Financial Technology Sector Overview of Market Activity in the Financial Technology Sector William Blair & Company

Quarterly Update Q1 2015

Financial Technology Sector – First Quarter 2015 Update

M&A and capital markets activity remained strong during the first quarter of 2015, particularly in the United States. In fact, U.S. stock indices marked all-time highs during the quarter and deal-making activity continued its upward trajectory, propelled by improving confidence among consumers and corporate executives, low-cost credit, and record levels of cash. While market participants largely ignored the prospect of rising interest rates, a collapsing energy sector, global currency concerns, and continued economic uncertainty abroad, this could be an area of concern moving into the second quarter of 2015.

One of the most prominent storylines within the financial technology sector in the first quarter was the escalating bets made on payments solutions by the likes of tech giants Apple, Google, and Samsung. The release of Apple Pay unilaterally raised the stakes across the industry and was a catalyst for a wave of high-profile announcements, including Samsung’s acquisition of LoopPay, Google’s acquisition of Softcard, and PayPal’s acquisition of Paydiant. Traditional payments providers are thus being further pressured to accelerate innovation and expand international reach, which has in turn refocused corporate strategies away from building domestic scale and vertical plays toward acquiring differentiated, earlier-stage, technology platforms with global capabilities. Global’s acquisition of Realex, Worldpay’s acquisition of SecureNet, and MasterCard’s acquisition of TNS’s gateway are recent examples of this trend, which we believe will be a significant driver of sector M&A activity going forward.

Across the broader financial technology industry, we continue to see M&A outcomes falling into a barbell formation, with widespread demand, condensed buyer due diligence, and aggressive valuations for high-quality assets, while other assets receive more limited interest. As competitive dynamics rise and opportunities for quality and size become scarcer, we expect to see a heightened interest in trades that are unlikely to have materialized in prior years. Likewise, the mega-deals that have recently resurfaced in other sectors of the economy have yet to return to financial technology, but current competitive and market conditions are highly favorable and we believe it is only a matter of time before there is a major industry-altering transaction within the financial technology sector as well.

In terms of capital markets momentum, publicly listed financial technology companies as a group continue to trade near all-time highs. Sector-wide technological innovation remains a key driver of growth and favorable secular trends in global electronic payments are as strong as ever. For financial technology companies looking to raise capital, prospects remain extremely attractive. Demand for sector investments continues to explode across the public, venture and private equity communities, particularly within the emerging high-growth areas of mobile payments, personal wealth management, and online/marketplace lenders.

William Blair has one of the most active financial technology investment banking franchises in the industry, and we remain highly optimistic on the sector overall. As always, we appreciate your interest in our practice, and please do not hesitate to reach out if there is anything we can do to be helpful.

Best regards,

Your William Blair financial technology team

Rob Metzger Dan Daul Phil Olson Dan Laszlo Managing Director Managing Director Managing Director Director

Financial Technology Sector – Q1 2015 Financial Technology Sector – First Quarter 2015 Update 1

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William Blair Financial Technology Team Contact Information

Rob Metzger, head of technology and co-head of financial technology, joined the investment banking department of William Blair & Company in 1999. While at William Blair & Company and in his prior position at ABN AMRO Incorporated, he focused on the investment banking needs of insurance, financial technology, and specialty finance companies. Mr. Metzger graduated in 1989 with highest honors from the University of Illinois, receiving a B.S. in accountancy. In 1995, he graduated with distinction from Northwestern University’s J.L. Kellogg Graduate School of Management, receiving an M.B.A. in finance and strategy. He is a certified public accountant. +1 312 364 8517 [email protected]

Dan Daul, managing director and co-head of financial technology, joined the investment banking department of William Blair & Company in 2004. While at William Blair & Company and in his prior position at Robert W. Baird & Co., Mr. Daul focused on the investment banking needs of financial technology, transaction processing, and IT security companies. Mr. Daul has been involved in more than 50 transactions aggregating more than $5.0 billion in transaction value, with an emphasis on mergers and acquisitions. He graduated in 1991 from the University of Wisconsin with a B.S. degree. In 1997, he graduated from Northwestern University’s J.L. Kellogg Graduate School of Management and received an M.B.A. in finance and strategy. +1 312 364 8457 [email protected]

Phil Olson, managing director in the financial technology group, joined the investment banking department of William Blair & Company in 2003. Both at William Blair & Company and in his prior position at Merrill Lynch, he focused on the investment banking needs of financial technology and financial services companies. Mr. Olson graduated in 2001 with high honors from the University of Illinois with a B.S. in finance. In 2007, he graduated from Northwestern University’s J.L. Kellogg Graduate School of Management with an M.B.A. in finance and entrepreneurship. +1 312 364 8798 [email protected]

Daniel Laszlo, director in the financial technology group, joined William Blair & Company in 2011. Previously he worked at GTCR, where he focused on private equity investments in the financial technology and specialty finance sectors. Before GTCR, Mr. Laszlo worked at Goldman Sachs, where he focused on the investment banking needs of a variety of financial services clients. During his career, he has completed more than 15 mergers and acquisitions and debt and equity transactions. Mr. Laszlo holds an M.B.A. in finance and a B.S. in accounting and finance from the Kelley School of Business at Indiana University. +1 312 364 5084 [email protected]

Financial Technology Sector – Q1 2015 2 William Blair Financial Technology Team Contact Information

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William Blair Industry Events

2015 Private Equity Conference to be held September 16-17, 2015, Four Seasons Hotel Chicago

18th Annual Private Equity Conference

 50-plus companies expected to participate  More than 600 institutional private equity investors and venture capital 2015 Growth Stock Conference investors to be held June 9-11, 2015,  Roundtable discussions focused on Four Seasons Hotel Chicago the following industry sectors and topics: 35th Annual – Technology Growth Stock Conference – Financial services – Business services  2014 conference highlights: – Commercial services 2015 Technology Company Growth Conference to be held May – 230 companies participated – Consumer and retail 14, 2015, Four Seasons Hotel San – More than 1,000 institutional – Healthcare Francisco clients – Industrials – More than 4,000 one-on-one 3rd Annual Technology meetings arranged Company Growth Conference

 75-plus presenting companies in 2014 – Leading late-stage private technology companies  Business Development/ Financial Sponsor invitations: – Public companies with >$1B market cap – Large private companies with >$500M in revenues – Operating (or seeking acquisitions) in Technology, Financial Technology, and/or Healthcare IT

Financial Technology Sector – Q1 2015 William Blair Industry Events 3

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William Blair’s Momentum in FinTech Produces a Record Breaking Year

12 M&A Deals representing over $2.6 billion in transaction value 9 Equity Deals representing over $2.6 billion in transaction value

$172,500,000 Not Disclosed $120,750,000 $1,000,500,000 $157,800,000

has been acquired by has acquired Convertible PayChoice Initial Public Offering Bond Offering Worldpay Follow-on Offering (PAI Group, Inc)

December 2014 December 2014 December 2014 December 2014 October 2014

$160,000,000 $400,000,000 Not Disclosed $351,900,000 $205,000,000

has been acquired by has been acquired by has been acquired by has been acquired by

Cardtronics Green Dot Corporation Francisco Partners Follow-on Offering ACI Worldwide

October 2014 October 2014 October 2014 September 2014 August 2014

$532,500,000 $210,000,000 $225,000,000 $318,933,200 $137,729,750

has been acquired by has been acquired by has merged with WEX Inc. Optimal Payments Plc Taxware, LLC Follow-on Offering Initial Public Offering

July 2014 July 2014 July 2014 June 2014 March 2014

$420,000,000 $276,000,000 $151,800,000 $92,000,000 $41,000,000

has been acquired by Private Equity Global Payments, Inc. Initial Public Offering Initial Public Offering Follow-on Offering Placement March 2014 March 2014 March 2014 March 2014 February 2014

Note: February 2014, WorldRemit private placement not shown.

Financial Technology Sector – Q1 2015 4 William Blair’s Momentum in FinTech Produces a Record Breaking Year

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Spotlight – William Blair Recent M&A and Private Capital Transactions

 William Blair acted as the exclusive financial advisor to SecureNet in connection with its sale Not Disclosed to Worldpay for an undisclosed amount  SecureNet’s integrated suite of payment tools is the simplest and most advanced way for merchants of all sizes to manage commerce in any environment: in-store, online, and via has been acquired by mobile devices Worldpay  The SecureNet acquisition strengthens Worldpay’s position as a leader in payments processing by leveraging SecureNet’s leading position in multichannel commerce December 2014

 William Blair acted as the exclusive financial advisor to Sage Group in connection with its $157,800,000 acquisition of PayChoice for $157.8 million  PayChoice provides full-service and self-service payroll and HR services to more than 100,000 SMBs in the United States, through a direct sales force and third-party licensee has acquired channel PayChoice  PayChoice has developed a next-generation, cloud-based payroll and reporting platform (PAI Group, Inc) called ENCORE. The platform encompasses both mobile and Web-based payroll applications, operating from a single codebase for its direct and licensee clients October 2014

 William Blair acted as the exclusive financial advisor to Welch ATM in connection with its sale $160,000,000 to Cardtronics (NASDAQ: CATM) for $160 million  Welch ATM is a privately held company with over 26,000 ATMs under management nationwide. Founded in 2005, Welch ATM has developed relationships with over 500 has been acquired by financial institutions and hundreds of retailers Cardtronics  The acquisition of Welch ATM was highly strategic for Cardtronics, bringing together two highly respected retail ATM services providers with complementary customer bases and October 2014 sales capabilities

 William Blair acted as exclusive financial advisor to Santa Barbara Tax Products Group (TPG), $400,000,000 a leading tax-related financial products provider, in connection with its sale to Green Dot Corporation (NYSE: GDOT) for a total consideration of up to $400 million inclusive of an $80 million earn-out dependent on pre-determined performance targets has been acquired by  TPG is the integrated tax refund processing and settlement engine for leading consumer tax preparation companies like TurboTax, Jackson Hewitt, and Liberty Tax Service Green Dot Corporation  In the most recent tax season, TPG processed roughly $32 billion in tax refunds on behalf of October 2014 about 11 million U.S. tax filers

 William Blair & Company acted as the exclusive financial advisor to Vendavo in connection Not Disclosed with its sale to Francisco Partners  Vendavo, based in Mountain View, California, provides B2B price optimization software solutions has been acquired by  Vendavo delivers more than $2.5 billion of annual customer value to 140-plus blue chip Francisco Partners customers, more than 40% of which are Global 500 or Fortune 500 enterprises

October 2014

Financial Technology Sector – Q1 2015 Spotlight – William Blair Recent M&A and Private Capital Transactions 5

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Spotlight – William Blair Recent Public Equity Transactions

 William Blair was a co-manager on the Envestnet IPO in 2010, a bookrunner on the October $172,500,000 2013 follow-on offering, and a co-manager on the convertible bond offering in December 2014  Envestnet is a leading provider of unified wealth management software and services to financial advisors and institutions Convertible  As of September 30, 2014, approximately 36,000 advisors used Envestnet’s technology Bond Offering platforms, supporting approximately $668 billion of assets in roughly 2.7 million investor December 2014 accounts

 William Blair was a bookrunner on the Paylocity initial public offering in March 2014 and a $120,750,000 bookrunner on the Paylocity follow-on offering in December 2014  Paylocity is a leading provider of cloud-based payroll and human capital management, or HCM, software solutions for midsize organizations  Paylocity’s solutions help drive strategic human capital decision-making and improve Follow-on Offering employee engagement by enhancing the human resource, or HR, payroll and finance capabilities of Paylocity’s clients December 2014

 William Blair was a co-manager on the LendingClub initial public offering in December 2014 $1,000,500,000  Lending Club is the world’s largest online marketplace connecting borrowers and investors  Since launching in 2007, Lending Club has facilitated over $5 billion in loans  Lending Club’s proprietary software automates key aspects of its operations, including the borrower application process, data gathering, credit decisioning and scoring, loan funding, Initial Public Offering investing and servicing, regulatory compliance, and fraud detection

December 2014

 William Blair was a co-manager on the TriNet initial public offering in March 2014 and a co- $351,900,000 manager on the TriNet follow-on offering in September 2014  TriNet is a leading provider of a comprehensive human resources solution for small to medium-sized businesses, or SMBs  TriNet’s HR solution includes services such as payroll processing, human capital consulting employment law compliance and employee benefits, including health insurance, retirement Follow-on Offering plans, and workers’ compensation insurance September 2014  TriNet served over 8,000 clients in 47 states, the District of Columbia and Canada and co- employed roughly 218,000 of its clients’ employees

 William Blair was a co-manager on the QIWI initial public offering in May 2013, a co-manager $318,933,200 on the QIWI follow-on offering in October 2013, and a co-manager on the QIWI follow-on offering in June 2014  QIWI is a leading provider of next-generation payment services in Russia and the Commonwealth of Independent States (CIS) Follow-on Offering  QIWI has deployed more than 11 million virtual wallets and over 169,000 kiosks and terminals, and it has enabled more than 40,000 merchants to accept over RUB 39 billion in June 2014 cash and electronic payments monthly from more than 65 million consumers using the company’s network at least once a month

Financial Technology Sector – Q1 2015 6 Spotlight – William Blair Recent Public Equity Transactions

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Recent William Blair & Company Financial Technology Transactions

Financial Technology M&A

Not Disclosed Not Disclosed $157,800,000 $160,000,000 $400,000,000

has been acquired by has been acquired by has acquired has been acquired by has been acquired by PayChoice Worldpay Francisco Partners Cardtronics Green Dot Corporation (PAI Group, Inc) December 2014 October 2014 October 2014 October 2014 October 2014

$205,000,000 $210,000,000 $532,500,000 $225,000,000 $420,000,000

has agreed to has been acquired by has been acquired by be acquired by has merged with has been acquired by ACI Worldwide Optimal Payments Plc WEX Inc. Taxware, LLC Global Payments, Inc.

August 2014 July 2014 July 2014 July 2014 March 2014

$41,000,000 $40,000,000 $148,780,000 $102,800,000 $361,000,000

has been acquired by has been acquired by has been acquired by Private Equity Private Equity ACI Worldwide, Inc. Digital River, Inc. Vantiv, Inc. Placement Placement February 2014 February 2014 November 2013 January 2013 November 2012

Financial Technology Public Equity

$172,500,000 $120,750,000 $1,000,500,000 $351,900,000 $318,933,200

Convertible Follow-on Offering Initial Public Offering Follow-on Offering Follow-on Offering Bond Offering December 2014 December 2014 December 2014 September 2014 June 2014

$151,800,000 $276,000,000 $92,000,000 $137,729,750 $169,708,412

Follow-on Offering Initial Public Offering Initial Public Offering Initial Public Offering Follow-on Offering

March 2014 March 2014 March 2014 March 2014 October 2013

$287,540,153 $517,500,000 $138,076,762 $17,249,993 $189,750,000

Confidentially Marketed Follow-on Offering Follow-on Offering Follow-on Offering Convertible Note Offering Follow-on Offering October 2013 September 2013 August 2013 June 2013 December 2012

Financial Technology Sector – Q1 2015 Recent William Blair & Company Financial Technology Transactions 7

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Relevant Financial Technology Research Coverage

Robert Napoli joined William Blair in 2011 and specializes in the financial technology industry. Previously, Mr. Napoli worked at Piper Jaffray as an equity analyst covering technology and financial services companies. Mr. Napoli received his B.S. degree in finance and accounting from Indiana University of Pennsylvania and an M.B.A. from the University of Pittsburgh.

Christopher Shutler, CFA, joined William Blair in 2007 and specializes in the financial technology industry. Previously, Mr. Shutler worked at Credit Suisse as an associate analyst covering educational and business services companies. Mr. Shutler received his B.B.A. degree in finance and business economics from the University of Notre Dame.

Euronet

Financial Technology Sector – Q1 2015 8 Relevant Financial Technology Research Coverage

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Update on Financial Technology and Payments Landscape

Card Networks

Market Valuations (EBITDA) Observations: FY1: 14.0x-16.0x  Continuing to diversify from core business and affect other markets (acquiring, FY2: 12.0x-14.0x mobile, e-commerce)  Looking to leverage their networks in the nontraditional channels  Investing heavily in mobile, prepaid, and international  Mobile wallets (Apple Pay, Google/Softcard, MasterPass, Serve, PayPal, Samsung/LoopPay) are battling for consumer attention  Faster growth outside the United States  Multidecade secular growth opportunity  Remaining acquisitive  Success of Opt Blue could bring American Express much closer to location acceptance parity in the United States  Regulatory uncertainty in Russia and Europe; legal uncertainties in the United States

Money Transfer

Market Valuations (EBITDA) Observations: FY1: 7.0x-9.0x  Traditional retail-based business under pressure; heighted regulatory scrutiny FY2: 5.5x-7.5x  New technologies are emerging (e.g., self-service, online)  Walmart launched private label money transfer product in the United States  Growth of global remittances forecast to grow 4%-5%, per World Bank  Diversifying products focused on underbanked consumer and underserved businesses  Globalization trend remains a positive for the industry

Financial Institution Processing

Market Valuations (EBITDA) Observations: FY1: 11.0x-13.0x  Significant shift in mortgage processing toward purchase mortgages given FY2: 10.0x-12.0x significant decline in refinancing volumes will create more competition and market share battles, amplified by implementation of CFPB rules in first quarter 2014 and risk of noncompliance in mortgage underwriting  Dodd-Frank regulations also creating significant data/compliance needs for mortgage originators  Multidecade secular growth opportunity as electronic payments takes share

Financial Technology Sector – Q1 2015 Update on Financial Technology and Payments Landscape 9

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Bank Functionality

Market Valuations (EBITDA) Observations: FY1: 11.0x-13.0x  Largely consolidated (especially with ACI/S1 transaction and ACI/Online FY2: 10.0x-12.0x Resources transaction)  Focus will be on penetration of the financial institution base, building out biller networks, and acquiring new technology that improves the customer experience (e.g., mobile capture) or increases revenue (e.g., real-time bill-pay and person-to- person payments)  Secular tailwinds support the transition from manual-based technology to automated invoicing, payments/remittance, settlement, and reconciliation providers (preferably SaaS providers)  Many banks are due for a refresh of their online banking capabilities to support growth of mobile banking

Merchant Acquiring

Market Valuations (EBITDA) Observations: FY1: 10.0x-12.0x  Value is primarily being driven by unique distribution and technology FY2: 9.0x-11.0x  Large players seeking growth and scale internationally and in e-commerce through consolidation—recent flurry of sale processes  Market is paying more attention to integrated point-of-sale solutions (Vantiv’s acquisition of Mercury Payment Systems, WCAS’s acquisition of TransFirst)

Fleet Processing

Market Valuations (EBITDA) Observations: FY1: 14.0x-16.0x  Consolidated market with just a handful of key participants—high barriers to FY2: 12.5x-14.5x entry (WEX acquired Fleet One in second half 2012 and FleetCor’s $3.4 billion [12 times EBITDA excluding NOL] acquisition of Comdata in fourth quarter 2014)  Focused on growth outside the United States by acquiring platform companies or keystone clients  Move to outsourcing by major oil companies likely outside the United States (e.g., WEX’s acquisition of Exxon’s Esso Card is one of the first in Europe and Fleetcor’s outsourcing aggrangement with Shell in Germany)  Business model is highly attractive with strong recurring revenue and attractive EBITDA margins  Augmenting growth by offering payment solutions to other industries, such as healthcare, education, and online travel  First Data sold its EFS fleet business to Warburg Pincus in April 2014 for $1.3 billion at roughly 11 times EBITDA

Financial Technology Sector – Q1 2015 10 Update on Financial Technology and Payments Landscape

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ATM Processing/ Payment Enablers

Market Valuations (EBITDA) Observations: FY1: 11.0x-13.0x  Cross-border account-to-account transfer services gaining traction, as reflected in FY2: 9.0x-11.0x EEFT’s purchase of HiFX  Mature and steady—growth will primarily come from market share gains in the United States and overseas expansion  Consolidation continues, Cardtronics’ acquisition of Welch ATM and Sunwin Services  Adding ancillary services organically and growing through acquisition (e.g., Cardtronics’ purchase of Sunwin Services)  Mobile payments/alternative payments are potential long-term threats to cash- dependent business models  Regulatory concerns have eased, but macro uncertainty continues to pressure shares of QIWI, a leading enabler of electronic payments in Russia

E-commerce (1)

Market Valuations (EBITDA) Observations: FY1: 13.0x-15.0x  Continues to grow as a percentage of total retail spending and is growing about FY2: 10.0x-12.0x 15% per year—valuations remain robust  Online/mobile wallets, in-app payments and tokenization is the buzz  Mobile wallets developed by PayPal, Visa, American Express, MasterCard, and Google will be battling for consumer attention  Consolidation continues: Google/Softcard, Samsung/LoopPay, PayPal/Braintree  Heavy investment in loyalty-related payment programs by American Express and Alliance Data Systems  Upcoming separation of eBay/Paypal

Prepaid /

Market Valuations (EBITDA) Observations: FY1: 5.0x-7.0x  Remains an attractive growth segment within payments FY2: 4.0x-5.0x  Current macro environment is favorable for prepaid providers  New entrants, industry is becoming more competitive  Highly fragmented—consolidation still occurring; (TSYS’s purchase of NetSpend)  Wheels in motion for regulation to increase; will likely result in enhanced transparency for the consumer (1) Digital River provides a range of solutions (e.g., payments and e-commerce)

Financial Technology Sector – Q1 2015 Update on Financial Technology and Payments Landscape 11

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Mobile Payments

Market Valuations (EBITDA) Observations: FY1: 11.0x-12.0x  Smartphones will be more than 80% of the handset shipment by 2017 FY2: 10.0x-11.0x  Technology is rapidly adopting mobile POS solutions and geolocation-based couponing/ads  Many new technologies and strategies emerging, long-term winners still difficult to determine  Apple Pay acceptance continues to grow, 700,000 locations  Recent consolidation: Google/Softcard, Samsung/LoopPay  Land-grab strategy—near-term focus is on customer acquisition

Data/Analytics

Market Valuations (EBITDA) Observations: FY1: 11.0x-13.0x  Continuing consolidation trend to offset costs of compliance and regulatory creep, FY2: 10.0x-12.0x particularly in residential real estate and mortgage  Expecting a significant opportunity in real estate/mortgage to provide analytics around residential mortgages as the market moves from taxpayer-supported industry to a mix of private capital and GSEs (private capital will require lots of data and want to do analytics on residential mortgage portfolios, especially if there is a return to securitization)  Growing opportunity for data/analytics in the commercial mortgage/loan space as the CMBS market heats up as a source of financing  Significant focus on providing platforms around data, not just data, especially for the midmarket that cannot afford customized solutions  Focus on the P&C insurance market, connecting real estate to consumers to underwriting  Significant opportunity in commercial healthcare payment integrity

Financial Technology Sector – Q1 2015 12 Update on Financial Technology and Payments Landscape

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Security

Market Valuations (EBITDA) Observations: FY1: 10.0x-12.0x  J.P. Morgan attacks highlight privileged account vulnerabilities and need for FY2: 9.0x-11.0x advanced threat protection with over 90 high level administrative accounts suspected of being compromised  Highly attractive multiples seen in the market—Intellinx acquired by Bottomline Technologies for 5.2 times reported revenue  Tighter compliance regulations and increasing awareness of network breaches driving higher demand  Sophistication of attacks driving increased spending and support for innovation in earlier-stage companies  Changes in traditional IT infrastructure, such as cloud, mobile, BYOD, and virtualization, is creating new opportunities in the security space

Payroll/HR

Market Valuations (EBITDA) Observations: FY1: 13.0x-15.0x  Focus on new technology and expanding product offering, especially for cloud- FY2: 12.0x-14.0x and SaaS-related products  Still highly fragmented market undergoing consolidation—macro environment is modest impediment to new client growth and interest rates remain a drag on profit margins, but those factors should eventually reverse  Focus on providing add-on offerings to core payroll product (e.g., insurance, screening, and HR management)  Increased focus on growth of consumer directed benefits, private exchanges (WEX’s acquisition of Evolution1)  Healthcare savings accounts and high deductible healthplans continue to gain share  Valuations are robust attracting recent equity activity (Paylocity and PayCom)

Financial Technology Sector – Q1 2015 Update on Financial Technology and Payments Landscape 13

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Investment Services Software/ Technology

Market Valuations (EBITDA) Observations: FY1: 12.0x-13.0x  Technology driving growth of personalized investment advice for the masses – FY2: 10.0x-11.0x acceleration of technology is disrupting a historically dominant offline industry (e.g. personal capital corporation)  Financial software remains under pressure; however, the sector will benefit from increased investment in Basel I/II and Dodd-Frank initiatives  Move from defined benefit to defined contribution for retirement plans opens up management opportunities  Wealth management industry trends include independent advice, fee-based compensation, open architecture, and the fiduciary standard of care  Regulatory tailwind for independent investment advice to defined-contribution plans

Business to Business Payments

Market Valuations (EBITDA) Observations: FY1: 11.0x-13.0x  Massive market opportunity, with improving technology FY2: 10.0x-12.0x  Secular shift from paper to electronic payments, remains in early stages  Strong value proposition that remain in its infancy  American Express increased focus on B2B payments space which they target at $4T market  Discover’s alliance with ARIBA, Bottomline’s PayMode-X  FleetCor’s acquisition of Comdata marks its entry into the space, focusing on virtual cards, similar to WEX’s efforts

Financial Technology Sector – Q1 2015 14 Update on Financial Technology and Payments Landscape

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Financial Technology Sector Market Analysis

Sector Analysis

LTM Price Performance and 2015 P/E

($ in millions)

Company Market Cap LTM Price Performance 2015E P/E

ATM Processing/Payment Enablers

Ingenico $6,843.8 25.4% 24.1x NCR $5,035.2 (17.4%) 11.2x VeriFone $3,966.1 2.8% 18.3x Diebold $2,237.1 (13.4%) 18.0x Cardtronics $1,720.1 (2.7%) 13.8x Qiwi $1,282.6 (31.1%) 18.4x PayPoint $867.9 (32.8%) 14.5x DirectCash Payments $229.0 0.5% NMF MOL Global $182.3 NA NA Mitek Systems $96.3 (23.2%) 33.7x Sector Median $1,501.4 (13.4%) 18.1x

Bank Technology

Fidelity National Information Services $19,253.4 27.3% 19.7x Fiserv $18,577.5 38.2% 20.5x Jack Henry & Associates $5,599.2 23.3% 24.7x ACI Worldwide $2,498.4 7.5% 28.8x Temenos Group $2,317.6 3.3% 21.8x Ellie Mae $1,550.8 84.8% 57.5x Bottomline Technologies $1,074.7 (22.7%) 20.2x Monitise $416.4 (84.5%) NMF Sector Median $2,408.0 15.4% 21.8x

BPO

Tata Consultancy Services $80,834.0 16.0% 21.7x Infosys $40,647.9 32.0% 19.1x Wipro $25,994.6 16.5% 17.3x HCL Technologies $22,659.1 39.3% 17.9x Genpact $5,057.3 33.9% 19.8x Convergys $2,209.6 2.5% 13.0x WNS $1,295.1 36.5% 14.7x TeleTech Holdings $1,217.8 4.6% 15.2x Sector Median $13,858.2 24.2% 17.6x Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of March 25, 2015

Financial Technology Sector – Q1 2015 Financial Technology Sector Market Analysis 15

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LTM Price Performance & 2015E P/E (cont’d.)

($ in millions)

Company Market Cap LTM Price Performance 2015E P/E

Card Networks

Visa $161,405.2 20.4% 24.4x MasterCard $100,340.3 16.1% 25.2x American Express $81,646.1 (11.8%) 14.6x Discover $25,492.2 (0.5%) 10.7x Sector Median $90,993.2 7.8% 19.5x

Data/Analytics

Thomson Reuters $31,831.6 17.8% 19.8x McGraw Hill Financial $28,444.4 36.6% 23.6x Moody's $20,548.7 27.5% 22.1x Experian $16,552.6 (2.3%) 17.8x Equifax $10,902.0 30.2% 21.3x IHS $7,628.7 (10.0%) 19.0x MSCI $6,667.7 38.9% 27.2x FactSet $6,467.1 42.4% 25.2x Dun & Bradstreet $4,534.1 25.8% 16.9x Morningstar $3,306.1 (5.2%) 25.0x CoreLogic $3,046.0 13.6% 21.4x Fair Isaac $2,674.7 55.3% 19.7x F. Marc de Lacharrière $2,298.2 11.3% NA Acxiom $1,455.9 (46.6%) 21.0x Harte-Hanks $475.2 (7.7%) 16.2x Yodlee $384.6 NA NMF Intersections $62.3 (44.4%) NA Sector Median $4,534.1 15.7% 21.1x

E-Commerce

Amazon.com $172,267.9 4.6% NMF eBay $70,406.5 3.1% 18.4x Demandware $2,188.1 (7.4%) NMF Borderfree $201.7 (67.3%) NMF Sector Median $36,297.3 (2.1%) 18.4x

Fleet Processing/Technology

FleetCor Technologies $13,628.7 28.8% 24.4x WEX $3,942.8 7.6% 20.2x Sector Median $8,785.8 18.2% 22.3x Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of March 25, 2015

Financial Technology Sector – Q1 2015 16 Financial Technology Sector Market Analysis

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LTM Price Performance & 2015E P/E (cont’d.)

($ in millions)

Company Market Cap LTM Price Performance 2015E P/E

Investment Services Software & Technology

LendingClub $7,339.4 NA NMF SEI Investments $7,202.1 26.3% 20.4x Broadridge Financial Solutions $6,348.9 43.8% 20.1x Computershare $5,651.1 (8.9%) 16.2x SS&C Technologies $5,093.0 43.7% 23.2x DST Systems $3,896.7 10.5% 17.4x Advent Software $2,318.6 45.5% 28.4x Financial Engines $2,266.3 (17.2%) 45.4x Envestnet $1,892.1 33.3% 52.2x Fidessa $1,292.7 (19.8%) 27.7x Linedata Services $202.8 (17.5%) 10.6x Sector Median $3,896.7 18.4% 21.8x

Money Transfer

Western Union $10,110.8 18.6% 11.9x Xoom $561.1 (34.6%) 38.7x Moneygram $454.8 (53.7%) 15.9x Sector Median $561.1 (34.6%) 15.9x

Payment Processing

Cielo $22,537.1 (7.0%) 19.4x Alliance Data Systems $18,229.8 4.2% 19.5x Total System Services $7,043.2 26.8% 17.2x Global Payments $5,999.9 27.7% 17.6x Vantiv $5,500.6 22.9% 17.7x Wirecard $5,427.5 6.2% 32.4x Euronet Worldwide $2,923.5 35.8% 19.0x Heartland Payment Systems $1,742.1 14.0% 17.3x EVERTEC $1,702.7 (12.6%) 12.9x Optimal Payments $1,374.6 26.2% 20.6x Net 1 Ueps Technologies $679.5 30.6% 6.4x Global Cash Access Holdings $492.7 (5.3%) 6.6x Sector Median $4,175.5 18.4% 17.6x

Payroll/HR

Automatic Data Processing $40,264.4 10.5% 27.5x Paychex $17,870.8 15.8% 25.5x Towers Watson $9,016.8 13.6% 21.2x The Ultimate Software Group $4,708.3 16.6% 66.6x WageWorks $1,891.7 (6.5%) 45.7x Paylocity $1,488.9 23.9% NMF Sector Median $6,862.6 14.7% 27.5x Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of March 25, 2015

Financial Technology Sector – Q1 2015 Financial Technology Sector Market Analysis 17

William Blair & Company

LTM Price Performance & 2015E P/E (cont’d.)

($ in millions)

Company Market Cap LTM Price Performance 2015E P/E

Prepaid

Green Dot $840.7 (18.1%) 11.5x Higher One Holdings $126.3 (65.5%) 6.7x Sector Median $483.5 (41.8%) 9.1x

Security

Symantec $15,906.3 22.3% 12.3x Check Point Software Technologies $14,956.9 22.5% 20.5x CA $14,114.4 2.9% 13.0x Fortinet $5,589.4 49.4% 66.7x Trend Micro $4,711.0 13.4% NA Imperva $1,203.6 (34.8%) NMF Sector Median $9,851.9 17.8% 16.8x Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of March 25, 2015

Financial Technology Sector – Q1 2015 18 Financial Technology Sector Market Analysis

William Blair & Company

Index Price Performance Price by Sector (Market Value Weighted)

3 Months

3.6% 2.0% 1.7% 0.9% 0.6% 0.4% 0.4% 0.2% 0.2% 0.1% 0.0%

(1.1%)

(11.6%)

E-Commerce Money BPO Bank Payroll / HR Investment Data / Payment Security ATM Fleet Card Prepaid Transfer Technology Services Analytics Processing Processing / Processing / Networks Software & Payment Technology Technology Enablers

1 Year

12.0%

4.3% 3.6% 2.9% 2.2% 2.1% 3.0% 2.7% 1.0% 1.3% 0.7%

(0.0%)

(12.1%) E-Commerce Money BPO Bank Investment Payroll / HR Data / Payment ATM Security Fleet Card Prepaid Transfer Technology Services Analytics Processing Processing / Processing / Networks Software & Payment Technology Technology Enablers

3 Years

113.7%

27.0% 23.9% 9.9% 14.4% 10.5% 16.1% 2.8% 4.7% 8.6% 6.7% 3.9%

(22.3%) E-Commerce Money BPO Bank Investment Payroll / HR Data / Payment ATM Security Fleet Card Prepaid Transfer Technology Services Analytics Processing Processing / Processing / Networks Software & Payment Technology Technology Enablers

Note: Sector indices are market capitalization weighted Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of March 25, 2015

Financial Technology Sector – Q1 2015 Financial Technology Sector Market Analysis 19

William Blair & Company

Financial Technology Sector Market Analysis

Public Comparable Analysis

ATM Processing/Payment Enablers

Mean $30.69 49.9% $2,246.1 $2,789.9 2.85x 2.63x 2.12x 12.5x 10.9x 9.0x 30.4x 19.0x 22.1x 17.9% 1.2x

Median $26.68 22.6% $1,501.4 $1,678.4 2.39x 2.27x 1.96x 10.9x 9.9x 9.0x 25.1x 18.1x 15.0x 17.0% 1.1x

Bank Technology

Mean $44.00 67.7% $6,411.0 $7,526.4 4.41x 3.89x 3.49x 14.5x 12.6x 13.4x 30.4x 27.6x 22.4x 14.8% 1.8x

Median $44.25 5.9% $2,408.0 $2,871.9 4.05x 3.84x 3.59x 14.6x 12.2x 11.4x 28.6x 21.8x 18.9x 13.1% 1.7x

(1) LTM as of December 31, 2014 or as otherwise indicated (2) LTM as of January 31, 2015 (3) LTM as of September 30, 2014 Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of March 25, 2015

Financial Technology Sector – Q1 2015 20 Financial Technology Sector Market Analysis

William Blair & Company

BPO

Mean $24.88 7.3% $22,489.4 $21,586.0 2.95x 2.69x 2.44x 13.1x 12.0x 10.9x 25.6x 17.3x 15.6x 13.5% 1.3x

Median $24.02 5.3% $13,858.2 $13,976.4 2.94x 2.76x 2.56x 14.4x 13.5x 12.1x 24.8x 17.6x 16.0x 13.9% 1.4x

Card Networks

Mean $72.59 12.3% $92,220.9 $104,796.2 8.05x 7.24x 6.64x 18.2x 16.3x 14.3x 27.2x 18.7x 16.5x 13.7% 1.4x

Median $72.92 11.6% $90,993.2 $109,208.2 8.06x 7.10x 6.45x 18.2x 16.3x 14.3x 23.7x 19.5x 17.5x 14.5% 1.4x

(1) LTM as of December 31, 2014 or as otherwise indicated Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of March 25, 2015

Financial Technology Sector – Q1 2015 Financial Technology Sector Market Analysis 21

William Blair & Company

Data/Analytics

($ in millions) Enterprise Value/Revenue Enterprise Value/EBITDA Price/Earnings Ratio PEG Stock Price Change Since Market Enterprise LT Growth Ratio Public Company 3/25/15 52-Wk High Cap. Value LTM(1) 2015E 2016P LTM(1) 2015E 2016P LTM(1) 2015E 2016P Rate 2015 Thomson Reuters $40.28 3.0% $31,831.6 $39,721.6 3.15x 3.18x 3.10x 14.6x 11.3x 10.5x 44.9x 19.8x 17.4x 14.1% 1.4x McGraw Hill Financial $103.78 5.2% $28,444.4 $27,607.4 5.47x 5.14x 4.81x 14.2x 12.9x 11.7x 28.3x 23.6x 20.7x 14.5% 1.6x Moody's $101.70 2.8% $20,548.7 $22,107.2 6.63x 6.28x 5.78x 14.4x 13.5x 12.3x 25.8x 22.1x 19.5x 12.8% 1.7x Experian(2) $17.00 7.1% $16,552.6 $20,403.6 4.17x 4.13x 3.98x 11.9x 11.9x 11.4x 23.4x 17.8x 16.7x 7.5% 2.4x Equifax $91.24 4.0% $10,902.0 $12,334.3 5.06x 4.76x 4.42x 14.5x 13.5x 12.5x 31.0x 21.3x 19.2x 10.8% 2.0x IHS(3) $110.91 29.8% $7,628.7 $9,392.1 4.17x 4.11x 3.90x 17.4x 13.0x 12.0x 43.6x 19.0x 17.3x 12.2% 1.6x MSCI $59.32 1.5% $6,667.7 $6,958.9 6.98x 6.51x 5.99x 16.9x 15.9x 14.3x 35.6x 27.2x 23.0x 11.8% 2.3x FactSet(3) $155.46 2.6% $6,467.1 $6,380.1 6.64x 6.22x 5.75x 18.4x 16.7x 15.4x 33.1x 25.2x 22.7x 11.8% 2.1x Dun & Bradstreet $125.84 9.1% $4,534.1 $5,876.7 3.49x 3.45x 3.32x 12.6x 11.5x 10.8x 20.0x 16.9x 15.7x 7.3% 2.3x Morningstar $74.54 7.3% $3,306.1 $3,151.9 4.15x 3.83x 3.60x 14.3x 12.4x 11.4x 31.9x 25.0x 22.2x 14.0% 1.8x CoreLogic $33.92 7.4% $3,046.0 $4,293.7 3.06x 2.89x 2.76x 14.8x 10.8x 9.8x 35.9x 21.4x 17.6x 10.6% 2.0x Fair Isaac $85.11 4.0% $2,674.7 $3,187.0 4.01x 3.76x 3.55x 17.3x 13.5x 13.2x 36.2x 19.7x NA 15.7% 1.3x F. Marc de Lacharrière(4) $85.60 5.2% $2,298.2 $3,003.1 NA NA NA NMF NMF NMF 29.8x NA NA NA NA Acxiom $18.84 89.7% $1,455.9 $1,625.0 1.52x 1.56x 1.50x 9.3x 7.5x 6.6x 33.7x 21.0x 15.9x 12.5% 1.7x Harte-Hanks $7.69 17.9% $475.2 $501.1 0.91x 0.89x 0.87x 9.0x 7.3x 6.8x 20.6x 16.2x 14.6x (5.0%) NMF Yodlee $13.08 37.4% $384.6 $313.5 3.52x 2.89x 2.40x NMF NMF 20.4x NMF NMF 66.3x 23.4% NA Intersections(2) $3.36 81.3% $62.3 $52.5 0.20x NA NA 20.3x NA NA NMF NA NA NA NA

Mean $66.33 18.5% $8,663.5 $9,818.2 3.95x 3.97x 3.72x 14.7x 12.3x 11.9x 31.6x 21.2x 22.1x 11.6% 1.9x

Median $74.54 7.1% $4,534.1 $5,876.7 4.08x 3.83x 3.60x 14.5x 12.6x 11.7x 31.9x 21.1x 18.4x 12.2% 1.8x

E-Commerce

Mean $123.82 59.6% $61,266.0 $61,529.5 4.85x 3.73x 3.00x 14.2x 18.0x 12.4x 33.1x 18.4x 39.1x 29.6% 1.7x

Median $59.01 12.2% $36,297.3 $36,867.8 2.97x 2.72x 2.42x 14.2x 20.7x 10.9x 33.1x 18.4x 39.1x 28.8% 1.7x

(1) LTM as of December 31, 2014 or as otherwise indicated (2) LTM as of September 30, 2014 (3) LTM as of February 28, 2015 (4) LTM as of June 30, 2014 Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of March 25, 2015

Financial Technology Sector – Q1 2015 22 Financial Technology Sector Market Analysis

William Blair & Company

Fleet Processing/Technology

Mean $125.15 12.5% $8,785.8 $10,896.0 10.07x 7.96x 7.02x 13.7x 16.0x 13.8x 30.4x 22.3x 19.0x 16.1% 1.4x

Median $125.15 12.5% $8,785.8 $10,896.0 10.07x 7.96x 7.02x 13.7x 16.0x 13.8x 30.4x 22.3x 19.0x 16.1% 1.4x

Investment Services Software & Technology

($ in millions) Enterprise Value/Revenue Enterprise Value/EBITDA Price/Earnings Ratio PEG Stock Price Change Since Market Enterprise LT Growth Ratio Public Company 3/25/15 52-Wk High Cap. Value LTM(1) 2015E 2016P LTM(1) 2015E 2016P LTM(1) 2015E 2016P Rate 2015 LendingClub $19.73 48.5% $7,339.4 $9,283.2 43.97x 24.47x 15.70x NA NMF NMF NMF NMF NMF 20.0% NA SEI Investments $43.17 3.5% $7,202.1 $6,534.7 5.16x 4.77x 4.35x 17.4x 10.6x 9.3x 24.0x 20.4x 17.7x 13.5% 1.5x Broadridge Financial $52.53 4.0% $6,348.9 $6,559.1 2.50x 2.35x 2.25x 12.6x 10.6x 9.7x 25.5x 20.1x 17.5x 12.9% 1.6x Solutions Computershare $10.16 4.7% $5,651.1 $6,921.3 3.47x 3.42x 3.34x 14.7x 12.2x 11.4x 32.2x 16.2x 15.3x 5.9% 2.7x SS&C Technologies $60.38 7.6% $5,093.0 $5,622.3 7.32x 6.49x 6.06x 18.8x 15.6x 14.2x 46.0x 23.2x 20.6x 15.9% 1.5x DST Systems $105.02 4.2% $3,896.7 $4,298.1 1.56x 2.12x 1.99x 10.1x 9.4x 8.8x 17.5x 17.4x 15.6x 10.5% 1.7x Advent Software $44.09 0.6% $2,318.6 $2,509.8 6.32x 5.98x 5.61x 24.4x 16.9x 15.6x 44.7x 28.4x 26.0x 14.0% 2.0x Financial Engines $43.61 23.0% $2,266.3 $2,139.8 7.59x 6.68x 5.79x NMF 21.4x 18.0x 59.1x 45.4x 38.1x 25.0% 1.8x Envestnet $54.77 6.3% $1,892.1 $1,828.1 5.24x 4.28x 3.51x NMF 23.7x 17.3x NMF 52.2x 37.5x 28.0% 1.9x Fidessa $34.02 18.3% $1,292.7 $1,173.1 2.74x 2.69x 2.52x 15.1x 11.9x 11.1x 33.8x 27.7x 25.6x 9.4% 3.0x Linedata Services $28.25 2.6% $202.8 $252.1 1.32x 1.38x 1.35x 5.8x 5.6x 5.4x 8.3x 10.6x 10.1x NA NA

Mean $45.07 11.2% $3,954.9 $4,283.8 7.93x 5.88x 4.77x 14.8x 13.8x 12.1x 32.3x 26.2x 22.4x 15.5% 2.0x

Median $43.61 4.7% $3,896.7 $4,298.1 5.16x 4.28x 3.51x 14.9x 12.0x 11.3x 32.2x 21.8x 19.2x 13.7% 1.8x (1) LTM as of December 31, 2014 or as otherwise indicated Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of March 25, 2015

Financial Technology Sector – Q1 2015 Financial Technology Sector Market Analysis 23

William Blair & Company

Money Transfer

Mean $14.15 73.1% $3,708.9 $4,579.8 2.08x 1.91x 1.73x 6.8x 12.0x 9.6x 14.6x 22.2x 15.2x 13.8% 1.6x

Median $14.50 94.5% $561.1 $1,167.7 2.15x 2.21x 2.17x 6.8x 8.6x 8.5x 14.6x 15.9x 11.4x 9.3% 1.6x

Payment Processing

($ in millions) Enterprise Value/Revenue Enterprise Value/EBITDA Price/Earnings Ratio LT PEG Stock Price Change Since Market Enterprise Growth Ratio Public Company 3/25/15 52-Wk High Cap. Value LTM(1) 2015E 2016P LTM(1) 2015E 2016P LTM(1) 2015E 2016P Rate 2015 Cielo $14.39 3.9% $22,537.1 $23,799.8 8.19x 7.81x 7.38x 16.5x 16.4x 14.8x 17.3x 19.4x 17.2x 13.9% 1.4x Alliance Data Systems $290.26 3.8% $18,229.8 $31,563.2 5.95x 4.83x 4.32x 21.5x 16.3x 14.3x 28.2x 19.5x 16.9x 15.3% 1.3x Total System Services $38.06 3.1% $7,043.2 $8,239.4 3.37x 3.10x 2.90x 14.5x 10.5x 9.8x 25.5x 17.2x 15.6x 10.9% 1.6x Global Payments(2) $89.47 5.0% $5,999.9 $7,618.6 2.83x 2.65x 2.46x 13.4x 12.1x 10.7x 28.7x 17.6x 15.5x 11.8% 1.5x Vantiv $37.62 4.0% $5,500.6 $8,910.8 6.35x 5.51x 5.09x 15.1x 11.4x 10.4x 42.9x 17.7x 15.6x 13.0% 1.4x Wirecard(3) $43.95 5.5% $5,427.5 $4,785.0 6.44x 5.75x 4.79x 24.8x 19.6x 15.9x 57.0x 32.4x 25.4x 29.8% 1.1x Euronet Worldwide $56.56 5.6% $2,923.5 $2,883.4 1.73x 1.62x 1.50x 12.8x 10.5x 9.1x 33.0x 19.0x 16.8x 16.8% 1.1x Heartland Payment $47.86 17.6% $1,742.1 $2,231.4 3.32x 2.84x 2.62x 13.0x 10.4x 9.5x 23.6x 17.3x 15.1x 13.3% 1.3x Systems EVERTEC $21.86 15.9% $1,702.7 $2,360.2 6.54x 6.37x 6.12x 15.6x 12.6x 12.0x 32.6x 12.9x 12.1x 13.5% 1.0x Optimal Payments $8.43 1.7% $1,374.6 $1,360.1 3.73x 2.84x 2.29x 19.4x 12.2x 9.3x 42.0x 20.6x 18.4x 21.2% 1.0x Net 1 Ueps Technologies $13.54 10.0% $679.5 $669.0 1.06x 1.03x 0.95x 3.7x 4.1x NA 6.7x 6.4x 5.6x 10.0% 0.6x Global Cash Access $7.51 23.6% $492.7 $1,592.4 2.69x 1.93x 1.87x 23.1x 7.1x 6.4x 21.4x 6.6x 5.4x 20.0% 0.3x Holdings

Mean $55.79 8.3% $6,137.8 $8,001.1 4.35x 3.86x 3.53x 16.1x 11.9x 11.1x 29.9x 17.2x 15.0x 15.8% 1.1x

Median $37.84 5.3% $4,175.5 $3,834.2 3.55x 2.97x 2.76x 15.4x 11.8x 10.4x 28.4x 17.6x 15.6x 13.7% 1.2x

(1) LTM as of December 31, 2014 or as otherwise indicated (2) LTM as of November 30, 2014 (3) LTM as of September 30, 2014 Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of March 25, 2015

Financial Technology Sector – Q1 2015 24 Financial Technology Sector Market Analysis

William Blair & Company

Payroll/HR

Mean $85.02 9.8% $12,540.2 $12,044.3 6.31x 5.43x 4.71x 14.2x 14.9x 15.3x 27.2x 37.3x 31.7x 18.4% 2.3x

Median $68.94 6.1% $6,862.6 $6,639.8 6.18x 5.43x 4.94x 14.5x 15.3x 14.1x 27.4x 27.5x 24.9x 16.1% 2.5x

Prepaid

Mean $9.46 122.5% $483.5 $601.4 1.26x 1.14x 1.10x 5.6x 5.3x 5.3x 11.9x 9.1x 8.7x 16.7% 0.7x

Median $9.46 122.5% $483.5 $601.4 1.26x 1.14x 1.10x 5.6x 5.3x 5.3x 11.9x 9.1x 8.7x 16.7% 0.7x

Security

Mean $40.82 15.8% $9,413.6 $8,897.9 5.53x 5.00x 4.55x 11.9x 10.7x 10.2x 23.0x 28.1x 23.5x 11.6% 5.3x

Median $34.03 6.8% $9,851.9 $9,067.8 5.62x 4.89x 4.34x 10.7x 9.9x 9.4x 22.3x 16.8x 15.4x 10.3% 2.9x

(1) LTM as of December 31, 2014 or as otherwise indicated (2) LTM as of February 28, 2015 (3) LTM as of January 2, 2015 Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of March 25, 2015

Financial Technology Sector – Q1 2015 Financial Technology Sector Market Analysis 25

William Blair & Company

Valuation by Sector

Median 2015E Price/Earnings Multiples

27.5x

22.3x 21.8x 21.8x 21.1x 19.5x 18.4x 18.1x 17.6x 17.6x 16.8x 15.9x

9.1x

Payroll / HR Fleet Investment Bank Data / Card E-Commerce ATM Payment BPO Security Money Prepaid Processing / Services Technology Analytics Networks Processing / Processing Transfer Technology Software & Payment Technology Enablers

Median 2015E Price/Earnings to Growth (“PEG Ratio”)

2.9x 2.5x

1.8x 1.8x 1.7x 1.7x 1.6x 1.4x 1.4x 1.4x 1.1x 1.2x 0.7x

Note: Data represents global sector averages Sources: Capital IQ and FactSet Research Systems, or Wall Street Market Research data as of March 25, 2015

Financial Technology Sector – Q1 2015 26 Financial Technology Sector Market Analysis

William Blair & Company

Recent M&A Activity

Transactions Since October 1, 2014

($ in millions)

Aggregate Value/ Aggregate LTM LTM Date Closed Acquirer Target Sector Value (1) Revenue EBITDA Pending DH Corporation Fundtech Payments Enablers $1,250.0 4.76x 18.3x

Pending Optimal Payments Skrill Payments Enablers $1,200.0 3.62x 13.5x

Pending TOT Group PayOnline Payments Enablers $8.5 NA NA

Pending NXP Semiconductors USA Athena Smartcard Solutions Bank Technology NA NA NA

Pending Visa TrialPay Bank Technology NA NA NA

Pending Axiologix International Money Management Prepaid NA NA NA

Pending MyECheck SeerGate Bank Technology $3.0 NA NA

Pending Multiplus Prismah BPO NA NA NA

Pending Thomson Street Capital Partners EchoSat Security NA NA NA

Pending SafeCharge 3VCorporate Prepaid $17.7 5.00x NA

Pending Silverlake Axis Finzsoft Bank Technology 20.0 1.90x 6.6x

Pending Deutscher Sparkassen Verlag PayOne Payment Processing NA NA NA

Pending SafeCharge CreditGuard Payments Enablers 12.0 4.10x 24.0x

Pending Skrill Ukash Payments Enablers NA NA NA

Pending QIWI MoneyMail Payment Processing NA NA NA

Pending iCash Payment Systems Stargroup ATM Processing / Payment Enablers NA NA NA

Pending Wirecard AG Visa's India Processing Services Payment Processing $16.0 NA NA

Pending TrustBuddy Prestiamoci Payments Enablers $6.6 NA NA

Pending MasterCard TNS' Payment Gateway Business Payment Processing $155.0 3.10x NA

Pending Ingo Money Fuze Network Payments Enablers NA NA NA

Pending Gentera Pagos Intermex Money Transfer NA NA NA

Pending Cuscal Strategic Payment Services Payment Processing $37.4 NA NA

Pending Intrum Justitia Advis A/S BPO $24.6 NA NA

Pending Posera-HDX Inc Premier Payment Systems Payment Processing NA NA NA

Pending Global Payments FIS's Gaming Business BPO $236.5 NA NA

Pending Diebold Cryptera Security NA NA NA

Pending MasterCard C-SAM, Inc. Mobile NA NA NA

Pending Hitachi Prizm Payment Services Bank Technology $246.4 3.10x NA

03/24/2015 Carlyle Cardinal Ireland Fund Payzone Ireland Payment Processing NA NA NA

03/25/2015 Global Payments Realex Payments Payments Enablers $125.6 NA NA

Note: Dollars in millions; displays M&A activity from October 1, 2014 through March 31, 2015 (1) Aggregate value includes the common equity, preferred equity, net debt, minority interest, and any other consideration offered, such as earnouts Source: Dealogic

Financial Technology Sector – Q1 2015 Recent M&A Activity 27

William Blair & Company

Transactions Since October 1, 2014 (cont’d.)

($ in millions)

Aggregate Value/ Aggregate LTM LTM Date Closed Acquirer Target Sector Value (1) Revenue EBITDA 03/23/2015 Ai Holdings NBS Technologies Payments Enablers $21.2 NA NA

03/16/2015 Diebold Phoenix Interactive ATM Processing / Payment Enablers NA NA NA

03/16/2015 SuzoHapp Group SCAN COIN ATM Processing / Payment Enablers NA NA NA

03/12/2015 Temenos Group IGEFI Group Investment Services Software & Technology $260.3 NA NA

03/11/2015 Square Kili Technology Payment Processing NA NA NA

03/04/2015 Paypal Paydiant Mobile NA NA NA

03/02/2015 GHL Systems Mobiepay Mobile $0.1 NA NA

03/02/2015 Heartland Payment Systems Payroll 1 Payroll / HR $30.0 2.40x NA

02/23/2015 Google Softcard Payments Enabler NA NA NA

02/18/2015 Samsung Electronics America LoopPay Payments Enablers NA NA NA

02/17/2015 Slyce SnipSnap Mobile $6.1 NA NA

02/13/2015 Heartland Payment Systems Dinerware Payments Enablers NA NA NA

02/12/2015 Siris Capital Group Digital River Payments Enablers $640.0 1.71x 15.8x

02/10/2015 Line WebPay Payment Processing NA NA NA

02/09/2015 Centerbridge Partners IPC Systems Investment Services Software & Technology $1,200.0 NA NA

02/05/2015 BASE Pay.jp Payment Processing NA NA NA

02/02/2015 Burroughs Pendum ATM Processing / Payment Enablers NA NA NA

01/30/2015 Valid USA Card Cells Prepaid $8.4 NA NA

01/27/2015 Bridgepoint Advisers Limited eFront Investment Services Software & Technology $340.1 4.10x 18.8x

01/26/2015 Givex Chase Paymentech's Gift Card Business Prepaid NA NA NA

01/20/2015 Ingenico ROAM Data Mobile NA NA NA

01/13/2015 FICO TONBELLER BPO NA NA NA

01/12/2015 Capital One Level Money Mobile NA NA NA

01/08/2015 Gemalto NV SafeNet Security $890.0 2.41x 15.1x

01/08/2015 Virtus Partners Trade Settlement, Inc Bank Technology NA NA NA

01/07/2015 UniRush rapid! Paycard Payroll / HR NA NA NA

01/07/2015 Posera-HDX Inc Terminal Management Concepts Payment Processing NA NA NA

01/06/2015 Doxim Neocog Technologies Bank Technology NA NA NA

01/02/2015 Vogogo Vanado BPO 1.4 NA NA

12/19/14 Worldpay SecureNet Payment Processing ND ND ND

Financial Technology Sector – Q1 2015 28 Recent M&A Activity

William Blair & Company

Transactions Since October 1, 2014 (cont’d.)

($ in millions)

Aggregate Value/ Aggregate LTM LTM Date Closed Acquirer Target Sector Value (1) Revenue EBITDA 12/01/14 Bankrate Wallaby Financial Bank Technology NA NA NA

12/01/14 Nordic Capital Euroline Payment Processing $331.9 NA NA

11/24/14 Acculynk PayPlum's IP Portfolio Security NA NA NA

11/14/14 FleetCor Technologies Comdata Payment Processing $3,450.0 5.95x 12.0x

11/13/14 Barclaycard The Logic Group Payment Processing NA NA NA

11/12/14 Vista Equity Partners TransFirst Payment Processing $1,500.0 6.10x 12.6x

11/07/14 JetPay ACI Merchant Systems Payment Processing $17.7 NA NA

11/05/14 NoteMachine Limited Eurochange Bank Technology NA NA NA

11/03/14 BluePay Caledon Card Services Payment Processing NA NA NA

10/31/14 Francisco Partners Vendavo Data / Analytics ND ND ND

10/22/14 Catalina Marketing CellFire BPO NA NA NA

10/20/14 Onyx Payments Worldwide Payment Systems Payment Processing NA NA NA

10/16/14 Sage Group PAI Group Payroll Processing $157.8 4.10x ND

10/10/14 Global Payments Ezidebit Payment Processing $277.0 NA NA

10/07/14 BOKU Mopay Mobile NA NA NA

10/02/14 FIS Clear2Pay Payment Processing $492.7 3.70x 50.0x

10/01/14 Wirecard AG Mikro Odeme Mobile $34.2 NA NA

Financial Technology Sector – Q1 2015 Recent M&A Activity 29

William Blair & Company

Recent Equity Capital Markets Activity

Initial Public Offerings & Follow-On Offerings In Registration

($ in millions)

Proposed Proposed Filing Date Symbol Issuer Issuer Business Description Deal Value Exchange 3/19/2015 CCR Commercial Credit Offers individual loans $100.0 NYSE

3/12/2015 CFG Citizens Financial Group Commercial bank holding company $2,931.4 NYSE

3/4/2015 ETSY Etsy Operator of an online peer-to-peer marketplace for buying and selling handmade and vintage $100.0 Nasdaq products 3/2/2015 Veracode Company that tests corporate software for back doors and other security holes $0.0

12/23/2014 BKFS Black Knight Financial Provider of technology, services, data, and analytics to the mortgage industry $100.0 NYSE Services

12/19/2014 RMIT Reverse Mortgage Investment To originate, acquire, service, invest in, and manage reverse mortgage loans and securities $100.0 NYSE Trust backed by reverse mortgage loans

10/23/2014 SDTI Sidoti & Co Equity research provider $35.0 NYSE

10/9/2014 IFSP Intercorp Financial Services Holding company engaged in financial services and commercial banking $400.0 NYSE

3/10/2014 VIRT Virtu Financial Automated market making firm that employs advanced proprietary technologies to trade on $100.0 Nasdaq electronically accessible financial exchanges and market centers Sources: Dealogic and FactSet Research Systems as of March 31, 2015

Initial Public Offerings

($ in millions) At Filing At Pricing Initial Offer Ticker Shares/ADS Filing Deal Value Shares/ADS Offer Deal Market Relative Filing Date Date Symbol Issuer Exc. Ovl. Range at Midpoint Inc. Ovl. Price Value Value to Range

11/10/14 12/16/14 ONDK On Deck Capital 10.0 16.00 - 18.00 $170.0 11.5 $20.00 $230.0 $1,323.2 Above

08/27/14 12/10/14 LC LendingClub 57.7 10.00 - 12.00 $634.7 66.7 $15.00 $1,000.5 $5,421.2 Above

07/14/14 10/08/14 MOLG MOL Global 19.5 12.50 - 14.50 $262.7 13.5 $12.50 $168.8 $843.8 In Range

06/30/14 10/02/14 YDLE Yodlee 6.3 11.00 - 13.00 $75.0 7.0 $12.00 $84.1 $339.8 In Range

06/24/14 09/23/14 CYBR CyberArk Software 5.4 13.00 - 15.00 $75.0 6.2 $16.00 $98.6 $473.3 Above

03/13/14 07/30/14 SYF Synchrony Financial 125.0 23.00 - 26.00 $3,062.5 128.5 $23.00 $2,955.4 $19,096.2 In Range

06/10/14 07/30/14 HQY HealthEquity 9.1 10.00 - 12.00 $100.1 10.5 $14.00 $146.5 $694.3 Above

12/20/13 07/22/14 MTBC Medical Transcription Billing 3.0 $9.00 - $11.00 $30.0 4.1 $5.00 $20.4 $54.9 Below

05/07/14 07/08/14 CAFN Cachet Financial Solutions 9.2 $2.00 - $3.00 $23.0 4.5 $1.50 $6.8 $25.5 Below

05/05/14 06/18/14 MRKT Markit 45.7 $23.00 - $25.00 $1,097.0 61.5 $24.00 $1,475.8 $4,250.6 In Range

04/07/14 06/11/14 MOBL MobileIron 11.1 $8.00 - $10.00 $100.0 11.1 $9.00 $100.0 $671.8 In Range

04/10/14 05/14/14 ZEN Zendesk 11.1 $8.00 - $10.00 $100.0 12.8 $9.00 $115.0 $631.7 In Range

04/02/14 05/07/14 CMCM Cheetah Mobile 12.0 $12.50 - $14.50 $162.0 13.8 $14.00 $193.2 $193.4 In Range

Sources: Dealogic and FactSet Research Systems as of March 31, 2015

Financial Technology Sector – Q1 2015 30 Recent Equity Capital Markets Activity

William Blair & Company

Initial Public Offerings (cont’d)

03/10/14 04/14/14 PAYC Paycom Software 6.6 $18.00 - $20.00 $126.3 7.6 $15.00 $114.6 $762.2 Below

02/12/14 03/19/14 QTWO Q2 Holdings 7.8 $11.00 - $13.00 $93.1 8.9 $13.00 $116.0 $415.3 In Range

02/18/14 03/20/14 BRDR Borderfree 5.0 $14.00 - $16.00 $75.0 5.0 $16.00 $80.0 $487.6 In Range

01/30/14 03/18/14 PCTY Paylocity 6.7 $14.00 - $16.00 $100.1 7.0 $17.00 $119.8 $831.7 Above

01/31/14 03/06/14 COUP Coupons.com 10.0 $12.00 - $14.00 $130.0 10.5 $16.00 $168.0 $1,170.7 Above

Santander Consumer USA 07/03/13 01/23/14 SC 65.2 $22.00 - $24.00 $1,500.0 75.0 $24.00 $1,799.8 $8,336.7 In Range Holdings

10/01/13 11/05/13 CUDA Barracuda Networks 4.1 $18.00 - $21.00 $80.7 4.1 $18.00 $74.5 $900.3 In Range

09/18/13 10/29/13 CRTO Criteo 7.2 $23.00 - $26.00 $176.4 8.1 $31.00 $250.6 $1,714.2 Above

08/02/13 09/19/13 FEYE FireEye 14.0 $12.00 - $14.00 $182.0 15.2 $20.00 $303.5 $2,349.4 Above

08/14/13 09/17/13 BNFT Benefitfocus 4.5 $21.50 - $24.50 $103.5 4.9 $26.50 $130.8 $644.3 Above

04/11/13 07/25/13 LIQD Liquid Holdings Group 5.0 $9.00 - $11.00 $50.0 3.2 $9.00 $28.6 $220.6 In Range

06/17/13 07/18/13 SALE RetailMeNot 9.1 $20.00 - $22.00 $190.9 10.5 $21.00 $219.5 $1,054.3 In Range

Sources: Dealogic and FactSet Research Systems as of March 31, 2015

Financial Technology Sector – Q1 2015 Recent Equity Capital Markets Activity 31

William Blair & Company

Follow-On Offerings

($ in millions) Pricing Performance - % Change % Shares Offered Last Trade Before Shares/ ADS Deal Pricing Offered Offer Value Offer/ Offer/ Offer/ Date Ticker Issuer Issuer Business Description (mm) Price (mm) Primary Secondary Filing Offer Current 03/12/15 IMPV Imperva Inc Provider of data security solutions 3.5 $39.00 $134.6 100% 0% (15%) (4%) (21%) 03/11/15 CYBR CyberArk Software Ltd Provider of enterprise security 4.6 $51.00 $234.6 0% 100% (18%) (7%) 34% software that protects organizations from cyber attacks by monitoring detecting and responding to the attacks before they can harm sensitive company data 02/26/15 QTWO Q2 Holdings Inc Provider of cloud-based virtual banking 5.9 $19.75 $116.3 29% 71% 4% (4%) 9% solutions through a software-as-a- service model (SaaS) 01/14/15 PAYC Paycom Software Inc Provider of human capital management 6.4 $22.50 $144.5 0% 100% (21%) (5%) (8%) software 12/18/14 ALLY Ally Financial Inc Provider of automotive and mortgage 54.9 $23.25 $1,277.0 0% 100% 5% 5% 5% finance 12/11/14 PCTY Paylocity Holding Corp Cloud-based provider of payroll and 4.6 $26.25 $120.8 16% 84% (13%) (2%) 3% human capital management services, custom reports, and tax filing services 11/21/14 OTIV On Track Innovations Ltd - Manufacturer of smart card technology 6.3 $1.60 $10.0 100% 0% (16%) (16%) (5%) OTI 09/11/14 TNET TriNet Group Inc Provider of human resources solutions 13.8 $25.50 $351.9 0% 100% (6%) (1%) (15%) for small and medium enterprises including payment processing, human capital consulting, employment law compliance, and employee benefits 08/14/14 ADVS Advent Software Inc Provider of client/server sofware 3.8 $31.33 $117.5 0% 100% 0% (4%) 4% products and related services 07/16/14 BNFT Benefitfocus Inc Provider of cloud-based benefits 2.9 $38.50 $109.9 0% 100% (16%) (19%) 63% software solutions for consumers, employers, insurance carriers and brokers delivered under a software-as- a-service (SaaS) model 06/16/14 QIWI QIWI Provider of mobile payment services 8.0 $40.00 $318.9 25% 75% (13%) (16%) 67% 06/13/14 APAM Artisan Partners Investment management firm 1.8 $55.17 $101.3 0% 100% 0% 0% 17% 05/29/14 VNTV Vantiv Provider of payment processing 5.8 $30.95 $178.9 0% 100% 0% (0%) (7%) services 05/15/14 LIQD Liquid Holdings Provider of software technology that 32.0 $1.25 $40.0 100% 0% (48%) (72%) 37% integrates trading, real-time risk management, accounting, reporting and administration tools in a single platform for the financial services community 04/25/14 VGGL Viggle Creator of loyalty rewards program 4.4 $8.00 $35.0 100% 0% (58%) (66%) 142% that utilizes mobile devices applications to promote television programming 03/27/14 MGI MoneyGram International Provider of money transfer and 1.2 $16.50 $132.0 0% 100% (9%) (12%) NA payment services 03/21/14 CRTO Criteo Pay-per-click performance display 5.3 $45.00 $236.3 10% 90% (23%) (24%) 18% advertising solution provider 03/06/14 FEYE FireEye Provider of network access controls 14.0 $82.00 $1,148.0 40% 60% 12% (8%) 182% 03/05/14 VNTV Vantiv Provider of payment processing 18.8 $31.55 $592.5 0% 100% (1%) (1%) (5%) services 01/14/14 WDAY Workday Provider of enterprise cloud-based 6.9 $89.00 $614.1 100% 0% 1% (3%) 9% applications for human capital management (HCM), payroll, financial management, time tracking, procurement, and employee expense management 01/07/14 GRPN Groupon Operator of e-commerce marketplace 13.8 $11.80 $163.1 0% 100% (1%) (1%) 63% 12/11/13 SALE RetailMeNot Online coupon and deal marketplace 7.2 $26.00 $187.4 32% 68% (15%) (3%) 87% operator 12/10/13 EVTC EVERTEC Transaction processing services, 11.6 $20.60 $238.8 0% 100% (6%) (2%) (5%) merchant acquiring solutions, provider of application payments, cash processing, outsourcing of operational processes and information technology (IT) professional services 11/19/13 DWRE Demandware Provider of the software-as-a-service e- 3.8 $57.00 $217.0 76% 24% (10%) (9%) 7% commerce platform Sources: Dealogic and FactSet Research Systems as of March 31, 2015

Financial Technology Sector – Q1 2015 32 Recent Equity Capital Markets Activity

William Blair & Company

Follow-On Offerings (Cont’d)

Financial Technology Sector – Q1 2015 Recent Equity Capital Markets Activity 33

William Blair & Company

Debt Capital Markets

Leveraged Loans

($ in millions) Facilities Revolver Date Rating Borrower Sponsor(s) Status Use Total Credit Term Loan 2/9/2015 B-/Caa2 IPC Systems Inc Centerbridge Partners Complete LBO $305 $0 $305

2/5/2015 BB-/B1 BATS Global Markets Inc Not Sponsored Complete Acquisition 228 0 228

2/5/2015 NR/NR DBRS Limited Carlyle Group Complete LBO 50 50 0

2/5/2015 NR/NR DBRS Limited Carlyle Group Complete LBO 225 0 225

1/29/2015 B/B2 AssuredPartners Inc GTCR Golder Rauner Complete Acquisition 150 0 150

1/21/2015 B/B1 Digital River Inc SIRIS Capital Group Complete LBO 265 10 255

1/20/2015 B/B1 Mitchell International Inc Kohlberg, Kravis & Roberts Complete Acquisition 55 0 55

1/13/2015 B/B2 Duff & Phelps LLC Carlyle Group Complete Acquisition 160 0 80

1/8/2015 B/B1 IPC Systems Inc Centerbridge Partners Complete LBO 620 25 595

1/8/2015 NR/NR Kaufman Hall & Associates Madison Dearborn Partners Complete LBO 170 20 150

11/26/14 BB/B1 AVG Technologies Not Sponsored Complete Corp Purpose 30 0 30

11/20/14 CCC+/Caa2 Compuware Thoma Bravo LLC Complete LBO 460 0 460

11/20/14 NR/B2 Compuware Thoma Bravo LLC Complete LBO 100 100 0

11/20/14 B/B2 Compuware Thoma Bravo LLC Complete LBO 950 0 950

11/18/14 B+/B1 Dealogic Carlyle Group Complete LBO 50 50 0

11/18/14 B+/B1 Dealogic Carlyle Group Complete LBO 335 0 335

11/14/14 B+/B1 Global Cash Access Not Sponsored Complete Acquisition 50 50 0

11/14/14 B+/B1 Global Cash Access Not Sponsored Complete Acquisition 500 0 500

11/6/14 B-/B1 TIBCO Software Vista Equity Partners Complete LBO 125 125 0

11/6/14 B-/B1 TIBCO Software Vista Equity Partners Complete LBO 167 0 167

11/5/14 B+/B2 Total Merchant Services Not Sponsored Complete Recap/Dividend 175 15 160

11/5/14 B+/Ba3 Worldpay Advent International Complete Corp Purpose 140 0 140

10/23/14 CCC+/Caa2 TransFirst Vista Equity Partners Complete LBO 320 0 320

10/23/14 B/B2 TransFirst Vista Equity Partners Complete LBO 50 50 0

10/23/14 B/B2 TransFirst Vista Equity Partners Complete LBO 700 0 700

10/21/14 B+/B3 KeyPoint Government Solutions Veritas Capital Complete Refinancing 22 0 22

10/14/14 BB/B1 North American Bancard Not Sponsored Complete Acquisition 25 0 25

Source: Standard & Poor’s as of March 31, 2015

Financial Technology Sector – Q1 2015 34 Debt Capital Markets

William Blair & Company

High Yield Issuance

($ in millions) Trade Date Purpose Name SP Moody's Maturity Date Years Size Coupon Price Yield Spread 3/10/2015 Refinancing KCG Holdings BB- B1 3/15/2020 5 500 6.875% $99 7.125% 552

3/2/2015 Refinancing E*Trade Financial Corp BB- Ba2 9/15/2023 8 460 4.625% $100 4.625% 265

2/11/2015 Corp Purpose Lennar Corp BB Ba3 11/15/2019 4 250 4.500% $100 4.438% 291

2/10/2015 Refinancing Ally Financial BB+ B1 2/13/2018 3 600 3.250% $99 3.500% 247

2/10/2015 Refinancing Ally Financial BB+ B1 2/13/2022 7 650 4.125% $99 4.375% 256

1/7/2015 Corp Purpose General Motors Financial BBB- Ba1 1/15/2020 5 1000 3.150% $100 3.176% 170

1/7/2015 Corp Purpose General Motors Financial BBB- Ba1 1/15/2025 10 1000 4.000% $99 4.064% 210

12/8/14 General OneMain Financial B+ B2 12/15/2019 5 700 6.750% 100.000 6.750% 508

12/8/14 General OneMain Financial B+ B2 12/15/2021 7 800 7.250% 100.000 7.250% 523

11/25/14 Bonds Springleaf Financial Funding B- B2 12/15/2019 5 700 5.250% 100.000 5.250% 364

11/24/14 LBO TIBCO Software CCC Caa2 12/1/2021 7 950 11.375% 97.100 12.000% 999

11/17/14 Bonds Equinix BB B1 1/1/2024 10 500 5.750% 100.000 5.750% 341

11/17/14 Bonds Equinix BB B1 1/1/2022 8 750 5.375% 100.000 5.375% 334

11/14/14 Merger Scientific Games B Caa1 12/1/2022 8 2200 10.000% 89.865 12.000% 985

11/14/14 Merger Scientific Games BB- Ba3 1/1/2022 8 950 7.000% 100.000 7.000% 496

11/12/14 Corp Purpose Ally Financial BB B1 11/18/2019 5 800 3.750% 99.100 3.950% 230

11/12/14 Bonds E*Trade Financial B+ Ba3 11/15/2022 8 540 5.375% 100.000 5.375% 319

Source: Standard & Poor’s as of March 31, 2015

Financial Technology Sector – Q1 2015 Debt Capital Markets 35

William Blair & Company

Recent Private Equity Financings

Date(1) Target Acquirer(s) Size Business Description 03/19/15 Remitly Draper Fisher Jurvetson / DN Capital / QED Investors / Trilogy Equity 12.5 Global remittance provider Partners

03/19/15 Fundbox General Catalyst Partners / Blumberg Capital / Khosla Ventures / 40.0 Cash flow optimization tool for small businesses NyCa Investment Partners / Shlomo Kramer

03/16/15 YeePay TA Associates / Far East Horizon NA Provides e-payment applications in China

03/09/15 LendingHome NA 70.4 Provides mortgage financing services to borrowers and investors

02/23/15 DriverUp Emerald Development Managers / RRE Ventures 50.0 Online auto finance marketplace for buying, selling, and investing in vehicles

02/18/15 WorldRemit Technology Crossover Ventures / Accel Partners 100.0 Enables migrants and expats to send quick, convenient, and low-cost remittance payments to families and friends abroad

02/11/15 Bill.com SVB / DCM Ventures / Scale Venture Partners / August Capital / 50.0 Cloud-based financial application that gives clients command and Napier Park Global Capital / American Express Ventures / Commerce control over cash flow, payables, and receivables Ventures 02/11/15 AppDirect Mithril Capital Management / Foundry Group / iNovia Capital / 50.0 Operates as a cloud service marketplace and management platform StarVest Partners

02/10/15 MineralTree First Data / .406 Ventures / Fidelity Growth Partners 11.1 Operates an integrated platform that delivers online payments solutions to banks

02/10/15 Borro OurCrowd / Rocket Internet / Augmentum Capital / Canaan Partners / 19.5 Offers online pawn broking services in the United Kingdom and the Eden Ventures United States

02/05/15 FreeCharge Sequoia Capital / Sofina / Tybourne Capital / Valiant Capital Partners 80.0 Operates a website that provides online prepaid mobile recharge / ru-Net services

02/03/15 YellowPepper LIV Capital / Fondo de Fondos / International Finance Corporation / 19.0 Mobile wallet platform focused on the Latin American market Mexico Ventures

02/02/15 Apttus Salesforce Ventures / Iconiq / K1 Capital 41.0 Quote-to-cash solution provider

01/29/15 Volusion Main Street Capital 55.0 Provides ecommerce software and services for businesses ranging from startups to large enterprises

01/28/15 BlueVine 83North / Lightspeed Venture Partners / Correlation Ventures / 18.5 Provider of working capital financing to small businesses Silicon Valley Bank

01/28/15 TransferWise Andreesen Horowitz / IA Ventures / Index Ventures / Valar Ventures / 58.0 A peer-to-peer money transfer startup Seedcamp / Sir Richard Branson

01/28/15 eFront Bridgepoint Partners 340.1 Provides software solutions to the financial industry primarily in France

01/26/15 Raise New Enterprise Associates / Bessemer Venture Partners / Pritzker 56.0 Operates a peer-to-peer secondary gift card marketplace Group VC / Listen Ventures

01/26/15 Ripple Labs Andreesen Horowitz / Google Ventures / IDG Capital Partners 30.0 Developed technology similar to bitcoin that enables institutions to transfer money around the world

01/23/15 Kreditech Victory Park Capital (providing credit) 200.0 Consumer finance technology company that uses 20,000 data points to feed its credit-scoring algorithm

Note: Dollars in millions; displays M&A activity from November 13, 2014, through March 31, 2015. Above transactions may not reflect all deals done within the financial technology sector. May include acquisitions of minority and majority stakes. (1) Represents transaction announcement date

Financial Technology Sector – Q1 2015 36 Recent Private Equity Financings

William Blair & Company

Recent Private Equity Financings (cont’d)

Date(1) Target Acquirer(s) Size Business Description 01/21/15 Direct Connect Beekman Group NA Provider of credit and debit card payment processing services

01/20/15 Coinbase DFJ Growth / Andreesen Horowitz / Union Square Ventures / Ribbit 75.0 Offers an international digital wallet solution that allows users to Capital / more securely buy, use, and accept bitcoin currency

01/14/15 TrialCard Excellere Capital NA Leading provider of patient access and medication adherence support services on behalf of pharmaceutical manufacturers

01/14/15 BlockCypher AME Cloud Ventures / Crypto Currency Partners / Foundation Capital 3.1 Provider of an open-source block explorer to showcase four different / New Enterprise Associates / Upside Partnership/ more cryptocurrencies: Bitcoin, Litecoin, Dogecoin and BlockCypher Testnet 01/12/15 Insite Software Volition Capital 15.0 Provides B2B commerce platforms and data-driven solutions to manufacturers and distributors

01/12/15 Giact Systems Tritium Partners NA Designs and develops real-time risk management solutions for electronic payments

01/07/15 peerTransfer Bain Capital Ventures 22.0 Provides global payment solutions for the education industry

12/22/14 Front Desk Demandforce / FLOODGATE Fund / Second Avenue Partners / Version 4.0 Client management and payment-processing service One Ventures

12/22/14 Prairie Cloudware Croghan Investments / Invest Nebraska / Nelnet / Tetrad Corporation 3.2 Designs and develops solutions that allow bank and credit union / Treetop Ventures customers to make mobile payments

12/16/14 Adyen General Atlantic / Felicis Ventures / Index Ventures / Temasek 250.0 Provides Internet payment solutions for international merchants

12/09/14 eToro BRM Group / Ping An Ventures / SBT Venture Capital / Spark Capital 27.0 Develops and operates a social investment network and financial trading platform for consumers

12/08/14 Dynamics CIBC / Mastercard / Adams Capital Management / Bain Capital 70.0 Manufactures interactive payment cards Ventures

12/04/14 AvantCredit August Capital / Tiger Global Management / DFJ Growth / KKR / RRE 225.0 Provides online personal loans in the United States Ventures

12/03/14 Landbay Omni Partners 2.4 Operates an online peer-to-peer lending platform that provides an alternative to traditional bank savings activities

12/02/14 Stripe Thrive Capital / Founders Fund / General Catalyst Partners / Khosla 70.0 Provides services that enable users to accept payments online Ventures / Sequoia Capital

12/01/14 Vouchr Kima Ventures 1.5 Allows consumers to leave money for their friends to buy anything at any merchant location

11/25/14 SimplyTapp Lightspeed Venture Partners / Blue Sky Capital 6.0 Developed a near-field communications app designed to allow users to make transactions through their smartphones

11/24/14 LYDIA Xange / Duval Family Association / belcube 4.5 Provides a mobile payment app to make secured, pin-protected transactions through any of a user's bank cards or loyalty cards

11/24/14 Kensho Technologies Goldman Sachs / NBC Universal Media 15.0 Provides analytical tools for capital markets

11/20/14 FastPay Oak HC/FT 15.0 Provides workflow and liquidity solutions for the global media industry

11/19/14 Bigcommerce Softbank Capital / American Express / General Catalyst / Revolution 50.0 Provides small and midsize retailers with everything they need to Growth / Telstra Ventures launch, promote, manage and scale an online store

11/18/14 Brilliance Financial The Edgewater Funds NA Develops and delivers risk-based pricing and customer profitability Technology measurement software

Financial Technology Sector – Q1 2015 Recent Private Equity Financings 37

William Blair & Company

Recent Private Equity Financings (cont’d)

Date(1) Target Acquirer(s) Size Business Description 11/17/14 Sliced Investing Khosla Ventures / Data Collective / Triplepoint Capital / Y Combinator 2.0 Provides an investment platform bringing users curated hedge fund investments with low minimums and reduced fees

11/17/14 Blockstream Real Ventures / Khosla Ventures / Cryto Currency Partners / Mosaic 21.0 Sidechain technology allows users to transfer e-monies across Ventures / Ribbit Capital different blockchains without third-party institutions

11/17/14 Obillex Dawn Capital / MMC Ventures 4.7 Operates a supplier finance technology platform that provides small and medium-sized enterprises (SMEs) with access to working capital

11/13/14 Finexkap GLI Finance / Finsight 22.5 Operates a Web-based platform that raises money from institutional investors to invest in SME invoices

Financial Technology Sector – Q1 2015 38 Recent Private Equity Financings

William Blair & Company

Notes

Financial Technology Sector – Q1 2015 Notes 39

William Blair & Company

Disclosures

William Blair is a trade name for William Blair & Company, L.L.C. and William Blair International, Limited. William Blair & Company, L.L.C., is a Delaware company and is regulated by the Securities and Exchange Commission, The Financial Industry Regulatory Authority, and other principal exchanges. William Blair International Limited is authorised and regulated by the Financial Conduct Authority ("FCA") in the United Kingdom. William Blair & Company® only offers products and services where it is permitted to do so. Some of these products and services are only offered to persons or institutions situated within the United States and are not offered to persons or institutions outside of the United States. This material has been approved for distribution in the United Kingdom by William Blair International Limited, Regulated by the Financial Conduct Authority (FCA), and is directed only at, and is only made available to, persons falling within COB 3.5 and 3.6 of the FCA Handbook (being “Eligible Counterparties” and Professional Clients). This Document is not to be distributed or passed on to any “Retail Clients.” No persons other than persons to whom this document is directed should rely on it or its contents or use it as the basis to make an investment decision. William Blair & Company | 222 West Adams Street | Chicago, Illinois 60606 | +1 312 236 1600 | williamblair.com March 25, 2015 Financial Technology Sector – Q1 2015 40 Disclosures

William Blair’s investment banking group combines signiicant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and inancing solutions to our global base of corporate clients. We serve both publicly traded and privately held companies, executing mergers and acquisitions, growth inancing, inancial restructuring, and general advisory projects. This comprehensive suite of services allows us to be a long-term partner to our clients as they grow and evolve. From 2010-2014, the investment banking group completed more than 330 merger-and- acquisition transactions worth $73 billion in value, involving parties in 36 countries and About William Blair ive continents, was an underwriter on more than 20% of all U.S. initial public offerings, Investment Banking and raised nearly $100 billion in public and private inancing.