Real Estate Technology Sector Summary Q3 2017 Review

1 DEAL DASHBOARD Real Estate Technology Sector Summary Quarterly Financing Activity(2)(3) Select Q3 2017 Financing Transactions

($MM) ($MM) Number of Deals Deal Value Latest Selected Amt. Funding Reported 75 Date Company Investor(s) Invested to Date Valuation 69 9/14 $28 $60 NA 60 59 59 54 47 9/14 $31 $64 NA $645 $582 8/30 $26 $39 NA $478 (1) $497 (4) $413 $422 $351 $284 8/24 $100 $167 $349 24 8/15 $40 $56 $180

Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 8/11 $22 $33 $64

Avg. Deal Value: $4.7 $5.1 $7.8 $8.1 $17.2 $13.7 $8.4 $7.8 8/08 $40 $40 NA

Quarterly M&A Activity(2)(3) Select Q3 2017 M&A Transactions

($MM)

Buyer Target Date Value 14 12 12 10/02 NA 11 10 9 9 9/12 $385 8 9/08 NA 8/31 NA 8/02 $250 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 7/03 $1,434

Notes: Source: Pitchbook and Press Releases. (1) Includes LendingHome $250MM bridge financing. (3) Excludes Airbnb financing rounds. 2 (2) Represents data across CRE / Investment, Residential Real Estate and Mortgage Technology. (4) Excludes Houzz financing rounds. GCA OVERVIEW Real Estate Technology Team

Chris Gough Sean Minnihan Steve Fletcher Paul DiNardo Managing Director Managing Director Managing Director Managing Director Head of Real Estate Technology Head of Financial Technology Co-Head of Software Co-Head of Software Phone: (415) 318-3658 Phone: (212) 999-7077 Phone: (415) 318-3661 Phone: (212) 999-7097 Mobile: (415) 385-9427 Mobile: (917) 364-6230 Mobile: (415) 518-6725 Mobile: (650) 483-7246 [email protected] [email protected] [email protected] [email protected]

MBO backed by Acquired by Acquired by Investment from Acquired by Acquired by Acquired by Majority Interest Acquired by

Selected We advised the seller We advised the seller We advised the seller We advised the seller We advised the seller We advised the seller We advised the seller We Advised the Seller Pending December 2016 August 2016 June 2016 August 2015 August 2014 August 2013

October 2017 Undisclosed Undisclosed Undisclosed Undisclosed ~$108,000,000 ~$166,000,000 ~$355,000,000 Real Real Technology Estate

Sale of Sale of Series B & C Financings Acquired a Acquired by Advisor to the Acquired by Acquired by Investor Group led by majority stake in Special Casin Group to to Committee

Financial Advisor We advised the seller We advised the seller Financial Advisor We advised the seller We advised the seller We advised the seller September 2016 September 2016 July 2016 Financial Advisor October 2016 May 2017 Pending November 2016

July 2017 June 2017 Undisclosed Undisclosed Undisclosed Undisclosed Selected

Convertible Note Sale of Acquisition of Acquired by Acquisition of Sale of 54% stake in Offering Acquisition of 50%

Financial Technology Acquired by stake in to to We Advised the Buyer Financial Advisor We advised the seller We advised the buyer We Advised the Seller We Advised the Buyer We Advised the Buyer June 2016 May 2016 April 2016 February 2016 October 2015 We Advised GP Net December 2013 November 2013 ~$2,400,000,000 April 2014 Undisclosed Undisclosed ~$117,000,000 ~$580,000,000 Undisclosed Undisclosed Undisclosed

3 REAL ESTATE TECHNOLOGY SECTOR SUMMARY – PUBLIC COMPANY LANDSCAPE

LTM Share Price Performance

AppFolio: 147% 90% RealPage: 55.3% Agilysys: 7.5% 70% 73% 60% 50%

27% 30% 18% 18% 10% 18% (1%) (10%)

(30%) Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17

Mortgage / Data Technology Credit / Mortgage Marketing Traditional Mortgage / Title Property Management Software Traditional Brokerage Real Estate Media / Portals Real Estate Sharing Economy / Travel

Public Real Estate Technology Ecosystem

Property Real Estate Credit / Mortgage Traditional Traditional Real Estate Media / Mortgage / Data Management Sharing Economy Marketing Mortgage / Title Brokerage Portals Technology Software / Travel

(1)

(1%) 60% 18% 73% 18% 18% 27%

LTM Share Price Performance

Notes: Source: Capital IQ. Q3 Addition (1) Acquired by Red Ventures on 7/03/17. 4 REAL ESTATE TECHNOLOGY SECTOR SUMMARY – PUBLIC COMPANY VALUATION

Enterprise Value / NTM Revenue Enterprise Value / NTM Revenue

12.0x 11.2x 10.0x

9.3x 9.0x 8.7x 8.0x 8.1x 8.1x 7.6x

6.0x 6.0x 6.0x 6.0x 5.3x 4.9x 4.7x 4.7x 4.5x 4.5x 4.0x 3.9x 4.3x 3.8x 3.6x 3.3x 3.3x 3.3x 3.0x 3.1x 3.1x 3.2x 2.8x 3.2x 3.0x 3.0x 2.5x 2.6x 2.0x 1.7x 1.5x 1.7x 1.6x 1.6x 1.7x 1.4x 1.5x 1.3x 1.1x 1.1x 1.1x 0.0x 0.0x Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 2013 2014 2015 2016 2017 (YTD)

Mortgage / Data Technology Credit / Mortgage Marketing Traditional Mortgage / Title Property Management Software Traditional Brokerage Real Estate Media / Portals Real Estate Sharing Economy / Travel

Public Real Estate Technology Ecosystem

Property Real Estate Credit / Mortgage Traditional Traditional Real Estate Media / Mortgage / Data Management Sharing Economy Marketing Mortgage / Title Brokerage Portals Technology Software / Travel

(1)

3.2x 3.3x 1.7x 6.0x 1.1x 8.1x 4.7x

NTM Revenue Multiple

Notes: Source: Capital IQ. Q3 Addition (1) Acquired by Red Ventures on 7/03/17. 5 REAL ESTATE TECHNOLOGY SECTOR SUMMARY Redfin Profile Business Overview Annual Real Estate Transactions Status: Public (NasdaqGS: RDFN) IPO Date: July 28, 2017 FY 2007 ~45,000 Expected Pricing: $12 - $14 per share FY 2009 (1) Transactions Offering Detail: 10,615,650 shares at $15.00 per share, $159MM raised 1H 2017 FY 2011 Share Price: $25.09 (9/29/2017) FY 2013 Pre-IPO Funding / Select Investors: $167MM FY 2015 1H 2017 Next Reporting Date: November 9, 2017 0 10,000 20,000 30,000

Key Business Metrics Year Ended December 31, Three Months Ended June 31, 2014 2015 2016 2016 2017 Monthly average visitors (in thousands) 8,720 11,705 16,215 17,021 24,400 Real estate transactions: Brokerage 12,688 18,586 25,868 7,497 10,221 Partner 6,144 8,906 9,482 2,602 2,874 Total Transactions 18,832 27,492 35,350 10,099 13,095 % Growth 46% 29% 30% Real estate revenue per real estate transaction: Brokerage $9,119 $9,215 $9,436 $9,524 $9,301 Partner 993 1,142 1,719 1,633 1,945 Aggregate 6,468 6,600 7,366 7,491 7,687

Aggregate home value of real estate transactions (in MM): 8,412 12,296 16,199 4,684 6,119 U.S. market share by value 0.33% 0.44% 0.54% 0.53% 0.64%

Revenue from top-10 Redfin markets as a % of real estate revenue 80% 76% 72% 74% 69%

Average number of lead agents 422 591 763 756 1,010 % Growth 40% 29% 34%

Notes: Source: As of 9/29/2017. Capital IQ, SEC Filings, Press Releases, News Articles and Company Website. (1) 9,231,00 shares offered with underwriters exercising option to purchase an additional 1,384,650 shares. 6 REAL ESTATE TECHNOLOGY SECTOR SUMMARY Redfin Profile Financial Snapshot (1)

CY14A CY15A CY16A CY17E CY18E Stock Data (9/29/17) Valuation Multiples / Rev Growth Revenues $125 $187 $267 $365 $475 Closing Price $25.09 CY 17E EV / Revenue 5.0x % Growth NA 49% 43% 37% 30% 52 Week High $33.49 CY 18E EV / Revenue 3.8x COGS $93 $138 $184 $252 $326 CY17 Revenue Growth 36.7% Gross Profits $32 $49 $83 $113 $149 CY18 Revenue Growth 30.1% % Margin 26% 26% 31% 31% 31% OpEx $57 $79 $106 $127 $151 Basic Shares Outstanding 81 CY17E EV / EBITDA NM EBIT ($25) ($30) ($23) ($14) ($2) Equity Value $2,040 CY18E EV / EBITDA NM % Margin (20%) (16%) (9%) (4%) (0%) Plus: Debt & MI 1 (2) EBITDA ($22) ($26) ($16) ($7) $6 Less: Cash & Equivalents 213 CY17E P / E NM % Margin (18%) (14%) (6%) (10%) (1%) Enterprise Value $1,828 CY18E P / E NM EPS NA ($2.33) ($0.33) ($0.18) ($0.02) Stock Price Performance(3)

50% Performance benchmarking based on trading since day 1 post-IPO close 40% price of $21.70. Company up ~67% over its offer price of $15 / share 30%

20% 16% 10% 2% 0% 0% Jul-2017 Aug-2017 Sep-2017 (10%) (11%)

(20%)

Redfin (NasdaqGS: RDFN) NASDAQ Realogy (NYSE: RLGY) Zillow Group (NasdaqGS: ZG)

Notes: Source: As of 9/29/2017. Capital IQ, SEC Filings, Press Releases, News Articles and Wall Street Research. (1) Revenue and Expense Estimates from Wall Street Research. (2) Includes IPO proceeds of $159MM. 7 (3) Since Redfin IPO day close on 7/28/2017 of $21.70. COSTAR ACQUIRES FORRENT – ACQUISITION PROFILE

Acquisition Profile CoStar’s Apartments.com Network Growth » On September 12TH, 2017 CoStar Group announced the » CoStar continues to expand aggressively in the apartments category and ForRent acquisition of ForRent from Dominion Enterprises for a total of represents its third major apartments acquisition since 2014 $385MM consisting of $350MM in cash and $35MM in stock Synergies at » ForRent is one of the independent leaders of digital Enterprise EV / LTM EV / LTM Listings at Date Target Announcement Value ($MM) Revenue EBITDA Announcement advertising for multifamily properties and multifamily listings ($MM) and will be added to CoStar’s family of sites in the Apartments.com network 9/12/17 $385 3.9x 25.7x $25 17,000 » The acquisition is expected to close in Q4 2017 4/29/15 $170 2.4x 7.0x $20 13,400 3/02/14 $585 6.8x 23.9 $20 18,200 ForRent Profile » ForRent estimated to generate 2017E revenue and EBITDA of » Combined Apartments.com network will have some 43,000 advertised properties $100MM and $15MM, respectively » ForRent adds 135 experienced sales professionals to Apartments.com’s existing 230 » Implies pre-synergies acquisition multiple of 3.9x AV / person sales team Revenue and 25.7x AV / EBITDA » ForRent broadens Apartments.com’s exposure to slightly the slightly smaller unit » However, CoStar expects to realize ~$25MM in annual community synergies within 24 months of closing, which moves the » Pro forma synergized ForRent EBITDA margins of 45-55% on ~$75MM - $85MM revenue implied synergized acquisition EBITDA multiple to ~10.0x AV / contribution from ForRent EBITDA CoStar 1H 2017 Revenue by Segment

Commericial Property & Land, $71 MM » CoStar’s multifamily ForRent User / Advertiser Stats: revenue, including » Unique monthly visitors (1H 2017): 3.5MM ForRent, expected to CoStar Suite, $223 MM approach $400MM run » 17,000 advertised properties on ForRent network of Multifamily, $132 MM rate by end of 2017 multifamily sites » 435 employees in 38 offices in the US Information Services, $36 MM

Notes: 8 Source: Capital IQ and Company Filings as of 9/13/2017. PRIVATE COMPANY FUNDING LEADERS

Residential Real Estate Technology(3)(3) MortgageMortgage / / Investment Investment Technology Technology CRE / Facilities Technology Residential Real Estate Technology

Amt. Raised/ Amt. Raised/ Amt. Raised/ Company Founded Company Founded Company Founded Invested Invested Invested

2014 $320 2012 $167 1995 $257

(2) 2012 $213 2013 $109 2015 $214

2007 $142 2013 $69 2002 $179

2008 $104 1998 $55 2014 $133

2008 $85 2014 $55 2010 $130

(1) 2009 $75 2005 $42 / 2011 $110

2014 $64 2010 $35 1999 $100

2012 $56 2009 $32 2012 $99

2011 $53 2013 $27 2013 $97

2012 $39 2015 $23 2004 $65

Deal completed in Q3 2017

Notes: Source: Capital IQ and Pitchbook. (1) Reflects combined funding after VTS/Hightower merger. VTS and Hightower individually raised (2) Does not include $250MM bridge financing. 9 $88mm and $22mm, respectively. (3) Excludes Airbnb and Houzz financing rounds. REAL ESTATE TECHNOLOGY SECTOR SUMMARY – SELECTED M&A ACTIVITY

($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description Develops a SaaS-based real estate transaction management software created to help real estate agents manage 10/2/2017 NA NA NA NA NA their transactions online. Operates an online rental search destination that connects apartment shoppers to rental properties throughout 9/12/2017 $385 3.9x NA 25.7x NA the United States and Canada. 9/8/2017 NA NA NA NA NA Provider of real estate listing management technology to developers and builders. Provides cloud-based intelligent sales software that enables mortgage companies to close more loans by 8/31/2017 NA NA NA NA NA helping loan officers respond quickly to prospective borrowers. 8/1/2017 NA NA NA NA NA Provides mortgage loan application software, loan origination software, and data security solutions.

7/10/2017 NA NA NA NA NA Provides an online marketplace that connects borrowers and lenders.

7/3/2017 1,434 3.0x 2.8x 14.2x 11.1x Provider of financial publishing services in the United States.

6/19/2017 70 2.3x NA NA NA Provider of utility management and energy services.

2017 Provider of an online real estate agent platform, offering agents maximum property exposure and a host of 6/13/2017 78 NA NA NA NA services. Provider of an appraisal management platform that uses desktop and cloud-based valuation supply chain 6/6/2017 NA NA NA NA NA technology that connects all of the parties involved in the appraisal process. 6/1/2017 NA NA NA NA NA Developer of web-based CRM software intended for the real estate industry. Provider of a real estate software platform coupled with an open and connected ecosystem for real estate 5/23/2017 NA NA NA NA NA businesses. Provider of a web-based land and rural property marketplace, facilitating buying, renting and selling of 4/27/2017 NA NA NA NA NA properties. Developer of lending and payments software products created to deliver financial technology to banks 3/13/2017 4,648 2.8x 2.7x 14.6x 9.7x worldwide. 2/27/2017 300 8.4x NA 30.0x NA Advanced forecasting mobile app and optimization software used to price real estate units in North America. Operator of an online rental marketplace intended to rent high-end properties. The company's rental platform 2/15/2017 300 NA NA NA NA provides a marketplace for luxury and high-end villas to rent. 1/24/2017 75 NA NA NA NA Provider of data intelligence services designed to offer apartment market data. Provider of real-time analytics that enable mortgage lenders to monitor and manage operations across their 11/29/2016 300 NA NA NA NA enterprise. (1) 9/21/2016 NA NA NA NA NA RedVision Systems, Inc. provides title reporting and property research solutions.

2016 Developer and provider of an an end-to-end software as a service customer relationship management, lead 7/26/2016 NA NA NA NA NA generation and lead management software platform

Notes: Source: Capital IQ and Pitchbook. (1) Represents a merger of equals between VTS and Hightower. 10 REAL ESTATE TECHNOLOGY SECTOR SUMMARY – SELECTED M&A ACTIVITY (CONT’D)

($MM) Date Enterprise EV / Revenue EV / EBITDA Announced Acquirer Target Value LTM NTM LTM NTM Target Description Provider of real-time analytics that enable mortgage lenders to monitor and manage operations across their 6/22/2016 36 NA NA NA NA enterprise. Provides mortgage pricing and eligibility, mortgage sales, mortgage rate quoting and marketing automation 6/16/2016 NA NA NA NA NA software for banks, mortgage lenders and loan officers. 6/7/2016 NA NA NA NA NA Provides cloud-based document and data management platforms. Provides SaaS based real estate investment management and reporting software and services for the 6/3/2016 NA NA NA NA NA affordable housing, private equity, and government markets. Provides real estate and facilities management software solutions to Fortune 500 companies that automates

2016 5/18/2016 NA NA NA NA NA location lifecycle to improve the performance of locations. 5/16/2016 115 4.8x NA 23.0x NA Provides secure EDI document distribution and collaboration SaaS for the financial services industry. Provider of a search engine for rental properties. The company offers a map-based online platform with real- 2/25/2016 NA NA NA NA NA time filtering that enables users to search for apartments to rent in a selected area. Provides utility management, energy management, electronic payment, sub metering and back office 2/23/2016 70 1.2x NA 11.7x NA solutions. 2/2/2016 NA NA NA NA NA Provides commercial property management software for real estate companies in Germany.

1/28/2016 NA NA NA NA NA Provides Web-based property management solutions to support multiple properties, units, and users.

12/17/2015 475 NA NA NA 13.5x Provides property appraisal and real estate collateral management software. Provider of an online vacation rental property marketplace that enables property owners / managers to market 11/4/2015 3,900 8.0x 7.2x 63.5x 28.4x properties for rental to travelers. 11/4/2015 18 NA NA NA NA Provider of hospitality management software systems for hotels, resorts, and spas worldwide.

2015 Provides a Web-based relationship management solution for mortgage professionals to improve customer 10/14/2015 16 NA NA NA NA retention. 7/22/2015 108 NA NA NA NA Provider of an online collaborative transaction environment for the real estate industry. Provider of real estate enterprise software applications and hosted solutions for the property management 6/3/2015 NA NA NA NA NA industry. 6/2/2015 49 NA NA NA NA Provides a suite of cloud-based, smart answer automation and routing.

4/29/2015 170 2.2x NA 7.0x NA Provider of an online apartment listing service.

4/8/2015 NA NA NA NA NA Provider of an online apartment advertising service for property managers and owners.

Mean 4.1x 2.7x 21.1x 10.4x Median 3.0x 2.7x 20.2x 10.4x

Notes: Source: Capital IQ and Pitchbook. 11 APPENDIX

12 PUBLIC REAL ESTATE TECHNOLOGY ECOSYSTEM

($MM, except per share data) Stock Trading Metrics Operating Metrics Price Equity Net Enterprise Revenue EV / Revenue EV / EBITDA CY Rev. Growth EBITDA Margin Company 09/29/17 Value Debt Value CY16A CY17E CY16A CY17E CY16A CY17E 16A/15E 17E/16A CY16A CY17E

Real Estate Media / Portals CoStar Group, Inc. $268.25 $9,580 ($260) $9,320 $837 $962 11.1x 9.7x 36.4x 34.6x 17.6% 14.9% 30.6% 28.0% Zillow Group, Inc. $40.15 7,380 (223) 7,157 843 1,064 8.5x 6.7x NM 31.2x 30.8% 26.2% 16.6% 21.5% REA Group Limited $52.56 6,923 103 7,026 521 578 13.5x 12.2x 25.9x 21.2x 29.8% 10.9% 52.0% 57.2% Rightmove plc $54.23 4,951 (23) 4,928 231 256 21.3x 19.3x 27.9x 25.3x 11.0% 10.5% 76.4% 76.2% ZPG Plc $4.85 2,110 262 2,372 231 302 10.3x 7.8x 23.6x 18.0x 16.1% 31.1% 43.6% 43.6% Redfin $25.09 2,040 (212) 1,827 267 365 6.8x 5.0x NM NM 42.8% 36.7% (6.0%) (1.9%) Lifull Co., Ltd. $8.69 1,031 (32) 999 227 185 4.4x 5.4x 22.8x 23.6x 43.4% (18.7%) 19.3% 22.9% Real Estate Media / Portals Mean 10.8x 9.4x 27.3x 25.7x 27% 16% 33% 35% Median 10.3x 7.8x 25.9x 24.5x 30% 15% 31% 28%

Mortgage / Data Technology Black Knight Financial Services, Inc. $43.05 $6,608 $1,462 $8,070 1,035 1,076 7.8x 7.5x 17.4x 15.7x 11.2% 4.0% 44.9% 47.9% CoreLogic, Inc. $46.22 3,897 1,552 5,449 $1,934 $1,857 2.8x 2.9x 10.9x 11.7x 26.6% (4.0%) 25.8% 25.1% Ellie Mae, Inc. $82.13 2,824 (334) 2,490 354 404 7.0x 6.2x 22.1x 21.1x 39.5% 14.2% 31.9% 29.2% Real Matters Inc. $8.50 743 (70) 673 191 230 3.5x 2.9x NM NM 45.8% 19.9% 5.2% 2.1% Altisource Portfolio Solutions S.A. $25.87 467 280 747 976 860 0.8x 0.9x 5.1x 7.7x (7.2%) (11.8%) 15.0% 11.3% Reis, Inc. $18.00 207 (19) 188 47 48 4.0x 3.9x 13.4x 15.9x 8.6% 1.4% 29.6% 24.6% Mortgage / Data Technology Mean 4.3x 4.1x 13.8x 14.4x 21% 4% 25% 23% Median 3.7x 3.4x 13.4x 15.7x 19% 3% 28% 25%

Property Management Software RealPage, Inc. $39.90 $3,298 $71 $3,369 $568 $672 5.9x 5.0x 26.9x NM 21.3% 18.2% 22.0% 0.0% AppFolio, Inc. $47.95 1,626 (32) 1,594 105 140 15.2x 11.4x NM NM 39.8% 33.1% 2.8% 17.0% Agilysys, Inc. $11.95 280 (43) 236 131 133 1.8x 1.8x NM NM 11.4% 2.1% 3.4% 4.4% Property Management Software Mean 7.6x 6.1x 26.9x NM 24% 18% 9% 7% Median 5.9x 5.0x 26.9x NM 21% 18% 3% 4%

Traditional Brokerage Jones Lang LaSalle Incorporated $123.50 $5,599 $1,937 $7,536 $6,647 $7,535 1.1x 1.0x 11.8x 10.9x 11.4% 13.4% 9.6% 9.2% Realogy Holdings Corp. $32.95 4,492 3,487 7,979 5,778 6,188 1.4x 1.3x 10.5x 10.4x 4.6% 7.1% 13.2% 12.4% Colliers International Group Inc. $49.52 1,780 304 2,084 1,930 2,137 1.1x 1.0x 10.8x 9.0x 12.1% 10.7% 10.0% 10.8% RE/MAX Holdings, Inc. $63.55 1,125 160 1,284 174 196 7.4x 6.5x 13.8x 12.2x (1.4%) 12.5% 53.2% 53.8% Marcus & Millichap, Inc. $26.99 1,029 (227) 801 715 705 1.1x 1.1x 6.7x 8.0x 13.0% (1.4%) 16.7% 14.2% Traditional Brokerage Mean 2.4x 2.2x 10.7x 10.1x 8% 8% 21% 20% Median 1.1x 1.1x 10.8x 10.4x 11% 11% 13% 12%

Notes: Source: Capital IQ. 13 PUBLIC REAL ESTATE TECHNOLOGY ECOSYSTEM (CONT.)

Traditional Mortgage / Title Fidelity National Financial, Inc. $47.46 $12,949 $1,021 $13,970 $8,115 $8,589 1.7x 1.6x 9.9x 9.1x 39.4% 5.8% 17.5% 17.9% First American Financial Corporation $49.97 5,533 (432) 5,100 5,475 5,738 0.9x 0.9x 7.7x 6.7x 5.8% 4.8% 12.1% 13.3% Radian Group Inc. $18.69 4,023 (315) 3,708 1,268 1,248 2.9x 3.0x NM NM 9.8% (1.5%) NM NM Nationstar Mortgage Holdings Inc. $18.57 1,815 15,253 17,068 1,924 2,001 8.9x 8.5x NM 31.7x (3.3%) 4.0% 20.9% 26.9% Stewart Information Services Corporation $37.76 896 (31) 866 1,972 1,931 0.4x 0.4x 6.7x 6.1x (3.1%) (2.1%) 6.6% 7.4% Ocwen Financial Corporation $3.44 450 6,438 6,888 1,387 1,019 5.0x 6.8x 27.6x 32.2x (20.3%) (26.5%) 18.0% 21.0% Traditional Mortgage / Title Mean 3.3x 3.5x 13.0x 17.1x 5% (3%) 15% 17% Median 2.3x 2.3x 8.8x 9.1x 1% 1% 17% 18%

Credit / Mortgage Marketing Moneysupermarket.com Group PLC $4.26 $2,284 ($23) $2,261 $389 $455 5.8x 5.0x 15.1x 13.0x (6.3%) 16.8% 38.5% 38.3% LendingTree, Inc. $244.45 2,933 (124) 2,809 381 590 7.4x 4.8x NM 26.6x 49.9% 54.7% 17.7% 17.9% Bankrate, Inc. $13.95 1,240 108 1,349 440 504 3.1x 2.7x 11.8x 10.6x 18.3% 14.5% 25.9% 25.3% QuinStreet, Inc. $7.35 336 (50) 287 302 312 0.9x 0.9x 29.0x 14.0x 6.5% 3.4% 3.3% 6.5% Credit / Mortgage Marketing Mean 4.3x 3.3x 18.6x 16.1x 17% 22% 21% 22% Median 4.4x 3.7x 15.1x 13.5x 12% 16% 22% 22%

Real Estate Sharing Economy / Travel The Priceline Group Inc. $1,830.82 $89,818 $2,129 $91,947 $10,722 $12,515 8.6x 7.3x 22.5x 19.3x 16.2% 16.7% 38.1% 38.0% Expedia, Inc. $143.94 21,827 (560) 21,266 8,753 10,176 2.4x 2.1x 13.1x 11.7x 31.2% 16.3% 18.5% 17.9% TripAdvisor, Inc. $40.53 5,624 (637) 4,987 1,491 1,588 3.3x 3.1x 13.5x 15.3x (0.1%) 6.5% 24.8% 20.5%

Real Estate Sharing Economy / Travel Mean 4.8x 4.2x 16.4x 15.4x 16% 13% 27% 25% Median 3.3x 3.1x 13.5x 15.3x 16% 16% 25% 20%

Notes: Source: Capital IQ. 14