Confidential and Proprietary

FinTech Monthly December 2017

This presentation has been prepared by Sagent Advisors solely for information purposes and does not constitute or form part of, and should not be construed as, an offer to sell or issue, a solicitation of any offer to buy, or a recommendation with respect to, any securities. By accepting this presentation, the recipient acknowledges and agrees that all of the information contained herein will be kept confidential. Acceptance of this presentation further constitutes your acknowledgement and agreement that Sagent Advisors does not make any express or implied representation or warranty as to the accuracy or completeness of the information contained herein and shall have no liability to the recipient or its representatives relating to or arising from the use of the information contained herein or any omissions therefrom. Any use, disclosure, distribution, dissemination, copying or reproduction of this presentation without prior written consent or approval from Sagent is strictly prohibited. With respect to information sourced from CapitalIQ: Copyright © 2017, CapitalIQ (and its affiliates, as applicable). This may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor’s. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.

Introduction to Sagent Advisors

Dedicated to integrity and fairness

Delivering clients the highest quality advice and service

No conflicts – no cross-selling, lending, trading or research conflicts

Pure Advice TM

Deep relationships with senior management, boards and major decision makers

Access across the U.S. and international business communities

Senior professionals in lead roles in every assignment

Uncommon Access

Customized advice

Creative solutions crafted for clients’ specific situations

Experience and expertise to address complex business opportunities and challenges

Deep industry knowledge

Original Thinking

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Focus on providing financial advisory and capital raising solutions to clients in connection with mergers, acquisitions, restructurings and other strategic financial transactions

Over 50 professionals with offices in New York, Chicago and Washington D.C.

Global reach through alliance with Daiwa Securities

Nearly $60 billion in transaction value with over 160 transactions executed since the firm’s founding

2

Financial Technology – Overview

Consumer, Corporate & Banking (CCB)

Card Payments Processing

Remittance

Network Infrastructure and Support Services

Leading Providers Include:

– PayPal

– Visa

Payments

Banking Infrastructure Support – Service Bureau and Software

Specific Product Areas – Lending and Insurance

Leading Providers Include:

– FIS

– Fiserv

Bank and Insurance Systems

Securities Exchange

Non-Traditional Trading Platforms

Leading Providers Include:

– CME

– ICE

Trading Venues

Online / Retail Brokers

Inter-Dealer Brokers

Leading Providers Include:

– Charles Schwab

– ICAP

Brokerage Related

Consumer, Corporate & Banking (CCB) Securities & Capital Markets (SCM)

Industry Specific IT Services Providers

Payroll Processors

HR and Benefit Service Providers

Leading Providers Include:

– ADP

– Paychex

HR & Payroll

Database Services

Analytics

Leading Providers Include:

– Equifax

– Experian

Consumer & Business Analytics

Transaction Processors

Infrastructure Providers

Leading Providers Include:

– Broadridge

– State Street

Infrastructure

Securities Data Vendors

Trading Analytics

Leading Providers Include:

– IHS Markit

– S&P Global

Market Data & Analytics

Leading Providers Include:

– Cerner

– Emdeon

Healthcare

Leading Providers Include:

– VeriSign

– Akamai Technologies

Internet

Leading Providers Include:

– Amdocs

– Convergys

Telecommunications

Leading Providers Include:

– Cognizant

– Genpact

General

3

Recent Transaction – Ensenta’s Sale to Jack Henry & Associates, Inc.

4

Sagent Advisors acted as exclusive financial advisor to Ensenta on its sale to Jack Henry & Associates, Inc.

Transaction Overview On November 28, 2017, Ensenta Corporation (“Ensenta” or the “Company”),

a portfolio company of Level Equity Management, LLC entered into a definitive agreement to be acquired by Jack Henry & Associates, Inc. (NASDAQ:JKHY; “Jack Henry”)

Ensenta’s superior risk management tools are expected to enhance risk mitigation and compliance for the mobile remote deposit clients and partners served by Jack Henry’s Enterprise Payment Solutions group

This acquisition will also expand Jack Henry’s ability to conduct real-time transactions with third-party platforms, extending the company’s presence in the credit union market through shared branching technology

Acquisition is expected to close in December 2017, subject to regulatory approvals and customary closing conditions

Ensenta Ensenta is a provider of real-time, cloud-based solutions for mobile and

online payments and deposits

The Company supports 1,100+ financial institutions and government agencies with its patented technologies across ATM, mobile, online desktop, merchant and brand channels

Ensenta’s real-time SaaS payment technologies mitigate risk, minimize compliance exposure, increase back-office efficiencies and improve funds availability

Jack Henry & Associates, Inc. Jack Henry is a leading provider of technology solutions and payment

processing services primarily for the financial services industry

Its solutions serve approximately 9,000 customers nationwide and are marketed and supported through three primary brands: Jack Henry Banking, Symitar and ProfitStars

A portfolio company of

Sale to

Sagent Advisors acted as exclusive financial advisor to

Ensenta

Announced November 2017

$72

$163

$77

$185

$45

$131

$145

$125

$70

$42

$69

$34

0

500

1,000

1,500

2,000

2,500

020406080

100120140160180200

$220

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 QTD

5

Global M&A Market, Tech – Global Tech M&A Value Has Decreased in 2017 Largely Due to Fewer Multi-Billion Dollar Transactions

Global Announced Tech M&A Volume Global Qtrly. Announced Tech M&A Volume

Global Announced Tech LBO Volume Global Qtrly. Announced Tech LBO Volume

32 49 14 22 30 39 32 37 58 55 42

# of Deals with a Value > $1 Billion

Volume # of Deals

($ in billions) ($ in billions)

Volume # of Deals

($ in billions)

($ in billions)

# of Deals with a Value > $1 Billion

7 10 2 4 6 7 4 13 14 7 7

9 11 16 9 19 7 22

# of Deals with a Value > $1 Billion

Volume # of Deals

# of Deals with a Value > $1 Billion

1 1 1 3 2 0 5

Volume # of Deals

13

1

15

5

69 25

12 2

Source: CapitalIQ. Note: LTM and QTD as of November 30, 2017. (1) Green bar represents Dell Inc’s LBO deal value of $20.5 billion; announced on February 5, 2013. (2) Green bar represents Avago’s deal of $37 billion to buy Broadcom; announced on May 28, 2015. (3) Green bar represents Dell’s acquisition of EMC Corporation for $65.8 billion; announced October 12, 2015. (4) Green bar represents Microsoft’s acquisition of LinkedIn for $24.6 billion; announced on June 13, 2016. (5) Green bar represents Qualcomm’s acquisition of NXP Semiconductors for $47.6 billion; announced on October 27, 2016.

7

3

2015

(2)

(1)

$69

(3)

(4)

(2) (3)

(4)(5)

2016

(5)

2015 2016

2017

7

$45

$15 $14

$24 $27

$15

$63

$41 $43$38

$21

200

250

300

350

400

450

0

10

20

30

40

50

60

$70

'06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 LTM

-

-$6

$10

$18

$9

$2

$16

$13

$7

$4

$8

$4 $4

0

50

100

150

0

5

10

15

$20

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 QTD2017

2

-

-

- - --

-

$210

$264

$140 $139 $159$209

$166$199

$257

$498

$447

$264

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

050

100150200250300350400450500

$550

'06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 LTM

$35

$5 $6

$17$16

$8

$28

$32

$28

$12

0

40

80

120

160

200

0

5

10

15

20

25

30

35

$40

'06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 LTM

$133$152

$68 $69

$94

$122

$69

$121

$165

$223

$101

0

600

1,200

1,800

2,400

3,000

0

30

60

90

120

150

180

210

240

$270

'06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 LTM

(3)

# of Deals with a Value > $1 Billion

U.S. M&A Market, Tech – U.S. Tech M&A Value Has Declined in 2017 Primarily Due to Lower Corporate Acquisition Activity

U.S. Announced Tech M&A Volume U.S. Qtrly. Announced Tech M&A Volume

22 26 6 12 20 25 15 24 42 31 22

# of Deals with a Value > $1 Billion

Volume # of Deals

($ in billions) ($ in billions)

9 6 8 7 5 11 4 14 16

Volume # of Deals

3 43

Source: CapitalIQ. Note: LTM and QTD as of November 30, 2017. (1) Green bar represents Dell Inc’s LBO deal value of $20.5 billion; announced on February 5, 2013. (2) Green bar represents Avago’s deal of $37 billion to buy Broadcom; announced on May 28, 2015. (3) Green bar represents Dell’s acquisition of EMC Corporation for $65.8 billion; announced on October 12, 2015. (4) Green bar represents Microsoft’s acquisition of LinkedIn for $24.6 billion; announced on June 13, 2016.

6

2015

6

(1)

(1)

$316 (2)

(4)

2016

U.S. Announced Tech LBO Volume U.S. Qtrly. Announced Tech LBO Volume

($ in billions) ($ in billions)

5 5 1 2 5 5 2 8 9 5 5

# of Deals with a Value > $1 Billion

Volume # of Deals

# of Deals with a Value > $1 Billion

2 1 1 1 2 1 0 4 4

Volume # of Deals

10 2 0

(1)

2015 2016

$48 $52

$49

$87

$44

$22

$83$76

$41

$23$19 $21 $24

200

300

400

500

600

700

0

10

20

30

40

50

60

70

80

$90

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 QTD

(2) (4) $136 (3)

2017

4

$4

$8

$15

$5

$1

$11$10

$6

$1

$4

$2$3

0

10

20

30

40

50

60

0

2

4

6

8

10

12

14

$16

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 QTD

2017

2

Equity Capital Markets – Equity Markets Recorded New Highs Driven by Tech Performance and Potential Corporate Tax Cuts

Source: AMG data services, FactSet and CapitalIQ. Note: Market data as of November 30, 2017. LTM as of November 30, 2017. (1) Through November 29, 2017.

Equity Mutual Fund Flows

($ in billions) ($ in billions)

(volume in billions)

Monthly Volume

7

Equity Market Indices LTM

NASD S&P

DJIA

S&P 20.8% (2,648)

NASD 30.9% (6,874)

IPO Issuance Follow-on Issuance

2016 2013 2014 2017 2015 2015 2016

DJIA 26.5% (24,272)

DJIA

NYSE Volume Since 2007

Two-Year IPO Volume

2017

(1)

80%

85%

90%

95%

100%

105%

110%

115%

120%

125%

130%

135%

11/30/16 3/1/17 5/31/17 8/30/17 11/30/17

Value Implied ReturnsS&P NASDAQ DJIA S&P NASDAQ DJIA

Current 2,648 6,874 24,2726 Month 2,412 6,199 21,009 9.8% 10.9% 15.5%

1 Year 2,191 5,251 19,192 20.8% 30.9% 26.5% 3 Year 2,053 4,727 17,777 28.9% 45.4% 36.5% 5 Year 1,416 3,010 13,026 87.0% 128.4% 86.3%

$66

$23

$68 $56

$41 $33

$14

$49

($5)

($7)($13)

($8)

($44)($50)

($9)($18)

$44

($16)($20)

$28

(80)

(60)

(40)

(20)

0

20

40

60

$80

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

160.0

180.0

1/1/07 9/16/09 6/1/12 2/15/15 10/31/17

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

$10$10

$11$11

$12

$8

$18

$14

$8

$18 $18

$8

$14

$9

$12$10$9 $7

$14

$8 $8$10

$15

$9$12

N D J F M A M J J A S O N D J F M A M J J A S O N

$388

$72 $38

$155$229

$300

$467

$325

$464

0100200300400

$500

'07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17

2017

Debt Capital Markets – High-Yield New-Issue Activity YTD Has Surpassed 2016 Levels Driven by Continued Low Yields

Source: Wall Street research and market indices as of November 30, 2017. Note: Annual amounts may not match quarterly sums due to rounding. (1) BB and B data represents spreads to worst over LIBOR. (2) Through November 17, 2017.

Leveraged Loan Update High-Yield Update

Leveraged Loan Average Price and BB & B Spreads (1) Average High-Yield Bond Yields

Institutional Leveraged Loan New-Issue Activity High-Yield New-Issue Activity

Monthly Institutional Leveraged Loan New-Issue Activity Monthly High-Yield New-Issue Activity

8

One-Year Average

6.1%

Volume ($ in billions)

6.3%

Volume ($ in billions)

Volume ($ in billions)

Volume ($ in billions)

245

98%

415

(2) (2)

(2)

$665

2016

200

400

600

800

1,000 bps

80%

85%

90%

95%

100%

11/17/16 1/29/17 4/12/17 6/24/17 9/5/17 11/17/17

Average Price as % of Par Value BB B

5.0%

6.0%

7.0%

8.0%

11/17/16 1/29/17 4/12/17 6/24/17 9/5/17 11/17/17

Average HY Bond YTW1-Year 6.1%5-Year 6.6%10-Year 8.3%

$864

$148$53

$181

$302$246

$368 $399$356

$293 $286 $295

0

100

200

300

400

$500

'07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17

$42$64

$88$119

$102$101$83

$52 $58$76

$52 $59$76

0

25

50

75

100

$125

N D J F M A M J J A S O N

$12$24 $24 $25

$42

$27 $31

$18 $23 $23

$41

$24$17

0

15

30

45

$60

N D J F M A M J J A S O N2017 (2) 2016

Debt Capital Markets – The U.S. Treasury Yield Curve Continued to Flatten in November in Advance of a Likely December Rate Increase

Source: Bloomberg as of November 30, 2017.

10YR BBB Spread Over Treas. – Since 2005 10YR BBB Spread Over Treas. – LTM

10YR BBB All-In Bond Yield – Since 2005 10YR BBB All-In Bond Yield – LTM

10-Year BBB Spread (bps) 10-Year U.S. Treasury (%) 10-Year BBB Spread (bps) 10-Year U.S. Treasury (%)

9

2.4%

134

3.8%

10-Year Average

4.8%

2.4%

134

3.8%

One-Year Average

3.8%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0

100

200

300

400

500

600

700

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Average BBB Spread Treasury1-yr 146 2.3%5-yr 165 2.2%10-yr 221 2.6%15-yr 197 3.2%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

0

50

100

150

200

250

300

12/1/16 1/30/17 4/1/17 6/1/17 7/31/17 9/30/17 11/30/17

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Average BBB Bond Yield1-yr 3.8%5-yr 3.9%10-yr 4.8%15-yr 5.2%

3.0%

3.5%

4.0%

4.5%

5.0%

12/1/16 1/30/17 4/1/17 6/1/17 7/31/17 9/30/17 11/30/17

10

Stock Price Performance & Valuation Levels – CCB

23.2x

24.9x

23.0x

19.2x 18.9x

Source: CapitalIQ. Note: Index data equally weighted.

Bank & Insurance Systems Cons. & Bus. Analytics Payments

HR & Payroll

S&P 500

Bank & Insurance Systems Cons. & Bus. Analytics Payments

HR & Payroll

S&P 500

169.6% 156.2%

281.2%

265.2%

107.3%

Summary Price Performance Since 2012 Price / NTM Earnings Since 2012

50%

75%

100%

125%

150%

175%

200%

225%

250%

275%

300%

325%

350%

375%

400%

1/3/12 6/25/13 12/17/14 6/8/16 11/30/179.0x

12.0x

15.0x

18.0x

21.0x

24.0x

27.0x

1/3/12 6/25/13 12/17/14 6/8/16 11/30/17

Stock Price Performance & Valuation Levels – SCM

Source: CapitalIQ. Note: Index data equally weighted.

Summary Price Performance Since 2012 Price / NTM Earnings Since 2012

11

22.3x

18.9x

20.5x

18.9x 20.1x

21.4x 20.4x

S&P 500 Exchanges Market Data & Analytics

Retail Brokers

S&P 500

Capital Markets Systems

Interdealer Brokers Retail Brokers

S&P 500

Capital Markets Systems

Interdealer Brokers

157.8% 158.7%

107.3%

183.2%

235.3% 203.9%

107.3%

S&P 500 Exchanges Market Data & Analytics

75.0%

100.0%

125.0%

150.0%

175.0%

200.0%

225.0%

250.0%

275.0%

1/3/12 6/25/13 12/17/14 6/8/16 11/30/17

50.0%

100.0%

150.0%

200.0%

250.0%

300.0%

350.0%

1/3/12 6/25/13 12/17/14 6/8/16 11/30/17

10.0x

15.0x

20.0x

25.0x

1/3/12 6/25/13 12/17/14 6/8/16 11/30/17

10.0x

15.0x

20.0x

25.0x

1/3/12 6/25/13 12/17/14 6/8/16 11/30/17

Stock Price Performance & Valuation Levels

Source: CapitalIQ. Note: Market data as of November 30, 2017.

Growth and perceived business stability are key drivers of sector relative valuation levels

Median TEV / CY 2018E EBITDA

Median TEV / CY 2018E EBITDA / LT Growth

12

Consumer Corporate Banking Securities, Capital Markets

Consumer Corporate Banking Securities, Capital Markets

11.3x

14.5x 14.8x 15.7x

6.4x

12.4x 13.0x 14.1x 14.7x

-

5.0x

10.0x

15.0x

20.0x

Payments Cons. & Bus.Analytics

HR & Payroll Bank &Insurance

Inter. Brokers Retail Brokers Cap MktSystems

Exchanges Mkt Data &Analytics

0.89x 1.06x

1.24x 1.32x

0.69x 0.88x

1.03x 1.23x

1.82x

-

0.50x

1.00x

1.50x

2.00x

Payments HR & Payroll Bank &Insurance

Cons. & Bus.Analytics

Retail Brokers Inter. Brokers Cap MktSystems

Mkt Data &Analytics

Exchanges

Financial Technology Valuation Levels – Growth vs. Margin

Source: CapitalIQ. Note: Market data as of November 30, 2017; median values shown in chart; companies without analyst forward projections are excluded; CY2018E Revenue and EBITDA used to calculate all multiples. Note: Light blue represents EV/Revenue and dark gray represents EV/EBITDA. Size corresponds to relative multiple value of group.

Currently, improved growth vs. margin, on average, does not correspond to greater valuation levels

3.7x Δ

4.3x Δ

13

Projected Revenue Growth (CY2017-CY2018E)

<5% 5%-10% >10%

14.7x

13.3x

10.4x

11.1x 13.5x 14.8x

<25

%

ACXM-US, CATM-US, CVG-US, EEFT-US, ENV-US, EQN-GB, FDP-GB, GCAP- GDOT-US, GWRE-US, HAWK-US, HMSY-US, ING-FR, LC-US, LPLA-US, MDRX

ONDK-US, PCTY-US, QTWO-US, SQ-US, ULTI-US, WDAY-US, ZG-US

388-HK, AMTD-US, BVMF3-BR, CBOE-US, FLT-US, MA-US, MCO-US, MKTX-U MSCI-US, SCHW-US, VIRT-US, VNTV-US, V-US, WEX-US

9 Companies 13 Companies 23 Companies

ACIW-US, CLGX-US, CPU-AU, DNB-US, EFX-US, FDC-US, FIS-US, INF-GB, REL TNET-US, TRI-CA, WLTW-US

AKAM-US, AON-US, AXP-US, CERN-US, EDEN-FR, FDS-US, FICO-US, FISV-US US, INFO-US, INTU-US, IRE-AU, JKHY-US, NETS-DK, NTRS-US, SIM-DK, TRU-

TSS-US, WAGE-US

ADS-US, ATHN-US, CSGP-US, EBIX-US, ELLI-US, GPN-US, HQY-US, PAYC-US GB, PYPL-US, REIS-US, RP-US, SNN-GB, TEMN-CH, WDI-DE

EV / EBITDA

EV / EBITDA

EBIT

DA

Mar

gin

(CY

2018

E)

>40

%

6 Companies 17 Companies 14 Companies

ASX-AU, BK-US, BME-ES, EVTC-US, STT-US, VRSN-USCHKP-US, CME-US, DB11-DE, ENX-FR, ETFC-US, IBKR-US, ICE-US, LSE-GB, N

US, PAYX-US, S68-SG, SEIC-US, SPGI-US, SSNC-US, VRSK-US, WPG-GB, X

BR-US, CSGS-US, DOX-US, FDSA-GB, MGI-US, PAY-US, TCAP-GB, UEPS-US, WADP-US, BNFT-US, CTSH-US, DFS-US, DST-US, EPAY-US, EVRI-US, EXLS-US,

ITG-US, MSI-CA, PEGA-US, WLN-FR

25%

-40%

12 Companies 19 Companies 15 Companies

2.1x 2.4x 2.6x

3.3x 4.7x 5.4x

5.7x 6.9x 7.9x

8.5x 12.3x 10.3x

11.9x 13.8x 19.7x

11.6x 14.4x 15.9x

FinTech Industry Recent News – M&A Activity

Source: Company filings, websites, press releases and news agencies. Note: Underlined wording provides hyperlink to press release.

14

Link

Link

Link

Link

Link

Link

Link

Link

Link

Link

Link

Link

Announced Date

Buyer Target Sector Target Description Link

11/30/17 Industry-Specific IT Services Providers

Provides market, cost intelligence and supply chain solutions for the energy sector

11/29/17 Payments Provides identity and secure transaction technology equipment

11/28/17 Bank & Insurance Systems

Provides real-time, cloud-based solutions for mobile and online payments and deposits

11/28/17 Capital Markets Systems Provides cloud-based commercial real estate valuation and cash flow modeling tools

11/22/17 Consumer & Business Analytics

Provides a SaaS-based financial content and analytics platform

11/17/17 Bank & Insurance Systems

Provides digital banking software for credit unions

11/16/17 Zhongping Capital SunGard Kingstar Data System

Payments Provides software and processing solutions for financial services, higher education and public sectors in China

11/15/17 Capital Markets Systems Provides third-party and outsourced middle office services to investment managers and commercial lenders

11/15/17 Consumer & Business Analytics

Provides communications compliance, archiving and analytics solutions

11/14/17 Consumer & Business Analytics

Provides alternative credit data, analytics and risk scoring information

11/10/17 Consumer & Business Analytics

Provides data analytics and decision support solutions for the law industry

11/8/17 HR & Payroll Enables customers to automatically invest portions of their paycheck into a retirement fund

Announced Date

Buyer Target Sector Target Description Link

11/8/17 Payments Provides software and payments processing solutions for health and fitness centers

11/7/17 Payments Provides integrated cashless and mobile transactions solutions

11/2/17 Bank & Insurance Systems

Provides multi-line insurance brokerage services

11/2/17 Capital Markets Systems Provides alternative credit management services

11/2/17 Capital Markets Systems Develops and operates a multi-asset order and execution management system

11/2/17 Capital Markets Systems Provides data capture and reporting services for portfolio investments

11/1/17 Payments Provides lodging solutions for businesses with long-term stay travel needs

11/1/17 HR & Payroll Provides employee and family assistance programs and wellness programs

11/1/17 Industry-Specific IT Services

Provides enterprise software solutions to the convenience retail, wholesale petroleum and logistics industries

FinTech Industry Recent News – M&A Activity (cont’d)

15

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Source: Company filings, websites, press releases and news agencies. Note: Underlined wording provides hyperlink to press release.

Announced Date

Company Investors Sector Transaction Size ($MM)

Company Description Link

11/30/17Industry-Specific

IT Services Providers

NA Provides a payments platform for healthcare patients

11/30/17 Consumer & Business Analytics

$25 Develops threat detection and analysis solutions

11/30/17 Bank & Insurance Systems

20 Provides an open banking platform for deposits

11/29/17 Consumer & Business Analytics

NAProvides a mobile application that provides store associates with mobile access to product and customer data

11/27/17 Payments 200 Provides payments and telematics services to fleets globally

11/16/17 Bank & Insurance Systems

250 Offers direct lending to small businesses and consumers through an automated lending platform

11/15/17 Bank & Insurance Systems

21 Provides digital loans for the construction industry

11/14/17 Bank & Insurance Systems

22 Provides debt recovery solutions

11/9/17 Payments 12 Provides a cloud-based platform for managing corporate payments and cash flows

11/9/17 Consumer & Business Analytics

14 Provides cyber threat intelligence technology solutions

11/8/17 Consumer & Business Analytics

100 Provides infrastructure and data services for the real estate industry

11/7/17 Bank & Insurance Systems

71 Operates as a digital, mobile-only bank

FinTech Industry Recent News – Private Placements

16

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Source: Company filings, websites, press releases and news agencies. Note: Underlined wording provides hyperlink to press release.

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Announced Date

Company Investors Sector Transaction Size ($MM)

Company Description Link

11/6/17 Consumer & Business Analytics

$65 Provides governance, risk and compliance solutions software

11/6/17 Market Data & Analytics

14 Offers an online marketplace that connects investors with investment research on Asian companies

11/1/17 Payments 280 Provides international money transfer services

10/27/17 Bank & Insurance Systems

50Offers an insurance technology platform that utilizes algorithms and artificial intelligence to organize policy information

10/27/17 Bank & Insurance Systems

40 Offers technology-driven credit solutions for underbanked individuals

10/25/17 Bank & Insurance Systems

60 Provides online loans to small businesses

10/24/17 Payments 8 Provides debit card technology and personal banking services

FinTech Industry Recent News – Private Placements (cont’d)

17

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Source: Company filings, websites, press releases and news agencies. Note: Underlined wording provides hyperlink to press release.

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Announced Date Company Sector Type Seniority Type Size ($MM)

11/29/17 Retail Brokers & Interdealer Brokers Corporate Bond Senior $300

11/29/17 Market Data & Analytics Corporate Bond Senior 500

11/28/17 Industry Specific IT Service Providers Revolver Senior 200

11/28/17 Market Data & Analytics Corporate Bond Senior 1,000

11/14/17 Payments Corporate Bond Senior 375

10/30/17 Payments Corporate Bond Senior 1,500

9/28/17 Payments Revolver Senior 800

9/19/17 Exchanges Corporate Bond Senior 500

Announced Date Company Sector Use of Funds Offer Type Offer Size ($MM)

11/20/17 Bank & Insurance Systems Liquidity for Private Owners Follow-On $243

11/14/17 Industry Specific IT Service Providers General Corporate Purposes Follow-On 311

10/23/17 Payments General Corporate Purposes Follow-On 3,650

9/28/17 Bank & Insurance Systems Acquisition Financing Follow-On 750

9/12/17 Capital Markets Systems Acquisition Financing Follow-On 160

9/11/17 Payments Liquidity for Private Owners Follow-On 1,602

8/16/17 Capital Markets Systems Liquidity for Private Owners Follow-On 141

8/14/17 Industry Specific IT Service Providers Liquidity for Private Owners Follow-On 294

FinTech Industry Selected Public Equity & Debt Financings

18

Public Equity

Debt

Source: Company filings, websites, press releases and news agencies. Note: Underlined wording provides hyperlink to press release.

CCB, Payments – Valuation Levels

Source: CapitalIQ and company filings. (1) Enterprise value calculated as market value of equity plus net debt.

Valuation Metrics

($ in millions, except per share data)

19

Share Price Enterprise Value as a Multiple of: Price as a Multiple of:Current % of 52-Week Market Enterprise LT EPS CY18E CY18E CY18E CY18E CY18E EPS/

Category / Company 11/30/17 High Low Cap. Value (1) Growth Revenue EBITDA EBITDA/LTG EPS LT Growth

PaymentsLarge Prov idersAlliance Data Systems Corporation $239.27 89.9% 114.5% $13,223 $26,514 13.7% 3.09x 11.5x 0.83x 11.2x 0.81xFleetCor Technologies, Inc. 181.87 98.8% 149.7% 16,906 20,608 16.6% 8.12x 15.3x 0.92x 18.7x 1.13xGlobal Payments Inc. 100.56 95.9% 152.6% 16,042 19,791 15.1% 4.95x 14.3x 0.94x 21.4x 1.41xMastercard Incorporated 150.47 97.3% 151.2% 160,007 158,073 18.3% 11.24x 19.0x 1.04x 28.2x 1.54xPayPal Holdings, Inc. 75.73 95.4% 199.0% 91,223 80,617 20.3% 5.23x 20.0x 0.99x 33.4x 1.65xVantiv, Inc. 75.00 98.4% 137.9% 13,420 17,948 15.3% 7.51x 15.6x 1.02x 20.0x 1.31xVisa Inc. 112.59 99.1% 149.8% 255,889 266,344 16.6% 12.89x 18.0x 1.08x 26.6x 1.60x

Mean 16.6% 7.58x 16.2x 0.98x 22.8x 1.35xMedian 16.6% 7.51x 15.6x 0.99x 21.4x 1.41x

Retail FocusBlackhawk Network Holdings, Inc. $36.75 78.7% 112.7% $2,119 $2,563 15.3% 1.07x 9.4x 0.62x 18.4x 1.20xFirst Data Corporation 16.45 85.5% 117.8% 15,365 36,450 10.5% 2.89x 11.1x 1.05x 10.6x 1.00xNets A/S 26.20 99.9% 154.9% 5,250 6,372 23.3% 4.88x 13.1x 0.56x 24.8x 1.07xPaysafe Group Plc 7.92 97.7% 255.9% 3,847 4,084 9.0% 2.78x 10.3x 1.15x 14.7x 1.63xSquare, Inc. 39.22 79.1% 314.8% 16,865 16,351 110.4% 12.85x NM NM NM NM Total System Services, Inc. 74.36 99.5% 158.2% 13,795 16,355 11.6% 4.57x 12.8x 1.10x 20.3x 1.74xWirecard AG 106.66 97.4% 232.1% 13,179 12,262 26.3% 5.65x 19.6x 0.74x 31.8x 1.21xWorldline S.A. 49.28 93.6% 177.1% 6,557 6,216 18.3% 3.01x 13.7x 0.75x 30.0x 1.64xWorldpay Group plc 5.70 96.7% 165.0% 11,400 12,688 17.9% 6.95x 16.3x 0.91x 27.3x 1.53x

Mean 27.0% 4.96x 13.3x 0.86x 22.2x 1.38xMedian 17.9% 4.57x 12.9x 0.83x 22.5x 1.37x

IssuersAmerican Express Company $97.71 99.2% 136.8% $85,326 $110,272 10.0% 3.11x 9.1x 0.91x 15.3x 1.53xDiscover Financial Services 70.60 95.0% 122.8% 25,655 39,710 8.3% 3.76x NA NA 10.7x 1.29x

Mean 9.1% 3.44x 9.1x 0.91x 13.0x 1.41xMedian 9.1% 3.44x 9.1x 0.91x 13.0x 1.41x

OtherCardtronics plc $18.73 33.4% 118.5% $856 $1,744 12.0% 1.33x 6.3x 0.52x 8.5x 0.71xCass Information Systems, Inc. 68.11 91.0% 116.3% 767 525 1.4% NA NA NA NA NA Euronet Worldwide, Inc. 91.35 90.4% 129.6% 5,044 4,726 15.0% 1.89x 9.9x 0.66x 17.2x 1.15xEveri Holdings Inc. 8.15 90.7% 391.8% 603 1,633 20.0% 1.61x 7.1x 0.36x NA NA Green Dot Corporation 61.80 93.8% 264.2% 3,230 2,586 23.1% 2.62x 10.9x 0.47x 24.7x 1.07xIngenico Group 104.85 88.7% 128.9% 6,511 6,723 13.8% 1.91x 9.2x 0.67x 16.0x 1.16xMoneyGram International, Inc. 14.24 79.5% 137.5% 772 1,512 NA 0.91x 5.4x NA 12.8x NA Net 1 UEPS Technologies, Inc. 11.10 80.4% 125.1% 632 636 96.5% 1.05x 4.5x 0.05x 7.0x 0.07xVeriFone Systems, Inc. 17.34 80.7% 114.8% 1,946 2,694 15.0% 1.38x 8.4x 0.56x 10.9x 0.73xThe Western Union Company 19.69 86.7% 107.1% 9,059 11,559 5.6% 2.08x 8.5x 1.52x 10.8x 1.93xWEX Inc. 128.72 99.8% 132.3% 5,525 7,711 15.4% 5.53x 13.7x 0.89x 20.4x 1.32x

Mean 21.8% 2.03x 8.4x 0.63x 14.3x 1.02xMedian 15.0% 1.75x 8.4x 0.56x 12.8x 1.11x

Composite Mean 21.2% 4.46x 12.0x 0.81x 18.9x 1.26xComposite Median 15.3% 3.10x 11.3x 0.89x 18.5x 1.29x

CCB, Banks & Insurance Systems – Valuation Levels Valuation Metrics

20

($ in millions, except per share data)

Source: CapitalIQ and company filings. (1) Enterprise value calculated as market value of equity plus net debt.

Share Price Enterprise Value as a Multiple of: Price as a Multiple of:Current % of 52-Week Market Enterprise LT EPS CY18E CY18E CY18E CY18E CY18E EPS/

Category / Company 11/30/17 High Low Cap. Value (1) Growth Revenue EBITDA EBITDA/LTG EPS LT Growth

Bank & Insurance Systems Core ProcessesEVERTEC, Inc. $13.90 71.2% 110.3% $1,006 $1,604 1.8% 4.00x 9.2x 5.19x 9.8x 5.53xFidelity National Information Services, Inc. 94.33 97.6% 127.5% 32,193 40,686 1.8% 4.42x 12.7x NM 19.4x NM Fiserv, Inc. 131.45 99.7% 128.1% 28,040 32,826 11.5% 5.48x 15.1x 1.31x 22.9x 1.99xJack Henry & Associates, Inc. 115.32 98.2% 136.8% 8,907 8,803 11.0% 5.67x 16.2x 1.47x 33.8x 3.07xQ2 Holdings, Inc. 41.85 94.4% 150.5% 1,842 1,753 NA 7.29x NM NM NM NM Temenos Group AG 123.45 94.7% 184.1% 8,864 9,142 15.3% 11.18x 30.5x 1.99x NM NM

Mean 8.3% 6.34x 16.7x 2.49x 21.5x 3.53xMedian 11.0% 5.57x 15.1x 1.73x 21.1x 3.07x

Real EstateBlack Knight, Inc. $44.90 94.4% 109.2% $3,151 $4,551 14.5% 3.93x 8.1x 0.56x 27.8x 1.92xCoreLogic, Inc. 43.61 88.5% 126.1% 3,622 5,270 11.0% 2.80x 10.7x 0.98x 17.8x 1.61xCoStar Group, Inc. 304.97 96.9% 170.2% 11,099 10,782 18.7% 9.72x 28.8x 1.54x NM NM Ellie Mae, Inc. 88.39 76.9% 113.9% 3,169 2,803 13.2% 5.68x 20.4x 1.54x NM NM RealPage, Inc. 45.35 96.9% 162.0% 3,852 4,140 20.5% 5.13x 19.8x 0.96x 37.9x 1.85xReis, Inc. 21.70 91.9% 136.1% 252 235 NA 4.39x 14.4x NA NM NA Zillow Group, Inc. 41.06 80.7% 125.8% 7,753 7,453 NA 5.77x 23.5x NA NM NA

Mean 15.6% 5.35x 17.9x 1.12x 27.8x 1.79xMedian 14.5% 5.13x 19.8x 0.98x 27.8x 1.85x

Lending Plat formsLendingClub Corporation $4.37 64.4% 107.9% $1,813 $1,435 NA 1.97x 12.2x NA 23.4x NA On Deck Capital, Inc. 5.29 90.9% 160.8% 389 1,050 NA 2.71x NM NA 20.5x NA

Mean NA 2.34x 12.2x NA 22.0x NA Median NA 2.34x 12.2x NA 22.0x NA

OtherACI Worldwide, Inc. $22.88 91.5% 130.1% $2,757 $3,384 11.0% 3.19x 12.3x 1.12x 34.7x 3.15xBottomline Technologies, Inc. 33.33 95.5% 154.9% 1,352 1,412 20.0% 3.61x 15.7x 0.79x 29.3x 1.47xEbix, Inc. 77.30 99.2% 147.5% 2,437 2,718 15.0% 6.65x 18.4x 1.23x 21.7x 1.45xGuidewire Software, Inc. 74.39 89.1% 151.3% 5,606 5,045 15.6% 7.47x NM NM NM NM Intuit Inc. 157.22 98.9% 141.0% 40,532 40,630 15.0% 6.85x 18.6x 1.24x 31.1x 2.07xPegasystems, Inc. 50.45 77.8% 148.2% 4,159 3,965 26.5% 4.46x NM NM NM NM

Mean 17.2% 5.37x 16.2x 1.09x 29.2x 2.03xMedian 15.3% 5.56x 17.1x 1.17x 30.2x 1.77x

Composite Mean 13.9% 5.35x 16.9x 1.53x 25.4x 2.41xComposite Median 14.7% 5.13x 15.7x 1.24x 23.4x 1.96x

CCB, Cons. & Bus. Analytics and HR & Payroll – Valuation Levels Valuation Metrics

21

($ in millions, except per share data)

Source: CapitalIQ and company filings. (1) Enterprise value calculated as market value of equity plus net debt.

Share Price Enterprise Value as a Multiple of: Price as a Multiple of:Current % of 52-Week Market Enterprise LT EPS CY18E CY18E CY18E CY18E CY18E EPS/

Category / Company 11/30/17 High Low Cap. Value (1) Growth Revenue EBITDA EBITDA/LTG EPS LT Growth

Cons. & Bus. AnalyticsAcxiom Corporation $27.25 89.6% 125.0% $2,196 $2,257 12.5% 2.26x 10.4x 0.83x 27.5x 2.20xDun & Bradstreet Corporation 123.11 98.0% 122.5% 4,553 5,820 10.0% 3.22x 11.1x 1.11x 16.7x 1.67xEquifax Inc. 114.12 77.6% 127.4% 13,762 16,218 11.0% 4.70x 13.3x 1.21x 19.2x 1.75xExperian plc 20.77 90.0% 107.7% 19,301 22,272 8.8% 4.66x 13.7x 1.56x 19.8x 2.24xFair Isaac Corporation 157.06 99.2% 140.2% 4,834 5,333 16.0% 5.29x 20.0x 1.25x 27.7x 1.73xRELX Group 23.34 96.9% 130.8% 44,051 50,900 8.1% 4.86x 16.0x 1.98x 18.6x 2.31xTransUnion 55.52 98.8% 192.0% 10,552 12,771 11.0% 6.12x 15.3x 1.39x 26.2x 2.38xVerisk Analytics. Inc. 96.42 99.5% 127.5% 16,289 19,025 9.3% 8.29x 16.9x 1.81x 27.8x 2.97x

Mean 10.8% 4.92x 14.6x 1.39x 22.9x 2.16xMedian 10.5% 4.78x 14.5x 1.32x 23.0x 2.22x

HR & PayrollAutomatic Data Processing, Inc. $114.46 94.0% 121.6% $50,917 $50,572 10.5% 3.71x 17.4x 1.67x 28.1x 2.69xAon plc 140.22 91.8% 127.7% 35,041 38,789 11.7% 3.69x 13.8x 1.18x 17.4x 1.49xBenefitfocus, Inc. 27.10 73.0% 121.5% 861 927 20.0% 3.29x NM NM NM NM Edenred SA 28.63 96.2% 130.7% 6,757 7,981 11.5% 4.75x 12.6x 1.10x 22.0x 1.91xHealthEquity, Inc. 51.87 93.8% 137.9% 3,261 3,051 28.3% 10.93x 28.9x 1.02x NM NM Morneau Shepell Inc. 16.88 97.8% 122.4% 949 1,161 NM 2.22x 11.7x NM 21.9x NM Paychex, Inc. 67.31 99.2% 124.2% 24,270 23,959 8.1% 6.94x 15.9x 1.96x 27.3x 3.35xPaycom Software, Inc. 82.00 95.2% 195.3% 4,767 4,735 28.1% 8.73x 28.4x 1.01x NM NM Paylocity Holding Corporation 46.14 85.5% 155.4% 2,423 2,326 28.9% 5.72x 27.6x 0.96x NM NM The Ultimate Software Group, Inc. 211.03 90.4% 117.1% 6,335 6,206 23.3% 5.58x 22.7x 0.97x NM NM TriNet Group, Inc. 44.76 99.2% 187.2% 3,208 3,376 NA 4.04x 12.0x NA 22.3x NA WageWorks, Inc. 64.15 79.7% 112.7% 2,590 1,943 15.0% 3.69x 11.6x 0.77x 32.7x 2.18xWillis Towers Watson Public Limited Company 160.80 97.5% 134.3% 21,232 25,064 10.0% 2.99x 11.9x 1.16x 16.3x 1.60xWorkday, Inc. 103.00 88.1% 156.6% 22,328 20,590 32.3% 7.74x NM NM NM NM

Mean 19.0% 5.29x 17.9x 1.18x 23.5x 2.20xMedian 17.5% 4.39x 14.8x 1.06x 22.2x 2.04x

SCM, Market Data & Analytics and Exchanges – Valuation Levels Valuation Metrics

22

($ in millions, except per share data)

Source: CapitalIQ and company filings. (1) Enterprise value calculated as market value of equity plus net debt.

Share Price Enterprise Value as a Multiple of: Price as a Multiple of:Current % of 52-Week Market Enterprise LT EPS CY18E CY18E CY18E CY18E CY18E EPS/

Category / Company 11/30/17 High Low Cap. Value (1) Growth Revenue EBITDA EBITDA/LTG EPS LT Growth

Market Data & AnalyticsFactSet Research Systems Inc. $199.88 99.8% 128.9% $8,021 $8,369 11.3% 6.10x 17.7x 1.58x 23.8x 2.12xIHS Markit Ltd. 44.62 91.9% 130.5% 18,304 22,221 12.8% 5.84x 14.7x 1.14x 20.2x 1.58xInforma plc 10.13 97.0% 156.3% 8,348 10,466 6.0% 4.34x 12.5x 2.11x 15.1x 2.54xMoody's Corporation 151.82 99.0% 162.4% 29,411 34,274 9.5% 7.61x 15.7x 1.66x 23.2x 2.44xMorningstar, Inc. 92.30 98.9% 134.9% 3,927 3,808 NA NA NA NA NA NA MSCI Inc. 128.70 99.0% 168.2% 11,620 12,898 14.0% 9.20x 17.2x 1.23x 28.5x 2.03xS&P Global Inc. 165.48 98.6% 154.4% 42,661 45,132 13.3% 7.15x 14.7x 1.10x 22.9x 1.72xThomson Reuters Corporation 44.09 90.4% 103.2% 31,437 38,139 9.3% 3.28x 10.8x 1.15x 16.9x 1.81x

Mean 10.9% 6.22x 14.8x 1.42x 21.5x 2.03xMedian 11.3% 6.10x 14.7x 1.23x 22.9x 2.03x

ExchangesNorth A mericanCBOE Global Markets, Inc. $123.43 98.7% 180.4% $14,049 $15,246 34.0% 13.19x 19.4x 0.57x 31.1x 0.91xCME Group Inc. 149.54 98.5% 132.3% 50,888 51,401 10.2% 13.15x 18.4x 1.80x 28.1x 2.75xIntercontinental Exchange, Inc. 71.45 99.5% 129.0% 41,928 47,582 9.2% 9.69x 14.8x 1.62x 21.2x 2.31xMarketAxess Holdings Inc. 195.27 92.5% 134.6% 7,465 7,261 NA NM 27.8x NA NM NM Nasdaq, Inc. 79.16 99.1% 124.9% 13,180 16,393 8.5% 6.39x 12.5x 1.47x 17.7x 2.07xTMX Group Limited 53.93 87.0% 107.2% 3,014 3,419 2.5% 5.53x 9.7x 3.96x 13.3x 5.41x

Mean 12.9% 9.59x 17.1x 1.88x 22.3x 2.69xMedian 9.2% 9.69x 16.6x 1.62x 21.2x 2.31x

ROWASX Limited $43.28 99.0% 121.1% $8,378 $7,620 4.6% 12.24x 16.0x 3.46x 24.3x 5.24xBM&FBOVESPA S.A. 7.11 90.1% 155.6% 14,571 15,076 8.1% 11.24x 16.1x 1.98x 21.4x 2.63xBolsas y Mercados Españoles 33.58 83.9% 102.3% 2,792 2,436 0.5% 6.32x 9.6x NM 15.1x NM Deutsche Börse Aktiengesellschaft 113.43 96.8% 136.4% 21,523 21,960 10.9% 7.04x 11.8x 1.08x 18.1x 1.66xEuronext N.V. 61.06 95.9% 144.0% 4,268 4,300 5.9% 6.28x 11.0x 1.85x 16.3x 2.75xHong Kong Exchanges and Clearing Limited 30.12 91.3% 132.4% 36,751 35,350 8.8% NM 26.1x 2.97x 34.9x 3.98xLondon Stock Exchange Group plc 51.04 92.9% 144.7% 17,712 18,585 16.0% 6.63x 12.6x 0.78x 21.9x 1.37xSingapore Exchange Limited 5.56 95.9% 106.2% 5,960 5,314 4.1% 8.12x 13.3x 3.26x 19.9x 4.86x

Mean 7.4% 8.27x 14.6x 2.20x 21.5x 3.21xMedian 7.0% 7.04x 12.9x 1.98x 20.6x 2.75x

Exchanges Composite Mean 9.5% 8.82x 15.6x 2.07x 21.8x 3.00xExchanges Composite Median 8.5% 7.58x 14.1x 1.82x 21.2x 2.69x

SCM, Capital Markets Systems – Valuation Levels Valuation Metrics

23

($ in millions, except per share data)

Source: CapitalIQ and company filings. (1) Enterprise value calculated as market value of equity plus net debt.

Share Price Enterprise Value as a Multiple of: Price as a Multiple of:Current % of 52-Week Market Enterprise LT EPS CY18E CY18E CY18E CY18E CY18E EPS/

Category / Company 11/30/17 High Low Cap. Value (1) Growth Revenue EBITDA EBITDA/LTG EPS LT Growth

Capital Markets SystemsNorth A merican Broadridge Financial Solutions, Inc. $90.26 98.4% 142.6% $10,770 $11,774 13.6% 2.74x 14.0x 1.03x 23.8x 1.75xDST Systems, Inc. 62.58 99.4% 124.6% 3,791 4,295 10.0% 1.94x 9.0x 0.90x 17.4x 1.74xEnvestnet, Inc. 49.15 89.1% 159.6% 2,262 2,472 17.5% 3.14x 16.1x 0.92x 30.3x 1.73xFinancial Engines, Inc. 27.90 61.0% 114.1% 1,767 1,569 13.0% 3.06x 9.3x 0.72x 19.3x 1.49xLPL Financial Holdings Inc. 51.84 96.1% 152.4% 4,788 6,693 13.0% 1.37x 9.2x 0.71x 16.1x 1.24xSEI Investments Co. 70.36 99.4% 152.3% 11,872 11,227 12.0% 6.75x 15.5x 1.29x 25.9x 2.16xSS&C Technologies Holdings, Inc. 41.29 97.2% 145.2% 8,932 11,046 15.0% 6.25x 14.4x 0.96x 18.9x 1.26x

Mean 13.4% 3.61x 12.5x 0.93x 21.7x 1.62xMedian 13.0% 3.06x 14.0x 0.92x 19.3x 1.73x

ROWComputershare Limited $12.47 98.9% 143.0% $6,821 $7,916 9.3% 3.66x 12.8x 1.37x 19.4x 2.09xEquiniti Group plc 3.97 92.0% 161.4% 1,195 1,567 NA 2.62x 10.6x NA 17.3x NA Fidessa group plc 33.19 91.9% 121.6% 1,290 1,194 2.7% 2.48x 11.2x 4.22x 25.0x 9.42xFirst Derivatives plc 50.53 98.4% 181.2% 1,373 1,391 1.0% 5.23x 29.3x NM NM NM IRESS Limited 8.24 81.2% 101.3% 1,394 1,526 6.1% 4.31x 15.3x 2.51x 23.0x 3.77xSanne Group plc 9.86 87.2% 139.6% 1,406 1,430 NA 7.35x 19.8x NA 25.2x NA SimCorp A/S 60.18 83.9% 121.2% 2,449 2,459 14.6% 5.59x 20.3x 1.39x 27.5x 1.88x

Mean 6.7% 4.46x 17.0x 2.37x 22.9x 4.29xMedian 6.1% 4.31x 15.3x 1.95x 24.0x 2.93x

Custody BanksNorthern Trust Corporation $97.78 98.5% 119.8% $22,438 $21,217 10.7% 3.65x 11.0x 1.03x 18.2x 1.71xState Street Corporation 95.35 95.4% 128.1% 35,376 46,349 11.4% 3.80x 10.2x 0.90x 13.8x 1.21xThe Bank of New York Mellon Corporation 54.74 99.0% 124.8% 56,526 83,500 7.7% 5.08x 13.0x 1.70x 14.1x 1.84x

Mean 9.9% 4.18x 11.4x 1.21x 15.4x 1.59xMedian 10.7% 3.80x 11.0x 1.03x 14.1x 1.71x

Composite Mean 10.5% 4.06x 14.2x 1.40x 20.9x 2.38xComposite Median 11.4% 3.66x 13.0x 1.03x 19.4x 1.75x

SCM, Retail Brokers & Interdealer Brokers – Valuation Levels Valuation Metrics

24

($ in millions, except per share data)

Source: CapitalIQ and company filings. (1) Enterprise value calculated as market value of equity plus net debt.

Share Price Enterprise Value as a Multiple of: Price as a Multiple of:Current % of 52-Week Market Enterprise LT EPS CY18E CY18E CY18E CY18E CY18E EPS/

Category / Company 11/30/17 High Low Cap. Value (1) Growth Revenue EBITDA EBITDA/LTG EPS LT Growth

Retail BrokersThe Charles Schwab Corporation $48.79 98.5% 131.3% $66,394 $65,192 18.8% 6.69x 14.2x 0.75x 25.2x 1.34xE*TRADE Financial Corporation 48.14 98.8% 149.3% 12,981 15,464 15.8% 6.00x 11.2x 0.71x 18.7x 1.19xGAIN Capital Holdings, Inc. 7.55 84.4% 135.8% 342 252 10.6% 0.69x 2.8x 0.27x 10.8x 1.01xTD Ameritrade Holding Corporation 51.17 98.8% 141.7% 29,022 29,702 20.4% 5.93x 13.7x 0.67x 21.2x 1.04x

Mean 16.4% 4.83x 10.5x 0.60x 19.0x 1.14xMedian 17.3% 5.96x 12.4x 0.69x 19.9x 1.11x

Interdealer BrokersBGC Partners, Inc. $16.33 98.9% 167.0% $4,694 $7,155 16.1% NA NA NA NA NA Interactive Brokers Group, Inc. 57.06 99.0% 172.9% 4,078 7,276 10.0% 4.32x 6.0x 0.60x 34.2x 3.42xINTL FCStone Inc. 43.88 97.7% 132.5% 839 1,714 9.7% NA NA NA NA NA Investment Technology Group, Inc. 17.99 75.1% 101.8% 595 461 NA 0.89x 4.3x NA 16.6x NA TP ICAP plc 6.83 92.4% 120.4% 3,775 3,654 8.8% 1.51x 7.7x 0.88x 12.3x 1.41xVirtu Financial, Inc. 16.30 85.5% 124.4% 1,455 2,669 5.5% 3.29x 6.8x 1.23x 17.6x 3.18x

Mean 10.0% 2.50x 6.2x 0.90x 20.2x 2.67xMedian 9.7% 2.40x 6.4x 0.88x 17.1x 3.18x

Industry Specific IT Services Providers – Valuation Levels Valuation Metrics

25

($ in millions, except per share data)

Source: CapitalIQ and company filings. (1) Enterprise value calculated as market value of equity plus net debt.

Share Price Enterprise Value as a Multiple of: Price as a Multiple of:Current % of 52-Week Market Enterprise LT EPS CY18E CY18E CY18E CY18E CY18E EPS/

Category / Company 11/30/17 High Low Cap. Value (1) Growth Revenue EBITDA EBITDA/LTG EPS LT Growth

Industry Specific IT Services ProvidersHealthcareAllscripts Healthcare Solutions, Inc. $14.30 98.6% 140.3% $2,584 $4,358 14.6% 2.04x 10.2x 0.69x 19.0x 1.30xathenahealth, Inc. 132.89 83.8% 147.5% 1,397 1,550 17.8% 1.15x 4.6x 0.26x NM NM Cerner Corporation 70.69 95.7% 150.4% 24,112 23,795 12.0% 4.26x 12.9x 1.08x 27.2x 2.26xHMS Holdings Corp. 16.53 79.1% 150.1% 1,390 1,550 13.2% 2.75x 11.2x 0.85x 21.0x 1.60x

InternetAkamai Technologies, Inc. $55.78 77.9% 124.9% $9,453 $9,358 9.4% 3.47x 9.7x 1.04x 21.2x 2.26xCheck Point Software Technologies Ltd. 104.29 87.5% 129.1% 18,715 17,205 9.4% 8.71x 15.6x 1.65x 18.2x 1.93xVeriSign, Inc. 115.10 97.3% 152.0% 11,558 11,599 NA 9.60x 13.4x NA 26.8x NA

Telecommunicat ionsAmdocs Limited $65.29 96.0% 116.4% $9,651 $8,671 8.6% 2.17x 10.6x 1.23x 16.0x 1.85xConvergys Corporation 24.68 92.6% 122.5% 2,285 2,444 10.3% 0.89x 7.0x 0.68x 13.3x 1.28xCSG Systems International, Inc. 45.89 89.4% 129.3% 1,602 1,678 7.5% 2.08x 8.9x 1.18x 16.7x 2.23x

GeneralCognizant Technology Solutions Corporation $72.28 94.5% 140.3% $42,742 $38,852 14.4% 2.40x 11.1x 0.77x 16.6x 1.15xExlService Holdings, Inc. 61.38 97.4% 138.7% 2,103 1,899 14.0% 2.28x 12.8x 0.92x 21.4x 1.53xGenpact Limited 32.24 99.4% 138.1% 6,291 7,072 10.3% 2.43x 14.1x 1.37x 18.2x 1.77x

Mean 11.8% 3.40x 10.9x 0.98x 19.6x 1.74xMedian 11.2% 2.40x 11.1x 0.98x 18.6x 1.77x