Financial Technology Sector Summary January 18, 2017

1 FINANCIAL TECHNOLOGY DEAL DASHBOARD (1) $14.3 Bn | 919 Deals Industry Stock Market Performance $103.3 Bn | 217 Deals (3) (3) 2016 Financing Volume Last Twelve Months 2016 M&A Volume 160 Select Recent Financing Transactions(2) Select Recent M&A Transactions (2) Company Amount ($MM) 150 Target Acquirer EV ($MM)

$250.0 140 $20.0

130 $100.0 / NA 120

$63.4 110 NA LiquidPoint

100 $57.0 NA 90 $50.0 NA 80 1/19/16 3/3/16 4/18/16 6/1/16 7/15/16 8/30/16 10/13/16 11/28/16 1/11/17 Rock Holdings Inc. $23.5 NA Payments Exchanges

Financial Data, Content, Information Processors / $22.0 & Analytics Credit Bureaus NA Banking & Lending Online Broker Dealers Technology $20.0 NA Investment Services, Healthcare / Insurance Software, & Technology Technology S&P 500

Quarterly Financing Volume (3) Quarterly M&A Volume (3) 76 $10 269 300 $60 71 80 250 67 244 235 63 223 227 60 70 211 250 $50 $8 204 53 49 60 $45.7 45 200 $40 50 $6 $6.4 $6.6 150 $30 40 $4 30 100 $20 $23.5 $22.9 $3.6 $22.2 20 $2 $2.8 $2.2 50 $10 $1.9 $1.8 $2.0 $8.7 $2.3 $10.4 $11.2 10 $0 0 $0 0 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

Financing Volume ($Bn) Financing Deal Count M&A Volume ($Bn) M&A Deal Count

Notes: Source: Capital IQ, PitchBook, and GCA FinTech Database. Market Data as of 1/13/17. 1) Refer to footnotes on page 5 for index composition. 2 2) Represents transactions between 1/4/17 and 1/17/17. 3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions. TABLE OF CONTENTS

I. Market Summary II. Payments / Banking III. Securities / Capital Markets / Data & Analytics IV. Insurance / Benefits V. GCA Overview

3 SECTION I: Market Summary

4 MARKET SUMMARY Industry Stock Market Performance

160 160 Last 12 Months Last 3 Years

150 150

140 140

130 130

120 120

110 110

100 100

90 90

80 80 1/19/16 3/3/16 4/18/16 6/1/16 7/15/16 8/30/16 10/13/16 11/28/16 1/11/17 1/17/14 5/7/14 8/25/14 12/11/14 3/31/15 7/17/15 11/4/15 2/22/16 6/9/16 9/27/16 1/13/17

(1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Online Broker Dealers 29.9% 55.0% 51.8% Financial Data, Content, Information Processors / Investment Services, Software, & Technology 6.7% 16.0% 29.3% & Analytics Credit Bureaus Banking & Lending Technology 6.2% 25.3% 45.0% Payments 5.8% 21.5% 22.6% (6) (5) Banking & Lending Online Broker Dealers Exchanges 4.5% 20.6% 31.8% Technology Healthcare / Insurance Technology 0.5% 14.5% 18.8%

Financial, Data, Content, & Analytics 0.4% 25.0% (2.1%) (7) (8) Information Processors / Credit Bureaus (1.4%) 23.0% 27.4% Investment Services, Healthcare / Insurance Software, & Technology Technology

Notes: (1) Payments: ADS, AIM: PPT, AIM:SCH, AXP, BOVESPA: CIEL3, CATM, DFS, EEFT, ENXTPA: EDEN, FDC, FLT, GDOT, GPN, HPY, MA, MGI, OUTR, PYPL, PAR, SQ, TSE:3769, TSXV:TNC, TSS, UEPS, V, VNTV, WEX, LSE: WPG, WU, XTRA: WDI. (2) Exchanges: ASX: ASX, ATSE: EXAE, BATS:BATS, BMV: BOLSA A, BOVESPA: BVMF3, CATS: BME, CBOE, CME, ICE, JSE: JSE, KLSE: BURSA, LSE: LSE, NDAQ, SEHK: 388, SGX: S68, TSX: X, WSE: GPW, XTRA: DB1. (3) Financial Data, Content & Analytics: DNB, ENXTPA: FIM, FDS, HHS, HIS, MCO, MHP, MORN, MSCI, MRKT, RATE, TRI. (4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN. (5) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. (6) Banking & Lending Technology: ACIW, BKFS, ELLI, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN, YDLE. (7) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC. 5 (8) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK. MARKET SUMMARY EBITDA Multiples and Margins

2016E EBITDA Multiples 2016E EBITDA Margins

Healthcare / Insurance Technology 17.8x Exchanges 56.1%

Online Broker Dealers 17.4x Online Broker Dealers 43.5%

Information Processors / Credit Bureaus 15.2x Banking and Lending Technology 31.8%

Investment Services, Software, & 14.5x Financial Data, Content, & Analytics 31.6% Technology

Investment Services, Software, & Payments 13.8x 30.3% Technology

Exchanges 13.3x Payments 25.6%

Banking and Lending Technology 12.7x Information Processors / Credit Bureaus 23.3%

Financial Data, Content, & Analytics 12.4x Healthcare / Insurance Technology 19.8%

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

Notes: 6 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY Price / Earnings Multiples and PEG Ratios

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

Banking and Lending Technology 29.6x Exchanges 2.4 10.6%

Online Broker Dealers 29.4x Healthcare / Insurance Technology 2.2 13.0%

Information Processors / Credit Bureaus 25.7x Financial Data, Content, & Analytics 2.1 11.9%

Investment Services, Software, & Investment Services, Software, & 24.9x 1.9 15.0% Technology Technology

Exchanges 21.9x Banking and Lending Technology 1.9 16.1%

Financial Data, Content, & Analytics 21.7x Information Processors / Credit Bureaus 1.8 13.5%

Healthcare / Insurance Technology 21.0x Online Broker Dealers 1.5 19.4%

Payments 18.7x Payments 1.3 15.0%

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

Notes: 7 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY LTM Price Performance and 2016 P/E – Payments / Banking

($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2016 Prepaid Market Cap. Performance P/E 2016 Visa Inc. $188,874 10% 27.7x Blackhawk Network Holdings, Inc. $2,074 (7%) 24.0x Mastercard Incorporated $118,442 20% 28.9x Green Dot Corporation $1,307 60% 17.9x American Express Company $70,127 21% 13.1x Net 1 UEPS Technologies, Inc. $623 10% 6.5x PayPal Holdings, Inc. $50,196 27% 27.8x Sector Average $1,335 21% 16.1x Discover Financial Services $28,263 43% 12.6x

Sector Average $91,180 24% 22.0x LTM Price ATM / Kiosks Market Cap. Performance P/E 2016 LTM Price Cardtronics plc $2,496 69% 17.0x Merchant Processing Market Cap. Performance P/E 2016 TIO Networks Corp. $189 67% 26.2x Cielo S.A. $18,278 20% 14.5x Everi Holdings Inc. $160 (31%) 3.5x First Data Corporation $14,056 8% 11.9x Sector Average $948 35% 15.5x Global Payments Inc. $11,837 36% 24.5x Vantiv, Inc. $10,084 39% 23.2x LTM Price Total System Services, Inc. $9,924 18% 19.2x POS Hardware / Technology Market Cap. Performance P/E 2016 Worldpay Group plc $7,129 (21%) 24.2x Wirecard AG $5,411 (10%) 22.3x NCR Corporation $5,267 108% 14.2x Square, Inc. $5,194 36% NM Ingenico Group $5,148 (25%) 19.1x GMO Payment Gateway, Inc. $1,703 (15%) 66.3x VeriFone Systems, Inc. $2,041 (22%) 13.2x EVERTEC, Inc. $1,327 20% 10.8x PAR Technology Corporation $92 (1%) NA CardConnect Corp. $401 NA NM Sector Average $3,137 15% 15.5x SafeCharge International Group Limited $379 (29%) 13.2x Planet Payment, Inc. $232 62% 27.2x LTM Price JetPay Corporation $48 (1%) NM Banking and Lending Technology Market Cap. Performance P/E 2016 Sector Average $6,143 13% 23.4x Intuit Inc. $30,056 24% 29.8x Fidelity National Information Services, Inc $25,395 28% 20.1x LTM Price Fiserv, Inc. $23,941 24% 24.8x Money Transfer Market Cap. Performance P/E 2016 Jack Henry & Associates, Inc. $7,071 17% 29.6x The Western Union Company $10,749 29% 13.4x Temenos Group AG $4,662 55% 34.5x Euronet Worldwide, Inc. $3,812 (3%) 18.3x Ellie Mae, Inc. $2,766 32% 38.2x MoneyGram International, Inc. $642 115% 14.8x Black Knight Financial Services, Inc. $2,549 23% 32.3x Sector Average $5,068 47% 15.5x ACI Worldwide, Inc. $2,239 (1%) 43.6x LendingClub Corporation $2,212 (30%) NM DH Corporation $1,926 (20%) 11.8x LTM Price Q2 Holdings, Inc. $1,210 33% NM Closed Loop Market Cap. Performance P/E 2016 Bottomline Technologies (de), Inc. $926 (14%) 24.5x FleetCor Technologies, Inc. $13,983 26% 21.9x On Deck Capital, Inc. $356 (33%) NM Alliance Data Systems Corporation $13,721 (7%) 14.1x Performant Financial Corporation $112 20% 27.9x WEX Inc. $4,928 55% 25.3x Sector Average $7,530 11% 28.8x Edenred SA $4,915 22% 22.4x Sector Average $9,387 24% 20.9x LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2016 0 Experian plc $19,114 20% NA Equifax Inc. $14,408 16% 22.0x Fair Isaac Corporation $3,857 46% 25.7x Acxiom Corporation $2,148 47% 42.2x Sector Average $9,882 32% 29.9x

Notes: 8 Source: CapitalIQ and Wall Street Research. Market data as of January 13, 2017. MARKET SUMMARY LTM Price Performance and 2016 P/E – Securities / Cap. Mkts. / Data & Analytics

($MM) ($MM) LTM Price Investment Services, Software, & LTM Price Exchanges - Americas Market Cap. Performance P/E 2016 0 Technology Market Cap. Performance P/E 2016 CME Group Inc. $39,660 38% 26.1x SEI Investments Co. $8,266 12% 25.9x Intercontinental Exchange, Inc. $33,852 14% 20.7x Broadridge Financial Solutions, Inc. $7,885 31% 23.9x Nasdaq, Inc. $11,186 18% 18.5x SS&C Technologies Holdings, Inc. $6,375 1% 19.4x BM&FBOVESPA S.A. $9,951 110% 15.8x DST Systems, Inc. $3,584 5% 19.7x CBOE Holdings, Inc. $6,098 19% 31.4x Financial Engines, Inc. $2,250 28% 31.9x BATS Global Markets, Inc. $3,254 NA 23.7x Envestnet, Inc. $1,617 55% 38.7x TMX Group Limited $3,052 114% 16.9x Sector Average $4,996 22% 26.6x Bolsa Mexicana de Valores, S.A.B. de C.V. $771 6% 16.7x Sector Average $13,478 45% 21.2x LTM Price Financial Data, Content, & Analytics Market Cap. Performance P/E 2016 LTM Price Thomson Reuters Corporation $33,121 26% 22.0x Exchanges - Asia Market Cap. Performance P/E 2016 0 S&P Global, Inc. $29,128 32% 21.4x Hong Kong Exchanges and Clearing Limite $29,410 4% 37.8x Moody's Corporation $18,539 10% 20.6x ASX Limited $7,193 38% 23.2x IHS Markit Ltd. $15,405 NA 21.0x Singapore Exchange Limited $5,523 8% 23.6x Verisk Analytics, Inc. $13,836 14% 26.8x Bursa Malaysia Berhad $1,069 4% 24.4x MSCI Inc. $7,756 21% 27.7x Sector Average $10,799 13% 27.2x FactSet Research Systems Inc. $6,736 15% 25.1x The Dun & Bradstreet Corporation $4,542 30% 16.7x Morningstar, Inc. $3,225 (3%) 26.1x LTM Price Bankrate, Inc. $1,009 (1%) 17.9x Exchanges - Europe Market Cap. Performance P/E 2016 0 Sector Average $13,330 16% 22.5x Deutsche Börse Aktiengesellschaft $15,165 (2%) 18.3x London Stock Exchange Group plc $12,504 (0%) 24.5x LTM Price Bolsas y Mercados Españoles $2,534 (7%) 15.5x Online Broker Dealers Market Cap. Performance P/E 2016 JSE Limited $991 63% 14.1x GPW $433 15% 14.2x The Charles Schwab Corporation $54,896 47% 31.9x Hellenic Exchanges - Athens Stock Exch. $315 (3%) 68.6x TD Ameritrade Holding Corporation $24,721 55% 30.6x Sector Average $5,323 11% 25.9x E*TRADE Financial Corporation $10,109 42% 20.2x Interactive Brokers Group, Inc. $2,636 11% 29.4x GAIN Capital Holdings, Inc. $329 3% 12.2x LTM Price FXCM Inc. $41 (46%) NA Trading Platforms Market Cap. Performance P/E 2016 Sector Average $15,455 19% 24.9x MarketAxess Holdings Inc. $5,894 50% 61.9x BGC Partners, Inc. $3,043 21% 14.7x KCG Holdings, Inc. $933 26% 18.5x INTL FCStone Inc. $708 36% 13.1x Investment Technology Group, Inc. $676 28% 23.0x Virtu Financial, Inc. $632 (27%) 11.6x Sector Average $1,981 22% 23.8x

Notes: 9 Source: CapitalIQ and Wall Street Research. Market data as of January 13, 2017. SECTION II: Payments / Banking

10 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 1/13/17 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ Networks Visa Inc. $81.17 $66.12 $83.96 $188,874 $6,944 $195,818 12.4x 10.8x 17.8x 15.5x 27.7x 23.7x 17.1% 1.6 12.3% 19.3% Mastercard Incorporated 108.70 78.52 109.40 118,442 (3,653) 114,789 10.6x 9.6x 18.1x 16.6x 28.9x 25.4x 15.7% 1.8 11.8% 13.8% American Express Company 76.62 50.27 78.00 70,127 21,012 91,139 2.8x 2.8x NM NM 13.1x 13.7x 9.9% 1.3 3.9% (4.9%) PayPal Holdings, Inc. 41.60 30.52 44.52 50,196 (5,088) 45,108 4.2x 3.6x 16.4x 14.1x 27.8x 24.1x 16.4% 1.7 17.2% NM Discover Financial Services 71.66 42.86 74.33 28,263 14,772 43,035 4.7x 4.6x NM NM 12.6x 11.7x 7.9% 1.6 3.9% 6.6%

Mean 7.0x 6.3x 17.5x 15.4x 22.0x 19.7x 13.4% 1.6 9.8% 8.7% Median 4.7x 4.6x 17.8x 15.5x 27.7x 23.7x 15.7% 1.6 11.8% 10.2%

Merchant Processing Cielo S.A. $8.09 $7.27 $11.76 $18,278 $2,668 $20,945 5.5x 4.9x 12.2x 11.0x 14.5x 13.0x 12.2% 1.2 36.3% 28.4% First Data Corporation 15.43 8.37 15.92 14,056 18,416 32,472 2.8x 2.7x 11.2x 10.7x 11.9x 10.4x 14.3% 0.8 1.7% 0.9% Global Payments Inc. 77.74 51.29 80.88 11,837 3,970 15,807 5.5x 4.6x NA NA 24.5x 20.0x 12.4% 2.0 18.3% 30.4% Vantiv, Inc. 62.60 42.01 62.77 10,084 2,835 12,919 6.8x 6.3x 14.4x 13.2x 23.2x 20.4x 14.3% 1.6 12.9% 12.0% Total System Services, Inc. 53.99 37.47 56.54 9,924 3,022 12,946 3.1x 2.7x 12.5x 11.4x 19.2x 17.2x 11.3% 1.7 6.8% 62.0% Worldpay Group plc 3.56 3.02 3.91 7,129 1,815 8,945 6.4x 5.9x 15.6x 14.1x 24.2x 21.9x 26.9% 0.9 15.3% (2.0%) Wirecard AG 43.79 31.20 50.52 5,411 (888) 4,523 4.2x 3.3x 14.0x 10.9x 22.3x 19.2x 27.7% 0.8 24.3% 33.8% Square, Inc. 14.75 9.00 15.91 5,194 (514) 4,680 2.7x 2.3x NM 47.1x NM NM 20.0% NM 34.3% 32.2% GMO Payment Gateway, Inc. 46.27 33.07 70.14 1,703 (247) 1,456 13.0x 8.9x 37.0x 26.7x 66.3x 61.4x 24.4% 2.7 37.5% 49.6% EVERTEC, Inc. 17.90 11.27 18.60 1,327 602 1,928 5.0x 4.9x 10.4x 10.5x 10.8x 10.7x 10.5% 1.0 3.0% 1.6% CardConnect Corp. 13.95 8.70 14.15 401 123 524 0.9x 0.7x 13.8x 11.0x NM 88.6x NM NM 29.3% 37.3% SafeCharge International Group Limited 2.53 2.23 3.32 379 (128) 251 2.4x 2.1x 7.3x 6.3x 13.2x 11.1x NM NM 6.5% 5.5% Planet Payment, Inc. 4.40 2.19 4.97 232 3 234 4.2x 3.8x 16.0x 13.6x 27.2x 21.6x 22.5% 1.2 6.8% 7.9% JetPay Corporation 2.70 1.89 3.25 48 19 67 1.2x 1.0x 32.5x 21.8x NM NM NM NM 28.7% 47.6%

Mean 4.5x 3.9x 16.4x 16.0x 23.4x 26.3x 17.9% 1.4 18.7% 24.8% Median 4.2x 3.5x 13.9x 11.4x 22.3x 19.6x 14.3% 1.2 16.8% 29.4%

Money Transfer The Western Union Company $22.17 $16.02 $22.70 $10,749 $1,926 $12,675 2.3x 2.3x 9.5x 9.3x 13.4x 12.8x 7.2% 1.9 (1.1%) (1.5%) Euronet Worldwide, Inc. 73.02 52.00 84.81 3,812 (123) 3,689 1.9x 1.7x 10.6x 9.2x 18.3x 16.0x 14.7% 1.2 9.6% 8.9% MoneyGram International, Inc. 12.09 4.68 13.10 642 764 1,407 0.9x 0.9x 5.2x 5.0x 14.8x 11.5x 14.2% 1.0 6.1% 3.9%

Mean 1.7x 1.6x 8.4x 7.8x 15.5x 13.4x 12.0% 1.4 4.9% 3.8% Median 1.9x 1.7x 9.5x 9.2x 14.8x 12.8x 14.2% 1.2 6.1% 3.9%

Closed Loop FleetCor Technologies, Inc. $150.69 $107.56 $176.42 $13,983 $3,531 $17,513 9.6x 8.1x 18.3x 15.0x 21.9x 18.5x 16.0% 1.4 7.2% 7.3% Alliance Data Systems Corporation 237.55 176.63 257.05 13,721 17,839 31,559 4.4x 4.0x 15.4x 14.2x 14.1x 12.7x 16.0% 0.9 12.6% 18.7% WEX Inc. 115.32 54.42 117.14 4,928 1,752 6,681 6.6x 5.5x 18.1x 13.5x 25.3x 21.4x 15.0% 1.7 17.9% 27.3% Edenred SA 21.23 14.03 23.83 4,915 1,270 6,186 5.2x 4.6x 14.1x 12.1x 22.4x 19.6x 11.0% 2.0 10.4% (2.1%)

Mean 6.4x 5.5x 16.5x 13.7x 20.9x 18.1x 14.5% 1.5 12.0% 12.8% Median 5.9x 5.1x 16.8x 13.9x 22.2x 19.0x 15.5% 1.5 11.5% 13.0%

Prepaid Blackhawk Network Holdings, Inc. $37.45 $28.88 $39.63 $2,074 $276 $2,350 1.2x 1.0x 11.4x 9.3x 24.0x 19.8x 15.3% 1.6 8.3% 2.5% Green Dot Corporation 25.28 15.28 25.63 1,307 305 1,612 2.3x 2.2x 10.3x 9.1x 17.9x 14.6x 15.0% 1.2 2.2% 5.6% Net 1 UEPS Technologies, Inc. 11.87 8.37 12.35 623 (178) 445 0.7x 0.7x 2.8x 2.7x 6.5x 7.0 15.0% 0.4 (2.2%) 0.8%

Mean 1.4x 1.3x 8.2x 7.0x 16.1x 13.8x 15.1% 1.1 2.7% 2.9% Median 1.2x 1.0x 10.3x 9.1x 17.9x 14.6x 15.0% 1.2 2.2% 2.5%

Notes: 11 Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus 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 1/13/17 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ

ATM / Kiosks Cardtronics plc $55.10 $28.01 $56.00 $2,496 $426 $2,922 2.3x 2.2x 9.2x 8.8x 17.0x 17.5x 14.3% 1.2 5.3% 5.5% TIO Networks Corp. 2.17 1.22 2.24 189 (42) 147 2.1x 1.8x 14.4x 10.3x 26.2x 25.0x NM NM 66.9% 54.8% Everi Holdings Inc. 2.42 1.13 3.61 160 1,024 1,183 1.4x 1.3x 6.0x 5.8x 3.5x 3.1x 20.0% 0.2 3.2% 6.4%

Mean 1.9x 1.8x 9.9x 8.3x 15.5x 15.2x 17.1% 0.7 25.2% 22.2% Median 2.1x 1.8x 9.2x 8.8x 17.0x 17.5x 17.1% 0.7 5.3% 6.4%

POS Hardware / Technology NCR Corporation $42.44 $18.02 $43.21 $5,267 $2,971 $8,238 1.3x 1.3x 7.6x 7.5x 14.2x 13.0x NM NM 1.7% 4.0% Ingenico Group 84.10 72.47 117.76 5,148 241 5,390 2.2x 2.1x 11.2x 10.1x 19.1x 17.2x 9.8% 1.9 1.3% 6.8% VeriFone Systems, Inc. 18.34 14.94 29.73 2,041 778 2,819 1.5x 1.5x 8.8x 9.0x 13.2x 12.4x NM NM (4.2%) (9.7%) PAR Technology Corporation 5.86 4.30 7.18 92 3 95 NA NA NA NA NA NA NM NA NA 5.9%

Mean 1.7x 1.6x 9.2x 8.9x 15.5x 14.2x NM NM (0.4%) 1.7% Median 1.5x 1.5x 8.8x 9.0x 14.2x 13.0x NM NM 1.3% 4.9%

Banking and Lending Technology Intuit Inc. $117.10 $88.17 $118.66 $30,056 $495 $30,551 6.2x 5.8x 17.2x 15.1x 29.8x 26.0x 16.1% 1.9 9.6% 9.1% Fidelity National Information Services, Inc 77.37 55.11 81.67 25,395 10,088 35,483 3.7x 3.6x 12.0x 11.2x 20.1x 17.8x 12.0% 1.7 3.6% 46.2% Fiserv, Inc. 110.30 86.02 111.51 23,941 4,327 28,268 5.1x 4.8x 14.6x 13.7x 24.8x 22.2x 11.8% 2.1 5.4% 5.1% Jack Henry & Associates, Inc. 90.54 73.19 91.34 7,071 (85) 6,987 5.0x 4.8x 13.7x 13.5x 29.6x 27.9x 11.0% 2.7 7.2% 7.3% Temenos Group AG 71.33 40.22 72.52 4,662 273 4,935 7.8x 7.1x 21.0x 18.7x 34.5x 30.1x 18.2% 1.9 16.2% 10.8% Ellie Mae, Inc. 82.42 57.88 109.99 2,766 (387) 2,380 6.7x 5.5x 21.2x 16.6x 38.2x 36.6x 25.0% 1.5 39.3% 45.6% Black Knight Financial Services, Inc. 36.90 24.50 42.19 2,549 1,532 4,081 3.9x 3.6x 8.8x 7.9x 32.3x 27.9x 13.9% 2.3 11.2% 14.3% ACI Worldwide, Inc. 19.09 15.07 22.00 2,239 701 2,940 3.0x 2.9x 12.7x 11.6x 43.6x 37.4x 12.5% 3.5 (6.6%) (9.1%) LendingClub Corporation 5.61 3.44 9.91 2,212 (521) 1,691 3.5x 2.9x NM 27.7x NM 82.0x 2.0% NM 13.3% (1.5%) DH Corporation 18.03 10.69 30.59 1,926 1,445 3,371 2.7x 2.6x 10.0x 9.1x 11.8x 10.7x NM NM 14.9% 2.7% Q2 Holdings, Inc. 30.15 16.44 32.85 1,210 (92) 1,118 7.5x 5.8x NM NM NM NM 32.0% NM 37.1% 36.7% Bottomline Technologies (de), Inc. 25.33 18.48 31.52 926 45 971 2.8x 2.7x 12.6x 12.8x 24.5x 26.8x 17.3% 1.4 1.9% 0.2% On Deck Capital, Inc. 4.98 3.64 8.94 356 579 934 3.2x 2.4x NM NM NM NM 43.3% NM 13.9% (20.4%) Performant Financial Corporation 2.23 1.51 4.07 112 15 127 0.9x 1.0x 5.6x 21.2x 27.9 NM 20.0% 1.4 (14.0%) (19.0%)

Mean 4.4x 4.0x 13.6x 14.9x 28.8x 31.4x 18.1% 2.0 10.9% 9.2% Median 3.8x 3.6x 12.7x 13.6x 29.6x 27.9x 16.1% 1.9 10.4% 6.2%

Information Processors / Credit Bureaus Experian plc $19.50 $12.96 $19.58 $19,114 $3,161 $22,275 NA 4.6x NA 13.0x NA 20.0x 10.0% NA (100.0%) 2.6% Equifax Inc. 120.31 91.72 136.97 14,408 2,732 17,140 5.5x 5.0x 15.2x 13.8x 22.0x 20.0x 12.0% 1.8 18.0% 20.5% Fair Isaac Corporation 124.71 80.20 132.95 3,857 495 4,352 4.9x 4.6x 20.9x 20.5x 25.7x 24.3x 15.7% 1.6 5.2% 1.3% Acxiom Corporation 27.68 17.32 27.73 2,148 (1) 2,147 2.5x 2.3x 13.9x 12.2x 42.2x 38.8x 15.0% 2.8 5.3% 4.8% Intersections Inc. 4.11 1.70 4.23 98 3 101 NA NA NA NA NA NA NM NA NA (12.0%)

Mean 4.3x 4.2x 16.7x 14.9x 29.9x 25.8x 13.2% 2.1 (17.9%) 3.4% Median 4.9x 4.6x 15.2x 13.4x 25.7x 22.2x 13.5% 1.8 5.3% 2.6%

Notes: 12 Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. PAYMENTS / BANKING Selected Recent Acquisitions – Trailing 12 Months

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue Advent International Corporation; Bain 1/13/17 ConCardis GmbH Merchant Processing NA NA Capital Ltd 1/11/17 Intellitix Holdings Limited Loc Pay Systems B.V. Closed Loop NA NA

1/10/17 Coupa Software Incorporated Spend360 International Ltd Financial Software NA NA ANARAQ Holdings, LLC, Payment 1/10/17 Clarus Merchant Services Merchant Acquiring NA NA Processing Assets 1/10/17 GoFundMe, Inc CrowdRise, Inc. Crowdfunding NA NA

1/6/17 Rock Holdings Inc. LowerMyBills, Inc. and Classes USA, Inc. Online Lending / Lead Gen NA NA

1/5/17 IRIS Software Group Limited PS Financials Ltd Accounting Software NA NA

1/4/17 EVO Payments International, LLC Sterling Payment Technologies, Inc. Merchant Processing NA NA

12/23/16 BBVA Bancomer, S.A. Openpay SAPI de C.V. Ecommerce Payments NA NA PayByPhone Technologies And 12/23/16 Volkswagen Financial Services AG Mobile Payments $32 NA PayByPhone And Mobile Payment 12/19/16 Akamai Technologies, Inc. Cyberfend, Inc. Fraud Protection NA NA

12/19/16 SENJO GROUP Pte. Ltd. Kalixa Payments Group Ltd Merchant Acquiriing $37 1.6x

12/6/16 American Express Company InAuth, Inc. Fraud Prevention NA NA

12/1/16 Flexpoint Ford, LLC Purchasing Power, LLC Online Consumer Lending NA NA

12/1/16 Visa Inc. CardinalCommerce Corporation eCommerce Payments NA NA

11/29/16 BluePay Canada ULC VersaPay, Merchant Services Portfolio Merchant Services Portfolio $8 NA

11/23/16 Klarna AB Cookies Labs GmbH Money Transfer NA NA

11/20/16 Symantec Corporation LifeLock, Inc. Anti-Fraud $2,362 3.6x

11/16/16 LendingTree, LLC Iron Horse Holdings, LLC Lead Gen $130 NA

11/15/16 Versara Lending, LLC Peerform, Inc. Online Lending NA NA

Notes: 13 Source: CapitalIQ and Wall Street Research 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 Subsector Value Revenue

11/14/16 Finical, Inc. Safeguard Bankcard, LLC Merchant Services NA NA

11/10/16 Intrum Justitia AB 1st Credit Limited Collections $163 2.6x

11/10/16 MetaBank Specialty Consumer Services, LP Online Lending $54 NA

11/10/16 NPC Group, Inc. Moneris Solutions, Inc. Merchant Acquiring $425 NA

11/7/16 GTCR, LLC RevSpring, Inc. Healthcare Payments $400 NA

11/4/16 BC Partners; Medina Capital Easy Solutions Inc. Fraud Detection NA NA

11/4/16 Broadridge Financial Solutions, Inc. M&O Systems, Inc. Accounting Software $25 NA

11/1/16 Hansen Technologies Ltd DST Billing Solutions Limited Billing Software NA NA

10/26/16 Groupon, Inc. LivingSocial, Inc. Ecommerce NA NA Lendingkart Technologies Private 10/18/16 Finectar Technologies Pvt. Ltd. Online Lending NA NA Limited 10/11/16 CVC Capital Partners Limited; Cinven NewDay Cards Ltd. Credit Cards NA NA

10/10/16 First American Mortgage Solutions, LLC TD Service Financial Corporation Mortgage Technology NA NA

10/10/16 Intuit Inc. MTS Global (Europe) Limited Accounting Software NA NA

10/10/16 TRGRP, Inc. Priory Solutions Limited Billing Software NA NA

10/10/16 Euronet Worldwide, Inc. YourCash Europe Limited ATMS NA NA

10/6/16 Capital One Financial Corporation Paribus Co. Ecommerce NA NA

10/6/16 Qiwi plc Plati Potom OOO Ecommerce NA NA Gresham Computing plc (nka:Gresham 10/4/16 C24 Technologies Ltd. Risk / Analytics $6 2.3x Technologies plc) 10/3/16 Cardtronics Holdings Limited DirectCash Payments Inc. ATMS $453 2.1x

9/15/16 Payroc LLC The iTransact Group, LLC Merchant Processing NA NA

Notes: 14 Source: CapitalIQ and Wall Street Research 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 Subsector Value Revenue

9/14/16 Amdocs Limited Vindicia, Inc Billing Software NA NA

9/7/16 iZettle AB Intelligent Point Of Sale (Sales) Limited Point of Sales NA NA Vista Equity Partners; Vista Equity Fund 9/6/16 Regulatory DataCorp, Inc. Compliance/Risk NA NA III, L.P. 8/18/16 Rakuten, Inc. Bitnet Technologies Digital Currency NA NA

8/4/16 FleetCor Technologies, Inc. Travelcard Nederland B.V. Closed Loop NA NA

8/4/16 Battery Ventures Insert Mobile Technologies, Ltd. Check Processing NA NA UniCredit Business Integrated 8/3/16 SIA S.p.A. Payment Processing $559 NA Solutions, Card Processing Activities in 7/31/16 InComm, Inc. ValuAccess Limited Prepaid NA NA

7/28/16 BPCE SA Fidor Bank AG Digital Banking NA NA MasterCard Incorporated 7/21/16 VocaLink Holdings Limited Mobile Payments $1,225 5.1x (nka:Mastercard Incorporated) 7/5/16 Next Group Holdings Inc. Transaction Processing Products, Inc. Gift Cards NA NA

6/30/16 Blackboard Inc. Higher One Holdings, Inc. Prepaid $237 1.5x

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

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

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

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

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

6/7/16 Francisco Partners Capsilon Mortgage Software NA NA

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

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

Notes: 15 Source: CapitalIQ and Wall Street Research 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 Subsector Value Revenue

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

5/9/16 Upserve, Inc. Breadcrumb POS NA NA Setefi S.p.A. and Intesa Sanpaolo Card 5/2/16 Mercury UK Holdco Limited Issuer Processing $1,192 NA D.O.O. Emerchants Limited (nka:EML Payments 4/28/16 Store Financial Services, LLC Prepaid $34 NA Limited) Barclaycard, Consumer Payments 4/28/16 Wizink Bank Sa Credit Cards NA NA Business in Portugal and Spain 4/27/16 SumUp Limited Payleven Holding GmbH Merchant Acquiring NA NA

4/26/16 Ingenico Group Lyudia Inc. VAR $9 30.3x Goldleaf Enterprise Payments (GEPI), 4/19/16 Battery Ventures Check Processing NA NA Inc. 4/19/16 Prodege, LLC MyPoints.com, Inc. Loyalty / Rewards $12 NA

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

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

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

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

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

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

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

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

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

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

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

Notes: 16 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. PAYMENTS / BANKING Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

3/7/16 CardConnect Corp. FinTech Acquisition Corp. Merchant Processing $350 NA Emerging Markets Payments Holdings 3/2/16 Network International LLC Payment Processing $340 NA Limited 2/29/16 Wirecard AG Provus Service Provider S.A. Payment Processing $35 NA

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

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

2/3/16 Blackhawk Network Holdings, Inc. NimbleCommerce, Inc. Gift Cards $17 NA

1/21/16 Firstsource Group USA Inc ISGN Solutions, Inc. Mortgage Technology $13 NA

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

Notes: 17 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months

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

1/13/17 HouseCanary Series A $33 Alpha Edison, Europlay Capital Advisors, Raven Ventures Real Estate Data / Analytics Accel Partners, DST Global, Index Ventures, Ribbit Capital, Union 1/12/17 Funding Circle Series F $82 Online Lending Square Ventures ACE & Company, Nova Founders Capital, Pacific Century Group, 1/11/17 CompareEuropeGroup Ltd. Series A $20 Lead Gen SBI Holdings Inc. American Express Co, Creandum, Index Ventures, Intel Capital, 1/11/17 iZettle AB NA $60 POS MasterCard Inc., Northzone Ventures 1/10/17 Advanon AG Series A $14 b-to-v Partners, Swisscom Ltd., VI Partners Online Lending

1/10/17 MobileCause Inc. Series B $15 Level Equity Management LLC Crowdfunding Felices Ventures, March Capital Partners, Matrix Management 1/9/17 Activehours Inc. NA $22 Online Lending Corp., Ribbit Capital LP 1/9/17 FreeCharge NA $57 SnapDeal Mobile Payments

1/5/17 CloudCraze LLC Series B $20 Insight Venture Partners, Salesforce Ventures B2B Commerce American Express Ventures, BlueCross BlueShield Venture 1/5/17 Payfone Series E $24 Fraud Protection Partners, Relay Ventures, Verizon Ventures 1/4/17 Credible Labs NA $10 Undisclosed Online Lending

1/4/17 Magento Commerce NA $250 Hillhouse Capital Management eCommerce

1/3/17 Monese Series A $10 Exponential Ventures, Korea Investment Partners, STE Capital Digital Banking

1/3/17 Tandem Bank NA $43 House of Fraser Digital Banking

12/20/16 Appetize Technologies Inc. Series A $20 Oak View Group, Shamrock Capital Advisors POS

12/15/16 Kreditech NA $10 Rakuten Fintech Fund Online Lending

12/14/16 BillFront Series A $35 4FINANCE, Finleap, NIBC Bank N.V. Online Lending

12/8/16 Thanx Inc. Series B $17 Icon Ventures, Javelin Venture Partners, Sequoia Capital Loyalty / Rewards Digital Sky Technologies, Founders Fund, QED Investors, Sequoia 12/7/16 Nubank Series D $80 Online Banking Capital, Tiger Global Management Citizen VC, Clocktower Technology Ventures, Edison Partners, 12/5/16 MoneyLion Inc. Series A $11 Online Lending FinTech Collective, Montage Ventures

Notes: 18 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

11/28/16 Five Degrees Solutions Series A $13 5square, Karmijn Kapitaal, Velocity Capital Private Equity Banking Software

11/25/16 Stripe Inc. NA $150 CapitalG, General Catalyst Partners, Sequoia Capital eCommerce Payments China Merchants Venture Capital Management Co., Ltd., Zhixin 11/24/16 Ximu Financial Information Services Series A $15 Rating Agency Capital 11/23/16 Wynd Series B $32 Bpifrance, Orange Digital Ventures, Sodexo Ventures POS

11/23/16 Udaan.com Series A $10 Lightspeed Venture Partners India, Lightspeed U.S. Trading Platform

11/18/16 AdvisorEngine Series A $20 WisdomTree Investments, Inc. Broker Software Electronic Transaction 11/15/16 eOriginal, Inc. NA $27 LLR Partners, Inc. Software 11/15/16 Mavenlink, Inc. Series D $39 Goldman Sachs Growth Partners Financial Software

11/10/16 Teamleader NV Series B $10 Fortino Capital CRM / Invoicing Software

11/7/16 Zafin Labs America Inc. NA $10 Beedie Capital Partners, Vistara Capital Partners Banking Software Bullpen Capital, Galileo Partners, JMI Management Inc., Mithril 11/1/16 StayClassy Productions Inc. Series C $30 Crowdfunding Capital Management, Salesforce Ventures APAGM Services, Goldman Sachs Merchant Banking Division, 10/26/16 nanoPay Corporation Series A $10 Digital Currency Jarnac Capital Management, Rohatton Blumberg Capital, Comcast Ventures, Napier Park Global Capital, 10/25/16 Lendio Inc. Series D $20 Online Lending North Hill Ventures, Stereo Capital, Tribeca Venture Partners 10/24/16 AEVI NA $11 Adveq Management POS

10/21/16 China UnionPay Merchant Services NA $296 Everbright-IDG Industrial Fund Merchant Acquiring

10/20/16 PaySimple Inc. NA $115 Providence Equity Partners ISO / Gateway

10/20/16 TravelBank Series A $10 Accel Partners, New Enterprise Associates Expense Software

10/18/16 PayCommerce Inc. Series B $22 Tritium Partners Cross-Border Payments

10/18/16 IbanFirst NA $11 Xavier Niel, Other Investors Banking Software Bank of Montreal, CIBC, Desjardins, RBC, Scotiabank, TD Bank 10/18/16 SecureKey Technologies Inc. Series D $21 Identity / Authentication Financial Group

Notes: 19 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Subsector BDC Capital, Huff Capital, Kensington Capital Partners, Relay 10/13/16 TouchBistro Series B $13 POS Ventures, Round 13 Holdings Inc. 10/12/16 Nexus Systems NA $28 Mainsail Partners AP Software

10/7/16 FlexiLoans NA $15 Angel Investors Online Lending Isetan Mitsukoshi Holdings, Mizuho Capital, Fenox Venture 10/5/16 Money Forward Series D $11 Accounting Software Capital, Toho Bank, Gunma Bank, Fukui Bank, Shiga Bank Prime Ventures, Acton Capital Partners, Commerz Ventures, 10/4/16 Iwoca Ltd. Series C $27 Online Lending Global Founders Capital, Redline Capital 9/30/16 Remitly, Inc. NA $38 International Finance Corp, Silicon Valley Bank Money Transfer

9/30/16 Financeit NA $17 DNS Capital LLC, The Pritzker Organization Consumer Finance

9/30/16 Payoneer NA $180 Technology Crossover Ventures, Susquehanna Growth Equity Cross-Border Payments

9/29/16 Kyriba Corp. NA $23 Bpifrance Investissement SAS, Daher Capital, HSBC Bank PLC Treasury Software Gulf Islamic Investments, Iconiq Capital LLC, K1 Investment 9/29/16 Apttus Corporation NA $88 Quote-To-Cash Management LLC, Kuwait Investment Authority 9/26/16 Juzhen Financials Series A $23 Fenbushi Capital, Wanxiang Blockchain

9/22/16 Wave Accounting Inc. NA $11 BDC Capital, CRV, Social Capital, HarbourVest Partners Accounting Software Tiantu Capital, Xinhu Zhongbao, HgCapital, Shenzhen Qianhe 9/22/16 51Credit Series C $310 Online Lending Capital Management Sageview Capital, Technology Crossover Ventures, Warburg 9/22/16 Avalara Inc. Series D $96 Tax Software Pincus 9/21/16 FirstP2P Series C $70 CCB International, San Shan Capital Partners Online Lending Experian, Kickstart Seed Fund, Kleiner Perkins Caufield & Byers, 9/21/16 Nav, Inc Series B $25 Business Lending Peak Venture Partners, Tencent Holdings Ltd. 9/15/16 Ripple Labs Inc. Series B $55 Accenture Technology Ventures, CME Ventures Digital Currencies

9/14/16 GreenSky Credit NA $50 Fifth Third BanCorp Online Lending

9/14/16 Tipalti Solutions Ltd. NA $14 SG VC AP Automation

9/13/16 Uno Home Loans NA $17 Westpac Mortage Software

Notes: 20 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

9/9/16 Juvo Series A $14 Freestyle Capital, Seed-Resolute, Wing Venture Capital Mobile Credit Analytics Contour Ventures, Fitz Gate Ventures, IA Capital Group, Javelin 9/8/16 SmartAsset Series B $12 Financial Education Venture Partners, New York Life, Peterson Ventures, TTV Capital, Benchmark, DAG Ventures, GMO Payment Gateway, Index 9/1/16 Boku Series E $14 Mobile Payments Ventures, Khosla Ventures, New Enterprise Associates 8/30/16 Paytm NA $60 MediaTek Mobile Commerce Mission OG, Sequoia Capital, Spark Capital, Viola Private Equity, 8/30/16 Behalf Series C $27 SMB Lending Vintage Ventures Management Ltd. 8/26/16 MobiKwik NA $40 NET 1 UEPS Technologies, Inc. Mobile Payments

8/22/16 InCred Finance Series A $75 Alpha Capital Partners, IDFC Alternatives Ltd. Online Lending Bronze Investments, Data Collective, Google Ventures, QED 8/22/16 LendUp Series C $48 Online Lending Investors, Radicle Impact, Susa Ventures, SV Angel, Thomvest 8/17/16 Clara Lending NA $27 Redpoint Ventures, Venrock Mortgage Technology

8/15/16 Nymbus NA $12 Vensure Enterprises Banking Software

8/8/16 Yunnex Series B $45 Ajisen Ramen, GSR Ventures POS

8/5/16 Mosaic NA $220 Core innovation Capital, Obvious Ventures, Warburg Pincus Online Lending

7/28/16 Paidy Series B $15 Arbor Ventures, Eight Roads, Itochu Corp., SBI Holdings, SIG Asia eCommerce Payments

7/27/16 Gongzi Qianbao NA $30 SBCVC Payroll

7/25/16 QwikCilver Solutions Private Limited NA $10 Accel, Amazon, Helion Venture Partners, Sistema Asia Fund Gift Cards e. Ventures, Finlab, Greycroft Partners, Peter Thiel, Valar 7/20/16 Deposit Solutions NA $17 Open Banking Platform Ventures 500 Startups, Ascend Money, Golden Gate Ventures, SBI 7/20/16 Omise Series B $18 Gateway Investment, Sinar Mas Digital Ventures August Capital, NB Private Equity Partners, Nyca Partners, Social 7/19/16 CommonBond, Inc. Series C $30 Online Lending Capital, Tribeca Venture Partners, Victory Park Capital 7/19/16 Deal4Loans NA $15 Franklin Templeton Group Online Lending

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

Notes: 21 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

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

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

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

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

6/15/16 Payoff, Inc. Series C $47 Tencent Holdings Online Lending Carsales.com, Cultivation Capital, Rampersand, Reinventure 6/15/16 PromisePay Series A $14 eCommerce Payments Group 6/13/16 FlexShopper PIPE $22 Middlemarch Partners Online Lending

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

6/12/16 Better Mortgage Series A $30 1/0 Capital, IA Ventures, KCK Group, Pine Brook, Goldman Sachs Mortgage Software Cendana Capital, Financial Solutions Lab, Mucker Capital, OCA 6/10/16 Ascend Consumer Finance Series A $11 Online Lending Ventures, Partech Ventures, Securian, Tekton Ventures 6/6/16 zipMoney PIPE $15 Undisclosed Online Lending

Notes: 22 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

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

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

5/25/16 Dashlane, Inc. Series C $23 Bessemer, FirstMark, Rho, TransUnion Digital Wallet Accelerate-IT Ventures, Cowboy Ventures, David Michaels, 5/19/16 Tally Technologies Series A $15 Credit Cards Shasta Ventures, SVB Aspada Investment, Creation Investments Capital Management, 5/12/16 Capital Float Series B $25 Online Lending SAIF Partners, Sequoia Capital Wincor Nixdorf's Cashless Payments 5/11/16 NA $23 HPE Growth Capital Merchant Processing Business 5/11/16 Orderbird Series C $23 ConCardis, Digital+ Partners, Metro (Germany) POS American Express, General Catalyst Partners, GGV Capital, 5/10/16 BigCommerce Series E $30 eCommerce Revolution Growth, SoftBank Capital, Split Rock Partners 5/9/16 Bridge2 Solutions NA $35 Updata Partners Loyalty / Rewards Accion, e.Ventures, Frog Capital, Greycroft Partners, MCI Capital, 5/5/16 Azimo NA $15 Money Transfer Rakuten Insight Venture Partners, OpenView Venture Partners, Trinity 5/4/16 View the Space Series C $55 Real Estate Tech Ventures 5/3/16 Bench Series B $16 Altos Ventures, Bain Capital Ventures, Contour Venture Partners Financial Software Blumberg Capital, Camp One Ventures, ClalTech, Fang Fund 5/3/16 Zooz Series C $24 Payment Optimization Partners, iAngels, Kreos Capital, Lool Ventures, Rhodium 5/2/16 Varo Money NA $27 Warburg Pincus Online Banking

4/27/16 Nubank NA $53 Goldman Sachs Credit Cards CNP, Decaux Freres Investissements, Matmut, Partech, Sycamore 4/26/16 Lendix, SA Series B $14 Online Lending Asset Management, Weber Investissements Angel Ventures, Auria Capital, Core Ventures, CrunchFund, 4/21/16 Kueski Series A $10 Online Lending Richmond Global, Rise Capital, VARIV, Victory Park Capital 4/21/16 Forter Series C $32 NEA, Scale Venture Partners, Sequoia Fraud Detection

Notes: 23 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Subsector Capital One, Fifth Third Bank, PNC, Safegaurd Scientifics, TD Bank, 4/17/16 Transactis, Inc. Series E $30 Bill Pay Wells Fargo 4/17/16 SocietyOne Australia Pty. Ltd. Series C $25 Westpac Banking Corp. Online Lending Bezos Expeditions, DN Capital, Draper Fisher Jurveston, Stripes 4/12/16 Remitly, Inc. Series C $39 Money Transfer Group, Trilogy Equity, Vulcan Capital Andreessen Horowitz, Founders Fund, Jeffries, Khosla, 4/12/16 Affirm, Inc. Series D $100 Online Lending Lightspeed Venture Partners, Spark Captial 4/11/16 Viva Republica Series A $23 Altos Ventures, Goodwater Capital, KTB Network Money Transfer

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

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

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

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

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

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

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

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

3/14/16 LendInvest Limited Series B $25 Atomico Online Lending 1/0 Capital, Blackstone, Colchis, DW Partners, Fenway Summer 3/13/16 Future Finance NA $27 Online Lending Ventures, Invus Financial, KCK, QED, Ridge Road 3/11/16 EZBOB Series C $29 Leumi Partners, Oaktree Online Lending

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

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

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

3/2/16 OurCrowd Ltd. NA $10 United Overseas Bank Limited Crowdfunding

Notes: 24 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Subsector Bain Capital, Hercules Technology, Hummer Winblad, InterWest, 2/18/16 Aria Systems, Inc. Series E $50 Billing Software Madison Bay, Rembrandt, Venrock, Vmware 2/16/16 UniRush, LLC NA $20 Main Street Capital Prepaid

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

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

2/2/16 Spotcap Spain SL Series C $32 Finstart Financial, HV Holtzbrink Ventures Online Lending DCM, HarbourVest, Lightspeed Venture Partners, Menlo 1/22/16 FiveStars, Inc. Series C $50 Loyalty / Rewards Ventures ABN AMRO, ASX Limited, BNP Paribas, Broadridge Financial, 1/21/16 Digital Asset Holdings, LLC Series A $62 Blockchain Citigroup, CME, Goldman Sachs, IBM, JPMorgan, PNC Guangdong Technology Financial Group, ING Bank, Khazanah 1/20/16 WeLab Holdings Limited Series B $152 Online Lending Nasional Berhad Formation8 Partners, Lightspeed Venture Partners, The Founders 1/20/16 Blend Labs, Inc. Series C $40 Mortgage Technology Fund 1/19/16 Brightpearl Limited Series C $11 Eden Ventures, MMC Ventures, Norion Capital Partners POS / Retail Software

Notes: 25 Source: CapitalIQ and Pitchbook. SECTION III: Securities / Capital Markets / Data & Analytics

26 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 1/13/17 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ Exchanges - Americas CME Group Inc. $116.87 $81.87 $124.01 $39,660 $727 $40,387 11.3x 10.6x 15.9x 14.8x 26.1x 24.1x 11.0% 2.4 7.8% (1.0%) Intercontinental Exchange, Inc. 56.83 45.44 59.86 33,852 5,823 39,675 8.8x 8.4x 14.4x 13.2x 20.7x 18.6x 14.0% 1.5 (4.0%) 32.1% Nasdaq, Inc. 67.71 55.27 71.92 11,186 3,397 14,583 6.4x 5.9x 12.8x 11.8x 18.5x 16.3x 9.3% 2.0 9.0% 6.7% BM&FBOVESPA S.A. 5.57 3.03 6.46 9,951 (261) 9,690 13.6x 11.5x 21.5x 17.5x 15.8x 14.9x 27.6% 0.6 27.4% 2.0% CBOE Holdings, Inc. 75.02 58.43 77.29 6,098 (73) 6,025 9.4x 8.2x 17.1x 13.2x 31.4x 28.6x 11.2% 2.8 1.1% (16.5%) BATS Global Markets, Inc. 33.76 22.40 34.43 3,254 530 3,784 8.6x 8.0x 13.6x 12.6x 23.7x 20.8x 6.5% 3.6 14.3% (10.2%) TMX Group Limited 55.46 26.70 58.04 3,052 534 3,586 6.5x 6.2x 13.0x 11.8x 16.9x 15.5x NM NM (0.1%) 6.9% Bolsa Mexicana de Valores, S.A.B. de C.V. 1.30 0.99 1.65 771 (85) 686 5.0x 4.9x 9.5x 9.2x 16.7x 16.0x 12.5% 1.3 (9.5%) (5.6%)

Mean 8.7x 8.0x 14.7x 13.0x 21.2x 19.3x 13.1% 2.0 5.8% 1.8% Median 8.7x 8.1x 14.0x 12.9x 19.6x 17.5x 11.2% 2.0 4.4% 0.5%

Exchanges - Asia Hong Kong Exchanges and Clearing Limited $24.05 $20.64 $27.49 $29,410 ($23,869) $5,541 3.8x 3.3x 5.5x 4.7x 37.8x 32.1x 0.1% 338.6 (12.2%) (13.8%) ASX Limited 37.19 27.96 39.18 7,193 (680) 6,513 11.9x 11.0x 15.6x 14.3x 23.2x 21.7x 4.6% 5.0 (16.3%) (0.2%) Singapore Exchange Limited 5.16 4.61 5.62 5,523 (683) 4,840 8.8x 8.4x 15.7x 14.2x 23.6x 20.8x 1.5% 15.7 (5.8%) (9.3%) Bursa Malaysia Berhad 1.99 1.80 2.11 1,069 (99) 970 8.4x 7.9x 14.9x 13.9x 24.4x 22.5x NM NM (2.5%) (1.7%)

Mean 8.2x 7.7x 12.9x 11.8x 27.2x 24.3x 2.1% 119.8 (9.2%) (6.2%) Median 8.6x 8.1x 15.2x 14.0x 24.0x 22.1x 1.5% 15.7 (9.0%) (5.5%)

Exchanges - Europe Deutsche Börse Aktiengesellschaft $81.21 $70.17 $88.09 $15,165 $1,316 $16,480 6.3x 5.9x 12.2x 10.9x 18.3x 16.3x 9.5% 1.9 (13.7%) 1.9% London Stock Exchange Group plc 35.73 25.38 41.31 12,504 (1,265) 11,239 5.9x 5.5x 12.0x 10.7x 24.5x 20.9x 14.3% 1.7 (8.4%) (5.9%) Bolsas y Mercados Españoles 30.43 21.98 33.03 2,534 (355) 2,178 6.5x 6.5x 9.6x 9.8x 15.5x 15.6x NM NM (10.0%) (9.3%) JSE Limited 11.59 8.57 13.95 991 (119) 872 4.9x 4.4x 9.9x 8.9x 14.1x 12.8x NM NM 28.1% (3.7%) GPW 10.32 7.52 10.59 433 (46) 387 5.3x 5.1x 9.0x 8.6x 14.2x 13.7x NM NM (11.5%) (6.9%) Hellenic Exchanges - Athens Stock Exch. 5.14 3.61 5.90 315(1) (119) 196 6.7x 5.0x 20.7x 10.6x 68.6x 25.3x 10.6% 6.5 (18.6%) 26.4%

Mean 5.9x 5.4x 12.2x 9.9x 25.9x 17.4x 11.4% 3.4 (5.7%) 0.4% Median 6.1x 5.3x 11.0x 10.2x 16.9x 16.0x 10.6% 1.9 (10.7%) (4.8%)

Notes: 27 Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus 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 1/13/17 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ Investment Services, Software, & Technology SEI Investments Co. $51.66 $32.01 $52.54 $8,266 ($623) $7,642 5.5x 5.0x 14.6x 13.0x 25.9x 22.7x 13.5% 1.9 4.4% 5.7% Broadridge Financial Solutions, Inc. 66.22 48.56 71.74 7,885 898 8,784 2.5x 2.1x 12.9x 11.0x 23.9x 19.9x NM NM (10.4%) 50.5% SS&C Technologies Holdings, Inc. 31.43 23.62 34.19 6,375 2,388 8,763 5.8x 5.3x 14.4x 12.6x 19.4x 16.4x 15.0% 1.3 16.5% 36.5% DST Systems, Inc. 112.04 94.52 128.66 3,584 248 3,832 3.0x 2.5x 10.2x 10.1x 19.7x 18.1x 9.0% 2.2 (6.5%) 4.1% Financial Engines, Inc. 36.35 23.22 39.95 2,250 (119) 2,132 5.0x 4.4x 15.9x 13.6x 31.9x 27.6x 25.0% 1.3 36.2% 42.6% Envestnet, Inc.(1) 37.55 19.30 41.47 1,617 240 1,857 3.2x 2.8x 18.4x 13.9x 38.7x 28.1x 20.0% 1.9 10.0% 44.3%

Mean 4.2x 3.7x 14.4x 12.4x 26.6x 22.1x 16.5% 1.7 8.4% 30.6% Median 4.1x 3.6x 14.5x 12.8x 24.9x 21.3x 15.0% 1.9 7.2% 39.6%

Financial Data, Content, & Analytics Thomson Reuters Corporation $45.08 $33.96 $45.68 $33,121 $8,520 $41,641 3.7x 3.6x 13.2x 12.5x 22.0x 19.3x 8.0% 2.7 (8.2%) (0.1%) S&P Global, Inc. 112.42 78.55 128.40 29,128 1,564 30,692 5.5x 5.4x 12.4x 11.7x 21.4x 19.3x 12.9% 1.7 5.3% 8.7% Moody's Corporation 96.96 77.76 110.83 18,539 1,360 19,899 5.6x 5.3x 12.4x 11.6x 20.6x 19.1x 10.1% 2.0 2.5% 9.8% IHS Markit Ltd. (2) 37.03 32.78 37.85 15,405 3,245 18,650 5.3x 5.3x 19.0x 13.5x 21.0x 18.0x 14.9% 1.4 6.8% 57.2% Verisk Analytics, Inc. 82.63 64.79 86.00 13,836 2,118 15,955 8.0x 7.6x 16.0x 14.9x 26.8x 24.6x 11.7% 2.3 (3.3%) 5.9% MSCI Inc. 82.40 62.17 90.79 7,756 1,100 8,856 7.7x 7.2x 15.6x 14.1x 27.7x 23.8x 14.3% 1.9 6.9% 7.3% FactSet Research Systems Inc. 170.24 135.95 183.17 6,736 171 6,907 6.0x 5.7x NA 16.0x 25.1x 22.8x 10.7% 2.3 10.8% 6.5% The Dun & Bradstreet Corporation 123.48 85.99 141.57 4,542 1,279 5,821 3.4x 3.3x 11.8x 11.3x 16.7x 16.1x 4.2% 4.0 4.2% 1.6% Morningstar, Inc. 74.90 67.74 89.44 3,225 (205) 3,020 3.8x 3.7x 12.1x 11.1x 26.1x 24.0x 12.0% 2.2 0.3% 0.4% Bankrate, Inc. 11.20 6.59 12.93 1,009 159 1,169 2.7x 2.4x 10.3x 9.4x 17.9x 16.3x 17.5% 1.0 18.8% 29.2%

Mean 5.2x 4.9x 13.6x 12.6x 22.5x 20.3x 11.6% 2.2 4.4% 12.7% Median 5.4x 5.3x 12.4x 12.1x 21.7x 19.3x 11.9% 2.1 4.8% 6.9%

Online Broker Dealers The Charles Schwab Corporation (3) $41.41 $21.51 $41.85 $54,896 $5,807 $60,703 8.1x 7.1x 18.2x 14.3x 31.9x 25.7x 17.2% 1.9 18.7% 19.8% TD Ameritrade Holding Corporation (3) 46.86 24.88 47.41 24,721 1,817 26,538 7.4x 7.0x 17.4x 14.2x 30.6x 26.3x 12.1% 2.5 12.9% (0.4%) E*TRADE Financial Corporation (3) 36.93 19.61 37.39 10,109 1,534 11,643 6.0x 5.3x NA NA 20.2x 19.6x 21.6% 0.9 5.6% 20.2% Interactive Brokers Group, Inc. (3) 38.78 29.50 41.40 2,636 4,700 7,336 5.0x 4.5x 8.6x 6.8x 29.4x 24.4x 27.5% 1.1 7.1% (12.7%) GAIN Capital Holdings, Inc. (3) 6.75 4.54 7.77 329 (1,167) (838) NM NM NM NM 12.2x 10.4x NM NM (4.5%) (45.4%) FXCM Inc. 7.40 6.85 17.44 41 349 391 NA NA NA NA NA NA NM NA NA 2.9%

Mean 6.6x 6.0x 14.7x 11.8x 24.9x 21.3x 19.6% 1.6 8.0% (2.6%) Median 6.7x 6.2x 17.4x 14.2x 29.4x 24.4x 19.4% 1.5 7.1% 1.3%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. (1) Financial metrics pro-forma for Yodlee acquisition. (2) Financial metrics reflect IHS / Markit merger. 28 (3) Enterprise Value and Net Debt exclude Cash. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Acquisitions – Trailing 12 Months

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

1/9/17 InvestCloud, LLC Babel Systems Limited Trade Processing $20 NA

1/4/17 Dash Financial LLC LiquidPoint, LLC Trading Platform NA NA NewSpring Capital; NewSpring 1/4/17 Vertical Management Systems, Inc. Capital Markets Software NA NA Holdings L.P. 1/4/17 Company owned by Pierre Feligioni Quant House SAS Trading Platform NA NA

12/20/16 FactSet Research Systems Inc. Vermilion Software Inc. Broker Software $67 NA

12/15/16 SS&C Technologies Holdings, Inc. Conifer Financial Services LLC Fund Administration $89 NA

12/9/16 comdirect bank AG OnVista AG Online Broker NA NA Benefit Plans Administrative Services, 12/5/16 Northeast Retirement Services, Inc. Fund Administration $115 NA Inc. 12/1/16 Ascensus, Inc. National Retirement Services, Inc. Fund Administration NA NA

11/30/16 Capital Foundry LLC, Investment Arm EquityNet, LLC Crowdfunding NA NA Teza Technologies, Select Strategic 11/28/16 Virtu Financial, Inc. Trading Platform NA NA Telecommunications Assets 11/28/16 MainstreamBPO Limited Galileo Fund Services Limited Fund Administration NA NA

11/28/16 Insurance Services Office, Inc. IntelliStance, LLC Data / Analytics NA NA

11/21/16 London Stock Exchange Group plc Mergent, Inc. Data / Analytics NA NA

11/21/16 AcadiaSoft, Inc. ProtoColl Collateral Management NA NA

11/14/16 Playtech plc CFH Group A/S Foreign Exchange $62 3.2x

11/8/16 Preqin Ltd. Baxon Solutions Limited Broker Software NA NA

11/2/16 Folio Dynamics Inc. SAS Capital Management, LLC Broker Software NA NA

10/24/16 TD Ameritrade Holding Corporation Scottrade Financial Services, Inc. Online Brokerage $2,792 NA

10/24/16 SS&C Technologies Holdings, Inc. Salentica Inc. Broker Software NA NA

Notes: 29 Source: CapitalIQ and Wall Street Research 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 Subsector Value Revenue

10/20/16 Forum Trading Solutions Ltd GMEX Technologies Limited Trading Technology NA NA

10/14/16 Morningstar Inc. PitchBook Data, Inc. Data / Analytics $225 7.2x

10/13/16 Investview, Inc. RoboVest, Inc. Trading Platform NA NA

10/11/16 Drillinginfo Inc. GlobalView Software, Inc. Trading Platform NA NA

10/10/16 Yodlee, Inc. Wheelhouse Analytics, LLC Data / Analytics NA NA

10/6/16 Ion Investment Group Limited Reval Holdings, Inc. Treasury Software NA NA

9/28/16 SourceHOV LLC TransCentra, Inc. Treasury Software NA NA

9/26/16 CBOE Holdings, Inc. BATS Global Markets, Inc. Exchanges $3,662 1.9x

9/22/16 Thomson Reuters Corporation REDI Holdings, LLC Data / Analytics NA NA

9/21/16 LexisNexis Legal & Professional Inc. Intelligize, Inc. Trading Platform NA NA

9/14/16 IRESS Limited INET BFA Pty Ltd. Data / Analytics $10 NA

9/14/16 SS&C Technologies Holdings, Inc. Wells Fargo Global Fund Services LLC Fund Administration NA NA

9/13/16 TD Securities Inc. Albert Fried & Company, LLC Trading Platform NA NA

9/7/16 McKinsey & Company, Inc. PriceMetrix, Inc. Broker Software NA NA

8/25/16 BGC Partners, Inc. Perimeter Markets Inc. Trading Platform NA NA

8/24/16 Yintech Investment Holdings Limited Gold Master (HK) Company Limited Trading Platform $218 6.8x

8/11/16 Aegon UK plc Cofunds Holdings Limited Personal Financial Management $182 NA

8/11/16 KCG Hotspot FX LLC Javelin SEF, LLC Ratings Agency NA NA

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

7/18/16 Moody's Singapore Pte. Ltd. Korea Investors Service, Inc. Ratings Agency $97 3.4x

Notes: 30 Source: CapitalIQ and Wall Street Research 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 Subsector Value Revenue

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

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

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

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

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

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

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

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

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

3/31/16 Morningstar Inc. RightPond Broker Software NA NA Credit Suisse Group AG, HedgeFocus 3/21/16 Institutional Capital Network, Inc. Fund Administration NA NA Business 3/21/16 IHS Inc. (nka:IHS Markit Ltd.) Markit Ltd. Data / Information Services $6,139 5.5x Fitch Solutions, Inc., Credit Default 3/16/16 Markit Ltd. Risk Analytics NA NA Swap Pricing Service International Securities Exchange 3/9/16 Nasdaq, Inc. Exchanges $1,100 NA Holdings, Inc. 3/8/16 Equiniti Group plc RiskFactor Solutions Ltd Risk Analytics NA NA ConceptONE, LLC, Regulatory Reporting 3/7/16 Axioma, Inc. Risk Analytics NA NA And Risk Reporting Units

Notes: 31 Source: CapitalIQ and Wall Street Research 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 Subsector Value Revenue

3/2/16 Tradeweb Markets LLC CodeStreet LLC Broker Dealer Software NA NA

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

2/26/16 Singapore Exchange Limited The Baltic Exchange Limited Exchanges $108 NA

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

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

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

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

Notes: 32 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Equity Financings – Trailing 12 Months

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

12/24/16 Pakistan Stock Exchange NA $84 Chinese Consortium Exchanges

12/23/16 Nutmeg Savings and Investment Ltd. NA $15 Taipei Fubon Commercial Bank Robo-Advisor Andreessen Horowitz, Digital Currency Group, Euclid 12/22/16 Axoni Series A $18 Distributed Ledger Opportunities, Goldman Sachs, JP Morgan Chase & Co. Thomson 12/15/16 Personal Capital Corp. NA $25 Silicon Valley Bank Robo-Advisor

12/14/16 Stash Series B $25 Breyer Capital, Entrée Capital, Goodwater Capital, Valar Ventures Robo-Advisor Andreessen Horowitz, Felicis Ventures, The Kaiser Family 11/17/16 Peer Street Inc. Series A $15 Crowdfunding Foundation, Montage Ventures, Rembrandt Venture Partners 11/17/16 T-REX Group Inc. Series B $10 The Ecosystem Integrity Fund, Safeguard Scientifics Inc. Risk / Analytics Andreessen Horowitz, Bessemer Venture Partners, Khosla 11/14/16 Quantopian Series C $25 Trading Technology Ventures, Point72 Asset Management, Spark Capital Amanda Investment Group, Balderton Capital Management, 11/14/16 Nutmeg Saving and Investment Ltd. NA $32 Robo-Advisor Pentech Ventures, Schroders Bain Capital Ventures, Khosla Ventures, Lightspeed Venture 11/14/16 Roofstock Inc. Series B $20 Crowdfunding Partners, Nyca Partners, QED Investors, SV Angel Trading / Regulatory 11/1/16 Droit Financial Technologies Series A $16 DRW, Goldman Sachs, Pivot Investment Partners, Wells Fargo Software 10/31/16 Riskalyze Inc. Series A $20 FTV Management Group LP Broker Software

10/26/16 AX Trading Group NA $20 Undisclosed Trading Platform

10/17/16 InnoTREE Network Tech Co. Series B $15 Baoli (Hengqin) Capital Management Data / Analytics JPMorgan Chase & Co., ICAP, Barclays, Point72 Ventures, Hudson 10/12/16 Cloud9 Technologies NA $30 Trading Technology Ridge Asset Management 9/30/16 OpenGamma NA $13 Accel Partners, ICAP Plc Risk / Analytics

9/21/16 OurCrowd Ltd. Series C $72 Undisclosed Investors Crowdfunding

9/14/16 InvestCloud NA $25 Undisclosed Investors Broker Software

9/12/16 Quandl Series B $12 August Capital, Nexus Venture Partners Data / Analytics

8/18/16 Lancai Series B $27 Letv.com Investing Platform

Notes: 33 Source: CapitalIQ and Pitchbook. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

8/17/16 Crowdcube NA $11 Balderton Capital Crowdfunding

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

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

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

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

6/7/16 NexusCrowd NA $16 Downing Street Financial Crowdfunding ABN AMRO, Creades, Skandinaviska Enskilda Banken, Sunstone 5/19/16 Tink Series B $10 PFM Capital 5/19/16 Personal Capital Corporation Series E $75 IGM Financial Robo-Advisor

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

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

4/21/16 Acorns Series D $30 e.ventures, Greycroft, PayPal, Rakuten Robo Advisors Wealth Management 4/13/16 Vestmark NA $30 Summit Partners Software 4/5/16 Reonomy Series C $22 Bain Capital, Softbank Data / Analytics

4/1/16 Swanest NA $10 Andreessen Horowitz Robo-Advisor Altos Ventures, QUICK Corp, Startup Capital Ventures, StarVest 2/8/16 Xignite, Inc. Series C $21 Data Ventures

Notes: 34 Source: CapitalIQ and Pitchbook. SECTION IV: Insurance / Benefits

35 INSURANCE / BENEFITS Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 1/13/17 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ Healthcare / Insurance Technology Quintiles IMS Holdings, Inc. $77.16 $55.01 $81.45 $18,995 $1,200 $20,196 3.8x 2.5x 17.5x 9.8x 19.8x 17.2x 14.2% 1.4 24.2% 3.9% Verisk Analytics, Inc. 82.63 64.79 86.00 13,836 2,118 15,955 8.0x 7.6x 16.0x 14.9x 26.8x 24.6x 11.7% 2.3 (3.3%) 5.9% athenahealth, Inc. 121.01 90.11 152.22 4,775 161 4,936 4.5x 3.8x 20.4x 15.9x 67.3x 49.6x 27.3% 2.5 18.8% 17.2% Guidewire Software, Inc. 53.67 42.32 64.00 3,945 (530) 3,415 7.7x 6.5x 43.7x 32.1x 77.5x 65.2x 17.4% 4.5 12.0% 14.4% Ebix, Inc. 57.75 28.28 63.00 1,872 152 2,024 6.9x 6.3x 18.2x 16.6x 21.0x 20.5x 10.0% 2.1 NA 11.7% Crawford & Company 12.14 3.99 14.37 676 143 819 0.7x 0.7x 6.5x 5.8x 17.2x 14.3x 10.0% 1.7 (3.6%) (5.5%) Polaris Consulting & Services Limited 2.34 2.07 3.19 237 (71) 166 0.5x NA NA NA 9.9x NA NM NM 2.4% (3.6%) Symbility Solutions Inc. 0.37 0.18 0.43 89 (5) 84 3.3x 2.8 NM 81.9 NM NM NM NM (1.9%) 13.9%

Mean 4.4x 4.3x 20.4x 25.3x 34.2x 31.9x 15.1% 2.4 6.9% 7.2% Median 4.1x 3.8x 17.8x 15.9x 21.0x 22.6x 13.0% 2.2 2.4% 8.8%

Notes: 36 Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. INSURANCE / BENEFITS Selected Recent Acquisitions – Trailing 12 Months

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

1/4/17 Duck Creek Technologies, Inc. Yodil, Inc. Insurance Data / Analytics NA NA

12/23/16 Ebix, Inc. Wdev Soluções em Tecnologia S.A. Insurance Tech NA NA

12/19/16 Guidewire Software, Inc. ISCS, Inc. Insurance Tech $160 NA

12/15/16 Mercer LLC Thomsons Online Benefits Limited HR/Benefits Software NA NA

12/8/16 Insurity, Inc. Systema Software, LLC Claims Admin. Software NA NA

11/30/16 Vimo, Inc. Array Health Solutions Inc. Insurance Exchange NA NA

11/28/16 Allstate Non-Insurance Holdings, Inc. SquareTrade, Inc. Insurance $1,430 NA

11/17/16 nThrive, Inc. Adreima, Inc. Revenue Cycle Management NA NA

11/1/16 WageWorks, Inc. ADP's HAS & COBRA Businesses HAS and COBRA Administration $235 NA

10/24/16 AIR Worldwide Corporation Analyze Re Inc. Analytics NA NA New Mountain Capital, LLC; New 10/6/16 Convey Health Solutions, Inc. Healthcare Insurance Administration NA NA Mountain Capital Partners IV L.P.; Eir Shenzhen Investment Holdings Co., 10/5/16 ACR Capital Holdings Pte. Ltd. Reinsurance NA NA Ltd.; Shenzhen Qianhai Financial IS2, eTrading Platform for Personal 9/29/16 Applied Systems, Inc. Insurance Trading $5 0.7x Lines 9/28/16 RGI S.P.A. Kapia Solutions Sas Insurance Software NA NA

9/26/16 Callcredit Information Group Limited Recipero Limited Insurance Data NA NA

9/26/16 IRESS Limited Financial Synergy Pty. Limited Insurance Software $69 3.3x

8/9/16 Applied Systems, Inc. Relay Software Limited Insurance Software $5 0.7x

8/4/16 Guidewire Software, Inc. FirstBest Systems, Inc. Risk Assessment $34 NA

8/4/16 Benefit Express Services, LLC Transcend Technologies Group, Inc. HR Software NA NA

7/21/16 GoHealth, LLC 1SourceAdmin LLC HR Software NA NA

Notes: 37 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. INSURANCE / BENEFITS Selected Recent Acquisitions – Trailing 12 Months (Cont’d)

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

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

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

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

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

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

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

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

Notes: 38 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. INSURANCE / BENEFITS Selected Recent Equity Financings – Trailing 12 Months

($MM) Announced Target Date Target Series Amount Investors Subsector Altimeter Capital, Four Rivers Group, Greenspring Associates, 1/5/17 Namely Inc. Series D $50 HR / Benefits Software Matrix Partners, Scale Venture Partners, Sequoia Capital Aleph, General Catalyst, Google Ventures, Sequoia Capital, 12/5/16 Lemonade Inc. Series B $34 Insurance Thrive Capital, Tusk Ventures, XL Innovate Adams Street Partners, Blue Cloud Ventures, First Data, Intel 11/15/16 CareCloud Series C $32 Revenue Cycle Management Capital, Norwest Venture Partners, PNC Financial Services Group, 11/3/16 EasyPolicy NA $10 Burman Family Office, Unilazer Ventures Insurance Lead Gen BrownSavano Direct Capital Partners, Oceanic Partners, Stratim 10/20/16 EverQuote, Inc. Series B $23 Insurance Lead Gen Capital LLC, T Capital Management LLC 8VC, Canaan Partners, Lightspeed Venture Partners, Nyca 10/19/16 Ladder Financial Inc. Series A $14 Life Insurance Partners LLC Kleiner Perkins Caufield & Byers, Propel Venture Partners, 10/4/16 Hixme Inc. Series B $14 HR Software Rosemark Capital Group, Transamerica Ventures Fund 9/28/16 Sedgwick NA $500 Caisse de Depot et Placement du Quebec Claims Management

9/26/16 InstaMed Communications, LLC NA $50 Carrick Capital Partners LLC Healthcare Payments

9/21/16 FinanceFox Series A $28 Horizons Ventures, Target Ventures Insurance Tech Manulife Financial, OMERS Ventures, Power Financial, Quantum 6/14/16 League Series A $25 Health Insurance Tech Valley Investments, Real Ventures, RBC Advanced Finance & Investment Group, AME Cloud, Arena 5/20/16 Clover Health Series C $165 Insurance Ventures, Casdin Capital, First Round, Floodgate, Sequoia 5/19/16 Shift Technology Series A $10 Accel, Elaia Partners, Iris Capital Management Claims Analytics 500 Startups, Bee Partners, Canaan, FinTech Collective, Nyca 5/17/16 Embroker Series A $12 Insurance Partners, Vertical Venture Partners, XL Innovate Healthcare Payments / 5/10/16 Simplificare Series C $20 83North, American Express, Heritage Group, Social Capital Financing 4/26/16 Trov, Inc. Series C $23 Anthemis Group, Guidewire, Oak, Suncorp Group Insurance

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

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

Notes: 39 Source: CapitalIQ and Pitchbook. SECTION V: GCA Overview

40 GCA OVERVIEW Financial Technology Team

London Tokyo San Francisco New York

th 1 Southampton St. 11-1 Marunouchi 1-chome One Maritime Plaza, 25th Fl. 640 Fifth Avenue, 10 Fl. London WC2R0LR Chiyoda-ku, Tokyo 100-6230 San Francisco, CA 94111 New York, NY 10019 United Kingdom Japan (415) 318-3600 (212) 999-7090 +44 20 7484 4040 +81 (3) 6212-7100

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

Rob Freiman Michio Suzuki* David Krueger Saif Malik* Alexander Berry Malik Gill Director Director Vice President Vice President Associate Analyst

Phone: (212) 999-7075 Phone: +81 3-6212-7145 Phone: (212) 537-4534 Phone: +44 (0) 207 038-3216 Phone: (212) 999-7079 Phone: (212) 537-4529 Mobile: (973) 229-0436 Mobile: +81 90-7412-9411 Mobile: (616) 822-7179 Mobile: +44 (0) 778 606-8553 Mobile: (818) 851-2300 Mobile: (646) 668-6714 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

* Saif Malik is a Vice President at GCA Savvian Europe Limited * Michio Suzuki is a Director at GCA Corporation 41