FINTECH SECTOR REPORT

October 2017 GCA OVERVIEW Strong sector and product expertise across FinTech and related sub-sectors

San Francisco New York th One Maritime Plaza, 25th Fl. 640 Fifth Avenue, 10 Fl. San Francisco, CA 94111 New York, NY 10019 United States Phone: (415) 318-3600 Phone: (212) 999-7090

Sean Minnihan Peter Bang Steve Fletcher Chris Gough Managing Director Managing Director Managing Director Managing Director Head of FinTech Head of FinServices Head of Software M&A/Real Estate Tech. Phone: (212) 999 - 7077 Phone: (212) 999 - 7074 Phone: (415) 318 - 3661 Phone: (415) 318 - 3658 Mobile: (917) 364 - 6230 Mobile: (917) 783 - 4057 Mobile: (415) 518 - 6725 Mobile: (415) 385 - 9427 [email protected] [email protected] [email protected] [email protected]

Rob Freiman Kegan Greene David Krueger Director Vice President Vice President FinTech FinTech FinServices Phone: (212) 999 - 7075 Phone: (415) 318 - 3648 Phone: (212) 537 - 4534 Mobile: (973) 229 - 0436 Mobile: (917) 579 - 4838 Mobile: (616) 822 - 7179 [email protected] [email protected] [email protected]

2 GCA OVERVIEW A leading independent, global investment bank

GLOBAL TECH & CROSS-BORDER GROWTH 400+ 350+ INTERNET COMPANIES

Global reach with 15 Leading advisor in Expert advisor for Strong expertise in Over 400 M&A Over 350 deals closed offices in 10 key Tech and Internet cross-border advising growth bankers and growth in last 3 years, of markets – but deep sectors with strong transactions – the companies and company experts in which 33% were cross local roots ensure networks in key tech majority of our deals leading corporations the U.S., in border close, hands-on hubs, including Silicon involve cross-border in capital raising and and across Asia support for our clients Valley outcomes M&A

San Francisco I New York I Manchester I I I Zurich I I Munich I Tel Aviv I Mumbai I New Delhi I Singapore I I Osaka I Tokyo

3 GCA OVERVIEW Selected recent FinTech experience

Sale of Acquisition of Series C Financing Strategic Investment Acquired by Acquired by Acquired by

to

We Advised the Buyer Financial Advisor Financial Advisor We Advised ControlExpert We Advised the Seller We Advised the Seller We Advised the Seller Payments Banking & Lending Tech Payments Insurance Technology Payments Payments Real Estate Tech

Sale of 54% stake in Series B Financing Acquisition of Acquired by Series A Financing Acquired by Acquired by

Investor Group led to by Casin Group

Financial Advisor We Advised the Buyer We Advised the Seller Financial Advisor We Advised the Buyer We Advised GP Net We Advised the Seller Payments IT & BPO Services Insurance Technology Information Services Payments Payments Liquidity Venues

Convertible Note Growth Investment Acquired by Acquired by Acquired by Majority sale to Acquired by Offering from

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller Information Services Insurance Technology Payments Real Estate Tech Insurance Technology Banking & Lending Tech Real Estate Tech

Lead Generation Business sold its investment in

Acquired by Acquired by Acquisition of Acquired by

to the shareholders of

We Advised the Seller We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller Insurance Technology Insurance Technology Insurance Technology Insurance Technology Insurance Technology 4 FINTECH DEAL DASHBOARD The FinTech market is trading at 28% over the LTM period, as compared to 19% for the S&P 500. Financing volume YTD ‘17 is at 84% of total ‘16 volume, while capital raised YTD ‘17 is at 72% of total ‘16 capital raised

$25 Bn | 1,627 Deals $89 Bn | 995 Deals Industry Stock Market Performance LTM Financing Volume(1) LTM M&A Volume Select October Financing Transactions Percent Change (2) Select October M&A Transactions Date Company Selected Investors Amount Sub-Sector Subsector LTM 3 Years Date Target Buyer Value Sub-Sector

10/31/17 $115 9 1 Banking & Lending Technology 32% 56% 10/27/17 $640 11

10/24/17 $324 8 2 Benefits Administration/Payroll 26% 45% 10/26/17 $222 9

10/20/17 $144 9 3 Financial SaaS 33% 55% 10/20/17 $760 9

10/18/17 $166 3 4 Information Services 20% 41% 10/18/17 $2,500 7

10/13/17 $203 1 5 Insurance Technology 18% 57% 10/17/17 $1,000 4

10/10/17 $100 5 6 Investment Technology 33% 41% 10/2/17 $1,111 6

Quarterly Financing Activity ($Bn)(1) 7 IT & BPO Services 16% 14% Quarterly M&A Activity ($Bn)

436 8 Liquidity Venues 23% 26% 264 408 377 397 235 9 Payments 37% 56% 244 369 222 368 201 216 195 328 10 Real Estate & Mortgage Tech. 23% 35% $32 $10 $9 $9 156 $24 $23 11 Trading Technology 44% 56% 121 $17 $18 $6 $5 $14 $13 $4 $4 $3 $7 Aggregate FinTech Market 28% 44% Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Oct-17 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Oct-17

$22.9 $22.1 $16.3 $12.2 $10.8 $23.9 $12.6 $18.6 $64.4 $73.8 $123 $69.7 $97.9 $58.6 $148 $57.9 S&P 500 19% 11% Average Deal Size ($MM) Average Deal Size ($MM)

Notes: Source: Pitchbook. CapIq. GCA Deal Database. 5 as of 10/31/17. (1) Includes private company equity financings. (2) Represents weighted average by market cap. FINTECH LANDSCAPE FinTech subsectors and key operating stats ($Bn)

1 Banking & Lending Technology 2 Benefits Administration/Payroll 3 Financial SaaS

Combined Market Cap.: $160 Combined Market Cap.: $98 Combined Market Cap.: $100 17E/16A Rev. Growth: 10.5% 17E/16A Rev. Growth: 45.7% 17E/16A Rev. Growth: 17.6% 17E EBITDA Margin: 26.3% 17E EBITDA Margin: 26.7% 17E EBITDA Margin: 19.9%

4 Information Services 5 Insurance Technology 6 Investment Technology

Combined Market Cap.: $318 Combined Market Cap.: $30 Combined Market Cap.: $246 17E/16A Rev. Growth: 7.4% 17E/16A Rev. Growth: 9.9% 17E/16A Rev. Growth: 13.8% 17E EBITDA Margin: 30.8% 17E EBITDA Margin: 11.4% 17E EBITDA Margin: 25.1% Notes: 6 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 11/9/17. FINTECH PUBLIC COMPANY LANDSCAPE (CONT’D) FinTech subsectors and key operating stats ($Bn) (3) 7 IT & BPO Services 8 Liquidity Venues 9 Payments

Combined Market Cap.: $574 Combined Market Cap.: $233 Combined Market Cap.: $815 17E/16A Rev. Growth: 10.2% 17E/16A Rev. Growth: 9.9% 17E/16A Rev. Growth: 14.4% 17E EBITDA Margin: 16.8% 17E EBITDA Margin: 58.7% 17E EBITDA Margin: 26.7%

10 Real Estate & Mortgage Tech. 11 Trading Technology

Combined Market Cap.: $201 Combined Market Cap.: $125 17E/16A Rev. Growth: 11.3% 17E/16A Rev. Growth: 12.3% 17E EBITDA Margin: 18.6% 17E EBITDA Margin: 29.4% Notes: 7 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 11/9/17. FINTECH STOCK PRICE PERFORMANCE Trading tech leads the pack on an LTM basis, while insurance tech has outperformed over the past three years

LTM Share Price Performance

3 Year Share Price Performance

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) IT & BPO Services 8) Liquidity Venues 9) Payments 10) Real Estate & 11) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 8 Source: CapIq. Market data as of 10/31/17. FINTECH PUBLIC COMPANY VALUATION Liquidity venues have outperformed the rest of the FinTech market on both an EV/ LTM revenue and EV/ NTM revenue basis Enterprise Value / LTM Revenue Enterprise Value / LTM Revenue

4.6x 4.0x 3.5x 3.8x

Enterprise Value / NTM Revenue Median Revenue Growth to EV / NTM Revenue Multiple

2 5 3 611 9 10 8 4.3x 1 3.8x 3.8x 7 3.5x 4

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) IT & BPO Services 8) Liquidity Venues 9) Payments 10) Real Estate & 11) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 9 Source: CapIq. Market data as of 10/31/17. Lines display median multiples across comp groups for given year. FINTECH PUBLIC COMPANY VALUATION (CONT’D) Financial SaaS has outperformed the rest of the FinTech market on both an EV/ LTM EBITDA and EV/ NTM EBITDA basis Enterprise Value / LTM EBITDA Enterprise Value / LTM EBITDA

17.2x 15.1x 15.4x 15.6x

Enterprise Value / NTM EBITDA Median EBITDA Growth to EV / NTM EBITDA Multiple

11 5

3 15.2x 2 12.8x 13.0x 12.8x 10 6 9 1 7 4 8

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) IT & BPO Services 8) Liquidity Venues 9) Payments 10) Real Estate & 11) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 10 Source: CapIq. Market data as of 10/31/17. Lines display median multiples across comp groups for given year. FINTECH PUBLIC COMPANY VALUATION (CONT’D) Long-term growth is not necessarily correlated with FinTech public company P/E multiples or PEG ratios

2017E P/E Multiple 2017E PEG Long-Term EPS Ratio Growth

2 Benefits Admin/Payroll 2.3 21.6%

3 Financial SaaS 2.2 17.3%

5 Insurance Technology 2.9 15.0%

1 Banking & Lending Tech 2.2 12.6%

11 Trading Technology 1.4 17.3%

10 Real Estate & Mort. Tech 2.1 15.7%

6 Investment Technology 1.8 12.0%

4 Information Services 2.1 11.0%

8 Liquidity Venues 2.8 8.7%

9 Payments 1.5 15.0%

7 IT & BPO Services 1.5 13.5%

Notes: 11 Figures represent medians of sub-sectors. Market data as of 11/9/17. Long-term EPS growth covers last 5 years. SELECTED RECENT GROWTH EQUITY & VC ACTIVITY

Date Announced Target Investors Type Amount ($MM) Sub-Sector Bezos Expeditions, Chase Franklin, Chris DeVore, DN Capital, Draper Fisher 10/31/17 Series D $115 Payments Jurvetson, FundersClub, International Finance Corporation, PayU

10/31/17 Insight Venture Partners, Undisclosed Series E $25 IT & BPO Services

10/30/17 Fosun International Limited NA $14 Investment Technology Camp One Ventures, Globespan Capital Partners, IA Capital Group, Inventus 10/25/17 Series E $27 Banking & Lending Technology Capital Partners, Menlo Ventures, Plug and Play Ventures

10/25/17 Mainsail Partners NA $36 Real Estate & Mortgage Tech.

10/24/17 The Intercontinental Exchange (ICE) NA $324 Liquidity Venues Accel Partners, Alumni Ventures Group, Aspect Ventures, Fenway Summer 10/24/17 Series B $12 Payments Ventures, GDP Venture, Mission Holdings, Pelion Venture Partners SparkLabs Growth 10/24/17 Mainsail Partners $42 Financial SaaS Equity Soft Capital, Chuanrong Capital, CreditEase, IDG Capital, Jiaxing Leader 10/24/17 Series B $30 Financial SaaS Fund, National SMEs Development Fund, Tendence Capital, THG Ventures ABN AMRO Bank, ABN Amro Capital, Creades, Nordea Bank, Nordnet, SEB 10/24/17 Series C $16 Banking & Lending Technology , Skandinaviska Enskilda Banken, Sunstone Capital

10/24/17 Accel Partners, Elaia Partners, General Catalyst, Iris Capital Series B $28 Insurance Technology

10/23/17 Global Founders Capital NA $40 Real Estate & Mortgage Tech. American Express Ventures, Arbor Ventures, Blockchain Capital, Boost VC, 10/23/17 Series B $16 Payments Carthona Capital, Digital Currency Group, First Round Capital, Foxconn 5square Committed Capital, Arthur Kosten, Holtzbrinck Ventures, Initial 10/23/17 Series C $12 Trading Technology Capital, Orange Growth Capital, Thierry Schaap, Velocity Capital

10/20/17 Metrobank, ANZ Funds NA $144 Payments Accel Partners, Caisse de depot et placement du Quebec, iNovia Capital, 10/18/17 Series D $166 Financial SaaS Investissement Quebec, Silicon AID Partners, David Friedberg, Financial Solutions Lab, J.P. Morgan Partners, 10/18/17 Series A $13 Banking & Lending Technology Jason Rubin, Jonathan Kraft, Justin Yoshimura, Mark Cuban e.Bricks Digital, Ed Baker, Endeavor Catalyst, International Finance Corporation, 10/18/17 Series D $39 Banking & Lending Technology Kaszek Ventures, Mark Goines, Omidyar Network CoVenture, MHS Capital, Refactor Capital, Metamorphic Venture, 500 StartUps, 10/18/17 NA $103 Banking & Lending Technology Sam Hodges, Jake Gibson, Al Hamra Group Cowboy Ventures, Foundation Capital, Noah Holdings, Renren Lianhe Holdings, 10/17/17 Series C - III $57 Banking & Lending Technology Ribbit Capital, Sberbank, SURA Ventures, Undisclosed Angela

Notes: 12 Source: CapIq. Pitchbook. Selected deals from last calendar month. SELECTED RECENT GROWTH EQUITY & VC ACTIVITY (CONT’D)

Date Announced Target Investors Type Amount ($MM) Sub-Sector Amazon, Eight Roads Ventures, Experian, Mousse Partners, Sequoia Capital 10/17/17 Series D $30 Banking & Lending Technology , Walden International

10/17/17 Sapphire Ventures, Undisclosed Series C $50 IT & BPO Services ABN AMRO Bank, Accenture, Australian Securities Exchange, BNP Paribas 10/16/17 Series B $40 Financial SaaS , Broadridge Financial Solutions, Citigroup, CME Group

10/13/17 The Clermont Group, Toscafund, Coltrane Asset Management NA $203 Banking & Lending Technology ABG Capital, IDG Ventures India, Info Edge, Intel Capital, Inventus Capital 10/12/17 Series E $77 Insurance Technology Partners, MakeSense Technologies, PremjiInvest, Ribbit Capital, Steadview Commerce Ventures, CreditEase, Industry Ventures, Nyca Partners, 10/12/17 Series A $13 Payments Undisclosed Investors Nokia Growth Partners, Intel Capital, Sequoia Capital, Moody's Corporation, 10/12/17 Series C $28 IT & BPO Services AXA Strategic Ventures, Boldstart Ventures, Two Sigma Ventures American Express Ventures, August Capital, , Citi Capital 10/10/17 Series G $100 Financial SaaS Advisors, Commerce Ventures, DCM Ventures, Emergence Capital Partners, Access Industries, Finstar Financial Group, Heartland Bank, Holtzbrinck 10/9/17 Series C $26 Banking & Lending Technology Ventures, Kreos Capital, Rocket Internet, Undisclosed Investors Andy Palmer, Braughm Ricke, Draper Associates, Draper Fisher Jurvetson, 10/5/17 Series C $42 Financial SaaS Elefund, Expansion VC, Industry Ventures, K9 Ventures, Kima Ventures Benzinga Global Fintech Awards, Foundation Capital, Founder Collective, 10/5/17 Series B $19 Insurance Technology Highland Capital Partners, Index Ventures, Starr Companies, Two Sigma Horizons Ventures, Munich Re/HSB Ventures, Plug and Play Accelerator, Plug 10/5/17 Series A $12 Insurance Technology and Play Ventures, Sompo Holdings, Tusk Ventures, Undisclosed Investors, XL

10/4/17 Brightbridge Ventures, Legal & General Group Series B $47 Benefits Administration/Payroll Andrew Hodson, Cambridge Angels, Cambridge Capital Group, Highland 10/4/17 Series C $22 IT & BPO Services Europe, Invoke Capital, Mike Lynch, Nesta Investment Management Bain Capital Ventures, Canvas Ventures, FJ Labs, Great Oaks Venture Capital, 10/4/17 Series C $35 Real Estate & Mortgage Tech. Grey Wolf, Hone Capital, Khosla Ventures, Venture Partners, Marc

10/4/17 Zeev Ventures, Lightspeed Venture Partners Series A $27 Benefits Administration/Payroll Rakuten Capital, Draper Espirit, Talis Capital, Emery Capital, Rubicon Venture 10/3/17 Series A $36 Insurance Technology Capital

10/2/17 A-CAP NA $12 Insurance Technology

10/2/17 Undisclosed NA $38 Payments

10/2/17 Long Arc Capital, Bpifrance NA $62 IT & BPO Services

Notes: Median $36 13 Source: CapIq. Pitchbook. Selected deals from last calendar month. SELECTED RECENT PUBLIC EQUITY AND DEBT FINANCINGS

Offer Date Issuer Ticker Type Amount ($MM) Offer Price Price to Date Sub-Sector

10/30/17 NYSE:TRU Follow On $394 $52.35 3% Information Services

10/26/17 NYSE:DFS Follow On $570 NA NA Payments

10/25/17 NYSE:SCHW Follow On $500 NA NA Trading Technology

10/20/17 ASX:ESV Follow On $31 $0.12 22% Payments

10/3/17 AIM:EPO Follow On $33 $0.27 (10%) Payments

Median $394 NM 3%

Offer Security Rating at Issuance Date Issuer Use of Funds S&P Moody's Amount ($MM) Coupon Sub-Sector

10/30/17 General Corporate Purposes BBB- NA $3 3.15% Payments

10/30/17 General Corporate Purposes BBB- NA $2 4.00% Payments

General Corporate Purposes, 10/23/17 NA NA $1,498 2.20% Payments Working Capital

General Corporate Purposes, 10/23/17 NA NA $500 NA Payments Working Capital

General Corporate Purposes, 10/23/17 NA NA $1,649 3.00% Payments Working Capital

10/13/17 General Corporate Purposes NA NA $118 0.21% Liquidity Venues

Median $309

Notes: 14 Source: CapIq. Pitchbook. Price to Date as of 11/6/17. Selected financings from last calendar month. SELECTED RECENT M&A ACTIVITY

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

10/27/2017 $640 9.5x 18.3x Trading Technology

10/26/2017 $222 4.7x 20.5x Payments

10/24/2017 $400 NA NA Trading Technology

10/20/2017 $760 NA NA Payments

10/19/2017 $275 NA NA IT & BPO Services

10/19/2017 $150 NA NA Banking & Lending Technology

10/18/2017 $2,500 NA NA IT & BPO Services

10/17/2017 NA NA NA Payments

10/17/2017 $1,000 3.4x 46.0x Information Services

10/10/2017 $100 4.5x NA Payments

10/6/2017 $275 NA NA Insurance Technology

10/5/2017 $155 NA NA Banking & Lending Technology

10/3/2017 $105 NA NA Payments

10/2/2017 $1,111 25.7x NA Investment Technology

Median 4.7x 20.5x

Notes: 15 Source: CapIq. Pitchbook. Selected deals >$50MM. PUBLIC COMPANY VALUATIONS $MM, Except Per Share Data

Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS 11/9/17 Value Value Growth PEG 17E/16A NTM 17E/16A NTM 17E 17E 18E 17E 18E 17E 18E Banking & Lending Technology Fidelity National Information Services, Inc. $92.52 $30,890 $39,383 11.9% 1.8 (0.8%) (0.9%) 33.1% 5.8% 33.0% 4.3x 4.3x 13.0x 12.3x 21.0x 19.0x Intuit Inc. $152.41 $38,861 $38,572 14.7% 2.3 10.5% 9.9% 40.6% 10.1% 37.0% 7.2x 6.5x 19.4x 17.7x 34.1x 30.1x First Data Corporation $16.75 $15,468 $36,553 10.0% 1.1 4.0% 5.4% 14.4% 7.5% 25.4% 3.0x 2.9x 12.0x 11.2x 11.0x 10.7x Fiserv, Inc. $128.88 $26,859 $31,645 11.5% 2.2 2.9% 5.9% 18.6% 6.7% 36.0% 5.6x 5.3x 15.5x 14.5x 25.4x 22.4x Wolters Kluwer N.V. $49.40 $13,946 $16,542 8.5% 2.2 14.0% 3.3% 18.7% 2.4% 27.2% 3.2x 3.2x 11.8x 11.5x 18.8x 17.6x Temenos Group AG $121.03 $8,507 $8,785 15.3% 3.2 14.9% 15.1% 51.8% 18.1% 34.9% 12.1x 10.8x 34.6x 29.3x 48.9x 41.2x Jack Henry & Associates, Inc. $113.96 $8,801 $8,697 11.0% 3.2 5.2% 5.8% 4.1% 5.7% 35.0% 5.9x 5.6x 16.9x 16.0x 35.7x 33.4x Black Knight, Inc. $43.05 $2,962 $4,362 14.2% 2.2 3.1% 7.9% 47.4% 11.5% 47.9% 4.1x 3.8x 8.6x 7.7x 31.3x 26.6x ACI Worldwide, Inc. $23.15 $2,745 $3,371 11.0% 3.4 1.4% (0.3%) NA 8.0% 25.0% 3.3x 3.2x 13.2x 12.2x 37.3x 35.0x Ellie Mae, Inc. $86.84 $2,998 $2,632 13.2% 4.3 14.5% 18.0% 62.8% 16.7% 28.9% 6.4x 5.3x 22.1x 18.9x 56.7x 52.1x Q2 Holdings, Inc. $42.65 $1,777 $1,688 NM NM 29.1% 22.8% NA NA 5.0% 8.7x 7.0x NM 85.6x NM NM Coupa Software Incorporated $33.33 $1,787 $1,578 NM NM 33.4% 24.8% NA NA NA 8.8x 7.1x NM NM NM NM LendingClub Corporation $4.29 $1,780 $1,402 27.7% NM 15.7% NA NA NA 8.2% 2.4x 1.9x 29.7x 11.9x NM 23.0x Bottomline Technologies (de), Inc. $33.30 $1,264 $1,323 16.0% 1.9 5.6% 7.0% NA 7.3% 22.9% 3.6x 3.4x 15.9x 14.9x 31.1x 29.1x On Deck Capital, Inc. $5.01 $369 $1,030 NM NM 19.8% NA NA NA 1.7% 3.0x 2.7x NM 31.9x NM 18.8x Banking & Lending Technology Elevate Credit, Inc. $7.20 $301 $724 NM NM 16.1% 21.5% 78.9% 69.7% 14.1% 1.1x 0.9x 7.6x 4.5x 23.9x 7.1x Computer Services, Inc. $47.50 $663 $626 NM NA NA NA NA NA NA NA NA NA NA NA NA Performant Financial Corporation $1.80 $92 $109 NM NM (8.8%) NA NA NA 6.2% 0.8x 0.9x 13.6x 42.7x NM NM

Median 12.6% 2.2 10.5% 7.4% 36.9% 7.7% 26.3% 4.1x 3.8x 14.6x 14.7x 31.2x 24.8x

Benefits Administration/Payroll Automatic Data Processing, Inc. $111.97 $49,658 $49,312 10.5% 2.8 5.7% 7.1% (4.7%) 11.4% 20.4% 3.9x 3.6x 18.9x 17.0x 29.7x 27.5x Paychex, Inc. $64.76 $23,270 $22,959 8.1% 3.5 5.6% 6.9% 7.6% 6.7% 43.6% 7.1x 6.7x 16.3x 15.3x 28.1x 26.3x The Ultimate Software Group, Inc. $196.91 $5,883 $5,754 23.3% 2.3 19.6% 17.9% NA 27.5% 23.0% 6.2x 5.2x 26.8x 21.0x 54.5x 43.4x Paycom Software, Inc. $78.48 $4,573 $4,540 28.1% 2.2 31.3% 26.4% 95.2% 25.4% 30.7% 10.5x 8.4x 34.2x 27.3x 62.3x 50.9x TriNet Group, Inc. $41.72 $2,899 $3,067 NM NM NA NA NA 1.4% 34.6% 3.8x 3.7x 11.0x 10.9x 20.9x 20.8x HealthEquity, Inc. $50.77 $3,071 $2,861 28.3% 2.6 27.3% 24.2% 52.2% 27.5% 36.5% 12.6x 10.2x 34.6x 27.1x 75.0x 59.2x Paylocity Holding Corporation $47.85 $2,513 $2,415 28.9% 2.2 26.1% 22.5% NA 27.3% 19.9% 7.3x 5.9x 36.5x 28.7x 62.8x 49.5x Insperity, Inc. $105.55 $2,200 $2,016 16.5% 1.4 11.7% 10.9% 45.7% 14.3% 5.3% 0.6x 0.6x 11.5x 10.1x 22.4x 19.9x WageWorks, Inc. $61.35 $2,432 $1,784 15.0% 2.3 31.7% 10.8% NA 14.3% 30.4% 3.7x 3.4x 12.2x 10.7x 34.5x 31.3x Benefitfocus, Inc. $25.35 $793 $858 20.0% NM 9.9% 7.5% NA 47.1% 7.4% 3.3x 3.0x 45.3x 30.8x NM NM Benefits Admin/Payroll Castlight Health, Inc. $3.75 $502 $420 25.0% NM 28.6% 24.9% NA NA NA 3.2x 2.6x NM NM NM NM

Median 21.6% 2.3 22.8% 14.4% 45.7% 19.9% 26.7% 3.9x 3.7x 22.9x 19.0x 34.5x 31.3x

Financial Saas Intuit Inc. $152.41 $38,861 $38,572 14.7% 2.3 10.5% 9.9% 40.6% 10.1% 37.0% 7.2x 6.5x 19.4x 17.7x 34.1x 30.1x Workday, Inc. $106.15 $22,079 $20,530 34.0% NM 34.0% 26.6% NA 41.3% 15.2% 9.8x 7.8x 64.2x 45.4x NM 96.2x The Sage Group plc $9.85 $10,637 $11,060 10.9% 2.3 10.0% 10.0% 12.0% 12.6% 29.1% 4.9x 4.5x 17.0x 15.1x 25.0x 22.2x SS&C Technologies Holdings, Inc. $40.01 $8,236 $10,350 15.0% 1.4 13.1% 6.6% 34.4% 10.8% 41.2% 6.2x 5.9x 15.0x 13.5x 20.8x 18.3x Paycom Software, Inc. $78.48 $4,573 $4,540 28.1% 2.2 31.3% 26.4% 95.2% 25.4% 30.7% 10.5x 8.4x 34.2x 27.3x 62.3x 50.9x Xero Limited $23.20 $3,186 $3,128 NM NM 42.7% 16.9% NA NA 2.6% 11.5x 8.6x NM 68.4x NM NM Envestnet, Inc. $53.10 $2,353 $2,563 16.2% 2.5 17.6% 15.8% NA 27.9% 17.9% 3.8x 3.3x 21.0x 16.4x 40.8x 32.5x Paylocity Holding Corporation $47.85 $2,513 $2,415 28.9% 2.2 26.1% 22.5% NA 27.3% 19.9% 7.3x 5.9x 36.5x 28.7x 62.8x 49.5x Alfa Financial Software Holdings PLC $6.30 $1,890 $1,864 NM NM 23.3% 3.9% NA NA NA 16.7x 14.7x NA NA 44.9x 38.4x Financial SaaS Financial Coupa Software Incorporated $33.33 $1,787 $1,578 NM NM 33.4% 24.8% NA NA NA 8.8x 7.1x NM NM NM NM Financial Engines, Inc. $27.08 $1,714 $1,517 13.0% 1.5 13.4% 8.7% NA 6.3% 32.9% 3.2x 3.0x 9.6x 9.0x 19.7x 18.4x Blucora, Inc. $19.85 $916 $1,200 18.5% 0.8 10.5% 6.3% 27.6% 18.5% 19.8% 2.4x 2.2x 12.0x 10.1x 14.3x 11.2x Benefitfocus, Inc. $25.35 $793 $858 20.0% NM 9.9% 7.5% NA 47.1% 7.4% 3.3x 3.0x 45.3x 30.8x NM NM

Median 17.3% 2.2 17.6% 10.0% 34.4% 22.0% 19.9% 7.2x 5.9x 20.2x 17.7x 34.1x 31.3x

Notes: 16 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS $MM, Except Per Share Data

Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS 11/9/17 Value Value Growth PEG 17E/16A NTM 17E/16A NTM 17E 17E 18E 17E 18E 17E 18E Information Services RELX PLC $22.67 $45,375 $51,960 8.1% 2.6 15.1% 5.2% 33.4% 9.7% 34.8% 5.3x 5.1x 15.3x 13.9x 21.4x 20.0x S&P Global Inc. $157.91 $40,267 $42,738 13.3% 1.8 5.4% 5.8% 16.2% 6.9% 48.1% 7.2x 6.8x 14.9x 13.9x 23.8x 21.8x Thomson Reuters Corporation $44.56 $31,706 $38,580 9.3% 2.0 1.6% 3.3% 42.8% 4.2% 30.0% 3.4x 3.3x 11.3x 10.9x 18.2x 17.1x Moody's Corporation $143.09 $27,344 $32,207 9.5% 2.5 13.6% 10.8% 19.1% 11.4% 47.8% 7.9x 7.2x 16.5x 14.8x 24.1x 21.8x Experian plc $21.39 $19,518 $22,740 9.3% 2.5 NA 6.2% NA 5.3% 35.1% 5.2x 4.8x 14.9x 14.1x 23.1x 20.4x Nielsen Holdings plc $37.10 $13,214 $21,200 7.2% 1.9 4.1% 4.1% 24.8% 4.0% 30.8% 3.2x 3.1x 10.5x 10.1x 14.0x 13.8x IHS Markit Ltd. $43.20 $17,100 $21,017 12.7% 1.7 30.2% 5.6% NA 9.3% 38.8% 5.9x 5.6x 15.2x 13.9x 21.0x 19.1x Verisk Analytics, Inc. $90.82 $14,957 $17,693 9.3% 3.1 6.8% 8.6% 11.0% 8.1% 48.9% 8.3x 7.7x 17.0x 15.7x 28.6x 26.2x Wolters Kluwer N.V. $49.40 $13,946 $16,542 8.5% 2.2 14.0% 3.3% 18.7% 2.4% 27.2% 3.2x 3.2x 11.8x 11.5x 18.8x 17.6x Equifax Inc. $108.95 $13,083 $15,539 11.3% 1.6 7.2% 4.2% 10.6% 2.0% 36.8% 4.6x 4.4x 12.5x 12.3x 18.3x 17.8x Gartner, Inc. $117.34 $10,637 $13,357 17.1% 2.0 37.4% 29.9% 74.0% 19.8% 20.8% 4.0x 3.3x 19.1x 16.0x 34.0x 29.1x MSCI Inc. $127.88 $11,518 $12,796 14.0% 2.4 10.4% 11.6% 15.7% 13.8% 51.9% 10.1x 9.1x 19.4x 17.1x 33.4x 28.3x TransUnion $53.12 $9,688 $11,907 11.0% 2.6 12.2% 9.4% 31.4% 11.8% 38.9% 6.2x 5.7x 16.0x 14.3x 28.6x 25.2x Informa plc $9.60 $7,909 $9,946 6.0% 2.6 37.3% 11.1% 46.8% 5.6% 33.6% 4.4x 4.2x 13.0x 12.3x 15.8x 14.8x FactSet Research Systems Inc. $196.24 $7,675 $8,023 11.3% 2.3 10.6% 10.7% 8.1% 8.6% 34.4% 6.3x 5.8x 18.4x 17.0x 26.0x 23.4x News Corporation $14.36 $8,369 $7,056 20.9% 1.4 0.5% 0.7% 45.0% (2.4%) 11.8% 0.9x 0.9x 7.3x 7.5x 30.2x 29.1x The Dun & Bradstreet Corporation $114.97 $4,249 $5,517 10.0% 1.6 3.3% 3.2% 11.8% 4.1% 28.6% 3.1x 3.1x 11.0x 10.5x 16.0x 15.6x Information Services CoreLogic, Inc. $45.43 $3,742 $5,390 11.0% 1.8 (5.4%) 0.8% 12.9% 4.7% 25.6% 2.9x 2.9x 11.4x 10.9x 19.5x 18.2x Fair Isaac Corporation $153.76 $4,611 $5,110 16.0% 1.9 5.2% 6.6% 10.3% 16.7% 24.1% 5.4x 5.1x 22.4x 19.2x 31.0x 27.1x Morningstar, Inc. $87.85 $3,736 $3,617 NM NA 7.6% NA NA NA NA NA NA NA NA NA NA The Advisory Board Company $52.85 $2,154 $2,639 17.0% 2.0 (3.9%) 3.5% 40.7% 19.5% 22.6% 3.4x 3.2x 15.1x 12.7x 33.2x 26.1x Acxiom Corporation $26.45 $2,093 $2,154 10.0% 3.6 2.3% 9.6% NA 19.9% 19.0% 2.4x 2.2x 12.6x 10.5x 35.6x 26.6x Euromoney Institutional Investor PLC $15.11 $1,621 $1,736 NM NM 13.0% 12.2% 6.6% 6.2% 26.9% 3.1x 2.9x 11.4x 10.7x 15.1x 14.0x comScore, Inc. $30.10 $1,724 $1,610 NM NM NA 40.9% NA 19.4% 26.7% 2.6x 2.3x 9.9x 8.3x 15.3x 12.2x National Research Corporation $53.50 $1,310 $1,276 NM NA 8.3% NA 12.6% 10.8% 33.7% 10.8x 10.0x 32.0x 28.9x NA NA Forrester Research, Inc. $44.75 $804 $670 13.5% 2.7 1.8% 4.5% (5.5%) 20.8% 11.5% 2.0x 1.9x 17.5x 14.5x 37.1x 29.7x

Median 11.0% 2.1 7.4% 6.0% 16.2% 8.6% 30.8% 4.4x 4.2x 14.9x 13.9x 23.4x 21.1x

Insurance Technology Verisk Analytics, Inc. $90.82 $14,957 $17,693 9.3% 3.1 6.8% 8.6% 11.0% 8.1% 48.9% 8.3x 7.7x 17.0x 15.7x 28.6x 26.2x Guidewire Software, Inc. $79.31 $6,092 $5,519 15.8% 6.1 22.3% 22.2% NA 30.5% 20.3% 10.0x 8.3x 49.4x 37.9x 95.8x 81.3x HealthEquity, Inc. $50.77 $3,071 $2,861 28.3% 2.6 27.3% 24.2% 52.2% 27.5% 36.5% 12.6x 10.2x 34.6x 27.1x 75.0x 59.2x Ebix, Inc. $74.00 $2,328 $2,610 15.0% 1.6 19.1% 18.3% 11.5% 20.8% 34.4% 7.3x 6.4x 21.3x 17.7x 23.6x 20.8x CorVel Corporation $55.55 $1,042 $1,004 NM NA 4.5% NA NA NA NA NA NA NA NA NA NA Benefitfocus, Inc. $25.35 $793 $858 20.0% NM 9.9% 7.5% NA 47.1% 7.4% 3.3x 3.0x 45.3x 30.8x NM NM Crawford & Company $8.95 $499 $687 10.0% 1.2 1.5% 6.5% 21.0% 11.9% 11.4% 0.6x 0.6x 5.4x 4.8x 11.5x 10.5x Sapiens International Corporation N.V. $13.14 $647 $645 10.0% 3.8 25.4% 18.2% (3.6%) 61.2% 10.6% 2.4x 2.1x 22.4x 13.9x 38.3x 21.0x eHealth, Inc. $24.83 $462 $411 NM NM (8.8%) 5.7% NA NA NA 2.4x 2.2x NM 51.3x NM NM

Insurance Technology Majesco $5.36 $196 $203 NM NM (6.6%) 13.9% 14.1% NA 3.6% 1.7x 1.5x 48.6x 15.8x NM 24.4x Symbility Solutions Inc. $0.33 $78 $73 NM NM 25.5% 20.1% NA 23.4% 4.9% 2.3x 2.0x 46.7x 37.8x NM NA

Median 15.0% 2.9 9.9% 16.1% 12.8% 25.4% 11.4% 2.9x 2.6x 34.6x 22.4x 33.4x 24.4x

Notes: 17 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS $MM, Except Per Share Data

Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS 11/9/17 Value Value Growth PEG 17E/16A NTM 17E/16A NTM 17E 17E 18E 17E 18E 17E 18E Investment Technology The Bank of New York Mellon Corporation $50.82 $52,041 $75,473 7.7% 1.9 3.6% 4.0% NA NA NA 4.8x 4.6x NA NA 14.3x 13.1x The Charles Schwab Corporation $44.00 $58,985 $60,976 18.8% 1.5 15.1% 12.3% NA 18.7% NA 7.1x 6.3x 15.2x 12.8x 27.3x 22.6x State Street Corporation $90.77 $33,661 $41,438 11.4% 1.3 14.2% 11.6% NA NA NA 3.6x 3.4x NA NA 14.6x 13.1x TD Ameritrade Holding Corporation $48.38 $27,428 $28,511 20.4% 1.3 20.1% 35.7% NA 27.3% 42.8% 7.2x 5.7x 16.7x 13.1x 27.2x 20.0x Corporation $92.16 $20,959 $18,468 10.7% 1.8 7.8% 10.1% NA NA NA 3.4x 3.2x NA NA 19.4x 17.1x Broadridge Financial Solutions, Inc. $87.83 $10,237 $11,240 10.0% 2.5 22.4% 2.5% 31.3% 1.1% 19.7% 2.7x 2.6x 13.5x 13.3x 25.2x 23.1x SS&C Technologies Holdings, Inc. $40.01 $8,236 $10,350 15.0% 1.4 13.1% 6.6% 34.4% 10.8% 41.2% 6.2x 5.9x 15.0x 13.5x 20.8x 18.3x SEI Investments Co. $64.73 $10,193 $9,548 12.0% 2.3 8.0% 10.0% 42.3% 17.2% 37.8% 6.3x 5.7x 16.7x 14.2x 27.6x 23.8x Computershare Limited $11.94 $6,496 $7,591 8.0% 2.7 4.1% 3.8% 30.2% 8.9% 26.9% 3.6x 3.5x 13.4x 12.3x 21.3x 18.6x DST Systems, Inc. $60.36 $3,635 $4,139 10.0% 2.0 33.3% 7.6% 29.1% 12.5% 20.5% 2.0x 1.9x 9.7x 8.6x 19.6x 16.8x Envestnet, Inc. $53.10 $2,353 $2,563 16.2% 2.5 17.6% 15.8% NA 27.9% 17.9% 3.8x 3.3x 21.0x 16.4x 40.8x 32.5x SimCorp A/S $55.85 $2,204 $2,200 NM NM 26.2% 20.0% 35.8% 16.6% 25.7% 5.6x 5.1x 21.7x 18.6x 30.4x 26.1x Equiniti Group plc $3.91 $1,424 $1,782 NM NM 11.2% 8.0% 37.5% 5.9% 24.5% 3.4x 3.2x 13.8x 13.1x 19.2x 17.8x IRESS Limited $8.83 $1,493 $1,627 10.4% 2.4 18.8% 11.8% 26.6% 14.2% 28.2% 4.9x 4.5x 17.2x 15.1x 25.1x 22.5x

Investment Technology Investment Financial Engines, Inc. $27.08 $1,714 $1,517 13.0% 1.5 13.4% 8.7% NA 6.3% 32.9% 3.2x 3.0x 9.6x 9.0x 19.7x 18.4x Sanne Group plc $9.54 $1,324 $1,348 24.0% 1.2 NA 27.9% NA 23.1% 37.4% 8.8x 7.1x 23.6x 19.2x 29.4x 25.1x Blucora, Inc. $19.85 $916 $1,200 18.5% 0.8 10.5% 6.3% 27.6% 18.5% 19.8% 2.4x 2.2x 12.0x 10.1x 14.3x 11.2x First Derivatives plc $44.77 $1,132 $1,149 NM NM NA 16.5% NA 10.0% 18.5% 5.1x 4.5x 27.6x 25.1x 55.0x 46.9x Fidessa group plc $30.14 $1,161 $1,069 NM NM 12.6% 2.6% 28.4% 3.8% 20.7% 2.3x 2.3x 11.2x 10.8x 24.8x 23.3x StatPro Group plc $2.08 $136 $160 NM NM 38.5% 19.5% 72.0% 26.8% 14.3% 2.5x 2.1x 17.5x 13.8x 32.1x 22.2x

Median 12.0% 1.8 13.8% 10.0% 31.3% 14.2% 25.1% 3.7x 3.5x 15.2x 13.3x 24.9x 21.1x

IT & BPO Services International Business Machines Corporation $150.30 $139,146 $173,403 4.9% 2.2 (1.6%) 0.7% 2.9% 4.1% 24.3% 2.2x 2.2x 9.1x 8.7x 10.9x 10.8x Accenture plc $143.83 $88,415 $85,071 9.9% 2.4 6.6% 9.0% 7.9% 10.5% 17.1% 2.4x 2.2x 13.9x 12.6x 24.0x 21.5x Tata Consultancy Services Limited $42.04 $80,471 $75,481 12.8% 1.6 8.1% 7.6% 4.4% 6.6% 26.5% 4.1x 3.7x 15.3x 14.4x 20.7x 19.0x Cognizant Technology Solutions Corporation $73.94 $43,598 $39,708 14.4% 1.4 9.8% 9.6% 14.4% 15.4% 20.6% 2.7x 2.5x 13.0x 11.3x 19.9x 17.0x DXC Technology Company $94.63 $26,995 $33,216 10.5% 1.4 60.3% NA NA 27.8% 19.5% 1.6x 1.4x 8.4x 6.6x 14.2x 11.5x Infosys Limited $14.66 $33,521 $28,089 9.4% 1.6 6.1% 6.8% 2.6% 4.8% 26.7% 2.6x 2.5x 9.8x 9.4x 15.0x 14.4x Capgemini SE $116.79 $19,021 $21,493 7.9% 2.1 12.3% 5.2% 19.3% 7.1% 13.4% 1.4x 1.4x 10.8x 10.1x 16.9x 15.8x NTT Data Corporation $11.64 $16,325 $20,124 9.2% 3.4 28.5% 4.8% 16.1% 6.8% 14.2% 1.1x 1.1x 7.8x 7.3x 30.9x 26.4x Wipro Limited $4.65 $22,507 $18,886 8.7% 1.9 4.5% 2.5% 12.5% (0.7%) 21.5% 2.2x 2.2x 10.5x 10.5x 16.7x 16.2x HCL Technologies Limited $13.46 $17,996 $16,690 13.5% 1.0 14.6% 10.5% 14.8% 6.9% 22.2% 2.1x 2.0x 9.7x 9.1x 13.8x 13.5x CGI Group Inc. $52.72 $14,910 $16,330 13.8% 1.3 8.5% 2.4% 15.6% 6.2% 18.1% 1.9x 1.8x 10.4x 9.8x 17.9x 16.3x Atos SE $147.81 $15,478 $15,699 12.2% 1.2 20.0% 7.7% 21.1% 3.3% 13.2% 1.1x 1.0x 8.0x 7.8x 15.2x 13.9x Nomura Research Institute, Ltd. $44.55 $10,639 $10,116 NM NM 11.1% 5.7% 10.7% 6.3% 20.5% 2.6x 2.4x 12.4x 11.7x 26.6x 24.9x Capita plc $6.61 $4,400 $7,364 17.4% 0.6 (6.7%) (9.4%) 1.4% 1.8% 13.5% 1.3x 1.3x 9.6x 9.5x 10.4x 9.8x Genpact Limited $31.14 $6,011 $6,792 10.3% 1.9 6.0% 6.4% 7.9% 10.2% 16.7% 2.5x 2.3x 15.0x 13.6x 19.5x 17.6x Tech Mahindra Limited $7.53 $7,354 $6,301 17.1% 0.8 10.8% 7.2% (1.3%) 11.9% 13.6% 1.4x 1.3x 10.0x 8.9x 14.3x 13.3x Conduent Incorporated $15.90 $3,345 $4,939 NM NM (5.9%) (3.7%) NA 9.2% 11.0% 0.8x 0.8x 7.4x 6.8x 20.2x 16.3x EPAM Systems, Inc. $102.34 $5,405 $4,917 19.9% 1.5 24.7% 22.6% 52.0% 24.2% 17.9% 3.4x 2.8x 19.0x 15.3x 29.8x 24.6x

ITBPO & Services Presidio, Inc. $15.83 $1,451 $2,349 9.0% 1.4 2.5% 5.6% 22.7% 4.9% 8.4% 0.8x 0.8x 9.8x 9.3x 12.5x 11.8x Syntel, Inc. $23.75 $1,968 $2,247 10.0% 1.3 (7.2%) (4.9%) (15.7%) 2.0% 25.3% 2.5x 2.5x 9.9x 9.7x 12.7x 13.2x WNS (Holdings) Limited $39.76 $2,003 $1,922 14.4% 3.0 17.3% 11.9% 36.8% 18.9% 18.5% 2.8x 2.5x 15.1x 12.7x 42.8x 27.2x ExlService Holdings, Inc. $61.63 $2,092 $1,888 14.0% 1.7 10.6% 9.5% 31.6% 13.6% 17.2% 2.5x 2.3x 14.5x 12.7x 23.4x 21.5x MphasiS Limited $11.17 $2,157 $1,828 10.3% 1.8 7.6% 9.6% 3.7% 13.1% 15.4% 1.9x 1.7x 12.3x 10.9x 18.7x 15.8x Hexaware Technologies Limited $5.29 $1,571 $1,503 13.5% 1.5 16.2% 9.5% 22.5% 10.5% 16.9% 2.5x 2.2x 14.7x 13.3x 20.5x 19.4x Luxoft Holding, Inc. $46.15 $1,545 $1,447 18.5% 0.9 17.9% 18.1% 41.1% 32.6% 15.3% 1.6x 1.4x 10.7x 8.1x 16.8x 13.2x Virtusa Corporation $45.61 $1,339 $1,297 20.0% 1.5 19.4% 17.0% 27.4% 41.1% 7.1% 1.3x 1.2x 19.1x 13.5x 30.9x 23.0x Globant S.A. $36.30 $1,268 $1,241 NM NM 24.2% 23.7% 3.8% 28.5% 15.8% 3.1x 2.6x 19.6x 15.3x 29.0x 23.5x Mindtree Limited $7.59 $1,245 $1,161 14.1% 1.4 5.9% 9.5% (7.9%) 19.9% 12.3% 1.4x 1.3x 11.5x 9.6x 19.4x 16.3x Perficient, Inc. $18.49 $645 $708 17.0% 0.9 3.5% 11.7% 40.2% 14.5% 14.5% 1.5x 1.4x 10.1x 8.8x 15.3x 13.3x Persistent Systems Limited $10.10 $808 $695 13.9% 1.1 12.0% 12.5% 23.6% 18.7% 15.8% 1.5x 1.3x 9.5x 8.0x 16.0x 13.6x

Median 13.5% 1.5 10.2% 7.7% 14.6% 10.3% 16.8% 2.0x 1.9x 10.6x 9.8x 18.3x 16.2x

Notes: 18 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS $MM, Except Per Share Data

Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS 11/9/17 Value Value Growth PEG 17E/16A NTM 17E/16A NTM 17E 17E 18E 17E 18E 17E 18E Liquidity Venues CME Group Inc. $138.04 $46,974 $47,488 10.2% 2.8 1.3% 4.9% 6.0% 7.9% 71.4% 13.0x 12.2x 18.3x 16.9x 28.9x 26.0x Intercontinental Exchange, Inc. $66.20 $38,729 $44,383 9.2% 2.5 3.0% 4.6% 6.5% 8.2% 63.3% 9.6x 9.0x 15.1x 14.0x 22.4x 19.6x Deutsche Börse Aktiengesellschaft $106.06 $19,813 $20,246 10.9% 1.8 (4.8%) (13.2%) 18.9% 9.4% 58.8% 7.1x 6.7x 12.1x 11.1x 19.8x 17.2x Exchanges and Clearing Limited $29.54 $36,582 $4,951 8.8% 4.5 15.3% 13.2% 26.5% 11.8% 71.9% 3.0x 2.7x 4.2x 3.7x 39.1x 35.0x London Group plc $49.01 $16,974 $17,878 16.0% 1.6 21.3% 13.7% 47.4% 15.0% 50.5% 7.2x 6.6x 14.3x 12.4x 25.3x 21.5x B3 S.A. - Brasil, Bolsa, Balcão $7.01 $14,297 $15,569 3.7% 6.0 68.8% 50.9% 73.8% 17.6% 65.7% 12.9x 11.6x 19.7x 16.7x 22.3x 20.3x , Inc. $73.73 $12,256 $15,421 8.5% 2.1 5.5% NA 5.7% 5.9% 50.8% 6.4x 6.0x 12.6x 11.9x 17.6x 16.5x Cboe Global Markets, Inc. $114.13 $12,949 $14,144 33.6% 1.0 53.4% NA NA 22.2% 63.7% 14.0x 12.3x 22.0x 18.0x 33.6x 28.8x ASX Limited $41.88 $8,100 $7,387 4.6% 5.2 2.6% NA (10.4%) 4.2% 76.5% 12.3x 11.7x 16.0x 15.4x 24.1x 23.2x MarketAxess Holdings Inc. $174.50 $6,550 $6,345 NM NM 7.5% 14.0% 5.2% 19.0% 55.2% 16.0x 13.9x 28.9x 24.3x 44.2x 37.4x Singapore Exchange Limited $5.68 $6,088 $5,446 4.1% 5.7 9.7% 6.0% 23.5% 13.0% 57.9% 9.0x 8.4x 15.6x 13.8x 23.4x 20.5x Euronext N.V. $56.95 $3,957 $3,990 5.9% 2.8 18.3% (2.2%) 15.5% 12.7% 54.8% 6.4x 6.0x 11.7x 10.4x 16.9x 15.6x

Liquidity Venues Liquidity TMX Group Limited $55.48 $3,071 $3,488 NM NM (2.7%) NA (4.2%) 13.1% 54.1% 6.0x 5.5x 11.1x 9.8x 15.1x 13.5x Bolsas y Mercados Españoles, Sociedad Holding de Mercado $33.00 $2,743 $2,363 0.8% 20.0 9.9% (1.4%) 10.4% 1.1% 66.0% 6.3x 6.3x 9.6x 9.5x 15.3x 15.1x Bursa Malaysia Berhad $2.35 $1,263 $1,177 5.7% 4.2 17.9% 6.7% 22.0% 3.4% 58.7% 9.0x 8.7x 15.3x 14.8x 23.7x 23.3x Bolsa Mexicana de Valores, S.A.B. de C.V. $1.70 $1,006 $909 14.0% 1.2 19.3% 4.3% 29.5% 6.1% 56.3% 5.5x 5.2x 9.8x 9.2x 16.8x 16.0x JSE Limited $9.47 $810 $659 4.6% 3.5 (14.0%) (10.7%) NA 23.7% 38.6% 4.4x 3.9x 11.3x 9.2x 15.9x 13.7x Gielda Papierów Wartosciowych w Warszawie S.A. $12.01 $504 $454 NM NM 24.1% 0.3% 25.1% 5.7% 60.2% 4.9x 4.8x 8.2x 7.7x 13.1x 12.1x Hellenic Exchanges - Athens Stock Exchange SA $5.41 $327 $214 93.5% 0.7 32.7% 49.0% 23.7% NA 30.0% 6.1x 4.9x 20.4x 10.3x 66.4x 27.0x

Median 8.7% 2.8 9.9% 4.9% 18.9% 10.6% 58.7% 7.1x 6.6x 14.3x 11.9x 22.4x 20.3x

Notes: 19 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS $MM, Except Per Share Data

Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS 11/9/17 Value Value Growth PEG 17E/16A NTM 17E/16A NTM 17E 17E 18E 17E 18E 17E 18E Payments Visa Inc. $112.14 $255,163 $260,092 16.6% 1.9 17.1% 9.5% 19.3% 12.7% 70.3% 13.9x 12.6x 19.8x 17.6x 31.2x 26.5x Mastercard Incorporated $149.29 $158,048 $156,114 18.3% 1.8 15.4% 14.2% 16.6% 14.2% 58.6% 12.6x 11.1x 21.4x 18.7x 32.8x 28.0x American Express Company $93.75 $81,375 $106,422 10.0% 1.6 11.7% 16.9% NA 8.5% NA 3.2x 3.0x 9.5x 8.8x 16.0x 14.6x PayPal Holdings, Inc. $74.10 $89,062 $78,456 20.3% 1.9 19.6% 20.4% 59.8% 20.5% 25.9% 6.1x 5.0x 23.4x 19.4x 39.5x 32.7x Discover $65.47 $23,791 $37,286 8.2% 1.3 36.4% 45.8% NA NA NA 3.8x 3.5x NA NA 11.1x 9.9x First Data Corporation $16.75 $15,468 $36,553 10.0% 1.1 4.0% 56.3% 14.4% 7.5% 25.4% 3.0x 2.9x 12.0x 11.2x 11.0x 10.7x Alliance Data Systems Corporation $227.91 $12,592 $32,748 13.7% 0.9 8.7% 12.6% 36.4% 15.5% 25.7% 4.2x 3.8x 16.4x 14.2x 12.6x 10.6x Cielo S.A. $7.10 $19,257 $21,649 6.0% 2.5 (2.3%) 40.5% (4.1%) 8.0% 43.9% 5.9x 5.6x 13.3x 12.4x 15.1x 14.4x Global Payments Inc. $99.32 $15,806 $20,044 15.9% 1.6 23.6% (8.8%) 17.0% 18.5% 32.9% 5.7x 5.0x 17.3x 14.6x 24.9x 21.1x FleetCor Technologies, Inc. $177.00 $15,852 $19,554 16.6% 1.3 22.5% 14.2% 28.0% 12.9% 53.3% 8.7x 7.7x 16.3x 14.5x 21.0x 18.2x Vantiv, Inc. $68.77 $11,176 $15,888 15.3% 1.3 11.1% NA 18.4% 10.5% 47.6% 7.5x 6.9x 15.8x 14.3x 20.5x 18.2x Total System Services, Inc. $72.23 $13,279 $15,839 11.6% 1.9 (19.0%) (26.2%) NA 7.7% 35.2% 4.7x 4.4x 13.3x 12.4x 21.6x 19.7x Square, Inc. $37.96 $14,750 $14,236 NM NM 37.2% NA NA 79.7% 14.0% 14.7x 11.3x NM 58.4x NM 85.4x Worldpay Group plc $5.29 $10,505 $12,206 16.6% 1.8 17.3% 11.3% 26.9% 14.0% 40.8% 7.5x 6.9x 18.4x 16.1x 30.7x 26.0x The Western Union Company $20.08 $9,223 $11,564 5.1% 2.2 0.9% 1.5% (1.1%) 1.1% 24.7% 2.1x 2.1x 8.5x 8.5x 11.0x 11.0x The Sage Group plc $9.85 $10,637 $11,060 10.9% 2.3 10.0% 10.0% 12.0% 12.6% 29.1% 4.9x 4.5x 17.0x 15.1x 25.0x 22.2x Wirecard AG $94.68 $11,699 $10,896 24.5% 1.5 34.8% 66.8% 53.0% 26.6% 27.8% 6.4x 5.3x 23.0x 18.1x 37.5x 29.1x Edenred SA $28.54 $6,660 $8,272 11.5% 2.1 36.9% 19.2% 51.1% 7.4% 37.1% 5.3x 5.0x 14.4x 13.4x 24.7x 22.4x WEX Inc. $124.90 $5,359 $7,545 15.4% 1.5 22.2% 12.8% 63.9% 16.1% 38.9% 6.1x 5.4x 15.6x 13.4x 23.3x 19.7x NCR Corporation $31.40 $3,825 $6,691 NM NM (0.8%) 1.6% 32.3% 4.3% 17.5% 1.0x 1.0x 5.9x 5.7x 10.0x 9.4x Nets A/S $25.54 $5,119 $6,196 23.3% 1.3 16.6% 3.5% 57.0% 7.0% 36.5% 5.1x 4.8x 13.9x 13.0x 30.4x 24.8x Payments Ingenico Group - GCS $92.03 $5,728 $5,931 13.8% 1.2 18.2% 11.4% 26.4% 11.5% 20.3% 2.1x 1.9x 10.1x 9.1x 16.8x 15.0x Euronet Worldwide, Inc. $90.64 $4,775 $4,458 15.0% 1.3 15.2% 11.5% 26.0% 15.3% 18.4% 2.0x 1.8x 10.7x 9.3x 19.9x 17.1x VeriFone Systems, Inc. $17.75 $1,992 $2,740 15.0% 0.8 (2.8%) 2.7% 39.7% 4.3% 16.4% 1.5x 1.4x 8.9x 8.5x 12.4x 11.1x Green Dot Corporation $64.64 $3,285 $2,640 23.1% 1.3 22.9% 14.8% NA 16.9% 22.8% 3.0x 2.7x 13.1x 11.2x 30.3x 26.3x GMO Payment Gateway, Inc. $75.02 $2,763 $2,556 NM NM 76.2% 22.6% 40.4% 35.0% 26.7% 12.3x 10.0x 46.3x 34.3x 96.6x 73.2x Blackhawk Network Holdings, Inc. $34.85 $1,980 $2,424 15.3% 1.4 14.4% 10.6% 57.7% 17.1% 10.7% 1.1x 1.0x 10.4x 8.9x 21.4x 17.5x Cardtronics plc $18.19 $831 $1,719 12.0% 0.5 17.1% (8.8%) 13.0% (13.6%) 22.7% 1.2x 1.3x 5.1x 5.9x 6.3x 8.3x Everi Holdings Inc. $8.40 $566 $1,586 20.0% 0.5 12.1% 5.8% 17.4% 7.8% 22.1% 1.6x 1.6x 7.5x 6.9x 10.1x NA EVERTEC, Inc. $13.35 $966 $1,564 1.8% 5.2 2.0% (3.8%) 13.9% 0.5% 43.7% 3.9x 3.9x 9.0x 9.0x 9.2x 9.4x MoneyGram International, Inc. $14.32 $777 $1,517 NM NM (2.1%) 4.9% 22.6% 7.1% 17.1% 0.9x 0.9x 5.6x 5.2x 14.1x 12.1x SafeCharge International Group Limited $4.12 $605 $492 13.0% 1.6 7.3% 13.7% 7.1% 17.2% 29.6% 4.4x 3.9x 14.9x 12.7x 20.8x 18.4x Cass Information Systems, Inc. $63.18 $705 $463 NM NA 6.9% NA NA NA NA NA NA NA NA NA NA Net 1 UEPS Technologies, Inc. $9.29 $529 $533 10.0% 0.6 2.8% NA (18.1%) 11.2% 21.1% 0.9x 0.8x 4.2x 3.7x 5.5x 5.4x Planet Payment, Inc. $4.48 $224 $214 25.0% 1.0 5.5% NA 50.3% 18.3% 29.9% 3.7x 3.4x 12.5x 10.6x 25.7x 20.7x PAR Technology Corporation $8.75 $139 $137 NM NA 12.1% NA NA NA NA NA NA NA NA NA NA Earthport plc $0.23 $143 $118 NM NM 33.2% 34.5% NA NA NA 2.5x 1.9x NM NM NM NM eServGlobal Limited $0.14 $96 $104 NM NM 3.4% NA NA NA NA 9.0x 6.8x NM 67.7x NM NA JetPay Corporation $2.15 $34 $42 NM NM 34.2% NA 83.1% 63.7% 6.4% 0.6x 0.5x 8.8x 5.3x NM NM

Median 15.0% 1.5 14.4% 11.5% 26.2% 12.7% 26.7% 4.2x 3.9x 13.3x 12.4x 20.8x 18.2x

Notes: 20 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS $MM, Except Per Share Data

Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS 11/9/17 Value Value Growth PEG 17E/16A NTM 17E/16A NTM 17E 17E 18E 17E 18E 17E 18E Real Estate & Mortgage Technology The Priceline Group Inc. $1,703.14 $83,061 $85,445 15.7% 1.5 16.9% 14.0% 13.6% 13.8% 37.5% 6.8x 6.0x 18.1x 15.9x 22.9x 20.3x Expedia, Inc. $117.32 $17,891 $19,980 15.6% 1.6 15.3% 12.3% 61.8% 14.4% 17.2% 2.0x 1.8x 11.5x 10.1x 25.4x 21.2x Nationstar Mortgage Holdings Inc. $16.68 $1,630 $16,504 NM NM (6.5%) NA NA 16.4% 30.9% 9.6x 8.6x 31.0x 26.7x 45.1x 8.9x Fidelity National Financial, Inc. $38.76 $10,587 $10,671 NM NM 4.5% NA (18.2%) (10.6%) 16.2% 1.4x 1.4x 8.4x 9.4x 16.5x 16.1x CoStar Group, Inc. $299.29 $10,818 $10,500 18.7% 3.4 15.2% 15.6% 34.1% 30.0% 29.9% 10.9x 9.5x 36.4x 28.0x 63.7x 49.1x Jones Lang LaSalle Incorporated $145.25 $6,589 $7,857 13.5% 1.3 12.1% 4.6% 8.9% 7.0% 9.3% 1.0x 1.0x 11.1x 10.4x 17.3x 16.2x REA Group Limited $57.37 $7,557 $7,660 18.2% 2.1 15.2% 19.5% 32.0% 16.8% 57.3% 13.6x 11.7x 23.7x 20.3x 38.1x 31.4x Group, Inc. $40.43 $7,431 $7,131 20.0% 3.8 26.7% 21.4% NA 34.0% 22.1% 6.7x 5.5x 30.2x 22.5x 75.1x 47.3x Realogy Holdings Corp. $26.61 $3,582 $6,981 20.0% 0.9 5.4% 4.4% (3.9%) 6.0% 11.9% 1.1x 1.1x 9.5x 9.0x 17.2x 14.4x Ocwen Financial Corporation $3.15 $412 $6,925 NM NM (14.4%) NA NA NA NA 5.8x 7.6x NA NA NM NM First American Financial Corporation $54.85 $6,078 $5,675 NM NM 2.9% 0.1% 12.4% 16.8% 12.1% 1.0x 1.0x 8.2x 7.0x 15.6x 14.7x CoreLogic, Inc. $45.43 $3,742 $5,390 11.0% 1.8 (5.4%) 0.8% 12.9% 4.7% 25.6% 2.9x 2.9x 11.4x 10.9x 19.5x 18.2x Rightmove plc $51.91 $4,739 $4,716 12.1% 2.1 17.4% 11.6% 19.9% 9.6% 75.7% 14.8x 13.5x 19.5x 17.8x 24.8x 22.2x Black Knight, Inc. $43.05 $2,962 $4,362 14.2% 2.2 3.1% 7.9% 47.4% 11.5% 47.9% 4.1x 3.8x 8.6x 7.7x 31.3x 26.6x Radian Group Inc. $19.94 $4,298 $4,172 8.5% 1.3 (1.3%) 9.4% NA NA NA 3.4x 3.2x NA NA 11.3x 10.2x RealPage, Inc. $44.05 $3,651 $3,939 21.1% 2.3 17.9% 22.8% NA 27.6% NA 5.9x 4.9x 24.4x 19.1x 48.1x 37.4x TripAdvisor, Inc. $31.56 $4,383 $3,892 11.9% 2.4 4.4% 2.2% 49.9% (2.7%) 20.9% 2.5x 2.4x 12.1x 12.4x 28.4x 29.2x LendingTree, Inc. $258.25 $3,091 $2,981 32.1% 2.1 58.4% 28.4% NA 30.5% 18.5% 4.9x 3.9x 26.4x 20.3x 67.2x 50.5x International Group Inc. $59.37 $2,308 $2,716 25.0% 0.8 16.0% 8.5% 20.0% 12.0% 10.6% 1.2x 1.1x 11.6x 10.4x 20.3x 18.5x Ellie Mae, Inc. $86.84 $2,998 $2,632 13.2% 4.3 14.5% 18.0% 62.8% 16.7% 28.9% 6.4x 5.3x 22.1x 18.9x 56.7x 52.1x Moneysupermarket.com Group PLC $4.32 $2,312 $2,289 9.4% 2.1 13.1% 9.3% 25.1% 7.8% 38.3% 5.2x 4.8x 13.5x 12.5x 19.8x 18.0x ZPG Plc $4.48 $1,950 $2,213 16.3% 1.6 15.1% 25.7% 49.5% 16.2% 44.1% 7.5x 7.0x 16.9x 14.6x 25.9x 20.9x

Real Estate & Mortgage Tech. Corporation $23.20 $1,889 $1,676 NM NM 36.8% 32.3% NA NA 0.3% 4.6x 3.5x NM NM NM NM AppFolio, Inc. $41.50 $1,409 $1,366 NM NM 33.9% 28.0% NA 28.4% 18.6% 9.7x 7.7x 52.0x 40.5x NM 96.5x Stewart Information Services Corporation $40.56 $964 $944 NM NM (3.8%) 0.7% (10.1%) 33.7% 6.0% 0.5x 0.5x 8.1x 6.1x 20.1x 14.7x Marcus & Millichap, Inc. $30.48 $1,163 $906 6.0% 3.4 (1.7%) NA (9.2%) 5.0% 14.3% 1.3x 1.2x 9.0x 8.6x 20.1x 18.3x Lifull Co., Ltd. $7.19 $854 $823 NM NM 13.9% 12.6% NA NA 9.4% 4.5x 2.5x 47.6x 15.0x 97.4x 26.0x RE/MAX Holdings, Inc. $54.30 $961 $720 8.5% 3.4 11.3% 7.7% 15.5% 6.8% 54.0% 3.7x 3.4x 6.8x 6.4x 28.5x 26.5x Altisource Portfolio Solutions S.A. $25.27 $452 $719 NM NM (7.4%) (17.3%) (50.5%) 25.9% 9.6% 0.8x 0.9x 8.1x 6.4x 16.7x 22.8x Real Matters Inc. $7.03 $616 $549 23.3% NM 11.0% 11.8% (36.3%) 86.3% 3.3% 1.7x 1.4x 52.2x 28.0x NM 52.5x QuinStreet, Inc. $9.00 $411 $361 NM NM 8.1% 11.4% NA 33.1% 6.3% 1.1x 1.0x 17.8x 13.4x NM 69.2x Agilysys, Inc. $11.75 $274 $236 25.0% NM (0.7%) 6.5% NA NA 4.4% 1.8x 1.7x 41.4x 24.0x NM NM Reis, Inc. $18.30 $210 $192 NM NM 1.9% 8.9% 29.5% 32.1% 25.4% 4.0x 3.6x 15.6x 11.8x NM 53.0x

Median 15.7% 2.1 11.3% 11.4% 17.7% 16.3% 18.6% 4.0x 3.4x 16.3x 13.0x 25.1x 22.5x

Trading Technology The Charles Schwab Corporation $44.00 $58,985 $60,976 18.8% 1.5 15.1% 12.3% 26.7% 18.7% NA 7.1x 6.3x 15.2x 12.8x 27.3x 22.6x TD Ameritrade Holding Corporation $48.38 $27,428 $28,511 20.4% 1.3 20.1% 35.7% 25.7% 27.3% 42.8% 7.2x 5.7x 16.7x 13.1x 27.2x 20.0x Interactive Group, Inc. $53.69 $22,104 $24,713 10.0% 3.5 10.5% 15.4% 29.1% 14.6% 67.2% 15.6x 14.7x 23.2x 20.2x 34.8x 32.2x E*TRADE Financial Corporation $43.08 $11,617 $12,121 15.8% 1.2 12.3% 6.0% 13.3% 2.8% NA 5.2x 4.7x 10.1x 9.9x 18.3x 16.8x , Inc. $16.45 $3,111 $4,002 NM NM 25.4% 28.4% NA 82.1% NA 7.6x 4.8x 20.3x 11.2x 38.8x 17.4x INTL FCStone Inc. $42.18 $790 $728 NM NA 35.7% NA NA NA NA NA NA NA NA NA NA

Trading Tech. Investment Technology Group, Inc. $18.64 $616 $469 NM NM 1.9% 6.8% NA 39.6% 16.1% 1.0x 0.9x 6.2x 4.4x 81.1x 17.2x GAIN Capital Holdings, Inc. $7.22 $325 $235 NM NM (18.0%) 5.1% NA 71.4% 15.8% 0.7x 0.6x 4.5x 2.6x NM 10.3x Global Brokerage, Inc. $1.27 $8 $191 NM NA 7.7% NA NA NA NA NA NA NA NA NA NA

Median 17.3% 1.4 12.3% 12.3% 26.2% 27.3% 29.4% 7.1x 4.8x 15.2x 11.2x 31.0x 17.4x

Notes: 21 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.