Bi-Weekly Financial Technology Sector Report

FINTECH SECTOR REPORT

May 2018 BROAD AND DEEP FINTECH PRACTICE GCA has created a unique, interdisciplinary team of senior bankers across FinTech, Software, Private Capital and M&A to serve virtually all subsectors and business models across the FinTech market SELECTED BLUE CHIP STRATEGIC DEEP & EXPERIENCED GCA TEAM SECTOR COVERAGE & FINANCIAL CONTACTS

Strategic Acquirers Banking Technology +20 Senior U.S. Bankers Benefits Administration / Payroll

Insurance Technology Dedicated M&A +5 Professionals Investment Management Technology

Liquidity Venues +5 Private Capital Professionals Online & P2P Lending

GCA’S EXTENSIVE TRANSACTION Payments Private Equity / VC EXPERIENCE Real Estate & Mortgage Technology Transactions +350 since 2015 Trading Technology

M&A / private BUSINESS MODEL COVERAGE placement transactions +90 with $12Bn+ in deal Information value since 2010 SaaS and Balance Services / IT & BPO Transaction Enterprise Sheet Data & Services Processing Software Driven Analytics

2 GCA FINTECH TEAM Strong sector and product expertise across FinTech and related sub-sectors

Sean Minnihan Paul DiNardo Chris Gough Rob Freiman Kegan Greene David Krueger Managing Director Managing Director Managing Director Director Director Vice President Head of FinTech Head of Software M&A/RE & Mortgage Tech FinTech/Payments FinTech/InsurTech FinTech/WealthTech Phone: (212) 999 - 7077 Phone: (212) 999 - 7097 Phone: (415) 318 - 3658 Phone: (212) 999 - 7075 Phone: (415) 318 - 3686 Phone: (212) 537 - 4534 Mobile: (917) 364 - 6230 Mobile: (650) 483 - 7246 Mobile: (415) 385 - 9427 Mobile: (973) 229 - 0436 Mobile: (917) 579 - 4838 Mobile: (616) 822 - 7179 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Selected Recent FinTech Experience

Sold Acquired Acquired by Acquired by Acquired by Tender Offer for Acquired by

To Asahi Fire & Marine Insurance Co. We Advised Principal We Advised CHX Fairness Opinion to Clearent We Advised FieldEdge We Advised BlackFin We Advised Asahi (close pending) We Advised WorkMarket Investment Technology Liquidity Venues Payments Financial SaaS Insurance Technology Insurance Technology Financial SaaS

Sold Sale of Financing from Majority sale to Growth Investment Strategic Investment Acquired by

to To

We Advised RGI Shareholders We Advised Radius We Advised Skyslope Financial Advisor Financial Advisor We Advised ControlExpert We Advised Vindicia Insurance Technology Payments Real Estate Tech Banking & Lending Tech Payments Insurance Technology Payments

Growth Investment Acquired by Acquisition of Acquisition of Acquired by Growth Investment Acquired by from For Blockchain Technology

We Advised Commissions Inc We Advised Capsilon We Advised TSYS We Advised Blucora We Advised AWL Financial Advisor We Advised PayMetric Real Estate Tech Real Estate Tech Payments Investment Technology Insurance Technology Information Services Payments

3 FINTECH DEAL DASHBOARD FinTech is trading at 28% on an LTM basis vs. 13% for the S&P 500. Financing volume YTD ‘18 is on track to match or surpass volume seen during 1H ‘17. M&A volume YTD ‘18 is well above volume in 2H ‘17

$26 Bn | 1,487 Deals $119 Bn | 790 Deals (1) Industry Stock Market Performance LTM Financing Volume LTM M&A Volume Select May Financing Transactions Percent Change (2) Select May M&A Transactions Date Company Selected Investors Amount Sub-Sector Subsector LTM 3 Years Date Target Buyer Value Sub-Sector

5/30/18 $100 3 1 Banking & Lending Technology 25% 64% 5/24/18 $440 9 Card Processing

5/30/18 $250 3 2 Benefits Administration/Payroll 27% 57% 5/21/18 $1,110 3

5/29/18 $10,000 1 3 Financial SaaS 34% 68% 5/19/18 $1,855 4

5/15/18 $110 9 4 Information Services 17% 38% 5/17/18 $2,200 9

5/10/18 $363 6 5 Insurance Technology 34% 61% 5/15/18 $2,865 9

5/9/18 $50 96 6 Investment Technology 32% 48% 5/11/18 $2,148 10

(1) Quarterly Financing Activity ($Bn) 7 IT & BPO Services 13% 12% Quarterly M&A Activity ($Bn)

8 Liquidity Venues 15% 16%

377 397 378 397 235 9 Payments 41% 73% 223 369 222 368 201 216 328 10 Real Estate & Mortgage Tech. 14% 44% 195 192

$9 $32 $46 85 $8 189 11 Trading Technology 54% 75% $7 $24 $23 $6 $20 $4 $5 $17 $4 $3 $14 $13 Aggregate FinTech Market 28% 51% Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 (3) Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 (3)

$16.3 $12.2 $10.8 $23.9 $12.6 $18.5 $19.4 $18.3 $123 $69.7 $97.9 $58.6 $148 $76.2 $240 $231 S&P 500 13% 31% Average Deal Size ($MM) Average Deal Size ($MM)

Notes: Source: Pitchbook. CapIq. GCA Deal Database. Market data as of 5/31/18 4 (1) Includes private company equity financings. Excludes $10Bn raise by Ant Financial in Q2-18. (2) Represents weighted average by market cap. (3) Q2-18 data includes April and May 2018. FINTECH PUBLIC COMPANY LANDSCAPE FinTech sub-sectors and key operating stats ($Bn)

1 Banking & Lending Technology 2 Benefits Administration/Payroll 3 Financial SaaS

Combined Market Cap: $193 Combined Market Cap: $114 Combined Market Cap: $130 18/17 Rev. Growth: 12% 18/17 Rev. Growth: 14% 18/17 Rev. Growth: 21% 18 EBITDA Margin: 26% 18 EBITDA Margin: 22% 18 EBITDA Margin: 21%

4 Information Services 5 Insurance Technology 6 Investment Technology

Combined Market Cap: $343 Combined Market Cap: $36 Combined Market Cap: $283 18/17 Rev. Growth: 7% 18/17 Rev. Growth: 16% 18/17 Rev. Growth: 9% 18 EBITDA Margin: 33% 18 EBITDA Margin: 13% 18 EBITDA Margin: 28% Notes: 5 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 5/31/18. FINTECH PUBLIC COMPANY LANDSCAPE (CONT’D) FinTech sub-sectors and key operating stats ($Bn) (3) 7 IT & BPO Services 8 Liquidity Venues 9 Payments

Combined Market Cap: $608 Combined Market Cap: $259 Combined Market Cap: $924 18/17 Rev. Growth: 6% 18/17 Rev. Growth: 10% 18/17 Rev. Growth: 11% 18 EBITDA Margin: 17% 18 EBITDA Margin: 59% 18 EBITDA Margin: 29%

10 Real Estate & Mortgage Tech. 11 Trading Technology

Combined Market Cap: $240 Combined Market Cap: $139 18/17 Rev. Growth: 14% 18/17 Rev. Growth: 20% 18 EBITDA Margin: 19% 18 EBITDA Margin: 47% Notes: 6 Source: CapIq. Revenue growth and EBITDA margins shown are median values for comp group. Market data as of 5/31/18. FINTECH STOCK PRICE PERFORMANCE Trading Technology leads the FinTech pack on both an LTM and three year basis

LTM Share Price Performance

3 Year Share Price Performance

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) IT & BPO Services 8) Liquidity Venues 9) Payments 10) Real Estate & 11) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 7 Source: CapIq. Market data as of 5/31/18. FINTECH PUBLIC COMPANY VALUATION Financial SaaS and Liquidity Venues outperform the FinTech market on both an EV / LTM revenue and EV / NTM revenue basis Enterprise Value / LTM Revenue Enterprise Value / LTM Revenue

4.3x 4.5x

3.0x 3.0x

Enterprise Value / NTM Revenue Median NTM Revenue Growth to EV / NTM Revenue Multiple

3 11

5 4.2x 4.1x 10 2 3.5x 9 1 8 2.9x 6 4 7

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) IT & BPO Services 8) Liquidity Venues 9) Payments 10) Real Estate & 11) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 8 Source: CapIq. Market data as of 5/31/18. Lines display median multiples across comp groups for given year. FINTECH PUBLIC COMPANY VALUATION (CONT’D) Benefits Admin and Insurance Technology outperform on both an EV / LTM EBITDA and EV / NTM EBITDA basis Enterprise Value / LTM EBITDA Enterprise Value / LTM EBITDA

17.3x 15.5x

11.6x 11.9x

Enterprise Value / NTM EBITDA Median NTM EBITDA Growth to EV / NTM EBITDA Multiple

11 5

2 15.4x 13.6x 6 3 11.1x 10.9x

9 10 8 4 7 1

1) Banking & Lending 2) Benefits 3) Financial SaaS 4) Information 5) Insurance 6) Investment 7) IT & BPO Services 8) Liquidity Venues 9) Payments 10) Real Estate & 11) Trading Technology Administration/Payroll Services Technology Technology Mortgage Technology Technology Notes: 9 Source: CapIq. Market data as of 5/31/18. Lines display median multiples across comp groups for given year. FINTECH PUBLIC COMPANY VALUATION (CONT’D) Long-term growth is not necessarily correlated with FinTech public company P/E multiples or PEG ratios

2018 P/E Ratio PEG Ratio Long-Term EPS Growth 2 Benefits Admin/Payroll 43.6x 2.2 25%

1 Banking & Lending Tech 28.1x 2.6 14%

10 Real Estate & Mort. Tech 27.4x 1.5 17%

3 Financial SaaS 26.7x 2.1 19%

5 Insurance Technology 25.9x 2.2 12%

6 Investment Technology 23.2x 1.7 14%

4 Information Services 23.1x 2.5 10%

8 Liquidity Venues 20.6x 1.6 11%

9 Payments 19.6x 1.5 14%

11 Trading Technology 18.3x 1.1 24%

7 IT & BPO Services 18.1x 1.7 10%

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 40.0x 45.0x 50.0x

Notes: 10 Figures represent medians of sub-sectors. Market data as of 5/31/18. Long-term EPS growth covers last 5 years. SELECTED RECENT GROWTH EQUITY & VC ACTIVITY

Date Announced Target Investors Type Amount ($MM) Sub-Sector Aspect Ventures, Cathay Innovation, Crosslink Capital, Forerunner Ventures, 5/31/18 Series C $70 Banking & Lending Technology Menlo Ventures, Northwestern Mutual Capital, Omidyar Network

5/31/18 General Catalyst Series A $16 Banking & Lending Technology

5/31/18 Puneet Dalmia, Sabre Partners Series B $10 Banking & Lending Technology

5/31/18 Cathay Capital Private Equity, Lianjie Group Series B $16 Financial SaaS AllegisCyber, American Express Ventures, Bain Capital Ventures, IA Ventures, 5/30/18 Series D $100 Financial SaaS Menlo Ventures, Premji Invest

5/30/18 Bank Hapoalim, ConnectOne Bancorp, Viola Group Growth Equity $30 Banking & Lending Technology

5/30/18 Creandum, Founders, Kinnevik, Seedcamp Series A $16 Payments

5/30/18 Berenson & Company, Contour Venture Partners, IA Ventures, Valar Ventures VC $13 Banking & Lending Technology Goldman Sachs Principal Strategic Investments, GP BullHound Sidecar, Gray 5/30/18 Series E $250 Financial SaaS Swan, H14, HSBC, Public Sector Pension Investment Board

5/29/18 AirTree Ventures, Farquhar Family, Naomi Milgrom, Skip Capital Series B $14 Payments Allianz X, Cabot Square Capital, Endeavor Catalyst, Fondazione di Sardegna, 5/29/18 Series B $53 Investment Technology United Ventures CPP Investment Board, General Atlantic, GIC, Khazanah Nasional Berhad, 5/29/18 Series C $10,000 Banking & Lending Technology Sequoia Capital China, Silver Lake Partners, Temasek Holdings, The Carlyle e.ventures, Frog Capital, GR Capital, Greycroft Partners, MCI Capital, Quona 5/29/18 Series C $20 Payments Capital, Rakuten Ventures, Silicon Valley Bank

5/28/18 Amazon, Ashish Dhawan, Catamaran Ventures Series B $12 Insurance Technology

5/24/18 Visa Series D $13 Financial SaaS

5/23/18 American Family Ventures, G20 Ventures, General Catalyst, Pillar Series A $12 Real Estate & Mortgage Tech. Boyu Capital, Cherubic Ventures, CITIC Capital, Danhua Capital, Harmony 5/23/18 Series A $70 Banking & Lending Technology Riverside Investment Management, Hillhouse Capital Management, Three Benhamou Global Ventures, Hi Inov, IDInvest Partners, Partech Ventures, SNCF 5/23/18 Series C $34 Financial SaaS Digital Ventures

5/21/18 DRW Venture Capital, Insight Venture Partners, Jump Capital Series B $37 Trading Technology 8VC, Core Innovation Capital, Morpheus Ventures, New Enterprise Associates, 5/21/18 Series A $15 Real Estate & Mortgage Tech. Valar Ventures

Notes: 11 Source: CapIq. Pitchbook. Selected deals from last two calendar months. SELECTED RECENT GROWTH EQUITY & VC ACTIVITY (CONT’D)

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

5/18/18 Undisclosed Investors Series B $10 Payments

5/18/18 Pilipa Ant Financial Services Group, DCM Ventures, GSR Ventures Series B $16 Financial SaaS

5/16/18 Atlas Venture, Khosla Ventures, Top Tier Capital Partners Series D $27 Payments

5/16/18 Nyca Partners, Tenaya Capital Series C $12 Financial SaaS

Accel, Bitmain, Blockchain Capital, Breyer Capital, Digital Currency Group, 5/15/18 Series E $110 Payments General Catalyst, IDG Capital, Pantera Capital, Tusk Ventures

5/14/18 True Ventures VC $19 Payments

Endeavor Catalyst, Progression Capital Africa, Satya Capital, TPG Capital, 5/14/18 Series C $48 Banking & Lending Technology Velocity Capital Private Equity Hearst Health Ventures, Katalyst Ventures, Sun Hung Kai Financial, The 5/14/18 Series A $14 Information Services Entrepreneurs' Fund, Tom Chavez, William Campbell capitalG, DST Global, ICONIQ Capital, Kleiner Perkins Caufield & Byers, Sequoia 5/10/18 Series D $363 Investment Technology Capital, Vlad Tenev

5/9/18 BlackRock Series E $50 Investment Technology

Ericsson Ventures, Intel Capital, Mahindra Partners, WI Harper Group, Wipro 5/8/18 Series A $14 Financial SaaS Ventures

5/8/18 Allianz X, Rakuten Ventures, Rheingau Founders Series C $24 Insurance Technology

5/7/18 Drive Capital, Kleiner Perkins Caufield & Byers, Lewis & Clark Ventures Series C $23 Insurance Technology

Apex Capital Management, Macquarie Capital Alliance Group, Rice Warner, 5/7/18 Series A $11 Real Estate & Mortgage Tech. Square Peg Capital

5/4/18 Aaron Skonnard, Jeremy Andrus, Josh James, Pelion Venture Partners Series A $11 Payments

5/3/18 Undisclosed Investors Series C $33 Banking & Lending Technology

5/3/18 Hercules Capital, Pinnacle Investment Group, Rho Ventures Series C $25 Financial SaaS

Monashees Capital, Omidyar Network, Patria Investimentos, Propel Venture 5/2/18 Series A $22 Banking & Lending Technology Partners, Quona Capital, Tera Ventures, Yellow Ventures Investment Corporation of Dubai, Marius Nacht, Pierre Mirabaud, Ronald 5/1/18 Series C $27 Banking & Lending Technology Cohen

Median $22

Notes: 12 Source: CapIq. Pitchbook. Selected deals from last two calendar months. SELECTED RECENT PUBLIC EQUITY AND DEBT FINANCINGS

Offer Date Issuer Ticker Type Amount ($MM) Offer Price Price to Date Sub-Sector

5/22/18 NASDAQ: EVOP IPO $224 $16.00 33% Payments

4/12/18 NYSE: ZUO IPO $1,440 $14.00 104% Financial SaaS

2/9/18 Nasdaq: CDLX IPO $70 $13.00 64% Payments

1/23/18 NYSE: PAGS IPO $2,265 $21.50 53% Financial SaaS

Offer Security Rating at Issuance Date Issuer Use of Funds S&P Moody's Amount ($MM) Coupon Sub-Sector General Corporate Purposes / 5/23/18 NA NA $396 3.95% Information Services Working Capital

Redemption/Repayment of 5/21/18 NA NA $300 1.75% Investment Technology Debt Securities

General Corporate Purposes / 5/21/18 NA NA $750 0.50% Payments Working Capital; Other

Redemption/Repayment of 5/14/18 BBB NA $399 4.25% Banking & Lending Technology Debt Securities

General Corporate Purposes / 5/14/18 BB+ NA $500 5.38% Information Services Working Capital; Other

Redemption/Repayment of 5/9/18 NA Baa3 $550 4.00% Payments Debt Securities

5/8/18 Repurchase of Securities NA NA $420 - Trading Technology

5/8/18 - NA NA $680 - Banking & Lending Technology

General Corporate Purposes / 5/3/18 NA Baa1 $494 4.50% Information Services Working Capital; Other

Notes: 13 Source: CapIq. Pitchbook. Price to Date as of 6/5/18. Selected financings from last calendar month. SELECTED RECENT M&A ACTIVITY

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

5/30/2018 $100 NA NA Trading Technology

5/30/2018 $44 NA NA Financial SaaS

5/30/2018 NA NA NA Investment Technology

5/29/2018 $685 NA NA Trading Technology

5/29/2018 NA NA NA Financial SaaS

Card Processing 5/24/2018 $440 3.8x NA Payments in 7 Countries

5/21/2018 $1,110 NA NA Financial SaaS

5/19/2018 $1,855 NA NA Information Services

5/17/2018 $2,200 19.8x NA Payments

5/15/2018 $2,865 NA NA Payments

5/11/2018 $2,148 8.8x 25.3x Real Estate & Mortgage Tech.

5/7/2018 $786 NA NA Payments

5/1/2018 $65 NA NA Financial SaaS

Median 8.8x 25.3x

14 Notes: Source: CapIq. Pitchbook. Selected deals >$30MM from last two calendar months. PUBLIC COMPANY VALUATIONS ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 5/31/18 Value Value Growth PEG 17A/16A 18E/17A 17A/16A 18E/17A 18E 17A 18E 17A 18E 17A 18E Banking & Lending Technology Intuit Inc. $201.60 $51,728 $50,242 17% 2.1 12% 14% 8% 13% 36% 9.2x 8.1x 25.2x 22.4x 44.3x 35.7x Fidelity National Information Services, Inc. $102.22 $33,836 $42,187 13% 1.5 (3%) (6%) 4% 3% 37% 4.6x 4.9x 13.8x 13.4x 23.2x 19.5x First Data Corporation $19.00 $17,651 $36,077 11% 1.9 4% 5% 5% 7% 26% 3.0x 2.8x 11.8x 11.0x 23.8x 20.7x Fiserv, Inc. $72.60 $29,725 $33,947 11% 2.1 3% 3% 6% 6% 37% 6.0x 5.8x 16.5x 15.6x 28.6x 23.2x Wolters Kluwer N.V. $56.01 $15,453 $17,938 8% 2.6 17% (5%) 23% (7%) 27% 3.4x 3.6x 12.3x 13.2x 20.7x 20.4x Temenos AG $148.25 $10,240 $10,495 16% 3.2 16% 15% 17% 20% 37% 14.3x 12.4x 39.9x 33.2x 60.0x 50.3x Jack Henry & Associates, Inc. $125.06 $9,666 $9,714 11% 3.0 6% 7% 1% 5% 35% 6.6x 6.2x 18.8x 17.8x 38.9x 32.6x Black Knight, Inc. $50.60 $7,560 $9,053 15% 1.9 2% 6% 9% 7% 48% 8.6x 8.1x 17.9x 16.7x 36.8x 28.1x ACI Worldwide, Inc. $24.15 $2,812 $3,420 12% 3.0 2% 1% 51% (1%) 25% 3.3x 3.3x 13.1x 13.2x 39.2x 37.4x Ellie Mae, Inc. $106.29 $3,651 $3,419 18% 3.4 16% 20% 8% 7% 26% 8.2x 6.9x 27.9x 26.1x 68.8x 60.2x Coupa Software Incorporated $53.38 $3,023 $2,759 NA NA 40% 23% NA NA NM 14.8x 12.0x NM NM NM NM Q2 Holdings, Inc. $57.15 $2,427 $2,308 20% NA 29% 23% NA NM 10% 11.9x 9.7x NM NM NM NM Bottomline Technologies (de), Inc. $47.56 $1,942 $1,989 16% 2.6 6% 6% 17% 2% 22% 5.5x 5.1x 23.3x 23.0x 44.4x 42.1x

Banking & Lending Technology Enova International, Inc. $33.60 $1,138 $1,826 NA NA 13% 21% 11% 30% 20% 2.2x 1.8x 11.6x 8.9x 25.3x 13.9x LendingClub Corporation $3.29 $1,381 $1,331 NA NA 11% 28% NA 91% 12% 2.5x 1.9x 31.0x 16.2x NM 36.6x On Deck Capital, Inc. $6.64 $493 $1,161 NA NA 20% 10% NA NM 9% 3.3x 3.0x NM 35.0x NM 26.6x Elevate Credit, Inc. $7.66 $324 $756 NA NA 16% 23% 58% 66% 19% 1.1x 0.9x 7.9x 4.7x NM 23.2x Performant Financial Corporation $2.22 $114 $146 NA NA (7%) 20% NA 32% 1% 1.1x 0.9x NM 73.0x NM NM

Median 14% 2.6 11% 12% 9% 7% 26% 5.0x 5.0x 17.2x 16.5x 37.9x 28.1x

Benefits Administration/Payroll Automatic Data Processing, Inc. $130.02 $57,277 $56,986 14% 2.0 6% 7% (3%) 14% 22% 4.5x 4.2x 22.0x 19.3x 34.4x 28.1x Paychex, Inc. $65.58 $23,561 $23,198 9% 2.7 6% 8% 8% 1% 41% 7.2x 6.6x 16.4x 16.2x 28.5x 24.8x The Ultimate Software Group, Inc. $262.15 $8,025 $7,887 26% 2.3 20% 19% 16% 28% 25% 8.4x 7.1x 36.7x 28.8x 72.5x 57.8x Paycom Software, Inc. $105.47 $6,229 $6,197 24% 2.8 31% 26% 41% 25% 31% 14.3x 11.4x 46.7x 37.2x 83.7x 68.4x HealthEquity, Inc. $74.31 $4,592 $4,322 33% 2.2 29% 23% 35% 29% 39% 18.8x 15.3x 51.0x 39.5x 112.3x 73.2x TriNet Group, Inc. $53.64 $3,771 $3,854 NA NA 7% 10% (15%) 18% 6% 1.2x 1.1x 20.3x 17.3x 55.9x 43.6x Insperity, Inc. $92.00 $3,865 $3,612 16% 1.7 12% 14% 26% 23% 6% 1.1x 1.0x 20.3x 16.6x 39.0x 27.0x Paylocity Holding Corporation $59.75 $3,146 $3,016 26% 2.7 30% 23% 98% 32% 20% 10.1x 8.1x 53.7x 40.6x 89.2x 70.3x WageWorks, Inc. $47.45 $1,881 $1,233 15% 1.5 32% 7% 35% 12% 32% 2.6x 2.4x 8.4x 7.6x 26.7x 22.9x Benefits Admin/Payroll Benefitfocus, Inc. $33.55 $1,066 $1,134 30% NA 10% 8% NA 46% 10% 4.4x 4.1x 62.4x 42.6x NM NM Castlight Health, Inc. $3.60 $490 $421 25% NA 28% 24% NA NA (7%) 3.2x 2.6x NM NM NM NM

Median 25% 2.2 20% 14% 26% 24% 22% 4.5x 4.2x 29.4x 24.0x 55.9x 43.6x

Notes: 15 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 5/31/18 Value Value Growth PEG 17A/16A 18E/17A 17A/16A 18E/17A 18E 17A 18E 17A 18E 17A 18E Financial SaaS Intuit Inc. $201.60 $51,728 $50,242 17% 2.1 12% 14% 8% 13% 36% 9.2x 8.1x 25.2x 22.4x 44.3x 35.7x Workday, Inc. $130.96 $28,173 $26,317 36% 3.4 35% 25% 91% 24% 16% 12.3x 9.9x 78.7x 63.5x 135.0x 122.4x SS&C Technologies Holdings, Inc. $50.91 $12,121 $14,034 14% 1.6 10% 101% 14% 53% 32% 8.3x 4.2x 20.2x 13.2x 26.4x 21.9x The Sage Group plc $8.80 $9,538 $10,459 8% 2.4 20% 6% 15% 4% 29% 4.5x 4.3x 15.2x 14.5x 21.7x 20.4x Paycom Software, Inc. $105.47 $6,229 $6,197 24% 2.8 31% 26% 41% 25% 31% 14.3x 11.4x 46.7x 37.2x 83.7x 68.4x Xero Limited $30.98 $4,281 $4,224 62% NA 33% 48% NA NA 15% 16.7x 11.3x NM 77.3x NM NM Paylocity Holding Corporation $59.75 $3,146 $3,016 26% 2.7 30% 23% 98% 32% 20% 10.1x 8.1x 53.7x 40.6x 89.2x 70.3x Envestnet, Inc. $52.90 $2,392 $2,770 14% 2.1 18% 19% 30% 18% 19% 4.1x 3.4x 21.5x 18.1x 40.6x 29.3x Coupa Software Incorporated $53.38 $3,023 $2,759 NA NA 36% 23% NA NA NM 15.2x 12.4x NM NM NM NM Financial SaaS Financial Financial Engines, Inc. $44.65 $2,844 $2,605 13% 1.9 13% 7% 20% 7% 33% 5.4x 5.1x 16.2x 15.2x 32.4x 24.1x Q2 Holdings, Inc. $57.15 $2,427 $2,308 20% NA 29% 23% NA NA 10% 11.9x 9.7x NM NM NM NM Blucora, Inc. $37.95 $1,783 $2,005 19% 1.1 12% 9% 7% 15% 21% 3.9x 3.6x 19.9x 17.3x 27.4x 20.4x Alfa Financial Software Holdings PLC $4.19 $1,256 $1,214 NA NA 18% 17% 15% 18% 48% 10.2x 8.7x 21.5x 18.2x 0.3x 0.2x Benefitfocus, Inc. $33.55 $1,066 $1,134 30% NA 10% 8% NA 46% 10% 4.4x 4.1x 62.4x 42.6x NM NM

Median 19% 2.1 19% 21% 17% 18% 21% 9.7x 8.1x 21.5x 20.3x 36.5x 26.7x

Information Services S&P Global Inc. $197.50 $49,632 $51,446 13% 1.9 7% 7% 17% 8% 49% 8.5x 8.0x 17.5x 16.2x 29.6x 23.1x RELX PLC $21.96 $43,326 $49,780 7% 2.7 17% 0% 18% 0% 35% 5.0x 5.0x 14.4x 14.4x 20.2x 19.8x Moody's Corporation $170.57 $32,732 $36,862 12% 1.9 17% 12% 21% 14% 48% 8.8x 7.9x 18.5x 16.2x 28.5x 22.0x Thomson Reuters Corporation $38.83 $27,586 $34,411 6% 8.7 NA 2% NA (19%) 36% 9.9x 9.7x 21.7x 26.7x 43.1x 52.5x Experian plc $24.47 $22,177 $25,582 9% 2.5 (6%) 12% (2%) 13% 35% 6.0x 5.3x 16.9x 15.0x 27.3x 23.8x IHS Markit Ltd. $49.28 $19,284 $23,408 11% 1.9 32% 8% 41% 10% 39% 6.5x 6.0x 16.8x 15.4x 24.0x 21.7x Verisk Analytics, Inc. $106.24 $17,557 $20,186 14% 1.8 8% 11% 4% 8% 47% 9.4x 8.5x 19.3x 17.9x 33.4x 25.9x Nielsen Holdings plc $30.17 $10,747 $18,931 6% 1.9 4% 4% 5% 1% 30% 2.9x 2.8x 9.3x 9.2x 11.5x 11.6x Wolters Kluwer N.V. $56.01 $15,453 $17,938 8% 2.6 17% (5%) 23% (7%) 27% 3.4x 3.6x 12.3x 13.2x 20.7x 20.4x Equifax Inc. $113.96 $13,708 $16,086 8% 2.4 7% 4% 10% (5%) 34% 4.8x 4.6x 13.0x 13.7x 19.2x 19.2x MSCI Inc. $162.57 $14,473 $15,702 NA NA 11% 13% 16% 19% 55% 12.3x 10.9x 23.8x 20.0x 42.4x 30.6x Gartner, Inc. $132.74 $12,111 $14,897 14% 2.5 35% 21% 45% 12% 19% 4.5x 3.7x 22.5x 20.1x 38.4x 35.4x TransUnion $68.60 $12,622 $14,867 10% 2.8 13% 13% 17% 14% 39% 7.7x 6.8x 19.9x 17.5x 36.8x 28.4x Informa plc $10.42 $8,586 $10,442 2% 6.7 43% (3%) 45% (1%) 34% 4.4x 4.5x 13.2x 13.4x 16.7x 16.6x FactSet Research Systems Inc. $201.01 $7,814 $8,124 11% 2.1 10% 9% 15% (0%) 34% 6.4x 5.9x 17.3x 17.3x 26.7x 23.0x

Information Services News Corporation $15.03 $8,765 $6,929 9% 3.9 1% 7% 6% 1% 11% 0.8x 0.8x 7.1x 7.0x 34.1x 35.1x Fair Isaac Corporation $184.03 $5,492 $6,088 16% 1.7 5% 10% 7% 19% 25% 6.4x 5.8x 27.5x 23.0x 37.1x 27.4x CoreLogic, Inc. $52.43 $4,280 $5,866 11% 1.8 (5%) 1% (4%) 2% 26% 3.2x 3.1x 12.2x 12.0x 22.5x 19.3x The Dun & Bradstreet Corporation $122.81 $4,554 $5,695 6% 2.5 3% 1% 4% 3% 30% 3.3x 3.2x 11.2x 10.8x 17.1x 14.5x Morningstar, Inc. $120.01 $5,103 $4,897 NA NA 7% 4% (7%) 12% 29% 5.7x 5.5x 21.0x 18.7x 51.1x 42.3x Acxiom Corporation $29.29 $2,257 $2,344 13% 4.5 6% 12% 15% 18% 21% 2.5x 2.2x 12.4x 10.5x NM 56.3x Euromoney Institutional Investor PLC $16.93 $1,818 $1,884 NA NA 13% (5%) 16% (4%) 27% 3.3x 3.5x 12.3x 12.7x 16.4x 16.9x comScore, Inc. $25.00 $1,341 $1,406 5% 2.0 11% 11% 35% 32% 16% 3.0x 2.7x 21.6x 16.3x 12.7x 10.1x National Research Corporation $34.45 $848 $812 NA NA 7% 9% 10% 10% 33% 6.9x 6.4x 20.9x 19.0x 39.1x 36.3x Forrester Research, Inc. $42.25 $760 $623 12% 2.5 4% 5% (11%) 28% 13% 1.8x 1.8x 17.8x 13.9x 34.9x 30.2x

Median 10% 2.5 7% 7% 15% 8% 33% 5.0x 5.0x 17.3x 15.4x 27.9x 23.1x

Notes: 16 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 5/31/18 Value Value Growth PEG 17A/16A 18E/17A 17A/16A 18E/17A 18E 17A 18E 17A 18E 17A 18E Insurance Technology Verisk Analytics, Inc. $106.24 $17,557 $20,186 14% 1.8 8% 11% 4% 8% 47% 9.4x 8.5x 19.3x 17.9x 33.4x 25.9x Guidewire Software, Inc. $92.84 $7,419 $6,914 8% 12.2 26% 19% 30% 11% 20% 12.2x 10.2x 58.4x 52.5x 105.1x 97.3x HealthEquity, Inc. $74.31 $4,592 $4,322 33% 2.2 29% 23% 35% 29% 39% 18.8x 15.3x 51.0x 39.5x 112.3x 73.2x Ebix, Inc. $74.60 $2,347 $2,650 10% 2.0 22% 25% 12% 32% 37% 7.3x 5.8x 20.8x 15.7x 23.9x 20.0x Benefitfocus, Inc. $33.55 $1,066 $1,134 30% NA 10% 8% NA 46% 10% 4.4x 4.1x 62.4x 42.6x NM NM CorVel Corporation $50.50 $953 $898 NA NA 3% NA 4% NA NA 1.7x NM 12.6x NM 30.1x NM Crawford & Company $7.96 $438 $641 NA NA (0%) 0% 4% (4%) 11% 0.6x 0.6x 4.9x 5.0x 10.2x 10.3x Sapiens International Corporation N.V. $9.29 $462 $479 5% 4.8 26% 10% (14%) 60% 15% 1.8x 1.6x 17.0x 10.7x NM 23.8x

Insurance Technology eHealth, Inc. $21.31 $405 $370 NA NA (9%) 29% NM NA 3% 2.2x 1.7x NM 48.6x NM NM Majesco $5.70 $209 $213 NA NA (0%) 19% NA 126% 8% 1.8x 1.5x 39.9x 17.7x NM 57.0x Symbility Solutions Inc. $0.37 $89 $80 NA NA 19% 14% NM 14% 6% 2.0x 1.7x 31.0x 27.1x NM NM

Median 12% 2.2 10% 16% 4% 29% 13% 2.2x 2.9x 25.9x 22.5x 31.7x 25.9x

Investment Technology The Charles Schwab Corporation $55.62 $75,042 $52,502 24% 1.1 15% 18% 20% 24% 49% 6.1x 5.2x 13.0x 10.5x 34.3x 25.9x TD Ameritrade Holding Corporation $59.20 $33,593 $27,795 29% 0.6 21% 36% 14% 41% 43% 6.8x 5.0x 16.3x 11.5x 32.3x 17.9x Northern Trust Corporation $102.52 $23,066 $21,514 14% 1.1 9% 11% NA NA NA 4.0x 3.6x NM NM 21.6x 15.9x Broadridge Financial Solutions, Inc. $115.45 $13,614 $14,465 10% 2.7 24% (0%) 23% NA 19% 3.4x 3.4x 16.9x 17.8x 33.1x 27.4x SS&C Technologies Holdings, Inc. $50.91 $12,121 $14,034 14% 1.6 10% NM 14% 53% 32% 8.3x 4.2x 20.2x 13.2x 26.4x 21.9x SEI Investments Co. $63.78 $10,083 $9,354 12% 1.7 9% 7% 6% 33% 38% 6.1x 5.7x 19.8x 14.9x 27.2x 20.2x Computershare Limited $13.11 $7,120 $8,227 14% 1.4 9% 2% 11% 11% 29% 3.7x 3.6x 14.0x 12.6x 23.0x 19.4x SimCorp A/S $80.75 $3,182 $3,185 13% 2.8 32% 8% 48% 14% 28% 7.7x 7.1x 28.6x 25.2x 42.5x 35.4x Envestnet, Inc. $52.90 $2,392 $2,770 14% 2.1 18% 19% 30% 18% 19% 4.1x 3.4x 21.5x 18.1x 40.6x 29.3x Financial Engines, Inc. $44.65 $2,844 $2,605 13% 1.9 13% 7% 20% 7% 33% 5.4x 5.1x 16.2x 15.2x 32.4x 24.1x Blucora, Inc. $37.95 $1,783 $2,005 19% 1.1 12% 9% 7% 15% 21% 3.9x 3.6x 19.9x 17.3x 27.4x 20.4x Fidessa group plc $51.16 $1,972 $1,847 8% 4.6 17% (3%) 10% NA 22% 3.9x 4.0x 15.3x 18.3x 41.3x 38.2x First Derivatives plc $61.93 $1,590 $1,612 NA NA 34% 13% 29% 12% 18% 6.7x 5.9x 36.4x 32.6x 72.7x 59.9x

Investment Technology Investment IRESS Limited $7.83 $1,340 $1,468 8% 2.9 19% 4% 11% 6% 27% 4.4x 4.2x 16.2x 15.3x 24.2x 23.2x Equiniti Group plc $3.46 $1,262 $1,443 NA NA 16% 18% 17% 20% 25% 2.6x 2.2x 10.8x 9.0x 16.9x 15.4x Sanne Group plc $8.48 $1,194 $1,212 NA NA NM 18% 68% 17% 36% 7.9x 6.7x 22.1x 18.9x 26.7x 24.7x StatPro Group plc $2.37 $156 $183 NA NA 44% 12% 49% 25% 16% 2.7x 2.4x 19.5x 15.6x 35.3x 26.0x The Bank of New York Mellon Corporation $54.75 $55,335 ($14,906) 8% 1.7 4% 6% NA NA NA NM NM NM NM 15.4x 12.9x State Street Corporation $96.11 $35,119 ($27,601) 18% 0.7 9% 5% NA NA NA NM NM NM NM 15.4x 12.4x

Median 14% 1.7 16% 9% 18% 18% 28% 4.4x 4.2x 18.2x 15.4x 27.4x 23.2x

Notes: 17 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 5/31/18 Value Value Growth PEG 17A/16A 18E/17A 17A/16A 18E/17A 18E 17A 18E 17A 18E 17A 18E IT & BPO Services International Business Machines Corporation $141.31 $129,718 $163,341 (2%) NM (1%) 2% (2%) (1%) 23% 2.1x 2.0x 8.7x 8.8x 10.2x 10.2x Accenture plc $155.74 $100,154 $96,585 11% 2.2 7% 11% 4% 16% 17% 2.7x 2.4x 16.5x 14.2x 26.0x 23.1x Tata Consultancy Services Limited $25.81 $98,825 $92,386 10% 2.4 10% 6% 6% 6% 27% 4.9x 4.6x 18.4x 17.3x 25.0x 23.4x Cognizant Technology Solutions Corporation $75.35 $44,147 $40,090 14% 1.2 10% 10% 9% 18% 21% 2.7x 2.5x 13.9x 11.7x 20.3x 16.8x Infosys Limited $18.26 $39,690 $35,667 8% 2.2 9% 3% 7% 1% 26% 3.3x 3.2x 12.1x 12.1x 18.4x 18.1x DXC Technology Company $92.11 $26,232 $31,963 10% 1.1 NM 12% NM 29% 22% 1.6x 1.4x 8.4x 6.6x 13.9x 11.4x Capgemini SE $131.34 $22,008 $23,678 7% 2.8 16% (2%) 17% (1%) 14% 1.5x 1.6x 11.0x 11.1x 18.5x 18.7x NTT Data Corporation $11.19 $15,694 $19,135 10% 2.1 31% 3% 9% 16% 15% 1.0x 1.0x 7.7x 6.6x 29.5x 21.3x CGI Group Inc. $61.40 $17,270 $18,484 10% 1.9 10% 3% 8% 4% 18% 2.1x 2.1x 11.7x 11.3x 20.6x 18.7x HCL Technologies Limited $13.50 $18,793 $17,360 10% 1.5 19% 4% 16% 9% 23% 2.2x 2.1x 9.8x 9.0x 13.6x 14.1x Wipro Limited $3.88 $17,476 $15,083 9% 1.8 6% NM 7% (10%) 19% 1.8x 1.8x 8.5x 9.4x 13.8x 15.2x Atos SE $135.48 $14,241 $13,872 8% 1.7 23% (6%) 36% (1%) 14% 0.9x 1.0x 6.6x 6.7x 13.5x 13.5x Nomura Research Institute, Ltd. $50.39 $11,992 $11,237 9% 3.2 14% 13% 11% 11% 20% 2.8x 2.4x 13.4x 12.1x 29.8x 28.5x Tech Mahindra Limited $10.56 $10,349 $9,165 12% 1.3 13% 6% 1% 34% 18% 1.9x 1.8x 13.9x 10.4x 19.9x 15.4x Genpact Limited $30.03 $5,717 $6,601 10% 1.7 6% 9% 15% 1% 17% 2.4x 2.2x 13.5x 13.4x 18.8x 17.2x EPAM Systems, Inc. $123.18 $6,578 $6,067 20% 1.5 25% 27% 23% 28% 18% 4.2x 3.3x 23.7x 18.6x 36.0x 29.6x Conduent Incorporated $19.25 $4,052 $5,552 NA NA (6%) (3%) 5% 9% 13% 0.9x 1.0x 8.3x 7.7x 23.8x 17.8x Capita plc $1.80 $2,979 $4,631 (0%) NM (5%) (7%) (8%) (22%) 11% 0.8x 0.9x 6.4x 8.2x 2.9x 8.8x ITBPO & Services Mphasis Limited $16.31 $3,152 $2,878 11% 1.9 9% 8% (3%) 21% 18% 2.9x 2.7x 18.5x 15.3x 26.9x 21.1x Syntel, Inc. $31.50 $2,613 $2,813 9% 1.9 (4%) 3% (10%) (3%) 25% 3.0x 3.0x 11.3x 11.6x 16.9x 16.2x WNS (Holdings) Limited $51.14 $2,579 $2,448 13% 2.5 25% 15% 16% 34% 21% 3.5x 3.1x 19.3x 14.4x 55.0x 31.2x Mindtree Limited $14.94 $2,449 $2,334 16% 1.5 8% 9% (5%) 26% 15% 2.8x 2.6x 21.5x 17.1x 35.1x 24.5x Presidio, Inc. $13.38 $1,240 $2,100 5% 2.0 NA 5% NA (4%) 8% 0.8x 0.7x 9.1x 9.5x 10.6x 9.9x Hexaware Technologies Limited $6.51 $1,932 $1,841 13% 1.7 19% 8% 21% 7% 17% 3.0x 2.8x 17.9x 16.7x 24.7x 22.7x Globant S.A. $51.50 $1,840 $1,800 NA NA 28% 23% 12% 18% 17% 4.4x 3.5x 24.7x 20.9x 39.5x 32.0x ExlService Holdings, Inc. $56.69 $1,950 $1,779 14% 1.5 11% 11% 13% 12% 18% 2.3x 2.1x 13.3x 11.8x 21.6x 20.5x Virtusa Corporation $48.55 $1,441 $1,500 21% 1.1 20% 25% 80% 53% 9% 1.6x 1.2x 22.2x 14.5x 32.8x 22.9x Luxoft Holding, Inc. $36.00 $1,224 $1,121 17% 0.9 17% 6% 2% (14%) 12% 1.3x 1.2x 8.4x 9.7x 13.0x 16.0x Perficient, Inc. $26.11 $915 $966 NA NA (0%) 3% 10% (2%) 14% 2.0x 1.9x 13.6x 14.0x 21.6x 17.3x Persistent Systems Limited $11.68 $934 $764 13% 1.4 13% 3% 18% (2%) 15% 1.6x 1.6x 10.0x 10.2x 18.4x 18.1x

Median 10% 1.7 11% 6% 9% 8% 17% 2.2x 2.1x 12.7x 11.7x 20.5x 18.1x

Notes: 18 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 5/31/18 Value Value Growth PEG 17A/16A 18E/17A 17A/16A 18E/17A 18E 17A 18E 17A 18E 17A 18E Liquidity Venues CME Group Inc. $162.90 $55,470 $56,828 15% 1.6 1% 14% (4%) 24% 73% 15.6x 13.7x 23.3x 18.9x 34.3x 24.1x Intercontinental Exchange, Inc. $70.89 $41,061 $47,430 13% 1.6 3% 6% 4% 5% 64% 10.2x 9.7x 16.0x 15.2x 24.0x 20.1x London Stock Exchange Group plc $59.50 $20,648 $21,460 15% 1.7 28% 19% 31% 17% 51% 9.0x 7.5x 17.4x 14.9x 30.0x 26.1x Nasdaq, Inc. $91.86 $15,337 $18,980 11% 1.6 6% 5% 9% 6% 32% 4.8x 4.6x 15.2x 14.4x 21.9x 18.6x Cboe Global Markets, Inc. $97.56 $10,975 $11,958 19% 1.1 76% 13% NM 19% 70% 12.0x 10.6x 18.0x 15.2x 28.4x 20.7x B3 S.A. - Brasil, Bolsa, Balcão $5.84 $11,930 $11,674 11% 0.5 9% 10% (4%) 51% 70% 3.0x 2.7x 5.8x 3.9x 6.4x 5.5x Deutsche Börse Aktiengesellschaft $133.38 $24,864 $8,116 14% 1.6 17% 5% 21% 8% 59% 2.7x 2.6x 4.7x 4.4x 24.2x 21.5x ASX Limited $45.85 $8,873 $7,792 5% 4.8 12% 3% 11% 4% 77% 12.7x 12.3x 16.6x 16.0x 25.7x 24.8x MarketAxess Holdings Inc. $213.65 $8,035 $7,790 NA NA 7% 12% 6% 11% 55% 19.6x 17.6x 35.2x 31.8x 54.9x 47.3x Hong Kong Exchanges and Clearing Limited $32.35 $40,016 $6,569 9% 3.9 18% 22% 25% 26% 75% 3.9x 3.2x 5.3x 4.2x 42.0x 33.0x Singapore Exchange Limited $5.41 $5,813 $5,203 5% 4.0 12% 5% NA 4% 58% 8.5x 8.1x 14.6x 14.0x 21.9x 20.6x Euronext N.V. $63.43 $4,414 $4,459 4% 4.4 22% 11% 19% 13% 57% 7.0x 6.3x 12.5x 11.0x 18.1x 16.3x Liquidity Venues Liquidity TMX Group Limited $62.63 $3,478 $4,327 NA NA (3%) 18% 16% 8% 56% 8.1x 6.9x 13.2x 12.2x 17.3x 15.4x Bolsas y Mercados Españoles, Sociedad Holding de $33.69 $2,801 $2,378 2% 8.1 12% (5%) 10% (6%) 65% 6.2x 6.5x 9.4x 10.1x 15.2x 16.2x JSE Limited $14.30 $2,248 $2,055 5% 3.2 6% 11% 3% 38% 56% 11.4x 10.3x 25.6x 18.5x 19.6x 14.6x Bursa Malaysia Berhad $1.89 $1,526 $1,423 NA NA 21% 6% 24% 9% 61% 10.4x 9.8x 17.5x 16.1x 27.8x 25.3x Bolsa Mexicana de Valores, S.A.B. de C.V. $1.63 $964 $810 11% 1.4 17% 8% 20% 9% 55% 5.0x 4.6x 9.2x 8.4x 16.9x 15.3x Gielda Papierów Wartosciowych w Warszawie S.A. $9.81 $412 $333 NA NA 36% (9%) 39% (6%) 62% 3.3x 3.6x 5.5x 5.8x 9.1x 10.7x Hellenic Exchanges - Athens Stock Exchange SA $5.78 $349 $240 74% 0.5 19% 14% 57% 29% 48% 7.4x 6.5x 17.4x 13.5x 48.2x 36.1x

Median 11% 1.6 12% 10% 16% 9% 59% 8.1x 6.9x 15.2x 14.0x 24.0x 20.6x

Notes: 19 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 5/31/18 Value Value Growth PEG 17A/16A 18E/17A 17A/16A 18E/17A 18E 17A 18E 17A 18E 17A 18E Payments Visa Inc. $130.72 $292,786 $297,691 18% 1.6 17% 12% 16% 14% 71% 15.9x 14.1x 22.7x 20.0x 36.3x 27.9x Mastercard Incorporated $190.12 $198,480 $196,681 21% 1.4 16% 20% 16% 23% 59% 15.7x 13.1x 27.2x 22.2x 41.7x 30.1x American Express Company $98.30 $84,574 $107,929 10% 1.4 4% 20% NA (10%) 30% 3.2x 2.7x 7.9x 8.8x 16.8x 13.6x PayPal Holdings, Inc. $82.07 $97,449 $87,938 20% 1.7 21% 18% 24% 17% 26% 6.7x 5.7x 25.6x 21.9x 43.8x 35.1x First Data Corporation $19.00 $17,651 $36,077 11% 1.2 4% (27%) 6% 8% 38% 3.0x 4.1x 11.7x 10.8x 12.6x 13.1x Discover Financial Services $73.86 $25,775 $34,999 11% 0.9 8% 7% 3% 5% 53% 3.5x 3.3x 6.6x 6.3x 12.4x 9.3x Alliance Data Systems Corporation $210.82 $11,679 $32,826 13% 0.7 8% 6% (8%) 12% 27% 4.3x 4.0x 17.0x 15.1x 11.6x 9.3x Worldpay, Inc. $79.47 $23,636 $31,506 16% 1.3 11% 83% 12% 81% 48% 14.8x 8.1x 30.9x 17.1x 23.7x 21.0x Square, Inc. $58.25 $23,340 $22,765 73% NA 29% 33% NA NA 3% 10.4x 7.8x NM NM NM NM Global Payments Inc. $111.16 $17,735 $21,458 17% 1.3 24% 12% 9% 19% 35% 6.1x 5.5x 18.4x 15.5x 27.8x 21.7x FleetCor Technologies, Inc. $199.35 $17,869 $21,379 17% 1.2 23% 8% 20% 19% 56% 9.5x 8.8x 18.6x 15.6x 23.6x 19.1x Total System Services, Inc. $85.19 $15,531 $19,180 14% 1.4 (18%) 11% 15% 11% 35% 5.6x 5.1x 16.0x 14.5x 25.5x 19.6x Wirecard AG $154.07 $19,038 $17,804 30% 1.5 65% 28% 53% 28% 28% 10.0x 7.8x 35.9x 28.1x 62.0x 45.8x Cielo S.A. $4.55 $12,346 $13,265 5% 2.4 (7%) (9%) (6%) (10%) 45% 3.8x 4.1x 8.3x 9.3x 9.8x 11.5x The Western Union Company $19.89 $9,164 $11,371 4% 2.5 2% 4% (0%) 3% 24% 2.1x 2.0x 8.3x 8.1x 10.9x 10.7x The Sage Group plc $8.80 $9,538 $10,459 8% 2.4 20% 6% 15% 4% 29% 4.5x 4.3x 15.2x 14.5x 21.7x 20.4x WEX Inc. $175.81 $7,574 $9,634 15% 1.5 23% 17% 32% 40% 42% 7.7x 6.6x 21.7x 15.5x 32.7x 21.8x Edenred SA $31.98 $7,472 $8,330 11% 2.2 34% 1% 39% (1%) 38% 5.2x 5.1x 13.3x 13.4x 26.7x 24.6x Ingenico Group - GCS $79.75 $4,964 $6,763 9% 1.5 23% 6% 26% (1%) 20% 2.2x 2.1x 10.7x 10.8x 14.1x 14.0x

Payments NCR Corporation $30.10 $3,561 $6,285 4% 2.3 (0%) 1% 3% 5% 17% 1.0x 1.0x 5.8x 5.5x 9.5x 9.1x Euronet Worldwide, Inc. $83.81 $4,298 $4,048 16% 1.0 15% 14% 20% 16% 19% 1.8x 1.6x 9.7x 8.4x 18.4x 15.8x GMO Payment Gateway, Inc. $106.85 $3,937 $3,700 30% 3.0 NM NA NM NA 30% NM 14.3x NM 47.5x NM 90.2x VeriFone Systems, Inc. $22.74 $2,518 $3,207 16% 0.9 (5%) NA (13%) 10% 17% 1.7x 1.8x 11.3x 10.3x 17.2x 14.2x Blackhawk Network Holdings, Inc. $45.00 $2,457 $2,827 15% 1.5 17% 7% 19% 10% 10% 1.3x 1.2x 12.6x 11.4x 27.7x 23.0x Green Dot Corporation $71.27 $3,701 $2,492 NA NA 24% 14% 32% 19% 24% 2.8x 2.5x 12.1x 10.2x 33.4x 23.7x EVERTEC, Inc. $21.80 $1,579 $2,125 9% 1.5 5% 7% (5%) 7% 44% 5.2x 4.9x 11.9x 11.2x 15.0x 13.3x Cardtronics plc $25.66 $1,178 $2,044 12% 1.3 19% NM 9% NM 20% 1.4x 1.6x 5.9x 7.8x 8.9x 16.2x Everi Holdings Inc. $7.49 $517 $1,543 NA NA 13% NA 7% 8% 52% 1.6x 3.5x 7.2x 6.7x NM 76.8x MoneyGram International, Inc. $6.63 $369 $1,075 NA NA (2%) (4%) 4% (8%) 16% 0.7x 0.7x 3.9x 4.3x 6.7x 10.2x Cass Information Systems, Inc. $62.17 $764 $564 NA NA 6% NA 9% NA NA 4.2x NM 13.7x NM 29.6x NM SafeCharge International Group Limited $4.52 $669 $560 12% 2.0 7% 15% 1% 11% 29% 5.0x 4.4x 16.6x 15.0x 23.3x 22.9x Net 1 UEPS Technologies, Inc. $9.76 $555 $547 NA NA 2% NA (24%) NM NA 0.9x NM 4.6x NM 5.9x NM Cardlytics, Inc. $20.42 $414 $383 20% NA NA 19% NA NA (10%) 2.9x 2.5x NM NM NM NM PAR Technology Corporation $14.01 $225 $224 NA NA 3% NA 9% NA NA 0.9x NM 36.1x NM 73.7x NM eServGlobal Limited $0.12 $106 $98 NA NA NA 32% NA NA 10% 6.4x 4.9x NM 48.8x NM NM JetPay Corporation $2.05 $32 $41 NA NA 35% (13%) 107% 77% 11% 0.5x 0.6x 10.0x 5.7x NM NM Earthport plc $0.12 $72 $31 NA NA 33% 13% NA NA NM 1.0x 0.9x NM NM NM NM

Median 14% 1.5 14% 11% 9% 10% 29% 3.7x 4.1x 12.3x 11.4x 22.5x 19.6x

Notes: 20 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. PUBLIC COMPANY VALUATIONS (CONT’D) ($MM, except per share data) Stock EPS Operating Metrics Trading Metrics Price Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS Company 5/31/18 Value Value Growth PEG 17A/16A 18E/17A 17A/16A 18E/17A 18E 17A 18E 17A 18E 17A 18E Real Estate & Mortgage Technology Booking Holdings Inc. $2,108.92 $101,597 $103,719 17% 1.4 18% 15% 18% 17% 39% 8.2x 7.1x 21.3x 18.2x 28.3x 23.9x Expedia Group, Inc. $121.03 $18,172 $17,989 16% 1.5 15% 13% 6% 8% 16% 1.8x 1.6x 10.5x 9.7x 26.3x 23.5x Nationstar Mortgage Holdings Inc. $17.92 $1,760 $16,277 NA NA (15%) 17% (23%) NA NA 9.9x 8.4x 38.6x NM 53.2x 6.3x CoStar Group, Inc. $381.22 $13,873 $12,942 19% 2.7 15% 23% 9% 38% 33% 13.4x 10.9x 46.3x 33.4x 83.0x 50.4x Zillow Group, Inc. $58.24 $11,261 $10,827 5% 17.4 27% 38% 63% 17% 19% 10.1x 7.3x 45.8x 39.1x 109.8x 87.0x Fidelity National Financial, Inc. $36.96 $10,149 $10,013 NA NA (7%) 3% (27%) 2% 14% 1.3x 1.3x 9.1x 9.0x 15.7x 13.3x Black Knight, Inc. $50.60 $7,560 $9,053 15% 1.9 2% 6% 9% 7% 48% 8.6x 8.1x 17.9x 16.7x 36.8x 28.1x REA Group Limited $64.89 $8,547 $8,673 20% 1.8 15% 13% 26% 14% 58% 15.0x 13.2x 25.9x 22.7x 43.1x 36.2x Jones Lang LaSalle Incorporated $163.76 $7,450 $8,671 14% 1.2 17% 31% 16% 10% 8% 1.1x 0.8x 11.4x 10.4x 19.4x 16.0x Ocwen Financial Corporation $4.37 $585 $7,512 NA NA (15%) NM NA NA 6% 6.4x 8.7x 46.9x NM NM NM Realogy Holdings Corp. $23.79 $3,034 $6,637 20% 0.6 5% 3% (5%) (3%) 11% 1.1x 1.1x 9.1x 9.3x 14.9x 12.6x TripAdvisor, Inc. $52.14 $7,164 $6,521 11% 3.4 5% 5% (6%) 8% 22% 4.2x 4.0x 19.7x 18.3x 46.8x 38.5x Rightmove plc $65.28 $5,901 $5,867 11% 2.5 21% 8% 25% 7% 76% 17.8x 16.6x 23.3x 21.8x 30.4x 27.6x CoreLogic, Inc. $52.43 $4,280 $5,866 11% 1.8 (5%) NM (4%) 2% 26% 3.2x 3.1x 12.2x 12.0x 22.5x 19.3x First American Financial Corporation $52.08 $5,809 $5,364 13% 0.9 4% 1% 0% 33% 14% 0.9x 0.9x 8.8x 6.6x 14.8x 11.8x RealPage, Inc. $58.75 $4,743 $5,291 NA NA 19% 28% 28% 39% 26% 7.8x 6.1x 32.4x 23.4x 63.6x 39.2x Radian Group Inc. $15.90 $3,412 $3,422 17% 0.5 (1%) 8% (4%) (4%) 50% 2.8x 2.6x 5.0x 5.2x 9.0x 7.8x Ellie Mae, Inc. $106.29 $3,651 $3,419 18% 3.4 16% 20% 8% 7% 26% 8.2x 6.9x 27.9x 26.1x 68.8x 60.2x ZPG Plc $6.51 $2,827 $3,272 17% 1.6 35% 27% 13% 44% 39% 9.9x 7.8x 28.7x 19.9x 33.6x 27.4x Colliers International Group Inc. $72.06 $2,821 $3,145 25% 0.8 20% 21% 19% 26% 11% 1.4x 1.1x 13.0x 10.3x 24.9x 19.2x LendingTree, Inc. $258.90 $3,234 $3,129 34% 1.4 61% 28% 65% 30% 19% 5.1x 4.0x 27.2x 21.0x 67.8x 48.0x

Real Estate & Mortgage Tech. Moneysupermarket.com Group PLC $4.21 $2,258 $2,211 6% 3.4 14% 2% 15% (2%) 37% 5.0x 4.8x 12.9x 13.1x 18.8x 19.2x AppFolio, Inc. $59.20 $2,023 $1,977 NA NA 36% 27% NM 45% 22% 13.7x 10.9x 70.3x 48.4x 143.2x 79.5x Redfin Corporation $22.10 $1,833 $1,643 NA NA 38% 30% NA NM 0% 4.4x 3.4x NM NM NM NM Marcus & Millichap, Inc. $37.46 $1,445 $1,160 6% 3.0 0% 6% (6%) 9% 16% 1.6x 1.5x 10.4x 9.5x 25.3x 18.2x RE/MAX Holdings, Inc. $52.10 $925 $1,123 203% 0.1 11% 9% 7% 5% 49% 5.7x 5.2x 11.1x 10.6x 27.5x 23.1x Stewart Information Services Corporation $42.19 $1,001 $1,004 NA NA (3%) 3% (9%) 18% 7% 0.5x 0.5x 8.9x 7.5x 20.9x 14.3x Lifull Co., Ltd. $7.15 $849 $810 23% 1.2 6% 25% 8% 17% 17% 2.8x 2.3x 15.5x 13.2x 83.2x 27.7x Altisource Portfolio Solutions S.A. $29.38 $505 $790 NA NA (6%) NA (25%) NA NA 0.8x NM 5.9x NM 19.9x 139.9x QuinStreet, Inc. $13.71 $646 $599 26% 1.5 12% 30% NM 50% 8% 1.8x 1.4x 24.6x 16.4x NM 37.6x Agilysys, Inc. $14.22 $330 $291 NA NA (2%) 8% 1% NM 9% 2.3x 2.1x 50.2x 24.5x NM NM Real Matters Inc. $3.71 $329 $250 105% 0.3 22% 22% NM NM 5% 0.8x 0.7x 45.5x 14.6x NM 30.9x Reis, Inc. $21.60 $250 $234 NA NA 1% 2% (5%) 3% 27% 4.8x 4.8x 18.2x 17.7x 127.1x NM

Median 17% 1.5 12% 14% 7% 10% 19% 4.4x 4.0x 19.0x 16.4x 29.4x 27.4x

Trading Technology The Charles Schwab Corporation $55.62 $75,042 $52,502 24% 1.1 15% 18% 20% 24% 49% 6.1x 5.2x 13.0x 10.5x 34.3x 25.9x TD Ameritrade Holding Corporation $59.20 $33,593 $27,795 29% 0.6 21% 36% 14% 41% 43% 6.8x 5.0x 16.3x 11.5x 32.3x 17.9x E*TRADE Financial Corporation $63.35 $16,715 $20,269 28% 0.6 22% 22% 7% 21% 52% 8.6x 7.0x 16.3x 13.5x 27.1x 17.7x Virtu Financial, Inc. $31.05 $6,427 $1,152 5% 6.7 24% 65% (25%) 94% 45% 2.2x 1.3x 5.7x 2.9x 71.9x 33.5x Investment Technology Group, Inc. $21.94 $724 $547 NA NA 4% 5% NA NA NA 1.1x 1.1x 8.9x NM 64.5x 18.7x

Trading Tech. GAIN Capital Holdings, Inc. $8.23 $368 ($701) NA NA (25%) 22% NM NM 24% NM NM NM NM NM 10.2x INTL FCStone Inc. $50.00 $944 ($1,019) NA NA 27% (0%) 14% 11% NA NM NM NM NM 17.0x 15.2x Interactive Brokers Group, Inc. $72.78 $5,202 ($18,776) 19% 1.7 22% 15% 1% 66% 94% NM NM NM NM 46.4x 32.0x

Median 24% 1.1 21% 20% 10% 33% 47% 6.1x 5.0x 13.0x 11.0x 34.3x 18.3x Notes: 21 Source: CapIq. Pitchbook. Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM. GCA ADVISORS A leading, independent and global investment bank

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