1. Merchant Evaluation Review December 7, 2009

5. Functional Analysis Value Exchange Analysis: Proprietary and Confidential

9. Low Risk High Risk Low Profit High Profit Decision Matrix The Decision Matrix quantifies the expected outcome and allows NewAlliance to determine their acceptability of Risk vs Reward Each strategic option should be evaluated based on parameters of where it would fall Value Exchange Analysis: Proprietary and Confidential

10. Strategic Options Value Exchange Analysis: Proprietary and Confidential

13. Value Exchange Analysis: Proprietary and Confidential Status Quo New Alliance Performance by Portfolio 2008 Elavon FDMS FIS Total Volume $ 304,435,568 $ 424,164,718 $ 296,248,154 $ 1,024,848,440 # Transactions 4,494,258 1,880,433 3,104,101 9,478,792 Average Ticket $ 68 $ 226 $ 95 $ 108 Net Residual $ 1,620,204 $ 1,714,866 $ 816,763 $ 4,151,833 Net Spread 0.53% 0.40% 0.28% 0.41% Active Merchants 1,425 1,068 1,165 3,658 2009 Elavon FDMS FIS Total Volume $ 265,681,017 $ 351,424,186 $ 450,321,021 $ 1,067,426,223 # Transactions 4,243,548 1,659,889 5,283,692 11,187,129 Average Ticket $ 63 $ 212 $ 85 $ 95 Net Residual $ 1,342,631 $ 1,433,319 $ 1,342,211 $ 4,118,161 Net Spread 0.51% 0.41% 0.30% 0.39% Active Merchants 1,155 943 1,450 3,548 2009 over 2008 Projected Volume Growth 4% Projected Active Merchant Growth -3% Projected Net Residual Growth -1% Projected New Sales Income Growth 4%

14. Value Exchange Analysis: Proprietary and Confidential STATUS QUO BANK GENERAL LEDGER TOTALS Total 2008 Actuals % of Total 2009 Projected % of Total 2010 Projected 2011 Projected 2012 Projected TOTAL NON INTEREST INCOME $ 4,706,377 $ 4,055,612 $ 4,258,393 $ 4,471,312 $ 4,694,878 37986 - SBM MERCHANT SERVICES INCOME $ 4,481,590 95% $ 3,833,723 95% $ 4,025,409 $ 4,226,679 $ 4,438,013 37999 - OTHER FEES $ 151,288 3% $ 141,465 3% $ 148,539 $ 155,966 $ 163,764 TOTAL OTHER INCOME $ 73,499 2% $ 80,424 2% $ 84,445 $ 88,667 $ 93,101 TOTAL NON-INTEREST EXPENSE $ 3,230,671 $ 2,658,628 $ 2,791,559 $ 2,931,137 $ 3,077,694 SALARIES & WAGES $ 1,006,611 31% $ 907,808 34% $ 953,198 $ 1,000,858 $ 1,050,901 BONUSES $ 1,410,304 44% $ 1,128,907 42% $ 1,185,352 $ 1,244,620 $ 1,306,851 NET INCOME $ 1,475,706 $ 1,396,984 $ 1,466,833 $ 1,540,175 $ 1,617,184 PROJECTED GROWTH -5% 5% 5% 5%

16. NewAlliance ISO Income and Reimbursement Value Exchange Analysis: Proprietary and Confidential NewAlliance ISO Income Share Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Processing Income $ 108,000 $ 409,200 $ 900,540 $ 1,491,613 $ 2,084,332 $ 2,662,616 $ 3,211,985 $ 3,733,886 $ 4,229,691 $ 4,700,707 Co-Management Fees $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Equipment Sales $ 1,350 $ 5,115 $ 11,257 $ 18,645 $ 26,054 $ 33,283 $ 40,150 $ 46,674 $ 52,871 $ 58,759 Miscellaneous $ 2,700 $ 10,230 $ 22,514 $ 37,290 $ 52,108 $ 66,565 $ 80,300 $ 93,347 $ 105,742 $ 117,518 Less Loss Reserve $ (100,000) $ (90,000) $ (325,000) $ (500,000) $ (600,000) $ (600,000) $ (600,000) $ (600,000) $ (600,000) $ (600,000) TOTAL: $ 12,050 $ 334,545 $ 609,310 $ 1,047,548 $ 1,562,495 $ 2,162,464 $ 2,732,434 $ 3,273,906 $ 3,788,305 $ 4,276,983 NewAlliance Expense Reimbursement* Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Administrative Staff $ 67,500 $ 127,500 $ 187,500 $ 187,500 $ 187,500 $ 375,000 $ 375,000 $ 375,000 $ 375,000 $ 375,000 Business Development Staff $ 157,500 $ 297,500 $ 437,500 $ 437,500 $ 437,500 $ 437,500 $ 437,500 $ 437,500 $ 437,500 $ 437,500 Total $ 225,000 $ 425,000 $ 625,000 $ 625,000 $ 625,000 $ 812,500 $ 812,500 $ 812,500 $ 812,500 $ 812,500 * This will be a straight pass through as NewAlliance will hire staff to support the sales process Note : These financials were obtainend through NewAlliance from Processing Solutions sales proposal. Value Exchange has not conducted a comprehensive review of the assumptions and drivers, however, forecasted sales and income appear to be quite aggrressive givin industry norms.

17. Value Exchange Analysis: Proprietary and Confidential Overall NewAlliance Bank - Processing Solutions - Merchant Relationship Summary - March 2009 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Net Income Annual $ (1,258,650) $ (1,315,200) $ (706,274) $ 1,455,931 $ 3,606,485 $ 5,521,736 $ 7,518,333 $ 9,414,906 $ 11,216,023 $ 12,926,449 Cumulative $ (1,258,650) $ (2,573,850) $ (3,280,124) $ (1,824,193) $ 1,782,292 $ 7,304,028 $ 14,822,361 $ 24,237,267 $ 35,453,290 $ 48,379,739 Portfolio Appreciation Annual $ 1,007,640 $ 2,810,196 $ 4,584,202 $ 5,514,711 $ 5,530,072 $ 5,395,384 $ 5,125,615 $ 4,869,334 $ 4,625,867 $ 4,394,574 Cumulative $ 1,007,640 $ 3,817,836 $ 8,402,038 $ 13,916,749 $ 19,446,821 $ 24,842,205 $ 29,967,820 $ 34,837,154 $ 39,463,021 $ 43,857,595 Composite Return Annual $ (251,010) $ 1,494,996 $ 3,877,929 $ 6,970,642 $ 9,136,557 $ 10,917,120 $ 12,643,947 $ 14,284,240 $ 15,841,890 $ 17,321,023 Cumulative $ (251,010) $ 1,243,986 $ 5,121,915 $ 12,092,556 $ 21,229,113 $ 32,146,233 $ 44,790,180 $ 59,074,420 $ 74,916,311 $ 92,237,334

19. Value Exchange Analysis: Proprietary and Confidential TRANSFORM THE BUSINESS Total 2008 Actuals % of Total 2009 Projected % of Total 2010 Projected 2011 Projected 2012 Projected BANK GENERAL LEDGER TOTALS TOTAL NON INTEREST INCOME $ 4,706,377 $ 4,055,612 $ 4,460,218 $ 5,321,062 $ 6,110,428 37986 - SBM MERCHANT SERVICES INCOME $ 4,481,590 95% $ 3,833,723 95% $ 4,025,409 $ 4,226,679 $ 4,438,013 37999 - OTHER FEES $ 151,288 3% $ 141,465 3% $ 148,539 $ 155,966 $ 163,764 INCREMENTAL LIFT FROM INVESTMENT $ 201,825 $ 649,750 $ 1,215,550 TOTAL OTHER INCOME $ 73,499 2% $ 80,424 2% $ 84,445 $ 88,667 $ 93,101 TOTAL NON-INTEREST EXPENSE $ 3,230,671 $ 2,658,628 $ 3,256,182 $ 3,838,669 $ 3,838,669 SALARIES & WAGES $ 1,006,611 31% $ 907,808 34% $ 953,198 $ 1,143,838 $ 1,372,606 ADDITIONAL STAFFING INVESTMENT $ 405,000 $ 425,250 $ 445,500 BONUSES $ 1,410,304 44% $ 1,128,907 42% $ 1,185,352 $ 1,422,422 $ 1,706,907 INVESTMENT IN INFRASTRUCTURE $ 40,000 $ 40,000 $ 40,000 ALL OTHER EXPENSES $ 672,632 $ 807,158 $ 968,590 NET INCOME $ 1,475,706 $ 1,396,984 $ 1,204,035 $ 1,482,393 $ 2,271,759 PROJECTED GROWTH -5% -14% 23% 53% Investment Re-Negotiation of Processing Contract Retail Field Reps 5* $ 65,000 $ 325,000 Overall processing cost reduction of $.02 equates to approximately $200,000 annually Customer Service Reps 2* $ 40,000 $ 80,000 (4% increase in portfolio revenue annually when entire portfolio is positioned on one platfrom - start in 2011) Investment in Infrastructure ($200,000 amoritized over 5yrs) $ 40,000 Total Investment $ 445,000

20. Value Exchange Analysis: Proprietary and Confidential Growth with Investment Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 1 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% Projected additonal Units 25 30 35 60 60 45 45 50 75 75 50 50 Cumulative Units 25 55 90 150 210 255 300 350 425 500 550 600 Projected Volume $ 312,500 $ 687,500 $ 1,125,000 $ 1,875,000 $ 2,625,000 $ 3,187,500 $ 3,750,000 $ 4,375,000 $ 5,312,500 $ 6,250,000 $ 6,875,000 $ 7,500,000 Less loss reserve $ 125 $ 275 $ 450 $ 750 $ 1,050 $ 1,275 $ 1,500 $ 1,750 $ 2,125 $ 2,500 $ 2,750 $ 3,000 Projected Portfolio Income $ 1,438 $ 3,163 $ 5,175 $ 8,625 $ 12,075 $ 14,663 $ 17,250 $ 20,125 $ 24,438 $ 28,750 $ 31,625 $ 34,500 $ 201,825 Year 2 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% Projected additonal Units 50 40 40 75 75 60 60 65 100 100 60 60 Cumulative Units 600 640 680 755 830 890 950 1,015 1,115 1,215 1,275 1,335 Projected Volume $ 7,500,000 $ 8,000,000 $ 8,500,000 $ 9,437,500 $ 10,375,000 $ 11,125,000 $ 11,875,000 $ 12,687,500 $ 13,937,500 $ 15,187,500 $ 15,937,500 $ 16,687,500 Less loss reserve $ 3,000 $ 3,200 $ 3,400 $ 3,775 $ 4,150 $ 4,450 $ 4,750 $ 5,075 $ 5,575 $ 6,075 $ 6,375 $ 6,675 Projected Portfolio Income $ 34,500 $ 36,800 $ 39,100 $ 43,413 $ 47,725 $ 51,175 $ 54,625 $ 58,363 $ 64,113 $ 69,863 $ 73,313 $ 76,763 $ 649,750 Year 3 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% Projected additonal Units 60 50 50 100 100 70 70 75 125 125 70 70 Cumulative Units 1,335 1,385 1,435 1,535 1,635 1,705 1,775 1,850 1,975 2,100 2,170 2,240 Projected Volume $ 16,687,500 $ 17,312,500 $ 17,937,500 $ 19,187,500 $ 20,437,500 $ 21,312,500 $ 22,187,500 $ 23,125,000 $ 24,687,500 $ 26,250,000 $ 27,125,000 $ 28,000,000 Less loss reserve $ 6,675 $ 6,925 $ 7,175 $ 7,675 $ 8,175 $ 8,525 $ 8,875 $ 9,250 $ 9,875 $ 10,500 $ 10,850 $ 11,200 Projected Portfolio Income $ 76,763 $ 79,638 $ 82,513 $ 88,263 $ 94,013 $ 98,038 $ 102,063 $ 106,375 $ 113,563 $ 120,750 $ 124,775 $ 128,800 $ 1,215,550

22. Value Exchange Analysis: Proprietary and Confidential Divest Portfolio Multiples 2009 YTD* The Value of a Portfolio is a function of the performance of the business in the future : Elavon 2X 2.2X** 2.7X Primary Drivers in the evaluation: Volume 265,681,017 Net Income 1,342,631 $ 2,685,262 $ 3,020,920 $ 3,625,103 1) Margin (net spread) - The average net spreads for larger portfolios in your range 50-60 BP # Merchants 1,155 2) Ownership of Merchants Accounts - If the seller owns the portfolios then it becomes FDMS more valuable as it can be transported to another processor with lower cost structure. Volume 351,424,186 Net Income 1,433,319 $ 2,866,639 $ 3,224,969 $ 3,869,962 3) Merchant Concentration - A portfolio of many smaller merchants rather than several large # Merchants 943 merchants makes it more valuable as there is less risk for attrition. FIS 4) Credit Quality - A portfolio with low risk Merchants makes it less risky and more Volume 450,321,021 profitable as there is less chance for fraud. Net Income 1,342,211 $ 2,684,422 $ 3,019,975 $ 3,623,969 # Merchants 1,450 5) Portfolio Size - A larger portfolio provides increase economies of scale. Total 6) Processing platform and contract terms - The valuation will be measured heavily on Volume 1,067,426,223 the contract term and the termination penalties, and any liquidation of damages. Net Income 4,118,161 $ 8,236,322 $ 9,265,863 $ 11,119,035 # Merchants 3,548 7) Attrition - Average annual attrition can dilute the value of the portfolio. Industry attrition annually ranges from 8%-25%. The higher the attrition rate, the less value the portfolio will bring. *2009 Projected as numbers provided were through September ** Most likely scenario Note: These totals include NewAlliance Bank customers which may be eventually excluded from the sale

23. Value Exchange Analysis: Proprietary and Confidential Outsource Option Proforma Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Implementation/conversion* Year 1 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% Projected Units 175 175 175 30 40 50 60 80 100 100 60 50 Cumulative Units - 350 525 555 595 645 705 785 885 985 1,045 1,095 Projected Volume $ - $ 4,375,000 $ 6,562,500 $ 6,937,500 $ 7,437,500 $ 8,062,500 $ 8,812,500 $ 9,812,500 $ 11,062,500 $ 12,312,500 $ 13,062,500 $ 13,687,500 Projected Portfolio Income $ - $ 21,875 $ 32,813 $ 34,688 $ 37,188 $ 40,313 $ 44,063 $ 49,063 $ 55,313 $ 61,563 $ 65,313 $ 68,438 NewAlliance Revenue Share $ - $ 10,938 $ 16,406 $ 17,344 $ 18,594 $ 20,156 $ 22,031 $ 24,531 $ 27,656 $ 30,781 $ 32,656 $ 34,219 $ 255,313 Year 2 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% Projected Units 90 100 130 150 150 120 120 150 200 200 150 100 Cumulative Units 1,185 1,285 1,415 1,565 1,715 1,835 1,955 2,105 2,305 2,505 2,655 2,755 Projected Volume $ 14,812,500 $ 16,062,500 $ 17,687,500 $ 19,562,500 $ 21,437,500 $ 22,937,500 $ 24,437,500 $ 26,312,500 $ 28,812,500 $ 31,312,500 $ 33,187,500 $ 34,437,500 Projected Portfolio Income $ 74,063 $ 80,313 $ 88,438 $ 97,813 $ 107,188 $ 114,688 $ 122,188 $ 131,563 $ 144,063 $ 156,563 $ 165,938 $ 172,188 NewAlliance Revenue Share $ 37,031 $ 40,156 $ 44,219 $ 48,906 $ 53,594 $ 57,344 $ 61,094 $ 65,781 $ 72,031 $ 78,281 $ 82,969 $ 86,094 $ 727,500 Year 3 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% Projected Units 150 160 180 250 250 170 170 200 275 275 230 150 Cumulative Units 2,905 3,065 3,245 3,495 3,745 3,915 4,085 4,285 4,560 4,835 5,065 5,215 Projected Volume $ 36,312,500 $ 38,312,500 $ 40,562,500 $ 43,687,500 $ 46,812,500 $ 48,937,500 $ 51,062,500 $ 53,562,500 $ 57,000,000 $ 60,437,500 $ 63,312,500 $ 65,187,500 Projected Portfolio Income $ 181,563 $ 191,563 $ 202,813 $ 218,438 $ 234,063 $ 244,688 $ 255,313 $ 267,813 $ 285,000 $ 302,188 $ 316,563 $ 325,938 NewAlliance Revenue Share $ 90,781 $ 95,781 $ 101,406 $ 109,219 $ 117,031 $ 122,344 $ 127,656 $ 133,906 $ 142,500 $ 151,094 $ 158,281 $ 162,969 $ 1,512,969 * Implementation/conversion acounts are projected at 15% of current portfolio.

24. Summary Financial Analysis & Decision Matrix Value Exchange Analysis: Proprietary and Confidential

25. Financial Overview of all Options Maintain Invest Invest Divest Value Exchange Analysis: Proprietary and Confidential

26. Value Exchange Analysis: Proprietary and Confidential Financial Overview of all Options Year 1 Year 2 Year 3 Total Status Quo Existing Portfolio $ 1,466,833 $ 1,540,175 $ 1,617,184 $ 4,624,192 Total $ 4,624,192 ISO Expansion ISO Model - NewAlliance Share $ 12,050 $ 334,545 $ 609,310 $ 955,905 Existing Portfolios $ 1,466,833 $ 1,540,175 $ 1,617,184 $ 4,624,192 Total $ 5,580,097 Transform the Business Investment in business $ 1,204,035 $ 1,482,393 $ 2,271,759 $ 4,958,188 Total $ 4,958,188 Outsource Divest Portfolio ($10,295,403) - Amitorization $ 3,088,621 $ 3,088,621 $ 3,088,621 $ 9,265,863 Reverse Fraud Loss Reserve $ 355,262 $ 355,262 Outsource $ 255,313 $ 727,500 $ 1,512,969 $ 2,495,781 Total $ 12,116,906

27. Low Risk High Risk Low Profit High Profit Decision Matrix Status Quo ISO Expansion Transition the Business Outsource Value Exchange Analysis: Proprietary and Confidential

28. Conclusions Value Exchange Analysis: Proprietary and Confidential