Financial Technology Sector Summary

July 27, 2016 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. Insurance / Benefits

Financial Technology Sector Summary

I. GCA Savvian Overview

3 Financial Technology Sector Summary GCA Savvian Overview Financial Technology Team

New York London Tokyo San Francisco

th 48 Dover Street 11-1 Marunouchi 1-chome One Maritime Plaza, 25th Fl. 640 Fifth Avenue, 10 Fl. London W1S 4FF Chiyoda-ku, Tokyo 100-6230 San Francisco, CA 94111 New York, NY 10019 United Kingdom Japan (415) 318-3600 (212) 999-7090 +44 (0) 207 038-3200 +81 (3) 6212-7100

Sean Minnihan Scott Patrick Peter Bang Derek Bell Paul DiNardo Steve Fletcher Managing Director Managing Director Managing Director Managing Director Advisory Director Managing Director Global Head of FinTech Phone: (212) 999-7077 Phone: (212) 999-7087 Phone: (212) 999-7074 Phone: (212) 999-7089 Phone: (212) 999-7097 Phone: (415) 318-3661 Mobile: (917) 364-6230 Mobile: (917) 340-0358 Mobile: (917) 783-4057 Mobile: (914) 953-0689 Mobile: (650) 483-7246 Mobile: (415) 518-6725 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Rob Freiman David Krueger Saif Malik Alexander Berry David Ibarra Director Vice President Vice President Associate Analyst

Phone: (212) 999-7075 Phone: (212) 537-4534 Phone: +44 (0) 207 038-3216 Phone: (212) 999-7079 Phone: (212) 537-4532 Mobile: (973) 229-0436 Mobile: (616) 822-7179 Mobile: +44 (0) 778 606-8553 Mobile: (818) 851-2300 Mobile: (917) 471-0821 [email protected] [email protected] [email protected] [email protected] [email protected]

4 Financial Technology Sector Summary

II. Market Summary

5 Financial Technology Sector Summary Market Summary Industry Stock Market Performance

120 Last 12 Months 190 Last 3 Years

170 110

150

100

130

110

70 70

60 50 7/22/15 8/21/15 9/21/15 10/21/15 11/20/15 12/21/15 1/20/16 2/19/16 3/21/16 4/20/16 5/20/16 6/20/16 7/20/16 7/22/13 10/21/13 1/20/14 4/21/14 7/21/14 10/20/14 1/19/15 4/20/15 7/20/15 10/19/15 1/18/16 4/18/16 7/18/16

(1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years

(3) (4) Information Processors / Credit Bureaus 11.3% 18.8% 38.3% Financial Data, Content, Information Processors / Banking & Lending Technology 10.6% 11.1% 72.1% & Analytics Credit Bureaus Financial, Data, Content, & Analytics 8.1% 9.3% 55.3% Healthcare / Insurance Technology 6.0% 11.3% 33.8% (6) (5) Banking & Lending Online Broker Dealers Investment Services, Software, & Technology 4.7% (1.1%) 65.4% Technology Exchanges 2.7% 1.5% 33.4%

Payments 0.2% 0.0% 38.8% (7) (8) Online Broker Dealers (4.8%) (19.0%) 29.4% Investment Services, Healthcare / Insurance Software, & Technology Technology

Notes: (1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, EEFT, ENXTPA: EDEN, FDC, FLT, GDOT, GPN, HPY, MA, MGI, OUTR, PYPL, PAR, SQ, TSE:3769, TSS, UEPS, V, VNTV, WEX, LSE: WPG, WU, 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) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. (6) Banking & Lending Technology: ACIW, BKFS, ELLI, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN, YDLE. (7) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC. 6 (8) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK. Financial Technology Sector Summary Market Summary EBITDA Multiples and Margins

2016E EBITDA Multiples 2016E EBITDA Margins

Healthcare / Insurance Technology 16.5x Exchanges 56.2%

Information Processors / Credit Bureaus 15.6x Online Broker Dealers 43.0%

Financial Data, Content, & Analytics 13.9x Financial Data, Content, & Analytics 35.4%

Banking and Lending Technology 13.5x Banking and Lending Technology 29.7%

Investment Services, Software, & 13.4x Information Processors / Credit Bureaus 28.7% Technology

Payments 12.7x Investment Services, Software, & Technology 26.4%

Exchanges 12.1x Healthcare / Insurance Technology 25.4%

Online Broker Dealers 10.6x Payments 25.1%

0.0x 5.0x 10.0x 15.0x 20.0x 0% 10% 20% 30% 40% 50% 60%

Notes: 7 Numbers represent medians of sub-sectors. Details available in later pages. Financial Technology Sector Summary Market Summary Price / Earnings Multiples and PEG Ratios

2016E Price / Earnings Multiples 2016E PE / Growth (“PEG” Ratio) | Long-Term EPS Growth

Banking and Lending Technology 29.4x Financial Data, Content, & Analytics 2.1 11.2%

Information Processors / Credit Bureaus 26.0x Information Processors / Credit Bureaus 2.1 13.3%

Investment Services, Software, & Technology 24.6x Healthcare / Insurance Technology 2.1 11.0%

Financial Data, Content, & Analytics 22.9x Banking and Lending Technology 2.0 16.2%

Exchanges 20.6x Exchanges 1.9 11.9%

Healthcare / Insurance Technology 20.2x Investment Services, Software, & Technology 1.8 14.5%

Online Broker Dealers 19.5x Payments 1.4 14.4%

Payments 18.9x Online Broker Dealers 1.3 16.3%

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 0.0 0.5 1.0 1.5 2.0 2.5

Notes: 8 Numbers represent medians of sub-sectors. Details available in later pages. Financial Technology Sector Summary Market Summary LTM Price Performance and 2016 P/E – Payments / Banking

($MM) ($MM) LTM Pri ce LTM Pri ce Network s Market Cap. Performance P/E 2016 Prepai d Market Cap. Performance P/E 2016

Visa Inc. $190,578 11% 27.7x Blackhawk Network Holdings, Inc. $2,050 (19%) 14.2x MasterCard Incorporated $102,904 (2%) 26.4x Green Dot Corporation $1,197 23% 17.0x American Express Company $59,459 (17%) 11.8x Net 1 Ueps Technologies Inc. $581 (46%) 5.8x PayPal Holdings, Inc. $45,166 1% 25.0x Sector Average $1,276 (14%) 12.4x Discover Financial Services $23,032 (1%) 10.0x

Sector Average $84,228 (1%) 20.2x LTM Pri ce ATM / Kiosks Market Cap. Performance P/E 2016 LTM Pri ce Cardtronics plc $1,972 25% 14.0x Merchant Processing Market Cap. Performance P/E 2016 Outerwall Inc. $809 (43%) 7.6x Cielo S.A. $25,085 (2%) 20.3x Everi Holdings Inc. $119 (74%) 3.0x Global Payments Inc. $11,983 48% 24.5x Sector Average $967 (30%) 8.2x First Data Corporation $11,135 NA 9.3x Total System Services, Inc. $10,201 25% 19.6x LTM Pri ce Vantiv, Inc. $9,291 47% 22.5x POS Hardware / Technology Market Cap. Performance P/E 2016 Worldpay Group plc $7,636 NA 26.5x Wirecard AG $5,564 5% 24.2x Ingenico Group $7,395 (2%) 23.0x Square, Inc. $3,263 NA NM NCR Corporation $3,881 (0%) 10.7x GMO Payment Gateway, Inc. $1,966 23% 78.8x VeriFone Systems, Inc. $2,106 (42%) 10.2x EVERTEC, Inc. $1,217 (14%) 9.9x PAR Technology Corporation $82 11% NA Planet Payment, Inc. $257 102% 28.9x Sector Average $3,366 (8%) 14.6x JetPay Corporation $39 (23%) NM

Sector Average $7,964 29% 26.5x LTM Pri ce Banking and Lending Technology Market Cap. Performance P/E 2016 LTM Pri ce Intuit Inc. $29,185 6% 29.4x Money Transfer Market Cap. Performance P/E 2016 Fidelity National Information Services, Inc. $25,515 25% 20.5x The Western Union Company $9,950 7% 12.4x Fiserv, Inc. $24,563 27% 25.0x Euronet Worldwide, Inc. $3,774 10% 18.9x Jack Henry & Associates Inc. $6,949 27% 29.6x Moneygram International Inc. $405 (9%) 8.5x Temenos Group AG $3,775 62% 28.5x Sector Average $4,710 3% 13.3x Ellie Mae, Inc. $2,936 31% 50.6x DH Corporation $2,742 (19%) 14.5x Black Knight Financial Services, Inc. $2,704 30% 34.1x LTM Pri ce ACI Worldwide, Inc. $2,251 (18%) 36.4x Closed Loop Market Cap. Performance P/E 2016 LendingClub Corporation $1,683 (70%) 37.6x FleetCor Technologies, Inc. $14,049 0% 22.8x Q2 Holdings, Inc. $1,111 (3%) NM Alliance Data Systems Corporation $13,620 (19%) 13.7x Bottomline Technologies (de), Inc. $875 (22%) 16.3x Edenred SA $5,173 (14%) 23.1x On Deck Capital, Inc. $369 (60%) NM WEX Inc. $3,699 (11%) 22.1x Performant Financial Corporation $108 (30%) NM Sector Average $9,135 (11%) 20.4x Sector Average $7,483 (1%) 29.3x

LTM Pri ce Information Processors / Credit Bureaus Market Cap. Performance P/E 2016 0 Experian plc $18,284 25% 21.5x Equifax Inc. $16,160 36% 26.0x Fair Isaac Corporation $3,709 29% 25.9x Acxiom Corporation $1,792 29% 40.4x Sector Average $9,986 29% 28.5x Notes: 9 Source: CapitalIQ and Wall Street Research. Market data as of July 22, 2016. Financial Technology Sector Summary Market Summary LTM Price Performance and 2016 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 2016 Technol ogy Market Cap. Performance P/E 2016 0 CME Group Inc. $34,470 5% 23.6x SEI Investments Co. $8,296 (2%) 25.2x Intercontinental Exchange, Inc. $31,329 15% 19.0x Broadridge Financial Solutions, Inc. $8,045 27% 24.0x Nasdaq, Inc. $11,152 32% 18.3x SS&C Technologies Holdings, Inc. $6,115 (5%) 19.2x BM&FBOVESPA S.A. $10,526 81% 16.8x DST Systems Inc. $4,150 8% 21.7x CBOE Holdings, Inc. $5,524 10% 27.7x Financial Engines, Inc. $1,703 (39%) 26.6x TMX Group Limited $2,311 12% 14.3x Envestnet, Inc. $1,584 (16%) 36.2x Sector Average $15,885 26% 19.9x Sector Average $4,319 (5%) 25.5x

LTM Pri ce LTM Pri ce Exchanges - Asia Market Cap. Performance P/E 2016 Financial Data, Content, & Analytics Market Cap. Performance P/E 2016 0 Hong Kong Exchanges & Clearing Limited $30,161 (13%) 36.7x Thomson Reuters Corporation $32,574 15% 21.0x ASX Limited $7,109 13% 22.1x S&P Global, Inc. $31,064 10% 22.9x Singapore Exchange Limited $6,124 (8%) 23.6x Moody's Corporation $20,458 (6%) 23.0x Bursa Malaysia Berhad $1,173 10% 22.9x IHS Markit Ltd. $14,989 34% 20.3x Verisk Analytics, Inc. $14,420 16% 27.7x Sector Average $11,142 0% 26.3x MSCI Inc. $8,003 25% 28.8x FactSet Research Systems Inc. $6,901 4% 24.9x LTM Pri ce The Dun & Bradstreet Corporation $4,753 7% 17.8x Exchanges - Europe Market Cap. Performance P/E 2016 Morningstar Inc. $3,642 2% 27.7x 0 Bankrate, Inc. $735 (16%) 15.2x Deutsche Boerse AG $14,831 (13%) 16.4x London Stock Exchange Group plc $12,579 5% 22.7x Sector Average $13,754 9% 22.9x Bolsas y Mercados Españoles $2,460 (31%) 13.8x JSE Limited $1,053 21% 14.3x LTM Pri ce GPW $341 (33%) 11.5x Online Broker Dealers Market Cap. Performance P/E 2016 Hellenic Exchanges - Athens Stock Exch. $285 (11%) 28.6x The Charles Schwab Corporation $37,245 (19%) 22.6x Sector Average $5,258 (10%) 17.9x TD Ameritrade Holding Corporation $16,120 (18%) 19.5x E*TRADE Financial Corporation $7,192 (12%) 15.2x LTM Pri ce Interactive Brokers Group, Inc. $2,232 (20%) 22.1x Trading Platforms Market Cap. Performance P/E 2016 GAIN Capital Holdings, Inc. $327 (7%) 9.5x FXCM Inc. $52 (10%) NA MarketAxess Holdings Inc. $5,668 56% 60.3x BGC Partners, Inc. $2,477 0% 12.2x Sector Average $10,528 (15%) 17.8x KCG Holdings, Inc. $1,330 25% 19.7x Virtu Financial, Inc. $668 (24%) 12.6x Investment Technology Group, Inc. $591 (27%) 19.7x INTL FCStone Inc. $545 (6%) 10.4x Sector Average $1,880 4% 22.5x

Notes: 10 Source: CapitalIQ and Wall Street Research. Market data as of July 22, 2016. Financial Technology Sector Summary

III. Payments / Banking

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

$MM, Except Per Share Data

Networks Visa Inc. $79.91 $60.00 $81.73 $190,578 $7,127 $197,705 12.6x 10.7x 18.5x 15.8x 27.7x 22.9x 17.0% 1.6 11.7% 3.2% MasterCard Incorporated 93.66 74.61 101.76 102,904 (2,875) 100,029 9.5x 8.6x 16.7x 14.7x 26.4x 22.7x 15.8% 1.7 8.6% 9.7% American Express Company 64.28 50.27 81.66 59,459 19,000 78,459 2.5x 2.5x NM NM 11.8x 11.6x 9.9% 1.2 3.3% (0.6%) PayPal Holdings, Inc. 37.42 30.00 41.75 45,166 (4,957) 40,209 3.7x 3.2x 14.5x 12.6x 25.0x 21.5x 15.2% 1.6 16.9% NM Discover Financial Services 56.59 42.86 58.10 23,032 10,445 33,477 3.7x 3.6x NM NM 10.0x 9.3x 6.1% 1.6 24.6% 6.6%

Mean 6.4x 5.7x 16.6x 14.4x 20.2x 17.6x 12.8% 1.6 13.0% 4.7% Median 3.7x 3.6x 16.7x 14.7x 25.0x 21.5x 15.2% 1.6 11.7% 4.9%

Merchant Processing Cielo S.A. $11.11 $7.12 $11.44 $25,085 $3,436 $28,521 7.5x 6.9x 16.4x 15.1x 20.3x 18.1x 13.0% 1.6 12.6% 29.6% Global Payments Inc. 77.81 50.70 78.92 11,983 1,254 13,237 4.9x 3.9x 14.9x 12.4x 24.5x 20.3x 13.5% 1.8 (4.6%) 2.2% First Data Corporation 12.27 8.37 17.99 11,135 19,150 30,285 2.6x 2.4x 10.4x 9.8x 9.3x 8.0x 14.4% 0.6 52.8% 2.6% Total System Services, Inc. 55.56 37.47 56.69 10,201 977 11,178 2.7x 2.3x 10.8x 9.6x 19.6x 17.4x 10.8% 1.8 51.2% 11.7% Vantiv, Inc. 59.43 38.20 59.62 9,291 2,993 12,284 6.6x 6.1x 13.7x 12.5x 22.5x 20.1x 14.3% 1.6 (41.4%) 16.0% Worldpay Group plc 3.82 3.15 4.20 7,636 1,614 9,250 6.4x 5.8x 16.1x 14.2x 26.5x 23.4x 27.2% 1.0 12.2% 14.0% Wirecard AG 45.03 32.29 53.77 5,564 (751) 4,813 4.3x 3.5x 14.5x 11.6x 24.2x 19.4x 28.0% 0.9 26.7% 30.8% Square, Inc. 9.73 11.90 15.91 3,263 (414) 2,848 4.4x 3.4x NM 36.6x NM NM 20.0% NM (49.4%) 51.4% GMO Payment Gateway, Inc. 53.41 30.96 77.20 1,966 (298) 1,669 13.6x 10.8x 39.0x 30.4x 78.8x 61.9x 23.7% 3.3 31.1% 36.0% EVERTEC, Inc. 16.24 11.27 21.40 1,217 621 1,838 4.8x 4.7x 10.1x 9.7x 9.9x 9.4x 16.0% 0.6 2.5% 4.4% Planet Payment, Inc. 4.74 2.19 4.84 257 (14) 244 4.1x 3.7x 16.5x 13.6x 28.9x 22.6x 24.5% 1.2 11.3% 12.8% JetPay Corporation 2.23 2.00 3.25 39 12 51 1.1x 1.0x 16.6x 10.5x NM NM NA NA 7.3% 7.4%

Mean 5.2x 4.6x 16.3x 15.5x 26.5x 22.1x 18.7% 1.4 9.4% 18.2% Median 4.6x 3.8x 14.9x 12.5x 23.3x 19.7x 16.0% 1.4 11.8% 13.4%

Money Transfer The Western Union Company $20.26 $16.02 $20.62 $9,950 $2,046 $11,996 2.2x 2.2x 8.9x 8.7x 12.4x 11.7x 7.5% 1.7 (0.4%) (1.8%) Euronet Worldwide, Inc. 72.52 51.79 82.49 3,774 (56) 3,718 1.9x 1.7x 10.7x 9.3x 18.9x 16.4x 14.7% 1.3 10.5% 12.2% Moneygram International Inc. 7.54 4.68 10.92 405 799 1,205 0.8x 0.7x 4.4x 4.2x 8.5x 7.2x 13.4% 0.6 8.2% 8.4%

Mean 1.6x 1.5x 8.0x 7.4x 13.3x 11.8x 11.8% 1.2 6.1% 6.3% Median 1.9x 1.7x 8.9x 8.7x 12.4x 11.7x 13.4% 1.3 8.2% 8.4%

Closed Loop FleetCor Technologies, Inc. $151.80 $107.56 $164.61 $14,049 $2,376 $16,425 9.3x 8.2x 17.2x 15.0x 22.8x 19.7x 16.5% 1.4 4.3% (0.5%) Alliance Data Systems Corporation 231.08 176.63 303.75 13,620 17,265 30,885 4.3x 3.9x 15.0x 13.6x 13.7x 12.2x 14.6% 0.9 11.5% 16.5% Edenred SA 22.35 14.51 26.74 5,173 1,256 6,430 5.2x 4.9x 14.2x 12.9x 23.1x 20.5x 9.7% 2.4 11.7% (1.8%) WEX Inc. 95.59 54.42 108.35 3,699 676 4,375 4.5x 3.8x 11.9x 9.5x 22.1x 18.7x 15.6% 1.4 13.1% 1.8%

Mean 5.8x 5.2x 14.6x 12.8x 20.4x 17.7x 14.1% 1.5 10.1% 4.0% Median 4.9x 4.4x 14.6x 13.2x 22.5x 19.2x 15.1% 1.4 11.6% 0.7%

Prepaid Blackhawk Network Holdings, Inc. $36.51 $29.91 $48.40 $2,050 $264 $2,314 1.2x 1.0x 11.0x 9.4x 14.2x 13.9x 14.8% 1.0 10.8% 5.1% Green Dot Corporation 24.15 15.28 24.34 1,197 82 1,279 1.8x 1.7x 8.0x 7.2x 17.0x 14.1x 12.5% 1.4 1.7% (0.5%) Net 1 Ueps Technologies Inc. 10.45 8.44 21.48 581 (62) 519 0.8x 0.8x 3.4x 3.1x 5.8x 5.3 10.0% 0.6 1.3% (10.8%)

Mean 1.3x 1.2x 7.4x 6.6x 12.4x 11.1x 12.4% 1.0 4.6% (2.1%) Median 1.2x 1.0x 8.0x 7.2x 14.2x 13.9x 12.5% 1.0 1.7% (0.5%)

Notes: 12 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Public Company Valuations: Financial Metrics (Cont.)

$MM, Except Per Share Data

ATM / Kiosks Cardtronics plc $43.61 $28.01 $43.80 $1,972 $515 $2,487 2.0x 2.0x 7.7x 7.9x 14.0x 14.6x 13.5% 1.0 4.9% 7.6% Outerwall Inc. 46.91 24.81 82.87 809 604 1,413 0.7x 0.8x 3.9x 4.5x 7.6x 10.4x 10.0% 0.8 (10.8%) (11.9%) Everi Holdings Inc. 1.80 1.13 7.10 119 1,031 1,150 1.4x 1.3x 5.9x 5.6x 3.0x 2.6x 20.0% 0.2 0.3% (0.8%)

Mean 1.4x 1.4x 5.8x 6.0x 8.2x 9.2x 14.5% 0.7 (1.9%) (1.7%) Median 1.4x 1.3x 5.9x 5.6x 7.6x 10.4x 13.5% 0.8 0.3% (0.8%)

POS Hardware / Technology Ingenico Group $120.81 $94.89 $141.95 $7,395 $254 $7,649 2.9x 2.6x 13.5x 11.9x 23.0x 19.8x 14.4% 1.6 9.9% 7.1% NCR Corporation 31.32 18.02 32.00 3,881 3,188 7,069 1.1x 1.1x 6.6x 6.4x 10.7x 9.8x NA NA (1.3%) (2.2%) VeriFone Systems, Inc. 19.05 16.99 33.46 2,106 798 2,904 1.4x 1.3x 7.5x 7.4x 10.2x 8.8x 0.0% NA 4.3% 7.4% PAR Technology Corporation 5.25 3.91 7.53 82 (3) 79 NA NA NA NA NA NA NA NA NA 0.2%

Mean 1.8x 1.7x 9.2x 8.6x 14.6x 12.8x 7.2% NM 4.3% 3.1% Median 1.4x 1.3x 7.5x 7.4x 10.7x 9.8x 7.2% NM 4.3% 3.6%

Banking and Lending Technology Intuit Inc. $114.06 $79.63 $116.97 $29,185 ($613) $28,572 5.9x 5.5x 16.1x 13.8x 29.4x 25.5x 16.9% 1.7 7.7% 7.9% Fidelity National Information Services, Inc. 77.98 55.11 78.20 25,515 10,356 35,871 3.8x 3.6x 12.5x 11.5x 20.5x 17.8x 11.0% 1.9 43.0% 45.3% Fiserv, Inc. 110.48 77.96 111.51 24,563 4,166 28,729 5.1x 4.9x 14.9x 13.9x 25.0x 22.2x 11.8% 2.1 6.2% 4.4% Jack Henry & Associates Inc. 88.09 63.84 89.09 6,949 46 6,995 5.1x 4.7x 14.6x 13.4x 29.6x 27.3x 11.0% 2.7 6.6% 7.6% Temenos Group AG 57.84 31.39 58.50 3,775 288 4,064 6.6x 6.0x 16.9x 15.1x 28.5x 25.1x 16.4% 1.7 13.2% 20.8% Ellie Mae, Inc. 97.90 57.88 98.79 2,936 (68) 2,868 8.7x 7.1x 29.9x 20.8x 50.6x 37.6x 23.3% 2.2 30.2% 35.9% DH Corporation 25.68 21.60 33.42 2,742 1,440 4,183 3.2x 3.1x 11.2x 10.1x 14.5x 12.7x NA NA 13.7% 39.7% Black Knight Financial Services, Inc. 39.13 24.50 39.62 2,704 1,593 4,296 4.2x 3.8x 9.3x 8.4x 34.1x 29.7x 13.7% 2.5 10.5% 10.1% ACI Worldwide, Inc. 19.32 15.07 24.62 2,251 678 2,929 2.9x 2.8x 11.4x 10.5x 36.4x 31.6x 10.7% 3.4 (3.9%) (2.9%) LendingClub Corporation 4.41 3.44 15.14 1,683 (569) 1,114 2.2x 1.9x 17.3x 10.9x 37.6x 21.5x 64.2% 0.6 16.3% 87.5% Q2 Holdings, Inc. 28.33 16.44 30.19 1,111 (105) 1,006 6.8x 5.3x NM NM NM NM NA NA 35.7% 39.7% Bottomline Technologies (de), Inc. 21.39 20.44 31.58 875 20 895 2.6x 2.3x 12.3x 11.7x 16.3x 14.8x 16.0% 1.0 3.6% 5.2% On Deck Capital, Inc. 5.22 4.20 13.70 369 331 701 2.5x 1.9x NM NM NM NM 56.8% NM 58.3% 11.7% Performant Financial Corporation 2.17 1.51 3.39 108 20 128 1.0x 0.9x 7.9x 8.0x NM 62.0x 20.0% NM (15.4%) (0.7%)

Mean 4.3x 3.8x 14.5x 12.3x 29.3x 27.3x 22.7% 2.0 16.1% 22.3% Median 4.0x 3.7x 13.5x 11.6x 29.4x 25.3x 16.2% 2.0 11.9% 10.9%

Information Processors / Credit Bureaus Experian plc $19.37 $13.35 $19.65 $18,284 $3,083 $21,367 4.7x 4.3x 13.7x 12.4x 21.5x 19.4x 11.0% 2.0 (3.1%) NA Equifax Inc. 135.78 90.94 136.44 16,160 2,972 19,132 6.1x 5.6x 17.5x 15.6x 26.0x 23.3x 11.3% 2.3 17.0% 11.7% Fair Isaac Corporation 118.95 77.57 119.28 3,709 526 4,234 4.8x 4.5x 21.0x 18.5x 25.9x 21.8x 15.7% 1.7 3.6% (0.2%) Acxiom Corporation 23.04 17.28 23.57 1,792 1 1,793 2.0x 1.9x 12.4x 10.8x 40.4x 35.3x 15.3% 2.7 (16.4%) 9.2% Intersections Inc. 1.83 1.72 3.55 43 (7) 36 NA NA NA NA NA NA NA NA NA (17.8%)

Mean 4.4x 4.1x 16.2x 14.3x 28.5x 25.0x 13.3% 2.1 0.3% 0.7% Median 4.8x 4.4x 15.6x 14.0x 26.0x 22.6x 13.3% 2.1 0.2% 4.5%

Notes: 13 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue

7/21/16 LoyaltyOne, Co. Brand Loyalty International B.V. Loyalty / Rewards $1,295 NA

7/21/16 Net Element, Inc. PayStar, Inc. and Nexcharge, Inc. Mobile Payments NA NA

7/21/16 MasterCard Incorporated VocaLink Holdings Limited Mobile Payments $1,225 5.1x

7/19/16 CommonBond, Inc. Gradible Student Loan PFM NA NA

7/18/16 Dotpay S.A. eCard S.A. eCommerce Payments NA NA

7/18/16 ASSA ABLOY AB Demoteller Systems Inc. Card Issuance Technology NA NA

7/6/16 Heinrich Bauer Verlag KG Zmarta Group Online Lending NA NA

7/5/16 Next Group Holdings Inc. Transaction Processing Products, Inc. Gift Cards NA NA

7/1/16 Klik and Pay LLC PAYMILL GmbH eCommerce Payments NA NA

6/30/16 The ai Corporation Limited Iridium Corporation Limited Merchant Processing NA NA

6/30/16 Blackboard Inc. Higher One Holdings, Inc. Prepaid $260 1.7x

6/29/16 Wirecard AG Citigroup Inc., Prepaid Card Services Prepaid NA NA

6/28/16 Sandpiper Digital Payments AG InterCard AG Informationssysteme Prepaid NA NA

6/27/16 Payward, Inc. CleverCoin B.V. Bitcoin NA NA

6/21/16 Kuber Financial, LLC Mobilend, Inc. Online Lending NA NA

6/20/16 MassVenture Inc. Equity Brick, LLC Crowdfunding NA NA

6/17/16 Intercontinental Exchange, Inc. MERSCORP Holdings, Inc. Mortgage Registration NA NA

6/17/16 Net 1 Ueps Technologies Inc. Masterpayment AG Merchant Processing NA NA

6/16/16 GTCR, LLC Optimal Blue LLC Mortgage Software NA NA

6/16/16 Stockpile Spark Gift Sales LLC Gift Cards NA NA

Notes: 14 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue

6/16/16 Cast & Crew Payroll, LLC Talent Acquisitions, LLC Payroll Software NA NA

6/8/16 Shandong Luyitong Intelligent Electric Plc. Canaan Creative Blockchain Hardware NA NA

6/2/16 Chequers Capital FIME SAS MPOS $9 0.2x

5/19/16 Ingenico Group Nera Payment Solutions Pte Ltd. POS $64 NA

5/18/16 Telenor ASA Prabhu Money Transfer Sdn. Bhd. Money Transfer NA NA

5/18/16 Fitbit Inc. Coin, Inc., Wearable Payments Assets Wearables / IOT NA NA

5/11/16 DIMOCO Europe GmbH Onebip S.r.l Mobile Payments NA NA

5/10/16 Indiegogo, Inc. Celery eCommerce NA NA

5/9/16 Upserve, Inc. Breadcrumb POS NA NA

5/9/16 Bango PLC Danal, Inc. eCommerce $4 NA JDA Software Group, Inc., JDA Point-of-Sale 5/4/16 Zoftec, LLC POS NA NA Solutions Vantage Commodities Financial Services, 5/3/16 Big Apple Energy LLC Alternative Lending NA NA LLC Setefi S.p.A. and Intesa Sanpaolo Card 5/2/16 Mercury UK Holdco Limited Issuer Processing $1,192 NA D.O.O. 4/28/16 Emerchants Limited Store Financial Services, LLC Prepaid $34 NA Barclaycard, Consumer Payments Business 4/28/16 Bancopopular-e, S.A. Credit Cards NA NA in Portugal and Spain 4/27/16 SumUp Limited Payleven Holding GmbH Merchant Acquiring NA NA

4/26/16 Ingenico Group Lyudia Inc. VAR $9 30.3x

4/20/16 SoftPay Mobile International Pte. Ltd. MPOS Vietnam POS NA NA

4/19/16 Battery Ventures Goldleaf Enterprise Payments (GEPI), Inc. Check Processing NA NA

4/19/16 Lendix, SA Invex SAS Online Lending NA NA

Notes: 15 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue

4/19/16 Prodege, LLC MyPoints.com, Inc. Loyalty / Rewards $12 NA

4/18/16 Experian Information Solutions, Inc. CSIdentity Corporation Fraud Detection $360 NA

4/18/16 Zomaron Inc. Zomaron Inc. (Spin Off) Merchant Processing NA NA

4/18/16 SuperCom Ltd. Powa Technologies Limited POS NA NA

4/12/16 Electronic Payments, Inc. Complete Merchant Solutions LLC Merchant Processing NA NA

4/7/16 RetailMeNot, Inc. GiftCardZen, Inc. Gift Cards $33 NA

4/6/16 Global Payments Inc. Web Active Corporation Pty Ltd. eCommerce Payments $50 NA

4/4/16 Net 1 Ueps Technologies Inc. Masterpayment AG eCommerce Payments NA NA

4/1/16 Flipkart Online Services Pvt. Ltd. PhonePe Internet Private Limited Mobile Payments NA NA

4/1/16 Reserve Dash Mobile Payments NA NA

3/24/16 Ebates, Inc. Shopular, Inc. Marketing / Offers NA NA

3/21/16 Ola Cabs Qarth Technologies Pvt. Ltd. Mobile Payments NA NA

3/21/16 Bypass Mobile, LLC Parametric Dining, LLC POS NA NA

3/21/16 Asure Software, Inc. Mangrove Software, Inc. HR / Payroll Software $18 NA

3/15/16 FEXCO Holdings Ltd Currency Exchange Corporation Ltd. FX NA NA

3/15/16 Payoneer, Inc. Armor Payments, Inc. B2B Payments NA NA

3/14/16 Inflexion Private Equity Partners LLP Global Reach Partners Limited FX NA NA

3/14/16 Square, Inc. Framed Data Data / Analytics NA NA

3/14/16 Goldman Sachs Investment Management Honest Dollar Benefits Software NA NA

3/7/16 Banco Bilbao Vizcaya Argentaria, S.A. Holvi Payment Services Oy Online Banking NA NA

Notes: 16 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue

3/7/16 CardConnect, LLC FinTech Acquisition Corp. Merchant Processing NA NA Powa Technologies Limited, PowaTag 3/3/16 Ben White Business Consortium Mobile Payments NA NA Business Powa Technologies Limited, PowaWeb 3/3/16 Greenlight Marketing Limited eCommerce Payments NA NA Business 3/3/16 H.I.G. Capital, LLC; H.I.G. Middle Market fund Quicken Investment Services, Inc. PFM NA NA

3/2/16 AMP New Ventures MoneyBrilliant Pty Ltd PFM NA NA Emerging Markets Payments Holdings 3/2/16 Network International LLC Payment Processing $93 NA Limited 2/29/16 Wirecard AG Provus Service Provider S.A. Payment Processing $35 NA

2/19/16 PostFinance AG SIX Paynet Ltd Bill Pay NA NA

2/18/16 Finstar Financial Group Prestamos Prima SL Online Lending NA NA

2/17/16 Invoice Cloud, Inc. Metropolitan Communications, LLC Bill Pay NA NA

2/16/16 Amazon Seller Services Private Limited EMVANTAGE Payments Private Limited Bill Pay NA NA

2/9/16 Interswitch VANSO Mobile Payments / Banking NA NA

2/8/16 BluePay, Inc. Billhighway Inc. Financial Software NA NA

2/3/16 Blackhawk Network Holdings, Inc. NimbleCommerce, Inc. Gift Cards NA NA

1/28/16 Firstsource Group USA Inc ISGN Solutions, Inc. Mortgage Technology $13 NA

1/27/16 SIA S.p.A. UBIQ srl Offers NA NA

1/26/16 Total System Services, Inc. TransFirst Holdings Corp. Merchant Processing $2,350 8.2x ACI Worldwide, Inc., Community Financial 1/20/16 Fiserv, Inc. Banking Technology $200 NA Services Business 1/20/16 Flywire ScholarFX Money Transfer NA NA

1/18/16 omNovos Minicheckout Mobile Payments NA NA

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

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue

1/15/16 VeriFone Systems, Inc. AJB Software Design Inc. Gateway $90 NA

1/6/16 Blackhawk Network Holdings, Inc. Omni Prepaid, LLC Prepaid $120 NA

1/5/16 InComm, Inc. TibiDono Handelsinnovationen GmbH Prepaid NA NA Heartland Payment Systems, Inc., Smartlink 1/4/16 EchoSat Communications Group, Inc. Gateway $10 NA Division 12/31/15 MCI.EuroVentures Mobiltek eCommerce Payments NA NA

12/28/15 Grovepoint Capital LLP Payzone UK Limited Mobile Payments $65 NA

12/23/15 Genero Capital LLC cashU Inc. eCommerce Payments NA NA

12/22/15 Gradifi, Inc. Valoreon, SmarterBucks Program Student Lending NA NA

12/22/15 Invoice Cloud, Inc. ImageVision.net, Inc. Online Payments NA NA

12/15/15 Global Payments Inc. Heartland Payment Systems, Inc. Payment Processing $4,414 7.4x

12/8/15 Morpho SA AIRTAG SA Mobile Payments NA NA

12/7/15 Paytm Mobile Solutions Private Limited ThumbSpot Inc. eCommerce $2 NA

12/1/15 Q2 Software, Inc. SmartyPig, LLC Banking Software $11 NA Industrial and Financial Systems, IFS AB 11/30/15 EQT Partners AB; EQT VII Financial Software $974 2.6x (publ) 11/30/15 Excel Corporation Calpian, Inc. ISO NA NA

11/26/15 Exponent Private Equity LLP Wowcher Limited Marketing / Offers NA NA

11/23/15 Eurazeo Fintrax Group Holdings Ltd. Multi-Currency Payments $398 1.9x

11/18/15 Lightspeed POS Inc. SEOshop Group B.V. eCommerce NA NA Zoom-Cash Inc., Exclusive Rights Of Legal 11/11/15 Necessity Funding Partners, LLC Cash Payments NA NA Funding Payment System 11/9/15 Netcetera, Swisscard, Aduno Group SwissWallet Digital Wallet NA NA

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

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue

11/9/15 VeriFone Systems, Inc. InterCard AG POS $93 NA

11/4/15 ACI Worldwide, Inc. PAY.ON AG Gateway $196 NA

11/3/15 Permira Magento eCommerce NA NA

11/3/15 Worldline S.A. PaySquare SE Processing $79 1.0x

11/2/15 Visa Inc. Visa Europe Limited Networks NA NA

10/30/15 Heartland Payment Systems, Inc. Menusoft Systems Corp. POS $19 NA

10/28/15 Digital Asset Holdings, LLC Blockstack Inc. Blockchain NA NA

10/27/15 FlexiGroup Limited Fisher & Paykel Finance Limited Financial Marketplace NA NA Payments Business and 60% Stake in GI 10/27/15 Wirecard AG Prepaid $375 NA Technology Private Limited 10/26/15 Early Warning Services, LLC clearXchange LLC Money Transfer NA NA 80% in Elaxy Financial Software & Solutions 10/22/15 CREALOGIX Holding AG Banking Software NA NA And 20% in Elaxy Business Solution & 10/22/15 Eze Software Group LLC TKS Solutions, LLC Accounting Software NA NA

10/21/15 Citrus Payment Solutions Pvt. Ltd. Zwipe Payment Technologies Private Limited Gateway NA NA

10/19/15 WEX Inc. Electronic Funds Source LLC Closed Loop $1,470 NA

10/17/15 Diebold, Incorporated Wincor Nixdorf Aktiengesellschaft ATMs / Kiosks $2,066 0.8x

10/17/15 Payscout, Inc. Advanced Payment Systems, Inc. Merchant Processing NA NA

10/15/15 SpareBank 1 Nord-Norge Auka AS Mobile Payments NA NA

10/15/15 Evolution1, Inc. Benaissance LLC Merchant Processing $81 6.1x

10/15/15 Velocity Mobile Limited Tab Payments, Corp. Mobile Payments NA NA

10/8/15 Clayton Holdings LLC ValuAmerica, Inc. Real Estate Software NA NA

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

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue

Precidia Technologies Inc. (nka:iPocket232 10/6/15 Merchant Link, LLC Merchant Processing NA NA Inc.) 10/1/15 Flywire Uni-Pay Limited Cross Border Payments NA NA 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 9/22/15 Velocity Mobile Limited Cover, Inc. POS NA NA

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

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

9/18/15 TeamSystem S.p.A. MadBit Entertainment S.r.l. Billing Software $3 NA SunGard Ambit (Singapore) Pte. Ltd. 9/18/15 Silverlake Axis Ltd Lending Software $17 NA (nka:Silverlake Symmetri (Singapore) Pte. 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 eCommerce NA NA

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

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue

9/2/15 SS&C Technologies Holdings, Inc. Varden Technologies, Inc. Financial Software $25 NA

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 $4 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 8/19/15 Braintree Payment Solutions, LLC MODEST, INC. eCommerce NA NA

8/18/15 CGI Group Inc. Solutions Only Financial Solutions Ltd. 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 8/10/15 Blackbaud Inc. Smart Tuition, LLC Education Payments $190 NA

8/10/15 Envestnet, Inc. Yodlee, Inc. Banking Technology $542 5.5x

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. Crowdfunding NA NA

Notes: 21 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months

($MM) Announced Target Date Target Series Amount Investors Subsector

7/20/16 Deposit Solutions NA $17 e. Ventures, Finlab, Greycroft Partners, Peter Thiel, Valar Ventures Open Banking Platform 500 Startups, Ascend Money, Golden Gate Ventures, SBI Investment, 7/20/16 Omise Series B $18 Gateway Sinar Mas Digital Ventures August Capital, NB Private Equity Partners, Nyca Partners, Social Capital, 7/19/16 CommonBond, Inc. Series C $30 Online Lending Tribeca Venture Partners, Victory Park Capital 7/19/16 Deal4Loans NA $15 Franklin Templeton Group Online Lending

7/13/16 i3 Verticals NA $10 Undisclosed Merchant Processing

7/11/16 WeSwap.com Series B $10 Ascot Capital Partners, EC 1 Capital, IW Capital Multi-Currency Prepaid

7/7/16 Coinbase, Inc. Series D $11 Mistubishi Capital, Sozo Ventures, Bank of Tokyo Bitcoin

7/7/16 Payment Card Technologies NA $13 Undisclosed Debit Aspada, IFMR Investments, IIFL Private Wealth Management, Khosla 7/4/16 NeoGrowth Credit NA $35 Online Lending Impact, Omidyar Network, Quona Capital 6/28/16 BizFi NA $20 Metropolitan Equity Partners Online Lending Beanstalk Ventures, Benvolio Group, Felicis Ventures, Novel TMT 6/28/16 PredictSpring Series A $11 Mobile Commerce Ventures Bertelsmann India, Darrin Capital, India Quotient, Mayfield, Saama 6/28/16 Lendingkart. ltd. Series B $32 Online Lending Capital 6/27/16 D3 Banking Series E $16 West Partners Online Banking Accel, Baidu, Breyer Capital, China Everbright, CreditEase, General 6/23/16 Circle Internet Financial Series D $60 Money Transfer Catalyst Partners, IDG Capital Partners 6/22/16 Pearl Capital NA $20 Arena Investors SMB Finance Battery Ventures, Earlybird Venture Capital, Horizons Ventures, Redalpine 6/21/16 Number26 GmbH Series B $40 Mobile Banking Venture Partners, Valar Ventures 6/19/16 Plaid Technologies Series B $44 NEA, Goldman Sachs Bank APIs

6/16/16 Fenqile Series D $235 CoBuilder Partners, Huasheng Capital Online Lending

6/15/16 Payoff, Inc. Series C $47 Tencent Holdings Online Lending

6/15/16 PromisePay Series A $14 Carsales.com, Cultivation Capital, Rampersand, Reinventure Group eCommerce Payments

Notes: 22 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Subsector

6/13/16 FlexShopper PIPE $22 Middlemarch Partners Online Lending

6/12/16 Tapp Commerce Series A $9 AMMA Private Equity Mobile Payments

6/12/16 Better Mortgage Series A $30 1/0 Capital, IA Ventures, KCK Group, Pine Brook, Goldman Sachs Mortgage Software Cendana Capital, Financial Solutions Lab, Mucker Capital, OCA Ventures, 6/10/16 Ascend Consumer Finance Series A $11 Online Lending Partech Ventures, Securian, Tekton Ventures 6/7/16 Capsilon NA NA Francisco Partners Mortgage Software

6/6/16 zipMoney PIPE $15 Undisclosed Online Lending

6/2/16 Vyze Series B $13 Austin Ventures, StarVest Partners Online Lending Baseline Ventures, Financial Solutions Lab, Freestyle Capital, General 6/2/16 Digit Series B $23 Personal Financial Management Catalyst, GV, Operative Capital, Ribbit Capital 6/1/16 Zibby Series B $13 Blumberg Capital, Tribeca Venture Partners, Victory Park Capital Online Lending

5/25/16 TransferWise NA $26 Baillie Gifford & Co. Money Transfer

5/25/16 Dashlane, Inc. Series C $23 Bessemer, FirstMark, Rho, TransUnion Digital Wallet Accelerate-IT Ventures, Cowboy Ventures, David Michaels, Shasta 5/19/16 Tally Technologies Series A $15 Credit Cards Ventures, SVB Aspada Investment, Creation Investments Capital Management, SAIF 5/12/16 Capital Float Series B $25 Online Lending Partners, Sequoia Capital Wincor Nixdorf's Cashless Payments 5/11/16 NA $23 HPE Growth Capital Merchant Processing Business 5/11/16 Orderbird Series C $23 ConCardis, Digital+ Partners, Metro (Germany) POS American Express, General Catalyst Partners, GGV Capital, Revolution 5/10/16 BigCommerce Series E $30 eCommerce Growth, SoftBank Capital, Split Rock Partners 5/9/16 Bridge2 Solutions NA $35 Updata Partners Loyalty / Rewards

5/5/16 Azimo NA $15 Accion, e.Ventures, Frog Capital, Greycroft Partners, MCI Capital, Rakuten Money Transfer

5/4/16 View the Space Series C $55 Insight Venture Partners, OpenView Venture Partners, Trinity Ventures Real Estate Tech

5/3/16 Bench Series B $16 Altos Ventures, Bain Capital Ventures, Contour Venture Partners Financial Software

Notes: 23 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Subsector

Blumberg Capital, Camp One Ventures, ClalTech, Fang Fund Partners, 5/3/16 Zooz Series C $24 Payment Optimization iAngels, Kreos Capital, Lool Ventures, Rhodium 5/2/16 Varo Money NA $27 Warburg Pincus Online Banking

4/27/16 Nubank NA $53 Goldman Sachs Credit Cards CNP, Decaux Freres Investissements, Matmut, Partech, Sycamore Asset 4/26/16 Lendix, SA Series B $14 Online Lending Management, Weber Investissements Angel Ventures, Auria Capital, Core Ventures, CrunchFund, Richmond 4/21/16 Kueski Series A $10 Online Lending Global, Rise Capital, VARIV, Victory Park Capital 4/21/16 Forter Series C $32 NEA, Scale Venture Partners, Sequoia Fraud Detection Capital One, Fifth Third Bank, PNC, Safegaurd Scientifics, TD Bank, Wells 4/17/16 Transactis, Inc. Series E $30 Bill Pay Fargo 4/17/16 SocietyOne Australia Pty. Ltd. Series C $25 Westpac Banking Corp. Online Lending Bezos Expeditions, DN Capital, Draper Fisher Jurveston, Stripes Group, 4/12/16 Remitly, Inc. Series C $39 Money Transfer Trilogy Equity, Vulcan Capital Andreessen Horowitz, Founders Fund, Jeffries, Khosla, Lightspeed 4/12/16 Affirm, Inc. Series D $100 Online Lending Venture Partners, Spark Captial 4/11/16 Viva Republica Series A $23 Altos Ventures, Goodwater Capital, KTB Network Money Transfer

4/6/16 Finanzcheck.de Series C $37 Acton Capital Partners, HarbourVest, Highland Capital Marketplace Lending

4/1/16 MobiKwik Series C $50 GMO Venture Partners, MediaTek, Sequoia Capital, Tree Line Asia Mobile Wallet

3/31/16 Blispay NA $13 Accomplice, AngelList, FirstMark Capital, Founder Collective, NEA Online Lending

3/24/16 Kreditech Series C $11 International Finance Corporation Credit Scoring

3/23/16 Gusto (ZenPayroll) Series B $17 GV, General Catalyst, Obvious Ventures HR / Payroll Software

3/23/16 GoCardless Ltd. Series C $13 Accel, Balderton Capital, Notion Capital, Passion Capital Direct Debit

3/17/16 Splitit 30% Stake $15 Aurum Online Lending

3/17/16 Momo App Series B $28 Goldman Sachs, Standard Chartered Private Equity Mobile Payments

3/14/16 LendInvest Limited Series B $25 Atomico Online Lending

Notes: 24 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Subsector

1/0 Capital, Blackstone, Colchis, DW Partners, Fenway Summer 3/13/16 Future Finance NA $27 Online Lending Ventures, Invus Financial, KCK, QED, Ridge Road 3/11/16 EZBOB Series C $29 Leumi Partners, Oaktree Online Lending

3/10/16 Justworks, Inc. Series C $33 Bain Capital, Index Ventures, Redpoint Ventures, Thrive Capital HR Software

3/7/16 Property Partner Series B $18 Dawn Capital, Index Ventures, Octopus Investment Crowdfunding

3/3/16 iAngels Series B $14 Thorney Investment Group Crowdfunding

3/2/16 OurCrowd Ltd. NA $10 United Overseas Bank Limited Crowdfunding Bain Capital, Hercules Technology, Hummer Winblad, InterWest, Madison 2/18/16 Aria Systems, Inc. Series E $50 Billing Software Bay, Rembrandt, Venrock, Vmware 2/16/16 UniRush, LLC NA $20 Main Street Capital Prepaid

2/11/16 Payleven Series D $10 B Cinque, Holtzbrinck, MePay, NEA, ru-Net, Seventure Partners Mobile Payments Entrée Capital, Genesis Partners, NTT DoCoMo Ventures, Phoenix 2/10/16 Riskified Series B $25 Fraud Prevention Insurance, Qumra Capital 2/9/16 WorldRemit Ltd. NA $45 SVB, Triple Point Capital Money Transfer

2/9/16 SwervePay Series B $10 Garland Capital Group, KGC Capital, Mandell Ventures Vertical Payments .406 Ventures, Accomplice, Agman, Blackstone, Evolution Equity, 2/5/16 Bit9 Series F $68 Cyber Security Founders Circle, Highland, Kleiner Perkins, Sequoia AME Cloud, AXA Strategic Ventures, Blockchain Capital, Digital Garage, 2/2/16 Blockstream Corp Series A $55 Blockchain FuturePerfect Ventures, Horizons, Khosla, Mosaic 2/2/16 Receipt Bank Limited Series A $10 Kennet Partners Accounting Software

2/2/16 Spotcap Spain SL Series C $32 Finstart Financial, HV Holtzbrink Ventures Online Lending

1/22/16 FiveStars, Inc. Series C $50 DCM, HarbourVest, Lightspeed Venture Partners, Menlo Ventures Loyalty / Rewards ABN AMRO, ASX Limited, BNP Paribas, Broadridge Financial, Citigroup, 1/21/16 Digital Asset Holdings, LLC Series A $62 Blockchain CME, Goldman Sachs, IBM, JPMorgan, PNC Guangdong Technology Financial Group, ING Bank, Khazanah Nasional 1/20/16 WeLab Holdings Limited Series B $152 Online Lending Berhad 1/20/16 Blend Labs, Inc. Series C $40 Formation8 Partners, Lightspeed Venture Partners, The Founders Fund Mortgage Technology

Notes: 25 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Subsector

1/19/16 Brightpearl Limited Series C $11 Eden Ventures, MMC Ventures, Norion Capital Partners POS / Retail Software

1/15/16 College Avenue Student Loans LLC NA $20 Comcast Ventures, DW Partners, Fenway Summer Online Lending

1/11/16 Starling NA $70 Harald McPike Mobile Banking

1/6/16 Lendful NA $15 Alterna Bank Online Lending Kaszek Ventures, Sequoia Capital, Founders Fund, Tiger Global 12/24/15 Nu Pagamentos S.A. Series C $52 Mobile Banking Management 12/23/15 Toast, Inc. NA $30 Bessemer Venture Partners, GV POS 83North, Correlation Ventrues, Lightspeed Venture Partners, Menlo 12/15/15 Bluevine Capital, Inc. NA $40 Online Lending Ventures, Rakuten 12/6/15 Masabi Limited NA $12 Keolis, Lepe Partners, MasterCard, MMC Ventures Mobile Payments

12/1/15 Progressa Series A $11 Conconi Growth Partners, Cypress Hills Partners Online Lending

11/29/15 Tyro Payments Limited NA $72 TDM Asset Management, Tiger Global Management Merchant Processing BBVA Group, Marathon, Polar Capital, Toscafund Asset Management, 11/24/15 Atom Bank NA $128 Online Banking Woodford Investment Management 11/18/15 Ebury Partners UK Ltd NA $83 83 North, Vitruvian Partners SMB Lending Digital Currency, Fenway Summer, Kleiner Perkins, Pantera, Recruit 11/17/15 Align Commerce Corporation Series A $13 Money Transfer Strategic, Silicon Valley Bank 11/17/15 Earnest Operations LLC Series B $75 Adams Street Partners, Battery Ventures, Maveron Online Lending

11/11/15 Oaknorth Bank Limited NA $100 Indiabulls Housing Finance Online Lending

11/11/15 NCR Corporation PIPE $820 Blackstone POS

11/11/15 CircleUp Network, Inc. Series C $30 Collaborative Fund, Canaan, Maveron, QED, Rose Park, Union Square Crowdfunding

11/10/15 Bread Series A $14 Bessemer, RRE Consumer Finance

11/9/15 Guardian Analytics Series E $11 Undisclosed Fraud Protection

11/5/15 Meili Jirong Series A $65 Bertelsmann Asia, GX, Morningside, Wacai.com P2P Lending

Notes: 26 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Subsector

11/3/15 Invoice2go Corporation Series C $15 Accel Partners, Ribbit Capital Accounting Software

11/3/15 FactorTrust, Inc. NA $42 ABS, Mission Operators Group Credit Scoring 83 North, Commerce Ventures, CommerzVentrues, Granite Ventures, IA 10/27/15 Marqeta Inc. Series C $25 Issuer Processing Capital Group 10/26/15 Zebit Series A $10 Correlation Ventures, Crosslink, Leapfrog, Wildcat Ventures Partners Consumer Finance Matrix Partners, Nyca Partners, Oak HC/FT, StartX, Webb Investment 10/22/15 Poynt Co. Series B $28 POS Network 10/21/15 Money Forward, Inc. Series C $13 Fenox, Mitsubishi, Mitsui & Co., Toho Bank, Yamaguchi Financial Personal Financial Management

10/19/15 Wave Crest Holdings Limited Series E $14 Vesuvius Ventures Payments BlueRun, ING, Recruit, Reverence Capital, Santander, Scotiabank, 10/14/15 Kabbage Inc. Series E $135 Online Lending Thomvest Ventures, UPS Strategic Enterprise Acumen Fund, Adlevo Capital, Capricorn Investment Group, Omidyar 10/6/15 Paga Series B $13 Mobile Payments Network 10/1/15 Transaction Mobility Series A $33 Undisclosed Gateways

9/30/15 Citrus Payment Solutions Pvt. Ltd. Series C $25 Ascent Capital, BEENOS Asia, econtext Asia, Sequoia Mobile Payments

9/30/15 Credible Labs Series A $10 Undisclosed Online Lending

9/28/15 Ibotta, Inc. Series C $40 Jim Clark Loyalty / Rewards J.C. Flowers, Amadeus Capital, Varde Partners, HPE Growth Capital, 9/28/15 Kreditech Series C $92 Online Banking Blumberg Capital 9/25/15 Social Finance, Inc. Series E $1,000 SoftBank Online Lending

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, 8/13/15 Lightspeed POS Inc. Series C $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 Ltd. NA $50 SMB Lending Khosla Ventures, Sound Ventures, Spark Capital

Notes: 27 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Subsector

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 8/27/15 SumUp Limited NA $11 Amercian Express Ventures, BBVA Ventures, Groupon POS

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

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

8/13/15 C2FO Series E $40 Temasek, Union Square, Tiger Global, Summerhill, Mithril 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

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 Intel Capital, Zouk Capital, American Express, Dawn Capital, Creandum 7/31/15 iZettle AB Series D $67 POS AB, 83 North, Northzone Ventures, Index Ventures 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.com Inc. Series D $60 Activant Capital Group POS

Notes: 28 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary

IV. Securities / Capital Markets / Data & Analytics

29 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 7/22/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ Exchanges - Americas CME Group Inc. $101.79 $81.87 $102.63 $34,470 $1,005 $35,475 9.9x 9.4x 14.3x 13.2x 23.6x 21.9x 12.9% 1.8 7.8% 10.9% Intercontinental Exchange, Inc. 263.17 220.28 271.95 31,329 6,273 37,602 8.3x 7.9x 13.4x 12.3x 19.0x 17.1x 14.2% 1.3 35.6% 35.8% Nasdaq, Inc. 67.79 47.95 68.66 11,152 2,150 13,302 5.9x 5.5x 12.1x 10.7x 18.3x 16.1x 9.3% 2.0 (33.4%) 5.5% BM&FBOVESPA S.A. 5.89 2.90 6.33 10,526 (1,024) 9,502 13.1x 12.0x 19.5x 18.2x 16.8x 15.5x 13.0% 1.3 7.6% 2.0% CBOE Holdings, Inc. 67.86 58.25 72.53 5,524 (107) 5,416 8.3x 7.9x 14.7x 13.6x 27.7x 25.2x 12.9% 2.1 3.0% 13.6% TMX Group Limited 42.43 25.21 42.59 2,311 623 2,934 5.3x 5.0x 11.2x 10.4x 14.3x 13.1x NA NA (4.4%) (1.8%) Bolsa Mexicana de Valores SAB de CV 1.72 1.12 1.75 1,022 (83) 939 6.4x 5.8x 12.1x 11.0x 20.6x 19.1x 10.9% 1.9 6.9% 6.7%

Mean 8.2x 7.6x 13.9x 12.8x 20.0x 18.3x 12.2% 1.7 3.3% 10.4% Median 8.3x 7.9x 13.4x 12.3x 19.0x 17.1x 12.9% 1.9 6.9% 6.7%

Exchanges - Asia Hong Kong Exchanges & Clearing Limited $24.80 $20.64 $28.88 $30,161 ($20,769) $9,392 6.2x 5.7x 9.0x 7.9x 36.7x 31.8x 0.0% NA (9.1%) (1.6%) ASX Limited 36.76 27.56 37.28 7,109 (734) 6,375 11.4x 10.7x 14.8x 13.9x 22.1x 21.0x 4.7% 4.7 (16.6%) 6.2% Singapore Exchange Limited 5.72 4.86 6.28 6,124 (562) 5,561 9.3x 8.8x 15.5x 14.4x 23.6x 21.2x NA NA (2.3%) 3.3% Bursa Malaysia Berhad 2.19 1.84 2.21 1,173 (111) 1,062 8.1x 7.7x 14.0x 13.1x 22.9x 21.2x NA NA 4.2% 3.3%

Mean 8.8x 8.2x 13.3x 12.3x 26.3x 23.8x 2.3% NM (6.0%) 2.8% Median 8.7x 8.2x 14.4x 13.5x 23.3x 21.2x 2.3% NM (5.7%) 3.3%

Exchanges - Europe Deutsche Boerse AG $80.52 $76.14 $93.90 $14,831 $2,061 $16,892 6.1x 5.8x 11.0x 10.3x 16.4x 15.0x 4.7% 3.5 (9.6%) 8.1% London Stock Exchange Group plc 35.95 27.34 38.85 12,579 (1,265) 11,315 5.7x 5.3x 11.4x 10.1x 22.7x 19.5x 14.0% 1.6 6.9% 12.0% Bolsas y Mercados Españoles 29.49 22.74 42.97 2,460 (385) 2,076 5.8x 5.8x 8.6x 8.6x 13.8x 13.8x NM NM (6.1%) (11.7%) JSE Limited 12.30 7.65 13.07 1,053 (133) 920 5.0x 4.7x 9.7x 9.6x 14.3x 14.0x NA NA 23.4% 25.1% GPW 8.14 7.83 13.10 341 (60) 282 3.6x 3.6x 6.9x 6.6x 11.5x 10.8x 5.0% 2.3 (6.0%) (8.1%) Hellenic Exchanges - Athens Stock Exch. 4.54 3.57 6.42 285 (139) 146 3.9x 3.3x 8.7x 6.9x 28.6x 20.2x 15.3% 1.9 4.9% (11.5%)

(1) Mean 5.0x 4.8x 9.4x 8.7x 17.9x 15.6x 9.8% 2.3 2.3% 2.3% Median 5.3x 5.0x 9.2x 9.1x 15.3x 14.5x 9.5% 2.1 (0.6%) 0.0%

Notes: 30 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. 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 7/22/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ Investment Services, Software, & Technology SEI Investments Co. $51.21 $32.01 $55.48 $8,296 ($638) $7,657 5.5x 4.9x 14.7x 12.4x 25.2x 20.7x 13.9% 1.8 4.6% 2.7% Broadridge Financial Solutions, Inc. 68.05 48.56 68.24 8,045 465 8,510 2.4x 2.0x 12.7x 10.7x 24.0x 20.0x 0.0% NA 25.3% 8.6% SS&C Technologies Holdings, Inc. 30.85 23.62 38.60 6,115 2,622 8,737 5.8x 5.3x 13.9x 12.2x 19.2x 16.0x 15.0% 1.3 50.1% 57.5% DST Systems Inc. 124.99 95.54 128.66 4,150 640 4,789 2.8x 2.9x 12.4x 11.3x 21.7x 17.9x 9.0% 2.4 (39.4%) (43.8%) Financial Engines, Inc. 27.06 23.22 46.34 1,703 (97) 1,606 3.9x 3.4x 12.9x 11.0x 26.6x 22.4x 25.0% 1.1 32.4% 22.8% Envestnet, Inc.(2) 37.10 19.30 46.45 1,584 256 1,840 3.2x 2.6x 18.1x 13.2x 36.2x 25.7x 20.0% 1.8 38.4% 36.7%

Mean 3.9x 3.5x 14.1x 11.8x 25.5x 20.5x 13.8% 1.7 18.6% 14.1% Median 3.5x 3.1x 13.4x 11.7x 24.6x 20.4x 14.5% 1.8 28.8% 15.7%

Financial Data, Content, & Analytics Thomson Reuters Corporation $43.41 $33.96 $43.68 $32,574 $8,233 $40,807 3.6x 3.5x 12.8x 12.1x 21.0x 18.5x 8.4% 2.5 (7.2%) (1.0%) S&P Global, Inc. 117.31 78.55 117.68 31,064 2,341 33,405 5.9x 5.6x 14.0x 12.9x 22.9x 20.4x 11.2% 2.0 6.3% 5.3% Moody's Corporation 105.29 77.76 113.44 20,458 1,394 21,851 6.2x 5.8x 13.8x 12.7x 23.0x 20.4x 11.2% 2.1 2.0% 1.2% IHS Markit Ltd. 35.65 26.01 36.83 14,989 653 15,643 5.7x 4.3x 16.1x 11.3x 20.3x 17.4x 3.9% 5.2 147.3% 6.0% Verisk Analytics, Inc. 85.75 64.79 86.00 14,420 2,846 17,266 8.6x 8.0x 16.9x 15.7x 27.7x 24.9x 12.6% 2.2 (2.7%) 28.2% MSCI Inc. 82.93 56.87 83.00 8,003 1,135 9,138 7.9x 7.3x 16.6x 14.9x 28.8x 24.2x 14.3% 2.0 7.0% 6.1% FactSet Research Systems Inc. 169.77 135.95 177.28 6,901 89 6,990 6.1x 5.7x 17.0x 15.7x 24.9x 23.2x 10.3% 2.4 11.6% 13.0% The Dun & Bradstreet Corporation 131.08 85.99 131.12 4,753 1,380 6,132 3.6x 3.4x 12.5x 11.7x 17.8x 16.8x 8.0% 2.2 5.3% 5.3% Morningstar Inc. 84.88 74.78 89.44 3,642 (171) 3,471 4.3x 4.1x 13.5x 12.5x 27.7x 25.2x 14.0% 2.0 2.4% (1.9%) Bankrate, Inc. 8.13 6.59 15.80 735 89 824 2.0x 1.7x 8.1x 6.9x 15.2x 14.0x 17.5% 0.9 11.7% 4.8%

Mean 5.4x 4.9x 14.1x 12.7x 22.9x 20.5x 11.1% 2.3 18.4% 6.7% Median 5.8x 4.9x 13.9x 12.6x 22.9x 20.4x 11.2% 2.1 5.8% 5.3%

Online Broker Dealers The Charles Schwab Corporation (1) $28.18 $21.51 $35.72 $37,245 $0 $37,245 5.1x 4.6x NA NA 22.6x 19.4x 17.7% 1.3 17.0% 18.0% TD Ameritrade Holding Corporation (1) 30.48 24.88 37.91 16,120 1,828 17,948 5.0x 5.0x 11.6x 10.7x 19.5x 17.1x 13.8% 1.4 12.9% 5.5% E*TRADE Financial Corporation (1) 25.81 19.61 30.98 7,192 1,402 8,594 4.6x 4.3x 10.6x 10.2x 15.2x 14.7x 17.8% 0.9 2.4% 15.2% Interactive Brokers Group, Inc. (1) 34.88 29.50 44.85 2,232 3,278 5,510 3.5x 3.4x 5.2x 5.1x 22.1x 21.9x 16.3% 1.4 13.8% (12.4%) GAIN Capital Holdings, Inc. 6.74 5.75 8.48 327 (945) (618) NM NM NM NM 9.5x 8.4x 0.0% NA (1.9%) 20.0% FXCM Inc. (1) 9.33 5.26 24.77 52 314 366 NA NA NA NA NA NA NA NA NA 2.2%

Mean 4.5x 4.3x 9.1x 8.7x 17.8x 16.3x 13.1% 1.2 8.8% 8.1% Median 4.8x 4.5x 10.6x 10.2x 19.5x 17.1x 16.3% 1.3 12.9% 10.3%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. (1) Enterprise Value and Net Debt exclude Cash. 31 (2) Financial metrics pro-forma for Yodlee acquisition. Financial Technology Sector Summary Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions – Trailing 12 Months

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue

7/25/16 E-Trade Financial OptionsHouse, LLC Trading Platform $725 7.0x

7/18/16 Moody's Investors Service, Inc. Korea Investors Service, Inc. Ratings Agency $97 NA

7/7/16 Legg Mason Inc. Financial Guard LLC Robo Advisors NA NA Teachers Insurance & Annuity Association of 6/30/16 MYVEST CORP Advisor Software NA NA America, Endowment Arm 6/20/16 Markit Ltd. (nka:IHS Markit Ltd.) Prism Valuation Inc. Risk & Analytics NA NA

6/14/16 Global Advisors (Jersey) Limited XBT Provider AB (publ) Bitcoin ETF NA NA

6/14/16 Broadridge Financial Solutions, Inc. 4Sight Financial Software Limited Financial Software $40 3.3x

6/14/16 Fair Isaac Corporation QuadMetrics Inc. Risk & Analytics NA NA

5/25/16 Bregal Sagemount Discovery Data, Inc. Data / Analytics NA NA Dojima LLC (nka:Broadridge Derivatives 5/11/16 Broadridge Financial Solutions, Inc. Clearing / Settlement NA NA Clearing) 5/5/16 ISEG Limited Startup Stock Exchange Exchanges NA NA

4/27/16 Affirm, Inc. Sweep, Inc. Personal Financial Management NA NA

4/14/16 Euclid Opportunities Fund Enso LP Risk Analytics NA NA

4/13/16 European Energy Exchange AG Cleartrade Exchange Pte. Ltd. Exchanges NA NA

4/11/16 Huatai International Finance I Limited AssetMark, Inc. Wealth Management Software NA NA

4/5/16 Ally Financial Inc. TradeKing Group, Inc. Online Broker $275 NA

3/31/16 Morningstar Inc. RightPond Broker Software NA NA Credit Suisse Group AG, HedgeFocus 3/21/16 Institutional Capital Network, Inc. Fund Administration NA NA Business 3/21/16 Markit Ltd. (nka:IHS Markit Ltd.) IHS Inc. Data / Information Services $10,278 4.6x Fitch Solutions, Inc., Credit Default Swap 3/16/16 Markit Ltd. (nka:IHS Markit Ltd.) Risk Analytics NA NA Pricing Service

Notes: 32 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. 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 Subsector Value Revenue

International Securities Exchange Holdings, 3/9/16 Nasdaq, Inc. Exchanges $1,100 NA Inc. 3/8/16 Equiniti Group plc RiskFactor Solutions Ltd Risk Analytics NA NA ConceptONE, LLC, Regulatory Reporting And 3/7/16 Axioma, Inc. Risk Analytics NA NA Risk Reporting Units 3/2/16 Tradeweb Markets LLC CodeStreet LLC Broker Dealer Software NA NA

3/1/16 Pico Quantitative Trading, LLC AlgoSpan Limited Data / Trading Platform NA NA Standard & Poor's Securities Evaluations, 3/1/16 Intercontinental Exchange, Inc. Data / Analytics NA NA Inc. and Credit Market Analysis Limited 2/29/16 BI-SAM Technologies S.A. FinAnalytica, Inc. Risk / Analytics NA NA

2/26/16 Singapore Exchange Limited The Baltic Exchange Limited Exchanges NA NA

2/23/16 Deutsche Boerse AG London Stock Exchange Group plc Exchanges $14,482 7.2x KCGA Americas LLC, Designated Market 2/5/16 Citadel Securities, LLC Market Maker NA NA Maker Business 2/5/16 Chongqing Casin Enterprise Group Chicago Stock Exchange, Inc. Exchanges NA NA

1/24/16 J.C. Flowers & Co. LLC Chi-X Global Holdings LLC Trading Platforms NA NA

1/22/16 StatPro Inc. Investor Analytics, LLC Data Analytics $16 3.2x

1/20/16 European Energy Exchange AG Power Exchange Central Europe, a. s. Exchanges NA NA

12/23/15 Wipro Ltd. Viteos Capital Market Services Limited Capital Markets Tech $130 4.9x

12/9/15 Moody's Corporation BlackBox Logic LLC Data / Analytics NA NA

12/8/15 Nasdaq, Inc. Chi-X Canada ATS Ltd. Trading Platform $110 NA

12/2/15 Wealthsimple Financial Inc. Canadian ShareOwner Investments Inc. Robo Advisors NA NA FXCM Securities Limited (nka:Walbrook 12/2/15 AS Expobank Trading Platform NA NA Capital Markets) 11/16/15 Intercontinental Exchange, Inc. Trayport Limited Trading Platform $860 11.0x

Notes: 33 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. 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 Subsector Value Revenue

Citigroup Inc., Alternative Investor Services 8/18/15 SS&C Technologies Holdings, Inc. Fund Administration $321 NA Business 8/13/15 PDQ ATS, Inc. Quadriserv, Inc. Trading Platform NA NA

8/12/15 Markit Ltd. (nka:IHS 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 $9,911 3.5x

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 McGraw Hill Financial, Inc. (nka:S&P Global, 7/27/15 SNL Financial LC Data / Analytics $2,225 9.9x Inc.) 7/26/15 Deutsche Boerse AG 360 Treasury Systems AG Trading Platform $796 14.5x

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

Notes: 34 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Securities / Capital Markets / Data & Analytics Selected Recent Equity Financings – Trailing 12 Months

($MM) Announced Target Date Target Series Amount Investors Subsector

7/22/16 Fantex NA $59 Undisclosed Trading Platform

7/13/16 OpenDoor Trading NA $10 J F Hartfield & Company Trading Platform

7/6/16 National Stock Exchange of India NA $135 Veracity Insurance Solutions Exchanges

6/19/16 Quoine Series A $20 JAFCO Bitcoin Trading

6/7/16 NexusCrowd NA $16 Downing Street Financial Crowdfunding

5/19/16 Tink Series B $10 ABN AMRO, Creades, Skandinaviska Enskilda Banken, Sunstone Capital PFM

5/19/16 Personal Capital Corporation Series E $75 IGM Financial Robo-Advisor

5/12/16 EuroCCP NA $16 Euronext Clearing / Settlement

4/25/16 bitFlyer Series C $27 SBI FinTech Fund, Venture Labo Investment Bitcoin Exchange

4/21/16 Acorns Series D $30 e.ventures, Greycroft, PayPal, Rakuten Robo Advisors

4/13/16 Vestmark NA $30 Summit Partners Wealth Management Software

4/5/16 Reonomy Series C $22 Bain Capital, Softbank Data / Analytics

4/1/16 Swanest NA $10 Andreessen Horowitz Robo-Advisor

2/8/16 Xignite, Inc. Series C $21 Altos Ventures, QUICK Corp, Startup Capital Ventures, StarVest Ventures Data

11/16/15 Hanweck Associates NA $10 Argentum Group Risk & Analytics

11/9/15 MoneyFarm SIM S.p.a. NA $16 Cabot Square, United Ventures Robo-Advisor

10/27/15 Indian Energy Exchange NA $13 TVB Shriram Growth Fund Exchanges

9/30/15 InvestCloud Series B $45 FTV Insurance Tech

9/22/15 TruMid Financial LLC NA $27 Peter Thiel, Shumway Capital, Soros Fund Trading Platform

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

Notes: 35 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary

V. Insurance / Benefits

36 Financial Technology Sector Summary Insurance / Benefits Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Healthcare / Insurance Technology Verisk Analytics, Inc. $85.75 $64.79 $86.00 $14,420 $2,846 $17,266 8.6x 8.0x 16.9x 15.7x 27.7x 24.9x 12.6% 2.2 (2.7%) 28.2% IMS Health Holdings, Inc. 28.63 22.36 33.52 9,444 4,173 13,617 4.2x 4.0x 14.3x 13.2x 17.9x 16.2x 11.0% 1.6 10.5% 22.5% athenahealth, Inc. 124.92 114.59 170.42 4,915 160 5,075 4.6x 3.8x 21.6x 17.7x 70.6x 55.7x 24.1% 2.9 19.7% 16.6% Guidewire Software, Inc. 62.09 42.32 64.78 4,503 (579) 3,924 8.9x 7.8x 45.2x 33.7x 82.1x 66.2x 19.2% 4.3 11.8% 15.7% Ebix Inc. 52.38 19.78 54.58 1,716 156 1,872 6.4x 5.9x 16.2x 14.8x 20.2x 19.3x 10.0% 2.0 NA 11.5% Crawford & Company 11.32 3.99 12.50 627 186 812 0.7x 0.7x 7.5x 6.2x 17.3x 14.0x 10.0% 1.7 (4.1%) (3.7%) Polaris Consulting & Services Limited 2.83 2.19 3.33 288 (55) 232 0.7x 0.7x NA 5.2x 10.8x 9.0x 0.0% NA 5.8% 8.3% Symbility Solutions Inc. 0.27 0.18 0.30 63 (5) 58 2.3x 2.0 NM NM NM NM NA NA (2.1%) 56.7%

Mean 4.6x 4.1x 20.3x 15.2x 35.2x 29.3x 12.4% 2.5 5.6% 19.5% Median 4.4x 3.9x 16.5x 14.8x 20.2x 19.3x 11.0% 2.1 5.8% 16.1%

Notes: 37 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Insurance / Benefits Selected Recent Acquisitions – Trailing 12 Months

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue

7/21/16 GoHealth, LLC Connected Benefits HR Software NA NA

6/29/16 Global Healthcare Exchange, LLC H-Card, LLC Healthcare Payments NA NA

6/7/16 Connecture, Inc. ConnectedHealth, LLC Benefits Tech $7 NA Vista Equity Partners; Bain Capital Private 5/2/16 Vertafore, Inc. Insurance Tech NA NA Equity 4/18/16 Apax Partners LLP Duck Creek Technologies, Inc. Claims Software NA NA

4/5/16 SwervePay, LLC Symbiosis Health Inc. Healthcare Payments NA NA

3/29/16 Guidewire Software, Inc. EagleEye Analytics, Inc. Insurance Analytics $42 NA

3/7/16 Protector Holdings, LLC BetterWay Insurance Services LIC Insurance Tech NA NA

2/17/16 Medical Transcription Billing, Corp. Gulf Coast Billing, Inc. Medical Billing NA NA

1/19/16 Ventiv Technology Inc. 4iSoft, LLC. Insurance Technology NA NA

12/23/15 Keylane B.V. GENEVA-ID GmbH Core Processing NA NA

11/5/15 All Web Leads, Inc. Insurancequotes, Inc. And NetQuote, Inc. Insurance Marketplace $165 NA

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

8/16/15 Cardon Outreach, LLC Diversified Healthcare Resources, Inc. 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

Notes: 38 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Insurance / Benefits Selected Recent Equity Financings – Trailing 12 Months

($MM) Announced Target Date Target Series Amount Investors Subsector

Manulife Financial, OMERS Ventures, Power Financial, Quantum Valley 6/14/16 League Series A $25 Health Insurance Tech Investments, Real Ventures, RBC Advanced Finance & Investment Group, AME Cloud, Arena Ventures, 5/20/16 Clover Health Series C $165 Insurance Casdin Capital, First Round, Floodgate, Sequoia 5/19/16 Shift Technology Series A $10 Accel, Elaia Partners, Iris Capital Management Claims Analytics 500 Startups, Bee Partners, Canaan, FinTech Collective, Nyca Partners, 5/17/16 Embroker Series A $12 Insurance Vertical Venture Partners, XL Innovate Healthcare Payments / 5/10/16 Simplificare Series C $20 83North, American Express, Heritage Group, Social Capital Financing 4/26/16 Trov, Inc. Series C $23 Anthemis Group, Guidewire, Oak, Suncorp Group Insurance

4/14/16 Eligible NA $25 Undisclosed Healthcare Payments

4/6/16 Bright Health Series A $80 Bessemer, Flare Capital, NEA, Waterline Ventures Health Insurance Innovator Adams Street, Cambia Health, Catalyst Health, Cendana Capital, GIS, 3/21/16 Maxwell Health Series C $22 HR / Benefits Software Industry Ventures, Lerer Hippeau, Schooner 3/17/16 Friendsurance Series B $15 Horizons Ventures P2P Insurance

3/15/16 Next Insurance Series A $13 Ribbit Capital, TLV Partners, Zeev Ventures Insurance Tech

2/17/16 The StoneEagle Group NA $76 FTV Capital Claims Payments (HC)

2/12/16 Maestro Healthcare Technology Series A $53 Oak Investment Partners, SV Life Sciences Advisers Health Insurance / Benefits

1/19/16 Bankers Healthcare Group LLC NA $114 Pinnacle Bank Lending Platform

12/8/15 Lemonade Inc. NA $13 Aleph, Sequoia Insurance Cardinal Health, GE Ventures, Hearst Health Ventures, Heritage Group, 12/2/15 Aver Inc. NA $14 Healthcare Insurance Tech NCT Ventures, StartUp Health CREATHOR Venture Management, Orange Growth Capital, QED Investors, 10/26/15 Knip AG Series B $16 Insurance Tech Redalpine, Route 66 10/21/15 insureon Inc. NA $31 Accretive, Oak HC/FT Insurance Agency Google, Maverick Capital, New Enterprise Associates, Redpoint, RRE, 10/20/15 CollectiveHealth, Inc. Series C $81 Alternative Health Insurance Founders Fund 10/6/15 Censio Series A $10 Bain Capital, General Catalyst Partners, Lakestar Insurance Technology

Notes: 39 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary Insurance / Benefits Selected Recent Equity Financings – Trailing 12 Months

($MM) Announced Target Date Target Series Amount Investors Subsector

9/15/15 Oscar Insurance Corporation NA $33 Google Healthcare Insurance Services

8/7/15 PokitDok, Inc. Series B $34 Lemhi Ventures Healthcare Lending & Software Greenspring Associates, Montreux Equity Partners, openView Venture 7/28/15 Kareo, Inc. NA $55 Medical Billing Partners, Silicon Valley Bank

Notes: 40 Source: CapitalIQ and DowJones Venture Source.