Insurance Technology Sector Summary Q1 2019

1 GCA INSURANCE TECHNOLOGY OVERVIEW Strong sector and product expertise across InsurTech REPRESENTATIVE FOCUS AREAS INSURTECH TEAM

DISTRIBUTION & Companies that focus on customer engagement, e.g., customer acquisition, sales and CHRIS GOUGH marketing, mobile solutions and other direct-to-consumer insurance channels, or that Managing Director CUSTOMER ENGAGEMENT offer solutions to improve distribution or facilitate engagement with the end consumer. [email protected] INNOVATIVE PRODUCTS, Companies that improve existing methodologies for pricing or underwriting risk, or 415.318.3658 actual insurance companies that bring technology to traditionally low-tech areas by PRICING & UNDERWRITING using newer or superior core systems and/or online/mobile offerings.

POLICY ADMINISTRATION, Insurance is behind the curve in enterprise-level core technology, and InsurTech companies help modernize these operating systems - in particular policy, claims, and KEGAN GREENE CLAIMS & BACK OFFICE billing software systems. Director Companies that provide analytic capabilities to insurance companies to help them [email protected] DATA & ANALYTICS operate more efficiently and/or make better underwriting and claims decisions. 415.318.3686

RECENT TRANSACTIONS

Sold Preferred Financing Acquired by Acquired by Acquired by Sold majority stake to Tender Offer for from

To Asahi Fire & Marine Insurance Co. We advised ATTOM Data Solutions We advised GOQii We Advised QuoteWizard We Advised Bexio We Advised Risk International We Advised BlackFin We Advised Asahi

Sold

Acquisition of Strategic Investment Acquired by Preferred Stock Investment Acquired by Acquired by from To

We Advised RGI Shareholders We Advised ControlExpert We Advised AWL We Advised EIS Group We Advised Finanzen.de We Advised INS Web We Advised INS Web

2 Q1 2019 INSURANCE TECHNOLOGY SECTOR SUMMARY Case Study: Sale of ATTOM Data Solutions to Lovell Minnick Partners

GCA acted as exclusive financial advisor to ATTOM, a leading provider of national real estate data solutions, on its sale to Lovell Minnick Partners.

Transaction Summary Strategic Rationale ▪ On January 8, 2019, Lovell Minnick Partners announced ▪ ATTOM is a leading, scale platform investment in the that it had completed the acquisition of ATTOM Data property data solutions market Solutions (“ATTOM” or the “Company”) − Company’s proprietary data solutions include TRANSACTION DETAILS − Financial terms of the transaction were not property tax, deed, mortgage, foreclosure, Closed disclosed environmental risk, natural hazard and neighborhood data for 150+ million U.S. residential January 2019 ▪ Headquartered in Irvine, California, ATTOM is a leading provider of comprehensive data solutions to the real and commercial properties, covering 99% of the SECTORS estate, mortgage, insurance, marketing and adjacent nation’s population Property / Insurance markets − Company serves 225+ data customers with Technology ▪ multiyear contracts Real Estate / Mortgage Lovell Minnick Partners is a private equity firm with expertise in investing in the financial technology and Technology − ATTOM management has generated strong organic services industry. Since its inception in 1999, Lovell growth and successfully pursued accretive strategic Minnick Partners has raised $2.7 billion in committed DEAL TYPE opportunities, including its acquisition of capital and has completed investments in over 45 neighborhood data provider Onboard Informatics in M&A companies early 2018 ▪ GCA acted as exclusive financial advisor to ATTOM in ▪ Lovell Minnick will continue to support management in connection with the transaction executing its strategic plan to build the leading technology platform in the real estate data industry

3 EXECUTIVE SUMMARY Q1 2019 InsurTech wrap-up » InsurTech continues to be a highly active category, with ~$1.5Bn in financing volume and ~$1.9Bn in M&A volume during Q1 ’19 - 90 financings in Q1 ‘19 is 58% higher than the same period in ’18, and annualized financing volume is significantly outpacing ‘18 levels - 19 M&A transactions in Q1 ‘19 is on par with 21 deals consummated during the same period in ’18 - Q1 M&A volume was bolstered by Willis’ $1.4Bn acquisition of Tranzact. Adjusting for that deal, Q1 ‘19 volume is still way ahead of year ago levels: $476MM in Q1 ‘19 M&A volume vs. $225MM in Q1 ‘18 » Increase in larger financings as category leaders begin to differentiate themselves and investors look to back established players - Lots of Q1 financing activity for companies utilizing data and analytics to maximize the consumer experience obtaining home, renters and auto insurance (including Acko, The Guarantors and Jetty) as well as health / life insurance (including Clover, Limelight Health and WeFox) - Corporate venture deals continued in Q1 including Amazon’s investment in Acko, Hiscox’s investment in Coverhound and Principal’s investment in Limelight Health » Data & analytics and benefits administration / payroll companies lead the public company pack, trading at 5.9x and 4.8x EV/ ’19E Revenue, respectively

Select Q1 Active Investors Select Q1 Active Buyers

4 Notes: Source: CapIQ. CBInsights. Pitchbook. INSURANCE VALUE CHAIN: INNOVATION ACROSS THE Distribution & Innovative Policy Admin, Data & Customer Products, Pricing Claims & Analytics INSURANCE VALUE CHAIN Engagement & Underwriting Back Office

`Online Distribution & Comparison `Sales, Marketing & Engagement Customer Origination

Mobile

Peer-to-Peer (P2P) Innovative & Specialty Insurance Health Insurance Carrier Affiliated ` ` ` `

Benefits Administration & Payroll Policy Management Tools & Software Claims Management Tools & Software ` ` `

Insurance Data & Analytics IoT & Telematics: Auto IoT & Telematics: Home ` ` `

IoT & Telematics: Health `

DISCLAIMER: This is a representative list and may not include all relevant companies. If your company is not on the list and would like to be added for future 5 publications, kindly shoot us a note at [email protected] and we would be happy to consider. RECORD INVESTMENT IN INSURANCE TECHNOLOGY SECTOR Annualized Q1 ’19 financing volume is significantly outpacing ’18 levels Selected Major InsurTech Financings

360 = Number of Transactions = Financing Volume ($USD MM) 216 206

163

127

90 88 $3,989 55 $3,185 $2,773 $2,694

$1,520 $702 $351

2013 2014 2015 2016 2017 2018 Q1 '19

$52MM $60MM $500MM $103MM $130MM $500MM $500MM

$65MM $931MM $400MM $160MM $165MM $125MM

$110MM * $38MM $160MM $120MM $200MM $65MM

$38MM $50MM $300MM

Notes: Source: CB Insights, Pitchbook. CapIq. GCA Deal Database. 6 Market data as of 3/31/19. $200MM *Oscar raised two rounds in 2014 – one worth $30MM and the other worth $80MM. INSURTECH DEAL DASHBOARD – FINANCING ACTIVITY Financing volume in Q1 ’19 nearly doubled financing volume in Q1 ’18 Quarterly Financing Activity ($MM)(1) Select Q1 2019 Financing Transactions ($MM) LTM financing volume: Post- Segment / Ann. Selected Amt. $4.6Bn across 249 Deals Company Money Value Date Investor(s) Invested Valuation Chain

3/13 $65.0 $300

90 3/5 $125.0 NA

3/5 $45.0 NA

62 61 3/4 $60.0 NA 57 $1,581 $1,586 55 $1,520 50 2/25 $15.0 NA 49

43 2/6 $25.0 NA $899 $883 $731 $621 1/30 $500.0 NA $534

1/29 $58.0 $155

1/17 $33.5 $84 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Average Deal Size

$14.6 $8.6 $32.3 $15.8 $14.4 $16.0 $26.0 $16.9 1/7 $43.0 $95

Insurance Segment Insurance Value Chain Notes: Source: CB Insights, Pitchbook. CapIq. GCA Deal Database. 7 Market data as of 3/31/19. P&C Life Health Distribution & Customer Products, Pricing & Policy Admin, Claims Data & Analytics (1) Includes private company equity financings, and Everquote IPO in Q2 2018. Engagement Underwriting & Back Office SELECTED RECENT INSURTECH FINANCINGS

Founded Headquarters Total Funds Raised ($MM) 2016 Bangalore $132 Utilizes data and analytics to ensure low prices based on a customer's risk profile and offers a transparent, stress-free and Raised $65MM in seamless process of buying insurance and filing claims, enabling users to access simplified and affordable insurance policies. Series C funding on

3/13/2019

Selected Investors

Founded Headquarters Total Funds Raised ($MM) 2014 New York $27

Allows consumers to meet the requirements of posting an expensive security deposit, finding a lease guarantor and obtaining Raised $15MM in renters insurance. Series B funding on

2/25/2019

Selected Investors

Founded Headquarters Total Funds Raised ($MM) 2015 New York $41 Provides insurance recommendations to customers based on proprietary algorithms and data analytics. Offers a network of Raised $25MM in offline facilitators to help and provide claims assistance. Series B funding on

2/6/2019

Selected Investors

8

Notes: Source: CapIQ. CBInsights. Pitchbook. INSURTECH LEADERS IN PRIVATE FUNDING Top 10 Company Headquarters Founded Amt. Raised ($MM) Company Description

New York, NY 2012 $1,280 Provider of an online health insurance network

Operator of PPO using data analysis and preventive Jersey City, NJ 2014 $925 care to improve health insurance

Provider of cloud-based SaaS for HR and benefits San Francisco, CA 2012 $598 management

Mobile application using data and analytics to Cambridge, MA 2010 $503 make roads safer by making drivers better

Partners with health systems and care partners to Minneapolis, MN 2015 $442 provide health plans

Health insurance provider aiming to improve Waltham, MA 2017 $369 patient care with personalized plans

Provider of an online life insurance and general Haryana, India 2008 $355 insurance comparison portal

San Francisco, CA 2011 $285 Provider of pay-per-mile car insurance

San Francisco, CA 2013 $259 Provider of cloud-based self-insurance platform

Provider of a personalized health and benefits Plymouth Meeting, PA 2007 $220 platform

Round of financing in Q1 2019 9 Notes: Source: CapIQ. CBInsights. Pitchbook. INSURTECH COMPANY PROFILE Clover Health

Founded Headquarters Total Funds Raised ($MM) 2014 Jersey City $925 Clover’s health insurance platform utilizes patient-centered analytics to reduce avoidable spending and identify and better manage chronic diseases.

Cumulative Funds Raised ($MM) N/A

Post Money Valuation ($MM) $925

$1,200

$830 $425 $264 $295 $340m$135 $71

$100

Sep-15 Feb-16 Jul-16 Dec-16 May-17 Oct-17 Mar-18 Aug-18 Jan-19

Series A: $100 Series B: $35 Series C: $160 Series D: $130 Series E: $500 10

Notes: Source: CapIQ. CBInsights. Pitchbook. SELECTED ACTIVE INSURTECH INVESTORS

Most Active Insurance Technology Investors

Accelerators / Seed

Venture Capital / Private Equity

Corporate Investors

Ventures

Alternative Investors

11

Notes: Source: CapIQ. CBInsights. Pitchbook. MOST ACTIVE INSURTECH INVESTORS – CORPORATE VENTURE CAPITAL

Company Headquarters Number of Investments Investments Madison, WI 11 Munich, Germany 10 Mountain View, CA 9 Springfield, MA 9 Paris, France 8 Menlo Park, CA 8

San Francisco, CA 7 Columbus, OH 7 San Francisco, CA 6

Munich, Germany 6

New York, NY 6

12

Notes: Source: CapIQ. CBInsights. Pitchbook. HEALTHY M&A DEAL ACTIVITY M&A activity in Q1 ’19 was bolstered by ’s $1.4Bn acquisition of Tranzact. Annualized number of transactions is in line with 2018 levels Selected Major InsurTech M&A Transactions

= Number of Transactions = M&A Volume ($USD MM)

88

85 76 73 71 67 58 $18,547

19

$8,693 $7,444 $5,266 $5,052 $5,559 $1,876

2013 2014 2015 2016 2017 2018 Q1 '19 Acquirer logo on top

$1.8Bn $2.4Bn $8.7Bn $1.4Bn $2.5Bn $155MM $1.4Bn

$1.1Bn $400MM $760MM $174MM $919MM Undisclosed $336MM

$160MM $490MM Undisclosed $140MM

Notes: $322MM $6.7Bn 13 Source: CB Insights, Pitchbook. CapIq. GCA Deal Database. Market data as of 3/31/19. INSURTECH DEAL DASHBOARD – M&A ACTIVITY Q1 ‘19 volume significantly outpaced Q1 ‘18 levels thanks to Willis Towers Watson’s $1.4Bn acquisition of Tranzact

Quarterly M&A Activity ($MM) Select Q1 2019 M&A Transactions ($MM)

LTM M&A volume: Ann. Transaction Segment / (2) Date Buyer Target $10.0Bn across 71 deals $7,389 Value Value Chain

3/31 $1,400

Carlyle’s $6.7Bn 3/13 $140 acquisition of Sedgwick 3/11 $336 25

20 21 20 19 19 3/6 NA 17 15 2/25 NA

(3) 2/21 NA $1,876

Willis’s $2,967 2/7 NA $1.4Bn acquisition of Tranzact $1,381 1/14 NA $225 $689 $426 $500 $579 $476

(1) (2) (3) 1/7 NA Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Average Deal Size

$55.3 $21.3 $156.2 $10.7 $33.3 $369.5 $34.1 $81.1 1/3 NA

Notes: Insurance Segment Insurance Value Chain Source: CB Insights, Pitchbook. CapIq. GCA Deal Database. Market data as of 3/31/19. (1) Q4-17 includes Assurant’s $2.5Bn acquisition of Warranty Group. 14 (2) Q3-18 includes Carlyle’s $6.7Bn acquisition of Sedgwick Claims Management. P&C Life Health Distribution & Customer Products, Pricing & Policy Admin, Claims Data & Analytics (3) Q1-19 includes Willis Towers Watson’s $1.4Bn acquisition of Tranzact. Engagement Underwriting & Back Office INSURTECH PUBLIC COMPANY VALUATION Benefits admin. / payroll companies lead the InsurTech pack. Excluding eHealth, online distribution is performing in line with brokerage LTM Share Price Performance

350% 360% 60% 336%

50% 280% 41% 40% 26%200% 30% 26%

17%120% 20% 17%

10% 9%40% 0%

(40%) (10%)

(20%) (120%) Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19

Benefits Admin. / Brokerage Data & Analytics Insurance Software IT & BPO Services Online Distribution eHealth Payroll Public InsurTech Ecosystem

Benefits Admin. / Payroll Brokerage Data & Analytics Insurance Software IT & BPO Services Online Distribution

41% 17% 26% 9% 26% 17%

LTM Share Price Performance

Notes: Source: CapIq. 15 Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 3/31/19. INSURTECH PUBLIC COMPANY VALUATION Selected InsurTech subsectors and multiples Enterprise Value / 2019E Revenue Enterprise Value / 2019E EBITDA

7.0x 20.0x 18.7x 5.9x 6.0x 15.9x 15.2x 16.0x 14.4x 13.7x 5.0x 4.8x 12.0x 12.0x 4.0x 3.7x 2.9x 3.0x 8.0x 2.1x 2.0x 2.0x 4.0x 1.0x

0.0x 0.0x Data & Benefits Brokerage Insurance IT & BPO Online Benefits Online Data & Insurance Brokerage IT & BPO Analytics Admin./Payroll Software Services Distribution Admin./Payroll Distribution Analytics Software Services Public InsurTech Ecosystem

Benefits Admin. / Payroll Brokerage Data & Analytics Insurance Software IT & BPO Services Online Distribution

4.8x / 18.7x 3.7x / 13.7x 5.9x / 15.2x 2.9x / 14.4x 2.1x / 12.0x 2.0x / 15.9x

2019E Rev. / 2019E EBITDA Multiple Notes: Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. 16 Market data as of 3/31/19. SELECTED PUBLIC COMPANY DETAIL ($MM, except per share data) Stock Operating Metrics Trading Metrics Price Equity Enterprise Revenue Growth EBITDA Margin EV / Revenue EV / EBITDA Company 3/31/19 Value Value 19E/18A 20E/19E 19E 19E 20E 19E 20E Benefits Administration/Payroll Automatic Data Processing, Inc. $159.74 $69,587 $70,007 6% 7% 24% 4.8x 4.5x 19.8x 17.6x Paychex, Inc. $80.20 $28,824 $28,945 17% 6% 41% 7.2x 6.8x 17.6x 16.5x Insperity, Inc. $123.66 $5,062 $4,819 14% 12% 6% 1.1x 1.0x 17.3x 14.5x Paylocity Holding Corporation $89.19 $4,720 $4,616 20% 23% 28% 10.2x 8.3x 36.2x 28.3x TriNet Group, Inc. $59.74 $4,192 $4,323 7% 11% 38% 4.6x 4.1x 12.2x 11.0x HealthEquity, Inc. $73.98 $4,622 $4,260 17% 15% 40% 12.6x 10.9x 31.3x 26.3x Benefitfocus, Inc. $49.52 $1,587 $1,634 17% 19% 7% 5.4x 4.6x 75.0x 40.5x WageWorks, Inc. $37.76 $1,505 $726 3% 3% 31% 1.4x 1.4x 4.6x 4.3x Castlight Health, Inc. $3.75 $538 $466 (1%) NA 2% 3.0x NM NM NM

Median 14% 11% 28% 4.8x 4.5x 18.7x 17.0x

Brokerage Marsh & McLennan Companies, Inc. $93.90 $47,660 $52,418 5% 5% 25% 3.3x 3.2x 13.2x 13.0x plc $170.70 $40,968 $46,475 5% 6% 28% 4.1x 3.9x 14.8x 13.6x Willis Towers Watson Public Limited Company $175.65 $22,677 $26,248 5% 4% 25% 2.9x 2.8x 11.9x 11.2x Arthur J. Gallagher & Co. $78.10 $14,466 $17,469 9% 7% 17% 2.4x 2.2x 14.0x 12.3x Brown & Brown, Inc. $29.51 $8,317 $9,372 16% 6% 30% 4.0x 3.8x 13.3x 12.5x Goosehead Insurance, Inc $27.88 $403 $433 43% 40% 26% 7.1x 5.1x 27.5x 18.6x

Median 7% 6% 26% 3.7x 3.5x 13.7x 12.8x

Data & Analytics RELX PLC $21.38 $41,721 $49,708 7% 4% 36% 4.9x 4.7x 13.6x 13.2x Experian plc $27.07 $24,394 $27,824 4% 9% 34% 5.5x 5.1x 16.2x 14.5x Verisk Analytics, Inc. $133.00 $21,747 $24,327 7% 7% 48% 9.5x 8.9x 19.8x 18.4x Equifax Inc. $118.50 $14,382 $16,794 2% 6% 34% 4.8x 4.5x 14.3x 13.0x TransUnion $66.84 $12,517 $16,362 11% 8% 39% 6.3x 5.8x 16.2x 14.6x Fair Isaac Corporation $271.63 $7,897 $8,649 8% 7% NA 7.6x 7.0x NM NM CoreLogic, Inc. $37.26 $2,985 $4,694 (7%) 2% 28% 2.8x 2.8x 10.1x 9.4x LiveRamp Holdings, Inc. $54.57 $3,738 $2,192 (56%) 29% (12%) 6.4x 5.0x NM NM

Median 5% 7% 34% 5.9x 5.0x 15.2x 13.9x

Notes: Source: CapIq. Pitchbook. 17 Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. SELECTED PUBLIC COMPANY DETAIL ($MM, except per share data) Stock Operating Metrics Trading Metrics Price Equity Enterprise Revenue Growth EBITDA Margin EV / Revenue EV / EBITDA Company 3/31/19 Value Value 19E/18A 20E/19E 19E 19E 20E 19E 20E Insurance Software Guidewire Software, Inc. $97.16 $7,910 $7,147 29% 10% 22% 10.8x 9.8x 49.3x 47.3x Ebix, Inc. $49.37 $1,508 $2,065 21% 22% 34% 3.4x 2.8x 10.2x 8.6x Sapiens International Corporation N.V. $15.28 $764 $778 10% 8% 17% 2.4x 2.3x 14.4x 12.9x Majesco $7.05 $302 $301 NA 19% NA 1.9x 1.6x NM 30.1x

Median 21% 14% 22% 2.9x 2.5x 14.4x 21.5x

IT & BPO Services plc $176.02 $112,271 $107,827 8% 7% 17% 2.5x 2.3x 14.7x 13.5x Tata Consultancy Services Limited $28.89 $108,407 $101,909 12% 10% 26% 4.5x 4.1x 17.2x 15.6x Infosys Limited $10.74 $46,547 $42,783 11% 8% 25% 3.4x 3.1x 13.5x 12.5x Technology Solutions Corporation $72.45 $41,666 $37,900 8% 8% 22% 2.2x 2.0x 10.1x 9.3x DXC Technology Company $64.31 $17,253 $22,338 (5%) 2% 23% 1.1x 1.1x 4.7x 4.4x HCL Technologies Limited $15.70 $21,287 $20,950 13% 11% 24% 2.2x 2.0x 9.4x 8.4x CGI Inc. $68.74 $18,778 $20,124 6% 2% 19% 2.2x 2.2x 12.0x 11.8x Wipro Limited $3.68 $22,082 $18,456 7% 2% 20% 2.1x 2.1x 10.3x 10.4x Genpact Limited $35.18 $6,665 $7,602 12% 9% 17% 2.3x 2.1x 13.0x 11.7x Capita plc $1.61 $2,675 $3,388 (2%) 2% 12% 0.7x 0.7x 5.9x 5.2x WNS (Holdings) Limited $53.27 $2,662 $2,602 8% 9% 20% 3.1x 2.8x 15.1x 12.2x Mphasis Limited $14.27 $2,658 $2,493 13% 15% 18% 2.1x 1.8x 11.5x 10.1x Limited $13.63 $2,239 $2,099 14% 11% 15% 1.9x 1.7x 12.6x 11.6x ExlService Holdings, Inc. $60.02 $2,060 $2,065 12% 8% 17% 2.1x 1.9x 12.2x 10.9x Virtusa Corporation $53.45 $1,599 $1,672 13% 13% 10% 1.2x 1.1x 12.9x 9.8x Hexaware Technologies Limited $4.98 $1,484 $1,367 17% 13% 16% 1.7x 1.5x 11.0x 9.8x CorVel Corporation $65.24 $1,216 $1,119 8% NA 12% 1.9x NM 15.8x NM Crawford & Company $9.13 $490 $627 3% 3% 11% 0.6x 0.5x 5.0x 4.7x Firstsource Solutions Limited $0.68 $469 $527 9% 7% 13% 0.9x 0.8x 6.7x 6.3x

Median 9% 8% 17% 2.1x 2.0x 12.0x 10.2x

Online Distribution Moneysupermarket.com Group PLC $4.85 $2,599 $2,561 11% 6% 36% 5.1x 4.8x 14.1x 13.2x eHealth, Inc. $62.34 $1,406 $1,397 20% 20% 10% 6.1x 5.1x 63.5x 32.8x QuinStreet, Inc. $13.39 $667 $604 35% 17% 8% 1.5x 1.3x 17.7x 12.5x GoCompare.com Group plc $1.00 $420 $506 7% 7% 25% 2.4x 2.3x 9.9x 7.9x EverQuote, Inc. $7.44 $186 $145 28% 17% (4%) 0.9x 0.8x NM NM iSelect Limited $0.48 $104 $88 (2%) 5% (3%) 0.5x 0.5x NM 4.1x

Median 15% 12% 9% 2.0x 1.8x 15.9x 12.5x

Notes: Source: CapIq. Pitchbook. 18 Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global investment bank providing M&A and capital markets advisory services to growth companies and market leaders

LEEDS PARIS OSAKA FRANKFURT NAGOYA NEW YORK MUNICH TOKYO MANCHESTER SHANGHAI LONDON NEW DELHI MILAN SAN FRANCISCO FUKUOKA TEL AVIV ZURICH TAIPEI

MUMBAI HO CHI MINH CITY

SINGAPORE

Geographically Globally integrated Strong cross-border balanced, Strong in key platform with 21 capabilities and synergistic and growth sectors 400+ 375+ deals closed offices across deal flow with 35% complementary such as Technology professionals in the last 3 years America, Asia and of all transactions sector focus areas and Industrials Europe cross-border across the firm

19 GCA operates as GCA in America and Asia, and GCA Altium in Europe. GCA OVERVIEW Selected FinTech experience

Preferred Financing Received an Acquired Preferred Financing Acquired by Acquired Acquired by from investment from

We Advised Silver We Advised Liqid’s We advised Bowmark Capital We advised Loanboox We advised ATTOM We advised GOQii Investment Partners We Advised QuoteWizard shareholder HQ Trust Financial SaaS Banking & Lending Tech Property Tech Insurance Technology Payments Insurance Technology Investment Technology

Sold Acquired by Sold majority stake to Acquired Acquired by Acquired by Tender Offer for

to Asahi Fire & Marine Insurance Co.

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

Sold Sale of

Acquired by Financing from Majority sale to Growth Investment Strategic Investment to To

We Advised WorkMarket We Advised RGI Shareholders We Advised Radius We Advised Skyslope Financial Advisor Financial Advisor We Advised ControlExpert Financial SaaS Insurance Technology Payments Real Estate Tech Banking & Lending Tech Payments Insurance Technology

Growth Investment Acquired by Growth Investment Acquired by Acquired by from Acquired by Preferred Stock Investment from

We Advised Edo Financial Advisor We Advised Vindicia We Advised Commissions Inc We Advised Capsilon We Advised AWL Financial Advisor Payments Payments Payments Real Estate Tech Real Estate Tech Insurance Technology Insurance Technology

Insurance / Property Technology Transaction Notes: 20 The above transactions represent a compilation of deals that GCA entities, including GCA Advisors, LLC, GCA Corporation and GCA Altium, have advised on.