Financial Technology Sector Summary December 14, 2016

1 TABLE OF CONTENTS

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

2 SECTION I: GCA Overview

3 GCA OVERVIEW Financial Technology Team

London Tokyo San Francisco New York

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

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

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

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

* Saif Malik is a Vice President at GCA Savvian Europe Limited * Michio Suzuki is a Director at GCA Corporation 4 SECTION II: Market Summary

5 MARKET SUMMARY Industry Stock Market Performance

160 Last 12 Months Last 3 Years 125

150

115 140

105 130

120 95

110

85

100

75 90

65 80 12/14/15 1/27/16 3/11/16 4/26/16 6/9/16 7/25/16 9/7/16 10/21/16 12/6/16 12/12/13 4/1/14 7/18/14 11/5/14 2/23/15 6/11/15 9/29/15 1/15/16 5/4/16 8/22/16 12/8/16

(1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Online Broker Dealers 28.3% 22.1% 56.7% Financial Data, Content, Information Processors / Exchanges 2.8% 14.4% 31.7% & Analytics Credit Bureaus Banking & Lending Technology 2.2% 13.8% 47.3% Payments 1.3% 7.5% 27.9% (6) (5) Banking & Lending Online Broker Dealers Investment Services, Software, & Technology (2.0%) 3.3% 32.8% Technology Financial, Data, Content, & Analytics (2.7%) 13.2% 36.6%

Healthcare / Insurance Technology (3.7%) 3.8% 19.5% (7) (8) Information Processors / Credit Bureaus (7.6%) 13.2% 28.4% Investment Services, Healthcare / Insurance Software, & Technology Technology

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

2016E EBITDA Multiples 2016E EBITDA Margins

Healthcare / Insurance Technology 17.0x Exchanges 55.9%

Information Processors / Credit Bureaus 14.3x Online Broker Dealers 41.7%

Investment Services, Software, & 13.9x Financial Data, Content, & Analytics 33.6% Technology

Payments 13.3x Banking and Lending Technology 31.4%

Investment Services, Software, & Exchanges 13.1x 30.4% Technology

Financial Data, Content, & Analytics 13.0x Information Processors / Credit Bureaus 28.8%

Banking and Lending Technology 12.9x Payments 25.6%

Online Broker Dealers 11.7x Healthcare / Insurance Technology 19.9%

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

Notes: 7 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY Price / Earnings Multiples and PEG Ratios

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

Banking and Lending Technology 29.8x Healthcare / Insurance Technology 2.1 12.8%

Online Broker Dealers 25.8x Financial Data, Content, & Analytics 2.1 11.8%

Investment Services, Software, & 24.5x Exchanges 2.1 10.3% Technology

Information Processors / Credit Bureaus 23.3x Information Processors / Credit Bureaus 1.9 13.5%

Financial Data, Content, & Analytics 21.8x Banking and Lending Technology 1.9 16.1%

Investment Services, Software, & Exchanges 21.8x 1.8 15.0% Technology

Healthcare / Insurance Technology 21.7x Online Broker Dealers 1.6 17.5%

Payments 18.6x Payments 1.4 15.0%

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

Notes: 8 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY LTM Price Performance and 2016 P/E – Payments / Banking

($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2016 Prepaid Market Cap. Performance P/E 2016 Visa Inc. $184,151 1% 27.0x Blackhawk Network Holdings, Inc. $2,124 (17%) 24.6x Mastercard Incorporated $113,767 7% 27.8x Green Dot Corporation $1,309 54% 17.7x American Express Company $68,434 7% 12.6x Net 1 Ueps Technologies Inc. $618 (20%) 6.5x PayPal Holdings, Inc. $47,844 12% 26.5x Sector Average $1,350 6% 16.3x Discover Financial Services $28,720 34% 12.7x

Sector Average $88,583 12% 21.4x LTM Price ATM / Kiosks Market Cap. Performance P/E 2016 LTM Price Cardtronics plc $2,444 48% 16.6x Merchant Processing Market Cap. Performance P/E 2016 TIO Networks Corp. $172 49% 28.4x Cielo S.A. $18,790 3% 15.5x Everi Holdings Inc. $157 (38%) 3.4x First Data Corporation $13,319 (12%) 11.3x Sector Average $924 20% 16.1x Global Payments Inc. $11,095 1% 23.1x Vantiv, Inc. $9,237 11% 21.3x LTM Price Total System Services, Inc. $9,127 (11%) 17.6x POS Hardware / Technology Market Cap. Performance P/E 2016 Worldpay Group plc $6,686 (26%) 22.4x Wirecard AG $5,468 (10%) 22.6x NCR Corporation $5,108 52% 13.7x Square, Inc. $4,891 15% NM Ingenico Group $4,675 (40%) 17.5x EVERTEC, Inc. $1,371 9% 11.1x VeriFone Systems, Inc. $1,827 (39%) 10.7x GMO Payment Gateway, Inc. $1,256 (26%) 48.2x PAR Technology Corporation $84 (17%) NA CardConnect Corp. $286 NA NM Sector Average $2,923 (11%) 14.0x Planet Payment, Inc. $222 58% 26.0x JetPay Corporation $45 (13%) NM LTM Price Sector Average $6,292 (0%) 21.9x Banking and Lending Technology Market Cap. Performance P/E 2016 Intuit Inc. $30,025 21% 29.8x LTM Price Fidelity National Information Services, Inc $24,801 20% 19.7x Money Transfer Market Cap. Performance P/E 2016 Fiserv, Inc. $22,745 12% 23.6x The Western Union Company $10,672 16% 13.3x Jack Henry & Associates, Inc. $6,989 15% 29.3x Euronet Worldwide, Inc. $3,882 (0%) 18.6x Temenos Group AG $4,372 33% 32.3x MoneyGram International, Inc. $617 45% 14.3x Ellie Mae, Inc. $2,801 31% 38.1x Sector Average $5,057 20% 15.4x Black Knight Financial Services, Inc. $2,688 13% 34.0x ACI Worldwide, Inc. $2,327 (10%) 43.5x LTM Price LendingClub Corporation $2,180 (61%) NM Closed Loop Market Cap. Performance P/E 2016 DH Corporation $1,839 (26%) 11.0x Q2 Holdings, Inc. $1,278 14% NM FleetCor Technologies, Inc. $14,249 5% 22.3x Bottomline Technologies (de), Inc. $917 (15%) 24.2x Alliance Data Systems Corporation $13,412 (17%) 13.7x On Deck Capital, Inc. $307 (58%) NM WEX Inc. $4,956 33% 25.4x Performant Financial Corporation $194 99% 48.3x Edenred SA $4,694 8% 21.4x Sector Average $7,390 6% 30.3x Sector Average $9,328 7% 20.7x

LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2016 0 Experian plc $17,944 6% 21.0x Equifax Inc. $14,031 6% 21.4x Fair Isaac Corporation $3,779 35% 25.2x Acxiom Corporation $2,115 22% 41.6x Sector Average $9,468 17% 27.3x

Notes: 9 Source: CapitalIQ and Wall Street Research. Market data as of December 9, 2016. MARKET SUMMARY LTM Price Performance and 2016 P/E – Securities / Cap. Mkts. / Data & Analytics

($MM) ($MM) LTM Price Investment Services, Software, & LTM Price Exchanges - Americas Market Cap. Performance P/E 2016 0 Technology Market Cap. Performance P/E 2016 CME Group Inc. $41,652 29% 27.9x SEI Investments Co. $8,006 (4%) 25.3x Intercontinental Exchange, Inc. $35,538 18% 21.7x Broadridge Financial Solutions, Inc. $7,831 24% 23.7x Nasdaq, Inc. $11,336 23% 18.7x SS&C Technologies Holdings, Inc. $5,930 (14%) 18.0x BM&FBOVESPA S.A. $8,364 47% 14.9x DST Systems, Inc. $3,506 (6%) 19.3x CBOE Holdings, Inc. $6,233 19% 32.4x Financial Engines, Inc. $2,315 8% 33.0x BATS Global Markets, Inc. $3,301 NA 24.1x Envestnet, Inc. $1,507 14% 36.1x TMX Group Limited $2,881 83% 15.7x Sector Average $4,849 4% 25.9x Bolsa Mexicana de Valores SAB de CV $812 2% 17.5x Sector Average $13,765 32% 21.6x LTM Price Financial Data, Content, & Analytics Market Cap. Performance P/E 2016 LTM Price Thomson Reuters Corporation $32,908 16% 21.8x Exchanges - Asia Market Cap. Performance P/E 2016 0 S&P Global, Inc. $29,797 21% 21.8x Hong Kong Exchanges and Clearing Limite $30,370 (3%) 39.0x Moody's Corporation $19,076 0% 21.2x ASX Limited $6,971 22% 21.9x IHS Markit Ltd. $14,852 NA 20.3x Singapore Exchange Limited $5,573 (1%) 23.3x Verisk Analytics, Inc. $13,887 9% 26.9x Bursa Malaysia Berhad $1,050 0% 23.3x MSCI Inc. $7,667 16% 27.4x Sector Average $10,991 4% 26.9x FactSet Research Systems Inc. $6,684 (2%) 24.7x The Dun & Bradstreet Corporation $4,538 17% 16.7x Morningstar, Inc. $3,252 (6%) 26.3x LTM Price Bankrate, Inc. $933 (26%) 16.4x Exchanges - Europe Market Cap. Performance P/E 2016 0 Sector Average $13,359 5% 22.4x Deutsche Boerse AG $14,614 (7%) 17.8x London Stock Exchange Group plc $12,208 (11%) 23.5x LTM Price Bolsas y Mercados Españoles $2,566 (13%) 15.4x Online Broker Dealers Market Cap. Performance P/E 2016 JSE Limited $969 47% 13.8x GPW $385 (0%) 13.7x The Charles Schwab Corporation $52,125 18% 30.4x Hellenic Exchanges - Athens Stock Exch. $312 (3%) 62.6x TD Ameritrade Holding Corporation $22,815 22% 28.7x Sector Average $5,176 2% 24.5x E*TRADE Financial Corporation $9,756 19% 19.6x Interactive Brokers Group, Inc. $2,692 (8%) 25.8x GAIN Capital Holdings, Inc. $304 (18%) 16.0x LTM Price FXCM Inc. $51 57% NA Trading Platforms Market Cap. Performance P/E 2016 Sector Average $14,624 15% 24.1x MarketAxess Holdings Inc. $6,275 53% 65.9x BGC Partners, Inc. $2,856 8% 13.8x KCG Holdings, Inc. $945 14% 18.8x INTL FCStone Inc. $808 28% 15.0x Investment Technology Group, Inc. $665 16% 22.6x Virtu Financial, Inc. $612 (27%) 11.2x Sector Average $2,027 15% 24.6x

Notes: 10 Source: CapitalIQ and Wall Street Research. Market data as of December 9, 2016. SECTION III: Payments / Banking

11 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 12/9/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ Networks Visa Inc. $79.14 $66.12 $83.96 $184,151 $6,944 $191,095 12.1x 10.5x 17.4x 15.1x 27.0x 23.2x 17.0% 1.6 12.3% 19.3% Mastercard Incorporated 104.41 78.52 108.93 113,767 (3,653) 110,114 10.2x 9.2x 17.4x 15.9x 27.8x 24.4x 15.7% 1.8 11.8% 13.8% American Express Company 74.77 50.27 75.20 68,434 21,012 89,446 2.8x 2.8x NM NM 12.6x 13.3x 9.1% 1.4 3.9% (4.9%) PayPal Holdings, Inc. 39.65 30.52 44.52 47,844 (5,088) 42,756 3.9x 3.4x 15.6x 13.4x 26.5x 23.0x 16.4% 1.6 17.2% NM Discover Financial Services 72.82 42.86 72.83 28,720 14,772 43,492 4.8x 4.6x NM NM 12.7x 11.9x 7.4% 1.7 3.8% 6.6%

Mean 6.8x 6.1x 16.8x 14.8x 21.4x 19.1x 13.1% 1.6 9.8% 8.7% Median 4.8x 4.6x 17.4x 15.1x 26.5x 23.0x 15.7% 1.6 11.8% 10.2%

Merchant Processing Cielo S.A. $8.32 $6.94 $11.23 $18,790 $2,668 $21,457 5.6x 5.2x 12.8x 11.7x 15.5x 14.0x 12.2% 1.3 37.1% 28.4% First Data Corporation 14.62 8.37 16.90 13,319 18,416 31,735 2.7x 2.6x 11.1x 10.5x 11.3x 9.8x 16.1% 0.7 1.8% 0.9% Global Payments Inc. 72.19 51.29 79.93 11,095 3,838 14,933 5.5x 4.4x 17.2x 13.3x 23.1x 18.7x 13.0% 1.8 12.8% 25.5% Vantiv, Inc. 57.34 42.01 60.25 9,237 2,835 12,072 6.4x 5.9x 13.3x 12.3x 21.3x 18.7x 14.3% 1.5 12.9% 12.0% Total System Services, Inc. 49.65 37.47 56.54 9,127 3,022 12,148 2.9x 2.5x 11.9x 10.9x 17.6x 15.8x 11.0% 1.6 6.8% 62.0% Worldpay Group plc 3.34 3.11 4.03 6,686 1,815 8,501 6.0x 5.4x 15.1x 13.3x 22.4x 20.4x 30.3% 0.7 17.5% (2.0%) Wirecard AG 44.25 30.99 50.70 5,468 (888) 4,581 4.3x 3.3x 14.3x 11.1x 22.6x 19.6x 29.0% 0.8 24.1% 33.8% Square, Inc. 13.89 9.00 15.91 4,891 (514) 4,377 2.6x 2.2x NM 44.7x NM NM 20.0% NM 34.3% 32.2% EVERTEC, Inc. 18.50 11.27 18.60 1,371 602 1,973 5.1x 5.0x 10.6x 10.7x 11.1x 11.0x 10.5% 1.1 3.0% 1.6% GMO Payment Gateway, Inc. 34.11 33.07 70.14 1,256 (247) 1,009 8.9x 6.2x 25.1x 18.3x 48.2x 45.1x 24.4% 2.0 39.2% 49.6% CardConnect Corp. 9.95 8.70 11.56 286 123 409 0.7x 0.6x 10.8x 8.7x NM 57.2x NM NM 29.3% 37.3% Planet Payment, Inc. 4.22 2.19 4.97 222 3 225 4.0x 3.6x 15.3x 13.0x 26.0x 21.1x 25.0% 1.0 7.0% 7.9% JetPay Corporation 2.55 1.89 3.25 45 19 64 1.1x 1.0x 31.2x 20.9x NM NM NM NM 28.7% 47.6%

Mean 4.3x 3.7x 15.7x 15.3x 21.9x 22.8x 18.7% 1.2 19.6% 25.9% Median 4.3x 3.6x 13.8x 12.3x 21.8x 18.7x 16.1% 1.2 17.5% 28.4%

Money Transfer The Western Union Company $22.01 $16.02 $22.26 $10,672 $1,926 $12,597 2.3x 2.3x 9.4x 9.2x 13.3x 12.8x 7.4% 1.8 (1.0%) (1.5%) Euronet Worldwide, Inc. 74.35 52.00 84.81 3,882 (123) 3,758 1.9x 1.8x 10.8x 9.3x 18.6x 16.3x 14.8% 1.3 9.6% 8.9% MoneyGram International, Inc. 11.62 4.68 12.00 617 764 1,382 0.9x 0.9x 5.1x 4.9x 14.3x 10.9x 14.2% 1.0 6.1% 3.9%

Mean 1.7x 1.6x 8.4x 7.8x 15.4x 13.3x 12.1% 1.4 4.9% 3.8% Median 1.9x 1.8x 9.4x 9.2x 14.3x 12.8x 14.2% 1.3 6.1% 3.9%

Closed Loop FleetCor Technologies, Inc. $153.56 $107.56 $176.42 $14,249 $3,531 $17,780 9.7x 8.2x 18.6x 15.2x 22.3x 18.8x 16.0% 1.4 7.2% 7.3% Alliance Data Systems Corporation 232.20 176.63 280.95 13,412 17,839 31,250 4.3x 3.9x 15.5x 14.2x 13.7x 12.4x 16.0% 0.9 12.6% 18.7% WEX Inc. 115.96 54.42 117.14 4,956 1,752 6,708 6.7x 5.6x 18.2x 13.6x 25.4x 21.6x 15.0% 1.7 17.8% 27.3% Edenred SA 20.26 13.93 23.67 4,694 1,270 5,965 5.0x 4.5x 13.6x 11.9x 21.4x 18.8x 11.0% 1.9 10.3% (2.1%)

Mean 6.4x 5.5x 16.5x 13.8x 20.7x 17.9x 14.5% 1.5 12.0% 12.8% Median 5.8x 5.0x 16.8x 13.9x 21.8x 18.8x 15.5% 1.5 11.4% 13.0%

Prepaid Blackhawk Network Holdings, Inc. $38.35 $28.88 $48.19 $2,124 $276 $2,400 1.2x 1.1x 11.7x 9.4x 24.6x 20.2x 15.3% 1.6 8.3% 2.5% Green Dot Corporation 25.32 15.28 25.36 1,309 305 1,614 2.3x 2.2x 10.3x 9.1x 17.7x 14.6x 15.0% 1.2 2.2% 5.6% Net 1 Ueps Technologies Inc. 11.77 8.37 14.59 618 (178) 440 0.7x 0.7x 2.8x 2.6x 6.5x 7.0 NM NM (2.2%) 0.8%

Mean 1.4x 1.3x 8.3x 7.0x 16.3x 13.9x 15.1% 1.4 2.7% 2.9% Median 1.2x 1.1x 10.3x 9.1x 17.7x 14.6x 15.1% 1.4 2.2% 2.5%

Notes: 12 Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. PAYMENTS / BANKING Public Company Valuations: Financial Metrics (Cont.)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 12/9/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ

ATM / Kiosks Cardtronics plc $53.94 $28.01 $54.63 $2,444 $426 $2,870 2.3x 2.3x 9.0x 8.9x 16.6x 17.4x 14.3% 1.2 5.3% 5.5% TIO Networks Corp. 1.97 1.22 2.08 172 (30) 142 2.0x 1.7x 14.3x 10.5x 28.4x 22.6x NM NM 68.9% 79.1% Everi Holdings Inc. 2.37 1.13 4.50 157 1,024 1,180 1.4x 1.3x 6.0x 5.8x 3.4x 3.0x 20.0% 0.2 3.2% 6.4%

Mean 1.9x 1.8x 9.8x 8.4x 16.1x 14.3x 17.1% 0.7 25.8% 30.3% Median 2.0x 1.7x 9.0x 8.9x 16.6x 17.4x 17.1% 0.7 5.3% 6.4%

POS Hardware / Technology NCR Corporation $41.16 $18.02 $41.87 $5,108 $2,971 $8,079 1.2x 1.2x 7.5x 7.4x 13.7x 12.6x NM NM 1.7% 4.0% Ingenico Group 76.38 71.98 125.98 4,675 241 4,917 2.0x 1.9x 10.1x 9.2x 17.5x 15.6x 9.7% 1.8 1.1% 6.8% VeriFone Systems, Inc. 16.46 14.94 29.73 1,827 817 2,644 1.3x 1.4x 8.2x 8.3x 10.7x 10.3x 15.0% 0.7 (3.2%) (4.3%) PAR Technology Corporation 5.31 4.30 7.18 84 3 86 NA NA NA NA NA NA NM NA NA 5.9%

Mean 1.5x 1.5x 8.6x 8.3x 14.0x 12.8x 12.4% 1.3 (0.1%) 3.1% Median 1.3x 1.4x 8.2x 8.3x 13.7x 12.6x 12.4% 1.3 1.1% 4.9%

Banking and Lending Technology Intuit Inc. $116.98 $88.17 $117.74 $30,025 $495 $30,520 6.2x 5.8x 17.2x 15.1x 29.8x 25.9x 16.1% 1.9 9.6% 9.1% Fidelity National Information Services, Inc 75.56 55.11 81.67 24,801 10,088 34,889 3.7x 3.6x 11.8x 11.0x 19.7x 17.4x 12.0% 1.6 3.4% 46.2% Fiserv, Inc. 104.79 85.63 111.51 22,745 4,327 27,072 4.9x 4.6x 14.1x 13.1x 23.6x 21.1x 11.7% 2.0 5.1% 5.1% Jack Henry & Associates, Inc. 89.48 73.19 89.89 6,989 (85) 6,904 5.0x 4.7x 13.5x 13.3x 29.3x 27.6x 11.5% 2.5 7.2% 7.3% Temenos Group AG 66.94 39.87 71.21 4,372 273 4,645 7.4x 6.7x 19.9x 17.6x 32.3x 28.2x 18.2% 1.8 16.2% 10.8% Ellie Mae, Inc. 83.46 57.88 109.99 2,801 (387) 2,415 6.8x 5.5x 21.7x 16.6x 38.1x 34.4x 25.0% 1.5 39.3% 45.6% Black Knight Financial Services, Inc. 38.90 24.50 42.19 2,688 1,532 4,219 4.1x 3.7x 9.1x 8.2x 34.0x 29.4x 13.9% 2.4 11.2% 14.3% ACI Worldwide, Inc. 19.84 15.07 23.30 2,327 701 3,028 3.1x 3.0x 12.9x 12.0x 43.5x 38.9x 12.5% 3.5 (6.4%) (9.1%) LendingClub Corporation 5.53 3.44 14.02 2,180 (521) 1,660 3.4x 2.8x NM 27.2x NM 92.1x 2.0% NM 13.5% (1.5%) DH Corporation 17.22 10.68 30.55 1,839 1,445 3,285 2.6x 2.5x 9.7x 9.0x 11.0x 10.3x NM NM 17.2% 2.7% Q2 Holdings, Inc. 31.85 16.44 32.85 1,278 (92) 1,186 7.9x 6.2x NM NM NM NM 32.0% NM 37.3% 36.7% Bottomline Technologies (de), Inc. 25.08 18.48 31.52 917 45 962 2.8x 2.7x 12.5x 12.6x 24.2x 26.5x 17.3% 1.4 1.9% 0.2% On Deck Capital, Inc. 4.30 3.64 11.49 307 579 886 3.1x 2.3x NM NM NM NM 43.3% NM 13.9% (20.4%) Performant Financial Corporation 3.86 1.51 4.07 194 15 209 1.5x 1.6x 9.3x 29.8x 48.3 NM 20.0% 2.4 (14.0%) (19.0%)

Mean 4.5x 4.0x 13.8x 15.5x 30.3x 32.0x 18.1% 2.1 11.1% 9.2% Median 3.9x 3.6x 12.9x 13.2x 29.8x 27.6x 16.1% 1.9 10.4% 6.2%

Information Processors / Credit Bureaus Experian plc $18.95 $13.38 $20.20 $17,944 $3,161 $21,105 4.5x 4.4x 13.3x 12.3x 21.0x 19.5x 10.0% 2.1 NA 2.6% Equifax Inc. 117.16 91.72 136.97 14,031 2,732 16,763 5.3x 4.9x 14.9x 13.5x 21.4x 19.5x 12.0% 1.8 18.0% 20.5% Fair Isaac Corporation 122.15 80.20 132.95 3,779 495 4,274 4.8x 4.6x 20.5x 20.2x 25.2x 23.8x 15.7% 1.6 5.2% 1.3% Acxiom Corporation 27.30 17.32 27.70 2,115 (1) 2,114 2.4x 2.3x 13.7x 12.0x 41.6x 38.3x 15.0% 2.8 5.3% 4.8% Intersections Inc. 4.03 1.70 4.23 96 3 99 NA NA NA NA NA NA NM NA NA (12.0%)

Mean 4.3x 4.0x 15.6x 14.5x 27.3x 25.3x 13.2% 2.1 9.5% 3.4% Median 4.7x 4.5x 14.3x 12.9x 23.3x 21.7x 13.5% 1.9 5.3% 2.6%

Notes: 13 Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. PAYMENTS / BANKING Selected Recent Acquisitions – Trailing 12 Months

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

12/8/16 session M, Inc. LoyalTree Inc. Loyalty / Offers NA NA

12/7/16 PassportParking, Inc. ParkX, LLC Mobile Payments NA NA

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 Teza Technologies, Select Strategic 11/28/16 Virtu Financial, Inc. Trading Platform NA NA Telecommunications Assets 11/23/16 Klarna AB Cookies Labs GmbH Money Transfer NA NA

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

11/18/16 UTC Investment Co., Ltd. VNPT Electronic Payment JSC Mobile Payments NA NA

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

11/15/16 ayondo GmbH My Manisku Pte Ltd PFM NA 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 $54 NA

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

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

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

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

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

11/3/16 IBID Holdings Limited Dalberry Technologies S.R.L. Gateway NA NA

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

11/1/16 Strategic Insight Inc. BrightScope Inc. PFM NA NA

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

10/26/16 Groupon, Inc. LivingSocial, Inc. Ecommerce NA NA Lendingkart Technologies Private 10/18/16 Finectar Technologies Pvt. Ltd. Online Lending NA NA Limited 10/17/16 Safello AB BT Technology Inc. Bitcoin NA NA

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

9/29/16 Direct Pay Online Group PayGate Gateway NA NA

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

Notes: 15 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. PAYMENTS / BANKING Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue Vista Equity Partners; Vista Equity Fund 9/6/16 Regulatory DataCorp, Inc. Compliance/Risk NA NA III, L.P. 8/18/16 Rakuten, Inc. Bitnet Technologies Digital Currency NA NA

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

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

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

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

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

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

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

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

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

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

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

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

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

5/9/16 Upserve, Inc. Breadcrumb POS NA NA

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

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue Setefi S.p.A. and Intesa Sanpaolo Card 5/2/16 Mercury UK Holdco Limited Issuer Processing $1,192 NA D.O.O. Emerchants Limited (nka:EML Payments 4/28/16 Store Financial Services, LLC Prepaid $34 NA Limited) Barclaycard, Consumer Payments 4/28/16 Wizink Bank Sa Credit Cards NA NA Business in Portugal and Spain 4/27/16 SumUp Limited Payleven Holding GmbH Merchant Acquiring NA NA

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

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

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

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

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

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

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

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

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

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

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

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

3/7/16 CardConnect Corp. FinTech Acquisition Corp. Merchant Processing $350 NA Emerging Markets Payments Holdings 3/2/16 Network International LLC Payment Processing $340 NA Limited

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

2/29/16 Wirecard AG Provus Service Provider S.A. Payment Processing $35 NA

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

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

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

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

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

1/15/16 VeriFone Systems, Inc. AJB Software Design Inc. Gateway $90 NA

1/6/16 Blackhawk Network Holdings, Inc. Omni Prepaid, LLC Prepaid $120 NA Heartland Payment Systems, Inc., 1/4/16 EchoSat Communications Group, Inc. Gateway $10 NA Smartlink Division 12/28/15 Grovepoint Capital LLP Payzone UK Limited Mobile Payments $65 NA

12/15/15 Global Payments Inc. Heartland Payment Systems, Inc. Payment Processing $4,414 7.4x

Notes: 18 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

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

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

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

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

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

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

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

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

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

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

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 9/30/16 Remitly, Inc. NA $38 International Finance Corp, Silicon Valley Bank Money Transfer

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

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

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

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

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

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

9/14/16 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. 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: 21 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Subsector August Capital, NB Private Equity Partners, Nyca Partners, Social 7/19/16 CommonBond, Inc. Series C $30 Online Lending Capital, Tribeca Venture Partners, Victory Park Capital 7/19/16 Deal4Loans NA $15 Franklin Templeton Group Online Lending

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

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

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

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

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

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

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

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

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

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

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

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

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

4/27/16 Nubank NA $53 Goldman Sachs Credit Cards

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 CNP, Decaux Freres Investissements, Matmut, Partech, Sycamore 4/26/16 Lendix, SA Series B $14 Online Lending Asset Management, Weber Investissements Angel Ventures, Auria Capital, Core Ventures, CrunchFund, 4/21/16 Kueski Series A $10 Online Lending Richmond Global, Rise Capital, VARIV, Victory Park Capital 4/21/16 Forter Series C $32 NEA, Scale Venture Partners, Sequoia Fraud Detection Capital One, Fifth Third Bank, PNC, Safegaurd Scientifics, TD Bank, 4/17/16 Transactis, Inc. Series E $30 Bill Pay Wells Fargo 4/17/16 SocietyOne Australia Pty. Ltd. Series C $25 Westpac Banking Corp. Online Lending Bezos Expeditions, DN Capital, Draper Fisher Jurveston, Stripes 4/12/16 Remitly, Inc. Series C $39 Money Transfer Group, Trilogy Equity, Vulcan Capital Andreessen Horowitz, Founders Fund, Jeffries, Khosla, 4/12/16 Affirm, Inc. Series D $100 Online Lending Lightspeed Venture Partners, Spark Captial 4/11/16 Viva Republica Series A $23 Altos Ventures, Goodwater Capital, KTB Network Money Transfer

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

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

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

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

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

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

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

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

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

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

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

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

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

3/2/16 OurCrowd Ltd. NA $10 United Overseas Bank Limited Crowdfunding Bain Capital, Hercules Technology, Hummer Winblad, InterWest, 2/18/16 Aria Systems, Inc. Series E $50 Billing Software Madison Bay, Rembrandt, Venrock, Vmware 2/16/16 UniRush, LLC NA $20 Main Street Capital Prepaid

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

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

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

1/15/16 College Avenue Student Loans LLC NA $20 Comcast Ventures, DW Partners, Fenway Summer Online Lending

1/11/16 Starling NA $70 Harald McPike Mobile Banking

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

26 SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 12/9/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ Exchanges - Americas CME Group Inc. $122.74 $81.87 $122.74 $41,652 $727 $42,379 12.0x 11.3x 17.2x 16.1x 27.9x 25.7x 11.8% 2.4 6.1% (1.0%) Intercontinental Exchange, Inc. 59.66 45.44 59.86 35,538 5,823 41,361 9.2x 8.9x 15.1x 13.9x 21.7x 19.4x 12.8% 1.7 (4.2%) 32.1% Nasdaq, Inc. 68.62 54.62 71.92 11,336 3,397 14,733 6.5x 6.0x 12.7x 11.7x 18.7x 16.4x 10.1% 1.9 9.0% 6.7% BM&FBOVESPA S.A. 4.68 2.89 6.17 8,364 (261) 8,103 11.7x 10.5x 19.5x 15.4x 14.9x 13.5x 27.6% 0.5 23.4% 2.0% CBOE Holdings, Inc. 76.68 58.43 76.74 6,233 (73) 6,160 9.7x 9.0x 17.6x 14.9x 32.4x 29.4x 10.1% 3.2 0.5% (16.5%) BATS Global Markets, Inc. 34.25 22.40 34.32 3,301 530 3,831 8.7x 8.2x 13.5x 12.9x 24.1x 21.2x NM NM 14.3% (10.2%) TMX Group Limited 52.37 25.29 53.38 2,881 534 3,416 6.1x 5.9x 12.1x 11.3x 15.7x 14.7x NM NM 1.9% 6.9% Bolsa Mexicana de Valores SAB de CV 1.37 1.04 1.76 812 (85) 728 5.3x 4.9x 9.9x 9.2x 17.5x 15.8x 12.7% 1.4 (8.4%) (5.6%)

Mean 8.6x 8.1x 14.7x 13.2x 21.6x 19.5x 14.2% 1.8 5.3% 1.8% Median 9.0x 8.5x 14.3x 13.4x 20.2x 17.9x 12.2% 1.8 4.0% 0.5%

Exchanges - Asia Hong Kong Exchanges and Clearing Limited $24.83 $20.63 $27.48 $30,370 ($23,869) $6,502 4.5x 3.9x 6.4x 5.6x 39.0x 33.3x 0.1% 349.5 (12.3%) (13.8%) ASX Limited 36.04 27.85 39.03 6,971 (680) 6,291 11.2x 10.6x 14.6x 13.8x 21.9x 21.0x 4.6% 4.8 (14.0%) (0.2%) Singapore Exchange Limited 5.21 4.62 5.62 5,573 (683) 4,890 8.7x 8.4x 15.7x 14.5x 23.3x 21.0x 1.5% 15.6 (4.2%) (9.3%) Bursa Malaysia Berhad 1.96 1.82 2.13 1,050 (99) 951 8.1x 7.7x 14.3x 13.4x 23.3x 21.7x NM NM (1.1%) (1.7%)

Mean 8.1x 7.7x 12.8x 11.8x 26.9x 24.2x 2.1% 123.3 (7.9%) (6.2%) Median 8.4x 8.0x 14.5x 13.6x 23.3x 21.3x 1.5% 15.6 (8.2%) (5.5%)

Exchanges - Europe Deutsche Boerse AG $78.26 $69.69 $87.50 $14,614 $1,316 $15,929 6.2x 5.8x 11.7x 10.6x 17.8x 15.9x 9.8% 1.8 (14.5%) 1.9% London Stock Exchange Group plc 34.89 26.20 37.23 12,208 (1,265) 10,944 5.5x 5.1x 11.5x 10.1x 23.5x 19.6x 14.3% 1.6 (5.6%) (5.9%) Bolsas y Mercados Españoles 30.81 21.83 35.83 2,566 (355) 2,210 6.6x 6.6x 9.8x 9.9x 15.4x 15.7x NM NM (10.5%) (9.3%) JSE Limited 11.33 7.97 13.63 969 (119) 850 4.8x 4.4x 9.7x 8.9x 13.8x 12.8x NM NM 27.3% (3.7%) GPW 9.18 7.35 9.84 385 (46) 339 4.7x 4.7x 8.4x 8.4x 13.7x 12.8x NM NM (13.7%) (6.9%) Hellenic Exchanges - Athens Stock Exch. 5.07 3.58 5.88 312(1) (119) 193 6.7x 4.9x 19.8x 10.5x 62.6x 25.1x 10.6% 5.9 (18.7%) 26.4%

Mean 5.7x 5.2x 11.8x 9.7x 24.5x 17.0x 11.6% 3.1 (6.0%) 0.4% Median 5.9x 5.0x 10.6x 10.0x 16.6x 15.8x 10.6% 1.8 (12.1%) (4.8%)

Notes: 27 Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Public Company Valuations: Financial Metrics (Cont.)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 12/9/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ Investment Services, Software, & Technology SEI Investments Co. $50.04 $32.01 $54.29 $8,006 ($623) $7,383 5.3x 4.8x 14.1x 12.6x 25.3x 22.1x 13.5% 1.9 4.4% 5.7% Broadridge Financial Solutions, Inc. 65.76 48.56 71.74 7,831 898 8,729 2.5x 2.1x 12.8x 11.0x 23.7x 19.8x NM NM (10.4%) 50.5% SS&C Technologies Holdings, Inc. 29.24 23.62 35.06 5,930 2,388 8,319 5.5x 5.0x 13.7x 11.6x 18.0x 15.3x 15.0% 1.2 16.5% 36.5% DST Systems, Inc. 109.59 94.52 128.66 3,506 248 3,754 2.9x 2.5x 9.9x 9.9x 19.3x 17.6x 10.0% 1.9 (6.4%) 4.1% Financial Engines, Inc. 37.40 23.22 37.75 2,315 (119) 2,197 5.2x 4.7x 16.4x 14.3x 33.0x 29.0x 25.0% 1.3 36.0% 42.6% Envestnet, Inc.(1) 35.00 19.30 41.47 1,507 240 1,747 3.0x 2.6x 17.3x 13.1x 36.1x 26.2x 20.0% 1.8 10.0% 44.3%

Mean 4.1x 3.6x 14.0x 12.1x 25.9x 21.7x 16.7% 1.6 8.3% 30.6% Median 4.1x 3.6x 13.9x 12.1x 24.5x 20.9x 15.0% 1.8 7.2% 39.6%

Financial Data, Content, & Analytics Thomson Reuters Corporation $44.79 $33.96 $44.93 $32,908 $8,520 $41,428 3.7x 3.6x 13.3x 12.5x 21.8x 19.1x 8.0% 2.7 (7.9%) (0.1%) S&P Global, Inc. 115.00 78.55 128.40 29,797 1,564 31,361 5.6x 5.5x 12.7x 11.9x 21.8x 19.7x 12.9% 1.7 5.4% 8.7% Moody's Corporation 99.77 77.76 110.83 19,076 1,360 20,436 5.7x 5.4x 12.7x 11.9x 21.2x 19.5x 10.1% 2.1 2.6% 9.8% IHS Markit Ltd. (2) 35.70 32.78 37.85 14,852 3,065 17,917 5.1x 5.1x 18.2x 12.9x 20.3x 17.4x 15.0% 1.4 6.8% 29.9% Verisk Analytics, Inc. 82.93 64.79 86.00 13,887 2,118 16,005 8.0x 7.6x 16.0x 15.0x 26.9x 24.7x 11.8% 2.3 (3.3%) 5.9% MSCI Inc. 81.46 62.17 90.79 7,667 1,100 8,768 7.6x 7.1x 15.4x 14.0x 27.4x 23.4x 14.3% 1.9 6.9% 7.3% FactSet Research Systems Inc. 167.38 135.95 183.17 6,684 47 6,732 5.9x 5.5x 16.5x 15.5x 24.7x 23.3x 10.1% 2.4 10.8% 9.7% The Dun & Bradstreet Corporation 123.36 85.99 141.57 4,538 1,279 5,817 3.4x 3.3x 11.8x 11.3x 16.7x 16.0x 4.2% 4.0 4.2% 1.6% Morningstar, Inc. 75.53 67.74 89.44 3,252 (205) 3,047 3.9x 3.7x 12.2x 11.2x 26.3x 24.2x NM NM 0.3% 0.4% Bankrate, Inc. 10.35 6.59 14.19 933 159 1,092 2.5x 2.2x 9.5x 8.8x 16.4x 15.1x 17.5% 0.9 18.9% 29.2%

Mean 5.1x 4.9x 13.8x 12.5x 22.4x 20.3x 11.5% 2.2 4.5% 10.3% Median 5.3x 5.2x 13.0x 12.2x 21.8x 19.6x 11.8% 2.1 4.8% 8.0%

Online Broker Dealers The Charles Schwab Corporation (3) $39.32 $21.51 $39.89 $52,125 $5,807 $57,932 7.8x 6.9x NA NA 30.4x 25.3x 19.3% 1.6 18.4% 19.8% TD Ameritrade Holding Corporation (3) 43.37 24.88 43.59 22,815 1,817 24,632 6.8x 6.9x 16.4x 14.4x 28.7x 25.8x 12.9% 2.2 12.9% (0.4%) E*TRADE Financial Corporation (3) 35.64 19.61 36.04 9,756 1,534 11,290 5.8x 5.3x NA NA 19.6x 19.7x 18.3% 1.1 5.2% 20.2% Interactive Brokers Group, Inc. (3) 39.60 29.50 44.47 2,692 4,700 7,392 4.8x 4.6x 7.1x 7.1x 25.8x 25.2x 16.8% 1.5 12.6% (12.7%) GAIN Capital Holdings, Inc. (3) 6.24 4.54 8.20 304 (1,167) (863) NM NM NM NM 16.0x 9.6x NM NM (9.1%) (45.4%) FXCM Inc. 9.10 5.26 24.77 51 349 400 NA NA NA NA NA NA NM NA NA 2.9%

Mean 6.3x 5.9x 11.7x 10.7x 24.1x 21.1x 16.8% 1.6 8.0% (2.6%) Median 6.3x 6.1x 11.7x 10.7x 25.8x 25.2x 17.5% 1.6 12.6% 1.3%

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

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

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

11/30/16 Capital Foundry LLC, Investment Arm EquityNet, LLC Crowdfunding NA NA

11/28/16 MainstreamBPO Limited Galileo Fund Services Limited Fund Administration NA NA

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Notes: 29 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Notes: 30 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

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

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

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

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

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

3/31/16 Morningstar Inc. RightPond Broker Software NA NA Credit Suisse Group AG, HedgeFocus 3/21/16 Institutional Capital Network, Inc. Fund Administration NA NA Business 3/21/16 IHS Inc. (nka:IHS Markit Ltd.) Markit Ltd. Data / Information Services $6,139 5.5x Fitch Solutions, Inc., Credit Default 3/16/16 Markit Ltd. Risk Analytics NA NA Swap Pricing Service International Securities Exchange 3/9/16 Nasdaq, Inc. Exchanges $1,100 NA Holdings, Inc. 3/8/16 Equiniti Group plc RiskFactor Solutions Ltd Risk Analytics NA NA ConceptONE, LLC, Regulatory Reporting 3/7/16 Axioma, Inc. Risk Analytics NA NA And Risk Reporting Units 3/2/16 Tradeweb Markets LLC CodeStreet LLC Broker Dealer Software NA NA

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

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

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

Notes: 31 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Equity Financings – Trailing 12 Months

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

12/7/16 Finicity Series B $42 Bridge Bank, Experian PFM 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

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

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

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

Notes: 32 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

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

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

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

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

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

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

Notes: 33 Source: CapitalIQ and Pitchbook. SECTION V: Insurance / Benefits

34 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 12/9/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ Healthcare / Insurance Technology Quintiles IMS Holdings, Inc. $78.34 $55.01 $81.45 $19,286 $1,200 $20,486 3.7x 2.5x 17.7x 9.9x 20.0x 17.4x 13.9% 1.4 29.7% 3.9% Verisk Analytics, Inc. 82.93 64.79 86.00 13,887 2,118 16,005 8.0x 7.6x 16.0x 15.0x 26.9x 24.7x 11.8% 2.3 (3.3%) 5.9% Guidewire Software, Inc. 53.99 42.32 64.00 3,969 (530) 3,439 7.8x 6.8x 43.7x 31.5x 77.8x 60.0x 17.4% 4.5 11.9% 14.4% athenahealth, Inc. 96.20 90.11 167.46 3,796 161 3,957 3.6x 3.1x 16.4x 13.7x 53.6x 44.4x 25.6% 2.1 18.7% 17.2% Ebix, Inc. 59.70 28.28 63.00 1,935 152 2,088 7.1x 6.5x 18.7x 17.1x 21.7x 21.2x 10.0% 2.2 NA 11.7% Crawford & Company 13.42 3.99 14.37 747 143 890 0.8x 0.8x 7.1x 6.3x 19.0x 15.8x 10.0% 1.9 (3.6%) (5.5%) Polaris Consulting & Services Limited 2.33 2.09 3.22 237 (71) 166 0.5x NA NA NA 9.9x NA NM NM 3.3% (3.6%) Symbility Solutions Inc. 0.39 0.18 0.43 92 (5) 88 3.4x 2.9 NM 85.4 NM NM NM NM 0.0% 13.9%

Mean 4.4x 4.3x 19.9x 25.6x 32.7x 30.6x 14.8% 2.4 8.1% 7.2% Median 3.6x 3.1x 17.0x 15.0x 21.7x 22.9x 12.8% 2.1 3.3% 8.8%

Notes: 35 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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Notes: 36 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

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

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

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

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

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

12/23/15 Keylane B.V. GENEVA-ID GmbH Core Processing NA NA

Notes: 37 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 Aleph, General Catalyst, Google Ventures, Sequoia Capital, 12/5/16 Lemonade Inc. Series B $34 Insurance Thrive Capital, Tusk Ventures, XL Innovate Adams Street Partners, Blue Cloud Ventures, First Data, Intel 11/15/16 CareCloud Series C $32 Revenue Cycle Management Capital, Norwest Venture Partners, PNC Financial Services Group, 11/3/16 EasyPolicy NA $10 Burman Family Office, Unilazer Ventures Insurance Lead Gen BrownSavano Direct Capital Partners, Oceanic Partners, Stratim 10/20/16 EverQuote, Inc. Series B $23 Insurance Lead Gen Capital LLC, T Capital Management LLC 8VC, Canaan Partners, Lightspeed Venture Partners, Nyca 10/19/16 Ladder Financial Inc. Series A $14 Life Insurance Partners LLC Kleiner Perkins Caufield & Byers, Propel Venture Partners, 10/4/16 Hixme Inc. Series B $14 HR Software Rosemark Capital Group, Transamerica Ventures Fund 9/28/16 Sedgwick NA $500 Caisse de Depot et Placement du Quebec Claims Management

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

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

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

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

3/15/16 Next Insurance Series A $13 Ribbit Capital, TLV Partners, Zeev Ventures Insurance Tech

Notes: 38 Source: CapitalIQ and Pitchbook.