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REAL ESTATE SOLUTIONS QUARTERLY UPDATE
Brendan Ryan
Co-Head Technology amp Services
6174705671
brendanryanraymondjamescom
Ian OrsquoNeal
Senior Vice President
6176247011
ianonealraymondjamescom
Paul Fricilone
Senior Vice President
3126552608
paulfriciloneraymondjamescom
880 Carillon Pkwy St Petersburg FL 33716
Raymond James amp Associates Inc member New York Stock ExchangeSIPC
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
RAYMOND JAMES REAL ESTATE SOLUTIONS
DEVELOPMENT
MARKETING
TENANT LEASE MANAGEMENT
ACCOUNTING REPORTING
CONSTRUCTION
MORTGAGE LENDING
PROPERTY FACILITY SERVICES
RISK MANAGEMENT DATA ANALYTICS
Baker Hill Business
Has been acquired by
$100000000
September 2015
Undisclosed
September 2016
Has been acquired by
Raymond James Transaction Experience
Sector Coverage
2
4TH QUARTER 2017
June 2014
Has been acquired by
Undisclosed
December 2014
Has been acquired by
UndisclosedUndisclosed
September 2015
Has been acquired by
Undisclosed
Has been acquired by
December 2015
Undisclosed
June 2016
Has completed a growth
investment in
$114000000
May 2017
Initial Public
Offering
Undisclosed
July 2017
Has received a majority
investment from
$122000000
September 2015
Has been acquired by
$53200000
July 2016
Senior Credit
Facility
December 2017
Initial Public
Offering
$280000000
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
(40)
(20)
0
20
40
60
80
100
Real Estate Technology 762 Real Estate Services 135 SampP 500 299 NASDAQ Composite Index 460 FTSE 100 Index 174
PUBLIC COMPARABLE PERFORMANCE
Median Trading Metrics by Sector
Historical Composite Stock Performance () as of 12292017
Median Operating Statistics by Sector
Real Estate Technology 762
Real Estate Services 135
NASDAQ 460
SampP 500 299
FTSE 174
3
4TH QUARTER 2017
2015 2016 2017
65x
13x
56x
12x
00x
10x
20x
30x
40x
50x
60x
70x
Real Estate Technology Real Estate Services
EV Revenue
2017E 2018E
583x
179x
529x
144x
00x
100x
200x
300x
400x
500x
600x
700x
Real Estate Technology Real Estate Services
PE
2017E 2018E
233x
97x
206x
93x
00x
50x
100x
150x
200x
250x
Real Estate Technology Real Estate Services
EV EBITDA
2017E 2018E
162
44
205
42
00
50
100
150
200
250
Real Estate Technology Real Estate Services
Revenue Growth
2017E 2018E
216
120
260
133
00
50
100
150
200
250
300
Real Estate Technology Real Estate Services
EBITDA Margin
2017E 2018E
23x
16x15x
13x
00x
05x
10x
15x
20x
25x
Real Estate Technology Real Estate Services
Debt EBITDA
2017E 2018E
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
00x
10x
20x
30x
40x
50x
60x
70x
80x
90x
100x
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00
50
100
150
200
250
300
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00x
50x
100x
150x
200x
250x
300x
350x
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00
50
100
150
200
250
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Detailed Valuation Multiples and Metrics
REAL ESTATE TECHNOLOGY OVERVIEW
Source SampP CapitalIQ
Historical TEV LTM EBITDA Multiples
Historical TEV LTM Revenue Multiples
Historical EBITDA Margins
Historical Annual Revenue Growth Rate
4
Median ndash 68x
4TH QUARTER 2017
2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 20172012 2013 2014 2015 2016 2017
Median ndash 192
Median ndash 257x Median ndash 200
Total
Price of 52 Market Enterprise 2017E 2018E 2017E 2018E
Company 12292017 Week High Cap ($MM) Value ($MM) Revenue Revenue EBITDA EBITDA
CoStar Group Inc $29695 944 $96947 $93772 97x 85x 325x 250x 150 338
REA Group Limited 5987 945 78862 79898 140x 119x 247x 206x 175 578
Zillow Group Inc 4074 800 75186 72184 67x 56x 306x 227x 205 246
Black Knight Inc 4200 977 55262 69260 65x 60x 137x 122x 94 489
Rightmove plc 6082 984 57163 56934 174x 159x 230x 209x 92 759
CoreLogic Inc 4621 937 39845 56326 30x 30x 119x 116x 12 261
RealPage Inc 4430 947 35988 38872 58x 47x 240x 180x 230 261
Ellie Mae Inc 8940 778 31847 28186 68x 57x 236x 211x 196 271
AppFolio Inc 4150 794 14414 13982 99x 77x NM NM 276 200
Altus Group Limited 2945 975 11296 11978 31x 28x 170x 155x 125 179
Redfin Corporation 3132 935 8112 5982 16x 13x NM NM 302 29
Real Matters Inc 804 672 6453 5776 18x 15x NM 315x 231 47
Reis Inc 2065 898 2427 2253 47x 42x 183x 139x 102 304
Mean 70x 61x 219x 194x 169 305
Median 65x 56x 233x 206x 175 261
TEVTEV 2018E
Revenue
Growth
2018E
EBITDA
Margin
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
Detailed Valuation Multiples and Metrics
REAL ESTATE SERVICES OVERVIEW
Historical TEV LTM EBITDA Multiples Historical EBITDA Margins
Historical TEV LTM Revenue Multiples Historical Annual Revenue Growth Rate
5
Source SampP CapitalIQ
4TH QUARTER 2017
00x
02x
04x
06x
08x
10x
12x
14x
16x
18x
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00
20
40
60
80
100
120
140
160
180
200Q
1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00x
20x
40x
60x
80x
100x
120x
140x
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00
20
40
60
80
100
120
140
160
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 2017
Median ndash 12xMedian ndash 107
Median ndash 90xMedian ndash 113
Total
Price of 52 Market Enterprise 2017E 2018E 2017E 2018E
Company 12292017 Week High Cap ($MM) Value ($MM) Revenue Revenue EBITDA EBITDA
CBRE Group Inc $4331 977 $147367 $178053 13x 12x 106x 99x 68 120
Nationstar Mortgage Holdings Inc(1)
1850 893 18225 166965 11x 10x 34x 31x 106 317
Fidelity National Financial Inc 3924 795 108989 109829 14x 14x 87x 97x (01) 145
Jones Lang LaSalle Incorporated 14893 959 68044 80720 11x 10x 114x 106x 60 94
Realogy Holdings Corp 2650 753 37206 71196 12x 11x 97x 93x 42 120
MGIC Investment Corporation 1411 1000 58250 64044 60x 56x 100x 94x 69 600
First American Financial Corporation 5604 975 62816 58783 10x 10x 85x 73x 25 138
Radian Group Inc 2061 910 45636 44371 37x 35x 59x 60x 78 580
FirstService Corporation 7012 928 25589 28998 17x 16x 183x 161x 84 99
HFF Inc 4864 1000 19167 24295 41x 41x 153x 156x (06) 262
Savills plc 1342 993 18750 18751 09x 09x 97x 91x 47 95
PHH Corporation 1030 663 5377 11697 27x 35x NM NM (212) NM
Marcus amp Millichap Inc 3261 997 12754 10186 14x 14x 101x 96x 39 144
Stewart Information Services Corporation 4230 881 9921 9726 05x 05x 84x 63x 25 78
Altisource Portfolio Solutions SA 2800 596 5306 7972 09x 11x 90x 71x (152) 143
(1) Multiples calculated using Market Cap Mean 19x 19x 99x 92x 18 210
Median 13x 12x 97x 93x 42 140
TEVTEV 2018E
Revenue
Growth
2018E
EBITDA
Margin
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY
MampA
Announced
DateBuyer Target Sector
Transaction
Size ($MM)Commentary
Dec-17Real Estate
TechnologyNA
bull MDA Property Systems develops and implements property management systems for clients across Africa and the Middle East The company offers property management software packages for the owners and managers of property portfolios
Dec-17Real Estate
Technology$1200
bull Aconex provides cloud collaboration software services for the construction industry Its software platform connects owners contractors and their project teams in the construction infrastructure and energy and resources sectors
Dec-17Real Estate
ServicesNA
bull La Trobe Financial Services operates as a credit specialist fund management company in Australia and internationally It manages investment mandates on behalf of retail and institutional investors
Nov-17Real Estate
Technology$28
bull BlueCielo develops and delivers software solutions to manage asset-related engineering information It offers engineering drawing management engineering information management and asset data integrity software solutions
Oct-17Real Estate
Services$143
bull DPS provides service plans similar to those offered by HomeServe that protect homeowners from the expense and inconvenience of unexpected home repairs and emergencies
Oct-17Real Estate
TechnologyNA
bull eCondoSystems develops cloud-based software solutions for the condominium development and sales sector
Oct-17Real Estate
TechnologyNA bull HAB develops housing management software for public housing authorities
Oct-17Real Estate
TechnologyNA
bull Tenmast Software Company provides software data management services and training services to public housing authorities and affordable housing organizations
Oct-17Real Estate
TechnologyNA
bull Reapit provides flexible software packages for property firms currently on the market
Oct-17Real Estate
TechnologyNA
bull SkySlope develops a B2B software as a service (SaaS) platform that helps real estate agents and brokerages effectively manage their transactions online
6
4TH QUARTER 2017
Dominion Energyrsquos Products
and Services Business
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY (CONT)
Growth Equity Venture Capital
Announced
DateInvestor Target Sector
Transaction
Size ($MM)Commentary
Dec-17Real Estate
Services$40
bull Common designs creates and operates all-inclusive homes bringing community convenience and flexibility to housing Common members know their neighbors have more free time and the opportunity to transfer to any Common home across the country
Dec-17Real Estate
Technology$100
bull Guaranteed Rate provides mortgage lending services in the United States It offers loans for buying and refinancing homes
Dec-17Real Estate
Technology$450
bull Compass is building the first modern real estate platform pairing the industryrsquos top talent with technology to make the search and sell experience intelligent and seamless
Dec-17Real Estate
Technology$3
bull Maxwell Financial Labs develops a technology platform that connects home buyers agents and lenders
Dec-17Real Estate
ServicesNA
bull Rockport VAL develops a cloud-based valuation tool for the commercial real estate market It offers financial modeling solutions that provide commercial real estate professionals with secure system access
Nov-17Real Estate
Technology$7
bull BuildUp provides an onsite mobile construction management app saving clients project costs and time
Nov-17Real Estate
Technology$21
bull Built helps companies buy rent or lease real estate manage residential commercial and industrial properties and provide other real estate related services including appraisals
Nov-17Real Estate
Technology$12
bull Assemble Systems develops Web-based BIM model-data management software solutions that allow users to extract BIM data add intelligence and collaborate in real-time
Nov-17Real Estate
Technology$11
bull Roomi develops a mobile application that connects people looking for a roommate It offers streamlined specs and photos that enable its registered members to find the right roommate
Nov-17Real Estate
Technology$1
bull No Agent Technologies designs and develops a property and tenant management platform The platform allows the user to find tenants provides credit checks references contracts and manage rent collection
Nov-17Real Estate
Technology$100
bull Compass is building the first modern real estate platform pairing the industryrsquos top talent with technology to make the search and sell experience intelligent and seamless
Nov-17Real Estate
Services$2
bull Gridics provides real estate market data news and analytics It provides access to various information including transit routes and stops mortgagesliens sale and rental listings
Nov-17Real Estate
Technology$3
bull Reali is a real estate technology company that enables property buyers and sellers to transact through an app
Oct-17Real Estate
Technology$36
bull ResMan develops property management software for affordable commercial conventional military and single family homes Its software enables users to calculate economic and projected occupancy
Oct-17Real Estate
Services$57
bull LendingHome provides mortgage financing services to borrowers and investors The company offers multiple short-term first-lien mortgage products for investment properties
Oct-17Real Estate
Technology$104
bull Vacasa operates a vacation rental management platform Its platform manages a portfolio of vacation homes in Australia Belize Chile Italy Mexico New Zealand Panama Spain and the United States
7
4TH QUARTER 2017
Zeev Ventures
No Agent Private Investor
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY (CONT)
Growth Equity Venture Capital
Announced
DateInvestor Target Sector
Transaction
Size ($MM)Commentary
Oct-17Real Estate
Services$13
bull Honest Buildings develops and operates a data-driven project management and procurement platform for commercial real estate owners and managers in North America
Oct-17Real Estate
Technology$7
bull BrickVest develops and operates an online real estate investment platform that serves as a curator for investors and deal sponsors including real estate investment firms portfolio owners operators and developers
Oct-17Real Estate
Technology$4
bull HOME61 operates as an online real estate company that helps users to find real estate properties in Miami and other surrounding areas
Oct-17Real Estate
Technology$35
bull Roofstock provides an online marketplace that allows investors to invest in leased investment homes from institutional sellers
8
4TH QUARTER 2017
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
EQUITY CAPITAL MARKETS
bull Over 500 Equity Capital Markets professionals
bull Over 300 investment bankers in the US and Europe
bull Over 100 institutional sales and sales traders in
the US and Europe
ndash Bulge-bracket distribution capability
ndash Approximately 25 institutional equity
commissions from Europe
bull Over 6200 financial advisors offices in all
50 states
bull Greenwich Associates ranked 2 in overall quality
of analyst service
RAYMOND JAMES
bull Full-service financial services firm with investment
banking equity research institutional sales and
trading and asset management operations
ndash Founded in 1962 public since 1983 (NYSE RJF)
ndash $63 billion in FY 2017 revenue equity market
capitalization of over $131 billion
ndash Stable and well-capitalized platform
bull Industry-focused knowledge-driven approach
backed by highly-ranked equity research team
bull 21 domestic and international investment banking
and institutional sales offices
bull International operations in Brussels Buenos Aires
Duumlsseldorf Geneva London Paris Sao Paulo
Toronto and Vancouver
bull Acquisition of Morgan Keegan consolidated and
strengthened Raymond Jamesrsquo leadership in the
middle market
bull Acquisition of Mummert amp Co strengthened
Raymond Jamesrsquo European presence furthering
international expansion and growing cross-border
transaction expertise
TECHNOLOGY amp SERVICES INVESTMENT
BANKING GROUP
bull 30+ senior-level investment bankers with over 300
years of combined experience located in Atlanta
Boston Chicago San Francisco and St Petersburg
bull Services Mergers amp Acquisitions (sell-side amp buy-side
advisory) Public Equity and Debt Offerings Private
Placements of Equity and Debt Divestitures Board
Advisory Services Recapitalizations and
Restructurings
bull 325+ completed transactions since 2011 totaling over
$100B in transaction value
ndash 200+ MampA advisory and private placement services
transactions
ndash 125+ public offering transactions
NOTES amp DISCLOSURES
Sources of data include Capital IQ FactSet and other news
organizations Information obtained from third-party
sources is considered reliable but we do not guarantee
that the information herein is accurate or complete This
report was prepared within Raymond James amp Associatesrsquo
Investment Banking Department and is for information
purposes only This report is not a product of Raymond
James amp Associatesrsquo Research Department recipients of
this report should not interpret the information herein as
sufficient grounds for an investment decision or any other
decision
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 Any performance mentioned does not
include transaction fees and costs which would reduce an
investorrsquos return An investment cannot be made directly in
a market index
EBITDA Earnings Before
Interest Taxes
Depreciation
and Amortization
EPS Earnings per Share
LTM Last Twelve Months
NA Not Applicable
NM Not Meaningful
PE Price Earnings Ratio
TEV Total Enterprise
Value
DISCLOSURES
9
4TH QUARTER 2017
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
RAYMOND JAMES REAL ESTATE SOLUTIONS
DEVELOPMENT
MARKETING
TENANT LEASE MANAGEMENT
ACCOUNTING REPORTING
CONSTRUCTION
MORTGAGE LENDING
PROPERTY FACILITY SERVICES
RISK MANAGEMENT DATA ANALYTICS
Baker Hill Business
Has been acquired by
$100000000
September 2015
Undisclosed
September 2016
Has been acquired by
Raymond James Transaction Experience
Sector Coverage
2
4TH QUARTER 2017
June 2014
Has been acquired by
Undisclosed
December 2014
Has been acquired by
UndisclosedUndisclosed
September 2015
Has been acquired by
Undisclosed
Has been acquired by
December 2015
Undisclosed
June 2016
Has completed a growth
investment in
$114000000
May 2017
Initial Public
Offering
Undisclosed
July 2017
Has received a majority
investment from
$122000000
September 2015
Has been acquired by
$53200000
July 2016
Senior Credit
Facility
December 2017
Initial Public
Offering
$280000000
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
(40)
(20)
0
20
40
60
80
100
Real Estate Technology 762 Real Estate Services 135 SampP 500 299 NASDAQ Composite Index 460 FTSE 100 Index 174
PUBLIC COMPARABLE PERFORMANCE
Median Trading Metrics by Sector
Historical Composite Stock Performance () as of 12292017
Median Operating Statistics by Sector
Real Estate Technology 762
Real Estate Services 135
NASDAQ 460
SampP 500 299
FTSE 174
3
4TH QUARTER 2017
2015 2016 2017
65x
13x
56x
12x
00x
10x
20x
30x
40x
50x
60x
70x
Real Estate Technology Real Estate Services
EV Revenue
2017E 2018E
583x
179x
529x
144x
00x
100x
200x
300x
400x
500x
600x
700x
Real Estate Technology Real Estate Services
PE
2017E 2018E
233x
97x
206x
93x
00x
50x
100x
150x
200x
250x
Real Estate Technology Real Estate Services
EV EBITDA
2017E 2018E
162
44
205
42
00
50
100
150
200
250
Real Estate Technology Real Estate Services
Revenue Growth
2017E 2018E
216
120
260
133
00
50
100
150
200
250
300
Real Estate Technology Real Estate Services
EBITDA Margin
2017E 2018E
23x
16x15x
13x
00x
05x
10x
15x
20x
25x
Real Estate Technology Real Estate Services
Debt EBITDA
2017E 2018E
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
00x
10x
20x
30x
40x
50x
60x
70x
80x
90x
100x
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00
50
100
150
200
250
300
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00x
50x
100x
150x
200x
250x
300x
350x
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00
50
100
150
200
250
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Detailed Valuation Multiples and Metrics
REAL ESTATE TECHNOLOGY OVERVIEW
Source SampP CapitalIQ
Historical TEV LTM EBITDA Multiples
Historical TEV LTM Revenue Multiples
Historical EBITDA Margins
Historical Annual Revenue Growth Rate
4
Median ndash 68x
4TH QUARTER 2017
2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 20172012 2013 2014 2015 2016 2017
Median ndash 192
Median ndash 257x Median ndash 200
Total
Price of 52 Market Enterprise 2017E 2018E 2017E 2018E
Company 12292017 Week High Cap ($MM) Value ($MM) Revenue Revenue EBITDA EBITDA
CoStar Group Inc $29695 944 $96947 $93772 97x 85x 325x 250x 150 338
REA Group Limited 5987 945 78862 79898 140x 119x 247x 206x 175 578
Zillow Group Inc 4074 800 75186 72184 67x 56x 306x 227x 205 246
Black Knight Inc 4200 977 55262 69260 65x 60x 137x 122x 94 489
Rightmove plc 6082 984 57163 56934 174x 159x 230x 209x 92 759
CoreLogic Inc 4621 937 39845 56326 30x 30x 119x 116x 12 261
RealPage Inc 4430 947 35988 38872 58x 47x 240x 180x 230 261
Ellie Mae Inc 8940 778 31847 28186 68x 57x 236x 211x 196 271
AppFolio Inc 4150 794 14414 13982 99x 77x NM NM 276 200
Altus Group Limited 2945 975 11296 11978 31x 28x 170x 155x 125 179
Redfin Corporation 3132 935 8112 5982 16x 13x NM NM 302 29
Real Matters Inc 804 672 6453 5776 18x 15x NM 315x 231 47
Reis Inc 2065 898 2427 2253 47x 42x 183x 139x 102 304
Mean 70x 61x 219x 194x 169 305
Median 65x 56x 233x 206x 175 261
TEVTEV 2018E
Revenue
Growth
2018E
EBITDA
Margin
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
Detailed Valuation Multiples and Metrics
REAL ESTATE SERVICES OVERVIEW
Historical TEV LTM EBITDA Multiples Historical EBITDA Margins
Historical TEV LTM Revenue Multiples Historical Annual Revenue Growth Rate
5
Source SampP CapitalIQ
4TH QUARTER 2017
00x
02x
04x
06x
08x
10x
12x
14x
16x
18x
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00
20
40
60
80
100
120
140
160
180
200Q
1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00x
20x
40x
60x
80x
100x
120x
140x
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00
20
40
60
80
100
120
140
160
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 2017
Median ndash 12xMedian ndash 107
Median ndash 90xMedian ndash 113
Total
Price of 52 Market Enterprise 2017E 2018E 2017E 2018E
Company 12292017 Week High Cap ($MM) Value ($MM) Revenue Revenue EBITDA EBITDA
CBRE Group Inc $4331 977 $147367 $178053 13x 12x 106x 99x 68 120
Nationstar Mortgage Holdings Inc(1)
1850 893 18225 166965 11x 10x 34x 31x 106 317
Fidelity National Financial Inc 3924 795 108989 109829 14x 14x 87x 97x (01) 145
Jones Lang LaSalle Incorporated 14893 959 68044 80720 11x 10x 114x 106x 60 94
Realogy Holdings Corp 2650 753 37206 71196 12x 11x 97x 93x 42 120
MGIC Investment Corporation 1411 1000 58250 64044 60x 56x 100x 94x 69 600
First American Financial Corporation 5604 975 62816 58783 10x 10x 85x 73x 25 138
Radian Group Inc 2061 910 45636 44371 37x 35x 59x 60x 78 580
FirstService Corporation 7012 928 25589 28998 17x 16x 183x 161x 84 99
HFF Inc 4864 1000 19167 24295 41x 41x 153x 156x (06) 262
Savills plc 1342 993 18750 18751 09x 09x 97x 91x 47 95
PHH Corporation 1030 663 5377 11697 27x 35x NM NM (212) NM
Marcus amp Millichap Inc 3261 997 12754 10186 14x 14x 101x 96x 39 144
Stewart Information Services Corporation 4230 881 9921 9726 05x 05x 84x 63x 25 78
Altisource Portfolio Solutions SA 2800 596 5306 7972 09x 11x 90x 71x (152) 143
(1) Multiples calculated using Market Cap Mean 19x 19x 99x 92x 18 210
Median 13x 12x 97x 93x 42 140
TEVTEV 2018E
Revenue
Growth
2018E
EBITDA
Margin
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY
MampA
Announced
DateBuyer Target Sector
Transaction
Size ($MM)Commentary
Dec-17Real Estate
TechnologyNA
bull MDA Property Systems develops and implements property management systems for clients across Africa and the Middle East The company offers property management software packages for the owners and managers of property portfolios
Dec-17Real Estate
Technology$1200
bull Aconex provides cloud collaboration software services for the construction industry Its software platform connects owners contractors and their project teams in the construction infrastructure and energy and resources sectors
Dec-17Real Estate
ServicesNA
bull La Trobe Financial Services operates as a credit specialist fund management company in Australia and internationally It manages investment mandates on behalf of retail and institutional investors
Nov-17Real Estate
Technology$28
bull BlueCielo develops and delivers software solutions to manage asset-related engineering information It offers engineering drawing management engineering information management and asset data integrity software solutions
Oct-17Real Estate
Services$143
bull DPS provides service plans similar to those offered by HomeServe that protect homeowners from the expense and inconvenience of unexpected home repairs and emergencies
Oct-17Real Estate
TechnologyNA
bull eCondoSystems develops cloud-based software solutions for the condominium development and sales sector
Oct-17Real Estate
TechnologyNA bull HAB develops housing management software for public housing authorities
Oct-17Real Estate
TechnologyNA
bull Tenmast Software Company provides software data management services and training services to public housing authorities and affordable housing organizations
Oct-17Real Estate
TechnologyNA
bull Reapit provides flexible software packages for property firms currently on the market
Oct-17Real Estate
TechnologyNA
bull SkySlope develops a B2B software as a service (SaaS) platform that helps real estate agents and brokerages effectively manage their transactions online
6
4TH QUARTER 2017
Dominion Energyrsquos Products
and Services Business
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY (CONT)
Growth Equity Venture Capital
Announced
DateInvestor Target Sector
Transaction
Size ($MM)Commentary
Dec-17Real Estate
Services$40
bull Common designs creates and operates all-inclusive homes bringing community convenience and flexibility to housing Common members know their neighbors have more free time and the opportunity to transfer to any Common home across the country
Dec-17Real Estate
Technology$100
bull Guaranteed Rate provides mortgage lending services in the United States It offers loans for buying and refinancing homes
Dec-17Real Estate
Technology$450
bull Compass is building the first modern real estate platform pairing the industryrsquos top talent with technology to make the search and sell experience intelligent and seamless
Dec-17Real Estate
Technology$3
bull Maxwell Financial Labs develops a technology platform that connects home buyers agents and lenders
Dec-17Real Estate
ServicesNA
bull Rockport VAL develops a cloud-based valuation tool for the commercial real estate market It offers financial modeling solutions that provide commercial real estate professionals with secure system access
Nov-17Real Estate
Technology$7
bull BuildUp provides an onsite mobile construction management app saving clients project costs and time
Nov-17Real Estate
Technology$21
bull Built helps companies buy rent or lease real estate manage residential commercial and industrial properties and provide other real estate related services including appraisals
Nov-17Real Estate
Technology$12
bull Assemble Systems develops Web-based BIM model-data management software solutions that allow users to extract BIM data add intelligence and collaborate in real-time
Nov-17Real Estate
Technology$11
bull Roomi develops a mobile application that connects people looking for a roommate It offers streamlined specs and photos that enable its registered members to find the right roommate
Nov-17Real Estate
Technology$1
bull No Agent Technologies designs and develops a property and tenant management platform The platform allows the user to find tenants provides credit checks references contracts and manage rent collection
Nov-17Real Estate
Technology$100
bull Compass is building the first modern real estate platform pairing the industryrsquos top talent with technology to make the search and sell experience intelligent and seamless
Nov-17Real Estate
Services$2
bull Gridics provides real estate market data news and analytics It provides access to various information including transit routes and stops mortgagesliens sale and rental listings
Nov-17Real Estate
Technology$3
bull Reali is a real estate technology company that enables property buyers and sellers to transact through an app
Oct-17Real Estate
Technology$36
bull ResMan develops property management software for affordable commercial conventional military and single family homes Its software enables users to calculate economic and projected occupancy
Oct-17Real Estate
Services$57
bull LendingHome provides mortgage financing services to borrowers and investors The company offers multiple short-term first-lien mortgage products for investment properties
Oct-17Real Estate
Technology$104
bull Vacasa operates a vacation rental management platform Its platform manages a portfolio of vacation homes in Australia Belize Chile Italy Mexico New Zealand Panama Spain and the United States
7
4TH QUARTER 2017
Zeev Ventures
No Agent Private Investor
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY (CONT)
Growth Equity Venture Capital
Announced
DateInvestor Target Sector
Transaction
Size ($MM)Commentary
Oct-17Real Estate
Services$13
bull Honest Buildings develops and operates a data-driven project management and procurement platform for commercial real estate owners and managers in North America
Oct-17Real Estate
Technology$7
bull BrickVest develops and operates an online real estate investment platform that serves as a curator for investors and deal sponsors including real estate investment firms portfolio owners operators and developers
Oct-17Real Estate
Technology$4
bull HOME61 operates as an online real estate company that helps users to find real estate properties in Miami and other surrounding areas
Oct-17Real Estate
Technology$35
bull Roofstock provides an online marketplace that allows investors to invest in leased investment homes from institutional sellers
8
4TH QUARTER 2017
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
EQUITY CAPITAL MARKETS
bull Over 500 Equity Capital Markets professionals
bull Over 300 investment bankers in the US and Europe
bull Over 100 institutional sales and sales traders in
the US and Europe
ndash Bulge-bracket distribution capability
ndash Approximately 25 institutional equity
commissions from Europe
bull Over 6200 financial advisors offices in all
50 states
bull Greenwich Associates ranked 2 in overall quality
of analyst service
RAYMOND JAMES
bull Full-service financial services firm with investment
banking equity research institutional sales and
trading and asset management operations
ndash Founded in 1962 public since 1983 (NYSE RJF)
ndash $63 billion in FY 2017 revenue equity market
capitalization of over $131 billion
ndash Stable and well-capitalized platform
bull Industry-focused knowledge-driven approach
backed by highly-ranked equity research team
bull 21 domestic and international investment banking
and institutional sales offices
bull International operations in Brussels Buenos Aires
Duumlsseldorf Geneva London Paris Sao Paulo
Toronto and Vancouver
bull Acquisition of Morgan Keegan consolidated and
strengthened Raymond Jamesrsquo leadership in the
middle market
bull Acquisition of Mummert amp Co strengthened
Raymond Jamesrsquo European presence furthering
international expansion and growing cross-border
transaction expertise
TECHNOLOGY amp SERVICES INVESTMENT
BANKING GROUP
bull 30+ senior-level investment bankers with over 300
years of combined experience located in Atlanta
Boston Chicago San Francisco and St Petersburg
bull Services Mergers amp Acquisitions (sell-side amp buy-side
advisory) Public Equity and Debt Offerings Private
Placements of Equity and Debt Divestitures Board
Advisory Services Recapitalizations and
Restructurings
bull 325+ completed transactions since 2011 totaling over
$100B in transaction value
ndash 200+ MampA advisory and private placement services
transactions
ndash 125+ public offering transactions
NOTES amp DISCLOSURES
Sources of data include Capital IQ FactSet and other news
organizations Information obtained from third-party
sources is considered reliable but we do not guarantee
that the information herein is accurate or complete This
report was prepared within Raymond James amp Associatesrsquo
Investment Banking Department and is for information
purposes only This report is not a product of Raymond
James amp Associatesrsquo Research Department recipients of
this report should not interpret the information herein as
sufficient grounds for an investment decision or any other
decision
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 Any performance mentioned does not
include transaction fees and costs which would reduce an
investorrsquos return An investment cannot be made directly in
a market index
EBITDA Earnings Before
Interest Taxes
Depreciation
and Amortization
EPS Earnings per Share
LTM Last Twelve Months
NA Not Applicable
NM Not Meaningful
PE Price Earnings Ratio
TEV Total Enterprise
Value
DISCLOSURES
9
4TH QUARTER 2017
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
(40)
(20)
0
20
40
60
80
100
Real Estate Technology 762 Real Estate Services 135 SampP 500 299 NASDAQ Composite Index 460 FTSE 100 Index 174
PUBLIC COMPARABLE PERFORMANCE
Median Trading Metrics by Sector
Historical Composite Stock Performance () as of 12292017
Median Operating Statistics by Sector
Real Estate Technology 762
Real Estate Services 135
NASDAQ 460
SampP 500 299
FTSE 174
3
4TH QUARTER 2017
2015 2016 2017
65x
13x
56x
12x
00x
10x
20x
30x
40x
50x
60x
70x
Real Estate Technology Real Estate Services
EV Revenue
2017E 2018E
583x
179x
529x
144x
00x
100x
200x
300x
400x
500x
600x
700x
Real Estate Technology Real Estate Services
PE
2017E 2018E
233x
97x
206x
93x
00x
50x
100x
150x
200x
250x
Real Estate Technology Real Estate Services
EV EBITDA
2017E 2018E
162
44
205
42
00
50
100
150
200
250
Real Estate Technology Real Estate Services
Revenue Growth
2017E 2018E
216
120
260
133
00
50
100
150
200
250
300
Real Estate Technology Real Estate Services
EBITDA Margin
2017E 2018E
23x
16x15x
13x
00x
05x
10x
15x
20x
25x
Real Estate Technology Real Estate Services
Debt EBITDA
2017E 2018E
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
00x
10x
20x
30x
40x
50x
60x
70x
80x
90x
100x
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00
50
100
150
200
250
300
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00x
50x
100x
150x
200x
250x
300x
350x
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00
50
100
150
200
250
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Detailed Valuation Multiples and Metrics
REAL ESTATE TECHNOLOGY OVERVIEW
Source SampP CapitalIQ
Historical TEV LTM EBITDA Multiples
Historical TEV LTM Revenue Multiples
Historical EBITDA Margins
Historical Annual Revenue Growth Rate
4
Median ndash 68x
4TH QUARTER 2017
2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 20172012 2013 2014 2015 2016 2017
Median ndash 192
Median ndash 257x Median ndash 200
Total
Price of 52 Market Enterprise 2017E 2018E 2017E 2018E
Company 12292017 Week High Cap ($MM) Value ($MM) Revenue Revenue EBITDA EBITDA
CoStar Group Inc $29695 944 $96947 $93772 97x 85x 325x 250x 150 338
REA Group Limited 5987 945 78862 79898 140x 119x 247x 206x 175 578
Zillow Group Inc 4074 800 75186 72184 67x 56x 306x 227x 205 246
Black Knight Inc 4200 977 55262 69260 65x 60x 137x 122x 94 489
Rightmove plc 6082 984 57163 56934 174x 159x 230x 209x 92 759
CoreLogic Inc 4621 937 39845 56326 30x 30x 119x 116x 12 261
RealPage Inc 4430 947 35988 38872 58x 47x 240x 180x 230 261
Ellie Mae Inc 8940 778 31847 28186 68x 57x 236x 211x 196 271
AppFolio Inc 4150 794 14414 13982 99x 77x NM NM 276 200
Altus Group Limited 2945 975 11296 11978 31x 28x 170x 155x 125 179
Redfin Corporation 3132 935 8112 5982 16x 13x NM NM 302 29
Real Matters Inc 804 672 6453 5776 18x 15x NM 315x 231 47
Reis Inc 2065 898 2427 2253 47x 42x 183x 139x 102 304
Mean 70x 61x 219x 194x 169 305
Median 65x 56x 233x 206x 175 261
TEVTEV 2018E
Revenue
Growth
2018E
EBITDA
Margin
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
Detailed Valuation Multiples and Metrics
REAL ESTATE SERVICES OVERVIEW
Historical TEV LTM EBITDA Multiples Historical EBITDA Margins
Historical TEV LTM Revenue Multiples Historical Annual Revenue Growth Rate
5
Source SampP CapitalIQ
4TH QUARTER 2017
00x
02x
04x
06x
08x
10x
12x
14x
16x
18x
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00
20
40
60
80
100
120
140
160
180
200Q
1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00x
20x
40x
60x
80x
100x
120x
140x
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00
20
40
60
80
100
120
140
160
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 2017
Median ndash 12xMedian ndash 107
Median ndash 90xMedian ndash 113
Total
Price of 52 Market Enterprise 2017E 2018E 2017E 2018E
Company 12292017 Week High Cap ($MM) Value ($MM) Revenue Revenue EBITDA EBITDA
CBRE Group Inc $4331 977 $147367 $178053 13x 12x 106x 99x 68 120
Nationstar Mortgage Holdings Inc(1)
1850 893 18225 166965 11x 10x 34x 31x 106 317
Fidelity National Financial Inc 3924 795 108989 109829 14x 14x 87x 97x (01) 145
Jones Lang LaSalle Incorporated 14893 959 68044 80720 11x 10x 114x 106x 60 94
Realogy Holdings Corp 2650 753 37206 71196 12x 11x 97x 93x 42 120
MGIC Investment Corporation 1411 1000 58250 64044 60x 56x 100x 94x 69 600
First American Financial Corporation 5604 975 62816 58783 10x 10x 85x 73x 25 138
Radian Group Inc 2061 910 45636 44371 37x 35x 59x 60x 78 580
FirstService Corporation 7012 928 25589 28998 17x 16x 183x 161x 84 99
HFF Inc 4864 1000 19167 24295 41x 41x 153x 156x (06) 262
Savills plc 1342 993 18750 18751 09x 09x 97x 91x 47 95
PHH Corporation 1030 663 5377 11697 27x 35x NM NM (212) NM
Marcus amp Millichap Inc 3261 997 12754 10186 14x 14x 101x 96x 39 144
Stewart Information Services Corporation 4230 881 9921 9726 05x 05x 84x 63x 25 78
Altisource Portfolio Solutions SA 2800 596 5306 7972 09x 11x 90x 71x (152) 143
(1) Multiples calculated using Market Cap Mean 19x 19x 99x 92x 18 210
Median 13x 12x 97x 93x 42 140
TEVTEV 2018E
Revenue
Growth
2018E
EBITDA
Margin
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY
MampA
Announced
DateBuyer Target Sector
Transaction
Size ($MM)Commentary
Dec-17Real Estate
TechnologyNA
bull MDA Property Systems develops and implements property management systems for clients across Africa and the Middle East The company offers property management software packages for the owners and managers of property portfolios
Dec-17Real Estate
Technology$1200
bull Aconex provides cloud collaboration software services for the construction industry Its software platform connects owners contractors and their project teams in the construction infrastructure and energy and resources sectors
Dec-17Real Estate
ServicesNA
bull La Trobe Financial Services operates as a credit specialist fund management company in Australia and internationally It manages investment mandates on behalf of retail and institutional investors
Nov-17Real Estate
Technology$28
bull BlueCielo develops and delivers software solutions to manage asset-related engineering information It offers engineering drawing management engineering information management and asset data integrity software solutions
Oct-17Real Estate
Services$143
bull DPS provides service plans similar to those offered by HomeServe that protect homeowners from the expense and inconvenience of unexpected home repairs and emergencies
Oct-17Real Estate
TechnologyNA
bull eCondoSystems develops cloud-based software solutions for the condominium development and sales sector
Oct-17Real Estate
TechnologyNA bull HAB develops housing management software for public housing authorities
Oct-17Real Estate
TechnologyNA
bull Tenmast Software Company provides software data management services and training services to public housing authorities and affordable housing organizations
Oct-17Real Estate
TechnologyNA
bull Reapit provides flexible software packages for property firms currently on the market
Oct-17Real Estate
TechnologyNA
bull SkySlope develops a B2B software as a service (SaaS) platform that helps real estate agents and brokerages effectively manage their transactions online
6
4TH QUARTER 2017
Dominion Energyrsquos Products
and Services Business
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY (CONT)
Growth Equity Venture Capital
Announced
DateInvestor Target Sector
Transaction
Size ($MM)Commentary
Dec-17Real Estate
Services$40
bull Common designs creates and operates all-inclusive homes bringing community convenience and flexibility to housing Common members know their neighbors have more free time and the opportunity to transfer to any Common home across the country
Dec-17Real Estate
Technology$100
bull Guaranteed Rate provides mortgage lending services in the United States It offers loans for buying and refinancing homes
Dec-17Real Estate
Technology$450
bull Compass is building the first modern real estate platform pairing the industryrsquos top talent with technology to make the search and sell experience intelligent and seamless
Dec-17Real Estate
Technology$3
bull Maxwell Financial Labs develops a technology platform that connects home buyers agents and lenders
Dec-17Real Estate
ServicesNA
bull Rockport VAL develops a cloud-based valuation tool for the commercial real estate market It offers financial modeling solutions that provide commercial real estate professionals with secure system access
Nov-17Real Estate
Technology$7
bull BuildUp provides an onsite mobile construction management app saving clients project costs and time
Nov-17Real Estate
Technology$21
bull Built helps companies buy rent or lease real estate manage residential commercial and industrial properties and provide other real estate related services including appraisals
Nov-17Real Estate
Technology$12
bull Assemble Systems develops Web-based BIM model-data management software solutions that allow users to extract BIM data add intelligence and collaborate in real-time
Nov-17Real Estate
Technology$11
bull Roomi develops a mobile application that connects people looking for a roommate It offers streamlined specs and photos that enable its registered members to find the right roommate
Nov-17Real Estate
Technology$1
bull No Agent Technologies designs and develops a property and tenant management platform The platform allows the user to find tenants provides credit checks references contracts and manage rent collection
Nov-17Real Estate
Technology$100
bull Compass is building the first modern real estate platform pairing the industryrsquos top talent with technology to make the search and sell experience intelligent and seamless
Nov-17Real Estate
Services$2
bull Gridics provides real estate market data news and analytics It provides access to various information including transit routes and stops mortgagesliens sale and rental listings
Nov-17Real Estate
Technology$3
bull Reali is a real estate technology company that enables property buyers and sellers to transact through an app
Oct-17Real Estate
Technology$36
bull ResMan develops property management software for affordable commercial conventional military and single family homes Its software enables users to calculate economic and projected occupancy
Oct-17Real Estate
Services$57
bull LendingHome provides mortgage financing services to borrowers and investors The company offers multiple short-term first-lien mortgage products for investment properties
Oct-17Real Estate
Technology$104
bull Vacasa operates a vacation rental management platform Its platform manages a portfolio of vacation homes in Australia Belize Chile Italy Mexico New Zealand Panama Spain and the United States
7
4TH QUARTER 2017
Zeev Ventures
No Agent Private Investor
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY (CONT)
Growth Equity Venture Capital
Announced
DateInvestor Target Sector
Transaction
Size ($MM)Commentary
Oct-17Real Estate
Services$13
bull Honest Buildings develops and operates a data-driven project management and procurement platform for commercial real estate owners and managers in North America
Oct-17Real Estate
Technology$7
bull BrickVest develops and operates an online real estate investment platform that serves as a curator for investors and deal sponsors including real estate investment firms portfolio owners operators and developers
Oct-17Real Estate
Technology$4
bull HOME61 operates as an online real estate company that helps users to find real estate properties in Miami and other surrounding areas
Oct-17Real Estate
Technology$35
bull Roofstock provides an online marketplace that allows investors to invest in leased investment homes from institutional sellers
8
4TH QUARTER 2017
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
EQUITY CAPITAL MARKETS
bull Over 500 Equity Capital Markets professionals
bull Over 300 investment bankers in the US and Europe
bull Over 100 institutional sales and sales traders in
the US and Europe
ndash Bulge-bracket distribution capability
ndash Approximately 25 institutional equity
commissions from Europe
bull Over 6200 financial advisors offices in all
50 states
bull Greenwich Associates ranked 2 in overall quality
of analyst service
RAYMOND JAMES
bull Full-service financial services firm with investment
banking equity research institutional sales and
trading and asset management operations
ndash Founded in 1962 public since 1983 (NYSE RJF)
ndash $63 billion in FY 2017 revenue equity market
capitalization of over $131 billion
ndash Stable and well-capitalized platform
bull Industry-focused knowledge-driven approach
backed by highly-ranked equity research team
bull 21 domestic and international investment banking
and institutional sales offices
bull International operations in Brussels Buenos Aires
Duumlsseldorf Geneva London Paris Sao Paulo
Toronto and Vancouver
bull Acquisition of Morgan Keegan consolidated and
strengthened Raymond Jamesrsquo leadership in the
middle market
bull Acquisition of Mummert amp Co strengthened
Raymond Jamesrsquo European presence furthering
international expansion and growing cross-border
transaction expertise
TECHNOLOGY amp SERVICES INVESTMENT
BANKING GROUP
bull 30+ senior-level investment bankers with over 300
years of combined experience located in Atlanta
Boston Chicago San Francisco and St Petersburg
bull Services Mergers amp Acquisitions (sell-side amp buy-side
advisory) Public Equity and Debt Offerings Private
Placements of Equity and Debt Divestitures Board
Advisory Services Recapitalizations and
Restructurings
bull 325+ completed transactions since 2011 totaling over
$100B in transaction value
ndash 200+ MampA advisory and private placement services
transactions
ndash 125+ public offering transactions
NOTES amp DISCLOSURES
Sources of data include Capital IQ FactSet and other news
organizations Information obtained from third-party
sources is considered reliable but we do not guarantee
that the information herein is accurate or complete This
report was prepared within Raymond James amp Associatesrsquo
Investment Banking Department and is for information
purposes only This report is not a product of Raymond
James amp Associatesrsquo Research Department recipients of
this report should not interpret the information herein as
sufficient grounds for an investment decision or any other
decision
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 Any performance mentioned does not
include transaction fees and costs which would reduce an
investorrsquos return An investment cannot be made directly in
a market index
EBITDA Earnings Before
Interest Taxes
Depreciation
and Amortization
EPS Earnings per Share
LTM Last Twelve Months
NA Not Applicable
NM Not Meaningful
PE Price Earnings Ratio
TEV Total Enterprise
Value
DISCLOSURES
9
4TH QUARTER 2017
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
00x
10x
20x
30x
40x
50x
60x
70x
80x
90x
100x
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00
50
100
150
200
250
300
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00x
50x
100x
150x
200x
250x
300x
350x
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00
50
100
150
200
250
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Detailed Valuation Multiples and Metrics
REAL ESTATE TECHNOLOGY OVERVIEW
Source SampP CapitalIQ
Historical TEV LTM EBITDA Multiples
Historical TEV LTM Revenue Multiples
Historical EBITDA Margins
Historical Annual Revenue Growth Rate
4
Median ndash 68x
4TH QUARTER 2017
2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 20172012 2013 2014 2015 2016 2017
Median ndash 192
Median ndash 257x Median ndash 200
Total
Price of 52 Market Enterprise 2017E 2018E 2017E 2018E
Company 12292017 Week High Cap ($MM) Value ($MM) Revenue Revenue EBITDA EBITDA
CoStar Group Inc $29695 944 $96947 $93772 97x 85x 325x 250x 150 338
REA Group Limited 5987 945 78862 79898 140x 119x 247x 206x 175 578
Zillow Group Inc 4074 800 75186 72184 67x 56x 306x 227x 205 246
Black Knight Inc 4200 977 55262 69260 65x 60x 137x 122x 94 489
Rightmove plc 6082 984 57163 56934 174x 159x 230x 209x 92 759
CoreLogic Inc 4621 937 39845 56326 30x 30x 119x 116x 12 261
RealPage Inc 4430 947 35988 38872 58x 47x 240x 180x 230 261
Ellie Mae Inc 8940 778 31847 28186 68x 57x 236x 211x 196 271
AppFolio Inc 4150 794 14414 13982 99x 77x NM NM 276 200
Altus Group Limited 2945 975 11296 11978 31x 28x 170x 155x 125 179
Redfin Corporation 3132 935 8112 5982 16x 13x NM NM 302 29
Real Matters Inc 804 672 6453 5776 18x 15x NM 315x 231 47
Reis Inc 2065 898 2427 2253 47x 42x 183x 139x 102 304
Mean 70x 61x 219x 194x 169 305
Median 65x 56x 233x 206x 175 261
TEVTEV 2018E
Revenue
Growth
2018E
EBITDA
Margin
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
Detailed Valuation Multiples and Metrics
REAL ESTATE SERVICES OVERVIEW
Historical TEV LTM EBITDA Multiples Historical EBITDA Margins
Historical TEV LTM Revenue Multiples Historical Annual Revenue Growth Rate
5
Source SampP CapitalIQ
4TH QUARTER 2017
00x
02x
04x
06x
08x
10x
12x
14x
16x
18x
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00
20
40
60
80
100
120
140
160
180
200Q
1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00x
20x
40x
60x
80x
100x
120x
140x
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00
20
40
60
80
100
120
140
160
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 2017
Median ndash 12xMedian ndash 107
Median ndash 90xMedian ndash 113
Total
Price of 52 Market Enterprise 2017E 2018E 2017E 2018E
Company 12292017 Week High Cap ($MM) Value ($MM) Revenue Revenue EBITDA EBITDA
CBRE Group Inc $4331 977 $147367 $178053 13x 12x 106x 99x 68 120
Nationstar Mortgage Holdings Inc(1)
1850 893 18225 166965 11x 10x 34x 31x 106 317
Fidelity National Financial Inc 3924 795 108989 109829 14x 14x 87x 97x (01) 145
Jones Lang LaSalle Incorporated 14893 959 68044 80720 11x 10x 114x 106x 60 94
Realogy Holdings Corp 2650 753 37206 71196 12x 11x 97x 93x 42 120
MGIC Investment Corporation 1411 1000 58250 64044 60x 56x 100x 94x 69 600
First American Financial Corporation 5604 975 62816 58783 10x 10x 85x 73x 25 138
Radian Group Inc 2061 910 45636 44371 37x 35x 59x 60x 78 580
FirstService Corporation 7012 928 25589 28998 17x 16x 183x 161x 84 99
HFF Inc 4864 1000 19167 24295 41x 41x 153x 156x (06) 262
Savills plc 1342 993 18750 18751 09x 09x 97x 91x 47 95
PHH Corporation 1030 663 5377 11697 27x 35x NM NM (212) NM
Marcus amp Millichap Inc 3261 997 12754 10186 14x 14x 101x 96x 39 144
Stewart Information Services Corporation 4230 881 9921 9726 05x 05x 84x 63x 25 78
Altisource Portfolio Solutions SA 2800 596 5306 7972 09x 11x 90x 71x (152) 143
(1) Multiples calculated using Market Cap Mean 19x 19x 99x 92x 18 210
Median 13x 12x 97x 93x 42 140
TEVTEV 2018E
Revenue
Growth
2018E
EBITDA
Margin
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY
MampA
Announced
DateBuyer Target Sector
Transaction
Size ($MM)Commentary
Dec-17Real Estate
TechnologyNA
bull MDA Property Systems develops and implements property management systems for clients across Africa and the Middle East The company offers property management software packages for the owners and managers of property portfolios
Dec-17Real Estate
Technology$1200
bull Aconex provides cloud collaboration software services for the construction industry Its software platform connects owners contractors and their project teams in the construction infrastructure and energy and resources sectors
Dec-17Real Estate
ServicesNA
bull La Trobe Financial Services operates as a credit specialist fund management company in Australia and internationally It manages investment mandates on behalf of retail and institutional investors
Nov-17Real Estate
Technology$28
bull BlueCielo develops and delivers software solutions to manage asset-related engineering information It offers engineering drawing management engineering information management and asset data integrity software solutions
Oct-17Real Estate
Services$143
bull DPS provides service plans similar to those offered by HomeServe that protect homeowners from the expense and inconvenience of unexpected home repairs and emergencies
Oct-17Real Estate
TechnologyNA
bull eCondoSystems develops cloud-based software solutions for the condominium development and sales sector
Oct-17Real Estate
TechnologyNA bull HAB develops housing management software for public housing authorities
Oct-17Real Estate
TechnologyNA
bull Tenmast Software Company provides software data management services and training services to public housing authorities and affordable housing organizations
Oct-17Real Estate
TechnologyNA
bull Reapit provides flexible software packages for property firms currently on the market
Oct-17Real Estate
TechnologyNA
bull SkySlope develops a B2B software as a service (SaaS) platform that helps real estate agents and brokerages effectively manage their transactions online
6
4TH QUARTER 2017
Dominion Energyrsquos Products
and Services Business
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY (CONT)
Growth Equity Venture Capital
Announced
DateInvestor Target Sector
Transaction
Size ($MM)Commentary
Dec-17Real Estate
Services$40
bull Common designs creates and operates all-inclusive homes bringing community convenience and flexibility to housing Common members know their neighbors have more free time and the opportunity to transfer to any Common home across the country
Dec-17Real Estate
Technology$100
bull Guaranteed Rate provides mortgage lending services in the United States It offers loans for buying and refinancing homes
Dec-17Real Estate
Technology$450
bull Compass is building the first modern real estate platform pairing the industryrsquos top talent with technology to make the search and sell experience intelligent and seamless
Dec-17Real Estate
Technology$3
bull Maxwell Financial Labs develops a technology platform that connects home buyers agents and lenders
Dec-17Real Estate
ServicesNA
bull Rockport VAL develops a cloud-based valuation tool for the commercial real estate market It offers financial modeling solutions that provide commercial real estate professionals with secure system access
Nov-17Real Estate
Technology$7
bull BuildUp provides an onsite mobile construction management app saving clients project costs and time
Nov-17Real Estate
Technology$21
bull Built helps companies buy rent or lease real estate manage residential commercial and industrial properties and provide other real estate related services including appraisals
Nov-17Real Estate
Technology$12
bull Assemble Systems develops Web-based BIM model-data management software solutions that allow users to extract BIM data add intelligence and collaborate in real-time
Nov-17Real Estate
Technology$11
bull Roomi develops a mobile application that connects people looking for a roommate It offers streamlined specs and photos that enable its registered members to find the right roommate
Nov-17Real Estate
Technology$1
bull No Agent Technologies designs and develops a property and tenant management platform The platform allows the user to find tenants provides credit checks references contracts and manage rent collection
Nov-17Real Estate
Technology$100
bull Compass is building the first modern real estate platform pairing the industryrsquos top talent with technology to make the search and sell experience intelligent and seamless
Nov-17Real Estate
Services$2
bull Gridics provides real estate market data news and analytics It provides access to various information including transit routes and stops mortgagesliens sale and rental listings
Nov-17Real Estate
Technology$3
bull Reali is a real estate technology company that enables property buyers and sellers to transact through an app
Oct-17Real Estate
Technology$36
bull ResMan develops property management software for affordable commercial conventional military and single family homes Its software enables users to calculate economic and projected occupancy
Oct-17Real Estate
Services$57
bull LendingHome provides mortgage financing services to borrowers and investors The company offers multiple short-term first-lien mortgage products for investment properties
Oct-17Real Estate
Technology$104
bull Vacasa operates a vacation rental management platform Its platform manages a portfolio of vacation homes in Australia Belize Chile Italy Mexico New Zealand Panama Spain and the United States
7
4TH QUARTER 2017
Zeev Ventures
No Agent Private Investor
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY (CONT)
Growth Equity Venture Capital
Announced
DateInvestor Target Sector
Transaction
Size ($MM)Commentary
Oct-17Real Estate
Services$13
bull Honest Buildings develops and operates a data-driven project management and procurement platform for commercial real estate owners and managers in North America
Oct-17Real Estate
Technology$7
bull BrickVest develops and operates an online real estate investment platform that serves as a curator for investors and deal sponsors including real estate investment firms portfolio owners operators and developers
Oct-17Real Estate
Technology$4
bull HOME61 operates as an online real estate company that helps users to find real estate properties in Miami and other surrounding areas
Oct-17Real Estate
Technology$35
bull Roofstock provides an online marketplace that allows investors to invest in leased investment homes from institutional sellers
8
4TH QUARTER 2017
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
EQUITY CAPITAL MARKETS
bull Over 500 Equity Capital Markets professionals
bull Over 300 investment bankers in the US and Europe
bull Over 100 institutional sales and sales traders in
the US and Europe
ndash Bulge-bracket distribution capability
ndash Approximately 25 institutional equity
commissions from Europe
bull Over 6200 financial advisors offices in all
50 states
bull Greenwich Associates ranked 2 in overall quality
of analyst service
RAYMOND JAMES
bull Full-service financial services firm with investment
banking equity research institutional sales and
trading and asset management operations
ndash Founded in 1962 public since 1983 (NYSE RJF)
ndash $63 billion in FY 2017 revenue equity market
capitalization of over $131 billion
ndash Stable and well-capitalized platform
bull Industry-focused knowledge-driven approach
backed by highly-ranked equity research team
bull 21 domestic and international investment banking
and institutional sales offices
bull International operations in Brussels Buenos Aires
Duumlsseldorf Geneva London Paris Sao Paulo
Toronto and Vancouver
bull Acquisition of Morgan Keegan consolidated and
strengthened Raymond Jamesrsquo leadership in the
middle market
bull Acquisition of Mummert amp Co strengthened
Raymond Jamesrsquo European presence furthering
international expansion and growing cross-border
transaction expertise
TECHNOLOGY amp SERVICES INVESTMENT
BANKING GROUP
bull 30+ senior-level investment bankers with over 300
years of combined experience located in Atlanta
Boston Chicago San Francisco and St Petersburg
bull Services Mergers amp Acquisitions (sell-side amp buy-side
advisory) Public Equity and Debt Offerings Private
Placements of Equity and Debt Divestitures Board
Advisory Services Recapitalizations and
Restructurings
bull 325+ completed transactions since 2011 totaling over
$100B in transaction value
ndash 200+ MampA advisory and private placement services
transactions
ndash 125+ public offering transactions
NOTES amp DISCLOSURES
Sources of data include Capital IQ FactSet and other news
organizations Information obtained from third-party
sources is considered reliable but we do not guarantee
that the information herein is accurate or complete This
report was prepared within Raymond James amp Associatesrsquo
Investment Banking Department and is for information
purposes only This report is not a product of Raymond
James amp Associatesrsquo Research Department recipients of
this report should not interpret the information herein as
sufficient grounds for an investment decision or any other
decision
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 Any performance mentioned does not
include transaction fees and costs which would reduce an
investorrsquos return An investment cannot be made directly in
a market index
EBITDA Earnings Before
Interest Taxes
Depreciation
and Amortization
EPS Earnings per Share
LTM Last Twelve Months
NA Not Applicable
NM Not Meaningful
PE Price Earnings Ratio
TEV Total Enterprise
Value
DISCLOSURES
9
4TH QUARTER 2017
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
Detailed Valuation Multiples and Metrics
REAL ESTATE SERVICES OVERVIEW
Historical TEV LTM EBITDA Multiples Historical EBITDA Margins
Historical TEV LTM Revenue Multiples Historical Annual Revenue Growth Rate
5
Source SampP CapitalIQ
4TH QUARTER 2017
00x
02x
04x
06x
08x
10x
12x
14x
16x
18x
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00
20
40
60
80
100
120
140
160
180
200Q
1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00x
20x
40x
60x
80x
100x
120x
140x
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
00
20
40
60
80
100
120
140
160
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 2017
2012 2013 2014 2015 2016 2017
Median ndash 12xMedian ndash 107
Median ndash 90xMedian ndash 113
Total
Price of 52 Market Enterprise 2017E 2018E 2017E 2018E
Company 12292017 Week High Cap ($MM) Value ($MM) Revenue Revenue EBITDA EBITDA
CBRE Group Inc $4331 977 $147367 $178053 13x 12x 106x 99x 68 120
Nationstar Mortgage Holdings Inc(1)
1850 893 18225 166965 11x 10x 34x 31x 106 317
Fidelity National Financial Inc 3924 795 108989 109829 14x 14x 87x 97x (01) 145
Jones Lang LaSalle Incorporated 14893 959 68044 80720 11x 10x 114x 106x 60 94
Realogy Holdings Corp 2650 753 37206 71196 12x 11x 97x 93x 42 120
MGIC Investment Corporation 1411 1000 58250 64044 60x 56x 100x 94x 69 600
First American Financial Corporation 5604 975 62816 58783 10x 10x 85x 73x 25 138
Radian Group Inc 2061 910 45636 44371 37x 35x 59x 60x 78 580
FirstService Corporation 7012 928 25589 28998 17x 16x 183x 161x 84 99
HFF Inc 4864 1000 19167 24295 41x 41x 153x 156x (06) 262
Savills plc 1342 993 18750 18751 09x 09x 97x 91x 47 95
PHH Corporation 1030 663 5377 11697 27x 35x NM NM (212) NM
Marcus amp Millichap Inc 3261 997 12754 10186 14x 14x 101x 96x 39 144
Stewart Information Services Corporation 4230 881 9921 9726 05x 05x 84x 63x 25 78
Altisource Portfolio Solutions SA 2800 596 5306 7972 09x 11x 90x 71x (152) 143
(1) Multiples calculated using Market Cap Mean 19x 19x 99x 92x 18 210
Median 13x 12x 97x 93x 42 140
TEVTEV 2018E
Revenue
Growth
2018E
EBITDA
Margin
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY
MampA
Announced
DateBuyer Target Sector
Transaction
Size ($MM)Commentary
Dec-17Real Estate
TechnologyNA
bull MDA Property Systems develops and implements property management systems for clients across Africa and the Middle East The company offers property management software packages for the owners and managers of property portfolios
Dec-17Real Estate
Technology$1200
bull Aconex provides cloud collaboration software services for the construction industry Its software platform connects owners contractors and their project teams in the construction infrastructure and energy and resources sectors
Dec-17Real Estate
ServicesNA
bull La Trobe Financial Services operates as a credit specialist fund management company in Australia and internationally It manages investment mandates on behalf of retail and institutional investors
Nov-17Real Estate
Technology$28
bull BlueCielo develops and delivers software solutions to manage asset-related engineering information It offers engineering drawing management engineering information management and asset data integrity software solutions
Oct-17Real Estate
Services$143
bull DPS provides service plans similar to those offered by HomeServe that protect homeowners from the expense and inconvenience of unexpected home repairs and emergencies
Oct-17Real Estate
TechnologyNA
bull eCondoSystems develops cloud-based software solutions for the condominium development and sales sector
Oct-17Real Estate
TechnologyNA bull HAB develops housing management software for public housing authorities
Oct-17Real Estate
TechnologyNA
bull Tenmast Software Company provides software data management services and training services to public housing authorities and affordable housing organizations
Oct-17Real Estate
TechnologyNA
bull Reapit provides flexible software packages for property firms currently on the market
Oct-17Real Estate
TechnologyNA
bull SkySlope develops a B2B software as a service (SaaS) platform that helps real estate agents and brokerages effectively manage their transactions online
6
4TH QUARTER 2017
Dominion Energyrsquos Products
and Services Business
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY (CONT)
Growth Equity Venture Capital
Announced
DateInvestor Target Sector
Transaction
Size ($MM)Commentary
Dec-17Real Estate
Services$40
bull Common designs creates and operates all-inclusive homes bringing community convenience and flexibility to housing Common members know their neighbors have more free time and the opportunity to transfer to any Common home across the country
Dec-17Real Estate
Technology$100
bull Guaranteed Rate provides mortgage lending services in the United States It offers loans for buying and refinancing homes
Dec-17Real Estate
Technology$450
bull Compass is building the first modern real estate platform pairing the industryrsquos top talent with technology to make the search and sell experience intelligent and seamless
Dec-17Real Estate
Technology$3
bull Maxwell Financial Labs develops a technology platform that connects home buyers agents and lenders
Dec-17Real Estate
ServicesNA
bull Rockport VAL develops a cloud-based valuation tool for the commercial real estate market It offers financial modeling solutions that provide commercial real estate professionals with secure system access
Nov-17Real Estate
Technology$7
bull BuildUp provides an onsite mobile construction management app saving clients project costs and time
Nov-17Real Estate
Technology$21
bull Built helps companies buy rent or lease real estate manage residential commercial and industrial properties and provide other real estate related services including appraisals
Nov-17Real Estate
Technology$12
bull Assemble Systems develops Web-based BIM model-data management software solutions that allow users to extract BIM data add intelligence and collaborate in real-time
Nov-17Real Estate
Technology$11
bull Roomi develops a mobile application that connects people looking for a roommate It offers streamlined specs and photos that enable its registered members to find the right roommate
Nov-17Real Estate
Technology$1
bull No Agent Technologies designs and develops a property and tenant management platform The platform allows the user to find tenants provides credit checks references contracts and manage rent collection
Nov-17Real Estate
Technology$100
bull Compass is building the first modern real estate platform pairing the industryrsquos top talent with technology to make the search and sell experience intelligent and seamless
Nov-17Real Estate
Services$2
bull Gridics provides real estate market data news and analytics It provides access to various information including transit routes and stops mortgagesliens sale and rental listings
Nov-17Real Estate
Technology$3
bull Reali is a real estate technology company that enables property buyers and sellers to transact through an app
Oct-17Real Estate
Technology$36
bull ResMan develops property management software for affordable commercial conventional military and single family homes Its software enables users to calculate economic and projected occupancy
Oct-17Real Estate
Services$57
bull LendingHome provides mortgage financing services to borrowers and investors The company offers multiple short-term first-lien mortgage products for investment properties
Oct-17Real Estate
Technology$104
bull Vacasa operates a vacation rental management platform Its platform manages a portfolio of vacation homes in Australia Belize Chile Italy Mexico New Zealand Panama Spain and the United States
7
4TH QUARTER 2017
Zeev Ventures
No Agent Private Investor
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY (CONT)
Growth Equity Venture Capital
Announced
DateInvestor Target Sector
Transaction
Size ($MM)Commentary
Oct-17Real Estate
Services$13
bull Honest Buildings develops and operates a data-driven project management and procurement platform for commercial real estate owners and managers in North America
Oct-17Real Estate
Technology$7
bull BrickVest develops and operates an online real estate investment platform that serves as a curator for investors and deal sponsors including real estate investment firms portfolio owners operators and developers
Oct-17Real Estate
Technology$4
bull HOME61 operates as an online real estate company that helps users to find real estate properties in Miami and other surrounding areas
Oct-17Real Estate
Technology$35
bull Roofstock provides an online marketplace that allows investors to invest in leased investment homes from institutional sellers
8
4TH QUARTER 2017
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
EQUITY CAPITAL MARKETS
bull Over 500 Equity Capital Markets professionals
bull Over 300 investment bankers in the US and Europe
bull Over 100 institutional sales and sales traders in
the US and Europe
ndash Bulge-bracket distribution capability
ndash Approximately 25 institutional equity
commissions from Europe
bull Over 6200 financial advisors offices in all
50 states
bull Greenwich Associates ranked 2 in overall quality
of analyst service
RAYMOND JAMES
bull Full-service financial services firm with investment
banking equity research institutional sales and
trading and asset management operations
ndash Founded in 1962 public since 1983 (NYSE RJF)
ndash $63 billion in FY 2017 revenue equity market
capitalization of over $131 billion
ndash Stable and well-capitalized platform
bull Industry-focused knowledge-driven approach
backed by highly-ranked equity research team
bull 21 domestic and international investment banking
and institutional sales offices
bull International operations in Brussels Buenos Aires
Duumlsseldorf Geneva London Paris Sao Paulo
Toronto and Vancouver
bull Acquisition of Morgan Keegan consolidated and
strengthened Raymond Jamesrsquo leadership in the
middle market
bull Acquisition of Mummert amp Co strengthened
Raymond Jamesrsquo European presence furthering
international expansion and growing cross-border
transaction expertise
TECHNOLOGY amp SERVICES INVESTMENT
BANKING GROUP
bull 30+ senior-level investment bankers with over 300
years of combined experience located in Atlanta
Boston Chicago San Francisco and St Petersburg
bull Services Mergers amp Acquisitions (sell-side amp buy-side
advisory) Public Equity and Debt Offerings Private
Placements of Equity and Debt Divestitures Board
Advisory Services Recapitalizations and
Restructurings
bull 325+ completed transactions since 2011 totaling over
$100B in transaction value
ndash 200+ MampA advisory and private placement services
transactions
ndash 125+ public offering transactions
NOTES amp DISCLOSURES
Sources of data include Capital IQ FactSet and other news
organizations Information obtained from third-party
sources is considered reliable but we do not guarantee
that the information herein is accurate or complete This
report was prepared within Raymond James amp Associatesrsquo
Investment Banking Department and is for information
purposes only This report is not a product of Raymond
James amp Associatesrsquo Research Department recipients of
this report should not interpret the information herein as
sufficient grounds for an investment decision or any other
decision
The report shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities
mentioned herein past performance does not guarantee
future results Any performance mentioned does not
include transaction fees and costs which would reduce an
investorrsquos return An investment cannot be made directly in
a market index
EBITDA Earnings Before
Interest Taxes
Depreciation
and Amortization
EPS Earnings per Share
LTM Last Twelve Months
NA Not Applicable
NM Not Meaningful
PE Price Earnings Ratio
TEV Total Enterprise
Value
DISCLOSURES
9
4TH QUARTER 2017
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY
MampA
Announced
DateBuyer Target Sector
Transaction
Size ($MM)Commentary
Dec-17Real Estate
TechnologyNA
bull MDA Property Systems develops and implements property management systems for clients across Africa and the Middle East The company offers property management software packages for the owners and managers of property portfolios
Dec-17Real Estate
Technology$1200
bull Aconex provides cloud collaboration software services for the construction industry Its software platform connects owners contractors and their project teams in the construction infrastructure and energy and resources sectors
Dec-17Real Estate
ServicesNA
bull La Trobe Financial Services operates as a credit specialist fund management company in Australia and internationally It manages investment mandates on behalf of retail and institutional investors
Nov-17Real Estate
Technology$28
bull BlueCielo develops and delivers software solutions to manage asset-related engineering information It offers engineering drawing management engineering information management and asset data integrity software solutions
Oct-17Real Estate
Services$143
bull DPS provides service plans similar to those offered by HomeServe that protect homeowners from the expense and inconvenience of unexpected home repairs and emergencies
Oct-17Real Estate
TechnologyNA
bull eCondoSystems develops cloud-based software solutions for the condominium development and sales sector
Oct-17Real Estate
TechnologyNA bull HAB develops housing management software for public housing authorities
Oct-17Real Estate
TechnologyNA
bull Tenmast Software Company provides software data management services and training services to public housing authorities and affordable housing organizations
Oct-17Real Estate
TechnologyNA
bull Reapit provides flexible software packages for property firms currently on the market
Oct-17Real Estate
TechnologyNA
bull SkySlope develops a B2B software as a service (SaaS) platform that helps real estate agents and brokerages effectively manage their transactions online
6
4TH QUARTER 2017
Dominion Energyrsquos Products
and Services Business
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY (CONT)
Growth Equity Venture Capital
Announced
DateInvestor Target Sector
Transaction
Size ($MM)Commentary
Dec-17Real Estate
Services$40
bull Common designs creates and operates all-inclusive homes bringing community convenience and flexibility to housing Common members know their neighbors have more free time and the opportunity to transfer to any Common home across the country
Dec-17Real Estate
Technology$100
bull Guaranteed Rate provides mortgage lending services in the United States It offers loans for buying and refinancing homes
Dec-17Real Estate
Technology$450
bull Compass is building the first modern real estate platform pairing the industryrsquos top talent with technology to make the search and sell experience intelligent and seamless
Dec-17Real Estate
Technology$3
bull Maxwell Financial Labs develops a technology platform that connects home buyers agents and lenders
Dec-17Real Estate
ServicesNA
bull Rockport VAL develops a cloud-based valuation tool for the commercial real estate market It offers financial modeling solutions that provide commercial real estate professionals with secure system access
Nov-17Real Estate
Technology$7
bull BuildUp provides an onsite mobile construction management app saving clients project costs and time
Nov-17Real Estate
Technology$21
bull Built helps companies buy rent or lease real estate manage residential commercial and industrial properties and provide other real estate related services including appraisals
Nov-17Real Estate
Technology$12
bull Assemble Systems develops Web-based BIM model-data management software solutions that allow users to extract BIM data add intelligence and collaborate in real-time
Nov-17Real Estate
Technology$11
bull Roomi develops a mobile application that connects people looking for a roommate It offers streamlined specs and photos that enable its registered members to find the right roommate
Nov-17Real Estate
Technology$1
bull No Agent Technologies designs and develops a property and tenant management platform The platform allows the user to find tenants provides credit checks references contracts and manage rent collection
Nov-17Real Estate
Technology$100
bull Compass is building the first modern real estate platform pairing the industryrsquos top talent with technology to make the search and sell experience intelligent and seamless
Nov-17Real Estate
Services$2
bull Gridics provides real estate market data news and analytics It provides access to various information including transit routes and stops mortgagesliens sale and rental listings
Nov-17Real Estate
Technology$3
bull Reali is a real estate technology company that enables property buyers and sellers to transact through an app
Oct-17Real Estate
Technology$36
bull ResMan develops property management software for affordable commercial conventional military and single family homes Its software enables users to calculate economic and projected occupancy
Oct-17Real Estate
Services$57
bull LendingHome provides mortgage financing services to borrowers and investors The company offers multiple short-term first-lien mortgage products for investment properties
Oct-17Real Estate
Technology$104
bull Vacasa operates a vacation rental management platform Its platform manages a portfolio of vacation homes in Australia Belize Chile Italy Mexico New Zealand Panama Spain and the United States
7
4TH QUARTER 2017
Zeev Ventures
No Agent Private Investor
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY (CONT)
Growth Equity Venture Capital
Announced
DateInvestor Target Sector
Transaction
Size ($MM)Commentary
Oct-17Real Estate
Services$13
bull Honest Buildings develops and operates a data-driven project management and procurement platform for commercial real estate owners and managers in North America
Oct-17Real Estate
Technology$7
bull BrickVest develops and operates an online real estate investment platform that serves as a curator for investors and deal sponsors including real estate investment firms portfolio owners operators and developers
Oct-17Real Estate
Technology$4
bull HOME61 operates as an online real estate company that helps users to find real estate properties in Miami and other surrounding areas
Oct-17Real Estate
Technology$35
bull Roofstock provides an online marketplace that allows investors to invest in leased investment homes from institutional sellers
8
4TH QUARTER 2017
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
EQUITY CAPITAL MARKETS
bull Over 500 Equity Capital Markets professionals
bull Over 300 investment bankers in the US and Europe
bull Over 100 institutional sales and sales traders in
the US and Europe
ndash Bulge-bracket distribution capability
ndash Approximately 25 institutional equity
commissions from Europe
bull Over 6200 financial advisors offices in all
50 states
bull Greenwich Associates ranked 2 in overall quality
of analyst service
RAYMOND JAMES
bull Full-service financial services firm with investment
banking equity research institutional sales and
trading and asset management operations
ndash Founded in 1962 public since 1983 (NYSE RJF)
ndash $63 billion in FY 2017 revenue equity market
capitalization of over $131 billion
ndash Stable and well-capitalized platform
bull Industry-focused knowledge-driven approach
backed by highly-ranked equity research team
bull 21 domestic and international investment banking
and institutional sales offices
bull International operations in Brussels Buenos Aires
Duumlsseldorf Geneva London Paris Sao Paulo
Toronto and Vancouver
bull Acquisition of Morgan Keegan consolidated and
strengthened Raymond Jamesrsquo leadership in the
middle market
bull Acquisition of Mummert amp Co strengthened
Raymond Jamesrsquo European presence furthering
international expansion and growing cross-border
transaction expertise
TECHNOLOGY amp SERVICES INVESTMENT
BANKING GROUP
bull 30+ senior-level investment bankers with over 300
years of combined experience located in Atlanta
Boston Chicago San Francisco and St Petersburg
bull Services Mergers amp Acquisitions (sell-side amp buy-side
advisory) Public Equity and Debt Offerings Private
Placements of Equity and Debt Divestitures Board
Advisory Services Recapitalizations and
Restructurings
bull 325+ completed transactions since 2011 totaling over
$100B in transaction value
ndash 200+ MampA advisory and private placement services
transactions
ndash 125+ public offering transactions
NOTES amp DISCLOSURES
Sources of data include Capital IQ FactSet and other news
organizations Information obtained from third-party
sources is considered reliable but we do not guarantee
that the information herein is accurate or complete This
report was prepared within Raymond James amp Associatesrsquo
Investment Banking Department and is for information
purposes only This report is not a product of Raymond
James amp Associatesrsquo Research Department recipients of
this report should not interpret the information herein as
sufficient grounds for an investment decision or any other
decision
The report shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities
mentioned herein past performance does not guarantee
future results Any performance mentioned does not
include transaction fees and costs which would reduce an
investorrsquos return An investment cannot be made directly in
a market index
EBITDA Earnings Before
Interest Taxes
Depreciation
and Amortization
EPS Earnings per Share
LTM Last Twelve Months
NA Not Applicable
NM Not Meaningful
PE Price Earnings Ratio
TEV Total Enterprise
Value
DISCLOSURES
9
4TH QUARTER 2017
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY (CONT)
Growth Equity Venture Capital
Announced
DateInvestor Target Sector
Transaction
Size ($MM)Commentary
Dec-17Real Estate
Services$40
bull Common designs creates and operates all-inclusive homes bringing community convenience and flexibility to housing Common members know their neighbors have more free time and the opportunity to transfer to any Common home across the country
Dec-17Real Estate
Technology$100
bull Guaranteed Rate provides mortgage lending services in the United States It offers loans for buying and refinancing homes
Dec-17Real Estate
Technology$450
bull Compass is building the first modern real estate platform pairing the industryrsquos top talent with technology to make the search and sell experience intelligent and seamless
Dec-17Real Estate
Technology$3
bull Maxwell Financial Labs develops a technology platform that connects home buyers agents and lenders
Dec-17Real Estate
ServicesNA
bull Rockport VAL develops a cloud-based valuation tool for the commercial real estate market It offers financial modeling solutions that provide commercial real estate professionals with secure system access
Nov-17Real Estate
Technology$7
bull BuildUp provides an onsite mobile construction management app saving clients project costs and time
Nov-17Real Estate
Technology$21
bull Built helps companies buy rent or lease real estate manage residential commercial and industrial properties and provide other real estate related services including appraisals
Nov-17Real Estate
Technology$12
bull Assemble Systems develops Web-based BIM model-data management software solutions that allow users to extract BIM data add intelligence and collaborate in real-time
Nov-17Real Estate
Technology$11
bull Roomi develops a mobile application that connects people looking for a roommate It offers streamlined specs and photos that enable its registered members to find the right roommate
Nov-17Real Estate
Technology$1
bull No Agent Technologies designs and develops a property and tenant management platform The platform allows the user to find tenants provides credit checks references contracts and manage rent collection
Nov-17Real Estate
Technology$100
bull Compass is building the first modern real estate platform pairing the industryrsquos top talent with technology to make the search and sell experience intelligent and seamless
Nov-17Real Estate
Services$2
bull Gridics provides real estate market data news and analytics It provides access to various information including transit routes and stops mortgagesliens sale and rental listings
Nov-17Real Estate
Technology$3
bull Reali is a real estate technology company that enables property buyers and sellers to transact through an app
Oct-17Real Estate
Technology$36
bull ResMan develops property management software for affordable commercial conventional military and single family homes Its software enables users to calculate economic and projected occupancy
Oct-17Real Estate
Services$57
bull LendingHome provides mortgage financing services to borrowers and investors The company offers multiple short-term first-lien mortgage products for investment properties
Oct-17Real Estate
Technology$104
bull Vacasa operates a vacation rental management platform Its platform manages a portfolio of vacation homes in Australia Belize Chile Italy Mexico New Zealand Panama Spain and the United States
7
4TH QUARTER 2017
Zeev Ventures
No Agent Private Investor
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY (CONT)
Growth Equity Venture Capital
Announced
DateInvestor Target Sector
Transaction
Size ($MM)Commentary
Oct-17Real Estate
Services$13
bull Honest Buildings develops and operates a data-driven project management and procurement platform for commercial real estate owners and managers in North America
Oct-17Real Estate
Technology$7
bull BrickVest develops and operates an online real estate investment platform that serves as a curator for investors and deal sponsors including real estate investment firms portfolio owners operators and developers
Oct-17Real Estate
Technology$4
bull HOME61 operates as an online real estate company that helps users to find real estate properties in Miami and other surrounding areas
Oct-17Real Estate
Technology$35
bull Roofstock provides an online marketplace that allows investors to invest in leased investment homes from institutional sellers
8
4TH QUARTER 2017
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
EQUITY CAPITAL MARKETS
bull Over 500 Equity Capital Markets professionals
bull Over 300 investment bankers in the US and Europe
bull Over 100 institutional sales and sales traders in
the US and Europe
ndash Bulge-bracket distribution capability
ndash Approximately 25 institutional equity
commissions from Europe
bull Over 6200 financial advisors offices in all
50 states
bull Greenwich Associates ranked 2 in overall quality
of analyst service
RAYMOND JAMES
bull Full-service financial services firm with investment
banking equity research institutional sales and
trading and asset management operations
ndash Founded in 1962 public since 1983 (NYSE RJF)
ndash $63 billion in FY 2017 revenue equity market
capitalization of over $131 billion
ndash Stable and well-capitalized platform
bull Industry-focused knowledge-driven approach
backed by highly-ranked equity research team
bull 21 domestic and international investment banking
and institutional sales offices
bull International operations in Brussels Buenos Aires
Duumlsseldorf Geneva London Paris Sao Paulo
Toronto and Vancouver
bull Acquisition of Morgan Keegan consolidated and
strengthened Raymond Jamesrsquo leadership in the
middle market
bull Acquisition of Mummert amp Co strengthened
Raymond Jamesrsquo European presence furthering
international expansion and growing cross-border
transaction expertise
TECHNOLOGY amp SERVICES INVESTMENT
BANKING GROUP
bull 30+ senior-level investment bankers with over 300
years of combined experience located in Atlanta
Boston Chicago San Francisco and St Petersburg
bull Services Mergers amp Acquisitions (sell-side amp buy-side
advisory) Public Equity and Debt Offerings Private
Placements of Equity and Debt Divestitures Board
Advisory Services Recapitalizations and
Restructurings
bull 325+ completed transactions since 2011 totaling over
$100B in transaction value
ndash 200+ MampA advisory and private placement services
transactions
ndash 125+ public offering transactions
NOTES amp DISCLOSURES
Sources of data include Capital IQ FactSet and other news
organizations Information obtained from third-party
sources is considered reliable but we do not guarantee
that the information herein is accurate or complete This
report was prepared within Raymond James amp Associatesrsquo
Investment Banking Department and is for information
purposes only This report is not a product of Raymond
James amp Associatesrsquo Research Department recipients of
this report should not interpret the information herein as
sufficient grounds for an investment decision or any other
decision
The report shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities
mentioned herein past performance does not guarantee
future results Any performance mentioned does not
include transaction fees and costs which would reduce an
investorrsquos return An investment cannot be made directly in
a market index
EBITDA Earnings Before
Interest Taxes
Depreciation
and Amortization
EPS Earnings per Share
LTM Last Twelve Months
NA Not Applicable
NM Not Meaningful
PE Price Earnings Ratio
TEV Total Enterprise
Value
DISCLOSURES
9
4TH QUARTER 2017
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
SELECT Q4 2017 TRANSACTION ACTIVITY (CONT)
Growth Equity Venture Capital
Announced
DateInvestor Target Sector
Transaction
Size ($MM)Commentary
Oct-17Real Estate
Services$13
bull Honest Buildings develops and operates a data-driven project management and procurement platform for commercial real estate owners and managers in North America
Oct-17Real Estate
Technology$7
bull BrickVest develops and operates an online real estate investment platform that serves as a curator for investors and deal sponsors including real estate investment firms portfolio owners operators and developers
Oct-17Real Estate
Technology$4
bull HOME61 operates as an online real estate company that helps users to find real estate properties in Miami and other surrounding areas
Oct-17Real Estate
Technology$35
bull Roofstock provides an online marketplace that allows investors to invest in leased investment homes from institutional sellers
8
4TH QUARTER 2017
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
EQUITY CAPITAL MARKETS
bull Over 500 Equity Capital Markets professionals
bull Over 300 investment bankers in the US and Europe
bull Over 100 institutional sales and sales traders in
the US and Europe
ndash Bulge-bracket distribution capability
ndash Approximately 25 institutional equity
commissions from Europe
bull Over 6200 financial advisors offices in all
50 states
bull Greenwich Associates ranked 2 in overall quality
of analyst service
RAYMOND JAMES
bull Full-service financial services firm with investment
banking equity research institutional sales and
trading and asset management operations
ndash Founded in 1962 public since 1983 (NYSE RJF)
ndash $63 billion in FY 2017 revenue equity market
capitalization of over $131 billion
ndash Stable and well-capitalized platform
bull Industry-focused knowledge-driven approach
backed by highly-ranked equity research team
bull 21 domestic and international investment banking
and institutional sales offices
bull International operations in Brussels Buenos Aires
Duumlsseldorf Geneva London Paris Sao Paulo
Toronto and Vancouver
bull Acquisition of Morgan Keegan consolidated and
strengthened Raymond Jamesrsquo leadership in the
middle market
bull Acquisition of Mummert amp Co strengthened
Raymond Jamesrsquo European presence furthering
international expansion and growing cross-border
transaction expertise
TECHNOLOGY amp SERVICES INVESTMENT
BANKING GROUP
bull 30+ senior-level investment bankers with over 300
years of combined experience located in Atlanta
Boston Chicago San Francisco and St Petersburg
bull Services Mergers amp Acquisitions (sell-side amp buy-side
advisory) Public Equity and Debt Offerings Private
Placements of Equity and Debt Divestitures Board
Advisory Services Recapitalizations and
Restructurings
bull 325+ completed transactions since 2011 totaling over
$100B in transaction value
ndash 200+ MampA advisory and private placement services
transactions
ndash 125+ public offering transactions
NOTES amp DISCLOSURES
Sources of data include Capital IQ FactSet and other news
organizations Information obtained from third-party
sources is considered reliable but we do not guarantee
that the information herein is accurate or complete This
report was prepared within Raymond James amp Associatesrsquo
Investment Banking Department and is for information
purposes only This report is not a product of Raymond
James amp Associatesrsquo Research Department recipients of
this report should not interpret the information herein as
sufficient grounds for an investment decision or any other
decision
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 Any performance mentioned does not
include transaction fees and costs which would reduce an
investorrsquos return An investment cannot be made directly in
a market index
EBITDA Earnings Before
Interest Taxes
Depreciation
and Amortization
EPS Earnings per Share
LTM Last Twelve Months
NA Not Applicable
NM Not Meaningful
PE Price Earnings Ratio
TEV Total Enterprise
Value
DISCLOSURES
9
4TH QUARTER 2017
REAL ESTATE SOLUTIONS QUARTERLY UPDATE
EQUITY CAPITAL MARKETS
bull Over 500 Equity Capital Markets professionals
bull Over 300 investment bankers in the US and Europe
bull Over 100 institutional sales and sales traders in
the US and Europe
ndash Bulge-bracket distribution capability
ndash Approximately 25 institutional equity
commissions from Europe
bull Over 6200 financial advisors offices in all
50 states
bull Greenwich Associates ranked 2 in overall quality
of analyst service
RAYMOND JAMES
bull Full-service financial services firm with investment
banking equity research institutional sales and
trading and asset management operations
ndash Founded in 1962 public since 1983 (NYSE RJF)
ndash $63 billion in FY 2017 revenue equity market
capitalization of over $131 billion
ndash Stable and well-capitalized platform
bull Industry-focused knowledge-driven approach
backed by highly-ranked equity research team
bull 21 domestic and international investment banking
and institutional sales offices
bull International operations in Brussels Buenos Aires
Duumlsseldorf Geneva London Paris Sao Paulo
Toronto and Vancouver
bull Acquisition of Morgan Keegan consolidated and
strengthened Raymond Jamesrsquo leadership in the
middle market
bull Acquisition of Mummert amp Co strengthened
Raymond Jamesrsquo European presence furthering
international expansion and growing cross-border
transaction expertise
TECHNOLOGY amp SERVICES INVESTMENT
BANKING GROUP
bull 30+ senior-level investment bankers with over 300
years of combined experience located in Atlanta
Boston Chicago San Francisco and St Petersburg
bull Services Mergers amp Acquisitions (sell-side amp buy-side
advisory) Public Equity and Debt Offerings Private
Placements of Equity and Debt Divestitures Board
Advisory Services Recapitalizations and
Restructurings
bull 325+ completed transactions since 2011 totaling over
$100B in transaction value
ndash 200+ MampA advisory and private placement services
transactions
ndash 125+ public offering transactions
NOTES amp DISCLOSURES
Sources of data include Capital IQ FactSet and other news
organizations Information obtained from third-party
sources is considered reliable but we do not guarantee
that the information herein is accurate or complete This
report was prepared within Raymond James amp Associatesrsquo
Investment Banking Department and is for information
purposes only This report is not a product of Raymond
James amp Associatesrsquo Research Department recipients of
this report should not interpret the information herein as
sufficient grounds for an investment decision or any other
decision
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 Any performance mentioned does not
include transaction fees and costs which would reduce an
investorrsquos return An investment cannot be made directly in
a market index
EBITDA Earnings Before
Interest Taxes
Depreciation
and Amortization
EPS Earnings per Share
LTM Last Twelve Months
NA Not Applicable
NM Not Meaningful
PE Price Earnings Ratio
TEV Total Enterprise
Value
DISCLOSURES
9
4TH QUARTER 2017
