.8% 2.0 1.8 4.3% 1.6 3.8% 1.4 3.3% 1.2 3.1% 1.0 2.8% May-16 May-17 May-18 May-19 May-20 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 BUT PRICING REMAINS STEADY AND CLEAR SIGNS OF ABRUPT FALLOFF IN TRANSACTIONS IN COVID(1, 3) 3 4 RECOVERY UNDERWAY(4) U.S. pending home sales surged a record 44% in May $370,000 Median Sales Price 6.0 60% $320,000 5.6 40% 5.2 $270,000 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 4.8 20% REAL ESTATE SHOWING INDEX (7-DAY MOVING AVERAGE, (5) 4.4 JANUARY NORMALIZED) 0% Showings currently up 24% y/y as a leading indicator to activity 4.0 60% 2019 2020 3.6 (20%) 50% Jun-16 Jun-17 Jun-18 Jun-19 Jun-20 20% 30% Existing Home Sales (MM) (20%) Jan Feb Mar Apr May Jun Mortgage Applications (Week-Over-Week Growth) (60%) Source: (1) National Association of Realtors. (4) U.S. Department of Housing and Urban Development. 8 (2) Freddie Mac. (5) ShowingTime Real Estate Showing Index as of 6/16/20. (3) Mortgage Bankers Association of America, includes refinancings. COVID-19 ACCELERATES PATH TO DIGITIZATION IN RRE COVID-19 driving the digitization of the RRE transaction across the entire transaction ecosystem

Incumbent Innovators

ShowingTime’s Virtual Showings were incorporated Lone Wolf’s Marketplace hosts a library of curated Clear Capital’s OwnerInsight provides a no-cost, by agents to serve their clients in a safe, responsible digital tools for agents and brokerages to plug and play nationwide solution to maintain proper social manner in response to the challenge imposed by the into zipForm Plus / TransactionDesk. The core purpose distancing while giving lenders, appraisers, and AMCs pandemic. ShowingTime developed streaming video of Marketplace is to put the industry's most innovative timely information from inside homes they are unable technology and an appointment center to allow people digital tools in the hands of real estate agents and to physically enter because of COVID-19. OwnerInsight to continue viewing properties virtually brokerages at a time when they need them the most, works seamlessly on camera-enabled mobile devices and to provide the first end-to-end transaction with no need for app downloads, and photo metadata experience of its kind is captured to ensure protection against fraud

1H Funded “Digitization” RRE Tech Players DISCOVERY / BROKERAGE / INVESTMENT ($MM) CLOSING / TITLE / VALUATION ($MM)

Date Company 1H 2020 Raised Funding to Date Date Company 1H 2020 Raised Funding to Date

5/14 $40 ~$160 5/21 $123 ~$230

3/10 $60 $150 5/21 $29 $49

1/7 $50 $133 4/15 ~$26 $74 $86 Equity / 1/7 $36 2/6 $65 $130 $200 Debt

Source: Capital IQ as of 6/30/20, Pitchbook, press releases. 9 CRE MARKET DRIVERS & TAILWINDS IN TENANT EXPERIENCE/OPERATIONAL EFFICIENCY

RISING CMBS DELINQUENCY REFLECT CRE MARKET CRE Tech Post-COVID – “Return to Work Tech” 1 CHALLENGES(1) Retail and Hospitality especially hard-hit by COVID-19 impact Building Engine’s Building Operations Platform offers core capabilities of its 30% CMBS DELINQUENCY RATES operations platform with optimizations for COVID-19 at no cost through the end of 2020, communication via web, email and text, virtual work orders and building 25% Lodging: 24% inspections with COVID-19 optimized templates 20% Retail: 18% 15% Equiem’s Return to Workplace Solution assists in retaining tenants and returning them safely to the building. Adapts operations to the 'new normal' by providing 10% Overall Delinquency: 10% controlled building access, touchless door, turnstile, elevator access and visitor 5% Multifamily: 3% management, touchless retail, amenity reservations, a virtual concierge and more Office: 3% 0% Industrial: 2% Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Rise Buildings incorporated new technology to adapt to the post-COVID world. YEAR-OVER-YEAR PERCENTAGE CHANGE IN US REIT Their platform integrates real time communication, news updates, visitor and delivery management reducing the interactions between visitors and staff, (1) 2 PROPERTY INDICES AS OF APRIL, 2020 automated package management and touchless door access

(53%) Hotel Multi-Family Tenant Experience (48%) Retail

(25%) Health Care SmartRent is an enterprise home automation company developing software and hardware to help owners, property managers and renters in multifamily (17%) Office communities. The Company provides property owners and managers a platform to better monitor and protect their assets, and create operational efficiencies (15%) Multifamily

Industrial 14%

Cell Towers 31% Zego’s technology removes the friction from the most critical resident touchpoints and automates the tasks that consume community managers. From Data Centers 34% payments and utilities, to communications and smart devices, Zego delivers portfolio-wide efficiency, higher NOI, and more engaged residents

Source: Capital IQ as of 6/30/20, Pitchbook, press releases. (1) Trepp CMBS Delinquency Rate (30+ Days). 10 (2) Nareit, "FTSE Nareit U.S. Real Estate Index," accessed 4/16/2020. I. COVID-19 UPDATE

II. PROPTECH MARKET SUMMARY

APPENDIX

11 PRIVATE CAPITAL DEAL DASHBOARD – 1H 2020

Financing Activity Select 1H 2020 Financing Transactions

($MM) ($MM) Equity Raise Value Debt Raise Value Number of Deals Latest

$3,709 Others All Select Reported Date Company Investor(s) Amt. Invested Funding to Date Valuation 96 90 6/24 $170 ~$560 $1,300 $1,085 6/3 $90 ~$185 NA $2,725 73 72

6/2 $108 ~$635 NA 64 65 $2,214 64 $969 $2,159 $1,884 $291 5/21 $123 ~$230 $623 $397 51 $403 5/8 $74 ~$399 $2,250(3) $1,356 $50 $1,168 $2,624 4/30 $150 ~$400 $5,000 $225 Others All $1,923 $1,756 $1,761 $1,481 $643 4/20 $150 $155 NA $1,306 $943 $1,000(1) Equity 4/6 $6,400(2) NA $633 / $1,000 Debt

2/6 $65 $130 NA Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20

(3) Avg. Deal 1/7 $50 $133 $575 Value: $25.6 $14.7 $18.3 $22.8 $21.4 $24.1 $10.0 $36.5

Source: Capital IQ as of 6/30/20, Pitchbook, CB Insights, press releases. (1) AirBnB raised $1Bn in debt and equity (mix not disclosed) and $1Bn of debt on 4/6. Excludes Oyo Rooms and The We Company financing rounds. (2) Debt and equity mix not disclosed. 12 Represents data across CRE / Investment, Residential Real Estate and Mortgage Technology. (3) Estimated valuation per Pitchbook. PRIVATE CAPITAL DEAL DASHBOARD – 1H 2020

Financing Activity

($MM) NASDAQ Index S&P 500 Index Equity Raise Value Debt Raise Value

(1) $2,411 Trough to Peak Increase : $2,500 NASDAQ: 44% 20.0% S&P 500: 36% 9% $2,000 $1,000 10.0%

0.0% $1,500

(6%) (10.0%) $1,000 $630 $668 (20.0%) $1,411 $85 $500 $358 $199 (30.0%) $86 $545 $0 (40.0%) Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 # of Deals: 26 # of Deals: 24 # of Deals: 14 # of Deals: 21 # of Deals: 28 # of Deals: 23

Source: Capital IQ as of 6/30/20, Pitchbook, CB Insights, press releases. (1) 3/23/20 represents trough; 6/29/20 represents peak. Excludes Oyo Rooms and The We Company financing rounds. 13 Represents data across CRE / Investment, Residential Real Estate and Mortgage Technology. REAL ESTATE PRIVATE COMPANY FUNDING LEADERS

Other Mega Funding Leaders Equity Raised to Date:

>$500MM ($6.4Bn Equity ($614MM) ($468MM) 1 (1) / Debt)

($3.0Bn) ($8.9Bn Equity / $6.1Bn Debt)(1) $200MM - $500MM 1

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

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

$25MM - $50MM

Source: Pitchbook, CB Insights, Company filings, Company websites, press releases. (1) Debt and equity mix not disclosed. 14 (2) Funding totals exclude secondary transactions. STATES TITLE RAISES $123MM IN SERIES C ROUND

Transaction Overview States Title Overview Headquarters: San Francisco, CA − On May 21, States Title announced that it Founded: 2016 had raised $123MM in equity led by Description: Offers patented machine intelligence-enabled tech solutions to Greenspring Associates with participation digitize and automate residential real estate closings. States Title from new investors Horizons Ventures, Series C and its family of brands – North American Title Company (NATC) Eminence Capital, HSCM Bermuda as well as and North American Title Insurance Company (NATIC) – offers Led By existing investors Foundation Capital, solutions for lenders, real estate agents, title agents and Assurant, Fifth Wall Ventures, Lennar homeowners that make closings more simple and efficient Ventures and SCOR Global P&C Ventures Current Investors: − This brings the Company’s total attributed funding to ~$230MM to date $123MM Raised − States Title plans to use its new funding to transform real estate closings at lower costs

Select Deal Commentary States Title Fundraising Timeline(1) “ States Title has developed an automated, patented technology that streamlines the laborious title and escrow process, emerging as the market leader in an industry that historically lacks meaningful innovation. We are thrilled to support States Title as they advance the vision of an instant mortgage that closes with one tap. Especially in the current economic climate, the $229.6 mortgage industry needs to be re-imagined with transformative technological solutions to reduce costs and improve the $123.0 $106.6 customer experience. States Title is leading the vanguard of this $81.6 transformation. $25.0 ” $23.2 Jim Lim, Managing General $10.2 $58.4 $81.6 $106.6 $13.0 Partner, Greenspring Associates $23.2 Seed Series A Series B-I Series B-II Series C (11/25/2016) (12/20/2017) (1/6/2019) (6/20/2019) (5/21/2020) Previously Raised New Funding Source: Pitchbook, CB Insights, Crunchbase, Company website, press releases. (1) Per Crunchbase data. 15 STATES TITLE RAISES $123MM IN SERIES C ROUND (CONT’D)

Product Overview

Instant Title Underwriting – Predictive analytics algorithm that Can reduce closing from 30 to 45 days to 20 utilizes a forward-thinking risk-based insurance model to clear title commitments instantaneously

Borrowers authorize closing 2019A revenue of ~$200 million agents to sign on their behalf Remote Closings – To ensure business continuity and accelerate 1 of the top 2 largest bank lenders & 2 of the top Remote Online Notarization transactions, States Title offers 10 largest nonbank lenders as customers powered by multifaceted state and lender- specific eClosing solutions Comprehensive gap insurance Transaction volume grew by 100 times in 2019 from closing to recordation compared to the year prior

Solution Overview

For Lenders For Real Estate Professionals Predictively underwritten title insurance Experienced services and guidance & escrow processes throughout the home purchase or sale White-label digital closing experience process products Customer closing cost and mortgage Resale of direct title services and direct qualification calculators settlement & escrow services

For Title Agents For Homeowners Quick and straightforward underwriting Fast efficient title and escrow services services, with a counsel that guarantees a Machine intelligence used to buy, sell or response back to your questions within 1 refinance homes hour Fast and transparent agency application process for qualified agents

Source: Pitchbook, CB Insights, Crunchbase, Company website, press releases. 16 SPRUCE RAISES $29MM IN SERIES B ROUND

Transaction Overview Spruce Overview Headquarters: New York, NY − On May 21, Spruce announced that it had Founded: 2016 raised $29MM in equity led by Scale Venture Description: Neutral third party that helps coordinate transactions between Partners with participation from Zigg Capital homeowners and lenders / real estate institutions with a digital- and Bessemer Venture Partners Series B first experience. Spruce takes handles title search, policy, settlement and escrow processes by pairing intuitive software Led By − This brings the Company’s total funding to ~$49MM to date with high-touch human expertise Current Investors: − Spruce plans to use its new funding to accelerate development of its proprietary technology and deepen integrations with $29MM Raised client partners

Solution Overview Spruce Fundraising Timeline Lenders Modern title & closing technology Detailed audit trails of the entire transaction from beginning to end Integrate with current loan origination system or proprietary transaction software Real Estate Tech Partner with industry experts to create optimal workflows $49.1 Digital closing experience has an NPS of 60 and allows customers to view & sign documents, link their bank account, and schedule closing with $29.0 ease $20.1 Homeowners Spruce provides a transaction coordinator $4.5 $15.6 $20.1 supported by a team of in-house experts $4.5 $4.5 Average closing fee of $495(1) Safely receive funds and communicate about Series A Series A-II Series B transactions via secure portal (5/26/2017) (7/18/2018) (5/21/2020) Previously Raised New Funding Source: Pitchbook, CB Insights, Crunchbase, Company website, press releases. (1) Excluding Colorado and Florida; Company website as of 7/10/20. 17 ZUMPER RAISES $60MM IN SERIES D ROUND

Transaction Overview Zumper Overview Headquarters: San Francisco, CA − On March 10, Zumper announced that it had Founded: 2012 raised $60MM in equity led by e.ventures Description: Developer of a search-through-close rental platform where a with participation from a number of existing renter can search, schedule a tour or apply through their phone. investors at a post-money valuation between The platform also provides landlords with online tenant screening Series D $400MM and $600MM, bringing the and rent collection services Company’s total funding to $150MM to date Current Investors: − Zumper noted that is experiencing 100% y/y revenue growth and is on track to reach 80 million users on its platform in 2020 $60MM Raised − Zumper plans to use its new funding to strengthen its engineering team and invest further in its ability to process rental payments online Product Overview Zumper Fundraising Timeline Find Houses, Rooms or Apartments for Rent ($MM) Seed Series A Series A-I Series A-II Series B Series C Series D Receive real-time alerts and instantly apply Date 5/1/12 3/3/14 6/25/15 2/1/16 10/18/16 9/17/18 3/10/20 Filter by location, price range, bedroom count, pet-friendly or Equity Raised $1.7 $6.8 $6.4 $11.8 $17.7 $45.7 $60.0 amenity and set an alert to get notifications when a new listing is Total Raised to Date $1.7 $8.5 $14.9 $26.7 $44.3 $90.0 $150.0 posted (1) Post Rental Listings and Collect Rent Select Deal Commentary Post rental listings and screen tenants Collect rent with online payments “ Zumper’s progress so far is striking, and it has quickly become Generate more leads with Zumper’s network the leading independent company focused on the rental market. Acquisition Timeline We believe that Zumper is well positioned because of its focus on providing an exceptional product for renters and great value for Sep Web-based software platform that automates the entire rental landlords and multifamily properties. 2019 process for landlords, leasing agents and tenants ”

Operates an online map-based apartment rentals search Mathias Schilling, Co-Founder & Jan website and mobile application for consumers to search for Managing Partner, e.ventures 2016 rentals by geographic location

Source: Pitchbook, TechCrunch, Company website, press releases. (1) Post-money valuation estimates per Pitchbook and TechCrunch. 18 HOUSECANARY RAISES $65MM IN SERIES C ROUND

Transaction Overview HouseCanary Overview Headquarters: San Francisco, CA − On February 6, HouseCanary announced that Founded: 2013 it had raised $65MM in equity led by Alpha Description: Developer of a real estate analytics platform designed to offer Edison, Morpheus Ventures and PSP Growth residential real estate information for every block and property − This brings the Company’s total funding to and help people make better real estate decisions. The company's Series C $130MM to date real estate analytics platform aggregates millions of data elements to accurately define and forecast values and market − HouseCanary plans to use its new funding to influences, enabling individual buyers and real estate continue to build the most accurate professionals to make better buying and selling decisions valuations in the housing market, continue to Current Investors: build its world-class team to accelerate $65MM Raised development and broad market adoption of HouseCanary and invest in its leading-edge technology Product Overview HouseCanary Fundraising Timeline

($MM) Early Stage VC Series A Series B Series C Date 3/8/17 4/7/17 5/1/17 2/6/20 Equity Raised $0.6 $33.0 $31.0 $65.0 Total Raised to Date $0.6 $33.6 $64.6 $129.6 Data Explorer - Proprietary Property Explorer - Data & Market Explorer - analytics for more than 100 details around individual Interactive neighborhood million US homes homes, (e.g., historic price analysis (rental return, Select Deal Commentary growth) affordability, etc.) “ We invest in disruptive companies that are innovative and creative in how they tackle the changing landscape. Through their proven software and data driven technology HouseCanary is streamlining real estate transactions and changing the future of the industry. Agile Insights - Context Agile Evaluation - Agile Certified - Security ” around a home’s true Condition-informed of high-confidence AVM Joseph Miller, Managing Partner, value with individual BPO alternative backed by transferable Morpheus Ventures home reports insurance policy

Source: Pitchbook, Company website, press releases. 19 CHERRE RAISES $16MM IN SERIES A ROUND

Transaction Overview Cherre Overview Headquarters: New York, NY − On February 5, Cherre announced that it had Founded: 2016 raised $16MM in equity led by Intel Capital Description: Provides investors, insurers, real estate advisors and other large with participation from Navitas Capital, enterprises with a platform to collect, resolve, and augment real Carthona Capital, Zigg Capital, Dreamit estate data from public, private and internal sources. Cherre Series A Ventures and Silicon Valley Bank allows customers to evaluate opportunities and trends faster and − This brings the Company’s total funding to more accurately, while saving on manual data collection and analytics costs $25MM to date Current Investors: − Cherre plans to use its new funding to continue powering its fully-integrated data $16MM Raised systems

Product Overview Cherre Fundraising Timeline

($MM) Seed VC Series A Date 10/1/18 2/5/20 CoreAugment - Data network provides updated real estate data Equity Raised $9.0 $16.0 Total Raised to Date $9.0 $25.0

Select Deal Commentary CoreConnect - Ability to connect internal and external data “ We see Cherre as critical infrastructure to accelerate the future of this industry. Our customer diligence repeatedly indicated CoreExplore - Asset, community and ownership information for Cherre’s AI-enabled platform was a foundational pillar — a data properties within the database system of record for large enterprises across the real estate segment. We’re excited to help accelerate Cherre’s global growth trajectory. ” Trina Van Pelt, Vice President, CorePredict - AI engine and real estate professionals available Intel Capital

Source: Pitchbook, Company website, press releases. 20 CREXI RAISES $30MM IN SERIES B ROUND

Transaction Overview CREXi Overview Headquarters: Marina Del Rey, CA − On January 24, CREXi announced that it had Founded: 2014 raised $30MM in equity led by Mitsubishi Description: Provider of a platform that combines an active sales and leasing Estate Company, Industry Ventures, and marketplace with marketing, analytics and deal management Prudence Holdings with participation from tools designed to help brokers, buyers and tenants eliminate Series B Lerer Hippeau Ventures and Jackson Square time-consuming processes, find properties and close deals faster Ventures Current Investors: − This brings the Company’s total funding to $45MM to date − CREXi plans to use its new funding to grow its $30MM Raised core business of broker services across the sales, leasing and auction functions, and accelerate the refinement and expansion of buyer and tenant resources Product Overview CREXi Fundraising Timeline

Sell ($MM) Seed VC Series A Series B Date 11/17/15 5/21/18 1/24/20 Equity Raised $4.3 $11.0 $30.0 Marketplace Listings Marketing Total Raised to Date $4.3 $15.3 $45.3

CRM Data & Analytics Select Deal Commentary Communication & Collaboration Tools Support “ The CRE industry is evolving, and market players, especially Auction younger, digitally native generations are seeking out platforms that provide free and open access to information. CREXi directly Access 400,000+ qualified buyers through the live auction platform addresses this market need, providing fair access to a range of CRE 65% sell-through rate, 100% close of escrow and 121% above the reserve price information. As CREXi continues to build out its stable of services, Buy features, and functionality, we’re thrilled to partner with them and support the company’s continued momentum.” Marketplace for commercial properties for sale and lease Gavin Myers, General Partner, Prudence Holdings Source: Pitchbook, Company website, press releases. 21 ROOFSTOCK RAISES $50MM IN SERIES D ROUND

Transaction Overview Roofstock Overview Headquarters: Oakland, CA − On January 7, Roofstock announced that it Founded: 2015 had raised $50MM in equity led by SVB Description: Marketplace connecting buyers and sellers of single-family rental Capital with participation from Citi Ventures, homes, offering investment properties in top U.S. markets. The Fort Ross Ventures, 7 Global Capital, Khosla Company provides the resources for investors to buy, own and Series D Ventures, Bain Capital Ventures, Lightspeed sell real estate online, including data analytics, property Venture Partners and Canvas Ventures management oversight and other tools − This brings the Company’s total funding to Current Investors: $133MM to date − Roofstock plans to use its new funding to $50MM Raised invest in its data science, product and engineering capabilities

Product Overview Roofstock Fundraising Timeline

Buy ($MM) Series A Series A-I Series B Series C Series D Buy properties, portfolios or property shares Date 5/1/15 12/29/15 11/21/16 4/16/19 1/8/20 Search, analyze, check out and close on the platform Equity Raised $6.3 $7.0 $20.0 $50.0 $50.0 0.5% commission for buyers Total Raised to Date $6.3 $13.3 $33.3 $83.3 $133.3 Own Third-party property management teams vetted by Roofstock Select Deal Commentary handle day-to-day operations and tenant concerns Sell “ Roofstock is in the vanguard of the rapidly-growing proptech $2Bn in transaction volume facilitated since inception space. As startups continue to broaden access to financial services, Close in an average of 15 days we see real estate as an incredibly attractive asset class for retail 2.5% commission for sellers investors looking to go beyond the typical stock and bond portfolio. Acquisition Timeline ” Property management firm certified by leading institutional Sulu Mamdani, Managing Jul lenders in the space as an approved property manager for large Partner, SVB Capital 2018 SFR portfolios

Source: Pitchbook, Company website, press releases. 22 NOTARIZE RAISES $25.7MM IN SERIES C ROUND

Transaction Overview Notarize Overview Headquarters: Boston, MA − On April 15, Notarize filed that it had raised Founded: 2015 $25.7MM in equity led by Polaris Partners CEO: Patrick Kinsel and Hyperplane Venture Capital Description: Provider of a document management platform oriented towards − This brings the Company’s total funding to Series C the real estate industry, allowing consumers and enterprises such $74MM to date as lenders, insurers and title agents to sign and notarize documents online Current Investors:

$26MM Raised

Notarize Highlights Notarize Fundraising Timeline

($MM) Seed Series A Series B-I Series B-II Series C Legally Sign & Subscription and Per- Date 5/15/15 7/5/16 4/20/19 9/4/19 4/15/20 Notarize Documents Available 24/7 Notarization Pricing Equity Raised $2.5 $8.5 $20.0 $17.0 $25.7 100% Online Plans Total Raised to Date $2.5 $11.0 $31.0 $48.0 $73.7

Notarize Products Select Deal Commentary eSign Notarize has been on a trajectory from day one, influencing Electronically sign any document “ Free service legislation and building the technology, relationships and infrastructure to change business processes, while also creating a Online Notarization superior customer experience for an antiquated process. Notarize Connect with a commissioned notary public 24x7 to sign & notarize documents saw the potential to address the pain points of traditional notary with a secure, streamlined solution that is already saving Real Estate Closings government, businesses and consumers countless hours and Signers can electronically review, sign and dollars. notarize real estate documents ” Dave Barrett, Managing Partner, Connects the mortgage industry on 1 platform Polaris Source: Pitchbook, Company website, press releases. 23 HEALTHY M&A MARKET

1H 2020 U.S. PropTech M&A Activity Select U.S. 1H 2020 PropTech M&A Transactions

($MM) • 1H 2020 M&A activity

− 72% strategic acquirers Enterprise Buyer Target Announced Date Value − 28% financial acquirers 30 6/24 NA

27 27 6/24 NA 26

24 5/13 $190 23

3/3 NA 19 2/25 $7,100 17

2/13 $350

2/11 $588

1/22 NA

Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 1/14 NA

1/8 NA

Source: Pitchbook, 451 Research, press releases. 24 FIRST AMERICAN FINANCIAL ACQUIRES DOCUTECH

Transaction Overview FAF Financial Detail(1) Revenues Adj. EBITDA − On February 13, First American Financial $6,202 $5,974 Corporation (NYSE:FAF) announced its $5,772 $5,748 CAGR: $5,407 acquisition of Docutech for $350MM from 1% Founder & Chairman Ty Jenkins and investor Acquired Serent Capital. The transaction closed on March 3 − The all-cash deal is expected to be accretive to FAF’s full-year 2020 EPS by $0.10

$350MM − Docutech’s leadership and staff are expected $1,091 CAGR: - to remain with the Company following the $777 $790 $614 $734 Closed transaction 1%

CY17A CY18A CY19A CY20E CY21E FAF 3-Year Stock Price Performance & Acquisition History ($MM) CY17A CY18A CY19A CY20E CY21E $70.00 3.5mm Revenues $5,772 $5,748 $6,202 $5,407 $5,974 (Lien Release Business) February 13, 2020 % Growth 3.5% (0.4%) 7.9% (12.8%) 10.5% $65.00 December 8, 2017 3.0mm Adj. EBITDA $777 $790 $1,091 $614 $734 $60.00 % Margin 13% 14% 18% 11% 12% $55.00 2.5mm Adj. EPS $3.70 $4.68 $5.81 $3.45 $3.70 $50.00 2.0mm Stock Data 7/10/20 Valuation Multiples $45.00 Closing Price $47.77 EV / CY19A Revenue 1.0x 1.5mm $40.00 52 Week High $66.78 EV / CY20E Revenue 1.1x 52 Week Low $29.36 $35.00 1.0mm EV / CY19A Adj. EBITDA 5.5x $30.00 FD Shares Outstanding 113.7 EV / CY20E Adj. EBITDA 9.8x 0.5mm $25.00 Equity Value $5,429 Plus: Debt & Minority Interest $1,623 Price / CY19A EPS 8.2x $20.00 0.0mm Less: Cash and Equivalents ($1,050) Price / CY20E EPS 13.8x Enterprise Value $6,003 Jul-17 Jul-18 Jul-19 Jul-20 Jan-18 Jan-19 Jan-20 Oct-17 Oct-18 Oct-19 Apr-18 Apr-19 Apr-20

Source: Capital IQ as of 7/10/20, Wall Street Research, Company websites, press releases and earnings transcripts. (1) Projected figures per Wall Street research consensus. 25 FIRST AMERICAN FINANCIAL ACQUIRES DOCUTECH (CONT’D)

Strategic Rationale Select Docutech Customers / Partners

Founded in 1991, Docutech provides Founded in 1889, First American dynamic document technologies Financial is a financial services that streamline and financial provider focusing on the real estate transactions for consumers and industry, offering insurance (title lenders. The company generates and home), lender solutions and real revenue on a per-order model estate data & analytics

The acquisition of Docutech will give FAF an end-to-end digital mortgage platform, improving connectivity with lender customers and providing additional upside in the origination market +175 Lenders

Docutech Offerings Select Transaction Commentary

ConformX Solex [This acquisition] reflects our dedication to improving the home- Document generation engine for the eDelivery, eSign, eClose and eVault “ lending industry platform, integrating with ConformX buying experience and driving the digital transformation of the real estate settlement process. Together, we’re uniquely Docutech’s flagship solution dynamically positioned to provide collateral file management from the creates document packages, leveraging inception of the mortgage process through post-closing, which will integrations with loan origination systems Solex Collaboration Platform help accelerate the evolution of real estate closings. to eliminate data entry, improve Automates settlement/closing agent ” compliance, reduce operational costs and fee verification for mortgage lenders accelerate transactions. The platform Dennis Gilmore, CEO, First supports first mortgage, home equity and American Financial personal unsecured loan lending Income Verification Processes 15%+ of U.S. Automates tax transcript processing to mortgage volume verify income and improve compliance

Source: Company websites and press releases. 26 COSTAR ACQUIRES RENTPATH

Transaction Overview CoStar Group Financial Detail(1) Revenues Adj. EBITDA − On February 11, CoStar Group announced its $1,858 CAGR: plan to acquire the assets of RentPath from 18% TPG Capital and Providence Equity $1,600 $1,400 − The all-cash deal is valued at $588MM, ~2.6x Acquired EV / 2019A Revenue and ~12.5x EV / 2019A $1,192 EBITDA. RentPath’s revenue and EBITDA $965 declined by 9% and 28% from 2018, respectively $645 CAGR: $507 $510 23% $588MM − CoStar plans to integrate RentPath’s assets in $418 its Apartments.com network $280 Closed

CY17A CY18A CY19A CY20E CY21E CoStar Group 3-Year Stock Price Performance & Select Acquisition History

$820.00 2.0mm October 1, 2019 June 24, 2020 $720.00 1.8mm September 12, 2017 1.6mm $620.00 October 12, 2018 1.4mm $520.00 1.2mm July 18, 2017 $420.00 February 11, 2020 1.0mm

$320.00 June 20, 2019 0.8mm 0.6mm $220.00 November 8, 2018 0.4mm $120.00 0.2mm $20.00 0.0mm Jul-17 Jul-18 Jul-19 Jul-20 Jan-18 Jan-19 Jan-20 Oct-17 Oct-18 Oct-19 Apr-18 Apr-19 Apr-20

Strategic Rationale RentPath Highlights

28,000 core advertising Founded in 1989, RentPath offers 9 million monthly unique visitors Founded in 1987, CoStar conducts customers across network of digital marketing solutions for the in 2019 expansive, ongoing research to websites rental property industry through its produce and maintain the largest portfolio of well-known apartment and most comprehensive database and home search websites of commercial real estate Select Transaction Commentary information

RentPath has a 30-year track We are very excited to be joining “record of outstanding service to “CoStar as part of the the multifamily industry, Apartments.com network. Our developing thousands of customers have an ever increasing meaningful customer relationships number of choices when […] We believe that RentPath’s considering where to spend their

talented and experienced marketing dollars. With CoStar’s

employees will become valuable commitment to invest in the contributors not only to our “ RentPath family of sites, we will be

Apartments.com network of sites in a position to offer our customers The acquisition of RentPath will significantly expand CoStar’s online rental but across all of our marketplaces. the best options“ to reach potential search market share, bringing it to 60,000+ advertising customers across the renters. combined network of websites, and allow it to target an expanded universe of Andrew Florance, renter niches Marc Lefar, CEO, Founder and CEO, RentPath CoStar expects to achieve significant integration synergies over 12-18 months, CoStar Group allowing it to increase investment in marketing. The increased scale of CoStar’s rental search business will also provide leverage to reduce advertising unit costs

CoStar plans to focus on overlooked market segments such as landlords with smaller portfolios and properties with fewer than 100 units, offering the integrated screening, leasing and rent payment tools developed for Apartments.com on RentPath’s websites

Source: Company websites, filings, earnings transcripts and press releases. 28 INTUIT TO ACQUIRE CREDIT KARMA

Transaction Overview Intuit Financial Detail(1) Revenues Adj. EBITDA − On February 24, Intuit Inc. (NasdaqGS:INTU) $7,995 CAGR: announced its acquisition of Credit Karma, $7,406 11% Inc. for $7.1Bn. The transaction is scheduled $6,784 to close in the second half of 2020 $6,025 $5,196 To Acquire − By agreeing to acquire Credit Karma, a company with nearly $1 billion in unaudited revenue in calendar year 2019, up 20% from $2,908 the previous year, Intuit accelerates its $2,481 $2,647 CAGR: mission of powering prosperity around the 15% $1,642 $1,798 $7.1Bn world Pending

CY17A CY18A CY19A CY20E CY21E Intuit 3-Year Stock Price Performance & Acquisition History ($MM) CY17A CY18A CY19A CY20E CY21E $320.00 February 24, 2020 6.0mm Revenues $5,196 $6,025 $6,784 $7,406 $7,995 % Growth 10.7% 16.0% 12.6% 9.2% 8.0% May 15, 2019 $270.00 5.0mm Adj. EBITDA $1,642 $1,798 $2,481 $2,647 $2,908 % Margin 32% 30% 37% 36% 36% January 22, 2018 Adj. EPS $3.78 $5.09 $6.78 $7.21 $7.86 $220.00 4.0mm November 18, 2019 Stock Data 7/10/20 Valuation Multiples $170.00 November 28, 2018 3.0mm Closing Price $307.55 EV / CY19A Revenue 12.7x 52 Week High $314.73 EV / CY20E Revenue 11.6x 52 Week Low $187.68 $120.00 November 6, 2017 2.0mm EV / CY19A Adj. EBITDA 34.8x $70.00 1.0mm FD Shares Outstanding 289.2 EV / CY20E Adj. EBITDA 32.6x Equity Value $88,932 Plus: Debt & Minority Interest $663 Price / CY19A EPS 45.4x $20.00 0.0mm Less: Cash and Equivalents ($3,371) Price / CY20E EPS 42.7x Enterprise Value $86,224 Jul-17 Jul-18 Jul-19 Jul-20 Jan-18 Jan-19 Jan-20 Oct-17 Oct-18 Oct-19 Apr-18 Apr-19 Apr-20

Strategic Rationale Combined Platform

The platform, leveraging artificial intelligence and connections to over Founded in 1983, Intuit is a global Founded in 2007 by Ken Lin, Credit 100 financial partners, will help consumers: financial platform company with Karma is a consumer technology products including TurboTax, company that provides financing Find the right financial products by matching consumers with pre-approved QuickBooks, Mint and Turbo. Their services including identity offers on loans and credit cards with competitive interest rates that are right ecosystem of financial management monitoring, applying for credit for them. solutions serves approximately 50 cards, shopping for loans (car, home million customers worldwide and personal), filing their taxes Put more money in their pockets by connecting them to higher yield savings accounts and, in the future, will provide faster access to their hard-earned cash.

The combination brings together two technology leaders to help solve the personal finance problems that consumers face today -- managing debt, Provide insights and advice to help consumers make better decisions about maximizing savings, access to better credit cards and loans -- with an aim to their money and improve their credit score. put more money in consumers’ pockets

Credit Karma Business Model Select Transaction Commentary

“ Our mission is to power prosperity around the world with a bold goal of doubling the household savings rate for customers on our platform. We wake up every day trying to help consumers make ends meet. By joining forces with Credit Karma, we can create a Paid by the Bank personalized financial assistant that will help consumers find the Scores & Reports Recommendations or Lender right financial products, put more money in their pockets and provide insights and advice, enabling them to buy the home Get access to credit Use data to analyze Get a product through scores and reports credit profile and one of Credit Karma’s they’ve always dreamed about, pay for education and take the from TransUnion and make product recommendations, and vacation they’ve always wanted.” Equifax, with weekly recommendations the bank or lender pays updates the company Sasan Goodarzi, CEO, Intuit

Source: Company websites and press releases. 30 CANNAE HOLDINGS UNSOLICITED OFFER SUMMARY TO CORELOGIC - SUBSEQUENTLY REJECTED BY CLGX

Summary of Offer Cannae Holdings (NYSE: CNNE) Summary − CoreLogic (NYSE: CLGX) has received an unsolicited bid from Cannae − Holding company engaged in actively managing and operating a group of Holdings (NYSE: CNNE) and Senator Investment Group to acquire the companies and investments as well as making additional majority and company for $65 per share in cash representing a 37% premium over minority equity portfolio investments in businesses CoreLogic’s unaffected stock price on June 15 − Primary investments include minority ownership interested in Dun & − Cannae and Senator Investment jointly own about 15% of CoreLogic’s Bradstreet, Ceridian, and Coding Solutions and majority ownership stakes shares outstanding in O’Charley’s, 99 Restaurants and various other equity and debt − Cannae and Senator said that it’s prepared to take “all steps necessary” investments in real estate, financial services and healthcare technology including calling a special meeting and launching a proxy fight if CoreLogic’s − Cannae is externally managed by Trasimene Capital and led by Bill Foley board isn’t willing to engage − As of 3/31/20, the portfolio has a book value of ~$2.2Bn including − CoreLogic’s Board of Directors said that Cannae and Senator hadn’t approximately $399MM of holding company cash and no holding company previously expressed interest in acquiring the company but will carefully debt review the proposal with the assistance of financial and legal advisors to determine the best course of action − First American had a ROFR on any CLGX takeover offers that expired on CLGX Stock Chart June 1st of this year $80 June 15, 2020: 12mm − On July 7, Corelogic’s Board voted Unanimously To Reject Cannae’s Unsolicited Bid from $70 offering, calling the bid undervalued and raising serious regulatory Cannae Holdings 10mm concerns $60 8mm CoreLogic (NYSE: CLGX) Summary $50 − Provider of global property information, analytics, data-enabled software $40 6mm platforms and services that address the unique needs of the mortgage, real estate, insurance, capital, public sector and rental property markets $30 − The Property Intelligence & Risk Management Solutions (“PIRM”) segment 4mm combines property information, mortgage information and consumer $20 information to deliver unique housing market and property-level insights, 2mm $10 predictive analytics and risk management capabilities − The Underwriting & Workflow Solutions (“UWS”) segment combines $0 0mm

property, mortgage and consumer information to provide comprehensive Jul-20

mortgage origination and monitoring solutions, including, underwriting- Jul-19

Jan-20

Sep-19

Nov-19 Mar-20 related solutions, and data-enabled valuations and appraisals May-20

Source: Capital IQ as of 7/10/20, Wall Street Research, Company Filings and Press Release. 31 CANNAE HOLDINGS UNSOLICITED OFFER SUMMARY TO CORELOGIC - SUBSEQUENTLY REJECTED BY CLGX (CONT’D)

Deal Multiples and Share Premium / (Discount) Premium / (Discount) To: Valuation Multiples 4 $MM, except per share data 52 Week Range Volume-Weighted Average Price1 30-Day 60-Day 90-Day LTM Equity Enterprise LTM NTM LTM Adj. NTM Adj. Current Price Low High VWAP VWAP VWAP VWAP Value2 Value3 Revenue Revenue EBITDA EBITDA Metric: $67.17 $24.69 $69.36 $58.72 $54.61 $49.14 $45.56 $1,788.4 $1,687.9 $530.1 $510.4 Offer

- $52.93 (21%) 114% (24%) (10%) (3%) 8% 16% $4,322 $5,934 3.3x 3.5x 11.2x 11.6x Pre

$65.00 (3%) 163% (6%) 11% 19% 32% 43% $5,307 $6,919 3.9x 4.1x 13.1x 13.6x Bid (5) $67.17 0% 172% (3%) 14% 23% 37% 47% $5,484 $7,097 4.0x 4.2x 13.4x 13.9x Current CLGX Financial Profile ($67.17 Share Price) CLGX Top 10 Shareholders Common Stock ($MM) CY ’17A CY ’18A CY ’19A CY ’20E Holder % Of CSO Equivalent Held(6) Cannae and Senator jointly Revenue $1,851 $1,788 $1,762 $1,708 9,871,904 12% own 15% of CSO(7) 7,746,628 10% Y/Y Growth (5.2%) (3.4%) (1.5%) (3.1%) 6,824,557 9% Adj. EBITDA $480 $493 $497 $513 4,378,546 6% Adj. EBITDA Margin 25.9% 27.6% 28.2% 30.0% 2,970,000 4%

Market Cap $5,484 EV / Rev: 4.0x 4.2x 2,503,199 3%

Cash & Equiv. $153 EV / EBITDA: 14.3x 13.8x 2,350,000 3% 2,005,861 3% Total Debt $1,765 1,970,995 2% Enterprise Value $7,097 1,931,184 2%

Source: Capital IQ as of 7/10/20, Wall Street Research. (4) LTM is twelve months prior to Q1’20. NTM is twelve months beginning Q2’20. (1) VWAP calculated using number of trading days, not calendar days. (5) As of 7/10/20. 32 (2) Offer equity value based on FDSO that includes PBRSUs and RSUs. (6) Capital IQ as of 7/14/20. (3) Assumes net debt of $1,612. (7) Cannae and Senator ownership % based on offer press release. PUBLIC COMPANY PERFORMANCE

LTM Share Price Performance

RDFN: 107% RMAX: (4%) 70% EXPI: 57% PURP: (52%) RLGY: 23% 52% 50% 34% 30% 28% 21% 20% 10%

(10%) (17%) (19%) (30%) (25%) Intra-COVID March (27%) (50%) Market Low (70%) Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20

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

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

52% 34% 28% 21% 20% (17%) (19%) (25%) (27%)

LTM Share Price Performance

Source: Capital IQ as of 7/10/20. 33 PUBLIC COMPANY VALUATION

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

18.5x 37.1x 33.0x 28.4x

22.1x 21.1x 7.6x 17.7x 5.9x 12.8x 4.7x 4.6x 9.5x 4.1x 6.9x 2.0x 1.2x 1.0x

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

Public Real Estate Technology Ecosystem

2.0x / 9.5x 4.1x / 22.1x 7.6x / 21.1x 18.5x / 33.0x 5.9x / 28.4x 4.6x / 37.1x 1.0x / 12.8x 1.2x / 6.9x 4.7x / 17.7x

2020E Revenue / 2020E EBITDA Multiple

Source: Capital IQ as of 8/11/20. Multiples represent median value of sector group. 34 eXp World Holdings and Purplebricks Group excluded from Residential Brokerage’s EV / EBITDA calculation. I. COVID-19 UPDATE

II. PROPTECH MARKET SUMMARY

APENDIX

35 APPENDIX Select M&A Activity ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 6/30/2020 NA NA NA NA NA Provider of CMA platform that assists real estate agents with managing deals and graphics generation Provider of mortgage lending and real estate software solution that maximizes repeat business for lenders and 6/25/2020 NA NA NA NA NA agents by empowering consumers to build wealth through homeownership Provider of real estate search applications, which actively manages over $1 trillion worth of active listings data 6/24/2020 NA NA NA NA NA from over 600 individual Multiple Listings Services (MLS) Provider of a residential real estate search site and end-to-end platform for consumers and agents to 6/24/2020 NA NA NA NA NA collaborate 6/11/2020 NA NA NA NA NA Provider of a cloud-based platform for institutional real estate investors and global property managers

6/11/2020 NA NA NA NA NA Provider of a technology platform designed to build highly personalized, premium prefab homes

6/4/2020 NA NA NA NA NA Provider of professional appraisal management services Provider of tools to access data across the entire enterprise that optimize space use, meeting room 5/13/2020 NA NA NA NA NA coordination, workplace moves, and asset management 5/13/2020 $190 3.3x NA NA NA Provider of a platform for digital commercial real estate transactions that accelerates the property sales process Provider of a web-based real estate financial modeling, analysis, and presentation application that includes a 4/2/2020 NA NA NA NA NA suite of smart, flexible models, calculators, and tools for the single-family real estate sector

2020 3/31/2020 NA NA NA NA NA Provider of software solutions for the UK social housing sector

3/9/2020 NA NA NA NA NA Provider of a visual marketing platform designed to offer videos and 3D models Provider of automated valuation models and other property valuation tools for appraisers, appraisal 3/3/2020 NA NA NA NA NA management companies, lenders, investors and government agencies Developer of financial education and recommendation platform intended to offer free credit scores and 2/25/2020 7,100 7.1x NA NA NA reports with monitoring 2/19/2020 NA NA NA NA NA Provider of online commercial real estate marketplace that connects tenants and buyers with brokers

2/13/2020 350 NA NA NA NA Provider of document, eSign, eClosing and compliance technology

2/11/2020 588 2.6x NA 12.5x NA Operator of a series of websites for marketing apartments, including Rent.com and ApartmentGuide.com

1/22/2020 NA NA NA NA NA Provider of multifamily real estate resident engagement solution Provider of geographic data sciences and predictive, location-based analytics for businesses across the U.S. and 1/22/2020 NA NA NA NA NA Canada 1/14/2020 NA NA NA NA NA Provider of client relationship management (CRM) software company for CRE brokers

Source: Capital IQ as of 6/30/20, Pitchbook, Company filings. 36 APPENDIX Select M&A Activity (cont’d) ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description Provider of property management software and services for public and affordable housing organizations in the 1/8/2020 NA NA NA NA NA 2020 United States Provider of data science, machine learning and human interaction to help real estate professionals better 12/18/2019 NA NA NA NA NA leverage the value of their personal network 12/18/2019 NA NA NA NA NA Provider of technology for home subscription sign-ups, and associated concierge offerings

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

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

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

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

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

10/28/2019 NA NA NA NA NA Provider of cloud-based document management technologies for the mortgage industry 2019 10/16/2019 NA NA NA NA NA Provider of a lease automation and software platform for retail landlords

(1) (1) 10/1/2019 450 7.0x NA 28.1x 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

Source: Capital IQ as of 6/30/20, Pitchbook, Company filings. (1) LTM multiples reflect 2019E figures. 37 APPENDIX Select M&A Activity (cont’d) ($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 8/27/2019 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 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

2019 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

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

Source: Capital IQ as of 6/30/20, Pitchbook, Company filings. 38 APPENDIX Select M&A Activity (cont’d) ($MM)

Date($MM) Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 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 4/22/2019 NA NA NA NA NA industry Online mortgage lender leveraging advanced analytics to offer no origination fees, fast approvals and 4/17/2019 NA NA NA NA NA competitive rates 4/3/2019 220 NA NA NA NA Provider of an office space management platform and office management logistics

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

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

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

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

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

2019 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

2/27/2019 NA NA NA NA NA Provider of AI-based customer relationship management SaaS to real estate brokers and agents

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

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

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

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

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

Source: Capital IQ as of 6/30/20, Pitchbook, Company filings. (1) Per Skift report, 3/8/19. 39 (2) EBITDA multiples based on adjusted EBITDA. APPENDIX Select M&A Activity (cont’d) ($MM)

Date($MM) Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description 1/8/2019 NA NA NA NA NA Provider of an AI tool that automates leasing communication for property managers

2019 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

Provider of appraisal and title management services to mortgage originators, quality control companies, due 11/21/2018 NA NA NA NA NA diligence firms, and other institutions involved in the real estate finance industry 11/20/2018 875 NA 8.8x NA NA Developer of a construction productivity software intended to deliver real-time project information

Provider of an online property rental management platform designed to make the rental process simple, 11/8/2018 68 NA NA NA NA secure and intuitive 2018 11/6/2018 NA NA NA NA NA Provider of information services that help clients in processing real estate transactions

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

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

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

Source: Capital IQ as of 6/30/20, Pitchbook, Company filings. (1) Includes $70.2MM in potential earn-outs. 40 APPENDIX Select M&A Activity (cont’d) ($MM)

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

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

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

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

2018 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 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

Mean 5.7x 5.9x 19.5x 16.3x Median 5.9x 6.3x 15.7x 14.9x

Source: Capital IQ as of 6/30/20, Pitchbook, Company filings. (1) Includes $14.0MM in potential earn-outs. 41 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 08/11/20 Value Debt Value CY19A CY20E CY19A CY20E CY19A CY20E 18A/19A 19A/20E CY19A CY20E

RE Media / Portals CoStar Group, Inc. $826.16 $32,524 ($2,660) $29,864$1,400 $1,600 21.3x 18.7x NMNM 17.5% 14.3% 36.2% 31.9% Zillow Group, Inc. $76.97 17,471 (1,292) 16,1792,7432,6645.9x 6.1x NMNM 105.7% (2.9%) 1.4% 4.0% Scout24 AG $89.759,148 (2,264) 6,884 393364 17.5x 18.9x 29.3x 32.0x4.1% (7.3%) 59.7% 59.1% REA Group Limited $83.95 11,058 72 11,130 610604 18.2x 18.4x 32.4x 34.0x (7.5%) (1.0%) 56.2% 54.1% Rightmove plc $8.077,022(48)6,974 383263 18.2x 26.5x 22.6x 39.3x 12.1% (31.2%) 80.6% 67.4% LIFULL Co., Ltd. $4.10 551 (5) 546 377300 1.4x 1.8x 11.8x 12.6x 18.8% (20.5%) 12.3% 14.5% RE Media / Portals Mean 13.8x 15.1x 24.0x 29.5x 25% (8%) 41% 38% Median 17.9x 18.5x 26.0x 33.0x 15% (5%) 46% 43%

RE Data / RE Software Black Knight, Inc. $79.50 $12,354 $467 $12,820$1,178 $1,183 10.9x 10.8x 22.0x 21.9x5.7% 0.5% 49.5% 49.4% CoreLogic, Inc. $67.285,493 1,6287,121 1,7621,7084.0x 4.2x 14.3x 13.9x (1.5%) (3.1%) 28.2% 30.0% Altus Group Limited $31.901,269 124 1,394 433409 3.2x 3.4x 21.0x 22.2x 15.9% (5.6%) 15.3% 15.3% Real Matters Inc. $23.742,006(101)1,905 359472 5.3x 4.0x NM 25.0x 34.0% 31.5% 10.8% 16.1% RE Data / RE Software Mean 5.9x 5.6x 19.1x 20.7x 14%6% 26% 28% Median 4.7x 4.1x 21.0x 22.1x 11% (1%) 22% 23%

Property Management Software RealPage, Inc. $60.98 $6,028 $692 $6,721 $985 $1,1496.8x 5.9x 23.9x 22.0x 13.3% 16.6% 28.6% 26.6% AppFolio, Inc. $161.17 5,528 59 5,586 255321 21.9x 17.4x NMNM 34.4% 25.5% 14.3% 17.8% Agilysys, Inc. $24.29 568 (60) 508 156143 3.3x 3.6x NM 34.8x 14.7% (8.6%) 7.5% 10.2% Property Management Software Mean 10.6x 8.9x 23.9x 28.4x 21% 11% 17% 18% Median 6.8x 5.9x 23.9x 28.4x 15% 17% 14% 18%

Residential Brokerage eXp World Holdings, Inc. $30.87 $2,115($60) $2,055 $980 $1,4302.1x 1.4x NMNM 95.9% 45.9% 1.3% 3.0% Purplebricks Group plc $0.88 270 (36) 234 155115 1.5x 2.0x NMNM (5.2%) (25.9%) (14.5%) 1.2% Realogy Holdings Corp. $10.531,215 3,9675,182 5,8085,2790.9x 1.0x 8.8x 9.2x (4.5%) (9.1%) 10.2% 10.7% Redfin Corporation $43.864,363(219)4,144 764833 5.4x 5.0x NMNM 56.9% 9.0% (6.1%) 0.3% RE/MAX Holdings, Inc. $37.09 672199871 282262 3.1x 3.3x 8.4x 9.7x 32.8% (7.2%) 36.6% 34.1% Residential Brokerage Mean 2.6x 2.6x 8.6x 9.5x 35%3%6% 10% Median 2.1x 2.0x 8.6x 9.5x 33% (7%) 1%3%

Source: Capital IQ as of 8/11/20. “NM” signifies multiple >40x. 42 REAL ESTATE TECHNOLOGY ECOSYSTEM (CONT’D)

Commercial Brokerage CBRE Group, Inc. $47.73 $15,635 $3,170 $18,805$23,613 $22,4790.8x 0.8x 9.0x 13.1x 10.7% (4.8%) 8.8% 6.4% Colliers International Group Inc. $65.172,607 1,0273,634 3,0562,6231.2x 1.4x 10.0x 12.8x8.2% (14.2%) 11.9% 10.9% Cushman & Wakefield plc $11.542,545 3,1315,676 8,7357,7980.6x 0.7x 8.0x 12.5x6.3% (10.7%) 8.1% 5.8% Jones Lang LaSalle Incorporated $106.23 5,501 2,7408,24010,0178,1960.8x 1.0x 7.6x 13.2x 10.2% (18.2%) 10.8% 7.6% Newmark Group, Inc. $4.91 880 1,9562,836 2,2521,7091.3x 1.7x 5.0x 8.2x 20.7% (24.1%) 25.2% 20.2% Savills plc $10.581,451 330 1,781 2,5602,2620.7x 0.8x 7.0x 9.7x 14.0% (11.6%) 9.9% 8.1% Marcus & Millichap, Inc. $28.011,101(247) 855 786628 1.1x 1.4x 7.7x 18.6x5.2% (20.1%) 14.1% 7.3% Commercial Brokerage Mean 0.9x 1.1x 7.8x 12.6x 11% (15%) 13%9% Median 0.8x 1.0x 7.7x 12.8x 10% (14%) 11%8%

Traditional Mortgage / Title Fidelity National Financial, Inc. $35.37 $10,581 ($30,891) ($20,310)$7,926 $6,735 NMNMNMNM 55.8% (15.0%) 20.8% 21.1% First American Financial Corporation$54.386,181 573 6,754 6,2025,4071.1x 1.2x 6.2x 7.6x7.9% (12.8%) 17.6% 16.4% Radian Group Inc. $16.623,183 1,5114,693 1,4941,3383.1x 3.5x NMNM 13.9% (10.5%) NANA Stewart Information Services Corporation $43.951,042(77) 965 1,9362,0110.5x 0.5x 5.3x 6.2x1.5% 3.9% 9.4% 7.7% Altisource Portfolio Solutions S.A. $9.35 146215361 634337 0.6x 1.1x 5.8x NM (24.3%) (46.9%) 9.7% (5.5%) Traditional Mortgage / Title Mean 1.3x 1.6x 5.8x 6.9x 11% (16%) 14% 10% Median 0.8x 1.2x 5.8x 6.9x 8% (13%) 14% 12%

Credit / Mortgage Marketing LendingTree, Inc. $330.19 $4,330 $392 $4,723$1,114 $891 4.2x 5.3x 23.3x 38.8x 45.6% (20.0%) 18.2% 13.7% Moneysupermarket.com Group PLC $4.022,155 34 2,189 513463 4.3x 4.7x 11.8x 14.9x 13.2% (9.8%) 36.1% 31.6% QuinStreet, Inc. $13.48 700 (99) 602 479492 1.3x 1.2x 17.7x 17.7x7.3% 2.7% 7.1% 6.9% Credit / Mortgage Marketing Mean 3.3x 3.8x 17.6x 23.8x 22% (9%) 20% 17% Median 4.2x 4.7x 17.7x 17.7x 13% (10%) 18% 14%

RE Sharing Economy / Travel Booking Holdings Inc. $1,840.16 $75,352 $1,908 $77,260$15,066 $7,6455.1x 10.1x 13.2x 37.1x3.7% (49.3%) 38.9% 27.2% Expedia Group, Inc. $90.33 12,757 4,621 17,37812,0675,5761.4x 3.1x 8.1x NM 7.5% (53.8%) 17.7% 2.9% TripAdvisor, Inc. $22.523,027 27 3,054 1,561 659 2.0x 4.6x 7.0x NM (3.3%) (57.8%) 28.0% (4.1%)

RE Sharing Economy / Travel Mean 2.8x 6.0x 9.4x 37.1x 3% (54%) 28%9% Median 2.0x 4.6x 8.1x 37.1x 4% (54%) 28%3%

Source: Capital IQ as of 8/11/20. “NM” signifies multiple >40x. 43 REAL ESTATE TECHNOLOGY ECOSYSTEM (CONT’D)

Broader Data Experian plc $36.16 $32,818 $4,245 $37,063$5,002 $5,0507.4x 7.3x 21.9x 21.1x3.3% 1.0% 33.8% 34.8% TransUnion $89.48 17,010 3,321 20,3312,6482,6627.7x 7.6x 19.3x 19.9x 14.3% 0.5% 39.7% 38.3% Equifax Inc. $167.27 20,316 3,028 23,3453,5033,8176.7x 6.1x 19.8x 17.9x2.7% 9.0% 33.6% 34.2% Moody's Corporation $276.46 51,890 4,688 56,5784,7835,061 11.8x 11.2x 24.5x 23.1x7.7% 5.8% 48.4% 48.5% Fair Isaac Corporation $438.16 12,706 906 13,6131,1851,243 11.5x 11.0x 35.8x 32.3x 15.1% 4.8% 32.1% 33.9%

Broader Data Mean 9.0x 8.6x 24.3x 22.9x 9%4% 38% 38% Median 7.7x 7.6x 21.9x 21.1x 8%5% 34% 35%

Source: Capital IQ as of 8/11/20. “NM” signifies multiple >40x. 44 GCA is a global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders. The firm offers worldwide coverage with over 500 professionals in 25 offices across America, Asia and Europe. Built by the people that run the business, GCA is a firm of experts who focus on deals that require commitment, original perspective, skill and exceptional networks. www.gcaglobal.com

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