Financial Technology Sector Summary

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February 11, 2016 Financial Technology Sector Summary Financial Technology Sector Summary Table of Contents

I. GCA Savvian Overview

II. Market Summary

III. Payments / Banking

IV. Securities / Capital Markets / Data & Analytics

V. Healthcare / Insurance

Financial Technology Sector Summary

I. GCA Savvian Overview

3 Financial Technology Sector Summary GCA Savvian Overview Independent Investment Bank Focused on Growth Sectors of the Global Economy

» Leading provider of mergers and acquisitions, 7+ AREAS OF INDUSTRY EXPERTISE private capital agency and capital markets advisory services, and private funds services Financial Technology Business & Tech Enabled Services » Headquarters in San Francisco and offices in Media & Digital Media Industrial Technology New York, London, Tokyo, Osaka, Singapore, Telecommunications Healthcare Mumbai, and Shanghai

» Majority of U.S. senior bankers previously with Goldman Sachs, Morgan Stanley, Robertson Stephens, and JPMorgan 100+ CROSS - BORDER TRANSACTIONS » Senior level attention and focus, extensive transaction experience and deep domain insight 20+ REPRESENTATIVE COUNTRIES

» Focused on providing strategic advice for our clients’ long-term success 580+ CLOSED TRANSACTIONS

» 225+ investment banking professionals $145BN+ OF TRANSACTION VALUE

4 Financial Technology Sector Summary GCA Savvian Overview Financial Technology Landscape

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

− Payments & Banking

− Securities & Capital Markets Payments & Banking Securities & Capital Markets Healthcare & Insurance − Healthcare & Insurance Analytics Crowd Funding BPO / IT Services ATMs Bill Payment Digital Media Brokerage 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 Trading Platforms Title / Appraisal Prepaid

5 Financial Technology Sector Summary GCA Savvian Overview Financial Technology Team

San Francisco New York

th 150 California St., Ste. 2300 640 Fifth Avenue, 10 Fl. San Francisco, CA 94111 New York, NY 10019 (415) 318-3600 (212) 999-7090

Sean Minnihan Peter Bang Derek Bell Paul DiNardo Steve Fletcher Managing Director Managing Director Managing Director Advisory Director Managing Director

Phone: (212) 999-7077 Phone: (212) 999-7074 Phone: (212) 999-7089 Phone: (212) 999-7097 Phone: (415) 318-3661 Mobile: (917) 364-6230 Mobile: (917) 783-4057 Mobile: (914) 953-0689 Mobile: (650) 483-7246 Mobile: (415) 518-6725 [email protected] [email protected] [email protected] [email protected] [email protected]

Rob Freiman David Krueger Alexander Berry David Ibarra Director Vice President Analyst Analyst

Phone: (212) 999-7075 Phone: (212) 537-4534 Phone: (212) 999-7079 Phone: (212) 537-4532 Mobile: (973) 229-0436 Mobile: (616) 822-7179 Mobile: (818) 851-2300 Mobile: (917) 471-0821 [email protected] [email protected] [email protected] [email protected]

6 Financial Technology Sector Summary

II. Market Summary

7 Financial Technology Sector Summary Market Summary Industry Stock Market Performance

Last 12 Months Last 3 Months

130 115

125 110

120 105

115 100

110 95

105 90

100 85

95 80

90 75 2/5/15 3/8/15 4/7/15 5/7/15 6/7/15 7/7/15 8/6/15 9/6/15 10/6/15 11/5/15 12/6/15 1/5/16 2/4/16 11/5/15 11/13/15 11/22/15 11/30/15 12/8/15 12/16/15 12/24/15 1/1/16 1/10/16 1/18/16 1/26/16 2/3/16

(1) (2) (3) (4) Payments Exchanges Financial Data, Content, Information Processors / & Analytics Credit Bureaus Healthcare / Insurance (9) (8) Technology (5) (6) Banking & Lending (7) Investment Services, Trading Platforms Online Broker Dealers Technology Software, & Technology

Notes: (1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, EEFT, ENXTPA: EDEN, FDC, FLT, GDOT, GPN, HPY, MA, MGI, ONE, OUTR, PYPL, PAR, SQ, TSS, UEPS, V, VNTV, WEX, LSE: WPG, 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, SEHK: 388, SGX: S68, TSX: X, WSE: GPW, XTRA: DB1. (3) Financial Data, Content & Analytics: DNB, ENXTPA: FIM, FDS, HHS, HIS, MCO, MHP, MORN, MSCI, MRKT, RATE, TRI. (4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN. (5) Trading Platforms: BGCP, INTL, ITG, MKTX, VIRT. (6) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. (7) Banking & Lending Technology: ACIW, BKFS, ELLI, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN, YDLE. (8) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC. 8 (9) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK. Financial Technology Sector Summary Market Summary Indexed Price Performance by Sector Last 3 Months 1 Year 3 Years

Trading Platforms 5.5% 20.7% 145.8%

Information Processors / (0.5%) 4.1% Credit Bureaus 25.6%

Healthcare / Insurance (5.2%) (0.5%) Technology 33.3%

Banking & Lending (6.0%) 2.8% Technology 60.6%

Exchanges (7.3%) (0.4%) 21.7%

Financial, Data, Content, & (10.1%) (6.6%) Analytics 54.0%

Payments (11.9%) (6.1%) 46.9%

Investment Services, (15.5%) (8.4%) Software, & Technology 73.4%

Online Broker Dealers (20.9%) (15.8%) 54.3%

(30.0%) (20.0%) (10.0%) 0.0% 10.0% (20.0%) (10.0%) 0.0% 10.0% 20.0% 30.0% 0.0% 50.0% 100.0% 150.0% 200.0%

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

Long-Term EPS Growth LTM EBITDA Margins (1)

Online Broker Dealers 17.8% Exchanges 57.7%

Banking and Lending Technology 16.6%

Financial Data, Content, & Analytics 38.7%

Trading Platforms 16.6%

Information Processors / Credit Bureaus 27.4% Payments 14.5%

Investment Services, Software, & Technology 14.1% Healthcare / Insurance Technology 27.1%

Financial Data, Content, & Analytics 12.9% Banking and Lending Technology 25.9%

Information Processors / Credit Bureaus 11.8%

Payments 21.6%

Healthcare / Insurance Technology 10.2%

Investment Services, Software, & 20.5% Exchanges 8.9% Technology

0% 5% 10% 15% 20% 0% 10% 20% 30% 40% 50% 60% 70% Notes: Numbers represent medians of sub-sectors. Details available in later pages. 10 (1) Online Broker Dealers and Trading Platforms not material. Financial Technology Sector Summary Market Summary Price / Earnings Multiples and PEG Ratios

2016E Price / Earnings Multiples 2016E PE / Growth (“PEG” Ratio)

Banking and Lending Technology 24.4x Exchanges 1.8

Information Processors / Credit Bureaus 19.8x Information Processors / Credit Bureaus 1.8

Investment Services, Software, & 17.9x Technology Healthcare / Insurance Technology 1.6

Financial Data, Content, & Analytics 17.8x Financial Data, Content, & Analytics 1.6

Healthcare / Insurance Technology 16.8x Banking and Lending Technology 1.4

Investment Services, Software, & Online Broker Dealers 1.3 16.4x Technology

Exchanges 15.9x Trading Platforms 1.2

Trading Platforms 15.1x Online Broker Dealers 1.1

Payments 13.8x Payments 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

Notes: 11 Numbers represent medians of sub-sectors. Details available in later pages. Financial Technology Sector Summary Market Summary LTM Price Performance and 2016 P/E – Payments / Banking

($MM) ($MM) LTM Pri ce LTM Pri ce Network s Market Cap. Performance P/E 2016 Prepai d Market Cap. Performance P/E 2016

Visa Inc. $171,800 5% 24.8x Blackhawk Network Holdings, Inc. $2,022 1% 14.1x MasterCard Incorporated $92,360 (4%) 23.4x Green Dot Corporation $968 21% 13.5x American Express Company $52,307 (36%) 10.0x Net 1 Ueps Technologies Inc. $488 (16%) 5.2x PayPal Holdings, Inc. $42,926 NA 23.6x Higher One Holdings, Inc. $161 (1%) 14.3x Discover Financial Services $19,771 (20%) 8.3x Sector Average $910 1% 11.8x Sector Average $75,833 (14%) 18.0x LTM Pri ce LTM Pri ce ATM / Kiosks Market Cap. Performance P/E 2016 Merchant Processing Market Cap. Performance P/E 2016 Cardtronics Inc. $1,299 (24%) 9.4x Cielo S.A. $14,822 (10%) 15.1x Outerwall Inc. $450 (56%) 5.0x First Data Corporation $11,600 NA 9.5x Everi Holdings Inc. $185 (61%) 2.9x Worldpay Group plc $8,738 NA 27.1x Sector Average $645 (47%) 5.7x Vantiv, Inc. $7,310 32% 17.9x Global Payments Inc. $7,212 23% 17.7x LTM Pri ce Total System Services, Inc. $7,148 6% 14.9x POS Hardware / Technology Market Cap. Performance P/E 2016 Wirecard AG $5,982 6% 26.1x Heartland Payment Systems, Inc. $3,314 69% 26.5x Ingenico Group $6,985 7% 19.4x Square, Inc. $2,871 NA NM NCR Corporation $3,542 (22%) 7.1x EVERTEC, Inc. $957 (40%) 7.2x VeriFone Systems, Inc. $2,462 (31%) 9.8x Planet Payment, Inc. $153 83% 19.0x PAR Technology Corporation $93 (3%) NA Sector Average $6,373 21% 18.1x Sector Average $3,270 (12%) 12.1x

LTM Pri ce LTM Pri ce Money Transfer Market Cap. Performance P/E 2016 Banking and Lending Technology Market Cap. Performance P/E 2016

The Western Union Company $8,873 (2%) 10.2x Intuit Inc. $24,233 0% 24.8x Euronet Worldwide, Inc. $3,828 52% 18.6x Fiserv, Inc. $21,618 23% 21.5x Moneygram International Inc. $277 (44%) 5.3x Fidelity National Information Services, Inc. $19,107 (9%) 15.2x Sector Average $4,326 2% 11.4x Jack Henry & Associates Inc. $6,199 23% 26.6x Temenos Group AG $3,202 54% 24.4x LendingClub Corporation $2,645 (65%) 29.0x LTM Pri ce DH Corporation $2,310 (22%) 11.9x Closed Loop Market Cap. Performance P/E 2016 ACI Worldwide, Inc. $1,967 (16%) 22.0x Alliance Data Systems Corporation $11,446 (33%) 11.1x Black Knight Financial Services, Inc. $1,947 NA 26.6x FleetCor Technologies, Inc. $11,432 (17%) 18.9x Ellie Mae, Inc. $1,941 44% 37.0x Edenred SA $4,459 (33%) 18.7x Bottomline Technologies (de), Inc. $1,003 3% 16.5x WEX Inc. $2,610 (31%) 14.6x Q2 Holdings, Inc. $695 (3%) NM Sector Average $7,487 (29%) 15.8x On Deck Capital, Inc. $533 (52%) 30.9x Performant Financial Corporation $85 (68%) 24.0x Sector Average $6,249 (7%) 23.9x

LTM Pri ce Information Processors / Credit Bureaus Market Cap. Performance P/E 2016 0 Experian plc $16,155 (3%) 18.6x Equifax Inc. $11,833 17% 20.2x Fair Isaac Corporation $2,960 20% 19.4x Acxiom Corporation $1,544 7% 34.4x Sector Average $8,123 10% 23.2x Notes: 12 Source: CapitalIQ and Wall Street Research. Financial Technology Sector Summary Market Summary LTM Price Performance and 2016 P/E – Securities / Cap. Mkts. / Data & Analytics

($MM) ($MM) LTM Pri ce Investment Services, Software, & LTM Pri ce Exchanges - Americas Market Cap. Performance P/E 2016 Technol ogy Market Cap. Performance P/E 2016 0 CME Group Inc. $29,951 (3%) 20.4x Broadridge Financial Solutions, Inc. $6,119 1% 18.0x Nasdaq, Inc. $9,756 23% 15.9x SEI Investments Co. $5,948 (15%) 19.1x CBOE Holdings, Inc. $4,979 (7%) 23.6x SS&C Technologies Holdings, Inc. $5,862 (6%) 17.9x BM&FBOVESPA S.A. $4,658 7% 10.7x DST Systems Inc. $3,499 (1%) 15.8x TMX Group Limited $1,547 (14%) 10.1x Financial Engines, Inc. $1,632 (32%) 23.4x Bolsa Mexicana de Valores SAB de CV $749 (4%) 15.8x Envestnet, Inc. $754 (61%) 17.7x Sector Average $8,606 0% 16.1x Sector Average $3,969 (19%) 18.7x

LTM Pri ce LTM Pri ce Exchanges - Asia Market Cap. Performance P/E 2016 Financial Data, Content, & Analytics Market Cap. Performance P/E 2016 0 Hong Kong Exchanges & Clearing Limited $25,606 (6%) 24.6x Thomson Reuters Corporation $27,946 (9%) 16.1x ASX Limited $5,494 1% 18.1x McGraw Hill Financial, Inc. $22,744 (11%) 16.9x Singapore Exchange Limited $5,416 (11%) 21.6x Moody's Corporation $16,414 (10%) 17.4x Bursa Malaysia Berhad $1,090 3% 21.3x Verisk Analytics, Inc. $11,509 2% 21.2x MSCI Inc. $6,594 18% 23.5x Sector Average $9,401 (3%) 21.4x FactSet Research Systems Inc. $5,869 (4%) 20.5x Markit Ltd. $5,009 5% 18.2x LTM Pri ce Dun & Bradstreet Corp. $3,399 (24%) 12.4x Exchanges - Europe Market Cap. Performance P/E 2016 Morningstar Inc. $3,351 9% 22.2x 0 Bankrate, Inc. $1,103 (14%) 16.6x Deutsche Boerse AG $15,891 11% 16.3x London Stock Exchange Group plc $11,689 (2%) 18.8x Sector Average $10,394 (4%) 18.5x Bolsas y Mercados Españoles $2,524 (27%) 12.1x JSE Limited $700 6% 13.8x LTM Pri ce GPW $366 (27%) 11.2x Online Broker Dealers Market Cap. Performance P/E 2016 Hellenic Exchanges - Athens Stock Exch. $290 (31%) 17.6x The Charles Schwab Corporation $32,071 (13%) 18.7x Sector Average $5,244 (12%) 15.0x TD Ameritrade Holding Corporation $14,532 (22%) 16.4x E*TRADE Financial Corporation $6,640 (10%) 14.5x LTM Pri ce Interactive Brokers Group, Inc. $1,973 (4%) 19.8x Trading Platforms Market Cap. Performance P/E 2016 FXCM Inc. $840 (55%) NA GAIN Capital Holdings, Inc. $327 (25%) 7.4x MarketAxess Holdings Inc. $3,975 33% 35.1x BGC Partners, Inc. $2,410 0% 10.2x Sector Average $9,397 (21%) 15.4x KCG Holdings, Inc. $946 (16%) 11.8x Virtu Financial, Inc. $721 NA 15.1x Investment Technology Group, Inc. $571 (23%) 15.9x INTL FCStone Inc. $509 34% NA Sector Average $1,522 5% 17.6x

Notes: 13 Source: CapitalIQ and Wall Street Research. Financial Technology Sector Summary

III. Payments / Banking

14 Financial Technology Sector Summary Payments / Banking Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Networks Visa Inc. $71.54 $60.00 $81.01 $171,800 ($5,468) $166,332 11.8x 10.6x 17.1x 15.4x 28.0x 24.8x 17.3% 1.4 10.9% 5.4% MasterCard Incorporated 82.76 74.61 101.76 92,360 (3,451) 88,909 9.2x 8.5x 16.0x 14.8x 24.9x 23.4x 16.3% 1.4 7.6% 4.2% American Express Company 53.98 52.15 86.18 52,307 30,000 82,307 2.5x 2.6x NM NM 10.2x 10.0x 9.0% 1.1 (1.9%) (8.2%) PayPal Holdings, Inc. 35.07 30.00 42.55 42,926 (3,411) 39,515 4.3x 3.7x 15.8x 13.9x 27.7x 23.6x 16.4% 1.4 15.9% NM Discover Financial Services 46.25 43.73 61.50 19,771 11,969 31,740 3.6x 3.6x NM NM 8.7x 8.3x 4.3% 1.9 1.9% 6.6%

Mean 6.3x 5.8x 16.3x 14.7x 19.9x 18.0x 12.6% 1.5 6.9% 2.0% Median 4.3x 3.7x 16.0x 14.8x 24.9x 23.4x 16.3% 1.4 7.6% 4.8%

Merchant Processing Cielo S.A. $7.88 $7.74 $11.73 $14,822 $3,055 $17,876 6.3x 5.6x 13.3x 12.1x 16.3x 15.1x 12.8% 1.2 13.0% 43.6% First Data Corporation 12.90 12.50 17.99 11,600 20,809 32,409 2.8x 2.7x 12.1x 11.2x 18.9x 9.5x 17.3% 0.5 4.4% 2.1% Worldpay Group plc 4.37 3.47 4.64 8,738 3,295 12,034 8.5x 7.8x 21.0x 18.6x 42.0x 27.1x 31.4% 0.9 10.1% 13.4% Vantiv, Inc. 46.80 35.20 53.46 7,310 2,893 10,203 6.1x 5.6x 12.8x 11.5x 21.0x 17.9x 14.3% 1.3 9.5% 16.2% Global Payments Inc. 55.76 43.84 74.64 7,212 1,619 8,831 3.6x 4.0x 14.4x 13.0x 20.5x 17.7x 12.4% 1.4 (9.7%) 3.6% Total System Services, Inc. 38.85 35.87 56.69 7,148 1,048 8,196 3.0x 2.8x 9.7x 9.0x 15.6x 14.9x 9.0% 1.7 6.7% 12.9% Wirecard AG 48.42 36.18 54.93 5,982 (847) 5,136 6.0x 4.6x 20.3x 15.5x 34.6x 26.1x 29.9% 0.9 28.8% 28.0% Heartland Payment Systems, Inc. 89.73 46.65 96.47 3,314 425 3,739 4.6x 4.2x 16.7x 14.5x 31.1x 26.5x 16.8% 1.6 10.2% 15.5% Square, Inc. 8.63 11.90 14.05 2,871 (174) 2,697 2.2x 1.8x NM NM NM NM 20.0% NM 25.1% 60.6% EVERTEC, Inc. 12.58 12.57 23.12 957 631 1,588 4.3x 4.1x 8.6x 8.3x 7.5x 7.2x 16.0% 0.4 2.9% 4.4% Planet Payment, Inc. 2.94 1.45 3.25 153 (11) 142 2.8x 2.5x 12.5x 9.7x 29.4x 19.0x 25.0% 0.8 10.9% 11.5% JetPay Corporation 2.73 2.02 3.47 38 11 49 1.2x 1.1x 12.4x 9.8x NM NM NM NM 6.8% 33.3%

Mean 4.3x 3.9x 14.0x 12.1x 23.7x 18.1x 18.6% 1.1 9.9% 20.4% Median 3.9x 4.1x 12.8x 11.5x 20.8x 17.8x 16.8% 1.0 9.8% 14.5%

Money Transfer The Western Union Company $17.56 $16.02 $22.84 $8,873 $1,910 $10,782 2.0x 1.9x 7.6x 7.6x 10.6x 10.2x 7.5% 1.4 2.0% (2.1%) Euronet Worldwide, Inc. 72.49 46.35 82.49 3,828 (34) 3,795 2.1x 1.9x 12.8x 10.7x 21.9x 18.6x 16.0% 1.2 11.9% 1.9% Moneygram International Inc. 5.20 4.99 11.00 277 805 1,081 0.8x 0.7x 4.5x 4.0x 6.6x 5.3x 12.6% 0.4 7.1% 3.0%

Mean 1.6x 1.5x 8.3x 7.5x 13.0x 11.4x 12.0% 1.0 7.0% 0.9% Median 2.0x 1.9x 7.6x 7.6x 10.6x 10.2x 12.6% 1.2 7.1% 1.9%

Closed Loop Alliance Data Systems Corporation $187.22 $184.67 $312.00 $11,446 $16,010 $27,456 4.2x 3.8x 14.3x 13.4x 12.5x 11.1x 14.0% 0.8 10.1% 17.7% FleetCor Technologies, Inc. 123.76 107.56 165.67 11,432 2,490 13,922 8.2x 7.9x 15.1x 14.3x 19.9x 18.9x 16.5% 1.1 3.5% 14.3% Edenred SA 19.31 15.91 28.89 4,459 996 5,455 4.6x 4.4x 12.5x 11.9x 19.5x 18.7x 8.9% 2.1 3.4% 11.8% WEX Inc. 67.53 65.24 118.97 2,610 922 3,531 4.2x 3.9x 10.6x 9.8x 14.2x 14.6x 15.0% 1.0 7.6% 0.4%

Mean 5.3x 5.0x 13.1x 12.4x 16.5x 15.8x 13.6% 1.3 6.1% 11.0% Median 4.4x 4.2x 13.4x 12.6x 16.9x 16.7x 14.5% 1.1 5.5% 13.0%

Prepaid Blackhawk Network Holdings, Inc. $37.01 $32.98 $48.40 $2,022 $261 $2,283 1.3x 1.2x 11.8x 10.0x 16.0x 14.1x 17.6% 0.8 8.1% 31.1% Green Dot Corporation 18.00 14.59 21.62 968 207 1,175 1.7x 1.7x 7.8x 7.8x 13.7x 13.5x 12.5% 1.1 1.7% (0.3%) Net 1 Ueps Technologies Inc. 10.39 9.88 21.48 488 (43) 445 NA 0.8x NA 2.8x 4.7x 5.2x 10.0% 0.5 NA (2.5%) Higher One Holdings, Inc. 3.36 1.85 3.83 161 40 201 1.0x 1.3x 4.0x 6.9x 8.1x 14.3x NA NA (22.0%) (42.3%)

Mean 1.3x 1.2x 7.9x 6.9x 10.6x 11.8x 13.4% 0.8 (4.1%) (3.5%) Median 1.3x 1.2x 7.8x 7.4x 10.9x 13.8x 12.5% 0.8 1.7% (1.4%)

Notes: 15 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Public Company Valuations: Financial Metrics (Cont.)

$MM, Except Per Share Data

ATM / Kiosks Cardtronics Inc. $28.90 $28.67 $40.02 $1,299 $549 $1,848 1.5x 1.5x 6.2x 5.8x 10.0x 9.4x 13.5% 0.7 4.9% 6.8% Outerwall Inc. 27.04 24.94 85.26 450 663 1,113 0.5x 0.6x 2.4x 3.1x 3.4x 5.0x 5.7% 0.9 (12.1%) (11.8%) Everi Holdings Inc. 2.80 2.65 8.53 185 1,044 1,229 1.5x 1.5x 6.1x 6.0x 3.3x 2.9x 20.0% 0.1 1.4% 43.5%

Mean 1.2x 1.2x 4.9x 5.0x 5.6x 5.7x 13.1% 0.6 (1.9%) 12.9% Median 1.5x 1.5x 6.1x 5.8x 3.4x 5.0x 13.5% 0.7 1.4% 6.8%

POS Hardware / Technology Ingenico Group $115.05 $101.15 $145.00 $6,985 $489 $7,473 3.0x 2.8x 13.3x 12.0x 21.7x 19.4x 21.6% 0.9 10.1% 50.5% NCR Corporation 20.80 18.96 36.50 3,542 2,924 6,466 1.0x 1.0x 6.5x 6.3x 7.6x 7.1x NA NA 3.1% (5.0%) VeriFone Systems, Inc. 22.04 21.33 39.25 2,462 590 3,052 1.5x 1.4x 8.4x 7.6x 11.8x 9.8x 15.0% 0.7 5.3% 4.8% PAR Technology Corporation 5.37 3.71 7.53 93 4 97 NA NA NA NA NA NA NA NA NA 10.3%

Mean 1.9x 1.7x 9.4x 8.6x 13.7x 12.1x 18.3% 0.8 6.1% 15.2% Median 1.5x 1.4x 8.4x 7.6x 11.8x 9.8x 18.3% 0.8 5.3% 7.6%

Banking and Lending Technology Intuit Inc. $91.79 $79.63 $109.21 $24,233 $376 $24,609 5.5x 5.2x 16.4x 13.8x 29.8x 24.8x 17.3% 1.4 5.3% 16.5% Fiserv, Inc. 94.59 76.15 97.76 21,618 4,018 25,636 4.9x 4.6x 14.3x 13.3x 24.5x 21.5x 11.8% 1.8 5.2% 4.0% Fidelity National Information Services, Inc. 58.54 56.80 73.60 19,107 10,826 29,933 4.5x 3.1x 14.8x 10.4x 18.2x 15.2x 12.0% 1.3 44.4% 11.0% Jack Henry & Associates Inc. 78.61 60.10 82.89 6,199 45 6,245 4.8x 4.5x 13.8x 13.0x 29.2x 26.6x 11.7% 2.3 6.3% 6.9% Temenos Group AG 48.06 29.81 54.10 3,202 418 3,620 6.7x 6.0x 19.2x 15.9x 28.5x 24.4x 18.3% 1.3 11.3% 27.4% LendingClub Corporation 7.00 24.75 24.50 2,645 3,516 6,161 14.6x 8.6x 93.0x 48.6x 54.7x 29.0x 20.0% 1.5 69.2% 98.9% DH Corporation 21.70 20.92 31.67 2,310 1,426 3,735 3.4x 3.0x 11.6x 9.8x 12.8x 11.9x NA NA 14.2% 43.5% ACI Worldwide, Inc. 16.63 16.63 25.80 1,967 730 2,697 2.6x 2.6x 10.3x 9.8x 18.5x 22.0x 16.0% 1.4 1.1% (4.4%) Black Knight Financial Services, Inc. 28.64 24.50 38.85 1,947 1,476 3,423 3.6x 3.4x 8.2x 7.6x 30.1x 26.6x 15.4% 1.7 7.3% 7.9% Ellie Mae, Inc. 65.10 44.31 82.92 1,941 (105) 1,836 7.3x 6.0x 27.9x 22.1x 44.5x 37.0x 21.7% 1.7 22.2% 61.1% Bottomline Technologies (de), Inc. 26.88 21.64 31.58 1,003 36 1,038 3.1x 2.9x 12.8x 13.5x 19.1x 16.5x 20.0% 0.8 7.8% 4.6% Q2 Holdings, Inc. 17.94 17.07 30.44 695 (110) 584 5.4x 4.1x NM NM NM NM NA NA 32.0% 37.3% On Deck Capital, Inc. 7.61 6.91 23.83 533 185 718 2.8x 2.1x 44.3x 24.5x NM 30.9x 81.2% 0.4 35.3% 95.8% Performant Financial Corporation 1.72 1.60 6.13 85 18 103 0.7x 0.7x 4.1x 4.7x 21.7x 24.0x 15.0% 1.6 (9.0%) (2.9%)

Mean 5.0x 4.1x 22.4x 15.9x 27.6x 23.9x 21.7% 1.4 18.0% 29.1% Median 4.7x 3.7x 14.3x 13.3x 26.5x 24.4x 16.6% 1.4 9.6% 13.7%

Information Processors / Credit Bureaus Experian plc $16.82 $14.72 $18.30 $16,155 $3,340 $19,495 4.2x 4.4x 10.9x 12.6x 18.4x 18.6x 11.0% 1.7 (4.2%) (6.4%) Equifax Inc. 99.88 84.72 114.46 11,833 1,102 12,935 4.9x 4.5x 14.0x 12.7x 22.3x 20.2x 10.9% 1.9 7.4% 6.7% Fair Isaac Corporation 94.33 76.99 98.96 2,960 528 3,488 4.1x 3.9x 17.4x 14.0x 21.8x 19.4x 16.0% 1.2 4.3% 5.6% Acxiom Corporation 19.83 15.78 23.42 1,544 15 1,559 1.8x 1.8x 10.6x 10.3x 33.9x 34.4x 12.5% 2.8 0.6% 6.2% Intersections Inc. 2.79 1.81 3.90 56 (6) 50 NA NA NA NA NA NA NA NA NA (18.2%)

Mean 3.7x 3.7x 13.2x 12.4x 24.1x 23.2x 12.6% 1.9 2.0% (1.2%) Median 4.1x 4.2x 12.4x 12.6x 22.1x 19.8x 11.8% 1.8 2.4% 5.6%

Notes: 16 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months

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

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

1/28/16 Firstsource Group USA Inc ISGN Solutions, Inc. Mortgage Technology $13 NA Toshiba Global Commerce Solutions 1/28/16 Toshiba Tec Corporation POS $841 NA Holdings Corporation 1/27/16 SIA S.p.A. UBIQ srl Offers NA NA

1/26/16 Total System Services, Inc. TransFirst Holdings Corp. Merchant Processing $3,413 11.9x ACI Worldwide, Inc., Community Financial 1/20/16 Fiserv, Inc. Banking Technology $200 NA Services Business 1/20/16 Flywire ScholarFX Money Transfer NA NA

1/18/16 Tsepak Technologies Private Limited Findulum Techlabs Private Limited Mobile Wallet NA NA

1/18/16 omNovos Minicheckout Mobile Payments NA NA

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

1/6/16 Blackhawk Network Holdings, Inc. Omni Prepaid, LLC Prepaid $120 NA

1/5/16 InComm, Inc. TibiDono Handelsinnovationen GmbH Prepaid NA NA Heartland Payment Systems, Inc., Smartlink 1/4/16 EchoSat Communications Group, Inc. Gateway NA NA Division 12/31/15 MCI.EuroVentures Mobiltek eCommerce Payments NA NA

12/28/15 Grovepoint Capital LLP Payzone UK Limited Mobile Payments $63 NA

12/23/15 Genero Capital LLC cashU Inc. eCommerce Payments NA NA

12/23/15 salesforce.com, inc. SteelBrick Holdings, Inc. Billing Software NA NA

12/22/15 Stratos Ciright One Card Technology NA NA

12/22/15 Gradifi, Inc. Valoreon, SmarterBucks Program Student Lending NA NA

12/22/15 Invoice Cloud, Inc. ImageVision.net, Inc. Healthcare Payments NA NA

Notes: 17 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

12/15/15 Global Payments Inc. Heartland Payment Systems, Inc. Payment Processing $4,406 7.4x

12/9/15 Aptean, Inc. Computron Software, LLC Financial Software NA NA

12/8/15 Morpho SA AIRTAG SA Mobile Payments NA NA

12/8/15 Revionics, Inc. MarketYze Ltd. eCommerce NA NA

12/7/15 Paytm Mobile Solutions Private Limited ThumbSpot Inc. eCommerce $2 NA

12/1/15 Q2 Holdings, Inc. SmartyPig, LLC Banking Software $11 NA

11/30/15 EQT Partners AB; EQT VII Industrial & Financial Systems IFS AB Financial Software $1,006 2.6x

11/30/15 Excel Corporation Calpian, Inc. ISO NA NA

11/26/15 Exponent Private Equity LLP Wowcher Limited Marketing / Offers NA NA

11/26/15 Exponent Private Equity LLP LivingSocial, Inc., UK and Ireland Operations Marketing / Offers NA NA

11/25/15 MenschDanke GmbH DailyDeal GmbH Offers NA NA

11/23/15 Eurazeo Fintrax Group Holdings Ltd. Multi-Currency Payments $413 1.9x

11/18/15 Lightspeed POS Inc. SEOshop Group B.V. eCommerce NA NA

11/16/15 Undisclosed Investor NxSystems, Inc. Payments NA NA Zoom-Cash Inc., Exclusive Rights Of Legal 11/11/15 Necessity Funding Partners, LLC Cash Payments NA NA Funding Payment System 11/9/15 Netcetera, Swisscard, Aduno Group SwissWallet Digital Wallet NA NA

11/9/15 VeriFone Systems, Inc. InterCard AG POS NA NA

11/4/15 ACI Worldwide, Inc. PAY.ON AG Gateway $202 NA

11/3/15 Permira Magento eCommerce NA NA

11/3/15 Worldline S.A. PaySquare SE Processing $81 1.0x

Notes: 18 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

11/2/15 Visa Inc. Visa Europe Limited Networks $23,784 NA

10/30/15 Heartland Payment Systems, Inc. Menusoft Systems Corp. POS $19 NA

10/28/15 Digital Asset Holdings, LLC Blockstack Inc. Blockchain NA NA

10/27/15 FlexiGroup Limited Fisher & Paykel Finance Limited Financial Marketplace NA NA Payments Business and 60% Stake in GI 10/27/15 Wirecard AG Prepaid $381 NA Technology Private Limited 10/26/15 Early Warning Services, LLC clearXchange LLC Money Transfer NA NA 80% in Elaxy Financial Software & Solutions 10/22/15 CREALOGIX Holding AG Banking Software NA NA And 20% in Elaxy Business Solution & 10/22/15 Eze Software Group LLC TKS Solutions, LLC Accounting Software NA NA

10/21/15 Citrus Payment Solutions Pvt. Ltd. Zwipe Payment Technologies Private Limited Gateway NA NA

10/19/15 WEX Inc. Electronic Funds Source LLC Closed Loop $1,470 NA

10/17/15 Diebold, Incorporated Wincor Nixdorf Aktiengesellschaft ATMs / Kiosks $2,186 0.8x

10/17/15 Payscout, Inc. Advanced Payment Systems, Inc. Merchant Processing NA NA

10/15/15 SpareBank 1 Nord-Norge mCASH Norge AS Mobile Payments NA NA

10/15/15 Evolution1, Inc. Benaissance LLC Merchant Processing $80 6.0x

10/15/15 Velocity Mobile Limited Tab Payments, Corp. Mobile Payments NA NA

10/8/15 Clayton Holdings LLC ValuAmerica, Inc. Real Estate Software NA NA Precidia Technologies Inc. (nka:iPocket232 10/6/15 Merchant Link, LLC Merchant Processing NA NA Inc.) 10/6/15 AppTech Corp. FlowPay Corporation Crowdfunding NA NA

10/1/15 Move, Inc. Reaslo Inc. Financial Software NA NA

10/1/15 Flywire Uni-Pay Limited Cross Border Payments NA NA

Notes: 19 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

Sightline Payments, LLC, ATM and Cash 9/24/15 NRT Technology Corp. ATM NA NA Advance Assets 9/24/15 Prosper Marketplace, Inc. BillGuard, Inc. Anti-Fraud $30 NA GRG International Limited, Australian ATM 9/23/15 DC Payments Australasia Pty Ltd. ATM $3 NA Business 9/22/15 Velocity Mobile Limited Cover, Inc. POS NA NA

9/21/15 Crédit Mutuel Arkéa Leetchi SA Money Transfer $65 NA

9/21/15 ShopKeep.com Inc. Refulgent Software LLC POS NA NA

9/18/15 TeamSystem S.p.A. MadBit Entertainment S.r.l. Billing Software $3 NA

9/18/15 Silverlake Axis Ltd SunGard Ambit (Singapore) Pte. Ltd. Lending Software $12 NA

9/17/15 Q4 Web Systems Inc. Oxford Intelligence Partners L.L.C. IR Technology NA NA

9/16/15 Bambora Beanstream Internet Commerce Inc. Merchant Processing NA NA

9/16/15 Volkswagen Financial Services AG sunhill technologies GmbH Mobile Payments NA NA

9/16/15 Arlington Capital Partners Ontario Systems, LLC Collections NA NA

9/9/15 Finicity Corporation Aurora Financial Systems, Inc. Prepaid NA NA

9/9/15 SteelBrick Holdings, Inc. Acertis Cloud Ltd (nka:SteelBrick Billing) Billing Software NA NA

9/4/15 NTT DATA Asia Pacific Pte. Ltd iPay88 Sdn Bhd. Online Payments NA NA

9/3/15 Asseco Poland Spólka Akcyjna Exictos SGPS, S.A. Banking Software $39 0.8x

9/3/15 Urban FT, Inc. Wipit, Inc. Mobile Payments NA NA

9/2/15 The Riverside Company Baker Hill Corporation Loan Management Software $100 3.2x

9/2/15 Sovos Compliance, LLC WineDirect Compliance eCommerce NA NA

9/2/15 SS&C Technologies Holdings, Inc. Varden Technologies, Inc. Financial Software NA NA

Notes: 20 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

9/2/15 DaoPay GmbH Boku, Inc., Pay by Call Payment Business Telephonic Payments NA NA

9/2/15 Flipkart Payments Pvt. Ltd. FX Mart Pvt. Ltd. Money Transfer $4 NA

9/1/15 Asia United Bank Corporation Pinoy Express Pte Ltd. Money Transfer $4 NA

9/1/15 HighJump Software Wesupply Limited Supply Chain Software NA NA

9/1/15 EVERTEC Group, LLC Processa S.A.S Payment Processing $8 NA Banco Nacional de Mexico S.A., Merchant 9/1/15 EVO Payments International, LLC Merchant Acquiring NA NA Acquiring Business 8/26/15 Business Financial Services, Inc. Entrust Cash Advance Merchant Processing NA NA

8/19/15 Braintree Payment Solutions, LLC MODEST, INC. eCommerce NA NA

8/18/15 CGI Group Inc. Solutions Only Financial Solutions Ltd. Financial Software NA NA

8/13/15 GEP Administrative Services, Inc. Ease Entertainment Services, LLC Financial Software NA NA

8/13/15 Boku, Inc. Mobileview Italia Srl Mobile Payments NA NA

8/12/15 Coinify ApS Coinzone B.V. Digital Currency NA NA

8/12/15 i3 Verticals Innovative Financial Technologies Merchant Processing NA NA

8/12/15 i3 Verticals NJOY Products Merchant Processing NA NA

8/12/15 CT-Payment Inc. Smart Card Marketing Systems Inc. Merchant Processing NA NA

8/11/15 Enova International, Inc. The Business Backer, LLC SMB Lending $27 1.4x Corsair Capital LLC; Palamon Capital 8/11/15 Currencies Direct Ltd Money Transfer NA NA Partners, LP 8/10/15 Blackbaud Inc. Smart Tuition, LLC Education Payments $190 NA

8/10/15 Envestnet, Inc. Yodlee, Inc. Banking Technology $542 5.5x

8/5/15 Affirm, Inc. LendLayer, Inc. Education Payments NA NA

Notes: 21 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

7/31/15 Q2 Software, Inc. Centrix Solutions, Inc. Risk / Compliance Software $29 NA

7/27/15 FrontStream Holdings, LLC BiddingForGood, Inc. Crowdfunding NA NA American Credit Card Processing 7/23/15 Priority Payment Systems LLC Card Processing NA NA Corporation Fawry Banking & Payment Technology 7/21/15 BSI Netherlands BV Bill Pay NA NA Services Ltd. 7/21/15 ApexPeak Pte. Ltd. ASYX International BV Factoring NA NA

7/21/15 Mozido, LLC NettCash Mobile Wallet NA NA

7/20/15 First Data Corporation Spree Commerce, Inc. eCommerce NA NA

7/20/15 KMD A/S Banqsoft AS Financial Software NA NA Apna Paisa Marketing and Services Private 7/15/15 Andromeda Sales and Distribution Pvt. Ltd. Online Lending NA NA Limited 7/14/15 Equiniti Limited TransGlobal Payment Solutions Limited International Payments NA NA

7/14/15 First Data Corporation Transaction Wireless, Inc. Digital Gift Cards NA NA

7/14/15 RALLY4, Inc. mGive, Inc. Mobile Payments NA NA

7/14/15 TIO Networks Corp. Softgate Systems, Inc. Bill Pay $30 0.8x

7/8/15 Paratus AMC Limited Funding Empire Limited Online Lending NA NA

7/6/15 Coupa Software Incorporated InvoiceSmash Pty. Ltd. Accounting Software NA NA

7/2/15 ezetop Ltd. iSend, LLC Money Transfer NA NA

7/1/15 Credit Control, LLC Professional Recovery Services, Inc. ARM NA NA

7/1/15 PayPal, Inc. Xoom Corporation Money Transfer $867 5.0x

6/30/15 Wolters Kluwer Tax & Accounting US SureTax, LLC Tax Software NA NA

6/30/15 RideScout LLC GlobeSherpa Inc. Mobile Payments NA NA

Notes: 22 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

6/29/15 Transzap, Inc. ADP, LLC Supply Chain Software NA NA

6/29/15 Payfort FZ-LLC White Payments Technologies FZE eCommerce Payments NA NA

6/29/15 Silver Lake Cast & Crew Payroll, LLC Payroll Software NA NA Brooks Brothers Group, Inc., Credit Card 6/25/15 Citi Retail Services LLC Credit Cards NA NA Portfolio 6/25/15 Newtek Business Services Corp. Premier Payments LLC Merchant Processing $16 NA

6/25/15 Digital Asset Holdings, LLC bits of proof zrt. Blockchain NA NA

6/25/15 Digital Asset Holdings, LLC Hyper, Inc. Blockchain NA NA

6/23/15 Konga.com Online Shopping Limited Zinternet Nigeria Limited Mobile Payments NA NA

6/23/15 Insight Venture Partners Fourth Ltd. Financial Software NA NA

6/23/15 Redknee (Germany) GmbH Orga Systems GmbH Billing Software $43 0.6x

6/22/15 Continental Exchange Solutions, Inc. IME (M) SDN. BHD. Tax Software $83 2.1x Advent International Corporation; Bain Istituto Centrale delle Banche Popolari 6/19/15 Payment Processing $2,412 5.0x Capital, LP; Clessidra SGR S.p.A. Italiane Spa 6/18/15 CoinBR Servicos Digitais Ltda. Coinverse Digital Currencies NA NA

6/18/15 Patriot Technology Solutions, Inc. InsureLinx, Inc. Benefits Software $6 NA

6/17/15 LocoMobi, Inc. Ultimate Systems Solutions, LLC Vertical Payments NA NA

6/17/15 Cegid Group SA Altaven SAS Tax Software NA NA

6/17/15 C&H Financial Services, Inc. Regal Payment Systems, LLC ISO NA NA

6/16/15 Avalara, Inc. VAT Applications N.V. Tax Software $10 NA

6/10/15 GoCoin LLC Ziftr, LLC Merchant Processing NA NA

6/10/15 Crowd Mobile Limited Track Concepts B.V. Mobile Payments $32 1.8x

Notes: 23 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

6/9/15 Bitso SAPI de CV UNISEND S.A.P.I. DE C.V. Cryptocurrency NA NA

6/9/15 ACCEO Solutions Inc. Multipost Ltd. POS $5 NA

6/3/15 NeoXam SmartCo Banking Software NA NA

6/2/15 orderbird AG pepperbill GmbH POS NA NA

6/2/15 Avalara, Inc. EZtax, Inc. Financial Software NA NA

5/29/15 EVO Payments International, LLC Postbank P.O.S. Transact GmbH Merchant Acquiring NA NA

5/28/15 Harshman Phillips & Company, LLC Cloudsourced Accounting Accounting Software NA NA

5/28/15 MYOB Finance NZ Limited Ace Payroll Plus Limited Payroll Software $9 NA

5/22/15 BitGold Inc. (nka:GoldMoney Inc.) Net Transactions Limited Trading Platform $42 NA

5/20/15 Factor4, LLC SparkBase, Inc., Book of Business Prepaid NA NA

5/19/15 Axxiome AG HartterGroup Banking Technology NA NA

5/19/15 AvidXchange, Inc. Strongroom Solutions, Inc. AP Software NA NA

5/12/15 Hansen Technologies Ltd. TeleBilling A/S Bill Pay $21 1.3x e-conomic international a/s, Core 5/8/15 Visma AS Accounting Software $225 NA Scandinavian Business International Business Machines Corp., 5/7/15 Tangoe, Inc. Accounting Software $22 0.8x Rivermine Telecommunications Expense 5/2/15 Bitnational, Inc. Bitcoin Brains, Inc. Digital Currencies NA NA

4/30/15 PayEx Holding AB 4T Sverige AB Mobile NA NA

4/28/15 BigCommerce Pty. Ltd. Zing POS NA NA

4/28/15 Bitcoin Shop Inc. (nka:BTCS Inc.) Spondoolies Tech Ltd. Blockchain NA NA

4/27/15 Freelancer Limited Escrow.com, Inc. Online Escrow $8 1.5x

Notes: 24 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

4/27/15 Dun & Bradstreet, Inc. Dun & Bradstreet Credibility Corp. Credit Monitoring $350 2.6x

4/23/15 i3 Verticals, LLC RentShare, Inc. Online Payments NA NA Plan B Growth, LLC, Certain Business Loan 4/17/15 World Business Lenders, LLC Online Lending NA NA Operations 4/16/15 CU Cooperative Systems, Inc. Everlink Payment Services Inc. Gateway NA NA

4/14/15 Securus Technologies, Inc. JPay, Inc. Money Transfer NA NA

4/14/15 Lendio Inc. Business Bounce SMB Online Lending NA NA

4/13/15 ANZ Capital Shout For Good Pty. Ltd. Micro Donations NA NA

4/13/15 Satoshi Citadel Industries Inc. BuyBitcoin.ph Digital Currencies NA NA

4/13/15 PPM 2000 Inc. Resolver Inc. Financial Software NA NA SoftRight, LLC and Springbrook Software, 4/8/15 Accela, Inc. Financial Software NA NA Inc. 4/8/15 Coinsetter LLC Canadian Virtual Exchange Digital Currencies NA NA

4/8/15 Basware UK Ltd. ProcServe Holdings Limited Financial Software $29 2.7x

4/8/15 Jasper Infotech Private Limited Accelyst Solutions Pvt. Ltd. Mobile Top-Up NA NA

4/6/15 Gimmal LLC Imagitek, Ltd. Financial Software NA NA

4/3/15 Capillary Technologies Pvt Ltd. MartJack Merchant Processing $29 NA

4/2/15 CapitalWorks, LLC Synergy by Association, Inc. ATMs NA NA

4/1/15 Bankrate, Inc. Quizzle LLC Credit Monitoring NA NA

3/31/15 Jasper Infotech Private Limited Tetra Media Pvt. Ltd. Personal Finance NA NA

3/30/15 Loans4less Com Inc. 321 Lend, Inc. P2P NA NA

3/30/15 DH Corporation Fundtech Ltd. Banking Technology $1,250 4.8x

Notes: 25 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

3/25/15 Stone Point Capital LLC; Trident VI, L.P. Black Mountain Systems, LLC Investment Software NA NA

3/25/15 ShopKeep.com Inc. Payment Revolution, LLC ISO NA NA

3/25/15 Global Payments Inc. Realex Payments Gateway $128 NA

3/23/15 Netinvest Limited Skrill Holdings Limited eCommerce Payments $1,642 NA

3/23/15 card complete Service Bank AG DC Bank AG Issuer Processing NA NA PayOnline System, Innovative Payment 3/17/15 Net Element, Inc.; TOT Group Europe LTD eCommerce $8 NA Technologies, Polimore Capital 3/16/15 Diebold, Incorporated Phoenix Interactive Design, Inc. ATMs $73 NA

3/11/15 Square, Inc. Kili Technology Corporation Merchant Processing NA NA

3/9/15 The Carlyle Group LP; Cardinal Capital Group Payzone Ireland Limited Merchant Processing NA NA

3/9/15 Baring Private Equity Asia CMS Info Systems Pvt. Ltd. (57% Stake) ATMs $319 NA

3/3/15 Ryan, LLC Second Decimal, LLC Accounting Software NA NA

3/3/15 RKL eSolutions, LLC Clients First Business Solutions LLC Accounting Software NA NA

3/2/15 Suzo-Happ Group North America SCAN COIN AB Cash Management NA NA

3/2/15 Coin Outlet Inc. LibertyX's Bitcoin ATM Network ATMs / Digital Currency NA NA

3/2/15 PayPal Holdings, Inc. Paydiant, Inc. Mobile Wallet $230 NA

3/2/15 Heartland Payment Systems, Inc. Payroll 1, Inc. Payroll Processing $30 NA

2/27/15 Pitney Bowes International Holdings, Inc. Borderfree, Inc. eCommerce $338 2.7x

2/27/15 Visa Inc. TrialPay, Inc. Marketing NA NA

2/26/15 igot TagPesa Limited Remittance NA NA

2/24/15 Orange Money Ltd. WDFC UK Limited, Everline Online Lending NA NA

Notes: 26 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

2/20/15 FinLab AG; Club Deal AG Venturate AG Crowdfunding NA NA

2/19/15 Mobi724 Global Solutions Inc. iQ 7/24 Inc. Loyalty NA NA

2/18/15 Samsung Electronics America, Inc. LoopPay, Inc. Mobile Wallet NA NA

2/13/15 UPG plc PayCo GmbH Online Payments NA NA

2/13/15 Heartland Payment Systems, Inc. Dinerware, Inc. Tablet POS $15 NA

2/11/15 Commonwealth Bank of Australia TYME SA Banking Technology $28 NA

2/11/15 Thoma Bravo, LLC PowerPlan, Inc. Accounting Software NA NA

2/10/15 Temenos U.S.A., Inc. Akcelerant Software LLC Lending Software $55 NA

2/10/15 ArbiterSports, LLC Pay OGFE Inc. Vertical Payments NA NA

2/9/15 LINE Pay Corporation WebPay Holdings eCommerce Payments NA NA

2/5/15 Life-Pay ibox Holding Ltd. POS NA NA

Notes: 27 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months

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

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

2/2/16 Argentum Spain S.L.U. Series C $32 Finstart Financial, HV Holtzbrink Ventures Online Lending

1/22/16 FiveStars, Inc. Series C $50 DCM, HarbourVest, Lightspeed Venture Partners, Menlo Ventures Loyalty / Rewards ABN AMRO, ASX Limited, BNP Paribas, Broadridge Financial, Citigroup, 1/21/16 Digital Asset Holdings, LLC NA $62 Blockchain CME, Goldman Sachs, IBM, JPMorgan, PNC Guangdong Technology Financial Group, ING Bank, Khazanah Nasional 1/20/16 WeLab Holdings Limited Series B $152 Online Lending Berhad 1/20/16 Blend Labs, Inc. Series C $40 Formation8 Partners, Lightspeed Venture Partners, The Founders Fund Mortgage Technology

1/19/16 Brightpearl Limited Series C $11 Eden Ventures, MMC Ventures, Norion Capital Partners POS / Retail Software

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

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

1/6/16 Lendful NA $15 Alterna Bank Online Lending Kaszek Ventures, Sequoia Capital, Founders Fund, Tiger Global 12/24/15 Nu Pagamentos S.A. Series C $52 Mobile Banking Management 12/23/15 Toast, Inc. NA $30 Bessemer Venture Partners, GV POS 83North, Correlation Ventrues, Lightspeed Venture Partners, Menlo 12/15/15 Bluevine Capital, Inc. NA $40 Online Lending Ventures, Rakuten 12/6/15 Masabi Limited NA $12 Keolis, Lepe Partners, MasterCard, MMC Ventures Mobile Payments

12/1/15 Progressa Series A $11 Conconi Growth Partners, Cypress Hills Partners Online Lending

11/29/15 Tyro Payments Limited NA $72 TDM Asset Management, Tiger Global Management Merchant Processing BBVA Group, Marathon, Polar Capital, Toscafund Asset Management, 11/24/15 Atom Bank NA $128 Online Banking Woodford Investment Management 11/18/15 Ebury Partners UK Ltd. NA $83 83 North, Vitruvian Partners SMB Lending

Notes: 28 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

Digital Currency, Fenway Summer, Kleiner Perkins, Pantera, Recruit 11/17/15 Align Commerce Corporation Series A $13 Money Transfer Strategic, Silicon Valley Bank 11/17/15 Earnest Operations LLC Series B $75 Adams Street Partners, Battery Ventures, Maveron Online Lending

11/11/15 Oaknorth Bank Limited NA $100 Indiabulls Housing Finance Online Lending

11/11/15 NCR Corporation PIPE $820 Blackstone POS

11/11/15 CircleUp Network, Inc. Series C $30 Collaborative Fund, Canaan, Maveron, QED, Rose Park, Union Square Crowdfunding

11/10/15 Bread Series A $14 Bessemer, RRE Consumer Finance

11/9/15 Guardian Analytics Series E $11 Undisclosed Fraud Protection

11/5/15 Meili Jirong Series A $65 Bertelsmann Asia, GX, Morningside, Wacai.com P2P Lending

11/3/15 Invoice2go Corporation Series C $15 Accel Partners, Ribbit Capital Accounting Software

11/3/15 FactorTrust, Inc. NA $42 ABS, Mission Operators Group Credit Scoring 83 North, Commerce Ventures, CommerzVentrues, Granite Ventures, IA 10/27/15 Marqeta Inc. Series C $25 Issuer Processing Capital Group 10/26/15 Zebit Series A $10 Correlation Ventures, Crosslink, Leapfrog, Wildcat Ventures Partners Consumer Finance Matrix Partners, Nyca Partners, Oak HC/FT, StartX, Webb Investment 10/22/15 Poynt Co. Series B $28 POS Network 10/21/15 Money Forward, Inc. Series C $13 Fenox, Mitsubishi, Mitsui & Co., Toho Bank, Yamaguchi Financial Personal Financial Management

10/19/15 Wave Crest Holdings Limited Series E $14 Vesuvius Ventures Payments BlueRun, ING, Recruit, Reverence Capital, Santander, Scotiabank, 10/14/15 Kabbage Inc. Series E $135 Online Lending Thomvest Ventures, UPS Strategic Enterprise Acumen Fund, Adlevo Capital, Capricorn Investment Group, Omidyar 10/6/15 Paga Series B $13 Mobile Payments Network 10/1/15 Transaction Mobility Series A $33 Undisclosed Gateways

9/30/15 Citrus Payment Solutions Pvt. Ltd. Series C $25 Ascent Capital, BEENOS Asia, econtext Asia, Sequoia Mobile Payments

9/30/15 Credible Labs Series A $10 Undisclosed Online Lending

Notes: 29 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

9/28/15 Ibotta, Inc. Series C $40 Jim Clark Loyalty / Rewards J.C. Flowers, Amadeus Capital, Varde Partners, HPE Growth Capital, 9/28/15 Kreditech Series C $92 Online Banking Blumberg Capital 9/25/15 Social Finance, Inc. Series E $1,000 SoftBank Online Lending

9/24/15 DriverUp Series B $20 Emerald Development Managers, RRE Ventures, SF Capital Group Online Lending First Round Capital, Khosla Ventures, QED Investors, Susquehanna 9/17/15 Fundera, Inc. Series B $12 Online Lending Growth Equity Accel Partners, Caisse de depot et placement du Quebec, iNovia Capital, 9/16/15 Lightspeed POS Inc. Series C $61 POS Investissement Quebec 9/11/15 Abra Series A $12 Arbor Ventures, First Round Capital, RRE Ventures Money Transfer Bezos Expoditions, Blumberg Capital, Entrée Capital, General Catalyst, 9/10/15 Fundbox Ltd. NA $50 SMB Lending Khosla Ventures, Sound Ventures, Spark Capital 9/10/15 Neft Series A $10 Undisclosed Credit Monitoring Canaan Partners, Conversion Capital, Nyca Partners, QED Investors, Spark 9/10/15 Orchard, Inc. Series B $30 Online Lending Capital, Thomvest Ventures, Thrive Capital 9/3/15 Shift Payments NA $50 Undisclosed Debit Collaborative Fund, Data Collective, Female Founders Fund, Lowercase 9/2/15 InVenture Series A $10 Mobile Payments Capital Capital One Ventures, Citi Ventures, Fiserv, Khosla Ventures, The NASDAQ 8/31/15 Chain Inc. Series B $30 Blockchain OMX Group, Orange Capital, RRE Ventures August Capital, Nyca Partners, The Social+Capital Partnership, Tribeca 8/27/15 CommonBond, Inc. Series B $35 Online Lending Venture Partners 8/27/15 SumUp Limited NA $11 Amercian Express Ventures, BBVA Ventures, Groupon POS

8/23/15 freee K.K. Series C $29 DCM, Recruit Holdings Accounting Software

8/18/15 GroupLend Inc. NA $10 Markus Frind, Lance Tracey Online Lending

8/13/15 C2FO Series E $40 Temasek, Union Square, Tiger Global, Summerhill, Mithril Invoice Finance

8/12/15 Payoneer, Inc. Series E $50 Susquehanna Growth Equity, Wellington Management Group Cross-Border Payments

8/10/15 Vatbox Ltd. Series B $24 Viola Private Equity Tax / Financial Software

Notes: 30 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

8/10/15 Prodigy Finance Ltd. NA $100 Balderton Capital, Credit Suisse Group Online Lending Berggruen Holdings, Capricorn Investment Group, Helion Venture 8/6/15 Ezetap Mobile Solutions Pvt. Ltd. Series C $24 Mobile Payments Partners, Horizons Ventures 8/5/15 SavingGlobal GmbH Series B $22 Index Ventures, Ribbit Capital Online Banking Intel Capital, Zouk Capital, American Express, Dawn Capital, Creandum 7/31/15 iZettle AB Series D $67 POS AB, 83 North, Northzone Ventures, Index Ventures Acton Capital partners GMbH, CommerzVentures GmbH, Redline Capital 7/30/15 Iwoca Ltd. Series B $20 Online Lending Management S.A. Mission Perators Group, Marverick Ventures, Victory Park Capital 7/29/15 Behalf Inc. Series B $119 Online Lending Advisors, Sequoia Capital 7/27/15 ShopKeep.com Inc. Series D $60 Activant Capital Group POS

7/21/15 Circle Back Lending Series A $18 Undisclosed Online Lending

7/17/15 Mswipe Technologies Pvt Ltd Series C $25 Falcon Edge Capital, ANI Technologies Pvt. Ltd, Meru Capital Group POS

7/16/15 Flypay Limited Series A $11 Time Out Group Mobile Payments

7/15/15 Ethoca Limited NA $45 Spectrum Equity Management CNP Payments

7/15/15 Credit Benchmark Ltd. Series B $20 Balderton Capital, Index Ventures Risk / Analytics

7/14/15 Fastacash Pte. Ltd. Series B $15 Rising Dragons Singapore, Life.Sreda, UOB, Venture Investments II P2P Payments

7/14/15 Fenergo Ltd. NA $75 Insight Venture Partners Banking Software Third Point Ventures, First Round Capital, Collaborative Fund, Khosla 7/12/15 Upstart Network, Inc. Series C $35 Online Lending Ventures, Eric Schmidt, Marc Benioff 7/9/15 Bitfury USA, Inc. NA $20 Georgian Co-Investment Fund, DRW Holdings, iTech Advisors Cryptocurrency

7/8/15 Lendingkart. ltd. Series A $635 Mayfield, Saama Capital Management, Shailesh Mehta, Ashvin Chadha Online SMB Lending

7/7/15 VTS, Inc. Series B $21 OpenView Venture Partners, Trinity Ventures Financial Software

7/7/15 SlimPay S.A. NA $16 Prime Ventures DDA Payments Eurazeo, Kernel Investissements, Crédit Mutuel Arkéa, Schibsted Growth, 7/2/15 PRET d'UNION S.A. NA $34 P2P Lending AG2R La Mondiale

Notes: 31 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

A & A Dukaan Financial Services Private Amazon, Fidelity Growth Partners, Mousse Partners, Sequoia, Walden 7/2/15 Series C $59 Lending Marketplace Limited International 7/2/15 Marlette Funding, LLC NA $75 Invus Financial Advisors, Navient Corporation Online Lending

7/2/15 Malauzai Software, Inc. Series D $11 Undisclosed Mobile Banking Software

7/1/15 Realty Mogul, Co. Series B $35 Sorenson Capital, Canaan Partners Online Lending

6/29/15 Velocity NA $12 Undisclosed Mobile Payments

6/25/15 PayRange Inc. Series A $12 Matrix Partners, Google Ventures, Nyca Partners Mobile Payments

6/25/15 Chrome River Technologies, Inc. Series D $100 Great Hill Partners Financial Software

6/23/15 Credit Karma, Inc. Series D $175 Tiger Global Management, Viking Global Investors, Valinor Management Credit Monitoring Norwest Venture Partners, Onset Ventures, Bessemer Venture Partners, 6/22/15 Adaptive Insights, Inc. Series G $75 Financial Software Cardinal Venture Capital, Monitor Ventures 6/19/15 Snap Advances LLC NA $28 Undisclosed SMB Lending

6/18/15 Wealth India Financial Services Pvt. Ltd. Series C $11 Faering Capital, Foundation Capital, Inventus Capital Online Brokerage Spark Capital, Jefferies, Homebrew Management, Founder Collective, 6/18/15 BOND STREET Servicing, LLC Series A $110 Online Lending Collaborative Fund, Red Swan Ventures 6/16/15 Pollen, Inc. NA $40 Undisclosed Working Capital Management

6/15/15 LendInvest Limited Series A $50 Beijing Kunlun Tech Online Lending

6/15/15 Azimo Ltd Series B $20 Frog Capital, MCI Management, e.ventures, Greycroft Partners Money Transfer

6/10/15 Miura Systems Limited NA $16 DFJ Esprit Secondaries Payments Hardware

6/9/15 Moula Money Pty Limited NA $23 Liberty Financial, NCN Investments Online Lending Aeterna Capital, Morgan Creek, New Enterprise Associates, Wellington 6/4/15 ATX Innovation, Inc. Series C $24 Mobile Payments Management 6/4/15 Lavu Inc. NA $15 Aldrich Capital Partners POS

6/4/15 TabbedOut Series C $22 Wellington Management Group, NEA, Morgan Creek Capital Management Mobile Payments

Notes: 32 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

Tiger Global Management, Kaszek Ventures, QED Investors, Sequoia 6/2/15 Nu Pagamentos S.A. Series B $29 Online Banking Capital Methril Capital Management, Salesforce Ventures, Bullpen Capital, 5/28/15 Classy, Inc. NA $18 Crowd funding Venture51, Galileo Partners 5/27/15 Payfirma Corporation Series A $10 Dundee Capital Markets Merchant Acquiring T. Rowe Price Associates, Iconiq Capital, Crosslink Capital, Battery 5/26/15 Coupa Software Incorporated NA $80 Financial Software Ventures, El Dorado Ventures, Rally Ventures 5/21/15 Tumblbug Series A $16 Strong Ventures, DCM, Line Ventures Crowdfunding FTV Capital, Rakuten, Highland Capital Partners, August Capital, 5/20/15 WePay, Inc. Series D $40 Gateways Continental Investors, Ignition Partners 5/19/15 PAYITSIMPLE USA Inc. (nka:Splitit USA Inc.) NA $10 Simpel Management Consumer Finance RRE Ventures, Thrive Capital, Bessemer Venture Partners, Pritzker Group 5/19/15 Hightower, Inc. Series B $13 Leasing Software Venture Capital 5/18/15 Feedzai S.A. Series B $18 Oak HC/FT Partners, Sapphire Ventures, Espirito Santo Ventures Anti-Fraud Syncora Alternative Investments, Globespan Capital Partners, Investus 5/12/15 Credit Sesame, Inc. Series D $16 Credit Monitoring Capital Partners, Menlo Ventures, IA Capital 5/7/15 itBit Pte. Ltd. Series A $25 RRE Ventures, Liberty City Ventures Digital Currencies Spark Capital Partners, Jefferies, Andreessen Horowitz, Khosla Ventures, 5/6/15 Affirm, Inc. NA $275 Online Lending Lightspeed Venture Partners 5/5/15 Hello Digit, Inc. Series A $11 General Catalyst Partners, Baseline Ventures, Google Ventures Online Banking

5/5/15 Fintellix Solutions Ltd. NA $15 Undisclosed Mobile Payments

5/2/15 Lendico Global Services GmbH NA $22 Rocket Internet, Hotlzbrinck Ventures, Access Industries Online Lending

5/1/15 Edo Interactive Inc. Series E $23 VantagePoint Capital Partners, Baird Venture Partners Card-Linked Offers Fidelity, TPG Growth, Insight Venture Partners, Andreessen Horowitz, IVP, 5/1/15 Zenefits Series C $513 HR Software Founders Fund, Khosla Ventures 4/30/15 MX, Inc. Series A $30 USAA Investment Management, Digital Garage Banking Technology

4/29/15 Justworks, Inc. Series B $13 Bain Capital Ventures, Index Ventures, Thrive Capital HR Software Goldman Sachs, IDG Capital Partners, Accel Partners, General Catalyst 4/29/15 Circle Internet Financial, Inc. NA $50 Money Transfer Partners, Oak Investment Partners

Notes: 33 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

4/28/15 Loop Commerce, Inc. NA $16 Paypal, Novel TMT Ventures, Wicklow Capital eCommerce

4/27/15 Wave Accounting Inc. Series C $14 The Social+Capital Partnership, Charles River Ventures, OMERS Ventures Accounting Software Baillie Gifford & Co., BlackRock, Sands Capital Management, Temasek 4/22/15 Funding Circle Limited NA $150 Online Lending Holdings Goldman Sachs, Nova Founders Capital, Jardine Pacific, ACE & Company 4/21/15 Compare Asia Group Series A $40 eCommerce Development Group, Route 66 Ventures 4/16/15 NUMBER26 GmbH Series A $11 Valar Ventures, Earlybird Venture Capital, Redalpine Venture Partners Online Banking

4/15/15 Clearent, LLC NA $25 FTV Capital Merchant Processing

4/15/15 Lsq Funding Group, L.C. NA $100 Lovell Minnick Equity Partners SMB Online Lending

4/15/15 Factor Systems, Inc. NA $25 Goldman Sachs, Bain Capital Ventures B2B Payments

4/14/15 TouchBistro, Inc. Series A $6 Kensington Capital Partners, Relay Ventures, Difference Capital, Just Eat POS

4/8/15 Patch of Land, Inc. Series A $24 SF Capital Group Crowdfunding Credit Suisse, SunTrust Equity Funding, United Services Automobile 4/7/15 Prosper Marketplace, Inc. Series D $165 P2P Association, JP Morgan, BBVA Ventures 3/31/15 CurrencyFair Ltd NA $11 Octopus Investments Limited, Frontline Ventures Money Transfer

3/31/15 PrimeRevenue, Inc. NA $80 BBH Capital Partners, Battery Ventures Lending Platform

3/30/15 RateSetter NA $30 Woodford Investment Management, Artemis P2P

3/27/15 AssetAvenue, Inc. Series A $11 DCM Ventures, Netease Capital, Matrix Partners Online Lending Google Capital, Emergence Capital Partners, Ribbit Capital, General 3/27/15 ZenPayroll, Inc. (nka:Gusto) Series B $60 Payroll Software Catalyst Partners, Kleiner Perkins Caufield & Byers 3/25/15 FinancialForce.com, inc. NA $110 Technology Crossover Ventures, Salesforce Ventures Financial Software General Catalyst Partners, Khosla Ventures, Blumberg Capital, NyCa 3/19/15 Fundbox Ltd. Series B $40 Online SMB Lending Partners Camden Partners, MissonOG, Spring Capital Partners, CNF Investments, 3/18/15 Ingo Money, Inc. NA $14 Prepaid Matrix Partners, Ribbit Capital Napier Park Global Capital, Blumberg Capital, North Hill Ventures, Pivot 3/12/15 Lendio Inc. Series C $22 Online SMB Lending Investment Partners

Notes: 34 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

Draper Fisher Jurvetson, DN Capital Limited, QED Investors, Trilogy Equity 3/11/15 Remitly, Inc. NA $13 Remittance Partners Andreessen Horowitz, RRE Ventures, Yuan Capital, Qualcomm Ventures, 3/10/15 21 Inc. NA $116 Cryptocurrency Khosla Ventures, Data Collective Medina Capital, First Data Corporation, Signal Peak Ventures, Jump 3/3/15 Booker Software, Inc. Series C $35 POS Capital, Bain Capital Ventures, Revolution Ventures FTV Capital, Intel Capital, Mosaik Partners, North Hill Ventures, Passport 2/26/15 CashStar, Inc. Series D $15 Prepaid Capital 2/25/15 Xero Limited. NA $111 Accel Partners, Matrix Capital Management Company Accounting Software

2/23/15 DriverUp Series A $50 Emerald Development Managers, RRE Ventures Online Lending

2/18/15 WorldRemit Ltd. Series B $100 Accel Partners, Technology Crossover Ventures Remittance

2/13/15 Itz Cash Card Ltd. NA $16 Ashok Goel Prepaid

2/12/15 nCino, Inc. NA $38 Insight Venture Partners, Wellington Management Company Banking Technology Silicon Valley Bank, American Express, August Capital, Napier Park Global 2/11/15 Bill.com, Inc. NA $50 B2B Payments Capital, Scale Venture Partners 2/10/15 Zen Lefin Pvt Ltd Series A $13 SAIF Partners, Sequoia Capital, Aspada Investment Advisors SMB Lending OurCrowd, Rocket Internet, Augmentum Capital, Canaan Partners, Eden 2/10/15 Borro Limited Series E $20 Online Secured Lending Ventures 2/6/15 Oportun Financial Corporation NA $91 Fidelity Management & Research Company; Insitutional Venture Partners Online Lending Tybourne Capital Management, Valiant Capital Management, ruNet, 2/5/15 Accelyst Solutions Pvt. Ltd. Series C $80 Prepaid Mobile Sequoia Capital, Sofina

Notes: 35 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary

IV. Securities / Capital Markets / Data & Analytics

36 Financial Technology Sector Summary 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 2/5/16 Low High Value Debt Value CY 15E CY 16E CY 15E CY 16E CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ Exchanges - Americas CME Group Inc. $88.55 $81.87 $100.87 $29,951 $476 $30,427 9.2x 8.4x 13.6x 12.0x 23.0x 20.4x 12.1% 1.7 8.8% (3.2%) Intercontinental Exchange, Inc. 236.19 220.28 268.89 $28,080 $6,652 $34,732 10.4x 7.6x 15.8x 12.5x 19.9x 16.8x 13.8% 1.2 36.7% 9.4% Nasdaq, Inc. 59.40 47.81 62.77 9,756 1,862 11,618 5.6x 5.3x 11.0x 10.3x 17.5x 15.9x 8.5% 1.9 4.8% (6.0%) CBOE Holdings, Inc. 60.65 55.04 72.53 4,979 (102) 4,876 7.8x 7.3x 13.4x 12.5x 25.8x 23.6x 12.1% 1.9 7.4% (6.3%) BM&FBOVESPA S.A. 2.61 2.24 3.29 4,658 (1,507) 3,150 5.5x 5.3x 8.2x 8.1x 11.0x 10.7x 9.1% 1.2 3.8% 2.0% TMX Group Limited 28.44 23.89 40.07 1,547 619 2,165 4.2x 4.1x 9.0x 8.5x 10.9x 10.1x NA NA 3.4% (1.2%) Bolsa Mexicana de Valores SAB de CV 1.26 1.12 1.61 749 (84) 666 4.8x 4.5x 9.7x 8.9x 17.6x 15.8x 10.6% 1.5 7.0% 17.0%

Mean 6.8x 6.1x 11.5x 10.4x 18.0x 16.2x 11.0% 1.6 10.3% 1.7% Median 5.6x 5.3x 11.0x 10.3x 17.6x 15.9x 11.3% 1.6 7.0% (1.2%)

Exchanges - Asia Hong Kong Exchanges & Clearing Limited $21.44 $20.55 $39.97 $25,606 ($31,996) ($6,390) NM NM NM NM 24.8x 24.6x 6.0% 4.1 (2.3%) 33.6% ASX Limited 28.41 25.97 32.14 5,494 (3,794) 1,700 3.3x 3.2x 4.3x 4.2x 18.8x 18.1x 4.6% 3.9 2.9% 6.2% Singapore Exchange Limited 5.05 4.74 6.31 5,416 (515) 4,900 8.3x 8.4x 14.7x 15.2x 21.2x 21.6x 9.7% 2.2 (1.8%) (0.2%) Bursa Malaysia Berhad 2.04 1.82 2.18 1,090 (104) 986 8.0x 7.5x 13.8x 13.2x 22.6x 21.3x NA NA 5.4% 6.1%

Mean 6.5x 6.4x 11.0x 10.9x 21.8x 21.4x 6.8% 3.4 1.1% 11.4% Median 8.0x 7.5x 13.8x 13.2x 21.9x 21.4x 6.0% 3.9 0.5% 6.2%

Exchanges - Europe Deutsche Boerse AG $85.11 $74.89 $98.06 $15,891 $1,300 $17,192 6.5x 6.0x 12.4x 10.9x 18.2x 16.3x 8.9% 1.8 7.5% 27.3% London Stock Exchange Group plc 33.57 32.76 40.33 11,689 (1,265) 10,424 3.0x 4.4x 9.5x 9.1x 19.5x 18.8x 12.2% 1.5 (30.6%) 7.5% Bolsas y Mercados Españoles 30.26 29.28 48.80 2,524 (377) 2,147 5.5x 5.3x 7.8x 7.5x 13.0x 12.1x 5.2% 2.3 2.9% 4.3% JSE Limited 8.20 6.93 9.41 700 (98) 603 4.9x 4.5x 10.5x 9.8x 15.6x 13.8x NA NA 9.5% 16.0% GPW 8.73 8.38 13.45 366 (27) 340 4.1x 4.1x 7.6x 7.2x 11.8x 11.2x NA NA (0.1%) 1.1% Hellenic Exchanges - Athens Stock Exch. 4.44 3.65 7.63 290 (151) 139 3.6x 3.1x 8.3x 6.7x 28.6x 17.6x NM NM 15.9% (52.5%) (1)

Mean 4.6x 4.6x 9.4x 8.5x 17.8x 15.0x 8.7% 1.9 0.9% 0.6% Median 4.5x 4.4x 8.9x 8.3x 16.9x 15.0x 8.9% 1.8 5.2% 5.9%

Notes: 37 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary 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 2/5/16 Low High Value Debt Value CY 15E CY 16E CY 15E CY 16E CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ Investment Services, Software, & Technology Broadridge Financial Solutions, Inc. $51.49 $48.56 $60.11 $6,119 $449 $6,568 2.4x 2.2x 11.1x 10.2x 20.3x 18.0x 11.1% 1.6 7.4% 11.2% SEI Investments Co. 36.13 35.70 55.48 5,948 (680) 5,269 3.9x 3.8x NA 10.4x 18.4x 19.1x 13.2% 1.4 2.6% 3.9% SS&C Technologies Holdings, Inc. 57.54 55.67 77.19 5,862 2,325 8,187 8.0x 5.6x 18.1x 12.9x 21.9x 17.9x 15.0% 1.2 43.3% 45.8% DST Systems Inc. 102.00 95.54 134.65 3,499 473 3,971 1.8x 1.9x 9.0x 8.5x 17.3x 15.8x 9.5% 1.7 (4.8%) 2.4% Financial Engines, Inc. 26.50 25.02 46.34 1,632 (327) 1,305 4.2x 3.4x 14.0x 10.6x 28.6x 23.4x 25.0% 0.9 25.1% 8.3% Envestnet, Inc. 21.01 20.80 58.21 754 (59) 694 1.7x 1.2x 9.2x 6.3x 22.6x 17.7x 27.5% 0.6 39.3% 16.7%

Mean 3.7x 3.0x 12.3x 9.8x 21.5x 18.7x 16.9% 1.2 18.8% 14.7% Median 3.2x 2.8x 11.1x 10.3x 21.1x 17.9x 14.1% 1.3 16.3% 9.8%

Financial Data, Content, & Analytics Thomson Reuters Corporation $36.55 $33.96 $42.64 $27,946 $7,282 $35,228 2.9x 2.8x 10.3x 9.7x 17.7x 16.1x 10.6% 1.5 1.6% (2.0%) McGraw Hill Financial, Inc. 85.76 78.55 109.13 22,744 2,130 24,874 4.7x 4.4x 11.3x 10.3x 19.1x 16.9x 12.9% 1.3 7.4% 6.5% Moody's Corporation 83.70 82.09 113.87 16,414 1,169 17,582 5.1x 4.9x 11.0x 10.7x 18.3x 17.4x 13.0% 1.3 4.2% (1.3%) Verisk Analytics, Inc. 67.93 65.36 82.00 11,509 3,026 14,535 7.0x 6.2x 14.8x 13.2x 22.6x 21.2x 13.0% 1.6 12.9% 22.7% MSCI Inc. 65.29 54.63 73.44 6,594 585 7,180 6.7x 6.3x 15.0x 13.3x 28.9x 23.5x 14.3% 1.6 6.4% 8.7% FactSet Research Systems Inc. 142.49 139.01 177.28 5,869 97 5,966 5.8x 5.1x 15.8x 14.3x 23.0x 20.5x 10.4% 2.0 12.6% 11.5% Markit Ltd. 27.89 24.96 30.87 5,009 678 5,687 5.1x 4.7x 11.6x 10.9x 19.2x 18.2x 3.6% 5.0 9.4% 7.4% Dun & Bradstreet Corp. 94.07 91.70 137.25 3,399 1,466 4,865 2.9x 2.8x 10.1x 9.3x 13.0x 12.4x 6.1% 2.0 5.4% 3.9% Morningstar Inc. 75.79 67.73 86.88 3,351 (263) 3,088 3.9x 3.6x 12.1x 10.9x 25.7x 22.2x 16.0% 1.4 7.5% 1.1% Bankrate, Inc. 11.10 8.87 15.80 1,103 153 1,257 2.3x 3.1x 8.1x 9.1x 15.2x 16.6x 19.0% 0.9 (26.0%) (0.6%)

Mean 4.6x 4.4x 12.0x 11.2x 20.3x 18.5x 11.9% 1.9 4.1% 5.8% Median 4.9x 4.5x 11.4x 10.8x 19.1x 17.8x 12.9% 1.6 6.9% 5.2%

Online Broker Dealers The Charles Schwab Corporation (1) $24.36 $22.92 $35.72 $32,071 $0 $32,071 5.1x 4.3x 13.3x NA 24.5x 18.7x 17.8% 1.0 17.4% 7.3% TD Ameritrade Holding Corporation (1) 27.16 25.03 39.05 14,532 1,783 16,315 5.0x 4.5x 11.0x 9.2x 18.5x 16.4x 15.2% 1.1 11.3% (1.2%) E*TRADE Financial Corporation (1) 22.67 21.77 31.48 6,640 2,063 8,703 6.1x 4.4x 25.6x NA 19.2x 14.5x 18.6% 0.8 37.1% 3.2% Interactive Brokers Group, Inc. (1) 30.99 30.77 45.95 1,973 2,894 4,867 3.7x 3.2x NA 4.8x 39.6x 19.8x 17.9% 1.1 18.3% (28.5%) FXCM Inc. (1) 10.53 5.26 30.90 57 301 358 NA NA NA NA NA NA NA NA NA (34.4%) GAIN Capital Holdings, Inc. 6.70 6.33 10.38 327 (14) 312 0.7x 0.7x 4.1x 3.2x 6.8x 7.4x 0.0% NA 3.5% 22.7%

Mean 4.1x 3.4x 13.5x 5.7x 21.7x 15.4x 13.9% 1.0 17.5% (5.2%) Median 5.0x 4.3x 12.1x 4.8x 19.2x 16.4x 17.8% 1.1 17.4% 1.0%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. 38 (1) Enterprise Value and Net Debt exclude Cash. Financial Technology Sector Summary Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions – Trailing 12 Months

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

KCGA Americas LLC, Designated Market 2/5/16 Citadel Securities, LLC Market Maker NA NA Maker Business 2/5/16 Chongqing Casin Enterprise Group Chicago Stock Exchange, Inc. Exchanges NA NA Chi-X Australia, Chi-X Japan and Chi-Tech 1/24/16 J.C. Flowers & Co. LLC Trading Platforms NA NA Hong Kong 1/22/16 StatPro Group plc Investor Analytics, LLC Data Analytics $16 3.2x

1/20/16 European Energy Exchange AG Power Exchange Central Europe, a. s. Exchanges NA NA

12/23/15 Wipro Ltd. Viteos Capital Market Services Limited Capital Markets Tech $130 4.9x

12/9/15 Moody's Corporation BlackBox Logic LLC Data / Analytics NA NA

12/8/15 Nasdaq, Inc. Chi-X Canada ATS Ltd. Trading Platform NA NA

12/2/15 Wealthsimple Financial Inc. Canadian ShareOwner Investments Inc. Robo Advisors NA NA FXCM Securities Limited (nka:Walbrook 12/2/15 AS Expobank Trading Platform NA NA Capital Markets) 11/16/15 Intercontinental Exchange, Inc. Trayport Limited Trading Platform $860 11.0x

11/11/15 Broadridge Financial Solutions, Inc. QED Financial Systems, Inc. Data Management NA NA ICAP plc, Global Hybrid Voice Broking and 11/11/15 Tullett Prebon plc Broking Infrastructure NA NA Information Business including iSwap and ITG Investment Research ULC. And Recharge 11/5/15 Kratos Energy Research Canada Inc. Trading Platform $121 NA Inc. 11/3/15 OneMarketData, LLC Tick Data, Inc. Data / Analytics NA NA

10/26/15 Intercontinental Exchange, Inc. Interactive Data Holdings Corporation Data / Analytics $7,450 7.9x

10/22/15 The NASDAQ Private Market, LLC Secondmarket Holdings, Inc. Exchanges NA NA

10/14/15 Blucora, Inc. HDV Holdings, Inc. Personal Financial Management $600 NA

10/8/15 Rapid Addition Limited DET Technologies s.r.o. Broker Technology NA NA

10/8/15 Morningstar Inc. Total Rebalance Expert Inc. Broker Technology NA NA

Notes: 39 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

10/5/15 EBS Service Company Limited Molten Markets Inc. Trading Platform NA NA

9/22/15 FactSet Research Systems Inc. Portware LLC Trading Platform $265 NA

9/17/15 Beeks Trading Corporation Ltd. VDIware LLC Trading Platform NA NA

9/10/15 NonProfitEasy, Inc. Fundly Inc. Crowdfunding NA NA

9/10/15 IPC Systems, Inc. Etrali Trading Solutions Trading Software NA NA

9/8/15 Sustainalytics B.V. ESG Analytics AG Risk / Analytics NA NA

9/4/15 Aberdeen Asset Management PLC Parmenion Capital Partners LLP Brokerage Software NA NA SpeedRoute and Remaining Stake in Pro 8/26/15 Medici Inc. Trade Routing $1 NA Securities and 80% Stake in TraderField 8/26/15 TradeKing Group, Inc. Manhattan Beach Trading, Inc. Trading Platform NA NA

8/26/15 BlackRock, Inc. Xulu, Inc. Robo Advisors NA NA

8/24/15 Markit Ltd. Option Computers Limited Trading Platform NA NA Citigroup Inc., Alternative Investor Services 8/18/15 SS&C Technologies Holdings, Inc. Fund Administration $425 NA Business 8/13/15 PDQ ATS, Inc. Quadriserv, Inc. Trading Platform NA NA

8/12/15 Markit Ltd. CoreOne Technologies LLC Data / Analytics $200 NA

8/12/15 ObjectWay S.p.A. Thomson Financial - MIS Systems Brokerage Software NA NA

8/12/15 Fidelity National Information Services, Inc. SunGard Data Systems Inc. Capital Markets Software $9,337 3.3x

8/11/15 Computer Sciences Corporation Fixnetix Ltd. Risk / Data $113 NA

8/5/15 IPC Systems ASPone Capital Markets Software NA NA

7/30/15 BNP Paribas SA Sharekhan Limited Online Brokerage $330 NA 49.9% stake in STOXX Ltd and 50.1% stake 7/27/15 Deutsche Boerse AG Indices $611 NA in Indexium Ag

Notes: 40 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

7/27/15 McGraw Hill Financial, Inc. SNL Financial LC Data / Analytics $2,225 9.9x

7/26/15 Deutsche Boerse AG 360 Treasury Systems AG Trading Platform $813 14.5x

7/23/15 Ipreo Holdings LLC iLEVEL Solutions, LLC PE Software NA NA AQX Securities GmbH, Agency Execution 7/22/15 Linear Investments Limited Trading Platform NA NA Business Advanced Objects' Proposal Generation 7/14/15 Vestmark Analytics / Software NA NA Technology 7/10/15 Computershare Limited SIX SAG AG Shareholder Services NA NA

7/6/15 Eagle Financial Publications DividendInvestor.com Data & Analytics $1 NA

7/1/15 ProfitStars, Inc. Bayside Business Solutions, Inc. Lending Platform $8 NA

6/26/15 Link Market Services Limited Link Market Services NZ Shareholder Services $19 NA

6/22/15 New Asia Holdings, Inc. Magdallen Quant Pte. Ltd. Trading Platform $9 NA

6/17/15 Allegro Development Corporation JustCommodity Software Solutions Pte Ltd Trading Software NA NA

6/4/15 IRESS Limited INNERGI Pty Ltd. Broker Software $2 NA

6/2/15 eVestment Alliance, LLC TopQ Software Ltd PE Software NA NA Maxima Analytics, Inc., Market Data Services 6/2/15 CBOE Holdings, Inc. Data / Analytics $7 NA and Trading Analytics Platforms 6/2/15 Markit Ltd. Information Mosaic Holdings Ltd. Risk Management NA NA

6/1/15 Backstop Solutions Group, LLC Cogency Software, Inc. Investor Software NA NA

6/1/15 Asset International Inc. FinGate GmbH Investor Software NA NA

6/1/15 Playtech plc Plus500 Ltd. Trading Platform NA NA

5/29/15 London Stock Exchange Group plc Exactpro Systems, LLC Trading Software $6 NA

5/28/15 Rakuten Securities, Inc. FXCM Asia Ltd. FX Trading Platform $38 NA

Notes: 41 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Securities / Capital Markets / Data & Analytics Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

5/26/15 John Hancock Financial Corporation Guide Financial, Inc. Robo Advisors NA NA

5/6/15 Envestnet, Inc. Oltis Software LLC Broker Software $32 NA

5/4/15 Asset International Inc. Intelligent Financial Systems Limited Data / Analytics NA NA

5/4/15 NZX Limited iFarm New Zealand Limited Data / Analytics NA NA

4/23/15 Interactive Brokers Group, Inc. Covestor, Inc. Personal Financial Management NA NA

4/14/15 Private Investment Group OTAS Technologies Limited Data / Analytics NA NA

4/9/15 Jefferies Group LLC Faros Trading LLC Trading Platform NA NA

3/26/15 Monecor (London) Limited Alpari (UK) Limited FX Trading Platform NA NA

3/25/15 Northwestern Mutual Capital LLC LearnVest, Inc. Personal Financial Management NA NA

3/25/15 Rakuten Securities, Inc. FXCM Japan Securities Co., Ltd. FX Trading Platform $62 NA

3/24/15 First Derivatives plc ActivateClients Limited Trading Platform $7 6.5x

3/12/15 Moody's Corporation Equilibrium Clasificadora de Riesgo S.A. Risk / Analytics NA NA The Kyte Group Limited (nka:R.J. O'Brien 3/11/15 R.J. O'Brien Europe Limited Trading Platform NA NA Limited) TraderOS Technologies Inc. (nka:TradeKing 3/10/15 TradeKing Group, Inc. Trading Platform NA NA Media LLC) 3/4/15 Temenos Group AG IGEFI Group s.à r.l. Fund Software $264 NA

2/27/15 Tera Group, Inc. MGT Capital Investments, Inc. Trading Platform NA NA

2/26/15 Envestnet, Inc. Upside Financial, LLC Broker Software $3 NA

2/19/15 CameronTec Intressenter AB LaSalle Technology Inc. Trading Platform NA NA

2/9/15 FactSet Research Systems Inc. Code:Red, Inc. Data / Analytics $35 NA

Notes: 42 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Securities / Capital Markets / Data & Analytics Selected Recent Equity Financings – Trailing 12 Months

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

2/8/16 Xignite, Inc. Series C $21 Altos Ventures, QUICK Corp, Startup Capital Ventures, StarVest Ventures Data

11/16/15 Hanweck Associates NA $10 Argentum Group Risk & Analytics

11/9/15 MoneyFarm SIM S.p.a. NA $16 Cabot Square, United Ventures Robo-Advisor

10/27/15 Indian Energy Exchange NA $13 TVB Shriram Growth Fund Exchanges

10/27/15 TruMid Financial LLC NA $27 Peter Thiel, Shumway Capital, Soros Fund Trading Platform

9/30/15 InvestCloud Series B $45 FTV Insurance Tech

8/13/15 eShares, Inc. Series B $17 Spark Capital, Union Square Ventures Transfer Agent

7/29/15 Seedrs Limited Series A $16 Augmentum Capital, Woodford Investment Management Crowdfunding

7/15/15 DISCERN Investment Analytics, Inc Series A $20 Artiman Management Data / Analytics

7/14/15 India Infoline NA $225 Fairfax India Holdings Market Data Sapphire Ventures, Rakuten, Atlas Venture, Anthemis Group, Notion 6/23/15 FX Capital Securities Ltd. Series C $18 Trading Platform Capital Partners, Xange Private Equity 16.6% Aditya Birla Private Equity, Agri Power and Engineering Solutions, Kiran 6/19/15 Indian Energy Exchange Limited $56 Exchanges Stake Vyapar, DCB Power Venture 5/27/15 Kantox S.L. Series B $11 Partech International, IDInvest Partners, Cabiedes & Partners FX

5/7/15 Cryex Group AB NA $10 Northzone Ventures, White Star Capital Trading Platform New Enterprise Associates, Vaizra Investments, Index Ventures, Ribbit 5/7/15 Robinhood Financial, LLC Series B $50 Online Brokerage Capital, Social Leverage KKR, RRE Ventures, Nyca Partners, FinTech Collective, Anthemis Group, 4/7/15 Artivest Holdings, Inc. Series A $15 Investing Platform Deep Fork Capital 4/6/15 RealtyShares, Inc. Series A $12 Menlo Ventures, General Catalyst Partners Data & Analytics Greycroft Partners, e.ventures, Sound Ventures, Garland Capital Group, 4/2/15 Acorns Grow Inc. NA $30 Personal Financial Management Math Venture Partners British Columbia Investment Management Corporation, Davis-Rea, 3/13/15 Aequitas Innovations Inc. NA $23 Private Capital Markets Invesco Canada, Vernon & Park Capital Francisco Partners, Bessemer Ventures Partners, Menlo Ventures, 2/17/15 Betterment LLC NA $60 Personal Financial Management Northwestern Mutual Capital

Notes: 43 Source: CapitalIQ and DowJones Venture Source. Financial Technology Sector Summary

V. Healthcare / Insurance

44 Financial Technology Sector Summary Healthcare / Insurance Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Mean 6.8x 6.1x 11.5x 10.4x 18.0x 16.2x 11.0% 1.6 10.3% 1.7% Median 5.6x 5.3x 11.0x 10.3x 17.6x 15.9x 11.3% 1.6 7.0% (1.2%)

Mean 6.5x 6.4x 11.0x 10.9x 21.8x 21.4x 6.8% 3.4 1.1% 11.4% Median 8.0x 7.5x 13.8x 13.2x 21.9x 21.4x 6.0% 3.9 0.5% 6.2%

Mean 4.6x 4.6x 9.4x 8.5x 17.8x 15.0x 8.7% 1.9 0.9% 0.6% Median 4.5x 4.4x 8.9x 8.3x 16.9x 15.0x 8.9% 1.8 5.2% 5.9%

Notes: 45 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Healthcare / Insurance Selected Recent Acquisitions – Trailing 12 Months

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

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

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

11/5/15 All Web Leads, Inc. Insurancequotes, Inc. And NetQuote, Inc. Insurance Marketplace $165 NA

8/25/15 Cardon Outreach, LLC Diversified Healthcare Resources, Inc. Healthcare Financial Software NA NA

8/17/15 WebPT, Inc. Therabill LLC Healthcare Financial Software NA NA

8/12/15 Premier Healthcare Solutions, Inc. Healthcare Insights, LLC Healthcare Financial Software $69 NA

8/6/15 Marlin Equity Partners, LLC ADP AdvancedMD, Inc. Heathcare Financial Software NA NA

7/14/15 MTBC QHR Corporation's RCM Assets Billing Software NA NA

6/25/15 Bolder Healthcare Solutions LLC Receivables Outsourcing, Inc. Revenue Cycle Management NA NA

4/30/15 GetixHealth, LLC QUBE, LLC Revenue Cycle Management NA NA

4/13/15 The SSI Group, Inc. Provider Advantage NW, Inc. Revenue Cycle Management NA NA

3/23/15 Healthland, Inc. Rycan Technologies, Inc. Revenue Cycle Management NA NA

3/17/15 RevSpring, Inc. Revenue Advantage, Inc. Revenue Cycle Management NA NA

3/17/15 Constellation Healthcare Technologies, Inc. Physicians Practice Plus, Inc. Revenue Cycle Management $20 1.9x LDC (Managers) Limited; Scottish Equity 3/15/15 SSP Holdings Limited Insurance Technology $300 NA Partners LLP 2/23/15 Navigant Healthcare Cymetrix Corporation RevenueMed, Inc. Revenue Cycle Management $26 NA

2/19/15 MSG Global Solutions Inc.; LOGiQ³ Corp. Tindall Associates Inc. Insurance Software NA NA

Notes: 46 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. Financial Technology Sector Summary Healthcare / Insurance Selected Recent Equity Financings – Trailing 12 Months

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

1/19/16 Bankers Healthcare Group LLC NA $114 Pinnacle Bank Lending Platform

12/8/15 Lemonade Inc. NA $13 Aleph, Sequoia Insurance Cardinal Health, GE Ventures, Hearst Health Ventures, Heritage Group, 12/2/15 Aver Inc. NA $14 Healthcare Insurance Tech NCT Ventures, StartUp Health CREATHOR Venture Management, Orange Growth Capital, QED Investors, 10/26/15 Knip AG Series B $16 Insurance Tech Redalpine, Route 66 10/21/15 insureon Inc. NA $31 Accretive, Oak HC/FT Insurance Agency Google, Maverick Capital, New Enterprise Associates, Redpoint, RRE, 10/20/15 CollectiveHealth, Inc. Series C $81 Alternative Health Insurance Founders Fund 10/6/15 Censio Series A $10 Bain Capital, General Catalyst Partners, Lakestar Insurance Technology

9/15/15 Oscar Insurance Corporation NA $33 Google Healthcare Insurance Services

8/7/15 PokitDok, Inc. Series B $34 Lemhi Ventures Healthcare Lending & Software Greenspring Associates, Montreux Equity Partners, openView Venture 7/28/15 Kareo, Inc. NA $55 Medical Billing Partners, Silicon Valley Bank 7/7/15 Remedy Partners, Inc. Series B $50 Bain Capital Ventures Healthcare Payments Greenspring Associates, Lerer Hippeau, Matrix Partners, Sequoia, True Healthcare Insurance 6/15/15 Namely Inc. Series C $45 Ventures Innovations Andressen Horowitz, Fidelity, Insight Venture Partners, Institutional Healthcare Insurance 5/1/15 Zenefits Series C $513 Venture Partners, Khosla Ventures Innovations Healthcare Insurance 4/29/15 Justworks, Inc. Series B $13 Bain Capital Ventures, Index Ventures, Thrive Capital Innovations Breyer Capital, Formation8 Partners, General Catalyst Partners, Goldman Healthcare Insurance 4/20/15 Oscar Insurance Corporation Series B $145 Sachs, Khosla Ventures, Thrive Capital Innovations New Enterprise Associates, Founders Fund, Redpoint Ventures, RRE Healthcare Insurance 3/18/15 CollectiveHealth, Inc. Series B $32 Ventures, Subtraction Capital, Rock Health Innovations

Notes: 47 Source: CapitalIQ and DowJones Venture Source.