Financial Technology Sector Summary

September 30, 2015 Financial Technology Sector Summary Financial Technology Sector Summary Table of Contents

I. GCA Savvian Overview

II. Market Summary

III. Payments / Banking

IV. Securities / Capital Markets / Data & Analytics

V. Healthcare / Insurance

2

Financial Technology Sector Summary

I. GCA Savvian Overview

3 Financial Technology Sector Summary GCA Savvian Overview An independent investment bank focused on the growth sectors of the global economy 7+ A R E A S O F TECHNOLOGY EXPERTISE

. Provider of mergers and acquisitions, private capital agency and capital markets Financial Technology Business & Tech Enabled Services advisory services, and private funds services Media & Digital Media Industrial Technology . Headquarters in San Francisco and offices in Telecommunications Healthcare New York, London, Tokyo, Osaka, Singapore, Mumbai, and Shanghai . Majority of U.S. senior bankers previously with Goldman Sachs, Morgan Stanley, Robertson Stephens, and JPMorgan 100+ CROSS - BORDER TRANSACTIONS . Senior level attention and focus, extensive transaction experience and deep domain insight 20+ REPRESENTATIVE COUNTRIES . Focused on providing strategic advice for our clients’ long-term success 580+ CLOSED TRANSACTIONS . 225+ professionals

$145BN+ OF TRANSACTION VALUE

4 Financial Technology Sector Summary GCA Savvian Overview Financial Technology Landscape

. GCA Savvian divides Financial Technology Financial Technology into three broad categories

− Payments & Banking

− Securities & Capital Markets Payments & Banking Securities & Capital Markets Healthcare & Insurance

− Healthcare & Analytics Insurance Crowd Funding BPO / IT Services ATMs Bill Payment Digital Media Brokerage Collections e-Brokerage Claims Processing Core Processing Exchanges Collections Financial Outsourcing Hedge Fund Administration CRM Information Processing Index Businesses Document Management Issuer Processing Mutual Fund Processing eCommerce Marketing / Offers Merchant Acquiring Personal Financial Mgmt. Information and Analytics Mobile Risk & Analytics Payments Money Transfer Securities Brokerage Risk Management Online Lending Software / SaaS Software / SaaS P2P Lending Trading Platforms Title / Appraisal Prepaid

5 Financial Technology Sector Summary GCA Savvian Overview Financial Technology Team

San Francisco New York

th 150 California St., Ste. 2300 1330 Ave. of the Americas, 28 Fl. San Francisco, CA 94111 New York, NY 10019 (415) 318-3600 (212) 999-7090

Sean Minnihan Peter Bang Paul DiNardo Steve Fletcher Managing Director Managing Director Advisory Director Managing Director

Phone: (212) 999-7077 Phone: (212) 999-7074 Phone: (212) 999-7097 Phone: (415) 318-3661 Mobile: (917) 364-6230 Mobile: (917) 783-4057 Mobile: (650) 483-7246 Mobile: (415) 518-6725 [email protected] [email protected] [email protected] [email protected]

Derek Bell Rob Freiman Alexander Berry David Ibarra Director Vice President Senior Analyst Analyst

Phone: (212) 999-7089 Phone: (212) 999-7075 Phone: (212) 999-7079 Phone: (212) 537-4532 Mobile: (914) 953-0689 Mobile: (973) 229-0436 Mobile: (818) 851-2300 Mobile: (917) 471-0821 [email protected] [email protected] [email protected] [email protected]

6 Financial Technology Sector Summary

II. Market Summary

7 Financial Technology Sector Summary Market Summary Industry Stock Market Performance

Last 12 Months Last 3 Months

160 110

150 105

140

100

130

120 95

110 90

100

85

90

80 80 9/25/14 10/26/14 11/25/14 12/26/14 1/26/15 2/25/15 3/27/15 4/27/15 5/27/15 6/26/15 7/27/15 8/26/15 9/25/15 6/25/15 7/3/15 7/12/15 7/20/15 7/28/15 8/5/15 8/13/15 8/21/15 8/30/15 9/7/15 9/15/15 9/23/15

(1) (2) (3) (4) Payments Exchanges Financial Data, Content, Information Processors / & Analytics Credit Bureaus Healthcare / Insurance (9) Technology (5) (6) Banking & Lending (7) Investment Services, (8) Trading Platforms Online Broker Dealers Technology Software, & Technology

Notes: 1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, EEFT, ENXTPA: EDEN, FLT, GCA, GDOT, GPN, HPY, MA, MCRS MGI, ONE, OUTR, PYPL, PAR, SHOP, TSS, UEPS, V, VNTV, WEX, WU, XOOM, XTRA: WDI. 2) Exchanges: ASX: ASX, ATSE: EXAE, BMV: BOLSA A, BOVESPA: BVMF3, CATS: BME, CBOE, CME, ICE, JSE: JSE, KLSE: BURSA, LSE: LSE, NDAQ, SEHK: 388, SGX: S68, TSX: X, WSE: GPW, XTRA: DB1. 3) Financial Data, Content & Analytics: DNB, ENXTPA: FIM, FDS, HHS, HIS, MCO, MHP, MORN, MSCI, MRKT, RATE, TRI. 4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN. 5) Trading Platforms: BGCP, INTL, ITG, MKTX, VIRT. 6) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. 7) Banking & Lending Technology: ACIW, BKFS, ELLI, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN, YDLE. 8) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC. 9) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK. 8 Financial Technology Sector Summary Market Summary Indexed Price Performance by Sector Last 3 Months 1 Year 3 Years

Healthcare / Insurance 2.7% Technology 14.7% 59.4%

Investment Services, (1.6%) Software, & Technology 31.9% 86.5%

Banking & Lending (2.8%) Technology 11.1% 79.1%

Payments (3.0%) 10.7% 72.0%

Financial, Data, Content, & (3.1%) 10.9% 58.3% Analytics

Trading Platforms (5.8%) 35.4% 126.0%

Information Processors / (8.1%) 11.4% 26.5% Credit Bureaus

Online Broker Dealers (12.8%) (2.9%) 122.2%

Exchanges (13.3%) 3.5% 35.1%

(20.0%) (10.0%) 0.0% 10.0% (10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% 0.0% 50.0% 100.0% 150.0%

Notes: Numbers represent medians of sub-sectors. Details available in later pages. 9 Financial Technology Sector Summary Market Summary Indexed Price Performance by Sector Last 3 Months 1 Year 3 Years

Healthcare / Insurance (0.5%) Technology 5.5% 54.6%

Trading Platforms (3.5%) 32.2% 134.0%

Payments (5.9%) 8.1% 72.6%

Investment Services, (6.1%) 85.7% Software, & Technology 23.6%

Financial, Data, Content, & (6.7%) 8.4% 63.5% Analytics

Banking & Lending (7.4%) 8.3% 77.5% Technology

Information Processors / (9.2%) 7.8% 29.3% Credit Bureaus

Online Broker Dealers (14.1%) 5.7% 117.0%

Exchanges (15.8%) 5.3% 41.0%

(20.0%) (10.0%) 0.0% 0.0% 10.0% 20.0% 30.0% 40.0% 0.0% 50.0% 100.0% 150.0%

Notes: Numbers represent medians of sub-sectors. Details available in later pages. 10 Financial Technology Sector Summary Market Summary Long-Term EPS Growth and LTM EBITDA Margins

Long-Term EPS Growth LTM EBITDA Margins (1)

Online Broker Dealers 17.2% Exchanges 58.1%

Trading Platforms 17.0%

Financial Data, Content, & Analytics 37.0%

Banking and Lending Technology 16.0%

Information Processors / Credit Bureaus 27.3% Investment Services, Software, & 14.7% Technology

Payments 14.6% Healthcare / Insurance Technology 27.0%

Information Processors / Credit Bureaus 11.8% Banking and Lending Technology 25.0%

Financial Data, Content, & Analytics 11.7%

Investment Services, Software, & 20.9% Technology Exchanges 10.6%

Payments 20.2% Healthcare / Insurance Technology 10.2%

0% 5% 10% 15% 20% 25% 30% 35% 0% 10% 20% 30% 40% 50% 60% 70%

Notes: Numbers represent medians of sub-sectors. Details available in later pages. 11 (1) Online Broker Dealers and Trading Platforms not material. Financial Technology Sector Summary Market Summary Price / Earnings Multiples and PEG Ratios

2015E Price / Earnings Multiples 2015E PE / Growth (“PEG” Ratio)

Banking and Lending Technology 26.1x Healthcare / Insurance Technology 1.8

Investment Services, Software, & 25.8x Financial Data, Content, & Analytics 1.7 Technology

Information Processors / Credit 1.7 Online Broker Dealers 23.0x Bureaus

Financial Data, Content, & Analytics 20.9x Banking and Lending Technology 1.6

Information Processors / Credit 20.6x Exchanges 1.6 Bureaus

Investment Services, Software, & 1.5 Trading Platforms 19.8x Technology

Exchanges 19.6x Trading Platforms 1.3

Healthcare / Insurance Technology 18.7x Payments 1.2

Online Broker Dealers Payments 16.7x 1.0

0.0 0.5 1.0 1.5 2.0 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x

Notes: Numbers represent medians of sub-sectors. Details available in later pages. 12 Financial Technology Sector Summary Market Summary LTM Price Performance and 2015 P/E – Payments / Banking

($MM) ($MM) LTM Pri ce LTM Pri ce Network s Market Cap. Performance P/E 2015 Prepai d Market Cap. Performance P/E 2015

Visa Inc. $171,982 34% 27.1x Blackhawk Network Holdings, Inc. $2,315 40% 18.7x MasterCard Incorporated $103,361 22% 27.1x Green Dot Corporation $971 (18%) 13.7x American Express Company $75,196 (13%) 13.7x Net 1 Ueps Technologies Inc. $825 39% 7.8x PayPal Holdings, Inc. $41,157 NA 27.1x Higher One Holdings, Inc. $96 (17%) 4.7x Discover Financial Services $22,679 (18%) 9.8x Sector Average $1,052 11% 11.2x Sector Average $82,875 6% 21.0x LTM Pri ce LTM Pri ce ATM / Kiosks Market Cap. Performance P/E 2015 Merchant Processing Market Cap. Performance P/E 2015 Cardtronics Inc. $1,494 (4%) 11.6x Cielo S.A. $17,008 (32%) 18.2x Outerwall Inc. $1,070 6% 6.7x Total System Services, Inc. $8,557 50% 20.3x Everi Holdings Inc. $351 (23%) 6.3x Global Payments Inc. $7,537 67% 22.0x Sector Average $971 (7%) 8.2x Vantiv, Inc. $6,724 49% 21.0x Wirecard AG $5,779 28% 33.5x LTM Pri ce Shopify Inc. $2,763 NA NM POS Hardware / Technology Market Cap. Performance P/E 2015 Optimal Payments Plc $2,450 (39%) 20.1x Heartland Payment Systems, Inc. $2,341 34% 22.3x Ingenico Group $7,381 21% 23.3x EVERTEC, Inc. $1,397 (19%) 10.6x NCR Corporation $3,951 (30%) 8.7x Planet Payment, Inc. $150 48% 26.0x VeriFone Systems, Inc. $3,012 (25%) 13.9x JetPay Corporation $39 71% NM PAR Technology Corporation $78 3% NA Sector Average $4,977 26% 21.6x Sector Average $3,605 (8%) 15.3x

LTM Pri ce LTM Pri ce Money Transfer Market Cap. Performance P/E 2015 Banking and Lending Technology Market Cap. Performance P/E 2015

The Western Union Company $9,313 12% 11.1x Intuit Inc. $24,370 4% 31.3x Euronet Worldwide, Inc. $3,707 48% 22.1x Fiserv, Inc. $20,591 37% 23.0x Xoom Corporation $979 14% 73.2x Fidelity National Information Services, Inc. $19,210 21% 20.7x Moneygram International Inc. $457 (35%) 11.3x Jack Henry & Associates Inc. $5,610 26% 26.1x Sector Average $3,614 10% 29.4x LendingClub Corporation $4,975 NA NM DH Corporation $3,258 5% 17.2x Temenos Group AG $2,737 7% 24.7x LTM Pri ce ACI Worldwide, Inc. $2,513 17% 26.1x Closed Loop Market Cap. Performance P/E 2015 Black Knight Financial Services, Inc. $2,193 NA 34.9x Alliance Data Systems Corporation $15,930 7% 17.2x Ellie Mae, Inc. $2,063 108% 53.9x FleetCor Technologies, Inc. $13,859 9% 24.1x Bottomline Technologies (de), Inc. $983 (4%) 18.3x Edenred SA $3,781 (36%) 16.0x Q2 Holdings, Inc. $890 69% NM WEX Inc. $3,473 (17%) 17.8x On Deck Capital, Inc. $656 NA NM Sector Average $9,261 (9%) 18.8x Yodlee, Inc. $491 NA NM Performant Financial Corporation $125 (70%) 52.6x Sector Average $6,044 20% 29.9x

LTM Pri ce Information Processors / Credit Bureaus Market Cap. Performance P/E 2015 0 Experian plc $15,403 (1%) 17.5x Equifax Inc. $11,523 31% 22.1x Fair Isaac Corporation $2,566 50% 19.1x Source: Acxiom Corporation $1,537 15% 35.1x CapitalIQ and Wall Street Research. Sector Average $7,757 23% 23.4x 13 Financial Technology Sector Summary Market Summary LTM Price Performance and 2015 P/E – Securities / Cap. Mkts. / Data & Analytics

($MM) ($MM) LTM Pri ce Investment Services, Software, & LTM Pri ce Exchanges - Americas Market Cap. Performance P/E 2015 Technol ogy Market Cap. Performance P/E 2015 0 CME Group Inc. $31,202 17% 23.6x SEI Investments Co. $7,984 33% 23.9x Intercontinental Exchange, Inc. $25,965 20% 19.9x SS&C Technologies Holdings, Inc. $6,970 61% 27.6x Nasdaq, Inc. $9,034 27% 16.0x Broadridge Financial Solutions, Inc. $6,559 34% 22.2x CBOE Holdings, Inc. $5,497 24% 29.1x DST Systems Inc. $3,821 26% 18.1x BM&F Bovespa SA $4,954 (46%) 13.2x Financial Engines, Inc. $1,633 (7%) 33.8x TMX Group Limited $1,919 (27%) 12.4x Envestnet, Inc. $1,163 (25%) 32.8x Bolsa Mexicana de Valores SAB de CV $939 (26%) 19.6x Sector Average $4,688 21% 26.4x Sector Average $11,359 (2%) 19.1x LTM Pri ce LTM Pri ce Financial Data, Content, & Analytics Market Cap. Performance P/E 2015 Exchanges - Asia Market Cap. Performance P/E 2015 0 Thomson Reuters Corporation $31,163 10% 19.7x Hong Kong Exchanges & Clearing Limited $27,991 3% 25.9x McGraw Hill Financial, Inc. $24,291 6% 20.2x Singapore Exchange Limited $5,466 (11%) 21.5x Moody's Corporation $20,114 9% 21.6x ASX Limited $5,166 (16%) 18.0x Verisk Analytics, Inc. $12,431 20% 24.7x Bursa Malaysia Berhad $983 (25%) 21.9x MSCI Inc. $6,651 31% 28.0x FactSet Research Systems Inc. $6,602 32% 25.8x Sector Average $9,901 (12%) 21.8x Markit Ltd. $5,107 22% 19.7x Dun & Bradstreet Corp. $3,814 (9%) 14.7x LTM Pri ce Morningstar Inc. $3,612 20% 26.5x Exchanges - Europe Market Cap. Performance P/E 2015 Bankrate, Inc. $1,037 (11%) 15.2x 0 Deutsche Boerse AG $15,925 25% 18.4x Sector Average $11,482 13% 21.6x London Stock Exchange Group plc $12,979 21% 20.3x Bolsas y Mercados Españoles $2,966 (9%) 14.8x LTM Pri ce JSE Limited $796 5% 16.0x Online Broker Dealers Market Cap. Performance P/E 2015 GPW $449 (10%) 13.8x The Charles Schwab Corporation $37,390 (4%) 27.7x Hellenic Exchanges - Athens Stock Exch. $382 (28%) 36.7x TD Ameritrade Holding Corporation $17,621 (3%) 21.5x Sector Average $5,583 1% 20.0x E*TRADE Financial Corporation $7,683 17% 23.0x Interactive Brokers Group, Inc. $2,563 63% 46.3x LTM Pri ce GAIN Capital Holdings, Inc. $367 13% 14.9x Trading Platforms Market Cap. Performance P/E 2015 FXCM Inc. $70 (95%) NM

MarketAxess Holdings Inc. $3,712 66% 38.7x Sector Average $10,949 (1%) 26.7x BGC Partners, Inc. $2,150 19% 10.9x KCG Holdings, Inc. $1,047 10% 21.4x Virtu Financial, Inc. $803 NA 18.1x INTL FCStone Inc. $471 40% NA Investment Technology Group Inc. $470 (16%) 12.6x Sector Average $1,442 24% 20.4x

Source: CapitalIQ and Wall Street Research. 14 Financial Technology Sector Summary

III. Payments / Banking

15 Financial Technology Sector Summary Payments / Banking Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 9/25/15 Low High Value Debt Value CY 15E CY 16E CY 15E CY 16E CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ

Networks Visa Inc. $70.69 $48.80 $76.92 $171,982 ($4,722) $167,260 11.8x 10.6x 16.9x 15.0x 27.1x 22.7x 17.4% 1.3 10.4% 11.5% MasterCard Incorporated 91.30 69.64 99.18 103,361 (3,582) 99,779 10.2 9.1 17.6 15.3 27.1 23.0 18.2% 1.3 12.0% 0.9% American Express Company 75.10 71.71 94.89 75,196 36,059 111,255 3.4 3.4 NM NM 13.7 13.3 13.8% 1.0 (0.0%) (4.0%) PayPal Holdings, Inc. 33.77 30.00 42.55 41,157 (4,306) 36,851 4.0 3.4 15.4 13.0 27.1 22.8 18.0% 1.3 16.6% NM Discover Financial Services 52.10 50.86 66.75 22,679 13,644 36,323 4.1 4.0 NM NM 9.8 9.1 7.9% 1.2 3.9% 6.6%

Mean 6.7x 6.1x 16.6x 14.4x 21.0x 18.2x 15.1% 1.2 8.6% 3.8% Median 4.1 4.0 16.9 15.0 27.1 22.7 17.4% 1.3 10.4% 3.8%

Merchant Processing Cielo S.A. $9.04 $7.35 $11.64 $17,008 $3,474 $20,482 7.4x 6.6x 15.0x 13.3x 18.2x 16.0x 14.6% 1.1 12.2% 7.7% Total System Services, Inc. 46.52 28.54 48.67 8,557 1,082 9,639 3.6 3.3 11.8 10.7 20.3 18.3 9.4% 1.9 6.9% 15.1% Global Payments Inc. 115.74 68.60 118.59 7,537 1,684 9,221 3.3 3.2 15.4 13.6 22.0 19.0 11.2% 1.7 2.1% 4.8% Vantiv, Inc. 46.00 29.35 47.02 6,724 2,808 9,532 5.8 5.3 12.0 10.8 21.0 18.4 14.3% 1.3 8.7% 29.1% Wirecard AG 46.80 29.81 47.87 5,779 (823) 4,956 5.9 4.8 19.5 15.9 33.5 26.6 28.1% 0.9 22.4% 2.8% Shopify Inc. 33.91 22.70 42.13 2,763 (199) 2,564 14.0 10.1 NM NM NM NM NA NA 38.9% NA Optimal Payments Plc 5.13 3.26 8.72 2,450 (681) 1,769 3.1 2.1 13.0 7.3 20.1 14.4 NA NA 44.9% 40.3% Heartland Payment Systems, Inc. 63.71 46.49 65.30 2,341 502 2,843 3.5 3.3 13.1 11.6 22.3 19.4 15.6% 1.2 8.1% 15.9% EVERTEC, Inc. 18.03 17.43 23.12 1,397 623 2,019 5.4 5.2 10.9 10.3 10.6 9.9 16.0% 0.6 4.1% 2.1% Planet Payment, Inc. 2.95 1.33 3.25 150 (12) 138 2.7 2.5 11.9 9.5 26.0 20.6 25.0% 0.8 10.2% 6.7% JetPay Corporation 2.79 1.42 3.47 39 12 51 1.2 1.1 13.1 10.2 NM NM NM NM 6.7% 36.8%

Mean 5.1x 4.3x 13.6x 11.3x 21.6x 18.1x 16.8% 1.2 15.0% 16.1% Median 3.6 3.3 13.0 10.7 21.0 18.4 15.1% 1.2 8.7% 11.4%

Money Transfer (1) The Western Union Company $18.21 $15.32 $22.84 $9,313 $1,988 $11,301 2.1x 2.0x 8.2x 8.0x 11.1x 10.6x 9.2% 1.1 2.2% (1.6%) Euronet Worldwide, Inc. 70.32 43.92 72.74 3,707 (102) 3,605 2.0 1.8 12.6 10.6 22.1 18.9 14.7% 1.3 11.2% 7.5% Xoom Corporation 24.89 13.14 25.50 979 (187) 792 4.1 3.4 39.5 23.1 73.2 41.4 11.5% 3.6 20.9% 16.3% Moneygram International Inc. 8.58 7.55 13.37 457 830 1,287 0.9 0.8 5.3 4.8 11.3 8.9 12.0% 0.7 7.3% (3.7%)

Mean 2.3x 2.0x 16.4x 11.6x 29.4x 19.9x 11.8% 1.7 10.4% 4.6% Median 2.0 1.9 10.4 9.3 16.7 14.7 11.8% 1.2 9.2% 3.0%

Closed Loop Alliance Data Systems Corporation $259.30 $230.54 $312.00 $15,930 $13,829 $29,759 4.6x 4.1x 15.9x 14.0x 17.2x 15.0x 15.1% 1.0 12.5% 18.6% FleetCor Technologies, Inc. 150.52 121.42 165.67 13,859 2,974 16,834 9.9 9.2 18.2 16.0 24.1 20.6 15.0% 1.4 7.9% 47.9% Edenred SA 16.38 16.05 30.42 3,781 989 4,770 3.9 3.8 10.7 10.0 16.0 14.9 12.0% 1.2 4.3% (9.1%) WEX Inc. 89.85 83.76 119.11 3,473 1,128 4,601 5.4 4.9 13.2 11.5 17.8 16.0 15.0% 1.1 10.3% 6.0%

Mean 5.9x 5.5x 14.5x 12.9x 18.8x 16.6x 14.3% 1.2 8.7% 15.9% Median 5.0 4.5 14.5 12.8 17.5 15.5 15.0% 1.2 9.1% 12.3%

Prepaid Blackhawk Network Holdings, Inc. $42.41 $30.20 $46.13 $2,315 $101 $2,416 1.3x 1.1x 13.0x 10.9x 18.7x 16.3x 18.2% 0.9 17.3% 31.1% Green Dot Corporation 18.11 13.87 24.47 971 59 1,030 1.5 1.4 6.7 6.1 13.7 12.4 14.6% 0.8 6.5% 14.6% Net 1 Ueps Technologies Inc. 17.68 10.21 21.48 825 (58) 767 NA 1.2 NA NA 7.8 7.3 10.0% 0.7 NA (10.1%) Higher One Holdings, Inc. 2.00 1.85 4.61 96 51 147 0.7 0.7 2.9 3.5 4.7 5.2 NA NA (3.4%) 24.1%

Mean 1.1x 1.1x 7.5x 6.8x 11.2x 10.3x 14.3% 0.8 6.8% 14.9% Median 1.3 1.1 6.7 6.1 10.8 9.9 14.6% 0.8 6.5% 19.4% Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 16 Financial Technology Sector Summary Payments / Banking Public Company Valuations: Financial Metrics (Cont.)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 9/25/15 Low High Value Debt Value CY 15E CY 16E CY 15E CY 16E CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ

ATM / Kiosks Cardtronics Inc. $33.29 $30.77 $40.02 $1,494 $574 $2,068 1.7x 1.6x 6.9x 6.3x 11.6x 10.4x 14.0% 0.7 7.3% 16.8% Outerwall Inc. 59.00 51.17 85.26 1,070 647 1,716 0.7 0.8 3.5 3.7 6.7 7.2 11.6% 0.6 (1.3%) (0.2%) Everi Holdings Inc. 5.32 4.39 8.53 351 993 1,344 1.6 1.6 6.5 5.8 6.3 4.4 20.0% 0.2 3.7% 42.4%

Mean 1.4x 1.3x 5.6x 5.3x 8.2x 7.3x 15.2% 0.5 3.2% 19.7% Median 1.6 1.6 6.5 5.8 6.7 7.2 14.0% 0.6 3.7% 16.8%

POS Hardware / Technology Ingenico Group $121.58 $76.23 $144.83 $7,381 $485 $7,866 3.2x 2.9x 14.1x 12.6x 23.3x 20.7x 20.2% 1.0 10.7% 22.5% NCR Corporation 23.27 21.79 36.50 3,951 3,054 7,005 1.1 1.0 6.7 6.4 8.7 7.7 NA NA 3.6% (3.3%) VeriFone Systems, Inc. 26.20 26.05 39.25 3,012 571 3,583 1.8 1.7 8.7 8.6 13.9 11.6 0.0% NA 6.7% 7.2% PAR Technology Corporation 4.99 3.71 6.30 78 4 81 NA NA NA NA NA NA NA NA NA 10.3%

Mean 2.0x 1.9x 9.9x 9.2x 15.3x 13.3x 10.1% NM 7.0% 9.2% Median 1.8 1.7 8.7 8.6 13.9 11.6 0.1 NM 6.7% 8.7%

Banking and Lending Technology Intuit Inc. $87.88 $77.96 $109.21 $24,370 ($1,197) $23,173 5.3x 4.9x 16.6x 13.3x 31.3x 24.4x 16.0% 1.5 8.2% 54.3% Fiserv, Inc. 87.78 60.55 90.54 20,591 3,706 24,297 4.6 4.4 13.7 12.7 23.0 20.4 11.8% 1.7 5.8% 3.6% Fidelity National Information Services, Inc. 68.22 51.38 72.30 19,210 4,597 23,806 3.7 3.0 12.0 9.8 20.7 17.9 11.5% 1.6 23.5% (0.8%) Jack Henry & Associates Inc. 69.93 51.86 71.75 5,610 (96) 5,514 4.3 4.0 12.2 11.3 26.1 23.8 11.7% 2.0 6.5% 5.9% LendingClub Corporation 13.26 24.75 29.29 4,975 3,171 8,146 20.2 13.1 NM 71.5 NM 64.9 51.4% 1.3 54.6% 101.0% DH Corporation 30.86 22.41 33.13 3,258 1,522 4,779 4.3 3.7 14.4 12.2 17.2 15.5 0.0% NA 14.1% 11.3% Temenos Group AG 41.09 26.62 43.91 2,737 407 3,144 5.9 5.4 17.0 14.2 24.7 21.4 13.6% 1.6 10.3% (6.9%) ACI Worldwide, Inc. 21.33 17.33 25.80 2,513 785 3,298 3.1 3.0 11.9 10.9 26.1 25.7 16.0% 1.6 5.0% 4.3% Black Knight Financial Services, Inc. 32.25 24.50 35.79 2,193 1,613 3,805 4.1 3.8 9.3 8.5 34.9 30.4 16.2% 1.9 7.1% 8.3% Ellie Mae, Inc. 69.71 31.05 82.92 2,063 (90) 1,973 8.3 6.7 32.1 25.0 53.9 43.3 21.7% 2.0 23.7% 64.9% Bottomline Technologies (de), Inc. 25.23 21.01 30.78 983 15 998 2.9 2.6 13.7 11.9 18.3 15.0 18.3% 0.8 11.3% 4.5% Q2 Holdings, Inc. 23.85 13.03 30.44 890 (118) 772 7.2 5.5 NM NM NM NM NA NA 31.3% 37.2% On Deck Capital, Inc. 9.42 7.75 28.98 656 189 844 3.4 2.5 98.3 29.1 NM 34.1 87.4% 0.4 38.6% 113.3% Yodlee, Inc. 16.17 8.90 17.97 491 (70) 422 3.8 3.2 45.2 25.6 NM 76.2 0.0% NA 21.3% 21.8% Performant Financial Corporation 2.53 2.33 9.02 125 24 149 0.9 0.9 6.8 5.3 52.6 18.8 16.7% 1.1 2.4% (28.1%)

Mean 5.5x 4.4x 23.3x 18.7x 29.9x 30.8x 20.9% 1.5 17.6% 26.3% Median 4.3 3.8 13.7 12.5 26.1 24.1 16.0% 1.6 11.3% 8.3%

Information Processors / Credit Bureaus Experian plc $16.09 $13.80 $19.17 $15,403 $3,266 $18,669 3.9x 3.8x 11.3x 11.1x 17.5x 16.7x 11.0% 1.5 2.3% NA Equifax Inc. 97.45 69.04 105.86 11,523 1,397 12,920 4.9 4.5 13.9 12.6 22.1 19.8 11.0% 1.8 7.8% 10.5% Fair Isaac Corporation 82.40 53.09 97.56 2,566 564 3,129 3.7 3.5 14.8 12.5 19.1 16.0 16.0% 1.0 6.2% 5.9% Acxiom Corporation 19.72 15.78 21.47 1,537 149 1,686 1.9 2.0 11.1 12.0 35.1 33.6 12.5% 2.7 (1.2%) 5.5% Intersections Inc. 2.00 1.81 4.38 40 (8) 32 NA NA NA NA NA NA NA NA NA (19.2%)

Mean 3.6x 3.4x 12.8x 12.1x 23.4x 21.5x 12.6% 1.7 3.8% 0.7% Median 3.8 3.7 12.6 12.2 20.6 18.2 11.8% 1.7 4.3% 5.7%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 17 Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

Sightline Payments, LLC, ATM and Cash 9/24/15 NRT Technology Corp. ATM NA NA Advance Assets 9/24/15 Prosper Marketplace, Inc. Billguard, Inc. Anti-Fraud $30 NA GRG International Limited, Australian ATM 9/23/15 DC Payments Australasia Pty Ltd. ATM $3 NA Business 9/23/15 TeamSystem S.p.A. MadBit Entertainment S.r.l. Billing Software NA NA

9/22/15 Velocity Cover, Inc. POS NA NA

9/21/15 Crédit Mutuel Arkéa Leetchi SA Money Transfer $65 NA

9/21/15 ShopKeep POS Inc Refulgent Software LLC POS NA NA

9/18/15 Silverlake Axis Ltd SunGard Ambit (Singapore) Pte. Ltd. Lending Software $12 NA

9/17/15 Q4 Web Systems Inc. Oxford Intelligence Partners L.L.C. IR Technology NA NA

9/16/15 Bambora Beanstream Internet Commerce Inc. Merchant Processing NA NA

9/16/15 Volkswagen Financial Services AG Sunhill Technologies GmbH Mobile Payments NA NA

9/16/15 Arlington Capital Partners Ontario Systems, LLC Collections NA NA

9/9/15 Finicity Corporation Aurora Financial Systems, Inc. Prepaid NA NA

9/9/15 SteelBrick Holdings, Inc. Acertis Cloud Ltd (nka:SteelBrick Billing) Billing Software NA NA

9/4/15 NTT DATA Asia Pacific Pte. Ltd iPay88 Sdn Bhd. Online Payments NA NA

9/3/15 Asseco Poland Spólka Akcyjna Exictos SGPS, S.A. Banking Software $39 0.8x

9/3/15 Urban FT, Inc. Wipit, Inc. Mobile Payments NA NA

9/2/15 The Riverside Company Baker Hill Corporation Loan Management Software $100 3.2x

9/2/15 Sovos Compliance, LLC WineDirect Compliance, Inc. eCommerce NA NA

9/2/15 SS&C Technologies Holdings, Inc. Varden Technologies, Inc. Financial Software NA NA

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 18 Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

9/2/15 DaoPay GmbH Boku, Inc., Pay by Call Payment Business Telephonic Payments NA NA

9/2/15 Flipkart Payments Pvt. Ltd. FX Mart Pvt. Ltd. Money Transfer $4 NA

9/1/15 Asia United Bank Corporation Pinoy Express Pte Ltd. Money Transfer NA NA

9/1/15 HighJump Software Wesupply Limited Supply Chain Software NA NA

9/1/15 EVERTEC Group, LLC Processa S.A.S Payment Processing $8 NA Banco Nacional de Mexico S.A., Merchant 9/1/15 EVO Payments International, LLC Merchant Acquiring NA NA Acquiring Business 8/26/15 Business Financial Services, Inc. Entrust Cash Advance Merchant Processing NA NA

8/19/15 Braintree Payment Solutions, LLC MODEST, INC. eCommerce NA NA Citigroup Inc., Alternative Investor Services 8/18/15 SS&C Technologies Holdings, Inc. Fund Administration $425 NA Business 8/18/15 CGI Group, Inc. Solutions Only Financial Solutions Ltd. Financial Software NA NA

8/13/15 GEP Administrative Services, Inc. Ease Entertainment Services, LLC Financial Software NA NA

8/13/15 Boku, Inc. Mobileview Italia Srl Mobile Payments NA NA

8/12/15 Coinify ApS Coinzone B.V. Digital Currency NA NA

8/12/15 i3 Verticals Innovative Financial Technologies Merchant Processing NA NA

8/12/15 i3 Verticals NJOY Products Merchant Processing NA NA

8/12/15 CT-Payment Inc. Smart Card Marketing Systems, Inc. Merchant Processing NA NA

8/11/15 Enova International, Inc. The Business Backer, LLC SMB Lending $27 1.4x Corsair Capital LLC; Palamon Capital 8/11/15 Currencies Direct Ltd Money Transfer NA NA Partners, LP; Corsair IV Financial Services 8/10/15 Blackbaud Inc. Smart Tuition, LLC Education Payments $190 NA

8/10/15 Envestnet, Inc. Yodlee, Inc. Banking Technology $504 5.1x

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 19 Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

8/5/15 Affirm, Inc. LendLayer, Inc. Education Payments NA NA

7/31/15 Q2 Software, Inc. Centrix Solutions, Inc. Risk/Compliance Software $29 NA

7/27/15 FrontStream Holdings, LLC BiddingForGood, Inc. Crowd Funding NA NA American Credit Card Processing 7/23/15 Priority Payment Systems LLC Card Processing NA NA Corporation 7/21/15 ApexPeak Pte. Ltd. ASYX International BV Factoring NA NA

7/21/15 Mozido, LLC NettCash Mobile Wallet NA NA

7/20/15 First Data Corporation Spree Commerce, Inc. eCommerce NA NA

7/20/15 KMD A/S Banqsoft AS Financial Software NA NA

7/15/15 Andromeda Sales and Distribution Pvt. Ltd. Apnapaisa Pvt. Ltd. Online Lending NA NA

7/14/15 Equiniti Limited TransGlobal Payment Solutions Limited International Payments NA NA

7/14/15 First Data Corporation Transaction Wireless, Inc. Digital Gift Cards NA NA

7/14/15 RALLY4, Inc. mGive, Inc. Mobile Payments NA NA

7/14/15 TIO Networks Corp. Softgate Systems, Inc. Bill Pay $30 0.8x

7/8/15 Paratus AMC Limited Funding Empire Limited Online Lending NA NA

7/6/15 Coupa Software Incorporated InvoiceSmash Pty. Ltd. Accounting Software NA NA

7/2/15 ezetop Ltd. iSend, LLC Money Transfer NA NA

7/1/15 Credit Control, LLC Professional Recovery Services, Inc. ARM NA NA

7/1/15 PayPal, Inc. Xoom Corporation Money Transfer $867 5.0x

6/30/15 Wolters Kluwer Tax & Accounting US SureTax, LLC Tax Software NA NA

6/30/15 RideScout LLC GlobeSherpa Inc. Mobile Payments NA NA

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 20 Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

6/29/15 Transzap, Inc. ADP, LLC Supply Chain Software NA NA

6/29/15 Payfort FZ-LLC White Payments Technologies FZE eCommerce Payments NA NA

6/29/15 Silver Lake Cast & Crew Payroll, LLC Payroll Software $700 NA Brooks Brothers Group, Inc., Credit Card 6/25/15 Citi Retail Services LLC Credit Cards NA NA Portfolio 6/25/15 Newtek Business Services Corp. Premier Payments LLC Merchant Processing $16 NA

6/25/15 Digital Asset Holdings, LLC bits of proof zrt. Blockchain NA NA

6/25/15 Digital Asset Holdings, LLC Hyper, Inc. Blockchain NA NA

6/23/15 Konga.com Online Shopping Limited Zinternet Nigeria Limited Mobile Payments NA NA

6/23/15 Insight Venture Partners Fourth Ltd. Financial Software NA NA

6/23/15 Redknee (Germany) GmbH Orga Systems GmbH Billing Software $43 0.6x

6/22/15 Continental Exchange Solutions, Inc. IME (M) SDN. BHD. Tax Software NA NA Advent International Corporation; Bain Istituto Centrale delle Banche Popolari 6/19/15 Payment Processing NA NA Capital, LLC; Clessidra SGR S.p.A. Italiane Spa 6/18/15 CoinBR Servicos Digitais Ltda. Coinverse Digital Currencies NA NA

6/18/15 Patriot Technology Solutions, Inc. InsureLinx, Inc. Benefits Software $6 NA

6/17/15 LocoMobi, Inc. Ultimate Systems Solutions, LLC Vertical Payments NA NA

6/17/15 Cegid Group SA Altaven SAS Tax Software NA NA

6/17/15 C&H Financial Services, Inc. Regal Payment Systems, LLC ISO NA NA

6/16/15 Avalara, Inc. VAT Applications N.V. Tax Software $10 NA

6/10/15 GoCoin LLC Ziftr, LLC Merchant Processing NA NA

6/10/15 Crowd Mobile Limited Track Concepts B.V. Mobile Payments $32 1.8x

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 21 Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

6/9/15 Bitso SAPI de CV UNISEND S.A.P.I. DE C.V. Cryptocurrency NA NA

6/9/15 ACCEO Solutions Inc. Multipost Ltd. POS $5 NA

6/3/15 NeoXam SmartCo Banking Software NA NA

6/2/15 orderbird AG pepperbill GmbH POS NA NA

6/2/15 Avalara, Inc. EZtax, Inc. Financial Software NA NA

5/29/15 EVO Payments International, LLC Postbank P.O.S. Transact GmbH Merchant Acquiring NA NA

5/28/15 Harshman Phillips & Company, LLC Cloudsourced Accounting Accounting Software NA NA

5/28/15 MYOB Finance NZ Limited Ace Payroll Plus Limited Payroll Software $10 NA

5/22/15 BitGold Inc. (nka:GoldMoney Inc.) Net Transactions Limited Trading Platform $48 NA

5/20/15 Factor4, LLC SparkBase, Inc., Book of Business Prepaid NA NA

5/19/15 Axxiome AG HartterGroup Banking Technology NA NA

5/19/15 AvidXchange, Inc. Strongroom Solutions, Inc. AP Software NA NA

5/12/15 Hansen Technologies Ltd. TeleBilling A/S Bill Pay $24 1.3x e-conomic international a/s, Core 5/8/15 Visma AS Accounting Software $226 NA Scandinavian Business International Business Machines Corp., 5/7/15 Tangoe, Inc. Accounting Software $22 NA Rivermine Telecommunications Expense 5/5/15 Pitney Bowes International Holdings, Inc. Borderfree, Inc. eCommerce $372 3.0x

5/2/15 Bitnational, Inc. Bitcoin Brains, Inc. Digital Currencies NA NA

4/30/15 PayEx Holding AB 4T Sverige AB Mobile NA NA

4/28/15 BigCommerce Pty. Ltd. Zing POS NA NA

4/28/15 Bitcoin Shop Inc. (nka:BTCS Inc.) Spondoolies Tech Ltd. Blockchain NA NA

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 22 Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

4/27/15 Freelancer Limited Escrow.com, Inc. Online Escrow $8 1.5x

4/27/15 Dun & Bradstreet, Inc. Dun & Bradstreet Credibility Corp. Credit Monitoring $350 2.6x

4/23/15 i3 Verticals, LLC RentShare, Inc. Online Payments NA NA Plan B Growth, LLC, certain business loan 4/17/15 World Business Lenders, LLC Online Lending NA NA operations 4/16/15 CU Cooperative Systems, Inc. Everlink Payment Services Inc. Gateway NA NA

4/14/15 Securus Technologies, Inc. JPay, Inc. Money Transfer NA NA

4/14/15 Lendio Inc. Business Bounce SMB Online Lending NA NA Australia & New Zealand Banking Group 4/13/15 Shout For Good Pty. Ltd. Micro Donations NA NA Limited 4/13/15 Satoshi Citadel Industries Inc. BuyBitcoin.ph Digital Currencies NA NA

4/13/15 PPM 2000 Inc. Resolver Inc. Financial Software NA NA SoftRight, LLC and Springbrook Software, 4/8/15 Accela, Inc. Financial Software NA NA Inc. 4/8/15 Coinsetter LLC Canadian Virtual Exchange Digital Currencies NA NA

4/8/15 Basware UK Ltd. ProcServe Holdings Limited Financial Software $28 2.7x

4/8/15 Jasper Infotech Private Limited Accelyst Solutions Pvt. Ltd. Mobile Top-Up NA NA

4/6/15 Gimmal LLC Imagitek, Ltd. Financial Software NA NA

4/3/15 Capillary Technologies Pvt Ltd. MartJack Merchant Processing $32 NA

4/2/15 CapitalWorks, LLC Synergy by Association, Inc. ATMs NA NA

4/1/15 Bankrate, Inc. Quizzle LLC Credit Monitoring NA NA

3/31/15 Jasper Infotech Private Limited Tetra Media Pvt. Ltd. Personal Finance NA NA

3/30/15 Loans4less Com Inc. 321 Lend, Inc. P2P NA NA

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 23 Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

3/30/15 DH Corporation Fundtech Ltd. Banking Technology $1,250 4.8x

3/25/15 Stone Point Capital LLC; Trident VI, L.P. Black Mountain Systems, LLC Investment Software NA NA

3/25/15 ShopKeep POS Inc Payment Revolution, LLC ISO NA NA

3/25/15 Global Payments Inc. Realex Payments Gateway $125 NA

3/23/15 Netinvest Limited Skrill Holdings Limited eCommerce Payments $1,695 NA

3/23/15 card complete Service Bank AG DC Bank AG Issuer Processing NA NA PayOnline System, Innovative Payment 3/17/15 Net Element, Inc.; TOT Group Europe LTD eCommerce $8 NA Technologies, Polimore Capital 3/16/15 Diebold, Incorporated Phoenix Interactive Design, Inc. ATMs $73 NA

3/11/15 Square, Inc. Kili Technology Corporation Merchant Processing NA NA The Carlyle Group LP; Cardinal Capital Group; 3/9/15 Payzone Ireland Limited Merchant Processing NA NA Carlyle Cardinal Ireland Fund, L.P. Baring Private Equity Asia; Baring Asia 3/9/15 CMS Info Systems Pvt. Ltd. (57% Stake) ATMs $319 NA Private Equity Fund VI 3/3/15 Ryan, LLC Second Decimal, LLC Accounting Software NA NA

3/3/15 RKL eSolutions, LLC Clients First Business Solutions LLC Accounting Software NA NA

3/2/15 Suzo-Happ Group North America SCAN COIN AB Cash Management NA NA

3/2/15 Coin Outlet Inc. LibertyX's Bitcoin ATM Network ATMs / Digital Currency NA NA

3/2/15 PayPal Holdings, Inc. Paydiant, Inc. Mobile Wallet $230 NA

3/2/15 Heartland Payment Systems, Inc. Payroll 1, Inc. Payroll Processing $30 NA

2/27/15 Visa Inc. TrialPay, Inc. Marketing NA NA

2/26/15 igot TagPesa Limited Remittance NA NA

2/24/15 Orange Money Ltd. WDFC UK Limited, Everline Online Lending NA NA

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 24 Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

2/20/15 FinLab AG; Club Deal AG Venturate AG Crowdfunding NA NA

2/19/15 Mobi724 Global Solutions Inc. iQ 7/24 Inc. Loyalty NA NA

2/18/15 Samsung Electronics America, Inc. LoopPay, Inc. Mobile Wallet NA NA

2/13/15 UPG plc PayCo GmbH Online Payments NA NA

2/13/15 Heartland Payment Systems, Inc. Dinerware, Inc. Tablet POS $15 NA

2/11/15 Commonwealth Bank of Australia TYME SA Banking Technology $31 NA

2/11/15 Thoma Bravo, LLC; Thoma Bravo XI PowerPlan, Inc. Accounting Software NA NA

2/10/15 Temenos U.S.A., Inc. Akcelerant Software LLC Lending Software $55 NA

2/10/15 ArbiterSports, LLC Pay OGFE Inc. Vertical Payments NA NA

2/9/15 LINE Pay Corporation WebPay Holdings eCommerce Payments NA NA

2/5/15 Life-Pay ibox Holding Ltd. POS NA NA

2/3/15 MRI Software LLC Cougar Software Pty Limited Financial Software NA NA

2/2/15 Burroughs Inc. Pendum LLC ATMs NA NA Card Cells, LLC (nka:Valid Secure Packaging, 1/30/15 Valid USA, Inc. Prepaid $8 NA LLC) 1/30/15 MyECheck, Inc. Seergate Ltd. Payments Software $2 NA

1/29/15 Slyce Inc. SnipSnap App, LLC Offers $6 NA

1/27/15 Esker Inc. TermSync, Inc. AR / CRM Software NA NA

1/27/15 Prosper Marketplace, Inc. American HealthCare Lending, LLC Online Lending $21 NA

1/26/15 Givex Corporation Chase Paymentech, Gift Card Business Prepaid NA NA

1/26/15 Borderfree, Inc. Bundle Tech Limited Import Tax Software $21 NA

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 25 Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

1/26/15 CREALOGIX Holding AG MBA Systems Ltd. Banking Technology NA NA

1/26/15 ApexPeak Pte. Ltd. Cashnomix Online SMB Lending NA NA

1/21/15 Intuit Inc. Zeropaper Serviços de Informática S.A. Cash Management NA NA

1/20/15 Ingenico Group ROAM Data, Inc. Mobile POS NA NA

1/14/15 Kreditech Holding SSL GmbH Kontomierz.pl Sp. z o. o. Banking Technology NA NA

1/14/15 Ecart Invest Minox Software B.V. Accounting Software NA NA CPI Card Group, Inc., Non Secure Card 1/13/15 PLI, LLP Card Manufacturing NA NA Operations in Las Vegas 1/13/15 Cinven Partners, LLP Premium Credit Limited Online Lending $701 NA

1/13/15 Fair Isaac Corporation Tonbeller AG Fraud Prevention NA NA

1/12/15 LocoMobi, Inc. Smart Marketing Concepts Inc. POS NA NA

1/12/15 Marlin Equity Partners, LLC Asentinel LLC Expense Management Software NA NA

1/12/15 UniRush, LLC rapid! Financial Services LLC Payroll Cards NA NA

1/8/15 Virtus Partners, LLC Trade Settlement, Inc. Settlement Platform NA NA Blackstone Tactical Opportunities Advisors 1/7/15 Acenden Limited Mortgage Servicer NA NA L.L.C.; TPG Special Situations Partners 1/6/15 Doxim Inc. Neocog Technologies Inc. Lending Software NA NA

1/6/15 Stone Point Capital LLC; Trident VI, L.P. The Situs Companies LLC Financial Outsourcing NA NA

1/5/15 Main Capital Partners B.V. OnGuard International Holding BV Cash Management NA NA

12/29/14 Keyware Technologies NV Global Pay NV POS NA NA

12/23/14 SafeCharge International Group Limited 3V Transaction Services Limited Issuer Processing $18 5.0x

12/22/14 ArcaTech Systems, L.L.C. CTS Group S.p.A. Banking Hardware NA NA

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 26 Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

Wolters Kluwer Tax & Accounting 12/19/14 SBS Software GmbH Accounting Software NA NA Deutschland Gmbh 12/18/14 Investview, Inc. GATE Global Impact, LLC Impact Investing Marketplace $2 NA

12/18/14 PriceMatch SAS PowerYourRoom Ltd. Accounting Software NA NA

12/18/14 Silverlake Axis Ltd Finzsoft Solutions Limited Financial Software $18 1.3x

12/18/14 Mozido, LLC SK C&C USA Inc. Mobile Commerce $106 NA

12/17/14 Deutscher Sparkassen Verlag GmbH PAYONE GmbH eCommerce NA NA

12/16/14 FiCentive, Inc. Akimbo Financial, Inc. Prepaid $6 24.0x

12/15/14 Aquiline Capital Partners LenderLive Network, Inc. Mortgage Service Provider NA NA

12/15/14 Fortress Investment Group LLC MicroFinancial Inc. Microfinance NA NA

12/12/14 SafeCharge International Group Limited Credit Guard Ltd. Gateways $8 2.9x

12/12/14 Kohli Ventures Dynacart Solutions Ltd. Gateways NA NA

12/11/14 Wirecard AG GFG Group Limited Gateways $42 NA Acrede HR and Payroll Solutions (Jersey) 12/10/14 Intuit Inc. Payroll Software NA NA Limited 12/10/14 Wigan Council Unit4's Invoice4 Solution Billing Software NA NA

12/8/14 Vanare LLC NestEgg Wealth, Inc. Personal Financial Management NA NA

12/5/14 Microgen plc Unity Software Limited Financial Software $2 NA

12/4/14 Wirecard AG The AMARA Group Limited Issuer Processing $45 NA

12/3/14 SignaPay, LTD. PayHub, Inc. Merchant Acquiring NA NA

12/2/14 AFS Technologies, Inc. The POP Company Pte. Ltd. Financial Software NA NA Credit Suisse's Proprietary Commission Fees 12/2/14 SmartStream Technologies Financial Software NA NA and Expense Management Software

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 27 Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

12/1/14 Bankrate, Inc. Wallaby Financial, Inc. Loyalty / Rewards NA NA

11/27/14 Skrill Holdings Limited Smart Voucher Limited Cash Payments NA NA

11/25/14 Qiwi plc Money.Mail.Ru, LLC Network NA NA

11/25/14 Swipp Holding ApS Paii ApS Mobile Payments NA NA

11/24/14 Acculynk PayPlum, LLC Compliance Software NA NA

11/21/14 iCash Payment Systems Limited Stargroup Limited ATMs $5 NA

11/21/14 Archway Technology Partners, LLC WealthTouch, Inc. Investor Software NA NA

11/20/14 AvidXchange, Inc. Piracle, Inc. ACH Processing NA NA Specialized Technical Services Group, 11/20/14 Spire Payments Ltd. Money Transfer NA NA Electronic Fund Transfer Division Visa Processing Services (India) Private 11/18/14 Wirecard AG Issuer Processing $16 NA Limited and Certain Assets of Visa 11/18/14 Mozido, LLC PayEase, Inc. Merchant Services $750 NA TrustBuddy International AB (nka:TrustBuddy 11/13/14 Geldvoorelkaar.nl P2P Lending $13 NA AB (publ)) TrustBuddy International AB (nka:TrustBuddy 11/13/14 AGATA Spa P2P Lending $6 NA AB (publ)) 11/11/14 WorldPay Limited SecureNet Payment Systems, LLC POS NA NA

11/10/14 JetPay Corporation ACI Merchant Services, Inc. Merchant Processing $18 NA TNS Inc., Payment Gateway Services 11/6/14 DataCash Group Limited Gateway NA NA Business 11/5/14 NoteMachine UK Ltd. eurochange Ltd. FX Payments NA NA

11/5/14 Xero Limited. Monchilla, Inc. Accounting Software $7 NA The Carlyle Group LP; Euromoney 11/5/14 Dealogic (Holdings) plc Banking Software $503 3.6x Institutional Investor PLC; Carlyle Partners VI, 11/4/14 FinTech Group AG XCOM Group Banking Software NA NA

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 28 Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

11/4/14 Proxama Plc Aconite Technology Ltd. Issuer Processing Software $6 2.3x

10/31/14 Heartland Payment Systems, Inc. XPIENT Solutions, LLC POS $30 NA

10/28/14 Soft Space Sdn Bhd. Fass Payment Solutions Sdn Bhd mPOS NA NA

10/23/14 Deluxe Corp. Wausau Financial Systems, Inc. Accounting Software $90 NA

10/23/14 Siris Capital Group, LLC; Siris Partners II LP Digital River Inc. eCommerce $646 1.7x Southwest Business Corporation (nka:SWBC Equi-Trax Asset Solutions LP and Quality 10/20/14 Mortgage Technology NA NA Lending Solutions) Valuation Services, LLC 10/20/14 Onyx Payments Worldwide Payment Systems, S.A. Vertical Payments $35 NA

10/16/14 Gentera S.A.B. de C.V. Pagos Intermex, S.A. De C.V. Remittance $16 NA

10/13/14 PayU Payments Private Limited Cobboc Pvt. Ltd. Mobile NA NA

10/13/14 Cuscal Limited Strategic Payments Services Pty Ltd. Card Processing $33 NA

10/13/14 Vista Equity Partners TransFirst, LLC Merchant Processing NA NA

10/12/14 AB Bank Limited Cashlink Bangladesh Limited ATMs NA NA The Cash Store Financial Services Inc., 10/9/14 National Money Mart Company Inc. Alternative Finance NA NA Portion of Business and Assets 10/7/14 Boku, Inc. mopay AG Mobile NA NA

10/7/14 Northland Group, Inc. Accounts Receivable Management, Inc. Collections NA NA

10/3/14 Transnetwork Corporation Citi Remesas, Inc. Remittance NA NA

10/1/14 Posera-HDX Limited Premier Payment Systems, Inc. Merchant Processing NA NA Certegy Check Services, Inc., FIS Gaming 9/30/14 Global Payments Inc. Gaming Processing $237 NA Business 9/29/14 SourceHOV LLC BancTec, Inc. Transaction Processing NA NA

9/25/14 Blackhawk Network Holdings, Inc. Parago Inc. Marketing / Offers $291 2.9x

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 29 Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months

($MM) Announced Target Date Target Series Amount Investors Sub-Sector

J.C. Flowers, Amadeus Capital, Varde Partners, HPE Growth Capital, 9/28/15 Kreditech Series C $92 Online banking Blumberg Capital 9/24/15 DriverUp Series B $20 Emerald Development Managers, RRE Ventures, SF Capital Group Online Lending First Round Capital, Khosla Ventures, QED Investors, Susquehanna 9/17/15 Fundera, Inc. Series B $12 Online Lending Growth Equity Accel Partners, Caisse de depot et placement du Quebec, iNovia Capital, 9/16/15 LightSpeed Retail Inc. NA $61 POS Investissement Quebec 9/11/15 Abra Series A $12 Arbor Ventures, First Round Capital, RRE Ventures Money Transfer Bezos Expoditions, Blumberg Capital, Entrée Capital, General Catalyst, 9/10/15 Fundbox Inc. NA $50 SMB Lending Khosla Ventures, Sound Ventures, Spark Capital 9/10/15 Neft Series A $10 Undisclosed Credit Monitoring Canaan Partners, Conversion Capital, Nyca Partners, QED Investors, Spark 9/10/15 Orchard, Inc. Series B $30 Online Lending Capital, Thomvest Ventures, Thrive Capital 9/3/15 Shift Payments NA $50 Undisclosed Debit Collaborative Fund, Data Collective, Female Founders Fund, Lowercase 9/2/15 InVenture Series A $10 Mobile Payments Capital Capital One Ventures, Citi Ventures, Fiserv, Khosla Ventures, The NASDAQ 8/31/15 Chain Inc. Series B $30 Blockchain OMX Group, Orange Capital, RRE Ventures August Capital, Nyca Partners, The Social+Capital Partnership, Tribeca 8/27/15 CommonBond, Inc. Series B $35 Online Lending Venture Partners Intel Capital, Zouk Capital, American Express, Dawn Capital, Creandum 8/27/15 iZettle AB Series D $67 POS AB, 83 North, Northzone Ventures, Index Ventures 8/27/15 SumUp Limited NA $11 Amercian Express Ventures, BBVA Ventures, Groupon POS

8/23/15 freee K.K. NA $29 DCM, Recruit Holdings Accounting Software

8/19/15 Social Finance, Inc. NA $1,000 SoftBank Online Lending

8/18/15 GroupLend Inc. NA $10 Markus Frind, Lance Tracey Online Lending

8/13/15 C2FO NA $40 Temasek Invoice Finance

8/12/15 Payoneer, Inc. Series E $50 Susquehanna Growth Equity, Wellington Management Group Cross-Border Payments

8/10/15 Vatbox Ltd. Series B $24 Viola Private Equity Tax/Financial Software

Notes: Source: CapitalIQ, DowJones Venture Source. 30 Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Sub-Sector

8/10/15 Prodigy Finance Ltd. NA $100 Balderton Capital, Credit Suisse Group Online Lending Berggruen Holdings, Capricorn Investment Group, Helion Venture 8/6/15 Ezetap Mobile Solutions Pvt. Ltd. Series C $24 Mobile Payments Partners, Horizons Ventures 8/5/15 SavingGlobal GmbH Series B $22 Index Ventures, Ribbit Capital Online Banking Acton Capital partners GMbH, CommerzVentures GmbH, Redline Capital 7/30/15 Iwoca Ltd. Series B $20 Online Lending Management S.A. Mission Perators Group, Marverick Ventures, Victory Park Capital 7/29/15 Behalf Inc. Series B $119 Online Lending Advisors, Sequoia Capital 7/27/15 ShopKeep POS Inc Series D $60 Activant Capital Group POS

7/21/15 Circle Back Lending Series A $18 Undisclosed Online Lending

7/17/15 Mswipe Technologies Pvt Ltd Series C $25 Falcon Edge Capital, ANI Technologies Pvt. Ltd, Meru Capital Group POS

7/16/15 Flypay Limited Series A $11 Time Out Group Mobile Payments

7/15/15 Ethoca Limited NA $45 Spectrum Equity Management CNP Payments

7/15/15 Credit Benchmark Ltd. Series B $20 Balderton Capital, Index Ventures Risk/Analytics

7/14/15 Fastacash Pte. Ltd. Series B $15 Rising Dragons Singapore, Life.Sreda, UOB, Venture Investments II P2P Payments

7/14/15 Fenergo Ltd. NA $75 Insight Venture Partners Banking Software Third Point Ventures, First Round Capital, Collaborative Fund, Khosla 7/12/15 Upstart Network, Inc. Series C $35 Online Lending Ventures, Eric Schmidt, Marc Benioff 7/9/15 Bitfury USA, Inc. NA $20 Georgian Co-Investment Fund, DRW Holdings, iTech Advisors Cryptocurrency

7/8/15 Lendingkart. ltd. Series A $635 Mayfield, Saama Capital Management, Shailesh Mehta, Ashvin Chadha Online SMB Lending

7/7/15 View The Space, LLC Series B $21 OpenView Venture Partners, Trinity Ventures Financial Software

7/7/15 SlimPay S.A. NA $16 Prime Ventures DDA Payments Eurazeo, Kernel Investissements, Crédit Mutuel Arkéa, Schibsted Growth, 7/2/15 PRET d'UNION S.A. NA $34 P2P Lending AG2R La Mondiale A & A Dukaan Financial Services Private Amazon, Fidelity Growth Partners, Mousse Partners, Sequoia, Walden 7/2/15 Series C $59 Lending Marketplace Limited International

Notes: Source: CapitalIQ, DowJones Venture Source. 31 Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Sub-Sector

7/2/15 Marlette Funding, LLC NA $75 Invus Financial Advisors, Navient Corporation Online Lending

7/2/15 Malauzai Software, Inc. Series D $11 Undisclosed Mobile Banking Software

7/1/15 Realty Mogul, Co. Series B $35 Sorenson Capital, Canaan Partners Online Lending Methril Capital Management, Salesforce Ventures, Bullpen Capital, 6/30/15 StayClassy Productions, Inc. NA $18 Crowd funding Venture51, Galileo Partners 6/29/15 Velocity NA $12 Undisclosed Mobile Payments

6/25/15 PayRange Inc. Series A $12 Matrix Partners, Google Ventures, Nyca Partners Mobile Payments

6/25/15 Chrome River Technologies, Inc. Series D $100 Great Hill Partners Financial Software

6/23/15 Credit Karma, Inc. Series D $175 Tiger Global Management, Viking Global Investors, Valinor Management Credit Monitoring Norwest Venture Partners, Onset Ventures, Bessemer Venture Partners, 6/22/15 Adaptive Insights, Inc. Series G $75 Financial Software Cardinal Venture Capital, Monitor Ventures 6/19/15 Snap Advances LLC NA $28 Undisclosed SMB Lending

6/18/15 Wealth India Financial Services Pvt. Ltd. Series C $11 Faering Capital, Foundation Capital, Inventus Capital Online Brokerage Spark Capital, Jefferies, Homebrew Management, Founder Collective, 6/18/15 BOND STREET Servicing, LLC Series A $110 Online Lending Collaborative Fund, Red Swan Ventures 6/16/15 Pollen, Inc. NA $40 Undisclosed Working Capital Management

6/15/15 LendInvest Limited Series A $50 Beijing Kunlun Tech Online Lending

6/15/15 Azimo Ltd Series B $20 Frog Capital, MCI Management, e.ventures, Greycroft Partners Money Transfer

6/10/15 Miura Systems Limited NA $16 DFJ Esprit Secondaries Payments Hardware

6/9/15 Moula Money Pty Limited NA $23 Liberty Financial, NCN Investments Online Lending

6/4/15 Lavu Inc. NA $15 Aldrich Capital Partners POS

6/4/15 TabbedOut Series C $22 Wellington Management Group, NEA, Morgan Creek Capital Management Mobile Payments Tiger Global Management, Kaszek Ventures, QED Investors, Sequoia 6/2/15 Nubank Series B $29 Online Banking Capital

Notes: Source: CapitalIQ, DowJones Venture Source. 32 Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Sub-Sector

5/27/15 Payfirma Corporation Series A $10 Dundee Capital Markets Merchant Acquiring T. Rowe Price Associates, Iconiq Capital, Crosslink Capital, Battery 5/26/15 Coupa Software Incorporated NA $80 Financial Software Ventures, El Dorado Ventures, Rally Ventures 5/21/15 Tumblbug Series A $16 Strong Ventures, DCM, Line Ventures Crowdfunding FTV Capital, Rakuten, Highland Capital Partners, August Capital, 5/20/15 WePay, Inc. Series D $40 Gateways Continental Investors, Ignition Partners 5/19/15 PAYITSIMPLE USA Inc. NA $10 Simpel Management Consumer Finance RRE Ventures, Thrive Capital, Bessemer Venture Partners, Pritzker Group 5/19/15 Hightower, Inc. Series B $13 Leasing Software Venture Capital 5/18/15 Feedzai S.A. Series B $18 Oak HC/FT Partners, Sapphire Ventures, Espirito Santo Ventures Anti-Fraud Syncora Alternative Investments, Globespan Capital Partners, Investus 5/12/15 Credit Sesame, Inc. Series D $16 Credit Monitoring Capital Partners, Menlo Ventures, IA Capital 5/7/15 itBit Pte. Ltd. Series A $25 RRE Ventures, Liberty City Ventures Digital Currencies Spark Capital Partners, Jefferies, Andreessen Horowitz, Khosla Ventures, 5/6/15 Affirm, Inc. NA $275 Online Lending Lightspeed Venture Partners 5/5/15 Hello Digit, Inc. Series A $11 General Catalyst Partners, Baseline Ventures, Google Ventures Online Banking

5/5/15 Fintellix Solutions Ltd. NA $15 Undisclosed Mobile Payments

5/2/15 Lendico Global Services GmbH NA $22 Rocket Internet, Hotlzbrinck Ventures, Access Industries Online Lending

5/1/15 Edo Interactive Inc. Series E $23 VantagePoint Capital Partners, Baird Venture Partners Card-Linked Offers Fidelity, TPG Growth, Insight Venture Partners, Andreessen Horowitz, IVP, 5/1/15 Zenefits Series C $513 HR Software Founders Fund, Khosla Ventures 4/30/15 MX, Inc. Series A $30 USAA Investment Management, Digital Garage Banking Technology

4/29/15 Justworks, Inc. Series B $13 Bain Capital Ventures, Index Ventures, Thrive Capital HR Software Goldman Sachs, IDG Capital Partners, Accel Partners, General Catalyst 4/29/15 Circle Internet Financial, Inc. NA $50 Money Transfer Partners, Oak Investment Partners 4/28/15 Loop Commerce, Inc. NA $16 Paypal, Novel TMT Ventures, Wicklow Capital eCommerce

4/27/15 Wave Accounting, Inc. Series C $14 The Social+Capital Partnership, Charles River Ventures, OMERS Ventures Accounting Software

Notes: Source: CapitalIQ, DowJones Venture Source. 33 Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Sub-Sector

Baillie Gifford & Co., BlackRock, Sands Capital Management, Temasek 4/22/15 Funding Circle Ltd. NA $150 Online Lending Holdings Goldman Sachs, Nova Founders Capital, Jardine Pacific, ACE & Company 4/21/15 Compare Asia Group Series A $40 eCommerce Development Group, Route 66 Ventures 4/16/15 NUMBER26 GmbH Series A $11 Valar Ventures, Earlybird Venture Capital, Redalpine Venture Partners Online Banking

4/15/15 Clearent LLC NA $25 FTV Capital Merchant Processing

4/15/15 Lsq Funding Group, L.C. NA $100 Levell Minnick Equity Partners SMB Online Lending

4/15/15 Factor Systems, Inc. NA $25 Goldman Sachs, Bain Capital Ventures B2B Payments

4/14/15 TouchBistro Inc. Series A $6 Kensington Capital Partners, Relay Ventures, Difference Capital, Just Eat POS

4/8/15 Patch of Land, Inc. Series A $24 SF Capital Group Crowdfunding Credit Suisse, SunTrust Equity Funding, United Services Automobile 4/7/15 Prosper Marketplace, Inc. Series D $165 P2P Association, JP Morgan, BBVA Ventures 3/31/15 CurrencyFair Ltd NA $11 Octopus Investments Limited, Frontline Ventures Money Transfer

3/31/15 PrimeRevenue, Inc. NA $80 BBH Capital Partners, Battery Ventures Lending Platform

3/30/15 RateSetter NA $30 Woodford Investment Management, Artemis P2P

3/27/15 AssetAvenue, Inc. Series A $11 DCM Ventures, Netease Capital, Matrix Partners Online Lending Google Capital, Emergence Capital Partners, Ribbit Capital, General 3/27/15 ZenPayroll, Inc. Series B $60 Payroll Software Catalyst Partners, Kleiner Perkins Caufield & Byers 3/25/15 FinancialForce.com, inc. NA $110 Technology Crossover Ventures, Salesforce Ventures Financial Software General Catalyst Partners, Khosla Ventures, Blumberg Capital, NyCa 3/19/15 Fundbox Inc. Series B $40 Online SMB Lending Partners Camden Partners, MissonOG, Spring Capital Partners, CNF Investments, 3/18/15 Ingo Money, Inc. NA $14 Prepaid Matrix Partners, Ribbit Capital Napier Park Global Capital, Blumberg Capital, North Hill Ventures, Pivot 3/12/15 Lendio Inc. Series C $22 Online SMB Lending Investment Partners Draper Fisher Jurvetson, DN Capital Limited, QED Investors, Trilogy Equity 3/11/15 Remitly, Inc. NA $13 Remittance Partners Andreessen Horowitz, RRE Ventures, Yuan Capital, Qualcomm Ventures, 3/10/15 21 Inc. NA $116 Cryptocurrency Khosla Ventures, Data Collective

Notes: Source: CapitalIQ, DowJones Venture Source. 34 Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Sub-Sector

Medina Capital, First Data Corporation, Signal Peak Ventures, Jump 3/3/15 Booker Software, Inc. Series C $35 POS Capital, Bain Capital Ventures, Revolution Ventures FTV Capital, Intel Capital, Mosaik Partners, North Hill Ventures, Passport 2/26/15 CashStar, Inc. Series D $15 Prepaid Capital 2/25/15 Xero Limited. NA $111 Accel Partners, Matrix Capital Management Company Accounting Software

2/23/15 DriverUp Series A $50 Emerald Development Managers, RRE Ventures Online Lending

2/18/15 WorldRemit Ltd Series B $100 Accel Partners, Technology Crossover Ventures Remittance

2/13/15 Itz Cash Card Ltd. NA $16 Ashok Goel Prepaid

2/12/15 nCino, Inc. NA $38 Insight Venture Partners, Wellington Management Company Banking Technology Silicon Valley Bank, American Express, August Capital, Napier Park Global 2/11/15 Bill.com, Inc. NA $50 B2B Payments Capital, Scale Venture Partners 2/10/15 Zen Lefin Pvt Ltd Series A $13 SAIF Partners, Sequoia Capital, Aspada Investment Advisors SMB Lending OurCrowd, Rocket Internet, Augmentum Capital, Canaan Partners, Eden 2/10/15 Borro Limited Series E $20 Online Secured Lending Ventures 2/6/15 Oportun Financial Corporation NA $91 Fidelity Management & Research Company; Insitutional Venture Partners Online Lending Tybourne Capital Management, Valiant Capital Management, ruNet, 2/5/15 Accelyst Solutions Pvt. Ltd. Series C $80 Prepaid Mobile Sequoia Capital, Sofina 2/3/15 KnCMiner AB Series B $15 Accel Partners, Creandum, GP Bullhound Bitcoin Third Point Ventures, Institutional Venture Partners, Wellington 2/2/15 Social Finance, Inc. Series D $200 Online Lending Management Company 2/2/15 Apttus Corporation Series B $41 Salesforce Ventures, K1 Investment Management, Iconiq Capital Financial Software

1/30/15 MineralTree, Inc. NA $11 First Data Corporation, .406 Ventures, Fidelity Growth Partners Bill Pay Maveron, Andreessen Horowitz, Atlas Venture, Collaborative Fund, First 1/27/15 Earnest Operations LLC Series A $17 Online Lending Round Capital Andreesen Horowitz, Google Ventures, IDG Capital Partners, Bitcoin 1/26/15 Ripple Labs Inc. Series A $28 Cryptocurrency Opportunity Corp., RRE Ventures Andreessen Horowitz, Index Ventures, Seedcamp, Valar Ventures, IA 1/25/15 TransferWise Ltd Series C $58 Money Transfer Ventures New Enterprise Associates, Bessemer Venture Partners, Listen Ventures, 1/22/15 Raise Marketplace Inc. Series B $56 Gift Card Marketplace The Pritzker Organization

Notes: Source: CapitalIQ, DowJones Venture Source. 35 Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Sub-Sector

1/21/15 Taulia Inc. NA $15 Zouk Capital Invoice Management Draper Fisher Jurvetson, BBVA, Andreessen Horowitz, New York Stock 1/20/15 Coinbase, Inc. Series C $75 Digital Currencies Exchange, Ribbit Capital, Union Square Ventures Wellington Management Company, BlackRock, PremjiInvest, Passport 1/16/15 Zuora, Inc. NA $115 Software Capital, Greylock Partners, Benchmark Capital 1/14/15 Global Debt Registry, LLC Series A $7 Undisclosed Debt Registry

1/12/15 Insite Software Solutions, Inc. NA $15 Volition Capital eCommerce Bain Capital Ventures, Spark Capital, Accel Partners, QED Investors, 1/7/15 Flywire Series C $22 Money Transfer Devonshire Investors HSBC, BRED Banque Populaire, Daher Capital, Iris Capital, Upfront 12/24/14 Kyriba Corporation Series C $21 Treasury Software Ventures 12/24/14 QwikCilver Solutions Private Limited NA $10 Amazon.com, Accel Partners, Helion Venture Partners Gift Cards Credit Saison, Dentsu, GMO VenturePartners, JAFCO, Mitsui Sumitomo 12/19/14 Money Forward, Inc. Series B $13 Accounting Software Insurance Venture Capital, SourceNext Corporation 12/18/14 VALITOR HF 38% Stake $29 Arion Bank eCommerce

12/17/14 PeerNova inc. Series A $19 Mosaik Partners, Crypto Currency Partners, Overstock.com Blockchain

12/16/14 Adyen B.V. Series B $250 General Atlantic, Temasek Holdings, Index Ventures, Felicis Ventures Merchant Processing

12/4/14 Atom Bank NA $39 Anthemis Group, Aviva Life & Pensions, British Engines, Polar Capital Online Banking General Catalyst Partners, Khosla Ventures, Sequoia Capital, The 12/2/14 Stripe, Inc. NA $70 Mobile Payments Founders Fund, Thrive Capital CDC Group, Creation Investments, DEG, FMO, India Financial Inclusion 11/29/14 Equitas Holdings Pvt. NA $53 Microfinance Fund, International Finance Corporation 11/28/14 Reval NA $20 Goldman Sachs Risk Management

11/27/14 Monitise plc NA $77 Banco Santander (Mexico), Mastercard, Telefonica Mobile Payments Adams Capital Management, Bain Capital Ventures, Canadian Imperial 11/25/14 Dynamics Inc. Series C $70 Card Manufacturing Bank of Commerce, MasterCard 11/23/14 eToro (Europe) Ltd. NA $27 BRM Group, Ping An Capital, SBT Venture Capital, Spark Capital Partners Social Investing

11/20/14 Fast Pay Partners LLC NA $15 Oak HC/FT Partners Online Lending

Notes: Source: CapitalIQ, DowJones Venture Source. 36 Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Sub-Sector

11/19/14 Cognical NA $10 Blumberg Capital, ER Accelerator, Tribeca Venture Partners Financing Platform Advanced Technology Ventures, Centerview Capital, Next World Capital, 11/12/14 Host Analytics, Inc. Series E $25 Financial Software StarVest Partners, Trident Capital 11/11/14 Revel Systems Series C $89 ROTH Capital Partners, Welsh, Carson, Intuit, Anderson & Stowe POS

11/10/14 Avalara, Inc. NA $150 Technology Crossover Ventures, Warburg Pincus Accounting Software Avant Credit Corporation (nka:Avant 11/7/14 NA $225 August Capital, Draper Fisher Jurvetson, KKR, RRE Ventures Online Lending Corporation) 11/7/14 Powa Technologies Limited Series C $80 Wellington Management Company POS

11/6/14 SecureKey Technologies Inc. Series C $19 Blue Sky Capital, Rogers Venture Partners Anti-Fraud Agri Power and Engineering Solutions, Kiran Vyapar Limited, TVS Capital 11/6/14 Indian Energy Exchange Limited NA $94 Trading Platform Funds 11/4/14 BlueSnap Inc. NA $50 Parthenon Capital Partners, Great Hill Partners eCommerce

11/4/14 Trustly Group AB NA $29 Bridgepoint Development Capital Banking Technology

10/30/14 Transverse LLC Series B $25 Siedentopf Revenue Cycle Management

10/29/14 Cardlytics, Inc. Series F $70 Discovery Capital Corporation Marketing / Rewards BBVA Ventures, Corsair Capital, CrossLink Capital, Institutional Venture 10/28/14 Personal Capital Corporation Series D $50 Personal Financial Management Partners, USAA, Venrock 10/28/14 Argentum Spain S.L.U. NA $17 Access Industries, Holtzbrinck Ventures Online Lending DAG Ventures, Dragoneer Investment Group, Greylock Partners, Index 10/27/14 Wealthfront Inc. NA $70 Personal Financial Management Ventures, The Social+Capital Partnership 10/27/14 Credorax, Inc. NA $40 Blumberg Capital, Columbus Nova Technology Partners Merchant Acquiring

10/22/14 Tipalti Solutions Ltd. Series B $13 Wicklow Capital Payments Software

10/20/14 MediGain, LLC NA $38 Prudential Capital Group Revenue Cycle Management

10/20/14 CreditSuppliers, LLC NA $13 G8 Capital Lending Technology

10/20/14 Recurly, Inc. Series B $12 Devonshire Investors, e.ventures, Greycroft Partners, Polaris Partners Bill Pay

Notes: Source: CapitalIQ, DowJones Venture Source. 37 Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target

Date Target Series Amount Investors Sub-Sector

10/15/14 Linkable Networks, Inc. Series C $12 Kepha Partners, CommonAngels, Blue Chip Venture Company Card-Linked Offers Highland Capital Partners, Buchanan Capital Management, Highland 10/14/14 Bitnet Technologies Ltd. Series A $15 Cryptocurrency Capital Partners, Rakuten 10/14/14 orderbird AG Series B $10 ConCardis POS

10/13/14 Financial Software & Systems Pvt. Ltd. NA $57 PremjiInvest Processing

10/10/14 Mozido, LLC NA $185 MasterCard, Wellington Management Company Mobile

10/9/14 Bitfury USA, Inc. Series A $20 Georgian Co-Investment Fund Cryptocurrency

10/6/14 Orchard, Inc. Series A $12 Canaan Partners, Spark Capital Partners Online Lending FuturePerfect Ventures, Lightspeed Venture Partners, Mosaic Ventures, 10/6/14 Blockchain Ltd. Series A $31 Cryptocurrency Prudence Holdings, Wicklow Capital Bessemer Venture Partners, Khosla Ventures, Spark Capital Partners, 9/30/14 Quantopian, Inc. Series B $15 Trading Platform Wicklow Capital 9/29/14 Credit Karma, Inc. NA $75 Google Capital, Susquehanna Growth Equity, Tiger Global Management Credit Monitoring

9/29/14 Credivalores-Crediservicios, S.A.S. NA $34 Gramercy Funds Management Underbanked

Notes: Source: CapitalIQ, DowJones Venture Source. 38 Financial Technology Sector Summary

IV. Securities / Capital Markets / Data & Analytics

39 Financial Technology Sector Summary Securities / Capital Markets / Data & Analytics Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 9/25/15 Low High Value Debt Value CY 15E CY 16E CY 15E CY 16E CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ Exchanges - Americas CME Group Inc. $92.38 $75.94 $100.87 $31,202 $1,014 $32,216 9.5x 8.8x 14.2x 12.9x 23.6x 21.3x 14.0% 1.5 8.0% 12.1% Intercontinental Exchange, Inc. 235.00 193.42 246.39 25,965 2,563 28,528 8.7 8.2 13.2 11.7 19.9 17.0 14.8% 1.2 6.8% 6.3% Nasdaq, Inc. 53.48 38.43 54.68 9,034 1,851 10,885 5.3 5.0 11.6 9.8 16.0 14.7 8.4% 1.8 4.4% (6.7%) CBOE Holdings, Inc. 66.40 52.90 68.00 5,497 (90) 5,407 8.8 8.2 15.4 14.0 29.1 26.1 12.8% 2.0 7.8% 3.3% BM&F Bovespa SA 2.77 2.16 3.35 4,954 460 5,415 9.9 9.3 14.7 13.8 13.2 11.8 8.7% 1.4 5.9% 2.0% TMX Group Limited 35.32 32.95 41.92 1,919 723 2,642 4.8 4.6 10.3 9.5 12.4 11.3 NA NA 4.7% (16.9%) Bolsa Mexicana de Valores SAB de CV 1.58 1.35 1.79 939 (99) 840 5.5 5.1 11.0 10.0 19.6 17.4 15.4% 1.1 7.9% 4.5%

Mean 7.5x 7.0x 12.9x 11.7x 19.1x 17.1x 12.3% 1.5 6.5% 0.6% Median 8.7 8.2 13.2 11.7 19.6 17.0 13.4% 1.4 6.8% 3.3%

Exchanges - Asia Hong Kong Exchanges & Clearing Limited $23.43 $20.90 $40.18 $27,991 ($1,348) $26,643 14.7x 13.6x 19.5x 17.6x 25.9x 22.9x 10.5% 2.2 8.2% 77.9% Singapore Exchange Limited 5.10 4.78 6.18 5,466 (587) 4,879 8.3 8.1 14.4 NA 21.5 20.9 5.9% 3.5 2.9% 15.6% ASX Limited 26.71 23.92 31.85 5,166 (709) 4,457 8.9 8.5 11.5 11.0 18.0 17.3 4.7% 3.7 4.7% (11.1%) Bursa Malaysia Berhad 1.84 1.70 2.05 983 (110) 873 7.6 7.1 13.3 12.3 21.9 20.0 NA NA 7.8% (11.5%)

Mean 9.9x 9.3x 14.7x 13.6x 21.8x 20.3x 7.0% 3.1 5.9% 17.7% Median 8.6 8.3 13.9 12.3 21.7 20.4 5.9% 3.5 6.3% 2.3%

Exchanges - Europe Deutsche Boerse AG $86.46 $55.91 $97.94 $15,925 $689 $16,613 6.2x 5.7x 11.9x 10.6x 18.4x 16.5x 10.6% 1.6 8.1% 2.8% London Stock Exchange Group plc 37.33 26.70 41.32 12,979 (1,265) 11,714 3.2 4.6 10.1 9.9 20.3 19.6 12.6% 1.6 (29.2%) 1.4% Bolsas y Mercados Españoles 35.56 30.53 48.74 2,966 (375) 2,591 6.5 6.2 9.1 8.5 14.8 13.5 4.5% 3.0 4.7% (14.0%) JSE Limited 9.31 6.93 10.78 796 (128) 668 NA NA NA NA 16.0 14.2 NA NA NA 1.5% (1) GPW 10.69 9.62 14.04 449 (57) 392 4.5 4.3 8.2 7.5 13.8 12.2 NA NA 4.3% (10.0%) Hellenic Exchanges - Athens Stock Exch. 5.84 3.64 7.62 382 (168) 214 5.6 4.2 13.7 8.0 36.7 19.3 NM NM 33.2% (58.5%)

Mean 5.2x 5.0x 10.6x 8.9x 20.0x 15.9x 9.2% 2.0 4.2% (12.8%) Median 5.6 4.6 10.1 8.5 17.2 15.3 10.6% 1.6 4.7% (4.3%)

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 40 Financial Technology Sector Summary Securities / Capital Markets / Data & Analytics Public Company Valuations: Financial Metrics (Cont.)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 9/25/15 Low High Value Debt Value CY 15E CY 16E CY 15E CY 16E CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ Investment Services, Software, & Technology SEI Investments Co. $48.13 $32.95 $55.48 $7,984 ($625) $7,359 5.5x 5.0x 14.9x 13.0x 23.9x 20.6x 13.2% 1.6 9.0% 5.9% SS&C Technologies Holdings, Inc. 70.67 41.67 75.50 6,970 (264) 6,705 6.4 4.7 15.2 11.0 27.6 22.9 16.3% 1.4 36.3% 12.7% Broadridge Financial Solutions, Inc. 55.46 38.28 59.51 6,559 365 6,925 2.5 2.3 12.7 10.8 22.2 19.1 11.0% 1.7 7.4% 4.9% DST Systems Inc. 106.61 81.83 134.65 3,821 395 4,217 1.9 1.9 9.7 9.1 18.1 16.2 9.5% 1.7 2.8% 2.2% Financial Engines, Inc. 31.54 29.40 46.34 1,633 (317) 1,315 4.2 3.7 13.9 11.9 33.8 29.1 20.9% 1.4 13.3% 12.1% Envestnet, Inc. 32.66 28.51 58.21 1,163 (51) 1,112 2.7 2.1 14.9 10.6 32.8 24.3 27.0% 0.9 25.9% 21.0%

Mean 3.9x 3.3x 13.6x 11.1x 26.4x 22.0x 16.3% 1.5 15.8% 9.8% Median 3.4 3.0 14.4 10.9 25.8 21.7 14.7% 1.5 11.2% 9.0%

Financial Data, Content, & Analytics Thomson Reuters Corporation $39.87 $34.88 $42.64 $31,163 $7,571 $38,734 3.1x 3.1x 11.2x 10.5x 19.7x 17.3x 11.1% 1.6 2.6% (3.8%) McGraw Hill Financial, Inc. 89.14 73.96 109.13 24,291 (226) 24,065 4.5 4.0 11.1 9.6 20.2 17.9 14.2% 1.3 10.6% 3.1% Moody's Corporation 100.42 85.50 113.87 20,114 1,059 21,173 6.0 5.5 12.9 11.8 21.6 19.1 14.0% 1.4 7.8% 5.1% Verisk Analytics, Inc. 73.78 57.97 79.88 12,431 3,170 15,601 7.4 6.4 15.6 13.6 24.7 22.2 12.0% 1.8 14.9% 17.5% MSCI Inc. 61.32 41.16 68.83 6,651 345 6,996 6.5 6.0 15.3 13.7 28.0 23.4 11.3% 2.1 8.4% 6.4% FactSet Research Systems Inc. 159.85 110.77 174.03 6,602 (147) 6,454 6.3 5.6 17.0 15.3 25.8 22.6 10.9% 2.1 11.3% 9.7% Markit Ltd. 28.90 20.99 29.98 5,107 423 5,530 5.0 4.6 11.3 10.6 19.7 18.4 3.4% 5.5 8.2% 3.2% Dun & Bradstreet Corp. 105.61 100.02 137.25 3,814 1,649 5,462 3.2 3.1 11.1 10.4 14.7 13.9 6.2% 2.2 5.7% 2.0% Morningstar Inc. 81.64 61.03 86.88 3,612 (222) 3,390 4.2 3.9 12.7 11.5 26.5 22.8 16.0% 1.4 8.0% 6.7% Bankrate, Inc. 10.28 8.87 13.92 1,037 159 1,197 2.3 2.2 8.1 7.8 15.2 14.4 20.0% 0.7 2.9% 1.9%

Mean 4.8x 4.4x 12.6x 11.5x 21.6x 19.2x 11.9% 2.0 8.0% 5.2% Median 4.7 4.3 12.0 11.1 20.9 18.7 11.7% 1.7 8.1% 4.2%

Online Broker Dealers The Charles Schwab Corporation (1) $28.42 $23.35 $35.72 $37,390 $2,815 $40,205 6.3x 5.2x 15.9x 11.7x 27.7x 19.1x 18.4% 1.0 20.3% 4.8% TD Ameritrade Holding Corporation (1) 32.44 28.34 39.05 17,621 1,810 19,431 5.9 5.4 12.7 10.4 21.5 17.0 17.1% 1.0 10.0% 3.2% E*TRADE Financial Corporation (1) 26.47 18.20 31.48 7,683 4,730 12,413 6.8 6.1 17.9 14.6 23.0 17.4 17.3% 1.0 11.8% 3.8% Interactive Brokers Group, Inc. (1) 40.63 23.01 45.95 2,563 4,322 6,885 5.5 4.3 10.9 6.5 46.3 25.9 17.2% 1.5 27.1% 24.0% GAIN Capital Holdings, Inc. 7.45 6.13 10.38 367 (14) 353 0.8 0.7 4.4 3.8 14.9 8.4 16.0% 0.5 10.4% 53.1% FXCM Inc. (1) 0.88 0.74 17.44 70 307 377 NA NA NA NA NM NM NA NA NA (19.3%)

Mean 5.1x 4.4x 12.3x 9.4x 26.7x 17.6x 17.2% 1.0 15.9% 11.6% Median 5.9 5.2 12.7 10.4 23.0 17.4 17.2% 1.0 11.8% 4.3%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 41 (1) Enterprise Value and Net Debt exclude Cash. Financial Technology Sector Summary Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions – Trailing 12 Months

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

9/22/15 FactSet Research Systems Inc. Portware LLC Trading Platform $265 NA

9/17/15 Beeks Trading Corporation Ltd. VDIware LLC Trading Platform NA NA

9/10/15 NonProfitEasy, Inc. Fundly Inc. Crowdfunding NA NA

9/10/15 IPC Systems, Inc. Etrali Trading Solutions Trading Software NA NA

9/8/15 Sustainalytics B.V. ESG Analytics AG Risk / Analytics NA NA

9/4/15 Aberdeen Asset Management PLC Parmenion Capital Partners LLP Brokerage Software NA NA SpeedRoute and Remaining Stake in Pro 8/26/15 Medici Inc. Trade Routing $1 NA Securities and 80% Stake in TraderField 8/26/15 TradeKing Group, Inc. Manhattan Beach Trading, Inc. Trading Platform NA NA

8/26/15 BlackRock, Inc. Xulu, Inc. Robo Advisors NA NA

8/24/15 Markit Ltd. Option Computers Limited Trading Platform NA NA

8/13/15 PDQ ATS, Inc. Quadriserv, Inc. Trading Platform NA NA

8/12/15 Markit Ltd. CoreOne Technologies LLC Data / Analytics $200 NA

8/12/15 ObjectWay S.p.A. Thomson Financial - MIS Systems Brokerage Software NA NA

8/12/15 Fidelity National Information Services, Inc. SunGard Data Systems Inc. Capital Markets Software NA NA

8/11/15 Computer Sciences Corporation Fixnetix Ltd. Risk / Data $113 NA

8/5/15 IPC Systems ASPone Capital Markets Software NA NA

7/30/15 BNP Paribas SA Sharekhan Limited Online Brokerage $350 NA 49.9% stake in STOXX Ltd and 50.1% stake 7/27/15 Deutsche Boerse AG Indices $611 NA in Indexium Ag 7/27/15 McGraw Hill Financial, Inc. SNL Financial LC Data/Analytics $2,225 NA

7/26/15 Deutsche Boerse AG 360 Treasury Systems AG Trading Platform $796 14.5x

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 42 Financial Technology Sector Summary Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

7/23/15 Ipreo Holdings LLC iLEVEL Solutions, LLC PE Software NA NA AQX Securities GmbH, Agency Execution 7/22/15 Linear Investments Limited Trading Platform NA NA Business Advanced Objects' Proposal Generation 7/14/15 Vestmark Analytics/Software NA NA Technology 7/10/15 Computershare Limited SIX SAG AG Shareholder Services NA NA

7/6/15 Eagle Financial Publications DividendInvestor.com Data & Analytics NA NA

7/1/15 ProfitStars, Inc. Bayside Business Solutions, Inc. Lending Platform NA NA

6/26/15 Link Market Services Limited Link Market Services NZ Shareholder Services $19 NA

6/22/15 New Asia Holdings, Inc. Magdallen Quant Pte. Ltd. Trading Platform $5 NA

6/17/15 Allegro Development Corporation JustCommodity Software Solutions Pte Ltd Trading Software NA NA

6/4/15 IRESS Limited INNERGI Pty Ltd. Broker Software NA NA

6/2/15 eVestment Alliance, LLC TopQ Software Ltd PE Software NA NA Maxima Analytics, Inc., Market Data Services 6/2/15 CBOE Holdings, Inc. Data / Analytics NA NA and Trading Analytics Platforms 6/2/15 Markit Ltd. Information Mosaic Holdings Ltd. Risk Management NA NA

6/1/15 Backstop Solutions Group, LLC Cogency Software, Inc. Investor Software NA NA

6/1/15 Asset International Inc. FinGate GmbH Investor Software NA NA

6/1/15 Playtech plc Plus500 Ltd. Trading Platform NA NA

5/29/15 London Stock Exchange Group plc Exactpro Systems, LLC Trading Software NA NA

5/28/15 Rakuten Securities, Inc. FXCM Asia Ltd. FX Trading Platform $38 NA

5/26/15 John Hancock Financial Corporation Guide Financial, Inc. Robo Advisors NA NA

5/6/15 Envestnet, Inc. Oltis Software LLC Broker Software $32 NA

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 43 Financial Technology Sector Summary Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

5/4/15 Asset International Inc. Intelligent Financial Systems Limited Data / Analytics NA NA

5/4/15 NZX Limited iFarm New Zealand Limited Data / Analytics NA NA

4/23/15 Interactive Brokers Group, Inc. Covestor, Inc. Personal Financial Management NA NA

4/14/15 Private Investment Group OTAS Technologies Limited Data / Analytics NA NA

4/9/15 Jefferies Group LLC Faros Trading LLC Trading Platform NA NA

3/26/15 Monecor (London) Limited Alpari (UK) Limited FX Trading Platform NA NA

3/25/15 Northwestern Mutual Capital LLC LearnVest, Inc. Personal Financial Management NA NA

3/25/15 Rakuten Securities, Inc. FXCM Japan Securities Co., Ltd. FX Trading Platform $62 NA

3/24/15 First Derivatives plc ActivateClients Limited Trading Platform $7 6.5x

3/12/15 Moody's Corporation Equilibrium Clasificadora de Riesgo S.A. Risk / Analytics NA NA

3/11/15 R.J. O'Brien Europe Limited The Kyte Group Limited Trading Platform NA NA TraderOS Technologies Inc. (nka:TradeKing 3/10/15 TradeKing Group, Inc. Trading Platform NA NA Media LLC) 3/4/15 Temenos Group AG IGEFI Group s.à r.l. Fund Software $260 NA

2/27/15 Tera Group, Inc. MGT Capital Investments, Inc. Trading Platform NA NA

2/26/15 Envestnet, Inc. Upside Financial, LLC Broker Software $3 NA

2/19/15 CameronTec Intressenter AB LaSalle Technology Inc. Trading Platform NA NA

2/9/15 FactSet Research Systems Inc. Code:Red, Inc. Data / Analytics $35 NA

2/2/15 SS&C Technologies Holdings, Inc. Advent Software, Inc. Financial Software $2,550 6.4x

2/2/15 Fidelity Investments eMoney Advisor, LLC Financial Software NA NA

1/28/15 BATS Global Markets, Inc. KCG Hotspot FX LLC FX Trading Platform $435 NA

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 44 Financial Technology Sector Summary Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

1/27/15 Bridgepoint Advisers Limited eFront S.A. PE Fund Software $341 4.1x

1/26/15 Virtus Investment Partners, Inc. ETF Issuer Solutions, Inc. ETF Platform NA NA Thomson Transaction Analytics 1/22/15 The Transaction Auditing Group, Inc. Compliance NA NA (nka:VistaOne Regulatory Services) Thomson Transaction Analytics 1/22/15 CoreOne Technologies LLC Analytics NA NA (nka:VistaOne Regulatory Services) 1/21/15 CoreOne Technologies LLC The Transaction Auditing Group, Inc. Compliance NA NA Wilmington Trust Retirement and 1/21/15 Matrix Financial Solutions, Inc. Trading Platform $61 NA Institutional Services Company, Trade 1/20/15 Ipreo Holdings LLC ClearMomentum, Inc. Portfolio Monitoring NA NA

1/15/15 Welsh, Carson, Anderson & Stowe AIM Software GmbH Data / Analytics NA NA Capital One Bank (USA), National 1/12/15 Level Money, Inc. Personal Financial Management NA NA Association 1/5/15 Paul Burt SaveUp, Inc. Personal Financial Management NA NA

1/2/15 Orc Group AB Tbricks AB Trading Platform NA NA Broadridge Securities Processing Solutions, 12/31/14 Broadridge FX and Liquidity Solutions Cash Management $33 NA Inc. 12/22/14 Warburg Pincus LLC; The Carlyle Group LP DBRS Limited Trading Platform NA NA

12/19/14 News Corporation FinDirect Services Private Limited Personal Financial Management NA NA

12/15/14 Trading Central S.A. Recognia, Inc. Analytics NA NA

12/12/14 The Hearst Corporation Fitch Group, Inc. Rating Agency $6,632 NA

12/8/14 CFH Group A/S Tradimo Interactive ApS Personal Financial Management NA NA

12/4/14 New York Life Investment Management LLC IndexIQ, Inc. Online Brokerage NA NA Centerbridge Partners, L.P.; Centerbridge 12/1/14 IPC Systems, Inc. Trading Platform $1,200 NA Capital Partners II, L.P. 12/1/14 SS&C Technologies Holdings, Inc. DST Global Solutions Limited Fund Administration $95 1.4x

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 45 Financial Technology Sector Summary Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM

Date Acquirer Target Target Sub-Sector Value Revenue

12/1/14 Confluence Technologies, Inc. Orfival SA. Broker Software NA NA

11/20/14 OptionsCity Software, Inc. Optionshop Brokerage, LLC Trading Software NA NA

11/17/14 Continental Africa Holdings Limited Bourse Africa Limited Exchanges $41 NA

11/11/14 Citigroup Fund Services, LLC Moventum S.C.A. Investment Software NA NA

11/4/14 Ipreo Holdings LLC Shareholder InSite, Inc. Business Software NA NA

10/31/14 GAIN Capital Holdings, Inc. City Index (Holdings) Limited FX $63 0.5x

10/29/14 Seedrs Limited Junction Investments, Inc. Crowdfunding NA NA

10/27/14 Moody's Corporation Lewtan Technologies, Inc. Data & Analytics NA NA

10/13/14 Janus Capital Group, Inc. VelocityShares Personal Financial Management $30 NA

10/2/14 TFG Financial Systems Risk Technology Solutions Risk and Analytics NA NA

Notes: Source: CapitalIQ, DowJones Venture Source. 46 Financial Technology Sector Summary Securities / Capital Markets / Data & Analytics Selected Recent Equity Financings – Trailing 12 Months

($MM) Announced Target Date Target Series Amount Investors Sub-Sector

8/13/15 eShares, Inc. Series B $17 Spark Capital, Union Square Ventures Transfer Agent

7/29/15 Seedrs Limited Series A $16 Augmentum Capital, Woodford Investment Management Crowdfunding

7/15/15 DISCERN Investment Analytics, Inc Series A $20 Artiman Management Data / Analytics

7/14/15 India Infoline NA $225 Fairfax India Holdings Market Data Sapphire Ventures, Rakuten, Atlas Venture, Anthemis Group, Notion 6/23/15 FX Capital Securities Ltd. Series C $18 Trading Platform Capital Partners, Xange Private Equity 16.6% Aditya Birla Private Equity, Agri Power and Engineering Solutions, Kiran 6/19/15 Indian Energy Exchange Limited $56 Exchanges Stake Vyapar, DCB Power Venture 5/27/15 Kantox S.L. Series B $11 Partech International, IDInvest Partners, Cabiedes & Partners FX

5/7/15 Cryex Group AB NA $10 Northzone Ventures, White Star Capital Trading Platform New Enterprise Associates, Vaizra Investments, Index Ventures, Ribbit 5/7/15 Robinhood Financial, LLC Series B $50 Online Brokerage Capital, Social Leverage KKR, RRE Ventures, Nyca Partners, FinTech Collective, Anthemis Group, 4/7/15 Artivest Holdings, Inc. Series A $15 Investing Platform Deep Fork Capital 4/6/15 RealtyShares, Inc. Series A $12 Menlo Ventures, General Catalyst Partners Data & Analytics Greycroft Partners, e.ventures, Sound Ventures, Garland Capital Group, 4/2/15 Acorns Grow Inc. NA $30 Personal Financial Management Math Venture Partners British Columbia Investment Management Corporation, Davis-Rea, 3/13/15 Aequitas Innovations Inc. NA $23 Private Capital Markets Invesco Canada, Vernon & Park Capital Francisco Partners, Bessemer Ventures Partners, Menlo Ventures, 2/17/15 Betterment LLC NA $60 Personal Financial Management Northwestern Mutual Capital 2/3/15 Archer NA $13 NewSpring Growth Capital Investment Software

1/30/15 NerdWallet, Inc. NA $64 IVP, RRE Ventures, iGlobe Partners Personal Financial Management

1/20/15 Motif Investing Inc. Series E $40 Renren Personal Financial Management

1/12/15 TradAir Ltd. NA $15 Long Ridge Equity Partners, Carmel Ventures, Genesis Partners Trading Technology

11/26/14 Metropolitan Stock Exchange of India Ltd. 4.9% Stake $14 Derive Investments, SKS Capital & Research Exchanges

11/23/14 eToro (Europe) Ltd. Series D $29 Ping An Capital, SBT Venture Capital, BRM Group, Spark Capital Partners Personal Financial Management

Notes: Source: CapitalIQ, DowJones Venture Source. 47 Financial Technology Sector Summary Securities / Capital Markets / Data & Analytics Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target

Date Target Series Amount Investors Sub-Sector

11/20/14 Kensho Technologies Inc. NA $15 Goldman Sachs, NBCUniversal Media Analytics

10/15/14 iMatchative, Inc. Series B-1 $25 Control Empreasrial de Capitales, Wells Fargo Data & Analytics

Notes: Source: CapitalIQ, DowJones Venture Source. 48 Financial Technology Sector Summary

V. Healthcare / Insurance

49 Financial Technology Sector Summary Healthcare / Insurance Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 9/25/15 Low High Value Debt Value CY 15E CY 16E CY 15E CY 16E CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ

Healthcare / Insurance Technology Verisk Analytics, Inc. $73.78 $57.97 $79.88 $12,431 $3,170 $15,601 7.4x 6.4x 15.6x 13.6x 24.7x 22.2x 12.0% 1.8 14.9% 17.5% IMS Health Holdings, Inc. 30.62 23.58 33.52 10,058 3,856 13,914 4.8 4.3 15.4 13.7 20.9 18.1 10.2% 1.8 10.2% 12.1% athenahealth, Inc. 135.11 107.88 153.25 5,220 185 5,405 5.9 4.8 32.2 26.3 NM 91.1 28.4% 3.2 21.4% 20.9% Solera Holdings Inc. 55.29 36.14 58.43 3,707 2,004 5,711 4.8 4.4 12.4 11.3 18.7 17.3 10.0% 1.7 9.3% 10.9% Guidewire Software, Inc. 52.01 43.30 60.86 3,694 (572) 3,122 8.0 7.3 45.4 40.2 92.4 78.8 20.0% 3.9 9.9% 6.5% Ebix Inc. 27.01 12.64 38.04 931 123 1,053 4.1 3.9 11.3 10.7 13.2 12.8 10.0% 1.3 NA 25.7% Crawford & Company 5.94 4.86 11.00 330 192 522 0.4 0.4 5.2 4.4 10.2 7.7 10.0% 0.8 3.8% 5.6% Polaris Consulting & Services Limited 2.97 2.01 4.09 298 (32) 266 0.9 0.8 6.7 6.0 11.0 9.4 NA NA 8.3% (22.0%) Symbility Solutions Inc. 0.22 0.18 0.32 52 (6) 45 2.4 1.8 NM 12.2 NM NM NA NA 33.1% (31.9%)

Mean 4.3x 3.8x 18.0x 15.4x 27.3x 32.2x 14.4% 2.1 13.9% 5.0% Median 4.8 4.3 13.9 12.2 18.7 17.7 10.2% 1.8 10.1% 10.9%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 50 Financial Technology Sector Summary Healthcare / Insurance Selected Recent Acquisitions – Trailing 12 Months

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

8/25/15 Cardon Outreach, LLC Diversified Healthcare Resources, Inc. Healthcare Financial Software NA NA

8/17/15 WebPT, Inc. Therabill LLC Healthcare Financial Software NA NA

8/12/15 Premier Healthcare Solutions, Inc. Healthcare Insights, LLC Healthcare Financial Software $69 NA

8/6/15 Marlin Equity Partners, LLC ADP AdvancedMD, Inc. Heathcare Financial Software NA NA

7/14/15 MTBC QHR Corporation's RCM Assets Billing Software NA NA

6/25/15 Bolder Healthcare Solutions LLC Receivables Outsourcing, Inc. Revenue Cycle Management NA NA

4/30/15 GetixHealth, LLC QUBE, LLC Revenue Cycle Management NA NA

4/13/15 The SSI Group, Inc. Provider Advantage NW, Inc. Revenue Cycle Management NA NA

3/23/15 Healthland, Inc. Rycan Technologies, Inc. Revenue Cycle Management NA NA

3/17/15 RevSpring, Inc. Revenue Advantage, Inc. Revenue Cycle Management NA NA

3/17/15 Constellation Healthcare Technologies, Inc. Physicians Practice Plus, Inc. Revenue Cycle Management $20 1.9x LDC (Managers) Limited; Scottish Equity 3/15/15 SSP Holdings Limited Insurance Technology $305 NA Partners LLP 2/23/15 Navigant Healthcare Cymetrix Corporation RevenueMed, Inc. Revenue Cycle Management $26 NA

2/19/15 MSG Global Solutions Inc.; LOGiQ³ Corp. Tindall Associates Inc. Insurance Software NA NA

2/4/15 Pinnacle Bank (Nashville TN) Bankers Healthcare Group, Inc. Healthcare Finance $250 2.6x

1/28/15 Performant Financial Corporation Premier Healthcare Exchange, Inc. Claims Processing $149 NA

1/12/15 Adreima, Inc. HealthCPA, LLC Revenue Cycle Management NA NA

12/30/14 Modernizing Medicine, Inc. Aesyntix Health, Inc. Revenue Cycle Management NA NA

12/15/14 Solera Holdings Inc. IBS Automotive s.r.o. Data / Analytics NA NA

12/11/14 Compugroup Medical South Africa (Pty) Ltd Medical EDI Services (Pty) Ltd. Claims Processing NA NA

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 51 Financial Technology Sector Summary Healthcare / Insurance Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM

Date Acquirer Target Target Sub-Sector Value Revenue

12/11/14 Emdeon Inc. AdminiSource Communications, Inc. Healthcare Payments $35 NA

12/11/14 Meridian Medical Management Origin Healthcare Solutions LLC Revenue Cycle Management $4 NA

12/10/14 Moelis Capital Partners LLC Insurance Technologies, LLC Insurance Software NA NA

11/19/14 Emdeon Inc. Change Healthcare Corporation Benefits Software $185 NA Syncordia Technologies and Healthcare 11/10/14 Health Services Integration, Inc. Claims Processing NA NA Solutions Corp. Superior Global Solutions, Inc. and Medwrite 11/7/14 iMedX, Inc. Revenue Cycle Management NA NA Inc. 9/30/14 Healthcare Insights, LLC NOMISe Systems, Inc. Analytics NA NA

9/25/14 ZirMed Inc. MethodCare, Inc. Analytics NA NA

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 52 Financial Technology Sector Summary Healthcare / Insurance Selected Recent Equity Financings – Trailing 12 Months

($MM) Announced Target

Date Target Series Amount Investors Sub-Sector

9/15/15 Oscar Insurance Corporation NA $33 Google Healthcare Insurance Services Healthcare Lending and 8/7/15 PokitDok, Inc. Series B $34 Lemhi Ventures Software Greenspring Associates, Montreux Equity Partners, openView Venture 7/28/15 Kareo, Inc. NA $55 Medical Billing Partners, Silicon Valley Bank 7/7/15 Remedy Partners, Inc. Series B $50 Bain Capital Ventures Healthcare Payments Andressen Horowitz, Fidelity, Insight Venture Partners, Institutional 5/1/15 YourPeople, Inc. Series C $513 Healthcare Benefits Services Venture Partners, Khosla Ventures 4/29/15 Justworks, Inc. Series B $13 Bain Capital Ventures, Index Ventures, Thrive Capital Healthcare Benefits Services Breyer Capital, Formation8 Partners, General Catalyst Partners, Goldman 4/20/15 Oscar Insurance Corporation Series B $145 Health Insurance Services Sachs, Khosla Ventures, Thrive Capital New Enterprise Associates, Founders Fund, Redpoint Ventures, RRE 3/18/15 CollectiveHealth, Inc. Series B $32 Health Investing Ventures, Subtraction Capital, Rock Health 3/1/15 NonStop Wellness Series A $2 Mosaik Partners Healthcare Benefits Services

10/14/14 Phreesia, Inc. NA $30 Ascension Ventures, HLM Venture Partners, LLR Partners Healthcare Payments

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 53