FINTECH SECTOR REPORT

June 2018 BROAD AND DEEP FINTECH PRACTICE GCA has created a unique, interdisciplinary team of senior bankers across FinTech, Software, Private Capital and M&A to serve virtually all sub-sectors and business models across the FinTech market SELECTED BLUE CHIP STRATEGIC DEEP & EXPERIENCED GCA TEAM SECTOR COVERAGE & FINANCIAL CONTACTS

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

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

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

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

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

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

Sean Minnihan Paul DiNardo Chris Gough Rob Freiman Kegan Greene Managing Director Managing Director Managing Director Director Director Head of FinTech Head of Software Real Estate & Mortgage Tech FinTech/Payments FinTech/InsurTech Phone: (212) 999 - 7077 Phone: (212) 999 - 7097 Phone: (415) 318 - 3658 Phone: (212) 999 - 7075 Phone: (415) 318 - 3686 Mobile: (917) 364 - 6230 Mobile: (650) 483 - 7246 Mobile: (415) 385 - 9427 Mobile: (973) 229 - 0436 Mobile: (917) 579 - 4838 [email protected] [email protected] [email protected] [email protected] [email protected]

Selected Recent FinTech Experience

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 (close pending) Insurance Technology Investment Technology Liquidity Venues Payments Financial SaaS Insurance Technology Insurance Technology

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

Growth Investment Acquired by Acquired by Acquisition of Acquisition of Acquired by Acquired by from

We Advised Vindicia We Advised Commissions Inc We Advised Capsilon We Advised TSYS We Advised Blucora We Advised AWL We Advised PayMetric Payments Real Estate Tech Real Estate Tech Payments Investment Technology Insurance Technology Payments 3 FINTECH DEAL DASHBOARD FinTech is trading at 25% on an LTM basis vs. 12% for the S&P 500. Financing volume 1H ‘18 significantly exceeds 1H ’17 volume due largely to Ant Financial deal; volume is on par excluding the Ant Financial deal. M&A volume 1H ‘18 is well above 1H ’17 volume

$39 Bn | 1,480 Deals $123 Bn | 786 Deals Industry Stock Market Performance LTM Financing Volume (1) LTM M&A Volume Select June Financing Transactions Percent Change (2) Select June M&A Transactions Date Company Selected Investors Amount Sub-Sector Subsector LTM 3 Years Date Target Buyer Value Sub-Sector

6/27/18 $53 6 1 Banking & Lending Technology 32% 75% 6/22/18 $120 4

6/25/18 $200 5 2 Benefits Administration/Payroll 30% 68% 6/19/18 $4,900 9

6/6/18 $114 4 3 Financial SaaS 36% 72% 6/19/18 $400 9

6/5/18 $103 3 4 Information Services 17% 44% 6/14/18 $1,000 2

6/5/18 $45 9 5 Insurance Technology 28% 57% 6/11/18 $1,550 3

6/4/18 $392 94 6 Investment Technology 16% 42% 6/7/18 $250 9 Card Services

(1) Quarterly Financing Activity ($Bn) 7 Liquidity Venues 8% 19% Quarterly M&A Activity ($Bn)

8 Payments 41% 77%

377 397 378 397 $19 235 9 Real Estate & Mortgage Tech. 11% 43% 223 369 222 368 201 216 328 308 10 Trading Technology 27% 58% 195 192 155 $32 $9 $46 $7 $8 $24 $23 $28 $6 $5 $17 $4 $4 Aggregate FinTech Market 25% 55% $14 $13

Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 (3) Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18

$69.7 $97.9 $58.6 $148 $76.2 $240 $231 $182 $12.2 $10.8 $23.9 $12.6 $18.5 $19.4 $18.3 $61.7 S&P 500 12% 32% Average Deal Size ($MM) Average Deal Size ($MM)

Notes: Source: Pitchbook. CapIq. GCA Deal Database. Market data as of 6/30/18 4 (1) Includes private company equity financings. (2) Represents weighted average by market cap. (3) Q2-18 data includes Ant Financial’s $14Bn raise. FINTECH PUBLIC COMPANY LANDSCAPE FinTech sub-sectors and key operating stats ($Bn)

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

Combined Market Cap: $200 Combined Market Cap: $103 Combined Market Cap: $128 18/17 Rev. Growth: 9% 18/17 Rev. Growth: 8% 18/17 Rev. Growth: 20% 18 EBITDA Margin: 26% 18 EBITDA Margin: 22% 18 EBITDA Margin: 21%

4 Information Services 5 Insurance Technology

Combined Market Cap: $349 Combined Market Cap: $36 18/17 Rev. Growth: 8% 18/17 Rev. Growth: 10% 18 EBITDA Margin: 32% 18 EBITDA Margin: 11% Notes: 5 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 6/30/18. FINTECH PUBLIC COMPANY LANDSCAPE FinTech sub-sectors and key operating stats ($Bn)

6 Investment Technology 7 Liquidity Venues 8 Payments

Combined Market Cap: $273 Combined Market Cap: $256 Combined Market Cap: $955 18/17 Rev. Growth: 10% 18/17 Rev. Growth: 8% 18/17 Rev. Growth: 10% 18 EBITDA Margin: 28% 18 EBITDA Margin: 59% 18 EBITDA Margin: 28%

9 Real Estate & Mortgage Tech. 10 Trading Technology

Combined Market Cap: $240 Combined Market Cap: $126 18/17 Rev. Growth: 8% 18/17 Rev. Growth: 22% 18 EBITDA Margin: 19% 18 EBITDA Margin: 51% Notes: 6 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 6/30/18. FINTECH STOCK PRICE PERFORMANCE Payments leads the FinTech pack on both an LTM and three year basis

LTM Share Price Performance

3 Year Share Price Performance

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) Liquidity Venues 8) Payments 9) Real Estate & 10) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 7 Source: CapIq. Market data as of 6/30/18. FINTECH PUBLIC COMPANY VALUATION Financial SaaS and Liquidity Venues outperform the FinTech market on both an EV / LTM revenue and EV / NTM revenue basis Enterprise Value / LTM Revenue Enterprise Value / LTM Revenue

4.4x 4.7x

3.1x 3.1x

Enterprise Value / NTM Revenue Median NTM Revenue Growth to EV / NTM Revenue Multiple

3

5 2 1 4.2x 4.1x 9 8 3.6x 3.1x 10 6 4 7

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) Liquidity Venues 8) Payments 9) Real Estate & 10) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 8 Source: CapIq. Market data as of 6/30/18. Lines display median multiples across comp groups for given year. FINTECH PUBLIC COMPANY VALUATION (CONT’D) Financial SaaS outperforms on both an EV / LTM EBITDA and EV / NTM EBITDA basis Enterprise Value / LTM EBITDA Enterprise Value / LTM EBITDA

21.0x

15.7x

12.1x 11.7x

Enterprise Value / NTM EBITDA Median NTM EBITDA Growth to EV / NTM EBITDA Multiple

3

5

14.0x 14.4x 9 1 11.1x 11.4x 10 2 8 6 4 7

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) Liquidity Venues 8) Payments 9) Real Estate & 10) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 9 Source: CapIq. Market data as of 6/30/18. Lines display median multiples across comp groups for given year. FINTECH PUBLIC COMPANY VALUATION (CONT’D) Long-term growth is not necessarily correlated with FinTech public company P/E multiples or PEG ratios

2018 P/E Ratio PEG Ratio Long-Term EPS Growth 1 Banking & Lending Tech 29.8x 2.4 14%

2 Benefits Admin/Payroll 28.0x 1.8 21%

3 Financial SaaS 27.3x 1.9 20%

5 Insurance Technology 26.2x 3.0 15%

4 Information Services 23.3x 2.5 10%

9 Real Estate & Mort. Tech 23.1x 1.4 17%

6 Investment Technology 22.6x 1.6 13%

7 Liquidity Venues 20.8x 2.2 10%

8 Payments 20.1x 1.5 15%

10 Trading Technology 17.0x 1.0 21%

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 6/30/18. Long-term EPS growth covers last 5 years. SELECTED RECENT GROWTH EQUITY & VC ACTIVITY

Date Announced Target Investors Type Amount ($MM) Sub-Sector

6/29/18 Thiel Capital Series D $30 Trading Technology Daiwa Securities Group, MORI TRUST, Norinchukin Bank, SBI Investment, Tokio 6/28/18 Series A $30 Liquidity Venues Marine Holdings, Ueda Yagi Group

6/28/18 Technology Crossover Ventures Growth Equity $20 Trading Technology

6/27/18 Resona Group, Sumitomo Mitsui Banking Corp, Tokai Tokyo Financial Holdings Series E $53 Investment Technology

6/27/18 Insight Venture Partners VC $20 Real Estate & Mortgage Tech.

6/26/18 GGV Capital, Tao Zhang, Temasek Holdings, Tony Fadell, Wavemaker Partners Series B $20 Information Services

6/26/18 Xinyongbao Saison Ventures Series B $32 Information Services

Founders Fund, Kevin Systrom, Kinnevik, Lakestar, Nat Turner, Sound Ventures, 6/25/18 Series B $36 Payments Thrive Capital

6/25/18 Info Edge, Softbank Capital Series F $200 Insurance Technology 8 Decimal Capital, Arrington XRP Capital, Bibox, Hyperchain Capital, JRR Crypto, 6/22/18 VC $40 Trading Technology Link Capital, Nirvana Capital, Signum Capital

6/22/18 9C Capital, Jiuzhou Jianyuan, Will Hunting Capital Series B $15 Insurance Technology

6/21/18 Felicis Ventures VC $50 Financial SaaS Cincinnati Financial, CSAA Insurance Group, Nephila Capital, State Auto Labs, 6/21/18 Series B $17 Insurance Technology The Hartford, XL Innovate

6/21/18 Accel, Sequoia Capital, Wing Venture Capital, Y Combinator Series A $15 Banking & Lending Technology

6/21/18 BNP Paribas, ING Ventures, Kistefos Venture Capital, Tech Mahindra Series A $16 Trading Technology BDC Venture Capital, J.P. Morgan Chase & Co., Napier Park Global Capital, 6/21/18 Series D $54 Payments OMERS Ventures, Recruit Holdings, Relay Ventures

6/20/18 Kenetic Capital, LUN Partners Capital Series C $15 Liquidity Venues

6/20/18 Citi Ventures Series C $28 Investment Technology Citi Ventures, Dell Technologies Capital, DFJ Growth Fund, Drive Capital, 6/20/18 Series B $20 Financial SaaS Greycroft Partners Carl Pascarella, Max Levchin, Peter Thiel, Ribbit Capital, Y Combinator, Yuri 6/19/18 Series B $50 Payments Milner International Finance Corporation, Jaguar Ventures, Kaszek Ventures, QED 6/18/18 Series C $25 Banking & Lending Technology Investors, Quona Capital, Vostok Emerging Finance

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 Andreessen Horowitz, BlockTower Capital, Danhua Capital, Distributed Global, 6/18/18 VC $20 Trading Technology GGV Capital, Slow Ventures, ZhenFund

6/15/18 Jiawei Photovoltaic Lighting Series B $64 Banking & Lending Technology

6/14/18 Galaxy Digital Ventures Series A $15 Liquidity Venues

6/13/18 Bain Capital Ventures, Sapphire Ventures, Softbank Capital Series C $30 Real Estate & Mortgage Tech.

6/13/18 FAMOUS GROUP, Plentiful International Series D $65 Banking & Lending Technology

6/13/18 Ally Capital, Meridian Capital Series D $16 Financial SaaS

6/12/18 Finch Capital, Zurich Insurance Group Seed VC $18 Insurance Technology

6/11/18 Goldman Sachs Principal Strategic Investments, Temasek Holdings Series A $18 Financial SaaS

6/11/18 capitalG, LGT Impact Ventures, SAIF Partners Series C $22 Banking & Lending Technology Warburg Pincus, Silver Lake Management, General Atlantic, Khazanah Nasional, 6/7/18 Series C $14,000 Banking & Lending Technology Boyu Capital, T. Rowe Price, The Carlyle Group, Primavera Capital

6/6/18 Clearlake Capital Group Private Equity $114 Information Services

6/6/18 FTV Capital Growth Equity $50 Banking & Lending Technology Mandra Capital, Shunwei Capital Partners, SINA Corporation, STI Financial 6/5/18 Series A $103 Financial SaaS Group, Zhong Capital Holding Group

6/5/18 e.ventures, La Famiglia, Undisclosed Angel Investors, Valar Ventures Series A $30 Insurance Technology Engelhorn, High-Tech Grunderfonds, Macquarie Capital Alliance Group, 6/5/18 Series B $20 Payments Rocketship.vc, Shortcut Ventures 6/5/18 Goldman Sachs, ICONIQ Capital Series E $45 Payments

6/5/18 Menlo Ventures, SVB Capital Series E $60 Banking & Lending Technology

6/4/18 Venrock Series E $392 Information Services Allianz, CNP Assurances, Compagnie Industriali Riunite, IDInvest Partners, 6/4/18 Series C $37 Banking & Lending Technology JCDecaux, Matmut, Partech Ventures

6/4/18 Geo-Jade Petroleum Corporation Series D $359 Investment Technology

Notes: 12 Source: CapIq. Pitchbook. Selected deals from last calendar month. SELECTED RECENT PUBLIC EQUITY AND DEBT FINANCINGS

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

6/28/18 NASDAQ: EVER IPO $84 $18.00 (5%) Insurance Technology

6/15/18 NYSE: AVLR IPO $224 $24.00 87% Financial SaaS

5/22/18 NASDAQ: EVOP IPO $224 $16.00 29% Payments

4/12/18 NYSE: ZUO IPO $1,440 $14.00 77% Financial SaaS

2/9/18 Nasdaq: CDLX IPO $70 $13.00 68% Payments

1/23/18 NYSE: PAGS IPO $2,265 $21.50 28% Financial SaaS

Median $224 $17 49%

Offer Security Rating at Issuance Date Issuer Use of Funds S&P Moody's Amount ($MM) Coupon Sub-Sector

6/29/18 Acquisitions/Investments NA B2 $950 8.13% Real Estate & Mortgage Tech.

General Corporate Purposes / 6/29/18 NA NA $1,167 1.30% Liquidity Venues Working Capital

General Corporate Purposes / 6/27/18 NA NA $325 1.50% Real Estate & Mortgage Tech. Working Capital

Redemption/Repayment of 6/14/18 NA Aa3 $697 4.15% Liquidity Venues Debt Securities

Redemption/Repayment of 6/11/18 NA Baa2 $420 4.50% Trading Technology Debt Securities

Redemption/Repayment of 6/1/18 BBB+ NA $300 3.25% Information Services Debt Securities

Median $558

Notes: 13 Source: CapIq. Pitchbook. Price to Date as of 7/10/18. SELECTED RECENT M&A ACTIVITY

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

6/22/2018 $120 NA NA Information Services

6/20/2018 $34 4.4x NA Information Services

6/19/2018 $4,900 6.7x 17.1x Payments

6/19/2018 $400 NA NA Payments

6/19/2018 $85 NA NA Payments

6/14/2018 $1,000 2.2x 12.0x Benefits Administration/Payroll

6/14/2018 $13 NA NA Financial SaaS

6/11/2018 $1,550 NA NA Financial SaaS

6/11/2018 $20 NA NA Investment Technology

6/7/2018 $250 NA NA Payments Card Services

6/1/2018 $50 NA NA Financial SaaS

Median 4.4x 14.6x

Notes: 14 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 6/30/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E Banking & Lending Technology Intuit Inc. $204.31 $52,422 $50,936 16% 2.2 14% 11% 12% 11% 36% 8.3x 7.5x 22.7x 20.5x 36.2x 30.2x Fidelity National Information Services, Inc. $106.03 $35,097 $43,448 12% 1.6 (7%) 3% 3% 6% 37% 5.1x 4.9x 13.8x 13.0x 20.3x 18.2x First Data Corporation $20.93 $19,444 $37,870 13% 1.1 6% 5% 8% 7% 39% 4.4x 4.2x 11.4x 10.7x 14.4x 12.8x Fiserv, Inc. $74.09 $30,335 $34,557 11% 2.1 3% 5% 7% 4% 37% 5.9x 5.6x 15.9x 15.3x 23.7x 21.1x Wolters Kluwer N.V. $56.31 $15,482 $17,966 8% 2.5 (5%) 3% (6%) 6% 27% 3.6x 3.4x 13.3x 12.5x 20.6x 19.0x Temenos AG $150.98 $10,458 $10,875 16% 3.3 16% 12% 23% 15% 37% 12.8x 11.5x 34.4x 29.9x 51.2x 43.6x Jack Henry & Associates, Inc. $130.36 $10,076 $10,124 12% 2.9 7% 6% 5% 14% 35% 6.4x 6.1x 18.6x 16.3x 33.9x 30.8x Black Knight, Inc. $53.55 $8,001 $9,494 15% 2.0 6% 8% 7% 10% 48% 8.5x 7.8x 17.5x 15.9x 29.8x 26.0x ACI Worldwide, Inc. $24.67 $2,872 $3,480 14% 2.8 2% 4% 2% 17% 25% 3.3x 3.2x 13.4x 11.5x 38.2x 26.8x Ellie Mae, Inc. $103.84 $3,567 $3,335 18% 3.3 21% 18% 10% 27% 26% 6.7x 5.7x 25.5x 20.0x 58.8x 42.3x Coupa Software Incorporated $62.24 $3,548 $3,283 NA NM 40% 27% NA NA (2%) 17.6x 13.8x NM NM NM NM Q2 Holdings, Inc. $57.05 $2,423 $2,304 20% NM 23% 23% 133% 53% 10% 9.7x 7.9x NM 66.0x NM NM Bottomline Technologies (de), Inc. $49.83 $2,034 $2,082 16% 2.4 12% 10% 14% 15% 23% 5.1x 4.7x 22.1x 19.1x 38.9x 32.2x Enova International, Inc. $36.55 $1,238 $1,926 NA NM 23% 13% 32% 15% 20% 1.9x 1.7x 9.4x 8.2x 15.1x 12.8x Banking Lending & Technology LendingClub Corporation $3.79 $1,591 $1,540 NA NM 20% 17% 96% 55% 12% 2.2x 1.9x 18.1x 11.7x 39.6x 20.3x On Deck Capital, Inc. $7.00 $520 $1,187 NA NM 3% 18% NA 127% 3% 3.3x 2.8x NM 44.6x 21.9x 17.9x Elevate Credit, Inc. $8.46 $358 $789 NA NM 19% 15% 47% 20% 17% 1.0x 0.9x 5.7x 4.7x 11.5x 7.7x Performant Financial Corporation $2.15 $111 $142 NA NM 1% 17% NM NM 2% 1.1x 0.9x 52.8x 7.5x NM 26.9x

Median 14% 2.4 9% 11% 10% 15% 26% 5.1x 4.8x 17.5x 15.3x 29.8x 23.6x

Benefits Administration/Payroll Automatic Data Processing, Inc. $134.14 $59,092 $58,800 15% 1.9 8% 7% 17% 13% 22% 4.3x 4.0x 19.3x 17.1x 28.4x 24.7x Paychex, Inc. $68.35 $24,538 $24,113 8% 3.2 7% 7% 0% 9% 41% 7.0x 6.5x 17.1x 15.6x 26.8x 23.2x HealthEquity, Inc. $75.10 $4,660 $4,390 33% 2.2 24% 23% 33% 28% 39% 15.5x 12.7x 40.1x 31.3x 71.6x 56.5x TriNet Group, Inc. $55.94 $3,932 $4,015 NA NM 6% 12% 9% 12% 36% 4.7x 4.2x 13.0x 11.6x 21.4x 19.4x Insperity, Inc. $95.25 $4,001 $3,749 16% 1.7 14% 10% 25% 13% 6% 1.0x 0.9x 17.2x 15.2x 28.0x 24.7x Paylocity Holding Corporation $58.86 $3,099 $2,970 26% 1.8 25% 22% 43% 28% 21% 7.9x 6.5x 37.1x 29.0x 44.9x 53.0x WageWorks, Inc. $50.00 $1,982 $1,334 15% 1.5 6% 6% 11% 10% 32% 2.6x 2.5x 8.2x 7.5x 22.1x 19.9x Benefitfocus, Inc. $33.60 $1,067 $1,135 30% NM (1%) 12% NM 130% 3% 4.5x 4.0x NM 56.8x NM NM

Benefits Admin/Payroll Benefits Castlight Health, Inc. $4.25 $578 $509 25% NM 17% 19% NA NA (7%) 3.3x 2.8x NM 38.6x NM NM

Median 21% 1.8 8% 12% 17% 13% 22% 4.5x 4.0x 17.2x 17.1x 28.0x 24.7x

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 6/30/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E Financial SaaS Intuit Inc. $204.31 $52,422 $50,936 16% 2.2 14% 11% 12% 11% 36% 8.3x 7.5x 22.7x 20.5x 36.2x 30.2x Workday, Inc. $121.12 $26,162 $24,306 36% 2.7 26% 23% 43% 36% 18% 9.0x 7.3x 48.8x 36.0x 96.0x 73.0x SS&C Technologies Holdings, Inc. $51.90 $12,357 $14,269 14% 1.7 NM 23% 54% 31% 31% 4.2x 3.4x 13.4x 10.2x 22.6x 18.0x The Sage Group plc $8.29 $8,987 $9,908 8% 2.4 5% 7% 4% 9% 29% 4.1x 3.8x 13.9x 12.7x 19.9x 17.7x Paycom Software, Inc. $98.83 $5,837 $5,804 24% 1.6 27% 23% 68% 23% 41% 10.6x 8.6x 26.0x 21.2x 39.5x 32.2x Xero Limited $33.29 $4,602 $4,545 NA NM 38% 36% NA 196% 6% 16.6x 12.2x NM NM NM NM Coupa Software Incorporated $62.24 $3,548 $3,283 NA NM 40% 27% NA NA (2%) 17.6x 13.8x NM NM NM NM Paylocity Holding Corporation $58.86 $3,099 $2,970 26% 1.8 25% 22% 43% 28% 21% 7.9x 6.5x 37.1x 29.0x 44.9x 53.0x Envestnet, Inc. $54.95 $2,485 $2,862 14% 2.1 20% 12% 26% 20% 19% 3.5x 3.1x 18.7x 15.5x 30.3x 25.1x

Financial Financial SaaS Financial Engines, Inc. $44.90 $2,861 $2,622 13% 1.9 7% 9% 8% 11% 33% 5.1x 4.7x 15.3x 13.8x 24.2x 21.6x Q2 Holdings, Inc. $57.05 $2,423 $2,304 20% NM 23% 23% 133% 53% 10% 9.7x 7.9x NM 66.0x NM NM Blucora, Inc. $37.00 $1,738 $1,960 20% 1.0 11% 7% 16% 14% 21% 3.5x 3.3x 17.0x 14.9x 19.9x 17.5x Benefitfocus, Inc. $33.60 $1,067 $1,135 30% NM (1%) 12% NM 130% 3% 4.5x 4.0x NM 56.8x NM NM Alfa Financial Software Holdings PLC $2.31 $694 $652 NA NM (17%) 5% NM 34% 26% 6.9x 6.6x 26.4x 19.7x 0.3x 0.3x

Median 20% 1.9 20% 17% 34% 28% 21% 7.4x 6.5x 20.7x 20.1x 27.3x 23.3x

Information Services S&P Global Inc. $203.89 $51,238 $53,052 13% 1.9 8% 6% 11% 7% 49% 8.2x 7.7x 16.7x 15.6x 23.9x 21.5x RELX PLC $21.41 $42,231 $48,685 8% 2.5 (2%) 4% (1%) 5% 35% 4.9x 4.7x 14.1x 13.4x 19.4x 18.2x Moody's Corporation $170.56 $32,730 $36,860 12% 1.9 14% 7% 16% 8% 48% 7.9x 7.4x 16.2x 15.0x 22.0x 19.9x Thomson Reuters Corporation $40.33 $28,419 $35,244 NA NM NM 7% NM 10% 23% 6.4x 6.0x 27.7x 25.1x NM 31.5x Experian plc $24.73 $22,397 $25,872 9% 2.6 13% 4% 10% 4% 35% 5.3x 5.1x 15.4x 14.9x 24.0x 23.3x IHS Markit Ltd. $51.59 $20,224 $24,526 11% 2.0 9% 6% 10% 9% 39% 6.3x 6.0x 16.1x 14.8x 22.7x 20.2x Verisk Analytics, Inc. $107.64 $17,789 $20,417 16% 1.7 12% 7% 8% 8% 47% 8.6x 8.0x 18.1x 16.7x 26.2x 24.2x Nielsen Holdings plc $30.93 $11,018 $19,202 6% 2.0 4% 4% 1% 8% 30% 2.8x 2.7x 9.3x 8.6x 12.6x 11.1x Wolters Kluwer N.V. $56.31 $15,482 $17,966 8% 2.5 (5%) 3% (6%) 6% 27% 3.6x 3.4x 13.3x 12.5x 20.6x 19.0x Equifax Inc. $125.11 $15,049 $17,428 9% 2.3 5% 6% (5%) 10% 34% 5.0x 4.7x 14.8x 13.5x 21.1x 19.5x MSCI Inc. $165.43 $14,727 $15,956 10% 3.1 13% 9% 19% 12% 55% 11.1x 10.2x 20.3x 18.2x 31.4x 27.0x Informa plc $11.02 $13,785 $15,641 6% 3.1 26% 27% 26% 32% 34% 5.3x 4.2x 15.8x 12.0x 18.2x 16.0x TransUnion $71.64 $13,182 $15,426 10% 3.0 15% 9% 14% 11% 39% 7.0x 6.4x 18.2x 16.3x 29.7x 26.3x Gartner, Inc. $132.90 $12,126 $14,912 15% 2.4 21% 10% 6% 13% 19% 3.7x 3.4x 20.1x 17.8x 35.5x 29.7x FactSet Research Systems Inc. $198.10 $7,701 $8,032 11% 2.0 8% 7% 7% 9% 34% 5.9x 5.5x 17.3x 15.8x 22.5x 20.2x

News Corporation $15.50 $9,039 $7,203 10% 4.0 4% (2%) (3%) 7% 11% 0.8x 0.9x 8.0x 7.5x 38.0x 30.1x Information Information Services Fair Isaac Corporation $193.32 $5,769 $6,365 10% 2.9 11% 8% 16% 19% 25% 6.1x 5.6x 24.1x 20.2x 28.8x 24.9x CoreLogic, Inc. $51.90 $4,237 $5,823 11% 1.7 1% 2% 5% 7% 26% 3.1x 3.1x 11.9x 11.1x 19.1x 17.0x The Dun & Bradstreet Corporation $122.65 $4,548 $5,689 6% 2.5 1% 2% 5% 4% 30% 3.2x 3.1x 10.8x 10.4x 14.5x 13.9x Acxiom Corporation $29.95 $2,309 $2,396 13% 2.5 5% 7% 8% 4% 20% 2.5x 2.4x 12.9x 12.3x 31.5x 27.5x Euromoney Institutional Investor PLC $17.71 $1,902 $1,967 NA NM (6%) 0% (4%) 1% 27% 3.6x 3.6x 13.4x 13.2x 17.8x 17.6x comScore, Inc. $21.80 $1,169 $1,234 5% NM 0% 3% NA NA (14%) 3.0x 3.0x NM NM NM NM National Research Corporation $37.40 $920 $885 NA NM 8% 8% 10% NA 33% 7.0x 6.5x 20.8x NM 33.7x 30.9x Forrester Research, Inc. $41.95 $754 $618 12% 2.5 7% 5% 17% 16% 13% 1.7x 1.7x 13.8x 11.9x 30.0x 26.6x

Median 10% 2.5 8% 6% 8% 8% 32% 5.1x 4.7x 15.8x 14.2x 23.3x 21.5x

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 6/30/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E Insurance Technology Verisk Analytics, Inc. $107.64 $17,789 $20,417 16% 1.7 12% 7% 8% 8% 47% 8.6x 8.0x 18.1x 16.7x 26.2x 24.2x Guidewire Software, Inc. $88.78 $7,126 $6,434 8% 10.1 27% 20% 12% 19% 22% 9.9x 8.2x 44.7x 37.6x 80.7x 68.3x HealthEquity, Inc. $75.10 $4,660 $4,390 33% 2.2 24% 23% 33% 28% 39% 15.5x 12.7x 40.1x 31.3x 71.6x 56.5x Ebix, Inc. $76.25 $2,399 $2,702 15% NM 19% 9% (100%) NA 0% 6.4x 5.8x NM NM NM NM Benefitfocus, Inc. $33.60 $1,067 $1,135 30% NM (1%) 12% NM 130% 3% 4.5x 4.0x NM 56.8x NM NM CorVel Corporation $54.00 $1,023 $967 NA NM 8% NA 2% NA 12% 1.6x NM 13.6x NM NM NM Crawford & Company $8.65 $476 $679 NA NM (1%) 3% 8% 9% 11% 0.6x 0.6x 5.3x 4.9x 11.2x 9.1x Sapiens International Corporation N.V. $9.77 $486 $503 5% 3.9 5% 6% 52% 16% 14% 1.8x 1.7x 12.4x 10.7x 19.5x 16.1x

eHealth, Inc. $22.10 $420 $385 NA NM 31% 13% NA 139% 5% 1.7x 1.5x 36.7x 15.3x NM 32.5x Insurance Insurance Technology Majesco $6.15 $225 $230 NA NM (7%) NA 14% NA 4% 2.1x NM 48.2x NM NM NM Symbility Solutions Inc. $0.38 $92 $83 NA NM 10% 13% 31% 38% 7% 2.3x 2.0x 30.8x 22.3x NM 50.0x

Median 15% 3.0 10% 12% 12% 23% 11% 2.3x 4.0x 30.8x 19.5x 26.2x 32.5x

Investment Technology The Bank of New York Mellon Corporation $53.93 $54,506 $77,849 8% 1.6 7% 2% NA NA NA 4.7x 4.6x NM NM 12.8x 12.2x The Charles Schwab Corporation $51.10 $68,943 $63,743 22% 1.0 18% 13% 25% 16% 50% 6.3x 5.6x 12.7x 10.9x 21.1x 17.8x State Street Corporation $93.09 $34,016 $43,480 11% 1.1 9% 4% NA NA NA 3.6x 3.4x NM NM 11.9x 10.8x TD Ameritrade Holding Corporation $54.77 $31,079 $25,281 32% 0.5 38% 7% 36% 24% 43% 4.5x 4.2x 10.5x 8.4x 16.5x 13.7x Northern Trust Corporation $102.89 $23,149 $33,926 14% 1.2 11% 5% NA NA NA 5.7x 5.4x NM NM 15.9x 14.6x Broadridge Financial Solutions, Inc. $115.10 $13,573 $14,423 13% 2.0 1% 7% (3%) 12% 19% 3.4x 3.1x 17.8x 15.9x 27.3x 23.8x SS&C Technologies Holdings, Inc. $51.90 $12,357 $14,269 14% 1.7 NM 23% 54% 31% 31% 4.2x 3.4x 13.4x 10.2x 22.6x 18.0x SEI Investments Co. $62.52 $9,883 $9,190 12% 1.6 8% 5% 10% 7% 38% 5.6x 5.3x 14.6x 13.7x 19.8x 18.6x Computershare Limited $13.63 $7,401 $8,509 14% 1.5 5% 5% 14% 11% 29% 3.7x 3.6x 13.0x 11.7x 20.2x 17.8x SimCorp A/S $80.95 $3,189 $3,192 12% 2.9 10% 8% 20% 8% 28% 7.1x 6.6x 25.2x 23.3x 35.4x 32.4x Envestnet, Inc. $54.95 $2,485 $2,862 14% 2.1 20% 12% 26% 20% 19% 3.5x 3.1x 18.7x 15.5x 30.3x 25.1x Financial Engines, Inc. $44.90 $2,861 $2,622 13% 1.9 7% 9% 8% 11% 33% 5.1x 4.7x 15.3x 13.8x 24.2x 21.6x Blucora, Inc. $37.00 $1,738 $1,960 20% 1.0 11% 7% 16% 14% 21% 3.5x 3.3x 17.0x 14.9x 19.9x 17.5x

Investment Technology Investment Fidessa group plc $51.00 $1,966 $1,841 8% 4.6 (3%) 3% (7%) 9% 22% 4.0x 3.9x 18.3x 16.8x 38.4x 36.0x IRESS Limited $8.91 $1,524 $1,653 8% 3.6 3% 7% 6% 10% 27% 4.8x 4.5x 17.6x 16.0x 27.0x 23.8x First Derivatives plc $61.36 $1,583 $1,606 NA NM 16% 12% 16% 10% 18% 5.9x 5.3x 32.6x 29.7x 59.5x 53.3x Equiniti Group plc $3.26 $1,188 $1,369 NA NM 19% 6% 20% 11% 25% 2.1x 2.0x 8.6x 7.7x 14.6x 12.9x Sanne Group plc $8.89 $1,253 $1,271 NA NM 17% 13% 14% 15% 36% 7.1x 6.2x 19.9x 17.4x 26.0x 22.6x StatPro Group plc $2.27 $149 $177 NA NM 12% 6% 24% 12% 16% 2.4x 2.2x 15.1x 13.5x 25.1x 20.4x

Median 13% 1.6 10% 7% 16% 12% 28% 4.5x 4.2x 16.1x 14.3x 22.6x 18.6x

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 6/30/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E Liquidity Venues CME Group Inc. $163.92 $55,817 $57,175 8% 3.0 14% 4% 20% 5% 73% 13.8x 13.2x 19.0x 18.0x 24.2x 23.0x Intercontinental Exchange, Inc. $73.55 $42,602 $48,971 10% 2.1 6% 6% 6% 8% 64% 10.0x 9.4x 15.6x 14.5x 20.8x 18.9x London Stock Exchange Group plc $59.00 $20,474 $21,286 15% 1.8 10% 8% 12% 12% 52% 7.7x 7.1x 14.7x 13.1x 25.9x 22.5x Nasdaq, Inc. $91.27 $15,239 $18,882 10% 2.2 7% 4% 15% 7% 52% 7.3x 7.1x 14.1x 13.2x 20.8x 18.6x Cboe Global Markets, Inc. $104.07 $11,707 $12,690 12% 2.0 15% (1%) 17% (3%) 67% 11.1x 11.2x 16.4x 17.0x 23.3x 23.2x B3 S.A. - Brasil, Bolsa, Balcão $5.31 $10,840 $10,583 12% 1.5 (2%) 9% 6% 10% 71% 8.9x 8.2x 12.6x 11.5x 18.3x 15.2x ASX Limited $47.63 $9,217 $8,136 5% 5.1 1% 6% 1% 5% 77% 13.1x 12.4x 17.1x 16.2x 26.4x 24.4x Deutsche Börse Aktiengesellschaft $133.18 $24,827 $8,079 14% 1.6 8% 6% 10% 11% 59% 2.5x 2.4x 4.3x 3.9x 21.4x 19.0x MarketAxess Holdings Inc. $197.86 $7,441 $7,196 NA NM 11% 14% 12% 20% 56% 16.3x 14.4x 29.4x 24.4x 44.3x 36.7x Singapore Exchange Limited $5.26 $5,656 $5,046 5% 3.8 3% 4% 2% 7% 57% 7.9x 7.6x 13.8x 12.9x 20.0x 19.2x TMX Group Limited $65.52 $3,644 $4,493 NA NM 8% 4% 13% 4% 56% 7.2x 6.9x 12.8x 12.3x 16.3x 15.4x Euronext N.V. $63.53 $4,421 $4,466 5% 3.6 9% 7% 13% 8% 58% 6.3x 6.0x 11.0x 10.2x 16.4x 14.8x

Liquidity Liquidity Venues Hong Kong Exchanges and Clearing Limited $30.08 $37,409 $3,962 9% 3.6 23% 13% 26% 16% 75% 1.9x 1.7x 2.6x 2.2x 30.7x 26.6x Bolsas y Mercados Españoles, Sociedad Holding de Mercados$32.99 y Sistemas$2,743 Financieros,$2,320 S.A. 2% 7.7 (4%) 1% (5%) 2% 65% 6.2x 6.2x 9.6x 9.5x 15.5x 15.4x Bursa Malaysia Berhad $1.82 $1,470 $1,367 NA NM 6% 4% 7% 3% 61% 9.5x 9.2x 15.6x 15.3x 24.6x 24.2x Bolsa Mexicana de Valores, S.A.B. de C.V. $1.70 $1,006 $897 11% 1.4 12% 5% 11% 6% 56% 5.0x 4.8x 9.1x 8.5x 15.5x 14.4x JSE Limited $11.82 $1,011 $819 5% 3.0 1% 7% 26% 1% 53% 4.6x 4.3x 8.7x 8.7x 13.7x 13.3x Gielda Papierów Wartosciowych w Warszawie S.A. $9.77 $410 $332 NA NM (8%) (1%) (10%) (5%) 62% 3.6x 3.7x 5.9x 6.2x 10.8x 10.7x Hellenic Exchanges - Athens Stock Exchange SA $5.43 $327 $218 74% 0.6 14% 18% 32% 44% 38% 5.9x 5.0x 15.8x 11.0x 45.3x 28.1x

Median 10% 2.2 8% 6% 12% 7% 59% 7.3x 7.1x 13.8x 12.3x 20.8x 19.0x

Notes: 18 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 6/30/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E Payments Networks Visa Inc. $132.45 $296,661 $301,566 18% 1.6 13% 11% 13% 14% 71% 14.3x 12.9x 20.2x 17.8x 28.3x 24.3x Mastercard Incorporated $196.52 $205,161 $203,362 21% 1.5 21% 12% 23% 14% 59% 13.5x 12.1x 22.9x 20.1x 31.1x 26.7x American Express Company $98.00 $84,315 $112,315 12% 1.2 21% 7% 9% 13% 30% 2.8x 2.6x NM NM 13.5x 12.2x PayPal Holdings, Inc. $83.27 $98,874 $89,363 20% 1.8 19% 16% 19% 19% 26% 5.8x 5.0x 22.2x 18.7x 35.6x 29.5x Discover Financial Services $70.41 $24,571 $33,795 12% 0.8 9% 6% NA 9% 63% 3.1x 3.0x NM NM 9.1x 8.2x Merchant Processing First Data Corporation $20.93 $19,444 $37,870 13% 1.1 6% 5% 8% 7% 39% 4.4x 4.2x 11.4x 10.7x 14.4x 12.8x Worldpay, Inc. $81.78 $24,323 $32,193 15% 1.4 83% 10% 83% 14% 48% 8.3x 7.6x 17.2x 15.1x 21.3x 17.6x Square, Inc. $61.64 $24,699 $24,123 62% 2.2 53% 34% 87% 77% 17% 16.3x 12.1x NM 53.4x 134.9x 77.3x Global Payments Inc. $111.49 $17,788 $21,511 18% 1.2 12% 9% 19% 11% 35% 5.5x 5.0x 15.5x 13.9x 21.8x 18.8x Total System Services, Inc. $84.52 $15,409 $19,057 14% 1.4 12% 6% 11% 8% 35% 5.0x 4.8x 14.3x 13.3x 19.5x 17.7x Wirecard AG $160.95 $19,888 $18,654 33% 1.5 29% 24% 29% 30% 28% 8.1x 6.5x 29.3x 22.5x 47.9x 36.1x Adyen N.V. $550.40 $16,207 $15,100 45% NM NA 42% NA 55% 10% 8.8x 6.2x NM 57.0x NM 85.3x Cielo S.A. $4.29 $11,638 $12,558 5% 2.3 (15%) 5% (14%) 6% 45% 4.1x 3.9x 9.1x 8.7x 11.4x 10.9x GMO Payment Gateway, Inc. $115.30 $4,248 $4,012 30% 3.3 NA 33% NA 23% 31% 15.8x 11.9x 50.4x 41.1x 99.2x 78.3x EVO Payments, Inc. $20.58 $1,826 $2,517 39% 0.9 NA 8% NA 14% 26% 4.4x 4.1x 17.1x 15.1x 36.7x 25.7x EVERTEC, Inc. $21.85 $1,527 $2,074 9% 1.5 10% 5% 11% 7% 44% 4.7x 4.5x 10.8x 10.1x 13.2x 12.1x SafeCharge International Group Limited $4.68 $693 $585 13% 1.8 16% 13% 10% 13% 29% 4.5x 4.0x 15.6x 13.8x 23.8x 21.1x i3 Verticals, Inc. $15.22 $400 $528 NA NM NA 11% NA 13% 27% 4.8x 4.3x 17.9x 15.8x 28.2x 20.3x JetPay Corporation $1.95 $30 $39 NA NM (5%) 17% 13% 19% 10% 0.6x 0.5x 5.7x 4.8x NM NM

Payments Prepaid / Closed Loop Alliance Data Systems Corporation $233.20 $12,919 $33,593 13% 0.8 5% 9% 9% 12% 27% 4.1x 3.8x 15.4x 13.8x 10.3x 9.1x FleetCor Technologies, Inc. $210.65 $18,882 $22,392 16% 1.2 8% 9% 17% 13% 56% 9.2x 8.4x 16.4x 14.5x 20.2x 17.6x WEX Inc. $190.48 $8,206 $10,266 20% 1.2 18% 10% 28% 11% 42% 7.0x 6.4x 16.5x 14.9x 23.6x 20.7x Edenred SA $31.57 $7,485 $8,343 12% 2.1 2% 8% 5% 9% 38% 5.1x 4.8x 13.5x 12.4x 24.5x 21.9x Green Dot Corporation $73.39 $3,811 $2,602 NA NM 15% 9% 21% 13% 24% 2.6x 2.3x 10.7x 9.5x 24.4x 21.5x Net 1 UEPS Technologies, Inc. $9.08 $516 $508 15% 0.4 (1%) 8% NA NA NA 0.8x 0.8x NM NM 6.0x 5.8x Other Payments Technology The Western Union Company $20.33 $9,367 $11,574 4% 2.6 5% 3% 2% 3% 24% 2.0x 2.0x 8.2x 8.0x 10.9x 10.5x The Sage Group plc $8.29 $8,987 $9,908 8% 2.4 5% 7% 4% 9% 29% 4.1x 3.8x 13.9x 12.7x 19.9x 17.7x Ingenico Group - GCS $89.84 $5,662 $7,461 9% 1.8 6% 7% 3% 10% 20% 2.4x 2.2x 11.9x 10.8x 15.8x 14.3x NCR Corporation $29.98 $3,547 $6,271 4% 2.3 2% 3% 2% 5% 17% 0.9x 0.9x 5.5x 5.2x 9.1x 8.3x Euronet Worldwide, Inc. $83.77 $4,296 $4,046 16% 1.0 13% 10% 16% 15% 19% 1.6x 1.4x 8.5x 7.3x 15.8x 13.8x Cardtronics plc $24.18 $1,110 $1,976 NA NM (13%) 0% NM 2% 20% 1.5x 1.5x 7.4x 7.3x 15.2x 14.7x Everi Holdings Inc. $7.20 $497 $1,523 NA NM 6% 4% 8% 5% 53% 3.5x 3.4x 6.6x 6.3x NM NM MoneyGram International, Inc. $6.69 $372 $1,079 NA NM (4%) 3% (8%) 10% 16% 0.7x 0.7x 4.3x 3.9x 10.3x 8.0x Cass Information Systems, Inc. $68.82 $846 $646 NA NM NA NA NA NA NA NM NM NM NM NM NM Cardlytics, Inc. $21.76 $441 $410 20% NM 19% 57% NA NA (10%) 2.6x 1.7x NM 42.3x NM NM eServGlobal Limited $0.11 $101 $92 NA NM 55% NA NA NA (2%) 4.8x NM NM NM NM NM Earthport plc $0.14 $83 $41 NA NM 10% 24% NA NA (22%) 1.2x 1.0x NM NM NM NM

Median 15% 1.5 10% 9% 11% 12% 28% 4.4x 4.0x 14.1x 13.8x 20.1x 17.7x

Notes: 19 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 6/30/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E Real Estate & Mortgage Technology Booking Holdings Inc. $2,027.09 $97,655 $99,777 17% 1.4 16% 13% 21% 13% 39% 6.8x 6.0x 17.5x 15.5x 22.9x 20.0x Expedia Group, Inc. $120.19 $18,046 $17,863 16% 1.4 12% 12% 6% 16% 16% 1.6x 1.4x 9.7x 8.4x 23.3x 19.8x Nationstar Mortgage Holdings Inc. $17.53 $1,722 $15,436 NA NM 16% (7%) 0% 16% 28% 8.0x 8.6x 28.9x 24.9x 6.2x 6.7x CoStar Group, Inc. $412.63 $15,016 $14,085 19% 2.9 23% 15% 37% 27% 33% 11.9x 10.4x 36.4x 28.7x 54.5x 42.3x Zillow Group, Inc. $59.75 $11,893 $11,460 5% 17.9 39% 36% 18% 36% 19% 7.7x 5.7x 41.3x 30.4x 89.7x 61.2x Fidelity National Financial, Inc. $37.62 $10,330 $6,467 NA NM 1% 3% (12%) 5% 14% 0.8x 0.8x 5.8x 5.5x 13.6x 12.4x Black Knight, Inc. $53.55 $8,001 $9,494 15% 2.0 6% 8% 7% 10% 48% 8.5x 7.8x 17.5x 15.9x 29.8x 26.0x REA Group Limited $67.21 $8,853 $8,979 21% 1.8 12% 13% 14% 15% 58% 14.0x 12.3x 24.0x 20.8x 38.3x 32.4x Jones Lang LaSalle Incorporated $165.99 $7,551 $8,773 14% 1.2 25% (6%) 17% 7% 9% 0.9x 1.0x 10.5x 9.9x 16.1x 15.3x Ocwen Financial Corporation $3.96 $530 $7,457 NA NM (12%) (6%) NA NA NA 7.3x 7.8x NM NM NM NM TripAdvisor, Inc. $55.71 $7,655 $7,012 11% 3.6 6% 9% 12% 11% 22% 4.3x 4.0x 19.6x 17.7x 40.8x 36.2x Realogy Holdings Corp. $22.80 $2,907 $6,510 NA NM 2% 4% (3%) 5% 11% 1.0x 1.0x 9.2x 8.7x 11.8x 9.8x Rightmove plc $70.07 $6,325 $6,291 11% 2.7 7% 8% 8% 8% 76% 17.9x 16.6x 23.5x 21.8x 29.9x 27.0x CoreLogic, Inc. $51.90 $4,237 $5,823 11% 1.7 1% 2% 5% 7% 26% 3.1x 3.1x 11.9x 11.1x 19.1x 17.0x RealPage, Inc. $55.10 $4,965 $5,513 NA NM 29% 12% 39% 20% 26% 6.4x 5.7x 24.4x 20.3x 37.3x 31.2x First American Financial Corporation $51.72 $5,769 $5,324 13% 0.9 2% 4% 16% 8% 14% 0.9x 0.9x 6.6x 6.1x 11.7x 10.9x Radian Group Inc. $16.22 $3,481 $3,491 17% 0.4 4% 7% NA NA 0% 2.7x 2.6x NM NM 6.8x 6.2x Ellie Mae, Inc. $103.84 $3,567 $3,335 18% 3.3 21% 18% 10% 27% 26% 6.7x 5.7x 25.5x 20.0x 58.8x 42.3x Colliers International Group Inc. $76.04 $2,977 $3,301 22% 0.9 25% 12% 30% 21% 11% 1.2x 1.1x 10.8x 8.9x 20.2x 17.0x LendingTree, Inc. $213.80 $2,671 $2,565 34% 1.2 29% 24% 32% 32% 19% 3.3x 2.6x 17.2x 13.1x 40.1x 29.1x Moneysupermarket.com Group PLC $4.16 $2,228 $2,196 6% 3.3 1% 6% (3%) 6% 37% 4.8x 4.5x 12.9x 12.2x 18.8x 17.4x Real Mortgage & Estate Tech. AppFolio, Inc. $61.15 $2,090 $2,044 NA NM 28% 23% 52% 40% 22% 11.2x 9.1x 50.0x 35.8x 82.1x 55.6x Redfin Corporation $23.09 $1,915 $1,725 NA NM 30% 27% 63% NM 1% 3.6x 2.8x NM 62.3x NM NM Marcus & Millichap, Inc. $39.01 $1,505 $1,220 NA NM 8% 4% 18% 4% 16% 1.6x 1.5x 10.0x 9.6x 19.0x 18.0x RE/MAX Holdings, Inc. $52.45 $931 $1,129 203% 0.1 9% 6% 2% 10% 50% 5.3x 5.0x 10.5x 9.6x 22.8x 20.9x Stewart Information Services Corporation $43.07 $1,022 $985 NA NM 4% 4% 13% 17% 7% 0.5x 0.5x 7.4x 6.3x 14.6x 11.7x Altisource Portfolio Solutions S.A. $29.17 $502 $787 NA NM (15%) (10%) NA NA NA 1.0x 1.1x NM NM 16.3x 26.5x Lifull Co., Ltd. $6.61 $785 $746 23% 1.1 85% 16% 136% 26% 15% 2.1x 1.8x 14.0x 11.1x 26.4x 21.7x QuinStreet, Inc. $12.70 $599 $552 26% 1.3 31% 10% 84% 31% 9% 1.3x 1.2x 14.6x 11.2x 33.6x 23.7x Agilysys, Inc. $15.50 $360 $320 NA NM 5% 13% 119% 44% 9% 2.4x 2.1x 25.7x 17.8x NM NM Real Matters Inc. $4.33 $385 $306 105% 0.4 4% 24% 47% 49% 14% 3.2x 2.6x 22.2x 14.9x 39.4x 28.9x Reis, Inc. $21.80 $252 $236 NA NM 1% 9% 8% 23% 27% 4.8x 4.4x 17.9x 14.5x NM 99.1x

Median 17% 1.4 8% 9% 16% 16% 19% 3.4x 2.9x 17.3x 14.5x 23.1x 21.7x

Trading Technology The Charles Schwab Corporation $51.10 $68,943 $63,743 22% 1.0 18% 13% 25% 16% 50% 6.3x 5.6x 12.7x 10.9x 21.1x 17.8x TD Ameritrade Holding Corporation $54.77 $31,079 $25,281 32% 0.5 38% 7% 36% 24% 43% 4.5x 4.2x 10.5x 8.4x 16.5x 13.7x E*TRADE Financial Corporation $61.16 $16,137 $16,197 21% 0.8 22% 8% 24% 11% 52% 5.6x 5.2x 10.8x 9.7x 17.0x 15.1x Virtu Financial, Inc. $26.55 $2,764 $3,656 NA NM 107% (2%) NM 4% 60% 3.4x 3.5x 5.7x 5.5x 12.5x 11.7x Interactive Brokers Group, Inc. $64.41 $4,604 $2,872 19% 1.5 22% 15% 68% 21% 93% 1.5x 1.3x 1.6x 1.3x 28.2x 25.3x

Trading Tech. Investment Technology Group, Inc. $20.92 $691 $508 NA NM 5% 6% NA NA NM 1.0x 0.9x NM NM 17.8x 13.1x GAIN Capital Holdings, Inc. $7.55 $338 $243 8% 1.2 21% 2% 164% 3% 26% 0.6x 0.6x 2.5x 2.5x 9.3x 8.2x INTL FCStone Inc. $51.71 $976 ($987) NA NM NA NA NA NA NA NM NM NM NM NM NM

Median 21% 1.0 22% 7% 36% 14% 51% 3.4x 3.5x 8.1x 7.0x 17.0x 13.7x

Notes: 20 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders

MANCHESTER OSAKA FRANKFURT NAGOYA NEW YORK MUNICH TOKYO

SHANGHAI LONDON NEW DELHI MILAN SAN FRANCISCO TEL AVIV ZURICH TAIPEI

MUMBAI HO CHI MINH CITY

SINGAPORE

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

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