Financial Technology Sector Summary

June 24, 2015 Financial Technology Sector Summary Table of Contents

I. GCA Savvian Overview

II. Market Summary

III. Payments / Banking

IV. Securities / Capital Markets / Data & Analytics

V. Healthcare / Insurance

I. GCA Savvian Overview GCA Savvian Overview Highlights

Firm Statistics GCA Savvian Focus

. Over 225 professionals today Mergers & Acquisitions Private Capital Markets

. . . Full spectrum of buy-side, sell- Agented private capital raiser Headquarters in San Francisco and Tokyo; offices in New side and strategic advisory York, London, Shanghai, Mumbai, Singapore, and Osaka . Equity and debt capital markets . Public and private company advisory services experience . Provides mergers and acquisitions advisory services, private . Core competency, with important capital & capital markets advisory services, and principal . Strategic early-stage growth relationships among the venture investing companies through industry capital and private equity defining, multi-billion dollar community transactions . Over 550 transactions completed

. Publicly traded on the Tokyo Stock Exchange (2174) Senior level attention and focus, Relationships and market extensive transaction intelligence; a highly experienced team in experience and deep domain insight the industry Global Advisory Firm Market Positioning

Bulge Bracket Growth Sector Focus Transaction Expertise . Senior Team with . Growth Company Focus Unparalleled Transaction . Sector Expertise / Domain Experience Knowledge . Highest Quality Client . Private Capital Access Service . Late Stage Private through . Broad Network Including Public Company Orientation Global 1000 Relationships

. M&A Advisory and Capital Raising Expertise

3 GCA Savvian Overview Financial Technology Landscape

. GCA Savvian divides Financial Technology into Financial Technology three broad categories

− Payments & Banking

− Securities & Capital Markets

− Healthcare & Payments & Banking Securities & Capital Markets Healthcare & Insurance Insurance

Analytics Crowd Funding BPO / IT Services ATMs Digital Media Brokerage Bill Payment Collections e-Brokerage Claims Processing Core Processing Exchanges Collections Financial Outsourcing Hedge Fund Administration CRM Information Processing Index Businesses Document Management Issuer Processing Mutual Fund Processing eCommerce Marketing / Offers Merchant Acquiring Personal Financial Mgmt. Information and Analytics Mobile Risk & Analytics Payments Money Transfer Securities Brokerage Risk Management Online Lending Software / SaaS Software / SaaS P2P Lending Prepaid Trading Platforms Title / Appraisal

4 GCA Savvian Overview Financial Technology Team

San Francisco New York

th 150 California St., Ste. 2300 1330 Ave. of the Americas, 28 Fl. San Francisco, CA 94111 New York, NY 10019 United States United States Phone: (415) 318-3600 Phone: (212) 999-7090

Sean Minnihan Paul DiNardo Steve Fletcher Managing Director Advisory Director Managing Director Financial Technology Software Digital Media

Phone: (212) 999-7077 Phone: (212) 999-7097 Phone: (415) 318-3661 Mobile: (917) 364-6230 Mobile: (650) 483-7246 Mobile: (415) 518-6725 [email protected] [email protected] [email protected]

Derek Bell Rob Freiman Andrea DeLeon Director Vice President Analyst Business Services Financial Technology

Phone: (212) 999-7089 Phone: (212) 999-7075 Phone: (212) 999-7099 Mobile: (914) 953-0689 Mobile: (973) 229-0436 Mobile: (917) 670-9656 [email protected] [email protected] [email protected]

5 II. Market Summary Market Summary Industry Stock Market Performance

Last 12 Months Last 3 Months

170 120

160

115

150

140 110

130

105

120

110 100

100

95

90

80 90 5/19/14 6/20/14 7/23/14 8/25/14 9/26/14 10/29/14 12/1/14 1/4/15 2/5/15 3/10/15 4/12/15 5/14/15 6/16/15 3/19/15 3/27/15 4/5/15 4/13/15 4/21/15 4/29/15 5/7/15 5/15/15 5/24/15 6/1/15 6/9/15 6/17/15

(1) (2) (3) (4) Payments Exchanges Financial Data, Content, Information Processors / & Analytics Credit Bureaus (9) Healthcare / Insurance (7) (8) Technology (5) (6) Banking & Lending Investment Services, Trading Platforms Online Broker Dealers Technology Software, & Technology

Notes: 1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, EBAY, EEFT, ENXTPA: EDEN, FLT, GCA, GDOT, GPN, HPY, MA, MCRS MGI, ONE, OUTR, PAR, SHOP, TSS, UEPS, V, VNTV, WEX, WU, XOOM, 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, RATE, TRI. 4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN. 5) Trading Platforms: BGCP, INTL, ITG, MKTX, VIRT. 6) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. 7) Banking & Lending Technology: ACIW, BKFS, ELLI, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN, YDLE. 8) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC. 7 9) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK. Market Summary Indexed Price Performance by Sector

Last 3 Months 1 Year 3 Years

Exchanges 12.6% 32.6% 68.6%

Online Broker Dealers 10.0% 28.4% 150.4%

Information Processors / 8.2% Credit Bureaus 21.1% 52.9%

Payments 3.2% 16.4% 81.3%

Healthcare / Insurance 2.3% Technology 14.1% 60.2%

Investment Services, 1.7% 37.6% Software, & Technology 108.2%

Trading Platforms 1.2% 55.8% 128.8%

Financial, Data, Content, & (0.2%) 28.8% 86.4% Analytics

Banking & Lending (2.3%) 22.3% 87.8% Technology

(10.0%) 0.0% 10.0% 20.0% 0.0% 20.0% 40.0% 60.0% 0.0% 50.0% 100.0% 150.0% 200.0%

Notes: 8 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary Long-Term EPS Growth and LTM EBITDA Margins

Long-Term EPS Growth LTM EBITDA Margins (1)

Online Broker Dealers 19.6% Exchanges 57.7%

Trading Platforms 16.8%

Financial Data, Content, & Analytics 36.4%

Payments 14.0%

Information Processors / Credit Bureaus 27.3% Investment Services, Software, & Technology 13.7%

Banking and Lending Technology 12.8% Banking and Lending Technology 24.6%

Financial Data, Content, & Analytics 12.3% Investment Services, Software, & Technology 22.5%

Information Processors / Credit Bureaus 12.3%

Payments 18.5%

Healthcare / Insurance Technology 11.1%

Healthcare / Insurance Technology 17.9% Exchanges 8.0%

0% 5% 10% 15% 20% 25% 30% 35% 0% 10% 20% 30% 40% 50% 60% 70% Notes: Numbers represent medians of sub-sectors. Details available in later pages. 9 (1) Online Broker Dealers and Trading Platforms not material. Market Summary Price / Earnings Multiples and PEG Ratios

2015E Price / Earnings Multiples 2015E PE / Growth (“PEG” Ratio)

Banking and Lending Technology 27.9x Exchanges 1.9

Online Broker Dealers 25.4x Financial Data, Content, & Analytics 1.8

Investment Services, Software, & Technology 25.0x Healthcare / Insurance Technology 1.8

Financial Data, Content, & Analytics 23.9x Information Processors / Credit Bureaus 1.7

Information Processors / Credit Bureaus 22.1x Banking and Lending Technology 1.6

Exchanges 19.5x Investment Services, Software, & Technology 1.5

Payments 18.6x Trading Platforms 1.3

Healthcare / Insurance Technology 16.4x Payments 1.2

Trading Platforms 15.7x Online Broker Dealers 1.0

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

Notes: 10 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary LTM Price Performance and 2015 P/E – Payments / Banking

($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2015 Prepaid Market Cap. Performance P/E 2015

Visa Inc. $168,078 31% 25.8x Blackhaw k Netw ork Holdings, Inc. $2,209 59% 18.6x MasterCard Incorporated 108,106 28% 27.7 Net 1 Ueps Technologies Inc. 863 65% 8.6 American Express Company 81,457 (16%) 14.6 Green Dot Corporation 812 (20%) 10.9 eBay Inc. 74,311 23% 19.7 Higher One Holdings, Inc. 132 (26%) 6.7 Discover Financial Services 25,997 (5%) 11.1 Sector Average $1,004 19% 11.2x Sector Average $91,590 12% 19.8x LTM Price LTM Price ATM / Kiosks Market Cap. Performance P/E 2015 Merchant Processing Market Cap. Performance P/E 2015 Cardtronics Inc. $1,739 14% 13.7x Cielo SA $25,316 (20%) 21.3x Outerw all Inc. 1,460 28% 9.5 Total System Services, Inc. 7,802 39% 18.8 Global Cash Access Holdings, Inc. 534 (10%) 7.2 Vantiv, Inc. 7,058 23% 20.8 Sector Average $1,244 11% 10.1x Global Payments Inc. 5,829 50% 18.6 Wirecard AG 5,107 (6%) 29.3 LTM Price Shopify Inc. 2,685 NA NA POS Hardware / Technology Market Cap. Performance P/E 2015 Heartland Payment Systems, Inc. 2,017 31% 19.5 EV ERTEC, Inc . 1,772 (7%) 13.5 Ingenico Group $7,515 40% 24.9x Optimal Payments Plc 1,766 (39%) 15.4 NCR Corporation 5,712 2% 12.7 Planet Payment, Inc. 132 (8%) 23.4 VeriFone Systems, Inc. 4,094 (3%) 18.6 JetPay Corporation 38 27% NM PAR Technology Corporation 74 11% NA Sector Average $5,411 9% 20.1x Sector Average $4,349 13% 18.7x

LTM Price LTM Price Money Transfer Market Cap. Performance P/E 2015 Banking and Lending Technology Market Cap. Performance P/E 2015

The Western Union Company $10,997 30% 13.1x Intuit Inc. $28,758 32% 36.3x Euronet Worldw ide, Inc. 3,146 24% 20.1 Fiserv, Inc. 20,191 42% 22.4 Xoom Corporation 877 (15%) 56.9 Fidelity National Information Services, Inc. 18,125 18% 19.4 Moneygram International Inc. 530 (30%) 14.6 LendingClub Corporation 6,441 NA NM Sector Average $3,888 2% 26.2x Jack Henry & Associates Inc. 5,409 12% 24.5 ACI Worldw ide, Inc. 2,968 38% 33.6 Temenos Group AG 2,285 (9%) 21.6 LTM Price Ellie Mae, Inc. 2,004 134% 60.1 Closed Loop Market Cap. Performance P/E 2015 Black Knight Financial Services, Inc. 1,966 NA 31.4 Alliance Data Systems Corporation $18,783 12% 20.2x Bottomline Technologies (de), Inc. 1,118 (4%) 20.1 FleetCor Technologies, Inc. 14,816 23% 26.3 Q2 Holdings, Inc. 977 71% NM Edenred SA 5,677 (18%) 22.5 On Deck Capital, Inc. 893 NA NM WEX Inc . 4,516 13% 22.9 Yodlee, Inc. 471 NA NM Performant Financial Corporation 162 (66%) 86.1 Sector Average $10,948 7% 23.0x Sector Average $8,204 37% 29.9x

LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2015 0 Experian plc $18,228 10% 20.2x Equifax Inc. 11,866 37% 23.0 Fair Isaac Corporation 2,805 49% 21.3 Acxiom Corporation 1,470 (13%) 35.0 Intersections Inc. 60 (34%) NA Sector Average $6,886 10% 24.9x Source: 11 CapitalIQ and Wall Street Research. Market Summary LTM Price Performance and 2015 P/E – Securities / Cap. Mkts. / Data & Analytics

($MM) ($MM) LTM Price Investment Services, Software, & LTM Price Exchanges - Americas Market Cap. Performance P/E 2015 Technology Market Cap. Performance P/E 2015 0 CME Group Inc. $31,727 31% 24.8x SEI Investments Co. $8,285 54% 23.8x Intercontinental Exchange, Inc. 25,634 16% 19.5 Broadridge Financial Solutions, Inc. 6,251 28% 20.1 The Nasdaq OMX Group, Inc. 8,525 34% 15.5 SS&C Technologies Holdings, Inc. 5,770 44% 25.0 BM&F Bovespa SA 6,743 (32%) 14.4 DST Systems Inc. 4,587 36% 20.3 CBOE Holdings, Inc. 4,877 18% 28.0 Advent Softw are, Inc. 2,329 36% 28.6 TMX Group Limited 2,342 (22%) 13.5 Financial Engines, Inc. 2,264 (10%) 45.6 Bolsa Mexicana de Valores SAB de CV 1,081 (15%) 20.3 Envestnet, Inc. 1,475 (12%) 41.1 Sector Average $11,561 5% 19.4x Sector Average $4,423 25% 29.2x

LTM Price LTM Price Financial Data, Content, & Analytics Market Cap. Performance P/E 2015 Exchanges - Asia Market Cap. Performance P/E 2015 0 Thomson Reuters Corporation $30,634 10% 19.4x Hong Kong Exchanges & Clearing Limited $44,449 96% 38.8x McGraw Hill Financial, Inc. 28,667 26% 23.5 Singapore Exchange Limited 6,273 5% 22.7 Moody's Corporation 22,254 28% 23.9 ASX Limited 5,982 (8%) 18.9 Verisk Analytics, Inc. 12,722 25% 26.3 Bursa Malaysia Berhad 1,170 (9%) 21.8 MSCI Inc . 6,956 38% 28.1 Sector Average $14,469 21% 25.5x FactSet Research Systems Inc. 6,818 43% 26.4 Dun & Bradstreet Corp. 4,622 20% 17.1 LTM Price Morningstar Inc. 3,528 9% 26.5 Exchanges - Europe Market Cap. Performance P/E 2015 Bankrate, Inc. 1,163 (34%) 16.1 0 Sector Average $13,041 18% 23.0x Deutsche Boerse AG $15,306 9% 17.8x London Stock Exchange Group plc 13,228 16% 19.5 Bolsas y Mercados Españoles 3,431 (12%) 16.3 LTM Price JSE Limited 872 9% 16.2 Online Broker Dealers Market Cap. Performance P/E 2015 GPW 564 5% 15.9 The Charles Schw ab Corporation $42,913 20% 31.3x Hellenic Exchanges - Athens Stock Exch. 278 (65%) 13.0 TD Ameritrade Holding Corporation 20,162 20% 24.2 Sector Average $5,613 (6%) 16.4x E*TRADE Financial Corporation 8,677 41% 25.4 Interactive Brokers Group, Inc. 2,381 75% 55.3 LTM Price GAIN Capital Holdings, Inc. 497 17% 11.1 Trading Platforms Market Cap. Performance P/E 2015 FXCM Inc . 132 (89%) NM Sector Average $12,460 14% 29.4x MarketAxess Holdings Inc. $3,415 65% 35.6x KCG Holdings, Inc. 1,520 10% 18.8 BGC Partners, Inc. 2,287 24% 12.3 Virtu Financial, Inc. 795 NA 16.7 Investment Technology Group Inc. 843 39% 14.6 INTL FCStone Inc. 702 87% 13.8 Sector Average $1,594 45% 18.7x

Source: 12 CapitalIQ and Wall Street Research. III. Payments / Banking 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 6/19/15 Low High Value Debt Value CY 15E CY 16E CY 15E CY 16E CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ Networks Visa Inc. $68.69 $48.80 $70.69 $168,078 ($4,606) $163,472 11.6x 10.5x 16.7x 14.9x 25.8x 22.3x 18.3% 1.2 10.8% 7.8% MasterCard Incorporated 94.81 69.64 96.31 108,106 (4,301) 103,805 10.6 9.4 17.9 15.4 27.7 23.1 17.8% 1.3 12.8% 2.7% American Express Company 80.19 76.53 96.24 81,457 33,065 114,522 3.4 3.4 10.8 10.9 14.6 14.0 13.6% 1.0 0.9% (2.1%) eBay Inc. 61.17 46.34 63.30 74,311 (2,016) 72,295 3.9 3.5 12.4 11.2 19.7 18.0 11.7% 1.5 10.4% 4.4% Discover Financial Services 58.75 54.02 66.75 25,997 11,274 37,271 4.2 4.0 7.0 6.7 11.1 10.2 8.0% 1.3 4.7% 6.6%

Mean 6.7x 6.1x 12.9x 11.8x 19.8x 17.5x 13.9% 1.3 7.9% 3.9% Median 4.2 4.0 12.4 11.2 19.7 18.0 13.6% 1.3 10.4% 4.4%

Merchant Processing Cielo SA $13.46 $9.44 $14.00 $25,316 $3,224 $28,540 7.6x 7.3x 17.9x 16.1x 21.3x 18.7x 16.4% 1.1 4.6% (8.7%) Total System Services, Inc. 42.33 28.54 42.67 7,802 1,113 8,915 3.4 3.2 11.2 10.5 18.8 17.1 9.8% 1.7 7.0% 11.7% Global Payments Inc. 106.20 67.34 107.67 7,058 1,449 8,507 3.0 2.8 13.8 12.4 20.8 18.3 11.7% 1.6 7.9% 7.9% Vantiv, Inc. 39.94 29.35 41.09 5,829 2,965 8,795 5.4 5.0 11.2 10.1 18.6 16.5 14.3% 1.2 8.3% 31.3% Wirecard AG 41.35 28.51 48.40 5,107 (746) 4,361 5.1 4.2 17.2 13.9 29.3 23.3 28.1% 0.8 20.7% (2.2%) Shopify Inc. 35.52 24.11 42.13 2,685 (59) 2,626 NA NA NA NA NA NA 0.0% NA NA NA Heartland Payment Systems, Inc. 55.11 40.61 56.28 2,017 544 2,561 3.2 3.0 12.0 10.7 19.5 17.1 15.2% 1.1 7.8% 15.1% EVERTEC, Inc. 22.89 19.36 25.34 1,772 650 2,422 6.5 6.2 13.0 12.2 13.5 12.6 13.5% 0.9 4.1% 4.5% Optimal Payments Plc 4.04 3.86 9.13 1,766 (15) 1,752 3.3 2.4 13.4 8.4 15.4 13.0 0.0% NA 34.3% 52.6% Planet Payment, Inc. 2.50 1.33 3.03 132 (10) 121 2.4 2.1 10.6 8.3 23.4 17.9 25.0% 0.7 12.5% 8.6% JetPay Corporation 2.71 1.42 3.47 38 10 47 1.1 1.1 13.1 10.1 NM NM NM NM 6.6% 32.7%

Mean 4.1x 3.7x 13.3x 11.3x 20.1x 17.2x 13.4% 1.2 11.4% 15.3% Median 3.3 3.1 13.0 10.6 19.5 17.1 13.9% 1.1 7.8% 10.1%

Money Transfer (1) The Western Union Company $21.30 $15.32 $22.84 $10,997 $1,960 $12,957 2.4x 2.3x 9.4x 9.3x 13.1x 12.5x 8.8% 1.4 2.1% (2.2%) Euronet Worldwide, Inc. 60.64 43.92 62.40 3,146 (53) 3,093 1.8 1.6 11.3 9.9 20.1 17.6 14.7% 1.2 8.8% 11.8% Xoom Corporation 22.48 13.14 28.20 877 (195) 682 3.5 2.9 28.3 19.8 56.9 37.9 11.5% 3.3 19.0% 23.6% Moneygram International Inc. 9.96 7.55 15.34 530 786 1,316 0.9 0.9 5.4 5.0 14.6 10.6 12.6% 0.8 6.9% (11.8%)

Mean 2.1x 1.9x 13.6x 11.0x 26.2x 19.7x 11.9% 1.7 9.2% 5.4% Median 2.1 2.0 10.3 9.6 17.4 15.1 12.1% 1.3 7.8% 4.8%

Closed Loop Alliance Data Systems Corporation $302.71 $230.54 $312.00 $18,783 $13,412 $32,195 4.9x 4.4x 16.9x 14.9x 20.2x 17.5x 15.4% 1.1 12.0% 29.9% FleetCor Technologies, Inc. 161.39 121.42 165.67 14,816 3,096 17,913 10.9 9.8 19.5 16.9 26.3 22.2 15.0% 1.5 11.2% 63.9% Edenred SA 24.82 21.83 30.76 5,677 335 6,012 4.8 4.5 12.7 11.4 22.5 19.8 15.3% 1.3 7.6% (8.5%) W E X Inc . 116.85 90.75 119.11 4,516 756 5,272 6.0 5.4 14.7 12.7 22.9 20.0 15.0% 1.3 10.7% 11.1%

Mean 6.6x 6.0x 16.0x 14.0x 23.0x 19.9x 15.2% 1.3 10.4% 24.1% Median 5.5 4.9 15.8 13.8 22.7 19.9 15.1% 1.3 10.9% 20.5% Prepaid Blackhawk Network Holdings, Inc. $40.98 $25.65 $41.47 $2,209 $173 $2,381 1.4x 1.2x 13.0x 11.1x 18.6x 16.5x 17.2% 1.0 16.6% 37.2% Net 1 Ueps Technologies Inc. 18.51 10.21 18.98 863 (51) 812 1.3 NA 5.0 NA 8.6 8.0 10.0% 0.8 NA 9.4% Green Dot Corporation 15.25 13.87 24.47 812 (128) 684 0.9 0.9 4.2 3.9 10.9 10.0 16.7% 0.6 6.9% 41.7% Higher One Holdings, Inc. 2.76 2.15 4.71 132 53 185 0.9 0.9 3.8 4.4 6.7 7.1 NA NA (2.0%) (1.6%)

Mean 1.1x 1.0x 6.5x 6.5x 11.2x 10.4x 14.6% 0.8 7.2% 21.7% Median 1.1 0.9 4.6 4.4 9.7 9.0 16.7% 0.8 6.9% 23.3% Notes: 14 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Public Company Valuations: Financial Metrics (Cont.)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 6/19/15 Low High Value Debt Value CY 15E CY 16E CY 15E CY 16E CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ

ATM / Kiosks Cardtronics Inc. $38.75 $31.38 $40.02 $1,739 $594 $2,333 2.0x 1.8x 7.9x 7.2x 13.7x 12.3x 14.0% 0.9 6.9% 15.0% Outerwall Inc. 79.12 51.17 79.74 1,460 681 2,141 0.9 0.9 4.3 4.4 9.5 9.9 7.3% 1.4 (2.3%) 1.8% Global Cash Access Holdings, Inc. 8.12 6.04 9.13 534 1,019 1,553 1.9 1.8 7.0 6.4 7.2 5.9 20.0% 0.3 3.8% 37.8%

Mean 1.6x 1.5x 6.4x 6.0x 10.1x 9.4x 13.8% 0.8 2.8% 18.2% Median 1.9 1.8 7.0 6.4 9.5 9.9 14.0% 0.9 3.8% 15.0%

POS Hardware / Technology Ingenico Group $123.83 $71.70 $133.12 $7,515 $927 $8,442 3.5x 3.1x 15.7x 13.8x 24.9x 21.4x 19.6% 1.1 11.8% 11.2% NCR Corporation 33.70 22.83 36.50 5,712 3,159 8,871 1.4 1.3 9.0 8.3 12.7 11.3 NA NA 4.0% (2.8%) VeriFone Systems, Inc. 35.82 28.19 39.25 4,094 609 4,703 2.3 2.1 11.7 10.4 18.6 15.4 12.1% 1.3 8.6% 5.1% PAR Technology Corporation 4.75 3.71 6.30 74 1 75 NA NA NA NA NA NA NA NA NA 5.5%

Mean 2.4x 2.2x 12.1x 10.8x 18.7x 16.0x 15.8% 1.2 8.1% 4.7% Median 2.3 2.1 11.7 10.4 18.6 15.4 0.2 1.2 8.6% 5.3%

Banking and Lending Technology Intuit Inc. $104.32 $77.96 $109.21 $28,758 ($1,585) $27,173 5.9x 5.2x 18.8x 13.3x 36.3x 24.6x 13.9% 1.8 13.6% (8.1%) Fiserv, Inc. 85.27 59.68 85.49 20,191 3,556 23,747 4.5 4.2 13.4 12.5 22.4 19.9 10.9% 1.8 5.4% 3.3% Fidelity National Information Services, Inc. 63.94 51.38 68.98 18,125 4,707 22,832 3.5 3.3 11.5 10.7 19.4 17.3 11.0% 1.6 5.7% 2.3% LendingClub Corporation 17.30 24.75 29.29 6,441 2,376 8,817 22.8 14.6 NM 79.4 NM 96.1 61.9% 1.6 55.6% 109.8% Jack Henry & Associates Inc. 66.14 51.86 70.25 5,409 0 5,409 4.1 3.8 12.0 10.9 24.5 21.3 11.0% 1.9 8.7% 2.9% ACI Worldwide, Inc. 25.42 17.32 25.64 2,968 792 3,760 3.6 3.4 13.4 12.3 33.6 27.6 17.7% 1.6 5.8% 5.1% Temenos Group AG 34.83 28.16 40.74 2,285 407 2,692 5.1 4.6 14.6 12.3 21.6 18.7 12.8% 1.5 10.6% (6.9%) Ellie Mae, Inc. 68.14 27.85 68.25 2,004 (72) 1,932 8.5 6.9 37.9 27.2 60.1 46.5 21.7% 2.1 23.0% 68.4% Black Knight Financial Services, Inc. 30.11 24.50 30.55 1,966 1,711 3,677 4.0 3.7 9.1 8.3 31.4 27.1 0.0% NA 7.8% (117.6%) Bottomline Technologies (de), Inc. 28.84 21.01 30.83 1,118 17 1,135 3.3 2.9 16.0 13.5 20.1 16.0 18.3% 0.9 11.2% 4.7% Q2 Holdings, Inc. 26.28 12.44 27.11 977 (119) 858 8.1 6.3 NM NM NM NM NA NA 28.2% 43.5% On Deck Capital, Inc. 12.85 12.09 28.98 893 230 1,124 4.3 2.8 NM 40.5 NM 41.6 0.0% NA 52.4% 161.9% Yodlee, Inc. 15.88 8.90 17.97 471 (68) 403 3.7 3.0 42.0 25.9 NM 77.1 0.0% NA 20.7% 24.5% Performant Financial Corporation 3.28 2.33 10.97 162 32 194 1.2 1.0 9.3 4.9 86.1 12.1 16.7% 0.7 19.8% (34.2%)

Mean 5.9x 4.7x 18.0x 20.9x 35.5x 34.3x 15.1% 1.5 19.2% 18.5% Median 4.2 3.8 13.4 12.5 27.9 24.6 12.8% 1.6 12.4% 4.0%

Information Processors / Credit Bureaus Experian plc $18.84 $14.44 $20.07 $18,228 $3,266 $21,494 4.5x 4.3x 12.6x 12.3x 20.2x 18.8x 11.0% 1.7 4.8% NA Equifax Inc. 99.71 69.04 100.93 11,866 1,428 13,294 5.1 4.7 14.5 13.3 23.0 20.6 12.0% 1.7 7.7% 11.5% Fair Isaac Corporation 90.33 53.09 96.53 2,805 571 3,376 4.0 3.7 14.2 13.6 21.3 NA 16.0% NA 7.2% 11.7% Acxiom Corporation 18.80 15.78 22.32 1,470 147 1,616 1.9 1.9 9.8 10.5 35.0 28.1 12.5% 2.2 (0.4%) (4.2%) Intersections Inc. 3.02 3.00 5.25 60 (9) 52 NA NA NA NA NA NA NA NA NA (15.8%)

Mean 3.9x 3.6x 12.8x 12.4x 24.9x 22.5x 12.9% 1.9 4.9% 0.8% Median 4.2 4.0 13.4 12.8 22.1 20.6 12.3% 1.7 6.0% 3.7%

Notes: 15 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Acquisitions – Trailing 12 Months

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

6/22/15 Continental Exchange Solutions, Inc. IME (M) SDN. BHD. Tax Softw are NA NA

Advent International Corporation; Bain Capital, LLC; 6/19/15 Istituto Centrale delle Banche Popolari Italiane Spa Payment Processing NA NA Clessidra SGR S.p.A.

6/18/15 CoinBR Servicos Digitais Ltda. Coinverse Digital Currencies NA NA

6/18/15 Patriot Technology Solutions, Inc. InsureLinx, Inc. Benefits Softw are $6 NA

6/17/15 LocoMobi, Inc. Ultimate Systems Solutions, LLC Vertical Payments NA NA

6/17/15 Cegid Group SA Altaven SAS Tax Softw are NA NA

6/17/15 C&H Financial Services, Inc. Regal Payment Systems, LLC ISO NA NA

6/16/15 Avalara, Inc. VAT Applications N.V. Tax Softw are NA NA

6/10/15 GoCoin LLC Ziftr, LLC Merchant Processing NA NA

6/10/15 Crow d Mobile Limited Track Concepts B.V. Mobile Payments $30 1.6x

6/9/15 Bitso SAPI de CV UNISEND S.A .P.I. DE C.V . Cryptocurrency NA NA

6/9/15 ACCEO Solutions Inc. Multipost Ltd. POS NA NA

6/3/15 NeoXam Smar tCo Banking Softw are NA NA

6/2/15 orderbird AG pepperbill GmbH POS NA NA

6/2/15 Avalara, Inc. EZtax, Inc. Financial Softw are NA NA

5/29/15 EVO Payments International, LLC Postbank P.O.S. Transact GmbH Merchant Acquiring NA NA

5/28/15 Harshman Phillips & Company, LLC Cloudsourced Accounting Accounting Softw are NA NA

5/28/15 MYOB Finance NZ Limited Ace Payroll Plus Limited Payroll Softw are $10 NA

5/22/15 BitGold Inc. Net Transactions Limited Trading Platform $48 NA

5/20/15 Factor4, LLC SparkBase, Inc., Book of Business Prepaid NA NA

Notes: 16 Source: Capital IQ and Wall Street 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 Sub-Sector Value Revenue

5/19/15 Axxiome AG HartterGroup Banking Technology NA NA

5/19/15 AvidXchange, Inc. Strongroom Solutions, Inc. AP Softw are NA NA

5/12/15 Hansen Technologies Ltd. TeleBilling A/S Bill Pay $24 1.3x

5/8/15 Visma AS e-conomic international a/s, Core Scandinavian Business Accounting Softw are $226 NA

International Business Machines Corp., Rivermine 5/7/15 Tangoe, Inc. Accounting Softw are $22 NA Telecommunications Expense Management Business 5/5/15 Pitney Bow es International Holdings, Inc. Borderfree, Inc. eCommerce $372 3.0x

5/2/15 Bitnational, Inc. Bitcoin Brains, Inc. Digital Currencies NA NA

4/30/15 Payex Holding AB 4T Sverige AB Mobile NA NA

4/28/15 BigCommerce Pty. Ltd. Zing POS NA NA

4/28/15 Bitcoin Shop Inc. Spondoolies Tech Ltd. Blockchain NA NA

4/27/15 Freelancer Limited Escrow .com, Inc. Online Escrow $8 1.5x

4/27/15 Dun & Bradstreet, Inc. Dun & Bradstreet Credibility Corp. Credit Monitoring $350 2.6x

4/23/15 i3 Verticals, LLC RentShare, Inc. Online Payments NA NA

4/17/15 World Business Lenders, LLC Plan B Grow th, LLC, certain business loan operations Online Lending NA NA

4/16/15 CU Cooperative Systems, Inc. Everlink Payment Services Inc. Gatew ay NA NA

4/14/15 Securus Technologies, Inc. JPay, Inc. Money Transfer NA NA

4/14/15 Lendio Inc. Business Bounce SMB Online Lending NA NA

4/13/15 Australia & New Zealand Banking Group Limited Shout For Good Pty. Ltd. Micro Donations NA NA

4/13/15 Satoshi Citadel Industries Inc. BuyBitcoin.ph Digital Currencies NA NA

4/13/15 PPM 2000 Inc. Resolver Inc. Financial Softw are NA NA

Notes: 17 Source: Capital IQ and Wall Street 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 Sub-Sector Value Revenue

4/8/15 Accela, Inc. SoftRight, LLC and Springbrook Softw are, Inc. Financial Softw are NA NA

4/8/15 Coinsetter LLC Canadian Virtual Exchange Digital Currencies NA NA

4/8/15 Basw are UK Ltd. ProcServe Holdings Limited Financial Softw are $28 2.7x

4/8/15 Jasper Infotech Private Limited Accelyst Solutions Pvt. Ltd. Mobile Top-Up NA NA

4/6/15 Gimmal LLC Imagitek, Ltd. Financial Softw are NA NA

4/2/15 CapitalWorks, LLC Synergy by Association, Inc. A TMs NA NA

4/1/15 Bankrate, Inc. Quizzle.com Credit Monitoring NA NA

3/31/15 Jasper Infotech Private Limited Tetra Media Pvt. Ltd. Personal Finance NA NA

3/31/15 Stone Point Capital LLC; Trident VI, L.P. Black Mountain Systems, LLC Investment Softw are NA NA

3/30/15 Loans4less Com Inc. 321 Lend, Inc. P2P NA NA

3/30/15 DH Corporation Fundtech Ltd. Banking Technology $1,250 4.8x

3/25/15 ShopKeep POS Inc Payment Revolution, LLC ISO NA NA

3/25/15 Global Payments Inc. Realex Payments Gatew ay $125 NA

3/23/15 Netinvest Limited Skrill Holdings Limited eCommerce Payments $1,695 NA

3/23/15 card complete Service Bank AG DC Bank A G Issuer Processing NA NA

PayOnline System LLC, Innovative Payment 3/17/15 Net Element, Inc.; TOT Group Europe LTD eCommerce $8 NA Technologies, Polimore Capital and Brosw ord Holding 3/16/15 Diebold, Incorporated Phoenix Interactive Design, Inc. A TMs NA NA

3/11/15 Square, Inc. Kili Technology Corporation Merchant Processing NA NA

The Carlyle Group LP; Cardinal Capital Group Ltd; 3/9/15 Payzone Ireland Limited Merchant Processing NA NA Carlyle Cardinal Ireland Fund, L.P. Baring Private Equity Asia; Sion Investment 3/9/15 CMS Info Systems Pvt. Ltd. (57% Stake) A TMs NA NA Holdings Pte Ltd

Notes: 18 Source: Capital IQ and Wall Street 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 Sub-Sector Value Revenue

3/3/15 Ryan, LLC Second Decimal, LLC Accounting Softw are NA NA

3/3/15 RKL eSolutions, LLC Clients First Business Solutions LLC Accounting Softw are NA NA

3/2/15 Suzo-Happ Group North America SCA N COIN A B Cash Management NA NA

3/2/15 Coin Outlet Inc. LibertyX's Bitcoin ATM Netw ork ATMs / Digital Currency NA NA

3/2/15 PayPal Holdings, Inc. Paydiant, Inc. Mobile Wallet NA NA

3/2/15 Heartland Payment Systems, Inc. Payroll 1, Inc. Payroll Processing NA NA

2/27/15 Visa Inc. TrialPay, Inc. Marketing NA NA

2/26/15 igot TagPesa Limited Remittance NA NA

2/24/15 Orange Money Ltd. WDFC UK Limited, Everline Online Lending NA NA

2/20/15 FinLab AG; Club Deal AG Venturate AG Crow dfunding NA NA

2/19/15 Mobi724 Global Solutions Inc. iQ 7/24 Inc. Loyalty NA NA

2/18/15 Samsung Electronics America, Inc. LoopPay, Inc. Mobile Wallet NA NA

2/13/15 UPG plc PayCo GmbH Online Payments NA NA

2/13/15 Heartland Payment Systems, Inc. Dinerw are, Inc. and pcAmerica Tablet POS NA NA

2/11/15 Commonw ealth Bank of Australia TY ME SA Banking Technology $31 NA

2/11/15 Thoma Bravo, LLC; Thoma Bravo XI Pow erPlan, Inc. Accounting Softw are NA NA

2/10/15 Temenos U.S.A., Inc. Akcelerant Softw are LLC Lending Softw are $55 NA

2/10/15 ArbiterSports, LLC Pay OGFE Inc . Vertical Payments NA NA

2/9/15 LINE Pay Corporation WebPay Holdings eCommerce Payments NA NA

2/5/15 Life-Pay ibox Holding Ltd. POS NA NA

Notes: 19 Source: Capital IQ and Wall Street 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 Sub-Sector Value Revenue

2/3/15 MRI Softw are LLC Cougar Softw are Pty Limited Financial Softw are NA NA

2/2/15 Burroughs Inc. Pendum LLC A TMs NA NA

1/30/15 Valid USA, Inc. Card Cells, LLC (nka:Valid Secure Packaging, LLC) Prepaid $8 NA

1/30/15 MyECheck, Inc. Seergate Ltd. Payments Softw are $2 NA

1/29/15 Slyce Inc. SnipSnap App, LLC Offers $6 NA

1/27/15 Esker Inc. TermSync, Inc. A R / CRM Sof tw are NA NA

1/27/15 Prosper Marketplace, Inc. American HealthCare Lending, LLC Online Lending $21 NA

1/26/15 Givex Corporation Chase Paymentech, Gift Card Business Prepaid NA NA

1/26/15 Borderfree, Inc. Bundle Tech Limited Import Tax Softw are $21 NA

1/26/15 CREALOGIX Holding AG MBA Systems Ltd. Banking Technology NA NA

1/26/15 Apex Peak Pte. Ltd. Cashnomix Online SMB Lending NA NA

1/21/15 Intuit Inc. Zeropaper Serviços de Informática S.A. Cash Management NA NA

1/20/15 Ingenico Group ROAM Data, Inc. Mobile POS NA NA

1/14/15 Kreditech Holding SSL GmbH Kontomierz.pl Sp. z o. o. Banking Technology NA NA

1/14/15 Ecart Invest Minox Softw are B.V. Accounting Softw are NA NA

CPI Card Group, Inc., Non Secure Card Operations in Las 1/13/15 PLI, LLP Card Manufacturing NA NA Vegas 1/13/15 Cinven Partners, LLP Premium Credit Limited Online Lending $701 NA

1/13/15 Fair Isaac Corporation Tonbeller AG Fraud Prevention NA NA

1/12/15 LocoMobi, Inc. Smart Marketing Concepts Inc. POS NA NA

1/12/15 Marlin Equity Partners, LLC Asentinel LLC Expense Management Softw are NA NA

Notes: 20 Source: Capital IQ and Wall Street 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 Sub-Sector Value Revenue

1/12/15 UniRush, LLC rapid! Financial Services LLC Payroll Cards NA NA

1/8/15 Virtus Partners, LLC Trade Settlement, Inc. Settlement Platform NA NA

Blackstone Tactical Opportunities Advisors L.L.C.; 1/7/15 Acenden Limited Mortgage Servicer NA NA TPG Special Situations Partners 1/6/15 Doxim Inc. Neocog Technologies Inc. Lending Softw are NA NA

1/6/15 Stone Point Capital LLC; Trident VI, L.P. The Situs Companies LLC Financial Outsourcing NA NA

1/5/15 Main Capital Partners B.V. OnGuard International Holding BV Cash Management NA NA

12/29/14 Keyw are Technologies NV Global Pay NV POS NA NA

12/23/14 SafeCharge International Group Limited 3V Transaction Services Limited Issuer Processing $18 5.0x

12/22/14 ArcaTech Systems, L.L.C. CTS Group S.p.A. Banking Hardw are NA NA

Wolters Kluw er Tax & Accounting Deutschland 12/19/14 SBS Softw are GmbH Accounting Softw are NA NA Gmbh

12/18/14 Investview , Inc. GATE Global Impact, LLC Impact Investing Marketplace $2 NA

12/18/14 PriceMatch SAS Pow erYourRoom Ltd. Accounting Softw are NA NA

12/18/14 Silverlake Axis Ltd Finzsoft Solutions Limited Financial Softw are $18 1.3x

12/18/14 Mozido, LLC SK C&C USA Inc. Mobile Commerce NA NA

12/17/14 Deutscher Sparkassen Verlag GmbH PA Y ONE GmbH eCommerce NA NA

12/16/14 FiCentive, Inc. Akimbo Financial, Inc. Prepaid $6 24.0x

12/15/14 Aquiline Capital Partners LenderLive Netw ork, Inc. Mortgage Service Provider NA NA

12/15/14 Fortress Investment Group LLC MicroFinancial Inc. Microfinance NA NA

12/12/14 SafeCharge International Group Limited Credit Guard Ltd. Gatew ays $8 2.9x

12/12/14 Kohli Ventures Dynacart Solutions Ltd. Gatew ays NA NA

Notes: 21 Source: Capital IQ and Wall Street 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 Sub-Sector Value Revenue

12/11/14 Wirecard AG GFG Group Limited Gatew ays $42 NA

12/10/14 Intuit Inc. Acrede HR and Payroll Solutions (Jersey) Limited Payroll Softw are NA NA

12/10/14 Wigan Council Unit4's Invoice4 Solution Billing Softw are NA NA

12/8/14 Vanare LLC NestEgg Wealth, Inc. Personal Financial Management NA NA

12/5/14 Microgen plc Unity Softw are Limited Financial Softw are $2 NA

12/4/14 Wirecard AG The AMARA Group Limited Issuer Processing $45 NA

12/3/14 SignaPay, LTD. PayHub, Inc. Merchant Acquiring NA NA

12/2/14 AFS Technologies, Inc. The POP Company Pte. Ltd. Financial Softw are NA NA

Credit Suisse's Proprietary Commission Fees and 12/2/14 SmartStream Technologies Financial Softw are NA NA Expense Management Softw are 12/1/14 Bankrate, Inc. Wallaby Financial, Inc. Loyalty / Rew ards NA NA

11/27/14 Skrill Holdings Limited Smart Voucher Limited Cash Payments NA NA

11/25/14 Qiw i plc Money.Mail.Ru, LLC Netw ork NA NA

11/25/14 Sw ipp Holding ApS Paii ApS Mobile Payments NA NA

11/24/14 Acculynk PayPlum, LLC Compliance Softw are NA NA

11/21/14 iCash Payment Systems Limited Stargroup Limited A TMs $5 NA

11/21/14 Archw ay Technology Partners, LLC WealthTouch, Inc. Investor Softw are NA NA

11/20/14 AvidXchange, Inc. Piracle, Inc. ACH Processing NA NA

Specialized Technical Services Group, Electronic Fund 11/20/14 Spire Payments Ltd. Money Transfer NA NA Transfer Division Visa Processing Services (India) Private Limited and 11/18/14 Wirecard AG Issuer Processing $16 NA Certain Assets of Visa Processing Service Pte. 11/18/14 Mozido, LLC PayEase, Inc. Merchant Services $750 NA

Notes: 22 Source: Capital IQ and Wall Street 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 Sub-Sector Value Revenue

TrustBuddy International AB (nka:TrustBuddy AB 11/13/14 Geldvoorelkaar.nl P2P Lending $13 NA (publ)) TrustBuddy International AB (nka:TrustBuddy AB 11/13/14 AGATA Spa P2P Lending $6 NA (publ))

11/11/14 WorldPay Limited SecureNet Payment Systems, LLC POS NA NA

11/10/14 JetPay Corporation ACI Merchant Services, Inc. Merchant Processing $18 NA

11/6/14 DataCash Group Limited TNS Inc., Payment Gatew ay Services Business Gatew ay NA NA

11/5/14 NoteMachine UK Ltd. eurochange Ltd. FX Payments NA NA

11/5/14 Xero Limited. Monchilla, Inc. Accounting Softw are $7 NA

The Carlyle Group LP; Euromoney Institutional 11/5/14 Dealogic (Holdings) plc Banking Softw are $503 3.6x Investor PLC; Carlyle Partners VI, L.P.

11/4/14 FinTech Group AG XCOM Group Banking Softw are NA NA

11/4/14 Proxama Plc Aconite Technology Ltd. Issuer Processing Softw are $6 2.3x

10/31/14 Heartland Payment Systems, Inc. XPIENT Solutions, LLC POS $30 NA

10/28/14 Soft Space Sdn Bhd. Fass Payment Solutions Sdn Bhd mPOS NA NA

10/23/14 Deluxe Corp. Wausau Financial Systems, Inc. Accounting Softw are $90 NA

10/23/14 Siris Capital Group, LLC; Siris Partners II LP Digital River Inc. eCommerce $646 1.7x

Southw est Business Corporation (nka:SWBC Equi-Trax Asset Solutions LP and Quality Valuation 10/20/14 Mortgage Technology NA NA Lending Solutions) Services, LLC 10/20/14 Onyx Payments Worldw ide Payment Systems, S.A. Vertical Payments $35 NA

10/16/14 Gentera S.A.B. de C.V. Pagos Intermex, S.A. De C.V. Remittance $16 NA

10/13/14 PayU Payments Private Limited Cobboc Pvt. Ltd. Mobile NA NA

10/13/14 Cuscal Limited Strategic Payments Services Pty Ltd. Card Processing $33 NA

10/13/14 Vista Equity Partners TransFirst, LLC Merchant Processing NA NA

Notes: 23 Source: Capital IQ and Wall Street 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 Sub-Sector Value Revenue

10/12/14 AB Bank Limited Cashlink Bangladesh Limited A TMs NA NA

The Cash Store Financial Services Inc., Portion of 10/9/14 National Money Mart Company Inc. Alternative Finance NA NA Business and Assets

10/7/14 Boku, Inc. mopay AG Mobile NA NA

10/7/14 Northland Group, Inc. Accounts Receivable Management, Inc. Collections NA NA

10/3/14 Transnetw ork Corporation Citi Remesas, Inc. Remittance NA NA

10/1/14 Posera-HDX Limited Premier Payment Systems, Inc. Merchant Processing NA NA

9/30/14 Global Payments Inc. Certegy Check Services, Inc., FIS Gaming Business Gaming Processing $237 NA

9/29/14 SourceHOV LLC BancTec, Inc. Transaction Processing NA NA

9/25/14 Blackhaw k Netw ork Holdings, Inc. Parago, Inc. Marketing / Offers $291 2.9x

9/24/14 Arrow Global Investments Holdings Limited CapQuest Group Limited A RM $258 5.1x

9/23/14 Equity Administration Solutions, Inc. Rivet Softw are, Inc. Financial Reporting Softw are NA NA

TenneT Holding B.V.; Elia System Operator SA; 9/22/14 EPEX Spot SE Trading Platform NA NA RTE Reseau de Transport d'electricite 9/19/14 ParTech, Inc. Brink Softw are, Inc. POS $17 NA

9/18/14 DC Australasia Pty Ltd Ezeatm Services Pty Ltd A TMs $11 NA

9/18/14 RCS Capital Corporation Docupace Technologies, Inc. Financial Softw are NA NA

9/18/14 Green Dot Corporation Santa Barbara Tax Products Group, LLC Financial Softw are $389 4.4x

9/17/14 Strattam Capital Doxim Inc. Financial Softw are NA NA

9/16/14 The Collinson Group Ltd. Welcome Real-time S.A.S. Loyalty NA NA

9/16/14 Wolters Kluw er NV Beijing Dingxin Chuangzhi Technology Co., Ltd. Accounting Softw are NA NA

9/15/14 Blackhaw k Netw ork Holdings, Inc. CardLab, Inc. Gift Cards NA NA

Notes: 24 Source: Capital IQ and Wall Street 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 Sub-Sector Value Revenue

9/15/14 Global Payments Inc. Ezi Holdings Pty Ltd. Debit $275 NA

9/15/14 Actua Corporation Folio Dynamics, Inc. Broker Softw are $201 8.0x

9/11/14 Suzo-Happ Group North America Comesterogroup S.r.l. POS / Vending NA NA

9/10/14 Redecard S.A. MaxiPago Serviços de Internet Ltda. Gatew ay NA NA

9/9/14 Rakuten, Inc. Ebates, Inc. Marketing / Offers $1,000 6.0x

9/9/14 Moneygram International Inc. Nexxo Financial Corporation Alternative Financial Services NA NA

9/8/14 Barclaycard The Logic Group Holdings Ltd. Loyalty / Rew ards NA NA

IMPACT Financial Services LLC, IMPACT Overdraft 9/4/14 Velocity Solutions, Inc. Banking Softw are NA NA Softw are and Solutions Business

9/3/14 OP-Pohjola Checkout Finland Oy Online Payments NA NA

9/3/14 Wirecard AG Mikro Odeme A.S. Mobile Payments $34 NA

9/3/14 Telr Innovate Payments Online Payments NA NA

9/3/14 Hearst Magazines Corporation KUBRA Data Transfer Ltd. Bill Pay NA NA

9/3/14 Fidelity National Information Services, Inc. Clear2Pay NV/SA Payments Softw are $493 NA

9/2/14 Moneygram International Inc. MTI Money Transfer Limited Money Transfer NA NA

9/2/14 Tungsten Netw ork, Inc. Image Integration Systems, Inc. Accounting Softw are $7 2.1x

8/29/14 Bridgepoint Advisers Limited TTT Moneycorp Limited Money Transfer $351 NA

8/26/14 Funding Circle USA LeapPay Inc. Asset-Based Lending NA NA

8/26/14 The Riverside Company The Database Marketing Agency Inc. Risk / Analytics NA NA

8/25/14 CPI Card Group, Inc. EFT Source, Inc. Card Security NA NA

8/19/14 Global Payout, Inc. Maxie Mobile, LLC Mobile Payments $7 NA

Notes: 25 Source: Capital IQ and Wall Street 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 Sub-Sector Value Revenue

8/19/14 Oberthur Technologies NagraID Security SA Card Manufacturing NA NA

8/18/14 Coinbase, Inc. Blockr.io Bitcoin NA NA

8/12/14 Manhattan Associates, Inc. GlobalBay Technologies Inc. POS NA NA

8/12/14 FleetCor Technologies, Inc. Comdata Netw ork, Inc. Prepaid $5,533 9.5x

8/11/14 Heartland Payment Systems, Inc. Leaf Holdings, Inc. POS NA NA

8/11/14 Nets Holding A/S Payzone Nordic AB Merchant Processing NA NA

8/8/14 Misys Limited Custom Credit Systems, L.P. Credit Analysis NA NA

8/8/14 Gemalto NV SafeNet, Inc. Data Security $890 NA

8/7/14 Intuit Inc. PaySuite Limited Payroll Softw are NA NA

8/7/14 Blackboard Inc. CardSmith LLC Prepaid NA NA

8/6/14 Coupons.com Incorporated Eckim, LLC Offers NA NA

8/5/14 TIO Netw orks Corp. Verifone Commerce Solutions, Inc. Online Bill Pay $3 NA

8/5/14 Solium Capital Inc. Executive Trading Solutions, LLC Broker Softw are NA NA

8/4/14 American Bancard, LLC Phoenix Payment Systems, Inc. Card Processing $50 NA

8/4/14 Square, Inc. Serenic Softw are eCommerce NA NA

8/4/14 JRJ Group; TOMS Capital; 76 West Holdings LLC Demica Limited Accounting Softw are NA NA

8/4/14 InComm Holdings, Inc. SIRAS, Inc. (nka:InComm Product Control) POS NA NA

7/30/14 Intuit Inc. K.D.K. Softw ares (India) Pvt. Ltd. Accounting Softw are NA NA

7/30/14 Confirmation.com UK, Ltd ProConfirm Ltd. Accounting Softw are NA NA

7/30/14 First Data Corporation Gyft, Inc. Prepaid $30 NA

Notes: 26 Source: Capital IQ and Wall Street 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 Sub-Sector Value Revenue

7/30/14 CardCash Inc. Plastic Jungle, Inc. Gift Cards NA NA

7/30/14 Heartland Payment Systems, Inc. TouchNet Information Systems, Inc. Prepaid $347 5.0x

7/29/14 Ericsson MetraTech Corp. Billing Solutions NA NA

7/28/14 CoinTerra Inc. bits of proof zrt. Bitcoin NA NA

7/23/14 Computershare Limited Homeloan Management Limited Mortgage Servicing NA NA

7/21/14 Infantly Available, Inc. (nka:IFAN Financial, Inc.) MobiCash America, Inc. Mobile NA NA

7/21/14 Altisource Portfolio Solutions S.A. Mortgage Builder Softw are, Inc. Mortgage Softw are $23 NA

7/21/14 ACI Worldw ide ReD Info Services NA NA

7/18/14 Nordic Capital; Nordic Capital Fund VIII LP Lindorff Group AB Bill Pay NA NA

7/18/14 Ontario Teachers' Pension Plan First American Payment Systems, L.P. Merchant Acquiring NA NA

7/17/14 Milestone Partners PayLink Payment Plans, LLC VSC Processing NA NA

7/17/14 Factor Systems, Inc. Open Scan Technologies, Inc. B2B Payments NA NA

7/17/14 NetSuite Inc. Venda, Inc. eCommerce $50 NA

7/14/14 Collections Solutions Softw are, Inc. 123Comply, LLC Collections NA NA

7/14/14 Platinum Equity, LLC Transw orld Systems Inc. Collections NA NA

7/8/14 Top Image Systems Ltd. eGistics, Inc. Remittance Processing $19 1.8x

CARE Kalypto Risk Technologies and Advisory Services 7/3/14 Credit Analysis and Research Limited Risk & Analytics NA NA Private Limited 7/2/14 Ingenico Group GlobalCollect BV eCommerce $1,119 2.7x

7/2/14 Axiologix, Inc. International Money Management, Inc. Prepaid NA NA

7/1/14 Optimal Payments Plc Global Merchant Advisors, Inc. ISO $15 1.8x

Notes: 27 Source: Capital IQ and Wall Street 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 Sub-Sector Value Revenue

7/1/14 Optimal Payments Plc TK Global Partners LP Processing $211 2.8x

7/1/14 Marlin Equity Partners, LLC Longview Solutions, Inc. Accounting Softw are NA NA

6/26/14 Sylogist Ltd. Serenic Softw are Accounting Softw are $9 NA

6/26/14 Monitise plc Markco Media Limited Loyalty $94 NA

6/26/14 GFT UK Limited Rule Financial Limited (nka:GFT Financial Ltd.) Financial Outsourcing NA NA

6/25/14 Diebold, Incorporated Cryptera A/S A TMs NA NA

6/24/14 CIT Bank Direct Capital Corporation Online Lending $230 NA

Notes: 28 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months

($MM) Announced Target Series Amount Investors Target Sub-Sector Date

6/18/15 Wealth India Financial Services Pvt. Ltd. Series C $11.0 Faering Capital, Foundation Capital, Inventus Capital Online Brokerage

Spark Capital, Jefferies, Homebrew Management, Founder 6/18/15 BOND STREET Servicing, LLC Series A $110.0 Online Lending Collective, Collaborative Fund, Red Sw an Ventures

6/15/15 LendInvest Limited Series A $49.8 Beijing Kunlun Tech Online Lending

Frog Capital, MCI Management, e.ventures, Greycroft 6/16/15 Azimo Ltd Series B $20.0 Money Transfer Partners

6/10/15 Miura Systems Limited NA $16.0 DFJ Esprit Secondaries Payments Hardw are

6/9/15 Moula Money Pty Limited NA $23.0 Liberty Financial, NCN Investments Online Lending

6/4/15 Lavu Inc. NA $15.0 Aldrich Capital Partners POS

Wellington Management Group, NEA, Morgan Creek Capital 6/4/15 TabbedOut Series C $21.5 Mobile Payments Management Tiger Global Management, Kaszek Ventures, QED Investors, 6/2/15 Nubank Series B $28.6 Online Banking Sequoia Capital

5/27/15 Payfirma Corporation Series A $10.4 Dundee Capital Markets Merchant Acquiring

T. Row e Price Associates, Iconiq Capital, Crosslink Capital, 5/26/15 Coupa Softw are Incorporated NA $80.0 Financial Softw are Battery Ventures, El Dorado Ventures, Rally Ventures

5/21/15 Tumblbug Series A $15.6 Strong Ventures, DCM, Line Ventures Crow dfunding

FTV Capital, Rakuten, Highland Capital Partners, August 5/20/15 WePay, Inc. Series D $40.0 Gatew ays Capital, Continental Investors, Ignition Partners

5/19/15 PA Y ITSIMPLE USA Inc . NA $10.0 Simpel Management Consumer Finance

RRE Ventures, Thrive Capital, Bessemer Venture Partners, 5/19/15 Hightow er, Inc. Series B $13.0 Leasing Softw are Pritzker Group Venture Capital Oak HC/FT Partners, Sapphire Ventures, Espirito Santo 5/18/15 Feedzai S.A. Series B $17.5 Anti-Fraud Ventures Syncora Alternative Investments, Globespan Capital 5/12/15 Credit Sesame, Inc. Series D $16.0 Partners, Investus Capital Partners, Menlo Ventures, IA Credit Monitoring Capital 5/7/15 itBit Pte. Ltd. Series A $25.0 RRE Ventures, Liberty City Ventures Digital Currencies

Spark Capital Partners, Jefferies, Andreessen Horow itz, 5/6/15 Affirm, Inc. NA $275.0 Online Lending Khosla Ventures, Lightspeed Venture Partners

Notes: 29 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Series Amount Investors Target Sub-Sector Date

General Catalyst Partners, Baseline Ventures, Google 5/5/15 Hello Digit, Inc. Series A $11.3 Online Banking Ventures

5/5/15 Fintellix Solutions Ltd. NA $15.0 Undisclosed Mobile Payments

5/2/15 Lendico Global Services GmbH NA $22.4 Rocket Internet, Hotlzbrinck Ventures, Access Industries Online Lending

5/1/15 edo interactive, Inc. Series E $23.1 VantagePoint Capital Partners, Baird Venture Partners Card-Linked Offers

Fidelity, TPG Grow th, Insight Venture Partners, Andreessen 5/1/15 Zenefits Series C $512.6 HR Sof tw are Horow itz, IVP, Founders Fund, Khosla Ventures

4/30/15 MX, Inc . Series A $30.0 USAA Investment Management, Digital Garage Banking Technology

4/29/15 Justw orks, Inc. Series B $13.0 Bain Capital Ventures, Index Ventures, Thrive Capital HR Sof tw are

Goldman Sachs, IDG Capital Partners, Accel Partners, 4/29/15 Circle Internet Financial, Inc. NA $50.0 Money Transfer General Catalyst Partners, Oak Investment Partners

4/28/15 Loop Commerce, Inc. NA $16.0 Paypal, Novel TMT Ventures, Wicklow Capital eCommerce

The Social+Capital Partnership, Charles River Ventures, 4/27/15 Wave Accounting, Inc. Series C $14.0 Accounting Softw are OMERS Ventures Baillie Gifford & Co., BlackRock, Sands Capital Management, 4/22/15 Funding Circle Ltd. NA $150.0 Online Lending Temasek Holdings Goldman Sachs, Nova Founders Capital, Jardine Pacific, ACE 4/21/15 Compare Asia Group Series A $40.0 eCommerce & Company Development Group, Route 66 Ventures Valar Ventures, Earlybird Venture Capital, Redalpine Venture 4/16/15 NUMBER26 GmbH Series A $10.6 Online Banking Partners

4/15/15 Clearent LLC NA $25.0 FTV Capital Merchant Processing

4/15/15 CurrencyFair Ltd NA $10.6 Octopus Investments Limited, Frontline Ventures Money Transfer

4/15/15 Lsq Funding Group, L.C. NA $100.0 Levell Minnick Equity Partners SMB Online Lending

4/15/15 Factor Systems, Inc. NA $25.0 Goldman Sachs, Bain Capital Ventures B2B Payments

Kensington Capital Partners, Relay Ventures, Difference 4/14/15 TouchBistro Inc. Series A $6.0 POS Capital, Just Eat

4/8/15 Patch of Land, Inc. Series A $23.6 SF Capital Group Crow dfunding

Notes: 30 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Series Amount Investors Target Sub-Sector Date

Credit Suisse, SunTrust Equity Funding, United Services 4/7/15 Prosper Marketplace, Inc. Series D $165.0 P2P Automobile Association, JP Morgan, BBVA Ventures HSBC, BRED Banque Populaire, Daher Capital, Iris Capital, 4/7/15 Kyriba Corporation Series C $21.0 Treasury Softw are Upfront Ventures

3/31/15 PrimeRevenue, Inc. NA $80.0 BBH Capital Partners, Battery Ventures Lending Platform

3/30/15 RateSetter NA $29.7 Woodford Investment Management, Artemis P2P

3/27/15 AssetAvenue, Inc. Series A $11.0 DCM Ventures, Netease Capital, Matrix Partners Online Lending

Google Capital, Emergence Capital Partners, Ribbit Capital, 3/27/15 ZenPayroll, Inc. Series B $60.0 Payroll Softw are General Catalyst Partners, Kleiner Perkins Caufield & Byers

3/25/15 FinancialForce.com, inc. NA $110.0 Technology Crossover Ventures, Salesforce Ventures Financial Softw are

General Catalyst Partners, Khosla Ventures, Blumberg 3/19/15 Fundbox Inc. Series B $40.0 Online SMB Lending Capital, NyCa Partners Camden Partners, MissonOG, Spring Capital Partners, CNF 3/18/15 Ingo Money, Inc. NA $13.5 Prepaid Investments, Matrix Partners, Ribbit Capital Napier Park Global Capital, Blumberg Capital, North Hill 3/12/15 Lendio Inc. Series C $22.0 Online SMB Lending Ventures, Pivot Investment Partners Draper Fisher Jurvetson, DN Capital Limited, QED Investors, 3/11/15 Remitly, Inc. NA $12.5 Remittance Trilogy Equity Partners Andreessen Horow itz, RRE Ventures, Yuan Capital, 3/10/15 21 Inc. NA $116.0 Cryptocurrency Qualcomm Ventures, Khosla Ventures, Data Collective Medina Capital, First Data Corporation, Signal Peak Ventures, 3/3/15 Booker Softw are, Inc. Series C $35.0 POS Jump Capital, Bain Capital Ventures, Revolution Ventures

2/25/15 Xero Limited. NA $111.0 Accel Partners, Matrix Capital Management Company Accounting Softw are

2/23/15 Driv erUp Series A $50.0 Emerald Development Managers, RRE Ventures Online Lending

2/18/15 WorldRemit Ltd Series B $100.0 Accel Partners, Technology Crossover Ventures Remittance

2/13/15 Itz Cash Card Ltd. NA $16.1 Ashok Goel Prepaid

2/12/15 nCino, Inc. NA $37.7 Insight Venture Partners, Wellington Management Company Banking Technology

Silicon Valley Bank, American Express, August Capital, 2/11/15 Bill.com, Inc. NA $50.0 B2B Payments Napier Park Global Capital, Scale Venture Partners

Notes: 31 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Series Amount Investors Target Sub-Sector Date

2/10/15 Zen Lefin Pvt Ltd Series A $13.0 SAIF Partners, Sequoia Capital, Aspada Investment Advisors SMB Lending

OurCrow d, Rocket Internet, Augmentum Capital, Canaan 2/10/15 Borro Limited Series E $19.8 Online Secured Lending Partners, Eden Ventures Fidelity Management & Research Company; Insitutional 2/6/15 Oportun Financial Corporation NA $91.1 Online Lending Venture Partners Tybourne Capital Management, Valiant Capital Management, 2/5/15 Accelyst Solutions Pvt. Ltd. Series C $80.0 Prepaid Mobile ruNet, Sequoia Capital, Sofina

2/3/15 KnCMiner AB Series B $15.0 Accel Partners, Creandum, GP Bullhound Bitcoin

Third Point Ventures, Institutional Venture Partners, 2/2/15 Social Finance, Inc. Series D $200.0 Online Lending Wellington Management Company Salesforce Ventures, K1 Investment Management, Iconiq 2/2/15 Apttus Corporation Series B $41.0 Financial Softw are Capital First Data Corporation, .406 Ventures, Fidelity Grow th 1/30/15 MineralTree, Inc. NA $11.1 Bill Pay Partners Maveron, Andreessen Horow itz, Atlas Venture, Collaborative 1/27/15 Earnest Inc. Series A $17.0 Online Lending Fund, First Round Capital Andreesen Horow itz, Google Ventures, IDG Capital Partners, 1/26/15 Ripple Labs Inc. Series A $28.0 Cryptocurrency Bitcoin Opportunity Corp., RRE Ventures Andreessen Horow itz, Index Ventures, Seedcamp, Valar 1/25/15 TransferWise Ltd Series C $58.0 Money Transfer Ventures, IA Ventures New Enterprise Associates, Bessemer Venture Partners, 1/22/15 Raise Marketplace Inc. Series B $56.0 Gift Card Marketplace Listen Ventures, The Pritzker Organization

1/21/15 Taulia Inc. NA $15.0 Zouk Capital Invoice Management

Draper Fisher Jurvetson, BBVA, Andreessen Horow itz, New 1/20/15 Coinbase, Inc. Series C $75.0 Digital Currencies York Stock Exchange, Ribbit Capital, Union Square Ventures Wellington Management Company, BlackRock, PremjiInvest, 1/16/15 Zuora, Inc. NA $115.0 Softw are Passport Capital, Greylock Partners, Benchmark Capital

1/14/15 Global Debt Registry, LLC Series A $7.0 Undisclosed Debt Registry

1/12/15 Insite Softw are Solutions, Inc. NA $15.0 Volition Capital eCommerce

Bain Capital Ventures, Spark Capital, Accel Partners, QED 1/7/15 peerTransfer Education Corporation Series C $22.0 Money Transfer Investors, Devonshire Investors

12/24/14 Qw ikCilver Solutions Private Limited NA $9.9 Amazon.com, Accel Partners, Helion Venture Partners Gift Cards

Notes: 32 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Series Amount Investors Target Sub-Sector Date

Credit Saison, Dentsu, GMO VenturePartners, JAFCO, Mitsui 12/19/14 Money Forw ard, Inc. Series B $12.6 Accounting Softw are Sumitomo Insurance Venture Capital, SourceNext Corporation

12/18/14 V A LITOR HF 38% Stake $28.6 Arion Bank eCommerce

12/17/14 PeerNova inc. Series A $19.0 Mosaik Partners, Crypto Currency Partners, Overstock.com Blockchain

General Atlantic, Temasek Holdings, Index Ventures, Felicis 12/16/14 Adyen B.V. Series B $250.0 Merchant Processing Ventures Anthemis Group, Aviva Life & Pensions, British Engines, 12/4/14 Atom Bank NA $39.3 Online Banking Polar Capital General Catalyst Partners, Khosla Ventures, Sequoia Capital, 12/2/14 Stripe, Inc. NA $70.0 Mobile Payments The Founders Fund, Thrive Capital CDC Group, Creation Investments, DEG, FMO, India Financial 11/29/14 Equitas Holdings Pvt. NA $53.0 Microfinance Inclusion Fund, International Finance Corporation

11/27/14 Monitise plc NA $77.4 Banco Santander (Mexico), Mastercard, Telefonica Mobile Payments

11/28/14 Reval NA $20.0 Goldman Sachs Risk Management

Adams Capital Management, Bain Capital Ventures, Canadian 11/25/14 Dynamics Inc. Series C $70.0 Card Manufacturing Imperial Bank of Commerce, MasterCard BRM Group, Ping An Capital, SBT Venture Capital, Spark 11/23/14 eToro (Europe) Ltd. NA $27.0 Social Investing Capital Partners

11/20/14 Fast Pay Partners LLC NA $15.0 Oak HC/FT Partners Online Lending

11/19/14 Cognical NA $10.0 Blumberg Capital, ER Accelerator, Tribeca Venture Partners Financing Platform

Advanced Technology Ventures, Centerview Capital, Next 11/12/14 Host Analytics, Inc. Series E $25.0 Financial Softw are World Capital, StarVest Partners, Trident Capital

11/10/14 Avalara, Inc. NA $150.0 Technology Crossover Ventures, Warburg Pincus Accounting Softw are

Avant Credit Corporation (nka:Avant August Capital, Draper Fisher Jurvetson, KKR, RRE 11/7/14 NA $225.0 Online Lending Corporation) Ventures, Tiger Global Management

11/7/14 Pow a Technologies Limited Series C $80.0 Wellington Management Company POS

11/6/14 SecureKey Technologies Inc. Series C $19.0 Blue Sky Capital, Rogers Venture Partners Anti-Fraud

Agri Pow er and Engineering Solutions, Kiran Vyapar Limited, 11/6/14 Indian Energy Exchange Limited NA $93.9 Trading Platform TVS Capital Funds

Notes: 33 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Series Amount Investors Target Sub-Sector Date

11/4/14 BlueSnap Inc. NA $50.0 Parthenon Capital Partners, Great Hill Partners eCommerce

11/4/14 Trustly Group AB NA $28.9 Bridgepoint Development Capital Banking Technology

10/30/14 Transverse LLC Series B $25.0 Siedentopf Revenue Cycle Management

10/29/14 Cardlytics, Inc. Series F $70.0 Discovery Capital Corporation Marketing / Rew ards

BBVA Ventures, Corsair Capital, CrossLink Capital, 10/28/14 Personal Capital Corporation Series D $50.0 Personal Financial Management Institutional Venture Partners, USAA, Venrock

10/28/14 Argentum Spain S.L.U. NA $16.5 Access Industries, Holtzbrinck Ventures Online Lending

DAG Ventures, Dragoneer Investment Group, Greylock 10/27/14 Wealthfront Inc. NA $70.0 Personal Financial Management Partners, Index Ventures, The Social+Capital Partnership

10/27/14 Credorax, Inc. NA $40.0 Blumberg Capital, Columbus Nova Technology Partners Merchant Acquiring

10/22/14 Tipalti Solutions Ltd. Series B $13.0 Wicklow Capital Payments Softw are

10/20/14 MediGain, LLC NA $38.0 Prudential Capital Group Revenue Cycle Management

10/20/14 CreditSuppliers, LLC NA $12.5 G8 Capital Lending Technology

Devonshire Investors, e.ventures, Greycroft Partners, Polaris 10/20/14 Recurly, Inc. Series B $12.0 Bill Pay Partners Kepha Partners, CommonAngels, Blue Chip Venture 10/15/14 Linkable Netw orks, Inc. Series C $11.7 Card-Linked Offers Company Highland Capital Partners, Buchanan Capital Management, 10/14/14 Bitnet Technologies Ltd. Series A $14.5 Cryptocurrency Highland Capital Partners, Rakuten

10/14/14 orderbird AG Series B $10.0 ConCardis POS

10/13/14 Financial Softw are & Systems Pvt. Ltd. NA $57.2 PremjiInvest Processing

10/10/14 Mozido, LLC NA $185.0 MasterCard, Wellington Management Company Mobile

10/9/14 Bitfury USA, Inc. Series A $20.0 Georgian Co-Investment Fund Cryptocurrency

10/6/14 Orchard, Inc. Series A $12.0 Canaan Partners, Spark Capital Partners Online Lending

Notes: 34 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Series Amount Investors Target Sub-Sector Date

FuturePerfect Ventures, Lightspeed Venture Partners, 10/6/14 Qkos Services Ltd. Series A $30.5 Cryptocurrency Mosaic Ventures, Prudence Holdings, Wicklow Capital Bessemer Venture Partners, Khosla Ventures, Spark Capital 9/30/14 Quantopian, Inc. Series B $15.0 Trading Platform Partners, Wicklow Capital Google Capital, Susquehanna Grow th Equity, Tiger Global 9/29/14 Credit Karma, Inc. NA $75.0 Credit Monitoring Management

9/29/14 Credivalores-Crediservicios, S.A.S. NA $34.0 Gramercy Funds Management Underbanked

9/24/14 E la Carte Inc. NA $35.0 Intel Capital, Romulus Capital, TriplePoint Capital POS

9/23/14 Traxpay AG Series B $15.0 Earlybird Venture Capital, Softw are AG, The Main Incubator B2B Payments

9/23/14 Invoice2go Corporation NA $35.0 Accel Partners, Ribbit Capital ARM / Invoicing

Crypto Currency Partners, Innovation Endeavors, Khosla 9/19/14 Blockstream Corp NA $21.0 Blockchain Ventures, Mosaic Ventures, Real Ventures, Ribbit Capital iNovia Capital, Accel Partners, Hercules Technology Grow th 9/17/14 LightSpeed Retail Inc. NA $35.0 POS Capital DCM, Lightspeed Venture Partners, Menlo Ventures, Rogers 9/16/14 FiveStars, Inc. Series B $26.0 Loyalty Communications

9/12/14 Square, Inc. Series E $100.0 Undisclosed Merchant Acquiring

Beijing Xiaomi Technology, Matrix Partners China, Shunw ei 9/5/14 Jimubox.com Series B $37.2 P2P Fund, Ventech China, Vertex Venture Holdings

9/4/14 KnCMiner AB Series A $14.0 Creandum Bitcoin

9/3/14 Snow ball Finance Ltd. Series C $40.0 Renren, Morningside Ventures, Sequoia Capital Social Finance

9/2/14 FreeCharge Series B $33.0 ruNet Holdings, Sequoia Capital, Sofina Mobile Top-Up

9/2/14 Itz Cash Card Ltd. Series C $15.0 Undisclosed Prepaid

8/29/14 Strategic Funding Source, Inc. NA $110.0 Pine Brook Road Partners Lending Platform

8/27/14 Payteller LLC NA $9.5 ISS Management Alternative Financial Services

8/15/14 Continuity Control, Inc. NA $10.0 BancVue, River Cities Capital Compliance Softw are

Notes: 35 Source: CapitalIQ, DowJones Venture Source. Payments / Banking Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Series Amount Investors Target Sub-Sector Date

8/13/14 Nubank Series A $14.3 Sequoia Capital; Kaszek Ventures Online Banking

8/11/14 Transactis, Inc. Series D $11.0 Safeguard Sciences, StarVest Partners Online Bill Pay

Khosla, BoxGroup, Homebrew , Pantera Capital, RRE 8/7/14 Chain Inc. NA $9.5 Bitcoin Ventures, SV Angel, Thrive Capital

8/5/14 Social Finance, Inc. Series R $50.0 Undisclosed Online Lending

7/23/14 Freshbooks, Inc. Series A $30.0 Atlas, Georgian, Oak Investment Partners Accounting Softw are

7/17/14 Taulia Inc. Series D $27.0 DAG, Lakestar, Matrix, QuestMark, Trinity B2B Payments

7/16/14 Funding Circle Ltd. Series D $65.0 Accel, Index, Ribbit, Union Square Online Lending

Blumberg Capital, Xseed Capital, lool ventures, Rhodium, 7/16/14 Zooz NA $12.0 Merchant Acquiring Access Industries, Camp One Ventures

7/11/14 Motionsoft, Inc. Series B $10.0 Edison, Route 66 Merchant Softw are

7/8/14 Xapo Inc. Series A-1 $20.0 Emergence Capital, Greylock, Index Bitcoin

Atalya Capital Management, FirstMark Capital, Jefferies 7/3/14 Ins ikt, Inc . Series B $16.0 Online Lending Capital Partners, Serengeti Asset Management

7/2/14 Plastiq Inc. Series B $10.0 Atlas, Flybridge, Khosla Online Payments

Avanti, Comerica, Horizon Technology Finance, Norw est, 6/30/14 mBlox, Inc. NA $43.5 Marketing / Offers Saints, Scale, Stratim, Trident

6/29/14 Osper Ltd. Seed $10.2 Horizons Ventures, Index Ventures Prepaid

6/24/14 Kreditech Holding SSL GmbH Series B $40.0 Blumberg, Point Nine, Värde Partners Online Lending

Notes: 36 Source: CapitalIQ, DowJones Venture Source. IV. Securities / Capital Markets / Data & Analytics 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 6/19/15 Low High Value Debt Value CY 15E CY 16E CY 15E CY 16E CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ Exchanges - Americas CME Group Inc. $93.99 $69.74 $100.61 $31,727 $1,078 $32,805 9.9x 9.0x 14.8x 13.1x 24.8x 21.9x 14.0% 1.6 9.8% 8.4% Intercontinental Exchange, Inc. 229.38 182.40 242.96 25,634 2,368 28,002 8.5 7.9 13.2 11.7 19.5 16.5 17.2% 1.0 7.1% 6.6% The Nasdaq OMX Group, Inc. 50.39 37.31 52.94 8,525 1,948 10,473 5.1 4.9 10.8 9.5 15.5 14.0 8.8% 1.6 5.1% (4.5%) BM&F Bovespa SA 3.74 2.78 4.68 6,743 442 7,185 10.3 9.7 15.8 14.6 14.4 13.6 6.8% 2.0 5.8% 2.0% CBOE Holdings, Inc. 58.43 46.52 68.00 4,877 (138) 4,740 8.2 7.5 14.3 12.8 28.0 24.1 12.8% 1.9 9.2% (9.5%) TMX Group Limited 43.10 37.46 48.49 2,342 746 3,088 5.0 4.8 10.6 9.8 13.5 12.2 NA NA 5.3% (14.5%) Bolsa Mexicana de Valores SAB de CV 1.82 1.50 1.95 1,081 (129) 951 5.7 5.2 11.6 10.5 20.3 18.2 0.0% NA 9.6% 10.1%

Mean 7.5x 7.0x 13.0x 11.7x 19.4x 17.2x 9.9% 1.6 7.4% (0.2%) Median 8.2 7.5 13.2 11.7 19.5 16.5 10.8% 1.6 7.1% 2.0%

Exchanges - Asia Hong Kong Exchanges & Clearing Limited $36.53 $18.33 $40.17 $44,449 ($28,736) $15,714 8.2x 7.3x 11.0x 9.2x 38.8x 32.3x 10.5% 3.1 13.1% 19.8% Singapore Exchange Limited 5.86 5.09 6.59 6,273 (632) 5,640 9.2 8.6 15.5 13.7 22.7 20.1 5.9% 3.4 7.5% 10.4% ASX Limited 30.93 26.41 35.17 5,982 (784) 5,198 9.5 9.0 12.2 11.7 18.9 17.9 5.2% 3.5 4.9% (3.2%) Bursa Malaysia Berhad 2.19 2.06 2.41 1,170 (115) 1,055 7.5 7.2 13.4 12.4 21.8 20.1 0.0% NA 5.4% (8.7%)

Mean 8.6x 8.0x 13.0x 11.7x 25.5x 22.6x 5.4% 3.3 7.7% 4.6% Median 8.7 7.9 12.8 12.0 22.3 20.1 5.5% 3.4 6.4% 3.6%

Exchanges - Europe Deutsche Boerse AG $83.10 $56.53 $91.42 $15,306 $572 $15,878 5.4x 5.1x 11.5x 10.6x 17.8x 16.4x 10.2% 1.6 6.2% (7.6%) London Stock Exchange Group plc 38.16 27.95 41.64 13,228 (1,265) 11,963 3.1 3.9 9.7 9.4 19.5 18.5 10.9% 1.7 (21.0%) 11.5% Bolsas y Mercados Españoles 41.16 30.87 49.28 3,431 (378) 3,053 7.4 7.1 10.2 9.9 16.3 15.5 7.0% 2.2 3.3% (15.7%) JSE Limited 10.21 7.65 11.82 872 (139) 733 NA NA NA NA 16.2 14.3 NA NA NA 4.1% GPW 13.43 9.55 14.36 564 (1) (38) 526 5.8 5.6 10.5 9.8 15.9 15.0 8.0% 1.9 3.8% (18.8%) Hellenic Exchanges - Athens Stock Exch. 4.25 3.94 10.14 278 (172) 106 2.0 1.8 3.8 3.2 13.0 11.0 5.0% 2.2 12.9% (24.8%)

Mean 4.7x 4.7x 9.1x 8.6x 16.4x 15.1x 8.2% 1.9 1.0% (8.5%) Median 5.4 5.1 10.2 9.8 16.3 15.2 8.0% 1.9 3.8% (11.6%)

Notes: 38 Source: Capital IQ and Wall Street 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 6/19/15 Low High Value Debt Value CY 15E CY 16E CY 15E CY 16E CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ Investment Services, Software, & Technology SEI Investments Co. $49.87 $31.80 $50.20 $8,285 ($643) $7,642 5.6x 5.1x 13.5x 11.8x 23.8x 20.4x 13.7% 1.5 10.3% 7.6% Broadridge Financial Solutions, Inc. 52.15 38.28 55.78 6,251 319 6,571 2.4 2.3 10.7 9.7 20.1 17.6 11.6% 1.5 4.9% 4.6% SS&C Technologies Holdings, Inc. 64.79 41.51 65.19 5,770 507 6,277 7.3 6.9 17.7 16.1 25.0 22.2 15.5% 1.4 6.9% 10.7% DST Systems Inc. 125.00 81.83 125.34 4,587 401 4,988 2.5 2.3 10.8 10.4 20.3 18.5 11.0% 1.7 5.8% 2.7% Advent Software, Inc. 44.20 28.78 44.36 2,329 177 2,506 5.9 5.6 17.9 15.7 28.6 27.0 12.0% 2.3 6.1% 6.7% Financial Engines, Inc. 43.67 29.40 50.00 2,264 (311) 1,953 6.1 5.3 19.6 16.6 45.6 37.9 26.0% 1.5 16.1% 13.8% Envestnet, Inc. 41.79 37.76 58.21 1,475 (64) 1,411 3.4 2.8 18.6 13.6 41.1 29.4 30.4% 1.0 20.9% 22.8%

Mean 4.7x 4.3x 15.6x 13.4x 29.2x 24.7x 17.2% 1.5 10.1% 9.8% Median 5.6 5.1 17.7 13.6 25.0 22.2 13.7% 1.5 6.9% 7.6%

Financial Data, Content, & Analytics Thomson Reuters Corporation $39.07 $34.88 $42.64 $30,634 $7,680 $38,314 3.1x 3.0x 11.1x 10.3x 19.4x 17.0x 10.3% 1.6 3.0% (2.7%) McGraw Hill Financial, Inc. 104.74 73.96 109.13 28,667 (12) 28,655 5.4 5.0 13.1 11.9 23.5 20.7 14.9% 1.4 7.1% 6.4% Moody's Corporation 110.06 84.76 110.55 22,254 1,100 23,354 6.6 6.1 14.3 13.0 23.9 21.1 14.1% 1.5 8.0% 12.8% Verisk Analytics, Inc. 75.25 57.97 78.09 12,722 1,150 13,872 6.7 5.9 14.2 12.4 26.3 23.2 12.0% 1.9 14.1% 12.1% MSCI Inc. 61.87 41.16 63.80 6,956 262 7,218 6.7 6.1 15.9 14.2 28.1 23.7 11.3% 2.1 8.7% 9.6% FactSet Research Systems Inc. 164.28 110.77 168.70 6,818 (148) 6,670 6.5 6.0 17.5 16.0 26.4 24.1 12.5% 1.9 8.8% 9.8% Dun & Bradstreet Corp. 128.27 105.64 137.25 4,622 1,348 5,971 3.4 3.2 11.3 10.6 17.1 16.0 7.4% 2.2 6.5% (1.5%) Morningstar Inc. 79.47 61.03 80.93 3,528 (197) 3,332 4.1 3.9 13.1 12.2 26.5 23.6 14.0% 1.7 6.9% 4.7% Bankrate, Inc. 11.19 9.39 18.19 1,163 143 1,306 2.5 2.4 9.1 8.3 16.1 14.1 NA NA 4.7% 3.9%

Mean 5.0x 4.6x 13.3x 12.1x 23.0x 20.4x 12.1% 1.8 7.5% 6.1% Median 5.4 5.0 13.1 12.2 23.9 21.1 12.3% 1.8 7.1% 6.4%

Online Broker Dealers The Charles Schwab Corporation (1) $32.67 $23.35 $33.72 $42,913 $2,814 $45,727 7.1x 5.8x 18.0x 13.0x 31.3x 21.1x 22.6% 0.9 22.2% 3.2% TD Ameritrade Holding Corporation (1) 37.09 28.34 39.05 20,162 1,864 22,026 6.7 5.8 14.2 11.0 24.2 18.3 18.2% 1.0 15.4% (1.5%) E*TRADE Financial Corporation (1) 29.93 18.20 31.41 8,677 4,683 13,360 7.3 6.7 19.2 16.6 25.4 20.3 21.1% 1.0 10.3% (4.2%) Interactive Brokers Group, Inc.(1) 40.71 21.92 41.31 2,381 4,337 6,718 5.6 4.5 10.6 6.6 55.3 28.3 10.0% 2.8 25.3% 5.4% GAIN Capital Holdings, Inc. 10.13 5.89 10.34 497 (14) 483 1.0 1.0 5.3 4.6 11.1 9.4 16.0% 0.6 5.6% 13.8% F XCM Inc . (1) 1.65 1.22 17.44 132 342 474 1.7 1.4 6.3 5.6 NM 29.9 25.0% 1.2 18.8% (15.3%)

Mean 4.9x 4.2x 12.3x 9.6x 29.4x 21.2x 18.8% 1.3 16.3% 0.2% Median 6.2 5.1 12.4 8.8 25.4 20.7 19.6% 1.0 17.1% 0.9%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. 39 (1) 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 Sub-Sector Value Revenue

6/17/15 Allegro Development Corporation JustCommodity Softw are Solutions Pte Ltd Trading Softw are NA NA

6/4/15 IRESS Limited INNERGI Pty Ltd. Broker Softw are NA NA

6/2/15 eVestment Alliance, LLC TopQ Softw are Ltd PE Sof tw ar e NA NA

Maxima Analytics, Inc., Market Data Services and 6/2/15 CBOE Holdings, Inc. Data / Analytics NA NA Trading Analytics Platforms 6/2/15 Markit Ltd. Information Mosaic Holdings Ltd. Risk Management NA NA

6/1/15 Backstop Solutions Group, LLC Cogency Softw are, Inc. Investor Softw are NA NA

6/1/15 Asset International Inc. FinGate GmbH Investor Softw are NA NA

6/1/15 Playtech plc Plus500 Ltd. Trading Platform NA NA

5/29/15 London Stock Exchange Group plc Exactpro Systems, LLC Trading Softw are NA NA

5/28/15 Rakuten Securities, Inc. FXCM Asia Ltd. FX Trading Platform $36 NA

5/26/15 John Hancock Financial Corporation Guide Financial, Inc. Robo Advisors NA NA

5/6/15 Envestnet, Inc. Oltis Softw are LLC Broker Softw are $32 NA

5/4/15 Asset International Inc. Intelligent Financial Systems Limited Data / Analytics NA NA

5/4/15 NZX Limited iFarm New Zealand Limited Data / Analytics NA NA

4/23/15 Interactive Brokers Group, Inc. Covestor, Inc. Personal Financial Management NA NA

4/14/15 Private Investment Group OTAS Technologies Limited Data / Analytics NA NA

4/9/15 Jefferies Group LLC Faros Trading LLC Trading Platform NA NA

3/31/15 Avant Corporation ReadyForZero Inc. Personal Financial Management NA NA

3/26/15 Monecor (London) Limited Alpari (UK) Limited FX Trading Platform NA NA

3/25/15 Northw estern Mutual Capital LearnVest, Inc. Personal Financial Management NA NA

Notes: 40 Source: Capital IQ and Wall Street 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 Sub-Sector Value Revenue

3/25/15 Rakuten Securities, Inc. FXCM Japan Securities Co., Ltd. FX Trading Platform $62 NA

3/24/15 First Derivatives plc ActivateClients Ltd. Trading Platform $7 6.5x

3/12/15 Moody's Corporation Equilibrium Clasificadora de Riesgo S.A. Risk / Analytics NA NA

3/11/15 R.J. O'Brien Europe Limited The Kyte Group Limited Trading Platform NA NA

3/10/15 TradeKing Group, Inc. TraderOS Technologies Inc. (nka:TradeKing Media LLC) Trading Platform NA NA

3/4/15 Temenos Group AG IGEFI Group s.à r.l. Fund Softw are $260 NA

2/27/15 Tera Group, Inc. MGT Capital Investments, Inc. Trading Platform NA NA

2/26/15 Envestnet, Inc. Upside Financial, LLC Broker Softw are $3 NA

2/19/15 CameronTec Intressenter AB LaSalle Technology Inc. Trading Platform NA NA

2/9/15 FactSet Research Systems Inc. Code Red, Inc. Data / Analytics NA NA

2/2/15 SS&C Technologies Holdings, Inc. Advent Softw are, Inc. Financial Softw are $2,550 6.4x

2/2/15 Fidelity Investments eMoney Advisor, LLC Financial Softw are NA NA

1/28/15 BATS Global Markets, Inc. KCG Hotspot FX LLC FX Trading Platform $435 NA

1/27/15 Bridgepoint Advisers Limited eFront S.A. PE Fund Softw are $341 4.1x

1/26/15 Virtus Investment Partners, Inc. ETF Issuer Solutions, Inc. ETF Platf or m NA NA

Thomson Transaction Analytics (nka:VistaOne 1/22/15 The Transaction Auditing Group, Inc. Compliance NA NA Regulatory Services) 1/22/15 CoreOne Technologies LLC The Transaction Auditing Group, Inc. Compliance NA NA

Thomson Transaction Analytics (nka:VistaOne 1/22/15 CoreOne Technologies LLC Analytics NA NA Regulatory Services) Wilmington Trust Retirement and Institutional Services 1/21/15 Matrix Financial Solutions, Inc. Trading Platform NA NA Company, Trade Processing Business 1/20/15 Ipreo Holdings LLC ClearMomentum, Inc. Portfolio Monitoring NA NA

Notes: 41 Source: Capital IQ and Wall Street 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 Sub-Sector Value Revenue

1/15/15 Welsh, Carson, Anderson & Stow e AIM Softw are GmbH Data / Analytics NA NA

1/12/15 Capital One Bank (USA), National Association Level Money, Inc. Personal Financial Management NA NA

1/5/15 Paul Burt SaveUp, Inc. Personal Financial Management NA NA

1/2/15 Orc Group AB Tbricks AB Trading Platform NA NA

12/31/14 Broadridge Securities Processing Solutions, Inc. Broadridge FX and Liquidity Solutions Cash Management $32 NA

12/22/14 Warburg Pincus LLC; The Carlyle Group LP DBRS Limited Trading Platform NA NA

12/19/14 New s Corporation FinDirect Services Private Limited Personal Financial Management NA NA

12/15/14 Trading Central S.A. Recognia, Inc. Analytics NA NA

12/12/14 The Hearst Corporation Fitch Group, Inc. Rating Agency $6,632 NA

12/8/14 CFH Group A/S Tradimo Interactive ApS Personal Financial Management NA NA

12/4/14 New York Life Investment Management LLC IndexIQ, Inc. Online Brokerage NA NA

Centerbridge Partners, L.P.; Centerbridge Capital 12/1/14 IPC Systems, Inc. Trading Platform $1,200 NA Partners II, L.P. 12/1/14 SS&C Technologies Holdings, Inc. DST Global Solutions Limited Fund Administration $95 1.4x

12/1/14 Confluence Technologies, Inc. Orfival SA. Broker Softw are NA NA

11/20/14 OptionsCity Softw are, Inc. Optionshop Brokerage, LLC Trading Softw are NA NA

11/17/14 Continental Africa Holdings Limited Bourse Africa Limited Exchanges $41 NA

11/11/14 Citigroup Fund Services, LLC Moventum S.C.A. Investment Softw are NA NA

11/4/14 Ipreo Holdings LLC Shareholder InSite, Inc. Business Softw are NA NA

10/31/14 GAIN Capital Holdings, Inc. City Index (Holdings) Limited FX $63 0.5x

10/29/14 Seedrs Limited Junction Investments, Inc. Crow dfunding NA NA

Notes: 42 Source: Capital IQ and Wall Street 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 Sub-Sector Value Revenue

10/27/14 Moody's Corporation Lew tan Technologies, Inc. Data & Analytics NA NA

10/13/14 Janus Capital Group, Inc. VelocityShares Personal Financial Management $30 NA

10/2/14 TFG Financial Systems Risk Technology Solutions Risk and Analytics NA NA

9/10/14 Intercontinental Exchange, Inc. Holland Clearing House N.V. Trading Platform NA NA

9/10/14 FxPro Group Limited Quotix Limited FX NA NA

9/9/14 BGC Partners, L.P. GFI Group Inc. Trading Platform NA NA

Market Crew Investment Advisor Co., Ltd. 9/9/14 ZuluTrade Inc. FX NA NA (nka:ZuluTrade Japan Co Ltd.) 9/5/14 Intercontinental Exchange, Inc. SuperDerivatives Inc. Data & Analytics $350 NA

9/4/14 Associated Foreign Exchange, Inc. GFX Partners Inc. FX NA NA

International Strategy & Investment Group LLC and 8/3/14 Evercore L.P. Analytics NA NA International Strategy & Investment (UK) Limited 7/30/14 Investment Technology Group Inc. ID's SA S Trading Platform NA NA

7/30/14 CME Group Inc. GFI Group Inc. Trading Platform NA NA

7/28/14 XP Investimentos CCTVM S/A CLEAR Corretora de Títulos e Valores Mobiliários S.A. Personal Financial Management $40 NA

7/15/14 Equity Administration Solutions, Inc. Option Admin, Inc. FX NA NA

7/11/14 Boston Technologies, Inc. Forexw are, LLC Shareholder Services NA NA

7/9/14 Bloomberg Inc. RTS Realtime Systems AG Trading Platform NA NA

7/8/14 NA SDA Q OMX TruEquity Shareholder Softw are NA NA

7/1/14 Cinnober Financial Technology AB Markit Group Limited, BOAT Trade Reporting Service Compliance Softw are NA NA

7/1/14 Thomson Reuters Corporation UBS AG, UBS Convertible Indices Indices NA NA

6/30/14 NinjaTrader, LLC Mirus Futures, Inc. Trading Platform NA NA

Notes: 43 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Securities / Capital Markets / Data & Analytics Selected Recent Equity Financings – Trailing 12 Months

($MM) Announced Target Series Amount Investors Target Sub-Sector Date

Aditya Birla Private Equity, Agri Pow er and Engineering 6/19/15 Indian Energy Exchange Limited 16.6% Stake $56.2 Exchanges Solutions, Kiran Vyapar, DCB Pow er Venture

5/27/15 Kantox S.L. Series B $11.0 Partech International, IDInvest Partners, Cabiedes & Partners FX

5/11/15 NerdWallet, Inc. NA $64.0 IVP, RRE Ventures, iGlobe Partners Personal Financial Management

5/7/15 Cryex Group AB NA $10.0 Northzone Ventures, White Star Capital Trading Platform

New Enterprise Associates, Vaizra Investments, Index 5/7/15 Robinhood Financial, LLC Series B $50.0 Online Brokerage Ventures, Ribbit Capital, Social Leverage KKR, RRE Ventures, Nyca Partners, FinTech Collective, 4/7/15 Artivest Holdings, Inc. Series A $15.0 Investing Platform Anthemis Group, Deep Fork Capital

4/6/15 RealtyShares, Inc. Series A $12.1 Menlo Ventures, General Catalyst Partners Data & Analytics

Greycroft Partners, e.ventures, Sound Ventures, Garland 4/2/15 Acorns Grow Inc. NA $30.0 Personal Financial Management Capital Group, Math Venture Partners British Columbia Investment Management Corporation, Davis- 3/13/15 Aequitas Innovations Inc. NA $23.5 Private Capital Markets Rea, Invesco Canada, Vernon & Park Capital Francisco Partners, Bessemer Ventures Partners, Menlo 2/17/15 Betterment LLC NA $60.0 Personal Financial Management Ventures, Northw estern Mutual Capital

2/3/15 Archer NA $12.5 New Spring Grow th Capital Investment Softw are

1/20/15 Motif Investing Inc. Series E $40.0 Renren Personal Financial Management

Long Ridge Equity Partners, Carmel Ventures, Genesis 1/12/15 TradAir Ltd. NA $15.0 Trading Technology Partners

11/26/14 MCX Stock Exchange Ltd. 4.9% Stake $14.3 Derive Investments, SKS Capital & Research Exchanges

Ping An Capital, SBT Venture Capital, BRM Group, Spark 11/23/14 eToro (Europe) Ltd. Series D $29.0 Personal Financial Management Capital Partners

11/20/14 Kensho Technologies Inc. NA $15.0 Goldman Sachs, NBCUniversal Media Analytics

10/15/14 iMatchative, Inc. Series B-1 $25.0 Control Empreasrial de Capitales, Wells Fargo Data & Analytics

Bloomberg Beta, Formation8 Partners, Goldman Sachs, Bank 9/24/14 Context Relevant, Inc. Series B-1 $14.6 Data & Analytics of America Merrill Lynch, New York Life Investment Mgmt Index Ventures, Ribbit Capital, Andressen Horow itz, Google 9/23/14 Robinhood Financial, LLC Series A $13.0 Trading Platform Ventures, Social Leverage

Notes: 44 Source: CapitalIQ, DowJones Venture Source. Securities / Capital Markets / Data & Analytics Selected Recent Equity Financings – Trailing 12 Months (Cont.)

($MM) Announced Target Series Amount Investors Target Sub-Sector Date

9/18/14 Yieldbroker Pty Limited 49% Stake $65.0 ASX Limited Trading Platform

Bain Capital Ventures, Cleveland Capital Mgmt, Franklin 8/22/14 IEX Group, Inc. NA $75.0 Trading Platform Resources, Spark Capital

7/20/14 Multi Commodity Exchange of India Ltd 15% Stake $76.0 Kotak Mahindra Bank Limited Exchanges

7/18/14 dough, Inc. NA $25.0 TCV Personal Financial Management

6/25/14 Nutmeg Saving and Investment Limited Series B $32.0 Balderton, Shroders plc Personal Financial Management

Notes: 45 Source: CapitalIQ, DowJones Venture Source. V. Healthcare / Insurance Healthcare / Insurance 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 6/19/15 Low High Value Debt Value CY 15E CY 16E CY 15E CY 16E CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ Healthcare / Insurance Technology Verisk Analytics, Inc. $75.25 $57.97 $78.09 $12,722 $1,150 $13,872 6.7x 5.9x 14.2x 12.4x 26.3x 23.2x 12.0% 1.9 14.1% 12.1% IMS Health Holdings, Inc. 31.37 23.07 31.60 10,269 3,323 13,592 4.7 4.3 14.9 13.3 21.5 18.7 10.7% 1.8 9.6% (2.0%) athenahealth, Inc. 119.88 107.88 153.25 4,622 205 4,827 5.3 4.3 29.1 24.2 NM 80.3 25.7% 3.1 21.2% 26.6% Guidewire Software, Inc. 51.14 36.40 55.77 3,608 (550) 3,058 7.8 7.0 48.7 39.9 NM 78.4 20.0% 3.9 11.6% 4.2% Solera Holdings Inc. 47.81 45.69 69.60 3,209 1,888 5,097 4.4 4.1 11.0 10.1 15.0 13.5 11.1% 1.2 7.4% 7.1% Ebix Inc. 33.91 12.12 38.04 1,186 109 1,295 5.1 4.8 13.8 12.5 17.8 16.3 10.0% 1.6 NA 24.0% Crawford & Company 8.56 7.07 11.00 474 205 679 0.6 0.5 6.4 5.3 13.1 10.4 10.0% 1.0 3.9% 4.5% Polaris Consulting & Services Limited 2.59 2.09 4.38 259 (32) 227 0.7 0.7 6.0 5.3 9.2 8.1 NA NA 7.9% (21.4%) Symbility Solutions Inc. 0.24 0.21 0.35 56 (4) 52 2.7 2.2 NM 22.9 NM NM NA NA 22.4% (38.8%)

Mean 4.2x 3.8x 18.0x 16.2x 17.1x 31.1x 14.2% 2.1 12.3% 1.8% Median 4.7 4.3 14.0 12.5 16.4 17.5 11.1% 1.8 10.6% 4.5%

Notes: 47 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Healthcare / Insurance Selected Recent Acquisitions – Trailing 12 Months

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

4/30/15 GetixHealth, LLC QUBE, LLC Revenue Cycle Management NA NA

4/13/15 The SSI Group, Inc. Provider Advantage NW, Inc. Revenue Cycle Management NA NA

3/23/15 Healthland, Inc. Rycan Technologies, Inc. Revenue Cycle Management NA NA

3/17/15 RevSpring, Inc. Revenue Advantage, Inc. Revenue Cycle Management NA NA

3/17/15 Constellation Healthcare Technologies, Inc. Physicians Practice Plus, Inc. Revenue Cycle Management $20 1.9x

LDC (Managers) Limited; Scottish Equity Partners 3/15/15 SSP Holdings Limited Insurance Technology $305 NA LLP

2/23/15 Navigant Healthcare Cymetrix Corporation RevenueMed, Inc. Revenue Cycle Management $26 NA

2/19/15 MSG Global Solutions Inc.; LOGiQ³ Corp. Tindall Associates Inc. Insurance Softw are NA NA

2/4/15 Pinnacle Bank (Nashville TN) Bankers Healthcare Group, Inc. Healthcare Finance $250 2.6x

1/28/15 Performant Financial Corporation Premier Healthcare Exchange, Inc. Claims Processing $149 NA

1/12/15 Adreima, Inc. HealthCPA, LLC Revenue Cycle Management NA NA

12/30/14 Modernizing Medicine, Inc. Aesyntix Health, Inc. Revenue Cycle Management NA NA

12/15/14 Solera Holdings Inc. IBS Automotive s.r.o. Data / Analytics NA NA

12/11/14 Compugroup Medical South Africa (Pty) Ltd Medical EDI Services (Pty) Ltd. Claims Processing NA NA

12/11/14 Emdeon Inc. AdminiSource Communications, Inc. Healthcare Payments $35 NA

12/11/14 Meridian Medical Management Origin Healthcare Solutions LLC Revenue Cycle Management $4 NA

12/10/14 Moelis Capital Partners LLC Insurance Technologies, LLC Insurance Softw are NA NA

11/19/14 Emdeon Inc. Change Healthcare Corporation Benefits Softw are $185 NA

Syncordia Technologies and Healthcare Solutions, 11/10/14 Health Services Integration, Inc. Claims Processing NA NA Inc . 11/7/14 iMedX, Inc. Superior Global Solutions, Inc. and Medw rite Inc. Revenue Cycle Management NA NA

Notes: 48 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Healthcare / Insurance Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Sub-Sector Value Revenue

9/30/14 Healthcare Insights, LLC NOMISe Systems, Inc. Analytics NA NA

9/25/14 ZirMed Inc. MethodCare, Inc. Analytics NA NA

9/23/14 Maestro Healthcare Technology, Inc. WealthCare Marketplace Benefit Solutions NA NA

Emergency Medicine Specialists, P.C. and Midw est 9/10/14 Team Health Holdings, Inc. Claims Management NA NA Emergency Services, L.L.C.

9/2/14 Kofax Limited SOFTPRO GmbH Insurance Softw are $35 2.6x

8/18/14 Montagu Private Equity LLP Open International Limited Insurance Technology NA NA

8/7/14 Digital Payments plc M2 Systems Corporation Healthcare Payments $15 NA

7/16/14 Onex Corporation; Onex Partners III, L.P. York Risk Services Group, Inc. Insurance Claims Management NA NA

7/11/14 HgCapital Sequel Business Solutions Limited Insurance Softw are NA NA

Notes: 49 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.