Financial Technology Sector Summary March 29, 2017 1 FINANCIAL TECHNOLOGY DEAL DASHBOARD $19.3 Bn | 1,271 Deals Industry Stock Market Performance(1) $360.5 Bn | 3,231 Deals 2016 Financing Volume(3) Last Twelve Months 2016 M&A Volume(3) 160 Select Recent Financing Transactions(2) Select Recent M&A Transactions (2) Company Amount ($MM) 150 Target Acquirer EV ($MM) $302.0 140 $3,459.0 130 Dadao Financial $29.0 $490.0 120 $28.0 110 $350.0 100 $22.0 NA Pre-Paid Card Service 90 $21.0 NA 80 3/24/16 5/9/16 6/22/16 8/5/16 9/20/16 11/3/16 12/19/16 2/1/17 3/17/17 $20.0 NA Payments Exchanges Financial Data, Content, Information Processors / $16.0 & Analytics Credit Bureaus NA Banking & Lending Online Broker Dealers Technology $15.6 NA Investment Services, Healthcare / Insurance Software, & Technology Technology S&P 500 Quarterly Financing Volume (3) Quarterly M&A Volume (3) $10 500 $120 876 1000 398 818 754 783 $8 $8.9 400 $100 800 $99.4 299 298 $97.8 276 $80 $6 300 $80.1 $83.1 600 $60 $5.3 $4 200 400 $40 $2 $2.6 $2.6 100 $20 200 $0 0 $0 0 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Financing Volume ($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 3/24/17. 1) Refer to footnotes on page 5 for index composition. 2 2) Represents transactions announced between 3/13/17 and 3/27/17. 3) Deal counts include transactions with undisclosed funding amounts and enterprise values for financing and M&A transactions respectively. TABLE OF CONTENTS I. Market Summary II. Payments / Banking III. Securities / Capital Markets / Data & Analytics IV. Insurance / Benefits V. GCA Overview 3 SECTION I: Market Summary 4 MARKET SUMMARY Industry Stock Market Performance 150 Last 12 Months 160 Last 3 Years 150 140 140 130 130 120 120 110 110 100 100 90 90 80 80 70 3/24/16 5/9/16 6/22/16 8/5/16 9/20/16 11/3/16 12/19/16 2/1/17 3/17/17 3/24/14 7/10/14 10/28/14 2/13/15 6/3/15 9/21/15 1/7/16 4/26/16 8/12/16 11/30/16 3/20/17 (1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Financial, Data, Content, & Analytics 10.0% 18.3% 7.7% Financial Data, Content, Information Processors / Information Processors / Credit Bureaus 9.0% 21.3% 42.8% & Analytics Credit Bureaus Payments 8.5% 20.6% 31.3% Exchanges 6.5% 15.8% 41.0% (6) (5) Banking & Lending Online Broker Dealers Investment Services, Software, & Technology 6.2% 19.7% 43.1% Technology Banking & Lending Technology 5.3% 18.6% 52.0% Healthcare / Insurance Technology (0.6%) 5.4% 14.7% (7) (8) Online Broker Dealers (5.4%) 34.5% 35.9% Investment Services, Healthcare / Insurance Software, & Technology Technology Notes: (1) Payments: ADS, AIM: PPT, AIM:SCH, AXP, BOVESPA: CIEL3, CATM, DFS, EEFT, ENXTPA: EDEN, FDC, FLT, GDOT, GPN, HPY, MA, OUTR, PYPL, PAR, SQ, TSE:3769, TSXV:TNC, TSS, UEPS, V, VNTV, WEX, LSE: WPG, WU, 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, MRKT, RATE, 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, EPAY, FIS, FISV, INTU, JKHY, LC, ONDK, PFMT, QTWO, SWX: TEMN, YDLE. (7) Investment Services, Software, & Technology: ADVS, BR, DST, ENV, FNGN, SEIC, SSNC. 5 (8) Healthcare / Insurance Technology: BSE:532254, ATHN, EBIX, CRD.B, GWRE, IMS, SLH, TSXV:SY, VRSK. MARKET SUMMARY EBITDA Multiples and Margins 2017E EBITDA Multiples 2017 EBITDA Margins Healthcare / Insurance Technology 14.7x Exchanges 58.0% Information Processors / Credit Bureaus 14.3x Online Broker Dealers 47.7% Banking and Lending Technology 13.4x Financial Data, Content, & Analytics 37.4% Investment Services, Software, & 13.3x Information Processors / Credit Bureaus 30.6% Technology Financial Data, Content, & Analytics 13.1x Banking and Lending Technology 30.3% Investment Services, Software, & Payments 12.4x 29.4% Technology Exchanges 11.7x Payments 27.5% Online Broker Dealers 10.2x Healthcare / Insurance Technology 20.0% 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 28.3x Banking and Lending Technology 2.1 14.8% Information Processors / Credit Bureaus 23.4x Information Processors / Credit Bureaus 2.0 13.5% Healthcare / Insurance Technology 22.2x Financial Data, Content, & Analytics 1.9 10.8% Online Broker Dealers 21.9x Exchanges 1.9 10.6% Investment Services, Software, & 21.7x Healthcare / Insurance Technology 1.5 14.0% Technology Investment Services, Software, & Financial Data, Content, & Analytics 21.6x 1.4 15.3% Technology Exchanges 19.9x Online Broker Dealers 1.3 15.8% Payments 17.2x Payments 1.3 15.0% 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 0.0 0.5 1.0 1.5 2.0 2.5 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. $206,985 20% 26.2x Blackhawk Network Holdings, Inc. $2,158 17% 23.8x Mastercard Incorporated $120,705 22% 26.2x Green Dot Corporation $1,660 43% 17.1x American Express Company $70,374 29% 13.8x Net 1 UEPS Technologies, Inc. $659 39% 7.1x PayPal Holdings, Inc. $52,083 11% 24.9x Sector Average $1,492 33% 16.0x Discover Financial Services $25,802 35% 11.0x Sector Average $95,190 24% 20.4x LTM Price ATM / Kiosks Market Cap. Performance P/E 2017 LTM Price Cardtronics plc $2,073 31% 15.6x Merchant Processing Market Cap. Performance P/E 2017 Everi Holdings Inc. $306 110% 5.0x Cielo S.A. $20,083 18% 14.1x Sector Average $1,190 70% 10.3x First Data Corporation $13,885 26% 10.0x Vantiv, Inc. $12,442 21% 19.8x LTM Price Global Payments Inc. $11,958 30% 20.3x POS Hardware / Technology Market Cap. Performance P/E 2017 Total System Services, Inc. $9,499 13% 16.6x Worldpay Group plc $7,257 (6%) 21.5x Ingenico Group - GCS $5,776 (15%) 18.0x Wirecard AG $6,548 46% 22.7x NCR Corporation $5,367 50% 13.2x Square, Inc. $6,092 29% 90.2x VeriFone Systems, Inc. $2,089 (33%) 12.6x GMO Payment Gateway, Inc. $1,940 (20%) 62.4x PAR Technology Corporation $111 25% NA EVERTEC, Inc. $1,158 17% 9.9x Sector Average $3,336 7% 14.6x SafeCharge International Group Limited $467 (14%) 14.7x CardConnect Corp. $393 NA NM LTM Price Planet Payment, Inc. $202 9% 17.2x Banking and Lending Technology Market Cap. Performance P/E 2017 JetPay Corporation $42 (10%) NM Sector Average $6,569 12% 26.6x Intuit Inc. $30,623 17% 26.4x Fidelity National Information Services, Inc $26,342 28% 18.9x Fiserv, Inc. $24,877 16% 22.8x LTM Price Jack Henry & Associates, Inc. $7,245 12% 29.0x Money Transfer Market Cap. Performance P/E 2017 Temenos Group AG $5,588 56% 33.4x The Western Union Company $9,738 8% 12.0x Ellie Mae, Inc. $3,314 17% 52.0x Euronet Worldwide, Inc. $4,374 16% 18.4x Black Knight Financial Services, Inc. $2,649 30% 28.3x Sector Average $7,056 12% 15.2x ACI Worldwide, Inc. $2,567 13% 52.3x LendingClub Corporation $2,081 (38%) 95.7x DH Corporation $2,017 (34%) 11.8x LTM Price Q2 Holdings, Inc. $1,428 58% NM Closed Loop Market Cap. Performance P/E 2017 Bottomline Technologies (de), Inc. $905 (18%) 24.5x FleetCor Technologies, Inc. $14,418 8% 19.0x On Deck Capital, Inc. $332 (39%) NM Alliance Data Systems Corporation $13,634 15% 13.2x Performant Financial Corporation $101 23% NA Edenred SA $5,474 29% 21.5x Sector Average $7,862 10% 35.9x WEX Inc. $4,363 26% 19.1x Sector Average $9,472 19% 18.2x LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2017 0 Experian plc $19,016 19% 21.7x Equifax Inc. $16,291 22% 22.5x Fair Isaac Corporation $3,940 26% 24.3x Acxiom Corporation $2,185 31% 36.9x Sector Average $10,358 24% 26.3x Notes: 8 Source: CapitalIQ and Wall Street Research. Market data as of March 24, 2017. MARKET SUMMARY LTM Price Performance and 2017 P/E – Securities / Cap. Mkts. / Data & Analytics ($MM) ($MM) LTM Price Investment Services, Software, & LTM Price Exchanges - Americas Market Cap. Performance P/E 2017 0 Technology Market Cap. Performance P/E 2017 CME Group Inc. $40,718 26% 24.6x SEI Investments Co.