Financial Technology Sector Summary Week of August 28, 2017

1 DEAL DASHBOARD $13.1 Bn | 1,203 Deals (3) Industry Stock Market Performance (1) $68.3 Bn | 901 Deals (3) LTM Financing Volume Last Twelve Months LTM M&A Volume

(2) (2) Select Recent Financing Transactions 160 Select Recent M&A Transactions

Company Amount ($MM) 150 Target Acquirer EV ($MM)

$100.0 140 $323.0 Sequel 130 $100.0 $60.0 120 $45.0 NA 110

$40.0 100 NA

90 $40.0 NA 80 8/25/16 10/2/16 11/8/16 12/15/16 1/22/17 2/28/17 4/6/17 5/14/17 6/20/17 7/27/17 Security Card $32.5 NA Payments Exchanges Services Financial Data, Content, Information Processors / $23.5 & Analytics Credit Bureaus NA Banking & Lending Online Broker Dealers Technology YouFirst $19.0 NA Investment Services, Healthcare / Payments Software, & Technology Technology S&P 500

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

$4.0 400 $25 256 300 316 290 245 $3.5 298 350 228 276 $3.5 $20 210 250 $3.0 300 $3.0 $19.3 200 $2.5 250 $15 $2.6 $2.6 $2.0 200 150 $12.7 $12.9 $1.5 150 $10 $10.2 100 $1.0 100 $5 50 $0.5 50 $0.0 0 $0 0 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2016 Q4 2016 Q1 2017 Q2 2017

Financing Volume ($Bn) Financing Deal Count M&A Volume ($Bn) M&A Deal Count Notes: Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 8/25/17. 1) Refer to footnotes on page 5 for index composition. 2 2) Represents transactions announced between 8/14/17 and 8/25/17. 3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions respectively. GCA OVERVIEW Financial Technology Team

San Francisco New York 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 , CA 94111 New York, NY 10019 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 Glen Kruger Managing Director Managing Director Managing Director Managing Director Managing Director 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 Phone: (212) 999-7082 Mobile: (917) 364-6230 Mobile: (917) 783-4057 Mobile: (914) 953-0689 Mobile: (650) 483-7246 Mobile: (415) 518-6725 Mobile: (973) 229-0436 Mobile: (617) 792-6496 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Michio Suzuki* David Krueger Saif Malik* Kegan Greene Alexander Berry Justin Kelly Director Vice President Vice President Vice President Associate Analyst

Phone: +81 3-6212-7145 Phone: (212) 537-4534 Phone: +44 (0) 207 038-3216 Phone: (415) 318-3648 Phone: (212) 999-7079 Phone: (212) 537-4543 Mobile: +81 90-7412-9411 Mobile: (616) 822-7179 Mobile: +44 (0) 778 606-8553 Mobile: (917) 579-4838 Mobile: (818) 851-2300 Mobile: (617) 620-3323 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

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

4 MARKET SUMMARY Industry Stock Market Performance

160 Last 12 Months 165 Last 3 Years

155 150

145 140

135 130

125

120

115

110 105

100 95

90 85

80 75 8/25/16 10/2/16 11/8/16 12/15/16 1/22/17 2/28/17 4/6/17 5/14/17 6/20/17 7/27/17 8/25/14 11/24/14 2/23/15 5/25/15 8/24/15 11/23/15 2/22/16 5/23/16 8/22/16 11/21/16 2/20/17 5/22/17 8/21/17

(1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Exchanges 9.7% 19.3% 42.7% Financial Data, Content Information Processors / Payments 8.9% 29.4% 48.3% & Analytics Credit Bureaus Financial, Data, Content & Analytics 7.2% 16.4% 49.1% Online Broker Dealers 6.2% 34.4% 38.7% (6) (5) Banking & Lending Online Broker Dealers Investment Services, Software & Technology 1.8% 11.7% 46.0% Technology Healthcare / Insurance Technology 1.6% 1.7% 29.4%

Banking & Lending Technology 0.5% 19.4% 54.0% (7) (8) Information Processors / Credit Bureaus (3.2%) 2.5% 42.2% Investment Services, Healthcare / Insurance Software & Technology Technology

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

2017E EBITDA Multiples 2017 EBITDA Margins

Healthcare / Insurance Technology 17.7x Exchanges 59.2%

Banking and Lending Technology 14.9x Online Broker Dealers 46.9%

Exchanges 14.8x Financial Data, Content & Analytics 39.3%

Investment Services, Software & Information Processors / Credit Bureaus 14.7x 32.7% Technology

Financial Data, Content & Analytics 14.5x Information Processors / Credit Bureaus 30.3%

Investment Services, Software & 13.5x Banking and Lending Technology 29.2% Technology

Payments 12.9x Payments 25.9%

Online Broker Dealers 10.4x Healthcare / Insurance Technology 16.8%

0.0x 5.0x 10.0x 15.0x 20.0x 0% 10% 20% 30% 40% 50% 60% 70%

Notes: 6 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY Price / Earnings Multiples and PEG Ratios

2017E Price / Earnings Multiples 2017E PE / Growth (“PEG” Ratio) | Long-Term EPS Growth

Banking and Lending Technology 30.7x Healthcare / Insurance Technology 2.6 14.0%

Healthcare / Insurance Technology 25.4x Banking and Lending Technology 2.2 9.3%

Information Processors / Credit Bureaus 25.2x Exchanges 2.1 14.5%

Online Broker Dealers 24.7x Financial Data, Content & Analytics 2.0 10.2%

Investment Services, Software & 24.0x Information Processors / Credit Bureaus 1.9 13.8% Technology

Investment Services, Software & Financial Data, Content & Analytics 22.6x 1.9 13.5% Technology

Exchanges 21.7x Payments 1.3 16.8%

Payments 17.4x Online Broker Dealers 1.3 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 3.0

Notes: 7 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY LTM Price Performance and 2017 P/E – Payments / Banking

($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2017 Prepaid Market Cap. Performance P/E 2017 Visa Inc. $236,337 29% 29.1x $2,771 104% 23.2x Mastercard Incorporated $141,365 39% 30.1x Blackhawk Network Holdings, Inc. $2,419 28% 25.4x Company $75,554 31% 14.9x Net 1 UEPS Technologies, Inc. $520 (14%) 5.7x PayPal Holdings, Inc. $72,108 60% 32.7x Sector Average $1,904 39% 18.1x Discover $22,226 3% 10.1x Sector Average $109,518 32% 23.4x LTM Price Integrated Payments Hardware / Technology Market Cap. Performance P/E 2017 LTM Price Ingenico Group - GCS $6,112 (12%) 17.4x Merchant Processing Market Cap. Performance P/E 2017 NCR Corporation $4,316 5% 10.5x Cielo S.A. $19,247 (19%) 14.4x VeriFone Systems, Inc. $2,149 (0%) 13.1x First Data Corporation $16,761 38% 11.8x Cardtronics plc $1,173 (43%) 9.1x Global Payments Inc. $14,235 22% 23.6x Everi Holdings Inc. $502 247% 8.8x Vantiv, Inc. $13,972 34% 21.3x PAR Technology Corporation $175 108% NA Total System Services, Inc. $12,233 38% 20.2x Sector Average $2,405 51% 11.8x Wirecard AG $10,240 71% 32.3x Square, Inc. $9,589 103% NM LTM Price GMO Payment Gateway, Inc. $2,320 21% 90.4x Banking and Lending Technology Market Cap. Performance P/E 2017 EVERTEC, Inc. $1,372 12% 11.2x SafeCharge International Group Limited $505 (2%) 15.6x Intuit Inc. $35,191 25% 30.7x Planet Payment, Inc. $196 (4%) 21.0x Fidelity National Information Services, Inc. $30,363 15% 21.3x JetPay Corporation $30 (12%) NM Fiserv, Inc. $25,744 19% 24.0x Sector Average $8,392 25% 26.2x Jack Henry & Associates, Inc. $7,750 14% 31.9x Temenos Group AG $6,782 65% 40.1x Black Knight Financial Services, Inc. $2,895 7% 30.6x LTM Price Ellie Mae, Inc. $2,795 (16%) 54.7x Money Transfer Market Cap. Performance P/E 2017 ACI Worldwide, Inc. $2,603 18% 44.8x The Company $8,816 (12%) 10.9x LendingClub Corporation $2,530 11% NM Euronet Worldwide, Inc. $5,015 23% 21.0x Q2 Holdings, Inc. $1,691 41% NM Sector Average $6,915 6% 16.0x Coupa Software Incorporated $1,609 NA NM Bottomline Technologies (de), Inc. $1,177 40% 28.4x On Deck Capital, Inc. $341 (24%) NM LTM Price Elevate Credit, Inc. $264 NA 18.6x Closed Loop Market Cap. Performance P/E 2017 Performant Financial Corporation $93 (13%) NM FleetCor Technologies, Inc. $13,086 (14%) 17.0x Sector Average $8,122 15% 32.5x Alliance Data Systems Corporation $12,318 11% 12.3x Edenred SA $6,091 20% 21.9x WEX Inc. $4,572 8% 20.2x LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2017 Sector Average $9,017 6% 17.9x 0 Experian plc $18,224 (2%) 21.1x Equifax Inc. $16,936 8% 23.2x Fair Isaac Corporation $4,239 8% 27.2x Acxiom Corporation $1,807 (12%) 32.1x Sector Average $10,302 1% 25.9x

Notes: 8 Source: CapitalIQ and Wall Street Research. Market data as of 8/25/17. MARKET SUMMARY LTM Price Performance and 2017 P/E – Securities / Cap. Mkts. / Data & Analytics

($MM) ($MM) LTM Price LTM Price Exchanges - Americas Market Cap. Performance P/E 2017 Investment Services, Software & Technology Market Cap. Performance P/E 2017 0 CME Group Inc. $43,203 20% 26.5x SEI Investments Co. $9,041 24% 25.0x Intercontinental Exchange, Inc. $38,493 18% 22.2x Broadridge Financial Solutions, Inc. $8,953 11% 23.1x B3 S.A. - Brasil, Bolsa, Balcão $14,459 27% 20.7x SS&C Technologies Holdings, Inc. $7,778 18% 19.5x DST Systems, Inc. $3,068 (16%) 16.6x , Inc. $12,635 7% 18.2x Financial Engines, Inc. $2,075 4% 24.0x CBOE Holdings, Inc. $11,252 45% 29.6x Envestnet, Inc. $1,893 10% 33.5x TMX Group Limited $2,954 22% 14.0x Alfa Financial Software Holdings PLC $1,652 NA 41.5x Bolsa Mexicana de Valores, S.A.B. de C.V. $1,067 (4%) 17.6x Sector Average $4,236 5% 26.4x Sector Average $17,723 19% 21.3x LTM Price LTM Price Financial Data, Content & Analytics Market Cap. Performance P/E 2017 Exchanges - Asia Market Cap. Performance P/E 2017 0 S&P Global Inc. $38,876 25% 23.9x Hong Kong Exchanges and Clearing Limited $33,607 12% 37.2x Thomson Corporation $32,698 10% 18.8x ASX Limited $8,413 11% 24.3x Moody's Corporation $25,286 25% 23.9x Singapore Exchange Limited $5,846 (4%) 21.7x IHS Markit Ltd. $18,453 27% 22.6x Bursa Malaysia Berhad $1,273 7% 24.5x Verisk Analytics, Inc. $13,110 (4%) 25.4x MSCI Inc. $10,290 29% 30.1x Sector Average $12,285 6% 26.9x FactSet Research Systems Inc. $6,248 (10%) 21.3x The Dun & Bradstreet Corporation $4,051 (20%) 15.6x LTM Price Morningstar, Inc. $3,492 (1%) NA Exchanges - Europe Market Cap. Performance P/E 2017 Bankrate, Inc. $1,231 80% 19.6x 0 Deutsche Börse Aktiengesellschaft $20,107 30% 19.0x Sector Average $15,374 16% 22.3x London Stock Exchange Group plc $17,771 39% 26.8x Bolsas y Mercados Españoles $3,012 13% 16.0x LTM Price JSE Limited $895 (10%) 16.2x Online Broker Dealers Market Cap. Performance P/E 2017 GPW $542 40% 13.7x The Charles Schwab Corporation $53,243 30% 24.8x Hellenic Exchanges - Athens Stock Exch. $373 24% 49.6x TD Ameritrade Holding Corporation $23,302 36% 24.7x Sector Average $7,117 23% 23.6x E*TRADE Financial Corporation $11,294 61% 18.4x Interactive Brokers Group, Inc. $3,034 23% 29.3x LTM Price GAIN Capital Holdings, Inc. $301 (2%) 24.5x Trading Platforms Market Cap. Performance P/E 2017 Global Brokerage, Inc. $8 (86%) NA Sector Average $15,197 10% 24.4x MarketAxess Holdings Inc. $7,155 15% 57.7x BGC Partners, Inc. $3,706 49% 15.8x Virtu Financial, Inc. $1,619 4% 18.8x INTL FCStone Inc. $678 2% 11.8x Investment Technology Group, Inc. $666 31% NM Sector Average $2,765 20% 26.0x

Notes: 9 Source: CapitalIQ and Wall Street Research. Market data as of 8/25/17. SECTION II: Payments / Banking

10 PAYMENTS / BANKING 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 8/25/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Networks Visa Inc. $103.35 $75.17 $104.20 $236,337 $5,700 $250,166 13.5x 12.3x 19.3x 17.4x 29.1x 25.2x 17.0% 1.7 16.0% 25.8% Mastercard Incorporated 132.75 95.77 134.24 141,365 (1,633) 139,828 11.4x 10.3x 19.6x 17.5x 30.1x 25.9x 16.2% 1.9 13.5% 13.3% American Express Company 85.47 59.50 87.78 75,554 25,172 102,326 3.1x 3.0x NM NM 14.9x 13.6x 11.0% 1.4 10.3% (1.0%) PayPal Holdings, Inc. 59.97 36.30 61.30 72,108 (9,165) 62,943 4.9x 4.1x 18.9x 16.0x 32.7x 27.2x 17.9% 1.8 18.5% NM Discover Financial Services 59.69 53.91 74.33 22,226 13,496 36,297 3.7x 3.5x NM NM 10.1x 9.1x 9.0% 1.1 11.9% (1.4%)

Mean 7.3x 6.6x 19.3x 17.0x 23.4x 20.2x 14.2% 1.6 14.0% 9.2% Median 4.9x 4.1x 19.3x 17.4x 29.1x 25.2x 16.2% 1.7 13.5% 6.2%

Merchant Processing Cielo S.A. $7.10 $6.47 $8.97 $19,247 $1,663 $22,015 5.6x 5.2x 13.1x 11.8x 14.4x 13.3x 6.4% 2.2 4.0% (10.7%) First Data Corporation 18.16 12.74 19.20 16,761 17,814 37,540 3.1x 3.0x 12.3x 11.5x 11.8x 10.9x 10.7% 1.1 5.2% 3.0% Global Payments Inc. 93.35 64.63 97.99 14,235 3,502 17,891 5.2x 4.7x 15.7x 13.8x 23.6x 20.1x 15.2% 1.6 42.4% 14.2% Vantiv, Inc. 71.22 52.50 72.68 13,972 3,415 17,697 8.4x 7.6x 17.5x 15.4x 21.3x 18.8x 15.4% 1.4 25.9% 12.1% Total System Services, Inc. 66.40 46.22 67.51 12,233 2,711 14,958 3.1x 4.2x 12.7x 11.8x 20.2x 18.5x 11.3% 1.8 12.3% 47.3% Wirecard AG 82.87 45.83 83.49 10,240 (804) 9,437 5.7x 4.6x 19.6x 15.6x 32.3x 25.2x 27.7% 1.2 49.3% 45.7% Square, Inc. 24.99 10.88 27.97 9,589 (570) 9,018 5.3x 4.2x 67.9x 38.1x NM 58.5 87.8% NM 34.9% 25.8% GMO Payment Gateway, Inc. 62.99 34.88 66.93 2,320 (216) 2,113 10.1x 8.2x 36.9x 27.7x 90.4x 57.0x NM NM 77.7% 69.1% EVERTEC, Inc. 18.95 14.15 19.53 1,372 568 1,944 4.7x 4.5x 10.1x 9.7x 11.2x 10.7x 8.4% 1.3 6.3% 6.0% SafeCharge International Group Limited 3.44 2.47 3.81 505 (115) 390 3.4x 3.1x 11.1x 9.6x 15.6x 13.8x 13.0% 1.2 8.6% 3.2% Planet Payment, Inc. 3.65 2.75 4.64 196 (7) 189 3.3x 3.0x 11.0x 9.3x 21.0x 16.9x 25.0% 0.8 5.5% (4.5%) JetPay Corporation(1) 1.90 1.45 3.19 30 8 121 1.6x 1.4x 25.1x 15.4x NM NM NM NM 34.2% 53.8%

Mean 5.0x 4.5x 21.1x 15.8x 26.2x 24.0x 22.1% 1.4 25.5% 22.1% Median 4.9x 4.4x 14.4x 12.8x 20.6x 18.5x 14.1% 1.3 19.1% 13.1%

Money Transfer The Western Union Company $19.00 $18.42 $22.70 $8,816 $2,564 $11,380 2.1x 2.1x 8.8x 8.6x 10.9x 10.6x 10.0% 1.1 0.5% 0.2% Euronet Worldwide, Inc. 95.46 70.51 97.92 5,015 (196) 4,820 2.2x 2.0x 11.8x 10.2x 21.0x 18.2x 14.5% 1.4 12.0% 12.5%

Mean 2.1x 2.0x 10.3x 9.4x 16.0x 14.4x 12.3% 1.3 6.2% 6.4% Median 2.1x 2.0x 10.3x 9.4x 16.0x 14.4x 12.3% 1.3 6.2% 6.4%

Closed Loop FleetCor Technologies, Inc. $142.43 $121.52 $176.42 $13,086 $3,273 $16,360 7.3x 6.6x 14.0x 12.3x 17.0x 14.9x 16.2% 1.1 21.7% 29.5% Alliance Data Systems Corporation 222.02 196.40 266.25 12,318 19,761 32,079 4.1x 3.7x 16.2x 14.1x 12.3x 10.4x 14.9% 0.8 9.4% 4.2% Edenred SA 26.12 21.85 29.07 6,091 1,442 7,703 4.9x 4.6x 13.2x 12.2x 21.9x 20.1x 11.9% 1.8 39.3% 28.1% WEX Inc. 106.57 97.26 122.91 4,572 2,158 6,739 5.6x 5.1x 14.4x 12.6x 20.2x 17.3x 15.3% 1.3 18.9% 29.9%

Mean 5.5x 5.0x 14.4x 12.8x 17.9x 15.7x 14.6% 1.3 22.3% 22.9% Median 5.2x 4.8x 14.2x 12.5x 18.6x 16.1x 15.1% 1.2 20.3% 28.8%

Prepaid Green Dot Corporation $47.64 $21.45 $48.03 $2,771 NA NA NA NA NA NA 23.2x 20.1x 17.8% 1.3 20.7% 28.3% Blackhawk Network Holdings, Inc. 42.70 28.88 46.70 2,419 332 2,755 1.2x 1.1x 11.7x 10.0x 25.4x 21.0x 15.3% 1.7 18.4% 18.4% Net 1 UEPS Technologies, Inc. 9.23 8.37 13.81 520 (226) 297 0.5x 0.4x 1.9x 1.9x 5.7x 5.3 NM NM 2.7% 2.5%

Mean 0.9x 0.8x 6.8x 5.9x 18.1x 15.5x 16.5% 1.5 13.9% 16.4% Median 0.9x 0.8x 6.8x 5.9x 23.2x 20.1x 16.5% 1.5 18.4% 18.4%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. 11 1) Convertible preferred equity assumed at 2x . 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 8/25/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Integrated Payments Hardware / Technology Ingenico Group - GCS $98.21 $81.09 $117.87 $6,112 $193 $6,315 2.1x 1.9x 10.5x 9.4x 17.4x 15.4x 12.5% 1.4 21.1% 10.7% NCR Corporation 35.52 29.83 49.90 4,316 2,905 8,256 1.2x 1.2x 7.1x 6.8x 10.5x 9.8x NM NM 2.1% (1.7%) VeriFone Systems, Inc. 19.22 14.94 20.98 2,149 743 2,920 1.6x 1.5x 9.9x 8.7x 13.1x 12.1x 15.0% 0.9 NA (10.0%) Cardtronics plc 25.70 24.91 56.00 1,173 920 2,093 1.4x 1.5x 6.5x 7.0x 9.1x 10.0x 14.0% 0.6 17.1% 18.9% Everi Holdings Inc. 7.52 1.21 8.99 502 982 1,484 1.6x 1.5x 7.0x 6.6x 8.8x NM 20.0% 0.4 8.5% 13.2% PAR Technology Corporation 11.00 4.69 11.00 175 (2) 173 NA NA NA NA NA NA NM NA NA 18.2%

Mean 1.6x 1.5x 8.2x 7.7x 11.8x 11.8x 15.4% 0.8 12.2% 8.2% Median 1.6x 1.5x 7.1x 7.0x 10.5x 11.0x 14.5% 0.8 12.8% 12.0%

Banking and Lending Technology Intuit Inc. $137.35 $103.22 $143.81 $35,191 ($289) $34,902 6.5x 5.9x 17.0x 15.5x 30.7x 27.3x 15.7% 2.0 10.6% 11.7% Fidelity National Information Services, Inc. 91.34 73.25 92.78 30,363 8,926 39,403 4.3x 4.2x 12.8x 12.3x 21.3x 18.8x 12.0% 1.8 (0.9%) 1.6% Fiserv, Inc. 122.32 92.81 129.35 25,744 4,442 30,186 5.3x 5.0x 14.7x 13.8x 24.0x 21.2x 12.1% 2.0 4.0% 1.7% Jack Henry & Associates, Inc. 100.08 79.00 109.67 7,750 (65) 7,685 5.2x 5.0x 15.1x 14.2x 31.9x 29.3x 11.5% 2.8 5.2% 4.6% Temenos Group AG 97.28 59.08 100.00 6,782 300 7,082 10.0x 9.0x 28.8x 24.7x 40.1x 34.6x 14.9% 2.7 12.1% 13.5% Black Knight Financial Services, Inc. 42.05 34.00 43.70 2,895 1,462 5,426 5.0x 4.6x 10.5x 9.5x 30.6x 26.3x 14.1% 2.2 4.9% 2.6% Ellie Mae, Inc. 81.29 77.60 114.95 2,795 (334) 2,461 6.1x 5.1x 20.8x 16.1x 54.7x 44.6x 15.7% 3.5 12.3% 15.6% ACI Worldwide, Inc. 22.02 15.11 24.65 2,603 603 3,206 3.1x 3.0x 12.6x 11.7x 44.8x 37.5x 12.5% 3.6 1.8% 9.4% LendingClub Corporation 6.15 4.64 6.79 2,530 (538) 1,999 3.3x 2.7x 35.3x 15.1x NM 27.6x NM NM 19.3% 35.7% Q2 Holdings, Inc. 40.95 25.23 41.70 1,691 (79) 1,612 8.3x 6.6x NM 79.4x NM NM NM NM 29.7% 32.3% Coupa Software Incorporated 30.37 22.50 41.61 1,609 (238) 1,371 7.9x 6.3x NM NM NM NM NM NM 30.2% 41.0% Bottomline Technologies (de), Inc. 29.05 21.52 31.10 1,177 57 1,234 3.4x 3.2x 15.2x 13.7x 28.4x 25.3x 17.3% 1.6 5.2% 6.1% On Deck Capital, Inc. 4.66 3.29 6.46 341 666 1,012 2.9x 2.7x NM 30.7x NM 17.5x NM NM 19.9% 20.9% Elevate Credit, Inc. (1) 6.32 6.50 9.48 264 368 631 0.9x 0.7x 6.3x 3.8x 18.6 5.3x NA NA NA 18.7% Performant Financial Corporation 1.83 1.50 4.07 93 22 115 0.8x 0.8x 9.4x 6.3x NM 52.3x NM NM (2.0%) (5.7%)

Mean 4.9x 4.3x 16.6x 19.1x 32.5x 28.3x 14.0% 2.5 10.9% 14.0% Median 5.0x 4.6x 14.9x 14.0x 30.7x 27.3x 14.1% 2.2 7.9% 11.7%

Information Processors / Credit Bureaus Experian plc $19.57 $17.77 $22.00 $18,224 $3,210 $21,446 4.9x 4.6x 14.0x 13.3x 21.1x 19.1x 9.3% 2.3 NA NA Equifax Inc. 140.70 110.87 147.02 16,936 2,428 19,425 5.7x 5.3x 15.3x 14.1x 23.2x 20.8x 11.5% 2.0 8.4% 5.6% Fair Isaac Corporation 138.38 109.77 147.02 4,239 481 4,720 5.0x 4.7x 19.6x 17.2x 27.2x 23.2x 16.0% 1.7 4.7% (3.3%) Acxiom Corporation 22.69 21.80 30.40 1,807 67 1,874 2.1x 1.9x 11.2x 9.1x 32.1x 22.9x 17.7% 1.8 2.2% (1.1%) Intersections Inc. 3.07 1.70 5.75 73 11 84 NA NA NA NA NA NA NM NA NA (10.8%)

Mean 4.4x 4.1x 15.0x 13.5x 25.9x 21.5x 13.6% 2.0 5.1% (2.4%) Median 5.0x 4.6x 14.7x 13.7x 25.2x 21.9x 13.8% 1.9 4.7% (2.2%)

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

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

8/22/17 BluePay, Inc. Security Card Services, LLC Merchant Processing NA NA

YouFirst Money Express Private 8/21/17 Ebix, Inc. NA NA Limited, Money Transfer Service

8/21/17 Blockchain Global Limited BTCS Inc. Cryptocurrency NA NA

8/21/17 Innovest Systems, LLC PDS Companies, Inc. Financial Software NA NA

8/21/17 Fiserv, Inc. Dovetail Group Limited Banking Software NA NA

8/16/17 ShapeShift AG KeepKey, LLC Cryptocurrency NA NA

8/10/17 PayPal Holdings, Inc. Swift Financial Corporation Online Lending NA NA

8/10/17 SIX Payment Services Ltd Aduno SA Merchant Acquiring NA NA Bitcoin Crypto Currency Exchange 8/8/17 KaChingpay.com Inc. Token Network/Merchant Processing NA NA Corporation

8/3/17 Givex Corporation POS Canada Inc. POS NA NA

8/2/17 Thomas H. Lee Partners, L.P. Ten-X, LLC Real Estate Tech NA NA

8/2/17 Marlin Equity Partners, LLC Medius AB AP Automation NA NA

8/1/17 Fiserv, Inc. PCLender LLC Mortgage Software NA NA

7/28/17 Acana Capital Corp. Blockchain Technology Group Inc. Blockchain NA NA

7/27/17 Verisk Analytics, Inc. G2 Web Services, LLC Anti-Fraud $112 NA Accelyst Solutions Pvt. Ltd and 7/27/17 Axis Limited Mobile Payments $60 NA Freecharge Payment Technologies

7/26/17 Stripe Payable Accounting Software NA NA First Data Lietuva Uab and First Data 7/25/17 Worldline S.A. Merchant Processing $85 3.2x Latvia Sia and First Data EESTI OU

7/25/17 The Sage Group plc Intacct Corporation Accounting Software $850 9.7x

7/21/17 Paysafe Group Plc Delta Card Services, Inc. Merchant Processing $470 1.1x

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

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

CVC Capital Partners Limited; The 7/21/17 Paysafe Group Plc Payment Processing $4,014 3.8x Blackstone Group L.P.

7/20/17 Ingenico Group - GCS Bambora Merchant Processing $1,746 7.4x

7/18/17 ABILITY Network Inc. Secure Bill Pay Healthcare Payments NA NA

7/18/17 Urban FT, Inc. iParse LLC Mobile Banking NA NA

7/17/17 Worldline S.A. Digital River World Payments AB Ecommerce Payments NA NA

7/17/17 Mastercard Brighterion, Inc. Fraud Protection NA NA

7/12/17 Ceres inc. bitbank, Inc. Blockchain $29 19.3x

7/10/17 Linx Sistemas E Consultoria Ltda. Grupo Synthesys POS $26 NA

7/6/17 Blackfin Capital Partners SAS Buckaroo B.V. Gateway NA NA

7/6/17 Equiniti Group plc Nostrum Group Limited Loan Servicing NA NA

7/5/17 Vantiv, Inc. Worldpay Group plc Merchant Processing $11,453 7.5x

7/5/17 Vision Solutions Inc. Enforcive, Inc. Reg Tech NA NA

7/4/17 Blue Star Capital plc SatoshiPay Ltd Blockchain Nanopayments $7 NA

6/30/17 DBS Bank Ltd. AXS Pte. Ltd. Mobile Financial Services $60 NA HgCapital, Montagu , 6/29/17 Visma AS Financial Software $5,453 5.7x Intermediate Capital Group, GIC Pte.

6/29/17 ScanSource, Inc. POS Portal, Inc. POS $158 NA

6/28/17 Vista Equity Partners LLC PayLease, LLC Vertical Payments NA NA

6/27/17 BlackRock, Inc. CacheMatrix Holdings LLC Enterprise Cash Management NA NA

6/20/17 LendingTree, LLC Magnify Money Lead Gen $40 NA

6/20/17 Global Blue SA EuroPass Wechat Gateway 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

6/15/17 LendingTree, LLC Deposits Online, LLC. Data / Analytics $33 NA

6/13/17 Fiserv (Europe) Limited Monitise plc Banking Technology $60 0.7x Otkritie Holding JSC; Otkritie 6/12/17 Qiwi plc Networks $1,381 4.3x Investments Cyprus Limited US Dataworks, Inc., Substantially All 6/9/17 The Bankers Bank Treasury Management $2 NA Assets

6/8/17 ECN Capital Corp. Service Finance Company, LLC Mortgage Servicing $304 NA

6/7/17 Incenter Mortgage Solutions LLC Campus Door Holdings, Inc. Student Lending NA NA

6/7/17 Longview Solutions, Inc. Tidemark Systems, Inc. Financial Software NA NA

6/6/17 Ascensus, Inc. Kravitz, Inc. Retirement Administration NA NA

6/6/17 CoreLogic, Inc. Mercury Network, LLC Mortgage Technology NA NA

6/2/17 GTCR, LLC Sage Payment Solutions, Inc. Merchant Processing $260 NA

6/1/17 Flywire PACE Financial Group Ltd. Invoicing NA NA

6/1/17 Aquiline Capital Partners LLC Output Services Group, Inc. Bill Pay NA NA

5/31/17 KeyBank National Association HelloWallet, LLC PFM NA NA Comergence Compliance Monitoring, 5/30/17 Optimal Blue LLC Mortgage Tech NA NA LLC

5/29/17 First Data Corporation CardConnect Corp. Merchant Processing $716 1.2x

5/24/17 Ebix, Inc. Itz Cash Card Ltd. Prepaid $120 NA

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

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

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

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

5/12/17 EVO Payments International, LLC Zenith Merchant Services Inc Merchant Acquiring NA NA

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

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

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

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

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

4/24/17 HCL Technologies Limited Urban Fulfillment Services, LLC Mortgage Processing $30 0.6x

HelloPay Singapore Pte. Ltd (nka:Alipay 4/19/17 Ant Financial Services Group Ecommerce Payments NA NA Singapore)

4/12/17 Stone Point Capital Bankruptcy Management Solutions Financial Software NA NA

Network For Electronic Transfers Banking Computer Services Private 4/11/17 Clearing $27 NA (Singapore) Pte Ltd. Limited and BCS Information System

4/10/17 Harland Clarke Holdings Corp. RetailMeNot, Inc. Coupons / Rewards $455 1.5x Fidelity National Information Services, 4/10/17 New Access SA Banking Software NA NA Inc., Ambit Private Banking Business

4/7/17 Coupa Software Incorporated Trade Extensions Tradeext AB Sourcing Software $45 NA OP Financial Group, Merchant Acquiring 4/5/17 Nets Oy Merchant Acquiring $32 NA Business

4/5/17 Bain Capital & Advent International Ratepay Ecommerce Payments NA NA Financiere Des Paiements 4/4/17 BNP Paribas SA Digital Banking NA NA Electroniques S.A.S.

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

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

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

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

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

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

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

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

3/21/17 Visma AS Bluegarden Holding A/S Payroll Software NA NA

3/16/17 First Data Corporation Acculynk, Inc. Ecommerce Payments $85 NA

3/14/17 Genpact Limited RAGE Frameworks, Inc. Digital Transformation NA NA Citibank's Merchant Acquiring Services 3/13/17 Wirecard AG Merchant Acquiring NA NA in Asia Pacific

3/13/17 Vista Equity DH Corporation Banking Technology $3,459 2.8x

3/13/17 Payment Data Systems, Inc. Singular Payments, LLC Vertical Payments NA NA

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

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

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

2/28/17 Technology Crossover Ventures 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 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

2/14/17 Temenos Solutions Australia Pty Ltd Rubik Financial Limited Financial Software $59 1.9x

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

2/14/17 PayPal Holdings, Inc. TIO Networks Corp. Payment Processing $185 2.6x

2/8/17 Deluxe Corporation RDM Corporation Banking Software $67 3.2x

2/8/17 Realtime Electronic Payments Sigma Payment Solutions Inc. Loan Servicing NA NA

2/5/17 Klarna AB (nka:Klarna Bank AB (publ)) Billpay GmbH Ecommerce Payments $75 NA Randall Data Systems, LLC and CSC Accounting Software / Healthcare 2/1/17 i3 Verticals, LLC NA NA Links, LLC Payments

2/1/17 Social Finance, Inc. ZenBanx, Inc. Mobile Banking NA NA

1/31/17 Cardtronics plc Spark ATM Systems (Pty) Ltd. ATMS NA NA

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

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

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

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

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

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

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

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

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

1/16/17 Daimler Financial Services AG PayCash Europe S.A. Electronic Payments NA NA Advent International Corporation; Bain 1/13/17 ConCardis GmbH Merchant Processing NA NA Capital Investors, LLC

1/11/17 Intellitix Holdings Limited Loc Pay Systems B.V. Closed Loop NA NA

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

1/10/17 GoFundMe, Inc CrowdRise, Inc. NA NA

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

1/5/17 IRIS Software Group Limited PS Financials Ltd Accounting Software NA NA

1/4/17 EVO Payments International, LLC Sterling Payment Technologies, Inc. Merchant Processing NA NA

12/23/16 BBVA Bancomer, S.A. Openpay SAPI de C.V. Ecommerce Payments NA NA PayByPhone Technologies And 12/23/16 Volkswagen Financial Services AG Mobile Payments $32 NA PayByPhone And Mobile Payment

12/19/16 Akamai Technologies, Inc. Cyberfend, Inc. Fraud Protection NA NA

12/19/16 SENJO GROUP Pte. Ltd. Kalixa Payments Group Limited Merchant Acquiriing $30 1.3x

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 (nka:Klarna Bank AB (publ)) 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

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

11/15/16 Versara Lending, LLC , 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 NA NA

11/10/16 NPC Group, Inc. Moneris Solutions, Inc. Merchant Acquiring $425 NA

11/7/16 GTCR, LLC RevSpring, Inc. Healthcare Payments NA NA

11/4/16 BC Partners; Medina Capital Easy Solutions Inc. Fraud Detection NA NA

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

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

10/26/16 Groupon, Inc. LivingSocial, Inc. Ecommerce NA NA

Lendingkart Technologies Private 10/18/16 Finectar Technologies Pvt. Ltd. Online Lending NA NA Limited

10/11/16 CVC Capital Partners Limited; Cinven NewDay Cards Ltd. Credit Cards NA NA

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

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

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

Notes: 20 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

8/24/17 Ezetap Mobile Solutions Series D $16 Horizons Ventures, JS Capital Management, Social Capital POS

8/24/17 Blend Series D $100 Emergence Capital Partners, Greylock Partners Mortgage Tech Anthos Capital, Mucker Capital, Radian Capital, Tallwave Capital, 8/23/17 EmailAge Series B $10 Anti-Fraud Wipro Ventures

8/21/17 Prodigy Finance Series C $40 AlphaCode, Balderton Capital, Index Ventures Online Lending

8/21/17 Capital Float Series C $45 Ribbit Capital, SAIF Partners, Sequoia Capital India Online Lending Episode 1 Ventures LLP, JXC Ventures Ltd, Maxfield Capital 8/21/17 Emoov Series B $12 Real Estate Tech Management Fund, Spire Ventures Ltd, Startive Ventures, Inc. 8/18/17 Lai Yong Che Series A $15 Meili Jirong, Xingyi Capital, Zhejiang Jinke Entertainment Culture Online Leasing

8/15/17 nCino Series D $18 Aequitas Capital Management, Insight Venture Partners Banking Software

8/15/17 HomeLight Series B $40 Citi Ventures, Menlo Ventures Real Estate Tech

8/14/17 i3 Verticals NA $14 Undisclosed Integrated Payments

8/11/17 NextBlock NA $20 Undisclosed Blockchain Battery Ventures, Draper Associates, Greylock Partners, 8/10/17 Coinbase Series D $100 Cryptocurrency Institutional Venture Partners, Section 32, Spark Capital Bertelsmann Asia Investments, China Merchants Capital, CITIC 8/10/17 Linklogis Series B $29 Online Lending Capital Private Equity, Loyal Valley Innovation Capital, Tencent

8/10/17 Vyze Series C $13 Austin Ventures, Fathom Capital, Starvest Partners Consumer Lending Commerce Ventures, Flint Capital, Santander InnoVentures, 8/9/17 Socure Series B $14 Identity Verification Synchrony Financial, Two Sigma Ventures, Work-Bench 8/7/17 UangTeman Series A $12 Draper Associates, K2 , STI Financial Group Online Lending

8/3/17 Neyber Series C $21 Wadhawan Global Capital PFM

8/3/17 Kabbage Series F $250 SoftBank Group Online Lending

Hearst Ventures, John Mack, , TransUnion, 8/2/17 PeerIQ Series A $12 Data/Analytics Uprising

8/2/17 DianRong Series D $220 China Minsheng Investment, GIC, Simone Investment Managers Online Lending

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

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

8/2/17 Bread Series B $126 Bessemer Venture Partners, Menlo Ventures, RRE Ventures Online Lending

8/1/17 Juvo Series B $40 New Enterprise Associates, SignalFire, Wing Venture Capital Micro Lending

Glynn Capital Management, Green Visor Capital, Greycroft 7/31/17 Flutterwave Series A $10 Bank/Payments Software Partners, Y Combinator 83North, Commerce Ventures, CommerzVentures, CreditEase, 7/26/17 Marqeta Series D $25 Prepaid Granite Ventures, IA Capital Group, Visa

7/25/17 Beqom NA $35 Financial Software

7/25/17 Rimilia NA $25 Kennet Partners, Eight Roads Ventures AR Automation Bessemer Venture Partners, Generation Investment 7/25/17 Toast, Inc. Series C $101 POS Management, Lead Edge Capital

7/21/17 Devign Lab Series A $27 Undisclosed Investors Digital Currency

7/20/17 Receipt Bank Series B $50 Insight Venture Partners Accounting Software

Alsop-Louie Partners, Arbor Ventures, Greycroft Partners, 7/19/17 Karmic Labs Series B $17 Expense Management Cards Marketplace Funds, Startup Capital Ventures

7/18/17 Freshbooks Series B $43 Accomplice, Georgian Partners, Oak Investment Partners Accounting Software

7/18/17 NewStore Series B $50 Activant Capital Group, General Catalyst, Stephan Schambach Mobile Commerce Alessandro Hatami, Breega Capital, Connect Ventures, Emilian 7/12/17 Curve Series A $10 Payment Cards Popa, Gael de Boissard, Henry Ritchotte, , Oxford Capital

7/12/17 Revolut Series B $66 Balderton Capital, Index Ventures, Ribbit Capital Digital Banking

Bessemer Venture Partners, Catamaran Ventures, SBI Jefferies 7/11/17 Innoviti Payment Solutions Series B $19 Gateway Asia Fund Everbright Financial Holdings, PAG, Primavera Capital Group, 7/7/17 Dashu Finance Series C $118 Online Lending Sequoia Capital China

7/5/17 Ohpen Series B $17 Amerborgh Core Banking Software

7/5/17 Series A $14 Anthemis Group, Creandum, LocalGlobe, Passion Capital Digital Banking

Fullerton Financial Holdings, Global Founders Capital, GSR 7/5/17 InstaReM Series B $13 Cross-Border Payments Ventures, SBI Ven Capital, Vertex Ventures China

7/3/17 Qonto Series A $11 Alven Capital, Valar Ventures Digital Banking

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

6/29/17 Spruce Finance NA $25 HPS Investment Partners Consumer Lending

6/27/17 Riskified NA $33 C4 Ventures, Capital One Growth Ventures, Pitango Growth Fraud Protection

Metro Group, Touchstone Innovations, Woodford Investment 6/26/17 Yoyo Wallet Series B $15 Mobile Payments Management Digital Currency Group, Google Ventures, Lakestar, Lightspeed 6/22/17 Blockchain Series B $40 Blockchain Venture Partners, Mosaic Venture Partners, Virgin Group DSG Consumer Partners, Falcon Edge Capital, Matrix Partners 6/21/17 Mswipe Technologies Series D $31 POS India, UC-RNT Fund

6/21/17 FloQast Series B $25 Insight Venture Partners, Polaris Partners, Toba Capital Accounting Software

Accel Partners, Connect Ventures, InReach Ventures, R204 Expense Management 6/21/17 Soldo Series A $11 Partners, U-Start Ventures Software JADO Investments, MoneyTime Ventures, Opus Capital, TIS INTEC 6/20/17 Sequent Software Series C $16 Tokenization Group

6/15/17 PayBreak (Afford It Now) NA $31 Undisclosed Consumer / POS Lending

6/9/17 Cardlytics NA $12 Undisclosed Loyalty / Rewards

Caisse de depot et placement du Quebec, MasterCard 6/8/17 AvidXchange Series F $300 AP Automation Worldwide, Peter Thiel, Temasek Holdings

6/7/17 Plynk Series A $28 Swiss Privee Money Transfer

6/3/17 Max Series A $23 Credit Mutuel Arkea PFM

6/1/17 Series F $41 Northzone Ventures, Wadhawan Global Capital Digital Banking

Napier Park Financial Partners, Recruit Holdings, BDC IT Venture 5/31/17 TouchBistro Series C $12 POS Fund, Relay Ventures, Kensington Capital Partners BDC Venture Capital, CRV, Exhibition Capital, HarbourVest 5/30/17 Wave Accounting Series E $24 Accounting Software Partners, National Australia Bank

5/26/17 RateSetter Series C $17 Clean Energy Finance Corporation Online Lending

5/25/17 BillTrust Series D $50 Riverwood Capital AR / Invoicing

Blumberg Capital, CURO Financial Technologies, MissionOG, 5/24/17 Zibby Series C $14 Consumer Lending Tribeca Venture Partners Banco Bradesco, Bangkok Bank, , Bank of 5/23/17 R3 Series A $107 Blockchain Montreal, Barclays

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

5/22/17 LedgerX Series B $11 Huiyin Blockchain Venture, Miami International Holdings Cryptocurrency

5/17/17 Additiv Series A $5 BZ Bank Aktiengesellschaft Financial Software

8VC, Abstract Ventures, Bee Partners, Emerson Collective, 5/16/17 Neighborly Series B $25 Marketplace Lending FinTech Collective, Govtech Fund, Maven Ventures

5/16/17 LevelUp NA $37 CentroCredit Bank, JP Morgan Chase, U.S. Boston POS / Loyalty

Ally Bridge Group, China Broadband Capital, China Development 5/15/17 Wacai Series C $42 PFM Bank Capital, New Horizon Capital

5/11/17 Verse Series B $20 e.ventures, Greycroft Partners, Spark Capital Mobile Payments

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

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

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

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

5/4/17 MPP Global Series B $15 Albion Ventures, Grafton Capital Ecommerce

Clocktower Ventures, CreditEase Fintech Investment Fund, 5/3/17 Nav Series B $13 Credit Scoring Goldman Sachs, Point72 Ventures

5/2/17 Aicai Series C $32 Zhongshunyi Financial Student Logistics / Payments

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

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

4/29/17 Satispay NA $15 Iccrea Banca Mobile Payments

Spend Management 4/26/17 Ivalua NA $70 KKR Software

4/26/17 Robinhood Series C $110 DST Global, Index Ventures, NEA, Ribbit Capital Online Brokerage

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

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

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

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

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

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

4/10/17 MintQuantum Series A $15 Undisclosed Online Lending

Union Square Ventures, Credit Ease, FirstMark Capital, Noah 4/6/27 Upgrade Series A $60 Online Lending Holdings, Ribbit Capital, Sands Capital Ventures China Merchants Innovation Investment Management, Forebright 4/6/17 WeCash Series C $80 Credit Scoring Capital Management, SIG

4/6/17 Flow Series A $16 Bain Capital Ventures, Fung Capital, Forerunner Ventures Cross-Border Payments

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

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

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

3/30/17 Yongqianbao NA $67 Golden Brick Capital Management, CICC Alpha Online Lending

Access Venture Partners, Earlybird Venture Capital, Pantera 3/29/17 ShapeShift AG Series A $10 Digital Currency Capital, Lakestar, Blockchain Capital

3/27/17 cloudvirga Series B $15 Incenter Mortgage POS

3/27/17 Creamfinance Series B $22 Capitec Bank Holdings Limited Online Lending

China Renaissance Private Equity Fund, PAG, Sequoia Capital 3/23/17 Dadao Financial Series B $29 Real Estate Tech China

3/23/17 Clarity Money Series B $11 Citi Ventures, RRE Ventures PFM

3/23/17 Qtum NA $15 Undisclosed Blockchain

3/22/17 figo NA $12 Berliner Volksbank Ventures, DB1 Ventures Bank API

3/22/17 Avaloq NA $300 Warburg Pincus Banking Software

3/20/17 Nested NA $10 GFC, Passion Capital Real Estate Tech

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

3/15/17 Flow Series A $13 Bain Capital Ventures Ecommerce

3/14/17 solarisBank NA $28 Arvato Financial Solutions, SBI Group Digital Banking

3/13/17 Canopy NA $20 Epic Ventures, Deep Fork Capital, NEA, Pelion Venture Partners Accounting / Tax Software

Altos Ventures, Bessemer Venture Partners, Goodwater Capital, 3/13/17 Viva Republica Series C $48 Money Transfer Partech Ventures, PayPal Holdings Anthemis, GV, Notion Capital, Rakuten FinTech Fund, Sapphire 3/9/17 Currencycloud Series D $25 Cross-Border Payments Ventures

3/8/17 Veem Series B $24 GV, NAB Ventures, SBI Investment Co. B2B Payments

3/7/17 Qapital Series A $12 Anthemis, Northzone, Rocketship VC PFM

BBVA, Toscafund Asset Management, Woodford Investment 3/6/17 Atom Bank NA $102 Digital Banking Management First Round Capital, Khosla Ventures, Rakuten, Third Point 3/3/17 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

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

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

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 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

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

1/4/17 Credible Labs NA $10 Undisclosed Online Lending

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

1/3/17 Monese Series A $10 Exponential Ventures, Korea Investment Partners, STE Capital Digital Banking

1/3/17 Tandem Bank NA $43 House of Fraser Digital Banking

12/20/16 Appetize Technologies Inc. Series A $20 Oak View Group, Shamrock Capital Advisors POS

12/15/16 Kreditech NA $10 Rakuten Fintech Fund Online Lending

12/14/16 BillFront Series A $35 4FINANCE, Finleap, NIBC Bank N.V. Online Lending

12/8/16 Thanx Inc. Series B $17 Icon Ventures, Javelin Venture Partners, Sequoia Capital Loyalty / Rewards Digital Sky Technologies, Founders Fund, QED Investors, Sequoia 12/7/16 Nubank Series D $80 Online Banking Capital, Tiger Global Management Citizen VC, Clocktower Technology Ventures, Edison Partners, 12/5/16 MoneyLion Inc. Series A $11 Online Lending FinTech Collective, Montage Ventures

11/28/16 Five Degrees Solutions Series A $13 5square, Karmijn Kapitaal, Velocity Capital Private Equity Banking Software

11/25/16 Stripe Inc. NA $150 CapitalG, General Catalyst Partners, Sequoia Capital eCommerce Payments China Merchants Venture Capital Management Co., Ltd., Zhixin 11/24/16 Ximu Financial Information Services Series A $15 Rating Agency Capital

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

11/23/16 Udaan.com Series A $10 Lightspeed Venture Partners India, Lightspeed U.S. Trading Platform

11/18/16 AdvisorEngine Series A $20 WisdomTree Investments, Inc. Broker Software Electronic Transaction 11/15/16 eOriginal, Inc. NA $27 LLR Partners, Inc. Software

11/15/16 Mavenlink, Inc. Series D $39 Goldman Sachs Growth Partners Financial Software

11/10/16 Teamleader NV Series B $10 Fortino Capital CRM / Invoicing Software

11/7/16 Zafin Labs America Inc. NA $10 Beedie Capital Partners, Vistara Capital Partners Banking Software

Notes: 28 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

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 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, , Commerz Ventures, 10/4/16 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

Notes: 29 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

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

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.

Notes: 30 Source: CapitalIQ and Pitchbook. SECTION III: Securities / Capital Markets / Data & Analytics

31 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 8/25/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Exchanges - Americas CME Group Inc. $127.10 $98.95 $127.96 $43,203 $786 $43,988 12.0x 11.3x 16.8x 15.6x 26.5x 24.1x 10.0% 2.7 2.4% 2.0% Intercontinental Exchange, Inc. 65.41 52.27 67.48 38,493 5,482 44,010 9.5x 9.0x 14.8x 13.6x 22.2x 19.6x 11.0% 2.0 3.2% 4.3% B3 S.A. - Brasil, Bolsa, Balcão 7.09 4.74 7.30 14,459 1,269 15,732 12.6x 11.4x 19.1x 16.6x 20.7x 20.2x NM NM 74.5% 63.6% Nasdaq, Inc. 75.75 63.30 77.75 12,635 3,056 15,691 6.5x 6.3x 12.8x 12.1x 18.2x 16.7x 8.5% 2.1 14.9% 11.5% CBOE Holdings, Inc. 99.77 61.58 99.99 11,252 1,152 12,417 12.6x 11.0x 19.3x 16.1x 29.6x 25.8x 21.5% 1.4 50.3% 270.2% TMX Group Limited 53.38 45.06 63.92 2,954 422 3,377 5.6x 5.5x 10.4x 9.9x 14.0x 13.3x NM NM (0.1%) (2.2%) Bolsa Mexicana de Valores, S.A.B. de C.V. 1.80 1.49 2.02 1,067 (87) 988 5.7x 5.3x 10.3x 9.7x 17.6x 16.0x 12.2% 1.4 25.9% 9.9%

Mean 9.2x 8.5x 14.8x 13.4x 21.3x 19.4x 12.6% 1.9 24.4% 51.3% Median 9.5x 9.0x 14.8x 13.6x 20.7x 19.6x 11.0% 2.0 14.9% 9.9%

Exchanges - Asia Hong Kong Exchanges and Clearing Limited $27.36 $22.70 $29.81 $33,607 ($1,570) $32,055 19.8x 18.0x 27.6x 24.8x 37.2x 33.3x 6.4% 5.8 13.2% 9.5% ASX Limited 43.50 35.35 43.62 8,413 (713) 7,700 12.4x 11.9x 16.4x 15.6x 24.3x 23.3x 4.7% 5.2 (6.5%) 6.1% Singapore Exchange Limited 5.46 5.13 5.77 5,846 (579) 5,267 8.6x 8.1x 15.1x 13.3x 21.7x 19.4x 6.9% 3.1 11.2% 2.6% Bursa Malaysia Berhad 2.37 1.92 2.61 1,273 (114) 1,162 9.1x 8.7x 15.3x 14.7x 24.5x 23.7x 5.7% 4.3 15.2% 3.1%

Mean 12.5x 11.7x 18.6x 17.1x 26.9x 24.9x 5.9% 4.6 8.3% 5.3% Median 10.7x 10.3x 15.8x 15.1x 24.4x 23.5x 6.0% 4.7 12.2% 4.6%

Exchanges - Europe Deutsche Börse Aktiengesellschaft $107.64 $78.52 $116.89 $20,107 $609 $20,861 7.0x 6.6x 11.9x 11.0x 19.0x 16.7x 11.0% 1.7 (0.6%) 12.2% London Stock Exchange Group plc 51.20 33.62 51.58 17,771 (1,265) 17,202 7.3x 6.6x 14.1x 12.5x 26.8x 23.2x 15.9% 1.7 16.0% 17.6% Bolsas y Mercados Españoles 36.22 30.88 39.90 3,012 (367) 2,645 6.8x 6.8x 10.1x 10.3x 16.0x 16.1x NM NM 13.9% 1.1% JSE Limited 10.47 9.31 12.80 895 (152) 744 4.5x 4.1x 11.8x 9.5x 16.2x 14.0x 4.6% 3.5 (4.6%) 4.3% GPW 12.92 9.74 13.82 542 (60) 483 5.0x 5.1x 8.4x 8.2x 13.7x 13.1x NM NM 28.9% 25.8% Hellenic Exchanges - Athens Stock Exch. 6.18 4.73 7.43 373 (113) 260 7.2x 5.9x 19.0x 12.2x 49.6x 30.0x 93.5% 0.5 36.1% 4.9%

Mean 6.3x 5.8x 12.6x 10.6x 23.6x 18.9x 31.3% 1.9 15.0% 11.0% Median 6.9x 6.2x 11.8x 10.6x 17.6x 16.4x 13.5% 1.7 15.0% 8.5% (1)

Notes: 32 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 8/25/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Investment Services, Software, & Technology SEI Investments Co. $57.18 $42.90 $57.50 $9,041 ($660) $8,380 5.6x 5.1x 13.5x 12.6x 25.0x 21.6x 13.5% 1.9 7.6% 8.3% Broadridge Financial Solutions, Inc. 76.87 59.86 78.00 8,953 831 9,784 2.3x 2.3x 12.2x 11.6x 23.1x 20.2x 10.0% 2.3 22.0% 38.1% SS&C Technologies Holdings, Inc. 37.86 28.43 40.21 7,778 2,209 9,986 5.9x 5.6x 14.6x 13.1x 19.5x 17.3x 13.0% 1.5 13.5% 10.2% DST Systems, Inc. 50.71 47.26 62.95 3,068 506 3,575 1.8x 1.6x 8.3x 7.5x 16.6x 14.2x 10.0% 1.7 31.1% 68.0% Financial Engines, Inc. 32.85 25.00 45.75 2,075 (170) 1,905 3.9x 3.5x 12.0x 10.4x 24.0x 20.9x 20.0% 1.2 14.2% 11.5% Envestnet, Inc.(1) 43.00 30.80 45.18 1,893 232 2,125 3.2x 2.8x 16.7x 13.5x 33.5x 27.0x 17.5% 1.9 16.4% 18.1% Alfa Financial Software Holdings PLC 5.51 4.19 6.36 1,652 0 1,652 15.1x 13.2x 31.7x 27.7x 41.5x 36.2x 14.0% 3.0 21.0% NA

Mean 5.4x 4.9x 15.6x 13.8x 26.2x 22.5x 14.0% 1.9 18.0% 25.7% Median 3.9x 3.5x 13.5x 12.6x 24.0x 20.9x 13.5% 1.9 16.4% 14.8%

Financial Data, Content, & Analytics S&P Global Inc. $151.27 $107.21 $158.35 $38,876 $1,182 $40,058 6.8x 6.4x 14.5x 13.6x 23.9x 21.6x 13.2% 1.8 3.8% 1.8% Thomson Reuters Corporation 45.75 39.23 48.57 32,698 6,526 39,224 3.4x 3.3x 11.4x 11.0x 18.8x 17.6x 9.9% 1.9 1.9% 0.5% Moody's Corporation 132.39 93.51 135.20 25,286 1,520 26,806 6.8x 6.3x 14.3x 13.2x 23.9x 21.9x 10.2% 2.3 9.9% 7.7% IHS Markit Ltd. (2) 46.52 34.13 47.92 18,453 3,837 22,291 6.3x 6.0x 16.0x 14.8x 22.6x 19.6x 14.0% 1.6 29.6% 54.1% Verisk Analytics, Inc. 79.67 75.60 88.17 13,110 2,259 15,369 7.3x 6.9x 15.1x 14.0x 25.4x 23.3x 9.8% 2.6 4.9% 5.0% MSCI Inc. 114.26 76.52 114.78 10,290 1,326 11,616 9.2x 8.4x 17.7x 15.8x 30.1x 25.8x 14.3% 2.1 10.1% 8.8% FactSet Research Systems Inc. 159.27 150.95 183.64 6,248 381 6,629 5.3x 4.9x 15.4x 14.3x 21.3x 19.5x 10.6% 2.0 10.2% 8.6% The Dun & Bradstreet Corporation 109.61 100.46 139.70 4,051 1,300 5,351 3.0x 2.9x 10.8x 10.2x 15.6x 14.8x 8.0% 1.9 3.7% 1.7% Morningstar, Inc. 82.11 67.74 84.68 3,492 (110) 3,383 NA NA NA NA NA NA NM NA NA 15.6% Bankrate, Inc. 13.85 7.10 14.25 1,231 108 1,340 2.7x 2.4x 10.5x 9.5x 19.6x 16.7x 10.0% 2.0 16.1% 17.9%

Mean 5.6x 5.3x 14.0x 12.9x 22.3x 20.1x 11.1% 2.0 10.0% 12.2% Median 6.3x 6.0x 14.5x 13.6x 22.6x 19.6x 10.2% 2.0 9.9% 8.1%

Online Broker Dealers The Charles Schwab Corporation (3) $39.76 $29.86 $44.10 $53,243 $3,504 $56,747 6.6x 5.8x 13.8x 12.0x 24.8x 20.6x 19.0% 1.3 15.8% 16.5% TD Ameritrade Holding Corporation (3) 43.15 31.65 47.41 23,302 2,561 25,863 6.8x 5.9x 14.7x 12.3x 24.7x 20.2x 18.9% 1.3 15.0% 10.6% E*TRADE Financial Corporation (3) 41.07 25.59 42.19 11,294 3,459 14,753 6.3x 5.9x NA NA 18.4x 16.7x 14.7% 1.3 12.1% 32.8% Interactive Brokers Group, Inc. (3) 42.45 31.97 42.57 3,034 4,001 7,035 4.7x 4.3x 7.1x 6.2x 29.3x 27.0x 13.5% 2.2 4.6% 1.7% GAIN Capital Holdings, Inc. (3) 6.38 4.54 8.75 301 (110) 191 0.6x 0.5x 3.3x 2.1x 24.5x 8.8x NM NM (16.2%) (9.8%) Global Brokerage, Inc. 1.30 1.20 9.80 8 0 8 NA NA NA NA NA NA NM NA NA (11.8%)

Mean 5.0x 4.5x 9.7x 8.1x 24.4x 18.6x 16.5% 1.5 6.3% 6.7% Median 6.3x 5.8x 10.4x 9.1x 24.7x 20.2x 16.8% 1.3 12.1% 6.1%

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. 33 (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

8/25/17 Sportstradex Limited Algorbet and Global Sports Exchange Trading Platform NA NA

8/16/17 DRW Holdings, LLC RGM Advisors, LLC Trading Platform $60 NA

8/10/17 Lend Academy Investments Algorithmic, Inc. Robo Advisors NA NA

8/9/17 dough, Inc. Seed CX Ltd. Trading Platform NA NA

8/7/17 PlanPlus Inc. (nka:PlanPlus Global) FinaMetrica Pty Ltd Risk / Analytics NA NA

7/13/17 Vela Trading Technologies, LLC Object Trading UK Limited Trading Platform NA NA

7/12/17 Equiniti Group plc Shareowner Services Investor Services NA NA

7/11/17 Broadridge Financial Solutions, Inc. Spence Johnson Data / Analytics NA NA

Philippine Dealing System Holdings 7/6/17 The Philippine Stock Exchange, Inc. Exchanges $39 2.3x Corp.

7/5/17 SEI Investments Co. Archway Technology Partners, LLC Fund Mgmt Software $88 4.9x

6/20/17 Vela Trading Technologies, LLC OptionsCity Software, Inc. Trading Analytics NA NA

6/13/17 Lending Science DM, Inc. Scoring Solutions, Inc. Risk / Analytics NA NA Thoma Bravo, LLC; Thoma Bravo 6/7/17 Riskonnect, Inc. Risk / Compliance NA NA Discover Fund Partnership BofA Lynch, Research Division, 6/1/17 Intercontinental Exchange, Inc. Indices NA NA Index Platform

5/31/17 HealthEquity, Inc. BenefitGuard, LLC 401k Solutions NA NA The Yield Book, Citi Fixed Income 5/30/17 London Stock Exchange Grouop Analytics NA NA Indices

5/17/17 Liquidnet Holdings, Inc. OTAS Technologies Limited Trading Platform NA NA Cinnober Financial Technology AB 5/10/17 Ancoa Software Ltd. Analytics NA NA (publ)

5/10/17 TTT Moneycorp Limited Commonwealth Foreign Exchange, Inc. FX NA NA Equinoxe Alternative Investment 5/9/17 Apex Fund Services (Bermuda) ltd Fund Administration NA NA Services

Notes: 34 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

ANZ ETFS Management (AUS) Limited 5/3/17 ETF Securities Ltd. Exchange Traded Products NA NA (nka:ETFS Management (AUS) Limited)

5/2/17 Ncontracts LLC Supernal Software, LLC Risk Management NA NA

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

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

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

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

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

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

4/7/17 StatPro Group plc UBS Delta AG Risk / Analytics $14 0.8x ConvergEx Group, LLC (nka:Cowen 4/3/17 Cowen Group, Inc. (nka:Cowen Inc.) Trading Platform NA NA Execution Services LLC) International Financial Data Services 3/27/17 DST Systems, Inc. Shareholder Servicing $350 NA Ltd.

3/22/17 Trumid Financial LLC Electronifie Inc. Trading Platform NA NA

3/21/17 Sterling Trading Tech CBOE Livevol, LLC, Livevol X Trading Platform NA NA

3/20/17 FactSet Research Systems Inc. BI-SAM Technologies S.A. Risk / Analytics NA NA

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

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

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

3/9/17 Broadridge Financial Solutions, Inc. Message Automation Limited Trade Processing NA NA

3/8/17 Numerix LLC TFG Financial Systems Risk NA NA

3/7/17 Hellman & Friedman LLC; GIC Pte. Ltd. Allfunds Bank S.A. Mutual Fund Platform NA NA

Notes: 35 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

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 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 S.A. 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 NA NA

1/4/17 Dash Financial LLC LiquidPoint, LLC Trading Platform NA NA NewSpring Capital; NewSpring 1/4/17 Vertical Management Systems, Inc. Capital Markets Software NA NA Holdings L.P. 1/4/17 Company owned by Pierre Feligioni Quant House SAS Trading Platform NA NA

Notes: 36 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

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, Northeast Retirement Services, LLC 12/5/16 Fund Administration NA NA Inc. (nka:Cohiba Merger Sub, LLC)

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 $144 NA

11/21/16 AcadiaSoft, Inc. ProtoColl Collateral Management NA NA

11/14/16 Playtech plc CFH Group A/S Foreign Exchange NA NA

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 NA 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

10/14/16 Morningstar, Inc. PitchBook Data, Inc. Data / Analytics $225 7.2x Investview, Inc., Prior to Reverse 10/13/16 RoboVest, Inc. Trading Platform NA NA Merger with Wealth Generators, LLC

10/11/16 Drillinginfo, Inc. GlobalView Software, Inc. Trading Platform NA NA

Notes: 37 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

10/10/16 Yodlee, Inc. Wheelhouse Analytics, LLC Data / Analytics NA NA

10/6/16 Ion Investment Group Limited Reval Holdings, Inc. Treasury Software NA NA

SourceHOV LLC (nka:Exela 9/28/16 TransCentra, Inc. Treasury Software NA NA Technologies, Inc.)

9/26/16 CBOE Holdings, Inc. BATS Global Markets, Inc. Exchanges $3,680 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

Notes: 38 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

8/23/17 Ellevest Series C $32 Mohamed El-Erian, Rethink Impact, Venus Williams Robo Advisor

8/16/17 Options Technology NA $100 Bregal Sagemount Capital Markets Software

8/8/17 Guideline Series B $15 Felicis Ventures 401k Provider

8/1/17 Personal Capital Series E $40 IGM Financial PFM

8/1/17 ETC Global Group NA $68 Cerberus Capital Management, Quantlab Investments Brokerage/Clearing

7/26/17 Qiancheng Technology Series B $30 51Xinyongka, Tiantu Capital Risk Management Bessemer Venture Partners, Francisco Partners, Kinnevik, Menlo 7/21/17 Betterment Series E $70 Robo Advisor Ventures

7/18/17 Capital.com NA $25 Larnabel Enterprises, VP Capital Trading Platform Breyer Capital, Coatue Management, Goodwater Capital, Valar 7/13/17 Stash Invest Series C $40 PFM Ventures

7/12/17 Quantitative Brokers NA $24 Centana Growth Partners Data / Analytics ACE & Company, Alibaba Group, Goldman Sachs, H&Q Asia 7/11/17 CompareAsiaGroup Series B $50 PFM Pacific, International Finance Corporation, Nova Founders

7/10/17 Trumid NA $10 Deutsche Börse Trading Platform Atresmedia, Inception Capital, ING, Onza Capital, Prevision 6/23/17 Fintonic Series B $28 PFM Sanitaria Nacional

6/19/17 Scalable Capital Series B $33 BlackRock Robo Advisor

6/27/17 Resolver Inc. NA $20 Klass Capital Risk / Compliance

6/13/17 Futu Securities Series C $146 Matrix Partners China, Sequoia Capital China, Tencent Holdings Online Brokerage

Alain Vandenborre, Richard Ji, Simon Murray, Vertex Venture 6/9/17 Singapore Diamond Investment Excg. Series B $10 Exchanges Holdings

6/8/17 Addepar Series D $140 8VC, Harald McPike, Valor Equity Partners Broker Software

6/7/17 MoneySmart Series B $10 Golden Gate Ventures, Kakaku.com, SPH Media Fund Lead Gen Andreessen Horowitz, Breyer Capital, Ford Foundation, General 6/6/17 Cadre Series C $65 Investment Platform Catalyst, Goldman Sachs, Khosla Ventures

Notes: 39 Source: CapitalIQ and Pitchbook. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

5/25/17 Prumentum Grouop Series A $25 Fremont Group, The Cynosure Group Robo Advisor

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

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

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

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

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

3/31/17 The Naga Group AG Series A $13 Fosun Trading Platform Mizuho Capital, Mobile Internet Capital, Softbank, Mizuho 2/19/17 One Tap Buy NA $13 Trading Platform Securities Bain Capital Ventures, DRW Venture Capital, J.P. Morgan, Nyca 2/16/17 OpenFin Series B $15 Trading Platform Partners, Pivot Investment Partners

2/7/17 Folio Series A $16 JAFCO, Monex Ventures, Rakuten Fintech Fund Asset Management Platform

1/31/17 Wealthsimple NA $15 Power Financial Corp. Robo Advisor

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

Notes: 40 Source: CapitalIQ and Pitchbook. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

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

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

Notes: 41 Source: CapitalIQ and Pitchbook. SECTION IV: Insurance / Benefits

42 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 8/25/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Healthcare / Insurance Technology Quintiles IMS Holdings, Inc. $98.82 $70.10 $99.95 $21,397 $8,021 $29,418 3.7x 3.5x 14.7x 13.5x 21.6x 18.7x 14.0% 1.5 49.7% 68.7% Verisk Analytics, Inc. 79.67 75.60 88.17 13,110 2,259 15,369 7.3x 6.9x 15.1x 14.0x 25.4x 23.3x 9.8% 2.6 4.9% 5.0% athenahealth, Inc. 139.55 90.11 158.66 5,572 209 5,781 4.7x 4.2x 21.7x 18.4x 72.9x 56.7x 27.0% 2.7 13.2% 15.0% Guidewire Software, Inc. 72.31 49.18 73.36 5,378 (477) 4,901 9.0x 7.7x 41.9x 33.3x 84.2x 63.7x 18.3% 4.6 21.0% 24.9% Ebix, Inc. 57.40 52.38 65.10 1,805 245 2,050 5.9x 5.2x 17.1x 14.7x 19.1x 17.7x 15.0% 1.3 17.3% 20.4% Sapiens International Corporation N.V. 10.80 10.57 15.98 530 (8) 521 1.9x 1.7x 17.7 11.2x 30.6x 17.3x 10.0% 3.1 NA 30.2% Crawford & Company 9.38 8.22 14.37 524 187 711 0.6x 0.6x 5.3x 4.8x 12.2x 10.8x 10.0% 1.2 (0.2%) (4.6%) Polaris Consulting & Services Limited 3.78 2.21 4.08 387 (82) 305 NA NA NA NA NA NA NM NA NA 17.1% Majesco 4.70 4.35 6.29 172 8 180 1.5x 1.3x 35.3 18.5x NM 33.6x NM NM NA (14.2%) Symbility Solutions Inc. 0.34 0.31 0.45 81 (5) 76 2.3x 2.1 45.2 35.4 NM NA NM NM 27.4% 12.9%

Mean 4.1x 3.7x 23.8x 18.2x 38.0x 30.2x 14.9% 2.4 19.1% 17.5% Median 3.7x 3.5x 17.7x 14.7x 25.4x 21.0x 14.0% 2.6 17.3% 16.0%

Notes: 43 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

8/21/17 Verisk Analytics, Inc. Sequel Business Solutions Limited Risk $323 9.6x

7/10/17 Cotiviti Rowdmap, Inc. Data / Analytics NA NA

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

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

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

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

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

3/13/17 The Travelers Companies, Inc. Simply Business Insurance Tech NA NA

2/28/17 Advent International Corporation CCC Information Services Inc. Claims Management NA NA Citibank, N.A., Citi Health Card 2/21/17 CareCredit, LLC Healthcare Payments NA NA Portfolio

2/15/17 Sapiens International Corporation N.V. StoneRiver, Inc. Insurance Tech $102 1.3x Medical Reimbursements of America, 2/14/17 Riverside Partners LLC Revenue Cycle Management NA NA Inc. Aon plc, Benefits Administration and 2/10/17 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 NA NA Inflexion Enterprise Fund IV

1/4/17 Duck Creek Technologies, Inc. Yodil, Inc. Insurance Data / Analytics NA NA

Notes: 44 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. INSURANCE / BENEFITS Selected Recent Acquisitions – Trailing 12 Months (Cont’d)

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

12/23/16 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 NA NA

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

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

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

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

Notes: 45 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

8/23/17 Lumity Series B $19 Draper Fisher Jurvetson, Social Capital, True Ventures Benefits Software Denise Peng, Marathon Venture Partners, Matrix Partners China, 8/23/17 Baozhunniu Series B $14 Insurance Tech Xinyi Capital, Zhongguancun Development Group F-Prime Capital, New Enterprise Associates, Portag3 Ventures, 8/22/17 Stride Health Series B $24 Benefits Software Venrock BoxGroup, Red Swan Ventures, Ribbit Capital, SV Angel, Valar 8/8/17 Jetty Series A $12 Insurance Tech Ventures National Enterprise Associates, Boulder Ventures, Grayhawk 7/26/17 SyncHR NA $16 HR Software Capital, EPIC Ventures, Acadia Woods, Peninsula Ventures Aberdare Ventures, FirstMark Capital, GE Ventures, Split Rock 7/19/17 Gravie Series C $14 Benefits Marketplace Partners

7/17/17 Impact Health Series A $13 Techstars Venture Capital Fund Insurance Tech Debeka, Holtzbrinck Ventures, Tengelmann Ventures, Vorwerk 7/4/17 Ottonova Series C $11 Insurance Tech Ventures

6/13/17 Snapsheet Series D $12 Tola Capital Insurance Tech

Bessemer Venture Partners, Cross Creek Advisors, Flare Capital 6/1/17 Bright Health Series B $160 Insurance Innovator Partners, Greenspring Associates, Greycroft AXA Strategic Ventures, Fika Ventures, Karlin Ventures, 5/24/17 PolicyGenius Series C $30 Insurance Lead Gen MassMutual Ventures, Norwest Ventures

5/12/17 Vet+a NA $27 Kartesia Advisor Insurance Software First Round Capital, Google Ventures, Greenoaks Capital 5/10/17 Clover Health Series D $130 Insurance Admin Management, Palm Drive Capital, Sequoia Capital American Family Ventures, AXA Strategic Ventures, Centana 5/2/17 One Inc. NA $16 Insurance Software Growth Partners, MassMutual Ventures

4/27/17 Singapore Life Series A $50 Impact Capital Holdings, IPGL Insurance Software Arbor Ventures, Battery Ventures, Bessemer Venture Partners, 4/25/17 Hibob Series A $18 HR Software Eight Roads Ventures

4/20/17 Lemonade Inc. NA NA Allianz Insurance Munich Re/HSB Ventures, Ribbit Capital, TLV Partners, , Zeev 4/10/17 Next Insurance Series A $25 Insurance Tech Ventures

4/10/17 BIMA NA $17 Axiata Digital Insurance Tech

4/6/17 Trov NA $45 Munich Re HSB Ventures Insurance Tech

Notes: 46 Source: CapitalIQ and Pitchbook. INSURANCE / BENEFITS Selected Recent Equity Financings – Trailing 12 Months (Cont’d)

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

Highland Capital Management, Accel, Aspect Ventures, CRV, 4/4/17 Amino Series C $25 Benefits Software Northwestern Mutual Future Ventures, Pilot Wall Group Two Sigma Private Investments, EPIC Insurance Brokers and 3/30/17 Decisely NA $60 Benefits Software Consultants 3/25/17 Ottonova NA $16 B-to-V Partners, STS Ventures, Tengelmann Ventures Insurance Tech

3/21/17 Jellyvision Series B $20 Updata Partners HR Software

Allianz SE, Rakuten FinTech Fund, Rheingau Founders, Route 66 3/17/17 simplesurance NA $21 Insurance Tech Ventures

2/22/17 EverQuote, Inc. Series B $13 Link Ventures, Second Alpha Insurance Marketplace

2/7/17 CXA Group Series B $25 B Capital Group, EDBI Benefits Software

Altimeter Capital, Four Rivers Group, Greenspring Associates, 1/5/17 Namely Inc. Series D $50 HR / Benefits Software Matrix Partners, Scale Venture Partners, Sequoia Capital Aleph, General Catalyst, Google Ventures, Sequoia Capital, 12/5/16 Lemonade Inc. Series B $34 Insurance Thrive Capital, Tusk Ventures, XL Innovate Adams Street Partners, Blue Cloud Ventures, First Data, Intel 11/15/16 CareCloud Series C $32 Revenue Cycle Management Capital, Norwest Venture Partners, PNC Financial Services Group,

11/3/16 EasyPolicy NA $10 Burman , 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

Notes: 47 Source: CapitalIQ and Pitchbook.