Financial Technology Sector Summary

October 9, 2013 Table of Contents

I. GCA Savvian Overview

II. Market Summary

III. Payments / Banking

IV. Securities / Capital Markets / Data & Analytics

I. GCA Savvian Overview GCA Savvian Overview Highlights

Firm Statistics GCA Savvian Focus

. Over 225 professionals today Mergers & Acquisitions Private Capital Markets

. Headquarters in and Tokyo; offices in New . Full spectrum of buy-side, sell- . Agented private capital raiser side and strategic advisory York, London, Shanghai, Mumbai, and Osaka . Equity and debt capital markets . Provides mergers and acquisitions advisory services, private . Public and private company advisory services experience capital & capital markets advisory services, and principal . Core competency, with important investing . Strategic early-stage growth relationships among the venture companies through industry capital and private equity . Over 460 transactions completed; over $100Bn in transaction defining, multi-billion dollar community value transactions . Publicly traded on the Tokyo Stock Exchange (2174) Senior level attention and focus, Relationships and market extensive transaction intelligence; a highly experienced team in experience and deep domain insight the industry Global Advisory Firm Market Positioning

Bulge Bracket Growth Sector Focus Transaction Expertise . Senior Team with . Growth Company Focus Unparalleled Transaction . Sector Expertise / Domain Experience Knowledge . Highest Quality Client . Private Capital Access Service . Late Stage Private through . Broad Network Including Public Company Orientation Global 1000 Relationships

. M&A Advisory and Capital Raising Expertise

3 GCA Savvian Overview Financial Technology Landscape

. GCA Savvian divides Financial Technology into Financial Technology three broad categories

− Payments & Banking

− Securities & Capital Markets

− Insurance & Payments & Banking Securities & Capital Markets Insurance & Healthcare Healthcare

Analytics Crowd Funding BPO / IT Services ATMs Digital Media Brokerage Bill Payment Collections e-Brokerage Claims Processing Core Processing Exchanges Collections Financial Outsourcing Hedge Fund Administration CRM Information Processing Index Businesses Document Management Issuer Processing Mutual Fund Processing eCommerce Marketing / Offers Merchant Acquiring Personal Financial Mgmt. Information and Analytics Mobile Risk & Analytics Payments Money Transfer Securities Brokerage Risk Management Online Lending Software / SaaS Software / SaaS P2P Lending Prepaid Trading Platforms Title / Appraisal

4 GCA Savvian Overview Significant Transaction Momentum

. GCA Savvian has Cumulative Deal Announcements advised on over $100 463 billion of transaction 451 445 value 450 431 423 . Over 460 deals, including 401 a number of multi-billion 400 dollar industry-defining 384 367 transactions 355 344 . Demonstrated ability to 350 326 complete transactions despite challenging 305 300 290 279 market conditions 273 255 260 250 239

219 205 200 190 171 156

150 135 124 111 99 100 86 91 76 65 55 50 40 31 22 14 6 11

0

Q1'13 Q2'13

Q1 '04 Q1 '04 Q2 '04 Q3 '04 Q4 '05 Q1 '05 Q2 '05 Q3 '05 Q4 '06 Q1 '06 Q2 '06 Q3 '06 Q4 '07 Q1 '07 Q2 '07 Q3 '07 Q4 '08 Q1 '08 Q2 '08 Q3 '08 Q4 '09 Q1 '09 Q2 '09 Q3 '09 Q4 '10 Q1 '10 Q2 '10 Q3 '10 Q4 '11 Q1 '11 Q2 '11 Q3 '11 Q4 '12 Q1 '12 Q2 '12 Q3 '12 Q4

5 GCA Savvian Overview Financial Technology Team

San Francisco New York

th 150 California St., Ste. 2300 1330 Ave. of the Americas, 28 Fl. San Francisco, CA 94111 New York, NY 10019 United States Phone: (415) 318-3600 Phone: (212) 999-7090

Sean Minnihan Steve Fletcher Derek Bell Dick Filippini Managing Director Managing Director Director Director Financial Technology Digital Media Business Services Mobile

Phone: (212) 999-7077 Phone: (415) 318-3661 Phone: (212) 999-7089 Phone: (415) 318-3688 Mobile: (917) 364-6230 Mobile: (415) 518-6725 Mobile: (914) 953-0689 Mobile: (415) 297-3420 [email protected] [email protected] [email protected] [email protected]

Zeke Navar Rob Freiman Cathryn Quinn Director Vice President Analyst Healthcare IT Financial Technology

Phone: (415) 783-3276 Phone: (212) 999-7075 Phone: (212) 999-7081 Mobile: (917) 229-0436 Mobile: (973) 229-0436 Mobile: (310) 968-3160 [email protected] [email protected] [email protected]

6 II. Market Summary Market Summary Industry Stock Market Performance

Last 12 Months Last 3 Months

190 115

170 110

150

105

130

100

110

95 90

70 90 10/4/12 11/4/12 12/4/12 1/6/13 2/5/13 3/7/13 4/7/13 5/7/13 6/6/13 7/8/13 8/7/13 9/6/13 7/4/13 7/12/13 7/21/13 7/29/13 8/6/13 8/14/13 8/22/13 8/30/13 9/8/13 9/16/13 9/24/13 10/2/13

(1) (2) (3) (4) Payments Exchanges Financial Data, Content, Information Processors / & Analytics Credit Bureaus

(5) (6) Banking & Lending (7) Investment Services, (8) Trading Platforms Online Broker Dealers Technology Software, & Technology

Notes: 1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, EBAY, EEFT, ENXTPA: EDEN, FLT, GCA, GDOT, GPN, HPY, MA, MCRS MGI, ONE, OUTR, PAR, TSS, UEPS, V, VNTV, WEX, WU, XOOM, XTRA: WDI. 2) Exchanges: ASX: ASX, ATSE: EXAE, BMV: BOLSA A, BOVESPA: BVMF3, CATS: BME, CBOE, CME, ICE, JSE: JSE, KLSE: BURSA, LSE: LSE, NDAQ, NYX, SEHK: 388, SGX: S68, TSX: X, WSE: GPW, XTRA: DB1. 3) Financial Data, Content & Analytics: DNB, ENXTPA: FIM, FDS, HHS, HIS, MCO, MHP, MORN, MSCI, RATE, TRI. 4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN. 5) Trading Platforms: BGCP, GFIG, INTL, ITG, MKTX. 6) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. 8 7) Banking & Lending Technology: ACIW, ELLI, EPAY, FIS, FISV, INTU, JKHY, LPS, PFMT, SWX: TEMN. 8) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC, TIBX. Market Summary Indexed Price Performance by Sector

Last 3 Months 1 year 3 years

Investment Services, 12.7% 36.2% 70.1% Software, & Technology

Financial, Data, Content, & 11.9% 27.2% 37.9% Analytics

Trading Platforms 9.0% 50.4% 57.0%

Banking & Lending 7.9% 26.5% 63.4% Technology

Information Processors / 6.5% 15.4% 81.9% Credit Bureaus

Exchanges 6.1% 25.3% 16.5%

Payments 4.8% 30.2% 129.5%

Online Broker Dealers 3.4% 67.4% 53.0%

0.0% 10.0% 20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 0.0% 50.0% 100.0% 150.0%

Notes: Numbers represent medians of sub-sectors. Details available in later pages. 9 Market Summary Long-Term EPS Growth and EBITDA Margins

Long-Term EPS Growth EBITDA Margins

Online Broker Dealers 15.0% Trading Platforms 40.2%

Payments 14.9%

Information Processors / Credit Bureaus 26.1%

Banking and Lending Technology 14.6%

Banking and Lending Technology 26.0% Investment Services, Software, & Technology 14.4%

Financial Data, Content, & Analytics 13.4% Financial Data, Content, & Analytics 21.9%

Information Processors / Credit Bureaus 11.6%

Payments 19.7%

Exchanges 10.2%

Investment Services, Software, & Technology 19.0% Trading Platforms 10.0%

0% 2% 4% 6% 8% 10% 12% 14% 16% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

Notes: Numbers represent medians of sub-sectors. Details available in later pages. 10 Market Summary Price / Earnings Multiples and PEG Ratios

2013E Price / Earnings Multiples 2014E PE / Growth (“PEG” Ratio)

Investment Services, Software, & Technology 24.6x Exchanges 2.3

Online Broker Dealers 23.3x Investment Services, Software, & Technology 1.5

Exchanges 21.3x Trading Platforms 1.5

Banking and Lending Technology 20.9x Information Processors / Credit Bureaus 1.5

Information Processors / Credit Bureaus 20.1x Online Broker Dealers 1.4

Trading Platforms 18.8x Banking and Lending Technology 1.2

Payments 17.6x Payments 1.2

Financial Data, Content, & Analytics 13.7x Financial Data, Content, & Analytics 1.0

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

Notes: Numbers represent medians of sub-sectors. Details available in later pages. 11 Market Summary LTM Price Performance and 2013 P/E – Payments / Banking

($MM) ($MM) LTM Price LTM Price Netw orks Market Cap. Performance P/E 2013 Prepaid Market Cap. Performance P/E 2013

Visa Inc. $122,906 36% 24.3x Blackhaw k Netw ork Holdings, Inc. $1,125 NA 19.2x American Express Company 80,170 27% 15.3 Green Dot Corporation 1,113 99% 21.5 eBay Inc. 71,950 12% 20.5 Higher One Holdings, Inc. 355 (43%) 15.2 MasterCard Incorporated 81,220 42% 25.8 Net 1 Ueps Technologies Inc. 561 40% 13.8 Discover Financial Services 24,465 25% 10.3 Sector Average $788 32% 17.4x Sector Average $76,142 29% 19.2x LTM Price LTM Price ATM / Kiosks Market Cap. Performance P/E 2013 Merchant Processing Market Cap. Performance P/E 2013 Outerw all Inc. $1,563 22% 11.8x Cielo SA $22,328 31% 18.3x Cardtronics Inc. 1,680 22% 20.1 Total System Services, Inc. 5,569 22% 17.3 Global Cash Access Holdings, Inc. 513 (0%) 10.1 Vantiv, Inc. 4,011 28% 17.5 Sector Average $1,252 15% 14.0x Global Payments Inc. 4,150 30% 14.7 AG 3,906 50% 33.5 LTM Price EVERTEC, Inc. 1,787 NA 14.6 POS Hardw are / Technology Market Cap. Performance P/E 2013 Heartland Payment Systems, Inc. 1,429 27% 17.6 Planet Payment, Inc. 135 (9%) 35.4 NCR Corp. $6,899 86% 15.1x Sector Average $5,414 26% 21.1x SA 3,899 39% 20.3 MICROS Systems, Inc. 3,771 4% 20.8 Systems, Inc. 2,590 (20%) 19.3 LTM Price PAR Technology Corporation 77 (10%) 33.1 Money Transfer Market Cap. Performance P/E 2013 Sector Average $3,447 20% 21.7x The Western Union Company $10,365 2% 13.0x Euronet Worldw ide Inc. 2,012 107% 20.5 LTM Price Moneygram International Inc. 1,107 9% 15.1 Banking and Lending Technology Market Cap. Performance P/E 2013 1,179 NA NM Sector Average $3,666 39% 16.2x Inc. $18,744 9% 20.4x Fidelity National Information Services, Inc. 13,598 49% 16.5 Fiserv, Inc. 13,139 35% 17.1 LTM Price Jack Henry & Associates Inc. 4,474 36% 23.3 Closed Loop Market Cap. Performance P/E 2013 Lender Processing Services, Inc. 2,833 15% 13.6 Alliance Data Systems Corporation $10,619 52% 22.1x ACI Worldw ide, Inc. 2,144 27% 24.3 FleetCor Technologies, Inc. 9,169 146% 28.6 Temenos Group AG 1,645 58% 21.4 Edenred SA 7,127 7% 24.3 Bottomline Technologies (de), Inc. 1,023 12% 29.0 WEX Inc. 3,354 21% 19.9 Ellie Mae, Inc. 866 19% 29.7 Performant Financial Corporation 474 NA 13.2 Sector Average $7,567 57% 23.8x Sector Average $5,894 29% 20.8x

LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2013 0 Experian plc $18,186 9% 20.8x Equifax Inc. 7,227 22% 16.6 Acxiom Corporation 2,215 65% 40.6 Fair Isaac Corporation 1,950 22% 16.5 Intersections Inc. 157 (14%) 20.1 Sector Average $5,947 21% 22.9x Source: CapitalIQ and Wall Street Research. 12 Market Summary LTM Price Performance and 2013 P/E – Securities / Cap. Mkts. / Data & Analytics

($MM) ($MM) LTM Price Investment Services, Softw are, & LTM Price Exchanges - Americas Market Cap. Performance P/E 2013 Technology Market Cap. Performance P/E 2013 0 CME Group Inc. $25,072 30% 23.6x SEI Investments Co. $5,432 46% 23.6x IntercontinentalExchange, Inc. 14,106 47% 23.7 TIBCO Softw are Inc. 4,327 (9%) 25.6 BM&F Bovespa SA 10,992 (6%) 16.1 Broadridge Financial Solutions, Inc. 3,805 36% 16.4 NYSE Euronext, Inc. 10,731 77% 19.2 DST Systems Inc. 3,317 34% 17.5 The Nasdaq OMX Group, Inc. 5,505 39% 13.0 SS&C Technologies Holdings, Inc. 3,060 46% 19.3 CBOE Holdings, Inc. 4,051 56% 23.4 Financial Engines, Inc. 2,882 140% 81.5 TMX Group Limited 2,455 NA 14.9 Advent Softw are, Inc. 1,660 34% 26.5 Bolsa Mexicana de Valores SAB de CV 1,422 6% 24.4 Envestnet, Inc. 1,065 157% 59.4 Sector Average $9,292 35% 19.8x Sector Average $3,194 60% 33.7x

LTM Price LTM Price Financial Data, Content, & Analytics Market Cap. Performance P/E 2013 Exchanges - Asia Market Cap. Performance P/E 2013 0 Thomson Reuters Corporation $28,551 19% 18.6x Hong Kong Exchanges & Clearing Limited 18,855 7% 31.5x McGraw Hill Financial, Inc. 18,171 20% 20.1 Singapore Exchange Ltd. 6,215 3% 21.7 Moody's Corporation 15,633 57% 20.1 ASX Limited 6,297 6% 17.5 Verisk Analytics, Inc. 10,918 36% 28.3 Bursa Malaysia Bhd 1,264 17% 22.1 FactSet Research Systems Inc. 4,899 19% 22.2 Sector Average $8,158 8% 23.2x MSCI Inc. 4,794 47% 18.4 Dun & Bradstreet Corp. 4,018 26% 13.7 LTM Price Morningstar Inc. 3,590 22% 29.3 Exchanges - Europe Market Cap. Performance P/E 2013 Bankrate, Inc. 2,141 28% 40.4 0 Sector Average $10,302 30% 23.4x Deutsche Boerse AG 14,091 36% 15.6x London Stock Exchange Group plc 6,716 58% 15.5 Bolsas y Mercados Españoles 2,718 52% 14.5 LTM Price JSE Limited 771 9% NA Online Broker Dealers Market Cap. Performance P/E 2013 Hellenic Exchanges SA 580 80% 14.1 The Charles Schw ab Corporation $27,728 65% 29.2x GPW 529 7% 14.2 TD Ameritrade Holding Corporation 14,593 66% 21.6 Sector Average $4,234 40% 14.8x E*TRADE Financial Corporation 4,887 88% 26.3 FXCM Inc. 1,404 86% 20.6 LTM Price Interactive Brokers Group, Inc. 975 37% 24.9 Trading Platforms Market Cap. Performance P/E 2013 GAIN Capital Holdings, Inc. 421 141% 14.0 Sector Average $8,335 81% 22.8x MarketAxess Holdings Inc. $2,366 99% 36.8x KCG Holdings, Inc. 1,025 NA 15.7 BGC Partners, Inc. 930 6% 10.4 Investment Technology Group Inc. 555 72% 18.1 GFI Group Inc. 441 12% 19.5 INTL FCStone Inc. 394 5% 20.4 Sector Average $952 39% 20.2x

Source: CapitalIQ and Wall Street Research. 13 III. Payments / Banking Payments / Banking Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 10/4/13 Low High Value Debt Value CY 13E CY 14E CY 13E CY 14E CY 13E CY 14E Growth PEG 14E/13E Y/Y MRQ Networks Visa Inc. $190.48 $135.93 $200.86 $122,906 ($3,348) $119,558 9.8x 8.7x 15.2x 13.3x 24.3x 20.6x 19.1% 1.1 12.9% 17.0% American Express Company 74.31 53.02 78.63 80,170 31,920 112,090 3.4 3.2 NA NA 15.3 14.0 10.8% 1.3 5.5% 2.0% eBay Inc. 55.58 45.66 58.04 71,950 (5,903) 66,047 4.1 3.5 12.2 10.6 20.5 17.4 15.1% 1.2 16.4% 14.1% MasterCard Incorporated 673.33 447.38 695.01 81,220 (5,090) 76,130 9.2 8.2 15.6 13.7 25.8 22.0 17.9% 1.2 11.9% 15.2% Discover Financial Services 50.57 37.24 53.36 24,465 12,467 36,932 4.5 4.4 NA NA 10.3 10.1 10.5% 1.0 1.7% 12.4%

Mean 6.2x 5.6x 14.3x 12.5x 19.2x 16.8x 14.7% 1.1 9.7% 12.1% Median 4.5 4.4 15.2 13.3 20.5 17.4 15.1% 1.2 11.9% 14.1%

Merchant Processing Cielo SA $28.46 $16.84 $28.49 $22,328 $851 $23,179 7.1x 6.5x 12.3x 11.6x 18.3x 16.6x 6.0% 2.8 9.2% 17.9% Total System Services, Inc. 29.40 21.10 30.00 5,569 (56) 5,513 2.6 2.1 8.4 6.7 17.3 14.5 11.3% 1.3 19.4% 3.4% Vantiv, Inc. 27.60 18.85 28.70 4,011 1,404 5,415 4.5 4.1 9.0 8.0 17.5 15.2 16.8% 0.9 12.0% 10.6% Global Payments Inc. 56.93 41.01 57.42 4,150 675 4,825 2.0 1.8 9.6 8.8 14.7 13.4 11.0% 1.2 6.9% 6.7% Wirecard AG 34.81 22.74 35.09 3,906 (359) 3,547 5.5 4.7 20.9 17.0 33.5 26.7 17.7% 1.5 17.8% 27.9% EVERTEC, Inc. 21.82 19.11 25.67 1,787 683 2,470 6.8 6.3 14.0 12.3 14.6 12.6 16.8% 0.8 7.4% 5.7% Heartland Payment Systems, Inc. 38.81 25.76 40.38 1,429 102 1,531 2.5 2.4 9.6 8.6 17.6 15.5 15.6% 1.0 6.7% 6.1% Planet Payment, Inc. 2.47 2.18 3.42 135 (4) 131 2.6 2.2 18.9 11.0 35.4 15.5 NM NM 19.5% 16.3%

Mean 4.2x 3.8x 12.8x 10.5x 21.1x 16.2x 13.6% 1.3 12.4% 11.8% Median 3.6 3.2 10.9 9.9 17.6 15.3 15.6% 1.2 10.6% 8.6%

Money Transfer The Western Union Company $18.78 $11.93 $19.11 $10,365 $2,316 $12,681 2.3x 2.2x 9.1x 8.6x 13.0x 11.7x 9.0% 1.3 2.8% (2.8%) Euronet Worldwide Inc. 40.20 18.46 40.73 2,012 106 2,118 1.5 1.4 11.0 9.8 20.5 17.7 13.8% 1.3 8.0% 13.0% Moneygram International Inc. 19.11 11.00 24.88 1,107 847 1,954 1.3 1.2 6.9 6.4 15.1 13.1 13.5% 1.0 7.6% 10.6% Xoom Corporation 32.57 17.68 36.46 1,179(1) (104) 1,076 9.2 7.4 NM 94.0 NM NM NM NM 24.2% 59.4%

Mean 3.6x 3.1x 9.0x 29.7x 16.2x 14.2x 12.1% 1.2 10.6% 20.1% Median 1.9 1.8 9.1 9.2 15.1 13.1 13.5% 1.3 7.8% 11.8%

Closed Loop Alliance Data Systems Corporation $217.86 $135.91 $220.02 $10,619 $8,374 $18,993 4.4x 4.1x 13.9x 12.7x 22.1x 18.3x 14.9% 1.2 9.1% 18.7% FleetCor Technologies, Inc. 112.04 45.00 113.68 9,169 741 9,910 11.5 9.8 20.1 17.0 28.6 24.1 17.1% 1.4 17.6% 28.5% Edenred SA 31.55 30.01 36.61 7,127 695 7,822 5.2 4.8 13.8 12.3 24.4 21.3 12.5% 1.7 8.5% 6.5% WEX Inc. 86.34 66.43 91.84 3,354 401 3,756 5.2 4.8 11.5 10.2 19.9 17.3 14.2% 1.2 9.3% 16.5%

Mean 6.6x 5.8x 14.8x 13.1x 23.8x 20.3x 14.7% 1.4 11.1% 17.5% Median 5.2 4.8 13.9 12.5 23.2 19.8 14.6% 1.3 9.2% 17.6%

Notes: 15 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Public Company Valuations: Financial Metrics (Cont.)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 10/4/13 Low High Value Debt Value CY 13E CY 14E CY 13E CY 14E CY 13E CY 14E Growth PEG 14E/13E Y/Y MRQ Prepaid Blackhawk Network Holdings, Inc. $21.66 $21.37 $27.23 $1,125 ($104) $1,021 0.9x 0.7x 8.6x 7.1x 19.2x 15.6x 18.3% 0.9 20.3% NA Green Dot Corporation 25.60 9.54 26.61 1,113 (57) 1,056 1.8 1.7 9.9 8.5 21.5 18.6 19.5% 1.0 6.1% 3.6% Higher One Holdings, Inc. 7.61 6.97 13.57 355 114 469 2.3 2.1 9.7 8.4 15.2 12.3 20.3% 0.6 10.2% 2.9% Net 1 Ueps Technologies Inc. 12.42 3.01 13.00 561 27 588 1.3 1.2 7.7 5.8 13.8 9.2 0.0% NA NA 9.5%

Mean 1.6x 1.5x 9.0x 7.4x 17.4x 13.9x 14.5% 0.8 12.2% 5.3% Median 1.6 1.5 9.1 7.7 17.2 14.0 18.9% 0.9 10.2% 3.6%

ATM / Kiosks Outerwall Inc. $57.10 $40.50 $65.60 $1,563 $201 $1,764 0.8x 0.7x 3.9x 3.5x 11.8x 10.6x 14.9% 0.7 6.7% 4.1% Cardtronics Inc. 37.41 22.20 38.16 1,680 386 2,066 2.4 2.1 9.5 8.4 20.1 16.7 14.6% 1.1 15.2% 8.3% Global Cash Access Holdings, Inc. 7.85 5.71 8.27 513 47 560 1.0 0.9 7.8 7.4 10.1 9.2 13.3% 0.7 3.3% 1.1%

Mean 1.4x 1.2x 7.1x 6.5x 14.0x 12.1x 14.3% 0.8 8.4% 4.5% Median 1.0 0.9 7.8 7.4 11.8 10.6 14.6% 0.7 6.7% 4.1%

POS Hardware / Technology NCR Corp. $41.56 $20.92 $41.63 $6,899 $1,714 $8,613 1.4x 1.3x 9.8x 8.7x 15.1x 13.6x 14.9% 0.9 6.6% 8.9% Ingenico SA 73.88 51.44 79.00 3,899 544 4,442 2.3 2.1 12.1 10.6 20.3 16.9 18.9% 0.9 10.5% 24.1% MICROS Systems, Inc. 49.22 39.31 51.91 3,771 (632) 3,139 2.4 2.3 11.5 9.9 20.8 18.4 17.0% 1.1 4.9% 8.6% VeriFone Systems, Inc. 23.71 15.34 36.13 2,590 810 3,400 2.0 1.9 11.1 9.9 19.3 13.7 5.0% 2.7 7.7% (14.9%) PAR Technology Corporation 4.96 3.80 5.55 77 (8) 69 0.3 0.2 NA NA 33.1 12.1 9.0% 1.3 9.8% (4.1%)

Mean 1.7x 1.6x 11.1x 9.8x 21.7x 15.0x 13.0% 1.4 7.9% 4.5% Median 2.0 1.9 11.3 9.9 20.3 13.7 14.9% 1.1 7.7% 8.6%

Banking and Lending Technology Intuit Inc. $66.30 $55.54 $68.41 $18,744 ($1,162) $17,582 4.0x 3.8x 10.4x 9.7x 20.4x 18.0x 13.2% 1.4 5.8% 22.7% Fidelity National Information Services, Inc. 46.55 30.90 47.73 13,598 4,108 17,706 2.9 2.8 9.6 9.0 16.5 14.8 12.1% 1.2 5.0% 3.8% Fiserv, Inc. 101.00 72.19 103.21 13,139 3,633 16,772 3.5 3.3 10.6 9.9 17.1 15.3 11.9% 1.3 5.0% 10.2% Jack Henry & Associates Inc. 52.37 37.12 52.51 4,474 (113) 4,361 3.7 3.4 11.0 10.3 23.3 21.4 11.7% 1.8 8.3% 11.8% Lender Processing Services, Inc. 33.21 21.23 34.14 2,833 931 3,764 2.1 2.2 7.9 8.1 13.6 13.8 9.0% 1.5 (4.5%) (8.7%) ACI Worldwide, Inc. 54.21 37.97 55.32 2,144 553 2,697 3.1 2.8 10.9 9.0 24.3 17.6 16.0% 1.1 10.4% 37.4% Temenos Group AG 23.80 14.89 28.62 1,645 148 1,793 3.8 3.5 13.1 11.4 21.4 18.2 24.5% 0.7 8.0% 4.1% Bottomline Technologies (de), Inc. 28.25 22.17 31.30 1,023 (154) 868 3.2 2.7 16.7 13.4 29.0 19.8 18.8% 1.1 18.5% 5.9% Ellie Mae, Inc. 32.71 18.61 33.24 866 (71) 795 6.0 4.9 18.0 13.7 29.7 24.3 22.4% 1.1 22.0% 45.4% Performant Financial Corporation 9.88 7.55 14.09 474 87 561 2.3 2.0 7.0 6.1 13.2 11.1 18.3% 0.6 11.5% 26.1%

Mean 3.5x 3.2x 11.5x 10.1x 20.8x 17.4x 15.8% 1.2 9.0% 15.9% Median 3.4 3.1 10.8 9.8 20.9 17.8 14.6% 1.2 8.1% 11.0%

Information Processors / Credit Bureaus Experian plc $18.56 $15.67 $20.73 $18,186 $3,047 $21,233 4.4x 4.1x 12.6x 11.8x 20.8x 18.8x 11.8% 1.6 6.6% 4.7% Equifax Inc. 59.59 48.50 65.65 7,227 1,401 8,628 3.7 3.5 10.7 10.0 16.6 15.1 11.5% 1.3 6.4% 14.3% Acxiom Corporation 29.91 16.19 30.49 2,215 41 2,256 2.1 2.1 10.9 10.2 39.9 38.1 10.6% 3.6 (0.4%) (2.0%) Fair Isaac Corporation 55.41 40.47 56.35 1,950 392 2,342 3.0 2.8 11.2 10.8 16.5 14.9 14.8% 1.0 8.2% 14.5% Intersections Inc. 8.70 7.83 11.10 157 (19) 139 0.4 0.4 NA NA 20.1 25.6 NA NA 1.1% (7.7%)

Mean 2.7x 2.6x 11.3x 10.7x 22.8x 22.5x 12.2% 1.9 4.4% 4.8% Median 3.0 2.8 11.0 10.5 20.1 18.8 11.6% 1.5 6.4% 4.7%

Notes: 16 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

9/26/13 PayPal, Inc. Payment Solutions, LLC Online Payments $800 NA

9/23/13 ACI Worldw ide, Inc. (Nasdaq:ACIW) Official Payments Holdings (Nasdaq:OPAY) Government Payments $108 0.8

Advanced Chrono Cash Services SA And MoneyGlobe 9/19/13 Moneygram International Inc. Money Transfer NA NA Payment Institution S.A. Falcon Investment Advisors, LLC; Rockbridge 8/31/13 Rapid Financial Services, LLC Online Lending NA NA Grow th Equity, LLC

9/12/13 Wirecard AG PaymentLink Prepaid $41 NA

8/28/13 Francisco Partners Management LLC Paymetric, Inc. Merchant Processing NA NA

8/20/13 Charge Payment, LLC U.S. Data Capture, Inc. Merchant Processing NA NA

8/16/13 TA Associates BluePay, Inc. Merchant Processing NA NA

8/15/13 CVC Capital Partners Limited Holdings Limited Online Payments $801 3.0x

8/15/13 Silver Lake Sumeru BlackLine Systems, Inc. SaaS / Financial Management NA NA

8/14/13 Advantech Co. Ltd. AdvanPOS Technology Co.,Ltd POS $15 NA

8/7/13 Cardtronics Cardpoint Limited ATM $167 1.6x

8/1/13 Higher One Holdings, Inc. PayDivvy, Inc. Money Transfer NA NA

7/29/13 Zotec Partners, LLC Medical Management Professionals, Inc. Healthcare Payments $202 1.6x

7/25/13 Vantiv, Inc. Element Payment Services, Inc. Merchant Acquiring NA NA

7/23/13 Kareo, Inc. ECCO Health, LLC Healthcare Analytics NA NA

7/23/13 Davis + Henderson Corporation Harland Financial Solutions, Inc. Banking Softw are $1,629 5.8x

7/15/13 Accenture plc Mortgage Cadence, LLC Mortgage Softw are NA NA

7/8/13 Equifax Inc. TrustedID, Inc. Risk / Fraud NA NA

7/8/13 Moneygram International Inc. Latino Services LLC Remittance NA NA

Notes: 17 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

7/2/13 Outerw all Inc. ecoATM, Inc. ATMs $350 NA

7/1/13 Thoma Bravo Intuit Financial Services (nka:Digital Insight Corporation) Banking Softw are $1,025 3.4x

6/26/13 TestLink Ltd. Airis ATM Technologies, LLC (nka:TestLink USA inc.) ATMs NA NA

6/18/13 Payformance Corporation mPay Gatew ay, Inc. Health Care Payments NA NA

6/17/13 Vitera Healthcare Solutions, LLC SuccessEHS, Inc. Health Care Payments NA NA

6/10/13 Parallon The Outsource Group Collections - Healthcare NA NA

6/10/13 First Data Merchant Solutions Merchant Acquiring NA NA

6/3/13 Cardtronics USA, Inc. Merrimak ATM Group, LLC ATMs NA NA

5/28/13 Fidelity National Financial Lender Processing Services, Inc. Mortgage Processing $3,831 1.9x

5/22/13 Unified Payments, LLC Aptito.com, Inc. (nka:Aptito, Inc.) POS NA NA

5/22/13 GiftCards.com, LLC Giftly, Inc. Prepaid NA NA

5/21/13 Healthland, Inc. American HealthTech, Inc. Healthcare Information Processing NA NA

5/21/13 Brow n & Brow n Inc. Beecher Carlson Holdings, Inc. Insurance Services $337 3.2x

5/8/13 Trulia, Inc. Market Leader, Inc. CRM $314 6.6x

5/7/13 Higher One, Inc. Sallie Mae, Inc., Campus Solutions Division Refund Processing $47 NA

4/18/13 Financial Debt Recovery Limited Takhar Collection Services Limited Collections NA NA

4/10/13 Posera-HDX Limited Zomaron Inc. Merchant Processing NA NA

4/4/13 Billpin BillMonk Bill Payment NA NA

3/22/13 Temenos Group AG TriNovus, LLC Financial Softw are NA NA

3/13/13 PayPal, Inc. Duff Research, LLC Mobile NA NA

Notes: 18 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

3/12/13 RetailMeNot, Inc. Actiepagina BV Marketing/Offers NA NA

3/12/13 TOT Group, Inc. Unified Payments, LLC Merchant Processing NA NA

3/7/13 Spindle, Inc. MeNetw ork, Inc. Mobile $11 NA

3/7/13 SAP AG Camilion Solutions, Inc. Insurance Processing NA NA

3/7/13 ABILITY Netw ork Inc. Ivans, Inc. Information Processing NA NA

3/6/13 WorldPay Limited YESpay International Limited Merchant Processing NA NA

3/5/13 Allscripts Healthcare International Holdings, LLC dbMotion Ltd. Healthcare Information Processing $235 NA

3/4/13 Spire Payments Ltd. Thyron Systems Limited Mobile NA NA

3/4/13 Gores Technology Group Meridian Medical Group Healthcare Information Processing NA NA

2/28/13 Capita plc Iqor Holdings (U.K.) Ltd. Financial Outsourcing $64 NA

2/27/13 Practice Fusion, Inc. 100Plus Healthcare Analytics NA NA

2/27/13 Open GI Pow erPlace Insurance Information Processing NA NA

2/26/13 Cymetrix Corporation CareClarity, Inc. Healthcare Analytics NA NA

MD Practice Softw are LP, Electronic Medical Record 2/26/13 TELUS Health Solutions Inc. Healthcare Information Processing NA NA Business

2/20/13 Stone Point Capital LLC; Trident Fund IV GWC Warranty Corporation Insurance Claims Processing NA NA

2/13/13 Cardtronics Inc. I-Design Group Plc Marketing/Offers $12 2.4x

2/19/13 Total System Services, Inc. Netspend Holdings, Inc. Prepaid $1,400 4.0x

2/19/13 ICG Group, Inc. SeaPass Solutions Inc. (nka:BOLT Solutions Inc.) Insurance Information Processing $89 NA

2/13/13 SIX Payment Services UnionPay International Corp. Core Processing NA NA

2/6/13 BlueKite USA Inc. RedCycle Netw orks Bill Payment NA NA

Notes: 19 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

2/4/13 Elavon, Inc. Collective Point of Sale Solutions Ltd. Merchant Processing $30 NA

1/31/13 Fidelity National Information Services, Inc. mFoundry, Inc. Mobile $147 NA

1/31/13 ACI Worldw ide, Inc. Online Resources Corp. Bill Payment $238 1.5x

1/29/13 Ingenico SA Ogone BVBA/SPRL eCommerce $485 8.6x

1/15/13 TransCard, LLC HQ Gift Cards, LLC Prepaid NA NA

1/10/13 Billtrust Best Practice Systems, Inc. Bill Payment NA NA

1/8/13 Euronet Worldw ide Inc. Pure Commerce Pty Ltd. Netw ork Services $63 4.2x

1/8/13 InComm, Inc. Giftango Corporation Prepaid NA NA

1/7/13 Mozido, LLC PagoVision Inc. Check Processing NA NA

1/7/13 Heartland Payment Systems, Inc. Ovation Payroll Inc. Financial Outsourcing $44 NA

1/2/13 Charge Payment, LLC Trust One Payment Services Merchant Processing NA NA

12/21/12 Wirecard AG Trans Infotech Pte. Ltd. Mobile $34 NA

12/18/12 Cambridge Mercantile Corp. Global Exchange Group, Incorporated Financial Outsourcing NA NA

12/17/12 World Fuel Services Corp. Multi Service Corporation Closed Loop $137 NA

12/17/12 VeriFone Systems, Inc. Sektor Payments Ltd (nka:VeriFone New Zealand) Hardw are $8 NA

12/16/12 VeriFone Systems, Inc. EFTPOS New Zealand Limited Hardw are $59 NA

12/12/12 Cardtronics Canada, Ltd. Can-Do-Cash Ltd. ATMs NA NA

12/11/12 Trident Private Holdings I, LLC TNS Inc. Hardw are $846 1.5x

12/10/12 InComm, Inc. Adility LLC Marketing/Offers NA NA

12/6/12 EVO Payments International, LLC Pow erPay, LLC Merchant Processing NA NA

Notes: 20 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

12/3/12 Equifax Information Services LLC CSC Credit Services, Inc. Information Analytics $1,000 NA

12/1/13 First Data Clover Netw ork POS $56 NA

EVO Merchant Services, Inc. (nka:EVO Payments 11/29/12 Deutsche Card Services GmbH Merchant Processing NA NA International, LLC)

11/28/12 Google Inc. Incentive Targeting, Inc. Marketing/Offers NA NA

11/28/12 NCR Corp. Retalix Ltd. Hardw are $613 2.3x

11/26/12 Fair Isaac Corporation CR Softw are, LLC Information Analytics $29 NA

11/27/12 EZCORP Online, Inc. GoCash, LLC Online Lending $49 NA

11/15/12 Total System Services, Inc. ProPay Inc. Merchant Processing $124 NA

11/7/12 Ingenico SA PT Integra Pratama, Point of Sale Activity Merchant Processing NA NA

11/7/12 FiveStars Frequent Marketing/Offers NA NA

11/6/12 AccountNow , Inc. nFinanSe Inc Prepaid NA NA

10/31/12 Vantiv Litle & Co. LLC Merchant Processing $361 1.3x

10/23/12 Experian plc Serasa Information Analytics $5,068 5.8x

10/16/12 Paymobile Zoompass Mobile NA NA

10/16/12 AppDirect Enterprise jBilling Softw are Ltd. Bill Payment NA NA

10/15/12 InComm, Inc. On-Line Strategies, Inc. Merchant Processing NA NA

10/10/12 TransFirst, LLC CurveNorth Incorporated Merchant Processing NA NA

Notes: 21 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Equity Financings

($MM) Announced Target Series Amount Investors Target Sub-Sector Date

Heartland Payment Systems, Morgan Creek Capital 10/3/13 TabbedOut Series B $7.8 POS Management, New Enterprise Associates Grade-A Investments, Karlin Ventures, The Social+Capital 9/25/13 Gyft, Inc. Series A $5.0 Mobile Gift Cards Partnership

9/19/13 Deem NA $98.2 NA eCommerce / Offers

Allegis Capital, EPIC Ventures, Pelion Venture Partners, 9/9/13 MokiMobility, Inc. NA $7.1 Mobile Plus550

9/4/13 CommonBond, Inc. NA $100.0 The Social+Capital Partnership, Tribeca Venture Partners P2P

8/27/13 Credorax Inc. NA $40.0 FTV Capital Merchant Acquiring

General Catalyst Partners, North Bridge Venture Partners, 8/26/13 Paydiant, Inc. NA $20.5 Mobile Stage 1 Ventures

8/25/13 Yellow pepper Holding Corp. Series C $15.0 International Finance Corporation, LatinIdea Ventures Mobile Banking

8/22/13 JetPay Corporation Series A $40.0 Flexpoint Ford Merchant Processing

7 Ventures, Andreessen Horow itz, Cisco Systems, DAG 8/15/13 Belly Inc. Series B $15.0 Marketing / Offers Ventures, Lightbank, New Enterprise Associates

8/9/13 Genesis Financial Solutions, Inc. NA $40.0 NA Lending

DAG Ventures, Klaus Hommels Capital, Matrix Partners, 8/8/13 Taulia Inc. Series C $18.0 AR Solutions TELUS Ventures, Trinity Ventures

8/5/13 Clutch Holdings, LLC Series B $5.3 Atomico, GSR, SMIT Corp Mobile

7/26/13 Avant Credit Corporation Series B $40.0 August Capital, Victory Park Capital Advisors Online Lending

7/26/13 Tradescape, Inc. NA $11.4 NA SaaS / Billing

7/25/13 iBoxpay International Inc Series B $9.8 Atomico, GSR, SMIT Corp Merchant Acquiring

Draper Fisher, Gotham Ventures, TTV Capital, Updata 7/24/13 LendKey Technologies, Inc. NA $12.7 Lending Technology Partners

7/23/13 Viablew are, Inc. Series B $6.5 Sw iftsure Capital POS

7/15/13 JudoPay Seed $5.0 NA Mobile

Notes: 22 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings (Cont.)

($MM) Announced Target Series Amount Investors Target Sub-Sector Date

7/8/13 Sequent Softw are, Inc. Series B $12.0 Jado Investments, Opus Capital, SBT Venture Capital Mobile

7/1/13 PayVeris, LLC NA $5.2 Connecticut Innovations, Ironw ood Capital Bill Payment

6/26/13 Clinkle Corporation Seed $25.0 Management, Andreesen Horow itz, , Intuit Mobile

6/24/13 E la Carte Inc. Series B $13.5 Intel Capital, Romulus Capital POS

Adams Street Partners, Intel Capital, Norw est Venture 6/18/13 CareCloud Corporation Series B $29.0 Healthcare payments Partners, Tenaya Capital Morgan Stanley, Goldman Sachs, Credit Suisse, Jefferies, 6/17/13 RetailMeNot IPO $230.0 Marketing / Offers Stifel, RBC, William Blair American Express, Atomico, Creadum, Greylock, Qualcomm, 6/13/13 Wrapp Series B $15.0 Social gifting SEB

6/11/13 nCino, LLC Series A $9.0 Individual Investors Banking Optimization

6/10/13 iZettle AB NA $6.6 Banco Santander Merchant Services

5/30/13 iVantage Health Analytics, Inc. NA $10.9 Great Point Partners Healthcare Analytics

5/29/13 Earthport NA $10.0 International Finance Corporation Cross-Border Payments

5/28/13 SumUp Limited NA NA American Express Ventures, Groupon POS

5/28/13 Easy Solutions Inc. Series B $11.0 Medina Capital Fraud Prevention

Cygnus Asset Management, Fides - Europa, IPConcept Fund, 5/23/13 peerTransfer Education Corporation NA $6.4 P2P Maveron, QED Investors, Spark Capital Founder Collective, Gemini Israel Funds, General Catalyst 5/6/13 LoyalBlocks Series A $9.0 Loyalty Partners

5/17/13 Cardlytics, Inc. NA $40.0 Undisclosed Marketing / Offers

5/14/13 TransferWire NA $6.0 Valar Ventures Money Transfer

5/14/13 OpenCoin, Inc. Series A NA Google Ventures; IDG Capital Partners Bitcoins

5/14/13 Numbrs AG NA $7.9 Centralw ay Holding Personal Financial Management

Notes: 23 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings (Cont.)

($MM) Announced Target Series Amount Investors Target Sub-Sector Date

First Round Capital, Greylock Partners, Index Ventures, 5/10/13 Sw ipely Inc. Series B $12.0 Merchant Processing Shasta Ventures

5/8/13 Avant Credit Corporation Series A $9.0 August Capital, Victory Park Capital Online Lending

5/6/13 Wallet IPO $212.5 JP Morgan, Credit Suisse Alternative Payments

5/3/13 Saftypay NA $7.0 IFC Netw ork

5/1/13 LendingClub Corporation NA $125.0 Foundation Capital, Google P2P

Andressen Horow itz, Thrive Capital, Union Square, Village 4/30/13 Dw olla Corp. Series C $16.5 Netw ork Ventures

4/30/13 Alpha Payments Cloud Pte. Ltd. Angel $12.0 NA Merchant Processing

4/26/13 Coinbase, Inc. Series A $5.0 Union Square Ventures Bitcoins

4/4/13 Jusp NA $6.0 Principia, Vertis SGR Mobile

4/2/13 Credit Karma, Inc. Series B $30.0 Ribbit Capital, Susquehanna Grow th Equity Credit Scoring

American Express Ventures, DCM, Edenred, First Round 3/29/13 SavingStar, Inc. Series D $9.1 P2P Capital, Flybridge Capital, Founder Collective; IA Capital Andressen Horow itz, CrunchFund, DCM, Felicis Ventures, 3/22/13 Crow dtilt, Inc. Series A $12.0 P2P Y Combinator

3/20/13 Q2ebanking, Inc. Series C $20.0 Adams Street Partners, Battery Ventures Online banking

DAG Ventures, Greylock Partners, Index Ventures, The 3/20/13 Wealthfront Inc. NA $20.0 Online Broker Social+Capital Partnership

3/18/13 Blackhaw k Netw ork IPO $230.0 Safew ay Prepaid

3/12/13 auxmoney GmbH Series A $12.0 Index Ventures, Union Square Ventures P2P

3/11/13 Nipendo Ltd. Series B $8.0 Horizons Ventures Limited, Magma Venture Partners Trading Platform

3/1/13 Marqeta Inc. Series B $14.0 Commerce Ventures, Granite Ventures, Greylock Partners Prepaid

2/25/13 UBank Series A $8.0 Runa Capital Core Processing

Notes: 24 Source: CapitalIQ, DowJones Venture Source. IV. Securities / Capital Markets / Data & Analytics Securities / Capital Markets / Data & Analytics Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 10/4/13 Low High Value Debt Value CY 13E CY 14E CY 13E CY 14E CY 13E CY 14E Growth PEG 14E/13E Y/Y MRQ Exchanges - Americas CME Group Inc. $75.00 $49.79 $79.45 $25,072 $744 $25,816 8.7x 7.9x 13.3x 11.8x 23.6x 20.4x 11.1% 1.8 10.2% 1.9% IntercontinentalExchange, Inc. 193.65 122.72 193.78 14,106 (691) 13,416 9.5 8.7 13.0 11.9 23.7 20.1 13.8% 1.5 10.3% 5.8% BM&F Bovespa SA 5.74 5.05 6.64 10,992 251 11,243 11.0 10.0 15.1 13.8 16.1 14.3 13.2% 1.1 10.2% 1.4% NYSE Euronext, Inc. 44.16 22.25 44.16 10,731 1,896 12,627 5.3 5.0 11.4 10.1 19.2 16.1 10.0% 1.6 5.0% 1.9% The Nasdaq OMX Group, Inc. 32.90 22.63 34.41 5,505 2,350 7,855 4.2 3.7 9.5 8.2 13.0 11.1 11.1% 1.0 12.6% (0.1%) CBOE Holdings, Inc. 46.19 28.56 51.12 4,051 (208) 3,843 6.7 6.1 12.0 10.6 23.4 20.4 11.9% 1.7 10.1% 13.7% TMX Group Limited 45.39 41.24 56.11 2,455 962 3,417 4.9 4.6 10.3 9.1 14.9 12.2 10.0% 1.2 6.0% NA Bolsa Mexicana de Valores SAB de CV 2.40 2.06 2.84 1,422 (134) 1,288 7.5 6.8 15.8 13.7 24.4 21.4 10.0% 2.1 10.4% 18.5%

Mean 7.2x 6.6x 12.6x 11.1x 19.8x 17.0x 11.4% 1.5 9.3% 6.2% Median 7.1 6.4 12.5 11.2 21.3 18.1 11.1% 1.5 10.2% 1.9%

Exchanges - Asia Hong Kong Exchanges & Clearing Limited $16.26 $14.47 $19.43 $18,855 ($262) $18,593 16.4x 14.9x 23.4x 20.9x 31.5x 27.5x 11.0% 2.5 10.6% 17.1% Singapore Exchange Ltd. 5.81 5.22 6.30 6,215 (602) 5,613 9.2 8.6 14.4 13.6 21.7 19.8 9.3% 2.1 6.4% 28.1% ASX Limited 32.53 27.11 37.77 6,297 (4,116) 2,181 3.6 3.4 4.7 4.4 17.5 17.0 5.9% 2.9 7.3% (5.1%) Bursa Malaysia Bhd 2.37 1.92 2.66 1,264 (453) 811 5.6 5.1 9.3 8.3 22.1 20.0 11.8% 1.7 10.1% 24.8%

Mean 8.7x 8.0x 13.0x 11.8x 23.2x 21.1x 9.5% 2.3 8.6% 16.2% Median 7.4 6.9 11.9 11.0 21.9 19.9 10.2% 2.3 8.7% 20.9%

Exchanges - Europe Deutsche Boerse AG $76.56 $55.65 $78.26 $14,091 $1,114 $15,206 5.2x 5.1x 10.3x 9.3x 15.6x 13.6x 4.7% 2.9 1.4% 0.5% London Stock Exchange Group plc 24.89 14.68 26.76 6,716 538 7,254 4.3 3.9 8.4 8.2 15.5 14.7 4.2% 3.5 9.9% (4.8%) Bolsas y Mercados Españoles 32.64 21.36 32.90 2,718 (380) 2,338 5.8 5.9 8.6 8.9 14.5 15.0 NM NM (1.4%) 1.0% JSE Limited 9.00 6.65 9.06 771 (109) 662 NA NA NA NA NA NA NA NA NA (1.2%) Hellenic Exchanges SA 8.87 4.24 9.48 580(1) (202) 378 3.8 5.9 5.0 9.9 14.1 20.1 22.2% 0.9 (36.2%) 609.3% GPW 12.60 11.24 13.98 529 (63) 466 5.0 4.6 9.5 8.5 14.2 13.2 NA NA 8.1% (7.8%)

Mean 4.8x 5.1x 8.4x 9.0x 14.8x 15.3x 10.4% 2.4 (3.6%) 99.5% Median 5.0 5.1 8.6 8.9 14.5 14.7 4.7% 2.9 1.4% (0.3%)

Notes: 26 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Public Company Valuations: Financial Metrics (Cont.)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 10/4/13 Low High Value Debt Value CY 13E CY 14E CY 13E CY 14E CY 13E CY 14E Growth PEG 14E/13E Y/Y MRQ Investment Services, Software, & Technology SEI Investments Co. $31.51 $20.79 $32.64 $5,432 ($487) $4,945 4.5x 4.1x 11.9x 10.8x 23.6x 19.2x 14.0% 1.4 9.6% 13.8% TIBCO Software Inc. 26.37 18.18 29.43 4,327 (188) 4,139 3.9 3.5 14.6 12.7 25.6 21.5 13.2% 1.6 9.4% 6.2% Broadridge Financial Solutions, Inc. 31.96 21.46 32.36 3,805 259 4,064 1.6 1.6 8.5 7.8 16.4 15.0 10.5% 1.4 4.5% 8.1% DST Systems Inc. 77.09 53.81 77.12 3,317 438 3,755 1.9 1.9 8.5 8.0 17.5 15.2 10.0% 1.5 1.8% 3.8% SS&C Technologies Holdings, Inc. 37.55 21.00 39.94 3,060 850 3,911 5.4 5.0 13.4 12.2 19.3 17.3 14.8% 1.2 8.2% 46.8% Financial Engines, Inc. 58.01 22.70 63.66 2,882 (216) 2,666 11.3 9.3 34.9 28.6 81.5 64.5 35.0% 1.8 20.6% 30.5% Advent Software, Inc. 32.70 20.85 36.21 1,660 (171) 1,490 3.9 3.7 14.1 11.4 26.5 24.7 16.0% 1.5 6.2% 7.1% Envestnet, Inc. 31.89 12.24 32.29 1,065 (40) 1,026 4.3 3.3 27.1 19.9 59.4 40.7 25.7% 1.6 29.4% 36.0%

Mean 4.6x 4.1x 16.6x 13.9x 33.7x 27.3x 17.4% 1.5 11.2% 19.1% Median 4.1 3.6 13.8 11.8 24.6 20.3 14.4% 1.5 8.8% 11.0%

Financial Data, Content, & Analytics Thomson Reuters Corporation $34.51 $26.71 $36.04 $28,551 $6,289 $34,840 2.8x 2.7x 10.2x 9.8x 18.6x 17.4x 4.9% 3.6 2.0% (3.3%) McGraw Hill Financial, Inc. 66.03 42.07 67.23 18,171 (1,101) 17,070 3.5 3.3 9.7 8.9 20.1 17.9 17.3% 1.0 5.8% 16.6% Moody's Corporation 70.93 40.67 71.74 15,633 (46) 15,587 5.3 4.9 11.7 10.7 20.1 18.0 14.7% 1.2 7.3% 18.0% Verisk Analytics, Inc. 65.02 45.04 66.77 10,918 1,228 12,146 7.0 6.5 15.6 14.2 28.3 25.2 14.1% 1.8 8.7% 12.9% FactSet Research Systems Inc. 113.14 86.88 113.30 4,899 (209) 4,690 5.4 5.0 14.2 13.4 22.2 21.3 12.6% 1.7 7.0% 5.6% MSCI Inc. 40.26 25.30 41.26 4,794 483 5,277 5.2 4.9 11.6 11.1 18.4 17.0 12.0% 1.4 5.0% 8.1% Dun & Bradstreet Corp. 103.57 70.38 112.10 4,018 1,212 5,230 3.2 3.1 9.3 8.9 13.7 12.6 9.8% 1.3 2.6% 0.7% Morningstar Inc. 77.85 60.69 80.00 3,590 (313) 3,277 4.7 4.3 NA NA 29.3 25.0 NA NA 9.0% 5.7% Bankrate, Inc. 21.13 9.90 21.27 2,141 82 2,224 4.9 4.3 18.5 15.2 40.4 29.1 21.3% 1.4 13.9% (13.6%)

Mean 4.6x 4.3x 12.6x 11.5x 23.4x 20.4x 13.3% 1.7 6.8% 5.6% Median 4.9 4.3 11.7 10.9 20.1 18.0 13.4% 1.4 7.0% 5.7%

Online Broker Dealers The Charles Schwab Corporation (1) $21.58 $12.47 $22.84 $27,728 $1,630 $29,358 5.5x 5.0x 17.4x 14.7x 29.2x 24.3x 17.0% 1.4 8.9% 10.2% TD Ameritrade Holding Corporation (1) 26.52 15.20 28.12 14,593 1,148 15,741 5.5 5.1 12.3 11.0 21.6 19.2 12.9% 1.5 9.0% 8.9% E*TRADE Financial Corporation (1) 17.13 7.70 17.73 4,887 4,336 9,419 5.6 5.6 23.1 15.1 26.3 22.1 22.5% 1.0 (0.2%) 7.4% FXCM Inc. (1) 19.00 8.53 19.97 1,404 144 1,563 3.1 2.7 8.6 7.1 20.6 15.8 29.9% 0.5 12.4% 52.8% Interactive Brokers Group, Inc. 19.52 13.48 19.69 975 0 5,809 5.2 4.3 10.1 7.5 24.9 16.8 9.8% 1.7 22.8% 8.8% GAIN Capital Holdings, Inc. 11.76 3.86 14.62 421 (103) 318 1.3 1.0 NA NA 14.0 10.2 0.0% NA 26.9% 59.8%

Mean 4.4x 4.0x 14.3x 11.1x 22.8x 18.1x 15.3% 1.2 13.3% 24.7% Median 5.4 4.7 12.3 11.0 23.3 18.0 15.0% 1.4 10.7% 9.6%

Notes: 27 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. (1) Enterprise Value and Net Debt exclude Short Term Debt and Cash. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

8/8/13 Intuit Inc. GoodApril, Inc. Personal Financial Management $20 NA

8/6/13 IRESS Limited Avelo FS Holdings Limited Financial Softw are $320 3.8x

7/19/13 HgCapital; HgCapital Technology Fund IntelliFlo, Ltd. Risk & Analytics NA NA

7/18/13 Ipreo Holdings LLC Discovery Data Risk & Analytics NA NA

6/17/13 Dataw atch Corporation Panopticon Softw are AB Risk & Analytics $31 6.3x

6/17/13 Innovative Market Analysis, LLC Equis International LLC Risk & Analytics NA NA

6/12/13 RCAP Holdings, LLC FAS Holdings, Inc. Personal Financial Management NA NA

6/6/13 Thomson Reuters Corporation Pricing Partners SAS Risk & Analytics NA NA

5/21/13 Temasek Holdings (Private) Limited Markit Group Limited Risk & Analytics $5,000 NA

5/8/13 TPG Advent Softw are (14.9% of Shares Outstanding) Investor Softw are $1,473 (1) 4.0x

4/25/13 GAIN Capital Holdings, Inc. Global Futures & Forex, Ltd. Online Broker-Dealers $108 NA

4/6/13 Silverfleet Capital Partners Ipes (Guernsey) Limited Fund Administration $77 NA

4/1/13 NASDAQ OMX eSpeed Trading Platform $750 NA

3/14/13 EuroCCP EMCF Exchanges NA NA

2/22/13 GAIN Capital Group, LLC FX Solutions, LLC Trading Platform NA NA

2/14/13 Linedata Services SA CapitalStream, Inc. Securities Technology $45 1.5x

2/15/13 Pattington Limited FFastFill plc Trading Platform $162 5.0x

2/5/13 Ipreo Holdings LLC Debtdomain GLMS Pte. Ltd. Securities Technology NA NA

1/23/13 MSCI Inc. Investor Force Holdings, Inc. Information Analytics $24 NA

1/2/13 CVC Capital Partners Limited Cerved Group SpA Information Analytics $1,491 3.9x

Notes: 28 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. (1) Total Enterprise Value on 5/7/2013. Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions - Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

12/20/12 IntercontinentalExchange, Inc. NYSE Euronext, Inc. Exchanges $10,497 2.9x

Investor Relations, Public Relations and Multimedia 12/12/12 NASDAQ OMX Corporate Solutions, Inc. Information Analytics $390 NA Services Businesses 12/3/12 MphasiS UK Limited Digital Risk, LLC Mortgage Analytics $202 NA

11/30/12 Capital One Digital Innovation Lab Bundle Corporation Marketing/Offers NA NA

11/16/12 Mitre Media Corp. Bondfunds.com And MunicipalBonds.com, LLC Information Analytics NA NA

11/13/12 eVestment Alliance, LLC Fundspire Inc. Information Analytics NA NA

11/13/12 eVestment Alliance, LLC PerTrac, Inc. Risk & Analytics NA NA

11/5/12 Zillow , Inc. Mortech Inc. Mortgage Analytics $17 NA

10/31/12 MSCI Limited IPD Group Ltd Index Businesses $125 2.6x

10/17/12 Board of Trade of the City of Chicago, Inc. Board of Trade of Kansas City, Missouri, Inc. Exchanges $126 NA

10/11/12 Platts, Inc. Kingsman SA Information Analytics NA NA

10/2/12 Informa Investment Solutions, Inc. Zephyr Associates, Inc. Information Analytics $62 NA

10/1/12 Morningstar Inc. Inquiry Financial Europe AB Risk & Analytics NA NA

9/26/12 FX Concepts, LLC Track.com, LLC Information Analytics NA NA

Notes: 29 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.