Financial Technology Capital Markets Update

Recent Capital Markets Transactions Major Indices & Exchange Rates KKR and Stone Point Capital Acquire Focus Financial Partners at $2B EV Close as of % Change • Provider of wealth management, benefit, and investment consulting services 5/2/2017 1 Month 12 Month previously filed to go public in August 2016 at a $1B valuation Harland Clarke Holdings Acquires RetailMeNot for $682M Dow Jones Industrial Average 20,949.89 1.4% 17.1% • Purchased at 50% premium to closing price on April 7, combination with NYSE Composite Index 11,551.30 0.5% 10.1% world’s largest coupon site would create a global multi-channel media network Open GI Acquires Transactor Global Solutions for $50M NASDAQ Composite Index 6,095.37 3.1% 26.5% • Established in 2003, offers one of the most advanced and innovative Policy AMEX Composite Index 2,528.32 0.7% 7.1% Administration and Rating platforms in the UK General Insurance market S&P 500 2,391.17 1.2% 14.9% Coupa Software Acquires Trade Extensions Tradeext for $45M • Acquisition bolsters Coupa's sourcing functionality for manufacturers and Russell 2000 Index 1,399.36 1.0% 22.7% retailers and yields customer relationships across Europe, Asia, and the US Euro / USD 0.9171 (1.9%) 5.6% Nets Oy Acquires OP Financial Group, Merchant Acquiring for $32M • Nets will benefit from OP's strong brand recognition among merchants in Japanese Yen / USD 112.1000 0.5% 5.2% Finland while providing OP merchants with wider range of payment solutions British Pound / USD 0.7739 (3.1%) 13.5% StatPro Group Acquires UBS Delta for $14M Bitcoin / USD 1,471.5500 36.6% 222.9% • UBS Delta will enable StatPro to extend its risk and performance analytics service from the middle office to the front office of asset managers Interest Rates Insight Venture Partners Acquires Abila from Accel-KKR • Abila and Aptify to be combined with YourMembership to form Community As of Bps Change Brands, providing solutions for 13,000 associations and not-for-profits 5/2/2017 1 Month 12 Month Vantiv Acquires Paymetric, a Francisco Partners Portco Mergers and Acquisitions Mergers and • Headquartered in Atlanta, automates B2B payment workflows within U.S. Prime Rate 4.000% 399.96 50.00 enterprise systems, including SAP, Oracle, Hybris, and Salesforce U.S. Treasury - 10 years 2.296% (10.00) 42.90 HgCapital Acquires Majority Stake in MitraTech • Leading global provider of legal, risk and compliance software serving ICE LIBOR - USD - 3 Month 1.174% 2.42 53.71 multinationals and SMEs across Europe and the US Federal Funds Overnight Rate 0.920% 11.00 56.00 Ant Financial Acquires helloPay Singapore from Lazada • Acquisition follows plans for a cross-border eCommerce hub in Malaysia and Markets Indexed Prices joint venture with Emtek, Indonesia’s second largest media firm 40% Mortgage Candence (Accenture) Acquires BeesPath Russell 2000 • ClosingBridge platform extends loan origination functionality to include a 35% S&P 500 Index comm platform connecting mortgage lenders with title and settlement agent Dow Jones Industrial 30% NASDAQ Composite $75M Elevate Credit (NYSE:ELVT) IPO at $6.50 (initial range of $12 to $14) 26.5% 25% $60M China Rapid Finance (NYSE:XRF) IPO at $6.00 (range of $6 to $7) Large Cap FT Index 22.7% Snow Software - $120M led by Sumeru and Ontario Pension Board 20% 18.8% 17.1% Robinhood - $110M Series C led by DST Global at $1.3B post-money 15% 14.9% Indexed Price (%) Mobikwik - $100M round including BlackRock at $1B post-money 10% Blink Health - $90M Series B led by Eight Partners, with total raised at $165M Indexed Price Indexed Price (%) 5% Wecash - $80M Series C led by China Merchants VC and Forebright ivalua - $70M led by KKR Next Gen Tech Growth Fund 0%

Equity Offerings Decisely Insurance Services - $60M led by Two Sigma Investments (5%) Nav - $38M Series B led by Experian and including CreditEase and Point72 (10%) Quovo - $10M Series B led by F-Prime and including Napier Park 2-May-16 2-Aug-16 2-Nov-16 2-Feb-17 2-May-17

Source: Capital IQ. *Historical data has been adjusted from previous versions to account for a change in the data source to accurately reflect the comparison of current and historical periods Note: Large Cap FT Index considers all public companies covered in this newsletter that have a market capitalization of over $300M as of the publication date Disclosure: KeyBanc Capital Markets is a trade name under which corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member NYSE/FINRA/SIPC ("KBCMI"), and KeyBank National Association ("KeyBank N.A."), are marketed. Pacific Crest Securities is a division of KBCMI. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services are offered by KeyBank N.A. This report was not issued by our research department. The information contained in this report has been obtained from sources deemed to be reliable but is not represented to be complete, and it should not be relied upon as such. This report does not purport to be a complete analysis of any security, issuer, or industry and is not an offer or a solicitation of an offer to buy or sell any securities. This report is prepared for general information purposes only and does not consider the specific investment objectives, financial situation, or particular needs of any individual person or entity. 1 Sector Focus: Recent Core Bank and Bank Software Transactions

• FIS inherited Ambit Private Banking via its 2015 acquisition of SunGard. Ambit Private Banking was one of a myriad of purchases made by SunGard. Its flagship core banking system has around 40 users, predominantly in Switzerland. The vendor had over the years attempted to enter other markets (such as the UK, for example) but failed to gain any significant international presence • Later in 2015, FIS divested SunGard’s other core banking software business, Ambit Core Bank (fka System Access), to a rival core banking system developer in Singapore, Silverlake Axis, for $12M (SunGard had purchased System Access less than ten years prior for $120M) • Founded in 2001, Switzerland-based New Access specializes in front-end solutions for the private banking industry and its 70 employees serve 120+ banks in 20 countries. With this acquisition, New April 10, 2017 Access has gained a suite of products for core banking (system fka as Apsys), analysis and control, • Financial terms undisclosed client and market management, fund accounting, and alternative investments • With 2K+ employees, Avaloq serves 150+ banks and wealth managers worldwide and generated $524M in revenue in 2016 (a 10% increase from 2015) • The Company has largely completed a transformation from a pure software company to an integrated service provider and faces growing demand for digital banking, outsourcing, and SaaS solutions • Transaction (with a 7 year investment horizon) is the first step towards a potential public listing and allows the firm to rebalance its shareholding structure March 22, 2017 • Chairman and CEO Francisco Fernandez will retain a ~28% shareholding, and management and • 35% stake acquired for employees will retain an additional ~27% shareholding $303M at $866M EV • Concurrent with the transaction, Avaloq is creating a European Advisory Board to support the • 1.6x LTM Revenue company’s strategic initiatives with current and former C-suite executives representing Swiss Re, • 10.5x LTM EBITDA LCH.Clearnet, Cassa Lombarda Bank, Santander Italy, Deutsche Bank, BMW, and Banco Santander • The combined company will have a global reach, combining D+H’s strong presence in North America with Misys’ scale across Europe, Asia, and the Middle East • The new global fintech powerhouse is expected to have approximately $2.2B in revenues, ~10K employees and, 9K+ customers across 130 countries • Vista Equity Partners, parent of Misys, will acquire all of the outstanding shares of DH Corporation for CAD 25.50 per share in cash at an 11% premium above prior day closing price and 36% above March 13, 2017 closing price on December 5th when reports surfaced that DH was exploring strategic alternatives • $3.5B EV • Hedge fund Elliott Management’s PE unit, Evergreen Coast Capital, is helping to finance the • 2.8x LTM Revenue transaction by providing preferred equity • 14.6x LTM EBITDA • The transaction follows Misys’ post-Brexit retraction of a potential public offering in London

• Founded in 2007 and headquartered in Sydney, Australia with 150 employees, Rubik serves 930+ clients and 23K+ end users across Asia and the Middle East with its banking, wealth management and mortgage brokerage software • ~70% of the ASX listed entity’s revenue is recurring from SaaS solutions • Temenos, which has a longstanding partnership with Rubik dating back nearly 10 years, views the acquisition as a platform for growth in the Australian and wealth management market. In the past, Rubik has also employed Temenos solutions for its Model Bank and digital front-end platform February 14, 2017 • Post-acquisition, Temenos will be able to offer a complete vertically integrated solution for the • $59M EV Australian banking market, enabling clients to effectively realize their digital ambitions • 1.9x LTM Revenue

• Online Banking Solutions (OBS) was founded in 2002 and is headquartered in Atlanta, GA with about 40 employees. It offers secure online business banking services to financial institutions • Among its products are a secure data exchange for financial institutions and their commercial clients, an e-banking and business services portal, and an SMB banking, payments, and financial portal • OBS products are currently integrated across a number of Fiserv solutions and with other core processing platforms • Through the acquisition, Fiserv will gain additional cash management and digital business banking December 12, 2016 capabilities to better serve financial institutions increasingly focused on deepening relationships with • Financial terms undisclosed commercial customers

Sources: Company press releases, Business Wire, MergerMarket, Financial Times, Banking Technology, Bloomberg, American Banker, BizJournals

2 Financial Technology Headlines

04/28 JPMorgan Chase has formally exited blockchain consortium R3, following in the footsteps of fellow titans Goldman Sachs and Banco Santander who split last November. JPMorgan was one of nine original members of R3, which has since seen its ranks swell to more than 70 of the financial services industry's biggest players. The departure comes as R3 continues to pursue fundraising efforts, looking to raise to raise $150M from its members and strategic investors in return for a 60% stake in the business - a downgrade from its original funding target of $200M. JPMorgan is a founding member of the Enterprise Ethereum Alliance, which favors the development of corporate-grade technology over the open source blockchain platform. The bank has also developed its own DLT platform, dubbed Quorum, which is making waves within the Linux Foundation-led Hyperledger movement (Finextra, 04/28/17).

04/28 Everyone knows the convenience of reviewing and signing a document anywhere at any time online, even on mobile devices. But for payments that might accompany those contracts — such as security deposits or escrow payments — documents remain separate and therefore a separate transaction. There were approximately 170M unique documents signed using DocuSign last year, with nearly 1,350,000 unique signers using the platform each and every day. That means that 68M agreements had a financial component associated with it in 2016. Payments are actually part of many of the agreements where digital signatures are being used, such as signing a lease, putting down a security deposit at a venue, a lawyer/accountant getting a retainer or for any type of sales agreement or invoice (Pymnts.com, 04/28/17).

04/26 Canada is looking to build a new national core clearing and settlement system. In December, Payments Canada published its multi-year roadmap, which sets out plans for near-term enhancements to existing systems to speed up transactions, as well as longer-term improvements such as the implementation of a faster payments capability and a new core clearing and settlement system. This system, dubbed Lynx, will be built by one of Vocalink, SIA, and CGI after the three were invited to take part in a competitive procurement process, which will take place over the next few months (Finextra, 04/26/17).

04/26 When it comes to machine learning, it is the human learning curve that can be most crucial to the success of a project. Machine learning is just a more modern and much faster form of mining data, made possible by the availability of vast amounts of it, according to Sood, Vice President of Software Engineering at Capital One. Capital One had been using something like Google Analytics, which had been limiting. Now Capital One has a solution that uses machine learning to customize content in real time on the website for every user, based on their behavior during their session. So people looking at a reward card would be served content that is different from people looking at a savings account (American Banker, 04/26/17).

04/21 The seemingly plodding US migration to the EMV chip card standard may not be so plodding after all. Visa Inc., in data released few weeks ago, which says consumers made 1B Visa chip card transactions in March, triple the 303.3M in March 2016. The number of transactions has steadily increased since December 2015, when there were 230.7M EMV credit card transactions. Current numbers include credit and debit volume, but earlier data included only credit cards because there were so few EMV debit cards in issue. Payment volume, however, dipped slightly. Chip card payment volume at $49.1B in March was 8.7% less than the December total of $53.8B. Consumers traditionally increase their spending at retailers in the fourth quarter compared with other quarters (Digital Transactions, 04/21/17).

3 Financial Technology Headlines

04/19 Robo-advisor Wealthfront is moving into lending, enabling customers to borrow against their investment accounts. The Portfolio Line of Credit service lets Wealthfront clients with at least $100,000 invested through the firm borrow up to 30% of their account value. As well as being fast and hassle free, Wealthfront claims that its new service is cheap, with interest rates of between 3.25% and 4.5% - well below alternatives because the credit is secured against the borrower's own investments. Lending is just the latest diversification move from Wealthfront, which has also recently rolled out a college saving plan and a service for selling stock options (Finextra, 04/19/17).

04/19 Nasdaq has launched a dedicated venture investment unit to identify and collaborate on new technologies with fintech companies worldwide. Nasdaq's investment program began unofficially in late-2015 with the exchange operator taking stakes in blockchain infrastructure provider Chain.com, machine intelligence company Digital Reasoning, and real- time risk analytics firm Hanweck. Nasdaq Ventures will be led by Morgan Stanley's Gary Offner who has a 20-year track record in private equity, venture capital and strategic direct investment experience with an emphasis on minority growth capital investments in technology companies. The minority stake investments made by Nasdaq Ventures are expected to range from less than $1M to approximately $10M and will include seed to late-stage venture rounds (Finextra, 04/19/17).

04/18 While there seems to be something of a detente between banks and fintechs as they start to partner more, especially on general consumer financial products, some fintech companies are still looking to beat banks in serving specific types of customers. The latest example is a partnership announced last week between Lyric Financial, a firm that provides financing services to musicians, and TuneCore, a digital music publishing and distribution provider for independent musicians. The two companies are offering a product, TuneCore Direct Advance, that allows TuneCore artists to take advances against their future distribution sales revenue. Musicians who use the service would pay 3% to 5% on the advance, based on the length of the payback period. Such a rate should make the service an attractive alternative to traditional credit cards and loans, according to Craig Focardi and executive advisor for retail banking at the research and consulting firm CEB (American Banker, 04/18/17).

04/18 When PayPal Holdings Inc. made deals last year with Visa, Mastercard, Citigroup, and FIS, one key part of the agreements was access to the card networks’ tokenization engines to reach bank-issued payment cards. The company announced a pact with Alphabet’s Google unit to let shoppers use PayPal within the Android Pay mobile wallet for in-store as well as online and in-app purchases. PayPal also said a newly concluded deal with another major bank, this time Wells Fargo will let the bank’s customers use their Wells debit or credit cards within their PayPal wallet on Android devices for in-store transactions (Digital Transactions, 04/18/17).

04/18 About 60% of the nation’s approximately 450,000 ATMs can now accept EMV chip cards, according to industry executives familiar with the years-long process of transitioning from magnetic-stripe cards. Under payment-network liability shifts, ATM deployers will bear the cost of counterfeit fraud from a transaction if their devices cannot read a chip card. Industry executives predict a decline in the number of ATM deployments once all the networks’ liability shifts take effect because owners will decide the costs of upgrading or replacing some old machines are not worthwhile. But exactly how much shrinkage looms is a matter of guesswork (Digital Transactions, 04/18/17).

4 Financial Technology Headlines

04/18 The Conference of State Bank Supervisors announced a raft of measures Tuesday designed to simplify multistate licensing and regulatory oversight for fintechs and other companies registered as money-services businesses. Money services businesses (MSBs) will be allowed to fill out a single form when submitting their quarterly financial data to the 18 state regulators currently involved in the effort, rather than individual filings for each locality. Some states have been more vocal than others in advocating better coordination on fintech issues, particularly in response to the Office of the Comptroller of the Currency’s plan to create limited-purpose bank charter for fintech firms (American Banker, 04/18/17).

04/14 ACH volume grew by more than 1B transactions in 2016 according to network governing body NACHA. The Herndon, VA based organization says traffic on the network, which connects virtually all US financial institutions, hit 25.6B transactions, up 5.3% from 2015. That grand total includes on-us transactions. Excluding on-us and direct-send traffic, ACH transactions totaled 20.3B, up 5.3% from 19.3B in 2015. ACH users moved $43.7T in value last year, up 5.1% from 2015. The top five ACH originators and their total 2016 transactions (excluding on-us) and percentage increases over 2015 were: Wells Fargo, 4.88B, 7.8%; JPMorgan Chase, 3.76B, 2.5%; Bank of America, 2.51B, 4.1%; Citigroup, 904.6M, 3.6%, and US Bancorp, 699.9M, 2.8% (Digital Transactions, 04/14/17).

04/14 A credit card, mystifyingly, had suddenly become cool. And what really got under Amex executives’ skin was that Chase was succeeding by, essentially, copying the American Express playbook and chasing the same up-and-coming elites who had traditionally joined Amex’s ranks. One of the big reasons for those stumbles is that other financial companies, most notably Chase and Citibank, have started beating Amex at its own game, often by hiring the same executives who built Amex. The head of Citibank’s credit card division as well as the heads of its branded cards, global rewards, customer acquisition, proprietary products and analytics all came from American Express (NY Times, 04/14/17).

04/12 Tech executives’ ability to sort through bogus claims around new technology is more important now than ever before. Technology used in the capital markets is discussed in the mainstream. Big-time publications post stories about blockchain and artificial intelligence. People whose jobs have nothing to do with technology are interested and inundated with information about the latest innovative solutions. The days of technology flying under the radar of business-side executives is long gone. Now everyone, to one extent or another, is educated, albeit on a basic level, on new technologies. That’s why it is important for executives to understand how to sort through the bogus claims to get to what’s real. This has always been important to CTOs and CIOs, but it is critical now due to the knowledge their business counterparts have (WatersTechnology, 04/12/17).

04/12 Ripple has hired Marjan Delatinne to be its European Sales Director. The appointment is noteworthy because until recently, Delatinne led customer engagement for Swift’s Global Payments Innovation (GPI) initiative, with which Ripple’s cross-border payment system competes. Swift’s strength is its network of 11,000 banks that send messages about payments to one another and through correspondent banks where necessary. GPI is a cloud-based solution that lets members track the status of their Swift messages. Ripple provides distributed-ledger technology that lets banks send international payments to one another in real time, without the need to go through correspondent banks (American Banker, 04/12/17).

5 Financial Technology Headlines

04/12 Anti-money-laundering rules have always been a challenge in the financial services arena, with regulatory bodies demanding high standards of compliance and levying fines for noncompliance. Financial institutions have long struggled to meet those demands. Transactional risk ratings establish a ceiling that also applies to credit risk ratings. Most banks do not generally have formal regional limits to lending, but some banks monitor exposures for a given region informally, and most have specific country limits. Many banks apply a single country rating to all types of exposure, while distinguishing between foreign and local currency funding (American Banker, 04/12/17).

04/12 Bank card merchant acquirers participating in AmEx’s OptBlue program signed 1M small businesses for AmEx acceptance. The push came as New York City-based AmEx drives toward chief executive Kenneth Chenault’s goal of having AmEx’s merchant base reach parity with the Visa / MasterCard base in 2019. AmEx in 2016 had about 8.5M acceptance locations in the US, excluding ATMs and bank branches. While up 33% from 6.4M locations in 2013, AmEx is still about 1.5M locations short of the bank card base. The main holdouts have been small businesses, which often are reluctant to pay AmEx’s discount rates, traditionally the highest among the four major US general-purpose card brands (Digital Transactions, 04/12/17).

04/10 Most people know Java and C++, but good ol’ COBOL is still alive and kicking. In the US, around 80% of in-person transactions and 95 percent of ATM swipes are based on programs written in COBOL. According to Reuters, around three trillion dollars in daily commerce flow through COBOL systems. Many major financial corporations and some parts of the federal government have built their entire infrastructure on COBOL bases from the 70s and 80s. Companies are in desperate need for some young blood with COBOL knowledge. Only a few universities are still teaching COBOL but it is not enough to meet demand. In 2012 the Commonwealth Bank of Australia replaced its core banking platform to modernize their system. The change ended up costing around 750M dollars, which is why many banks have opted for trying to keep their COBOL systems going. The great need for new COBOL programmers means great job-security and possibly higher salaries in the future, as the talent-pool gets smaller and smaller (TNW, 04/10/17).

04/10 Silicon Valley Bank has teamed up with First Data to provide mentorship and expertise to startups enrolled in Commerce.Innovated, the bank's accelerator program. Launched in 2014, the accelerator is a four-month program aimed at helping startups in the commerce and payments industry bridge the gap between their incubation stage and Series A funding round. Each participating company receives dedicated support from one or more mentors, with most meetings taking place virtually. As in most accelerators, participants can also tap into the professional networks of the program's sponsors to find new customers and business partners. The $44.6B-asset Silicon Valley Bank's partnership with First Data, is designed to deepen the pool of knowledge and connections from which startups in the program can benefit. First Data helps companies around the world process more than $2.2T in transactions a year (American Banker, 04/10/17).

6 Financial Technology Headlines

04/06 A year after being forced out of Lending Club, the firm's founder Renaud Laplanche is back with a new online lending platform and $60M in financing. Last year Laplanche was forced out of Lending Club, which he founded in 2006, after an internal review found that $22M in near-prime loans were sold to an institutional investor that did not want them. The application date on $3M of the loans was altered to make them look like they met the investor's requirements. Laplanche also faced questions about an undisclosed investment he made in a company, called Cirrix, which buys Lending Club loans. The new company claims to use cutting edge technology to risk management, servicing operations, compliance management system, and internal controls (Finextra, 04/06/17).

04/06 A technology solution to the liquidity problem is being created by CIBC, Commerzbank, Credit Suisse, ING, and UBS, along with the blockchain consortium R3 and the liquidity management software company HQLAX. They are building a distributed ledger specifically for banks to trade highly liquid securities with one another and thus be better able to manage their liquidity ratios. In a recent report, the Bank of International Settlements found that financial institutions hold more highly liquid assets to meet short-term obligations than they need to. Liquidity is typically managed through the borrowing and lending of cash and securities (American Banker, 04/06/17).

04/04 Wells Fargo and the data aggregator Finicity are announcing a deal through which Wells Fargo will give Finicity access to its customers’ account data through an open application programming interface. This will allow Finicity’s clients, which include four of the top seven providers of personal financial management and many online lenders, to populate apps with Wells Fargo customer data and use that data to assess potential borrowers’ creditworthiness — without customers having to give the third parties their login and password. Wells Fargo uses Financial Services Information Sharing and Analysis Center’s Durable Data API standard for sharing data and the OAuth standard for tokenized authentication (American Banker, 04/04/17).

04/04 According to CEO Jamie Dimon’s annual letter to shareholders, JPMorgan Chase plans to allow its retail customers to open an account and complete most transactions on their mobile device and offer them self-directed investment tools, while corporate customers can expect an enhanced digital platform. The highly anticipated letter often serves as a bellwether for various topics, ranging from the threat of fintech in previous years to the need for regulatory reform, the dominating topic in this year’s missive. Dimon also name-checked the savings app Digit, which helps people build savings by moving small amounts of money into an account based on spending and income (American Banker, 04/04/17).

04/04 Facebook-owned messaging service WhatsApp is advertising for a digital transaction lead with experience of UPI, Aadhaar, and BHIM, in a move which is seen as the precursor to the launch of a P2P payments service in India. Facebook has already implemented payments for its Messenger app in the US, but the service has less traction in India, where WhatsApp has attracted over 200M users. The use of messaging services as a springboard into the payments business is a growing trend, with Tencent-owned WeChat signaling its ambitions to grow its business in Europe by opening a London office (Finextra, 04/04/17).

7 Financial Technology Headlines

04/04 Banks fought hard for assurances that they could use existing methods to comply with a new accounting standard for forecasting credit losses. One bank, First Commonwealth Financial in Indiana, PA is already making a change. The $6.7B-asset company recently concluded that using Excel to calculate its loan-loss allowances no longer made sense, and it is set to switch to a SageWorks program it hopes will slash hundreds of hours off the time required to determine an appropriate allowance. First Commonwealth decided to scrap Excel for multiple reasons. In addition to an increasingly lengthy preparation process, Excel’s open architecture made human error a constant concern (American Banker, 04/04/17).

04/03 Amazon has launched a service that lets Americans top up their accounts by handing over cash at the physical locations of partner retailers. To use Amazon Cash, shoppers visit the Amazon site or app and request a barcode that they can either receive via text message or print off. The shoppers then visit a partner retailer, such as CVS or Speedway, show the barcode to a cashier, hand over between $15 and $500, and have the funds added to their Amazon accounts within seconds. The free service is aimed at people who may want to shop online but are unbanked and so have limited options beyond cash (Finextra, 04/03/17).

03/31 The Australian Competition and Consumer Commission has denied authorization to the Commonwealth Bank of Australia, Westpac, National Australia Bank, and Bendigo and Adelaide Bank to collectively bargain with Apple and boycott Apple Pay. The ruling ends a long-running and often acrimonious battle between some of the nation's biggest bank and Apple over access to the Near-Field Communication (NFC) controller in iPhones. Apple has a stated desire to own the entire mobile wallet, and will use the beachhead into mobile wallets afforded to them by complete control over mobile payments on iPhone to exert control over the rest of the digital wallet (Finextra, 03/31/17).

03/31 PayPal made a counterintuitive move when it entered the subprime lending business. PayPal has generated an estimated $575M in earnings from its consumer lending business, PayPal Credit. Shoppers who max out their credit cards frequently use the product to finance big-ticket online purchases. While the firm will continue offering PayPal Credit to consumers, it has hinted that is exploring options to reduce its exposure to souring loans. Close observers of the company have floated different possibilities. PayPal Credit borrowers are paying on time, may be motivated in part by the prospect of rising losses (American Banker, 03/31/17).

8 Financial Technology Public Comps Valuation Summary (as of May 2, 2017)

Valuation Multiples Growth Rates PEG EV / Revenue EV / EBITDA P/E Revenue (%) EPS (%) Ratio CY2017E CY2018E CY2017E CY2018E CY2017E CY2018E CY2017E CY2018E CY2017E CY2018E CY2018E Payment Networks 11.4x 10.3x 17.8x 16.0x 27.0x 23.4x 13.6% 9.9% 16.7% 15.6% 1.6x

Payment Software and Processors 3.7x 3.7x 12.0x 11.2x 19.3x 16.8x 10.5% 9.3% 17.8% 14.1% 1.4x

Prepaid, Fleet, and Loyalty Solutions 4.2x 3.7x 12.9x 11.5x 18.0x 15.9x 15.5% 10.1% 16.4% 15.1% 1.2x

Remittances 2.1x 2.0x 9.8x 9.0x 15.3x 13.8x 4.8% 6.2% 7.4% 10.4% 1.5x eCommerce Infrastructure 4.3x 3.7x 37.6x 25.4x NM NM 16.7% 16.5% 1.4% 27.4% NM

Accounting, Payroll, Tax, and Benefits 6.2x 5.3x 16.8x 16.2x 25.8x 24.7x 23.9% 18.6% 24.3% 19.5% 1.9x

Banking Solutions 3.8x 4.2x 12.4x 12.3x 23.1x 20.6x 5.0% 6.2% 11.8% 13.0% 1.9x

Payment Devices: ATM and POS 1.7x 1.6x 8.2x 7.6x 14.8x 13.2x 6.7% 4.4% 9.8% 13.3% 1.3x

SaaS 5.7x 4.6x 26.7x 23.1x 42.0x 37.2x 26.9% 21.7% 26.7% 31.3% 2.0x

Insurance, Lending, and Real Estate Solutions 4.6x 4.1x 17.5x 15.4x 26.6x 23.8x 13.8% 16.0% 4.9% 31.1% 1.6x

Securities and Investment Solutions 2.5x 2.3x 13.3x 11.4x 23.8x 20.6x 14.2% 8.5% 16.7% 15.0% 1.7x

Financial Data, Risk, and Analytics 4.9x 4.6x 13.1x 12.0x 22.1x 20.1x 8.4% 5.7% 10.7% 10.7% 2.0x

Lending Marketplaces 2.2x 1.8x 7.9x 9.9x 16.0x 12.5x 32.0% 23.4% 41.8% 283.2% 0.7x

Other Vertical Software 5.2x 4.8x 18.8x 18.8x 31.4x 32.5x 14.5% 13.6% 5.7% 13.2% 2.3x

Financial Technology Public Comps LTM Price Trend (as of May 2, 2017) 60% 50% 40% 30% 20% 10% Indexed Prices 0% (10%) (20%) Remittances S&P 500 Index Processors Solutions Solutions Banking Solutions Banking Benefits Payment Networks Payment (SaaS) Payment Software and Estate Solutions Other Vertical Software Vertical Other Securities and Investment and Securities eCommerce Infrastructure Prepaid, Fleet, and Loyalty and Fleet, Prepaid, NASDAQ CompositeIndex Accounting,Payroll, Tax, and Insurance, Lending, and Real Universal Software as a Service Financial & Data, Analytics Risk, Payment Devices: ATM and POS and ATM Devices: Payment

Source: Capital IQ Note: The EV/LTM EBITDA and EV/LTM Revenue Valuation Table includes median of the Financial Technology Public Comps from the pages following the charts. Financial Technology Public Comps are selected for EV/LTM EBITDA Valuation Table only if they traded at EV/LTM EBITDA between 0 to 50x through the year, and for EV/LTM Revenue Valuation Trends chart only if they traded between 0 to 20x through the year. All exceptions are excluded for preparing these charts * Payment Networks excludes American Express (AXP) and Discover Financial Services (DFS) given different methodology to compute EV and use of Operating Income vs. EBITDA

9 Financial Technology Public Comps Valuation Summary (as of May 2, 2017) (continued)

Index 1 Month 12 Month Index 1 Month 12 Month

S&P 500 Index 1.4% 14.9% SaaS 7.1% 24.5%

Tech Sector S&P 500 Index 3.8% 33.9% Insurance, Lending, and Real Estate 10.4% 19.7%

Payment Networks 4.3% 19.2% Securities and Investment Solutions 3.0% 12.3%

Payment Software and Processors 3.7% 16.2% Financial Data, Risk, & Analytics 2.7% 12.4%

Prepaid, Fleet, and Loyalty Solutions 3.9% 17.0% Lending Marketplaces 5.2% 41.1%

Remittances 0.2% 5.8% Other Vertical Software 4.0% 20.6%

Accounting, Payroll, Tax, and Benefits 5.4% 18.3% eCommerce Infrastructure 15.4% 104.4%

Payment Devices: ATM and POS 1.0% (2.0%) Large Cap FT Index 4.8% 18.8%

Banking Solutions 4.3% 23.3%

Financial Technology Public Comps LTM Price Trend (as of May 2, 2017)

50% S&P 500 Index Large Cap FT Index Tech Sector S&P 500 Index Payment Networks 40% Prepaid, Fleet, and Loyalty Solutions Payment Software and Processors Banking Solutions Universal Software as a Service (SaaS) Financial Data, Risk, & Analytics 33.9% 30% 23.3% 24.5% 18.8% 20% 19.2% 17.0% 16.2% 14.9% 10% 12.4% Indexed Price Indexed Price (%) 0%

(10%)

(20%) 2-May-16 2-Aug-16 2-Nov-16 2-Feb-17 2-May-17

10 Financial Technology Public Comps EV/LTM Revenue Trend (as of May 2, 2017)

14x

12x

10x

2x EV / LTM Revenue (x) 0x Remittances Analytics and POS Processors Solutions Solutions Banking Solutions Banking and Benefits Payment Networks Service (SaaS) Service Payment Software and Software Payment & Risk, Data, Financial Real Estate Solutions Estate Real Other Vertical Software Vertical Other Payment Devices: ATM Devices: Payment Universal Software as a Insurance, Lending, and Accounting, Payroll, Tax, Payroll, Accounting, Securities and Investment and Securities eCommerce Infrastructure Prepaid, Fleet, and Loyalty and Fleet, Prepaid, Financial Technology Public Comps EV/LTM EBITDA Valuation Trend (as of May 2, 2017) 35x

30x

25x

20x

15x

10x

5x EV / LTM EBITDA EV / LTM EBITDA (x) 0x Remittances Analytics and POS Processors Solutions Solutions Banking Solutions Banking and Benefits Payment Networks Service (SaaS) Service FinancialData, & Risk, Payment Software and Real Estate Solutions Estate Real Other VerticalSoftware Payment Devices: ATM Devices: Payment Universal Software as a Insurance, Lending, and Accounting, Payroll, Tax, Payroll, Accounting, Securities and Investment and Securities eCommerce Infrastructure Prepaid, Fleet, and Loyalty and Fleet, Prepaid, Source: Capital IQ Note: The EV/LTM EBITDA and EV/LTM Revenue Valuation Trend charts include Financial Technology Public Comps from the pages following the charts. Financial Technology Public Comps are selected for EV/LTM EBITDA Valuation Trend chart only if they traded at EV/LTM EBITDA between 0 to 50x through the year, and for EV/LTM Revenue Valuation Trends chart only if they traded between 0 to 20x through the year. All exceptions are excluded for preparing these charts Legend: Black bar indicates positive change of metric during the period ; Red bar indicates a negative change of metric during the period * Payment Networks excludes American Express (AXP) and Discover Financial Services (DFS) given different methodology to compute EV and use of Operating Income vs. EBITDA 11 Financial Technology Public Comps Valuation (as of May 2, 2017)

($ in millions except stock price) EV as a multiple of 2017E - '18E Current 52 Week % of 52 Market Enterprise 2017E '17E '18E Total Rev Company Price High Week High Cap Value Revenue EBITDA % Margin Revenue EBITDA Revenue EBITDA Growth Payment Software and Processors Cielo S.A. $7.7 $9.9 77.2% $20,814 $23,983 $4,049 $1,867 46.1% 5.9x 12.8x 5.4x 11.8x 10.0% First Data Corporation 15.8 16.7 95.0% 14,536 35,624 11,886 3,006 25.3% 3.0x 11.9x 2.9x 11.2x 3.9% Global Payments Inc. 81.7 82.4 99.2% 12,462 16,278 3,416 1,104 32.3% 4.8x 14.7x 4.4x 16.0x 8.6% Total System Services, Inc. 57.5 58.8 97.6% 10,533 13,346 4,819 1,169 24.3% 2.8x 11.4x 2.6x 10.7x 6.7% Vantiv, Inc. 62.5 66.2 94.3% 10,125 13,496 2,106 1,003 47.6% 6.4x 13.5x 5.9x 12.2x 9.4% Worldpay Group plc 4.0 4.1 96.0% 7,910 9,678 1,620 661 40.8% 6.0x 14.6x 5.5x 13.0x 9.3% Square, Inc. 18.8 19.0 98.8% 7,032 6,520 902 116 12.8% 7.2x NM 5.7x 31.8x 27.6% Worldline S.A. 33.4 33.5 99.6% 4,422 4,162 1,742 350 20.1% 2.4x 11.9x 2.3x 10.5x 5.9% Nets A/S 18.3 21.4 85.2% 3,662 4,798 1,143 412 36.0% 4.2x 11.7x 3.7x 10.7x 12.6% Paysafe Group Plc 6.0 6.1 97.7% 2,900 3,163 1,104 322 29.2% 2.9x 9.8x 2.6x 8.7x 11.0% NIC Inc. 21.4 25.9 82.4% 1,414 1,290 330 83 25.1% 3.9x 15.6x 3.7x 13.8x 6.9% EVERTEC, Inc. 15.6 18.6 83.9% 1,131 1,732 396 181 45.6% 4.4x 9.6x 4.3x 9.2x 2.4% BasWare Oyj 38.7 44.6 86.8% 556 564 167 (1) NM 3.4x NM 3.1x 42.4x 7.7% CardConnect Corp. 13.6 14.7 92.5% 422 582 698 43 6.2% 0.8x 13.4x 0.7x 10.7x 20.7% Planet Payment, Inc. 4.2 5.0 85.3% 211 208 60 17 28.6% 3.4x 12.0x 3.1x 10.2x 11.2% Tungsten Corporation Plc 0.8 0.9 84.9% 101 98 46 (1) NM 2.1x NM NM NM NA

Mean $25.0 $26.7 91.0% $6,139 $8,470 $2,155 $646 30.0% 4.0x 12.5x 3.7x 14.9x 10.3% Median $17.1 $18.8 93.4% $4,042 $4,480 $1,123 $336 28.9% 3.7x 12.0x 3.7x 11.2x 9.3%

Prepaid, Fleet, and Loyalty Solutions PayPal Holdings, Inc. $49.1 $49.1 100.0% $58,922 $49,994 $12,691 $3,247 25.6% 3.9x 15.4x 3.4x 13.1x 17.4% Alliance Data Systems Corporation 255.9 266.3 96.1% 14,299 33,103 7,822 2,020 25.8% 4.2x 16.4x 3.8x 14.6x 10.0% FleetCor Technologies, Inc. 138.0 176.4 78.2% 12,732 16,053 2,207 1,157 52.4% 7.3x 13.9x 6.6x 12.3x 10.1% Wirecard AG 59.9 60.0 99.9% 7,398 6,448 1,459 432 29.6% 4.4x 14.9x 3.6x 12.0x 22.1% Edenred SA 26.2 26.3 99.4% 6,058 6,777 1,450 544 37.5% 4.7x 12.5x 4.4x 11.4x 7.4% WEX Inc. 99.2 122.9 80.7% 4,256 6,452 1,196 481 40.2% 5.4x 13.4x 4.9x 11.7x 9.8% WageWorks, Inc. 74.6 80.5 92.6% 2,765 2,336 481 140 29.1% 4.9x 16.7x 4.4x 14.2x 10.4% Blackhawk Network Holdings, Inc. 41.7 42.8 97.4% 2,348 2,725 2,232 238 10.6% 1.2x 11.5x 1.1x 9.9x 11.5% Multiplus S.A. 12.2 15.5 78.4% 1,970 1,509 703 180 25.6% 2.1x 8.4x 2.0x 7.7x 5.8% Green Dot Corporation 34.5 35.1 98.3% 1,712 1,034 823 188 22.9% 1.3x 5.5x 1.2x 4.9x 9.1% Qiwi plc 19.4 20.1 96.5% 1,174 855 197 92 46.7% 4.3x 9.3x 3.8x 7.5x 12.7% Aimia Inc. 6.6 6.9 96.3% 1,013 1,297 1,557 179 11.5% 0.8x 7.2x 0.8x 7.0x 0.2% Net 1 UEPS Technologies, Inc. 10.9 13.8 78.6% 625 497 664 NA #VALUE! 0.7x NA NM NM NA

Mean $63.7 $70.4 91.7% $8,867 $9,929 $2,576 $742 NM 3.5x 12.1x 3.3x 10.5x 10.6% Median $41.7 $42.8 96.3% $2,765 $2,725 $1,450 $335 NM 4.2x 12.9x 3.7x 11.5x 10.1%

Remittances The Western Union Company $20.1 $22.7 88.7% $9,486 $11,647 $5,412 $1,299 24.0% 2.2x 9.0x 2.1x 8.7x 1.9% Euronet Worldwide, Inc. 84.6 86.3 98.0% 4,437 4,280 2,132 401 18.8% 2.0x 10.7x 1.8x 9.3x 10.4%

Mean $52.4 $54.5 93.3% $6,962 $7,963 $3,772 $850 21.4% 2.1x 9.8x 2.0x 9.0x 6.2% Median $52.4 $54.5 93.3% $6,962 $7,963 $3,772 $850 21.4% 2.1x 9.8x 2.0x 9.0x 6.2%

Payment Networks Visa Inc. $92.5 $92.8 99.7% $213,366 $226,929 $18,253 $12,723 69.7% 12.4x 17.8x 11.3x 16.0x 9.9% Mastercard Incorporated 118.1 119.7 98.7% 126,611 124,194 12,065 6,955 57.7% 10.3x 17.9x 9.4x 16.0x 9.9%

Mean $105.3 $106.3 99.2% $169,988 $175,561 $15,159 $9,839 63.7% 11.4x 17.8x 10.3x 16.0x 9.9% Median $105.3 $106.3 99.2% $169,988 $175,561 $15,159 $9,839 63.7% 11.4x 17.8x 10.3x 16.0x 9.9%

Lending Marketplaces LendingClub Corporation $5.9 $7.4 79.1% $2,360 $1,844 $580 $50 8.7% 3.2x 36.8x 2.5x 15.1x 24.8% Yirendai Ltd. 24.8 42.3 58.6% 1,483 1,344 729 170 23.3% 1.8x 7.9x 1.4x 4.8x 29.9% Elevate Credit, Inc. 7.6 8.9 86.2% 316 756 690 99 14.4% 1.1x 7.6x 0.9x 4.8x 21.9% On Deck Capital, Inc. 4.7 6.5 72.4% 337 1,016 383 8 2.2% 2.7x NM 2.3x 28.2x 16.7%

Mean $10.7 $16.3 74.1% $1,124 $1,240 $595 $82 12.2% 2.2x 17.4x 1.8x 13.2x 23.3% Median $6.7 $8.1 75.7% $910 $1,180 $635 $75 11.5% 2.2x 7.9x 1.8x 9.9x 23.4% Source: Capital IQ Note: EV/LTM Revenue and EV/NTM Revenue higher than 20.0x, and EV/LTM EBITDA and EV/NTM EBITDA multiples lower than 0.0x and higher than 50.0x are marked as ‘NM’ and are not included in the summary calculations * Payment Networks excludes American Express (AXP) and Discover Financial Services (DFS) given different methodology to compute EV and use of Operating Income vs. EBITDA

12 Financial Technology Public Comps Valuation (as of May 2, 2017)

($ in millions except stock price) EV as a multiple of 2017E - '18E Current 52 Week % of 52 Market Enterprise 2017E '17E '18E Total Rev Company Price High Week High Cap Value Revenue EBITDA % Margin Revenue EBITDA Revenue EBITDA Growth Payment Devices: ATM and POS Square, Inc. $18.8 $19.0 98.8% $7,032 $6,520 $902 $116 12.8% 7.2x NM 5.7x 31.8x 27.6% Ingenico Group - GCS 92.6 121.0 76.5% 5,683 5,813 2,729 555 20.3% 2.1x 10.5x 2.0x 9.5x 8.3% Gemalto N.V. 57.2 70.0 81.7% 5,120 5,198 3,420 621 18.2% 1.5x 8.4x 1.4x 7.4x 5.8% NCR Corporation 42.5 49.9 85.2% 5,151 8,873 6,678 1,176 17.6% 1.3x 7.5x 1.3x 7.2x 2.9% Euronet Worldwide, Inc. 84.6 86.3 98.0% 4,437 4,280 2,132 401 18.8% 2.0x 10.7x 1.8x 9.3x 10.4% Deluxe Corporation 72.9 75.9 96.0% 3,534 4,188 1,968 519 26.4% 2.1x 8.1x 2.1x 7.8x 2.7% GRG Banking Equipment Co. Ltd. 1.7 2.6 66.8% 2,816 2,480 758 188 24.8% 3.3x 13.2x 2.7x 11.9x 21.1% Diebold Nixdorf, Incorporated 28.5 31.9 89.5% 2,150 3,716 5,033 453 9.0% 0.7x 8.2x 0.7x 6.7x 3.6% VeriFone Systems, Inc. 18.7 28.2 66.3% 2,089 2,884 1,932 305 15.8% 1.5x 9.5x 1.4x 8.5x 4.4% Cardtronics plc 42.5 56.0 75.8% 1,937 2,366 1,470 334 22.7% 1.6x 7.1x 1.6x 6.9x (1.7%) PayPoint plc 13.1 15.2 86.2% 893 828 255 79 30.9% 3.3x 10.5x 3.3x 9.9x (1.3%) De La Rue plc 8.7 8.9 97.5% 880 1,039 614 127 20.7% 1.7x 8.2x 1.6x 7.6x 3.3% PAX Global Technology Limited 0.6 0.9 69.8% 689 402 419 90 21.4% 1.0x 4.5x 0.8x 4.0x 13.1% Guangzhou Kingteller Technology Co., Ltd. 0.9 1.6 57.9% 687 679 115 NA NA 5.9x NA 5.8x NA 2.0% Everi Holdings Inc. 6.5 6.5 99.1% 426 1,421 913 206 22.6% 1.6x 6.9x 1.5x 6.6x 1.6% Mitek Systems, Inc. 8.4 9.5 88.0% 278 242 47 NA NA 5.2x NA NA NA NA Agilysys, Inc. 9.8 12.2 80.4% 227 174 138 (6) NM 1.3x NM 1.1x NM 12.1% CPI Card Group Inc. 3.5 13.5 25.9% 195 460 323 67 20.6% 1.4x 6.9x 1.3x 5.9x 12.5%

Mean $28.4 $33.8 80.0% $2,457 $2,865 $1,658 $327 20.2% 2.5x 8.6x 2.1x 9.4x 7.6% Median $15.9 $17.1 83.4% $2,013 $2,423 $908 $256 20.6% 1.7x 8.2x 1.6x 7.6x 4.4%

Accounting, Payroll, Tax, and Benefits Automatic Data Processing, Inc. $104.0 $105.7 98.4% $46,690 $45,947 $12,741 $2,731 21.4% 3.6x 16.8x 3.4x 15.0x 6.6% Intuit Inc. 125.9 128.5 98.0% 32,206 32,719 5,250 2,045 39.0% 6.2x 16.0x 5.8x 14.5x 7.6% Paychex, Inc. 59.3 63.0 94.0% 21,285 20,937 3,033 1,300 42.9% 6.9x 16.1x 6.1x 13.9x 14.1% Workday, Inc. 89.4 93.4 95.7% 18,392 16,930 2,024 269 13.3% 8.4x NM 6.7x 44.5x 25.1% The Sage Group plc 8.8 10.4 84.6% 9,542 9,947 2,372 682 28.7% 4.2x 14.6x 4.0x 13.3x 5.2% The Ultimate Software Group, Inc. 205.1 224.1 91.5% 6,341 6,265 968 235 24.3% 6.5x 26.7x 5.3x 21.4x 21.7% Paycom Software, Inc. 60.5 61.2 98.9% 3,599 3,538 424 115 27.1% 8.3x 30.8x 6.7x 23.4x 24.4% HealthEquity, Inc. 46.4 49.3 94.1% 2,764 2,583 223 80 36.1% 11.6x 32.1x 9.5x 25.4x 22.3% WageWorks, Inc. 74.6 80.5 92.6% 2,765 2,336 481 140 29.1% 4.9x 16.7x 4.4x 14.2x 10.4% Paylocity Holding Corporation 40.0 49.7 80.6% 2,060 1,977 332 47 14.3% 6.0x 41.8x 4.8x 29.8x 24.0% Xero Limited 15.0 15.1 99.5% 2,050 1,955 268 (4) NM 7.3x NM 5.4x NM 34.4% Ebix, Inc. 61.8 65.1 94.9% 1,954 2,121 328 121 37.0% 6.5x 17.5x 6.0x 16.2x 8.3% Coupa Software Incorporated 28.4 41.6 68.2% 1,441 81 169 (22) NM 0.5x NM 0.4x NM 23.7% Benefitfocus, Inc. 30.6 45.0 67.9% 948 999 266 16 6.0% 3.8x NM 3.2x 33.9x 18.6% Blucora, Inc. 18.8 19.1 98.4% 804 1,176 487 95 19.4% 2.4x 12.4x 2.3x 10.4x 6.5%

Mean $64.6 $70.1 90.5% $10,190 $9,967 $1,958 $523 26.0% 5.8x 21.9x 4.9x 21.2x 16.9% Median $59.3 $61.2 94.1% $2,765 $2,583 $481 $121 27.1% 6.2x 16.8x 5.3x 16.2x 18.6%

Source: Capital IQ Note: EV/LTM Revenue and EV/NTM Revenue higher than 20.0x, and EV/LTM EBITDA and EV/NTM EBITDA multiples lower than 0.0x and higher than 50.0x are marked as ‘NM’ and are not included in the summary calculations * Payment Networks excludes American Express (AXP) and Discover Financial Services (DFS) given different methodology to compute EV and use of Operating Income vs. EBITDA

13 Financial Technology Public Comps Valuation (as of May 2, 2017)

($ in millions except stock price) EV as a multiple of 2017E - '18E Current 52 Week % of 52 Market Enterprise 2017E '17E '18E Total Rev Company Price High Week High Cap Value Revenue EBITDA % Margin Revenue EBITDA Revenue EBITDA Growth Securities and Investment Solutions Broadridge Financial Solutions, Inc. $70.0 $71.7 97.5% $8,275 $9,245 $4,160 $775 18.6% 2.2x 11.9x 2.1x 11.4x 5.2% SEI Investments Co. 50.5 52.6 96.0% 8,013 7,352 1,483 550 37.1% 5.0x 13.4x 4.6x 11.7x 7.6% SS&C Technologies Holdings, Inc. 37.2 38.0 98.1% 7,594 9,929 1,677 690 41.1% 5.9x 14.4x 5.6x 13.1x 5.6% Computershare Limited 11.1 11.3 97.9% 6,049 7,323 2,122 550 25.9% 3.5x 13.3x 3.4x 13.4x 0.8% DST Systems, Inc. 123.6 128.7 96.1% 3,895 4,365 2,012 383 19.0% 2.2x 11.4x 1.9x 9.6x 13.6% SimCorp A/S 63.7 64.5 98.7% 2,518 2,487 369 103 28.0% 6.7x 24.1x 6.1x 21.1x 9.8% Financial Engines, Inc. 42.7 45.8 93.2% 2,679 2,545 485 160 33.0% 5.2x 15.9x 4.7x 13.8x 11.9% Envestnet, Inc. 35.2 41.5 84.8% 1,534 1,773 659 125 19.0% 2.7x 14.2x 2.4x 11.4x 14.5% Fidessa group plc 31.5 34.6 91.1% 1,211 1,088 459 114 24.8% 2.4x 9.6x 2.3x 8.8x 5.4% First Derivatives plc 33.4 35.7 93.5% 831 852 202 38 18.6% 4.2x 22.7x 3.9x 20.5x 9.4% Linedata Services S.A. 52.3 55.5 94.3% 378 421 211 58 27.6% 2.0x 7.2x 1.9x 7.0x 2.4% Solium Capital Inc. 5.9 6.6 89.4% 296 81 84 9 10.3% 1.0x 9.4x 0.8x 5.3x 18.2% StatPro Group plc 1.6 1.7 95.9% 103 117 63 9 14.2% 1.8x 13.0x 1.6x 10.2x 17.7% Brady plc 0.9 1.1 87.8% 79 70 38 3 7.5% 1.8x 24.3x 1.8x 9.7x 4.0%

Mean $40.0 $42.1 93.9% $3,104 $3,403 $1,002 $255 23.2% 3.3x 14.6x 3.1x 11.9x 9.0% Median $36.2 $39.7 95.1% $2,026 $2,130 $472 $119 21.9% 2.5x 13.3x 2.3x 11.4x 8.5%

Banking Solutions Fidelity National Information Services, Inc. $83.3 $85.0 98.0% $27,452 $36,364 $9,462 $3,095 32.7% 3.8x 11.7x 3.7x 10.9x 4.4% Fiserv, Inc. 118.6 122.9 96.5% 25,197 29,527 5,764 2,053 35.6% 5.1x 14.4x 4.9x 13.5x 5.3% Jack Henry & Associates, Inc. 97.4 98.0 99.3% 7,558 7,544 1,461 517 35.4% 5.2x 14.6x 4.8x 13.6x 7.2% Temenos Group AG 88.5 88.5 100.0% 6,167 6,337 696 244 35.0% 9.1x 26.0x 8.2x 22.5x 10.5% ACI Worldwide, Inc. 21.6 23.0 94.0% 2,547 3,234 1,017 252 24.8% 3.2x 12.8x 3.1x 12.3x 4.0% Q2 Holdings, Inc. 38.6 39.2 98.6% 1,580 1,483 193 6 3.3% 7.7x NM 6.1x NM 26.7% Asseco Poland S.A. 14.5 15.3 95.1% 1,205 1,951 2,192 295 13.4% 0.9x 6.6x 0.9x 6.4x 3.2% Bottomline Technologies (de), Inc. 24.3 28.4 85.9% 920 960 359 80 22.3% 2.7x 12.0x 2.5x 10.9x 7.1% NetSol Technologies, Inc. 4.7 7.4 63.5% 52 62 76 15 19.3% 0.8x 4.2x NM NM NA

Mean $54.6 $56.4 92.3% $8,075 $9,718 $2,358 $729 24.7% 4.3x 12.8x 4.3x 12.9x 8.5% Median $38.6 $39.2 96.5% $2,547 $3,234 $1,017 $252 24.8% 3.8x 12.4x 4.2x 12.3x 6.2%

Other Vertical Software Veeva Systems Inc. $54.0 $54.5 99.1% $7,491 $6,972 $658 $201 30.6% 10.6x 34.6x 8.9x 28.6x 19.2% Jack Henry & Associates, Inc. 97.4 98.0 99.3% 7,558 7,544 1,461 517 35.4% 5.2x 14.6x 4.8x 13.6x 7.2% Tyler Technologies, Inc. 166.0 175.8 94.4% 6,156 6,072 849 253 29.9% 7.2x 24.0x 6.4x 20.9x 11.3% Aspen Technology, Inc. 62.0 62.6 99.0% 4,619 4,657 487 233 47.9% 9.6x 20.0x 9.0x 18.4x 6.1% athenahealth, Inc. 100.6 142.4 70.7% 4,009 4,194 1,223 263 21.5% 3.4x 16.0x 3.0x 12.9x 16.1% Blackbaud, Inc. 80.8 81.7 99.0% 3,795 4,137 787 189 24.0% 5.3x 21.9x 4.9x 19.7x 8.3% RealPage, Inc. 37.3 37.8 98.8% 3,084 3,101 675 165 24.4% 4.6x 18.8x 4.1x 15.4x 12.3% 2U, Inc. 44.1 46.4 95.2% 2,097 1,936 269 9 3.4% 7.2x NM 5.5x NM 30.3% Q2 Holdings, Inc. 38.6 39.2 98.6% 1,580 1,483 193 6 3.3% 7.7x NM 6.1x NM 26.7% NIC Inc. 21.4 25.9 82.4% 1,414 1,290 330 83 25.1% 3.9x 15.6x 3.7x 13.8x 6.9% MINDBODY, Inc. 29.5 29.7 99.5% 1,209 1,138 181 7 3.7% 6.3x NM 5.0x NM 25.5% AppFolio, Inc. 26.3 28.0 93.8% 887 861 137 14 10.1% 6.3x NM 5.0x 37.3x 26.2% Castlight Health, Inc. 3.8 5.5 69.1% 496 393 133 (30) NM 2.9x NM 2.3x NM 26.6% Actua Corporation 14.1 15.3 92.0% 466 388 128 (2) NM 3.0x NM 2.6x NM 14.9% Avid Technology, Inc. 5.4 9.8 55.6% 222 371 420 49 11.5% 0.9x 7.6x 0.9x NM 1.1% EnerNOC, Inc. 5.5 7.8 70.2% 160 178 327 (10) NM 0.5x NM 0.5x 19.1x 7.9%

Mean $49.2 $53.8 88.5% $2,828 $2,795 $516 $122 20.8% 5.3x 19.2x 4.5x 20.0x 15.4% Median $38.0 $38.5 94.8% $1,839 $1,710 $375 $66 24.0% 5.2x 18.8x 4.8x 18.8x 13.6%

14 Financial Technology Public Comps Valuation (as of May 2, 2017)

($ in millions except stock price) EV as a multiple of 2017E - '18E Current 52 Week % of 52 Market Enterprise 2017E '17E '18E Total Rev Company Price High Week High Cap Value Revenue EBITDA % Margin Revenue EBITDA Revenue EBITDA Growth Insurance, Lending, and Real Estate Solutions Verisk Analytics, Inc. $82.2 $87.4 94.0% $13,588 $15,717 $2,101 $1,057 50.3% 7.5x 14.9x 7.0x 13.8x 6.2% Majesco 5.5 6.5 84.2% 200 200 126 10 7.8% 1.6x 20.4x 1.3x 12.4x 19.4% CoStar Group, Inc. 244.8 246.2 99.4% 8,016 7,748 952 269 28.2% 8.1x 28.8x 7.1x 20.7x 13.9% Zillow Group, Inc. 39.3 40.0 98.2% 7,278 7,139 1,044 209 20.0% 6.8x 34.1x 5.7x 24.4x 19.4% Guidewire Software, Inc. 60.7 64.0 94.8% 4,489 3,906 530 86 16.2% 7.4x 45.6x 6.3x 27.2x 16.0% Ellie Mae, Inc. 104.3 112.8 92.4% 3,552 3,159 439 145 33.1% 7.2x 21.7x 5.9x 16.5x 23.0% CoreLogic, Inc. 42.6 43.4 98.1% 3,607 5,092 1,852 467 25.2% 2.7x 10.9x 2.7x 10.1x 3.0% RealPage, Inc. 37.3 37.8 98.8% 3,084 3,101 675 165 24.4% 4.6x 18.8x 4.1x 15.4x 12.3% Black Knight Financial Services, Inc. 41.8 42.2 99.1% 2,920 5,427 1,082 515 47.6% 5.0x 10.5x 4.6x 9.5x 9.3% Ebix, Inc. 61.8 65.1 94.9% 1,954 2,121 328 121 37.0% 6.5x 17.5x 6.0x 16.2x 8.3% LendingTree, Inc. 144.4 146.5 98.5% 1,725 1,619 541 98 18.1% 3.0x 16.5x 2.5x 13.3x 17.6% Fang Holdings Limited 3.3 6.5 51.1% 1,475 1,670 723 114 15.7% 2.3x 14.7x 1.7x 11.0x 34.3% AppFolio, Inc. 26.3 28.0 93.8% 887 861 137 (0) NM 6.3x NM 5.0x 37.3x 26.2% Sapiens International Corporation N.V. 12.1 16.0 75.4% 591 513 253 33 13.0% 2.0x 15.7x 1.7x 11.5x 21.9% Altisource Portfolio Solutions S.A. 20.6 47.0 43.8% 380 678 901 103 11.5% 0.8x 6.6x 1.0x 5.2x (21.9%) Symbility Solutions Inc. 0.4 0.4 86.6% 84 79 30 (0) NM 2.6x NM 2.4x 40.0x 11.2% Connecture, Inc. 0.8 3.2 25.3% 19 97 75 (2) NM 1.3x NM 1.1x 20.4x 19.1%

Mean $54.6 $58.4 84.0% $3,167 $3,478 $693 $199 24.9% 4.5x 19.8x 3.9x 17.9x 14.1% Median $39.3 $42.2 94.0% $1,954 $2,121 $541 $114 22.2% 4.6x 17.0x 4.1x 15.4x 16.0%

Financial Data, Risk, and Analytics RELX PLC $20.5 $20.7 98.8% $41,353 $19,884 $9,718 $3,381 34.8% 2.0x 5.9x 2.0x 5.3x 3.9% Thomson Reuters Corporation 44.5 45.7 97.3% 32,122 38,889 11,318 3,364 29.7% 3.4x 11.6x 3.3x 11.1x 2.7% Experian plc 21.8 21.8 99.9% 20,224 23,375 4,764 1,652 34.7% 4.9x 14.2x 4.6x 13.3x 5.9% IHS Markit Ltd. 43.7 44.0 99.3% 17,856 21,488 3,533 1,389 39.3% 6.1x 15.5x 5.8x 14.3x 4.8% Equifax Inc. 136.5 139.9 97.6% 16,406 19,016 3,407 1,251 36.7% 5.6x 15.2x 5.2x 13.9x 7.2% Verisk Analytics, Inc. 82.2 87.4 94.0% 13,588 15,717 2,101 1,057 50.3% 7.5x 14.9x 7.0x 13.8x 6.2% Wolters Kluwer N.V. 43.4 43.8 99.1% 12,426 14,545 4,947 1,336 27.0% 2.9x 10.9x 2.8x 10.5x 3.2% MSCI Inc. 101.9 109.3 93.3% 9,221 10,504 1,242 633 51.0% 8.5x 16.6x 7.9x 15.0x 7.7% TransUnion 40.1 40.7 98.6% 7,262 9,606 1,862 732 39.3% 5.2x 13.1x 4.8x 12.0x 7.7% FactSet Research Systems Inc. 163.2 183.6 88.9% 6,441 6,621 1,261 433 34.4% 5.3x 15.3x 4.8x 14.1x 8.6% NICE Ltd. 67.6 74.7 90.5% 4,060 4,356 1,346 346 25.7% 3.2x 12.6x 3.0x 11.5x 7.2% Fair Isaac Corporation 138.0 139.0 99.3% 4,273 4,782 945 262 27.7% 5.1x 18.3x 4.8x 17.4x 5.7% The Dun & Bradstreet Corporation 112.0 141.6 79.1% 4,131 5,410 1,772 507 28.6% 3.1x 10.7x 2.9x 10.3x 3.5% Morningstar, Inc. 73.1 85.5 85.5% 3,137 3,055 858 233 27.1% 3.6x 13.1x 3.4x 11.7x 4.3% Donnelley Financial Solutions, Inc. 22.2 29.0 76.7% 729 1,280 994 170 17.1% 1.3x 7.5x 1.2x 6.8x 3.5%

Mean $74.0 $80.4 93.2% $12,882 $13,235 $3,338 $1,116 33.6% 4.5x 13.0x 4.3x 12.1x 5.5% Median $67.6 $74.7 97.3% $9,221 $10,504 $1,862 $732 34.4% 4.9x 13.1x 4.6x 12.0x 5.7% eCommerce Infrastructure Shopify Inc. $83.0 $84.6 98.1% $7,586 $7,191 $629 $5 0.8% 11.4x NM 8.4x NM 36.1% HubSpot, Inc. 66.7 69.1 96.5% 2,436 2,315 353 5 1.4% 6.6x NM 5.2x NM 25.4% Callidus Software Inc. 21.6 21.8 99.3% 1,401 1,216 244 30 12.3% 5.0x 40.4x 4.2x 30.8x 18.3% SPS Commerce, Inc. 56.0 74.9 74.7% 962 808 221 32 14.6% 3.7x 25.1x 3.2x 20.6x 14.7% ChannelAdvisor Corporation 11.9 15.9 74.8% 312 251 123 7 5.4% 2.0x 37.6x 1.8x 25.4x 11.0% Amber Road, Inc. 8.5 12.3 69.1% 230 237 82 (2) NM 2.9x NM 2.6x NM 12.9%

Mean $41.3 $46.4 85.4% $2,155 $2,003 $275 $13 6.9% 5.3x 34.4x 4.2x 25.6x 19.8% Median $38.8 $45.4 85.6% $1,181 $1,012 $233 $6 5.4% 4.3x 37.6x 3.7x 25.4x 16.5%

15 Financial Technology Public Comps Valuation (as of May 2, 2017)

($ in millions except stock price) EV as a multiple of 2017E - '18E Current 52 Week % of 52 Market Enterprise 2017E '17E '18E Total Rev Company Price High Week High Cap Value Revenue EBITDA % Margin Revenue EBITDA Revenue EBITDA Growth SaaS Salesforce.com, inc. $87.1 $87.2 99.9% $61,950 $62,451 $10,181 $2,157 21.2% 6.1x 29.0x 5.1x 23.1x 19.4% Workday, Inc. 89.4 93.4 95.7% 18,392 16,930 2,024 269 13.3% 8.4x NM 6.7x 44.5x 25.1% ServiceNow, Inc. 95.0 96.9 98.0% 16,132 15,673 1,877 411 21.9% 8.4x 38.2x 6.5x 26.2x 29.2% Shopify Inc. 83.0 84.6 98.1% 7,586 7,191 629 5 0.8% 11.4x NM 8.4x NM 36.1% Veeva Systems Inc. 54.0 54.5 99.1% 7,491 6,972 658 201 30.6% 10.6x 34.6x 8.9x 28.6x 19.2% The Ultimate Software Group, Inc. 205.1 224.1 91.5% 6,341 6,265 968 235 24.3% 6.5x 26.7x 5.3x 21.4x 21.7% LogMeIn, Inc. 114.1 115.1 99.1% 6,008 5,842 1,003 340 33.9% 5.8x 17.2x 5.0x 13.7x 16.1% athenahealth, Inc. 100.6 142.4 70.7% 4,009 4,194 1,223 263 21.5% 3.4x 16.0x 3.0x 12.9x 16.1% Paycom Software, Inc. 60.5 61.2 98.9% 3,599 3,538 424 115 27.1% 8.3x 30.8x 6.7x 23.4x 24.4% Proofpoint, Inc. 76.9 88.0 87.4% 3,364 3,323 500 58 11.7% 6.7x NM 5.2x 37.4x 27.9% RealPage, Inc. 37.3 37.8 98.8% 3,084 3,101 675 165 24.4% 4.6x 18.8x 4.1x 15.4x 12.3% Zendesk, Inc. 29.2 31.9 91.5% 2,869 2,644 420 12 2.9% 6.3x NM 4.9x NM 29.8% HubSpot, Inc. 66.7 69.1 96.5% 2,436 2,315 353 5 1.4% 6.6x NM 5.2x NM 25.4% RingCentral, Inc. 32.7 33.3 98.3% 2,452 2,303 490 30 6.2% 4.7x NM 3.8x NM 23.8% Box, Inc. 17.8 18.4 96.9% 2,361 2,259 503 (41) NM 4.5x NM 3.7x NM 22.7% New Relic, Inc. 40.7 40.8 99.8% 2,148 1,952 323 (4) NM 6.0x NM 4.8x NM 25.7% Paylocity Holding Corporation 40.0 49.7 80.6% 2,060 1,977 332 47 14.3% 6.0x 41.8x 4.8x 29.8x 24.0% Cornerstone OnDemand, Inc. 39.2 47.8 82.2% 2,226 2,176 482 52 10.9% 4.5x 41.6x 3.9x 24.7x 15.8% Xero Limited 15.0 15.1 99.5% 2,050 1,955 268 (4) NM 7.3x NM 5.4x NM 34.4% Twilio Inc. 33.9 71.0 47.8% 3,063 2,774 369 (13) NM 7.5x NM 5.7x NM 31.4% 2U, Inc. 44.1 46.4 95.2% 2,097 1,936 269 9 3.4% 7.2x NM 5.5x NM 30.3% Coupa Software Incorporated 28.4 41.6 68.2% 1,441 1,239 169 (22) NM 7.3x NM 5.9x NM 23.7% BlackLine, Inc. 32.6 33.7 96.8% 1,673 1,569 168 (9) NM 9.3x NM 7.2x NM 29.6% Q2 Holdings, Inc. 38.6 39.2 98.6% 1,580 1,483 193 6 3.3% 7.7x NM 6.1x NM 26.7% Qualys, Inc. 39.1 39.7 98.6% 1,448 1,203 226 72 31.8% 5.3x 16.7x 4.6x 13.9x 16.0% Alarm.Com Holdings, Inc. 32.6 34.4 94.6% 1,508 1,374 324 66 20.3% 4.2x 20.9x 3.7x 17.1x 15.3% Mimecast Limited 24.2 25.4 95.3% 1,333 1,233 214 16 7.6% 5.8x NM 4.9x NM 16.7% Callidus Software Inc. 21.6 21.8 99.3% 1,401 1,216 244 30 12.3% 5.0x 40.4x 4.2x 30.8x 18.3% Five9, Inc. 19.0 19.1 99.6% 1,034 1,022 189 9 5.0% 5.4x NM 4.6x NM 17.6% MINDBODY, Inc. 29.5 29.7 99.5% 1,209 1,138 181 7 3.7% 6.3x NM 5.0x NM 25.5% SPS Commerce, Inc. 56.0 74.9 74.7% 962 808 221 32 14.6% 3.7x 25.1x 3.2x 20.6x 14.7% Benefitfocus, Inc. 30.6 45.0 67.9% 948 999 266 16 6.0% 3.8x NM 3.2x 33.9x 18.6% AppFolio, Inc. 26.3 28.0 93.8% 887 861 137 14 10.1% 6.3x NM 5.0x 37.3x 26.2% Instructure, Inc. 25.3 26.9 94.0% 730 692 152 (31) NM 4.6x NM 3.5x NM 30.5% Workiva Inc. 16.9 19.0 88.8% 699 657 205 (25) NM 3.2x NM 2.8x NM 15.2% Everbridge, Inc. 23.1 23.9 96.7% 639 578 101 (2) NM 5.7x NM 4.6x NM 26.2% Castlight Health, Inc. 3.8 5.5 69.1% 496 393 133 (30) NM 2.9x NM 2.3x NM 26.6% Apptio, Inc. 13.0 24.6 52.7% 498 419 180 (10) NM 2.3x NM 2.0x NM 14.9% Carbonite, Inc. 21.6 22.0 98.0% 609 550 239 51 21.3% 2.3x 10.8x 2.1x 8.8x 11.3% Jive Software, Inc. 5.3 5.4 98.1% 416 307 204 23 11.2% 1.5x 13.5x 1.5x 12.6x 2.9% Bazaarvoice, Inc. 4.6 6.1 75.0% 381 334 205 17 8.2% 1.6x 19.9x 1.5x 13.6x 6.4% Xactly Corporation 11.5 16.1 71.4% 367 338 112 (4) NM 3.0x NM 2.5x NM 20.7% ChannelAdvisor Corporation 11.9 15.9 74.8% 312 251 123 7 5.4% 2.0x 37.6x 1.8x 25.4x 11.0% Amber Road, Inc. 8.5 12.3 69.1% 230 237 82 (2) NM 2.9x NM 2.6x NM 12.9% Brightcove Inc. 8.6 13.8 62.0% 293 257 164 9 5.3% 1.6x 29.6x 1.4x 20.9x 9.2% Marin Software Incorporated 1.7 2.8 60.3% 67 36 NM NM NM NM NM NM NM NA

Mean $41.2 $46.4 87.4% $3,976 $3,847 $631 $101 13.6% 5.4x 26.8x 4.4x 23.3x 21.1% Median $31.6 $34.1 95.2% $1,544 $1,429 $266 $14 11.4% 5.7x 26.7x 4.6x 23.1x 21.7%

16 Select recently announced M&A transactions (as of April 30, 2017)

($ in millions) Enterprise EV / EV / Announced Date Acquirer Target Target Business Description Value Re ve nue EBIT DA Develops, manufactures, and markets mobile phone based driver assist devices 4/27/2017 Sirius XM Holdings Inc. Automatic Labs Inc. NA NA NA and applications

4/26/2017 Togetherw ork Holdings, LLC Ackercamps.com, LLC Develops parent engagement softw are for children in summer camps NA NA NA

Provides blockchain data technology designed to connect applications to media 4/26/2017 Spotify USA Inc Mediachain NA NA NA and information about it Develops Softw are-as-a-Service based integrated and processor-agnostic 4/25/2017 Vantiv, Inc. Paymetric, Inc. NA NA NA tokenization electronic payment acceptance and data security solutions

4/24/2017 HCL Technologies Limited Urban Fulfillment Services, LLC Provides mortgage business process outsourcing and fulfillment services NA NA NA

Operates an electronic payment service that enables the user to send and 4/19/2017 Ant Financial Services Group Alipay Singapore NA NA NA receive payments from third parties Provides financial data, portfolio management, risk management, and asset 4/19/2017 Asset Vantage Inc. Financial Navigator, Inc. NA NA NA allocation Provides w ealth management, benefit, and investment consulting services to 4/18/2017 KKR & Co. L.P.; Stone Point Capital LLC Focus Financial Partners, LLC $2,000.0 5.0x NA individuals, families, employers, and institutions Provides subscription-based advertising, brand, and pricing intelligence 4/17/2017 Vista Equity Partners LLC Market Track, LLC NA NA NA solutions in North America and internationally Ow ns and operates a w eb-based platform, w hich facilitates communications 4/12/2017 Mortgage Cadence, LLC BeesPath Inc. NA NA NA and file exchange for real estate finance transactions

4/12/2017 Zift LLC PayVisors LLC Operates as an enterprise technology and sales consulting company NA NA NA

Netw ork For Electronic Transfers Banking Computer Services Private Limited and 4/11/2017 Provides electronic payment services 27.1 NA NA (Singapore) Pte Ltd. BCS Information System Pte Ltd

4/10/2017 Harland Clarke Holdings Corp. RetailMeNot, Inc. Operates as a savings destination for online and in-store purchases 457.3 1.5x 14.9x

Operates commerce platforms that connect various buyers and sellers 4/10/2017 Flipkart Online Services Pvt. Ltd. eBay India Pvt. Ltd. NA NA NA worldwide Fidelity National Information Services, Inc., Ambit Provides banking and client management, analytics, market management, and 4/10/2017 New Access SA NA NA NA Private Banking Business fund accounting softw are for the private banking sector globally Provides portfolio analysis and risk management services to fixed income, 4/7/2017 StatPro Group plc UBS Delta AG 13.9 0.8x NA commodities, equities, and FX sectors Provides fundraising CRM, online fundraising, and donor and grant management 4/7/2017 Insight Venture Partners LLC Abila, Inc. NA NA NA solutions to strategic leaders and managers

4/7/2017 Coupa Softw are Incorporated Trade Extensions Tradeext AB Provides procurement, or strategic sourcing SaaS, for businesses globally 45.0 NA NA

4/6/2017 Aareon Nederland B.V. Kalshoven Automation B.V. Develops and offers softw are for the real estate sector NA NA NA

4/6/2017 Open GI Limited Transactor Global Solutions Limited Provides configurable insurance softw are 49.9 NA NA

4/6/2017 Genossenschaft Elektra Birseck Sw isspow er AG, Multi Energy Billing Comprises electronic transfer of electricity billing data NANANA

Provides Softw are-as-a-Service based inter-bank transaction and reporting 4/5/2017 Juniper Payments, LLC LendingTools.com, Inc. 13.0 NA NA systems for financial institutions Comprises merchant payment solutions and merchant contracts from Visa and 4/5/2017 Nets Oy OP Financial Group, Merchant Acquiring Business 32.1 NA NA MasterCard transactions in Finland Provides social micro-payment system designed to support free and open Web 4/5/2017 Eyeo GmbH Flattr AB NA NA NA for fund creativity

4/4/2017 BNP Paribas SA Compte Nickel Offers payment account banking services NA NA NA

Develops a blockchain-based payment platform that allow s to complete a 4/4/2017 Wyre, Inc Remitsy Limited NA NA NA currency conversion and transfer in lesser time Experian plc, Email/Cross-Channel Marketing Comprises email and other online channels that help clients to develop, target, 4/3/2017 Vector Capital 400.0 4.0xNA NA Business and deliver marketing offers to consumers Provides Web based w orkforce management solutions for small and medium 4/3/2017 ABILITY Netw ork Inc. ShiftHound, Inc. NA5.6x NA13.9x NA sized customers Provides online payment processing services and a payment gatew ay, as w ell 4/3/2017 Avangate Inc. 2Checkout.com, Inc. NA NA NA as hosted checkout and mobile payment services Develops cloud-based scholarship management softw are for public institutions, 4/3/2017 Blackbaud, Inc. AcademicWorks, Inc. 50.0 NA NA private institutions, and community foundations

4/3/2017 TeleTech Healthcare Solutions, Inc. Connextions, Inc. Develops and provides health care consumer engagement solutions 80.0 NA NA

Markets and resells credit card, debit card, gift card, loyalty card, and offers 4/3/2017 CardConnect Corp. MertzCo, Inc. 38.2 6.2x NA payment process services Develops a technology platform that bridges offline and online e-commerce and 4/3/2017 GrabTaxi Holdings Pte Ltd KuDo Technology Indonesia, LLC NA NA NA payment markets in Indonesia Provides agency based brokerage and trading-related services for institutional 4/2/2017 Cow en Group, Inc. ConvergEx Group, LLC 116.4 0.6x NA investor clients in the United States and internationally

Source: Company Filings, Press Releases, Capital IQ, Research Reports

17 Select Recently Announced Financings (as of April 30, 2017)

($ in millions) Type of Financing Announced Company Name Country Amount / Round (if VC) Business Description Participated Investors in Current Round

4/27/2017 Snow Softw are AB Sw eden $120.0 Undisclosed Provides softw are asset management solutions Ontario Pension Board; Sumeru Equity Partners, Inc.

Provides an IT insurance platform designed to provide insurance 4/27/2017 Tribe venneforsikring AS Norw ay Undisclosed Series B BearingPoint services through a digital platform Engages in designing, implementing, vending, and maintaining on KKR & Co. L.P.; KKR Next Generation Technology Grow th 4/26/2017 Ivalua Inc. U.S. 70.0 Undisclosed premise or SaaS spend management softw are Fund L.P. New Enterprise Associates; Index Ventures; Thrive 4/26/2017 Robinhood Financial, LLC U.S. 110.0 Series C Provides stock trading services to buy and sell stocks Capital; DST Global; Ribbit Capital Provides w ealth management data analytics platform designed to build FinTech Collective, F-Prime Capital Partners, Long Light 4/26/2017 Quovo U.S. 10.0 Series C a better financial future Capital, Napier Park Global Capital Provides a platform for business ow ners to manage their business A ngelLis t, Cross link Capital, CSC UpShot V entures , 4/24/2017 Nav U.S. 38.9 Series D credit Fenw ay Summer Ventures, Kickstart Seed Fund Provides peer-to-peer insurance services designed to reverse the 4/21/2017 Lemonade U.S. Undisclosed Series D Allianz Ventures traditional insurance model Develops artificial intelligence and deep learning based face recognition 4/20/2017 SenseTime group Limited China 60.0 Undisclosed Sailing Capital Advisors (HK) Limited technology

4/19/2017 Scratch Financial, LLC U.S. Undisclosed Undisclosed Develops an online payment platform Undisclosed

Provides platform for online accounting and business services to small Technology Crossover Ventures; Technology Crossover 4/14/2017 Xero Limited New Zealand 20.1 Undisclosed businesses and their advisors globally Ventures IX Provides insurance services intended for individuals and institutions 4/14/2017 Athene Holding Bermuda 2,351.5 Undisclosed Apollo Global Management seeking to fund retirement needs DSG Consumer Partners , Falcon Edge Capital, Fosun 4/14/2017 Msw ipe Technologies India 21.0 Series D Provider of mobile point of sale (POS) payment services Capital Group Provides reduced-cost prescription platform designed to offer 4/12/2017 Blink Health LLC U.S. 90.0 Series B Eight Par tner s medications at affordable price Operates commercial and consumer finance company that provides 4/12/2017 Global Financial Credit, LLC U.S. Undisclosed Undisclosed Lovell Minnick Partners, LLC specialized w orking capital Provides an independent mobile payments netw ork designed for online Bennett Coleman and Company, Cisco Investments, GMO 4/11/2017 MobiKw ik India 50.0 Series C money transactions VenturePartners, MediaTek, Net 1 UEPS Technologies Jiangsu Yunxuetang Provides training services, exams, and learning materials for real 4/11/2017 China 22.1 Series B SIG Asia Investments, LLLP Netw ork Technology Co. estate, banking, insurance, and retail sectors Provides marketing tools intended to help users in understanding and CreditEase, Firs tMark Capital, Noah Holdings, Ribbit 4/7/2017 Upgrade (US) U.S. 54.3 Series B improving their credit score Capital, Sands Capital Ventures Designes softw are and hardw are point of sale products designed to 4/7/2017 TableSafe, Inc. U.S. Undisclosed Undisclosed Undisclosed replicate the look and feel of the standard leather folder Develops and delivers w hite label personal finance management and Industrifonden; Velocity Capital B.V.; Frumtak GP; 4/6/2017 Meniga ehf. Iceland 8.0 Undisclosed online banking solutions for financial institutions Kjolfesta Hf Develops of a cloud exchange platform designed to provide exchange 4/6/2017 Syscloud Technology China 21.0 Series A Undisclosed services and efficient connections in the global business market China Merchants Venture Capital Management Co. Ltd; 4/5/2017 Wecash China 80.0 Undisclosed Provides big data analytics services SIG Ventures; Forebright Capital Management Limited Develops a Softw are-as-a-Service B2B optimization platform that 4/5/2017 Zilliant Incorporated U.S. 30.0 Undisclosed Goldman Sachs Private Capital Investing provides prescriptive selling and pricing applications for businesses

4/4/2017 Mobi724 Global Solutions Canada 9.5 Undisclosed Provides mobile payment and digital marketing services Undisclosed

Sound Point Capital 4/4/2017 U.S. Undisclosed Undisclosed Provides asset management and credit advisory services Dyal Capital Partners Management Develops an application for transferring and saving money designed to 4/4/2017 Savedroid Germany Undisclosed Series B Investitions- und Strukturbank Rheinland-Pfalz automatically save money for its users' desires Aflac Corporate Ventures, Bill Winkenw erder, Brett 4/1/2017 Wellthie U.S. 5.0 Series A Provides cloud-based e-commerce platform designed to sell insurance Rosen , Enmi Kendall, Geraldine McGinty Decisely Insurance Services, Offers HR resources, benefits, and technology to support small Tw o Sigma Investments, LP; Edgew ood Partners 3/30/2017 U.S. 60.0 Undis clos ed Inc . businesses through its online platform Insurance Center, Inc. Develops an online digital currency exchange designed to trade any Earlybird Venture Capital GmbH & Co. KG; Access 3/28/2017 ShapeShift Ag Sw itzerland 10.4 Series A leading blockchain asset for any other Venture Partners; Pantera Capital Management LP Provides online consumer finance services intended to offer one-click 3/27/2017 Creamfinance LLC Latvia 22.9 Series B Capitec Bank Holdings Ltd. loans to consumers globally Develops of a personal finance assistance application designed to give 3/23/2017 Clarity Money, Inc. U.S. 11.0 Series B RRE Ventures LLC; Citi Ventures, Inc. consumers a financial champion Develops an advanced enterprise machine learning platform designed 3/23/2017 DataRobot, Inc. U.S. 54.0 Series C New Enterprise Associates to build machine learning models Provides a full-service property management platform designed to Canaan Partners; Lightspeed Venture Partners; Jackson 3/21/2017 MYND Management, Inc. U.S. 5.1 Undisclosed create efficiency and transparency in the property management Square Ventures United Arab International Finance Corporation; IFC Asset Management 3/21/2017 Netw ork International LLC 30.0 Undisclosed Provides credit-card payment processing services Emirates Company, LLC; IFC MENA Fund Shenzhen Muchenglin Provides an online marketplace for insurance products and provides life 3/20/2017 China 14.5 Series B Matrix Partners China Technology Co., Ltd. insurance for the elderly, children and the adults

Source: Company Filings, Press Releases, Capital IQ, Research Reports

18 Select Recently Announced Equity Offerings (as of April 30, 2017)

Shares Offered Gross Proceeds En t e r p r is e V alu e EV / EV / Filing Date Offer Date Issuer Ticker Type Securities Offered (in millions) Offer Price ($ in millions) ($ in millions) Re ve nue EBIT DA

3/31/2017 4/27/2017 China Rapid Finance Limited XRF IPO Common Stock 11.5 $6.00 $60.0 $397.8 7.0x NM

2/1/2017 2/1/2017 Worldpay Group Limited LSE:WPG Follow -on Common Stock 214.0 4.07 757.3 7,824.1 5.7x 13.7x

12/5/2016 12/14/2016 EFT Solutions Holdings Limited 8062 IPO Common Stock 60.0 0.07 8.7 35.3 5.9x 15.3x

11/21/2016 11/21/2016 Vantiv, Inc. VNTV Follow -on Common Stock 4.8 59.02 283.4 12,342.7 3.6x 15.1x

10/6/2016 10/6/2016 Coupa Softw are Incorporated COUP IPO Common Stock 18.6 18.00 133.2 786.1 7.2x NM

9/30/2016 10/27/2016 BlackLine, Inc. BL IPO Common Stock 9.9 17.00 146.2 884.9 7.9x NM

9/26/2016 9/27/2016 IRESS Limited IRE Follow -on Common Stock 7.5 8.69 65.1 1,569.6 5.4x 21.6x

9/15/2016 9/15/2016 Travelport Worldw ide Limited TVPT Follow -on Common Stock 8.0 14.00 111.8 4,031.9 1.7x 10.1x

9/13/2016 9/23/2016 Nets A/S NETS IPO Common Stock 105.0 22.58 2,371.3 5,865.8 5.5x 20.3x

9/6/2016 9/9/2016 World Pay WPG Follow -on Common Stock 350.0 3.76 1,316.0 9,293.5 6.6x 17.1x

6/10/2016 7/11/2016 LINE Corporation LN IPO Common Stock 22.0 30.94 1,125.2 5,483.9 4.5x NM

6/1/2016 6/6/2016 TransUnion TRU Follow -on Common Stock 18.0 32.10 502.4 8,072.7 5.2x 16.1x

4/29/2016 5/25/2016 Cotiviti Holdings, Inc. COTV IPO Common Stock 12.9 19.00 237.5 1,100.5 1.9x 5.4x

4/4/2016 4/26/2016 Yintech Investment Holdings Limited YIN IPO Common Stock 7.5 13.50 111.3 637.1 3.2x NA

3/9/2016 3/9/2016 Travelport Worldw ide Limited TVPT Follow -on Common Stock 10.6 13.36 141.7 3,958.9 1.8x 10.1x

2/1/2016 4/7/2016 CHEOUM & C Co., Ltd. A111820 Follow -on Common Stock 0.6 11.67 7.0 208.1 5.6x NM

1/18/2016 2/4/2016 Rentian Technology Holdings Limited 885 Follow -on Common Stock 500.0 0.05 27.0 311.4 3.4x 9.9x

Finsoft Financial Investment Holdings 1/14/2016 1/27/2016 8018 Follow -on Common Stock 800.0 0.01 5.1 31.5 5.3x NM Limited

12/15/2015 4/14/2016 BATS Global Markets, Inc. BATS IPO Common Stock 15.3 19.00 252.7 2,337.4 1.3x 8.7x

12/2/2015 12/2/2015 Vantiv, Inc. VNTV Follow -on Common Stock 13.4 51.67 691.1 10,948.6 3.6x 16.0x

11/16/2015 12/18/2015 Yirendai Ltd. YRD IPO Common Stock 7.5 10.00 75.0 554.8 3.5x 10.9x

11/9/2015 4/6/2017 Elevate Credit, Inc. ELVT IPO Common Stock 14.2 6.50 80.6 708.8 1.2x 13.4x

11/4/2015 11/4/2015 Travelport Worldw ide Limited TVPT Follow -on Common Stock 141.6 14.16 141.6 4,119.8 1.9x 11.0x

11/4/2015 11/4/2015 Sabre Corporation SABR Follow -on Common Stock 877.4 29.27 877.4 11,023.2 3.9x 13.7x

11/2/2015 11/5/2015 LendingTree, Inc. TREE Follow -on Common Stock 97.8 115.00 97.8 1,304.4 5.9x NM

10/28/2015 10/28/2015 Hostelw orld Group Plc HSW IPO Common Stock 203.3 2.83 203.3 255.8 2.8x 24.6x

10/14/2015 11/18/2015 Square, Inc. SQ IPO Common Stock 243.0 9.00 2,214.6 2,813.9 2.5x NM

10/7/2015 10/8/2015 New tek Business Services Corp. NEWT Follow -on Common Stock 33.0 16.50 33.0 352.1 9.6x NM

10/2/2015 10/27/2015 Equiniti Group plc EQN IPO Common Stock 485.0 2.53 485.0 2,076.8 4.7x 25.7x

9/18/2015 10/15/2015 Worldpay Group Limited WPG IPO Common Stock 3,341.1 3.71 3,341.1 10,944.2 8.2x 21.0x

9/10/2015 9/24/2015 Q2 Holdings, Inc. QTWO Follow -on Common Stock 96.9 25.50 96.9 833.6 8.9x NM

8/7/2015 10/8/2015 CPI Card Group Inc. PMTS IPO Common Stock 150.0 10.00 150.0 915.2 2.5x 10.2x

8/5/2015 8/5/2015 Sabre Corporation SABR Follow -on Common Stock 510.2 26.85 510.2 9,975.4 3.6x 12.8x

7/21/2015 7/30/2015 PITECO S.p.A. PITE IPO Common Stock 10.9 3.61 10.9 76.3 5.7x 13.7x

Source: Company Filings, Press Releases, Capital IQ, Research Reports

19 Select Recently Closed High Yield (as of April 30, 2017)

Amount Issuance Closed Date Issuer Ticker ($ in millions) Type Security Coupon (%) Maturity Structure Price Yield Spread Moody's S&P

4/4/2017 Cardtronics Inc CATM $300.0 144A Sr. Notes 5.500% 1-May-25 NC3 100.000% 5.500% 314 bp Ba2 BB+

3/9/2017 Alliance Data Systems Corporation ADS 430.7 144A Sr. Notes 4.500% 1-Mar-24 NC3 100.000% 4.500% 450 bp NR NR

3/3/2017 LPL Financial Holdings Inc LPLA 500.0 144A Sr. Notes 5.750% 15-Sep-25 NC3 100.000% 5.750% 329 bp B2 B+

2/6/2017 IHS Markit Ltd INFO 500.0 144A Sr. Notes 4.750% 15-Feb-25 NC 100.000% 4.750% 244 bp Ba1 BB+

2/3/2017 Change Healthcare Holdings 1,000.0 144A Sr. Notes 5.750% 1-Mar-25 NC3 100.000% 5.750% 336 bp B3 B-

2/2/2017 Harland Clarke Corp 350.0 144A Sr. Notes 8.380% 15-Aug-22 NC2 100.000% 8.380% 633 bp B1 BB-

2/1/2017 Speedy Cash 470.0 144A Sr. Notes 12.000% 1-Mar-22 NC2 98.155% 12.500% 0 bp Caa1 B-

11/17/2016 Priority Payments 80.0 144A Sub Notes ND ND ND ND ND ND NR NR

10/27/2016 Alliance Data Systems Corporation ADS 500.0 144A Sr. Notes 5.880% 1-Nov-21 NC2 100.000% 5.880% 461 bp NR NR

9/30/2016 Donnelley Financial Solutions Inc DFIN 300.0 144A Sr. Notes 8.250% 15-Oct-24 NC5 100.000% 8.250% 672 bp B3 B

8/4/2016 MSCI Inc MSCI 500.0 144A Sr. Notes 4.750% 1-Aug-26 NC5 100.000% 4.750% 326 bp Ba2 BB+

4/19/2016 Diebold Nixdorf DBD 400.0 144A Sr. Notes 8.500% 15-Apr-24 NC3 100.000% 8.500% 690 bp B2 B+

3/29/2016 First Data Corp FDC 900.0 144A 1st Lien Notes 5.000% 15-Jan-24 NC3 99.500% 5.080% 335 bp B1 BB

3/3/2016 Solera Holdings 1,730.0 144A Sr. Notes 10.500% 1-Mar-24 NC3 95.000% 11.470% 983 bp Caa1 B-

11/25/2015 First Data Corp FDC 2,200.0 144A 2nd Lien Notes 5.750% 15-Jan-24 NC3 100.000% 5.750% 363 bp B1 BB

11/25/2015 First Data Corp FDC 1,000.0 144A 1st Lien Notes 5.000% 15-Jan-24 NC3 100.000% 5.000% 288 bp B1 BB

11/18/2015 First Data Corp FDC 3,400.0 144A Sr. Notes 7.000% 1-Dec-23 NC3 100.000% 7.000% 499 bp Caa1 B

11/5/2015 Worldpay Finance Plc WPG 530.0 144A Sr. Notes 3.750% 15-Nov-22 Callable 100.000% 3.750% 362 bp Ba2 BB

11/4/2015 AvidXchange 31.0 144A PIK Notes 10.500% 1-Dec-20 NC5 100.000% 10.500% NA NR NR

9/30/2015 Ellucian 490.0 144A Sr. Notes 9.000% 30-Sep-23 NC3 96.568% 9.625% 760 bp Caa2 CCC+

8/25/2015 Infor Inc 500.0 144A Sr. Sec. Notes 5.750% 15-Aug-20 NC2 99.000% 5.986% 443 bp B1 B+

8/13/2015 MSCI MSCI 800.0 144A Sr. Notes 5.750% 15-Aug-25 NC5 100.000% 5.750% 352 bp Ba2 BB+

8/12/2015 Emdeon Inc 250.0 144A Sr. Notes 6.000% 15-Feb-21 NC2 100.000% 6.000% 435 bp Caa1 CCC+

8/11/2015 First Data Corp 1,210.0 144A 1st Lien Notes 5.375% 15-Aug-23 NC3 100.000% 5.375% 325 bp B1 BB-

7/8/2015 SS&C Technologies SSNC 600.0 144A Sr. Notes 5.875% 15-Jul-23 NC3 100.000% 5.875% 365 bp B3 B+

6/16/2015 Informatica Corporation 650.0 144A Sr. Notes 7.125% 15-Jul-23 NC3 100.000% 7.125% 502 bp Caa2 CCC+

5/22/2015 Blue Coat Holdings 470.0 144A Sr. Notes 8.375% 1-Jun-23 3-Jan-00 100.000% 8.375% 625 bp Caa2 CCC+

4/23/2015 Infor (add-on) 600.0 144A Sr. Notes 6.500% 15-May-22 3-Jan-00 102.250% 5.974% 437 bp B3 B-

4/6/2015 McGraw Hill (add-on) MHFI 100.0 144A Sr. PIK Notes 8.500% 1-Aug-19 NC0 99.101% 8.748% 754 bp Caa1 B-

4/1/2015 Infor Softw are 1,030.0 144A Sr. Notes 6.500% 15-May-22 3-Jan-00 100.000% 6.500% 466 bp B3 B-

3/27/2015 General Communications Inc. GNCM.A 450.0 144A Sr. Notes 6.875% 15-Apr-25 5-Jan-00 99.105% 7.000% 504 bp B3 B+

3/27/2015 Verisign Inc. VRSN 500.0 144A Sr. Notes 5.250% 1-Apr-25 NCLife 100.000% 5.250% 337 bp Ba1 BB+

3/18/2015 Infor Softw are 370.0 144A Sr. Notes (€s) 5.750% 15-May-22 3-Jan-00 100.000% 5.750% 576 bp B3 B-

3/9/2015 Zayo Group LLC (add-on) ZAYO 730.0 144A Sr. Notes 6.000% 1-Apr-23 3-Jan-00 101.000% 5.796% 377 bp Caa1 CCC+

Source: Standard & Poor’s Leveraged Commentary & Data (“LCD”), Capital IQ

20 Select Recently Closed Leveraged Loans (as of April 30, 2017) Deal Size Da te Issue r Sponsor Purpose ($ in millions) Corporate Revolver Term Loan A Term Loan B 2nd Lien 4/21/2017 Misys plc Vista Equity Partners LBO 400 B3 B $400M / L+350 4/21/2017 Misys plc Vista Equity Partners LBO 1,245 B3 B $1245M / L+725 4/21/2017 Misys plc Vista Equity Partners LBO 3,582 B3 B $3582M / L+350 4/21/2017 Misys plc Vista Equity Partners LBO 925 B3 B 850 / E+325 4/21/2017 Misys plc Vista Equity Partners LBO 272 NA NA 250 / E+700 4/17/2017 First Data Corp Not Sponsored Refinancing 4,217 B1 B+ 4217M / L+250 4/17/2017 Harland Clarke Corp MacAndrews & Forbes Acquisition 400 B2 B+ 400M / L+550 4/13/2017 Everi Payments Not Sponsored Refinancing 855 B2 B 35M / NA 820M / L+450 4/7/2017 Global Payments Not Sponsored Refinancing 1,150 Ba2 BB+ 1150M / L+200 4/6/2017 Diebold Nixdorf Not Sponsored Refinancing 475 Ba3 BB- 475M / L+275 4/5/2017 Blucora Not Sponsored Refinancing 50 B1 BB- 50M / NA 4/5/2017 Blucora Not Sponsored Refinancing 375 B1 BB- 375M / L+375 4/3/2017 Vertafore Inc Bain Capital Corp Purpose 60 B2 B- 60M / L+325 3/28/2017 Cotiviti Holdings Inc Advent International Refinancing 549 B1 BB- 546.8M / L+225 3/28/2017 iPayment Inc Not Sponsored Refinancing 305 Caa2 NR 305M / L+625 3/28/2017 Conduent Not Sponsored Refinancing 850 Ba3 BB 850M / L+400 - 425 3/22/2017 CCC Information Services Inc Advent International LBO 375 B3 B 375M / L+675 3/22/2017 CCC Information Services Inc Advent International LBO 100 B3 B 100M / NA 3/22/2017 CCC Information Services Inc Advent International LBO 925 B3 B 925M / L+300 2/28/2017 LPL Financial Holdings Inc Hellman & Friedman Refinancing 100 Ba3 BB- 100M / NA 2/28/2017 LPL Financial Holdings Inc Hellman & Friedman Refinancing 1,700 Ba3 BB- 1,700M / L+275 - 300 2/16/2017 SS&C Technologies Not Sponsored Refinancing 1,622 B1 BB 1480M / L+225 2/13/2017 Black Knight Financial Services Not Sponsored Refinancing 394 Ba3 BB- 394M / L+225 2/13/2017 Solera Holdings Vista Equity Partners Refinancing 1,789 B2 B- 1789M / L+325 2/7/2017 Harland Clarke Corp MacAndrews & Forbes Refinancing 325 B2 B+ 325M / L+550 2/3/2017 ION Trading Technologies Not Sponsored Refinancing 349 B2 B+ 349M / L+300 2/2/2017 Eze Software Texas Pacific Group Recap/Dividend 653 B2 B 568M / L+300 1/25/2017 Change Healthcare Holdings Blackstone Group Merger 5,365 B2 B+ 500M / NA 4,865M / L+275 - 300 1/25/2017 Harland Clarke Corp MacAndrews & Forbes Refinancing 550 B2 B+ 550M / L+550 1/25/2017 Harland Clarke Corp MacAndrews & Forbes Refinancing 370 B2 B+ 370M / L+600 1/20/2017 Solera Holdings Inc Vista Equity Partners Acquisition 300 B2 B- 300M / L+475 1/17/2017 Transfast LLC GCP Capital Partners Corp Purpose 40 NA NA 40M / NA 1/11/2017 TransUnion Advent International Refinancing 1,995 Ba3 BB- 1995M / L+250 1/11/2017 First Data Corp Not Sponsored Refinancing 1,300 B1 B+ $1,300M / L+200 1/9/2017 FleetCor Technologies Inc Not Sponsored Refinancing 246 Ba2 BB+ 246M / L+225 - 250 1/6/2017 First American Payment Systems Not Sponsored General Purpose 80 B2 B+ 80M / L +1050 1/6/2017 First American Payment Systems Not Sponsored General Purpose 240 B2 B+ 240M / L+575 12/12/2016 MoneyGram International Thomas H Lee Partners General Purpose 85 NR NR 85 / NA 12/12/2016 Vertafore Inc Bain Capital Refinancing 1,100 B3 B- 1,100M / L+325 12/2/2016 First American Payment Systems LP Ontario Teachers Pension Plan Corp Purpose 280 B2 B 40M / NA 240M / L+575 12/2/2016 First American Payment Systems LP Ontario Teachers Pension Plan Corp Purpose 80 B2 B 80M / L+1050 11/30/2016 Aptean Holdings Vista Equity Partners Recap/Dividend 70 B3 B 70M / L+475 11/30/2016 Aptean Holdings Vista Equity Partners Recap/Dividend 495 B3 B 495M / L+500 11/30/2016 Aptean Holdings Vista Equity Partners Recap/Dividend 165 B3 B 165M / L+950 11/30/2016 Oberthur Technologies Advent International Acquisition 760 B2 B- 760M / L+375 11/23/2016 Ministry Brands Insight Ventures LBO 503 NR NR 20M / NA 379M / L+500 11/23/2016 Ministry Brands Insight Ventures LBO 213 NR NR 167M / L+925 11/18/2016 First Data Corp Not Sponsored Refinancing 2,783 B1 B+ 2,738M / L+300 11/17/2016 Priority Payments Not Sponsored Refinancing 25 B2 B 25M / NA 11/17/2016 Priority Payments Not Sponsored Refinancing 200 B2 B 200M / L+475 11/14/2016 NICE Systems Ltd. Not Sponsored Acquisition 550 NR NR 75M / L+125 475M / L+125 11/10/2016 EVO Payments International Madison Dearborn Partners Acquisition 100 B2 B 100M / NA 11/10/2016 EVO Payments International Madison Dearborn Partners Acquisition 570 B2 B 570M / L+500 11/7/2016 Revspring Inc GTCR Golder Rauner LBO 227 B3 B- 20M / Na 207M / L+550 10/17/2016 Global Payments Not Sponsored Refinancing 542 Ba2 BB+ 542M / L+250 10/17/2016 Global Payments Not Sponsored Refinancing 750 Ba2 BB+ 750M / L+250 10/13/2016 Applied Systems Inc Hellman & Friedman Recap/Dividend 150 B3 B 150M / L+325 10/13/2016 Mitchell International Inc Kohlberg, Kravis & Roberts Acquisition 50 B3 B- 50M / L+350 10/6/2016 Sedgwick CMS Holdings Inc Kohlberg, Kravis & Roberts Refinancing 325 B3 B 325M / L+325 10/4/2016 First Data Corp Not Sponsored Refinancing 4,368 B1 B+ 4,368M / L+300 9/22/2016 Vantiv LLC Not Sponsored Refinancing 765 Ba2 BB+ 765M / L+250 9/22/2016 Vantiv LLC Not Sponsored Refinancing 650 Ba2 BB+ 650M / NA 9/19/2016 Harbortouch Payments Searchlight Capital Partners Recap/Dividend 280 B2 B 20M / L+475 260M / L+475 9/19/2016 Harbortouch Payments Searchlight Capital Partners Recap/Dividend 90 B2 B 90M / L+950

Source: Standard & Poor’s Leveraged Commentary & Data (“LCD”), Capital IQ

21 Global Technology Sector M&A and Private Placement Update (as of April 30, 2017)

Commentary After record spending in the tech M&A market in 2015 and 2016, the value of tech transactions in both January and February slumped to the lowest consecutive monthly totals since 2013. The two-year surge seemingly led to a two-month slump, as buyers digested their acquisitions. By the final month of the first quarter, however, acquirers were back in business, spending as much in March as they did in the two previous months totaling $45.0B. Spending fell to $17.7B in April 2017 though deal volumes rose sharply from 554 in March 2017 to 732 in April 2017. The number of Private Placement transactions fell from 852 in March 2017 to 809 this month. However, the value of transactions announced in each of the subsequent quarters in 2016 accelerated dramatically from last year's sluggish start, with average quarterly spending for Q2-Q4 coming in nearly twice the level of Q1. Matching last year's acceleration in spending may be a challenge for the rest of 2017, as buyers are on pace to do substantially fewer deals this year (this holds true for both broad tech M&A as well as the top end of the market). The first quarter's deal volume of 1,659 is essentially flat with the January-March period in the previous year. More significantly, tech acquirers announced fewer transactions valued at more than $1B in the just-completed quarter than in any other quarter in more than three years. Global Technology Monthly Transactions Count and Volumes (Last One Year as of April 30, 2017)

1,200 $160

981 $140 1,000 945 M&A Transaction Volume ($ in billions)

858 832 852 $120 813 795 812 809 765 800 749 750 732 $97.8 693 $100

616 $77.9 569 600 589 554 $80 535 499 515 500 520 529 516 $76.8 475 $54.4 $60 400 $43.2 $45.0

Count of Transactions of Count $45.8 $40 $35.7 200 $31.2 $17.7 $24.8 $25.5 $20 $16.8 0 $0 Jul-16 Oct-16 Apr-16 Apr-17 Jun-16 Jan-17 Feb-17 Mar-17 Aug-16 Sep-16 Nov-16 Dec-16 May-16 Merger/Acquisition Private Placement M&A Transaction Volume Global Technology Yearly Transactions Count and Volumes (Last Nine Years)

12,000 $800

9,998 9,956 $700 M&ATransaction Volume ($ in billions) 10,000 8,989 $550.2 $600 7,977 8,000 7,350 $500 6,815 6,359 6,215 6,000 5,780 $400 5,493 5,343 4,942 4,991 5,225 4,991 $387.2 $360.9 3,976 4,118 $300 4,000 3,752 $270.9 $246.4 $232.6 $252.5 $200 $198.4 $221.4 Count of Transactions of Count 2,000 $100

0 $0 2008 2009 2010 2011 2012 2013 2014 2015 2016

Merger/Acquisition Private Placement M&A Transaction Volume

Source: Company Filings, Press Releases, Thomson Reuters, Capital IQ, Analyst Reports Note: The monthly transaction chart excludes pending $16.6B deal of Nokia - Alcatel and $57.5B deal of SK&C - SK Holdings in April 2015 and Time Warner - Charter Communications $78.4B deal in May 2015 and $67B Dell - EMC deal in November 2015

22 Upcoming Events

May June SMTWRFS SMTWRFS

123456 123

7 8 9 10111213 45678910

14 15 16 17 18 19 20 11 12 13 14 15 16 17

21 22 23 24 25 26 27 18 19 20 21 22 23 24

28 29 30 31 25 26 27 28 29 30

Denotes Bank Holiday Denotes Event

Upcoming Industry Conferences

Dates Event Location Additional resources May 22 - May 25 CNP Expo 2017 Rosen Shingle Creek Resort - Orlando, FL Link to Conference Website Jun 06 - Jun 07 Money Conf Madrid campus de la Inovacion - Madrid, Spain Link to Conference Website Jun 12 - Jun 14 Mobile Connect 2017 Rancho Bernardo Inn - San Diego, CA Link to Conference Website Jun 12 - Jun 14 Digital Banking Summit Hilton Austin - Austin, TX Link to Conference Website Jun 13 - Jun 14 LegalTech New York 2017 New York Hilton Midtown - New York, NY Link to Conference Website Jun 13 - Jun 13 Blockchain + Digital Currencies Convene Midtown East - New York, NY Link to Conference Website Jun 26 - Jun 28 Money 20/20 Europe Bella Center - Copenhagen, Denmark Link to Conference Website Jul 16 - Jul 19 The Payments Institute 2017 Emory Conference Center Hotel - Atlanta, GA Link to Conference Website Jul 17 - Jul 19 2017 MWAA Conference Chicago Marriott Downtown - Chicago, IL Link to Conference Website Aug 06 - Aug 08 19th Annual Pacific Crest Global Technology Leadership Forum Sonnenalp Resort - Vail, CO Link to Conference Website Sep 11 - Sep 14 Finovate Fall New York 2017 New York Hilton Midtown - New York, NY Link to Conference Website Sep 18 - Sep 20 PayThink 2017 Phoenix, AZ Link to Conference Website Sep 27 - Sep 28 2017 WSAA Annual Conference Omni Rancho Las Palmas Resort & Spa - Rancho Mirage, CA Link to Conference Website Oct 03 - Oct 05 UMACHA's Navigating Payments 2017 Conference DoubleTree - Boomington, MN Link to Conference Website Oct 04 - Oct 06 Concepts 2017 - The Clearing House Payments Authority Grand Traverse Resort - Acme, MI Link to Conference Website Oct 15 - Oct 17 ABA Annual Convention Hyatt Regency - Chicago, IL Link to Conference Website Oct 22 - Oct 25 Money 2020 Expo The Venetian Hotel & Casino- Las Vegas, NV Link to Conference Website Nov 28 - Dec 01 IMTC World 2017 Miami Beach - Miami, FL Link to Conference Website Nov 29 - Dec 01 Small Business Banking Austin Convention Center - Austin, TX Link to Conference Website

Upcoming Company Events

Date Time Company Event Location/ Dial-in and Pass code Additional resources May 18 9:00 AM Wirecard AG Earnings Call Webcast Investor Relations May 18 9:00 AM Wolters Kluwer N.V. Earnings Call Webcast Investor Relations May 18 9:00 AM Experian plc Earnings Call Webcast Investor Relations May 18 9:00 AM IRESS Limited Earnings Call Webcast Investor Relations May 23 2:00 AM Intuit Inc. Earnings Call Phone: (844) 246-4601 Investor Relations May 24 9:00 AM Lombard Risk Management plc Earnings Call Webcast Investor Relations May 25 9:00 AM Asseco Poland S.A. Earnings Call Webcast Investor Relations May 25 2:00 AM Veeva Systems Inc. Earnings Call Phone: (877) 201-0168; Passcode: 14593688 Investor Relations Source: CapIQ, Company Websites Note: Bold denotes planned attendance by member(s) of Pacific Crest Securities Financial Technology team

23 KeyCorp Overview KeyBanc Capital Markets

• Corporate and Investment Bank focused on the middle market • Full-services capabilities: ─ Equity Capital Markets ─ Sales & Trading ─ Leveraged Finance ─ Mergers & Acquisitions ─ Debt Capital Markets ─ Financial Sponsor Coverage • Over 800 bankers in 22 offices: Albany, Atlanta, Beijing, Boston, Charlotte, Chicago, Cincinnati, Cleveland, Columbus, Dallas, Houston, Indianapolis, London, Los Angeles, Nashville, New York, Philadelphia, Portland, Salt Lake City, San Francisco, Seattle, and Headquarters: Cleveland, OH Syracuse Sole Corporate Banking Offices (15 States) • Bankers organized by industry focus and transaction expertise Sole Community Banking Offices (11 States) • Over 90 senior and associate equity research analysts, tracking Combined Corporate and Community Banking Offices (3 States) more than 775 companies across four major industry sectors

Recent Transactions

April 2017 April 2017 October 2016 November 2015 October 2015 October 2015 June 2015

$4,200,000,000 Term Loan B A portfolio company of March 2016 $900,000,000 $425,000,000 Add-On Senior Notes $500,000,000 has been acquired by $3,317,000,0000 $4,500,000,000 $35,000,000 October 2015 Senior Secured Credit Senior Secured Credit Facilities Senior Notes $3,400,000,000 Initial Public Offering Senior Notes Facilities Senior Notes Joint Lead Arranger Joint Bookrunner and Joint Bookrunner Co-Manager Exclusive Advisor Co-Manager Co-Manager Sole Bookrunner

June 2015 May 2015 April 2015 April 2015 March 2015 October 2014 September 2014

A portfolio company of has acquired A portfolio company of $75,000,000 Incremental Term Loan B $90,000,000 $1,750,000,000 $150,535,000 $475,000,000 $75,000,000 Senior Secured Credit Senior Secured Credit Senior Secured Credit Senior Secured Credit Initial Public Offering Senior Notes Initial Public Offering Facilities Facilities Facilities Facilities Joint Lead Arranger Joint Lead Arranger Sole Bookrunner Co-Manager Co-Manager and Joint Bookrunner Sole Bookrunner Co-Manager and Joint Bookrunner

For additional information about Pacific Crest Securities’ Financial Technology Practice, please contact the Financial Technology Team:

Tim Monnin Alexander Kennedy Managing Director Associate Charlotte, NC Charlotte, NC 704-651-9371 704-916-3080 [email protected] [email protected]

Disclosure: KeyBanc Capital Markets is a trade name under which corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member NYSE/FINRA/SIPC ("KBCMI"), and KeyBank National Association ("KeyBank N.A."), are marketed. Pacific Crest Securities is a division of KBCMI. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives, who may also be employees of KeyBank N.A. Banking products and services are offered by KeyBank N.A. This report was not issued by our research department. The information contained in this report has been obtained from sources deemed to be reliable but is not represented to be complete, and it should not be relied upon as such. This report does not purport to be a complete analysis of any security, issuer, or industry and is not an offer or a solicitation of an offer to buy or sell any securities. This report is prepared for general information purposes only and does not consider the specific investment objectives, financial situation and particular needs of any individual person or entity. 24