Tiburon Research February 12, 2019 PEAK6 Investments: A Leading Execution, Settlement, Clearing, & Technology Firm Tiburon Research February 12, 2019

Comments 1 PEAK6 Investments Founded in 1997 Founded by Matt Hulsizer & Jenny Just Based in Chicago, IL Co-Founders: Matt Hulsizer & Jenny Just Web site: www.peak6.com Source: 2/12/19 PEAK6 Investments Web Site; Tiburon Research & Analysis 1

PEAK6 Investments History PEAK6 Investments was Founded in 1997 and Has Subsequently Evolved Through its Early, Middle, & Recent Phases PEAK6 Investments History PEAK6 Investments Founded PEAK6 Investments Today Early Phase Middle Phase Recent Phase Approximate Dates: 1997 1997 - 2000 2001 - 2010 2011 - 2019 2019 Key Steps: 1997: PEAK6 Investments founded XXXX: -- XXXX: -- XXXX: -- Source: 2/12/19 PEAK6 Investments Web Site; Tiburon Research & Analysis

Penson Worldwide Clearing Broker Acquisitions PEAK6 Investments’ Penson Worldwide Has Acquired Several Clearing Brokers, Including Integrated Trading Solutions in 2002 Penson Worldwide Clearing Broker Acquisitions Ridge Clearing & Outsourcing Solutions (Correspondent Contracts) Integrated Trading Solutions -- -- Acquired in 2002 Acquired in 2010 Made Penson the second largest securities clearing firm by the United States correspondent count -- -- Source: 3/19/12 Penson Worldwide Web Site; Tiburon Research & Analysis 3

PEAK6 Investments is Not a Frequent Advertiser Comments -- Source: Tiburon Research & Analysis 4

PEAK6 Investments is Not a Frequent Acquirer Comments -- Source: Tiburon Research & Analysis 5

PEAK6 Investments Has a Charitable Giving Program Comments -- Source: Tiburon Research & Analysis 6

PEAK6 Investments Businesses PEAK6 Investments Has Businesses, Including Penson Worldwide, PEAK6 Capital Management, PEAK6 Strategic Capital, & National Flood Services PEAK6 Investments Businesses PEAK6 Investments Businesses Penson Worldwide PEAK6 Strategic Capital National Flood Services PEAK6 Capital Management Source: 2/12/19 PEAK6 Investments Web Site; Tiburon Research & Analysis 7

Comments 8 Penson Worldwide Founded in 1995 Founded as Penson Financial Services Founded by Phil Pendergraft & Daniel Son Based in Dallas, TX CEO: Phil Pendergraft Publicly owned (NASDAQ: PNSN) Web site: www.penson.com Source: 3/19/12 Penson Worldwide Web Site; 2/15/11 Finextra Web Site; 2/15/11 PR Newswire Web Site; 11/15/10 Penson Worldwide Web Site; Tiburon Research & Analysis 8

Penson Worldwide’s Institutional Clients Include Trade King -- Trade King -- Source: 3/19/12 Penson Worlwide Web Site; Tiburon Research & Analysis 9 9

Penson Worldwide Businesses Penson Worldwide Has Businesses, Including Penson Financial Services, Penson Financial Futures, Penson Financial Services Canada, & Penson Financial Services Limited Penson Worldwide Businesses Penson Worldwide Businesses Penson Financial Services Penson Financial Services Canada Penson Financial Services Limited Penson Financial Futures Source: 3/19/12 Penson Worldwide Web Site; 11/15/10 Penson Worldwide Web Site; Tiburon Research & Analysis 10

Penson Worldwide’s First Business is its Clearing Brokerage Business Called Penson Financial Services Comments -- Source: 11/15/10 Penson Worldwide Web Site; Tiburon Research & Analysis 11

Penson Worldwide’s Second Business is Penson Financial Futures Comments -- Source: 3/19/12 Penson Worldwide Web Site; Tiburon Research & Analysis 12

Penson Worldwide’s Third Business is Penson Financial Services Canada Comments Launched in 2000 Based in Montreal, Quebec Source: 3/19/12 Penson Worldwide Web Site; Tiburon Research & Analysis 13

Penson Worldwide’s Third Business is Penson Financial Services Limited Comments Launched in 2000 Based in London, England Source: 3/19/12 Penson Worldwide Web Site; Tiburon Research & Analysis 14

PEAK6 Investments’ Second Business is PEAK6 Capital Management Comments -- Source: 2/12/19 PEAK6 Investments Web Site; Tiburon Research & Analysis 15

PEAK6 Investments’ Third Business is PEAK6 Strategic Capital Comments -- Source: 2/12/19 PEAK6 Investments Web Site; Tiburon Research & Analysis 16

PEAK6 Investments’ Fourth Business is National Flood Services Comments -- Source: 2/12/19 PEAK6 Investments Web Site; Tiburon Research & Analysis 17

PEAK6 Investments is Led by its Co-Founders Matt Hulsizer & Jenny Just Organizational Chart Matt Hulsizer Co-Founder Jenny Just Co-Founder -- -- -- -- -- Source: 2/12/19 PEAK6 Investments Web Site; Tiburon Research & Analysis 18

PEAK6 Investments Has a Board of Directors Led by its Chairman… -- -- -- -- -- -- -- -- -- -- -- -- Source: Tiburon Research & Analysis 19

PEAK6 Investments is Privately Owned Comments -- Source: Tiburon Research & Analysis 20

Tiburon Strategic Advisors Comments Focus on corporate-level strategy Serve senior executives only at financial services companies Key services: market seminars, market research, & strategy consulting Served over 450 corporate clients and completed over 2,200 projects since 1998 Host semi-annual CEO Summits, offer free weekly research releases, and offer free business benchmarking tools for all types of advisors Chip Roame background McKinsey & Company Charles Schwab & Company Tiburon since 1998 Source: Tiburon Research & Analysis 21 21