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Mortgage Technology July 2018 Mortgage Technology July 2018 Sector Dashboard [4]

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Mortgage Technology July 2018 Mortgage Technology July 2018 Sector Dashboard [4] Sectorwatch: Mortgage Technology July 2018 Mortgage Technology July 2018 Sector Dashboard [4] Public Basket Performance [5] Operational Metrics [7] Valuation Comparison [10] Recent Deals [13] Appendix [14] 7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 2 Overview 7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. We publish our sectorwatch, a review of M&A and operational trends in the industries we focus. Dashboard Valuation Comparison • Summary metrics on the sector • Graphical, detailed comparison of valuation • Commentary on market momentum by multiples for the public basket comparing the most recent 12-month performance against the last 3-year averages. Public Basket Performance Recent Deals • Summary valuation and operating metrics for • The most recently announced deals in the a basket of comparable public companies sector 3 Dashboard Operating Metrics Revenue Growth Momentum 1 - year revenue growth compared to revenue growth Median LTM GP Margin % 0.06 average for last 3 years 60.3% Current revenue growth rate exceeds the average of the last 3 years by this amount, indicating that market momentum is increasing Median LTM EBITDA Margin % 16.3% Pricing / Gross Margin Momentum Median LTM Rev. Growth % 12.8% 1 - year gross profit % compared to gross profit % -4.7% average for last 3 years 0% 15% 30% 45% 60% 75% Current gross profit margin is less than the average of the last 3 years gross profit margins, indicating customer pricing power Valuation Profitability Momentum Median Price / LTM Earnings 26.4x 1 - year EBITDA % compared to EBITDA % average for -2.4% last 3 years Median TEV / LTM EBIT 23.0x Current EBITDA margin is less than the average of the last 3 years EBITDA margins, which may signal further consolidation Median TEV / LTM EBITDA 19.3x Median TEV / LTM Revenue 4.9x 0x 10x 20x 30x 4 Public Basket Rev TEV / LTM Rev Growth EBITDA TEV / EBITDA Rev / Company TEV $m $m YoY GP % % Rev X X # FTEs FTE $k LendingTree, Inc. 2,675 666 58% 97% 13% 4.0 31.5 523 1,274 Ellie Mae, Inc. 3,381 442 16% 60% 16% 7.7 47.0 1,480 299 Realogy Holdings Corp. 6,575 6,140 4% 47% 11% 1.1 9.3 11,800 520 Zillow Group, Inc. 11,797 1,131 25% 92% 6% 10.4 168.9 3,181 356 Wolters Kluwer N.V. 18,346 5,310 3% 70% 27% 3.5 12.9 18,315 290 Fiserv, Inc. 35,323 5,742 3% 47% 32% 6.2 19.3 24,000 239 Fidelity National Information Services, Inc. 44,097 9,041 -2% 32% 28% 4.9 17.3 53,000 171 Intuit Inc. 52,002 5,818 14% 84% 31% 8.9 28.8 8,200 710 Accenture plc 103,111 38,574 13% 31% 16% 2.7 16.4 425,000 91 Average 30,812 8,096 15% 62% 20% 5.5 39.0 60,611 439 Median 18,346 5,742 13% 60% 16% 4.9 19.3 11,800 299 share price as of 11Jul18 5 10x 12x 14x 16x 18x 20x Public Basket Valuation Trends Valuation Public Basket 0x 2x 4x 6x 8x Oct-13 Jan-14 Apr-14 TEV/EBITDA -Average TEV/EBITDA -Median TEV/EBITDA Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 15.6x 4.3x Jan-16 Apr-16 TEV/Revenue -Average TEV/Revenue -Median TEV/Revenue Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 0x 2x 4x 6x 8x 10x 15x 20x 0x 5x Public Public Time Multiples over Public EBITDA Oct-13 Oct-13 Jan-14 Jan-14 TEV/Revenue -Median TEV/Revenue Apr-14 TEV/EBITDA -Median TEV/EBITDA Apr-14 Jul-14 Multiples Revenue Jul-14 Oct-14 Oct-14 Jan-15 Jan-15 Apr-15 Apr-15 Jul-15 Jul-15 Oct-15 Oct-15 Jan-16 Jan-16 Apr-16 Apr-16 TEV/Revenue -Average TEV/Revenue Jul-16 -Average TEV/EBITDA Jul-16 Oct-16 Oct-16 Jan-17 Jan-17 Apr-17 Time over Apr-17 Jul-17 Jul-17 Oct-17 Oct-17 Jan-18 Jan-18 Apr-18 Apr-18 Jul-18 Jul-18 6 Operational Metrics LTM Gross Profit Margin % LTM EBITDA % LendingTree, Inc. Fiserv, Inc. Zillow Group, Inc. Intuit Inc. Fidelity National Intuit Inc. Information Services,… Wolters Kluwer N.V. Wolters Kluwer N.V. Ellie Mae, Inc. Accenture plc Fiserv, Inc. Ellie Mae, Inc. Realogy Holdings Corp. LendingTree, Inc. Fidelity National Information Realogy Holdings Corp. Services, Inc. Accenture plc Zillow Group, Inc. Median Median - 20% 40% 60% 80% 100% - 10% 20% 30% 40% 7 Operational Metrics LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s LendingTree, Inc. LendingTree, Inc. Zillow Group, Inc. Intuit Inc. Ellie Mae, Inc. Realogy Holdings Corp. Intuit Inc. Zillow Group, Inc. Accenture plc Ellie Mae, Inc. Realogy Holdings Corp. Wolters Kluwer N.V. Wolters Kluwer N.V. Fiserv, Inc. Fiserv, Inc. Fidelity National Information Services, Inc. Fidelity National Information Services, Inc. Accenture plc Median Median (10%) 10% 30% 50% 70% $- $500 $1,000 $1,500 8 Operational Metrics Average Days Accounts Receivable Turnover Sales Outstanding Realogy Holdings Corp. Wolters Kluwer N.V. Zillow Group, Inc. Accenture plc Fidelity National Intuit Inc. Information Services,… LendingTree, Inc. Fiserv, Inc. Ellie Mae, Inc. Ellie Mae, Inc. Fiserv, Inc. LendingTree, Inc. Fidelity National Intuit Inc. Information Services, Inc. Accenture plc Zillow Group, Inc. Wolters Kluwer N.V. Realogy Holdings Corp. Median Median 0x 10x 20x 30x 40x 0 20 40 60 80 100 9 Valuation TEV / LTM Revenue TEV / LTM EBITDA Zillow Group, Inc. Zillow Group, Inc. Intuit Inc. Ellie Mae, Inc. Ellie Mae, Inc. LendingTree, Inc. Fiserv, Inc. Intuit Inc. Fidelity National Fiserv, Inc. Information Services,… Fidelity National LendingTree, Inc. Information Services,… Wolters Kluwer N.V. Accenture plc Accenture plc Wolters Kluwer N.V. Realogy Holdings Corp. Realogy Holdings Corp. Median Median 0x 4x 8x 12x 16x 20x 0x 50x 100x 150x 200x 10 Valuation TEV / LTM EBIT Price / LTM Earnings Ellie Mae, Inc. Ellie Mae, Inc. LendingTree, Inc. LendingTree, Inc. Intuit Inc. Intuit Inc. Fidelity National Information Services, Accenture plc Inc. Fidelity National Fiserv, Inc. Information Services, Inc. Wolters Kluwer N.V. Fiserv, Inc. Accenture plc Wolters Kluwer N.V. Realogy Holdings Corp. Realogy Holdings Corp. Median Median 0x 30x 60x 90x 120x 0x 20x 40x 60x 80x 100x 11 Valuation Historical Valuation Multiples Historical Valuation Multiples versus Gross Profit versus Revenue Growth Rate 180x 120% 180x 70% 160x 57.8% 97.1% 160x 60% 92.1% 100% 140x 140x 84.3% 50% 120x 80% 120x 69.8% 40% 100x 100x 60% 24.8% 30% 80x 60.3% 80x 47.2% 20% 60x 46.7% 40% 60x 12.8% 14.3% 16.4% 3.1% 10% 40x 32.5% 40x 4.4% 31.4% (1.8%) 20% 20x 20x 3.2% 0% 9x 13x 16x 17x 19x 29x 32x 47x 169x EBITDA(x) EBITDA(x) LTM GP% LTM 9x 13x 16x 17x 19x 29x 32x 47x 169x 0x 0% 0x -10% RGR% LTM EBITDA(x) LTM GP% EBITDA(x) LTM RGR% 12 Recent Transactions Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA 27Jun18 SimpleNexus, LLC Insight Venture Partners LLC 20.00 - - - 8Jun18 NestReady Inc. National Bank of Canada, Investment Arm - - - - 6Jun18 MoloFinance Ubon Partners AS 4.96 - - - 9May18 Trussle Lab Ltd Goldman Sachs Group, Merchant Banking Division; Seedcamp; Propel 18.46 - - - Venture Partners LLC; Finch Capital 7May18 cloudvirga, Inc. Upfront Ventures; Riverwood Capital LLC 50.01 - - - 26Apr18 Ranieri Solutions LLC - - - - - 11Apr18 reQuire, LLC LenderLive Services, LLC - - - - 12Apr18 a la mode technologies, llc CoreLogic, Inc. - - - - 12Apr18 Cre8tech Labs Inc. Regions Financial Corporation - - - - 10Apr18 Top of Mind Networks, LLC. Primus Capital - - - - 6Apr18 Notarize, Inc. Polaris Partners; Lennar Corporation; Founders Fund; Second Century 20.00 - - - Ventures, LLC; Fifth Wall Ventures Management, LLC 21Mar18 LenderClose, LLC - 1.32 - - - 15Mar18 NexSpring Financial, LLC - - - - - 14Feb18 SafeChain, Inc. NCT Ventures, LLC; Rev1 Ventures, Investment Arm; Social Capital; 3.00 - - - Aspect Ventures; Rise of the Rest; Precursor Ventures; LOUD Capital; Fintech 71; Rise Of The Rest Seed Fund, LP 12Feb18 eTech Solutions Limited CoreLogic, Inc. - - - - 7Feb18 Fiserv Solutions, LLC Warburg Pincus LLC 419.00 - - - 8Jan18 Lending Manager LLC LoyaltyExpress, Inc. - - - - 6Dec17 Finzat LLC Block One Capital Inc. 0.68 - - - 31Aug17 Velocify, Inc. Ellie Mae, Inc. 128.00 - - - 8Aug17 CVISION Technologies, Inc. Foxit Software Incorporated - - - - 1Aug17 PCLender LLC Fiserv, Inc. - - - - 11Jul17 Mortgage Gym Limited GoCompare.com Group plc - - - - 6Jun17 Mercury Network, LLC CoreLogic, Inc. 153.00 - - - 30May17 Comergence Compliance Monitoring, LLC Optimal Blue LLC - - - - 24Apr17 Urban Fulfillment Services, LLC HCL Technologies Limited 30.00 48.00 0.6x - 5Apr17 LendingTools.com, Inc.
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