Investment Technology April 2018 SECTORWATCH

SECTORWATCH: Investment Technology April 2018 SECTORWATCH:

Investment Technology 7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the April 2018 document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error.

. Sector Dashboard

. Public Basket Performance

. Operational Metrics

. Valuation Comparison

. Recent Deals

. Appendix OVERVIEW

Dashboard

summary metrics on the sector, with commentary on About Us market momentum by comparing the most recent 12- 7MA provides Investment Banking & Advisory Services to the month performance against the last 3-year averages Business Services and Technology Industries globally.

We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we Public Basket Performance help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. summary valuation and operating metrics for a basket of comparable public companies

Sectorwatch We publish sectorwatch, a review of M&A and operational trends in the industries we focus. Valuation Comparison

a more graphical, detailed comparison of valuation multiples for the public basket Let us know if we can help Contact us if there are ways we can assist your M&A or financing strategy.

Recent Deals the most recently announced sector deals

Revenue Growth Momentum Median LTM GP Margin % 39.8% 1 - year revenue growth compared to revenue growth 0.1% average for last 3 years Current revenue growth rate exceeds the average of the last 3 years by this amount, indicating that market momentum is increasing Median LTM EBITDA Margin % 23.0%

Pricing / Gross Margin Momentum 1 - year gross profit % compared to gross profit % Median LTM Rev. Growth % 13.2% -0.6% average for last 3 years Current gross profit margin is less than the average of the last 3 years gross profit margins, indicating customer pricing power 0% 8% 16% 24% 32% 40%

Profitability Momentum Valuation 1 - year EBITDA % compared to EBITDA % average for 1.1% last 3 years Median Price / LTM Earnings Current EBITDA margin exceeds the average of the last 3 years EBITDA margin 31.2x by this amount, a condition that may attract new entrants Median TEV / LTM EBIT 21.7x PUBLIC BASKET CONSTITUENTS

NasdaqGS:FNGN NasdaqGS:SEIC NYSE:BR Median TEV / LTM EBITDA NYSE:DST ASX:CPU ASX:IRE 18.3x NasdaqGS:SSNC LSE:FDSA NYSE:ENV CPSE:SIM Median TEV / LTM Revenue 4.0x

Financial Engines, Inc. 1,867 481 13% 56% 23% 3.9 16.8 935 514

DST Systems, Inc. 5,502 2,218 42% 20% 20% 2.5 11.2 14,200 156

SS&C Technologies Holdings, Inc. 12,017 1,675 13% 47% 38% 7.2 19.1 8,287 202

SimCorp A/S 2,655 412 16% 61% 27% 6.3 23.4 1,547 267

SEI Investments Co. 10,711 1,527 9% 76% 28% 7.0 18.4 3,616 422

Computershare Limited 8,355 2,230 10% 20% 25% 3.8 15.4 17,706 126

Fidessa group plc 2,089 478 7% 58% 19% 4.2 22.3 1,705 281

Broadridge Financial Solutions, Inc. 13,286 4,292 24% 26% 19% 3.1 16.8 10,000 429

IRESS Limited 1,380 336 10% 33% 23% 4.2 18.3 1,881 179

Envestnet, Inc. 2,591 684 18% 29% 11% 3.8 34.1 3,516 194

Average 6,045 1,433 16% 43% 23% 4.6 19.6 6,339 277

Median 4,078 1,105 13% 40% 23% 4.0 18.3 3,566 234 share price as of 09Apr18

25x 20x

15x

20x 10x

15x 16.9x 0x

Jul-13 Jul-14 Jul-15 Jul-16 Jul-17

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Oct-13 Oct-14 Oct-15 Oct-16 Oct-17

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18

TEV/EBITDA - Median TEV/EBITDA - Average

10x Public Revenue Multiples Over Time 6x

4.3x 5x 5x 4x

2x 0x

Jul-13 Jul-14 Jul-15 Jul-16 Jul-17

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Oct-13 Oct-14 Oct-15 Oct-16 Oct-17

Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 0x

TEV/EBITDA - Median TEV/Revenue - Median

Jul-13 Jul-14 Jul-15 Jul-16 Jul-17

Jan-16 Jan-15 Jan-17 Jan-18

TEV/EBITDA - Average TEV/Revenue - Average Jan-14

Oct-13 Oct-14 Oct-15 Oct-16 Oct-17

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18

LTM REVENUE GROWTH % LTM GROSS PROFIT MARGIN % LTM EBITDA %

SS&C Technologies DST Systems, Inc. 42.5% SEI Investments Co. 75.8% Holdings, Inc. 37.5% Broadridge Financial SimCorp A/S SEI Investments Co. 28.2% Solutions, Inc. 24.4% 61.4%

Envestnet, Inc. 18.3% Fidessa group plc 58.3% SimCorp A/S 26.8%

SimCorp A/S 16.0% Financial Engines, Inc. 55.7% Computershare Limited 24.6%

SS&C Technologies Financial Engines, Inc. Financial Engines, Inc. 23.2% 13.3% Holdings, Inc. 47.1% SS&C Technologies IRESS Limited IRESS Limited 22.8% Holdings, Inc. 13.1% 32.5%

IRESS Limited 10.3% Envestnet, Inc. 29.3% DST Systems, Inc. 19.7%

Broadridge Financial Computershare Limited Fidessa group plc 18.7% 9.8% Solutions, Inc. 25.9% Broadridge Financial SEI Investments Co. 8.9% Computershare Limited 20.4% Solutions, Inc. 18.5%

Fidessa group plc 6.6% DST Systems, Inc. 19.7% Envestnet, Inc. 11.3%

Median 13.2% Median 39.8% Median 23.0%

- 10% 20% 30% 40% 50% - 30% 60% 90% - 10% 20% 30% 40% 50%

LTM Rev. per FTE x 000's Accounts receivable turnover Avg days sales outstanding

Financial Engines, Inc. $514 Envestnet, Inc. 14.27 SimCorp A/S 85.57 Broadridge Financial $429 Solutions, Inc. IRESS Limited 10.78 Financial Engines, Inc. 83.95

SEI Investments Co. $422 Broadridge Financial SEI Investments Co. 72.44 Solutions, Inc. 7.87 Fidessa group plc $281 SS&C Technologies Fidessa group plc 71.45 Holdings, Inc. 6.91 SimCorp A/S $267 DST Systems, Inc. 6.04 Computershare Limited 63.45 SS&C Technologies Computershare Holdings, Inc. $202 DST Systems, Inc. 60.38 Limited 5.75 Envestnet, Inc. $194 SS&C Technologies Holdings, Fidessa group plc 5.11 Inc. 52.86 IRESS Limited $179 Broadridge Financial SEI Investments Co. 5.04 Solutions, Inc. 46.37 Financial Engines, DST Systems, Inc. $156 IRESS Limited 33.87 Inc. 4.35

Computershare Limited $126 SimCorp A/S 4.27 Envestnet, Inc. 25.57

Median $186 Median 5.90 Median 61.91

$- $200 $400 $600 0x 5x 10x 15x 20x - 20 40 60 80 100

TEV / LTM Revenue TEV / LTM EBITDA Price / LTM Earnings

SS&C Technologies 7.2 Envestnet, Inc. 34.1 Financial Engines, Holdings, Inc. Inc. 45.8

SEI Investments Co. 7.0 SimCorp A/S 23.4 Fidessa group plc 44.4

SimCorp A/S 6.3 Fidessa group plc 22.3 Broadridge Financial Solutions, Inc. 34.2 SS&C Technologies Fidessa group plc 4.2 19.1 Holdings, Inc. SimCorp A/S 32.8 IRESS Limited 4.2 SEI Investments Co. 18.4 SS&C Technologies 31.2 Financial Engines, Holdings, Inc. IRESS Limited Inc. 3.9 18.3 SEI Investments Co. 29.2 Computershare Broadridge Financial Limited 3.8 Solutions, Inc. 16.8 Financial Engines, IRESS Limited 27.4 Envestnet, Inc. 3.8 Inc. 16.8 Computershare Broadridge Financial Computershare Limited 25.7 Solutions, Inc. 3.1 Limited 15.4

DST Systems, Inc. 2.5 DST Systems, Inc. 11.2 DST Systems, Inc. 11.6

Median 4.0 Median 18.3 Median 31.2

0x 2x 4x 6x 8x 10x 0x 10x 20x 30x 40x 0x 10x 20x 30x 40x 50x

Historical Valuation Multiples versus Gross Profit Historical Valuation Multiples versus Revenue Growth Rate

40x 75.8% 80% 40x 42.5% 45%

35x 70% 35x 40% 61.4% 58.3% 35% 30x 55.7% 60% 30x 30% 25x 50% 25x 24.4% 47.1% 25% 20x 40% 20x 18.3% 20% 16.0% 15x 30% 15x 32.5% 13.1% 15% 29.3% 10x 25.9% 20% 10x 13.3% 10% 19.7% 20.4% 9.8% 10.3% 8.9% 5x 10% 5x 6.6% 5%

11x 15x 17x 17x 18x 18x 19x 22x 23x 34x 11x 15x 17x 17x 18x 18x 19x 22x 23x 34x

EBITDA(x)

LTM GP% LTM EBITDA(x) 0x 0% 0x 0% RGR% LTM

EBITDA(x) LTM GP% EBITDA(x) LTM RGR%

29Mar18 D3 Technology Inc. - - - - - 26Mar18 Shenzhen Jinfuzi Network Technology Co., Ltd. Sequoia Capital China; KINGKEY GROUP CO., LTD.; Chunxiao 15.80 - - - Capital 12Feb18 SecFi, Inc. Social Leverage, LLC; Coventure; FJ Labs 1.00 - - - 5Feb18 Ohpen B.V. Amerborgh International N.V. 31.04 - - - 29Jan18 Duco Technology Ltd. Eight Roads Ventures Europe; Insight Venture Partners LLC; NEX 28.00 - - - Opportunities 29Jan18 Stash Financial Inc. Union Square Ventures; Coatue Management, L.L.C.; Valar 37.50 - - - Ventures LP; Entree Capital; Breyer Capital; Goodwater Capital 15Jan18 Oval Money LTD - 1.12 - - - 11Jan18 Lombard Risk Management plc Vermeg N.V. 71.01 43.11 1.6x NM 2Jan18 CRM Software, Inc. AdvisorEngine, Inc. - - - - 29Dec17 AdvisorEngine, Inc. WisdomTree Investments, Inc. 30.00 - - - 14Dec17 Mesitis Pte Ltd Lionrock Capital; Credit Suisse Group, Investment Arm 3.40 - - - 8Dec17 LUX Fund Technology & Solutions, Inc. Credit Suisse Asset Management, LLC; Credit Suisse Next 6.00 - - - Investors, LLC 16Nov17 Avaloq group AG Warburg Pincus LLC - - - - 9Nov17 Taliance Group - - 6.98 - - 3Nov17 Funderbeam Ou - 5.80 - - - 24Oct17 Tink AB SEB Venture Capital; Nordnet AB (publ); Nordea Investment 15.72 - - - Management AB; Sunstone Capital A/S; Creades AB; ABN AMRO Group N.V., Investment Arm 20Oct17 Able B.V. Topicus Finance B.V. - - - - 27Sep17 Vestmark, Inc. - 11.65 - - - 25Sep17 Folio Dynamics Inc. Envestnet, Inc. 205.00 32.62 6.0x NM 22Sep17 BetterTradeOff Pte Ltd - 1.49 - - - 19Sep17 Laser App Software Inc. Internet Pipeline, Inc. - - - - 7Sep17 Wise Trading Technologies, Inc. - - - - - 16Aug17 Options Technology Ltd. Bregal Sagemount 100.00 - - - 7Aug17 FinaMetrica Pty Ltd PlanPlus Inc. (nka:PlanPlus Global) - - - - 26Jul17 Cleo AI Ltd. Entrepreneur First Operations Limited; Localglobe LLP 2.61 - - - 25Jul17 Sybenetix Ltd. Nasdaq, Inc. - - - - 17Jul17 Worthy Financial Inc. - - - - - 3Jul17 Archway Technology Partners, LLC SEI Investments Co. 88.00 17.90 4.9x 24.4x 4Jul17 Ohpen B.V. Amerborgh International N.V. 17.03 - - - 28Jun17 Stash Financial Inc. Coatue Management, L.L.C.; Valar Ventures LP; Valar Ventures 42.00 - - - Fund; Breyer Capital; Goodwater Capital 28Jun17 Zhejiang Xiongmao Software Development Co., Ltd. Hangzhou Guanzhun Technology Co., Ltd. 2.28 2.78 2.7x - 27Jun17 CacheMatrix Holdings LLC BlackRock, Inc. - - - - 27Jun17 Advisor Strategies, LLC - - - - - 8Jun17 Addepar, Inc. Valor Equity Partners; Eight Partners 140.00 - - -

Appendix: Public Basket Constituents Revenue Multiples - Financial Engines, Inc. PUBLIC BASKET CONSTITUENTS 20x 15x

Financial Engines, Inc. 10x

Financial Engines, Inc. provides independent technology-enabled 5x financial advisory, discretionary portfolio management, personalized 0x investment advice, financial and retirement income planning, and financial education and guidance services in the United States. It assists individuals to develop a strategy to reach financial goals by offering a set of services, including personalized plans for saving and TEV/Revenue Average investing, assessments of retirement income, and the option to meet face-to-face with a financial advisor. The company’s products and EBITDA Multiples - Financial Engines, Inc. services include Professional Management that provides discretionary 80 portfolio management service for individuals in the workplace who want affordable and personalized portfolio management for their retirement 60 accounts; Personal Advisor, which offers discretionary portfolio 40 management for 401(k), IRA, and taxable accounts for defined contribution (DC) plan participants and individual retail investors; and 20 Online Advice, an Internet-based investment advisory service designed for individuals who wish to take an active role in personally managing 0 their portfolios. Its products and services also comprise Financial Planning and Retirement Income Planning services, including social security guidance; and Financial Wellness, which offers a range of TEV/EBITDA Average financial education and guidance through multiple channels, including in person, on-site events, online content, and phone-based advisors. The P/E Multiples - Financial Engines, Inc. company delivers its services to plan sponsors and plan participants 150 primarily through connections to nine DC plan providers. Financial Engines, Inc. was founded in 1996 and is headquartered in Sunnyvale, 120 California. 90 60 Date Key Development Headline 30 2/6/18 Financial Engines and ADP Form Strategic Relationship 0

DST Systems, Inc. 2x

DST Systems, Inc. provides technology-based information processing 1x and servicing solutions in the United States, the United Kingdom, 0x Canada, Australia, and internationally. It operates through Domestic Financial Services, International Financial Services, and Healthcare Services segments. The Domestic Financial Services segment provides investor, investment, advisor/intermediary, and asset distribution TEV/Revenue Average services to companies in the financial services industry to support direct and intermediary sales of mutual funds, alternative investments, EBITDA Multiples - DST Systems, Inc. securities brokerage accounts, and retirement plans. Its services 15 include transaction processing; account opening and maintenance; 12 reconciliation of trades, positions, and cash; corporate actions; regulatory reporting and compliance functions; and tax reporting. The 9 International Financial Services segment offers investor and 6 policyholder administration and technology services on a remote 3 processing and business process outsourcing basis to mutual fund managers, insurers, and platform providers, as well as provides 0 solutions related to participant accounting and recordkeeping for clients in the wealth management and retirement savings industries/markets. The company was founded in 1968 and is headquartered in Kansas TEV/EBITDA Average City, Missouri. P/E Multiples - DST Systems, Inc. Date Key Development Headline 30 1/11/18 DST Systems, Inc., SS&C Technologies Holdings, Inc. - 24 M&A Call 18 1/10/18 SS&C Technologies Holdings, Inc. (Nasdaq:SSNC) 12 entered into a definitive agreement to acquire DST Systems, Inc. (NYSE:DST) for $5.1 billion. 6 6/6/17 DST Systems Mulls Acquisitions 0

P/E Average 14 All Rights Reserved to 7 Mile Advisors Revenue Multiples - SS&C Technologies Holdings, PUBLIC BASKET CONSTITUENTS 15x Inc. 12x SS&C Technologies Holdings, Inc. 9x 6x SS&C Technologies Holdings, Inc. provides software products and 3x software-enabled services to financial services providers. Its products 0x and services allow its clients to automate and integrate front-office functions, such as trading and modeling; middle-office functions, including portfolio management and reporting; and back-office functions comprising accounting, performance measurement, reconciliation, TEV/Revenue Average reporting, processing, and clearing. The company offers products and services in the areas of portfolio management/accounting software, EBITDA Multiples - SS&C Technologies Holdings, performance measurement and attribution, banking and lending 40 Inc. solutions, trading and treasury operations, client reporting, financial 32 modeling, and property management. Its software-enabled services consist of on and offshore fund administration services; cloud-based 24 portfolio management platform, outsourced daily reconciliation, and 16 data management services; data management services; business 8 process outsourcing investment accounting and operations, application software hosting, automated workflow integration, automated quality 0 control mechanisms, and interface and connectivity services; financial data acquisition, transformation, and delivery; investor transaction processing platform; trade matching utility and delivery instruction TEV/EBITDA Average database; and customized data feed; and connectivity service to broker- dealers and institutions. The company also provides consulting and P/E Multiples - SS&C Technologies Holdings, Inc. implementation services, such as installation of systems, conversion of 300 historical data, and training and support services. SS&C Technologies Holdings, Inc. was founded in 1986 and is headquartered in Windsor, 240 Connecticut. 180 120 Date Key Development Headline 60 4/3/18 SS&C Technologies To Seek Acquisitions 0 3/11/18 SS&C Technologies Holdings, Inc. (NasdaqGS:SSNC) entered into agreement to acquire CACEIS (USA) Inc. and Caceis Canada Ltd from CACEIS. P/E Average 15 All Rights Reserved to 7 Mile Advisors Revenue Multiples - SimCorp A/S PUBLIC BASKET CONSTITUENTS 10x 8x SimCorp A/S 6x 4x SimCorp A/S, together with its subsidiaries, provides investment 2x management solutions for asset managers, fund managers, asset 0x servicers, pension and insurance funds, wealth managers, and sovereign wealth funds worldwide. The company offers SimCorp Dimension system, a front-to-back investment management solution that is deployed on premise or as an ASP solution for supporting the TEV/Revenue Average investment value chain and a range of instruments. It provides front office solutions, including alternative investment, asset, order, and EBITDA Multiples - SimCorp A/S compliance manager; middle office solutions, such as performance, risk 40 analysis, and strategy manager; and back office solutions comprising 32 cash and securities, collateral, corporate actions, fund administration, general ledger, investment accounting, and settlement manager.. The 24 company was founded in 1971 and is headquartered in Copenhagen, 16 Denmark. 8 0 Date Key Development Headline 9/18/17 SimCorp and Tradingscreen Inc. Form Strategic Front Office Alliance TEV/EBITDA Average 7/31/17 SimCorp A/S (CPSE:SIM) completed the acquisition of APL Italiana SpA from Carlo Alberto Spinicci, Lorenzo Cavalleri, P/E Multiples - SimCorp A/S and Ferrante Gaetani dell'Aquila d'Aragona. 60 7/19/17 SimCorp and FDM Group Announce IT Graduate Program 50 to Support SimCorp's Growing North American Business 40 6/28/17 SimCorp A/S (CPSE:SIM) signed an agreement to acquire APL Italiana SpA from Carlo Alberto Spinicci, Lorenzo 30 Cavalleri, and Ferrante Gaetani dell'Aquila d'Aragona at an 20 enterprise value of €35 million. 10 0

P/E Average 16 All Rights Reserved to 7 Mile Advisors Revenue Multiples - SEI Investments Co. PUBLIC BASKET CONSTITUENTS 10x 8x SEI Investments Co. 6x 4x SEI Investments Co. is a publicly owned asset management holding 2x company. Through its subsidiaries, the firm provides wealth 0x management, retirement and investment solutions, asset management, asset administration, investment processing outsourcing solutions, financial services, and investment advisory services to its clients. It provides its services to private banks, independent financial advisers, TEV/Revenue Average institutional investors, investment managers, investment advisors, wealth management organizations, corporations, retirement scheme EBITDA Multiples - SEI Investments Co. sponsors, not-for-profit organizations, hedge fund managers, registered 25 investment advisers, independent broker-dealers, financial planners, life 20 insurance agents, defined-benefit schemes, defined-contribution schemes, endowments, foundations, and board-designated fund, 15 through its subsidiaries. Through its subsidiaries, the firm manages 10 separate client-focused portfolios. It also launches and manages equity, 5 fixed income, and balanced mutual funds, through its subsidiaries. Through its subsidiaries, the firm invests in public equity and fixed 0 income markets. It employs fundamental and quantitative analysis with a focus on top-down and bottom-up analysis to make its investments, through its subsidiaries. SEI Investments Co. was founded in 1968 and TEV/EBITDA Average is based in Oaks, Pennsylvania. P/E Multiples - SEI Investments Co. Date Key Development Headline 40 3/20/18 BMO Wealth Management agreed to acquire SEI Wealth 32 Platform of SEI Investments Co. (NasdaqGS:SEIC). 24 11/16/17 SEI Investments Seeks Acquisition 16 9/20/17 SEI Teams Up with Coinfirm Limited to Create New 8 Standard for UK Asset Transfers 7/4/17 SEI Investments Co. (NasdaqGS:SEIC) acquired Archway 0 Technology Partners, LLC for $88 million.

P/E Average 17 All Rights Reserved to 7 Mile Advisors Revenue Multiples - Computershare Limited PUBLIC BASKET CONSTITUENTS 5x 4x Computershare Limited 3x 2x Computershare Limited provides investor, plan, communication, 1x business, stakeholder relationship management, and technology 0x services worldwide. The company’s investor services comprise the provision of registry maintenance and related services; plan services operations include the provision of administration and related services for employee share and option plans; and communication services TEV/Revenue Average consist of document composition and printing, intelligent mailing, inbound process automation, scanning, and electronic delivery. Its EBITDA Multiples - Computershare Limited business services operations include the provision of corporate trust, 25 class action, bankruptcy, childcare voucher administration, tenant bond 20 protection, utilities administration, and mutual fund administration support services, as well as mortgage servicing activities; and 15 stakeholder relationship management services group offers investor 10 analysis, investor communication and management, and information 5 services to companies, including their employees, shareholders, and other security industry participants. The company’s technology services 0 consist of the provision of software in share registry and financial services. It also offers transfer agencies, licensed dealers, deposit protection, and specialized loan services. The company was founded in TEV/EBITDA Average 1978 and is headquartered in Abbotsford, Australia. P/E Multiples - Computershare Limited Date Key Development Headline 60 2/24/18 Computershare Seeks Acquisitions 45

8/3/17 General Atlantic LLC entered into definitive agreement to 30 acquire unknown majority stake in Karvy Computershare 15 Private Limited from Computershare Limited (ASX:CPU) and certain other shareholders. 0

P/E Average 18 All Rights Reserved to 7 Mile Advisors Revenue Multiples - Fidessa group plc PUBLIC BASKET CONSTITUENTS 5x 4x Fidessa group plc 3x 2x Fidessa group plc, together with its subsidiaries, provides trading, 1x investment, and information solutions to the financial community 0x worldwide. The company offers access to the trading community of buy- side and sell-side professionals ranging from institutions and investment banks to boutique brokers, and niche hedge funds. It operates in two TEV/Revenue Average business units, Sell-side and Buy-side. The Buy-side business unit offers systems to cover stages of the investment process for various asset classes. The Sell-side business unit provides solutions and tools EBITDA Multiples - Fidessa group plc to support the trading of cash equities and derivatives. The company 25 also provides connectivity network and management services that 20 connect counterparties across financial markets; and market data services tuned for trading and powering the buy-side and sell-side 15 throughout the trading life cycle. In addition, it offers post-trade 10 services; and open and bespoke training courses covering various 5 aspects of product sets for the buy-side and sell-side. The company 0 was formerly known as Royalblue group plc and changed its name to Fidessa group plc in May 2007. Fidessa group plc was founded in 1981 and is based in Woking, the United Kingdom. TEV/EBITDA Average Date Key Development Headline 2/21/18 Temenos Group AG, Fidessa group plc - M&A Call P/E Multiples - Fidessa group plc 2/20/18 Temenos Group AG (SWX:TEMN) reached an agreement 50 to acquire Fidessa group plc (LSE:FDSA) from a group of 40 shareholders for £1.4 billion. 30 20 10 0

P/E Average

19 All Rights Reserved to 7 Mile Advisors Revenue Multiples - Broadridge Financial PUBLIC BASKET CONSTITUENTS 5x Solutions, Inc. 4x Broadridge Financial Solutions, Inc. 3x 2x Broadridge Financial Solutions, Inc. provides investor communications 1x and technology-driven solutions for the financial services industry 0x worldwide. The company’s Investor Communication Solutions segment processes and distributes proxy materials to investors in equity securities and mutual funds, as well as facilitates related vote TEV/Revenue Average processing services; and offers ProxyEdge, an electronic proxy delivery and voting solution. It also provides registered proxy, registrar, stock transfer, and record-keeping services to corporations; and distributes EBITDA Multiples - Broadridge Financial Solutions, regulatory reports and corporate action/reorganization event 25 Inc. information, and tax reporting solutions. In addition, this segment offers 20 customer communication solutions, including processing and distributing its clients’ transactional, regulatory, and marketing 15 communications through print and digital channels. The company was 10 founded in 1962 and is headquartered in Lake Success, New York. 5 0 Date Key Development Headline 1/1/18 Broadridge Financial Solutions, Inc. (NYSE:BR) completed the acquisition of 15(c) Board Consulting Services TEV/EBITDA Average Business from Morningstar, Inc. (NasdaqGS:MORN). 12/18/17 Broadridge Financial Solutions, Inc. (NYSE:BR) agreed to P/E Multiples - Broadridge Financial Solutions, Inc. acquire 15(c) Board Consulting Services Business from Morningstar, Inc. (NasdaqGS:MORN). 40 12/5/17 Broadridge Financial Solutions Seeks Acquisition 32 10/1/17 Broadridge Financial Solutions, Inc. (NYSE:BR) acquired 24 Summit Financial Disclosure, LLC. 16 7/10/17 Broadridge Financial Solutions, Inc. (NYSE:BR) acquired Spence Johnson Ltd. 8 0

P/E Average

20 All Rights Reserved to 7 Mile Advisors Revenue Multiples - IRESS Limited PUBLIC BASKET CONSTITUENTS 10x 8x IRESS Limited 6x 4x IRESS Limited provides information, trading, compliance, order 2x management, portfolio and wealth management, and lending systems 0x and related tools in Australia, New Zealand, Asia, Canada, South Africa, and the United Kingdom. It offers CommPay, a revenue management solution for advisor firms; IRESS Digital, a solution for TEV/Revenue Average market data, trading, and charting tools; IRESS Execution Management System, a customizable multi-broker order execution and allocation management solution for buy-side participants; and IRESS Order EBITDA Multiples - IRESS Limited System, a solution for institutional and retail brokers. The company also 30 provides IRESS Portfolio System, a solution for portfolio management, 24 compliance, and reporting on one platform for institutional and retail portfolio managers; IRESS Pro, a global market information platform for 18 institutional and retail brokers, investment managers, and advisers; 12 private wealth management tools; SmartHub, a managed open trade 6 messaging network that connects buying and selling side participants; 0 and XPLAN, an integrated financial planning software for wealth management and financial planning professionals. In addition, it provides consulting services. IRESS Limited was founded in 1993 and TEV/EBITDA Average is based in Melbourne, Australia.

Date Key Development Headline P/E Multiples - IRESS Limited 4/3/18 IRESS Limited (ASX:IRE) agreed to acquire remaining 60 majority stake in Lucsan Capital Pty. Ltd. 45 11/7/17 MainstreamBPO Limited (ASX:MAI) completed the acquisition of a part of superannuation administration 30 business from IRESS Limited (ASX:IRE). 15 7/12/17 MainstreamBPO Limited (ASX:MAI) executed a business and assets sale agreement to acquire a part of 0 superannuation administration business from IRESS Limited (ASX:IRE) for AUD 3.5 million. P/E Average

Envestnet, Inc. 4x

Envestnet, Inc., together with its subsidiaries, provides financial and 2x wealth management software and services in the United States and 0x internationally. It operates through Envestnet and Envestnet | Yodlee business segments. The company’s product and services suites include Envestnet | Enterprise, which provides an end-to-end open architecture TEV/Revenue Average wealth management platform, and sells data aggregation and reporting, data analytics, and digital advice capabilities; Envestnet | Tamarac that provides a portfolio of accounting, rebalancing, trading, performance EBITDA Multiples - Envestnet, Inc. reporting, and client relationship management software, primarily to 75 high-end registered investment advisers; Envestnet | Retirement 60 Solutions, which offers a suite of services for advisor-sold retirement plans; and Envestnet | Portfolio Management Consultants that provides 45 research, due diligence, and consulting services to assist advisors in 30 creating investment solutions for their clients, and patented portfolio 15 overlay and tax optimization services. It also provides Envestnet | 0 Yodlee data aggregation and data analytics platform, which offers cloud-based innovation for digital financial services. Envestnet, Inc. was founded in 1999 and is headquartered in Chicago, Illinois. TEV/EBITDA Average

Date Key Development Headline 1/1/18 Envestnet, Inc. (NYSE:ENV) completed the acquisition of P/E Multiples - Envestnet, Inc. 300 Folio Dynamics Inc. from Actua Holdings, Inc. and other shareholders. 240 11/8/17 Envestnet Seeks Acquisitions 180 9/25/17 Envestnet, Inc., Folio Dynamics Holdings, Inc., FCD 120 Merger Sub, Inc - M&A Call 60 9/24/17 Envestnet, Inc. (NYSE:ENV) entered into an agreement to 0 acquire Folio Dynamics Inc. from Actua Corporation (NasdaqGS:ACTA) and others for approximately $200 million. P/E Average

22 All Rights Reserved to 7 Mile Advisors CONTACT INFORMATION 7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close-knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. Securities offered through 7M Securities LLC.

Leroy Davis, Partner 704.899.5962 [email protected] Tripp Davis, Partner 704.899.5762 [email protected] Andy Johnston, Partner 704.899.5961 [email protected] Tom Dinnegan, Managing Director 310. 426.2410 [email protected] Ben Lunka, Managing Director 704.496.2995 [email protected] Jeff Stoecklein, Managing Director 312-373-3737 [email protected] Kristina Sergueeva, Director 941.776.0944 [email protected] Neil Churman, Director 704.899.5960 x 121 [email protected] John Cooper, Director 704.973.3996 [email protected] Tim Frye, Director 704.973.3994 [email protected] Casey Augustine, Business Development - Manager 704.973.3999 [email protected] Nicholas Prendergast, Financial Analyst 704.899.5960 [email protected] Ariail Siggins, Marketing Director 704.899.5960 x 123 [email protected] Sydney Larese, Associate 704.899.5960 [email protected] Marty Johnson, Associate 704.899.5960 [email protected] Rory Julyan, Associate 704.899.5960 [email protected] Chevonese Dacres, Analyst 360.499.1502 [email protected]