Payments Technology, As Well As Managed Payments Solutions

SECTORWATCH: Payment Technology April 2018 SECTORWATCH:

Payment Technology 7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the April 2018 document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error.

. Sector Dashboard

. Public Basket Performance

. Operational Metrics

. Valuation Comparison

. Recent Deals

. Appendix OVERVIEW

Dashboard

summary metrics on the sector, with commentary on About Us market momentum by comparing the most recent 12- 7MA provides Investment Banking & Advisory Services to the month performance against the last 3-year averages Business Services and Technology Industries globally.

We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we Public Basket Performance help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. summary valuation and operating metrics for a basket of comparable public companies

Sectorwatch We publish sectorwatch, a review of M&A and operational trends in the industries we focus. Valuation Comparison

a more graphical, detailed comparison of valuation multiples for the public basket Let us know if we can help Contact us if there are ways we can assist your M&A or financing strategy.

Recent Deals the most recently announced sector deals

All Rights Reserved to 7 Mile Advisors Operating Metrics DASHBOARD Revenue Growth Momentum Median LTM GP Margin % 51.5% 1 - year revenue growth compared to revenue growth 2.6% average for last 3 years Current revenue growth rate exceeds the average of the last 3 years by this Median LTM EBITDA Margin % amount, indicating that market momentum is increasing 22.5%

Pricing / Gross Margin Momentum Median LTM Rev. Growth % 1 - year gross profit % compared to gross profit % 16.0% -1.6% average for last 3 years Current gross profit margin is less than the average of the last 3 years gross profit margins, indicating customer pricing power 0% 18% 36% 54%

Profitability Momentum Valuation -0.2% 1 - year EBITDA % compared to EBITDA % average for last 3 years Median Price / LTM Earnings Current EBITDA margin is less than the average of the last 3 years EBITDA 38.6x margins, which may signal further consolidation Median TEV / LTM EBIT 24.5x PUBLIC BASKET CONSTITUENTS

NYSE:TSS NYSE:WP NasdaqGS:PYPL Median TEV / LTM EBITDA NYSE:SQ NYSE:ADS NYSE:MA 19.8x NYSE:GPN NYSE:FDC NYSE:V Median TEV / LTM Revenue 6.2x

Rev LTM Rev Growth EBITDA TEV / Rev TEV / Rev / FTE Company TEV $m $m YoY GP % % X EBITDA X # FTEs $k

Total System Services, Inc. 18,644 4,928 18% 27% 20% 3.8 18.2 11,000 448

Square, Inc. 18,532 2,214 30% 38% -1% 8.4 0.0 2,338 947

Global Payments Inc. 21,895 3,975 5% 51% 28% 5.5 19.8 10,000 398

Worldpay, Inc. 29,930 4,026 13% 53% 22% 7.4 33.7 3,661 1,100

Alliance Data Systems Corporation 33,271 7,719 8% 25% 23% 4.3 19.1 20,000 386

First Data Corporation 36,332 8,129 4% 62% 35% 4.5 11.7 22,000 370

PayPal Holdings, Inc. 81,726 13,094 21% 46% 19% 6.2 33.7 18,700 700

Mastercard Incorporated 182,575 12,497 16% 100% 58% 14.6 25.2 13,400 933

Visa Inc. 284,060 18,759 17% 97% 68% 15.1 22.1 - NA

Average 78,552 8,371 15% 55% 30% 7.8 20.4 11,233 660

Median 33,271 7,719 16% 51% 23% 6.2 19.8 11,000 574 share price as of 06Apr18

PUBLIC BASKET VALUATION TRENDS 25x

20x 25x

15x

10x 20x

15x 16.7x

Jul-13 Jul-14 Jul-15 Jul-16 Jul-17

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Oct-13 Oct-14 Oct-15 Oct-16 Oct-17

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18

TEV/EBITDA - Median TEV/EBITDA - Average

10x Public Revenue Multiples Over Time 5.0x 4.5x 4.3x 4.0x 5x 3.5x 3.0x 2.5x 2.0x 0x 1.5x

1.0x

Jul-13 Jul-14 Jul-15 Jul-16 Jul-17

Jan-15 Jan-17 Jan-16 Jan-18

Jan-14 0.5x

Oct-13 Oct-14 Oct-15 Oct-16 Oct-17

Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 0.0x

TEV/EBITDA - Median TEV/Revenue - Median

Jul-14 Jul-15 Jul-16 Jul-17

TEV/EBITDA - Average TEV/Revenue - Average Jul-13

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18

Oct-13 Oct-14 Oct-15 Oct-16 Oct-17

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18

LTM REVENUE GROWTH % LTM GROSS PROFIT MARGIN % LTM EBITDA %

Mastercard Incorporated 100.0% Square, Inc. 29.6% Visa Inc. 68.4%

Visa Inc. PayPal Holdings, Inc. 20.8% 96.6% Mastercard Incorporated 58.0%

Total System Services, Inc. 18.2% First Data Corporation 61.6% First Data Corporation 35.4%

Visa Inc. 17.4% Worldpay, Inc. 52.7% Global Payments Inc. 27.8%

Alliance Data Systems Global Payments Inc. 51.5% Mastercard Incorporated 16.0% Corporation 22.5%

Worldpay, Inc. 12.5% PayPal Holdings, Inc. 46.0% Worldpay, Inc. 22.1%

Alliance Data Systems Square, Inc. 38.2% Total System Services, Inc. 19.9% Corporation 8.1%

Global Payments Inc. 5.3% Total System Services, Inc. 27.4% PayPal Holdings, Inc. 18.5%

Alliance Data Systems First Data Corporation Square, Inc. (1.1%) 3.7% Corporation 24.9%

Median 16.0% Median 51.5% Median 22.5%

- 10% 20% 30% 40% - 30% 60% 90% 120% (30%) - 30% 60% 90%

LTM Rev. per FTE x 000's Accounts receivable turnover Avg days sales outstanding

Global Payments Inc. 210.78 Worldpay, Inc. $1,100 PayPal Holdings, Inc. 52.69 First Data Corporation Total System 90.99 Square, Inc. $947 Services, Inc. 11.66 Worldpay, Inc. 87.41 Mastercard Incorporated $933 Visa Inc. 8.50 Mastercard Incorporated 84.96 Square, Inc. 4.63 PayPal Holdings, Inc. $700 Alliance Data Systems Alliance Data Corporation 83.31 Systems Corporation 4.38 Total System Services, Inc. $448 Mastercard Square, Inc. 78.83 Incorporated 4.30 Global Payments Inc. $398 Worldpay, Inc. 4.18 Visa Inc. 42.95 Alliance Data Systems $386 Corporation First Data Total System Services, Inc. 31.30 Corporation 4.01 First Data Corporation Global Payments $370 PayPal Holdings, Inc. 6.93 Inc. 1.73

Median $423 Median 4.38 Median 83.31

$- $500 $1,000 $1,500 0x 20x 40x 60x - 50 100 150 200 250

TEV / LTM Revenue TEV / LTM EBITDA Price / LTM Earnings

Visa Inc. 15.1 Worldpay, Inc. 33.7 Worldpay, Inc. 102.1

Mastercard PayPal Holdings, Inc. Incorporated 14.6 PayPal Holdings, Inc. 33.7 52.3

Square, Inc. 8.4 Mastercard Mastercard Incorporated 48.2 Incorporated 25.2 Worldpay, Inc. 7.4 Visa Inc. 22.1 Visa Inc. 40.3 PayPal Holdings, Inc. 6.2 Global Payments 19.8 Global Payments Inc. 37.0 Global Payments Inc. Inc. 5.5 Alliance Data Total System Services, Inc. 27.5 First Data Systems Corporation 19.1 Corporation 4.5 Alliance Data Systems Total System 14.9 Alliance Data Services, Inc. 18.2 Corporation Systems Corporation 4.3 First Data Total System First Data Corporation 10.1 Corporation 11.7 Services, Inc. 3.8

Median 6.2 Median 19.8 Median 38.6

0x 5x 10x 15x 20x 0x 10x 20x 30x 40x 0x 50x 100x 150x

Historical Valuation Multiples versus Gross Profit Historical Valuation Multiples versus Revenue Growth Rate

40x 120% 40x 35%

100.0% 29.6% 35x 35x 30% 96.6% 100% 30x 30x 25% 80% 25x 25x 20.8% 61.6% 18.2% 17.4% 20% 20x 60% 20x 15% 16.0% 15x 52.7% 15x 3.7% 46.0% 40% 5.3% 51.5% 12.5% 10% 10x 38.2% 10x

27.4% 24.9% 20% 8.1% 5x 5x 5%

0x 12x 18x 19x 20x 22x 25x 34x 34x 0x 12x 18x 19x 20x 22x 25x 34x 34x

EBITDA(x)

LTM GP% LTM EBITDA(x) 0x 0% 0x 0% RGR% LTM

EBITDA(x) LTM GP% EBITDA(x) LTM RGR%

Date Target Buyer / Investor Total Transaction Value Target Revenue TEV / Revenue TEV / EBITDA

30Mar18 NIFT NETWORKS Inc Spark Capital Partners, LLC; Foundry Group; 16.50 - - - Accomplice, LLC 12Mar18 Booker Software, Inc. MINDBODY, Inc. 150.00 25.00 - - 8Mar18 Bitt Inc. Medici Ventures, Inc. 3.00 - - - 22Feb18 Cortex MCP, Inc. Uphold, Inc. - - - - 15Feb18 DailyPay, Inc. RPM Ventures; DFJ Frontier; Intercept 9.00 - - - Ventures; Inspiration Ventures LLC 14Feb18 payworks GmbH Visa Inc.; Speedinvest GmbH; 14.50 - - - CommerzVentures GmbH; Finparx GmbH 14Feb18 HighRadius Corporation Citi Ventures, Inc.; The PNC Financial - - - - Services Group, Inc., Investment Arm 13Feb18 Tipalti Solutions Ltd. Zeev Ventures, LLC 30.00 - - - 7Feb18 Transferzero Money Transfer Entidad De Pago, S.A. BitPesa Ltd. - - - - 2Feb18 Amino Payments, Inc. First Round Capital; You & Mr Jones 4.50 - - - Brandtech Ventures; Nyca Investment Fund, LP 1Feb18 One Utility Bill Limited Middleton Enterprises Ltd; Property Innovation 0.93 - - - Labs 31Jan18 MoneyOnMobile, Inc. CJSC S7 Group 5.00 6.84 - - 18Jan18 mPAY24 GmbH Heidelberger Payment GmbH - - - - 18Jan18 Stelo S.A. Alianca Pagamentos e Participacoes Ltda 27.20 - - - 10Jan18 PayMaxx Pro, LLC M&A Ventures, LLC - - - - 9Jan18 StackShare, Inc. e.ventures; Cervin Ventures 5.20 - - - 5Jan18 Coinify ApS SEB Venture Capital; SEED Capital Denmark; 4.80 - - - Nordic Eye Venture Capital 20Dec17 PassportParking, Inc. Bain Capital Ventures 43.00 - - - 16Dec17 Cayan LLC Total System Services, Inc. 1,050.00 - - - 14Dec17 Airwallex Pty Ltd Square Peg Capital Pty Ltd. 6.13 - - - 5Dec17 Earny Inc. Mayfield Fund; Comcast Ventures; Science 9.00 - - - Media LLC 30Nov17 Qiwi plc Otkritie Investments Cyprus Limited 35.05 329.97 2.1x 8.3x 6Nov17 Cantaloupe Systems, Inc. USA Technologies, Inc. 86.61 - - - 2Nov17 Qiwi plc Otkritie Investments Cyprus Limited 36.75 330.98 2.3x 9.1x 1Nov17 RecargaPay Inc. TheVentureCity; TheVentureCity Fund I - - - - 31Oct17 The Direct Pay Online Group Apis Partners LLP 5.00 - - - 30Sep17 InPlat Mail.ru Group Limited 9.64 - - - 26Oct17 Planet Payment, Inc. Fintrax Group Holdings Ltd. 260.22 52.98 4.7x 18.9x 24Oct17 FattMerchant, Inc. Fulcrum Equity Partners, Inc. 5.50 - - - 20Oct17 BluePay, Inc. First Data Corporation 760.00 - - - 29Sep17 NHN PAYCO Corp. GS Home Shopping Inc. 109.29 - - - 25Sep17 Nets A/S Advent International Corporation; Hellman & 6,716.18 1,213.28 5.3x 18.0x Friedman LLC; GIC Special Investments Pte. Ltd.; Sampo Oyj; Fisher Lynch Capital; StepStone Group LP; Bain Capital Private Equity (Europe), LLP

Appendix: Public Basket Constituents Revenue Multiples - Total System Services, Inc. PUBLIC BASKET CONSTITUENTS 5x 4x Total System Services, Inc. 3x 2x Total System Services, Inc. provides payment processing, merchant, 1x and related payment services to financial and nonfinancial institutions 0x worldwide. The company operates through three segments: Merchant Solutions, Issuer Solutions, and Netspend. It offers general purpose reloadable prepaid and payroll cards, demand deposit accounts, and other financial service solutions to the underbanked and other TEV/Revenue Average consumers and businesses. The company also provides third party processing and related services for credit card issuers, merchant EBITDA Multiples - Total System Services, Inc. acquirers, independent sales organizations, and financial institutions; 24 and issuer processing services, as well as operates as a prepaid program manager. Total System Services, Inc. was founded in 1982 18 and is headquartered in Columbus, Georgia. 12

6 Date Key Development Headline 1/10/18 Total System Services, Inc. (NYSE:TSS) completed the 0 acquisition of Cayan LLC from Parthenon Investors IV, L.P. managed by Parthenon Capital Partners and others. TEV/EBITDA Average

P/E Multiples - Total System Services, Inc. 50 40 30 20 10 0

Square, Inc. 4x

Square, Inc. provides payment and point-of-sale solutions in the United 2x States and internationally. The company’s commerce ecosystem 0x includes point-of-sale software and hardware that enables sellers to turn mobile and computing devices into payment and point-of-sale solutions. It offers hardware products, including Magstripe reader, which enables swiped transactions of magnetic stripe cards; Contactless and TEV/Revenue Average chip reader that accepts Europay, MasterCard, and Visa (EMV) chip cards and Near Field Communication payments; Chip card reader, which accepts EMV chip cards and enables swiped transactions of magnetic stripe cards; Square Stand, which enables an iPad to be used as a payment terminal or full point of sale solution; and Square Register that combines its hardware, point-of-sale software, and payments technology, as well as managed payments solutions. The company also provides Square Point of Sale software; Cash App, which provides access to the financial system, allowing customers to electronically send, store, and spend money; Caviar, a food ordering platform for restaurants to offer food ordering, pickup and delivery, to their customers; and Square Capital that facilitates loans to sellers based on real-time payment and point-of-sale data. Square, Inc. was founded in 2009 and is headquartered in San Francisco, California.

14 All Rights Reserved to 7 Mile Advisors Revenue Multiples - Global Payments Inc. 7x PUBLIC BASKET CONSTITUENTS 6x 5x Global Payments Inc. 4x 3x Global Payments Inc. provides payment technology and software 2x 1x solutions for credit cards, debit cards, electronic payments, and check- 0x related services. It offers authorization services, settlement and funding services, customer support and help-desk functions, chargeback resolution, terminal rental, sales and deployment, payment security services, consolidated billing and statements, online reporting, industry TEV/Revenue Average compliance, and payment card industry security services. The company also provides an array of enterprise software solutions that streamline EBITDA Multiples - Global Payments Inc. business operations of its customers in various vertical markets; and 30 value-added services, such as analytic and engagement tools, as well 24 as payroll services. In addition, it offers credit and debit card transaction processing services for various international card brands, including 18 American Express, Discover Card, JCB, MasterCard, UnionPay 12 International, and Visa; and non-traditional payment methods, as well 6 as certain domestic debit networks, such as Interac in Canada. Further, the company provides e-commerce and omnichannel solutions through 0 Realex Payments, a European online payment gateway technology, as well as gaming solutions to licensed gaming operators. Global Payments Inc. was founded in 1967 and is headquartered in Atlanta, TEV/EBITDA Average Georgia.

P/E Multiples - Global Payments Inc. Date Key Development Headline 100 8/31/17 Global Payments Inc. (NYSE:GPN) completed the 80 acquisition of Active Network, LLC from Vista Equity Fund 60 III and Vista Equity Fund 4, both funds managed by Vista Equity Partners LLC. 40 8/2/17 Global Payments Inc. (NYSE:GPN) agreed to acquire 20 Active Network, LLC from Vista Equity Fund III, L.P. and 0 Vista Equity Fund 4 managed by Vista Equity Partners LLC for $1.2 billion. P/E Average 15 All Rights Reserved to 7 Mile Advisors Revenue Multiples - Worldpay, Inc. PUBLIC BASKET CONSTITUENTS 6.0x 4.5x

Worldpay, Inc. 3.0x

Worldpay, Inc., through its subsidiary, Vantiv Holding, LLC, provides 1.5x electronic payment processing services to merchants and financial 0.0x institutions in the United States. It operates through two segments, Merchant Services and Financial Institution Services. The Merchant Services segment offers merchant acquiring and payment processing services, such as authorization and settlement, customer service, TEV/Revenue Average chargeback and retrieval processing, and interchange management to national merchants, and regional and small-to-mid sized businesses. EBITDA Multiples - Worldpay, Inc. This segment also provides value-added services, such as omni- 28 channel acceptance, prepaid services, and gift card solutions; and security solutions, including point-to-point encryption and tokenization at 21 the point of sale and for e-commerce transactions. The Financial 14 Institution Services segment offers card issuer processing, payment network processing, fraud protection, card production, prepaid program 7 management, automated teller machine driving, portfolio optimization, data analytics, and card program marketing, as well as network 0 gateway and switching services. It also provides statement production, and collections and inbound/outbound call centers for credit transactions, as well as other services, which include credit card TEV/EBITDA Average portfolio analytics, program strategy and support, fraud and security management, and chargeback and dispute services. Worldpay, Inc. P/E Multiples - Worldpay, Inc. was incorporated in 2009 and is headquartered in Cincinnati, Ohio. 80

60 Date Key Development Headline 1/15/18 Vantiv, Inc (NYSE:VNTV) completed the acquisition of 40 Worldpay Group plc (LSE:WPG). 20 7/4/17 Vantiv, Inc. (NYSE:VNTV) agreed to acquire Worldpay Group plc (LSE:WPG) for £7.6 billion. 0 4/24/17 Vantiv, Inc. (NYSE:VNTV) agreed to acquire Paymetric, Inc. from Francisco Partners Management LLC. P/E Average 16 All Rights Reserved to 7 Mile Advisors Revenue Multiples - Alliance Data Systems PUBLIC BASKET CONSTITUENTS 10x Corporation 8x Alliance Data Systems Corporation 6x 4x Alliance Data Systems Corporation provides data-driven marketing and 2x loyalty solutions worldwide. It operates through three segments: 0x LoyaltyOne, Epsilon, and Card Services. The company offers a portfolio of integrated outsourced marketing solutions, including customer loyalty programs, database marketing services, end-to-end marketing services, analytics and creative services, direct marketing services, and private TEV/Revenue Average label and co-brand retail credit card programs. It also focuses on facilitating and managing interactions between its clients and their EBITDA Multiples - Alliance Data Systems customers through various consumer marketing channels, including in- 40 Corporation store, online, email, social media, mobile, direct mail, and telephone. 32 The company captures and analyzes data created during each customer interaction, leveraging the insight derived from that data to 24 enable clients to identify and acquire new customers and to enhance 16 customer loyalty. It serves clients across various end-markets, including 8 financial services, specialty retail, grocery and drugstore chains, petroleum retail, automotive, hospitality and travel, telecommunications, 0 insurance, and healthcare. Alliance Data Systems Corporation was founded in 1996 and is headquartered in Plano, Texas. TEV/EBITDA Average

Date Key Development Headline P/E Multiples - Alliance Data Systems Corporation 10/22/17 Alliance Data Systems Corporation (NYSE:ADS) 50 completed the acquisition of credit quality accounts from Signet Jewelers Limited (NYSE:SIG) for $960 million. 40 6/1/17 Alliance Data Systems Seeks Acquisitions 30 5/24/17 Alliance Data Systems Corporation (NYSE:ADS) signed an 20 agreement to acquire credit quality accounts from Signet 10 Jewelers Limited (NYSE:SIG). 0

P/E Average 17 All Rights Reserved to 7 Mile Advisors Revenue Multiples - First Data Corporation 7x PUBLIC BASKET CONSTITUENTS 6x 5x First Data Corporation 4x 3x First Data Corporation provides electronic commerce solutions for 2x 1x merchants, financial institutions, and card issuers worldwideThe GBS 0x segment offers retail point-of-sale merchant acquiring and e-commerce services; and mobile payment services, as well as its cloud-based Clover point-of-sale operating system, which includes a marketplace for proprietary and third-party business applications. The GFS segment TEV/Revenue Average provides technology solutions for bank and non-bank issuers comprising credit, retail private label, commercial card, and loan EBITDA Multiples - First Data Corporation processing; licensed financial software systems, such as VisionPLUS 20 processing application; and account services, including card personalization and embossing, customer communications, remittance 15 processing, professional services, and customer servicing consisting of 10 call center solutions and back office processing. The company was founded in 1989 and is headquartered in Atlanta, Georgia. 5

0 Date Key Development Headline 11/30/17 First Data Corporation (NYSE:FDC) completed the acquisition of BluePay, Inc. from TA Associates TEV/EBITDA Average Management, L.P., BluePay management and others. 10/20/17 BluePay Holdings, Inc., First Data Corporation - M&A Call P/E Multiples - First Data Corporation 10/19/17 First Data Corporation (NYSE:FDC) entered into a 40 definitive stock purchase agreement to acquire BluePay, Inc. from TA Associates Management, L.P., BluePay 32 management and others for $760 million. 24 9/26/17 Worldline S.A. (ENXTPA:WLN) completed the acquisition 16 of First Data Lietuva Uab and First Data Latvia Sia and 8 First Data EESTI OU from First Data Corporation (NYSE:FDC). 0 8/9/17 Bidvest Bank Limited acquired First Data Resources South Africa (pty) Ltd from First Data Corporation (NYSE:FDC) and others. P/E Average 18 All Rights Reserved to 7 Mile Advisors Revenue Multiples - PayPal Holdings, Inc. PUBLIC BASKET CONSTITUENTS 10x 8x PayPal Holdings, Inc. 6x 4x PayPal Holdings, Inc. operates as a technology platform company that 2x enables digital and mobile payments on behalf of consumers and 0x merchants worldwide. Its payment solutions include PayPal, PayPal Credit, Braintree, Venmo, Xoom, and Paydiant products. The company's platform allows consumers to shop by sending payments, TEV/Revenue Average withdraw funds to their bank accounts, and hold balances in their PayPal accounts in various currencies. It also offers gateway services that enable merchants to accept payments online with credit or debit EBITDA Multiples - PayPal Holdings, Inc. cards. PayPal Holdings, Inc. was founded in 1998 and is headquartered 40 in San Jose, California. 30

20 Date Key Development Headline 1/31/18 PayPal Holdings Seeks Acquisitions 10 11/28/17 PayPal Holdings Seeks Acquisitions 0 11/16/17 PayPal Holdings, Inc., Synchrony Financial - M&A Call 11/3/17 PayPal Could Reportedly Seek Acquisitions In India 9/19/17 PayPal Holdings, Inc. (NasdaqGS:PYPL) acquired Swift TEV/EBITDA Average Financial Corporation.

P/E Multiples - PayPal Holdings, Inc. 80

P/E Average

19 All Rights Reserved to 7 Mile Advisors Revenue Multiples - Mastercard Incorporated PUBLIC BASKET CONSTITUENTS 20x 16x Mastercard Incorporated 12x 8x Mastercard Incorporated, a technology company, provides transaction 4x processing and other payment-related products and services in the 0x United States and internationally. It facilitates the processing of payment transactions, including authorization, clearing, and settlement, as well as delivers related products and services. The company also TEV/Revenue Average offers value-added services, such as safety and security products, loyalty and reward programs, information and consulting services, issuer and acquirer processing solutions, and payment and mobile EBITDA Multiples - Mastercard Incorporated gateways. In addition, it provides various integrated products and 30 services for account holders, merchants, financial institutions, 24 businesses, governments, and other organizations; programs that enable issuers to provide consumers with cards to defer payments; 18 payment products and solutions that allow its customers to access 12 funds in deposit and other accounts; prepaid payment programs and 6 management services; and commercial payment products and 0 solutions. The company was founded in 1966 and is headquartered in Purchase, New York. TEV/EBITDA Average Date Key Development Headline 2/18/18 Bahrain Commercial Facilities Company BSC Signs Strategic Partnership with Mastercard P/E Multiples - Mastercard Incorporated 10/6/17 Mastercard Seeks Acquisitions 45 10/5/17 Mastercard Seeks Acquisitions In India 36 7/16/17 Mastercard Incorporated (NYSE:MA) entered into an 27 agreement to acquire Brighterion, Inc. 4/27/17 MasterCard Incorporated (NYSE:MA) completed the 18 acquisition of 92.4% stake in VocaLink Holdings Limited 9 from The Royal Bank of Scotland Group plc (LSE:RBS), 0 Barclays Bank PLC, Lloyds Banking Group plc (LSE:LLOY), HSBC Bank Plc and others for approximately £890 million. P/E Average

Visa Inc. 10x

5x Visa Inc. operates as a payments technology company worldwide. The company facilitates commerce through the transfer of value and 0x information among consumers, merchants, financial institutions, businesses, strategic partners, and government entities. It operates VisaNet, a processing network that enables authorization, clearing, and TEV/Revenue Average settlement of payment transactions; and offers fraud protection for account holders and assured payment for merchants. The company also offers gateway services for merchants to accept, process, and EBITDA Multiples - Visa Inc. reconcile payments; manage fraud; and safeguard payment security 30 online, as well as processing services for participating issuers of visa 24 debit, prepaid, and ATM payment products. In addition, it provides digital products, including Visa Checkout that offers consumers an 18 expedited, and secure payment experience for online transactions; and 12 Visa Direct, a push payment product platform, that allows businesses, 6 governments, and consumers to use the Visa network to transfer funds 0 from an originating account to another via a debit, prepaid, or credit card number, as well as Visa token service that replaces the card account numbers from the transaction with a token. Visa Inc. was TEV/EBITDA Average incorporated in 2007 and is headquartered in San Francisco, California.

Date Key Development Headline P/E Multiples - Visa Inc. 2/8/18 Visa Inc. (NYSE:V) entered into an agreement to acquire 60 Fraedom Holdings Limited from Hogg Robinson Plc for an approximately £140 million. 45

10/25/17 Visa Seeks Acquisitions 30 10/23/17 OnDeck Collaborates with Ingo Money and Visa to Enable Real-Time Loan Funding to Small Businesses 15

5/9/17 An unknown buyer acquired a stake in Visa Inc. (NYSE:V) 0 from Sberbank of Russia (MISX:SBER). 3/30/17 CaixaBank, Global Payments, Visa, Samsung and Arval Have Teams Up to Set Up Payment Innovation Hub in P/E Average Spain 21 All Rights Reserved to 7 Mile Advisors CONTACT INFORMATION 7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close-knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. Securities offered through 7M Securities LLC.

Leroy Davis, Partner 704.899.5962 [email protected] Tripp Davis, Partner 704.899.5762 [email protected] Andy Johnston, Partner 704.899.5961 [email protected] Tom Dinnegan, Managing Director 310. 426.2410 [email protected] Ben Lunka, Managing Director 704.496.2995 [email protected] Jeff Stoecklein, Managing Director 312-373-3737 [email protected] Kristina Sergueeva, Director 941.776.0944 [email protected] Neil Churman, Director 704.899.5960 x 121 [email protected] John Cooper, Director 704.973.3996 [email protected] Tim Frye, Director 704.973.3994 [email protected] Casey Augustine, Business Development - Manager 704.973.3999 [email protected] Nicholas Prendergast, Financial Analyst 704.899.5960 [email protected] Ariail Siggins, Marketing Director 704.899.5960 x 123 [email protected] Sydney Larese, Associate 704.899.5960 [email protected] Marty Johnson, Associate 704.899.5960 [email protected] Rory Julyan, Associate 704.899.5960 [email protected] Chevonese Dacres, Analyst 360.499.1502 [email protected]