QUARTERLY FINANCIAL TECHNOLOGY MARKET EXECUTIVE BRIEFING

Analysis Through Q2 2014

July 7, 2014

Private and Confidential

This communication is provided for informational purposes only, is not a formal confirmation of any particular transaction, and should not be regarded as an offer to sell or solicitation to buy any financial instrument or service. Morgan Partners LLC accepts no liability whatsoever arising directly or indirectly from the use of this document, and offers no warranty in relation to the accuracy or completeness off its contents. Unauthorized distribution without prior consent from Morgan Partners LLC is strictly prohibited.

Morgan Partners LLC is a broker-dealer registered with the Securities and Exchange Commission and is a FINRA / SIPC member firm.

M ORGANP ARTNERS. COM T HE FINANCIAL TECHNOLOGIES INVESTMENT BANK Contents

Overall Market Performance 3

Sub-sector Comparison 6

Sub-sector Analyses 7 - 15 Capital Markets Technology 7 Insurance Technology 9 Data & Analytics 11 Service Providers 13 Technology-led Traditional Financial Institutions 15

Contact Information 16

M ORGANP ARTNERS. COM 2 B OSTON ✜ CHARLOTTE Fintech Sub-sector Performance: Trailing Year1

70%

60%

50%

40%

30% 31% 28% 26% 21% 20% 20% 17%

10%

0%

-10%

S&P 500 Capital Markets Technology Insurance Technology Data & Analytics Service Providers Technology-led Financial Institutions

! Excluding Insurance Technology, financial technology has notably outperformed the broader market in the last year ! Traditional financial institutions have slightly lagged the broader market and closely tracked the S&P 500

1 Capital Markets Technology, Insurance Technology, Data & Analytics, Service Provider, and Technology-led Financial Institution performance reflects the constituents on pages 7, 9, 11, 13, and 15 of this briefing, respectively, and are calculated as the market cap-weighted daily percentage price change from the base value for each constituent. Constituents must have pricing data for the entire measurement period for inclusion in the aggregate. Source: S&P CapitalIQ

M ORGANP ARTNERS. COM 3 B OSTON ✜ CHARLOTTE Fintech Sub-sector Performance: Year to Date1

15%

10%

7% 5% 3% 3% 2% 0% 1%

-5%

-10% -10%

-15%

-20%

S&P 500 Capital Markets Technology Insurance Technology Data & Analytics Service Providers Technology-led Financial Institutions

! Financial technology companies in general have underperformed the market year-to-date in 2014 ! Volatility in Insurance Technology is due to significant price swings for Quindell PLC, which has traded between roughly $3 and $11 per share during 2014

1 Capital Markets Technology, Insurance Technology, Data & Analytics, Service Provider, and Technology-led Financial Institution performance reflects the constituents on pages 7, 9, 11, 13, and 15 of this briefing, respectively, and are calculated as the market cap-weighted daily percentage price change from the base value for each constituent. Constituents must have pricing data for the entire measurement period for inclusion in the aggregate. Source: S&P CapitalIQ

M ORGANP ARTNERS. COM 4 B OSTON ✜ CHARLOTTE Corporate Cash and Technology M&A Activity

S&P 500 Total Cash Balance ($ billions) vs. Tech M&A Volume

$1,800 1000

$1,600 900

800 $1,400 700 $1,200 600 $1,000 500 $800 400 $600 300 $400 200

$200 100

$0 0

S&P 500 Cash (left axis) All Tech Quarterly M&A Volume (right axis)

! Large cap US corporate cash balances are up 51% since 2008 levels, from $1 trillion in January 2008 to $1.5 trillion in March 2014 ! Corporate cash balances are a leading indicator of M&A activity

! In the current low interest rate environment, we expect that acquisitions will continue to be a use of these excess balances

Source: S&P CapitalIQ. S&P 500 constituents as of June 2014

M ORGANP ARTNERS. COM 5 B OSTON ✜ CHARLOTTE Sub-sector Comparison

Enterprise Value / LTM Revenue1

Data & Analytics 4.3X

Capital Markets Technology 3.1X

Service Providers 2.1X Financial Technology Technology Financial Insurance Technology 1.9X

Tech-led Traditional Financial Institutions 2.3X

S&P 500 2.5X

Enterprise Value / LTM EBITDA1

Capital Markets Technology 13.6X

Data & Analytics 13.2X

Service Providers 10.5X

Financial Technology Technology Financial Insurance Technology 7.6X

Tech-led Traditional Financial Institutions 13.3X

S&P 500 11.3X

! Within fintech, the Capital Markets Technology and Data & Analytics sub-sectors are trading at the most favorable multiples

1 Enterprise value, revenue and EBITDA are universe medians drawn from publicly traded companies as of June XX, 2014, where the constituents of each sub-sector are those on pages 7 – 11 of this briefing. LTM denotes latest 12 months. Source: S&P CapitalIQ

M ORGANP ARTNERS. COM 6 B OSTON ✜ CHARLOTTE Capital Markets Technology: Public Company Statistics

Median Revenue and EBITDA Multiples

4.5x 16.0x

4.0x 14.0x

3.5x 12.0x 3.0x 10.0x 2.5x 8.0x 2.0x 6.0x 1.5x 4.0x 1.0x

0.5x 2.0x

0.0x 0.0x

Enterprise Value / LTM Revenue (left axis) Enterprise Value / LTM EBITDA (right axis)

$ in millions except per share data LTM Performance Revenue Growth EV / Revenue EV / EBITDA YTD Price Enterprise EBITDA Company Chg Value Revenue EBITDA Margin 2014 E 2013 LTM 2014 E LTM 2014 E Fidelity National Information Services, Inc. 4% 19,967 6,113 1,578 26% 5% 5% 3.3x 3.1x 12.7x 10.3x Fiserv, Inc. 5% 18,574 4,896 1,423 29% 5% 9% 3.8x 3.7x 13.1x 11.3x Wolters Kluwer NV 4% 11,436 4,909 1,227 25% 0% 4% 2.3x 2.3x 9.3x 9.4x Informa plc -12% 6,323 1,876 610 32% 4% 4% 3.4x 3.2x 10.4x 10.3x SS&C Technologies Holdings, Inc. 2% 4,318 725 287 40% 8% 29% 6.0x 5.6x 15.0x 13.5x DST Systems Inc. 3% 4,188 2,660 425 16% -25% 3% 1.6x 2.1x 9.8x 9.0x Advent Software, Inc. -3% 1,926 387 72 19% 4% 7% 5.0x 4.8x 26.8x 14.1x Envestnet, Inc. 23% 1,613 274 29 10% 38% 54% 5.9x 4.8x 56.1x 30.5x SimCorp A/S -12% 1,354 311 76 24% 7% 12% 4.4x 4.1x 17.9x 15.8x IRESS Limited -7% 1,347 225 58 26% 44% 4% 6.0x 4.2x 23.1x 13.3x Fidessa group plc 1% 1,278 462 90 19% 5% 2% 2.8x 2.6x 14.2x 9.7x Investment Technology Group Inc. -16% 608 534 50 9% 0% 5% 1.1x 1.2x 12.0x 5.3x First Derivatives plc -22% 349 117 15 12% 23% 26% 3.0x 2.6x 23.8x 14.5x Linedata Services SA 0% 288 221 48 22% 0% 16% 1.3x 1.3x 6.0x 5.3x Brady plc 10% 95 49 3 6% 16% 6% 2.0x 1.7x 34.3x 9.6x StatPro Group plc 11% 95 54 9 16% 3% 3% 1.8x 1.7x 10.9x 11.6x

Mean 4,610 1,488 375 21% 8% 12% 3.3x 3.1x 18.5x 12.1x Median 1,484 425 74 21% 5% 6% 3.1x 2.9x 13.6x 10.8x

Source: S&P CapitalIQ

M ORGANP ARTNERS. COM 7 B OSTON ✜ CHARLOTTE Capital Markets Technology: Select Transactions

Q2 2014 Transactions ($ millions) Target Statistics Announced Transaction Purchase Implied Acquirer Target Revenue EBITDA Date Type Price Ent. Value

6/20/2014 Genstar Capital, LLC Asset International, Inc. Merger/Acquisition

6/18/2014 SR Labs, Inc. NYSE Technologies, Inc., Wombat Merger/Acquisition Financial Software 5/29/2014 Morningstar Inc. HelloWallet, LLC Merger/Acquisition 39.0

5/5/2014 FIS Wealth Management Services, Reliance Financial Corporation Merger/Acquisition 110.0 110.0 Inc. 4/16/2014 Fair Isaac Corporation Karmasphere Inc. Merger/Acquisition

4/16/2014 Wellington; Sands Capital; LendingClub Corporation Private Placement 120.5 BlackRock; T. Rowe Price 4/14/2014 Goldman Sachs; Blackstone Ipreo Holdings LLC Merger/Acquisition

4/9/2014 Edison Venture Fund TraderTools Inc. Private Placement

4/4/2014 Pico Quantitative Trading, LLC SpryWare LLC (nka:Pico Merger/Acquisition Technology Solutions) 4/1/2014 Morningstar Inc. ByAllAccounts, Inc. Merger/Acquisition 28.0 28.0

4/1/2014 FolioDynamix, Inc. GlobalBridge, Inc. Merger/Acquisition

Notable Transactions

6/18/2014: SR Labs buys Wombat Financial from Intercontinental Exchange Wombat is a global leader in high performance financial market data management solutions offering customers comprehensive, end-to-end solutions for electronic trading and connectivity management • SR Labs, Inc. provides low latency market data and exchange connectivity solutions for the financial industry • Wombat’s consolidated data feeds, managed services, and DART entitlements are a natural complement to SR Labs’ global exchange coverage, market data cache, and low latency and institutional software solutions • NYSE Euronext previously bought Wombat for $200M in 2008 4/1/2014: Morningstar buys ByAllAccounts from Castile Ventures and Commonwealth Capital Ventures ByAllAccounts provides innovative data aggregation technology for financial applications • Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia • Morningstar expect this acquisition to enhance many of its key solutions across its core customer groups, particularly bolstering offerings that support an advisor’s workflow • ByAllAccounts has about 60 employees based primarily in Massachusetts. James Carney, president and CEO, will continue to lead the business

Source: S&P Capital IQ and publicly available records

M ORGANP ARTNERS. COM 8 B OSTON ✜ CHARLOTTE Insurance Technology: Public Company Statistics

Median Revenue and EBITDA Multiples

3.0x 16.0x

14.0x 2.5x 12.0x 2.0x 10.0x

1.5x 8.0x

6.0x 1.0x 4.0x 0.5x 2.0x

0.0x 0.0x

Enterprise Value / LTM Revenue (left axis) Enterprise Value / LTM EBITDA (right axis)

$ in millions except per share data LTM Performance Revenue Growth EV / Revenue EV / EBITDA YTD Price Enterprise EBITDA Company Chg Value Revenue EBITDA Margin 2014 E 2013 LTM 2014 E LTM 2014 E Solera Holdings Inc. -1% 6,000 938 362 39% 21% 11% 6.4x 5.6x 16.6x 13.2x CoreLogic, Inc. -13% 4,180 1,310 240 18% 3% 8% 3.2x 3.0x 17.4x 11.2x Guidewire Software, Inc. -16% 2,357 329 (2) -1% 15% 21% 7.2x 6.5x NA 37.6x Acxiom Corporation -40% 1,570 1,098 199 18% -5% -1% 1.4x 1.5x 7.9x 7.3x Quindell Plc -13% 1,488 630 210 33% 185% 138% 2.4x 0.8x 7.1x 2.6x Crawford & Company 13% 639 1,153 106 9% 4% -1% 0.6x 0.5x 6.0x 5.5x Innovation Group plc 4% 626 344 36 10% 17% 7% 1.8x 1.6x 17.5x 9.8x Ebix Inc. 2% 545 204 74 37% 2% 3% 2.7x 2.6x 7.3x 6.4x Sapiens International Corporation N.V. 7% 300 140 16 11% 16% 19% 2.1x 1.9x 18.9x 14.4x Polaris Financial Technology Limited 65% 252 404 40 10% 16% -8% 0.6x 0.6x 6.3x 4.1x COR&FJA AG -4% 45 172 16 9% -24% 0% 0.3x 0.3x 2.8x 3.9x Symbility Solutions Inc. -5% 41 22 (2) -10% 31% 24% 1.9x 1.5x NA 16.2x Cover-All Technologies Inc. -18% 32 19 (2) -11% NA 26% 1.7x NA NA NA

Mean 1,390 520 99 13% 23% 19% 2.5x 2.2x 10.8x 11.0x Median 626 344 40 10% 15% 8% 1.9x 1.5x 7.6x 8.6x

Source: S&P CapitalIQ

M ORGANP ARTNERS. COM 9 B OSTON ✜ CHARLOTTE Insurance Technology: Select Transactions

Q1-Q2 2014 Transactions

($ millions) Target Statistics Announced Transaction Purchase Implied Acquirer Target Revenue EBITDA Date Type Price Ent. Value

6/6/2014 ExamWorks Group, Inc. Ability Services Network, Inc. Merger/Acquisition 80.0 80.0

5/20/2014 OneShield, Inc. Clear Data Strategies, LLC Merger/Acquisition

5/16/2014 Century Capital; Century Focused BrightClaim, Inc. Private Placement Fund 5/12/2014 Solera Holdings Inc. Pittsburgh Glass Works LLC, Merger/Acquisition 280.0 280.0 58.8 19.7 Insurance and Services Division 5/12/2014 Solera Holdings Inc. The Sherwood Group, Inc., United Merger/Acquisition Kingdom Claims Related Business 4/15/2014 NA Accurence, Inc. Private Placement

2/24/2014 NA ProspX, Inc. Private Placement

2/4/2014 Quindell Plc Ingenie Limited Merger/Acquisition 7.8 130.3

1/7/2014 insureon Inc. InsuranceNoodle, Inc. Merger/Acquisition

Notable Transactions

5/12/2014: Solera Holdings buys Pittsburgh Glass Works’ Insurance Division for $280 million PGW’s Insurance division is a leading provider of claims management services, call center services, and proprietary software and business management tools for glass retailers • Solera is a leading global provider of software and services to the automobile insurance claims processing and decision support industries • PGW and Solera will collaborate in a long-term strategic relationship to further strengthen the provision of auto glass claims management services and supply to insurance companies and consumers • Kohlberg & Company acquired PGW (the parent company) for $315 million in 2008 1/7/2014: Insureon buys Insurance Noodle from Willis Group Insurance Noodle is an online wholesale insurance broker • Insureon is the leading online insurance delivery platform for small-business owners • The acquisition will mean greater operational efficiency for both parties and will let Insurance Noodle's broker/agents leverage Insureon's underwriting expertise in numerous key industries via a proprietary technology platform and products covering more than 550 industry segments • Ralph Blust, President and CEO of Insurance Noodle, will remain President and oversee wholesale operations for the companies

Source: S&P Capital IQ and publicly available records

M ORGANP ARTNERS. COM 10 B OSTON ✜ CHARLOTTE Data & Analytics: Public Company Statistics

Median Revenue and EBITDA Multiples

5.0x 16.0x

4.5x 14.0x 4.0x 12.0x 3.5x 10.0x 3.0x

2.5x 8.0x

2.0x 6.0x 1.5x 4.0x 1.0x 2.0x 0.5x

0.0x 0.0x

Enterprise Value / LTM Revenue (left axis) Enterprise Value / LTM EBITDA (right axis)

$ in millions except per share data LTM Performance Revenue Growth EV / Revenue EV / EBITDA YTD Price Enterprise EBITDA Company Chg Value Revenue EBITDA Margin 2014 E 2013 LTM 2014 E LTM 2014 E Thomson Reuters Corporation -3% 37,443 12,657 2,581 20% 0% -3% 3.0x 3.0x 14.5x 11.0x McGraw Hill Financial, Inc. 8% 22,723 4,930 1,778 36% 5% 10% 4.6x 4.4x 12.8x 11.9x Experian plc -7% 20,844 4,840 1,677 35% NA NA 4.3x 4.1x 12.4x 11.8x Moody's Corporation 17% 18,975 3,008 1,387 46% 8% 9% 6.3x 5.9x 13.7x 12.9x Reed Elsevier plc 9% 18,333 9,998 2,873 29% 2% 1% 1.8x 1.8x 6.4x 5.3x Verisk Analytics, Inc. -7% 10,831 1,629 742 46% 11% 13% 6.7x 6.1x 14.6x 13.3x Equifax Inc. 6% 10,425 2,322 816 35% 6% 11% 4.5x 4.3x 12.8x 12.2x MSCI Inc. 8% 5,893 1,056 449 43% -4% 9% 5.6x 6.0x 13.1x 14.3x Dun & Bradstreet Corp. -7% 5,332 1,656 503 30% 1% 0% 3.2x 3.2x 10.6x 10.2x FactSet Research Systems Inc. 11% 4,918 901 346 38% 8% 6% 5.5x 5.3x 14.2x 14.2x CoreLogic, Inc. -13% 4,180 1,310 240 18% 3% 8% 3.2x 3.0x 17.4x 11.2x Morningstar Inc. -8% 2,951 711 222 31% 7% 6% 4.2x 3.9x 13.3x 13.1x F. Marc de Lacharrière (Fimalac) S.A. 26% 2,594 93 (14) -15% -3% 108% 27.8x 28.7x NA 189.5x Fair Isaac Corporation 5% 2,560 744 196 26% 5% 6% 3.4x 3.3x 13.1x 11.8x Value Line, Inc. 44% 156 36 4 11% NA 2% 4.3x NA 39.7x NA

Mean 11,211 3,059 920 29% 4% 13% 5.9x 5.9x 14.9x 24.5x Median 5,893 1,629 503 31% 5% 7% 4.3x 4.2x 13.2x 12.0x

Source: S&P CapitalIQ

M ORGANP ARTNERS. COM 11 B OSTON ✜ CHARLOTTE Data & Analytics: Select Transactions

Q1-Q2 2014 Transactions

($ millions) Target Statistics Announced Transaction Purchase Implied Acquirer Target Revenue EBITDA Date Type Price Ent. Value

6/5/2014 NA Weather Analytics LLC Private Placement

5/20/2014 LexisNexis Risk Solutions, Inc. Wunelli Limited Merger/Acquisition

4/29/2014 Dun & Bradstreet Corp. Indicee, Inc. Merger/Acquisition

3/14/2014 Fitch Group, Inc. Business Monitor International Ltd Merger/Acquisition

1/14/2014 Insurance Services Office, Inc. EagleView Technologies, Inc. Merger/Acquisition 637.0 650.0 123.4 36.4

1/13/2014 SNL Financial LC iPartners LLC Merger/Acquisition

Notable Transactions

5/20/2014: LexisNexis Risk Solutions buys Wunelli Limited Wunelli has extensive data and telematics hardware and applications to safely collect and score data. This expertise enables insurers to better understand their customers’ driving behavior • LexisNexis Risk Solutions is a leader in providing essential information that helps customers across industries and government predict, assess and manage risk • Together, the companies will empower insurers to leverage telematics data to make timely, informed decisions, reduce risk exposure and improve consumers’ experience with usage-based insurance • The combined LexisNexis and Wunelli datasets will result in one of the largest provider-held insurance telematics databases in the world

1/14/2014: Insurance Services Office, Inc. (a subsidiary of Verisk) buys EagleView Technologies from Spectrum Equity for $637 million EagleView Technologies is a leading provider of aerial imagery, data analytics, and GIS solutions serving the commercial, government, and public utility sectors • Verisk Analytics is a leading provider of information about risk to professionals in insurance, healthcare, mortgage, government, and risk management • The acquisition will accelerate Verisk's position as a key provider of data, analytics, and decision support solutions based on aerial imagery • The purchase price is $650 million to be paid in cash to stockholders of EVT. Verisk expects to receive approximately $25 million in tax benefits as part of the transaction. In addition, Verisk will reduce the cash payment by approximately $13 million to reflect an existing minority equity ownership in EVT • The transaction is expected to close by July 15, 2014

Source: S&P Capital IQ and publicly available records

M ORGANP ARTNERS. COM 12 B OSTON ✜ CHARLOTTE Service Providers: Public Company Statistics

Median Revenue and EBITDA Multiples

2.5x 14.0x

12.0x 2.0x 10.0x

1.5x 8.0x

6.0x 1.0x

4.0x 0.5x 2.0x

0.0x 0.0x

Enterprise Value / LTM Revenue (left axis) Enterprise Value / LTM EBITDA (right axis)

$ in millions except per share data LTM Performance Revenue Growth EV / Revenue EV / EBITDA YTD Price Enterprise EBITDA Company Chg Value Revenue EBITDA Margin 2014 E 2013 LTM 2014 E LTM 2014 E International Business Machines Corporation 1% 217,899 98,827 25,146 25% -2% -5% 2.2x 2.2x 8.7x 8.1x Tata Consultancy Services Limited 15% 75,572 13,653 4,197 31% 22% 14% 5.5x 5.0x 18.0x 16.8x Accenture plc 0% 47,546 29,312 4,529 15% 6% 2% 1.6x 1.6x 10.5x 9.6x Cognizant Technology Solutions Corporation 1% 25,894 9,245 1,955 21% 17% 20% 2.8x 2.5x 13.2x 12.2x Infosys Ltd. -4% 25,837 8,249 2,270 28% NA 12% 3.1x NA 11.4x 11.1x Wipro Ltd. 1% 19,741 7,246 1,624 22% 17% 13% 2.7x 2.5x 12.2x 10.8x HCL Technologies Ltd. 25% 16,443 4,763 1,223 26% 27% 5% 3.5x 2.9x 13.4x 11.4x CGI Group, Inc. 8% 13,513 9,403 1,426 15% 6% 52% 1.4x 1.3x 9.5x 7.9x Cap Gemini S.A. 9% 10,625 13,898 1,317 9% 2% 3% 0.8x 0.7x 8.1x 7.0x Computer Sciences Corporation 15% 9,675 12,998 1,969 15% -7% -4% 0.7x 0.7x 4.9x 4.5x Computershare Limited 18% 7,745 2,012 455 23% 1% 0% 3.8x 3.8x 17.0x 13.3x Towers Watson & Co. -16% 6,907 3,602 667 19% -1% 5% 1.9x 1.9x 10.4x 10.0x Broadridge Financial Solutions, Inc. 6% 5,304 2,537 517 20% 4% 7% 2.1x 2.0x 10.3x 9.7x Genpact Limited -2% 3,882 2,156 385 18% 5% 12% 1.8x 1.7x 10.1x 10.5x iGATE Corporation -2% 3,346 1,178 276 23% 9% 7% 2.8x 2.7x 12.1x 10.9x Syntel, Inc. -2% 3,021 855 295 34% 13% 14% 3.5x 3.2x 10.3x 10.6x Sapient Corp. -4% 2,028 1,308 168 13% 14% 12% 1.6x 1.4x 12.1x 10.9x MphasiS Limited 1% 1,252 1,039 NA NA -5% -1% 1.2x 1.4x NA 8.2x MindTree Limited 16% 1,099 504 99 20% 26% 10% 2.2x 1.9x 11.1x 9.8x WNS (Holdings) Ltd. -9% 952 503 97 19% 1% 8% 1.9x 1.9x 9.8x 9.8x Virtusa Corp. -1% 908 397 53 13% 23% 18% 2.3x 2.0x 17.1x 13.6x Exlservice Holdings, Inc. 13% 840 484 96 20% 3% 8% 1.7x 1.7x 8.8x 8.0x

Mean 22,729 10,190 2,322 20% 9% 10% 2.3x 2.2x 11.4x 10.2x Median 7,326 3,070 667 20% 6% 8% 2.1x 1.9x 10.5x 10.2x

Source: S&P CapitalIQ

M ORGANP ARTNERS. COM 13 B OSTON ✜ CHARLOTTE Service Providers: Select Transactions

Q1-Q2 2014 Transactions

($ millions) Target Statistics Announced Transaction Purchase Implied Acquirer Target Revenue EBITDA Date Type Price Ent. Value

5/28/2014 UST Global Inc. Xpanxion LLC Merger/Acquisition

5/27/2014 Advicent Solutions, L.P. Davidson Marketing Group, LLC Merger/Acquisition

5/15/2014 Charles Taylor plc Knowles Loss Adjusters Ltd. Merger/Acquisition 5.5 5.5

5/5/2014 York Risk Services Group, Inc. Bickmore and Associates, Inc. Merger/Acquisition

3/18/2014 Engle Martin & Associates, Inc. Totura & Company, Inc. Merger/Acquisition

2/18/2014 York Risk Services Group, Inc. American Claims Services, Inc. Merger/Acquisition

1/27/2014 Kohlberg Kravis Roberts Sedgwick Claims Management Merger/Acquisition 2,400.0 Services, Inc. 1/7/2014 CCC Information Services Inc. Auto Injury Solutions, Inc. Merger/Acquisition

Notable Transactions

5/5/2014: York Risk Services buys Bickmore and Associates Bickmore operates one of the nation’s largest independent risk management, pool management and actuarial consulting firms • York Pooling, a division of York, provides risk and claims management services to public entity pools across the United States • This combination enhances York’s ability to provide an unparalleled suite of risk management and insurance solutions to its customers, whether they are public entities, pools or private companies • Bickmore was founded in 1984 and is based in Sacramento, California

1/27/2014: KKR buys Sedgwick Claims Management from Hellman & Friedman and Stone Point Capital for $2.4 billion Sedgwick Claims Management Services, Inc. is the leading North American provider of technology-enabled claims and productivity management solutions • KKR’s acquisition of Sedgwick is further evidence of its bullish view of the claims space after it acquired property claims software firm Mitchell International in September 2013 for $1 billion • On an annual basis, Sedgwick handles more than 2.1 million claims and has fiduciary responsibility for claim payments totaling more than $11 billion • Hellman & Friedman and Stone Point Capital acquired Sedgwick in 2010 for $1.1 billion

Source: S&P Capital IQ and publicly available records

M ORGANP ARTNERS. COM 14 B OSTON ✜ CHARLOTTE Technology-led Traditional Financial Institutions

Median Revenue and EBITDA Multiples

2.5x 16.0x

14.0x 2.0x 12.0x

10.0x 1.5x

8.0x

1.0x 6.0x

4.0x 0.5x 2.0x

0.0x 0.0x

Enterprise Value / LTM Revenue (left axis) Enterprise Value / LTM EBITDA (right axis)

$ in millions except per share data LTM Performance Revenue Growth EV / Revenue EV / EBITDA YTD Price Enterprise EBITDA Company Chg Value Revenue EBITDA Margin 2014 E 2013 LTM 2014 E LTM 2014 E MetLife, Inc . 6% 113,636 68,376 7,765 11% 1% 1% 1.7x 1.6x 14.6x 8.7x Intercontinental Exchange, Inc. -17% 33,951 2,254 1,386 61% 107% 23% 15.1x 9.8x 24.5x 17.1x The Allstate Corporation 10% 32,011 34,728 5,080 15% -16% 4% 0.9x 1.1x 6.3x NA Aon plc 10% 31,092 11,820 2,308 20% 3% 3% 2.6x 2.6x 13.5x 11.7x Marsh & McLennan Companies, Inc. 9% 30,231 12,399 2,511 20% 5% 3% 2.4x 2.4x 12.0x 11.0x CME Group Inc. -9% 24,812 2,990 1,950 65% 5% 1% 8.3x 8.1x 12.7x 12.6x The Hartford Financial Services Group, Inc. 3% 21,315 21,672 1,748 8% -19% -6% 1.0x 1.1x 12.2x NA Progressive Corp. -5% 16,778 18,428 1,958 11% 1% 6% 0.9x 0.9x 8.6x NA London Stock Exchange Group plc 20% 10,631 2,016 816 40% 19% 32% 5.3x 4.9x 13.0x 10.9x BM&F Bovespa SA 19% 9,518 931 593 64% 3% -10% 10.2x 10.2x 16.1x 15.3x The Nasdaq OMX Group, Inc. 1% 8,702 3,365 979 29% -34% 3% 2.6x 4.1x 8.9x 8.7x Arthur J Gallagher & Co. 2% 8,474 3,382 530 16% 28% 26% 2.5x 2.1x 16.0x 11.7x SEI Investments Co. -3% 4,998 1,157 289 25% 11% 13% 4.3x 4.0x 17.3x 10.6x ICAP plc -9% 4,248 2,265 NA NA 0% -4% 1.9x 1.9x NA 7.7x AmTrust Financial Services, Inc. 28% 3,696 3,148 456 14% 33% 62% 1.2x 1.0x 8.1x NA Bankrate, Inc. 2% 1,890 485 115 24% 20% 0% 3.9x 3.5x 16.5x 12.8x MarketAxess Holdings Inc. -18% 1,888 248 124 50% 10% 25% 7.6x 7.2x 15.2x 14.4x Moneysupermarket.com Group PLC 7% 1,813 374 134 36% 9% 12% 4.9x 4.4x 13.5x 11.9x BGC Partners, Inc. 25% 1,630 1,693 NA NA 5% 1% 1.0x 0.9x NA 5.7x Monex Group, Inc. -16% 1,083 486 NA NA -6% 41% 2.2x 2.4x NA 6.8x FXCM Inc. -20% 921 472 76 16% -13% 16% 1.9x 2.2x 12.1x 9.5x GFI Group Inc. -14% 419 864 NA NA 5% -2% 0.5x 0.5x NA 5.4x Compagnie Financière Tradition SA -5% 338 978 NA NA NA -6% 0.3x NA NA NA GAIN Capital Holdings, Inc. -1% 316 294 NA NA 11% 76% 1.1x 1.1x NA 6.6x

Mean 15,183 8,118 1,601 29% 8% 13% 3.5x 3.4x 13.4x 10.5x Median 6,736 2,135 898 22% 5% 3% 2.3x 2.4x 13.3x 10.9x

Source: S&P CapitalIQ

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Morgan Partners is an investment bank working exclusively in the fintech sector. With a focus on the middle market, we help our clients complete buy- and sell-side transactions in the $25 - $200 million enterprise value range.

Please contact us to discuss your needs.

MARC MASELLI PATRICK VAUGHN Founder and Managing Director Managing Director [email protected] [email protected] +1 (617) 440-3495 +1 (617) 440-3496

M ORGANP ARTNERS. COM T HE FINANCIAL TECHNOLOGIES INVESTMENT BANK