FINTECH SECTOR REPORT

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

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

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

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

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

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

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

Chris Gough Paul DiNardo Clark Callander Rob Freiman Kegan Greene Managing Director Managing Director Managing Director Director Director Real Estate & Mortgage Tech Head of Software Co-Head of Investment Banking Payments FinTech/InsurTech Phone: (415) 318 - 3658 Phone: (212) 999 - 7097 Phone: (415) 318 - 3680 Phone: (212) 999 - 7075 Phone: (415) 318 - 3686 Mobile: (415) 385 - 9427 Mobile: (650) 483 - 7246 Mobile: (415) 515 - 2468 Mobile: (973) 229 - 0436 Mobile: (917) 579 - 4838 [email protected] [email protected] [email protected] [email protected] [email protected]

Selected Recent FinTech Experience

Sold Acquired by Sold majority stake to Acquired Acquired by Acquired by Acquired by

To

We Advised Bexio We Advised Risk International We Advised Principal We Advised CHX Fairness Opinion to Clearent We Advised FieldEdge We Advised BlackFin Insurance Technology Insurance Technology Investment Technology Liquidity Venues Payments Financial SaaS Insurance Technology

Sale of Tender Offer for Acquired by Financing from Majority sale to Growth Investment

To Asahi Fire & Marine Insurance Co.

We Advised Asahi (close pending) We Advised WorkMarket We Advised RGI Shareholders We Advised Radius We Advised Skyslope Financial Advisor Financial Advisor Insurance Technology Financial SaaS Insurance Technology Payments Real Estate Tech Banking & Lending Tech Payments

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

We Advised ControlExpert We Advised Vindicia We Advised Commissions Inc We Advised Capsilon We Advised TSYS We Advised Blucora We Advised AWL Insurance Technology Payments Real Estate Tech Real Estate Tech Payments Investment Technology Insurance Technology 3 FINTECH DEAL DASHBOARD FinTech is trading at 31% on an LTM basis vs. 16% for the S&P 500. Financing volume thus far in Q3 ‘18 already exceeds Q3 ‘17 volume. M&A volume thus far in Q3 ‘18 is in line with volume in Q3 ‘17

$42 Bn | 1,474 Deals $118 Bn | 782 Deals Industry Market Performance LTM Financing Volume (1) LTM M&A Volume Select August Financing Transactions Percent Change (2) Select August M&A Transactions Date Company Selected Amount Sub-Sector Subsector LTM 3 Years Date Target Buyer Value Sub-Sector

8/23/18 $62 1 1 Banking & Lending Technology 39% 96% 8/29/18 $263 4

8/22/18 $100 5 2 Benefits Administration/Payroll 44% 97% 8/29/18 $210 9

8/15/18 $100 7 3 Financial SaaS 47% 118% 8/27/18 $525 4

8/10/18 $270 8 4 Information Services 20% 54% 8/8/18 $6,604 4

8/7/18 $60 3 5 Insurance Technology 46% 79% 8/8/18 $105 3

8/2/18 $57 92 6 Investment Technology 19% 53% 8/2/18 $700 3

(1) Quarterly Financing Activity ($Bn) 7 Liquidity Venues 9% 32% Quarterly M&A Activity ($Bn)

8 Payments 44% 98% 235 377 397 378 397 $19 223 369 9 Real Estate & Mortgage Tech. 9% 41% 222 216 201 192 328 308 155 10 Trading Technology 31% 73% 259 140 $9 $32 $46 $8 $28 $7 $7 $23 $5 $17 $16 $4 $4 Aggregate FinTech Market 31% 74% $14 $13

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

$97.9 $58.6 $148 $76.2 $240 $231 $182 $116 $10.8 $23.9 $12.6 $18.5 $19.4 $18.3 $61.7 $27.4 S&P 500 16% 47% Average Deal Size ($MM) Average Deal Size ($MM)

Notes: Source: Pitchbook. CapIq. GCA Deal Database. Market data as of 8/31/18. 4 (1) Includes private company equity financings. (2) Represents weighted average by market cap. (3) Q3-18 includes July and August only. FINTECH LANDSCAPE FinTech sub-sectors and key operating stats ($Bn)

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

Combined Market Cap: $219 Combined Market Cap: $114 Combined Market Cap: $144 18/17 Rev. Growth: 11% 18/17 Rev. Growth: 8% 18/17 Rev. Growth: 22% 18 EBITDA Margin: 26% 18 EBITDA Margin: 22% 18 EBITDA Margin: 21%

4 Information Services 5 Insurance Technology

Combined Market Cap: $364 Combined Market Cap: $41 18/17 Rev. Growth: 8% 18/17 Rev. Growth: 8% 18 EBITDA Margin: 32% 18 EBITDA Margin: 12% Notes: 5 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 8/31/18. FINTECH PUBLIC COMPANY LANDSCAPE FinTech sub-sectors and key operating stats ($Bn)

6 Investment Technology 7 Liquidity Venues 8 Payments

Combined Market Cap: $272 Combined Market Cap: $261 Combined Market Cap: $1,060 18/17 Rev. Growth: 11% 18/17 Rev. Growth: 7% 18/17 Rev. Growth: 11% 18 EBITDA Margin: 27% 18 EBITDA Margin: 58% 18 EBITDA Margin: 27%

9 Real Estate & Mortgage Tech. 10 Trading Technology

Combined Market Cap: $233 Combined Market Cap: $126 18/17 Rev. Growth: 9% 18/17 Rev. Growth: 19% 18 EBITDA Margin: 19% 18 EBITDA Margin: 51% Notes: 6 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 8/31/18. FINTECH STOCK PRICE PERFORMANCE Financial SaaS leads the FinTech pack on both an LTM and three year basis

LTM Share Price Performance

3 Year Share Price Performance

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) Liquidity Venues 8) Payments 9) Real Estate & 10) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 7 Source: CapIq. Market data as of 8/31/18. FINTECH PUBLIC COMPANY VALUATION Financial SaaS and Liquidity Venues outperform the FinTech market on both an EV / LTM revenue and EV / NTM revenue basis Enterprise Value / LTM Revenue Enterprise Value / LTM Revenue 10.0x 9.3x 7.9x 7.5x

5.7x 5.0x 5.4x 4.4x 5.0x 5.2x 4.9x 4.5x 3.1x 3.1x 3.7x 2.5x 2.7x 2.7x

0.0x Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18

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

3

4.5x 5 4.2x 2 1 3.6x 8 3.1x 9 10 6 4 7

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) Liquidity Venues 8) Payments 9) Real Estate & 10) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 8 Source: CapIq. Market data as of 8/31/18. Lines display median multiples across comp groups for given year. FINTECH PUBLIC COMPANY VALUATION (CONT’D) Financial SaaS outperforms on both an EV / LTM EBITDA and EV / NTM EBITDA basis Enterprise Value / LTM EBITDA Enterprise Value / LTM EBITDA

30.0x 25.8x 24.5x 21.2x 20.7x 19.4x 20.0x 19.4x 19.4x 15.7x 17.5x 15.3x 12.1x 14.1x 11.7x 12.6x 10.0x

0.0x Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18

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

3

5 15.0x 14.0x 9 2 6 11.1x 11.4x 10 8 1 4 7

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) Liquidity Venues 8) Payments 9) Real Estate & 10) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 9 Source: CapIq. Market data as of 8/31/18. Lines display median multiples across comp groups for given year. FINTECH PUBLIC COMPANY VALUATION (CONT’D) Long-term growth is not necessarily correlated with FinTech public company P/E multiples or PEG ratios

2018 P/E Ratio PEG Ratio Long-Term EPS Growth 3 Financial SaaS 33.7x 2.2 19%

2 Benefits Admin/Payroll 31.0x 2.2 18%

1 Banking & Lending Tech 29.5x 2.3 15%

5 Insurance Technology 28.6x 2.7 14%

9 Real Estate & Mort. Tech 24.4x 1.8 17%

4 Information Services 24.3x 2.7 10%

7 Liquidity Venues 21.9x 2.2 11%

8 Payments 20.5x 1.4 15%

6 Investment Technology 20.5x 1.5 14%

10 Trading Technology 17.0x 1.0 22%

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

Notes: 10 Figures represent medians of sub-sectors. Market data as of 8/31/18. Long-term EPS growth covers last 5 years. SELECTED RECENT GROWTH EQUITY & VC ACTIVITY

Date Announced Target Investors Type Amount ($MM) Sub-Sector 1kx, Arrington XRP Capital, Binance Labs, Dunamu & Partners, FBG Capital, 8/29/18 Seed VC $32 Payments Hashed, Huobi Capital, Kenetic Capital, OKEx, Polychain Capital, TransLink

8/28/18 Stripe, Tencent Holdings, Visa Ventures, Y Combinator Series A $8 Payments Andreessen Horowitz, Max Levchin, Nyca Investment Fund, Slow Ventures, 8/28/18 Series A $9 Financial SaaS Vertex Ventures

8/28/18 Blenheim Chalcot, Legal & General Series B $20 Benefits Administration/Payroll

8/28/18 Draper Esprit, IQ Capital Partners, Notion.vc Capital Series A $10 Financial SaaS

8/27/18 Accel, Aspect Ventures, Mission Holdings, Pelion Venture Partners, SLM Corp. Series C $17 Banking & Lending Technology

8/27/18 Omidyar Network, PayU India, Ribbit Capital, Xiaomi Ventures Series A $13 Banking & Lending Technology

8/24/18 Cota Capital Series A $8 Financial SaaS Atomic Management, Cherubic Ventures, Founders Fund, Khosla Venures, 8/23/18 Series A $14 Real Estate & Mortgage Tech. Wing Venture Capital Apoletto, CreditEase Fintech Investment Fund, FirstMark Capital, Noah 8/23/18 Series C $62 Banking & Lending Technology Holdings, Ribbit Capital, Sands Capital, Silicon , Union Square

8/22/18 Undisclosed Angel Investors Seed $21 Payments

8/22/18 Convergence Ventures, Gunung Sewu Group, Mandiri Capital Series A $16 Banking & Lending Technology AlphaX Partners, China Growth Capital, Fullshare Group, Gobi Partners, JAFCO 8/22/18 Series A $50 Banking & Lending Technology Asia, Lightspeed China Partners, Lightspeed Venture Partners, Morningside Redpoint Ventures, Ribbit Capital, Scale Venture Partners, Tiger Global 8/22/18 Series D $100 Insurance Technology Management 8/21/18 BV Investment Partners Private Equity $50 Financial SaaS Augmentum Fintech, Notion.vc Capital, Oak Investment Partners, 8/20/18 Series C $10 Financial SaaS VentureFounders

8/18/18 BNZ Seed $8 Trading Technology

8/17/18 Undisclosed Investors Series A $10 Benefits Administration/Payroll

8/17/18 Rethink Impact, Social Capital Series A $8 Insurance Technology Blockchain Capital, Danhua Capital, Digital Currency Group, Khosla Ventures, 8/16/18 Series A $23 Payments Mark Britto, Nathan Blecharczyk, Social Capital, SV Angel, Tribe Capital, Upside

8/15/18 Polychain Ventures VC $12 Payments

Notes: 11 Source: CapIq. Pitchbook. Selected deals from last calendar month. SELECTED RECENT GROWTH EQUITY & VC ACTIVITY (CONT’D)

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

8/15/18 e.ventures, Kinnevik, Vitruvian Partners Series D $100 Liquidity Venues

8/14/18 Health Enterprise Partners, Nashville Capital Network Series A $12 Payments

8/14/18 Edison Partners, FinTech Collective Series B $29 Banking & Lending Technology Principal Strategic Investments, Invenergy Future Fund, 8/14/18 Series C $15 Payments Northwater Capital Management 8/14/18 Undisclosed Investors Series A $15 Insurance Technology Andreessen Horowitz, Citigroup, Coatue Management, Digital Currency Group, 8/14/18 Series B $32 Information Services F-Prime Capital, Franklin Templeton Investments, Goldman Sachs, J.P. Morgan

8/10/18 GSR Capital Private Equity $270 Payments

8/9/18 Creandum, Redalpine Venture Partners, Valar Ventures Series A $13 Financial SaaS Aspect Ventures, Elefund, Greycroft Partners, Moxley Holdings, Sirius 8/9/18 Series A $11 Insurance Technology International Insurance Group Canaan Partners, F-Prime Capital, Goldman Sachs, GreatPoint Ventures, Jacob 8/7/18 Series A $16 Banking & Lending Technology Gibson, Jason Owen, Lerer Hippeau Ventures

8/7/18 Dalian Finance Industry Investment Group Series E $40 Banking & Lending Technology

8/7/18 Liberty City Ventures Series B $15 Financial SaaS

8/7/18 Fung Strategic Holdings Series A $35 Information Services

8/7/18 Life Card, LINE, Mitsubishi UFJ Financial Group Series E $60 Financial SaaS

25Madison, Clocktower Technology Ventures, Commerce Ventures, Omidyar 8/6/18 Series A $9 Financial SaaS Network, Propel Venture Partners, Shaquille O'Neal 8/6/18 Accel, Balderton Capital Series D $13 Banking & Lending Technology

8/3/18 Fenbushi Capital Seed VC $30 Payments

8/3/18 Undisclosed Investors Series G $57 Banking & Lending Technology GGV Capital, Matrix Partners, Scale Venture Partners, Sequoia Capital, Tenaya 8/2/18 Series E $60 Benefits Administration/Payroll Capital, True Ventures 8/2/18 Albion Capital, Dawn Capital, HSBC Venture Capital Series B $20 Information Services Blockchain Capital, Digital Currency Group, Distributed Global, Elefund, Tusk 8/1/18 Series A $10 Payments Ventures

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

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

6/28/18 : EVER IPO $84 $18.00 (26%) Insurance Technology

6/15/18 NYSE: AVLR IPO $224 $24.00 54% Financial SaaS

5/22/18 NASDAQ: EVOP IPO $224 $16.00 47% Payments

4/12/18 NYSE: ZUO IPO $1,440 $14.00 97% Financial SaaS

2/9/18 Nasdaq: CDLX IPO $70 $13.00 57% Payments

1/23/18 NYSE: PAGS IPO $2,265 $21.50 34% Financial SaaS

Median $224 $17 51%

Offer Rating at Issuance Date Issuer Use of Funds S&P Moody's Amount ($MM) Coupon Sub-Sector General Corporate Purposes / 8/23/18 BBB+ A3 $1,162 1.13% Liquidity Venues Working Capital

General Corporate Purposes / 8/8/18 NA NA $447 4.50% Real Estate & Mortgage Tech. Working Capital

8/6/18 NA NA A1 $750 3.45% Investment Technology

General Corporate Purposes / 8/6/18 BB B2 $400 5.75% Banking & Lending Technology Working Capital

General Corporate Purposes / 8/6/18 A A2 $1,241 4.25% Liquidity Venues Working Capital

Median $750

Notes: 13 Source: CapIq. Pitchbook. Price to Date as of 8/31/18. SELECTED RECENT M&A ACTIVITY

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

8/29/2018 $263 5.5x 37.8x Information Services

8/29/2018 $210 NA NA Real Estate & Mortgage Tech.

8/27/2018 $525 NA NA Information Services

8/21/2018 $30 NA NA Payments

8/21/2018 Na NA NA Payments

8/17/2018 NA NA NA Real Estate & Mortgage Tech.

8/15/2018 NA NA NA Information Services

8/14/2018 NA NA NA Benefits Administration/Payroll

8/13/2018 NA NA NA Investment Technology

8/8/2018 $6,604 3.6x 12.4x Information Services

8/8/2018 $105 NA NA Financial SaaS

8/7/2018 NA NA NA Benefits Administration/Payroll

8/6/2018 NA NA NA Real Estate & Mortgage Tech.

8/2/2018 $700 NA NA Financial SaaS

8/1/2018 NA NA NA Benefits Administration/Payroll

Median 4.6x 25.1x Notes: 14 Source: CapIq. Pitchbook. Selected deals from last calendar month. PUBLIC COMPANY VALUATIONS ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 8/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E Banking & Lending Technology Intuit Inc. $219.47 $56,313 $55,035 18% 2.0 17% 9% 18% 11% 37% 8.7x 8.0x 23.5x 21.1x 36.4x 32.7x Fidelity National Information Services, Inc. $108.17 $35,569 $43,778 13% 1.6 (7%) 3% 20% 6% 37% 5.1x 5.0x 13.8x 13.0x 20.6x 18.5x First Data Corporation $25.72 $24,016 $42,089 14% 1.2 6% 5% 8% 7% 39% 4.9x 4.7x 12.6x 11.9x 17.7x 15.8x Fiserv, Inc. $80.07 $32,423 $36,881 12% 2.2 3% 5% 19% 4% 38% 6.3x 6.1x 16.7x 16.1x 25.5x 22.8x Wolters Kluwer N.V. $63.38 $17,425 $19,723 8% 2.7 (6%) 4% (8%) 6% 27% 3.9x 3.8x 14.4x 13.6x 22.7x 21.1x Temenos AG $180.49 $12,502 $12,919 18% 3.5 16% 12% 40% 12% 39% 15.3x 13.6x 39.7x 35.5x 60.9x 52.9x Jack Henry & Associates, Inc. $158.44 $12,228 $12,197 12% 3.4 8% 7% 19% 10% 35% 7.7x 7.2x 22.0x 20.0x 40.1x 37.1x Black Knight, Inc. $53.40 $7,978 $9,431 15% 2.0 6% 8% 35% 10% 48% 8.4x 7.8x 17.4x 15.8x 29.5x 26.1x ACI Worldwide, Inc. $28.41 $3,289 $3,910 17% 2.3 2% 4% 35% 17% 25% 3.8x 3.6x 15.1x 12.9x 38.9x 27.3x Coupa Software Incorporated $71.71 $4,087 $3,813 NA NM 40% 27% NA NA (2%) 20.4x 16.1x NM NM NM NM Ellie Mae, Inc. $105.37 $3,650 $3,407 19% 3.0 21% 17% 25% 32% 26% 6.8x 5.8x 25.9x 19.6x 56.0x 42.6x Bottomline Technologies (de), Inc. $65.97 $2,575 $2,592 16% 3.1 13% 9% 32% 11% 24% 6.3x 5.8x 26.3x 23.7x 49.7x 42.5x Q2 Holdings, Inc. $62.30 $2,671 $2,570 20% NM 23% 24% 280% 53% 10% 10.8x 8.7x NM 73.5x NM NM Enova International, Inc. $33.20 $1,134 $1,852 NA NM 27% 13% NA 19% 19% 1.7x 1.6x 9.0x 7.6x 13.4x 10.9x

Banking Lending & Technology LendingClub Corporation $3.61 $1,528 $1,443 NA NM 21% 18% NA 56% 12% 2.1x 1.8x 16.8x 10.7x 38.8x 19.0x On Deck Capital, Inc. $8.22 $614 $1,295 NA NM 3% 18% NA 127% 3% 3.6x 3.0x NM 48.7x 25.7x 21.1x Elevate Credit, Inc. $9.36 $404 $858 NA NM 19% 17% 68% 22% 17% 1.1x 0.9x 6.2x 5.0x 13.8x 8.5x Performant Financial Corporation $2.42 $126 $158 NA NM 1% 17% NM NM 2% 1.2x 1.0x 58.5x 8.4x NM 30.3x

Median 15% 2.3 11% 11% 25% 12% 26% 5.7x 5.4x 16.8x 15.8x 29.5x 24.4x

Benefits Administration/Payroll Automatic Data Processing, Inc. $146.75 $64,289 $64,118 14% 2.3 8% 6% 6% 16% 22% 4.7x 4.4x 21.1x 18.1x 31.0x 26.8x Paychex, Inc. $73.25 $26,297 $25,872 9% 3.1 7% 8% (2%) 11% 41% 7.5x 7.0x 18.2x 16.4x 28.9x 24.8x HealthEquity, Inc. $94.21 $5,845 $5,542 33% 2.7 24% 23% 29% 28% 39% 19.6x 16.0x 50.7x 39.5x 89.9x 70.9x Insperity, Inc. $119.85 $5,025 $4,813 17% 2.1 16% 11% 34% 13% 6% 1.3x 1.1x 21.3x 18.9x 34.1x 30.3x TriNet Group, Inc. $59.07 $4,167 $4,359 NA NM 6% 12% 9% 12% 36% 5.1x 4.5x 14.1x 12.6x 22.6x 20.5x Paylocity Holding Corporation $79.44 $4,192 $4,055 27% 2.2 25% 22% 43% 28% 21% 10.8x 8.9x 50.6x 39.6x 60.6x 71.6x Benefitfocus, Inc. $44.10 $1,406 $1,481 20% NM (1%) 12% NM 130% 3% 5.8x 5.2x NM 74.1x NM NM WageWorks, Inc. $53.50 $2,121 $1,473 15% 1.6 6% 6% 11% 10% 32% 2.9x 2.7x 9.1x 8.3x 23.7x 21.3x

Castlight Health, Inc. $3.00 $413 $344 23% NM 17% 19% NA NA (7%) 2.2x 1.9x NM 26.1x NM NM Benefits Admin/Payroll Benefits

Median 18% 2.2 8% 12% 11% 15% 22% 5.1x 4.5x 21.1x 18.9x 31.0x 26.8x

Notes: 15 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 8/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E Financial SaaS Intuit Inc. $219.47 $56,313 $55,035 18% 2.0 17% 9% 18% 11% 37% 8.7x 8.0x 23.5x 21.1x 36.4x 32.7x Workday, Inc. $154.54 $33,381 $31,573 30% 4.2 30% 27% 52% 51% 17% 11.4x 9.0x 66.5x 44.2x 127.0x 84.0x SS&C Technologies Holdings, Inc. $59.34 $14,220 $20,345 16% 1.4 NM 24% 68% 29% 33% 6.0x 4.8x 18.0x 14.0x 23.6x 19.5x The Sage Group plc $7.73 $8,382 $9,302 8% 2.2 4% 9% 8% 9% 29% 3.9x 3.6x 13.4x 12.4x 18.3x 16.6x Paycom Software, Inc. $155.12 $9,094 $9,075 24% 2.5 29% 23% 79% 22% 42% 16.3x 13.2x 39.0x 32.0x 59.2x 48.6x Xero Limited $36.80 $5,147 $5,090 NA NM 38% 36% NA NM 6% 18.6x 13.7x NM NM NM NM Paylocity Holding Corporation $79.44 $4,192 $4,055 27% 2.2 25% 22% 43% 28% 21% 10.8x 8.9x 50.6x 39.6x 60.6x 71.6x Coupa Software Incorporated $71.71 $4,087 $3,813 NA NM 40% 27% NA NA (2%) 20.4x 16.1x NM NM NM NM Envestnet, Inc. $63.20 $2,868 $3,186 15% 2.2 20% 13% 42% 19% 19% 3.9x 3.5x 20.6x 17.4x 33.7x 28.5x

Financial Financial SaaS Q2 Holdings, Inc. $62.30 $2,671 $2,570 20% NM 23% 24% 280% 53% 10% 10.8x 8.7x NM 73.5x NM NM Blucora, Inc. $36.20 $1,725 $1,895 18% 1.1 11% 8% 17% 15% 21% 3.4x 3.1x 16.1x 14.0x 19.4x 16.7x Benefitfocus, Inc. $44.10 $1,406 $1,481 20% NM (1%) 12% NM 130% 3% 5.8x 5.2x NM 74.1x NM NM Alfa Financial Software Holdings PLC $2.17 $650 $602 NA NM (17%) 5% NM 34% 26% 6.4x 6.1x 24.4x 18.2x 0.3x 0.3x

Median 19% 2.2 22% 22% 43% 28% 21% 8.7x 8.0x 23.5x 21.1x 33.7x 28.5x

Information Services S&P Global Inc. $207.05 $52,073 $53,848 14% 1.7 8% 6% 5% 8% 49% 8.3x 7.8x 16.9x 15.8x 24.3x 21.9x RELX PLC $22.19 $43,695 $51,973 8% 2.6 (3%) 4% 11% 5% 35% 5.3x 5.1x 15.2x 14.5x 20.4x 19.1x Moody's Corporation $178.02 $34,162 $38,085 12% 2.0 13% 7% 6% 8% 48% 8.2x 7.7x 17.0x 15.7x 22.9x 20.8x Thomson Reuters Corporation $44.37 $31,062 $37,971 NA NM NM 7% NM 10% 23% 6.9x 6.4x 29.8x 27.1x NM 34.7x Experian plc $24.92 $22,505 $25,980 9% 2.6 13% 4% 7% 4% 34% 5.4x 5.2x 15.5x 15.0x 24.3x 23.8x IHS Markit Ltd. $55.00 $21,561 $25,863 11% 2.1 9% 6% 11% 10% 39% 6.6x 6.2x 16.9x 15.4x 24.1x 21.4x Verisk Analytics, Inc. $119.09 $19,615 $22,260 13% 2.2 12% 7% 16% 8% 48% 9.3x 8.7x 19.5x 18.0x 28.6x 26.4x Wolters Kluwer N.V. $63.38 $17,425 $19,723 8% 2.7 (6%) 4% (8%) 6% 27% 3.9x 3.8x 14.4x 13.6x 22.7x 21.1x Equifax Inc. $133.97 $16,132 $18,437 7% 3.0 4% 5% 0% 10% 33% 5.3x 5.0x 15.9x 14.5x 22.8x 21.3x TransUnion $75.30 $13,908 $17,900 10% 3.1 22% 14% 20% 15% 39% 7.7x 6.7x 19.9x 17.2x 30.8x 26.7x Nielsen Holdings plc $26.00 $9,235 $17,500 7% 1.8 (1%) 1% 7% 3% 29% 2.7x 2.7x 9.4x 9.1x 12.4x 11.4x MSCI Inc. $180.26 $16,013 $17,219 10% 3.4 13% 9% 13% 11% 55% 12.0x 11.0x 21.9x 19.8x 34.2x 29.6x Informa plc $9.90 $12,379 $15,958 5% 3.0 28% 23% 32% 27% 34% 5.3x 4.3x 15.8x 12.4x 15.9x 14.7x Gartner, Inc. $149.76 $13,601 $15,890 15% 2.7 21% 10% 59% 13% 18% 4.0x 3.6x 21.7x 19.2x 39.9x 34.1x FactSet Research Systems Inc. $229.39 $8,799 $9,130 11% 2.4 8% 7% 1% 9% 34% 6.7x 6.2x 19.6x 18.0x 26.0x 23.3x

News Corporation $13.07 $7,646 $7,564 9% 3.7 21% 4% 39% 11% 12% 0.8x 0.7x 6.4x 5.8x 34.0x 32.1x Information Information Services Fair Isaac Corporation $230.98 $6,732 $7,371 10% 3.5 11% 8% (10%) 24% 24% 7.0x 6.4x 29.3x 23.5x 34.7x 29.4x The Dun & Bradstreet Corporation $142.92 $5,306 $6,443 8% 2.1 0% 2% 10% 4% 30% 3.7x 3.6x 12.3x 11.8x 17.1x 16.4x CoreLogic, Inc. $50.84 $4,115 $5,837 11% 1.7 0% 1% 18% 4% 27% 3.1x 3.1x 11.7x 11.3x 18.2x 17.0x Acxiom Corporation $45.69 $3,540 $3,673 16% 3.0 5% 7% 27% 9% 19% 3.9x 3.6x 20.1x 18.4x 47.9x 45.1x Euromoney Institutional PLC $16.72 $1,795 $1,861 NA NM (7%) 0% 2% 2% 27% 3.5x 3.5x 12.8x 12.6x 17.0x 16.8x comScore, Inc. $18.89 $1,094 $1,233 5% NM 0% 3% NA NA (14%) 3.0x 3.0x NM NM NM NM National Research Corporation $39.15 $969 $1,002 NA NM 8% 8% 10% NA 33% 7.9x 7.3x 23.6x NM 35.3x 32.4x Forrester Research, Inc. $49.20 $889 $746 12% 3.0 7% 5% (0%) 21% 12% 2.1x 2.0x 17.2x 14.2x 35.9x 31.7x

Median 10% 2.7 8% 6% 10% 9% 32% 5.3x 5.1x 16.9x 15.2x 24.3x 23.3x

Notes: 16 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 8/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E Insurance Technology Verisk Analytics, Inc. $119.09 $19,615 $22,260 13% 2.2 12% 7% 16% 8% 48% 9.3x 8.7x 19.5x 18.0x 28.6x 26.4x Guidewire Software, Inc. $100.57 $8,072 $7,380 8% 11.4 27% 20% 12% 19% 22% 11.3x 9.4x 51.3x 43.2x 91.4x 77.4x HealthEquity, Inc. $94.21 $5,845 $5,542 33% 2.7 24% 23% 29% 28% 39% 19.6x 16.0x 50.7x 39.5x 89.9x 70.9x Ebix, Inc. $79.65 $2,508 $2,983 15% 1.5 39% 20% 33% 20% 34% 6.0x 5.0x 17.6x 14.7x 21.9x 18.1x Benefitfocus, Inc. $44.10 $1,406 $1,481 20% NM (1%) 12% NM 130% 3% 5.8x 5.2x NM 74.1x NM NM CorVel Corporation $59.45 $1,122 $1,049 NA NM 8% NA 2% NA 12% 1.7x NM 14.8x NM NM NM Crawford & Company $8.72 $481 $660 NA NM (3%) 2% 6% 12% 11% 0.6x 0.6x 5.6x 5.0x 11.8x 9.3x Sapiens International Corporation N.V. $12.04 $600 $619 5% 4.6 7% 6% 78% 14% 15% 2.2x 2.0x 14.7x 13.0x 23.0x 19.9x

eHealth, Inc. $29.19 $560 $529 NA NM 31% 13% NA 139% 5% 2.3x 2.1x 50.4x 21.1x NM 42.9x Insurance Insurance Technology Majesco $7.15 $262 $264 NA NM (7%) NA (55%) NA 1% 2.4x NM NM NM NM NM Symbility Solutions Inc. $0.40 $96 $79 NA NM (7%) 18% 14% 46% 11% 2.6x 2.2x 24.4x 16.6x 52.0x 52.0x

Median 14% 2.7 8% 13% 14% 20% 12% 2.6x 5.0x 19.5x 18.0x 28.6x 34.6x

Investment Technology The Bank of New York Mellon Corporation $52.15 $52,147 $75,490 8% 1.5 7% 2% NA NA NA 4.5x 4.4x NM NM 12.4x 11.8x The Charles Schwab Corporation $50.79 $68,620 $50,568 22% 1.0 17% 12% NA 13% 50% 5.0x 4.5x 10.0x 8.8x 20.8x 17.9x State Street Corporation $86.91 $32,975 $42,439 11% 1.0 9% 4% NA NA NA 3.5x 3.3x NM NM 11.1x 10.1x TD Ameritrade Holding Corporation $58.57 $33,247 $29,730 29% 0.6 39% 8% NA 21% 46% 5.3x 4.9x 11.5x 9.5x 17.0x 14.3x Corporation $107.46 $23,994 $27,605 14% 1.2 11% 5% NA NA NA 4.6x 4.4x NM NM 16.6x 15.2x SS&C Technologies Holdings, Inc. $59.34 $14,220 $20,345 16% 1.4 NM 24% 68% 29% 33% 6.0x 4.8x 18.0x 14.0x 23.6x 19.5x Broadridge Financial Solutions, Inc. $135.14 $15,720 $16,510 14% 2.3 3% 5% (1%) 12% 19% 3.8x 3.6x 19.8x 17.7x 31.3x 27.9x SEI Investments Co. $63.08 $9,893 $9,199 12% 1.7 8% 5% 37% 6% 39% 5.6x 5.3x 14.4x 13.6x 20.1x 18.8x Computershare Limited $13.85 $7,520 $8,489 12% 1.8 6% 4% 17% 10% 29% 3.7x 3.5x 12.8x 11.7x 20.5x 19.0x SimCorp A/S $94.58 $3,709 $3,694 12% 3.6 10% 9% 1% 15% 27% 8.2x 7.5x 30.5x 26.6x 42.9x 38.4x Envestnet, Inc. $63.20 $2,868 $3,186 15% 2.2 20% 13% 42% 19% 19% 3.9x 3.5x 20.6x 17.4x 33.7x 28.5x Blucora, Inc. $36.20 $1,725 $1,895 18% 1.1 11% 8% 17% 15% 21% 3.4x 3.1x 16.1x 14.0x 19.4x 16.7x

Investment Technology Investment IRESS Limited $9.68 $1,655 $1,793 7% 4.3 1% 7% 9% 10% 27% 5.4x 5.0x 19.6x 17.8x 29.7x 27.6x First Derivatives plc $55.03 $1,430 $1,452 NA NM 14% 12% 50% 11% 18% 5.5x 4.9x 30.3x 27.2x 54.4x 49.5x Equiniti Group plc $2.87 $1,031 $1,436 NA NM 20% 6% 40% 11% 24% 2.2x 2.1x 9.1x 8.2x 13.0x 11.5x Sanne Group plc $7.98 $1,134 $1,152 NA NM 18% 14% 7% 14% 35% 6.4x 5.6x 18.3x 16.0x 23.8x 20.8x StatPro Group plc $1.73 $114 $144 NA NM 12% 7% 60% 13% 16% 2.0x 1.8x 12.4x 11.0x 19.3x 15.5x

Median 14% 1.5 11% 7% 27% 13% 27% 4.6x 4.4x 17.1x 14.0x 20.5x 18.8x

Notes: 17 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 8/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E Liquidity Venues CME Group Inc. $174.73 $59,512 $61,751 11% 2.3 14% 7% 18% 5% 73% 14.9x 13.9x 20.3x 19.4x 26.2x 24.6x Intercontinental Exchange, Inc. $76.23 $43,713 $50,097 11% 2.1 6% 6% 6% 8% 64% 10.2x 9.6x 15.8x 14.7x 22.0x 19.8x Hong Kong Exchanges and Clearing Limited $28.46 $35,403 $32,355 9% 3.2 21% 11% 27% 14% 75% 16.0x 14.4x 21.5x 18.8x 30.1x 26.2x Stock Exchange Group plc $60.01 $20,827 $21,578 14% 1.8 7% 8% 26% 10% 54% 7.9x 7.3x 14.8x 13.4x 26.3x 22.8x Nasdaq, Inc. $95.44 $15,701 $19,066 10% 2.3 7% 4% 15% 7% 52% 7.4x 7.1x 14.2x 13.3x 21.7x 19.4x Cboe Global Markets, Inc. $100.80 $11,271 $12,214 11% 2.0 15% (1%) 17% (3%) 67% 10.6x 10.8x 15.8x 16.3x 22.6x 22.5x B3 S.A. - Brasil, Bolsa, Balcão $5.27 $10,770 $11,114 14% 1.3 (6%) 9% 36% 10% 71% 9.8x 9.0x 13.7x 12.5x 17.2x 15.4x ASX Limited $48.74 $9,433 $8,694 5% 6.2 (2%) 7% (21%) 5% 77% 14.5x 13.5x 18.8x 17.9x 27.9x 27.1x MarketAxess Holdings Inc. $189.82 $7,132 $6,867 5% 8.6 9% 14% 2% 19% 55% 15.8x 13.9x 28.8x 24.2x 43.1x 36.2x Deutsche Börse Aktiengesellschaft $138.13 $25,556 $6,599 14% 1.7 10% 6% 19% 13% 57% 2.0x 1.9x 3.6x 3.2x 22.5x 19.7x Singapore Exchange Limited $5.40 $5,781 $5,154 6% 3.4 2% 5% 9% 10% 58% 8.2x 7.8x 14.3x 13.0x 21.3x 20.3x Euronext N.V. $65.70 $4,565 $4,730 5% 3.5 10% 6% 15% 9% 57% 6.7x 6.3x 11.7x 10.7x 17.1x 15.3x

Liquidity Liquidity Venues TMX Group Limited $66.90 $3,726 $4,453 NA NM 10% 4% (6%) 6% 55% 7.1x 6.8x 12.7x 12.0x 16.3x 15.3x Bolsas y Mercados Españoles, Sociedad Holding de Mercados$32.76 y Sistemas$2,724 Financieros,$2,355 S.A. NA NM (6%) 2% (12%) 5% 61% 6.5x 6.4x 10.7x 10.1x 16.8x 16.0x Bursa Malaysia Berhad $1.87 $1,506 $1,392 NA NM 3% 4% 5% 5% 60% 9.9x 9.5x 16.4x 15.7x 26.1x 25.0x Bolsa Mexicana de Valores, S.A.B. de C.V. $2.01 $1,194 $1,084 11% 1.5 16% 7% 22% 7% 56% 5.9x 5.5x 10.5x 9.8x 17.1x 16.1x JSE Limited $11.03 $943 $772 NA NM (12%) 13% 5% 4% 56% 5.0x 4.4x 8.8x 8.5x 13.8x 13.1x Gielda Papierów Wartosciowych w Warszawie S.A. $11.23 $471 $371 NA NM (8%) (1%) (11%) (4%) 59% 4.0x 4.1x 6.8x 7.1x 12.2x 11.8x Hellenic Exchanges - Athens Stock Exchange SA $5.19 $313 $214 74% 0.7 11% 19% 36% 47% 36% 6.0x 5.0x 16.4x 11.1x 48.9x 27.8x

Median 11% 2.2 7% 6% 15% 7% 58% 7.9x 7.3x 14.3x 13.0x 22.0x 19.8x

Notes: 18 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 8/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E Payments Networks Visa Inc. $146.89 $326,847 $331,573 18% 1.7 13% 11% 14% 14% 70% 15.6x 14.0x 22.2x 19.5x 30.7x 26.4x Mastercard Incorporated $215.56 $223,849 $221,962 20% 1.6 20% 13% 20% 14% 60% 14.8x 13.2x 24.9x 21.9x 33.5x 28.8x American Express Company $105.98 $91,255 $119,030 12% 1.3 21% 6% NA 11% 31% 3.0x 2.8x NM NM 14.6x 13.2x PayPal Holdings, Inc. $92.33 $109,288 $100,901 21% 1.9 19% 16% 24% 18% 26% 6.5x 5.6x 25.6x 21.6x 39.3x 32.6x Discover $78.12 $26,768 $37,720 11% 0.9 8% 7% NA NA 0% 3.5x 3.3x NM NM 10.0x 9.0x Merchant Processing First Data Corporation $25.72 $24,016 $42,089 14% 1.2 6% 5% 8% 7% 39% 4.9x 4.7x 12.6x 11.9x 17.7x 15.8x Worldpay, Inc. $97.39 $28,965 $36,727 16% 1.5 83% 10% 83% 14% 48% 9.5x 8.6x 19.7x 17.2x 25.4x 21.0x Square, Inc. $88.64 $36,380 $35,830 54% NM 60% 39% 91% 80% 16% 23.2x 16.6x NM 78.9x NM 111.3x Wirecard AG $222.05 $27,438 $26,081 33% 2.0 31% 26% 36% 33% 28% 11.2x 8.9x 40.5x 30.5x 65.1x 48.5x Global Payments Inc. $124.58 $19,707 $23,482 18% 1.3 12% 10% 23% 12% 36% 5.9x 5.4x 16.7x 15.0x 24.2x 20.8x Total System Services, Inc. $97.14 $17,720 $21,335 13% 1.6 13% 6% 31% 8% 35% 5.6x 5.3x 15.9x 14.7x 22.1x 19.9x Adyen N.V. $701.10 $20,698 $19,589 37% NM NA 35% 54% 43% 47% 50.3x 37.3x NM 74.8x NM 110.6x Cielo S.A. $3.66 $9,925 $10,833 1% 12.7 (20%) 4% (23%) 6% 42% 3.8x 3.6x 9.1x 8.5x 11.3x 10.8x GMO Payment Gateway, Inc. $119.27 $4,394 $4,226 33% 3.2 NA 28% 37% 31% 31% 17.0x 13.2x 54.5x 41.7x 103.5x 81.0x EVO Payments, Inc. $23.52 $1,826 $2,332 43% 1.1 NA 8% 19% 14% 25% 4.1x 3.8x 16.3x 14.3x 46.8x 31.0x EVERTEC, Inc. $24.05 $1,691 $2,201 11% 1.2 12% 5% 38% 5% 46% 5.0x 4.7x 10.7x 10.2x 13.6x 12.7x SafeCharge International Group Limited $4.10 $608 $499 15% 1.4 16% 13% 15% 14% 29% 3.9x 3.4x 13.4x 11.8x 20.7x 18.4x i3 Verticals, Inc. $18.62 $169 $201 NA NM NA 11% NA 13% 27% 1.8x 1.6x 6.8x 6.0x 34.5x 24.8x JetPay Corporation $1.70 $26 $33 NA NM (5%) 17% 13% 19% 10% 0.5x 0.4x 4.8x 4.0x NM NM

Payments Prepaid / Closed Loop Alliance Data Systems Corporation $238.58 $13,108 $33,782 13% 0.8 5% 9% 17% 11% 26% 4.2x 3.8x 15.9x 14.3x 10.5x 9.3x FleetCor Technologies, Inc. $213.74 $18,892 $22,721 17% 1.2 7% 9% 12% 12% 57% 9.5x 8.6x 16.6x 14.8x 20.4x 17.8x Edenred SA $38.11 $9,038 $10,463 13% 2.3 0% 9% 13% 10% 38% 6.5x 6.0x 17.0x 15.4x 29.6x 26.5x WEX Inc. $190.22 $8,197 $10,391 20% 1.2 18% 11% 30% 14% 42% 7.1x 6.4x 17.0x 15.0x 23.5x 20.1x Green Dot Corporation $85.67 $4,503 $3,441 22% 1.2 17% 10% 38% 14% 24% 3.3x 3.0x 13.9x 12.2x 27.8x 24.4x Net 1 UEPS Technologies, Inc. $7.24 $412 $372 15% 0.3 (0%) 0% NA NA NA 0.6x 0.6x NM NM 5.0x 6.2x Other Payments Technology The Western Union Company $18.92 $8,462 $10,853 4% 2.5 4% 3% 4% 3% 25% 1.9x 1.9x 7.8x 7.6x 10.2x 9.8x The Sage Group plc $7.73 $8,382 $9,302 8% 2.2 4% 9% 8% 9% 29% 3.9x 3.6x 13.4x 12.4x 18.3x 16.6x Ingenico Group - GCS $70.27 $4,340 $6,382 10% 1.3 4% 9% (2%) 11% 20% 2.0x 1.9x 10.4x 9.4x 12.8x 11.4x NCR Corporation $28.41 $3,350 $6,119 4% 2.7 (1%) 3% 1% 7% 16% 1.0x 0.9x 6.1x 5.7x 10.9x 9.6x Euronet Worldwide, Inc. $97.80 $4,990 $4,832 13% 1.4 13% 10% 18% 14% 19% 1.9x 1.7x 9.9x 8.7x 18.0x 15.8x Cardtronics plc $35.09 $1,617 $2,451 NA NM (13%) 0% NM 2% 20% 1.9x 1.9x 9.2x 9.1x 22.1x 21.3x Everi Holdings Inc. $8.67 $603 $1,651 20% NM 6% 4% 8% 5% 53% 3.8x 3.6x 7.2x 6.9x NM NM MoneyGram International, Inc. $6.51 $362 $1,067 NA NM (5%) 1% 6% 3% 16% 0.7x 0.7x 4.3x 4.1x 9.5x 8.8x Cass Information Systems, Inc. $71.53 $879 $753 NA NM NA NA NA NA NA NM NM NM NM NM NM Cardlytics, Inc. $20.39 $434 $431 NA NM 19% 34% NA NA (8%) 2.8x 2.1x NM NM NM NM International Money Express, Inc. $9.80 $355 $403 NA NM NA 20% NA 18% 16% 1.5x 1.3x 9.4x 8.0x 13.4x 14.5x eServGlobal Limited $0.09 $82 $73 NA NM 55% NA NA NA (2%) 3.8x NM NM NM NM NM Earthport plc $0.13 $81 $40 NA NM 10% 24% NA NA (22%) 1.2x 1.0x NM NM NM NM

Median 15% 1.4 11% 10% 18% 13% 27% 3.9x 3.6x 13.4x 12.4x 20.5x 19.2x

Notes: 19 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 8/31/18 Value Value Growth PEG 18E/17A 19E/18E 18E/17A 19E/18E 18E 18E 19E 18E 19E 18E 19E Real Estate & Mortgage Technology Booking Holdings Inc. $1,951.55 $92,644 $94,075 18% 1.2 14% 12% 10% 12% 40% 6.6x 5.9x 16.5x 14.7x 21.9x 19.3x Expedia Group, Inc. $130.50 $19,503 $19,171 17% 1.5 12% 12% 45% 15% 17% 1.7x 1.5x 10.1x 8.8x 24.4x 20.6x CoStar Group, Inc. $442.16 $16,091 $15,124 17% 3.3 23% 17% 37% 26% 33% 12.7x 10.9x 38.0x 30.1x 56.0x 44.7x Fidelity National Financial, Inc. $40.10 $11,024 $10,676 NA NM 1% 3% (1%) 6% 14% 1.4x 1.3x 9.4x 8.9x 14.3x 13.1x Black Knight, Inc. $53.40 $7,978 $9,431 15% 2.0 6% 8% 35% 10% 48% 8.4x 7.8x 17.4x 15.8x 29.5x 26.1x Group, Inc. $48.10 $9,616 $9,110 5% 16.7 25% 44% 26% 29% 19% 6.8x 4.7x 36.7x 28.6x 83.4x 61.6x REA Group Limited $65.67 $8,649 $8,883 18% 2.2 9% 14% 18% 16% 58% 14.1x 12.4x 24.4x 21.0x 38.7x 32.5x Jones Lang LaSalle Incorporated $152.52 $6,945 $8,267 14% 1.1 25% (5%) 7% 4% 9% 0.9x 0.9x 9.6x 9.3x 14.9x 14.0x Ocwen Financial Corporation $4.18 $560 $7,552 NA NM (15%) (10%) NA NA NA 7.6x 8.4x NM NM NM NM TripAdvisor, Inc. $54.31 $7,470 $6,792 14% 2.7 6% 9% 39% 9% 23% 4.2x 3.8x 18.1x 16.6x 38.3x 34.1x Realogy Holdings Corp. $21.39 $2,653 $6,291 NA NM 2% 4% (7%) 4% 11% 1.0x 1.0x 8.8x 8.5x 11.3x 9.4x First American Financial Corporation $56.86 $6,349 $5,955 NA NM 2% 3% 28% 6% 14% 1.0x 1.0x 7.1x 6.7x 12.5x 11.9x RealPage, Inc. $62.40 $5,648 $5,873 NA NM 30% 15% 63% 23% 26% 6.7x 5.9x 25.6x 20.8x 42.7x 35.8x CoreLogic, Inc. $50.84 $4,115 $5,837 11% 1.7 0% 1% 18% 4% 27% 3.1x 3.1x 11.7x 11.3x 18.2x 17.0x Rightmove plc $6.39 $5,745 $5,726 10% 2.8 5% 8% 5% 8% 76% 16.6x 15.3x 21.8x 20.2x 27.4x 24.9x Radian Group Inc. $20.33 $4,336 $4,301 19% 0.4 5% 7% NA NA 0% 3.3x 3.1x NM NM 8.0x 7.5x International Group Inc. $81.37 $3,189 $3,505 23% 0.9 27% 11% 28% 22% 11% 1.3x 1.1x 11.4x 9.4x 21.4x 18.3x Ellie Mae, Inc. $105.37 $3,650 $3,407 19% 3.0 21% 17% 25% 32% 26% 6.8x 5.8x 25.9x 19.6x 56.0x 42.6x LendingTree, Inc. $253.35 $3,247 $3,198 34% 1.3 24% 21% 40% 26% 20% 4.2x 3.5x 21.1x 16.7x 43.8x 34.3x AppFolio, Inc. $85.40 $2,923 $2,870 NA NM 30% 24% 123% 45% 24% 15.5x 12.5x 64.7x 44.7x 98.2x 63.3x

Real Mortgage & Estate Tech. Moneysupermarket.com Group PLC $3.69 $1,976 $1,944 6% 3.0 (1%) 7% 5% 7% 37% 4.3x 4.0x 11.7x 10.9x 16.9x 15.7x Corporation $19.81 $1,757 $1,566 NA NM 30% 27% 63% NM 1% 3.3x 2.6x NM 56.5x NM NM Marcus & Millichap, Inc. $36.41 $1,406 $1,088 6% 2.9 9% 4% 9% 7% 16% 1.4x 1.4x 9.0x 8.4x 17.7x 16.6x RE/MAX Holdings, Inc. $49.25 $874 $1,063 7% 3.1 9% 7% 3% 11% 49% 4.9x 4.6x 10.1x 9.1x 21.7x 19.5x Stewart Information Services Corporation $44.78 $1,063 $1,040 NA NM 0% 2% (4%) 25% 6% 0.5x 0.5x 9.2x 7.4x 18.8x 14.4x Altisource Portfolio Solutions S.A. $36.15 $616 $887 NA NM (15%) (10%) NA NA NA 1.1x 1.2x NM NM 20.2x 32.9x Lifull Co., Ltd. $6.16 $731 $692 23% 1.2 79% 21% NA 35% 15% 2.1x 1.8x 13.9x 10.3x 26.7x 20.5x QuinStreet, Inc. $15.17 $715 $650 25% 1.5 35% 11% 95% 27% 9% 1.5x 1.4x 16.3x 12.8x 37.2x 27.7x Agilysys, Inc. $16.07 $378 $343 NA NM 6% 14% NA (13%) 7% 2.5x 2.2x 36.5x 42.2x NM NM Real Matters Inc. $4.21 $373 $307 82% 0.5 4% 24% 47% 49% 14% 3.2x 2.6x 22.2x 14.9x 38.3x 28.1x Reis, Inc. $23.05 $267 $252 NA NM 1% 8% 23% 16% 26% 5.2x 4.8x 19.6x 16.9x NM NM

Median 17% 1.8 9% 9% 26% 15% 19% 3.3x 3.1x 16.5x 14.8x 24.4x 20.6x

Trading Technology The Charles Schwab Corporation $50.79 $68,620 $50,568 22% 1.0 17% 12% 26% 13% 50% 5.0x 4.5x 10.0x 8.8x 20.8x 17.9x TD Ameritrade Holding Corporation $58.57 $33,247 $29,730 29% 0.6 39% 8% 45% 21% 46% 5.3x 4.9x 11.5x 9.5x 17.0x 14.3x E*TRADE Financial Corporation $58.86 $15,281 $15,341 23% 0.7 20% 8% 25% 11% 53% 5.4x 5.0x 10.1x 9.1x 16.5x 14.7x Virtu Financial, Inc. $21.80 $2,333 $3,224 5% 2.6 78% (2%) NM (7%) 58% 3.5x 3.6x 6.0x 6.5x 12.9x 12.4x Group, Inc. $62.16 $4,667 $2,935 19% 1.5 19% 17% 59% 15% 91% 1.5x 1.3x 1.7x 1.5x 28.0x 24.4x

Investment Technology Group, Inc. $21.88 $722 $539 NA NM 8% 7% NA NA NM 1.0x 1.0x NM NM 17.9x 12.8x Trading Tech. GAIN Capital Holdings, Inc. $7.37 $329 $234 NA NM 14% 1% 145% 3% 25% 0.7x 0.7x 2.6x 2.6x 11.6x 10.4x INTL FCStone Inc. $55.76 $1,054 ($986) NA NM NA NA NA NA NA NM NM NM NM NM NM

Median 22% 1.0 19% 8% 45% 12% 51% 3.5x 3.6x 8.0x 7.7x 17.0x 14.3x

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

MANCHESTER OSAKA FRANKFURT NAGOYA NEW YORK MUNICH TOKYO

SHANGHAI LONDON NEW DELHI MILAN SAN FRANCISCO TEL AVIV ZURICH TAIPEI

MUMBAI HO CHI MINH CITY

SINGAPORE

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

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