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 Q1 2019 . 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 (Q1 2019)

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

 Over the past twelve months ended March 31, 2019, The Dow Jones 03/27/19 Positive Physicians Holdings, Inc. Insurance IPO $36 U.S. Financial Services Index increased 2.0% and the S&P 500 increased 7.3%. 03/26/19 Tortoise Essential Assets, Inc. Specialty Finance IPO $260

03/19/19 Insurance Acquisition Corp. Specialty Finance IPO $131  Notable initial public offerings in the Financial Services industry during the quarter included Gores Metropoulos, Inc. (NASDAQ: 03/14/19 Trine Acquisition Corp. Specialty Finance IPO $261 GMHI), and Tortoise Essential Assets (NYSE: TEAF), both of which 03/07/19 Crescent Acquisition Corp. Specialty Finance IPO $250 operate within the asset management sector, raising $375 million 03/05/19 Tuscan Holdings Corp. Specialty Finance IPO $240 and $260 million respectively. 01/31/19 Pivotal Acquisition Corp. Specialty Finance IPO $200

 The Payment Processing subsector of the Financial Technology 01/31/19 Gores Metropoulos, Inc. Specialty Finance IPO $375 sector led the industry with respect to valuation, trading at a multiple of 21.2x. 01/15/19 Rhinebeck Bancorp, Inc. Specialty Finance IPO $48

01/08/19 1895 Bancorp of Wisconsin, Inc. Specialty Finance IPO $21

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

120% Median Change in Stock Price Equity Value / LTM Industry Sector 3 Months 12 Months EBT Book Value Specialty Finance 110% 7.3% Consumer Finance 19.5% 13.8% 7.4x 2.0x Automotive Financing 19.8% 18.4% 6.5x 1.0x 2.0% Large Cap Banks 5.2% (10.0%) 7.9x 1.6x 100% Small & Mid Cap Banks 5.6% (18.8%) 9.2x 1.6x 12.5% 0.8% 7.7x 1.6x Median 90% Change in Stock Price Enterprise Value / LTM 3 Months 12 Months Revenue EBITDA Financial Technology 80% Payment Processing 24.7% 31.7% 7.2x 21.2x Data & Compliance 21.2% 17.4% 7.3x 19.5x 23.0% 24.5% 7.2x 20.3x

70% Insurance Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Life & Health Insurance 3.1% 8.5% 0.9x 10.0x Property & Casualty Insurance 10.1% 2.5% 1.4x 10.9x S&P 500 Dow Jones U.S. Financial Services Index Multi-line Insurance 9.3% (5.5%) 1.0x 10.3x Insurance Brokers 15.3% 16.1% 3.0x 15.3x Source: Capital IQ. 9.4% 5.4% 1.6x 11.7x

HYDE PARK CAPITAL 2 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 in the Financial Services industry decreased in Q1 2019 compared to Q1 2018, with overall deal ($ in billions) volume down 36% and overall deal value down 42%. Q1 2018 Q1 2019 % Change Deal Size Volume Value Volume Value Volume Value  The upper and lower middle market took a bigger share of the total Less than $100MM 26 $1.1 21 $0.9 (19%) (20%) middle market than they did in Q1 2018. When looking at $100 - $499MM 23 $5.6 9 $1.9 (61%) (65%) transactions with disclosed values, the two ranges accounted for $500 - $999MM 4 $3.0 4 $2.8 0% (7%) 74% of middle-market volume and 65% of middle-market value. Total Middle Market 53 $9.7 34 $5.6 (36%) (42%) % of Total Market  When looking at all closed transactions in the Financial Services Less than $100MM 49% 12% 62% 16% industry (including those with undisclosed values), there was a $100 - $499MM 43% 58% 26% 35% slight decrease from 311 deals in Q1 2018 to 298 in Q1 2019 – $500 - $999MM 8% 31% 12% 49% down 4.3%. This exhibits a much more subtle decline in M&A Total Middle Market 100% 100% 100% 100% activity.

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

75 $11.5

70 $12

64 64 $10.4 $10.1 $9.5 $9.7

$10 60 57 53 53 53 50 $8.6 $8.2

51 billions) in $7.6 $ $8 43 $7.0 45 $6.5 38 38 $6.2 34 $6 $5.6

30 $4.6 $4

TotalTransaction Volume $2 TotalTransaction ( Value 0 $0 Q1 '16 Q2 '16 Q3'16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q1 '16 Q2 '16 Q3'16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19

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 Recent M&A Activity – Financial Services

Select M&A Transactions (Q1 2019)

($ in millions)

Announced Enterprise Equity Value / Equity Value / Date Target Buyer Industry Value ($MM) EBT Book Value

03/29/19 Wallach & Co., Inc. IIU, Inc. Insurance $2.7 NA NA

03/29/19 Budco Financial Services, LLC Scale Community, Inc. Speciality Finance NA NA NA

Santander Consumer USA 03/11/19 Santander USA Holdings, Inc. Speciality Finance NA 5.7x 1.0x Holdings, Inc.

03/08/19 Austin & Austin Insurance Brown & Brown, Inc. Insurance NA NA NA

03/01/19 J. Seltzer Associates Engle-Hambright & Davies, Inc. Insurance NA NA NA

03/01/19 Colva Insurance Services Corp. Alpha Growth, LLC Insurance NA NA NA

02/28/19 SpeedPay, Inc. ACI Worldwide, Inc. Financial Technology $750.0 NA NA

02/25/19 Maison Insurance Co. FedNat Holding Co. Insurance NA NA NA

Platinum Equity / 02/18/19 Navient Corp. Insurance NA 5.9x 0.9x Canyon Capital

02/06/19 Southwestern Montana Insurance Reliance Global Holdings, LLC Insurance NA NA NA

Individual Life Insurance 01/24/19 Protective Life Insurance Co. Insurance NA NA NA and Annuity

01/23/19 MUSA Holdings, LLC Powerband Solutions, Inc. Speciality Finance NA NA NA

01/16/19 First Data Corp. Fiserv, Inc. Financial Technology $41,215.6 16.0x 5.1x

01/04/19 Cornerstone National Insurance Cfm Insurance, Inc. Insurance NA NA NA

Business of Marquis 01/03/19 Acrisure, LLC Insurance NA NA NA Professional Services

01/02/19 Allan Hall & Associates Xchange Benefits, LLC Insurance NA NA NA

Sources: Capital IQ; PitchBook.

HYDE PARK CAPITAL 4 Investment Banking | Mergers & Acquisitions | Capital Raising Private Equity Activity – Financial Services

Commentary Select Private Equity Transactions (Q1 2019)

($ in millions)  A total of 64 financial sponsors announced potential acquisitions Enterprise in Q1 2019. Announced Date Target Buyer Industry Value ($MM)

03/29/19 Budco Financial Services, LLC Scale Community Specialty Finance NA  Westshore Capital Partners and Capitala Group have announced

their acquisition of Reliant Account Management, a specialized 03/21/19 Minier Financial, Inc. Minier Financial Specialty Finance NA independent third party payment processor. Capitala is

providing a combination of senior secured debt and equity 03/07/19 Blackboard Transact Reverence Capital Partners Financial Technology NA totaling $30 million to support Westshore Capital in the

acquisition. 03/05/19 Camp Grove Bancorp, Inc. Katz Capital Specialty Finance NA

 Reverence Capital Partners announced its potential acquisition of 02/22/19 Prestige Capital Corp. Great Elm Capital Specialty Finance NA Blackboard Transact, a division of Blackboard, a learning

solutions company. The division was previously valued between Business Development 02/22/19 Siena Capital Finance, LLC Specialty Finance NA $700 million and $1 billion in February of 2019. Corp. of America

02/21/19 AssuredPartners, Inc. Apax Partners / GTCR Insurance NA Financial Sponsors Industry Transactions

02/21/19 Relation Insurance, Inc. Aquiline Capital Insurance NA

30 Platinum Equity / 27 02/18/19 Navient Corp. Specialty Finance NA

Canyon Capital

02/11/19 BlueRock Energy Capital II, LLC Legacy Trust Co. Specialty Finance NA

02/11/19 PanOptis, LLC Brevet Capital Management Specialty Finance NA 15

11 11 02/11/19 Commercial Credit, Inc. BDT Capital Specialty Finance NA

10 Capitala Group / 01/29/19 Reliant Account Management, LLC Financial Technology NA

Westshore Capital TotalTransaction Volume

01/10/19 Afterburn Holdings, LLC Brentwood Associates Specialty Finance NA

0 Specialty Finance Financial Technology Insurance Other (Banks) 01/10/19 GreenSky, Inc. Dragoneer Investment Group Financial Technology NA

Sources: Capital IQ; PitchBook, CR80 News.

HYDE PARK CAPITAL 5 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

Commentary Specialty Finance

130%

 The charts on the following pages detail stock price performance 120% 18.4% by sector for the leading public companies within the Financial 13.8% Services industry for the last twelve months ended March 31, 2019. 110% The shaded section is the most recent 3-month period (Q1 2019) 7.3% for each sector index relative to the S&P 500. 100%

4.5%  The industry’s sectors posted mixed performances during Q1 90% 2019. Payment Processing was the industry’s top performer, up

31.7%, followed by the Financial Technology subsector with an 80% increase of 24.5%. The largest decline among all sectors was Small

Cap Banks, with a decline of 18.8%. 70% Mar-18 Jun-18 Sep-18 Dec-18 Mar-19

S&P 500 HPC Short-Term Lenders HPC Auto Finance HPC Consumer Finance

Financial Technology Insurance

140% 130% 31.7% 16.1%

130% 120% 24.5% 8.5%

120% 110% 17.4% 7.3%

110% 100% 7.3% 5.4%

100% 90% 2.5%

90% 80% 5.5%

80% 70% Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19

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

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

Banks

120%

110% 7.3%

100%

10% 90%

18.8% 80%

70%

60% Mar-18 Jun-18 Sep-18 Dec-18 Mar-19

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

Source: Capital IQ.

HYDE PARK CAPITAL 7 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 3/29/19 Week High Value Value EBT Net Income Book Value EBT Net Income Book Value OneMain Holdings, Inc. OMF $31.75 85% $4,321 $17,790 $741 $475 $2,156 5.8x 9.1x 2.0x FirstCash, Inc. FCFS $86.50 91% $3,821 $4,363 $217 $154 $308 17.6x* 24.8x 12.4x* Enova Int'l, Inc. ENVA $22.82 59% $802 $1,567 $109 $77 $109 7.4x 10.4x 7.3x World Acceptance Corp. WRLD $117.13 94% $1,078 $1,377 $90 $37 $530 12.0x 29.0x 2.0x Regional Management Corp. RM $24.42 66% $295 $944 $45 $35 $278 6.6x 8.5x 1.1x EZCORP, Inc. EZPW $9.32 62% $533 $598 $51 $14 $384 10.5x 39.1x* 1.4x

Average 75.9% $1,809 $4,440 $209 $132 $628 8.4x 16.3x 2.8x Median 75.4% $940 $1,472 $99 $57 $346 7.4x 10.4x 2.0x

Automotive Financing Equity Value / Closing Price % of 52 Equity Enterprise LTM LTM Company Ticker 3/29/19 Week High Value Value EBT Net Income Book Value EBT Net Income Book Value Ally Financial Inc. ALLY $27.49 95% $11,530 $60,501 $1,780 $1,387 $13,459 6.5x 8.3x 0.9x Santander Consumer USA Holdings Inc. SC $21.13 97% $7,570 $42,029 $1,227 $919 $7,043 6.2x 8.2x 1.1x Credit Acceptance Corp. CACC $451.93 97% $8,774 $12,554 $804 $618 $2,049 10.9x 14.2x 4.3x Consumer Portfolio Services, Inc. CPSS $3.49 78% $86 $2,334 $17 $13 $198 5.1x 6.4x 0.4x America's Car-Mart, Inc. CRMT $91.34 102% $646 $812 $60 $48 $261 10.8x 13.6x 2.5x Nicholas Financial, Inc. NICK $9.00 72% $70 $185 $2 NM $110 37.4x* NM 0.6x

Average 90.0% $4,779 $19,736 $648 $597 $3,853 7.9x 10.1x 1.6x Median 95.7% $4,108 $7,444 $432 $618 $1,155 6.5x 8.3x 1.0x

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

HYDE PARK CAPITAL 8 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 3/29/19 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Visa Inc. V $156.19 100% $361,346 $371,693 $21,253 $20,554 $14,273 96.7% 67.2% 17.5x* 26.0x Mastercard Inc. MA $235.45 99% $246,516 $244,566 $14,950 $14,950 $8,896 100.0% 59.5% 16.4x* 27.5x PayPal Holdings, Inc. PYPL $103.84 99% $124,920 $117,809 $15,451 $7,114 $2,733 46.0% 17.7% 7.6x 43.1x* First Data Corp. FDC $26.27 99% $25,140 $45,055 $8,679 $5,674 $3,080 65.4% 35.5% 5.2x 14.6x Fiserv, Inc. FISV $88.28 100% $36,521 $42,065 $5,823 $2,754 $1,898 47.3% 32.6% 7.2x 22.2x Worldpay, Inc. WP $113.50 100% $33,507 $41,555 $3,925 $3,925 $1,548 100.0% 39.4% 10.6x 26.8x Alliance Data Systems Corp. ADS $174.98 70% $9,641 $30,962 $7,791 $2,067 $1,864 26.5% 23.9% 4.0x 16.6x Global Payments, Inc. GPN $136.52 100% $21,744 $26,555 $3,366 $2,271 $1,316 67.5% 39.1% 7.9x 20.2x Total System Services, Inc. TSS $95.01 95% $17,474 $20,922 $4,028 $1,536 $1,123 38.1% 27.9% 5.2x 18.6x

Average 95.6% $97,423 $104,576 $9,474 $6,761 $4,081 65.3% 38.1% 6.8x 21.6x Median 99.3% $33,507 $42,065 $7,791 $3,925 $1,898 65.4% 35.5% 7.2x 21.2x

Data & Compliance Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 3/29/19 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA S&P Global Inc. SPGI $210.55 97% $53,311 $56,714 $6,258 $4,557 $3,167 72.8% 50.6% 9.1x 17.9x Thomson Reuters Corp. TSX:TRI $59.16 99% $39,531 $40,151 $5,501 $1,505 $1,078 27.4% 19.6% 7.3x 37.2x* Moody's Corp. MCO $181.09 96% $35,204 $39,264 $4,443 $3,197 $2,108 72.0% 47.5% 8.8x 18.6x Experian plc EXPN $27.07 99% $24,793 $27,986 $4,832 $2,049 $1,566 42.4% 32.4% 5.8x 17.9x Verisk Analytics, Inc. VRSK $133.00 100% $22,384 $24,964 $2,395 $1,509 $1,046 63.0% 43.7% 10.4x 23.9x MSCI Inc. MSCI $198.84 100% $17,836 $19,507 $1,434 $1,147 $762 80.0% 53.2% 13.6x* 25.6x Equifax Inc. EFX $118.50 85% $14,386 $16,846 $3,412 $1,972 $744 57.8% 21.8% 4.9x 22.6x TransUnion TRU $66.84 84% $12,760 $16,697 $2,317 $1,527 $820 65.9% 35.4% 7.2x 20.4x Nielsen Holdings plc NLSN $23.67 68% $8,417 $16,476 $6,515 $3,710 $1,469 56.9% 22.5% 2.5x 11.2x

Average 92.0% $25,402 $28,734 $4,123 $2,352 $1,418 59.8% 36.3% 7.0x 19.8x Median 96.9% $22,384 $24,964 $4,443 $1,972 $1,078 63.0% 35.4% 7.3x 19.5x

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

Insurance

($ in millions, except per share)

Life & Health Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 3/29/19 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 MetLife, Inc. MET $42.57 87% $43,162 $111,291 $67,915 $19,995 $7,816 29.4% 11.5% 1.6x 14.2x Cigna Corp. CI $160.82 71% $40,241 $76,895 $48,569 $16,248 $5,208 33.5% 10.7% 1.6x 14.8x Anthem, Inc. ANTM $286.98 90% $75,820 $73,495 $92,091 $20,196 $6,363 21.9% 6.9% 0.8x 11.6x Prudential Financial, Inc. PRU $91.88 84% $39,159 $48,956 $63,304 $17,095 $6,708 27.0% 10.6% 0.8x 7.3x Aflac Inc. AFL $50.00 99% $38,733 $41,072 $21,758 $7,193 $4,254 33.1% 19.6% 1.9x 9.7x Humana Inc. HUM $266.00 75% $36,815 $30,686 $56,912 $11,030 $3,336 19.4% 5.9% 0.5x 9.2x Centene Corp. CNC $53.10 71% $21,161 $21,984 $56,688 $10,631 $2,627 18.8% 4.6% 0.4x 8.4x Lincoln National Corp. LNC $58.70 79% $12,888 $15,080 $16,424 $5,167 $2,347 31.5% 14.3% 0.9x 6.4x Principal Financial Group, Inc. PFG $50.19 81% $14,495 $14,572 $14,237 $5,921 $1,990 41.6% 14.0% 1.0x 7.3x Torchmark Corp. TMK $81.95 91% $9,445 $10,925 $4,304 $1,233 $967 28.7% 22.5% 2.5x 11.3x WellCare Health Plans, Inc. WCG $269.75 83% $12,774 $10,416 $20,414 $3,137 $921 15.4% 4.5% 0.5x 11.3x Unum Group UNM $33.83 69% $7,445 $9,359 $11,599 $2,572 $897 22.2% 7.7% 0.8x 10.4x Genworth Financial, Inc. GNW $3.83 76% $1,931 $5,680 $8,430 $784 $795 9.3% 9.4% 0.7x 7.1x

Average 82.1% $43,970 $54,192 $50,635 $12,504 $4,528 25.4% 10.8% 1.1x 10.3x Median 81.9% $28,988 $26,335 $35,164 $8,912 $2,982 25.4% 10.0% 0.9x 10.0x

Property & Casualty Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 3/29/19 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Chubb Ltd. CB $140.08 99% $65,390 $77,490 $32,679 $8,224 $5,182 25.2% 15.9% 2.4x 15.0x The Progressive Corp. PGR $72.09 98% $42,295 $45,543 $31,955 $3,464 $3,593 10.8% 11.2% 1.4x 12.7x The Travelers Companies, Inc. TRV $137.16 98% $37,006 $39,212 $30,282 $7,610 $4,116 25.1% 13.6% 1.3x 9.5x The Allstate Corp. ALL $94.18 92% $33,264 $38,117 $39,815 $9,127 $3,664 22.9% 9.2% 1.0x 10.4x Cincinatti Financial Corp. CINF $85.90 98% $14,131 $14,213 $5,407 $395 $367 7.3% 6.8% 2.6x 38.7x* Markel Corp. MKL $996.24 81% $13,871 $13,982 $6,841 $3,011 $467 44.0% 6.8% 2.0x 30.0x* CNA Financial Corp. CNA $43.35 84% $11,813 $12,893 $10,134 $3,227 $1,181 31.8% 11.7% 1.3x 10.9x

Average 92.9% $31,110 $34,493 $22,445 $5,008 $2,653 23.9% 10.7% 1.7x 11.7x Median 97.7% $33,264 $38,117 $30,282 $3,464 $3,593 25.1% 11.2% 1.4x 10.9x

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)

Multi-line

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 3/29/19 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA AXA SA ENXTPA:CS $25.17 94% $60,141 $107,978 $121,831 $22,111 $10,287 18.1% 8.4% 0.9x 10.5x American Int'l Group, Inc. AIG $43.06 76% $39,191 $62,132 $47,457 $10,905 $7,461 23.0% 15.7% 1.3x 8.3x Loews Corp. L $47.93 90% $15,334 $25,147 $14,066 $6,236 $2,347 44.3% 16.7% 1.8x 10.7x The Hartford Financial Services Group, Inc. HIG $49.72 90% $18,103 $18,844 $18,925 $6,376 $2,541 33.7% 13.4% 1.0x 7.4x American Financial Group, Inc. AFG $96.21 82% $8,717 $9,527 $6,939 $1,072 $938 15.4% 13.5% 1.4x 10.2x Assurant, Inc. AIZ $94.91 85% $5,651 $7,309 $8,058 $704 $642 8.7% 8.0% 0.9x 11.4x National General Holdings Corp. NGHC $23.73 82% $2,630 $3,193 $4,608 $1,210 $359 26.3% 7.8% 0.7x 8.9x American National Insurance Co. ANAT $120.82 78% $3,252 $2,929 $3,326 $638 $193 19.2% 5.8% 0.9x 15.2x

Average 84.6% $19,127 $29,632 $28,151 $6,157 $3,096 23.6% 11.2% 1.1x 10.3x Median 83.7% $12,025 $14,185 $11,062 $3,723 $1,643 21.1% 10.9% 1.0x 10.3x

Brokers

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 3/29/19 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Marsh & McLennan Companies, Inc. MMC $93.90 99% $47,983 $52,814 $14,950 $6,560 $3,470 43.9% 23.2% 3.5x 15.2x Aon plc AON $170.70 98% $42,163 $47,907 $10,770 $4,783 $2,889 44.4% 26.8% 4.4x 16.6x Willis Towers Watson WLTW $175.65 93% $23,186 $26,902 $8,513 $3,670 $1,895 43.1% 22.3% 3.2x 14.2x Arthur J. Gallagher & Co. AJG $78.10 96% $14,542 $17,616 $6,711 $1,922 $1,039 28.6% 15.5% 2.6x 16.9x Brown & Brown, Inc. BRO $29.51 94% $8,328 $9,383 $2,010 $941 $609 46.8% 30.3% 4.7x 15.4x Fanhua Inc. FANH $26.26 69% $1,629 $1,404 $505 $164 $66 32.4% 13.0% 2.8x 21.3x Crawford & Co. CRD.A $9.24 88% $516 $663 $1,071 $315 $94 29.4% 8.8% 0.6x 7.1x Health Insurance Innovations, Inc. HIIQ $26.82 42% $359 $400 $351 NM $37 NM 10.6% 1.1x 10.8x

Average 85.0% $17,338 $19,636 $5,610 $2,622 $1,262 38.4% 18.8% 2.9x 14.7x Median 93.5% $11,435 $13,500 $4,361 $1,922 $824 43.1% 18.9% 3.0x 15.3x

Source: Capital IQ.

HYDE PARK CAPITAL 11 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 3/29/19 Week High Value Value EBT Net Income Book Value EBT Net Income Book Value JPMorgan Chase & Co. JPM $101.23 85% $341,264 NA $41,256 $32,941 $184,633 8.3x 10.4x 1.8x State Street Corporation STT $65.81 65% $24,925 NA $3,226 $2,448 $11,591 7.7x 10.2x 2.2x Citigroup Inc. C $62.22 83% $151,795 NA $23,367 $18,173 $151,590 6.5x 8.4x 1.0x Wells Fargo & Company WFC $48.32 81% $229,603 $257,812 $28,685 $23,516 $149,192 8.0x 9.8x 1.5x Bank of America Corporation BAC $27.59 86% $277,709 $210,838 $36,112 $28,540 $175,733 7.7x 9.7x 1.6x U.S. Bancorp USB $48.19 87% $78,309 $122,349 $8,720 $7,150 $35,841 9.0x 11.0x 2.2x The PNC Financial Services Group, Inc. PNC $122.66 82% $57,037 $113,469 $6,455 $5,378 $35,328 8.8x 10.6x 1.6x Capital One Financial Corporation COF $81.69 81% $39,072 $77,902 $7,745 $6,081 $34,352 5.0x 6.4x 1.1x BB&T Corporation BBT $46.53 85% $36,259 $66,433 $4,256 $3,264 $17,226 8.5x 11.1x 2.1x SunTrust Banks, Inc. STI $59.25 79% $27,150 $48,260 $3,281 $2,721 $16,353 8.3x 10.0x 1.7x Fifth Third Bancorp FITB $25.22 79% $17,077 $35,221 $3,010 $2,267 $13,777 5.7x 7.5x 1.2x KeyCorp KEY $15.75 72% $16,394 $31,821 $2,259 $1,855 $11,658 7.3x 8.8x 1.4x Regions Financial Corporation RF $14.15 71% $15,194 $29,257 $1,956 $1,739 $9,755 7.8x 8.7x 1.6x M&T Bank Corporation MTB $157.02 87% $22,203 $26,918 $2,820 $2,048 $9,719 7.9x 10.8x 2.3x Northern Trust Corporation NTRS $90.41 78% $20,120 $23,532 $1,926 $1,522 $8,919 10.4x 13.2x 2.3x

Average 80.0% $90,274 $86,984 $11,672 $9,310 $57,711 7.8x 9.8x 1.7x Median 81.2% $36,259 $57,346 $4,256 $3,264 $17,226 7.9x 10.0x 1.6x

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)

Small Cap Equity Value / Closing Price % of 52 Equity Enterprise LTM LTM Company Ticker 3/29/19 Week High Value Value EBT Net Income Book Value EBT Net Income Book Value BOK Financial Corporation BOKF $81.55 77% $5,569 $11,152 $573 $451 $3,345 9.7x 12.3x 1.7x BankUnited, Inc. BKU $33.40 74% $3,410 $8,871 $395 $306 $2,846 8.6x 11.2x 1.2x Investors Bancorp, Inc. ISBC $11.85 86% $3,289 $8,849 $260 $193 $2,869 12.7x 17.1x 1.1x Synovus Financial Corp. SNV $34.36 60% $4,441 $7,670 $655 $445 $3,843 6.8x 10.0x 1.2x CenterState Bank Corporation CSFL $23.81 74% $2,184 $2,312 $250 $165 $1,158 8.7x 13.2x 1.9x Eagle Bancorp, Inc. EGBN $50.20 77% $1,731 $2,134 $208 $150 $1,043 8.3x 11.5x 1.7x Boston Private Financial Holdings, Inc. BPFH $10.96 61% $932 $1,737 $125 $80 $710 7.4x 11.7x 1.3x Seacoast Banking Corporation of Florida SBCF $26.35 75% $1,313 $1,355 $95 $72 $667 13.9x 18.3x 2.0x Ameris Bancorp ABCB $34.35 59% $1,565 $1,026 $186 $134 $939 8.4x 11.7x 1.7x Fidelity Southern Corporation LION $27.39 82% $751 $844 $49 $38 $459 15.3x 19.7x 1.6x Western New England Bancorp, Inc. WNEB $9.23 82% $262 $457 $20 $16 $211 12.9x 16.1x 1.2x Capital City Bank Group CCBG $21.78 81% $370 $89 $33 NM $224 11.4x NM 1.7x

Average 74.1% $2,151 $3,875 $237 $186 $1,526 10.3x 13.9x 1.5x Median 76.1% $1,648 $1,935 $197 $150 $991 9.2x 12.3x 1.6x

Source: Capital IQ.

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