CEO Monthly Fintech Market Analysis

CEO Monthly FinTech Market Analysis

October 2016

The Only Investment Bank Focused Exclusively on Financial Technology

FT Partners Awarded “Boutique Investment Bank of the Year” “Deal of the Decade” Financial Technology Partners Steve McLaughlin 555 Mission St., 23rd Floor Managing Partner San Francisco, CA 94105 www.ftpartners.com Tel: 415.992.8880 Tel: 415.512.8700 [email protected]

Highly Confidential and proprietary information. Unauthorized distribution without prior consent from Financial Technology Partners LP or FTP Securities LLC (together “FT Partners”) is strictly prohibited. This communication should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial product or service, nor is it an official confirmation of any transaction, or representative of an official position or statement of Financial Technology Partners LP, FTP Securities LLC or any other related entity. FTP Securities LLC is a FINRA registered broker-dealer. © 2016 Insurance Technology and Services Market Analysis

FT Partners’ Research – InsurTech Industry Report

Prepare for the InsurTech Wave: Overview FT Partners' 248-page report provides an in-depth look at the major waves of innovation and disruption that are beginning to of Key Insurance Technology Trends radically alter the insurance industry.

Additional highlights of the report include: • An analysis of specific trends across: Insurance Distribution, Sales, Marketing and Engagement, Data and Analytics and Insurance Administration

• The responses of incumbents to date including the innovations, investments, partnerships and acquisitions being made to stay ahead of the game

• Proprietary InsurTech financing and M&A statistics and a comprehensive list of transactions in the space

• A detailed industry landscape of InsurTech providers as well as other innovative, tangential companies and profiles of 54 companies operating in the InsurTech ecosystem

Please visit our website for more proprietary FinTech Research & Follow FT Partners on Twitter and LinkedIn for real time updates on our Research Publications

FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting the global Financial Technology landscape. Our unique insight into FinTech is a direct result of executing hundreds of transactions in the sector combined with over 13 years of exclusive focus on Financial Technology. 2 FT Partners’ Monthly FinTech Sector Market Analysis Reports

Comprehensive Multi-Sector Focused Market Analysis Reports

FT Partners provides the broadest and most specialized coverage of FinTech with our comprehensive monthly sector- specific reports. Our depth of research and insight is unmatched in the industry and these reports are widely recognized and reviewed by top CEO’s and investors in the market. Please review them below or visit our site to subscribe directly.

Payments / Cards, Bank Technology / Alternative Securities / Capital Loyalty and Processing, Credit Lending Markets Technology eCommerce Solutions Platforms and PFM Card-Based Payments • Money Enterprise Banking Tech • Core Online / Non-bank Lending • Digital Wealth Management • Transfer • Merchant Services • Processors • Online / Mobile Pawn / Asset Banked Lending • Trading Technology • Back-Middle POS • Gateways • eCommerce • Banking • Real Estate / Leasing • Mortgage Originators Office Technology • Brokers and E- E-Rewards / Loyalty Mortgage Tech • Credit Scoring • Loan Servicing • Other Brokerages • Big Data Analytics & • Lenders / Capital Providers Specialty Lending Data Management

Financial Healthcare Insurance Technology Financial Management Financial BPO / IT Information Technology and Services Solutions Services and Services Claims Management • Billing & Benefits Administration • Health Enterprise Resource Management Accounting • Finance • Staffing • Payment • Policy Administration • Insurance Sales & Distribution • • Accounting & Budgeting • HR / Document Management • Broker Agency Management • CRM Revenue Cycle Management & Payroll • B2B & B2C Invoicing • Collections • Call Center & Marketing, Software • Data / Billing • Payer Payment Integrity • Receivables Management • Risk Management Software Analytics • Online Distribution / Financial Data & Analytics Management Platforms

Click any of the above to view the FinTech Sector Market Analysis

3 FT Partners’ FinTech Market Expertise

Proven Track Record of Success Across FinTech

Financial Technology Partners LP Financial Technology Partners LP Financial Technology Partners LP Financial Technology Partners LP Financial Technology Partners LP Financial Technology Partners LP FTP Securities LLC FTP Securities LLC FTP Securities LLC FTP Securities LLC FTP Securities LLC FTP Securities LLC is pleased to announce its exclusive role as is pleased to announce its role as is pleased to announce its role as is pleased to announce its exclusive role as is pleased to announce its exclusive role as is pleased to announce its exclusive role as strategic and financial advisor to sole strategic and financial advisor to sole strategic and financial advisor to strategic and financial advisor to sole strategic and financial advisor to sole strategic and financial advisor to

in its sale to in its cash sale to in its approximately 60% majority sale to in its recapitalization by in its in its $138,000,000 Initial Public Offering Initial Public Offering for total consideration of valued at approximately for total consideration of approximately for aggregate consideration of approx. valuing the equity at approximately $ 4,500,000,000 valuing the equity at approximately $1,650,000,000 $ 900,000,000 $ 1,300,000,000 $ 1,200,000,000 A$480,000,000

The Only Investment Bank The Only Investment Bank The Only Investment Bank The Only Investment Bank The Only Investment Bank Focused Exclusively on Financial Technology The Only Investment Bank Focused Exclusively on Financial Technology Focused Exclusively on Financial Technology Focused Exclusively on Financial Technology Focused Exclusively on Financial Technology Focused Exclusively on Financial Technology

Financial Technology Partners LP Financial Technology Partners LP Financial Technology Partners LP Financial Technology Partners LP Financial Technology Partners LP Financial Technology Partners LP FTP Securities LLC FTP Securities LLC FTP Securities LLC FTP Securities LLC FTP Securities LLC FTP Securities LLC is pleased to announce its is pleased to announce its exclusive role as is pleased to announce its exclusive role as is pleased to announce its exclusive role as is pleased to announce its exclusive role as exclusive role as financial advisor to sole strategic and financial advisor to sole strategic and financial advisor to sole strategic and financial advisor to sole strategic and financial advisor to is pleased to announce its exclusive role as sole strategic and financial advisor to

in its cash sale to in its recapitalization by in its minority investment from in its sale to in its growth investment by in its sale to

for total consideration of of approximately for cash consideration of approximately for total consideration of approximately for a total valuation of nearly $ 50,000,000 $ 325,000,000 $ 238,000,000 $ 369,000,000 $200,000,000 $ 100,000,000+

The Only Investment Bank The Only Investment Bank The Only Investment Bank The Only Investment Bank The Only Investment Bank The Only Investment Bank Focused Exclusively on Financial Technology Focused Exclusively on Financial Technology Focused Exclusively on Financial Technology Focused Exclusively on Financial Technology Focused Exclusively on Financial Technology Focused Exclusively on Financial Technology

Financial Technology Partners LP Financial Technology Partners LP Financial Technology Partners LP Financial Technology Partners LP Financial Technology Partners LP Financial Technology Partners LP FTP Securities LLC FTP Securities LLC FTP Securities LLC FTP Securities LLC FTP Securities LLC FTP Securities LLC is pleased to announce its role as is pleased to announce its exclusive role as is pleased to announce its exclusive role as is pleased to announce its exclusive role as is pleased to announce its exclusive role as is pleased to announce its exclusive role as strategic and financial advisor to sole debt capital advisor to sole strategic and financial advisor to sole strategic and financial advisor to sole strategic and financial advisor to sole strategic and financial advisor to

in its cash sale to in its sale to In its acquisition of in its debt financing co-led by in its Bank of America Merrill Lynch $177,000,000 from in its sale to Deutsche Bank Initial Public Offering GE Capital for total consideration of approximately valuing the equity at approximately totaling for cash consideration of approximately $1,500,000,000 $ 300,000,000 $ 650,000,000 $ 675,000,000 $ 525,000,000

4 FT Partners’ FinTech Market Expertise

FT Partners has Significant Experience Advising Large Financing Rounds and “Unicorns”

Company Amount Raised Selected Prominent Investors in FT Partners Led Rounds FT Partners has a history of $420,000,000+ advising on 300,000,000+ some of the largest financing 250,000,000 transactions in the FinTech 238,000,000 space 235,000,000 Representing numerous 150,000,000+ FinTech “Unicorns” 135,000,000 above $1 billion valuations 110,000,000+

100,000,000

85,000,000

75,000,000

60,000,000

50,000,000

Note: FT Partners represented investors in Dynamics (CIBC) and Credit Karma (Google Capital); some transactions include a combination of equity and smaller amount of debt financing. 5 GreenSky’s $50 Million Financing

FT Partners Advises GreenSky on its $50,000,000 Minority Investment

Transaction Overview and Rationale Overview of Transaction ■ On September 14, 2016, GreenSky announced a minority $50 million financing round from Fifth Third Bancorp, bringing the total capital raised by Financial Technology Partners LP FT Partners for GreenSky to $350 million FTP Securities LLC ■ GreenSky provides an online loan platform that allows businesses to offer flexible credit programs to their customers – promoting higher transaction is pleased to announce its values and driving sales growth exclusive role as financial advisor to ■ Feature story in the Wall Street Journal highlighting this strategic fundraising and the $3.6 billion valuation ascribed to Greensky in this most recent round Significance of Transaction ■ In addition to the financing, GreenSky and Fifth Third announced a strategic agreement, which enables Fifth Third to originate loans and offer in its minority investment from financing solutions to consumers through GreenSky's existing merchant network ■ Fifth Third anticipates financing $2 billion in loans originated through GreenSky's system over time ■ This transaction positions GreenSky to remain a leader in the Alternative Lending space and enables the company to continue to innovate and bring additional products to market for total consideration of FT Partners’ Role ■ FT Partners served as exclusive strategic and financial advisor to GreenSky and its Board of Directors $ 50,000,000 ■ FT Partners leveraged its deep knowledge, extensive experience and broad industry relationships to help achieve another highly favorable outcome for the Company ■ This transaction demonstrates FT Partners' continued success advising top-tier financial technology companies The Only Investment Bank ■ FT Partners also advised GreenSky on its previous $300 million financing Focused Exclusively on Financial Technology round from TPG, DST, Iconiq and Wellington Management in October 2014

6 Nav’s $25 Million Financing

FT Partners Advises Nav on its $25 mm Minority Financing

Transaction Overview and Rationale Overview of Transaction ■ On September 21, 2016 Nav announced a minority $25 mm Series B equity financing round Financial Technology Partners LP ■ The round was led by Experian with participation from existing investors FTP Securities LLC including Kleiner Perkins Caufield & Byers and Crosslink Capital ■ Nav and Experian also announced a strategic partnership to provide SMBs is pleased to announce its greater transparency into their business and personal credit data, along exclusive role as financial advisor to with instant access to their most-qualified financing options ■ Nav enables SMBs to manage their entire credit and financial profile and provides access to financing and business services through its marketplace offerings ■ Experian is a leading global information services company, providing data and analytical tools to help businesses manage credit risk, prevent fraud and automate decision making in its minority investment from Significance of Transaction ■ The transaction capitalizes on Nav's strong growth and traction and firmly positions the Company to expand its marketplace offerings and continue to disrupt the credit and financing space ■ The strategic partnership allows Nav to combine Experian's deep levels of data on consumers and businesses with its industry leading platform, for total consideration of empowering SMBs with technology to improve their credit and streamline access to funding FT Partners’ Role $ 25,000,000 ■ FT Partners served as exclusive strategic and financial advisor to Nav and its Board of Directors ■ Transaction demonstrates FT Partners' continued success advising on financings for leading, world class Financial Technology companies The Only Investment Bank Focused Exclusively on Financial Technology

7 Palamon Capital and Corsair Capital Acquire Currencies Direct

FT Partners Advises on $310,000,000+ Sale of Currencies Direct

Transaction Overview and Rationale Overview of Transaction  On August 11, 2015 Currencies Direct Holdings Ltd (“CDH” or the “Company”) announced its sale for $310+mm to a buyer consortium formed by Corsair Financial Technology Partners LP Capital and Palamon Capital Partners FTP Securities LLC – Prior to the transaction, CDH was owned by the Azibo Group  Headquartered in London, CDH is a leading, privately-owned, non-bank is pleased to announce its provider of non-cash foreign exchange and payments solutions to private and exclusive role as financial advisor to corporate clients – Comprehensive international payment offering is available to clients both online and offline  Corsair Capital and Palamon Capital Partners are leading, global private equity firms focused on financial services and European growth services, respectively  The transaction is expected to close by the end of calendar year 2015 and is subject to applicable regulatory approvals and other conditions in its sale to Significance of Transaction  Enables CDH to continue to accelerate its growth strategy in the international payments market  Combined resources and expertise of CDH and the buyer consortium group position the Company extraordinarily well to further its leadership in the for total consideration of marketplace

FT Partners’ Role $ 310,000,000+  FT Partners served as exclusive strategic and financial advisor to Currencies Direct and its Board  Developed extensive marketing materials and financial analyses to highlight the unique aspects of the business, and led all aspects of transaction execution  Transaction highlights FT Partners’ continued success advising leading companies and generating highly successful outcomes in the international The Only Investment Bank payments space Focused Exclusively on Financial Technology

8 AvidXchange’s $235 Million Financing

FT Partners Advises AvidXchange on its $235,000,000 Minority Financing

Transaction Overview and Rationale Overview of Transaction ■ On September 14, 2015, AvidXchange announced a minority $235mm Series E financing round Financial Technology Partners LP ■ Bain Capital Ventures led the equity round with additional investments FTP Securities LLC from the Foundry Group, TPG, KeyBank, and Nyca Partners ■ As part of this financing, Matt Harris of Bain Capital Ventures, Hans Morris of Nyca Partners, and Brad Feld of the Foundry Group will be joining is pleased to announce its exclusive role as AvidXchange’s Board of Directors sole strategic and financial advisor to ■ AvidXchange is a best-in-class business-to-business software company that is revolutionizing how companies pay their bills by automating the invoice and payment processes ■ The Company focuses on serving midmarket clients and spans multiple industries including Real Estate, Financial Services, Energy and Construction in its Series E minority financing from Significance of Transaction ■ The transaction will further help AvidXchange expand as the leading independent business-to-business invoice and payment solution provider ■ Firmly positions the Company to continue to grow the core business, invest in infrastructure and product development and pursue opportunistic acquisitions for total consideration of FT Partners’ Role ■ FT Partners served as exclusive strategic and financial advisor to $ 235,000,000 AvidXchange and its Board of Directors ■ FT Partners leveraged its deep knowledge, extensive experience and broad industry relationships to help achieve a highly favorable outcome for the Company ■ Transaction demonstrates FT Partners’ continued success advising $100mm+ financings The Only Investment Bank Focused Exclusively on Financial Technology

9 Mercury Sale to Vantiv for $1.65 Billion

FT Partners Advises on Strategic Sale of Mercury for $1,650,000,000 bn in Cash to Vantiv

Transaction Overview and Rationale Overview of Transaction ■ Mercury announced its sale to Vantiv for $1.65 billion in cash on May 12, Financial Technology Partners LP 2014 ■ Vantiv will fund the acquisition with committed financing, the transaction is FTP Securities LLC expected to close in the second quarter of 2014 is pleased to announce its role as ■ This transaction is Vantiv’s largest acquisition to-date (~5x larger than its acquisition of Litle) and one of the largest strategic merchant acquiring strategic and financial advisor to M&A transactions consummated in over a decade

Significance of Transaction ■ Vantiv’s acquisition of Mercury accelerates the Company’s growth in the integrated payment space by significantly expanding distribution channels and technology capabilities in its cash sale to ■ Expands Vantiv’s reach into the SMB segment through Mercury’s distribution network, complementary verticals and ability to design integrated, value-added POS innovations ■ Enhances Vantiv’s competitive position in the payments sector broadly on the basis of technology differentiation, leading processing scale and omni- channel presence while increasing penetration into high growth channels ■ Expected to add one to two percentage points to Vantiv’s net revenue for total consideration of growth per year while being modestly accretive to Vantiv’s non-GAAP earnings per share in 2014 with accelerating accretion in 2015 FT Partners’ Role $1,650,000,000 ■ FT Partners served as advisor to Mercury ■ FT Partners was also Mercury’s advisor in the Company’s 60% sale to Silver Lake in April of 2010 at a $700mm valuation

The Only Investment Bank Focused Exclusively on Financial Technology

10 Heartland’s $4.5 Billion Sale to Global Payments

FT Partners Advises Heartland Payment Systems on its $4,500,000,000 Sale

Transaction Overview and Rationale

■ FT Partners served as strategic and financial advisor to Heartland Payment Systems (NYSE: HPY) in its landmark $4.5 billion sale to Global Payments (NYSE: GPN) for a Financial Technology Partners LP combination of cash and stock FTP Securities LLC

■ Global Payments acquired Heartland for $100 per share, representing a total transaction value of approximately $4.5 billion is pleased to announce its role as at closing strategic and financial advisor to

■ Consideration for the transaction consisted of 0.6687 shares of Global Payments stock and $53.28 for each share of Heartland stock at closing

■ This transaction creates the leading global provider of integrated in its sale to payments technology solutions

■ This deal represents the largest U.S. strategic merchant acquiring acquisition in over a decade

■ Also represents the single largest U.S. strategic payment processing deal in the last 8 years for total consideration of

■ This transaction underscores FT Partners' continued leadership position as "advisor of choice" to the highest-quality companies in $ 4,500,000,000 the FinTech space

The Only Investment Bank Focused Exclusively on Financial Technology

11 Public FinTech Sector Universe Median Price / Earnings Multiples by FT Sector

2016E Price / Earnings Multiples 2017E Price / Earnings Multiples

Trading Software / Solutions 28.2x 26.3x Payroll / HR / Benefits Solutions 26.4x 24.1x Capital Markets Focused Information Providers 26.1x 23.6x Large Diversified Financial Information… 25.0x 22.5x Payments - Networks / Acquiring 24.8x 21.4x Insurance Solutions 24.0x 22.1x Payments - Software / Hardware 22.5x 26.5x Outsourced Financial Solutions Providers 22.1x 19.2x Global Securities Exchanges 21.8x 19.7x Banking Solutions 21.3x 18.8x Lending / Mortgage / Real Estate Solutions 18.9x 20.1x Alternative Trading Systems and Market Makers 18.4x 19.0x Healthcare Solutions 17.9x 19.4x Outsourced Processing Solutions - IT… 17.1x 15.6x Outsourced Processing Solutions -… 16.9x 16.2x Outsourced Processing Solutions - Offshore… 16.9x 15.2x eBrokerage / eFinance 16.7x 16.8x Payments - Processing / Outsourcing 15.6x 13.7x Trust and Services Focused FIs 13.5x 12.3x Specialty Finance / Consumer Lending 13.4x 10.3x Payments - Prepaid / Money Transfer 12.5x 13.0x Selected Diversified FIs 11.8x 10.7x Payments - POS Devices / Solutions 10.5x 9.7x BDC / Public Investment Vehicles 9.7x 9.0x

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 40.0x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x

Source: Wall Street Research, Reuters and Capital IQ. Note: Prices updated as of September 30, 2016.

12 Public FinTech Sector Universe 2016E and 2017E Price / Earnings Multiples

YTD YTD PE Multiples YTD YTD PE Multiples YTD YTD PE Multiples Change Company Name Change CY 16E CY 17E Change Company Name Change CY 16E CY 17E Change Company Name Change CY 16E CY 17E

3.9 %  Global Securities Exchanges (1.9)%  Selected Diversified FIs (12.6)%  Healthcare Solutions Hong Kong Exchanges & Clearing 3 % 40.3 x 34.8 x Barclays (23)% 16.2 x 9.4 x Cerner 3 % 26.2 x 23.0 x CBOE (0) 26.9 24.0 Raymond James Financial 0 15.3 13.7 Allscripts-Misys Healthcare (14) 22.2 18.8 London Stock Exchange 2 24.0 20.1 Greenhill & Co. (18) 15.2 15.7 TriNet 12 18.6 15.6 CME Group 15 23.8 22.1 Federated Investors 3 15.0 14.2 eHealth 12 17.2 20.0 Singapore Exchange (4) 22.5 19.9 AIG (4) 14.7 10.7 Computer P&S (48) 12.3 10.5 BATS Global Markets na 21.9 19.7 JMP Group 1 13.8 10.6 Express Scripts (19) 11.1 10.3 Australian Stock Exchange 13 21.8 20.9 U.S. Bancorp 1 13.3 12.6 Accretive Health (24) nm nm Intercontinental Exchange 5 19.5 17.4 UBS (32) 12.8 10.5 athenahealth (22) nm nm NASDAQ OMX 16 18.2 16.0 Morgan Stanley 1 12.8 10.7 Castlight Health (3) nm nm BM&F Bovespa 55 16.7 15.1 Lazard (19) 12.5 11.4 CorVel (13) na na Deutsche Böerse (15) 15.9 14.5 Bank of America (7) 12.4 10.1 HealthEquity 28 nm nm Euronext (20) 14.6 13.8 J.P. Morgan Chase 1 11.8 10.8 Medidata 13 nm 44.9 Bolsas y Mercados Espanoles (15) 13.4 13.8 American Express (8) 11.8 11.5 Quality Systems (30) nm 25.2 Bank of Montreal 10 11.8 11.1 (8.5)%  Alternative Trading Systems and Market Makers Toronto Dominion 7 11.7 11.2 25.2 %  Insurance Solutions Interactive Brokers Group (19)% 22.4 x 22.2 x Royal Bank of Canada 10 11.5 11.2 Verisk Analytics 6 % 27.1 x 24.4 x ICAP (9) 18.4 15.9 Goldman Sachs (11) 11.3 9.4 Sapiens 25 26.3 23.3 Virtu Financial (34) 14.9 12.6 Wells Fargo (19) 11.1 10.7 Ebix 73 21.7 20.8 ITG 1 nm 32.5 Synchrony Financial (8) 10.7 9.4 Crawford & Company 114 16.5 13.8 VIEL et Cie 3 na na Citigroup (9) 10.1 9.2 Guidewire Software (0) nm nm CIBC 12 10.1 10.0 14.0 %  Banking Solutions Discover Financial Services 5 9.9 9.3 (3.9)%  Outsourced Financial Solutions Providers Temenos Group 18 % 30.0 x 26.3 x HSBC 8 9.7 9.1 Envestnet 22 % 36.6 x 25.6 x Jack Henry & Associates 10 28.8 26.7 FBR & Co (33) nm 32.3 Financial Engines (12) 27.1 22.9 Intuit 14 28.4 24.4 Broadridge Financial Solutions 26 24.1 20.3 Sage Group 22 26.6 23.0 (2.9)%  eBrokerage / eFinance SEI Investments (13) 23.7 20.1 Fiserv 9 22.4 20.0 Charles Schwab (4)% 25.1 x 21.3 x DST Systems 3 20.5 16.9 Fidelity National Information Services 27 20.2 17.5 TD Ameritrade 2 22.7 19.9 Computershare (11) 19.1 18.4 EPIQ 26 18.5 16.5 E*TRADE Financial (2) 17.2 16.8 CETIP 15 17.9 15.9 H&R Block (31) 15.2 13.2 Matsui Securities (26) 16.2 15.6 LPL Financial (30) 15.9 15.6 De La Rue 34 14.2 13.7 BofI Holdings 6 11.3 9.9 Polaris Consulting & Services (24) 12.8 9.4 Gain Capital (24) 7.1 6.9 20.0 %  Trading Software / Solutions Q2 Holdings 9 nm nm FXCM (48) na na SimCorp (1)% 40.6 x 37.5 x MarketAxess 48 nm 44.1 First Derivatives 31 37.9 32.3 27.4 %  Large Diversified Financial Information Providers StatPro Group 44 37.4 30.0 Acxiom 27 % 44.5 x 38.3 x 11.1 %  Capital Markets Focused Information Providers Fidessa 20 28.2 26.3 Forrester 37 32.2 26.9 Fimalac 31 % 46.5 x 44.3 x IRESS Market Technology 18 25.3 22.0 Gartner (2) 31.5 27.9 MSCI 16 28.8 24.2 SS&C Technologies (6) 19.9 16.6 Fair Isaac 32 26.2 22.7 Thomson Reuters 4 26.8 23.6 Linedata Services 36 13.7 13.2 Equifax 21 25.0 22.5 Morningstar (1) 26.1 23.7 TransUnion 25 24.9 22.4 FactSet (0) 23.9 22.5 Reed Elsevier 22 21.0 19.2 Moody's 8 23.6 21.0 Dun & Bradstreet 31 18.5 17.5 IHS Markit 24 21.4 18.4 Experian 29 17.1 15.5 Value Line 14 na na

Source: Wall Street Research, Reuters and Capital IQ. Note: Prices updated as of September 30, 2016. YTD change for the group represents the median YTD change of all companies within each group; nm signifies negative value or value of >50.

13 Public FinTech Sector Universe 2016E and 2017E Price / Earnings Multiples

YTD YTD PE Multiples YTD YTD PE Multiples YTD YTD PE Multiples Change Company Name Change CY 16E CY 17E Change Company Name Change CY 16E CY 17E Change Company Name Change CY 16E CY 17E

5.3 %  Payments - Software / Hardware 5.6 %  Payments - Networks / Acquiring 7.5 %  Lending / Mortgage / Real Estate Solutions ACI Worldwide (9)% 35.7 x 30.0 x Visa 7 % 28.7 x 23.8 x Black Knight Financial Services 24 % 35.6 x 31.2 x NIC 19 33.0 30.9 Mastercard 5 28.1 24.3 LendingTree 9 30.9 24.5 Pegasystems 7 32.2 26.9 Worldline 13 26.8 23.7 Stewart Information Services 19 18.9 14.5 Mitek 102 32.1 26.7 Worldpay (4) 24.8 22.7 NetSol Technologies (19) 17.4 9.9 Diebold (18) 25.3 13.6 Global Payments 19 24.8 20.1 CoreLogic 16 17.2 15.7 Microgen 74 19.8 18.4 Planet Payment 22 23.2 17.1 Fidelity National Financial 6 15.0 13.9 Bottomline Technologies (22) 15.3 26.5 Vantiv 19 21.2 18.6 CoStar Group 5 nm 39.3 Gemalto 3 14.6 12.3 Total System Services (5) 16.8 14.8 Ellie Mae 75 nm nm Cardtronics 33 13.7 14.5 First Data (18) 10.0 8.7 Reis (14) nm 33.0 Everi Holdings (44) 3.7 3.2 CardConnect Corp na nm 31.9 Ocwen Financial (47) nm nm Shopify 66 nm nm Square (11) nm nm Zillow 48 na na Tyler Technologies (2) nm 43.4 13.2 %  Payments - Prepaid / Money Transfer (28.7)%  Payments - POS Devices / Solutions Euronet Worldwide 13 % 20.1 x 17.8 x 6.2 %  Specialty Finance / Consumer Lending Ingenico (33)% 18.2 x 16.0 x Green Dot 40 16.2 13.4 EZCorp 122 % 39.5 x na NCR 32 10.9 9.9 Western Union 16 12.5 12.0 Cash America (1) 21.5 19.0 Verifone (44) 10.1 9.6 Blackhawk Network (32) 11.7 13.0 First Cash Financial Services 26 20.5 16.7 PAX Global Technology (29) 9.7 8.4 Moneygram International 13 9.0 7.0 Provident Financial (10) 17.7 16.7 PAR Technology (20) na na America's Car-Mart 36 15.3 12.6 13.2 %  Payments - Processing / Outsourcing Aaron's 14 11.5 10.3 (3.3)%  Outsourced Processing Solutions - IT Outsourcing / Consulting PayPal 13 % 27.4 x 23.7 x One Main (fka Springleaf) (25) 7.3 5.4 Accenture 17 % 22.0 x 20.1 x FleetCor Technologies 22 25.3 21.4 World Acceptance 32 5.9 7.6 Computer Sciences Corporation 60 20.7 15.8 WEX 22 25.1 20.7 Encore Capital Group (23) 4.4 4.1 Tata Consultancy Services (0) 18.5 17.1 OzForex (42) 18.4 14.6 Atlanticus Holdings (6) na na CGI Group 13 17.5 16.4 PayPoint 12 16.8 15.7 LendingClub (44) nm nm Infosys Technologies (6) 16.6 15.4 Paysafe 20 14.5 12.9 OnDeck (45) nm nm HCL Technologies (7) 14.3 13.3 Deluxe 23 13.6 12.8 Cognizant (21) 14.2 13.0 Alliance Data Systems (22) 12.7 11.3 Wipro (15) 13.7 12.7 EVERTEC 0 10.1 9.7 8.8 %  BDC / Public Investment Vehicles Net 1 Ueps Technologies (37) 5.0 4.8 American Capital Strategies 23 % 18.4 x 26.4 x (4.0)%  Outsourced Processing Solutions - Offshore BPO Quotient Technology / Coupons.com 95 nm nm Ares Capital 9 10.3 9.6 WNS Holdings (4)% 26.7 x 27.0 x Gladstone Capital 11 9.7 na Exlservice Holdings 11 21.5 19.0 12.4 %  Payroll / HR / Benefits Solutions Apollo 11 8.2 8.4 Genpact (4) 16.9 15.2 WageWorks 34 % 43.6 x 36.6 x Fortress Investment Group (3) 6.5 5.8 Mphasis 5 13.9 12.3 Paychex 9 27.2 25.1 Capital Southwest 6 na na Firstsource Solutions (6) 9.1 7.7 Automatic Data Processing 4 25.6 23.1 Harris & Harris (37) na na Cornerstone OnDemand 33 nm nm 10.1 %  Outsourced Processing Solutions - Specialized BPO Paycom 33 nm nm Vasco Data Security 5 % 29.1 x 20.5 x Paylocity 10 nm nm Oracle Financial Services Software (14) 20.7 18.1 The Ultimate Software Group 5 nm nm Teletech Holdings 4 18.0 16.2 Workday 15 nm nm Convergys 22 15.9 14.6 CSG Systems International 15 15.7 15.3 (0.7)%  Trust and Services Focused FIs Portfolio Recovery Associates (0) 11.0 9.4 UMB Financial 28 % 19.2 x 17.4 x Performant Financial Corporation 65 nm nm Northern Trust (6) 16.0 14.9 PRGX Global 27 nm 20.5 State Street 5 13.8 12.6 Bank of New York Mellon (3) 13.2 11.9 PNC Financial (5) 12.8 12.0 Fifth Third Bancorp 2 12.2 12.0

14 Public FinTech Sector Universe Common Stock Comparison – Summary Analysis

Aggregate Multiples Growth Rates Margins % LTM Mkt Cap EV Price / Earnings EV / EBITDA EV / Revenue Revenue EPS EBITDA P / E / G Comparable FT Industry Segment High ($ mm) ($ mm) CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E LT CY 16E CY 17E CY 16E

Selected Diversified FIs 88 % $ 1,586,313 $ 4,247,297 11.8 x 10.7 x na na na na 0 % 4 % 7 % na na 1.8 x Payments - Networks / Acquiring 92 363,459 406,780 24.8 21.4 13.3 11.8 4.8 4.6 14 15 16 32 33 1.5 Trust and Services Focused FIs 92 148,817 265,446 13.5 12.3 na na na na 1 5 8 na na 1.5 Outsourced Processing Solutions - IT Outsourcing / Consulting 84 269,839 260,253 17.1 15.6 10.9 10.4 2.1 2.0 8 8 12 21 21 1.2 Global Securities Exchanges 92 174,455 173,181 21.8 19.7 13.9 12.5 8.0 7.6 4 7 8 62 63 2.2 Banking Solutions 94 106,510 122,916 21.3 18.8 12.8 12.1 4.8 4.5 8 6 12 30 29 1.8 Capital Markets Focused Information Providers 93 90,158 102,268 26.1 23.6 15.0 14.0 5.9 5.6 2 6 13 36 36 2.1 Large Diversified Financial Information Providers 97 84,173 101,210 25.0 22.5 14.4 12.8 3.7 3.6 5 6 13 29 30 2.1 Healthcare Solutions 77 83,458 99,745 17.9 19.4 11.9 10.5 2.2 2.0 11 10 18 18 19 1.2 Payroll / HR / Benefits Solutions 93 98,424 94,399 26.4 24.1 16.7 16.2 6.7 6.2 25 22 20 22 19 2.6 eBrokerage / eFinance 82 79,056 83,224 16.7 16.8 11.8 10.9 5.5 5.1 17 9 18 46 45 1.2 Payments - Processing / Outsourcing 95 91,976 78,830 15.6 13.7 11.8 10.2 3.7 3.2 10 11 13 28 30 1.6 Lending / Mortgage / Real Estate Solutions 91 38,281 50,667 18.9 20.1 14.0 13.0 4.5 5.3 14 9 14 22 25 2.0 Specialty Finance / Consumer Lending 82 18,068 37,536 13.4 10.3 10.6 7.9 2.3 2.3 4 9 11 13 16 1.2 Outsourced Financial Solutions Providers 87 33,661 36,176 22.1 19.2 13.0 11.2 3.3 3.0 6 11 14 24 25 1.8

Payments - Software / Hardware 90 27,776 31,955 22.5 26.5 12.3 11.8 2.9 2.7 13 7 18 23 24 1.0 Insurance Solutions 93 22,076 23,808 24.0 22.1 18.2 15.5 6.9 6.3 11 9 12 18 23 2.1 Payments - Prepaid / Money Transfer 94 17,909 21,023 12.5 13.0 9.2 7.9 1.5 1.4 7 7 14 18 19 1.3 Payments - POS Devices / Solutions 64 12,043 16,850 10.5 9.7 7.8 7.7 1.3 1.3 2 6 14 18 19 1.2 BDC / Public Investment Vehicles 89 11,536 16,395 9.7 9.0 na na 7.6 7.5 (12) 2 5 na na 2.1 Trading Software / Solutions 94 12,888 15,473 28.2 26.3 16.6 14.7 4.5 3.9 13 5 14 24 25 1.6 Alternative Trading Systems and Market Makers 79 9,447 14,166 18.4 19.0 9.0 7.1 3.3 3.2 (11) 7 14 38 65 1.4 Outsourced Processing Solutions - Specialized BPO 84 12,287 13,719 16.9 16.2 8.3 8.6 1.5 1.5 (2) 5 13 15 17 1.5 Outsourced Processing Solutions - Offshore BPO 84 10,295 10,056 16.9 15.2 10.5 10.8 2.1 1.9 9 9 14 17 17 1.3

Median 91 % 18.2 x 18.9 x 12.3 x 11.2 x 3.7 x 3.4 x 7 % 7 % 13 % 23 % 25 % 1.6 x Mean 88 18.8 17.7 12.5 11.3 4.0 3.8 7 8 13 26 29 1.6

Source: Wall Street Research, Reuters and Capital IQ. Note: Prices updated as of September 30, 2016.

15 Common Stock Comparison Global Securities Exchanges and ATS / Market Makers

Global Securities Exchanges Intercontinental Exchange $ 269.36 (5)% 94 % $ 32,166 $ 38,353 19.5 x 17.4 x 13.7 x 12.7 x 8.5 x 8.1 x 35 % 5 % 14 % 62 % 64 % 1.4 x CME Group 104.52 (4) 95 35,607 36,596 23.8 22.1 14.8 13.8 10.3 9.7 7 6 12 70 71 1.9 Hong Kong Exchanges & Clearing 26.27 7 93 31,900 19,468 40.3 34.8 18.8 16.5 13.3 11.9 (16) 12 na 71 72 na Deutsche Böerse (1) 77.51 (5) 81 14,473 15,822 15.9 14.5 10.7 9.7 5.8 5.5 2 7 6 55 56 2.6 NASDAQ OMX 67.54 (6) 94 11,258 14,559 18.2 16.0 12.6 11.6 6.4 5.9 10 8 10 51 51 1.8 (1) London Stock Exchange 37.22 2 95 13,213 13,889 24.0 20.1 13.9 12.3 6.8 6.2 (35) 8 18 49 51 1.3 BM&F Bovespa 5.21 (3) 82 9,378 9,352 16.7 15.1 15.7 13.6 13.0 11.8 5 10 na 68 70 na Australian Stock Exchange 36.35 (6) 92 7,031 6,342 21.8 20.9 14.7 14.0 11.2 10.7 4 5 5 76 77 4.7 CBOE 64.85 (6) 89 5,271 5,232 26.9 24.0 14.6 12.5 8.0 7.6 4 7 11 55 61 2.4 Singapore Exchange 5.45 (2) 92 5,832 5,194 22.5 19.9 15.5 14.6 8.8 8.2 3 6 2 57 56 nm (2) BATS Global Markets 29.75 21 90 2,907 3,358 21.9 19.7 12.2 11.4 7.7 7.2 13 7 na 63 63 na Euronext 42.51 (0) 78 2,954 2,905 14.6 13.8 9.2 8.7 5.1 4.9 (1) 4 5 56 57 3.2 Bolsas y Mercados Espanoles 29.60 (6) 74 2,465 2,111 13.4 13.8 8.5 8.6 5.8 5.8 (5) (1) (4) 68 68 nm

Median (4)% 92 % 21.8 x 19.7 x 13.9 x 12.5 x 8.0 x 7.6 x 4 % 7 % 8 % 62 % 63 % 2.2 x Mean (1) 88 21.5 19.4 13.4 12.3 8.5 8.0 2 6 8 62 63 2.4

Alternative Trading Systems and Market Makers Interactive Brokers Group $ 35.27 0 % 79 % $ 2,373 $ 5,715 22.4 x 22.2 x 5.4 x 5.3 x 3.7 x 3.5 x 30 % 5 % 16 % 68 % 66 % 1.4 x ICAP 6.20 (3) 90 4,008 4,651 18.4 15.9 18.7 14.1 2.9 2.8 (5) 2 13 % 15 na 1.5 x Virtu Financial 14.97 (9) 58 2,203 2,466 14.9 12.6 9.5 7.9 5.8 5.2 (17) 12 na 61 65 na VIEL et Cie 4.03 1 94 300 830 na na na na na na na na na na na na ITG 17.14 12 75 564 504 nm 32.5 8.5 6.2 1.1 1.0 (25) 10 na 13 16 na

Median 0 % 79 % 18.4 x 19.0 x 9.0 x 7.1 x 3.3 x 3.2 x (11)% 7 % 14 % 38 % 65 % 1.4 x Mean 0 79 18.6 20.8 10.5 8.4 3.3 3.1 (4) 7 14 39 49 1.4

Source: Wall Street Research, Reuters and Capital IQ. Note: nm signifies negative value or value of >50. (1) On February 23, 2016, The London Stock Exchange and Deutsche Boerse announced that they have agreed to merge; the transaction is expected to close in the first half of 2017. (2) On September 26, 2016, CBOE announced the acquisition of Bats Global Markets for $3.2 bn; the transaction is expected to close in the first half of 2017. 16 Common Stock Comparison Outsourced Financial Solutions Providers and Trading Software / Solutions

Outsourced Financial Solutions Providers Broadridge Financial Solutions $ 67.79 (3)% 94 % $ 8,267 $ 8,561 24.1 x 20.3 x 12.9 x 11.1 x 2.5 x 2.0 x 26 % 22 % 13 % 19 % 18 % 1.9 x SEI Investments 45.61 (0) 83 7,661 6,602 23.7 20.1 13.3 11.5 4.7 4.3 4 10 14 36 38 1.7 Computershare 7.79 3 86 4,260 5,263 19.1 18.4 13.0 13.0 3.4 3.2 3 7 6 26 25 3.0 DST Systems 117.92 (3) 92 3,875 4,535 20.5 16.9 11.8 10.7 2.7 2.7 (23) (2) 10 23 25 2.0 LPL Financial 29.91 2 62 2,664 4,085 15.9 15.6 8.3 8.2 1.0 1.0 (6) 0 15 12 12 1.1 CETIP 13.24 (1) 97 3,467 3,510 17.9 15.9 12.6 10.9 8.9 7.9 8 13 13 70 72 1.3 Envestnet 36.45 (9) 88 1,632 1,884 36.6 25.6 18.8 13.9 3.2 2.7 38 18 20 17 20 1.8 Financial Engines 29.71 (7) 74 1,836 1,734 27.1 22.9 13.3 11.2 4.1 3.6 35 15 x 25 31 32 1.1

Median (2)% 87 % 22.1 x 19.2 x 13.0 x 11.2 x 3.3 x 3.0 x 6 % 11 % 14 % 24 % 25 % 1.8 x Mean (2) 85 23.1 19.5 13.0 11.3 3.8 3.4 11 10 15 29 30 1.7

Trading Software / Solutions SS&C Technologies $ 32.15 (4)% 83 % $ 6,785 $ 9,290 19.9 x 16.6 x 14.7 x 12.9 x 6.2 x 5.6 x 46 % 9 % 15 % 42 % 44 % 1.3 x SimCorp 57.90 8 95 2,328 2,329 40.6 37.5 29.5 27.8 7.1 6.8 5 5 na 24 24 na IRESS Market Technology 8.91 (5) 94 1,417 1,538 25.3 22.0 17.1 15.2 5.2 4.7 11 11 13 30 31 1.9 Fidessa 31.95 (5) 90 1,223 1,134 28.2 26.3 10.9 10.3 2.6 2.5 13 3 na 24 25 na First Derivatives 26.19 (3) 93 677 697 37.9 32.3 20.6 18.6 4.5 3.9 41 14 na 22 21 na Linedata Services 50.00 18 97 362 376 13.7 13.2 6.7 6.6 2.0 1.9 1 2 na 29 29 na StatPro Group 1.48 9 96 97 109 37.4 30.0 16.6 14.7 2.3 2.2 17 4 na 14 15 na

Median (3)% 94 % 28.2 x 26.3 x 16.6 x 14.7 x 4.5 x 3.9 x 13 % na5 % 14 % 24 % 25 % 1.6 x Mean 3 93 29.0 25.4 16.6 15.1 4.3 4.0 19 7 14 26 27 1.6

Source: Wall Street Research, Reuters and Capital IQ. Note: nm signifies negative value or value of >50.

17 Common Stock Comparison Banking Solutions and eBrokerage / eFinance

Banking Solutions Fidelity National Information Services $ 77.03 (3)% 94 % $ 25,721 $ 36,196 20.2 x 17.5 x 12.3 x 11.4 x 3.8 x 3.6 x 43 % 5 % 12 % 31 % 32 % 1.7 x Intuit 110.01 (2) 94 28,555 28,475 28.4 24.4 16.3 14.0 5.9 5.5 15 9 16 36 39 1.8 Fiserv 99.47 (4) 89 22,376 26,667 22.4 20.0 13.9 12.9 4.8 4.5 6 6 12 34 35 1.9 Sage Group 9.61 1 99 10,340 10,693 26.6 23.0 17.8 16.0 5.3 4.7 12 13 13 30 29 2.0 Jack Henry & Associates 85.55 (3) 95 6,722 6,652 28.8 26.7 13.2 12.9 4.8 4.6 7 5 11 36 36 2.6 H&R Block 23.15 7 62 5,081 5,849 15.2 13.2 7.0 6.9 1.9 1.9 (1) 1 10 28 28 1.6 Temenos Group 63.12 6 98 4,819 5,114 30.0 26.3 21.0 18.5 8.0 7.3 14 10 16 38 40 1.8 Q2 Holdings 28.66 1 93 1,225 1,129 nm nm nm nm 7.6 5.9 37 28 na (3) 4 na EPIQ 16.49 0 99 633 1,012 18.5 16.5 8.9 8.4 1.9 1.8 6 6 10 21 21 1.9 De La Rue 7.75 (2) 92 793 940 14.2 13.7 8.0 7.6 1.5 1.5 (3) 0 na 19 20 na Polaris Consulting & Services 2.40 (12) 74 246 190 12.8 9.4 5.1 5.1 0.6 0.6 8 0 na 12 12 na

Median (2)% 94 % 21.3 x 18.8 x 12.8 x 12.1 x 4.8 x 4.5 x 8 % 6 % 12 % 30 % 29 % 1.8 x Mean (1) 90 21.7 19.1 12.4 11.4 4.2 3.8 13 8 13 26 27 1.9 eBrokerage / eFinance Charles Schwab $ 31.57 2 % 91 % $ 42,237 $ 39,327 25.1 x 21.3 x 12.2 x 11.2 x 5.3 x 4.8 x 17 % 11 % 19 % 44 % 43 % 1.3 x TD Ameritrade 35.24 8 93 18,570 18,481 22.7 19.9 11.8 10.9 5.5 5.1 4 7 14 46 47 1.6 E*TRADE Financial 29.12 11 94 8,067 8,897 17.2 16.8 10.3 9.6 4.7 4.3 32 9 18 46 45 1.0 BofI Holdings 22.40 3 62 1,417 6,559 11.3 9.9 na na 18.2 15.3 32 19 10 na na 1.1 MarketAxess 165.59 (2) 93 6,364 6,101 nm 44.1 29.8 25.9 16.6 14.7 22 12 19 56 57 na Matsui Securities 7.96 (11) 71 2,045 3,473 16.2 15.6 na na 11.6 11.4 (14) 2 na na na na Gain Capital 6.18 (2) 73 301 347 7.1 6.9 4.5 4.9 0.8 0.9 (7) (3) na 18 18 na FXCM 8.77 (5) 35 55 39 na na na na na na na na na na na na

Median (0)% 82 % 16.7 x 16.8 x 11.8 x 10.9 x 5.5 x 5.1 x 17 % 9 % 18 % 46 % 45 % 1.2 x Mean 1 77 16.6 19.2 13.7 12.5 9.0 8.1 12 8 16 42 42 1.3

Source: Wall Street Research, Reuters and Capital IQ. Note: nm signifies negative value or value of >50.

18 Common Stock Comparison Payments – Networks / Acquiring and Prepaid / Money Transfer and Processing / Outsourcing

Payments - Networks / Acquiring Visa $ 82.70 2 % 99 % $ 196,039 $ 208,883 28.7 x 23.8 x 19.5 x 16.6 x 13.3 x 11.4 x 11 % 17 % 17 % 68 % 69 % 1.7 x Mastercard 101.77 4 99 112,542 109,433 28.1 24.3 17.9 16.0 10.3 9.3 9 11 15 57 58 1.8 First Data 13.16 (6) 73 12,515 34,391 10.0 8.7 11.9 11.3 4.8 4.6 2 4 17 40 40 0.6 Global Payments 76.76 (0) 96 11,829 15,809 24.8 20.1 18.3 14.1 5.8 4.7 35 24 14 32 33 1.8 Vantiv 56.27 5 94 8,890 12,038 21.2 18.6 13.4 12.3 6.4 6.0 12 8 14 48 48 1.5 Total System Services 47.15 (5) 83 8,723 11,930 16.8 14.8 11.8 10.4 2.8 2.4 53 16 11 24 23 1.5 Worldpay 3.86 0 92 7,670 9,448 24.8 22.7 16.2 14.3 6.4 5.8 16 10 30 40 41 0.8 Square 11.66 (3) 73 5,251 4,847 nm nm nm nm 2.9 2.4 32 21 20 1 4 na Worldline 30.29 (6) 92 4,025 3,536 26.8 23.7 12.0 10.1 2.4 2.0 9 15 13 20 20 2.1 CardConnect Corp 9.77 (3) 85 115 228 nm 31.9 6.0 4.8 0.4 0.3 29 25 na 6 6 na Planet Payment 3.71 2 75 193 193 23.2 17.1 13.2 10.8 3.3 3.0 14 12 25 25 27 0.9

Median (0)% 92 % 24.8 x 21.4 x 13.3 x 11.8 x 4.8 x 4.6 x 14 % 15 % 16 % 32 % 33 % 1.5 x Mean (1) 87 22.7 20.6 14.0 12.1 5.3 4.7 20 15 18 33 34 1.4

Payments - Prepaid / Money Transfer Western Union $ 20.82 (3)% 96 % $ 10,185 $ 12,232 12.5 x 12.0 x 9.2 x 9.0 x 2.2 x 2.2 x (1)% 2 % 7 % 24 % 24 % 1.7 x Euronet Worldwide 81.83 5 99 4,426 4,371 20.1 17.8 12.4 10.8 2.2 2.0 9 10 15 18 19 1.4 Blackhawk Network 30.17 (11) 62 1,718 1,987 11.7 13.0 9.4 7.9 1.0 0.9 11 14 15 11 11 0.8 Moneygram International 7.10 (1) 65 379 1,354 9.0 7.0 5.1 4.8 0.9 0.8 7 7 14 17 17 0.7 Green Dot 23.06 (1) 94 1,200 1,080 16.2 13.4 6.8 6.2 1.5 1.4 3 5 13 22 23 1.3

Median (1)% 94 % 12.5 x 13.0 x 9.2 x 7.9 x 1.5 x 1.4 x 7 % 7 % 14 % 18 % 19 % 1.3 x Mean (2) 83 13.9 12.6 8.6 7.7 1.6 1.5 6 8 13 18 19 1.2

Payments - Processing / Outsourcing PayPal $ 40.97 11 % 98 % $ 48,505 $ 43,548 27.4 x 23.7 x 15.6 x 13.7 x 4.0 x 3.5 x 18 % 16 % 15 % 26 % 25 % 1.8 x Alliance Data Systems 214.53 2 71 12,568 na 12.7 11.3 nm nm nm nm 11 11 15 28 28 0.8 FleetCor Technologies 173.73 4 99 16,633 18,972 25.3 21.4 19.6 16.4 10.3 8.8 8 16 17 53 54 1.5 WEX 108.09 5 99 4,621 5,573 25.1 20.7 15.3 11.6 5.6 4.7 18 20 15 37 40 1.7 Deluxe 66.82 (2) 95 3,295 3,840 13.6 12.8 7.7 7.8 2.1 2.0 5 4 9 27 26 1.6 Paysafe 4.46 (0) 97 2,205 2,569 14.5 12.9 11.5 10.2 3.4 3.1 nm 11 na 30 30 na EVERTEC 16.78 (2) 85 1,254 1,878 10.1 9.7 10.1 9.9 4.9 4.8 4 2 11 48 48 1.0 Quotient Technology / Coupons.com 13.31 1 93 1,163 1,006 nm nm 37.8 23.3 3.7 3.3 19 15 nm 10 14 na PayPoint 13.44 1 96 915 810 16.8 15.7 10.6 10.2 3.0 3.0 (5) (1) 6 28 30 2.8 OzForex 1.46 (21) 54 350 336 18.4 14.6 12.1 9.7 3.7 3.1 23 19 6 30 32 3.0 Net 1 Ueps Technologies 8.56 (10) 47 468 299 5.0 4.8 2.0 1.9 0.5 0.4 (3) 10 na 24 23 na

Median 1 % 95 % 15.6 x 13.7 x 11.8 x 10.2 x 3.7 x 3.2 x 10 % 11 % 13 % 28 % 30 % 1.6 x Mean (1) 85 16.9 14.7 14.2 11.5 4.1 3.7 10 11 12 31 32 1.8

Source: Wall Street Research, Reuters and Capital IQ. Note: nm signifies negative value or value of >50.

19 Common Stock Comparison Payments – Software / Hardware and Payment POS Devices / Solutions

Payments - Software / Hardware Tyler Technologies $ 171.23 3 % 93 % $ 6,774 $ 6,845 nm 43.4 x 31.7 x 26.8 x 8.9 x 7.9 x 31 % 13 % 17 % 28 % 29 % na Gemalto 64.16 (9) 85 5,730 6,112 14.6 12.3 9.0 7.9 1.7 1.6 2 7 18 19 20 0.8 Shopify 42.92 6 95 3,960 3,781 nm nm nm nm 10.3 7.2 87 43 25 (0) 2 na Diebold 24.79 (11) 65 1,616 3,591 25.3 13.6 11.9 7.5 1.0 0.7 47 48 22 8 9 1.1 ACI Worldwide 19.38 1 79 2,297 2,980 35.7 30.0 11.7 10.6 3.0 2.8 (3) 4 14 25 27 2.6 Cardtronics 44.60 1 92 2,020 2,491 13.7 14.5 7.8 7.9 2.0 2.0 6 (1) 14 25 25 1.0 Pegasystems 29.49 14 98 2,338 2,201 32.2 26.9 17.8 15.1 2.8 2.5 18 13 35 16 16 0.9 NIC 23.50 2 99 1,550 1,422 33.0 30.9 16.7 15.3 4.5 4.2 8 7 15 27 27 2.2 Everi Holdings 2.47 17 46 163 1,193 3.7 3.2 6.0 5.8 1.4 1.4 3 3 20 23 24 0.2 Bottomline Technologies 23.31 0 74 883 922 15.3 26.5 12.3 12.4 2.7 2.5 2 6 17 22 20 0.9 Mitek 8.29 5 87 285 260 32.1 26.7 30.9 22.7 7.1 5.8 34 22 25 nm 26 1.3 Microgen 2.45 4 94 159 158 19.8 18.4 12.4 11.8 3.1 3.0 25 2 na 25 26 na

Median 2 % 90 % 22.5 x 26.5 x 12.3 x 11.8 x 2.9 x 2.7 x 13 % 7 % 18 % 23 % 24 % 1.0 x Mean 3 84 22.6 22.4 15.3 13.1 4.0 3.5 22 14 20 20 21 1.2

Payments - POS Devices / Solutions NCR $ 32.19 (5)% 92 % $ 3,999 $ 7,961 10.9 x 9.9 x 7.6 x 7.3 x 1.2 x 1.2 x (0)% 2 % na 16 % 17 % na Ingenico 87.42 (20) 64 5,386 5,637 18.2 16.0 10.9 9.7 2.2 2.0 4 9 10 20 21 1.9 Verifone 15.74 (22) 50 1,747 2,604 10.1 9.6 7.9 8.1 1.3 1.3 (2) (1) na 17 16 na PAX Global Technology 0.73 (5) 53 827 567 9.7 8.4 5.9 5.1 1.3 1.1 17 14 18 22 22 0.5 PAR Technology 5.36 4 71 84 81 na na na na na na na na na na na na

Median (5)% 64 % 10.5 x 9.7 x 7.8 x 7.7 x 1.3 x 1.3 x 2 % 6 % 14 % 18 % 19 % 1.2 x Mean (10) 66 12.2 11.0 8.1 7.5 1.5 1.4 5 6 14 19 19 1.2

Source: Wall Street Research, Reuters and Capital IQ. Note: nm signifies negative value or value of >50.

20 Common Stock Comparison Payroll / HR / Benefits Solutions and Financial Information Providers

Payroll / HR / Benefits Solutions Automatic Data Processing $ 88.20 (3)% 92 % $ 40,348 $ 39,141 25.6 x 23.1 x 16.6 x 16.2 x 3.2 x 3.0 x 11 % 7 % 11 % 20 % 19 % 2.4 x Paychex 57.87 (5) 94 20,956 20,604 27.2 25.1 15.7 14.5 6.7 6.3 12 7 9 43 43 3.0 Workday 91.69 4 99 19,323 17,776 nm nm nm nm 11.4 8.7 34 31 37 8 11 na The Ultimate Software Group 204.39 (3) 91 5,988 5,900 nm nm 31.2 24.8 7.6 6.2 27 22 26 24 25 na Paycom 50.13 (2) 95 2,886 2,834 nm nm 33.6 26.1 8.7 6.7 48 29 30 26 26 na Cornerstone OnDemand 45.95 3 96 2,662 2,629 nm nm nm 49.1 6.2 5.0 25 22 20 nm 10 na Paylocity 44.46 (1) 90 2,388 2,301 nm nm nm nm 8.8 7.0 45 26 25 11 13 na WageWorks 60.91 (3) 93 2,318 1,828 43.6 36.6 16.8 14.3 5.1 4.6 8 11 15 30 32 2.9 Insperity 72.64 10 88 1,555 1,386 20.6 17.4 9.8 8.2 0.5 0.4 13 11 17 5 5 1.2

Median (2)% 93 % 26.4 x 24.1 x 16.7 x 16.2 x 6.7 x 6.2 x 25 % 22 % 20 % 22 % 19 % 2.6 x Mean 0 93 29.3 25.6 20.6 21.9 6.5 5.3 25 19 21 21 20 2.4

Large Diversified Financial Information Providers Reed Elsevier $ 19.45 2 % 99 % $ 23,205 $ 29,379 21.0 x 19.2 x 9.5 x 9.1 x 3.3 x 3.2 x 10 % 5 % 8 % 35 % 35 % 2.5 x Experian 20.10 3 97 19,016 23,049 17.1 15.5 11.1 10.5 3.9 3.7 (2) 5 11 35 35 1.6 Equifax 134.58 1 98 16,203 19,094 25.0 22.5 17.3 15.4 6.1 5.5 18 9 13 35 36 2.0 TransUnion 34.50 4 96 6,596 8,375 24.9 22.4 13.7 12.4 5.0 4.6 12 8 12 37 37 2.1 Gartner 88.45 (3) 86 7,341 7,743 31.5 27.9 16.5 14.7 3.2 2.9 13 11 16 19 19 1.9 Dun & Bradstreet 136.62 (1) 97 4,994 6,364 18.5 17.5 12.7 12.0 3.7 3.6 4 3 6 29 30 3.0 Fair Isaac 124.59 (4) 94 4,001 4,484 26.2 22.7 21.7 16.6 5.1 4.8 4 6 16 23 29 1.7 Acxiom 26.65 2 98 2,104 2,136 44.5 38.3 14.4 12.8 2.4 2.4 (14) 4 15 17 18 2.9 Forrester 38.90 (5) 93 712 586 32.2 26.9 15.4 13.2 1.8 1.7 5 7 13 12 13 2.5

Median 1 % 97 % 25.0 x 22.5 x 14.4 x 12.8 x 3.7 x 3.6 x 5 % 6 % 13 % 29 % 30 % 2.1 x Mean (0) 95 26.8 23.7 14.7 13.0 3.8 3.6 6 6 12 27 28 2.2

Capital Markets Focused Information Providers Thomson Reuters $ 54.25 (1)% 94 % $ 40,620 $ 49,386 26.8 x 23.6 x 15.6 x 14.8 x 4.4 x 4.3 x (8)% 2 % 8 % 28 % 29 % 3.4 x Moody's 108.28 (0) 98 21,114 22,738 23.6 21.0 14.4 13.3 6.4 6.0 2 7 11 45 45 2.1 MSCI 83.94 (6) 92 7,972 9,148 28.8 24.2 16.4 14.9 8.0 7.4 7 8 14 48 50 2.0 IHS Markit 37.55 1 99 7,289 7,979 21.4 18.4 8.1 5.7 2.9 2.2 147 31 15 36 39 1.4 FactSet 162.10 (10) 88 6,727 6,774 23.9 22.5 16.5 15.4 5.9 5.6 14 6 10 36 36 2.4 Morningstar 79.27 (4) 89 3,414 3,122 26.1 23.7 12.2 11.2 3.9 3.7 1 6 14 32 33 1.9 Fimalac 114.43 0 99 2,863 2,988 46.5 44.3 nm nm 18.9 18.0 (37) 5 na 12 14 na Value Line 16.24 (4) 82 158 133 na na na na na na na na na na na na

Median (3)% 93 % 26.1 x 23.6 x 15.0 x 14.0 x 5.9 x 5.6 x 2 % 6 % 13 % 36 % 36 % 2.1 x Mean (3) 93 28.1 25.4 13.9 12.5 7.2 6.7 18 9 12 34 35 2.2

Source: Wall Street Research, Reuters and Capital IQ. Note: nm signifies negative value or value of >50.

21 Common Stock Comparison Healthcare / Insurance Solutions

Healthcare Solutions Express Scripts $ 70.53 (2)% 79 % $ 44,692 $ 59,359 11.1 x 10.3 x 8.1 x 7.9 x 0.6 x 0.6 x (0)% 3 % 11 % 7 % 7 % 1.0 x Cerner 61.75 (5) 90 21,482 21,436 26.2 23.0 13.3 11.7 4.4 4.0 11 10 13 33 34 2.0 athenahealth 126.12 2 74 5,036 5,196 nm nm 22.1 18.2 4.7 3.9 19 19 24 21 22 na Allscripts-Misys Healthcare 13.17 2 83 2,457 3,942 22.2 18.8 13.6 12.1 2.5 2.3 12 10 17 18 19 1.3 Medidata 55.76 4 98 3,162 3,100 nm 44.9 29.3 23.4 6.7 5.6 16 19 21 23 24 na HealthEquity 37.85 28 100 2,349 2,199 nm nm 35.4 27.6 12.4 9.9 41 25 33 35 36 na TriNet 21.63 2 94 1,565 1,871 18.6 15.6 10.5 9.2 0.7 0.6 (6) 16 20 7 7 0.9 Quality Systems 11.32 (4) 65 696 758 nm 25.2 8.6 8.0 1.5 1.5 2 3 15 18 18 na CorVel 38.40 1 72 760 724 na na na na na na na na na na na na Computer P&S 26.06 2 44 347 499 12.3 10.5 8.6 7.4 1.8 1.7 49 4 14 21 23 0.9 Castlight Health 4.16 1 77 461 335 nm nm nm nm 3.3 2.6 nm nm 30 nm nm na Accretive Health 2.44 25 71 246 187 nm nm nm nm 0.9 0.5 (7) 65 30 (21) (2) na eHealth 11.21 (1) 74 205 139 17.2 20.0 8.6 7.0 0.7 0.7 8 1 10 8 10 1.7

Median 2 % 77 % 17.9 x 19.4 x 11.9 x 10.5 x 2.2 x 2.0 x 11 % 10 % 18 % 18 % 19 % 1.2 x Mean 4 79 17.9 21.0 15.8 13.3 3.4 2.8 13 16 20 15 18 1.3

Insurance Solutions Verisk Analytics $ 81.28 (2)% 95 % $ 14,512 $ 16,587 27.1 x 24.4 x 16.5 x 15.4 x 8.3 x 7.8 x (3)% 6 % 12 % 50 % 51 % 2.2 Guidewire Software 59.98 (3) 93 4,434 3,806 nm nm 48.5 32.9 8.6 7.5 16 15 18 18 23 na Ebix 56.85 (2) 96 1,852 2,015 21.7 20.8 18.2 16.7 6.9 6.3 11 9 10 38 38 2.2 Crawford & Company 11.35 0 91 637 821 16.5 13.8 6.8 6.2 0.7 0.7 (7) 2 10 11 12 1.7 Sapiens 12.77 (6) 90 640 578 26.3 23.3 18.3 15.5 2.7 2.3 19 15 13 15 15 2.1

Median (2)% 93 % 24.0 x 22.1 x 18.2 x 15.5 x 6.9 x 6.3 x 11 % 9 % 12 % 18 % 23 % 2.1 x Mean (3) 93 22.9 20.6 21.7 17.4 5.5 4.9 7 9 12 26 28 2.0

Source: Wall Street Research, Reuters and Capital IQ. Note: nm signifies negative value or value of >50.

22 Common Stock Comparison Outsourced Processing Solutions

Market Enterprise Multiples Growth Rates Margins Price % MTD % LTM Value Value Price / Earnings EV / EBITDA EV / Revenue Revenue EPS EBITDA P / E / G Company Name 09/30/16 Change High ($ mm) ($ mm) CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E LT CY 16E CY 17E CY 16E Outsourced Processing Solutions - IT Outsourcing / Consulting Accenture $ 122.17 6 % 98 % $ 76,063 $ 73,170 22.0 x 20.1 x 13.0 x 12.2 x 2.2 x 2.0 x 8 % 7 % 10 % 17 % 17 % 2.1 x Tata Consultancy Services 36.44 (3) 88 71,795 67,788 18.5 17.1 13.8 12.8 3.8 3.5 25 9 15 28 27 1.2 Infosys Technologies 15.58 0 81 35,618 35,617 16.6 15.4 12.7 11.6 3.5 3.1 18 10 13 27 27 1.2 Cognizant 47.71 (17) 68 29,158 25,585 14.2 13.0 9.1 8.2 1.9 1.7 9 11 15 21 21 0.9 HCL Technologies 12.01 2 90 17,008 16,986 14.3 13.3 11.1 10.5 2.7 2.4 5 13 9 24 23 1.5 CGI Group 47.61 (4) 95 15,080 16,355 17.5 16.4 10.8 10.3 2.0 2.0 5 2 17 19 19 1.1 Wipro 7.17 (1) 78 17,691 14,822 13.7 12.7 8.8 7.9 1.8 1.7 16 6 11 21 22 1.2 Computer Sciences Corporation 52.21 10 73 7,426 9,930 20.7 15.8 8.3 7.4 1.3 1.3 (8) 4 8 16 17 2.6

Median (1)% 84 % 17.1 x 15.6 x 10.9 x 10.4 x 2.1 x 2.0 x 8 % 8 % 12 % 21 % 21 % 1.2 x Mean (1) 84 17.2 15.5 10.9 10.1 2.4 2.2 10 8 12 22 22 1.5

Outsourced Processing Solutions - Offshore BPO Genpact $ 23.95 0 % 84 % $ 4,998 $ 5,413 16.9 x 15.2 x 12.4 x 11.3 x 2.1 x 1.9 x 6 % 9 % 13 % 17 % 17 % 1.3 x Exlservice Holdings 49.84 (3) 91 1,701 1,546 21.5 19.0 12.9 10.8 2.2 2.0 12 12 14 17 18 1.5 WNS Holdings 29.95 2 87 1,527 1,380 26.7 27.0 10.5 11.2 2.6 2.5 6 6 14 25 22 1.9 Mphasis 7.83 (7) 84 1,644 1,172 13.9 12.3 8.1 7.2 1.2 1.2 9 7 13 15 16 1.1 Firstsource Solutions 0.61 (5) 75 425 545 9.1 7.7 7.8 6.9 1.0 0.9 15 12 17 13 13 0.5

Median (3)% 84 % 16.9 x 15.2 x 10.5 x 10.8 x 2.1 x 1.9 x 9 % 9 % 14 % 17 % 17 % 1.3 x Mean (3) 84 17.6 16.2 10.3 9.5 1.8 1.7 9 9 14 17 17 1.3

Outsourced Processing Solutions - Specialized BPO Oracle Financial Services Software $ 48.43 (6)% 79 % $ 4,172 $ 3,618 20.7 x 18.1 x 13.0 x 11.5 x 5.4 x 4.9 x 16 % 11 % 6 % 42 % 43 % 3.5 x Portfolio Recovery Associates 34.54 12 62 1,601 3,450 11.0 9.4 10.9 9.2 3.8 3.6 (4) 6 13 35 39 0.8 Convergys 30.42 2 98 2,924 2,980 15.9 14.6 7.6 7.1 1.0 0.9 1 6 10 13 13 1.6 Teletech Holdings 28.99 2 94 1,371 1,459 18.0 16.2 8.4 8.0 1.1 1.1 (1) 4 13 13 14 1.4 CSG Systems International 41.33 (7) 89 1,269 1,402 15.7 15.3 7.6 7.7 1.9 1.8 1 4 9 25 23 1.7 Vasco Data Security 17.61 (4) 82 699 564 29.1 20.5 16.9 12.0 2.7 2.3 (12) 15 26 16 19 1.1 Performant Financial Corporation 2.95 41 85 148 161 nm nm 8.2 10.4 1.2 1.2 (12) (5) 20 14 12 na PRGX Global 4.71 (2) 81 103 88 nm 20.5 5.7 4.5 0.6 0.6 (4) 5 na 11 14 na

Median (0)% 84 % 16.9 x 16.2 x 8.3 x 8.6 x 1.5 x 1.5 x (2)% 5 % 13 % 15 % 17 % 1.5 x Mean 5 84 18.4 16.4 9.8 8.8 2.2 2.1 (2) 6 14 21 22 1.7

Source: Wall Street Research, Reuters and Capital IQ. Note: nm signifies negative value or value of >50.

23 Common Stock Comparison Lending / Mortgage / Real Estate Solutions and Specialty Finance

Lending / Mortgage / Real Estate Solutions Fidelity National Financial $ 36.91 (1)% 96 % $ 10,406 $ 13,364 15.0 x 13.9 x 9.2 x 8.6 x 1.6 x 1.6 x (11)% 1 % na 18 % 19 % na Zillow 34.65 1 87 7,302 7,112 na na nm 31.3 8.5 6.9 30 23 na 16 22 na CoStar Group 216.53 3 96 7,097 6,969 nm 39.3 28.0 21.3 8.3 7.3 18 14 19 30 34 na Black Knight Financial Services 40.90 5 97 3,845 6,470 35.6 31.2 14.0 12.6 6.3 5.8 10 9 14 45 46 2.6 Ocwen Financial 3.67 9 44 455 6,307 nm nm na na 4.5 5.3 (20) (15) na na na na CoreLogic 39.22 (5) 90 3,491 5,035 17.2 15.7 10.2 9.6 2.6 2.6 27 2 12 26 27 1.5 Ellie Mae 105.30 6 99 3,353 3,264 nm nm 31.9 23.0 9.6 7.7 36 24 22 30 33 na LendingTree 96.91 2 74 1,293 1,134 30.9 24.5 17.3 13.4 2.9 2.4 nm 22 4 17 18 nm Stewart Information Services 44.45 (4) 91 1,039 1,013 18.9 14.5 7.5 5.7 0.5 0.5 (6) 4 na 7 9 na Reis 20.46 (1) 77 237 211 nm 33.0 13.9 10.6 4.2 3.8 2 11 na 30 36 na NetSol Technologies 6.26 6 66 68 74 17.4 9.9 na 5.1 1.1 1.0 na 12 na na 19 na

Median 2 % 91 % 18.9 x 20.1 x 14.0 x 13.0 x 4.5 x 5.3 x 14 % 9 % 14 % 22 % 25 % 2.0 x Mean 2 86 23.5 23.2 16.9 15.7 5.0 4.5 10 9 14 24 26 2.0

Specialty Finance / Consumer Lending One Main (fka Springleaf) $ 30.95 3 % 60 % $ 4,171 $ 17,791 7.3 x 5.4 x 10.7 x 8.6 x 5.0 x 4.4 x 109 % 13 % na 46 % 51 % na Provident Financial 39.49 (1) 83 5,720 7,625 17.7 16.7 11.4 10.9 4.9 4.5 4 9 9 43 41 1.9 Encore Capital Group 22.48 4 54 575 3,335 4.4 4.1 8.2 7.2 2.9 2.8 (1) 5 14 35 38 0.3 Aaron's 25.42 4 62 1,850 2,101 11.5 10.3 6.2 5.8 0.6 0.6 3 4 11 10 11 1.0 LendingClub 6.18 17 41 2,501 1,928 nm nm nm 35.3 4.1 3.3 12 23 2 (8) 9 na First Cash Financial Services 47.08 (6) 88 1,331 1,531 20.5 16.7 10.8 6.5 1.7 1.1 27 59 na 16 16 na EZCorp 11.06 9 99 755 935 39.5 na 13.5 na 1.3 na (12) na 5 9 na nm OnDeck 5.70 (9) 44 404 888 nm nm nm nm 3.1 2.3 14 33 36 (14) (1) na World Acceptance 49.04 (1) 88 428 778 5.9 7.6 5.6 6.6 1.5 1.5 (9) (3) na 26 23 na America's Car-Mart 36.39 (12) 85 293 412 15.3 12.6 10.6 8.6 0.7 0.7 4 5 11 7 8 1.4 Atlanticus Holdings 3.01 (1) 82 41 212 na na na na na na na na na na na na Cash America 22.70 6 85 190 157 21.5 19.0 10.4 9.7 1.1 1.1 3 4 na 11 11 na

Median (1)% 82 % 13.4 x 10.3 x 10.6 x 7.9 x 2.3 x 2.3 x 4 % 9 % 11 % 13 % 16 % 1.2 x Mean 1 72 15.3 10.5 9.6 11.2 2.6 2.4 15 16 13 17 22 1.2

Source: Wall Street Research, Reuters and Capital IQ. Note: nm signifies negative value or value of >50.

24 Common Stock Comparison Trust and Services Focused FIs and Business Development / Public Investment Vehicles

Market Multiples Growth Rates Price % MTD % LTM Value Price / Earnings Revenue EPS P / E / G Company Name 09/30/16 Change High ($ mm) CY 16E CY 17E CY 16E CY 17E LT CY 16E

Trust and Services Focused FIs PNC Financial $ 90.09 0 % 92 % $ 44,641 12.8 x 12.0 x (1)% 3 % 4 % 3.1 x Bank of New York Mellon 39.88 (4) 89 42,804 13.2 11.9 (0) 5 na na State Street 69.63 (1) 92 27,157 13.8 12.6 0 5 na na Fifth Third Bancorp 20.46 2 97 15,739 12.2 12.0 1 2 2 nm Northern Trust 67.99 (3) 89 15,509 16.0 14.9 6 5 11 1.5 UMB Financial 59.45 (1) 97 2,967 19.2 17.4 10 5 18 1.0

Median (1)% 92 % 13.5 x 12.3 x 1 % 5 % 8 % 1.5 x Mean (1) 93 14.5 13.5 3 4 9 1.9

BDC / Public Investment Vehicles Ares Capital $ 15.50 (4)% 94 % $ 4,866 10.3 x 9.6 x (2)% 20 % 5 % 2.1 x American Capital Strategies 16.91 (0) 99 3,830 18.4 26.4 (21) (22) na na Apollo 5.80 (5) 91 1,305 8.2 8.4 (23) (3) 4 2.1 Fortress Investment Group 4.94 (1) 79 1,070 6.5 5.8 1 8 nm na Capital Southwest 14.70 (1) 88 232 na na na na na na Gladstone Capital 8.13 (6) 89 190 9.7 na na na na na Harris & Harris 1.39 (10) 58 43 na na na na na na

Median (4)% 89 % 9.7 x 9.0 x (12)% 2 % 5 % 2.1 x Mean (4) 85 10.6 12.6 (11) 1 5 2.1

Source: Wall Street Research, Reuters and Capital IQ. Note: nm signifies negative value or value of >50.

25 Common Stock Comparison Selected Diversified FIs

Market Multiples Growth Rates Price % MTD % LTM Value Price / Earnings Revenue EPS P / E / G Company Name 09/30/16 Change High ($ mm) CY 16E CY 17E CY 16E CY 17E LT CY 16E

Selected Diversified FIs J.P. Morgan Chase $ 66.59 (1)% 96 % $ 242,637 11.8 x 10.8 x 2 % 5 % 4 % 2.7 x Wells Fargo 44.28 (12) 79 224,033 11.1 10.7 3 3 7 1.6 Bank of America 15.65 (2) 87 160,417 12.4 10.1 (2) 5 5 2.5 Citigroup 47.23 (0) 84 137,221 10.1 9.2 (8) 3 6 1.8 HSBC 5.79 2 97 103,234 9.7 9.1 (11) (2) 2 4.8 Royal Bank of Canada 61.91 (0) 98 92,106 11.5 11.2 13 2 5 2.4 Toronto Dominion 44.37 (1) 99 82,548 11.7 11.2 3 0 7 1.8 U.S. Bancorp 42.89 (3) 96 73,744 13.3 12.6 5 3 5 2.5 Goldman Sachs 161.27 (4) 81 69,245 11.3 9.4 (13) 8 11 1.1 AIG 59.34 (0) 92 63,533 14.7 10.7 (12) (3) 11 1.4 Morgan Stanley 32.06 0 90 61,293 12.8 10.7 (5) 5 7 1.8 American Express 64.04 (1) 82 59,369 11.8 11.5 (3) 0 8 1.5 UBS 13.50 (6) 65 50,048 12.8 10.5 (10) 5 18 0.7 Bank of Montreal 65.50 (1) 98 42,343 11.8 11.1 10 1 5 2.4 Barclays 2.23 (2) 65 30,850 16.2 9.4 (21) 4 12 1.3 CIBC 77.51 (2) 97 30,662 10.1 10.0 5 5 5 2.0 Synchrony Financial 28.00 1 77 23,532 10.7 9.4 10 8 4 2.4 Discover Financial Services 56.55 (5) 94 22,828 9.9 9.3 3 4 7 1.4 Raymond James Financial 58.21 1 97 8,290 15.3 13.7 6 11 15 1.1 Lazard 36.36 (1) 73 4,517 12.5 11.4 (2) 5 na na Federated Investors 29.63 (8) 89 2,952 15.0 14.2 24 6 11 1.4 Greenhill & Co. 23.57 5 80 698 15.2 15.7 26 (2) na na JMP Group 5.52 (2) 82 116 13.8 10.6 (11) 24 na na FBR & Co 13.24 (3) 59 98 nm 32.3 (11) 20 na na

Median (1)% 88 % 11.8 x 10.7 x 0 % 4 % 7 % 1.8 x Mean (2) 86 12.4 11.9 0 5 8 1.9

Source: Wall Street Research, Reuters and Capital IQ. Note: nm signifies negative value or value of >50.

26 FT Partners’ Monthly FinTech Sector Market Analysis

U.S. FinTech IPO Tracker

Filing IPO Amount IPO Current Current Total 2016 YTD Company Sector Date Date Raised Price Price Market Cap Return

4 1/4/2016 9/29/2016 $52 mm $12.00 $14.32 $222 mm 19% HCIT # of IPOs 05/09/16 06/02/16 91 14.00 13.11 $1,589 -6% HCIT

$683 mm 04/06/16 05/25/16 238 19.00 33.24 2,997 75% HCIT Amount Raised 04/04/16 04/27/16 101 13.50 18.19 910 35% CapMkts

12/16/15 04/15/16 253 19.00 24.51 2,362 29% CapMkts 2015 11/16/15 12/18/15 75 10.00 24.09 1,409 141% Banking

12 07/24/15 11/19/15 243 9.00 12.19 4,166 35% Payments # of IPOs 07/20/15 10/14/15 2,560 16.00 13.92 12,667 -13% Payments

$5,498 mm 08/10/15 10/09/15 138 10.00 5.52 305 -45% Payments Amount Raised 04/17/15 06/26/15 74 12.00 18.42 620 54% FMS

For more details on 06/15/15 06/24/15 627 22.50 32.99 6,028 47% Banking FinTech IPO activity, 05/11/15 06/19/15 100 14.00 17.35 689 24% Payments please view our in-depth IPO Infographic 05/05/15 06/10/15 196 17.00 24.87 1,497 46% HCIT

04/14/15 05/20/15 131 17.00 41.36 3,595 143% Payments

12/23/14 05/19/15 441 24.50 39.02 2,696 59% Banking

Pending IPOs

09/08/16 TBD Publicly filed for its IPO FMS

09/24/15 TBD Filed confidentially according to the Company Bnkg

09/03/15 TBD Latest filing amendment dated June 6, 2016 HCIT

Source: FT Partners’ Proprietary Transaction Database. Note: Prices updated as of September 30, 2016. = Click star / logo for detailed FT Partners’ IPO Profile 27 Selected FinTech M&A Transactions Highlighted Transactions Payments

Date Acquirer / Target Value ($ mm) Comments

• Citrus Payment Solutions, a provider of consumer payment and mobile banking services, is working to revolutionize mobile and digital payments • PayU is an online provider of payment solutions for individuals, business and developers, providing APIs, alternative payments and web checkout solutions 09/14/16 $130 • This acquisition will increase PayU’s India-based customers to over 30 million with an expected 150 million transactions to be processed Click for in-depth • At the completion of the transaction, Citrus Pay will be wholly owned by Naspers, PayU’s parent profile company • The acquisition is expected to close in the third quarter of 2016

• Repay (a.k.a. Realtime Electronic Payments) provides electronic transaction processing services for merchants and offers a comprehensive line of solutions • The Company provides an integrated technology platform and multiple payment channels 09/13/16 na • Repay currently processes for more than 8,000 merchant locations across all product lines • The buyer was not disclosed and the seller was New Capital Partners, a private equity firm focused on Undisclosed Buyer healthcare and financial services, who acquired a majority interest in the Company in 2013

• BlueSquare Resolutions offers a variety of services, including mobile, prepaid and loyalty solutions, to merchants across a wide range of verticals • Applied Merchant Systems (AMS) is a leader in payment processing services for small and medium sized businesses and also provides mobile payment solutions and cash advance for merchants 09/12/16 na • AMS has an annual run rate of over $4 billion in processing volume • As a result of the merger, BlueSquare’s founder, Sabin Burrell, has become a significant shareholder and Senior Executive of AMS • The merger also allows AMS to expand its senior credit facility with Goldman Sachs Specialty Lending Group and Business Development Corporation of America

Source: FT Partners’ Proprietary Transaction Database.

28 Selected FinTech M&A Transactions Highlighted Transactions (cont.) Banking / Lending Technology

Date Acquirer / Target Value ($ mm) Comments

• Wolters Kluwer is a provider of information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors • Reynolds & Reynolds is a provider of automobile dealership software, services and forms serving automotive dealers in North America and Europe 09/08/16 $36 • On September 8, 2016, Reynolds & Reynolds announced it acquired Wolters Kluwer’s indirect loan Lending Origination Solutions origination solutions, including its AppOne software platform • The Company will use the acquisition to expand its existing documents product portfolio and to serve a broader set of markets and customers

• LaunchKey provides a multifactor authentication and real-time authorization mobile platform • iovation is a provider of fraud prevention and customer authentication solutions for businesses 09/06/16 na • On September 6, 2016, iovation announced it acquired LaunchKey • The Company launched a new iovation LaunchKey MFA solution, combining technologies to provide a flexible authentication solution for businesses

Source: FT Partners’ Proprietary Transaction Database.

29 Selected FinTech M&A Transactions Highlighted Transactions (cont.) Securities / Capital Markets Technology

Date Acquirer / Target Value ($ mm) Comments

• Bats Global Market is a global operator of exchanges and services provider, supporting traders, investors and issuers • CBOE is the largest US options exchange, offering equity, index and ETF options • On September 26, 2016, CBOE announced that it had agreed to acquire Bats Global Markets for $3.2 09/26/16 $3,200 bn in cash and stock • The acquisition gives CBOE access to new asset classes, technology and global markets; underscores the rise of electronic trading and decline of “open outcry” floor trading Click for in-depth profile • REDI provides an end-to-end trade management platform, enabling users to execute various transactions, from simple stock trades to complex strategies that span across markets and asset classes • Thomson Reuters is an information and technology solutions provider to the global financial industry 09/22/16 na • On September 22, 2016, Thomson Reuters announced that it had agreed to acquire REDI for an undisclosed amount • The acquisition will allow Thomson Reuters to boost its buy-side offerings Click for in-depth profile

• Wells Fargo Global Fund Services provides comprehensive fund administration, offering middle- and back-office operations along with reporting services for hedge funds, private equity funds and investors • SS&C Technologies provides software and software-enabled services to the financial services industry • On September 14, 2016, SS&C Technologies announced that it had agreed to acquire Wells Fargo 09/14/16 na Global Fund services for an undisclosed amount • SS&C Technologies plans to expand its fund services offerings, adding 250 employees to serve more than 130 fund relationships

Source: FT Partners’ Proprietary Transaction Database.

30 Selected FinTech M&A Transactions Highlighted Transactions (cont.) Insurance Technology

Date Acquirer / Target Value ($ mm) Comments

• Mosaic Insurance (fka Axa Re Property & Casualty Insurance Co) is an insurance carrier; Through the acquisition, Metromile will now be able to underwrite its own insurance policies • Metromile is a offers mileage-based insurance coverage along with a smart driving app that utilizes the Metromile Pulse – a plug-in device for your car 09/21/16 Click for in-depth na • Metromile plans to use Mosaic’s platform to expand underwriting capabilities to all 50 states and profile increase operations • In the interim, Metromile has acquired licenses to operate in all 50 states, although it currently only underwrites policies in four; Statewide roll out will start accelerating at the beginning of 2017

Source: FT Partners’ Proprietary Transaction Database.

31 Selected FinTech M&A Transactions Highlighted Transactions (cont.) Financial HCIT

Date Acquirer / Target Value ($ mm) Comments

• Anthelio Healthcare Solutions is a provider of information technology and business process outsourcing services to hospitals, healthcare providers and other businesses • Atos is a provider of information technology services, offering digital services, consulting, systems integration and managed services to deliver business outcomes globally • The acquisition uniquely positions Atos to reach a broader customer base in the US healthcare market 09/12/16 $275 by strengthening the scale and scope of its services Following the acquisition, Atos is expected to add 1,700 additional Anthelio employees and generate Click for in-depth • approximately $2.5 bn in revenue in North America profile • The newly formed US healthcare practice expects to reach double digit organic growth in 2018

Source: FT Partners’ Proprietary Transaction Database.

32 Selected FinTech M&A Transactions Highlighted Transactions (cont.) Financial BPO

Date Acquirer / Target Value ($ mm) Comments

• RDC operates in the Government Risk and Compliance industry providing counterparty risk and financial regulatory compliance data and software to financial institutions and technology companies • On September 6, 2016, RDC announced that it has been acquired by Bain Capital Partners and Vista 09/06/16 na Equity Partners • RDC plans to use the capital to increase its investment in risk and compliance software and data solutions

Source: FT Partners’ Proprietary Transaction Database.

33 Selected FinTech M&A Transactions Selected Recent M&A Transactions Payments

Announced Amount FinTech Transaction Overview Company Selected Buyers / Investors Date ($MM) Database Direct Pay Online Group Acquires a Majority Stake in PayGate for $7.3 09/29/16 PayGate Direct Pay Online Group $7 Details mm 09/26/16 Big Bus Tours Acquires Smart Destinations Smart Destinations Big Bus Tours na Details Digital Check Corporation has Agreed to Acquire Burroughs' SmartSource Burroughs' SmartSource Check Scanner 09/19/16 Digital Check Corporation na Details Check Scanner and Receipt Printer Business and Receipt Printer Business 09/16/16 CashFlows Acquires iCheque Network iCheque Network CashFlows na Details

09/14/16 Naspers' PayU Agrees to Acquire Citrus Payment Solutions Citrus Payment Solutions Naspers 130 Details

09/13/16 New Capital Partners Sells Repay Repay Undisclosed Investors na Details

09/12/16 Applied Merchant Systems and BlueSquare Resolutions Merge BlueSquare Resolutions Applied Merchant Systems na Details Alliance Data Systems has Agreed to Acquire Williams-Sonoma's Credit 09/08/16 Williams-Sonoma's Credit Card Portfolio Alliance Data Systems na Details Card Portfolio 09/06/16 iZettle Acquires intelligentpos Intelligent Point of Sale iZettle na Details

Banking / Lending Technology

Announced Amount FinTech Transaction Overview Company Selected Buyers / Investors Date ($MM) Database

09/28/16 Link Financial Group Acquires Everyday Finance Everyday Finance LCH European Portfolio Holdings na Details

09/19/16 Atradius Acquires Graydon Graydon Holding Atradius na Details Financeit and Concentra Acquire TD Bank's Indirect Home Improvement TD Bank Group's Indirect Home 09/15/16 Concentra; Financeit na Details Financing Assets Improvement Financing Assets 09/12/16 VersaBank has Agreed to Acquire PWC Capital PWC Capital VersaBank na Details Reynolds & Reynolds has Agreed to Acquire Wolters Kluwer' Indirect 09/08/16 Loan Origination Solutions and AppOne Software Platform for AppOne Reynolds & Reynolds $36 Details Approximately $36 mm in Cash 09/06/16 iovation Acquires LaunchKey LaunchKey iovation na Details

09/06/16 First American Financial Acquires RedVision RedVision First American Financial na Details

09/02/16 Tieto Acquires Emric Emric Tieto na Details

09/01/16 E Mortgage Management Acquires Fortren Funding Fortren Funding E Mortgage Management na Details

Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars. Note: Bolded transactions are profiled on the previous pages.

34 Selected FinTech M&A Transactions Selected Recent M&A Transactions Securities / Capital Markets Technology

Announced Amount FinTech Transaction Overview Company Selected Buyers / Investors Date ($MM) Database

09/30/16 IG Group has Agreed to Acquire DailyFX for Approximately $40 mm DailyFX IG Group $40 Details Chicago Board Options Exchange has Agreed to Acquire Bats Global 09/26/16 Bats Global Markets Chicago Board Options Exchange (CBOE) 3,200 Details Markets for $3200 mm in Cash and Stocks IRESS has Agreed to Acquire Financial Synergy for Approximately $68.8 09/26/16 Financial Synergy IRESS 69 Details mm 09/22/16 Thomson Reuters has Agreed to Acquire REDI REDI Thomson Reuters na Details

09/21/16 LexisNexis Legal & Professional has Agreed to Acquire Intelligize Intelligize LexisNexis Legal & Professional na Details

09/14/16 IRESS has Agreed to Acquire INET BFA for Approximately $10.5 mm INET BFA IRESS 11 Details SS&C Technologies has Agreed to Acquire Wells Fargo Global Fund 09/14/16 Wells Fargo's Global Fund Services SS&C Technologies Holdings na Details Services 09/13/16 TD Securities Acquires Albert Fried & Company Albert Fried & Company TD Securities na Details

09/09/16 CRIF Acquires China Credit Information Service China Credit Information Service CRIF na Details

09/08/16 INTL FCStone has Agreed to Acquire ICAP's EMEA Oils Business ICAP's EMEA Oils Business INTL FCStone na Details CFRA has Agreed to Acquire S&P Global Market Intelligence's Equity and S&P Global Market Intelligence’s Equity 09/07/16 CFRA na Details Fund Research and Fund Research 09/07/16 McKinsey & Company Acquires PriceMetrix PriceMetrix McKinsey & Company na Details Kennedy Cabot Acquisition has Agreed to Acquire 90% Stake in Siebert 09/02/16 Siebert Financial Kennedy Cabot Acquisition na Details Financial Insurance Technology

Announced Amount FinTech Transaction Overview Company Selected Buyers / Investors Date ($MM) Database

09/29/16 Applied Systems Acquires IS2 eTrading IS2 eTrading Applied Systems na Details

09/29/16 RGI Group Acquires Kapia Solutions Kapia Solutions RGI Group na Details

09/27/16 Recipero Acquires Callcredit Recipero Callcredit na Details

09/27/16 OneDigital Acquired MRCT MRCT OneDigital na Details

09/21/16 Metromile has Agreed to Acquire Mosaic Insurance Co. Mosaic Insurance Co. Metromile na Details

09/13/16 Esure Group Agrees to the Spin-off of Gocompare.com in its IPO Gocompare.com N/A na Details

Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars. Note: Bolded transactions are profiled on the previous pages.

35 Selected FinTech M&A Transactions Selected Recent M&A Transactions Financial HCIT

Announced Amount FinTech Transaction Overview Company Selected Buyers / Investors Date ($MM) Database Constellation Healthcare Technologies Acquires VEGA Medical 09/23/16 VEGA Medical Professionals Constellation Healthcare Technologies $24 Details Professionals for $24 mm in Cash and Stock Atos Acquires Anthelio Healthcare Solutions for approximately $275 09/12/16 Anthelio Healthcare Solutions Atos 275 Details mm Streamline Health Acquires Opportune IT Healthcare Solutions for $1.4 09/08/16 Opportune IT Healthcare Solutions Streamline Health 1 Details mm Financial Management Solutions

Announced Amount FinTech Transaction Overview Company Selected Buyers / Investors Date ($MM) Database Falfurrias Capital Partners Acquires Majority Stake in Marquis Software 09/29/16 Marquis Software Solutions Falfurrias Capital Partners na Details Solutions 09/26/16 Accenture has Agreed to Acquire DayNine DayNine Consulting Accenture na Details Pioneer Square Labs Completes the Spin-off of LumaTax into an 09/16/16 Luma Tax na na Details Independent Entity 09/14/16 Amdocs Acquires Vindicia Vindicia Amdocs na Details

09/01/16 Blackline Systems Acquires Runbook Runbook Blackline Systems na Details

Financial BPO

Announced Amount FinTech Transaction Overview Company Selected Buyers / Investors Date ($MM) Database 09/29/16 IBM has Agreed to Acquire Promontory Financial Group Promontory Financial Group IBM na Details

09/28/16 SourceHOV Acquires TransCentra TransCentra SourceHOV na Details

09/19/16 HgCapital Acquires Visma BPO Visma BPO HgCapital na Details

09/13/16 Ant Financial Acquires EyeVerify EyeVerify Ant Financial na Details

09/06/16 Vista Equity Partners Acquires RDC RDC Vista Equity Partners na Details

Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars. Note: Bolded transactions are profiled on the previous pages.

36 Selected FinTech Financings Highlighted Transactions Payments

Date Target / Investor(s) Value ($ mm) Comments

• Nets is a leading provider of digital payment services and related technology solutions across the Nordic region • In 2015, Nets processed approximately 7.3 billion card transactions through its business relationships with more than 300,000 merchants and 240 banks 09/23/16 $2,400 • On September 23, 2016, the Company announced that it had raised a total of DKK 15.75 bn Click for in-depth (approximately $2.4 bn) in its IPO, with DKK 5.5 bn (approximately $830 mm) going to the Company and profile the remaining to existing shareholders • The proceeds will be used to repay and refinance existing debt facilities

• Tipalti offers a payment automation solution to streamline all phases of the payment management workflow into one cloud platform • On September 14, 2016, the Company announced that it has raised $14 mm in a financing round led by SGVC 09/14/16 14 • The financing will be used to accelerate growth by investing further in product development, R&D and Investor(s): SGVC customer support, as well as grow the sales and marketing team • As a result of the transaction, Dovi Frances, a Managing Partner at SGVC, will be joining Tipalti’s board of directors

• Signifyd provides a full-service cloud platform that automates fraud prevention and offers a financial guarantee to protect online retailers from chargebacks • At the end of 2015, Signifyd announced that it has an annual run rate of $5.6 bn in transaction volume Investor(s): Menlo and it now serves over 5,000 e-commerce companies 09/02/16 Ventures; TriplePoint 19 • On September 2, 2016, the Company announced that it had raised $19 mm in a financing round from Capital; American Menlo Ventures, TriplePoint Capital and American Express Ventures Express Ventures • Signifyd will use the funding to scale its infrastructure and further optimize its best-in-class machine learning technology

Source: FT Partners’ Proprietary Transaction Database.

37 Selected FinTech Financings Highlighted Transactions (cont.) Payments (cont.)

Date Target / Investor(s) Value ($ mm) Comments

• Boku is the largest carrier billing mobile payment company and has integrated with hundreds of mobile operators globally and partnered with leading digital marketplaces • On September 1, 2016, the Company announced that it received $14 million in financing from existing 09/01/16 Investor(s): Khosla $14 Ventures; Benchmark investors Khosla Ventures, Benchmark Capital, NEA, Index Ventures and DAG Ventures, among others Capital; NEA; Index • This funding will allow Boku to build and activate new waves of carrier connections around the world to Ventures; DAG Ventures reach millions of new cell phone subscribers

Source: FT Partners’ Proprietary Transaction Database.

38 Selected FinTech Financings Highlighted Transactions (cont.) Banking / Lending Technology

Date Target / Investor(s) Value ($ mm) Comments

• Nav provides personal and business credit monitoring services, financial self-help tools and a financing marketplace for small business owners • On September 21, 2016, Nav announced it raised $25 mm in a Series B financing round led by Experian, with participation from existing investors including Kleiner Perkins Caufield & Byers and Investor(s): Experian, 09/21/16 $25 Crosslink Capital Kleiner Perkins Caufield & Byers, Crosslink Capital • The Company also announced a strategic partnership with Experian which will give small businesses greater transparency and access to their credit data and financing options Click for in-depth profile • FT Partners served as exclusive strategic advisor to Nav in the transaction

• Hero FinCorp is an Indian non-bank financial company that offers two-wheeler loans, property-backed loans and SME & commercial loans • On September 15, 2016, Hero FinCorp raised approximately $150 mm in funding from ChrysCapital, 09/15/16 Investor(s): ChrysCapital, 150 Hero MotoCorp, Credit Hero MotoCorp and Credit Suisse Suisse • The Company will use the funding to expand its product portfolio and asset size to meet increasing Click for in-depth demand from rural India profile

• Ripple is a provider of blockchain-based cross-border payment solutions for financial institutions On September 15, 2016, Ripple raised $55 mm in funding from Standard Chartered, Accenture Investor(s): Standard Chartered, • Ventures, SCB Digital Ventures, SBI Holdings, Santander Innoventures, CME Ventures, Seagate Accenture Ventures, SCB Digital 09/15/16 55 Technology, Venture51 and Siam Commercial Bank Ventures, SBI Holdings, Santander Innoventures, CME • The Company will use the funding to accelerate its customer growth, pursue strategic partnerships and Ventures, Seagate Technology, grow its team internationally Venture51, Siam Commercial Bank Click for in-depth profile

Source: FT Partners’ Proprietary Transaction Database.

39 Selected FinTech Financings Highlighted Transactions (cont.) Banking / Lending Technology

Date Target / Investor(s) Value ($ mm) Comments

• GreenSky provides an online loan platform that allows merchants to offer flexible credit programs to small businesses and consumers • The Company specializes in home improvement and retail financing • On September 14, 2016, GreenSky announced it raised $50 mm in financing from Fifth Third Bank 09/14/16 Investor(s): Fifth Third $50 Bank • The Company also announced an agreement which allows Fifth Third to originate loans through GreenSky’s merchant network, and offer GreenSky’s financing solutions to its own merchants • FT Partners served as exclusive financial advisor to GreenSky in the transaction

Source: FT Partners’ Proprietary Transaction Database.

40 Selected FinTech Financings Highlighted Transactions (cont.) Securities / Capital Markets Technology

Date Target / Investor(s) Value ($ mm) Comments

• OurCrowd is an equity-based crowdfunding platform for accredited investors to provide venture capital to Israeli startups

Investor(s): United • OurCrowd allows minimum investments as low as $10,000 and has platform usage fees that are Overseas Bank significantly lower than traditional venture capital 09/21/16 $72 • On September 21, 2016, OurCrowd announced that it had secured $72 mm in Series C financing from Click for in-depth United Overseas Bank and other undisclosed sources profile • OurCrowd intends to use the proceeds to build out the Company’s global offices, further develop its platform and match investments made on the Company’s platform

• InvestCloud delivers cloud-based solutions to the investment management community, transforming the way the financial industry processes and interacts with data • InvestCloud is recognized for its proprietary PWP (“Programs Writing Programs”) that generates customized solutions for each client

09/20/16 Investor(s): JP 25 • On September 20, 2016, InvestCloud announced that it had secured $25 mm in financing from JP Morgan Chase Morgan Chase • Along with its investment, JP Morgan entered into a strategic partnership with InvestCloud, which will accelerate the launch of its new online investing capabilities

• Quandl consolidates financial, economic and alternative data from hundreds of sources and generates a report in various formats • Quandl offers a suite of alpha-generating, alternative data sets, enabling clients to make informed decisions • On September 12, 2016, Quandl announced that it had secured $12 mm in Series B financing from 09/12/16 Investor(s): Nexus Venture 12 Nexus Venture Partners and August Capital Partners, August Capital • Quandl plans to use the proceeds to expand its alternative data coverage

Investor(s): IMC Group

Source: FT Partners’ Proprietary Transaction Database.

41 Selected FinTech Financings Highlighted Transactions (cont.) Securities / Capital Markets Technology

Date Target / Investor(s) Value ($ mm) Comments

• McKay Brothers designs, engineers, builds and operates low latency networks that connect financial markets • McKay Brothers uses microwave bandwidth to “level the playing field” by reducing latency, improving reliability and offering equal access to all of its subscribers 09/01/16 na • On September 1, 2016, McKay Brothers announced that it had secured an undisclosed amount of Investor(s): IMC Group financing from IMC Group • McKay Brothers will use the funding to improve its network speed, reach, data coverage and quality

Source: FT Partners’ Proprietary Transaction Database.

42 Selected FinTech Financings Highlighted Transactions (cont.) Insurance Technology

Date Target / Investor(s) Value ($ mm) Comments

• Sedgwick provides technology solutions for risk management, data analytics and risk modeling for insurance claims and policies • On September 28, 2016, Sedgwick secured $500 mm in financing from Caisse de dépôt et placement du Investor(s): Caisse de Québec (CDPQ) dépôt et placement du 09/28/16 Québec $500 • CDPQ is a money management firm based in Quebec, Canada responsible for managing the Quebec Click for in-depth Pension Plan through various investments profile • CDPQ joins KKR (majority shareholder), Stone Point Capital and managing employees as a significant minority shareholder

• FinanceFox is an app and online insurance platform that utilizes the latest digital technology and allows for more efficiently managed insurance products and polices by consumers, brokers and insurance companies alilke • On September 21, 2016, FinanceFox raised $28 mm in financing from Horizon Ventures and Target Investor(s): Horizons Global 09/21/16 Ventures; Target 28 Ventures • FinanceFox plans to use the funding to continue to expand its products, marketing and sales in Switzerland and Germany, as well as extend operations into Austria by the end of Q4 2016. • Target Ventures and Horizon Ventures join a list of current investors that include Idinvest, Salesforce Ventures, Speedinvest, Seedcamp, AngelList and more

• Metromile is a offers mileage-based insurance coverage along with a smart driving app that utilizes the Metromile Pulse – a plug-in device for your car • On September 21, 2016, Metromile secured $50 mm in a strategic investment from China Pacific Insurance

09/21/16 Investor(s): China 50 • On the same day Metromile announced its previously undisclosed Series D financing round of $103.1 Pacific Insurance mm; Along with the latest strategic investment, Metromile’s total financing is approximately $206 mm Click for in-depth • Metromile used this funding to acquire an insurance carrier called Mosaic Insurance to handle the profile underwriting of its policies itself; as well as to expand to new states in the U.S. and continue building its platform

Source: FT Partners’ Proprietary Transaction Database.

43 Selected FinTech Financings Highlighted Transactions (cont.) Insurance Technology

Date Target / Investor(s) Value ($ mm) Comments

• Designed for the insurance and communication / media industries, Vlocity delivers a streamlined and integrated product to enhance customer experience

Investor(s): Sutter Hill Ventures; • On September 20, 2016, Vlocity closed a funding round of $50 mm led by Sutter Hill and including Salesforce Ventures; Accenture; Salesforce Ventures, Accenture, New York Life Investment Management LLC, Kennet Partners, TDF 09/20/16 New York Life Investment $50 Ventures and Wildcat Venture Partners Management LLC; Kennet • Vlocity plans to use this round of financing to continue expansion of operations outside the US Partners; TDF Ventures; Wildcat Venture Partners • With the completion of this round, Vlocity reports a total of over $100 mm raised to date including their previous round of $42.8 mm led by Salesforce Ventures and Accenture Click for in-depth profile

Source: FT Partners’ Proprietary Transaction Database.

44 Selected FinTech Financings Highlighted Transactions (cont.) Financial HCIT

Date Target / Investor(s) Value ($ mm) Comments

• InstaMed is a provider of a payments network and solutions, connecting providers, payers and consumers on one platform • On September 26, 2016, InstaMed announced a $50 mm investment from Carrick Capital Partners

Investor(s): Carrick • The investment will be used to drive the growth of the InstaMed Network, accelerate go-to-market 09/26/16 Capital Partners $50 strategy and drive further innovation in healthcare payments technology • Jim Madden, Co-Founder and Managing Director of Carrick Capital Partners will join the InstaMed board Click for in-depth of directors, and Chris Wenner, a Vice President at Carrick Capital Partners, will become an observer to profile the board of directors

• Sharecare is a health and wellness engagement platform that provides people with personalized resources to help them live their healthiest lives • On September 22, 2016, Sharecare announced it has secured financing from Swiss Re Investor(s): Swiss Re • Swiss Re’s strategic investment in Sharecare marks the close of its latest round of funding, bringing its total funding to more than $220 mm 09/22/16 na Click for in-depth • Beginning in early 2017, users will have access to actionable tools and solutions to help strengthen their profile financial standing, reduce their money-related stress, and ultimately improve their health • Swiss Re will help interested Sharecare users identify additional resources to take control of their financial health, thereby improving their overall health and well-being

Source: FT Partners’ Proprietary Transaction Database.

45 Selected FinTech Financings Highlighted Transactions (cont.) Financial Management Solutions

Date Target / Investor(s) Value ($ mm) Comments

• Apttus provides SaaS, Quote-to-Cash solutions for enterprise applications with the goal to automate business functions and facilitate the needs of organizations • The Company’s solutions are built on the Salesforce1 platform and it is a partner / participant in the Investor(s): Gulf Islamic Salesforce ecosystem Investments; K1 Investment 09/29/16 Management; Iconiq Capital $88 • On September 29, 2016, Apttus announced it raised $88 mm from Gulf Islamic Investments, K1 and Kuwait Investment Investment Management, Iconiq Capital and Kuwait Investment Authority Authority • The funds will allows Apttus to continue delivering transformative business solutions around the world, Click for in-depth and run its operations profitably, while continuing to grow rapidly profile

• Avalara is cloud-based software that provides a variety of compliance solutions in the sales tax and transactional tax space • Avalara integrates into leading ERP and e-commerce software systems • On September 22, 2016, Avalara announced it raised $96 mm from existing investors Sageview Capital, Investor(s): Sageview Capital; 09/22/16 96 Technology Crossover Ventures and Warburg Pincus Technology Crossover Approximately $50 mm will be used as growth and acquisition capital and the remaining capital will be Ventures and Warburg Pincus • used to repurchase shares from early investors Click for in-depth profile

• Fusebill is a subscription and billing management platform that automates manual accounting and financial processes and workflows • On September 12, 2016, Fusebill announced that it has raises $6 mm in funding led by ScaleUp Ventures and Langdell Investments Investor(s): ScaleUp Ventures; • As a part of the transaction Kent Thexton, General Partner ScaleUp Ventures, and Pratik Budhdev, 09/12/16 Langdell Investments; OMERS 6 Principal at Langdell Investments, will join Fusebill’s Board of Directors Ventures; BDC Capital

Source: FT Partners’ Proprietary Transaction Database.

46 Selected FinTech Financings Highlighted Transactions (cont.) Financial Management Solutions

Date Target / Investor(s) Value ($ mm) Comments

• Coupa provides a cloud-based solutions to control and streamline the purchase and expense lifecycle within large and small organizations globally • Solutions are designed specifically for the financial services, food & beverage, healthcare, oil & gas, Investor(s): Undisclosed retail and technology industries Investors 09/08/16 na • On September 8, 2016, Coupa filed a S-1 with the Securities and Exchange Commission for its initial Click for in-depth public offering profile • The Company expects to use the net proceeds from this offering for working capital and other general corporate purposes

Source: FT Partners’ Proprietary Transaction Database.

47 Selected FinTech Financing Transactions Selected Recent Financing Transactions Payments

Announced Amount FinTech Transaction Overview Company Selected Buyers / Investors Date ($MM) Database International Finance Corporation; Silicon Valley 09/30/16 Remitly Secures $38 mm in Debt and Equity Financing Remitly $38 Details Bank; Undisclosed Investors Blume Ventures; Mumbai Angels; ah! Ventures; 09/29/16 Unocoin Secures $1.5 mm in Financing Unocoin Digital Currency Group; Boost VC; Bank To The 2 Details Future; Bitcoin Capital; FundersClub IDEA Fund Partners; Route 66 Ventures; Grotech 09/29/16 Payzer Secures $4.3 mm in Financing Payzer 4 Details Ventures 09/29/16 LYDIA Secures Approximately $7.8 mm in Financing LYDIA NewAlpha Asset Management; Oddo et Cie 8 Details DCM; CyberAgent; Itochu Technology; GMO 09/28/16 AnyPerk Secures $11.5 mm in Series A Financing AnyPerk Venture Partners; Nissay Capital; Undisclosed 12 Details Investors 09/28/16 Paddle Secures $3.2 mm in Series A Financing Led by BGF Ventures Paddle BGF Ventures; Spring Partners 3 Details Bitso Secures $2.5 mm in Financing from MONEXgroup and VARIV 09/28/16 Bitso MONEXgroup; Variv Capital 3 Details Capital 09/26/16 Direct Pay Online Group Secures Financing From Apis Partners Direct Pay Online Group Apis Partners na Details

09/23/16 Nets Raises Approximately $2.4 bn in its IPO Nets Holding Undisclosed Investors 2,370 Details

09/20/16 Curve Secures $3 mm in Financing Curve Samos Investments; Connect Ventures 3 Details Andreessen Horowitz; FJ Labs; Metamorphic 09/20/16 Allset Secures $2.4 mm in Seed Financing Led by Metamorphic Ventures Allset 2 Details Ventures; SMRK VC Fund; Undisclosed Investors 09/15/16 Pleo Secures $3 mm in Seed Financing Led by Founders Pleo Founders 3 Details

09/14/16 Tipalti Secures $14 mm in Financing Led by SGVC Tipalti SGVC 14 Details

09/12/16 AceitaFacil Secures Financing from Vindi AceitaFacil Vindi <1 Details

09/07/16 UQUID Secures Seed Financing UQUID Undisclosed Investors <1 Details

09/07/16 MOVO Secures $1.8 mm in Financing Led by Tech Coast Angels MOVO Tech Coast Angels 2 Details

09/06/16 payworks Secures $4.5 mm in Financing payworks Rumford; HW Capital; Speedinvest 5 Details Afrimarket Secures Approximately $11.2 mm in Financing Led by Global 09/06/16 Afrimarket Global Innovation Fund; Proparco 11 Details Innovation Fund 09/04/16 Localweb Acquires 40% Stake in CheBuoni.it for Approximately $3.1 mm CheBuoni.it Local Web 3 Details

09/02/16 Transfer Galaxy Secures Financing Transfer Galaxy Undisclosed Investors <1 Details Menlo Ventures; Triplepoint Capital; American 09/02/16 Signifyd Secures $19 mm in Financing Signifyd 19 Details Express Ventures Khosla Ventures; Benchmark Capital; Index 09/01/16 BOKU Secures $13.8 mm in Financing BOKU Ventures; DAG Ventures; New Enterprise 14 Details Associates Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars. Note: Bolded transactions are profiled on the previous pages.

48 Selected FinTech Financings Selected Recent Financing Transactions Banking / Lending Technology

Announced Amount FinTech Transaction Overview Company Selected Buyers / Investors Date ($MM) Database

09/29/16 WikiRe Secures Approximately $0.3 mm in Financing from Ligurcapital WikiRe LigurCapital; Undisclosed Investors <$1 Details Trunomi Secures $3 mm in Seed Financing Led by Saturn Asset Saturn Asset Management; Fintonia; WorldQuant; 09/28/16 Trunomi 3 Details Management and Fintonia Undisclosed Investors Praetura Asset Finance Secures Approximately $23.3 mm in Financing 09/26/16 Praetura Asset Finance British Business Bank Investments 23 Details from British Business Bank Investments 09/26/16 SocietyOne Secures $1.5 mm in Financing from Beyond Bank SocietyOne Beyond Bank 2 Details

09/23/16 FinLocker Secures $0.9 mm in Financing FinLocker Undisclosed Investors <1 Details

09/23/16 SavvyMoney Secures Series D Financing Led by TransUnion SavvyMoney TransUnion; TB Capital; Tugboat Ventures na Details

09/23/16 PrecisionLender Secures Series B Financing Led by Georgian Partners PrecisionLender Georgian Partners na Details

09/22/16 TenantCloud Secures $2 mm in Financing Led by User Friendly Media TenantCloud User Friendly Media; Undisclosed Investors 2 Details Tiantu Capital; Xinhu Zhongbao; Shenzhen Qianhe Hangzhou En Niu Network Technology Secures $310 mm in Series C 09/22/16 51Credit Capital Management; HgCapital; Undisclosed 310 Details Financing Investors Experian; Kleiner Perkins Caufield & Byers; 09/21/16 Nav Secures $25 mm in Financing Led by Experian Nav 25 Details Crosslink Capital ENIAC Ventures; New Enterprise Associates; 09/21/16 Zero Secures $2.5 mm in Seed Financing Led by ENIAC Ventures Zero 3 Details NYCA Partners; Lightbank; Middleland Capital Passion Capital; Global Founders Capital; 09/21/16 Nested Secures Approximately $1.6 mm in Financing Nested 2 Details Undisclosed Investors 09/21/16 FirstP2P Secures $70 mm in Series C Financing FirstP2P CCB International; San Shan Capital Partners 70 Details

09/20/16 BankGo Secures Financing BankGo Undisclosed Investors na Details Maloekoe Ventures; Golden Gate Ventures; Fenox 09/19/16 Jojonomic Secures $1.5 mm in Financing Led by Maloekoe Ventures Jojonomic 2 Details Venture Capital; East Ventures Hero FinCorp Secures Approximately $150 mm in Financing Led by 09/15/16 Hero FinCorp Credit Suisse; ChrysCapital; Hero Group 150 Details ChrysCapital Standard Chartered PLC; Accenture Ventures; SCB Digital Ventures; SBI Holdings; Santander 09/15/16 Ripple Secures $55 mm in Series B Financing Ripple 55 Details Innoventures; CME Ventures; Seagate Technology; Venture51; Siam Commercial Bank 09/14/16 GreenSky Secures $50 mm in Financing from Fifth Third Bank GreenSky Credit Undisclosed Investors 50 Details

09/13/16 uno Secures $16.5 mm in Financing from Westpac uno Westpac 17 Details Andreessen Horowitz; Ribbit Capital; Bloomberg 09/13/16 Point Secures $8.4 mm in Series A Led by Andreessen Horowitz Point 8 Details Beta; Undisclosed Investors 09/09/16 Cermati Secures $1.9 mm in Financing Led by East Ventures Cermati East Ventures; Beenos 2 Details Freestyle Capital; Wing Venture Partners; Seed- 09/09/16 Juvo Raises $14 mm in Financing Juvo 14 Details Resolute; Undisclosed Investors Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars. Note: Bolded transactions are profiled on the previous pages.

49 Selected FinTech Financings Selected Recent Financing Transactions Banking / Lending Technology (cont.)

Announced Amount FinTech Transaction Overview Company Selected Buyers / Investors Date ($MM) Database

Unilend Secures Approximately $2.8 mm in Financing from NewAlpha 09/09/16 Unilend NewAlpha Asset Management $3 Details Asset Management IA Capital Group; TTV Capital; Contour Venture Partners; New York Life Insurance Co; Javelin 09/08/16 SmartAsset Secures $12 mm in Series B Financing Led IA Capital Group SmartAsset 12 Details Venture Partners; Transamerica Ventures; Fitz Gate Ventures 09/08/16 NoBroker Secures Financing NoBroker Undisclosed Investors na Details DvH Ventures; Earlybird Venture Capital; 09/08/16 Tradico AG Secures Approximately $2.8 mm in Financing Tradico 3 Details Speedinvest 09/07/16 DoorKeys Secures $2 mm in Seed Financing DoorKeys Undisclosed Investors 2 Details Divido Secures Approximately $3.3 mm in Seed Financing Led by 09/06/16 Divido DN Capital; Mangrove Capital Partners 3 Details Mangrove Capital Partners

Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars. Note: Bolded transactions are profiled on the previous pages.

50 Selected FinTech Financings Selected Recent Financing Transactions Securities / Capital Markets Technology

Announced Amount FinTech Transaction Overview Company Selected Buyers / Investors Date ($MM) Database South Street Securities Secures $30 mm in Financing from Atlas Merchant 09/29/16 South Street Securities Atlas Merchant Capital $30 Details Capital 09/29/16 Benzinga Secures $3 mm in Financing led by WorldQuant Ventures Benzinga WorldQuant; Undisclosed Investors 3 Details

09/26/16 Iconomi Secures $5.8 mm in Financing Iconomi Undisclosed Investors 6 Details

09/26/16 Allianz SE has Agreed to Acquire Minority Stake in MoneyFarm Moneyfarm Allianz SE na Details

09/21/16 OurCrowd Secures $72 mm in Series C Financing OurCrowd Undisclosed Investors 72 Details

09/20/16 InvestCloud Secures $25 mm in Financing from JP Morgan Chase InvestCloud JP Morgan Chase 25 Details

09/20/16 WorkingGroupLink Secures Seed Financing from Inspiration Ventures WorkingGroupLink Inspiration Ventures na Details

09/20/16 Capshare Secures Financing from Standish Management Capshare Standish Management na Details FinTech Collective; Commerce Ventures; F-Prime 09/20/16 Vestwell Secures $4.5 mm in Seed Financing Vestwell 5 Details Capital; Primary Venture Partners 09/19/16 Spiking Secures $0.8 mm in Seed Financing Spiking Undisclosed Investors <1 Details Aspect Ventures; Uluventures; Astia Angels; Khosla 09/15/16 Ellevest Secures $9 mm in Financing Ellevest 9 Details Ventures; Morningstar; Undisclosed Investors 09/14/16 CBRS Aps Acquires 10.14% stake in EuroInvestor.com EuroInvestor.com CBRS Aps na Details Fairr.de Secures Financing from Transamerica Ventures and IBB Transamerica Ventures; IBB 09/14/16 Fairr.de na Details Beteiligungsgesellschaft Beteiligungsgesellschaft; Undisclosed Investors Quandl Secures $12 mm in Series B Financing Led by Nexus Venture 09/12/16 Quandl Nexus Venture Partners; August Capital 12 Details Partners 09/12/16 Huddlestock Secures $1.5 mm in Financing Huddlestock Undisclosed Investors 2 Details

09/09/16 M1 Finance Secures $9 mm in Financing M1 Finance Undisclosed Investors 9 Details

09/09/16 Motivate Secures $1.5 mm in Financing Led by NFX Guild Motivate NFX Guild 2 Details

09/08/16 Zoomdata Secures Financing from In-Q-Tel Zoomdata In-Q-Tel na Details

09/08/16 Ulule Secures Approximately $5.6 mm in Financing Ulule MAIF; BNP Paribas 6 Details

09/07/16 Kyckr Secures $5.2 mm in Financing Kyckr Undisclosed Investors 5 Details Crypto Facilities Secures $1.5 mm in Financing from Playfair Capital, Playfair Capital; String Ventures; Digital Currency 09/05/16 Crypto Facilities 2 Details String Ventures and Digital Currency Group Group; Undisclosed Investors 09/01/16 Nova Credit Secures $0.1 mm in Financing from Pear Nova Credit Pear <1 Details

09/01/16 Northholders Secures Financing Northholders Undisclosed Investors na Details

09/01/16 IMC Group has Agreed to Acquire Minority Stake in McKay Brothers McKay Brothers IMC Group na Details

Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars. Note: Bolded transactions are profiled on the previous pages.

51 Selected FinTech Financings Selected Recent Financing Transactions Insurance Technology

Announced Amount FinTech Transaction Overview Company Selected Buyers / Investors Date ($MM) Database Sedgwick Secures $500 mm in Financing from Caisse de Depot et 09/28/16 Sedgwick Caisse de Depot et Placement du Quebec $500 Details Placement du Quebec FinanceFox Secures $28 mm in Series A Financing Led by Target 09/21/16 FinanceFox Horizons Ventures; Target Ventures 28 Details Ventures and Horizons Ventures MetroMile Secures $50 mm in Financing from China Pacific 09/21/16 MetroMile China Pacific Insurance 50 Details Insurance Sutter Hill Ventures; Salesforce Ventures; Accenture; New York Life Investment 09/20/16 Vlocity Secures $50 mm in Financing Led by Sutter Hill Ventures Vlocity 50 Details Management LLC; Kennet Partners; TDF Ventures; Wildcat Venture Partners 09/08/16 Gewerbeversicherung24 Secures Financing from German Startups Group Gewerbeversicherung24 German Startups Group na Details Heffernan Insurance Brokers; Undisclosed 09/02/16 QBIS Insurance Solutions Secures $3 mm in Series A Financing QBIS Insurance Solutions 3 Details Investors

Financial HCIT

Announced Amount FinTech Transaction Overview Company Selected Buyers / Investors Date ($MM) Database 09/28/16 Tabula Rasa Healthcare Raises Approximately $52 mm in its IPO Tabula Rasa Healthcare Undisclosed Investors $52 Details

09/28/16 HealthMyne Secures $2.4 mm in Series A Financing HealthMyne Undisclosed Investors 2 Details

09/26/16 InstaMed Secures $50 mm in Financing from Carrick Capital Partners InstaMed Carrick Capital Partners 50 Details

09/22/16 Sharecare Secures Financing from Swiss Re Sharecare Swiss Re na Details Catalyze Raises $6.5 mm in Series B Financing Led by Lewis & Clark Lewis & Clark Ventures; Arthur Ventures; Baird 09/21/16 Catalyze 6 Details Ventures Venture Capital; Chicago Venture Partners 09/01/16 IATAI Enterprises Secures $5 mm in Financing from CASEIF III L.P. IATAI Enterprises CASEIF III L.P. 5 Details

Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars. Note: Bolded transactions are profiled on the previous pages.

52 Selected FinTech Financings Selected Recent Financing Transactions Financial Management Systems

Announced Amount FinTech Transaction Overview Company Selected Buyers / Investors Date ($MM) Database Gulf Islamic Investments; K1 Investment 09/29/16 Apttus Secures $88 mm in Series D Financing Apttus Management; Iconiq Capital; Kuwait Investment $88 Details Authority Undisclosed Investors; Bpifrance; HSBC Holdings 09/29/16 Kyriba Secures $23 mm in Series D Financing Led by Bpifrance Kyriba 23 Details plc; Daher Capital 09/28/16 Dooer Secures $4.6 mm in Financing Dooer Undisclosed Investors 5 Details

09/28/16 DaySmart Software Secures Financing from SFW Capital Partners DaySmart Software SFW Capital Partners na Details Earlybird Venture Capital; Anthemis Group; Digital 09/28/16 BigchainDB Secures Approximately $3.4 mm in Series A Financing BigchainDB 3 Details Currency Group; innogy SE 09/27/16 IDnow Secures Financing from BayBG and Seventure IDnow BayBG; Seventure na Details

09/22/16 Collaborative Solutions Secures Financing from WestView Collaborative Solutions WestView Capital na Details Warburg Pincus; Sageview Capital; Technology 09/22/16 Avalara Secures $96 mm in Financing Avalara 96 Details Crossover Ventures; Undisclosed Investors 09/19/16 Billogram Secures $1.2 mm in Financing Billogram Edstra Venture Capital; Undisclosed Investors 1 Details

09/19/16 DueCourse Secures Approximately $1.6 mm in Equity Financing DueCourse Undisclosed Investors 2 Details

09/16/16 Connective Secures Approximately $5 mm in Financing Connective Undisclosed Investors 5 Details Madrona Venture Group; Greycroft Partners; 09/14/16 LumaTax Secures $2 mm in Financing Luma Tax 2 Details Undisclosed Investors Marker LLC; Steadfast Venture Capital; Palantir 09/13/16 Sourcery Secures $5 mm in Financing Led by Marker LLC Sourcery 5 Details Technologies; Undisclosed Investors Fusebill Secures $6 mm in Financing Led by ScaleUp Ventures and 09/12/16 Fusebill Scale-Up Venture Capital; Langdell Investments 6 Details Langdell Investments 09/08/16 Cyence Secures $40 mm in Financing Led by New Enterprise Associates Cyence New Enterprise Associates 40 Details

09/08/16 Coupa Files for its IPO Coupa Undisclosed Investors na Details

09/08/16 SALIDO Secures $2 mm in Financing SALIDO Undisclosed Investors 2 Details kWh Analytics Secures $5 mm in Series A Financing Led by Anthemis 09/07/16 kWh Analytics Anthemis Group; ENGIE 5 Details Group 09/07/16 InstaSupply Secures $1.5 mm in Seed Financing InstaSupply Undisclosed Investors 2 Details

Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars. Note: Bolded transactions are profiled on the previous pages.

53 Selected FinTech Financings Selected Recent Financing Transactions Financial BPO

Announced Amount FinTech Transaction Overview Company Selected Buyers / Investors Date ($MM) Database

Sabadell Venture Capital; Venturcap; Telegraph 09/23/16 Captio Secures $1.1 mm in Financing Led by Sabadell Venture Capital Captio $1 Details Hill Capital; Kibo Ventures Waterland Private Equity Investments; Undisclosed 09/09/16 Hanse Orga Secures Financing from Waterland Hanse Orga na Details Investors

Financial BPO

Source: FT Partners’ Proprietary Transaction Database. All transactions converted to U.S. dollars. Note: Bolded transactions are profiled on the previous pages.

54 Selected FinTech Events Key Industry Conferences

Date Conference Location Website

Oct. 03, 2016 InsTech London Meetup London, UK Detail The event is centered around the leading insurance-focused accelerators from both London and Europe who will be presenting their varying business models to an audience packed with start-ups and young talent.

Oct. 03, 2016 Dreamforce InsurTech Summit San Francisco, CA, USA Detail With speakers from Trov, Embroker, PolicyGenius, Zenefits and many more, Dreamforce InsurTech Summit delivers a one day event focused on the digital transformation and innovative strides in the insurtech world. Including incumbent insurers, VC’s and startups, this event has something for anybody interested in the space at any level.

Oct. 04 - 06, 2016 MENA New Age Banking Summit 2016 Doha, Qatar Detail The MENA New Age Banking Summit aims to highlight the challenges and opportunities and provide a knowledge and networking platform that will bring the MENA banking industry at par with its counter parts across the globe. The summit will empower the banks to devise strategies that will help them keep pace with the evolving financial ecosystem in this digital age.

Oct. 05 - 06, 2016 BAI Beacon 2016 Chicago, IL, USA Detail BAI Beacon is an all-new immersive two-day conference that provides new perspectives in a more focused and meaningful way with 360-degree views on the most important issues impacting the financial services industry.

55 Selected FinTech Events Key Industry Conferences

Date Conference Location Website

Oct. 05 - 06, 2016 MobeyDay 2016 Barcelona, Spain Detail MobeyDay is the annual flagship event by Mobey Forum that brings together decision makers from the financial services and FinTech industries. It is two day event with opportunities for companies to make strategic business contacts and hear eye-opening presentations from industry leaders.

Oct. 05 – 06, 2016 InsureTech Connect 2016 Las Vegas, NV, USA Detail InsureTech Connect offers unparalleled access to the largest and most comprehensive gathering of tech entrepreneurs, investors, builders, and forward thinking carriers. More than 150 speakers will chair two days of insights across four distinct tracks, all designed to increase success in today’s mobile first, digital world while helping prepare for the ever-changing future.

Oct. 05 - 07, 2016 Lend360 2016 Chicago, IL, USA Detail LEND360 2016 focuses on lenders conducting business in many verticals in consumer and small business lending will be in search of innovative solutions to maximize profits. Vendors will be ready to showcase their solutions to streamline the online lending process.

Oct. 05 - 07, 2016 SAP TechEd Bangalore 2016 Bangalore, India Detail At SAP TechEd, attendees will gain insight into SAP strategy and product direction from the executive leadership team,get advice, best practices, and how-to tips from the SAP technology experts, delve into current product road maps and get answers to your questions as well as discuss – and influence – future product functionality.

56 Selected FinTech Events Key Industry Conferences

Date Conference Location Website

Oct. 06 - 07, 2016 CCG Catalyst Summit ‘16 Phoenix, AZ, USA Detail The Catalyst Summit is an exclusive two day summit for banks. Day One inspires transformation, new forms of strategic planning using design thinking. Day Two, banks will meet early stage FinTech companies, to review and validate the merits of the business. The Summit provides bankers with an opportunity to learn different forms of strategic thinking to transform the traditional banking business model.

Oct. 10 – 12, 2016 Tiburon CEO Summit XXXI 2016 San Francisco, CA, USA Detail Tiburon’s CEO Summit allows a select cross-industry group of senior executives to examine a variety of issues associated with the future of banking, brokerage, investments, insurance, advice and wealth management. This summit provides a unique opportunity for CEOs throughout the financial services industry to discuss business opportunities. Tiburon’s CEO Summit includes guest presentations, panel discussions and break-out sessions.

Oct. 11 - 12, 2016 LendIt Europe 2016 London, UK Detail LendIt is the largest conference series dedicated to connecting the global online lending community. Financial innovators, investors and pioneers from all over the world attend LendIt for an opportunity to learn from market leaders, form key business alliances, and showcase and launch industry-moving products and services. LendIt hosts three conferences per year in the USA, Europe and China.

Oct. 12 – 13, 2016 Global Payment Summit 2016 Singapore, Singapore Detail The Global Payment Summit is a platform for and by professionals in the transaction space. Developments in the payments and transaction space are a focus of the conference, which offers global state-of-the-art expertise on the space.

57 Selected FinTech Events Key Industry Conferences

Date Conference Location Website

Oct. 16 - 18, 2016 ABA Annual Convention Nashville, TN, USA Detail The American Bankers Association (ABA) Annual Convention is the industry's premier event for CEOs, presidents and other senior executives from financial services firms across the nation. At the Convention, bank executives can network and learn about strategies, tactics and new products that will make their institutions more successful.

Oct. 16 - 20, 2016 Gartner Symposium IT Xpo 2016 Orlando, FL, USA Detail Gartner Symposium IT Xpo 2016 is a significant gathering of CIOs and Senior IT Executives. This year’s theme, Lead 360. Drive Digital to the Core, will attendees see further, explore deeper and discover how to make digital a core competence for the attendee and their organization

Oct. 18 - 19, 2016 Next Edge Health Experience Summit Boston, MA, USA Detail The age of telemedicine, wearables, remote data capture, and sophisticated wellness programs has advanced patient-centered care to the next edge. Patients as individuals are, more than ever before, the primary stakeholders in their own care. This year’s Next Edge Summit will hone in on the patient journey, the path healthcare professionals have to pave to fully empower the patient. It’s time to iron out the edges and work together to make the patient journey a smooth, connected path from start to finish. The future of the patient-led experience will require constant collaboration from care providers, payers, pharma and most importantly, the patients themselves. Join leaders, experts and innovators from all corners of the healthcare ecosystem, as we chart a course for the future of connected care. Oct. 18 – 20, 2016 FIA Futures and Options Expo Chicago, IL, USA Detail FIA Futures and Options Expo provides breaking news, valuable insights and innovative solutions for the industry of listed derivatives and cleared swaps. The Expo is an opportunity to connect with business leaders, stakeholders and top regulators within the industry.

58 Selected FinTech Events Key Industry Conferences

Date Conference Location Website

Oct. 19 – 20, 2016 TradeTech Asia 2016 Singapore, Singapore Detail TradeTech is the only conference dedicated to the buy-side, offering content that address equity trading’s biggest technology pain points. With 300 influential buy-side Heads of Equities Trading and Heads of Trading Technology under one roof, TradeTech offers a unique opportunity to benchmark businesses with those that are at the forefront of the industry and new financial landscape.

Oct. 19 – 21, 2016 ETA Strategic Leadership Forum Palm Beach, FL, USA Detail The ETA Strategic Leadership Forum features executives at the nexus of technology, mobile and e-commerce who are advancing the payments industry. The event covers all aspects of payments and is designed to create an optimal setting for networking with and learning from the top individuals in the space.

Oct. 20 - 21, 2016 CFO Rising West Summit 2016 San Francisco, CA, USA Detail CFO Rising West Summit 2016 provides a platform for leading finance professionals to discuss, engage and question the processes that are fundamental for CFO Innovation, Corporate Finance Tech and Compliance & Risk.

Oct. 20 - 21, 2016 Connected Health Symposium Boston, MA, USA Detail The Connected Health Symposium is a change-agent conference that promotes innovative thinking and the application of personal consumer health technologies to support new models of care delivery. Over its 12 year history, the Symposium has become an important venue for health care providers, hospitals, payers, government agencies, investors and technology developers to convene, share ideas and establish partnerships that are changing health care delivery for the future.

59 Selected FinTech Events Key Industry Conferences

Date Conference Location Website

Oct. 23 - 26, 2016 Money20/20 Las Vegas, NV, USA Detail Money20/20 is the world's biggest, boldest and best event covering payments and financial services innovation for connected commerce at the intersection of mobile, retail, marketing services, data and technology. With 10,000+ attendees, including more than 1,000 CEOs, from 3,000 companies and 75 countries, expected at our 2016 U.S. event, Money20/20 is critical to realizing the vision of disruptive ways in which consumers and businesses manage, spend and borrow money.

Oct. 23 - 27, 2016 Insight 2016 Las Vegas, NV, USA Detail From IBM Information on Demand to IBM Insight to the brand new IBM World of Watson, the IBM Insight conference continues to be the premier industry event for data and analytics professionals, delivering unmatched value and exciting on-site opportunities to connect with peers, hear from thought leaders, experience engaging content and receive training and certification

Nov. 02, 2016 Digital Healthcare Innovation Summit Boston, MA, USA Detail Digital Healthcare Innovation Summit 2016 emphasizes disruptive solutions to the health care conundrum. Leading stakeholders from hospitals, insurers, and critical regulatory bodies sit down with the technology industry’s top innovators, investors, and entrepreneurs to discuss how technology can unwrap the inefficiencies of the massive healthcare sector.

Nov. 02 – 03, 2016 FIMA 2016 London, UK Detail FIMA 2016 focuses on the CDOs and senior-level data professionals from top banks and asset management companies striving to meet regulatory requirements, to provide a best-in-class service to internal customers and determine which cutting-edge technologies to implement.

60 Selected FinTech Events Key Industry Conferences

Date Conference Location Website

Nov. 07, 2016 Empire Startups FinTech Conference SF 2016 San Francisco, CA, USA Detail Hear from those forging new trails in payments, real-estate, lending, insurance tech, and more. In addition to attracting hundreds of FinTech entrepreneurs, this New York conference also plays host to the investors and service providers that help accelerate startups. The audience can also look forward to keynotes, panels and demo updates from some of the top FinTech startups in the world.

Nov. 08, 2016 FinovateAsia 2016 Hong Kong, China Detail Finovate is the only conference series focused exclusively on showcasing the best and most innovative new financial and banking technologies. Finovate conferences consistently attract large, high-impact audiences of senior financial and banking executives, venture capitalists, press, industry analysts, bloggers, regulators, and entrepreneurs.

Nov. 14 - 15, 2016 Clearing and Settlement World 2016 London, UK Detail Clearing and Settlement World 2016 brings together operations leaders from top buy and sell side institutions to benchmark their post-trade function with those who were identified as best in class.

Nov. 14 – 16, 2016 InsurTech Rising 2016 London, UK Detail The InsurTech Rising conference unifies insurers & insurtechs around the industry's biggest challenges & most innovative solutions. Hear from industry leaders on how they are harnessing the power of InsurTech to accelerate their digital transformation strategies and deliver customer-centric solutions. Meet the innovators driving this change, from insurers and entrepreneurs to VCs and solution providers. Hear from experts on how distributed ledger technology can fundamentally transform the industry through a deep dive focused exclusively on blockchain and insurance. Learn the fundamentals and explore the use cases that can deliver value, from automating claims to tackling fraud.

61 Selected FinTech Events Key Industry Conferences

Date Conference Location Website

Nov. 15, 2016 CIO Finance 2016 London, UK Detail CIO Finance 2016 Europe is an opportunity for technology executives to have in-depth discussions on the best practices and strategies necessary to build customer centric organizations. The event includes interactive educational sessions as well as formal and informal networking opportunities that will allow attendees to make new business contacts and exchange ideas.

Nov. 15 – 16, 2016 Insurance IoT USA 2016 Chicago, IL, USA Detail Insurance IoT USA 2016 is the only customer built event created specifically to discuss the applications of connected devices in the insurance industry in North America. The conference will evaluate business-critical topics on how to devise a business plan as real-time data and usage-based insurance models will completely overhaul the way that insurers evaluate risk and connect to their customers.

Nov. 15 - 18, 2016 Accountex 2016 Las Vegas, NV, USA Detail Technology drives the future of accounting and staying informed is imperative to a successful future. Accountex is a leading annual accounting event where attendees can discover all of the leading innovations, not just one technology, and get insights on what disruptions will change what your job means.

Nov. 15 – 18, 2016 Payments International London, UK Detail Payments International is a leading payments event in Europe that attracts senior executives from banks, corporations, technology and infrastructure providers and regulators and service providers. The conference will focus on four different trends: blockchain, payments regulation, the future of payments and PSD2.

62 Selected FinTech Events Key Industry Conferences

Date Conference Location Website

Nov. 16 - 17, 2016 Big Data & Analytics Innovation Summit 2016, London London, UK Detail This summit will bring together the worlds industry leading experts, providing the perfect platform for thought-sharing and innovative discussion. Hear from industry leading experts and gain insight into the strategies and processes implemented by some of the worlds most successful organizations. The summit will provide a platform to meet, discuss and learn from fellow experts working within the Big Data and Analytics fields.

Nov. 29 - 30, 2016 Predictive Analytics Innovation Summit, Chicago 2016 Chicago, IL, USA Detail Predictive Analytics Innovation Summit, Chicago 2016 provides a platform for leading executives to share unique insight into the innovations that are driving success in the worlds most successful organizations.

Nov. 29 - 30, 2016 Business Intelligence Innovation Summit 2016 Chicago, IL, USA Detail Business Intelligence is playing a key role in modern business and is considered central to identifying new opportunities within an organization. Making use of new opportunities and implementing an effective strategy can provide a competitive market advantage and long-term stability for a business.

Nov. 30 – Dec. 02, 2016 Forbes Healthcare Summit 2016 New York, NY, USA Detail Healthcare is transforming itself, both slowly (see: the creeping adoption of electronic health records) and instantly (we can now cure hepatitis C!). We'll once again gather the top executives from insurance, pharma, and the hospital industry to take on medicine's toughest problems. And we'll throw in a mix of patients, technologies, and big ideas. Don't miss this opportunity to change the way you think about the future of health.

63 Selected FinTech Events Key Industry Conferences

Date Conference Location Website

Nov. 30 – Dec. 02, 2016 TEDMED 2016 Palm Springs, CA, USA Detail TEDMED bridges the gap between science and the public by finding and sharing stories that inform, inspire, engage and provoke action across a broad, passionate community both inside and outside of health and medicine. TEDMED values inclusiveness, multi- disciplinary collaboration and diversity in its mission to catalyze a healthier world. Our annual event brings the world together to focus on what’s new and important in health and medicine. We forge partnerships with industry leaders, medical research institutions, think tanks, government agencies and foundations, to ensure that cutting-edge biomedical thinking is shared across disciplines and made accessible to the public at large. Dec. 05, 2016 InsTech 20/20 London, UK Detail Chief Operating Officers, Chief Innovation Officers, Chief Marketing Officers, Chief Data Officers and Chief Technologists from the top 250 insurance and re-insurance companies form the advisory board and the panel of speakers and participants. Dozens of innovators will be joining the panels and debates, with some of the most senior C-level executives from the world’s largest insurance giants, as well as medium size underwriters, brokers and small companies, to explore the future impact of this technology on your business. In short, all of your competitors, partners and future employers will be at this event. Dec. 06 - 07, 2016 FinTech Connect Live 2016 London, UK Detail An exhibition featuring over 150 exhibitors, FinTech Connect Live also plays host to a keynote auditorium with inspirational case studies from around the world, a series of sub-sector oriented micro-conferences, a showcase theatre of product demos, educational workshops for start up leaders, micro-mentoring clinics and much more.

Dec. 07, 2016 Health IT Leadership Summit 2016 Las Vegas, NV, USA Detail Created in 2010 by the Georgia Department of Economic Development, the Metro Atlanta Chamber and the Technology Association of Georgia’s Health Society, the Health IT Leadership Summit brings together leaders from across the healthcare continuum to discuss how the industry can drive innovation to enable better healthcare delivery at lower costs to more people.

64 Selected FinTech Events Key Industry Conferences

Date Conference Location Website

Dec. 08 – 09, 2016 Inside FinTech Conference & Expo Seoul, South Korea Detail Inside FinTech Conference & Expo explores a variety of topics, including blockchain technology and other decentralized solutions for financial processes. The conference brings together leaders from throughout the FinTech ecosystem, from entrepreneurs to industry analysts to policy makers.

Jan. 05 – 08, 2017 The Digital Money Forum 2017 Las Vegas, NV, USA Detail The Digital Money Forum looks at the role of new payment systems from borderless e- commerce to biometrics and authentication systems to virtual currencies and blockchain. The forum explores how the industry will come to together to transform to a cashless, safe and global economy.

65 FT Partners Research FT Partners Research – U.S. FinTech IPO Analysis

FT Partners' IPO Infographic provides an in-depth analysis of U.S. FinTech IPOs over the past decade

Highlights of the Infographic include: • Yearly breakdowns by capital raised and FinTech sector

• Rankings of largest IPOs by capital raised, best and worst performing and most recent FinTech IPO transactions

• Insight into pending IPOs, spin-offs and companies acquired while on file for an IPO

• Details on the most active investors in FinTech IPOs and a list of the most well funded private FinTech companies

Please visit our website for more proprietary FinTech Research & Follow FT Partners on Twitter and LinkedIn for real time updates on our Research Publications

FT Partners regularly publishes research highlighting the most important transactions, trends and insights impacting the global Financial Technology landscape. Our unique insight into FinTech is a direct result of executing hundreds of transactions in the sector combined with over 13 years of exclusive focus on Financial Technology. 66 FT Partners Research FT Partners Research – Digital Wealth Management Report

Are the Robots Taking Over? FT Partners' 145-page report provides a comprehensive overview of key industry trends driving innovation in the wealth management space and The Emergence of Automated Digital how the industry is reacting to the emergence of Robo Advisors and Wealth Management Solutions other Digital Wealth Management disruptors.

Additional highlights of the report include: • A discussion of the different Automated Digital Wealth Management platforms and business models

• The responses of incumbents in the wealth management space, including the innovations, partnerships and acquisitions being made to stay ahead of the game

• Interviews with eight CEOs of leading Digital Wealth pioneers including Betterment, Link Pacific Advisors, MyVest, NextCapital, Nutmeg, Riskalyze, SigFig and Vanare

• A detailed industry landscape of Digital Wealth Management providers as well as other innovative, tangential companies, profiles of 33 companies and a comprehensive list of private equity financing and M&A transactions in the space

Please visit our website for more proprietary FinTech Research & Follow FT Partners on Twitter and LinkedIn for real time updates on our Research Publications

The FT Partners Senior Banker Team

Name / Position Prior Background Experience / Education Years of Experience

Steve McLaughlin ■ Formerly with Goldman, Sachs & Co. in New York and Founder, CEO and San Francisco from 1995-2002 Managing Partner ■ Formerly Co-Head of Goldman Sachs’ Financial 21 Technology Group (#1 market share) ■ Wharton M.B.A.

Larry Furlong ■ Formerly with Goldman, Sachs & Co. in New York, London Managing Director and Los Angeles beginning in 1995 21 ■ Wharton M.B.A.

Greg Smith ■ Formerly award winning Equity Research Analyst at Merrill Lynch / J.P. Morgan / Sterne Agee Managing Director 20 ■ Recent coverage included V, MA, TSS, GPN, HPY, WU, EEFT, DST, ENV, FISV, FIS & JKHY among others

Steve Stout ■ Formerly with J.P. Morgan and UBS Managing Director 18 ■ Formerly Global Head of Strategy at First Data

Tim Wolfe ■ Formerly with Goldman, Sachs & Co. beginning in 2000 ■ Started at FT Partners beginning in 2002 Managing Director 14 ■ 40 Under 40 M&A Advisor Award Winner 2013 ■ Harvard M.B.A.

Andrew McLaughlin ■ Leads FT Partners’ Research and Business Development Team Managing Director, Research & 10 Business Development ■ Formerly with Deloitte Consulting

68 Overview of FT Partners

Platform of Choice for Clients and Bankers Alike

67 FT Partners’ Last Decade

~5x Number of resources 58 116 ~9x Total senior banker experience ~2x Average senior banker experience 46 101 95 ~6x Number of senior bankers 38 35 72 31 67 27

48 21 45 17 14 13

14 5 6 11 12 13 5 5 6 6 6 4 3 3 1 2

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Employees Number of Directors / MDs Total Exp. Of Directors / MDs (Years)

Avg Years of Director / MD Experience 6 7 8 9 10 11 12 13 14 15 16 13 15 16 17 19

69 Overview of FT Partners

FT Partners’ Press / Client Testimonials

“One of the most sought after investment banks working the acquiring side of the payment card industry is Financial Technology Partners.” – Nilson Report Feature on FT Partners

“The FT Partners team truly partnered with Chrome River as we approached this latest round of financing for future growth. FT Partners connected us with leading investors in the space and ultimately helped us find a true partner for our next chapter.” – Alan Rich, Co-Founder and CEO of Chrome River

“FT Partners is a top choice in investment banking for CEOs in the financial technology space.” – Matt Golis, Co-Founder and CEO and Tom Villante, Co-Founder and Chairman, Yapstone

“The FT Partners team was instrumental in achieving a successful outcome for our Company. They clearly demonstrated a deep understanding of our business and industry and delivered excellent advice throughout every step of the process.” – Andy Roberts, CEO, FleetOne

“FT Partners more than lived up to our expectations through the creation of both substantial value for our shareholders and a transaction that ensures an optimal future for our company.” – Matt Taylor, CEO, Mercury

“Steve and the FT Partners team have been a trusted partner for Tora through this entire process. Their guidance on structuring this transaction and helping to connect us with a premier investor was critical to making this transaction an overwhelming success for all involved.” Robert Dykes, CEO, Tora

“FT Partners’ support throughout this process was unwavering and they provided the highest level of expertise and top-notch advice at every step of the process.” – Peter Gustavson, Chairman, Custom House

“We could not be more pleased with the level of professionalism, tenacity, industry experience, advice and passion…” – Jim McKenzie, Chief Executive Officer, Network Merchants

“I enjoyed working with the team at FT Partners…Their knowledge of the insurance and financial technology industry dynamics and potential buyer landscape proved invaluable.” – Dan Smith, CEO, Aplifi

70 Overview of FT Partners

FT Partners’ Recent Awards and Recognition

The Information’s “Silicon Valley’s Most Popular Dealmakers” (2016)

. Ranked as the #2 top Technology Investment Banker by The Information subscribers

. Only FinTech focused investment banking firm and banker on the list

Click to view

M&A Advisor Awards

. Investment Banking Dealmaker of the Year (2015) – Steve McLaughlin, CEO & Managing Partner of FT Partners

. Technology Deal of the Year $1.5 Billion (2015) – TransFirst’s $1.5 Billion Sale to Vista Equity Partners Click to view

The 2015 FinTech Finance 35: #4 Steve McLaughlin, Financing Technology Partners

(excerpt from article published in Institutional Investor)

“Steve personifies the combination of talent, vision, energy and experience that add up to the unprecedented level of leadership and influence in FinTech.” – Jeff Kutler, Feature Editor Click to view

71 FT Partners Named “Dealmaker” and “Investment Bank” of the Year

“M&A Advisor” Selects FT Partners for M&A Industry-Wide Awards

Awards Overview

■ FT Partners consistently receives top honors and recognition from national association: – Cross Border Deal of the Year (2016) – Technology Deal of the Year (2015) – Dealmaker of the Year (2007, 2008, 2009, 2012 and 2015) – Professional Services Deal of the Year (2012) – Equity Financing Deal of the Year (2014) – Boutique Investment Bank of the Year (2011) – Deal of the Decade (2011) Dealmaker of the Year – Middle Market Deal of the Year, Cross-Border Deal of the Year Investment Bank of the Year and IT Services Deal of the Year (2010) – Investment Banking Firm of the Year (2004, 2006 and 2016) Deal of the Decade – Financing Professional of the Year (2006) – Product of the Year – IPO Advisory (2006) – Deals of the Year (2005, 2006 and 2007) Selected Transactions: ■ $4.50 billion Heartland’s Sale to Global Payments ■ 2015 ranked 4th on Institutional Investor’s 2015 “FinTech Finance 35” ■ $1.65 billion Mercury Payments Systems’ sale to Vantiv ■ 2008’s top ranked investment banker named on Institutional Investors ■ $1.50 billion TransFirst’s sale to Vista Equity Partners annual “Online Finance 40” ranking – Consecutively ranked for 3 years (2008, 2007, 2006) ■ $900 million Mercury Payments Systems’ 60% strategic investment by Silver Lake ■ Founder and Managing Partner, Steve McLaughlin, lauded highest ■ $525 million Sale of Lynk Systems to RBS honors as both “Dealmaker of the Year” and “Financing Professional of ■ $370 million Sale of Custom House to Western Union the Year” ■ $369 million Sale of Fleet One to Wright Express ■ Top award winning Investment Bank collecting more than 12 separate ■ $325 million Sale of Verus to Sage Group awards for outstanding performance and client results – FT Partners has received over 75 award nominations across an ■ $300 million Sale of Currencies Direct to Palamon and Corsair Capital unprecedented array of categories ■ $300 million Minority Capital Raise for GreenSky ■ FT Partners’ ”IPO Advisory” service – as demonstrated in one of the ■ $300 million Jack Henry’s acquisition of iPay Technologies most successful Payments IPOs in history, Verifone – received its third industry award in 12 months for Product of the Year ■ $238 million Growth Equity Investment in SquareTrade by Bain Capital and Bain Capital Ventures – Previously recognized in our 2006 Financing Professional of the Year award and 2005 Deal of the Year ■ $235 million AvidXchange’s Series E financing ■ $177 million Financial advisory role on Verifone’s IPO ■ $135 million Minority Capital Raise for Kabbage 72 ■ $100 million Growth Equity Investment in Chrome River In Financial Technology’s Most Important Strategic Transactions, CEOs’ Advisor of Choice is FT Partners

Financial Technology Partners LP FTP Securities LLC is pleased to announce its role as sole strategic and financial advisor to

in its approximately 60% majority sale to

for aggregate consideration of approx. $900,000,000

The Only Investment Bank Focused Exclusively on Financial Technology

Sole strategic and financial Sole advisor to Mercury Sole strategic advisor and Sole advisor in the sale of Financial and strategic advisor to Yapstone in its Payment Systems and its provided fairness opinion the largest private advisor to the largest minority investment led by Board of Directors in its to ATD and its Board of transaction processor in provider of electronic Accel Partners 60% strategic growth Directors in its sale to North America payment solutions globally investment by Silver Lake Citigroup

FT Partners is focused on the flawless execution of our industry’s most important, mission critical transactions

 Dealmaker of the Year  Boutique Investment Bank of the Year  Deal of the Decade  10 Deal of the Year Nominations

73 FT Partners’ Focused Universe At the Convergence of Financial Services and Technology

Technology and Financial Services Services Solutions Banking / Payments / Securities / Clearing Processing Lending / Credit Transaction Payments Processing Straight-Through Processing Banking T + 1 / Settlement Insurance Financial Media / Data Risk Management Aggregation Wealth Management Healthcare IT & Software Services / Investment Advice Securities / Exchanges / ECNs Revenue Cycle Financial Supply Chain Capital Markets Mgt. EBPP Global Custody Wireless POS Hardware / ATM Internet Brokerage IT Services Credit Cards Data Title / Appraisal Business Intelligence Financial Insurance P&C / Life / Health Insurance Management IT & CRM Remittance Solutions Services Fraud Detection Mortgage / Lending ACH / ATM Networks FX / Treasury Financial Decisioning/ Analytics Payroll BPO Imaging Compliance Outsourcing / BPO Loan Servicing Security Services Strategic Advisory Financial Advisory

 Mergers  Acquisitions  Divestitures  Capital Raising  Private Equity  Restructuring

 Fairness Opinions  Anti-Raid Advice  IPO Advisory  Valuation