FINTECH SECTOR REPORT

February 2019 BROAD AND DEEP FINTECH PRACTICE GCA has created a unique, interdisciplinary team of senior bankers across FinTech, Software, Private Capital and M&A to serve virtually all sub-sectors and business models across the FinTech market SELECTED BLUE CHIP STRATEGIC KEY STATS SECTOR COVERAGE & FINANCIAL CONTACTS

Strategic Acquirers Real Estate & Mortgage Technology 400+ Bankers globally Real EstateInsurance & Mortgage Technology Technology

OnlineInsurance / Alternative Technology Lending 21 Offices globally Payments / Billing / Money Transfer

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

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

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

Selected Recent FinTech Experience

Preferred Financing Received an Preferred Financing Acquired by Acquired Acquired by Acquired by from investment from

We Advised Silver We Advised Liqid’s We advised Loanboox We advised Attom We advised GOQii Investment Partners We Advised QuoteWizard shareholder HQ Trust We Advised Bexio Banking & Lending Tech Real Estate Tech Insurance Technology Payments Insurance Technology Investment Technology Insurance Technology

Sold Sold majority stake to Acquired Acquired by Acquired by Acquired by Tender Offer for

To Asahi Fire & Marine Insurance Co. We Advised Risk International We Advised Principal We Advised CHX Fairness Opinion to Clearent We Advised FieldEdge We Advised BlackFin We Advised Asahi Insurance Technology Investment Technology Liquidity Venues Payments Financial SaaS Insurance Technology Insurance Technology

Sold stake in Sale of Acquired by Financing from Majority sale to Growth Investment Strategic Investment

To

We Advised WorkMarket We Advised RGI Shareholders We Advised Radius We Advised Skyslope Financial Advisor Financial Advisor We Advised ControlExpert Financial SaaS Insurance Technology Payments Real Estate Tech Banking & Lending Tech Payments Insurance Technology 3 FINTECH DEAL DASHBOARD Financing volume in Q1 ‘19 is on pace to exceed financing volume in Q1 ’18; M&A volume in Q1 ’19 is set to exceed Q1 ’18 volume due to Hellman & Friedman’s $11Bn acquisition of Ultimate Software and Thoma Bravo’s $3.7Bn acquisition of EllieMae $48 Bn | 1,471 Deals $130 Bn | 744 Deals LTM Financing Volume LTM M&A Volume Select February Financing Transactions Select February M&A Transactions Date Company Selected Investors Amount Date Target Buyer Value

2/26/19 $62 2/28/19 $750

2/22/19 $35 2/12/19 $3,680

2/13/19 $98 2/11/19 $301

2/8/19 $440 2/11/19 $864

2/6/19 $114 2/4/19 $23

2/4/19 $50 2/4/19 $11,000

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

397 397 388 $19 223 377 378 378 222 216 192 212 177 $42 308 155 265 150 $10 $46 $9 $10 $32 $8 $28 $26 $7 $6 $17 $17 $5 $13

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

$23.3 $12.7 $17.9 $19.4 $61.7 $26.5 $25.5 $23.1 $58.6 $147 $77.1 $240 $182 $124 $96.9 $283

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

Notes: Source: Pitchbook. CapIq. GCA Deal Database. 4 Market data as of 2/28/19. (1) Q1-19 data represents January and February 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: $223 Combined Market Cap: $117 Combined Market Cap: $167 19/18 Rev. Growth: 7% 19/18 Rev. Growth: 14% 19/18 Rev. Growth: 20% 19 EBITDA Margin: 28% 19 EBITDA Margin: 28% 19 EBITDA Margin: 22%

4 Information Services 5 Insurance Technology

Combined Market Cap: $349 Combined Market Cap: $40 19/18 Rev. Growth: 6% 19/18 Rev. Growth: 10% 19 EBITDA Margin: 34% 19 EBITDA Margin: 17% Notes: 5 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 2/28/19. FINTECH PUBLIC COMPANY LANDSCAPE FinTech sub-sectors and key operating stats ($Bn)

6 Investment Technology 7 Liquidity Venues 8 Payments

Combined Market Cap: $244 Combined Market Cap: $280 Combined Market Cap: $1,052 19/18 Rev. Growth: 8% 19/18 Rev. Growth: 7% 19/18 Rev. Growth: 10% 19 EBITDA Margin: 28% 19 EBITDA Margin: 59% 19 EBITDA Margin: 28%

9 Real Estate & Mortgage Tech. 10 Trading Technology

Combined Market Cap: $208 Combined Market Cap: $113 19/18 Rev. Growth: 10% 19/18 Rev. Growth: 5% 19 EBITDA Margin: 17% 19 EBITDA Margin: 54% Notes: 6 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 2/28/19. FINTECH STOCK PRICE PERFORMANCE Financial SaaS leads the FinTech pack on an LTM basis

LTM Share Price Performance

45% 43.9%

34.7%

30% 30.2% 23.6%

18.5% 15% 12.5%

0% -1.7%

-4.3% -9.4% -11.0% (15%)

(30%) Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-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 30.2% 34.7% 43.9% 12.5% 23.6% -11.0% -1.7% 18.5% -4.3% -9.4%

Notes: 7 Source: CapIq. Market data as of 2/28/19. 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 9.1x 8.0x 7.5x 7.3x

6.0x 4.7x 4.4x 5.1x 5.0x 5.1x 3.9x 4.7x 4.0x 4.7x 3.1x 3.9x 3.4x 2.0x 2.5x 3.2x 3.0x

0.0x 0.0x 2016 2017 2018 2019E Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Revenue Growth Median 18E/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 6 9.7% 1 7 9.5% 9.1% 4 10.0% 5% 10

0.0% 0% 15A / 16A 16A / 17A 17A / 18E 18E / 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

18E / 19E Rev. 19E / 18E 7.4% 13.8% 20.2% 6.0% 9.9% 8.3% 7.3% 9.9% 10.0% 4.9%

Notes: 8 Source: CapIq. Market data as of 2/28/19. 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 25.0x 25.4x 18.3x 18.0x 16.3x 15.7x 20.0x 14.4x 15.4x 12.1x 14.3x 14.6x 12.0x 15.0x 14.3x 13.0x 12.7x 10.0x 6.0x 12.4x

5.0x 5.7x 0.0x 2016 2017 2018 2019E 0.0x Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 EBITDA Growth Median 18E/19E EBITDA Growth to EV/’19E EBITDA Multiple

75.0% 25%

60.0% 20% 3

45.0% 5 15% 6 2 98 30.0% 10% 1 10 7 14.0% 11.9% 12.2% 4 15.0% 9.8% 5%

0.0% 0% 15A / 16A 16A / 17A 17A / 18E 18E / 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

18E / 19E / 18E 10.6% 14.3% 20.4% 6.2% 15.0% 14.0% 9.0% 13.0% 12.7% 8.9% EBITDA Growth EBITDA

Notes: 9 Source: CapIq. Market data as of 2/28/19. 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 3 Financial SaaS 29.0x 2.4 20%

2 Benefits Admin/Payroll 27.2x 2.0 18%

5 Insurance Technology 24.6x 2.8 15%

1 Banking & Lending Tech 24.5x 2.4 14%

4 Information Services 22.1x 2.2 10%

7 Liquidity Venues 20.3x 2.3 9%

8 Payments 19.4x 1.6 14%

9 Real Estate & Mort. Tech 18.2x 1.3 15%

6 Investment Technology 16.4x 1.3 14%

10 Trading Technology 14.0x 0.9 19%

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

Notes: 10 Figures represent medians of sub-sectors. Market data as of 2/28/19. Long-term EPS growth covers last 5 years. SELECTED RECENT GROWTH EQUITY & VC ACTIVITY Date Announced Target Investors Type Amount ($MM) Sub-Sector Ant Financial, Tiger Global Management, CMC Capital, Primavera Capital Group, 2/28/19 Danke Apartment Series C $500 Real Estate & Mortgage Tech. Joy Capital, and Gaorong Capital

2/28/19 83North, Bain Capital, Elaia Partners, Felix Capital Series C $70 Financial SaaS Commerce Ventures, Flint Capital, Santander InnoVentures, Scale Venture 2/28/19 Series C $30 Banking & Lending Technology Partners, Sorenson Capital, Synchrony Financial, Two Sigma Ventures 2/27/19 Greycroft Partners, Series A $10 Insurance Technology Allen & Overy, Linklaters, London Stock Exchange Group, Santander 2/27/19 Seed VC $20 Financial SaaS InnoVentures, Spencer Lake, Transamerica Ventures, Undisclosed Investors Arrington XRP Capital, Electric Capital, FBG Capital, Hashed, Huobi Capital, 2/27/19 Series A $50 Payments Kenetic Capital, MetaStable Capital, Pantera Capital, SV Angel, ZhenFund DCM Ventures, Digital Currency Group, DST Global, Morgan Creek Capital 2/27/19 Series B $65 Banking & Lending Technology Management, Nimble Ventures, Ribbit Capital, RPM Ventures, Undisclosed

2/26/19 Oak HC/FT, Vertex Ventures Israel, Aquiline Technology Growth Series C $40 Financial SaaS

Edison Partners, Greenspring Associates, The Raine Group, Undisclosed 2/26/19 Series B $62 Investment Technology Investors 8VC, Ascend Venture Capital, Engage Venture, Fontinalis Partners, Hearst 2/25/19 Series B $20 Information Services Ventures, Kelvin Beachum Jr, Pritzker Group Venture Capital, Prologis Alven Capital, Global Founders Capital, Partech Partners, SilverTech Ventures, 2/25/19 Series B $15 Real Estate & Mortgage Tech. White Star Capital AddVentures, Cathay Financial Holding, FMO, OpenSpace Ventures, Siam 2/25/19 Series B $15 Banking & Lending Technology Cement Group, Vertex Ventures SE Asia, VinaCapital 2/25/19 Vertex Ventures SE Asia Series A $10 Insurance Technology

2/22/19 Goodwater Capital, Union Square Ventures, Valar Ventures Series E $35 Investment Technology

2/20/19 Yunnex Ajisen (China) Holdings, GSR Ventures (金沙江创投), Hezhi Investment Series B - II $20 Payments

2/20/19 Camber Creek, Goldman Sachs Principal Strategic Investments, QED Investors Series A $8 Real Estate & Mortgage Tech.

Aspect Ventures, Galaxy Digital Ventures, Neotribe Ventures, WestWave 2/19/19 Series A $15 Financial SaaS Capital Acton Capital Partners, Bessemer Venture Partners, CommerzVentures, Point 2/18/19 Series C $34 Banking & Lending Technology Nine Capital, Runa Capital Accel, Adams Street Partners, Balderton Capital, Google Ventures, Notion.vc 2/18/19 Series E $75 Payments Capital, Passion Capital, Salesforce Ventures 2/18/19 DST Global, Index Ventures Series B $45 Insurance Technology

2/14/19 LMK Industri, Schibsted Growth Series D $54 Banking & Lending Technology

2/13/19 General Catalyst, Ignia Fund, Stripe, Target Global, Undisclosed Investors Series B $40 Payments

Notes: 11 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

2/13/19 Harald McPike, Merian Chrysalis Investment Company, Merian Global Investors Series C $98 Banking & Lending Technology

2/13/19 Cota Capital, NRD Capital, Bobby Cov Companies Series B $10 Financial SaaS

2/12/19 FTV Capital Growth Equity - II $10 Financial SaaS BEENEXT, Blume Ventures, DSP Adiko, Sequoia Capital India, Straddle Capital, 2/12/19 Series A $8 Investment Technology WEH Ventures

2/12/19 Accel, Benchmark Series B $30 Financial SaaS Bessemer Venture Partners, Citi Ventures, Goldman Sachs Principal Strategic 2/12/19 Series A $20 Information Services Investments

2/11/19 Stripes Group Series A $30 Real Estate & Mortgage Tech. Goldman Sachs Principal Strategic Investments, Experian Ventures, Aries 2/11/19 Series C $45 Financial SaaS Capital Partners, Incite Ventures (Burlingame), Hack VC, Incite Ventures, 2/11/19 Greyhound Capital, SEED Capital, Socii Capital, Undisclosed Angel Investors Series A $15 Banking & Lending Technology

2/8/19 Softbank Vision Fund, Clermont Group Unattributed VC $440 Banking & Lending Technology

2/7/19 TVC Capital, Undisclosed Investors Series C $9 Financial SaaS Insight Venture Partners, Skandinaviska Enskilda Banken, Nordea Funds, ABN 2/7/19 Growth Equity - II $65 Financial SaaS AMRO Bank and Sunstone Technology Ventures on February 7, 2019. Christian Polaris Partners, Ignition Partners, Mindset Ventures, Osage University 2/7/19 Series B $22 Financial SaaS Partners, UL Ventures

2/7/19 DIGITAL+ PARTNERS Series B $17 Financial SaaS

2/6/19 Khosla Ventures, Ribbit Capital, Valar Ventures Series B $25 Insurance Technology

2/6/19 Index Ventures, PayPal, Ribbit Capital, Thrive Capital Series D $114 Investment Technology

2/5/19 Daphni, IDInvest Partners, Index Ventures, Kima Ventures Series B $34 Payments Benhamou Global Ventures, Corsair Capital Management, Crosslink Capital, 2/4/19 Series F $50 Financial SaaS IGM Financial, Institutional Venture Partners, Venrock

2/4/19 J.P. Morgan Asset Management Series C $42 Benefits Administration/Payroll

2/4/19 True Ventures Unattributed VC $9 Insurance Technology Crane Venture Partners, Experian Ventures, Orange Digital Ventures, Sunstone 2/4/19 Series B $11 Information Services Capital, White Star Capital 9yards capital, Australia and New Zealand Banking Group, Banco Sabadell, 2/4/19 Series A $20 Payments Goldman Sachs, HSBC, InnoCells, Investec, Stanley Fink Notes: 12 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

2/28/2019 $750 2.1x 8.3x Payments

2/26/2019 NA NA NA Financial SaaS

2/25/2019 NA NA NA Information Services

2/20/2019 NA NA NA Financial SaaS

2/19/2019 NA NA NA Financial SaaS

2/14/2019 NA NA NA Financial SaaS

2/14/2019 NA NA NA Payments

2/12/2019 $3,680 7.1x 27.9x Real Estate & Mortgage Tech.

2/11/2019 $301 7.9x 18.4x Information Services

2/11/2019 $864 7.3x 97.4x Financial SaaS

2/6/2019 NA NA NA Information Services

2/4/2019 $23 0.8x NM Financial SaaS

2/4/2019 $11,000 9.9x 89.6x Benefits Administration/Payroll

Median 7.2x 27.9x

Notes: 13 Source: CapIq. Pitchbook. Selected deals from last calendar month. PUBLIC COMPANY VALUATIONS ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 2/28/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E Banking & Lending Technology Intuit Inc. $247.13 $64,025 $63,105 15% 2.5 7% 11% 1% 13% 36% 9.1x 8.3x 25.4x 22.5x 37.4x 31.3x Fidelity National Information Services, Inc. $108.15 $34,924 $43,206 11% 1.3 (0%) 4% 5% 6% 39% 5.1x 5.0x 13.2x 12.4x 14.5x 13.2x First Data Corporation $25.14 $23,564 $40,608 14% 1.1 5% 5% 8% 5% 39% 4.5x 4.3x 11.3x 10.7x 15.1x 13.1x Fiserv, Inc. $84.69 $33,164 $38,708 12% 2.0 6% 5% 8% 6% 38% 6.3x 6.0x 16.3x 15.4x 24.5x 21.9x Wolters Kluwer N.V. $66.03 $17,968 $20,287 9% 2.4 6% 4% 6% 5% 28% 3.9x 3.8x 13.9x 13.2x 21.5x 20.0x Temenos AG $145.13 $10,074 $10,601 17% 2.6 17% 11% 19% 14% 38% 10.7x 9.7x 28.5x 24.9x 42.2x 36.0x Jack Henry & Associates, Inc. $132.63 $10,236 $10,210 11% 3.2 2% 7% (2%) 11% 33% 6.3x 5.9x 18.9x 17.1x 36.4x 31.8x Black Knight, Inc. $52.25 $7,730 $9,050 12% 2.2 7% 8% 9% 10% 50% 7.6x 7.1x 15.3x 14.0x 26.8x 23.2x Coupa Software Incorporated $94.19 $5,599 $5,364 NA NM 36% 21% NA 17% 8% 21.2x 17.4x NM NM NM NM ACI Worldwide, Inc. $31.87 $3,696 $4,220 12% 2.7 9% 4% 22% 9% 28% 3.8x 3.7x 13.8x 12.7x 33.2x 26.8x Ellie Mae, Inc. $99.49 $3,471 $3,168 15% 3.5 6% 9% 19% 13% 29% 6.2x 5.7x 21.7x 19.3x 51.8x 44.7x Q2 Holdings, Inc. $68.82 $2,999 $3,005 24% NM 28% 23% 11% 86% 7% 9.8x 8.0x NM 76.9x NM 145.9x Bottomline Technologies (de), Inc. $49.88 $2,032 $2,045 15% 2.4 5% 11% 5% 14% 24% 4.7x 4.2x 19.5x 17.2x 35.4x 29.3x Enova International, Inc. $25.52 $855 $1,660 NA NM 16% 15% 12% 10% 18% 1.3x 1.1x 7.0x 6.4x 8.2x 7.0x

Banking Lending & Technology LendingClub Corporation $2.97 $1,276 $1,619 36% NM 13% 13% 31% 40% 16% 2.1x 1.8x 12.7x 9.0x NM 56.9x On Deck Capital, Inc. $6.14 $463 $1,219 NA NM 14% 11% 14% 33% 10% 2.7x 2.4x 25.9x 19.5x 12.0x 11.0x GreenSky, Inc. $11.30 $649 $742 17% 0.9 28% 24% 22% 27% 40% 1.4x 1.1x 3.5x 2.8x 15.4x 12.0x Elevate Credit, Inc. $4.38 $189 $693 NA NM 5% 11% 14% 14% 16% 0.8x 0.8x 5.2x 4.6x 7.6x 5.5x Performant Financial Corporation $2.30 $122 $157 NA NM 27% 20% NA NM 0% 1.0x 0.8x NM 9.9x NM NM

Median 14% 2.4 7% 11% 11% 13% 28% 4.7x 4.3x 14.6x 13.6x 24.5x 23.2x

Benefits Administration/Payroll Automatic Data Processing, Inc. $153.03 $66,664 $67,084 15% 1.9 6% 7% 12% 13% 24% 4.6x 4.3x 19.0x 16.8x 27.2x 23.8x Paychex, Inc. $77.02 $27,657 $26,956 9% 2.9 17% 6% 12% 8% 39% 6.7x 6.3x 17.0x 15.7x 26.1x 24.1x Insperity, Inc. $126.27 $5,169 $4,926 17% 1.7 14% 12% 16% 20% 6% 1.1x 1.0x 17.7x 14.8x 27.5x 23.1x HealthEquity, Inc. $80.48 $5,021 $4,691 30% 2.1 18% 17% 18% 17% 40% 13.9x 11.9x 34.8x 29.6x 61.2x 50.5x Paylocity Holding Corporation $87.57 $4,634 $4,530 24% 2.6 20% 23% 57% 28% 28% 10.0x 8.1x 35.6x 27.8x 63.0x 48.9x TriNet Group, Inc. $61.29 $4,301 $4,432 NA NM 7% 11% 4% 11% 38% 4.7x 4.2x 12.5x 11.2x 19.0x 16.8x Benefitfocus, Inc. $49.12 $1,574 $1,621 20% NM 17% 19% 156% 85% 7% 5.4x 4.5x 74.4x 40.2x NM 106.8x

WageWorks, Inc. $32.90 $1,304 $656 15% 0.9 3% 3% 7% 6% 31% 1.3x 1.3x 4.1x 3.9x 14.1x 13.1x Benefits Admin/Payroll Benefits Castlight Health, Inc. $3.19 $446 $372 28% NM (1%) NA NA NA 2% 2.4x NM NM NM NM NM

Median 18% 2.0 14% 11% 14% 15% 28% 4.7x 4.4x 18.3x 16.3x 27.2x 24.0x

Notes: 14 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 2/28/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E Financial SaaS Intuit Inc. $247.13 $64,025 $63,105 15% 2.5 7% 11% 1% 13% 36% 9.1x 8.3x 25.4x 22.5x 37.4x 31.3x Workday, Inc. $197.93 $43,545 $42,971 35% 3.5 25% 23% 31% 38% 18% 12.2x 9.9x 67.1x 48.5x 122.7x 91.1x SS&C Technologies Holdings, Inc. $61.58 $15,445 $23,534 15% 1.1 36% 4% 46% 7% 39% 5.0x 4.8x 12.6x 11.7x 16.2x 14.7x Paycom Software, Inc. $181.73 $10,649 $10,638 26% 2.2 26% 22% 20% 26% 41% 14.9x 12.2x 36.7x 29.2x 57.5x 45.4x The Sage Group plc $8.79 $9,540 $10,387 4% 5.7 12% 7% 1% 8% 26% 3.9x 3.7x 15.3x 14.2x 21.5x 19.6x Coupa Software Incorporated $94.19 $5,599 $5,364 NA NM 36% 21% NA 17% 8% 21.2x 17.4x NM NM NM NM Xero Limited $33.76 $4,724 $4,967 NA NM 34% 27% 99% 52% 20% 10.7x 8.4x 54.0x 35.5x NM 90.3x Paylocity Holding Corporation $87.57 $4,634 $4,530 24% 2.6 20% 23% 57% 28% 28% 10.0x 8.1x 35.6x 27.8x 63.0x 48.9x Q2 Holdings, Inc. $68.82 $2,999 $3,005 24% NM 28% 23% 11% 86% 7% 9.8x 8.0x NM 76.9x NM 145.9x

Financial Financial SaaS Envestnet, Inc. $61.01 $2,790 $2,961 16% 1.8 8% 14% 11% 19% 20% 3.4x 2.9x 16.9x 14.3x 29.0x 24.6x Benefitfocus, Inc. $49.12 $1,574 $1,621 20% NM 17% 19% NM 85% 7% 5.4x 4.5x 74.4x 40.2x NM 106.8x Blucora, Inc. $26.89 $1,292 $1,468 20% 0.7 6% 7% 8% 12% 22% 2.5x 2.3x 11.4x 10.2x 13.1x 11.4x Alfa Financial Software Holdings PLC $1.63 $489 $441 NA NM 15% 10% 29% 16% 36% 3.9x 3.5x 10.9x 9.4x 0.2x 0.1x

Median 20% 2.4 20% 19% 20% 19% 22% 9.1x 8.0x 25.4x 25.2x 29.0x 38.3x

Information Services RELX PLC $22.98 $45,031 $53,018 9% 2.2 10% 5% 12% 3% 36% 5.1x 4.8x 14.1x 13.7x 19.0x 17.7x S&P Global Inc. $200.37 $49,812 $51,539 13% 1.8 4% 6% 6% 7% 51% 7.9x 7.4x 15.6x 14.5x 22.1x 20.0x Moody's Corporation $173.12 $33,118 $36,982 11% 2.1 5% 6% 5% 7% 48% 7.9x 7.5x 16.6x 15.5x 22.0x 19.8x Thomson Reuters Corporation $54.35 $27,264 $27,698 10% 4.6 8% 3% 8% 28% 24% 4.7x 4.5x 19.8x 15.5x 46.1x 30.0x Experian plc $26.10 $23,518 $26,948 9% 2.6 4% 9% 4% 11% 34% 5.4x 4.9x 15.7x 14.1x 24.2x 21.8x IHS Markit Ltd. $53.17 $21,236 $26,796 10% 2.0 11% 6% 12% 8% 39% 6.0x 5.7x 15.3x 14.1x 20.8x 18.5x Verisk Analytics, Inc. $126.43 $20,673 $23,253 10% 2.8 7% 7% 9% 8% 48% 9.1x 8.5x 18.9x 17.5x 28.5x 25.7x Wolters Kluwer N.V. $66.03 $17,968 $20,287 9% 2.4 6% 4% 6% 5% 28% 3.9x 3.8x 13.9x 13.2x 21.5x 20.0x MSCI Inc. $184.72 $15,576 $17,248 10% 3.1 7% 10% 8% 11% 55% 11.3x 10.3x 20.6x 18.5x 30.6x 26.3x Nielsen Holdings plc $26.20 $9,313 $17,176 8% 1.7 (1%) 2% (0%) 10% 28% 2.7x 2.6x 9.3x 8.5x 14.2x 11.6x TransUnion $64.56 $11,989 $15,834 18% 1.4 11% 8% 12% 10% 39% 6.1x 5.6x 15.4x 14.0x 24.6x 21.3x Equifax Inc. $109.51 $13,218 $15,630 8% 2.4 2% 6% 2% 10% 34% 4.5x 4.2x 13.3x 12.1x 19.3x 17.5x Informa plc $9.37 $11,730 $15,308 6% 2.3 27% 3% 31% 6% 34% 4.0x 3.9x 11.8x 11.1x 13.6x 12.8x Gartner, Inc. $142.30 $12,766 $14,891 14% 2.5 7% 11% 3% 12% 17% 3.5x 3.1x 20.2x 18.0x 35.8x 30.5x FactSet Research Systems Inc. $235.17 $8,945 $9,322 11% 2.1 6% 6% 10% 9% 35% 6.4x 6.0x 18.3x 16.8x 24.1x 21.7x

Fair Isaac Corporation $247.82 $7,204 $7,957 10% 3.4 8% 7% NA NA NA 6.9x 6.5x NM NM 34.5x 31.1x Information Information Services News Corporation $13.02 $7,619 $7,655 (34%) (1.0) 3% 1% 6% 8% 13% 0.7x 0.7x 5.9x 5.5x 34.5x 28.0x CoreLogic, Inc. $36.67 $2,937 $4,645 8% 1.8 (7%) 2% (6%) 8% 28% 2.8x 2.8x 10.0x 9.3x 15.1x 13.1x LiveRamp Holdings, Inc. $53.75 $3,668 $2,121 25% NM (56%) 29% (135%) NA (12%) 6.2x 4.8x NM NM NM NM Euromoney Institutional Investor PLC $17.02 $1,830 $1,728 7% 2.2 4% 5% 3% 6% 28% 3.1x 3.0x 11.4x 10.7x 16.4x 15.5x comScore, Inc. $21.81 $1,295 $1,432 6% NM 5% 11% 119% 115% 6% 3.3x 3.0x 56.8x 26.5x NM NM National Research Corporation $38.93 $965 $998 NA NM 6% NA NA NA NA 7.9x NM NM NM 9.1x NM Forrester Research, Inc. $50.20 $917 $772 16% 1.9 29% NA 21% NA 11% 1.7x 1.5x 14.6x 11.9x 31.2x 24.9x

Median 10% 2.2 6% 6% 6% 8% 34% 5.1x 4.7x 15.4x 14.0x 22.1x 20.7x

Notes: 15 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 2/28/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E Insurance Technology Verisk Analytics, Inc. $126.43 $20,673 $23,253 10% 2.8 7% 7% 9% 8% 48% 9.1x 8.5x 18.9x 17.5x 28.5x 25.7x Guidewire Software, Inc. $91.74 $7,434 $6,651 14% 5.8 27% 20% 12% 19% 22% 10.2x 8.5x 46.2x 38.9x 83.4x 70.6x HealthEquity, Inc. $80.48 $5,021 $4,691 30% 2.1 18% 17% 18% 17% 40% 13.9x 11.9x 34.8x 29.6x 61.2x 50.5x Ebix, Inc. $58.27 $1,822 $2,379 15% 0.9 25% 39% 22% 24% 32% 3.9x 2.8x 11.9x 9.6x 13.0x 10.4x Benefitfocus, Inc. $49.12 $1,574 $1,621 20% NM 9% 12% 94% 97% 4% 6.3x 5.6x NM 84.9x NM NM eHealth, Inc. $53.41 $1,166 $1,158 NA NM 31% 13% NA 139% 5% 5.1x 4.5x NM 46.1x NM 78.5x CorVel Corporation $67.30 $1,254 $1,158 NA NM 8% NA 2% NA 12% 1.9x NM 16.3x NM NM NM Sapiens International Corporation N.V. $13.70 $683 $697 5% 4.1 10% 8% 24% 12% 17% 2.2x 2.0x 13.0x 11.6x 20.6x 16.9x

Crawford & Company $10.28 $551 $688 NA NM 3% 4% (1%) 3% 11% 0.6x 0.6x 5.5x 5.3x 12.1x 10.9x Insurance Insurance Technology Majesco $7.28 $312 $311 NA NM NA NA NA NA NA NM NM NM NM NM NM

Median 15% 2.8 10% 13% 15% 18% 17% 5.1x 5.1x 16.3x 23.6x 24.6x 25.7x

Investment Technology The Bank of New York Mellon Corporation $52.48 $50,110 $73,176 10% 1.3 6% 3% NA NA NA 4.4x 4.3x NM NM 12.3x 11.9x State Street Corporation $71.87 $27,214 $34,413 14% 0.7 8% 5% NA NA NA 2.9x 2.7x NM NM 9.6x 8.8x The Charles Schwab Corporation $46.01 $61,326 $27,348 19% 0.9 9% 6% 14% 4% 50% 2.5x 2.3x 4.9x 4.7x 16.5x 14.9x TD Ameritrade Holding Corporation $56.33 $31,565 $26,680 23% 0.6 5% 8% 19% 11% 54% 4.4x 4.1x 8.2x 7.4x 13.9x 12.3x Northern Trust Corporation $93.20 $20,356 $23,751 11% 1.3 12% 12% NA NA NA 4.0x 3.6x NM NM 14.1x 12.8x SS&C Technologies Holdings, Inc. $61.58 $15,445 $23,534 15% 1.1 36% 4% 46% 7% 39% 5.0x 4.8x 12.6x 11.7x 16.2x 14.7x Broadridge Financial Solutions, Inc. $101.25 $11,713 $12,657 10% 2.1 6% 5% 14% 5% 20% 2.8x 2.7x 13.6x 13.0x 21.0x 19.3x Computershare Limited $12.26 $6,657 $8,105 10% 1.7 4% 1% 11% 6% 31% 3.4x 3.4x 11.0x 10.4x 16.4x 15.5x SEI Investments Co. $52.75 $8,107 $7,353 12% 1.4 1% 6% 11% 10% 35% 4.5x 4.2x 12.7x 11.6x 17.0x 15.0x SimCorp A/S $90.13 $3,579 $3,525 15% 2.3 10% 8% 12% 7% 29% 7.3x 6.8x 25.1x 23.5x 35.4x 32.5x Envestnet, Inc. $61.01 $2,790 $2,961 16% 1.8 8% 14% 11% 19% 20% 3.4x 2.9x 16.9x 14.3x 29.0x 24.6x IRESS Limited $8.53 $1,459 $1,581 10% 2.5 8% 6% 18% 9% 28% 4.5x 4.2x 16.2x 14.8x 24.8x 22.2x

Investment Technology Investment Blucora, Inc. $26.89 $1,292 $1,468 20% 0.7 6% 7% 8% 12% 22% 2.5x 2.3x 11.4x 10.2x 13.1x 11.4x Equiniti Group plc $2.67 $956 $1,361 NA NM 9% 4% 13% 7% 25% 1.9x 1.8x 7.7x 7.2x 10.1x 9.6x Sanne Group plc $6.85 $981 $1,031 NA NM 20% 12% 24% 13% 34% 4.7x 4.2x 13.9x 12.3x 17.3x 15.4x First Derivatives plc $29.11 $762 $793 NA NM 17% 11% 16% 11% 18% 2.6x 2.3x 14.2x 12.8x 25.1x 22.5x StatPro Group plc $1.52 $100 $130 NA NM 10% 5% 16% 8% 17% 1.7x 1.6x 9.7x 9.0x 13.6x 12.2x

Median 14% 1.3 8% 6% 14% 9% 28% 3.4x 3.4x 12.7x 11.7x 16.4x 14.9x

Notes: 16 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 2/28/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E Liquidity Venues CME Group Inc. $181.91 $65,087 $68,040 10% 2.6 17% 7% 9% 9% 66% 13.5x 12.6x 20.4x 18.7x 25.8x 23.4x Intercontinental Exchange, Inc. $77.15 $43,860 $50,577 9% 2.3 5% 6% 6% 7% 65% 9.6x 9.1x 14.9x 13.9x 20.3x 18.1x Hong Kong Exchanges and Clearing Limited $34.47 $43,012 $40,040 10% 3.3 9% 12% 12% 12% 76% 18.1x 16.2x 23.8x 21.3x 32.5x 28.6x Deutsche Börse Aktiengesellschaft $126.52 $23,189 $24,679 11% 1.6 6% 7% 7% 8% 61% 7.3x 6.9x 12.0x 11.1x 18.5x 16.9x London Stock Exchange Group plc $59.91 $20,718 $21,593 12% 1.9 12% 6% 20% 9% 53% 7.1x 6.7x 13.5x 12.4x 22.8x 20.1x Nasdaq, Inc. $91.57 $15,148 $18,332 8% 2.5 4% 4% 3% 12% 51% 7.3x 7.0x 14.3x 12.8x 19.0x 16.7x B3 S.A. - Brasil, Bolsa, Balcão $8.74 $17,876 $17,367 15% 1.5 15% 11% 20% 10% 73% 12.1x 10.9x 16.4x 15.0x 22.5x 20.0x Cboe Global Markets, Inc. $95.91 $10,703 $11,608 12% 1.7 20% (0%) 23% (0%) 68% 9.7x 9.8x 14.3x 14.3x 20.1x 19.9x MarketAxess Holdings Inc. $243.88 $9,898 $9,563 NA NM 12% 11% 12% 13% 56% 19.7x 17.7x 35.4x 31.3x 47.9x 42.2x ASX Limited $49.59 $9,600 $8,797 5% 5.8 6% 4% 6% 4% 75% 14.0x 13.4x 18.6x 17.9x 28.0x 26.9x Singapore Exchange Limited $5.80 $6,210 $5,693 5% 3.9 7% 4% 10% 5% 59% 8.3x 8.0x 14.2x 13.5x 21.0x 20.2x Euronext N.V. $61.10 $4,245 $4,356 8% 1.9 3% 4% 4% 7% 58% 6.0x 5.7x 10.4x 9.7x 15.1x 14.0x

Liquidity Liquidity Venues TMX Group Limited $62.75 $3,501 $4,142 NA NM 7% 5% 12% 7% 56% 6.5x 6.2x 11.5x 10.7x 15.1x 13.7x Bolsas y Mercados Españoles, Sociedad Holding de Mercados$28.56 y Sistemas$2,375 Financieros,$2,013 S.A. 4% 3.8 2% 2% 3% 2% 61% 5.6x 5.5x 9.2x 9.0x 15.0x 14.6x Bursa Malaysia Berhad $1.74 $1,406 $1,314 7% 3.5 4% 4% 2% 4% 59% 9.5x 9.1x 16.1x 15.6x 25.0x 24.0x Bolsa Mexicana de Valores, S.A.B. de C.V. $2.09 $1,237 $1,099 9% 1.8 9% 8% 9% 16% 55% 5.6x 5.2x 10.2x 8.8x 16.6x 15.3x JSE Limited $11.49 $983 $804 NA NM 14% 9% 19% 9% 50% 4.6x 4.2x 9.3x 8.5x 13.4x 12.5x Gielda Papierów Wartosciowych w Warszawie S.A. $10.64 $447 $361 NA NM (5%) (1%) (9%) (3%) 56% 4.1x 4.1x 7.3x 7.6x 13.0x 14.1x Hellenic Exchanges - Athens Stock Exchange SA $4.76 $287 $202 47% 0.8 17% 16% 55% 36% 38% 5.6x 4.9x 14.9x 11.0x 37.8x 26.0x

Median 9% 2.3 7% 6% 9% 8% 59% 7.3x 7.0x 14.3x 12.8x 20.3x 19.9x

Notes: 17 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 2/28/19 Value Value Growth PEG 19E/18A 20E/19E 19E/18A 20E/19E 19E 19E 20E 19E 20E 19E 20E Payments Networks Visa Inc. $148.12 $325,429 $330,312 16% 1.6 10% 11% 12% 12% 71% 14.1x 12.7x 20.0x 17.8x 27.0x 23.1x Mastercard Incorporated $224.77 $230,594 $228,550 19% 1.5 12% 13% 15% 15% 61% 13.6x 12.0x 22.5x 19.5x 29.8x 25.2x American Express Company $107.74 $90,865 $125,575 11% 1.2 8% 8% 10% 8% 32% 2.9x 2.7x 9.0x 8.3x 13.2x 12.0x PayPal Holdings, Inc. $98.07 $115,057 $107,946 19% 1.8 16% 18% 18% 19% 26% 6.0x 5.1x 23.1x 19.4x 34.0x 28.2x Discover Financial Services $71.61 $23,516 $37,434 10% 0.8 7% 6% NA NA NA 3.3x 3.1x NM NM 8.3x 7.5x Merchant Processing First Data Corporation $25.14 $23,564 $40,608 14% 1.3 6% 5% 8% 8% 39% 4.7x 4.5x 12.2x 11.3x 17.1x 15.1x Worldpay, Inc. $95.80 $28,784 $36,483 17% 1.5 83% 10% 83% 14% 48% 9.4x 8.6x 19.5x 17.1x 24.9x 20.6x Square, Inc. $81.24 $34,096 $33,872 49% 2.3 42% 34% 64% 54% 19% 15.0x 11.2x 80.7x 52.3x 109.5x 72.5x Global Payments Inc. $130.38 $20,548 $25,165 15% 1.4 12% 9% 14% 13% 36% 5.6x 5.2x 15.7x 13.9x 21.6x 18.5x Adyen N.V. $751.62 $22,213 $22,213 38% NM 38% 33% 37% 40% 52% 40.3x 30.3x 78.0x 55.7x NM 77.1x Total System Services, Inc. $94.40 $16,701 $20,148 11% 1.7 7% 7% 6% 9% 36% 5.0x 4.6x 13.9x 12.8x 19.4x 17.1x Wirecard AG $137.23 $16,957 $15,746 35% 0.8 28% 25% 36% 33% 29% 5.2x 4.2x 17.9x 13.5x 29.2x 21.6x Cielo S.A. $2.90 $7,868 $9,176 3% 4.5 (3%) 6% (15%) 8% 35% 3.1x 2.9x 9.0x 8.4x 11.3x 10.7x GMO Payment Gateway, Inc. $59.44 $4,372 $4,067 31% 2.7 23% 22% 30% 26% 30% 12.7x 10.4x 41.9x 33.1x 82.9x 63.9x EVERTEC, Inc. $28.62 $2,013 $2,486 6% 2.7 4% 5% 3% 6% 47% 5.3x 5.0x 11.3x 10.6x 15.3x 14.0x EVO Payments, Inc. $26.72 $1,944 $2,426 29% 1.2 9% 9% 13% 12% 27% 4.0x 3.6x 14.8x 13.2x 36.3x 29.6x SafeCharge International Group Limited $3.66 $557 $471 13% 1.3 13% 13% 14% 13% 27% 3.0x 2.7x 11.3x 10.0x 17.3x 15.2x i3 Verticals, Inc. $21.04 $193 $246 20% 1.9 NA 11% NA 13% 27% 2.2x 2.0x 8.3x 7.4x 39.0x 28.1x Prepaid / Closed Loop

Payments Alliance Data Systems Corporation $173.00 $9,169 $30,489 12% 0.7 3% 8% (1%) 7% 26% 3.8x 3.5x 14.9x 13.9x 7.9x 7.0x FleetCor Technologies, Inc. $233.28 $20,026 $23,811 16% 1.3 7% 10% 10% 12% 57% 9.1x 8.4x 15.9x 14.2x 20.1x 17.5x Edenred SA $44.44 $10,590 $11,349 14% 2.1 13% 10% 17% 10% 40% 6.3x 5.8x 15.8x 14.3x 29.7x 26.0x WEX Inc. $178.06 $7,675 $9,521 19% 1.0 10% 9% 13% 11% 42% 5.8x 5.3x 13.7x 12.4x 19.9x 17.3x Green Dot Corporation $64.55 $3,419 $2,364 10% 1.7 10% 10% 26% 13% 28% 2.1x 1.9x 7.5x 6.6x 17.7x 15.5x Net 1 UEPS Technologies, Inc. $3.91 $222 $250 NA NM (21%) 11% NA 161% 6% 0.6x 0.5x 9.6x 3.7x 17.4x 7.1x Other Payments Technology The Sage Group plc $8.79 $9,540 $10,387 4% 5.7 12% 7% 1% 8% 26% 3.9x 3.7x 15.3x 14.2x 21.5x 19.6x The Western Union Company $17.87 $7,789 $10,250 3% 2.7 1% 2% 2% 2% 25% 1.8x 1.8x 7.3x 7.1x 9.6x 8.9x Euronet Worldwide, Inc. $134.32 $6,926 $6,513 13% 1.6 15% 14% 24% 17% 21% 2.2x 2.0x 10.6x 9.1x 19.4x 16.6x NCR Corporation $28.02 $3,326 $6,027 4% 2.5 2% 2% 13% 4% 16% 0.9x 0.9x 5.7x 5.5x 10.0x 8.8x Ingenico Group - GCS $67.21 $4,151 $5,931 12% 1.1 15% 6% 11% 13% 18% 1.7x 1.6x 9.5x 8.5x 12.6x 11.3x Cardtronics plc $29.51 $1,361 $2,139 NA NM (11%) 0% NM (90%) 217% 1.6x 1.6x 0.7x 7.5x 14.0x 14.4x Everi Holdings Inc. $7.69 $540 $1,567 NA NM 13% 8% 8% 14% 49% 3.4x 3.1x 6.8x 6.0x NM NM MoneyGram International, Inc. $2.43 $135 $891 NA NM (4%) 4% (10%) 8% 16% 0.6x 0.6x 4.0x 3.7x 5.5x 4.9x Cass Information Systems, Inc. $52.23 $770 $590 NA NM NA NA NA NA NA NM NM NM NM NM NM International Money Express, Inc. $10.33 $374 $400 NA NM 22% 23% 20% 24% 17% 1.2x 1.0x 7.1x 5.7x 14.9x 11.4x Cardlytics, Inc. $17.62 $377 $376 20% NM 33% 33% NA NA (1%) 1.9x 1.4x NM 20.9x NM 61.8x Earthport plc $0.61 $378 $338 NA NM 3% 36% NA NA (27%) 10.2x 7.5x NM NM NM NM eServGlobal Limited $0.08 $95 $75 NA NM (8%) NA NA NA (55%) 6.7x NM NM NM NM NM

Median 14% 1.6 10% 10% 13% 12% 28% 3.9x 3.6x 13.0x 12.4x 19.4x 17.1x

Notes: 18 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 2/28/19 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. $1,697.04 $76,388 $78,778 15% 1.1 7% 11% 5% 10% 39% 5.1x 4.6x 13.1x 11.9x 16.8x 15.1x Expedia Group, Inc. $123.31 $18,150 $19,396 19% 0.9 10% 10% 14% 12% 18% 1.6x 1.4x 8.7x 7.7x 17.8x 15.2x CoStar Group, Inc. $457.53 $16,678 $15,577 17% 2.7 16% 15% 19% 19% 36% 11.3x 9.8x 31.3x 26.3x 45.9x 39.0x Fidelity National Financial, Inc. $35.09 $9,661 $9,180 NA NM (2%) 2% 12% 4% 15% 1.2x 1.2x 8.4x 8.1x 12.9x 11.9x Black Knight, Inc. $52.25 $7,730 $9,050 12% 2.2 7% 8% 9% 10% 50% 7.6x 7.1x 15.3x 14.0x 26.8x 23.2x Ocwen Financial Corporation $2.14 $287 $8,074 NA NM 13% 7% NA NA NA 6.7x 6.3x NM NM NM NM Jones Lang LaSalle Incorporated $165.12 $7,533 $8,058 13% 1.2 3% 3% (4%) 10% 10% 0.9x 0.8x 8.8x 7.9x 14.5x 13.3x REA Group Limited $57.96 $7,634 $7,810 13% 2.3 12% 11% 15% 14% 58% 11.3x 10.2x 19.5x 17.1x 30.3x 26.3x Zillow Group, Inc. $41.43 $8,476 $7,770 5% NM 51% 32% (74%) 123% 3% 3.9x 2.9x NM 67.0x NM NM TripAdvisor, Inc. $53.17 $7,345 $6,758 13% 2.1 8% 9% 12% 12% 27% 3.9x 3.6x 14.3x 12.7x 27.5x 23.9x RealPage, Inc. $61.21 $5,587 $5,956 NA NM 14% 11% 22% 16% 28% 6.0x 5.4x 21.2x 18.2x 35.0x 30.1x Rightmove plc $6.41 $5,699 $5,690 13% 1.8 13% 8% 13% 8% 76% 14.8x 13.8x 19.4x 18.1x 24.4x 22.2x Radian Group Inc. $20.36 $4,346 $5,281 6% 1.3 11% 6% NA NA NA 3.7x 3.5x NM NM 7.3x 6.7x Realogy Holdings Corp. $13.60 $1,543 $5,113 NA NM (1%) 4% (8%) 6% 10% 0.9x 0.8x 8.4x 7.9x 9.8x 8.1x First American Financial Corporation $50.79 $5,662 $4,967 11% 1.0 0% 2% 11% 5% 15% 0.9x 0.8x 5.8x 5.5x 11.2x 10.7x CoreLogic, Inc. $36.67 $2,937 $4,645 8% 1.8 (7%) 2% (6%) 8% 28% 2.8x 2.8x 10.0x 9.3x 15.1x 13.1x LendingTree, Inc. $318.95 $4,086 $4,357 32% 1.3 35% 18% 37% 23% 20% 4.2x 3.6x 20.7x 16.8x 41.5x 31.7x Colliers International Group Inc. $68.28 $2,687 $3,232 19% 0.8 10% 7% 20% 8% 12% 1.0x 1.0x 8.7x 8.0x 14.6x 13.6x Ellie Mae, Inc. $99.49 $3,471 $3,168 15% 3.5 6% 9% 19% 13% 29% 6.2x 5.7x 21.7x 19.3x 51.8x 44.7x Moneysupermarket.com Group PLC $4.58 $2,458 $2,420 NA NM 14% 4% 13% 7% 36% 4.7x 4.5x 12.9x 12.1x 18.7x 17.1x

Real Mortgage & Estate Tech. AppFolio, Inc. $72.28 $2,451 $2,410 18% 3.2 26% 24% 57% 34% 27% 10.1x 8.1x 37.8x 28.3x 58.3x 40.7x Redfin Corporation $19.97 $1,807 $1,493 NA NM 30% 27% 63% NM 1% 3.1x 2.5x NM 53.9x NM NM Marcus & Millichap, Inc. $38.62 $1,499 $1,155 6% 2.8 3% 3% (2%) 5% 15% 1.4x 1.3x 9.1x 8.7x 16.6x 16.0x Stewart Information Services Corporation $42.93 $1,019 $912 NA NM 1% 2% 15% 19% 7% 0.5x 0.5x 6.8x 5.7x 15.3x 12.4x RE/MAX Holdings, Inc. $39.23 $697 $864 150% 0.1 21% 3% 2% 6% 41% 3.3x 3.2x 8.1x 7.7x 17.5x 16.4x Lifull Co., Ltd. $5.71 $766 $729 21% 1.1 19% 14% 18% 17% 16% 1.9x 1.7x 11.9x 10.2x 22.3x 17.9x Altisource Portfolio Solutions S.A. $25.07 $409 $651 NA NM (14%) NA (24%) NA 8% 0.8x NM 10.1x NM 11.9x NM QuinStreet, Inc. $13.39 $667 $604 25% 1.2 9% 16% 27% 32% 11% 1.2x 1.1x 11.6x 8.8x 29.1x 19.2x Agilysys, Inc. $20.90 $482 $445 NA NM 13% 15% (12%) 74% 6% 2.9x 2.5x 46.1x 26.5x NM NM Real Matters Inc. $3.75 $327 $257 59% 0.9 (7%) 2% (38%) 109% 2% 0.9x 0.9x 44.4x 21.2x 53.6x 46.9x $30 Median 15% 1.3 10% 8% 13% 12% 17% 3.2x 2.9x 12.4x 12.1x 18.2x 17.1x

Trading Technology The Charles Schwab Corporation $46.01 $61,326 $27,348 19% 0.9 9% 6% 14% 4% 50% 2.5x 2.3x 4.9x 4.7x 16.5x 14.9x TD Ameritrade Holding Corporation $56.33 $31,565 $26,680 23% 0.6 5% 8% 19% 11% 54% 4.4x 4.1x 8.2x 7.4x 13.9x 12.3x E*TRADE Financial Corporation $48.99 $11,969 $12,029 19% 0.6 4% 4% 4% 6% 54% 4.0x 3.9x 7.4x 7.0x 11.8x 10.6x Virtu Financial, Inc. $25.14 $2,669 $3,560 NA NM (1%) 4% (12%) 18% 55% 3.5x 3.4x 6.5x 5.5x 14.2x 11.7x Interactive Brokers Group, Inc. $55.23 $4,148 $2,416 20% 1.1 8% 12% 61% 11% 97% 1.2x 1.0x 1.2x 1.1x 22.8x 20.2x

GAIN Capital Holdings, Inc. $6.90 $306 $211 8% 1.8 (6%) 6% (4%) NA 25% 0.6x 0.6x 2.5x NM 13.3x 10.1x Trading Tech. INTL FCStone Inc. $43.50 $830 ($909) NA NM NA NA NA NA NA NM NM NM NM NM NM

Median 19% 0.9 5% 6% 9% 11% 54% 3.0x 2.9x 5.7x 5.5x 14.0x 12.0x

Notes: 19 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders

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