Shea & Company

M A R C H 2 0 1 8

Real Estate Software Market Map

Shea & Company, LLC Agenda

 Shea & Company Firm Overview

 Real Estate Market Overview

 Real Estate Software Market Trends

 Real Estate Software Landscape

 Financial Markets Perspective

 Appendix: Subsector ‘Deep-Dive’ Taxonomies

People ▪ Industry Expertise ▪ Process Excellence

1 2 16 15+ >60 Firm focused exclusively Offices in Boston and San Professionals focused on Years of experience Transactions completed on enterprise software Francisco the software industry amongst our senior representing billions of bankers dollars in value

Mergers & Acquisitions Private Placements & Capital Raising Corporate Strategy ■ Sell-side and buy-side M&A advisory ■ Late-stage venture, growth equity and buyouts ■ Corporate development advisory ■ Divestitures ■ Recapitalizations ■ Balance sheet and capital structure review ■ Restructuring ■ IPO advisory ■ Fairness opinions

has made an equity investment in Superior Outcomes a portfolio company of has acquired has received a significant investment from has received a strategic investment from a portfolio company of Shea & Company has advised on important transactions representing billions of dollars in value across the strategic acquirer and financial investor landscape with Clients in the U.S. as well as Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Canada, Europe and Israel financial advisor to MRI Software and GI financial advisor to Gurobi Optimization financial advisor to Clearlake Capital financial advisor to EQT Partners

a portfolio company of an affiliate of a portfolio company of a portfolio company of

has acquired has received an investment from has been acquired by

has been acquired by has been acquired by has been acquired by has been acquired by

Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive financial advisor to Perforce and Summit financial advisor to SecureAuth and Toba financial advisor to Double-Take, Vision financial advisor to Sovos Compliance financial advisor to Vista Equity Partners placement agent to OutSystems financial advisor to Secure Islands Partners Capital Solutions and Clearlake Capital and Vista Equity Partners

a portfolio company of NASDAQ:[PVSW]

has been acquired by has been acquired by has been acquired by has been acquired by has received an investment from has been acquired by

has been acquired by

Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive Shea & Company served as the exclusive financial advisor to LastPass financial advisor to HP financial advisor to Granicus financial advisor to Bronto financial advisor to Lacoon financial advisor to Bomgar financial advisor to Pervasive

Real Estate Software Recent Conversations  Real Estate Software is a key focus area for our Firm and a significant portion of our recent transaction activity

 We have completed transactions across the sector, working on both buyside and sellside engagements, and interacting regularly with all of the relevant players in the space

Representative Transactions

has received a strategic investment from

Property and Facilities Property and Investment Asset Management Management Management

has been acquired by

Automated Property and Investment Resident Screening Communications Management

Apartment Marketing and Affordable Housing Property Investment Management Leasing Management

Transaction Highlights MRI Software Profile TA Associates Profile

. MRI Software, a leading global provider of software . MRI is a leader in business management software . TA Associates is one of the largest and most solutions for the real estate sector, has received a solutions for the multifamily and commercial real estate experienced global growth private equity firms having strategic investment from TA Associates industries, serving owners, operators, occupiers and raised $24Bn in capital and investing in more than 480 investors companies around the world since inception . Engagement: Shea & Company was engaged to evaluate and solicit interest from a select set of financial . MRI is a portfolio company of GI Partners, a leading . TA Associates specializes in buyouts and minority sponsors investment firm focused on private equity and real recapitalizations of profitable growth companies with its estate strategies; GI is active in a number of key sectors, team of more than 85 professionals . Sector: Real estate property and investment including IT Infrastructure, Software, Healthcare and management software solutions . TA Associates is active in a number of key subsectors Services; GI Partners acquired MRI from Vista Equity including Facility Services, Financial Technology, . Role: Exclusive financial advisor to MRI and its owner Partners in 2015 Infrastructure, Internet and Software GI Partners . Founded in 1971, MRI is headquartered in Solon, OH . Founded in 1968, TA Associates is headquartered in with additional offices in Atlanta, Dallas, Hong Kong, Boston with additional offices in London, Menlo Park, London, Singapore, Sydney and Toronto Mumbai and Hong Kong

. TA Associates is one of the largest and most experienced global private equity firms focused on growth-oriented companies. TA Associates, in conjunction with GI Partners, will look to leverage its global presence to help drive MRI’s strategic international expansion initiatives . "MRI Software has established a differentiated position in the fast-growing real estate software space with a comprehensive, configurable and open platform that meets the unique needs of real estate owners, operators and investors. With its significant investment in product, people and partners, we believe MRI is well positioned to continue growing its leadership position in the commercial, residential and investment management markets. We are excited a portfolio company of to partner with Patrick Ghilani and his Team, alongside GI Partners, to support the Company's continued innovation and growth." – Hythem El-Nazer (Managing Director, TA Associates) . Upon closing the transaction, TA Associates will help drive MRI’s M&A initiatives and utilize its global reach to propel MRI’s solution into new markets worldwide. TA will assist GI Partners in accelerating topline revenue growth, deepening has received a strategic investment from MRI’s presence internationally, expanding its connected partner system and delivering significant levels of product innovation . "MRI Software is a leader in real estate technology because of our relentless commitment to delivering value to our Clients and Partners through exceptional products, services and relationships. GI Partners has been a strong supporter and a key contributor to the acceleration of our business, and we look forward to continuing this relationship. Expanding our partnership to include TA Associates, a firm with deep software industry experience and global scale, Shea & Company served as the exclusive will provide additional resources to fuel our growth through further expansion of our international footprint and our real estate technology solutions. The combination of these two leading strategic investors will provide greater access to financial advisor to MRI Software global resources and enables us to invest even more to deliver innovation, flexibility and value for our Clients and Partners." – Patrick Ghilani (CEO, MRI Software)

. Shea & Company served as the exclusive financial advisor to MRI Software and its owner GI Partners Transaction Transaction Rationale Notes &

 Shea & Company Firm Overview

 Real Estate Market Overview

 Real Estate Software Market Trends

 Real Estate Software Landscape

 Financial Markets Perspective

 Appendix: Subsector ‘Deep-Dive’ Taxonomies

US Real Estate Market is composed of three large segments – Commercial, Multifamily Residential and Single-Family Residential – all of which are currently experiencing favorable secular trends

US Real Estate Market Segmentation

Commercial Residential

. Market Definition: Property that is rented for the purpose of operating a business Multifamily Single-Family

. Property Types: Office Space, Retail, Manufacturing Parks, Warehouses, Medical, . Market Definition: Residential property with . Market Definition: Residential property that Hospitality, Special-Purpose categories two or more units under the same roof or contains only one unit and is traditionally including self-storage, theme parks, theaters with multiple buildings within one complex owner-occupied and churches to name a few . Property Types: Apartment Buildings, Town . Property Types: Owner Occupied, Rental . Market Sizing (assets): Approximately $15Tn Houses, Managed Communities, Military, Properties Student, Senior . Representative Vendors: Boston Properties, . Market Sizing (assets): Approximately CBRE, Cushman & Wakefield, Jones Lang . Market Sizing (assets): Approximately $25Tn, including Multifamily LaSalle, Realogy Holdings $25Tn, including Single-Family . Representative Vendors: American Homes 4 . Key Software Needs: . Representative Vendors: AvalonBay Rent, Century 21, Colony Starwood Homes, ‒ Automation of complex lease calculations Communities, Equity Residential, Essex Invitation Homes, Keller Williams, RE/MAX Property Trust, HFF ‒ Common Area Maintenance (“CAM”) . Key Software Needs: expenses . Key Software Needs: ‒ Brokerage management ‒ Building operations management ‒ Apartment listing services ‒ Listing services ‒ Increased cybersecurity ‒ CRM functionality ‒ Mortgage / financing management ‒ Online resident application process ‒ Short term rental solutions ‒ Compliance solutions

US Real Estate represents $40 Trillion in cumulative assets

The Commercial Real Estate Market is comprised of properties owned for business objectives while the Residential Real Estate Market revolves around the homeowner

Real Estate Market Taxonomy Real Estate Market Players Commercial Real Estate Residential Real Estate Commercial Real Estate

Investors that specialize in the acquisition, repositioning, Office Single-Family Homes Commercial Investor development and management of commercial property, sometimes through joint-venture investments

Represents tenants or lessees by finding, selecting and Commercial Agent negotiating new space for client businesses Retail Multifamily Homes

Manages and oversees operations of individual properties, Property Manager including marketing, leasing, tenant management, Medical maintenance, rent collection and bill payment

Residential Real Estate

Hospitality Represents single family homes or units within a Residential Agent multifamily property

Invests in ownership of homes or multifamily units; often the Industrial Residential Investor purchaser lives in one segment of the multiplex, creating a residence as well as an investment property

Owner who purchases for individual use, most often to Other Leased Space for the Use Purchaser of Business provide housing for family use

Coming out of the 2009 recession, the Commercial Real Estate industry has been experiencing rapid increases in new building completions and substantial increases in property valuations

Commercial Real Estate Market Trends Commercial Real Estate Property Price Index

Commercial Real Estate Market Rebounding Since 2009 Recession 140 106%  The 2009 recession caused a sharp dip in Commercial Real Estate values 120 and completions – falling rents caused property values to tumble and investors to pull back on investing in new building 100

 Since 2009, the sector has shown strong growth and rebounded to all time 80 highs driven by strong lease demand and corresponding investment in new properties 60

Across the board, Property Price Indices (PPI) indicate strong gains in 40  Index of U.S. commercial property values that captures the commercial valuations with relevant PPIs from Green Street Advisors, the 20 prices at which commercial real estate transactions are National Council of Real Estate Investment Fiduciaries (NCREIF) and Real currently being negotiated and contracted Capital Analytics all reaching highs over pre-2008 levels -  The Green Street Advisors Price Index has rebounded 106% from its low in 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 May 2009 and is currently 26% above the previous peak in August 2007; likewise the NCREIF Price Index, has experienced substantial recent growth, Commercial Real Estate Completions by Sector (millions SF) increasing at 7.7% YoY in Q4 2016 90  Both Office and Industrial completions have rebounded to pre-recession 80 highs, while Retail has stabilized slightly above the bottom that was reached in 2010 70 60  Net absorption rates – the change in occupied space during an applicable 50 period – have also increased dramatically from 2012, growing from 15MM to 37MM in 2016 40 30  Even though the market has largely regained the momentum lost as a result 20 of the recession, challenges do remain as organizations look to manage properties more efficiently – from a leasing, tenant management and 10 maintenance perspective – and increasingly look to leverage both - proprietary and market data 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Office Retail Industrial

Sources: National Association of Realtors, REIS Research Sources: Green Street Advisors, REIS Research Copyright © 2018 Shea & Company, LLC 8 Real Estate Market Overview Market Opportunity: Multifamily Real Estate Sector

Increasing demand for rental units is driving (i) high Residential Real Estate occupancy rates and (ii) a spike in US Apartment construction

Residential Real Estate Market Trends Vacancy Rates by Unit Count

Residential Real Estate Experiencing Higher Completion Rates with Increasing Occupancy 13.0% Rates / Lower Vacancy Rates 12.0%  The US rental market is seeing strong demand and high occupancy rates 11.0% driven by:  Demographic changes that are leading to decreasing levels of 10.0% homeownership in the US, including: Americans marrying later in life, 9.0% decreasing family size and increasing divorce rate  Stabilizing unemployment rates are driving increasing income, which 8.0% provides more individuals with the means to rent 7.0%  Population growth in the US, driven largely by millennials and immigrants 6.0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015  The surge of rental housing demand along with a steady increase in average rental prices, have incentivized investment in multifamily units via net new 1 Unit 2+ Units 5+ Units construction and have driven consolidation in the industry from REITS, property managers and private owners Multifamily Real Estate: Annual Apartment Completions (Units)  As more units are constructed (and existing units are filled) property managers and investors have been increasing hiring to keep up with the 250,000 expanding residential market

High Completion Rate in Metro Apartment Buildings 200,000

 Moody’s and REIS data indicate that the number of Apartment Completions in the US – defined as the number of new units added to the market during 150,000 a given time period – has grown at a strong 7.6% CAGR from 2005

 Additionally, absorption rate in the apartment sector has steadily increased 100,000 showing that there remains sufficient unit demand to support the increasing number of buildings being completed 50,000

- 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Sources: 2015 American Community Survey, 1-Year Estimates, US Census Bureau (updated October 2016), Reis Research Copyright © 2018 Shea & Company, LLC 9 Real Estate Market Overview Market Opportunity: Single-Family Real Estate Sector

Single-family housing market is recovering after 2008 market crash – new home sales are up 6 straight years and housing starts have been increasing, despite the fact that home ownership rates are down overall since 2007 Single-Family Real Estate Market Trends Single-Family Home Sales by Unit Count (millions) & Case-Shiller Index

New Single-Family Home Sales & Case-Shiller Index Up 6 Straight Years 6.0  Single-family home sales were over 5 million in 2016, up 4.9% from the 5.0 previous year and 34% from 2010, the post recession low

 Similarly, the Case Shiller Index – a measure of single-family resale 4.0 prices over time – has been up in each of the past 6 years, and in November 2017 was up 43% from November 2011 3.0  Housing construction also picked up in 2016, with single-family starts n/a increasing from 715K units in 2015 to 782K units in 2016 2.0  Sales to owner occupants with mortgages rose by 7% indicating that ‘traditional’ home sales are growing, and first-time homebuyers made up 1.0 35% of sales in 2016, an increase of 3% from the previous year Increased Demand for Rental Units 0.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017  While home purchases are increasing, the homeownership rate decreased 12 consecutive years as of 2016 and ticked back up slightly in 2017 Existing New Case Shiller  This indicates that (i) more individuals are opting to / needing to rent rather than buy homes / apartments; and (ii) a portion of the single- Homeownership Rate family housing sales are driven by investors who are buying properties to rent rather than occupy –approximately 37% of all homes sold in the 69% US in 2016 were bought for investment purposes 68%  The decline in homeownership for middle-aged and older adults has been largely due to foreclosures, while the decline in homeownership 67% among younger households has been a result of weak income growth, delayed marriage and childbearing and various other factors 66%  Single-family rentals are growing at a faster pace than any other portion of the housing market – from 2010 to 2016, single-family rental households 65% increased by almost 2 million and within the past 3 years, have increased 64% 30%  Investors with less than 10 units, own 87% of all single-family rentals, 63% with those with only one rental owning 45% 62%  Approximately 2% of single-family rental units are owned by institutional investors, which pales in comparison to the more than 55% of 61% multifamily units owned by the same group 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Sources: Harvard JCHS, S&P CoreLogic, US Census Bureau (updated December 2017) Copyright © 2018 Shea & Company, LLC 10 Agenda

 Shea & Company Firm Overview

 Real Estate Market Overview

 Real Estate Software Market Trends

 Real Estate Software Landscape

 Financial Markets Perspective

 Appendix: Subsector ‘Deep-Dive’ Taxonomies

Tenant, homeowner and facility lifecycles span multiple different constituencies and drive the need for software solutions to manage the complex process

Multifamily Tenant Lifecycle

Searching Leasing Occupancy

Marketing Software Screening (background & credit) Property Management Web Portals Revenue Management Utility Billing Listing Services (ILS) Leasing & Renewals Payments CRM / Lead Management Renters Insurance Resident Surveys Communications Platforms

Single-Family Homeowner Lifecycle

Searching Buying Occupancy

Marketing Software Transaction Management Short Term Rentals Listing Services (ILS) Commission Management Insurance CRM / Lead Management Mortgage & Lending Virtual Showings Investing & Crowdfunding

Facility Lifecycle

Construction Management & Maintenance

Design Lease Management Capital Planning Space Management Facility Design Maintenance Management Construction Sustainability Management

Back Office Solutions

Accounting Revenue Management Spend Management Investment Management

Data & Information Sources

Underlying Industry Trends Resulting Effect

Improving property fundamentals Strong fundamentals Robust recovery of real estate market in commercial, MF residential and increasing number of single family. Rental rates and occupancy rates, highest since 1997 and properties that need new single-family home sales are up 99% since the low in 2011 to be managed & Shifting preference towards encourage renting from owning investment Residential rental unit construction highest since 2004

Heightened awareness of the value of property management software solutions in real estate Efficiency demands Software solutions driving efficiency and readily apparent ROI – SaaS driving increasing solutions eliminate the large upfront investment cost for real estate real estate software operators penetration Increased demand for more sophisticated financial solutions Need to reduce labor and administrative costs, while increasing productivity as market consolidates Market leaders actively consolidating Demand for integrated suite solutions to build out comprehensive suite Property managers and investors increasingly want one “system of solutions record” for all data, with software solutions that span the full tenant, building and investor lifecycle

I. Digitization of Real Estate Sector

 Real estate sector has generally been slow to adopt technology – largely a paper and spreadsheet based industry with a long tail of legacy solutions

II. Fragmented Market – Consolidation Producing Suite Solutions

 The market is now served by a large number of point solutions that address specific constituencies and pain points

 A number of vendors have been aggressively consolidating the sector in an effort to build out comprehensive solution suites

III. Proprietary and Siloed Data

 Vast quantities of data, however data is largely siloed in a myriad of point solutions

 Lack of industry standard data format which makes data exchange / integration difficult

IV. Adoption of Mobile Solutions

 Demand for mobile-enabled products is driving the adoption of more modern solutions

V. Individual / Owner Empowerment

 Listing sites provide tools for discovery and research when buying, and short term rental platforms have allowed individual property owners to rent directly to other individuals without having to go through an agency

 The emergence of investment/crowdfunding platforms for individuals provide opportunity to invest in properties once out of the realm of possibility

Historical inhibitors to technology adoption are being broken down as the efficiency gains and improvement to customer experience from technology adoption, outweigh the investment costs and risk of implementing new systems

Costly to adopt new Digitization enables investors, property technology – large up front managers and operators to increase investment and long Highly manual processes with implementation cycles efficiency and offer a better customer collection / entry and experience information verification Dependency on paper & spreadsheets in daily operations Entrenched in highly relational industry with multiple intermediary levels “The Adoption of Players incentivized to withhold data from the public Technology” domain Lack of industry standards and centralized marketplaces to share uniform data Numerous disconnected point solutions, requiring specialized professionals Fluctuating boom-bust cycles inhibit consistent investment

II. Fragmented Commercial & Multifamily Market Key: MF & Commercial Property Management Suites: MF Focused

Commercial-Focused Marketing & Sourcing (MF) Marketing & Sourcing (CM) Tenant Management (MF) Tenant Management (CM) Facilities Management & Integrated Workplace Management CRM / Lead Management Leasing & Renewals Suites

ILS Utility Billing Lease Management

Marketing Payment Space Management

Screening Vertical-Specific Solutions Maintenance Management

Sustainability & Energy Management

Revenue Management Financials Investment Management

Back Office Back

& &

BIM

Data &

Appraisal

Analytics Lending

Suites Design Bid Management Accounting & Job Costing Construction

= Acquired / Operating Subsidiary Copyright © 2018 Shea & Company, LLC 16 Leaders determined by employment counts and amounts of financing raised Real Estate Software Market Trends II. Fragmented Single-Family Market continued

Brokerage Management

CRM / Lead Management ILS Software-Enabled Brokerage Agent Matching Marketing

& Sourcing & Marketing

Showing Management Virtual Showings Showings

Transaction Management Accounting / Commission Management Suites

Office

& Closing &

Back

Title

Lending

wdfunding

Mortgage & & Mortgage

Investing/Cro

& &

Data

Rentals

Analytics Insurance

= Acquired / Operating Subsidiary Copyright © 2018 Shea & Company, LLC 17 Leaders determined by employment counts and amounts of financing raised Real Estate Software Market Trends II. Consolidation Producing Suite Solutions continued

(Total: 13) (Total: 8) (Total: 13) (Total: 18) (Total: 17) (Total: 11) (Total: 14) LoopNet Compliance Depot 2011 Siterra Workspeed Mesta Konsern RealTown.com Postlets $763MM $22MM Virtual Premise SeniorLiving.Net Tekla Diverse Solutions 360Facility Bostonpost $17MM $5MM $475MM $8MM MyNewPlace VaultWare AceCad $74MM Rentjuice 2012 Vigilan ALMSA Corporation $40MM Evoco Plancal $5MM Lead Tracking Buyfolio RentMineOnline SketchUp Solutions $6MM Mortech ista $17MM WinEstimator HotPads 2013 Active Building $16MM Expesite Inc. Vico Software Pierce-Eislen $14MM NMD Interactive $50MM CSC

MAYBIM Apartments.com Bookt 2014 SiteFM Centershift Retsly $585MM $7MM Manhattan Software Notivus Multifamily Trulia Four Rivers Software Enerliance $4MM $2500MM Gehry Technologies Kigo VFA $32MM Amtech Group 2015 Apartment Finder ICIM Corporation Dotloop Cougar Software Optimus EMR $170MM $49MM Linear Project GMBH $108MM

Vianova Systems Mainspring NWP Immobilien Naked Apartments Integratec 2016 Healthcare $68MM Management $13MM Sefaira AssetEye Bridge Interactive BIGCenter CallMaX Proliphix $5MM Group Building Data Verisae eSupply Systems ResidentCheck $7MM Westside Rentals Axiometrics (assets) 2017 Lucernex $14MM RAM WUN Systems RealNet Solutions Landwatch.com $75MM LRO BluCielo $31MM New Home Feed Qube $290MM Screening Pros AUM $3MM Tenmast $70MM ForRent.com On-Site e-Builder 2018 Kykloud $385MM HAB $250MM $485MM PEX eCondoSystems $6MM MDA Property Systems

Sources: Company releases Notes: Relevant Acquisitions in the past eight years Property Management Facilities Management Internet Listing Service Construction Copyright © 2018 Shea & Company, LLC 18 Real Estate Software Market Trends III. Proprietary and Siloed Data The Real Estate ecosystem includes diverse industry participants and a myriad of data sources, including structured and unstructured content (email, lease contracts, pricing data, spreadsheets, digital images) – data is generally siloed / proprietary, making it difficult for the various constituencies within Real Estate (investors, owners, operators, property managers) to unlock the full value of the data

Siloed Data Remains a Challenge

Accruals The myriad of point solutions and data sources often lack integrated functionality Tax CRM causing the sector to remain inefficient Leads Investor Reporting HCM  The Real Estate market was historically highly fragmented and regionally Census organized; software emerged to help streamline basic accounting and record keeping Back Office Marketing Yield Floor Plans ERP ILS  Driven by the consolidation of the real estate market beginning in the 90s, real estate portfolios with material assets under management Accounting Pricing / emerged (some of which were accountable to numerous shareholders); Comps this created the need for more sophisticated systems with centralized databases so business processes could be automated and optimized at scale and the increased complexity could be easily managed Real Estate Ecosystem  Increasing market demand has grown beyond basic accounting and record keeping functions to areas such as applicant screening,

marketing, billing and analytics for pricing and yield optimization – Utilities Utilization

this has driven the creation of additional point solutions with their Space own data silos Specs  Despite increasing market demands for integrated suite solutions, Facilities Tenant Vacancy Management Contracts Management constituencies within the real estate ecosystem today still rely upon Lease point solutions and numerous databases Accounting Property Lease  Processes are managed by separate manual or disaggregated Data Renewals Capital applications Projects Pricing  Lack of data sharing and workflow creates redundancies and data

integrity issues Permitting Regulatory

 Approximately 75% of CRE firms are operating with data silos by using Construction non-integrated software solutions such as spreadsheets and point solutions Zoning Cost  Roughly 75% of the solutions used across the functions of

Accounting, Investment Management, Budgeting and Valuation Materials Labor Analysis consist of spreadsheets and single-purpose software

Mobility needs of various constituents in the Real Estate space are driving a technology refresh as providers look to mobile-enable legacy solutions

 Prospects want the ability to search for listings, contact agents for showings and apply for apartments on their mobile devices  Tenants are demanding “consumer quality” applications and web portals to interact with their property manager / landlord, including functionality for rent payment, work request and general inquiry Tenants / Buyers

 Property managers and real estate agents alike spend a large amount of time in the field, away form their desk – almost one third of real estate agents spend more time on location and at showings than in their office, and roughly half spend at least an hour a day traveling  These property professionals need the ability to do their jobs from anywhere and on any device Property Managers & Agents

 Maintenance workers are regularly in the field on maintenance calls; the ability to receive, review and close work orders all from a mobile device (without needing to return to the office) makes workers more efficient

Facilities Management

Tools and data services have emerged to empower the individual homeowner – homeowners are no longer completely beholden to real estate agents for data, listing services, sales and rentals. In parallel, platforms have emerged to allow individuals to invest in real estate properties through crowdfunding

Owner tools

Discovery, Search and Data

Purchasing & Financing

Renting

Individual Investor Tools

Investment / Crowdfunding

 Shea & Company Firm Overview

 Real Estate Market Overview

 Real Estate Software Market Trends

 Real Estate Software Vendor Landscape

 Financial Markets Perspective

 Appendix: Subsector ‘Deep-Dive’ Taxonomies

Property Management Suites:

Marketing & Sourcing Tenant Management Facilities Management & Integrated Workplace Management CRM / Lead Management: Customer management and lead Leasing & Renewals: Solutions for the leasing process including management solutions simplified onboarding, document management and e- Suites: End-to-end solutions for the management of facilities signatures and workplace, including the management of capital projects, leases, space, maintenance and energy usage

ILS: Online database solutions listing commercial and Utility Billing: Billing and customer information management for multifamily properties available for rent electricity, gas and water utilities Lease Management: Lease administration allowing property owners and managers to track all lease aspects in one system

Marketing: Customer outreach and reputation management. Payment: Online payment and rent collection services Space Management: Layout and spacing of properties, including Features include rating and review management as well as real-time floor plan views, facility management reports and more targeted email and social media outreach move planning support

Screening: Automated assessments of potential tenants Vertical-Specific Solutions: Focused tenant management Maintenance Management: Scheduling, tracking and reporting including criminal background checks and credit and financial solutions to verticals such as military, student, senior and tools for facilities and equipment focused on reducing reports affordable housing breakdowns and repair costs

Sustainability & Energy Management: Energy tracking and Revenue Management: Price Financials: Comprehensive accounting and reporting solutions Investment Management: End- management solutions, allowing users to reduce costs and optimization and revenue for building finances including automated bill payments and to-end portfolio management promote conservation forecasting solutions AP automation solutions ranging from property valuation to

benchmarking and analysis Back Office Back

Data on properties, land, demographics, building layouts 3D model-based planning, design, construction and building Solutions to facilitate the lending process including and photographs, as well as high level market trends and management solutions & origination, appraisal, servicing, compliance and diligence

analysis management solutions

BIM

Data &

Appraisal

Analytics Lending

Suites: End-to-end solutions for the management of Design: Solutions for project design and planning, Bid Management: Platform to streamline bid project Accounting & Job Costing: Solutions to collect and construction projects, including bid management, including budgeting tools to plan and track costs data, documents and subcontractor track job costs, revenue, labor, equipment hours scheduling and budgeting, document management and modeling and architectural tools communications and materials

and accounting and billing Construction

ILS Utility Billing Lease Management

Marketing Payment Space Management

Screening Vertical-Specific Solutions Maintenance Management

Sustainability & Energy Management

Revenue Management Financials Investment Management

Back Office Back

& &

BIM

Data &

Appraisal

Analytics Lending

Suites Design Bid Management Accounting & Job Costing Construction

= Acquired / Operating Subsidiary Copyright © 2018 Shea & Company, LLC 24 Leaders determined by employment counts and amounts of financing raised Real Estate Software Vendor Landscape Single-Family Taxonomy of Solutions

Brokerage Management

CRM / Lead Management: Customer ILS: Online database solutions listing Software-Enabled Brokerage: Online Agent Matching: Online platform Marketing: Customer outreach and management and lead management single-family properties available for platform facilitating the entire home connecting home sellers with potential reputation management. Features solutions rent buying/selling process from listing to real estate agents include rating and review management agent matching to showings and the as well as more targeted email and

& Sourcing & eventual sale social media outreach Marketing

Showing Management: Virtual Showings: Interactive 3D Scheduling and tracking, and VR showing solutions information sharing and

feedback gathering solutions Showings

Transaction Management: Form creation, Accounting / Commission Management: Suites: Comprehensive suite of back Title and closing management solutions e-sign and various other documentation Accounting solutions including office solutions ranging from including document management, and tracking solutions for management brokerage / real estate focused transaction management to accounting milestone tracking and reporting, of the transaction process and related functionalities such as commission among others

Office paperwork, tasks and requirements splits and disbursements

& Closing &

Back Title

Wide range of mortgage and lending solutions for both the individual and provider including application and process Platforms enabling individuals to participate, with others

management solutions as well as marketplace and listing platforms or in isolation, in property investments

Lending

Investing/ Investing/

Mortgage & & Mortgage Crowdfunding

Data on properties, land, demographics, building layouts Platforms enabling individual property owners to rent Online homeowner’s and renter’s insurance solutions

& & and photographs, as well as high level market trends and directly to other individuals without having to go through

analysis an agency

Data

Rentals

Analytics Insurance

Brokerage Management

CRM / Lead Management ILS Software-Enabled Brokerage Agent Matching Marketing

& Sourcing & Marketing

Showing Management Virtual Showings Showings

Transaction Management Accounting / Commission Management Suites

Office

& Closing &

Back

Title

/ /

Lending

Investing

Mortgage & & Mortgage

Crowdfunding

& &

Data

Rentals

Analytics Insurance

 Shea & Company Firm Overview

 Real Estate Market Overview

 Real Estate Software Market Trends

 Real Estate Software Landscape

 Financial Markets Perspective

 Appendix: Subsector ‘Deep-Dive’ Taxonomies

Public real estate software vendors have outperformed both the market as well as enterprise software vendors from a relative performance and valuation point of view

Representative Public Real Estate Software Vendors ($ millions)

Market Cap $1,085 $1,404 $3,705 $10,548 $3,055 $3,717 Enterprise Value $1,152 $1,361 $5,353 $10,230 $2,689 $4,006 LTM Price Performance 23% 89% 22% 55% 4% 82% 3-Year Price Performance 66% n/a 39% 77% 120% 111% LTM Revenue (EV Multiple) $375 (3.1x) $142 (9.6x) $1,848 (2.9x) $965 (10.6x) $413 (6.5x) $671 (6.0x) LTM EBITDA (EV Multiple) $69 (16.7x) $27 (nm) $474 (11.3x) $288 (35.5x) $119 (22.5x) $162 (24.8x) IPO Date 05/11/05 06/25/15 01/10/03 07/01/98 04/14/11 08/11/10

3 Year Relative Performance Public Real Estate Software vs. Enterprise Software EV/Revenue Multiples

70% Real Estate Software 7.0x Real Estate Software Enteprise Software Enterprise Software 60% NASDAQ 61% 6.0x 50% 5.7x 44% 5.0x 40% 42% 4.5x 30% 4.0x

20% 3.0x 10% 2.0x % 1.0x -10%

-20% 0.0x Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17

Sources: Company releases

Real Estate Software M&A ($ millions)

70 $3,000 60 60 $2,500

50 46 $2,000

40 37 $1,500 29 30 24 24 23 $1,000 20 $1,054 $947 $783 $690 $500 10 $597 $622 $452 0 $- 2010 2011 2012 2013 2014 2015 2016

Count Aggregate Deal Value ($m)

Notable Real Estate Software Transactions ($ millions)

Acquirer

Target

Date 02/02/18 12/17/17 10/04/17 08/02/17 05/23/17 02/27/17 10/31/16 07/26/16 05/18/16 04/28/16

Enterprise Value $485 $1,200 n/a $250 n/a $290 $632 $229 n/a $663

EV / LTM Rev 9.2x 9.7x n/a 5.0x n/a 8.1x n/a n/a n/a 7.2x

EV / LTM EBITDA n/a nm n/a 27.8x n/a 29.0x n/a n/a n/a nm

Sources: Company releases Note: EV / Revenue multiples greater that 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful Copyright © 2018 Shea & Company, LLC 29 Financial Markets Perspective Real Estate Software: Capital Raises

Real Estate Software Capital Raises ($ millions)

$4,000 300 193% 264 269 $3,500 246 250 $2,790 $3,000 180 $2,412 200 $2,500

$2,000 150

$1,500 90 $999 100 68 $1,000 42 $379 50 $500 $75 $166 $178 $- 0 2010 2011 2012 2013 2014 2015 2016 Deal Count Aggregate Amount Raised ($m)

Notable Real Estate Software Capital Raises ($ millions)

Target

Date 01/18/18 11/15/17 10/06/17 08/15/17 08/11/17 06/08/17 06/06/17 05/01/17 03/24/17 03/07/17

Amount Raised $42 $21 $36 $40 $22 $300 $65 $31 $50 $12

Post-Money Valuation $292 $70 n/a $180 $86 $1,400 $800 n/a $202 $89

Sources: Company releases

($ millions)

Consideration Equity Enterprise EV / Revenue EV / EBITDA EV / EBITDA

Announced Target Acquirer % Cash % Stock Value Value Current yr Forward yr Current yr Forward yr

02/02/18 e-Builder Trimble 100.0% 0.0% - $485 9.2x - - - 0 02/01/18 Circlepix Inside Real Estate ------0 02/01/18 Real Estate Digital Constellation Software ------12/17/17 Aconex Oracle 100.0% 0.0% - $1,200 7.9x 6.7x nm - 0 12/14/17 BrokerSumo Inside Real Estate ------0 12/05/17 4Clicks Gordian ------11/07/17 BlueCielo ECM Solutions Accruent ------11/05/17 Mortech Zillow ------11/01/17 WUN Systems Yardi Systems ------10/23/17 PEX Software RealPage 100.0% 0.0% - $6 - - - - 10/17/17 eCondoSystems MRI Software ------10/16/17 HAB MRI Software ------10/10/17 Tenmast Software MRI Software ------10/04/17 Qube Global Software MRI Software ------10/02/17 SkySlope Fidelity National Financial ------09/20/17 Real Asset Management MRI Software ------09/12/17 Dominion Enterprises (ForRent) CoStar Group 90.9% 9.1% - $385 3.9x - 25.7x - 09/08/17 New Home Feed Zillow ------09/07/17 OJO Labs Realogy ------08/31/17 Velocify Ellie Mae 100.0% 0.0% - $128 - - - - 08/09/17 Lucernex Accruent ------0 08/02/17 On-Site Manager RealPage 100.0% 0.0% - $250 5.0x - 27.8x - 08/02/17 Ten-X Thomas H. Lee Partners ------08/01/17 PCLender Fiserv ------07/31/17 Service Works Group Addnode Group 100.0% 0.0% - $16 2.1x - 10.4x - 0 07/25/17 Real Geeks Fidelity National Financial ------07/23/17 Screening Pros CoStar Group ------0 07/16/17 Retsly Zillow ------07/12/17 Dexter + Chaney Viewpoint Construction Software ------06/28/17 PayLease Vista Equity Partners ------06/19/17 American Utility Management RealPage - - - $70 2.3x - - - 06/06/17 Mercury Network CoreLogic ------06/01/17 Propertybase Boston Logic Technology Partners ------05/23/17 MRI Software TA Associates ------04/27/17 LandWatch CoStar Group 100.0% 0.0% - $31 - - - - 04/01/17 MPulse Maintenance JDM Technology Group ------0 03/03/17 Mark Systems ECI Software ------03/01/17 EstateMaster Altus Group ------##

(continued) Sources: Company releases Note: EV / Revenue multiples greater that 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful Copyright © 2018 Shea & Company, LLC 31 Financial Markets Perspective Real Estate Software M&A Transactions continued

($ millions)

Consideration Equity Enterprise EV / Revenue EV / EBITDA EV / EBITDA

Announced Target Acquirer % Cash % Stock Value Value Current yr Forward yr Current yr Forward yr

02/27/17 Rainmaker Group (LRO Assets) RealPage 100.0% 0.0% - $290 8.1x - 29.0x - 0 02/06/17 ResidentCheck MRI Software ------0 - 0 02/01/17 Westside Rentals CoStar Group 100.0% 0.0% - $14 - - - - 01/27/17 Cassiopae SAS Sopra Steria Group ------0 01/24/17 Axiometrics (assets) RealPage 100.0% 0.0% - $75 5.4x - - - 0 01/12/17 Realnet Zillow ------## 12/20/16 dRofus Nemetschek 100.0% 0.0% - $26 5.4x - - - 0 11/29/16 Hightower View the Space ------11/07/16 Building Data Trimble Navigation ------11/07/16 FacilityONE Rainmaker Partners ------0 10/31/16 ConstructConnect Roper Technologies - - - $632 - 4.2x - - 10/04/16 CallMax MRI Software ------09/23/16 eMaint Fluke Corporation ------0 09/22/16 Verisae Accruent 100.0% 0.0% ------0 09/15/16 BIGCenter Accruent ------0 08/30/16 Concerto Software Bellrock Group ------0 08/02/16 Bridge Interactive Group Zillow ------07/26/16 Commissions FNF Group - - - $229 - - - - 06/29/16 Axxerion Facility Services Main Capital Partners ------0 06/22/16 Motivity Solutions Black Knight Financial Services ------06/16/16 eSupply Systems (assets) RealPage - - - $7 - - - - 06/13/16 Proliphix Yardi Systems ------06/03/16 Integratec MRI Software ------05/18/16 Accruent Genstar Capital ------0 05/17/16 AssetEye RealPage - - - $5 - - - - 0 04/28/16 Textura Oracle 100.0% 0.0% - $663 6.1x 5.0x 30.6x 20.7x 04/19/16 Property Software Group Zoopla Property Group 100.0% 0.0% - $106 4.7x - 14.5x - 04/14/16 Beims Zuuse ------0 04/08/16 Mainspring Healthcare Solutions Accruent ------03/17/16 CONJECT Holding Aconex 100.0% 0.0% - $72 2.7x - nm - ## 02/23/16 NWP RealPage 100.0% 0.0% $70 $68 1.2x - 11.3x - 0 02/08/16 Sefaira Trimble Navigation ------02/04/16 FieldView Solutions Nlyte Software ------0 02/03/16 Big Sky ServiceChannel.com ------0 02/03/16 Naked Apartments Zillow 100.0% 0.0% - $13 - - - - ## 02/02/16 Immobilien Yardi Systems ------02/01/16 FacilitySource Warburg Pincus ------0 02/01/16 Kypera Holdings Castleton Technology 100.0% 0.0% $7 $5 1.4x - 8.2x - ##

(continued) Sources: Company releases Note: EV / Revenue multiples greater that 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful Copyright © 2018 Shea & Company, LLC 32 Financial Markets Perspective Real Estate Software M&A Transactions continued

($ millions)

Consideration Equity Enterprise EV / Revenue EV / EBITDA EV / EBITDA

Announced Target Acquirer % Cash % Stock Value Value Current yr Forward yr Current yr Forward yr

01/07/16 AssetPoint Aptean ------0 12/17/15 FNC CoreLogic Systems 100.0% 0.0% - $475 - - - 13.5x ## 12/02/15 Corrigo Jones Lang LaSalle ------0 11/04/15 HomeAway Expedia 26.5% 73.5% $3,900 $2,980 6.1x - 30.5x - 0 11/02/15 iProperty Group REA Group 100.0% 0.0% - $390 19.7x - - - ## 09/03/15 Market Leader Constellation Software 100.0% 0.0% - $23 - - - - ## 09/02/15 Optimus EMR Yardi Systems ------09/02/15 Vianova Trimble Navigation ------08/17/15 eRPortal Paragus Strategic IT ------0 08/17/15 HomeBuy360 Housing.com - - - $2 - - - - ## 07/22/15 DotLoop Zillow 100.0% 0.0% - $108 - - - - ## 07/01/15 Datamann Vitec Software Group 100.0% 0.0% - $7 - - 9.4x - ## 06/03/15 ICIM (assets) RealPage - - - $49 4.3x - 20.4x - ## 06/03/15 MRI Software GI Partners ------06/01/15 Brixx Solutions Castleton Technology - - - $8 - - - - ## 06/01/15 Impact Applications Castleton Technology - - - $8 - - - - ## 04/29/15 Apartment Finder CoStar Group 100.0% 0.0% - $170 2.2x - 7.4x - ## 03/25/15 TheWorxHub Dude Solutions ------0 03/06/15 Ocius PayLease 100.0% 0.0% ------0 03/05/15 Linear project Trimble Navigation ------03/01/15 Anjuke 58.com 60.0% 40.0% - $267 - - - - ## 02/19/15 Insite Software (assets) Epicor ------02/03/15 Cougar Software MRI Software ------01/13/15 eFront Bridgepoint ------12/22/14 OneMove Technologies (assets) Information Services - - - $9 - - - - 12/18/14 ExactBid Spectrum Equity ------12/11/14 Yeoman & Company (assets) iLOOKABOUT 0.0% 100.0% - $1 - - - - 12/10/14 Valuation Vision (assets) Zaio 34.0% 66.0% - $2 - - - - 11/24/14 Owners Advantage Altisource Portfolio Solutions - - - $20 3.4x - 10.0x - 11/17/14 VFA Accruent ------11/11/14 Amtech Group Trimble Navigation ------11/03/14 CoSine Holdings SPH Interactive 0.0% 100.0% $39 $23 - - - - 10/20/14 Voyanta Altus Group - - $9 $7 - - - - 09/30/14 Move News Corporation 100.0% 0.0% - $950 4.0x - 25.6x - ## 09/08/14 Gehry Technologies Trimble Navigation ------09/04/14 Point2 (assets) Move 100.0% 0.0% - $5 - - - - ## 08/25/14 Four Rivers Software Accruent ------0 08/25/14 SiteFM Accruent ------0

(continued) Sources: Company releases Note: EV / Revenue multiples greater that 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful Copyright © 2018 Shea & Company, LLC 33 Financial Markets Perspective Real Estate Software M&A Transactions continued

($ millions)

Consideration Equity Enterprise EV / Revenue EV / EBITDA EV / EBITDA

Announced Target Acquirer % Cash % Stock Value Value Current yr Forward yr Current yr Forward yr

08/19/14 Manhattan Software Trimble Navigation ------0 08/11/14 Roomtag Asure 55.0% 0.0% - $2 - - - - 0 07/28/14 Trulia Zillow 0.0% 100.0% $2,500 $2,509 14.4x - - - ## 07/15/14 ZipRealty Realogy Holdings 100.0% 0.0% $166 $155 2.1x - - - ## 06/16/14 Kigo RealPage 100.0% 0.0% - $32 - - - - ## 06/10/14 ViryaNet Ltd. Verisae 100.0% 0.0% - $19 - - - - 0 06/03/14 MAYBIM Trimble Navigation ------05/23/14 Keystone Civica ------0 05/14/14 Notivus Multi-Family (assets) RealPage 100.0% 0.0% - $4 - - - - ## 05/06/14 Enerliance Yardi Systems ------04/22/14 Coaxis Bain Capital ------04/02/14 Lovely RentPath 100.0% 0.0% - $13 - - - - ## 03/05/14 Glad to Have You HomeAway 100.0% 0.0% - $17 - - - - ## 03/03/14 Centershift Yardi Systems ------03/03/14 Apartments.com CoStar Group 100.0% 0.0% - $585 6.8x - 22.9x - 02/11/14 Bookt RealPage 100.0% 0.0% - $7 - - - - ## 02/06/14 Interthinx First American Financial 100.0% 0.0% - $155 1.4x - - - ## 11/25/13 Accruent TA Associates ------11/21/13 CSC Trimble Navigation ------11/14/13 LATISTA Technologies Textura 100.0% 0.0% - $35 - - - - ## 10/31/13 ARG Interactive Ellie Mae 100.0% 0.0% - $5 - - - - ## 10/29/13 Active Building RealPage ------10/16/13 FiveStreet Move 100.0% 0.0% - $5 - - - - ## 10/08/13 Hara Verisae ------0 08/19/13 NMD Interactive Zillow ------## 08/19/13 WorkOasis Verisae ------0 07/03/13 Pierce-Eislen Yardi Systems ------## 07/01/13 Decision Insight Information (assets) CoreLogic Systems - - - $661 6.0x - 12.2x - ## 05/29/13 JouleX Cisco Systems 100.0% 0.0% - $107 - - - - 0 05/28/13 Lender Processing Services Fidelity National Financial 50.0% 50.0% $2,900 $3,880 2.0x - 11.5x - 0 05/08/13 Market Leader Trulia 46.1% 53.9% $355 $333 5.8x 4.4x nm 24.6x 01/18/13 CDS Business Mapping CoreLogic Systems 100.0% 0.0% - $78 - - - - ## 01/09/13 Idisis Business Resource Group ------0 01/07/13 Expesite Accruent ------0 12/07/12 Evoco Accruent ------0 11/26/12 HotPads Zillow ------## 11/02/12 Vico Trimble Navigation ------10/31/12 Buyfolio Zillow ------##

(continued) Sources: Company releases Note: EV / Revenue multiples greater that 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful Copyright © 2018 Shea & Company, LLC 34 Financial Markets Perspective Real Estate Software M&A Transactions continued

($ millions)

Consideration Equity Enterprise EV / Revenue EV / EBITDA EV / EBITDA

Announced Target Acquirer % Cash % Stock Value Value Current yr Forward yr Current yr Forward yr

10/19/12 FMx Ltd. Idox plc 100.0% 0.0% $9 $9 - - - - 0 08/26/12 SketchUp (assets) Trimble Navigation ------0 08/08/12 FAME Facility Software Solutions Ameresco 100.0% 0.0% $4 $4 - - - - 0 07/23/12 RentMineOnline RealPage - - - $6 4.0x - - - ## 07/19/12 Skire Oracle ------0 07/05/12 PeopleCube Asure Software 71.0% 8.0% $14 $14 1.4x - 37.7x - 0 07/02/12 WinEstimator Trimble Navigation ------06/08/12 Vela Systems Autodesk 100.0% 0.0% - $76 - - - - ## 05/17/12 ista (assets) Yardi Systems ------05/02/12 RentJuice Zillow 100.0% 0.0% - $40 - - - - 04/03/12 Lead Tracking Solutions Yardi Systems ------03/22/12 Rent.com Primedia ------## 01/12/12 Plancal Trimble Navigation ------01/05/12 ALMSA Corporation Yardi Systems ------## 01/04/12 Vigilan Incorporated RealPage - - - $5 2.2x - - - ## 12/21/11 Realty DataTrust MRI Software ------0 12/15/11 360Facility Accruent ------0 11/02/11 Diverse Solutions Zillow - - - $8 - - - - ## 10/26/11 Virtual Premise CoStar Group 100.0% 0.0% - $17 - - - - ## 10/03/11 Bostonpost Technology MRI Software ------## 09/23/11 eFront Francisco Partners 100.0% 0.0% - $56 1.5x - - - ## 08/22/11 MyNewPlace RealPage 85.0% 15.0% - $74 4.6x - - - ## 08/16/11 Del Mar DataTrac Ellie Mae 100.0% 0.0% $25 $24 2.7x - nm - 0 07/29/11 SeniorLiving.Net RealPage 100.0% 0.0% - $5 - - - - ## 06/27/11 Workspeed Management MRI Software ------0 05/16/11 Primedia TPG Capital 100.0% 0.0% - $516 2.3x - 9.3x - ## 05/09/11 Tekla Corporation Trimble Navigation 100.0% 0.0% $489 $475 4.9x 4.2x 20.4x 15.0x 05/06/11 Compliance Depot (assets) RealPage 100.0% 0.0% $22 $22 4.1x - - - ## 04/27/11 LoopNet CoStar Group 85.0% 15.0% $860 $763 9.4x 7.6x 34.8x 24.2x ## 04/12/11 ARGUS Software Altus Group - - - $130 5.3x - 15.1x - 0 03/24/11 Mortgagebot Davis + Henderson Corporation 100.0% 0.0% - $232 6.2x - 11.5x - ## 03/22/11 TRIRIGA IBM 100.0% 0.0% - $108 - - - - 0 03/02/11 Siterra Accruent ------0 01/11/11 RP Data Pty CoreLogic Systems 100.0% 0.0% - $193 3.9x - - 6.2x ##

 Shea & Company Firm Overview

 Real Estate Market Overview

 Real Estate Software Market Trends

 Real Estate Software Landscape

 Financial Markets Perspective

 Appendix: Subsector ‘Deep-Dive’ Taxonomies

Core Features Takeoff Estimating Bid Management Project Scheduling Project Management

Program & Portfolio Mgmt Accounting & Job Costing Customer Management Field Service Management

Copyright © 2018 Shea & Company, LLC 37 Leaders determined by employment counts and amounts of financing raised Real Estate Software Vendor Landscape Subsector Deep-Dive: Marketing & Sourcing Software Taxonomy of Solutions = Acquired / Operating Subsidiary

Listing Services Marketing

CRM / Lead Management Websites

IWMS Suites

Capital Project Management Maintenance Management

Real Estate Portfolio Management & Lease Accounting

Space & Workplace Management

Sustainability & Energy Management

Building Information Modeling

IWMS Suites

Capital Project Management Maintenance Management

Real Estate Portfolio Management & Lease Accounting

Space & Workplace Management

Sustainability & Energy Management

Building Information Modeling

Boston San Francisco

Superior Outcomes.

Shea & Company, LLC provides independent financial advice on mergers, acquisitions, financial restructurings, private capital raising and similar corporate finance matters. Shea & Company is not a retail broker- dealer. The firm does not conduct underwriting activities, provide research or analyst reports or solicit or carry accounts for, or offer or sell securities products to retail customers. Shea & Company is regulated by the Financial Industry Regulatory Authority, Inc. (”FINRA”) as a FINRA Member Firm. The information and services provided in this presentation are not provided to and may not be used by any person or entity in any jurisdiction where the provision or use thereof would be contrary to applicable laws, rules or regulations of any governmental authority or regulatory or self-regulatory organization or where Shea & Company is not authorized to provide such information or services.