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 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

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

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

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

8. 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

9. 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:
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

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

11. 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

12. 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

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

14. 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

15. 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

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

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

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

19. 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

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

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

22. 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