Financial Technology Sector Summary March 15, 2017 1 FINANCIAL TECHNOLOGY DEAL DASHBOARD $19.3 Bn | 1,271 Deals Industry Stock Market Performance(1) $360.5 Bn | 3,227 Deals 2016 Financing Volume(3) Last Twelve Months 2016 M&A Volume(3) 160 Select Recent Financing Transactions(2) Select Recent M&A Transactions (2) Company Amount ($MM) 150 Target Acquirer EV ($MM) $500.0 140 $1,904.0 130 $200.0 NA 120 $102.0 110 NA 100 $48.0 $175.0 90 $33.0 NA 80 3/14/16 4/27/16 6/10/16 7/26/16 9/8/16 10/24/16 12/7/16 1/20/17 3/7/17 $31.0 $102.0 Payments Exchanges Financial Data, Content, Information Processors / $30.0 & Analytics Credit Bureaus NA Banking & Lending Online Broker Dealers Technology $25.0 $59.0 Investment Services, Healthcare / Insurance Software, & Technology Technology S&P 500 Quarterly Financing Volume (3) Quarterly M&A Volume (3) $10 500 $120 876 1000 398 815 753 783 $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 3/10/17. 1) Refer to footnotes on page 5 for index composition. 2 2) Represents transactions announced between 2/14/17 and 3/13/17. 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 3/14/16 4/27/16 6/10/16 7/26/16 9/8/16 10/24/16 12/7/16 1/20/17 3/7/17 3/13/14 7/1/14 10/17/14 2/4/15 5/25/15 9/10/15 12/29/15 4/15/16 8/3/16 11/21/16 3/9/17 (1) (2) Indexed Price Performance Payments Exchanges Sector 3 Months 1 Year 3 Years (3) (4) Investment Services, Software, & Technology 9.7% 23.3% 42.2% Financial Data, Content, Information Processors / Payments 9.3% 24.2% 31.5% & Analytics Credit Bureaus Banking & Lending Technology 8.5% 22.1% 50.8% Information Processors / Credit Bureaus 7.8% 19.0% 39.2% (6) (5) Banking & Lending Online Broker Dealers Financial, Data, Content, & Analytics 5.6% 22.8% 6.9% Technology Online Broker Dealers 3.2% 41.4% 44.3% Exchanges 3.0% 15.3% 38.9% (7) (8) Healthcare / Insurance Technology 1.3% 6.7% 11.1% 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 2016E EBITDA Multiples 2016E EBITDA Margins Healthcare / Insurance Technology 19.3x Exchanges 56.3% Information Processors / Credit Bureaus 15.7x Online Broker Dealers 46.0% Investment Services, Software, & 15.3x Financial Data, Content, & Analytics 33.7% Technology Exchanges 14.9x Banking and Lending Technology 31.8% Banking and Lending Technology 14.2x Information Processors / Credit Bureaus 28.8% Investment Services, Software, & Financial Data, Content, & Analytics 14.1x 27.9% Technology Payments 13.5x Payments 25.6% Online Broker Dealers 12.2x Healthcare / Insurance Technology 20.0% 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 0% 10% 20% 30% 40% 50% 60% Notes: 6 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY Price / Earnings Multiples and PEG Ratios 2016E Price / Earnings Multiples 2016E PE / Growth (“PEG” Ratio) | Long-Term EPS Growth Banking and Lending Technology 31.0x Financial Data, Content, & Analytics 2.3 10.8% Online Broker Dealers 25.8x Banking and Lending Technology 2.2 15.5% Information Processors / Credit Bureaus 25.4x Information Processors / Credit Bureaus 2.2 13.7% Investment Services, Software, & 25.3x Exchanges 2.0 10.9% Technology Healthcare / Insurance Technology 24.4x Healthcare / Insurance Technology 2.0 14.0% Investment Services, Software, & Financial Data, Content, & Analytics 24.4x 1.8 15.0% Technology Exchanges 21.9x Online Broker Dealers 1.6 15.6% Payments 21.1x Payments 1.5 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 Notes: 7 Numbers represent medians of sub-sectors. Details available in later pages. MARKET SUMMARY LTM Price Performance and 2016 P/E – Payments / Banking ($MM) ($MM) LTM Price LTM Price Networks Market Cap. Performance P/E 2016 Prepaid Market Cap. Performance P/E 2016 Visa Inc. $208,238 28% 30.6x Blackhawk Network Holdings, Inc. $2,013 8% 23.2x Mastercard Incorporated $119,875 28% 29.6x Green Dot Corporation $1,522 37% 21.1x American Express Company $71,543 35% 13.3x Net 1 UEPS Technologies, Inc. $692 42% 7.2x PayPal Holdings, Inc. $51,914 12% 28.8x Sector Average $1,409 29% 17.2x Discover Financial Services $27,573 48% 12.6x Sector Average $95,829 30% 23.0x LTM Price ATM / Kiosks Market Cap. Performance P/E 2016 LTM Price Cardtronics plc $2,041 28% 13.8x Merchant Processing Market Cap. Performance P/E 2016 Everi Holdings Inc. $213 5% 4.7x Cielo S.A. $19,283 6% 15.3x TIO Networks Corp. $212 82% 29.1x First Data Corporation $14,720 21% 12.5x Sector Average $822 38% 15.9x Vantiv, Inc. $12,571 25% 23.8x Global Payments Inc. $12,048 32% 24.6x LTM Price Total System Services, Inc. $10,075 24% 19.5x POS Hardware / Technology Market Cap. Performance P/E 2016 Worldpay Group plc $7,010 (12%) 23.9x Wirecard AG $6,294 43% 25.8x NCR Corporation $6,039 89% 16.2x Square, Inc. $6,209 50% NM Ingenico Group - GCS $5,774 (4%) 21.4x GMO Payment Gateway, Inc. $2,098 (8%) 81.6x VeriFone Systems, Inc. $2,130 (28%) 13.7x EVERTEC, Inc. $1,194 20% 9.8x PAR Technology Corporation $103 4% NA SafeCharge International Group Limited $422 (23%) 14.9x Sector Average $3,512 15% 17.1x CardConnect Corp. $407 NA NM Planet Payment, Inc. $199 8% 22.9x LTM Price JetPay Corporation $45 23% NM Banking and Lending Technology Market Cap. Performance P/E 2016 Sector Average $6,613 16% 25.0x Intuit Inc. $31,958 27% 32.7x Fidelity National Information Services, Inc $27,036 34% 21.5x LTM Price Fiserv, Inc. $25,164 22% 26.4x Money Transfer Market Cap. Performance P/E 2016 Jack Henry & Associates, Inc. $7,331 16% 31.0x The Western Union Company $9,459 5% 11.9x Temenos Group AG $5,166 57% 37.7x Euronet Worldwide, Inc. $4,328 20% 20.7x Ellie Mae, Inc. $3,346 21% 46.0x Sector Average $6,894 12% 16.3x Black Knight Financial Services, Inc. $2,691 34% 33.6x ACI Worldwide, Inc. $2,570 13% 53.8x LendingClub Corporation $2,125 (41%) NM LTM Price DH Corporation $1,827 (37%) 11.3x Closed Loop Market Cap. Performance P/E 2016 Q2 Holdings, Inc. $1,424 65% NM FleetCor Technologies, Inc. $14,721 19% 23.3x Bottomline Technologies (de), Inc. $930 (14%) 23.8x Alliance Data Systems Corporation $13,881 19% 14.7x On Deck Capital, Inc. $349 (32%) NM Edenred SA $5,191 22% 23.7x Performant Financial Corporation $79 (10%) 19.8x WEX Inc. $4,535 39% 23.2x Sector Average $8,000 11% 30.7x Sector Average $9,582 25% 21.2x LTM Price Information Processors / Credit Bureaus Market Cap. Performance P/E 2016 0 Experian plc $18,377 17% 21.9x Equifax Inc. $15,971 25% 24.3x Fair Isaac Corporation $4,004 30% 26.5x Acxiom Corporation $2,189 36% 42.7x Sector Average $10,135 27% 28.9x Notes: 8 Source: CapitalIQ and Wall Street Research. Market data as of March 10, 2017. MARKET SUMMARY LTM Price Performance and 2016 P/E – Securities / Cap. Mkts. / Data & Analytics ($MM) ($MM) LTM Price Investment Services, Software, & LTM Price Exchanges - Americas Market Cap. Performance P/E 2016 0 Technology Market Cap. Performance P/E 2016 CME Group Inc. $40,376 33% 26.5x Broadridge Financial Solutions, Inc.