Financial Technology Sector Summary August 10, 2016

1 TABLE OF CONTENTS

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

2 SECTION I: GCA Overview

3 GCA OVERVIEW Team

London Tokyo San Francisco New York

th 48 Dover Street 11-1 Marunouchi 1-chome One Maritime Plaza, 25th Fl. 640 Fifth Avenue, 10 Fl. London W1S 4FF Chiyoda-ku, Tokyo 100-6230 San Francisco, CA 94111 New York, NY 10019 United Kingdom Japan (415) 318-3600 (212) 999-7090 +44 (0) 207 038-3200 +81 (3) 6212-7100

Sean Minnihan Scott Patrick Peter Bang Derek Bell Paul DiNardo Steve Fletcher Managing Director Managing Director Managing Director Managing Director Advisory Director Managing Director Global Head of FinTech Phone: (212) 999-7077 Phone: (212) 999-7087 Phone: (212) 999-7074 Phone: (212) 999-7089 Phone: (212) 999-7097 Phone: (415) 318-3661 Mobile: (917) 364-6230 Mobile: (917) 340-0358 Mobile: (917) 783-4057 Mobile: (914) 953-0689 Mobile: (650) 483-7246 Mobile: (415) 518-6725 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Rob Freiman David Krueger Saif Malik Alexander Berry David Ibarra Director Vice President Vice President Associate Analyst

Phone: (212) 999-7075 Phone: (212) 537-4534 Phone: +44 (0) 207 038-3216 Phone: (212) 999-7079 Phone: (212) 537-4532 Mobile: (973) 229-0436 Mobile: (616) 822-7179 Mobile: +44 (0) 778 606-8553 Mobile: (818) 851-2300 Mobile: (917) 471-0821 [email protected] [email protected] [email protected] [email protected] [email protected]

4 SECTION II: Market Summary

5 MARKET SUMMARY Industry Stock Market Performance

120 190 Last 12 Months Last 3 Years

170 110

150

100

130

90

110

80

90

70 70

60 50 8/5/15 9/4/15 10/5/15 11/4/15 12/4/15 1/4/16 2/3/16 3/4/16 4/4/16 5/4/16 6/3/16 7/4/16 8/3/16 8/5/13 11/4/13 2/3/14 5/5/14 8/4/14 11/3/14 2/2/15 5/4/15 8/3/15 11/2/15 2/1/16 5/2/16 8/1/16

(1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Healthcare / Insurance Technology 9.8% 5.5% 30.3% Financial Data, Content, Information Processors / Financial, Data, Content, & Analytics 9.0% 7.3% 49.4% & Analytics Credit Bureaus Banking & Lending Technology 8.3% 9.2% 64.2% Information Processors / Credit Bureaus 8.0% 15.2% 36.3% (6) (5) Banking & Lending Online Broker Dealers Exchanges 6.9% 6.8% 36.2% Technology Investment Services, Software, & Technology 5.1% (1.8%) 58.8%

Online Broker Dealers 3.1% (15.2%) 29.6% (7) (8) Payments 1.9% 1.1% 38.7% Investment Services, Healthcare / Insurance Software, & Technology Technology

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

2016E EBITDA Multiples 2016E EBITDA Margins

Healthcare / Insurance Technology 16.4x Exchanges 55.5%

Information Processors / Credit Bureaus 15.8x Online Broker Dealers 43.8%

Financial Data, Content, & Analytics 13.9x Financial Data, Content, & Analytics 35.5%

Investment Services, Software, & Investment Services, Software, & 13.7x 31.1% Technology Technology

Banking and Lending Technology 13.4x Banking and Lending Technology 30.4%

Exchanges 13.0x Information Processors / Credit Bureaus 29.0%

Payments 12.6x Healthcare / Insurance Technology 25.6%

Online Broker Dealers 8.4x Payments 25.3%

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

Notes: 7 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY Price / Earnings Multiples and PEG Ratios

2016E Price / Earnings Multiples 2016E PE / Growth (“PEG” Ratio) | Long-Term EPS Growth

Banking and Lending Technology 30.1x Healthcare / Insurance Technology 2.2 11.2%

Information Processors / Credit Bureaus 26.1x Financial Data, Content, & Analytics 2.1 13.3%

Investment Services, Software, & 24.2x Banking and Lending Technology 2.0 11.0% Technology

Financial Data, Content, & Analytics 23.2x Exchanges 2.0 16.2%

Exchanges 21.9x Information Processors / Credit Bureaus 1.9 11.9%

Investment Services, Software, & Healthcare / Insurance Technology 21.2x 1.8 Technology 14.5%

Online Broker Dealers 20.2x Payments 1.4 14.4%

Payments 17.6x Online Broker Dealers 1.4 16.3%

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 0.0 0.5 1.0 1.5 2.0 2.5

Notes: 8 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY LTM Price Performance and 2016 P/E – Payments / Banking

($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2016 Prepaid Market Cap. Performance P/E 2016 Visa Inc. $189,195 9% 27.8x Blackhawk Network Holdings, Inc. $1,934 (22%) 13.4x MasterCard Incorporated $106,349 (0%) 26.9x Green Dot Corporation $1,211 30% 17.0x American Express Company $60,526 (13%) 12.1x Net 1 Ueps Technologies Inc. $580 (48%) 5.8x PayPal Holdings, Inc. $45,984 (2%) 25.5x Sector Average $1,241 (13%) 12.1x Discover $23,326 8% 10.2x

Sector Average $85,076 0% 20.5x LTM Price ATM / Kiosks Market Cap. Performance P/E 2016 LTM Price Cardtronics plc $2,084 32% 14.2x Merchant Processing Market Cap. Performance P/E 2016 Outerwall Inc. $852 (22%) 6.7x Cielo S.A. $25,738 2% 20.1x Everi Holdings Inc. $117 (64%) 3.0x First Data Corporation $11,976 NA 10.0x Sector Average $1,018 (18%) 8.0x Global Payments Inc. $11,452 32% 24.0x Total System Services, Inc. $9,067 6% 17.6x LTM Price Vantiv, Inc. $8,625 25% 20.7x POS Hardware / Technology Market Cap. Performance P/E 2016 Worldpay Group plc $7,762 NA 27.1x Wirecard AG $5,460 6% 23.4x Ingenico Group $6,633 (20%) 20.6x Square, Inc. $3,811 NA NM NCR Corporation $4,046 21% 11.1x GMO Payment Gateway, Inc. $1,850 31% 71.8x VeriFone Systems, Inc. $2,158 (40%) 10.4x EVERTEC, Inc. $1,312 (12%) 10.5x PAR Technology Corporation $79 18% NA Planet Payment, Inc. $197 35% 22.2x Sector Average $3,229 (5%) 14.0x JetPay Corporation $37 (29%) NM Sector Average $7,932 16% 24.7x LTM Price Banking and Lending Technology Market Cap. Performance P/E 2016 LTM Price Intuit Inc. $28,527 7% 28.7x Money Transfer Market Cap. Performance P/E 2016 Fidelity National Information Services, Inc $25,974 22% 20.7x The Western Union Company $10,242 3% 12.7x Fiserv, Inc. $23,122 21% 23.7x Euronet Worldwide, Inc. $4,024 14% 19.0x Jack Henry & Associates Inc. $7,019 28% 30.0x Moneygram International Inc. $366 (33%) 8.7x Temenos Group AG $4,010 71% 30.3x Sector Average $4,878 (5%) 13.5x Ellie Mae, Inc. $3,213 23% 47.2x Black Knight Financial Services, Inc. $2,711 13% 34.2x DH Corporation $2,530 (27%) 13.4x LTM Price ACI Worldwide, Inc. $2,224 (16%) 35.0x Closed Loop Market Cap. Performance P/E 2016 LendingClub Corporation $1,813 (66%) 62.1x FleetCor Technologies, Inc. $15,024 2% 24.0x Q2 Holdings, Inc. $1,111 6% NM Alliance Data Systems Corporation $13,106 (17%) 13.2x Bottomline Technologies (de), Inc. $862 (21%) 16.1x Edenred SA $5,328 (11%) 23.2x On Deck Capital, Inc. $371 (42%) NM WEX Inc. $3,616 (7%) 21.7x Performant Financial Corporation $107 (31%) 47.6x Sector Average $9,269 (8%) 20.5x Sector Average $7,400 (1%) 32.4x

LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2016 0 Experian plc $17,955 22% 21.1x Equifax Inc. $15,853 30% 24.7x Fair Isaac Corporation $3,983 42% 27.5x Acxiom Corporation $1,954 26% 41.6x Sector Average $9,936 30% 28.8x Notes: 9 Source: CapitalIQ and Wall Street Research. Market data as of August 5, 2016. MARKET SUMMARY LTM Price Performance and 2016 P/E – Securities / Cap. Mkts. / Data & Analytics

($MM) ($MM) LTM Price Investment Services, Software, & LTM Price Exchanges - Americas Market Cap. Performance P/E 2016 Technology Market Cap. Performance P/E 2016 0 CME Group Inc. $35,427 8% 23.6x Broadridge Financial Solutions, Inc. $8,128 27% 24.2x Intercontinental Exchange, Inc. $33,128 17% 20.0x SEI Investments Co. $7,532 (14%) 24.2x Nasdaq, Inc. $11,777 35% 19.1x SS&C Technologies Holdings, Inc. $6,527 (4%) 20.1x BM&FBOVESPA S.A. $10,876 88% 16.7x DST Systems Inc. $3,992 15% 21.2x CBOE Holdings, Inc. $5,587 9% 28.2x Financial Engines, Inc. $1,857 (26%) 27.4x TMX Group Limited $2,523 28% 14.4x Envestnet, Inc. $1,715 (10%) 39.2x Sector Average $16,553 31% 20.3x Sector Average $3,523 (6%) 27.0x

LTM Price LTM Price Exchanges - Asia Market Cap. Performance P/E 2016 Financial Data, Content, & Analytics Market Cap. Performance P/E 2016 0 Hong Kong Exchanges & Clearing Limited $30,194 (6%) 37.2x S&P Global, Inc. $31,918 20% 23.4x ASX Limited $7,298 12% 22.1x Thomson Reuters Corporation $30,910 1% 20.5x Singapore Exchange Limited $6,041 (2%) 23.0x Moody's Corporation $20,201 (5%) 23.0x Bursa Malaysia Berhad $1,209 11% 23.5x IHS Markit Ltd. $14,758 32% 20.0x Verisk Analytics, Inc. $13,884 7% 27.3x Sector Average $11,186 4% 26.5x MSCI Inc. $8,216 31% 29.6x FactSet Research Systems Inc. $7,082 3% 25.6x LTM Price The Dun & Bradstreet Corporation $5,083 21% 18.9x Exchanges - Europe Market Cap. Performance P/E 2016 Morningstar Inc. $3,570 (3%) 27.3x 0 Bankrate, Inc. $709 (24%) 15.2x Deutsche Boerse AG $15,452 (13%) 17.0x London Stock Exchange Group plc $12,646 8% 23.6x Sector Average $11,602 7% 23.0x Bolsas y Mercados Españoles $2,532 (29%) 13.7x JSE Limited $1,130 20% 14.1x LTM Price GPW $375 (34%) 10.7x Online Broker Dealers Market Cap. Performance P/E 2016 Hellenic Exchanges - Athens Stock Exch. $293 (4%) 40.9x The Charles Schwab Corporation $39,598 (15%) 23.9x Sector Average $5,405 (9%) 20.0x TD Ameritrade Holding Corporation $16,507 (16%) 20.2x E*TRADE Financial Corporation $7,226 (13%) 15.3x LTM Price Interactive Brokers Group, Inc. $2,370 (16%) 22.9x Trading Platforms Market Cap. Performance P/E 2016 GAIN Capital Holdings, Inc. $320 (17%) 9.9x FXCM Inc. $55 (4%) NA MarketAxess Holdings Inc. $6,127 66% 64.3x BGC Partners, Inc. $2,549 (6%) 12.5x Sector Average $11,012 (13%) 18.4x KCG Holdings, Inc. $1,348 45% 20.0x Virtu Financial, Inc. $646 (17%) 12.2x INTL FCStone Inc. $580 18% 11.1x Investment Technology Group, Inc. $555 (6%) 18.5x Sector Average $1,967 17% 23.1x

Notes: 10 Source: CapitalIQ and Wall Street Research. Market data as of August 5, 2016. SECTION III: Payments / Banking

11 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 8/5/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ Networks Visa Inc. $80.14 $60.00 $81.73 $189,195 $7,127 $196,322 12.5x 10.7x 18.3x 15.7x 27.8x 23.0x 16.8% 1.7 11.7% 3.2% MasterCard Incorporated 96.88 74.61 101.76 106,349 (3,141) 103,208 9.7x 8.8x 16.9x 15.1x 26.9x 23.2x 15.8% 1.7 9.7% 12.7% American Express Company 65.52 50.27 81.66 60,526 18,832 79,358 2.5x 2.5x NM NM 12.1x 11.8x 8.3% 1.5 3.3% (0.4%) PayPal Holdings, Inc. 38.10 30.00 41.75 45,984 (4,957) 41,027 3.8x 3.3x 14.8x 12.9x 25.5x 21.9x 15.2% 1.7 16.9% NM Discover Financial Services 57.79 42.86 58.10 23,326 14,093 37,419 4.1x 4.0x NM NM 10.2x 9.6x 6.1% 1.7 24.9% 6.6%

Mean 6.5x 5.8x 16.7x 14.5x 20.5x 17.9x 12.4% 1.6 13.3% 5.5% Median 4.1x 4.0x 16.9x 15.1x 25.5x 21.9x 15.2% 1.7 11.7% 4.9%

Merchant Processing Cielo S.A. $11.40 $7.44 $12.03 $25,738 $3,053 $28,791 7.2x 6.6x 15.8x 14.5x 20.1x 17.8x 13.0% 1.5 13.4% 9.8% First Data Corporation 13.16 8.37 17.99 11,976 18,854 30,830 2.6x 2.5x 10.7x 10.1x 10.0x 8.7x 15.0% 0.7 51.7% 1.5% Global Payments Inc. 74.54 50.70 79.93 11,452 3,849 15,301 5.6x 4.5x 17.7x 13.5x 24.0x 19.3x 13.0% 1.8 (4.2%) 5.7% Total System Services, Inc. 49.32 37.47 56.69 9,067 3,184 12,251 2.9x 2.5x 12.1x 10.7x 17.6x 15.5x 11.0% 1.6 51.5% 66.3% Vantiv, Inc. 55.12 38.20 59.62 8,625 2,849 11,474 6.1x 5.7x 12.7x 11.8x 20.7x 18.2x 14.3% 1.4 (40.7%) 13.4% Worldpay Group plc 3.88 3.12 4.17 7,762 1,243 9,005 6.3x 5.7x 15.8x 13.9x 27.1x 24.0x 27.2% 1.0 12.2% 15.9% Wirecard AG 44.19 32.83 54.68 5,460 (764) 4,696 4.2x 3.3x 14.0x 11.1x 23.4x 18.6x 28.0% 0.8 25.2% 30.8% Square, Inc. 11.15 11.90 15.91 3,811 (403) 3,407 5.1x 3.9x NM 38.7x NM NM 20.0% NM (46.9%) 41.5% GMO Payment Gateway, Inc. 50.24 31.98 79.76 1,850 (301) 1,549 12.2x 9.7x 34.1x 26.7x 71.8x 55.8x 24.4% 2.9 30.9% 36.4% EVERTEC, Inc. 17.50 11.27 19.87 1,312 621 1,932 5.0x 4.9x 10.4x 10.2x 10.5x 10.1x 10.5% 1.0 3.3% 4.6% Planet Payment, Inc. 3.63 2.19 4.97 197 (0) 197 3.4x 3.0x 13.4x 10.9x 22.2x 17.5x 24.5% 0.9 10.6% 3.3% JetPay Corporation 2.10 2.00 3.25 37 12 49 1.1x 1.0x 15.9x 10.1x NM NM NA NA 7.3% 7.4%

Mean 5.1x 4.5x 15.7x 15.2x 24.7x 20.5x 18.3% 1.4 9.5% 19.7% Median 5.0x 4.2x 14.0x 11.4x 21.5x 18.0x 15.0% 1.2 11.4% 11.6%

Money Transfer The Western Union Company $21.00 $16.02 $21.42 $10,242 $2,047 $12,289 2.3x 2.2x 9.2x 9.0x 12.7x 12.1x 7.5% 1.7 (0.6%) (0.6%) Euronet Worldwide, Inc. 77.25 51.79 82.49 4,024 (56) 3,968 2.0x 1.8x 11.3x 9.8x 19.0x 16.9x 14.7% 1.3 11.3% 12.2% Moneygram International Inc. 6.85 4.68 10.92 366 790 1,157 0.8x 0.7x 4.3x 4.1x 8.7x 6.8x 13.9% 0.6 6.9% 6.9%

Mean 1.7x 1.6x 8.3x 7.6x 13.5x 11.9x 12.0% 1.2 5.9% 6.2% Median 2.0x 1.8x 9.2x 9.0x 12.7x 12.1x 13.9% 1.3 6.9% 6.9%

Closed Loop FleetCor Technologies, Inc. $162.32 $107.56 $168.51 $15,024 $2,339 $17,363 9.7x 8.5x 18.1x 15.5x 24.0x 20.7x 16.5% 1.5 5.2% 3.3% Alliance Data Systems Corporation 222.37 176.63 303.75 13,106 17,265 30,372 4.2x 3.8x 14.9x 13.6x 13.2x 11.8x 15.1% 0.9 11.6% 16.5% Edenred SA 23.01 14.76 25.69 5,328 1,278 6,606 5.2x 4.8x 14.2x 12.7x 23.2x 20.4x 10.9% 2.1 13.3% (1.8%) WEX Inc. 93.17 54.42 102.09 3,616 940 4,557 4.6x 3.9x 12.5x 9.7x 21.7x 18.0x 15.0% 1.4 16.1% 9.5%

Mean 5.9x 5.3x 14.9x 12.9x 20.5x 17.7x 14.4% 1.5 11.6% 6.9% Median 4.9x 4.3x 14.6x 13.1x 22.4x 19.2x 15.0% 1.5 12.5% 6.4%

Prepaid Blackhawk Network Holdings, Inc. $34.34 $29.91 $48.40 $1,934 $264 $2,198 1.1x 1.0x 10.4x 8.8x 13.4x 13.8x 14.8% 0.9 10.8% 5.1% Green Dot Corporation 24.18 15.28 24.39 1,211 254 1,464 2.1x 2.0x 9.2x 8.2x 17.0x 13.9x 12.5% 1.4 2.0% 1.5% Net 1 Ueps Technologies Inc. 10.42 8.44 21.48 580 (62) 517 0.8x 0.8x 3.4x 3.1x 5.8x 5.3 10.0% 0.6 1.3% (10.8%)

Mean 1.3x 1.2x 7.7x 6.7x 12.1x 11.0x 12.4% 0.9 4.7% (1.4%) Median 1.1x 1.0x 9.2x 8.2x 13.4x 13.8x 12.5% 0.9 2.0% 1.5%

Notes: 12 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. 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 8/5/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ

ATM / Kiosks Cardtronics plc $46.07 $28.01 $46.63 $2,084 $472 $2,555 2.0x 2.0x 8.0x 8.1x 14.2x 14.9x 13.5% 1.1 5.4% 6.7% Outerwall Inc. 52.58 24.81 67.84 852 557 1,409 0.7x 0.8x 3.5x 4.0x 6.7x 8.8x 10.0% 0.7 (8.0%) (5.0%) Everi Holdings Inc. 1.77 1.13 5.62 117 1,038 1,155 1.4x 1.3x 5.9x 5.7x 3.0x 2.6x 20.0% 0.1 0.3% 3.7%

Mean 1.4x 1.4x 5.8x 5.9x 8.0x 8.8x 14.5% 0.6 (0.8%) 1.8% Median 1.4x 1.3x 5.9x 5.7x 6.7x 8.8x 13.5% 0.7 0.3% 3.7%

POS Hardware / Technology Ingenico Group $108.35 $96.49 $144.34 $6,633 $242 $6,875 2.6x 2.3x 12.2x 10.8x 20.6x 18.0x 13.5% 1.5 8.6% 7.1% NCR Corporation 32.68 18.02 33.26 4,046 3,126 7,172 1.1x 1.1x 6.9x 6.5x 11.1x 10.1x NA NA 0.1% 1.0% VeriFone Systems, Inc. 19.52 16.99 33.46 2,158 798 2,956 1.4x 1.3x 7.6x 7.6x 10.4x 9.1x 0.0% NA 4.3% 7.4% PAR Technology Corporation 5.03 3.91 7.53 79 (3) 77 NA NA NA NA NA NA NA NA NA NA

Mean 1.7x 1.6x 8.9x 8.3x 14.0x 12.4x 6.8% NM 4.3% 5.2% Median 1.4x 1.3x 7.6x 7.6x 11.1x 10.1x 6.8% NM 4.3% 7.1%

Banking and Lending Technology Intuit Inc. $111.49 $79.63 $116.97 $28,527 ($613) $27,914 5.8x 5.3x 15.7x 13.5x 28.7x 24.9x 16.9% 1.7 7.7% 7.9% Fidelity National Information Services, Inc 79.23 55.11 81.41 25,974 10,365 36,339 3.8x 3.7x 12.4x 11.4x 20.7x 18.0x 12.0% 1.7 43.7% 45.2% Fiserv, Inc. 105.19 77.96 111.51 23,122 4,291 27,413 4.9x 4.6x 14.3x 13.3x 23.7x 21.1x 11.7% 2.0 5.9% 5.0% Jack Henry & Associates Inc. 88.98 63.84 89.89 7,019 46 7,065 5.1x 4.8x 14.7x 13.6x 30.0x 27.6x 11.0% 2.7 6.6% 7.6% Temenos Group AG 61.43 31.89 62.45 4,010 288 4,298 7.0x 6.4x 18.2x 16.1x 30.3x 26.6x 16.4% 1.8 13.2% 20.8% Ellie Mae, Inc. 97.52 57.88 102.63 3,213 (89) 3,124 9.1x 7.4x 30.7x 21.8x 47.2x 36.3x 23.3% 2.0 34.5% 36.6% Black Knight Financial Services, Inc. 39.23 24.50 39.62 2,711 1,593 4,303 4.2x 3.8x 9.3x 8.4x 34.2x 30.0x 13.7% 2.5 10.5% 10.1% DH Corporation 23.69 21.82 33.04 2,530 1,452 3,982 3.0x 2.9x 10.7x 9.7x 13.4x 12.0x NA NA 13.9% 13.9% ACI Worldwide, Inc. 18.98 15.07 24.61 2,224 683 2,907 2.9x 2.8x 11.1x 10.2x 35.0x 28.7x 13.5% 2.6 (3.0%) (17.3%) LendingClub Corporation 4.75 3.44 15.00 1,813 (569) 1,244 2.6x 2.2x 37.0x 12.9x 62.1x 30.3x 64.2% 1.0 12.9% 6.7% Q2 Holdings, Inc. 27.93 16.44 30.73 1,111 (96) 1,015 6.8x 5.3x NM NM NM NM NA NA 36.7% 37.0% Bottomline Technologies (de), Inc. 21.05 20.44 31.58 862 20 881 2.5x 2.3x 12.1x 11.6x 16.1x 14.9x 16.0% 1.0 3.6% 5.2% On Deck Capital, Inc. 5.25 4.20 12.85 371 479 850 3.0x 2.2x NM NM NM NM 56.8% NM 58.4% (22.0%) Performant Financial Corporation 2.14 1.51 3.39 107 13 120 0.9x 0.9x 5.9x 6.8x 47.6 53.5x 20.0% 2.4 (13.2%) (7.7%)

Mean 4.4x 3.9x 16.0x 12.4x 32.4x 27.0x 23.0% 2.0 16.5% 10.6% Median 4.0x 3.7x 13.4x 12.2x 30.1x 27.1x 16.2% 2.0 11.7% 7.7%

Information Processors / Credit Bureaus Experian plc $19.03 $13.23 $19.47 $17,955 $3,083 $21,038 4.6x 4.4x 13.2x 12.5x 21.1x 19.1x 11.0% 1.9 NA NA Equifax Inc. 132.84 90.94 136.97 15,853 2,849 18,702 5.9x 5.4x 16.9x 15.2x 24.7x 22.3x 12.7% 2.0 18.1% 19.6% Fair Isaac Corporation 129.10 77.57 130.99 3,983 483 4,466 5.1x 4.8x 21.9x 17.5x 27.5x 23.2x 15.7% 1.8 3.6% 14.0% Acxiom Corporation 25.12 17.32 26.14 1,954 32 1,987 2.3x 2.2x 14.7x 12.4x 41.6x 35.7x 15.3% 2.7 5.0% 9.1% Intersections Inc. 1.87 1.71 3.55 44 (2) 42 NA NA NA NA NA NA NA NA NA (13.9%)

Mean 4.5x 4.2x 16.7x 14.4x 28.8x 25.1x 13.7% 2.1 8.9% 7.2% Median 4.8x 4.6x 15.8x 13.8x 26.1x 22.8x 14.0% 1.9 5.0% 11.6%

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

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

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 $558 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

7/27/16 Blockstream Corp GreenAddressit Limited Digital Wallet NA NA

7/21/16 LoyaltyOne, Co. Brand Loyalty International B.V. Loyalty / Rewards $1,295 NA 51% Stake in PayStar, Inc. and 7/21/16 Net Element, Inc. Mobile Payments $3 NA Nexcharge, Inc. 7/21/16 MasterCard Incorporated VocaLink Holdings Limited Mobile Payments $1,205 5.1x

7/19/16 CommonBond, Inc. Gradible Student Loan PFM NA NA

7/18/16 Dotpay S.A. eCard S.A. eCommerce Payments NA NA

7/18/16 ASSA ABLOY AB Demoteller Systems Inc. Card Issuance Technology NA NA

7/6/16 Heinrich Bauer Verlag KG Zmarta Group Online Lending NA NA

7/5/16 Next Group Holdings Inc. Transaction Processing Products, Inc. Gift Cards NA NA

7/1/16 Klik and Pay LLC PAYMILL GmbH eCommerce Payments NA NA

6/30/16 The ai Corporation Limited Iridium Corporation Limited Merchant Processing 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

6/28/16 Sandpiper Digital Payments AG InterCard AG Informationssysteme Prepaid NA NA

6/27/16 Payward, Inc. CleverCoin B.V. Bitcoin 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

6/21/16 Kuber Financial, LLC Mobilend, Inc. Online Lending NA NA

6/20/16 MassVenture Inc. Equity Brick, LLC Crowdfunding NA NA

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

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

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

6/16/16 Stockpile Spark Gift Sales LLC Gift Cards NA NA

6/16/16 Cast & Crew Payroll, LLC Talent Acquisitions, LLC Payroll Software NA NA Shandong Luyitong Intelligent Electric 6/8/16 Canaan Creative Blockchain Hardware NA NA Plc. 6/2/16 Chequers Capital FIME SAS MPOS $9 0.2x

5/19/16 Ingenico Group Nera Payment Solutions Pte Ltd. POS $66 NA

5/18/16 Telenor ASA Prabhu Money Transfer Sdn. Bhd. Money Transfer NA NA

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

5/11/16 DIMOCO Europe GmbH Onebip S.r.l Mobile Payments NA NA

5/10/16 Indiegogo, Inc. Celery eCommerce NA NA

5/9/16 Upserve, Inc. Breadcrumb POS NA NA

5/9/16 Bango PLC Danal, Inc. eCommerce $3 NA JDA Software Group, Inc., JDA Point-of- 5/4/16 Zoftec, LLC POS NA NA Sale Solutions Vantage Commodities Financial 5/3/16 Big Apple Energy LLC Alternative Lending NA NA Services, LLC Setefi S.p.A. and Intesa Sanpaolo Card 5/2/16 Mercury UK Holdco Limited Issuer Processing $1,156 NA D.O.O. 4/28/16 Emerchants Limited Store Financial Services, LLC Prepaid $35 NA

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

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue Barclaycard, Consumer Payments 4/28/16 Bancopopular-e, S.A. Credit Cards NA NA Business in Portugal and Spain 4/27/16 SumUp Limited Payleven Holding GmbH Merchant Acquiring NA NA

4/26/16 Ingenico Group Lyudia Inc. VAR $10 30.3x

4/20/16 SoftPay Mobile International Pte. Ltd. MPOS Vietnam POS NA NA Goldleaf Enterprise Payments (GEPI), 4/19/16 Battery Ventures Check Processing NA NA Inc. 4/19/16 Lendix, SA Invex SAS Online Lending NA NA

4/19/16 Prodege, LLC MyPoints.com, Inc. Loyalty / Rewards $12 NA

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

4/18/16 Zomaron Inc. Zomaron Inc. (Spin Off) Merchant Processing NA NA

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

4/12/16 Electronic Payments, Inc. Complete Merchant Solutions LLC Merchant Processing NA NA

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

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

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

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

4/1/16 Reserve Dash Mobile Payments NA NA

3/24/16 Ebates, Inc. Shopular, Inc. Marketing / Offers NA NA

3/21/16 Ola Cabs Qarth Technologies Pvt. Ltd. Mobile Payments NA NA

3/21/16 Bypass Mobile, LLC Parametric Dining, LLC POS NA NA

3/21/16 Asure Software, Inc. Mangrove Software, Inc. HR / Payroll Software $18 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

3/15/16 FEXCO Holdings Ltd Currency Exchange Corporation Ltd. FX NA NA

3/15/16 Payoneer, Inc. Armor Payments, Inc. B2B Payments NA NA

3/14/16 Inflexion Private Equity Partners LLP Global Reach Partners Limited FX NA NA

3/14/16 Square, Inc. Framed Data Data / Analytics NA NA Goldman Sachs Investment 3/14/16 Honest Dollar Benefits Software NA NA Management 3/7/16 Banco Bilbao Vizcaya Argentaria, S.A. Holvi Payment Services Oy Online Banking NA NA CardConnect, LLC (nka:CardConnect 3/7/16 FinTech Acquisition Corp. Merchant Processing NA NA Corp.) Powa Technologies Limited, PowaTag 3/3/16 Ben White Business Consortium Mobile Payments NA NA Business Powa Technologies Limited, PowaWeb 3/3/16 Greenlight Marketing Limited eCommerce Payments NA NA Business H.I.G. Capital, LLC; H.I.G. Middle Market 3/3/16 Quicken Investment Services, Inc. PFM NA NA fund 3/2/16 AMP New Ventures MoneyBrilliant Pty Ltd PFM NA NA Emerging Markets Payments Holdings 3/2/16 Network International LLC Payment Processing $93 NA Limited 2/29/16 Wirecard AG Provus Service Provider S.A. Payment Processing $36 NA

2/19/16 PostFinance AG SIX Paynet Ltd Bill Pay NA NA

2/18/16 Finstar Financial Group Prestamos Prima SL Online Lending NA NA

2/17/16 Invoice Cloud, Inc. Metropolitan Communications, LLC Bill Pay NA NA

2/16/16 Amazon Seller Services Private Limited EMVANTAGE Payments Private Limited Bill Pay NA NA

2/9/16 Interswitch VANSO Mobile Payments / Banking NA NA

2/8/16 BluePay, Inc. Billhighway Inc. Financial Software NA NA

2/3/16 Blackhawk Network Holdings, Inc. NimbleCommerce, Inc. Gift Cards $17 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

1/21/16 Firstsource Group USA Inc ISGN Solutions, Inc. Mortgage Technology $13 NA

1/27/16 SIA S.p.A. UBIQ srl Offers NA NA

1/26/16 Total System Services, Inc. TransFirst Holdings Corp. Merchant Processing $2,350 8.2x ACI Worldwide, Inc., Community 1/20/16 Fiserv, Inc. Banking Technology $200 NA Financial Services Business 1/20/16 Flywire ScholarFX Money Transfer NA NA

1/18/16 omNovos Minicheckout Mobile Payments NA NA

1/15/16 VeriFone Systems, Inc. AJB Software Design Inc. Gateway $90 NA

1/6/16 Blackhawk Network Holdings, Inc. Omni Prepaid, LLC Prepaid $120 NA

1/5/16 InComm, Inc. TibiDono Handelsinnovationen GmbH Prepaid NA NA Heartland Payment Systems, Inc., 1/4/16 EchoSat Communications Group, Inc. Gateway $10 NA Smartlink Division 12/31/15 MCI.EuroVentures Mobiltek eCommerce Payments NA NA

12/28/15 Grovepoint Capital LLP Payzone UK Limited Mobile Payments $57 NA

12/23/15 Genero Capital LLC cashU Inc. eCommerce Payments NA NA

12/22/15 Gradifi, Inc. Valoreon, SmarterBucks Program Student Lending NA NA

12/22/15 Invoice Cloud, Inc. ImageVision.net, Inc. Online Payments NA NA

12/15/15 Global Payments Inc. Heartland Payment Systems, Inc. Payment Processing $4,414 7.4x

12/8/15 Morpho SA AIRTAG SA Mobile Payments NA NA

12/7/15 Paytm Mobile Solutions Private Limited ThumbSpot Inc. eCommerce $2 NA

12/1/15 Q2 Software, Inc. SmartyPig, LLC Banking Software $11 NA Industrial and Financial Systems, IFS AB 11/30/15 EQT Partners AB; EQT VII Financial Software $1,005 2.6x (publ)

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

11/30/15 Excel Corporation Calpian, Inc. ISO NA NA

11/26/15 Exponent Private Equity LLP Wowcher Limited Marketing / Offers NA NA

11/23/15 Eurazeo Fintrax Group Holdings Ltd. Multi-Currency Payments $411 1.9x

11/18/15 Lightspeed POS Inc. SEOshop Group B.V. eCommerce NA NA Zoom-Cash Inc., Exclusive Rights Of 11/11/15 Necessity Funding Partners, LLC Cash Payments NA NA Legal Funding Payment System 11/9/15 Netcetera, Swisscard, Aduno Group SwissWallet Digital Wallet NA NA

11/9/15 VeriFone Systems, Inc. InterCard AG POS $96 NA

11/4/15 ACI Worldwide, Inc. PAY.ON AG Gateway $201 NA

11/3/15 Permira Magento eCommerce NA NA

11/3/15 Worldline S.A. PaySquare SE Processing $80 1.0x

11/2/15 Visa Inc. Visa Europe Limited Networks NA NA

10/30/15 Heartland Payment Systems, Inc. Menusoft Systems Corp. POS $19 NA

10/28/15 Digital Asset Holdings, LLC Blockstack Inc. Blockchain NA NA

10/27/15 FlexiGroup Limited Fisher & Paykel Finance Limited Financial Marketplace NA NA Payments Business and 60% Stake in GI 10/27/15 Wirecard AG Prepaid $380 NA Technology Private Limited 10/26/15 Early Warning Services, LLC clearXchange LLC Money Transfer NA NA 80% in Elaxy Financial Software & 10/22/15 CREALOGIX Holding AG Banking Software NA NA Solutions And 20% in Elaxy Business 10/22/15 Eze Software Group LLC TKS Solutions, LLC Accounting Software NA NA Zwipe Payment Technologies Private 10/21/15 Citrus Payment Solutions Pvt. Ltd. Gateway NA NA Limited 10/19/15 WEX Inc. Electronic Funds Source LLC Closed Loop $1,470 NA

Notes: 19 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

10/17/15 Diebold, Incorporated Wincor Nixdorf Aktiengesellschaft ATMs / Kiosks $2,176 0.8x

10/17/15 Payscout, Inc. Advanced Payment Systems, Inc. Merchant Processing NA NA

10/15/15 SpareBank 1 Nord-Norge Auka AS Mobile Payments NA NA

10/15/15 Evolution1, Inc. Benaissance LLC Merchant Processing $81 6.1x

10/15/15 Velocity Mobile Limited Tab Payments, Corp. Mobile Payments NA NA

10/8/15 Clayton Holdings LLC ValuAmerica, Inc. Real Estate Software NA NA Precidia Technologies Inc. 10/6/15 Merchant Link, LLC Merchant Processing NA NA (nka:iPocket232 Inc.) 10/1/15 Flywire Uni-Pay Limited Cross Border Payments NA NA Sightline Payments, LLC, ATM and Cash 9/24/15 NRT Technology Corp. ATM NA NA Advance Assets 9/24/15 Prosper Marketplace, Inc. BillGuard, Inc. Anti-Fraud $30 NA GRG International Limited, Australian 9/23/15 DC Payments Australasia Pty Ltd. ATM $3 NA ATM Business 9/22/15 Velocity Mobile Limited Cover, Inc. POS NA NA

9/21/15 Crédit Mutuel Arkéa Leetchi SA Money Transfer $65 NA

9/21/15 ShopKeep.com Inc. Refulgent Software LLC POS NA NA

9/18/15 TeamSystem S.p.A. MadBit Entertainment S.r.l. Billing Software $3 NA SunGard Ambit (Singapore) Pte. Ltd. 9/18/15 Silverlake Axis Ltd Lending Software $17 NA (nka:Silverlake Symmetri (Singapore) 9/16/15 Bambora Beanstream Internet Commerce Inc. Merchant Processing NA NA

9/16/15 Volkswagen Financial Services AG sunhill technologies GmbH Mobile Payments NA NA

9/16/15 Arlington Capital Partners Ontario Systems, LLC Collections NA NA

9/9/15 Finicity Corporation Aurora Financial Systems, Inc. Prepaid NA NA

Notes: 20 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 Acertis Cloud Ltd (nka:SteelBrick 9/9/15 SteelBrick Holdings, Inc. Billing Software NA NA Billing) 9/4/15 NTT DATA Asia Pacific Pte. Ltd iPay88 Sdn Bhd. Online Payments NA NA

9/3/15 Asseco Poland Spólka Akcyjna Exictos SGPS, S.A. Banking Software $39 0.8x

9/3/15 Urban FT, Inc. Wipit, Inc. Mobile Payments NA NA

9/2/15 The Riverside Company Baker Hill Corporation Loan Management Software $100 3.2x

9/2/15 Sovos Compliance, LLC WineDirect Compliance eCommerce NA NA

9/2/15 SS&C Technologies Holdings, Inc. Varden Technologies, Inc. Financial Software $25 NA Boku, Inc., Pay by Call Payment 9/2/15 DaoPay GmbH Telephonic Payments NA NA Business 9/2/15 Flipkart Payments Pvt. Ltd. FX Mart Pvt. Ltd. Money Transfer $4 NA

9/1/15 Asia United Bank Corporation Pinoy Express Pte Ltd. Money Transfer $4 NA

9/1/15 EVERTEC Group, LLC Processa S.A.S Payment Processing $9 NA Banco Nacional de Mexico S.A., 9/1/15 EVO Payments International, LLC Merchant Acquiring NA NA Merchant Acquiring Business 8/19/15 Braintree Payment Solutions, LLC MODEST, INC. eCommerce NA NA

8/18/15 CGI Group Inc. Solutions Only Financial Solutions Ltd. Financial Software NA NA

8/13/15 Boku, Inc. Mobileview Italia Srl Mobile Payments NA NA

8/12/15 Coinify ApS Coinzone B.V. Digital Currency NA NA

8/12/15 i3 Verticals Innovative Financial Technologies Merchant Processing NA NA

8/12/15 i3 Verticals NJOY Products Merchant Processing NA NA

8/12/15 CT-Payment Inc. Smart Card Marketing Systems Inc. Merchant Processing NA NA

8/11/15 Enova International, Inc. The Business Backer, LLC SMB Lending $27 1.4x

Notes: 21 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

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 , Horizons Ventures, 6/21/16 Number26 GmbH Series B $40 Mobile Banking Redalpine Venture Partners, Valar Ventures

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

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

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

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

5/25/16 Dashlane, Inc. Series C $23 Bessemer, FirstMark, Rho, TransUnion Digital Wallet Accelerate-IT Ventures, Cowboy Ventures, David Michaels, 5/19/16 Tally Technologies Series A $15 Credit Cards Shasta Ventures, SVB Aspada Investment, Creation Investments Capital Management, 5/12/16 Capital Float Series B $25 Online Lending SAIF Partners, Sequoia Capital Wincor Nixdorf's Cashless Payments 5/11/16 NA $23 HPE Growth Capital Merchant Processing Business 5/11/16 Orderbird Series C $23 ConCardis, Digital+ Partners, Metro (Germany) POS American Express, General Catalyst Partners, GGV Capital, 5/10/16 BigCommerce Series E $30 eCommerce Revolution Growth, SoftBank Capital, Split Rock Partners

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

5/9/16 Bridge2 Solutions NA $35 Updata Partners Loyalty / Rewards Accion, e.Ventures, Frog Capital, Greycroft Partners, MCI Capital, 5/5/16 Azimo NA $15 Money Transfer Rakuten Insight Venture Partners, OpenView Venture Partners, Trinity 5/4/16 View the Space Series C $55 Real Estate Tech Ventures 5/3/16 Bench Series B $16 Altos Ventures, Bain Capital Ventures, Contour Venture Partners Financial Software Blumberg Capital, Camp One Ventures, ClalTech, Fang Fund 5/3/16 Zooz Series C $24 Payment Optimization Partners, iAngels, Kreos Capital, Lool Ventures, Rhodium 5/2/16 Varo Money NA $27 Warburg Pincus Online Banking

4/27/16 Nubank NA $53 Goldman Sachs Credit Cards CNP, Decaux Freres Investissements, Matmut, Partech, Sycamore 4/26/16 Lendix, SA Series B $14 Online Lending Asset Management, Weber Investissements Angel Ventures, Auria Capital, Core Ventures, CrunchFund, 4/21/16 Kueski Series A $10 Online Lending Richmond Global, Rise Capital, VARIV, Victory Park Capital 4/21/16 Forter Series C $32 NEA, Scale Venture Partners, Sequoia Fraud Detection Capital One, Fifth Third Bank, PNC, Safegaurd Scientifics, TD Bank, 4/17/16 Transactis, Inc. Series E $30 Bill Pay Wells Fargo 4/17/16 SocietyOne Australia Pty. Ltd. Series C $25 Westpac Banking Corp. Online Lending Bezos Expeditions, DN Capital, Draper Fisher Jurveston, Stripes 4/12/16 Remitly, Inc. Series C $39 Money Transfer Group, Trilogy Equity, Vulcan Capital Andreessen Horowitz, Founders Fund, Jeffries, Khosla, 4/12/16 Affirm, Inc. Series D $100 Online Lending Lightspeed Venture Partners, Spark Captial 4/11/16 Viva Republica Series A $23 Altos Ventures, Goodwater Capital, KTB Network Money Transfer

4/6/16 Finanzcheck.de Series C $37 Acton Capital Partners, HarbourVest, Highland Capital Marketplace Lending

4/1/16 MobiKwik Series C $50 GMO Venture Partners, MediaTek, Sequoia Capital, Tree Line Asia Mobile Wallet

3/31/16 Blispay NA $13 Accomplice, AngelList, FirstMark Capital, Founder Collective, NEA Online Lending

3/24/16 Kreditech Series C $11 International Finance Corporation Credit Scoring

3/23/16 Gusto (ZenPayroll) Series B $17 GV, General Catalyst, Obvious Ventures HR / Payroll Software

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

3/23/16 GoCardless Ltd. Series C $13 Accel, Balderton Capital, Notion Capital, Passion Capital Direct Debit

3/17/16 Splitit 30% Stake $15 Aurum Online Lending

3/17/16 Momo App Series B $28 Goldman Sachs, Standard Chartered Private Equity Mobile Payments

3/14/16 LendInvest Limited Series B $25 Atomico Online Lending 1/0 Capital, Blackstone, Colchis, DW Partners, Fenway Summer 3/13/16 Future Finance NA $27 Online Lending Ventures, Invus Financial, KCK, QED, Ridge Road 3/11/16 EZBOB Series C $29 Leumi Partners, Oaktree Online Lending

3/10/16 Justworks, Inc. Series C $33 Bain Capital, Index Ventures, Redpoint Ventures, Thrive Capital HR Software

3/7/16 Property Partner Series B $18 Dawn Capital, Index Ventures, Octopus Investment Crowdfunding

3/3/16 iAngels Series B $14 Thorney Investment Group Crowdfunding

3/2/16 OurCrowd Ltd. NA $10 United Overseas Bank Limited Crowdfunding Bain Capital, Hercules Technology, Hummer Winblad, InterWest, 2/18/16 Aria Systems, Inc. Series E $50 Billing Software Madison Bay, Rembrandt, Venrock, Vmware 2/16/16 UniRush, LLC NA $20 Main Street Capital Prepaid

2/11/16 Payleven Series D $10 B Cinque, Holtzbrinck, MePay, NEA, ru-Net, Seventure Partners Mobile Payments Entrée Capital, Genesis Partners, NTT DoCoMo Ventures, Phoenix 2/10/16 Riskified Series B $25 Fraud Prevention Insurance, Qumra Capital 2/9/16 WorldRemit Ltd. NA $45 SVB, Triple Point Capital Money Transfer

2/9/16 SwervePay Series B $10 Garland Capital Group, KGC Capital, Mandell Ventures Vertical Payments .406 Ventures, Accomplice, Agman, Blackstone, Evolution Equity, 2/5/16 Bit9 Series F $68 Cyber Security Founders Circle, Highland, , Sequoia AME Cloud, AXA Strategic Ventures, Blockchain Capital, Digital 2/2/16 Blockstream Corp Series A $55 Blockchain Garage, FuturePerfect Ventures, Horizons, Khosla, Mosaic 2/2/16 Receipt Bank Limited Series A $10 Kennet Partners Accounting Software

2/2/16 Spotcap Spain SL Series C $32 Finstart Financial, HV Holtzbrink Ventures Online Lending

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

($MM) Announced Target Date Target Series Amount Investors Subsector DCM, HarbourVest, Lightspeed Venture Partners, Menlo 1/22/16 FiveStars, Inc. Series C $50 Loyalty / Rewards Ventures ABN AMRO, ASX Limited, BNP Paribas, Broadridge Financial, 1/21/16 Digital Asset Holdings, LLC Series A $62 Blockchain Citigroup, CME, Goldman Sachs, IBM, JPMorgan, PNC Guangdong Technology Financial Group, ING Bank, Khazanah 1/20/16 WeLab Holdings Limited Series B $152 Online Lending Nasional Berhad Formation8 Partners, Lightspeed Venture Partners, The Founders 1/20/16 Blend Labs, Inc. Series C $40 Mortgage Technology Fund 1/19/16 Brightpearl Limited Series C $11 Eden Ventures, MMC Ventures, Norion Capital Partners POS / Retail Software

1/15/16 College Avenue Student Loans LLC NA $20 Comcast Ventures, DW Partners, Fenway Summer Online Lending

1/11/16 Starling NA $70 Harald McPike Mobile Banking

1/6/16 Lendful NA $15 Alterna Bank Online Lending Kaszek Ventures, Sequoia Capital, Founders Fund, Tiger Global 12/24/15 Nu Pagamentos S.A. Series C $52 Mobile Banking Management 12/23/15 Toast, Inc. NA $30 Bessemer Venture Partners, GV POS 83North, Correlation Ventrues, Lightspeed Venture Partners, 12/15/15 Bluevine Capital, Inc. NA $40 Online Lending Menlo Ventures, Rakuten 12/6/15 Masabi Limited NA $12 Keolis, Lepe Partners, MasterCard, MMC Ventures Mobile Payments

12/1/15 Progressa Series A $11 Conconi Growth Partners, Cypress Hills Partners Online Lending

11/29/15 Tyro Payments Limited NA $72 TDM Asset Management, Tiger Global Management Merchant Processing BBVA Group, Marathon, Polar Capital, Toscafund Asset 11/24/15 Atom Bank NA $128 Online Banking Management, Woodford Investment Management 11/18/15 Ebury Partners UK Ltd NA $83 83 North, Vitruvian Partners SMB Lending Digital Currency, Fenway Summer, Kleiner Perkins, Pantera, 11/17/15 Align Commerce Corporation Series A $13 Money Transfer Recruit Strategic, Silicon Valley Bank 11/17/15 Earnest Operations LLC Series B $75 Adams Street Partners, Battery Ventures, Maveron Online Lending

11/11/15 Oaknorth Bank Limited NA $100 Indiabulls Housing Finance Online Lending

11/11/15 NCR Corporation PIPE $820 Blackstone 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 Collaborative Fund, Canaan, Maveron, QED, Rose Park, Union 11/11/15 CircleUp Network, Inc. Series C $30 Crowdfunding Square 11/10/15 Bread Series A $14 Bessemer, RRE Consumer Finance

11/9/15 Guardian Analytics Series E $11 Undisclosed Fraud Protection

11/5/15 Meili Jirong Series A $65 Bertelsmann Asia, GX, Morningside, Wacai.com P2P Lending

11/3/15 Invoice2go Corporation Series C $15 Accel Partners, Ribbit Capital Accounting Software

11/3/15 FactorTrust, Inc. NA $42 ABS, Mission Operators Group Credit Scoring 83 North, Commerce Ventures, CommerzVentrues, Granite 10/27/15 Marqeta Inc. Series C $25 Issuer Processing Ventures, IA Capital Group Correlation Ventures, Crosslink, Leapfrog, Wildcat Ventures 10/26/15 Zebit Series A $10 Consumer Finance Partners Matrix Partners, Nyca Partners, Oak HC/FT, StartX, Webb 10/22/15 Poynt Co. Series B $28 POS Investment Network Personal Financial 10/21/15 Money Forward, Inc. Series C $13 Fenox, Mitsubishi, Mitsui & Co., Toho Bank, Yamaguchi Financial Management 10/19/15 Wave Crest Holdings Limited Series E $14 Vesuvius Ventures Payments BlueRun, ING, Recruit, Reverence Capital, Santander, Scotiabank, 10/14/15 Kabbage Inc. Series E $135 Online Lending Thomvest Ventures, UPS Strategic Enterprise Acumen Fund, Adlevo Capital, Capricorn Investment Group, 10/6/15 Paga Series B $13 Mobile Payments Omidyar Network 10/1/15 Transaction Mobility Series A $33 Undisclosed Gateways

9/30/15 Citrus Payment Solutions Pvt. Ltd. Series C $25 Ascent Capital, BEENOS Asia, econtext Asia, Sequoia Mobile Payments

9/30/15 Credible Labs Series A $10 Undisclosed Online Lending

9/28/15 Ibotta, Inc. Series C $40 Jim Clark Loyalty / Rewards J.C. Flowers, Amadeus Capital, Varde Partners, HPE Growth 9/28/15 Kreditech Series C $92 Online Banking Capital, Blumberg Capital 9/25/15 Social Finance, Inc. Series E $1,000 SoftBank Online Lending

9/24/15 DriverUp Series B $20 Emerald Development Managers, RRE Ventures, SF Capital Group Online Lending

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 First Round Capital, Khosla Ventures, QED Investors, 9/17/15 Fundera, Inc. Series B $12 Online Lending Susquehanna Growth Equity Accel Partners, Caisse de depot et placement du Quebec, iNovia 8/13/15 Lightspeed POS Inc. Series C $61 POS Capital, Investissement Quebec 9/11/15 Abra Series A $12 Arbor Ventures, First Round Capital, RRE Ventures Money Transfer Bezos Expoditions, Blumberg Capital, Entrée Capital, General 9/10/15 Fundbox Ltd. NA $50 SMB Lending Catalyst, Khosla Ventures, Sound Ventures, Spark Capital 9/10/15 Neft Series A $10 Undisclosed Credit Monitoring Canaan Partners, Conversion Capital, Nyca Partners, QED 9/10/15 Orchard, Inc. Series B $30 Online Lending Investors, Spark Capital, Thomvest Ventures, Thrive Capital 9/3/15 Shift Payments NA $50 Undisclosed Debit Collaborative Fund, Data Collective, Female Founders Fund, 9/2/15 InVenture Series A $10 Mobile Payments Lowercase Capital Capital One Ventures, Citi Ventures, Fiserv, Khosla Ventures, The 8/31/15 Chain Inc. Series B $30 Blockchain NASDAQ OMX Group, Orange Capital, RRE Ventures August Capital, Nyca Partners, The Social+Capital Partnership, 8/27/15 CommonBond, Inc. Series B $35 Online Lending Tribeca Venture Partners 8/27/15 SumUp Limited NA $11 Amercian Express Ventures, BBVA Ventures, Groupon POS

8/23/15 freee K.K. Series C $29 DCM, Recruit Holdings Accounting Software

8/18/15 GroupLend Inc. NA $10 Markus Frind, Lance Tracey Online Lending

8/13/15 C2FO Series E $40 Temasek, Union Square, Tiger Global, Summerhill, Mithril Invoice Finance

8/12/15 Payoneer, Inc. Series E $50 Susquehanna Growth Equity, Wellington Management Group Cross-Border Payments

8/10/15 Vatbox Ltd. Series B $24 Viola Private Equity Tax / Financial Software

8/10/15 Prodigy Finance Ltd. NA $100 Balderton Capital, Credit Suisse Group Online Lending Berggruen Holdings, Capricorn Investment Group, Helion Venture 8/6/15 Ezetap Mobile Solutions Pvt. Ltd. Series C $24 Mobile Payments Partners, Horizons Ventures 8/5/15 SavingGlobal GmbH Series B $22 Index Ventures, Ribbit Capital Online Banking

Notes: 28 Source: CapitalIQ and Pitchbook. SECTION IV: 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 8/5/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ Exchanges - Americas CME Group Inc. $104.55 $81.87 $104.60 $35,427 $989 $36,417 10.2x 9.6x 14.7x 13.5x 23.6x 22.0x 12.4% 1.9 7.2% 10.5% Intercontinental Exchange, Inc. 278.07 220.28 283.25 33,128 6,116 39,244 8.7x 8.3x 14.4x 13.3x 20.0x 17.9x 14.4% 1.4 35.3% 41.7% Nasdaq, Inc. 71.18 47.95 71.88 11,777 3,301 15,078 6.6x 6.1x 13.0x 12.0x 19.1x 16.7x 10.3% 1.9 (32.7%) 11.2% BM&FBOVESPA S.A. 6.09 3.02 6.61 10,876 (1,069) 9,807 12.9x 11.9x 19.4x 18.0x 16.7x 15.5x 13.0% 1.3 7.7% 2.0% CBOE Holdings, Inc. 68.73 58.25 72.53 5,587 (52) 5,535 8.5x 8.1x 15.3x 13.9x 28.2x 25.6x 12.9% 2.2 2.9% 9.8% TMX Group Limited 46.29 25.47 47.35 2,523 583 3,106 5.5x 5.3x 10.9x 10.6x 14.4x 13.8x NA NA (2.6%) 8.8% Bolsa Mexicana de Valores SAB de CV 1.89 1.15 1.90 1,121 (85) 1,036 6.8x 6.3x 13.0x 11.9x 21.9x 20.4x 10.9% 2.0 7.4% 6.7%

Mean 8.4x 7.9x 14.4x 13.3x 20.6x 18.9x 12.3% 1.8 3.6% 13.0% Median 8.5x 8.1x 14.4x 13.3x 20.0x 17.9x 12.6% 1.9 7.2% 9.8%

Exchanges - Asia Hong Kong Exchanges & Clearing Limited $24.83 $20.64 $28.88 $30,194 ($20,770) $9,424 6.4x 5.7x 9.1x 8.0x 37.2x 32.1x 0.0% NA (10.6%) (28.9%) ASX Limited 37.73 28.26 38.60 7,298 (753) 6,545 11.4x 10.7x 14.8x 13.9x 22.1x 21.0x 4.5% 4.9 (16.6%) 6.2% Singapore Exchange Limited 5.65 4.93 6.00 6,041 (646) 5,395 9.0x 8.4x 15.7x 13.9x 23.0x 20.3x NA NA (2.7%) (8.1%) Bursa Malaysia Berhad 2.25 1.87 2.26 1,209 (113) 1,096 8.2x 7.8x 14.5x 13.4x 23.5x 21.8x NA NA 3.8% 1.9%

Mean 8.7x 8.2x 13.5x 12.3x 26.5x 23.8x 2.3% NM (6.5%) (7.3%) Median 8.6x 8.1x 14.6x 13.7x 23.2x 21.4x 2.3% NM (6.6%) (3.1%)

Exchanges - Europe Deutsche Boerse AG $82.75 $77.42 $95.48 $15,452 $1,188 $16,640 6.0x 5.7x 11.1x 10.1x 17.0x 15.4x 4.7% 3.6 (10.1%) 7.0% London Stock Exchange Group plc 36.14 27.09 38.50 12,646 (1,265) 11,382 5.7x 5.3x 11.6x 10.4x 23.6x 20.0x 14.5% 1.6 8.5% 11.3% Bolsas y Mercados Españoles 30.40 23.12 43.17 2,532 (353) 2,179 5.9x 6.0x 8.7x 8.9x 13.7x 14.2x NM NM (4.6%) (3.6%) JSE Limited 13.21 8.27 14.13 1,130 (143) 987 4.9x 4.7x 9.7x 9.5x 14.1x 13.9x NA NA 23.4% 25.1% GPW 8.94 8.13 13.62 375 (67) 308 3.6x 3.8x 7.2x 6.9x 10.7x 11.5x 5.0% 2.1 (0.3%) (3.5%) Hellenic Exchanges - Athens Stock Exch. 4.68 3.80 6.53 293 (142) 152 4.4x 3.4x 11.3x 7.2x 40.9x 20.9x 15.3% 2.7 (5.6%) (14.8%) (1) Mean 5.1x 4.8x 9.9x 8.8x 20.0x 16.0x 9.9% 2.5 1.9% 3.6% Median 5.3x 5.0x 10.4x 9.2x 15.6x 14.8x 9.8% 2.4 (2.4%) 1.7%

Notes: 30 Source: CapitalIQ and Wall Street Research 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 8/5/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ Investment Services, Software, & Technology Broadridge Financial Solutions, Inc. $68.76 $48.56 $69.19 $8,128 $295 $8,423 2.4x 2.0x 12.5x 10.6x 24.2x 20.2x 0.0% NA 26.0% 4.8% SEI Investments Co. 46.69 32.01 55.48 7,532 (595) 6,938 5.0x 4.5x 14.0x 12.1x 24.2x 20.6x 13.7% 1.8 4.2% 1.8% SS&C Technologies Holdings, Inc. 32.45 23.62 38.60 6,527 2,506 9,033 6.0x 5.5x 14.4x 12.6x 20.1x 16.8x 15.0% 1.3 50.5% 75.3% DST Systems Inc. 122.40 95.54 128.66 3,992 640 4,632 2.7x 2.8x 12.0x 10.9x 21.2x 17.5x 10.0% 2.1 (39.4%) 7.4% Financial Engines, Inc. 30.06 23.22 41.13 1,857 (101) 1,756 4.2x 3.7x 13.4x 11.6x 27.4x 23.7x 25.0% 1.1 35.2% 35.8% Envestnet, Inc.(1) 40.18 19.30 45.36 1,715 252 1,968 3.4x 2.8x 19.3x 14.1x 39.2x 27.9x 20.0% 2.0 38.4% 38.0%

Mean 3.9x 3.6x 14.3x 12.0x 26.1x 21.1x 14.0% 1.7 19.1% 27.2% Median 3.8x 3.3x 13.7x 11.9x 24.2x 20.4x 14.4% 1.8 30.6% 21.6%

Financial Data, Content, & Analytics S&P Global, Inc. $120.90 $78.55 $122.75 $31,918 $2,212 $34,130 6.1x 5.9x 14.1x 13.2x 23.4x 21.0x 12.1% 1.9 5.0% 10.4% Thomson Reuters Corporation 41.29 33.96 43.68 30,910 8,284 39,194 3.5x 3.4x 12.4x 11.7x 20.5x 18.0x 8.4% 2.4 (7.3%) (1.2%) Moody's Corporation 105.05 77.76 111.74 20,201 1,394 21,595 6.1x 5.7x 13.7x 12.7x 23.0x 20.5x 11.2% 2.1 1.6% 1.2% IHS Markit Ltd. (2) 35.10 26.01 36.83 14,758 653 15,411 5.6x 4.2x 15.7x 11.0x 20.0x 17.1x 3.9% 5.1 147.3% 6.0% Verisk Analytics, Inc. 82.17 64.79 86.00 13,884 2,076 15,960 8.0x 7.5x 15.9x 14.8x 27.3x 24.5x 12.4% 2.2 (3.2%) 16.3% MSCI Inc. 86.82 56.87 86.98 8,216 1,176 9,392 8.2x 7.6x 17.0x 15.4x 29.6x 25.2x 14.3% 2.1 7.1% 7.4% FactSet Research Systems Inc. 174.21 135.95 177.28 7,082 89 7,171 6.2x 5.8x 17.5x 16.1x 25.6x 23.8x 10.3% 2.5 11.6% 13.0% The Dun & Bradstreet Corporation 140.01 85.99 141.57 5,083 1,357 6,440 3.7x 3.6x 12.8x 12.2x 18.9x 17.8x 6.3% 3.0 5.2% 6.2% Morningstar Inc. 82.90 74.78 89.44 3,570 (171) 3,398 4.3x 4.0x 13.3x 12.1x 27.3x 24.8x 14.0% 1.9 1.3% (1.9%) Bankrate, Inc. 7.85 6.59 15.80 709 173 882 2.1x 1.8x 8.7x 7.3x 15.2x 12.1x 17.5% 0.9 14.4% 10.0%

Mean 5.4x 5.0x 14.1x 12.7x 23.1x 20.5x 11.0% 2.4 18.3% 6.7% Median 5.8x 5.0x 13.9x 12.4x 23.2x 20.7x 11.7% 2.1 5.1% 6.8%

Online Broker Dealers The Charles Schwab Corporation (3) $29.93 $21.51 $35.59 $39,598 $7,804 $47,402 6.4x 5.8x NA NA 23.9x 20.5x 17.7% 1.4 17.1% 16.7% TD Ameritrade Holding Corporation (3) 31.36 24.88 37.91 16,507 1,828 18,335 5.1x 5.1x 11.6x 10.9x 20.2x 17.7x 14.3% 1.4 12.9% 5.5% E*TRADE Financial Corporation (3) 25.93 19.61 30.98 7,226 1,595 8,821 4.7x 4.3x NA NA 15.3x 14.9x 17.8% 0.9 3.2% 19.5% Interactive Brokers Group, Inc. (3) 36.13 29.50 44.85 2,370 3,278 5,648 3.6x 3.4x 5.3x 5.2x 22.9x 22.4x 16.3% 1.4 13.8% (12.4%) GAIN Capital Holdings, Inc. 6.60 5.75 8.48 320 (1,028) (708) NM NM NM NM 9.9x 8.3x 0.0% NA (1.8%) 2.6% FXCM Inc. (3) 9.90 5.26 24.77 55 338 393 NA NA NA NA NA NA NA NA NA 16.6%

Mean 4.9x 4.7x 8.4x 8.0x 18.4x 16.8x 13.2% 1.3 9.0% 8.1% Median 4.9x 4.7x 8.4x 8.0x 20.2x 17.7x 16.3% 1.4 12.9% 11.1%

Notes: Source: CapitalIQ and Wall Street Research 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

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 $101 3.4x

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

6/14/16 Global Advisors (Jersey) Limited XBT Provider AB (publ) Bitcoin ETF 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 NA NA

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

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

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

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

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

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

3/31/16 Morningstar Inc. RightPond Broker Software NA NA Credit Suisse Group AG, HedgeFocus 3/21/16 Institutional Capital Network, Inc. Fund Administration NA NA Business 3/21/16 Markit Ltd. (nka:IHS Markit Ltd.) IHS Inc. Data / Information Services $10,278 4.6x Fitch Solutions, Inc., Credit Default 3/16/16 Markit Ltd. (nka:IHS Markit Ltd.) Risk Analytics NA NA Swap Pricing Service

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 International Securities Exchange 3/9/16 Nasdaq, Inc. Exchanges $1,100 NA Holdings, Inc. 3/8/16 Equiniti Group plc RiskFactor Solutions Ltd Risk Analytics NA NA ConceptONE, LLC, Regulatory Reporting 3/7/16 Axioma, Inc. Risk Analytics NA NA And Risk Reporting Units 3/2/16 Tradeweb Markets LLC CodeStreet LLC Broker Dealer Software NA NA

3/1/16 Pico Quantitative Trading, LLC AlgoSpan Limited Data / Trading Platform NA NA Standard & Poor's Securities 3/1/16 Intercontinental Exchange, Inc. Data / Analytics NA NA Evaluations, Inc. and Credit Market 2/29/16 BI-SAM Technologies S.A. FinAnalytica, Inc. Risk / Analytics NA NA

2/26/16 Singapore Exchange Limited The Baltic Exchange Limited Exchanges $101 NA

2/23/16 Deutsche Boerse AG London Stock Exchange Group plc Exchanges $14,676 8.0x KCGA Americas LLC, Designated Market 2/5/16 Citadel Securities, LLC Market Maker NA NA Maker Business 2/5/16 Chongqing Casin Enterprise Group Chicago Stock Exchange, Inc. Exchanges NA NA

1/24/16 J.C. Flowers & Co. LLC Chi-X Global Holdings LLC Trading Platforms NA NA

1/22/16 StatPro Inc. Investor Analytics, LLC Data Analytics $16 3.2x

1/20/16 European Energy Exchange AG Power Exchange Central Europe, a. s. Exchanges NA NA

12/23/15 Wipro Ltd. Viteos Capital Market Services Limited Capital Markets Tech $130 4.9x

12/9/15 Moody's Corporation BlackBox Logic LLC Data / Analytics NA NA

12/8/15 Nasdaq, Inc. Chi-X Canada ATS Ltd. Trading Platform $110 NA

12/2/15 Wealthsimple Financial Inc. Canadian ShareOwner Investments Inc. Robo Advisors NA NA FXCM Securities Limited (nka:Walbrook 12/2/15 AS Expobank Trading Platform NA NA Capital Markets) 11/16/15 Intercontinental Exchange, Inc. Trayport Limited Trading Platform $860 11.0x

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 Citigroup Inc., Alternative Investor 8/18/15 SS&C Technologies Holdings, Inc. Fund Administration $321 NA Services Business 8/13/15 PDQ ATS, Inc. Quadriserv, Inc. Trading Platform NA NA

8/12/15 Markit Ltd. (nka:IHS Markit Ltd.) CoreOne Technologies LLC Data / Analytics $200 NA

8/12/15 ObjectWay S.p.A. Thomson Financial - MIS Systems Brokerage Software NA NA Fidelity National Information Services, 8/12/15 SunGard Data Systems Inc. Capital Markets Software $9,911 3.5x Inc. 8/11/15 Computer Sciences Corporation Fixnetix Ltd. Risk / Data $113 NA

8/5/15 IPC Systems ASPone Capital Markets 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 Equity Financings – Trailing 12 Months

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

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

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

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

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

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

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

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

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

4/1/16 Swanest NA $10 Andreessen Horowitz Robo-Advisor Altos Ventures, QUICK Corp, Startup Capital Ventures, StarVest 2/8/16 Xignite, Inc. Series C $21 Data Ventures 11/16/15 Hanweck Associates NA $10 Argentum Group Risk & Analytics

11/9/15 MoneyFarm SIM S.p.a. NA $16 Cabot Square, United Ventures Robo-Advisor

10/27/15 Indian Energy Exchange NA $13 TVB Shriram Growth Fund Exchanges

9/30/15 InvestCloud Series B $45 FTV Insurance Tech

9/22/15 TruMid Financial LLC NA $27 Peter Thiel, Shumway Capital, Soros Fund Trading Platform

8/13/15 eShares, Inc. Series B $17 Spark Capital, Union Square Ventures Transfer Agent

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

36 INSURANCE / BENEFITS Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 8/5/16 Low High Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E Growth PEG 16E/15A Y/Y MRQ Healthcare / Insurance Technology Verisk Analytics, Inc. $82.17 $64.79 $86.00 $13,884 $2,076 $15,960 8.0x 7.5x 15.9x 14.8x 27.3x 24.5x 12.4% 2.2 (3.2%) 16.3% IMS Health Holdings, Inc. 29.93 22.36 32.10 9,853 4,143 13,996 4.3x 4.1x 14.5x 13.5x 18.2x 17.0x 11.0% 1.7 11.0% 8.1% athenahealth, Inc. 126.79 114.59 170.42 4,988 160 5,149 4.7x 3.9x 21.9x 18.0x 71.9x 56.8x 24.3% 3.0 19.4% 16.6% Guidewire Software, Inc. 61.49 42.32 64.78 4,459 (579) 3,881 8.8x 7.7x 44.7x 33.3x 81.3x 65.6x 19.2% 4.2 11.8% 15.7% Ebix Inc. 54.78 19.78 55.00 1,795 162 1,957 6.7x 6.2x 17.0x 15.4x 21.2x 19.6x 10.0% 2.1 NA 12.1% Crawford & Company 11.07 3.99 12.50 613 179 791 0.7x 0.7x 7.3x 6.0x 16.9x 13.7x 10.0% 1.7 (4.1%) (7.2%) Polaris Consulting & Services Limited 2.87 2.21 3.36 291 (56) 236 0.7x 0.7x NA 5.2x 10.8x 9.0x 0.0% NA 5.2% (10.4%) Symbility Solutions Inc. 0.29 0.18 0.31 69 (5) 64 2.5x 2.2 NM 74.9 NM NM NA NA 0.1% 56.7%

Mean 4.5x 4.1x 20.2x 22.6x 35.4x 29.5x 12.4% 2.5 5.7% 13.5% Median 4.5x 4.0x 16.4x 15.1x 21.2x 19.6x 11.0% 2.2 5.2% 13.9%

Notes: 37 Source: CapitalIQ and Wall Street Research 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

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

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

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

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

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

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

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

3/7/16 Protector Holdings, LLC BetterWay Insurance Services LIC Insurance Tech NA NA

2/17/16 Medical Transcription Billing, Corp. Gulf Coast Billing, Inc. Medical Billing NA NA

1/19/16 Ventiv Technology Inc. 4iSoft, LLC. Insurance Technology NA NA

12/23/15 Keylane B.V. GENEVA-ID GmbH Core Processing NA NA Insurancequotes, Inc. And NetQuote, 11/5/15 All Web Leads, Inc. Insurance Marketplace $165 NA Inc. 8/17/15 WebPT, Inc. Therabill LLC Healthcare Financial Software NA NA

8/16/15 Cardon Outreach, LLC Diversified Healthcare Resources, Inc. Healthcare Financial Software NA NA

Notes: 38 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 Manulife Financial, OMERS Ventures, Power Financial, Quantum 6/14/16 League Series A $25 Health Insurance Tech Valley Investments, Real Ventures, RBC Advanced Finance & Investment Group, AME Cloud, Arena 5/20/16 Clover Health Series C $165 Insurance Ventures, Casdin Capital, First Round, Floodgate, Sequoia 5/19/16 Shift Technology Series A $10 Accel, Elaia Partners, Iris Capital Management Claims Analytics 500 Startups, Bee Partners, Canaan, FinTech Collective, Nyca 5/17/16 Embroker Series A $12 Insurance Partners, Vertical Venture Partners, XL Innovate Healthcare Payments / 5/10/16 Simplificare Series C $20 83North, American Express, Heritage Group, Social Capital Financing 4/26/16 Trov, Inc. Series C $23 Anthemis Group, Guidewire, Oak, Suncorp Group Insurance

4/14/16 Eligible NA $25 Undisclosed Healthcare Payments

4/6/16 Bright Health Series A $80 Bessemer, Flare Capital, NEA, Waterline Ventures Health Insurance Innovator Adams Street, Cambia Health, Catalyst Health, Cendana Capital, 3/21/16 Maxwell Health Series C $22 HR / Benefits Software GIS, Industry Ventures, Lerer Hippeau, Schooner 3/17/16 Friendsurance Series B $15 Horizons Ventures P2P Insurance

3/15/16 Next Insurance Series A $13 Ribbit Capital, TLV Partners, Zeev Ventures Insurance Tech

2/17/16 The StoneEagle Group NA $76 FTV Capital Claims Payments (HC)

2/12/16 Maestro Healthcare Technology Series A $53 Oak Investment Partners, SV Life Sciences Advisers Health Insurance / Benefits

1/19/16 Bankers Healthcare Group LLC NA $114 Pinnacle Bank Lending Platform

12/8/15 Lemonade Inc. NA $13 Aleph, Sequoia Insurance Cardinal Health, GE Ventures, Hearst Health Ventures, Heritage 12/2/15 Aver Inc. NA $14 Healthcare Insurance Tech Group, NCT Ventures, StartUp Health CREATHOR Venture Management, Orange Growth Capital, QED 10/26/15 Knip AG Series B $16 Insurance Tech Investors, Redalpine, Route 66 10/21/15 insureon Inc. NA $31 Accretive, Oak HC/FT Insurance Agency Google, Maverick Capital, New Enterprise Associates, Redpoint, 10/20/15 CollectiveHealth, Inc. Series C $81 Alternative Health Insurance RRE, Founders Fund 10/6/15 Censio Series A $10 Bain Capital, General Catalyst Partners, Lakestar Insurance Technology

Notes: 39 Source: CapitalIQ and Pitchbook. INSURANCE / BENEFITS Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Date Target Series Amount Investors Subsector Healthcare Insurance 9/15/15 Oscar Insurance Corporation NA $33 Google Services Healthcare Lending & 8/7/15 PokitDok, Inc. Series B $34 Lemhi Ventures Software

Notes: 40 Source: CapitalIQ and Pitchbook.