HW Financial Technology Introduction

HARRIS WILLIAMS (“HW”) HW TECHNOLOGY, MEDIA & TELECOM (“TMT”) GROUP • 25+ years and more than 1,000 closed transactions • 35+ dedicated TMT professionals • 350+ professionals across eight office globally • TMT offices include Boston, San Francisco, and London • 170+ closed transactions in the last 24 months • 10 industry groups KEY TMT THEMES ✓SaaS / Cloud ✓Data & Analytics ✓Digital Transformation ✓A.I. / Machine Learning

FOCUSED ADVISORY SERVICES HORIZONTAL FOCUS SECTORS VERTICAL FOCUS SECTORS • Mergers and acquisitions (M&A) • Application Software • Architecture, Engineering, and Construction Software • Capital raises • Cloud Managed Services and Hosting Solutions • Education Technology and Services • Corporate divestitures • Compliance Solutions • Energy Technology • CRM and Marketing Automation • Facilities and Real Estate Software • Human Capital Management • Financial Technology and Payments CONSISTENT RECOGNITION FOR QUALITY • Infrastructure and Security Software • Government Technology • IT and Tech-Enabled Services • Healthcare IT • Marketing, Research, and Insights Software • Industrial and Supply Chain Technology • Internet and eCommerce • Retail Technology

HW FINANCIAL TECHNOLOGY TEAM OTHER TMT GROUP LEADERSHIP

Tyler Dewing Scott Reinig Julien Oussadon Mike Quealy Sam Hendler Thierry Monjauze Erik Szyndlar Managing Director Director Director Vice President Managing Director Managing Director Managing Director [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] Office: (617) 654-2133 Office: (617) 654-2113 Office: +44 (0)20 7518 8909 Office: (617) 654-2126 Office: (617) 654-2117 Office: +44 20 7518 8901 Office: (415) 217-3418

SELECT HW has received a strategic has acquired has acquired has been acquired by has acquired has acquired has been acquired by has been acquired by FINTECH investment from EXPERIENCE &

1 Financial Technology Taxonomy

ENTERPRISE AND COMMERCIAL INSTITUTIONAL CONSUMER

Solutions focused on supporting Solutions focused on serving Solutions focused on delivering B2C and B2B payments and the specific operational and improved financial and payment financial activity and serving the compliance needs of banks, experiences, personal wealth financial needs of enterprises of insurance companies, and asset management, and access to all sizes managers consumer loans

PAYMENTS OFFICE OF THE CFO BANKING INSURANCE ASSET MGMT. / TRADING PAYMENTS PERSONAL FINANCE INVESTING

Select Market Participants Select Market Participants Select Market Participants

SELECT RECENT HW FINANCIAL TECHNOLOGY TRANSACTIONS

Provider of an all-in-one, Provider of SaaS Provider of business Provider of integrated Provider of a SaaS cloud-based marketing property and investment management and risk management, policy platform serving single- automation platform for management software revenue cycle administration, and family and condo high- financial professionals, solutions for the management (RCM) insurance claims rise associations with has been has acquired broker dealers, has acquired residential and services to the health has acquired management software has acquired unified property insurance agents, and commercial real estate acquired by and wellness, child care, solutions management, resident enterprises markets insurance, and leisure portals, accounting, and attraction verticals payments, and security solutions

Provider of next- Provider of e-learning, Provider of integrated Provider of member Provider of integrated generation integrated workforce management, software, data, and management software SaaS civic engagement digital government and compliance analytics solutions to and payment processing and payment solutions has received a software and payment solutions to enterprises the global energy solutions for fraternal for government entities has been has been has been has been strategic solutions, designed to and professionals across market, including organizations and acquired by acquired by acquired by acquired by investment from improve government financial services, financial services, nonprofits operations, revenue healthcare, and real capital markets, and collection, and citizen estate trading and risk & engagement professionals

2 Case Study: FMG Suite

FMG Suite Overview FMG’s Proprietary Marketing Automation Platform

FMG Suite is a leading, cloud-based marketing automation platform for financial professionals, broker dealers, insurance agents, and enterprises. More than 40,000 financial professionals use FMG Suite every day to engage with clients and prospects to grow their businesses.

Key Investment Highlights

✓ Leading all-in-one cloud-based marketing automation platform for financial professionals

✓ Highly scalable SaaS solution provides high ROI value proposition

✓ Turnkey solution combines websites, marketing automation, and traditional marketing tools

✓ Compelling financial profile with high recurring revenue and profitability

✓ Underpenetrated market opportunity supported by favorable secular trends

✓ Industry compliance requirements provide a material barrier to entry

✓ Proven management team with deep domain and acquisition expertise

Process Notes

▪ Competitive process with strategic, quasi-strategic, and financial sponsor involvement

▪ Buyers primarily interacted with Management on a virtual has acquired basis, with a select few number of parties having met with Management in-person pre-COVID The Most Comprehensive Turnkey Marketing Automation Platform for Financial Professionals and Enterprises ▪ Aurora Capital Partners delivered a fully baked LOI after completing all business, legal, tax, and other diligence

3 Select Financial Technology M&A Transactions1

Closed September 21, 2020 Thoma Bravo’s take-private of Majesco Insurance • Majesco is a leading provider of cloud-based core software solutions for the insurance industry, offering distribution management, data and analytics, and digital engagement. • Majesco serves over 200 customers ranging from large, global insurance carriers to mid-market insurers, MGAs, startups, mutual, and Enterprise Value: $702M EV / Rev: 4.7x regional carriers. Rev: $150M EV / EBITDA: 35.6x • Thoma Bravo’s take-private deal was an opportunity to expand its investments in tech-enabled services and will enable Majesco to invest significantly in accelerating growth.

Announced September 17, 2020 Clearlake’s acquisition of Zywave Insurance • Zywave is a leading provider of mission-critical, cloud-based insurance distribution software, streamlining and automating key revenue- generating activities including sales, renewals, and quote delivery, as well as content generation, data tracking, and analytics. • Zywave serves over 6,000 brokerages, including the top 100 U.S. insurance firms. Enterprise Value: $900M EV / Rev: NA • Clearlake’s acquisition will further enable Zywave to continue acquisitions in adjacent areas, building on recent purchases of miEdge, Rev: NA EV / EBITDA: NA RateFactory, Code SixFour, and HR360 as it seeks to expand its offerings.

Closed September 4, 2020 ICE’s acquisition of Ellie Mae Banking • Ellie Mae is a provider of cloud-based mortgage workflow solutions to automate and digitize the residential mortgage process, with solutions that address origination, closing documents, and ongoing compliance. • Ellie Mae has over 3,000 clients across the residential mortgage ecosystem, and its solutions are used to process over 40% of U.S. Enterprise Value: $11B EV / Rev: NA mortgage originations annually. Rev: NA EV / EBITDA: NA • Ellie Mae will be merged into ICE Mortgage Services, strengthening existing end-to-end digital mortgage offerings built on ICE’s 2016 acquisition of MERS and 2018 acquisition of Simplifile.

American Express’s acquisition of Kabbage Closed August 17, 2020 B2B Transactions • Kabbage is an automated online cash flow solution and payments platform for small businesses that leverages real-time data to understand performance and underwrites flexible solutions including lines of credit, business checking, and payments management. • Kabbage users are able to deposit cash across a network of over 90,000 retailers and service centers, and the Company’s heavy Enterprise Value: $850M EV / Rev: NA involvement in the recent PPP stimulus program has made it the third largest PPP lender by volume with over 225,000 loans for $6B. Rev: NA EV / EBITDA: NA • The addition of Kabbage to the American Express platform deepens American Express’s offerings to its millions of small business customers across the U.S., and gives it access to a unique data-driven view on small American Express business performance.

Announced August 13, 2020 Roper’s acquisition of Vertafore Insurance • Vertafore provides cloud-based agency management software that fully integrates applications across the property and casualty insurance distribution channel, enabling data-driven decisions to both capitalize on growth opportunities and reduce compliance risks. • Vertafore’s solutions are used by over 20,000 agencies, 1,000 carriers, 23 state governments, and 500,000 insurance professionals. Enterprise Value: $5.3B EV / Rev: NA • The Vertafore acquisition is Roper’s largest to date and follows on its 2019 acquisition of iPipeline, a life insurance-oriented software Rev: NA EV / EBITDA: NA platform, bolstering its presence in the insurance market. Both firms will continue to operate independently and fit within Roper’s broader Application Software platform.

4 Financial Technology Acquisition Activity

MOST ACTIVE STRATEGIC ACQUIRERS OF FINTECH ASSETS BY VOLUME2

• The 10 most active strategic fintech 16 2020 consolidators have acquired over 100 2019 3 2018 13 13 companies since 2016. 2017 2 2016 • Through the third quarter of 2020, nine of 3 3 11 10 10 the top 10 most active strategics made at 2 1 1 9 least one acquisition, including SS&C and 2 5 1 1 1 8 8 8 4 2 Global Payments, each of which has made 1 2 2 2 3 1 three acquisitions year-to-date. 4 2 4 1 2 2 2 2 2 4 3 3 2 2 2 3 4 4 3 2 2 2 2 2 2 1

GLOBAL FINANCIAL SOFTWARE M&A ACTIVITY2

234 • 127 M&A transactions closed in Q3 2020 225 across financial software, with strategic 210 acquirers representing 75% of total deal 190 volume. 171 169 166 160 156 • Strategic acquirers continue to outpace 142 131 131 162 169 133 private equity as the race for wallet share 144 126 122 122 127 141 and additional payment volumes remains 127 115 107 119 121 94 front of mind for many decision-makers. 91 94 102 86 79 87 95 • Despite market volatility, fintech continues to be a bright spot as 66 63 65 59 44 49 54 48 43 digitization accelerates. 40 29 41 35 40 35 39 32

Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20 Q3-20 Strategic Private Equity

5 Enterprise and Commercial Market Observations1 Enterprise & Commercial

Key Public Comps 300% Stock Price Performance Transaction Spotlight Market Observations 250% September 10, 2020 Payment networks that facilitate next-generation payment channels continue to benefit 200% from accelerating migration of payments to digital environments, a trend that will be magnified by the ongoing COVID-19 pandemic. 150% Payment networks are increasingly focused on growing payment volumes by enhancing 100% their solution offerings to deliver fast, frictionless, and secure payment processing 50% across end markets and geographies.

PAYMENT PAYMENT Enterprise Value / NETWORKS 0% LTM Rev. LTM EBITDA 2020E EBITDA Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Enterprise Value: $94M 11.8x 31.8x 34.1x S&P 500 Payment Networks Banks, FinTechs Dive into New Payment Rails

Key Public Comps 600% Stock Price Performance Transaction Spotlight Market Observations 500% September 14, 2020 The payment processing landscape is undergoing significant change as incumbents seek 400% to maintain market share through consolidation and improvements to merchant and consumer user experiences. 300% As payments continue to shift to digital platforms, software providers are keen to 200% improve their competitive positions and gather better customer data by incorporating 100% processing functionality directly into their solutions.

PAYMENT PAYMENT Enterprise Value / 0% PROCESSING LTM Rev. LTM EBITDA 2020E EBITDA Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Capital Raised: $650M 9.0x 27.4x 19.4x S&P 500 Payment Processing How Two U.S. Banks Optimize Tech Execution

Key Public Comps 250% Stock Price Performance Transaction Spotlight Market Observations 200% September 2, 2020 B2B payments continue to be a key focus area for businesses globally as they seek to optimize their supply chains with software, particularly in light of the current macro 150% environment, driving demand for solutions that improve processes and reduce payment 100% friction.

B2B Businesses continue to adopt solutions that improve collections and settlement, 50% increase transparency across their entire ecosystems, and improve regulatory Enterprise Value / 0% compliance.

TRANSACTIONS LTM Rev. LTM EBITDA 2020E EBITDA Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Capital Raised: NA 4.6x 15.0x 12.3x S&P 500 B2B Transactions Making Your Case: The Four Es of Payment Automation

Key Public Comps 500% Stock Price Performance Transaction Spotlight Market Observations 400% August 11, 2020 As financial services become increasingly digital, industries and regulators continue to implement stringent and expensive compliance requirements that are driving the 300% adoption of software and AI solutions to automate data collection and meet compliance 200% demands. Heightened awareness of—and focus on—privacy and data protection in the digital age 100%

DATA & & DATA is making innovative solutions that offer superior security measures a strategic Enterprise Value / 0% imperative for businesses across industries. COMPLIANCE LTM Rev. LTM EBITDA 2020E EBITDA Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Enterprise Value: NA 7.3x 24.0x 22.1x S&P 500 Data & Compliance How Compliance Tools Keep Remittances Flowing

Key Public Comps 300% Stock Price Performance Transaction Spotlight Market Observations 250% August 21, 2020 Enterprises across all markets continue to transition from legacy offerings to modern 200% cloud-based solutions that improve operational efficiency, are user friendly for a youthful workforce, and are capable of delivering solutions to evolving industries and 150% can be easily tailored for evolving work environments, as highlighted by the rapid 100% increase in employees working from home during COVID-19.

50% Incumbents and challengers alike continue to acquire solutions that expand their total BENEFITS

PAYROLL & & PAYROLL Enterprise Value / 0% addressable market (TAM) and enable them to offer more closely integrated workforce LTM Rev. LTM EBITDA 2020E EBITDA Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Enterprise Value: $434M management and benefits administration solutions across industries. 11.1x 16.1x 18.1x S&P 500 Payroll & Benefits Digitizing Payroll Meets the Needs of the Shifting Labor Force

6 Landscape: Payment Solutions Enterprise & Commercial

OVERVIEW OF CARD PAYMENT PROCESSING

Network requests purchase 3 2 approval from card issuer bank 1 Consumer uses card at Payment processor contacts point-of-sale or pays online payment network 4 Issuer bank approves purchase Card Issuing Bank (Issuer)

Card Consumer Merchant Payfacs Payment Processor Network ISOs Purchase approval sent to 5 Gateways merchant’s bank

Acquirer bank sends approval Merchant’s Payment Infrastructure 6 back through payment network Bank (Acquirer) Payment Security REPRESENTATIVE PAYMENT TECHNOLOGY PROVIDERS

CONSUMER-FACING SOLUTIONS PAYMENT PROCESSING ACQUIRING BANKS

PAYMENT NETWORKS

MERCHANT ACQUIRERS: GATEWAYS, ISOS & PAYFACS PAYMENT INFRASTRUCTURE ISSUING BANKS To receive the latest Financial Technology market maps, please contact HW at [email protected]

PAYMENT SECURITY

Vertical Specific Payments

SEE NEXT PAGE FOR VERTICAL PAYMENTS MARKET MAP DETAIL

7 Landscape: Vertical-Specific Software with Integrated Payments Enterprise & Commercial

REPRESENTATIVE VERTICALLY-INTEGRATED SOFTWARE AND PAYMENTS PROVIDERS

VERTICAL SPECIFIC PAYMENTS SOLUTIONS

Recreation / Wellness Non-Profit Real Estate / Property Management Hospitality / Travel

Government Healthcare Education Parking / Transportation

To receive the latest Financial Technology market maps, please contact HW at [email protected]

Legal

Events Food / Beverage

Field Services

Diversified / Other Verticals

8 Landscape: Office of the CFO Solutions Enterprise & Commercial

REPRESENTATIVE ENTERPRISE FINANCIAL TECHNOLOGY PROVIDERS

CORE ACCOUNTING AND OPERATIONS CUSTOMER MANAGEMENT SUPPLIERS

ERP & Accounting Billing & Collections Procure-to-Pay

Planning, Reporting, and CPM

Transfers and Remittance Invoicing & AP Automation

Tax

To receive the latest Financial Technology market maps, please contact HW at [email protected] RESOURCES Compliance & Risk Management Human Capital Management Vendor Management

Data, Analytics, and Risk Assessment Benefits B2B Payments and Virtual Cards

Real Estate & Facility Management

Payroll Supply Chain Finance & Dynamic Discounting

Treasury Compliance

9 Trading Comparables Enterprise & Commercial

VALUATION1 As of September 30th, 2020 ($ in millions)

Fintech Enterprise M arket % of 52 1-Year Stock 3-Year Stock Revenue Growth 2019A EBITDA Enterprise Value / Price / Sub-Vertical Com pany Ticker Value Capitalization W eek High Performance Performance 2019A 2020P M argin 19A Rev. 20P Rev. 19A EBITDA 20P EBITDA Earnings PAYMENTS Visa V $435,632 $425,509 92.0% 14.7% 90.0% 10.7% (8.5%) 68.2% 18.5x 20.2x 27.1x 30.0x 34.8x Payment Mastercard MA $339,578 $338,529 92.1% 24.8% 139.5% 12.9% (7.3%) 60.4% 20.1x 21.7x 33.3x 38.1x 37.8x Networks American Express AXP $89,562 $80,717 72.6% (14.1%) 10.8% 8.1% (9.4%) NA 2.2x 2.5x NA NA 14.4x Discover Financial Services DFS $26,824 $17,705 66.1% (26.8%) (10.4%) 7.2% 33.7% NA 3.3x 2.4x NA NA 7.4x Fidelity National Information Services FIS $110,087 $91,212 93.0% 12.2% 57.6% 22.7% 22.1% 32.9% 10.7x 8.7x 32.3x 20.9x NM Fiserv FISV $91,715 $69,007 82.4% (0.1%) 59.8% 74.9% 47.1% 34.7% 9.0x 6.1x 25.9x 16.2x 54.6x Square SQ $72,064 $72,096 95.3% 163.8% 464.2% 42.9% 58.1% 1.8% 15.3x 9.7x NM NM 158.7x Payment Processing Global Payments GPN $61,321 $53,140 84.7% 12.3% 86.9% 45.9% 37.9% 39.2% 12.5x 9.1x 31.8x 20.3x 86.2x Adyen ADYEN $53,587 $55,890 96.9% 183.9% NM 57.5% NM 10.0% 18.0x NM NM NM 193.9x Euronet Worldwide EEFT $4,750 $4,764 54.3% (38.3%) (3.9%) 8.4% (13.9%) 21.3% 1.7x 2.0x 8.1x 19.4x 16.7x EVO EVOP $2,094 $1,031 82.8% (10.4%) NM (14.0%) (6.8%) 25.0% 4.3x 4.6x 17.2x 14.2x NM Paym ents Median $72,064 $69,007 84.7% 12.2% 59.8% 12.9% 7.7% 32.9% 10.7x 7.4x 27.1x 20.3x 37.8x FINANCIAL SOFTWARE Automatic Data Processing ADP $60,509 $59,959 76.5% (13.1%) 27.6% 5.2% (2.6%) 25.2% 4.2x 4.3x 16.5x 18.1x 25.6x Paychex PAYX $28,719 $28,715 88.1% (2.6%) 33.0% 15.1% (4.1%) 41.1% 7.1x 7.4x 17.3x 18.6x 25.2x Paycom Software PAYC $17,872 $17,932 91.0% 49.7% 315.3% 30.3% 12.2% 33.8% 24.2x 21.6x NM NM 92.1x Payroll & Benefits Ceridian CDAY $12,636 $12,151 95.0% 67.5% NM 11.3% 1.6% 14.7% 15.3x 15.1x NM NM 155.9x Paylocity PCTY $8,583 $8,687 96.3% 68.0% 230.6% 24.2% 11.4% 14.7% 16.5x 14.8x NM NM 116.7x TriNet TNET $3,951 $3,992 80.4% (1.3%) 76.4% 10.1% NM 7.7% 1.0x 4.0x 13.3x 10.0x 17.9x Intuit INTU $81,990 $85,404 90.6% 23.4% 129.5% 13.2% 10.1% 29.7% 11.5x 10.4x 38.7x 28.3x 60.4x

Accounting & Sage LSE:SGE $10,493 $10,186 90.7% 11.5% (0.5%) 7.8% (4.9%) 27.5% 4.1x 4.3x 14.8x 17.0x 24.4x Tax Xero ASX:XRO $10,264 $10,291 97.4% 68.9% 224.3% 32.2% 14.4% 6.6% 22.5x 19.7x NM NM NM Avalara AVLR $10,227 $10,634 88.3% 91.2% NM 40.5% 22.5% NM 26.7x 21.8x NM NM NM Moody's MCO $59,288 $54,404 94.7% 43.9% 108.2% 8.7% 4.9% 47.0% 12.3x 11.7x 26.1x 24.2x 34.1x Thomson Reuters TRI $42,364 $39,602 96.6% 20.1% 58.1% 7.4% 1.1% 18.5% 7.2x 7.1x 38.7x 22.3x 19.8x Data & Experian EXPN $38,709 $34,294 92.6% 21.3% 87.9% 4.2% 2.7% 33.8% 7.7x 7.5x 22.9x 22.0x 34.7x Compliance Equifax EFX $22,125 $19,057 86.3% 13.5% 48.0% 2.8% 10.8% 23.0% 6.3x 5.7x 27.4x 16.5x 77.3x TransUnion TRU $19,411 $15,993 83.2% 4.4% 78.0% 14.6% 0.9% 36.5% 7.3x 7.2x 20.0x 18.9x 47.8x FICO FICO $13,242 $12,336 94.0% 40.3% 202.8% 16.1% 3.9% 24.2% 11.1x 10.7x 45.8x 31.3x 54.4x Financial Software Median $18,641 $16,963 90.9% 22.4% 82.9% 12.2% 3.9% 25.2% 9.4x 9.0x 22.9x 18.9x 41.3x B2B TRANSACTIONS Transfer/Remit Western Union WU $10,947 $8,808 75.3% (7.7%) 11.6% (5.3%) (9.2%) 24.5% 2.1x 2.3x 8.4x 9.1x 8.6x Open Text Corporation OTEX $14,242 $11,458 88.3% 4.6% 30.8% 3.2% 9.7% 31.3% 4.9x 4.4x 15.5x 12.1x 41.0x eInvoicing, EDI, RCM Basware HLSE:BAS1V $696 $642 98.2% 85.1% (5.9%) 2.8% 6.8% NM 4.2x 3.9x NM 32.7x NM Cass Information Systems CASS $355 $580 66.0% (24.0%) (16.3%) 7.0% NM 32.9% 2.2x NA 6.6x NA 19.1x FleetCor Technologies FLT $23,695 $20,013 72.2% (15.9%) 53.8% 8.8% (9.3%) 57.4% 8.9x 9.9x 15.6x 19.2x 26.0x B2B Payments WEX WEX $7,794 $6,128 58.8% (30.4%) 23.8% 15.5% (8.0%) 33.8% 4.5x 4.9x 13.4x 12.3x 108.1x B2B Transactions Median $9,371 $7,468 73.8% (11.8%) 17.7% 5.1% (8.0%) 32.9% 4.4x 4.4x 13.4x 12.3x 26.0x

10 Transaction Activity Enterprise & Commercial

SELECT RECENT M&A TRANSACTIONS1 Date Target/Issuer Buyer Description Enterprise Value ($m) 09/24/2020 Inspyrus Inc. / Regal Technologies MineralTree Provider of an automation software solution for large mid-market and enterprise customers. NA

09/14/2020 eConduit Payroc Provider of EMV payment processing technology from a single web-based application interface. $31

09/13/2020 XCM Solutions Wolters Kluwer Provider of web-based workflow management platform created for accounting professionals. $161

09/02/2020 Oversight Systems TCV Provider of financial compliance software. NA

09/01/2020 eRentPayer MRI Software Provider of rent payment application for residents and landlords. $180

08/24/2020 Qualifacts Systems Credible Behavioral Health Provider of a SaaS-based behavioral health record platform. NA

08/19/2020 Symbrio Volaris Group Provider of online purchasing and invoice management systems. NA

08/19/2020 Motionsoft Daxko Provider of gym membership and payment processing software. NA

08/17/2020 Kabbage American Express Provider of online lending platform that provides small businesses automated access to cash flow. $850

08/11/2020 Blue Dog Business Services Fortis Payment Systems Provider of pricing on merchant services. NA

08/10/2020 Strategic Payment Systems Payroc Provider of payment processing services for merchants and businesses. NA

08/04/2020 Yuki Works Visma Provider of platform for collaboration between entrepreneur and accountant. NA

08/04/2020 Foundation Software Thoma Bravo Provider of accounting software and payroll services for small- to mid-sized specialty contractors. NA

07/30/2020 Multi Service Technology Solutions Corsair Capital Provider of financial technology that enables easier, faster, and smarter B2B payments. $375

07/28/2020 Reflexis Systems Zebra Technologies Provider of retail execution management software. $575

SELECT RECENT PRIVATE PLACEMENT TRANSACTIONS2 Announced Date Target/Issuer Investor(s) Description New Money ($m) 09/29/2020 PayCargo Insight Partners Provider of online payments platform intended to make freight payments fast, easy, and secure. $35

09/22/2020 ARInsights Polaris Partners Provider of cloud-based analyst relationship management software solutions. NA

09/17/2020 Veamly Alchemist Accelerator Provider of a B2B platform that helps companies save on productivity waste. NA

09/15/2020 Klarna Ant Group Provider of an online payment platform that facilitates cashless payments through installments. $650

09/09/2020 Wagepoint Providence Strategic Growth Provider of an online payroll automation platform intended to manage payroll for small businesses. $10

09/09/2020 Bright Health Management Blackstone Group; New Enterprise Associates Provider of a health insurance service platform designed to deliver the best healthcare experience. $500

09/08/2020 Bullhorn Stone Point Capital Provider of cloud-based customer relationship management (CRM) and operations software. NA

09/08/2020 Thunes Helios Investment Partners Provider of cross-border payment network that bridges different payment systems. $60

08/31/2020 Melio Payments Coatue Management Provider of a B2B payments platform that provides small businesses with digital payment tools. $80

08/27/2020 Mollie TCV Provider of payment application designed to simplify process of setting up an online store. $106

08/26/2020 Finix Payments Sequoia Capital Provider of B2B payment processing platform designed for businesses to manage their payments. $75

08/24/2020 MagicCube Visa Provider of a security platform designed to secure data exchange. NA

08/12/2020 Recurly Accel-KKR Provider of a subscription billing services platform designed to deliver recurring billing automation. NA

08/05/2020 PPRO Financial Sprints Capital Provider of electronic payment services to payment service providers. $50

07/29/2020 Remitly Global PayU Group Provider of a mobile payment platform intended to send money electronically to friends and family. $85

11 Institutional and Consumer Market Observations1 Institutional & Consumer

Key Public Comps 250% Stock Price Performance Transaction Spotlight Market Observations 200% September 4, 2020 Traditional financial institutions continue to acquire, partner with, and implement next- generation technology solutions across back-, middle-, and front-office functions to 150% compete with specialized digital offerings. 100% Digital-native banking platforms that offer consumers flexible and convenient products are gaining prominence, putting additional pressure on incumbents, particularly as 50% consumer loyalty remains low and physical footprint becomes less important to BANKING Enterprise Value / 0% younger generations. LTM Rev. LTM EBITDA 2020E EBITDA Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Enterprise Value: $11B 4.6x 27.6x 19.7x S&P 500 Banking Banks Rethink Office Space and Branch Strategy

Key Public Comps 350% Stock Price Performance Transaction Spotlight Market Observations 300% September 21, 2020 Insurance carriers and underwriters are increasingly focused on digitizing the customer 250% journey to enable personalized and contextual interactions with policyholders and 200% prospects across all channels to increase customer acquisition and to lower costs. 150% Similar to the disruption occurring in the banking sector, digital-native and vertical- 100% specific platforms continue to attract customers and put increasing pressure on 50% traditional insurance providers and market rates. Enterprise Value / INSURANCE 0% LTM Rev. LTM EBITDA 2020E EBITDA Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Enterprise Value: $702M 7.6x 18.5x 23.1x S&P 500 Insurance The Hockey Stick Impact of Digital Ecosystems on Insurance

Key Public Comps 250% Stock Price Performance Transaction Spotlight Market Observations 200% August 11, 2020 AMT organizations continue to seek software solutions that enhance returns with powerful research tools using data and analytics, improve liquidity and access to capital, 150% and streamline investor relations functions, allowing managers to focus on investing. 100% Wealth managers and financial advisors continue to use partnerships and M&A to

AMT achieve scale and fend off online investment platforms and robo-advisors, and to slow 50% the flow of capital moving into passive funds. Enterprise Value / 0% LTM Rev. LTM EBITDA 2020E EBITDA Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Enterprise Value: NA 5.3x 16.6x 14.3x S&P 500 Asset Management & Trading Coronavirus Fears Accelerate WealthTech Innovation

Key Public Comps 250% Stock Price Performance Transaction Spotlight Market Observations 200% August 25, 2020 Consumer utilization of peer-to-peer payment solutions—especially those facilitated through mobile platforms—has given rise to a number of innovative offerings and has 150% forced incumbents to acquire or launch frictionless solutions to keep pace. 100% Growing demand for peer-to-peer transfers continues to drive down costs as providers of all sizes compete to monetize rapidly growing payment volumes. 50% Enterprise Value / 0% LTM Rev. LTM EBITDA 2020E EBITDA P2P TRANSFERS P2P Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Enterprise Value: $500M 7.0x 8.9x 23.3x S&P 500 P2P Transfers Securing P2P Apps Against Scams And ATOs

Key Public Comps 250% Stock Price Performance Transaction Spotlight Market Observations 200% September 2, 2020 Persistently low rates and a strong macroeconomic environment have inhibited growth in alternative lending/investing platforms; however, the COVID-19 pandemic could * 150% prove to be a catalyst for demand. 100% Marketplace lending has become increasingly specialized as niche players offering vertical-specific solutions and expertise have successfully attracted new customers, 50%

despite being in the early stages of maturity. LENDING Price / 0% MARKETPLACE MARKETPLACE 2019 Book Value 2020E Book Value Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Sep-20 Enterprise Value: €150M 0.0x 0.5x S&P 500 Marketplace Lending Walmart and Goldman Partner on Lending Product for Walmart

*OnDeck reached a definitive agreement to be acquired on July 28, 2020 12 Landscape: Institutional Solutions Institutional

REPRESENTATIVE INSTITUTIONAL SOLUTION PROVIDERS

CORE BANKING INSURANCE ASSET MANAGEMENT & TRADING

Established Core Systems & Policy Management Trading, Wealth & Risk Management

Challengers

Niche Solutions Claims Management

LENDING Payments Suites

Lead Origination To receive theSales latest & Marketing Financial Technology market maps, please contact HW at [email protected]

Loan Origination Lead Generation Compliance & Reporting Lease Finance Administration

Services and Workflow Online Distribution & Direct-to-Consumer

Credit, Risk, & Pricing Tools

MULTI-VERTICAL INSTITUTIONAL SOLUTIONS Data & Analytics Networking & Collaboration Exchanges

13 Trading Comparables Institutional

VALUATION1 As of September 30th, 2020 ($ in millions)

BANKING Jack Henry & Associates JKHY $12,316 $12,461 80.9% 11.2% 58.2% 6.5% 5.7% 27.7% 7.6x 7.1x 27.3x 23.0x 47.8x Temenos SWX:TEMN $10,808 $9,782 70.1% (18.6%) 32.6% 15.6% (2.6%) 27.7% 11.1x 11.4x 40.1x 25.6x 71.3x CoreLogic CLGX $6,910 $5,379 96.9% 47.5% 46.4% (1.5%) 9.9% 21.0% 3.9x 3.6x 18.7x 11.0x 54.6x Core Systems Q2 Holdings QTWO $4,971 $4,881 85.7% 21.3% 119.1% 30.9% 26.9% NM 15.8x 12.4x NM NM NM ACI Worldwide ACIW $4,311 $3,041 66.4% (13.7%) 14.7% 24.6% 1.7% 16.0% 3.4x 3.4x 21.4x 13.7x 46.5x Oracle Financial Services Software BSE:532466 $3,014 $3,596 95.0% (3.6%) (24.8%) (2.3%) 3.7% 44.7% 4.5x 4.3x 10.0x 8.8x 16.8x Bottomline Technologies EPAY $1,891 $1,884 73.7% 10.7% 32.5% 4.7% 3.4% 8.7% 4.4x 4.2x NM 19.7x NM Banking Median $4,971 $4,881 80.9% 10.7% 32.6% 6.5% 3.7% 24.3% 4.5x 4.3x 21.4x 16.7x 47.8x

INSURANCE

Guidewire Software GWRE $8,020 $8,704 84.0% (0.9%) 33.9% (4.1%) 6.4% 0.6% 11.4x 10.7x NM NM NM Technology & Lemonade LMND $3,035 $2,813 51.5% NM NM 199.1% 30.3% NM 45.1x 34.6x NM NM NM Underwriting Sapiens International SPNS $1,580 $1,536 86.8% 57.6% 131.7% 12.4% 16.6% 15.8% 4.9x 4.2x 30.8x 23.1x 50.9x Ebix EBIX $1,306 $637 46.4% (49.2%) (68.4%) 16.6% (14.4%) 26.5% 2.2x 2.6x 8.5x NA 7.1x Insurance Median $2,307 $2,175 67.7% (0.9%) 33.9% 14.5% 11.5% 15.8% 8.1x 7.5x 19.6x 23.1x 29.0x

ASSET MANAGEMENT & TRADING

Moody's MCO $59,288 $54,404 94.7% 43.9% 108.2% 8.7% 4.9% 47.0% 12.3x 11.7x 26.1x 24.2x 34.1x RELX LSE:REL $53,010 $43,116 81.8% (4.4%) 1.7% 9.2% (7.2%) 30.5% 5.1x 5.5x 16.7x 16.2x 24.3x

Data & Thomson Reuters TRI $42,364 $39,602 96.6% 20.1% 58.1% 7.4% 1.1% 18.5% 7.2x 7.1x 38.7x 22.3x 19.8x Analytics MSCI MSCI $31,998 $29,840 89.5% 65.0% 205.2% 8.6% 8.1% 52.7% 20.5x 19.0x 39.0x 33.7x 53.5x SS&C Technologies Holdings SSNC $22,533 $15,589 90.7% 20.8% 50.7% 35.4% (0.2%) 36.4% 4.9x 4.9x 13.4x 12.5x 32.8x FactSet Research Systems FDS $12,994 $12,723 92.1% 39.5% 85.9% 5.7% 4.6% 35.3% 9.0x 8.6x 25.4x 23.9x 36.1x ICE ICE $64,091 $56,153 93.5% 8.4% 45.6% 4.6% 11.3% 61.1% 12.3x 11.1x 20.2x 16.6x 24.5x CME CME $62,603 $60,002 74.2% (20.6%) 23.3% 12.7% 4.1% 64.4% 12.9x 12.4x 20.0x 18.3x 24.4x London Stock Exchange LSE:LSE $41,629 $40,280 96.7% 29.2% 123.5% 12.6% 2.4% 48.4% 13.6x 13.3x 28.1x 24.5x 70.8x Market Indices NASDAQ NDAQ $23,359 $20,156 89.0% 24.5% 58.2% (0.4%) NM 31.1% 5.5x 8.4x 17.6x 15.8x 27.3x CBOE CBOE $10,172 $9,542 68.6% (24.1%) (18.5%) (9.8%) NM 31.4% 4.1x 8.1x 13.0x 12.1x 23.9x Euronext ENXTPA:ENX $9,519 $8,733 99.3% 53.8% 106.3% 8.2% 32.8% 55.0% 12.5x 9.4x 22.7x 16.3x 23.9x Broadridge Financial Solutions BR $16,835 $15,201 91.3% 5.7% 63.3% 0.8% 5.5% 19.6% 3.9x 3.7x 19.7x 16.6x 35.5x AMT Envestnet ENV $4,736 $4,149 83.4% 38.2% 51.3% 10.8% 9.3% 9.5% 5.3x 4.8x NM 21.1x NM Asset Managem ent & Trading Median $27,678 $24,998 91.0% 22.6% 58.1% 8.4% 4.7% 35.8% 8.1x 8.5x 20.2x 17.5x 27.3x

14 Transaction Activity Institutional

SELECT RECENT M&A TRANSACTIONS1 Date Target/Issuer Buyer Description Enterprise Value ($m) 09/24/2020 Impact Financial Systems iPipeline Provider of business automation tools. NA

09/22/2020 WELIS iPipeline Provider of life insurance illustration systems supporting U.S. individual and group business carriers. NA

09/17/2020 Zywave Clearlake Capital Group Provider of SaaS enterprise automation software for employee benefits and P&C insurance. $900

09/15/2020 Hanlon Advisory Software Lincoln Investment Software Group Provider of personalized and open architecture software for independent advisors and RIAs. NA

09/14/2020 Insurance Technologies Thomas H. Lee Partners Provider of PoS illustration software for the insurance and financial services industries. NA

08/26/2020 NetRate Systems MGA Systems Provider of a workflow platform for program administrators and insurance carriers. NA

08/13/2020 Vertafore Roper Technologies Provider of cloud-based insurance software and services. $5,350

08/11/2020 Linx Stone Participacoes Provider of software services to companies in Latin America. $1,085

08/06/2020 Ellie Mae Intercontinental Exchange Provider of software products and services for mortgage lenders to help process applications. $11,019

07/28/2020 On Deck Capital Enova International Platform for online small business lending. $90

07/27/2020 Optimal Blue Black Knight Provider of an online mortgage marketplace catering to investors, lenders, and originators. $1,800

07/20/2020 Majesco Thoma Bravo Provider of core insurance software, consulting, and services for business transformation. $702

07/10/2020 Virtual MGA Insurity Provider of cloud software and data analytics for insurers, brokers, and managing general agents. NA

07/01/2020 DealSite NetRoadshow Provider of enterprise web and mobile application designed for investment banks. NA

07/01/2020 EuroCCP Cboe Global Markets Provider of low-cost equity clearing and settlement services. $41 SELECT RECENT PRIVATE PLACEMENT TRANSACTIONS2 Date Target/Issuer Investor(s) Description New Money ($m) 09/29/2020 Alkami Technology D1 Capital Partners Provider of a cloud-based banking platform. $140

09/21/2020 TrueLayer Limited Tencent Holdings; Temasek Holdings Provider of an API platform that aggregates financial information from different providers. $60

09/17/2020 Ki Britl; The Blackstone Group Provider of a digital and algorithmically driven insurance syndicate platform. $500

09/15/2020 Acko General Insurance Munich Re Ventures Provider of a digital insurance platform that underwrites and distributes health and P&C products. $60

09/14/2020 First Mile Group, Inc. Canapi Ventures Provider of an identity verification platform for banks and financial institutions. $40

08/12/2020 Blend Labs General Atlantic Provider of a digital lending platform intended to simplify and fasten consumer finance processes. $75

08/11/2020 Trumid Financial Dragoneer Investment Group Provider of an electronic trading platform for credit trading. $194

07/28/2020 Thought Machine Eurazeo; Draper Esprit Provider of a cloud-based microservice API architecture platform for banks. $106

07/22/2020 Hippo Enterprises Lennar; Dragoneer Investment Group Provider of home insurance services designed to offer smart coverage for homeowners. $171

07/15/2020 Bond Financial Technologies Coatue Management Provider of platform designed to accelerate the pace of financial innovation and access to capital. $32

07/15/2020 Everledger Tencent Holdings Provider of a global digital ledger platform designed to track and protect valuable assets. $7

06/19/2020 Derivative Path FTV Capital Provider of trading software to hedge interest rate risk. $35

06/17/2020 Pagaya Aflac Ventures Provider of alternative data and asset management software. $102

03/11/2020 Next Insurance CapitalIG; FinTLV Ventures; Munich Re Ventures Provider of an online business insurance platform for small businesses. $250

02/04/2020 Revolut Limited TCV Provider of a mobile foreign exchange and money transferring application for global money transfer. $576

15 Landscape: Consumer Solutions Consumer

REPRESENTATIVE CONSUMER SOLUTION PROVIDERS

PAYMENTS & TRANSFERS BANKING & PERSONAL FINANCE INVESTING & WEALTH MANAGEMENT Peer to Peer Transfers Digital Banking Investing

Personal Finance Wealth Management Digital Wallets and Payments

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Credit Monitoring Cryptocurrencies

Crowdfunding

ALTERNATIVE LENDING PLATFORMS & MARKETPLACES

16 Trading Comparables Consumer

VALUATION1 As of September 30th, 2020 ($ in millions)

PEER TO PEER

PayPal PYPL $227,845 $231,175 92.7% 92.2% 207.7% 15.0% 20.3% 19.2% 12.8x 10.7x NM 37.6x 110.2x P2P Transfers Western Union WU $10,947 $8,808 75.3% (7.7%) 11.6% (5.3%) (9.2%) 24.5% 2.1x 2.3x 8.4x 9.1x 8.6x Green Dot Corporation GDOT $1,319 $2,701 88.9% 105.2% 2.1% 4.5% 3.5% NA 1.2x 1.2x NA 7.3x 31.5x Marketplace Lending LendingClub LC $862 $426 30.8% (62.3%) (84.5%) (7.0%) NM 27.7% 0.9x 2.9x 3.1x NM NM Peer to Peer Median $6,133 $5,754 82.1% 42.2% 6.8% (0.4%) 3.5% 24.5% 1.6x 2.6x 5.8x 9.1x 31.5x

PERSONAL FINANCE & MOBILE WALLETS

Personal Fin. Intuit INTU $81,990 $85,404 90.6% 23.4% 129.5% 13.2% 10.1% 29.7% 11.5x 10.4x 38.7x 28.3x 60.4x Apple AAPL $1,909,214 $1,980,645 83.9% 106.3% 200.6% 2.3% 5.1% 29.2% 7.1x 6.8x 24.4x 24.3x 27.8x Mobile Amazon AMZN $1,597,176 $1,577,166 88.6% 81.4% 227.5% 20.5% 31.4% 12.9% 5.7x 4.3x 44.1x 30.1x 131.8x Wallets Microsoft MSFT $1,537,322 $1,591,704 90.3% 53.4% 182.4% 13.3% 11.1% 45.6% 11.5x 10.3x 25.1x 22.4x 33.9x Facebook FB $698,869 $746,105 86.0% 49.0% 53.3% 26.6% 13.4% 42.0% 9.9x 8.7x 23.5x 17.4x 31.2x Personal Finance & Mobile Wallet Median $1,537,322 $1,577,166 88.6% 53.4% 182.4% 13.3% 11.1% 29.7% 9.9x 8.7x 25.1x 24.3x 33.9x

17 Transaction Activity Consumer

SELECT RECENT M&A TRANSACTIONS1 Date Target/Issuer Buyer Description Enterprise Value ($m) 09/14/2020 Wealthsimple Financial Purpose Advisor Solutions Provider of wealth management advisory platform. NA

09/11/2020 EasyNVest NuBanc Provider of online and mobile technology platform. NA

09/02/2020 auxmoney Centerbridge Partners Provider of online marketplace for peer-to-peer lending. $178

08/31/2020 Quadpay Zip Provider of “buy now, pay later” payment processing solutions. $375

08/25/2020 Sendwave WorldRemit Provider of remittance platform designed to help users seamlessly send money cross-borders. $500

08/24/2020 Pagantis / PMT Technology Clearpay (Europe) Provider of an online transaction platform intended to provide consumer credit services. $59

08/18/2020 Personal Capital Corporation Empower Retirement Provider of online wealth management services. $1,000

08/05/2020 TableUp TouchBistro Provider of guest retention platform intended to deliver a personalized dining experience. NA

07/27/2020 Openbucks Paysafe Group Provider of gift card payment network designed to make online payments available for everyone. NA

06/29/2020 Empower Retirement Personal Capital Provider of online financial advisory and wealth management solutions. $1,000

06/15/2020 Verse Payments Lithuania Square Provider of digital peer-to-peer payments platform for consumers. NA

05/15/2020 Homebot, Inc. ASG Provider of consumer-facing financial planning applications for homeowners. NA

04/07/2020 Galileo Processing Social Finance Provider of customized online payment processing solutions. $1,200

04/01/2020 PlanPlus Global Morningstar Provider of software tools for personal financial and investment planning. NA

03/12/2020 Validate Accuity Provider of cloud software solutions for transaction management and mobile banking. NA SELECT RECENT PRIVATE PLACEMENT TRANSACTIONS2 Announced Date Target/Issuer Investor(s) Description New Money ($m) 09/24/2020 QuadPay Oaktree Capital Management Provider of payment platform designed to transform the way shoppers pay for their purchases. NA

09/24/2020 Petal Card Valar Ventures Provider of a credit card platform intended to make safe and affordable credit accessible. $55

09/18/2020 Chime Financial General Atlantic Provider of a mobile platform designed to offer banking services on the go. $600

09/17/2020 Affirm Durable Capital Partners Provider of an online lending platform that serves as an alternative to traditional credit cards. $500

09/14/2020 Klarna Bank Silver Lake Management; Blackrock Provider of a payment platform that facilitates cashless payments through installments. $650

09/02/2020 Neon Pagamentos General Atlantic Provider of a digital banking platform designed to simplify users' financial experience. $300

08/13/2020 Omaze FirstMark Capital Provider of an online fundraising platform intended to reinvent charitable giving. $30

08/13/2020 Robinhood Markets Sequoia Capital Operations Provider of an investment platform intended to help teach people to invest in the stock market. NM

06/15/2020 Monzo General Catalyst; Stripe Provider of digital-native banking services. $76

06/03/2020 Upgrade Santander Provider of alternative lending solutions to consumers. $40

05/21/2020 Aspiration Alpha Edison Provider of online banking and investment technology for charitable consumer transactions. $135

05/21/2020 ByMiles CommerzVentures Provider of online pay-per-mile car insurance solutions. $18

05/20/2020 Truework Activant Capital Provider of employment and income verification data solutions for consumers. $30

05/14/2020 Anyfin EQT Ventures Provider of loan refinance technology for consumers. $30

01/29/2020 Blend Financial Felicis Ventures Provider of digital lending platform for consumers. $12

18 Harris Williams Capabilities and Locations

Harris Williams has a broad range of industry expertise, which create powerful opportunities. Our clients benefit from our deep-sector experience, integrated industry intelligence and collaboration across the firm, and our commitment to learning what makes them unique. For more information, visit our website at www.harriswilliams.com/industries.

Aerospace, Defense & Building Products Business Consumer Energy, Power Healthcare Industrials Specialty Technology, Transportation Government Services & Materials Services & Infrastructure & Life Sciences Distribution Media & Telecom & Logistics

HARRIS WILLIAMS OFFICE LOCATIONS

UNITED STATES EUROPE

Boston Richmond (Headquarters) Frankfurt One International Place 1001 Haxall Point Bockenheimer Landstrasse 33-35 Suite 2620 9th Floor 60325 Frankfurt Boston, Massachusetts 02110 Richmond, Virginia 23219 Germany Phone: +1 (617) 482-7501 Phone: +1 (804) 648-0072 Phone: +49 069 3650638 00

Cleveland San Francisco London 1900 East 9th Street 575 Market Street 63 Brook Street 20th Floor 31st Floor London W1K 4HS, England Cleveland, Ohio 44114 San Francisco, California 94105 Phone: +44 (0) 20 7518 8900 Phone: +1 (216) 689-2400 Phone: +1 (415) 288-4260

Minneapolis Washington, D.C. 222 South 9th Street 800 17th St. NW Suite 3350 2nd Floor Minneapolis, Minnesota 55402 Washington, D.C. 20006 Phone: +1 (612) 359-2700 Phone: +1 202-207-2300

19 Sources and Disclosures

Sources

1. CapIQ. 2. PitchBook.

Disclosures

The information and views contained in this report were prepared by Harris Williams LLC (“Harris Williams”). It is not a research report, as such term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as an offer to buy or sell or a solicitation of an offer to buy or sell any securities or financial instruments or to participate in any particular trading strategy. The information contained herein is believed by Harris Williams to be reliable but Harris Williams makes no representation as to the accuracy or completeness of such information. Harris Williams and/or its affiliates may be market makers or specialists in, act as advisers or lenders to, have positions in and effect transactions in securities of companies mentioned herein and also may provide, may have provided, or may seek to provide investment banking services for those companies. In addition, Harris Williams and/or its affiliates or their respective officers, directors and employees may hold long or short positions in the securities, options thereon or other related financial products of companies discussed herein. Opinions, estimates and projections in this report constitute Harris Williams’ judgment and are subject to change without notice. The securities and financial instruments discussed in this report may not be suitable for all investors and investors must make their own investment decisions using their own independent advisors as they believe necessary and based upon their specific financial situations and investment objectives. Also, past performance is not necessarily indicative of future results. No part of this material may be copied or duplicated in any form or by any means, or redistributed, without Harris Williams’ prior written consent.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: [email protected]). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.