Safe Harbor Statement

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2 2 Safe Harbor Statement This presentation contains forward-looking statements, as defined by federal and state securities laws, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of Forward-looking statements include statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, performance or products, underlying assumptions, and other statements which are other than statements of historical facts. In some cases, you can identify forward-looking statements by terminology such as ''may,'' ''will,'' ''should,'' hope,'' "expects,'' ''intends,'' ''plans,'' ''anticipates,'' "contemplates," ''believes,'' ''estimates,'' ''predicts,'' ''projects,'' ''potential,'' ''continue,'' and other similar terminology or the negative of these terms. From time to time, we may publish or otherwise make available forward-looking statements of this nature. All such forwardlooking statements, whether written or oral, and whether made by us or on our behalf, are expressly qualified by the cautionary statements described on this message including those set forth below. All statements contained in this presentation are made only as of the date of this presentation. In addition, except to the extent required by applicable securities laws, we undertake no obligation to update or revise any forward-looking statements to reflect events, circumstances, or new information after the date of the information or to reflect the occurrence or likelihood of unanticipated events, and we disclaim any such obligation. Forward-looking statements are only predictions that relate to future events or our future performance and are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause actual results, outcomes, levels of activity, performance, developments, or achievements to be materially different from any future results, outcomes, levels of activity, performance, developments, or achievements expressed, anticipated, or implied by these forward-looking statements. Other factors that could affect actual results, outcomes, levels of activity, performance, developments or achievements can be found under the heading Risk Factors in SS&C Technologies Holdings, Inc. s Form 10-K, filed February 28, As a result, we cannot guarantee future results, outcomes, levels of activity, performance, developments, or achievements, and there can be no assurance that our expectations, intentions, anticipations, beliefs, or projections will result or be achieved or accomplished.

3 3 Agenda Welcome - Justine Stone, Investor Relations 01 10:00AM Bill Stone, Chairman and CEO SS&C Strategic Outlook 02 10:25AM Rahul Kanwar, President and COO SS&C Business Overview, Acquisition Progress 03 10:50AM Patrick Pedonti, SVP, Chief Financial Officer Financial Overview 04 11:00AM Q&A with CEO, COO, CFO 05 11:30AM 12:30PM Mike Sleightholme, SVP, General Manager, DST Systems Ken Fullerton, SVP, Managing Director, Hedge Funds Joe Patellaro, SVP, Managing Director, Private Equity Bhagesh Malde, SVP, Managing Director, Real Assets Christy Bremner, SVP, General Manager, I&IM Rob Roley, SVP, General Manager, SS&C Advent Jeff Shoreman, SVP, General Manager, Eze Software Leif O Leary, SVP, General Manager, Intralinks Anthony Caiafa, CTO, Technology and Infrastructure Strategy Business Unit Overview, Market Opportunities, Key Initiatives 06 12:30PM Norm Boulanger, Vice Chairman, Singularity Scott Kurland, Managing Director Singularity Overview, Demo 07 Q&A with Presenters 08 1:00PM Technology Demos & Lunch (in common area) DST WalletShare, Core/Sightline, Black Diamond, InvestorVision, Intralinks, Eze Software

4 Leading provider of mission-critical cloud-based software for financial services providers with a flexible, on-demand delivery model 4

5 BILL STONE, Chairman and CEO

6 6 SS&C by the Numbers Founded in ,000+ employees 134 offices globally NASDAQ: SSNC (since Q1 2010) 13,000+ clients Largest Transfer Agent and Fund Administrator Globally 100+ products and services 96% contractually recurring revenues

7 7 Adj. Revenue Growth 10x since IPO $3,426 E $1,524 $1,683 $329 $371 $553 $713 $768 $1, IPO Raises $161 million GlobeOp Advent Software Citi Alternative Investor Services DST Systems Eze Software Acquisitions Intralinks

8 8 Adj. Net Income Growth 10x since IPO $ $683 $ $ $ $338 $409 $ $ $ $66 $87 $117 $169 $206 $254 $ IPO Raises $161 million GlobeOp Advent Software Citi Alternative Investor Services DST Systems Eze Software Acquisitions Intralinks

9 9 Diversified Business Model Client footprint Pro Forma 2017 revenue (1)(2) Asset Managers Private Equity Hedge Funds Mutual Funds FOFs RIAs Wealth Management 7% Targeted 3% Healthcare 12% Alternative 33% Managed Accounts Diversity across end markets Wealth Managers $3.8bn Revenue Insurance Companies Family Offices Healthcare Real Estate Banks Endowment / Pension Funds Institutional / Traditional 45% (1) Pro forma combined revenue as of December 31, (2) For DST: Alternative includes ALPS; Institutional / Traditional includes Asset Manager Solutions and Brokerage Solutions; Wealth Management includes Retirement Solutions and Distribution Solutions; Healthcare includes Pharmacy Solutions and Medical Solutions.

10 10 Large Technology Spend across Financial Services Industry Asset Management Technology Market Total Worldwide Banking and Securities Industry Spending in Software and IT Services ($ in billions) Market Data & MDD, 4.6 $250 $262 $279 $295 $313 $332 Hardware, Hosting, and Outsourcing, 13.5 Global Data & Information, 20.2 ~48b Front-to-Back office Applications, Source: Gartner, Oct Functions US Buy-Side Firms are Implementing SaaS as primary delivery model 80% Front office Middle Office Back Office 60% 59% 54% Front-to-Back Office Applications a strategic growth area» Hedge funds/alternatives driving incremental growth in segment» Increasing compliance requirements, regulations, demands for transparency» Increasing complexity of investment strategies» Overall FinTech market expected to grow 4-5% annually 40% 20% 0% 26% Marketing / Asset Gathering Source: Deloitte, % Asset / Portfolio Management 41% 41% 38% 33% 33% 41% Risk Management Compliance Back-office operations 28% 44% HR / Finance back-office support Deployed Trialing

11 11 The Financial Industry Relies on SS&C $45 TRILLION 40 9 OUT OF TOP 10 75% Top 20 LARGEST ASSET MANAGERS in financial assets fund administrators prime brokers Of the top 100 hedge funds Distribution Solutions 58.3 MILLION TA ACCOUNTS $2 TRILLION 99% 95% LARGEST SaaS PROVIDER Asset Manager Solutions Regulatory Filings Issuance of all US Commercial Paper Structuring of all US Municipal Bonds Retirement Solutions

12 12 Unique and Leveragable Business Model Customer Relationship expands Customer Greater operational efficiency Customer Customer CO- SOURCING FULL MIDDLE AND BACK OFFICE OUTSOURCING Infrastructure and technology savings Larger revenue opportunity Customer HOSTING SERVICES COMPONENT OUTSOURCING SERVICES LICENSED SOFTWARE PROPRIETARY TECHNOLOGY AND EXPERTISE

13 13 Collection of Experts Over 20,000 global Employees Focus on Attracting and Retaining Talent CPAs, CFAs, chartered accountants, technologists, advanced degrees Experts in US and International accounting rules, tax law, and financial regulation, GIPS, level III asset accounting Best in class training, tuition and professional development reimbursements, industry training Offering competitive salaries and benefits and a world-class equity program Range of opportunities from Fund Accounting to Software Developers Active participation in Careers Fairs recruiting new graduates in various disciplines from Accounting, Finance, Technology, etc.

14 14 Business Organization A Collection of Experts SS&C Corporate Functions Finance Patrick Pedonti, CFO Human Resources Legal Joe Frank, Chief Legal Officer Compliance Bill Stone Chairman, CEO Software and SaaS Rahul Kanwar President, COO Outsourcing Services Institutional and Investment Management SS&C Advent Targeted Solutions DST Systems SS&C GlobeOp Fund Services Intralinks SS&C Eze Sales & Marketing Technology

15 Acquisition Organic Mid Single Digits 15 SS&C s Growth Strategy Core Offerings New products and markets Utilize our market leadership in fund administration, mutual fund transfer agent, and buy-side technology to win new clients Incorporate emerging technologies into development projects including AI, Robotics, machine learning Cross sell and upsell additional value-add services to our current client base Pursue adjacent markets through our acquisitions and targeted solutions Have a matrixed pricing model that supports both our clients and our growth Expand our solutions globally, build our sales force abroad, particularly Asia-Pac Methodically opportunistic acquisition strategy with price discipline Move quickly on large, strategic acquisitions Explore tuck-in acquisitions that enhance current offerings, improve technology

16 Innovation: 2018 ProForma R&D Spend of $420 million 16 Outsourced Middle Office Solution Form PF Reporting EMIR Reporting Outsourced REIT Servicing Retirement Plan Health Dashboard w/ Analytics & Benchmarking SS&C Singularity Automated Financial Statement Preparation Tool Electronic Investor Documentation Workflow Tool Depository Lite Service Solvency II Reporting Enhanced Client Portal Risk Reporting Service Cloud-Based Hosting & Mobile Private Equity Admin. Offering FATCA Reporting Voice Recognition Embedded w/in Fund Admin. IOS App Mortgage Origination & Servicing Solution Advisor Workstation & Practice Management SEC Modernization Regulatory Reporting Asset Manager Investment & Portfolio Management Platform Retirement Plan Health Analytics Complete Portfolio Monitoring Service for Credit Managers Learning Center Investor Education & Content Leveraging a growing collection of intellectual property and industry experts, SS&C continues to deliver new products and services

17 17 Unrivaled Portfolio of Capability Intralinks $1.5 billion Conifer Financial Services $87 million GlobeOp $789 million Wells Fargo Fund Services $73 million Salentica DST Systems $5.4 billion PORTIA $169 million DST Global Solutions $95 million Citi AIS $296 million Geller Investment Partnership Services Prime Management ModestSpark Advent Software $2.7 billion Commonwealth Fund Services Eze Software $1.45 billion CACEIS North America SS&C has built through acquisitions one of the strongest portfolios of intellectual property in investment systems and services

18 18 Proven Acquisition Track Record Financial Models Company Thomson Reuters PORTIA GlobeOp DST Global Advent Date April 2005 May 2012 June 2012 November 2014 July 2015 Acquisition Purchase Price $159mm $170mm $834mm $95mm $2.6bn Margin Improvement Mid-teens 48% Mid 30s 57% Low 30s 39% Mid-teens 51% Mid 30s 47% (1) (2) (1) (2) (1) (2) (1) (2) (1) (2) Demonstrated ability to improve operating margin (1) Pre-acquisition margin is calculated by dividing adjusted EBITDA by revenues, in each case for the last 12 months available prior to the acquisition by SS&C. Pre-acquisition adjusted EBITDA is calculated from financial information provided by the acquiree and may not be calculated in exactly the same manner as post-acquisition consolidated EBITDA as described in footnote (2), although management believes the calculations to be similar in all material respects. (2) Post-acquisition margin is calculated by dividing consolidated EBITDA by revenues, in each case for the 12 months ended for the period presented. Post-acquisition consolidated EBITDA is calculated as EBITDA, as defined below, adjusted to exclude stock based-compensation, capital based taxes, EBITDA of acquired businesses and costs savings, non-cash portion of straight-line rent expense purchase accounting adjustments and other adjustments permitted in calculating covenant compliance under the SS&C credit facilities. EBITDA represents net income before interest expense, income taxes, depreciation and amortization.

19 19 Proven Acquisition Track Record Date DST Systems Eze Software Intralinks April 2018 September 2018 TBA Margin Improvement from the following buckets: Acquisition Purchase Price $5.5 bln $1.45 bln $1.5 bln Operational efficiency Facility consolidation Margin Improvement Mid-teens 34% 37% 48% 41% 45% Vendor contract negotiation and reduction Q Q (1) (2) (1) (2) Q (1) (2) Productivity Demonstrated ability to improve operating margin (1) Pre-acquisition margin is calculated by dividing adjusted EBITDA by revenues, in each case for the last 12 months available prior to the acquisition by SS&C. Pre-acquisition adjusted EBITDA is calculated from financial information provided by the acquiree and may not be calculated in exactly the same manner as post-acquisition consolidated EBITDA as described in footnote (2), although management believes the calculations to be similar in all material respects. (2) Post-acquisition margin is calculated by dividing consolidated EBITDA by revenues, in each case for the 12 months ended for the period presented. Post-acquisition consolidated EBITDA is calculated as EBITDA, as defined below, adjusted to exclude stock based-compensation, capital based taxes, EBITDA of acquired businesses and costs savings, non-cash portion of straight-line rent expense purchase accounting adjustments and other adjustments permitted in calculating covenant compliance under the SS&C credit facilities. EBITDA represents net income before interest expense, income taxes, depreciation and amortization.

20 RAHUL KANWAR, President and COO

21 SS&C Front to Back Solutions for the Financial Services Industry 21 SS&C GlobeOp SS&C Advent SS&C Institutional & Investment Management SS&C DST SS&C Intralinks SS&C Eze Targeted Solutions Asset Management & Alternatives Outsourced Middle & Back Office Business Processing Tax Reporting Performance and Risk Analytics Investor Relations, Reporting, & Portal Self-Services Pre, Post, & Hypothetical Trade Compliance Asset Management, Alternatives, & Wealth Management Portfolio Management & Accounting Data Aggregation, Normalization, & Validation Standard & Customized Reporting Solutions Margin & Finance Management Insurance Companies, Investment Managers, Pensions, & REITs Asset Management Investment Accounting Solutions Client Communication Origination and Distribution Client Engagement and Portals Reconciliation Performance Measurement and Performance Attribution Mutual Funds, Healthcare, & Retirement Plans Retirement Solutions Business Process Outsourcing Broker-Dealer Services & Solutions Wealth Management Software Pharmacy Solutions Healthcare Administration Deal Making, Capital Markets, & Global Banking M&A Due Diligence Capital Raising Investor Reporting Debt Financing Alternatives, Long-only Asset Management software solutions Order Management Execution Management Compliance Commission Management Investor Accounting Portfolio Management & Accounting Targeted software solutions for the Financial Services Industry Financial Institutions Financial Markets Group FIX Trading Connectivity Property management SS&C Learning Institute

22 22 Simplifying Operational Complexity Transparent Full data access 24/7 availability Workflow dashboards Modular Fully integrated technology stack Component-based Configurable and Flexible Consultative solution design Full implementation or phased approach pick and choose services With SS&C, clients get the benefits of outsourcing, without losing control Scalable Ability to grow with our customers Trade compression

23 23 SS&C Strategic Focuses Maximize client relationships, focus on client satisfaction Enroll all clients into Client Monitoring Program (CMP) Focus on solution delivery Identify value add cross-sell and upsell opportunities Attract, Develop, and Retain Talent Enhance top talent program Incentivize with stock-based compensation and bonus eligibility Management training Mobility between business units Provide superior service and unrivaled software High quality client service teams Enhance products with emerging technologies (AI, Robotics, Blockchain) Improve profitability across all businesses and acquisitions Judicious expense management Reduce vendor dependency Set margin targets

24 24 Improving Profitability and Revenue and Driving Customer Satisfaction Profitability Improvements Margin Improvement Revenue Growth GlobeOp Facilities consolidation Slowed hiring in India office 900 bps Enhanced offerings related to regulatory solutions, loan administration, middle/back office capabilities Loan administration grew to $55 billion AUA Regulatory solutions group has over 750 clients Advent Software Achieved $45 million in cost synergies ahead of 3 year plan Increased R&D in core products, shut down initiatives that were not gaining traction Location strategy for new hires 1,200 bps Higher client satisfaction Lower client attrition in the years post-merger Signed multi-year contracts with fund administration Geneva clients Citi Alternative Investor Services Eliminated 330 contract staff positions Exited 27 vendor relationships 4,000 bps In 2017, a large multi asset manager increased AUM with Citi by $10 billion Won a $30 billion hedge fund Added $20 billion in assets from SS&C GlobeOp to the Citi client service team to leverage credit expertise

25 25 Improving Profitability at DST Increase Revenue Significant Opportunity to X-sell solutions to existing clients Representative X-sell opportunities that have already been identified: New Client to both orgs: $3.2mm joint opportunity for DST AWD and SS&C BRIX products Existing DST client: $1-1.5mm for a Recordkeeping for Institutional Cash Mgmt platform leveraging SS&C Tradex and Web Portal and DST TA2000 SS&C prospect: $1.8mm deal for SS&C Geneva Fund Admin/Accounting and DST TA2000 Decrease Expense Leverage Capabilities to Develop Solutions and Reduce Spend Reduce redundancies in development projects Leverage SS&C s GoCheck/GoSell as a CRM solution Utilize Fund Services Portal as a client portal for ALPs and reporting tool for Pharmacy Expand SS&C Learning Institute in DST organization Leverage combined purchasing power to reduce expense Market data, Telephony, Significant Software providers

26 26 DST Integration Highlights Key Milestones at DST since April 2018 Client Outreach Employee Outreach Revenue Focus Expense Management 170+ client discussions CMP program Townhalls in Kansas City, London, Boston, and Birmingham offices Options granted to 6,900 employees Weekly calls to discuss at-risk clients, quarterly revenue, and pipeline DST now using GoSell Headcount management Over $5,000 in expenses need to be approved by senior leadership Focus areas going forward Build Sales Team and Culture Further Expense Reductions Complete Key Integration Activities

27 27 SS&C s Acquisition of Eze Software On October 1st, SS&C Technologies Inc. acquired Eze Software Group for $1.45bn in cash. Eze is a leading provider of software and trading solutions and technology services for hedge funds. Overview Purchase price represents 13.8x FY2017 EBITDA and 10.7x based on run-rate synergies of $30mm Immediately accretive to Adj. EPS for SS&C before synergies 1,000 + talented employees Transaction Rationale Further expands SS&C s MarketTrader platform and enhances SS&C s front office capabilities Both SS&C and Eze benefit from increasing regulatory burdens, globalization, digitalization and increased outsourcing SS&C will be able to leverage its existing long only relationship to expand Eze s offering into this market Financially attractive transaction, with identified cost savings and cross-sell opportunities

28 28 Eze Software Acquisition Opportunities Usage-Based Recurring 28% Sellside 56% Total 2017 Revenue $280mm ~99% recurring Revenue by characteristic One-Time 1% Revenue by client Other 5% Subscription Recurring 71% Buyside 39% 1. Sales force coordination and integration 2. Product bundling with Advent Software products, SS&C Singularity and Eze OMS systems Commercialize product bundles such as Eze OMS + Geneva and Eze OMS + Singularity to drive more sales Improve technical integration 3. Consistency in service model for mutual clients Determine best account coverage and models to ensure a great client experience 4. Hosting and Outsourcing Offer managed services to Eze clients Utilize SS&C s data centers 5. Identifying upgrade opportunities Moxy hedge funds to Eze Tradar PMA client to Geneva

29 29 SS&C s Acquisition of Intralinks On September 6 th, SS&C Technologies Inc. announced an agreement to acquire Intralinks for $1.5 billion, consisting of $1 billion in cash and $500 million in SS&C stock. Intralinks is a leading financial technology provider for the global banking, deal making and capital markets communities. Overview Purchase price represents 10.9x expected 2018 adj. EBTIDA and 9.8x based on $15 million runrate synergies Immediately accretive to Adj. EPS for SS&C before synergies, and leverage neutral 800+ talented employees The acquisition is expected to close in the fourth quarter subject to clearances by the relevant regulatory authorities and other customary closing conditions Transaction Rationale Strong financials with top line growth of 8-9% per annum, recurring revenues, and high operating margins World class, secure technology that is leveragable throughout our enterprise Clear cross sell and upsell opportunities with Intralink s 4,500 bank, alternative, and blue chip corporate clients

30 30 Intralinks Acquisition Opportunities Cross-sell opportunities at Intralinks Alternative Investments Corporate Law Firms 10% 5% 40% 45% ~4,500 Clients Banks 1. Sales force coordination and integration Coordinate and expand global coverage 2. Bring Intralink s M&A deal management capabilities to SS&C clients Expands scope of SS&C offerings for Private Equity, Hedge fund, and Real estate clients Offer Intralinks M&A offerings to additional SS&C financial services clients Expands the global ecosystem of private and capital market dealmakers served by Intralinks analytics and insights 3. Offer fund administration and managed services to Intralinks clients Determine best account coverage and models to ensure a great client experience 4. Integrate investor portal capabilities Provide Intralinks and SS&C fund reporting information through a common portal for investors Integrate technology platforms

31 PATRICK PEDONTI, CFO

32 32 High Margin Business Model $3,500 $3,000 41% 41% 40% 41% 42% 42% 40% 41% $3,426 E Strong Revenue performance and high margin business model $2,500 $2,000 $1,500 $1,000 $500 $0 $768 $713 $553 $442 $329 $371 $292 $320 $220 $135 $151 36%* $1,683 $1,524 $1,248 E* $1,056 $696 $ E Q Adjusted Revenue increased 139.0% to $ million compared to Q Q Adj. Con. EBITDA is $365.9 million, increased 104.6% since Q DST synergies implemented $200 million annual run-rate Adjusted Consolidated Ebitda Adjusted Revenue EBITDA Margin * Analyst Estimates

33 33 Adjusted Diluted EPS Since 2010 IPO $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 $2.81 E $1.93 $1.64 $1.33 $1.18 $0.99 $0.71 $0.54 $ E Driven by organic growth, acquisitions, cost synergies, and deleveraging 45.0% adj. EPS growth in % CAGR since SSNC s 2010 IPO

34 34 Successful History of Deleveraging Historical Leverage (reflected as net debt / consolidated EBITDA) 6.8x 4.2x 4.5x 4.8x 4.0x 3.0x 2.9x 1.5x 2005 (1) 2010 (2) 2012 (3) 2015 (4) 2015 (5) 2017 (6) Apr-18 (7) Q3 18 (8) Acquisition of 33 months Acquisition of 27 months Acquisition of 5 months post SS&C LBO SS&C IPO GlobeOp post GlobeOp Advent post Advent DST Systems DST Systems (1) Balance sheet data and LTM consolidated EBITDA as of 9/30/05, as adjusted to give effect to the debt incurred related to the leveraged buyout. (2) Balance sheet data and LTM consolidated EBITDA as of 3/31/10. (3) Balance sheet data and LTM consolidated EBITDA as of 6/30/12. (4) Balance sheet data and LTM consolidated EBITDA as of 3/31/15. (5) Balance sheet data and LTM consolidated EBITDA as of 9/30/15. (6) Balance sheet data and LTM consolidated EBITDA as of 12/31/17. (7) Balance sheet data as of 4/16/18 closing of DST transaction. LTM consolidated EBITDA as of 12/31/17. Consolidated EBITDA assumes $150mm of identified DST synergies at 4/16/18. (8) Balance sheet data and LTM consolidated EBITDA as of 6/30/18. Consolidated EBITDA assumes $175mm of identified DST synergies at 6/30/18.

35 35 Leverage Guidance for x 2019 FCF approximately $1.0 billion Capital expenditures range 2.6% - 3.0% of revenue 4.0x 3.9x 4.0x Dividends are $83.0 million a year Interest rate is LIBOR + 225/250 Actual 9/2018 Estimated 12/2018 Target 12/2019 Estimated leverage for Dec Target leverage for Dec Assumes: - Eze Software debt of $875 million - Intralinks close in Q4 2018, with debt of $1.0 billion Assumes: - All FCF used for debt pay-down - EBTIDA growth organically and from acquisitions

36 36 Revenue Distribution LTM 9/30/18 Business Distribution LTM 9/30/18 Currency Exposure LTM 9/30/18 Geographic Distribution Non-Recurring 4% $ AUD Other $ CAD 2% 2% 1% GBP 11% EMEA APAC 5% 18% 96% 84% 77% Recurring $ USD Americas Other: EUR, RM, THB, $ SGD, ZAR, CNY, $ HKD

37 37 Stable Revenue Streams with diverse pricing models Pro Forma 2017 revenue (1)(2) Targeted 3% Wealth Management 7% Institutional / Traditional 45% Healthcare 12% $3.8bn Revenue Alternative 33% Alternatives primarily priced on Assets under Administration, with minimums and fixed fee services SS&C DST s transfer agency falls under institutional/traditional, and is priced by # of accounts and # of transactions The remaining 50% of the business is a term license model with price increases at renewal Predictable revenue streams with over 95% recurring revenue Sticky customer base, SS&C provides mission critical software and services to the financial services and healthcare markets Client revenue retention 95% LTM Performance During Recession SS&C s revenues dropped from $280 million in 2008 to $270 million in 2009, a 3.2% decrease SS&C s revenue retention maintained 90% Acquired Evare, Maximus, TheNextRound, and Tradeware in 2009 Advent s revenues increased from $238 million in 2008 to $260 million in 2009, a 9.2% increase Advent s EBTIDA margins increased 400 bps in this time period DST s operating revenues decreased from $1,143 million in 2008 to $1,115 in 2009 a 4.8% decrease The decrease in revenue is attributed to the shift from traditional transfer agency to sub accounting, FX impacts, client attrition Acquired Argus Pharmacy Solutions in March 2009

38 Q&A

39 BREAK

40 SS&C DST SYSTEMS Mike Sleightholme, SVP and General Manager

41 41 SS&C DST Systems SS&C DST by the Numbers: SS&C DST is a global provider of technology-based information processing and servicing solutions #1 market position in mutual funds with 58.3mm TA accounts #2 market position in brokerage with 51.6mm subaccounts Largest SaaS provider to the retirement industry with 7.2mm participants Serves 23 of 25 largest asset managers ~501mm pharmacy paid claims forecasted 21.9mm covered lives under Health Solutions Services some of the largest wealth managers in the UK and Australia Overview of Offerings: Domestic and Int l Financial Services Healthcare Services Asset/Fund Manager Solutions 58.3 million TA Accounts in US 5.5 mm fund accounts in UK Brokerage Solutions 51.6 million Subaccounts Retirement Solutions Largest SaaS Provider Wealth Mgmt Solutions Servicing Largest Wealth Mgmt Firm in UK Distribution Solutions 23 of 25 Largest Asset Managers ALPS 43 Proprietary Products Pharmacy Solutions ~501 mm paid claims projected for 2018 Health Solutions 21.9 mm Covered Lives

42 42 DST Business Overview Global Financial Services Market Overview SS&C/DST Opportunities Our Key Focus Areas Clients seeking operating leverage End-client engagement through digital and mobile is key Importance of data and analytics Crowded and emerging wealth management market Capitalize on increasing demand for outsourced BPO services Infrastructure as a Service Leverage full suite of SS&C tools to create custom solutions to meet client needs Create operational efficiency through workflow automation Retirement Services BPO and SaaS Robotics and AWD Workflow Create seamless global digital capabilities Creation of more integrated global TA services Expanding capabilities in data and analytics including across Health and Wealth AWD sales across Health, Banking and other sectors

43 43 DST Business Overview Healthcare Services Market Overview SS&C/DST Opportunities Our Key Focus Areas Healthcare Administration is fairly mature but offers growth as payers seek to focus on care management and quality outcomes Pharmacy Benefit Manager (PBM) consolidation with players (CI/ESI, DVS, AET) Health Outcomes Optimization leveraging predictive analytics Payment innovation/value based constructs Market disruption driving clients to look for neutral alternatives Data and Analytics Revenue management Patient engagement Quality performance Traditional rebates, network, clinical programs Pharmacy and Specialty Analytics

44 SS&C GLOBEOP - HEDGE FUNDS Ken Fullerton, SVP and Managing Director

45 45 SS&C GlobeOp - Hedge Fund Services SS&C GlobeOp is the leading Fund Administrator with over 1.6 Trillion in alternative assets under administration Hedge Fund AUA: 830 BN # of Hedge Fund clients: 1,500 # of Funds: 7,400 Onboarded 1,720 Funds since Q funds added from new clients 906 funds added from existing clients 4,350 staff globally, management team has more than 20+ years average experience Locations: 11 countries (US, Europe, Asia) / 30 offices Overview of Offerings: Investor Services Middle / Back Office Solutions NAV Production Tax Services / Audit Support Regulatory Solutions Managed Services

46 46 Market Analysis Hedge Fund Services Strengths Technology Ownership Comprehensive Service Offering Global Footprint Organizational Agility Depth and Diversity of our Employees Diversity of Client Opportunities Asia-Pacific Market Managed Account Platforms Asset Allocators Credit / Bank Loan Funds Acquisition cross sells SS&C Hedge Fund AUA ($bil) $1,000 $800 $600 $ $200 $0 Q Q Q Q Q Q Q Q Q Q Q Q3 2018

47 47 Key Initiatives 1. Data Aggregation Solutions 2. Outsourcing growth - MBO solutions 3. Technology Artificial Intelligence

48 SS&C GLOBEOP - PRIVATE EQUITY Joe Patellaro, SVP and Managing Director

49 49 Business Overview Private Equity Services Industry Pioneer in asset class that continues to grow SS&C is the largest independent provider of Private Equity fund administration; Capital commitments of approximately $550bn under administration Currently service ~370 clients and Funds as of September 2018 Onboarded ~500 Funds and related entities since the beginning of 2017 Seasoned team; Private Equity business leadership are long-term industry professionals with approximately 13 average years tenure in the Private Equity Services business; Global team of more than 600 Private Equity professionals across 16 offices Continued strong growth from Existing Clients in 2018 Contractually recurring revenues with long-term fund structures and portfolios; predictable and stable revenue stream not impacted directly by market volatility Overview of Offerings: Services Provided to Private Equity Fund Managers Services Provided to Investors Fund Accounting & Reporting Investor Services Management Company Accounting & Reporting U.S. Tax Services Portfolio Accounting & Administration Portfolio Analytics and look-thru Interconnectivity across the organization with other SS&C products and services

50 50 Private Equity Market Continued Growth 3,500 3,000 2,500 2,000 1,500 1, Private Equity Funds in Market over Time Q Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q $4.3 Trillion in committed capital raised the last twelve years Per Preqin a record of 3,037 funds are on the road as of the start of Q3 2018, targeting $948b, a 52% rise in the number of funds raising capital compared to the beginning of Q3 2017, and a 40% increase in aggregate capital targeted Forbes magazine indicates that Private Equity fund sizes are at a record high; the average fund size has nearly doubled in the past 6 years Small to mid-market buyout funds continue to present best opportunities according to investors 86% of investors surveyed by Preqin plan to maintain or increase their investments in Private Equity over the coming year 53% of investors plan to increase their allocation to private equity over the longer term, a record proportion. No. of Funds Raising Aggregate Capital Targeted ($bn) Source: Preqin, Source Preqin,2018 unless noted otherwise Private equity is expected to overtake hedge funds in the next five years as the largest alternative asset class, Preqin said, which questioned 420 fund managers. Preqin predicts that the alternative assets industry, which includes private equity and hedge funds, will reach $14 trillion by Alternative assets weighed in at $8.8 trillion at the end of 2017, Preqin said. "If anything, we believe that $14 trillion is more likely to be too low than it is to be too high," said Mark O'Hare, Preqin's CEO, in a statement.

51 51 Market Evolution Given the illiquid and long-term nature of private equity, change within the asset class can sometimes appear somewhat slow paced; however, we are probably in a period when there has never been so much change. Preqin Target Profiles Why SS&C Emerging Managers / Small Firms Middle Market Firms Large Private Equity Firms Allocators/ Investors Minimal internal infrastructure people and systems Technology and services needs; Fund Administration, Management Company and Tax Heavy reliance on service provider Successful relationships early on represent long-term clients Larger firms with employees; some infrastructure and systems Have recently launched latest vintage fund (eg. Fund III or IV); $1B - $9B CCUM Wide array of growing regulatory and investor requirements Inflection point between finance and principals on optimal solution to take the firm forward Large organizations in industry for many years; predominately self-administered New product types and relationships may drive need to evaluate third party administration Data is key! Cost constraints as firms grow and potentially receive investment or go public Large portfolios of private equity fund investments requiring granular tracking Asset Manager relationships such as Fund of Ones and SMAs Insurance Companies, Advisors, Family Office, Pensions, SWFs Global reach Size, scale, ability to grow rapidly Technology Ownership of broad array of components Transparency and Reporting Platform flexibility Investor Reporting Breadth of entities we can support beyond Fund Innovation leader as industry matures Ability to transact Seniority and longevity of management team Ability to deliver broad array of financial services products

52 52 Key Initiatives Private Equity Services Maximize Growth 1. Expand relationships with existing clients Tax, Treasury and Portfolio Analytics Management Company 2. Solutions for large Private Equity Firms 3. Middle Market Private Equity shift to third party administration Consultative approach Solutions for data Client access to information; comfort with model Investor focus on reporting and standards 4. Products and services aimed at front office 5. Industry connectivity and client access- DST, Eze and IntraLinks Portfolio Analytics for Allocators Packaged solutions with Intralinks Geographic coverage Increasing opportunity to cross sell to clients

53 SS&C GLOBEOP - REAL ASSETS Bhagesh Malde, SVP and Managing Director

54 54 SS&C GlobeOp Real Assets SS&C GlobeOp Real Assets by the numbers (as of 9/30/18): Dedicated Real Assets division established in 2017 focusing on servicing Real Estate, Infrastructure & other Hard Asset funds 100 clients Real Asset Division Growth in 2018: 18 new clients added 171 fund level entities YTD September existing clients awarded new business in % revenue growth (Q Q4 2018) Expansion in North America and EMEA with new teams in Atlanta, Boston, Los Angeles, London and Mumbai Hired more than 80 additional experienced professionals to service new business Operating model augmented with capabilities of SS&C internal partners Overview of Offerings Accounting Services Treasury Services Investor Services Tax Services Compliance & Regulatory Services

55 Market Opportunity Real Assets 55 Real Estate AuM (USD bn) DRY POWDER UNREALIZED VALUE AuM Source: Preqin Market Data Real Estate Fund Outsourcing Global investment rose 18% in the 12 months to June 2018 Investment at record $1.8trn 1; $500bn is private capital 2 Most administered in-house Managers outsourcing to focus on real estate investing, investors, and cost Growth of BDC's pre Traded Non-traded Private Open-Ended Real Estate Fund Launches Open-ended funds 4 600% growth in the number of active funds from 2001 to 2017 US and UK managers dominate the space Business Development Companies 5 Aggregated assets of over $90 billion 64 BDC s added since 2010 BDC s were managed internally historically with outsourcing increasing over the last decade 0 Funds in market Funds launched Funds Liquidated 1 Cushman & Wakefield Capital Markets Report: WINNING IN GROWTH CITIES 2018/ Preqin Market Data 3 KPMG, Real Estate Fund Administration 2.0, Insights from the 2018 outsourcing survey Preqin Global Real Estate Report BDC Roundtable, Eversheds Sutherland

56 56 Key Initiatives 1. Continue targeting Real Estate managers with in-house administration 2. Continue to support new managers in launching new funds 3. Organically grow with existing clients as fundraising continues 4. Leverage SS&C relationships 5. New product development to focus on BDC market opportunity 6. Pursue opportunities outside of North America

57 INSTITUTIONAL AND INVESTMENT MANAGEMENT Christy Bremner, SVP and General Manager

58 58 Institutional & Investment Management (I&IM) SS&C I&IM by the Numbers: I&IM is a global provider of financial investment software and services to Investment Managers and Asset Owners 1,300 client relationships in 57 countries Diverse customer base using front to back office solutions with 60% of clients outside of the US 70% of top Insurance companies 85% of top Asset Managers 70% of Third Party Administrators in Australia Overview of Offerings: End Client Engagement and Communications Middle To Back Office Operations Client Engagement and Portals Enterprise-wide reporting Performance Measurement Portfolio Management Data Aggregation Reconciliation Portfolio Accounting

59 59 Investment Management Market Analysis Consolidation and competitive differentiation cut across all segments Wealth Management Asset Management Insurance Global AUM $85T, growth 6%1 Global AUM $79T, growth 12%2 Global AUM $32T, growth 6%3 Key drivers: Accumulation of wealth Expansion of investment types Increased client centric reporting and client self service Key drivers: Supporting local markets with global operations Tools to justify active management Compliance and regulation Key drivers: Growth of alternative investments Cybersecurity, operational and regulatory risk SaaS and outsourcing projected growth. Source: Asset & Wealth Revolution: Embracing Exponential Change: PWC Source: Boston Consulting Group, Global Asset Management 2018: The Digital Metamorphosis AUM, USD in trillion , projected growth. Source: PWC Asset Management 2020: A Brave New World, page 9.

60 60 Key Initiatives Continued focus and investment in Strategic Accounts driving expanded solution set within existing customers; Products & Services Hosting and Outsourcing New customer acquisition focus in key areas Solutions that drive customer engagement; communication, retention and growth Wealth and Asset management with broad solution set Continued product/solution investments that will drive the above short and long term Product integration of offerings for Wealth, Insurance and Asset Management Leveraging key technology advancements to enable operational efficiency, elimination of manual activities and provide better insights for users ( AI, bots, natural language processing, user behavior analytics, machine learning and automaton)

61 SS&C ADVENT Rob Roley, SVP and General Manager

62 62 SS&C Advent Overview Advent Software (ADVS) was acquired by SS&C in Added Acquisitions of Salentica in 2016 and Modestspark in 2017 Over 4,000 buy side clients across three main market segments Approximately 80% of existing business and 70% of new business from US market Operate in several different market segments and geographies with different competitive sets and macro trends R&D investment in new products to increase win rates, drive larger new opportunities and expand within existing clients Service and Sales focus on maintaining high 90 s renewal rates and increasing win rates with same/shorter sales cycles Continued focus on cross sell of other SS&C solutions into Advent client base Offerings by Segment: Wealth Management & Advisory Asset Management Alternatives Black Diamond Wealth Platform Accounting, Reporting, Investor and Advisor Experience Modestspark & Salentica Digital Client Engagement and CRM APX, Moxy Genesis Suite Integrated Front, Middle and Back office Solution Tamale Research Management Geneva Global Investment Accounting Syncova Margin and Finance solution for brokers and funds Data, Outsourcing and Technical Managed Services

63 63 Wealth Management & Advisory Market Landscape & Strategy Independent RIA Market has been growing over 10% CAGR for last 5 years (2017 Cerulli US RIA Report) Driven by wirehouse breakaway trend and aided by platforms and private equity capital, share of advisor managed assets with independents grew from 15% to 23% from 2006 to 2016 Attractive market dynamics attract a lot of players competition in this market is fierce Vast majority of new independents are small to medium sized (<$1B AUM) and cite primary challenges of running a business, compliance, technology and ops Our build/buy/partner strategy of providing a leading technology and service suite to this market has resulted in increased win rates and tech wallet share Our current market share of ~15% of addressable market* leaves ample headroom for growth

64 64 Asset Management Market Landscape & Strategy Overall market has been stagnant with few bright spots (ETF managers, Middle East market) Consolidation creates opportunities for SS&C via bake offs where we continue to have high win rates How asset managers adopt technology continues to trend to the cloud and more managed services our flexibility is a differentiator Our growth is driven by a combination of several factors: Focus on Client Satisfaction and NPS Drives Continued Strong Renewal Rate Trends and word of mouth lead generation Expanded services, including SAAS offerings and outsourced and co-sourced operational services International growth, particularly in MENA Genesis: new solution for Portfolio Managers that brings the Advent suite to the front office

65 65 Alternatives Market Landscape & Strategy Continue to see blurred lines between alternative strategies and between alternatives and asset management This trend creates demand for solutions that can accommodate any global strategy within different vehicles and across jurisdictions and accounting regimes Our focus with Geneva continues to be on deep expertise and best of breed solution for portfolio management and investment and investor accounting Recent Focus and wins in Closed End Hybrid Funds, Private Debt, Institutional Managers with Complex Investment Requirements We augment the core Geneva platform with add on capabilities around data management and governance (Advent Lumis), data access and reporting (Geneva EIS), financing and margin optimization (Syncova) and outsourced managed services (Advent Outsourcing) 15 of the Top 30 Hedge Funds by AUM use Geneva 41 Fund Administrators 22 of 25 Largest Prime Brokers 50+ Global Asset Managers with Over $2T total AUM

66 SS&C EZE SOFTWARE Jeff Shoreman, SVP and General Manager

67 67 SS&C Eze Business Overview Global provider of best-in-breed software solutions and technology services designed to maximize investment and operational alpha for the entire institutional investment community. Eze Order Management (Eze OMS) Enterprise solution features portfolio analytics, trading, compliance, order management. Eze Execution Management (Eze EMS) Trader-focused solution features highspeed execution platform with access to liquidity venues/integrated market data Eze Portfolio Management & Accounting (Eze PMA) Middle/back-office solution features portfolio accounting, reporting, and investor-level accounting Eze Eclipse Native, born-in-the-cloud investment platform to manage the entire investment process. Hosted, On Premise, Multi-Tenant SaaS Serving alternative & traditional asset managers» More than 9,500 users in 50+ countries» 75% hedge funds, 25% traditional/long-only» ~40% of hedge funds with over $10b in AUM» Asset managers with over $1T in aggregate AUM use Eze» Supports all assets and strategies: long/short, credit, macro, long-only, pension, institutional, ETFs. & more» 750+ brokers/partners as trading destinations 1,100+ Professionals Globally» 14 locations / 5 continents» Deep FinTech experience» Average management tenure: 8+ years» Founded in 1995» SS&C acquisition closed on October 1 st

68 68 Market Analysis Projected Total IT Spending in OMS and EMS Segment, 2007 to 2019E (In $b) 4 ~6.5% CAGR $39 $58 $96 $168 - $8.5 $27.9 $36.9 $167 Hedge Fund AUM and Net Asset Inflows 1990-Present $257 $375 $186 $368 $456 $91.4 $57.4 $55.3 $14.7 $4.4 $491 $23.3 $626 $973 $1,465 $1,868 $1,105 $ $820 $194.5 $126.5 $99.4 $70.6 $73.6 $46.5 $46.9 $1,407 $1,917 $1,600 $2,252 $2,008 $2,845 $2,628 $2,897 $55.5 $70.6 $63.7 $76.4 $34.4 $ YTD '18 $3,018 $3,211 $9.8 $3, E 2019E OMS EMS Source: Aite Group (2018) ($1.1) Source: Hedge Fund Research Estimated Asset Flow ($b) ($131.2) ($154.4) ($70.1) ($11.1) Asset Management Technology Market Continues to Grow» Overall FinTech market ($48B) expected to grow 4-5% * annually» OMS/EMS segment continues to grow at ~6.5% CAGR» Drivers of growth: compliance requirements, regulation, demands for transparency, and complexity of investment strategies» SS&C Eze well positioned to take advantage of convergence of asset management technologies and services Hedge Fund Environment» Despite recent macro environment, long-term hedge fund growth has been strong» Recent combination of low market volatility and net outflows of assets has been a headwind» SS&C Eze client trading volumes partially correlated to volatility and overall market volumes» Reversal of these cyclical headwinds will provide opportunity to accelerate growth * Based on 2018 Ovum Financial Markets Technology Spending Through2022

69 69 Key Initiatives 1. Accelerate Eze Eclipse 55 clients following limited market release Further expansion into start-up/mid-size segment and new geographies 2. Continue expansion into traditional/long-only segment Currently represents ~25% of revenue Opportunity to accelerate as part of SS&C 3. Cross-sell with SS&C Highly complementary offerings in front-office/back-office technology and fund administration 4. Continue margin expansion and synergy realization Targeting $30m in synergies over next 3 years Increased margin by 10% over last 5-year cycle leveraging Hyderabad center, transition to agile, scale of client service terms

70 INTRALINKS Leif O Leary, SVP and General Manager

71 Intralinks: Market Leader with a Strong Track Record of Execution Company Overview 71 Intralinks is a SaaS, cloud-based FinTech provider for deal making, capital markets and global banking. We facilitate strategic initiatives like mergers and acquisitions, capital raising and investor reporting by enabling and securing the flow of information Market leader with over 4,000 active customers and a blue chip customer roster which includes 99% of the Fortune 1000 Leading innovator in financial technology Consistent track record of delivering profitable growth 800 employees in 15 countries around the world Intralinks Solutions M&A Due Diligence Capital Raising Investor Reporting Debt Financing Regulatory Reporting Customer Journey

72 72 Market Overview Intralinks for M&A Intralinks for Alternative Investments Intralinks for Banking & Securities PE / RE Estimated Addressable IT Spend ($M) Banking & Securities: Segment TAM ~$2.6B ~$470M TAM Debt Capital Markets Customer Journey Secure Collaboration Low levels of inflation Low interest rates / favorable debt market Record levels of private equity dry powder Deal-hungry corporate acquirers Cross-sector tech adoption driving M&A LPs pushing for data and transparency in reporting More PE firms using fund admins Record year for PE fundraising Firms raising more capital across fewer funds Increase in LPs direct investing Automation and AI changing competitive differentiation across the banking landscape Ongoing regulatory change/uncertainty results in constant recalibration risk WM becoming pivotal to banks revenue and is becoming more tightly integrated w/ some key cap market products Information Security & Governance market requirements: Data privacy and security is more paramount than ever; key is to product but limit impact on productivity Blockchain considerations for transparency and validation of audits Use Artificial Intelligence to proactively identify risks Compliant reporting of all data room activities delivered in an on-demand, complete, and compliant fashion Mobile device usage continues to grow markets want more features/capabilities

73 73 Key Initiatives Innovation, Focus and Leverage: Transforming the Future of Intralinks Focus on Core Markets Mergers & Acquisitions Alternative Investments Banking & Securities Build a Culture of Innovation Artificial Intelligence Center of Excellence Global Innovation Programs THE NEW INTRALINKS Increase Operational Leverage System & Process Optimization Infrastructure Modernization Follow-the-Sun Global Sourcing Strategy

74 TECHNOLOGY STRATEGY Anthony Caiafa, Chief Technology Officer

75 75 SS&C Core Focus Datacenters Security Infrastructure Innovation

76 76 Data Centers Global datacenter footprint expansion Increased space for customer co-location & managed hosting Additional capacity for private cloud expansion State of the art critical infrastructure Start of the art security Increased global footprint and redundancy

77 77 Security Implementation of global SOC/SIEM Additional threat intelligence feeds Usage of ML(machine learning) against threat data Increased intelligence for internal/external vulnerabilities Increased Network & Host level control granularity Expanded Red Team / Blue Team exercises and practices Expanding already robust vulnerability management and remediation policies

78 78 Infrastructure Innovation Private Cloud R&D Capacity upgrades globally Increased customer hosting capacity for quicker TTM Self service quota management portals Enhancements on per VM alarming and metrics Mutli-cloud Orchestration integrations New Data Science as a Service product offerings Big Data ETL analytics engine product offering API interaction focus for customers accessing data New PaaS to speed up TTM

79 SS&C SINGULARITY Norm Boulanger, Vice Chairman Scott Kurland, Managing Director

80 80 What Is SS&C Singularity? The first smart investment operations and accounting system Continuously improves efficiency, accuracy and transparency by: Learning from user behavior on the fly Proactively managing event workflows Optimizing relevant data views Monitoring user & counterparty productivity