1. Jack Henry & Associates Ang Li Ye Tian Kyle Pellum Jack Hainline Presented, October 14, 2010

2. Overview Company Background Sources of Revenue Recent Acquisitions Porter’s Five Forces SWOT Analysis Competitors Valuation Recommendation

3. RCMP Position 12/10/1999 Purchased 200 shares at $36/share. 3/2/2000 2:1 split which took the holding to 400 shares at $18 per share. 3/4/2001 2:1 split which took the holding to 800 shares at $9 per share. 1/15/2007 Sold 400 shares at $22.53 for a realized gain of $5,412 Current share price = $26.33 Current Holding Value = $10,384 Constitutes 9% of invested holdings Unrealized gain: $6,932

4. Jack Henry Stock Overview P/E (ttm) : 18.80 EPS : 1.38 Market Cap : $2.23 B Dividend : $0.38 Dividend Yield : 1.46% 52 week range : $21.01 – $26.50 Information gathered from finance.yahoo.com

5. Background Jack Henry & Associates was founded in 1976 by Jerry Hall and Jack Henry. Headquartered in Monett, Missouri. Was first publicly traded on October 29 th, 1985. Provides technology driven products and services needed by financial institutions. These products and services include transaction processing and managing information for more than 11,200 institutions and diverse corporations. Source: Jack Henry & Associates Annual Report 2010

6. Industry Outlook The number of banks has declined 11% from 2005 to 2009 The number of credit unions has decreased 16% from 2005 to 2009 The company reports that 49% of financial institutions and 26% of credit unions outsource information processing Source: Jack Henry & Associates Annual Report 2010

7. Primary Business Units Jack Henry Banking – Provides banking solutions and the integrated data processing banks need to process financial transactions, automate business processes, and manage information. Serves as the primary technology partner for 1,500 banks ranging from de novo institutions to mid-tier banks. The customer base is comprised of 20% mid-tier banks with assets ranging from $1 B - $15 B. The three functionally distinct core solutions are CIF 20/20, SilverLake System, and CoreDirector. Symitar – Performs the same functions as Jack Henry Banking for credit unions. In the 10 years since it was acquired, it has more than doubled its customer base. Supports more than 700 credit unions of all asset size, including 35% of credit unions with over $1 billion in assets. The two functionally distinct core solutions are Episys and Cruise. Symitar has a 98% customer retention rate. Source: Jack Henry & Associates Annual Report 2010

8. Primary Business Units ProfitStars - Provides specialized products and services to financial services organizations of all sizes. Established as part of Jack Henry in 2006 as part of a focused diversification acquisition. Supports more than 8,800 domestic and international financial services organizations, including 42 of the 50 largest domestic banks. They also provide their services to businesses outside the financial industry. iPay – Acquired in June 2010, it is the largest independent provider of electronic bill pay in the U.S. iPay’s platform supports 40% of the nation’s community banks and more than half of its credit unions that offer online bill pay services. It services more than 1,700 financial institutions with its easily configurable software. Source: Jack Henry & Associates Annual Report 2010

9. Sources of Revenue Hardware Sales – Generates revenue through selling computer hardware, hardware maintenance and related services to customers. Revenue is recognized when the hardware is shipped. Software License Fees – Generates revenue through the delivery of application software systems contracted with customer. License allows for product to be used on a single computer at a single location. Support & Service – Generate revenue from implementation services, annual support to assist the customer in operating their systems and to enhance and update the software, outsourced data processing services and EFT support services. Source: Jack Henry & Associates Annual Report 2010

10. Sources of Revenue 86% Source: Jack Henry & Associates Annual Report 2010

11. Sources of Revenue ($ thousands) Source: Jack Henry & Associates Annual Report 2005-2010

12. Acquisition Strategy In 2004 Jack Henry created a Focused Diversification Acquisition Strategy. Under this strategy they look for products that are already sold to JKHY customers, expand their base of customers, sold outside the financial services industry, and/or are sold internationally. Since the implementation of this strategy they have acquired 19 companies.

13. Recent Acquisitions October 2009 – Acquired Goldleaf Financial Solutions, Inc. This was integrated into ProfitStars division and its products expanded the solutions that can be sold to all financial services organizations. ▫Acquisition Cost: $67,617,000 (Goodwill: $33,081,000) October 2009 – Acquired Pemco Technology Solutions, which is a provider of ATM, credit, debit, and prepaid card solutions to the financial industry. The expansion served to gain further market share in the electronic bill payment sector. ▫Acquisition Cost: $61,841,000 (Goodwill: $19,831,000) June 2010 – Acquired iPay Technologies, the largest electronic bill pay provider in the U.S. iPay Technologies operates as Jack Henry’s 4 th primary business unit and continues the expansion into the payments industry. ▫Acquisition Cost: $301,143,000 (Goodwill: $192,345,000) Source: Jack Henry & Associates Annual Report 2010

14. Porter’s Five Forces Threat of Substitutes (Medium) -High costs to learn to new system, renewal of outsource contracts Barriers to Entry (High) -Compliance with regulation, high switching costs Power of Suppliers (Low) -Hardware from suppliers accounts for a small portion of revenue. Power of Buyers (Low-Medium) - Buyers resistant to change, customer discounts for additional services Rivalry (High) - Large competitors and industry consolidation

15. Recent Dividend Schedule Fiscal 2010 Dividend 4 th Quarter$0.095 3 rd Quarter$0.095 2 nd Quarter$0.085 1 st Quarter$0.085 Fiscal 2009 Dividend 4 th Quarter $0.085 3 rd Quarter$0.085 2 nd Quarter$0.075 1 st Quarter$0.075 Source: Jack Henry & Associates Annual Report 2010

16. SWOT Analysis Strengths -Large amount of cash, low leverage -Profitability in down market -Strong management -Diversified services -Consistent dividend Weaknesses -Difficult to convince businesses to switch -Size relative to competitors

17. SWOT Analysis Opportunities -Cross sell additional services -Growth through acquisition -Increase market share Threats -Consolidation of commercial banks and credit unions -Economic downturn -Competitive industry

18. Peer GroupMajor CustomerBusiness Function Jack Henry & Associates, Inc. banks and credit unionscore information processing solutions Bottomline Technology, Inc.financial institutionselectronic payment, invoice and document management solutions Cerner Corp.healthcare organizationshealthcare information technology (HIT) solutions DST Systems, Inc.mutual funds, investment managersinformation processing and software services and products Euronet Worldwide, Inc.financial institutions, retailers, service providers and individual consumers electronic payments provider Fair Isaac Corp.banks, credit reporting agencies, credit card processing agencies, insurers, retailers and healthcare organizations. provider of analytic, software and data management products and services Fidelity National International Services, Inc. financial institution banking and payments technology solutions, processing services and information-based services Fiserv, Inc.banks and thrifts, credit unions, savings institutions integrated information management and electronic commerce systems and services Online Resources Corp.financial institution, biller, card issuer and creditor clients outsourced, Web and phone-based financial technology services S1 Corp.banks, credit unions, retailers and transaction processors provider of payments and financial services software solutions SEI Investments Companycorporations, financial institutions, financial advisors, and families investment processing, fund processing and investment management business outsourcing solutions Telecommunications Systems, Inc.commercial customers, Government customers secure mobile communication technology Tyler Technologies Corp.Healthcare organizationsdevelops products to prevent and treat infectious diseases, asthma and inflammatory and autoimmune diseases

19. Stock Performance Stock Performance (1y, 5y 10y growth)

20. CompanyCustomersMarket Size JACK HENRY AND ASSOCIATES, INC. Commercial banks and savings institutions with less than $30.0 billion in assets; Credit unions of all sizes; Other financial institutions of all asset sizes. Provide solutions for 1,500 small to medium banks, 700 credit unions, 8,800 domestic and international customers and 1700 financial institutions. FISERV, INC.Banks and thrifts, credit unions, savings institutions, retailers and merchants, leasing companies, lenders, government agencies, and publicly and privately owned companies, and operate centers. Approximately 16,000 clients worldwide. Fidelity National Information Services, Inc. Customers include 40 of the top 50 global banks, including nine of the top 10, as ranked by Bankersalmanac.com as of November 2009, as well as mid- tier and community banks, credit unions, commercial lenders, automotive financial institutions, healthcare providers and governments. Over 14,000 financial institutions and business customers in over 100 countries spanning most segments of the financial services industry.

21. Compare the key statistics

22. Qualitative Analysis

23. Market consensus

24. Multiples Trailing P/EForward P/E Enterprise Value/Revenue Enterprise Value/EBITDA Price/Cash Flow High45.4212.312.7610.7212.28 Low17.4711.212.709.028.44 Average31.44511.762.739.8710.36 Estimated Price High62.3218.3717.4022.1941.48 Low23.9716.7316.8217.1728.52 Average43.1417.5517.1119.6835.00 Multiples Analysis Questionable Range: $17.11 to $35.00

25. WACC

26. Discounted Cash Flow (Normal Scenario) (All Numbers in Thousands)

27. Sensitivity Analysis (Normal Scenario)

28. Recommendation DCF Model Price $23.65 +/-$19.33 - $26.21 Sensitivity Analysis Price Range $20.98 - $29.82 Price as of October 13, 2010 $26.33 Recommendation Hold 400 Shares