Insurance TechnologySector Summary

Q3 2018

2

Q3 2018 INSURANCE TECHNOLOGY SECTOR SUMMARY

GCA acted as exclusive financial advisor to QuoteWizard, provider of a customer acquisition technology platform, on its sale to LendingTree.

TRANSACTION DETAILS

Pending

October 2018

SECTOR

Insurance Technology

Digital Media

DEAL TYPE

M&A

Transaction Summary

▪ On October 4th, 2018, QuoteWizard.com LLC (“QuoteWizard”) announced it had entered into a definitive agreement to be acquired by LendingTree, Inc. (NasdaqGS:TREE) (“LendingTree”) for up to $370MM

− $300MM in up-front consideration at close, payable

in cash

− $70MM in potential earn-out consideration based

on achievement of certain growth milestones in the

first three years following transaction close

▪ The QuoteWizard management team, led by CEO Scott Peyree, will continue as QuoteWizard leadership following closing

▪ QuoteWizard generated $75.6MM in revenue and $12.8MM in EBITDA for the six months ending June 30, 2018

▪ GCA acted as exclusive financial advisor to QuoteWizardin connection with this transaction

Strategic Rationale

▪ QuoteWizard will immediately establish LendingTree as a leader in the high growth online insurance market

− Since its founding in 2006, QuoteWizard has helped

over 40 million consumers compare and find

insurance policies online

▪ QuoteWizard’s customer acquisition technology platform and network of over 30 top tier carriers and 10,000 insurance agents across the country create a scale and network advantage for high-quality insurance lead distribution

− Will significantly expand LendingTree’s relationships

with insurance carriers and agents enable cross

selling of mortgage / home related products that

are core to LendingTree’s market

▪ Numerous product and traffic synergies as part of the MyLendingTree platform and overall LendingTree consumer experience

Case Study: Sale of QuoteWizard.com LLC to LendingTree, Inc. (NasdaqGS: TREE)

3

CHRIS GOUGHManaging Directorcgough@gcaglobal.com415.318.3658

PAUL DINARDOManaging Directorpdinardo@gcaglobal.com212.999.7097

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 contact with the end consumer.

DISTRIBUTION & CUSTOMER ENGAGEMENT

RECENT INSURTECH 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 decisions.

DATA & ANALYTICS

Tender Offer for

Asahi Fire & MarineInsurance Co.

We Advised AsahiWe Advised BlackFin

Sold

To

We Advised Risk International

Sold majority stake to

We Advised AWL

Acquired by

We Advised Finanzen.de

Acquired byPreferred Stock Investmentfrom

Financial Advisor

Strategic Investment

We Advised ControlExpert

We Advised QuoteWizard

PendingAcquisition by

We Advised Bexio

Acquired by

We Advised INS Web

Acquisition ofAcquired by

We Advised INS Web

Sold

To

We Advised RGI Shareholders

4

EXECUTIVE SUMMARYQ3 2018 InsurTech wrap-up

Notes:Source: CB Insights.(1) Includes Carlyle’s $6.7Bn acquisition of Sedgwick Claims Management.

Select Q3 Active Investors Select Q3 Active Buyers

» InsurTech continues to be a highly active category, with ~$900MM in financing volume and ~$7.4Bn in M&A volume during Q3 ’18(1)

- 55 financings in Q3 ‘18 is ~11% less than the same period in ’17, but 155 financings YTD is on pace with 200+ total financings in ’17

- 20 M&A transactions in Q3 ‘18 is equal to the same period in ’17, but 56 deals YTD is behind pace with 85+ total deals in ’17

- $7.4Bn in M&A volume driven by Carlyle’s $6.7Bn acquisition of Sedgwick. Adjusting for that deal, Q3 M&A volume was ~$700MM or ~62% higher than the same period in ‘17

» Increase in larger financings as category leaders begin to differentiate themselves and investors look to back established players

- Financing activity across multiple sub-verticals, led by Tiger Global’s investment in Root, Intact’s investment in Metromile and Redpoint’s investment in Next Insurance

- Corporate venture deals continued in Q3, including XL Innovate's investment in Windward, American Family Ventures’ / Pivot’s investment in Bold Penguin, Allianz Life Ventures’ investment in Covr and Salesforce Ventures’ investment in Madaket

» Corporate M&A continues to be active across InsurTech categories

- Examples include One Digital’s acquisitions of TEC Benefits and Beneflex, Allstate’s acquisition of InfoArmor and Travelers’ acquisition of Zensurance

» Insurance software and benefits administration / payroll companies lead the public company pack, trading at 23.9x and 21.0x EV/ ‘18 EBITDA,

respectively

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

$472

$339

$731

$534

$1,581

$899

$621

$883

Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18

Ann. Date

CompanySelected

Investor(s)Amt.

Invested

Post-Money

Valuation

Segment / Value Chain

9/27 $10.0 NA

9/26 $31.6 NA

9/24 $16.6 NA

8/22 $100.0 $900

8/7 $25.0 $100

7/26 $30.0 $65

7/25 $44.0 NA

7/24 $90.0 $540

7/11 $83.0 NA

7/3 $19.8 NA

INSURTECH DEAL DASHBOARD – FINANCING ACTIVITY

Notes:Source: CB Insights, Pitchbook. CapIq. GCA Deal Database.Market data as of 9/30/18.(1) Includes private company equity financings, and Everquote IPO in Q2 2018.

Quarterly Financing Activity ($MM)(1)

43

62

42

45

5049

57

$11.2 $7.5 $14.6 $8.6 $32.3 $15.8 $14.4

Select Q3 2018 Financing Transactions ($MM)

55

$16.0

P&C Life Health Distribution & CustomerEngagement

Products, Pricing & Underwriting

Data & AnalyticsPolicy Admin, Claims & Back Office

Insurance Segment Insurance Value Chain

LTM financing volume: $4.0Bn across 204 Deals

Average Deal Size

7

SELECTED RECENT INSURTECH FINANCINGS

Provides an on-demand insurance platform for rideshare and homeshare risks – furthermore, other insurers are able to integrate the Slice platform into their own operations to allow them to become digital insurers immediately for a monthly fee.Raised $32MM in

Series A funding on 9/26/2018

Founded

2015Headquarters

New YorkTotal Funds Raised ($MM)

$36

Provides technology platform for insurance operations, such as underwriting and claims; P&C and life; and corporate and retail.Raised $17MM in

Series A funding on 9/24/2018

Founded

2014Headquarters

San FranciscoTotal Funds Raised ($MM)

$17

Notes:Source: PitchBook.

Sele

cted

Inve

sto

rsSe

lect

edIn

vest

ors

Provides an online interface between the customers and insurers and enable consumers find information, calculate specific needs, compare coverage, get quotes, and purchase policies.Raised $10MM in

Series A funding on 9/27/2018

Founded

2012Headquarters

BoiseTotal Funds Raised ($MM)

$15

Sele

cted

Inve

sto

rs

8

$603$351

$702

$2,773 $2,694

$3,185

$2,403

2012 2013 2014 2015 2016 2017 YTD 2018

INSURTECH HISTORICAL FINANCING ACTIVITY

Notes:Source: CB Insights, Pitchbook. CapIq. GCA Deal Database.Market data as of 9/30/18.*Oscar raised two rounds in 2014 – one worth $30MM and the other worth $80MM.

Financing activity is on par with ‘17 levels on an annualized basis

4255

88

127

163

206

155

Selected Major InsurTech Financings

= Number of Transactions

= Financing Volume ($USD MM)

$100MM $52MM

$50MM

$60MM

$65MM

$38MM

$110MM

$500MM

$931MM

$38MM

$160MM

$120MM$160MM

$103MM

$400MM

$130MM $110MM

$200MM

$165MM

$50MM

*

207

Annualized

$100MM

9

INSURTECH LEADERS IN PRIVATE FUNDINGTop 10

Notes:Source: Pitchbook.

Company Headquarters Founded

New York, NY

San Francisco, CA

San Francisco, CA

Haryana, India

San Francisco, CA

Zurich, Switzerland

Minneapolis, MN

London, UK

Plymouth Meeting, PA

San Francisco, CA

Amt. Raised ($MM) Company Description

$904

$598

$425

$355

$259

$254

$242

$230

$220

$295

2012

2012

2012

2008

2013

2014

2015

2016

2007

2011

Provider of an online health insurance network

Operator of PPO using data analysis and preventive care to improve health insurance

Provider of an online life insurance and general insurance comparison portal

Provider of cloud-based self-insurance platform

Provider of a web-based service platform to handle insurance contracts

Partners with health systems and care partners to provide health plans

Tech-based provider of life insurance in the UK

Provider of a personalized health and benefits platform

Provider of pay-per-mile car insurance

Provider of cloud-based SaaS for HR and benefits management

Round of financing in Q3 2018

10

Mar-16 Dec-16 Sep-17 Jun-18

INSURTECH COMPANY PROFILENext Insurance

Cumulative Funds Raised ($MM)

Post Money Valuation ($MM)

$340m

Series B: $83

Founded Headquarters Total Funds Raised ($MM)

2016 Palo Alto $136Next Insurance is the provider of an online small business insurance platform designed to transform the insurance experience for small businesses.

Seed: $13

$31

$13

N/A

$136

$155

$48

$200

$53

Series A: $35 Series A-II: $5

Undisclosed

Notes:Source: Pitchbook.

11

Most Active Insurance Technology Investors

Accelerators / Seed

Venture Capital / Private Equity

Corporate Investors

Alternative Investors

Ventures

SELECTED ACTIVE INSURTECH INVESTORS

Notes:Source: CB Insights, Pitchbook.

12

MOST ACTIVE INSURTECH INVESTORS – CORPORATE VENTURE CAPITAL

Company Headquarters Number of Investments Investments

Paris, France

Springfield, MA

Madison, WI

Munich, Germany

Munich, Germany

Mountain View, CA

San Francisco, CA

New York, NY

Columbus, OH

8

8

8

6

6

8

6

4

5

Menlo Park, CA 8

San Francisco, CA 6

Notes:Source: CapIq, Pitchbook.

13

$1,705

$784

$1,381

$426

$2,967

$225$500 $689

Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18

Buyer Target Transaction ValueSegment / Value

Chain

$6,700

NA

NA

$525

$12

NA

$35

NA

$117

NA

INSURTECH DEAL DASHBOARD – M&A ACTIVITY

Notes:Source: CB Insights, Pitchbook. CapIq. GCA Deal Database.Market data as of 9/30/18.(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.

$7.4Bn in M&A volume driven by Carlyle’s $6.7Bn acquisition of Sedgwick. Adjusting for that deal, Q3 M&A volume was ~$700MM or ~62%

higher than the same period in ‘17

Quarterly M&A Activity ($MM)

15

20

29

24

25

19

21

$58.8 $32.7 $55.3 $21.3 $156.2 $10.7 $33.3

Select Q3 2018 M&A Transactions ($MM)

$369.5

LTM M&A volume:

$11.1Bn across 75 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)

20

$7,389

AdjustedQ3 M&A Volume

Carlyle’s $6.7Bn

acquisition of

Sedgwick

14

$2,851

$5,266$7,444

$18,547

$5,052 $5,559

$8,114

2012 2013 2014 2015 2016 2017 YTD 2018

INSURTECH HISTORICAL M&A ACTIVITY

Notes:Source: CB Insights, Pitchbook. CapIq. GCA Deal Database.Market data as of 9/30/18.

M&A deal activity is behind ‘17 levels (and closer to ‘16 levels) on an annualized basis, but volume YTD is already 45%+ ahead of ’17 levels due

to Carlyle’s $6.7Bn acquisition of Sedgwick

Selected Major InsurTech M&A Transactions

71

88

56

48

58

85

67

= Number of Transactions

= M&A Volume ($USD MM)

Acquirer logo on top

$1.3Bn $155MM$1.4Bn$8.7Bn$2.4Bn$1.8Bn

$553MM $1.1Bn $400MM $760MM $174MM

$322MM

75

Annualized

$2.5Bn

$919MM

$490MM

Undisclosed

$160MM Undisclosed

$6.7Bn

15

(25%)

(15%)

(5%)

5%

15%

25%

35%

45%

55%

65%

Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18

INSURTECH PUBLIC COMPANY VALUATIONSelected InsurTech subsectors and key operating stats

Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 9/30/18.

LTM Share Price Performance

Public InsurTech Ecosystem

Benefits Admin. / Payroll Brokerage Online DistributionData & Analytics IT & BPO ServicesInsurance Software

LTM Share Price

Performance

39%

Benefits Admin. / Payroll

(2%)

Brokerage

43%

Data & Analytics

55%

IT & BPO Services

35%

Insurance Software

43%

Online Distribution

39%

(2%)

43% 43%

55%

30%

16

23.9x

21.0x

16.0x14.2x 14.1x

11.5x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

InsuranceSoftware

BenefitsAdmin./Payroll

Data &Analytics

Brokerage IT & BPOServices

OnlineDistribution

5.2x4.9x

3.1x

2.5x 2.5x 2.4x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

Data & Analytics BenefitsAdmin./Payroll

Brokerage OnlineDistribution

InsuranceSoftware

IT & BPOServices

INSURTECH PUBLIC COMPANY VALUATIONSelected InsurTech subsectors and key operating stats

Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 9/30/18.

Enterprise Value / 2018E Revenue

Public InsurTech Ecosystem

Enterprise Value / 2018E EBITDA

2019E Rev. / 2019E

EBITDA Multiple

4.5x / 18.6x

Benefits Admin. / Payroll

3.0x / 13.0x

Brokerage

4.9x / 15.4x

Data & Analytics

2.1x / 11.9x

IT & BPO Services

2.2x / 16.3x

Insurance Software

2.3x / 10.7x

Online Distribution

17

SELECTED PUBLIC COMPANY DETAIL

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

Benefits Administration/Payroll

Automatic Data Processing, Inc. $150.66 $65,905 $65,734 7% 6% 22% 4.8x 4.5x 21.6x 18.6x

Paychex, Inc. $73.65 $26,491 $26,025 6% 7% 40% 7.6x 7.0x 18.7x 17.0x

HealthEquity, Inc. $94.41 $5,878 $5,575 24% 23% 39% 19.6x 16.0x 50.0x 38.9x

Insperity, Inc. $117.95 $4,945 $4,733 16% 11% 6% 1.2x 1.1x 21.0x 18.6x

TriNet Group, Inc. $56.32 $3,973 $4,165 6% 12% 36% 4.9x 4.3x 13.4x 12.0x

Paylocity Holding Corporation $80.32 $4,238 $4,101 25% 22% 21% 11.0x 9.0x 51.2x 40.0x

Benefitfocus, Inc. $40.45 $1,290 $1,365 (1%) 12% 3% 5.4x 4.8x NM 68.2x

WageWorks, Inc. $42.75 $1,694 $1,047 6% 6% 32% 2.0x 1.9x 6.5x 5.9x

Castlight Health, Inc. $2.70 $372 $303 17% 19% (7%) 2.0x 1.7x NM 23.0x

Median 7% 12% 22% 4.9x 4.5x 21.0x 18.6x

Brokerage

Marsh & McLennan Companies, Inc. $82.72 $41,772 $46,988 7% 5% 24% 3.1x 3.0x 13.2x 12.1x

Aon plc $153.78 $37,316 $43,365 9% 5% 26% 4.0x 3.8x 15.5x 14.0x

Willis Towers Watson Public Limited Company $140.94 $18,431 $22,194 4% 4% 24% 2.6x 2.5x 10.7x 10.1x

Arthur J. Gallagher & Co. $74.44 $13,594 $16,429 10% 7% 16% 2.4x 2.3x 15.3x 13.3x

Brown & Brown, Inc. $29.57 $8,258 $8,636 5% 6% 31% 4.4x 4.1x 14.2x 13.0x

Jardine Lloyd Thompson Group plc $24.73 $5,251 $5,851 2% 6% 22% 3.1x 2.9x 13.9x 12.4x

Goosehead Insurance, Inc $33.87 $458 $488 43% 44% 27% 8.1x 5.6x 29.9x 20.3x

Median 7% 6% 24% 3.1x 3.0x 14.2x 13.0x

Data & Analytics

RELX PLC $21.08 $41,542 $49,821 (1%) 4% 35% 5.1x 4.9x 14.5x 13.7x

Experian plc $25.71 $23,201 $26,676 13% 4% 34% 5.5x 5.3x 16.0x 15.4x

Verisk Analytics, Inc. $120.55 $19,856 $22,501 12% 7% 48% 9.4x 8.8x 19.7x 18.2x

Equifax Inc. $130.57 $15,722 $18,027 3% 6% 33% 5.2x 4.9x 15.5x 14.2x

TransUnion $73.58 $13,590 $17,582 21% 14% 39% 7.5x 6.6x 19.5x 16.9x

Fair Isaac Corporation $228.55 $6,661 $7,300 11% 8% 24% 6.9x 6.4x 29.0x 23.3x

The Dun & Bradstreet Corporation $142.51 $5,291 $6,428 1% 2% 30% 3.6x 3.6x 12.2x 11.7x

CoreLogic, Inc. $49.41 $3,999 $5,722 0% 1% 27% 3.1x 3.0x 11.5x 11.0x

LiveRamp Holdings, Inc. $49.41 $3,837 $3,971 5% 7% 19% 4.2x 3.9x 21.7x 19.9x

Median 5% 6% 33% 5.2x 4.9x 16.0x 15.4x

($MM, except per share data)Stock Operating Metrics Trading Metrics

Price Equity Enterprise Revenue Growth EBITDA Margin EV / Revenue EV / EBITDA

Company 9/30/18 Value Value 18E/17A 19E/18E 18E 18E 19E 18E 19E

18

SELECTED PUBLIC COMPANY DETAIL

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

Insurance Software

Guidewire Software, Inc. $101.01 $8,142 $7,380 27% 20% 22% 11.3x 9.4x 51.3x 43.2x

Ebix, Inc. $79.15 $2,492 $2,968 35% 20% 34% 6.0x 5.0x 17.7x 14.8x

Sapiens International Corporation N.V. $13.21 $658 $677 7% 6% 15% 2.4x 2.2x 16.1x 14.2x

Majesco $7.55 $277 $278 (6%) 14% 5% 2.5x 2.2x 52.8x 27.8x

Symbility Solutions Inc. $0.39 $95 $79 (7%) 18% 11% 2.5x 2.2x 23.9x 16.3x

Median 7% 18% 15% 2.5x 2.2x 23.9x 16.3x

IT & BPO Services

Tata Consultancy Services Limited $30.10 $115,245 $109,722 2% 13% 27% 5.7x 5.0x 21.0x 18.9x

Accenture plc $170.20 $109,055 $104,016 13% 8% 17% 2.6x 2.4x 15.1x 14.1x

Cognizant Technology Solutions Corporation $77.15 $44,765 $41,267 9% 9% 21% 2.6x 2.4x 12.4x 10.7x

Infosys Limited $10.06 $43,961 $40,546 (1%) 10% 27% 3.8x 3.4x 14.2x 13.0x

DXC Technology Company $93.52 $26,294 $30,769 11% (2%) 22% 1.4x 1.4x 6.3x 6.3x

HCL Technologies Limited $14.99 $20,881 $20,028 (1%) 13% 23% 2.6x 2.3x 11.0x 10.1x

CGI Group Inc. $64.43 $17,969 $19,284 3% 3% 18% 2.1x 2.1x 11.7x 11.2x

Wipro Limited $4.47 $20,218 $17,205 (8%) 7% 19% 2.2x 2.0x 11.6x 11.1x

Genpact Limited $30.61 $5,814 $6,718 9% 9% 17% 2.3x 2.1x 13.3x 11.9x

Capita plc $1.86 $3,088 $4,203 (9%) (5%) 10% 0.8x 0.9x 8.0x 7.6x

Syntel, Inc. $40.98 $3,401 $3,540 2% 2% 25% 3.7x 3.7x 14.9x 14.7x

Mphasis Limited $16.16 $3,125 $2,798 3% 14% 18% 2.7x 2.4x 15.6x 13.5x

WNS (Holdings) Limited $50.75 $2,561 $2,536 14% 9% 18% 3.2x 2.9x 17.7x 16.5x

Mindtree Limited $14.24 $2,339 $2,237 9% 16% 15% 2.5x 2.1x 16.3x 13.0x

ExlService Holdings, Inc. $66.20 $2,272 $2,107 16% 13% 17% 2.4x 2.1x 14.1x 11.9x

Virtusa Corporation $53.71 $1,597 $1,685 25% 13% 8% 1.4x 1.2x 17.1x 12.5x

Hexaware Technologies Limited $5.91 $1,755 $1,649 3% 16% 16% 2.6x 2.2x 16.0x 13.4x

CorVel Corporation $60.25 $1,138 $1,064 8% NA 12% 1.8x NM 15.0x NM

Crawford & Company $9.21 $508 $687 (2%) 2% 11% 0.6x 0.6x 5.8x 5.2x

Firstsource Solutions Limited $0.85 $587 $658 (6%) 11% 13% 1.3x 1.1x 9.7x 8.7x

Median 3% 9% 17% 2.4x 2.1x 14.1x 11.9x

Online Distribution

Moneysupermarket.com Group PLC $3.64 $1,951 $1,919 1% 7% 37% 4.2x 4.0x 11.5x 10.7x

GoCompare.com Group plc $1.27 $530 $627 3% 8% 30% 3.0x 2.8x 9.9x 9.1x

QuinStreet, Inc. $13.57 $666 $601 33% 16% 9% 1.5x 1.3x 17.6x 13.5x

EverQuote, Inc. $14.86 $371 $375 5% 10% (3%) 2.8x 2.6x NM NM

eHealth, Inc. $28.26 $542 $511 31% 13% 5% 2.3x 2.0x 48.7x 20.4x

iSelect Limited $0.51 $111 $86 (0%) 5% 8% 0.5x 0.4x 6.1x 4.7x

Median 4% 9% 8% 2.5x 2.3x 11.5x 10.7x

($MM, except per share data)Stock Operating Metrics Trading Metrics

Price Equity Enterprise Revenue Growth EBITDA Margin EV / Revenue EV / EBITDA

Company 9/30/18 Value Value 18E/17A 19E/18E 18E 18E 19E 18E 19E

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

GCA OVERVIEW

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

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 18

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: ~35% of

all transactions are

cross-border

400+professionals

350+ deals closed in the last 3 years

19

20

Payments

Insurance Technology Payments

Real Estate Tech Real Estate Tech

We Advised Capsilon

Growth Investmentfrom

Payments

Insurance Technology Insurance Technology

Insurance Technology

Insurance TechnologyInsurance TechnologyPayments

Payments

Insurance Technology

Liquidity Venues

Insurance TechnologyInvestment Technology

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

We Advised Commissions Inc

Acquired by

Payments

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

We Advised Principal

Acquired

Investment Technology

We Advised Risk International

Sold majority stake to

Insurance Technology

We Advised CHX

Acquired by

Insurance Technology

Acquired by

Preferred Stock Investmentfrom

Financial AdvisorWe Advised TSYS

Acquisition of

We Advised Blucora

Acquisition of

We Advised AWL

Acquired by

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 Trust

Received an investment from

We Advised QuoteWizard

PendingAcquisition by

We Advised Finanzen.de

Acquired by

We Advised INS Web

Acquisition ofAcquired by

We Advised INS Web

GCA OVERVIEWSelected FinTech experience