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PRELIMINARY CONFIDENTIAL DRAFT

PropTech Market Update

1H 2020

22

EXECUTIVE SUMMARY – 1H 2020 REAL ESTATE TECHNOLOGY

» COVID-19 and the associated economic shut-down has broad implications for the Real Estate and PropTech markets

» Market environment has created both opportunity and dislocation in PropTech and while some companies and market segments will be negatively impacted, many will benefit from tech tailwinds created by the crisis: PropTech is a massive market category with sub-verticals that are impacted in very different ways depending on their end-market focus, go-to-market strategy, distribution channels and revenue models

– Sub-vertical Matters: Residential RE, CRE Office, CRE Multifamily, Mortgage Tech, Hospitality Tech, Construction Tech, Facilities Management, Data / Analytics businesses, etc. all have very different end-market dynamics that impact performance

– Business Model Matters: Enterprise vs. B2C; recurring subscription revenue vs. transactional models; and fixed asset cost vs. variable costs drive preservation of revenue and unit economics

– Scale Matters: Scale platform solutions help enhance ability to weather slowdown and emerge as a leaders and consolidators going forward vs. point solutions

» M&A and growth investment deals are still getting done despite macro headwinds

– 1H 2020 decline of only ~6% y/y in capital raise activity in the PropTech market despite COVID-19 and Q2 saw a 97% increase in invested capital y/y – driven by large investments in category leaders Vacasa, AirBnb and Sonder

– $4.4Bn in growth capital raised YTD in the U.S. PropTech space across 136 deals through June 2020

– 36 U.S. PropTech M&A transactions through June 2020, including two significant transactions, First American’s acquisition of DocuTech and CoStar’s acquisition of RentPath

» GCA believes that PropTech adoption will accelerate due to COVID-19 and the industry will emerge stronger as a result

33

LEADING ADVISORY TEAM FOCUSED ON THE PROPTECH MARKET

Key Sub-Sector Coverage Verticals

Residential RE Software

Commercial RE Software

Mortgage / Lending

Title / Insurance

Home Services

Facilities Management

Construction Tech

IWMS

Chris GoughManaging Director

Head of Real Estate TechnologyPhone: (415) [email protected]

Acquired by

We advised the seller

Acquired by


Acquired by


Acquired by


Acquired by


Acquired by


Majority Interest Acquired by


Acquired by


Acquired by


Investment from


MBO backed by


Global Leader in PropTech Advisory

Acquired by


A Portfolio Company of

Acquired by


A Portfolio Company of

Majority interest

acquired by


Acquired

We advised the buyer

Lizzie [email protected]


Acquired by

Acquired

We advised the buyer

Acquired by


Investment from


a portfolio company of


Acquired by

Zain [email protected]

GCA U.S. PropTech Team

44

GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANKGlobal investment bank providing strategic M&A and capital markets advisory services to growth companies and market leaders

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

ZURICH

MILAN

FRANKFURT

MUNICH

TEL AVIV

LONDON

BIRMINGHAM

MUMBAI

SHANGHAI

SINGAPORE

TOKYO

NEW DELHI

NAGOYA

HO CHI MINH CITY

TAIPEI

PARISLEEDS

FUKUOKA

NEW YORK

SAN FRANCISCO

Sector expertise:

Expansive coverage

and deep

specialization

Exceptional cross-border capabilities:

Half of all transactions

Global platform:

25 offices in key markets across

America, Asia and Europe

Broad spectrum

of clients:

Leading

conglomerates, top

private equity firms

and emerging high-

growth companies

Experienced team: Over 500 employees

across the globe

Strong reputation and track record: High number of

repeat clients and referrals

Diversified

business model:

Geographically

balanced, synergistic

and complementary

focus areas

KYOTO

OSAKA

MANCHESTER

LAUSANNE

STOCKHOLM

55

I. COVID-19 UPDATE

II. PROPTECH MARKET SUMMARY

APPENDIX

66

Key U.S. Developments Select Implications for PropTech

MARKET UPDATE: COVID-19

» US in Various Stages of Reopening

» All 50 states had begun to reopen in some way after the coronavirus drove the country into lockdown starting in March

» Now, a growing number of states are pausing plans to reopen, amid rising case counts(1)

» Unemployment Claims Reached Record High But Have Since Decreased

» In the week ending June 20, the 4-week moving average was 1,620,750 filed, a decrease of 160,750 from the previous week's average

» Strong Bipartisan Fiscal Action

» $2+Tn CARES act passed on 3/27 to provide relief to unemployed and small businesses

» White House approved an additional ~$480Bn bill on 4/21 replenishing small business loans program

» Unprecedented Federal Reserve Response

» Fed reduced the fed funds rate to 0-0.25% on 3/15 and intends to maintain this target

» Introduced “unlimited” bond buying program

» Government Response Targeted to Real Estate

» FHFA announced that Fannie Mae and Freddie Mac will extend moratorium on single-family evictions and foreclosures until at least August 31, 2020

✓ Residential Real Estate Remains “Essential”

» Consumer interest rates remain at historically low levels ➔driving significant refinancing activity and will support home values on new purchase

» Crisis has impacted spring buying season ➔ likely leads to pent-up demand in 2H 2020 vs. evaporation of demand

» Adoption of tech solutions in RE transaction increasing ➔virtual showings, transaction management software, eSignatures, virtual notary, digital loan origination, etc.

» Tech to drive cost savings and productivity enhancement for transaction exposed models (e.g., title / brokerage, etc.)

✓ Commercial Real Estate Needs Tech to Adapt to Challenging Macro Trends

» Highly challenged traditional retail environment

» Corporations rethinking their approach to office space in post-COVID world ➔ drives need for enhanced tenant engagement, space utilization and building / facilities management tools

✓ Accelerated Adoption of PropTech Platforms

» COVID impacts expose shortcomings of “traditional” approach across RE end markets ➔ PropTech delivers operating efficiencies, enhances customer / consumer experience, data-driven decision making and ability to operate virtually

✓ Scale Players Likely to Extend Lead

» Well-capitalized scale leaders will extend their competitive advantage in this market

Notes: (1) As of June 30, 2020.

77

1H 2020 PROPTECH SECTOR SUMMARY – KEY-SUB SEGMENT TRENDS

» Fundamentals remain strong: RRE transaction delays will drive strong 2H 2020 market activity ➔ COVID-19 impacted key spring selling season in RRE, but historically low interest rates and strong showing activity & mortgage applications provide strong positive leading indicators for transaction rebound

» COVID-19 accelerating “digitization” of the transaction ➔ virtual showings, performance / data-driven customer capture, virtual notary, transaction management, broker management tools, tech driven escrow / title all will benefit from adoption tailwinds in post-COVID market

» Integration and combination of tool sets is critical to drive productivity ➔ expect continued consolidation of toolsets in RRE to create central “platforms” for brokers / teams / agents

Residential Real Estate

Technology

» Market outlook for CRE is mixed and highly end-market dependent – hotel vs. retail vs. CRE office vs. multifamily

» CRE building management solutions remain highly attractive segments for investors ➔ large TAM market remains very fragmented

» CRE office solutions that deliver operational efficiency drive high ROI and are in high demand (energy efficiency, utilities bulling, predictive maintenance, etc.)

» Tenant engagement, tenant experience and tenant safety tools are also critical in post-COVID environment

» Continued activity and strong momentum in multifamily management software, especially for firms that are using tech to enhance tenant experience

Commercial Real Estate

Technology

» Expect adoption of construction tech to accelerate in post-COVID environment – digitization of building models, collaboration tools, jobsite management tools (vendors / labor) and marketplace models will drive growth

» Off-site / modular construction likely to benefit as well

Construction

Technology

88

COVID-19 IMPACT IN RRE: DEMAND DELAY VS. DEMAND DISAPPEARANCE

Source: (1) National Association of Realtors.(2) Freddie Mac.(3) Mortgage Bankers Association of America, includes refinancings.

(4) U.S. Department of Housing and Urban Development.(5) ShowingTime Real Estate Showing Index as of 6/16/20.

1 CONSTRICTED SUPPLY AS INVENTORY NEAR RECORD LOWS(1) 2 MORTGAGE RATES NEAR HISTORIC LOWS(2)

3 ABRUPT FALLOFF IN TRANSACTIONS IN COVID(1, 3) 4 BUT PRICING REMAINS STEADY AND CLEAR SIGNS OF RECOVERY UNDERWAY(4)

REAL ESTATE SHOWING INDEX (7-DAY MOVING AVERAGE, JANUARY NORMALIZED)(5)

$270,000

$320,000

$370,000

Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020

Median Sales Price

(60%)

(20%)

20%

60%

Jan Feb Mar Apr May Jun

2019 202050%

30%

U.S. pending home sales surged a record 44% in May

1.0

1.2

1.4

1.6

1.8

2.0

2.2

2.4

May-16 May-17 May-18 May-19 May-20

Housing Inventory (MM)

2.8%

3.3%

3.8%

4.3%

4.8%

5.3%

Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20

30-Year Fixed Rate Mortgage Average

3.1%

Showings currently up 24% y/y as a leading indicator to activity

(20%)

0%

20%

40%

60%

3.6

4.0

4.4

4.8

5.2

5.6

6.0

Jun-16 Jun-17 Jun-18 Jun-19 Jun-20

Existing Home Sales (MM)

Mortgage Applications (Week-Over-Week Growth)

Economic indicators points towards strong recovery in RRE transaction activity in 2H 2020

99

Date Company 1H 2020 Raised Funding to Date

5/14 $40 ~$160

3/10 $60 $150

1/7 $50 $133

1/7 $36$86 Equity / $200 Debt

COVID-19 ACCELERATES PATH TO DIGITIZATION IN RRE

Incumbent Innovators

Lone Wolf’s Marketplace hosts a library of curated

digital tools for agents and brokerages to plug and play

into zipForm Plus / TransactionDesk. The core purpose

of Marketplace is to put the industry's most innovative

digital tools in the hands of real estate agents and

brokerages at a time when they need them the most,

and to provide the first end-to-end transaction

experience of its kind

Clear Capital’s OwnerInsight provides a no-cost,

nationwide solution to maintain proper social

distancing while giving lenders, appraisers, and AMCs

timely information from inside homes they are unable

to physically enter because of COVID-19. OwnerInsight

works seamlessly on camera-enabled mobile devices

with no need for app downloads, and photo metadata

is captured to ensure protection against fraud

ShowingTime’s Virtual Showings were incorporated

by agents to serve their clients in a safe, responsible

manner in response to the challenge imposed by the

pandemic. ShowingTime developed streaming video

technology and an appointment center to allow people

to continue viewing properties virtually

1H Funded “Digitization” RRE Tech Players

Date Company 1H 2020 Raised Funding to Date

5/21 $123 ~$230

5/21 $29 $49

4/15 ~$26 $74

2/6 $65 $130

CLOSING / TITLE / VALUATION ($MM)DISCOVERY / BROKERAGE / INVESTMENT ($MM)

Source: Capital IQ as of 6/30/20, Pitchbook, press releases.

COVID-19 driving the digitization of the RRE transaction across the entire transaction ecosystem

1010

34%

31%

14%

(15%)

(17%)

(25%)

(48%)

(53%)

CRE MARKET DRIVERS & TAILWINDS IN TENANT EXPERIENCE/OPERATIONAL EFFICIENCY

CRE Tech Post-COVID – “Return to Work Tech”

Source: Capital IQ as of 6/30/20, Pitchbook, press releases.(1) Trepp CMBS Delinquency Rate (30+ Days).(2) Nareit, "FTSE Nareit U.S. Real Estate Index," accessed 4/16/2020.

Equiem’s Return to Workplace Solution assists in retaining tenants and returning

them safely to the building. Adapts operations to the 'new normal' by providing

controlled building access, touchless door, turnstile, elevator access and visitor

management, touchless retail, amenity reservations, a virtual concierge and more

Hotel

Retail

Health Care

Office

Multifamily

Industrial

Cell Towers

Data Centers

1 RISING CMBS DELINQUENCY REFLECT CRE MARKET CHALLENGES(1)Retail and Hospitality especially hard-hit by COVID-19 impact

2 YEAR-OVER-YEAR PERCENTAGE CHANGE IN US REIT PROPERTY INDICES AS OF APRIL, 2020(1)Rise Buildings incorporated new technology to adapt to the post-COVID world.

Their platform integrates real time communication, news updates, visitor and

delivery management reducing the interactions between visitors and staff,

automated package management and touchless door access

Building Engine’s Building Operations Platform offers core capabilities of its

operations platform with optimizations for COVID-19 at no cost through the end

of 2020, communication via web, email and text, virtual work orders and building

inspections with COVID-19 optimized templates

SmartRent is an enterprise home automation company developing software and

hardware to help owners, property managers and renters in multifamily

communities. The Company provides property owners and managers a platform

to better monitor and protect their assets, and create operational efficiencies

Zego’s technology removes the friction from the most critical resident

touchpoints and automates the tasks that consume community managers. From

payments and utilities, to communications and smart devices, Zego delivers

portfolio-wide efficiency, higher NOI, and more engaged residents

Multi-Family Tenant Experience

Lodging: 24%

Retail: 18%

Overall Delinquency: 10%

Multifamily: 3%Office: 3%Industrial: 2%0%

5%

10%

15%

20%

25%

30%

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

CMBS DELINQUENCY RATES

1111

I. COVID-19 UPDATE


APPENDIX

1212

$1,306

$943

$1,756 $1,481

$1,923 $1,761

$633

$2,624 $50

$225

$969

$403

$291 $397

$1,085

$1,356 $1,168

$2,725

$1,884

$2,214 $2,159

$643

$3,709

Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20

PRIVATE CAPITAL DEAL DASHBOARD – 1H 2020

Select 1H 2020 Financing TransactionsFinancing Activity

($MM)

Source: Capital IQ as of 6/30/20, Pitchbook, CB Insights, press releases.Excludes Oyo Rooms and The We Company financing rounds.Represents data across CRE / Investment, Residential Real Estate and Mortgage Technology.

(1) AirBnB raised $1Bn in debt and equity (mix not disclosed) and $1Bn of debt on 4/6.(2) Debt and equity mix not disclosed.(3) Estimated valuation per Pitchbook.

$36.5Avg. Deal

Value:$18.3$14.7$25.6 $22.8 $21.4 $24.1 $10.0

($MM)

Date CompanySelect

Investor(s) Amt. Invested Funding to Date

Latest Reported Valuation

6/24 $170 ~$560 $1,300

6/3 $90 ~$185 NA

6/2 $108 ~$635 NA

5/21 $123 ~$230 $623

5/8 $74 ~$399 $2,250(3)

4/30 $150 ~$400 $5,000

4/20 $150 $155 NA

4/6$1,000(1) Equity / $1,000 Debt

$6,400(2) NA

2/6 $65 $130 NA

1/7 $50 $133 $575(3)

Debt Raise ValueEquity Raise Value Number of Deals

51

64

96

65

90

73

64

72

All O

the

rsA

ll Oth

ers

1313

$1,411

$545

$1,000

$85 $358 $199

$86

$2,411

$630 $668

$0

$500

$1,000

$1,500

$2,000

$2,500

Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20

PRIVATE CAPITAL DEAL DASHBOARD – 1H 2020

Source: Capital IQ as of 6/30/20, Pitchbook, CB Insights, press releases.Excludes Oyo Rooms and The We Company financing rounds.Represents data across CRE / Investment, Residential Real Estate and Mortgage Technology.

(1) 3/23/20 represents trough; 6/29/20 represents peak.

($MM)Debt Raise ValueEquity Raise ValueNASDAQ Index S&P 500 Index

# of Deals: 23

Financing Activity

# of Deals: 26 # of Deals: 24 # of Deals: 28 # of Deals: 21# of Deals: 14

Trough to Peak Increase(1):

NASDAQ: 44%

S&P 500: 36%

(40.0%)

(30.0%)

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

9%

(6%)

1414

REAL ESTATE PRIVATE COMPANY FUNDING LEADERS

$50MM - $100MM

$100MM - $200MM

$200MM - $500MM

>$500MM

$25MM - $50MM

1

1

1

Equity Raised to Date:

($614MM)

($3.0Bn) ($8.9Bn Equity / $6.1Bn Debt)(1)

Other Mega Funding Leaders

($468MM)

47 companies

raised $100MM+

142 companies

raised $25MM+

($6.4Bn Equity / Debt)(1)

Source: Pitchbook, CB Insights, Company filings, Company websites, press releases.(1) Debt and equity mix not disclosed.(2) Funding totals exclude secondary transactions.

1515

− On May 21, States Title announced that it had raised $123MM in equity led by Greenspring Associates with participation from new investors Horizons Ventures, Eminence Capital, HSCM Bermuda as well as existing investors Foundation Capital, Assurant, Fifth Wall Ventures, Lennar Ventures and SCOR Global P&C Ventures

− This brings the Company’s total attributed funding to ~$230MM to date

− States Title plans to use its new funding to transform real estate closings at lower costs

Series CLed By

Transaction Overview States Title Overview

$123MM Raised

Headquarters: San Francisco, CA

Founded: 2016

Description: Offers patented machine intelligence-enabled tech solutions todigitize and automate residential real estate closings. States Titleand its family of brands – North American Title Company (NATC)and North American Title Insurance Company (NATIC) – offerssolutions for lenders, real estate agents, title agents andhomeowners that make closings more simple and efficient

Current Investors:

STATES TITLE RAISES $123MM IN SERIES C ROUND

Select Deal Commentary

States Title has developed an automated, patented technology

that streamlines the laborious title and escrow process, emerging

as the market leader in an industry that historically lacks

meaningful innovation. We are thrilled to support States Title as

they advance the vision of an instant mortgage that closes with

one tap. Especially in the current economic climate, the

mortgage industry needs to be re-imagined with transformative

technological solutions to reduce costs and improve the

customer experience. States Title is leading the vanguard of this

transformation.”

“

Jim Lim, Managing General

Partner, Greenspring Associates

States Title Fundraising Timeline(1)

Source: Pitchbook, CB Insights, Crunchbase, Company website, press releases.(1) Per Crunchbase data.

$23.2$81.6 $106.6

$13.0

$58.4

$25.0

$123.0

$10.2 $23.2

$81.6$106.6

$229.6

Seed(11/25/2016)

Series A(12/20/2017)

Series B-I(1/6/2019)

Series B-II(6/20/2019)

Series C(5/21/2020)

Previously Raised New Funding

1616

STATES TITLE RAISES $123MM IN SERIES C ROUND (CONT’D)

Source: Pitchbook, CB Insights, Crunchbase, Company website, press releases.

Product Overview

Solution Overview

Instant Title Underwriting – Predictive analytics algorithm that

utilizes a forward-thinking risk-based insurance model to clear title

commitments instantaneously

Remote Closings – To ensure

business continuity and accelerate

transactions, States Title offers

multifaceted state and lender-

specific eClosing solutions

Borrowers authorize closing

agents to sign on their behalf

Remote Online Notarization

powered by

Comprehensive gap insurance

from closing to recordation

Can reduce closing from 30 to 45 days to 20

2019A revenue of ~$200 million

1 of the top 2 largest bank lenders & 2 of the top

10 largest nonbank lenders as customers

Transaction volume grew by 100 times in 2019

compared to the year prior

For LendersPredictively underwritten title insurance

& escrow processes

White-label digital closing experience

products

Resale of direct title services and direct

settlement & escrow services

For Title AgentsQuick and straightforward underwriting

services, with a counsel that guarantees a

response back to your questions within 1

hour

Fast and transparent agency application

process for qualified agents

For Real Estate ProfessionalsExperienced services and guidance

throughout the home purchase or sale

process

Customer closing cost and mortgage

qualification calculators

For HomeownersFast efficient title and escrow services

Machine intelligence used to buy, sell or

refinance homes

1717

$4.5$20.1

$4.5

$15.6

$29.0

$4.5

$20.1

$49.1

Series A(5/26/2017)

Series A-II(7/18/2018)

Series B(5/21/2020)

Previously Raised New Funding

− On May 21, Spruce announced that it had raised $29MM in equity led by Scale Venture Partners with participation from Zigg Capital and Bessemer Venture Partners

− This brings the Company’s total funding to ~$49MM to date

− Spruce plans to use its new funding to accelerate development of its proprietary technology and deepen integrations with client partners

Series BLed By

Transaction Overview Spruce Overview

$29MM Raised

Headquarters: New York, NY

Founded: 2016

Description: Neutral third party that helps coordinate transactions betweenhomeowners and lenders / real estate institutions with a digital-first experience. Spruce takes handles title search, policy,settlement and escrow processes by pairing intuitive softwarewith high-touch human expertise

Current Investors:

SPRUCE RAISES $29MM IN SERIES B ROUND

Solution Overview Spruce Fundraising Timeline

Source: Pitchbook, CB Insights, Crunchbase, Company website, press releases.(1) Excluding Colorado and Florida; Company website as of 7/10/20.

LendersModern title & closing technology

Detailed audit trails of the entire transaction from

beginning to end

Integrate with current loan origination system or

proprietary transaction software

Real Estate TechPartner with industry experts to create optimal

workflows

Digital closing experience has an NPS of 60 and

allows customers to view & sign documents, link

their bank account, and schedule closing with

easeHomeowners

Spruce provides a transaction coordinator

supported by a team of in-house experts

Average closing fee of $495(1)

Safely receive funds and communicate about

transactions via secure portal

1818

− On March 10, Zumper announced that it had raised $60MM in equity led by e.ventureswith participation from a number of existing investors at a post-money valuation between $400MM and $600MM, bringing the Company’s total funding to $150MM to date

− Zumper noted that is experiencing 100% y/y revenue growth and is on track to reach 80 million users on its platform in 2020

− Zumper plans to use its new funding to strengthen its engineering team and invest further in its ability to process rental payments online

Series D

Transaction Overview Zumper Overview

$60MM Raised


Founded: 2012

Description: Developer of a search-through-close rental platform where arenter can search, schedule a tour or apply through their phone.The platform also provides landlords with online tenant screeningand rent collection services

Current Investors:

ZUMPER RAISES $60MM IN SERIES D ROUND

Product Overview

Zumper’s progress so far is striking, and it has quickly become

the leading independent company focused on the rental market.

We believe that Zumper is well positioned because of its focus on

providing an exceptional product for renters and great value for

landlords and multifamily properties. ”

“


Mathias Schilling, Co-Founder &

Managing Partner, e.ventures

Zumper Fundraising Timeline

Source: Pitchbook, TechCrunch, Company website, press releases.(1) Post-money valuation estimates per Pitchbook and TechCrunch.

Acquisition Timeline

Sep 2019

Web-based software platform that automates the entire rental process for landlords, leasing agents and tenants

Jan 2016

Operates an online map-based apartment rentals search website and mobile application for consumers to search for rentals by geographic location

Find Houses, Rooms or Apartments for RentReceive real-time alerts and instantly apply

Filter by location, price range, bedroom count, pet-friendly or

amenity and set an alert to get notifications when a new listing is

posted

Post Rental Listings and Collect RentPost rental listings and screen tenants

Collect rent with online payments

Generate more leads with Zumper’s network

(1)

($MM) Seed Series A Series A-I Series A-II Series B Series C Series D

Date 5/1/12 3/3/14 6/25/15 2/1/16 10/18/16 9/17/18 3/10/20

Equity Raised $1.7 $6.8 $6.4 $11.8 $17.7 $45.7 $60.0

Total Raised to Date $1.7 $8.5 $14.9 $26.7 $44.3 $90.0 $150.0

1919

− On February 6, HouseCanary announced that it had raised $65MM in equity led by Alpha Edison, Morpheus Ventures and PSP Growth

− This brings the Company’s total funding to $130MM to date

− HouseCanary plans to use its new funding to continue to build the most accurate valuations in the housing market, continue to build its world-class team to accelerate development and broad market adoption of HouseCanary and invest in its leading-edge technology

Series C

Transaction Overview HouseCanary Overview

$65MM Raised


Founded: 2013

Description: Developer of a real estate analytics platform designed to offerresidential real estate information for every block and propertyand help people make better real estate decisions. The company'sreal estate analytics platform aggregates millions of dataelements to accurately define and forecast values and marketinfluences, enabling individual buyers and real estateprofessionals to make better buying and selling decisions

Current Investors:

HOUSECANARY RAISES $65MM IN SERIES C ROUND

Product Overview


HouseCanary Fundraising Timeline

Source: Pitchbook, Company website, press releases.

We invest in disruptive companies that are innovative and

creative in how they tackle the changing landscape. Through their

proven software and data driven technology HouseCanary is

streamlining real estate transactions and changing the future of

the industry.

Joseph Miller, Managing Partner,

Morpheus Ventures

”

($MM) Early Stage VC Series A Series B Series C

Date 3/8/17 4/7/17 5/1/17 2/6/20

Equity Raised $0.6 $33.0 $31.0 $65.0

Total Raised to Date $0.6 $33.6 $64.6 $129.6

“

Data Explorer - Proprietary

analytics for more than 100

million US homes

Property Explorer - Data &

details around individual

homes, (e.g., historic price

growth)

Market Explorer -

Interactive neighborhood

analysis (rental return,

affordability, etc.)

Agile Insights - Context

around a home’s true

value with individual

home reports

Agile Evaluation -

Condition-informed

BPO alternative

Agile Certified - Security

of high-confidence AVM

backed by transferable

insurance policy

2020

− On February 5, Cherre announced that it had raised $16MM in equity led by Intel Capital with participation from Navitas Capital, Carthona Capital, Zigg Capital, DreamitVentures and Silicon Valley Bank


− Cherre plans to use its new funding to continue powering its fully-integrated data systems

Series A

Transaction Overview Cherre Overview

$16MM Raised

Headquarters: New York, NY

Founded: 2016

Description: Provides investors, insurers, real estate advisors and other largeenterprises with a platform to collect, resolve, and augment realestate data from public, private and internal sources. Cherreallows customers to evaluate opportunities and trends faster andmore accurately, while saving on manual data collection andanalytics costs

Current Investors:

CHERRE RAISES $16MM IN SERIES A ROUND

Product Overview

We see Cherre as critical infrastructure to accelerate the future

of this industry. Our customer diligence repeatedly indicated

Cherre’s AI-enabled platform was a foundational pillar — a data

system of record for large enterprises across the real estate

segment. We’re excited to help accelerate Cherre’s global growth

trajectory.”

“


Trina Van Pelt, Vice President,

Intel Capital

Cherre Fundraising Timeline


($MM) Seed VC Series A

Date 10/1/18 2/5/20

Equity Raised $9.0 $16.0

Total Raised to Date $9.0 $25.0

CoreAugment - Data network provides updated real estate data

CoreConnect - Ability to connect internal and external data

CoreExplore - Asset, community and ownership information for

properties within the database

CorePredict - AI engine and real estate professionals available

2121

− On January 24, CREXi announced that it had raised $30MM in equity led by Mitsubishi Estate Company, Industry Ventures, and Prudence Holdings with participation from Lerer Hippeau Ventures and Jackson Square Ventures


− CREXi plans to use its new funding to grow its core business of broker services across the sales, leasing and auction functions, and accelerate the refinement and expansion of buyer and tenant resources

Series B

Transaction Overview CREXi Overview

$30MM Raised

Headquarters: Marina Del Rey, CA

Founded: 2014

Description: Provider of a platform that combines an active sales and leasingmarketplace with marketing, analytics and deal managementtools designed to help brokers, buyers and tenants eliminatetime-consuming processes, find properties and close deals faster

Current Investors:

CREXI RAISES $30MM IN SERIES B ROUND

Product Overview

The CRE industry is evolving, and market players, especially

younger, digitally native generations are seeking out platforms

that provide free and open access to information. CREXi directly

addresses this market need, providing fair access to a range of CRE

information. As CREXi continues to build out its stable of services,

features, and functionality, we’re thrilled to partner with them and

support the company’s continued momentum.”

“


Gavin Myers, General Partner,

Prudence Holdings

CREXi Fundraising Timeline


($MM) Seed VC Series A Series B

Date 11/17/15 5/21/18 1/24/20

Equity Raised $4.3 $11.0 $30.0

Total Raised to Date $4.3 $15.3 $45.3

Sell

Marketplace Listings

CRM

Communication & Collaboration Tools

Marketing

Data & Analytics

Support

Buy

Marketplace for commercial properties for sale and lease

Auction

Access 400,000+ qualified buyers through the live auction platform

65% sell-through rate, 100% close of escrow and 121% above the reserve price

2222

− On January 7, Roofstock announced that it had raised $50MM in equity led by SVB Capital with participation from Citi Ventures, Fort Ross Ventures, 7 Global Capital, Khosla Ventures, Bain Capital Ventures, Lightspeed Venture Partners and Canvas Ventures


− Roofstock plans to use its new funding to invest in its data science, product and engineering capabilities

Series D

Transaction Overview Roofstock Overview

$50MM Raised

Headquarters: Oakland, CA

Founded: 2015

Description: Marketplace connecting buyers and sellers of single-family rentalhomes, offering investment properties in top U.S. markets. TheCompany provides the resources for investors to buy, own andsell real estate online, including data analytics, propertymanagement oversight and other tools

Current Investors:

ROOFSTOCK RAISES $50MM IN SERIES D ROUND

Product Overview

Roofstock is in the vanguard of the rapidly-growing proptech

space. As startups continue to broaden access to financial services,

we see real estate as an incredibly attractive asset class for retail

investors looking to go beyond the typical stock and bond

portfolio.”

“


Sulu Mamdani, Managing

Partner, SVB Capital

Roofstock Fundraising Timeline


Acquisition Timeline

Jul 2018

Property management firm certified by leading institutional lenders in the space as an approved property manager for large SFR portfolios

($MM) Series A Series A-I Series B Series C Series D

Date 5/1/15 12/29/15 11/21/16 4/16/19 1/8/20

Equity Raised $6.3 $7.0 $20.0 $50.0 $50.0

Total Raised to Date $6.3 $13.3 $33.3 $83.3 $133.3

BuyBuy properties, portfolios or property shares

Search, analyze, check out and close on the platform

0.5% commission for buyers

OwnThird-party property management teams vetted by Roofstock

handle day-to-day operations and tenant concerns

Sell$2Bn in transaction volume facilitated since inception

Close in an average of 15 days

2.5% commission for sellers

2323

− On April 15, Notarize filed that it had raised $25.7MM in equity led by Polaris Partners and Hyperplane Venture Capital


Series C

Transaction Overview Notarize Overview

$26MM Raised

Headquarters: Boston, MA

Founded: 2015

CEO: Patrick Kinsel

Description: Provider of a document management platform oriented towardsthe real estate industry, allowing consumers and enterprises suchas lenders, insurers and title agents to sign and notarizedocuments online

Current Investors:

NOTARIZE RAISES $25.7MM IN SERIES C ROUND

Notarize Highlights

Notarize has been on a trajectory from day one, influencing

legislation and building the technology, relationships and

infrastructure to change business processes, while also creating a

superior customer experience for an antiquated process. Notarize

saw the potential to address the pain points of traditional notary

with a secure, streamlined solution that is already saving

government, businesses and consumers countless hours and

dollars. ”

“


Dave Barrett, Managing Partner,

Polaris

Notarize Fundraising Timeline


($MM) Seed Series A Series B-I Series B-II Series C

Date 5/15/15 7/5/16 4/20/19 9/4/19 4/15/20

Equity Raised $2.5 $8.5 $20.0 $17.0 $25.7

Total Raised to Date $2.5 $11.0 $31.0 $48.0 $73.7

Notarize Products

eSignElectronically sign any document

Free service

Online NotarizationConnect with a commissioned notary public

24x7 to sign & notarize documents

Real Estate ClosingsSigners can electronically review, sign and

notarize real estate documents

Connects the mortgage industry on 1 platform

Available 24/7

Legally Sign &

Notarize Documents

100% Online

Subscription and Per-

Notarization Pricing

Plans

2424Source: Pitchbook, 451 Research, press releases.

HEALTHY M&A MARKET

• 1H 2020 M&A activity

− 72% strategic acquirers

− 28% financial acquirers

($MM)

Select U.S. 1H 2020 PropTech M&A Transactions1H 2020 U.S. PropTech M&A Activity

Buyer Target Announced DateEnterprise

Value

6/24 NA

6/24 NA

5/13 $190

3/3 NA

2/25 $7,100

2/13 $350

2/11 $588

1/22 NA

1/22 NA

1/14 NA

1/8 NA

26 27

24

27

30

23

19

17

Q3-18 Q4-18 Q1-19 Q2-19 Q3-19 Q4-19 Q1-20 Q2-20

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FIRST AMERICAN FINANCIAL ACQUIRES DOCUTECH

FAF 3-Year Stock Price Performance & Acquisition History

Transaction Overview FAF Financial Detail(1)

− On February 13, First American Financial Corporation (NYSE:FAF) announced its acquisition of Docutech for $350MM from Founder & Chairman Ty Jenkins and investor Serent Capital. The transaction closed on March 3

− The all-cash deal is expected to be accretive to FAF’s full-year 2020 EPS by $0.10

− Docutech’s leadership and staff are expected to remain with the Company following the transaction

February 13, 2020

December 8, 2017

Acquired

Closed

$350MM

(Lien Release Business)

Source: Capital IQ as of 7/10/20, Wall Street Research, Company websites, press releases and earnings transcripts.(1) Projected figures per Wall Street research consensus.

$5,772 $5,748 $6,202

$5,407

$5,974

$777 $790 $1,091

$614 $734

CY17A CY18A CY19A CY20E CY21E

Revenues Adj. EBITDA

CAGR: -

1%

CAGR: 1%

($MM)


Revenues $5,772 $5,748 $6,202 $5,407 $5,974

% Growth 3.5% (0.4%) 7.9% (12.8%) 10.5%

Adj. EBITDA $777 $790 $1,091 $614 $734

% Margin 13% 14% 18% 11% 12%

Adj. EPS $3.70 $4.68 $5.81 $3.45 $3.70

Stock Data 7/10/20 Valuation Multiples

Closing Price $47.77 EV / CY19A Revenue 1.0x

52 Week High $66.78 EV / CY20E Revenue 1.1x

52 Week Low $29.36

EV / CY19A Adj. EBITDA 5.5x

FD Shares Outstanding 113.7 EV / CY20E Adj. EBITDA 9.8x

Equity Value $5,429

Plus: Debt & Minority Interest $1,623 Price / CY19A EPS 8.2x

Less: Cash and Equivalents ($1,050) Price / CY20E EPS 13.8x

Enterprise Value $6,003

2626

Founded in 1889, First American

Financial is a financial services

provider focusing on the real estate

industry, offering insurance (title

and home), lender solutions and real

estate data & analytics

Select Transaction Commentary

FIRST AMERICAN FINANCIAL ACQUIRES DOCUTECH (CONT’D)

Founded in 1991, Docutech provides

dynamic document technologies

that streamline and financial

transactions for consumers and

lenders. The company generates

revenue on a per-order model

Source: Company websites and press releases.

The acquisition of Docutech will give FAF an end-to-end digital mortgage

platform, improving connectivity with lender customers and providing

additional upside in the origination market

Strategic Rationale Select Docutech Customers / Partners

[This acquisition] reflects our dedication to improving the home-

buying experience and driving the digital transformation of the

real estate settlement process. Together, we’re uniquely

positioned to provide collateral file management from the

inception of the mortgage process through post-closing, which will

help accelerate the evolution of real estate closings.”

“

Dennis Gilmore, CEO, First

American Financial

+175 Lenders

Docutech Offerings

Docutech’s flagship solution dynamically

creates document packages, leveraging

integrations with loan origination systems

to eliminate data entry, improve

compliance, reduce operational costs and

accelerate transactions. The platform

supports first mortgage, home equity and

personal unsecured loan lending

ConformXDocument generation engine for the

lending industry

SolexeDelivery, eSign, eClose and eVault

platform, integrating with ConformX

Processes 15%+ of U.S.

mortgage volume

Solex Collaboration PlatformAutomates settlement/closing agent

fee verification for mortgage lenders

Income VerificationAutomates tax transcript processing to

verify income and improve compliance

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CoStar Group 3-Year Stock Price Performance & Select Acquisition History

Transaction Overview CoStar Group Financial Detail(1)

COSTAR ACQUIRES RENTPATH

− On February 11, CoStar Group announced its plan to acquire the assets of RentPath from TPG Capital and Providence Equity

− The all-cash deal is valued at $588MM, ~2.6x EV / 2019A Revenue and ~12.5x EV / 2019A EBITDA. RentPath’s revenue and EBITDA declined by 9% and 28% from 2018, respectively

− CoStar plans to integrate RentPath’s assets in its Apartments.com network

June 20, 2019

October 12, 2018

November 8, 2018

September 12, 2017

October 1, 2019

Acquired

Closed

$588MM


February 11, 2020July 18, 2017

June 24, 2020

$965

$1,192

$1,400

$1,600

$1,858

$280

$418 $507 $510

$645



CAGR:

23%

CAGR: 18%

2828

We are very excited to be joining

CoStar as part of the

Apartments.com network. Our

customers have an ever increasing

number of choices when

considering where to spend their

marketing dollars. With CoStar’s

commitment to invest in the

RentPath family of sites, we will be

in a position to offer our customers

the best options to reach potential

renters.

Marc Lefar, CEO,

RentPath

Founded in 1987, CoStar conducts

expansive, ongoing research to

produce and maintain the largest

and most comprehensive database

of commercial real estate

information

RentPath HighlightsStrategic Rationale


COSTAR ACQUIRES RENTPATH (CONT’D)

Founded in 1989, RentPath offers

digital marketing solutions for the

rental property industry through its

portfolio of well-known apartment

and home search websites

Source: Company websites, filings, earnings transcripts and press releases.

The acquisition of RentPath will significantly expand CoStar’s online rental

search market share, bringing it to 60,000+ advertising customers across the

combined network of websites, and allow it to target an expanded universe of

renter niches

CoStar expects to achieve significant integration synergies over 12-18 months,

allowing it to increase investment in marketing. The increased scale of CoStar’s

rental search business will also provide leverage to reduce advertising unit costs

CoStar plans to focus on overlooked market segments such as landlords with

smaller portfolios and properties with fewer than 100 units, offering the

integrated screening, leasing and rent payment tools developed for

Apartments.com on RentPath’s websites

RentPath has a 30-year track

record of outstanding service to

the multifamily industry,

developing thousands of

meaningful customer relationships

[…] We believe that RentPath’s

talented and experienced

employees will become valuable

contributors not only to our

Apartments.com network of sites

but across all of our marketplaces.

Andrew Florance,

Founder and CEO,

CoStar Group

28,000 core advertising

customers across network of

websites

9 million monthly unique visitors

in 2019

““

“

“

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INTUIT TO ACQUIRE CREDIT KARMA

Intuit 3-Year Stock Price Performance & Acquisition History

Transaction Overview Intuit Financial Detail(1)

− On February 24, Intuit Inc. (NasdaqGS:INTU) announced its acquisition of Credit Karma, Inc. for $7.1Bn. The transaction is scheduled to close in the second half of 2020

− By agreeing to acquire Credit Karma, a company with nearly $1 billion in unaudited revenue in calendar year 2019, up 20% from the previous year, Intuit accelerates its mission of powering prosperity around the world

To Acquire

Pending

$7.1Bn

February 24, 2020

November 18, 2019

May 15, 2019

November 28, 2018

January 22, 2018

November 6, 2017


$5,196

$6,025

$6,784 $7,406

$7,995

$1,642 $1,798

$2,481 $2,647 $2,908



CAGR: 15%

CAGR: 11%

($MM)


Revenues $5,196 $6,025 $6,784 $7,406 $7,995

% Growth 10.7% 16.0% 12.6% 9.2% 8.0%

Adj. EBITDA $1,642 $1,798 $2,481 $2,647 $2,908

% Margin 32% 30% 37% 36% 36%

Adj. EPS $3.78 $5.09 $6.78 $7.21 $7.86

Stock Data 7/10/20 Valuation Multiples

Closing Price $307.55 EV / CY19A Revenue 12.7x

52 Week High $314.73 EV / CY20E Revenue 11.6x

52 Week Low $187.68

EV / CY19A Adj. EBITDA 34.8x

FD Shares Outstanding 289.2 EV / CY20E Adj. EBITDA 32.6x

Equity Value $88,932

Plus: Debt & Minority Interest $663 Price / CY19A EPS 45.4x

Less: Cash and Equivalents ($3,371) Price / CY20E EPS 42.7x


3030

The platform, leveraging artificial intelligence and connections to over

100 financial partners, will help consumers:Founded in 2007 by Ken Lin, Credit Karma is a consumer technology

company that provides financing

services including identity

monitoring, applying for credit

cards, shopping for loans (car, home

and personal), filing their taxes


INTUIT TO ACQUIRE CREDIT KARMA (CONT’D)

Founded in 1983, Intuit is a global

financial platform company with

products including TurboTax,

QuickBooks, Mint and Turbo. Their

ecosystem of financial management

solutions serves approximately 50

million customers worldwide

Source: Company websites and press releases.

The combination brings together two technology leaders to help solve the

personal finance problems that consumers face today -- managing debt,

maximizing savings, access to better credit cards and loans -- with an aim to

put more money in consumers’ pockets

Strategic Rationale Combined Platform

Our mission is to power prosperity around the world with a bold

goal of doubling the household savings rate for customers on our

platform. We wake up every day trying to help consumers make

ends meet. By joining forces with Credit Karma, we can create a

personalized financial assistant that will help consumers find the

right financial products, put more money in their pockets and

provide insights and advice, enabling them to buy the home

they’ve always dreamed about, pay for education and take the

vacation they’ve always wanted.”

“

Sasan Goodarzi, CEO, Intuit

Credit Karma Business Model

Find the right financial products by matching consumers with pre-approved

offers on loans and credit cards with competitive interest rates that are right

for them.

Put more money in their pockets by connecting them to higher yield savings

accounts and, in the future, will provide faster access to their hard-earned

cash.

Provide insights and advice to help consumers make better decisions about

their money and improve their credit score.

RecommendationsScores & ReportsPaid by the Bank

or Lender

Use data to analyze

credit profile and

make product

recommendations

Get access to credit

scores and reports

from TransUnion and

Equifax, with weekly

updates

Get a product through

one of Credit Karma’s

recommendations, and

the bank or lender pays

the company

3131

CANNAE HOLDINGS UNSOLICITED OFFER SUMMARY TO CORELOGIC - SUBSEQUENTLY REJECTED BY CLGX

Summary of Offer Cannae Holdings (NYSE: CNNE) Summary

Source: Capital IQ as of 7/10/20, Wall Street Research, Company Filings and Press Release.

− CoreLogic (NYSE: CLGX) has received an unsolicited bid from Cannae Holdings (NYSE: CNNE) and Senator Investment Group to acquire the company for $65 per share in cash representing a 37% premium over CoreLogic’s unaffected stock price on June 15

− Cannae and Senator Investment jointly own about 15% of CoreLogic’s shares outstanding

− Cannae and Senator said that it’s prepared to take “all steps necessary” including calling a special meeting and launching a proxy fight if CoreLogic’s board isn’t willing to engage

− CoreLogic’s Board of Directors said that Cannae and Senator hadn’t previously expressed interest in acquiring the company but will carefully review the proposal with the assistance of financial and legal advisors to determine the best course of action

− First American had a ROFR on any CLGX takeover offers that expired on June 1st of this year

− On July 7, Corelogic’s Board voted Unanimously To Reject Cannae’s offering, calling the bid undervalued and raising serious regulatory concerns

− Holding company engaged in actively managing and operating a group of companies and investments as well as making additional majority and minority equity portfolio investments in businesses

− Primary investments include minority ownership interested in Dun & Bradstreet, Ceridian, and Coding Solutions and majority ownership stakes in O’Charley’s, 99 Restaurants and various other equity and debt investments in real estate, financial services and healthcare technology

− Cannae is externally managed by Trasimene Capital and led by Bill Foley

− As of 3/31/20, the portfolio has a book value of ~$2.2Bn including approximately $399MM of holding company cash and no holding company debt

CoreLogic (NYSE: CLGX) Summary

CLGX Stock Chart

− Provider of global property information, analytics, data-enabled software platforms and services that address the unique needs of the mortgage, real estate, insurance, capital, public sector and rental property markets

− The Property Intelligence & Risk Management Solutions (“PIRM”) segment combines property information, mortgage information and consumer information to deliver unique housing market and property-level insights, predictive analytics and risk management capabilities

− The Underwriting & Workflow Solutions (“UWS”) segment combines property, mortgage and consumer information to provide comprehensive mortgage origination and monitoring solutions, including, underwriting-related solutions, and data-enabled valuations and appraisals

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June 15, 2020:Unsolicited Bid from

Cannae Holdings

3232

CANNAE HOLDINGS UNSOLICITED OFFER SUMMARY TO CORELOGIC - SUBSEQUENTLY REJECTED BY CLGX (CONT’D)

Source: Capital IQ as of 7/10/20, Wall Street Research.(1) VWAP calculated using number of trading days, not calendar days.(2) Offer equity value based on FDSO that includes PBRSUs and RSUs.(3) Assumes net debt of $1,612.

(4) LTM is twelve months prior to Q1’20. NTM is twelve months beginning Q2’20.(5) As of 7/10/20.(6) Capital IQ as of 7/14/20.(7) Cannae and Senator ownership % based on offer press release.

Deal Multiples and Share Premium / (Discount)

Pre

-Off

erB

idC

urr

ent(

5)

CLGX Financial Profile ($67.17 Share Price) CLGX Top 10 Shareholders

($MM) CY ’17A CY ’18A CY ’19A CY ’20E

Revenue $1,851 $1,788 $1,762 $1,708

Y/Y Growth (5.2%) (3.4%) (1.5%) (3.1%)

Adj. EBITDA $480 $493 $497 $513

Adj. EBITDA Margin 25.9% 27.6% 28.2% 30.0%

Market Cap $5,484 EV / Rev: 4.0x 4.2x

Cash & Equiv. $153 EV / EBITDA: 14.3x 13.8x

Total Debt $1,765


Premium / (Discount) To: Valuation Multiples 4

$MM, except per share data 52 Week Range Volume-Weighted Average Price1

Current Price Low High

30-Day

VWAP

60-Day

VWAP

90-Day

VWAP

LTM

VWAP

Equity

Value2Enterprise

Value3LTM

Revenue

NTM

Revenue

LTM Adj.

EBITDA

NTM Adj.

EBITDA

Metric: $67.17 $24.69 $69.36 $58.72 $54.61 $49.14 $45.56 $1,788.4 $1,687.9 $530.1 $510.4

$52.93 (21%) 114% (24%) (10%) (3%) 8% 16% $4,322 $5,934 3.3x 3.5x 11.2x 11.6x

$65.00 (3%) 163% (6%) 11% 19% 32% 43% $5,307 $6,919 3.9x 4.1x 13.1x 13.6x

$67.17 0% 172% (3%) 14% 23% 37% 47% $5,484 $7,097 4.0x 4.2x 13.4x 13.9x

HolderCommon Stock

Equivalent Held(6)% Of CSO

9,871,904 12%

7,746,628 10%

6,824,557 9%

4,378,546 6%

2,970,000 4%

2,503,199 3%

2,350,000 3%

2,005,861 3%

1,970,995 2%

1,931,184 2%

Cannae and Senator jointly

own 15% of CSO(7)

3333

(70%)

(50%)

(30%)

(10%)

10%

30%

50%

70%

Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20

20%

34%

(25%)

21%

(27%)

(17%)

52%

28%

(19%)

(27%)

Credit / Mortgage Marketing


LTM Share Price Performance

PUBLIC COMPANY PERFORMANCE

RE Media / Portals

Property Mgmt Software

RE Sharing Economy / Travel

Residential Brokerage

LTM Share Price Performance

20%

Property Management

Software

Public Real Estate Technology Ecosystem

RE Data / RE Software

(25%)

Traditional Mortgage / Title

28%

Broader Data

Broader DataCommercial Brokerage

(19%)

Commercial Brokerage

21%

RE Media / Portals

(17%)


52%


34%


Source: Capital IQ as of 7/10/20.


Intra-COVID March

Market Low

RDFN: 107%EXPI: 57%RLGY: 23%

RMAX: (4%)PURP: (52%)

3434

Enterprise Value / 2020E Revenue Enterprise Value / 2020E EBITDA

Public Real Estate Technology Ecosystem

PUBLIC COMPANY VALUATION

Source: Capital IQ as of 7/10/20.Multiples represent median value of sector group.eXp World Holdings and Purplebricks Group excluded from Residential Brokerage’s EV / EBITDA calculation.

2020E Revenue / 2020E EBITDA Multiple


Traditional Mortgage

/ Title

RE Sharing Economy /

Travel



Property Mgmt

Software

RE Media / Portals

Broader Data



Traditional Mortgage

/ Title

RE Sharing Economy /

Travel



Property Mgmt

Software

RE Media / Portals

Broader Data


4.4x / 15.5x


6.7x / 29.2x

Property Management

Software

1.1x / 8.2x


7.5x / 20.7x

Broader Data

0.9x / 11.2x


16.8x / 30.5x

RE Media / Portals

3.9x / 34.6x


1.1x / 17.1x


4.0x / 21.3x


16.8x

7.5x 6.7x

4.4x 4.0x 3.9x

1.1x 1.1x 0.9x

34.6x30.5x 29.2x

21.3x 20.7x17.1x 15.5x

11.2x8.2x

3535

I. COVID-19 UPDATE


APENDIX

3636

6/30/2020 NA NA NA NA NA Provider of CMA platform that assists real estate agents with managing deals and graphics generation

6/25/2020 NA NA NA NA NA Provider of mortgage lending and real estate software solution that maximizes repeat business for lenders and

agents by empowering consumers to build wealth through homeownership

6/24/2020 NA NA NA NA NA Provider of real estate search applications, which actively manages over $1 trillion worth of active listings data

from over 600 individual Multiple Listings Services (MLS)

6/24/2020 NA NA NA NA NA Provider of a residential real estate search site and end-to-end platform for consumers and agents to

collaborate

6/11/2020 NA NA NA NA NA Provider of a cloud-based platform for institutional real estate investors and global property managers

6/11/2020 NA NA NA NA NA Provider of a technology platform designed to build highly personalized, premium prefab homes

6/4/2020 NA NA NA NA NA Provider of professional appraisal management services

5/13/2020 NA NA NA NA NA Provider of tools to access data across the entire enterprise that optimize space use, meeting room

coordination, workplace moves, and asset management

5/13/2020 $190 3.3x NA NA NA Provider of a platform for digital commercial real estate transactions that accelerates the property sales process

4/2/2020 NA NA NA NA NA Provider of a web-based real estate financial modeling, analysis, and presentation application that includes a

suite of smart, flexible models, calculators, and tools for the single-family real estate sector

3/31/2020 NA NA NA NA NA Provider of software solutions for the UK social housing sector

3/9/2020 NA NA NA NA NA Provider of a visual marketing platform designed to offer videos and 3D models

3/3/2020 NA NA NA NA NA Provider of automated valuation models and other property valuation tools for appraisers, appraisal

management companies, lenders, investors and government agencies

2/25/2020 7,100 7.1x NA NA NA Developer of financial education and recommendation platform intended to offer free credit scores and

reports with monitoring

2/19/2020 NA NA NA NA NA Provider of online commercial real estate marketplace that connects tenants and buyers with brokers

2/13/2020 350 NA NA NA NA Provider of document, eSign, eClosing and compliance technology

2/11/2020 588 2.6x NA 12.5x NA Operator of a series of websites for marketing apartments, including Rent.com and ApartmentGuide.com

1/22/2020 NA NA NA NA NA Provider of multifamily real estate resident engagement solution

1/22/2020 NA NA NA NA NA Provider of geographic data sciences and predictive, location-based analytics for businesses across the U.S. and

Canada

1/14/2020 NA NA NA NA NA Provider of client relationship management (CRM) software company for CRE brokers

APPENDIX

($MM)

Select M&A Activity

Date Enterprise EV / Revenue EV / EBITDA

Announced Acquirer Target Value LTM NTM LTM NTM Target Description

Source: Capital IQ as of 6/30/20, Pitchbook, Company filings.

20

20

3737

1/8/2020 NA NA NA NA NA Provider of property management software and services for public and affordable housing organizations in the

United States

12/18/2019 NA NA NA NA NA Provider of data science, machine learning and human interaction to help real estate professionals better

leverage the value of their personal network

12/18/2019 NA NA NA NA NA Provider of technology for home subscription sign-ups, and associated concierge offerings

12/11/2019 NA NA NA NA NA Provider of an Investor Relationship Management (IRM) platform

12/6/2019 NA NA NA NA NA Provider of augmented reality technology for home improvement technicians

11/19/2019 NA NA NA NA NA Provider of a system designed to integrate artificial intelligence and machine learning solutions into an

organization's overall business strategy

11/12/2019 NA NA NA NA NA Provider of real estate marketing automation services

11/7/2019Global R elocat ion B usiness

$400 NA NA NA NA Provider of Relocation assets of Realogy's Cartus subsidiary

11/6/2019 580 11.6x NA NA NA Provider of property management SaaS solutions

11/6/2019 NA NA NA NA NA Provider of an automated RFP solution for commercial real estate property managers

10/28/2019 NA NA NA NA NA Provider of cloud-based document management technologies for the mortgage industry

10/16/2019 NA NA NA NA NA Provider of a lease automation and software platform for retail landlords

10/1/2019 450 7.0x NA 28.1x NA Provider of data benchmarking, analytics and marketplace insights to global hospitality sectors

10/1/2019 NA NA NA NA NA Provider of a search platform for real estate properties designed to collaborate and make the process of finding

and purchasing a home more efficient and personalized

9/25/2019 NA NA NA NA NA Provider of property tax management services to lenders, real estate investment trusts, and property

management companies

9/20/2019 152 NA NA NA NA Provider of storage facility services

9/12/2019 NA NA NA NA NA Developer of a software platform for real estate brokers

9/10/2019 NA NA NA NA NA Provider of an end to end marketplace designed to make renting apartments easy

9/6/2019 NA NA NA NA NA Provider of a showing scheduling platform for the residential real esttate industry

9/5/2019 NA NA NA NA NA Provider of national residential and commercial title and escrow services

APPENDIX

($MM)

Select M&A Activity (cont’d)



Source: Capital IQ as of 6/30/20, Pitchbook, Company filings.(1) LTM multiples reflect 2019E figures.

(1) (1)

20

19

20

20

3838

8/27/2019 NA NA NA NA NA Platform offering empty restaurant spaces as co-working spaces during the closed hours

8/22/2019 NA NA NA NA NA Largest vacation rental marketplace in the Canadian market

8/21/2019 NA NA NA NA NA Provider of an end-to-end SaaS platform for the residential real estate industry, offering various agent

productivity tools

8/19/2019 NA NA NA NA NA Predictive analytics and data-driven marketing automation platform for the residential real estate industry

8/8/2019 NA NA NA NA NA Provider of business intelligence software for the construction industry

8/6/2019 NA NA NA NA NA Online marketplace for furnished apartments aimed at the vacation, business and student markets

8/31/2019 NA NA NA NA NA Provider of AI-powered data extraction solutions for real estate and corporate documents

7/30/2019 NA NA NA NA NA Workplace real estate management and operations platform, offering space planning and portfolio

optimization

7/24/2019 NA NA NA NA NA Real estate investment analytics platform offering valuation tools

7/16/2019 NA NA NA NA NA Provider of project management software for commercial property owners and developers

7/10/2019 NA NA NA NA NA Tech-enables direct mortgage lender targeting the luxury buyer segment

7/9/2019 NA NA NA NA NA Provider of a predictive listing and lead generation platform for the rresidential real estate industry

6/20/2019 NA NA NA NA NA Online multifamily marketplace service for student housing in the United States

6/20/2019 NA NA NA NA NA provider of technology for tracking and engaging potential multifamily property residents and analyzing

marketing returns

6/12/2019 NA NA NA NA NA Provider of advisory services, data management, partner management, application management and data

analytics for the commercial real estate industry

6/4/2019 NA NA NA NA NA The credit, flood, income and tax verification services, government services, REO management and disposition,

online foreclosure auction and homeowners association (HOA) tracking units of Chronos Solutions

6/3/2019 NA NA NA NA NA Provider of research, data and analytics to the commercial real estate industry in North America and Europe

5/23/2019 NA NA NA NA NA Provider of ERP software and SaaS for the multifamily and commercial real estate sectors, providing features

for accounting, budgeting and forecasting, job costing, lease management, reporting and Web design

5/13/2019 NA NA NA NA NA Online marketplace and SaaS platform supporting commercial real estate (“CRE”) brokers through property

marketing, transaction management and business intelligence tools

5/13/2019 NA NA NA NA NA Provider of cloud-based real estate and location data platforms serving more that 350,000 business and

government users

(Select Businesses)

APPENDIXSelect M&A Activity (cont’d)

($MM)



20

19

Source: Capital IQ as of 6/30/20, Pitchbook, Company filings.

3939

5/3/2019 $500 NA NA NA NA Provider of cloud-based operations management software that automates enterprise asset management

workflows such as work order, inventory, energy, capital planning and facility scheduling

5/1/2019 335 NA NA NA NA Operator of a network connecting agents and jurisdictions that underpin residential mortgage records,

streamlining the local recording of residential mortgage transactions

4/22/2019 NA NA NA NA NAProvider of real etstate transaction forms and transaction management software for the residential real estate

industry

4/17/2019 NA NA NA NA NAOnline mortgage lender leveraging advanced analytics to offer no origination fees, fast approvals and

competitive rates

4/3/2019 220 NA NA NA NA Provider of an office space management platform and office management logistics

4/1/2019 NA NA NA NA NA Provider of loan origination and servicing software systems for the residential real estate lending industry

3/26/2019 NA NA NA NA NA Provider of an operational cost analytics platform for commercial real estate facilities

3/19/2019 2,083 3.1x 3.1x 12.3x 12.3x Provider of capital markets and brokerage services to owners of commercial real estate

3/13/2019 205 NA NA NA NA Provider of environmental due diligence information

3/7/2019 ~400 NA NA NA NA Provider of an online hotel booking platform offering low rates on last-minute bookings

3/5/2019 NA NA NA NA NA Operator of a real estate appraisal firm that specializes in right-of-way appraisal and litigation

3/4/2019 NA NA NA NA NA Operator of a luxury residential real estate company focusing on the San Francisco Bay Area

3/1/2019 NA NA NA NA NA Provider of an online real estate brokerage offering low-cost home sales

2/27/2019 NA NA NA NA NA Provider of AI-based customer relationship management SaaS to real estate brokers and agents

2/14/2019 NA NA NA NA NAProvides an online platform for home exchanges, connecting like-minded travelers and enabling them to swap

vacation homes

2/12/2019 3,390 7.1x 6.3x 27.7x 21.9x Provider of loan origination SaaS for the financial sector

2/7/2019 NA NA NA NA NA Provider of residential real estate workflow and transaction management software

2/7/2019 NA NA NA NA NA Developer of a data platform that tracks the identity and behavior of people in the physical world

2/4/2019 NA NA NA NA NA Provider of operating cost analytics software for large data center operators

1/9/2019 / NA NA NA NA NA Provider of applicant screening platforms for the multifamily real estate industry and corporate employers


($MM)

($MM)



Source: Capital IQ as of 6/30/20, Pitchbook, Company filings.(1) Per Skift report, 3/8/19.(2) EBITDA multiples based on adjusted EBITDA.

(2) (2)

(1)

20

19

4040

1/8/2019 NA NA NA NA NA Provider of an AI tool that automates leasing communication for property managers

1/7/2019 NA NA NA NA NA Provider of national real estate data and analytics

12/21/2018 $105 6.3x NA 8.8x NAProvider of an online analysis website for consumers seeking advice on financial topics such as insurance,

investing and credit cards

12/20/2018 275 NA NA NA NADeveloper of a construction bid management platform designed to connect businesses in the construction

industry

12/17/2018 NA NA NA NA NA Provider of marketing services for real estate in Chantilly, Virginia

12/6/2018 NA NA NA NA NA Provider of real estate settlement and title underwriting services

12/6/2018 NA NA NA NA NAProvider of an online hotel booking platform intended to serve the travelers, expets and locals around the

world

12/5/2018 NA NA NA NA NA Provider of software designed to offer workplace space management and optimization

11/21/2018 NA NA NA NA NAProvider of appraisal and title management services to mortgage originators, quality control companies, due

diligence firms, and other institutions involved in the real estate finance industry

11/20/2018 875 NA 8.8x NA NA Developer of a construction productivity software intended to deliver real-time project information

11/8/2018 68 NA NA NA NAProvider of an online property rental management platform designed to make the rental process simple,

secure and intuitive

11/6/2018 NA NA NA NA NA Provider of information services that help clients in processing real estate transactions

10/25/2018 NA NA NA NA NA Developer of a property management platform designed to offer information on short-term rentals

10/22/2018 122 3.5x NA 40.2x NAProvides SaaS-based insurance claims management mobile applications for businesses in the property and

health insurance sector Also provides insurance claims analytics and change management services

10/12/2018 57 NA 6.3x NA NA Developer of data analytics platform intended to provide business intelligence to manage properties

10/4/2018 370 2.4x NA 14.5x NAProvides an online automotive, home, renter's and health insurance quote comparison service for consumers

as well as lead generation services for insurance agents and other businesses

10/2/2018 NA NA NA NA NA Operates a high-end serviced home rentals platform for rental properties in sixteen countries around the world

10/1/2018 NA NA NA NA NALoanDecisions, LoanLogics' product, pricing and eligibility (PPE) unit, offers a platform that allows lenders to

quickly process and price mortgages and other loan products

9/11/2018 NA NA NA NA NA Provides an online marketplace designed to make buying a home simple and affordable

8/30/2018 263 5.1x 4.6x 17.0x 14.9x Provides information and marketing services to the commercial real estate industry

(LoanDecisions Unit)


($MM)

($MM)



(1)

Source: Capital IQ as of 6/30/20, Pitchbook, Company filings.(1) Includes $70.2MM in potential earn-outs.

20

18

20

19

4141

8/29/2018 NA NA NA NA NA Leading luxury real estate brokerage serving California

8/29/2018 $210 NA NA NA NADevelops an online real estate referrals platform designed to match top agents with qualified home buyers and

sellers in real-time

8/22/2018 NA NA NA NA NA Provides an online platform designed to offer on-demand home repair services

8/8/2018 6,675 3.7x 3.8x 12.5x 12.6x Provider of business information and software for risk and supply management decisions

8/6/2018 NA NA NA NA NA Operates an online direct mortgage lending company

8/2/2018 117 5.9x NA NA NA Operates an innovative interactive media company intended to support the apartment industry

8/2/2018 NA NA NA NA NAFocuses on reducing expense and exposure of clients' portfolios from origination to disposition, enabling

clients to manage risk across the mortgage lifecycle

7/31/2018 2,000 7.4x NA 20.0x NA Provides enterprise contract management software

7/10/2018 NA NA NA NA NADevelops whole loan mortgage trade management software intended to bring automation and transparency to

the spot market for mortgage loans

7/10/2018 NA NA NA NA NA Develops cloud-based software intended to improve government processes

7/9/2018 NA NA NA NA NA Operates a residential real estate brokerage in the San Francisco Bay Area

7/2/2018 39 1.1x NA 12.2x NA Provides commission free real estate services

6/12/2018 290 NA NA NA NADevelops real-time facility support software services intended for facility maintenance management and

process optimization

6/6/2018 NA NA NA NA NAProvides software which helps maintenance teams manage work orders, organize / execute preventative

maintenance, predict asset maintenance and manage enterprise assets and equipment inventory

6/4/2018 NA NA NA NA NA Developer of facility scheduling and event management software

6/4/2018 NA NA NA NA NA Develops a mortgage processing software designed to accelerate the speed and scaling of mortgage processing

5/11/2018 3,208 9.7x 7.6x 27.8x 19.6xProvides a searchable real estate classified ads website of properties for sale or rent for consumers in the UK

Also provides online home value reference content and related rental mobile apps

5/1/2018 97 NA NA NA NA Provider of property data analytics to the financial sector

4/23/2018 1,200 NA 6.0x NA NA Provides cloud, SaaS, and on premise commercial construction software solutions

4/20/2018 219 9.9x 6.8x NA NA Provides a SaaS-based payment and billing platform for the multi-family and commercial real estate industry

Mean 5.7x 5.9x 19.5x 16.3x

Median 5.9x 6.3x 15.7x 14.9x

(Australia)

(Mortgage Solutions Business)


($MM)

($MM)



(1)

Source: Capital IQ as of 6/30/20, Pitchbook, Company filings.(1) Includes $14.0MM in potential earn-outs.

20

18

4242

REAL ESTATE TECHNOLOGY ECOSYSTEM

Source: Capital IQ as of 7/10/20.“NM” signifies multiple >40x.

($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 07/10/20 Value Debt Value CY19A CY20E CY19A CY20E CY19A CY20E 18A/19A 19A/20E CY19A CY20E

RE Media / Portals

CoStar Group, Inc. $722.03 $28,171 ($1,038) $27,133 $1,400 $1,600 19.4x 17.0x NM NM 17.5% 14.3% 36.2% 31.9%

Zillow Group, Inc. $61.75 13,642 (282) 13,360 2,743 2,664 4.9x 5.0x NM NM 105.7% (2.9%) 1.4% 4.0%

Scout24 AG $82.19 8,428 (2,264) 6,163 393 364 15.7x 16.9x 26.3x 28.6x 4.1% (7.3%) 59.7% 59.1%

REA Group Limited $72.83 9,593 169 9,762 610 585 16.0x 16.7x 28.5x 32.4x (7.5%) (4.1%) 56.2% 51.5%

Rightmove plc $6.97 6,068 (32) 6,036 383 249 15.8x 24.2x 19.6x 34.0x 12.1% (34.9%) 80.6% 71.1%

LIFULL Co., Ltd. $3.87 519 (2) 517 377 299 1.4x 1.7x 11.2x 12.0x 18.8% (20.8%) 12.3% 14.5%

RE Media / Portals

Mean 12.2x 13.6x 21.4x 26.8x 25% (9%) 41% 39%

Median 15.7x 16.8x 22.9x 30.5x 15% (6%) 46% 42%


Black Knight, Inc. $71.15 $11,057 $1,118 $12,175 $1,178 $1,178 10.3x 10.3x 20.9x 21.0x 5.7% 0.0% 49.5% 49.1%

CoreLogic, Inc. $67.17 5,484 1,612 7,097 1,762 1,708 4.0x 4.2x 14.3x 13.8x (1.5%) (3.1%) 28.2% 30.0%

Altus Group Limited $30.24 1,203 124 1,327 433 400 3.1x 3.3x 20.0x 21.6x 15.9% (7.6%) 15.3% 15.4%

Real Matters Inc. $21.85 1,845 (81) 1,764 359 451 4.9x 3.9x NM 24.1x 34.0% 25.7% 10.8% 16.2%


Mean 5.6x 5.4x 18.4x 20.2x 14% 4% 26% 28%

Median 4.5x 4.0x 20.0x 21.3x 11% (2%) 22% 23%

Property Management Software

RealPage, Inc. $66.21 $6,555 $1,099 $7,653 $985 $1,137 7.8x 6.7x 27.2x 25.9x 13.3% 15.4% 28.6% 26.0%

AppFolio, Inc. $161.28 5,524 69 5,593 255 316 21.9x 17.7x NM NM 34.4% 23.6% 14.3% 14.5%

Agilysys, Inc. $17.27 401 (31) 369 156 142 2.4x 2.6x 31.6x 32.5x 14.7% (9.1%) 7.5% 8.0%

Property Management Software

Mean 10.7x 9.0x 29.4x 29.2x 21% 10% 17% 16%

Median 7.8x 6.7x 29.4x 29.2x 15% 15% 14% 15%


eXp World Holdings, Inc. $16.25 $1,091 ($41) $1,050 $980 $1,298 1.1x 0.8x NM 31.7x 95.9% 32.4% 1.3% 2.6%

Purplebricks Group plc $0.64 198 (51) 146 155 134 0.9x 1.1x NM NM (5.2%) (13.3%) (14.5%) 1.9%

Realogy Holdings Corp. $7.22 833 3,987 4,820 5,808 4,486 0.8x 1.1x 8.2x 17.1x (4.5%) (22.8%) 10.2% 6.3%

Redfin Corporation $37.14 3,682 (49) 3,633 764 812 4.8x 4.5x NM NM 56.9% 6.3% (6.1%) (5.8%)

RE/MAX Holdings, Inc. $30.60 555 204 759 282 263 2.7x 2.9x 7.3x 8.7x 32.8% (6.8%) 36.6% 33.2%


Mean 2.1x 2.1x 7.7x 19.2x 35% (1%) 6% 8%

Median 1.1x 1.1x 7.7x 17.1x 33% (7%) 1% 3%

4343

REAL ESTATE TECHNOLOGY ECOSYSTEM (CONT’D)







CBRE Group, Inc. $44.20 $14,474 $3,721 $18,194 $23,613 $22,919 0.8x 0.8x 8.7x 11.4x 10.7% (2.9%) 8.8% 7.0%

Colliers International Group Inc. $54.20 2,168 923 3,091 3,056 2,512 1.0x 1.2x 8.5x 11.9x 8.2% (17.8%) 11.9% 10.3%

Cushman & Wakefield plc $11.47 2,528 3,011 5,539 8,735 8,049 0.6x 0.7x 7.8x 11.2x 6.3% (7.8%) 8.1% 6.2%

Jones Lang LaSalle Incorporated $104.37 5,389 3,325 8,713 10,017 9,174 0.9x 0.9x 8.0x 11.2x 10.2% (8.4%) 10.8% 8.4%

Newmark Group, Inc. $4.41 786 1,614 2,400 2,252 1,900 1.1x 1.3x 4.2x 5.7x 20.7% (15.6%) 25.2% 22.3%

Savills plc $10.11 1,386 316 1,702 2,560 2,302 0.7x 0.7x 6.7x 6.2x 14.0% (10.1%) 9.9% 11.8%

Marcus & Millichap, Inc. $27.64 1,086 (248) 838 786 642 1.1x 1.3x 7.5x 18.3x 5.2% (18.3%) 14.1% 7.1%


Mean 0.9x 1.0x 7.4x 10.8x 11% (12%) 13% 10%

Median 0.9x 0.9x 7.8x 11.2x 10% (10%) 11% 8%


Fidelity National Financial, Inc. $30.61 $9,158 ($564) $8,594 $7,926 $6,735 1.1x 1.3x NM NM 55.8% (15.0%) 0.0% 0.0%

First American Financial Corporation $47.77 5,429 573 6,003 6,202 5,407 1.0x 1.1x 5.5x 9.8x 7.9% (12.8%) 17.6% 11.4%

Radian Group Inc. $13.80 2,627 153 2,780 1,494 1,328 1.9x 2.1x NM NM 13.9% (11.1%) NA NA

Stewart Information Services Corporation $32.69 774 (84) 691 1,936 1,800 0.4x 0.4x 3.8x 6.7x 1.5% (7.0%) 9.4% 5.8%

Altisource Portfolio Solutions S.A. $12.40 193 197 390 634 393 0.6x 1.0x 6.3x NM (24.3%) (38.0%) 9.7% 2.3%


Mean 1.0x 1.2x 5.2x 8.2x 11% (17%) 9% 5%

Median 1.0x 1.1x 5.5x 8.2x 8% (13%) 10% 4%


LendingTree, Inc. $302.40 $3,951 $378 $4,328 $1,114 $882 3.9x 4.9x 21.4x 34.0x 45.6% (20.8%) 18.2% 14.5%

Moneysupermarket.com Group PLC $3.79 2,036 14 2,049 513 462 4.0x 4.4x 11.1x 13.3x 13.2% (10.0%) 36.1% 33.3%

QuinStreet, Inc. $10.39 540 (83) 457 479 458 1.0x 1.0x 13.5x 15.5x 7.3% (4.5%) 7.1% 6.4%


Mean 2.9x 3.4x 15.3x 20.9x 22% (12%) 20% 18%

Median 3.9x 4.4x 13.5x 15.5x 13% (10%) 18% 14%


Booking Holdings Inc. $1,707.40 $69,885 $2,025 $71,910 $15,066 $7,065 4.8x 10.2x 12.3x 34.6x 3.7% (53.1%) 38.9% 29.4%

Expedia Group, Inc. $83.54 11,778 3,278 15,056 12,067 6,315 1.2x 2.4x 7.1x NM 7.5% (47.7%) 17.7% 2.6%

TripAdvisor, Inc. $19.61 2,632 (73) 2,559 1,561 660 1.6x 3.9x 5.9x NM (3.3%) (57.7%) 28.0% (10.3%)


Mean 2.6x 5.5x 8.4x 34.6x 3% (53%) 28% 7%

Median 1.6x 3.9x 7.1x 34.6x 4% (53%) 28% 3%

4444

REAL ESTATE TECHNOLOGY ECOSYSTEM (CONT’D)






Broader Data

Experian plc $35.14 $31,886 $4,245 $36,131 $5,002 $5,034 7.2x 7.2x 21.3x 20.7x 3.3% 0.6% 33.8% 34.6%

TransUnion $83.05 15,763 3,498 19,261 2,648 2,571 7.3x 7.5x 18.3x 20.5x 14.3% (2.9%) 39.7% 36.6%

Equifax Inc. $163.11 19,799 3,138 22,937 3,503 3,664 6.5x 6.3x 19.5x 19.1x 2.7% 4.6% 33.6% 32.7%

Moody's Corporation $292.92 54,927 5,110 60,037 4,783 4,847 12.6x 12.4x 25.9x 26.1x 7.7% 1.3% 48.4% 47.4%

Fair Isaac Corporation $412.17 11,954 945 12,899 1,185 1,212 10.9x 10.6x 33.9x 31.8x 15.1% 2.2% 32.1% 33.5%

Broader Data

Mean 8.9x 8.8x 23.8x 23.7x 9% 1% 38% 37%

Median 7.3x 7.5x 21.3x 20.7x 8% 1% 34% 35%

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This report was prepared by GCA Advisors, LLC, a registered broker-dealer and member of FINRA and SIPC. Sources of data include Capital IQ and other news organizations. Information obtained from third-party sources is considered reliable, but we do not guarantee that the information herein is accurate and complete. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. Recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision.

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