Financial Services M&A Report

HYDE PARK CAPITAL Integrity | Expertise | Results Investment Banking | Mergers & Acquisitions | Capital Raising

Overview

Nationally recognized investment bank founded in 2000

Over 300 transactions completed, totaling more than $10 billion in transaction value

Extensive relationships with leading institutional lenders, PE investors, and strategic buyers Financial Services

Proven ability to source quality buyers and maximize deal value M&A Report

Industry Expertise Q4 2018 . Technology . Healthcare

. Business Services . Industrial Services

. Financial Services . Consumer

Transaction Size

. $25MM - $500MM

Investment Banking Services

Mergers & acquisitions, recapitalizations, and management buyouts

Capital raising of equity, mezzanine, and senior debt capital

Financial advisory, analytical support, and fairness opinions

Comprehensive and targeted sell-side marketing efforts

Hyde Park Capital Advisors, LLC 701 N. Franklin Street Tampa, FL 33602 Tel: 813-383-0202 www.hydeparkcapital.com

Member FINRA/SIPC Capital Markets Overview – Financial Services

Commentary Select Public Offerings – Financial Services (Q4 2018)

Transaction Offer Date Issuer Industry Sector Transaction Type Value ($MM)

 The Dow Jones U.S. Financial Services Index decreased 7.9% during 10/04/18 Collier Creek Holdings Specialty Finance IPO $400

2018, lagging behind the S&P 500 which decreased 7.0%. 11/15/18 FinTech Acquisition Corp. III Specialty Finance IPO $300

12/12/18 CF Finance Acquisition Corp. Specialty Finance IPO $250  Notable initial public offerings in the Financial Services industry during the quarter included Collier Creek Holdings (NYSE:CCH), 10/15/18 Graf Industrial Corp. Specialty Finance IPO $225 and FinTech Acquisition Corp. III (NYSE: FTAC), both of which 11/15/18 Boxwood Merger Corp. Specialty Finance IPO $200 operate within the asset management sector, raising $400 million and $300 million, respectively. 11/15/18 AMCI Acquisition Corp. Specialty Finance IPO $200

10/04/18 ChaSerg Technology Acquisition Corp. Specialty Finance IPO $200  The Payment Processing subsector of the Financial Technology sector led the industry with respect to valuation during the fourth 11/14/18 Bain Capital Specialty Finance, Inc. Specialty Finance IPO $152

quarter, trading at an EBITDA multiple of 17.1x. 12/10/18 Schultze Special Purpose Acquisition Corp. Specialty Finance IPO $130

10/04/18 ARYA Sciences Acquisition Corp. Specialty Finance IPO $125

Public Market Performance (LTM) Public Company Market Performance by Sector

120% Median Change in Stock Price Enterprise Value / LTM Industry Sector 3 Months 12 Months EBT Book Value Specialty Finance Consumer Finance (12.4%) (7.8%) 6.8x 1.4x 110% Automotive Financing (19.8%) (0.8%) 5.9x 0.8x (14.5%) (5.9%) 6.3x 1.1x Median 7.0% Change in Stock Price Enterprise Value / LTM 100% 3 Months 12 Months Revenue EBITDA Financial Technology 7.9% Payment Processing (13.8%) 14.8% 6.1x 17.1x Data & Compliance (13.5%) (0.5%) 6.0x 16.2x (13.7%) 11.2% 6.1x 16.9x 90% Insurance Life & Health Insurance (10.7%) 0.8% 0.8x 9.3x Property & Casualty Insurance (8.4%) (7.6%) 1.2x 10.7x Multi-line Insurance (13.9%) (18.0%) 1.1x 8.9x Insurance Brokers (3.7%) 5.6% 2.9x 14.7x 80% 1.2x 9.6x Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Banks S&P 500 Index Dow Jones U.S. Financial Services Index Large Cap (16.8%) (19.3%) 4.3x NA Small & Mid Cap (20.0%) (23.2%) 4.7x NA 4.4x NA Source: Capital IQ.

HYDE PARK CAPITAL 2 Investment Banking | Mergers & Acquisitions | Capital Raising Annual M&A Activity – Financial Services

Commentary Completed U.S. M&A Transactions by Deal Size

 U.S. middle-market M&A activity in the Financial Services industry ($ in billions) decreased during 2018 to 211 closed transactions, a 16% decrease 2017 2018 % Change from the 250 transactions closed during the prior year. Deal Size Volume Value Volume Value Volume Value Less than $100MM 135 $5.7 123 $5.6 (9%) (2%) $100 - $499MM 95 $21.3 67 $16.3 (29%) (23%)  The total value of completed deals in the middle-market was also $500 - $999MM 20 $15.1 21 $15.1 5% 0% down during 2018, driven by a 23% decrease in deals valued Total Middle Market 250 $42.1 211 $37.0 (16%) (12%) between $100 and $499 million. = % of Total Market  The downward trend in deal volume is not evident in the sample Less than $100MM 54% 14% 58% 15% including all transactions (including those with undisclosed values) $100 - $499MM 38% 51% 32% 44% – up 7.9% to 1,209 closed transactions compared to 1,120 during $500 - $999MM 8% 36% 10% 41% the prior year. Total Middle Market 100% 100% 100% 100%

U.S. M&A Activity – Annual Trends: VOLUME U.S. M&A Activity – Annual Trends: VALUE

$45

300 $42.1

257 $40 250 $37.0

250

232 $35 216 $31.9 209 211 193 203 billions) in $30.3 200 $30 181 176 $27.5 $24.4 $23.8 $24.9 $25.2 $25 150 $21.0 $20 109 $13.4 100 $15

$10 TotalTransaction Volume 50

$5 TotalTransaction ($ Value

0 $0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Less than $100MM $100 - $499MM $500 - $999MM

Source: Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion).

HYDE PARK CAPITAL 3 Investment Banking | Mergers & Acquisitions | Capital Raising Quarterly M&A Activity – Financial Services

Commentary Completed U.S. M&A Transactions by Deal Size

 Middle-market M&A activity slowed slightly during Q4 2018, with ($ in billions) 64 closed transactions, compared to 70 deals during Q4 2017 ‒ a Q4 2017 Q4 2018 % Change 9% decrease from the prior year period. Deal Size Volume Value Volume Value Volume Value Less than $100MM 39 $1.8 35 $1.6 (10%) (11%) $100 - $499MM 27 $5.8 22 $5.0 (19%) (14%)  There was a notable increase in deals valued between $500 million $500 - $999MM 4 $2.8 7 $4.9 75% 75% and $1 billion, as volume and value were up 75%, respectively, over Total Middle Market 70 $10.4 64 $11.5 (9%) 11% the prior year period. % of Total Market  More indicative, again, of the scale of deal flow in the space is deal Less than $100MM 56% 17% 55% 14% volume for all transactions (including those with undisclosed $100 - $499MM 39% 56% 34% 43% values) – up 5.3% to 320 closed transactions compared to the prior $500 - $999MM 6% 27% 11% 43% Total Middle Market 100% 100% 100% 100% year’s 304.

U.S. M&A Activity – Quarterly Trends: VOLUME U.S. M&A Activity – Quarterly Trends: VALUE

75 $12 $11.5 70 $10.4 64 64 64 $9.7 $10.1

58 57 $10 60 $9.5 53 53 53 $8.6 51 $8.2 50 billions) in $7.9 $7.6 $8 43 $7.0 45 $6.5 38 38 $6.2 $6 $4.6 30 $4.4 $4

15

TotalTransaction Volume $2 TotalTransaction ($ Value 0 $0 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3'16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3'16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18

Less than $100MM $100 - $499MM $500 - $999MM

Source: Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion).

HYDE PARK CAPITAL 4 Investment Banking | Mergers & Acquisitions | Capital Raising Recent M&A Activity – Financial Services

Select M&A Transactions (Q4 2018)

Announced Enterprise EV / EV / Date Target Buyer Industry Value ($MM) Revenue EBITDA

12/17/18 Fidelity Southern Corp. Ameris Bancorp Specialty Finance $748.7 NA NA

12/11/18 SI Financial Group, Inc. Berkshire Hills Bancorp, Inc. Specialty Finance $182.2 NA NA

National Teachers Associates Life 12/10/18 Horace Mann Educators Corp. Life & Health Insurance $405.0 NA NA Insurance Co. FOJP Service Corp./ 11/27/18 The Doctors Co. Multi-line Insurance $650.0 NA NA Hospitals Insurance Co., Inc.

11/27/18 BSB Bancorp, Inc. People's United Financial, Inc. Specialty Finance $328.5 NA NA

11/26/18 National Commerce Corp. CenterState Bank Corp. Specialty Finance $847.5 NA NA

11/16/18 EMC Insurance Group Inc. Employers Mutual Casualty Co. Property & Casualty Insurance $309.2 NA NA

11/13/18 Reliance Bancshares, Inc. Simmons First National Corp. Specialty Finance $213.7 NA NA

11/07/18 Owens Realty Mortgage, Inc. Ready Capital Corp. Specialty Finance $220.1 12.0x 27.4x

11/06/18 Investment Technology Group, Inc. Impala Borrower, LLC Specialty Finance $1,113.0 NA NA

USAA Asset Management Co./ 11/06/18 Victory Capital Specialty Finance $1,000.0 NA NA USAA Transfer Agency Co.

11/05/18 Global Benefits Group Further Global Capital Insurance $132.5 NA NA

11/01/18 Trinity Capital Corp. Enterprise Financial Services Corp. Specialty Finance $212.5 NA NA

10/18/18 OppenheimerFunds, Inc. Invesco Ltd. Specialty Finance $5,714.1 NA NA

10/10/18 Ryan Specialty Group Onex Corp. Insurance $327.8 NA NA

10/10/18 MBT Financial Corp. First Merchants Corp. Specialty Finance $293.7 NA NA

Sources: Capital IQ; PitchBook.

HYDE PARK CAPITAL 5 Investment Banking | Mergers & Acquisitions | Capital Raising Private Equity Activity – Financial Services

Commentary Select Private Equity Transactions (Q4 2018)

Enterprise Announced Date Target Buyer Industry Value ($MM)

 Financial sponsors were active across several subsectors of 12/18/18 Invoice Cloud General Atlantic Financial Technology NA the Financial Services industry during Q4 2018, but were most active in the Insurance space, with 36 announced deals. The 12/01/18 Mackintire Insurance Agency ABRY Partners Insurance NA recurring cash flow models of insurance companies make the businesses ideal targets for private equity firms. 11/27/18 Hilliard Lyons Investment Banking Baird Specialty Finance NA

 Several notable transactions were announced during the 11/06/18 The TAMRAC Group AlpInvest Partners Insurance NA quarter including Invesco’s $5.7 billion buyout of OppenheimerFunds, Inc., Franklin Resources’ $683 million 11/01/18 2-10 Home Buyers Warranty Genstar Capital Insurance NA acquisition of Benefit Street Partners, and the Blackstone Stone Point Capital/ 10/29/18 Rialto Capital Management Specialty Finance $340 Group’s purchase of Clarus Ventures. Trident

10/25/18 Benefit Street Partners Franklin Resources Specialty Finance $683

Financial Sponsors Industry Transactions 10/18/18 OppenheimerFunds, Inc. Invesco Specialty Finance $5,714

40 10/15/18 OANDA CVC Capital Financial Technology NA

36

10/15/18 Apollo Aviation Group The Carlyle Group Specialty Finance $225

30

10/04/18 Clarus Ventures The Blackstone Group Specialty Finance NA

19 20 10/03/18 Apttus Thoma Bravo Financial Technology NA

14 10/02/18 Gurtin Municipal Bond Management Pacific Investment Management Specialty Finance NA 9 10

TotalTransaction Volume 10/01/18 Cetera Financial Group Genstar Capital Specialty Finance $1,750

10/01/18 Fullerton Insurance Service HPS Investment Partners Insurance NA 0 Specialty Finance Financial Technology Insurance Other (Banks) Canada Pension Plan 10/01/18 Refinitiv Financial Technology $17,000 Sources: Capital IQ; PitchBook. Investment Board

HYDE PARK CAPITAL 6 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

Commentary Specialty Finance

150%

 The charts on the following pages detail stock price 140% performance by sector for the leading public companies within 130% the Financial Services industry for 2018. The shaded section is 0.2% the most recent 3-month period (Q4) for each sector index 120%

relative to the S&P 500. 110% 5.9%

100%  The industry’s sectors had mixed results over 2018. Payment 7.0% Processing was the industry’s top performer, up 14.8%, 90% 7.8% followed by Insurance Brokers with an increase of 5.6%. Two 80% out of four subsectors within HPC’s Insurance Index 70% underperformed compared to the S&P 500. The Multi-line Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

Insurance subsector had the worst performance, falling 18.0%. S&P 500 Index HPC Consumer Finance Index HPC Auto Finance Index HPC Specialty Finance Index

Financial Technology Insurance

140% 130%

5.6% 130% 120%

0.8% 14.8% 120% 110% 5.0% 11.2% 110% 100% 7.0% 0.5% 100% 90%

7.6% 7.0% 90% 80%

18.0% 80% 70% Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

S&P 500 Index HPC Data & Compliance Index S&P 500 Index HPC Life & Health Index HPC Property & Casualty Index HPC Payment Processing Index HPC Fin. Tech. Index HPC Multi-line Index HPC Brokers Index HPC Insurance Index

Source: Capital IQ.

HYDE PARK CAPITAL 7 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

Banks

120%

110%

100% 7.0% 90%

19.3% 80%

23.2% 70%

60% Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

S&P 500 Index HPC Large Cap Index HPC Small Cap Index

Source: Capital IQ.

HYDE PARK CAPITAL 8 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Specialty Finance

($ in millions, except per share)

Consumer Finance

Equity Value / Closing Price % of 52 Equity Enterprise LTM LTM Company Ticker 12/31/18 Week High Value Value EBT Net Income Book Value EBT Net Income Book Value OneMain Holdings, Inc. OMF $24.29 65% $3,303 $17,802 $687 $447 $1,989 4.8x 7.4x 1.7x FirstCash, Inc. FCFS $72.35 76% $3,247 $3,766 $214 $153 $313 15.1x* 21.2x 10.4x* Enova Int'l, Inc. ENVA $19.46 50% $685 $1,490 $101 $70 $78 6.8x 9.8x 8.8x* World Acceptance Corp. WRLD $102.26 82% $946 $1,243 $96 $28 $552 9.8x 33.3x* 1.7x Regional Management Corp. RM $24.05 65% $290 $938 $46 $35 $269 6.3x 8.2x 1.1x EZCORP, Inc. EZPW $7.73 51% $446 $562 $57 $21 $389 7.8x 21.0x 1.1x

Average 64.7% $1,486 $4,300 $200 $126 $598 7.1x 13.5x 1.4x Median 64.9% $815 $1,366 $99 $53 $351 6.8x 9.8x 1.4x

Automotive Financing

Equity Value / Closing Price % of 52 Equity Enterprise LTM LTM Company Ticker 12/31/18 Week High Value Value EBT Net Income Book Value EBT Net Income Book Value Ally Financial Inc. ALLY $22.66 78% $9,863 $58,971 $1,671 $1,154 $12,845 5.9x 8.5x 0.8x Santander Consumer USA Holdings Inc. SC $17.59 81% $6,344 $41,079 $1,192 $916 $6,909 5.3x 6.9x 0.9x Credit Acceptance Corp. CACC $381.76 82% $7,457 $11,252 $755 $574 $1,991 9.9x 13.0x 3.7x Consumer Portfolio Services, Inc. CPSS $3.01 67% $75 $2,319 $19 $15 $197 4.0x 5.1x 0.4x America's Car-Mart, Inc. CRMT $72.45 81% $520 $686 $47 $46 $244 11.1x 11.4x 2.1x Nicholas Financial, Inc. NICK $10.40 83% $80 $195 $2 NM $110 42.8x* NM 0.7x

Average 78.6% $4,056 $19,084 $614 $541 $3,716 7.2x 9.0x 1.4x Median 80.6% $3,432 $6,786 $401 $574 $1,117 5.9x 8.5x 0.8x

Source: Capital IQ. *Excluded from average and median calculation.

HYDE PARK CAPITAL 9 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Financial Technology

($ in millions, except per share)

Payment Processing

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 12/31/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Visa Inc. V $131.94 87% $305,243 $315,590 $21,253 $20,554 $14,273 96.7% 67.2% 14.8x* 22.1x Mastercard Inc. MA $188.65 84% $197,517 $195,567 $14,950 $14,950 $8,869 100.0% 59.3% 13.1x* 22.1x PayPal Holdings, Inc. PYPL $84.09 90% $101,160 $94,049 $15,451 $7,114 $2,733 46.0% 17.7% 6.1x 34.4x* First Data Corp. FDC $16.91 64% $16,183 $36,223 $8,679 $5,674 $2,952 65.4% 34.0% 4.2x 12.3x Fiserv, Inc. FISV $73.49 89% $30,403 $35,947 $5,823 $2,754 $2,082 47.3% 35.8% 6.2x 17.3x Alliance Data Systems Corp. ADS $150.08 54% $8,269 $29,590 $7,791 $1,895 $1,996 24.3% 25.6% 3.8x 14.8x Worldpay, Inc. WP $76.43 74% $19,733 $27,707 $3,941 $3,444 $1,322 87.4% 33.6% 7.0x 21.0x Global Payments, Inc. GPN $103.13 80% $16,426 $21,240 $3,366 $2,271 $1,260 67.5% 37.4% 6.3x 16.9x Total System Services, Inc. TSS $81.29 81% $14,951 $18,398 $4,028 $1,536 $1,258 38.1% 31.2% 4.6x 14.6x

Average 77.9% $78,876 $86,035 $9,476 $6,688 $4,083 63.6% 38.0% 5.4x 17.6x Median 81.0% $19,733 $35,947 $7,791 $3,444 $2,082 65.4% 34.0% 6.1x 17.1x

Data & Compliance

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 12/31/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA S&P Global Inc. SPGI $169.94 78% $43,029 $46,432 $6,258 $4,557 $3,167 72.8% 50.6% 7.4x 14.7x Thomson Reuters Corp. TSX:TRI $48.32 92% $31,117 $38,462 $11,432 $3,150 $2,391 27.6% 20.9% 3.4x 16.1x Moody's Corp. MCO $140.04 74% $27,227 $31,256 $4,548 $3,260 $2,151 71.7% 47.3% 6.9x 14.5x Experian plc EXPN $24.28 96% $22,277 $25,717 $4,819 $2,039 $1,469 42.3% 30.5% 5.3x 17.5x Verisk Analytics, Inc. VRSK $109.04 87% $18,378 $20,814 $2,352 $1,481 $1,057 63.0% 44.9% 8.9x 19.7x Nielsen Holdings plc NLSN $23.33 59% $8,321 $16,679 $6,618 $3,786 $1,610 57.2% 24.3% 2.5x 10.4x TransUnion TRU $56.80 71% $10,829 $14,796 $2,210 $1,458 $783 66.0% 35.4% 6.7x 18.9x MSCI Inc. MSCI $147.43 80% $13,225 $14,401 $1,434 $1,147 $772 80.0% 53.9% 10.0x* 18.6x Equifax Inc. EFX $93.13 67% $11,308 $13,744 $3,415 $2,028 $851 59.4% 24.9% 4.0x 16.2x

Average 78.3% $20,634 $24,700 $4,787 $2,545 $1,583 60.0% 37.0% 5.6x 16.3x Median 78.2% $18,378 $20,814 $4,548 $2,039 $1,469 63.0% 35.4% 6.0x 16.2x

Source: Capital IQ. *Excluded from average and median calculation.

HYDE PARK CAPITAL 10 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Insurance

($ in millions, except per share)

Life & Health

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 12/31/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA UnitedHealth Group Inc. UNH $266.04 92% $261,517 $288,278 $226,247 $53,846 $19,166 23.8% 8.5% 1.3x 15.0x Cigna Corp. CI $189.92 84% $47,518 $84,133 $48,569 $16,248 $5,540 33.5% 11.4% 1.7x 15.2x Anthem, Inc. ANTM $262.63 87% $69,387 $67,062 $92,105 $20,210 $6,959 21.9% 7.6% 0.7x 9.6x MetLife, Inc. MET $41.06 74% $41,631 $64,188 $67,941 $20,356 $8,066 30.0% 11.9% 0.9x 8.0x Prudential Financial, Inc. PRU $81.55 64% $34,757 $44,769 $57,483 $20,102 $7,195 35.0% 12.5% 0.8x 6.2x Aflac Inc. AFL $45.56 95% $35,293 $41,071 $21,758 $3,983 $4,036 18.3% 18.5% 1.9x 10.2x Humana Inc. HUM $286.48 80% $39,650 $33,521 $56,912 $11,030 $3,634 19.4% 6.4% 0.6x 9.2x Centene Corp. CNC $57.65 77% $22,974 $23,702 $56,688 $10,631 $2,627 18.8% 4.6% 0.4x 9.0x Lincoln National Corp. LNC $51.31 59% $11,265 $13,173 $16,424 $2,258 $2,262 13.7% 13.8% 0.8x 5.8x Principal Financial Group, Inc. PFG $44.17 58% $12,756 $12,902 $14,237 $5,921 $2,134 41.6% 15.0% 0.9x 6.0x Torchmark Corp. TMK $74.53 80% $8,590 $9,853 $4,304 $1,234 $965 28.7% 22.4% 2.3x 10.2x WellCare Health Plans, Inc. WCG $236.09 73% $11,180 $8,822 $20,414 $3,137 $921 15.4% 4.5% 0.4x 9.6x Unum Group UNM $29.38 50% $6,465 $8,375 $11,599 $2,572 $895 22.2% 7.7% 0.7x 9.4x Genworth Financial, Inc. GNW $4.66 95% $2,350 $6,018 $8,430 $747 $794 8.9% 9.4% 0.7x 7.6x

Average 76.3% $43,238 $50,419 $50,222 $12,305 $4,657 23.6% 11.0% 1.0x 9.4x Median 78.5% $28,865 $28,611 $35,164 $8,276 $3,131 22.1% 10.4% 0.8x 9.3x

Property & Casualty

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 12/31/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Chubb Ltd. CB $129.18 82% $60,302 $70,869 $32,679 $8,110 $5,263 24.8% 16.1% 2.2x 13.5x The Progressive Corp. PGR $60.33 82% $35,396 $38,219 $31,955 $3,464 $3,586 10.8% 11.2% 1.2x 10.7x The Travelers Companies, Inc. TRV $119.75 80% $32,309 $34,515 $30,282 $7,610 $4,116 25.1% 13.6% 1.1x 8.4x The Allstate Corp. ALL $82.63 79% $29,185 $34,040 $39,815 $9,127 $3,654 22.9% 9.2% 0.9x 9.3x CNA Financial Corp. CNA $44.15 80% $12,031 $13,425 $10,134 $3,227 $1,181 31.8% 11.7% 1.3x 11.4x Markel Corp. MKL $1,038.05 85% $14,453 $13,335 $6,841 $2,243 $405 32.8% 5.9% 1.9x 32.9x* Cincinatti Financial Corp. CINF $77.42 93% $12,736 $12,818 $5,407 $395 $368 7.3% 6.8% 2.4x 34.8x*

Average 81.1% $30,612 $34,067 $25,284 $5,630 $3,034 24.7% 11.3% 1.4x 10.6x Median 80.8% $30,747 $34,277 $31,118 $5,537 $3,620 25.0% 11.4% 1.3x 10.7x

Source: Capital IQ. *Excluded from average and median calculation.

HYDE PARK CAPITAL 11 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Insurance

($ in millions, except per share)

Multi-line

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 12/31/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA AXA SA ENXTPA:CS $21.59 68% $51,571 $82,759 $143,519 $21,769 $9,345 15.2% 6.5% 0.6x 8.9x American Int'l Group, Inc. AIG $39.41 61% $35,867 $58,808 $47,389 $10,837 $6,619 22.9% 14.0% 1.2x 8.9x Loews Corp. L $45.52 85% $14,563 $24,376 $14,066 $6,236 $2,347 44.3% 16.7% 1.7x 10.4x The Hartford Financial Services Group, Inc. HIG $44.45 75% $16,184 $16,792 $18,955 $6,406 $2,536 33.8% 13.4% 0.9x 6.6x American Financial Group, Inc. AFG $90.53 74% $8,202 $8,344 $6,939 $1,054 $918 15.2% 13.2% 1.2x 9.1x Assurant, Inc. AIZ $89.44 80% $5,326 $7,354 $8,058 $5,715 $511 70.9% 6.3% 0.9x 14.4x National General Holdings Corp. NGHC $24.21 84% $2,644 $3,183 $4,497 $1,191 $364 26.5% 8.1% 0.7x 8.7x American National Insurance Co. ANAT $127.24 95% $3,427 $2,750 $3,732 $963 $504 25.8% 13.5% 0.7x 5.5x

Average 72.2% $29,546 $45,684 $55,982 $11,312 $5,212 29.0% 12.6% 1.1x 8.7x Median 71.6% $26,026 $41,592 $33,172 $8,622 $4,577 28.3% 13.7% 1.1x 8.9x

Brokers

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 12/31/18 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Marsh & McLennan Companies, Inc. MMC $79.75 89% $40,752 $45,510 $14,950 $6,560 $3,470 43.9% 23.2% 3.0x 13.1x Aon plc AON $145.36 87% $35,904 $41,388 $10,770 $4,783 $2,786 44.4% 25.9% 3.8x 14.9x Willis Towers Watson WLTW $151.86 92% $20,046 $23,745 $8,513 $3,390 $2,062 39.8% 24.2% 2.8x 11.5x Arthur J. Gallagher & Co. AJG $73.70 93% $13,723 $16,797 $6,711 $1,922 $1,039 28.6% 15.5% 2.5x 16.2x Brown & Brown, Inc. BRO $27.56 87% $7,778 $8,833 $2,010 $941 $609 46.8% 30.3% 4.4x 14.5x Fanhua Inc. FANH $21.95 57% $1,424 $1,192 $479 $158 $65 32.9% 13.7% 2.5x 18.2x Crawford & Co. CRD.A $8.90 97% $499 $670 $1,106 $319 $90 28.8% 8.1% 0.6x 7.5x Health Insurance Innovations, Inc. HIIQ $26.73 42% $351 $335 $283 NM $33 NM 11.8% 1.2x 10.0x

Average 84.4% $19,938 $22,911 $7,239 $2,959 $1,672 39.4% 22.1% 3.2x 14.7x Median 88.2% $16,884 $20,271 $7,612 $2,656 $1,551 41.9% 23.7% 2.9x 14.7x

Source: Capital IQ.

HYDE PARK CAPITAL 12 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Banks

($ in millions, except per share)

Large Cap Equity Value / Closing Price % of 52 Equity Enterprise LTM LTM Company Ticker 12/31/18 Week High Value Value EBT Net Income Book Value EBT Net Income Book Value Wells Fargo & Co. WFC $46.08 77% $222,953 $247,621 $28,538 $22,876 $147,491 7.8x 9.7x 1.5x Bank of America Corp. BAC $24.64 77% $252,237 $207,938 $35,782 $28,147 $174,048 7.0x 9.0x 1.4x U.S. Bancorp USB $45.70 82% $74,857 $118,376 $8,678 $7,124 $35,075 8.6x 10.5x 2.1x The PNC Financial Services Group, Inc. PNC $116.91 76% $54,948 $106,489 $6,428 $5,346 $34,524 8.5x 10.3x 1.6x Capital One Financial Corp. COF $75.59 75% $36,518 $87,051 $7,682 $6,015 $32,510 4.8x 6.1x 1.1x BB&T Corp. BBT $43.32 77% $33,941 $61,291 $4,206 $3,257 $16,493 8.1x 10.4x 2.1x SunTrust Banks, Inc. STI $50.44 67% $23,453 $38,750 $3,332 $2,784 $15,808 7.0x 8.4x 1.5x Fifth Third Bancorp FITB $23.53 68% $16,130 $32,677 $2,810 $2,193 $12,401 5.7x 7.4x 1.3x KeyCorp KEY $14.78 67% $15,588 $30,325 $2,249 $1,866 $11,313 6.9x 8.4x 1.4x Regions Financial Corp. RF $13.38 67% $14,745 $27,541 $1,979 $1,759 $9,326 7.5x 8.4x 1.6x M&T Bank Corp. MTB $143.13 76% $20,632 $25,687 $2,643 $1,918 $9,589 7.8x 10.8x 2.2x Northern Trust Corp. NTRS $83.59 72% $18,765 $23,042 $1,958 $1,556 $8,818 9.6x 12.1x 2.1x JPMorgan Chase & Co. JPM $97.62 82% $333,275 -$15,121 $40,836 $32,474 $182,228 8.2x 10.3x 1.8x State Street Corp. STT $63.07 60% $23,744 -$27,921 $3,370 $2,599 $11,285 7.0x 9.1x 2.1x Citigroup Inc. C $52.06 69% $129,879 -$32,156 $23,445 $18,080 $151,078 5.5x 7.2x 0.9x

Average 72.9% $84,778 $62,106 $11,596 $9,200 $56,799 7.3x 9.2x 1.6x Median 74.6% $33,941 $32,677 $4,206 $3,257 $16,493 7.5x 9.1x 1.6x

Source: Capital IQ.

HYDE PARK CAPITAL 13 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Public Company Analysis

Banks

($ in millions, except per share)

Small & Mid Cap Equity Value / Closing Price % of 52 Equity Enterprise LTM LTM Company Ticker 12/31/18 Week High Value Value EBT Net Income Book Value EBT Net Income Book Value BOK Financial Corp. BOKF $73.33 69% $4,888 $9,259 $565 $446 $3,248 8.6x 11.0x 1.5x BankUnited, Inc. BKU $29.94 67% $3,116 $8,250 $416 $325 $2,846 7.5x 9.6x 1.1x Investors Bancorp, Inc. ISBC $10.40 75% $2,941 $8,248 $270 $203 $2,918 10.9x 14.5x 1.0x Synovus Financial Corp. SNV $31.99 56% $3,787 $5,405 $575 $428 $2,871 6.6x 8.8x 1.3x CenterState Bank Corp. CSFL $21.04 65% $1,867 $2,273 $235 $156 $1,099 7.9x 11.9x 1.7x Seacoast Banking Corp. of Florida SBCF $26.02 74% $1,268 $1,809 $89 $67 $635 14.2x 18.9x 2.0x Eagle Bancorp, Inc. EGBN $48.71 74% $1,678 $1,600 $204 $152 $1,004 8.2x 11.0x 1.7x Boston Private Financial Holdings, Inc. BPFH $10.57 59% $902 $1,595 $127 $84 $684 7.1x 10.8x 1.3x Ameris Bancorp ABCB $31.67 55% $1,370 $990 $167 $121 $894 8.2x 11.3x 1.5x Fidelity Southern Corp. LION $26.02 78% $709 $756 $47 $44 $446 15.1x 16.2x 1.6x Western New England Bancorp, Inc. WNEB $10.04 89% $291 $533 $20 $16 $221 14.3x 17.8x 1.3x Capital City Bank Group CCBG $23.21 86% $396 $219 $30 NM $218 13.4x NM 1.8x

Average 70.6% $1,935 $3,411 $229 $186 $1,424 10.2x 12.9x 1.5x Median 71.6% $1,524 $1,705 $186 $152 $949 8.4x 11.3x 1.5x

Source: Capital IQ.

HYDE PARK CAPITAL 14 Investment Banking | Mergers & Acquisitions | Capital Raising HYDE PARK CAPITAL Integrity | Expertise | Results Investment Banking | Mergers & Acquisitions | Capital Raising

Overview

Nationally recognized investment bank founded in 2000 Recent Transactions Over 300 transactions completed, totaling more than $10 billion in transaction value

Extensive relationships with leading institutional lenders, PE investors, Industrial Truck & and strategic buyers Equipment, LLC

has been acquired by Proven ability to source quality buyers received a strategic and maximize deal value has acquired has been acquired by has been acquired by investment from

Industry Expertise a subsidiary of

. Technology . Healthcare

. Business Services . Industrial Services

. Financial Services . Consumer

Transaction Size

. $25MM - $500MM has been acquired by has been recapitalized by has been acquired by has been acquired by has been acquired by Investment Banking Services

Mergers & acquisitions, recapitalizations, and management buyouts

Capital raising of equity, mezzanine, and senior debt capital

Financial advisory, analytical support, and fairness opinions

Comprehensive and targeted sell-side marketing efforts has received a growth has been recapitalized by has been recapitalized by has been acquired by equity investment from has been acquired by Hyde Park Capital Advisors, LLC 701 N. Franklin Street & Tampa, FL 33602 & Tel: 813-383-0202 www.hydeparkcapital.com

HYDE PARK CAPITAL Member FINRA/SIPC Investment Banking | Mergers & Acquisitions | Capital Raising