QUARTERLY FINANCIAL TECHNOLOGY EXECUTIVE BRIEFING ANALYSIS THROUGH Q2 2020 JULY 1, 2020 Table of Contents

Morgan Partners Overview – Leaders in FinTech M&A 3

Sub-Sector Comparison: Q2 2020

FinTech Sub-Sector Performance 5

Median Multiples by Sub-Sector 6

Variability by Sub-Sector 7

Sub-Sector Valuation Multiples Relative to Growth 8

Sub-Sector Aggregate Market Cap 9

Public & Private FinTech Transactions Spotlight 10

Sub-Sector Analysis

Capital Markets Technology 14

Insurance Technology 16

Banking Technology 17

Payments 20

Data & Analytics 22

Service Providers 24

Traditional Financial Institutions 26

Contact Information 29

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

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

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

• Founded in 2005, Morgan Partners is the leading investment bank specializing in the middle-market insurance, capital markets and banking technology space • Morgan Partners represents publicly traded, privately owned, and PEG- backed FinTech companies on the sell-side and buy-side in: o Strategic exits o Capital raises and recapitalizations o Buyouts o Acquisitions • Enterprise value of the typical transaction is $50 – 250M • The firm has an exceptional FinTech industry reputation and track record of successful deals with satisfied, referenceable clients

Selected FinTech Deal Experience

Quarterly Financial Technology Executive Briefing 3 Sub-Sector Comparison

Quarterly Financial Technology Executive Briefing 4 FinTech Sub-Sector Performance Through Q2 20201

20.0%

13.1% 10.0% 9.7% 9.9%

0.0% (1.8%) (2.9%)

(6.3%) (8.9%) (10.0%)

(15.4%)

(20.0%)

(30.0%)

(40.0%)

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

• All FinTech sub-sectors were able to rebound in Q2 2020 from the negative trends in Q1 driven by COVID-19 • Insurance Technology, Payments, and Data & Analytics lead all FinTech sub-sectors and are the only sub-sectors to show positive growth in 2020 YTD • Banking Technology and Service Providers have nearly returned to their year-start performance and comfortably exceed the S&P 500 for the year • While showing growth from Q1 2020, Capital Markets Technology and Traditional Financial Institutions lag behind the other sub-sectors and continue to be impacted by COVID-19

These eight indices are maintained by Morgan Partners, and their constituents shown on pages 14, 16, 18, 20, 22, 24, and 27-28 1 Capital Markets Technology, Insurance Technology, Banking Technology, Payments, Data & Analytics, Service Providers, and Traditional Financial Institutions performance reflects the constituents in this briefing, and are calculated as the market cap-weighted daily percentage price change from the base value for each constituent. Constituents must have pricing data for the entire measurement period for inclusion in the aggregate. Source: S&P Capital IQ, Morgan Partners

Quarterly Financial Technology Executive Briefing 5 Sub-Sector Comparison (Median Multiples)

Data & Analytics 7.2x 1 Banking Technology 7.7x

Capital Markets Technology 4.4x

Insurance Technology 4.7x

Financial TechnologyFinancial Payments 8.8x

Service Providers 2.1x

Traditional Financial Institutions 1.8x Enterprise Value / LTM Revenue LTM / Value Enterprise S&P 500 2.9x

Data & Analytics 25.2x 1 Banking Technology 26.7x

Capital Markets Technology 17.6x

Insurance Technology 21.4x

Payments 22.5x Financial TechnologyFinancial

Service Providers 11.9x

Traditional Financial Institutions 9.4x Enterprise Value / LTM EBITDA LTM / Value Enterprise S&P 500 12.1x

• All FinTech sub-sectors have experienced an increase in median revenue multiples since Q1, with Insurance Technology having the largest relative increase in the sub-sectors from 2.7x to 4.7x, largely driven by CoreLogic and Everquote which are at all time highs • Median EBITDA multiples all followed suit, exhibiting positive growth rates across all FinTech sub-sectors with the most significant growth coming from Insurance Technology which increased from 11.2x to 21.6x 1Enterprise value, revenue and EBITDA are universe medians drawn from publicly traded companies as of 6/30/20 where the constituents of each sub-sector are those in this briefing. LTM denotes latest 12 months. Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 6 Sub-Sector Variability (25th and 75th Percentile Multiples)1

Data & Analytics 5.8x 10.8x 2 Banking Technology 4.8x 9.3x

Capital Markets Technology 3.1x 4.6x

Insurance Technology 2.3x 6.2x

Payments 5.0x 10.7x Financial TechnologyFinancial Service Providers 1.7x 2.9x

Traditional Financial Institutions 0.9x 3.8x

Enterprise Value / LTM Revenue LTM / Value Enterprise S&P 500 1.3x 5.5x

0.0x 3.0x 6.0x 9.0x 12.0x

Data & Analytics 22.5x 27.2x 2 Banking Technology 20.6x 30.0x

Capital Markets Technology 11.8x 27.9x

Insurance Technology 15.5x 26.0x

Payments 16.1x 25.6x Financial TechnologyFinancial Service Providers 9.0x 15.3x

Traditional Financial Institutions 6.5x 16.6x

Enterprise Value / LTM EBITDA LTM / Value Enterprise S&P 500 7.8x 16.8x

0.0x 10.0x 20.0x 30.0x 40.0x

• All the tracked FinTech sub-sectors saw positive shifts in their lower bounds for both revenue and EBITDA multiples from Q1 to Q2 2020 • Most of the tracked Fintech sub-sectors are still broadly earning higher revenue and EBITDA multiples than the S&P 500

1Variability represented by 25th and 75th percentile multiples from each sub-sector 2Enterprise value, revenue and EBITDA are universe medians drawn from publicly traded companies as of 6/30/2020, where the constituents of each sub-sector are those in this briefing. LTM denotes latest 12 months. Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 7 Sub-Sector Valuation Multiples Relative to Growth

1 20%

18%

16% Payments

14%

12% Capital Markets Data & Analytics Technology 10%

8% Banking Technology Service Providers Insurance Technology 6% Traditional 4% Financial 2% Institutions

0%

Median Rev Growth to EV / LTM Revenue LTM / EV to Growth Rev Median 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x

1 20%

18% Payments 16% Data & Analytics 14% Traditional Financial Institutions 12% Capital Markets Technology 10%

8% Service Providers Banking Technology 6% Insurance Technology 4%

2%

0%

5.0x 10.0x 15.0x 20.0x 25.0x 30.0x Median EBITDA Growth to EV / LTM EBITDA LTM / EV to Growth EBITDA Median

• Payments boasts the strongest LTM revenue and EBITDA growth of all tracked sub- sectors, while Traditional Financial Institutions and Service Providers realized the worst performance within the group • Banking Technology edges out the other sub-sectors in median EBITDA multiples

1 Enterprise value, revenue and EBITDA are universe medians drawn from publicly traded companies as of 6/30/2020, where the constituents of each sub-sector are those in this briefing. LTM denotes latest 12 months. Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 8 Sub-Sector Aggregate Market Cap

$42,344 $194,798 $36,508 $251,674

$419,398

$2,382,360

$921,148

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

Sub Traditional Financial Institutions Payments

Service Providers Data & Analytics

Banking Technology Capital Markets Technology

Insurance Technology

Market Cap Market Cap Sub-Sector ($M) Growth % (4/01/2020) (6/30/2020) Traditional Financial Institutions 2,382,360 2,808,443 17.9% Payments 921,148 1,242,615 34.9% Service Providers 419,398 530,980 26.6% Data & Analytics 251,674 323,213 28.4% Banking Technology 194,798 227,782 16.9% Capital Markets Technology 42,344 53,581 26.5% Insurance Technology 36,508 49,130 34.6% Total 4,248,230 5,235,745

• All sub-sectors have experienced a significant bounce back in aggregate market capitalization since Q1 • Payments experienced the largest expansion of all FinTech sub-sectors over Q1 with an increase in aggregate market capitalization of 34.9%

Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 9 Public & Private FinTech Transactions Spotlight

Quarterly Financial Technology Executive Briefing 10 Public FinTech M&A Activity

2020 YTD = 23 2019 = 53 Number of Deals 2017 - 2018 = 100 2015 - 2016 = 75 2013 - 2014 = 54 1 1 5 2

1 2020 YTD 3

9 6 1 3 1 2 1 2 2019 1 3 8 0 3 2 5 2 1 4 2 7 1 7 3 11 5 4 2 4 2 11 3 6 2017-2018 1 6 5 11 7 4 1 3 3 5 4 6 3 Number of Transactions of Number 7 7 5 2015-2016 4 3 4 5 8 7 4 4 2 7 8 3 6 2 3 3 3 3 3 2013-2014 2 1 1 2 2 2 1

2020 YTD = $31,243

1,2,3 2019 = $114,865 Total Deal Size 2017 - 2018 = $60,928 $114,865 ($M) 2015 - 2016 = $141,776 2013 - 2014 = $16,818

$72,445 $69,331

$36,137 $31,243

$13,777 $11,083 $24,791

$5,735 Annual Aggregated Deal Size Over Time Over Size Deal Aggregated Annual 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD 1Transaction count includes both acquisitions and divestitures and leads to double counting for select transactions within public FinTech universe, while aggregated deal size controls for double counting 22019 spike is due to the $43.6 billion Fidelity National acquisition of Worldpay and the $41.8 billion Fiserv acquisition of First Data Corporation 22020 deal size is largely driven by Willis Towers Watson’s $30B acquisition of Aon Source: S&P Capital IQ Quarterly Financial Technology Executive Briefing 11 Private Equity Spotlight

Private Equity Recent Relevant FinTech Latest Fund Group Transaction Investments Raised

FTV VI $1.2B

Majority Investment April 2020

STG IV $870M

Majority Investment May 2020

Bregal Sagemount III $1.5B Minority Investment May 2020

Great Hill Equity Partners VII $2.5B Minority Investment May 2020

Source: S&P Capital IQ and publicly available records

Quarterly Financial Technology Executive Briefing 12 Sub-Sector Analysis

Quarterly Financial Technology Executive Briefing 13 Capital Markets Technology: Public Company Statistics

23.1x 8.0x 22.1x 22.7x 22.0x 25.0x 21.2x 21.2x 20.6x 20.5x 20.9x 20.3x 19.8x 20.2x 19.9x 19.5x 7.0x 18.4x 19.0x 19.0x 18.6x 18.4x 18.2x 17.6x 20.0x 6.0x 15.0x 5.0x 15.0x

4.0x 4.7x 4.5x 4.3x 4.4x 10.0x 4.0x 4.1x 3.0x 3.6x 3.7x 3.5x 3.4x 3.3x 3.3x 3.4x 3.5x 3.5x 2.9x 3.1x 3.0x 2.9x 3.1x 3.0x 5.0x 2.0x 2.6x

1.0x 0.0x LTM Rev & EBITDA MultiplesEBITDA & Rev LTM

Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA

30.0%

20.0%

10.0%

0.0%

(10.0%)

(20.0%) LTM Rev Growth to EV / Rev Multiple / EV Growth Rev Rev LTM to (30.0%) 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x

($M) LTM Performance Revenue Growth EV / Revenue EV / EBITDA YTD Price Enterprise EBITDA Company Revenue EBITDA 2020 2019 6/30/2020 6/30/2020 Change Value Margin Wolters Kluwer 13.8% $22,822 $5,176 $1,466 28.3% 8.3% 6.8% 4.4x 15.6x SS&C Technologies Holdings 33.9% 21,458 4,669 1,712 36.7% 12.9% 35.4% 4.6x 12.5x Informa 15.3% 12,084 3,828 1,240 32.4% 22.0% 37.0% 3.2x 9.7x Envestnet 43.7% 4,398 947 109 11.5% 16.3% 10.8% 4.6x 40.5x SimCorp 28.9% 4,294 503 137 27.2% 16.6% 18.8% 8.5x 31.4x IRESS 1.9% 1,585 358 81 22.6% 9.5% 8.0% 4.4x 19.7x First Derivatives 15.8% 950 304 36 11.7% 9.4% 10.7% 3.1x 26.7x Linedata Services 41.4% 306 190 42 22.0% (2.1%) (0.4%) 1.6x 7.3x NexJ Systems (16.7%) 3 12 (4) NM (18.6%) (23.2%) 0.3x NM Mean $7,544 $1,776 $535 30.1% 8.3% 11.5% 3.9x 20.4x Median $4,294 $503 $109 21.6% 9.5% 10.7% 4.4x 17.6x

Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 14 Capital Markets Technology: Select Transactions

Q2 2020 Transactions Transaction Date Acquirer(s) Target Type EV / Revenue Value ($M)

6/24/20 FTV Capital Derivative Path Raise $35 NA

6/4/20 Barclays, JPMorgan Chase Cloud9 Technologies Raise $17.5 NA

5/13/20 iCapital Network Artivest M&A NA NA

5/7/20 Charles Schwab Motif Investing M&A NA NA

5/6/20 Franklin Templeton Investments AdvisorEngine M&A NA NA

4/30/20 SS&C Technologies Innovest M&A NA NA

4/23/20 EuroNext N.V. (ENXTPA:ENX) VP Securities M&A $163 NA

4/15/20 Beeks Trading Corporation Velocimetrics M&A $6 3.9x

Notable Transaction 5/13/20: iCapital Network Acquires Majority Stake in Artivest1

Artivest Holdings, Inc. offers an online fundraising platform for private investment managers and investors. Its platform connects suitable investors with investment opportunities in private equity and hedge funds. Artivest is headquartered in New York, NY.

• This acquisition comes less than two months after iCapital raised $146M in funding and will allow iCapital to accelerate its growth within the alternative investment space • The combined product offerings will allow iCapital to provide a best-in-class technology platform that enables clients to access Artivest’s technical expertise in registered funds and direct investments • The acquisition will provide increased economies of scale in the servicing of alternative investments for the combined company’s clients and partners

¹Bussinesswire, https://www.businesswire.com/news/home/20200513005151/en/iCapital-Network%C2%AE-Acquires-Artivest-Extending-iCapital%E2%80%99s-Leadership Source: S&P Capital IQ and publicly available records

Quarterly Financial Technology Executive Briefing 15 Insurance Technology: Public Company Statistics

25.8x 8.0x 24.8x 25.0x 7.0x 20.4x 21.4x 19.5x 20.2x 21.2x 20.5x 18.7x 18.7x 19.1x 6.0x 17.1x 16.9x 17.2x 17.6x 20.0x 15.4x 15.5x 16.5x 15.1x 14.6x 14.8x 15.3x 15.1x 14.2x 5.0x 12.8x 15.0x 11.2x 4.0x 4.7x 10.0x 3.0x 3.4x 3.1x 2.8x 2.8x 2.8x 2.8x 2.9x 2.9x 2.9x 3.3x 5.0x 2.0x 2.7x 2.7x 2.6x 2.7x 2.6x 2.7x 2.6x 2.6x 2.6x 2.4x 2.4x 2.5x 2.5x 2.5x 2.4x

1.0x 0.0x LTM Rev & EBITDA MultiplesEBITDA & Rev LTM

Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

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

($M) LTM Performance Revenue Growth EV / Revenue EV / EBITDA YTD Price Enterprise EBITDA Company Revenue EBITDA 2020 2019 6/30/2020 6/30/2020 Change Value Margin Verisk Analytics, Inc. 16.7% $29,792 $2,672 $1,092 40.9% 9.6% 8.9% 11.2x 27.3x Guidewire Software, Inc. 44.4% 8,472 706 (5) NM (6.0%) (4.1%) 12.0x NM CoreLogic, Inc. 126.5% 7,096 1,788 414 23.2% 1.5% (1.5%) 4.0x 17.1x LiveRamp Holdings, Inc. 51.8% 2,078 381 (144) NM 33.2% 32.0% 5.5x NM Sapiens International Corporation N.V. 49.8% 1,378 339 54 15.9% 14.9% 12.4% 4.1x 25.5x Ebix, Inc. 67.2% 1,377 576 149 25.8% 8.1% 16.6% 2.4x 9.3x EverQuote, Inc. 151.9% 1,518 278 (3) NM 59.0% 52.3% 5.5x NM FINEOS Corporation Holdings plc 45.5% 697 83 3 4.1% 29.2% 23.2% 8.4x NM Benefytt Technologies, Inc. 2.4% 480 366 45 12.2% 1.0% 8.7% 1.3x 10.7x Majesco 46.5% 279 146 13 8.6% 4.7% 5.3% 1.9x 22.1x Quartix Holdings plc 31.4% 182 34 9 25.8% (0.3%) (0.2%) 5.4x 20.7x msg life ag (1.9%) 89 176 3 1.6% 16.6% 17.3% 0.5x 30.8x Mean $4,453 $629 $136 21.6% 14.3% 14.2% 5.2x 20.4x Median $1,378 $353 $11 3.0% 8.8% 10.6% 4.7x 21.4x

Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 16 Insurance Technology: Select Transactions

Q2 2020 Transactions Transaction Date Acquirer(s) Target Type EV / Revenue Value ($M) EMC Insurance Companies, Keystone 6/30/20 Insurers Group, Combined Agents of AgencyKPI Raise $5 NA America

6/25/20 Insurity Epic Premier Insurance Solutions M&A NA NA

Kayne Anderson Rudnick, Whale Rock 6/10/20 Duck Creek Technologies Raise $230 NA Capital

6/3/20 Hippo Analytics Spinnaker Insurance M&A NA NA

Gallatin Point Capital, Greycroft, SVB 5/28/20 Capital, Aspect Ventures, Elefund, Pie Insurance Raise $127 NA Sirius International Insurance Group

5/20/20 Netrisk Klikpojisteni M&A NA NA

Felicis Ventures, Greenoaks Capital, 5/20/20 Greyhound Capital, Hillhouse, Ribbit Coalition Raise $90 NA Capital, Valor Management, Vy Capital Core Innovation Capital, Morpheus 4/30/20 Ventures, New Enterprise Associates, Bestow Raise $50 NA Valar Ventures

4/22/20 Even Financial Leap Life M&A NA NA

Notable Transaction 6/10/20: Duck Creek Technologies Receives $230M investment from Kayne Anderson Rudnick and Whale Rock Capital1

Duck Creek Technologies develops industry-specific software that helps insurance carriers deploy and manage products and services. It focuses on developing and launching new, better products faster and at a lower cost than others. Duck Creek Technologies is headquartered in Boston, MA.

• Duck Creek will use the proceeds for continued investment in its business growth, with a focus on extending capabilities of the company’s SaaS solutions, and to repurchase equity from existing investors • The investment speaks to the momentum Duck Creek has achieved as the SaaS leader in P&C core systems • Duck Creek is likely to see growing opportunities as more insurers accelerate their adoption of SaaS solutions for their core systems

¹https://www.globenewswire.com/news-release/2020/06/10/2046245/0/en/Duck-Creek-Technologies-Receives-230-Million-Investment-from-New-Investors-Kayne-Anderson-Rudnick- Investment-Management-Whale-Rock-Capital-Management-and-Prior-Investors.html Source: S&P Capital IQ and publicly available records

Quarterly Financial Technology Executive Briefing 17 Banking Technology: Public Company Statistics

28.6x 28.5x 10.0x 26.7x 30.0x 9.0x 24.4x 22.9x 23.1x 25.0x 21.6x 21.4x 21.5x 21.0x 20.0x 8.0x 18.8x 17.1x 20.0x 7.0x 15.7x 15.4x 15.5x 15.4x 16.0x 7.7x 14.4x 14.0x 14.6x 14.3x 6.0x 6.9x 15.0x 6.6x 6.5x 6.1x 5.0x 5.6x 5.5x 10.0x 5.2x 4.0x 4.9x 4.7x 4.4x 4.3x 4.3x 4.0x 5.0x 3.0x 3.5x 3.7x 3.6x 3.7x 3.7x 3.7x 3.2x 3.0x

2.0x 0.0x LTM Rev & EBITDA MultiplesEBITDA & Rev LTM

Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA

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

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

($M) LTM Performance Revenue Growth EV / Revenue EV / EBITDA YTD Price Enterprise EBITDA Company Revenue EBITDA 2020 2019 6/30/2020 6/30/2020 Change Value Margin Fidelity National Information Services, Inc.14.5% $100,235 $11,354 $3,922 34.5% 34.9% 22.7% 8.8x 25.6x Fiserv, Inc. 10.2% 87,722 12,454 4,005 32.2% 111.6% 74.9% 7.0x 21.9x Wolters Kluwer N.V. 13.8% 22,822 5,176 1,466 28.3% 8.3% 6.8% 4.4x 15.6x Jack Henry & Associates, Inc. 23.4% 13,918 1,680 473 28.1% 9.3% 6.5% 8.3x 29.4x Black Knight, Inc. 23.8% 12,792 1,185 402 33.9% 5.1% 5.7% 10.8x 31.9x NICE Ltd. 23.7% 11,787 1,607 423 26.3% 8.2% 9.0% 7.3x 27.8x Temenos AG 20.4% 11,615 958 253 26.5% 9.8% 15.6% 12.1x 45.8x Pegasystems Inc. 47.1% 7,844 964 (106) NM 11.0% 2.2% 8.1x NM Q2 Holdings, Inc. 55.5% 4,879 337 (44) NM 30.7% 30.9% 14.5x NM Computer Services, Inc. 27.1% 1,411 284 – – 6.7% 6.2% 5.0x NM Crealogix Holding AG 14.5% 125 103 (2) NM 1.0% 8.5% 1.2x NM Intellect Design Arena Limited 94.6% 158 179 9 5.3% (7.1%) 1.7% 0.9x 16.8x Mean $22,942 $3,023 $900 29.8% 19.1% 15.9% 7.4x 26.8x Median $11,701 $1,075 $327 30.5% 8.8% 7.7% 7.7x 26.7x

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

Quarterly Financial Technology Executive Briefing 18 Banking Technology: Select Transactions

Q2 2020 Transactions Transaction Date Acquirer(s) Target Type EV / Revenue Value ($M)

6/23/20 Mastercard Finicity M&A $825 NA

6/16/20 Accel, General Catalyst Monzo Raise $75 NA

Insight Venture Management; Vensure 6/9/20 NYMBUS Raise $12 NA Enterprises, LLC

5/22/20 Via Verejo S.A. (BOVESPA:VVAR3) CarrierEq, Inc. M&A NA NA

Highland Europe, Invoke Capita, IP 5/13/20 Group, Merian Chrysalis, Mission Featurespace Raise $37 NA Operators, TTV Capital

5/12/20 Symphony Technology Group Nomis Solutions M&A NA NA

4/27/20 Peter Lee, Wix.com Oriente Raise $50 NA

4/8/20 Global Brain, Visa Inc. (NYSE:V) Railsbank Technology Raise NA NA

Notable Transaction 6/23/20: Mastercard Agrees to Acquire Finicity Corporation for $825M1

Finicity Corporation provides personal financial management and consumer financial wellness platform solutions. It offers financial management solutions, such as transactional aggregation, account history aggregation, and statement aggregation services. Finicity is headquartered in Salt Lake City, UT.

• The acquisition augments Mastercard’s existing open banking platform to provide a greater range of financial services and strengthens the company’s partnerships with financial institutions and FinTechs across the globe • Finicity’s analytics platform will streamline the credit decisioning process for Mastercard’s customers and enable a more seamless ACH and payments experience • Mastercard will also be able to improve its data management practices to ensure secure administration of consumer data

¹Businesswire, https://www.businesswire.com/news/home/20200623005496/en/Mastercard-Acquire-Finicity-Advance-Open-Banking-Strategy Source: S&P Capital IQ and publicly available records

Quarterly Financial Technology Executive Briefing 19 Payments: Public Company Statistics

12.0x 30.0x 24.1x 23.4x 22.5x 25.0x 10.0x 19.9x 21.9x 18.3x 19.2x 19.5x 19.7x 16.4x 17.1x 18.8x 18.1x 15.9x 17.0x 17.4x 17.0x 17.5x 20.0x 8.0x 15.6x 15.1x 16.2x 16.1x 8.8x 15.0x 7.6x 7.3x 6.0x 7.0x 7.0x 6.9x 6.3x 6.1x 6.0x 6.1x 10.0x 5.6x 5.7x 4.0x 5.0x 4.8x 4.9x 5.0x 4.5x 4.4x 4.5x 4.6x 5.0x 4.2x 4.1x

2.0x 0.0x LTM Rev & EBITDA MultiplesEBITDA & Rev LTM

Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA

120.0%

100.0%

80.0%

60.0%

40.0%

20.0%

0.0% LTM Rev Growth to EV / Rev Multiple / EV Growth Rev Rev LTM to (20.0%) 0.0x 3.0x 6.0x 9.0x 12.0x 15.0x 18.0x ($M) LTM Performance Revenue Growth EV / Revenue EV / EBITDA YTD Price Enterprise EBITDA Company Revenue EBITDA 2020 2019 6/30/2020 6/30/2020 Change Value Margin Visa 25.0% $419,242 $23,885 $16,353 68.5% 10.2% 10.7% 17.6x 25.6x Mastercard 28.1% 295,908 17,003 10,220 60.1% 11.4% 12.9% 17.4x 29.0x PayPal 84.2% 196,225 18,262 3,298 18.1% 14.9% 15.0% 10.7x 59.5x Fidelity National Information Services 14.5% 100,235 11,354 3,922 34.5% 34.9% 22.7% 8.8x 25.6x Fiserv 10.2% 87,722 12,454 4,005 32.2% 111.6% 74.9% 7.0x 21.9x Global Payments 25.1% 58,393 5,932 2,285 38.5% 71.7% 45.9% 9.8x 25.6x Square 121.5% 45,217 5,135 16 0.3% 43.1% 42.9% 8.8x NM Adyen 73.6% 42,060 2,981 298 10.0% 60.7% 62.9% 14.1x NM FleetCor Technologies 42.1% 24,814 2,688 1,436 53.4% 8.8% 8.8% 9.2x 17.3x Edenred 11.3% 12,596 1,762 673 38.2% 18.3% 15.4% 7.1x 18.7x StoneCo 95.6% 11,057 228 12 5.5% 40.8% 51.3% 48.4x NM WEX 74.6% 9,255 1,773 602 34.0% 16.9% 15.5% 5.2x 15.4x Euronet Worldwide 23.1% 5,080 2,757 567 20.6% 7.5% 8.4% 1.8x 9.0x Bottomline Technologies 44.2% 2,197 440 36 8.3% 4.7% 4.7% 5.0x 60.3x EVO Payments 73.9% 1,831 485 116 23.9% (11.4%) (14.0%) 3.8x 15.8x i3 Verticals 71.6% 635 286 27 9.6% (15.5%) 0.4% 2.2x 23.2x Cass Information Systems 12.6% 398 162 53 32.5% 4.5% 7.0% 2.5x 7.6x Mean $77,227 $6,329 $2,584 40.8% 25.5% 22.7% 10.6x 25.3x Median $24,814 $2,757 $602 21.8% 14.9% 15.0% 8.8x 22.5x Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 20 Payments: Select Transactions

Q2 2020 Transactions Transaction Date Acquirer(s) Target Type EV / Revenue Value ($M) Blossom Capital, Coatue Management, 6/22/20 DST Global, GIE Pte, Insight Venture Checkout.com Raise $150 NA Management

6/10/20 SoFi Galileo Financial Technologies M&A NA NA

5/28/20 Undisclosed Marqeta Raise $150 NA

5/1/20 Tencent Afterpay M&A NA NA

Lone Pine Capital, Schonfeld Strategic 4/28/20 AvidXchange Raise $388 NA Advisors, Pivot Investment

4/21/20 Rapyd Korta M&A NA NA

Andreesen Horowitz, General Catalyst, 4/17/20 Stripe Raise $600 NA Sequoia Capital, GV

ANZi Ventures; DST Global; Hillhouse 4/15/20 Airwallex Raise $250 NA Capital Management

Notable Transaction 6/10/20: Galileo Financial Technologies to be Acquired by SoFi for $1.2B1

Galileo provides advanced payment processing solutions. It offers a platform that supports a spectrum of prepaid products, and debit and credit solutions. Galileo is headquartered in Salt Lake City, Utah.

• Through the acquisition, SoFi will be able to augment its diversified portfolio of technology offerings and extend the reach of its products to Galileo partners around the globe • SoFi will be able to leverage Galileo’s leading infrastructure to distribute a full range of financial products through an enterprise class API • Galileo has built an impressive array of clients that penetrate many international markets which will allow SoFi to capture a critical opportunity as the world shifts from physical-only to multi-channel digital and physical financial services

¹Reuters, https://www.reuters.com/article/us-galileo-m-a-sofi/student-lender-sofi-to-acquire-galileo-financial-technologies-for-1-2-billion-idUSKBN21P2KH Source: S&P Capital IQ and publicly available records

Quarterly Financial Technology Executive Briefing 21 Data & Analytics: Public Company Statistics

8.0x 7.3x 35.0x 7.0x 7.2x 7.0x 6.4x 30.0x 6.1x 6.0x 5.8x 5.9x 6.0x 5.4x 25.0x 5.0x 4.9x 5.0x 5.0x 5.0x 5.0x 25.0x 4.8x 4.6x 25.2x 5.0x 4.5x 22.6x 20.0x 4.2x 4.2x 4.2x 22.0x 3.9x 19.8x 20.2x 4.0x 18.4x 18.4x 15.0x 16.8x 16.5x 17.3x 15.6x 15.7x 15.5x 16.1x 15.7x 15.5x 14.2x 14.0x 13.6x 14.1x 3.0x 13.0x 10.0x

2.0x 5.0x LTM Rev & EBITDA MultiplesEBITDA & Rev LTM

Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA

25.0%

20.0%

15.0%

10.0%

5.0% LTM Rev Growth to EV / Rev Multiple / EV Growth Rev Rev LTM to 0.0% 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x 20.0x

($M) LTM Performance Revenue Growth EV / Revenue EV / EBITDA YTD Price Enterprise EBITDA Company Revenue EBITDA 2020 2019 6/30/2020 6/30/2020 Change Value Margin S&P Global Inc. 37.1% $82,447 $6,914 $3,679 53.2% 10.4% 7.0% 11.9x 22.4x Moody's Corporation 36.2% 55,795 4,977 2,400 48.2% 11.6% 8.7% 11.2x 23.2x Thomson Reuters Corporation (1.5%) 36,077 5,939 1,203 20.3% 5.9% 7.4% 6.1x 30.0x Experian plc 28.4% 35,676 5,179 1,578 30.5% 6.5% 5.3% 6.9x 22.6x IHS Markit Ltd. 24.9% 34,478 4,340 1,496 34.5% 2.1% 7.9% 7.9x 23.0x Verisk Analytics, Inc. 16.7% 29,792 2,672 1,092 40.9% 9.6% 8.9% 11.2x 27.3x MSCI Inc. 20.1% 29,518 1,603 866 54.0% 10.3% 8.6% 18.4x 34.1x Equifax Inc. 47.8% 23,540 3,619 885 24.5% 6.7% 2.8% 6.5x 26.6x TransUnion 33.0% 19,578 2,724 1,012 37.2% 13.6% 14.6% 7.2x 19.3x Black Knight, Inc. 23.8% 12,792 1,185 402 33.9% 5.1% 5.7% 10.8x 31.9x FactSet Research Systems Inc. 27.9% 12,776 1,475 511 34.6% 4.1% 5.2% 8.7x 25.0x Fair Isaac Corporation 40.6% 12,721 1,226 316 25.8% 16.5% 16.1% 10.4x 40.3x Morningstar, Inc. 21.5% 6,371 1,244 252 20.2% 20.2% 15.6% 5.1x 25.3x CoreLogic, Inc. 126.5% 7,096 1,788 414 23.2% 1.5% (1.5%) 4.0x 17.1x Daily Mail and General Trust plc 8.8% 1,617 1,660 175 10.5% 4.0% 1.8% 1.0x 9.2x LiveRamp Holdings, Inc. 51.8% 2,078 381 (144) NM 33.2% 32.0% 5.5x NM Value Line, Inc. (9.2%) 243 40 9 22.6% 10.4% 5.4% 6.1x 27.1x Mean $23,682 $2,763 $950 34.4% 10.1% 8.9% 8.2x 25.3x Median $19,578 $1,788 $866 48.4% 9.6% 7.4% 7.2x 25.2x Note: LiveRamp does not appear on graph because their metrics were out of range Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 22 Data & Analytics: Select Transactions

Q2 2020 Transactions Transaction Date Acquirer(s) Target Type EV / Revenue Value ($M)

6/4/20 Actimize Guardian Analytics M&A NA NA

6/17/20 NorthPoint Technology LUX Fund Technology & Solutions M&A NA NA

5/21/20 Aspen Capital, Oak HC/FT Partners CLARA Analytics Raise $25 NA

Risk Management Division of Arvato 5/20/20 Experian M&A $203 NA Financial Solutions

5/20/20 Visa Inc. (NYSE: V) GoodData Raise NA NA

4/21/20 Morningstar Sustainalytics M&A $170 NA

Crosslink Capital, IAG Firemark 4/7/20 Arturo Raise $8 NA Ventures

Notable Transaction 4/21/20: Morningstar, Inc Agrees to Acquire Sustainalytics for $170M1

Sustainalytics provides investment research services regarding environmental, social, and governance (ESG) and corporate governance rating, research, and analysis. Sustainalytics is headquartered in Amsterdam, Netherlands.

• Morningstar currently owns a 40% stake in Sustainalytics and will purchase the remaining 60% through this transaction • Sustainalytics will allow Morningstar to output ESG related analytics, insights, and strategies which it considers to be key to the future of long-term investment decisions • Sustainalytics offers its users data on more than 40,000 companies worldwide and ESG-based ratings on more than 20,000 companies

1Morningstar, https://newsroom.morningstar.com/newsroom/news-archive/press-release-details/2020/Morningstar-to-Acquire-Sustainalytics-and-Expand-Access-to-ESG-Research- Data-and-Analytics-for-Investors-Worldwide/default.aspx Source: S&P Capital IQ and publicly available records

Quarterly Financial Technology Executive Briefing 23 Service Providers: Public Company Statistics

3.5x 15.0x 16.0x 14.4x 14.0x 13.7x 14.1x 13.6x 13.9x 13.1x 13.7x 14.0x 12.7x 3.0x 12.3x 12.4x 12.4x 12.1x 12.1x 11.9x 12.0x 11.7x 10.5x 11.3x 11.3x 12.0x 11.1x 2.5x 2.6x 10.0x 2.4x 2.4x 2.4x 2.4x 2.3x 2.3x 2.4x 2.3x 2.3x 2.3x 2.3x 2.3x 2.2x 2.3x 2.3x 2.0x 2.2x 2.1x 2.1x 2.1x 2.1x 8.0x 1.8x

1.5x 6.0x LTM Rev & EBITDA MultiplesEBITDA & Rev LTM

Enterprise Value / LTM Revenue Enterprise Value / LTM EBITDA

20.0%

15.0%

10.0%

5.0%

0.0%

(5.0%)

LTM Rev Growth to EV / Rev Multiple / EV Growth Rev Rev LTM to (10.0%) 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x

($M) LTM Performance Revenue Growth EV / Revenue EV / EBITDA YTD Price Enterprise EBITDA Company Revenue EBITDA 2020 2019 6/30/2020 6/30/2020 Change Value Margin International Business Machines Corporation13.9% $164,042 $76,536 $16,027 20.9% (2.8%) (3.1%) 2.1x 10.2x Accenture plc 37.5% 132,867 44,547 7,221 16.2% 4.4% 5.7% 3.0x 18.4x Tata Consultancy Services Limited 23.0% 100,852 20,843 5,424 26.0% 7.2% 10.3% 4.8x 18.6x Infosys Limited 21.4% 38,650 12,780 3,055 23.9% 8.3% 9.5% 3.0x 12.7x Cognizant Technology Solutions Corporation32.9% 29,654 16,898 3,390 20.1% 3.5% 4.1% 1.8x 8.7x Capgemini SE 36.9% 21,014 15,851 2,026 12.8% 7.0% 7.5% 1.3x 10.4x HCL Technologies Limited 33.9% 19,432 9,936 2,345 23.6% 15.1% 15.2% 2.0x 8.3x CGI Inc. 13.8% 19,083 8,653 1,521 17.6% 4.2% 4.7% 2.2x 12.5x Broadridge Financial Solutions, Inc. 37.7% 17,136 4,378 856 19.5% (2.1%) 0.8% 3.9x 20.0x Wipro Limited 15.8% 13,438 8,104 1,545 19.1% 4.2% 5.2% 1.7x 8.7x DXC Technology Company 34.4% 12,238 19,577 3,340 17.1% (5.7%) (4.8%) 0.6x 3.7x Genpact Limited 34.8% 8,411 3,635 549 15.1% 16.5% 17.3% 2.3x 15.3x Computershare Limited 31.4% 6,607 2,346 625 26.6% 2.9% 2.7% 2.8x 10.6x WNS (Holdings) Limited 37.1% 2,705 928 177 19.1% 14.7% 11.1% 2.9x 15.3x ExlService Holdings, Inc. 29.6% 2,226 998 142 14.2% 9.0% 12.3% 2.2x 15.7x Mphasis Limited 28.4% 2,030 1,174 219 18.7% 14.4% 14.4% 1.7x 9.3x Mindtree Limited 23.5% 1,933 1,038 138 13.3% 10.6% 13.6% 1.9x 14.0x Virtusa Corporation 18.3% 1,321 1,312 111 8.5% 5.2% 9.0% 1.0x 11.9x Crawford & Company 18.8% 666 996 82 8.2% (4.7%) (6.1%) 0.7x 8.1x Mean $31,279 $13,186 $2,568 19.5% 5.9% 6.8% 2.2x 12.2x Median $13,438 $8,104 $1,521 18.8% 5.2% 7.5% 2.1x 11.9x

Source: S&P Capital IQ

Quarterly Financial Technology Executive Briefing 24 Service Providers: Select Transactions

Q2 2020 Transactions Transaction Date Acquirer(s) Target Type EV / Revenue Value ($M)

6/15/20 Accenture Sentelis M&A NA NA

5/7/20 Apptus Conga M&A $715 NA

5/5/20 Cognizant Collaborative Solutions M&A $385 NA

4/30/20 Accenture NIKE Group M&A NA NA

4/20/20 Infibeam Avenues AI Fintech M&A NA NA

IFC Asset Management Company, 4/6/20 International Finance Corporation, Voyager Innovations Raise $120 NA KKR, PLDT, Tencent

4/4/20 IHS Markit Catena Technologies M&A NA NA

Notable Transaction 4/30/20: Accenture Acquires NIKE Group1

NIKE Group, an Italian consulting firm provides regulatory services and solutions to financial services firms. The company was founded in 1995 and is based in Milan, Italy.

• The team at NIKE Group will join Accenture’s Italian Financial Services practice, enhancing Accenture’s RegTech and compliance capabilities for clients in Italy and across Europe • The acquisition is part of an overall growth strategy to expand critical skills and capabilities in strategic, high- growth areas of the market • NIKE Group’s industry expertise will allow Accenture to create an enhanced data-driven market offering in advanced RegTech

1Accenture, https://newsroom.accenture.com/subjects/acquisitions/accenture-acquires-nike-group-to-enhance-its-regtech-and-compliance-capabilities-for-financial-services-firms.htm Source: S&P Capital IQ and publicly available records

Quarterly Financial Technology Executive Briefing 25 Traditional Financial Institutions

20.0x

5.0x 18.0x

16.0x

14.0x 4.0x 12.4x 11.8x 11.8x 11.3x 11.7x 11.5x 11.3x 11.2x 12.0x 10.6x 10.7x 10.7x 10.2x 10.7x 10.0x 9.7x 9.9x 10.8x 9.4x 9.6x 9.4x 9.2x 9.0x 9.0x 9.1x 10.0x 8.7x 8.8x 3.0x 8.0x 2.8x 2.7x 2.6x 2.6x 2.7x 6.0x 2.4x 2.4x 2.4x 2.0x 2.3x 2.3x 2.3x 2.2x 2.3x 2.2x 2.2x 2.1x 2.1x 2.2x 4.0x 2.0x 2.1x 1.9x 2.1x

LTM Rev & EBT EBT & MultiplesRev LTM 2.0x 1.9x 1.8x 2.0x 1.5x 1.0x 0.0x

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

Notable Transactions June 2020: Arthur J. Gallagher announces four acquisitions in June 20201,2,3,4

Arthur J. Gallagher (NYSE: AJG) is a leading global insurance brokerage and risk management services company. Established in 1927, the firm is one of the largest insurance brokers in the world and is headquartered in Rolling Meadows, Illinois.

• Amid a time of reduced deal activity due to COVID-19, Gallagher continues its acquisition spree by acquiring CRES Insurance Services, CA Insurance Brokers, Barrett, Liner & Buss, and Cunnington Associates • Acquiring a range of insurance services located throughout the US and Australia, Gallagher continues to consolidate the intermediary space and expand its offerings globally • Gallagher has acquired 10 companies in 2020, however, this remains below its 2019 pace of 45 acquisitions

1Arthur J. Gallagher, https://investor.ajg.com/news-releases/news-release-details/arthur-j-gallagher-co-acquires-cres-insurance-services-llc 2Arthur J. Gallagher, https://investor.ajg.com/news-releases/news-release-details/arthur-j-gallagher-co-acquires-ca-insurance-brokers 3Arthur J. Gallagher, https://investor.ajg.com/news-releases/news-release-details/arthur-j-gallagher-co-acquires-barrett-liner-buss-llc 4Arthur J. Gallagher, https://investor.ajg.com/news-releases/news-release-details/arthur-j-gallagher-co-acquires-cunnington-associates-inc Source: S&P Capital IQ and publicly available records Quarterly Financial Technology Executive Briefing 26 Traditional Financial Institutions by Segment (1/2)

Mkt Cap / Mkt Cap / ($M) LTM Performance Revenue Growth Rev EBT YTD Price Enterprise EBITDA Company Revenue EBITDA 2020 2019 6/30/2020 6/30/2020 Change Value Margin Banks JPMorgan Chase & Co. 10.2% $283,329 $102,379 $36,945 36.1% (2.4%) 5.8% 2.8x 7.7x Bank of America Corporation 18.3% 202,923 81,597 29,199 35.8% (7.5%) (3.3%) 2.5x 6.9x Wells Fargo & Company (3.3%) 105,370 75,406 18,279 24.2% (9.9%) (2.6%) 1.4x 5.8x Citigroup Inc. 30.6% 104,694 63,717 20,999 33.0% (2.1%) 0.9% 1.6x 5.0x HSBC Holdings plc (6.2%) 95,638 50,159 17,832 35.6% (4.3%) 2.4% 1.9x 5.4x Morgan Stanley 49.4% 74,434 40,620 10,908 26.9% 3.3% 3.3% 1.8x 6.8x The Goldman Sachs Group, Inc. 33.2% 69,376 34,704 10,599 30.5% 0.6% (1.3%) 2.0x 6.5x U.S. Bancorp 13.8% 54,754 20,732 8,047 38.8% (0.9%) 1.6% 2.6x 6.8x Mitsubishi UFJ Financial Group, Inc. 5.3% 50,168 48,399 11,760 24.3% 35.0% (11.8%) 1.0x 4.3x BNP Paribas SA 36.3% 49,659 45,707 11,988 26.2% 1.3% 7.1% 1.1x 4.1x The PNC Financial Services Group, Inc. 17.7% 43,627 16,560 6,021 36.4% (1.4%) 2.0% 2.6x 7.2x UBS Group AG 26.0% 40,837 29,637 6,500 21.9% 1.0% (4.5%) 1.4x 6.3x Mean $97,901 $50,801 $15,756 31.0% 1.1% (0.0%) 1.9x 6.1x Median $71,905 $47,053 $11,874 25.2% (1.2%) 1.2% 1.9x 6.4x Securities Broker Dealers The Charles Schwab Corporation (0.6%) $42,163 $10,615 $4,693 44.2% 1.5% 5.8% 4.0x 9.0x TD Ameritrade Holding Corporation 4.1% 19,143 5,684 2,579 45.4% 1.1% 0.8% 3.4x 7.4x MarketAxess Holdings Inc. 49.3% 18,902 556 285 51.2% 24.8% 17.4% 34.0x 66.4x Ameriprise Financial, Inc. 57.3% 18,150 12,763 3,897 30.5% (1.0%) (0.3%) 1.4x 4.7x E*TRADE Financial Corporation 52.4% 10,681 2,871 1,230 42.8% (4.2%) (0.7%) 3.7x 8.7x Raymond James Financial, Inc. 16.0% 9,373 7,884 1,294 16.4% 5.6% 5.8% 1.2x 7.2x LPL Financial Holdings Inc. 47.3% 6,030 5,717 749 13.1% 7.5% 8.4% 1.1x 8.1x Voya Financial, Inc. 20.7% 5,754 7,339 644 8.8% 4.6% 4.4% 0.8x 8.9x Virtu Financial, Inc. 10.4% 2,815 1,852 513 27.7% 57.1% (8.0%) 1.5x 5.5x TP ICAP plc 14.3% 2,386 2,359 261 11.1% 3.1% 2.4% 1.0x 9.1x Waddell & Reed Financial, Inc. 38.8% 991 1,075 165 15.4% (4.2%) (7.8%) 0.9x 6.0x BGC Partners, Inc. 19.3% 985 2,099 103 4.9% 9.9% 8.0% 0.5x 9.6x Compagnie Financière Tradition SA 6.5% 820 943 75 7.9% 4.0% 4.7% 0.9x 11.0x Monex Group, Inc. 27.3% 520 477 43 8.9% 1.5% (8.6%) 1.1x 12.2x GAIN Capital Holdings, Inc. 9.5% 228 368 94 25.5% 30.7% (35.4%) 0.6x 2.4x Mean $9,263 $4,173 $1,108 26.6% 9.5% (0.2%) 3.7x 11.7x Median $5,754 $2,359 $513 21.7% 4.0% 2.4% 1.1x 8.7x Investment Managers BlackRock, Inc. 30.1% $81,228 $14,903 $4,954 33.2% 6.7% 2.4% 5.5x 16.4x The Blackstone Group Inc. 36.8% 37,905 1,914 265 13.9% (72.3%) 7.0% 19.8x NM The Bank of New York Mellon Corporation 13.0% 32,717 16,534 5,621 34.0% 2.6% 0.5% 2.0x 5.8x T. Rowe Price Group, Inc. 28.7% 27,492 5,753 2,884 50.1% 7.1% 4.6% 4.8x 9.5x State Street Corporation 22.1% 21,666 11,803 2,996 25.4% (1.5%) (3.4%) 1.8x 7.2x Northern Trust Corporation 4.5% 15,874 6,133 1,953 31.8% 2.6% 1.9% 2.6x 8.1x Amundi Société Anonyme 33.8% 15,812 5,375 1,356 25.2% 1.0% 0.6% 2.9x 11.7x Franklin Resources, Inc. 28.9% 10,124 5,680 1,546 27.2% (4.2%) (5.6%) 1.8x 6.5x Invesco Ltd. 29.7% 4,768 6,502 1,621 24.9% 25.7% 15.1% 0.7x 2.9x Legg Mason, Inc. 1.9% 4,418 2,922 470 16.1% 0.6% (3.4%) 1.5x 9.4x Eaton Vance Corp. 23.7% 4,084 1,723 454 26.4% 2.7% 3.0% 2.4x 9.0x Affiliated Managers Group, Inc. 28.9% 3,418 2,204 545 24.7% (4.6%) (5.8%) 1.6x 6.3x Oppenheimer Holdings Inc. 13.5% 260 977 82 8.4% 5.6% 8.3% 0.3x 3.2x Mean $19,982 $6,340 $1,904 30.0% (2.1%) 1.9% 3.7x 8.0x Median $15,812 $5,680 $1,546 27.2% 2.6% 1.9% 2.0x 7.7x

Source: S&P Capital IQ and publicly available records Quarterly Financial Technology Executive Briefing 27 Traditional Financial Institutions by Segment (2/2)

Mkt Cap / Mkt Cap / ($M) LTM Performance Revenue Growth Rev EBT YTD Price Enterprise EBITDA Company Revenue EBITDA 2020 2019 6/30/2020 6/30/2020 Change Value Margin Exchanges CME Group Inc. (2.5%) $58,095 $5,200 $3,100 59.6% 18.8% 12.7% 11.2x 18.7x Hong Kong Exchanges and Clearing Limited 42.5% 53,712 2,063 1,380 66.9% 0.1% 2.9% 26.0x 38.9x Intercontinental Exchange, Inc. 14.0% 49,469 5,491 2,770 50.4% 9.4% 4.6% 9.0x 17.9x London Stock Exchange Group plc 17.7% 36,000 3,065 1,105 36.0% 8.4% 7.7% 11.7x 32.6x Deutsche Börse AG 31.9% 32,947 3,864 1,837 47.5% 12.0% 6.3% 8.5x 17.9x B3 S.A. - Brasil, Bolsa, Balcão 58.6% 20,602 1,243 744 59.9% 26.2% 22.3% 16.6x 27.7x Nasdaq, Inc. 27.4% 19,287 4,576 1,078 23.6% 9.9% (0.4%) 4.2x 17.9x Japan Exchange Group, Inc. 32.7% 12,335 1,149 642 55.9% 2.1% (6.7%) 10.7x 19.2x Cboe Global Markets, Inc. 5.3% 10,183 2,815 681 24.2% 8.5% (9.8%) 3.6x 15.0x Euronext N.V. 34.2% 6,929 839 441 52.6% 23.7% 10.4% 8.3x 15.7x TMX Group Limited 24.9% 5,329 860 264 30.7% 16.0% 12.7% 6.2x 20.2x Mean $27,717 $2,833 $1,276 45.1% 12.3% 5.7% 10.6x 22.0x Median $20,602 $2,815 $1,078 38.3% 9.9% 6.3% 9.0x 18.7x Insurance Brokers Marsh & McLennan Companies, Inc. 28.4% $53,284 $17,232 $3,113 18.1% 14.7% 11.4% 3.1x 17.1x Aon Plc 22.5% 43,495 11,089 2,409 21.7% 2.5% 2.3% 3.9x 18.1x Willis Towers Watson Public Limited Company23.5% 24,837 9,193 1,406 15.3% 7.7% 6.2% 2.7x 17.7x Arthur J. Gallagher & Co. 24.2% 18,141 6,825 683 10.0% 0.3% 2.8% 2.7x 26.6x Brown & Brown, Inc. 16.1% 11,328 2,464 631 25.6% 15.8% 18.7% 4.6x 18.0x eHealth, Inc. (28.7%) 2,440 544 104 19.2% 96.3% 101.4% 4.5x 23.4x Goosehead Insurance, Inc 77.9% 1,236 74 3 4.4% 8.7% 28.7% 16.7x NM Huize Holding Limited (1.3%) 385 140 (5) NM 47.9% 95.2% 2.8x NM DFV Deutsche Familienversicherung AG 34.4% 352 66 (6) NM 68.1% 51.6% 5.4x NM Mean $17,278 $5,292 $927 17.5% 29.1% 35.3% 5.1x 20.1x Median $11,328 $2,464 $631 25.6% 14.7% 18.7% 3.9x 18.0x P&C Insurance Carriers Chubb Limited 20.7% $56,736 $33,965 $4,508 13.3% 3.7% 4.7% 1.7x 12.6x The Progressive Corporation 8.3% 45,887 39,022 4,468 11.4% 15.4% 22.0% 1.2x 10.3x The Allstate Corporation 10.5% 29,979 43,761 5,258 12.0% 6.6% 12.2% 0.7x 5.7x The Travelers Companies, Inc. 18.6% 28,545 31,818 2,891 9.1% 3.8% 4.3% 0.9x 9.9x The Hartford Financial Services Group, Inc. 14.6% 13,725 20,752 2,330 11.2% 8.2% 9.6% 0.7x 5.9x ZhongAn Online P & C Insurance Co., Ltd. 55.6% 7,273 2,162 (83) NM 57.5% 62.7% 3.4x NM The Hanover Insurance Group, Inc. 13.8% 3,801 4,727 320 6.8% 2.3% 8.8% 0.8x 11.9x Mercury General Corporation 5.2% 2,203 3,663 30 0.8% 1.3% 17.5% 0.6x 72.9x State Auto Financial Corporation (34.0%) 773 1,257 (99) NM (4.7%) 10.5% 0.6x NM Mean $20,991 $20,125 $2,180 10.8% 10.5% 16.9% 1.2x 18.5x Median $13,725 $20,752 $2,330 11.2% 3.8% 10.5% 0.8x 10.3x Health / Life Insurance Carriers UnitedHealth Group Incorporated 22.1% $274,802 $246,268 $18,108 7.4% 6.4% 7.0% 1.1x 15.2x Cigna Corporation 8.4% 69,202 154,168 7,193 4.7% 105.2% 216.5% 0.4x 9.6x Anthem, Inc. 21.0% 65,366 109,167 6,133 5.6% 15.9% 13.2% 0.6x 10.7x Humana Inc. 27.0% 50,154 67,716 3,493 5.2% 15.3% 14.0% 0.7x 14.4x Prudential plc 28.7% 38,699 93,736 2,429 2.6% 161.5% 44.1% 0.4x 15.9x MetLife, Inc. 27.5% 32,283 71,628 10,795 15.1% 3.2% 2.5% 0.5x 3.0x Aflac Incorporated 11.1% 25,421 21,812 3,923 18.0% (0.6%) 2.5% 1.2x 6.5x Sun Life Financial Inc. 12.3% 20,770 24,521 2,104 8.6% 7.3% 47.0% 0.8x 9.9x Lincoln National Corporation 49.9% 6,906 17,718 878 5.0% 5.6% 5.1% 0.4x 7.9x Magellan Health, Inc. 58.3% 1,757 7,214 112 1.6% (0.5%) (2.1%) 0.2x 15.6x Mean $58,536 $81,395 $5,517 6.8% 31.9% 35.0% 0.6x 10.9x Median $35,491 $69,672 $3,708 5.3% 6.9% 10.1% 0.5x 10.3x Total Traditional Financial Institutions Mean $35,547 $23,146 $4,147 17.9% 11.9% 11.5% 3.9x 13.0x Median $19,287 $6,133 $1,546 25.2% 4.0% 4.6% 1.8x 9.4x

Source: S&P Capital IQ and publicly available records Quarterly Financial Technology Executive Briefing 28 MORGAN PARTNERS LLC MEMBER, FINRA/SIPC 100 WORCESTER STREET, SUITE 202 WELLESLEY, MA 02481 +1 (617) 410-5200 WWW.MORGANPARTNERS.COM

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Quarterly Financial Technology Executive Briefing 29