QUARTERLY FINANCIAL TECHNOLOGY EXECUTIVE BRIEFING ANALYSIS THROUGH Q1 2020 APRIL 1, 2020 Table of Contents

Morgan Partners Overview – Leaders in FinTech M&A 3

Case Study 4

Sub-Sector Comparison: Q1 2020

FinTech Sub-Sector Performance 6

Median Multiples by Sub-Sector 7

Variability by Sub-Sector 8

Sub-Sector Valuation Multiples Relative to Growth 9

Sub-Sector Aggregate Market Cap 10

Public & Private FinTech Transactions Spotlight 11

Sub-Sector Analysis

Capital Markets Technology 15

Insurance Technology 17

Banking Technology 19

Payments 21

Data & Analytics 23

Service Providers 25

Traditional Financial Institutions 27

Contact Information 30

This communication is provided for informational purposes only, is not a formal confirmation of any particular transaction, and should not be regarded as an offer to sell or solicitation to buy any financial instrument or service. Morgan Partners LLC accepts no liability whatsoever arising directly or indirectly from the use of this document, and offers no warranty in relation to the accuracy or completeness off its contents. Unauthorized distribution without prior consent from Morgan Partners LLC is strictly prohibited.

Morgan Partners LLC is a broker-dealer registered with the Securities and Exchange Commission and is a FINRA / SIPC member firm.

Quarterly Financial Technology Executive Briefing 2 Leaders in FinTech M&A

• Founded in 2005, Morgan Partners is the leading investment bank specializing in the middle-market insurance, capital markets and banking technology space • Morgan Partners represents publicly traded, privately owned, and PEG- backed FinTech companies on the sell-side and buy-side in: • Strategic exits • Capital raises and recapitalizations • Buyouts • Acquisitions • Enterprise value of the typical transaction is $50 – 250M • All engagements are led by one of the firm’s partners, both of whom have previously founded and exited their own technology businesses • The firm has an exceptional FinTech industry reputation and track record of successful deals with satisfied, referenceable clients Selected FinTech Deal Experience Morgan Partners Deal Announcement

Overview

A PORTFOLIO COMPANY OF miEdge is a premier data and analytics business providing lead generation, customer retention, and analytics solutions to the U.S. P&C insurance, Life, and benefits administration

HAS ACQUIRED industries. miEdge has more than 2,000 clients, including 80 of the top 100 U.S. insurance brokerages, insurance carriers, payroll providers, and insurtech and benefits technology firms. miEdge integrates with 3rd party CRM systems to deliver insights through an API and also offers a user-friendly platform FINANCIAL ADVISOR TO THE SELLER and mobile application. miEdge engaged Morgan Partners to December 2019 sell the business and to provide liquidity to the shareholders.

“The Morgan Partners Morgan Partners Approach & Results team is incredible. They orchestrated the Morgan Partners worked with miEdge’s management to process from identify suitable strategic and financial potential acquirers. beginning to end and Morgan Partners ran a broad outreach which saw ~80 delivered a superb executed NDAs and 85+ calls and meetings with potential result to our acquirers. Through a competitive two-stage auction process, shareholders. Morgan Partners was able to significantly increase the winning Selecting Morgan bidder’s valuation and deliver a premium result to the miEdge Partners was the best shareholders. decision we made. I give them my highest The acquisition equips Zywave with the industry’s most recommendation.” extensive database offering for prospecting and significantly enhances their existing client delivery, analytics, and content Mark Smith solutions. By partnering with Zywave, miEdge’s data should CEO become ubiquitous for insurance organizations looking for miEdge solutions to drive explosive growth.

Quarterly Financial Technology Executive Briefing 4 Sub-Sector Comparison

Quarterly Financial Technology Executive Briefing 5 FinTech Sub-Sector Performance Through Q1 20201

20.0%

10.0%

0.0%

(10.0%) (9.6%)

(13.0%) (15.5%) (16.2%) (17.2%) (20.0%) (20.7%) (21.8%)

(26.3%)

(30.0%)

(40.0%)

S&P 500 Insurance Technology Service Providers Capital Markets Technology Banking Technology Payments Data & Analytics Traditional Financial Institutions

• In a quarter with all negative trends driven by COVID-19, Data & Analytics continues to lead all FinTech sub-sectors through Q1 2020 totaling (9.6%) growth • Traditional Financial Institutions faced the largest losses in Q1 with (26.3%) growth • We expect continued volatility in the public markets until the extent of the pandemic is better understood and the government stimulus efforts have taken effect

These seven indices are maintained by Morgan Partners, and shown on pages 15, 17,19, 21 23, 25, and 27 1 Capital Markets Technology, Insurance Technology, Banking Technology, Payments, Data & Analytics, Service Providers, and Tech-led Financial Institutions performance reflects the constituents in this briefing, and are calculated as the market cap-weighted daily percentage price change from the base value for each constituent. Constituents must have pricing data for the entire measurement period for inclusion in the aggregate. Source: S&P Capital IQ, Morgan Partners

Quarterly Financial Technology Executive Briefing 6 Sub-Sector Comparison (Median Multiples)

Data & Analytics 6.1x 1 Banking Technology 6.8x

Capital Markets Technology 3.5x

Insurance Technology 2.7x

Financial Technology Financial Payments 6.4x

Service Providers 1.7x

Traditional Financial Institutions 1.5x Enterprise Value / LTM Revenue LTM / Value Enterprise S&P 500 2.5x

Data & Analytics 21.0x 1

Banking Technology 25.3x

Capital Markets Technology 15.1x

Insurance Technology 11.2x

Financial Technology Financial Payments 19.9x

Service Providers 10.0x

Enterprise Value / LTM EBITDA LTM / Value Enterprise Traditional Financial Institutions 8.1x

S&P 500 10.6x

• All sub-sectors have experienced a decrease in median revenue multiples since Q4, with Payments having the largest drop in the FinTech sub-sectors from 8.1x to 6.4x • Median EBITDA multiples all followed suit, exhibiting negative growth rates across all FinTech sub-sectors with the most significant contraction also coming from Payments, decreasing from 25.5x to 19.9x

1Enterprise value, revenue and EBITDA are universe medians drawn from publicly traded companies as of 3/31/20 where the constituents of each sub-sector are those in this briefing. LTM denotes latest 12 months. Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 7 Sub-Sector Variability (25th and 75th Percentile Multiples)1

Data & Analytics 4.8x 8.7x 2 Banking Technology 4.0x 8.8x

Capital Markets Technology 2.7x 4.0x

Insurance Technology 1.5x 4.8x

Payments 3.9x 9.0x Financial Technology Financial Service Providers 1.3x 2.2x

Traditional Financial Institutions0.8x 3.7x

Enterprise Value / LTM Revenue LTM / Value Enterprise S&P 500 1.0x 4.7x

Data & Analytics 18.8x 30.2x 2 Banking Technology 20.9x 26.7x

Capital Markets Technology 10.4x 22.8x

Insurance Technology 7.4x 16.0x

Payments 14.4x 27.2x Financial Technology Financial

Service Providers 7.4x 13.2x

Traditional Financial Institutions 5.7x 14.6x Enterprise Value / LTM EBITDA LTM / Value Enterprise S&P 500 6.7x 14.7x

• Despite overall negative performance across the various sub-sectors, Capital Markets saw a slight uptick in its lower bound revenue multiple going from 2.1x in Q4 to 2.7x • The tracked Fintech sub-sectors are still broadly earning higher revenue and EBITDA multiples than the S&P 500

1Variability represented by 25th and 75th percentile multiples from each sub-sector 2Enterprise value, revenue and EBITDA are universe medians drawn from publicly traded companies as of 3/31/2020, where the constituents of each sub-sector are those in this briefing. LTM denotes latest 12 months. Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 8 Sub-Sector Valuation Multiples Relative to Growth

1 20%

18%

16% Payments 14% Capital Markets 12% Insurance Technology Technology 10% Banking Technology Service Providers 8%

6% Traditional Data & Analytics Financial 4% Institutions 2%

0% Median Rev Growth to EV / LTM Revenue LTM / EV to Growth Rev Median 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x

1 30%

25% Payments

Capital Markets 20% Technology

15% Traditional Financial Banking Technology 10% Institutions Data & Analytics 5% Service Providers

0% 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x -5% Insurance Technology

-10% Median EBITDA Growth to EV / LTM EBITDA LTM / EV to Growth EBITDA Median

• Data & Analytics continues its trend of commanding a high revenue multiple despite slower growth • Payments boasts the strongest revenue and EBITDA growth of all tracked subsectors, while Insurance Technology is the worst performing of the group

1 Enterprise value, revenue and EBITDA are universe medians drawn from publicly traded companies as of 3/31/2020, where the constituents of each sub-sector are those in this briefing. LTM denotes latest 12 months. Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 9 Sub-Sector Aggregate Market Cap

$45,068 $36,477 $207,222 $262,429

$446,062

$2,520,262

$990,774

Sector Aggregate Market Cap ($M) Cap Market Aggregate Sector -

Sub Traditional Financial Institutions Payments

Service Providers Data & Analytics

Banking Technology Capital Markets Technology

Insurance Technology

Market Cap Market Cap Sub-Sector ($M) Growth % (1/1/2020) (3/31/2020) Traditional Financial Institutions 3,629,766 2,520,262 (30.6%) Payments $1,189,074 $990,774 (16.7%) Service Providers 578,576 446,062 (22.9%) Data & Analytics 294,217 262,429 (10.8%) Banking Technology 236,995 207,222 (12.6%) Capital Markets Technology 60,039 45,068 (24.9%) Insurance Technology 43,981 36,477 (17.1%) Total 6,032,649 4,508,294

• All sub-sectors have experienced a significant decreases in aggregate market capitalization YTD • Capital Markets Technology experienced the largest decrement of all FinTech subsectors in aggregate market capitalization at (24.9%)

Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 10 Public & Private FinTech Transactions Spotlight

Quarterly Financial Technology Executive Briefing 11 Public FinTech M&A Activity

2020 YTD = 62

2019 = 54

Number of Deals 2017 - 2018 = 100

2015 - 2016 = 75

2013 - 2014 = 54 5

1 2020 YTD 9 5 5 4 3 6 2019 9 6 4 4 2 2 7 1 1 3 8 2 4 3 2 3 4 5 7 1 2017-2018 7 3 3 11 5 4 4 2 11 3 6 1 5 11 7 6 1 3 3 5 4 Number of Transactions of Number 4 3 7 6 2015-2016 7 5 4 3 4 5 8 7 4 4 2 7 8 3 6 2 3 3 3 3 3 2013-2014 2 1 1 2 2 2 1

2020 YTD = $39,333 1,2 2019 = $98,354 Total Deal Size $98,354 2017 - 2018 = $33,074 ($M) 2015 - 2016 = $42,718

2013 - 2014 = $6,7031

$39,333 $35,932 $28,989

$12,515 $6,786

$4,452 $2,251 $4,085 Annual Aggregated Deal Size Over Time Over Size Deal Aggregated Annual 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD 1Transaction count includes both acquisitions and divestitures and leads to double counting for select transactions within public FinTech universe, while aggregated deal size controls for double counting 22019 spike is due to the $43.6 billion Fidelity National acquisition of Worldpay and the $41.8 billion Fiserv acquisition of First Data Corporation Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 12 Private Equity Spotlight

Private Equity Recent Relevant FinTech Latest Fund Group Transaction Investments Raised

Great Hill Equity Partners VII $2.5B Acquisition February 2020

Saturn 2 $4B

Majority Investment February 2020

KKR Next Generation Technology Growth Fund II Minority Investment $2.2B January 2020

Serent Capital IV LP $750M Minority Investment January 2020

Source: S&P Capital IQ and publicly available records

Quarterly Financial Technology Executive Briefing 13 Sub-Sector Analysis

Quarterly Financial Technology Executive Briefing 14 Capital Markets Technology: Public Company Statistics

23.1x 6.0x 22.1x 22.7x 22.0x 25.0x 20.6x 21.2x21.2x 20.5x 20.2x 20.9x 20.3x 5.5x 19.8x 19.9x 19.5x 18.4x19.0x 19.0x 18.2x 18.6x 18.4x 5.0x 17.4x 17.1x 20.0x 16.4x 4.5x 15.7x 15.1x 4.7x 15.0x 4.0x 4.5x 4.3x 3.5x 4.0x 4.1x 3.7x 10.0x 3.0x 3.5x 3.5x 3.6x 3.5x 3.4x 3.3x 3.3x 3.4x 3.1x 3.1x 3.0x 3.1x 3.0x 2.5x 2.9x 2.9x 2.9x 5.0x 2.6x 2.0x 2.6x 2.6x

1.5x 0.0x LTM Rev & EBITDA Multiples EBITDA & Rev LTM

Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%

(10.0%)

(20.0%) LTM Rev Growth to EV to Growth Rev Multiple LTMRev / (30.0%) 0.0x 2.0x 4.0x 6.0x 8.0x

($M) LTM Performance Revenue Growth EV / Revenue EV / EBITDA Company YTD Price Enterprise Revenue EBITDA EBITDA 2020 2019 3/31/2020 3/31/2020 Wolters Kluwer (1.3%) $21,189 $5,176 $1,466 28.3% 8.3% 6.8% 4.1x 14.5x SS&C Technologies Holdings (28.6%) 18,613 4,633 1,687 36.4% 35.4% 65.2% 4.0x 11.0x Informa (48.4%) 10,446 3,828 1,240 32.4% 22.0% 37.0% 2.7x 8.4x Envestnet (22.8%) 3,429 900 86 9.5% 10.8% 10.8% 3.8x 39.9x SimCorp (24.6%) 3,387 510 149 29.2% 18.8% 24.0% 6.6x 22.8x IRESS (18.3%) 1,263 358 81 22.6% 9.5% 8.0% 3.5x 15.7x First Derivatives (16.8%) 879 278 38 13.7% 12.1% 14.4% 3.2x 23.0x Linedata Services (26.6%) 231 190 41 21.4% (2.0%) (0.4%) 1.2x 5.7x NexJ Systems (29.4%) 7 13 (5) NM (23.2%) (16.3%) 0.6x NM Mean $6,605 $1,765 $531 30.1% 10.2% 16.6% 3.3x 17.6x Median $3,387 $510 $86 16.8% 10.8% 10.8% 3.5x 15.1x

Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 15 Capital Markets Technology: Select Transactions

Q1 2020 Transactions Transaction Date Acquirer(s) Target Type EV / Revenue Value ($M)

03/19/20 Westcap Group Addepar Raise $40 NA

03/09/20 Nasdaq (NasdaqGS:NDAQ) Solovis M&A NA NA

03/03/20 Morningstar, Inc (NasdaqGS:MORN) PlanPlus Global M&A NA NA

03/02/20 Refinitiv US Holdings Inc Scivantage, Inc M&A NA NA

ION Group; 02/14/20 Broadway Technology M&A NA NA Long Ridge Equity Partners

02/03/20 EPAM Systems, Inc (NYSE:EPAM( Deltix, Inc M&A $44 NA

01/30/20 Illuminate Financial Management LLP Baton Systems, Inc Raise $4 NA

Capital Southwest Corporation 01/07/20 (Nasdaq:CSWC); DRW Ventures; Long NinjaTrader, LLC Raise NA NA Ridge Equity Partners LLC

Notable Transaction

2/10/2020: SteelEye Secures $10m in Growth Capital Round Led by Eight Roads1

SteelEye, Ltd. offers encryption at rest and in-flight and best-in-class analytics to help financial firms meet regulatory obligations and gain additional insights into the business activities, which helps to trade with greater efficiency and profitability. SteelEye is headquartered in London, England.

• Eight Roads brings SteelEye significant experience and distribution penitential for SteelEye’s products • Steel Eye’s innovative data and RegTech platform is successfully helping financial firms manage their increasingly complex compliance obligations • SteelEye has raised $20m to date

¹PR Newswire, https://www.prnewswire.com/news-releases/steeleye-secures-10m-in-growth-capital-in-round-led-by-eight-roads-301001609.html Source: S&P Capital IQ and publicly available records

Quarterly Financial Technology Executive Briefing 16 Insurance Technology: Public Company Statistics

25.8x 5.0x 24.8x 4.5x 25.0x 20.4x 20.2x 21.2x 20.5x 18.7x19.5x18.7x 19.1x 4.0x 17.6x 17.1x 16.9x 17.2x 16.5x 20.0x 15.4x15.5x 14.2x 3.5x 14.6x 14.8x15.3x 15.1x 12.8x 11.2x 15.0x 3.0x 11.2x 3.4x 3.1x 3.3x 2.5x 2.9x 2.9x 2.9x 2.8x 2.8x 2.7x 2.8x 2.8x 2.7x 10.0x 2.7x 2.6x 2.6x 2.7x 2.6x 2.6x 2.7x 2.0x 2.4x 2.4x 2.5x 2.5x 2.5x 2.4x 5.0x 1.5x

1.0x 0.0x LTM Rev & EBITDA Multiples EBITDA & Rev LTM

Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA

40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0%

LTM Rev Growth to EV to Growth Rev Multiple LTMRev / (5.0%) (10.0%) 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x

($M) LTM Performance Revenue Growth EV / Revenue EV / EBITDA Company YTD Price Enterprise Revenue EBITDA EBITDA 2020 2019 3/31/2020 3/31/2020 Verisk Analytics, Inc. (6.7%) 25,941 2,607 1,055 40.5% 8.9% 8.2% 10.0x 24.6x Guidewire Software, Inc. (27.7%) 5,945 701 4 0.6% (4.1%) (4.0%) 8.5x NM CoreLogic, Inc. (30.1%) $4,125 $1,762 $370 21.0% (1.5%) (5.4%) 2.3x 11.2x LiveRamp Holdings, Inc. (31.5%) 1,471 353 (183) NM 32.0% 34.2% 4.2x NM Ebix, Inc. (54.6%) 1,198 581 154 26.5% 16.6% 22.4% 2.1x 7.8x Sapiens International Corporation N.V. (17.3%) 983 326 57 17.5% 12.4% 8.4% 3.0x 17.2x Crawford & Company (37.0%) 613 1,006 87 8.6% (6.1%) (7.6%) 0.6x 7.1x FINEOS Corporation Holdings plc 1.1% 416 83 3 4.1% 29.2% 23.2% 5.0x NM Majesco (33.8%) 195 144 13 9.2% 5.3% 7.4% 1.3x 14.7x msg life ag (1.9%) 49 154 7 4.5% 17.3% (5.6%) 0.3x 7.0x Mean $4,094 $772 $157 20.3% 11.0% 8.1% 3.7x 12.8x Median $1,090 $467 $35 7.5% 10.6% 7.8% 2.7x 11.2x

Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 17 Insurance Technology: Select Transactions

Q1 2020 Transactions Transaction Date Acquirer(s) Target Type EV / Revenue Value ($M)

03/16/20 Riskonnect, Inc. Xactium Limited M&A NA NA

RGAx, LLC; The Guardian Life 03/09/20 Omniscience Corporation Raise $12 NA Insurance Company; TransLink Capital

02/25/20 Salesforce.com, Inc (NYSE:CRM) Vlocity, Inc M&A $1,330 NA

Coatue Management; Greycroft 02/05/20 Boost Insurance USA, Inc Raise $14 NA Partners

InsPro Technologies Corporation 01/30/20 Majesco (NasdaqGM:MJCO) M&A $12 NA (OTCPK:ITCC)

01/22/20 CoreLogic, Inc (NYSE:CLGX) Location, Inc M&A NA NA

Viola FinTech; MTech Capital Insurify 01/15/20 Raise $23 NA Management

01/08/20 Insurity, Inc SpatialKey, Inc M&A NA NA

Notable Transaction 01/30/2020: Insurtech Leader Policygenius Announces $100M Series D Round, Led by KKR1

PolicyGenius offers insurance products, such as life, health, long-term disability, pet, and renters insurance through its highly accurate quoting engines that offer side-by-side comparisons of tailored policies. Policygenius is headquartered in New York City, NY.

• Since raising its $30 million Series C round in early 2017, Policygenius has grown annualized revenues to $60 million, a 10 times increase • Policygenius will use the investment for hiring and for broader consumer financial protection products it will unveil in 2020 • KKR will be making its investment through its Next Generation Technology Fund II, which held its final close earlier this month

¹KKR, https://ir.kkr.com/news-releases/news-release-details/insurtech-leader-policygenius-announces-100m-series-d-round-led Source: S&P Capital IQ and publicly available records

Quarterly Financial Technology Executive Briefing 18 Banking Technology: Public Company Statistics

28.6x 8.0x 28.5x 30.0x 25.3x 24.4x 22.9x 7.0x 21.4x21.5x 25.0x 21.6x 20.0x21.0x 18.8x 6.9x 6.8x 6.0x 15.5x 17.1x 6.6x 20.0x 15.7x 14.4x 14.6x 15.4x 15.4x16.0x 6.1x 13.5x 13.8x13.8x 14.0x 14.3x 5.0x 12.8x 5.6x 5.5x 15.0x 5.2x 4.9x 4.0x 4.7x 10.0x 4.4x 4.3x 4.3x 4.0x 3.0x 3.5x 3.7x 3.6x 3.7x 3.7x 3.7x 5.0x 3.2x 3.3x 3.3x 3.3x 3.2x 3.0x

2.0x 0.0x LTM Rev & EBITDA Multiples EBITDA & Rev LTM

Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA

40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0%

(5.0%) LTM Rev Growth to EV to Growth Rev Multiple LTMRev / (10.0%) 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x

($M) LTM Performance Revenue Growth EV / Revenue EV / EBITDA Company YTD Price Enterprise Revenue EBITDA EBITDA 2020 2019 3/31/2020 3/31/2020 Fidelity National Information Services, Inc.(12.5%) $94,620 $10,333 $3,404 32.9% 22.7% 8.7% 9.2x 27.8x Fiserv, Inc. (17.9%) 88,135 10,187 3,535 34.7% 74.9% 32.9% 8.7x 24.9x Wolters Kluwer N.V. (1.3%) 21,189 5,176 1,466 28.3% 8.3% 6.8% 4.1x 14.5x Jack Henry & Associates, Inc. 6.6% 11,908 1,631 451 27.7% 6.5% 6.4% 7.3x 26.4x Temenos AG (17.2%) 10,472 972 270 27.7% 15.6% 12.6% 10.8x 38.8x Black Knight, Inc. (10.0%) 10,169 1,177 397 33.7% 5.7% 6.1% 8.6x 25.6x NICE Ltd. (3.1%) 9,320 1,574 413 26.2% 9.0% 9.0% 5.9x 22.6x Pegasystems Inc. (10.6%) 5,674 911 (113) NM 2.2% 0.2% 6.2x NM Q2 Holdings, Inc. (27.2%) 3,197 315 (33) NM 30.9% 31.1% 10.1x NM Computer Services, Inc. (9.6%) 1,051 278 – – 6.2% 7.1% 3.8x NM Crealogix Holding AG (20.2%) 112 103 (2) NM 1.0% 8.5% 1.1x NM Intellect Design Arena Limited (61.4%) 59 195 4 1.9% 1.7% 14.5% 0.3x 15.9x Mean $21,326 $2,738 $816 29.8% 15.4% 12.0% 6.3x 24.6x Median $9,745 $1,075 $333 31.0% 7.4% 8.6% 6.8x 25.3x

Note: Fiserv does not appear on graph because their metrics were out of range Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 19 Banking Technology: Select Transactions

Q1 2020 Transactions Transaction Date Acquirer(s) Target Type EV / Revenue Value ($M)

02/28/20 Draper Esprit plc (AIM:GROW) Being Technologies Ltd Raise $83 NA

Softbank Investment Advisers (UK) 02/24/20 Behavox Ltd Raise $100 NA Limited

02/20/20 NA Savana, Inc Raise $3 NA

02/04/20 Diligent Corporation BoardPaq LLC M&A NA NA

01/31/20 NA CULedger, LLC Raise NA NA

01/17/20 DATAGROUP SE (XTRA:D6H) Diebold Nixford Portavis GmbH M&A NA NA

Notable Transaction 03/24/2020: Arkose Labs Raises $22 Million in Series B Round Led by M121

Arkose Labs, Inc. is a provider of online fraud and abuse prevention technology utilizing its patented platform and sophisticated risk engine to wear fraudsters down and diminish their ROI. Arkose Labs is headquartered in San Francisco, CA.

• Arkose Labs’ technology is an important component of Microsoft’s multi-pronged approach to minimize fraud without negatively impacting legitimate customers • In recent months, Arkose Labs has nearly doubled its customer base, made multiple product enhancements to improve its platform’s dynamic risk engine, and won a series of industry awards including the Women in Cybersecurity award from Cyber Defense Magazine and CNBC’s Upstart 100 List for 2019 • The new round of funding will go toward platform development, new hires and global expansion

¹Global Newswire, https://www.globenewswire.com/news-release/2020/03/24/2005447/0/en/Arkose-Labs-Raises-22-Million-in-Series-B-Round-Led-by-M12-Microsoft-s-Venture- Fund.html Source: S&P Capital IQ and publicly available records

Quarterly Financial Technology Executive Briefing 20 Payments: Public Company Statistics

10.0x 30.0x 9.0x 23.4x 24.1x 25.0x 20.5x 21.9x 8.0x 18.3x 19.2x 19.5x 19.9x 18.8x 18.1x 16.4x 17.1x 17.0x 17.5x 20.0x 7.0x 15.9x 17.0x 17.4x 14.9x 15.5x 15.6x 16.2x 16.1x 7.6x 14.7x 14.5x 15.1x 7.3x 6.0x 7.0x 7.0x 6.9x 15.0x 6.4x 5.0x 6.1x 6.0x 6.1x 5.6x 5.7x 10.0x 5.0x 4.0x 5.0x 4.7x 4.8x 4.8x 4.9x 5.0x 4.5x 4.5x 4.4x 4.5x 4.6x 4.2x 5.0x 3.0x 4.1x

2.0x 0.0x LTM Rev & EBITDA Multiples EBITDA & Rev LTM

Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA

50.0%

40.0%

30.0%

20.0%

10.0%

0.0% LTM Rev Growth to EV to Growth Rev Multiple LTMRev / (10.0%) 0.0x 3.0x 6.0x 9.0x 12.0x 15.0x 18.0x

($M) LTM Performance Revenue Growth EV / Revenue EV / EBITDA Company YTD Price Enterprise Revenue EBITDA EBITDA 2020 2019 3/31/2020 3/31/2020 Visa (14.3%) $356,191 $23,525 $16,052 68.2% 10.7% 11.5% 15.1x 22.2x Mastercard (19.1%) 244,505 16,883 10,189 60.4% 12.9% 12.6% 14.5x 24.0x PayPal (11.5%) 107,054 17,772 3,404 19.2% 15.0% 13.8% 6.0x 31.4x Fidelity National Information Services (12.5%) 94,620 10,333 3,404 32.9% 22.7% 8.7% 9.2x 27.8x Fiserv (17.9%) 88,135 10,187 3,535 34.7% 74.9% 32.9% 8.7x 24.9x Global Payments (21.0%) 51,929 4,912 1,925 39.2% 45.9% 7.5% 10.6x 27.0x Adyen 5.4% 23,619 2,981 298 10.0% 60.7% 62.9% 7.9x 79.2x Square (16.3%) 22,333 4,714 83 1.8% 42.9% 45.3% 4.7x NM FleetCor Technologies (35.2%) 19,800 2,649 1,522 57.4% 8.8% 8.1% 7.5x 13.0x Wirecard (2.7%) 12,029 2,817 809 28.7% 33.6% 32.3% 4.3x 14.9x Edenred (17.4%) 11,864 1,762 673 38.2% 18.3% 15.4% 6.7x 17.6x WEX (50.1%) 6,920 1,724 583 33.8% 15.5% 15.6% 4.0x 11.9x StoneCo (45.4%) 6,745 274 22 7.9% 51.3% 71.5% 24.6x NM Euronet Worldwide (45.6%) 4,616 2,750 587 21.3% 8.4% 8.6% 1.7x 7.9x EVO Payments (42.1%) 1,870 486 121 25.0% (14.0%) (8.2%) 3.8x 15.4x Bottomline Technologies (31.6%) 1,651 435 38 8.7% 4.7% 5.5% 3.8x 43.7x i3 Verticals (32.4%) 475 333 27 8.2% 0.4% 16.3% 1.4x 17.5x Cass Information Systems (39.1%) 331 163 54 32.9% 7.0% 9.4% 2.0x 6.2x Mean $58,594 $5,817 $2,407 41.4% 23.3% 20.5% 7.6x 24.0x Median $15,914 $2,784 $630 22.6% 15.3% 13.2% 6.4x 19.9x Note: Fiserv, EVO Payments, Bottomline Technologies, StoneCo, and Adyen do not appear on graph because their metrics were out of range Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 21 Payments: Select Transactions

Q1 2020 Transactions Transaction Date Acquirer(s) Target Type EV / Revenue Value ($M)

02/13/20 Flywire Payments Corporation Simplificare, Inc M&A NA NA

West Street Capital Partners; Temasek 02/13/20 Holdings; Tiger Management Corp; Flywire Payments Corporation Raise $120 NA Adage Capital Management

02/12/20 Klarna Bank AB (publ) Moneymour M&A NA NA

Sequoia Capital Operations LLC’ 02/04/20 Finix Payments, Inc Raise $35 NA aCrew Capital; Bain Capital Ventures

02/03/20 Worldline S.A . (ENXTPA:WLN) Ingenico Group – GCS (ENXTPA:ING) M&A $11,937 3.0x

01/13/20 Visa Inc (NYSE:V) Plaid, Inc M&A $4,900

Notable Transaction 02/20/2020: One Inc Acquired by Great Hill Partners1

One Inc provides insurance companies a digital payments platform designed to maximize retention of the new generation of policyholders—while reducing security risks and minimizing payment processing costs. One Inc is headquartered in Folsom, CA.

• The recapitalization represents a change of ownership and a focus on One Inc’s payment solutions after a period of venturing into a broader insurance platform offering • With the acquisition Great Hill will look to leverage their expertise in both SaaS and payments • Great Hill is bringing a cross-industry payment background to One Inc’s board with expertise to help them invest in areas of the payments business that they need to grow, such as sales and marketing

¹Insurance Innovation Reporter, http://iireporter.com/one-inc-acquired-by-great-hill-partners/ Source: S&P Capital IQ and publicly available records

Quarterly Financial Technology Executive Briefing 22 Data Analytics: Public Company Statistics

8.0x 7.3x 31.0x 7.0x 7.0x 6.4x 6.1x 6.1x 26.0x 5.8x 5.9x 6.0x 5.4x 25.0x 5.0x 5.0x 5.0x 5.0x 5.0x 21.0x 4.8x 4.9x 4.6x 22.6x 5.0x 4.5x 22.0x 21.0x 4.1x 4.2x 4.2x 4.2x 4.2x 19.8x 3.9x 4.0x 3.9x 18.4x18.4x 17.3x 16.0x 16.8x 4.0x 15.7x 16.1x 15.7x 16.5x 15.6x 15.5x 14.2x 13.6x 15.5x 13.1x12.5x 14.0x 14.1x 11.0x 3.0x 12.1x 12.8x 13.0x

2.0x 6.0x LTM Rev & EBITDA Multiples EBITDA & Rev LTM

Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

(5.0%) LTM Rev Growth to EV to Growth Rev Multiple LTMRev / (10.0%) 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x

($M) LTM Performance Revenue Growth EV / Revenue EV / EBITDA Company YTD Price Enterprise Revenue EBITDA EBITDA 2020 2019 3/31/2020 3/31/2020 S&P Global Inc. (10.3%) $63,093 $6,699 $3,363 50.2% 7.0% 3.0% 9.4x 18.8x Moody's Corporation (10.9%) 44,044 4,829 2,271 47.0% 8.7% 2.4% 9.1x 19.4x Thomson Reuters Corporation 3.2% 35,672 5,906 1,094 18.5% 7.4% 8.6% 6.0x 32.6x Experian plc (11.8%) 29,501 4,992 1,550 31.0% 5.3% 5.7% 5.9x 19.0x IHS Markit Ltd. (20.4%) 29,413 4,449 1,529 34.4% 7.9% 10.1% 6.6x 19.2x MSCI Inc. 11.9% 26,318 1,558 821 52.7% 8.6% 7.5% 16.9x 32.1x Verisk Analytics, Inc. (6.7%) 25,941 2,607 1,055 40.5% 8.9% 8.2% 10.0x 24.6x Equifax Inc. (14.8%) 17,696 3,508 806 23.0% 2.8% 0.6% 5.0x 21.9x TransUnion (22.7%) 16,127 2,656 970 36.5% 14.6% 16.9% 6.1x 16.6x FactSet Research Systems Inc. (2.8%) 10,373 1,465 508 34.7% 5.2% 5.7% 7.1x 20.4x Black Knight, Inc. (10.0%) 10,169 1,177 397 33.7% 5.7% 6.1% 8.6x 25.6x Fair Isaac Corporation (17.9%) 9,881 1,196 289 24.2% 16.1% 16.0% 8.3x 34.2x Morningstar, Inc. (23.2%) 5,302 1,179 246 20.9% 15.6% 10.9% 4.5x 21.5x CoreLogic, Inc. (30.1%) 4,125 1,762 370 21.0% (1.5%) (5.4%) 2.3x 11.2x Daily Mail and General Trust plc (17.7%) 1,832 1,644 204 12.4% (0.3%) (7.3%) 1.1x 9.0x LiveRamp Holdings, Inc. (31.5%) 1,471 353 (183) NM 32.0% 34.2% 4.2x NM Value Line, Inc. 11.9% 292 40 9 22.6% 10.4% 5.4% 7.4x 32.6x Mean $19,485 $2,707 $900 33.2% 9.1% 7.6% 7.0x 22.4x Median $16,127 $1,762 $806 45.7% 7.9% 6.1% 6.6x 21.0x

Note: LiveRamp does not appear on graph because their metrics were out of range Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 23 Data & Analytics: Select Transactions

Q1 2020 Transactions Transaction Date Acquirer(s) Target Type EV / Revenue TransactionValue ($M) Date Acquirer Target Type EV / Revenue Value ($M) SS&C Technologies Holdings, Inc 03/24/20 Vidado, Inc M&A NA NA (NasdaqGS:SSNC)

03/24/20 BatteryMarket ServiceVentures, Inc H.I.G. Capital, Thasos Group M&A NA NA 06/25/19 MX Technologies Raise $100 NA Point72 Ventures

Georgian Partners; Ignition partners; 02/21/20 Tractable Ltd Raise $25 NA Insight Venture Management, LLC

02/21/20 NA Owler Inc Raise $6 NA 06/20/19 Guidepost Growth Equity ActiveViam M&A NA NA

02/14/20 Arch Reinsurance Company Precision Marketing Asia Pacific Pty Ltd Raise NA NA

01/24/20 NA Bitvore Corp Raise $4 NA Real Ventures, National Bank of 06/12/19 MindBridge Analytics M&A $30 NA Canada, PeakSpan Capital 03/10/20 NA Accern Corporation. Raise $7 NA

01/09/20 The Dun & Bradstreet Corporation Orb Intelligence, Inc M&A NA NA

Notable Transaction 01/15/2020: Cape Analytics Secures Investment From State Farm Venture1

Cape Analytics, LLC develops artificial intelligence-driven data and analytics property solution using geospatial imagery, computer vision, and machine learning techniques for the real estate market. Cape Analytics is headquartered in Mountain View, CA.

• State Farm has been paying close attention to the growing geospatial AI space and recognizes Cape Analytics as the leading and differentiated technology company in that area • As part of the financing, a representative from State Farm will be joining Cape Analytics’ newly formalized customer advisory council • Cape Analytics will use the investment by State Farm Ventures to accelerate the development of breakthrough solutions for property insurers leveraging geospatial analytics and other unique sources of information

1State Farm, https://newsroom.statefarm.com/cape-analytics-secures-investment-from-state-farm-ventures/ Source: S&P Capital IQ and publicly available records

Quarterly Financial Technology Executive Briefing 24 Service Providers: Public Company Statistics

3.5x 16.0x 15.0x 14.4x 14.0x 13.7x 14.1x 13.9x 13.1x 13.7x 13.6x 14.0x 3.0x 12.7x 12.3x 12.4x 12.1x 12.4x 11.5x 12.1x 12.0x 11.7x 11.3x 11.3x 12.0x 10.6x 11.1x 10.0x 2.5x 10.3x 10.2x 2.6x 10.0x 2.4x 2.4x 2.4x 2.4x 2.3x 2.3x 2.4x 2.3x 2.3x 2.3x 2.3x 2.3x 2.2x 2.3x 2.3x 2.0x 2.1x 2.2x 2.1x 2.1x 2.1x 2.1x 2.1x 8.0x 1.9x 1.7x

1.5x 6.0x LTM Rev & EBITDA Multiples EBITDA & Rev LTM

Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA

30.0%

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

(5.0%) LTM Rev Growth to EV to Growth Rev Multiple LTMRev / (10.0%) 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x

($M) LTM Performance Revenue Growth EV / Revenue EV / EBITDA Company YTD Price Enterprise Revenue EBITDA EBITDA 2020 2019 3/31/2020 3/31/2020 International Business Machines Corporation(17.2%) 157,985 77,147 16,844 21.8% (3.1%) (4.0%) 2.0x 9.4x Accenture plc (22.5%) $102,417 $44,656 $7,198 16.1% 5.7% 5.4% 2.3x 14.2x Tata Consultancy Services Limited (15.8%) 87,102 21,780 5,661 26.0% 10.3% 13.7% 4.0x 15.4x Infosys Limited (12.9%) 34,025 12,642 3,023 23.9% 9.5% 9.5% 2.7x 11.3x Cognizant Technology Solutions Corporation(25.1%) 23,782 16,783 3,291 19.6% 4.1% 5.1% 1.4x 7.2x CGI Inc. (29.9%) 16,413 9,408 1,645 17.5% 4.7% 5.3% 1.7x 10.0x Capgemini SE (29.3%) 16,106 15,851 2,026 12.8% 7.0% 7.5% 1.0x 8.0x HCL Technologies Limited (23.7%) 15,530 9,670 2,209 22.8% 15.2% 14.1% 1.6x 7.0x Broadridge Financial Solutions, Inc. (23.2%) 12,754 4,353 854 19.6% 0.8% (0.9%) 2.9x 14.9x Wipro Limited (20.6%) 11,679 8,475 1,737 20.5% 5.2% 7.1% 1.4x 6.7x DXC Technology Company (65.3%) 11,594 20,042 3,264 16.3% (4.8%) (5.3%) 0.6x 3.6x Genpact Limited (30.8%) 6,924 3,521 521 14.8% 17.3% 17.8% 2.0x 13.3x Computershare Limited (40.2%) 4,742 2,346 625 26.6% 2.9% 2.7% 2.0x 7.6x WNS (Holdings) Limited (35.0%) 2,173 890 167 18.7% 11.1% 7.7% 2.4x 13.0x ExlService Holdings, Inc. (25.1%) 1,801 991 134 13.5% 12.3% 14.6% 1.8x 13.4x Mindtree Limited 2.1% 1,747 1,061 133 12.5% 13.6% 18.3% 1.6x 13.2x Mphasis Limited (28.1%) 1,565 1,197 198 16.6% 14.4% 15.1% 1.3x 7.9x Virtusa Corporation (37.3%) 1,169 1,310 115 8.8% 9.0% 12.1% 0.9x 10.1x Crawford & Company (37.0%) 613 1,006 87 8.6% (6.1%) (7.6%) 0.6x 7.1x Mean $26,848 $13,323 $2,617 19.6% 6.8% 7.3% 1.8x 10.2x Median $11,679 $8,475 $1,645 19.4% 7.0% 7.5% 1.7x 10.0x

Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 25 Service Providers: Select Transactions

Q1 2020 Transactions Transaction Date Acquirer(s) Target Type EV / Revenue Value ($M)

Cognizant Technology Solutions 03/23/20 Lev plus M&A NA NA Corporation (NasdaqGS:CTSH)

03/09/20 Allianz X GmbH ControlExpert GmbH M&A NA NA

Coventry Health Care Workers 03/02/20 Genex Services, LLC M&A NA NA Compensation, Inc

44North Ventures LLC; Cascade Seed 01/31/20 n2uitive Corporation Raise $2 NA Fund

01/07/20 Escalent, Inc Javelin Strategy & Research Inc M&A NA NA

01/06/20 John Wiley & Sons, Inc (NYSE:JW.A) MThree Corporate Consulting Limited M&A $129 NA

Notable Transaction 01/20/2020: Davies and Keoghs Sign Deal to Form Insurance and Risk Management Powerhouse1

Davies Group, Ltd. provides claims outsourcing and loss adjusting services to insurance companies, brokers, managing general agents, and self-insured entities in the United Kingdom and Ireland. Davies Group is headquartered in Stoke-on-Trent, England.

• Keoghs will form a new legal solutions arm within Davies, as the business continues to deepen its capability and domain expertise across its global insurance and highly regulated market segments • The addition of Keoghs will see Davies’ global team grow to more than 3,700 colleagues, with operating centers across the UK, Ireland, Bermuda, the US and Canada. The combined business serves more than 500 insurance, highly regulated and global clients • In 2019, Davies delivered revenue growth of 49%, including double-digit organic growth, as it launched new claims and insurance operations in the US, as well as doubling the size of its Ireland operations via the acquisition of Thornton Group and significant new business wins

1Davies Group, https://davies-group.com/2020/01/20/acquisition-announcement-davies-and-keoghs-sign-deal-to-form-insurance-and-risk-management-powerhouse/ Source: S&P Capital IQ and publicly available records

Quarterly Financial Technology Executive Briefing 26 Traditional Financial Institutions

20.0x

5.0x 18.0x

16.0x

14.0x 4.0x 12.4x 11.8x 11.8x 11.5x 11.3x 11.7x 11.0x 11.2x 12.0x 10.6x 10.7x 10.7x 10.7x 10.0x 10.2x 9.9x 10.9x 9.7x 9.4x 9.6x 9.2x 9.0x 9.0x 9.1x 10.0x 8.7x 3.0x 8.1x 8.0x 2.8x 2.7x 2.6x 2.6x 2.7x 6.0x 2.4x 2.4x 2.4x 2.3x 2.3x 2.3x 2.3x 2.0x 2.2x 2.2x 2.2x 2.2x 2.1x 2.1x 1.9x 2.1x 2.1x 4.0x LTM Rev & EBT& Rev LTMMultiples 2.0x 2.0x 1.9x 2.0x 1.5x 1.0x 0.0x

Market Capitalization / LTM Revenue Market Capitalization / LTM EBT Ex. Unusual Items

Notable Transaction 03/09/2020: Aon Announces bid to Purchase Willis Towers Watson for nearly $30 billion1

Willis Towers Watson (NASDAQ: WLTW ) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has more than 45,000 employees serving more than 140 countries and markets. Willis Towers Watson is headquartered in London, England.

• The deal unifies the sector’s second and third largest names into a company worth $76 billion by current share prices, overtaking market leader Marsh & McLennan • The deal is expected to add to Aon’s adjusted earnings per share in the first full year of the deal, with savings of $267 million, reaching $600 million in the second year, with the full $800 million achieved in the third year • Together, Aon and Willis Towers Watson want to focus on innovative solutions and improve their data analytics, likely by leveraging technologies like AI and automation

Note: BGC Partners and GAIN Capital Holdings, Inc. do not appear on graph because their metrics were out of range 1Business Insider, https://www.businessinsider.com/aon-to-buy-willis-towers-watson-for-30-billion-2020-3 Source: S&P Capital IQ and publicly available records Quarterly Financial Technology Executive Briefing 27 Traditional Financial Institutions by Segment (1/2)

($M) LTM Performance Revenue Growth Mkt Cap / Mkt Cap / Company YTD Price Market Revenue EBT EBT 2020 2019 3/31/2020 3/31/2020 Banks JPMorgan Chase & Co. (35.4%) 276,750 $110,041 $44,784 40.7% 5.8% 4.7% 2.5x 6.2x Bank of America Corporation (39.7%) 185,227 85,582 $33,435 39.1% (3.3%) 0.0% 2.2x 5.5x HSBC Holdings plc (28.3%) 114,569 53,342 $20,696 38.8% 2.4% 1.7% 2.1x 5.5x Citigroup Inc. (47.3%) 88,377 66,068 $23,901 36.2% 0.9% (1.5%) 1.3x 3.7x BNP Paribas SA (47.9%) 37,760 48,213 $13,738 28.5% 7.1% 2.5% 0.8x 2.7x Mitsubishi UFJ Financial Group, Inc. (31.2%) 48,215 35,894 $8,485 23.6% (11.8%) (14.8%) 1.3x 5.7x Wells Fargo & Company (46.7%) 117,366 82,458 $24,463 29.7% (2.6%) (2.4%) 1.4x 4.8x The Goldman Sachs Group, Inc. (32.8%) 53,159 35,481 $11,823 33.3% (1.3%) (6.1%) 1.5x 4.5x Morgan Stanley (33.5%) 54,375 41,419 $11,716 28.3% 3.3% (4.7%) 1.3x 4.6x U.S. Bancorp (41.9%) 52,407 21,140 $8,594 40.7% 1.6% 3.8% 2.5x 6.1x The PNC Financial Services Group, Inc. (40.0%) 41,038 17,054 $6,480 38.0% 2.0% 1.1% 2.4x 6.3x UBS Group AG (26.0%) 33,948 28,927 $6,045 20.9% (4.5%) (4.7%) 1.2x 5.6x Mean $91,933 $52,135 $17,847 34.2% (0.0%) (1.7%) 1.7x 5.1x Median $53,767 $44,816 $12,781 28.5% 1.2% (0.7%) 1.5x 5.5x Securities Broker Dealers The Charles Schwab Corporation (29.3%) 43,278 10,721 $4,910 45.8% 5.8% 11.1% 4.0x 8.8x E*TRADE Financial Corporation (24.4%) 7,520 2,937 $1,350 46.0% (0.7%) 3.9% 2.6x 5.6x TD Ameritrade Holding Corporation (30.3%) 18,739 5,647 $2,627 46.5% 0.8% 9.7% 3.3x 7.1x BGC Partners, Inc. (57.6%) 894 2,045 $117 5.7% 8.0% 179.1% 0.4x 7.6x Compagnie Financière Tradition SA (0.5%) 781 913 $73 8.0% 5.6% 7.9% 0.9x 10.7x GAIN Capital Holdings, Inc. 41.3% 209 221 ($44) NM (35.4%) (26.0%) 0.9x NM MarketAxess Holdings Inc. (12.3%) 12,612 511 $258 50.5% 17.4% 17.2% 24.7x 48.8x Monex Group, Inc. (33.2%) 395 447 $33 7.3% (8.6%) (6.1%) 0.9x 12.0x TP ICAP plc (17.2%) 2,354 2,359 $262 11.1% 3.1% 2.4% 1.0x 9.0x Virtu Financial, Inc. 30.2% 2,473 1,208 $79 6.6% (8.0%) 3.3% 2.0x 31.2x Raymond James Financial, Inc. (29.4%) 8,803 7,826 $1,402 17.9% 5.8% 6.3% 1.1x 6.3x LPL Financial Holdings Inc. (41.0%) 4,305 5,625 $745 13.2% 8.4% 10.1% 0.8x 5.8x Ameriprise Financial, Inc. (38.5%) 12,602 12,890 $2,019 15.7% (0.3%) 0.7% 1.0x 6.2x Voya Financial, Inc. (33.5%) 5,366 7,476 $769 10.3% 4.4% 5.2% 0.7x 7.0x Waddell & Reed Financial, Inc. (31.9%) 764 1,070 $171 16.0% (7.8%) (9.3%) 0.7x 4.5x Mean $8,073 $4,126 $985 23.9% (0.1%) 14.4% 3.0x 12.2x Median $4,305 $2,359 $262 11.1% 3.1% 5.2% 1.0x 7.4x Investment Managers BlackRock, Inc. (12.5%) 68,482 14,539 $5,498 37.8% 2.4% (3.7%) 4.7x 12.5x T. Rowe Price Group, Inc. (19.9%) 22,788 5,618 $2,927 52.1% 4.6% 1.7% 4.1x 7.8x The Bank of New York Mellon Corporation (33.1%) 29,809 16,487 $5,587 33.9% 0.5% (2.6%) 1.8x 5.3x State Street Corporation (32.7%) 18,876 11,702 $2,855 24.4% (3.4%) (3.2%) 1.6x 6.6x Amundi (23.0%) 11,884 3,038 $1,477 48.6% (44.2%) 18.5% 3.9x 8.0x Invesco Ltd. (49.5%) 4,167 6,117 $1,574 25.7% 15.1% 3.6% 0.7x 2.6x Franklin Resources, Inc. (35.8%) 8,293 5,776 $1,740 30.1% (5.6%) (8.6%) 1.4x 4.8x The Blackstone Group Inc. (18.5%) 31,120 7,139 $3,818 53.5% 7.0% (31.2%) 4.4x 8.2x Legg Mason, Inc. 36.0% 4,287 2,895 $475 16.4% (3.4%) (7.7%) 1.5x 9.0x Eaton Vance Corp. (30.9%) 3,523 1,729 $462 26.7% 3.0% (0.5%) 2.0x 7.6x Northern Trust Corporation (29.0%) 15,791 6,088 $1,944 31.9% 1.9% 2.3% 2.6x 8.1x Affiliated Managers Group, Inc. (30.2%) 2,831 2,240 $307 13.7% (5.8%) (7.0%) 1.3x 9.2x Oppenheimer Holdings Inc. (28.1%) 259 988 $88 8.9% 8.3% (0.9%) 0.3x 2.9x Mean $17,085 $6,489 $2,212 34.1% (1.5%) (3.0%) 2.3x 7.1x Median $11,884 $5,776 $1,740 30.1% 1.9% (2.6%) 1.8x 7.8x

Source: S&P Capital IQ and publicly available records Quarterly Financial Technology Executive Briefing 28 Traditional Financial Institutions by Segment (2/2)

($M) LTM Performance Revenue Growth Mkt Cap / Rev Mkt Cap / EBT Company YTD Price Market Revenue EBT EBT 2020 2019 3/31/2020 3/31/2020 Exchanges Intercontinental Exchange, Inc. (12.7%) 44,343 5,202 $2,548 49.0% 4.6% 8.3% 8.5x 17.4x Nasdaq, Inc. (11.3%) 15,668 4,262 $1,081 25.4% (0.4%) 4.2% 3.7x 14.5x London Stock Exchange Group plc (6.1%) 31,652 3,065 $1,105 36.0% 8.4% 7.7% 10.3x 28.7x Cboe Global Markets, Inc. (25.6%) 9,856 2,496 $592 23.7% (9.8%) 0.1% 3.9x 16.7x Euronext N.V. (6.7%) 5,187 762 $390 51.2% 10.4% 8.9% 6.8x 13.3x Hong Kong Exchanges and Clearing Limited (8.2%) 37,942 2,089 $1,418 67.9% 2.9% 2.5% 18.2x 26.8x CME Group Inc. (13.9%) 61,985 4,858 $2,751 56.6% 12.7% 24.8% 12.8x 22.5x B3 S.A. - Brasil, Bolsa, Balcão (16.5%) 14,188 1,470 $844 57.4% 22.3% 24.0% 9.7x 16.8x Japan Exchange Group, Inc. (0.3%) 9,484 1,072 $590 55.0% (6.7%) (3.5%) 8.8x 16.1x Deutsche Börse AG (10.8%) 25,196 3,704 $1,618 43.7% 6.3% 7.0% 6.8x 15.6x TMX Group Limited (6.8%) 4,158 894 $274 30.6% 12.7% 17.8% 4.6x 15.2x Mean $23,605 $2,716 $1,201 44.2% 5.8% 9.3% 8.6x 18.5x Median $15,668 $2,496 $1,081 43.3% 6.3% 7.7% 8.5x 16.7x Insurance Brokers Aon plc (20.8%) 38,421 11,013 $2,323 21.1% 2.3% (0.1%) 3.5x 16.5x Willis Towers Watson Public Limited Company (15.9%) 21,863 9,039 $1,337 14.8% 6.2% 6.1% 2.4x 16.4x Brown & Brown, Inc. (8.3%) 10,269 2,385 $571 23.9% 18.7% 17.1% 4.3x 18.0x Marsh & McLennan Companies, Inc. (22.4%) 43,567 16,652 $2,939 17.6% 11.4% 7.9% 2.6x 14.8x Arthur J. Gallagher & Co. (14.4%) 15,455 6,897 $676 9.8% 2.8% 4.1% 2.2x 22.8x eHealth, Inc. 46.6% 3,557 506 $108 21.3% 101.4% 70.0% 7.0x 33.1x Benefytt Technologies, Inc. 16.1% 274 382 $46 11.9% 8.7% 22.2% 0.7x 6.0x Goosehead Insurance, Inc 5.3% 708 77 $12 15.2% 28.7% 38.5% 9.2x 60.6x Mean $16,764 $5,869 $1,001 17.1% 22.5% 20.7% 4.0x 23.5x Median $12,862 $4,641 $624 13.4% 10.1% 12.5% 3.1x 17.3x P&C Insurance Carriers The Allstate Corporation (18.4%) 29,070 44,675 $6,230 13.9% 12.2% 5.7% 0.7x 4.7x The Progressive Corporation 2.0% 43,218 38,998 $5,160 13.2% 22.0% 16.9% 1.1x 8.4x The Hanover Insurance Group, Inc. (33.7%) 3,457 4,891 $522 10.7% 8.8% 5.6% 0.7x 6.6x State Auto Financial Corporation (10.4%) 1,216 1,410 $107 7.6% 10.5% (4.9%) 0.9x 11.4x Mercury General Corporation (16.4%) 2,254 3,973 $378 9.5% 17.5% 11.1% 0.6x 6.0x Chubb Limited (28.2%) 50,474 34,230 $5,272 15.4% 4.7% (0.1%) 1.5x 9.6x The Travelers Companies, Inc. (27.5%) 25,337 31,581 $3,138 9.9% 4.3% 4.6% 0.8x 8.1x The Hartford Financial Services Group, Inc. (42.0%) 12,625 20,736 $2,758 13.3% 9.6% 6.0% 0.6x 4.6x Mean $20,957 $22,562 $2,946 13.1% 11.2% 5.6% 0.8x 7.4x Median $18,981 $26,159 $2,948 11.3% 10.0% 5.6% 0.8x 7.3x Health / Life Insurance Carriers Magellan Health, Inc. (38.5%) 1,188 7,159 $79 1.1% (2.1%) 0.5% 0.2x 15.1x UnitedHealth Group Incorporated (15.2%) 236,555 242,155 $17,981 7.4% 7.0% 9.0% 1.0x 13.2x Humana Inc. (14.3%) 41,490 64,888 $3,517 5.4% 14.0% 12.2% 0.6x 11.8x Anthem, Inc. (24.8%) 57,245 104,212 $5,987 5.7% 13.2% 9.6% 0.5x 9.6x Cigna Corporation (13.4%) 65,897 153,743 $7,524 4.9% 216.5% 188.3% 0.4x 8.8x Aflac Incorporated (35.3%) 24,739 22,307 $4,445 19.9% 2.5% (1.0%) 1.1x 5.6x Sun Life Financial Inc. (23.5%) 18,687 30,592 $2,327 7.6% 47.0% 43.2% 0.6x 8.0x MetLife, Inc. (40.0%) 27,997 69,620 $6,903 9.9% 2.5% 0.0% 0.4x 4.1x Prudential plc (28.5%) 33,498 93,736 $2,429 2.6% 161.5% 44.1% 0.4x 13.8x Lincoln National Corporation (55.4%) 5,142 17,258 $1,115 6.5% 5.1% 12.1% 0.3x 4.6x Mean $51,244 $80,567 $5,231 6.5% 46.7% 31.8% 0.6x 9.4x Median $30,748 $67,254 $3,981 5.9% 10.1% 10.8% 0.5x 9.2x Total Traditional Financial Institutions Mean $32,731 $23,829 $4,607 19.3% 10.1% 10.2% 3.0x 11.4x Median $18,687 $6,897 $1,740 25.2% 4.6% 3.9% 1.5x 8.1x

Source: S&P Capital IQ and publicly available records Quarterly Financial Technology Executive Briefing 29 MORGAN PARTNERS LLC MEMBER, FINRA/SIPC 100 WORCESTER STREET, SUITE 202 WELLESLEY, MA 02481 +1 (617) 410-5200 WWW.MORGANPARTNERS.COM

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Quarterly Financial Technology Executive Briefing 30