Financial Technology Sector Summary Week of July 10, 2017

1 DEAL DASHBOARD Financial Technology

(3) (1) (3) $11.3 Bn | 1,167 Deals Industry Stock Market Performance $55.1 Bn | 939 Deals LTM Financing Volume Last Twelve Months LTM M&A Volume 180 Select Recent Financing Transactions Select Recent M&A Transactions 170 Company Amount ($MM) Target Acquirer EV ($MM) 160

$117.6 150 $11,529.0

140 $40.0 $158.0 130

$31.0 120 $40.0 110

$33.4 100 NA

90 $33.0 NA 80 7/7/16 8/22/16 10/5/16 11/18/16 1/3/17 2/16/17 4/3/17 5/17/17 6/30/17 $31.0 NA Payments Exchanges

Financial Data, Content, Information Processors / $28.0 & Analytics Credit Bureaus NA Banking & Lending Online Broker Dealers Technology $25.0 NA Investment Services, Healthcare / Insurance Software, & Technology Technology S&P 500

(3) (3) Quarterly Financing Volume Quarterly M&A Volume

$4.0 400 $25 256 300 316 290 245 $3.5 298 350 228 276 $3.5 $20 210 250 $3.0 300 $3.0 $19.3 200 $2.5 250 $15 $2.6 $2.6 $2.0 200 150 $12.7 $12.9 $1.5 150 $10 $10.2 100 $1.0 100 $5 50 $0.5 50 $0.0 0 $0 0 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2016 Q4 2016 Q1 2017 Q2 2017

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

Notes: Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 7/7/17. 1) Refer to footnotes on page 5 for index composition. 2 2) Represents transactions announced between 6/19/17 and 7/7/17. 3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions respectively. GCA OVERVIEW Financial Technology Team

San Francisco New York London Tokyo 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 Japan (415) 318-3600 (212) 999-7090 +44 20 7484 4040 +81 (3) 6212-7100

Sean Minnihan Peter Bang Derek Bell Paul DiNardo Steve Fletcher Rob Freiman Managing Director Managing Director Managing Director Managing Director Managing Director Director Global Head of FinTech Phone: (212) 999-7077 Phone: (212) 999-7074 Phone: (212) 999-7089 Phone: (212) 999-7097 Phone: (415) 318-3661 Phone: (212) 999-7075 Mobile: (917) 364-6230 Mobile: (917) 783-4057 Mobile: (914) 953-0689 Mobile: (650) 483-7246 Mobile: (415) 518-6725 Mobile: (973) 229-0436 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Glen Kruger Michio Suzuki* David Krueger Saif Malik* Alexander Berry Malik Gill Director Director Vice President Vice President Associate Analyst

Phone: (212) 999-7082 Phone: +81 3-6212-7145 Phone: (212) 537-4534 Phone: +44 (0) 207 038-3216 Phone: (212) 999-7079 Phone: (212) 537-4529 Mobile: (617) 792-6496 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 3 SECTION I: Market Summary

4 MARKET SUMMARY Industry Stock Market Performance

170 Last 12 Months 165 Last 3 Years

160 155

150 145

140 135

130 125

120 115

110 105

100 95

90 85

80 75 7/7/16 8/22/16 10/5/16 11/18/16 1/3/17 2/16/17 4/3/17 5/17/17 6/30/17 7/7/14 10/23/14 2/10/15 5/29/15 9/16/15 1/4/16 4/21/16 8/9/16 11/25/16 3/15/17 7/3/17

(1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Online Broker Dealers 11.1% 66.5% 50.3% Financial Data, Content, Information Processors / Financial, Data, Content, & Analytics 9.5% 23.6% (1.1%) & Analytics Credit Bureaus Healthcare / Insurance Technology 9.1% 3.9% 37.7% Banking & Lending Technology 8.5% 17.2% 53.7% (6) (5) Banking & Lending Online Broker Dealers Payments 8.3% 30.2% 35.0% Technology Investment Services, Software, & Technology 7.8% 18.0% 50.1%

Exchanges 7.3% 23.4% 44.8% (7) (8) Information Processors / Credit Bureaus 2.1% 10.0% 47.1% Investment Services, Healthcare / Insurance Software, & Technology Technology

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

2017E EBITDA Multiples 2017 EBITDA Margins

Healthcare / Insurance Technology 18.2x Exchanges 58.5%

Information Processors / Credit Bureaus 14.8x Online Broker Dealers 45.8%

Financial Data, Content, & Analytics 14.6x Financial Data, Content, & Analytics 39.3%

Banking and Lending Technology 14.2x Banking and Lending Technology 33.0%

Investment Services, Software, & Investment Services, Software, & 13.7x 32.8% Technology Technology

Exchanges 13.5x Information Processors / Credit Bureaus 30.6%

Payments 12.1x Payments 25.7%

Online Broker Dealers 6.6x Healthcare / Insurance Technology 16.4%

0.0x 5.0x 10.0x 15.0x 20.0x 0% 10% 20% 30% 40% 50% 60% 70%

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

2017E Price / Earnings Multiples 2017E PE / Growth (“PEG” Ratio) | Long-Term EPS Growth

Banking and Lending Technology 29.6x Healthcare / Insurance Technology 2.5 14.4%

Healthcare / Insurance Technology 28.5x Banking and Lending Technology 2.2 15.5%

Online Broker Dealers 27.1x Exchanges 2.1 10.4%

Information Processors / Credit Bureaus 25.0x Financial Data, Content, & Analytics 2.0 10.6%

Investment Services, Software, & 23.9x Information Processors / Credit Bureaus 2.0 13.8% Technology

Investment Services, Software, & Exchanges 22.0x 1.7 15.0% Technology

Financial Data, Content, & Analytics 21.6x Online Broker Dealers 1.5 15.8%

Payments 17.5x Payments 1.4 14.0%

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 3.0

Notes: 7 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY LTM Price Performance and 2017 P/E – Payments / Banking

($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2017 Prepaid Market Cap. Performance P/E 2017 Visa Inc. $216,548 26% 27.0x Blackhawk Network Holdings, Inc. $2,453 34% 26.4x Mastercard Incorporated $130,983 39% 28.4x Green Dot Corporation $2,015 68% 20.2x American Express Company $75,372 41% 14.8x Net 1 UEPS Technologies, Inc. $556 (1%) 5.6x PayPal Holdings, Inc. $64,832 49% 30.3x Sector Average $1,675 34% 17.4x Discover Financial Services $23,332 15% 10.2x Sector Average $102,214 34% 22.1x LTM Price Integrated Payments Hardware / Technology Market Cap. Performance P/E 2017 LTM Price Group - GCS $5,864 (18%) 17.5x Merchant Processing Market Cap. Performance P/E 2017 NCR Corporation $4,825 41% 11.8x Cielo S.A. $19,922 (15%) 15.3x Systems, Inc. $1,996 (1%) 12.2x First Data Corporation $16,763 71% 11.9x Cardtronics plc $1,491 (18%) 11.5x Global Payments Inc. $13,570 24% 22.7x Everi Holdings Inc. $479 475% 7.0x Vantiv, Inc. $11,990 5% 18.6x PAR Technology Corporation $135 73% NA Total System Services, Inc. $10,795 11% 18.1x Sector Average $2,465 92% 12.0x Square, Inc. $8,825 160% NM AG $8,574 62% 28.3x LTM Price Paysafe Group Plc $3,236 41% 14.5x Banking and Lending Technology Market Cap. Performance P/E 2017 GMO Payment Gateway, Inc. $1,988 (4%) 72.8x Intuit Inc. $33,795 15% 28.9x EVERTEC, Inc. $1,241 10% 10.5x Fidelity National Information Services, Inc. $28,688 16% 20.4x SafeCharge International Group Limited $512 39% 16.0x Fiserv, Inc. $26,074 13% 23.9x Planet Payment, Inc. $181 (14%) 20.1x Jack Henry & Associates, Inc. $8,045 19% 32.0x JetPay Corporation $33 (9%) NM Temenos Group AG $6,339 80% 37.8x Sector Average $7,510 29% 22.6x Ellie Mae, Inc. $3,682 13% 58.0x Black Knight Financial Services, Inc. $2,866 10% 30.3x LTM Price ACI Worldwide, Inc. $2,587 15% 46.9x Money Transfer Market Cap. Performance P/E 2017 LendingClub Corporation $2,193 28% NM Coupa Software Incorporated $1,613 NA NM The Western Union Company $8,789 (2%) 11.2x Q2 Holdings, Inc. $1,527 36% NM Euronet Worldwide, Inc. $4,574 24% 19.3x Bottomline Technologies (de), Inc. $1,044 21% 26.1x Sector Average $6,681 11% 15.2x On Deck Capital, Inc. $345 (9%) NM Elevate Credit, Inc. $336 NA 22.6x LTM Price Performant Financial Corporation $109 29% NM Closed Loop Market Cap. Performance P/E 2017 Sector Average $7,950 22% 32.7x Alliance Data Systems Corporation $14,263 30% 13.8x FleetCor Technologies, Inc. $13,387 4% 17.4x LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2017 Edenred SA $5,968 21% 22.1x 0 WEX Inc. $4,619 19% 20.3x Experian plc $18,905 8% 21.8x Sector Average $9,559 19% 18.4x Equifax Inc. $16,633 6% 22.8x Fair Isaac Corporation $4,353 22% 27.2x Acxiom Corporation $2,045 19% 35.4x Sector Average $10,484 14% 26.8x

Notes: 8 Source: CapitalIQ and Wall Street Research. Market data as of July 7, 2017. MARKET SUMMARY LTM Price Performance and 2017 P/E – Securities / Cap. Mkts. / Data & Analytics

($MM) ($MM) LTM Price LTM Price Exchanges - Americas Market Cap. Performance P/E 2017 Investment Services, Software, & Technology Market Cap. Performance P/E 2017 0 CME Group Inc. $42,416 27% 25.6x Broadridge Financial Solutions, Inc. $8,845 15% 22.7x Intercontinental Exchange, Inc. $39,029 30% 22.0x SEI Investments Co. $8,583 12% 23.9x B3 S.A. - Brasil, Bolsa, Balcão $11,942 11% 20.9x SS&C Technologies Holdings, Inc. $7,975 34% 20.2x Nasdaq, Inc. $11,832 10% 17.4x DST Systems, Inc. $3,797 5% 18.7x Financial Engines, Inc. $2,216 41% 25.8x CBOE Holdings, Inc. $10,418 39% 27.5x Alfa Financial Software Holdings PLC $1,864 NA 46.8x TMX Group Limited $3,005 31% 15.0x Envestnet, Inc. $1,668 11% 30.3x Bolsa Mexicana de Valores, S.A.B. de C.V. $1,012 16% 17.2x Sector Average $4,993 20% 26.9x Sector Average $17,093 24% 20.8x

LTM Price LTM Price Financial Data, Content, & Analytics Market Cap. Performance P/E 2017 Exchanges - Asia Market Cap. Performance P/E 2017 0 S&P Global Inc. $38,358 39% 24.0x Hong Kong Exchanges and Clearing Limited $31,402 7% 35.5x Thomson Reuters Corporation $33,075 14% 19.5x ASX Limited $7,707 12% 22.5x Moody's Corporation $23,610 31% 23.2x Singapore Exchange Limited $5,695 (7%) 22.0x IHS Markit Ltd. $17,574 NA 21.5x Bursa Malaysia Berhad $1,310 13% 25.4x Verisk Analytics, Inc. $13,831 2% 26.3x Sector Average $11,528 6% 26.3x MSCI Inc. $9,275 31% 28.3x FactSet Research Systems Inc. $6,394 1% 21.6x The Dun & Bradstreet Corporation $3,920 (14%) 15.2x LTM Price Morningstar, Inc. $3,358 (3%) NA Exchanges - Europe Market Cap. Performance P/E 2017 Bankrate, Inc. $1,247 83% 19.9x 0 Deutsche Börse Aktiengesellschaft $20,293 39% 19.6x Sector Average $15,064 20% 22.2x Group plc $16,680 48% 25.5x Bolsas y Mercados Españoles $3,026 36% 17.1x LTM Price JSE Limited $804 (23%) 15.2x Online Broker Dealers Market Cap. Performance P/E 2017 GPW $553 61% 15.6x The Charles Schwab Corporation $57,925 71% 27.1x Hellenic Exchanges - Athens Stock Exch. $404 46% 53.5x TD Ameritrade Holding Corporation $23,430 61% 26.3x Sector Average $6,960 35% 24.4x E*TRADE Financial Corporation $10,638 68% 19.6x Interactive Brokers Group, Inc. $2,545 7% 27.1x LTM Price GAIN Capital Holdings, Inc. $294 (6%) 72.5x Trading Platforms Market Cap. Performance P/E 2017 Global Brokerage, Inc. $13 (75%) NA Sector Average $15,807 21% 34.5x MarketAxess Holdings Inc. $7,282 30% 58.7x BGC Partners, Inc. $3,587 52% 15.4x Virtu Financial, Inc. $714 (0%) 18.5x INTL FCStone Inc. $711 44% 12.4x Investment Technology Group, Inc. $703 25% NM Sector Average $2,599 30% 26.2x

Notes: 9 Source: CapitalIQ and Wall Street Research. Market data as of July 7, 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 7/7/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Networks Visa Inc. $93.92 $74.79 $96.60 $216,548 $7,966 $231,901 12.7x 11.5x 18.2x 16.3x 27.0x 23.3x 17.5% 1.5 14.2% 23.5% Mastercard Incorporated 122.20 87.94 126.19 130,983 (2,444) 128,566 10.6x 9.6x 18.5x 16.4x 28.4x 24.4x 16.2% 1.8 12.2% 11.8% American Express Company 84.33 59.50 85.88 75,372 26,093 103,065 3.1x 3.0x NM NM 14.8x 13.5x 9.3% 1.6 9.4% (4.0%) PayPal Holdings, Inc. 53.97 36.28 55.14 64,832 (8,928) 55,904 4.4x 3.7x 17.1x 14.6x 30.3x 25.4x 17.8% 1.7 17.3% NM Discover Financial Services 61.37 53.91 74.33 23,332 11,654 35,561 3.7x 3.5x NM NM 10.2x 9.2x 9.2% 1.1 11.2% (2.6%)

Mean 6.9x 6.3x 17.9x 15.8x 22.1x 19.2x 14.0% 1.5 12.9% 7.2% Median 4.4x 3.7x 18.2x 16.3x 27.0x 23.3x 16.2% 1.6 12.2% 4.6%

Merchant Processing Cielo S.A. $7.34 $6.18 $9.56 $19,922 $2,018 $23,098 6.1x 5.7x 13.5x 12.5x 15.3x 14.0x 6.4% 2.4 0.8% 3.2% First Data Corporation 18.24 10.80 19.01 16,763 18,121 37,870 3.2x 3.1x 12.5x 11.8x 11.9x 11.1x 11.1% 1.1 4.0% 0.6% Global Payments Inc. 88.99 64.63 93.52 13,570 3,417 17,132 5.0x 4.6x 15.4x 13.7x 22.7x 19.5x 13.9% 1.6 41.9% 46.9% Vantiv, Inc. 61.12 52.45 66.24 11,990 3,075 15,361 7.3x 6.7x 15.3x 13.9x 18.6x 16.7x 13.9% 1.3 25.2% 13.4% Total System Services, Inc. 58.66 46.22 60.64 10,795 2,797 13,607 2.8x 2.7x 11.6x 10.9x 18.1x 16.6x 11.9% 1.5 11.6% NA Square, Inc. 23.59 9.10 24.97 8,825 (546) 8,280 4.8x 3.8x 66.8x 37.4x NM 59.6 85.4% NM 34.9% 21.7% Wirecard AG 69.39 43.78 71.85 8,574 (770) 7,804 5.1x 4.1x 17.2x 13.8x 28.3x 22.4x 27.0% 1.1 37.7% 23.4% Paysafe Group Plc 6.67 2.95 6.80 3,236 251 3,487 3.1x 2.8x 10.7x 9.5x 14.5x 12.8x 9.7% 1.5 11.8% 31.3% GMO Payment Gateway, Inc. 53.99 33.39 62.31 1,988 (224) 1,773 8.8x 6.4x 31.8x 24.3x 72.8x 51.9x NM NM 71.5% 89.8% EVERTEC, Inc. 17.10 14.15 18.60 1,241 592 1,837 4.6x 4.5x 9.9x 9.6x 10.5x 9.9x 8.5% 1.2 2.6% 6.1% SafeCharge International Group Limited 3.46 2.45 3.81 512 (115) 397 3.4x 3.0x 10.9x 9.4x 16.0x 14.2x NM NM 11.1% 3.2% Planet Payment, Inc.(1) 3.38 2.75 4.97 181 (5) 176 2.9x 2.6x 10.3x 8.5x 20.1x 15.5x 25.0% 0.8 10.0% (7.0%) JetPay Corporation 2.10 1.75 3.25 33 9 125 1.7x 1.6x 25.2x 20.5x NM NM NM NM 32.4% 62.7%

Mean 4.5x 4.0x 19.3x 15.1x 22.6x 22.0x 21.3% 1.4 22.7% 24.6% Median 4.6x 3.8x 13.5x 12.5x 18.1x 16.1x 12.9% 1.3 11.8% 17.5%

Money Transfer The Western Union Company $18.65 $18.42 $22.70 $8,789 $2,160 $10,949 2.0x 2.0x 8.5x 8.2x 11.2x 10.6x 7.6% 1.5 0.0% 0.4% Euronet Worldwide, Inc. 87.23 70.44 90.23 4,574 (159) 4,416 2.1x 1.9x 11.0x 9.6x 19.3x 16.8x 14.0% 1.4 9.0% 8.1%

Mean 2.0x 1.9x 9.8x 8.9x 15.2x 13.7x 10.8% 1.4 4.5% 4.2% Median 2.0x 1.9x 9.8x 8.9x 15.2x 13.7x 10.8% 1.4 4.5% 4.2%

Closed Loop Alliance Data Systems Corporation $256.17 $193.67 $266.25 $14,263 $18,804 $33,066 4.2x 3.8x 16.5x 14.7x 13.8x 12.0x 12.8% 1.1 9.4% 12.1% FleetCor Technologies, Inc. 145.10 121.52 176.42 13,387 3,322 16,708 7.6x 6.9x 14.4x 12.8x 17.4x 15.4x 15.7% 1.1 20.7% 25.6% Edenred SA 25.51 20.95 27.87 5,968 623 6,664 4.4x 4.1x 11.8x 10.7x 22.1x 20.0x 13.2% 1.7 33.1% 13.2% WEX Inc. 107.70 89.89 122.91 4,619 2,173 6,801 5.7x 5.2x 14.3x 12.4x 20.3x 17.5x 15.4% 1.3 17.4% 41.5%

Mean 5.5x 5.0x 14.2x 12.7x 18.4x 16.2x 14.3% 1.3 20.2% 23.1% Median 5.1x 4.6x 14.3x 12.6x 18.8x 16.5x 14.3% 1.2 19.1% 19.4%

Prepaid Blackhawk Network Holdings, Inc. $43.55 $28.88 $44.90 $2,453 $373 $2,830 1.3x 1.1x 12.1x 10.3x 26.4x 21.6x 15.2% 1.7 18.0% 11.1% Green Dot Corporation 39.30 21.45 40.20 2,015 NA NA NA NA NA NA 20.2x 17.4x 16.7% 1.2 17.4% 11.0% Net 1 UEPS Technologies, Inc. 9.86 8.37 13.81 556 (198) 362 0.6x 0.5x 2.3x 2.3x 5.6x 5.3 NM NM 10.7% 9.8%

Mean 0.9x 0.8x 7.2x 6.3x 17.4x 14.8x 16.0% 1.5 15.4% 10.6% Median 0.9x 0.8x 7.2x 6.3x 20.2x 17.4x 16.0% 1.5 17.4% 11.0%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. 11 1) Convertible preferred equity assumed at 2x liquidation preference. 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 7/7/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Integrated Payments Hardware / Technology Ingenico Group - GCS $94.41 $77.75 $126.34 $5,864 $121 $5,989 2.1x 2.0x 10.4x 9.4x 17.5x 15.7x 11.1% 1.6 16.4% 0.5% NCR Corporation 39.81 26.21 49.90 4,825 2,927 8,910 1.3x 1.3x 7.6x 7.2x 11.8x 10.9x NM NM 2.1% 2.4% VeriFone Systems, Inc. 17.85 14.94 20.98 1,996 743 2,766 1.5x 1.4x 9.4x 8.2x 12.2x 11.5x 15.0% 0.8 NA (10.0%) Cardtronics plc 32.67 31.56 56.00 1,491 956 2,447 1.7x 1.7x 7.5x 7.6x 11.5x 11.3x 13.5% 0.9 15.6% 17.9% Everi Holdings Inc. 7.25 1.21 7.50 479 983 1,462 1.6x 1.5x 7.0x 6.6x 7.0x 15.2x 20.0% 0.4 6.4% 15.4% PAR Technology Corporation 8.55 4.69 9.19 135 (4) 131 NA NA NA NA NA NA NM NA NA 19.1%

Mean 1.6x 1.6x 8.4x 7.8x 12.0x 12.9x 14.9% 0.9 10.1% 7.6% Median 1.6x 1.5x 7.6x 7.6x 11.8x 11.5x 14.3% 0.8 11.0% 8.9%

Banking and Lending Technology Intuit Inc. $131.90 $103.22 $143.81 $33,795 ($1,093) $32,702 6.1x 5.7x 15.9x 14.3x 28.9x 26.1x 15.9% 1.8 9.7% 10.3% Fidelity National Information Services, Inc. 86.78 73.25 87.32 28,688 8,800 37,600 4.0x 3.9x 12.2x 11.5x 20.4x 18.1x 11.7% 1.8 1.1% 3.4% Fiserv, Inc. 122.77 92.81 127.10 26,074 4,330 30,404 5.3x 5.0x 14.8x 13.8x 23.9x 21.3x 12.7% 1.9 4.7% 4.7% Jack Henry & Associates, Inc. 103.60 79.00 106.46 8,045 7 8,052 5.5x 5.1x 15.5x 14.5x 32.0x 29.1x 11.0% 2.9 4.9% 6.2% Temenos Group AG 90.93 50.77 95.49 6,339 169 6,508 9.3x 8.4x 26.3x 22.9x 37.8x 32.5x 15.5% 2.4 10.6% 10.4% Ellie Mae, Inc. 108.07 77.60 114.38 3,682 (393) 3,289 7.5x 6.1x 22.7x 17.1x 58.0x 44.4x 23.1% 2.5 21.8% 26.3% Black Knight Financial Services, Inc. 41.20 34.00 42.20 2,866 1,467 5,378 5.0x 4.5x 10.5x 9.4x 30.3x 25.9x 14.1% 2.2 5.3% 6.7% ACI Worldwide, Inc. 21.92 15.11 23.97 2,587 603 3,190 3.1x 3.0x 12.7x 11.7x 46.9x 38.1x 12.5% 3.8 1.4% 2.4% LendingClub Corporation 5.43 4.09 6.79 2,193 (534) 1,659 2.9x 2.3x 30.5x 12.9x NM 26.9x NM NM 15.0% (17.4%) Coupa Software Incorporated 30.45 22.50 41.61 1,613 (238) 1,375 7.9x 6.3x NM NM NM NM NM NM 30.2% 41.0% Q2 Holdings, Inc. 37.30 25.23 40.50 1,527 (82) 1,445 7.4x 5.9x NM 70.1x NM NM 32.0% NM 29.2% 31.9% Bottomline Technologies(1) (de), Inc. 25.78 18.48 28.35 1,044 39 1,083 3.0x 2.8x 13.6x 12.3x 26.1x 21.9x 17.3% 1.5 4.4% (0.2%) On Deck Capital, Inc. 4.76 3.29 6.46 345 743 1,095 3.1x 2.9x NM 35.0x NM 20.6x NM NM 20.0% 20.9% Elevate Credit, Inc. 8.07 6.50 8.98 336 414 751 1.1x 0.9x 7.4x 4.6x 22.6 6.5x NA NA NA 17.0% Performant Financial Corporation 2.16 1.50 4.07 109 24 133 1.0x 0.8x 11.8x 7.2x NM 39.3x 20.0% NM (5.6%) (13.5%)

Mean 4.8x 4.2x 16.2x 18.4x 32.7x 27.0x 16.9% 2.3 10.9% 10.0% Median 5.0x 4.5x 14.2x 13.4x 29.6x 26.1x 15.5% 2.2 7.5% 6.7%

Information Processors / Credit Bureaus Experian plc $20.17 $16.73 $22.00 $18,905 $3,210 $22,127 5.0x 4.7x 14.4x 13.6x 21.8x 19.6x 9.6% 2.3 NA NA Equifax Inc. 138.37 110.87 144.01 16,633 2,546 19,244 5.7x 5.3x 15.3x 14.1x 22.8x 20.5x 11.5% 2.0 8.3% 14.3% Fair Isaac Corporation 140.58 109.77 141.53 4,353 510 4,863 5.2x 4.8x 19.8x 17.8x 27.2x 22.9x 16.0% 1.7 4.6% 10.5% Acxiom Corporation 25.86 21.83 30.40 2,045 59 2,104 2.3x 2.1x 11.9x 10.2x 35.4x 25.8x 17.4% 2.0 4.0% 0.1% Intersections Inc. 4.62 1.70 5.75 110 8 119 NA NA NA NA NA NA NM NA NA (11.4%)

Mean 4.5x 4.2x 15.4x 13.9x 26.8x 22.2x 13.6% 2.0 5.6% 3.4% Median 5.1x 4.8x 14.8x 13.8x 25.0x 21.7x 13.8% 2.0 4.6% 5.3%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. 12 1) Revenue growth rates based on gross revenues before provision for loan losses and fundraising costs. PAYMENTS / BANKING Selected Recent Acquisitions – Trailing 12 Months

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

7/6/17 Blackfin Capital Partners SAS Buckaroo B.V. Gateway NA NA

7/6/17 Equiniti Group plc Nostrum Group Limited Loan Servicing NA NA

7/5/17 Vantiv, Inc. plc Merchant Processing $11,529 7.9x

7/5/17 Vision Solutions Inc. Enforcive, Inc. Reg Tech NA NA

7/4/17 Blue Star Capital plc SatoshiPay Ltd Blockchain Nanopayments $7 NA

6/30/17 DBS Bank Ltd. AXS Pte. Ltd. Mobile Financial Services $60 NA HgCapital, Montagu , 6/29/17 Visma AS Financial Software $5,453 5.7x Intermediate Capital Group, GIC Pte. 6/29/17 ScanSource, Inc. POS Portal, Inc. POS $158 NA

6/28/17 Vista Equity Partners LLC PayLease, LLC Vertical Payments NA NA

6/27/17 BlackRock, Inc. CacheMatrix Holdings LLC Enterprise Cash Management NA NA

6/20/17 LendingTree, LLC Magnify Money Lead Gen $40 NA

6/20/17 Global Blue SA EuroPass Wechat Gateway NA NA

6/15/17 LendingTree, LLC Deposits Online, LLC. Data / Analytics $33 NA

6/13/17 Fiserv (Europe) Limited Monitise plc Banking Technology $52 0.7x Otkritie Holding JSC; Otkritie 6/12/17 plc Networks $1,381 4.3x Investments Cyprus Limited US Dataworks, Inc., Substantially All 6/9/17 The Bankers Bank Treasury Management $2 NA Assets 6/8/17 ECN Capital Corp. Service Finance Company, LLC Mortgage Servicing $304 NA

6/7/17 Incenter Mortgage Solutions LLC Campus Door Holdings, Inc. Student Lending NA NA

6/7/17 Longview Solutions, Inc. Tidemark Systems, Inc. Financial Software NA NA

6/6/17 Ascensus, Inc. Kravitz, Inc. Retirement Administration 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

6/6/17 CoreLogic, Inc. Mercury Network, LLC Mortgage Technology NA NA

6/2/17 GTCR, LLC Sage Payment Solutions, Inc. Merchant Processing $260 NA

6/1/17 Flywire PACE Financial Group Ltd. Invoicing NA NA

6/1/17 Aquiline Capital Partners LLC Output Services Group, Inc. Bill Pay NA NA

5/31/17 KeyBank National Association HelloWallet, LLC PFM NA NA Comergence Compliance Monitoring, 5/30/17 Optimal Blue LLC Mortgage Tech NA NA LLC 5/29/17 First Data Corporation CardConnect Corp. Merchant Processing $716 1.2x

5/24/17 Ebix, Inc. Itz Cash Card Ltd. Prepaid $120 NA

5/17/17 Coupa Software Incorporated Riskopy, Inc. Risk / Data NA NA

5/17/17 North American Bancard Holdings, LLC Total Merchant Services, Inc. Merchant Acquiring NA NA

5/16/17 Mswipe Technologies Pvt Ltd PayU Payments Private Limited POS NA NA Bureau van Dijk Electronic Publishing 5/15/17 Moody's Analytics, Inc. Credit Bureau $3,293 11.3x BV 5/12/17 EVO Payments International, LLC Zenith Merchant Services Inc Merchant Acquiring NA NA

5/10/17 Swedbank AB (publ) PayEx Finance AB Consumer Payments NA NA

5/10/17 Cayan LLC Card Payment Services, Inc. Merchant Acquiring NA NA

5/8/17 AltaPay A/S IPS Limited Ecommerce Payments NA NA

5/1/17 FleetCor Technologies, Inc. Cambridge Global Payments Cross-Border Payments $675 NA

4/25/17 Vantiv, Inc. Paymetric, Inc. Payment Processing NA NA

4/24/17 HCL Technologies Limited Urban Fulfillment Services, LLC Mortgage Processing $30 0.6x HelloPay Singapore Pte. Ltd (nka: 4/19/17 Ant Financial Services Group Ecommerce Payments NA NA Singapore)

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

4/12/17 Stone Point Capital Bankruptcy Management Solutions Financial Software NA NA Network For Electronic Transfers Banking Computer Services Private 4/11/17 Clearing $27 NA (Singapore) Pte Ltd. Limited and BCS Information System 4/10/17 Harland Clarke Holdings Corp. RetailMeNot, Inc. Coupons / Rewards $455 1.5x Fidelity National Information Services, 4/10/17 New Access SA Banking Software NA NA Inc., Ambit Private Banking Business 4/7/17 Coupa Software Incorporated Trade Extensions Tradeext AB Sourcing Software $45 NA OP Financial Group, Merchant Acquiring 4/5/17 Nets Oy Merchant Acquiring $32 NA Business 4/5/17 Bain Capital & Advent International Ratepay Ecommerce Payments NA NA

4/4/17 BNP Paribas SA Compte Nickel Digital Banking NA NA

4/3/17 CU Cooperative Systems, Inc. The Members Group LLC Payment Processing NA NA

4/3/17 CardConnect Corp. MertzCo, Inc. VAR $38 6.2x

4/3/17 Avangate Inc. 2Checkout.com, Inc. Payment Processing NA NA

3/31/17 M1 Limited Areeba s.a.l. Card Processing $220 NA

3/29/17 Mastercard Incorporated NuData Security Inc. Anti-Fraud NA NA

3/28/17 Wirecard AG MyGate Communications (Pty) Ltd Gateway $25 NA

3/27/17 Nxt-ID, Inc. FitPay, Inc. Authentication NA NA

3/21/17 Visma AS Bluegarden Holding A/S Payroll Software NA NA

3/16/17 First Data Corporation Acculynk, Inc. Ecommerce Payments $85 NA

(1) 3/14/17 Genpact Limited RAGE Frameworks, Inc. Digital Transformation NA NA Citibank's Merchant Acquiring Services 3/13/17 Wirecard AG Merchant Acquiring NA NA in Asia Pacific 3/13/17 Vista Equity DH Corporation Banking Technology $3,459 2.8x

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. 15 1) Reflects updated merger consideration of $18 per share on April 15, 2017 PAYMENTS / BANKING Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

3/13/17 Payment Data Systems, Inc. Singular Payments, LLC Vertical Payments NA NA

3/8/17 Flagship Community Bank BankMobile Mobile Payments NA NA

3/7/17 Optal Limited Invapay Payment Solutions Ltd. B2B Payments NA NA

3/6/17 TA Associates Management, L.P. Interswitch Limited Digital Payments NA NA

2/28/17 Technology Crossover Ventures Retail Merchant Services Ltd. Payment Services NA NA Argus Information & Advisory Services, 2/27/17 Fintellix Solutions Private Limited Data / Analytics NA NA LLC 2/23/17 Airbnb, Inc. Tilt.com, Inc. Crowd Funding NA NA

2/23/17 MYOB Group Limited Paycorp Holdings Pty Limited Payment Solutions Provider $37 NA

2/22/17 Bharti Airtel Services Limited Seynse Technologies Pvt. Ltd. Online Lending NA NA

2/16/17 CampusLogic, Inc. Cegment, Inc. Lending Tech NA NA

2/16/17 Volaris Group Inc. Telepin, Inc. Mobile Financial Services NA NA

2/14/17 Temenos Solutions Australia Pty Ltd Rubik Financial Limited Financial Software $59 1.9x

2/14/17 PayPal Holdings, Inc. TIO Networks Corp. Payment Processing $185 2.6x

2/8/17 Deluxe Corporation RDM Corporation Banking Software $67 3.2x

2/8/17 Realtime Electronic Payments Sigma Payment Solutions Inc. Loan Servicing NA NA

2/5/17 AB (nka:Klarna Bank AB (publ)) Billpay GmbH Ecommerce Payments $75 NA Randall Data Systems, LLC and CSC Accounting Software / Healthcare 2/1/17 i3 Verticals, LLC NA NA Links, LLC Payments 2/1/17 Social Finance, Inc. ZenBanx, Inc. Mobile Banking NA NA

1/31/17 Cardtronics plc Spark ATM Systems (Pty) Ltd. ATMS NA NA

1/31/17 Zoopla Hometrack Real Estate Tech $150 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

1/30/17 Ingenico Group - GCS TechProcess Payment Services Limited Electronic Payments NA NA

1/30/17 Green Dot Corporation UniRush, LLC Prepaid NA NA

1/27/17 Ebates, Inc. Cartera Commerce Inc. Loyalty / Rewards NA NA

1/26/17 Alipay (UK) Limited MoneyGram International, Inc. Money Transfer $1,936 1.2x

1/26/17 Fusion RMS Innovantum Technologies Ltd. POS NA NA

1/25/17 McPayment Pte Ltd Genesis Payment Solutions Pte Ltd. Merchant Acquiring NA NA

1/24/17 Solera Holdings Inc. Digidentity B.V. Identity Protection NA NA Payment Alliance International, 1/18/17 Clearent, LLC International Payments / FX NA NA Merchant Service Division 1/18/17 AnaCap Financial Partners LLP Heidelberger Payment GmbH Ecommerce Payments NA NA

1/18/17 Augeo Affinity Marketing Inc. Edo Interactive Inc. Loyalty / Rewards NA NA

1/17/17 Clarus Merchant Services North American Merchant Services, Inc. ISO NA NA

1/17/17 Clarus Merchant Services BC Technologies ISO NA NA

1/16/17 Daimler Financial Services AG PayCash Europe S.A. Electronic Payments NA NA Advent International Corporation; Bain 1/13/17 ConCardis GmbH Merchant Processing NA NA Capital Investors, LLC 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

Notes: 17 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

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 Limited Merchant Acquiriing $30 1.3x

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 (nka:Klarna Bank AB (publ)) 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

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 NA NA

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

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

Notes: 18 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

11/1/16 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

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 LLC; Vista Equity 9/6/16 Regulatory DataCorp, Inc. Compliance/Risk NA NA Fund III, L.P. 8/18/16 Rakuten, Inc. Bitnet Technologies 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 NA NA Solutions, Card Processing Activities in

Notes: 19 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 Everbright Financial Holdings, PAG, Primavera Capital Group, 7/7/17 Dashu Finance Series C $118 Online Lending Sequoia Capital China 7/5/17 Ohpen Series B $17 Amerborgh Core Banking Software

7/5/17 Tide Series A $14 Anthemis Group, Creandum, LocalGlobe, Passion Capital Digital Banking Fullerton Financial Holdings, Global Founders Capital, GSR 7/5/17 InstaReM Series B $13 Cross-Border Payments Ventures, SBI Ven Capital, Vertex Ventures China 7/3/17 Qonto Series A $11 Alven Capital, Valar Ventures Digital Banking

6/29/17 Spruce Finance NA $25 HPS Investment Partners Consumer Lending

6/27/17 Riskified NA $33 C4 Ventures, Capital One Growth Ventures, Pitango Growth Fraud Protection Metro Group, Touchstone Innovations, Woodford Investment 6/26/17 Yoyo Wallet Series B $15 Mobile Payments Management Digital Currency Group, Google Ventures, Lakestar, Lightspeed 6/22/17 Blockchain Series B $40 Blockchain Venture Partners, Mosaic Venture Partners, Virgin Group DSG Consumer Partners, Falcon Edge Capital, Matrix Partners 6/21/17 Mswipe Technologies Series D $31 POS India, UC-RNT Fund 6/21/17 FloQast Series B $25 Insight Venture Partners, Polaris Partners, Toba Capital Accounting Software Accel Partners, Connect Ventures, InReach Ventures, R204 Expense Management 6/21/17 Soldo Series A $11 Partners, U-Start Ventures Software JADO Investments, MoneyTime Ventures, Opus Capital, TIS INTEC 6/20/17 Sequent Software Series C $16 Tokenization Group 6/15/17 PayBreak (Afford It Now) NA $31 Undisclosed Consumer / POS Lending

6/9/17 Cardlytics NA $12 Undisclosed Loyalty / Rewards Caisse de depot et placement du Quebec, MasterCard 6/8/17 AvidXchange Series F $300 AP Automation Worldwide, Peter Thiel, Temasek Holdings 6/7/17 Plynk Series A $28 Swiss Privee Money Transfer

6/3/17 Max Series A $23 Credit Mutuel Arkea PFM

6/1/17 Zopa Series F $41 Northzone Ventures, Wadhawan Global Capital Digital Banking Napier Park Financial Partners, Recruit Holdings, BDC IT Venture 5/31/17 TouchBistro Series C $12 POS Fund, Relay Ventures, Kensington Capital Partners

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 BDC Venture Capital, CRV, Exhibition Capital, HarbourVest 5/30/17 Wave Accounting Series E $24 Accounting Software Partners, National Australia Bank 5/26/17 RateSetter Series C $17 Clean Energy Finance Corporation Online Lending

5/25/17 BillTrust Series D $50 Riverwood Capital AR / Invoicing Blumberg Capital, CURO Financial Technologies, MissionOG, 5/24/17 Zibby Series C $14 Consumer Lending Tribeca Venture Partners Banco Bradesco, Bangkok Bank, Bank of America, Bank of 5/23/17 R3 Series A $107 Blockchain Montreal, Barclays 5/22/17 LedgerX Series B $11 Huiyin Blockchain Venture, Miami International Holdings Cryptocurrency

5/17/17 Additiv Series A $5 BZ Bank Aktiengesellschaft Financial Software 8VC, Abstract Ventures, Bee Partners, Emerson Collective, 5/16/17 Neighborly Series B $25 Marketplace Lending FinTech Collective, Govtech Fund, Maven Ventures 5/16/17 LevelUp NA $37 CentroCredit Bank, JP Morgan Chase, U.S. Boston POS / Loyalty Ally Bridge Group, China Broadband Capital, China Development 5/15/17 Wacai Series C $42 PFM Bank Capital, New Horizon Capital 5/11/17 Verse Series B $20 e.ventures, Greycroft Partners, Spark Capital Mobile Payments

5/10/17 Kreditech NA $120 PayU Consumer Credit

5/9/17 Finxact NA $12 Live Oak Ventures Banking Software

5/9/17 Broadway Technology NA $42 Long Ridge Equity Partners Banking Software

5/4/17 Signifyd Series C $56 American Express, Bain Capital Ventures, Menlo Ventures Ecommerce Fraud Protection

5/4/17 MPP Global Series B $15 Albion Ventures, Grafton Capital Ecommerce Clocktower Ventures, CreditEase Fintech Investment Fund, 5/3/17 Nav Series B $13 Credit Scoring Goldman Sachs, Point72 Ventures 5/2/17 Aicai Series C $32 Zhongshunyi Financial Student Logistics / Payments

5/2/17 ServiceChannel NA $54 Acce Vertical Payments

5/1/17 Airwallex Series A $13 Gobi Ventures, MasterCard, Sequoia China, Cross-Border Payments

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

4/29/17 Satispay NA $15 Iccrea Banca Mobile Payments Spend Management 4/26/17 Ivalua NA $70 KKR Software 4/26/17 Robinhood Series C $110 DST Global, Index Ventures, NEA, Ribbit Capital Online Brokerage

4/24/17 Token Series A $16 EQT Ventures, Octopus Ventures, OP Financial Group Banking Software

4/19/17 IceKredit Series A $16 China Creation Ventures, Lingfeng Capital Underwriting Technology

4/18/17 Factom Series A $8 Harvest Equity, Peeli Ventures Blockchain

4/13/17 College Avenue Student Loans NA $30 Comcast Ventures, Leading Edge Ventures Student Loan Marketplace

4/11/17 Mswipe Technologies Series D $21 DSG Consumer Partners, Falcon Edge Capital, Fosun Capital Mobile Payments

4/10/17 MintQuantum Series A $15 Undisclosed Online Lending Union Square Ventures, Credit Ease, FirstMark Capital, Noah 4/6/27 Upgrade Series A $60 Online Lending Holdings, Ribbit Capital, Sands Capital Ventures China Merchants Innovation Investment Management, Forebright 4/6/17 WeCash Series C $80 Credit Scoring Capital Management, SIG 4/6/17 Flow Series A $16 Bain Capital Ventures, Fung Capital, Forerunner Ventures Cross-Border Payments

4/5/17 Jucaicat Series A $15 TIZA Online Lending

4/5/17 Savedroid NA $22 Rhineland-Palatinate, Angel Investors PFM / Digital Banking

3/31/17 Fiilament Series B $15 Bullpen Capital, Verizon Ventures Blockchain

3/30/17 Yongqianbao NA $67 Golden Brick Capital Management, CICC Alpha Online Lending Access Venture Partners, Earlybird Venture Capital, Pantera 3/29/17 ShapeShift AG Series A $10 Digital Currency Capital, Lakestar, Blockchain Capital 3/27/17 cloudvirga Series B $15 Incenter Mortgage POS

3/27/17 Creamfinance Series B $22 Capitec Bank Holdings Limited Online Lending China Renaissance Private Equity Fund, PAG, Sequoia Capital 3/23/17 Dadao Financial Series B $29 Real Estate Tech China

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

3/23/17 Clarity Money Series B $11 Citi Ventures, RRE Ventures PFM

3/23/17 Qtum NA $15 Undisclosed Blockchain

3/22/17 figo NA $12 Berliner Volksbank Ventures, DB1 Ventures Bank API

3/22/17 Avaloq NA $300 Warburg Pincus Banking Software

3/20/17 Nested NA $10 GFC, Passion Capital Real Estate Tech

3/15/17 Flow Series A $13 Bain Capital Ventures Ecommerce

3/14/17 solarisBank NA $28 Arvato Financial Solutions, SBI Group Digital Banking

3/13/17 Canopy NA $20 Epic Ventures, Deep Fork Capital, NEA, Pelion Venture Partners Accounting / Tax Software Altos Ventures, Bessemer Venture Partners, Goodwater Capital, 3/13/17 Viva Republica Series C $48 Money Transfer Partech Ventures, PayPal Holdings Anthemis, GV, Notion Capital, Rakuten FinTech Fund, Sapphire 3/9/17 Currencycloud Series D $25 Cross-Border Payments Ventures 3/8/17 Series B $24 GV, NAB Ventures, SBI Investment Co. B2B Payments

3/7/17 Qapital Series A $12 Anthemis, Northzone, Rocketship VC PFM BBVA, Toscafund Asset Management, Woodford Investment 3/6/17 Atom Bank NA $102 Digital Banking Management First Round Capital, Khosla Ventures, Rakuten, Third Point 3/3/17 UpStart NA $33 Online Lending Ventures 3/2/17 Sensibill Series A $12 Information Capital, OTEAF Expense Mgmt Software

3/1/17 Clearbank NA $31 CFFI Ventures, PPF Group Banking Software

2/24/17 Social Finance Series F $500 GPI Capital, Silver Lake, Softbank Group Online Lending

2/23/17 Nymbus NA $16 Home Credit Group Bank Software

2/23/17 Tala Series B $30 IVP, Ribbit Capital Credit Scoring

2/22/17 Monzo NA $25 Orange Digital Ventures, Passion Capital, Thrive Capital Digital Banking

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

2/22/17 Prospa NA $19 AirTree Ventures Online Lending

2/22/17 Ecrebo NA $15 Joseph Schull, Octopus Ventures, Sir Keith Mills Offers / Marketing Nasper's FinTech Arm, Redpoint Ventures, World Bank's 2/22/17 Creditas Series B $19 Online Lending International Finance Corp Mobile Balance 2/20/17 True Balance Series B $15 SoftBank Ventures Management 2/20/17 Kakao Pay NA $200 Ant Financial Mobile Payments 31Ventures, Battery Ventures, Carmel Ventures, Liberty Israel 2/13/17 CrediFi Corp Series B $13 Data / Analytics Venture Fund, OurCrowd, Stax Goldman Sachs, Kleiner Perkins Caufield & Byers, Pine Brook 2/9/17 Better Mortgage Inc. Series B $15 Mortgage Origination Partners 2/8/17 Exactuals LLC Series A $10 City National Bank, TTV Capital Vertical Payments

2/2/17 E-Commerce NA $200 Alibaba, SAIF Partners eCommerce General Catalyst Partners, JAL Ventures, Oryzn Capital, Square 1/31/17 Feedvisor Ltd. Series B $20 eCommerce Peg Capital, Titanium Investments Correlation Ventures, FJ Labs, Great Oaks Venture Capital, 1/31/17 Knock Series A $33 Real Estate Tech Greycroft, Redpoint, RRE Ventures Jerusalem Venture Partners, Israel Growth Partners, Vintage 1/30/17 Earnix NA $14 Data / Analytics Investment Partners 1/26/17 Raisin GmbH Series C $30 Index Ventures, Ribbit Capital, Thrive Capital Cash Management

1/25/17 BitFury NA $30 Credit China FinTech Holdings Blockchain

1/19/17 Iyzico Series C $13 212 Ltd, International Finance Corp., Vostok Emerging Finance eCommerce Payments

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

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

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

11/25/16 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

Notes: 25 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

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 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

Notes: 26 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

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 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

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.

Notes: 27 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

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

Notes: 28 Source: CapitalIQ and Pitchbook. SECTION III: Securities / Capital Markets / Data & Analytics

29 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 7/7/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Exchanges - Americas CME Group Inc. $124.83 $98.41 $127.96 $42,416 $857 $43,273 11.6x 11.0x 16.2x 14.9x 25.6x 23.9x 11.9% 2.1 4.0% (0.5%) Intercontinental Exchange, Inc. 65.92 50.85 66.90 39,029 5,686 44,784 9.6x 9.1x 15.1x 14.0x 22.0x 19.6x 11.2% 2.0 3.5% 0.9% B3 S.A. - Brasil, Bolsa, Balcão 5.86 4.54 6.31 11,942 (359) 11,586 9.6x 8.8x 14.8x 12.9x 20.9x 18.0x NM NM 68.7% 21.3% Nasdaq, Inc. 71.63 63.30 72.52 11,832 3,169 15,001 6.3x 6.0x 12.4x 11.8x 17.4x 16.1x 9.6% 1.8 14.5% 7.3% CBOE Holdings, Inc. 92.98 61.58 93.55 10,418 1,292 11,722 11.9x 10.5x 18.4x 15.4x 27.5x 23.9x 32.1% 0.9 50.0% 108.9% TMX Group Limited 54.35 41.42 62.09 3,005 462 3,467 6.0x 5.8x 11.1x 10.5x 15.0x 13.9x NM NM (3.3%) 0.2% Bolsa Mexicana de Valores, S.A.B. de C.V. 1.71 1.45 1.97 1,012 (118) 902 5.4x 5.1x 9.8x 9.3x 17.2x 15.9x 11.9% 1.4 21.9% 5.1%

Mean 8.6x 8.0x 14.0x 12.7x 20.8x 18.8x 15.4% 1.6 22.8% 20.4% Median 9.6x 8.8x 14.8x 12.9x 20.9x 18.0x 11.9% 1.8 14.5% 5.1%

Exchanges - Asia Hong Kong Exchanges and Clearing Limited $25.53 $22.74 $27.29 $31,402 ($1,570) $29,847 18.6x 16.6x 25.9x 23.1x 35.5x 31.9x 6.3% 5.7 12.2% 10.6% ASX Limited 39.85 33.85 41.44 7,707 (734) 6,974 11.6x 11.0x 15.2x 14.3x 22.5x 21.8x 4.4% 5.1 (9.5%) 1.5% Singapore Exchange Limited 5.32 5.03 5.67 5,695 (529) 5,165 8.6x 8.0x 14.7x 13.1x 22.0x 19.0x 3.1% 7.1 9.2% (5.2%) Bursa Malaysia Berhad 2.44 1.91 2.59 1,310 (115) 1,198 9.3x 9.0x 15.8x 15.2x 25.4x 24.3x 5.7% 4.5 15.3% (6.6%)

Mean 12.0x 11.2x 17.9x 16.4x 26.3x 24.3x 4.9% 5.6 6.8% 0.1% Median 10.5x 10.0x 15.5x 14.8x 23.9x 23.1x 5.0% 5.4 10.7% (1.8%)

Exchanges - Europe Deutsche Börse Aktiengesellschaft $108.63 $75.28 $112.07 $20,293 $649 $21,108 7.2x 6.8x 12.5x 11.5x 19.6x 17.5x 11.4% 1.7 (2.1%) (3.4%) London Stock Exchange Group plc 48.09 32.32 48.76 16,680 (1,265) 16,043 6.9x 6.3x 13.5x 11.9x 25.5x 22.3x 15.3% 1.7 13.2% 2.4% Bolsas y Mercados Españoles 36.42 27.33 38.26 3,026 (362) 2,664 7.2x 7.2x 10.8x 10.9x 17.1x 17.0x NM NM 8.2% (6.5%) JSE Limited 9.40 9.05 13.91 804 (153) 651 4.0x 3.5x 10.6x 8.6x 15.2x 12.5x 4.6% 3.3 (6.4%) 16.0% GPW 13.19 8.63 13.30 553 (31) 523 6.3x 6.2x 10.9x NA 15.6x 15.3x NM NM 11.5% 5.6% Hellenic Exchanges - Athens Stock Exch. 6.70 4.51 6.83 404 (107) 297 8.7x 7.1x 23.3x 15.5x 53.5x 42.6x NM NM 29.9% (32.7%)

Mean 6.7x 6.2x 13.6x 11.7x 24.4x 21.2x 10.4% 2.2 9.1% (3.1%) Median 7.1x 6.5x 11.7x 11.5x 18.4x 17.3x 11.4% 1.7 9.8% (0.5%) (1)

Notes: 30 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 7/7/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Investment Services, Software, & Technology Broadridge Financial Solutions, Inc. $75.23 $59.86 $78.00 $8,845 $997 $9,842 2.4x 2.3x 12.8x 12.1x 22.7x 20.9x NM NM 21.2% 46.5% SEI Investments Co. 54.08 42.12 54.57 8,583 (661) 7,922 5.3x 4.9x 13.7x 11.7x 23.9x 20.7x 13.5% 1.8 6.6% 7.7% SS&C Technologies Holdings, Inc. 39.09 28.43 39.32 7,975 2,336 10,310 6.1x 5.8x 14.9x 13.6x 20.2x 18.0x 16.0% 1.3 13.2% 25.8% DST Systems, Inc. 61.48 47.26 64.33 3,797 470 4,267 2.1x 1.9x 9.7x 9.0x 18.7x 16.4x 10.8% 1.7 33.5% 6.5% Financial Engines,(1) Inc. 35.25 25.00 45.75 2,216 (138) 2,078 4.3x 3.8x 13.1x 11.3x 25.8x 22.6x 20.0% 1.3 14.5% 23.9% Alfa Financial Software(1) Holdings PLC 6.21 4.19 6.36 1,864 0 1,864 17.0x 14.9x 35.8x 31.2x 46.8x 40.9x 14.0% 3.3 21.0% #DIV/0! Envestnet, Inc. 38.05 30.80 41.47 1,668 245 1,913 2.9x 2.5x 15.2x 12.3x 30.3x 24.3x 17.5% 1.7 14.7% 19.7%

Mean 5.7x 5.2x 16.5x 14.5x 26.9x 23.4x 15.3% 1.9 17.8% #DIV/0! Median 4.3x 3.8x 13.7x 12.1x 23.9x 20.9x 15.0% 1.7 14.7% #DIV/0!

Financial Data, Content, & Analytics S&P Global Inc. $148.79 $107.21 $150.40 $38,358 $1,154 $39,512 6.8x 6.4x 14.6x 13.6x 24.0x 21.7x 13.1% 1.8 2.6% 8.4% Thomson Reuters Corporation 45.82 39.23 47.04 33,075 6,571 39,646 3.5x 3.4x 11.8x 11.3x 19.5x 18.1x 9.1% 2.1 1.6% 0.8% Moody's Corporation 123.42 93.51 124.40 23,610 1,813 25,424 6.6x 6.2x 14.0x 13.2x 23.2x 21.3x 10.2% 2.3 7.3% 19.5% IHS Markit Ltd. (2) 44.27 32.78 47.92 17,574 3,837 21,411 6.0x 5.8x 15.4x 14.2x 21.5x 18.6x 14.0% 1.5 29.6% 54.1% Verisk Analytics, Inc. 83.65 75.60 87.40 13,831 2,129 15,960 7.7x 7.2x 15.4x 14.4x 26.3x 23.8x 10.4% 2.5 4.4% 2.0% MSCI Inc. 102.54 76.52 109.29 9,275 1,379 10,654 8.5x 7.9x 16.7x 15.1x 28.3x 24.3x 14.3% 2.0 8.3% 8.0% FactSet Research Systems Inc. 162.04 150.95 183.64 6,394 381 6,775 5.4x 5.0x 15.8x 14.6x 21.6x 19.9x 10.6% 2.0 10.2% 8.6% The Dun & Bradstreet Corporation 106.25 100.46 141.57 3,920 1,332 5,252 3.0x 2.9x 10.5x 10.0x 15.2x 14.4x 7.3% 2.1 3.9% 1.7% Morningstar, Inc. 78.21 67.74 85.49 3,358 (83) 3,275 NA NA NA NA NA NA NM NA (100.0%) 9.1% Bankrate, Inc. 13.90 6.91 14.25 1,247 113 1,360 2.7x 2.4x 10.8x 9.4x 19.9x 16.9x 12.5% 1.6 16.2% 26.9%

Mean 5.6x 5.3x 13.9x 12.9x 22.2x 19.9x 11.3% 2.0 (1.6%) 13.9% Median 6.0x 5.8x 14.6x 13.6x 21.6x 19.9x 10.6% 2.0 5.8% 8.5%

Online Broker Dealers The Charles Schwab Corporation (3) $43.32 $25.61 $44.10 $57,925 $3,802 $61,727 7.1x 6.4x NA NA 27.1x 22.4x 20.0% 1.4 16.2% 18.0% TD Ameritrade Holding Corporation (3) 44.37 27.71 47.41 23,430 1,765 25,195 6.8x 5.9x 14.8x 12.4x 26.3x 21.8x 18.1% 1.5 11.9% 6.8% E*TRADE Financial Corporation (3) 38.69 23.16 39.15 10,638 2,612 13,250 5.9x 5.4x NA NA 19.6x 17.0x 12.5% 1.6 8.1% 12.1% Interactive Brokers Group, Inc. (3) 37.44 31.97 39.68 2,545 4,638 7,183 5.0x 4.4x 6.6x 5.8x 27.1x 23.3x 13.5% 2.0 0.8% (19.8%) GAIN Capital Holdings, Inc. (3) 6.16 4.54 8.75 294 (110) 184 0.6x 0.5x 3.9x 2.2x 72.5x 8.8x NM NM (17.4%) (49.6%) Global Brokerage, Inc. 2.05 1.45 11.00 13 163 176 NA NA NA NA NA NA NM NA NA (23.9%)

Mean 5.1x 4.5x 8.4x 6.8x 34.5x 18.6x 16.0% 1.6 3.9% (9.4%) Median 5.9x 5.4x 6.6x 5.8x 27.1x 21.8x 15.8% 1.5 8.1% (6.5%)

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. 31 (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 Philippine Dealing System Holdings 7/6/17 The Philippine Stock Exchange, Inc. Exchanges $39 2.3x Corp. 7/5/17 SEI Investments Co. Archway Technology Partners, LLC Fund Mgmt Software $88 4.9x

6/20/17 Vela Trading Technologies, LLC OptionsCity Software, Inc. Trading Analytics NA NA

6/13/17 Lending Science DM, Inc. Scoring Solutions, Inc. Risk / Analytics NA NA Thoma Bravo, LLC; Thoma Bravo 6/7/17 Riskonnect, Inc. Risk / Compliance NA NA Discover Fund Partnership The Yield Book, Citi Fixed Income 5/30/17 London Stock Exchange Grouop Analytics NA NA Indices BofA Merrill Lynch, Research Division, 6/1/17 Intercontinental Exchange, Inc. Indices NA NA Index Platform 5/31/17 HealthEquity, Inc. BenefitGuard, LLC 401k Solutions NA NA

5/17/17 Liquidnet Holdings, Inc. OTAS Technologies Limited Trading Platform NA NA

5/10/17 Cinnober Financial Technology AB Ancoa Software Ltd. Analytics NA NA

5/10/17 TTT Moneycorp Limited Commonwealth Foreign Exchange, Inc. FX NA NA Equinoxe Alternative Investment 5/9/17 Apex Fund Services (Bermuda) ltd Fund Administration NA NA Services ANZ ETFS Management (AUS) Limited 5/3/17 ETF Securities Ltd. Exchange Traded Products NA NA (nka:ETFS Management (AUS) Limited) 5/2/17 Ncontracts LLC Supernal Software, LLC Risk Management NA NA

4/27/17 Invesco Ltd. Source UK Services Limited Exchange Traded Products NA NA

4/27/17 AdvisorEngine, Inc. Kredible Technologies, Inc. Broker Software NA NA

4/26/17 Virtus Partners Holdings, LLC Alphakinetic Limited Fund Management Software NA NA

4/20/17 Brelion, LLC Peer Realty, LLC Crowdfunding NA NA

4/18/17 Investment Grade Technologies LLC TradeWarrior Inc. Broker Software NA NA

4/18/17 Investoo Group 100ForexBrokers.com FX Lead Gen NA NA

Notes: 32 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

4/7/17 StatPro Group plc UBS Delta AG Risk / Analytics $14 0.8x ConvergEx Group, LLC (nka:Cowen 4/3/17 Cowen Group, Inc. (nka:Cowen Inc.) Trading Platform NA NA Execution Services LLC) International Financial Data Services 3/27/17 DST Systems, Inc. Shareholder Servicing $350 NA Ltd. 3/22/17 Trumid Financial LLC Electronifie Inc. Trading Platform NA NA

3/21/17 Sterling Trading Tech CBOE Livevol, LLC, Livevol X Trading Platform NA NA

3/20/17 FactSet Research Systems Inc. BI-SAM Technologies S.A. Risk / Analytics NA NA

3/17/17 BinckBank N.V. Pritle N.V. Robo Advisors NA NA

3/16/17 Horizon21; H21 Macro Ltd. Leonteq AG Investment Platform NA NA

3/15/17 Virtu Financial, Inc. KCG Holdings, Inc. Trading Services $1,268 0.9x

3/9/17 Broadridge Financial Solutions, Inc. Message Automation Limited Trade Processing NA NA

3/8/17 Numerix LLC TFG Financial Systems Risk NA NA

3/7/17 Hellman & Friedman LLC; GIC Pte. Ltd. Allfunds Bank S.A. Mutual Fund Platform NA NA

3/3/17 European Energy Exchange AG Nodal Exchange, LLC Exchanges NA NA

3/1/17 Payward, Inc. Cryptowatch Analytics NA NA

2/21/17 Covisum, LLC PrairieSmarts, LLC Risk Platform NA NA SCDM Germany GmbH, Structured 2/15/17 Moody's Corporation Data / Analytics NA NA Finance Data and Analytics Business 2/15/17 AdvisorEngine, Inc. Wealthminder, Inc. Wealth Management Software NA NA

2/6/17 Thomson Reuters Corporation Avox Limited Compliance Data NA NA

2/6/17 Thomson Reuters Corporation Clarient Global LLC Regulatory Data NA NA

2/1/17 BT Group plc IP Trade SA Trading Technology NA NA

Notes: 33 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

2/1/17 StoneCastle Insured Cash Sweep, LLC Intermedium Financial LLC Broker Software NA NA Advise Technologies, Ascendant 1/30/17 Compliance Solutions Strategies Regulatory Tech NA NA Compliance Management, The 1/27/17 Linedata Services S.A. Gravitas Technology Services, LLC Fund Management Software NA NA

1/25/17 IS Prime Risk Services Inc. Think Liquidity LLC Risk / Analytics NA NA

1/23/17 Visible Alpha, LLC ONEaccess Data / Analytics NA NA

1/19/17 FairFX Group Plc Q Money Limited Online Brokerage $2 NA North Capital Investment Technology 1/18/17 Access Investors Network, Inc. Investing Platform NA NA Inc. 1/18/17 StockTwits, Inc. Spark Finance, LLC Data / Analytics NA NA

1/9/17 InvestCloud, LLC Babel Systems Limited Trade Processing NA 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 Aktiengesellschaft OnVista AG Online Broker NA NA Benefit Plans Administrative Services, Northeast Retirement Services, LLC 12/5/16 Fund Administration NA NA Inc. (nka:Cohiba Merger Sub, LLC) 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

Notes: 34 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

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 $144 NA

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

11/14/16 Playtech plc CFH Group A/S Foreign Exchange NA NA

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 NA NA

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

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 $3,680 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

Notes: 35 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

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 NA NA

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

7/18/16 Moody's Singapore Pte. Ltd. Korea Investors Service, Inc. Ratings Agency NA NA

Notes: 36 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 Atresmedia, Inception Capital, ING, Onza Capital, Prevision 6/23/17 Fintonic Series B $28 PFM Sanitaria Nacional 6/19/17 Scalable Capital Series B $33 BlackRock Robo-Advisor

6/27/17 Resolver Inc. NA $20 Klass Capital Risk / Compliance

6/13/17 Futu Securities Series C $146 Matrix Partners China, Sequoia Capital China, Tencent Holdings Online Brokerage Alain Vandenborre, Richard Ji, Simon Murray, Vertex Venture 6/9/17 Singapore Diamond Investment Excg. Series B $10 Exchanges Holdings 6/8/17 Addepar Series D $140 8VC, Harald McPike, Valor Equity Partners Broker Software

6/7/17 MoneySmart Series B $10 Golden Gate Ventures;Kakaku.com;SPH Media Fund Lead Gen Andreessen Horowitz, Breyer Capital, Ford Foundation, General 6/6/17 Cadre Series C $65 Investment Platform Catalyst, Goldman Sachs, Khosla Ventures 5/25/17 Prumentum Grouop Series A $25 Fremont Group, The Cynosure Group Robo-Advisor

5/16/17 Symphony Communication Services Series C $63 BNP Paribas, Goldman Sachs, Google Messaging

5/11/17 Wealthsimple NA $37 Power Financial Corp. Robo-Advisor

5/4/17 Fumi Technology Series A $15 Hongdao Fund, Mobai Capital, Shunwei Capital Trading Platform

4/26/17 Quovo NA $10 F-Prime Capital, Napier Park Global API Manager

4/13/17 55 Capital Series A $10 Calibrate Management, Point72Ventures, Tectonic Ventures Advisor Software

3/31/17 The Naga Group AG Series A $13 Fosun Trading Platform Mizuho Capital, Mobile Internet Capital, Softbank, Mizuho 2/19/17 One Tap Buy NA $13 Trading Platform Securities Bain Capital Ventures, DRW Venture Capital, J.P. Morgan, Nyca 2/16/17 OpenFin Series B $15 Trading Platform Partners, Pivot Investment Partners 2/7/17 Folio Series A $16 JAFCO, Monex Ventures, Rakuten Fintech Fund Asset Management Platform

1/31/17 Wealthsimple NA $15 Power Financial Corp. Robo-Advisor

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

Notes: 37 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

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

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

Notes: 38 Source: CapitalIQ and Pitchbook. SECTION IV: Insurance / Benefits

39 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 7/7/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Healthcare / Insurance Technology Quintiles IMS Holdings, Inc. $88.85 $68.91 $91.81 $19,493 $7,452 $26,945 3.4x 3.2x 13.3x 12.3x 19.6x 17.0x 14.4% 1.4 49.6% 72.5% Verisk Analytics, Inc. 83.65 75.60 87.40 13,831 2,129 15,960 7.7x 7.2x 15.4x 14.4x 26.3x 23.8x 10.4% 2.5 4.4% 2.0% athenahealth, Inc. 137.45 90.11 149.55 5,475 186 5,661 4.6x 4.1x 21.6x 17.8x 73.8x 57.2x 22.6% 3.3 12.9% 11.4% Guidewire Software, Inc. 70.50 49.18 71.22 5,244 (477) 4,766 8.7x 7.4x 42.1x 29.3x 82.6x 60.1x 18.3% 4.5 21.4% 24.9% Ebix, Inc. 54.05 47.45 65.10 1,704 186 1,890 5.5x 4.9x 15.8x 13.7x 18.4x 16.8x 20.0% 0.9 15.0% 11.3% Sapiens International Corporation N.V. 11.05 10.89 15.98 542 5 547 2.0x 1.8x 19.0 12.1x 30.7x 17.9x 10.0% 3.1 NA 14.1% Crawford & Company 9.01 8.45 14.37 506 175 681 0.6x 0.6x 5.0x 4.5x 12.2x 10.3x 10.0% 1.2 1.7% (3.6%) Polaris Consulting & Services Limited 3.78 2.18 4.04 387 (82) 305 NA NA NA NA NA NA NM NA NA 13.6% Majesco 4.86 4.50 6.29 177 1 178 1.4x 1.2x 18.2 11.5x 54.0x 23.1x NM NM NA (12.8%) Symbility Solutions Inc. 0.34 0.26 0.44 82 (6) 76 2.4x 2.1 46.4 36.3 NM NA NM NM 23.7% 14.8%

Mean 4.0x 3.6x 21.9x 16.9x 39.7x 28.3x 15.1% 2.4 18.4% 14.8% Median 3.4x 3.2x 18.2x 13.7x 28.5x 20.5x 14.4% 2.5 15.0% 12.5%

Notes: 40 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

5/17/17 Advanced Solutions International, Inc. Innovative Software Solutions, Inc. Benefits Software NA NA

5/3/17 Genpact Limited BrightClaim, Inc. Claims Management NA NA

4/27/17 Disruptive Capital Finance LLP REG UK Ltd. Insurance Risk Management $10 NA

4/25/17 Vertafore, Inc. RiskMatch, LLC Insurance Analytics NA NA

4/6/17 Open GI Limited Transactor Global Solutions Limited Insurance Software $50 NA

3/13/17 The Travelers Companies, Inc. Simply Business Insurance Tech NA NA

2/28/17 Advent International Corporation CCC Information Services Inc. Claims Management NA NA Citibank, N.A., Citi Health Card 2/21/17 CareCredit, LLC Healthcare Payments NA NA Portfolio 2/15/17 Sapiens International Corporation N.V. StoneRiver, Inc. Insurance Tech $102 1.3x Medical Reimbursements of America, 2/14/17 Riverside Partners LLC Revenue Cycle Management NA NA Inc. Aon plc, Benefits Administration and 2/10/17 L.P. Benefits Platform $4,800 2.1x HR Business Process Outsourcing 2/9/17 Charles Taylor InsureTech Limited Otak Limited Insurance Tech NA NA

2/8/17 Compare Africa Group TopCheck UG (haftungsbeschränkt) Lead Gen NA NA

2/7/17 Centauri Health Solutions, Inc. Human Arc Corporation Revenue Cycle Management NA NA

1/26/17 Insurity, Inc. Valen Technologies, Inc. Insurance Data / Analytics NA NA PlanSource Benefits Administration, 1/25/17 Next Generation Enrollment, Inc. Benefits Software NA NA Inc. Inflexion Private Equity Partners LLP; 1/19/17 My Policy Limited Telematics NA NA Inflexion Enterprise Fund IV 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

Notes: 41 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

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 NA 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 Partners IV, L.P.; Eir Partners 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 NA NA 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 $67 3.2x

8/9/16 Applied Systems, Inc. Relay Software Limited Insurance Software NA NA

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: 42 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 Debeka, Holtzbrinck Ventures, Tengelmann Ventures, Vorwerk 7/4/17 Ottonova Series C $11 Insurance Tech Ventures 6/13/17 Snapsheet Series D $12 Tola Capital Insurance Tech Bessemer Venture Partners, Cross Creek Advisors, Flare Capital 6/1/17 Bright Health Series B $160 Insurance Innovator Partners, Greenspring Associates, Greycroft AXA Strategic Ventures, Fika Ventures, Karlin Ventures, 5/24/17 PolicyGenius Series C $30 Insurance Lead Gen MassMutual Ventures, Norwest Ventures 5/12/17 Vet+a NA $27 Kartesia Advisor Insurance Software First Round Capital, Google Ventures, Greenoaks Capital 5/10/17 Clover Health Series D $130 Insurance Admin Management, Palm Drive Capital, Sequoia Capital American Family Ventures, AXA Strategic Ventures, Centana 5/2/17 One Inc. NA $16 Insurance Software Growth Partners, MassMutual Ventures 4/27/17 Singapore Life Series A $50 Impact Capital Holdings, IPGL Insurance Software Arbor Ventures, Battery Ventures, Bessemer Venture Partners, 4/25/17 Hibob Series A $18 HR Software Eight Roads Ventures 4/20/17 Lemonade Inc. NA NA Allianz Insurance Munich Re/HSB Ventures, Ribbit Capital, TLV Partners;, Zeev 4/10/17 Next Insurance Series A $25 Insurance Tech Ventures 4/10/17 BIMA NA $17 Axiata Digital Insurance Tech

4/6/17 Trov NA $45 Munich Re HSB Ventures Insurance Tech Highland Capital Management, Accel, Aspect Ventures, CRV, 4/4/17 Amino Series C $25 Benefits Software Northwestern Mutual Future Ventures, Pilot Wall Group Two Sigma Private Investments, EPIC Insurance Brokers and 3/30/17 Decisely NA $60 Benefits Software Consultants 3/25/17 Ottonova NA $16 B-to-V Partners, STS Ventures, Tengelmann Ventures Insurance Tech

3/21/17 Jellyvision Series B $20 Updata Partners HR Software Allianz SE, Rakuten FinTech Fund, Rheingau Founders, Route 66 3/17/17 simplesurance NA $21 Insurance Tech Ventures 2/22/17 EverQuote, Inc. Series B $13 Link Ventures, Second Alpha Insurance Marketplace

2/7/17 CXA Group Series B $25 B Capital Group, EDBI Benefits Software

Notes: 43 Source: CapitalIQ and Pitchbook. INSURANCE / BENEFITS Selected Recent Equity Financings – Trailing 12 Months (Cont’d)

($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

Notes: 44 Source: CapitalIQ and Pitchbook.