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n. $10 million. and $8 million, respectively. In 2014, KKR Capital Markets LLC also acted as a placement agent in the private placement of shares of Holdings' Class B common stock and received $41 million for such services. Relationship with KKR Credit Since 2012, investment funds or accounts managed or

to the alliance. Management Agreement In connection with the acquisition of the Company by affiliates of Kohlberg Kravis Roberts & Co. L.P. (KKR), First Data entered into a management apeetent with KKR and one of its affiliates (the "Management Agreement-) pursuant to which KKR provides advisory services

ll & Howell, Ducati Motorcycles, Credicom Asia, National Education Corp, Beringer Wine, Carr Reality, Virgin Cinemas, CoStar Group, GemAlto, RyandAir Holdings, Wilderness Society, World Wildlife Fund. Jason Bordoff — Senior Advisor for Energy and Environmental Policy to U.S. President Obama. Erik Brynjolf

harlie Kim — CEO, NextJump. David Kirkpatrick — Author, 7he Facebook Effect. Fmr head technology writer, FORTUNE. Henry Kravis — Co-CEO of KKR. Chm, First Data. Boards: Claremont McKenna College, Metropolitan Museum of Art, Mount Sinai Medical Center, Council on Foreign Relations, Columbia Business School, R

invested in private equity over time. « KKR will manage concentration risk, and it is unlikely that the firm will make another investment as big as First Data again. The biggest advantage to having a ea Bankof America 44 2016 Future of Financials Conference | 17 November 2016 Merrill Lynch HOUSE_OVERSIGHT

Our 1x TBV multiple represents a 0.3x discount to our median multiple for our universe. Our discount to TBV is a reflection of the earnings drag from Holdings and the fact that money centers will most likely continue to trade at a discount to regional peers. Our 11x 16E multiple is based on a sum of the par