1. Jack Henry and Associates Inc (JKHY) UIUC RCMP 12/07/2004 Vincent (Wei) Wang

2. Executive Summary 11/11/1999 RCMP first bought JKHY 200 shares at $36 per share 11/11/1999 RCMP first bought JKHY 200 shares at $36 per share 3/2/2000 2:1 split which brings the holding to 400 shares at $18 per share 3/2/2000 2:1 split which brings the holding to 400 shares at $18 per share 3/4/2001 2:1 split which brings the holding to 800 shares at $9 per share, Total book value is $7,200 3/4/2001 2:1 split which brings the holding to 800 shares at $9 per share, Total book value is $7,200 12/06/2004 Current market price is $19.71 per share for 800 shares total outstanding in portfolio which brings the market value of this holding to $15,768.00 (+16.71% compounded annual return) that is a unrealized gain of $8,568.00 (+119 % total return) 12/06/2004 Current market price is $19.71 per share for 800 shares total outstanding in portfolio which brings the market value of this holding to $15,768.00 (+16.71% compounded annual return) that is a unrealized gain of $8,568.00 (+119 % total return)

3. Company Thumbnail For the three months ended Sept. 30, the company's earnings rose to $16.7 million, or 18 cents per share, from $13.9 million, or 15 cents per share, a year ago. The results matched Wall Street estimates of 18 cents per share, based on a Thomson First Call analyst poll. For the three months ended Sept. 30, the company's earnings rose to $16.7 million, or 18 cents per share, from $13.9 million, or 15 cents per share, a year ago. The results matched Wall Street estimates of 18 cents per share, based on a Thomson First Call analyst poll. Revenues reflect a strong demand in software licensing and installation. Revenues reflect a strong demand in software licensing and installation. Net income reflects the change in sales mix of hardware installation and software application. Net income reflects the change in sales mix of hardware installation and software application. JKHY provides financial institutions with a full range of IT products and services, which can be delivered in-house or outsourced. JKHY provides financial institutions with a full range of IT products and services, which can be delivered in-house or outsourced. The company ’ s product offerings can be broken up into three categories: Support & Services (54% of gross profits), License (29%), and Hardware (17%). The company ’ s product offerings can be broken up into three categories: Support & Services (54% of gross profits), License (29%), and Hardware (17%).

4. Introduction 1. Corporate History and Timeline 1. Corporate History and Timeline 1976, the 2 founders Jack Henry and Jerry Hall joined forces and forged their way into the software system development business with a clear focus on small banks and JKHY has been providing fully integrated technology systems to financial institutions. 1976, the 2 founders Jack Henry and Jerry Hall joined forces and forged their way into the software system development business with a clear focus on small banks and JKHY has been providing fully integrated technology systems to financial institutions. 1985, JKHY had successfully established itself as a provider of in-house data processing systems to community banks. They recognized how important it was that control of the Company stayed in the hands of its employees. So that year, JKHY became a publicly held company listed on NASDAQ. 1985, JKHY had successfully established itself as a provider of in-house data processing systems to community banks. They recognized how important it was that control of the Company stayed in the hands of its employees. So that year, JKHY became a publicly held company listed on NASDAQ. 1992 JKHY started on a mission to expand customer base and breadth of offerings through strategic development and acquisition of additional technology solutions. Collecting awards along the way: Top 100 Small Businesses in America; Top 10 Growth Company in the 90s, and more. That same year, IBM named JKHY the Outstanding National Business Partner for industry remarketers. In the age of mergers and acquisitions, Jack Henry & Associates played a key role in the survival of small community banks by offering them technology that kept them competitive. 1992 JKHY started on a mission to expand customer base and breadth of offerings through strategic development and acquisition of additional technology solutions. Collecting awards along the way: Top 100 Small Businesses in America; Top 10 Growth Company in the 90s, and more. That same year, IBM named JKHY the Outstanding National Business Partner for industry remarketers. In the age of mergers and acquisitions, Jack Henry & Associates played a key role in the survival of small community banks by offering them technology that kept them competitive. 1995 we offered ATM and imaging solutions, and outsourced data processing solutions. The quest to be a provider of fully-integrated, single-source technology systems was becoming a reality. 1995 we offered ATM and imaging solutions, and outsourced data processing solutions. The quest to be a provider of fully-integrated, single-source technology systems was becoming a reality. Today 2004 Jack Henry & Associates provides completely integrated technology to banks and credit unions throughout the United States. count over 2,350 financial institutions as customers, and employ more than 2,000 people throughout the country. Today 2004 Jack Henry & Associates provides completely integrated technology to banks and credit unions throughout the United States. count over 2,350 financial institutions as customers, and employ more than 2,000 people throughout the country.

5. Introduction (cont.) 2. Corporate Management Board of Directors Board of Directors Mike Henry Chairman Jack Henry Vice-Chairman Jerry Hall Director/Executive Vice-President Craig Curry Director/Audit Committee Member James Ellis Director/Audit Committee Member Burton George Director/Audit Committee Member Joseph Maliekel Director/Audit Committee Member Executive Management Team Executive Management Team Jack Prim Chief Executive Officer Tony Wormington President Kevin Williams Chief Financial Officer Mr. Michael Henry, son of Jack Henry, began his career at Jack Henry & Associates in 1979. He was the manager of Research & Development from 1983 to 1993, and has served on the board of directors since 1986. In 1993, Mr. Henry took on the jobs of Senior Vice President and Vice Chairman. In October 1994 he succeeded his father as Chairman of the Board and was appointed Chief Executive Officer.

6. Introduction (cont.) 3. Products & Services Provided integrated computer systems and services to small banks and other small financial institutions. Provided integrated computer systems and services to small banks and other small financial institutions. Developed several banking application software systems that it markets, along with computer hardware, to financial institutions. Developed several banking application software systems that it markets, along with computer hardware, to financial institutions. Performed data conversion, software installation, and software customization, hardware support for the implementation of its systems Performed data conversion, software installation, and software customization, hardware support for the implementation of its systems

7. Macroeconomic Review Technological Change Success depends on ability to enhance current products. JKHY track record has shown its ability to keep up with change. Technological Change Success depends on ability to enhance current products. JKHY track record has shown its ability to keep up with change. Aggressive Competition Some competitors Aggressive Competition Some competitors have strong financial, marketing, manufacturing and technological resources, broad product lines and larger installed customer bases than does the Company,However, JKHY has been making steps such as its IBM relationship which provide it with many of the required resources Dependence on IBM Relationship Dependence on IBM Relationship The Company’s products incorporate and use computer hardware and equipment developed by IBM. There can be no assurance that IBM will continue to manufacture hardware that supports the Company s product lines or that IBM s products will be available to the Company on a timely basis. Changes in the Banking and Financial Services Industries The Company’ s primary market for its products consists of approximately 8,800 commercial banks in the United States. The number of commercial banks in the United States has decreased, and will continue to decrease due to the increasing consolidation of banks around the country

8. JKHY and IBM Jack Henry & Associates, Inc. The Group's principal activity is to provide integrated data processing system solution for banks, credit unions and other financial institutions. The Group's software applications include Silverlake System(R), CIF 20/20(TM), Core Director(TM), Symitar System(TM) and Conductor(TM). The software applications operate on the IBM OS/400 and UNIX/NT operating systems. Jack Henry & Associates, Inc. The Group's principal activity is to provide integrated data processing system solution for banks, credit unions and other financial institutions. The Group's software applications include Silverlake System(R), CIF 20/20(TM), Core Director(TM), Symitar System(TM) and Conductor(TM). The software applications operate on the IBM OS/400 and UNIX/NT operating systems. Jack Henry & Associates is a Premier IBM Business Partner and has achieved Premier status since the inception of the program eleven years ago. Together, IBM and Jack Henry & Associates can provide you with a comprehensive solution. Jack Henry & Associates is a Premier IBM Business Partner and has achieved Premier status since the inception of the program eleven years ago. Together, IBM and Jack Henry & Associates can provide you with a comprehensive solution. IBM has teamed with business partners Jack Henry & Associates, Inc. deliver advanced Web-enabled ATM solutions to community and regional financial institutions. The solutions feature Henry's PassPort EFT switch technology, Wincor Nixdorf's ATM hardware and software, and implementation and maintenance through IBM Global Services. IBM has teamed with business partners Jack Henry & Associates, Inc. deliver advanced Web-enabled ATM solutions to community and regional financial institutions. The solutions feature Henry's PassPort EFT switch technology, Wincor Nixdorf's ATM hardware and software, and implementation and maintenance through IBM Global Services. IBMJack Henry & Associates, Inc IBMJack Henry & Associates, Inc

9. Macroeconomic Review (cont.) JKHY ’ s addressable market consists of the 8,400 community banks with assets under $30 billion and 9,900 credit unions (two-thirds of which have assets below $25 million) in the United States. JKHY ’ s addressable market consists of the 8,400 community banks with assets under $30 billion and 9,900 credit unions (two-thirds of which have assets below $25 million) in the United States. Automation in Banking 2003 estimates that roughly 56% of commercial banks use in-house systems, while nearly 70% of credit unions use inhouse systems. Automation in Banking 2003 estimates that roughly 56% of commercial banks use in-house systems, while nearly 70% of credit unions use inhouse systems. As a result of consolidation, the number of commercial banks has been decreasing at an annual rate of roughly 3%, Consolidation has also affected the credit union market, with locations decreasing at an annual rate of 3%; however, assets have increased at a rate of nearly 10% the last three years. As a result of consolidation, the number of commercial banks has been decreasing at an annual rate of roughly 3%, Consolidation has also affected the credit union market, with locations decreasing at an annual rate of 3%; however, assets have increased at a rate of nearly 10% the last three years. JKHY has expanded its Services business, which we believe is important, as it increases the recurring nature of its revenue base. Currently, nearly 60% of JKHY ’ s revenues are recurring, up from 35% five years ago. JKHY has expanded its Services business, which we believe is important, as it increases the recurring nature of its revenue base. Currently, nearly 60% of JKHY ’ s revenues are recurring, up from 35% five years ago.

10. Key Statistics S&P 400 MidCap S&P 400 MidCap S&P 400 MidCap S&P 400 MidCap Sector:Technology Sector:TechnologyTechnology Industry:Computer Networks Industry:Computer NetworksComputer NetworksComputer Networks Employees (last reported count):2,533 Employees (last reported count):2,533 Market Cap (intraday):1.78B Market Cap (intraday):1.78B Enterprise Value (12-Oct-04) ³ :1.66B Enterprise Value (12-Oct-04) ³ :1.66B Trailing P/E (ttm, intraday):27.92 Trailing P/E (ttm, intraday):27.92 Forward P/E (fye 30-Jun-06) ¹ :20.32 Forward P/E (fye 30-Jun-06) ¹ :20.32 PEG Ratio (5 yr expected) ¹ :1.23 PEG Ratio (5 yr expected) ¹ :1.23 Price/Sales (ttm):3.71 Price/Sales (ttm):3.71 Price/Book (mrq):3.91 Price/Book (mrq):3.91 Enterprise Value/Revenue (ttm) ³ :3.59 Enterprise Value/Revenue (ttm) ³ :3.59 Enterprise Value/EBITDA (ttm) ³ :12.68 Enterprise Value/EBITDA (ttm) ³ :12.68 Beta:1.006 Beta:1.006 Annual EPS Est (Jun-05) :0.82 Annual EPS Est (Jun-05) :0.82 Quarterly EPS Est (Sep-04) :0.18 Quarterly EPS Est (Sep-04) :0.18 Mean Recommendation*:2.4---* (Strong Buy) 1.0 - 5.0 (Strong Sell) Mean Recommendation*:2.4---* (Strong Buy) 1.0 - 5.0 (Strong Sell)

11. Relevant Stock Performance (1,2,5,10 ys) Splits:04-Mar-92 [3:2], 09-Mar-93 [3:2], 11-Mar-94 [4:3], 14- Mar-97 [3:2], 03-Mar-00 [2:1], 05-Mar-01 [2:1] Splits:04-Mar-92 [3:2], 09-Mar-93 [3:2], 11-Mar-94 [4:3], 14- Mar-97 [3:2], 03-Mar-00 [2:1], 05-Mar-01 [2:1] 16.64

12. Financial Analysis P/E Method P/E Method Estimated price of $18.99 DCF Method DCF Method Estimated price of $17.57 View Spreadsheet

13. Competitors MARSHALL ILSLEY (NYSE:MI) MARSHALL ILSLEY (NYSE:MI) Last Trade: 42.00 1y Target Est: 45.44 Market Cap: 9.38B P/E (ttm): 16.00 EPS (ttm): 2.625 FISERV INC (NasdaqNM:FISV) FISERV INC (NasdaqNM:FISV) Last Trade: 39.36 1y Target Est: 43.58 Market Cap: 7.70B P/E (ttm): 21.41 EPS (ttm): 1.838

14. Ratios comparison RatiosJKHYFISVMI P/E27.9217.9714.05 Beta1.0061.0760.687 Return on Equity 15.38%15.68%17.39% Return on Assets 11.13%4.70%1.65% Revenue482.57M3.68B1.59B Market Cap 1.78B7.70B9.38B Profit Margin 13.50%9.84%37.36% Operating Margin 21.44%16.77%N/A

15. Competitors comparison (1,2,5,10 ys)

16. Porter 5 Analysis Entry of New Competitors: Low Entry would be difficult and costly Threat of Substitutes: Low Bargaining Power of Buyers: Moderate JKHY ’ s 60% revenues are recurring, customers are happy Bargaining Power of Sellers: Moderate Heavy reliance on IBM relationship Heavy reliance on IBM relationship Rivalry among existing competitors :High MI is JKHY ’ s biggest competitor, highest profit margin and largest market cap.

17. Headline News Jack Henry & Associates Acquires Verinex(R) Technologies Tuesday October 5, 10:15 am ET Jack Henry & Associates Acquires Verinex(R) Technologies Tuesday October 5, 10:15 am ET Jack Henry & Associates, Inc. (Nasdaq: JKHY - News), a leading provider of integrated computer systems and ATM/debit card transaction processing, announced today its acquisition of California- based Verinex Technologies ("Verinex"), a leading developer and integrator of biometric security solutions. Jack Henry & Associates, Inc. (Nasdaq: JKHY - News), a leading provider of integrated computer systems and ATM/debit card transaction processing, announced today its acquisition of California- based Verinex Technologies ("Verinex"), a leading developer and integrator of biometric security solutions.JKHYNewsJKHYNews Biometrics is the ability to verify identity through the automated use of physical characteristics such as fingerprints, irises, retinas, and faces; or behavioral characteristics such as voices, signatures, and keystroke recognition Biometrics is the ability to verify identity through the automated use of physical characteristics such as fingerprints, irises, retinas, and faces; or behavioral characteristics such as voices, signatures, and keystroke recognition Jack F. Prim, CEO of Jack Henry & Associates, said, "Jack Henry and Verinex clearly share a common corporate culture and proven commitment to provide outstanding products and world- class service. Similar to other recent acquisitions, Verinex will expand our service offerings to our existing customer base, and expand our potential customers to entities that have not traditionally been our targets, much like the market gains we obtained with e- Classic Systems which was acquired in April of this year." Jack F. Prim, CEO of Jack Henry & Associates, said, "Jack Henry and Verinex clearly share a common corporate culture and proven commitment to provide outstanding products and world- class service. Similar to other recent acquisitions, Verinex will expand our service offerings to our existing customer base, and expand our potential customers to entities that have not traditionally been our targets, much like the market gains we obtained with e- Classic Systems which was acquired in April of this year." According to Kevin D. Williams, CFO of Jack Henry & Associates, "This acquisition is expected to contribute approximately $3 to $4 million in EBITDA for the remainder of this fiscal year and should have an accretive impact to EPS of approximately $.01 to $.02. We believe there is significant upside for this product in our existing customer base and will be a differentiator of our products to assist in selling to new core customers in the future in both of our operating segments." According to Kevin D. Williams, CFO of Jack Henry & Associates, "This acquisition is expected to contribute approximately $3 to $4 million in EBITDA for the remainder of this fiscal year and should have an accretive impact to EPS of approximately $.01 to $.02. We believe there is significant upside for this product in our existing customer base and will be a differentiator of our products to assist in selling to new core customers in the future in both of our operating segments."

18. Recommendation Hold 800 shares of JKHY Hold 800 shares of JKHY Jack Henry is performing well overall. The company's first-quarter (year ends June 30th) share net rose by $0.03 from a year ago, to $0.18, lifted by a 14% increase in the top line. Jack Henry is performing well overall. The company's first-quarter (year ends June 30th) share net rose by $0.03 from a year ago, to $0.18, lifted by a 14% increase in the top line. Over the past few years, many of Jack Henry's customers cut back or delayed technology spending, but a strengthening economic outlook is now providing more incentive. Over the past few years, many of Jack Henry's customers cut back or delayed technology spending, but a strengthening economic outlook is now providing more incentive. The largest boost to sales came from license revenue, which increased 51% year over year. In addition, growth in in-house support fees, outsourcing, and ATM/debit card and switch transaction fees aided in increasing support and services sales by 15%. The largest boost to sales came from license revenue, which increased 51% year over year. In addition, growth in in-house support fees, outsourcing, and ATM/debit card and switch transaction fees aided in increasing support and services sales by 15%. P/E and DCF methods forecast the share price being stale in the future. P/E and DCF methods forecast the share price being stale in the future. Nonetheless, lingering uncertainties in the information technology environment continue to plague hardware revenue, which declined 11%. Further, bottom-line gains should continue to be slightly restrained by rising employee-related costs. Nonetheless, lingering uncertainties in the information technology environment continue to plague hardware revenue, which declined 11%. Further, bottom-line gains should continue to be slightly restrained by rising employee-related costs.

19. Questions? Questions?