FleetCor Technologies (FLT) $311mm IPO with a market cap of $2 billion at the price range mid-point of $24.50. Scheduled for Wednesday, December 15, 2010 CONCLUSION

FLT is attractively priced at the price range mid-point

. Priced at a discount to the closest comparable Wright Express WXS): 16 times annualized earnings for the nine months ended September 2010, and 4.7 times tangible book value

Revenue is up 27% and earnings up 40%, for the nine months ended September 30, 2010 compared to the year earlier period

Valuation Ratios	IPO Mrkt	Price /	Price /	Price /	Price /	Net Incm
annualizing Sept 3 mos	Cap (mm)	Sales	Earnings	BookValue	TangibleBV	% of Rev
FleetCor Tech (FLT)	$1,936	4.4	16	3.4	4.7	30%
Wright Express WXS)	$1,710	4.3	21	3.3	-13.2	21%
Visa (V)	$65,670	7.8	21	2.6	32.8	37%
Mastercard (MA)	$32,760	5.7	16	6.8	7.9	36%

96% of the IPO to selling shareholders

BUSINESS

. Provides specialized payment products and services to commercial fleets, major oil companies and petroleum marketers. Serves more than 530,000 commercial accounts in 18 countries in North America, Europe, Africa and Asia. Had 2.5 million commercial cards in use during the month of December 2009. . Through a proprietary payment networks, FLT cards are accepted at 83,000 locations in North America and Europe. In 2009, processed $14 billion in purchases on FLT’s proprietary networks and third-party networks.

COMPETITION

Primary independent fleet card competitors are Wright Express Corporation, Comdata Corporation and U.S. Bank Voyager Fleet Systems Inc. in North America and Arval UK Group Limited (a subsidiary of BNP Paribas) internationally.

USE OF PROCEEDS, $6.3mm

From 460,000 company shares, shareholders intend to sell 12.2mm shares $3.1mm to repay debt, balance for working capital

FleetCor Technologies	FLT, C+, 7					Post IPO shares: 79mm
Fleet credit cards
Norcross, GA	2007	2008	2009	Sept9mos09	Sept9mos10	IPO Mkt
Revenues ($mm)	$264	$341	$354	$257	$327	Cap (mm)
Operating income % of rev	40%	45%	41%	41%	45%	$1,936
Net income (loss)	$61	$97	$89	$64	$90	@$24.5
Net income % of rev	23%	28%	25%	25%	28%
Quarterly results	June 2009	Sep-09	Dec 2009	March 2010	June 2010	Sept, 2010
Revenues ($mm)	$88	$101	$97	$104	$111	$112
Operating income % of rev	38%	48%	42%	45%	45%	44%
Net income, loss ($mm)	$21	$30	$25	$27	$30	$33
Net income % of rev	24%	30%	26%	26%	27%	30%
Valuation Ratios	IPO Mrkt	Price /	Price /	Price /	Price /	% offered
annualizing Sept 9 mos	Cap (mm)	Sales	Earnings	BookValue	TangibleBV	in IPO
FleetCor Tech (FLT)	$1,936	4.4	16	3.4	4.7	16%
SCORECARD		Mgt	Market	Market Do-	Proprie-	Total
1-5, 5 is high			Growth	mination	tary	rating
20 is perfect		2	2	2	1	7
COMPARE
Valuation Ratios	IPO Mrkt	Price /	Price /	Price /	Price /	Net Incm
annualizing Sept 3 mos	Cap (mm)	Sales	Earnings	BookValue	TangibleBV	% of Rev
FleetCor Tech (FLT)	$1,936	4.4	16	3.4	4.7	30%
Wright Express WXS)	$1,710	4.3	21	3.3	-13.2	21%
Visa (V)	$65,670	7.8	21	2.6	32.8	37%
Mastercard (MA)	$32,760	5.7	16	6.8	7.9	36%