FINTECH SECTOR REPORT

April 2019 CASE STUDY: SALE OF ZIPLOGIX TO LONE WOLF TECHNOLOGIES

GCA acted as exclusive financial advisor to zipLogix, a leading provider of real estate transaction management software, on its sale to Lone Wolf Technologies, a portfolio company of Vista Equity Partners.

Transaction Summary Strategic Rationale ▪ On April 22, 2019, Lone Wolf Technologies (“Lone Wolf”) ▪ zipLogix will immediately establish Lone Wolf as the announced that it had completed the acquisition of leader in real estate transaction forms zipLogix LLC (“zipLogix” or the “Company”) − zipLogix management has advanced market TRANSACTION DETAILS − Financial terms of the transaction were not penetration in the Company’s forms business having Closed disclosed successfully developed strong upsell opportunities including e-signature, CRM and database linking April 2019 ▪ Headquartered in Fraser, Michigan, zipLogix is the leading provider of real estate transaction forms and transaction solutions SECTOR documentation management software for the residential ▪ Lone Wolf will support zipLogix’s continued operations Residential Real Estate real estate sector and leverage the combined Company’s cross-selling Technology ▪ Lone Wolf, a portfolio company of Vista Equity Partners, opportunities provides real estate software solutions, such as back DEAL TYPE ▪ The combined company will service over 1.4 million office management, marketing and e-signature platforms, M&A agents, 20,000 offices, and 1,000 MLSs and Associations to more than 20,000 real estate offices across North in the U.S. and Canada America ▪ GCA acted as exclusive financial advisor to zipLogix in connection with the transaction

2 BROAD AND DEEP FINTECH PRACTICE GCA has created an 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 ecosystem SELECTED BLUE CHIP STRATEGIC KEY GCA STATS SECTOR COVERAGE & FINANCIAL CONTACTS

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

Insurance Technology 21 Offices globally Online / Alternative Lending

Banking Technology Continents – America, 3 Asia and Europe Investment & Wealth Technology

Blockchain / Crypto Private Equity / VC

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

Cross-border BUSINESS MODEL COVERAGE 33%+ transactions

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

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

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

Selected Recent FinTech Experience

Acquired by Preferred Financing Acquired Preferred Financing Acquired by Acquired Acquired by from

a portfolio company of

We Advised Silver We advised zipLogix We advised Bowmark Capital We advised Loanboox We advised Attom We advised GOQii Investment Partners We Advised QuoteWizard Real Estate Tech Financial SaaS Banking & Lending Tech Real Estate Tech Insurance Technology Payments Insurance Technology

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

We Advised Liqid’s shareholder HQ Trust We Advised Bexio We Advised Risk International We Advised Principal We Advised CHX Fairness Opinion to Clearent We Advised FieldEdge Investment Technology Insurance Technology Insurance Technology Investment Technology Liquidity Venues Payments Financial SaaS

Sold stake in Sale of Sold Tender Offer for Acquired by Financing from Majority sale to

To To Asahi Fire & Marine To Insurance Co.

We Advised BlackFin We Advised Asahi We Advised WorkMarket We Advised RGI Shareholders We Advised Radius We Advised Skyslope Financial Advisor Insurance Technology Insurance Technology Financial SaaS Insurance Technology Payments Real Estate Tech Banking & Lending Tech

4 FINTECH DEAL DASHBOARD Both financing volume and M&A volume thus far in Q2 ‘19 lagged behind Q2 ’18

$45 Bn | 1,529 Deals $156 Bn | 767 Deals LTM Financing Volume LTM M&A Volume Select April Financing Transactions Select April M&A Transactions Date Company Selected Investors Amount Date Target Buyer Value

4/30/19 $200 4/25/19 $325

4/30/19 $568 4/18/19 $113

4/11/19 $300 4/17/19 NA

4/8/19 $50 4/15/19 $82

4/3/19 $300 4/10/19 $170

4/2/19 $88 4/9/19 $850

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

397 397 428 388 378 378 223 225 216 192 212 308 177 155 $92 $19 $10 130 50 $10 $10 $46 $7 $8 $5 $32 $28 $26 $3 $17 $17 $2

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

$12.7 $17.9 $19.4 $61.7 $26.5 $25.5 $22.5 $23.9 $147 $77.1 $240 $182 $124 $96.9 $409 $32.0

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

Notes: 5 Source: Pitchbook. CapIq. GCA Deal Database. Market data as of 4/30/19. (1) Q2-19 data represents April 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: $231 Combined Market Cap: $124 Combined Market Cap: $178 19/18 Rev. Growth: 8% 19/18 Rev. Growth: 13% 19/18 Rev. Growth: 20% 19 EBITDA Margin: 29% 19 EBITDA Margin: 28% 19 EBITDA Margin: 21%

4 Information Services 5 Insurance Technology

Combined Market Cap: $379 Combined Market Cap: $43 19/18 Rev. Growth: 6% 19/18 Rev. Growth: 10% 19 EBITDA Margin: 34% 19 EBITDA Margin: 17% Notes: 6 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 4/30/19. FINTECH PUBLIC COMPANY LANDSCAPE FinTech sub-sectors and key operating stats ($Bn)

6 Investment Technology 7 Liquidity Venues 8 Payments

Combined Market Cap: $245 Combined Market Cap: $286 Combined Market Cap: $1,162 19/18 Rev. Growth: 8% 19/18 Rev. Growth: 5% 19/18 Rev. Growth: 10% 19 EBITDA Margin: 28% 19 EBITDA Margin: 57% 19 EBITDA Margin: 27%

9 Real Estate & Mortgage Tech. 10 Trading Technology

Combined Market Cap: $217 Combined Market Cap: $104 19/18 Rev. Growth: 10% 19/18 Rev. Growth: 5% 19 EBITDA Margin: 16% 19 EBITDA Margin: 52% Notes: 7 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 4/30/19. FINTECH STOCK PRICE PERFORMANCE Financial SaaS leads the FinTech pack on an LTM basis

LTM Share Price Performance

45% 43.7% 40.3%

32.0% 30% 30.6%

25.7% 20.3%

15%

4.4%

0% -1.1%

-10.5% (15%) -16.0%

(30%) Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) Liquidity Venues 8) Payments 9) Real Estate & 10) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology 30.6% 40.3% 43.7% 20.3% 25.7% -10.5% 4.4% 32.0% -1.1% -16.0%

Notes: 8 Source: CapIq. Market data as of 4/30/19. FINTECH PUBLIC COMPANY VALUATION Financial SaaS outperforms the FinTech market on a revenue growth and EV / ’19E Revenue basis EV / Revenue EV / ‘19E Revenue

10.0x 10.0x 9.3x 8.0x 7.5x 7.7x

6.0x 4.8x 5.6x 4.4x 5.4x 5.0x 4.8x 3.9x 4.8x 4.0x 4.7x 3.1x 4.0x 3.0x 2.0x 2.5x 2.7x

0.0x 0.0x 2016 2017 2018 2019E Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19

Revenue Growth Median 18A/19E Revenue Growth to EV/’19E Revenue Multiple

50.0% 25%

40.0% 20% 3

30.0% 15% 2

20.0% 15.6% 10% 9 8 5 9.7% 6 1 9.5% 4 10.0% 9.1% 5% 10 7

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

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

Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Growth

18A / 19E Rev. 19E / 18A 8.5% 13.0% 20.2% 5.9% 10.1% 7.8% 5.1% 9.9% 9.7% 5.5%

Notes: 9 Source: CapIq. Market data as of 4/30/19. Lines display median multiples across comp groups for given year. FINTECH PUBLIC COMPANY VALUATION (CONT’D) Financial SaaS outperforms the FinTech market on an EBITDA growth and EV / ‘19E EBITDA basis EV / EBITDA EV / ‘19E EBITDA

30.0x 35.0x 30.0x 24.0x 25.8x 25.0x 19.3x 17.5x 18.0x 20.0x 15.7x 14.9x 16.9x 15.1x 12.1x 14.3x 15.0x 14.8x 12.0x 14.7x 13.8x 10.0x 12.4x 6.0x 6.5x 5.0x

0.0x 0.0x 2016 2017 2018 2019E Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19

EBITDA Growth Median 18A/19E EBITDA Growth to EV/’19E EBITDA Multiple

75.0% 25%

60.0% 20% 3

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

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

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

18A / 19E / 18A 9.8% 15.7% 20.3% 6.2% 13.2% 13.8% 6.6% 13.1% 10.4% 10.7% EBITDA Growth EBITDA

Notes: 10 Source: CapIq. Market data as of 4/30/19. Lines display median multiples across comp groups for given year. FINTECH PUBLIC COMPANY VALUATION (CONT’D) Long-term growth is not necessarily correlated with FinTech public company P/E multiples or PEG ratios

2019 P/E Ratio PEG Ratio Long-Term EPS Growth 2 Benefits Admin/Payroll 28.4x 2.1 19%

3 Financial SaaS 28.4x 2.2 20%

4 Information Services 26.3x 2.4 10%

1 Banking & Lending Tech 24.0x 2.4 16%

5 Insurance Technology 22.9x 2.3 17%

7 Liquidity Venues 21.3x 2.8 8%

8 Payments 21.1x 1.7 14%

9 Real Estate & Mort. Tech 19.4x 1.5 17%

6 Investment Technology 17.2x 1.4 12%

10 Trading Technology 14.5x 1.1 14%

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

Notes: 11 Figures represent medians of sub-sectors. Market data as of 4/30/19. Long-term EPS growth covers last 5 years. SELECTED RECENT GROWTH EQUITY & VC ACTIVITY

Date Announced Target Investors Type Amount ($MM) Sub-Sector Arclight Securities, Castle Island Ventures, Cboe, CMT Digital, ConsenSys 4/30/19 Series B - II $20 Liquidity Venues Ventures, Dragonfly Capital Partners, DRW Venture Capital, ED&F Man Capital

4/30/19 Group 11, Signia Venture Partners, Zeev Ventures Series B - II $30 Real Estate & Mortgage Tech.

4/30/19 MMC Ventures, Smedvig Capital Series E $20 Financial SaaS

4/30/19 Insight Partners, New Enterprise Associates, Pelion Venture Partners Series C $200 Financial SaaS Accel, capitalG, Coatue Management, Dragoneer Investment Group, 4/30/19 Series D $568 Financial SaaS Institutional Venture Partners, Madrona Venture Group, Sands Capital, Sequoia China Everbright Limited, China Merchants Capital, GGV Capital, Guotai Fund, 4/25/19 Series D $100 Financial SaaS Xinda Hanshi 83North, Avigdor Willenz, David Strohm, Dell Technologies Capital, GGV 4/24/19 Series B $32 Financial SaaS Capital, MS&AD Ventures, NTT DoCoMo, WRVI Capital 4/23/19 Atlant Fonder, Dunross, Vostok Emerging Finance, Webrock Ventures Series B $11 Banking & Lending Technology

4/23/19 Omidyar Network, PayU, Quona Capital, Reinventure, Ribbit Capital Series B $20 Banking & Lending Technology

4/22/19 Loyal Valley Innovation Capital, Qicheng Capital Series C - III $26 Investment Technology

4/19/19 Allianz Life Ventures, Piton Investment Management, William Blair Series A $11 Banking & Lending Technology

4/18/19 Ally Ventures Series C - III $20 Real Estate & Mortgage Tech. Alta Ventures Mexico, Dalus Capital, Endeavor Catalyst, Kaszek Ventures, Oria 4/18/19 Series C $50 Financial SaaS Capital, Riverwood Capital, Undisclosed Investors

4/18/19 Groupe Casino Series B $23 Financial SaaS CI Financial, FirePower Capital, Glenn Murphy, INFOR Financial, WD Capital, 4/17/19 Series A $11 Banking & Lending Technology Windsor Private Capital

4/17/19 Index Ventures, Stripe Series B $40 Financial SaaS

4/17/19 Broadridge Financial Solutions, Goldman Sachs Principal Strategic Investments Series A $22 Financial SaaS

4/17/19 Affirm, Craft Ventures, TheVentureCity, Undisclosed Investors Series B $19 Financial SaaS Cambridge Innovation Capital, EQT Ventures, Parkwalk Advisors, Undisclosed 4/17/19 Series B $33 Insurance Technology Angel Investors MassMutual, MassMutual Ventures, Synchrony Financial, TransUnion, 4/17/19 Series G $24 Payments Wellington Management

4/16/19 Blenheim Chalcot, Legal & General Series C $33 Benefits Administration/Payroll Allstate Strategic Ventures, Intel Capital, Starr Companies, State of Mind 4/15/19 Series B $18 Information Services Ventures 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

4/12/19 Undisclosed Investors Series A $28 Investment Technology

4/11/19 Carrick Capital Partners, Goldman Sachs Series E $48 Financial SaaS

4/11/19 Infield Capital, Luminari Capital, Vision Ridge Partners Series D $17 Financial SaaS

4/11/19 ING, Prevision Sanitaria Nacional Series C $21 Banking & Lending Technology Allianz X, General Catalyst, Google Ventures, OurCrowd, SoftBank Group, 4/11/19 Series D $300 Insurance Technology Thrive Capital

4/10/19 East Ventures, EDBI, Rakuten Ventures, Softbank Ventures Asia Series B $45 Payments

4/10/19 City National Bank, FinTech Collective, Point72 Ventures, Reciprocal Ventures Series A $11 Banking & Lending Technology

Bee Partners, Canaan Partners, Manulife Financial, Nyca Partners, Tola Capital, 4/9/19 Series B $28 Insurance Technology XL Innovate Andreessen Horowitz, B Capital Group, CreditEase Fintech Investment Fund, 4/8/19 Series C $170 Banking & Lending Technology Formation 8, Foundation Capital, Foxhaven Asset Management, GreenSpring 4/8/19 First National Bank of Omaha, HOOPP, Progressive Investment Company Series E $50 Banking & Lending Technology Back in Black Capital, BESTSELLER, Brightfolk, Filip Engelbert, H&M Group, 4/8/19 Unattributed VC $108 Payments Harvest Growth Capital, JFT Holdings, Jonas Nordlander, Justin Drees, Kool 4/4/19 Franklin Templeton Investments Series B - II $30 Banking & Lending Technology Baillie Gifford & Co., Fidelity Investments, Founders Fund, GIC, Lightspeed 4/3/19 Series F $300 Banking & Lending Technology Venture Partners, Moore Asset Backed Fund, Ribbit Capital, Sound Ventures,

4/3/19 Accel, CME Ventures, Cristobal Conde, Dawn Capital Series E $10 Information Services

4/3/19 Creandum, Redalpine Venture Partners, Valar Ventures Series B $30 Financial SaaS

4/3/19 FinVC, M12, Salesforce Ventures, SBI Group Series D $50 Financial SaaS Clal Insurance Enterprises Holdings, Digital Ventures, GF Investments, Harvey 4/3/19 Series C $25 Investment Technology Golub, Oak HC/FT Partners, Viola Ventures

4/2/19 Andreessen Horowitz, Polychain Capital Series A $30 Payments

4/2/19 Accomplice, FirstMark Capital, Juxtapose Series B $20 Real Estate & Mortgage Tech. Cross Creek Advisors, Fidelity Investments Canada, FleetCor Technologies, 4/2/19 Series H $88 Payments Franklin Templeton Investments, Kayne Anderson Rudnick, MasterCard Allianz Life Ventures, BNY Mellon, Commerce Ventures, F-Prime Capital, 4/2/19 Series B $30 Financial SaaS FinTech Collective, Franklin Resources, Goldman Sachs Principal Strategic

Notes: 13 Source: CapIq. Pitchbook. Selected deals from last calendar month. SELECTED RECENT M&A ACTIVITY

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

4/25/2019 $325 NA NA Benefits Administration/Payroll

4/24/2019 NA NA NA Information Services

4/20/2019 NA NA NA Financial SaaS

4/18/2019 $113 NA NA Payments

4/17/2019 NA NA NA Payments

4/16/2018 NA NA NA Payments

4/15/2019 $82 NA NA Information Services

4/15/2019 NA NA NA Financial SaaS

4/10/2019 NA NA NA Insurance Technology

4/10/2019 $170 NA NA Banking & Lending Technology

4/9/2019 $850 8.5x NA Investment Technology

4/4/2019 NA NA NA Payments

4/2/2019 NA NA NA Trading Technology

Median 8.5x NA

Notes: 14 Source: CapIq. Pitchbook. 451 Group. 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 4/30/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E Banking & Lending Technology Intuit Inc. $251.06 $65,043 $64,123 16% 2.4 7% 11% 1% 12% 36% 9.3x 8.4x 25.8x 22.9x 37.7x 31.7x Fidelity National Information Services, Inc. $115.93 $37,518 $46,602 11% 1.4 0% 4% 5% 7% 39% 5.5x 5.3x 14.1x 13.2x 15.6x 14.2x First Data Corporation $25.86 $24,405 $41,227 13% 1.1 5% 5% 8% 5% 39% 4.5x 4.3x 11.5x 10.9x 15.5x 13.5x Fiserv, Inc. $87.24 $34,206 $40,011 13% 1.9 6% 5% 8% 6% 38% 6.5x 6.2x 16.9x 16.0x 25.2x 22.6x Wolters Kluwer N.V. $69.67 $18,911 $21,233 10% 2.4 4% 4% 7% 5% 29% 4.2x 4.0x 14.5x 13.7x 22.8x 21.4x Temenos AG $166.08 $11,519 $12,068 16% 2.9 17% 12% 22% 14% 39% 12.2x 10.9x 31.6x 27.8x 47.8x 41.1x Jack Henry & Associates, Inc. $149.06 $11,504 $11,478 12% 3.5 2% 7% (4%) 11% 33% 7.1x 6.6x 21.7x 19.5x 40.8x 35.5x Black Knight, Inc. $56.42 $8,458 $10,152 12% 2.4 7% 8% 9% 10% 50% 8.5x 7.9x 17.2x 15.6x 28.9x 25.0x Coupa Software Incorporated $103.33 $6,337 $6,190 30% NM 36% 21% NA 17% 8% 24.4x 20.1x NM NM NM NM ACI Worldwide, Inc. $35.52 $4,139 $4,673 17% 2.4 10% 3% 26% 7% 29% 4.2x 4.1x 14.8x 13.8x 40.8x 33.8x Q2 Holdings, Inc. $75.42 $3,327 $3,382 20% NM 28% 22% 11% 87% 7% 11.0x 9.0x NM NM NM NM Bottomline Technologies (de), Inc. $50.57 $2,060 $2,082 20% 1.8 5% 11% 5% 13% 24% 4.8x 4.3x 19.8x 17.6x 36.5x 30.4x Enova International, Inc. $27.43 $924 $1,662 NA NM 14% 17% 16% 10% 19% 1.3x 1.1x 6.8x 6.2x 8.1x 7.0x LendingClub Corporation $3.18 $1,381 $1,476 NA NM 13% 13% 31% 40% 16% 1.9x 1.7x 11.5x 8.2x NM 80.2x

Banking Lending & Technology On Deck Capital, Inc. $5.46 $414 $1,197 NA NM 14% 11% 14% 33% 10% 2.7x 2.4x 25.4x 19.1x 10.7x 9.8x GreenSky, Inc. $15.98 $985 $1,117 27% 0.8 33% 26% 23% 23% 38% 2.0x 1.6x 5.3x 4.3x 21.9x 17.5x Elevate Credit, Inc. $4.48 $194 $640 NA NM 4% 11% 14% 14% 16% 0.8x 0.7x 4.8x 4.3x 7.6x 5.6x Performant Financial Corporation $1.99 $106 $156 NA NM 27% 20% NA NM 0% 1.0x 0.8x NM 9.8x NM NM

Median 16% 2.4 8% 11% 10% 12% 29% 4.7x 4.3x 14.8x 13.8x 24.0x 22.6x

Benefits Administration/Payroll Automatic Data Processing, Inc. $164.39 $71,613 $71,782 15% 1.9 6% 7% 13% 12% 24% 4.9x 4.6x 20.1x 17.9x 29.2x 25.5x Paychex, Inc. $84.31 $30,300 $30,422 9% 3.3 17% 6% 17% 7% 41% 7.5x 7.1x 18.4x 17.3x 28.4x 26.1x Paylocity Holding Corporation $96.55 $5,109 $4,970 23% 3.1 20% 23% 57% 28% 28% 10.9x 8.9x 39.0x 30.5x 69.5x 53.9x Insperity, Inc. $119.56 $4,932 $4,688 18% 1.4 13% 12% 18% 18% 7% 1.1x 1.0x 16.5x 13.9x 25.5x 21.7x TriNet Group, Inc. $62.34 $4,363 $4,533 NA NM 7% 11% 4% 11% 38% 4.8x 4.3x 12.8x 11.5x 19.4x 17.1x HealthEquity, Inc. $67.75 $4,232 $3,871 24% 2.2 18% 16% 15% 20% 40% 11.5x 9.9x 28.5x 23.8x 53.0x 43.6x Benefitfocus, Inc. $40.73 $1,325 $1,456 20% NM 17% 19% 156% 85% 7% 4.8x 4.1x 66.8x 36.1x NM NM WageWorks, Inc. $48.79 $1,944 $1,165 15% 1.4 3% 3% 7% 6% 31% 2.3x 2.2x 7.3x 6.9x 20.9x 19.4x

Benefits Admin/Payroll Benefits Castlight Health, Inc. $3.73 $537 $495 23% NM (1%) NA NA NA 2% 3.2x NM NM NM NM NM

Median 19% 2.1 13% 11% 16% 15% 28% 4.8x 4.5x 19.3x 17.6x 28.4x 25.5x

Notes: 15 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >85 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 4/30/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E Financial SaaS Intuit Inc. $251.06 $65,043 $64,123 16% 2.4 7% 11% 1% 12% 36% 9.3x 8.4x 25.8x 22.9x 37.7x 31.7x Workday, Inc. $205.63 $46,347 $45,774 34% NM 26% 23% 38% 34% 19% 12.9x 10.5x 67.6x 50.3x NM NM SS&C Technologies Holdings, Inc. $67.66 $17,096 $25,406 13% 1.4 36% 5% 47% 6% 40% 5.4x 5.1x 13.5x 12.7x 17.7x 16.1x Paycom Software, Inc. $202.53 $11,427 $11,395 29% 2.2 26% 22% 20% 26% 41% 16.0x 13.1x 39.3x 31.3x 64.0x 50.5x The Sage Group plc $9.45 $10,266 $11,113 4% 6.3 10% 7% (1%) 8% 26% 4.3x 4.0x 16.7x 15.5x 23.6x 21.5x Coupa Software Incorporated $103.33 $6,337 $6,190 30% NM 36% 21% NA 17% 8% 24.4x 20.1x NM NM NM NM Xero Limited $38.32 $5,365 $5,609 NA NM 31% 27% 98% 53% 20% 12.3x 9.7x 62.5x 40.9x NM NM Paylocity Holding Corporation $96.55 $5,109 $4,970 23% 3.1 20% 23% 57% 28% 28% 10.9x 8.9x 39.0x 30.5x 69.5x 53.9x Envestnet, Inc. $70.99 $3,461 $3,632 16% 2.1 9% 15% 14% 21% 20% 4.1x 3.6x 20.2x 16.8x 33.2x 27.7x

Financial Financial SaaS Q2 Holdings, Inc. $75.42 $3,327 $3,382 20% NM 28% 22% 11% 87% 7% 11.0x 9.0x NM NM NM NM Blucora, Inc. $35.00 $1,689 $1,808 20% 0.9 7% 7% 6% 11% 21% 3.0x 2.8x 14.2x 12.8x 17.2x 14.8x Benefitfocus, Inc. $40.73 $1,325 $1,456 20% NM 17% 19% NM 85% 7% 4.8x 4.1x 66.8x 36.1x NM NM Alfa Financial Software Holdings PLC $1.79 $536 $479 NA NM 15% 10% 29% 16% 36% 4.3x 3.8x 11.8x 10.2x 0.2x 0.2x

Median 20% 2.2 20% 19% 20% 21% 21% 9.3x 8.4x 25.8x 22.9x 28.4x 24.6x

Information Services S&P Global Inc. $220.66 $54,300 $57,287 13% 1.9 4% 6% 5% 7% 50% 8.8x 8.2x 17.4x 16.2x 24.4x 22.2x RELX PLC $22.91 $44,627 $52,614 8% 2.3 7% 4% 9% 3% 36% 5.2x 4.9x 14.4x 14.0x 19.4x 18.1x Moody's Corporation $196.62 $37,279 $42,129 10% 2.4 5% 6% 5% 8% 48% 9.0x 8.5x 18.9x 17.5x 24.9x 22.5x Thomson Reuters Corporation $61.60 $30,819 $31,736 10% 5.2 8% 3% 8% 28% 24% 5.4x 5.2x 22.7x 17.7x 52.2x 34.0x Experian plc $28.98 $26,115 $29,545 10% 2.8 4% 10% 4% 12% 34% 5.9x 5.3x 17.2x 15.4x 27.2x 24.2x IHS Markit Ltd. $57.26 $22,890 $28,353 10% 2.2 11% 6% 12% 8% 39% 6.4x 6.0x 16.2x 15.0x 22.4x 19.9x Verisk Analytics, Inc. $141.14 $23,100 $25,812 10% 3.2 7% 7% 6% 10% 47% 10.1x 9.4x 21.5x 19.5x 32.2x 28.7x Wolters Kluwer N.V. $69.67 $18,911 $21,233 10% 2.4 4% 4% 7% 5% 29% 4.2x 4.0x 14.5x 13.7x 22.8x 21.4x MSCI Inc. $225.38 $19,082 $21,206 10% 3.7 8% 9% 9% 12% 55% 13.7x 12.6x 25.2x 22.6x 36.8x 31.9x Nielsen Holdings plc $25.53 $9,050 $17,741 10% 1.5 (0%) 2% 0% 4% 29% 2.7x 2.7x 9.6x 9.2x 15.0x 13.8x Equifax Inc. $125.95 $15,286 $17,698 8% 2.8 2% 6% 3% 8% 34% 5.1x 4.8x 14.9x 13.8x 22.2x 20.2x Gartner, Inc. $158.97 $14,299 $17,308 14% 2.8 7% 11% 3% 12% 17% 4.1x 3.6x 23.5x 20.9x 40.1x 34.2x TransUnion $69.65 $13,043 $16,937 14% 1.9 12% 8% 12% 10% 39% 6.5x 6.0x 16.5x 15.0x 26.3x 23.0x Informa plc $10.15 $12,697 $16,117 6% 2.4 22% 3% 28% 4% 35% 4.4x 4.2x 12.4x 11.9x 15.3x 14.4x FactSet Research Systems Inc. $275.87 $10,549 $10,879 10% 2.7 6% 6% 12% 8% 36% 7.5x 7.1x 20.9x 19.3x 28.3x 25.5x

Fair Isaac Corporation $279.75 $8,133 $8,878 14% 2.7 8% 8% NA 15% 23% 7.8x 7.2x 33.8x 29.3x 38.2x 34.0x Information Information Services News Corporation $12.42 $7,269 $7,305 (35%) (1.0) 3% 0% 5% 8% 13% 0.7x 0.7x 5.7x 5.2x 33.2x 26.2x CoreLogic, Inc. $40.61 $3,277 $5,073 11% 1.5 (6%) 1% (5%) 7% 28% 3.0x 3.0x 10.8x 10.1x 16.3x 14.4x LiveRamp Holdings, Inc. $58.33 $4,018 $2,471 25% NM (56%) 29% (136%) NA (12%) 7.2x 5.6x NM NM NM NM Euromoney Institutional Investor PLC $16.00 $1,720 $1,618 7% 2.1 3% 6% 0% 6% 27% 3.0x 2.8x 11.0x 10.4x 15.7x 14.8x National Research Corporation $39.58 $984 $987 NA NM 8% NA NA NA 34% 7.6x NM 22.3x NM 34.1x NM comScore, Inc. $12.55 $760 $920 NA NM 5% 11% 119% 115% 6% 2.1x 1.9x 36.5x 17.0x NM NM Forrester Research, Inc. $50.86 $937 $797 16% 2.0 29% NA 21% NA 11% 1.7x 1.6x 15.0x 12.3x 31.6x 25.3x

Median 10% 2.4 6% 6% 6% 8% 34% 5.4x 5.1x 16.9x 15.0x 26.3x 22.8x

Notes: 16 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >85 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 4/30/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E Insurance Technology Verisk Analytics, Inc. $141.14 $23,100 $25,812 10% 3.2 7% 7% 6% 10% 47% 10.1x 9.4x 21.5x 19.5x 32.2x 28.7x Guidewire Software, Inc. $106.50 $8,671 $7,908 19% NM 27% 20% 12% 19% 22% 12.1x 10.1x 54.9x 46.2x NM 81.9x HealthEquity, Inc. $67.75 $4,232 $3,871 24% 2.2 18% 16% 15% 20% 40% 11.5x 9.9x 28.5x 23.8x 53.0x 43.6x Ebix, Inc. $50.48 $1,542 $2,099 15% 0.8 22% 22% 21% 19% 33% 3.5x 2.8x 10.4x 8.7x 11.4x 9.2x Benefitfocus, Inc. $40.73 $1,325 $1,456 20% NM 9% 12% 94% 97% 4% 5.7x 5.0x NM 76.2x NM NM eHealth, Inc. $60.74 $1,376 $1,268 NA NM 31% 13% NA 139% 5% 5.6x 5.0x NM 50.5x NM NM CorVel Corporation $71.80 $1,338 $1,242 NA NM 8% NA 2% NA 12% 2.1x NM 17.5x NM NM NM Sapiens International Corporation N.V. $15.37 $768 $808 10% 2.3 10% 9% 24% 11% 17% 2.5x 2.3x 15.1x 13.6x 22.9x 19.1x

Crawford & Company $8.82 $473 $752 NA NM 3% 3% (1%) 7% 11% 0.7x 0.7x 6.0x 5.6x 10.7x 9.7x Insurance Insurance Technology Majesco $7.80 $335 $295 NA NM NA NA NA NA NA NM NM NM NM NM NM

Median 17% 2.3 10% 13% 13% 19% 17% 5.6x 5.0x 17.5x 21.6x 22.9x 23.9x

Investment Technology The Bank of New York Mellon Corporation $49.66 $47,550 $70,616 10% 1.2 6% 3% NA NA NA 4.3x 4.2x NM NM 11.7x 11.2x State Street Corporation $67.66 $25,489 $32,688 12% 0.7 8% 5% NA NA NA 2.7x 2.6x NM NM 9.0x 8.3x The Charles Schwab Corporation $45.78 $61,081 $27,103 15% 1.1 9% 5% 13% 4% 50% 2.5x 2.3x 4.9x 4.7x 16.5x 15.2x SS&C Technologies Holdings, Inc. $67.66 $17,096 $25,406 13% 1.4 36% 5% 47% 6% 40% 5.4x 5.1x 13.5x 12.7x 17.7x 16.1x TD Ameritrade Holding Corporation $52.58 $29,093 $24,208 20% 0.7 4% 6% 15% 10% 53% 4.1x 3.8x 7.7x 7.0x 13.3x 11.9x Northern Trust Corporation $98.55 $21,452 $23,982 10% 1.4 12% 12% NA NA NA 4.0x 3.6x NM NM 14.9x 13.6x Broadridge Financial Solutions, Inc. $118.13 $13,665 $14,548 10% 2.5 6% 5% 19% 4% 21% 3.2x 3.0x 14.9x 14.3x 24.5x 22.4x Computershare Limited $12.55 $6,813 $8,261 8% 2.2 4% 1% 11% 5% 31% 3.5x 3.4x 11.3x 10.7x 16.8x 15.9x SEI Investments Company $54.45 $8,305 $7,686 12% 1.4 2% 6% 13% 8% 36% 4.6x 4.4x 13.1x 12.1x 17.2x 15.4x SimCorp A/S $97.92 $3,887 $3,833 15% 2.5 9% 8% 10% 8% 29% 8.0x 7.5x 27.8x 25.7x 39.0x 35.8x Envestnet, Inc. $70.99 $3,461 $3,632 16% 2.1 9% 15% 14% 21% 20% 4.1x 3.6x 20.2x 16.8x 33.2x 27.7x IRESS Limited $10.08 $1,736 $1,859 10% 3.0 7% 6% 16% 9% 28% 5.3x 5.0x 19.2x 17.6x 29.6x 26.5x

Investment Technology Investment Blucora, Inc. $35.00 $1,689 $1,808 20% 0.9 7% 7% 6% 11% 21% 3.0x 2.8x 14.2x 12.8x 17.2x 14.8x Equiniti Group plc $2.80 $1,002 $1,396 NA NM 7% 4% 12% 8% 24% 1.9x 1.9x 8.0x 7.4x 11.2x 10.5x Sanne Group plc $8.15 $1,168 $1,236 NA NM 17% 12% 27% 12% 35% 5.8x 5.2x 16.5x 14.7x 21.9x 19.4x First Derivatives plc $41.29 $1,083 $1,115 NA NM 15% 11% 14% 12% 18% 3.7x 3.3x 20.4x 18.2x 36.5x 32.8x StatPro Group plc $1.68 $111 $142 NA NM 8% 6% 14% 12% 17% 1.9x 1.8x 10.8x 9.7x 15.6x 13.3x

Median 12% 1.4 8% 6% 14% 9% 28% 4.0x 3.6x 13.8x 12.7x 17.2x 15.4x

Notes: 17 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >85 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 4/30/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E Liquidity Venues CME Group Inc. $178.90 $64,017 $67,230 7% 3.9 15% 7% 4% 10% 64% 13.6x 12.7x 21.0x 19.2x 25.9x 23.5x Intercontinental Exchange, Inc. $81.35 $46,022 $53,223 8% 2.6 5% 5% 4% 7% 64% 10.2x 9.7x 15.9x 14.8x 21.7x 19.5x Deutsche Börse Aktiengesellschaft $133.22 $24,426 $25,286 11% 1.8 4% 7% 5% 7% 61% 7.7x 7.2x 12.5x 11.7x 19.8x 18.0x Hong Kong Exchanges and Clearing Limited $34.67 $43,510 $24,992 10% 3.2 11% 12% 13% 14% 75% 11.1x 9.9x 14.7x 13.0x 32.1x 28.2x London Stock Exchange Group plc $65.31 $22,770 $23,646 12% 2.1 7% 7% 17% 11% 54% 8.1x 7.6x 14.9x 13.4x 26.2x 22.8x Nasdaq, Inc. $92.20 $15,251 $18,738 6% 3.0 4% 4% 3% 12% 51% 7.4x 7.2x 14.6x 13.0x 19.1x 16.9x B3 S.A. - Brasil, Bolsa, Balcão $8.74 $17,865 $17,357 16% 1.4 12% 13% 12% 13% 71% 12.4x 10.9x 17.5x 15.5x 22.6x 20.6x Cboe Global Markets, Inc. $101.61 $11,350 $12,240 8% 2.8 20% (0%) 23% (0%) 68% 10.3x 10.3x 15.1x 15.1x 21.3x 21.0x MarketAxess Holdings Inc. $278.33 $10,492 $10,238 8% 6.7 11% 12% 10% 15% 55% 21.2x 19.0x 38.6x 33.6x 54.6x 47.4x ASX Limited $52.43 $10,149 $9,346 5% 5.8 5% 5% 5% 5% 75% 15.1x 14.3x 20.0x 19.0x 29.6x 28.0x Singapore Exchange Limited $5.42 $5,798 $5,308 5% 3.8 8% 3% 8% 6% 57% 7.7x 7.5x 13.4x 12.7x 19.8x 19.0x Euronext N.V. $69.41 $4,832 $4,934 9% 2.0 1% 4% 3% 6% 59% 6.9x 6.7x 11.9x 11.2x 17.6x 16.4x

Liquidity Liquidity Venues TMX Group Limited $63.59 $3,556 $4,198 NA NM 3% 6% 9% 9% 57% 6.8x 6.4x 12.0x 11.0x 16.0x 14.4x Bolsas y Mercados Españoles, Sociedad Holding de Mercados$28.32 y Sistemas$2,351 Financieros,$1,997 S.A. (2%) (9.2) (3%) 2% (4%) 2% 61% 5.9x 5.8x 9.7x 9.6x 15.8x 15.4x Bursa Malaysia Berhad $1.63 $1,317 $1,234 7% 3.6 (1%) 4% (7%) 7% 57% 9.4x 9.1x 16.6x 15.6x 25.4x 24.1x Bolsa Mexicana de Valores, S.A.B. de C.V. $2.06 $1,219 $1,072 7% 2.3 8% 10% 10% 15% 56% 5.5x 5.0x 9.8x 8.6x 16.7x 15.0x JSE Limited $9.68 $827 $649 NA NM 4% 9% 7% 10% 49% 4.1x 3.8x 8.4x 7.6x 12.9x 11.6x Gielda Papierów Wartosciowych w Warszawie S.A. $10.87 $456 $354 NA NM (7%) 1% (14%) 2% 54% 4.1x 4.1x 7.6x 7.5x 14.3x 14.6x Hellenic Exchanges - Athens Stock Exchange SA $5.02 $303 $218 NA NM 7% 14% 21% 43% 32% 6.7x 5.9x 21.2x 14.9x 62.9x 40.6x

Median 8% 2.8 5% 6% 7% 9% 57% 7.7x 7.5x 14.7x 13.0x 21.3x 19.5x

Notes: 18 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >85 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 4/30/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E Payments Networks Visa Inc. $164.43 $359,343 $364,449 17% 1.7 10% 11% 12% 13% 71% 15.6x 14.0x 22.1x 19.6x 29.6x 25.4x Mastercard Incorporated $254.24 $259,715 $259,246 18% 1.9 12% 13% 15% 15% 61% 15.5x 13.7x 25.4x 22.1x 33.4x 28.4x PayPal Holdings, Inc. $112.77 $132,497 $126,647 19% 2.0 16% 18% 16% 21% 25% 7.0x 6.0x 27.6x 22.9x 37.8x 32.1x American Express Company $117.23 $97,896 $125,983 13% 1.2 8% 8% NA NA NA 2.9x 2.7x NM NM 14.5x 13.0x Discover Financial Services $81.49 $26,484 $37,647 9% 1.0 7% 5% NA NA NA 3.3x 3.1x NM NM 9.3x 8.5x Merchant Processing Worldpay, Inc. $117.21 $36,449 $44,019 16% 1.9 83% 10% 83% 14% 48% 11.4x 10.3x 23.6x 20.6x 30.5x 25.3x First Data Corporation $25.86 $24,405 $41,227 13% 1.3 6% 5% 8% 8% 39% 4.8x 4.5x 12.4x 11.5x 17.6x 15.5x Square, Inc. $72.82 $30,797 $30,753 45% NM 42% 34% 63% 56% 19% 13.6x 10.1x 73.5x 47.1x NM 65.5x Global Payments Inc. $146.07 $23,057 $28,016 17% 1.4 12% 9% 14% 13% 36% 6.3x 5.8x 17.5x 15.5x 24.3x 20.8x Adyen N.V. $813.00 $24,061 $22,634 38% NM 37% 36% 40% 40% 53% 41.2x 30.4x 77.4x 55.1x NM 81.2x Total System Services, Inc. $102.24 $18,137 $22,057 12% 1.7 6% 7% 7% 8% 36% 5.4x 5.1x 15.0x 13.9x 21.0x 18.4x Wirecard AG $149.80 $18,511 $16,967 36% 0.9 28% 25% 33% 33% 29% 5.7x 4.6x 19.8x 14.9x 32.8x 24.2x Cielo S.A. $1.95 $5,286 $6,667 (14%) (0.7) (11%) 6% (29%) 12% 32% 2.5x 2.3x 7.8x 7.0x 9.3x 8.4x GMO Payment Gateway, Inc. $78.75 $5,793 $5,488 31% NM 24% 25% 29% 28% 30% 17.0x 13.6x 57.6x 45.0x NM 83.2x EVERTEC, Inc. $31.31 $2,199 $2,719 6% 2.7 4% 5% 3% 6% 47% 5.8x 5.5x 12.4x 11.6x 16.8x 15.4x EVO Payments, Inc. $29.71 $1,944 $2,459 14% 3.8 8% 9% 9% 13% 27% 4.0x 3.7x 15.2x 13.5x 53.6x 40.7x SafeCharge International Group Limited $4.36 $664 $571 13% 1.6 15% 14% 11% 14% 26% 3.6x 3.2x 13.8x 12.1x 21.2x 18.4x i3 Verticals, Inc. $24.14 $222 $275 NA NM NA 11% NA 13% 27% 2.5x 2.2x 9.3x 8.2x 44.7x 32.2x Prepaid / Closed Loop Alliance Data Systems Corporation $160.10 $8,386 $28,971 17% 0.5 (26%) 7% (27%) 10% 26% 5.0x 4.7x 19.0x 17.3x 8.2x 6.7x

Payments FleetCor Technologies, Inc. $260.95 $22,405 $25,863 16% 1.4 7% 9% 9% 12% 57% 9.9x 9.1x 17.4x 15.5x 22.4x 19.5x Edenred SA $47.07 $11,204 $11,962 13% 2.4 14% 9% 17% 10% 40% 6.7x 6.1x 16.7x 15.1x 31.2x 27.5x WEX Inc. $210.30 $9,095 $11,701 16% 1.5 14% 11% 13% 12% 41% 6.9x 6.2x 16.6x 14.8x 23.1x 20.0x Green Dot Corporation $63.77 $3,389 $2,335 10% 1.7 10% 10% 27% 13% 28% 2.0x 1.9x 7.3x 6.5x 17.5x 15.3x PaySign, Inc. $8.13 $380 $375 NA NM 69% 60% 115% 83% 27% 9.5x 5.9x 35.5x 19.3x 73.9x 33.2x Net 1 UEPS Technologies, Inc. $3.57 $203 $231 15% 1.1 (21%) 11% NA 161% 6% 0.5x 0.5x 8.9x 3.4x 15.9x 6.5x Other Payments Technology The Sage Group plc $9.45 $10,266 $11,113 4% 6.3 10% 7% (1%) 8% 26% 4.3x 4.0x 16.7x 15.5x 23.6x 21.5x The Western Union Company $19.44 $8,478 $10,938 4% 2.9 0% 2% 2% 2% 25% 1.9x 1.9x 7.8x 7.6x 10.4x 9.7x Euronet Worldwide, Inc. $149.89 $7,785 $7,696 10% 2.1 12% 13% 25% 15% 22% 2.7x 2.4x 12.5x 10.8x 21.5x 18.4x Ingenico Group - GCS $84.21 $5,203 $6,976 11% 1.4 19% 6% 14% 9% 18% 1.9x 1.8x 11.0x 10.0x 15.8x 14.6x NCR Corporation $28.95 $3,478 $6,681 4% 2.6 2% 2% 13% 7% 16% 1.0x 1.0x 6.3x 5.9x 10.3x 9.0x Cardtronics plc $35.76 $1,656 $2,513 4% 4.2 (11%) 0% NM (2%) 22% 1.9x 1.9x 8.6x 8.8x 16.9x 17.4x Everi Holdings Inc. $10.29 $731 $1,753 20% NM 13% 8% 8% 14% 49% 3.8x 3.5x 7.6x 6.7x NM NM MoneyGram International, Inc. $3.31 $187 $956 NA NM (4%) 2% (10%) 4% 16% 0.7x 0.7x 4.3x 4.2x 7.9x 7.3x Cass Information Systems, Inc. $49.33 $717 $486 NA NM NA NA NA NA NA NM NM NM NM NM NM International Money Express, Inc. $12.07 $437 $481 NA NM 20% 20% 21% 21% 17% 1.5x 1.2x 8.4x 7.0x 19.4x 15.2x Cardlytics, Inc. $15.60 $352 $359 20% NM 26% 40% NA NA (3%) 1.9x 1.4x NM 22.5x NM 53.8x Earthport plc $0.48 $303 $274 NA NM 3% 36% NA NA (27%) 8.3x 6.1x NM NM NM NM eServGlobal Limited $0.07 $85 $66 NA NM (8%) NA NA NA (55%) 5.8x NM NM NM NM NM

Median 14% 1.7 10% 10% 13% 13% 27% 4.8x 4.3x 15.1x 13.9x 21.1x 18.9x

Notes: 19 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >85 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 4/30/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E Real Estate & Mortgage Technology Booking Holdings Inc. $1,854.99 $81,428 $83,818 17% 1.1 7% 10% 5% 10% 38% 5.4x 4.9x 14.0x 12.8x 18.5x 16.6x Expedia Group, Inc. $129.84 $19,315 $19,429 20% 0.9 10% 10% 13% 12% 18% 1.6x 1.4x 8.7x 7.7x 18.8x 16.1x CoStar Group, Inc. $496.25 $18,134 $17,046 17% 2.9 16% 15% 19% 19% 36% 12.4x 10.8x 34.2x 28.7x 49.3x 41.7x Fidelity National Financial, Inc. $39.95 $10,980 $11,202 NA NM 2% 0% 28% (8%) 16% 1.5x 1.4x 9.0x 9.7x 14.4x 13.3x Black Knight, Inc. $56.42 $8,458 $10,152 12% 2.4 7% 8% 9% 10% 50% 8.5x 7.9x 17.2x 15.6x 28.9x 25.0x Jones Lang LaSalle Incorporated $154.57 $7,070 $9,119 16% 0.8 4% 3% (3%) 12% 10% 1.0x 0.9x 9.8x 8.8x 13.5x 12.4x Ocwen Financial Corporation $1.69 $227 $8,157 NA NM 8% 2% NA NA NA 7.1x 7.0x NM NM NM NM REA Group Limited $56.23 $7,406 $7,582 13% 2.4 10% 11% 14% 15% 58% 11.3x 10.2x 19.5x 17.0x 30.2x 26.2x TripAdvisor, Inc. $53.23 $7,400 $6,589 13% 2.2 8% 9% 12% 12% 27% 3.8x 3.5x 13.9x 12.4x 27.6x 24.1x RealPage, Inc. $65.21 $6,017 $6,466 18% 2.1 14% 11% 22% 16% 28% 6.5x 5.9x 23.0x 19.7x 37.2x 31.8x First American Financial Corporation $57.06 $6,396 $6,252 NA NM 1% 1% 20% (1%) 16% 1.1x 1.1x 6.7x 6.8x 12.2x 11.7x Rightmove plc $7.04 $6,247 $6,238 13% 2.1 10% 8% 9% 8% 77% 16.6x 15.4x 21.6x 20.0x 27.0x 24.6x Zillow Group, Inc. $33.21 $6,812 $6,106 5% NM 53% 42% (77%) 102% 2% 3.0x 2.1x NM 64.7x NM NM Radian Group Inc. $23.42 $5,004 $5,917 5% 1.6 11% 5% NA NA NA 4.2x 4.0x NM NM 8.4x 7.8x Realogy Holdings Corp. $13.02 $1,487 $5,867 NA NM (1%) 2% (9%) 5% 10% 1.0x 1.0x 9.8x 9.4x 11.0x 9.7x LendingTree, Inc. $384.82 $4,956 $5,344 34% 1.6 42% 19% 41% 26% 20% 4.9x 4.2x 24.8x 19.6x 55.1x 40.0x CoreLogic, Inc. $40.61 $3,277 $5,073 11% 1.5 (6%) 1% (5%) 7% 28% 3.0x 3.0x 10.8x 10.1x 16.3x 14.4x Colliers International Group Inc. $64.05 $2,529 $3,532 19% 0.7 10% 6% 19% 8% 12% 1.1x 1.1x 9.5x 8.8x 13.8x 12.7x AppFolio, Inc. $97.11 $3,296 $3,334 NA NM 33% 24% 30% 34% 21% 13.2x 10.7x 63.3x 47.4x NM 69.5x

Moneysupermarket.com Group PLC $4.74 $2,541 $2,503 NA NM 12% 6% 10% 7% 36% 4.9x 4.7x 13.7x 12.9x 19.9x 18.4x Real Mortgage & Estate Tech. Redfin Corporation $20.68 $1,881 $1,567 NA NM 30% 27% 63% NM 1% 3.3x 2.6x NM 56.6x NM NM Marcus & Millichap, Inc. $43.10 $1,682 $1,446 NA NM 4% 3% (2%) 5% 15% 1.7x 1.7x 11.4x 10.9x 18.6x 17.8x Stewart Information Services Corporation $42.51 $1,014 $1,096 NA NM (2%) 2% 5% 27% 7% 0.6x 0.6x 8.9x 7.0x 19.5x 13.2x RE/MAX Holdings, Inc. $43.33 $772 $999 173% 0.1 32% 3% 2% 5% 38% 3.5x 3.4x 9.4x 8.9x 19.4x 18.3x Lifull Co., Ltd. $5.39 $723 $686 20% 1.2 20% 12% 16% 21% 16% 1.8x 1.6x 11.6x 9.6x 24.4x 18.9x Altisource Portfolio Solutions S.A. $23.67 $385 $669 NA NM (14%) NA (24%) NA 8% 0.8x NM 10.4x NM 11.3x NM QuinStreet, Inc. $14.27 $711 $648 25% 1.2 9% 15% 27% 34% 11% 1.3x 1.2x 12.4x 9.3x 31.0x 20.5x Agilysys, Inc. $19.13 $441 $404 NA NM 11% 14% (5%) 65% 7% 2.7x 2.3x 38.9x 23.5x NM NM Real Matters Inc. $4.24 $367 $304 57% 1.1 (7%) 2% (38%) 109% 2% 1.1x 1.1x 52.4x 25.0x 60.6x 53.0x

Median 17% 1.5 10% 8% 10% 12% 16% 3.0x 2.8x 12.4x 12.6x 19.4x 18.3x

Trading Technology The Charles Schwab Corporation $45.78 $61,081 $27,103 15% 1.1 9% 5% 13% 4% 50% 2.5x 2.3x 4.9x 4.7x 16.5x 15.2x TD Ameritrade Holding Corporation $52.58 $29,093 $24,208 20% 0.7 4% 6% 15% 10% 53% 4.1x 3.8x 7.7x 7.0x 13.3x 11.9x E*TRADE Financial Corporation $50.66 $12,293 $12,353 13% 0.9 5% 3% 8% 1% 56% 4.1x 4.0x 7.3x 7.2x 11.8x 11.0x Virtu Financial, Inc. $24.58 $2,648 $3,540 5% 2.9 16% 10% 0% 13% 52% 3.0x 2.7x 5.7x 5.0x 14.5x 11.2x Interactive Brokers Group, Inc. $54.24 $4,073 $2,341 20% 1.1 6% 10% 66% 11% NM 1.2x 1.1x 1.1x 1.0x 22.8x 20.5x

Trading Tech. GAIN Capital Holdings, Inc. $5.27 $197 $102 8% NM (26%) 29% (89%) NA 4% 0.4x 0.3x 10.3x 1.4x NM 8.8x INTL FCStone Inc. $40.56 $774 ($1,399) NA NM NA NA NA NA NA NM NM NM NM NM NM

Median 14% 1.1 5% 8% 11% 10% 52% 2.7x 2.5x 6.5x 4.9x 14.5x 11.5x

Notes: 20 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >85 considered NM. GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders

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