Financial Technology Sector Summary January 4, 2017

1 TABLE OF CONTENTS

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

2 SECTION I: GCA Overview

3 GCA OVERVIEW Financial Technology Team

London Tokyo San Francisco New York

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

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

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

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

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

5 MARKET SUMMARY Industry Stock Market Performance

160 Last 12 Months Last 3 Years 125

150

115 140

105 130

120 95

110

85

100

75 90

65 80 1/4/16 2/17/16 4/1/16 5/17/16 6/30/16 8/15/16 9/28/16 11/11/16 12/27/16 1/3/14 4/23/14 8/11/14 11/27/14 3/17/15 7/3/15 10/21/15 2/8/16 5/26/16 9/13/16 12/30/16

(1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Online Broker Dealers 23.6% 23.0% 49.0% Financial Data, Content, Information Processors / Banking & Lending Technology 1.4% 16.9% 41.0% & Analytics Credit Bureaus Exchanges 1.0% 12.5% 26.0% Payments (0.7%) 8.5% 19.0% (6) (5) Banking & Lending Online Broker Dealers Investment Services, Software, & Technology (0.9%) 2.8% 25.0% Technology Healthcare / Insurance Technology (6.0%) 3.2% 13.0%

Financial, Data, Content, & Analytics (6.1%) 10.1% 26.0% (7) (8) Information Processors / Credit Bureaus (6.4%) 14.1% 27.0% Investment Services, Healthcare / Insurance Software, & Technology Technology

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

2016E EBITDA Multiples 2016E EBITDA Margins

Healthcare / Insurance Technology 17.5x Exchanges 55.8%

Information Processors / Credit Bureaus 14.3x Online Broker Dealers 41.9%

Investment Services, Software, & 13.7x Financial Data, Content, & Analytics 33.6% Technology

Payments 13.4x Banking and Lending Technology 31.5%

Investment Services, Software, & Exchanges 12.9x 30.4% Technology

Financial Data, Content, & Analytics 12.5x Information Processors / Credit Bureaus 28.8%

Banking and Lending Technology 12.5x Payments 25.6%

Online Broker Dealers 11.6x Healthcare / Insurance Technology 19.8%

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

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

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

Banking and Lending Technology 29.2x Healthcare / Insurance Technology 2.1 12.8%

Investment Services, Software, & 24.3x Financial Data, Content, & Analytics 2.1 11.9% Technology

Online Broker Dealers 23.7x Information Processors / Credit Bureaus 2.0 13.5%

Information Processors / Credit Bureaus 23.1x Exchanges 2.0 11.2%

Exchanges 21.5x Banking and Lending Technology 1.8 16.1%

Investment Services, Software, & Financial Data, Content, & Analytics 20.9x 1.8 15.0% Technology

Healthcare / Insurance Technology 20.7x Online Broker Dealers 1.4 18.8%

Payments 18.1x Payments 1.3 15.0%

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

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

($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2016 Prepaid Market Cap. Performance P/E 2016 Visa Inc. $181,545 1% 26.7x Blackhawk Network Holdings, Inc. $2,086 (15%) 24.2x Mastercard Incorporated $112,503 6% 27.5x Green Dot Corporation $1,218 43% 16.5x American Express Company $67,802 7% 12.5x Net 1 UEPS Technologies, Inc. $603 (15%) 6.3x PayPal Holdings, Inc. $47,626 9% 26.4x Sector Average $1,302 5% 15.7x Discover Financial Services $28,432 34% 12.6x

Sector Average $87,582 11% 21.1x LTM Price ATM / Kiosks Market Cap. Performance P/E 2016 LTM Price Cardtronics plc $2,472 62% 16.8x Merchant Processing Market Cap. Performance P/E 2016 TIO Networks Corp. $184 30% 26.1x Cielo S.A. $19,365 21% 15.4x Everi Holdings Inc. $143 (51%) 3.1x First Data Corporation $12,927 (11%) 10.9x Sector Average $933 14% 15.3x Global Payments Inc. $10,668 8% 22.1x Vantiv, Inc. $9,604 26% 22.1x LTM Price Total System Services, Inc. $9,013 (2%) 17.4x POS Hardware / Technology Market Cap. Performance P/E 2016 Worldpay Group plc $6,665 (26%) 22.7x Wirecard AG $5,334 (15%) 22.3x NCR Corporation $5,033 66% 13.5x Square, Inc. $4,800 4% NM Ingenico Group $4,903 (37%) 18.2x GMO Payment Gateway, Inc. $1,640 (8%) 63.8x VeriFone Systems, Inc. $1,974 (37%) 12.6x EVERTEC, Inc. $1,316 6% 10.7x PAR Technology Corporation $88 (17%) NA CardConnect Corp. $365 NA NM Sector Average $2,999 (6%) 14.8x Planet Payment, Inc. $215 34% 25.2x JetPay Corporation $40 (17%) NM LTM Price Sector Average $6,304 2% 23.3x Banking and Lending Technology Market Cap. Performance P/E 2016 Intuit Inc. $29,417 19% 29.2x LTM Price Fidelity National Information Services, Inc $24,827 25% 19.7x Money Transfer Market Cap. Performance P/E 2016 Fiserv, Inc. $23,069 16% 23.9x The Western Union Company $10,531 21% 13.1x Jack Henry & Associates, Inc. $6,934 14% 29.1x Euronet Worldwide, Inc. $3,781 0% 18.1x Temenos Group AG $4,559 35% 33.7x MoneyGram International, Inc. $628 88% 14.5x Ellie Mae, Inc. $2,809 39% 38.2x Sector Average $4,980 37% 15.2x Black Knight Financial Services, Inc. $2,612 14% 33.0x ACI Worldwide, Inc. $2,129 (15%) 39.8x LTM Price LendingClub Corporation $2,070 (52%) NM Closed Loop Market Cap. Performance P/E 2016 DH Corporation $1,772 (27%) 10.8x Q2 Holdings, Inc. $1,158 9% NM Alliance Data Systems Corporation $13,198 (17%) 13.5x Bottomline Technologies (de), Inc. $914 (16%) 24.2x FleetCor Technologies, Inc. $13,132 (1%) 20.6x On Deck Capital, Inc. $331 (55%) NM WEX Inc. $4,769 26% 24.5x Performant Financial Corporation $118 31% 29.4x Edenred SA $4,608 5% 21.0x Sector Average $7,337 3% 28.3x Sector Average $8,927 3% 19.9x

LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2016 0 Experian plc $18,106 10% 21.5x Equifax Inc. $14,159 6% 21.6x Fair Isaac Corporation $3,689 27% 24.6x Acxiom Corporation $2,080 28% 40.8x Sector Average $9,509 18% 27.1x

Notes: 9 Source: CapitalIQ and Wall Street Research. Market data as of December 30, 2016. MARKET SUMMARY LTM Price Performance and 2016 P/E – Securities / Cap. Mkts. / Data & Analytics

($MM) ($MM) LTM Price Investment Services, Software, & LTM Price Exchanges - Americas Market Cap. Performance P/E 2016 0 Technology Market Cap. Performance P/E 2016 CME Group Inc. $39,144 27% 26.1x SEI Investments Co. $7,898 (6%) 24.7x Intercontinental Exchange, Inc. $33,608 10% 20.5x Broadridge Financial Solutions, Inc. $7,895 23% 23.9x Nasdaq, Inc. $11,088 15% 18.3x SS&C Technologies Holdings, Inc. $5,801 (16%) 17.7x BM&FBOVESPA S.A. $9,063 84% 15.5x DST Systems, Inc. $3,428 (6%) 18.9x CBOE Holdings, Inc. $6,006 14% 31.2x Financial Engines, Inc. $2,275 9% 32.3x BATS Global Markets, Inc. $3,230 NA 23.5x Envestnet, Inc. $1,518 18% 36.4x TMX Group Limited $2,929 106% 16.3x Sector Average $4,802 4% 25.7x Bolsa Mexicana de Valores, S.A.B. de C.V. $786 (0%) 17.1x Sector Average $13,232 37% 21.1x LTM Price Financial Data, Content, & Analytics Market Cap. Performance P/E 2016 LTM Price Thomson Reuters Corporation $32,166 16% 21.3x Exchanges - Asia Market Cap. Performance P/E 2016 0 S&P Global, Inc. $27,864 9% 20.4x Hong Kong Exchanges and Clearing Limite $28,893 (8%) 37.1x Moody's Corporation $18,024 (6%) 20.0x ASX Limited $6,957 16% 22.5x IHS Markit Ltd. $14,731 NA 20.1x Singapore Exchange Limited $5,304 (9%) 22.4x Verisk Analytics, Inc. $13,592 6% 26.3x Bursa Malaysia Berhad $1,058 2% 23.9x MSCI Inc. $7,415 9% 26.5x Sector Average $10,553 0% 26.5x FactSet Research Systems Inc. $6,488 1% 24.1x The Dun & Bradstreet Corporation $4,463 17% 16.5x Morningstar, Inc. $3,167 (9%) 25.6x LTM Price Bankrate, Inc. $996 (17%) 17.6x Exchanges - Europe Market Cap. Performance P/E 2016 0 Sector Average $12,891 3% 21.8x Deutsche Börse Aktiengesellschaft $15,063 (9%) 18.3x London Stock Exchange Group plc $12,590 (11%) 24.7x LTM Price Bolsas y Mercados Españoles $2,461 (12%) 14.8x Online Broker Dealers Market Cap. Performance P/E 2016 JSE Limited $1,025 45% 14.6x GPW $401 5% 13.3x The Charles Schwab Corporation $52,324 20% 30.4x Hellenic Exchanges - Athens Stock Exch. $317 (10%) 68.9x TD Ameritrade Holding Corporation $22,936 26% 28.8x Sector Average $5,309 1% 25.8x E*TRADE Financial Corporation $9,485 17% 19.0x Interactive Brokers Group, Inc. $2,482 (16%) 23.7x GAIN Capital Holdings, Inc. $320 (19%) 16.9x LTM Price FXCM Inc. $39 (58%) NA Trading Platforms Market Cap. Performance P/E 2016 Sector Average $14,598 (5%) 23.7x MarketAxess Holdings Inc. $5,521 32% 58.0x BGC Partners, Inc. $2,853 4% 13.8x KCG Holdings, Inc. $895 8% 17.8x INTL FCStone Inc. $731 18% 13.5x Investment Technology Group, Inc. $643 16% 21.9x Virtu Financial, Inc. $628 (30%) 11.5x Sector Average $1,879 8% 22.8x

Notes: 10 Source: CapitalIQ and Wall Street Research. Market data as of December 30, 2016. SECTION III: Payments / Banking

11 PAYMENTS / BANKING Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 12/30/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ Networks Visa Inc. $78.02 $66.12 $83.96 $181,545 $6,944 $188,489 11.9x 10.4x 17.2x 14.9x 26.7x 22.8x 17.1% 1.6 12.3% 19.3% Mastercard Incorporated 103.25 78.52 108.93 112,503 (3,653) 108,850 10.1x 9.1x 17.2x 15.8x 27.5x 24.1x 15.7% 1.7 11.8% 13.8% American Express Company 74.08 50.27 75.74 67,802 21,012 88,814 2.8x 2.8x NM NM 12.5x 13.2x 9.9% 1.3 3.9% (4.9%) PayPal Holdings, Inc. 39.47 30.52 44.52 47,626 (5,088) 42,538 3.9x 3.4x 15.5x 13.4x 26.4x 22.9x 16.4% 1.6 17.2% NM Discover Financial Services 72.09 42.86 73.62 28,432 14,772 43,204 4.8x 4.6x NM NM 12.6x 11.8x 7.5% 1.7 3.8% 6.6%

Mean 6.7x 6.0x 16.6x 14.7x 21.1x 19.0x 13.3% 1.6 9.8% 8.7% Median 4.8x 4.6x 17.2x 14.9x 26.4x 22.8x 15.7% 1.6 11.8% 10.2%

Merchant Processing Cielo S.A. $8.57 $7.18 $11.61 $19,365 $2,668 $22,033 5.7x 5.3x 12.7x 11.7x 15.4x 14.0x 12.2% 1.3 36.9% 28.4% First Data Corporation 14.19 8.37 16.04 12,927 18,416 31,343 2.7x 2.6x 10.9x 10.4x 10.9x 9.5x 14.3% 0.8 1.8% 0.9% Global Payments Inc. 69.41 51.29 79.93 10,668 3,838 14,506 5.3x 4.3x 16.8x 12.8x 22.1x 18.0x 12.4% 1.8 12.8% 25.5% Vantiv, Inc. 59.62 42.01 60.25 9,604 2,835 12,439 6.5x 6.0x 13.8x 12.7x 22.1x 19.4x 14.3% 1.6 13.0% 12.0% Total System Services, Inc. 49.03 37.47 56.54 9,013 3,022 12,034 2.9x 2.6x 11.6x 10.6x 17.4x 15.6x 11.3% 1.5 6.8% 62.0% Worldpay Group plc 3.33 3.06 3.96 6,665 1,815 8,480 6.1x 5.5x 14.8x 13.2x 22.7x 20.6x 26.9% 0.8 15.2% (2.0%) Wirecard AG 43.16 31.04 50.77 5,334 (888) 4,446 4.1x 3.2x 13.8x 10.7x 22.3x 19.1x 27.7% 0.8 24.4% 33.8% Square, Inc. 13.63 9.00 15.91 4,800 (514) 4,285 2.5x 2.1x NM 43.1x NM NM 20.0% NM 34.3% 32.2% GMO Payment Gateway, Inc. 44.54 32.63 69.21 1,640 (247) 1,392 12.4x 8.6x 35.1x 25.5x 63.8x 59.7x 24.4% 2.6 37.4% 49.6% EVERTEC, Inc. 17.75 11.27 18.60 1,316 602 1,917 5.0x 4.9x 10.3x 10.4x 10.7x 10.6x 10.5% 1.0 3.0% 1.6% CardConnect Corp. 12.70 8.70 13.45 365 123 488 0.8x 0.7x 12.9x 10.3x NM 73.0x NM NM 29.3% 37.3% Planet Payment, Inc. 4.08 2.19 4.97 215 3 217 3.8x 3.5x 14.8x 12.6x 25.2x 20.4x 25.0% 1.0 7.0% 7.9% JetPay Corporation 2.25 1.89 3.25 40 19 59 1.1x 0.9x 28.6x 19.2x NM NM NM NM 28.7% 47.6%

Mean 4.5x 3.9x 16.3x 15.6x 23.3x 25.4x 18.1% 1.3 19.3% 25.9% Median 4.1x 3.5x 13.8x 12.6x 22.1x 19.1x 14.3% 1.1 15.2% 28.4%

Money Transfer The Western Union Company $21.72 $16.02 $22.26 $10,531 $1,926 $12,457 2.3x 2.3x 9.3x 9.1x 13.1x 12.6x 7.4% 1.8 (1.1%) (1.5%) Euronet Worldwide, Inc. 72.43 52.00 84.81 3,781 (123) 3,658 1.9x 1.7x 10.5x 9.1x 18.1x 15.9x 14.7% 1.2 9.6% 8.9% MoneyGram International, Inc. 11.81 4.68 12.72 628 764 1,392 0.9x 0.9x 5.2x 4.9x 14.5x 11.1x 14.2% 1.0 6.1% 3.9%

Mean 1.7x 1.6x 8.3x 7.7x 15.2x 13.2x 12.1% 1.3 4.9% 3.8% Median 1.9x 1.7x 9.3x 9.1x 14.5x 12.6x 14.2% 1.2 6.1% 3.9%

Closed Loop Alliance Data Systems Corporation $228.50 $176.63 $275.94 $13,198 $17,839 $31,037 4.3x 3.9x 15.3x 14.1x 13.5x 12.2x 16.0% 0.8 12.6% 18.7% FleetCor Technologies, Inc. 141.52 107.56 176.42 13,132 3,531 16,663 9.1x 7.7x 17.4x 14.3x 20.6x 17.4x 16.0% 1.3 7.2% 7.3% WEX Inc. 111.60 54.42 117.14 4,769 1,752 6,522 6.5x 5.4x 17.7x 13.2x 24.5x 20.8x 15.0% 1.6 17.9% 27.3% Edenred SA 19.88 13.95 23.70 4,608 1,270 5,878 4.9x 4.4x 13.4x 11.7x 21.0x 18.5x 11.0% 1.9 10.3% (2.1%)

Mean 6.2x 5.4x 16.0x 13.3x 19.9x 17.2x 14.5% 1.4 12.0% 12.8% Median 5.7x 4.9x 16.4x 13.7x 20.8x 17.9x 15.5% 1.5 11.4% 13.0%

Prepaid Blackhawk Network Holdings, Inc. $37.68 $28.88 $43.67 $2,086 $276 $2,363 1.2x 1.1x 11.5x 9.2x 24.2x 19.8x 15.3% 1.6 8.1% 2.5% Green Dot Corporation 23.55 15.28 25.42 1,218 305 1,523 2.1x 2.0x 9.7x 8.6x 16.5x 13.6x 15.0% 1.1 2.2% 5.6% Net 1 UEPS Technologies, Inc. 11.48 8.37 13.29 603 (178) 425 0.7x 0.7x 2.7x 2.6x 6.3x 6.8 15.0% 0.4 (2.2%) 0.8%

Mean 1.4x 1.3x 8.0x 6.8x 15.7x 13.4x 15.1% 1.0 2.7% 2.9% Median 1.2x 1.1x 9.7x 8.6x 16.5x 13.6x 15.0% 1.1 2.2% 2.5%

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

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 12/30/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ

ATM / Kiosks Cardtronics plc $54.57 $28.01 $55.85 $2,472 $426 $2,898 2.3x 2.2x 9.1x 8.7x 16.8x 17.4x 14.3% 1.2 5.3% 5.5% TIO Networks Corp. 2.11 1.19 2.14 184 (42) 142 2.1x 1.8x 14.2x 10.4x 26.1x 24.9x NM NM 63.4% 54.8% Everi Holdings Inc. 2.17 1.13 4.50 143 1,024 1,167 1.4x 1.3x 6.0x 5.7x 3.1x 2.7x 20.0% 0.2 3.2% 6.4%

Mean 1.9x 1.8x 9.8x 8.3x 15.3x 15.0x 17.1% 0.7 24.0% 22.2% Median 2.1x 1.8x 9.1x 8.7x 16.8x 17.4x 17.1% 0.7 5.3% 6.4%

POS Hardware / Technology NCR Corporation $40.56 $18.02 $42.07 $5,033 $2,971 $8,004 1.2x 1.2x 7.4x 7.3x 13.5x 12.4x NM NM 1.7% 4.0% Ingenico Group 80.09 72.08 122.08 4,903 241 5,144 2.1x 2.0x 10.6x 9.6x 18.2x 16.5x 9.9% 1.8 1.3% 6.8% VeriFone Systems, Inc. 17.73 14.94 29.73 1,974 778 2,751 1.4x 1.4x 8.6x 8.8x 12.6x 11.9x 15.0% 0.8 (4.2%) (9.7%) PAR Technology Corporation 5.58 4.30 7.18 88 3 91 NA NA NA NA NA NA NM NA NA 5.9%

Mean 1.6x 1.5x 8.9x 8.6x 14.8x 13.6x 12.4% 1.3 (0.4%) 1.7% Median 1.4x 1.4x 8.6x 8.8x 13.5x 12.4x 12.4% 1.3 1.3% 4.9%

Banking and Lending Technology Intuit Inc. $114.61 $88.17 $118.66 $29,417 $495 $29,912 6.1x 5.7x 16.8x 14.8x 29.2x 25.4x 16.1% 1.8 9.6% 9.1% Fidelity National Information Services, Inc 75.64 55.11 81.67 24,827 10,088 34,915 3.7x 3.6x 11.8x 11.0x 19.7x 17.5x 12.0% 1.6 3.4% 46.2% Fiserv, Inc. 106.28 85.63 111.51 23,069 4,327 27,396 5.0x 4.7x 14.2x 13.3x 23.9x 21.4x 11.8% 2.0 4.9% 5.1% Jack Henry & Associates, Inc. 88.78 73.19 91.06 6,934 (85) 6,849 4.9x 4.7x 13.4x 13.2x 29.1x 27.3x 11.0% 2.6 7.2% 7.3% Temenos Group AG 69.80 40.02 71.47 4,559 273 4,832 7.7x 7.0x 20.6x 18.3x 33.7x 29.4x 18.2% 1.9 16.2% 10.8% Ellie Mae, Inc. 83.68 57.88 109.99 2,809 (387) 2,422 6.8x 5.6x 21.8x 16.9x 38.2x 35.2x 25.0% 1.5 39.3% 45.6% Black Knight Financial Services, Inc. 37.80 24.50 42.19 2,612 1,532 4,143 4.0x 3.7x 8.9x 8.0x 33.0x 28.6x 13.9% 2.4 11.2% 14.3% ACI Worldwide, Inc. 18.15 15.07 23.20 2,129 701 2,830 2.9x 2.8x 12.0x 11.2x 39.8x 35.6x 12.5% 3.2 (6.4%) (9.1%) LendingClub Corporation 5.25 3.44 11.25 2,070 (521) 1,549 3.2x 2.6x NM 25.3x NM 78.1x 2.0% NM 13.4% (1.5%) DH Corporation 16.59 10.47 29.94 1,772 1,445 3,218 2.6x 2.5x 9.7x 9.0x 10.8x 10.1x NM NM 14.9% 2.7% Q2 Holdings, Inc. 28.85 16.44 32.85 1,158 (92) 1,066 7.1x 5.5x NM NM NM NM 32.0% NM 37.3% 36.7% Bottomline Technologies (de), Inc. 25.02 18.48 31.52 914 45 960 2.8x 2.7x 12.5x 12.5x 24.2x 26.5x 17.3% 1.4 1.9% 0.2% On Deck Capital, Inc. 4.63 3.64 10.18 331 579 909 3.1x 2.4x NM NM NM NM 43.3% NM 13.9% (20.4%) Performant Financial Corporation 2.35 1.51 4.07 118 15 133 1.0x 1.1x 5.9x 22.2x 29.4 NM 20.0% 1.5 (14.0%) (19.0%)

Mean 4.3x 3.9x 13.4x 14.7x 28.3x 30.4x 18.1% 2.0 10.9% 9.2% Median 3.9x 3.6x 12.5x 13.3x 29.2x 27.3x 16.1% 1.8 10.4% 6.2%

Information Processors / Credit Bureaus Experian plc $19.43 $13.14 $19.83 $18,106 $3,161 $21,267 4.6x 4.4x 13.4x 12.4x 21.5x 20.0x 10.0% 2.2 (0.5%) 2.6% Equifax Inc. 118.23 91.72 136.97 14,159 2,732 16,891 5.4x 4.9x 15.1x 13.6x 21.6x 19.7x 12.0% 1.8 18.0% 20.5% Fair Isaac Corporation 119.22 80.20 132.95 3,689 495 4,184 4.7x 4.5x 20.1x 19.7x 24.6x 23.3x 15.7% 1.6 5.2% 1.3% Acxiom Corporation 26.80 17.32 27.70 2,080 (1) 2,079 2.4x 2.3x 13.5x 11.8x 40.8x 37.6x 15.0% 2.7 5.3% 4.8% Intersections Inc. 3.99 1.70 4.23 95 3 98 NA NA NA NA NA NA NM NA NA (12.0%)

Mean 4.3x 4.0x 15.5x 14.4x 27.1x 25.1x 13.2% 2.1 7.0% 3.4% Median 4.6x 4.4x 14.3x 13.0x 23.1x 21.6x 13.5% 2.0 5.3% 2.6%

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

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

12/23/16 BBVA Bancomer, S.A. Openpay SAPI de C.V. Ecommerce Payments NA NA

12/23/16 Volkswagen Financial Services AG 4 subsidiaries of PayPoint PLC Mobile Payments $32 NA

12/19/16 Akamai Technologies, Inc. Cyberfend, Inc. Fraud Protection NA NA

12/19/16 SENJO GROUP Pte. Ltd. Kalixa Group Merchant Acquiriing $37 1.6x

12/6/16 American Express Company InAuth, Inc. Fraud Prevention NA NA

12/1/16 Flexpoint Ford, LLC Purchasing Power, LLC Online Consumer Lending NA NA

12/1/16 Visa Inc. CardinalCommerce Corporation eCommerce Payments NA NA

11/29/16 BluePay Canada ULC VersaPay, Merchant Services Portfolio Merchant Services Portfolio $8 NA

11/23/16 Klarna AB Cookies Labs GmbH Money Transfer NA NA

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

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

11/15/16 Versara Lending, LLC Peerform, Inc. Online Lending NA NA

11/14/16 Finical, Inc. Safeguard Bankcard, LLC Merchant Services NA NA

11/10/16 Intrum Justitia AB 1st Credit Limited Collections $163 2.6x

11/10/16 MetaBank Specialty Consumer Services, LP Online Lending $54 NA

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

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

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

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

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

Notes: 14 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. PAYMENTS / BANKING Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

10/26/16 Groupon, Inc. LivingSocial, Inc. Ecommerce NA NA Lendingkart Technologies Private 10/18/16 Finectar Technologies Pvt. Ltd. Online Lending NA NA Limited 10/11/16 CVC Capital Partners Limited; Cinven NewDay Cards Ltd. Credit Cards NA NA

10/10/16 First American Mortgage Solutions, LLC TD Service Financial Corporation Mortgage Technology NA NA

10/10/16 Intuit Inc. MTS Global (Europe) Limited Accounting Software NA NA

10/10/16 TRGRP, Inc. Priory Solutions Limited Billing Software NA NA

10/10/16 Euronet Worldwide, Inc. YourCash Europe Limited ATMS NA NA

10/6/16 Capital One Financial Corporation Paribus Co. Ecommerce NA NA

10/6/16 Qiwi plc Plati Potom OOO Ecommerce NA NA Gresham Computing plc (nka:Gresham 10/4/16 C24 Technologies Ltd. Risk / Analytics $6 2.3x Technologies plc) 10/3/16 Cardtronics Holdings Limited DirectCash Payments Inc. ATMS $453 2.1x

9/15/16 Payroc LLC The iTransact Group, LLC Merchant Processing NA NA

9/14/16 Amdocs Limited Vindicia, Inc Billing Software NA NA

9/7/16 iZettle AB Intelligent Point Of Sale (Sales) Limited Point of Sales NA NA Vista Equity Partners; Vista Equity Fund 9/6/16 Regulatory DataCorp, Inc. Compliance/Risk NA NA III, L.P. 8/18/16 Rakuten, Inc. Bitnet Technologies Digital Currency NA NA

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

5/9/16 Upserve, Inc. Breadcrumb POS NA NA Setefi S.p.A. and Intesa Sanpaolo Card 5/2/16 Mercury UK Holdco Limited Issuer Processing $1,192 NA D.O.O. Emerchants Limited (nka:EML Payments 4/28/16 Store Financial Services, LLC Prepaid $34 NA Limited) Barclaycard, Consumer Payments 4/28/16 Wizink Bank Sa Credit Cards NA NA Business in Portugal and Spain 4/27/16 SumUp Limited Payleven Holding GmbH Merchant Acquiring NA NA

4/26/16 Ingenico Group Lyudia Inc. VAR $9 30.3x Goldleaf Enterprise Payments (GEPI), 4/19/16 Battery Ventures Check Processing NA NA Inc.

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

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

4/19/16 Prodege, LLC MyPoints.com, Inc. Loyalty / Rewards $12 NA

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

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

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

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

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

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

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

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

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

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

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

3/7/16 CardConnect Corp. FinTech Acquisition Corp. Merchant Processing $350 NA Emerging Markets Payments Holdings 3/2/16 Network International LLC Payment Processing $340 NA Limited 2/29/16 Wirecard AG Provus Service Provider S.A. Payment Processing $35 NA

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

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

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

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

1/26/16 Total System Services, Inc. TransFirst Holdings Corp. Merchant Processing $2,350 8.2x

Notes: 17 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months

($MM) Announced Target Date Target Series Amount Investors Subsector And Future Creation Fund, Chibagin Capital, DCM, Japan Co- 12/27/16 Freee Co. Ltd Series D $29 Accounting Software Invest Limited Partnership, Nippon Life Insurance 12/20/16 Appetize Technologies Inc. Series A $20 Oak View Group, Shamrock Capital Advisors POS

12/15/16 Kreditech NA $10 Rakuten Fintech Fund Online Lending

12/14/16 BillFront Series A $35 4FINANCE, Finleap, NIBC Bank N.V. Online Lending

12/8/16 Thanx Inc. Series B $17 Icon Ventures, Javelin Venture Partners, Sequoia Capital Loyalty / Rewards Digital Sky Technologies, Founders Fund, QED Investors, Sequoia 12/7/16 Nubank Series D $80 Online Banking Capital, Tiger Global Management Citizen VC, Clocktower Technology Ventures, Edison Partners, 12/5/16 MoneyLion Inc. Series A $11 Online Lending FinTech Collective, Montage Ventures 11/28/16 Five Degrees Solutions Series A $13 5square, Karmijn Kapitaal, Velocity Capital Private Equity Banking Software

11/25/16 Stripe Inc. NA $150 CapitalG, General Catalyst Partners, Sequoia Capital eCommerce Payments China Merchants Venture Capital Management Co., Ltd., Zhixin 11/24/16 Ximu Financial Information Services Series A $15 Rating Agency Capital 11/23/16 Wynd Series B $32 Bpifrance, Orange Digital Ventures, Sodexo Ventures POS

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

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

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

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

Notes: 18 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

10/24/16 AEVI NA $11 Adveq Management POS

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

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

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

10/18/16 PayCommerce Inc. Series B $22 Tritium Partners Cross-Border Payments

10/18/16 IbanFirst NA $11 Xavier Niel, Other Investors Banking Software Bank of Montreal, CIBC, Desjardins, RBC, Scotiabank, TD Bank 10/18/16 SecureKey Technologies Inc. Series D $21 Identity / Authentication Financial Group BDC Capital, Huff Capital, Kensington Capital Partners, Relay 10/13/16 TouchBistro Series B $13 POS Ventures, Round 13 Holdings Inc. 10/12/16 Nexus Systems NA $28 Mainsail Partners AP Software

10/7/16 FlexiLoans NA $15 Angel Investors Online Lending Isetan Mitsukoshi Holdings, Mizuho Capital, Fenox Venture 10/5/16 Money Forward Series D $11 Accounting Software Capital, Toho Bank, Gunma Bank, Fukui Bank, Shiga Bank Prime Ventures, Acton Capital Partners, Commerz Ventures, 10/4/16 Iwoca Ltd. Series C $27 Online Lending Global Founders Capital, Redline Capital 9/30/16 Remitly, Inc. NA $38 International Finance Corp, Silicon Valley Bank Money Transfer

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

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

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

9/22/16 Wave Accounting Inc. NA $11 BDC Capital, CRV, Social Capital, HarbourVest Partners Accounting Software Tiantu Capital, Xinhu Zhongbao, HgCapital, Shenzhen Qianhe 9/22/16 51Credit Series C $310 Online Lending Capital Management

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

($MM) Announced Target Date Target Series Amount Investors Subsector Sageview Capital, Technology Crossover Ventures, Warburg 9/22/16 Avalara Inc. Series D $96 Tax Software Pincus 9/21/16 FirstP2P Series C $70 CCB International, San Shan Capital Partners Online Lending Experian, Kickstart Seed Fund, Kleiner Perkins Caufield & Byers, 9/21/16 Nav, Inc Series B $25 Business Lending Peak Venture Partners, Tencent Holdings Ltd. 9/15/16 Ripple Labs Inc. Series B $55 Accenture Technology Ventures, CME Ventures Digital Currencies

9/14/16 GreenSky Credit NA $50 Fifth Third BanCorp Online Lending

9/14/16 Tipalti Solutions Ltd. NA $14 SG VC AP Automation

9/13/16 Uno Home Loans NA $17 Westpac Mortage Software

9/9/16 Juvo Series A $14 Freestyle Capital, Seed-Resolute, Wing Venture Capital Mobile Credit Analytics Contour Ventures, Fitz Gate Ventures, IA Capital Group, Javelin 9/8/16 SmartAsset Series B $12 Financial Education Venture Partners, New York Life, Peterson Ventures, TTV Capital, Benchmark, DAG Ventures, GMO Payment Gateway, Index 9/1/16 Boku Series E $14 Mobile Payments Ventures, Khosla Ventures, New Enterprise Associates 8/30/16 Paytm NA $60 MediaTek Mobile Commerce Mission OG, Sequoia Capital, Spark Capital, Viola Private Equity, 8/30/16 Behalf Series C $27 SMB Lending Vintage Ventures Management Ltd. 8/26/16 MobiKwik NA $40 NET 1 UEPS Technologies, Inc. Mobile Payments

8/22/16 InCred Finance Series A $75 Alpha Capital Partners, IDFC Alternatives Ltd. Online Lending Bronze Investments, Data Collective, Google Ventures, QED 8/22/16 LendUp Series C $48 Online Lending Investors, Radicle Impact, Susa Ventures, SV Angel, Thomvest 8/17/16 Clara Lending NA $27 Redpoint Ventures, Venrock Mortgage Technology

8/15/16 Nymbus NA $12 Vensure Enterprises Banking Software

8/8/16 Yunnex Series B $45 Ajisen Ramen, GSR Ventures POS

8/5/16 Mosaic NA $220 Core innovation Capital, Obvious Ventures, Warburg Pincus Online Lending

7/28/16 Paidy Series B $15 Arbor Ventures, Eight Roads, Itochu Corp., SBI Holdings, SIG Asia eCommerce Payments

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

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

7/27/16 Gongzi Qianbao NA $30 SBCVC Payroll

7/25/16 QwikCilver Solutions Private Limited NA $10 Accel, Amazon, Helion Venture Partners, Sistema Asia Fund Gift Cards e. Ventures, Finlab, Greycroft Partners, Peter Thiel, Valar 7/20/16 Deposit Solutions NA $17 Open Banking Platform Ventures 500 Startups, Ascend Money, Golden Gate Ventures, SBI 7/20/16 Omise Series B $18 Gateway Investment, Sinar Mas Digital Ventures August Capital, NB Private Equity Partners, Nyca Partners, Social 7/19/16 CommonBond, Inc. Series C $30 Online Lending Capital, Tribeca Venture Partners, Victory Park Capital 7/19/16 Deal4Loans NA $15 Franklin Templeton Group Online Lending

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

5/3/16 Bench Series B $16 Altos Ventures, Bain Capital Ventures, Contour Venture Partners Financial Software Blumberg Capital, Camp One Ventures, ClalTech, Fang Fund 5/3/16 Zooz Series C $24 Payment Optimization Partners, iAngels, Kreos Capital, Lool Ventures, Rhodium 5/2/16 Varo Money NA $27 Warburg Pincus Online Banking

4/27/16 Nubank NA $53 Goldman Sachs Credit Cards CNP, Decaux Freres Investissements, Matmut, Partech, Sycamore 4/26/16 Lendix, SA Series B $14 Online Lending Asset Management, Weber Investissements Angel Ventures, Auria Capital, Core Ventures, CrunchFund, 4/21/16 Kueski Series A $10 Online Lending Richmond Global, Rise Capital, VARIV, Victory Park Capital 4/21/16 Forter Series C $32 NEA, Scale Venture Partners, Sequoia Fraud Detection Capital One, Fifth Third Bank, PNC, Safegaurd Scientifics, TD Bank, 4/17/16 Transactis, Inc. Series E $30 Bill Pay Wells Fargo 4/17/16 SocietyOne Australia Pty. Ltd. Series C $25 Westpac Banking Corp. Online Lending Bezos Expeditions, DN Capital, Draper Fisher Jurveston, Stripes 4/12/16 Remitly, Inc. Series C $39 Money Transfer Group, Trilogy Equity, Vulcan Capital Andreessen Horowitz, Founders Fund, Jeffries, Khosla, 4/12/16 Affirm, Inc. Series D $100 Online Lending Lightspeed Venture Partners, Spark Captial 4/11/16 Viva Republica Series A $23 Altos Ventures, Goodwater Capital, KTB Network Money Transfer

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

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

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

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

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

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

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

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

Notes: 23 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

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

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

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

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

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

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

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

2/2/16 Spotcap Spain SL Series C $32 Finstart Financial, HV Holtzbrink Ventures Online Lending DCM, HarbourVest, Lightspeed Venture Partners, Menlo 1/22/16 FiveStars, Inc. Series C $50 Loyalty / Rewards Ventures ABN AMRO, ASX Limited, BNP Paribas, Broadridge Financial, 1/21/16 Digital Asset Holdings, LLC Series A $62 Blockchain Citigroup, CME, Goldman Sachs, IBM, JPMorgan, PNC Guangdong Technology Financial Group, ING Bank, Khazanah 1/20/16 WeLab Holdings Limited Series B $152 Online Lending Nasional Berhad

Notes: 24 Source: CapitalIQ and Pitchbook. SECTION IV: Securities / Capital Markets / Data & Analytics

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

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 12/30/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ Exchanges - Americas CME Group Inc. $115.35 $81.87 $124.01 $39,144 $727 $39,871 11.2x 10.6x 16.1x 15.1x 26.1x 24.0x 12.5% 2.1 6.6% (1.0%) Intercontinental Exchange, Inc. 56.42 45.44 59.86 33,608 5,823 39,431 8.8x 8.4x 14.2x 13.0x 20.5x 18.4x 11.6% 1.8 (4.1%) 32.1% Nasdaq, Inc. 67.12 55.27 71.92 11,088 3,397 14,485 6.4x 5.9x 12.5x 11.5x 18.3x 16.1x 10.7% 1.7 9.0% 6.7% BM&FBOVESPA S.A. 5.07 2.99 6.38 9,063 (261) 8,802 12.4x 11.1x 20.1x 16.1x 15.5x 14.1x 27.6% 0.6 26.9% 2.0% CBOE Holdings, Inc. 73.89 58.43 77.29 6,006 (73) 5,933 9.3x 8.3x 16.9x 13.6x 31.2x 28.0x 13.0% 2.4 0.7% (16.5%) BATS Global Markets, Inc. 33.51 22.40 34.43 3,230 530 3,760 8.6x 8.0x 13.3x 12.7x 23.5x 20.7x NM NM 14.1% (10.2%) TMX Group Limited 53.25 26.07 54.19 2,929 534 3,464 6.3x 6.1x 12.6x 11.7x 16.3x 15.3x NM NM (0.2%) 6.9% Bolsa Mexicana de Valores, S.A.B. de C.V. 1.32 1.02 1.73 786 (85) 701 5.1x 4.8x 9.7x 9.0x 17.1x 15.5x 12.5% 1.4 (9.6%) (5.6%)

Mean 8.5x 7.9x 14.4x 12.8x 21.1x 19.0x 14.6% 1.6 5.4% 1.8% Median 8.7x 8.2x 13.7x 12.8x 19.4x 17.2x 12.5% 1.7 3.6% 0.5%

Exchanges - Asia Hong Kong Exchanges and Clearing Limited $23.63 $20.65 $27.49 $28,893 ($23,869) $5,024 3.4x 3.0x 5.0x 4.3x 37.1x 31.7x 0.1% 332.3 (12.2%) (13.8%) ASX Limited 35.97 27.04 37.90 6,957 (680) 6,276 11.5x 10.9x 15.0x 14.2x 22.5x 21.7x 4.6% 4.9 (16.5%) (0.2%) Singapore Exchange Limited 4.95 4.57 5.57 5,304 (683) 4,621 8.3x 8.0x 15.0x 13.8x 22.4x 20.2x 1.5% 14.9 (5.1%) (9.3%) Bursa Malaysia Berhad 1.97 1.80 2.10 1,058 (99) 959 8.3x 7.9x 14.7x 13.8x 23.9x 22.2x NM NM (2.5%) (1.7%)

Mean 7.9x 7.5x 12.4x 11.5x 26.5x 23.9x 2.1% 117.4 (9.1%) (6.2%) Median 8.3x 7.9x 14.8x 13.8x 23.2x 21.9x 1.5% 14.9 (8.7%) (5.5%)

Exchanges - Europe Deutsche Börse Aktiengesellschaft $80.67 $69.79 $87.62 $15,063 $1,316 $16,379 6.3x 5.9x 12.0x 10.8x 18.3x 16.3x 9.8% 1.9 (14.3%) 1.9% London Stock Exchange Group plc 35.98 25.72 36.55 12,590 (1,265) 11,325 5.8x 5.4x 12.1x 10.6x 24.7x 20.6x 14.3% 1.7 (7.3%) (5.9%) Bolsas y Mercados Españoles 29.55 21.86 32.90 2,461 (355) 2,105 6.2x 6.3x 9.3x 9.5x 14.8x 15.2x NM NM (10.0%) (9.3%) JSE Limited 11.98 8.02 13.71 1,025 (119) 906 5.1x 4.6x 10.2x 9.4x 14.6x 13.4x NM NM 28.1% (3.7%) GPW 9.56 7.44 9.96 401 (46) 355 4.9x 4.9x 8.7x 8.7x 13.3x 13.5x NM NM (12.1%) (6.9%) Hellenic Exchanges - Athens Stock Exch. 5.16 3.59 5.87 317(1) (119) 198 6.8x 5.1x 20.9x 10.8x 68.9x 25.5x 10.6% 6.5 (18.6%) 26.4%

Mean 5.9x 5.4x 12.2x 10.0x 25.8x 17.4x 11.6% 3.4 (5.7%) 0.4% Median 6.0x 5.2x 11.1x 10.1x 16.6x 15.7x 10.6% 1.9 (11.0%) (4.8%)

Notes: 26 Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Public Company Valuations: Financial Metrics (Cont.)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 12/30/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ Investment Services, Software, & Technology SEI Investments Co. $49.36 $32.01 $52.54 $7,898 ($623) $7,274 5.2x 4.8x 13.9x 12.4x 24.7x 21.8x 13.5% 1.8 4.4% 5.7% Broadridge Financial Solutions, Inc. 66.30 48.56 71.74 7,895 898 8,793 2.5x 2.1x 12.9x 11.0x 23.9x 20.0x NM NM (10.4%) 50.5% SS&C Technologies Holdings, Inc. 28.60 23.62 34.19 5,801 2,388 8,189 5.4x 4.9x 13.5x 11.4x 17.7x 15.0x 15.0% 1.2 16.5% 36.5% DST Systems, Inc. 107.15 94.52 128.66 3,428 248 3,676 2.8x 2.4x 9.7x 9.7x 18.9x 17.2x 9.0% 2.1 (6.5%) 4.1% Financial Engines, Inc. 36.75 23.22 39.95 2,275 (119) 2,156 5.1x 4.5x 16.1x 13.9x 32.3x 28.1x 25.0% 1.3 36.1% 42.6% Envestnet, Inc.(1) 35.25 19.30 41.47 1,518 240 1,758 3.0x 2.6x 17.4x 13.2x 36.4x 26.4x 20.0% 1.8 10.0% 44.3%

Mean 4.0x 3.6x 13.9x 11.9x 25.7x 21.4x 16.5% 1.6 8.3% 30.6% Median 4.1x 3.6x 13.7x 11.9x 24.3x 20.9x 15.0% 1.8 7.2% 39.6%

Financial Data, Content, & Analytics Thomson Reuters Corporation $43.78 $33.96 $45.68 $32,166 $8,520 $40,686 3.6x 3.6x 12.9x 12.2x 21.3x 18.7x 8.0% 2.7 (8.1%) (0.1%) S&P Global, Inc. 107.54 78.55 128.40 27,864 1,564 29,428 5.3x 5.2x 11.9x 11.2x 20.4x 18.5x 12.9% 1.6 5.4% 8.7% Moody's Corporation 94.27 77.76 110.83 18,024 1,360 19,385 5.4x 5.1x 12.1x 11.3x 20.0x 18.4x 10.1% 2.0 2.6% 9.8% IHS Markit Ltd. (2) 35.41 32.78 37.85 14,731 3,065 17,797 5.1x 5.0x 18.1x 12.9x 20.1x 17.2x 15.0% 1.3 6.8% 29.9% Verisk Analytics, Inc. 81.17 64.79 86.00 13,592 2,118 15,710 7.9x 7.4x 15.7x 14.7x 26.3x 24.2x 11.8% 2.2 (3.3%) 5.9% MSCI Inc. 78.78 62.17 90.79 7,415 1,100 8,515 7.4x 6.9x 15.0x 13.6x 26.5x 22.7x 14.3% 1.9 6.9% 7.3% FactSet Research Systems Inc. 163.43 135.95 183.17 6,488 171 6,659 5.8x 5.5x 16.3x 15.4x 24.1x 21.9x 10.7% 2.3 10.8% 6.5% The Dun & Bradstreet Corporation 121.32 85.99 141.57 4,463 1,279 5,742 3.4x 3.3x 11.6x 11.2x 16.5x 15.8x 4.2% 4.0 4.2% 1.6% Morningstar, Inc. 73.56 67.74 89.44 3,167 (205) 2,962 3.7x 3.6x 11.8x 10.9x 25.6x 23.6x 12.0% 2.1 0.3% 0.4% Bankrate, Inc. 11.05 6.59 13.12 996 159 1,155 2.6x 2.3x 10.1x 9.3x 17.6x 16.0x 17.5% 1.0 18.8% 29.2%

Mean 5.0x 4.8x 13.6x 12.3x 21.8x 19.7x 11.6% 2.1 4.4% 9.9% Median 5.2x 5.1x 12.5x 11.7x 20.9x 18.6x 11.9% 2.1 4.8% 6.9%

Online Broker Dealers The Charles Schwab Corporation (3) $39.47 $21.51 $40.58 $52,324 $5,807 $58,131 7.8x 6.9x NA NA 30.4x 25.0x 21.3% 1.4 18.5% 19.8% TD Ameritrade Holding Corporation (3) 43.60 24.88 44.79 22,936 1,817 24,753 6.9x 6.9x 16.4x 14.4x 28.8x 25.5x 13.4% 2.2 12.9% (0.4%) E*TRADE Financial Corporation (3) 34.65 19.61 36.04 9,485 1,534 11,019 5.7x 5.1x NA NA 19.0x 18.8x 20.8% 0.9 5.4% 20.2% Interactive Brokers Group, Inc. (3) 36.51 29.50 43.14 2,482 4,700 7,182 4.6x 4.4x 6.9x 6.9x 23.7x 23.1x 16.8% 1.4 12.7% (12.7%) GAIN Capital Holdings, Inc. (3) 6.58 4.54 7.98 320 (1,167) (846) NM NM NM NM 16.9x 10.1x NM NM (9.1%) (45.4%) FXCM Inc. 7.05 7.00 18.51 39 349 389 NA NA NA NA NA NA NM NA NA 2.9%

Mean 6.2x 5.8x 11.6x 10.6x 23.7x 20.5x 18.1% 1.5 8.1% (2.6%) Median 6.3x 6.0x 11.6x 10.6x 23.7x 23.1x 18.8% 1.4 12.7% 1.3%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. (1) Financial metrics pro-forma for Yodlee acquisition. (2) Financial metrics reflect IHS / Markit merger. 27 (3) Enterprise Value and Net Debt exclude Cash. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Acquisitions – Trailing 12 Months

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

12/20/16 FactSet Research Systems Inc. Vermilion Software Inc. Broker Software $67 NA

12/15/16 SS&C Technologies Holdings, Inc. Conifer Financial Services LLC Fund Administration $89 NA

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Notes: 28 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

5/25/16 Bregal Sagemount Discovery Data Data / Analytics NA NA

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

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue Dojima LLC (nka:Broadridge Derivatives 5/11/16 Broadridge Financial Solutions, Inc. Clearing / Settlement NA NA Clearing) 5/5/16 ISEG Limited Startup Stock Exchange Exchanges NA NA

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

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

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

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

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

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

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

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

2/23/16 Deutsche Boerse AG London Stock Exchange Group plc Exchanges $14,482 7.2x

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

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue KCGA Americas LLC, Designated Market 2/5/16 Citadel Securities, LLC Market Maker NA NA Maker Business 2/5/16 Chongqing Casin Enterprise Group CHX Holdings, Inc. Exchanges NA NA

1/24/16 J.C. Flowers & Co. LLC Chi-X Global Holdings LLC Trading Platforms NA NA

1/22/16 StatPro Inc. Investor Analytics, LLC Data Analytics $16 3.2x

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

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

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

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

12/23/16 Nutmeg Savings and Investment Ltd. NA $15 Taipei Fubon Commercial Bank Robo-Advisor Andreessen Horowitz, Digital Currency Group, Euclid 12/22/16 Axoni Series A $18 Distributed Ledger Opportunities, Goldman Sachs, JP Morgan Chase & Co. Thomson 12/15/16 Personal Capital Corp. NA $25 Silicon Valley Bank Robo-Advisor

12/14/16 Stash Series B $25 Breyer Capital, Entrée Capital, Goodwater Capital, Valar Ventures Robo-Advisor Andreessen Horowitz, Felicis Ventures, The Kaiser Family 11/17/16 Peer Street Inc. Series A $15 Crowdfunding Foundation, Montage Ventures, Rembrandt Venture Partners 11/17/16 T-REX Group Inc. Series B $10 The Ecosystem Integrity Fund, Safeguard Scientifics Inc. Risk / Analytics Andreessen Horowitz, Bessemer Venture Partners, Khosla 11/14/16 Quantopian Series C $25 Trading Technology Ventures, Point72 Asset Management, Spark Capital Amanda Investment Group, Balderton Capital Management, 11/14/16 Nutmeg Saving and Investment Ltd. NA $32 Robo-Advisor Pentech Ventures, Schroders Bain Capital Ventures, Khosla Ventures, Lightspeed Venture 11/14/16 Roofstock Inc. Series B $20 Crowdfunding Partners, Nyca Partners, QED Investors, SV Angel Trading / Regulatory 11/1/16 Droit Financial Technologies Series A $16 DRW, Goldman Sachs, Pivot Investment Partners, Wells Fargo Software 10/31/16 Riskalyze Inc. Series A $20 FTV Management Group LP Broker Software

10/26/16 AX Trading Group NA $20 Undisclosed Trading Platform

10/17/16 InnoTREE Network Tech Co. Series B $15 Baoli (Hengqin) Capital Management Data / Analytics JPMorgan Chase & Co., ICAP, Barclays, Point72 Ventures, Hudson 10/12/16 Cloud9 Technologies NA $30 Trading Technology Ridge Asset Management 9/30/16 OpenGamma NA $13 Accel Partners, ICAP Plc Risk / Analytics

9/21/16 OurCrowd Ltd. Series C $72 Undisclosed Investors Crowdfunding

9/14/16 InvestCloud NA $25 Undisclosed Investors Broker Software

9/12/16 Quandl Series B $12 August Capital, Nexus Venture Partners Data / Analytics

8/18/16 Lancai Series B $27 Letv.com Investing Platform

Notes: 32 Source: CapitalIQ and Pitchbook. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

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

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

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

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

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

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

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

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

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

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

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

34 INSURANCE / BENEFITS Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 12/30/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ Healthcare / Insurance Technology Quintiles IMS Holdings, Inc. $76.05 $55.01 $81.45 $18,722 $1,200 $19,922 3.7x 2.4x 17.2x 9.7x 19.5x 16.9x 13.9% 1.4 24.2% 3.9% Verisk Analytics, Inc. 81.17 64.79 86.00 13,592 2,118 15,710 7.9x 7.4x 15.7x 14.7x 26.3x 24.2x 11.8% 2.2 (3.3%) 5.9% athenahealth, Inc. 105.17 90.11 167.46 4,150 161 4,311 3.9x 3.3x 17.8x 13.9x 58.5x 43.2x 26.8% 2.2 18.8% 17.2% Guidewire Software, Inc. 49.33 42.32 64.00 3,626 (530) 3,096 7.0x 5.9x 39.6x 29.1x 71.2x 59.9x 17.4% 4.1 12.0% 14.4% Ebix, Inc. 57.05 28.28 63.00 1,849 152 2,002 6.8x 6.3x 17.9x 16.4x 20.7x 20.2x 10.0% 2.1 NA 11.7% Crawford & Company 12.56 3.99 14.37 699 143 842 0.7x 0.7x 6.7x 6.0x 17.8x 14.8x 10.0% 1.8 (3.6%) (5.5%) Polaris Consulting & Services Limited 2.22 2.08 3.20 225 (71) 154 0.5x NA NA NA 9.4x NA NM NM 2.7% (3.6%) Symbility Solutions Inc. 0.38 0.18 0.42 91 (5) 86 3.4x 2.9 NM 85.3 NM NM NM NM (1.9%) 13.9%

Mean 4.2x 4.1x 19.2x 25.0x 31.9x 29.9x 15.0% 2.3 7.0% 7.2% Median 3.8x 3.3x 17.5x 14.7x 20.7x 22.2x 12.8% 2.1 2.7% 8.8%

Notes: 35 Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. INSURANCE / BENEFITS Selected Recent Acquisitions – Trailing 12 Months

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

12/23/16 Ebix, Inc. Wdev Soluções em Tecnologia S.A. Insurance Tech NA NA

12/19/16 Guidewire Software, Inc. ISCS, Inc. Insurance Tech $160 NA

12/15/16 Mercer LLC Thomsons Online Benefits Limited HR/Benefits Software NA NA

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

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

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

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

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

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

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

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

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

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

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

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

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

Notes: 36 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. INSURANCE / BENEFITS Selected Recent Acquisitions – Trailing 12 Months (Cont’d)

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

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

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

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

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

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

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

Notes: 37 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. INSURANCE / BENEFITS Selected Recent Equity Financings – Trailing 12 Months

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

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

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

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

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

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

Notes: 38 Source: CapitalIQ and Pitchbook.