Goldman Sachs Investment Banking Pitch Book

Goldman Sachs BofA SECURITIES EVD Capiol Markets KBW Morgan Stanley OPPENHEIMER RAYMOND JAMES Jefferies 10-14X 2022E EPS RBC Royal Bank Research Analyst Perspectives Median Overview of Analyst Commentary and Ratings Price Target Methodology Rating/ Price Target Rating / Price Target Date 10x 2024E EPS of $5.40 Two-year forward ■ P/E based on 12 . comparable stocks 10x Q5-Q8 P/E ■ 9.5x 2024E EPS 9.5x 2023E Adj. EPS of $4.06 (adding back non- cash equity comp) 9.0x 2024E EPS of $4.99 10.0x NTM2 EPS of $4.07 supplemented by DCF analysis 10x CY23 EPS of $4.65 ■ Buy I $44.00 ■ ■ Buy $54.00 ■ Outperform $57.00 I Buy $46.00 Outperform $46.00 Outperform I $45.00 Underweight $36.00 Outperform $41.00 Outperform $46.00 $46.00 I 3-Nov-22 4-Nov-22 ■ 3-Nov-22 I 3-Nov-22 I 3-Nov-22 ■ 4-Nov-22 3-Nov-22 3-Nov-22 3-Nov-22 Source: Selected analyst research. Market data as of 16-Dec-2022 ¹ Includes undisclosed analysts. I I ■ Operating beat; year-over-year organic revenue growth +3.4% ■ Key Commentary EBITDA trends are more defensive than markets appreciate Overall good quarter driven by higher revenues & EBITDA margin ■ Lowering estimates on weaker guidance I Market is revenue headwind, but expense base, recurring fee-based revenues, and earnings preference offer downside protection I Pace of deal activity remains relatively active despite market volatility Weaker than expected Q4 guidance Net leverage is rising, but RIA target multiples are softening Business resilience despite challenging market backdrop Consolidation not deterred by market Market headwinds lead to margin pressure Still active on the M&A front despite leverage constraints Better than expected Q3 results despite market volatility M&A pipeline seems solid 100% Analyst Recommendations and Target Price¹ 80% 60% 40% 20% 0% 10 40% 60% Buy 11 9% 91% 11 Hold 9% 91% INVESTMENT BANKING DIVISION 10 CONFIDENTIAL 8 100% 100% 100% 10 # of Analysts 10% 90% $80.0 $60.0 $46.00 $40.0 $36.78 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Current Sell Price (USD) Median Target Price (USD) $20.0 $0.0 11

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