Financial Technology Sector Summary

March 9, 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. Healthcare /

2

Financial Technology Sector Summary

I. GCA Savvian Overview

3 Financial Technology Sector Summary GCA Savvian Overview Financial Technology Team

New York Tokyo San Francisco

th 48 Dover Street 11-1 Marunouchi 1-chome 150 California St., Ste. 2300 640 Fifth Avenue, 10 Fl. London W1S 4FF Chiyoda-ku, Tokyo 100-6230 San Francisco, CA 94111 , NY 10019 United Kingdom Japan (415) 318-3600 (212) 999-7090 +44 (0) 207 038-3200 +81 (3) 6212-7100

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

Phone: (212) 999-7077 Phone: (212) 999-7074 Phone: (212) 999-7089 Phone: (212) 999-7097 Phone: (415) 318-3661 Mobile: (917) 364-6230 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]

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

Phone: (212) 999-7075 Phone: +81 (3) 6212-7186 Phone: (212) 537-4534 Phone: +44 (0) 207 038-3216 Phone: (212) 999-7079 Phone: (212) 537-4532 Mobile: (973) 229-0436 Mobile: +81 (80) 9022-1567 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] [email protected]

4 Financial Technology Sector Summary

II. Market Summary

5 Financial Technology Sector Summary Market Summary Industry Stock Market Performance

Last 12 Months Last 3 Months

120 105

115 100

110 95

105 90

100

85

95

80

90

75 85

70 80

75 65 3/4/15 4/3/15 5/4/15 6/3/15 7/3/15 8/3/15 9/2/15 10/2/15 11/2/15 12/2/15 1/1/16 2/1/16 3/2/16 12/4/15 12/13/15 12/21/15 12/29/15 1/6/16 1/14/16 1/22/16 1/31/16 2/8/16 2/16/16 2/24/16 3/3/16

(3) (4) (1) (2) Financial Data, Content, Information Processors / Payments Exchanges & Analytics Credit Bureaus

(5) Banking & Lending (6) Services, (7) Healthcare / Insurance (8) Online Dealers Technology Software, & Technology Technology

Notes: (1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, EEFT, ENXTPA: EDEN, FDC, FLT, GDOT, GPN, HPY, MA, MGI, ONE, OUTR, PYPL, PAR, SQ, 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 Price / Earnings Multiples and PEG Ratios

2016E Price / Earnings Multiples 2016E PE / Growth (“PEG” Ratio)

Banking and Lending Technology 23.9x Financial Data, Content, & Analytics 1.8

Information Processors / Credit Bureaus 19.6x Exchanges 1.8

Financial Data, Content, & Analytics 18.8x Information Processors / Credit Bureaus 1.7

Investment Services, Software, & 18.8x Healthcare / Insurance Technology 1.6 Technology

Healthcare / Insurance Technology 17.6x Banking and Lending Technology 1.6

Investment Services, Software, & 1.3 Exchanges 16.9x Technology

Online Broker Dealers 16.8x Online Broker Dealers 1.0

Payments 14.6x Payments 1.0

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

Notes: 7 Numbers represent medians of sub-sectors. Details available in later pages. Financial Technology Sector Summary Market Summary Long-Term EPS Growth and LTM EBITDA Margins

Long-Term EPS Growth LTM EBITDA Margins (1)

Online Broker Dealers 17.9% Financial Data, Content, & Analytics 38.7%

Banking and Lending Technology 16.6%

Banking and Lending Technology 28.2%

Investment Services, Software, & Technology 14.5%

Information Processors / Credit Bureaus 27.4% Payments 14.4%

Financial Data, Content, & Analytics 12.9% Healthcare / Insurance Technology 24.9%

Information Processors / Credit Bureaus 11.8%

Payments 21.6%

Healthcare / Insurance Technology 10.2%

Investment Services, Software, & 19.9% Exchanges 9.3% Technology

0% 5% 10% 15% 20% 0% 10% 20% 30% 40% 50%

Notes: Numbers represent medians of sub-sectors. Details available in later pages. 8 (1) Online Broker Dealers and Trading Platforms not material. Financial Technology Sector Summary Market Summary Indexed Price Performance by Sector Last 3 Months 1 Year 3 Years

Banking & Lending Technology (3.3%) 2.0% 57.8%

Information Processors / (5.2%) 3.2% 27.0% Credit Bureaus

Healthcare / Insurance (5.3%) 2.6% 26.6% Technology

Exchanges (7.6%) (1.2%) 25.1%

Financial, Data, Content, & (8.3%) (4.2%) 51.6% Analytics

Payments (9.3%) (4.3%) 43.8%

Investment Services, (15.5%) (7.5%) 66.2% Software, & Technology

Online Broker Dealers (21.4%) (12.5%) 57.2%

(30.0%) (20.0%) (10.0%) 0.0% (15.0%) (10.0%) (5.0%) 0.0% 5.0% 0.0% 20.0% 40.0% 60.0% 80.0%

Notes: 9 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. $177,468 8% 25.7x Blackhawk Network Holdings, Inc. $1,822 (7%) 12.9x MasterCard Incorporated $100,022 (3%) 25.5x Green Dot Corporation $1,128 28% 15.8x Company $56,194 (28%) 10.8x Net 1 Ueps Technologies Inc. $446 (35%) 4.8x PayPal Holdings, Inc. $47,733 NA 26.3x Higher One Holdings, Inc. $197 45% 20.5x Discover $20,101 (18%) 8.8x Sector Average $898 8% 13.5x Sector Average $80,304 (10%) 19.4x LTM Pri ce LTM Pri ce ATM / Kiosks Market Cap. Performance P/E 2016 Merchant Processing Market Cap. Performance P/E 2016 Cardtronics Inc. $1,610 (3%) 11.6x Cielo S.A. $18,115 (3%) 17.2x Outerwall Inc. $560 (49%) 6.1x First Data Corporation $12,220 NA 10.4x Everi Holdings Inc. $219 (52%) 3.5x Worldpay Group plc $8,539 NA 27.1x Sector Average $796 (35%) 7.0x Total System Services, Inc. $8,318 19% 17.3x Vantiv, Inc. $8,219 43% 20.3x LTM Pri ce Global Payments Inc. $8,183 37% 20.2x POS Hardware / Technology Market Cap. Performance P/E 2016 AG $5,261 (3%) 23.2x Square, Inc. $3,995 NA NM Group $6,269 (6%) 19.4x Heartland Payment Systems, Inc. $3,521 91% 28.1x NCR Corporation $3,285 (15%) 9.0x EVERTEC, Inc. $1,026 (37%) 8.3x Systems, Inc. $2,843 (26%) 11.5x Planet Payment, Inc. $154 80% 19.7x PAR Technology Corporation $109 33% NA Sector Average $7,050 28% 19.2x Sector Average $3,127 (3%) 13.3x

LTM Pri ce LTM Pri ce Money Transfer Market Cap. Performance P/E 2016 Banking and Lending Technology Market Cap. Performance P/E 2016

The Western Union Company $9,662 (1%) 11.8x Intuit Inc. $25,472 1% 26.9x Euronet Worldwide, Inc. $3,708 25% 18.3x Fiserv, Inc. $21,661 25% 22.1x Moneygram International Inc. $310 (32%) 6.4x Fidelity National Information Services, Inc. $19,752 (10%) 16.2x Sector Average $4,560 (3%) 12.2x Jack Henry & Associates Inc. $6,482 23% 27.8x LendingClub Corporation $3,425 (55%) 33.4x Temenos Group AG $3,303 42% 24.4x LTM Pri ce DH Corporation $2,997 (6%) 14.2x Closed Loop Market Cap. Performance P/E 2016 Ellie Mae, Inc. $2,547 65% 45.9x Alliance Data Systems Corporation $12,814 (24%) 12.8x ACI Worldwide, Inc. $2,403 0% 48.4x FleetCor Technologies, Inc. $12,784 (11%) 21.1x Black Knight Financial Services, Inc. $2,093 NA 27.4x Edenred SA $4,535 (27%) 20.7x Bottomline Technologies (de), Inc. $1,133 11% 18.4x WEX Inc. $2,927 (29%) 19.1x Q2 Holdings, Inc. $831 2% NM Sector Average $8,265 (23%) 18.4x On Deck Capital, Inc. $563 (50%) NM Performant Financial Corporation $86 (59%) NM Sector Average $6,625 (1%) 27.7x

LTM Pri ce Information Processors / Credit Bureaus Market Cap. Performance P/E 2016 0 Experian plc $16,188 1% 19.0x Equifax Inc. $12,780 14% 21.5x Fair Isaac Corporation $3,177 19% 20.8x Acxiom Corporation $1,668 8% 37.4x Sector Average $8,453 11% 24.7x Notes: 10 Source: CapitalIQ and Wall Street Research. 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. $32,082 (2%) 21.7x Broadridge Financial Solutions, Inc. $6,833 8% 20.1x Intercontinental Exchange, Inc. $28,441 2% 16.9x SEI Co. $6,680 (4%) 21.6x Nasdaq, Inc. $10,643 28% 17.4x SS&C Technologies Holdings, Inc. $6,061 (3%) 19.0x BM&FBOVESPA S.A. $7,144 52% 14.1x DST Systems Inc. $3,678 3% 16.9x CBOE Holdings, Inc. $5,236 9% 24.9x Financial Engines, Inc. $1,708 (34%) 27.8x TMX Group Limited $1,792 (17%) 11.7x Envestnet, Inc. $972 (59%) 23.8x Sector Average $14,223 12% 17.8x Sector Average $4,322 (15%) 21.5x

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 $26,924 (0%) 31.1x Thomson Reuters Corporation $27,940 (8%) 17.7x ASX Limited $6,201 2% 19.4x McGraw Hill Financial, Inc. $25,219 (8%) 18.7x Singapore Exchange Limited $5,932 (5%) 23.4x Moody's Corporation $18,593 (1%) 20.0x Bursa Malaysia Berhad $1,116 3% 21.8x Verisk Analytics, Inc. $12,888 8% 23.4x MSCI Inc. $6,866 25% 25.0x Sector Average $10,043 0% 23.9x FactSet Research Systems Inc. $6,394 0% 22.4x Markit Ltd. $5,132 9% 18.8x LTM Pri ce The Dun & Bradstreet Corporation $3,650 (23%) 13.9x Exchanges - Europe Market Cap. Performance P/E 2016 Morningstar Inc. $3,439 9% 25.4x 0 Bankrate, Inc. $859 (32%) 19.2x Deutsche Boerse AG $15,545 7% 17.2x London Group plc $14,121 19% 22.5x Sector Average $11,098 (2%) 20.5x Bolsas y Mercados Españoles $2,688 (25%) 14.1x JSE Limited $861 23% 13.4x LTM Pri ce GPW $402 (24%) 12.6x Online Broker Dealers Market Cap. Performance P/E 2016 Hellenic Exchanges - Athens Stock Exch. $360 (19%) 20.6x The Charles Schwab Corporation $35,852 (10%) 21.8x Sector Average $5,663 (3%) 16.7x TD Ameritrade Holding Corporation $16,665 (15%) 18.8x E*TRADE Financial Corporation $7,155 (6%) 16.4x LTM Pri ce Interactive Group, Inc. $2,429 17% 24.6x Trading Platforms Market Cap. Performance P/E 2016 GAIN Capital Holdings, Inc. $364 (24%) 8.3x FXCM Inc. $83 (27%) NA MarketAxess Holdings Inc. $4,738 47% 41.6x BGC Partners, Inc. $2,479 2% 10.7x Sector Average $10,425 (11%) 18.0x KCG Holdings, Inc. $1,020 (10%) 12.7x Virtu Financial, Inc. $760 NA 16.1x Investment Technology Group, Inc. $654 (13%) 27.7x INTL FCStone Inc. $515 (6%) 9.8x Sector Average $1,694 4% 19.8x

Notes: 11 Source: CapitalIQ and Wall Street Research. Financial Technology Sector Summary

III. Payments / Banking

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

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 3/4/16 Low High Value Debt Value CY 15E CY 16E CY 15E CY 16E CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ

Networks Visa Inc. $73.90 $60.00 $81.01 $177,468 ($5,468) $172,000 12.2x 11.0x 17.7x 15.9x 28.9x 25.7x 17.0% 1.5 10.9% 5.4% MasterCard Incorporated 90.05 74.61 101.76 100,022 (3,441) 96,581 10.0x 9.3x 17.4x 16.1x 27.1x 25.5x 16.2% 1.6 7.5% 4.4% American Express Company 58.29 50.27 83.54 56,194 30,238 86,432 2.6x 2.7x NM NM 11.0x 10.8x 9.0% 1.2 (1.9%) (7.9%) PayPal Holdings, Inc. 39.04 30.00 42.55 47,733 (3,411) 44,322 4.8x 4.2x 17.7x 15.6x 30.8x 26.3x 16.4% 1.6 15.9% NM Discover Financial Services 48.53 42.86 60.57 20,101 15,168 35,269 4.0x 4.0x NM NM 9.2x 8.8x 4.3% 2.0 2.0% 6.6%

Mean 6.7x 6.2x 17.6x 15.9x 21.4x 19.4x 12.6% 1.6 6.9% 2.1% Median 4.8x 4.2x 17.7x 15.9x 27.1x 25.5x 16.2% 1.6 7.5% 4.9%

Merchant Processing Cielo S.A. $9.63 $7.59 $12.53 $18,115 $3,264 $21,379 7.1x 6.3x 14.9x 13.7x 18.7x 17.2x 13.1% 1.3 13.0% 43.6% First Data Corporation 13.59 8.37 17.99 12,220 19,164 31,384 2.7x 2.6x 11.7x 10.9x 19.8x 10.4x 15.3% 0.7 3.6% 2.1% Worldpay Group plc 4.27 3.41 4.56 8,539 1,749 10,288 7.4x 6.7x 18.2x 16.1x 41.8x 27.1x 31.4% 0.9 10.2% 14.0% Total System Services, Inc. 45.41 37.14 56.69 8,318 1,048 9,366 3.4x 3.2x 11.1x 10.2x 18.3x 17.3x 9.0% 1.9 6.7% 12.9% Vantiv, Inc. 52.86 35.85 54.20 8,219 2,912 11,131 6.7x 6.1x 13.9x 12.6x 23.8x 20.3x 14.3% 1.4 9.5% 16.2% Global Payments Inc. 63.26 43.84 74.64 8,183 1,619 9,801 4.0x 4.4x 16.0x 14.4x 23.3x 20.2x 11.5% 1.8 (8.5%) 3.6% Wirecard AG 42.58 35.12 53.93 5,261 (832) 4,430 5.2x 4.0x 17.8x 13.4x 31.1x 23.2x 29.7% 0.8 29.6% 28.0% Heartland Payment Systems, Inc. 95.16 46.80 96.47 3,521 425 3,946 4.8x 4.4x 17.7x 15.0x 32.9x 28.1x 17.3% 1.6 10.5% 15.5% Square, Inc. 12.01 11.90 14.05 3,995 (174) 3,821 3.1x 2.5x NM NM NM NM 20.0% NM 26.4% 60.6% EVERTEC, Inc. 13.48 11.27 23.12 1,026 637 1,662 4.5x 4.4x 9.0x 9.1x 8.0x 8.3x 16.0% 0.5 1.1% 1.5% Planet Payment, Inc. 2.96 1.45 3.30 154 (14) 140 2.7x 2.4x 12.3x 9.5x 29.6x 19.7x 21.5% 0.9 13.9% 18.3% JetPay Corporation 2.57 2.02 3.47 37 11 48 1.1x 1.1x 12.2x 9.6x NM NM NM NM 6.8% 33.3%

Mean 4.4x 4.0x 14.1x 12.2x 24.7x 19.2x 18.1% 1.2 10.2% 20.8% Median 4.2x 4.2x 13.9x 12.6x 23.5x 20.0x 16.0% 1.1 9.9% 15.8%

Money Transfer The Western Union Company $19.25 $16.02 $22.84 $9,662 $1,902 $11,564 2.1x 2.1x 8.2x 8.5x 11.6x 11.8x 7.9% 1.5 (0.5%) (2.1%) Euronet Worldwide, Inc. 69.88 51.79 82.49 3,708 (34) 3,674 2.0x 1.9x 12.5x 10.7x 21.1x 18.3x 14.7% 1.2 7.7% 1.9% Moneygram International Inc. 5.74 4.68 11.00 310 778 1,089 0.8x 0.7x 4.6x 4.1x 7.2x 6.4x 12.6% 0.5 7.9% 7.8%

Mean 1.6x 1.6x 8.4x 7.8x 13.3x 12.2x 11.7% 1.1 5.0% 2.5% Median 2.0x 1.9x 8.2x 8.5x 11.6x 11.8x 12.6% 1.2 7.7% 1.9%

Closed Loop Alliance Data Systems Corporation $216.22 $176.63 $312.00 $12,814 $16,010 $28,823 4.4x 4.0x 15.1x 14.0x 14.4x 12.8x 13.8% 0.9 10.1% 17.7% FleetCor Technologies, Inc. 138.03 107.56 165.67 12,784 2,490 15,274 9.0x 8.7x 16.6x 15.7x 22.2x 21.1x 16.5% 1.3 3.5% 14.3% Edenred SA 19.88 14.56 27.79 4,535 0 4,535 3.9x 3.8x 10.6x 10.4x 20.4x 20.7x 7.7% 2.7 2.6% (2.2%) WEX Inc. 75.73 54.42 118.97 2,927 916 3,843 4.5x 4.4x 11.5x 12.3x 15.9x 19.1x 15.0% 1.3 2.9% 0.4%

Mean 5.5x 5.2x 13.4x 13.1x 18.2x 18.4x 13.2% 1.5 4.8% 7.6% Median 4.5x 4.2x 13.3x 13.1x 18.2x 19.9x 14.4% 1.3 3.2% 7.3%

Prepaid Blackhawk Network Holdings, Inc. $32.66 $29.91 $48.40 $1,822 ($549) $1,274 0.7x 0.6x 6.6x 5.7x 14.1x 12.9x 18.3% 0.7 16.3% 14.8% Green Dot Corporation 21.84 14.59 21.99 1,128 62 1,189 1.7x 1.7x 7.9x 7.8x 16.6x 15.8x 12.5% 1.3 1.4% (1.4%) Net 1 Ueps Technologies Inc. 9.49 8.44 21.48 446 (43) 403 NA 0.7x NA 2.6x 4.3x 4.8x 10.0% 0.5 NA (2.5%) Higher One Holdings, Inc. 4.10 1.85 4.45 197 11 207 1.0x 1.4x 4.2x 6.8x 9.9x 20.5x NA NA (28.7%) (56.2%)

Mean 1.2x 1.1x 6.2x 5.7x 11.2x 13.5x 13.6% 0.8 (3.7%) (11.3%) Median 1.0x 1.1x 6.6x 6.3x 12.0x 14.3x 12.5% 0.7 1.4% (1.9%)

Notes: 13 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

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 3/4/16 Low High Value Debt Value CY 15E CY 16E CY 15E CY 16E CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ

ATM / Kiosks Cardtronics Inc. $35.63 $28.01 $40.02 $1,610 $549 $2,159 1.8x 1.7x 7.2x 6.8x 12.3x 11.6x 13.5% 0.9 4.7% 6.8% Outerwall Inc. 33.72 24.81 85.26 560 663 1,223 0.6x 0.6x 2.6x 3.5x 4.2x 6.1x 5.7% 1.1 (12.1%) (11.8%) Everi Holdings Inc. 3.32 2.14 8.53 219 1,044 1,263 1.5x 1.5x 6.3x 6.2x 3.9x 3.5x 20.0% 0.2 1.3% 43.5%

Mean 1.3x 1.3x 5.4x 5.5x 6.8x 7.0x 13.1% 0.7 (2.0%) 12.9% Median 1.5x 1.5x 6.3x 6.2x 4.2x 6.1x 13.5% 0.9 1.3% 6.8%

POS Hardware / Technology Ingenico Group $103.25 $95.17 $142.37 $6,269 $278 $6,546 2.7x 2.5x 11.8x 11.4x 19.9x 19.4x 17.1% 1.1 9.9% 25.9% NCR Corporation 24.68 18.02 36.50 3,285 2,927 6,212 1.0x 1.0x 6.3x 6.2x 9.0x 9.0x NA NA (3.5%) (5.0%) VeriFone Systems, Inc. 25.81 20.14 39.25 2,843 590 3,434 1.7x 1.6x 9.4x 8.6x 13.9x 11.5x 15.0% 0.8 5.3% 4.8% PAR Technology Corporation 6.34 3.71 7.53 109 4 113 NA NA NA NA NA NA NA NA NA 10.3%

Mean 1.8x 1.7x 9.2x 8.7x 14.3x 13.3x 16.1% 0.9 3.9% 9.0% Median 1.7x 1.6x 9.4x 8.6x 13.9x 11.5x 16.1% 0.9 5.3% 7.6%

Banking and Lending Technology Intuit Inc. $99.18 $79.63 $109.21 $25,472 $911 $26,383 5.9x 5.6x 17.6x 14.6x 32.2x 26.9x 17.3% 1.5 5.1% 23.2% Fiserv, Inc. 97.16 76.34 99.71 21,661 4,018 25,679 4.9x 4.6x 14.4x 13.3x 25.2x 22.1x 11.8% 1.9 5.2% 4.0% Fidelity National Information Services, Inc. 60.81 55.11 73.60 19,752 10,827 30,579 4.6x 3.2x 15.1x 10.6x 18.9x 16.2x 11.3% 1.4 42.9% 11.0% Jack Henry & Associates Inc. 82.20 60.10 85.03 6,482 45 6,528 5.0x 4.7x 14.4x 13.5x 30.5x 27.8x 11.7% 2.4 6.3% 6.9% LendingClub Corporation 8.98 24.75 21.15 3,425 (624) 2,802 6.6x 3.8x 42.3x 20.3x 69.8x 33.4x 20.0% 1.7 73.1% 98.9% Temenos Group AG 48.88 29.23 53.04 3,303 267 3,570 6.6x 5.9x 19.0x 15.5x 29.0x 24.4x 17.8% 1.4 12.5% 26.5% DH Corporation 28.16 21.53 33.31 2,997 1,507 4,504 3.9x 3.4x 13.3x 11.0x 15.8x 14.2x NA NA 15.1% 42.6% Ellie Mae, Inc. 85.85 50.32 87.26 2,547 (79) 2,468 9.8x 7.7x 37.5x 26.6x 58.6x 45.9x 23.3% 2.0 27.7% 39.3% ACI Worldwide, Inc. 20.18 15.07 25.80 2,403 872 3,275 3.1x 3.3x 12.5x 12.7x 22.4x 48.4x 13.5% 3.6 (3.6%) 6.3% Black Knight Financial Services, Inc. 30.29 24.50 38.85 2,093 1,476 3,569 3.8x 3.5x 8.6x 7.9x 31.9x 27.4x 12.8% 2.1 7.3% 7.9% Bottomline Technologies (de), Inc. 29.90 21.64 31.58 1,133 36 1,169 3.5x 3.2x 14.4x 15.2x 21.3x 18.4x 20.0% 0.9 7.8% 4.6% Q2 Holdings, Inc. 21.32 16.44 30.44 831 (110) 720 6.6x 4.9x NM NM NM NM NA NA 34.8% 37.3% On Deck Capital, Inc. 8.00 6.05 23.83 563 223 786 3.1x 2.4x 48.5x 63.4x NM NM 92.6% NM 28.1% 58.8% Performant Financial Corporation 1.74 1.52 4.33 86 23 109 0.7x 0.8x 4.3x 7.2x 21.2x NM 15.0% NM (16.9%) 3.4%

Mean 4.9x 4.1x 20.1x 17.8x 31.4x 27.7x 22.3% 1.9 17.5% 26.5% Median 4.7x 3.7x 14.4x 13.5x 27.1x 26.9x 16.2% 1.8 10.1% 17.1%

Information Processors / Credit Bureaus Experian plc $17.11 $14.47 $17.98 $16,188 $3,340 $19,528 4.2x 4.4x 10.9x 12.6x 18.8x 19.0x 11.0% 1.7 (4.2%) (6.4%) Equifax Inc. 107.66 90.71 114.46 12,780 1,102 13,882 5.2x 4.5x 15.1x 12.8x 24.1x 21.5x 11.2% 1.9 14.7% 6.7% Fair Isaac Corporation 101.26 77.57 102.97 3,177 528 3,706 4.4x 4.2x 18.5x 14.9x 23.4x 20.8x 16.0% 1.3 4.3% 5.6% Acxiom Corporation 21.46 15.78 23.42 1,668 15 1,683 1.9x 1.9x 11.4x 11.2x 36.7x 37.4x 12.5% 3.0 0.7% 6.2% Intersections Inc. 2.47 1.81 3.84 50 (6) 43 NA NA NA NA NA NA NA NA NA (18.2%)

Mean 3.9x 3.8x 13.9x 12.9x 25.7x 24.7x 12.7% 2.0 3.9% (1.2%) Median 4.3x 4.3x 13.2x 12.7x 23.7x 21.1x 11.8% 1.8 2.5% 5.6%

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

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

3/8/16 SVM, LP 1to1 Card Prepaid NA NA

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

3/7/16 CardConnect, LLC FinTech Acquisition Corp. Merchant Processing NA NA

3/3/16 AMP New Ventures MoneyBrilliant Pty Ltd PFM 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 Quicken Investment Services, Inc. PFM NA NA Emerging Markets Payments Holdings 3/2/16 LLC Payment Processing NA 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

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

1/20/16 Flywire ScholarFX Money Transfer NA NA

1/18/16 omNovos Minicheckout Mobile Payments NA NA

1/15/16 VeriFone Systems, Inc. AJB Software Design Inc. Gateway NA 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 NA NA Division 12/31/15 MCI.EuroVentures Mobiltek eCommerce Payments NA NA

12/28/15 Grovepoint Capital LLP UK Limited Mobile Payments $62 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. Healthcare Payments NA NA

12/15/15 Global Payments Inc. Heartland Payment Systems, Inc. Payment Processing $4,406 7.4x

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

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

12/1/15 Q2 Holdings, Inc. SmartyPig, LLC Banking Software $11 NA Industrial and Financial Systems, IFS AB 11/30/15 EQT Partners AB; EQT VII Financial Software $1,010 2.6x (publ) 11/30/15 Excel Corporation Calpian, Inc. ISO NA NA

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

11/23/15 Eurazeo Fintrax Group Holdings Ltd. Multi-Currency Payments $405 1.9x

11/18/15 POS Inc. SEOshop Group B.V. eCommerce 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

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 NA NA

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

11/4/15 ACI Worldwide, Inc. PAY.ON AG Gateway $198 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 $23,352 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 $2,146 0.8x

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

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

10/15/15 Evolution1, Inc. Benaissance LLC Merchant Processing $80 6.0x

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

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 Precidia Technologies Inc. (nka:iPocket232 10/6/15 Merchant Link, LLC Merchant Processing NA NA Inc.) 10/6/15 AppTech Corp. FlowPay Corporation NA NA

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 , 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 $64 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 $12 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

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

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

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

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

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 American Processing 7/23/15 Priority Payment Systems LLC Card Processing NA NA Corporation Fawry Banking & Payment Technology 7/21/15 BSI BV Bill Pay NA NA Services Ltd. 7/21/15 ApexPeak Pte. Ltd. ASYX International BV Factoring NA NA

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

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

7/20/15 KMD A/S Banqsoft AS Financial Software NA NA Apna Paisa Marketing and Services Private 7/15/15 Andromeda Sales and Distribution Pvt. Ltd. Online Lending NA NA Limited 7/14/15 Equiniti Limited TransGlobal Payment Solutions Limited International Payments NA NA

7/14/15 First Data Corporation Transaction Wireless, Inc. Digital Gift Cards $65 NA

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

6/23/15 Redknee (Germany) GmbH Orga Systems GmbH Billing Software $42 0.6x

6/22/15 Continental Exchange Solutions, Inc. IME (M) SDN. BHD. Tax Software $83 2.1x Advent International Corporation; Bain Istituto Centrale delle Banche Popolari 6/19/15 Payment Processing $2,368 5.0x Capital, LP; Clessidra SGR S.p.A. Italiane Spa 6/18/15 Patriot Technology Solutions, Inc. InsureLinx, Inc. Benefits Software $6 NA

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

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

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

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

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

6/10/15 Crowd Mobile Limited Track Concepts B.V. Mobile Payments $34 1.8x

Notes: 21 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

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

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

6/3/15 NeoXam SmartCo Banking Software NA NA

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

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

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

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

5/22/15 BitGold Inc. (nka:GoldMoney Inc.) Net Transactions Limited Trading Platform $44 NA

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

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

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

5/12/15 Hansen Technologies Ltd. TeleBilling A/S Bill Pay $23 1.3x e-conomic international a/s, Core 5/8/15 Visma AS Accounting Software $221 NA Scandinavian Business International Business Machines Corp., 5/7/15 Tangoe, Inc. Accounting Software $22 0.8x Rivermine Telecommunications Expense 5/2/15 Bitnational, Inc. Bitcoin Brains, Inc. Digital Currencies NA NA

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

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

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

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

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

Notes: 22 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

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

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

4/14/15 Lendio Inc. Business Bounce SMB Online Lending NA NA

4/13/15 ANZ Capital Shout For Good Pty. Ltd. Micro Donations NA NA

4/13/15 Satoshi Citadel Industries Inc. BuyBitcoin.ph Digital Currencies NA NA

4/13/15 PPM 2000 Inc. Resolver Inc. Financial Software NA NA SoftRight, LLC and Springbrook Software, 4/8/15 Accela, Inc. Financial Software NA NA Inc. 4/8/15 Basware UK Ltd. ProcServe Holdings Limited Financial Software $29 2.7x

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

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

4/3/15 Capillary Technologies Pvt Ltd. MartJack Merchant Processing $30 NA

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

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

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

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

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

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

3/25/15 Global Payments Inc. Realex Payments Gateway $126 NA

Notes: 23 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

3/23/15 Netinvest Limited Holdings Limited eCommerce Payments $1,613 NA

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

3/11/15 Square, Inc. Kili Technology Corporation Merchant Processing NA NA

3/9/15 LP; Cardinal Capital Group Payzone Ireland Limited Merchant Processing NA NA

3/9/15 Baring Private Equity Asia CMS Info Systems Pvt. Ltd. (57% Stake) ATMs $319 NA

Notes: 24 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

3/7/16 Property Partner Series B $18 Dawn Capital, , 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 , 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, , 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, , 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

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 Ventures, DW Partners, Fenway Summer Online Lending

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

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

1/6/16 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

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

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

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, , 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 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 , 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, 9/16/15 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 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

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

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 , 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, 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

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

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

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

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

Notes: 28 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

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

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

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

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

7/7/15 VTS, Inc. Series B $21 OpenView Venture Partners, Trinity Ventures Financial Software

7/7/15 SlimPay S.A. NA $16 Prime Ventures DDA Payments Eurazeo, Kernel Investissements, Crédit Mutuel Arkéa, Schibsted Growth, 7/2/15 PRET d'UNION S.A. NA $34 P2P Lending AG2R La Mondiale A & A Dukaan Financial Services Private Amazon, Fidelity Growth Partners, Mousse Partners, Sequoia, Walden 7/2/15 Series C $59 Lending Marketplace Limited International 7/2/15 Marlette Funding, LLC NA $75 Invus Financial Advisors, Navient Corporation Online Lending

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

7/1/15 Realty Mogul, Co. Series B $35 Sorenson Capital, Canaan Partners Online Lending

6/29/15 Velocity NA $12 Undisclosed Mobile Payments

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

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

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

6/18/15 Wealth Financial Services Pvt. Ltd. Series C $11 Faering Capital, Foundation Capital, Inventus Capital Online Brokerage

Notes: 29 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

Spark Capital, Jefferies, Homebrew Management, Founder Collective, 6/18/15 BOND STREET Servicing, LLC Series A $110 Online Lending Collaborative Fund, Red Swan Ventures 6/16/15 Pollen, Inc. NA $40 Undisclosed Working Capital Management

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

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

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

6/9/15 Moula Money Pty Limited NA $23 Liberty Financial, NCN Investments Online Lending Aeterna Capital, Morgan Creek, New Enterprise Associates, Wellington 6/4/15 ATX Innovation, Inc. Series C $24 Mobile Payments Management 6/4/15 Lavu Inc. NA $15 Aldrich Capital Partners POS

6/4/15 TabbedOut Series C $22 Wellington Management Group, NEA, Morgan Creek Capital Management Mobile Payments Tiger Global Management, Kaszek Ventures, QED Investors, Sequoia 6/2/15 Nu Pagamentos S.A. Series B $29 Online Banking Capital Methril Capital Management, Salesforce Ventures, Bullpen Capital, 5/28/15 , Inc. NA $18 Crowd funding Venture51, Galileo Partners 5/27/15 Payfirma Corporation Series A $10 Dundee Capital Markets Merchant Acquiring T. Rowe Price Associates, Iconiq Capital, Crosslink Capital, Battery 5/26/15 Coupa Software Incorporated NA $80 Financial Software Ventures, El Dorado Ventures, Rally Ventures 5/21/15 Tumblbug Series A $16 Strong Ventures, DCM, Line Ventures Crowdfunding FTV Capital, Rakuten, Highland Capital Partners, August Capital, 5/20/15 WePay, Inc. Series D $40 Gateways Continental Investors, Ignition Partners 5/19/15 PAYITSIMPLE USA Inc. (nka:Splitit USA Inc.) NA $10 Simpel Management Consumer Finance RRE Ventures, Thrive Capital, Bessemer Venture Partners, Pritzker Group 5/19/15 Hightower, Inc. Series B $13 Leasing Software Venture Capital 5/18/15 Feedzai S.A. Series B $18 Oak HC/FT Partners, Sapphire Ventures, Espirito Santo Ventures Anti-Fraud Syncora Alternative Investments, Globespan Capital Partners, Investus 5/12/15 Credit Sesame, Inc. Series D $16 Credit Monitoring Capital Partners, Menlo Ventures, IA Capital 5/7/15 itBit Pte. Ltd. Series A $25 RRE Ventures, Liberty City Ventures Digital Currencies

Notes: 30 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

Spark Capital Partners, Jefferies, Andreessen Horowitz, Khosla Ventures, 5/6/15 Affirm, Inc. NA $275 Online Lending Lightspeed Venture Partners 5/5/15 Hello Digit, Inc. Series A $11 General Catalyst Partners, Baseline Ventures, Google Ventures Online Banking

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

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

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

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

4/27/15 Wave Accounting Inc. Series C $14 The Social+Capital Partnership, Charles River Ventures, OMERS Ventures Accounting Software Baillie Gifford & Co., BlackRock, Sands Capital Management, Temasek 4/22/15 Limited NA $150 Online Lending Holdings Goldman Sachs, Nova Founders Capital, Jardine Pacific, ACE & Company 4/21/15 Compare Asia Group Series A $40 eCommerce Development Group, Route 66 Ventures 4/16/15 NUMBER26 GmbH Series A $11 Valar Ventures, Earlybird Venture Capital, Redalpine Venture Partners Online Banking

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

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

4/15/15 Billtrust NA $25 Goldman Sachs, Bain Capital Ventures B2B Payments

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

4/8/15 , Inc. Series A $24 SF Capital Group Crowdfunding Credit Suisse, SunTrust Equity Funding, United Services Automobile 4/7/15 Prosper Marketplace, Inc. Series D $165 P2P Association, JP Morgan, BBVA Ventures

Notes: 31 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

3/31/15 CurrencyFair Ltd NA $11 Octopus Investments Limited, Frontline Ventures Money Transfer

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

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

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

Notes: 32 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary

IV. Securities / Capital Markets / Data & Analytics

33 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 3/4/16 Low High Value Debt Value CY 15E CY 16E CY 15E CY 16E CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ Exchanges - Americas CME Group Inc. $94.80 $81.87 $100.87 $32,082 $476 $32,558 9.8x 9.0x 14.5x 12.8x 24.6x 21.7x 14.7% 1.5 9.1% (3.2%) Intercontinental Exchange, Inc. 239.00 220.28 268.89 $28,441 $6,652 $35,093 10.6x 7.7x 16.0x 12.4x 20.1x 16.9x 13.5% 1.2 37.0% 9.4% Nasdaq, Inc. 64.94 47.81 65.49 10,643 2,028 12,671 6.1x 5.8x 12.0x 11.2x 19.2x 17.4x 8.5% 2.0 4.8% (6.0%) CBOE Holdings, Inc. 64.01 55.04 72.53 5,236 (102) 5,133 8.2x 7.7x 14.1x 13.2x 27.3x 24.9x 14.0% 1.8 7.4% (6.3%) BM&FBOVESPA S.A. 4.01 2.54 4.04 7,144 (862) 6,282 10.5x 9.9x 15.4x 15.1x 15.8x 14.1x 9.1% 1.6 5.8% 2.0% TMX Group Limited 32.94 25.13 42.14 1,792 641 2,433 4.5x 4.4x 9.7x 9.6x 12.1x 11.7x NA NA 2.2% (9.5%) Bolsa Mexicana de Valores SAB de CV 1.48 1.19 1.71 876 (87) 789 5.4x 5.0x 10.8x 9.8x 19.3x 17.5x 10.6% 1.7 7.9% 2.0%

Mean 7.9x 7.1x 13.2x 12.0x 19.8x 17.7x 11.7% 1.6 10.6% (1.7%) Median 8.2x 7.7x 14.1x 12.4x 19.3x 17.4x 12.0% 1.6 7.4% (3.2%)

Exchanges - Asia Hong Kong Exchanges & Clearing Limited $22.54 $20.62 $40.11 $26,924 ($2,281) $24,644 14.2x 15.6x 18.9x 22.1x 25.9x 31.1x 6.0% 5.2 (9.1%) (0.9%) ASX Limited 32.06 27.58 33.86 6,201 (735) 5,466 10.1x 9.7x 13.1x 12.7x 20.0x 19.4x 4.4% 4.4 3.8% 6.2% Singapore Exchange Limited 5.54 4.79 6.38 5,932 (521) 5,411 9.0x 9.0x 16.0x 16.6x 22.9x 23.4x 10.3% 2.3 0.0% (0.2%) Bursa Malaysia Berhad 2.09 1.81 2.18 1,116 (104) 1,012 8.2x 7.7x 14.2x 13.5x 23.1x 21.8x NA NA 5.4% 6.1%

Mean 10.4x 10.5x 15.5x 16.2x 23.0x 23.9x 6.9% 4.0 0.0% 2.8% Median 9.6x 9.4x 15.1x 15.1x 23.0x 22.6x 6.0% 4.4 1.9% 2.9%

Exchanges - Europe Deutsche Boerse AG $84.40 $76.88 $96.28 $15,545 $1,277 $16,822 6.4x 6.0x 12.4x 10.9x 18.5x 17.2x 7.1% 2.4 7.7% 11.0% London Stock Exchange Group plc 40.59 29.63 41.76 14,121 (1,265) 12,857 3.8x 5.8x 11.9x 11.6x 23.2x 22.5x 17.0% 1.3 (34.0%) 12.0% Bolsas y Mercados Españoles 32.22 26.83 47.92 2,688 (355) 2,333 6.1x 6.3x 8.7x 8.9x 14.2x 14.1x 4.2% 3.3 (2.3%) (11.6%) JSE Limited 10.07 7.25 10.11 861 (126) 735 5.7x 5.2x 12.3x 11.4x 18.3x 13.4x NA NA 9.5% 23.8% GPW 9.57 8.43 13.53 402 (30) 372 4.5x 4.6x 8.3x 8.2x 12.9x 12.6x NA NA (2.0%) (0.1%) Hellenic Exchanges - Athens Stock Exch. 5.51 3.58 6.85 360 (149) 212 5.6x 4.7x 12.9x 9.7x 35.7x 20.6x 13.0% 1.6 19.1% (52.5%) (1)

Mean 5.4x 5.4x 11.1x 10.1x 20.5x 16.7x 10.3% 2.2 (0.4%) (2.9%) Median 5.7x 5.5x 12.1x 10.3x 18.4x 15.6x 10.1% 2.0 2.8% 5.4%

Notes: 34 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 3/4/16 Low High Value Debt Value CY 15E CY 16E CY 15E CY 16E CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ Investment Services, Software, & Technology Broadridge Financial Solutions, Inc. $57.50 $48.56 $60.11 $6,833 $449 $7,282 2.6x 2.4x 12.3x 11.3x 22.7x 20.1x 11.1% 1.8 7.4% 11.2% SEI Investments Co. 40.82 32.01 55.48 6,680 (680) 6,001 4.5x 4.4x NA 11.8x 20.7x 21.6x 13.2% 1.6 2.6% 3.9% SS&C Technologies Holdings, Inc. 61.37 47.23 77.19 6,061 2,317 8,378 8.1x 5.7x 18.5x 13.1x 23.4x 19.0x 15.8% 1.2 43.3% 49.9% DST Systems Inc. 109.17 95.54 134.65 3,678 473 4,150 1.9x 2.0x 9.4x 8.9x 18.5x 16.9x 9.5% 1.8 (4.8%) 2.4% Financial Engines, Inc. 27.72 23.22 46.34 1,708 (345) 1,363 4.4x 3.4x 14.3x 11.5x 29.9x 27.8x 25.0% 1.1 27.9% 7.1% Envestnet, Inc.(2) 23.14 19.30 58.21 972 248 1,220 2.9x 2.1x 16.2x 12.7x 24.9x 23.8x 22.5% 1.1 37.7% 22.3%

Mean 4.1x 3.3x 14.1x 11.6x 23.4x 21.5x 16.2% 1.4 19.0% 16.1% Median 3.6x 2.9x 14.3x 11.7x 23.0x 20.8x 14.5% 1.4 17.7% 9.1%

Financial Data, Content, & Analytics Thomson Reuters Corporation $36.69 $33.96 $42.64 $27,940 $7,669 $35,609 2.9x 3.0x 10.4x 11.0x 17.8x 17.7x 9.4% 1.9 (4.6%) (2.0%) McGraw Hill Financial, Inc. 95.06 78.55 109.13 25,219 2,124 27,343 5.1x 4.8x 12.4x 11.4x 21.1x 18.7x 12.9% 1.5 7.2% 6.6% Moody's Corporation 95.40 77.76 113.87 18,593 1,169 19,762 5.7x 5.5x 12.3x 12.0x 20.9x 20.0x 13.3% 1.5 3.8% (1.3%) Verisk Analytics, Inc. 76.70 64.79 82.00 12,888 3,026 15,914 7.7x 6.8x 16.1x 14.5x 25.5x 23.4x 13.2% 1.8 12.8% 20.6% MSCI Inc. 69.50 54.63 73.71 6,866 802 7,667 7.1x 6.7x 16.0x 14.5x 30.8x 25.0x 14.3% 1.7 6.2% 8.7% FactSet Research Systems Inc. 155.24 135.95 177.28 6,394 97 6,491 6.3x 5.6x 17.2x 15.6x 25.1x 22.4x 10.4% 2.2 12.6% 11.5% Markit Ltd. 28.57 24.96 30.87 5,132 678 5,810 5.2x 4.8x 11.9x 11.0x 19.6x 18.8x 4.1% 4.6 8.3% 7.4% Morningstar Inc. 80.15 71.89 86.88 3,439 (214) 3,226 4.1x 4.0x 12.6x 12.4x 27.2x 25.4x 14.0% 1.8 2.7% 2.6% The Dun & Bradstreet Corporation 100.90 85.99 135.14 3,650 1,458 5,108 3.1x 3.0x 10.6x 10.1x 14.0x 13.9x 6.2% 2.3 4.2% 7.3% Bankrate, Inc. 8.64 6.59 15.80 859 61 920 1.7x 2.5x 6.0x 9.2x 12.2x 19.2x 17.7% 1.1 (33.7%) (31.4%)

Mean 4.9x 4.7x 12.6x 12.2x 21.4x 20.5x 11.5% 2.0 2.0% 3.0% Median 5.2x 4.8x 12.3x 11.7x 21.0x 19.6x 13.0% 1.8 5.2% 6.9%

Online Broker Dealers The Charles Schwab Corporation (1) $27.15 $21.51 $35.72 $35,852 $2,815 $38,667 6.1x 5.3x 16.0x NA 27.3x 21.8x 21.1% 1.0 15.6% 7.2% TD Ameritrade Holding Corporation (1) 31.05 24.88 39.05 16,665 1,783 18,448 5.7x 5.1x 12.4x 11.1x 21.1x 18.8x 15.2% 1.2 11.3% (1.2%) E*TRADE Financial Corporation (1) 25.32 19.61 31.48 7,155 2,996 10,151 7.1x 5.2x 29.9x NA 21.5x 16.4x 18.6% 0.9 36.7% 5.8% Group, Inc. (1) 37.96 29.50 45.95 2,429 3,945 6,374 4.9x 4.2x NA 6.3x 48.5x 24.6x 17.9% 1.4 17.2% (7.4%) GAIN Capital Holdings, Inc. 7.47 6.33 10.38 364 (14) 350 0.8x 0.8x 4.5x 3.5x 7.5x 8.3x 0.0% NA 3.5% 22.7% FXCM Inc. (1) 15.42 5.26 30.90 83 301 384 NA NA NA NA NA NA NA NA NA (34.4%)

Mean 4.9x 4.1x 15.7x 7.0x 25.2x 18.0x 14.5% 1.1 16.9% (1.2%) Median 5.7x 5.1x 14.2x 6.3x 21.5x 18.8x 17.9% 1.1 15.6% 2.3%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. (1) Enterprise Value and Net Debt exclude Cash. 35 (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

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 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 Chi-X Australia, Chi-X Japan and Chi-Tech 1/24/16 J.C. Flowers & Co. LLC Trading Platforms NA NA Hong Kong 1/22/16 StatPro Group plc 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 NA NA

12/2/15 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

11/11/15 Broadridge Output Solutions, Inc. QED Financial Systems, Inc. Data Management NA NA ICAP plc, Global Hybrid Voice Broking and 11/11/15 Tullett Prebon plc Broking Infrastructure NA NA Information Business including iSwap and ITG Investment Research ULC. And Recharge 11/5/15 Kratos Energy Research Canada Inc. Trading Platform $121 NA Inc. 11/3/15 OneMarketData, LLC Tick Data, Inc. Data / Analytics NA NA

10/26/15 Intercontinental Exchange, Inc. Interactive Data Holdings Corporation Data / Analytics $7,450 7.9x

Notes: 36 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

10/22/15 The NASDAQ Private Market, LLC Secondmarket Holdings, Inc. Exchanges NA NA

10/14/15 Blucora, Inc. HDV Holdings, Inc. Personal Financial Management $600 NA

10/8/15 Rapid Addition Limited DET Technologies s.r.o. Broker Technology NA NA

10/8/15 Morningstar Inc. Total Rebalance Expert Inc. Broker Technology NA NA

10/5/15 EBS Service Company Limited Molten Markets Inc. Trading Platform NA NA

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

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

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

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

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

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

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

8/24/15 Markit Ltd. Option Computers Limited Trading Platform NA NA Citigroup Inc., Alternative Investor Services 8/18/15 SS&C Technologies Holdings, Inc. Fund Administration $425 NA Business 8/13/15 PDQ ATS, Inc. Quadriserv, Inc. Trading Platform NA NA

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

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

8/12/15 Fidelity National Information Services, Inc. SunGard Data Systems Inc. Capital Markets Software $9,337 3.3x

Notes: 37 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

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 Limited Online Brokerage $333 NA 49.9% stake in STOXX Ltd and 50.1% stake 7/27/15 Deutsche Boerse AG Indices $611 NA in Indexium Ag 7/27/15 McGraw Hill Financial, Inc. SNL Financial LC Data / Analytics $2,225 9.9x

7/26/15 Deutsche Boerse AG 360 Treasury Systems AG Trading Platform $799 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 Advanced Objects' Proposal Generation 7/14/15 Vestmark Analytics / Software NA NA Technology 7/10/15 Computershare Limited SIX SAG AG Shareholder Services NA NA

7/6/15 Eagle Financial Publications DividendInvestor.com Data & Analytics $1 NA

7/1/15 ProfitStars, Inc. Bayside Business Solutions, Inc. Lending Platform $8 NA

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

6/22/15 New Asia Holdings, Inc. Magdallen Quant Pte. Ltd. Trading Platform $9 NA

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

6/4/15 IRESS Limited INNERGI Pty Ltd. Broker Software $2 NA

6/2/15 eVestment Alliance, LLC TopQ Software Ltd PE Software NA NA Maxima Analytics, Inc., Services 6/2/15 CBOE Holdings, Inc. Data / Analytics $7 NA and Trading Analytics Platforms 6/2/15 Markit Ltd. Information Mosaic Holdings Ltd. Risk Management NA NA

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

Notes: 38 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

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

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

5/29/15 London Stock Exchange Group plc Exactpro Systems, LLC Trading Software $6 NA

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

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

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

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

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

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

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

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

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

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

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

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

3/12/15 Moody's Corporation Equilibrium Clasificadora de Riesgo S.A. Risk / Analytics NA NA The Kyte Group Limited (nka:R.J. O'Brien 3/11/15 R.J. O'Brien Europe Limited Trading Platform NA NA Limited) TraderOS Technologies Inc. (nka:TradeKing 3/10/15 TradeKing Group, Inc. Trading Platform NA NA Media LLC)

Notes: 39 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

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

10/27/15 TruMid Financial LLC NA $27 Peter Thiel, Shumway Capital, Soros Fund Trading Platform

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

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

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

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

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

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

Notes: 40 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary

V. Insurance / Benefits

41 Financial Technology Sector Summary Insurance / Benefits 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 2/19/16 Low High Value Debt Value CY 15E CY 16E CY 15E CY 16E CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ

Healthcare / Insurance Technology Verisk Analytics, Inc. $67.95 $64.79 $82.00 $11,513 $3,026 $14,539 7.0x 6.2x 14.7x 13.2x 22.6x 21.2x 13.0% 1.6 12.9% 22.7% IMS Health Holdings, Inc. 25.73 22.36 33.52 8,474 3,809 12,283 4.2x 3.9x 13.9x 13.0x 17.6x 16.4x 10.2% 1.6 9.2% 19.8% athenahealth, Inc. 125.98 110.68 170.42 4,908 156 5,064 5.5x 4.6x 28.3x 21.8x 95.0x 72.2x 24.3% 3.0 19.9% 20.8% Solera Holdings Inc. 55.37 36.14 56.73 3,781 2,655 6,436 5.4x 5.0x 14.0x 12.8x 19.1x 18.8x 8.5% 2.2 7.9% 9.0% Guidewire Software, Inc. 47.24 42.32 64.78 3,377 (537) 2,841 7.3x 6.6x 39.4x 34.9x 77.7x 70.1x 20.0% 3.5 10.5% 3.2% Ebix Inc. 33.25 19.78 38.29 1,123 153 1,276 4.9x 4.4x 13.1x 12.3x 15.3x 14.6x 10.0% 1.5 NA 31.5% Polaris Consulting & Services Limited 3.03 2.02 3.27 304 (35) 269 0.9x 0.9x 7.0x 6.3x 11.6x 10.1x NA NA 7.0% 8.8% Crawford & Company 4.70 3.99 9.47 259 201 459 0.4x 0.4x 4.6x 3.7x 12.5x 6.7x 10.0% 0.7 2.8% (0.2%) Symbility Solutions Inc. 0.19 0.18 0.27 44 (3) 41 2.2x 1.7x NM 61.5x NM NM NA NA 26.3% 17.8%

Mean 4.2x 3.7x 16.9x 19.9x 33.9x 28.8x 13.7% 2.0 12.1% 14.8% Median 4.9x 4.4x 14.0x 13.0x 18.4x 17.6x 10.2% 1.6 9.9% 17.8%

Notes: 42 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

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

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

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

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

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

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

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

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

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

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

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

3/17/15 Constellation Healthcare Technologies, Inc. Physicians Practice Plus, Inc. Revenue Cycle Management $20 1.9x LDC (Managers) Limited; Scottish Equity 3/15/15 SSP Holdings Limited Insurance Technology $294 NA Partners LLP

Notes: 43 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

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

2/12/16 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

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 7/7/15 Remedy Partners, Inc. Series B $50 Bain Capital Ventures Healthcare Payments Greenspring Associates, Lerer Hippeau, Matrix Partners, Sequoia, True Healthcare Insurance 6/15/15 Namely Inc. Series C $45 Ventures Innovations Andressen Horowitz, Fidelity, Insight Venture Partners, Institutional Healthcare Insurance 5/1/15 Zenefits Series C $513 Venture Partners, Khosla Ventures Innovations Healthcare Insurance 4/29/15 Justworks, Inc. Series B $13 Bain Capital Ventures, Index Ventures, Thrive Capital Innovations Breyer Capital, Formation8 Partners, General Catalyst Partners, Goldman Healthcare Insurance 4/20/15 Oscar Insurance Corporation Series B $145 Sachs, Khosla Ventures, Thrive Capital Innovations New Enterprise Associates, Founders Fund, Redpoint Ventures, RRE Healthcare Insurance 3/18/15 CollectiveHealth, Inc. Series B $32 Ventures, Subtraction Capital, Rock Health Innovations

Notes: 44 Source: CapitalIQ and DowJones Venture Source.