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Leadership Newsletter Winter 2020

GTCR Firm Update

Since the firm’s inception in 1980,GTCR has partnered with management teams in more than Growth Business Services 200 to build and transform growth businesses. Over the last 20 years alone, GTCR has invested over $16 billion in approximately 100 platform acquisitions, including more 10 220+ PLATFORMS ADD-ONS than 65 companies that have been sold for an aggregate enterprise value of over $48 billion, $ and another 14 companies that have been taken 17B+ public with an aggregate gross enterprise value PURCHASE of more than $34 billion. In November 2020, PRICE we closed GTCR Fund XIII, the firm’s largest fund to date, with $7.5 billion of limited partner capital commitments. This fund follows GTCR Acquisition Activity Since 2010 Fund XII, which we closed in 2017, with $5.25 As of December 15, 2020* billion of limited partner capital commitments. Including pending acquisitions, GTCR Fund XII will have completed 13 platform acquisitions and approximately 90 add-on acquisitions across the Growth Business Services, Technology, Media & Telecommunications, & Technology and Healthcare sectors.

Page 1 / Continues on next page Growth Business Services Group Update

The Growth Business Services (“GBS”) team remained very active in 2020. We completed nearly 50 transactions worth more than $13 billion including:

» GTCR acquired Consumer Cellular in December with $1.5 billion in new credit facilities. Founded in 1995 and headquartered in Portland, OR, Consumer Cellular is a leading postpaid virtual wireless services provider with a focus on the 50+ age demographic. The company currently serves approximately 4 million subscribers nationwide providing affordable cellular plans and award-winning customer service. As part of the Leaders Strategy™, GTCR partnered with Ed Evans, former CEO of previous GTCR portfolio company, Syniverse Technologies. Mr. Evans became the new CEO of Consumer Cellular upon the close of GTCR’s . » Sotera Health completed an (IPO) in November, selling approximately 54 million shares at $23 per share for an initial enterprise value of approximately $8 billion. Headquartered outside Cleveland, OH, Sotera provides sterilization, lab testing and advisory services to the medical device, pharmaceutical, and food products industries in the and internationally. GTCR originally invested in Sotera Health in 2011 and recapitalized the company in partnership with in 2015. » Park Place Technologies completed the acquisition of Curvature, Inc. in November. In connection with the acquisition, Park Place refinanced and upsized its existing term loan facilities withnew term loans totaling $1.1 billion. The combined companies create the largest global provider of third-party data center maintenance. » AssuredPartners completed nearly 40 acquisitions in 2020. The company completed three incremental debt financing transactions totaling $1.1 billion to fund acquisitions and provide incremental liquidity. AssuredPartners also announced that President and COO Tom Riley would become CEO effective January 1, 2021, with longtime CEO Jim Henderson moving into an Executive Chairman role. GTCR originally formed AssuredPartners in 2011. Since that time, AssuredPartners has grown to become one of the largest retail brokers in the country. » Vivid Seats completed an incremental term loan financing in June. The company continues to invest in its technology offering and marketplace for buyers and sellers in advance of live events returning to normal.

The GBS team was active in the capital markets with over $5 billion of new capital raised by GBS portfolio companies in 2020, including new term loans and perpetual preferred equity at Consumer Cellular, new term loans and bonds at AssuredPartners, new term loans at Park Place, an IPO by Sotera Health and a new term loan at Vivid Seats.

Since 2010, the GBS group has invested in over 230 transactions valued at more than $17 billion, inclusive of ten new platform investments and 220+ add-on acquisitions. We continue to identify attractive opportunities to invest capital in our core GBS industry verticals.

Page 2 / Continues on next page Growth Business Services Core Verticals

TECHNOLOGY BASED / SUBSCRIPTION SERVICES

FACILITIES BASED / INDUSTRIAL SERVICES

MARKETING & MEDIA SERVICES

INSURANCE / RISK MANAGEMENT SERVICES

LOGISTICS / DISTRIBUTION SERVICES

PEOPLE BASED SERVICES

EDUCATIONAL SERVICES

Please see the Appendix for a complete list of all of our investments in the Growth Business Services sector since 1996

Page 3 / Continues on next page Portfolio Company Snapshot

GTCR’s portfolio companies have been highly acquisitive—approximately 75 percent of capital invested since 2000 has been in companies that have completed at least one add-on acquisition. As this activity illustrates, we view inorganic growth as a critical element of value creation and, therefore, seek to develop robust and creative acquisition strategies. All of our active Growth Business Services companies are looking for and evaluating add-on acquisitions in this market environment.

Below is a snapshot of our recent portfolio company activity. These five companies have completed approximately 95 add-on acquisitions so far under our ownership.

COMPANY SECTOR CEO ACTIVITY Insurance brokerage Jim Henderson Nearly 75 add-on acquisitions, a debt-financed recapitalization, incremental term loan and bond financings

Virtual Wireless Ed Evans Platform acquisition by GTCR in Services December 2020

Third-party Chris Adams 15 add-on acquisitions, debt-financed maintenance provider recapitalization, partial sale in September 2019 and incremental term loan financings

Outsourced contract Michael Petras Six add-on acquisitions, one divestiture, sterilization and lab several debt-financed recapitalizations and testing services initial public offering

Online secondary Stan Chia One add-on acquisition and incremental ticketing term loans

Page 4 / Continues on next page Portfolio Company Spotlight

AssuredPartners, Lake Mary, FL CEO: Jim Henderson Platform Acquisition: May 2019 Recent Acquisition: November 2020

In executing the Leaders Strategy™, GTCR Fund X originally partnered with CEO Jim Henderson and President Tom Riley in 2011 to form AssuredPartners with the goal of building a leading middle market insurance broker through acquisitions and organic growth. Today, AssuredPartners is one of the fastest-growing, full-service insurance brokers in the United States, offering property and casualty and employee benefits insurance products and services to middle-market businesses, public institutions and high-net-worth individuals. AssuredPartners serves over 400,000 clients and has relationships with over 1,700 insurance carriers.

GTCR Fund XII recapitalized AssuredPartners in May 2019 in a partnership with and management.

AssuredPartners has built a high quality, scalable platform that benefits from diversification across customers, brokers, geographies, end markets and carriers. The management team remains focused on executing on its acquisition strategy, accelerating organic revenue growth through investments in producer recruitment and training, and building further specialization within niche product lines and industries where deep expertise is valued and insulates the company from competition.

AssuredPartners has already completed nearly 75 add-on acquisitions since GTCR’s recent acquisition in May 2019, adding additional scale and diversity while building out specialty verticals in areas such as agriculture and transportation.

In October 2020, AssuredPartners announced a long planned executive reorganization with President Tom Riley moving into the CEO role effective January 1, 2021, and Jim Henderson moving from CEO to Executive Chairman.

Page 5 / Continues on next page Portfolio Company Profiles

Consumer Cellular, Portland, OR CEO: Ed Evans Platform Acquisition: December 2020

In December 2020, GTCR acquired Consumer Cellular, Inc. (“Consumer Cellular”), a leading postpaid virtual wireless services provider with a focus on the 50+ age demographic. GTCR combined its long history of investment in consumer subscription services and telecommunications infrastructure to identify the unique value proposition that Consumer Cellular brings to subscribers. GTCR also leveraged its deep domain expertise in wireless services for the senior market given its prior investment in GreatCall.

Founded in 1995, Consumer Cellular currently serves approximately 4 million subscribers nationwide providing affordable cellular plans and award-winning customer service.

As part of the Leaders Strategy™, GTCR partnered with former Syniverse CEO Ed Evans. Mr. Evans became the new CEO of Consumer Cellular upon the close of GTCR’s investment. Mr. Evans is an accomplished executive in the wireless space with more than three decades of experience, including partnering with GTCR on its previous investment in Syniverse Technologies. Mr. Evans took over from Consumer Cellular founder John Marick, who served as the company’s CEO since inception. Mr. Marick remains a substantial shareholder of the company and a member of the board of directors.

Page 6 / Continues on next page Park Place Technologies, Cleveland, OH CEO: Chris Adams Platform Acquisition: December 2015 Recapitalization: September 2019 Recent Acquisition: November 2020

In December 2015, GTCR acquired Park Place Technologies (“Park Place”), a leading third-party maintenance (“TPM”) provider offering multi-vendor, post-warranty data center maintenance services. GTCR leveraged its history of investment in outsourced business services and deep domain expertise in internet and computing infrastructure to quickly identify the compelling value proposition Park Place delivers to its customers.

GTCR partnered with CEO Ed Kenty, COO Chris Adams and senior management to enhance Park Place’s service offerings and transform Park Place Technologies into a global leader. In January 2019, Mr. Kenty retired and Mr. Adams assumed the CEO role in a planned succession.

From 2015 to 2019, Park Place supplemented its organic growth engine by completing 12 add-on acquisitions. These acquisitions helped fuel the company’s international expansion, strengthen its competitive position and added key talent. Park Place’s recent acquisitions have accelerated growth of the company’s remote monitoring solution and enhanced its value proposition to customers. Park Place remains highly active in M&A and continues to seek acquisition opportunities in the U.S. and internationally.

In September 2019, GTCR recapitalized Park Place in a partnership with Charlesbank Capital Partners and Park Place management. Since the partial sale to Charlesbank, Park Place completed three additional add-on acquisitions including the acquisition of Curvature, Inc., in November 2020.

Park Place has been active in the capital markets with incremental term loans and a new term loan facility to support the acquisition of Curvature. Park Place continues to expand its global network and service offering to better serve existing and new customers.

Page 7 / Continues on next page Sotera Health, Cleveland, OH CEO: Michael Petras Platform Acquisition: March 2011 Recent Recapitalization: December 2019 Recent Transaction: August 2020 Initial Public Offering: November 2020

In 2011, GTCR partnered with Michael Mulhern, the successful CEO of two previous GTCR investments, to acquire Sterigenics, now operating as Sotera Health (“Sotera”), a global leader in outsourced sterilization, lab services and gamma technologies across a global network of 63 facilities. Between 2011 and May 2015, the company completed three add-on acquisitions, including the transformational acquisition of Nordion to create the only vertically integrated sterilization services company in the world.

In May 2015, GTCR recapitalized Sotera in partnership with Warburg Pincus and Sotera’s management team. Subsequent to the recapitalization, Sotera executed several facility and service line expansions and completed six add-on acquisitions, including the transformational acquisition of Nelson Labs (“Nelson”), a leading provider of microbiological testing services. Nelson expanded Sotera’s capabilities and enabled two follow-on lab acquisitions (Toxikon and Gibraltar Labs) that further enhanced Sotera’s presence in medical devices and extended its reach in the pharmaceutical sector. In August 2018, Sotera divested its non-core medical isotope segment to BWXT. Most recently, in August 2020, Sotera acquired Iotron Industries, a provider of electron beam sterilization services to further diversify its global sterilization platform by modality and geographic reach.

In June 2016, Michael Petras joined the company as CEO. Mr. Petras was previously a senior executive at Cardinal Health, where he served as President of its Post-Acute Solutions business. Before joining Cardinal, Mr. Petras was the CEO of AssuraMed, a leading medical products supplier, which Cardinal Health acquired for $2 billion in 2013 in a successful -backed transaction. Through a combination of organic growth, acquisitions, the divestiture of Sotera’s medical isotopes business and the significant investments in Sotera’s facilities and infrastructure, Mr. Petras has driven extraordinary value creation during his tenure at the company.

On November 20, 2020, Sotera completed an IPO and began trading on the NASDAQ under the ticker SHC. GTCR continues to hold a substantial ownership stake in the business and retains three of Sotera’s board seats.

Page 8 / Continues on next page Vivid Seats, Chicago, IL CEO: Stan Chia Platform Acquisition: June 2017 Recent Acquisition: April 2019

In June 2017, GTCR partnered with co-founders Jerry Bednyak and Eric Vassilatos to recapitalize Vivid Seats. Vivid Seats is one of the largest independent marketplaces for tickets to live sports, concert and theater events, facilitating millions of transactions per year.

The opportunity to acquire Vivid Seats grew out of GTCR’s long history of investment in network-driven service businesses and deep domain expertise in software and technology. The unique value proposition that Vivid Seats brings to buyers and sellers in the secondary ticketing marketplace has driven strong growth and growing brand awareness.

In October 2018, Vivid Seats announced the appointment of Stan Chia as Chief Executive Officer. Most recently, Mr. Chia was Chief Operating Officer (COO) at Grubhub, the nation’s leading online and mobile food ordering and delivery marketplace. During his tenure as COO, Mr. Chia helped significantly grow Grubhub’s restaurant network to more than 95,000 restaurants in 1,700 cities nationwide and was the architect of the rapidly expanding Grubhub Delivery Network. Prior to Grubhub, Mr. Chia led strategic businesses and organizations at Amazon, Cisco and General Electric. Vivid Seats co-founders Eric Vassilatos and Jerry Bednyak transitioned daily operations to Mr. Chia and the leadership team. Both co-founders remain actively involved as co-chairmen of the Vivid Seats board of directors and also as major investors.

In April 2019, Vivid Seats acquired Toronto-based Fanxchange, a B2B white label ticketing solution for distribution partners such as travel and rewards sites, allowing their users to access tickets to live events.

GTCR and the Vivid Seats management team are focused on continuing to grow the company both organically and through strategic M&A.

Page 9 / Continues on next page Capital Markets Activity

COMPANY CAPITAL MARKETS ACTIVITY

» In May 2020, AssuredPartners issued a new term loan to support M&A activities » In December 2020, AssuredPartners issued new bonds to finance near-term and future M&A activities

» In December 2020, Consumer Cellular issued new term loan facilities to fund the acquisition by GTCR

» In November 2020, Park Place raised new term loan facilities in connection with the acquisition of Curvature

» In November 2020, Sotera completed an initial public offering

» In May 2020, Vivid Seats raised an incremental term loan to provide liquidity and fund operations

GBS Team Update

ASSOCIATE Rudy Bernard joined GTCR in 2020. Prior to joining GTCR, he worked as an Analyst in the Global Industrials Group at Credit Suisse. Rudy graduated summa cum laude from the University of Notre Dame with a BBA in Finance and Spanish.

ANALYST Robert Mitchell joined GTCR in 2020. Robert graduated with highest honors from the University of Illinois at Urbana-Champaign with a BS in Finance and completed a summer internship with GTCR in 2019. GBS Team Contact Information

David Donnini Tom Ehrhart Pat Martin Managing Director Director Vice President (312) 382-2240 (312) 382-2162 (312) 382-3401 ddonnini@.com [email protected] [email protected]

Page 10 / Continues on next page Appendix: GBS Investments Since 1996

» Accretive Solutions » Invenergy Hardee » American Sanitary » Ironshore » AssuredPartners » Landmark Aviation » Cambridge Protection Industries » Leapsource » Cardinal Logistics Management » Lighthouse » Classic Media » National Equipment Services » Clicklogistics » NSC Communications Corporation » Coinmach » Park Place Technologies » Consumer Cellular » Protection1 » Esquire Communications » Risk Management Alternatives » Fairway Outdoor Advertising » Sotera Health (f.k.a. Sterigenics International) » ForeFront Education » Student Transportation of America » Frontline Group » Synagro Technologies » Golden Gate Logistics » Syniverse Technologies » GreatCall » U.S. Fleet Services » Hawkeye Communications » VecTour » Heritage Golf » Vivid Seats » HSM Electronic Protection Services » Wallace Theater » Intecap

For a complete list of all active and prior GTCR portfolio companies, please visit gtcr.com

* This information represents the approximate number of platform acquisitions and add-on acquisitions and the aggregate purchase price associated with such acquisitions, completed by GTCR’s Growth Business Services group since 2010, as of December 15, 2020. The actual amounts may exceed the amounts set forth above and, with respect to purchase price, include the amount paid by all investors in the applicable GTCR portfolio company. This information is for illustrative purposes only and reflects investments that were made across multiple funds during different economic cycles. This information does not relate to fund or portfolio company performance. If a portfolio company has been categorized in more than one industry group by GTCR, it may be separately included in the number of platform acquisitions and add-on acquisitions and the aggregate purchase price associated with such acquisitions, completed by each group.

This newsletter is for informational purposes only. This newsletter is not an offer to sell or a solicitation of an offer to buy an interest in any private fund sponsored by GTCR LLC (“GTCR”) or any of its affiliates and was not prepared for existing or potential investors in such funds. This newsletter may not be relied upon in any manner as legal, tax, or investment advice and is not to be used for any investment purpose whatsoever. GTCR assumes no responsibility or liability for, and expressly disclaims any obligation or undertaking to update, the information contained in this newsletter.

Please visit www.gtcr.com for a complete list of all active and prior GTCR portfolio companies, including portfolio companies by industry sector. See our Terms of Use for important additional information.

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