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Payments / Banking Financial Technology Sector Summary July 2, 2014 Financial Technology Sector Summary Table of Contents I. GCA Savvian Overview II. Market Summary III. Payments / Banking IV. Securities / Capital Markets / Data & Analytics V. Healthcare / Insurance I. GCA Savvian Overview GCA Savvian Overview Highlights Firm Statistics GCA Savvian Focus . Over 225 professionals today Mergers & Acquisitions Private Capital Markets . Full spectrum of buy-side, sell- . Agented private capital raiser . Headquarters in San Francisco and Tokyo; offices in New side and strategic advisory York, London, Shanghai, Mumbai, and Osaka . Equity and debt capital markets . Public and private company advisory services experience . Provides mergers and acquisitions advisory services, private . Core competency, with important capital & capital markets advisory services, and principal . Strategic early-stage growth relationships among the venture investing companies through industry capital and private equity defining, multi-billion dollar community transactions . Over 500 transactions completed . Publicly traded on the Tokyo Stock Exchange (2174) Senior level attention and focus, Relationships and market extensive transaction intelligence; a highly experienced team in experience and deep domain insight the industry Global Advisory Firm Market Positioning Bulge Bracket Growth Sector Focus Transaction Expertise . Senior Team with . Growth Company Focus Unparalleled Transaction . Sector Expertise / Domain Experience Knowledge . Highest Quality Client . Private Capital Access Service . Late Stage Private through . Broad Network Including Public Company Orientation Global 1000 Relationships . M&A Advisory and Capital Raising Expertise 3 GCA Savvian Overview Financial Technology Landscape . GCA Savvian divides Financial Technology into Financial Technology three broad categories − Payments & Banking − Securities & Capital Markets − Healthcare & Payments & Banking Securities & Capital Markets Healthcare & Insurance Insurance Analytics Crowd Funding BPO / IT Services ATMs Digital Media Brokerage Bill Payment Collections e-Brokerage Claims Processing Core Processing Exchanges Collections Financial Outsourcing Hedge Fund Administration CRM Information Processing Index Businesses Document Management Issuer Processing Mutual Fund Processing eCommerce Marketing / Offers Merchant Acquiring Personal Financial Mgmt. Information and Analytics Mobile Risk & Analytics Payments Money Transfer Securities Brokerage Risk Management Online Lending Software / SaaS Software / SaaS P2P Lending Prepaid Trading Platforms Title / Appraisal 4 GCA Savvian Overview Financial Technology Team San Francisco New York th 150 California St., Ste. 2300 1330 Ave. of the Americas, 28 Fl. San Francisco, CA 94111 New York, NY 10019 United States United States Phone: (415) 318-3600 Phone: (212) 999-7090 Sean Minnihan Paul DiNardo Steve Fletcher Derek Bell Managing Director Advisory Director Managing Director Director Financial Technology Software Digital Media Business Services Phone: (212) 999-7077 Phone: (415) 318-3665 Phone: (415) 318-3661 Phone: (212) 999-7089 Mobile: (917) 364-6230 Mobile: (650) 483-7246 Mobile: (415) 518-6725 Mobile: (914) 953-0689 sminnihan@gcasavvian.com pdinardo@gcasavvian.com sfletcher@gcasavvian.com dbell@gcasavvian.com Dick Filippini Zeke Navar Rob Freiman Alexander Berry Director Director Vice President Analyst Mobile Healthcare IT Financial Technology Phone: (415) 318-3688 Phone: (415) 783-3276 Phone: (212) 999-7075 Phone: (212) 999-7079 Mobile: (415) 297-3420 Mobile: (917) 229-0436 Mobile: (973) 229-0436 Mobile: (818) 851-2300 dfilippini@gcasavvian.com znavar@gcasavvian.com rfreiman@gcasavvian.com aberry@gcasavvian.com 5 II. Market Summary Market Summary Industry Stock Market Performance Last 12 Months Last 3 Months 150 115 140 110 130 105 120 100 110 95 100 90 90 85 6/27/13 7/28/13 8/27/13 9/26/13 10/27/13 11/26/13 12/27/13 1/27/14 2/26/14 3/28/14 4/29/14 5/29/14 3/27/14 4/4/14 4/13/14 4/21/14 4/30/14 5/8/14 5/16/14 5/25/14 6/2/14 6/10/14 6/18/14 6/26/14 (1) (2) (3) (4) Payments Exchanges Financial Data, Content, Information Processors / & Analytics Credit Bureaus Healthcare / Insurance (9) Technology (5) (6) Banking & Lending (7) Investment Services, (8) Trading Platforms Online Broker Dealers Technology Software, & Technology Notes: 1) Payments: ADS, AIM: PPT, AXP, BOVESPA: CIEL3, CATM, DFS, DRIV, EBAY, EEFT, ENXTPA: EDEN, FLT, GCA, GDOT, GPN, HPY, MA, MCRS MGI, ONE, OUTR, PAR, TSS, UEPS, V, VNTV, WEX, WU, XOOM, XTRA: WDI. 2) Exchanges: ASX: ASX, ATSE: EXAE, BMV: BOLSA A, BOVESPA: BVMF3, CATS: BME, CBOE, CME, ICE, JSE: JSE, KLSE: BURSA, LSE: LSE, NDAQ, SEHK: 388, SGX: S68, TSX: X, WSE: GPW, XTRA: DB1. 3) Financial Data, Content & Analytics: DNB, ENXTPA: FIM, FDS, HHS, HIS, MCO, MHP, MORN, MSCI, RATE, TRI. 4) Information Processors / Credit Bureaus: ACXM, EFX, FICO, INTX, LSE: EXPN. 5) Trading Platforms: BGCP, GFIG, INTL, ITG, MKTX. 6) Online Broker Dealers: AMTD, ETFC, FXCM, GCAP, IBKR, SCHW. 7) Banking & Lending Technology: ACIW, ELLI, EPAY, FIS, FISV, INTU, JKHY, PFMT, QTWO, SWX: TEMN. 7 8) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC, TIBX. 9) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK. Market Summary Indexed Price Performance by Sector Last 3 Months 1 Year 3 Years Financial, Data, Content, 9.1% 28.5% 42.7% & Analytics Banking & Lending 5.3% 32.2% 74.1% Technology Exchanges 3.9% 12.0% 12.9% Investment Services, 3.5% 22.1% 49.2% Software, & Technology Payments 1.8% 20.7% 118.0% Trading Platforms 0.1% 15.2% 29.5% Healthcare / Insurance (2.6%) 19.5% 75.0% Technology Online Broker Dealers (2.8%) 31.9% 68.0% Information Processors / (4.0%) 61.7% Credit Bureaus 4.4% (10.0%) 0.0% 10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 0.0% 50.0% 100.0% 150.0% Notes: 8 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary Long-Term EPS Growth and LTM EBITDA Margins Long-Term EPS Growth LTM EBITDA Margins Online Broker Dealers 19.4% Exchanges 57.4% Investment Services, Software, & Technology 14.1% Trading Platforms 45.6% Healthcare / Insurance Technology 13.6% Financial Data, Content, & Analytics 36.1% Payments 13.5% Healthcare / Insurance Technology 27.1% Payments 13.5% Information Processors / Credit Bureaus 26.4% Financial Data, Content, & Analytics 12.0% Banking and Lending Technology 25.8% Information Processors / Credit Bureaus 10.1% Payments 20.5% Exchanges 8.9% Trading Platforms 5.5% Investment Services, Software, & Technology 19.5% 0% 5% 10% 15% 20% 25% 0% 10% 20% 30% 40% 50% 60% 70% Notes: 9 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary Price / Earnings Multiples and PEG Ratios 2014E Price / Earnings Multiples 2014E PE / Growth (“PEG” Ratio) Banking and Lending Technology 22.5x Exchanges 1.9 Financial Data, Content, & Analytics 22.1x Information Processors / Credit Bureaus 1.7 Investment Services, Software, & Technology 21.3x Financial Data, Content, & Analytics 1.7 Online Broker Dealers 20.9x Investment Services, Software, & Technology 1.4 Exchanges 19.4x Trading Platforms 1.4 Healthcare / Insurance Technology 18.6x Healthcare / Insurance Technology 1.4 Information Processors / Credit Bureaus 18.3x Banking and Lending Technology 1.3 Payments 17.4x Payments 1.1 Trading Platforms 15.0x Online Broker Dealers 0.9 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Notes: 10 Numbers represent medians of sub-sectors. Details available in later pages. Market Summary LTM Price Performance and 2014 P/E – Payments / Banking ($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2014 Prepaid Market Cap. Performance P/E 2014 Visa Inc. $131,507 14% 23.2x Blackhawk Network Holdings, Inc. $1,484 26% 23.0x American Express Company 100,493 26% 17.4 Green Dot Corporation 881 (2%) 14.9 MasterCard Incorporated 85,760 29% 24.3 Net 1 Ueps Technologies Inc. 542 57% 7.0 eBay Inc. 63,469 (4%) 16.8 Higher One Holdings, Inc. 177 (67%) 5.7 Discover Financial Services 28,900 31% 11.7 Sector Average $771 3% 12.6x Sector Average $82,026 19% 18.7x LTM Price LTM Price ATM / Kiosks Market Cap. Performance P/E 2014 Merchant Processing Market Cap. Performance P/E 2014 Outerwall Inc. $1,223 2% 8.8x Cielo SA $32,733 67% 22.3x Cardtronics Inc. 1,495 22% 14.8 Total System Services, Inc. 5,936 29% 16.4 Global Cash Access Holdings, Inc. 582 43% 9.9 Wirecard AG 5,296 55% 32.9 Sector Average $1,100 22% 11.2x Global Payments Inc. 5,208 (29%) 16.7 Vantiv, Inc. 4,868 (13%) 17.9 LTM Price EVERTEC, Inc. 1,904 90% 14.5 POS Hardware / Technology Market Cap. Performance P/E 2014 Heartland Payment Systems, Inc. 1,493 (57%) 17.7 Optimal Payments Plc 1,083 155% 22.2 NCR Corp. $5,782 4% 11.4x Digital River Inc. 515 (16%) 30.3 Ingenico SA 4,645 29% 20.8 Planet Payment, Inc. 140 (4%) 31.9 MICROS Systems, Inc. 5,060 57% 24.4 JetPay Corporation 26 (28%) NA VeriFone Systems, Inc. 4,076 116% 23.1 Sector Average $5,382 23% 22.3x PAR Technology Corporation 67 5% NA Sector Average $3,926 42% 19.9x LTM Price Money Transfer Market Cap. Performance P/E 2014 LTM Price Banking and Lending Technology Market Cap. Performance P/E 2014 The Western Union Company $9,296 2% 11.8x Euronet Worldwide Inc. 2,479 55% 20.0 Intuit Inc. $23,086 34% 21.4x Xoom Corporation 991 14% NM Fidelity National Information Services, Inc. 15,774 27% 17.7 Moneygram International Inc. 785 NA 10.7 Fiserv, Inc. 15,048 37% 18.2 Sector Average $3,388 24% 14.2x Jack Henry & Associates Inc. 5,028 25% 23.9 Temenos Group AG 2,603 59% 27.1 ACI Worldwide, Inc.
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