1

Insurance TechnologySector Summary

Q1 2019

2

CHRIS GOUGHManaging Directorcgough@gcaglobal.com415.318.3658

KEGAN GREENEDirectorkgreene@gcaglobal.com415.318.3686

Strong sector and product expertise across InsurTech

GCA INSURANCE TECHNOLOGY OVERVIEW

Companies that focus on customer engagement, e.g., customer acquisition, sales and marketing, mobile solutions and other direct-to-consumer insurance channels, or that offer solutions to improve distribution or facilitate engagement with the end consumer.

DISTRIBUTION & CUSTOMER ENGAGEMENT

RECENT TRANSACTIONS

REPRESENTATIVE FOCUS AREAS INSURTECH TEAM

Companies that improve existing methodologies for pricing or underwriting risk, or actual insurance companies that bring technology to traditionally low-tech areas by using newer or superior core systems and/or online/mobile offerings.

INNOVATIVE PRODUCTS, PRICING & UNDERWRITING

Insurance is behind the curve in enterprise-level core technology, and InsurTech companies help modernize these operating systems - in particular policy, claims, and billing software systems.

POLICY ADMINISTRATION, CLAIMS & BACK OFFICE

Companies that provide analytic capabilities to insurance companies to help them operate more efficiently and/or make better underwriting and claims decisions.

DATA & ANALYTICS

We Advised AWL

Acquired by

We Advised Finanzen.de

Acquired byPreferred Stock Investmentfrom

We Advised EIS Group

Strategic Investment

We Advised ControlExpert

Acquired by

We Advised INS Web

Sold

To

We Advised RGI Shareholders

Preferred Financingfrom

We advised GOQii

Tender Offer for

Asahi Fire & MarineInsurance Co.

We Advised AsahiWe Advised BlackFin

Sold

To

We Advised Risk International

Sold majority stake to

We Advised QuoteWizard

Acquired by

We Advised Bexio

Acquired by

We Advised INS Web

Acquisition of

Acquired by

We advised ATTOM Data Solutions

3

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 DETAILS

Closed

January 2019

SECTORS

Property / Insurance

Technology

Real Estate / Mortgage

Technology

DEAL TYPE

M&A

Transaction Summary

▪ On January 8, 2019, Lovell Minnick Partners announced that it had completed the acquisition of ATTOM Data Solutions (“ATTOM” or the “Company”)

− Financial terms of the transaction were not

disclosed

▪ Headquartered in Irvine, California, ATTOM is a leading provider of comprehensive data solutions to the real estate, mortgage, insurance, marketing and adjacent markets

▪ Lovell Minnick Partners is a private equity firm with expertise in investing in the financial technology and services industry. Since its inception in 1999, Lovell Minnick Partners has raised $2.7 billion in committed capital and has completed investments in over 45 companies

▪ GCA acted as exclusive financial advisor to ATTOM in connection with the transaction

Strategic Rationale

▪ ATTOM is a leading, scale platform investment in the property data solutions market

− Company’s proprietary data solutions include

property tax, deed, mortgage, foreclosure,

environmental risk, natural hazard and

neighborhood data for 150+ million U.S. residential

and commercial properties, covering 99% of the

nation’s population

− Company serves 225+ data customers with

multiyear contracts

− ATTOM management has generated strong organic

growth and successfully pursued accretive strategic

opportunities, including its acquisition of

neighborhood data provider Onboard Informatics in

early 2018

▪ Lovell Minnick will continue to support management in executing its strategic plan to build the leading technology platform in the real estate data industry

Q1 2019 INSURANCE TECHNOLOGY SECTOR SUMMARY

Case Study: Sale of ATTOM Data Solutions to Lovell Minnick Partners

4

EXECUTIVE SUMMARY

Q1 2019 InsurTech wrap-up

Select Q1 Active Investors Select Q1 Active Buyers

» 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

Notes:Source: CapIQ. CBInsights. Pitchbook.

5

INNOVATION ACROSS THE

INSURANCE VALUE CHAIN

` ` `

` `

`

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 publications, kindly shoot us a note at kgreene@gcaglobal.com and we would be happy to consider.

`Peer-to-Peer (P2P)

`Innovative & Specialty Insurance

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

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

IoT & Telematics: Health

`Health Insurance

`Carrier Affiliated

Customer Origination

Mobile

`Online Distribution & Comparison `Sales, Marketing & Engagement

INSURANCE VALUE CHAIN:

Policy Admin,Claims &Back Office

InnovativeProducts, Pricing & Underwriting

Distribution & Customer Engagement

Data &Analytics

6

$351$702

$2,773 $2,694$3,185

$3,989

$1,520

2013 2014 2015 2016 2017 2018 Q1 '19

Notes:Source: CB Insights, Pitchbook. CapIq. GCA Deal Database.Market data as of 3/31/19.*Oscar raised two rounds in 2014 – one worth $30MM and the other worth $80MM.

Annualized Q1 ’19 financing volume is significantly outpacing ’18 levels

RECORD INVESTMENT IN INSURANCE TECHNOLOGY SECTOR

88

Selected Major InsurTech Financings

= Number of Transactions

= Financing Volume ($USD MM)

$52MM $60MM

$65MM

$38MM

$110MM

$500MM

$931MM

$38MM $120MM$160MM

$103MM

$400MM

$130MM

$200MM

$165MM

$50MM

*

$200MM

$160MM

$300MM

$500MM

127

206

163

216

90

360

55

$500MM

$125MM

$65MM

7

$731

$534

$1,581

$899

$621

$883

$1,586$1,520

Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19

Ann. Date

CompanySelected

Investor(s)Amt.

Invested

Post-Money

Valuation

Segment / Value Chain

3/13 $65.0 $300

3/5 $125.0 NA

3/5 $45.0 NA

3/4 $60.0 NA

2/25 $15.0 NA

2/6 $25.0 NA

1/30 $500.0 NA

1/29 $58.0 $155

1/17 $33.5 $84

1/7 $43.0 $95

Notes:Source: CB Insights, Pitchbook. CapIq. GCA Deal Database.Market data as of 3/31/19.(1) Includes private company equity financings, and Everquote IPO in Q2 2018.

Financing volume in Q1 ’19 nearly doubled financing volume in Q1 ’18

INSURTECH DEAL DASHBOARD – FINANCING ACTIVITY

Quarterly Financing Activity ($MM)(1)

62

49

$14.6 $8.6 $32.3 $15.8 $14.4 $16.0 $26.0

Select Q1 2019 Financing Transactions ($MM)

90

$16.9

P&C Life Health Distribution & CustomerEngagement

Products, Pricing & Underwriting

Data & AnalyticsPolicy Admin, Claims & Back Office

Insurance Segment Insurance Value Chain

LTM financing volume: $4.6Bn across 249 Deals

Average Deal Size

57

43

55

61

50

8

SELECTED RECENT INSURTECH FINANCINGS

Utilizes data and analytics to ensure low prices based on a customer's risk profile and offers a transparent, stress-free and seamless process of buying insurance and filing claims, enabling users to access simplified and affordable insurance policies.Raised $65MM in

Series C funding on 3/13/2019

Founded

2016Headquarters

BangaloreTotal Funds Raised ($MM)

$132

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

Series B funding on 2/25/2019

Founded

2014Headquarters

New YorkTotal Funds Raised ($MM)

$27

Sele

cted

Inve

sto

rsSe

lect

edIn

vest

ors

Provides insurance recommendations to customers based on proprietary algorithms and data analytics. Offers a network of offline facilitators to help and provide claims assistance.Raised $25MM in

Series B funding on 2/6/2019

Founded

2015Headquarters

New YorkTotal Funds Raised ($MM)

$41

Sele

cted

Inve

sto

rs

Notes:Source: CapIQ. CBInsights. Pitchbook.

9

Top 10

INSURTECH LEADERS IN PRIVATE FUNDING

Company Headquarters Founded

San Francisco, CA

Plymouth Meeting, PA

San Francisco, CA

Amt. Raised ($MM) Company Description

$259

$220

$285

2013

2007

2011

Haryana, India $3552008Provider of an online life insurance and general insurance comparison portal

Provider of cloud-based self-insurance platform

Provider of a personalized health and benefits platform

Waltham, MA $3692017Health insurance provider aiming to improve patient care with personalized plans

Provider of pay-per-mile car insurance

San Francisco, CA $5982012Provider of cloud-based SaaS for HR and benefits management

Round of financing in Q1 2019

Cambridge, MA $5032010Mobile application using data and analytics to make roads safer by making drivers better

Minneapolis, MN $4422015Partners with health systems and care partners to provide health plans

New York, NY $1,2802012 Provider of an online health insurance network

Jersey City, NJ $9252014Operator of PPO using data analysis and preventive care to improve health insurance

Notes:Source: CapIQ. CBInsights. Pitchbook.

10

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

INSURTECH COMPANY PROFILEClover Health

Cumulative Funds Raised ($MM)

Post Money Valuation ($MM)

Series E: $500

Founded Headquarters Total Funds Raised ($MM)

2014 Jersey City $925Clover’s health insurance platform utilizes patient-centered analytics to reduce avoidable spending and identify and better manage chronic diseases.

Series A: $100

$71

$100

N/A

$925

$264

$340m$135

$830

$295

Series B: $35 Series C: $160

$1,200

$425

Series D: $130

Notes:Source: CapIQ. CBInsights. Pitchbook.

11

Most Active Insurance Technology Investors

Accelerators / Seed

Venture Capital / Private Equity

Corporate Investors

Alternative Investors

Ventures

SELECTED ACTIVE INSURTECH INVESTORS

Notes:Source: CapIQ. CBInsights. Pitchbook.

12

MOST ACTIVE INSURTECH INVESTORS – CORPORATE VENTURE CAPITAL

Company Headquarters Number of Investments Investments

New York, NY 6

Paris, France 8

San Francisco, CA 6

Munich, Germany 6

Menlo Park, CA 8

Madison, WI 11

Springfield, MA 9

Mountain View, CA 9

Munich, Germany 10

San Francisco, CA 7

Columbus, OH 7

Notes:Source: CapIQ. CBInsights. Pitchbook.

13

$5,266$7,444

$18,547

$5,052 $5,559

$8,693

$1,876

2013 2014 2015 2016 2017 2018 Q1 '19

Notes:Source: CB Insights, Pitchbook. CapIq. GCA Deal Database.Market data as of 3/31/19.

M&A activity in Q1 ’19 was bolstered by Willis Towers Watson’s $1.4Bn acquisition of Tranzact. Annualized number of transactionsis in line with 2018 levels

HEALTHY M&A DEAL ACTIVITY

Selected Major InsurTech M&A Transactions

88

19

58

71

= Number of Transactions

= M&A Volume ($USD MM)

Acquirer logo on top

$155MM$1.4Bn$8.7Bn$2.4Bn

$1.1Bn $400MM $760MM $174MM

$2.5Bn

$919MM

$490MM

Undisclosed

$160MM Undisclosed

$6.7Bn

85

67

7376

$1.8Bn $1.4Bn

$336MM

$322MM

$140MM

14

$1,381

$426

$2,967

$225$500 $689 $579 $476

Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19

Carlyle’s $6.7Bn

acquisition of

Sedgwick

Ann. Date Buyer Target

Transaction Value

Segment / Value Chain

3/31 $1,400

3/13 $140

3/11 $336

3/6 NA

2/25 NA

2/21 NA

2/7 NA

1/14 NA

1/7 NA

1/3 NA

Notes: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.(2) Q3-18 includes Carlyle’s $6.7Bn acquisition of Sedgwick Claims Management.(3) Q1-19 includes Willis Towers Watson’s $1.4Bn acquisition of Tranzact.

Q1 ‘19 volume significantly outpaced Q1 ‘18 levels thanks to Willis Towers Watson’s $1.4Bn acquisition of Tranzact

INSURTECH DEAL DASHBOARD – M&A ACTIVITY

Quarterly M&A Activity ($MM)

$55.3 $21.3 $156.2 $10.7 $33.3 $369.5 $34.1

Select Q1 2019 M&A Transactions ($MM)

$81.1

LTM M&A volume:

$10.0Bn across 71 deals

P&C Life Health Distribution & CustomerEngagement

Products, Pricing & Underwriting

Data & AnalyticsPolicy Admin, Claims & Back Office

Insurance Segment Insurance Value Chain

Average Deal Size

(1) (2)

$7,389(2)

21

25

2019

17

19

15

20

$1,876(3)

(3)

Willis’s $1.4Bn

acquisition of Tranzact

15

(120%)

(40%)

40%

120 %

200 %

280 %

360 %

(20%)

(10%)

0%

10%

20%

30%

40%

50%

60%

Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19

Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 3/31/19.

Benefits admin. / payroll companies lead the InsurTech pack. Excluding eHealth, online distribution is performing in line with brokerage

INSURTECH PUBLIC COMPANY VALUATION

LTM Share Price Performance

Public InsurTech Ecosystem

Benefits Admin. / Payroll

Brokerage Online DistributionData & Analytics IT & BPO ServicesInsurance Software

LTM Share Price

Performance

41%

Benefits Admin. / Payroll

17%

Brokerage

26%

Data & Analytics

26%

IT & BPO Services

9%

Insurance Software

17%

Online Distribution

41%

17% 17% 26% 26%

9%

336%350%

eHealth

16

5.9x

4.8x

3.7x

2.9x

2.1x 2.0x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

Data &Analytics

BenefitsAdmin./Payroll

Brokerage InsuranceSoftware

IT & BPOServices

OnlineDistribution

18.7x

15.9x15.2x

14.4x13.7x

12.0x

0.0x

4.0x

8.0x

12.0x

16.0x

20.0x

BenefitsAdmin./Payroll

OnlineDistribution

Data &Analytics

InsuranceSoftware

Brokerage IT & BPOServices

Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 3/31/19.

Selected InsurTech subsectors and multiples

INSURTECH PUBLIC COMPANY VALUATION

Enterprise Value / 2019E Revenue

Public InsurTech Ecosystem

Enterprise Value / 2019E EBITDA

2019E Rev. / 2019E

EBITDA Multiple

4.8x / 18.7x 3.7x / 13.7x

Brokerage

5.9x / 15.2x

Data & Analytics

2.1x / 12.0x

IT & BPO Services

2.0x / 15.9x

Online Distribution

2.9x / 14.4x

Insurance SoftwareBenefits Admin. / Payroll

17Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.

SELECTED PUBLIC COMPANY DETAIL

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

Aon 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

($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

18Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.

SELECTED PUBLIC COMPANY DETAIL

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

Accenture 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

Cognizant 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

Mindtree 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

($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

19

NEW YORK

ZURICH

MILAN

FRANKFURT

MUNICH

TEL AVIVSAN FRANCISCO

LONDON

MANCHESTER

MUMBAI

OSAKA

SHANGHAI

SINGAPORE

TOKYO

NEW DELHI

NAGOYA

HO CHI MINH CITY

TAIPEI

Globally integrated

platform with 21

offices across

America, Asia and

Europe

Geographically balanced,

synergistic and complementary

sector focus areas

across the firm

Strong in key

growth sectors

such as Technology and Industrials

Strong cross-border

capabilities and

deal flow with 35%

of all transactions

cross-border

400+professionals

375+ deals closed in the last 3 years

PARISLEEDS

FUKUOKA

Global investment bank providing M&A and capital markets advisory services to growth companies and market leaders

GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK

GCA operates as GCA in America and Asia, and GCA Altium in Europe.

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

Payments

Insurance Technology Payments

Payments

Insurance TechnologyPayments Insurance TechnologyLiquidity Venues

Financial SaaS

Investment TechnologyInsurance Technology

Acquired by

Fairness Opinion to Clearent

Real Estate Tech Banking & Lending Tech

We Advised Vindicia

Acquired by

Insurance Technology

Financial Advisor

Growth Investment

Payments

Payments

We Advised Principal

Acquired

Investment Technology

We Advised Risk International

Sold majority stake to

Insurance Technology

We Advised CHX

Acquired by

Insurance Technology

Financial Advisor

Growth Investment Strategic Investment

We Advised ControlExpert

We Advised Edo

Acquired by

Sale of

Financial Advisor

to

We Advised Radius

Financing from

Sold

To

We Advised RGI Shareholders We Advised Skyslope

Majority sale toAcquired by

We Advised WorkMarket

Tender Offer for

Asahi Fire & MarineInsurance Co.

We Advised AsahiWe Advised BlackFin

Sold

to

We Advised Bexio

Acquired by

We Advised Liqid’s shareholder HQ TrustWe Advised QuoteWizard

Selected FinTech experience

GCA OVERVIEW

We Advised Silver Investment Partners

Payments

We advised GOQii

Insurance Technology

Insurance / Property Technology Transaction

Insurance TechnologyInsurance Technology

Acquired by Preferred Stock Investmentfrom

Financial AdvisorWe Advised AWL

Acquired by

Real Estate Tech Real Estate Tech

We Advised Capsilon

Growth Investmentfrom

We Advised Commissions Inc

Property Tech

We advised ATTOMWe advised Loanboox

Banking & Lending Tech

We advised Bowmark Capital

Financial SaaS

Received an investment from

Acquired byAcquiredPreferred Financing

fromAcquired byPreferred Financing Acquired