Financial Technology Sector Summary March 15, 2017

1 FINANCIAL TECHNOLOGY DEAL DASHBOARD $19.3 Bn | 1,271 Deals Industry Stock Market Performance(1) $360.5 Bn | 3,227 Deals 2016 Financing Volume(3) Last Twelve Months 2016 M&A Volume(3) 160 Select Recent Financing Transactions(2) Select Recent M&A Transactions (2) Company Amount ($MM) 150 Target Acquirer EV ($MM)

$500.0 140 $1,904.0

130 $200.0 NA 120

$102.0 110 NA

100 $48.0 $175.0 90 $33.0 NA 80 3/14/16 4/27/16 6/10/16 7/26/16 9/8/16 10/24/16 12/7/16 1/20/17 3/7/17 $31.0 $102.0 Payments Exchanges

Financial Data, Content, Information Processors / $30.0 & Analytics Credit Bureaus NA Banking & Lending Online Broker Dealers Technology $25.0 $59.0 Investment Services, Healthcare / Insurance Software, & Technology Technology S&P 500

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

$10 500 $120 876 1000 398 815 753 783 $8 $8.9 400 $100 800 $99.4 299 298 $97.8 276 $80 $6 300 $80.1 $83.1 600 $60 $5.3 $4 200 400 $40 $2 $2.6 $2.6 100 $20 200 $0 0 $0 0 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2016

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

Notes: Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 3/10/17. 1) Refer to footnotes on page 5 for index composition. 2 2) Represents transactions announced between 2/14/17 and 3/13/17. 3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions respectively. TABLE OF CONTENTS

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

3 SECTION I: Market Summary

4 MARKET SUMMARY Industry Stock Market Performance

150 Last 12 Months 160 Last 3 Years

150 140

140 130

130

120

120

110

110

100 100

90 90

80 80 3/14/16 4/27/16 6/10/16 7/26/16 9/8/16 10/24/16 12/7/16 1/20/17 3/7/17 3/13/14 7/1/14 10/17/14 2/4/15 5/25/15 9/10/15 12/29/15 4/15/16 8/3/16 11/21/16 3/9/17

(1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Investment Services, Software, & Technology 9.7% 23.3% 42.2% Financial Data, Content, Information Processors / Payments 9.3% 24.2% 31.5% & Analytics Credit Bureaus Banking & Lending Technology 8.5% 22.1% 50.8% Information Processors / Credit Bureaus 7.8% 19.0% 39.2% (6) (5) Banking & Lending Online Broker Dealers Financial, Data, Content, & Analytics 5.6% 22.8% 6.9% Technology Online Broker Dealers 3.2% 41.4% 44.3%

Exchanges 3.0% 15.3% 38.9% (7) (8) Healthcare / Insurance Technology 1.3% 6.7% 11.1% Investment Services, Healthcare / Insurance Software, & Technology Technology

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

2016E EBITDA Multiples 2016E EBITDA Margins

Healthcare / Insurance Technology 19.3x Exchanges 56.3%

Information Processors / Credit Bureaus 15.7x Online Broker Dealers 46.0%

Investment Services, Software, & 15.3x Financial Data, Content, & Analytics 33.7% Technology

Exchanges 14.9x Banking and Lending Technology 31.8%

Banking and Lending Technology 14.2x Information Processors / Credit Bureaus 28.8%

Investment Services, Software, & Financial Data, Content, & Analytics 14.1x 27.9% Technology

Payments 13.5x Payments 25.6%

Online Broker Dealers 12.2x Healthcare / Insurance Technology 20.0%

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 0% 10% 20% 30% 40% 50% 60%

Notes: 6 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 31.0x Financial Data, Content, & Analytics 2.3 10.8%

Online Broker Dealers 25.8x Banking and Lending Technology 2.2 15.5%

Information Processors / Credit Bureaus 25.4x Information Processors / Credit Bureaus 2.2 13.7%

Investment Services, Software, & 25.3x Exchanges 2.0 10.9% Technology

Healthcare / Insurance Technology 24.4x Healthcare / Insurance Technology 2.0 14.0%

Investment Services, Software, & Financial Data, Content, & Analytics 24.4x 1.8 15.0% Technology

Exchanges 21.9x Online Broker Dealers 1.6 15.6%

Payments 21.1x Payments 1.5 15.0%

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: 7 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. $208,238 28% 30.6x Blackhawk Network Holdings, Inc. $2,013 8% 23.2x Mastercard Incorporated $119,875 28% 29.6x Green Dot Corporation $1,522 37% 21.1x American Express Company $71,543 35% 13.3x Net 1 UEPS Technologies, Inc. $692 42% 7.2x PayPal Holdings, Inc. $51,914 12% 28.8x Sector Average $1,409 29% 17.2x Discover Financial Services $27,573 48% 12.6x

Sector Average $95,829 30% 23.0x LTM Price ATM / Kiosks Market Cap. Performance P/E 2016 LTM Price Cardtronics plc $2,041 28% 13.8x Merchant Processing Market Cap. Performance P/E 2016 Everi Holdings Inc. $213 5% 4.7x Cielo S.A. $19,283 6% 15.3x TIO Networks Corp. $212 82% 29.1x First Data Corporation $14,720 21% 12.5x Sector Average $822 38% 15.9x Vantiv, Inc. $12,571 25% 23.8x Global Payments Inc. $12,048 32% 24.6x LTM Price Total System Services, Inc. $10,075 24% 19.5x POS Hardware / Technology Market Cap. Performance P/E 2016 Worldpay Group plc $7,010 (12%) 23.9x Wirecard AG $6,294 43% 25.8x NCR Corporation $6,039 89% 16.2x Square, Inc. $6,209 50% NM Ingenico Group - GCS $5,774 (4%) 21.4x GMO Payment Gateway, Inc. $2,098 (8%) 81.6x VeriFone Systems, Inc. $2,130 (28%) 13.7x EVERTEC, Inc. $1,194 20% 9.8x PAR Technology Corporation $103 4% NA SafeCharge International Group Limited $422 (23%) 14.9x Sector Average $3,512 15% 17.1x CardConnect Corp. $407 NA NM Planet Payment, Inc. $199 8% 22.9x LTM Price JetPay Corporation $45 23% NM Banking and Lending Technology Market Cap. Performance P/E 2016 Sector Average $6,613 16% 25.0x Intuit Inc. $31,958 27% 32.7x Fidelity National Information Services, Inc $27,036 34% 21.5x LTM Price Fiserv, Inc. $25,164 22% 26.4x Money Transfer Market Cap. Performance P/E 2016 Jack Henry & Associates, Inc. $7,331 16% 31.0x The Western Union Company $9,459 5% 11.9x Temenos Group AG $5,166 57% 37.7x Euronet Worldwide, Inc. $4,328 20% 20.7x Ellie Mae, Inc. $3,346 21% 46.0x Sector Average $6,894 12% 16.3x Black Knight Financial Services, Inc. $2,691 34% 33.6x ACI Worldwide, Inc. $2,570 13% 53.8x LendingClub Corporation $2,125 (41%) NM LTM Price DH Corporation $1,827 (37%) 11.3x Closed Loop Market Cap. Performance P/E 2016 Q2 Holdings, Inc. $1,424 65% NM FleetCor Technologies, Inc. $14,721 19% 23.3x Bottomline Technologies (de), Inc. $930 (14%) 23.8x Alliance Data Systems Corporation $13,881 19% 14.7x On Deck Capital, Inc. $349 (32%) NM Edenred SA $5,191 22% 23.7x Performant Financial Corporation $79 (10%) 19.8x WEX Inc. $4,535 39% 23.2x Sector Average $8,000 11% 30.7x Sector Average $9,582 25% 21.2x LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2016 0 Experian plc $18,377 17% 21.9x Equifax Inc. $15,971 25% 24.3x Fair Isaac Corporation $4,004 30% 26.5x Acxiom Corporation $2,189 36% 42.7x Sector Average $10,135 27% 28.9x

Notes: 8 Source: CapitalIQ and Wall Street Research. Market data as of March 10, 2017. 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 0 Technology Market Cap. Performance P/E 2016 CME Group Inc. $40,376 33% 26.5x Broadridge Financial Solutions, Inc. $7,962 26% 24.3x Intercontinental Exchange, Inc. $34,321 24% 21.0x SEI Investments Co. $7,891 47% 24.8x Nasdaq, Inc. $11,526 16% 19.0x SS&C Technologies Holdings, Inc. $6,655 19% 20.3x BM&FBOVESPA S.A. $10,792 135% 18.7x DST Systems, Inc. $3,741 16% 20.6x CBOE Holdings, Inc. $6,313 25% 32.5x Financial Engines, Inc. $2,445 58% 34.7x BATS Global Markets, Inc. $3,349 NA 24.5x Envestnet, Inc. $1,647 86% 39.5x TMX Group Limited $2,946 107% 16.2x Sector Average $5,057 42% 27.4x Bolsa Mexicana de Valores, S.A.B. de C.V. $849 22% 18.4x Sector Average $13,809 52% 22.1x LTM Price Financial Data, Content, & Analytics Market Cap. Performance P/E 2016 LTM Price S&P Global, Inc. $32,633 54% 23.9x Exchanges - Asia Market Cap. Performance P/E 2016 0 Thomson Reuters Corporation $32,431 28% 21.4x Hong Kong Exchanges and Clearing Limite $30,858 20% 39.6x Moody's Corporation $20,650 38% 22.9x ASX Limited $7,568 40% 24.4x IHS Markit Ltd. $15,946 NA 22.5x Singapore Exchange Limited $5,738 10% 24.5x Verisk Analytics, Inc. $14,153 27% 27.4x Bursa Malaysia Berhad $1,056 (3%) 24.4x MSCI Inc. $8,328 40% 30.9x Sector Average $11,305 17% 28.2x FactSet Research Systems Inc. $7,040 30% 26.2x The Dun & Bradstreet Corporation $3,706 13% 13.7x Morningstar, Inc. $3,344 3% 27.1x LTM Price Bankrate, Inc. $1,005 (2%) 17.8x Exchanges - Europe Market Cap. Performance P/E 2016 0 Sector Average $13,924 26% 23.4x Deutsche Börse Aktiengesellschaft $16,090 9% 18.9x London Stock Exchange Group plc $13,434 24% 26.3x LTM Price Bolsas y Mercados Españoles $2,566 7% 15.5x Online Broker Dealers Market Cap. Performance P/E 2016 JSE Limited $1,005 41% 14.3x GPW $495 37% 16.2x The Charles Schwab Corporation $52,947 80% 30.6x Hellenic Exchanges - Athens Stock Exch. $295 12% 64.6x TD Ameritrade Holding Corporation $22,348 65% 27.7x Sector Average $5,648 22% 26.0x E*TRADE Financial Corporation $9,740 76% 19.4x Interactive Brokers Group, Inc. $2,598 26% 29.0x GAIN Capital Holdings, Inc. $398 21% 14.7x LTM Price FXCM Inc. $16 (71%) NA Trading Platforms Market Cap. Performance P/E 2016 Sector Average $14,675 33% 24.3x MarketAxess Holdings Inc. $7,021 76% 73.7x BGC Partners, Inc. $3,161 34% 15.3x KCG Holdings, Inc. $989 43% 19.7x Virtu Financial, Inc. $734 (8%) 13.5x INTL FCStone Inc. $697 50% 12.8x Investment Technology Group, Inc. $657 17% 22.4x Sector Average $2,210 35% 26.2x

Notes: 9 Source: CapitalIQ and Wall Street Research. Market data as of March 10, 2017. SECTION II: Payments / Banking

10 PAYMENTS / BANKING Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 3/10/17 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. $89.73 $70.66 $89.86 $208,238 $6,930 $222,226 13.9x 12.3x 20.2x 17.5x 30.6x 26.3x 17.1% 1.8 13.6% 25.1% Mastercard Incorporated 111.21 86.65 112.92 119,875 (3,155) 116,748 10.8x 9.9x 18.8x 17.0x 29.6x 26.1x 15.6% 1.9 11.5% 9.5% American Express Company 79.38 57.15 82.00 71,543 29,063 102,206 3.4x 3.1x NM NM 13.3x 14.0x 9.1% 1.5 (2.7%) (7.0%) PayPal Holdings, Inc. 42.99 34.00 44.52 51,914 (9,816) 42,098 3.9x 3.3x 15.3x 13.3x 28.8x 24.9x 17.4% 1.7 17.2% NM Discover Financial Services 71.52 47.82 74.33 27,573 13,616 41,764 5.8x 4.3x NM NM 12.6x 11.7x 8.6% 1.5 (17.1%) 3.4%

Mean 7.6x 6.6x 18.1x 15.9x 23.0x 20.6x 13.6% 1.7 4.5% 7.8% Median 5.8x 4.3x 18.8x 17.0x 28.8x 24.9x 15.6% 1.7 11.5% 6.5%

Merchant Processing Cielo S.A. $8.53 $7.72 $11.94 $19,283 $2,510 $22,918 6.1x 5.6x 13.3x 12.2x 15.3x 13.8x 12.5% 1.2 34.6% 24.3% First Data Corporation 16.07 9.90 16.67 14,720 18,104 35,808 3.1x 3.0x 12.4x 11.9x 12.5x 10.6x 13.2% 0.9 1.7% (1.0%) Vantiv, Inc. 64.08 50.52 66.24 12,571 3,116 15,978 4.5x 7.6x 17.7x 16.0x 23.8x 20.0x 14.5% 1.6 112.8% 12.1% Global Payments Inc. 79.14 58.11 81.56 12,048 3,970 16,166 5.6x 4.7x 18.0x 14.6x 24.6x 20.5x 12.3% 2.0 19.8% 30.4% Total System Services, Inc.(1) 54.95 44.15 56.54 10,075 2,939 13,038 3.1x 2.7x 12.6x 11.4x 19.5x 17.6x 11.3% 1.7 6.8% 9.3% Worldpay Group plc 3.51 3.01 3.90 7,010 1,193 8,203 5.9x 5.4x 14.4x 13.1x 23.9x 21.4x 21.3% 1.1 15.3% (5.2%) Wirecard AG 50.94 31.35 51.40 6,294 (888) 5,407 5.0x 3.9x 16.7x 12.9x 25.8x 22.1x 28.1% 0.9 24.5% 33.8% Square, Inc. 16.91 8.42 18.17 6,209 (512) 5,697 3.3x 2.8x NM 49.7x NM 89.7 20.0% NM 34.3% 20.7% GMO Payment Gateway, Inc. 56.98 33.09 70.18 2,098 (259) 1,847 15.7x 10.4x 46.6x 33.1x 81.6x 69.9x 24.4% 3.4 44.2% 63.8% EVERTEC, Inc. 16.25 12.98 18.60 1,194 598 1,795 4.7x 4.5x 9.7x 9.9x 9.8x 10.3x 8.3% 1.2 3.0% 6.5% SafeCharge International Group Limited 2.86 2.22 3.31 422 (128) 294 2.8x 2.5x 8.5x 7.4x 14.9x 12.6x NM NM 6.5% 5.5% CardConnect Corp. 14.15 8.70 14.65 407 123 567 1.0x 0.8x 15.1x 13.1x NM NM NM NM 29.5% 23.0% Planet Payment, Inc. 3.71 2.75 4.97 199 (3) 196 3.5x 3.2x 13.4x 11.3x 22.9x 17.0x 22.5% 1.0 6.7% (9.4%) JetPay Corporation(2) 2.55 1.89 3.25 45 19 148 2.6x 2.2x 72.0x 48.3x NM NM NM NM 28.7% 47.6%

Mean 4.8x 4.2x 20.8x 18.9x 25.0x 27.1x 17.1% 1.5 26.3% 18.7% Median 4.0x 3.6x 14.4x 13.0x 22.9x 18.8x 14.5% 1.2 22.1% 16.4%

Money Transfer The Western Union Company $19.67 $18.07 $22.70 $9,459 $1,902 $11,361 2.1x 2.1x 8.5x 8.7x 11.9x 11.7x 7.3% 1.6 (1.1%) (0.6%) Euronet Worldwide, Inc. 82.66 65.33 84.81 4,328 (130) 4,199 2.1x 2.0x 12.1x 10.5x 20.7x 18.1x 14.7% 1.4 10.5% 10.5%

Mean 2.1x 2.0x 10.3x 9.6x 16.3x 14.9x 11.0% 1.5 4.7% 4.9% Median 2.1x 2.0x 10.3x 9.6x 16.3x 14.9x 11.0% 1.5 4.7% 4.9%

Closed Loop FleetCor Technologies, Inc. $160.20 $133.64 $176.42 $14,721 $3,383 $18,104 9.9x 8.2x 19.2x 15.4x 23.3x 19.4x 15.7% 1.5 7.6% 19.6% Alliance Data Systems Corporation 248.20 185.02 251.19 13,881 19,090 32,970 4.6x 4.3x 15.8x 15.6x 14.7x 13.4x 16.5% 0.9 10.8% 4.5% Edenred SA 22.42 16.74 23.94 5,191 668 5,933 4.9x 4.3x 13.5x 11.4x 23.7x 20.7x 11.5% 2.1 10.5% 13.2% WEX Inc. 106.10 76.48 122.91 4,535 2,008 6,552 6.5x 5.5x 17.8x 13.5x 23.2x 19.9x 15.0% 1.5 17.9% 36.8%

Mean 6.5x 5.6x 16.6x 14.0x 21.2x 18.4x 14.7% 1.5 11.7% 18.5% Median 5.7x 4.9x 16.8x 14.5x 23.3x 19.7x 15.4% 1.5 10.7% 16.4%

Prepaid Blackhawk Network Holdings, Inc. $36.10 $28.88 $39.30 $2,013 ($428) $1,589 0.8x 0.7x 7.7x 6.7x 23.2x 22.3x 15.6% 1.5 8.5% 3.2% Green Dot Corporation 30.04 20.79 30.24 1,522 28 1,549 2.2x 1.9x 9.9x 8.2x 21.1x 15.7x 15.5% 1.4 2.2% 7.8% Net 1 UEPS Technologies, Inc. 13.17 8.37 13.81 692 (176) 520 0.9x 0.8x 3.3x 3.1x 7.2x 7.4 NM NM (4.4%) 0.8%

Mean 1.3x 1.1x 7.0x 6.0x 17.2x 15.2x 15.6% 1.4 2.1% 3.9% Median 0.9x 0.8x 7.7x 6.7x 21.1x 15.7x 15.6% 1.4 2.2% 3.2%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. 1) Revenue growth rates are estimates excluding TransFirst acquisition. 11 2) Convertible preferred equity assumed at 2x 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 3/10/17 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 $44.80 $34.18 $56.00 $2,041 $429 $2,470 2.0x 1.7x 7.7x 7.4x 13.8x 15.4x 14.3% 1.0 5.4% 2.1% Everi Holdings Inc. 3.22 1.13 3.40 213 1,024 1,236 1.4x 1.4x 6.3x 6.0x 4.7x 4.1x 20.0% 0.2 3.2% 6.4% TIO Networks Corp. 2.43 1.22 2.47 212 (42) 170 2.4x 2.1x 16.5x 12.2x 29.1x 28.2x NM NM 68.3% 54.8%

Mean 1.9x 1.7x 10.2x 8.5x 15.9x 15.9x 17.1% 0.6 25.6% 21.1% Median 2.0x 1.7x 7.7x 7.4x 13.8x 15.4x 17.1% 0.6 5.4% 6.4%

POS Hardware / Technology NCR Corporation $48.47 $25.20 $49.90 $6,039 $2,553 $9,998 1.5x 1.5x 9.2x 8.6x 16.2x 14.7x 10.0% 1.6 2.7% 7.3% Ingenico Group - GCS 94.07 72.82 118.32 5,774 121 5,900 2.4x 2.2x 12.2x 10.8x 21.4x 18.2x 9.5% 2.3 1.3% 0.5% VeriFone Systems, Inc. 19.09 14.94 29.73 2,130 757 2,925 1.5x 1.5x 9.1x 9.5x 13.7x 12.7x 15.0% 0.9 (4.2%) (11.6%) PAR Technology Corporation 6.52 4.30 7.18 103 (8) 94 NA NA NA NA NA NA NM NA NA 6.0%

Mean 1.8x 1.7x 10.2x 9.6x 17.1x 15.2x 11.5% 1.6 (0.1%) 0.5% Median 1.5x 1.5x 9.2x 9.5x 16.2x 14.7x 10.0% 1.6 1.3% 3.3%

Banking and Lending Technology Intuit Inc. $124.94 $98.05 $128.45 $31,958 $513 $32,471 6.7x 6.2x 17.6x 16.1x 32.7x 27.5x 15.5% 2.1 8.6% 10.1% Fidelity National Information Services, Inc 82.23 61.25 83.86 27,036 9,795 36,935 4.0x 3.9x 12.6x 12.0x 21.5x 19.4x 12.0% 1.8 1.1% 30.5% Fiserv, Inc. 117.28 92.81 118.30 25,164 4,262 29,426 5.3x 5.1x 15.2x 14.4x 26.4x 23.1x 11.5% 2.3 4.8% 4.6% Jack Henry & Associates, Inc. 94.44 79.00 95.37 7,331 (14) 7,317 5.3x 5.0x 14.3x 14.1x 31.0x 29.4x 11.0% 2.8 7.4% 4.7% Temenos Group AG 77.74 47.01 78.44 5,166 178 5,344 8.5x 7.7x 24.5x 21.7x 37.7x 32.3x 14.1% 2.7 16.2% 13.3% Ellie Mae, Inc. 99.09 74.11 109.99 3,346 (422) 2,924 8.1x 6.7x 25.9x 20.1x 46.0x 52.4x 25.0% 1.8 41.9% 48.3% Black Knight Financial Services, Inc. 38.45 28.43 42.19 2,691 1,444 5,198 5.1x 4.8x 11.2x 10.1x 33.6x 28.7x 13.4% 2.5 10.2% 10.0% ACI Worldwide, Inc. 21.91 15.11 22.96 2,570 686 3,257 3.3x 3.2x 14.2x 12.9x 53.8x 53.8x 12.5% 4.3 (6.6%) 11.0% LendingClub Corporation 5.31 3.44 9.36 2,125 (516) 1,609 3.3x 2.8x NM 31.5x NM 95.3x 29.2% NM 13.3% (3.7%) DH Corporation 17.10 10.43 29.84 1,827 1,405 3,232 2.6x 2.5x 9.6x 9.1x 11.3x 10.8x NM NM 14.9% 3.7% Q2 Holdings, Inc. 35.20 20.16 37.58 1,424 (97) 1,327 8.9x 6.9x NM NM NM NM 32.0% NM 37.1% 38.6% Bottomline Technologies (de), Inc. 24.59 18.48 31.52 930 61 991 2.9x 2.7x 12.9x 13.1x 23.8x 25.2x 17.3% 1.4 2.4% 0.8% On Deck Capital, Inc. 4.87 3.64 8.94 349 675 1,028 3.5x 2.7x NM NM NM NM 43.3% NM 13.9% (45.5%) Performant Financial Corporation 1.58 1.51 4.07 79 21 100 0.7x 0.7x 4.4x 8.3x 19.8 NA 20.0% 1.0 (14.0%) (17.6%)

Mean 4.9x 4.4x 14.8x 15.3x 30.7x 36.2x 19.8% 2.3 10.8% 7.8% Median 4.5x 4.4x 14.2x 13.6x 31.0x 28.7x 15.5% 2.2 9.4% 7.3%

Information Processors / Credit Bureaus Experian plc $19.75 $14.42 $19.88 $18,377 $3,161 $21,552 4.6x 4.5x 13.5x 13.0x 21.9x 21.0x 10.0% 2.2 (0.5%) 2.6% Equifax Inc. 133.26 106.81 136.97 15,971 2,543 18,573 5.9x 5.5x 16.6x 14.9x 24.3x 22.1x 11.3% 2.1 18.1% 20.2% Fair Isaac Corporation 128.90 98.63 133.14 4,004 533 4,536 5.0x 4.8x 21.7x 18.2x 26.5x 24.7x 16.0% 1.7 6.1% 9.8% Acxiom Corporation 28.04 19.11 30.40 2,189 99 2,288 2.6x 2.5x 14.8x 12.8x 42.7x 36.9x 18.0% 2.4 5.9% 1.0% Intersections Inc. 3.68 1.70 4.23 88 3 91 NA NA NA NA NA NA NM NA NA (12.0%)

Mean 4.5x 4.3x 16.7x 14.7x 28.9x 26.2x 13.8% 2.1 7.4% 4.3% Median 4.8x 4.7x 15.7x 14.0x 25.4x 23.4x 13.7% 2.2 6.0% 2.6%

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

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

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

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

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

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

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

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

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

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

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

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

2/14/17 Temenos Group AG Rubik Financial Limited Financial Software $59 1.9x

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

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 NA 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

Notes: 13 Source: CapitalIQ, CB Insights 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

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

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

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

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

1/26/17 Alipay (UK) Limited MoneyGram International, Inc. Money Transfer $1,526 1.0x

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

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

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

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

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

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

1/16/17 Daimler Financial Services AG PayCash Europe S.A. Electronic Payments NA NA Advent International Corporation; Bain 1/13/17 ConCardis GmbH Merchant Processing NA NA Capital Private Equity, LP 1/11/17 Intellitix Holdings Limited Loc Pay Systems B.V. Closed Loop NA NA

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

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

Notes: 14 Source: CapitalIQ, CB Insights 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

1/5/17 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

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

Notes: 15 Source: CapitalIQ, CB Insights 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

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

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

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

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

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

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

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

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

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

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

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; Vista Equity Fund 9/6/16 Regulatory DataCorp, Inc. Compliance/Risk NA NA 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

Notes: 16 Source: CapitalIQ, CB Insights 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 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

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

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

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

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

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

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

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

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

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

Notes: 17 Source: CapitalIQ, CB Insights 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

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

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

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

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

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

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

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

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

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

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

3/14/16 Square, Inc. Framed Data Data / Analytics NA NA

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

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

3/13/17 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 Goldman Sachs, Kleiner Perkins Caufield & Byers, Pine Brook 2/9/17 Better Mortgage Inc. Series B $15 Mortgage Origination Partners

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

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

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

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

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

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

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 APAGM Services, Goldman Sachs Merchant Banking Division, 10/26/16 nanoPay Corporation Series A $10 Digital Currency Jarnac Capital Management, Rohatton

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

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

9/22/16 Wave Accounting Inc. NA $11 BDC Capital, CRV, Social Capital, HarbourVest Partners Accounting Software

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

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

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

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

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

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

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 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

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

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

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

Notes: 25 Source: CapitalIQ , CB Insights and Pitchbook. SECTION III: Securities / Capital Markets / Data & Analytics

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

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 3/10/17 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. $123.73 $89.00 $127.60 $42,025 $279 $42,305 11.8x 11.2x 16.9x 15.8x 27.6x 25.5x 11.1% 2.5 8.1% 12.2% Intercontinental Exchange, Inc. 60.26 45.88 60.86 35,875 5,934 41,882 9.3x 9.0x 14.9x 14.0x 21.9x 20.0x 13.6% 1.6 (3.9%) 30.1% Nasdaq, Inc. 70.96 61.19 72.52 11,832 3,127 14,959 4.0x 6.1x 13.1x 11.8x 19.3x 16.8x 9.5% 2.0 77.3% 12.5% BM&FBOVESPA S.A. 5.91 4.51 6.56 10,558 410 10,970 15.4x 13.7x 23.1x 20.6x 17.2x 16.5x 27.6% 0.6 27.4% 2.0% CBOE Holdings, Inc. 79.63 61.22 81.37 6,473 (97) 6,388 9.7x 6.0x 18.1x 10.2x 33.3x 25.7x 36.6% 0.9 3.5% 12.3% TMX Group Limited 50.90 31.76 56.63 2,808 492 3,301 6.0x 5.8x 11.8x 10.9x 15.3x 14.4x NM NM 0.2% 13.4% Bolsa Mexicana de Valores, S.A.B. de C.V. 1.49 1.34 1.81 884 (89) 801 5.9x 5.2x 11.0x 9.9x 19.1x 17.1x 9.5% 2.0 (9.4%) (4.1%)

Mean 8.9x 8.1x 15.6x 13.3x 22.0x 19.4x 18.0% 1.6 14.7% 11.2% Median 9.3x 6.1x 14.9x 11.8x 19.3x 17.1x 12.4% 1.8 3.5% 12.3%

Exchanges - Asia Hong Kong Exchanges and Clearing Limited $24.48 $21.83 $27.46 $29,894 ($1,826) $28,083 19.3x 17.3x 27.8x 24.4x 38.3x 33.8x 2.3% 16.7 (12.4%) (4.4%) ASX Limited 38.61 30.60 39.52 7,469 (734) 6,735 12.3x 11.2x 16.1x 14.5x 24.1x 22.4x 4.7% 5.1 (16.3%) 1.5% Singapore Exchange Limited 5.29 4.92 5.69 5,666 (459) 5,208 9.5x 8.9x 16.9x 14.9x 24.2x 21.6x NM NM (6.0%) 0.6% Bursa Malaysia Berhad 2.03 1.84 2.12 1,089 (104) 989 8.9x 8.3x 15.3x 14.5x 25.2x 23.7x NM NM (6.5%) (12.8%)

Mean 12.5x 11.4x 19.0x 17.1x 27.9x 25.4x 3.5% 10.9 (10.3%) (3.8%) Median 10.9x 10.1x 16.5x 14.7x 24.7x 23.0x 3.5% 10.9 (9.4%) (1.9%)

Exchanges - Europe Deutsche Börse Aktiengesellschaft $85.01 $70.50 $89.19 $15,880 $1,236 $17,258 6.9x 6.4x 12.2x 11.2x 18.7x 16.8x 11.1% 1.7 (16.7%) 11.0% London Stock Exchange Group plc 37.18 27.44 41.20 13,013 (1,265) 12,375 6.4x 5.9x 13.2x 11.4x 24.6x 20.7x 15.0% 1.6 (7.6%) 2.4% Bolsas y Mercados Españoles 31.75 22.08 33.19 2,638 (299) 2,339 6.9x 6.9x 10.4x 10.4x 16.0x 16.4x NM NM (10.1%) (2.1%) JSE Limited 11.00 10.45 14.21 941 (153) 788 4.4x 4.0x 9.0x 8.4x 13.4x 12.6x 5.6% 2.4 27.5% 13.6% GPW 11.30 7.64 12.03 474 (48) 426 5.7x 5.6x 9.9x 9.7x 15.8x 15.7x NM NM (10.6%) (7.8%) Hellenic Exchanges - Athens Stock Exch. 5.02 4.04 5.93 305 (119) 186 6.2x 4.9x 19.6x 10.7x 65.8x 26.2x 10.6% 6.2 (16.2%) 26.4%

Mean 6.1x 5.6x 12.4x 10.3x 25.7x 18.1x 10.6% 3.0 (5.6%) 7.2% (1) Median 6.3x 5.8x 11.3x 10.6x 17.3x 16.6x 10.9% 2.0 (10.3%) 6.7%

Notes: 27 Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Public Company Valuations: Financial Metrics (Cont.)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 3/10/17 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 SEI Investments Co. $51.68 $38.58 $52.54 $8,226 ($696) $7,531 5.4x 5.1x 14.4x 14.0x 25.8x 23.4x 13.5% 1.9 5.0% 10.0% Broadridge Financial Solutions, Inc. 68.50 55.90 71.74 8,102 970 9,072 2.6x 2.2x 13.3x 11.4x 24.7x 20.8x NM NM (11.6%) 39.7% SS&C Technologies Holdings, Inc. 36.51 26.15 37.48 7,417 2,384 9,800 6.5x 5.9x 16.2x 14.0x 22.6x 19.0x 15.0% 1.5 16.5% 33.2% DST Systems, Inc. 118.72 94.52 128.66 3,746 313 4,058 2.6x 2.7x 10.8x 10.3x 20.9x 19.4x 10.0% 2.1 12.3% 4.1% Financial Engines, Inc. 41.50 23.56 45.75 2,556 (134) 2,422 5.7x 5.0x 18.1x 15.1x 36.4x 31.0x 21.2% 1.7 36.3% 43.8% Envestnet, Inc.(1) 35.10 22.71 41.47 1,511 240 1,751 3.0x 2.6x 17.3x 13.0x 35.9x 25.9x 20.0% 1.8 10.1% 44.3%

Mean 4.3x 3.9x 15.0x 13.0x 27.7x 23.2x 15.9% 1.8 11.5% 29.2% Median 4.2x 3.8x 15.3x 13.5x 25.3x 22.1x 15.0% 1.8 11.2% 36.5%

Financial Data, Content, & Analytics S&P Global Inc. $131.69 $92.25 $132.08 $34,029 $1,164 $35,193 6.2x 6.2x 14.3x 13.4x 24.9x 21.9x 13.0% 1.9 6.5% 1.7% Thomson Reuters Corporation 43.19 37.42 45.68 31,418 5,160 36,578 3.3x 3.2x 11.6x 11.0x 20.9x 18.5x 8.0% 2.6 (0.8%) (0.9%) Moody's Corporation 111.93 87.30 114.03 21,356 1,138 22,494 6.3x 5.9x 14.0x 12.9x 23.8x 21.5x 10.2% 2.3 2.5% 8.8% IHS Markit Ltd. (2) 40.12 32.78 41.00 16,439 3,263 19,702 5.6x 5.6x 20.1x 14.2x 22.8x 19.5x 14.4% 1.6 6.8% 57.2% Verisk Analytics, Inc. 79.94 75.03 87.40 13,297 2,249 15,546 7.8x 7.4x 15.5x 14.7x 25.9x 24.2x 10.8% 2.4 13.3% 6.0% MSCI Inc. 94.87 68.70 96.50 8,590 1,283 9,873 8.6x 8.0x 17.4x 15.7x 32.2x 26.7x 14.3% 2.2 7.0% 7.3% FactSet Research Systems Inc. 177.58 143.08 183.64 7,026 171 7,197 6.3x 5.9x 17.6x 16.7x 26.2x 23.8x 10.7% 2.4 10.6% 6.5% The Dun & Bradstreet Corporation 107.80 97.72 141.57 3,969 1,264 5,234 3.1x 3.0x 10.6x 10.5x 14.6x 15.5x 5.9% 2.5 4.1% 3.6% Morningstar, Inc. 80.33 67.74 89.44 3,449 (54) 3,395 4.3x 4.0x 13.6x 12.3x 28.0x 25.3x NM NM 0.3% 5.3% Bankrate, Inc. 10.40 6.91 11.90 937 119 1,056 2.4x 2.1x 9.3x 8.4x 16.6x 15.0x 15.7% 1.1 18.8% (354.5%)

Mean 5.4x 5.1x 14.4x 13.0x 23.6x 21.2x 11.4% 2.1 6.9% (25.9%) Median 5.9x 5.8x 14.1x 13.1x 24.4x 21.7x 10.8% 2.3 6.7% 5.6%

Online Broker Dealers The Charles Schwab Corporation (3) $42.48 $23.83 $43.36 $56,709 $2,808 $59,517 8.0x 7.0x NA NA 32.6x 26.8x 20.7% 1.6 18.4% 21.0% TD Ameritrade Holding Corporation (3) 39.42 26.37 47.41 20,796 1,769 22,565 6.8x 6.2x 14.8x 13.2x 25.8x 22.4x 12.0% 2.1 3.9% 5.6% E*TRADE Financial Corporation (3) 35.15 21.52 38.61 9,653 2,360 12,013 5.8x 5.5x NA NA 19.2x 18.8x 15.6% 1.2 17.4% 13.4% Interactive Brokers Group, Inc. (3) 36.97 31.97 41.40 2,513 5,672 8,185 5.7x 5.2x 9.6x 7.7x 28.1x 24.8x 16.0% 1.8 2.9% 18.6% GAIN Capital Holdings, Inc. (3) 7.66 4.54 8.59 373 (1,056) (683) NM NM NM NM 10.3x 9.2x 7.5% 1.4 (2.2%) 12.2% Global Brokerage, Inc. 2.30 2.25 13.00 13 349 362 NA NA NA NA NA NA NM NA NA 2.9%

Mean 6.6x 5.9x 12.2x 10.5x 23.2x 20.4x 14.4% 1.6 8.1% 12.3% Median 6.3x 5.8x 12.2x 10.5x 25.8x 22.4x 15.6% 1.6 3.9% 12.8%

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. 28 (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

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

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

Notes: 29 Source: CapitalIQ, CB Insights 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

1/4/17 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

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

Notes: 30 Source: CapitalIQ, CB Insights 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

10/14/16 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

7/7/16 Legg Mason, Inc. Financial Guard LLC Robo Advisors NA NA

Notes: 31 Source: CapitalIQ, CB Insights 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 Teachers Insurance & Annuity 6/30/16 MYVEST CORP Advisor Software NA NA Association of America, Endowment 6/20/16 Markit Ltd. Prism Valuation Inc. Risk & Analytics NA NA

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

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

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

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

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

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

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

4/5/16 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 IHS Inc. (nka:IHS Markit Ltd.) Markit Ltd. Data / Information Services $6,139 5.5x Fitch Solutions, Inc., Credit Default 3/16/16 Markit Ltd. Risk Analytics NA NA Swap Pricing Service

Notes: 32 Source: CapitalIQ, CB Insights and Wall Street Research Estimates. Multiples <0 and >100 considered NM SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Equity Financings – Trailing 12 Months

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

1/31/17 Wealthsimple NA $15 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 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

Notes: 33 Source: CapitalIQ , CB Insights and Pitchbook. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Notes: 34 Source: CapitalIQ , CB Insights and Pitchbook. SECTION IV: Insurance / Benefits

35 INSURANCE / BENEFITS Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 3/10/17 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 Quintiles IMS Holdings, Inc. $80.70 $61.21 $83.04 $19,039 $5,962 $25,001 4.6x 3.1x 21.5x 12.2x 20.9x 18.0x 12.9% 1.6 24.3% 73.1% Verisk Analytics, Inc. 79.94 75.03 87.40 13,297 2,249 15,546 7.8x 7.4x 15.5x 14.7x 25.9x 24.2x 10.8% 2.4 13.3% 6.0% athenahealth, Inc. 115.09 90.11 143.85 4,548 144 4,692 4.3x 3.6x 19.4x 15.3x 64.0x 46.6x 25.4% 2.5 17.1% 11.9% Guidewire Software, Inc. 57.78 49.18 64.00 4,273 (583) 3,690 8.3x 7.0x 47.0x 43.0x 83.7x 86.0x 18.5% 4.5 12.1% 13.2% Ebix, Inc. 62.60 36.20 65.10 1,972 155 2,127 7.2x 6.5x 19.3x 17.5x 22.8x 21.1x 15.0% 1.5 NA 14.0% Crawford & Company 9.27 5.51 14.37 520 106 626 0.6x 0.5x 5.3x 4.5x 13.1x 11.9x 10.0% 1.3 (3.6%) (4.4%) Polaris Consulting & Services Limited 2.71 2.12 3.26 276 (70) 206 0.7x NA NA NA NA NA NM NA (2.3%) (2.9%) Symbility Solutions Inc. 0.33 0.19 0.42 80 (5) 75 3.0x 2.5 NM 49.7 NM NM NM NM (1.9%) 13.9%

Mean 4.6x 4.4x 21.3x 22.4x 38.4x 34.6x 15.4% 2.3 8.4% 15.6% Median 4.5x 3.6x 19.3x 15.3x 24.4x 22.6x 14.0% 2.0 12.1% 12.6%

Notes: 36 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

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

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

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

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

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

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

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

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

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

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

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

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

Notes: 37 Source: CapitalIQ, CB Insights 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

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

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

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

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

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

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

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

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

6/7/16 Connecture, Inc. ConnectedHealth, LLC Benefits Tech $7 NA Vista Equity Partners; 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

Notes: 38 Source: CapitalIQ, CB Insights 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

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 BrownSavano Direct Capital Partners, Oceanic Partners, Stratim 10/20/16 EverQuote, Inc. Series B $23 Insurance Lead Gen Capital LLC, T Capital Management LLC 8VC, Canaan Partners, Lightspeed Venture Partners, Nyca 10/19/16 Ladder Financial Inc. Series A $14 Life Insurance Partners LLC Kleiner Perkins Caufield & Byers, Propel Venture Partners, 10/4/16 Hixme Inc. Series B $14 HR Software Rosemark Capital Group, Transamerica Ventures Fund 9/28/16 Sedgwick NA $500 Caisse de Depot et Placement du Quebec Claims Management

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

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

Notes: 39 Source: CapitalIQ , CB Insights and Pitchbook. SECTION V: GCA Overview

40 GCA OVERVIEW Financial Technology Team

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

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

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

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

* Saif Malik is a Vice President at GCA Savvian Europe Limited * Michio Suzuki is a Director at GCA Corporation 41