FINTECH SECTOR REPORT - GCA Advisors...Q1-16Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Oct-17 $10 $9 $6 $4 $4 $5 $3 Q1-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Oct-17 Real Estate & Mortgage Tech

FINTECHSECTOR REPORTOctober 2017

2

Strong sector and product expertise across FinTech and related sub-sectorsGCA OVERVIEW

New York640 Fifth Avenue, 10th Fl.

New York, NY 10019United States

Phone: (212) 999-7090

San FranciscoOne Maritime Plaza, 25th Fl.

San Francisco, CA 94111United States

Phone: (415) 318-3600

Sean MinnihanManaging Director

Head of FinTechPhone: (212) 999 - 7077Mobile: (917) 364 - 6230

[email protected]

Rob FreimanDirectorFinTech

Phone: (212) 999 - 7075Mobile: (973) 229 - 0436 [email protected]

Kegan GreeneVice President

FinTechPhone: (415) 318 - 3648Mobile: (917) 579 - 4838 [email protected]

David KruegerVice President

FinServicesPhone: (212) 537 - 4534Mobile: (616) 822 - [email protected]

Steve FletcherManaging DirectorHead of Software

Phone: (415) 318 - 3661Mobile: (415) 518 - [email protected]

Peter BangManaging DirectorHead of FinServicesPhone: (212) 999 - 7074Mobile: (917) 783 - [email protected]

Chris GoughManaging Director

M&A/Real Estate Tech.Phone: (415) 318 - 3658Mobile: (415) 385 - [email protected]

3

A leading independent, global investment bankGCA OVERVIEW

San Francisco I New York I Manchester I London I Milan I Zurich I Frankfurt I Munich I Tel Aviv I Mumbai I New Delhi I Singapore I Shanghai I Osaka I Tokyo

GLOBAL

Global reach with 15 offices in 10 key markets – but deep local roots ensure close, hands-on support for our clients

TECH &INTERNET

Leading advisor in Tech and Internet sectors with strong networks in key tech hubs, including Silicon Valley

CROSS-BORDER

Expert advisor for cross-border transactions – the majority of our deals involve cross-border outcomes

GROWTHCOMPANIES

Strong expertise in advising growth companies and leading corporations in capital raising and M&A

400+

Over 400 M&A bankers and growth company experts in the U.S., in Europe and across Asia

350+

Over 350 deals closed in last 3 years, of which 33% were cross border

4

Selected recent FinTech experienceGCA OVERVIEW

We Advised the Seller

Acquired by

We Advised the Buyer

Acquisition of


Acquired by


Acquired byStrategic Investment

We Advised ControlExpertFinancial Advisor

Series C Financing

Sale of

Financial Advisor

to

Payments Banking & Lending Tech Payments Insurance Technology Payments Payments Real Estate Tech


Acquired bySale of 54% stake in

We Advised GP Net

to

Financial Advisor

Series B Financing


Acquired by

Investor Group led by Casin Group


Acquisition of


Acquired by Series A Financing

Financial Advisor

Payments IT & BPO Services Insurance Technology Information Services Payments Payments Liquidity Venues

Acquired by

We Advised the SellerWe Advised the Seller

Acquired by Acquired by

We Advised the Seller We Advised the Seller

Acquired by


Growth Investmentfrom

Financial Advisor

Convertible NoteOffering


Majority sale to

Information Services Insurance Technology Payments Real Estate Tech Insurance Technology Banking & Lending Tech Real Estate Tech


Acquired by


Acquisition of

Lead Generation Business

Acquired by


sold its investment in

to the shareholders of


Acquired by


Insurance Technology Insurance Technology Insurance Technology Insurance Technology Insurance Technology

http://www.alldata.de/

5

Select October Financing Transactions Percent Change Select October M&A Transactions

Date Company Selected Investors Amount Sub-Sector Subsector LTM 3 Years Date Target Buyer Value Sub-Sector

10/31/17 $115 32% 56% 10/27/17 $640

10/24/17 $324 26% 45% 10/26/17 $222

10/20/17 $144 33% 55% 10/20/17 $760

10/18/17 $166 20% 41% 10/18/17 $2,500

10/13/17 $203 18% 57% 10/17/17 $1,000

10/10/17 $100 33% 41% 10/2/17 $1,111

Quarterly Financing Activity ($Bn) 16% 14% Quarterly M&A Activity ($Bn)

23% 26%

37% 56%

23% 35%

44% 56%

Average Deal Size ($MM) Average Deal Size ($MM)

$89 Bn | 995 DealsLTM M&A Volume

Aggregate FinTech Market 28% 44%

S&P 500 19% 11%

$25 Bn | 1,627 DealsLTM Financing Volume Industry Stock Market Performance

$17 $18 $24

$14

$23

$13

$32

$7

Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Oct-17

$10 $9

$6 $4 $4

$9

$5 $3

Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Oct-17

Real Estate & Mortgage Tech.

Benefits Administration/Payroll

Information Services

Investment Technology

Trading Technology

Banking & Lending Technology

Insurance Technology

Financial SaaS

IT & BPO Services

Payments

Liquidity Venues

3

1

5

9

7

6

4

1

2

8

9

7

6

5

4

3

10

11

8

9

9

9

436

377408

368

328

369

397264

244

195201

235

222 216

156

$12.6$23.9$10.8$12.2$16.3$22.1$22.9 $18.6

121

$148$58.6$97.9$69.7$123$73.8$64.4 $57.9

11

FINTECH DEAL DASHBOARD

Notes:Source: Pitchbook. CapIq. GCA Deal Database.Market data as of 10/31/17.(1) Includes private company equity financings.(2) Represents weighted average by market cap.

The FinTech market is trading at 28% over the LTM period, as compared to 19% for the S&P 500. Financing volume YTD ‘17 is at 84% of total ‘16 volume, while capital raised YTD ‘17 is at 72% of total ‘16 capital raised

(1)

(1)

(2)

6

FINTECH PUBLIC COMPANY LANDSCAPEFinTech subsectors and key operating stats ($Bn)


Benefits Administration/Payroll Financial SaaS



Combined Market Cap.: $16017E/16A Rev. Growth: 10.5%

17E EBITDA Margin: 26.3%








Combined Market Cap.: $3017E/16A Rev. Growth: 9.9% 17E EBITDA Margin: 11.4%

Combined Market Cap.: $31817E/16A Rev. Growth: 7.4% 17E EBITDA Margin: 30.8%

Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 11/9/17.

1 2 3

4 5 6

7

FINTECH PUBLIC COMPANY LANDSCAPE (CONT’D)(3)

FinTech subsectors and key operating stats ($Bn)

Liquidity Venues PaymentsIT & BPO Services





Combined Market Cap.: $23317E/16A Rev. Growth: 9.9%17E EBITDA Margin: 58.7%

Notes:Source: CapIq.Revenue growth and EBITDA margins shown are median values for comp group.Market data as of 11/9/17.

7 8 9




Trading Technology



10 11

8

FINTECH STOCK PRICE PERFORMANCE

3 Year Share Price Performance

LTM Share Price Performance

Notes:Source: CapIq. Market data as of 10/31/17.

Trading tech leads the pack on an LTM basis, while insurance tech has outperformed over the past three years

6) Investment Technology

11) Trading Technology

1) Banking & Lending Technology

2) Benefits Administration/Payroll

3) Financial SaaS 5) Insurance Technology

4) Information Services

7) IT & BPO Services 8) Liquidity Venues 9) Payments 10) Real Estate & Mortgage Technology

9

FINTECH PUBLIC COMPANY VALUATIONLiquidity venues have outperformed the rest of the FinTech market on both an EV/ LTM revenue and EV/ NTM revenue basis

Notes:Source: CapIq.Market data as of 10/31/17.Lines display median multiples across comp groups for given year.

Enterprise Value / LTM RevenueEnterprise Value / LTM Revenue

Median Revenue Growth to EV / NTM Revenue MultipleEnterprise Value / NTM Revenue

1

2

3

4

56

7

8

9

10

11

3.5x 3.8x 4.0x4.6x

3.5x 3.8x 3.8x4.3x








10

FINTECH PUBLIC COMPANY VALUATION (CONT’D)Financial SaaS has outperformed the rest of the FinTech market on both an EV/ LTM EBITDA and EV/ NTM EBITDA basis

Notes:Source: CapIq.Market data as of 10/31/17.Lines display median multiples across comp groups for given year.

Enterprise Value / LTM EBITDAEnterprise Value / LTM EBITDA

Median EBITDA Growth to EV / NTM EBITDA MultipleEnterprise Value / NTM EBITDA

1

23

4

5

6

7 8

910

11

15.1x 15.4x 15.6x

17.2x

12.8x 13.0x 12.8x15.2x








11

Investment Technology6

Real Estate & Mort. Tech10

Long-term growth is not necessarily correlated with FinTech public company P/E multiples or PEG ratiosFINTECH PUBLIC COMPANY VALUATION (CONT’D)

Notes: Figures represent medians of sub-sectors.Market data as of 11/9/17.Long-term EPS growth covers last 5 years.

21.6%

17.3%

15.0%

12.6%

17.3%

15.7%

12.0%

11.0%

8.7%

15.0%

13.5%

2.3

2.2

2.9

2.2

1.4

2.1

1.8

2.1

2.8

1.5

1.5

2017E P/E Multiple 2017E PEG Ratio

Long-Term EPS Growth

Banking & Lending Tech1

Benefits Admin/Payroll2

Financial SaaS3

Information Services4

Insurance Technology5

IT & BPO Services7

Liquidity Venues8

Payments9

Trading Technology11

12

SELECTED RECENT GROWTH EQUITY & VC ACTIVITY

Date

Announced Target Investors Type Amount ($MM) Sub-Sector

Notes: Source: CapIq. Pitchbook.Selected deals from last calendar month.

10/31/17Bezos Expeditions, Chase Franklin, Chris DeVore, DN Capital, Draper Fisher

Jurvetson, FundersClub, International Finance Corporation, PayUSeries D $115

10/31/17 Insight Venture Partners, Undisclosed Series E $25

10/30/17 Fosun International Limited NA $14

10/25/17Camp One Ventures, Globespan Capital Partners, IA Capital Group, Inventus

Capital Partners, Menlo Ventures, Plug and Play VenturesSeries E $27

10/25/17 Mainsail Partners NA $36

10/24/17 The Intercontinental Exchange (ICE) NA $324

10/24/17Accel Partners, Alumni Ventures Group, Aspect Ventures, Fenway Summer

Ventures, GDP Venture, Mission Holdings, Pelion Venture Partners SparkLabs Series B $12

10/24/17 Mainsail PartnersGrowth Equity

$42

10/24/17China Soft Capital, Chuanrong Capital, CreditEase, IDG Capital, Jiaxing Leader

Fund, National SMEs Development Fund, Tendence Capital, THG VenturesSeries B $30

10/24/17ABN AMRO Bank, ABN Amro Capital, Creades, Nordea Bank, Nordnet, SEB

Venture Capital, Skandinaviska Enskilda Banken, Sunstone CapitalSeries C $16

10/24/17 Accel Partners, Elaia Partners, General Catalyst, Iris Capital Series B $28

10/23/17 Global Founders Capital NA $40

10/23/17American Express Ventures, Arbor Ventures, Blockchain Capital, Boost VC,

Carthona Capital, Digital Currency Group, First Round Capital, Foxconn Series B $16

10/23/175square Committed Capital, Arthur Kosten, Holtzbrinck Ventures, Initial

Capital, Orange Growth Capital, Thierry Schaap, Velocity CapitalSeries C $12

10/20/17 Metrobank, ANZ Funds NA $144

10/18/17Accel Partners, Caisse de depot et placement du Quebec, iNovia Capital,

Investissement Quebec, Silicon Valley BankSeries D $166

10/18/17AID Partners, David Friedberg, Financial Solutions Lab, J.P. Morgan Partners,

Jason Rubin, Jonathan Kraft, Justin Yoshimura, Mark CubanSeries A $13

10/18/17e.Bricks Digital, Ed Baker, Endeavor Catalyst, International Finance Corporation,

Kaszek Ventures, Mark Goines, Omidyar NetworkSeries D $39

10/18/17CoVenture, MHS Capital, Refactor Capital, Metamorphic Venture, 500 StartUps,

Sam Hodges, Jake Gibson, Al Hamra GroupNA $103

10/17/17Cowboy Ventures, Foundation Capital, Noah Holdings, Renren Lianhe Holdings,

Ribbit Capital, Sberbank, SURA Ventures, Undisclosed AngelaSeries C - III $57

Payments

IT & BPO Services




Liquidity Venues

Payments

Financial SaaS

Financial SaaS




Payments

Trading Technology

Payments

Financial SaaS





13

SELECTED RECENT GROWTH EQUITY & VC ACTIVITY (CONT’D)

Date

Announced Target Investors Type Amount ($MM) Sub-Sector

Notes: Source: CapIq. Pitchbook.Selected deals from last calendar month.

10/17/17Amazon, Eight Roads Ventures, Experian, Mousse Partners, Sequoia Capital

India, Walden InternationalSeries D $30

10/17/17 Sapphire Ventures, Undisclosed Series C $50

10/16/17ABN AMRO Bank, Accenture, Australian Securities Exchange, BNP Paribas

Private Equity, Broadridge Financial Solutions, Citigroup, CME GroupSeries B $40

10/13/17 The Clermont Group, Toscafund, Coltrane Asset Management NA $203

10/12/17ABG Capital, IDG Ventures India, Info Edge, Intel Capital, Inventus Capital

Partners, MakeSense Technologies, PremjiInvest, Ribbit Capital, Steadview Series E $77

10/12/17Commerce Ventures, CreditEase, Industry Ventures, Nyca Partners,

Undisclosed InvestorsSeries A $13

10/12/17Nokia Growth Partners, Intel Capital, Sequoia Capital, Moody's Corporation,

AXA Strategic Ventures, Boldstart Ventures, Two Sigma VenturesSeries C $28

10/10/17American Express Ventures, August Capital, Bank of America, Citi Capital

Advisors, Commerce Ventures, DCM Ventures, Emergence Capital Partners, Series G $100

10/9/17Access Industries, Finstar Financial Group, Heartland Bank, Holtzbrinck

Ventures, Kreos Capital, Rocket Internet, Undisclosed InvestorsSeries C $26

10/5/17Andy Palmer, Braughm Ricke, Draper Associates, Draper Fisher Jurvetson,

Elefund, Expansion VC, Industry Ventures, K9 Ventures, Kima VenturesSeries C $42

10/5/17Benzinga Global Fintech Awards, Foundation Capital, Founder Collective, Highland Capital Partners, Index Ventures, Starr Companies, Two Sigma

Series B $19

10/5/17Horizons Ventures, Munich Re/HSB Ventures, Plug and Play Accelerator, Plug and Play Ventures, Sompo Holdings, Tusk Ventures, Undisclosed Investors, XL

Series A $12

10/4/17 Brightbridge Ventures, Legal & General Group Series B $47

10/4/17Andrew Hodson, Cambridge Angels, Cambridge Capital Group, Highland

Europe, Invoke Capital, Mike Lynch, Nesta Investment ManagementSeries C $22

10/4/17Bain Capital Ventures, Canvas Ventures, FJ Labs, Great Oaks Venture Capital,

Grey Wolf, Hone Capital, Khosla Ventures, Lightspeed Venture Partners, Marc Series C $35

10/4/17 Zeev Ventures, Lightspeed Venture Partners Series A $27

10/3/17Rakuten Capital, Draper Espirit, Talis Capital, Emery Capital, Rubicon Venture

CapitalSeries A $36

10/2/17 A-CAP NA $12

10/2/17 Undisclosed NA $38

10/2/17 Long Arc Capital, Bpifrance NA $62

Median $36


IT & BPO Services

Financial SaaS



Payments

IT & BPO Services

Financial SaaS


Financial SaaS




IT & BPO Services





Payments

IT & BPO Services

14

SELECTED RECENT PUBLIC EQUITY AND DEBT FINANCINGS

Offer

Date Issuer Ticker Type Amount ($MM) Offer Price Price to Date Sub-Sector

Notes: Source: CapIq. Pitchbook.Price to Date as of 11/6/17.Selected financings from last calendar month.

10/30/17 NYSE:TRU Follow On $394 $52.35 3%

10/26/17 NYSE:DFS Follow On $570 NA NA

10/25/17 NYSE:SCHW Follow On $500 NA NA

10/20/17 ASX:ESV Follow On $31 $0.12 22%

10/3/17 AIM:EPO Follow On $33 $0.27 (10%)

Median $394 NM 3%


Payments

Trading Technology

Payments

Payments

Offer

Date Issuer Use of Funds S&P Moody's Amount ($MM) Coupon Sub-Sector

10/30/17 General Corporate Purposes BBB- NA $3 3.15%

10/30/17 General Corporate Purposes BBB- NA $2 4.00%

10/23/17General Corporate Purposes,

Working CapitalNA NA $1,498 2.20%


Working CapitalNA NA $500 NA


Working CapitalNA NA $1,649 3.00%

10/13/17 General Corporate Purposes NA NA $118 0.21%

Median $309

Security Rating at Issuance

Payments

Payments

Payments

Payments

Payments

Liquidity Venues

15

SELECTED RECENT M&A ACTIVITY

Notes: Source: CapIq. Pitchbook.Selected deals >$50MM.

Date Enterprise EV / Revenue EV / EBITDA

Announced Acquirer Target Value ($MM) LTM LTM Sub-Sector

10/27/2017 $640 9.5x 18.3x

10/26/2017 $222 4.7x 20.5x

10/24/2017 $400 NA NA

10/20/2017 $760 NA NA

10/19/2017 $275 NA NA

10/19/2017 $150 NA NA

10/18/2017 $2,500 NA NA

10/17/2017 NA NA NA

10/17/2017 $1,000 3.4x 46.0x

10/10/2017 $100 4.5x NA

10/6/2017 $275 NA NA

10/5/2017 $155 NA NA

10/3/2017 $105 NA NA

10/2/2017 $1,111 25.7x NA

Median 4.7x 20.5x

Trading Technology

Payments

Trading Technology

Payments

IT & BPO Services


IT & BPO Services


Payments



Payments


Payments

16

PUBLIC COMPANY VALUATIONS

Bene

fits

Adm

in/P

ayro

llBa

nkin

g &

Len

ding

Tec

hnol

ogy

Notes: Source: CapIq. Pitchbook.Multiples based on CapIq Consensus Estimates. Multiples <0 and >100 considered NM.

Fina

ncia

l Saa

S

$MM, Except Per Share Data

Stock EPS Operating Metrics Trading MetricsPrice Equity Enterprise Long Term Revenue Growth EBITDA Growth EBITDA Margin EV / Revenue EV / EBITDA Price / EPS

11/9/17 Value Value Growth PEG 17E/16A NTM 17E/16A NTM 17E 17E 18E 17E 18E 17E 18EBanking & Lending TechnologyFidelity National Information Services, Inc. $92.52 $30,890 $39,383 11.9% 1.8 (0.8%) (0.9%) 33.1% 5.8% 33.0% 4.3x 4.3x 13.0x 12.3x 21.0x 19.0x Intuit Inc. $152.41 $38,861 $38,572 14.7% 2.3 10.5% 9.9% 40.6% 10.1% 37.0% 7.2x 6.5x 19.4x 17.7x 34.1x 30.1x First Data Corporation $16.75 $15,468 $36,553 10.0% 1.1 4.0% 5.4% 14.4% 7.5% 25.4% 3.0x 2.9x 12.0x 11.2x 11.0x 10.7x Fiserv, Inc. $128.88 $26,859 $31,645 11.5% 2.2 2.9% 5.9% 18.6% 6.7% 36.0% 5.6x 5.3x 15.5x 14.5x 25.4x 22.4x Wolters Kluwer N.V. $49.40 $13,946 $16,542 8.5% 2.2 14.0% 3.3% 18.7% 2.4% 27.2% 3.2x 3.2x 11.8x 11.5x 18.8x 17.6x Temenos Group AG $121.03 $8,507 $8,785 15.3% 3.2 14.9% 15.1% 51.8% 18.1% 34.9% 12.1x 10.8x 34.6x 29.3x 48.9x 41.2x Jack Henry & Associates, Inc. $113.96 $8,801 $8,697 11.0% 3.2 5.2% 5.8% 4.1% 5.7% 35.0% 5.9x 5.6x 16.9x 16.0x 35.7x 33.4x Black Knight, Inc. $43.05 $2,962 $4,362 14.2% 2.2 3.1% 7.9% 47.4% 11.5% 47.9% 4.1x 3.8x 8.6x 7.7x 31.3x 26.6x ACI Worldwide, Inc. $23.15 $2,745 $3,371 11.0% 3.4 1.4% (0.3%) NA 8.0% 25.0% 3.3x 3.2x 13.2x 12.2x 37.3x 35.0x Ellie Mae, Inc. $86.84 $2,998 $2,632 13.2% 4.3 14.5% 18.0% 62.8% 16.7% 28.9% 6.4x 5.3x 22.1x 18.9x 56.7x 52.1x Q2 Holdings, Inc. $42.65 $1,777 $1,688 NM NM 29.1% 22.8% NA NA 5.0% 8.7x 7.0x NM 85.6x NM NMCoupa Software Incorporated $33.33 $1,787 $1,578 NM NM 33.4% 24.8% NA NA NA 8.8x 7.1x NM NM NM NMLendingClub Corporation $4.29 $1,780 $1,402 27.7% NM 15.7% NA NA NA 8.2% 2.4x 1.9x 29.7x 11.9x NM 23.0x Bottomline Technologies (de), Inc. $33.30 $1,264 $1,323 16.0% 1.9 5.6% 7.0% NA 7.3% 22.9% 3.6x 3.4x 15.9x 14.9x 31.1x 29.1x On Deck Capital, Inc. $5.01 $369 $1,030 NM NM 19.8% NA NA NA 1.7% 3.0x 2.7x NM 31.9x NM 18.8x Elevate Credit, Inc. $7.20 $301 $724 NM NM 16.1% 21.5% 78.9% 69.7% 14.1% 1.1x 0.9x 7.6x 4.5x 23.9x 7.1x Computer Services, Inc. $47.50 $663 $626 NM NA NA NA NA NA NA NA NA NA NA NA NAPerformant Financial Corporation $1.80 $92 $109 NM NM (8.8%) NA NA NA 6.2% 0.8x 0.9x 13.6x 42.7x NM NM

Median 12.6% 2.2 10.5% 7.4% 36.9% 7.7% 26.3% 4.1x 3.8x 14.6x 14.7x 31.2x 24.8x

Benefits Administration/PayrollAutomatic Data Processing, Inc. $111.97 $49,658 $49,312 10.5% 2.8 5.7% 7.1% (4.7%) 11.4% 20.4% 3.9x 3.6x 18.9x 17.0x 29.7x 27.5x Paychex, Inc. $64.76 $23,270 $22,959 8.1% 3.5 5.6% 6.9% 7.6% 6.7% 43.6% 7.1x 6.7x 16.3x 15.3x 28.1x 26.3x The Ultimate Software Group, Inc. $196.91 $5,883 $5,754 23.3% 2.3 19.6% 17.9% NA 27.5% 23.0% 6.2x 5.2x 26.8x 21.0x 54.5x 43.4x Paycom Software, Inc. $78.48 $4,573 $4,540 28.1% 2.2 31.3% 26.4% 95.2% 25.4% 30.7% 10.5x 8.4x 34.2x 27.3x 62.3x 50.9x TriNet Group, Inc. $41.72 $2,899 $3,067 NM NM NA NA NA 1.4% 34.6% 3.8x 3.7x 11.0x 10.9x 20.9x 20.8x HealthEquity, Inc. $50.77 $3,071 $2,861 28.3% 2.6 27.3% 24.2% 52.2% 27.5% 36.5% 12.6x 10.2x 34.6x 27.1x 75.0x 59.2x Paylocity Holding Corporation $47.85 $2,513 $2,415 28.9% 2.2 26.1% 22.5% NA 27.3% 19.9% 7.3x 5.9x 36.5x 28.7x 62.8x 49.5x Insperity, Inc. $105.55 $2,200 $2,016 16.5% 1.4 11.7% 10.9% 45.7% 14.3% 5.3% 0.6x 0.6x 11.5x 10.1x 22.4x 19.9x WageWorks, Inc. $61.35 $2,432 $1,784 15.0% 2.3 31.7% 10.8% NA 14.3% 30.4% 3.7x 3.4x 12.2x 10.7x 34.5x 31.3x Benefitfocus, Inc. $25.35 $793 $858 20.0% NM 9.9% 7.5% NA 47.1% 7.4% 3.3x 3.0x 45.3x 30.8x NM NMCastlight Health, Inc. $3.75 $502 $420 25.0% NM 28.6% 24.9% NA NA NA 3.2x 2.6x NM NM NM NM

Median 21.6% 2.3 22.8% 14.4% 45.7% 19.9% 26.7% 3.9x 3.7x 22.9x 19.0x 34.5x 31.3x

Financial SaasIntuit Inc. $152.41 $38,861 $38,572 14.7% 2.3 10.5% 9.9% 40.6% 10.1% 37.0% 7.2x 6.5x 19.4x 17.7x 34.1x 30.1x Workday, Inc. $106.15 $22,079 $20,530 34.0% NM 34.0% 26.6% NA 41.3% 15.2% 9.8x 7.8x 64.2x 45.4x NM 96.2x The Sage Group plc $9.85 $10,637 $11,060 10.9% 2.3 10.0% 10.0% 12.0% 12.6% 29.1% 4.9x 4.5x 17.0x 15.1x 25.0x 22.2x SS&C Technologies Holdings, Inc. $40.01 $8,236 $10,350 15.0% 1.4 13.1% 6.6% 34.4% 10.8% 41.2% 6.2x 5.9x 15.0x 13.5x 20.8x 18.3x Paycom Software, Inc. $78.48 $4,573 $4,540 28.1% 2.2 31.3% 26.4% 95.2% 25.4% 30.7% 10.5x 8.4x 34.2x 27.3x 62.3x 50.9x Xero Limited $23.20 $3,186 $3,128 NM NM 42.7% 16.9% NA NA 2.6% 11.5x 8.6x NM 68.4x NM NMEnvestnet, Inc. $53.10 $2,353 $2,563 16.2% 2.5 17.6% 15.8% NA 27.9% 17.9% 3.8x 3.3x 21.0x 16.4x 40.8x 32.5x Paylocity Holding Corporation $47.85 $2,513 $2,415 28.9% 2.2 26.1% 22.5% NA 27.3% 19.9% 7.3x 5.9x 36.5x 28.7x 62.8x 49.5x Alfa Financial Software Holdings PLC $6.30 $1,890 $1,864 NM NM 23.3% 3.9% NA NA NA 16.7x 14.7x NA NA 44.9x 38.4x Coupa Software Incorporated $33.33 $1,787 $1,578 NM NM 33.4% 24.8% NA NA NA 8.8x 7.1x NM NM NM NMFinancial Engines, Inc. $27.08 $1,714 $1,517 13.0% 1.5 13.4% 8.7% NA 6.3% 32.9% 3.2x 3.0x 9.6x 9.0x 19.7x 18.4x Blucora, Inc. $19.85 $916 $1,200 18.5% 0.8 10.5% 6.3% 27.6% 18.5% 19.8% 2.4x 2.2x 12.0x 10.1x 14.3x 11.2x Benefitfocus, Inc. $25.35 $793 $858 20.0% NM 9.9% 7.5% NA 47.1% 7.4% 3.3x 3.0x 45.3x 30.8x NM NM

Median 17.3% 2.2 17.6% 10.0% 34.4% 22.0% 19.9% 7.2x 5.9x 20.2x 17.7x 34.1x 31.3x

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11/9/17 Value Value Growth PEG 17E/16A NTM 17E/16A NTM 17E 17E 18E 17E 18E 17E 18EInformation ServicesRELX PLC $22.67 $45,375 $51,960 8.1% 2.6 15.1% 5.2% 33.4% 9.7% 34.8% 5.3x 5.1x 15.3x 13.9x 21.4x 20.0x S&P Global Inc. $157.91 $40,267 $42,738 13.3% 1.8 5.4% 5.8% 16.2% 6.9% 48.1% 7.2x 6.8x 14.9x 13.9x 23.8x 21.8x Thomson Reuters Corporation $44.56 $31,706 $38,580 9.3% 2.0 1.6% 3.3% 42.8% 4.2% 30.0% 3.4x 3.3x 11.3x 10.9x 18.2x 17.1x Moody's Corporation $143.09 $27,344 $32,207 9.5% 2.5 13.6% 10.8% 19.1% 11.4% 47.8% 7.9x 7.2x 16.5x 14.8x 24.1x 21.8x Experian plc $21.39 $19,518 $22,740 9.3% 2.5 NA 6.2% NA 5.3% 35.1% 5.2x 4.8x 14.9x 14.1x 23.1x 20.4x Nielsen Holdings plc $37.10 $13,214 $21,200 7.2% 1.9 4.1% 4.1% 24.8% 4.0% 30.8% 3.2x 3.1x 10.5x 10.1x 14.0x 13.8x IHS Markit Ltd. $43.20 $17,100 $21,017 12.7% 1.7 30.2% 5.6% NA 9.3% 38.8% 5.9x 5.6x 15.2x 13.9x 21.0x 19.1x Verisk Analytics, Inc. $90.82 $14,957 $17,693 9.3% 3.1 6.8% 8.6% 11.0% 8.1% 48.9% 8.3x 7.7x 17.0x 15.7x 28.6x 26.2x Wolters Kluwer N.V. $49.40 $13,946 $16,542 8.5% 2.2 14.0% 3.3% 18.7% 2.4% 27.2% 3.2x 3.2x 11.8x 11.5x 18.8x 17.6x Equifax Inc. $108.95 $13,083 $15,539 11.3% 1.6 7.2% 4.2% 10.6% 2.0% 36.8% 4.6x 4.4x 12.5x 12.3x 18.3x 17.8x Gartner, Inc. $117.34 $10,637 $13,357 17.1% 2.0 37.4% 29.9% 74.0% 19.8% 20.8% 4.0x 3.3x 19.1x 16.0x 34.0x 29.1x MSCI Inc. $127.88 $11,518 $12,796 14.0% 2.4 10.4% 11.6% 15.7% 13.8% 51.9% 10.1x 9.1x 19.4x 17.1x 33.4x 28.3x TransUnion $53.12 $9,688 $11,907 11.0% 2.6 12.2% 9.4% 31.4% 11.8% 38.9% 6.2x 5.7x 16.0x 14.3x 28.6x 25.2x Informa plc $9.60 $7,909 $9,946 6.0% 2.6 37.3% 11.1% 46.8% 5.6% 33.6% 4.4x 4.2x 13.0x 12.3x 15.8x 14.8x FactSet Research Systems Inc. $196.24 $7,675 $8,023 11.3% 2.3 10.6% 10.7% 8.1% 8.6% 34.4% 6.3x 5.8x 18.4x 17.0x 26.0x 23.4x News Corporation $14.36 $8,369 $7,056 20.9% 1.4 0.5% 0.7% 45.0% (2.4%) 11.8% 0.9x 0.9x 7.3x 7.5x 30.2x 29.1x The Dun & Bradstreet Corporation $114.97 $4,249 $5,517 10.0% 1.6 3.3% 3.2% 11.8% 4.1% 28.6% 3.1x 3.1x 11.0x 10.5x 16.0x 15.6x CoreLogic, Inc. $45.43 $3,742 $5,390 11.0% 1.8 (5.4%) 0.8% 12.9% 4.7% 25.6% 2.9x 2.9x 11.4x 10.9x 19.5x 18.2x Fair Isaac Corporation $153.76 $4,611 $5,110 16.0% 1.9 5.2% 6.6% 10.3% 16.7% 24.1% 5.4x 5.1x 22.4x 19.2x 31.0x 27.1x Morningstar, Inc. $87.85 $3,736 $3,617 NM NA 7.6% NA NA NA NA NA NA NA NA NA NAThe Advisory Board Company $52.85 $2,154 $2,639 17.0% 2.0 (3.9%) 3.5% 40.7% 19.5% 22.6% 3.4x 3.2x 15.1x 12.7x 33.2x 26.1x Acxiom Corporation $26.45 $2,093 $2,154 10.0% 3.6 2.3% 9.6% NA 19.9% 19.0% 2.4x 2.2x 12.6x 10.5x 35.6x 26.6x Euromoney Institutional Investor PLC $15.11 $1,621 $1,736 NM NM 13.0% 12.2% 6.6% 6.2% 26.9% 3.1x 2.9x 11.4x 10.7x 15.1x 14.0x comScore, Inc. $30.10 $1,724 $1,610 NM NM NA 40.9% NA 19.4% 26.7% 2.6x 2.3x 9.9x 8.3x 15.3x 12.2x National Research Corporation $53.50 $1,310 $1,276 NM NA 8.3% NA 12.6% 10.8% 33.7% 10.8x 10.0x 32.0x 28.9x NA NAForrester Research, Inc. $44.75 $804 $670 13.5% 2.7 1.8% 4.5% (5.5%) 20.8% 11.5% 2.0x 1.9x 17.5x 14.5x 37.1x 29.7x

Median 11.0% 2.1 7.4% 6.0% 16.2% 8.6% 30.8% 4.4x 4.2x 14.9x 13.9x 23.4x 21.1x

Insurance TechnologyVerisk Analytics, Inc. $90.82 $14,957 $17,693 9.3% 3.1 6.8% 8.6% 11.0% 8.1% 48.9% 8.3x 7.7x 17.0x 15.7x 28.6x 26.2x Guidewire Software, Inc. $79.31 $6,092 $5,519 15.8% 6.1 22.3% 22.2% NA 30.5% 20.3% 10.0x 8.3x 49.4x 37.9x 95.8x 81.3x HealthEquity, Inc. $50.77 $3,071 $2,861 28.3% 2.6 27.3% 24.2% 52.2% 27.5% 36.5% 12.6x 10.2x 34.6x 27.1x 75.0x 59.2x Ebix, Inc. $74.00 $2,328 $2,610 15.0% 1.6 19.1% 18.3% 11.5% 20.8% 34.4% 7.3x 6.4x 21.3x 17.7x 23.6x 20.8x CorVel Corporation $55.55 $1,042 $1,004 NM NA 4.5% NA NA NA NA NA NA NA NA NA NABenefitfocus, Inc. $25.35 $793 $858 20.0% NM 9.9% 7.5% NA 47.1% 7.4% 3.3x 3.0x 45.3x 30.8x NM NMCrawford & Company $8.95 $499 $687 10.0% 1.2 1.5% 6.5% 21.0% 11.9% 11.4% 0.6x 0.6x 5.4x 4.8x 11.5x 10.5x Sapiens International Corporation N.V. $13.14 $647 $645 10.0% 3.8 25.4% 18.2% (3.6%) 61.2% 10.6% 2.4x 2.1x 22.4x 13.9x 38.3x 21.0x eHealth, Inc. $24.83 $462 $411 NM NM (8.8%) 5.7% NA NA NA 2.4x 2.2x NM 51.3x NM NMMajesco $5.36 $196 $203 NM NM (6.6%) 13.9% 14.1% NA 3.6% 1.7x 1.5x 48.6x 15.8x NM 24.4x Symbility Solutions Inc. $0.33 $78 $73 NM NM 25.5% 20.1% NA 23.4% 4.9% 2.3x 2.0x 46.7x 37.8x NM NA

Median 15.0% 2.9 9.9% 16.1% 12.8% 25.4% 11.4% 2.9x 2.6x 34.6x 22.4x 33.4x 24.4x

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11/9/17 Value Value Growth PEG 17E/16A NTM 17E/16A NTM 17E 17E 18E 17E 18E 17E 18EInvestment TechnologyThe Bank of New York Mellon Corporation $50.82 $52,041 $75,473 7.7% 1.9 3.6% 4.0% NA NA NA 4.8x 4.6x NA NA 14.3x 13.1x The Charles Schwab Corporation $44.00 $58,985 $60,976 18.8% 1.5 15.1% 12.3% NA 18.7% NA 7.1x 6.3x 15.2x 12.8x 27.3x 22.6x State Street Corporation $90.77 $33,661 $41,438 11.4% 1.3 14.2% 11.6% NA NA NA 3.6x 3.4x NA NA 14.6x 13.1x TD Ameritrade Holding Corporation $48.38 $27,428 $28,511 20.4% 1.3 20.1% 35.7% NA 27.3% 42.8% 7.2x 5.7x 16.7x 13.1x 27.2x 20.0x Northern Trust Corporation $92.16 $20,959 $18,468 10.7% 1.8 7.8% 10.1% NA NA NA 3.4x 3.2x NA NA 19.4x 17.1x Broadridge Financial Solutions, Inc. $87.83 $10,237 $11,240 10.0% 2.5 22.4% 2.5% 31.3% 1.1% 19.7% 2.7x 2.6x 13.5x 13.3x 25.2x 23.1x SS&C Technologies Holdings, Inc. $40.01 $8,236 $10,350 15.0% 1.4 13.1% 6.6% 34.4% 10.8% 41.2% 6.2x 5.9x 15.0x 13.5x 20.8x 18.3x SEI Investments Co. $64.73 $10,193 $9,548 12.0% 2.3 8.0% 10.0% 42.3% 17.2% 37.8% 6.3x 5.7x 16.7x 14.2x 27.6x 23.8x Computershare Limited $11.94 $6,496 $7,591 8.0% 2.7 4.1% 3.8% 30.2% 8.9% 26.9% 3.6x 3.5x 13.4x 12.3x 21.3x 18.6x DST Systems, Inc. $60.36 $3,635 $4,139 10.0% 2.0 33.3% 7.6% 29.1% 12.5% 20.5% 2.0x 1.9x 9.7x 8.6x 19.6x 16.8x Envestnet, Inc. $53.10 $2,353 $2,563 16.2% 2.5 17.6% 15.8% NA 27.9% 17.9% 3.8x 3.3x 21.0x 16.4x 40.8x 32.5x SimCorp A/S $55.85 $2,204 $2,200 NM NM 26.2% 20.0% 35.8% 16.6% 25.7% 5.6x 5.1x 21.7x 18.6x 30.4x 26.1x Equiniti Group plc $3.91 $1,424 $1,782 NM NM 11.2% 8.0% 37.5% 5.9% 24.5% 3.4x 3.2x 13.8x 13.1x 19.2x 17.8x IRESS Limited $8.83 $1,493 $1,627 10.4% 2.4 18.8% 11.8% 26.6% 14.2% 28.2% 4.9x 4.5x 17.2x 15.1x 25.1x 22.5x Financial Engines, Inc. $27.08 $1,714 $1,517 13.0% 1.5 13.4% 8.7% NA 6.3% 32.9% 3.2x 3.0x 9.6x 9.0x 19.7x 18.4x Sanne Group plc $9.54 $1,324 $1,348 24.0% 1.2 NA 27.9% NA 23.1% 37.4% 8.8x 7.1x 23.6x 19.2x 29.4x 25.1x Blucora, Inc. $19.85 $916 $1,200 18.5% 0.8 10.5% 6.3% 27.6% 18.5% 19.8% 2.4x 2.2x 12.0x 10.1x 14.3x 11.2x First Derivatives plc $44.77 $1,132 $1,149 NM NM NA 16.5% NA 10.0% 18.5% 5.1x 4.5x 27.6x 25.1x 55.0x 46.9x Fidessa group plc $30.14 $1,161 $1,069 NM NM 12.6% 2.6% 28.4% 3.8% 20.7% 2.3x 2.3x 11.2x 10.8x 24.8x 23.3x StatPro Group plc $2.08 $136 $160 NM NM 38.5% 19.5% 72.0% 26.8% 14.3% 2.5x 2.1x 17.5x 13.8x 32.1x 22.2x

Median 12.0% 1.8 13.8% 10.0% 31.3% 14.2% 25.1% 3.7x 3.5x 15.2x 13.3x 24.9x 21.1x

IT & BPO ServicesInternational Business Machines Corporation $150.30 $139,146 $173,403 4.9% 2.2 (1.6%) 0.7% 2.9% 4.1% 24.3% 2.2x 2.2x 9.1x 8.7x 10.9x 10.8x Accenture plc $143.83 $88,415 $85,071 9.9% 2.4 6.6% 9.0% 7.9% 10.5% 17.1% 2.4x 2.2x 13.9x 12.6x 24.0x 21.5x Tata Consultancy Services Limited $42.04 $80,471 $75,481 12.8% 1.6 8.1% 7.6% 4.4% 6.6% 26.5% 4.1x 3.7x 15.3x 14.4x 20.7x 19.0x Cognizant Technology Solutions Corporation $73.94 $43,598 $39,708 14.4% 1.4 9.8% 9.6% 14.4% 15.4% 20.6% 2.7x 2.5x 13.0x 11.3x 19.9x 17.0x DXC Technology Company $94.63 $26,995 $33,216 10.5% 1.4 60.3% NA NA 27.8% 19.5% 1.6x 1.4x 8.4x 6.6x 14.2x 11.5x Infosys Limited $14.66 $33,521 $28,089 9.4% 1.6 6.1% 6.8% 2.6% 4.8% 26.7% 2.6x 2.5x 9.8x 9.4x 15.0x 14.4x Capgemini SE $116.79 $19,021 $21,493 7.9% 2.1 12.3% 5.2% 19.3% 7.1% 13.4% 1.4x 1.4x 10.8x 10.1x 16.9x 15.8x NTT Data Corporation $11.64 $16,325 $20,124 9.2% 3.4 28.5% 4.8% 16.1% 6.8% 14.2% 1.1x 1.1x 7.8x 7.3x 30.9x 26.4x Wipro Limited $4.65 $22,507 $18,886 8.7% 1.9 4.5% 2.5% 12.5% (0.7%) 21.5% 2.2x 2.2x 10.5x 10.5x 16.7x 16.2x HCL Technologies Limited $13.46 $17,996 $16,690 13.5% 1.0 14.6% 10.5% 14.8% 6.9% 22.2% 2.1x 2.0x 9.7x 9.1x 13.8x 13.5x CGI Group Inc. $52.72 $14,910 $16,330 13.8% 1.3 8.5% 2.4% 15.6% 6.2% 18.1% 1.9x 1.8x 10.4x 9.8x 17.9x 16.3x Atos SE $147.81 $15,478 $15,699 12.2% 1.2 20.0% 7.7% 21.1% 3.3% 13.2% 1.1x 1.0x 8.0x 7.8x 15.2x 13.9x Nomura Research Institute, Ltd. $44.55 $10,639 $10,116 NM NM 11.1% 5.7% 10.7% 6.3% 20.5% 2.6x 2.4x 12.4x 11.7x 26.6x 24.9x Capita plc $6.61 $4,400 $7,364 17.4% 0.6 (6.7%) (9.4%) 1.4% 1.8% 13.5% 1.3x 1.3x 9.6x 9.5x 10.4x 9.8x Genpact Limited $31.14 $6,011 $6,792 10.3% 1.9 6.0% 6.4% 7.9% 10.2% 16.7% 2.5x 2.3x 15.0x 13.6x 19.5x 17.6x Tech Mahindra Limited $7.53 $7,354 $6,301 17.1% 0.8 10.8% 7.2% (1.3%) 11.9% 13.6% 1.4x 1.3x 10.0x 8.9x 14.3x 13.3x Conduent Incorporated $15.90 $3,345 $4,939 NM NM (5.9%) (3.7%) NA 9.2% 11.0% 0.8x 0.8x 7.4x 6.8x 20.2x 16.3x EPAM Systems, Inc. $102.34 $5,405 $4,917 19.9% 1.5 24.7% 22.6% 52.0% 24.2% 17.9% 3.4x 2.8x 19.0x 15.3x 29.8x 24.6x Presidio, Inc. $15.83 $1,451 $2,349 9.0% 1.4 2.5% 5.6% 22.7% 4.9% 8.4% 0.8x 0.8x 9.8x 9.3x 12.5x 11.8x Syntel, Inc. $23.75 $1,968 $2,247 10.0% 1.3 (7.2%) (4.9%) (15.7%) 2.0% 25.3% 2.5x 2.5x 9.9x 9.7x 12.7x 13.2x WNS (Holdings) Limited $39.76 $2,003 $1,922 14.4% 3.0 17.3% 11.9% 36.8% 18.9% 18.5% 2.8x 2.5x 15.1x 12.7x 42.8x 27.2x ExlService Holdings, Inc. $61.63 $2,092 $1,888 14.0% 1.7 10.6% 9.5% 31.6% 13.6% 17.2% 2.5x 2.3x 14.5x 12.7x 23.4x 21.5x MphasiS Limited $11.17 $2,157 $1,828 10.3% 1.8 7.6% 9.6% 3.7% 13.1% 15.4% 1.9x 1.7x 12.3x 10.9x 18.7x 15.8x Hexaware Technologies Limited $5.29 $1,571 $1,503 13.5% 1.5 16.2% 9.5% 22.5% 10.5% 16.9% 2.5x 2.2x 14.7x 13.3x 20.5x 19.4x Luxoft Holding, Inc. $46.15 $1,545 $1,447 18.5% 0.9 17.9% 18.1% 41.1% 32.6% 15.3% 1.6x 1.4x 10.7x 8.1x 16.8x 13.2x Virtusa Corporation $45.61 $1,339 $1,297 20.0% 1.5 19.4% 17.0% 27.4% 41.1% 7.1% 1.3x 1.2x 19.1x 13.5x 30.9x 23.0x Globant S.A. $36.30 $1,268 $1,241 NM NM 24.2% 23.7% 3.8% 28.5% 15.8% 3.1x 2.6x 19.6x 15.3x 29.0x 23.5x Mindtree Limited $7.59 $1,245 $1,161 14.1% 1.4 5.9% 9.5% (7.9%) 19.9% 12.3% 1.4x 1.3x 11.5x 9.6x 19.4x 16.3x Perficient, Inc. $18.49 $645 $708 17.0% 0.9 3.5% 11.7% 40.2% 14.5% 14.5% 1.5x 1.4x 10.1x 8.8x 15.3x 13.3x Persistent Systems Limited $10.10 $808 $695 13.9% 1.1 12.0% 12.5% 23.6% 18.7% 15.8% 1.5x 1.3x 9.5x 8.0x 16.0x 13.6x

Median 13.5% 1.5 10.2% 7.7% 14.6% 10.3% 16.8% 2.0x 1.9x 10.6x 9.8x 18.3x 16.2x

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11/9/17 Value Value Growth PEG 17E/16A NTM 17E/16A NTM 17E 17E 18E 17E 18E 17E 18ELiquidity VenuesCME Group Inc. $138.04 $46,974 $47,488 10.2% 2.8 1.3% 4.9% 6.0% 7.9% 71.4% 13.0x 12.2x 18.3x 16.9x 28.9x 26.0x Intercontinental Exchange, Inc. $66.20 $38,729 $44,383 9.2% 2.5 3.0% 4.6% 6.5% 8.2% 63.3% 9.6x 9.0x 15.1x 14.0x 22.4x 19.6x Deutsche Börse Aktiengesellschaft $106.06 $19,813 $20,246 10.9% 1.8 (4.8%) (13.2%) 18.9% 9.4% 58.8% 7.1x 6.7x 12.1x 11.1x 19.8x 17.2x Hong Kong Exchanges and Clearing Limited $29.54 $36,582 $4,951 8.8% 4.5 15.3% 13.2% 26.5% 11.8% 71.9% 3.0x 2.7x 4.2x 3.7x 39.1x 35.0x London Stock Exchange Group plc $49.01 $16,974 $17,878 16.0% 1.6 21.3% 13.7% 47.4% 15.0% 50.5% 7.2x 6.6x 14.3x 12.4x 25.3x 21.5x B3 S.A. - Brasil, Bolsa, Balcão $7.01 $14,297 $15,569 3.7% 6.0 68.8% 50.9% 73.8% 17.6% 65.7% 12.9x 11.6x 19.7x 16.7x 22.3x 20.3x Nasdaq, Inc. $73.73 $12,256 $15,421 8.5% 2.1 5.5% NA 5.7% 5.9% 50.8% 6.4x 6.0x 12.6x 11.9x 17.6x 16.5x Cboe Global Markets, Inc. $114.13 $12,949 $14,144 33.6% 1.0 53.4% NA NA 22.2% 63.7% 14.0x 12.3x 22.0x 18.0x 33.6x 28.8x ASX Limited $41.88 $8,100 $7,387 4.6% 5.2 2.6% NA (10.4%) 4.2% 76.5% 12.3x 11.7x 16.0x 15.4x 24.1x 23.2x MarketAxess Holdings Inc. $174.50 $6,550 $6,345 NM NM 7.5% 14.0% 5.2% 19.0% 55.2% 16.0x 13.9x 28.9x 24.3x 44.2x 37.4x Singapore Exchange Limited $5.68 $6,088 $5,446 4.1% 5.7 9.7% 6.0% 23.5% 13.0% 57.9% 9.0x 8.4x 15.6x 13.8x 23.4x 20.5x Euronext N.V. $56.95 $3,957 $3,990 5.9% 2.8 18.3% (2.2%) 15.5% 12.7% 54.8% 6.4x 6.0x 11.7x 10.4x 16.9x 15.6x TMX Group Limited $55.48 $3,071 $3,488 NM NM (2.7%) NA (4.2%) 13.1% 54.1% 6.0x 5.5x 11.1x 9.8x 15.1x 13.5x Bolsas y Mercados Españoles, Sociedad Holding de Mercado $33.00 $2,743 $2,363 0.8% 20.0 9.9% (1.4%) 10.4% 1.1% 66.0% 6.3x 6.3x 9.6x 9.5x 15.3x 15.1x Bursa Malaysia Berhad $2.35 $1,263 $1,177 5.7% 4.2 17.9% 6.7% 22.0% 3.4% 58.7% 9.0x 8.7x 15.3x 14.8x 23.7x 23.3x Bolsa Mexicana de Valores, S.A.B. de C.V. $1.70 $1,006 $909 14.0% 1.2 19.3% 4.3% 29.5% 6.1% 56.3% 5.5x 5.2x 9.8x 9.2x 16.8x 16.0x JSE Limited $9.47 $810 $659 4.6% 3.5 (14.0%) (10.7%) NA 23.7% 38.6% 4.4x 3.9x 11.3x 9.2x 15.9x 13.7x Gielda Papierów Wartosciowych w Warszawie S.A. $12.01 $504 $454 NM NM 24.1% 0.3% 25.1% 5.7% 60.2% 4.9x 4.8x 8.2x 7.7x 13.1x 12.1x Hellenic Exchanges - Athens Stock Exchange SA $5.41 $327 $214 93.5% 0.7 32.7% 49.0% 23.7% NA 30.0% 6.1x 4.9x 20.4x 10.3x 66.4x 27.0x

Median 8.7% 2.8 9.9% 4.9% 18.9% 10.6% 58.7% 7.1x 6.6x 14.3x 11.9x 22.4x 20.3x

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11/9/17 Value Value Growth PEG 17E/16A NTM 17E/16A NTM 17E 17E 18E 17E 18E 17E 18EPaymentsVisa Inc. $112.14 $255,163 $260,092 16.6% 1.9 17.1% 9.5% 19.3% 12.7% 70.3% 13.9x 12.6x 19.8x 17.6x 31.2x 26.5x Mastercard Incorporated $149.29 $158,048 $156,114 18.3% 1.8 15.4% 14.2% 16.6% 14.2% 58.6% 12.6x 11.1x 21.4x 18.7x 32.8x 28.0x American Express Company $93.75 $81,375 $106,422 10.0% 1.6 11.7% 16.9% NA 8.5% NA 3.2x 3.0x 9.5x 8.8x 16.0x 14.6x PayPal Holdings, Inc. $74.10 $89,062 $78,456 20.3% 1.9 19.6% 20.4% 59.8% 20.5% 25.9% 6.1x 5.0x 23.4x 19.4x 39.5x 32.7x Discover Financial Services $65.47 $23,791 $37,286 8.2% 1.3 36.4% 45.8% NA NA NA 3.8x 3.5x NA NA 11.1x 9.9x First Data Corporation $16.75 $15,468 $36,553 10.0% 1.1 4.0% 56.3% 14.4% 7.5% 25.4% 3.0x 2.9x 12.0x 11.2x 11.0x 10.7x Alliance Data Systems Corporation $227.91 $12,592 $32,748 13.7% 0.9 8.7% 12.6% 36.4% 15.5% 25.7% 4.2x 3.8x 16.4x 14.2x 12.6x 10.6x Cielo S.A. $7.10 $19,257 $21,649 6.0% 2.5 (2.3%) 40.5% (4.1%) 8.0% 43.9% 5.9x 5.6x 13.3x 12.4x 15.1x 14.4x Global Payments Inc. $99.32 $15,806 $20,044 15.9% 1.6 23.6% (8.8%) 17.0% 18.5% 32.9% 5.7x 5.0x 17.3x 14.6x 24.9x 21.1x FleetCor Technologies, Inc. $177.00 $15,852 $19,554 16.6% 1.3 22.5% 14.2% 28.0% 12.9% 53.3% 8.7x 7.7x 16.3x 14.5x 21.0x 18.2x Vantiv, Inc. $68.77 $11,176 $15,888 15.3% 1.3 11.1% NA 18.4% 10.5% 47.6% 7.5x 6.9x 15.8x 14.3x 20.5x 18.2x Total System Services, Inc. $72.23 $13,279 $15,839 11.6% 1.9 (19.0%) (26.2%) NA 7.7% 35.2% 4.7x 4.4x 13.3x 12.4x 21.6x 19.7x Square, Inc. $37.96 $14,750 $14,236 NM NM 37.2% NA NA 79.7% 14.0% 14.7x 11.3x NM 58.4x NM 85.4x Worldpay Group plc $5.29 $10,505 $12,206 16.6% 1.8 17.3% 11.3% 26.9% 14.0% 40.8% 7.5x 6.9x 18.4x 16.1x 30.7x 26.0x The Western Union Company $20.08 $9,223 $11,564 5.1% 2.2 0.9% 1.5% (1.1%) 1.1% 24.7% 2.1x 2.1x 8.5x 8.5x 11.0x 11.0x The Sage Group plc $9.85 $10,637 $11,060 10.9% 2.3 10.0% 10.0% 12.0% 12.6% 29.1% 4.9x 4.5x 17.0x 15.1x 25.0x 22.2x Wirecard AG $94.68 $11,699 $10,896 24.5% 1.5 34.8% 66.8% 53.0% 26.6% 27.8% 6.4x 5.3x 23.0x 18.1x 37.5x 29.1x Edenred SA $28.54 $6,660 $8,272 11.5% 2.1 36.9% 19.2% 51.1% 7.4% 37.1% 5.3x 5.0x 14.4x 13.4x 24.7x 22.4x WEX Inc. $124.90 $5,359 $7,545 15.4% 1.5 22.2% 12.8% 63.9% 16.1% 38.9% 6.1x 5.4x 15.6x 13.4x 23.3x 19.7x NCR Corporation $31.40 $3,825 $6,691 NM NM (0.8%) 1.6% 32.3% 4.3% 17.5% 1.0x 1.0x 5.9x 5.7x 10.0x 9.4x Nets A/S $25.54 $5,119 $6,196 23.3% 1.3 16.6% 3.5% 57.0% 7.0% 36.5% 5.1x 4.8x 13.9x 13.0x 30.4x 24.8x Ingenico Group - GCS $92.03 $5,728 $5,931 13.8% 1.2 18.2% 11.4% 26.4% 11.5% 20.3% 2.1x 1.9x 10.1x 9.1x 16.8x 15.0x Euronet Worldwide, Inc. $90.64 $4,775 $4,458 15.0% 1.3 15.2% 11.5% 26.0% 15.3% 18.4% 2.0x 1.8x 10.7x 9.3x 19.9x 17.1x VeriFone Systems, Inc. $17.75 $1,992 $2,740 15.0% 0.8 (2.8%) 2.7% 39.7% 4.3% 16.4% 1.5x 1.4x 8.9x 8.5x 12.4x 11.1x Green Dot Corporation $64.64 $3,285 $2,640 23.1% 1.3 22.9% 14.8% NA 16.9% 22.8% 3.0x 2.7x 13.1x 11.2x 30.3x 26.3x GMO Payment Gateway, Inc. $75.02 $2,763 $2,556 NM NM 76.2% 22.6% 40.4% 35.0% 26.7% 12.3x 10.0x 46.3x 34.3x 96.6x 73.2x Blackhawk Network Holdings, Inc. $34.85 $1,980 $2,424 15.3% 1.4 14.4% 10.6% 57.7% 17.1% 10.7% 1.1x 1.0x 10.4x 8.9x 21.4x 17.5x Cardtronics plc $18.19 $831 $1,719 12.0% 0.5 17.1% (8.8%) 13.0% (13.6%) 22.7% 1.2x 1.3x 5.1x 5.9x 6.3x 8.3x Everi Holdings Inc. $8.40 $566 $1,586 20.0% 0.5 12.1% 5.8% 17.4% 7.8% 22.1% 1.6x 1.6x 7.5x 6.9x 10.1x NAEVERTEC, Inc. $13.35 $966 $1,564 1.8% 5.2 2.0% (3.8%) 13.9% 0.5% 43.7% 3.9x 3.9x 9.0x 9.0x 9.2x 9.4x MoneyGram International, Inc. $14.32 $777 $1,517 NM NM (2.1%) 4.9% 22.6% 7.1% 17.1% 0.9x 0.9x 5.6x 5.2x 14.1x 12.1x SafeCharge International Group Limited $4.12 $605 $492 13.0% 1.6 7.3% 13.7% 7.1% 17.2% 29.6% 4.4x 3.9x 14.9x 12.7x 20.8x 18.4x Cass Information Systems, Inc. $63.18 $705 $463 NM NA 6.9% NA NA NA NA NA NA NA NA NA NANet 1 UEPS Technologies, Inc. $9.29 $529 $533 10.0% 0.6 2.8% NA (18.1%) 11.2% 21.1% 0.9x 0.8x 4.2x 3.7x 5.5x 5.4x Planet Payment, Inc. $4.48 $224 $214 25.0% 1.0 5.5% NA 50.3% 18.3% 29.9% 3.7x 3.4x 12.5x 10.6x 25.7x 20.7x PAR Technology Corporation $8.75 $139 $137 NM NA 12.1% NA NA NA NA NA NA NA NA NA NAEarthport plc $0.23 $143 $118 NM NM 33.2% 34.5% NA NA NA 2.5x 1.9x NM NM NM NMeServGlobal Limited $0.14 $96 $104 NM NM 3.4% NA NA NA NA 9.0x 6.8x NM 67.7x NM NAJetPay Corporation $2.15 $34 $42 NM NM 34.2% NA 83.1% 63.7% 6.4% 0.6x 0.5x 8.8x 5.3x NM NM

Median 15.0% 1.5 14.4% 11.5% 26.2% 12.7% 26.7% 4.2x 3.9x 13.3x 12.4x 20.8x 18.2x

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11/9/17 Value Value Growth PEG 17E/16A NTM 17E/16A NTM 17E 17E 18E 17E 18E 17E 18E

Real Estate & Mortgage TechnologyThe Priceline Group Inc. $1,703.14 $83,061 $85,445 15.7% 1.5 16.9% 14.0% 13.6% 13.8% 37.5% 6.8x 6.0x 18.1x 15.9x 22.9x 20.3x Expedia, Inc. $117.32 $17,891 $19,980 15.6% 1.6 15.3% 12.3% 61.8% 14.4% 17.2% 2.0x 1.8x 11.5x 10.1x 25.4x 21.2x Nationstar Mortgage Holdings Inc. $16.68 $1,630 $16,504 NM NM (6.5%) NA NA 16.4% 30.9% 9.6x 8.6x 31.0x 26.7x 45.1x 8.9x Fidelity National Financial, Inc. $38.76 $10,587 $10,671 NM NM 4.5% NA (18.2%) (10.6%) 16.2% 1.4x 1.4x 8.4x 9.4x 16.5x 16.1x CoStar Group, Inc. $299.29 $10,818 $10,500 18.7% 3.4 15.2% 15.6% 34.1% 30.0% 29.9% 10.9x 9.5x 36.4x 28.0x 63.7x 49.1x Jones Lang LaSalle Incorporated $145.25 $6,589 $7,857 13.5% 1.3 12.1% 4.6% 8.9% 7.0% 9.3% 1.0x 1.0x 11.1x 10.4x 17.3x 16.2x REA Group Limited $57.37 $7,557 $7,660 18.2% 2.1 15.2% 19.5% 32.0% 16.8% 57.3% 13.6x 11.7x 23.7x 20.3x 38.1x 31.4x Zillow Group, Inc. $40.43 $7,431 $7,131 20.0% 3.8 26.7% 21.4% NA 34.0% 22.1% 6.7x 5.5x 30.2x 22.5x 75.1x 47.3x Realogy Holdings Corp. $26.61 $3,582 $6,981 20.0% 0.9 5.4% 4.4% (3.9%) 6.0% 11.9% 1.1x 1.1x 9.5x 9.0x 17.2x 14.4x Ocwen Financial Corporation $3.15 $412 $6,925 NM NM (14.4%) NA NA NA NA 5.8x 7.6x NA NA NM NMFirst American Financial Corporation $54.85 $6,078 $5,675 NM NM 2.9% 0.1% 12.4% 16.8% 12.1% 1.0x 1.0x 8.2x 7.0x 15.6x 14.7x CoreLogic, Inc. $45.43 $3,742 $5,390 11.0% 1.8 (5.4%) 0.8% 12.9% 4.7% 25.6% 2.9x 2.9x 11.4x 10.9x 19.5x 18.2x Rightmove plc $51.91 $4,739 $4,716 12.1% 2.1 17.4% 11.6% 19.9% 9.6% 75.7% 14.8x 13.5x 19.5x 17.8x 24.8x 22.2x Black Knight, Inc. $43.05 $2,962 $4,362 14.2% 2.2 3.1% 7.9% 47.4% 11.5% 47.9% 4.1x 3.8x 8.6x 7.7x 31.3x 26.6x Radian Group Inc. $19.94 $4,298 $4,172 8.5% 1.3 (1.3%) 9.4% NA NA NA 3.4x 3.2x NA NA 11.3x 10.2x RealPage, Inc. $44.05 $3,651 $3,939 21.1% 2.3 17.9% 22.8% NA 27.6% NA 5.9x 4.9x 24.4x 19.1x 48.1x 37.4x TripAdvisor, Inc. $31.56 $4,383 $3,892 11.9% 2.4 4.4% 2.2% 49.9% (2.7%) 20.9% 2.5x 2.4x 12.1x 12.4x 28.4x 29.2x LendingTree, Inc. $258.25 $3,091 $2,981 32.1% 2.1 58.4% 28.4% NA 30.5% 18.5% 4.9x 3.9x 26.4x 20.3x 67.2x 50.5x Colliers International Group Inc. $59.37 $2,308 $2,716 25.0% 0.8 16.0% 8.5% 20.0% 12.0% 10.6% 1.2x 1.1x 11.6x 10.4x 20.3x 18.5x Ellie Mae, Inc. $86.84 $2,998 $2,632 13.2% 4.3 14.5% 18.0% 62.8% 16.7% 28.9% 6.4x 5.3x 22.1x 18.9x 56.7x 52.1x Moneysupermarket.com Group PLC $4.32 $2,312 $2,289 9.4% 2.1 13.1% 9.3% 25.1% 7.8% 38.3% 5.2x 4.8x 13.5x 12.5x 19.8x 18.0x ZPG Plc $4.48 $1,950 $2,213 16.3% 1.6 15.1% 25.7% 49.5% 16.2% 44.1% 7.5x 7.0x 16.9x 14.6x 25.9x 20.9x Redfin Corporation $23.20 $1,889 $1,676 NM NM 36.8% 32.3% NA NA 0.3% 4.6x 3.5x NM NM NM NMAppFolio, Inc. $41.50 $1,409 $1,366 NM NM 33.9% 28.0% NA 28.4% 18.6% 9.7x 7.7x 52.0x 40.5x NM 96.5x Stewart Information Services Corporation $40.56 $964 $944 NM NM (3.8%) 0.7% (10.1%) 33.7% 6.0% 0.5x 0.5x 8.1x 6.1x 20.1x 14.7x Marcus & Millichap, Inc. $30.48 $1,163 $906 6.0% 3.4 (1.7%) NA (9.2%) 5.0% 14.3% 1.3x 1.2x 9.0x 8.6x 20.1x 18.3x Lifull Co., Ltd. $7.19 $854 $823 NM NM 13.9% 12.6% NA NA 9.4% 4.5x 2.5x 47.6x 15.0x 97.4x 26.0x RE/MAX Holdings, Inc. $54.30 $961 $720 8.5% 3.4 11.3% 7.7% 15.5% 6.8% 54.0% 3.7x 3.4x 6.8x 6.4x 28.5x 26.5x Altisource Portfolio Solutions S.A. $25.27 $452 $719 NM NM (7.4%) (17.3%) (50.5%) 25.9% 9.6% 0.8x 0.9x 8.1x 6.4x 16.7x 22.8x Real Matters Inc. $7.03 $616 $549 23.3% NM 11.0% 11.8% (36.3%) 86.3% 3.3% 1.7x 1.4x 52.2x 28.0x NM 52.5x QuinStreet, Inc. $9.00 $411 $361 NM NM 8.1% 11.4% NA 33.1% 6.3% 1.1x 1.0x 17.8x 13.4x NM 69.2x Agilysys, Inc. $11.75 $274 $236 25.0% NM (0.7%) 6.5% NA NA 4.4% 1.8x 1.7x 41.4x 24.0x NM NMReis, Inc. $18.30 $210 $192 NM NM 1.9% 8.9% 29.5% 32.1% 25.4% 4.0x 3.6x 15.6x 11.8x NM 53.0x

Median 15.7% 2.1 11.3% 11.4% 17.7% 16.3% 18.6% 4.0x 3.4x 16.3x 13.0x 25.1x 22.5x

Trading TechnologyThe Charles Schwab Corporation $44.00 $58,985 $60,976 18.8% 1.5 15.1% 12.3% 26.7% 18.7% NA 7.1x 6.3x 15.2x 12.8x 27.3x 22.6x TD Ameritrade Holding Corporation $48.38 $27,428 $28,511 20.4% 1.3 20.1% 35.7% 25.7% 27.3% 42.8% 7.2x 5.7x 16.7x 13.1x 27.2x 20.0x Interactive Brokers Group, Inc. $53.69 $22,104 $24,713 10.0% 3.5 10.5% 15.4% 29.1% 14.6% 67.2% 15.6x 14.7x 23.2x 20.2x 34.8x 32.2x E*TRADE Financial Corporation $43.08 $11,617 $12,121 15.8% 1.2 12.3% 6.0% 13.3% 2.8% NA 5.2x 4.7x 10.1x 9.9x 18.3x 16.8x Virtu Financial, Inc. $16.45 $3,111 $4,002 NM NM 25.4% 28.4% NA 82.1% NA 7.6x 4.8x 20.3x 11.2x 38.8x 17.4x INTL FCStone Inc. $42.18 $790 $728 NM NA 35.7% NA NA NA NA NA NA NA NA NA NAInvestment Technology Group, Inc. $18.64 $616 $469 NM NM 1.9% 6.8% NA 39.6% 16.1% 1.0x 0.9x 6.2x 4.4x 81.1x 17.2x GAIN Capital Holdings, Inc. $7.22 $325 $235 NM NM (18.0%) 5.1% NA 71.4% 15.8% 0.7x 0.6x 4.5x 2.6x NM 10.3x Global Brokerage, Inc. $1.27 $8 $191 NM NA 7.7% NA NA NA NA NA NA NA NA NA NA

Median 17.3% 1.4 12.3% 12.3% 26.2% 27.3% 29.4% 7.1x 4.8x 15.2x 11.2x 31.0x 17.4x

Documents

FINTECH SECTOR REPORT - GCA Advisors...Q1-16Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Oct-17 $10 $9 $6 $4 $4 $5 $3 Q1-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Oct-17 Real Estate & Mortgage Tech