Financial Technology Sector Summary

March 26, 2014 Table of Contents

I. GCA Savvian Overview

II. Market Summary

III. Payments / Banking

IV. Securities / Capital Markets / Data & Analytics

I. GCA Savvian Overview GCA Savvian Overview Highlights

Firm Statistics GCA Savvian Focus

. Over 225 professionals today Mergers & Acquisitions Private Capital Markets

. Headquarters in and Tokyo; offices in New . Full spectrum of buy-side, sell- . Agented private capital raiser side and strategic advisory York, London, Shanghai, Mumbai, and Osaka . Equity and debt capital markets . Provides mergers and acquisitions advisory services, private . Public and private company advisory services experience capital & capital markets advisory services, and principal . Core competency, with important investing . Strategic early-stage growth relationships among the venture companies through industry capital and private equity . 500 transactions completed defining, multi-billion dollar community . Publicly traded on the Tokyo Stock Exchange (2174) transactions

Senior level attention and focus, Relationships and market extensive transaction intelligence; a highly experienced team in experience and deep domain insight the industry Global Advisory Firm Market Positioning

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

. M&A Advisory and Capital Raising Expertise

3 GCA Savvian Overview Financial Technology Landscape

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

− Payments & Banking

− Securities & Capital Markets

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

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

4 GCA Savvian Overview Significant Transaction Momentum

. GCA Savvian has Cumulative Deal Announcements advised on over $125 500 500 492 billion of transaction 479 value 468 452 450 445 432 . 500 transactions, 423 including a number of 401 400 multi-billion dollar 384 367 industry-defining 355 transactions 350 344 326

305 . Demonstrated ability to 300 290 279 complete transactions 273 in all market conditions 255260 and geographies 250 239 219 205 200 190 171 156 150 135 124 111 99 100 86 91 76 65 55 50 40 31 22 14 6 11

0

Q4 '04 Q4 '06 Q3 '11 Q1 Q1'04 Q2'04 Q3'04 Q1'05 Q2'05 Q3'05 Q4'05 Q1'06 Q2'06 Q4'06 Q1'07 Q2'07 Q3'07 Q4'07 Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 Q2'09 Q3'09 Q4'09 Q1'10 Q2'10 Q3'10 Q4'10 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1TD

Notes: 5 Current quarter represents deals announced to date. GCA Savvian Overview Financial Technology Team

San Francisco New York

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

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

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

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

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

6 II. Market Summary Market Summary Industry Stock Market Performance

Last 12 Months Last 3 Months

180 120

170

115

160

110 150

140 105

130

100 120

110 95

100

90

90

80 85 3/21/13 4/21/13 5/21/13 6/21/13 7/22/13 8/21/13 9/20/13 10/21/13 11/20/13 12/20/13 1/22/14 2/21/14 12/23/13 12/31/13 1/8/14 1/15/14 1/22/14 1/29/14 2/5/14 2/12/14 2/19/14 2/26/14 3/5/14 3/12/14 3/19/14

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

(5) (6) Banking & Lending (7) Investment Services, (8) Trading Platforms Online Broker Dealers Technology Software, & Technology

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

Last 3 Months 1 Year 3 Years

Online Broker Dealers 13.6% 70.5% 63.0%

Banking & Lending 2.2% 30.5% 66.1% Technology

Payments 1.2% 34.6% 130.5%

Information Processors / (1.5%) 13.4% 60.1% Credit Bureaus

Trading Platforms (2.0%) 48.1% 27.9%

Financial, Data, Content, (2.8%) 30.0% 33.5% & Analytics

Exchanges (3.9%) 6.2% 3.7%

Investment Services, (4.1%) 55.8% Software, & Technology 31.2%

(10.0%) 0.0% 10.0% 20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 0.0% 50.0% 100.0% 150.0%

Notes: 9 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary Long-Term EPS Growth and EBITDA Margins

Long-Term EPS Growth EBITDA Margins

Online Broker Dealers 20.6% Trading Platforms 45.2%

Banking and Lending Technology 15.0%

Banking and Lending Technology 28.9%

Investment Services, Software, & Technology 14.3%

Information Processors / Credit Bureaus 25.9% Payments 14.0%

Financial Data, Content, & Analytics 11.6% Financial Data, Content, & Analytics 21.1%

Information Processors / Credit Bureaus 10.8%

Payments 20.5%

Trading Platforms 10.0%

Investment Services, Software, & Technology 19.3% Exchanges 8.8%

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

Notes: 10 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary Price / Earnings Multiples and PEG Ratios

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

Banking and Lending Technology 22.7x Exchanges 2.5

Online Broker Dealers 22.3x Information Processors / Credit Bureaus 2.2

Investment Services, Software, & Technology 19.5x Trading Platforms 1.5

Exchanges 18.3x Investment Services, Software, & Technology 1.5

Information Processors / Credit Bureaus 18.3x Banking and Lending Technology 1.5

Payments 17.9x Payments 1.2

Trading Platforms 15.9x Financial Data, Content, & Analytics 1.2

Financial Data, Content, & Analytics 13.8x Online Broker Dealers 1.0

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 0.0 0.5 1.0 1.5 2.0 2.5 3.0

Notes: 11 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary LTM Price Performance and 2014 P/E – Payments / Banking

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

Visa Inc. $141,531 42% 24.2x Blackhaw k Netw ork Holdings, Inc. $1,421 NA 22.0x MasterCard Incorporated 90,165 48% 24.9 Green Dot Corporation 936 35% 16.5 American Express Company 97,246 40% 16.8 Net 1 Ueps Technologies Inc. 456 67% 7.1 eBay Inc. 72,290 8% 19.2 Higher One Holdings, Inc. 378 (12%) 12.5 Discover Financial Services 27,199 30% 11.1 Sector Average $798 30% 14.5x Sector Average $85,686 33% 19.2x LTM Price LTM Price ATM / Kiosks Market Cap. Performance P/E 2014 Merchant Processing Market Cap. Performance P/E 2014 Cardtronics Inc. $1,806 55% 17.6x Cielo SA $23,770 26% 17.7x Outerw all Inc. 1,361 20% 11.1 Total System Services, Inc. 5,754 27% 16.0 Global Cash Access Holdings, Inc. 549 18% 10.1 Global Payments Inc. 5,217 50% 16.8 Sector Average $1,239 31% 12.9x AG 5,297 21% 31.4 Vantiv, Inc. 4,474 11% 17.5 LTM Price EVERTEC, Inc. 1,986 NA 15.2 POS Hardw are / Technology Market Cap. Performance P/E 2014 Heartland Payment Systems, Inc. 1,579 (42%) 18.0 Optimal Payments Plc 1,072 159% 25.1 NCR Corp. $5,831 30% 11.4x Digital River Inc. 594 26% 43.3 MICROS Systems, Inc. 3,911 12% 19.2 Planet Payment, Inc. 171 6% 64.3 SA 4,826 60% 21.4 JetPay Corporation 25 (31%) NA Systems, Inc. 3,837 64% 22.3 Sector Average $4,540 25% 26.5x PAR Technology Corporation 73 0% 66.4 Sector Average $3,696 33% 28.2x LTM Price Money Transfer Market Cap. Performance P/E 2014 LTM Price Banking and Lending Technology Market Cap. Performance P/E 2014 The Company $8,877 12% 11.2x Euronet Worldw ide Inc. 2,126 66% 17.7 Inc. $22,506 22% 20.9x Moneygram International Inc. 1,084 9% 14.0 Fidelity National Information Services, Inc. 15,746 41% 17.5 883 NA NM Fiserv, Inc. 14,697 35% 17.3 Sector Average $3,242 29% 14.3x Jack Henry & Associates Inc. 4,827 25% 22.7 ACI Worldw ide, Inc. 2,266 25% 23.7 Temenos Group AG 2,394 53% 24.5 LTM Price Bottomline Technologies (de), Inc. 1,327 28% 25.5 Closed Loop Market Cap. Performance P/E 2014 Ellie Mae, Inc. 811 32% 26.8 Alliance Data Systems Corporation $15,234 83% 23.3x Performant Financial Corporation 420 NA 21.2 FleetCor Technologies, Inc. 9,936 66% 24.2 Sector Average $7,222 33% 22.2x Edenred SA 7,234 (2%) 24.9 WEX Inc. 3,725 27% 19.8 LTM Price Sector Average $9,032 43% 23.1x Information Processors / Credit Bureaus Market Cap. Performance P/E 2014 0 Experian plc $17,404 2% 18.0x Equifax Inc. 8,692 26% 18.5 Acxiom Corporation 2,770 82% 44.1 Fair Isaac Corporation 1,911 20% 15.2 Intersections Inc. 113 (33%) NA Sector Average $6,178 20% 24.0x

Source: 12 CapitalIQ and Wall Street Research. Market Summary LTM Price Performance and 2014 P/E – Securities / Cap. Mkts. / Data & Analytics

($MM) ($MM) LTM Price Investment Services, Softw are, & LTM Price Exchanges - Americas Market Cap. Performance P/E 2014 Technology Market Cap. Performance P/E 2014 0 CME Group Inc. $26,000 27% 21.7x SEI Investments Co. $5,717 18% 20.1x IntercontinentalExchange Group, Inc. 23,435 26% 18.3 Broadridge Financial Solutions, Inc. 4,339 50% 16.3 BM&F Bovespa SA 8,262 (32%) 13.9 TIBCO Softw are Inc. 3,424 (9%) 18.3 The Nasdaq OMX Group, Inc. 6,381 17% 12.6 DST Systems Inc. 4,152 43% 19.0 CBOE Holdings, Inc. 4,841 55% 24.3 SS&C Technologies Holdings, Inc. 3,566 44% 18.5 TMX Group Limited 2,569 NA 13.7 Financial Engines, Inc. 2,817 58% 58.3 Bolsa Mexicana de Valores SAB de CV 1,120 (32%) 19.6 Advent Softw are, Inc. 1,555 12% 21.5 Envestnet, Inc. 1,523 166% 63.0 Sector Average $10,373 10% 17.8x Sector Average $3,387 48% 29.4x

LTM Price LTM Price Exchanges - Asia Market Cap. Performance P/E 2014 0 Financial Data, Content, & Analytics Market Cap. Performance P/E 2014 Hong Kong Exchanges & Clearing Limited 17,120 (15%) 25.8x Thomson Reuters Corporation $28,090 7% 18.4x ASX Limited 6,344 (11%) 17.6 McGraw Hill Financial, Inc. 21,035 58% 20.3 Singapore Exchange Ltd. 5,633 (14%) 20.4 Moody's Corporation 17,352 58% 20.4 Bursa Malaysia Bhd 1,220 4% 20.9 Verisk Analytics, Inc. 10,424 4% 26.1 Sector Average $7,579 (9%) 21.2x MSCI Inc. 5,288 35% 20.0 FactSet Research Systems Inc. 4,533 19% 19.5 LTM Price Dun & Bradstreet Corp. 3,820 25% 13.8 Exchanges - Europe Market Cap. Performance P/E 2014 Morningstar Inc. 3,602 17% 26.4 0 Bankrate, Inc. 1,759 35% 24.2 Deutsche Boerse AG 14,286 22% 14.6x Sector Average $10,656 29% 21.0x London Stock Exchange Group plc 8,819 61% 18.1 Bolsas y Mercados Españoles 3,364 64% 16.4 JSE Limited 678 (2%) NA LTM Price Hellenic Exchanges - Athens Stock Exchange S.A. Holding802 114% 22.3 Online Broker Dealers Market Cap. Performance P/E 2014 GPW 527 1% 13.1 The Charles Schw ab Corporation $37,048 63% 30.0x Sector Average $4,746 43% 16.9x TD Ameritrade Holding Corporation 19,479 70% 24.1 E*TRADE Financial Corporation 7,112 134% 27.4 LTM Price Interactive Brokers Group, Inc. 1,189 46% 20.5 Trading Platforms Market Cap. Performance P/E 2014 FXCM Inc. 1,195 18% 18.5 GAIN Capital Holdings, Inc. 470 168% 11.9 MarketAxess Holdings Inc. $2,349 63% 31.0x Sector Average $11,082 83% 22.1x KCG Holdings, Inc. 1,457 NA 14.0 BGC Partners, Inc. 1,459 57% 12.7 Investment Technology Group Inc. 657 52% 15.9 GFI Group Inc. 461 8% 28.0 INTL FCStone Inc. 362 10% NA Sector Average $1,124 38% 20.3x

Source: 13 CapitalIQ and Wall Street Research. III. Payments / Banking Payments / Banking Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 3/21/14 Low High Value Debt Value CY 13E CY 14E CY 13E CY 14E CY 13E CY 14E Growth PEG 14E/13E Y/Y MRQ Networks Visa Inc. $223.37 $157.72 $235.50 $141,531 ($4,090) $137,441 11.4x 10.4x 17.3x 15.5x 28.5x 24.2x 18.4% 1.3 9.6% 10.9% MasterCard Incorporated 75.99 51.55 84.75 90,165 (6,251) 83,914 10.0 9.0 17.1 15.0 28.8 24.9 18.0% 1.4 11.4% 12.2% American Express Company 91.52 63.43 94.35 97,246 40,978 138,224 4.2 4.0 13.8 17.1 18.6 16.8 11.6% 1.4 5.3% 6.9% eBay Inc. 56.96 48.06 59.70 72,290 (4,902) 67,388 4.2 3.7 12.6 11.2 21.1 19.2 13.5% 1.4 13.6% 13.4% Discover Financial Services 57.76 42.12 60.00 27,199 13,981 41,180 5.0 4.7 NA 7.4 11.7 11.1 10.5% 1.1 5.8% 79.7%

Mean 7.0x 6.4x 15.2x 13.3x 21.7x 19.2x 14.4% 1.3 9.2% 24.6% Median 5.0 4.7 15.5 15.0 21.1 19.2 13.5% 1.4 9.6% 12.2%

Merchant Processing Cielo SA $30.26 $20.19 $30.65 $23,770 $875 $24,644 8.0x 7.1x 16.1x 12.9x 20.9x 17.7x 9.6% 1.8 11.8% (0.9%) Total System Services, Inc. 30.63 22.58 33.44 5,754 1,215 6,969 3.2 2.8 11.1 9.5 17.8 16.0 11.5% 1.4 17.6% 25.4% Global Payments Inc. 72.54 43.73 73.84 5,217 345 5,562 2.3 2.1 10.9 10.0 18.5 16.8 11.1% 1.5 7.2% 7.7% Wirecard AG 42.89 26.63 47.35 5,297 (350) 4,947 7.5 6.1 28.9 21.4 42.2 31.4 25.4% 1.2 23.2% 33.1% Vantiv, Inc. 31.80 21.73 34.42 4,474 1,660 6,133 5.2 4.8 10.5 9.7 20.6 17.5 14.2% 1.2 9.0% 13.0% EVERTEC, Inc. 25.37 19.11 26.33 1,986 713 2,700 7.5 7.2 15.4 14.3 17.5 15.2 14.0% 1.1 5.4% 2.6% Heartland Payment Systems, Inc. 43.03 30.29 50.44 1,579 74 1,654 2.8 2.6 11.3 10.5 19.1 18.0 16.0% 1.1 7.6% 6.1% Optimal Payments Plc 6.64 2.09 8.56 1,072 (117) 955 3.9 3.4 18.5 15.5 27.7 25.1 170.6% 0.1 15.5% 51.4% Digital River Inc. 17.94 12.80 20.29 594 (294) 300 0.8 0.8 9.3 6.0 30.9 43.3 10.0% 4.3 (4.1%) 3.2% Planet Payment, Inc. 3.21 2.23 3.95 171 (6) 166 3.6 3.1 41.5 20.7 NA 64.3 NM NM 16.1% 3.3% JetPay Corporation 2.21 1.35 5.00 25 22 47 NA NA NA NA NA NA NM NA NA 64.9%

Mean 4.5x 4.0x 17.4x 13.0x 23.9x 26.5x 31.4% 1.5 10.9% 19.1% Median 3.7 3.2 13.4 11.7 20.6 17.9 14.0% 1.2 10.4% 7.7%

Money Transfer The Western Union Company $16.20 $14.24 $19.50 $8,877(1) $2,036 $10,913 2.0x 1.9x 7.9x 7.9x 11.3x 11.2x 7.9% 1.4 2.3% (0.2%) Euronet Worldwide Inc. 41.93 25.26 50.00 2,126 (5) 2,121 1.5 1.4 10.7 9.5 21.0 17.7 14.3% 1.2 8.8% 6.9% Moneygram International Inc. 18.70 15.79 24.88 1,084 843 1,927 1.3 1.2 6.6 6.2 14.9 14.0 14.8% 0.9 8.2% 8.9% Xoom Corporation 23.44 17.68 36.46 883 (216) 667 5.5 4.3 56.2 68.7 NM NM NM NM 29.4% 44.9%

Mean 2.6x 2.2x 20.4x 23.0x 15.7x 14.3x 12.3% 1.2 12.2% 15.1% Median 1.7 1.6 9.3 8.7 14.9 14.0 14.3% 1.2 8.5% 7.9%

Closed Loop Alliance Data Systems Corporation $286.50 $152.80 $300.49 $15,234 $9,239 $24,473 5.7x 4.7x 17.8x 15.5x 28.8x 23.3x 15.0% 1.6 20.4% 17.4% FleetCor Technologies, Inc. 120.47 70.09 132.22 9,936 1,148 11,085 12.6 10.2 21.9 17.3 29.9 24.2 17.6% 1.4 24.0% 26.1% Edenred SA 32.02 28.31 37.35 7,234 394 7,627 5.2 5.0 14.4 13.3 26.6 24.9 12.0% 2.1 3.7% (4.5%) WEX Inc. 95.78 66.43 101.58 3,725 326 4,051 5.7 5.3 12.4 11.6 21.6 19.8 14.2% 1.4 7.3% 7.9%

Mean 7.3x 6.3x 16.6x 14.5x 26.7x 23.1x 14.7% 1.6 13.8% 11.7% Median 5.7 5.1 16.1 14.4 27.7 23.8 14.6% 1.5 13.8% 12.6%

Notes: 15 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Public Company Valuations: Financial Metrics (Cont.)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 3/21/14 Low High Value Debt Value CY 13E CY 14E CY 13E CY 14E CY 13E CY 14E Growth PEG 14E/13E Y/Y MRQ Prepaid Blackhawk Network Holdings, Inc. $27.06 $20.25 $29.73 $1,421 ($550) $871 0.8x 0.6x 7.5x 6.2x 24.1x 22.0x 18.2% 1.2 24.1% 15.1% Green Dot Corporation 20.95 15.21 26.87 936 (59) 876 1.5 1.4 8.3 7.6 17.5 16.5 18.3% 0.9 10.9% 4.6% Net 1 Ueps Technologies Inc. 9.96 5.87 13.00 456 73 529 1.1 1.0 6.0 4.6 9.1 7.1 10.0% 0.7 NA 23.2% Higher One Holdings, Inc. 8.02 6.97 11.93 378 90 468 2.2 2.0 9.8 8.0 14.7 12.5 20.3% 0.6 9.5% 13.7%

Mean 1.4x 1.2x 7.9x 6.6x 16.3x 14.5x 16.7% 0.9 14.8% 14.1% Median 1.3 1.2 7.9 6.9 16.1 14.5 18.2% 0.8 10.9% 14.4%

ATM / Kiosks Cardtronics Inc. $40.59 $25.95 $44.46 $1,806 $471 $2,277 2.6x 2.3x 10.3x 9.2x 21.3x 17.6x 14.7% 1.2 15.8% 22.0% Outerwall Inc. 66.76 46.25 74.30 1,361 394 1,755 0.8 0.7 3.8 3.6 12.8 11.1 10.2% 1.1 4.2% NA Global Cash Access Holdings, Inc. 8.36 5.71 10.42 549 (11) 538 0.9 0.9 7.5 7.3 10.8 10.1 13.3% 0.8 1.8% 3.2%

Mean 1.4x 1.3x 7.2x 6.7x 15.0x 12.9x 12.7% 1.0 7.3% 12.6% Median 0.9 0.9 7.5 7.3 12.8 11.1 13.3% 1.1 4.2% 12.6%

POS Hardware / Technology NCR Corp. $34.98 $25.64 $41.63 $5,831 $2,836 $8,667 1.4x 1.3x 9.8x 8.0x 12.6x 11.4x 13.3% 0.9 10.1% 1.7% MICROS Systems, Inc. 51.98 40.25 59.46 3,911 (627) 3,284 2.5 2.4 11.9 10.7 21.9 19.2 15.3% 1.3 5.6% 6.5% Ingenico SA 91.39 60.67 97.47 4,826 399 5,225 2.8 2.6 14.0 12.4 25.1 21.4 19.5% 1.1 3.9% 12.4% VeriFone Systems, Inc. 34.53 15.34 35.11 3,837 752 4,588 2.7 2.5 14.7 13.9 27.8 22.3 3.0% 7.5 7.5% 1.7% PAR Technology Corporation 4.65 3.80 5.92 73 (9) 64 0.3 0.3 NA NA 38.8 66.4 11.0% 6.0 1.2% (10.2%)

Mean 1.9x 1.8x 12.6x 11.3x 25.2x 28.2x 12.4% 3.4 5.6% 2.4% Median 2.5 2.4 12.9 11.5 25.1 21.4 13.3% 1.3 5.6% 1.7%

Banking and Lending Technology Intuit Inc. $79.44 $55.54 $82.40 $22,506 ($832) $21,674 5.1x 4.6x 14.1x 11.3x 27.1x 20.9x 13.0% 1.6 11.3% (11.5%) Fidelity National Information Services, Inc. 54.17 38.20 56.68 15,746 3,923 19,669 3.2 3.1 10.6 10.2 19.0 17.5 12.0% 1.5 5.3% 5.2% Fiserv, Inc. 57.75 42.19 59.29 14,697 3,448 18,145 3.8 3.6 11.8 10.9 19.3 17.3 11.9% 1.5 3.6% NA Jack Henry & Associates Inc. 56.47 37.90 60.34 4,827 (146) 4,681 4.0 3.7 11.7 10.8 24.9 22.7 11.8% 1.9 8.3% 8.6% ACI Worldwide, Inc. 60.39 42.74 65.94 2,266 676 2,942 3.4 2.8 12.4 10.0 28.0 23.7 16.0% 1.5 22.6% 26.4% Temenos Group AG 34.63 21.45 35.93 2,394 97 2,491 5.3 4.9 17.8 15.1 30.2 24.5 20.4% 1.2 8.4% 7.8% Bottomline Technologies (de), Inc. 35.57 24.62 37.41 1,327 (62) 1,265 4.7 3.9 19.8 18.8 29.6 25.5 18.8% 1.4 18.8% 15.4% Ellie Mae, Inc. 29.05 20.87 33.24 811 (80) 731 5.7 4.8 18.8 15.7 29.5 26.8 23.0% 1.2 18.1% 1.5% Performant Financial Corporation 8.67 7.11 13.42 420 51 471 1.9 2.2 5.5 9.2 10.6 21.2 15.0% 1.4 (16.0%) 7.1%

Mean 4.1x 3.7x 13.6x 12.4x 24.2x 22.2x 15.7% 1.5 8.9% 7.5% Median 4.0 3.7 12.4 10.9 27.1 22.7 15.0% 1.5 8.4% 7.5%

Information Processors / Credit Bureaus Experian plc $17.53 $16.82 $21.27 $17,404 $3,286 $20,690 4.3x 4.0x 12.4x 11.6x 19.8x 18.0x 10.2% 1.8 7.1% 2.4% Equifax Inc. 71.22 55.83 72.90 8,692 1,206 9,898 4.3 4.0 12.3 11.6 19.8 18.5 7.0% 2.6 6.2% 8.4% Acxiom Corporation 36.26 18.41 39.30 2,770 (58) 2,712 2.5 2.5 13.1 12.2 44.8 44.1 11.4% 3.9 (0.7%) 1.7% Fair Isaac Corporation 54.75 41.33 63.48 1,911 382 2,294 3.1 3.0 12.0 10.9 17.1 15.2 12.0% 1.3 5.1% (3.0%) Intersections Inc. 6.21 5.56 10.68 113 (18) 95 NA NA NA NA NA NA NA NA NA (14.2%)

Mean 3.5x 3.4x 12.5x 11.6x 25.4x 24.0x 10.1% 2.4 4.4% (0.9%) Median 3.7 3.5 12.3 11.6 19.8 18.3 10.8% 2.2 5.7% 1.7%

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

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

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

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

3/10/14 Pivotal Payments, Inc. Capital Processing Netw ork LLC Merchant Processing NA NA

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1/13/14 Oki Electric Industry Co., Ltd. Grupo Itautec, Automation and Services Division ATMs $71 NA

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

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

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

1/7/14 Deluxe Corp. Destination Rew ards, Inc. Loyalty NA NA

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

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

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

12/18/13 AB Sofort AG Gatew ay $199 NA

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

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

12/12/13 LifeLock Lemon Mobile $43 NA

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

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

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

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

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

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

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

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

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

12/2/13 NCR Corp. Digital Insight Corporation Banking Softw are $1,650 5.0x

12/2/13 Blackhaw k Netw ork Holdings, Inc. Retailo AG Prepaid NA NA

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

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

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

11/26/13 Hitachi Ltd. Prizm Payment Services Private Limited ATM / POS NA NA

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

11/19/13 Utiba Mobility, Inc. Alternet Transaction Systems Inc. Mobile $10 8.2x

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

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

11/7/13 Groupon Ticket Monster eCommerce NA NA

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

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

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

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

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

10/21/13 Blackhaw k Netw ork Holdings, Inc. InteliSpend Prepaid Solutions, LLC Prepaid NA NA

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

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

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

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

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

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

Falcon Investment Advisors, LLC; Rockbridge 8/31/13 Rapid Financial Services, LLC Online Lending NA NA Grow th Equity, LLC; Falcon Strategic Partners IV,

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

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

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

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

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

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

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

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

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

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

7/29/13 Zotec Partners, LLC Medical Management Professionals, Inc. Healthcare Payments $202 1.6x

7/25/13 Vantiv, Inc. Element Payment Services, Inc. Merchant Acquiring $163 NA

7/23/13 Kareo, Inc. ECCO Health, LLC Healthcare Analytics NA NA

7/23/13 Davis + Henderson Corporation Harland Financial Solutions, Inc. Banking Softw are $1,629 5.8x

7/15/13 Accenture plc Mortgage Cadence, LLC Mortgage Softw are NA NA

7/8/13 Equifax Inc. TrustedID, Inc. Risk / Fraud NA NA

7/8/13 Moneygram International Inc. Latino Services LLC NA NA

7/2/13 Outerw all Inc. ecoATM, Inc. ATMs $350 NA

7/1/13 Thoma Bravo Intuit Financial Services (nka:Digital Insight Corporation) Banking Softw are $1,025 3.4x

6/26/13 TestLink Ltd. Airis ATM Technologies, LLC (nka:TestLink USA inc.) ATMs NA NA

6/18/13 Payformance Corporation mPay Gatew ay, Inc. Health Care Payments NA NA

6/17/13 Vitera Healthcare Solutions, LLC SuccessEHS, Inc. Health Care Payments NA NA

6/10/13 Parallon The Outsource Group Collections - Healthcare NA NA

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

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

6/10/13 First Data Merchant Solutions Merchant Acquiring NA NA

6/3/13 Cardtronics USA, Inc. Merrimak ATM Group, LLC ATMs NA NA

Lender Processing Services, Inc. (nka:Black Knight 5/28/13 Fidelity National Financial Mortgage Processing $3,881 2.1x InfoServ, LLC)

5/22/13 TOT Group, Inc. Aptito.com, Inc. (nka:Aptito, Inc.) POS NA NA

5/22/13 GiftCards.com, LLC GoLocal, Inc. Prepaid NA NA

5/21/13 Healthland, Inc. American HealthTech, Inc. Healthcare Information Processing NA NA

5/8/13 Trulia, Inc. Market Leader, Inc. CRM $314 6.6x

5/7/13 Higher One, Inc. Sallie Mae, Inc., Campus Solutions Division Refund Processing $47 NA

4/18/13 Financial Debt Recovery Limited Takhar Collection Services Limited Collections NA NA

4/10/13 Posera-HDX Limited Zomaron Inc. Merchant Processing $3 NA

4/4/13 Billpin BillMonk Bill Payment NA NA

3/22/13 Temenos Group AG TriNovus, LLC Financial Softw are NA NA

Notes: 21 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Equity Financings

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

1/30/14 Pow a Technologies Ltd. Series A $76.0 Wellington Management Company eCommerce

Notes: 22 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings (Cont.)

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

1/29/14 Zopa Ltd. Series C $24.7 Arrow grass Capital Partners P2P

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

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

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

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

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

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

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

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

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

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

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

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

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

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

12/13/13 QuickPay Corp. NA $5.5 Ecomobilite, Fontinalis, IncWell Mobile

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

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

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

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

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

12/10/13 PaeDae, Inc NA $11.6 Bank Marketing / Offers

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

12/4/13 Proxama NA $14.1 Undisclosed Mobile

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

Atlanticus Holdings, Brentw ood Investments, 11/27/13 Mozido, LLC NA $70.0 Mobile Tomorrow Ventures

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Draper Fisher, Gotham Ventures, TTV Capital, Updata 7/24/13 LendKey Technologies, Inc. NA $12.7 Lending Technology Partners

7/23/13 Viablew are, Inc. Series B $6.5 Sw iftsure Capital POS

7/15/13 JudoPay Seed $5.0 NA Mobile

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

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

7/8/13 Sequent Softw are, Inc. Series B $12.0 Jado Investments, Opus Capital, SBT Venture Capital Mobile

7/1/13 PayVeris, LLC NA $5.2 Connecticut Innovations, Ironw ood Capital Bill Payment

6/26/13 Corporation Seed $25.0 Accel Management, Andreesen Horow itz, , Intuit Mobile

6/24/13 E la Carte Inc. Series B $13.5 Intel Capital, Romulus Capital POS

Adams Street Partners, Intel Capital, Norw est Venture 6/18/13 CareCloud Corporation Series B $29.0 Healthcare Payments Partners, Tenaya Capital Morgan Stanley, Goldman Sachs, Credit Suisse, Jefferies, 6/17/13 RetailMeNot IPO $230.0 Marketing / Offers Stifel, RBC, William Blair American Express, Atomico, Creadum, Greylock, Qualcomm, 6/13/13 Wrapp Series B $15.0 Social Gifting SEB

6/11/13 nCino, LLC Series A $9.0 Individual Investors Banking Optimization

6/10/13 iZettle AB NA $6.6 Banco Santander Merchant Services

5/30/13 iVantage Health Analytics, Inc. NA $10.9 Great Point Partners Healthcare Analytics

5/29/13 Earthport NA $10.0 International Finance Corporation Cross-Border Payments

5/28/13 SumUp Limited NA NA American Express Ventures, Groupon POS

5/28/13 Easy Solutions Inc. Series B $11.0 Medina Capital Fraud Prevention

Cygnus Asset Management, Fides - Europa, IPConcept Fund, 5/23/13 peerTransfer Education Corporation NA $6.4 P2P Maveron, QED Investors, Spark Capital

5/17/13 Cardlytics, Inc. NA $40.0 Undisclosed Marketing / Offers

5/14/13 TransferWire NA $6.0 Valar Ventures Money Transfer

5/14/13 Ripple Labs Inc. Series A NA Google Ventures; IDG Capital Partners Bitcoins

5/14/13 Numbrs AG NA $7.9 Centralw ay Holding Personal Financial Management

First Round Capital, Greylock Partners, Index Ventures, 5/10/13 Sw ipely Inc. Series B $12.0 Merchant Processing Shasta Ventures

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

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

5/8/13 Avant Credit Corporation Series A $9.0 August Capital, Victory Park Capital Online Lending

Founder Collective, Gemini Israel Funds, General Catalyst 5/6/13 LoyalBlocks Ltd. Series A $9.0 Loyalty Partners

5/6/13 Wallet IPO $212.5 JP Morgan, Credit Suisse Alternative Payments

5/3/13 Saftypay NA $7.0 IFC Netw ork

5/1/13 LendingClub Corporation NA $125.0 Foundation Capital, Google P2P

Andressen Horow itz, Thrive Capital, Union Square, Village 4/30/13 Dw olla Corp. Series C $16.5 Netw ork Ventures

4/30/13 Alpha Payments Cloud Pte. Ltd. Angel $12.0 NA Merchant Processing

4/26/13 Coinbase, Inc. Series A $5.0 Union Square Ventures Bitcoins

4/4/13 Jusp NA $6.0 Principia, Vertis SGR Mobile

4/2/13 Credit Karma, Inc. Series B $30.0 Ribbit Capital, Susquehanna Grow th Equity Credit Scoring

American Express Ventures, DCM, Edenred, First Round 3/29/13 SavingStar, Inc. Series D $9.1 P2P Capital, Flybridge Capital, Founder Collective; IA Capital

Notes: 27 Source: CapitalIQ, DowJones Venture Source. IV. Securities / Capital Markets / Data & Analytics Securities / Capital Markets / Data & Analytics Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 3/21/14 Low High Value Debt Value CY 13E CY 14E CY 13E CY 14E CY 13E CY 14E Growth PEG 14E/13E Y/Y MRQ Exchanges - Americas CME Group Inc. $77.45 $58.36 $84.71 $26,000 $319 $26,319 9.0x 8.2x 14.0x 12.4x 25.1x 21.7x 13.5% 1.6 9.9% 3.9% IntercontinentalExchange Group, Inc. 203.85 150.12 229.50 23,435 4,023 27,458 16.4 7.3 25.0 12.2 24.9 18.3 19.7% 0.9 125.0% 89.4% BM&F Bovespa SA 4.46 3.92 6.30 8,262 (128) 8,134 8.8 8.8 12.6 13.2 14.0 13.9 15.8% 0.9 (0.0%) (17.4%) The Nasdaq OMX Group, Inc. 37.54 27.47 41.25 6,381 2,187 8,568 4.5 3.8 10.0 8.5 14.6 12.6 13.2% 1.0 18.0% 12.5% CBOE Holdings, Inc. 55.98 35.76 59.28 4,841 (221) 4,620 8.1 7.4 14.4 12.6 28.3 24.3 13.0% 1.9 10.1% 9.0% TMX Group Limited 47.43 37.92 50.81 2,569 994 3,563 5.5 5.5 11.7 11.0 16.0 13.7 0.0% NA (0.1%) (4.1%) Bolsa Mexicana de Valores SAB de CV 1.89 1.73 2.81 1,120 (157) 963 5.6 5.4 11.7 11.6 19.6 19.6 10.5% 1.9 4.4% 4.8%

Mean 8.3x 6.6x 14.2x 11.6x 20.3x 17.8x 12.2% 1.4 23.9% 14.0% Median 8.1 7.3 12.6 12.2 19.6 18.3 13.2% 1.3 9.9% 4.8%

Exchanges - Asia Hong Kong Exchanges & Clearing Limited $14.76 $14.46 $17.98 $17,120 ($389) $16,730 14.8x 13.3x 21.4x 19.2x 28.3x 25.8x 8.3% 3.1 11.3% 22.9% ASX Limited 32.77 29.00 36.35 6,344 (4,536) 1,808 3.2 2.9 4.1 3.8 18.6 17.6 6.1% 2.9 8.5% (10.0%) Singapore Exchange Ltd. 5.27 5.23 6.16 5,633 (556) 5,077 8.6 8.7 13.5 13.8 20.7 20.4 9.3% 2.2 (0.5%) (1.5%) Bursa Malaysia Bhd 2.29 2.03 2.56 1,220 (368) 853 6.1 5.7 9.9 9.4 22.0 20.9 11.9% 1.8 6.4% 1.9%

Mean 8.2x 7.7x 12.2x 11.6x 22.4x 21.2x 8.9% 2.5 6.4% 3.3% Median 7.4 7.2 11.7 11.6 21.3 20.7 8.8% 2.5 7.4% 0.2%

Exchanges - Europe Deutsche Boerse AG $77.59 $61.36 $87.24 $14,286 $1,213 $15,499 5.5x 5.1x 11.6x 9.8x 16.9x 14.6x 7.0% 2.1 7.4% 8.0% London Stock Exchange Group plc 32.63 20.41 33.85 8,819 493 9,312 5.2 4.8 10.5 10.2 19.1 18.1 5.4% 3.3 9.5% 33.9% Bolsas y Mercados Españoles 40.39 25.23 42.87 3,364 (360) 3,004 7.1 6.9 10.6 10.1 17.3 16.4 2.5% 6.4 3.6% 27.0% JSE Limited 7.92 6.26 8.35 678 (129) 550 NA NA NA NA NA NA NA NA NA (9.1%) Hellenic Exchanges - Athens Stock Exchange S.A. Holding12.27 5.17 13.12 802 (228) 574 5.1 7.6 6.9 12.1 19.6 22.3 37.1% 0.6 (32.7%) 61.0% GPW 12.56 11.41 14.81 527(1) (64) 464 4.8 4.8 9.2 9.1 13.6 13.1 NA NA 1.8% (1.8%)

Mean 5.6x 5.8x 9.7x 10.3x 17.3x 16.9x 13.0% 3.1 (2.1%) 19.8% Median 5.2 5.1 10.5 10.1 17.3 16.4 6.2% 2.7 3.6% 17.5%

Notes: 29 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Public Company Valuations: Financial Metrics (Cont.)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 3/21/14 Low High Value Debt Value CY 13E CY 14E CY 13E CY 14E CY 13E CY 14E Growth PEG 14E/13E Y/Y MRQ Investment Services, Software, & Technology SEI Investments Co. $33.73 $26.84 $35.59 $5,717 ($578) $5,139 4.6x 4.1x 13.2x 10.9x 24.6x 20.1x 14.9% 1.3 12.8% 14.3% Broadridge Financial Solutions, Inc. 36.33 23.28 40.36 4,339 284 4,623 1.8 1.8 9.1 8.6 16.7 16.3 10.5% 1.6 4.6% 5.6% TIBCO Software Inc. 21.16 18.18 27.15 3,424 (216) 3,208 3.0 2.8 11.9 10.0 20.5 18.3 13.9% 1.3 8.2% 6.3% DST Systems Inc. 99.16 64.01 99.89 4,152 304 4,456 2.3 2.1 9.8 9.1 22.0 19.0 10.0% 1.9 8.4% 1.3% SS&C Technologies Holdings, Inc. 41.99 27.54 46.61 3,566 690 4,256 6.0 5.6 14.7 13.3 21.4 18.5 14.7% 1.3 7.5% 6.3% Financial Engines, Inc. 55.23 32.58 71.08 2,817 (246) 2,571 10.7 8.9 32.0 26.3 72.9 58.3 35.0% 1.7 20.2% 27.0% Advent Software, Inc. 30.30 25.70 36.21 1,555 271 1,827 4.8 4.6 14.8 13.1 23.4 21.5 14.0% 1.5 4.9% 6.0% Envestnet, Inc. 44.76 16.85 48.54 1,523 (50) 1,473 6.1 4.4 38.4 27.6 81.6 63.0 28.4% 2.2 37.9% 67.6%

Mean 4.9x 4.3x 18.0x 14.9x 35.4x 29.4x 17.7% 1.6 13.1% 16.8% Median 4.7 4.2 13.9 12.0 22.7 19.5 14.3% 1.5 8.3% 6.3%

Financial Data, Content, & Analytics Thomson Reuters Corporation $34.31 $31.09 $38.73 $28,090 $6,640 $34,730 2.8x 2.8x 10.3x 10.2x 18.5x 18.4x 9.3% 2.0 0.2% (2.6%) McGraw Hill Financial, Inc. 76.87 48.19 82.39 21,035 (761) 20,274 4.2 3.9 11.5 10.5 23.2 20.3 14.7% 1.4 6.2% 2.0% Moody's Corporation 81.09 51.11 85.70 17,352 (5) 17,348 5.9 5.4 13.0 11.7 22.8 20.4 13.1% 1.6 9.6% 3.3% Verisk Analytics, Inc. 62.48 54.68 69.09 10,424 1,106 11,530 6.8 6.5 15.2 14.1 27.8 26.1 11.9% 2.2 3.6% NA MSCI Inc. 45.32 31.63 46.40 5,288 449 5,737 5.6 5.2 12.4 12.3 20.6 20.0 11.3% 1.8 7.1% 8.3% FactSet Research Systems Inc. 106.91 88.67 119.08 4,533 (103) 4,430 5.1 4.8 13.4 12.7 20.8 19.5 11.3% 1.7 7.0% 6.5% Dun & Bradstreet Corp. 101.59 80.34 124.59 3,820 1,280 5,100 3.1 3.0 9.0 9.6 13.2 13.8 6.4% 2.1 2.1% 2.9% Morningstar Inc. 80.58 63.01 85.97 3,602 (297) 3,305 4.7 4.3 14.9 13.0 29.4 26.4 NA NA 8.4% NA Bankrate, Inc. 17.11 11.52 23.14 1,759 67 1,826 4.0 3.4 15.5 12.3 33.3 24.2 20.7% 1.2 16.6% 31.1%

Mean 4.7x 4.4x 12.8x 11.8x 23.3x 21.0x 12.3% 1.7 6.8% 7.4% Median 4.7 4.3 13.0 12.3 22.8 20.3 11.6% 1.7 7.0% 3.3%

Online Broker Dealers The Charles Schwab Corporation (1) $28.53 $16.05 $29.13 $37,048 $1,814 $38,862 7.2x 6.4x 20.9x 16.8x 37.7x 30.0x 20.8% 1.4 12.1% 21.2% TD Ameritrade Holding Corporation (1) 35.32 18.79 35.82 19,479 1,041 20,675 7.2 6.5 15.2 13.5 27.2 24.1 20.3% 1.2 10.5% 15.7% E*TRADE Financial Corporation (1) 24.86 9.52 25.58 7,112 4,010 12,341 7.3 7.0 25.9 18.4 36.2 27.4 32.0% 0.9 4.5% 14.9% Interactive Brokers Group, Inc.(1) 21.75 13.72 25.03 1,189 146 1,351 1.2 1.1 2.2 1.8 27.0 20.5 10.0% 2.0 16.1% 1.1% FXCM Inc. 16.17 12.75 19.97 1,195 0 5,571 11.6 11.3 34.8 33.2 21.3 18.5 21.5% 0.9 2.0% (1.6%) GAIN Capital Holdings, Inc. 11.81 4.20 14.62 470 (158) 312 1.2 1.0 5.5 4.1 15.2 11.9 17.0% 0.7 27.1% 156.7%

Mean 6.0x 5.6x 17.4x 14.6x 27.4x 22.1x 20.3% 1.2 12.0% 34.7% Median 7.2 6.5 18.1 15.1 27.1 22.3 20.6% 1.0 11.3% 15.3%

Notes: 30 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. (1) Enterprise Value and Net Debt exclude Short Term Debt and Cash. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months

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

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

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

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

3/4/14 HgCapital Ullink SAS Trading Softw are NA NA

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

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

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

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

1/16/14 RCS Capital Corporation Cetera Financial Group, Inc. Personal Financial Management $1,150 NA

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

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

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

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

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

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

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

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

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

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

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

Notes: 31 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.

Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months (Cont.)

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

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

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

9/12/13 Tradew eb Markets LLC BondDesk Group LLC Softw are NA NA

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

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

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

7/19/13 HgCapital; HgCapital Technology Fund IntelliFlo, Ltd. Risk & Analytics NA NA

7/18/13 Ipreo Holdings LLC Discovery Data Risk & Analytics NA NA

6/17/13 Dataw atch Corporation Panopticon Softw are AB Risk & Analytics $31 6.3x

6/17/13 Innovative Market Analysis, LLC Equis International LLC Risk & Analytics NA NA

6/12/13 RCAP Holdings, LLC FAS Holdings, Inc. Personal Financial Management NA NA

6/6/13 Thomson Reuters Corporation Pricing Partners SAS Risk & Analytics NA NA

5/21/13 Temasek Holdings (Private) Limited Markit Group Limited Risk & Analytics $5,000 NA

5/8/13 TPG Advent Softw are (14.9% of Shares Outstanding) Investor Softw are $1,473 3.3x

4/25/13 GAIN Capital Holdings, Inc. Global Futures & Forex, Ltd. Online Broker-Dealers $108 NA

4/6/13 Silverfleet Capital Partners Ipes (Guernsey) Limited Fund Administration $77 NA

4/1/13 NASDAQ OMX eSpeed Trading Platform $750 NA

Notes: 32 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.

Securities / Capital Markets / Data & Analytics Selected Recent Equity Financings

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

3/17/14 OKCoin.com Inc. Series A $10.0 Ceyuan, Manda Capital, VenturesLab BitCoin Exchange

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

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

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

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

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

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

7/19/13 LearnVest, Inc. NA $16.5 Accel, American Express Ventures, Claritas Personal Financial Management

7/23/13 C2FO NA $18.0 Mithrill, OpenAir, Summerhill, Union Square Exchanges (Working Capital

7/15/13 Focus Financial Partners, LLC NA $216.0 Centerbridge Personal Financial Management

7/2/13 SigFig Wealth Management LLC Series B $15.0 Bain Capital Ventures, DCM, Union Square Ventures Personal Financial Management

Bain Capital Ventures, Prism VentureWorks, Redpoint 6/24/13 The Receivables Exchange, LLC NA $10.0 Exchanges Ventures, StarVest Partners

6/10/13 Novus NA NA Bain Capital Ventures, Index Ventures Risk & Analytics

Amadeus Capital Partners, Bay Partners, Spark Capital, Union 6/7/13 Covestor, Inc. Series B $15.3 Personal Financial Management Square Ventures Blackrock, CrossLink Capital, Institutional Venture Partners, 5/30/13 Personal Capital Corporation NA $25.0 Personal Financial Management Venrock

4/8/13 AIQ, Inc. Series A $5.0 Penton Media Trading Platform

Notes: 33 Source: CapitalIQ, DowJones Venture Source.