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

2. 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:
Source: 2/12/19 PEAK6 Investments Web Site; Tiburon Research & Analysis 1

3. 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
2019
Key Steps:
1997: PEAK6 Investments founded
XXXX: --
XXXX: --
XXXX: --
Source: 2/12/19 PEAK6 Investments Web Site; Tiburon Research & Analysis

4. Penson Worldwide History
PEAK6 Investments’ Penson Worldwide was Founded as Penson Financial Services in 1995 and Has Subsequently Evolved its Personal Financial Services, Penson Worldwide, & Public Phases
Penson Worldwide
History
Penson Financial Services Founded
Penson Worldwide Today
Personal Financial Services Phase
Penson Worldwide
Phase
Public
Phase
Approximate Dates:
1995
2019
Key Steps:
1995: Penson Financial Services founded
XXXX: --
2000: Rebranded as Penson Worldwide
2000: Launched Penson Financial Services Canada
2000: Launched Penson Financial Services Limited
2001: Launched Penson Financial Futures
2002: Acquired Integrated Trading Solutions
2002: Launched Omni Pro
2006: Went Public
2010: Acquired Correspondent Contracts of Ridge Clearing & Outsourcing Solutions
Source: 3/19/12 Penson Worldwide Web Site; 11/15/10 Penson Worldwide Web Site; Tiburon Research & Analysis 3

5. PEAK6 Investments was Founded by Matt Hulsizer & Jenny Just in 1997
Comments
Founded in 1997
Founded by Matt Hulsizer & Jenny Just
Based in Chicago, IL
Co-Founders: Matt Hulsizer & Jenny Just
Source: 2/12/19 PEAK6 Investments Web Site; Tiburon Research & Analysis 4

6. PEAK6 Investments’ Penson Worldwide’s Predecessor Penson Financial Services Rebranded itself Under its Correct Name in 2010
Comments --
Source: 3/19/12 Penson Worldwide Web Site; Tiburon Research & Analysis 5

7. Clearing & Execution Firm
PEAK6 Investments’ Penson Worldwide Launched Penson Financial Services Canada in 2000
Clearing & Execution Firm
Comments
Launched in 2000
Based in Montreal, Quebec
Source: 3/19/12 Penson Worldwide Web Site; Tiburon Research & Analysis 6

8. Clearing & Execution Firm
PEAK6 Investments’ Penson Worldwide Launched Penson Financial Services Limited in 2000
Clearing & Execution Firm
Comments
Launched in 2000
Based in London, England
Source: 3/19/12 Penson Worldwide Web Site; Tiburon Research & Analysis 7

9. Trades derivatives in the United States
PEAK6 Investments’ Penson Worldwide Launched Penson Financial Futures in 2001
Trades derivatives in the United States
Comments
Launched in 2001
Source: 3/19/12 Penson Worldwide Web Site; Tiburon Research & Analysis 8

10. 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 9

11. PEAK6 Investments’ Penson Worldwide Launched Omni Pro in 2002
Professional trading platform
Comments
Launched in 2001
Source: 3/19/12 Penson Worldwide Web Site; Tiburon Research & Analysis 10

12. PEAK6 Investments’ Penson Worldwide went Public in 2006
Comments --
Source: 3/19/12 Penson Worldwide Web Site; Tiburon Research & Analysis 11

13. PEAK6 Investments is Not a Frequent Advertiser
Advertising
Comments --
Source: Tiburon Research & Analysis 12

14. PEAK6 Investments Web Site
PEAK6 Investments’ Web Site Has Four Core Sections, Including About Businesses, Careers, & Contact Us
PEAK6 Investments
Web Site
PEAK6 Investments
Web Site
About
Businesses
Careers
Contact Us
Source: 2/12/19 PEAK6 Investments Web Site; Tiburon Research & Analysis 13

15. PEAK6 Investments is Not a Frequent Acquirer
Acquisitions
Comments --
Source: Tiburon Research & Analysis 14

16. PEAK6 Investments Has a Charitable Giving Program
Comments --
Source: Tiburon Research & Analysis 15

17. PEAK6 Investments Has __ Offices
Needs data
PEAK6 Investments
Offices
Source: Tiburon Research & Analysis 16

18. PEAK6 Investments Has __ Employees
Needs data
PEAK6 Investments
Employees
Source: Tiburon Research & Analysis 17

19. PEAK6 Investments Has __ Institutional Clients
Needs data
PEAK6 Investments
Institutional Clients
Source: Tiburon Research & Analysis 18

20. PEAK6 Investments’ Institutional Clients Include…-- -- --
Source: Tiburon Research & Analysis 19 19

21. PEAK6 Investments Has Gathered $__ Billion Asses Under Management
Needs data
PEAK6 Investments
Asses Under Management
($ Billions)
Source: Tiburon Research & Analysis 20

22. PEAK6 Investments Generates $__ Million Revenues
Needs data
PEAK6 Investments
Revenues
($ Millions)
Source: Tiburon Research & Analysis 21

23. PEAK6 Investments Earns $__ Million
Needs data
PEAK6 Investments
Net Profits
($ Millions)
Source: Tiburon Research & Analysis 22

24. 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 23

25. Comments 24 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:
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 24

26. Penson Worldwide Web Site
Penson Worldwide’s Web Site Has Seven Core Sections, Including About Us, Services & Products, Our Firms, Investor Relations, News, Career Opportunities, & Contact
Penson Worldwide
Web Site
Penson Worldwide
Web Site
About Us
Services & Products
Our Firms
Investor Relations
News
Career Opportunities
Contact
Source: 11/15/10 Penson Worldwide Web Site; Tiburon Research & Analysis 25

27. Penson Worldwide Has __ Offices
Needs data
Penson Worldwide
Offices
Source: Tiburon Research & Analysis 26

28. Penson Worldwide Has __ Employees
Needs data
Penson Worldwide
Employees
Source: Tiburon Research & Analysis 27

29. Penson Worldwide Has __ Institutional Clients
Needs data
Penson Worldwide
Institutional Clients
Source: Tiburon Research & Analysis 28

30. Penson Worldwide’s Institutional Clients Include Trade King--
Trade King --
Source: 3/19/12 Penson Worlwide Web Site; Tiburon Research & Analysis 29 29

31. Penson Worldwide Generates $__ Million Revenues
Needs data
Penson Worldwide
Revenues
($ Millions)
Source: Tiburon Research & Analysis 30

32. Penson Worldwide Earns $__ Million
Needs data
Penson Worldwide
Net Profits
($ Millions)
Source: Tiburon Research & Analysis 31

33. 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 32

34. 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 33

35. Penson Worldwide’s Second Business is Penson Financial Futures
Trades derivatives in the United States
Comments --
Source: 3/19/12 Penson Worldwide Web Site; Tiburon Research & Analysis 34

36. Penson Worldwide’s Third Business is Penson Financial Services Canada
Clearing & execution firm
Comments
Launched in 2000
Based in Montreal, Quebec
Source: 3/19/12 Penson Worldwide Web Site; Tiburon Research & Analysis 35

37. Penson Worldwide’s Third Business is Penson Financial Services Limited
Clearing & execution firm
Comments
Launched in 2000
Based in London, England
Source: 3/19/12 Penson Worldwide Web Site; Tiburon Research & Analysis 36

38. Penson Worldwide Organizational Chart
Penson Worldwide is Led by its CEO Phil Pendergraft & President Bryce Engel
Penson Worldwide
Organizational Chart
Phil Pendergraft
CEO
Bryce Engel
President
John Streich
CEO
Penson Financial Futures
John Skain
CEO
Penson Financial Services Canada
Clive Triance
CEO
Penson Financial Services Limited
Bruce Ferguson
President
Next Technologies --
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 37

39. Penson Worldwide’s Board of Directors Include John Drew
Roger Engemoen
(Chairman)
Daniel Son
(Vice Chairman)
John Drew -- -- -- --
Co-Founder, Penson Worldwide
Partner, Technology Crossover Ventures -- -- --
Source: 3/19/12 Penson Worldwide Web Site; 2/15/11 Finextra Web Site; 2/15/11 PR Newswire Web Site; Tiburon Research & Analysis 38

40. Penson Worldwide is Publicy Owned & Traded on the NASDAQ
Comments --
Source: 2/12/19 PEAK6 Investments Web Site; Tiburon Research & Analysis 39

41. PEAK6 Investments’ Second Business is PEAK6 Capital Management
Comments --
Source: 2/12/19 PEAK6 Investments Web Site; Tiburon Research & Analysis 40

42. PEAK6 Investments’ Third Business is PEAK6 Strategic Capital
Comments --
Source: 2/12/19 PEAK6 Investments Web Site; Tiburon Research & Analysis 41

43. PEAK6 Investments’ Fourth Business is National Flood Services
Comments --
Source: 2/12/19 PEAK6 Investments Web Site; Tiburon Research & Analysis 42

44. 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 43

45. PEAK6 Investments Has a Board of Directors Led by its Chairman…-- -- -- -- -- -- -- -- -- -- -- --
Source: Tiburon Research & Analysis 44

46. PEAK6 Investments is Privately Owned
Comments --
Source: Tiburon Research & Analysis 45

47. PEAK6 Investments Has Assets
Needs data
PEAK6 Investments
Assets
($ Millions)
Source: Tiburon Research & Analysis 46 46 46

48. PEAK6 Investments Has Liabilities
Needs data
PEAK6 Investments
Liabilities
($ Millions)
Source: Tiburon Research & Analysis 47 47 47

49. PEAK6 Investments Has Shareholders’ Equity
Needs data
PEAK6 Investments
Shareholders Equity
($ Millions)
Source: Tiburon Research & Analysis 48 48 48

50. PEAK6 Investments Earns … Per Share
Needs data
PEAK6 Investments
Earnings Per Share
Source: Tiburon Research & Analysis 49 49 49

51. PEAK6 Investments Declares … Dividends Per Share
Needs data
PEAK6 Investments
Dividends Per Share
Source: Tiburon Research & Analysis 50 50 50

52. PEAK6 Investments Has a … Dividend Yield
Needs data
PEAK6 Investments
Dividend Yield
Source: Tiburon Research & Analysis 51 51 51

53. PEAK6 Investments’ Stock Price is …
Needs data
PEAK6 Investments
Stock Price
Source: Tiburon Research & Analysis 52 52 52

54. PEAK6 Investments Has … Shares Outstanding
Needs data
PEAK6 Investments
Shares Outstanding
Source: Tiburon Research & Analysis 53 53 53

55. PEAK6 Investments’ Market Capitalization is …
Needs data
PEAK6 Investments
Market Capitalization
($ Millions)
Source: Tiburon Research & Analysis 54 54 54

56. PEAK6 Investments is Owned by ….
Needs data
PEAK6 Investments
Ownership
By Owner
Source: Tiburon Research & Analysis 55 55 55

57. PEAK6 Investments’ Stock Volume is….
Needs data
PEAK6 Investments
Stock Volume
Source: Tiburon Research & Analysis 56 56 56

58. 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 57 57