FINTECH SECTOR REPORT

October 2018 Q3 2018 INSURANCE TECHNOLOGY SECTOR SUMMARY Case Study: Sale of QuoteWizard.com LLC to LendingTree, Inc. (NasdaqGS: TREE)

GCA acted as exclusive financial advisor to QuoteWizard, provider of a customer acquisition technology platform, on its sale to LendingTree.

Transaction Summary Strategic Rationale ▪ On October 4th, 2018, QuoteWizard.com LLC ▪ QuoteWizard will immediately establish LendingTree as a (“QuoteWizard”) announced it had entered into a leader in the high growth online insurance market definitive agreement to be acquired by LendingTree, Inc. − Since its founding in 2006, QuoteWizard has helped (NasdaqGS:TREE) (“LendingTree”) for up to $370MM over 40 million consumers compare and find TRANSACTION DETAILS − $300MM in up-front consideration at close, payable insurance policies online Closed in cash October 2018 ▪ QuoteWizard’s customer acquisition technology platform − $70MM in potential earn-out consideration based and network of over 30 top tier carriers and 10,000 SECTOR on achievement of certain growth milestones in the insurance agents across the country create a scale and Insurance Technology first three years following transaction close network advantage for high-quality insurance lead distribution Digital Media ▪ The QuoteWizard management team, led by CEO Scott Peyree, will continue as QuoteWizard leadership − Will significantly expand LendingTree’s relationships DEAL TYPE following closing with insurance carriers and agents  enable cross M&A ▪ QuoteWizard generated $75.6MM in revenue and selling of mortgage / home related products that $12.8MM in EBITDA for the six months ending June 30, are core to LendingTree’s market 2018 ▪ Numerous product and traffic synergies as part of the ▪ GCA acted as exclusive financial advisor to QuoteWizard MyLendingTree platform and overall LendingTree in connection with this transaction consumer experience

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

Strategic Acquirers Banking Technology +20 Senior U.S. Bankers Blockchain / Crypto

Insurance Technology Dedicated M&A +5 Professionals Investment & Wealth Technology

Online / Alternative Lending +5 Private Capital Professionals Payments / Billing / Money Transfer

GCA’S EXTENSIVE TRANSACTION Real Estate & Mortgage Technology Private Equity / VC EXPERIENCE Regulatory Technology Transactions +350 since 2015 Trading & Capital Markets Technology

M&A / private BUSINESS MODEL COVERAGE placement transactions +90 with $12Bn+ in deal Information value since 2010 SaaS and Balance Services / Transaction Enterprise Sheet Data & Processing Software Driven Analytics

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

Chris Gough Paul DiNardo Clark Callander Rob Freiman Kegan Greene Managing Director Managing Director Managing Director Director Director Software / FinTech M&A Head of Software Co-Head of Investment Banking Payments InsurTech Phone: (415) 318 - 3658 Phone: (212) 999 - 7097 Phone: (415) 318 - 3680 Phone: (212) 999 - 7075 Phone: (415) 318 - 3686 Mobile: (415) 385 - 9427 Mobile: (650) 483 - 7246 Mobile: (415) 515 - 2468 Mobile: (973) 229 - 0436 Mobile: (917) 579 - 4838 [email protected] [email protected] [email protected] [email protected] [email protected]

Selected Recent FinTech Experience

Received an Acquired Acquired by Acquired by Acquired Acquired by investment from Sold majority stake to

We Advised Silver We Advised Liqid’s Investment Partners We Advised QuoteWizard shareholder HQ Trust We Advised Bexio We Advised Risk International We Advised Principal We Advised CHX Payments Insurance Technology Investment Technology Insurance Technology Insurance Technology Investment Technology Liquidity Venues

Sold Sold stake in Acquired by Acquired by Tender Offer for Acquired by Financing from

To Asahi Fire & Marine To Insurance Co. Fairness Opinion to Clearent We Advised FieldEdge We Advised BlackFin We Advised Asahi We Advised WorkMarket We Advised RGI Shareholders We Advised Radius Payments Financial SaaS Insurance Technology Insurance Technology Financial SaaS Insurance Technology Payments

Sale of Growth Investment Majority sale to Growth Investment Strategic Investment Acquired by Acquired by from

We Advised Skyslope Financial Advisor Financial Advisor We Advised ControlExpert We Advised Vindicia We Advised Commissions Inc We Advised Capsilon Real Estate Tech Banking & Lending Tech Payments Insurance Technology Payments Real Estate Tech Real Estate Tech 4 FINTECH DEAL DASHBOARD FinTech is trading at 14% on an LTM basis vs. 50% for the S&P 500. Financing volume thus far in Q4 ‘18 of $4Bn is on track to exceed Q4 ‘17 volume of $7Bn. That said, M&A volume in October is well below levels seen in Q4 ‘17

$45 Bn | 1,486 Deals $115 Bn | 779 Deals Industry Market Performance LTM Financing Volume (1) LTM M&A Volume Select October Financing Transactions Percent Change (2) Select October M&A Transactions Date Company Selected Investors Amount Sub-Sector Subsector LTM 3 Years Date Target Buyer Value Sub-Sector

10/31/18 $109 1 1 Banking & Lending Technology 22% 63% 10/23/18 $225 3

10/30/18 $70 1 2 Benefits Administration/Payroll 24% 64% 10/22/18 $176 8

10/30/18 $300 2 3 Financial SaaS 24% 77% 10/22/18 $52 8

10/16/18 $300 5 4 Information Services 8% 34% 10/22/18 $99 5

10/15/18 $116 5 5 Insurance Technology 28% 74% 10/9/18 $2,200 6

10/5/18 $125 1 6 Investment Technology -1% 29% 10/4/18 $370 5

(1) Quarterly Financing Activity ($Bn) 7 Liquidity Venues 4% 25% Quarterly M&A Activity ($Bn)

397 397 8 Payments 22% 76% 388 235 378 $19 223 377 9 Real Estate & Mortgage Tech. -1% 15% 222 216 192 369 308 155 10 Trading Technology 6% 47% 140 $10 141 $46 $9 $32 $8 $26 71 $7 $23 $5 $17 $4 $4 Aggregate FinTech Market 14% 50% $13 $28 $3

(3) Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 (3) Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18

$95.7 $58.6 $147 $77.1 $240 $182 $124 $45.1 $23.9 $12.6 $18.5 $19.4 $18.3 $61.7 $26.5 $24.8 S&P 500 5% 29% Average Deal Size ($MM) Average Deal Size ($MM)

Notes: Source: Pitchbook. CapIq. GCA Deal Database. as of 10/31/18. 5 (1) Includes private company equity financings. (2) Represents weighted average by market cap. (3) Q4-18 includes October only. FINTECH PUBLIC COMPANY LANDSCAPE FinTech sub-sectors and key operating stats ($Bn)

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

Combined Market Cap: $119 Combined Market Cap: $106 Combined Market Cap: $129 18/17 Rev. Growth: 12% 18/17 Rev. Growth: 9% 18/17 Rev. Growth: 21% 18 EBITDA Margin: 27% 18 EBITDA Margin: 22% 18 EBITDA Margin: 19%

4 Information Services 5 Insurance Technology

Combined Market Cap: $324 Combined Market Cap: $39 18/17 Rev. Growth: 8% 18/17 Rev. Growth: 9% 18 EBITDA Margin: 32% 18 EBITDA Margin: 12% Notes: 6 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 10/31/18. FINTECH PUBLIC COMPANY LANDSCAPE FinTech sub-sectors and key operating stats ($Bn)

6 Investment Technology 7 Liquidity Venues 8 Payments

Combined Market Cap: $239 Combined Market Cap: $259 Combined Market Cap: $973 18/17 Rev. Growth: 9% 18/17 Rev. Growth: 7% 18/17 Rev. Growth: 11% 18 EBITDA Margin: 27% 18 EBITDA Margin: 58% 18 EBITDA Margin: 27%

9 Real Estate & Mortgage Tech. 10 Trading Technology

Combined Market Cap: $209 Combined Market Cap: $113 18/17 Rev. Growth: 8% 18/17 Rev. Growth: 18% 18 EBITDA Margin: 18% 18 EBITDA Margin: 52% Notes: 7 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 10/31/18. FINTECH STOCK PRICE PERFORMANCE Insurance Technology leads the FinTech pack on an LTM basis

LTM Share Price Performance

65%

50% 27.7% 35% 24.2% 23.9% 22.2% 20% 22.2% 7.7% 6.2% 5% 4.5% -1.0% -1.0% (10%) Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18

3 Year Share Price Performance

120%

90% 76.7% 75.6% 73.8% 63.8% 60% 62.6% 47.0% 34.1% 30% 29.3% 24.6% 14.7% 0%

(30%) Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) Liquidity Venues 8) Payments 9) Real Estate & 10) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 8 Source: CapIq. Market data as of 10/31/18. FINTECH PUBLIC COMPANY VALUATION Financial SaaS outperforms the FinTech market on an EV / ’18E Revenue basis EV / Revenue EV / ‘18E Revenue

10.0x 10.0x

8.0x 8.2x 7.5x 7.5x

6.0x 4.9x 4.4x 4.4x 4.6x 5.0x 4.2x 4.1x 4.0x 3.8x 3.1x 3.1x 3.6x 3.2x 2.5x 3.1x 2.0x

0.0x 0.0x Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 2015 2016 2017 2018E

Revenue Growth Median 17A/18E Revenue Growth to EV/’18E Revenue Multiple

50.0% 25%

3 40.0% 20% 10

30.0% 15% 1 20.0% 10% 8 15.6% 5 6 2 9 4 9.5% 8.8% 7 10.0% 5% 4.2%

0.0% 0% 14A / 15A 15A / 16A 16A / 17A 17A / 18E 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) Liquidity Venues 8) Payments 9) Real Estate & 10) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 9 Source: CapIq. Market data as of 10/31/18. Lines display median multiples across comp groups for given year. FINTECH PUBLIC COMPANY VALUATION (CONT’D) Insurance Technology outperforms the FinTech market on an EV / ‘18E EBITDA basis EV / EBITDA EV / ‘18E EBITDA

30.0x 35.0x

30.0x 24.0x 24.8x 25.0x 19.2x 17.6x 18.0x 15.7x 20.0x 15.8x 15.1x 15.3x 12.1x 15.0x 12.0x 11.7x 15.0x 13.7x 13.2x 10.0x 12.2x 6.0x 7.2x 5.0x

0.0x 0.0x 2015 2016 2017 2018E Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18

EBITDA Growth Median 17A/18E EBITDA Growth to EV/’18E EBITDA Multiple

75.0% 60% 10 60.0% 50%

40% 45.0% 3 30% 30.0% 20% 2 11.9% 12.9% 6 15.0% 8 9 5 9.8% 10% 4 6.4% 7 1

0.0% 0% 14A / 15A 15A / 16A 16A / 17A 17A / 18E 0.0x 6.0x 12.0x 18.0x 24.0x 30.0x

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) Liquidity Venues 8) Payments 9) Real Estate & 10) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 10 Source: CapIq. Market data as of 10/31/18. Lines display median multiples across comp groups for given year. FINTECH PUBLIC COMPANY VALUATION (CONT’D) Long-term growth is not necessarily correlated with FinTech public company P/E multiples or PEG ratios

2018 P/E Ratio PEG Ratio Long-Term EPS Growth 2 Benefits Admin/Payroll 29.9x 2.1 20%

5 Insurance Technology 28.9x 2.5 15%

3 Financial SaaS 27.7x 1.9 20%

1 Banking & Lending Tech 25.9x 2.1 15%

4 Information Services 22.8x 2.5 10%

9 Real Estate & Mort. Tech 22.1x 1.6 15%

7 Liquidity Venues 20.7x 2.3 10%

8 Payments 19.7x 1.5 16%

6 Investment Technology 18.5x 1.2 14%

10 Trading Technology 14.7x 0.8 20%

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x

Notes: 11 Figures represent medians of sub-sectors. Market data as of 10/31/18. Long-term EPS growth covers last 5 years. SELECTED RECENT GROWTH EQUITY & VC ACTIVITY Date Announced Target Investors Type Amount ($MM) Sub-Sector Accel, General Catalyst, Goodwater Capital, Orange Digital Ventures, Passion 10/31/18 Series E $109 Banking & Lending Technology Capital, Stripe, Thrive Capital Blue Sky Alternative Investments, FinUp Finance Technology Group, Qiming 10/30/18 Series C $70 Banking & Lending Technology Venture Partners, Sequoia Capital India

10/30/18 Centana Growth Partners Series A $19 Information Services

500 Startups, D3Jubilee, DAYLI Financial Group, Kakao Pay, MORU Asset 10/30/18 Series B $11 Banking & Lending Technology Management, Ryukyung PSG Asset Management

10/30/18 Lightspeed Venture Partners, Redpoint Ventures, Resolute Ventures Series B $35 Financial SaaS

10/30/18 Costanoa Ventures, Point Judith Capital, Transmedia Capital, Y Combinator Series A $11 Insurance Technology

Andreessen Horowitz, Polychain Capital, Tiger Global Management, Wellington 10/30/18 Series E $300 Liquidity Venues Management, Y Combinator

10/30/18 Accel, ARRIVE, Google Ventures, Sequoia Capital Series B $35 Insurance Technology

10/30/18 Century Equity Partners Private Equity $23 Banking & Lending Technology

10/30/18 Anthemis Group, MMC Ventures, Talis Capital, Target Global, Unbound Series A $16 Insurance Technology

10/29/18 Undisclosed Investors Series B - II $1 Financial SaaS

10/29/18 Hillhouse Capital Management Series C $43 Financial SaaS

10/29/18 Steadview Capital Seed $30 Investment Technology

10/25/18 Craft Ventures, Redpoint Ventures, Valor Equity Partners Series B - III $15 Financial SaaS

10/25/18 Bain Capital Ventures, Greylock Partners, NFX, Nyca Partners Series A $25 Financial SaaS

10/25/18 Hard Yaka Series C $30 Financial SaaS

American International Group, Ascot Group, Hyperion Insurance Group, Richard 10/24/18 Series B $17 Insurance Technology Little

10/24/18 AirTree Ventures, AustralianSuper, Entree Capital, Square Peg Capital Convertible Note $31 Banking & Lending Technology

Mizuho Securities Principal Investment, SoftBank Group, Tokai Tokyo Financial 10/24/18 Series D $17 Investment Technology Holdings

10/24/18 Undisclosed Angel Investors Angel $13 Information Services

Eterna Capital, NEO Global Capital, Pillar, Polybius Capital, Union Square 10/24/18 Series A $62 Payments Ventures

10/23/18 Composite Capital Partners, SAIF Partners Series B $50 Financial SaaS

Alpha JWC Ventures, Endeavor Catalyst, Global Innovation Fund, Primedge, 10/23/18 Series B $25 Financial SaaS Sequoia Capital India, Warburg Pincus

Notes: 12 Source: CapIq. Pitchbook. Selected deals from last calendar month. SELECTED RECENT GROWTH EQUITY & VC ACTIVITY (CONT’D) Date Announced Target Investors Type Amount ($MM) Sub-Sector 1843 Capital, BDC Capital, Flying Fish Venture Partners, Yaletown Venture 10/22/18 Series A $11 Financial SaaS Partners

10/19/18 a16z crypto, Polychain Capital Series A $10 Liquidity Venues Anterra Capital, CoVenture, FJ Labs, GreenHouse Capital, Moonshots Capital, 10/18/18 Series B $14 Financial SaaS Rabo Frontier Ventures, Social Leverage, Tribeca Angels

10/17/18 DHVC, Wu Capital Series A $13 Payments

10/16/18 ConsenSys Ventures Seed VC $15 Payments

10/16/18 Andreessen Horowitz, F-Prime Capital, Premji Invest, Uprising, Venrock Series B $300 Insurance Technology China Broadband Capital, Matrix Partners China, Source Code Capital, Yunqi 10/15/18 Series B $17 Information Services Partners 10/15/18 Blackstone Group, Goldman Sachs Private Equity $116 Insurance Technology

10/15/18 Undisclosed Investors Series A $21 Payments

10/15/18 01VC, China Merchants Group, Gaorong Capital, Yunqi Partners Series A $10 Financial SaaS

10/15/18 Sequoia Capital China Series A $10 Payments Bertelsmann Asia Investments, CITIC Capital, GIC, GLP Private Equity, Loyal 10/15/18 Series C $220 Financial SaaS Valley Innovation Capital, Oceanwide Holdings, Skyworth, Tencent Holdings, 10/15/18 BitMEX, Huobi, Pantera Capital Series A $12 Investment Technology

10/11/18 Undisclosed Investors Series B $30 Financial SaaS

10/10/18 Generation Partners, Softbank Capital, Ziegler Capital Management Series B $20 Benefits Administration/Payroll

10/10/18 GCP Capital Partners Private Equity $50 Information Services

10/5/18 DST Global, Greenoaks Capital Management Series C $125 Banking & Lending Technology Goldman Sachs Investment Partners, Jefferies Financial Group, Kevin Ryan, 10/3/18 Series B $34 Banking & Lending Technology Monashees+, Point72 Ventures, Ribbit Capital, Soros Fund Management Insignia Venture Partners, Silverhorn Investment Advisors, tryb Group, 10/3/18 Series A $26 Banking & Lending Technology Venturra Capital

10/2/18 Citi Ventures Series A $23 Payments

10/2/18 EXOR, Samsung Electronics, Social Capital, Tribe Capital, Y Combinator Series B $16 Insurance Technology

10/1/18 Colchis Capital, Socratic Ventures Series A $13 Banking & Lending Technology

Notes: 13 Source: CapIq. Pitchbook. Selected deals from last calendar month. SELECTED RECENT PUBLIC EQUITY AND DEBT FINANCINGS

Offer Date Issuer Ticker Type Amount ($MM) Offer Price Price to Date Sub-Sector

10/25/18 : STNE IPO $1,400 $24.00 20% Payments

10/25/18 NASDAQ: PT IPO $44 $11.88 (1%) Financial SaaS

10/12/18 NYSE: PLAN IPO $264 $17.00 35% Financial SaaS

Median $264 $17 20%

Offer Security Rating at Issuance Date Issuer Use of Funds S&P Moody's Amount ($MM) Coupon Sub-Sector General Corporate Purposes / 10/30/18 A NA $999 3.75% Investment Technology Working Capital

General Corporate Purposes / 10/29/18 NA NA $1,097 3.80% Trading Technology Repurchase of Securities

General Corporate Purposes / 10/5/18 NA NA $86 0.65% Liquidity Venues Working Capital

Median $999

Notes: 14 Source: CapIq. Pitchbook. Price to Date as of 10/31/18. SELECTED RECENT M&A ACTIVITY

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

10/30/2018 NA NA NA Financial SaaS

10/30/2018 NA NA NA Financial SaaS

10/29/2018 NA NA NA Liquidity Venues

10/25/2018 NA NA NA Financial SaaS

10/23/2018 $225 0.4x 6.8x Financial SaaS

10/22/2018 $176 2.2x 46.9x Payments

10/22/2018 $52 NA NA Payments

10/22/2018 $99 3.0x 33.7x Insurance Technology

10/22/2018 $52 NA NA Investment Technology

10/17/2018 NA NA NA Insurance Technology

10/17/2018 NA NA NA Financial SaaS

10/9/2018 $2,200 NA NA Investment Technology

10/5/2018 NA NA NA Investment Technology

10/4/2018 $370 NA NA Insurance Technology

10/1/2018 NA NA NA Trading Technology

10/1/2018 NA NA NA Financial SaaS

Median 2.2x 33.7x Notes: 15 Source: CapIq. Pitchbook. Selected deals from last calendar month. PUBLIC COMPANY VALUATIONS ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 10/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E Banking & Lending Technology Intuit Inc. $211.00 $54,580 $53,302 16% 2.1 17% 9% 16% 10% 36% 8.4x 7.7x 23.2x 21.0x 35.1x 31.7x Fidelity National Information Services, Inc. $104.10 $34,092 $42,498 13% 1.5 (7%) 2% 3% 6% 37% 5.0x 4.9x 13.4x 12.7x 19.9x 18.0x Fiserv, Inc. $79.30 $32,111 $36,713 12% 2.1 2% 5% 8% 3% 38% 6.3x 6.0x 16.6x 16.1x 25.3x 22.5x First Data Corporation $18.74 $17,550 $34,704 13% 1.0 6% 5% 8% 7% 39% 4.0x 3.9x 10.4x 9.8x 12.9x 11.5x Wolters Kluwer N.V. $56.77 $15,438 $17,737 9% 2.4 (8%) 4% (9%) 6% 27% 3.6x 3.5x 13.3x 12.5x 20.9x 19.4x Jack Henry & Associates, Inc. $149.83 $11,577 $11,545 12% 3.3 8% 7% 7% 9% 35% 7.3x 6.8x 20.8x 19.0x 37.9x 35.1x Temenos AG $137.46 $9,542 $9,981 17% 2.7 15% 12% 22% 13% 38% 11.8x 10.5x 31.1x 27.4x 46.4x 40.2x Black Knight, Inc. $48.77 $7,286 $8,667 15% 1.8 6% 7% 7% 10% 49% 7.8x 7.2x 16.0x 14.6x 26.5x 23.8x ACI Worldwide, Inc. $25.09 $2,904 $3,525 17% 2.0 1% 4% (1%) 17% 25% 3.4x 3.3x 13.6x 11.6x 34.5x 24.1x Coupa Software Incorporated $64.83 $3,764 $3,489 NA NM 40% 31% NA NA (2%) 18.7x 14.2x NM NM NM NM Bottomline Technologies (de), Inc. $66.64 $2,857 $2,875 17% 3.0 12% 9% 17% 12% 24% 7.0x 6.4x 29.2x 26.0x 50.1x 42.6x Q2 Holdings, Inc. $53.23 $2,282 $2,181 20% NM 23% 24% 124% 52% 10% 9.1x 7.4x NM 62.7x NM NM Ellie Mae, Inc. $66.28 $2,296 $2,024 14% 2.5 15% 8% 4% 15% 27% 4.2x 3.9x 15.8x 13.8x 34.9x 32.7x Enova International, Inc. $23.65 $811 $1,601 NA NM 31% 14% 32% 19% 19% 1.5x 1.3x 7.7x 6.4x 9.2x 7.6x

Banking Lending & Technology LendingClub Corporation $3.23 $1,367 $1,282 NA NM 21% 18% 93% 56% 12% 1.8x 1.6x 14.9x 9.5x 34.7x 17.0x On Deck Capital, Inc. $6.90 $515 $1,197 NA NM 9% 13% NA 62% 6% 3.1x 2.8x 56.3x 34.8x 14.4x 13.8x GreenSky, Inc. $13.18 $760 $853 19% 1.0 34% 35% NA 35% 45% 1.9x 1.4x 4.3x 3.2x 20.2x 14.5x Elevate Credit, Inc. $4.26 $184 $678 NA NM 18% 11% 31% 23% 14% 0.9x 0.8x 5.9x 4.8x 15.7x 5.8x Performant Financial Corporation $2.08 $108 $140 NA NM 1% 17% NM NM 2% 1.1x 0.9x 51.9x 7.4x NM 26.0x

Median 15% 2.1 12% 9% 8% 13% 27% 4.2x 3.9x 15.8x 13.2x 25.9x 22.5x

Benefits Administration/Payroll Automatic Data Processing, Inc. $144.08 $63,107 $63,945 14% 2.1 8% 6% 18% 17% 22% 4.6x 4.4x 20.9x 17.8x 29.9x 25.9x Paychex, Inc. $65.49 $23,516 $23,050 9% 3.0 7% 7% (1%) 9% 41% 6.7x 6.2x 16.4x 15.0x 25.7x 22.1x HealthEquity, Inc. $91.80 $5,716 $5,413 33% 2.5 24% 23% 32% 29% 39% 19.1x 15.5x 48.5x 37.7x 82.7x 67.0x Insperity, Inc. $109.85 $4,605 $4,344 17% 1.9 16% 11% 27% 13% 6% 1.1x 1.0x 19.2x 17.1x 31.2x 27.8x TriNet Group, Inc. $46.99 $3,310 $3,453 NA NM 6% 12% 9% 12% 36% 4.0x 3.6x 11.1x 10.0x 18.0x 16.3x Paylocity Holding Corporation $65.79 $3,474 $3,389 24% 2.1 38% 21% 43% 28% 19% 8.2x 6.8x 42.3x 33.1x 50.2x 59.3x Benefitfocus, Inc. $35.53 $1,133 $1,212 25% NM 9% 12% NM 97% 4% 4.7x 4.2x NM 63.4x NM NM

WageWorks, Inc. $39.81 $1,578 $930 15% 1.2 2% 3% 2% 7% 30% 1.9x 1.8x 6.2x 5.8x 18.3x 17.0x Benefits Admin/Payroll Benefits Castlight Health, Inc. $2.47 $340 $271 23% NM 16% 2% NA NA (9%) 1.8x 1.7x NM NM NM NM

Median 20% 2.1 9% 11% 18% 15% 22% 4.6x 4.2x 19.2x 17.4x 29.9x 25.9x

Notes: 16 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 10/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E Financial SaaS Intuit Inc. $211.00 $54,580 $53,302 16% 2.1 17% 9% 16% 10% 36% 8.4x 7.7x 23.2x 21.0x 35.1x 31.7x Workday, Inc. $133.02 $28,865 $27,057 32% 3.9 29% 25% 24% 46% 16% 9.8x 7.8x 61.8x 42.4x 124.1x 88.5x SS&C Technologies Holdings, Inc. $51.16 $12,223 $18,176 20% 0.9 NM 36% 74% 41% 35% 5.3x 3.9x 15.1x 10.7x 18.5x 14.8x The Sage Group plc $6.95 $7,536 $8,457 8% 2.0 1% 9% (1%) 8% 29% 3.6x 3.3x 12.5x 11.6x 16.7x 15.1x Paycom Software, Inc. $125.20 $7,228 $7,178 27% 1.8 29% 24% 71% 24% 42% 12.8x 10.3x 30.7x 24.8x 48.0x 39.0x Xero Limited $28.17 $3,935 $3,878 NA NM 24% 31% 344% NM 12% 11.6x 8.9x NM 50.3x NM 147.6x Coupa Software Incorporated $64.83 $3,764 $3,489 NA NM 40% 31% NA NA (2%) 18.7x 14.2x NM NM NM NM Paylocity Holding Corporation $65.79 $3,474 $3,389 24% 2.1 38% 21% 43% 28% 19% 8.2x 6.8x 42.3x 33.1x 50.2x 59.3x Envestnet, Inc. $52.02 $2,361 $2,679 15% 1.8 19% 13% 20% 19% 19% 3.3x 2.9x 17.3x 14.6x 27.7x 23.4x

Financial Financial SaaS Q2 Holdings, Inc. $53.23 $2,282 $2,181 20% NM 23% 24% 124% 52% 10% 9.1x 7.4x NM 62.7x NM NM Blucora, Inc. $28.92 $1,387 $1,559 18% 0.9 10% 9% 17% 14% 21% 2.8x 2.6x 13.2x 11.5x 15.4x 13.2x Benefitfocus, Inc. $35.53 $1,133 $1,212 25% NM 9% 12% NM 97% 4% 4.7x 4.2x NM 63.4x NM NM Alfa Financial Software Holdings PLC $1.61 $483 $435 NA NM (17%) 5% NM 34% 26% 4.6x 4.4x 17.6x 13.1x 0.2x 0.2x

Median 20% 1.9 21% 21% 33% 28% 19% 8.2x 6.8x 17.6x 22.9x 27.7x 27.5x

Information Services S&P Global Inc. $182.32 $45,744 $47,247 13% 1.6 5% 5% 7% 6% 49% 7.4x 7.0x 15.0x 14.1x 21.4x 19.6x RELX PLC $19.77 $38,910 $47,188 8% 2.4 (3%) 4% (2%) 5% 35% 4.9x 4.7x 14.0x 13.3x 18.4x 17.2x Thomson Reuters Corporation $46.60 $26,193 $33,102 10% NM NM 7% NM 10% 23% 6.0x 5.6x 26.0x 23.6x NM 36.4x Moody's Corporation $145.48 $26,449 $30,272 11% 1.8 8% 5% 9% 6% 48% 6.7x 6.3x 13.9x 13.1x 19.3x 17.9x IHS Markit Ltd. $52.53 $20,705 $26,612 11% 2.1 12% 12% 11% 14% 38% 6.6x 5.9x 17.3x 15.1x 23.1x 20.4x Experian plc $22.99 $20,676 $24,151 10% 2.3 13% 4% 10% 3% 34% 5.0x 4.8x 14.5x 14.0x 22.5x 21.9x Verisk Analytics, Inc. $119.84 $19,728 $22,164 11% 2.5 12% 7% 8% 8% 47% 9.3x 8.7x 19.6x 18.0x 28.9x 26.7x Wolters Kluwer N.V. $56.77 $15,438 $17,737 9% 2.4 (8%) 4% (9%) 6% 27% 3.6x 3.5x 13.3x 12.5x 20.9x 19.4x Nielsen Holdings plc $25.98 $9,222 $17,382 7% 1.7 (1%) 0% (10%) 2% 28% 2.7x 2.7x 9.5x 9.2x 12.7x 11.8x TransUnion $65.75 $12,183 $16,054 13% 2.0 21% 14% 22% 15% 39% 6.9x 6.0x 17.5x 15.3x 26.6x 23.2x Gartner, Inc. $147.52 $13,397 $15,357 14% 2.7 21% 10% 11% 12% 18% 3.8x 3.5x 21.0x 18.7x 39.3x 33.8x Informa plc $9.10 $11,389 $14,968 5% 2.8 25% 23% 26% 27% 33% 5.0x 4.1x 15.1x 11.9x 14.9x 13.8x Equifax Inc. $101.44 $12,231 $14,610 6% 2.8 2% 4% (7%) 6% 34% 4.3x 4.1x 12.7x 12.0x 17.7x 17.1x MSCI Inc. $150.38 $13,359 $14,535 10% 2.9 13% 8% 20% 10% 55% 10.1x 9.3x 18.4x 16.8x 28.6x 24.8x FactSet Research Systems Inc. $223.76 $8,511 $8,848 12% 2.1 8% 7% 7% 9% 34% 6.5x 6.1x 19.1x 17.5x 25.4x 22.8x

News Corporation $13.19 $7,716 $7,634 9% 3.8 20% 4% 19% 13% 12% 0.8x 0.7x 6.6x 5.8x 34.9x 30.4x Information Information Services The Dun & Bradstreet Corporation $142.28 $5,283 $6,420 6% 2.8 1% 2% 3% 4% 30% 3.6x 3.6x 12.2x 11.7x 17.1x 16.4x Fair Isaac Corporation $192.71 $5,616 $6,290 10% 2.9 11% 8% 12% 23% 24% 6.0x 5.5x 25.3x 20.6x 28.8x 24.6x CoreLogic, Inc. $40.62 $3,272 $4,939 11% 1.3 (3%) (0%) 2% 2% 27% 2.7x 2.7x 10.1x 9.9x 14.9x 14.4x LiveRamp Holdings, Inc. $45.68 $3,599 $3,738 15% 5.2 (14%) (55%) (29%) (115%) 16% 4.8x 10.8x 30.1x NM 78.1x NM Euromoney PLC $16.20 $1,740 $1,806 NA NM NA 1% (7%) 2% 27% 3.4x 3.4x 12.6x 12.3x 16.7x 16.4x comScore, Inc. $15.95 $939 $1,078 5% NM 0% 3% NA NA (14%) 2.7x 2.6x NM NM NM NM National Research Corporation $38.05 $941 $974 NA NM 8% 8% 10% NA 33% 7.7x 7.1x 22.9x NM 34.3x 31.4x Forrester Research, Inc. $40.28 $728 $585 12% 2.5 5% 6% 25% 19% 12% 1.6x 1.6x 13.3x 11.2x 29.7x 25.7x

Median 10% 2.5 8% 5% 9% 7% 32% 4.9x 4.8x 15.0x 13.3x 22.8x 21.1x

Notes: 17 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 10/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E Insurance Technology Verisk Analytics, Inc. $119.84 $19,728 $22,164 11% 2.5 12% 7% 8% 8% 47% 9.3x 8.7x 19.6x 18.0x 28.9x 26.7x Guidewire Software, Inc. $88.97 $7,172 $6,410 15% 5.4 27% 20% 12% 19% 22% 9.8x 8.2x 44.5x 37.5x 80.9x 68.4x HealthEquity, Inc. $91.80 $5,716 $5,413 33% 2.5 24% 23% 32% 29% 39% 19.1x 15.5x 48.5x 37.7x 82.7x 67.0x Ebix, Inc. $57.31 $1,810 $2,285 15% 1.0 35% 20% 32% 19% 34% 4.6x 3.9x 13.6x 11.4x 15.6x 13.0x Benefitfocus, Inc. $35.53 $1,133 $1,212 25% NM 9% 12% NM 97% 4% 4.7x 4.2x NM 63.4x NM NM CorVel Corporation $57.96 $1,094 $1,004 NA NM 8% NA 2% NA 12% 1.7x NM 14.2x NM NM NM Crawford & Company $9.21 $508 $687 NA NM (2%) 2% (10%) 12% 11% 0.6x 0.6x 5.8x 5.2x 12.4x 9.9x eHealth, Inc. $34.36 $659 $639 NA NM 31% 13% NA 139% 5% 2.8x 2.5x 60.8x 25.4x NM 50.5x

Sapiens International Corporation N.V. $11.42 $568 $588 5% 4.4 7% 6% 56% 14% 15% 2.0x 1.9x 14.0x 12.3x 21.8x 18.9x Insurance Insurance Technology Majesco $7.38 $271 $267 NA NM (6%) NA 20% NA 5% 2.4x NM 50.7x NM NM NM Symbility Solutions Inc. $0.47 $114 $97 NA NM (9%) 17% 9% 46% 11% 3.2x 2.7x 30.1x 20.5x 62.0x 62.0x

Median 15% 2.5 9% 13% 12% 19% 12% 3.2x 3.9x 24.8x 20.5x 28.9x 38.6x

Investment Technology The Bank of New York Mellon Corporation $47.33 $46,799 $69,865 9% 1.2 6% 3% NA NA NA 4.2x 4.1x NM NM 11.1x 10.7x The Charles Schwab Corporation $46.24 $62,473 $59,773 19% 1.0 18% 12% 28% 18% 49% 5.9x 5.2x 11.9x 10.1x 19.0x 16.0x State Street Corporation $68.75 $26,093 $33,292 10% 0.9 8% 5% NA NA NA 2.8x 2.6x NM NM 9.2x 8.4x TD Ameritrade Holding Corporation $51.72 $29,359 $26,019 23% 0.6 39% 7% 55% 21% 47% 4.6x 4.3x 9.8x 8.1x 14.7x 12.5x Corporation $94.07 $20,827 $24,851 14% 1.0 12% 12% NA NA NA 4.1x 3.7x NM NM 14.3x 12.9x SS&C Technologies Holdings, Inc. $51.16 $12,223 $18,176 20% 0.9 NM 36% 74% 41% 35% 5.3x 3.9x 15.1x 10.7x 18.5x 14.8x Broadridge Financial Solutions, Inc. $116.94 $13,603 $14,392 14% 2.0 2% 5% (2%) 11% 19% 3.3x 3.1x 17.1x 15.4x 27.0x 24.2x Computershare Limited $14.00 $7,602 $8,571 12% 1.8 4% 5% 11% 11% 29% 3.7x 3.6x 13.1x 11.8x 20.8x 19.2x SEI Investments Co. $53.45 $8,314 $7,572 12% 1.4 7% 3% 25% 4% 36% 4.6x 4.5x 12.9x 12.3x 16.9x 16.1x SimCorp A/S $76.98 $3,019 $3,004 12% 3.0 6% 10% 10% 11% 28% 6.9x 6.3x 24.4x 22.0x 35.4x 31.6x Envestnet, Inc. $52.02 $2,361 $2,679 15% 1.8 19% 13% 20% 19% 19% 3.3x 2.9x 17.3x 14.6x 27.7x 23.4x Blucora, Inc. $28.92 $1,387 $1,559 18% 0.9 10% 9% 17% 14% 21% 2.8x 2.6x 13.2x 11.5x 15.4x 13.2x

Investment Technology Investment IRESS Limited $7.68 $1,313 $1,452 7% 3.5 (2%) 7% (3%) 10% 27% 4.4x 4.1x 16.5x 14.9x 24.0x 22.2x Equiniti Group plc $2.75 $986 $1,391 NA NM 16% 5% 17% 10% 24% 2.2x 2.1x 9.0x 8.2x 12.8x 11.4x Sanne Group plc $7.14 $1,019 $1,070 NA NM 19% 13% 13% 16% 34% 5.9x 5.2x 17.3x 14.9x 21.6x 18.7x First Derivatives plc $39.80 $1,034 $1,056 NA NM 9% 12% 6% 11% 18% 4.0x 3.6x 22.4x 20.1x 40.0x 36.4x StatPro Group plc $1.56 $102 $133 NA NM 8% 7% 22% 13% 16% 1.8x 1.7x 11.6x 10.3x 17.7x 14.3x

Median 14% 1.2 9% 7% 17% 12% 27% 4.1x 3.7x 14.1x 12.1x 18.5x 16.0x

Notes: 18 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 10/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E Liquidity Venues CME Group Inc. $183.24 $62,410 $64,341 10% 2.9 12% 11% 17% 9% 72% 15.7x 14.2x 21.7x 19.9x 27.6x 25.6x Intercontinental Exchange, Inc. $77.04 $44,178 $51,349 13% 1.7 7% 7% 4% 9% 63% 10.4x 9.7x 16.6x 15.2x 21.7x 19.9x Hong Kong Exchanges and Clearing Limited $26.52 $33,094 $30,046 9% 3.0 19% 11% 22% 13% 75% 14.9x 13.5x 20.0x 17.7x 28.0x 24.6x Deutsche Börse Aktiengesellschaft $126.60 $23,406 $24,895 14% 1.5 4% 9% 6% 12% 59% 8.1x 7.4x 13.7x 12.3x 20.7x 18.4x London Stock Exchange Group plc $55.05 $19,113 $19,864 14% 1.8 13% 8% 13% 12% 51% 7.3x 6.8x 14.2x 12.7x 25.1x 21.5x Nasdaq, Inc. $86.71 $14,265 $17,619 11% 1.7 7% 4% 15% 7% 52% 6.9x 6.6x 13.1x 12.3x 19.8x 17.7x B3 S.A. - Brasil, Bolsa, Balcão $7.12 $14,544 $14,888 14% 1.5 3% 11% 13% 9% 72% 11.9x 10.7x 16.4x 15.1x 20.7x 18.3x Cboe Global Markets, Inc. $112.85 $12,619 $13,696 14% 1.9 15% (1%) 17% (3%) 67% 11.9x 12.1x 17.7x 18.3x 25.3x 25.2x MarketAxess Holdings Inc. $209.67 $7,882 $7,589 5% 9.2 9% 12% 9% 16% 55% 17.5x 15.7x 31.6x 27.2x 46.1x 40.4x ASX Limited $41.90 $8,109 $7,371 4% 5.8 (4%) 7% (100%) NA 0% 12.5x 11.6x NM 15.5x 24.4x 23.7x Singapore Exchange Limited $4.94 $5,282 $4,650 7% 2.8 1% 5% 2% 10% 58% 7.5x 7.1x 12.9x 11.7x 20.0x 18.1x Euronext N.V. $61.63 $4,282 $4,447 6% 2.9 7% 6% 9% 9% 57% 6.5x 6.1x 11.4x 10.5x 16.4x 15.0x

Liquidity Liquidity Venues TMX Group Limited $62.97 $3,512 $4,240 NA NM 17% 3% 5% 6% 56% 6.8x 6.6x 12.2x 11.5x 15.6x 14.7x Bolsas y Mercados Españoles, Sociedad Holding de Mercados$29.59 y Sistemas$2,460 Financieros,$2,098 S.A. 2% 6.6 (10%) 3% (16%) 4% 62% 6.1x 5.9x 9.9x 9.5x 15.9x 15.2x Bursa Malaysia Berhad $1.75 $1,413 $1,329 7% 3.6 (1%) 4% (0%) 4% 60% 9.8x 9.4x 16.4x 15.8x 25.6x 24.7x JSE Limited $11.10 $949 $778 NA NM (9%) 6% 9% 4% 53% 4.7x 4.5x 8.9x 8.6x 14.0x 13.3x Bolsa Mexicana de Valores, S.A.B. de C.V. $1.51 $895 $764 12% 1.1 8% 6% 11% 7% 56% 4.4x 4.1x 7.8x 7.3x 13.5x 12.7x Gielda Papierów Wartosciowych w Warszawie S.A. $10.08 $423 $344 NA NM (11%) (2%) (14%) (5%) 58% 3.8x 3.9x 6.6x 6.9x 8.6x 11.2x Hellenic Exchanges - Athens Stock Exchange SA $4.41 $266 $167 47% 1.3 (5%) 20% (0%) 58% 31% 5.4x 4.5x 17.5x 11.1x 60.0x 33.7x

Median 10% 2.3 7% 6% 9% 9% 58% 7.5x 7.1x 14.0x 12.3x 20.7x 18.4x

Notes: 19 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 10/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E Payments Networks Visa Inc. $137.85 $305,539 $310,460 17% 1.7 13% 11% 12% 13% 70% 14.7x 13.2x 21.1x 18.7x 28.9x 24.9x Mastercard Incorporated $197.67 $204,152 $202,017 21% 1.5 20% 13% 23% 14% 60% 13.5x 12.0x 22.6x 19.9x 30.6x 26.3x American Express Company $102.73 $87,758 $115,036 12% 1.2 21% 7% (7%) 11% 31% 2.8x 2.7x 9.1x 8.2x 13.9x 12.6x PayPal Holdings, Inc. $84.19 $99,206 $85,660 19% 1.9 18% 17% 16% 19% 26% 5.5x 4.7x 21.4x 18.0x 35.1x 29.2x Discover Financial Services $69.67 $23,407 $34,370 13% 0.7 8% 7% NA NA 0% 3.2x 3.0x NM NM 8.9x 8.1x Merchant Processing Worldpay, Inc. $91.84 $27,314 $35,076 17% 1.4 83% 10% 83% 14% 48% 9.1x 8.2x 18.8x 16.4x 23.9x 19.8x First Data Corporation $18.74 $17,550 $34,704 13% 1.0 6% 5% 8% 7% 39% 4.0x 3.9x 10.4x 9.8x 12.9x 11.5x Square, Inc. $73.45 $30,146 $29,596 57% NM 57% 41% 81% 77% 16% 19.2x 13.6x NM 66.6x NM 93.7x Global Payments Inc. $114.23 $18,073 $22,566 18% 1.2 13% 12% 21% 14% 36% 5.7x 5.1x 16.0x 14.0x 22.0x 18.9x Wirecard AG $187.21 $23,133 $21,775 37% 1.5 27% 28% 28% 35% 28% 9.6x 7.4x 34.4x 25.5x 55.0x 39.9x Total System Services, Inc. $91.15 $16,627 $20,039 13% 1.5 13% 7% 13% 6% 35% 5.2x 4.9x 14.8x 13.9x 20.4x 18.8x Adyen N.V. $646.41 $19,103 $17,994 36% NM 46% 37% NA 45% 47% 47.1x 34.4x NM 69.1x NM NM Cielo S.A. $3.54 $9,606 $10,544 1% 11.4 (10%) 3% (19%) 4% 41% 3.4x 3.2x 8.2x 7.9x 10.1x 10.0x GMO Payment Gateway, Inc. $48.53 $3,576 $3,408 38% 2.3 NA 26% NA 31% 30% 13.8x 11.0x 45.7x 35.0x 87.2x 67.0x EVO Payments, Inc. $23.74 $1,944 $2,450 43% 1.1 NA 9% NA 14% 25% 4.4x 4.0x 17.1x 15.0x 47.3x 31.4x EVERTEC, Inc. $26.08 $1,841 $2,315 12% 1.2 11% 5% 18% 5% 47% 5.1x 4.9x 11.0x 10.4x 14.3x 13.2x SafeCharge International Group Limited $3.25 $495 $409 15% 1.1 19% 13% 12% 12% 28% 3.1x 2.7x 10.9x 9.7x 16.7x 14.8x i3 Verticals, Inc. $21.49 $195 $227 20% 2.0 NA 11% NA 13% 27% 2.1x 1.9x 7.7x 6.8x 39.8x 28.7x JetPay Corporation $5.04 $78 $85 NA NM (5%) 17% 13% 19% 10% 1.2x 1.1x 12.4x 10.4x NM NM

Payments Prepaid / Closed Loop Alliance Data Systems Corporation $206.18 $11,328 $32,355 14% 0.6 3% 6% 7% 8% 26% 4.1x 3.9x 15.6x 14.5x 9.1x 8.2x FleetCor Technologies, Inc. $200.03 $17,732 $21,281 17% 1.1 7% 8% 19% 11% 57% 8.8x 8.2x 15.6x 14.1x 19.1x 16.6x Edenred SA $37.95 $9,002 $10,427 10% 3.0 (3%) 9% (5%) 11% 38% 6.7x 6.1x 17.5x 15.8x 30.2x 27.1x WEX Inc. $175.96 $7,672 $9,518 19% 1.1 19% 12% 40% 14% 42% 6.4x 5.7x 15.4x 13.5x 21.5x 18.4x Green Dot Corporation $75.74 $3,981 $2,919 22% 1.1 16% 10% 20% 15% 24% 2.8x 2.6x 11.8x 10.3x 24.6x 21.6x Net 1 UEPS Technologies, Inc. $6.77 $385 $345 15% 0.3 (0%) 0% NA NA NA 0.6x 0.6x NM NM 4.7x 5.7x Other Payments Technology The Western Union Company $18.04 $8,068 $10,594 4% 2.6 3% 3% 2% 3% 25% 1.9x 1.8x 7.6x 7.4x 9.8x 9.4x The Sage Group plc $6.95 $7,536 $8,457 8% 2.0 1% 9% (1%) 8% 29% 3.6x 3.3x 12.5x 11.6x 16.7x 15.1x Ingenico Group - GCS $70.90 $4,378 $6,421 7% 2.0 0% 9% (9%) 14% 19% 2.1x 1.9x 11.1x 9.8x 14.3x 12.4x NCR Corporation $26.85 $3,276 $6,069 4% 2.6 (2%) 2% (10%) 7% 15% 1.0x 0.9x 6.2x 5.8x 10.3x 9.2x Euronet Worldwide, Inc. $111.18 $5,673 $5,432 13% 1.5 13% 14% 19% 23% 19% 2.1x 1.9x 11.0x 8.9x 20.3x 16.2x Cardtronics plc $27.16 $1,252 $2,041 NA NM (13%) 0% NM 2% 20% 1.6x 1.6x 7.7x 7.5x 17.1x 16.5x Everi Holdings Inc. $7.20 $501 $1,549 NA NM 6% 4% 8% 5% 53% 3.6x 3.4x 6.8x 6.4x NM NM MoneyGram International, Inc. $4.24 $236 $940 NA NM (5%) 0% (10%) 2% 16% 0.6x 0.6x 3.8x 3.7x 6.2x 5.8x Cass Information Systems, Inc. $66.10 $813 $686 NA NM NA NA NA NA NA NM NM NM NM NM NM International Money Express, Inc. $12.09 $437 $486 NA NM NA 22% NA 21% 16% 1.8x 1.5x 11.2x 9.2x 21.2x 17.3x Cardlytics, Inc. $21.16 $451 $448 20% NM 19% 40% NA NA (9%) 2.9x 2.1x NM NM NM NM eServGlobal Limited $0.07 $86 $77 NA NM 55% NA NA NA (2%) 4.1x NM NM NM NM NM Earthport plc $0.10 $60 $18 NA NM 10% 24% NA NA (22%) 0.6x 0.4x NM NM NM NM

Median 16% 1.5 11% 9% 13% 13% 27% 3.6x 3.4x 12.1x 11.0x 19.7x 16.6x

Notes: 20 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 10/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E Real Estate & Mortgage Technology Booking Holdings Inc. $1,874.58 $88,990 $90,421 18% 1.2 13% 11% 17% 11% 40% 6.3x 5.7x 15.8x 14.2x 21.0x 18.6x Expedia Group, Inc. $125.43 $18,686 $19,035 22% 1.0 12% 10% 12% 14% 17% 1.7x 1.5x 10.0x 8.7x 22.1x 19.0x CoStar Group, Inc. $361.42 $13,163 $12,091 17% 2.7 23% 16% 44% 24% 34% 10.2x 8.8x 30.1x 24.3x 45.2x 36.6x Fidelity National Financial, Inc. $33.45 $9,206 $8,771 NA NM 2% (2%) 4% 1% 15% 1.1x 1.1x 7.7x 7.6x 12.2x 11.7x Black Knight, Inc. $48.77 $7,286 $8,667 15% 1.8 6% 7% 7% 10% 49% 7.8x 7.2x 16.0x 14.6x 26.5x 23.8x Group, Inc. $40.37 $8,164 $7,659 5% 14.2 24% 45% 5% 28% 18% 5.7x 3.9x 31.0x 24.2x 70.9x 49.3x Ocwen Financial Corporation $3.50 $469 $7,461 NA NM (13%) 11% NA NA NA 7.2x 6.4x NM NM NM NM Jones Lang LaSalle Incorporated $132.26 $6,023 $7,345 14% 1.0 24% (7%) 13% 4% 9% 0.7x 0.8x 8.6x 8.2x 12.9x 12.2x REA Group Limited $50.72 $6,680 $6,915 15% 2.1 5% 14% 6% 15% 58% 11.4x 10.0x 19.5x 17.0x 31.9x 26.1x TripAdvisor, Inc. $52.14 $7,172 $6,494 14% 2.7 5% 9% 13% 9% 23% 4.0x 3.7x 17.3x 15.9x 36.5x 32.7x Realogy Holdings Corp. $19.07 $2,365 $5,938 NA NM 2% 3% (4%) 4% 11% 1.0x 0.9x 8.5x 8.1x 10.3x 8.7x Rightmove plc $5.77 $5,156 $5,137 10% 2.5 3% 8% 3% 8% 76% 15.1x 14.0x 19.9x 18.5x 25.5x 23.1x RealPage, Inc. $53.00 $4,797 $5,114 NA NM 29% 15% 40% 24% 26% 5.9x 5.1x 22.3x 18.0x 36.2x 31.1x Radian Group Inc. $19.19 $4,094 $5,019 20% 0.4 6% 9% NA NA 0% 3.9x 3.6x NM NM 7.4x 6.9x CoreLogic, Inc. $40.62 $3,272 $4,939 11% 1.3 (3%) (0%) 2% 2% 27% 2.7x 2.7x 10.1x 9.9x 14.9x 14.4x First American Financial Corporation $44.33 $4,956 $3,572 NA NM 0% (1%) 37% 1% 14% 0.6x 0.6x 4.3x 4.2x 10.0x 9.8x International Group Inc. $68.00 $2,666 $3,371 19% 0.9 23% 10% 27% 19% 11% 1.2x 1.1x 11.0x 9.2x 17.1x 14.9x LendingTree, Inc. $201.69 $2,585 $2,568 34% 1.0 22% 22% 32% 29% 20% 3.4x 2.8x 16.9x 13.1x 35.0x 28.2x Ellie Mae, Inc. $66.28 $2,296 $2,024 14% 2.5 15% 8% 4% 15% 27% 4.2x 3.9x 15.8x 13.8x 34.9x 32.7x Moneysupermarket.com Group PLC $3.74 $2,006 $1,974 5% 3.4 (0%) 8% (4%) 8% 37% 4.4x 4.1x 12.0x 11.1x 17.2x 15.9x

Real Mortgage & Estate Tech. AppFolio, Inc. $57.10 $1,956 $1,910 NA NM 31% 25% 58% 45% 24% 10.2x 8.2x 43.1x 29.8x 76.1x 47.8x Corporation $15.45 $1,370 $1,180 NA NM 30% 27% 63% NM 1% 2.5x 1.9x NM 42.6x NM NM Marcus & Millichap, Inc. $34.72 $1,341 $1,023 6% 2.9 7% 4% 8% 7% 16% 1.3x 1.3x 8.5x 8.0x 17.3x 16.2x Stewart Information Services Corporation $41.28 $980 $913 NA NM 0% 2% 4% 18% 6% 0.5x 0.5x 7.8x 6.6x 17.3x 14.3x RE/MAX Holdings, Inc. $37.39 $664 $841 7% 2.3 10% 7% 5% 10% 49% 3.9x 3.7x 7.9x 7.2x 16.4x 14.9x Lifull Co., Ltd. $6.77 $803 $735 29% 1.0 74% 18% 125% 19% 16% 2.3x 2.0x 14.7x 12.4x 30.4x 25.5x QuinStreet, Inc. $15.90 $780 $710 25% 1.5 33% 15% 68% 39% 9% 1.6x 1.4x 17.3x 12.5x 38.3x 23.7x Altisource Portfolio Solutions S.A. $25.23 $429 $665 NA NM (15%) (10%) NA NA NA 0.8x 0.9x NM NM 14.1x 22.9x Agilysys, Inc. $16.27 $383 $350 NA NM 8% 13% 89% (16%) 8% 2.6x 2.3x 32.1x 38.0x NM NM Real Matters Inc. $2.84 $251 $185 82% 0.3 4% 24% 47% 49% 14% 1.9x 1.6x 13.4x 9.0x 25.9x 19.0x

Median 15% 1.6 8% 9% 13% 13% 18% 3.1x 2.8x 15.3x 12.5x 22.1x 19.0x

Trading Technology The Charles Schwab Corporation $46.24 $62,473 $59,773 19% 1.0 18% 12% 28% 18% 49% 5.9x 5.2x 11.9x 10.1x 19.0x 16.0x TD Ameritrade Holding Corporation $51.72 $29,359 $26,019 23% 0.6 39% 7% 55% 21% 47% 4.6x 4.3x 9.8x 8.1x 14.7x 12.5x E*TRADE Financial Corporation $49.42 $12,686 $12,746 21% 0.6 22% 6% 26% 4% 54% 4.4x 4.2x 8.2x 7.8x 13.1x 11.9x , Inc. $23.72 $2,538 $3,430 NA NM 63% (3%) NM (3%) 57% 3.8x 3.9x 6.7x 6.9x 14.6x 14.1x Group, Inc. $49.41 $3,710 $1,978 10% 2.3 11% 12% 56% 25% 91% 1.1x 0.9x 1.2x 0.9x 23.3x 19.0x

Investment Technology Group, Inc. $27.48 $907 $724 NA NM 6% 7% NA NA NM 1.4x 1.3x NM NM 24.9x 16.4x Trading Tech. GAIN Capital Holdings, Inc. $7.64 $338 $243 NA NM 18% (6%) 154% 3% 24% 0.7x 0.7x 2.7x 2.7x 9.4x 12.5x INTL FCStone Inc. $45.28 $856 ($1,184) NA NM NA NA NA NA NA NM NM NM NM NM NM

Median 20% 0.8 18% 7% 55% 11% 52% 3.8x 3.9x 7.4x 7.3x 14.7x 14.1x

Notes: 21 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders

MANCHESTER OSAKA FRANKFURT NAGOYA NEW YORK MUNICH TOKYO

SHANGHAI LONDON NEW DELHI MILAN SAN FRANCISCO TEL AVIV ZURICH TAIPEI

MUMBAI HO CHI MINH CITY

SINGAPORE

Geographically Globally integrated Strong cross-border balanced, Strong in key platform with 18 capabilities and synergistic and growth sectors 400+ 350+ deals closed offices across deal flow: ~35% of complementary such as Technology professionals in the last 3 years America, Asia and all transactions are sector focus areas and Industrials Europe cross-border across the firm

22 GCA operates as GCA in America and Asia, and GCA Altium in Europe.