Financial Technology Sector Summary September 7, 2016

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 Team

London San Francisco New York

th 1 Southampton St. One Maritime Plaza, 25th Fl. 640 Fifth Avenue, 10 Fl. London WC2R0LR San Francisco, CA 94111 New York, NY 10019 United Kingdom (415) 318-3600 (212) 999-7090 +44 20 7484 4040

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 David Krueger Saif Malik Alexander Berry David Ibarra Director Vice President Vice President Associate Analyst

Phone: (212) 999-7075 Phone: (212) 537-4534 Phone: +44 (0) 207 038-3216 Phone: (212) 999-7079 Phone: (212) 537-4532 Mobile: (973) 229-0436 Mobile: (616) 822-7179 Mobile: +44 (0) 778 606-8553 Mobile: (818) 851-2300 Mobile: (917) 471-0821 [email protected] [email protected] [email protected] [email protected] [email protected]

4 SECTION II: Market Summary

5 MARKET SUMMARY Industry Stock Market Performance

140 190 Last 12 Months Last 3 Years

130 170

120 150

110 130

100 110

90 90

80 70

70 50 9/2/15 10/2/15 11/2/15 12/2/15 1/1/16 2/1/16 3/2/16 4/1/16 5/2/16 6/1/16 7/1/16 8/1/16 8/31/16 9/2/13 12/2/13 3/3/14 6/2/14 9/1/14 12/1/14 3/2/15 6/1/15 8/31/15 11/30/15 2/29/16 5/30/16 8/29/16

(1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Information Processors / Credit Bureaus 7.4% 32.4% 52.1% Financial Data, Content, Information Processors / Financial, Data, Content, & Analytics 7.0% 20.3% 62.4% & Analytics Credit Bureaus Healthcare / Insurance Technology 5.5% 11.3% 37.1% Exchanges 5.2% 16.1% 40.3% (6) (5) Banking & Lending Online Broker Dealers Banking & Lending Technology 2.9% 19.9% 68.6% Technology Investment Services, Software, & Technology 2.4% 10.4% 65.4%

Payments 1.4% 9.9% 45.1% (7) (8) Online Broker Dealers (1.3%) 3.9% 42.9% 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, TSS, UEPS, V, VNTV, WEX, LSE: WPG, WU, XTRA: WDI. (2) Exchanges: ASX: ASX, ATSE: EXAE, BMV: BOLSA A, BOVESPA: BVMF3, CATS: BME, CBOE, CME, ICE, JSE: JSE, KLSE: BURSA, LSE: LSE, NDAQ, SEHK: 388, SGX: S68, TSX: X, WSE: GPW, XTRA: DB1. (3) Financial Data, Content & Analytics: DNB, ENXTPA: FIM, FDS, HHS, HIS, MCO, MHP, MORN, MSCI, MRKT, RATE, TRI. (4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN. (5) 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 17.3x Exchanges 55.5%

Information Processors / Credit Bureaus 15.6x Online Broker Dealers 43.8%

Financial Data, Content, & Analytics 14.4x Financial Data, Content, & Analytics 32.0%

Investment Services, Software, & Investment Services, Software, & 14.2x 31.1% Technology Technology

Exchanges 13.1x Banking and Lending Technology 31.0%

Payments 12.5x Information Processors / Credit Bureaus 29.1%

Banking and Lending Technology 12.5x Payments 25.3%

Online Broker Dealers 12.1x Healthcare / Insurance Technology 21.3%

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 28.9x Healthcare / Insurance Technology 2.3 11.0%

Information Processors / Credit Bureaus 26.6x Financial Data, Content, & Analytics 2.1 12.5%

Investment Services, Software, & 24.6x Exchanges 2.1 10.6% Technology

Financial Data, Content, & Analytics 24.1x Banking and Lending Technology 2.0 14.9%

Exchanges 22.2x Information Processors / Credit Bureaus 2.0 14.0%

Investment Services, Software, & Healthcare / Insurance Technology 22.1x 1.9 14.4% Technology

Online Broker Dealers 21.1x Payments 1.4 14.5%

Payments 18.3x Online Broker Dealers 1.4 16.3%

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. $193,586 16% 28.4x Blackhawk Network Holdings, Inc. $1,888 (16%) 13.0x MasterCard Incorporated $107,458 7% 27.1x Green Dot Corporation $1,176 36% 16.4x American Express Company $60,221 (13%) 12.0x Net 1 Ueps Technologies Inc. $525 (50%) 5.6x PayPal Holdings, Inc. $44,740 5% 24.8x Sector Average $1,196 (10%) 11.7x Discover $24,226 15% 10.6x Sector Average $86,046 6% 20.6x LTM Price ATM / Kiosks Market Cap. Performance P/E 2016 LTM Price Merchant Processing Market Cap. Performance P/E 2016 Cardtronics plc $2,011 32% 13.7x Outerwall Inc. $892 (16%) 6.6x Cielo S.A. $23,380 24% 18.6x Everi Holdings Inc. $147 (55%) 3.3x First Data Corporation $13,095 NA 10.9x Global Payments Inc. $11,733 38% 24.6x Sector Average $1,016 (13%) 7.9x Total System Services, Inc. $9,350 11% 18.1x Vantiv, Inc. $8,434 20% 20.3x LTM Price plc $7,962 NA 25.0x POS Hardware / Technology Market Cap. Performance P/E 2016 AG $6,370 26% 24.6x Group $6,308 (14%) 19.6x Square, Inc. $4,118 NA NM NCR Corporation $4,270 39% 11.7x GMO Payment Gateway, Inc. $1,673 27% 65.1x Systems, Inc. $1,865 (46%) 10.6x EVERTEC, Inc. $1,277 (7%) 10.3x PAR Technology Corporation $82 13% NA CardConnect Corp. $290 NA 59.4x Planet Payment, Inc. $206 31% 23.7x Sector Average $3,131 (2%) 14.0x JetPay Corporation $37 (29%) NM Sector Average $7,324 21% 27.3x LTM Price Banking and Lending Technology Market Cap. Performance P/E 2016 LTM Price Intuit Inc. $28,907 30% 28.9x Money Transfer Market Cap. Performance P/E 2016 Fidelity National Information Services, Inc $26,370 18% 21.1x The Western Union Company $10,540 17% 13.0x Fiserv, Inc. $22,936 22% 23.5x Euronet Worldwide, Inc. $4,106 20% 19.4x Jack Henry & Associates Inc. $6,985 32% 27.9x Moneygram International Inc. $393 (15%) 9.3x Temenos Group AG $3,880 69% 29.3x Ellie Mae, Inc. $3,296 40% 48.1x Sector Average $5,013 7% 13.9x Black Knight Financial Services, Inc. $2,731 17% 34.4x DH Corporation $2,460 (26%) 12.9x LTM Price ACI Worldwide, Inc. $2,290 (9%) 36.0x Closed Loop Market Cap. Performance P/E 2016 LendingClub Corporation $2,112 (56%) NM FleetCor Technologies, Inc. $15,518 12% 24.5x Q2 Holdings, Inc. $1,139 6% NM Alliance Data Systems Corporation $12,285 (18%) 12.4x Bottomline Technologies (de), Inc. $892 (10%) 23.7x Edenred SA $5,289 12% 22.9x On Deck Capital, Inc. $450 (32%) NM WEX Inc. $4,447 9% 24.1x Performant Financial Corporation $106 (22%) 46.9x Sector Average $9,385 4% 21.0x Sector Average $7,468 6% 30.2x

LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2016 0 Experian plc $19,464 24% 22.9x Equifax Inc. $16,010 36% 24.9x Fair Isaac Corporation $4,084 57% 28.2x Acxiom Corporation $2,044 27% 44.3x Sector Average $10,401 36% 30.1x Notes: 9 Source: CapitalIQ and Wall Street Research. Market data as of September 2, 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 Technology Market Cap. Performance P/E 2016 0 CME Group Inc. $36,769 16% 24.6x Broadridge Financial Solutions, Inc. $8,388 37% 25.3x Intercontinental Exchange, Inc. $34,003 25% 20.5x SEI Investments Co. $7,419 (8%) 23.9x Nasdaq, Inc. $11,858 40% 19.2x SS&C Technologies Holdings, Inc. $6,740 (0%) 20.8x BM&FBOVESPA S.A. $10,051 101% 17.2x DST Systems Inc. $4,025 19% 21.4x CBOE Holdings, Inc. $5,570 7% 28.3x Financial Engines, Inc. $2,006 6% 29.6x TMX Group Limited $2,429 26% 13.7x Envestnet, Inc. $1,739 33% 40.8x Sector Average $16,780 36% 20.6x Sector Average $3,628 14% 28.1x

LTM Price LTM Price Exchanges - Asia Market Cap. Performance P/E 2016 Financial Data, Content, & Analytics Market Cap. Performance P/E 2016 0 Hong Kong Exchanges & Clearing Limited $29,871 7% 38.3x S&P Global, Inc. $33,114 34% 24.2x ASX Limited $7,574 52% 23.1x Thomson Reuters Corporation $31,614 8% 21.0x Singapore Exchange Limited $6,001 9% 22.9x Moody's Corporation $21,043 8% 24.0x Bursa Malaysia Berhad $1,150 14% 22.7x IHS Markit Ltd. $15,767 29% 21.4x Verisk Analytics, Inc. $14,166 14% 27.8x Sector Average $11,149 21% 26.8x MSCI Inc. $8,474 50% 30.6x FactSet Research Systems Inc. $7,379 15% 26.7x LTM Price The Dun & Bradstreet Corporation $5,023 32% 18.7x Exchanges - Europe Market Cap. Performance P/E 2016 Morningstar Inc. $3,634 7% 27.8x 0 Bankrate, Inc. $715 (24%) 15.3x Deutsche Boerse AG $15,513 (8%) 16.9x London Stock Exchange Group plc $12,925 (3%) 23.8x Sector Average $11,980 15% 23.7x Bolsas y Mercados Españoles $2,653 (18%) 14.3x JSE Limited $965 12% 13.6x LTM Price GPW $382 (21%) 11.0x Online Broker Dealers Market Cap. Performance P/E 2016 Hellenic Exchanges - Athens Stock Exch. $309 (2%) 42.9x The Charles Schwab Corporation $41,370 5% 25.0x Sector Average $5,458 (7%) 20.4x TD Ameritrade Holding Corporation $17,222 0% 21.1x E*TRADE Financial Corporation $7,246 3% 15.7x LTM Price Interactive Brokers Group, Inc. $2,377 (6%) 22.4x Trading Platforms Market Cap. Performance P/E 2016 GAIN Capital Holdings, Inc. $313 (20%) 9.6x FXCM Inc. $53 2% NA MarketAxess Holdings Inc. $6,493 79% 68.1x BGC Partners, Inc. $2,446 (0%) 11.9x Sector Average $11,430 (2%) 18.7x KCG Holdings, Inc. $1,267 32% 19.6x INTL FCStone Inc. $678 42% 12.6x Virtu Financial, Inc. $622 (30%) 11.8x Investment Technology Group, Inc. $510 (1%) 17.2x Sector Average $2,003 20% 23.5x

Notes: 10 Source: CapitalIQ and Wall Street Research. Market data as of September 2, 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 9/2/16 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. $82.00 $66.12 $82.15 $193,586 $7,127 $200,713 12.8x 11.0x 18.8x 16.0x 28.4x 23.7x 16.8% 1.7 11.6% 3.2% MasterCard Incorporated 97.89 78.52 101.76 107,458 (3,141) 104,317 9.8x 8.9x 17.1x 15.3x 27.1x 23.5x 15.8% 1.7 9.7% 12.7% American Express Company 65.19 50.27 78.40 60,221 18,832 79,053 2.5x 2.5x NM NM 12.0x 11.7x 8.3% 1.5 3.3% (0.4%) PayPal Holdings, Inc. 37.07 30.30 41.75 44,740 (4,957) 39,783 3.7x 3.2x 14.4x 12.5x 24.8x 21.4x 15.0% 1.7 16.9% NM Discover Financial Services 60.02 42.86 60.29 24,226 14,093 38,319 4.2x 4.1x NM NM 10.6x 9.9x 6.1% 1.7 24.9% 6.6%

Mean 6.6x 5.9x 16.8x 14.6x 20.6x 18.0x 12.4% 1.7 13.3% 5.5% Median 4.2x 4.1x 17.1x 15.3x 24.8x 21.4x 15.0% 1.7 11.6% 4.9%

Merchant Processing Cielo S.A. $10.17 $7.18 $11.61 $22,977 $2,994 $25,971 6.7x 6.2x 15.1x 13.7x 18.6x 16.5x 13.0% 1.4 37.8% 6.6% First Data Corporation 14.39 8.37 17.99 13,095 18,854 31,949 2.7x 2.6x 11.1x 10.5x 10.9x 9.5x 15.0% 0.7 2.8% 1.5% Global Payments Inc. 76.32 51.29 79.93 11,733 3,849 15,582 5.7x 4.6x 18.1x 13.7x 24.6x 19.9x 13.0% 1.9 (3.7%) 5.7% Total System Services, Inc. 50.86 37.47 56.69 9,350 3,184 12,534 3.0x 2.5x 12.4x 10.9x 18.1x 16.0x 11.0% 1.6 6.8% 66.3% Vantiv, Inc. 53.90 42.01 59.62 8,434 2,849 11,283 6.0x 5.6x 12.5x 11.6x 20.3x 17.9x 14.3% 1.4 11.4% 13.4% Worldpay Group plc 3.96 3.19 4.26 7,929 1,815 9,744 6.5x 5.9x 16.2x 14.4x 25.0x 22.9x 29.9% 0.8 3.9% (2.0%) Wirecard AG 51.15 32.79 54.60 6,320 (853) 5,467 4.8x 3.8x 16.2x 12.8x 24.6x 21.6x 27.4% 0.9 30.0% 31.0% Square, Inc. 12.05 11.90 15.91 4,118 (403) 3,715 5.5x 4.3x NM 41.8x NM NM 20.0% NM 49.1% 41.5% GMO Payment Gateway, Inc. 44.32 34.87 77.51 1,632 (297) 1,335 10.8x 8.6x 30.3x 23.7x 65.1x 50.7x 24.4% 2.7 50.9% 62.5% EVERTEC, Inc. 17.04 11.27 19.66 1,277 621 1,898 4.9x 4.8x 10.2x 10.0x 10.3x 9.8x 10.5% 1.0 3.3% 4.6% CardConnect Corp. 10.10 9.50 10.60 290 49 339 0.6x 0.5x 8.7x 7.0x 59.4x 32.6x 0.0% NA 28.9% NA Planet Payment, Inc. 3.79 2.19 4.97 206 (0) 205 3.5x 3.2x 14.0x 11.5x 23.7x 17.5x 24.5% 1.0 9.7% 3.3% JetPay Corporation 2.09 1.91 3.25 37 14 51 0.9x 0.8x 22.3x 18.2x NM NM NA NA 28.9% 15.6%

Mean 4.7x 4.1x 15.6x 15.4x 27.3x 21.3x 16.9% 1.3 20.0% 20.8% Median 4.9x 4.3x 14.6x 12.8x 23.7x 17.9x 14.7% 1.2 11.4% 10.0%

Money Transfer The Western Union Company $21.61 $16.02 $21.80 $10,540 $2,047 $12,586 2.3x 2.3x 9.4x 9.2x 13.0x 12.5x 7.5% 1.7 (0.6%) (0.6%) Euronet Worldwide, Inc. 78.81 51.79 82.49 4,106 (56) 4,049 2.1x 1.9x 11.5x 10.0x 19.4x 17.1x 14.7% 1.3 11.3% 12.2% Moneygram International Inc. 7.35 4.68 10.92 393 790 1,183 0.8x 0.7x 4.5x 4.2x 9.3x 7.3x 13.8% 0.7 6.8% 6.9%

Mean 1.7x 1.6x 8.5x 7.8x 13.9x 12.3x 12.0% 1.2 5.9% 6.2% Median 2.1x 1.9x 9.4x 9.2x 13.0x 12.5x 13.8% 1.3 6.8% 6.9%

Closed Loop FleetCor Technologies, Inc. $167.63 $107.56 $169.59 $15,518 $2,339 $17,857 9.7x 8.6x 18.5x 15.7x 24.5x 21.2x 16.5% 1.5 8.1% 3.3% Alliance Data Systems Corporation 209.90 176.63 303.75 12,285 17,265 29,550 4.1x 3.7x 14.6x 13.3x 12.4x 11.1x 15.1% 0.8 11.6% 16.5% Edenred SA 22.66 14.74 24.48 5,248 1,270 6,518 5.2x 4.8x 14.0x 12.6x 22.9x 20.1x 10.9% 2.1 16.4% (2.1%) WEX Inc. 104.10 54.42 104.31 4,447 940 5,388 5.4x 4.5x 14.8x 11.3x 24.1x 20.0x 15.0% 1.6 16.2% 9.5%

Mean 6.1x 5.4x 15.5x 13.2x 21.0x 18.1x 14.4% 1.5 13.1% 6.8% Median 5.3x 4.7x 14.7x 12.9x 23.5x 20.0x 15.0% 1.5 13.9% 6.4%

Prepaid Blackhawk Network Holdings, Inc. $33.52 $29.91 $48.40 $1,888 $264 $2,152 1.1x 0.9x 10.2x 8.8x 13.0x 13.9x 14.8% 0.9 10.7% 5.1% Green Dot Corporation 23.41 15.28 24.41 1,176 254 1,429 2.0x 1.9x 9.0x 8.2x 16.4x 13.6x 12.5% 1.3 2.0% 1.5% Net 1 Ueps Technologies Inc. 9.69 8.44 19.49 525 (172) 353 0.6x 0.6x 2.4x 2.1x 5.6x 5.4 0.0% NA (2.2%) (7.9%)

Mean 1.2x 1.1x 7.2x 6.4x 11.7x 10.9x 9.1% 1.1 3.5% (0.4%) Median 1.1x 0.9x 9.0x 8.2x 13.0x 13.6x 12.5% 1.1 2.0% 1.5%

Notes: 12 Source: CapitalIQ and Wall Street Research 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 9/2/16 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 $44.46 $28.01 $48.46 $2,011 $472 $2,483 2.0x 2.0x 7.7x 7.8x 13.7x 14.4x 13.5% 1.0 5.4% 6.7% Outerwall Inc. 51.79 24.81 66.68 892 557 1,448 0.7x 0.8x 3.6x 4.1x 6.6x 8.7x 10.0% 0.7 (8.0%) (5.0%) Everi Holdings Inc. 2.22 1.13 5.62 147 1,030 1,177 1.4x 1.3x 6.0x 5.7x 3.3x 2.8x 20.0% 0.2 2.3% 3.7%

Mean 1.4x 1.4x 5.8x 5.9x 7.9x 8.7x 14.5% 0.6 (0.1%) 1.8% Median 1.4x 1.3x 6.0x 5.7x 6.6x 8.7x 13.5% 0.7 2.3% 3.7%

POS Hardware / Technology Ingenico Group $102.24 $96.36 $136.29 $6,259 $241 $6,500 2.5x 2.2x 11.7x 10.4x 19.6x 17.1x 13.5% 1.4 10.9% 6.8% NCR Corporation 34.49 18.02 34.99 4,270 3,126 7,396 1.2x 1.1x 7.1x 6.7x 11.7x 10.6x NA NA 0.1% 1.0% VeriFone Systems, Inc. 16.81 16.07 31.24 1,865 817 2,682 1.4x 1.3x 6.9x 7.5x 10.6x 9.5x 0.0% NA (2.5%) (4.3%) PAR Technology Corporation 5.21 4.30 7.53 82 (3) 79 NA NA NA NA NA NA NA NA NA (10.6%)

Mean 1.7x 1.6x 8.6x 8.2x 14.0x 12.4x 6.8% NM 2.8% (1.8%) Median 1.4x 1.3x 7.1x 7.5x 11.7x 10.6x 6.8% NM 0.1% (1.6%)

Banking and Lending Technology Intuit Inc. $112.07 $84.11 $116.97 $28,907 ($80) $28,827 6.0x 5.5x 16.5x 14.2x 28.9x 24.7x 16.1% 1.8 7.7% 8.3% Fidelity National Information Services, Inc 80.44 55.11 81.41 26,370 10,365 36,735 3.9x 3.7x 12.5x 11.6x 21.1x 18.3x 12.0% 1.8 3.7% 45.2% Fiserv, Inc. 104.34 83.70 111.51 22,936 4,291 27,227 4.9x 4.6x 14.2x 13.2x 23.5x 21.0x 11.7% 2.0 5.9% 5.0% Jack Henry & Associates Inc. 88.94 66.00 89.89 6,985 (70) 6,915 5.0x 4.8x 13.7x 13.3x 27.9x 27.7x 11.0% 2.5 6.5% 10.0% Temenos Group AG 58.72 33.89 62.18 3,833 288 4,122 6.7x 6.1x 17.5x 15.4x 28.9x 25.4x 16.4% 1.8 13.2% 20.8% Ellie Mae, Inc. 98.80 57.88 102.63 3,296 (89) 3,207 9.4x 7.6x 31.6x 22.4x 48.1x 37.5x 23.3% 2.1 34.5% 36.6% Black Knight Financial Services, Inc. 39.53 24.50 39.95 2,731 1,606 4,337 4.2x 3.9x 9.4x 8.4x 34.4x 30.2x 13.7% 2.5 10.5% 10.1% DH Corporation 22.82 21.67 32.01 2,438 1,463 3,900 3.0x 2.9x 10.4x 9.5x 12.9x 11.5x NA NA 21.4% 9.5% ACI Worldwide, Inc. 19.54 15.07 24.61 2,290 683 2,972 2.9x 2.8x 11.7x 10.6x 36.0x 30.2x 13.5% 2.7 (3.5%) (17.3%) LendingClub Corporation 5.40 3.44 15.00 2,112 (573) 1,539 3.3x 2.7x NM 30.7x NM 90.2x 0.0% NA 9.4% 6.7% Q2 Holdings, Inc. 28.63 16.44 30.73 1,139 (96) 1,043 7.0x 5.5x NM NM NM NM NA NA 36.7% 37.0% Bottomline Technologies (de), Inc. 23.98 18.48 31.58 892 39 931 2.7x 2.5x 12.4x 12.5x 23.7x 22.7x 17.3% 1.4 2.7% 3.2% On Deck Capital, Inc. 6.35 4.20 12.85 450 479 929 3.2x 2.4x NM NM NM NM 35.7% NM 13.2% (22.0%) Performant Financial Corporation 2.11 1.51 3.39 106 13 118 0.9x 0.9x 5.9x 6.7x 46.9 52.8x 20.0% 2.3 (13.2%) (7.7%)

Mean 4.5x 4.0x 14.2x 14.0x 30.2x 32.7x 15.9% 2.1 10.6% 10.4% Median 4.0x 3.8x 12.5x 12.9x 28.9x 26.6x 14.9% 2.0 8.5% 8.9%

Information Processors / Credit Bureaus Experian plc $20.54 $13.52 $20.59 $19,384 $3,083 $22,467 4.9x 4.7x 14.1x 13.4x 22.8x 20.6x 11.0% 2.1 NA NA Equifax Inc. 134.16 91.72 136.97 16,010 2,849 18,859 6.0x 5.5x 17.1x 15.3x 24.9x 22.5x 12.7% 2.0 18.1% 19.6% Fair Isaac Corporation 132.36 78.11 132.36 4,084 483 4,567 5.2x 4.9x 22.2x 18.8x 28.2x 23.8x 15.7% 1.8 3.7% 14.0% Acxiom Corporation 26.41 17.32 26.56 2,044 32 2,076 2.4x 2.3x 13.8x 12.1x 44.3x 38.0x 15.3% 2.9 5.1% 9.1% Intersections Inc. 1.83 1.71 3.55 43 (2) 41 NA NA NA NA NA NA NA NA NA (13.9%)

Mean 4.6x 4.3x 16.8x 14.9x 30.1x 26.2x 13.7% 2.2 8.9% 7.2% Median 5.1x 4.8x 15.6x 14.3x 26.6x 23.2x 14.0% 2.0 5.1% 11.6%

Notes: 13 Source: CapitalIQ and Wall Street Research 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

9/1/16 Tieto Oyj Emric AB Lending Software $35 1.6x Terra Payment Services (Netherlands) 8/29/16 Pay2Global Limited Money Transfer NA NA B.V. 8/18/16 Rakuten, Inc. Bitnet Technologies Digital Currency NA NA Entertainment Publications Of Australia 8/12/16 BPS Technology Limited Mobile Payments $19 NA Pty Ltd and Entertainment Publications 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

7/28/16 BPCE SA Fidor Bank AG Digital Banking NA NA

7/21/16 MasterCard Incorporated VocaLink Holdings Limited Mobile Payments $1,225 5.1x

7/5/16 Next Group Holdings Inc. Transaction Processing Products, Inc. Gift Cards NA NA

7/1/16 Klik and Pay LLC PAYMILL GmbH eCommerce Payments 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

6/28/16 Sandpiper Digital Payments AG InterCard AG Informationssysteme 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

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

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 JDA Software Group, Inc., JDA Point-of- 5/4/16 Zoftec, LLC POS NA NA Sale Solutions Setefi S.p.A. and Intesa Sanpaolo Card 5/2/16 Mercury UK Holdco Limited Issuer Processing $1,192 NA D.O.O. 4/28/16 Emerchants Limited Store Financial Services, LLC Prepaid $34 NA Barclaycard, Consumer Payments 4/28/16 Bancopopular-e, S.A. 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

4/20/16 SoftPay Mobile International Pte. Ltd. MPOS Vietnam POS NA NA Goldleaf Enterprise Payments (GEPI), 4/19/16 Battery Ventures Check Processing NA NA Inc. 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

4/12/16 Electronic Payments, Inc. Complete Merchant Solutions LLC Merchant Processing 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

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

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 , Inc. Armor Payments, Inc. B2B Payments NA NA

3/14/16 Inflexion Private Equity Partners LLP Global Reach Partners Limited FX 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 ACI Worldwide, Inc., Community 1/20/16 Fiserv, Inc. Banking Technology $200 NA Financial Services Business 1/20/16 Flywire ScholarFX Money Transfer NA NA

1/15/16 VeriFone Systems, Inc. AJB Software Design Inc. Gateway $90 NA

1/6/16 Blackhawk Network Holdings, Inc. Omni Prepaid, LLC Prepaid $120 NA Heartland Payment Systems, Inc., 1/4/16 EchoSat Communications Group, Inc. Gateway $10 NA Smartlink Division 12/28/15 Grovepoint Capital LLP Payzone UK Limited Mobile Payments $65 NA

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

12/15/15 Global Payments Inc. Heartland Payment Systems, Inc. Payment Processing $4,414 7.4x

12/1/15 Q2 Software, Inc. SmartyPig, LLC Banking Software $11 NA Industrial and Financial Systems, IFS AB 11/30/15 EQT Partners AB; EQT VII Financial Software $974 2.6x (publ) Calpian, Inc. (nka:MoneyOnMobile, 11/30/15 Excel Corporation ISO NA NA Inc.) 11/23/15 Eurazeo Fintrax Group Holdings Ltd. Multi-Currency Payments $398 1.9x Zoom-Cash Inc., Exclusive Rights Of 11/11/15 Necessity Funding Partners, LLC Cash Payments NA NA Legal Funding Payment System 11/9/15 VeriFone Systems, Inc. InterCard AG POS $93 NA

11/4/15 ACI Worldwide, Inc. PAY.ON AG Gateway $196 NA

11/3/15 Worldline S.A. PaySquare SE Processing $79 1.0x

11/2/15 Visa Inc. Visa Europe Limited Networks $21,140 12.0x

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

10/28/15 Digital Asset Holdings, LLC Blockstack Inc. Blockchain NA NA Payments Business and 60% Stake in GI 10/27/15 Wirecard AG Prepaid $375 NA Technology Private Limited 80% in Elaxy Financial Software & 10/22/15 CREALOGIX Holding AG Banking Software NA NA Solutions And 20% in Elaxy Business Zwipe Payment Technologies Private 10/21/15 Citrus Payment Solutions Pvt. Ltd. Gateway NA NA Limited 10/19/15 WEX Inc. Electronic Funds Source LLC Closed Loop $1,470 NA

10/17/15 Diebold, Incorporated Wincor Nixdorf Aktiengesellschaft ATMs / Kiosks $1,956 0.7x

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

10/15/15 Evolution1, Inc. Benaissance LLC Merchant Processing $81 6.1x

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

Notes: 17 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 Precidia Technologies Inc. 10/6/15 Merchant Link, LLC Merchant Processing NA NA (nka:iPocket232 Inc.) 10/1/15 Flywire Uni-Pay Limited Cross Border Payments NA NA

9/24/15 Prosper Marketplace, Inc. BillGuard, Inc. Anti-Fraud $30 NA

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

9/21/15 ShopKeep.com Inc. Refulgent Software LLC POS NA NA SunGard Ambit (Singapore) Pte. Ltd. 9/18/15 Silverlake Axis Ltd Lending Software $17 NA (nka:Silverlake Symmetri (Singapore) 9/3/15 Asseco Poland Spólka Akcyjna Exictos SGPS, S.A. Banking Software $39 0.8x

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

9/2/15 The Riverside Company Baker Hill Corporation Loan Management Software $100 3.2x Boku, Inc., Pay by Call Payment 9/2/15 DaoPay GmbH Telephonic Payments NA NA Business 9/2/15 Flipkart Payments Pvt. Ltd. FX Mart Pvt. Ltd. Money Transfer $4 NA

Notes: 18 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 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 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

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

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

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 , 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

6/15/16 Payoff, Inc. Series C $47 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

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

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 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

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 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

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

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

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, , 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 Formation8 Partners, Lightspeed Venture Partners, The Founders 1/20/16 Blend Labs, Inc. Series C $40 Mortgage Technology Fund 1/19/16 Brightpearl Limited Series C $11 Eden Ventures, MMC Ventures, Norion Capital Partners POS / Retail Software

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

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

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

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

11/29/15 Tyro Payments Limited NA $72 TDM Asset Management, Tiger Global Management Merchant Processing BBVA Group, Marathon, Polar Capital, Toscafund Asset 11/24/15 Atom Bank NA $128 Online Banking Management, Woodford Investment Management 11/18/15 Ebury Partners UK Ltd NA $83 83 North, Vitruvian Partners SMB Lending Digital Currency, Fenway Summer, Kleiner Perkins, Pantera, 11/17/15 Align Commerce Corporation Series A $13 Money Transfer Recruit Strategic, Silicon Valley Bank 11/17/15 Earnest Operations LLC Series B $75 Adams Street Partners, Battery Ventures, Maveron Online Lending

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

11/11/15 NCR Corporation PIPE $820 Blackstone POS Collaborative Fund, Canaan, Maveron, QED, Rose Park, Union 11/11/15 CircleUp Network, Inc. Series C $30 Crowdfunding Square 11/10/15 Bread Series A $14 Bessemer, RRE Consumer Finance

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

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

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

11/3/15 FactorTrust, Inc. NA $42 ABS, Mission Operators Group Credit Scoring 83 North, Commerce Ventures, CommerzVentrues, Granite 10/27/15 Marqeta Inc. Series C $25 Issuer Processing Ventures, IA Capital Group Correlation Ventures, Crosslink, Leapfrog, Wildcat Ventures 10/26/15 Zebit Series A $10 Consumer Finance Partners Matrix Partners, Nyca Partners, Oak HC/FT, StartX, Webb 10/22/15 Poynt Co. Series B $28 POS Investment Network Personal Financial 10/21/15 Money Forward, Inc. Series C $13 Fenox, Mitsubishi, Mitsui & Co., Toho Bank, Yamaguchi Financial Management 10/19/15 Wave Crest Holdings Limited Series E $14 Vesuvius Ventures Payments BlueRun, ING, Recruit, Reverence Capital, Santander, Scotiabank, 10/14/15 Kabbage Inc. Series E $135 Online Lending Thomvest Ventures, UPS Strategic Enterprise

Notes: 24 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Subsector Acumen Fund, Adlevo Capital, Capricorn Investment Group, 10/6/15 Paga Series B $13 Mobile Payments Omidyar Network 10/1/15 Transaction Mobility Series A $33 Undisclosed Gateways

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

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

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

9/24/15 DriverUp Series B $20 Emerald Development Managers, RRE Ventures, SF Capital Group Online Lending First Round Capital, Khosla Ventures, QED Investors, 9/17/15 Fundera, Inc. Series B $12 Online Lending Susquehanna Growth Equity Accel Partners, Caisse de depot et placement du Quebec, iNovia 9/13/15 Lightspeed POS Inc. Series C $61 POS Capital, Investissement Quebec 9/11/15 Abra Series A $12 Arbor Ventures, First Round Capital, RRE Ventures Money Transfer Bezos Expoditions, Blumberg Capital, Entrée Capital, General 9/10/15 Fundbox Ltd. NA $50 SMB Lending Catalyst, Khosla Ventures, Sound Ventures, Spark Capital 9/10/15 Neft Series A $10 Undisclosed Credit Monitoring Canaan Partners, Conversion Capital, Nyca Partners, QED 9/10/15 Orchard, Inc. Series B $30 Online Lending Investors, Spark Capital, Thomvest Ventures, Thrive Capital 9/3/15 Shift Payments NA $50 Undisclosed Debit Collaborative Fund, Data Collective, Female Founders Fund, 9/2/15 InVenture Series A $10 Mobile Payments Lowercase Capital

Notes: 25 Source: CapitalIQ and Pitchbook. SECTION IV: Securities / Capital Markets / Data & Analytics

26 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 9/2/16 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. $108.51 $81.87 $109.65 $36,769 $989 $37,758 10.6x 10.1x 15.3x 14.2x 24.6x 23.0x 12.4% 2.0 7.2% 10.5% Intercontinental Exchange, Inc. 285.37 223.49 286.47 34,003 6,116 40,119 8.9x 8.5x 14.7x 13.6x 20.5x 18.4x 14.4% 1.4 (3.6%) 41.7% Nasdaq, Inc. 71.67 49.89 71.92 11,858 3,301 15,159 6.6x 6.1x 13.1x 12.1x 19.2x 16.8x 10.3% 1.9 9.5% 11.2% BM&FBOVESPA S.A. 5.53 2.99 6.38 9,877 (30) 9,847 13.7x 12.4x 20.3x 17.9x 17.2x 14.8x 0.0% NA 28.0% 2.0% CBOE Holdings, Inc. 68.53 58.43 72.53 5,570 (52) 5,518 8.5x 8.0x 15.3x 14.0x 28.3x 25.8x 11.3% 2.5 2.6% 9.8% TMX Group Limited 44.16 25.59 47.63 2,407 587 2,994 5.2x 5.1x 10.5x 10.1x 13.7x 13.1x NA NA 3.8% 4.6% Bolsa Mexicana de Valores SAB de CV 1.88 1.13 1.91 1,114 (85) 1,029 6.9x 6.3x 13.1x 11.9x 22.2x 20.4x 10.9% 2.0 (0.7%) (9.2%)

Mean 8.6x 8.1x 14.6x 13.4x 20.8x 18.9x 9.9% 2.0 6.7% 10.1% Median 8.5x 8.0x 14.7x 13.6x 20.5x 18.4x 11.1% 2.0 3.8% 9.8%

Exchanges - Asia Hong Kong Exchanges & Clearing Limited $24.60 $20.64 $28.29 $29,871 ($1,740) $28,131 19.4x 17.2x 27.8x 24.3x 38.3x 32.7x 0.0% NA (12.4%) (29.5%) ASX Limited 38.52 27.67 39.56 7,450 (680) 6,770 12.0x 11.4x 15.7x 14.9x 23.1x 22.2x 4.9% 4.7 (13.4%) (0.2%) Singapore Exchange Limited 5.54 4.86 5.92 5,936 (644) 5,292 8.9x 8.4x 15.6x 13.8x 22.9x 20.2x NA NA 1.4% (8.0%) Bursa Malaysia Berhad 2.13 1.91 2.31 1,142 (112) 1,030 7.9x 7.5x 13.9x 12.9x 22.7x 21.0x NA NA 9.1% (4.5%)

Mean 12.1x 11.1x 18.3x 16.5x 26.8x 24.0x 2.4% NM (3.8%) (10.5%) Median 10.5x 9.9x 15.7x 14.4x 23.0x 21.6x 2.4% NM (5.5%) (6.2%)

Exchanges - Europe Deutsche Boerse AG $82.43 $77.32 $95.35 $15,391 $1,182 $16,573 6.0x 5.7x 11.1x 10.2x 16.9x 15.4x 6.0% 2.8 (7.7%) 6.7% London Stock Exchange Group plc 36.79 27.69 39.35 12,872 (1,265) 11,607 5.5x 5.3x 11.6x 10.3x 23.8x 19.9x 18.0% 1.3 0.1% (5.9%) Bolsas y Mercados Españoles 31.62 23.09 40.52 2,633 (351) 2,282 6.2x 6.3x 9.1x 9.4x 14.3x 14.8x NM NM (2.2%) (3.9%) JSE Limited 10.89 7.59 12.96 932 (119) 813 4.8x 4.4x 9.7x 8.8x 13.6x 12.6x NA NA 21.8% (3.7%) GPW 8.94 7.92 11.60 375 (65) 310 3.7x 3.9x 7.4x 7.1x 11.0x 11.6x 5.0% 2.2 0.4% (8.4%) Hellenic Exchanges - Athens Stock Exch. 4.91 3.79 6.52 307 (141) 166 4.8x 3.7x 12.4x 7.9x 42.9x 22.0x 15.3% 2.8 (3.1%) (15.0%) (1)

Mean 5.2x 4.9x 10.2x 8.9x 20.4x 16.0x 11.1% 2.3 1.5% (5.0%) Median 5.2x 4.8x 10.4x 9.1x 15.6x 15.1x 10.7% 2.5 (1.0%) (4.9%)

Exchanges Mean 8.6x 8.0x 14.4x 12.9x 22.7x 19.7x 7.8% 2.1 1.5% (1.8%) Median 8.5 8.0 14.7 13.6 20.5 18.4 10.7% 2.2 (1.0%) (4.9%)

Trading Platforms MarketAxess Holdings Inc. $172.54 $86.19 $172.66 $6,493 $0 $6,493 21.5x 17.6x 39.2x 31.7x 68.1x 53.5x 18.5% 2.9 21.6% 28.0% BGC Partners, Inc. 8.84 7.80 9.90 2,446 1,132 3,419 1.3 1.3 7.2 7.0 11.9 10.7 12.7% 0.8 1.8% (2.1%) KCG Holdings, Inc. 14.58 10.03 15.21 1,267 2,362 6,493 4.0 5.5 NA 26.1 19.6 13.6 10.0% 1.4 (26.9%) 24.1% INTL FCStone Inc. 36.84 24.27 37.26 678 1,919 3,419 5.4 4.9 NA NA 12.6 11.1 NA NA NA 21.8% Virtu Financial, Inc. 16.27 15.88 25.72 622 1,516 2,982 5.8 6.9 8.1 10.9 11.8 16.0 NA NA (16.4%) NA Investment Technology Group, Inc. 15.51 12.63 22.92 510 250 755 1.4 1.6 NA 28.3 17.2 NM NA NA (9.9%) (16.0%)

Datapoints 6 6 3 5 6 5 3 3 5 5 Min 1.3 x 1.3 x 7.2 x 7.0 x 11.8 x 10.7 x 0.1 x 0.8 x -26.9% -16.0% Max 21.5 17.6 39.2 31.7 68.1 53.5 0.2 2.9 21.6% 0.3 Mean 6.5x 6.3x 18.1x 20.8x 23.5x 21.0x 13.7% 1.7 (6.0%) 11.2% Median 4.7 5.2 8.1 26.1 14.9 13.6 12.7% 1.4 (9.9%) 21.8%

Notes: 27 Source: CapitalIQ and Wall Street Research 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 9/2/16 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 Broadridge Financial Solutions, Inc. $70.92 $48.56 $70.92 $8,388 $295 $8,683 2.5x 2.0x 13.0x 10.9x 25.3x 21.3x 11.0% 2.3 (10.1%) 4.8% SEI Investments Co. 45.99 32.01 55.11 7,419 (595) 6,825 4.9x 4.5x 13.8x 11.9x 23.9x 20.3x 13.7% 1.7 4.2% 1.8% SS&C Technologies Holdings, Inc. 33.51 23.62 38.60 6,740 2,506 9,246 6.1x 5.6x 14.8x 12.9x 20.8x 17.3x 15.0% 1.4 15.4% 75.3% DST Systems Inc. 123.38 97.32 128.66 4,025 640 4,664 3.4x 2.8x 12.1x 11.0x 21.4x 17.7x 10.0% 2.1 0.2% 7.4% Financial Engines, Inc. 32.47 23.22 40.00 2,006 (101) 1,905 4.5x 3.9x 14.6x 12.3x 29.6x 25.0x 25.0% 1.2 35.3% 35.8% Envestnet, Inc.(1) 40.62 19.30 41.47 1,739 252 1,991 3.4x 2.9x 19.8x 14.7x 40.8x 28.6x 20.0% 2.0 10.7% 38.0%

Mean 4.1x 3.6x 14.7x 12.3x 27.0x 21.7x 15.8% 1.8 9.3% 27.2% Median 4.0x 3.4x 14.2x 12.1x 24.6x 20.8x 14.4% 1.9 7.4% 21.6%

Financial Data, Content, & Analytics S&P Global, Inc. $125.43 $78.55 $125.55 $33,114 $2,212 $35,326 6.3x 6.1x 14.6x 13.6x 24.2x 21.6x 12.9% 1.9 5.3% 10.4% Thomson Reuters Corporation 42.42 33.96 43.68 31,614 8,284 39,898 3.5x 3.4x 12.6x 11.9x 21.0x 18.5x 8.0% 2.6 (7.3%) (1.2%) Moody's Corporation 109.43 77.76 109.58 21,043 1,394 22,437 6.3x 6.0x 14.2x 13.2x 24.0x 21.4x 11.2% 2.1 1.6% 1.2% IHS Markit Ltd. (2) 37.50 26.01 37.67 15,767 653 16,421 4.7x 4.5x 16.7x 11.9x 21.4x 18.3x 15.2% 1.4 6.8% 6.0% Verisk Analytics, Inc. 83.84 64.79 86.00 14,166 2,076 16,242 8.1x 7.7x 16.2x 15.0x 27.8x 25.1x 12.2% 2.3 (3.2%) 16.3% MSCI Inc. 89.55 56.87 90.79 8,474 1,176 9,650 8.4x 7.8x 17.3x 15.7x 30.6x 25.8x 14.3% 2.1 7.0% 7.4% FactSet Research Systems Inc. 181.52 135.95 182.06 7,379 89 7,468 6.5x 6.0x 18.2x 16.7x 26.7x 25.0x 10.6% 2.5 11.6% 13.0% The Dun & Bradstreet Corporation 138.34 85.99 141.57 5,023 1,357 6,379 3.7x 3.6x 12.8x 12.1x 18.7x 17.7x 6.3% 3.0 5.1% 6.2% Morningstar Inc. 84.40 74.78 89.44 3,634 (171) 3,463 4.3x 4.1x 13.5x 12.4x 27.8x 25.3x 14.0% 2.0 1.3% (1.9%) Bankrate, Inc. 7.92 6.59 15.80 715 173 887 2.1x 1.8x 8.7x 7.4x 15.3x 12.4x 17.5% 0.9 14.5% 10.0%

Mean 5.4x 5.1x 14.5x 13.0x 23.7x 21.1x 12.2% 2.1 4.3% 6.7% Median 5.5x 5.2x 14.4x 12.8x 24.1x 21.5x 12.5% 2.1 5.2% 6.8%

Online Broker Dealers The Charles Schwab Corporation (3) $31.27 $21.51 $34.52 $41,370 $7,804 $49,174 6.7x 6.0x 15.2x 14.0x 25.0x 21.4x 17.7% 1.4 17.1% 16.7% TD Ameritrade Holding Corporation (3) 32.72 24.88 37.90 17,222 1,828 19,050 5.3x 5.3x 12.1x 11.3x 21.1x 18.5x 14.3% 1.5 12.9% 5.5% E*TRADE Financial Corporation (3) 26.48 19.61 30.98 7,246 1,595 8,841 4.7x 4.3x NA NA 15.7x 15.3x 17.8% 0.9 3.2% 19.5% Interactive Brokers Group, Inc. (3) 35.33 29.50 44.85 2,377 4,583 6,960 4.4x 4.2x 6.6x 6.4x 22.4x 22.2x 16.3% 1.4 13.6% (2.2%) GAIN Capital Holdings, Inc. 6.43 5.75 8.48 313 (1,028) (715) NM NM NM NM 9.6x 8.1x 0.0% NA (1.8%) 2.6% FXCM Inc. (3) 9.52 5.26 24.77 53 338 391 NA NA NA NA NA NA NA NA NA 16.6%

Mean 5.3x 5.0x 11.3x 10.6x 18.7x 17.1x 13.2% 1.3 9.0% 9.8% Median 5.0x 4.8x 12.1x 11.3x 21.1x 18.5x 16.3% 1.4 12.9% 11.1%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. (1) Financial metrics pro-forma for Yodlee acquisition. (2) Financial metrics reflect IHS / Markit merger. 28 (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

8/26/16 Satoshi Citadel Industries Keza Trading Platform 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. (nka:IHS Markit Ltd.) Prism Valuation Inc. Risk & Analytics NA NA

6/14/16 Global Advisors (Jersey) Limited XBT Provider AB (publ) Bitcoin ETF 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, Inc. Data / Analytics NA NA 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

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

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 Markit Ltd. (nka:IHS Markit Ltd.) IHS Inc. Data / Information Services $10,278 4.6x Fitch Solutions, Inc., Credit Default 3/16/16 Markit Ltd. (nka:IHS 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 KCGA Americas LLC, Designated Market 2/5/16 Citadel Securities, LLC Market Maker NA NA Maker Business 2/5/16 Chongqing Casin Enterprise Group Chicago Stock Exchange, Inc. Exchanges NA NA

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

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

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

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

9/4/15 Aberdeen Asset Management PLC Parmenion Capital Partners LLP Brokerage Software NA NA

9/2/15 SS&C Technologies Holdings, Inc. Varden Technologies, Inc. Financial Software $25 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

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

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

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

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

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

Notes: 32 Source: CapitalIQ and Pitchbook. SECTION V: Insurance / Benefits

33 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 9/2/16 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 Verisk Analytics, Inc. $83.84 $64.79 $86.00 $14,166 $2,076 $16,242 8.1x 7.7x 16.2x 15.0x 27.8x 25.1x 12.2% 2.3 (3.2%) 16.3% IMS Health Holdings, Inc. 29.70 22.36 32.10 9,789 4,143 13,932 4.3x 4.1x 14.4x 13.4x 18.1x 16.9x 11.0% 1.6 11.0% 8.1% athenahealth, Inc. 123.61 114.59 170.42 4,863 160 5,024 4.5x 3.8x 21.4x 17.5x 70.0x 55.4x 24.3% 2.9 19.4% 16.6% Guidewire Software, Inc. 63.01 42.32 64.78 4,570 (579) 3,991 9.0x 7.9x 46.0x 34.3x 83.3x 67.2x 19.2% 4.3 11.8% 15.7% Ebix Inc. 57.95 23.82 58.75 1,882 162 2,045 7.0x 6.4x 18.4x 17.0x 22.1x 21.2x 10.0% 2.2 NA 12.1% Crawford & Company 11.44 3.99 12.50 636 179 815 0.7x 0.7x 6.7x 6.1x 16.7x 14.0x 10.0% 1.7 (5.0%) (7.2%) Polaris Consulting & Services Limited 2.77 2.27 3.25 281 (55) 226 0.7x 0.7x NA 5.2x 10.9x 9.2x 0.0% NA 4.4% (5.8%) Symbility Solutions Inc. 0.32 0.18 0.32 76 (5) 71 2.8x 2.4 NM 73.2 NM NM NA NA 0.2% 48.0%

Mean 4.6x 4.2x 20.5x 22.7x 35.6x 29.9x 12.4% 2.5 5.5% 13.0% Median 4.4x 3.9x 17.3x 16.0x 22.1x 21.2x 11.0% 2.3 4.4% 13.9%

Notes: 34 Source: CapitalIQ and Wall Street Research 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

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

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

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 NA NA

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

12/23/15 Keylane B.V. GENEVA-ID GmbH Core Processing NA NA Insurancequotes, Inc. And NetQuote, 11/5/15 All Web Leads, Inc. Insurance Marketplace $165 NA Inc.

Notes: 35 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 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

2/17/16 The StoneEagle Group NA $76 FTV Capital Claims Payments (HC)

2/12/16 Maestro Healthcare Technology Series A $53 Oak Investment Partners, SV Life Sciences Advisers Health Insurance / Benefits

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

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

Notes: 36 Source: CapitalIQ and Pitchbook.