Financial Technology Sector Summary Week of May 22, 2017

1 DEAL DASHBOARD Financial Technology

(3) (1) (3) $11.9 Bn | 1,188 Deals Industry Stock Market Performance $75.9 Bn | 852 Deals LTM Financing Volume Last Twelve Months LTM M&A Volume 160 Select Recent Financing Transactions Select Recent M&A Transactions Company Amount ($MM) 150 Target Acquirer EV ($MM) 140 $130.0 $3,720.0

130 $120.0 NA 120 Z enith $63.0 110 M erchant NA Services 100 Wacai $42.0 NA 90 $42.0 NA 80 5/19/16 7/4/16 8/17/16 9/30/16 11/15/16 12/29/16 2/13/17 3/29/17 5/12/17 $37.0 NA Payments Exchanges Payments Financial Data, Content, Information Processors / $37.0 & Analytics Credit Bureaus NA Banking & Lending Online Broker Dealers Technology $25.0 NA Investment Services, Healthcare / Insurance Software, & Technology Technology S&P 500

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

$10 500 $30 219 250 205 196 188 $8 $8.9 400 $25 200 $24.9 299 298 316 $24.5 276 $20 $6 300 $20.8 $20.4 150 $15 $4 200 100 $10 $3.0 $2 $2.6 $2.6 100 $5 50 $0 0 $0 0 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2016 Q3 2016 Q4 2016 Q1 2017

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

Notes: Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 5/19/17. 1) Refer to footnotes on page 5 for index composition. 2 2) Represents transactions announced between 5/8/17 and 5/22/17. 3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions respectively. 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]

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

Phone: (212) 999-7082 Phone: +81 3-6212-7145 Phone: (212) 537-4534 Phone: +44 (0) 207 038-3216 Phone: (212) 999-7079 Phone: (212) 537-4529 Mobile: (617) 792-6496 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] [email protected]

* Saif Malik is a Vice President at GCA Savvian Europe Limited * Michio Suzuki is a Director at GCA Corporation 3 SECTION I: Market Summary

4 MARKET SUMMARY Industry Stock Market Performance

160 Last 12 Months 170 Last 3 Years

160 150

150 140

140 130

130

120

120

110 110

100 100

90 90

80 80 5/19/16 7/4/16 8/17/16 9/30/16 11/15/16 12/29/16 2/13/17 3/29/17 5/12/17 5/19/14 9/4/14 12/23/14 4/10/15 7/29/15 11/16/15 3/3/16 6/21/16 10/7/16 1/25/17 5/15/17

(1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Banking & Lending Technology 5.6% 21.3% 57.5% Financial Data, Content, Information Processors / Information Processors / Credit Bureaus 4.3% 17.0% 53.0% & Analytics Credit Bureaus Payments 3.9% 20.0% 40.1% Investment Services, Software, & Technology 1.9% 13.6% 53.9% (6) (5) Banking & Lending Online Broker Dealers Exchanges 1.1% 16.7% 42.6% Technology Financial, Data, Content, & Analytics 1.0% 16.1% 8.6%

Healthcare / Insurance Technology (1.1%) 0.5% 30.8% (7) (8) Online Broker Dealers (10.3%) 26.4% 51.0% Investment Services, Healthcare / Insurance Software, & Technology Technology

Notes: (1) Payments: ADS, AIM:SCH, ASX:PPT, AXP, BGC, BOVESPA:CIEL3, CATM, DFS, EEFT, ENXTPA:EDEN, FDC, FLT, GDOT, GPN, MA, PAR, PYPL, SHOP, SQ, TSE:3769, TSS, UEPS, V, VNTV, WEX, WPG, WU, XTRA:WDI. (2) Exchanges: ASX:ASX, ATSE:EXAE, BME:BME, BMV:BOLSA A, BOVESPA:BVMF3, CBOE, CME, ICE, JSE:JSE, KLSE:BURSA, LSE, NDAQ, SEHK:388, SGX:S68, TSX:X, WSE:GPW, XTRA:DB1. (3) Financial Data, Content & Analytics: DNB, ENXTPA:FIM, FDS, HOSE:HHS, MCO, MORN, MSCI, RATE, SPGI, 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, ELVT, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN. 5 (7) Investment Services, Software, & Technology: BR, DST, ENV, FNGN, SEIC, SSNC. (8) Healthcare / Insurance Technology: ATHN, CRD.B, DAR:CRDB, EBIX, GWRE, BSE:532254, SY, VRSK. MARKET SUMMARY EBITDA Multiples and Margins

2017E EBITDA Multiples 2017 EBITDA Margins

Healthcare / Insurance Technology 16.4x Exchanges 58.9%

Information Processors / Credit Bureaus 14.8x Online Broker Dealers 45.5%

Banking and Lending Technology 14.1x Financial Data, Content, & Analytics 36.8%

Investment Services, Software, & 13.8x Banking and Lending Technology 32.3% Technology

Financial Data, Content, & Analytics 13.4x Information Processors / Credit Bureaus 30.8%

Investment Services, Software, & Exchanges 12.9x 25.9% Technology

Payments 12.3x Payments 25.5%

Online Broker Dealers 7.6x Healthcare / Insurance Technology 18.8%

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 28.0x Banking and Lending Technology 2.0 15.4%

Information Processors / Credit Bureaus 24.4x Information Processors / Credit Bureaus 2.0 13.7%

Online Broker Dealers 24.3x Financial Data, Content, & Analytics 2.0 11.3%

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

Healthcare / Insurance Technology 21.8x Exchanges 1.8 11.0%

Investment Services, Software, & Financial Data, Content, & Analytics 21.6x 1.4 16.0% Technology

Exchanges 19.8x Payments 1.3 14.5%

Payments 18.4x Online Broker Dealers 1.2 17.4%

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. $213,228 20% 26.5x Blackhawk Network Holdings, Inc. $2,363 34% 25.4x Mastercard Incorporated $126,031 24% 27.3x Green Dot Corporation $1,833 54% 18.4x American Express Company $68,642 22% 13.5x Net 1 UEPS Technologies, Inc. $556 (7%) 5.5x PayPal Holdings, Inc. $59,330 31% 27.8x Sector Average $1,584 27% 16.4x Discover Financial Services $22,853 10% 10.0x

Sector Average $98,017 22% 21.0x LTM Price Integrated Payments Hardware / Technology Market Cap. Performance P/E 2017 LTM Price Ingenico Group - GCS $6,011 (14%) 18.6x Merchant Processing Market Cap. Performance P/E 2017 NCR Corporation $4,772 38% 11.7x Cielo S.A. $18,742 (8%) 14.4x VeriFone Systems, Inc. $1,951 (32%) 11.7x First Data Corporation $15,017 49% 10.7x Cardtronics plc $1,576 (6%) 12.2x Global Payments Inc. $13,730 21% 23.0x Everi Holdings Inc. $455 473% 6.7x Vantiv, Inc. $12,045 15% 18.8x PAR Technology Corporation $131 85% NA Total System Services, Inc. $10,766 10% 18.1x Sector Average $2,483 91% 12.2x Worldpay Group plc $8,338 11% 23.7x Wirecard AG $7,891 39% 26.6x LTM Price Square, Inc. $7,448 107% 94.4x Banking and Lending Technology Market Cap. Performance P/E 2017 GMO Payment Gateway, Inc. $1,980 (15%) 70.8x EVERTEC, Inc. $1,205 21% 10.1x Intuit Inc. $32,070 24% 27.7x SafeCharge International Group Limited $544 8% 17.0x Fidelity National Information Services, Inc. $27,504 15% 19.5x CardConnect Corp. $435 NA NM Fiserv, Inc. $25,630 19% 23.6x Planet Payment, Inc. $197 (15%) 21.8x Jack Henry & Associates, Inc. $7,815 21% 31.0x JetPay Corporation $32 (13%) NM Temenos Group AG $6,364 74% 37.9x Sector Average $7,026 18% 29.1x Ellie Mae, Inc. $3,679 37% 58.0x Black Knight Financial Services, Inc. $2,696 18% 28.4x ACI Worldwide, Inc. $2,656 18% 49.3x LTM Price LendingClub Corporation $2,286 53% NM Money Transfer Market Cap. Performance P/E 2017 Q2 Holdings, Inc. $1,603 76% NM The Western Union Company $8,959 1% 11.3x Bottomline Technologies (de), Inc. $1,000 3% 25.0x Euronet Worldwide, Inc. $4,376 9% 18.4x Elevate Credit, Inc. $312 NA 20.6x Sector Average $6,667 5% 14.9x On Deck Capital, Inc. $246 (25%) NM Performant Financial Corporation $121 44% NM LTM Price Sector Average $8,142 29% 32.1x Closed Loop Market Cap. Performance P/E 2017 Alliance Data Systems Corporation $13,093 14% 12.7x LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2017 FleetCor Technologies, Inc. $12,527 (7%) 16.3x 0 Edenred SA $5,943 40% 22.3x Experian plc $19,774 16% 22.9x WEX Inc. $4,278 14% 18.8x Equifax Inc. $16,393 11% 22.5x Sector Average $8,960 15% 17.5x Fair Isaac Corporation $4,125 27% 25.8x Acxiom Corporation $2,020 34% 35.2x Sector Average $10,578 22% 26.6x

Notes: 8 Source: CapitalIQ and Wall Street Research. Market data as of May 19, 2017. MARKET SUMMARY LTM Price Performance and 2017 P/E – Securities / Cap. Mkts. / Data & Analytics

($MM) ($MM) LTM Price LTM Price Exchanges - Americas Market Cap. Performance P/E 2017 Investment Services, Software, & Technology Market Cap. Performance P/E 2017 0 CME Group Inc. $39,698 22% 24.0x Broadridge Financial Solutions, Inc. $8,624 17% 22.0x Intercontinental Exchange, Inc. $35,121 14% 19.8x SEI Investments Co. $7,948 2% 22.3x BM&FBOVESPA S.A. $11,878 28% 17.4x SS&C Technologies Holdings, Inc. $7,536 26% 19.1x Nasdaq, Inc. $11,140 7% 16.4x DST Systems, Inc. $3,661 1% 18.0x CBOE Holdings, Inc. $9,528 34% 25.1x Financial Engines, Inc. $2,483 53% 29.1x TMX Group Limited $2,900 31% 15.2x Envestnet, Inc. $1,558 13% 28.3x Bolsa Mexicana de Valores, S.A.B. de C.V. $1,018 13% 17.7x Sector Average $5,302 19% 23.1x Sector Average $15,898 21% 19.4x LTM Price Financial Data, Content, & Analytics Market Cap. Performance P/E 2017 LTM Price Exchanges - Asia Market Cap. Performance P/E 2017 S&P Global Inc. $35,612 29% 22.3x 0 Thomson Reuters Corporation $31,227 7% 18.3x Hong Kong Exchanges and Clearing Limited $30,700 10% 35.9x Moody's Corporation $21,952 23% 21.6x ASX Limited $7,401 20% 22.2x IHS Markit Ltd. $18,097 NA 21.5x Singapore Exchange Limited $5,573 (3%) 21.8x Verisk Analytics, Inc. $13,130 4% 25.0x Bursa Malaysia Berhad $1,289 13% 25.1x MSCI Inc. $8,944 31% 27.3x Sector Average $11,241 10% 26.3x FactSet Research Systems Inc. $6,362 6% 21.5x The Dun & Bradstreet Corporation $3,857 (13%) 14.9x LTM Price Morningstar, Inc. $3,152 (10%) 31.2x Exchanges - Europe Market Cap. Performance P/E 2017 Bankrate, Inc. $944 26% 15.0x 0 Sector Average $14,328 12% 21.9x Deutsche Börse Aktiengesellschaft $18,676 18% 18.4x London Stock Exchange Group plc $15,709 20% 23.4x Bolsas y Mercados Españoles $2,999 16% 17.3x LTM Price JSE Limited $904 6% 16.8x Online Broker Dealers Market Cap. Performance P/E 2017 GPW $524 33% 16.0x The Charles Schwab Corporation $51,159 32% 24.3x Hellenic Exchanges - Athens Stock Exch. $361 4% 34.1x TD Ameritrade Holding Corporation $19,338 21% 21.8x Sector Average $6,529 16% 21.0x E*TRADE Financial Corporation $9,362 29% 17.4x Interactive Brokers Group, Inc. $2,375 (5%) 25.6x LTM Price GAIN Capital Holdings, Inc. $283 (13%) 69.9x Trading Platforms Market Cap. Performance P/E 2017 Global Brokerage, Inc. $12 (83%) NA Sector Average $13,755 (3%) 31.8x MarketAxess Holdings Inc. $6,996 40% 56.4x BGC Partners, Inc. $3,214 29% 13.8x Investment Technology Group, Inc. $672 13% NM INTL FCStone Inc. $637 29% 11.2x Virtu Financial, Inc. $632 (10%) 16.3x Sector Average $2,430 20% 24.4x

Notes: 9 Source: CapitalIQ and Wall Street Research. Market data as of May 19, 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 5/19/17 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. $92.48 $73.25 $93.72 $213,228 $7,966 $228,468 12.5x 11.4x 18.0x 16.1x 26.5x 23.0x 17.5% 1.5 14.2% 23.5% Mastercard Incorporated 117.58 86.65 119.71 126,031 (2,444) 123,614 10.2x 9.2x 17.8x 15.8x 27.3x 23.5x 16.0% 1.7 12.1% 11.8% American Express Company 76.80 57.15 82.00 68,642 26,093 96,335 2.9x 2.8x NM NM 13.5x 12.2x 9.1% 1.5 9.6% (4.0%) PayPal Holdings, Inc. 49.39 34.00 50.35 59,330 (8,928) 50,402 4.0x 3.4x 15.6x 13.3x 27.8x 23.5x 17.5% 1.6 17.1% NM Discover Financial Services 60.11 50.32 74.33 22,853 11,654 35,082 3.6x 3.4x NM NM 10.0x 9.0x 8.7% 1.1 11.4% (2.6%)

Mean 6.7x 6.0x 17.1x 15.0x 21.0x 18.3x 13.7% 1.5 12.9% 7.2% Median 4.0x 3.4x 17.8x 15.8x 26.5x 23.0x 16.0% 1.5 12.1% 4.6%

Merchant Processing Cielo S.A. $6.91 $6.20 $9.59 $18,742 $2,018 $21,918 5.8x 5.2x 12.7x 11.7x 14.4x 13.0x 9.5% 1.5 0.6% 3.2% First Data Corporation 16.34 9.90 17.02 15,017 18,121 36,124 3.0x 2.9x 11.9x 11.3x 10.7x 10.0x 10.6% 1.0 3.8% 0.6% Global Payments Inc. 90.04 64.63 90.31 13,730 3,417 17,292 5.0x 4.6x 15.4x 13.8x 23.0x 19.8x 13.9% 1.7 41.7% 46.9% Vantiv, Inc. 61.40 50.52 66.24 12,045 3,075 15,416 7.3x 6.7x 15.4x 13.9x 18.8x 16.8x 13.9% 1.3 25.1% 13.4% Total System Services, Inc. 58.50 46.22 58.97 10,766 2,797 13,578 2.8x 2.6x 11.6x 10.9x 18.1x 16.6x 11.3% 1.6 12.1% NA Worldpay Group plc 4.20 3.23 4.20 8,338 1,689 10,027 6.1x 5.6x 15.0x 13.3x 23.7x 20.4x 20.6% 1.2 35.3% 13.3% Wirecard AG 63.86 36.10 64.53 7,891 (770) 7,120 4.7x 3.9x 16.0x 12.8x 26.6x 21.1x 26.6% 1.0 34.7% 23.4% Square, Inc. 19.91 8.42 20.69 7,448 (546) 6,903 4.0x 3.2x 55.4x 31.4x 94.4 51.4 85.4% 1.1 34.9% 21.7% GMO Payment Gateway, Inc. 53.77 34.20 65.17 1,980 (224) 1,764 8.6x 6.3x 30.9x 23.8x 70.8x 51.2x 25.0% 2.8 74.7% 89.8% EVERTEC, Inc. 16.60 13.70 18.60 1,205 592 1,800 4.5x 4.4x 9.7x 9.4x 10.1x 9.6x 8.5% 1.2 2.6% 6.1% SafeCharge International Group Limited 3.68 2.38 3.85 544 (115) 429 3.7x 3.3x 11.8x 10.2x 17.0x 15.1x NM NM 11.1% 3.2% CardConnect Corp. 13.95 8.70 14.65 435 121 593 0.8x 0.7x 13.3x 10.5x NM 53.7x NM NM 18.9% 20.5% Planet Payment, Inc. 3.67 2.75 4.97 197 (5) 191 3.2x 2.9x 11.2x 9.2x 21.8x 16.9x 25.0% 0.9 10.0% (7.0%) JetPay Corporation (1) 2.05 1.75 3.25 32 9 125 1.7x 1.6x 25.0x 20.4x NM NM NM NM 32.4% 62.7%

Mean 4.4x 3.8x 18.2x 14.5x 29.1x 24.3x 22.7% 1.4 24.1% 22.9% Median 4.3x 3.6x 14.2x 12.2x 20.3x 16.9x 13.9% 1.2 22.0% 13.4%

Money Transfer The Western Union Company $19.01 $18.07 $22.70 $8,959 $2,160 $11,119 2.0x 2.0x 8.6x 8.3x 11.3x 10.7x 7.6% 1.5 0.1% 0.4% Euronet Worldwide, Inc. 83.46 65.33 86.35 4,376 (159) 4,218 2.0x 1.8x 10.5x 9.2x 18.4x 16.0x 14.0% 1.3 8.9% 8.1%

Mean 2.0x 1.9x 9.5x 8.7x 14.9x 13.3x 10.8% 1.4 4.5% 4.2% Median 2.0x 1.9x 9.5x 8.7x 14.9x 13.3x 10.8% 1.4 4.5% 4.2%

Closed Loop Alliance Data Systems Corporation $235.17 $185.02 $266.25 $13,093 $18,804 $31,897 4.1x 3.7x 15.8x 14.0x 12.7x 11.0x 14.1% 0.9 9.6% 12.1% FleetCor Technologies, Inc. 135.78 121.52 176.42 12,527 3,322 15,849 7.1x 6.5x 13.7x 12.1x 16.3x 14.4x 15.7% 1.0 21.0% 25.6% Edenred SA 25.63 17.57 27.40 5,943 623 6,639 4.4x 4.1x 11.8x 10.8x 22.3x 20.1x 13.6% 1.6 31.9% 13.2% WEX Inc. 99.74 80.67 122.91 4,278 2,173 6,460 5.4x 4.9x 13.4x 11.6x 18.8x 16.2x 15.0% 1.3 17.5% 41.5%

Mean 5.3x 4.8x 13.7x 12.2x 17.5x 15.4x 14.6% 1.2 20.0% 23.1% Median 4.9x 4.5x 13.5x 11.9x 17.5x 15.3x 14.5% 1.1 19.2% 19.4%

Prepaid Blackhawk Network Holdings, Inc. $41.95 $28.88 $42.80 $2,363 $373 $2,740 1.2x 1.1x 11.6x 10.0x 25.4x 21.0x 15.2% 1.7 17.4% 11.1% Green Dot Corporation 35.75 20.79 38.34 1,833 NA NA NA NA NA NA 18.4x 15.9x 16.8% 1.1 17.4% 11.0% Net 1 UEPS Technologies, Inc. 9.65 8.37 13.81 556 (198) 362 0.6x 0.5x 2.3x 2.3x 5.5x 5.2 NM NM 10.7% 9.8%

Mean 0.9x 0.8x 7.0x 6.1x 16.4x 14.0x 16.0% 1.4 15.1% 10.6% Median 0.9x 0.8x 7.0x 6.1x 18.4x 15.9x 16.0% 1.4 17.4% 11.0%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. 11 1) Convertible preferred equity assumed at 2x liquidation preference. 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 5/19/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Integrated Payments Hardware / Technology Ingenico Group - GCS $97.94 $76.43 $124.19 $6,011 $121 $6,137 2.2x 2.0x 10.8x 9.8x 18.6x 16.4x 10.5% 1.8 14.7% 0.5% NCR Corporation 39.37 25.20 49.90 4,772 2,927 8,844 1.3x 1.3x 7.5x 7.2x 11.7x 10.8x NM NM 2.1% 2.4% VeriFone Systems, Inc. 17.48 14.94 28.24 1,951 757 2,746 1.4x 1.4x 9.0x 8.1x 11.7x 11.0x 15.0% 0.8 NA (11.6%) Cardtronics plc 34.53 34.03 56.00 1,576 956 2,532 1.7x 1.8x 7.7x 7.7x 12.2x 11.4x 14.0% 0.9 15.8% 17.9% Everi Holdings Inc. 6.88 1.13 7.26 455 983 1,438 1.6x 1.5x 6.9x 6.5x 6.7x 14.4x 20.0% 0.3 6.4% 15.4% PAR Technology Corporation 8.29 4.30 8.63 131 (4) 127 NA NA NA NA NA NA NM NA NA 19.1%

Mean 1.6x 1.6x 8.4x 7.9x 12.2x 12.8x 14.9% 0.9 9.7% 7.3% Median 1.6x 1.5x 7.7x 7.7x 11.7x 11.4x 14.5% 0.8 10.5% 8.9%

Banking and Lending Technology Intuit Inc. $125.38 $101.59 $128.45 $32,070 $513 $32,583 6.2x 5.8x 15.9x 14.4x 27.7x 25.2x 15.4% 1.8 8.2% 10.1% Fidelity National Information Services, Inc. 83.20 68.03 84.97 27,504 8,800 36,416 3.8x 3.7x 11.9x 11.1x 19.5x 17.3x 11.7% 1.7 2.6% 3.4% Fiserv, Inc. 120.68 92.81 122.91 25,630 4,330 29,960 5.2x 4.9x 14.6x 13.7x 23.6x 21.0x 11.5% 2.0 4.7% 4.7% Jack Henry & Associates, Inc. 100.64 79.00 100.84 7,815 7 7,822 5.3x 5.0x 15.1x 14.1x 31.0x 28.2x 11.0% 2.8 4.9% 6.2% Temenos Group AG 91.28 48.72 91.95 6,364 169 6,533 9.4x 8.5x 26.7x 23.1x 37.9x 33.1x 16.0% 2.4 9.9% 10.4% Ellie Mae, Inc. 107.99 77.60 112.77 3,679 (393) 3,286 7.5x 6.1x 22.7x 17.1x 58.0x 44.4x 23.1% 2.5 21.8% 26.3% Black Knight Financial Services, Inc. 38.60 32.60 42.20 2,696 1,467 5,209 4.8x 4.4x 10.1x 9.1x 28.4x 24.2x 14.1% 2.0 5.6% 6.7% ACI Worldwide, Inc. 22.50 15.11 23.97 2,656 603 3,259 3.2x 3.1x 13.6x 12.5x 49.3x 38.4x 12.5% 3.9 1.3% 2.4% LendingClub Corporation 5.66 3.71 6.79 2,286 (534) 1,751 3.0x 2.4x 34.8x 13.9x NM 26.6x NM NM 15.2% (17.4%) Q2 Holdings, Inc. 39.15 22.15 39.70 1,603 (82) 1,521 7.8x 6.2x NM 74.4x NM NM 32.0% NM 29.2% 31.9% Bottomline Technologies (de), Inc. 24.68 18.48 28.35 1,000 39 1,039 2.9x 2.7x 13.1x 11.8x 25.0x 20.9x 17.3% 1.4 4.4% (0.2%) Elevate Credit, Inc. (1) 7.48 6.50 8.86 312 414 726 1.0x 0.9x 7.2x 4.6x 20.6 5.9x NA NA NA 17.0% On Deck Capital, Inc. 3.39 3.29 6.46 246 743 996 2.9x 2.6x NM 31.7x NM 14.4x NM NM 20.0% 20.9% Performant Financial Corporation 2.39 1.50 4.07 121 24 144 1.1x 0.9x 12.8x 7.8x NM 43.5x 20.0% NM (5.6%) (13.5%)

Mean 4.6x 4.1x 16.5x 18.5x 32.1x 26.4x 16.8% 2.3 9.4% 7.8% Median 4.3x 4.0x 14.1x 13.8x 28.0x 25.2x 15.4% 2.0 5.6% 6.4%

Information Processors / Credit Bureaus Experian plc $21.26 $15.95 $22.26 $19,774 $2,941 $22,727 5.1x 4.6x 14.4x 13.0x 22.9x 20.4x 10.7% 2.1 NA (100.0%) Equifax Inc. 136.37 110.87 139.89 16,393 2,546 19,003 5.6x 5.2x 15.2x 13.9x 22.5x 20.3x 11.3% 2.0 8.3% 14.3% Fair Isaac Corporation 133.20 104.70 139.00 4,125 510 4,634 4.9x 4.6x 18.8x 16.9x 25.8x 21.7x 16.0% 1.6 4.6% 10.5% Acxiom Corporation 25.77 19.13 30.40 2,020 59 2,079 2.3x 2.0x 12.0x 10.2x 35.2x 25.8x 17.4% 2.0 4.0% 0.1% Intersections Inc. 5.09 1.70 5.75 122 8 130 NA NA NA NA NA NA NM NA NA (11.4%)

Mean 4.5x 4.1x 15.1x 13.5x 26.6x 22.0x 13.8% 1.9 5.6% (17.3%) Median 5.0x 4.6x 14.8x 13.4x 24.4x 21.0x 13.7% 2.0 4.6% 0.1%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. 12 1) Revenue growth rates based on gross revenues before provision for loan losses and fundraising costs. PAYMENTS / BANKING Selected Recent Acquisitions – Trailing 12 Months

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

5/17/17 Coupa Software Incorporated Riskopy, Inc. Risk / Data NA NA

5/17/17 North American Bancard Holdings, LLC Total Merchant Services, Inc. Merchant Acquiring NA NA

5/16/17 Mswipe Technologies Pvt Ltd PayU Payments Private Limited POS NA NA Bureau van Dijk Electronic Publishing 5/15/17 Moody's Analytics, Inc. Credit Bureau $3,293 11.3x BV 5/12/17 EVO Payments International, LLC Zenith Merchant Services Inc Merchant Acquiring NA NA

5/10/17 Swedbank AB (publ) PayEx Finance AB Consumer Payments NA NA

5/10/17 Cayan LLC Card Payment Services, Inc. Merchant Acquiring NA NA

5/8/17 AltaPay A/S IPS Limited Ecommerce Payments NA NA

5/1/17 FleetCor Technologies, Inc. Cambridge Global Payments Cross-Border Payments $675 NA

4/25/17 Vantiv, Inc. Paymetric, Inc. Payment Processing NA NA

4/24/17 HCL Technologies Limited Urban Fulfillment Services, LLC Mortgage Processing $30 0.6x HelloPay Singapore Pte. Ltd (nka:Alipay 4/19/17 Ant Financial Services Group Ecommerce Payments NA NA Singapore) 4/19/17 Asset Vantage Inc. Financial Navigator, Inc. Accounting Software NA NA

4/12/17 Stone Point Capital Bankruptcy Management Solutions Financial Software NA NA Network For Electronic Transfers Banking Computer Services Private 4/11/17 Clearing $27 NA (Singapore) Pte Ltd. Limited and BCS Information System 4/10/17 Harland Clarke Holdings Corp. RetailMeNot, Inc. Coupons / Rewards $457 1.5x Fidelity National Information Services, 4/10/17 New Access SA Banking Software NA NA Inc., Ambit Private Banking Business 4/7/17 Coupa Software Incorporated Trade Extensions Tradeext AB Sourcing Software $45 NA OP Financial Group, Merchant Acquiring 4/5/17 Nets Oy Merchant Acquiring $32 NA Business 4/5/17 Bain Capital & Advent International Ratepay Ecommerce Payments NA NA

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

4/4/17 BNP Paribas SA Compte Nickel Digital Banking NA NA

4/3/17 CU Cooperative Systems, Inc. The Members Group LLC Payment Processing NA NA

4/3/17 CardConnect Corp. MertzCo, Inc. VAR $38 6.2x

4/3/17 Avangate Inc. 2Checkout.com, Inc. Payment Processing NA NA

3/31/17 M1 Limited Areeba s.a.l. Card Processing $220 NA

3/29/17 Mastercard Incorporated NuData Security Inc. Anti-Fraud NA NA

3/28/17 Wirecard AG MyGate Communications (Pty) Ltd Gateway $25 NA

3/27/17 Nxt-ID, Inc. FitPay, Inc. Authentication NA NA

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 Citibank's Merchant Acquiring Services 3/13/17 Wirecard AG Merchant Acquiring NA NA in Asia Pacific 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

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

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 $185 2.6x

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) 1/26/17 Alipay (UK) Limited MoneyGram International, Inc. Money Transfer $1,936 1.2x

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

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. 15 1) Reflects updated merger consideration of $18 per share on April 15, 2017 PAYMENTS / BANKING Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

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 Advent International Corporation; Bain 1/13/17 ConCardis GmbH Merchant Processing NA NA Capital Investors, LLC 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. Crowdfunding 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 Mobile Payment 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

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

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

12/1/16 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

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

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

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

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 Citigroup Inc., Prepaid Card Services Prepaid NA NA

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

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

6/17/16 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

Notes: 19 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

5/17/17 Additiv Series A $5 BZ Bank Aktiengesellschaft Financial Software 8VC, Abstract Ventures, Bee Partners, Emerson Collective, 5/16/17 Neighborly Series B $25 Marketplace Lending FinTech Collective, Govtech Fund, Maven Ventures 5/16/17 LevelUp NA $37 CentroCredit Bank, JP Morgan Chase, U.S. Boston POS / Loyalty Ally Bridge Group, China Broadband Capital, China Development 5/15/17 Wacai Series C $42 PFM Bank Capital, New Horizon Capital 5/11/17 Verse Series B $20 e.ventures, Greycroft Partners, Spark Capital Mobile Payments

5/10/17 Kreditech NA $120 PayU Consumer Credit

5/9/17 Finxact NA $12 Live Oak Ventures Banking Software

5/9/17 Broadway Technology NA $42 Long Ridge Equity Partners Banking Software

5/4/17 Signifyd Series C $56 American Express, Bain Capital Ventures, Menlo Ventures Ecommerce Fraud Protection

5/4/17 MPP Global Series B $15 Albion Ventures, Grafton Capital Ecommerce Clocktower Ventures, CreditEase Fintech Investment Fund, 5/3/17 Nav Series B $13 Credit Scoring Goldman Sachs, Point72 Ventures 5/2/17 Aicai Series C $32 Zhongshunyi Financial Student Logistics / Payments

5/2/17 ServiceChannel NA $54 Acce Vertical Payments

5/1/17 Airwallex Series A $13 Gobi Ventures, MasterCard, Sequoia China, Tencent Cross-Border Payments

4/29/17 Satispay NA $15 Iccrea Banca Mobile Payments Spend Management 4/26/17 Ivalua NA $70 KKR Software 4/26/17 Robinhood Series C $110 DST Global, Index Ventures, NEA, Ribbit Capital Online Brokerage

4/24/17 Token Series A $16 EQT Ventures, Octopus Ventures, OP Financial Group Banking Software

4/19/17 IceKredit Series A $16 China Creation Ventures, Lingfeng Capital Underwriting Technology

4/18/17 Factom Series A $8 Harvest Equity, Peeli Ventures Blockchain

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

4/13/17 College Avenue Student Loans NA $30 Comcast Ventures, Leading Edge Ventures Student Loan Marketplace

4/11/17 Mswipe Technologies Series D $21 DSG Consumer Partners, Falcon Edge Capital, Fosun Capital Mobile Payments

4/10/17 MintQuantum Series A $15 Undisclosed Online Lending Union Square Ventures, Credit Ease, FirstMark Capital, Noah 4/6/27 Upgrade Series A $60 Online Lending Holdings, Ribbit Capital, Sands Capital Ventures China Merchants Innovation Investment Management, Forebright 4/6/17 WeCash Series C $80 Credit Scoring Capital Management, SIG 4/6/17 Flow Series A $16 Bain Capital Ventures, Fung Capital, Forerunner Ventures Cross-Border Payments

4/5/17 Jucaicat Series A $15 TIZA Online Lending

4/5/17 Savedroid NA $22 Rhineland-Palatinate, Angel Investors PFM / Digital Banking

3/31/17 Fiilament Series B $15 Bullpen Capital, Verizon Ventures Blockchain

3/30/17 Yongqianbao NA $67 Golden Brick Capital Management, CICC Alpha Online Lending Access Venture Partners, Earlybird Venture Capital, Pantera 3/29/17 ShapeShift AG Series A $10 Digital Currency Capital, Lakestar, Blockchain Capital 3/27/17 cloudvirga Series B $15 Incenter Mortgage POS

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

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

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

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

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 Goldman Sachs, Kleiner Perkins 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 Paytm 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 Venture Capital, 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. 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 Credible Labs NA $10 Undisclosed Online Lending

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

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

11/23/16 Udaan.com Series A $10 Lightspeed 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

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 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 Bank of Montreal, CIBC, Desjardins, RBC, Scotiabank, 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 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 Payoneer 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

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

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

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

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

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

Notes: 26 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

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

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

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

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

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

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

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

7/7/16 Payment Card Technologies NA $13 Undisclosed Debit Aspada, IFMR Investments, IIFL Private Wealth Management, 7/4/16 NeoGrowth Credit NA $35 Online Lending Khosla Impact, Omidyar Network, Quona Capital 6/28/16 BizFi NA $20 Metropolitan Equity Partners Online Lending Beanstalk Ventures, Benvolio Group, Felicis Ventures, Novel TMT 6/28/16 PredictSpring Series A $11 Mobile Commerce Ventures Bertelsmann India, Darrin Capital, India Quotient, Mayfield, 6/28/16 Lendingkart. ltd. Series B $32 Online Lending Saama Capital 6/27/16 D3 Banking Series E $16 West Partners Online Banking Accel, Baidu, Breyer Capital, China Everbright, CreditEase, 6/23/16 Circle Internet Financial Series D $60 Money Transfer General Catalyst Partners, IDG Capital Partners 6/22/16 Pearl Capital NA $20 Arena Investors SMB Finance Battery Ventures, Earlybird Venture Capital, Horizons Ventures, 6/21/16 Number26 GmbH Series B $40 Mobile Banking Redalpine Venture Partners, Valar Ventures

Notes: 27 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

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

29 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 5/19/17 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. $116.83 $92.29 $127.60 $39,698 $857 $40,555 10.8x 10.3x 15.2x 14.0x 24.0x 22.3x 12.1% 2.0 4.0% (0.5%) Intercontinental Exchange, Inc. 59.32 48.15 61.98 35,121 5,686 40,876 8.8x 8.4x 13.7x 12.7x 19.8x 17.6x 13.7% 1.4 3.3% 0.9% BM&FBOVESPA S.A. 5.83 4.55 6.33 11,878 (359) 11,522 14.9x 13.3x 21.8x 19.0x 17.4x 16.7x 15.8% 1.1 8.5% 21.3% Nasdaq, Inc. 67.44 61.19 72.52 11,140 3,169 14,309 6.0x 5.7x 11.8x 11.1x 16.4x 15.1x 9.8% 1.7 14.4% 7.3% CBOE Holdings, Inc. 85.04 61.58 86.28 9,528 1,292 10,833 10.8x 9.6x 17.3x 14.4x 25.1x 22.1x 32.4% 0.8 52.8% 108.9% TMX Group Limited 52.47 37.06 58.99 2,900 462 3,362 6.1x 5.9x 11.3x 10.7x 15.2x 14.1x NM NM (8.1%) 0.2% Bolsa Mexicana de Valores, S.A.B. de C.V. 1.72 1.41 1.91 1,018 (118) 907 5.5x 5.2x 10.1x 9.6x 17.7x 16.5x 11.9% 1.5 18.6% 5.1%

Mean 9.0x 8.3x 14.5x 13.1x 19.4x 17.8x 16.0% 1.4 13.4% 20.4% Median 8.8x 8.4x 13.7x 12.7x 17.7x 16.7x 12.9% 1.5 8.5% 5.1%

Exchanges - Asia Hong Kong Exchanges and Clearing Limited $25.14 $22.48 $27.39 $30,700 ($27,067) $3,648 2.3x 2.0x 3.2x 2.8x 35.9x 30.9x 3.2% 11.3 10.0% 10.6% ASX Limited 38.27 32.36 39.33 7,401 (734) 6,668 11.3x 10.7x 14.8x 14.0x 22.2x 21.2x 4.4% 5.0 (11.0%) 1.5% Singapore Exchange Limited 5.21 5.02 5.66 5,573 (529) 5,043 8.5x 7.8x 14.4x 12.8x 21.8x 18.7x 3.1% 7.0 8.5% (5.2%) Bursa Malaysia Berhad 2.40 1.90 2.41 1,289 (115) 1,177 9.3x 9.0x 15.7x 15.1x 25.1x 24.1x 4.5% 5.6 13.9% (6.6%)

Mean 7.8x 7.4x 12.0x 11.2x 26.3x 23.7x 3.8% 7.2 5.3% 0.1% Median 8.9x 8.4x 14.6x 13.4x 23.7x 22.7x 3.8% 6.3 9.2% (1.8%)

Exchanges - Europe Deutsche Börse Aktiengesellschaft $99.98 $74.00 $106.23 $18,676 $649 $19,491 6.9x 6.4x 11.8x 10.9x 18.4x 16.4x 11.5% 1.6 (4.6%) (3.4%) London Stock Exchange Group plc 45.09 29.44 45.52 15,709 (1,265) 15,071 6.6x 6.2x 12.9x 11.6x 23.4x 20.8x 15.5% 1.5 12.2% 2.4% Bolsas y Mercados Españoles 36.10 23.18 37.61 2,999 (362) 2,638 7.3x 7.3x 10.9x 11.1x 17.3x 17.3x NM NM 6.6% (6.5%) JSE Limited 10.57 9.21 14.22 904 (153) 751 4.6x 4.0x 12.0x 9.7x 16.8x 13.8x 4.6% 3.6 (5.9%) 16.0% GPW 12.49 8.27 13.03 524 (31) 494 6.0x 5.9x 10.4x 9.9x 16.0x 14.7x NM NM 10.6% 5.6% Hellenic Exchanges - Athens Stock Exch. 5.98 4.31 6.30 361 (109) 252 7.4x 5.9x 19.9x 12.2x 34.1x 29.3x 10.6% 3.2 29.9% (50.1%)

Mean 6.4x 6.0x 13.0x 10.9x 21.0x 18.7x 10.5% 2.5 8.1% (6.0%) Median 6.7x 6.0x 11.9x 11.0x 17.9x 16.8x 11.0% 2.4 8.6% (0.5%) (1)

Notes: 30 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 5/19/17 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 Broadridge Financial Solutions, Inc. $73.35 $59.86 $73.56 $8,624 $997 $9,621 2.3x 2.2x 12.5x 11.9x 22.0x 20.4x NM NM 21.6% 46.5% SEI Investments Co. 50.08 42.12 52.60 7,948 (661) 7,287 4.9x 4.6x 13.3x 11.6x 22.3x 19.3x 13.5% 1.7 5.8% 7.7% SS&C Technologies Holdings, Inc. 36.94 26.15 38.18 7,536 2,336 9,872 5.9x 5.6x 14.3x 13.0x 19.1x 17.0x 16.0% 1.2 13.2% 25.8% DST Systems, Inc. 118.56 94.52 128.66 3,661 470 4,131 2.1x 1.8x 10.8x 9.1x 18.0x 15.7x 10.0% 1.8 29.2% 6.5% Financial Engines, Inc. 39.50 23.56 45.75 2,483 (138) 2,346 4.8x 4.3x 14.8x 12.8x 29.1x 25.6x 25.0% 1.2 14.2% 23.9% Envestnet, Inc.(1) 35.55 30.80 41.47 1,558 245 1,803 2.7x 2.4x 14.4x 11.6x 28.3x 22.6x 20.0% 1.4 14.6% 19.7%

Mean 3.8x 3.5x 13.3x 11.7x 23.1x 20.1x 16.9% 1.4 16.5% 21.7% Median 3.8x 3.3x 13.8x 11.7x 22.1x 19.8x 16.0% 1.4 14.4% 21.8%

Financial Data, Content, & Analytics S&P Global Inc. $138.14 $99.15 $139.45 $35,612 $1,154 $36,766 6.3x 6.0x 13.5x 12.6x 22.3x 20.2x 13.1% 1.7 2.5% 8.4% Thomson Reuters Corporation 43.26 38.23 46.00 31,227 6,571 37,798 3.3x 3.2x 11.2x 10.8x 18.3x 17.0x 8.0% 2.3 1.5% 0.8% Moody's Corporation 114.75 87.30 119.99 21,952 1,813 23,765 6.2x 5.9x 13.1x 12.4x 21.6x 19.8x 10.2% 2.1 7.1% 19.5% IHS Markit Ltd. (2) 44.30 32.78 44.47 18,097 3,574 21,671 6.1x 5.9x 15.6x 14.4x 21.5x 18.5x 14.0% 1.5 29.2% 53.9% Verisk Analytics, Inc. 79.41 75.60 87.40 13,130 2,129 15,259 7.3x 6.9x 14.8x 13.7x 25.0x 22.6x 10.1% 2.5 4.4% 2.0% MSCI Inc. 98.88 71.51 109.29 8,944 1,379 10,323 8.3x 7.7x 16.3x 14.7x 27.3x 23.5x 14.3% 1.9 8.2% 8.0% FactSet Research Systems Inc. 161.24 149.39 183.64 6,362 180 6,542 5.2x 4.8x 15.2x 14.0x 21.5x 19.8x 10.6% 2.0 9.8% 4.5% The Dun & Bradstreet Corporation 104.52 100.46 141.57 3,857 1,332 5,188 2.9x 2.8x 10.4x 9.8x 14.9x 14.2x 8.0% 1.9 3.9% 1.7% Morningstar, Inc. 73.41 67.74 85.49 3,152 (83) 3,069 3.6x 3.4x 13.2x 11.7x 31.2x 25.8x 12.0% 2.6 7.5% 9.1% Bankrate, Inc. 10.55 6.91 11.95 944 113 1,057 2.1x 1.9x 8.4x 7.4x 15.0x 12.7x 15.0% 1.0 16.3% 26.9%

Mean 5.1x 4.9x 13.2x 12.2x 21.9x 19.4x 11.5% 2.0 9.0% 13.5% Median 5.7x 5.3x 13.4x 12.5x 21.6x 19.8x 11.3% 2.0 7.3% 8.2%

Online Broker Dealers The Charles Schwab Corporation (3) $38.26 $23.83 $43.65 $51,159 $4,052 $55,211 6.4x 5.7x NA NA 24.3x 19.9x 20.0% 1.2 15.9% 18.0% TD Ameritrade Holding Corporation (3) 36.62 26.37 47.41 19,338 1,765 21,103 5.7x 5.0x 12.5x 10.3x 21.8x 18.0x 18.7% 1.2 11.4% 6.8% E*TRADE Financial Corporation (3) 34.05 21.52 38.61 9,362 2,612 11,974 5.3x 4.9x NA NA 17.4x 15.0x 16.2% 1.1 7.4% 12.1% Interactive Brokers Group, Inc. (3) 34.93 31.97 40.38 2,375 4,638 7,013 4.9x 4.4x 7.6x 6.9x 25.6x 22.2x 13.5% 1.9 (0.3%) (19.8%) GAIN Capital Holdings, Inc. (3) 5.94 4.54 8.75 283 (110) 173 0.5x 0.5x 3.6x 2.1x 69.9x 8.5x NM NM (17.4%) (49.6%) Global Brokerage, Inc. 1.90 1.45 11.50 12 163 175 NA NA NA NA NA NA NM NA NA (35.7%)

Mean 4.6x 4.1x 7.9x 6.4x 31.8x 16.7x 17.1% 1.3 3.4% (11.4%) Median 5.3x 4.9x 7.6x 6.9x 24.3x 18.0x 17.4% 1.2 7.4% (6.5%)

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. 31 (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

5/17/17 Liquidnet Holdings, Inc. OTAS Technologies Limited Trading Platform NA NA

5/10/17 Cinnober Financial Technology AB Ancoa Software Ltd. Analytics NA NA

5/10/17 TTT Moneycorp Limited Commonwealth Foreign Exchange, Inc. FX NA NA Equinoxe Alternative Investment 5/9/17 Apex Fund Services (Bermuda) ltd Fund Administration NA NA Services ANZ ETFS Management (AUS) Limited 5/3/17 ETF Securities Ltd. Exchange Traded Products NA NA (nka:ETFS Management (AUS) Limited) 5/2/17 Ncontracts LLC Supernal Software, LLC Risk Management NA NA

4/27/17 Invesco Ltd. Source UK Services Limited Exchange Traded Products NA NA

4/27/17 AdvisorEngine, Inc. Kredible Technologies, Inc. Broker Software NA NA

4/26/17 Virtus Partners Holdings, LLC Alphakinetic Limited Fund Management Software NA NA

4/20/17 Brelion, LLC Peer Realty, LLC Crowdfunding NA NA

4/18/17 Investment Grade Technologies LLC TradeWarrior Inc. Broker Software NA NA

4/18/17 Investoo Group 100ForexBrokers.com FX Lead Gen NA NA

4/7/17 StatPro Group plc UBS Delta AG Risk / Analytics $14 0.8x

4/3/17 Cowen Group, Inc. ConvergEx Group, LLC Trading Platform $116 0.6x 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

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

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

3/15/17 Virtu Financial, Inc. KCG Holdings, Inc. Trading Services $1,268 0.9x

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

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

Notes: 33 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

1/9/17 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

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 Scottrade Financial Services, Inc. Online Brokerage $2,792 NA

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

Notes: 34 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

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

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

Notes: 35 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

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

Notes: 36 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

5/16/17 Symphony Communication Services Series C $63 BNP Paribas, Goldman Sachs, Google Messaging

5/11/17 Wealthsimple NA $37 Power Financial Corp. Robo-Advisor

5/4/17 Fumi Technology Series A $15 Hongdao Fund, Mobai Capital, Shunwei Capital Trading Platform

4/26/17 Quovo NA $10 F-Prime Capital, Napier Park Global API Manager

4/13/17 55 Capital Series A $10 Calibrate Management, Point72Ventures, Tectonic Ventures Advisor Software

3/31/17 The Naga Group AG Series A $13 Fosun Trading Platform 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 Power Financial 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

Notes: 37 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 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, Barclays, 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

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

Notes: 38 Source: CapitalIQ and Pitchbook. SECTION IV: Insurance / Benefits

39 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 5/19/17 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. $83.05 $61.21 $85.59 $18,274 $7,452 $25,726 3.2x 3.0x 12.7x 11.6x 18.4x 15.9x 13.8% 1.3 49.7% 72.5% Verisk Analytics, Inc. 79.41 75.60 87.40 13,130 2,129 15,259 7.3x 6.9x 14.8x 13.7x 25.0x 22.6x 10.1% 2.5 4.4% 2.0% athenahealth, Inc. 130.41 90.11 142.40 5,195 186 5,380 4.4x 3.8x 20.5x 16.8x 69.8x 53.1x 25.1% 2.8 12.9% 11.4% Guidewire Software, Inc. 62.04 49.18 64.00 4,588 (583) 4,005 7.6x 6.5x 46.7x 27.9x 90.7x 56.3x 18.5% 4.9 17.9% 13.2% Ebix, Inc. 55.00 44.43 65.10 1,734 186 1,920 5.9x 5.5x 16.4x 15.0x 18.5x 17.4x 15.0% 1.2 8.4% 11.3% Crawford & Company 8.71 7.40 14.37 489 175 665 0.6x 0.6x 4.9x 4.4x 11.8x 10.0x 10.0% 1.2 1.7% (3.6%) Polaris Consulting & Services Limited 3.46 2.19 3.59 353 (82) 271 NA NA NA NA NA NA NM NA NA 14.8% Symbility Solutions Inc. 0.36 0.25 0.41 86 (6) 80 2.7x 2.4 51.8 40.6 NM NA NM NM 17.6% 14.8%

Mean 4.5x 4.1x 24.0x 18.6x 39.0x 29.2x 15.4% 2.3 16.1% 17.1% Median 4.4x 3.8x 16.4x 15.0x 21.8x 20.0x 14.4% 1.9 12.9% 12.3%

Notes: 40 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

5/17/17 Advanced Solutions International, Inc. Innovative Software Solutions, Inc. Benefits Software NA NA

5/3/17 Genpact Limited BrightClaim, Inc. Claims Management NA NA

4/27/17 Disruptive Capital Finance LLP REG UK Ltd. Insurance Risk Management $10 NA

4/25/17 Vertafore, Inc. RiskMatch, LLC Insurance Analytics NA NA

4/6/17 Open GI Limited Transactor Global Solutions Limited Insurance Software $50 NA

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

Notes: 41 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

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

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 Partners IV, L.P.; Eir Partners 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 $67 3.2x

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

Notes: 42 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

5/12/17 Vet+a NA $27 Kartesia Advisor Insurance Software First Round Capital, Google Ventures, Greenoaks Capital 5/10/17 Clover Health Series D $130 Insurance Admin Management, Palm Drive Capital, Sequoia Capital American Family Ventures, AXA Strategic Ventures, Centana 5/2/17 One Inc. NA $16 Insurance Software Growth Partners, MassMutual Ventures 4/27/17 Singapore Life Series A $50 Impact Capital Holdings, IPGL Insurance Software Arbor Ventures, Battery Ventures, Bessemer Venture Partners, 4/25/17 Hibob Series A $18 HR Software Eight Roads Ventures 4/20/17 Lemonade Inc. NA NA Allianz Insurance Munich Re/HSB Ventures, Ribbit Capital, TLV Partners;, Zeev 4/10/17 Next Insurance Series A $25 Insurance Tech Ventures 4/10/17 BIMA NA $17 Axiata Digital Insurance Tech

4/6/17 Trov NA $45 Munich Re HSB Ventures Insurance Tech Highland Capital Management, Accel, Aspect Ventures, CRV, 4/4/17 Amino Series C $25 Benefits Software Northwestern Mutual Future Ventures, Pilot Wall Group Two Sigma Private Investments, EPIC Insurance Brokers and 3/30/17 Decisely NA $60 Benefits Software Consultants 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 Family Office, Unilazer Ventures Insurance Lead Gen

Notes: 43 Source: CapitalIQ and Pitchbook. INSURANCE / BENEFITS Selected Recent Equity Financings – Trailing 12 Months (Cont’d)

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

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

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 Partners IV, L.P.; Eir Partners 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 $67 3.2x

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

Notes: 44 Source: CapitalIQ and Pitchbook.