Financial Technology Sector Summary Week of August 14, 2017

1 DEAL DASHBOARD Financial Technology

(3) (1) (3) $12.06 Bn | 1,187 Deals Industry Stock Market Performance $67.9 Bn | 892 Deals LTM Financing Volume Last Twelve Months LTM M&A Volume

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

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

$250.0 140 $850.0

130 $220.0 $112.0 120 $126.0 NA 110

$100.0 100 NA

90 $40.0 NA 80 8/11/16 9/18/16 10/25/16 12/1/16 1/8/17 2/14/17 3/23/17 4/30/17 6/6/17 7/13/17 $35.0 NA Payments Exchanges

Financial Data, Content, Information Processors / Linklogis $29.0 & Analytics Credit Bureaus NA Banking & Lending Online Broker Dealers Technology $25.0 NA Investment Services, Healthcare / Insurance Software, & Technology Technology S&P 500

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

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

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

Notes: Source: Capital IQ, CB Insights and GCA FinTech Database. Market Data as of 8/11/17. 1) Refer to footnotes on page 5 for index composition. 2 2) Represents transactions announced between 7/26/17 and 8/14/17. 3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions respectively. GCA OVERVIEW Financial Technology Team

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

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

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

Phone: (212) 999-7082 Phone: +81 3-6212-7145 Phone: (212) 537-4534 Phone: +44 (0) 207 038-3216 Phone: (212) 999-7079 Phone: (212) 537-4543 Mobile: (617) 792-6496 Mobile: +81 90-7412-9411 Mobile: (616) 822-7179 Mobile: +44 (0) 778 606-8553 Mobile: (818) 851-2300 Mobile: (617) 620-3323 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

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

4 MARKET SUMMARY Industry Stock Market Performance

160 Last 12 Months 165 Last 3 Years

155 150

145 140

135 130

125

120

115

110 105

100 95

90 85

80 75 8/11/16 9/18/16 10/25/16 12/1/16 1/8/17 2/14/17 3/23/17 4/30/17 6/6/17 7/13/17 8/11/14 11/10/14 2/9/15 5/11/15 8/10/15 11/9/15 2/8/16 5/9/16 8/8/16 11/7/16 2/6/17 5/8/17 8/7/17

(1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Payments 8.7% 25.2% 48.1% Financial Data, Content, Information Processors / Healthcare / Insurance Technology 8.2% 2.7% 34.2% & Analytics Credit Bureaus Financial, Data, Content, & Analytics 7.7% 15.2% 49.5% Exchanges 7.4% 15.3% 43.0% (6) (5) Banking & Lending Online Broker Dealers Online Broker Dealers 6.9% 38.5% 46.1% Technology Banking & Lending Technology 4.7% 17.0% 57.5%

Investment Services, Software, & Technology 1.5% 10.7% 47.3% (7) (8) Information Processors / Credit Bureaus (3.4%) 2.7% 46.6% Investment Services, Healthcare / Insurance Software, & Technology Technology

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

2017E EBITDA Multiples 2017 EBITDA Margins

Healthcare / Insurance Technology 18.5x Exchanges 59.1%

Banking and Lending Technology 15.2x Online Broker Dealers 47.0%

Exchanges 14.9x Financial Data, Content, & Analytics 39.3%

Investment Services, Software, & Information Processors / Credit Bureaus 14.8x 32.7% Technology

Financial Data, Content, & Analytics 14.6x Information Processors / Credit Bureaus 30.3%

Investment Services, Software, & 13.4x Banking and Lending Technology 29.2% Technology

Payments 12.9x Payments 25.4%

Online Broker Dealers 10.6x Healthcare / Insurance Technology 16.8%

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

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

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

Banking and Lending Technology 30.4x Healthcare / Insurance Technology 2.6 14.0%

Healthcare / Insurance Technology 25.9x Exchanges 2.4 9.3%

Online Broker Dealers 25.5x Banking and Lending Technology 2.2 14.5%

Information Processors / Credit Bureaus 25.5x Financial Data, Content, & Analytics 2.0 10.2%

Investment Services, Software, & 24.9x Information Processors / Credit Bureaus 1.9 13.8% Technology

Investment Services, Software, & Financial Data, Content, & Analytics 22.5x 1.8 13.5% Technology

Exchanges 22.2x Online Broker Dealers 1.3 16.8%

Payments 18.1x Payments 1.3 15.0%

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 0.0 0.5 1.0 1.5 2.0 2.5 3.0

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

($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2017 Prepaid Market Cap. Performance P/E 2017 Visa Inc. $234,691 27% 28.9x Blackhawk Network Holdings, Inc. $2,464 31% 25.9x Mastercard Incorporated $140,119 36% 29.9x Green Dot Corporation $2,414 100% 22.6x American Express Company $76,721 32% 15.1x Net 1 UEPS Technologies, Inc. $547 (5%) 5.5x PayPal Holdings, Inc. $71,771 55% 32.5x Sector Average $1,809 42% 18.0x Discover Financial Services $23,037 6% 10.4x

Sector Average $109,268 31% 23.4x LTM Price Integrated Payments Hardware / Technology Market Cap. Performance P/E 2017 LTM Price Ingenico Group - GCS $6,285 (7%) 18.1x Merchant Processing Market Cap. Performance P/E 2017 NCR Corporation $4,327 6% 10.6x Cielo S.A. $20,032 (20%) 15.1x VeriFone Systems, Inc. $2,060 (4%) 12.6x First Data Corporation $16,512 35% 11.7x Cardtronics plc $1,208 (44%) 9.3x Global Payments Inc. $14,383 26% 23.9x Everi Holdings Inc. $520 265% 9.2x Vantiv, Inc. $14,095 34% 21.5x PAR Technology Corporation $151 76% NA Total System Services, Inc. $11,817 33% 19.5x Sector Average $2,425 49% 12.0x Wirecard AG $9,938 75% 31.9x Square, Inc. $9,527 116% NM LTM Price GMO Payment Gateway, Inc. $2,377 21% 93.7x Banking and Lending Technology Market Cap. Performance P/E 2017 EVERTEC, Inc. $1,343 8% 10.9x SafeCharge International Group Limited $514 12% 15.9x Intuit Inc. $35,222 21% 30.2x Planet Payment, Inc. $195 (5%) 20.9x Fidelity National Information Services, Inc. $30,137 13% 21.2x JetPay Corporation $27 (17%) NM Fiserv, Inc. $26,245 21% 24.4x Sector Average $8,397 26% 26.5x Jack Henry & Associates, Inc. $8,271 20% 33.4x Temenos Group AG $6,616 55% 39.1x Ellie Mae, Inc. $2,897 (14%) 56.0x LTM Price Black Knight Financial Services, Inc. $2,895 7% 30.6x Money Transfer Market Cap. Performance P/E 2017 ACI Worldwide, Inc. $2,616 19% 45.0x The Western Union Company $8,918 (9%) 11.1x LendingClub Corporation $2,398 0% NM Euronet Worldwide, Inc. $5,075 23% 21.2x Q2 Holdings, Inc. $1,585 44% NM Sector Average $6,997 7% 16.2x Coupa Software Incorporated $1,580 NA NM Bottomline Technologies (de), Inc. $1,187 38% 28.7x On Deck Capital, Inc. $352 (20%) NM LTM Price Elevate Credit, Inc. $299 NA 21.2x Closed Loop Market Cap. Performance P/E 2017 Performant Financial Corporation $91 (11%) NM FleetCor Technologies, Inc. $13,159 (15%) 17.1x Sector Average $8,159 15% 33.0x Alliance Data Systems Corporation $12,564 5% 12.5x Edenred SA $6,138 15% 22.3x WEX Inc. $4,398 7% 19.5x LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2017 Sector Average $9,065 3% 17.8x 0 Experian plc $18,153 (2%) 21.0x Equifax Inc. $17,199 9% 23.5x Fair Isaac Corporation $4,265 9% 27.4x Acxiom Corporation $1,827 (9%) 32.2x Sector Average $10,361 2% 26.1x

Notes: 8 Source: CapitalIQ and Wall Street Research. Market data as of 8/15/17. MARKET SUMMARY LTM Price Performance and 2017 P/E – Securities / Cap. Mkts. / Data & Analytics

($MM) ($MM) LTM Price LTM Price Exchanges - Americas Market Cap. Performance P/E 2017 Investment Services, Software, & Technology Market Cap. Performance P/E 2017 0 CME Group Inc. $42,802 20% 26.2x SEI Investments Co. $9,001 22% 24.9x Intercontinental Exchange, Inc. $38,758 18% 22.3x Broadridge Financial Solutions, Inc. $8,861 12% 22.9x B3 S.A. - Brasil, Bolsa, Balcão $13,893 15% 19.5x SS&C Technologies Holdings, Inc. $7,759 16% 19.5x Nasdaq, Inc. $12,843 10% 18.5x DST Systems, Inc. $3,091 (15%) 16.7x Financial Engines, Inc. $2,176 12% 25.2x CBOE Holdings, Inc. $11,000 43% 29.0x Envestnet, Inc. $1,959 14% 34.6x TMX Group Limited $2,834 8% 13.7x Alfa Financial Software Holdings PLC $1,626 NA 40.0x Bolsa Mexicana de Valores, S.A.B. de C.V. $1,039 (7%) 17.3x Sector Average $4,245 8% 26.5x Sector Average $17,596 15% 20.9x

LTM Price LTM Price Financial Data, Content, & Analytics Market Cap. Performance P/E 2017 Exchanges - Asia Market Cap. Performance P/E 2017 0 S&P Global Inc. $38,936 26% 23.9x Hong Kong Exchanges and Clearing Limited $33,161 5% 36.7x Thomson Reuters Corporation $33,091 10% 19.0x ASX Limited $8,092 8% 23.1x Moody's Corporation $25,250 26% 24.0x Singapore Exchange Limited $5,922 (2%) 22.2x IHS Markit Ltd. $18,402 31% 22.5x Bursa Malaysia Berhad $1,279 4% 24.7x Verisk Analytics, Inc. $13,395 (0%) 25.9x Sector Average $12,113 4% 26.7x MSCI Inc. $9,841 25% 28.8x FactSet Research Systems Inc. $6,363 (7%) 21.7x The Dun & Bradstreet Corporation $4,213 (18%) 16.2x LTM Price Morningstar, Inc. $3,503 0% NA Exchanges - Europe Market Cap. Performance P/E 2017 Bankrate, Inc. $1,236 70% 19.7x 0 Deutsche Börse Aktiengesellschaft $19,487 23% 18.6x Sector Average $15,423 16% 22.4x London Stock Exchange Group plc $17,146 34% 26.0x Bolsas y Mercados Españoles $3,026 16% 16.3x LTM Price JSE Limited $900 (18%) 16.5x Online Broker Dealers Market Cap. Performance P/E 2017 GPW $523 37% 12.8x The Charles Schwab Corporation $54,810 35% 25.5x Hellenic Exchanges - Athens Stock Exch. $367 29% 49.5x TD Ameritrade Holding Corporation $23,013 40% 25.0x Sector Average $6,908 20% 23.3x E*TRADE Financial Corporation $11,093 58% 18.0x Interactive Brokers Group, Inc. $2,950 15% 28.5x LTM Price GAIN Capital Holdings, Inc. $324 8% 26.3x Trading Platforms Market Cap. Performance P/E 2017 Global Brokerage, Inc. $10 (83%) NA Sector Average $15,367 12% 24.7x MarketAxess Holdings Inc. $7,226 17% 58.2x BGC Partners, Inc. $3,651 42% 15.5x Virtu Financial, Inc. $1,565 3% 18.2x INTL FCStone Inc. $694 9% 12.1x Investment Technology Group, Inc. $679 24% NM Sector Average $2,763 19% 26.0x

Notes: 9 Source: CapitalIQ and Wall Street Research. Market data as of 8/15/17. SECTION II: Payments / Banking

10 PAYMENTS / BANKING Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 8/15/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Networks Visa Inc. $102.63 $75.17 $102.78 $234,691 $5,700 $248,463 13.4x 12.2x 19.2x 17.3x 28.9x 25.0x 17.0% 1.7 16.0% 25.8% Mastercard Incorporated 131.58 94.41 132.20 140,119 (1,633) 138,582 11.3x 10.2x 19.4x 17.3x 29.9x 25.8x 16.2% 1.8 13.5% 13.3% American Express Company 86.79 59.50 86.97 76,721 25,172 103,493 3.1x 3.0x NM NM 15.1x 13.8x 9.4% 1.6 10.4% (1.0%) PayPal Holdings, Inc. 59.69 36.30 61.30 71,771 (9,165) 62,606 4.9x 4.1x 18.8x 15.9x 32.5x 27.1x 17.9% 1.8 18.5% NM Discover Financial Services 61.87 53.91 74.33 23,037 13,496 37,108 3.8x 3.6x NM NM 10.4x 9.5x 8.7% 1.2 12.1% (1.4%)

Mean 7.3x 6.6x 19.2x 16.8x 23.4x 20.2x 13.9% 1.6 14.1% 9.2% Median 4.9x 4.1x 19.2x 17.3x 28.9x 25.0x 16.2% 1.7 13.5% 6.2%

Merchant Processing Cielo S.A. $7.38 $6.38 $9.18 $20,032 $1,663 $22,800 5.9x 5.5x 13.8x 12.4x 15.1x 13.9x 6.2% 2.4 2.6% (10.7%) First Data Corporation 17.89 12.74 19.20 16,512 17,814 37,291 3.1x 3.0x 12.2x 11.4x 11.7x 10.7x 10.7% 1.1 5.3% 3.0% Global Payments Inc. 94.32 64.63 97.99 14,383 3,502 18,039 5.2x 4.7x 15.9x 13.9x 23.9x 20.3x 15.2% 1.6 42.4% 14.2% Vantiv, Inc. 71.85 52.50 71.91 14,095 3,415 17,821 8.4x 7.6x 17.7x 16.0x 21.5x 19.0x 15.4% 1.4 25.8% 12.1% Total System Services, Inc. 64.14 46.22 64.94 11,817 2,711 14,542 3.0x 4.1x 12.3x 11.5x 19.5x 17.8x 11.3% 1.7 12.3% 47.3% Wirecard AG 80.42 45.26 81.22 9,938 (770) 9,167 5.6x 4.6x 19.4x 15.5x 31.9x 24.9x 26.3% 1.2 45.3% 23.4% Square, Inc. 24.83 10.88 27.97 9,527 (570) 8,957 5.2x 4.2x 67.6x 38.0x NM 58.2 87.8% NM 34.9% 25.8% GMO Payment Gateway, Inc. 64.53 34.48 64.99 2,377 (216) 2,170 10.5x 8.5x 38.4x 28.8x 93.7x 59.1x NM NM 75.6% 69.1% EVERTEC, Inc. 18.55 14.15 19.53 1,343 568 1,915 4.6x 4.5x 10.0x 9.6x 10.9x 10.5x 8.4% 1.3 6.3% 6.0% SafeCharge International Group Limited 3.50 2.47 3.80 514 (115) 399 3.5x 3.1x 11.4x 9.8x 15.9x 14.1x 13.0% 1.2 8.6% 3.2% Planet Payment, Inc. 3.63 2.75 4.64 195 (7) 187 3.3x 2.9x 11.0x 9.3x 20.9x 16.8x 25.0% 0.8 5.5% (4.5%) JetPay Corporation(1) 1.75 1.70 3.19 27 8 119 1.6x 1.5x 23.9x 19.4x NM NM NM NM 32.4% 53.8%

Mean 5.0x 4.5x 21.1x 16.3x 26.5x 24.1x 21.9% 1.4 24.7% 20.2% Median 4.9x 4.3x 14.8x 13.2x 20.2x 17.8x 14.1% 1.3 19.1% 13.1%

Money Transfer The Western Union Company $19.22 $18.42 $22.70 $8,918 $2,564 $11,482 2.1x 2.1x 8.9x 8.6x 11.1x 10.7x 9.0% 1.2 0.5% 0.2% Euronet Worldwide, Inc. 96.61 70.51 97.92 5,075 (196) 4,881 2.2x 2.0x 12.0x 10.4x 21.2x 18.5x 14.5% 1.5 12.0% 12.5%

Mean 2.2x 2.1x 10.4x 9.5x 16.2x 14.6x 11.8% 1.3 6.2% 6.4% Median 2.2x 2.1x 10.4x 9.5x 16.2x 14.6x 11.8% 1.3 6.2% 6.4%

Closed Loop FleetCor Technologies, Inc. $143.22 $121.52 $176.42 $13,159 $3,273 $16,432 7.4x 6.6x 14.1x 12.4x 17.1x 15.0x 16.2% 1.1 21.7% 29.5% Alliance Data Systems Corporation 226.45 193.67 266.25 12,564 19,761 32,325 4.1x 3.7x 16.3x 14.2x 12.5x 10.6x 14.9% 0.8 9.4% 4.2% Edenred SA 26.32 21.58 28.71 6,138 1,442 7,750 5.0x 4.7x 13.4x 12.4x 22.3x 20.4x 11.9% 1.9 37.6% 28.1% WEX Inc. 102.50 93.89 122.91 4,398 2,158 6,565 5.4x 4.9x 14.0x 12.4x 19.5x 16.6x 15.3% 1.3 18.9% 29.9%

Mean 5.5x 5.0x 14.5x 12.9x 17.8x 15.7x 14.6% 1.3 21.9% 22.9% Median 5.2x 4.8x 14.1x 12.4x 18.3x 15.8x 15.1% 1.2 20.3% 28.8%

Prepaid Blackhawk Network Holdings, Inc. $43.50 $28.88 $46.70 $2,464 $332 $2,801 1.2x 1.1x 11.9x 10.1x 25.9x 21.4x 15.3% 1.7 18.4% 18.4% Green Dot Corporation 46.45 21.45 46.88 2,414 NA NA NA NA NA NA 22.6x 19.6x 17.8% 1.3 20.6% 28.3% Net 1 UEPS Technologies, Inc. 9.70 8.37 13.81 547 (198) 353 0.5x 0.5x 2.2x 2.3x 5.5x 5.2 NM NM 10.7% 9.8%

Mean 0.9x 0.8x 7.1x 6.2x 18.0x 15.4x 16.5% 1.5 16.6% 18.8% Median 0.9x 0.8x 7.1x 6.2x 22.6x 19.6x 16.5% 1.5 18.4% 18.4%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. 11 1) Convertible preferred equity assumed at 2x liquidation preference. PAYMENTS / BANKING Public Company Valuations: Financial Metrics (Cont.)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 8/15/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Integrated Payments Hardware / Technology Ingenico Group - GCS $100.99 $80.08 $116.69 $6,285 $193 $6,488 2.2x 2.0x 10.9x 9.8x 18.1x 16.1x 12.5% 1.5 19.6% 10.7% NCR Corporation 35.61 29.83 49.90 4,327 2,905 8,269 1.2x 1.2x 7.1x 6.9x 10.6x 9.8x NM NM 2.1% (1.7%) VeriFone Systems, Inc. 18.42 14.94 20.98 2,060 743 2,830 1.5x 1.4x 9.6x 8.4x 12.6x 11.6x 15.0% 0.8 NA (10.0%) Cardtronics plc 26.45 25.81 56.00 1,208 920 2,128 1.4x 1.6x 6.6x 7.1x 9.3x 10.3x 14.0% 0.7 17.1% 18.9% Everi Holdings Inc. 7.78 1.21 8.99 520 982 1,502 1.6x 1.5x 7.1x 6.7x 9.2x NM 20.0% 0.5 8.5% 13.2% PAR Technology Corporation 9.48 4.69 9.77 151 (2) 149 NA NA NA NA NA NA NM NA NA 18.2%

Mean 1.6x 1.6x 8.2x 7.8x 12.0x 11.9x 15.4% 0.9 11.8% 8.2% Median 1.5x 1.5x 7.1x 7.1x 10.6x 10.9x 14.5% 0.8 12.8% 12.0%

Banking and Lending Technology Intuit Inc. $137.47 $103.22 $143.81 $35,222 ($1,093) $34,129 6.4x 5.9x 16.6x 14.9x 30.2x 27.3x 15.9% 1.9 9.7% 10.3% Fidelity National Information Services, Inc. 90.66 73.25 92.78 30,137 8,926 39,177 4.3x 4.2x 12.7x 12.3x 21.2x 18.6x 11.5% 1.8 (0.9%) 1.6% Fiserv, Inc. 124.70 92.81 129.35 26,245 4,442 30,687 5.4x 5.1x 15.0x 14.1x 24.4x 21.6x 12.1% 2.0 4.0% 1.7% Jack Henry & Associates, Inc. 106.51 79.00 109.67 8,271 7 8,278 5.6x 5.3x 16.1x 14.9x 33.4x 29.9x 11.0% 3.0 5.8% 4.6% Temenos Group AG 94.90 58.03 98.39 6,616 300 6,916 9.7x 8.7x 28.1x 24.1x 39.1x 33.7x 14.9% 2.6 12.1% 13.5% Ellie Mae, Inc. 84.26 77.60 114.95 2,897 (334) 2,563 6.4x 5.3x 21.7x 16.7x 56.0x 45.1x 15.7% 3.6 12.0% 15.6% Black Knight Financial Services, Inc. 42.05 34.00 43.70 2,895 1,462 5,426 5.0x 4.6x 10.5x 9.5x 30.6x 26.3x 14.1% 2.2 4.9% 2.6% ACI Worldwide, Inc. 22.13 15.11 24.65 2,616 603 3,219 3.1x 3.0x 12.6x 11.7x 45.0x 37.6x 12.5% 3.6 1.8% 9.4% LendingClub Corporation 5.83 4.64 6.79 2,398 (538) 1,868 3.2x 2.5x 33.0x 14.1x NM 26.2x NM NM 15.2% 35.7% Q2 Holdings, Inc. 38.40 25.23 40.50 1,585 (79) 1,507 7.7x 6.2x NM 74.2x NM NM NM NM 29.7% 32.3% Coupa Software Incorporated 29.81 22.50 41.61 1,580 (238) 1,341 7.7x 6.2x NM NM NM NM NM NM 30.2% 41.0% Bottomline Technologies (de), Inc. 29.32 18.48 31.10 1,187 57 1,245 3.4x 3.2x 15.4x 13.9x 28.7x 25.5x 17.3% 1.7 5.2% 6.1% On Deck Capital, Inc. 4.81 3.29 6.46 352 666 1,023 2.9x 2.7x NM 31.6x NM 18.0x NM NM 19.9% 20.9% Elevate Credit, Inc. (1) 7.18 6.50 9.48 299 368 667 1.0x 0.8x 6.7x 4.0x 21.2 5.9x NA NA NA 18.7% Performant Financial Corporation 1.80 1.50 4.07 91 22 113 0.8x 0.8x 9.2x 6.2x NM 40.0x 20.0% NM (3.1%) (5.7%)

Mean 4.9x 4.3x 16.5x 18.7x 33.0x 27.4x 14.5% 2.5 10.5% 13.9% Median 5.0x 4.6x 15.2x 14.1x 30.4x 26.3x 14.5% 2.2 7.7% 10.3%

Information Processors / Credit Bureaus Experian plc $19.49 $17.74 $21.96 $18,153 $3,210 $21,375 4.9x 4.6x 14.0x 13.3x 21.0x 19.0x 8.4% 2.5 NA NA Equifax Inc. 142.88 110.87 147.02 17,199 2,428 19,688 5.8x 5.4x 15.5x 14.3x 23.5x 21.2x 11.5% 2.0 8.4% 5.6% Fair Isaac Corporation 139.25 109.77 147.02 4,265 481 4,746 5.0x 4.7x 19.7x 17.3x 27.4x 23.3x 16.0% 1.7 4.7% (3.3%) Acxiom Corporation 22.98 22.64 30.40 1,827 67 1,894 2.1x 1.9x 11.3x 9.2x 32.2x 23.3x 17.7% 1.8 2.2% (1.1%) Intersections Inc. 3.57 1.70 5.75 85 11 96 NA NA NA NA NA NA NM NA NA (10.8%)

Mean 4.5x 4.1x 15.1x 13.5x 26.1x 21.7x 13.4% 2.0 5.1% (2.4%) Median 5.0x 4.7x 14.8x 13.8x 25.5x 22.2x 13.8% 1.9 4.7% (2.2%)

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

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

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

8/10/17 SIX Payment Services Ltd Aduno SA Merchant Acquiring NA NA Bitcoin Crypto Currency Exchange 8/8/17 KaChingpay.com Inc. Token Network/Merchant Processing NA NA Corporation 8/3/17 Givex Corporation POS Canada Inc. POS NA NA

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

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

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

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

7/27/17 Verisk Analytics, Inc. G2 Web Services, LLC Anti-Fraud $112 NA Accelyst Solutions Pvt. Ltd and 7/27/17 Axis Bank Limited Mobile Payments $60 NA Freecharge Payment Technologies 7/26/17 Stripe Payable Accounting Software NA NA First Data Lietuva Uab and First Data 7/25/17 Worldline S.A. Merchant Processing $85 3.2x Latvia Sia and First Data EESTI OU 7/25/17 The Sage Group plc Intacct Corporation Accounting Software $850 9.7x

7/21/17 Paysafe Group Plc Delta Card Services, Inc. Merchant Processing $470 1.1x CVC Capital Partners Limited; The 7/21/17 Paysafe Group Plc Payment Processing $4,014 3.8x Blackstone Group L.P. 7/20/17 Ingenico Group - GCS Bambora Merchant Processing $1,746 7.4x

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

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

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

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

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

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

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

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

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

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

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

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

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

6/30/17 DBS Bank Ltd. AXS Pte. Ltd. Mobile Financial Services $60 NA HgCapital, Montagu Private Equity, 6/29/17 Visma AS Financial Software $5,453 5.7x Intermediate Capital Group, GIC Pte. 6/29/17 ScanSource, Inc. POS Portal, Inc. POS $158 NA

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

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

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

6/20/17 Global Blue SA EuroPass Wechat Gateway NA NA

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

6/13/17 Fiserv (Europe) Limited Monitise plc Banking Technology $60 0.7x Otkritie Holding JSC; Otkritie 6/12/17 Qiwi plc Networks $1,381 4.3x Investments Cyprus Limited US Dataworks, Inc., Substantially All 6/9/17 The Bankers Bank Treasury Management $2 NA Assets 6/8/17 ECN Capital Corp. Service Finance Company, LLC Mortgage Servicing $304 NA

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

Notes: 14 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. PAYMENTS / BANKING Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

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

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

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

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

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

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

5/31/17 KeyBank National Association HelloWallet, LLC PFM NA NA Comergence Compliance Monitoring, 5/30/17 Optimal Blue LLC Mortgage Tech NA NA LLC 5/29/17 First Data Corporation CardConnect Corp. Merchant Processing $716 1.2x

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

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

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

5/16/17 Mswipe Technologies Pvt Ltd PayU Payments Private Limited POS NA NA Bureau van Dijk Electronic Publishing 5/15/17 Moody's Analytics, Inc. Credit Bureau $3,293 11.3x BV 5/12/17 EVO Payments International, LLC Zenith Merchant Services Inc Merchant Acquiring NA NA

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

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

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

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

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

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

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

4/24/17 HCL Technologies Limited Urban Fulfillment Services, LLC Mortgage Processing $30 0.6x HelloPay Singapore Pte. Ltd (nka:Alipay 4/19/17 Ant Financial Services Group Ecommerce Payments NA NA Singapore) 4/12/17 Stone Point Capital Bankruptcy Management Solutions Financial Software NA NA Network For Electronic Transfers Banking Computer Services Private 4/11/17 Clearing $27 NA (Singapore) Pte Ltd. Limited and BCS Information System 4/10/17 Harland Clarke Holdings Corp. RetailMeNot, Inc. Coupons / Rewards $455 1.5x Fidelity National Information Services, 4/10/17 New Access SA Banking Software NA NA Inc., Ambit Private Banking Business 4/7/17 Coupa Software Incorporated Trade Extensions Tradeext AB Sourcing Software $45 NA OP Financial Group, Merchant Acquiring 4/5/17 Nets Oy Merchant Acquiring $32 NA Business 4/5/17 Bain Capital & Advent International Ratepay Ecommerce Payments NA NA Financiere Des Paiements 4/4/17 BNP Paribas SA Digital Banking NA NA Electroniques S.A.S. 4/3/17 CU Cooperative Systems, Inc. The Members Group LLC Payment Processing NA NA

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

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

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

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

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

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

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

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

3/14/17 Genpact Limited RAGE Frameworks, Inc. Digital Transformation NA NA

Notes: 16 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. PAYMENTS / BANKING Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue Citibank's Merchant Acquiring Services 3/13/17 Wirecard AG Merchant Acquiring NA NA in Asia Pacific 3/13/17 Vista Equity DH Corporation Banking Technology $3,459 2.8x

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Notes: 17 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. PAYMENTS / BANKING Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Notes: 18 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. PAYMENTS / BANKING Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

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

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

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

12/23/16 BBVA Bancomer, S.A. Openpay SAPI de C.V. Ecommerce Payments NA NA PayByPhone Technologies And 12/23/16 Volkswagen Financial Services AG Mobile Payments $32 NA PayByPhone And Mobile Payment 12/19/16 Akamai Technologies, Inc. Cyberfend, Inc. Fraud Protection NA NA

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

12/6/16 American Express Company InAuth, Inc. Fraud Prevention NA NA

12/1/16 Flexpoint Ford, LLC Purchasing Power, LLC Online Consumer Lending NA NA

12/1/16 Visa Inc. CardinalCommerce Corporation eCommerce Payments NA NA

11/29/16 BluePay Canada ULC VersaPay, Merchant Services Portfolio Merchant Services Portfolio $8 NA

11/23/16 Klarna AB (nka:Klarna Bank AB (publ)) Cookies Labs GmbH Money Transfer NA NA

11/20/16 Symantec Corporation LifeLock, Inc. Anti-Fraud $2,362 3.6x

11/16/16 LendingTree, LLC Iron Horse Holdings, LLC Lead Gen $130 NA

11/15/16 Versara Lending, LLC Peerform, Inc. Online Lending NA NA

11/14/16 Finical, Inc. Safeguard Bankcard, LLC Merchant Services NA NA

11/10/16 Intrum Justitia AB 1st Credit Limited Collections $163 2.6x

11/10/16 MetaBank Specialty Consumer Services, LP Online Lending NA NA

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

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

Notes: 19 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. PAYMENTS / BANKING Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

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

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

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

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

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

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

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

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

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

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

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

9/14/16 Amdocs Limited Vindicia, Inc Billing Software NA NA

9/7/16 iZettle AB Intelligent Point Of Sale (Sales) Limited Point of Sales NA NA Vista Equity Partners LLC; Vista Equity 9/6/16 Regulatory DataCorp, Inc. Compliance/Risk NA NA Fund III, L.P. 8/18/16 Rakuten, Inc. Bitnet Technologies Digital Currency NA NA

Notes: 20 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months

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

8/11/17 NextBlock NA $20 Undisclosed Blockchain Battery Ventures, Draper Associates, Greylock Partners, 8/10/17 Coinbase Series D $100 Cryptocurrency Institutional Venture Partners, Section 32, Spark Capital Bertelsmann Asia Investments, China Merchants Capital, CITIC 8/10/17 Linklogis Series B $29 Online Lending Capital Private Equity, Loyal Valley Innovation Capital, Tencent 8/10/17 Vyze Series C $13 Austin Ventures, Fathom Capital, Starvest Partners Consumer Lending Commerce Ventures, Flint Capital, Santander InnoVentures, 8/9/17 Socure Series B $14 Identity Verification Synchrony Financial, Two Sigma Ventures, Work-Bench 8/7/17 UangTeman Series A $12 Draper Associates, K2 Venture Capital, STI Financial Group Online Lending

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

8/3/17 Kabbage Series F $250 SoftBank Group Online Lending Hearst Ventures, John Mack, Macquarie Group, TransUnion, 8/2/17 PeerIQ Series A $12 Data/Analytics Uprising 8/2/17 DianRong Series D $220 China Minsheng Investment, GIC, Simone Investment Managers Online Lending

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

8/1/17 Juvo Series B $40 New Enterprise Associates, SignalFire, Wing Venture Capital Micro Lending Glynn Capital Management, Green Visor Capital, Greycroft 7/31/17 Flutterwave Series A $10 Bank/Payments Software Partners, Y Combinator 83North, Commerce Ventures, CommerzVentures, CreditEase, 7/26/17 Marqeta Series D $25 Prepaid Granite Ventures, IA Capital Group, Visa 7/25/17 Beqom NA $35 Goldman Sachs Financial Software

7/25/17 Rimilia NA $25 Kennet Partners, Eight Roads Ventures AR Automation Bessemer Venture Partners, Generation Investment 7/25/17 Toast, Inc. Series C $101 POS Management, Lead Edge Capital 7/21/17 Devign Lab Series A $27 Undisclosed Investors Digital Currency

7/20/17 Receipt Bank Series B $50 Insight Venture Partners Accounting Software Alsop-Louie Partners, Arbor Ventures, Greycroft Partners, 7/19/17 Karmic Labs Series B $17 Expense Management Cards Marketplace Funds, Startup Capital Ventures

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

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

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

7/18/17 NewStore Series B $50 Activant Capital Group, General Catalyst, Stephan Schambach Mobile Commerce Alessandro Hatami, Breega Capital, Connect Ventures, Emilian 7/12/17 Curve Series A $10 Payment Cards Popa, Gael de Boissard, Henry Ritchotte, Investec, Oxford Capital 7/12/17 Revolut Series B $66 Balderton Capital, Index Ventures, Ribbit Capital Digital Banking Bessemer Venture Partners, Catamaran Ventures, SBI Jefferies 7/11/17 Innoviti Payment Solutions Series B $19 Gateway Asia Fund Everbright Financial Holdings, PAG, Primavera Capital Group, 7/7/17 Dashu Finance Series C $118 Online Lending Sequoia Capital China 7/5/17 Ohpen Series B $17 Amerborgh Core Banking Software

7/5/17 Tide Series A $14 Anthemis Group, Creandum, LocalGlobe, Passion Capital Digital Banking Fullerton Financial Holdings, Global Founders Capital, GSR 7/5/17 InstaReM Series B $13 Cross-Border Payments Ventures, SBI Ven Capital, Vertex Ventures China 7/3/17 Qonto Series A $11 Alven Capital, Valar Ventures Digital Banking

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

6/27/17 Riskified NA $33 C4 Ventures, Capital One Growth Ventures, Pitango Growth Fraud Protection Metro Group, Touchstone Innovations, Woodford Investment 6/26/17 Yoyo Wallet Series B $15 Mobile Payments Management Digital Currency Group, Google Ventures, Lakestar, Lightspeed 6/22/17 Blockchain Series B $40 Blockchain Venture Partners, Mosaic Venture Partners, Virgin Group DSG Consumer Partners, Falcon Edge Capital, Matrix Partners 6/21/17 Mswipe Technologies Series D $31 POS India, UC-RNT Fund 6/21/17 FloQast Series B $25 Insight Venture Partners, Polaris Partners, Toba Capital Accounting Software Accel Partners, Connect Ventures, InReach Ventures, R204 Expense Management 6/21/17 Soldo Series A $11 Partners, U-Start Ventures Software JADO Investments, MoneyTime Ventures, Opus Capital, TIS INTEC 6/20/17 Sequent Software Series C $16 Tokenization Group 6/15/17 PayBreak (Afford It Now) NA $31 Undisclosed Consumer / POS Lending

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

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

($MM) Announced Target Date Target Series Amount Investors Subsector Caisse de depot et placement du Quebec, MasterCard 6/8/17 AvidXchange Series F $300 AP Automation Worldwide, Peter Thiel, Temasek Holdings 6/7/17 Plynk Series A $28 Swiss Privee Money Transfer

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

6/1/17 Zopa Series F $41 Northzone Ventures, Wadhawan Global Capital Digital Banking Napier Park Financial Partners, Recruit Holdings, BDC IT Venture 5/31/17 TouchBistro Series C $12 POS Fund, Relay Ventures, Kensington Capital Partners BDC Venture Capital, CRV, Exhibition Capital, HarbourVest 5/30/17 Wave Accounting Series E $24 Accounting Software Partners, National Australia Bank 5/26/17 RateSetter Series C $17 Clean Energy Finance Corporation Online Lending

5/25/17 BillTrust Series D $50 Riverwood Capital AR / Invoicing Blumberg Capital, CURO Financial Technologies, MissionOG, 5/24/17 Zibby Series C $14 Consumer Lending Tribeca Venture Partners Banco Bradesco, Bangkok Bank, Bank of America, Bank of 5/23/17 R3 Series A $107 Blockchain Montreal, Barclays 5/22/17 LedgerX Series B $11 Huiyin Blockchain Venture, Miami International Holdings Cryptocurrency

5/17/17 Additiv Series A $5 BZ Bank Aktiengesellschaft Financial Software 8VC, Abstract Ventures, Bee Partners, Emerson Collective, 5/16/17 Neighborly Series B $25 Marketplace Lending FinTech Collective, Govtech Fund, Maven Ventures 5/16/17 LevelUp NA $37 CentroCredit Bank, JP Morgan Chase, U.S. Boston POS / Loyalty Ally Bridge Group, China Broadband Capital, China Development 5/15/17 Wacai Series C $42 PFM Bank Capital, New Horizon Capital 5/11/17 Verse Series B $20 e.ventures, Greycroft Partners, Spark Capital Mobile Payments

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

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

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

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

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

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

5/4/17 MPP Global Series B $15 Albion Ventures, Grafton Capital Ecommerce Clocktower Ventures, CreditEase Fintech Investment Fund, 5/3/17 Nav Series B $13 Credit Scoring Goldman Sachs, Point72 Ventures 5/2/17 Aicai Series C $32 Zhongshunyi Financial Student Logistics / Payments

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

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

4/29/17 Satispay NA $15 Iccrea Banca Mobile Payments Spend Management 4/26/17 Ivalua NA $70 KKR Software 4/26/17 Robinhood Series C $110 DST Global, Index Ventures, NEA, Ribbit Capital Online Brokerage

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

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

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

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

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

4/10/17 MintQuantum Series A $15 Undisclosed Online Lending Union Square Ventures, Credit Ease, FirstMark Capital, Noah 4/6/27 Upgrade Series A $60 Online Lending Holdings, Ribbit Capital, Sands Capital Ventures China Merchants Innovation Investment Management, Forebright 4/6/17 WeCash Series C $80 Credit Scoring Capital Management, SIG 4/6/17 Flow Series A $16 Bain Capital Ventures, Fung Capital, Forerunner Ventures Cross-Border Payments

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

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

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

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

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

3/30/17 Yongqianbao NA $67 Golden Brick Capital Management, CICC Alpha Online Lending Access Venture Partners, Earlybird Venture Capital, Pantera 3/29/17 ShapeShift AG Series A $10 Digital Currency Capital, Lakestar, Blockchain Capital 3/27/17 cloudvirga Series B $15 Incenter Mortgage POS

3/27/17 Creamfinance Series B $22 Capitec Bank Holdings Limited Online Lending China Renaissance Private Equity Fund, PAG, Sequoia Capital 3/23/17 Dadao Financial Series B $29 Real Estate Tech China 3/23/17 Clarity Money Series B $11 Citi Ventures, RRE Ventures PFM

3/23/17 Qtum NA $15 Undisclosed Blockchain

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

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

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

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

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

3/13/17 Canopy NA $20 Epic Ventures, Deep Fork Capital, NEA, Pelion Venture Partners Accounting / Tax Software Altos Ventures, Bessemer Venture Partners, Goodwater Capital, 3/13/17 Viva Republica Series C $48 Money Transfer Partech Ventures, PayPal Holdings Anthemis, GV, Notion Capital, Rakuten FinTech Fund, Sapphire 3/9/17 Currencycloud Series D $25 Cross-Border Payments Ventures 3/8/17 Veem Series B $24 GV, NAB Ventures, SBI Investment Co. B2B Payments

3/7/17 Qapital Series A $12 Anthemis, Northzone, Rocketship VC PFM BBVA, Toscafund Asset Management, Woodford Investment 3/6/17 Atom Bank NA $102 Digital Banking Management First Round Capital, Khosla Ventures, Rakuten, Third Point 3/3/17 UpStart NA $33 Online Lending Ventures 3/2/17 Sensibill Series A $12 Information Capital, OTEAF Expense Mgmt Software

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

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

3/1/17 Clearbank NA $31 CFFI Ventures, PPF Group Banking Software

2/24/17 Social Finance Series F $500 GPI Capital, Silver Lake, Softbank Group Online Lending

2/23/17 Nymbus NA $16 Home Credit Group Bank Software

2/23/17 Tala Series B $30 IVP, Ribbit Capital Credit Scoring

2/22/17 Monzo NA $25 Orange Digital Ventures, Passion Capital, Thrive Capital Digital Banking

2/22/17 Prospa NA $19 AirTree Ventures Online Lending

2/22/17 Ecrebo NA $15 Joseph Schull, Octopus Ventures, Sir Keith Mills Offers / Marketing Nasper's FinTech Arm, Redpoint Ventures, World Bank's 2/22/17 Creditas Series B $19 Online Lending International Finance Corp Mobile Balance 2/20/17 True Balance Series B $15 SoftBank Ventures Management 2/20/17 Kakao Pay NA $200 Ant Financial Mobile Payments 31Ventures, Battery Ventures, Carmel Ventures, Liberty Israel 2/13/17 CrediFi Corp Series B $13 Data / Analytics Venture Fund, OurCrowd, Stax Goldman Sachs, Kleiner Perkins Caufield & Byers, Pine Brook 2/9/17 Better Mortgage Inc. Series B $15 Mortgage Origination Partners 2/8/17 Exactuals LLC Series A $10 City National Bank, TTV Capital Vertical Payments

2/2/17 Paytm E-Commerce NA $200 Alibaba, SAIF Partners eCommerce General Catalyst Partners, JAL Ventures, Oryzn Capital, Square 1/31/17 Feedvisor Ltd. Series B $20 eCommerce Peg Capital, Titanium Investments Correlation Ventures, FJ Labs, Great Oaks Venture Capital, 1/31/17 Knock Series A $33 Real Estate Tech Greycroft, Redpoint, RRE Ventures Jerusalem Venture Partners, Israel Growth Partners, Vintage 1/30/17 Earnix NA $14 Data / Analytics Investment Partners 1/26/17 Raisin GmbH Series C $30 Index Ventures, Ribbit Capital, Thrive Capital Cash Management

1/25/17 BitFury NA $30 Credit China FinTech Holdings Blockchain

1/19/17 Iyzico Series C $13 212 Ltd, International Finance Corp., Vostok Emerging Finance eCommerce Payments

Notes: 26 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

1/13/17 HouseCanary Series A $33 Alpha Edison, Europlay Capital Advisors, Raven Ventures Real Estate Data / Analytics Accel Partners, DST Global, Index Ventures, Ribbit Capital, Union 1/12/17 Funding Circle Series F $82 Online Lending Square Ventures ACE & Company, Nova Founders Capital, Pacific Century Group, 1/11/17 CompareEuropeGroup Ltd. Series A $20 Lead Gen SBI Holdings Inc. American Express Co, Creandum, Index Ventures, Intel Capital, 1/11/17 iZettle AB NA $60 POS MasterCard Inc., Northzone Ventures 1/10/17 Advanon AG Series A $14 b-to-v Partners, Swisscom Ltd., VI Partners Online Lending

1/10/17 MobileCause Inc. Series B $15 Level Equity Management LLC Crowdfunding Felices Ventures, March Capital Partners, Matrix Management 1/9/17 Activehours Inc. NA $22 Online Lending Corp., Ribbit Capital LP 1/9/17 FreeCharge NA $57 SnapDeal Mobile Payments

1/5/17 CloudCraze LLC Series B $20 Insight Venture Partners, Salesforce Ventures B2B Commerce American Express Ventures, BlueCross BlueShield Venture 1/5/17 Payfone Series E $24 Fraud Protection Partners, Relay Ventures, Verizon Ventures 1/4/17 Credible Labs NA $10 Undisclosed Online Lending

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

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

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

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

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

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

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

Notes: 27 Source: CapitalIQ and Pitchbook. PAYMENTS / BANKING Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

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

11/25/16 Stripe Inc. NA $150 CapitalG, General Catalyst Partners, Sequoia Capital eCommerce Payments China Merchants Venture Capital Management Co., Ltd., Zhixin 11/24/16 Ximu Financial Information Services Series A $15 Rating Agency Capital 11/23/16 Wynd Series B $32 Bpifrance, Orange Digital Ventures, Sodexo Ventures POS

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

11/18/16 AdvisorEngine Series A $20 WisdomTree Investments, Inc. Broker Software Electronic Transaction 11/15/16 eOriginal, Inc. NA $27 LLR Partners, Inc. Software 11/15/16 Mavenlink, Inc. Series D $39 Goldman Sachs Growth Partners Financial Software

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

11/7/16 Zafin Labs America Inc. NA $10 Beedie Capital Partners, Vistara Capital Partners Banking Software Bullpen Capital, Galileo Partners, JMI Management Inc., Mithril 11/1/16 StayClassy Productions Inc. Series C $30 Crowdfunding Capital Management, Salesforce Ventures APAGM Services, Goldman Sachs Merchant Banking Division, 10/26/16 nanoPay Corporation Series A $10 Digital Currency Jarnac Capital Management, Rohatton Blumberg Capital, Comcast Ventures, Napier Park Global Capital, 10/25/16 Lendio Inc. Series D $20 Online Lending North Hill Ventures, Stereo Capital, Tribeca Venture Partners 10/24/16 AEVI NA $11 Adveq Management POS

10/21/16 China UnionPay Merchant Services NA $296 Everbright-IDG Industrial Fund Merchant Acquiring

10/20/16 PaySimple Inc. NA $115 Providence Equity Partners ISO / Gateway

10/20/16 TravelBank Series A $10 Accel Partners, New Enterprise Associates Expense Software

10/18/16 PayCommerce Inc. Series B $22 Tritium Partners Cross-Border Payments

10/18/16 IbanFirst NA $11 Xavier Niel, Other Investors Banking Software Bank of Montreal, CIBC, Desjardins, RBC, Scotiabank, TD Bank 10/18/16 SecureKey Technologies Inc. Series D $21 Identity / Authentication Financial Group

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

($MM) Announced Target Date Target Series Amount Investors Subsector BDC Capital, Huff Capital, Kensington Capital Partners, Relay 10/13/16 TouchBistro Series B $13 POS Ventures, Round 13 Holdings Inc. 10/12/16 Nexus Systems NA $28 Mainsail Partners AP Software

10/7/16 FlexiLoans NA $15 Angel Investors Online Lending Isetan Mitsukoshi Holdings, Mizuho Capital, Fenox Venture 10/5/16 Money Forward Series D $11 Accounting Software Capital, Toho Bank, Gunma Bank, Fukui Bank, Shiga Bank Prime Ventures, Acton Capital Partners, Commerz Ventures, 10/4/16 Iwoca Ltd. Series C $27 Online Lending Global Founders Capital, Redline Capital 9/30/16 Remitly, Inc. NA $38 International Finance Corp, Silicon Valley Bank Money Transfer

9/30/16 Financeit NA $17 DNS Capital LLC, The Pritzker Organization Consumer Finance

9/30/16 Payoneer NA $180 Technology Crossover Ventures, Susquehanna Growth Equity Cross-Border Payments

9/29/16 Kyriba Corp. NA $23 Bpifrance Investissement SAS, Daher Capital, HSBC Bank PLC Treasury Software Gulf Islamic Investments, Iconiq Capital LLC, K1 Investment 9/29/16 Apttus Corporation NA $88 Quote-To-Cash Management LLC, Kuwait Investment Authority 9/26/16 Juzhen Financials Series A $23 Fenbushi Capital, Wanxiang Blockchain

9/22/16 Wave Accounting Inc. NA $11 BDC Capital, CRV, Social Capital, HarbourVest Partners Accounting Software Tiantu Capital, Xinhu Zhongbao, HgCapital, Shenzhen Qianhe 9/22/16 51Credit Series C $310 Online Lending Capital Management Sageview Capital, Technology Crossover Ventures, Warburg 9/22/16 Avalara Inc. Series D $96 Tax Software Pincus 9/21/16 FirstP2P Series C $70 CCB International, San Shan Capital Partners Online Lending Experian, Kickstart Seed Fund, Kleiner Perkins Caufield & Byers, 9/21/16 Nav, Inc Series B $25 Business Lending Peak Venture Partners, Tencent Holdings Ltd. 9/15/16 Ripple Labs Inc. Series B $55 Accenture Technology Ventures, CME Ventures Digital Currencies

9/14/16 GreenSky Credit NA $50 Fifth Third BanCorp Online Lending

9/14/16 Tipalti Solutions Ltd. NA $14 SG VC AP Automation

9/13/16 Uno Home Loans NA $17 Westpac Mortage Software

Notes: 29 Source: CapitalIQ and Pitchbook. SECTION III: Securities / Capital Markets / Data & Analytics

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

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 8/15/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Exchanges - Americas CME Group Inc. $125.92 $98.95 $127.96 $42,802 $786 $43,587 11.8x 11.2x 16.7x 15.5x 26.2x 23.9x 10.0% 2.6 2.4% 2.0% Intercontinental Exchange, Inc. 65.86 52.27 67.48 38,758 5,482 44,275 9.5x 9.0x 14.9x 13.6x 22.3x 19.7x 9.3% 2.4 3.3% 4.3% B3 S.A. - Brasil, Bolsa, Balcão 6.81 4.68 6.85 13,893 1,269 15,165 12.3x 11.1x 18.3x 16.3x 19.5x 19.0x NM NM 72.3% 63.6% Nasdaq, Inc. 77.00 63.30 77.20 12,843 3,056 15,899 6.6x 6.3x 13.0x 12.3x 18.5x 17.0x 8.5% 2.2 14.9% 11.5% CBOE Holdings, Inc. 97.54 61.58 98.06 11,000 1,152 12,165 12.3x 10.8x 18.9x 15.8x 29.0x 25.2x 21.5% 1.3 50.3% 270.2% TMX Group Limited 51.21 43.58 62.63 2,834 422 3,256 5.6x 5.4x 10.3x 9.7x 13.7x 13.0x NM NM (2.1%) (2.2%) Bolsa Mexicana de Valores, S.A.B. de C.V. 1.75 1.48 2.00 1,039 (87) 960 5.6x 5.2x 10.1x 9.5x 17.3x 15.8x 12.2% 1.4 24.5% 9.9%

Mean 9.1x 8.4x 14.6x 13.2x 20.9x 19.1x 12.3% 2.0 23.6% 51.3% Median 9.5x 9.0x 14.9x 13.6x 19.5x 19.0x 10.0% 2.2 14.9% 9.9%

Exchanges - Asia Hong Kong Exchanges and Clearing Limited $27.00 $22.70 $29.81 $33,161 ($1,570) $31,609 19.6x 17.8x 27.2x 24.5x 36.7x 32.9x 6.4% 5.8 13.2% 9.5% ASX Limited 41.84 34.85 42.67 8,092 (734) 7,358 12.0x 11.3x 15.9x 14.8x 23.1x 22.3x 4.4% 5.3 (7.7%) 1.5% Singapore Exchange Limited 5.54 5.09 5.72 5,922 (579) 5,344 8.8x 8.3x 15.4x 13.6x 22.2x 19.8x 6.9% 3.2 10.3% 2.6% Bursa Malaysia Berhad 2.38 1.91 2.59 1,279 (114) 1,168 9.2x 8.8x 15.4x 14.8x 24.7x 23.9x 5.7% 4.3 14.7% 3.1%

Mean 12.4x 11.6x 18.5x 16.9x 26.7x 24.7x 5.8% 4.6 7.6% 4.2% Median 10.6x 10.1x 15.7x 14.8x 23.9x 23.1x 6.0% 4.8 11.8% 2.9%

Exchanges - Europe Deutsche Börse Aktiengesellschaft $104.32 $77.54 $115.44 $19,487 $609 $20,241 6.9x 6.5x 11.7x 10.8x 18.6x 16.4x 11.0% 1.7 (1.8%) 12.2% London Stock Exchange Group plc 49.61 33.57 50.55 17,146 (1,265) 16,577 7.0x 6.4x 13.5x 12.1x 26.0x 22.6x 15.9% 1.6 15.5% 17.6% Bolsas y Mercados Españoles 36.40 30.49 39.41 3,026 (367) 2,660 6.9x 7.0x 10.3x 10.5x 16.3x 16.4x NM NM 12.5% 1.1% JSE Limited 10.52 9.15 13.25 900 (152) 749 4.6x 4.2x 12.0x 9.7x 16.5x 14.3x 4.6% 3.6 (6.2%) 4.3% GPW 12.47 9.46 13.53 523 (60) 464 5.5x 5.4x 9.5x NA 12.8x 14.2x NM NM 13.5% 25.8% Hellenic Exchanges - Athens Stock Exch. 6.09 4.67 7.34 367 (113) 255 7.2x 5.8x 18.9x 12.1x 49.5x 29.9x 93.5% 0.5 34.4% 4.9%

Mean 6.3x 5.9x 12.7x 11.0x 23.3x 19.0x 31.3% 1.9 11.3% 11.0% Median 6.9x 6.1x 11.9x 10.8x 17.6x 16.4x 13.5% 1.7 13.0% 8.5% (1)

Notes: 31 Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Public Company Valuations: Financial Metrics (Cont.)

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 8/15/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Investment Services, Software, & Technology SEI Investments Co. $56.93 $42.90 $57.50 $9,001 ($660) $8,341 5.5x 5.1x 13.4x 12.5x 24.9x 21.5x 13.5% 1.8 7.6% 8.3% Broadridge Financial Solutions, Inc. 76.08 59.86 78.00 8,861 831 9,692 2.3x 2.3x 12.1x 11.5x 22.9x 20.0x 10.0% 2.3 22.0% 38.1% SS&C Technologies Holdings, Inc. 37.77 28.43 40.21 7,759 2,209 9,968 5.9x 5.6x 14.5x 13.1x 19.5x 17.3x 13.0% 1.5 13.5% 10.2% DST Systems, Inc. 51.08 47.26 62.95 3,091 506 3,597 1.8x 1.6x 8.4x 7.5x 16.7x 14.3x 10.0% 1.7 31.1% 68.0% Financial Engines,(1) Inc. 34.45 25.00 45.75 2,176 (170) 2,006 4.1x 3.7x 12.7x 10.9x 25.2x 21.9x 20.0% 1.3 14.2% 11.5% Envestnet, Inc.(1) 44.50 30.80 45.18 1,959 232 2,191 3.3x 2.9x 17.3x 14.0x 34.6x 28.0x 17.5% 2.0 16.4% 18.1% Alfa Financial Software Holdings PLC 5.42 4.18 6.35 1,626 0 1,626 14.9x 13.0x 31.3x 27.3x 40.0x 34.4x 14.0% 2.9 20.8% NA

Mean 5.4x 4.9x 15.7x 13.8x 26.3x 22.5x 14.0% 1.9 17.9% 25.7% Median 4.1x 3.7x 13.4x 12.5x 24.9x 21.5x 13.5% 1.8 16.4% 14.8%

Financial Data, Content, & Analytics S&P Global Inc. $151.50 $107.21 $158.35 $38,936 $1,182 $40,118 6.8x 6.5x 14.6x 13.6x 23.9x 21.7x 13.2% 1.8 3.8% 1.8% Thomson Reuters Corporation 46.30 39.23 48.57 33,091 6,526 39,617 3.5x 3.4x 11.6x 11.1x 19.0x 17.8x 9.9% 1.9 1.9% 0.5% Moody's Corporation 132.20 93.51 135.20 25,250 1,520 26,770 6.8x 6.4x 14.4x 13.4x 24.0x 22.2x 10.2% 2.3 9.2% 7.7% IHS Markit Ltd. (2) 46.39 34.13 47.92 18,402 3,837 22,239 6.3x 6.0x 16.0x 14.8x 22.5x 19.5x 14.0% 1.6 29.6% 54.1% Verisk Analytics, Inc. 81.40 75.60 88.17 13,395 2,259 15,654 7.5x 7.0x 15.4x 14.3x 25.9x 23.8x 9.8% 2.6 4.9% 5.0% MSCI Inc. 109.27 76.52 113.38 9,841 1,326 11,167 8.8x 8.1x 17.0x 15.2x 28.8x 24.7x 14.3% 2.0 10.1% 8.8% FactSet Research Systems Inc. 162.21 150.95 183.64 6,363 381 6,745 5.3x 5.0x 15.7x 14.5x 21.7x 19.9x 10.6% 2.0 10.2% 8.6% The Dun & Bradstreet Corporation 114.00 100.46 139.86 4,213 1,300 5,513 3.1x 3.0x 11.1x 10.5x 16.2x 15.4x 8.0% 2.0 3.7% 1.7% Morningstar, Inc. 82.37 67.74 84.68 3,503 (110) 3,394 NA NA NA NA NA NA NM NA NA 15.6% Bankrate, Inc. 13.90 7.10 14.25 1,236 108 1,344 2.7x 2.4x 10.5x 9.5x 19.7x 16.8x 10.0% 2.0 16.1% 17.9%

Mean 5.6x 5.3x 14.0x 13.0x 22.4x 20.2x 11.1% 2.0 10.0% 12.2% Median 6.3x 6.0x 14.6x 13.6x 22.5x 19.9x 10.2% 2.0 9.2% 8.1%

Online Broker Dealers The Charles Schwab Corporation (3) $40.93 $29.86 $44.10 $54,810 $3,504 $58,314 6.8x 6.0x 14.1x 12.3x 25.5x 21.2x 19.0% 1.3 15.8% 16.5% TD Ameritrade Holding Corporation (3) 43.58 30.94 47.41 23,013 2,561 25,574 6.7x 5.8x 14.5x 12.2x 25.0x 20.6x 18.9% 1.3 14.5% 10.6% E*TRADE Financial Corporation (3) 40.34 24.85 42.19 11,093 3,459 14,552 6.2x 5.8x NA NA 18.0x 16.5x 14.7% 1.2 12.0% 32.8% Interactive Brokers Group, Inc. (3) 41.28 31.97 41.59 2,950 4,001 6,951 4.6x 4.2x 7.0x 6.1x 28.5x 26.2x 13.5% 2.1 4.6% 1.7% GAIN Capital Holdings, Inc. (3) 6.85 4.54 8.75 324 (110) 214 0.6x 0.6x 3.7x 2.4x 26.3x 9.4x NM NM (16.2%) (9.8%) Global Brokerage, Inc. 1.70 1.45 10.25 10 0 10 NA NA NA NA NA NA NM NA NA (11.8%)

Mean 5.0x 4.5x 9.9x 8.2x 24.7x 18.8x 16.5% 1.5 6.1% 6.7% Median 6.2x 5.8x 10.6x 9.1x 25.5x 20.6x 16.8% 1.3 12.0% 6.1%

Notes: Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. (1) Financial metrics pro-forma for Yodlee acquisition. (2) Financial metrics reflect IHS / Markit merger. 32 (3) Enterprise Value and Net Debt exclude Cash. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Acquisitions – Trailing 12 Months

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

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

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

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

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

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

7/11/17 Broadridge Financial Solutions, Inc. Spence Johnson Data / Analytics NA NA Philippine Dealing System Holdings 7/6/17 The Philippine Stock Exchange, Inc. Exchanges $39 2.3x Corp. 7/5/17 SEI Investments Co. Archway Technology Partners, LLC Fund Mgmt Software $88 4.9x

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

6/13/17 Lending Science DM, Inc. Scoring Solutions, Inc. Risk / Analytics NA NA Thoma Bravo, LLC; Thoma Bravo 6/7/17 Riskonnect, Inc. Risk / Compliance NA NA Discover Fund Partnership BofA Merrill Lynch, Research Division, 6/1/17 Intercontinental Exchange, Inc. Indices NA NA Index Platform 5/31/17 HealthEquity, Inc. BenefitGuard, LLC 401k Solutions NA NA The Yield Book, Citi Fixed Income 5/30/17 London Stock Exchange Grouop Analytics NA NA Indices 5/17/17 Liquidnet Holdings, Inc. OTAS Technologies Limited Trading Platform NA NA Cinnober Financial Technology AB 5/10/17 Ancoa Software Ltd. Analytics NA NA (publ) 5/10/17 TTT Moneycorp Limited Commonwealth Foreign Exchange, Inc. FX NA NA Equinoxe Alternative Investment 5/9/17 Apex Fund Services (Bermuda) ltd Fund Administration NA NA Services ANZ ETFS Management (AUS) Limited 5/3/17 ETF Securities Ltd. Exchange Traded Products NA NA (nka:ETFS Management (AUS) Limited) 5/2/17 Ncontracts LLC Supernal Software, LLC Risk Management NA NA

Notes: 33 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Acquisitions – Trailing 12 Months (Cont.)

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

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

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

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

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

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

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

4/7/17 StatPro Group plc UBS Delta AG Risk / Analytics $14 0.8x ConvergEx Group, LLC (nka:Cowen 4/3/17 Cowen Group, Inc. (nka:Cowen Inc.) Trading Platform NA NA Execution Services LLC) International Financial Data Services 3/27/17 DST Systems, Inc. Shareholder Servicing $350 NA Ltd. 3/22/17 Trumid Financial LLC Electronifie Inc. Trading Platform NA NA

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

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

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

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

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

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

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

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

3/3/17 European Energy Exchange AG Nodal Exchange, LLC Exchanges NA NA

3/1/17 Payward, Inc. Cryptowatch Analytics NA NA

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

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

2/21/17 Covisum, LLC PrairieSmarts, LLC Risk Platform NA NA SCDM Germany GmbH, Structured 2/15/17 Moody's Corporation Data / Analytics NA NA Finance Data and Analytics Business 2/15/17 AdvisorEngine, Inc. Wealthminder, Inc. Wealth Management Software NA NA

2/6/17 Thomson Reuters Corporation Avox Limited Compliance Data NA NA

2/6/17 Thomson Reuters Corporation Clarient Global LLC Regulatory Data NA NA

2/1/17 BT Group plc IP Trade SA Trading Technology NA NA

2/1/17 StoneCastle Insured Cash Sweep, LLC Intermedium Financial LLC Broker Software NA NA Advise Technologies, Ascendant 1/30/17 Compliance Solutions Strategies Regulatory Tech NA NA Compliance Management, The 1/27/17 Linedata Services S.A. Gravitas Technology Services, LLC Fund Management Software NA NA

1/25/17 IS Prime Risk Services Inc. Think Liquidity LLC Risk / Analytics NA NA

1/23/17 Visible Alpha, LLC ONEaccess Data / Analytics NA NA

1/19/17 FairFX Group Plc Q Money Limited Online Brokerage $2 NA North Capital Investment Technology 1/18/17 Access Investors Network, Inc. Investing Platform NA NA Inc. 1/18/17 StockTwits, Inc. Spark Finance, LLC Data / Analytics NA NA

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

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

12/20/16 FactSet Research Systems Inc. Vermilion Software Inc. Broker Software $67 NA

12/15/16 SS&C Technologies Holdings, Inc. Conifer Financial Services LLC Fund Administration $89 NA

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

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

12/9/16 comdirect bank Aktiengesellschaft OnVista AG Online Broker NA NA Benefit Plans Administrative Services, Northeast Retirement Services, LLC 12/5/16 Fund Administration NA NA Inc. (nka:Cohiba Merger Sub, LLC) 12/1/16 Ascensus, Inc. National Retirement Services, Inc. Fund Administration NA NA

11/30/16 Capital Foundry LLC, Investment Arm EquityNet, LLC Crowdfunding NA NA Teza Technologies, Select Strategic 11/28/16 Virtu Financial, Inc. Trading Platform NA NA Telecommunications Assets 11/28/16 MainstreamBPO Limited Galileo Fund Services Limited Fund Administration NA NA

11/28/16 Insurance Services Office, Inc. IntelliStance, LLC Data / Analytics NA NA

11/21/16 London Stock Exchange Group plc Mergent, Inc. Data / Analytics $144 NA

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

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

11/8/16 Preqin Ltd. Baxon Solutions Limited Broker Software NA NA

11/2/16 Folio Dynamics Inc. SAS Capital Management, LLC Broker Software NA NA

10/24/16 TD Ameritrade Holding Corporation Scottrade Financial Services, Inc. Online Brokerage NA NA

10/24/16 SS&C Technologies Holdings, Inc. Salentica Inc. Broker Software NA NA

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

10/14/16 Morningstar, Inc. PitchBook Data, Inc. Data / Analytics $225 7.2x Investview, Inc., Prior to Reverse 10/13/16 RoboVest, Inc. Trading Platform NA NA Merger with Wealth Generators, LLC 10/11/16 Drillinginfo, Inc. GlobalView Software, Inc. Trading Platform NA NA

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

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

Notes: 36 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Acquisitions – Trailing 12 Months (Cont.)

($MM) Announced Enterprise EV / LTM Date Acquirer Target Target Subsector Value Revenue SourceHOV LLC (nka:Exela 9/28/16 TransCentra, Inc. Treasury Software NA NA Technologies, Inc.) 9/26/16 CBOE Holdings, Inc. BATS Global Markets, Inc. Exchanges $3,680 1.9x

9/22/16 Thomson Reuters Corporation REDI Holdings, LLC Data / Analytics NA NA

9/21/16 LexisNexis Legal & Professional Inc. Intelligize, Inc. Trading Platform NA NA

9/14/16 IRESS Limited INET BFA Pty Ltd. Data / Analytics $10 NA

9/14/16 SS&C Technologies Holdings, Inc. Wells Fargo Global Fund Services LLC Fund Administration NA NA

9/13/16 TD Securities Inc. Albert Fried & Company, LLC Trading Platform NA NA

9/7/16 McKinsey & Company, Inc. PriceMetrix, Inc. Broker Software NA NA

8/25/16 BGC Partners, Inc. Perimeter Markets Inc. Trading Platform NA NA

8/24/16 Yintech Investment Holdings Limited Gold Master (HK) Company Limited Trading Platform NA NA

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

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

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

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

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

7/26/17 Qiancheng Technology Series B $30 51Xinyongka, Tiantu Capital Risk Management Bessemer Venture Partners, Francisco Partners, Kinnevik, Menlo 7/21/17 Betterment Series E $70 Robo Advisor Ventures 7/18/17 Capital.com NA $25 Larnabel Enterprises, VP Capital Trading Platform Breyer Capital, Coatue Management, Goodwater Capital, Valar 7/13/17 Stash Invest Series C $40 PFM Ventures 7/12/17 Quantitative Brokers NA $24 Centana Growth Partners Data / Analytics ACE & Company, Alibaba Group, Goldman Sachs, H&Q Asia 7/11/17 CompareAsiaGroup Series B $50 PFM Pacific, International Finance Corporation, Nova Founders 7/10/17 Trumid NA $10 Deutsche Börse Trading Platform Atresmedia, Inception Capital, ING, Onza Capital, Prevision 6/23/17 Fintonic Series B $28 PFM Sanitaria Nacional 6/19/17 Scalable Capital Series B $33 BlackRock Robo-Advisor

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

6/13/17 Futu Securities Series C $146 Matrix Partners China, Sequoia Capital China, Tencent Holdings Online Brokerage Alain Vandenborre, Richard Ji, Simon Murray, Vertex Venture 6/9/17 Singapore Diamond Investment Excg. Series B $10 Exchanges Holdings 6/8/17 Addepar Series D $140 8VC, Harald McPike, Valor Equity Partners Broker Software

6/7/17 MoneySmart Series B $10 Golden Gate Ventures, Kakaku.com, SPH Media Fund Lead Gen Andreessen Horowitz, Breyer Capital, Ford Foundation, General 6/6/17 Cadre Series C $65 Investment Platform Catalyst, Goldman Sachs, Khosla Ventures 5/25/17 Prumentum Grouop Series A $25 Fremont Group, The Cynosure Group Robo-Advisor

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

Notes: 38 Source: CapitalIQ and Pitchbook. SECURITIES / CAPITAL MARKETS / DATA & ANALYTICS Selected Recent Equity Financings – Trailing 12 Months (Cont.)

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

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

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

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

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

3/31/17 The Naga Group AG Series A $13 Fosun Trading Platform Mizuho Capital, Mobile Internet Capital, Softbank, Mizuho 2/19/17 One Tap Buy NA $13 Trading Platform Securities Bain Capital Ventures, DRW Venture Capital, J.P. Morgan, Nyca 2/16/17 OpenFin Series B $15 Trading Platform Partners, Pivot Investment Partners 2/7/17 Folio Series A $16 JAFCO, Monex Ventures, Rakuten Fintech Fund Asset Management Platform

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

12/24/16 Pakistan Stock Exchange NA $84 Chinese Consortium Exchanges

12/23/16 Nutmeg Savings and Investment Ltd. NA $15 Taipei Fubon Commercial Bank Robo-Advisor Andreessen Horowitz, Digital Currency Group, Euclid 12/22/16 Axoni Series A $18 Distributed Ledger Opportunities, Goldman Sachs, JP Morgan Chase & Co. Thomson 12/15/16 Personal Capital Corp. NA $25 Silicon Valley Bank Robo-Advisor

12/14/16 Stash Series B $25 Breyer Capital, Entrée Capital, Goodwater Capital, Valar Ventures Robo-Advisor Andreessen Horowitz, Felicis Ventures, The Kaiser Family 11/17/16 Peer Street Inc. Series A $15 Crowdfunding Foundation, Montage Ventures, Rembrandt Venture Partners 11/17/16 T-REX Group Inc. Series B $10 The Ecosystem Integrity Fund, Safeguard Scientifics Inc. Risk / Analytics Andreessen Horowitz, Bessemer Venture Partners, Khosla 11/14/16 Quantopian Series C $25 Trading Technology Ventures, Point72 Asset Management, Spark Capital Amanda Investment Group, Balderton Capital Management, 11/14/16 Nutmeg Saving and Investment Ltd. NA $32 Robo-Advisor Pentech Ventures, Schroders Bain Capital Ventures, Khosla Ventures, Lightspeed Venture 11/14/16 Roofstock Inc. Series B $20 Crowdfunding Partners, Nyca Partners, QED Investors, SV Angel Trading / Regulatory 11/1/16 Droit Financial Technologies Series A $16 DRW, Goldman Sachs, Pivot Investment Partners, Wells Fargo Software

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

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

10/31/16 Riskalyze Inc. Series A $20 FTV Management Group LP Broker Software

10/26/16 AX Trading Group NA $20 Undisclosed Trading Platform

10/17/16 InnoTREE Network Tech Co. Series B $15 Baoli (Hengqin) Capital Management Data / Analytics JPMorgan Chase & Co., ICAP, Barclays, Point72 Ventures, Hudson 10/12/16 Cloud9 Technologies NA $30 Trading Technology Ridge Asset Management 9/30/16 OpenGamma NA $13 Accel Partners, ICAP Plc Risk / Analytics

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

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

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

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

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

Notes: 40 Source: CapitalIQ and Pitchbook. SECTION IV: Insurance / Benefits

41 INSURANCE / BENEFITS Public Company Valuations: Financial Metrics

$MM, Except Per Share Data

Stock LTM EPS Price Price Range Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS Long Term Revenue Growth 8/15/17 Low High Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E Growth PEG 17E/16A Y/Y MRQ Healthcare / Insurance Technology Quintiles IMS Holdings, Inc. $91.53 $70.10 $93.53 $19,819 $8,021 $27,840 3.5x 3.3x 13.9x 12.8x 20.0x 17.4x 14.0% 1.4 49.7% 68.7% Verisk Analytics, Inc. 81.40 75.60 88.17 13,395 2,259 15,654 7.5x 7.0x 15.4x 14.3x 25.9x 23.8x 9.8% 2.6 4.9% 5.0% athenahealth, Inc. 142.51 90.11 158.66 5,690 209 5,899 4.8x 4.2x 22.1x 18.8x 74.4x 57.9x 27.0% 2.8 13.2% 15.0% Guidewire Software, Inc. 69.82 49.18 73.36 5,193 (477) 4,716 8.7x 7.4x 40.3x 32.0x 81.4x 61.5x 18.3% 4.4 21.0% 24.9% Ebix, Inc. 57.05 52.38 65.10 1,794 245 2,039 5.8x 5.2x 17.0x 14.6x 19.0x 17.6x 15.0% 1.3 17.3% 20.4% Sapiens International Corporation N.V. 11.23 10.86 15.98 551 (8) 542 2.0x 1.8x 18.5 11.7x 31.8x 18.0x 10.0% 3.2 NA 30.2% Crawford & Company 9.00 8.22 14.37 503 187 690 0.6x 0.6x 5.2x 4.6x 11.7x 10.3x 10.0% 1.2 (0.2%) (4.6%) Polaris Consulting & Services Limited 3.66 2.20 4.06 375 (82) 293 NA NA NA NA NA NA NM NA NA 17.1% Majesco 4.55 4.50 6.29 166 8 174 1.5x 1.3x 34.2 17.9x NM 32.5x NM NM NA (14.2%) Symbility Solutions Inc. 0.34 0.29 0.44 81 (6) 75 2.3x 2.1 45.3 35.4 NM NA NM NM 24.8% 14.8%

Mean 4.1x 3.7x 23.5x 18.0x 37.8x 29.9x 14.9% 2.4 18.7% 17.7% Median 3.5x 3.3x 18.5x 14.6x 25.9x 20.9x 14.0% 2.6 17.3% 16.0%

Notes: 42 Source: CapitalIQ and Wall Street Research Estimates. Multiples based on CapitalIQ Consensus Estimates. Multiples <0 and >100 considered NM. INSURANCE / BENEFITS Selected Recent Acquisitions – Trailing 12 Months

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

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

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

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

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

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

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

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

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

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

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

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

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

Notes: 43 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. INSURANCE / BENEFITS Selected Recent Acquisitions – Trailing 12 Months (Cont’d)

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

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

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

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

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

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

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

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

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

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

9/26/16 IRESS Limited Financial Synergy Pty Ltd Insurance Software $67 3.2x

Notes: 44 Source: CapitalIQ and Wall Street Research Estimates. Multiples <0 and >100 considered NM. INSURANCE / BENEFITS Selected Recent Equity Financings – Trailing 12 Months

($MM) Announced Target Date Target Series Amount Investors Subsector BoxGroup, Red Swan Ventures, Ribbit Capital, SV Angel, Valar 8/8/17 Jetty Series A $12 Insurance Tech Ventures National Enterprise Associates, Boulder Ventures, Grayhawk 7/26/17 SyncHR NA $16 HR Software Capital, EPIC Ventures, Acadia Woods, Peninsula Ventures Aberdare Ventures, FirstMark Capital, GE Ventures, Split Rock 7/19/17 Gravie Series C $14 Benefits Marketplace Partners 7/17/17 Impact Health Series A $13 Techstars Venture Capital Fund Insurance Tech Debeka, Holtzbrinck Ventures, Tengelmann Ventures, Vorwerk 7/4/17 Ottonova Series C $11 Insurance Tech Ventures 6/13/17 Snapsheet Series D $12 Tola Capital Insurance Tech Bessemer Venture Partners, Cross Creek Advisors, Flare Capital 6/1/17 Bright Health Series B $160 Insurance Innovator Partners, Greenspring Associates, Greycroft AXA Strategic Ventures, Fika Ventures, Karlin Ventures, 5/24/17 PolicyGenius Series C $30 Insurance Lead Gen MassMutual Ventures, Norwest Ventures 5/12/17 Vet+a NA $27 Kartesia Advisor Insurance Software First Round Capital, Google Ventures, Greenoaks Capital 5/10/17 Clover Health Series D $130 Insurance Admin Management, Palm Drive Capital, Sequoia Capital American Family Ventures, AXA Strategic Ventures, Centana 5/2/17 One Inc. NA $16 Insurance Software Growth Partners, MassMutual Ventures 4/27/17 Singapore Life Series A $50 Impact Capital Holdings, IPGL Insurance Software Arbor Ventures, Battery Ventures, Bessemer Venture Partners, 4/25/17 Hibob Series A $18 HR Software Eight Roads Ventures 4/20/17 Lemonade Inc. NA NA Allianz Insurance Munich Re/HSB Ventures, Ribbit Capital, TLV Partners, , Zeev 4/10/17 Next Insurance Series A $25 Insurance Tech Ventures 4/10/17 BIMA NA $17 Axiata Digital Insurance Tech

4/6/17 Trov NA $45 Munich Re HSB Ventures Insurance Tech Highland Capital Management, Accel, Aspect Ventures, CRV, 4/4/17 Amino Series C $25 Benefits Software Northwestern Mutual Future Ventures, Pilot Wall Group Two Sigma Private Investments, EPIC Insurance Brokers and 3/30/17 Decisely NA $60 Benefits Software Consultants 3/25/17 Ottonova NA $16 B-to-V Partners, STS Ventures, Tengelmann Ventures Insurance Tech

Notes: 45 Source: CapitalIQ and Pitchbook. INSURANCE / BENEFITS Selected Recent Equity Financings – Trailing 12 Months (Cont’d)

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

3/21/17 Jellyvision Series B $20 Updata Partners HR Software Allianz SE, Rakuten FinTech Fund, Rheingau Founders, Route 66 3/17/17 simplesurance NA $21 Insurance Tech Ventures 2/22/17 EverQuote, Inc. Series B $13 Link Ventures, Second Alpha Insurance Marketplace

2/7/17 CXA Group Series B $25 B Capital Group, EDBI Benefits Software Altimeter Capital, Four Rivers Group, Greenspring Associates, 1/5/17 Namely Inc. Series D $50 HR / Benefits Software Matrix Partners, Scale Venture Partners, Sequoia Capital Aleph, General Catalyst, Google Ventures, Sequoia Capital, 12/5/16 Lemonade Inc. Series B $34 Insurance Thrive Capital, Tusk Ventures, XL Innovate Adams Street Partners, Blue Cloud Ventures, First Data, Intel 11/15/16 CareCloud Series C $32 Revenue Cycle Management Capital, Norwest Venture Partners, PNC Financial Services Group, 11/3/16 EasyPolicy NA $10 Burman Family Office, Unilazer Ventures Insurance Lead Gen BrownSavano Direct Capital Partners, Oceanic Partners, Stratim 10/20/16 EverQuote, Inc. Series B $23 Insurance Lead Gen Capital LLC, T Capital Management LLC 8VC, Canaan Partners, Lightspeed Venture Partners, Nyca 10/19/16 Ladder Financial Inc. Series A $14 Life Insurance Partners LLC Kleiner Perkins Caufield & Byers, Propel Venture Partners, 10/4/16 Hixme Inc. Series B $14 HR Software Rosemark Capital Group, Transamerica Ventures Fund 9/28/16 Sedgwick NA $500 Caisse de Depot et Placement du Quebec Claims Management

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

9/21/16 FinanceFox Series A $28 Horizons Ventures, Target Ventures Insurance Tech

Notes: 46 Source: CapitalIQ and Pitchbook.