Financial Technology Sector Summary March 29, 2017

1 DEAL DASHBOARD $19.3 Bn | 1,271 Deals Industry Stock Market Performance(1) $360.5 Bn | 3,231 Deals 2016 Financing Volume(3) Last Twelve Months 2016 M&A Volume(3) 160 Select Recent Financing Transactions(2) Select Recent M&A Transactions (2) Company Amount ($MM) 150 Target Acquirer EV ($MM)

$302.0 140 $3,459.0

130 Dadao Financial $29.0 $490.0 120

$28.0 110 $350.0

100 $22.0 NA Pre-Paid Card Service 90 $21.0 NA 80 3/24/16 5/9/16 6/22/16 8/5/16 9/20/16 11/3/16 12/19/16 2/1/17 3/17/17 $20.0 NA Payments Exchanges

Financial Data, Content, Information Processors / $16.0 & Analytics Credit Bureaus NA Banking & Lending Online Dealers Technology $15.6 NA Investment Services, Healthcare / Software, & Technology Technology S&P 500

Quarterly Financing Volume (3) Quarterly M&A Volume (3)

$10 500 $120 876 1000 398 818 754 783 $8 $8.9 400 $100 800 $99.4 299 298 $97.8 276 $80 $6 300 $80.1 $83.1 600 $60 $5.3 $4 200 400 $40 $2 $2.6 $2.6 100 $20 200 $0 0 $0 0 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2016

Financing Volume ($Bn) Financing Deal Count M&A Volume ($Bn) M&A Deal Count

Notes: Source: Capital IQ, CB Insights and GCA FinTech Database. as of 3/24/17. 1) Refer to footnotes on page 5 for index composition. 2 2) Represents transactions announced between 3/13/17 and 3/27/17. 3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions respectively. TABLE OF CONTENTS

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

3 SECTION I: Market Summary

4 MARKET SUMMARY Industry Stock Market Performance

150 Last 12 Months 160 Last 3 Years

150 140

140

130

130

120 120

110 110

100

100

90

90 80

80 70 3/24/16 5/9/16 6/22/16 8/5/16 9/20/16 11/3/16 12/19/16 2/1/17 3/17/17 3/24/14 7/10/14 10/28/14 2/13/15 6/3/15 9/21/15 1/7/16 4/26/16 8/12/16 11/30/16 3/20/17

(1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Financial, Data, Content, & Analytics 10.0% 18.3% 7.7% Financial Data, Content, Information Processors / Information Processors / Credit Bureaus 9.0% 21.3% 42.8% & Analytics Credit Bureaus Payments 8.5% 20.6% 31.3% Exchanges 6.5% 15.8% 41.0% (6) (5) Banking & Lending Online Broker Dealers Investment Services, Software, & Technology 6.2% 19.7% 43.1% Technology Banking & Lending Technology 5.3% 18.6% 52.0%

Healthcare / Insurance Technology (0.6%) 5.4% 14.7% (7) (8) Online Broker Dealers (5.4%) 34.5% 35.9% Investment Services, Healthcare / Insurance Software, & Technology Technology

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

2017E EBITDA Multiples 2017 EBITDA Margins

Healthcare / Insurance Technology 14.7x Exchanges 58.0%

Information Processors / Credit Bureaus 14.3x Online Broker Dealers 47.7%

Banking and Lending Technology 13.4x Financial Data, Content, & Analytics 37.4%

Investment Services, Software, & 13.3x Information Processors / Credit Bureaus 30.6% Technology

Financial Data, Content, & Analytics 13.1x Banking and Lending Technology 30.3%

Investment Services, Software, & Payments 12.4x 29.4% Technology

Exchanges 11.7x Payments 27.5%

Online Broker Dealers 10.2x Healthcare / Insurance Technology 20.0%

0.0x 5.0x 10.0x 15.0x 20.0x 0% 10% 20% 30% 40% 50% 60% 70%

Notes: 6 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY Price / Earnings Multiples and PEG Ratios

2017E Price / Earnings Multiples 2017E PE / Growth (“PEG” Ratio) | Long-Term EPS Growth

Banking and Lending Technology 28.3x Banking and Lending Technology 2.1 14.8%

Information Processors / Credit Bureaus 23.4x Information Processors / Credit Bureaus 2.0 13.5%

Healthcare / Insurance Technology 22.2x Financial Data, Content, & Analytics 1.9 10.8%

Online Broker Dealers 21.9x Exchanges 1.9 10.6%

Investment Services, Software, & 21.7x Healthcare / Insurance Technology 1.5 14.0% Technology

Investment Services, Software, & Financial Data, Content, & Analytics 21.6x 1.4 15.3% Technology

Exchanges 19.9x Online Broker Dealers 1.3 15.8%

Payments 17.2x Payments 1.3 15.0%

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

Notes: 7 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY LTM Price Performance and 2017 P/E – Payments / Banking

($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2017 Prepaid Market Cap. Performance P/E 2017 Visa Inc. $206,985 20% 26.2x Blackhawk Network Holdings, Inc. $2,158 17% 23.8x Mastercard Incorporated $120,705 22% 26.2x Green Dot Corporation $1,660 43% 17.1x American Express Company $70,374 29% 13.8x Net 1 UEPS Technologies, Inc. $659 39% 7.1x PayPal Holdings, Inc. $52,083 11% 24.9x Sector Average $1,492 33% 16.0x Discover $25,802 35% 11.0x

Sector Average $95,190 24% 20.4x LTM Price ATM / Kiosks Market Cap. Performance P/E 2017 LTM Price Cardtronics plc $2,073 31% 15.6x Merchant Processing Market Cap. Performance P/E 2017 Everi Holdings Inc. $306 110% 5.0x Cielo S.A. $20,083 18% 14.1x Sector Average $1,190 70% 10.3x First Data Corporation $13,885 26% 10.0x Vantiv, Inc. $12,442 21% 19.8x LTM Price Global Payments Inc. $11,958 30% 20.3x POS Hardware / Technology Market Cap. Performance P/E 2017 Total System Services, Inc. $9,499 13% 16.6x Worldpay Group plc $7,257 (6%) 21.5x Ingenico Group - GCS $5,776 (15%) 18.0x Wirecard AG $6,548 46% 22.7x NCR Corporation $5,367 50% 13.2x Square, Inc. $6,092 29% 90.2x VeriFone Systems, Inc. $2,089 (33%) 12.6x GMO Payment Gateway, Inc. $1,940 (20%) 62.4x PAR Technology Corporation $111 25% NA EVERTEC, Inc. $1,158 17% 9.9x Sector Average $3,336 7% 14.6x SafeCharge International Group Limited $467 (14%) 14.7x CardConnect Corp. $393 NA NM LTM Price Planet Payment, Inc. $202 9% 17.2x Banking and Lending Technology Market Cap. Performance P/E 2017 JetPay Corporation $42 (10%) NM Sector Average $6,569 12% 26.6x Intuit Inc. $30,623 17% 26.4x Fidelity National Information Services, Inc $26,342 28% 18.9x Fiserv, Inc. $24,877 16% 22.8x LTM Price Jack Henry & Associates, Inc. $7,245 12% 29.0x Money Transfer Market Cap. Performance P/E 2017 Temenos Group AG $5,588 56% 33.4x The Western Union Company $9,738 8% 12.0x Ellie Mae, Inc. $3,314 17% 52.0x Euronet Worldwide, Inc. $4,374 16% 18.4x Black Knight Financial Services, Inc. $2,649 30% 28.3x Sector Average $7,056 12% 15.2x ACI Worldwide, Inc. $2,567 13% 52.3x LendingClub Corporation $2,081 (38%) 95.7x DH Corporation $2,017 (34%) 11.8x LTM Price Q2 Holdings, Inc. $1,428 58% NM Closed Loop Market Cap. Performance P/E 2017 Bottomline Technologies (de), Inc. $905 (18%) 24.5x FleetCor Technologies, Inc. $14,418 8% 19.0x On Deck Capital, Inc. $332 (39%) NM Alliance Data Systems Corporation $13,634 15% 13.2x Performant Financial Corporation $101 23% NA Edenred SA $5,474 29% 21.5x Sector Average $7,862 10% 35.9x WEX Inc. $4,363 26% 19.1x Sector Average $9,472 19% 18.2x LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2017 0 Experian plc $19,016 19% 21.7x Equifax Inc. $16,291 22% 22.5x Fair Isaac Corporation $3,940 26% 24.3x Acxiom Corporation $2,185 31% 36.9x Sector Average $10,358 24% 26.3x

Notes: 8 Source: CapitalIQ and Wall Street Research. Market data as of March 24, 2017. MARKET SUMMARY LTM Price Performance and 2017 P/E – Securities / Cap. Mkts. / Data & Analytics

($MM) ($MM) LTM Price Investment Services, Software, & LTM Price Exchanges - Americas Market Cap. Performance P/E 2017 0 Technology Market Cap. Performance P/E 2017 CME Group Inc. $40,718 26% 24.6x SEI Investments Co. $8,015 22% 22.8x Intercontinental Exchange, Inc. $35,631 28% 19.9x Broadridge Financial Solutions, Inc. $8,014 19% 20.6x Nasdaq, Inc. $11,647 9% 16.5x SS&C Technologies Holdings, Inc. $7,234 17% 18.5x BM&FBOVESPA S.A. $10,730 45% 17.7x DST Systems, Inc. $3,592 4% 18.6x CBOE Holdings, Inc. $8,887 23% 25.4x Financial Engines, Inc. $2,463 35% 29.8x TMX Group Limited $2,746 42% 13.9x Envestnet, Inc. $1,390 24% 25.1x Bolsa Mexicana de Valores, S.A.B. de C.V. $959 5% 17.8x Sector Average $5,118 20% 22.6x Sector Average $15,903 25% 19.4x LTM Price LTM Price Financial Data, Content, & Analytics Market Cap. Performance P/E 2017 Exchanges - Asia Market Cap. Performance P/E 2017 0 S&P Global Inc. $33,533 35% 21.6x Hong Kong Exchanges and Clearing Limite $30,877 8% 34.9x Thomson Reuters Corporation $31,826 11% 18.7x ASX Limited $7,326 22% 21.6x Moody's Corporation $21,484 21% 21.6x Singapore Exchange Limited $5,775 (4%) 21.8x IHS Markit Ltd. $16,525 NA 19.6x Bursa Malaysia Berhad $1,181 (0%) 25.1x Verisk Analytics, Inc. $13,259 3% 24.2x Sector Average $11,290 6% 25.9x MSCI Inc. $8,814 38% 27.4x FactSet Research Systems Inc. $6,993 18% 23.7x The Dun & Bradstreet Corporation $3,860 3% 15.0x LTM Price Morningstar, Inc. $3,352 (8%) 24.6x Exchanges - Europe Market Cap. Performance P/E 2017 0 Bankrate, Inc. $865 6% 13.9x Deutsche Börse Aktiengesellschaft $16,407 6% 17.1x Sector Average $14,051 14% 21.0x London Group plc $13,192 (6%) 20.4x Bolsas y Mercados Españoles $2,725 3% 16.5x LTM Price JSE Limited $914 11% 14.4x Online Broker Dealers Market Cap. Performance P/E 2017 GPW $481 12% 15.4x Hellenic Exchanges - Athens Stock Exch. $302 (10%) 24.8x The Charles Schwab Corporation $53,425 42% 25.1x Sector Average $5,670 3% 18.1x TD Ameritrade Holding Corporation $19,883 21% 21.9x E*TRADE Financial Corporation $9,238 36% 18.1x Interactive Group, Inc. $2,358 (10%) 23.3x LTM Price GAIN Capital Holdings, Inc. $392 30% 9.7x Trading Platforms Market Cap. Performance P/E 2017 Global Brokerage, Inc. $13 (79%) NA MarketAxess Holdings Inc. $7,056 56% 56.8x Sector Average $14,218 7% 19.6x BGC Partners, Inc. $3,062 21% 13.2x KCG Holdings, Inc. $1,205 53% 5.6x INTL FCStone Inc. $674 36% 11.8x Investment Technology Group, Inc. $661 (5%) NM Virtu Financial, Inc. $683 (25%) 17.7x Sector Average $2,224 23% 21.0x

Notes: 9 Source: CapitalIQ and Wall Street Research. Market data as of March 24, 2017. SECTION II: Payments / Banking

10 PAYMENTS / BANKING Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 3/24/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Networks Visa Inc. $89.19 $73.25 $92.05 $206,985 $6,930 $220,930 12.2x 11.1x 17.4x 15.4x 26.2x 22.6x 17.1% 1.5 13.3% 25.1% Mastercard Incorporated 111.98 86.65 113.50 120,705 (3,155) 117,578 10.0x 9.0x 17.1x 15.2x 26.2x 22.6x 16.3% 1.6 9.3% 9.5% American Express Company 78.20 57.15 82.00 70,374 29,063 101,037 3.1x 3.0x NM NM 13.8x 12.6x 9.1% 1.5 8.6% (7.0%) PayPal Holdings, Inc. 43.13 34.00 44.52 52,083 (9,816) 42,267 3.4x 2.9x 13.3x 11.5x 24.9x 21.2x 17.3% 1.4 16.3% NM Discover Financial Services 67.21 48.68 74.33 25,802 13,616 39,993 4.1x 3.9x NM NM 11.0x 9.9x 8.7% 1.3 10.7% 3.4%

Mean 6.6x 6.0x 16.0x 14.0x 20.4x 17.8x 13.7% 1.5 11.6% 7.8% Median 4.1x 3.9x 17.1x 15.2x 24.9x 21.2x 16.3% 1.5 10.7% 6.5%

Merchant Processing Cielo S.A. $8.89 $7.84 $12.12 $20,083 $2,510 $23,718 5.7x 5.2x 12.4x 11.4x 14.1x 12.7x 12.5% 1.1 10.3% 24.3% First Data Corporation 15.13 9.90 16.67 13,885 18,104 34,973 2.9x 2.8x 11.6x 11.0x 10.0x 9.2x 13.2% 0.8 3.8% (1.0%) Vantiv, Inc. 63.42 50.52 66.24 12,442 3,116 15,849 7.5x 6.9x 15.9x 14.4x 19.8x 17.6x 14.5% 1.4 25.3% 12.1% Global Payments Inc. 78.42 59.55 81.56 11,958 3,970 16,077 4.7x 4.3x 14.6x 13.0x 20.3x 17.6x 13.0% 1.6 41.1% 30.4% Total System Services, Inc.(1) 51.81 45.61 56.54 9,499 2,939 12,462 2.6x 2.4x 10.9x 10.1x 16.6x 15.0x 11.8% 1.4 6.8% 9.3% Worldpay Group plc 3.63 3.09 4.01 7,257 1,193 8,451 5.4x 4.9x 13.2x 11.7x 21.5x 18.5x 21.6% 1.0 29.7% (5.2%) Wirecard AG 52.99 34.20 53.93 6,548 (888) 5,661 4.0x 3.3x 13.3x 10.9x 22.7x 18.1x 28.0% 0.8 NA 33.8% Square, Inc. 16.59 8.42 18.17 6,092 (512) 5,580 3.3x 2.8x 48.9x 27.5x 90.2 44.5 80.4% 1.1 34.3% 20.7% GMO Payment Gateway, Inc. 52.69 34.32 72.77 1,940 (259) 1,689 9.4x 7.9x 29.4x 22.7x 62.4x 50.1x 24.4% 2.6 52.8% 63.8% EVERTEC, Inc. 15.75 12.98 18.60 1,158 598 1,759 4.4x 4.3x 9.7x 9.4x 9.9x 9.3x 8.3% 1.2 1.8% 6.5% SafeCharge International Group Limited 3.16 2.29 3.40 467 (115) 351 3.0x 2.7x 9.7x 8.0x 14.7x 13.0x NM NM 10.9% 3.2% CardConnect Corp. 13.50 8.70 14.65 393 123 553 0.8x 0.7x 12.8x 10.1x NM 64.3x NM NM 18.3% 23.0% Planet Payment, Inc. 3.76 2.75 4.97 202 (3) 198 3.3x 3.0x 11.5x 9.6x 17.2x 14.5x 22.5% 0.8 10.7% (9.4%) JetPay Corporation(2) 2.35 1.89 3.25 42 9 135 2.0x NA 44.0x NA NM NA NM NM 16.8% 48.8%

Mean 4.2x 3.9x 18.4x 13.1x 26.6x 23.4x 22.7% 1.2 20.2% 18.6% Median 3.6x 3.3x 13.0x 11.0x 18.5x 17.6x 14.5% 1.1 16.8% 16.4%

Money Transfer The Western Union Company $20.25 $18.07 $22.70 $9,738 $1,902 $11,640 2.2x 2.1x 8.9x 8.6x 12.0x 11.4x 7.3% 1.6 (0.3%) (0.6%) Euronet Worldwide, Inc. 83.54 65.33 84.81 4,374 (130) 4,245 2.0x 1.8x 10.7x 9.4x 18.4x 16.1x 14.5% 1.3 8.7% 10.5%

Mean 2.1x 2.0x 9.8x 9.0x 15.2x 13.7x 10.9% 1.5 4.2% 4.9% Median 2.1x 2.0x 9.8x 9.0x 15.2x 13.7x 10.9% 1.5 4.2% 4.9%

Closed Loop FleetCor Technologies, Inc. $156.90 $133.64 $176.42 $14,418 $3,383 $17,801 8.1x 7.3x 15.2x 13.5x 19.0x 16.8x 15.7% 1.2 20.5% 19.6% Alliance Data Systems Corporation 243.79 185.02 251.19 13,634 19,090 32,724 4.2x 3.8x 15.4x 13.6x 13.2x 11.6x 15.5% 0.9 8.4% 4.5% Edenred SA 23.64 16.97 24.27 5,474 668 6,215 4.4x 4.1x 11.8x 10.8x 21.5x 19.7x 11.1% 1.9 24.6% 13.2% WEX Inc. 102.08 78.95 122.91 4,363 2,014 6,386 5.4x 4.9x 13.2x 11.8x 19.1x 16.6x 15.0% 1.3 16.7% 36.8%

Mean 5.5x 5.0x 13.9x 12.4x 18.2x 16.2x 14.3% 1.3 17.5% 18.5% Median 4.9x 4.5x 14.2x 12.7x 19.1x 16.7x 15.2% 1.2 18.6% 16.4%

Prepaid Blackhawk Network Holdings, Inc. $38.70 $28.88 $39.55 $2,158 ($428) $1,734 0.8x 0.7x 7.3x 6.3x 23.8x 19.6x 15.6% 1.5 16.6% 3.2% Green Dot Corporation 32.78 20.79 33.64 1,660 28 1,688 2.1x 1.9x 9.0x 8.0x 17.1x 15.0x 15.5% 1.1 14.5% 7.8% Net 1 UEPS Technologies, Inc. 12.54 8.37 13.81 659 (176) 487 0.7x 0.8x 3.1x 2.9x 7.1x NA NM NM 11.9% 0.8%

Mean 1.2x 1.1x 6.5x 5.7x 16.0x 17.3x 15.6% 1.3 14.4% 3.9% Median 0.8x 0.8x 7.3x 6.3x 17.1x 17.3x 15.6% 1.3 14.5% 3.2%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. 1) Revenue growth rates are estimates excluding TransFirst acquisition. 11 2) Convertible preferred equity assumed at 2x . PAYMENTS / BANKING Public Company Valuations: Financial Metrics (Cont.)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 3/24/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ ATM / Kiosks Cardtronics plc $45.46 $34.66 $56.00 $2,073 $429 $2,502 1.7x 1.7x 7.5x 7.3x 15.6x 14.7x 14.3% 1.1 16.3% 2.1% Everi Holdings Inc. 4.63 1.13 4.91 306 994 1,300 1.5x 1.4x 6.3x 6.1x 5.0x 4.3x 20.0% 0.3 3.2% 6.4%

Mean 1.6x 1.6x 6.9x 6.7x 10.3x 9.5x 17.1% 0.7 9.7% 4.3% Median 1.6x 1.6x 6.9x 6.7x 10.3x 9.5x 17.1% 0.7 9.7% 4.3%

POS Hardware / Technology Ingenico Group - GCS $94.11 $73.80 $119.92 $5,776 $121 $5,902 2.2x 2.0x 10.7x 9.6x 18.0x 16.0x 10.1% 1.8 11.2% 0.5% NCR Corporation 43.61 25.20 49.90 5,367 2,553 #REF! NA NA NA NA 13.2x 12.0x NM NM 2.1% 7.3% VeriFone Systems, Inc. 18.72 14.94 29.73 2,089 757 2,884 1.5x 1.4x 9.4x 8.5x 12.6x 11.7x 15.0% 0.8 (0.0%) (11.6%) PAR Technology Corporation 7.04 4.30 7.25 111 (8) 103 NA NA NA NA NA NA NM NA NA 6.0%

Mean NM NM NM NM 14.6x 13.3x NM NM 4.4% 0.5% Median NM NM NM NM 13.2x 12.0x NM NM 2.1% 3.3%

Banking and Lending Technology Intuit Inc. $119.72 $99.20 $128.45 $30,623 $513 $31,136 5.9x 5.5x 15.2x 13.7x 26.4x 24.1x 14.8% 1.8 8.5% 10.1% Fidelity National Information Services, Inc 80.12 62.05 83.86 26,342 9,795 36,241 3.8x 3.7x 11.8x 11.1x 18.9x 16.7x 12.0% 1.6 3.6% 30.5% Fiserv, Inc. 115.94 92.81 118.30 24,877 4,262 29,139 5.0x 4.8x 14.3x 13.4x 22.8x 20.4x 11.9% 1.9 5.0% 4.6% Jack Henry & Associates, Inc. 93.33 79.00 95.64 7,245 (14) 7,231 5.0x 4.6x 14.0x 12.9x 29.0x 26.1x 11.0% 2.6 4.8% 4.7% Temenos Group AG 80.30 47.95 80.86 5,588 174 5,762 8.3x 7.6x 23.4x 20.7x 33.4x 29.3x 14.1% 2.4 9.1% 13.3% Ellie Mae, Inc. 98.14 74.11 109.99 3,314 (422) 2,892 6.6x 5.4x 19.9x 15.1x 52.0x 39.8x 25.0% 2.1 21.8% 48.3% Black Knight Financial Services, Inc. 37.85 28.67 42.19 2,649 1,444 5,156 4.8x 4.4x 10.0x 9.0x 28.3x 24.2x 13.4% 2.1 5.4% 10.0% ACI Worldwide, Inc. 21.88 15.11 22.96 2,567 686 3,253 3.2x 3.1x 12.9x 12.3x 52.3x 36.2x 12.5% 4.2 1.1% 11.0% LendingClub Corporation 5.20 3.44 8.41 2,081 (516) 1,565 2.7x 2.2x 31.1x 12.9x 95.7x 23.7x 29.2% 3.3 15.5% (3.7%) DH Corporation 18.87 10.52 30.09 2,017 1,405 3,421 2.7x 2.6x 9.5x 9.0x 11.8x 10.6x NM NM 2.2% 3.7% Q2 Holdings, Inc. 35.30 21.51 37.58 1,428 (97) 1,331 6.9x 5.4x NM 64.9x NM NM 32.0% NM 28.7% 38.6% Bottomline Technologies (de), Inc. 23.92 18.48 31.52 905 61 966 2.7x 2.5x 12.7x 11.0x 24.5x 20.2x 17.3% 1.4 5.1% 0.8% On Deck Capital, Inc. 4.62 3.64 8.94 332 675 1,012 2.6x 2.3x NM 29.4x NM 20.2x 43.3% NM 50.1% (45.5%) Performant Financial Corporation 2.01 1.50 4.07 101 21 122 0.9x 0.8x 10.1x 7.5x NA 28.7x 20.0% NA (3.7%) (17.6%)

Mean 4.4x 3.9x 15.4x 17.4x 35.9x 24.6x 19.7% 2.3 11.2% 7.8% Median 4.3x 4.0x 13.4x 12.9x 28.3x 24.1x 14.8% 2.1 5.3% 7.3%

Information Processors / Credit Bureaus Experian plc $20.44 $15.13 $20.60 $19,016 $3,161 $22,191 4.7x 4.4x 13.4x 12.6x 21.7x 19.3x 10.0% 2.2 NA 2.6% Equifax Inc. 135.93 110.87 137.76 16,291 2,543 18,893 5.6x 5.2x 15.1x 13.8x 22.5x 20.3x 11.0% 2.0 8.2% 20.2% Fair Isaac Corporation 126.85 100.35 133.14 3,940 533 4,472 4.8x 4.5x 17.9x 16.5x 24.3x 20.8x 16.0% 1.5 4.4% 9.8% Acxiom Corporation 27.94 19.11 30.40 2,185 99 2,284 2.5x 2.2x 12.6x 10.7x 36.9x 28.4x 18.0% 2.0 4.3% 1.0% Intersections Inc. 3.88 1.70 4.23 92 3 96 NA NA NA NA NA NA NM NA NA (12.0%)

Mean 4.4x 4.1x 14.8x 13.4x 26.3x 22.2x 13.8% 1.9 5.6% 4.3% Median 4.7x 4.4x 14.3x 13.2x 23.4x 20.6x 13.5% 2.0 4.4% 2.6%

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

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

3/21/17 Visma AS Bluegarden Holding A/S Payroll Software NA NA

3/16/17 First Data Corporation Acculynk, Inc. Ecommerce Payments NA NA

3/14/17 Genpact Limited RAGE Frameworks, Inc. Digital Transformation NA NA

3/13/17 Wirecard AG Citi Pre-Paid Card Services Prepaid NA NA

3/13/17 Vista Equity DH Corporation Banking Technology $3,459 2.8x

3/13/17 Payment Data Systems, Inc. Singular Payments, LLC Vertical Payments NA NA

3/8/17 Flagship Community Bank BankMobile Mobile Payments NA NA

3/7/17 Optal Limited Invapay Payment Solutions Ltd. B2B Payments NA NA

3/6/17 TA Associates Management, L.P. Interswitch Limited Digital Payments NA NA

2/28/17 Technology Crossover Ventures Retail Merchant Services Ltd. Payment Services NA NA Argus Information & Advisory Services, 2/27/17 Fintellix Solutions Private Limited Data / Analytics NA NA LLC 2/23/17 Airbnb, Inc. Tilt.com, Inc. Crowd Funding NA NA

2/23/17 Ebates, Inc. ShopStyle, Inc. Ecommerce NA NA

2/23/17 MYOB Group Limited Paycorp Holdings Pty Limited Payment Solutions Provider $37 NA

2/22/17 Bharti Airtel Services Limited Seynse Technologies Pvt. Ltd. Online Lending NA NA

2/16/17 CampusLogic, Inc. Cegment, Inc. Lending Tech NA NA

2/16/17 Volaris Group Inc. Telepin, Inc. Mobile Financial Services NA NA

2/16/17 Oxygen Finance Ltd. Satago Ltd. CF Management Software NA NA

2/14/17 Temenos Solutions Australia Pty Ltd Rubik Financial Limited Financial Software $59 1.9x

2/14/17 PayPal Holdings, Inc. TIO Networks Corp. Payment Processing $190 3.0x

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

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

2/8/17 Deluxe Corporation RDM Corporation Banking Software $67 3.2x

2/8/17 Realtime Electronic Payments Sigma Payment Solutions Inc. Loan Servicing NA NA

2/6/17 Klarna AB Billpay GmbH Ecommerce Payments $64 NA Randall Data Systems, LLC and CSC Accounting Software / Healthcare 2/1/17 i3 Verticals, LLC NA NA Links, LLC Payments 2/1/17 Social Finance, Inc. ZenBanx, Inc. Mobile Banking NA NA

1/31/17 Cardtronics plc Spark ATM Systems (Pty) Ltd. ATMS NA NA

1/31/17 Zoopla Hometrack Real Estate Tech $150 NA

1/30/17 Ingenico Group - GCS TechProcess Payment Services Limited Electronic Payments NA NA

1/30/17 Green Dot Corporation UniRush, LLC Prepaid $161 NA

1/27/17 Ebates, Inc. Cartera Commerce Inc. Loyalty / Rewards NA NA

1/26/17 (UK) Limited MoneyGram International, Inc. Money Transfer $1,519 0.9x

1/26/17 Fusion RMS Innovantum Technologies Ltd. POS NA NA

1/25/17 McPayment Pte Ltd Genesis Payment Solutions Pte Ltd. Merchant Acquiring NA NA

1/24/17 Solera Holdings Inc. Digidentity B.V. Identity Protection NA NA Payment Alliance International, 1/18/17 Clearent, LLC International Payments / FX NA NA Merchant Service Division 1/18/17 AnaCap Financial Partners LLP Heidelberger Payment GmbH Ecommerce Payments NA NA

1/18/17 Augeo Affinity Marketing Inc. Edo Interactive Inc. Loyalty / Rewards NA NA

1/17/17 Clarus Merchant Services North American Merchant Services, Inc. ISO NA NA

1/17/17 Clarus Merchant Services BC Technologies ISO NA NA

1/16/17 Daimler Financial Services AG PayCash Europe S.A. Electronic Payments NA NA

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

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue Advent International Corporation; Bain 1/13/17 ConCardis GmbH Merchant Processing NA NA Capital , LP 1/11/17 Intellitix Holdings Limited Loc Pay Systems B.V. Closed Loop NA NA

1/10/17 Coupa Software Incorporated Spend360 International Ltd Financial Software NA NA ANARAQ Holdings, LLC, Payment 1/10/17 Clarus Merchant Services Merchant Acquiring NA NA Processing Assets 1/10/17 GoFundMe, Inc CrowdRise, Inc. NA NA

1/6/17 Rock Holdings Inc. LowerMyBills, Inc. and Classes USA, Inc. Online Lending / Lead Gen NA NA

1/5/17 IRIS Software Group Limited PS Financials Ltd Accounting Software NA NA

1/4/17 EVO Payments International, LLC Sterling Payment Technologies, Inc. Merchant Processing NA NA

12/23/16 BBVA Bancomer, S.A. Openpay SAPI de C.V. Ecommerce Payments NA NA PayByPhone Technologies And 12/23/16 Volkswagen Financial Services AG Mobile Payments $32 NA PayByPhone And 12/19/16 Akamai Technologies, Inc. Cyberfend, Inc. Fraud Protection NA NA

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

4/26/16 Ingenico Group - GCS Lyudia Inc. VAR $9 30.3x Goldleaf Enterprise Payments (GEPI), 4/19/16 Battery Ventures Check Processing NA NA Inc. 4/19/16 Prodege, LLC MyPoints.com, Inc. Loyalty / Rewards $12 NA

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

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

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

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

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

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

Notes: 18 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months

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

3/27/17 Creamfinance Series B $22 Capitec Bank Holdings Limited Online Lending China Renaissance Private Equity Fund, PAG, Sequoia Capital 3/23/17 Dadao Financial Series B $29 Real Estate Tech China 3/23/17 Clarity Money Series B $11 Citi Ventures, RRE Ventures PFM

3/23/17 Qtum NA $15 Undisclosed Blockchain

3/22/17 figo NA $12 Berliner Volksbank Ventures, DB1 Ventures Bank API

3/22/17 Avaloq NA $300 Warburg Pincus Banking Software

3/20/17 Nested NA $10 GFC, Passion Capital Real Estate Tech

3/15/17 Flow Series A $13 Bain Capital Ventures Ecommerce

3/14/17 solarisBank NA $28 Arvato Financial Solutions, SBI Group Digital Banking

3/13/17 Canopy NA $20 Epic Ventures, Deep Fork Capital, NEA, Pelion Venture Partners Accounting / Tax Software Altos Ventures, Bessemer Venture Partners, Goodwater Capital, 3/13/17 Viva Republica Series C $48 Money Transfer Partech Ventures, PayPal Holdings Anthemis, GV, Notion Capital, Rakuten FinTech Fund, Sapphire 3/9/17 Currencycloud Series D $25 Cross-Border Payments Ventures 3/8/17 Veem Series B $24 GV, NAB Ventures, SBI Investment Co. B2B Payments

3/7/17 Qapital Series A $12 Anthemis, Northzone, Rocketship VC PFM BBVA, Toscafund Asset Management, Woodford Investment 3/6/17 Atom Bank NA $102 Digital Banking Management First Round Capital, Khosla Ventures, Rakuten, Third Point 3/3/17 UpStart NA $33 Online Lending Ventures 3/2/17 Sensibill Series A $12 Information Capital, OTEAF Expense Mgmt Software

3/1/17 Clearbank NA $31 CFFI Ventures, PPF Group Banking Software

2/24/17 Social Finance Series F $500 GPI Capital, Silver Lake, Softbank Group Online Lending

2/23/17 Nymbus NA $16 Home Credit Group Bank Software

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

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

2/23/17 Tala Series B $30 IVP, Ribbit Capital Credit Scoring

2/22/17 Monzo NA $25 Orange Digital Ventures, Passion Capital, Thrive Capital Digital Banking

2/22/17 Prospa NA $19 AirTree Ventures Online Lending

2/22/17 Ecrebo NA $15 Joseph Schull, Octopus Ventures, Sir Keith Mills Offers / Marketing Nasper's FinTech Arm, Redpoint Ventures, World Bank's 2/22/17 Creditas Series B $19 Online Lending International Finance Corp Mobile Balance 2/20/17 True Balance Series B $15 SoftBank Ventures Management 2/20/17 Kakao Pay NA $200 Ant Financial Mobile Payments 31Ventures, Battery Ventures, Carmel Ventures, Liberty Israel 2/13/17 CrediFi Corp Series B $13 Data / Analytics Venture Fund, OurCrowd, Stax Goldman Sachs, Caufield & Byers, Pine Brook 2/9/17 Better Mortgage Inc. Series B $15 Mortgage Origination Partners 2/8/17 Exactuals LLC Series A $10 City National Bank, TTV Capital Vertical Payments

2/2/17 E-Commerce NA $200 Alibaba, SAIF Partners eCommerce General Catalyst Partners, JAL Ventures, Oryzn Capital, Square 1/31/17 Feedvisor Ltd. Series B $20 eCommerce Peg Capital, Titanium Investments Correlation Ventures, FJ Labs, Great Oaks , 1/31/17 Knock Series A $33 Real Estate Tech Greycroft, Redpoint, RRE Ventures Jerusalem Venture Partners, Israel Growth Partners, Vintage 1/30/17 Earnix NA $14 Data / Analytics Investment Partners 1/26/17 Raisin GmbH Series C $30 Index Ventures, Ribbit Capital, Thrive Capital Cash Management

1/25/17 BitFury NA $30 Credit China FinTech Holdings Blockchain

1/19/17 Iyzico Series C $13 212 Ltd, International Finance Corp., Vostok Emerging Finance eCommerce Payments

1/13/17 HouseCanary Series A $33 Alpha Edison, Europlay Capital Advisors, Raven Ventures Real Estate Data / Analytics Accel Partners, DST Global, Index Ventures, Ribbit Capital, Union 1/12/17 Funding Circle Series F $82 Online Lending Square Ventures ACE & Company, Nova Founders Capital, Pacific Century Group, 1/11/17 CompareEuropeGroup Ltd. Series A $20 Lead Gen SBI Holdings Inc.

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

($MM) Announced Target Date Target Series Amount Investors Subsector American Express Co, Creandum, Index Ventures, Intel Capital, 1/11/17 iZettle AB NA $60 POS MasterCard Inc., Northzone Ventures 1/10/17 Advanon AG Series A $14 b-to-v Partners, Swisscom Ltd., VI Partners Online Lending

1/10/17 MobileCause Inc. Series B $15 Level Equity Management LLC Crowdfunding Felices Ventures, March Capital Partners, Matrix Management 1/9/17 Activehours Inc. NA $22 Online Lending Corp., Ribbit Capital LP 1/9/17 FreeCharge NA $57 SnapDeal Mobile Payments

1/5/17 CloudCraze LLC Series B $20 Insight Venture Partners, Salesforce Ventures B2B Commerce American Express Ventures, BlueCross BlueShield Venture 1/5/17 Payfone Series E $24 Fraud Protection Partners, Relay Ventures, Verizon Ventures 1/4/17 Labs NA $10 Undisclosed Online Lending

1/4/17 Magento Commerce NA $250 Hillhouse Capital Management eCommerce

1/3/17 Monese Series A $10 Exponential Ventures, Korea Investment Partners, STE Capital Digital Banking

1/3/17 Tandem Bank NA $43 House of Fraser Digital Banking

12/20/16 Appetize Technologies Inc. Series A $20 Oak View Group, Shamrock Capital Advisors POS

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

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

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

11/25/16 Stripe Inc. NA $150 CapitalG, General Catalyst Partners, Sequoia Capital eCommerce Payments China Merchants Venture Capital Management Co., Ltd., Zhixin 11/24/16 Ximu Financial Information Services Series A $15 Rating Agency Capital

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

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

11/23/16 Wynd Series B $32 Bpifrance, Orange Digital Ventures, Sodexo Ventures POS

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

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

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

11/7/16 Zafin Labs America Inc. NA $10 Beedie Capital Partners, Vistara Capital Partners Banking Software Bullpen Capital, Galileo Partners, JMI Management Inc., Mithril 11/1/16 StayClassy Productions Inc. Series C $30 Crowdfunding Capital Management, Salesforce Ventures APAGM Services, Goldman Sachs Merchant Banking Division, 10/26/16 nanoPay Corporation Series A $10 Digital Currency Jarnac Capital Management, Rohatton Blumberg Capital, Comcast Ventures, Napier Park Global Capital, 10/25/16 Lendio Inc. Series D $20 Online Lending North Hill Ventures, Stereo Capital, Tribeca Venture Partners 10/24/16 AEVI NA $11 Adveq Management POS

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

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

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

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

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

10/7/16 FlexiLoans NA $15 Angel Investors Online Lending

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

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

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

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

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

9/22/16 Wave Accounting Inc. NA $11 BDC Capital, CRV, Social Capital, HarbourVest Partners Accounting Software Tiantu Capital, Xinhu Zhongbao, HgCapital, Shenzhen Qianhe 9/22/16 51Credit Series C $310 Online Lending Capital Management Sageview Capital, Technology Crossover Ventures, Warburg 9/22/16 Avalara Inc. Series D $96 Tax Software Pincus 9/21/16 FirstP2P Series C $70 CCB International, San Shan Capital Partners Online Lending Experian, Kickstart Seed Fund, Kleiner Perkins Caufield & Byers, 9/21/16 Nav, Inc Series B $25 Business Lending Peak Venture Partners, Tencent Holdings Ltd. 9/15/16 Ripple Labs Inc. Series B $55 Accenture Technology Ventures, CME Ventures Digital Currencies

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

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

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

9/9/16 Juvo Series A $14 Freestyle Capital, Seed-Resolute, Wing Venture Capital Mobile Credit Analytics Contour Ventures, Fitz Gate Ventures, IA Capital Group, Javelin 9/8/16 SmartAsset Series B $12 Financial Education Venture Partners, New York Life, Peterson Ventures, TTV Capital, Benchmark, DAG Ventures, GMO Payment Gateway, Index 9/1/16 Boku Series E $14 Mobile Payments Ventures, Khosla Ventures, New Enterprise Associates

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

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

8/30/16 Paytm NA $60 MediaTek Mission OG, Sequoia Capital, Spark Capital, Viola Private Equity, 8/30/16 Behalf Series C $27 SMB Lending Vintage Ventures Management Ltd. 8/26/16 MobiKwik NA $40 NET 1 UEPS Technologies, Inc. Mobile Payments

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

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

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

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

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

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

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

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

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

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

7/7/16 Technologies NA $13 Undisclosed Debit

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

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

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

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

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

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

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

Notes: 25 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

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

5/25/16 Dashlane, Inc. Series C $23 Bessemer, FirstMark, Rho, TransUnion Accelerate-IT Ventures, Cowboy Ventures, David Michaels, 5/19/16 Tally Technologies Series A $15 Credit Cards Shasta Ventures, SVB Aspada Investment, Creation Investments Capital Management, 5/12/16 Capital Float Series B $25 Online Lending SAIF Partners, Sequoia Capital Wincor Nixdorf's Cashless Payments 5/11/16 NA $23 HPE Merchant Processing Business 5/11/16 Orderbird Series C $23 ConCardis, Digital+ Partners, Metro (Germany) POS American Express, General Catalyst Partners, GGV Capital, 5/10/16 BigCommerce Series E $30 eCommerce Revolution Growth, SoftBank Capital, Split Rock Partners 5/9/16 Bridge2 Solutions NA $35 Updata Partners Loyalty / Rewards Accion, e.Ventures, Frog Capital, Greycroft Partners, MCI Capital, 5/5/16 Azimo NA $15 Money Transfer Rakuten Insight Venture Partners, OpenView Venture Partners, Trinity 5/4/16 View the Space Series C $55 Real Estate Tech Ventures 5/3/16 Bench Series B $16 Altos Ventures, Bain Capital Ventures, Contour Venture Partners Financial Software Blumberg Capital, Camp One Ventures, ClalTech, Fang Fund 5/3/16 Zooz Series C $24 Payment Optimization Partners, iAngels, Kreos Capital, Lool Ventures, Rhodium 5/2/16 Varo Money NA $27 Warburg Pincus Online Banking

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

Notes: 26 Source: CapitalIQ and Pitchbook. SECTION III: Securities / Capital Markets / Data & Analytics

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

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 3/24/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Exchanges - Americas CME Group Inc. $119.88 $89.00 $127.60 $40,718 $279 $40,997 10.8x 10.2x 15.2x 13.9x 24.6x 22.7x 11.1% 2.2 5.1% 12.2% Intercontinental Exchange, Inc. 59.85 45.88 61.98 35,631 5,934 41,638 9.0x 8.5x 13.9x 12.9x 19.9x 17.7x 13.6% 1.5 (0.8%) 30.1% Nasdaq, Inc. 69.85 61.19 72.52 11,647 3,127 14,774 6.0x 5.8x 11.7x 11.0x 16.5x 15.2x 9.5% 1.7 17.1% 12.5% BM&FBOVESPA S.A. 6.00 4.77 6.66 10,730 410 11,142 13.7x 11.6x 20.9x 18.3x 17.7x 17.1x 15.8% 1.1 14.3% 2.0% CBOE Holdings, Inc. 79.44 61.22 81.37 8,887 (97) 8,802 8.2x 7.3x 14.0x 11.6x 25.4x 21.7x 31.0% 0.8 62.5% 12.3% TMX Group Limited 49.77 34.19 57.09 2,746 492 3,238 5.7x 5.5x 10.6x 10.3x 13.9x 13.3x NM NM (4.6%) 13.4% Bolsa Mexicana de Valores, S.A.B. de C.V. 1.62 1.40 1.90 959 (89) 876 5.5x 5.1x 10.3x 9.6x 17.8x 16.1x 9.5% 1.9 15.8% (4.1%)

Mean 8.4x 7.7x 13.8x 12.5x 19.4x 17.7x 15.1% 1.5 15.6% 11.2% Median 8.2x 7.3x 13.9x 11.6x 17.8x 17.1x 12.4% 1.6 14.3% 12.3%

Exchanges - Asia Hong Kong Exchanges and Clearing Limited $25.29 $22.53 $27.45 $30,877 ($1,826) $29,066 17.9x 16.5x 25.2x 23.3x 34.9x 31.6x 2.3% 15.3 13.6% (4.4%) ASX Limited 37.88 31.00 40.03 7,326 (734) 6,592 10.8x 10.3x 14.0x 13.4x 21.6x 20.8x 4.7% 4.6 (8.0%) 1.5% Singapore Exchange Limited 5.40 4.97 5.75 5,775 (459) 5,316 9.0x 8.4x 15.1x 13.9x 21.8x 19.4x 2.2% 10.0 7.1% 0.6% Bursa Malaysia Berhad 2.20 1.85 2.26 1,181 (104) 1,081 9.0x 8.6x 15.5x 14.8x 25.1x 23.7x NM NM 8.5% (12.8%)

Mean 11.7x 11.0x 17.5x 16.3x 25.9x 23.9x 3.1% 10.0 5.3% (3.8%) Median 9.9x 9.5x 15.3x 14.3x 23.4x 22.2x 2.3% 10.0 7.8% (1.9%)

Exchanges - Europe Deutsche Börse Aktiengesellschaft $87.83 $71.45 $90.39 $16,407 $904 $17,461 6.4x 6.1x 11.2x 10.1x 17.1x 15.1x 11.7% 1.5 (8.5%) 9.2% London Stock Exchange Group plc 37.69 28.23 42.37 13,192 (1,265) 12,555 5.7x 5.3x 11.3x 10.3x 20.4x 18.3x 15.6% 1.3 7.2% 2.4% Bolsas y Mercados Españoles 32.80 22.38 33.64 2,725 (299) 2,426 7.0x 7.0x 10.6x 10.6x 16.5x 16.6x NM NM 1.6% (2.1%) JSE Limited 10.68 10.68 15.14 914 (153) 761 4.0x 3.4x 9.8x 7.7x 14.4x 11.5x 5.6% 2.6 8.9% 16.0% GPW 11.46 7.87 12.40 481 (48) 433 5.5x 6.9x 9.5x 11.0x 15.4x 14.1x NM NM 5.1% (7.8%) Hellenic Exchanges - Athens Stock Exch. 4.98 4.10 6.01 302 (119) 183 4.8x 4.1x 10.4x 8.3x 24.8x 21.9x 10.6% 2.3 #DIV/0! 26.4%

Mean 5.6x 5.5x 10.5x 9.7x 18.1x 16.2x 10.9% 1.9 #DIV/0! 7.3% (1) Median 5.6x 5.7x 10.5x 10.2x 16.8x 15.8x 11.2% 1.9 #DIV/0! 5.8%

Notes: 28 Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Public Company Valuations: Financial Metrics (Cont.)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 3/24/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Investment Services, Software, & Technology SEI Investments Co. $50.35 $41.25 $52.60 $8,015 ($696) $7,319 4.9x 4.5x 13.6x 11.6x 22.8x 19.2x 13.5% 1.7 6.2% 10.0% Broadridge Financial Solutions, Inc. 67.76 56.77 71.74 8,014 970 8,985 2.2x 2.1x 11.3x 10.9x 20.6x 18.1x NM NM (8.4%) 39.7% SS&C Technologies Holdings, Inc. 35.61 26.15 37.48 7,234 2,384 9,617 5.8x 5.5x 13.7x 12.6x 18.5x 16.6x 15.3% 1.2 28.2% 33.2% DST Systems, Inc. 114.16 94.52 128.66 3,592 313 3,905 2.6x 2.5x 9.9x 9.5x 18.6x 16.5x 10.0% 1.9 9.7% 4.1% Financial Engines, Inc. 40.00 23.56 45.75 2,463 (134) 2,329 4.8x 4.3x 14.6x 12.7x 29.8x 25.5x 21.2% 1.4 14.4% 43.8% Envestnet, Inc.(1) 32.00 25.32 41.47 1,390 238 1,628 2.5x 2.2x 13.0x 10.2x 25.1x 19.8x 20.0% 1.3 14.1% 31.3%

Mean 3.8x 3.5x 12.7x 11.3x 22.6x 19.3x 16.0% 1.5 10.7% 27.0% Median 3.7x 3.4x 13.3x 11.2x 21.7x 18.7x 15.3% 1.4 11.9% 32.3%

Financial Data, Content, & Analytics S&P Global Inc. $129.69 $95.83 $133.08 $33,533 $1,164 $34,697 6.1x 5.7x 13.2x 12.3x 21.6x 19.5x 13.0% 1.7 0.8% 1.7% Thomson Reuters Corporation 43.75 38.23 45.68 31,826 5,160 36,986 3.3x 3.2x 11.1x 10.6x 18.7x 17.2x 8.0% 2.3 1.4% (0.9%) Moody's Corporation 112.47 87.30 114.03 21,484 1,138 22,622 6.0x 5.6x 12.9x 12.2x 21.6x 19.6x 10.2% 2.1 5.2% 8.8% IHS Markit Ltd. (2) 40.33 32.78 41.00 16,525 3,263 19,788 5.6x 5.3x 14.3x 13.2x 19.6x 16.9x 14.4% 1.4 6.8% 57.2% Verisk Analytics, Inc. 79.71 75.72 87.40 13,259 2,249 15,508 7.4x 6.9x 14.7x 13.6x 24.2x 22.0x 10.8% 2.2 5.4% 6.0% MSCI Inc. 97.44 70.64 109.29 8,814 1,283 10,097 8.2x 7.6x 16.0x 14.5x 27.4x 23.5x 14.3% 1.9 7.4% 7.3% FactSet Research Systems Inc. 176.73 145.48 183.64 6,993 171 7,163 5.9x 5.5x 16.6x 15.3x 23.7x 21.8x 10.7% 2.2 6.2% 6.5% The Dun & Bradstreet Corporation 104.83 100.46 141.57 3,860 1,264 5,124 2.9x 2.8x 10.2x 9.7x 15.0x 14.3x 8.0% 1.9 3.7% 3.6% Morningstar, Inc. 78.09 67.74 89.44 3,352 (54) 3,298 3.9x 3.7x 11.9x 10.9x 24.6x 22.1x NM NM 5.0% 5.3% Bankrate, Inc. 9.60 6.91 11.90 865 119 984 1.9x 1.8x 7.8x 7.0x 13.9x 11.7x 15.7% 0.9 16.3% 21.2%

Mean 5.1x 4.8x 12.9x 11.9x 21.0x 18.9x 11.7% 1.8 5.8% 11.7% Median 5.8x 5.4x 13.1x 12.3x 21.6x 19.5x 10.8% 1.9 5.3% 6.3%

Online Broker Dealers The Charles Schwab Corporation (3) $40.02 $23.83 $43.65 $53,425 $2,808 $56,233 6.6x 5.8x NA NA 25.1x 20.6x 20.7% 1.2 14.8% 21.0% TD Ameritrade Holding Corporation (3) 37.69 26.37 47.41 19,883 1,769 21,652 6.0x 5.3x 12.6x 10.8x 21.9x 18.4x 12.0% 1.8 8.4% 5.6% E*TRADE Financial Corporation (3) 33.64 21.52 38.61 9,238 2,360 11,598 5.3x 4.9x NA NA 18.1x 14.9x 15.7% 1.2 5.0% 13.4% Group, Inc. (3) 34.69 31.97 41.40 2,358 5,672 8,030 5.1x 4.5x 7.7x 6.7x 23.3x 19.9x 16.0% 1.5 10.3% 18.6% GAIN Capital Holdings, Inc. (3) 8.13 4.54 8.59 392 (1,055) (663) NM NM NM NM 9.7x 9.2x NM NM (2.1%) 14.4% Global Brokerage, Inc. 2.15 1.45 12.90 13 312 325 NA NA NA NA NA NA NM NA NA 20.1%

Mean 5.7x 5.1x 10.2x 8.8x 19.6x 16.6x 16.1% 1.4 7.3% 15.5% Median 5.7x 5.1x 10.2x 8.8x 21.9x 18.4x 15.8% 1.3 8.4% 16.5%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. (1) Financial metrics pro-forma for Yodlee acquisition. (2) Financial metrics reflect IHS / Markit merger. 29 (3) Enterprise Value and Net Debt exclude Cash. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Acquisitions – Trailing 12 Months

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue International Financial Data Services 3/27/17 DST Systems, Inc. Shareholder Servicing $350 NA Ltd. 3/22/17 Trumid Financial LLC Electronifie Inc. Trading Platform NA NA

3/21/17 Sterling Trading Tech CBOE Livevol, LLC, Livevol X Trading Platform NA NA

3/20/17 FactSet Research Systems Inc. BI-SAM Technologies S.A. Risk / Analytics NA NA

3/16/17 Horizon21; H21 Macro Ltd. Leonteq AG Investment Platform NA NA

3/17/17 BinckBank N.V. Pritle N.V. Robo Advisors $13 NA

3/9/17 Broadridge Financial Solutions, Inc. Message Automation Limited Trade Processing NA NA

3/8/17 Numerix LLC TFG Financial Systems Risk NA NA

3/7/17 Hellman & Friedman LLC; GIC Pte. Ltd. Allfunds Bank S.A. Mutual Fund Platform $1,904 NA

3/3/17 European Energy Exchange AG Nodal Exchange, LLC Exchanges NA NA

3/1/17 Payward, Inc. Cryptowatch Analytics NA NA

2/21/17 Covisum, LLC PrairieSmarts, LLC Risk Platform NA NA SCDM Germany GmbH, Structured 2/15/17 Moody's Corporation Data / Analytics NA NA Finance Data and Analytics Business 2/15/17 AdvisorEngine, Inc. Wealthminder, Inc. Wealth Management Software NA NA

2/6/17 Thomson Reuters Corporation Avox Limited Compliance Data NA NA

2/6/17 Thomson Reuters Corporation Clarient Global LLC Regulatory Data NA NA

2/1/17 BT Group plc IP Trade SA Trading Technology NA NA

2/1/17 StoneCastle Insured Cash Sweep, LLC Intermedium Financial LLC Broker Software NA NA Advise Technologies, Ascendant 1/30/17 Compliance Solutions Strategies Regulatory Tech NA NA Compliance Management, The 1/27/17 Linedata Services SA Gravitas Technology Services, LLC Fund Management Software NA NA

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

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

1/25/17 IS Prime Risk Services Inc. Think Liquidity LLC Risk / Analytics NA NA

1/23/17 Visible Alpha, LLC ONEaccess Data / Analytics NA NA

1/19/17 FairFX Group Plc Q Money Limited Online Brokerage $2 NA North Capital Investment Technology 1/18/17 Access Investors Network, Inc. Investing Platform NA NA Inc. 1/18/17 StockTwits, Inc. Spark Finance, LLC Data / Analytics NA NA

1/9/17 InvestCloud, LLC Babel Systems Limited Trade Processing $20 NA

1/4/17 Dash Financial LLC LiquidPoint, LLC Trading Platform NA NA NewSpring Capital; NewSpring 1/4/17 Vertical Management Systems, Inc. Capital Markets Software NA NA Holdings L.P. 1/4/17 Company owned by Pierre Feligioni Quant House SAS Trading Platform NA NA

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

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

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

11/30/16 Capital Foundry LLC, Investment Arm EquityNet, LLC Crowdfunding NA NA Teza Technologies, Select Strategic 11/28/16 Virtu Financial, Inc. Trading Platform NA NA Telecommunications Assets 11/28/16 MainstreamBPO Limited Galileo Fund Services Limited Fund Administration NA NA

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

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

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

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

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

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

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

11/2/16 Folio Dynamics Inc. SAS Capital Management, LLC Broker Software NA NA

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

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

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

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

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

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

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

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

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

9/26/16 CBOE Holdings, Inc. BATS Global Markets, Inc. Exchanges $3,697 1.9x

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

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

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

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

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

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

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

Notes: 32 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

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

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

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

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

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

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

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

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

5/25/16 Bregal Sagemount Discovery Data Data / Analytics NA NA Dojima LLC (nka:Broadridge Derivatives 5/11/16 Broadridge Financial Solutions, Inc. Clearing / Settlement NA NA Clearing) 5/5/16 ISEG Limited Startup Stock Exchange Exchanges NA NA

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

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

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

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

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

3/31/16 Morningstar, Inc. RightPond Broker Software NA NA

Notes: 33 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Equity Financings – Trailing 12 Months

($MM) Announced Target Date Target Series Amount Investors Subsector Mizuho Capital, Mobile Internet Capital, Softbank, Mizuho 2/19/17 One Tap Buy NA $13 Trading Platform Securities Bain Capital Ventures, DRW Venture Capital, J.P. Morgan, Nyca 2/16/17 OpenFin Series B $15 Trading Platform Partners, Pivot Investment Partners 2/7/17 Folio Series A $16 JAFCO, Monex Ventures, Rakuten Fintech Fund Asset Management Platform

1/31/17 Wealthsimple NA $15 Corp. Robo Advisors

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

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

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

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

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

Notes: 34 Source: CapitalIQ and Pitchbook. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

4/1/16 Swanest NA $10 Andreessen Horowitz Robo-Advisor

Notes: 35 Source: CapitalIQ and Pitchbook. SECTION IV: Insurance / Benefits

36 INSURANCE / BENEFITS Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 3/24/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Healthcare / Insurance Technology Quintiles IMS Holdings, Inc. $77.99 $61.21 $83.04 $18,400 $5,962 $24,362 3.0x 2.9x 12.0x 10.8x 17.4x 14.9x 12.9% 1.3 49.8% 73.1% Verisk Analytics, Inc. 79.71 75.72 87.40 13,259 2,249 15,508 7.4x 6.9x 14.7x 13.6x 24.2x 22.0x 10.8% 2.2 5.4% 6.0% athenahealth, Inc. 108.60 90.11 143.85 4,292 144 4,435 3.4x 3.0x 14.4x 12.4x 44.1x 35.7x 25.4% 1.7 19.0% 11.9% Guidewire Software, Inc. 55.47 49.18 64.00 4,102 (583) 3,519 6.6x 5.7x 41.0x 24.5x 81.8x 50.3x 18.5% 4.4 17.8% 13.2% Ebix, Inc. 60.35 36.20 65.10 1,901 155 2,056 6.3x 5.8x 16.9x 15.7x 20.3x 18.0x 15.0% 1.4 NA 14.0% Crawford & Company 9.42 5.63 14.37 528 106 635 0.6x 0.5x 4.6x 4.2x 12.1x 10.3x 10.0% 1.2 3.3% (4.4%) Polaris Consulting & Services Limited 2.64 2.16 3.32 269 (70) 200 NA NA NA NA NA NA NM NA (100.0%) (2.9%) Symbility Solutions Inc. 0.38 0.21 0.42 92 (5) 87 2.9x 2.6 56.8 50.3 NM NM NM NM 17.6% 13.9%

Mean 4.3x 3.9x 22.9x 18.8x 33.3x 25.2x 15.4% 2.1 1.8% 15.6% Median 3.4x 3.0x 14.7x 13.6x 22.2x 20.0x 14.0% 1.5 17.6% 12.6%

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

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

3/13/17 The Travelers Companies, Inc. Simply Business Insurance Tech $490 NA

2/28/17 Advent International Corporation CCC Information Services Inc. Claims Management NA NA Citibank, N.A., Citi Health Card 2/21/17 CareCredit, LLC Healthcare Payments NA NA Portfolio 2/15/17 Sapiens International Corporation N.V. StoneRiver, Inc. Insurance Tech $102 1.3x Medical Reimbursements of America, 2/14/17 Riverside Partners LLC Revenue Cycle Management NA NA Inc. Aon plc, Benefits Administration and 2/10/17 The Blackstone Group L.P. Benefits Platform $4,800 2.1x HR Business Process Outsourcing 2/9/17 Charles Taylor InsureTech Limited Otak Limited Insurance Tech NA NA

2/8/17 Compare Africa Group TopCheck UG (haftungsbeschränkt) Lead Gen NA NA

2/7/17 Centauri Health Solutions, Inc. Human Arc Corporation Revenue Cycle Management NA NA

1/26/17 Insurity, Inc. Valen Technologies, Inc. Insurance Data / Analytics NA NA PlanSource Benefits Administration, 1/25/17 Next Generation Enrollment, Inc. Benefits Software NA NA Inc. Inflexion Private Equity Partners LLP; 1/19/17 My Policy Limited Telematics $49 NA Inflexion Enterprise Fund IV 1/4/17 Duck Creek Technologies, Inc. Yodil, Inc. Insurance Data / Analytics NA NA

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

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

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

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

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

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

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

Notes: 38 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. INSURANCE / BENEFITS Selected Recent Acquisitions – Trailing 12 Months (Cont’d)

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

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

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

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

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

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

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

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

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

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

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

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

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

Notes: 39 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. INSURANCE / BENEFITS Selected Recent Equity Financings – Trailing 12 Months

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

3/25/17 Ottonova NA $16 B-to-V Partners, STS Ventures, Tengelmann Ventures Insurance Tech

3/21/17 Jellyvision Series B $20 Updata Partners HR Software Allianz SE, Rakuten FinTech Fund, Rheingau Founders, Route 66 3/17/17 simplesurance NA $21 Insurance Tech Ventures 2/22/17 EverQuote, Inc. Series B $13 Link Ventures, Second Alpha Insurance Marketplace

2/7/17 CXA Group Series B $25 B Capital Group, EDBI Benefits Software Altimeter Capital, Four Rivers Group, Greenspring Associates, 1/5/17 Namely Inc. Series D $50 HR / Benefits Software Matrix Partners, Scale Venture Partners, Sequoia Capital Aleph, General Catalyst, Google Ventures, Sequoia Capital, 12/5/16 Lemonade Inc. Series B $34 Insurance Thrive Capital, Tusk Ventures, XL Innovate Adams Street Partners, Blue Cloud Ventures, First Data, Intel 11/15/16 CareCloud Series C $32 Revenue Cycle Management Capital, Norwest Venture Partners, PNC Financial Services Group, 11/3/16 EasyPolicy NA $10 Burman , Unilazer Ventures Insurance Lead Gen BrownSavano Direct Capital Partners, Oceanic Partners, Stratim 10/20/16 EverQuote, Inc. Series B $23 Insurance Lead Gen Capital LLC, T Capital Management LLC 8VC, Canaan Partners, Lightspeed Venture Partners, Nyca 10/19/16 Ladder Financial Inc. Series A $14 Life Insurance Partners LLC Kleiner Perkins Caufield & Byers, Propel Venture Partners, 10/4/16 Hixme Inc. Series B $14 HR Software Rosemark Capital Group, Transamerica Ventures Fund 9/28/16 Sedgwick NA $500 Caisse de Depot et Placement du Quebec Claims Management

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

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

Notes: 40 Source: CapitalIQ and Pitchbook. SECTION V: GCA Overview

41 GCA OVERVIEW Financial Technology Team

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

Sean Minnihan Peter Bang Derek Bell Paul DiNardo Steve Fletcher Rob Freiman Managing Director Managing Director Managing Director Managing Director Managing Director Director Global Head of FinTech Phone: (212) 999-7077 Phone: (212) 999-7074 Phone: (212) 999-7089 Phone: (212) 999-7097 Phone: (415) 318-3661 Phone: (212) 999-7075 Mobile: (917) 364-6230 Mobile: (917) 783-4057 Mobile: (914) 953-0689 Mobile: (650) 483-7246 Mobile: (415) 518-6725 Mobile: (973) 229-0436 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

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

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

* Saif Malik is a Vice President at GCA Savvian Europe Limited * Michio Suzuki is a Director at GCA Corporation 42