OCTOBER 2015

IN THIS ISSUE

About Us 2

Recent Transactions & Case Studies 7

FinTech Trading Analysis 14

Recent FinTech Transaction Activity 28

INVESTMENT BANKING

FINTECH MONTHLY

Senior Banking Team

PREMIER FINTECH INVESTMENT BANKING TEAM

2

Chris Appaneal

Associate

Prior

Experience

Contact

Information

Education

Prior

Experience

Education

Contact

Information

Garrett DeNinno

Vice President

Paul Fricilone

Vice President

Leslie Ann B.

Curry

Vice President

Dru Rushing

Associate

Zach Sayers

Associate

Scott Green

Vice President

paul.fricilone@

raymondjames.com

617.624.7033

dru.rushing@

raymondjames.com

404.442.5809

leslieannb.curry@

raymondjames.com

404.442.5890

scott.green@

raymondjames.com

404.442.5843

garrett.deninno@

raymondjames.com

617.624.7018

zach.sayers@

raymondjames.com

404.442.5880

chris.appaneal@

raymondjames.com

617.624.7096

Ian O’Neal

Senior Vice

President

Steve Hufford

Managing Director

Jim Bunn

Senior Managing

Director, Head of

Investment Banking

Brendan Ryan

Managing Director Chip Kelso

Managing Director

Kate Crespo

Senior Vice

President

Jon Steele

Managing Director,

Group Head

jim.bunn@

raymondjames.com

727.567.5203

jon.steele@

raymondjames.com

617.624.7020

steve.hufford@

raymondjames.com

404.442.5807

brendan.ryan@

raymondjames.com

617.624.7019

chip.kelso@

raymondjames.com

404.442.5835

kate.m.crespo@

raymondjames.com

617.624.7012

ian.oneal@

raymondjames.com

617.624.7011

INVESTMENT BANKING

FINTECH MONTHLY

Deep & Experienced

RJ Team

Extensive Transaction

Experience

+14 Senior

Investment Bankers

+4 Equity

Research Analysts

+4 Dedicated Equity Capital

Markets Professionals

+100 transactions since 2010

+25 public offering

transactions raising

$8+ billion since 2010

+75 M&A / private placement

transactions with $11.5+ billion

in total deal value since 2010

Raymond James has built one of the leading FinTech franchises on Wall Street.

Business Model Coverage

Sector Coverage

BROADEST AND DEEPEST FINTECH PRACTICE

3

Blue-Chip Corporate Clients

Leading Tech VC / PE Clients

Payments

Bank Technology

Capital Markets Technology

Transactional Marketing Services

Financial Data and Information Services

Insurance Technology

Investment Management Technology

Outsourced Solutions

Benefits / Payroll

Financial SaaS

Real Estate and Mortgage Services

SaaS and

Enterprise

Software

Internet /

Online / Mobile

Transaction

Processing

Tech-Enabled

Solutions

BPO /

Professional

Services

Technology-Enabled Lending Platforms

INVESTMENT BANKING

FINTECH MONTHLY

#1 FINTECH INVESTMENT BANKING PRACTICE

4

Our FinTech practice is the premier investment banking platform for companies seeking unmatched industry knowledge, buyer relationships and execution capabilities.

Note: Represents transactions involving U.S.-based targets

2010 – 2014 U.S. Deal Rankings 2014 U.S. Deal Rankings

All Deals Advisory Deals Advisory Deals

<$1bn

Rank Deals Rank Deals Rank Deals

1 1 81 1 63 1 61

2 2 52 4 26 8 14

3 3 47 7 23 4 21

4 4 44 6 24 5 17

5 4 44 5 25 5 17

6 6 41 3 28 3 22

7 6 41 8 20 7 15

8 8 34 2 34 2 31

9 9 31 9 18 9 11

10 10 29 10 17 9 11

All Deals Advisory Deals

Advisory Deals <$1bn

Rank Deals Rank Deals Rank Deals

1 1 27 1 20 1 19

2 2 22 2 14 2 13

3 3 18 8 8 7 5

4 4 17 4 11 4 10

5 5 15 2 15 3 13

6 6 14 5 8 6 5

7 7 13 5 7 5 6

8 8 10 9 5 7 3

9 9 9 5 9 7 7

10 9 9 10 7 10 3

INVESTMENT BANKING

FINTECH MONTHLY

+ 2015 Financial Tech & Services Deal of the Year – Sale of Columbus Data Services to Cardtronics

+ 2015 Financial Services Deal of the Year – Sale of Cardiff Holdings Corp.’s subsidiaries Shoreline and

Source One Direct to Gemalto

+ 2015 Financial Tech & Services Deal of the Year – M&A Atlas Awards

+ 2014 Professional Services Deal of the Year (B-to-B, Up to $100mm) – Growth Equity Financing of

hyperWALLET from Primus Capital

+ 2014 International M&A Deal of the Year (Over $100mm to $500mm) – Sale of PayChoice, Inc. to Sage

Group Plc

+ 2015 Distressed M&A Deal of the Year (Over $25mm to $100mm) – Sale of Phoenix Payment Systems

(EPX) to North American Bancard

+ 2015 “40 Under 40” Dealmaker of the Year – Jon Steele

+ 2014 “40 Under 40” Dealmaker of the Year – Brendan T. Ryan

+ 2014 Investment Service Provider of the Year (United States) – Acquisition International

+ 2013 Investment Banking Team of the Year – M&A Atlas Awards

+ 2015 Investment Banking Firm of the Year – M&A Advisor Turnaround Awards

RECENT AWARDS AND ACCOLADES

5

INVESTMENT BANKING

FINTECH MONTHLY

ADVISORY

Sales / Recaps

Acquisitions

Divestitures

Strategic Advisory

Fairness Opinions

CAPITAL RAISING

Private Placements

Initial Public Offerings

Follow-On Offerings

Debt Capital

Restructuring

RAYMOND JAMES CAPABILITIES

FINTECH COVERAGE UNIVERSE

6

REAL ESTATE AND

MORTGAGE SERVICES

TRANSACTIONAL

MARKETING

SERVICES

INSURANCE

TECHNOLOGY

FINANCIAL SAAS

OUTSOURCED

SOLUTIONS

PAYMENTS BANK TECHNOLOGY

BENEFITS / PAYROLL

TECHNOLOGY-

ENABLED LENDING

PLATFORMS

FINANCIAL DATA AND

INFORMATION

SERVICES

INVESTMENT MGMT

TECHNOLOGY

CAPITAL MARKETS

TECHNOLOGY

INVESTMENT BANKING

FINTECH MONTHLY

RECENT TRANSACTIONS

& CASE STUDIES

7

INVESTMENT BANKING

FINTECH MONTHLY

MORE FINTECH TRANSACTIONS COMPLETED SINCE 2010 THAN ANY OTHER FIRM

Merchant payment

processing

October 2014

Sale to

Merchant payment

processing

November 2014

Sale to

December 2014

Payment and

communication services

December 2014

Payment and Communication

Services (PCS) Business

Commercial real estate

outsourced solutions

December 2014

Tech-enabled small

business lending

December 2014

Initial Public Offering

Co-Manager

$230,000,000

Payroll / HR

software

Follow-On Offering

Co-Manager

$121,000,000

SaaS-based wealth

management solutions

January 2015

Sale to

Wealth management

technology

February 2015

Majority Recapitalization

by

Digital banking

solutions

February 2015

Follow-On Offering

Co-Manager

$116,000,000

Healthcare plan

management technology

May 2015

Follow-On Offering

Co-Manager

$115,000,000

Business services and

financial products for SMBs

June 2015

Term Loan

Financing

$38,000,000

IRA rollover and advisor

solutions

July 2015

$64,000,000

Sale to

ATM management

solutions

July 2015

$80,000,000

Sale to

July 2015

GRC software solutions

Majority Recapitalization

by

Majority Recapitalization

by

Benefits administration

software

August 2015

Follow-On Offering

Co-Manager

$73,500,000

August 2015 August 2015

$190,000,000

Sale to

Sale to

Accounts receivable

management solutions Education payment

software and services

September 2015

Loan management and

compliance software

Baker Hill Business

$100,000,000

Sale to

Sale to

September 2015

Payroll / HR

software

Follow-On Offering

Co-Manager

$111,300,000

Digital banking

solutions

September 2015

Follow-On Offering

Co-Manager

$96,900,000

September 2015

SaaS-based loan

risk software

$122,000,000

Sale to

Payroll solutions

September 2014

$157,800,000

Sale to

Card personalization

solutions

September 2014

Sale to

Corporate and

consumer incentives

September 2014

$291,000,000

Sale to

8

INVESTMENT BANKING

FINTECH MONTHLY

MORE FINTECH TRANSACTIONS COMPLETED SINCE 2010 THAN ANY OTHER FIRM

9

Liquidity venue

September 2013

Sale to

Benefits administration

software

Initial Public Offering

Co-Manager

September 2013

$150,000,000

Payment integration

software

Digital personal finance

solutions

October 2013

Has received an

investment from

September 2013

Sale to

Prepaid payment

solutions

November 2013

Sale to

Digital banking

solutions

March 2014

Sale to

Digital banking

solutions

Initial Public Offering

Co-Manager

March 2014

$131,000,000

Payroll / HR

software

March 2014

Initial Public Offering

Co-Manager

$138,000,000

Benefits administration

software

April 2014

$51,000,000

Investment by

Compensation analytics

April 2014

$100,000,000

Sale to

Card personalization

solutions

Sale to

May 2014

Subsidiaries

May 2014 June 2014 June 2014

Tech-enabled mortgage

solutions Merchant payment

processing

Cross-border payment

solutions

$305,000,000

Sale to

Has received growth

equity financing from Sale to

Healthcare plan

management technology

Advisor technology

July 2014

$73,000,000

Sale to

July 2014

Initial Public Offering

Senior Co-Manager

$146,510,000

Majority Recapitalization

by

June 2014

Rental payment

solutions

Benefits administration

software

July 2014

Follow-On Offering

Co-Manager

$110,000,000

Sale to

July 2014

Billing solutions Education software

and payments

July 2014

$375,000,000

Sale to

Specialty finance

solutions

August 2014

Sale to

Integrated merchant

processing

September 2013

Majority recapitalization

by

Banking software and

outsourced solutions

August 2013

$1,200,000,000

Acquisition of

Tech-enabled

mortgage solutions

September 2013

$70,000,000

Dividend Recapitalization

INVESTMENT BANKING

FINTECH MONTHLY

Key Transaction Information

• On September 14, 2015, SS&C Technologies, Inc. (“SS&C”) announced it had entered into a definitive agreement to acquire

Primatics Financial (“Primatics”) from The Carlyle Group (“Carlyle”) for $122 million

Company Background

• Primatics provides an innovative software product suite that addresses end-to-end loan risk and finance processes for financial

institutions, including accounting, forecasting, regulatory reporting, reserving and stress testing

• The Company’s unique, cloud-based platform tackles end-to-end process challenges impacting all loan lifecycle events

• Primatics’ software processes over $500 billion in loan volume monthly and serves over 50 customers

• The Company was founded in 2004 and is headquartered in McLean, VA

Investment Banking Role

• Raymond James served as the exclusive financial advisor to Primatics & Carlyle in this transaction

• Conducted a highly competitive and targeted sale process involving both strategic and financial buyers

Successful Outcome

• The transaction was announced on September 14, 2015 and is expected to close in Q4 2015

RAYMOND JAMES ADVISORY CASE STUDY: PRIMATICS FINANCIAL

10

September 2015

Raymond James acted

as the exclusive

financial advisor to

Primatics Financial in

connection with this

transaction.

$122,000,000

Sale to

INVESTMENT BANKING

FINTECH MONTHLY

Key Transaction Information

• On September 2, 2015, Experian’s plc’s Baker Hill business (“Baker Hill” or the “Company”) announced that it had entered into a

definitive agreement to be acquired by global private equity firm The Riverside Company (“Riverside”)

• The terms of the acquisition agreement were not released

Company Background

• Baker Hill provides a comprehensive suite of SaaS solutions used primarily by the regional and community banking segment

within the U.S.

• For more than three decades, Baker Hill products have allowed high performing organizations to streamline and manage their

portfolio risk management, customer management and lending processes

• The Company was founded in 1983 and is headquartered in Carmel, IN

Investment Banking Role

• Raymond James served as the exclusive financial advisor to Baker Hill in this transaction

• Conducted a highly competitive and targeted sale process involving strategic and financial buyers

Successful Outcome

• The transaction closed on September 21, 2015

• The Company and its management team are expected to join forces with Database Marketing Agency Corp. (“DMA”), an existing

portfolio company of Riverside

• Combining DMA’s unique business intelligence with Baker Hill’s risk analysis, origination and loan portfolio management

capabilities positions the new organization to offer a competitive advantage to progressive financial institutions

• The transaction represents a premium outcome for Experian

RAYMOND JAMES ADVISORY CASE STUDY: BAKER HILL

11

September 2015

Raymond James acted

as the exclusive

financial advisor to

Baker Hill in connection

with this transaction.

$100,000,000

Sale to

Baker Hill Business

INVESTMENT BANKING

FINTECH MONTHLY

Key Transaction Information

• On August 10, 2015, Smart Tuition Holdings, LLC (“Smart Tuition” or the “Company”), entered into a definitive agreement to be

acquired by Blackbaud, Inc. (NASDAQ:BLKB)

Company Background

• Smart Tuition is a leading provider of payment software and services to private, charter, and public K-12 schools throughout the

United States

• The Company provides a leading-edge, proprietary technology platform to support tuition and other school payments and

services to over 2,400 schools representing nearly 400,000 families

• Smart Tuition employs a highly-recurring transactional revenue model leading that affords strong (90%+) visibility into future

financial performance

• The Company was founded in 2006 and is headquartered in Woodbridge, NJ

Investment Banking Role

• Raymond James served as the exclusive financial advisor to Smart Tuition in this transaction

• Conducted a highly competitive and targeted sale process involving strategic and financial buyers

Successful Outcome

• The transaction closed on October 2, 2015.

• Blackbaud’s extensive footprint across the world’s philanthropic community will provide Smart Tuition a broader platform from

which to expand its tuition management and other innovative financial solutions for schools nationwide

• Smart Tuition will help Blackbaud more completely serve the private school community with innovative solutions that help them

manage and connect information, streamline internal processes and improve the family experience

• The transaction represents a premium outcome for Smart Tuition shareholders and management team

RAYMOND JAMES ADVISORY CASE STUDY: SMART TUITION

12

August 2015

Raymond James acted

as the exclusive

financial advisor to

Smart Tuition in

connection with this

transaction.

$190,000,000

Sale to

INVESTMENT BANKING

FINTECH MONTHLY

Key Transaction Information

• On August 5, 2015, CBV Collection Services (“CBV” or the “Company”) entered into a definitive agreement to be acquired by Eli

Global, LLC (“Eli Global”)

Company Background

• Leading Canadian-based independent provider of comprehensive accounts receivable management (“ARM”) solutions

• Embedded relationships with deep set of blue-chip clients across the financial services, telecom, government, utility and

commercial sectors

• Industry-leading compliance management systems and processes

• Highly predictable revenue driven by existing client relationships and debt portfolios

• Formed in 1921 and privately owned by Yellow Point Equity Partners and the management team

Investment Banking Role

• Raymond James served as the exclusive financial advisor to CBV in this transaction

• Conducted a highly competitive and targeted sale process involving strategic and financial buyers

Successful Outcome

• The transaction signed and closed on August 5, 2015

• CBV’s management team is partnering with Eli Global and will continue to operate the Company

• The transaction represents a premium outcome for CBV’s shareholders and management team

RAYMOND JAMES ADVISORY CASE STUDY: CBV COLLECTION SERVICES

13

August 2015

Raymond James acted

as the exclusive

financial advisor to

CBV Collection

Services in connection

with this transaction.

Sale to

INVESTMENT BANKING

FINTECH MONTHLY

14

FINTECH TRADING ANALYSIS

INVESTMENT BANKING

FINTECH MONTHLY

TRADING ANALYSIS BY SECTOR

(1) Denotes sector median value. (2) Market Capitalization used in place of Enterprise Value.

Source: Capital IQ as of market close on October 30, 2015.

Note: Sectors sorted by Enterprise Value.

15

(USD in millions) Long- Price/Term Earnings

Equity Enterprise EPS to Growth

Sector (1) Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio

Liquidity Venues $10,014.2 $11,966.2 17.5% 20.3% 96.4% 66.6% 9.5x 9.2x 8.3x 14.8x 15.0x 14.0x 21.9x 20.7x 6.5% 7.9% 60.3% 59.1% 10.5% 2.1

Information Services 4,604.2 5,871.6 12.7% 23.1% 69.6% 86.6% 4.3x 4.2x 4.2x 14.2x 12.1x 11.9x 21.3x 19.3x 6.6% 6.7% 31.7% 32.5% 12.0% 2.0

Investment Technology 4,231.4 4,856.9 6.0% 11.3% 116.0% 105.6% 4.4x 3.6x 3.2x 14.6x 13.1x 11.1x 25.5x 21.2x 6.0% 8.4% 29.4% 30.0% 11.3% 2.0

Bank Technology 2,988.1 4,666.4 23.1% 36.7% 109.3% 128.4% 4.9x 4.3x 3.9x 15.6x 12.9x 12.0x 23.5x 20.9x 6.1% 7.2% 29.1% 30.1% 11.7% 2.0

Benefits / Payroll 3,301.5 3,789.0 8.5% 15.3% 76.1% 115.6% 5.2x 4.8x 4.2x 15.1x 14.6x 12.0x 23.5x 25.0x 18.4% 15.5% 21.8% 22.5% 19.5% 2.0

Real Estate / Mortgage Services 2,057.6 3,642.2 8.0% 16.2% 85.6% 104.5% 1.5x 1.5x 1.2x 10.9x 10.0x 8.9x 16.3x 13.9x 7.1% 6.2% 13.5% 13.1% 13.0% 1.2

Payments 3,403.9 4,065.4 8.0% 14.7% 85.1% 113.9% 4.4x 3.7x 3.5x 15.4x 13.1x 11.7x 19.3x 16.4x 8.4% 7.6% 26.1% 26.5% 15.0% 1.3

Outsourced Solutions 2,583.7 2,713.5 14.9% 20.1% 84.5% 88.1% 2.0x 1.7x 1.6x 11.2x 8.9x 8.4x 16.8x 15.8x 6.9% 6.2% 17.3% 17.6% 12.8% 1.5

Financial SaaS 2,013.4 1,963.2 2.8% 22.0% 70.2% 128.1% 6.8x 6.4x 5.4x 18.3x 15.2x 14.6x 30.1x 25.0x 24.7% 22.1% 24.7% 25.4% 22.1% 1.9

Insurance Technology 963.4 1,086.1 13.4% 15.1% 41.9% 51.8% 4.5x 4.2x 4.0x 14.7x 13.6x 11.7x 18.9x 21.0x 7.9% 10.4% 19.6% 18.0% 11.0% 1.7

Marketing Services 1,479.7 1,372.0 (5.3%) 13.9% 9.5% 42.9% 1.4x 1.3x 1.2x 12.8x 10.2x 9.2x 18.9x 16.8x 3.2% 3.9% 15.2% 14.4% 20.0% 1.0

Trading Technology (2) 1,015.2 1,015.2 (2.5%) 8.0% 88.1% 74.6% 1.5x 1.4x 1.3x 9.5x 12.7x 9.7x 18.0x 16.6x 6.1% 6.9% 23.7% 25.2% 15.0% 1.7

Overall Median $2,785.9 $3,715.6 8.2% 15.7% 84.8% 96.3% 4.4x 3.9x 3.7x 14.7x 13.0x 11.7x 20.3x 20.0x 6.7% 7.4% 24.2% 25.3% 12.9% 1.8

Capitalization

Revenue EBITDA P / ETrading Performance

EBITDA

MarginGrowthEnterprise Value / Enterprise Value / Revenue

INVESTMENT BANKING

FINTECH MONTHLY

RELATIVE STOCK PRICE PERFORMANCE BY SECTOR

Source: Capital IQ as of market close on October 30, 2015. Data represents median performance for each sector. (1) Market Capitalization used in place of Enterprise Value

One-Year Performance Year-to-Date Performance

Three-Year Performance Five-Year Performance

16

INVESTMENT BANKING

FINTECH MONTHLY

VALUATION MULTIPLE ANALYSIS BY SECTOR

Enterprise Value / 2015E Revenue

Enterprise Value / 2015E EBITDA

Enterprise Value / 2016E Revenue

Enterprise Value / 2016E EBITDA

17

Source: Capital IQ as of market close on October 30, 2015. Data represents median performance for each sector. (1) Market Capitalization used in place of Enterprise Value

INVESTMENT BANKING

FINTECH MONTHLY

VALUATION MULTIPLE ANALYSIS BY SECTOR (CONT’D)

2015E P / E 2016E P / E

Price / Earnings to Growth Ratio

18

Source: Capital IQ as of market close on October 30, 2015. Data represents median performance for each sector. (1) Market Capitalization used in place of Enterprise Value

INVESTMENT BANKING

FINTECH MONTHLY

GROWTH AND MARGIN ANALYSIS BY SECTOR

Source: Capital IQ as of market close on October 30, 2015. Data represents median performance for each sector.

2015E Revenue Growth

2015E EBITDA Margin

2016E Revenue Growth

2016E EBITDA Margin

19

INVESTMENT BANKING

FINTECH MONTHLY

COMPANY TRADING ANALYSIS

PAYMENTS

Source: Capital IQ as of market close on October 30, 2015.

20

(USD in millions) Long-

Enterprise Value / Enterprise Value / Revenue EBITDA Term

Equity Enterprise Growth Margin EPS PEG

Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio

Visa Inc. $191,883.0 $185,868.0 20.3% 45.6% 128.1% 312.7% 13.4x 13.2x 11.9x 19.4x 19.2x 17.0x 30.8x 26.4x 9.6% 10.5% 68.6% 70.0% 17.2% 1.8 MasterCard Incorporated 113,312.0 109,729.0 16.2% 31.7% 121.0% 317.9% 11.4x 11.3x 10.1x 20.0x 19.3x 17.0x 29.7x 25.6x 2.9% 11.6% 58.4% 59.7% 17.8% 1.7 PayPal Holdings, Inc. 44,508.2 40,209.2 NA NA NA NA 4.5x 4.4x 3.8x 21.2x 16.5x 14.2x 28.9x 24.3x 14.6% 16.6% 26.5% 26.5% 17.8% 1.6 Discover Financial Services 24,703.5 38,836.5 (12.3%) (9.0%) 42.7% 229.2% 5.5x 4.4x 4.3x 7.2x 7.0x 6.6x 10.8x 10.1x 1.4% 3.3% 63.3% 65.1% 7.3% 1.5 First Data Corporation 13,633.8 37,539.8 NA NA NA NA 4.9x 3.3x 3.1x 13.0x 12.9x 12.8x 18.2x 10.6x NA 4.4% 25.4% 24.6% NA NAAlliance Data Systems Corporation 18,323.8 32,878.1 4.3% 6.3% 109.1% 405.3% 5.3x 5.4x 4.5x 20.3x 17.8x 15.7x 19.8x 17.3x 14.9% 19.0% 30.2% 28.8% 14.6% 1.4 Cielo S.A. 18,603.0 22,353.1 9.9% 16.5% 125.4% 261.2% 9.4x 7.8x 6.9x 19.8x 15.9x 14.1x 19.3x 17.0x 23.6% 12.7% 49.0% 49.1% 14.4% 1.3 FleetCor Technologies, Inc. 13,326.1 16,300.5 (2.7%) 3.2% 210.3% NA 10.7x 9.5x 8.9x 20.5x 17.6x 15.6x 23.3x 20.0x 14.0% 7.6% 54.1% 56.8% 15.0% 1.6 The Western Union Company 10,018.9 11,969.0 9.4% 18.9% 9.3% 7.3% 2.2x 2.2x 2.1x 8.5x 8.5x 8.5x 11.8x 11.3x (2.5%) 2.2% 25.6% 25.1% 8.3% 1.4 Worldpay Group plc 8,401.5 11,913.7 NA NA NA NA 8.4x NA NA 21.6x NA NA NA NA NA NA NA NA NA NATotal System Services, Inc. 10,065.7 11,066.1 61.1% 75.8% 143.6% 253.0% 4.1x 4.0x 3.8x 16.3x 13.3x 12.4x 22.4x 20.7x 13.2% 6.6% 30.3% 30.5% 9.3% 2.4 Global Payments Inc. 8,925.6 10,547.5 70.2% 71.6% 219.2% 252.3% 3.7x 3.7x 3.5x 17.2x 17.2x 15.2x 25.3x 21.9x 6.3% 5.2% 21.5% 23.1% 12.4% 2.0 Vantiv, Inc. 7,272.4 10,544.5 50.1% 56.1% 153.2% NA 7.3x 6.3x 5.8x 15.4x 13.0x 11.8x 22.9x 19.6x 19.4% 8.7% 48.6% 49.1% 14.3% 1.6 Sage Group plc 9,063.3 9,850.1 16.9% 47.5% 70.2% 91.0% 4.7x 4.6x 4.3x 16.7x 14.9x 14.3x 21.7x 20.1x 5.9% 7.0% 30.8% 29.9% 9.4% 2.3 Ingenico Group 7,001.0 7,483.5 19.8% 31.5% 157.3% 379.8% 3.6x 3.1x 2.8x 15.4x 13.6x 12.2x 22.4x 20.0x 13.7% 10.8% 23.0% 23.2% 20.7% 1.1 Wirecard AG 6,330.1 5,515.0 27.5% 64.1% 161.1% 346.0% 7.2x 6.6x 5.4x 25.8x 22.2x 17.8x 36.9x 29.4x 25.6% 22.5% 29.7% 30.3% 28.0% 1.3 Euronet Worldwide, Inc. 4,316.0 4,254.7 49.1% 56.2% 299.8% 351.3% 2.4x 2.4x 2.1x 16.2x 14.4x 11.9x 24.7x 21.3x 9.7% 12.1% 16.3% 17.6% 14.7% 1.7 VeriFone Systems, Inc. 3,527.7 4,134.1 (17.5%) (16.0%) 3.9% (7.4%) 2.1x 2.0x 1.9x 15.0x 10.1x 9.9x 16.2x 13.5x 5.5% 6.7% 20.3% 19.3% 15.0% 1.1 WEX Inc. 3,280.1 3,996.7 (14.4%) (21.6%) 17.4% 126.8% 4.7x 4.7x 4.2x 11.9x 11.1x 10.0x 17.8x 16.2x 4.0% 12.0% 42.6% 42.3% 15.0% 1.2 Heartland Payment Systems, Inc. 2,585.2 3,040.7 30.4% 33.5% 168.5% 391.9% 4.4x 4.2x 3.8x 14.6x 13.7x 12.1x 24.3x 20.9x 8.6% 10.6% 30.6% 31.4% 15.6% 1.6 Blackhawk Network Holdings, Inc. 2,367.0 2,632.4 11.6% 23.8% NA NA 1.5x 1.5x 1.3x 16.7x 13.6x 11.7x 18.8x 16.5x 23.7% 12.4% 10.7% 11.2% 18.3% 1.0 Cardtronics Inc. 1,522.8 2,135.9 (12.1%) (8.2%) 18.6% 101.0% 1.8x 1.8x 1.7x 7.9x 7.1x 6.5x 11.8x 10.5x 14.5% 6.2% 25.1% 26.1% 14.0% 0.8 EVERTEC, Inc. 1,456.3 2,079.0 (15.0%) (16.4%) NA NA 5.7x 5.6x 5.4x 13.4x 11.2x 10.6x 11.0x 10.4x 2.5% 4.1% 50.0% 50.8% 16.0% 0.7 Optimal Payments Plc 2,569.2 1,888.1 1.5% (24.6%) 222.0% 494.4% 4.4x 3.2x 2.2x 15.7x 13.3x 7.6x 20.7x 14.8x 57.9% 44.9% 24.2% 29.1% NA NAMoneygram International Inc. 532.5 1,520.9 10.0% (21.3%) (36.8%) (48.1%) 1.1x 1.1x 1.0x 9.1x 6.4x 5.6x 13.1x 10.2x (1.2%) 7.4% 16.7% 17.5% 12.0% 1.1 Everi Holdings Inc. 323.8 1,316.7 (31.3%) (30.9%) (32.6%) 33.1% 1.9x 1.6x 1.6x 9.7x 6.5x 6.1x 6.1x 4.5x 4.4% 3.0% 24.6% 25.7% 20.0% 0.3 Bottomline Technologies (de), Inc. 1,042.2 1,076.5 8.0% (9.9%) 18.1% 52.9% 3.2x 3.2x 2.8x 17.6x 14.8x 13.5x 19.4x 16.0x 4.4% 12.4% 21.6% 21.1% 20.0% 1.0 Qiwi plc 1,119.9 900.1 (5.4%) (34.8%) NA NA 4.9x 4.7x 4.2x 11.1x 11.0x 9.3x 17.1x 14.0x 7.7% 10.5% 42.8% 45.8% 26.5% 0.6 Green Dot Corporation 949.9 762.6 (11.0%) (17.2%) 79.0% (62.9%) 1.1x 1.1x 1.0x 6.2x 4.9x 4.6x 13.8x 12.6x 16.5% 6.2% 21.9% 22.3% 14.6% 0.9 Net 1 Ueps Technologies Inc. 813.5 756.2 50.8% 40.8% 91.2% 42.1% 1.2x 1.2x 1.2x 4.5x 4.3x 4.2x 7.6x 7.1x 8.3% 1.7% 27.8% 28.1% 10.0% 0.8 Cass Information Systems, Inc. 615.2 456.6 1.2% 14.7% 41.4% 87.6% 3.7x 3.7x 3.7x 12.5x 11.4x 10.9x NA NA 4.1% 1.6% 32.8% 33.9% NA NANewtek Business Services Corp. 211.3 324.3 13.6% 18.8% 67.7% 137.9% 4.8x 2.3x 2.1x NM 15.4x 9.8x 8.7x 9.9x 8.5% 6.3% 14.7% 21.7% NA NADirectCash Payments Inc. 171.1 310.8 (33.9%) (19.6%) (46.9%) (36.9%) 1.5x 1.5x 1.5x 6.1x 5.9x 5.7x NA NA (1.2%) 0.3% 25.2% 26.1% NA NAEarthport plc 294.4 247.8 (8.6%) (12.3%) 140.6% 81.8% 8.3x 6.5x 4.1x NM NM 49.6x NA 50.0x 63.6% 58.3% NM 8.3% NA NAHigher One Holdings, Inc. 143.0 182.6 (29.2%) 26.3% (75.6%) (82.6%) 0.8x 0.9x 1.0x 7.9x 3.7x 5.9x 7.2x 8.6x (8.6%) (9.7%) 23.7% 16.5% 17.0% 0.4 eServGlobal Ltd. 21.8 20.8 (79.5%) (81.7%) (42.5%) (82.3%) 1.1x 1.1x 0.9x NM 8.7x 4.8x NA NA (8.1%) 15.0% 12.0% 19.2% NA NAPayments Median $3,403.9 $4,065.4 8.0% 14.7% 85.1% 113.9% 4.4x 3.7x 3.5x 15.4x 13.1x 11.7x 19.3x 16.4x 8.4% 7.6% 26.1% 26.5% 15.0% 1.3

CapitalizationRevenue EBITDA P / ETrading Performance

INVESTMENT BANKING

FINTECH MONTHLY

COMPANY TRADING ANALYSIS

INVESTMENT TECHNOLOGY

INSURANCE TECHNOLOGY

21

Source: Capital IQ as of market close on October 30, 2015. (1) Equity value used for multiples in place of enterprise value.

(USD in millions) Long-

Enterprise Value / Enterprise Value / Revenue EBITDA Term

Equity Enterprise Growth Margin EPS PEG

Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio

Verisk Analytics, Inc. $12,310.7 $15,336.6 13.4% 15.1% 55.7% 145.6% 7.8x 7.4x 6.5x 16.6x 15.5x 13.9x 24.2x 22.5x 19.1% 14.0% 47.9% 46.8% 12.0% 2.0

Guidewire Software, Inc. 4,205.1 3,633.5 16.9% 19.3% 100.3% NA 9.5x 9.4x 8.5x 48.4x 47.8x 47.2x NM 89.3x 6.1% 10.4% 19.6% 18.0% 20.0% NA

HealthEquity, Inc. 1,870.0 1,721.1 28.4% 59.6% NA NA 16.1x 13.8x 10.4x NM 45.4x 31.7x NA 72.6x 19.1% 32.8% 30.3% 32.7% 32.5% NA

Ebix Inc. 963.4 1,086.1 64.6% 90.7% 25.6% 9.4% 4.5x 4.2x 4.0x 12.8x 11.6x 11.1x 13.6x 13.3x 7.9% 4.7% 36.1% 36.2% 10.0% 1.4x

CorVel Corporation 672.0 644.9 (9.4%) 1.8% 55.2% 51.8% 1.3x 1.2x 1.1x 8.8x 8.0x 7.2x NA 19.5x 11.5% 15.0% 15.2% 14.7% NA NA

Crawford & Company 349.2 553.4 (38.8%) (31.2%) 28.6% 146.7% 0.5x 0.5x 0.4x 6.7x 5.5x 4.7x 10.8x 8.2x 3.7% 3.8% 8.5% 9.5% 10.0% 1.1

eHealth, Inc. 225.6 163.6 (49.9%) (41.9%) (43.2%) (7.2%) 0.9x 0.9x 0.9x 18.2x 13.6x 11.7x 26.6x NA 1.4% 6.2% 6.6% 7.3% 10.0% 2.7

Insurance Technology Median $963.4 $1,086.1 13.4% 15.1% 41.9% 51.8% 4.5x 4.2x 4.0x 14.7x 13.6x 11.7x 18.9x 21.0x 7.9% 10.4% 19.6% 18.0% 11.0% 1.7

CapitalizationTrading Performance Revenue EBITDA P / E

(USD in millions) Long-

Enterprise Value / Enterprise Value / Revenue EBITDA Term

Equity Enterprise Growth Margin EPS PEG

Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio

The Bank of New York Mellon Corporation⁽¹⁾ $47,073.5 $47,073.5 6.2% 16.0% 76.7% 71.1% 3.1x 3.1x 2.9x 10.7x 10.7x 9.9x 15.2x 13.8x 0.4% 5.7% 28.8% 29.4% 7.5% 2.0

The Charles Schwab Corporation⁽¹⁾ 40,705.4 40,705.4 2.5% 14.2% 129.7% 100.4% 6.6x 5.2x 4.6x 15.3x 13.7x 13.0x 31.3x 23.0x 22.6% 13.1% 37.8% 35.0% 16.8% 1.9

State Street Corporation⁽¹⁾ 28,706.7 28,706.7 (10.4%) (3.6%) 58.5% 71.1% 2.7x 2.7x 2.6x 8.9x 8.9x 8.0x 14.5x 13.2x 0.8% 3.4% 30.2% 32.7% 6.8% 2.1

TD Ameritrade Holding Corporation⁽¹⁾ 18,951.6 18,951.6 (2.5%) 8.0% 119.7% 105.6% 5.9x 5.8x 5.3x 12.4x 12.7x 11.2x 23.7x 20.5x 1.3% 9.5% 46.0% 47.8% 15.8% 1.5

Northern Trust Corporation⁽¹⁾ 16,518.4 16,518.4 6.0% 11.3% 51.5% 42.8% 3.5x 3.5x 3.4x 13.0x 12.0x 10.7x 18.6x 16.8x 8.0% 5.3% 29.4% 31.3% 10.2% 1.8

SEI Investments Co. 8,660.0 8,012.4 31.4% 39.2% 140.1% 139.2% 6.1x 6.0x 5.6x 20.2x 16.6x 14.4x 26.5x 23.2x 5.1% 8.0% 36.2% 38.6% 13.2% 2.0

Broadridge Financial Solutions, Inc. 7,084.6 7,449.8 29.7% 38.3% 162.3% 172.0% 2.8x 2.7x 2.5x 12.9x 12.6x 11.5x 24.1x 20.6x 7.0% 7.1% 21.2% 21.8% 11.0% 2.2

SS&C Technologies Holdings, Inc. 7,140.5 6,876.3 26.2% 57.4% 209.9% 323.6% 8.5x 6.6x 4.6x 22.2x 15.5x 10.9x 28.8x 23.2x 36.5% 42.5% 42.5% 42.2% 16.3% 1.8

Computershare Limited 4,231.4 5,458.0 (9.1%) (10.9%) 24.2% 6.3% 2.8x 3.0x 2.8x 10.3x 10.1x 10.2x 13.6x 13.6x (8.7%) 4.5% 29.3% 27.9% 1.4% 9.9

DST Systems Inc. 4,244.2 4,856.9 29.2% 32.5% 116.5% 179.7% 2.4x 2.4x 2.3x 10.6x 10.6x 10.0x 20.6x 18.4x (0.4%) 6.1% 22.5% 22.5% 9.5% 2.2

Equiniti Group plc 732.6 2,108.3 NA NA NA NA 4.7x NA NA 25.5x NA NA NA NA NA NA NA NA NA NA

SimCorp A/S 1,944.5 1,919.4 100.9% 90.9% 160.6% 253.0% 6.8x 6.2x 5.7x 25.2x 21.9x 19.4x 31.6x 27.2x 16.6% 8.7% 28.5% 29.5% NA NA

Financial Engines, Inc. 1,723.9 1,406.8 (8.9%) (11.5%) 39.6% 129.1% 4.7x 4.5x 4.0x 22.9x 15.2x 13.2x 36.6x 32.1x 11.0% 12.0% 29.6% 30.5% 19.2% 1.9

IRESS Limited 1,053.9 1,144.1 (12.7%) (6.8%) 26.9% 5.3% 4.8x 4.6x 4.1x 18.4x 15.0x 13.1x 22.3x 19.2x 6.0% 11.3% 30.5% 31.3% 11.3% 2.0

Fidessa group plc 1,168.3 1,073.0 (16.9%) (10.7%) 49.9% 23.9% 2.4x 2.4x 2.3x 14.0x 11.8x 11.1x 25.8x NA 4.6% 3.1% 20.2% 20.9% NA NA

Envestnet, Inc. 1,057.1 1,006.4 (39.6%) (32.0%) 116.0% 127.1% 2.6x 2.4x 2.0x 18.3x 13.6x 9.8x 30.1x 22.6x 18.6% 24.7% 17.9% 19.9% 26.8% 1.1

First Derivatives plc 541.5 565.8 17.0% 22.1% 174.7% 308.2% 4.4x 3.6x 3.1x 37.1x 22.6x 17.1x 32.7x NA 26.7% 16.4% 16.1% 18.2% NA NA

Sanne Group plc 549.2 557.8 NA NA NA NA 9.7x 8.1x 7.0x NA 20.1x 17.4x 25.2x 21.9x NA 15.0% 40.3% 40.5% NA NA

StatPro Group plc 80.4 77.2 6.2% 8.5% (26.7%) (36.6%) 1.6x 1.6x 1.5x 12.4x 12.0x 10.7x 30.0x 26.6x 0.1% 3.8% 13.3% 14.3% NA NA

Investment Technology Median $4,231.4 $4,856.9 6.0% 11.3% 116.0% 105.6% 4.4x 3.6x 3.2x 14.6x 13.1x 11.1x 25.5x 21.2x 6.0% 8.4% 29.4% 30.0% 11.3% 2.0

Trading PerformanceCapitalization

Revenue EBITDA P / E

INVESTMENT BANKING

FINTECH MONTHLY

BENEFITS / PAYROLL

MARKETING SERVICES

COMPANY TRADING ANALYSIS

22

Source: Capital IQ as of market close on October 30, 2015.

(USD in millions) Long-

Enterprise Value / Enterprise Value / Revenue EBITDA Term

Equity Enterprise Growth Margin EPS PEGCompany Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio

Alliance Data Systems Corporation $18,323.8 $32,878.1 4.3% 6.3% 109.1% 405.3% 5.3x 5.4x 4.5x 20.3x 17.8x 15.7x 19.8x 17.3x 14.9% 19.0% 30.2% 28.8% 14.6% 1.4

Experian plc 16,506.1 19,787.1 3.6% 21.9% 5.8% 55.2% 4.1x 4.1x 4.1x 12.8x 11.0x 11.7x 18.9x 18.1x (1.9%) (0.7%) 37.3% 35.2% 11.0% 1.7

Blackhawk Network Holdings, Inc. 2,367.0 2,632.4 11.6% 23.8% NA NA 1.5x 1.5x 1.3x 16.7x 13.6x 11.7x 18.8x 16.5x 23.7% 12.4% 10.7% 11.2% 18.3% 1.0

Acxiom Corporation 1,780.2 1,929.2 12.7% 26.2% 24.2% 30.6% 1.9x 1.8x 1.8x 12.8x 12.8x 13.8x 40.6x 38.8x 1.7% 2.9% 14.3% 12.8% 12.5% 3.2

Aimia Inc. 1,481.0 1,582.2 (16.2%) (21.3%) (17.7%) (1.2%) 0.8x 0.8x 0.8x 10.3x 9.1x 8.3x 14.8x 13.7x 3.2% 3.0% 9.2% 9.8% NA NA

Bankrate, Inc. 1,221.9 1,381.3 (2.6%) 13.9% 13.2% NA 2.5x 2.6x 2.5x 14.2x 9.4x 9.0x 18.0x 17.0x (3.0%) 2.9% 27.8% 28.0% 20.0% 0.9

LendingTree, Inc. 1,469.0 1,362.7 163.3% 248.7% 787.7% 1655.7% 8.2x 5.7x 4.2x NM 35.0x 26.0x 47.5x 37.1x 45.2% 35.4% 16.2% 16.1% NA NA

Groupon, Inc. 2,349.0 1,272.8 (56.5%) (40.2%) (19.7%) NA 0.4x 0.4x 0.4x 5.0x 4.4x 3.8x 25.4x 19.3x 0.5% 9.9% 9.2% 9.6% 26.3% 1.0

RetailMeNot, Inc. 489.2 286.9 (37.6%) (54.0%) NA NA 1.3x 1.2x 1.2x 5.2x 4.8x 4.5x 15.2x 15.5x 15.4% 2.1% 25.5% 26.3% 20.0% 0.8

Quotient Technology Inc. 476.1 273.6 (67.8%) (58.3%) NA NA 1.2x 1.2x 1.0x 7.2x 7.0x 4.3x NA NA 1.0% 16.0% 17.1% 24.3% 20.0% NA

QuinStreet, Inc. 258.8 213.4 (5.3%) 35.9% (16.7%) (63.0%) 0.8x 0.7x 0.7x 17.8x 11.2x 9.3x NA NA 6.6% 3.5% 6.5% 7.6% NA NA

Points International Ltd. 153.4 112.9 (13.0%) (24.0%) 39.8% 62.5% 0.4x 0.4x 0.3x 10.1x 9.3x 6.2x 29.5x 16.5x 17.1% 16.4% 4.1% 5.2% NA NA

Marketing Services Median $1,475.0 $1,372.0 (3.9%) 10.1% 13.2% 55.2% 1.4x 1.3x 1.2x 12.8x 10.2x 9.2x 19.4x 17.2x 4.9% 6.7% 15.2% 14.4% 19.1% 1.0

CapitalizationRevenue EBITDA P / ETrading Performance

(USD in millions) Long-

Enterprise Value / Enterprise Value / Revenue EBITDA Term

Equity Enterprise Growth Margin EPS PEG

Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio

Automatic Data Processing, Inc. $40,902.2 $39,685.5 5.4% 13.8% 51.1% 98.1% 3.6x 3.5x 3.2x 17.2x 17.5x 15.2x 29.0x 25.3x (3.4%) 8.5% 20.2% 21.3% 11.1% 2.6

Aon plc 26,545.3 31,930.3 (0.0%) 13.5% 76.1% 133.1% 2.7x 2.7x 2.6x 12.6x 12.5x 11.6x 15.7x 14.3x (0.8%) 3.2% 21.2% 22.2% 11.6% 1.4

Paychex, Inc. 18,834.6 18,296.9 13.1% 13.6% 58.6% 88.6% 6.5x 6.4x 6.0x 15.4x 15.2x 14.3x 27.0x 24.7x 8.7% 6.9% 42.4% 42.2% 9.8% 2.7

The Ultimate Software Group, Inc. 5,798.0 5,677.3 38.1% 39.7% 109.2% 394.6% 9.7x 9.2x 7.5x 47.7x 38.2x 30.4x 79.3x 64.5x 21.9% 23.0% 24.1% 24.6% 24.4% 3.3

Edenred SA 4,276.2 5,262.0 (26.4%) (22.0%) (25.6%) 10.8% 4.7x 4.5x 4.4x 14.7x 12.4x 11.8x 19.1x 18.3x 2.9% 3.0% 36.6% 37.3% 9.3% 2.1

Paycom Software, Inc. 2,302.8 2,286.4 48.0% 130.4% NA NA 12.4x 10.8x 8.3x NM NM NM NM 85.0x 14.8% 28.9% 16.0% 15.7% 42.5% NA

HealthEquity, Inc. 1,870.0 1,721.1 28.4% 59.6% NA NA 16.1x 13.8x 10.4x NM 45.4x 31.7x NA 72.6x 44.4% 32.8% 30.3% 32.7% 32.5% NA

TriNet Group, Inc. 1,326.5 1,707.9 (39.9%) (35.1%) NA NA 0.7x 0.6x 0.5x 11.5x 10.9x 9.1x 17.9x 14.2x 23.5% 16.7% 5.9% 6.1% 17.3% 1.0

Paylocity Holding Corporation 1,721.2 1,639.9 29.7% 48.2% NA NA 10.7x 9.4x 7.3x NM NM NM NA NA 39.1% 28.7% 3.7% 0.4% 30.0% NA

WageWorks, Inc. 1,735.3 1,318.0 (25.0%) (11.9%) 153.1% NA 4.2x 3.9x 3.4x 18.3x 14.6x 12.0x 43.0x 34.2x 25.8% 14.3% 27.0% 28.8% 21.8% 2.0

Benefitfocus, Inc. 937.2 889.4 (0.6%) 30.6% NA NA 5.6x 5.1x 4.1x NM NM NM NA NA 29.8% 24.5% NM NM 25.0% NA

Morneau Shepell Inc. 563.2 817.6 (11.6%) (5.7%) 19.7% 65.7% 2.0x 1.9x 1.7x 13.1x 10.3x 9.3x 20.2x 16.0x 5.0% 9.3% 18.6% 18.8% NA NA

Benefits / Payroll Median $3,289.5 $3,774.2 8.5% 15.3% 76.1% 115.6% 5.2x 4.8x 4.2x 15.1x 14.6x 12.0x 23.7x 25.0x 18.4% 15.5% 21.2% 22.2% 19.5% 2.0

CapitalizationRevenue EBITDA P / ETrading Performance

INVESTMENT BANKING

FINTECH MONTHLY

LIQUIDITY VENUES

TRADING TECHNOLOGY(1)

COMPANY TRADING ANALYSIS

23

Source: Capital IQ as of market close on October 30, 2015. (1) Equity value used for multiples in place of enterprise value.

(USD in millions) Long-

Enterprise Value / Enterprise Value / Revenue EBITDA Term

Equity Enterprise Growth Margin EPS PEG

Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio

The Charles Schwab Corporation $40,705.4 $40,705.4 2.5% 14.2% 129.7% 100.4% 6.6x 6.5x 5.5x 18.5x 16.5x 12.7x 31.3x 22.9x 6.7% 16.9% 39.3% 43.6% 16.8% 1.9

TD Ameritrade Holding Corporation 18,951.6 18,951.6 (2.5%) 8.0% 119.7% 105.6% 5.9x 5.8x 5.4x 12.4x 12.7x 11.2x 23.7x 20.5x 1.3% 7.9% 46.0% 48.5% 15.8% 1.5

E*TRADE Financial Corporation 8359.0 8359.0 18.7% 34.4% 248.7% 102.2% 4.6x 4.4x 4.2x NM 13.9x 9.7x 24.5x 18.4x 5.6% 5.7% 31.6% 43.0% 14.1% 1.7

ICAP plc 4,319.0 4,319.0 (3.4%) 6.7% 34.8% (3.6%) 2.3x 2.2x 2.2x 9.5x 9.4x 8.6x 14.8x 13.6x (2.7%) 2.5% 23.7% 25.2% 8.6% 1.7

KCG Holdings, Inc. 1,172.1 1,172.1 7.2% 15.5% NA NA 1.0x 1.0x 1.0x 15.6x 14.1x 12.3x 23.7x 15.5x (7.7%) (3.3%) 6.8% 8.1% 10.0% 2.4

Virtu Financial, Inc. 858.3 858.3 NA NA NA NA 1.9x 1.7x 1.6x 3.7x 2.5x 2.3x 18.8x 17.6x 13.7% 7.2% 68.3% 68.7% NA NA

INTL FCStone Inc. 626.9 626.9 60.2% 83.6% 79.0% 48.7% 1.2x 1.1x 1.0x 26.1x 24.1x 25.1x 12.2x NA 9.3% 6.6% 4.4% 4.0% NA NA

Investment Technology Group Inc. 553.3 553.3 (21.8%) (10.1%) 97.2% 14.4% 1.0x 1.0x 1.0x 4.6x 4.4x 4.1x 18.0x 13.3x (4.7%) 2.5% 23.6% 24.7% NA NA

GAIN Capital Holdings, Inc. 374.0 374.0 (15.6%) 6.1% 63.3% NA 0.9x 0.8x 0.8x 5.6x 5.3x 4.1x 12.3x 8.6x 24.4% 8.9% 15.3% 18.3% 16.0% 0.8

FXCM Inc. 46.2 46.2 (94.7%) (94.4%) (90.3%) NA 0.2x 0.1x 0.1x 0.5x NA NA NM NA 19.6% 18.0% NA NA NA NA

Trading Technology Median $1,015.2 $1,015.2 (2.5%) 8.0% 88.1% 74.6% 1.5x 1.4x 1.3x 9.5x 12.7x 9.7x 18.8x 16.6x 6.1% 6.9% 23.7% 25.2% 15.0% 1.7

Revenue EBITDA P / ETrading Performance

Capitalization

(USD in millions) Long-

Enterprise Value / Enterprise Value / Revenue EBITDA Term

Equity Enterprise Growth Margin EPS PEG

Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio

CME Group Inc. $32,404.6 $33,139.1 8.2% 18.0% 73.1% 65.8% 9.9x 9.7x 9.0x 14.7x 14.3x 13.4x 25.0x 22.2x 9.8% 7.9% 67.9% 67.2% 12.0% 2.1

Intercontinental Exchange, Inc. 28,277.5 31,139.5 17.5% 25.4% 96.4% 124.9% 9.5x 9.5x 7.9x 14.7x 14.6x 12.1x 21.9x 18.4x 6.0% 19.9% 64.9% 65.3% 15.0% 1.5

Hong Kong Exchanges & Clearing Limited 31,382.9 30,048.4 18.6% 20.3% 61.7% 19.3% 19.3x 17.2x 15.9x 27.1x 23.0x 21.0x 30.4x 26.5x 12.4% 8.2% 74.8% 75.5% 10.5% 2.9

Deutsche Boerse AG 17,040.2 17,679.3 42.5% 55.9% 102.1% 66.6% 6.8x 6.8x 6.3x 18.6x 16.0x 15.5x 20.1x 17.9x 1.7% 8.0% 42.5% 40.8% 9.4% 2.1

London Stock Exchange Group plc 13,629.6 15,516.7 15.2% 32.1% 164.2% 256.2% 7.8x 5.9x 5.4x 14.2x 13.3x 12.9x 21.3x 20.7x 7.6% 9.3% 44.3% 41.7% 13.0% 1.6

Nasdaq, Inc. 10,014.2 11,966.2 23.6% 41.8% 149.4% 183.6% 5.8x 5.7x 5.5x 11.4x 11.4x 10.8x 17.4x 16.0x 0.6% 4.3% 50.4% 51.1% 8.8% 2.0

BM&FBOVESPA S.A. 5,456.6 5,828.5 19.9% 8.4% (11.0%) (16.4%) 10.5x 10.3x 9.7x 17.2x 15.2x 14.5x 13.8x 12.9x 6.5% 5.7% 67.9% 67.3% 7.0% 2.0

CBOE Holdings, Inc. 5,695.7 5,606.0 8.5% 19.1% 136.0% 186.7% 9.2x 8.9x 8.3x 15.9x 15.2x 14.1x 29.0x 26.3x 2.5% 6.6% 58.3% 59.1% 12.2% 2.4

Singapore Exchange Limited 5,784.6 5,153.5 (2.9%) 9.2% 11.6% (14.6%) 10.1x 9.2x 8.3x 16.1x 15.2x 16.3x 22.7x 23.5x 10.2% 10.3% 60.2% 51.0% 6.9% 3.3

ASX Limited 5,633.9 4,981.6 12.0% 15.5% 38.4% 8.7% 8.1x 7.1x 6.8x 9.9x 9.2x 8.8x 19.3x 18.4x 6.5% 4.4% 77.2% 77.0% 4.7% 4.1

MarketAxess Holdings Inc. 3,736.4 3,534.0 39.7% 56.5% 223.2% 448.1% 11.9x 11.7x 10.7x 22.0x 21.4x 19.0x 39.8x 34.3x 15.6% 9.9% 54.7% 56.3% 19.0% 2.1

Euronext N.V. 3,053.8 3,031.3 48.5% 100.1% NA NA 5.4x 5.4x 5.3x 11.1x 10.3x 9.6x 16.5x 15.3x (1.8%) 2.8% 52.5% 55.1% 13.1% 1.3

Liquidity Venues Median $10,014.2 $11,966.2 17.5% 20.3% 96.4% 66.6% 9.5x 9.2x 8.3x 15.9x 15.2x 14.1x 21.9x 20.7x 6.5% 8.0% 60.2% 59.1% 10.5% 2.1

CapitalizationP / ETrading Performance Revenue EBITDA

INVESTMENT BANKING

FINTECH MONTHLY

COMPANY TRADING ANALYSIS

FINANCIAL SAAS

BANK TECHNOLOGY

24

Source: Capital IQ as of market close on October 30, 2015.

(USD in millions) Long-

Enterprise Value / Enterprise Value / Revenue EBITDA Term

Equity Enterprise Growth Margin EPS PEG

Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio

First Data Corporation $13,633.8 $37,539.8 NA NA NA NA 4.9x 3.3x 3.1x 13.0x 12.9x 12.8x 18.2x 10.6x NA 4.4% 25.4% 24.6% NA NA

Fiserv, Inc. 22,074.6 26,000.6 36.1% 43.6% 156.7% 256.8% 5.0x 4.9x 4.6x 16.2x 14.5x 13.6x 25.0x 22.3x 4.7% 5.7% 34.0% 34.3% 11.3% 2.2

Fidelity National Information Services, Inc. 20,496.4 25,184.1 17.0% 28.7% 123.1% 169.5% 3.9x 2.7x 2.6x 15.6x 12.8x 10.2x 22.1x 19.1x 1.2% 3.6% 20.9% 25.3% 11.5% 1.9

Wolters Kluwer NV 9,915.4 12,203.6 21.6% 50.2% 109.3% 87.4% 2.8x 2.7x 2.6x 11.2x 10.7x 10.2x 16.6x 15.5x 2.8% 2.1% 25.1% 25.5% 8.4% 2.0

Jack Henry & Associates Inc. 6,201.5 6,105.9 24.7% 31.5% 104.3% 186.6% 4.9x 4.8x 4.5x 14.0x 13.6x 12.8x 28.9x 26.3x 4.2% 7.3% 35.7% 35.2% 11.7% 2.5

Black Knight Financial Services, Inc. 2,449.5 4,998.2 NA NA NA NA 6.2x 5.8x 5.5x 15.6x 12.0x 11.1x NA NA 7.9% 7.0% 48.5% 49.0% NA NA

DH Corporation 2,815.9 4,334.5 (4.8%) 2.5% 66.6% 70.2% 4.1x 3.7x 3.3x 11.7x 9.7x 8.6x 14.8x 13.7x 16.6% 13.8% 38.6% 38.4% NA NA

ACI Worldwide, Inc. 2,869.5 3,654.7 20.8% 28.1% 85.9% 204.5% 3.5x 3.5x 3.3x 17.4x 13.2x 12.0x 30.1x 28.7x 1.4% 5.0% 26.4% 27.6% 16.0% 1.9

Temenos Group AG 3,106.8 3,524.3 29.6% 42.0% 210.8% 44.7% 6.9x 6.5x 5.9x 20.6x 17.5x 16.0x 27.3x 23.9x 11.6% 10.0% 37.2% 37.1% 17.7% 1.5

Ellie Mae, Inc. 2,164.7 2,055.6 81.4% 90.0% 188.6% NA 8.7x 8.2x 5.5x 42.1x 42.0x 26.7x 50.0x 41.4x 55.0% 48.5% 19.6% 20.7% 21.7% 2.3

Q2 Holdings, Inc. 957.7 839.5 36.2% 76.2% NA NA 9.0x 7.8x 5.9x NM NM NM NA NA 36.7% 31.3% NM NM NA NA

Computer Services, Inc. 553.8 537.0 (2.1%) (2.3%) 36.6% 78.1% 2.4x 2.3x 2.1x 9.2x 7.9x 7.0x 21.2x 19.5x 6.1% 9.7% 29.1% 30.1% NA NA

Bank Technology Median $2,988.1 $4,666.4 23.1% 36.7% 109.3% 128.4% 4.9x 4.3x 3.9x 15.6x 12.9x 12.0x 23.5x 20.9x 6.1% 7.2% 29.1% 30.1% 11.7% 2.0

Trading Performance

Capitalization

Revenue EBITDA P / E

(USD in millions) Long-

Enterprise Value / Enterprise Value / Revenue EBITDA Term

Equity Enterprise Growth Margin EPS PEG

Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio

Intuit Inc. $27,173.3 $25,976.3 6.3% 13.5% 65.0% 103.2% 5.8x 5.2x 4.6x 23.9x 18.7x 14.9x 34.9x 27.1x 15.2% 14.0% 27.8% 30.5% 17.3% 2.0

Workday, Inc. 15,129.6 13,725.5 (3.4%) (16.0%) 57.6% NA 14.1x 11.9x 8.7x NM NM NM NA NA 47.5% 37.1% 6.0% 8.1% 36.0% NA

Sage Group plc 9,063.3 9,850.1 16.9% 47.5% 70.2% 91.0% 4.7x 4.6x 4.3x 16.7x 14.9x 14.3x 21.7x 20.1x 5.9% 7.0% 30.8% 29.9% 9.4% 2.3

SS&C Technologies Holdings, Inc. 7,140.5 9,616.7 26.2% 57.4% 209.9% 323.6% 7.8x 7.5x 7.1x 18.0x 16.8x 15.8x 28.1x 22.8x 3.8% 5.7% 44.9% 45.1% 16.3% 1.7

Paycom Software, Inc. 2,302.8 2,286.4 48.0% 130.4% NA NA 12.4x 10.8x 8.3x NM NM 40.1x NA 85.0x 44.2% 28.9% 21.5% 20.8% 42.5% NA

Paylocity Holding Corporation 1,721.2 1,639.9 29.7% 48.2% NA NA 10.7x 9.4x 7.3x NM NM NM NA NA 39.1% 28.7% 3.7% 7.2% 30.0% NA

Financial Engines, Inc. 1,723.9 1,406.8 (8.9%) (11.5%) 39.6% 129.1% 4.7x 4.5x 4.0x 22.9x 15.2x 13.2x 36.6x 32.1x 11.0% 12.0% 29.6% 30.5% 19.2% 1.9

Xero Limited. 1,441.1 1,259.7 (2.5%) (2.5%) 181.2% 837.5% 14.7x 10.0x 6.3x NM NM NM NA NA 67.3% 57.7% NM NM 7.1% NA

Envestnet, Inc. 1,057.1 1,006.4 (39.6%) (32.0%) 116.0% 127.1% 2.6x 2.4x 2.0x 18.3x 13.6x 10.2x 30.1x 22.6x 19.6% 19.7% 17.8% 19.8% 26.8% 1.1

Benefitfocus, Inc. 937.2 889.4 (0.6%) 30.6% NA NA 5.6x 5.1x 4.1x NM NM NM NA NA 29.8% 24.5% NM NM 25.0% NA

Financial SaaS Median $2,013.4 $1,963.2 2.8% 22.0% 70.2% 128.1% 6.8x 6.4x 5.4x 18.3x 15.2x 14.6x 30.1x 25.0x 24.7% 22.1% 24.7% 25.4% 22.1% 1.9

EBITDA P / E

Capitalization

Trading Performance Revenue

INVESTMENT BANKING

FINTECH MONTHLY

COMPANY TRADING ANALYSIS

INFORMATION SERVICES

25

Source: Capital IQ as of market close on October 30, 2015.

(USD in millions) Long-

Enterprise Value / Enterprise Value / Revenue EBITDA Term

Equity Enterprise Growth Margin EPS PEG

Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio

Thomson Reuters Corporation $31,446.6 $39,910.6 15.1% 28.5% 90.6% 38.9% 3.3x 3.3x 3.2x 15.4x 11.7x 10.9x 19.9x 17.8x (3.0%) 2.2% 27.9% 29.1% 10.5% 1.9

McGraw Hill Financial, Inc. 25,609.6 26,245.6 5.6% 9.7% 67.7% 150.4% 5.1x 4.9x 4.4x 12.5x 11.8x 10.5x 21.3x 19.0x 6.4% 10.8% 41.5% 42.1% 13.0% 1.6

Moody's Corporation 20,108.1 21,394.5 4.8% 2.6% 109.6% 277.8% 6.2x 6.1x 5.6x 13.4x 13.1x 12.0x 21.8x 19.3x 6.8% 7.5% 46.4% 47.0% 13.5% 1.6

Experian plc 16,506.1 19,787.1 3.6% 21.9% 5.8% 55.2% 4.3x 4.2x 4.1x 12.8x 11.0x 11.7x 18.9x 18.1x (4.0%) 1.5% 38.1% 35.2% 11.0% 1.7

RELX PLC 19,639.7 19,639.7 5.5% 16.1% 93.2% 116.0% NA 3.5x 3.4x 11.7x 11.6x 11.3x 19.0x 17.7x 4.3% 3.7% 34.6% 35.0% 7.1% 2.7

Verisk Analytics, Inc. 12,310.7 15,336.6 13.4% 15.1% 55.7% 145.6% 7.8x 7.4x 6.5x 16.6x 15.5x 13.9x 24.2x 22.5x 19.1% 14.0% 47.8% 46.8% 11.8% 2.0

Equifax Inc. 12,659.1 13,922.9 32.1% 41.0% 114.8% 226.9% 5.3x 5.2x 4.9x 15.3x 15.1x 13.7x 23.9x 21.7x 9.5% 7.2% 34.7% 35.6% 11.3% 2.1

Wolters Kluwer NV 9,860.0 12,135.3 21.6% 50.2% 109.3% 87.4% 2.8x 2.7x 2.6x 11.2x 10.7x 10.2x 16.6x 15.5x 2.8% 2.1% 25.1% 25.5% 8.4% 2.0

IHS Inc. 8,199.8 10,021.3 5.6% (7.6%) 40.9% 67.9% 4.3x 4.3x 4.2x 17.2x 13.6x 12.8x 20.1x 18.6x 4.0% 3.8% 31.7% 32.5% 12.6% 1.6

MSCI Inc. 6,914.1 7,259.1 32.9% 34.8% 128.9% 76.3% 6.9x 6.8x 6.3x 15.8x 15.9x 14.4x 29.3x 24.7x 7.2% 7.9% 42.4% 43.6% 11.3% 2.6

FactSet Research Systems Inc. 7,249.8 7,102.4 24.7% 35.7% 93.2% 99.7% 7.1x 6.9x 6.1x 19.6x 18.7x 16.8x 28.3x 24.7x 10.1% 11.9% 36.7% 36.5% 10.3% 2.7

Informa plc 5,657.0 7,054.9 21.2% 21.2% 44.8% 31.6% 3.9x 3.8x 3.7x 12.6x 12.0x 11.6x 13.9x 13.5x 8.1% 2.4% 31.5% 31.9% 4.8% 2.9

TransUnion 4,604.2 6,858.9 NA NA NA NA 4.7x 4.6x 4.3x 15.1x 13.3x 12.1x 26.1x 21.2x NA 6.7% 34.7% 35.7% 11.0% 2.4

CoStar Group Inc. 6,243.1 6,237.6 4.7% 27.3% 127.6% 284.8% 9.2x 8.8x 7.3x NM NM 27.2x NA 50.8x 23.6% 20.1% 16.7% 26.9% 17.8% NA

Markit Ltd. 5,412.7 5,871.6 15.9% 30.7% NA NA 5.4x 5.3x 4.9x 14.2x 12.1x 11.3x 20.9x 19.6x 4.2% 8.7% 43.8% 43.0% 3.4% 6.2

Dun & Bradstreet Corp. 4,051.7 5,710.9 (7.2%) (7.6%) 37.5% 50.8% 3.4x 3.4x 3.2x 13.1x 11.5x 10.8x 15.6x 14.7x 0.2% 5.7% 29.6% 29.7% 6.2% 2.5

Black Knight Financial Services, Inc. 2,444.8 4,993.5 NA NA NA NA 5.5x 5.3x 5.0x 15.6x 12.0x 11.1x 38.0x 33.5x NA 7.2% 44.2% 44.6% 16.4% 2.3

CoreLogic, Inc. 3,494.2 4,738.8 25.5% 29.0% 71.5% 125.9% 3.2x 3.2x 3.0x 14.1x 11.2x 10.5x 21.3x 19.1x 6.9% 5.0% 28.1% 28.7% 11.4% 1.9

Fair Isaac Corporation 2,906.7 3,470.4 29.1% 57.2% 103.7% 289.9% 4.2x 4.1x 3.8x 18.8x 16.4x 13.7x 21.8x 18.2x 6.6% 6.0% 24.9% 28.1% 16.0% 1.4

Morningstar Inc. 3,620.0 3,357.0 26.6% 23.1% 30.9% 68.4% 4.3x 4.2x 3.9x 13.5x 13.2x 11.9x 27.9x 24.3x 4.2% 7.5% 32.2% 33.3% 16.0% 1.7

NICE Systems Ltd. 3,424.9 2,993.4 12.0% 45.6% 82.9% 85.9% 3.5x 3.2x 3.0x 13.4x 12.0x 11.2x 18.2x 16.6x 8.9% 6.2% 27.0% 27.1% 12.0% 1.5

Acxiom Corporation 1,780.2 1,929.2 12.7% 26.2% 24.2% 30.6% 2.0x 2.2x 2.2x 12.8x 12.8x 13.8x 40.6x 38.8x (15.9%) (1.3%) 17.3% 16.2% 12.5% 3.2

Bankrate, Inc. 1,221.9 1,381.3 (2.6%) 13.9% 13.2% NA 2.5x 2.6x 2.5x 14.2x 9.4x 9.0x 18.0x 17.0x (3.0%) 2.9% 27.8% 28.0% 20.0% 0.9

F. Marc de Lacharrière (Fimalac) S.A. 2,403.3 1,253.8 30.6% 56.8% 138.0% 168.0% 10.5x 8.5x 8.1x NM NM NM 1.4x 37.3x 18.1% 4.8% 10.7% 12.0% NA NA

LifeLock, Inc. 923.6 591.3 (47.6%) (39.8%) 38.4% NA 1.1x 1.0x 0.9x 13.3x 8.3x 6.1x 15.8x 13.0x 10.1% 14.9% 12.1% 14.3% 22.3% 0.7

Reis, Inc. 271.1 245.1 (7.8%) 3.8% 121.3% 274.3% 5.2x 5.0x 4.6x 17.4x 13.5x 13.0x 38.9x 45.5x 20.2% 8.8% 37.0% 35.1% 15.0% 2.6

Value Line, Inc. 157.3 141.5 (1.4%) 2.5% 62.1% (1.1%) 4.0x 3.7x 3.5x NM 28.3x 23.6x NA NA 8.6% 7.9% 13.2% 14.6% NA NA

Intersections Inc. 42.8 34.8 (45.8%) (45.4%) (77.5%) (78.0%) 0.2x NA NA NM NA NA NA NA NA NA NA NA NA NA

Creditriskmonitor.com Inc. 41.0 31.8 100.0% 88.7% 33.3% (9.1%) 2.6x NA NA 29.4x NA NA NA NA NA NA NA NA NA NA

Information Services Median $4,604.2 $5,871.6 12.7% 23.1% 69.6% 86.6% 4.3x 4.2x 4.1x 14.2x 12.1x 11.8x 21.3x 19.2x 6.8% 6.7% 31.7% 32.5% 11.8% 2.0

Revenue EBITDA P / ECapitalization

Trading Performance

INVESTMENT BANKING

FINTECH MONTHLY

COMPANY TRADING ANALYSIS

OUTSOURCED SOLUTIONS

26

Source: Capital IQ as of market close on October 30, 2015.

(USD in millions) Long-

Enterprise Value / Enterprise Value / Revenue EBITDA Term

Equity Enterprise Growth Margin EPS PEG

Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio

Tata Consultancy Services Limited $76,228.1 $73,079.3 (0.6%) 2.0% 92.3% 140.2% 4.7x 4.6x 4.1x 18.5x 15.9x 14.3x NA 19.1x 14.0% 12.4% 28.7% 28.3% 15.7% NA

Cognizant Technology Solutions Corporation 42,517.7 40,013.7 32.5% 48.6% 109.1% 107.7% 3.5x 3.2x 2.8x 17.7x 16.0x 13.9x 23.1x 20.2x 21.7% 14.4% 20.2% 20.3% 16.3% 1.4

Infosys Limited 40,317.8 35,662.8 16.8% 21.8% 98.0% 55.3% 4.0x 4.0x 3.6x 16.2x 14.8x 13.1x NA 18.4x 11.6% 10.1% 26.8% 27.5% 12.8% NA

Wipro Ltd. 21,721.5 18,926.7 4.7% 4.4% 72.1% 35.4% 2.5x 2.5x 2.2x 11.5x 11.1x 10.1x 15.8x 14.5x 7.0% 10.4% 22.4% 22.3% 11.1% 1.4

HCL Technologies Ltd. 18,877.5 17,366.8 9.2% 16.9% 188.1% 327.7% 2.9x 2.9x 2.5x 14.5x 13.0x 11.3x NA 15.2x 15.0% 13.1% 22.0% 22.4% 15.4% NA

Xerox Corporation 9,476.1 16,641.1 (32.5%) (28.1%) 44.2% (19.9%) 0.9x 0.9x 0.8x 9.9x 7.5x 7.3x 9.8x 9.4x 3.6% 5.4% 11.5% 11.2% NA NA

CGI Group, Inc. 11,362.8 12,757.5 9.9% 26.1% 93.1% 213.9% 1.6x 1.6x 1.6x 9.6x 8.9x 8.4x 15.3x 13.8x (1.8%) 2.8% 18.3% 18.8% 8.7% 1.8

Computer Sciences Corporation 9,273.7 9,716.7 6.3% 12.2% 119.2% 35.9% 0.8x 0.8x 0.8x 9.6x 4.9x 4.7x 14.0x 13.1x 1.3% 5.5% 17.0% 17.1% 8.0% 1.7

Amdocs Limited 9,332.6 7,930.9 30.2% 29.6% 84.5% 99.6% 2.2x 2.1x 2.0x 11.3x 10.6x 9.8x 18.0x 16.5x 2.5% 6.2% 20.3% 20.6% 8.1% 2.2

Genpact Limited 5,355.1 5,732.5 31.3% 46.4% 41.2% 58.9% 2.4x 2.3x 2.1x 14.8x 13.6x 12.1x 20.9x 18.0x 9.2% 10.0% 17.0% 17.4% 14.0% 1.5

Deluxe Corp. 2,978.3 3,435.1 (2.8%) 0.2% 93.3% 213.8% 2.0x 1.9x 1.9x 8.7x 7.8x 7.3x 13.3x 12.5x 6.5% 4.2% 24.8% 25.6% 9.0% 1.5

Convergys Corporation 2,583.7 2,713.5 29.1% 34.5% 62.6% 132.7% 0.9x 0.9x 0.9x 7.3x 7.1x 6.5x 15.4x 14.0x 5.0% 3.6% 12.8% 13.4% 10.3% 1.5

FTI Consulting, Inc. 1,836.8 2,251.8 13.6% 14.5% 76.0% 23.7% 1.3x 1.3x 1.2x 11.2x 10.7x 9.7x 23.5x 18.1x 1.0% 4.6% 11.9% 12.5% 14.3% 1.6

WNS (Holdings) Ltd. 1,703.0 1,573.9 61.0% 63.5% 215.4% 212.4% 2.9x 3.0x 2.7x 16.1x 13.9x 12.4x 30.5x 27.6x 4.2% 8.8% 21.4% 22.1% 15.9% 1.9

Virtusa Corporation 1,707.3 1,526.7 38.0% 55.2% 234.6% 323.6% 3.0x 2.7x 2.3x 23.0x 19.2x 14.9x 28.2x 23.4x 18.2% 17.6% 14.3% 15.6% 20.6% 1.4

TeleTech Holdings Inc. 1,424.9 1,458.1 24.6% 18.5% 74.8% 93.6% 1.1x 1.1x 1.0x 8.8x 8.5x 7.8x 18.5x 15.9x 6.9% 5.7% 13.0% 13.5% 11.5% 1.6

Exlservice Holdings, Inc. 1,386.9 1,273.8 45.7% 51.7% 40.3% 115.7% 2.1x 2.0x 1.8x 14.8x 11.8x 10.3x 21.0x 18.6x 9.7% 11.1% 17.2% 17.7% 14.3% 1.5

CSG Systems International Inc. 1,096.9 1,188.0 33.8% 28.4% 58.5% 72.4% 1.6x 1.6x 1.5x 9.7x 7.1x 6.7x 14.2x 12.9x 0.6% 3.8% 22.0% 22.4% 7.2% 2.0

Sykes Enterprises, Incorporated 1,300.0 1,142.6 27.3% 40.1% 120.6% 77.6% 0.9x 0.9x 0.9x 7.5x 7.8x 7.2x 18.6x 16.9x (3.2%) 4.3% 11.4% 11.9% 10.7% 1.7

MphasiS Limited 1,447.5 1,140.9 14.9% 10.7% 17.0% (26.0%) 1.3x 1.2x 1.2x 9.0x 8.6x 7.5x 13.1x 11.7x 10.1% 5.2% 14.5% 15.7% 12.8% 1.0

Navigant Consulting Inc. 827.9 970.7 13.2% 20.1% 64.3% 88.1% 1.2x 1.2x 1.1x 8.0x 8.3x 7.7x 17.5x 15.8x 8.6% 5.2% 14.1% 14.5% 13.7% 1.3

Epiq Systems, Inc. 523.2 914.9 (18.0%) (28.4%) 15.4% 20.5% 2.0x 1.7x 1.6x 14.9x 8.5x 7.9x 16.1x 14.5x 12.6% 9.6% 20.1% 19.9% 10.0% 1.6

Firstsource Solutions Limited 341.4 341.4 (4.7%) (13.7%) 169.9% 20.0% 0.7x 0.7x 0.6x 6.0x 5.4x 4.7x 8.5x 7.2x 1.2% 9.0% 12.9% 13.5% 18.0% 0.5

Outsourced Solutions Median $2,583.7 $2,713.5 14.9% 20.1% 84.5% 88.1% 2.0x 1.7x 1.6x 11.2x 8.9x 8.4x 16.8x 15.8x 6.9% 6.2% 17.2% 17.7% 12.8% 1.5

CapitalizationRevenue EBITDA P / ETrading Performance

INVESTMENT BANKING

FINTECH MONTHLY

COMPANY TRADING ANALYSIS

REAL ESTATE AND MORTGAGE SERVICES

27

Source: Capital IQ as of market close on October 30, 2015.

(USD in millions) Long-

Enterprise Value / Enterprise Value / Revenue EBITDA Term

Equity Enterprise Growth Margin EPS PEG

Company Value Value YTD 1 Year 3 Year 5 Year LTM 2015E 2016E LTM 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Growth Ratio

CBRE Group, Inc. $12,517.6 $15,835.9 9.7% 21.0% 105.9% 105.1% 1.6x 1.5x 1.2x 13.5x 11.2x 10.4x 18.7x 16.3x 21.0% 20.7% 13.1% 11.7% 12.5% 1.5

Nationstar Mortgage Holdings Inc. 1,535.2 15,046.1 (50.4%) (59.3%) (59.1%) NA 10.2x 7.3x 6.3x 24.1x 23.0x 19.3x 15.5x 6.7x 0.7% 16.7% 31.8% 32.4% 15.0% 1.0

Fidelity National Financial, Inc. 12,593.9 10,857.9 2.7% 20.5% 65.6% 168.0% 1.2x 1.5x 1.4x 7.3x 7.3x 7.1x 16.4x 13.8x 8.2% 5.1% 19.9% 19.5% NA NA

Realogy Holdings Corp. 5,859.1 9,842.1 (10.2%) (1.0%) 15.3% NA 1.8x 1.7x 1.6x 13.5x 12.1x 10.9x 25.8x 18.5x 7.3% 7.2% 14.2% 14.6% 22.5% 1.1

Assurant Inc. 5,439.0 6,610.3 19.0% 22.0% 115.1% 104.0% 0.6x 0.8x 0.9x 3.0x NA NA 11.8x 12.2x (18.9%) (15.0%) NA NA 6.5% 1.8

CoreLogic, Inc. 3,494.2 4,738.8 25.5% 29.0% 71.5% 125.9% 3.2x 3.2x 3.0x 14.1x 11.2x 10.5x 21.3x 19.1x 6.9% 5.0% 28.1% 28.7% 11.4% 1.9

Jones Lang LaSalle Incorporated 7,363.6 4,452.9 9.2% 25.3% 117.9% 112.0% 0.8x 0.7x 0.7x 6.7x 6.5x 6.3x 16.1x 15.9x 10.4% 7.1% 11.6% 11.1% 13.0% 1.2

Radian Group Inc. 2,958.2 4,119.5 (14.5%) (8.3%) 225.0% 86.9% 3.5x 3.4x 3.4x 3.4x NA NA 10.2x 8.6x (6.4%) 0.4% NA NA 10.0% 1.0

MGIC Investment Corp. 3,148.6 4,060.5 (0.5%) 6.7% 395.7% 0.7% 3.9x 3.9x 3.7x 7.1x NA NA 8.5x 9.5x 10.8% 4.1% NA NA 12.7% 0.7

First American Financial Corporation 4,297.6 3,991.1 16.6% 32.0% 77.6% 183.9% 0.8x 0.2x 0.2x 7.1x 6.9x 6.7x 15.4x 14.2x 3.6% 5.4% 3.0% 2.9% NA NA

BGC Partners, Inc. 2,278.0 3,293.3 (0.8%) 13.8% 93.6% 26.1% 1.6x 1.5x 1.3x 10.9x 9.4x 6.5x 12.3x 10.7x 12.5% 12.9% 15.8% 20.2% 16.7% 0.7

ABM Industries Incorporated 1,622.4 1,876.4 0.8% 6.6% 53.0% 28.0% 0.4x 0.4x 0.4x 12.6x 8.9x 8.2x 17.5x 18.0x 3.0% 1.0% 4.0% 4.3% 9.7% 1.8

Savills plc 1,837.1 1,875.9 32.1% 45.6% 123.6% 179.1% 1.0x 1.0x 0.9x 11.0x 10.7x 9.4x 15.2x 13.7x 14.5% 5.1% 9.3% 10.1% 13.0% 1.2

HFF, Inc. 1,318.6 1,599.3 (3.0%) 16.2% 151.1% 254.9% 3.4x 3.2x 2.8x 14.2x 12.1x 10.8x 16.9x 15.5x 7.4% 12.1% 26.3% 26.1% 16.7% 1.0

Marcus & Millichap, Inc. 1,626.1 1,501.4 31.8% 43.6% NA NA 2.3x 2.1x 1.9x 14.0x 12.1x 10.7x 25.2x 22.1x 23.4% 10.5% 17.6% 18.0% 22.0% 1.1

FirstService Corporation 1,168.6 1,391.9 NA NA NA NA 1.1x 1.1x 1.0x 19.1x 13.5x 11.7x 27.3x 22.9x NA 8.2% 8.2% 8.7% 18.1% 1.5

Altisource Portfolio Solutions S.A. 535.7 948.7 (17.8%) (61.4%) (75.9%) 9.9% 0.9x 0.9x 1.0x 6.8x 5.1x 4.9x 5.3x 6.8x (4.0%) (7.2%) 18.4% 20.7% NA NA

Stewart Information Services Corporation 961.2 818.3 11.4% 16.9% 99.7% 289.8% 0.4x 0.1x 0.1x 6.7x 5.8x 4.7x 27.5x 13.6x 1.3% 5.5% 1.2% 1.4% NA NA

UGL Limited 281.4 261.9 9.6% (62.6%) (77.2%) (83.7%) 0.2x 0.2x 0.2x NM 4.5x 3.4x 20.7x 9.2x 0.4% 10.3% 3.8% 4.6% 11.6% 1.8

Brookfield Real Estate Services Inc. 136.2 181.8 8.0% 1.4% 13.8% 8.4% 6.3x NA NA 2.1x NA NA NA NA NA NA NA NA NA NA

Real Estate / Mortgage Services Median $2,057.6 $3,642.2 8.0% 16.2% 85.6% 104.5% 1.4x 1.5x 1.2x 10.9x 10.1x 8.8x 16.4x 13.8x 7.1% 5.5% 13.6% 13.1% 13.0% 1.2

Revenue EBITDA P / ECapitalization

Trading Performance

INVESTMENT BANKING

FINTECH MONTHLY

28

RECENT FINTECH TRANSACTION

ACTIVITY

INVESTMENT BANKING

FINTECH MONTHLY

SELECTED RECENT STRATEGIC BUYER M&A ACTIVITY

29

Announced

Date Buyer Target Sector

Transaction

Size ($MM) Comments

Oct-15 Payments NA

• FlowPay is a comprehensive cloud-based mobile payment platform designed specifically for the tax exempt non-profit market

• The acquisition will help AppTech respond to the rapid growth seen in mobile payments by bringing more powerful payment capabilities to new markets

Oct-15 Outsourced

Solutions NA

• DocuSign provides a Digital Transaction Management platform and eSignature solution used by more than 100,000 companies and 50 million users

• The strategic investment will allow Deutsche Telekom to accelerate business results while further improving customer experience

Oct-15 Trading

Technology NA

• Molten Markets is a foreign exchange technology provider for asset managers and pension funds

• The acquisition will enable EBS BrokerTec to provide asset managers with a sophisticated execution management system and innovative trade cost analysis

Oct-15 Marketing

Services NA

• Mortgage Returns provides a database-driven automated marketing solution to help mortgage originators maximize profitability from clients and prospects

• The acquisition will allow Ellie Mae to deliver a more complete solution to customers that will fuel change and enable massive efficiencies

Oct-15 Information

Services NA

• PacerMonitor provides research tools that enable professionals to stay current on important cases across federal bankruptcy, district, and appellate court jurisdictions

• The acquisition will allow Covenant to expand their solution set for investors, lawyers, and other market participants who need to track restructurings

Oct-15 Marketing

Services $160

• Datamyx’s marketing analytics solution aims to help grow users’ revenue through strategic targeting, lead optimization, retention and cross-selling services

• Deluxe believes the acquisition will create a tremendous strategic opportunity by helping to grow their marketing solutions and other service offerings

Oct-15 Liquidity

Venues NA

• Second Market provides products and services that help private companies and funds manage liquidity, raise capital, and communicate with their stakeholders

• The acquisition establishes a leading provider for innovative and efficient solutions to deliver secondary liquidity and equity management services

Oct-15 Real Estate &

Mortgage Services NA

• IDS is a nationwide provider of mortgage documents and compliance, and offers services that include electronic signatures, closing documents and eClosing platforms

• The acquisition allows Reynolds and Reynolds to diversify their product portfolio and will help them to accelerate growth

Oct-15 Payments $1,470

• Electronic Funds Source provides payment solutions in the areas of fleet, corporate payments, emerging markets, and alliances

• The acquisition will enable WEX to scale operations and will enable further cash flow generation

INVESTMENT BANKING

FINTECH MONTHLY

SELECTED RECENT STRATEGIC BUYER M&A ACTIVITY

30

Announced

Date Buyer Target Sector

Transaction

Size ($MM) Comments

Oct-15 Information

Services $70

• Noah Consulting provides oil and gas companies with a platform to plan, architect and deploy information solutions to surface the value of their oil and gas assets

• The acquisition adds Noah’s industry knowledge and capabilities to Infosys’ ability to provide technology and outsourcing services on a global scale to oil and gas clients

Oct-15 Financial

SaaS $1

• Surecom is a software development company that helps eliminate inefficiencies and reduce complexities in communications so businesses can be more productive

• The deal will help facilitate the further development and enhancement of London Capital Group’s dealing platforms and new advanced technologies

Oct-15 Information

Services $1,991

• Wincor provides information technology solutions and services primarily to retail banks and retailers worldwide

• Diebold hopes by acquiring Wincor that it will be able to gain new technology and retail relationships vital to its success in an evolving market

Oct-15 Payments $254

• GI’s Payments business is Southeast Asia-based and provides those without bank accounts the ability to use cash for online payments or money remittance

• Wirecard hopes the acquisition of the payments division secures them a strong position in one of the world’s most rapidly growing electronic payment markets

Oct-15 Information

Services $5,200

• Interactive Data provides financial market data, analytics, and related solutions to financial institutions, active traders, mutual and investment funds and other investors

• ICE hopes that the acquisition of IDC will help them to further their expansion into meeting the financial information needs of market participants globally

Oct-15 Payments NA

• Digital Dining offers restaurants the convenience of a handheld POS on an iPad, iPhone, iPod and iPad Mini in a hybrid environment with conventional fixed terminals

• With the acquisition of Digital Dining, Heartland advances its strategy of growing its commerce segment

Oct-15 Trading

Technology NA

• TKS Solutions is a specialty software provider of shareholder and partnership accounting tools

• TKS Solutions will add partnership and shareholder reporting capabilities to Eze’s existing portfolio accounting and portfolio management tools

Oct-15 Investment

Technology $580

• HD Vest is a leading broker-dealer providing wealth management and advisory solutions specifically for tax professionals

• The acquisition will allow Blucora to enter the financial advisory business and plans to align HD Vest with one of its current businesses, TaxACT

Oct-15 Investment

Technology NA

• Total Rebalance Expert is an automated, tax-efficient investment portfolio rebalancing platform for financial advisors

• Morningstar hopes to take the Company to the next level by combining it with their own proprietary research and data

Payments Business

TKS Solutions, LLC

INVESTMENT BANKING

FINTECH MONTHLY

SELECTED RECENT GROWTH EQUITY / VENTURE CAPITAL ACTIVITY

31

Announced

Date Investor Target Sector

Transaction

Size ($MM) Comments

Oct-15

Tech-Enabled

Lending Platform

$1,000

• SoFi provides a marketplace lending platform focused on both federal and private student loans, MBA loans, mortgages and personal loans

• The company intends to use the funds to accelerate growth in terms of product innovation, delivery, community value and team

Oct-15 Tech-Enabled

Lending Platform $8

• Cloud Lending Solutions provides a suite of SaaS applications to manage loan portfolios, increase transaction volume and rapidly bring new products to market

• The company intends to use the funds for market expansion and further development of its engineering and innovation capabilities

Oct-15 Payments $8

• CampusLogic provides a platform that simplifies the entire financial aid process in order to allow colleges and universities to reduce financial aid processing time

• The company intends to use the funds to grow software engineering and product support, and expects to hire 20 new employees in the next 6 to 9 months

Oct-15 Tech-Enabled

Lending Platform $12

• Fundera is an online marketplace that connects small business owners with funding providers

• Proceeds will help increase hiring efforts and product development, as well as help to refine the borrower experience

Oct-15 Liquidity

Venues NA

• Arxis operates a technology-driven trading platform that provides liquidity in financial markets by offering to buy and sell securities on an automated basis

• The investment will be used to expand across geographies and asset classes and launch a client-focused wholesale market making division

Oct-15 Payments NA

• ClickPay provides the multi-family and commercial real estate industry with integrated billing, payment processing and software services

• Funding will be used to accelerate the company’s growth, pursue potential acquisition targets, invest in the product and expand the team

Oct-15 Information

Services $8

• RunTitle provides oil and gas data, software and mineral title research to oil and gas professionals nationwide

• Proceeds will help accelerate hiring for its engineering, sales, and marketing teams, as well as to continue growing its proprietary dataset of mineral title information

Oct-15 Payments $3

• HonkMobile provides cloud-based technology that streamlines parking by allowing users to search and pay for parking from their mobile phone or tablet

• The company intends to use the funds to scale sales, marketing and technology infrastructure to support its growth across North America

Oct-15 Bank

Technology NA

• Symphony provides a platform for communities of financial services professionals to communicate securely using compliant standards and end-to-end encryption

• Funding will be used to help expand market reach and scale engineering, operations and the sales team

Private Investors

INVESTMENT BANKING

FINTECH MONTHLY

SELECTED RECENT GROWTH EQUITY / VENTURE CAPITAL ACTIVITY

32

Announced

Date Investor Target Sector

Transaction

Size ($MM) Comments

Oct-15 Tech-Enabled

Lending Platform $150

• ZestFinance has developed a credit-decisioning technology platform which analyzes tens of thousands of data points to effectively evaluate creditworthiness

• The company intends to use the funds to extend the reach of Basix loans in the near-prime market

Oct-15 Payments $4

• Ripple provides bank-grade solutions that enable the world’s disparate financial networks to securely transfer funds in any currency in real time

• Ripple plans to use the funds to continue the development of the Ripple ecosystem and expand their customer base

Oct-15 Payments NA

• AffiniPay is a full-service merchant account and online payment gateway provider for associations and their members

• AffiniPay expects to use the proceeds to drive growth in sales & marketing and product development, as well as to expand into new professional services verticals

Oct-15 Payments $4

• CardFlight is a provider of tools and technology to help merchants accept in-person credit card payments on iOS and Android devices

• The company intends to use the funds to continue to grow its engineering team and accelerate the rollout of their mobile payment acceptance solutions in the U.S.

Oct-15 Tech-Enabled

Lending Platform $75

• National Funding is a financial service provider for small and medium-sized businesses, providing working capital loans and credit card processing

• The increase in its line of credit from Wells Fargo Capital Finance will help fund small business, working capital and equipment leasing loans across its platform

Oct-15 Information

Services NA

• GoodRx provides a price transparency platform, in a mobile and web experience, which gathers up-to-date prices, co-pays, and discounts on medications

• The company intends to use the funding to help expand operations and hiring efforts, and to accelerate product development

Oct-15 Information

Services $10

• FilmTrack provides a cloud-based platform that streamlines the intellectual property management lifecycle and is available from any connected computer or device

• Funding will help to increase production innovation, expand into new markets and to acquire strategic technologies and services

Oct-15 Information

Services $5

• Zwipe is a biometric identity protection platform that allows users to authenticate themselves through pin code and fingerprint

• Funding will be used to both expand the sales organization for the access control market, as well increase investment in technology development and application

Oct-15 Tech-Enabled

Lending Platform $135

• Kabbage leverages data generated through business activity to understand performance and deliver flexible funding in real time

• The company intends to use the funds for product innovation, new partnerships and geographic expansion

Photon Future Limited

INVESTMENT BANKING

FINTECH MONTHLY

SELECTED RECENT GROWTH EQUITY / VENTURE CAPITAL ACTIVITY

33

Announced

Date Investor Target Sector

Transaction

Size ($MM) Comments

Oct-15 Payments $12

• Moven provides a free debit card and app that tracks users’ money as they spend it and allows users to see all accounts in one place

• The company intends to use the funds for international expansion and recruitment of new people in NYC and Philadelphia

Oct-15 Payments NA

• HealthiPASS is a digital check-in and patient payments platform helping ambulatory care providers optimize patient collections

• The company intends to use the funds to grow market share and expand its marketing, sales, client service, and product teams

Oct-15 Payments NA

• Financeit leverages mobile and cloud-based technologies to enable merchants to offer real-time consumer financing through monthly payment options

• The company intends to use the use the funds to accelerate its growth strategy across Canada and the U.S.

Oct-15 Payments $28

• Poynt provides a smart payment terminal and open commerce platform for merchants to get access to the tools and technology to manage their business

• The company intends to use the funds to accelerate manufacturing, grow the team, and scale operations

Oct-15 Investment

Technology NA

• LetsVenture enables startups looking to raise seed and angel money to create investment ready profiles online, and connect to accredited Investors

• The company intends to use the round of funding to expand operations and attract global investors

Oct-15 Payments $14

• WaveCrest provides payment solutions to corporations and governments worldwide, focusing on corporate payments markets and cross-border remittances

• The company intends to use the funds to make new investments in its payments platform and accelerate product development

Oct-15 Tech-Enabled

Lending Platform $1

• Equinvest is a Consob-authorized online equity crowdfunding platform which allows institutional and retail investors to invest in startups

• The company intends to use the funds to launch operations in Rome and Milan, and to help accelerate platform development growth

Oct-15 Payments $4

• inMediata is a healtchare payments and EDI company , providing billing services, payment reconciliation, and implementation and support services

• The company intends to use the capital to expand the ongoing development of their healthcare product platforms

Oct-15 Tech-Enabled

Lending Platform $1

• LoanBook operates a marketplace focusing on the provision of working capital loans and other types of working capital finance to Spanish SMEs

• The company intends to use the funds to support growth in 2016, and help support the development of new channels to market

Merchant Banking

Division

Vesuvius

Ventures

Private

Investors

Private

Investors

INVESTMENT BANKING

FINTECH MONTHLY

SELECTED RECENT GROWTH EQUITY / VENTURE CAPITAL ACTIVITY

34

Announced

Date Investor Target Sector

Transaction

Size ($MM) Comments

Oct-15 Insurance

Technology $31

• Insureon provides an online marketplace platform that enable small companies to research, buy and manage policies directly with U.S. carriers

• The financing will enable Insureon to increase its technology development and enhance its sales and marketing activities targeting small businesses

Oct-15 Tech-Enabled

Lending Platform $10

• Zebit has developed a payment system that provides credit at zero percent interest, without fees, penalties or credit checks

• The company intends to use the funds to support the expansion of its payment and ecommerce platforms

Oct-15 Payments $25

• Marqeta provides an open API issuer processor platform that allows companies to build, issue and deploy innovative payment, finance and commerce solutions

• Funding will be used to expand its market reach in the US, to invest in its Open API platform and initiate international expansion in North America and Europe in 2016

Oct-15 Payments $1

• Splittable is a London, U.K.-based shared living app, delivered via web, iOS and Android, for young renters to manage their shared expenses

• The company intends to use the funds to expand hiring efforts, support further marketing initiatives and fund the delivery of an integrated payments platform

Oct-15 Trading

Technology $27

• TruMid is a FINRA-approved broker dealer and SEC registered ATS operator of an electronic trading platform for round lots of corporate bonds and CDS

• The capital will allow the company to advance its e-trading platform’s ability to improve liquidity for all market participants

Oct-15 Investment

Technology $45

• InvestCloud is a proprietary technology platform that offers the investment community the ability to build and customize an end-to-end digital experience

• The company intends to use the funds to further invest in the platform and functionality, enhance customer service, and expand its global presence

Oct-15 Payments $15

• Stockpile allows people to purchase stock via gift cards, available at grocery stores and retailers, which can be redeemed for stock in favorite companies

• The round of funding will allow the Company to expand hiring efforts, invest in the product and scale operations

Oct-15 Investment

Technology $4

• Blooom provides an online tool that assesses a consumer’s 401(k) in a few minutes and provides ongoing professional management

• The company intends to use the funds to expand its operations and to accelerate the platform’s growth

Oct-15 Information

Services $3

• Concord is a platform to create, negotiate, sign and manage contracts allowing users to collaborate online, track changes and receive legally binding e-signatures

• The financing will enable the company to continue investing in product innovation, sales and client success

Peter Thiel

INVESTMENT BANKING

FINTECH MONTHLY

SELECTED RECENT PUBLIC EQUITY ACTIVITY

Offer price to:

Pricing Date Company Sector Offer Type Offering Size Offer Price One-Day One-Week October 30, 2015

Oct-15 Investment Technology IPO $485 MM $2.53 (8.6)% (4.1)% (4.1)%

Oct-15 Payments IPO $2,560MM $16.00 (1.6)% 0.1% (1.0)%

Oct-15 Information Services IPO $557MM $17.23 2.2% 6.2% 15.5%

Oct-15 Payments IPO $3,341MM $3.71 8.6% 6.9% 13.4%

Sep-15 Benefits / Payroll Follow-On $111 MM $29.75 3.0% 0.1% 11.7%

Sep-15 Bank Technology Follow-On $97 MM $25.50 12.9% (3.1%) (2.6%)

Aug-15 Benefits / Payroll Follow-On $74 MM $36.75 1.0% 5.7% (10.5%)

Jun-15 Information Services IPO $645 MM $22.50 12.9% 11.1% 13.4%

Jun-15 Investment Technology Follow-On $743 MM $61.50 2.9% 4.1% 20.4%

May-15 Bank Technology IPO $441 MM $24.50 13.2% 14.3% 45.1%

May-15 Benefits / Payroll Follow-On $115 MM $25.90 2.7% 1.4% 28.5%

Apr-15 Trading Technology IPO $314 MM $19.00 16.7% 18.9% 28.1%

Mar-15 Investment Technology IPO $210 MM $2.97 11.6% 18.1% 58.8%

Feb-15 Bank Technology Follow-On $116 MM $19.75 6.4% 5.4% 25.7%

Jan-15 Benefits / Payroll Follow-On $125 MM $22.50 4.9% 16.8% 72.8%

Dec-14 Tech-Enabled Lending IPO $230 MM $20.00 15.0% 12.2% (53.3%)

Dec-14 Benefits / Payroll Follow-On $121 MM $26.25 1.6% 0.2% 26.6%

Dec-14 Tech-Enabled Lending IPO $866 MM $15.00 56.2% 79.6% (9.2%)

Oct-14 Bank Technology IPO $75 MM $12.00 3.0% 2.1% 39.5%

Aug-14 Investment Technology Bought Deal $121 MM $32.32 NA NA NA

Jul-14 Benefits / Payroll IPO $147 MM $14.00 25.7% 24.9% 137.6%

Jul-14 Financial SaaS Follow-On $111 MM $38.50 3.3% 1.5% (14.6%)

35

INVESTMENT BANKING

FINTECH MONTHLY

A credit rating of a security is not a recommendation to buy, sell or hold securities and may be subject to review, revisions, suspension, reduction or withdrawal at any time by the assigning rating agency.

Ratings

Announced Date Company Sector Purpose Moody’s S&P Size Coupon

Oct-15 Bank Technology Acquisition Baa3 BBB $750 MM 2.85%

Oct-15 Payments Acquisition B1 BB- $1,210 MM L+750

Sep-15 Bank Technology Acquisition Baa3 BBB $1,210 MM L+100

Aug-15 Payments Refinancing B1 BB- $1,210 MM T+325

Aug-15 Investment Technology Refinancing B3 B $60 MM L+300

Aug-15 Information Services Acquisition Baa1 BBB+ $400 MM T+150

Aug-15 Information Services General Corporate Purposes Ba2 BB+ $800 MM T+352

Jul-15 Outsourced Solutions Refinancing Ba1 BBB- $1,150 MM L+150

Jun-15 Financial SaaS Acquisition B+ BBB $500 MM L+325

Jun-15 Information Services General Corporate Purposes NA BBB- $300 MM T+250

May-15 Payments Refinancing B1 BB- $750 MM L+375

May-15 Bank Technology General Corporate Purposes BB- NA $1,200 MM NA

May-15 Payments Refinancing B / B2 NA $130 MM L+600

May-15 Outsourced Solutions Refinancing BB- / B2 NA $510 MM L+475

Mar-15 Information Services Acquisitions Baa3 NA $1,250 MM T+200

Mar-15 Trading Technology General Corporate Purposes NA A $750 MM 2.95%

Dec-14 Trading Technology Refinancing Ba2 BB- $460 MM 4.75%

Dec-14 Investment Technology Acquisition NA NA $150 MM 1.75%

Nov-14 Information Services Acquisition NA NA $775 MM NA

Nov-14 Outsourced Solutions Acquisition NA NA $1,750 MM L+100

Jul-14 Information Services Acquisition NA NA $335 MM L+400

Jul-14 Payments Share Repurchase NA BB+ $350 MM 1.50%

Jul-14 Payments Refinancing Ba3 BB+ $250 MM NA

SELECTED RECENT DEBT FINANCINGS

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INVESTMENT BANKING

FINTECH MONTHLY

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