Financial Technology Sector Summary

July 31, 2013 Table of Contents

I. GCA Savvian Overview

II. Market Summary

III. Payments / Banking

IV. Securities / Capital Markets / Data & Analytics

I. GCA Savvian Overview GCA Savvian Overview Highlights

Firm Statistics GCA Savvian Focus

. Over 225 professionals today Mergers & Acquisitions Private Capital Markets

. Headquarters in and Tokyo; offices in New . Full spectrum of buy-side, sell- . Agented private capital raiser side and strategic advisory York, Menlo Park, London, Shanghai, Mumbai, and Osaka . Equity and debt capital markets . Provides mergers and acquisitions advisory services, private . Public and private company advisory services experience capital & capital markets advisory services, and principal . Core competency, with important investing . Strategic early-stage growth relationships among the venture companies through industry capital and private equity . Over 450 transactions completed; over $100Bn in transaction defining, multi-billion dollar community value transactions . Publicly traded on the Tokyo Stock Exchange (2174) Senior level attention and focus, Relationships and market extensive transaction intelligence; a highly experienced team in experience and deep domain insight the industry Global Advisory Firm Market Positioning

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

. M&A Advisory and Capital Raising Expertise

3 GCA Savvian Overview Financial Technology Landscape

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

− Payments & Banking

− Securities & Capital Markets

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

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

4 GCA Savvian Overview Significant Transaction Momentum

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

219 205 200 190 171 156

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

0

Q1'13 Q2'13

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

5 GCA Savvian Overview Financial Technology Team

San Francisco New York

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

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

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

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

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

6 II. Market Summary Market Summary Industry Stock Market Performance

Last 12 Months Last 3 Months

190 140

135

170 130

125 150

120

130 115

110

110 105

100 90

95

70 90 7/26/12 8/26/12 9/25/12 10/25/12 11/25/12 12/26/12 1/27/13 2/26/13 3/28/13 4/28/13 5/28/13 6/28/13 4/26/13 5/3/13 5/10/13 5/17/13 5/24/13 5/31/13 6/7/13 6/14/13 6/23/13 6/30/13 7/7/13 7/14/13 7/21/13

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

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

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

Last 3 Months 1 year 3 years

Online Broker Dealers 34.4% 74.1% 45.9%

Trading Platforms 18.9% 45.2% 45.0%

Investment Services, 17.5% 32.2% 67.5% Software, & Technology

Financial, Data, Content, & 11.7% 29.7% 34.3% Analytics

Payments 10.1% 33.9% 117.9%

Banking & Lending 7.2% 27.1% 63.3% Technology

Information Processors / 6.1% 27.0% 88.6% Credit Bureaus

Exchanges 4.8% 29.6% 20.0%

0.0% 10.0% 20.0% 30.0% 40.0% 0.0% 20.0% 40.0% 60.0% 80.0% 0.0% 50.0% 100.0% 150.0%

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

Long-Term EPS Growth EBITDA Margins

Online Broker Dealers 16.7% Trading Platforms 46.9%

Banking and Lending Technology 14.7%

Banking and Lending Technology 26.7%

Payments 14.6%

Information Processors / Credit Bureaus 26.6% Investment Services, Software, & Technology 14.1%

Financial Data, Content, & Analytics 13.3% Financial Data, Content, & Analytics 23.0%

Information Processors / Credit Bureaus 12.4%

Payments 19.6%

Trading Platforms 10.0%

Investment Services, Software, & Technology 18.6% Exchanges 8.3%

0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

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

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

Investment Services, Software, & Technology 23.8x Exchanges 2.5

Online Broker Dealers 22.0x Information Processors / Credit Bureaus 1.4

Information Processors / Credit Bureaus 20.2x Investment Services, Software, & Technology 1.4

Trading Platforms 19.7x Trading Platforms 1.4

Exchanges 19.4x Online Broker Dealers 1.2

Payments 17.6x Payments 1.1

Banking and Lending Technology 17.4x Banking and Lending Technology 1.1

Financial Data, Content, & Analytics 13.6x Financial Data, Content, & Analytics 0.9

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 0.0 0.5 1.0 1.5 2.0 2.5 3.0

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

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

Visa Inc. $124,661 52% 24.7x Blackhaw k Netw ork Holdings, Inc. $1,232 NA 20.8x American Express Company 81,669 30% 15.5 Green Dot Corporation 886 (12%) 17.3 eBay Inc. 67,639 19% 19.2 Higher One Holdings, Inc. 500 (7%) 18.3 MasterCard Incorporated 72,716 41% 23.5 Net 1 Ueps Technologies Inc. 326 (12%) 9.6 Discover Financial Services 24,033 39% 10.2 Sector Average $736 (10%) 16.5x Sector Average $74,144 36% 18.6x LTM Price LTM Price ATM / Kiosks Market Cap. Performance P/E 2013 Merchant Processing Market Cap. Performance P/E 2013 Outerw all Inc. $1,591 (4%) 9.7x Cielo SA $19,366 (2%) 16.6x Cardtronics Inc. 1,328 (1%) 16.7 Total System Services, Inc. 5,081 19% 16.6 Global Cash Access Holdings, Inc. 473 9% 9.2 Vantiv, Inc. 3,698 17% 16.7 Sector Average $1,131 1% 11.9x Global Payments Inc. 3,489 9% 12.1 AG 3,235 45% 28.1 LTM Price EVERTEC, Inc. 2,007 NA 16.3 POS Hardw are / Technology Market Cap. Performance P/E 2013 Heartland Payment Systems, Inc. 1,397 31% 17.7 Planet Payment, Inc. 138 (29%) 36.8 NCR Corp. $5,793 55% 12.8x Universal Business Payment Solutions 35 NA NA SA 3,801 50% 21.1 Sector Average $4,272 13% 20.1x MICROS Systems, Inc. 3,679 (1%) 19.4 Systems, Inc. 1,935 (51%) 14.9 PAR Technology Corporation 67 (15%) 20.7 LTM Price Money Transfer Market Cap. Performance P/E 2013 Sector Average $3,055 7% 17.8x

The Western Union Company $9,449 (2%) 11.9x LTM Price Euronet Worldw ide Inc. 1,831 102% 18.8 Banking and Lending Technology Market Cap. Performance P/E 2013 Moneygram International Inc. 1,247 37% 17.6 1,142 NA NM Inc. $18,979 12% 18.2x Sector Average $3,417 46% 16.1x Fidelity National Information Services, Inc. 13,000 40% 15.7 Fiserv, Inc. 12,356 31% 15.6 Jack Henry & Associates Inc. 4,115 37% 21.6 LTM Price Lender Processing Services, Inc. 2,792 34% 12.7 Closed Loop Market Cap. Performance P/E 2013 ACI Worldw ide, Inc. 1,878 16% 16.5 Alliance Data Systems Corporation $9,432 49% 19.3x Temenos Group AG 1,767 90% 23.4 FleetCor Technologies, Inc. 7,364 148% 23.7 Bottomline Technologies (de), Inc. 1,047 56% 23.8 Edenred SA 7,144 18% 24.8 Ellie Mae, Inc. 636 24% 22.2 WEX Inc. 3,337 34% 20.0 Performant Financial Corporation 508 NA 13.8 Sector Average $6,819 62% 22.0x Sector Average $5,708 38% 18.4x

LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2013 0 Experian plc $18,323 23% 20.6x Equifax Inc. 7,495 32% 17.1 Acxiom Corporation 1,884 62% 34.6 Fair Isaac Corporation 1,809 29% 15.2 Intersections Inc. 170 (36%) 20.2 Sector Average $5,936 22% 21.5x Source: CapitalIQ and Wall Street Research. 12 Market Summary LTM Price Performance and 2013 P/E – Securities / Cap. Mkts. / Data & Analytics

($MM) ($MM) LTM Price Investment Services, Softw are, & LTM Price Exchanges - Americas Market Cap. Performance P/E 2013 Technology Market Cap. Performance P/E 2013 0 CME Group Inc. $24,641 41% 22.7x SEI Investments Co. $5,462 51% 23.6x IntercontinentalExchange, Inc. 12,901 34% 20.8 TIBCO Softw are Inc. 3,984 (13%) 24.9 BM&F Bovespa SA 10,943 1% 15.7 Broadridge Financial Solutions, Inc. 3,469 36% 15.0 NYSE Euronext, Inc. 10,041 60% 18.1 DST Systems Inc. 3,012 30% 15.9 The Nasdaq OMX Group, Inc. 5,458 42% 12.8 SS&C Technologies Holdings, Inc. 2,978 46% 19.1 CBOE Holdings, Inc. 4,318 73% 24.7 Financial Engines, Inc. 2,391 155% 73.4 TMX Group Limited 2,358 NA 14.5 Advent Softw are, Inc. 1,484 6% 24.0 Bolsa Mexicana de Valores SAB de CV 1,563 42% 26.2 Envestnet, Inc. 831 122% 44.2 Sector Average $9,028 42% 19.4x Sector Average $2,951 54% 30.0x

LTM Price LTM Price Financial Data, Content, & Analytics Market Cap. Performance P/E 2013 Exchanges - Asia Market Cap. Performance P/E 2013 0 Thomson Reuters Corporation $29,295 24% 19.4x Hong Kong Exchanges & Clearing Limited 18,053 21% 29.0x McGraw Hill Financial, Inc. 16,650 31% 18.6 Singapore Exchange Ltd. 6,400 13% 22.5 Moody's Corporation 14,187 61% 18.2 ASX Limited 6,185 (0%) 17.3 Verisk Analytics, Inc. 10,351 23% 26.7 Bursa Malaysia Bhd 1,393 27% 24.0 FactSet Research Systems Inc. 4,724 18% 21.5 Sector Average $8,008 15% 23.2x MSCI Inc. 4,241 7% 16.5 Dun & Bradstreet Corp. 4,119 45% 13.6 LTM Price Morningstar Inc. 3,528 28% 28.5 Exchanges - Europe Market Cap. Performance P/E 2013 Bankrate, Inc. 1,573 (7%) 31.3 0 Sector Average $9,852 26% 21.6x Deutsche Boerse AG 12,801 38% 14.1x London Stock Exchange Group plc 6,374 56% 15.5 Bolsas y Mercados Españoles 2,203 46% 12.3 LTM Price JSE Limited 676 (15%) 18.0 Online Broker Dealers Market Cap. Performance P/E 2013 Hellenic Exchanges SA 519 179% 12.6 The Charles Schw ab Corporation $28,313 75% 30.1x GPW 515 18% 13.7 TD Ameritrade Holding Corporation 14,866 70% 22.4 Sector Average $3,848 54% 14.4x E*TRADE Financial Corporation 4,260 105% 23.0 FXCM Inc. 1,212 55% 17.6 LTM Price Interactive Brokers Group, Inc. 772 16% 21.6 Trading Platforms Market Cap. Performance P/E 2013 GAIN Capital Holdings, Inc. 216 32% 8.4 Sector Average $8,273 59% 20.5x MarketAxess Holdings Inc. $1,971 68% 31.3x KCG Holdings, Inc. 1,085 NA 27.5 BGC Partners, Inc. 1,050 20% 12.7 Investment Technology Group Inc. 553 90% 19.0 GFI Group Inc. 497 30% 20.4 INTL FCStone Inc. 363 2% 15.1 Sector Average $920 42% 21.0x

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

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 7/26/13 Low High Value Debt Value CY 13E CY 14E CY 13E CY 14E CY 13E CY 14E Growth PEG 14E/13E Y/Y MRQ Networks Visa Inc. $193.20 $125.70 $196.00 $124,661 ($3,348) $121,313 9.9x 8.8x 15.4x 13.5x 24.7x 20.9x 19.1% 1.1 13.1% 17.0% American Express Company 75.34 53.02 78.63 81,669 33,000 114,669 3.5 3.3 NA NA 15.5 14.2 11.3% 1.3 5.6% 2.0% eBay Inc. 52.25 43.26 58.04 67,639 (5,903) 61,736 3.8 3.3 11.3 9.7 19.2 16.3 16.2% 1.0 16.4% 14.1% Mastercard Incorporated 598.15 413.18 604.85 72,716 (5,020) 67,696 8.0 7.2 14.2 12.4 23.5 20.0 18.0% 1.1 12.1% 8.4% Discover Financial Services 49.45 34.76 51.70 24,033 7,071 31,104 3.8 3.7 NA NA 10.2 10.0 8.2% 1.2 2.9% 10.2%

Mean 5.8x 5.2x 13.6x 11.9x 18.6x 16.3x 14.6% 1.1 10.0% 10.3% Median 3.8 3.7 14.2 12.4 19.2 16.3 16.2% 1.1 12.1% 10.2%

Merchant Processing Cielo SA $24.69 $16.48 $25.29 $19,366 $858 $20,223 6.4x 5.8x 11.0x 10.3x 16.6x 15.2x 11.0% 1.4 10.2% 15.7% Total System Services, Inc. 27.17 21.10 27.62 5,081 (56) 5,025 2.4 2.0 7.9 6.8 16.6 14.7 11.3% 1.3 16.7% 3.4% Vantiv, Inc. 26.35 18.85 28.55 3,698 1,404 5,102 4.3 3.8 8.5 7.5 16.7 14.5 16.3% 0.9 12.0% 10.6% Global Payments Inc. 46.17 39.37 51.24 3,489 470 3,960 1.6 1.5 7.7 7.2 12.1 11.0 11.0% 1.0 7.6% 3.6% Wirecard AG 28.84 20.67 29.95 3,235 (404) 2,832 4.5 3.8 17.1 13.9 28.1 22.7 17.1% 1.3 17.7% 17.5% EVERTEC, Inc. 24.51 19.11 25.06 2,007 709 2,716 7.5 7.0 15.1 13.5 16.3 14.2 14.6% 1.0 7.6% 2.1% Heartland Payment Systems, Inc. 38.46 25.76 40.38 1,397 109 1,506 2.5 2.3 9.6 8.6 17.7 15.5 16.0% 1.0 6.5% 7.2% Planet Payment, Inc. 2.57 2.46 3.63 138 (4) 134 2.5 2.1 15.1 9.1 36.8 16.1 NM NM 20.5% 3.5% Universal Business Payment Solutions 3.06 3.00 3.40 35 22 57 NA NA NA NA NA NA NM NA NA NA

Mean 4.0x 3.6x 11.5x 9.6x 20.1x 15.5x 13.9% 1.1 12.4% 7.9% Median 3.4 3.1 10.3 8.9 16.7 14.9 14.6% 1.0 11.1% 5.4%

Money Transfer The Western Union Company $16.96 $11.93 $19.14 $9,449 $2,306 $11,754 2.1x 2.1x 8.5x 8.0x 11.9x 10.7x 10.0% 1.1 2.5% (4.9%) Euronet Worldwide Inc. 36.73 16.99 37.23 1,831 106 1,936 1.4 1.3 10.2 9.1 18.8 16.3 13.5% 1.2 7.7% 12.9% Moneygram International Inc. 21.53 11.00 24.88 1,247(1) 847 2,094 1.4 1.3 7.4 6.9 17.6 14.7 12.2% 1.2 7.6% 10.6% Xoom Corporation 34.60 17.68 35.05 1,142 (104) 1,038 8.9 7.3 NM NM NM NM NM NM 21.3% 59.4%

Mean 3.5x 3.0x 8.7x 8.0x 16.1x 13.9x 11.9% 116.2% 9.8% 19.5% Median 1.8 1.7 8.5 8.0 17.6 14.7 12.2% 120.7% 7.6% 11.8%

Closed Loop Alliance Data Systems Corporation $191.76 $126.75 $192.17 $9,432 $8,370 $17,802 4.2x 3.8x 13.0x 12.1x 19.3x 16.1x 14.8% 1.1 8.1% 18.2% FleetCor Technologies, Inc. 90.46 35.60 90.92 7,364 775 8,139 9.8 8.7 17.1 14.7 23.7 20.6 12.0% 1.7 12.5% 32.5% Edenred SA 31.75 27.66 35.71 7,144 695 7,839 5.3 4.8 14.0 12.5 24.8 21.5 12.4% 1.7 8.9% 6.5% WEX Inc. 86.01 58.58 87.00 3,337 358 3,695 5.2 4.7 11.4 10.1 20.0 17.3 14.2% 1.2 10.7% 18.0%

Mean 6.1x 5.5x 13.9x 12.4x 22.0x 18.9x 13.3% 1.4 10.1% 18.8% Median 5.2 4.8 13.5 12.3 21.9 18.9 13.3% 1.5 9.8% 18.1%

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

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 7/26/13 Low High Value Debt Value CY 13E CY 14E CY 13E CY 14E CY 13E CY 14E Growth PEG 14E/13E Y/Y MRQ Prepaid Blackhawk Network Holdings, Inc. $23.72 $21.37 $27.23 $1,232 ($104) $1,128 0.9x 0.8x 10.3x 8.2x 20.8x 17.0x 18.3% 0.9 20.2% NA Green Dot Corporation 20.61 9.05 21.23 886 (56) 830 1.5 1.4 8.0 7.5 17.3 16.2 18.7% 0.9 4.3% 7.9% Higher One Holdings, Inc. 10.72 8.57 13.72 500 61 561 2.5 2.3 10.6 8.8 18.3 14.9 21.5% 0.7 11.3% (0.7%) Net 1 Ueps Technologies Inc. 7.21 3.01 10.51 326 47 374 0.8 NA 5.3 NA 9.6 NA 10.0% NA NA 22.6%

Mean 1.6x 1.9x 8.0x 8.2x 15.1x 15.6x 16.7% 0.8 7.8% 9.9% Median 1.5 1.9 8.0 8.2 17.3 15.6 18.7% 0.8 7.8% 7.9%

ATM / Kiosks Outerwall Inc. $56.69 $40.50 $65.60 $1,591 $226 $1,817 0.8x 0.7x 3.6x 3.5x 9.7x 9.8x 15.6% 0.6 6.5% 4.1% Cardtronics Inc. 29.60 22.20 31.41 1,328 429 1,757 2.1 1.9 8.5 7.7 16.7 14.6 14.6% 1.0 8.8% 3.5% Global Cash Access Holdings, Inc. 7.15 5.71 8.51 473 47 520 0.9 0.9 7.4 7.0 9.2 8.6 13.3% 0.6 3.3% (2.8%)

Mean 1.2x 1.2x 6.5x 6.1x 11.9x 11.0x 14.5% 0.8 6.2% 1.6% Median 0.9 0.9 7.4 7.0 9.7 9.8 14.6% 0.6 6.5% 3.5%

POS Hardware / Technology NCR Corp. $35.24 $20.92 $35.74 $5,793 $1,623 $7,416 1.2x 1.1x 8.4x 7.5x 12.8x 11.7x 14.9% 0.8 6.3% 13.3% Ingenico SA 71.99 50.18 73.18 3,801 107 3,908 2.1 1.9 11.4 9.9 21.1 17.8 15.9% 1.1 10.2% 20.1% MICROS Systems, Inc. 46.77 39.31 53.21 3,679 (665) 3,014 2.3 2.2 10.7 9.5 19.4 17.5 15.5% 1.1 5.6% 13.3% VeriFone Systems, Inc. 17.83 15.34 39.00 1,935 771 2,706 1.6 1.5 8.8 8.1 14.9 10.2 13.0% 0.8 10.2% (9.7%) PAR Technology Corporation 4.34 3.80 5.59 67 (13) 54 0.2 0.2 NA NA 20.7 10.6 9.0% 1.2 5.3% 19.9%

Mean 1.5x 1.4x 9.9x 8.7x 17.8x 13.6x 13.7% 1.0 7.5% 11.4% Median 1.6 1.5 9.8 8.8 19.4 11.7 14.9% 1.1 6.3% 13.3%

Banking and Lending Technology Intuit Inc. $63.92 $55.54 $68.41 $18,979 ($1,496) $17,483 3.8x 3.5x 9.7x 9.1x 18.2x 17.2x 13.6% 1.3 6.8% 13.1% Fidelity National Information Services, Inc. 44.35 30.46 45.95 13,000 4,021 17,021 2.8 2.7 9.2 8.6 15.7 14.0 12.4% 1.1 5.1% 4.6% Fiserv, Inc. 92.79 67.95 93.64 12,356 3,693 16,049 3.3 3.2 10.4 9.6 15.6 14.0 11.6% 1.2 4.8% 5.0% Jack Henry & Associates Inc. 47.79 34.01 49.83 4,115 (49) 4,066 3.5 3.2 10.4 9.6 21.6 19.7 11.7% 1.7 7.9% 9.8% Lender Processing Services, Inc. 32.76 21.23 34.14 2,792 987 3,780 2.0 2.1 7.7 7.9 12.7 12.7 9.0% 1.4 (4.0%) (2.9%) ACI Worldwide, Inc. 47.13 37.97 51.89 1,878 558 2,436 2.7 2.5 10.0 8.4 16.5 13.6 15.7% 0.9 9.4% 17.7% Temenos Group AG 25.56 13.08 26.16 1,767 118 1,885 4.0 3.7 13.7 11.9 23.4 19.8 30.9% 0.6 8.0% 3.3% Bottomline Technologies (de), Inc. 29.12 17.91 29.86 1,047 (148) 899 3.4 3.1 17.4 13.8 23.8 19.6 18.8% 1.0 10.4% 16.5% Ellie Mae, Inc. 24.19 18.61 30.59 636 (61) 576 4.4 3.6 12.9 10.0 22.2 18.1 23.2% 0.8 21.0% 47.6% Performant Financial Corporation 10.65 7.55 14.09 508 106 614 2.4 2.1 7.5 6.3 13.8 11.3 18.3% 0.6 16.2% 7.6%

Mean 3.2x 3.0x 10.9x 9.5x 18.4x 16.0x 16.5% 1.1 8.6% 12.2% Median 3.4 3.1 10.2 9.4 17.4 15.6 14.7% 1.1 7.9% 8.7%

Information Processors / Credit Bureaus Experian plc $18.63 $14.51 $19.82 $18,323 $3,047 $21,370 4.4x 4.1x 12.5x 11.8x 20.6x 18.6x 11.9% 1.6 6.7% 4.7% Equifax Inc. 61.79 45.15 63.91 7,495 1,401 8,896 3.8 3.6 11.0 10.3 17.1 15.5 11.9% 1.3 6.9% 9.5% Acxiom Corporation 25.46 15.72 26.47 1,884 31 1,915 1.7 1.7 9.2 8.1 34.6 29.5 12.9% 2.3 3.5% (3.5%) Fair Isaac Corporation 50.44 39.38 51.26 1,809 373 2,182 2.8 2.7 9.2 9.2 15.2 14.2 15.0% 0.9 5.3% 12.4% Intersections Inc. 9.47 7.83 14.79 170 (18) 152 0.5 0.5 NA NA 20.2 25.8 NA NA (0.6%) (9.4%)

Mean 2.6x 2.5x 10.5x 9.8x 21.5x 20.7x 12.9% 1.5 4.3% 2.7% Median 2.8 2.7 10.1 9.7 20.2 18.6 12.4% 1.4 5.3% 4.7%

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

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

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

7/24/13 Kareo, Inc. ECCO Health, LLC Healthcare Analytics NA NA

7/23/13 Davis + Henderson Corporation Harland Financial Solutions, Inc. Banking Softw are $1,200 4.7x

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

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

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

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

7/1/13 Thoma Bravo Intuit Financial Services Banking Softw are $1,025 3.4x

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

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

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

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

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

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

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

5/22/13 TOT Group, Inc. Aptito.com, Inc. (nka:Aptito, Inc.) POS $1 NA

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

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

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

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

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

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

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

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

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

4/4/13 Billpin BillMonk Bill Payment NA NA

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

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

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

3/12/13 Net Element International Inc. Unified Payments, LLC (nka:TOT Group, Inc.) Merchant Processing $24 NA

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2/19/13 ICG Group, Inc. SeaPass Solutions Inc. (nka:BOLT Solutions Inc.) Insurance Information Processing $87 NA

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

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

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

1/31/13 Fidelity National Information Services, Inc. mFoundry, Inc. Mobile $154 NA

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

10/16/12 Paymobile Zoompass Mobile NA NA

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

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

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

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

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

9/24/12 Digital River Inc. LML Payment Systems Inc. Merchant Processing $72 2.1x

9/17/12 Tech Mahindra Limited Comviva Technologies Limited Mobile NA NA

9/13/12 ACI Worldw ide, Inc. Distra Pty Ltd. Processing Softw are $49 NA

9/6/12 MasterCard Incorporated Truaxis, Inc. Marketing/Offers NA NA

Triton RE Acquisitions LLC And 46.67% in Triton 9/5/12 GRG International Limited ATMs $25 NA Systems of Delaw are LLC 9/5/12 Wright Express Corp. (nka:WEX Inc.) Fleet One Holdings LLC Closed Loop $369 6.6x

9/4/12 Gemalto NV Ericsson Internet Payment Exchange AB Mobile NA NA

8/30/12 Wright Express Corp. (nka:WEX Inc.) UNIK S/A Closed Loop $43 NA

8/21/12 Netw ork International LLC TimesofMoney Ltd. Money Transfer NA NA

8/21/12 Corsair Capital LLC NoteMachine Limited ATMs NA NA

8/16/12 Payment Solutions, LLC Inc. Mobile $26 NA

8/15/12 Global Payments Inc. Accelerated Payment Technologies, Inc. Merchant Processing $413 NA

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

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

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

7/15/13 JudoPay Seed $5.0 NA Mobile

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

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

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

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

6/18/13 CareCloud Corporation Series B $20.0 Intel Capital, Norw est Venture Partners, Tenaya Capital Healthcare Payments

Morgan Stanley, Goldman Sachs, Credit Suisse, Jefferies, 6/17/13 RetailMeNot IPO $230.0 Marketing / Offers Stifel, RBC, William Blair American Express, Atomico, Creadum, Greylock, Qualcomm, 6/13/13 Wrapp Series B $15.0 Social gifting SEB

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

2/19/13 LivingSocial, Inc. Later Stage $110.0 Amazon.com Marketing / Offers

2/14/13 Paymill Series A $5.3 Blumberg Capital Core Processing

2/6/13 Parkmobile USA, Inc. Debt $6.3 BCD Holdings N.V.; Fontinalis Partners; Bluefield Investments Mobile

2/6/13 Evertec IPO $100.0 Apollo Global Management Merchant Acquiring

1/23/13 PLASTIQ Series A $5.9 Atlas Venture, Flybridge Capital Partners Bill Payment

1/23/13 CoverHound, Inc. Series A $8.7 RRE Ventures; Blumberg Capital; Bullpen Capital Marketing / Offers

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

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 7/26/13 Low High Value Debt Value CY 13E CY 14E CY 13E CY 14E CY 13E CY 14E Growth PEG 14E/13E Y/Y MRQ Exchanges - Americas CME Group Inc. $73.80 $49.54 $79.45 $24,641 $953 $25,594 8.4x 7.7x 12.7x 11.4x 22.7x 19.7x 12.6% 1.6 9.4% (7.2%) IntercontinentalExchange, Inc. 177.28 122.72 184.12 12,901 (480) 12,420 8.6 7.9 12.2 11.0 20.8 17.8 12.5% 1.4 8.6% (3.6%) BM&F Bovespa SA 5.66 4.77 6.49 10,943 (1,113) 9,830 9.7 8.6 13.2 11.8 15.7 13.9 15.1% 0.9 12.6% (6.7%) NYSE Euronext, Inc. 41.32 22.25 42.42 10,041 1,975 12,016 5.0 4.8 10.3 9.6 18.1 15.0 11.4% 1.3 5.1% 0.2% The Nasdaq OMX Group, Inc. 32.92 22.35 34.41 5,458 2,236 7,694 4.1 3.7 9.1 7.8 12.8 11.0 11.3% 1.0 11.4% (1.1%) CBOE Holdings, Inc. 49.48 27.62 49.80 4,318 (210) 4,108 7.0 6.4 12.5 11.0 24.7 21.6 12.0% 1.8 9.5% 17.6% TMX Group Limited 43.59 41.27 56.14 2,358 1,088 3,446 5.0 4.7 10.2 8.9 14.5 11.7 10.0% 1.2 6.8% NA Bolsa Mexicana de Valores SAB de CV 2.64 1.92 2.93 1,563 (174) 1,388 7.9 7.1 16.6 14.2 26.2 22.6 0.0% NA 10.9% 5.3%

Mean 7.0x 6.3x 12.1x 10.7x 19.4x 16.7x 10.6% 1.3 9.3% 0.6% Median 7.5 6.8 12.3 11.0 19.4 16.4 11.7% 1.3 9.5% (1.1%)

Exchanges - Asia Hong Kong Exchanges & Clearing Limited $15.68 $12.94 $19.43 $18,053 ($333) $17,719 15.2x 13.8x 21.2x 19.0x 29.0x 25.3x 7.6% 3.3 10.0% 18.5% Singapore Exchange Ltd. 5.99 5.14 6.21 6,400 (602) 5,799 9.5 9.0 14.8 14.2 22.5 20.5 9.0% 2.3 5.4% 28.1% ASX Limited 31.95 25.42 36.93 6,185 (4,240) 1,945 3.3 3.0 4.3 4.0 17.3 16.7 6.1% 2.7 8.1% (4.4%) Bursa Malaysia Bhd 2.62 1.90 2.62 1,393 (453) 940 6.5 6.0 10.9 9.8 24.0 22.3 11.8% 1.9 9.5% 24.8%

Mean 8.6x 7.9x 12.8x 11.7x 23.2x 21.2x 8.6% 2.6 8.3% 16.8% Median 8.0 7.5 12.8 12.0 23.3 21.4 8.3% 2.5 8.8% 21.7%

Exchanges - Europe Deutsche Boerse AG $69.55 $52.60 $73.32 $12,801 $353 $13,153 4.7x 4.4x 9.1x 8.1x 14.1x 12.4x 4.0% 3.1 6.5% (9.5%) London Stock Exchange Group plc 23.63 14.03 24.55 6,374 538 6,912 4.2 3.9 8.4 8.3 15.5 14.8 3.0% 4.9 8.1% (4.8%) Bolsas y Mercados Españoles 26.45 19.83 29.10 2,203 (322) 1,881 4.8 4.8 7.3 7.4 12.3 12.5 1.9% 6.7 (0.1%) 3.5% JSE Limited 7.88 6.79 8.17 676 (130) 545 NA NA NA NA 18.0 16.7 NA NA NA (2.3%) Hellenic Exchanges SA 7.93 3.08 9.25 519(1) (156) 362 3.5 5.3 4.7 8.8 12.6 16.8 23.8% 0.7 (34.0%) (16.9%) GPW 12.27 10.05 13.53 515 (53) 462 5.1 4.7 9.5 8.5 13.7 12.6 NA NA 8.5% 18.4%

Mean 4.5x 4.6x 7.8x 8.2x 14.4x 14.3x 8.2% 3.9 (2.2%) (1.9%) Median 4.7 4.7 8.4 8.3 13.9 13.7 3.5% 4.0 6.5% (3.6%)

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

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 7/26/13 Low High Value Debt Value CY 13E CY 14E CY 13E CY 14E CY 13E CY 14E Growth PEG 14E/13E Y/Y MRQ Investment Services, Software, & Technology SEI Investments Co. $31.68 $20.58 $32.00 $5,462 ($487) $4,975 4.5x 4.1x 12.1x 11.5x 23.6x 18.8x 14.0% 1.3 8.4% 13.8% TIBCO Software Inc. 24.28 18.18 32.95 3,984 (194) 3,790 3.6 3.3 13.9 11.9 24.9 20.3 13.2% 1.5 9.3% (0.6%) Broadridge Financial Solutions, Inc. 28.62 20.29 28.85 3,469 342 3,812 1.6 1.5 8.3 7.8 15.0 13.2 10.5% 1.3 4.5% 5.4% DST Systems Inc. 69.56 47.88 72.35 3,012 584 3,596 1.8 1.8 8.2 7.8 15.9 13.8 9.0% 1.5 1.7% 3.8% SS&C Technologies Holdings, Inc. 35.59 21.00 38.47 2,978 899 3,877 5.4 5.0 13.4 12.0 19.1 16.9 14.2% 1.2 8.1% 84.9% Financial Engines, Inc. 48.88 18.10 49.79 2,391 (192) 2,198 9.4 7.9 29.6 24.2 73.4 58.3 35.0% 1.7 19.5% 29.1% Advent Software, Inc. 28.87 20.85 36.21 1,484 (93) 1,391 3.7 3.5 13.7 11.3 24.0 22.1 14.5% 1.5 6.3% 6.4% Envestnet, Inc. 25.63 11.16 29.10 831 (32) 799 3.4 2.6 20.0 14.4 44.2 30.6 25.7% 1.2 31.5% 42.8%

Mean 4.2x 3.7x 14.9x 12.6x 30.0x 24.2x 17.0% 1.4 11.2% 23.2% Median 3.6 3.4 13.6 11.7 23.8 19.5 14.1% 1.4 8.2% 10.1%

Financial Data, Content, & Analytics Thomson Reuters Corporation $35.31 $26.71 $35.41 $29,295 $7,005 $36,300 2.8x 2.8x 10.7x 10.1x 19.4x 17.6x 5.4% 3.3 2.3% (4.2%) McGraw Hill Financial, Inc. 60.50 42.07 61.32 16,650 (1,101) 15,549 3.2 3.0 8.9 8.2 18.6 16.4 18.7% 0.9 5.7% 16.6% Moody's Corporation 64.37 38.02 69.70 14,187 (46) 14,141 4.8 4.5 10.7 9.7 18.2 16.3 13.6% 1.2 7.3% 18.0% Verisk Analytics, Inc. 61.47 45.04 63.45 10,351 1,178 11,529 6.7 6.2 14.7 13.4 26.7 23.5 14.2% 1.7 8.7% 16.4% FactSet Research Systems Inc. 108.96 86.88 110.75 4,724 (257) 4,466 5.1 4.8 13.2 12.4 21.5 19.9 12.9% 1.5 7.8% 6.1% MSCI Inc. 35.13 24.75 36.89 4,241 566 4,807 4.7 4.5 10.9 10.5 16.5 15.3 12.0% 1.3 4.5% 10.0% Dun & Bradstreet Corp. 103.12 69.21 112.10 4,119 1,130 5,249 3.2 3.1 9.2 8.8 13.6 12.5 8.4% 1.5 2.5% (5.4%) Morningstar Inc. 75.88 56.35 79.79 3,528 (315) 3,214 4.6 4.2 NA NA 28.5 24.3 NA NA 9.0% 5.7% Bankrate, Inc. 15.72 9.90 19.68 1,573 105 1,678 3.7 3.3 14.8 12.1 31.3 23.3 20.7% 1.1 11.4% (13.3%)

Mean 4.3x 4.0x 11.6x 10.7x 21.6x 18.8x 13.2% 1.6 6.6% 5.5% Median 4.6 4.2 10.8 10.3 19.4 17.6 13.3% 1.4 7.3% 6.1%

Online Broker Dealers The Charles Schwab Corporation (1) $22.12 $11.99 $22.59 $28,313 $1,600 $29,913 5.6x 5.1x 17.5x 14.3x 30.1x 24.9x 20.7% 1.2 9.1% 10.2% TD Ameritrade Holding Corporation (1) 27.02 15.14 27.65 14,866 1,148 16,014 5.7 5.3 12.7 11.3 22.4 19.9 12.6% 1.6 8.0% 8.9% E*TRADE Financial Corporation (1) 14.85 7.25 15.01 4,260 7,993 16,852 10.1 10.1 42.9 27.6 23.0 20.6 23.5% 0.9 (0.0%) 7.4% FXCM Inc. (1) 16.40 8.50 17.35 1,212 0 1,315 2.6 2.4 7.2 6.0 17.6 14.3 28.5% 0.5 10.3% 23.7% Interactive Brokers Group, Inc. 16.26 13.20 17.43 772 0 3,254 3.0 2.4 5.5 4.1 21.6 14.3 9.2% 1.5 23.1% 8.8% GAIN Capital Holdings, Inc. 6.06 3.86 6.66 216 (83) 134 0.7 0.6 NA NA 8.4 8.7 0.0% NA 3.8% 49.7%

Mean 4.6x 4.3x 17.2x 12.7x 20.5x 17.1x 15.8% 1.1 9.0% 18.1% Median 4.3 3.8 12.7 11.3 22.0 17.1 16.7% 1.2 8.5% 9.6%

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

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

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

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

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

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

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

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

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

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

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

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

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

3/14/13 EuroCCP EMCF Exchanges NA NA

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

8/7/12 Insurance Services Office, Inc. Argus Information & Advisory Services, LLC Information Analytics $425 NA

8/5/12 Getco Knight Capital Group, Inc. Trading Platform $400 0.3x

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