Financial Technology Sector Summary

July 30, 2014 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

I. GCA Savvian Overview GCA Savvian Overview Highlights

Firm Statistics GCA Savvian Focus

. Over 225 professionals today Mergers & Acquisitions Private Capital Markets

. Full spectrum of buy-side, sell- . Agented private capital raiser . Headquarters in San Francisco and Tokyo; offices in New side and strategic advisory York, London, Shanghai, Mumbai, and Osaka . Equity and debt capital markets . Public and private company advisory services experience . Provides mergers and acquisitions advisory services, private . Core competency, with important capital & capital markets advisory services, and principal . Strategic early-stage growth relationships among the venture investing companies through industry capital and private equity defining, multi-billion dollar community transactions . Over 500 transactions completed

. Publicly traded on the Tokyo Stock Exchange (2174) Senior level attention and focus, Relationships and market extensive transaction intelligence; a highly experienced team in experience and deep domain insight the industry Global Advisory Firm Market Positioning

Bulge Bracket Growth Sector Focus Transaction Expertise . Senior Team with . Growth Company Focus Unparalleled Transaction . Sector Expertise / Domain Experience Knowledge . Highest Quality Client . Private Capital Access Service . Late Stage Private through . Broad Network Including Public Company Orientation Global 1000 Relationships

. M&A Advisory and Capital Raising Expertise

3 GCA Savvian Overview Financial Technology Landscape

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

− Payments & Banking

− Securities & Capital Markets

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

Analytics Crowd Funding BPO / IT Services ATMs Digital Media Brokerage Bill Payment 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 Prepaid Trading Platforms Title / Appraisal

4 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 United States United States Phone: (415) 318-3600 Phone: (212) 999-7090

Sean Minnihan Paul DiNardo Steve Fletcher Derek Bell Managing Director Advisory Director Managing Director Director Financial Technology Software Digital Media Business Services

Phone: (212) 999-7077 Phone: (415) 318-3665 Phone: (415) 318-3661 Phone: (212) 999-7089 Mobile: (917) 364-6230 Mobile: (650) 483-7246 Mobile: (415) 518-6725 Mobile: (914) 953-0689 [email protected] [email protected] [email protected] [email protected]

Dick Filippini Zeke Navar Rob Freiman Alexander Berry Director Director Vice President Analyst Mobile Healthcare IT Financial Technology

Phone: (415) 318-3688 Phone: (415) 783-3276 Phone: (212) 999-7075 Phone: (212) 999-7079 Mobile: (415) 297-3420 Mobile: (917) 229-0436 Mobile: (973) 229-0436 Mobile: (818) 851-2300 [email protected] [email protected] [email protected] [email protected]

5 II. Market Summary Market Summary Industry Stock Market Performance

Last 12 Months Last 3 Months

135 115

130

110

125

120 105

115

100

110

105 95

100

90

95

90 85 7/25/13 8/25/13 9/24/13 10/24/13 11/24/13 12/24/13 1/24/14 2/24/14 3/26/14 4/25/14 5/27/14 6/26/14 4/25/14 5/4/14 5/11/14 5/18/14 5/25/14 6/1/14 6/8/14 6/15/14 6/22/14 6/29/14 7/6/14 7/13/14 7/20/14

(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, DRIV, EBAY, EEFT, ENXTPA: EDEN, FLT, GCA, GDOT, GPN, HPY, MA, MCRS MGI, ONE, OUTR, PAR, 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, RATE, TRI. 4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN. 5) Trading Platforms: BGCP, GFIG, INTL, ITG, MKTX. 6) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. 7) Banking & Lending Technology: ACIW, ELLI, EPAY, FIS, FISV, INTU, JKHY, PFMT, QTWO, SWX: TEMN. 7 8) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC, TIBX. 9) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK. Market Summary Indexed Price Performance by Sector

Last 3 Months 1 Year 3 Years

Banking & Lending 8.9% 29.3% 80.4% Technology

Financial, Data, Content, 8.8% 19.4% 43.6% & Analytics

Exchanges 8.5% 12.8% 15.1%

Investment Services, 8.1% 13.6% 49.8% Software, & Technology

Payments 6.9% 18.1% 98.1%

Healthcare / Insurance 6.4% 70.9% Technology 13.8%

Trading Platforms 1.5% 6.6% 31.2%

Online Broker Dealers (1.2%) 21.6% 63.9%

Information Processors / (3.8%) 53.2% Credit Bureaus 1.0%

(10.0%) 0.0% 10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0%

Notes: 8 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary Long-Term EPS Growth and LTM EBITDA Margins

Long-Term EPS Growth LTM EBITDA Margins (1)

Trading Platforms 20.4% Exchanges 57.4%

Online Broker Dealers 17.6%

Financial Data, Content, & Analytics 36.7%

Payments 14.0%

Banking and Lending Technology 26.5% Banking and Lending Technology 13.5%

Investment Services, Software, & Technology 13.0% Information Processors / Credit Bureaus 26.0%

Healthcare / Insurance Technology 12.9% Healthcare / Insurance Technology 22.8%

Financial Data, Content, & Analytics 12.3%

Investment Services, Software, & Technology 20.6%

Exchanges 11.6%

Payments 20.5% Information Processors / Credit Bureaus 10.4%

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

Notes: 9 Numbers represent medians of sub-sectors. Details available in later pages. (1) Online Broker Dealers and Trading Platforms not material. Market Summary Price / Earnings Multiples and PEG Ratios

2014E Price / Earnings Multiples 2014E PE / Growth (“PEG” Ratio)

Financial Data, Content, & Analytics 22.9x Exchanges 2.0

Banking and Lending Technology 21.8x Information Processors / Credit Bureaus 1.7

Exchanges 21.7x Healthcare / Insurance Technology 1.6

Online Broker Dealers 21.3x Financial Data, Content, & Analytics 1.6

Investment Services, Software, & Technology 20.9x Investment Services, Software, & Technology 1.5

Information Processors / Credit Bureaus 19.2x Banking and Lending Technology 1.3

Healthcare / Insurance Technology 19.2x Payments 1.2

Payments 17.7x Online Broker Dealers 1.1

Trading Platforms 15.6x Trading Platforms 0.9

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

Notes: 10 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary LTM Price Performance and 2014 P/E – Payments / Banking

($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2014 Prepaid Market Cap. Performance P/E 2014

Visa Inc. $133,832 10% 23.9x Blackhawk Network Holdings, Inc. $1,445 18% 22.0x American Express Company 97,318 21% 16.8 Green Dot Corporation 787 (19%) 13.3 MasterCard Incorporated 88,506 26% 25.1 Net 1 Ueps Technologies Inc. 515 48% 6.8 eBay Inc. 65,474 2% 17.7 Higher One Holdings, Inc. 205 (60%) 6.6 Discover Financial Services 29,114 24% 11.7 Sector Average $738 (3%) 12.2x Sector Average $82,849 17% 19.1x LTM Price LTM Price ATM / Kiosks Market Cap. Performance P/E 2014 Merchant Processing Market Cap. Performance P/E 2014 Outerwall Inc. $1,094 (18%) 7.9x Cielo SA $31,578 64% 21.7x Cardtronics Inc. 1,619 22% 16.0 Total System Services, Inc. 6,087 19% 16.9 Global Cash Access Holdings, Inc. 581 23% 9.9 Wirecard AG 4,913 38% 31.0 Sector Average $1,098 9% 11.3x Global Payments Inc. 5,154 (30%) 16.5 Vantiv, Inc. 4,966 (15%) 18.2 LTM Price EVERTEC, Inc. 1,754 84% 13.3 POS Hardware / Technology Market Cap. Performance P/E 2014 Heartland Payment Systems, Inc. 1,638 (64%) 19.4 Optimal Payments Plc 1,257 178% 23.4 NCR Corp. $5,334 (10%) 10.6x Digital River Inc. 463 (25%) 27.3 Ingenico SA 5,234 35% 23.4 Planet Payment, Inc. 135 (4%) 30.8 MICROS Systems, Inc. 5,060 43% 24.4 JetPay Corporation 25 (32%) NA VeriFone Systems, Inc. 3,940 97% 22.3 Sector Average $5,270 19% 21.8x PAR Technology Corporation 62 (8%) NA Sector Average $3,926 31% 20.2x LTM Price Money Transfer Market Cap. Performance P/E 2014 LTM Price Banking and Lending Technology Market Cap. Performance P/E 2014 The Western Union Company $9,442 2% 12.0x Euronet Worldwide Inc. 2,358 25% 19.1 Intuit Inc. $23,460 31% 21.6x Xoom Corporation 823 (30%) 94.6 Fidelity National Information Services, Inc. 16,286 27% 18.2 Moneygram International Inc. 794 NA 10.8 Fiserv, Inc. 15,619 35% 18.7 Sector Average $3,354 (1%) 34.1x Jack Henry & Associates Inc. 5,050 24% 24.0 Temenos Group AG 2,484 45% 26.1 ACI Worldwide, Inc. 2,015 10% 21.8 LTM Price Bottomline Technologies (de), Inc. 1,084 (6%) 19.3 Closed Loop Market Cap. Performance P/E 2014 Ellie Mae, Inc. 810 18% 29.2 Alliance Data Systems Corporation $14,667 41% 21.8x Performant Financial Corporation 493 NA 23.7 FleetCor Technologies, Inc. 10,924 50% 26.1 Q2 Holdings, Inc. 470 NA NM Edenred SA 6,956 (3%) 27.3 Sector Average $6,777 23% 22.5x WEX Inc. 4,097 22% 21.7 Sector Average $9,161 28% 24.2x LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2014 0 Experian plc $17,342 (6%) 18.6x Equifax Inc. 9,350 24% 19.8 Fair Isaac Corporation 2,005 14% 16.0 Acxiom Corporation 1,470 (26%) 28.2 Intersections Inc. 70 (61%) NM Sector Average $6,048 (11%) 20.6x

Source: 11 CapitalIQ and Wall Street Research. Market Summary LTM Price Performance and 2014 P/E – Securities / Cap. Mkts. / Data & Analytics

($MM) ($MM) LTM Price LTM Price Exchanges - Americas Market Cap. Performance P/E 2014 Investment Services, Software, & Technology Market Cap. Performance P/E 2014 0 CME Group Inc. $25,201 2% 23.1x SEI Investments Co. $5,998 13% 19.2x IntercontinentalExchange Group, Inc. 22,656 10% 21.7 Broadridge Financial Solutions, Inc. 4,997 45% 18.9 BM&F Bovespa SA 10,909 6% 17.9 DST Systems Inc. 3,707 34% 18.2 The Nasdaq OMX Group, Inc. 7,230 27% 14.6 SS&C Technologies Holdings, Inc. 3,603 18% 18.9 CBOE Holdings, Inc. 4,199 (1%) 22.7 TIBCO Software Inc. 3,262 (20%) 24.4 TMX Group Limited 2,851 NA 13.6 Financial Engines, Inc. 1,902 (24%) 40.3 Bolsa Mexicana de Valores SAB de CV 1,282 (19%) 22.3 Advent Software, Inc. 1,610 8% 22.6 Sector Average $10,618 4% 19.4x Envestnet, Inc. 1,530 74% 60.5 Sector Average $3,326 18% 27.9x

LTM Price Exchanges - Asia Market Cap. Performance P/E 2014 LTM Price 0 Financial Data, Content, & Analytics Market Cap. Performance P/E 2014 Hong Kong Exchanges & Clearing Limited 24,570 34% 37.1x ASX Limited 6,594 7% 18.1 Thomson Reuters Corporation $29,807 4% 19.5x Singapore Exchange Limited 6,128 (4%) 24.1 McGraw Hill Financial, Inc. 22,285 36% 21.5 Bursa Malaysia Bhd 1,375 (1%) 22.5 Moody's Corporation 19,350 42% 22.9 Verisk Analytics, Inc. 10,478 2% 26.2 Sector Average $9,667 9% 25.4x MSCI Inc. 5,462 32% 23.0 FactSet Research Systems Inc. 5,147 11% 21.8 LTM Price Dun & Bradstreet Corp. 4,130 5% 15.0 Exchanges - Europe Market Cap. Performance P/E 2014 Morningstar Inc. 2,974 (12%) 27.3 0 Bankrate, Inc. 1,826 10% 25.5 Deutsche Boerse AG 13,353 1% 14.3x Sector Average $11,273 14% 22.5x London Stock Exchange Group plc 8,938 39% 17.5 Bolsas y Mercados Españoles 3,892 76% 17.9 JSE Limited 802 21% NA LTM Price Hellenic Exchanges - Athens Stock Exchange S.A. Holding701 37% 20.2 Online Broker Dealers Market Cap. Performance P/E 2014 GPW 499 (3%) 13.0 The Charles Schwab Corporation $35,781 23% 28.5x Sector Average $4,698 28% 16.6x TD Ameritrade Holding Corporation 17,170 14% 22.0 E*TRADE Financial Corporation 5,877 39% 20.1 LTM Price Interactive Brokers Group, Inc. 1,237 38% 20.5 Trading Platforms Market Cap. Performance P/E 2014 FXCM Inc. 1,067 (17%) 66.4 GAIN Capital Holdings, Inc. 262 5% 17.8 MarketAxess Holdings Inc. $2,112 5% 30.3x Sector Average $10,232 17% 29.2x KCG Holdings, Inc. 1,427 27% 13.0 BGC Partners, Inc. 1,697 22% 13.9 Investment Technology Group Inc. 667 23% 15.0 GFI Group Inc. 378 (32%) 30.0 INTL FCStone Inc. 367 2% 16.3 Sector Average $1,108 8% 19.7x

Source: 12 CapitalIQ and Wall Street Research. III. Payments / Banking 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 7/25/14 Low High Value Debt Value CY 14E CY 15E CY 14E CY 15E CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Networks Visa Inc. $214.77 $170.99 $235.50 $133,832 ($4,064) $129,768 10.0x 9.0x 14.8x 13.2x 23.9x 20.1x 17.1% 1.2 11.3% 5.1% American Express Company 91.93 71.47 96.24 97,318 36,106 133,424 3.9 3.7 15.9 15.8 16.8 15.3 9.5% 1.6 5.3% 3.2% MasterCard Incorporated 75.75 56.70 84.75 88,506 (5,068) 83,438 8.9 8.0 15.0 13.1 25.1 21.0 17.0% 1.2 12.0% 14.2% eBay Inc. 52.75 48.06 59.70 65,474 (2,048) 63,426 3.5 3.1 10.7 9.6 17.7 15.6 12.4% 1.3 13.9% 12.6% Discover Financial Services 62.61 46.93 64.44 29,114 8,923 38,037 4.4 4.2 NA NA 11.7 11.1 7.1% 1.6 3.9% 15.4%

Mean 6.1x 5.6x 14.1x 12.9x 19.1x 16.6x 12.6% 1.4 9.3% 10.1% Median 4.4 4.2 14.9 13.1 17.7 15.6 12.4% 1.3 11.3% 12.6%

Merchant Processing Cielo SA $20.17 $12.22 $21.12 $31,578 $896 $32,473 9.4x 8.4x 16.0x 14.3x 21.7x 18.8x 13.2% 1.4 10.9% 7.0% Total System Services, Inc. 32.25 26.50 33.44 6,087 1,210 7,297 3.0 2.7 10.2 9.1 16.9 14.6 10.9% 1.3 9.1% 25.8% Wirecard AG 39.78 29.11 46.14 4,913 (904) 4,008 5.0 4.1 17.8 14.4 31.0 24.5 28.3% 0.9 20.5% 35.2% Global Payments Inc. 71.77 44.96 74.46 5,154 503 5,657 2.1 2.0 10.0 9.5 16.5 14.9 11.3% 1.3 6.9% 6.5% Vantiv, Inc. 34.00 25.21 34.90 4,966 1,672 6,637 4.9 4.3 10.1 8.8 18.2 16.0 14.3% 1.1 13.9% 8.0% EVERTEC, Inc. 22.38 20.64 26.33 1,754 694 2,448 6.5 6.2 13.1 12.0 13.3 12.3 14.0% 0.9 5.8% (0.1%) Heartland Payment Systems, Inc. 45.70 36.73 50.44 1,638 103 1,741 2.7 2.5 10.6 9.4 19.4 16.9 14.2% 1.2 7.2% 4.4% Optimal Payments Plc 7.77 3.04 8.82 1,257 (153) 1,104 3.3 2.6 14.5 10.9 23.4 18.6 43.0% 0.4 27.3% 35.3% Digital River Inc. 14.18 13.99 19.67 463 (257) 206 0.5 0.5 4.5 3.4 27.3 16.6 10.0% 1.7 6.6% (11.9%) Planet Payment, Inc. 2.46 2.12 4.06 135 (5) 130 2.5 2.1 12.6 8.7 30.8 27.3 NM NM 17.6% (7.5%) JetPay Corporation 2.09 1.35 5.00 25 14 39 NA NA NA NA NA NA NM NA NA 6.3%

Mean 4.0x 3.5x 11.9x 10.1x 21.8x 18.1x 17.7% 1.1 12.6% 9.9% Median 3.1 2.6 11.6 9.4 20.5 16.7 14.0% 1.2 10.0% 6.5%

Money Transfer (1) The Western Union Company $17.52 $14.60 $19.50 $9,442 $2,154 $11,596 2.1x 2.0x 8.6x 8.3x 12.0x 11.2x 9.4% 1.2 3.2% 1.9% Euronet Worldwide Inc. 46.28 34.25 50.32 2,358 (49) 2,309 1.5 1.3 10.0 8.3 19.1 16.2 14.0% 1.2 11.5% 5.3% Xoom Corporation 21.55 16.90 36.46 823 (206) 617 3.9 3.1 41.2 24.8 94.6 49.6 NM NM 24.7% 19.0% Moneygram International Inc. 14.54 12.45 23.00 794 841 1,634 1.1 1.1 5.6 5.4 10.8 10.3 13.5% 0.8 3.1% 10.1%

Mean 2.1x 1.9x 16.3x 11.7x 34.1x 21.8x 12.3% 1.0 10.6% 9.1% Median 1.8 1.7 9.3 8.3 15.5 13.7 13.5% 1.2 7.4% 7.7%

Closed Loop Alliance Data Systems Corporation $270.57 $190.24 $300.49 $14,667 $9,652 $24,319 4.6x 4.1x 15.8x 13.9x 21.8x 18.6x 15.8% 1.2 11.4% 23.1% FleetCor Technologies, Inc. 131.72 87.59 134.24 10,924 1,103 12,027 10.9 9.5 18.8 16.2 26.1 22.3 12.0% 1.9 14.4% 31.1% Edenred SA 30.76 27.58 36.39 6,956 960 7,915 5.8 5.2 15.7 13.4 27.3 22.3 10.6% 2.1 11.9% 2.6% WEX Inc. 105.72 78.18 108.74 4,097 338 4,434 5.7 5.0 12.7 11.0 21.7 18.6 14.0% 1.3 13.8% 10.1%

Mean 6.7x 6.0x 15.8x 13.6x 24.2x 20.4x 13.1% 1.6 12.9% 16.7% Median 5.7 5.1 15.8 13.6 23.9 20.4 13.0% 1.6 12.8% 16.6%

Notes: 14 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 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 7/25/14 Low High Value Debt Value CY 14E CY 15E CY 14E CY 15E CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Prepaid Blackhawk Network Holdings, Inc. $27.35 $20.25 $29.73 $1,445 ($126) $1,319 0.9x 0.8x 9.5x 8.1x 22.0x 18.2x 19.5% 0.9 18.0% 25.7% Green Dot Corporation 16.91 16.53 26.87 787 (798) (10) NM NM NM NM 13.3 11.5 22.0% 0.5 10.1% 3.8% Net 1 Ueps Technologies Inc. 10.78 7.01 13.00 515 41 556 1.0 NA 4.5 4.3 6.8 NA 10.0% NA NA 24.3% Higher One Holdings, Inc. 4.35 3.47 10.98 205 92 297 1.3 1.2 4.9 5.0 6.6 6.3 20.3% 0.3 6.2% 16.0%

Mean 1.1x 1.0x 6.3x 5.8x 12.2x 12.0x 18.0% 0.6 11.5% 17.4% Median 1.0 1.0 4.9 5.0 10.1 11.5 19.9% 0.5 10.1% 20.1%

ATM / Kiosks Outerwall Inc. $53.66 $46.25 $74.30 $1,094 $759 $1,853 0.8x 0.7x 3.8x 3.7x 7.9x 6.8x 11.6% 0.6 3.3% 4.7% Cardtronics Inc. 36.39 28.03 44.46 1,619 490 2,109 2.1 1.9 8.7 7.7 16.0 13.9 14.0% 1.0 8.6% 23.9% Global Cash Access Holdings, Inc. 8.83 6.37 10.42 581 (95) 487 0.8 0.8 6.4 6.0 9.9 9.5 16.0% 0.6 1.2% 2.6%

Mean 1.2x 1.2x 6.3x 5.8x 11.3x 10.1x 13.9% 0.7 4.4% 10.4% Median 0.8 0.8 6.4 6.0 9.9 9.5 14.0% 0.6 3.3% 4.7%

POS Hardware / Technology NCR Corp. $31.77 $28.64 $41.63 $5,334 $3,443 $8,777 1.3x 1.2x 8.4x 7.6x 10.6x 9.3x 15.0% 0.6 5.7% 7.7% Ingenico SA 97.64 69.32 99.25 5,234 399 5,632 2.9 2.5 13.4 11.5 23.4 19.5 18.3% 1.1 15.8% 12.4% MICROS Systems, Inc. 67.72 46.13 70.24 5,060 (658) 4,401 3.1 2.9 14.0 12.7 24.4 22.6 17.0% 1.3 7.4% 10.7% VeriFone Systems, Inc. 35.27 17.62 38.26 3,940 710 4,651 2.5 2.3 14.4 11.2 22.3 17.3 0.0% NA 8.8% 9.4% PAR Technology Corporation 3.94 3.80 5.92 62 (9) 52 NA NA NA NA NA NA NA NA NA (15.2%)

Mean 2.4x 2.2x 12.5x 10.7x 20.2x 17.2x 12.6% 1.0 9.4% 5.0% Median 2.7 2.4 13.7 11.3 22.9 18.4 16.0% 1.1 8.1% 9.4%

Banking and Lending Technology Intuit Inc. $82.64 $61.50 $83.09 $23,460 ($2,134) $21,326 4.6x 4.3x 11.3x 10.9x 21.6x 21.6x 13.2% 1.6 5.7% 14.2% Fidelity National Information Services, Inc. 56.59 42.78 56.98 16,286 4,130 20,416 3.2 3.0 10.5 9.8 18.2 16.2 11.3% 1.4 5.9% 5.7% Fiserv, Inc. 62.67 45.86 63.10 15,619 3,541 19,160 3.8 3.6 11.6 10.8 18.7 16.7 11.2% 1.5 5.0% 7.1% Jack Henry & Associates Inc. 59.72 47.25 60.84 5,050 (37) 5,013 4.0 3.6 11.8 10.6 24.0 21.3 11.5% 1.9 9.0% 6.9% Temenos Group AG 36.70 22.83 40.24 2,484 121 2,606 5.2 4.7 15.6 13.7 26.1 21.9 18.4% 1.2 9.6% 2.1% ACI Worldwide, Inc. 17.71 15.33 21.98 2,015 726 2,741 2.6 2.4 9.4 8.5 21.8 18.2 13.5% 1.3 5.4% 36.7% Bottomline Technologies (de), Inc. 27.55 26.01 37.41 1,084 (79) 1,006 3.1 2.9 14.1 12.6 19.3 16.1 20.0% 0.8 7.9% 21.4% Ellie Mae, Inc. 28.80 22.46 33.24 810 (75) 735 4.9 4.0 18.3 12.9 29.2 22.3 22.9% 1.0 22.5% 4.3% Performant Financial Corporation 10.18 7.11 12.01 493 40 533 2.5 2.2 10.0 8.2 23.7 18.0 20.0% 0.9 9.4% 18.8% Q2 Holdings, Inc. 13.79 9.62 17.38 470 (79) 391 5.2 4.0 NM NM NM NM NA NA 31.8% 40.9%

Mean 3.9x 3.5x 12.5x 10.9x 22.5x 19.2x 15.8% 1.3 11.2% 15.8% Median 3.9 3.6 11.6 10.8 21.8 18.2 13.5% 1.3 8.4% 10.7%

Information Processors / Credit Bureaus Experian plc $17.50 $16.33 $21.64 $17,342 $3,964 $21,306 4.3x 4.0x 12.2x 11.4x 18.6x 17.1x 9.7% 1.8 6.9% NA Equifax Inc. 76.78 58.75 77.00 9,350 1,461 10,811 4.4 4.1 12.5 11.5 19.8 17.8 11.2% 1.6 7.6% 4.6% Fair Isaac Corporation 58.51 48.58 65.62 2,005 437 2,442 3.1 3.0 12.3 11.8 16.0 14.8 11.9% 1.2 5.2% 7.5% Acxiom Corporation 19.08 18.93 39.30 1,470 (101) 1,369 1.3 1.3 6.4 6.1 28.2 25.6 8.9% 2.9 3.7% 0.0% Intersections Inc. 3.81 3.77 10.22 70 (17) 54 0.2 0.2 NA NA NM NM NA NA 12.4% (19.1%)

Mean 2.7x 2.5x 10.8x 10.2x 20.6x 18.8x 10.4% 1.9 7.1% (1.7%) Median 3.1 3.0 12.2 11.5 19.2 17.4 10.4% 1.7 6.9% 2.3% Notes: 15 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months

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

7/23/14 Computershare Limited Homeloan Management Limited Mortgage Servicing NA NA

7/21/14 Altisource Portfolio Solutions S.A. Mortgage Builder Software, Inc. Mortgage Software NA NA

7/21/14 ACI Worldwide ReD Info Services NA NA

7/18/14 Nordic Capital; Nordic Capital Fund VIII LP Lindorff Group AB Bill Pay $2,838 4.7x

7/18/14 Ontario Teachers' Pension Plan First American Payment Systems, L.P. Merchant Acquiring NA NA

7/17/14 Milestone Partners PayLink Payment Plans, LLC VSC Processing NA NA

7/17/14 Factor Systems, Inc. Open Scan Technologies, Inc. B2B Payments NA NA

7/17/14 NetSuite Inc. Venda, Inc. eCommerce $51 NA

7/14/14 Collections Solutions Software, Inc. 123Comply, LLC Collections NA NA

Expert Global Solutions, Certain Segments Accounts 7/14/14 Platinum Equity, LLC Collections NA NA Receivable Management Business

7/8/14 Top Image Systems Ltd. eGistics, Inc. Remittance Processing $18 1.7x

CARE Kalypto Risk Technologies and Advisory Services 7/3/14 Credit Analysis and Research Limited Risk & Analytics NA NA Private Limited

7/1/14 Optimal Payments Plc Global Merchant Advisors, Inc. ISO $15 1.8x

7/1/14 Optimal Payments Plc Meritus Payment Solutions, Inc. Processing $211 2.8x

7/1/14 Marlin Equity Partners, LLC Longview Solutions, Inc. Accounting Software NA NA

6/26/14 Sylogist Ltd. Serenic Software Accounting Software $11 NA

6/26/14 Monitise plc Markco Media Limited Loyalty $94 NA

6/26/14 GFT UK Limited Rule Financial Limited Financial Outsourcing NA NA

6/25/14 Diebold, Incorporated Cryptera A/S ATMs NA NA

6/24/14 CIT Bank Direct Capital Corporation Online Lending NA NA

Notes: 16 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

6/23/14 Oracle Corporation MICROS Systems, Inc. POS $4,604 3.4x

6/19/14 Universal Payment Gateway Accept Cards Merchant Acquiring NA NA

6/16/14 WEX Inc. Evolution1, Inc. Closed Loop $533 6.0x

6/16/14 Groupon, Inc. SnapSaves Loyalty NA NA

6/12/14 Powa Technologies Limited MPayMe Limited Loyalty / Rewards $75 NA

6/10/14 Checkalt Payment Solutions, Inc. Diebold Eras, Incorporated Processing NA NA

6/9/14 Moody's Analytics, Inc. WebEquity Solutions, LLC Lending Software NA NA

6/5/14 WSILC, LLC Thillens, Inc., ATM portfolio ATMs NA NA

Advanced Payment Solutions, LLC and Data Business 6/4/14 Charge Payment Credit Card Processing NA NA Systems Inc. and Payment Systems Inc.

6/3/14 Markit Ltd. Compliance Technologies International, LLP Compliance Software $99 NA

6/2/14 CRIF SpA High Mark Credit Information Services Private Limited Credit Bureau $2 NA

6/2/14 Paycorp Saicom Group Unbanked Services NA NA

5/31/14 Ezetap Mobile Solutions Pvt. Ltd. Clinknow Marketing / Offers NA NA

5/28/14 Nordic Capital Euroline AB Merchant Acquiring $331 NA

5/28/14 Priority Payment Systems LLC Cynergy Data, LLC Merchant Acquiring NA NA

5/27/14 Kalixa Pay Ltd. PXP Solutions Limited Card Processing NA NA

5/27/14 VASCO Data Security International Inc. Risk IDS Limited Payments Risk NA NA

5/20/14 CapFin Partners, LLC American Finance Solutions LLC Online Lending NA NA

5/19/14 MasterCard International Inc. ElectraCard Services Private Limited Card Processing NA NA

5/15/14 PayByPhone Limited Adaptis Solutions Limited Merchant Processing NA NA

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

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

5/14/14 Intuit Inc. Invitco Pty Limited Accounting Software NA NA

5/13/14 DirectCash Payments Inc. DirectCash Bank ATMs $15 NA

5/13/14 Gemalto N.V. Shoreline Solutions Card Manufacturing NA NA

5/13/14 Gemalto N.V. Source One Direct Card Manufacturing NA NA

5/12/14 SQS Software Quality Systems AG Thinksoft Global Services Limited Banking Software $38 1.3x

5/12/14 Vantiv, Inc. Mercury Payment Systems, LLC Merchant Processing $1,650 7.0x

5/9/14 eGlobal, LLC T.B.T.I. Inc. ATMs NA NA

5/6/14 Radian Group Inc. Clayton Holdings LLC Mortgage Services NA NA

5/2/14 Investor Group & Management NagraID S.A. Card Manufacturing NA NA

5/2/14 HighBitCoin, LLC (nka:PeerNova inc.) Technology IQ Ltd Digital Currencies NA NA

5/1/14 TCV, Sequoia Capital Elevate Online Lending NA NA

5/1/14 Capita Asset Services Crown Mortgage Management, Ltd. Mortgage Services NA NA

5/1/14 WorldPay Limited Thisf Informatica Ltda. Gateway NA NA

4/23/14 Nayax Ltd. InOne Technology, LLC POS NA NA

4/22/14 Visa Inc. GP Net Merchant Processing NA NA

4/21/14 Cross Match Technologies, Inc. DigitalPersona, Inc. Authentication NA NA

4/16/14 MasterCard Incorporated Pinpoint Pty. Ltd. Loyalty NA NA

4/16/14 Assurant Services, LLC StreetLinks LLC Mortgage Technology $72 NA

4/16/14 Warburg Pincus LLC Electronic Funds Source LLC Corporate Payments $1,000 NA

4/14/14 Fidelity National Information Services, Inc. CoreLogic CMSI, Inc. Online Lending NA NA

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

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

4/14/14 Paymentus Corp. Tele-Works Inc. Bill Pay NA NA

4/12/14 Transaction Services Holdings Ltd. Harlands Group Ltd DDA Payments NA NA

4/11/14 Conquest Agri Limited Priority One Network Group Limited Loyalty NA NA

4/8/14 Intrix Technology, Inc. Witt Merchant Services Inc. Merchant Processing NA NA

4/2/14 Lone Star Funds DFC Global Corp. Online Lending $1,197 1.1x

4/1/14 CurvePay, LLC Transaction Labs LLC Loyalty NA NA

4/1/14 SIX Group CETREL (Remaining 50% Stake) Merchant Processing NA NA

3/31/14 Spire Payments Ltd. Altius Plus LTD Processing Software NA NA

3/31/14 Bottomline Technologies (de), Inc. Andera, Inc. Banking Software $45 NA

3/25/14 Global Analytics, Inc. Workpays LLC Consumer Finance NA NA

3/25/14 Merchant Warehouse Inc. Opticard Payment Services Incorporated Prepaid NA NA

3/24/14 Advent International, Bain Capital, ATP Group Nets Holding A/S Payments $3,140 NA

3/21/14 Equiniti Group Limited Pancredit Systems Limited Lending Software NA NA

3/19/14 Mitsubishi UFJ Fund Services Holdings Limited Meridian Fund Services Group Fund Administration NA NA

3/10/14 Euronet Worldwide Inc. HiFX Plc Payments $241 3.7x

3/10/14 Pivotal Payments Inc. Capital Processing Network LLC Merchant Processing NA NA

3/4/14 Jack Henry & Associates Inc. Banno, LLC FI Technology NA NA

3/4/14 Mozido, LLC StickyStreet Inc. Loyalty NA NA

2/24/14 MasterCard Incorporated C-SAM, Inc. Mobile NA NA

2/20/14 BBVA Compass Bancshares Simple Finance Technology Online Banking Solutions $117 NA

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

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

2/19/14 L2 Capital Partners; Farragut Capital Partners, LLC reQuire, LLC Real Estate Software NA NA

2/16/14 GTCR LLC, Management Callcredit Information Group Limited Data & Analytics $586 NA

2/10/14 Misys Limited IND Group Online Banking Solutions NA NA

2/6/14 NBS Payment Solutions Inc. Equinox Payments, LLC POS NA NA

2/6/14 First American Financial Corporation Interthinx, Inc. Risk Analytics $155 NA

2/4/14 Xoom Corporation BlueKite, Ltd. Money Transfer $15 NA

2/3/14 Monitise plc Pozitron Yazilim A.S. Mobile $98 NA

1/24/14 Global Payments Inc. Payment Processing, Inc. Payments Technology $420 NA

1/18/14 Allied Wallet, Ltd. Cloudasia Limited Gateway NA NA

1/17/14 HID Global Corporation IdenTrust, Inc. Identity Security NA NA

1/16/14 arvato infoscore GmbH AfterPay B.V. eCommerce NA NA

1/13/14 Oki Electric Industry Co., Ltd. Grupo Itautec, Automation and Services Division ATMs $54 NA

1/13/14 DataCard Corporation Entrust, Inc. Identity Security NA NA

1/7/14 Deluxe Corp. Destination Rewards, Inc. Loyalty $22 NA

1/7/14 Total Merchant Services Registroid POS NA NA

1/6/14 Coupons.com Incorporated Yub, Inc. Loyalty / Coupons $10 NA

12/20/13 DoubleBeam Inc. GoPago, Inc. POS NA NA

12/18/13 Klarna AB Sofort AG Gateway $199 NA

12/18/13 Payment Source Now Prepay Corp. Prepaid $4 NA

12/13/13 I Love Velvet WeXpay Mobile NA NA

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

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

12/12/13 LifeLock Lemon Mobile $43 72.2x

12/11/13 Square, Inc. Evenly P2P Payments NA NA

12/10/13 Management Trunkbow International Holdings, Ltd. Mobile $70 2.6x

12/9/13 Edenred SA Nets Prepaid Prepaid NA NA

12/9/13 PaySquare BV Montrada Card Processing NA NA

12/5/13 accesso Technology Group plc Siriusware, Inc. POS $13 1.6x

12/4/13 American Capital Mortgage Investment Corp. Residential Credit Solutions, Inc. Mortgage Services NA NA

12/3/13 RetailNext, Inc. Nearbuy Systems, Inc. Marketing / Offers NA NA

12/2/13 Fondi Italiani; Orizzonte; Fondo Strategico Italiano SIA S.p.A. Technology Infrastructure NA NA

12/2/13 NCR Limited Alaric Systems Limited Fraud Prevention $78 NA

12/2/13 NCR Corp. Digital Insight Corporation Banking Software $1,650 5.1x

12/2/13 Blackhawk Network Holdings, Inc. Retailo AG Prepaid NA NA

11/27/13 Wirecard AG PT. Aprisma Indonesia Banking Software $120 NA

11/26/13 Hitachi Consulting Software Services India Limited Prizm Payment Services Private Limited ATM / POS $246 3.1x

11/21/13 Boku Inc. Qubecell Mobile NA NA

11/19/13 Utiba Mobility, Inc. Alternet Transaction Systems Inc. Mobile $10 8.5x

11/18/13 EVO Payments International, LLC Encore Payment Systems LLC Merchant Processing NA NA

11/7/13 EVO Payments International, LLC Centrum Elektronicznych Uslug Platniczych eService SA Merchant Processing $172 NA

11/7/13 Groupon Ticket Monster eCommerce NA NA

11/5/13 RetailMeNot, Inc. YSL Ventures, Inc. Marketing / Offers $18 NA

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

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

11/5/13 LoyaltyOne, Co. Brand Loyalty International B.V. Marketing / Offers $360 0.9x

10/29/13 First Data Corporation Perka, Inc. Marketing / Offers $26 NA

10/28/13 DirectCash Payments Inc. Threshold Financial Technologies Inc. ATMs $48 NA

10/23/13 Funding Circle Ltd. Endurance Lending Network Online Lending NA NA

10/21/13 Blackhawk Network Holdings, Inc. InteliSpend Prepaid Solutions, LLC Prepaid $97 NA

10/18/13 Wonga Billpay GmbH Consumer Lending NA NA

10/10/13 MasterCard Europe S.P.R.L. Provus Bilisim Hizmetleri A.S. Processing NA NA

9/26/13 PayPal, Inc. Braintree Payment Solutions, LLC Online Payments $800 NA

9/23/13 ACI Worldwide, Inc. (Nasdaq:ACIW) Official Payments Holdings (Nasdaq:OPAY) Government Payments $108 0.8x

Advanced Chrono Cash Services SA And MoneyGlobe 9/19/13 Moneygram International Inc. Money Transfer NA NA Payment Institution S.A.

9/12/13 Wirecard AG PaymentLink Prepaid $41 NA

Falcon Investment Advisors, LLC; Rockbridge Growth 8/31/13 Rapid Financial Services, LLC Online Lending NA NA Equity, LLC; Falcon Strategic Partners IV, L.P.

8/28/13 Francisco Partners Management LLC Paymetric, Inc. Payments Software NA NA

8/20/13 Charge Payment, LLC U.S. Data Capture, Inc. Merchant Processing NA NA

8/16/13 TA Associates BluePay, Inc. Merchant Processing NA NA

8/15/13 CVC Capital Partners Limited Skrill Holdings Limited Online Payments $801 3.0x

8/15/13 Silver Lake Sumeru BlackLine Systems, Inc. SaaS / Financial Management NA NA

8/14/13 Advantech Co. Ltd. AdvanPOS Technology Co.,Ltd POS $15 NA

8/7/13 Cardtronics Cardpoint Services Limited ATM $167 1.6x

8/1/13 Higher One Holdings, Inc. PayDivvy, Inc. Money Transfer NA NA

Notes: 22 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months

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

7/23/14 Freshbooks, Inc. Series A $30.0 Atlas, Georgian, Oak Investment Partners Accounting Software

7/22/14 Taulia Inc. Series D $27.0 DAG, Lakestar, Matrix, QuestMark, Trinity B2B Payments

7/16/14 Funding Circle Ltd. Series D $65.0 Accel, Index, Ribbit, Union Square Online Lending

Blumberg Capital, Xseed Capital, lool ventures, Rhodium, Access 7/16/14 Zooz NA $12.0 Merchant Acquiring Industries, Camp One Ventures

7/15/14 Motionsoft, Inc. Series B $10.0 Edison, Route 66 Merchant Software

7/2/14 Plastiq Inc. Series B $10.0 Atlas, Flybridge, Khosla Online Payments

7/8/14 Xapo Inc. Series A-1 $20.0 Emergence Capital, Greylock, Index BitCoin

Avanti, Comerica, Horizon Technology Finance, Norwest, Saints, 7/7/14 mBlox, Inc. NA $43.5 Marketing / Offers Scale, Stratim, Trident

6/29/14 Osper Ltd. Seed $10.2 Horizons Ventures, Index Ventures Prepaid

6/24/14 Kreditech Holding SSL GmbH Series B $40.0 Blumberg, Point Nine, Värde Partners Online Lending

6/23/14 Ebury Partners UK Limited NA $30.6 Greylock FX Payments

6/19/14 First Data Holdings, Inc. NA $3,500.0 KKR, Stone Point, Trident Merchant Acquiring

6/17/14 BioCatch Ltd. Series A $10.0 Blumberg Capital, OurCrowd Security

6/16/14 WeLab Holdings Limited Series A $23.2 Sequoia, Tom Group Ltd. Online Lending

Bridgescale, Crypto Currency, Grade-A, Liberty City, Radar, 6/16/14 BitGo, Inc. Series A $12.0 BitCoin Redpoint, Bitcoin Opportunity Fund, Founders Fund

6/11/14 Ibotta, Inc. Series B $20.0 Jim Clark, Tom Jermoluk Loyalty / Rewards

6/9/14 Affirm, Inc. NA $45.0 Khosla Ventures, Lightspeed Ventures, Nyca Partners Online Lending

6/9/14 TransferWise Series B $25.2 Business Accelerator, IA, Index, Kima, Valar Money Transfer

5/30/14 Salsa Labs NA $5.0 Edison, Maryland Venture Fund Crowd Funding

Notes: 23 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

Binary Financial, Crypto Currency Partners, GCF Partners, ZAD 5/30/14 Bitfury USA, Inc. NA $20.0 BitCoin Investment

5/28/14 Fundrise Series A $31.0 Renren, Ackman-Ziff, Berman Enterprises, Collaborative Fund Crowd Funding

5/28/14 Ecwid, Inc Series B $5.0 iTech Advisors, Runa Capital eCommerce

5/22/14 Malauzai Software, Inc. Series C $6.5 Wellington Management Company Banking Software

5/21/14 Treasury Intelligence Solutions GmbH Series B $5.5 Target Partners, Zobito B2B Payments

Andreessen Horowitz, Atlas Venture, Collaborative Fund, First 5/20/14 Earnest Inc NA $15.0 Online Lending Round, Maveron

5/19/14 Dashlane Inc. Series B $22.0 Bessemer, FirstMark, Rho Capital Partners Digital Wallet

5/19/14 Swipely Inc. Series C $20.0 First Round Capital, Index, Pritzker Group, Shasta POS / Loyalty

5/15/14 Verafin Inc. NA $55.1 Spectrum Fraud Detection

5/13/14 Swagbucks First Round $60.0 TCV Marketing / Offers

5/13/14 auxmoney GmbH Series B $16.0 Foundation, Index, Partech International, Union Square P2P Lending

Creandum, Dawn, Greylock Israel, Index, Intel Capital, SEB Asset 5/9/14 iZettle AB Series C $55.1 POS Management, Zouk

5/8/14 BitPay, Inc. Series A $30.0 AME Cloud, Felicis, Horizon, Index, RRE, Founders Fund, TTV BitCoin

Balderton, Foundation, Goldman Sachs, Ignition, JPMP, Norwest, 5/8/14 Motif Investing Inc. NA $35.0 Online Brokerage Wicklow BlueRun, Lumia Capital, Mohr Davidow, SoftBank Capital, 5/5/14 Kabbage Inc. Series D $50.0 Online Lending TCW/Craton, Thomvest, UPS Strategic Enterprise Francisco Partners, Institutional Venture Partners, Phenomen 5/1/14 Prosper Marketplace, Inc. NA $70.0 P2P Lending Ventures

4/30/14 PunchTab, Inc. NA $6.3 Mohr Davidow Ventures Loyalty

4/28/14 OurCrowd Ltd. Series B $25.0 Undisclosed Crowdfunding

4/24/14 2Checkout.com, Inc. NA $60.0 Chicago Growth Partners, Trident Capital Merchant Processing

Notes: 24 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

4/24/14 ShopKeep POS Inc Series C $25.0 Canaan, Contour, Thayer Street, Tribeca, TTV POS

4/24/14 Ondot Systems, Inc. NA $18.0 Undisclosed Card Monitoring

4/23/14 freee K.K. Series B $8.0 DCM, Infinity Venture Partners Accounting Software

4/16/14 LendingClub Corporation Series F $65.0 BlackRock, Sands Capital Management, T.Rowe Price, Wellington P2P Lending

4/15/14 The Currency Cloud Series B $10.0 Anthemis, Atlas, Notion, SVB, Xange Cross-Border Payments

4/11/14 CrowdRise, Inc. NA $23.0 Bezos, CAA, Index, RatPac-Dune, Spark, Union Square Crowdfunding

4/10/14 Fundbox Inc. Series A $17.5 Khosla, SV Angel SMB Online Lending

4/1/14 Buzz Points NA $19.0 Lead Edge Capital Loyalty / Rewards

3/28/14 Smartfin Series B $5.0 Almaz Capital, ESN Group, InVenture Partners Merchant Acquiring / Mobile

3/26/14 Mobile Embrace Limited NA $11.0 Undisclosed Prepaid

Accel, Breyer, Fenway Summer, General Catalyst, Oak Investment 3/26/14 Circle Internet Financial, Inc. Series B $17.0 Digital Currency Partners, Pantera Capital Baseline, DCM, Discovery Capital Management, Innovation 3/25/14 Social Finance, Inc. Series C $80.0 Student Lending Endeavors, Renren, Wicklow Capital

3/25/14 Vend Limited Series B $20.0 Point Nine, Square Peg, Valar Ventures POS Software

3/14/14 Klarna AB NA $122.2 Atomico, General Atlantic, Sequoia Mobile Commerce

3/13/14 Xapo Inc. First Round $20.0 Benchmark, Fortress, Ribbit BitCoin Wallet

3/11/14 ThreatMetrix Inc. Series E $20.0 Adams Street, August, CM Capital, Tenaya, U.S. Venture Partners Fraud Protection

3/11/14 WorldRemit Ltd Series A $40.0 Accel Remittance

Greycroft, eVentures, Frontier, ACCION, KRW Schindler, Digital 3/11/14 Azimo Ltd Series A $10.0 Remittance Ventures, TA Venture

3/7/14 Calpian, Inc. Series C $5.0 Craig Hall Merchant Processing

Notes: 25 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

3/6/14 SocietyOne Australia Pty. Ltd. Series A $8.5 Global Founders, Reinventure P2P Lending

3/5/14 Payoneer, Inc. Series D $25.0 Susquehanna Growth Equity, Vintage, Greylock Israel, Carmel International Payments

3/4/14 Auction.com, LLC NA $50.0 Google Capital Real Estate Commerce

3/4/14 Borro Limited NA $111.7 Victory Park Capital Advisors Online Lending (Pawn)

Tiger Global, First Round, Google Ventures, Industry Ventures, 2/27/14 OnDeck NA $77.0 Online Lending Institutional Venture Partners, RRE, SAP Ventures

2/25/14 Tradeshift Inc. Series C $75.0 Scentan Ventures Supply Chain Software

2/21/14 Ezetap Series B $8.0 Berggruen Holdings, Helion, The Social+Capital Partnership POS

2/19/14 mCash Series A $7.0 Entrée Capital, Northzone Ventures Mobile

2/19/14 ZenPayroll Series A $20.0 General Catalyst, Kleiner Perkins Caufeld & Byers Payroll

2/11/14 SpendSmart Payments NA $15.0 Undisclosed Prepaid

2/11/14 nCino, LLC NA $11.0 Wellington Management Company Banking Software

12/6/13 PayNearMe Inc. Series E $20.0 GSV, Khosla, Maveron, True Ventures, August Cash Network

2/5/14 Tapingo Ltd. Series B $10.5 Carmel, Khosla eCommerce

2/3/14 Klarna AB 6.8% Stake $71.7 Undisclosed Mobile Commerce

1/30/14 Powa Technologies Limited Series A $76.0 Wellington Management Company eCommerce

1/29/14 Zopa Limited Series C $24.7 Arrowgrass Capital Partners P2P

1/28/14 GoCardless Ltd. Series B $7.0 Accel, Balderton, Passion Capital Direct Debit

1/23/14 Stripe, Inc. Series C $80.0 Allen & Company, Khosla, Sequoia, Founders Fund Mobile

1/22/14 QFPay Series B $16.5 Undisclosed Merchant Processing

Notes: 26 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

1/16/14 WePay, Inc. Series C $15.0 August, Continental, Highland, Ignition Crowdfunding

1/14/14 Bank Bazaar Series B $13.0 Sequoia India, Walden Online Lending

1/13/14 Lending Works Ltd NA $5.8 David Kyte P2P

1/9/14 Iwoca Ltd NA $8.2 Redline, Global Founders Online Lending

1/8/14 CAN Capital, Inc. Series C $33.0 MeriTech Capital, Accel, Ribbit, QED Online Lending

1/7/14 RENREN DAI Business Consulting Series A $130.0 TrustBridge Partners Card Manufacturing

12/31/13 Festival Transaction Services, Inc. NA $8.5 Reverence Capital Partners Merchant Processing

12/23/13 Shanghai DianRong Financial Services NA $12.0 Northern Light Venture P2P Lending

12/23/13 Thames Card Technology Ltd. NA $5.2 Business Growth Fund plc Card Manufacturing

Bezos Expeditions, Founder's Co-op, QED, TomorrowVentures, 12/20/13 Remitly, Inc. Series A $5.5 Remittance Trilogy

12/13/13 peerTransfer Education Corporation NA $6.3 Maveron, QED, Spark Capital Partners Money Transfer

12/13/13 QuickPay Corp. (nka:LocoMobi, Inc.) NA $5.5 Ecomobilite, Fontinalis, IncWell Mobile

12/12/13 Coinbase, Inc. Series B $25.0 Andreessen Horowitz, Ribbit, Union Square Bitcoin

12/12/13 Zafin Labs Technologies Ltd NA $5.0 Beedie Capital Partners Banking Software

12/12/13 Loop Series A $10.0 Undisclosed Mobile

12/10/13 PaeDae, Inc. (nka:The Mobile Majority) NA $11.6 Silicon Valley Bank Marketing / Offers

12/9/13 Citrus Payment Solutions Series B $5.5 Beenos Asia, econtext Asia, Sequoia Cap India eCommerce

12/4/13 Proxama NA $14.1 Undisclosed Mobile

12/3/13 Tradeshift Inc. NA $57.4 Undisclosed Invoicing Software

Notes: 27 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

11/27/13 Mozido, LLC NA $70.0 Atlanticus Holdings, Brentwood Investments, TomorrowVentures Mobile

11/25/13 Norse Corporation Series A $10.0 Oak Investment Partners Fraud Prevention

11/19/13 Index Inc. Series A $7.0 819, Alberta Investment, Innovation Endeavors, Khosla Loyalty

11/19/13 FinanceIt Series A $13.0 Inter-Atlantic Group, Second City Capital, TTV Capital Consumer Lending

Battery, DAG, Draper Fisher Jurvetson, Greylock, Index, 11/18/13 Yub, Inc. NA $12.0 Loyalty QuestionMark, T. Rowe Price, Visa

11/12/13 LoanLogics, Inc. NA $11.2 Volition Capital Mortgage Technology

11/12/13 LendingClub Corporation NA $57.0 Coatue Management, L.L.C. ; DST Global Online Lending

11/12/13 LendUp Series A $14.0 Data Collective, Google Ventures Online Lending

11/7/13 CardCash Inc. NA $6.0 Guggenheim Partners Gift Cards

11/6/13 Loop Commerce, Inc. Series A $7.0 Novel TMT Ventures Limited eCommerce

10/31/13 Circle Internet Financial, Inc. Series A $9.0 Accel Partners, General Catalyst Partners Bitcoin

Digicel Group Limited, Storm Ventures, SVG Partners, True 10/25/13 Flint Mobile, Inc. Series B $6.0 Mobile POS Ventures Accel Partners, Index Ventures, Ribbit Capital, Union Square 10/18/13 Funding Circle Ltd. Series C $37.0 Online Lending Ventures Heartland Payment Systems, Morgan Creek Capital Management, 10/3/13 TabbedOut Series B $7.8 POS New Enterprise Associates

10/1/13 Ingo Money, Inc. NA $8.4 Camden Partners Prepaid

9/27/13 Cozy Services Ltd. NA $5.0 General Catalyst Partners, The Social+Capital Partnership Issuer

9/19/13 Deem NA $98.2 NA eCommerce / Offers

9/9/13 MokiMobility, Inc. NA $7.1 Allegis Capital, EPIC Ventures, Pelion Venture Partners, Plus550 Mobile

9/4/13 CommonBond, Inc. NA $100.0 The Social+Capital Partnership, Tribeca Venture Partners P2P

Notes: 28 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

Grade-A Investments, Karlin Ventures, The Social+Capital 8/31/13 Gyft, Inc. Series A $5.0 Mobile Gift Cards Partnership

8/27/13 Credorax Inc. NA $40.0 FTV Capital Merchant Acquiring

General Catalyst Partners, North Bridge Venture Partners, Stage 1 8/26/13 Paydiant, Inc. NA $20.5 Mobile Ventures

8/25/13 Yellowpepper Holding Corp. Series C $15.0 International Finance Corporation, LatinIdea Ventures Mobile Banking

8/22/13 JetPay Corporation Series A $40.0 Flexpoint Ford Merchant Processing

7 Ventures, Andreessen Horowitz, Cisco Systems, DAG Ventures, 8/15/13 Belly Inc. Series B $15.0 Marketing / Offers Lightbank, New Enterprise Associates

8/9/13 Genesis Financial Solutions, Inc. NA $40.0 NA Lending

DAG Ventures, Klaus Hommels Capital, Matrix Partners, TELUS 8/8/13 Taulia Inc. Series C $18.0 AR Solutions Ventures, Trinity Ventures

8/5/13 Clutch Holdings, LLC Series B $5.3 Atomico, GSR, SMIT Corp Mobile

7/26/13 Avant Credit Corporation Series B $40.0 August Capital, Victory Park Capital Advisors Online Lending

7/26/13 Tradescape, Inc. NA $11.4 NA SaaS / Billing

7/25/13 iBoxpay International Inc Series B $9.8 Atomico, GSR, SMIT Corp Merchant Acquiring

Notes: 29 Source: CapitalIQ, DowJones Venture Source. IV. Securities / Capital Markets / Data & Analytics 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 7/25/14 Low High Value Debt Value CY 14E CY 15E CY 14E CY 15E CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Exchanges - Americas CME Group Inc. $75.05 $66.44 $84.71 $25,201 $982 $26,183 8.6x 7.9x 13.5x 11.9x 23.1x 20.1x 12.6% 1.6 10.1% 8.2% IntercontinentalExchange Group, Inc. 196.74 174.90 229.50 22,656 3,860 26,516 8.2 8.0 14.0 12.0 21.7 17.1 16.0% 1.1 2.7% 164.8% BM&F Bovespa SA 5.90 4.08 5.99 10,909 (196) 10,713 11.6 10.4 17.5 15.5 17.9 16.3 16.3% 1.0 11.4% (15.7%) The Nasdaq OMX Group, Inc. 42.36 29.51 42.58 7,230 1,891 9,121 4.3 4.2 9.3 8.5 14.6 12.9 13.3% 1.0 4.6% 6.3% CBOE Holdings, Inc. 48.83 44.44 59.28 4,199 (199) 3,999 6.7 6.2 11.6 10.4 22.7 20.0 13.8% 1.4 8.6% 10.6% TMX Group Limited 52.51 39.50 56.81 2,851 950 3,801 5.6 5.3 10.9 10.1 13.6 12.4 NA NA 6.3% (3.5%) Bolsa Mexicana de Valores SAB de CV 2.16 1.77 2.85 1,282 (132) 1,150 6.4 5.9 13.9 12.6 22.3 20.1 10.0% 2.0 7.6% (2.4%)

Mean 7.4x 6.8x 13.0x 11.6x 19.4x 17.0x 13.7% 1.3 7.3% 24.0% Median 6.7 6.2 13.5 11.9 21.7 17.1 13.6% 1.3 7.6% 6.3%

Exchanges - Asia Hong Kong Exchanges & Clearing Limited $21.08 $14.55 $21.16 $24,570 ($6,045) $18,525 14.4x 12.2x 20.8x 16.7x 37.1x 29.2x 11.3% 2.6 18.1% 5.2% ASX Limited 34.06 31.98 35.70 6,594 (4,536) 2,058 3.2 3.0 4.3 4.0 18.1 17.0 5.7% 3.0 5.6% (10.0%) Singapore Exchange Limited 5.73 5.37 6.20 6,128 (578) 5,550 10.1 8.9 16.7 14.0 24.1 20.2 12.5% 1.6 13.6% (14.3%) Bursa Malaysia Bhd 2.58 2.17 2.67 1,375 (349) 1,026 6.5 6.1 10.7 10.1 22.5 20.9 12.0% 1.7 7.8% (7.5%)

Mean 8.6x 7.5x 13.1x 11.2x 25.4x 21.8x 10.4% 2.2 11.3% (6.6%) Median 8.3 7.5 13.7 12.0 23.3 20.5 11.6% 2.2 10.7% (8.7%)

Exchanges - Europe Deutsche Boerse AG $72.53 $69.93 $85.00 $13,353 $1,177 $14,531 4.6x 4.6x 10.1x 9.1x 14.3x 13.1x 8.8% 1.5 0.9% 5.1% London Stock Exchange Group plc 32.89 25.47 34.84 8,938 520 9,458 4.5 4.4 9.2 8.0 17.5 15.2 6.1% 2.5 1.4% 63.2% Bolsas y Mercados Españoles 46.74 26.63 48.61 3,892 (435) 3,458 7.7 7.5 11.0 10.7 17.9 17.3 4.6% 3.8 2.2% 26.8%

JSE Limited 9.38 7.21 10.17 802 (1) (128) 674 NA NA NA NA NA NA NA NA NA (11.6%) Hellenic Exchanges - Athens Stock Exchange S.A. Holding10.73 7.40 12.79 701 (237) 465 6.4 5.8 10.3 8.8 20.2 17.6 31.9% 0.6 10.3% 23.9% GPW 11.88 11.26 14.62 499 (37) 462 4.6 4.3 8.9 8.1 13.0 11.6 NA NA 7.3% 17.5%

Mean 5.5x 5.3x 9.9x 8.9x 16.6x 15.0x 12.9% 2.1 4.4% 20.8% Median 4.6 4.6 10.1 8.8 17.5 15.2 7.5% 2.0 2.2% 20.7%

Notes: 31 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 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 7/25/14 Low High Value Debt Value CY 14E CY 15E CY 14E CY 15E CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Investment Services, Software, & Technology SEI Investments Co. $35.76 $29.31 $36.30 $5,998 ($532) $5,466 4.3x 4.0x 9.9x 10.3x 19.2x 18.0x 12.0% 1.5 7.5% 16.1% Broadridge Financial Solutions, Inc. 41.41 28.38 42.32 4,997 280 5,277 2.0 1.9 9.6 8.6 18.9 15.4 13.0% 1.2 5.9% 5.1% DST Systems Inc. 93.37 68.80 99.89 3,707 588 4,295 2.1 1.8 9.4 8.8 18.2 16.0 NA NA 16.2% 3.4% SS&C Technologies Holdings, Inc. 43.46 33.20 46.61 3,603 651 4,255 5.5 5.2 13.3 12.4 18.9 17.5 14.1% 1.2 7.4% 7.3% TIBCO Software Inc. 19.69 18.20 27.15 3,262 (33) 3,229 3.0 2.8 13.8 12.0 24.4 20.5 11.8% 1.7 5.7% 2.6% Financial Engines, Inc. 36.97 36.47 71.08 1,902 (259) 1,643 5.8 4.9 16.9 14.0 40.3 32.4 30.0% 1.1 18.9% 22.3% Advent Software, Inc. 31.29 25.42 36.11 1,610 239 1,849 4.6 4.4 13.6 12.5 22.6 20.6 13.0% 1.6 6.4% 4.4% Envestnet, Inc. 44.94 24.58 50.38 1,530 (53) 1,478 4.4 3.6 27.8 19.7 60.5 42.4 26.8% 1.6 21.8% 68.4%

Mean 4.0x 3.6x 14.3x 12.3x 27.9x 22.8x 17.2% 1.4 11.2% 16.2% Median 4.3 3.8 13.4 12.2 20.9 19.3 13.0% 1.5 7.4% 6.2%

Financial Data, Content, & Analytics Thomson Reuters Corporation $36.89 $32.87 $38.73 $29,807 $7,344 $37,151 2.9x 2.9x 10.9x 10.0x 19.5x 16.6x 10.7% 1.6 2.1% (1.4%) McGraw Hill Financial, Inc. 81.87 58.23 84.81 22,285 (818) 21,467 4.2 3.9 11.2 10.2 21.5 19.0 15.1% 1.3 6.9% 7.7% Moody's Corporation 91.62 62.95 95.00 19,350 145 19,495 5.9 5.6 12.7 11.9 22.9 20.3 13.5% 1.5 5.9% 15.5% Verisk Analytics, Inc. 62.97 56.37 69.09 10,478 844 11,322 6.4 5.8 13.9 12.5 26.2 23.0 12.3% 1.9 11.3% 8.7% MSCI Inc. 46.80 34.73 47.42 5,462 542 6,004 6.0 5.5 14.3 13.0 23.0 19.9 11.3% 1.8 9.2% 9.2% FactSet Research Systems Inc. 122.34 101.07 123.21 5,147 (134) 5,013 5.4 5.0 14.4 13.2 21.8 19.8 11.8% 1.7 7.6% 8.0% Dun & Bradstreet Corp. 111.57 94.29 124.59 4,130 1,246 5,375 3.2 3.1 10.3 9.8 15.0 14.1 7.5% 1.9 2.6% 0.2% Morningstar Inc. 66.49 66.30 85.97 2,974 (221) 2,753 3.7 3.4 12.9 11.0 27.3 21.2 15.0% 1.4 7.5% 8.0% Bankrate, Inc. 17.43 14.44 23.14 1,826 53 1,879 3.4 3.1 12.7 11.1 25.5 21.1 20.7% 1.0 11.6% 25.8%

Mean 4.6x 4.2x 12.6x 11.4x 22.5x 19.5x 13.1% 1.6 7.2% 9.1% Median 4.2 3.9 12.7 11.1 22.9 19.9 12.3% 1.6 7.5% 8.0%

Online Broker Dealers The Charles Schwab Corporation (1) $27.50 $20.44 $29.13 $35,781 $0 $35,781 6.0x 5.3x 15.3x 12.7x 28.5x 23.4x 21.0% 1.1 12.2% 10.5% TD Ameritrade Holding Corporation (1) 31.13 25.19 35.82 17,170 $1,191 18,361 5.8 5.3 12.4 10.5 22.0 17.9 17.8% 1.0 11.1% 5.3% E*TRADE Financial Corporation (1) 20.38 13.93 25.58 5,877 $10,545 16,422 9.3 9.0 23.9 23.4 20.1 18.0 25.4% 0.7 2.6% 8.7% Interactive Brokers Group, Inc.(1) 22.63 16.05 25.03 1,237 $2,948 4,185 3.3 2.9 5.2 4.7 20.5 19.2 10.7% 1.8 10.8% 8.9% FXCM Inc.(1) 13.97 12.41 19.97 1,067 $207 1,274 3.1 2.5 14.4 8.0 66.4 19.5 17.4% 1.1 24.3% (8.7%) GAIN Capital Holdings, Inc. 6.53 5.20 14.62 262 (106) 156 0.6 0.5 4.0 2.2 17.8 7.4 16.5% 0.4 17.8% 51.7%

Mean 4.7x 4.3x 12.5x 10.2x 29.2x 17.6x 18.1% 1.0 13.1% 12.7% Median 4.6 4.1 13.4 9.2 21.3 18.6 17.6% 1.1 11.7% 8.8%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 32 (1) Enterprise Value and Net Debt exclude Cash. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months

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

7/11/14 Forexware, LLC Boston Technologies, Inc. Shareholder Services NA NA

7/15/14 Equity Administration Solutions, Inc. Option Admin, Inc. FX NA NA

7/9/14 Bloomberg Inc. RTS Realtime Systems AG Trading Platform NA NA

7/8/14 NASDAQ OMX TruEquity Shareholder Software NA NA

7/1/14 Cinnober Financial Technology AB Markit Group Limited, BOAT Trade Reporting Service Compliance Software NA NA

7/1/14 Thomson Reuters Corporation UBS AG, UBS Convertible Indices Indices NA NA

6/30/14 NinjaTrader, LLC Mirus Futures, Inc. Trading Platform NA NA

6/30/14 Miles Software Solutions Pvt. Ltd. Beans & Intellect Financial Technology Private Limited Trading Software NA NA

6/27/14 MSCI ESG Research Inc. Governance Holdings Co. Ratings $15 NA

6/26/14 London Stock Exchange Group plc Frank Russell Company Indices $2,700 1.7x

6/23/14 ULLINK SAS NYFIX, Inc. Trading Platform NA NA

6/20/14 Genstar Capital, LLC; Genstar Capital Partners VI LP Asset International, Inc. Data & Analytics NA NA

6/19/14 Moody's Singapore Pte. Ltd. ICRA Limited Ratings $399 8.3x

6/18/14 SR Labs, Inc. Wombat Financial Software Software NA NA

6/11/14 REDI Holdings, LLC InstaQuote Business Data & Analytics NA NA

6/3/14 Heritage Global Inc. National Loan Exchange Inc. Receivables Exchange $7 NA

5/29/14 Morningstar Inc. HelloWallet Personal Financial Management NA NA

5/29/14 North Street Global Fund Services, LLC Hedge Solutions, Inc. Risk & Analytics NA NA

5/27/14 Intuit Inc. Check, Inc. Personal Financial Management $360 NA

5/27/14 AST Fund Solutions, LLC D.F. King & Co., Inc. Shareholder Services NA NA

Notes: 33 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 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

5/27/14 General Atlantic LLC OM Securities & OptionsHouse Trading Platform NA NA

5/23/14 Centurion Investments Travelex Holdings Limited FX NA NA

Stake in Boston Technologies, Inc. and Boston Prime 5/16/14 CFH Group A/S Brokerage Platform NA NA Limited

5/14/14 BSE Ltd. United Stock Exchange of India Limited Exchanges NA NA

5/8/14 TransUnion Corp. Credit Information Bureau (India) Ltd. Bureau NA NA

5/8/14 Momentum Global Investment Management Limited YourWealth.co.uk Personal Financial Management NA NA

5/7/14 Forex Capital Markets LLC FXDirectDealer, LLC, U.S. Retail Forex Accounts FX NA NA

5/5/14 FIS Wealth Management Services, Inc. Reliance Financial Corporation Wealth Management $110 NA

5/1/14 BGC Partners, Inc. Remate Lince S.A.P.I. de C.V. Brokerage NA NA

5/1/14 Professional Trading Solutions, Inc. Sterling Trader, Inc. Trading Platform NA NA

4/29/14 Affiliated Managers Group Inc. Veritas Asset Management LLP Asset Management NA NA

4/23/14 Clearstream International S.A. Citco Global Securities Services Limited Hedge Fund Processing NA NA

4/16/14 Dough (nka:dough, Inc.) tastytrade, Inc. Trading Platform NA NA

Goldman Sachs Group, Merchant Banking Division; 4/14/14 Ipreo Holdings LLC Risk & Analytics NA NA The Blackstone Group L.P.

4/14/14 Taxware, LP VAT Resource B.V. Tax Software NA NA

4/8/14 FTSE TMX Global Debt Capital Markets MTS S.p.A, Indices Business Indexes NA NA

4/8/14 Associated Foreign Exchange, Inc. Jameson Bank Foreign Exchange NA NA

4/4/14 Advantage Futures LLC Institutional Liquidity, LLC, Futures Accounts Trading Platform NA NA

4/4/14 Pico Quantitative Trading, LLC SpryWare LLC (nka:Pico Technology Solutions) Trading Data NA NA

4/2/14 Bloomberg UBS Australia Bond Indexes Indexes NA NA

Notes: 34 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 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

4/1/14 FolioDynamix, Inc. GlobalBridge, Inc. Personal Financial Management NA NA

4/1/14 Morningstar Inc. ByAllAccounts, Inc. Analytics $28 NA

4/1/14 Computershare Canada Inc. SG Vestia Systems Inc. Shareholder Administration NA NA

3/18/14 Vestar Capital Partners Institutional Shareholder Services Inc. Shareholder Services $367 NA

3/18/14 Liquidnet Holdings, Inc. Vega-Chi Limited Trading Platform NA NA

3/14/14 Fitch Group, Inc. Business Monitor International Ltd Data & Analytics NA NA

3/6/14 London Stock Exchange (LSE:LSE) Bonds.com Group, Inc. Exchanges NA NA

3/4/14 HgCapital ULLINK SAS Trading Software NA NA

2/24/14 The Bank of New York Mellon Corporation Hedgemark International, LLC Hedge Fund Analytics NA NA

2/17/14 FEXCO InterCash Bureau de Change Foreign Exchange NA NA

2/3/14 The Conifer Group, LLC Vastardis Fund Services LLC Fund Administration NA NA

1/21/14 Fabrikant.ru Ltd. CJSC MICEX-Information Technologies Exchanges $13 NA

1/16/14 RCS Capital Corporation Cetera Financial Holdings, Inc. Personal Financial Management $1,150 1.1x

1/14/14 Financial Machineries Data Contributions Data & Analytics NA NA

1/13/14 European Energy Exchange AG Cleartrade Exchange Pte. Ltd. Exchanges $24 NA

1/3/14 Eurex Zürich AG Taiwan Futures Exchange Corporation Exchanges $940 NA

1/3/14 Wolters Kluwer Financial Services, Inc. Financial Tools, Inc. Risk & Analytics NA NA

12/24/13 Qkos Services Ltd. ZeroBlock, LLC Data & Analytics NA NA

12/18/13 Optimal Blue, LLC LoanSifter, Inc. Risk & Analytics NA NA

12/11/13 Moody's Amba Investment Services Risk & Analytics NA NA

Notes: 35 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 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

12/2/13 Wipro Ltd. Opus Capital Markets Consultants, LLC Risk & Analytics $75 NA

11/20/13 U.S. Bancorp Fund Services, LLC Quintillion Limited Fund Administration NA NA

11/19/13 ICE Singapore Holdings Pte. Ltd. Singapore Mercantile Exchange Pte Ltd. Exchanges $150 NA

10/24/13 Deutsche Boerse AG Global Markets Exchange Group International LLP Trading Platform NA NA

10/15/13 TransUnion Corp. TLO, LLC Risk & Analytics $154 12.7x

10/8/13 eFront Société Anonyme AnalytX, Inc. Exchanges NA NA

9/12/13 Tradeweb Markets LLC BondDesk Group LLC Software NA NA

8/26/13 BATS Global Markets, Inc. Direct Edge Holdings LLC Exchange NA NA

8/8/13 Intuit Inc. GoodApril, Inc. Personal Financial Management $20 NA

8/6/13 IRESS Limited Avelo FS Holdings Limited Financial Software $320 3.8x

Notes: 36 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Selected Recent Equity Financings – Trailing 12 Months

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

7/20/14 Multi Commodity Exchange of India Ltd 15% Stake $76.0 Kotak Mahindra Bank Limited Exchanges

7/18/14 dough, Inc. NA $25.0 TCV Personal Financial Management

6/25/14 Nutmeg Saving and Investment Limited Series B $32.0 Balderton, Shroders plc Personal Financial Management

6/5/14 Wikinvest Series C $10.0 Undisclosed Personal Financial Management

Lang & Schwarz, Michael Grabner Media, Speed Invest, VBH 6/5/14 wikifolio Financial Technologies GmbH Series B $8.2 Alternative Investing Ventures

5/28/14 DemystData Ltd Series A $5.0 Accion, ARBOR, Notion Capital, SingTel Innov8 Risk & Analytics

5/14/14 FutureAdvisor Series B $15.5 Canvas, Morgenthaler, Sequoia, Y Combinator Personal Financial Management

5/13/14 Addepar, LLC Series C $50.0 Formation8 Partners, Valor Equity Partners Analytics

National Commodity and Derivatives 5/9/14 NA $11.1 Undisclosed Exchanges Exchange

4/15/14 AngelList NA $25.0 Cendana Capital, Makena Capital, Venture Investment Associates Angel Investing

4/14/14 LearnVest, Inc. NA $28.0 Accel, American Express Ventures, Northwestern Mutual Personal Financial Management

Anthemis, Bessemer, Citi Ventures, Globespan Capital, Menlo, 4/1/14 Betterment LLC Series C $32.0 Personal Financial Management Northwestern Mutual

4/1/14 Wealthfront Inc. Series C $35.0 DAG, Greylock, Index, Ribbit, The Social+Capital Partnership Personal Financial Management

3/25/14 Payward, Inc. Series A $5.0 Hummingbird Ventures Trading Platform

3/21/14 Financial Insight Technology, Inc. Series A $5.2 Javelin Venture Partners, SV Angel Financial Literacy

3/15/14 Realty Mogul, Co. Series A $9.1 Canaan Partners Crowdfunding

3/12/14 Credit Karma, Inc. Third Round $85.0 Google Capital, Ribbit, Susquehanna, Tiger Global Personal Financial Management

2/28/14 CircleUp Network, Inc. Series B $14.0 Canaan, Google Ventures, Maveron, Rose Park, Union Square Crowdfunding

2/28/14 Acorns Series B $8.3 Jacobs Asset Management Personal Financial Management

Notes: 37 Source: CapitalIQ, DowJones Venture Source. Securities / Capital Markets / Data & Analytics Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

12/31/13 OKCoin.com Inc. Series A $10.0 Ceyuan, Manda Capital, VenturesLab BitCoin Exchange

10/10/13 Level Money, Inc. Series A $5.0 Kleiner, Perkins, Caufield & Byers Personal Financial Management

9/16/13 Ebury Partners UK Limited NA $5.6 Envestors Limited FX Brokerage

8/21/13 Check, Inc. NA $24.0 Menlo Ventures, Morgenthaler, Pitango Venture Capital Personal Financial Management

Clarium Capital, Eastward Capital, Kensington Capital, Lightspeed, 7/31/13 ZestFinance, Inc. Series C $20.0 Risk & Analytics Matrix Partners, Northgate Capital

Notes: 38 Source: CapitalIQ, DowJones Venture Source. V. Healthcare / Insurance 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 7/25/14 Low High Value Debt Value CY 14E CY 15E CY 14E CY 15E CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Healthcare / Insurance Technology Verisk Analytics, Inc. $62.97 $56.37 $69.09 $10,478 $844 $11,322 6.4x 5.8x 13.9x 12.5x 26.2x 23.0x 12.3% 1.9 11.3% 8.7% IMS Health Holdings, Inc. 26.91 21.63 27.64 8,932 3,704 12,636 4.7 4.4 14.4 12.9 19.2 16.5 11.8% 1.4 6.8% 8.0% Solera Holdings Inc. 65.38 50.39 71.15 4,498 963 5,461 5.1 4.7 12.0 11.4 20.5 18.6 10.8% 1.7 6.8% 22.3% athenahealth, Inc. 132.04 97.30 206.70 5,013 107 5,120 6.9 5.5 38.2 31.1 NM 98.7 22.2% 4.5 23.7% 27.1% Guidewire Software, Inc. 39.05 33.66 58.00 2,677 (430) 2,247 6.2 5.6 35.8 32.7 76.5 70.0 15.0% 4.7 10.7% 20.2% Ebix Inc. 12.72 8.31 17.95 488 (4) 484 2.3 2.2 5.7 5.4 8.3 7.9 20.0% 0.4 3.8% (2.2%) Crawford & Company 9.24 7.14 12.22 508 138 646 0.5 0.5 5.6 4.8 11.1 9.3 9.0% 1.0 4.2% (3.8%) Polaris Financial Technology Limited 3.65 1.62 4.44 364 (100) 265 0.6 0.6 4.8 4.5 11.5 8.9 13.6% 0.7 10.0% 1.7% Symbility Solutions Inc. 0.27 0.22 0.47 56 (16) 40 1.5 1.8 15.9 NM NM NM NA NA (16.7%) 33.1%

Mean 3.8x 3.5x 16.3x 14.4x 24.8x 31.6x 14.3% 2.0 6.7% 12.8% Median 4.7 4.4 13.9 11.9 19.2 17.6 12.9% 1.6 6.8% 8.7%

Notes: 40 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.