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Page 1: November 2017 M&A and Investment Summarypetskyprunier.com/_petskyprunier.com/dynamic/user... · 2018-01-16 · 1 Overview of Monthly M&A and Investment Activity 3 2 Monthly M&A and

November 2017 M&A and Investment Summary

Page 2: November 2017 M&A and Investment Summarypetskyprunier.com/_petskyprunier.com/dynamic/user... · 2018-01-16 · 1 Overview of Monthly M&A and Investment Activity 3 2 Monthly M&A and

2 | M&A and Investment Summary November 2017

Table of Contents

Overview of Monthly M&A and Investment Activity 3 1

Monthly M&A and Investment Activity by Industry Segment 9 2

Additional Monthly M&A and Investment Activity Data 41 3

About Petsky Prunier 55 4

Securities offered through Petsky Prunier Securities, LLC, member of FINRA.

This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer registered with the U.S. SEC and a member of FINRA.

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3 | M&A and Investment Summary November 2017

M&A and Investment Summary for All Segments

Transaction Distribution

A total of 554 deals were announced in November 2017, of which 291 were worth $25.0 billion in aggregate reported value

• November activity is highlighted by 39 reported Private Equity transactions, the second largest monthly total of the year

Software was the most active segment with 198 deals announced — 121 of these transactions reported $6.0 billion in value

Digital Media/Commerce was also active with 114 transactions announced, of which 75 were worth a reported $6.7 billion in value

Strategic buyers announced 242 deals (39 reported $11.6 billion in value)

VC/Growth Capital investors announced 273 transactions (244 reported $8.4 billion in value)

Private Equity investors announced 39 deals during the month (seven reported $5.0 billion in value)

# % $MM % # $MM # $MM # $MM

Software 198 36% $6,047.7 24% 67 $1,865.2 12 $2,055.6 119 $2,126.9

Digital Media/Commerce 114 21% 6,728.0 27% 38 2,331.8 2 - 74 4,396.2

Marketing Technology 75 14% 1,793.9 7% 24 276.6 3 458.9 48 1,058.4

Business Services 65 12% 5,221.5 21% 40 2,900.7 13 1,940.0 12 380.9

Agency & Marketing Services 43 8% 26.0 0% 37 16.0 4 - 2 10.0

Traditional Media 25 5% 3,753.8 15% 17 3,016.9 3 563.0 5 173.9

Digital Advertising 23 4% 239.7 1% 11 19.9 1 - 11 219.8

Information 11 2% 1,166.3 5% 8 1,150.0 1 - 2 16.3

Total 554 100% 24,976.9 100% 242 11,577.1 39 5,017.5 273 8,382.4

November 2017

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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4 | M&A and Investment Summary November 2017

$33.7

$20.8

$51.2

$23.4

$37.8

$25.0$24.6

$36.2

$25.4

$19.9

$25.2 $24.1

$50.2

554419 415 457 449 545 471 520 569 519 622 552 609 $-

$100.0

$200.0

$300.0

$400.0

$500.0

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17

*Note, Discovery Communications’ $14.6 billion acquisition Scripps Networks, Sinclair Broadcast Group’s $6.6 billion acquisition of Tribune Media have been excluded to limit comparative distortions.

Transaction Distribution

Reported strategic activity in November was flat month-over-month with 242 deals announced, the third largest monthly total of 2017 so far

Strategic activity accounted for 86 percent of reported control transactions during the month and included significant transactions:

• Meredith Corporation’s pending acquisition of Time, Inc. in a transaction valuing the company at $2.8 billion, including debt

• The acquisition of software development, engineering, and product design services firm Aricent by Altran Technologies in an acquisition valued at $2 billion

• The majority stake taken by ION Investment Group in Dealogic from The Carlyle Group and Euromoney Institutional Investor in a deal valuing the company at a reported $1.2 billion

• Open source software and code management company Black Duck Software’s pending sale to Synopsys for a reported $565 million

• The $465 million pending acquisition of independent game development studio Respawn Entertainment by Electronic Arts

M&A and Investment Summary for All Segments

Tribune Scripps / Discovery

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5 | M&A and Investment Summary November 2017

Selected Transactions with Valuation Information Disclosed ($ in Millions)

Target Subsegment Buyer/Investor Ent. Value TTM Rev TTM EBITDA EV/REV EV/EBITDA

Agency & Marketing Services

The Corner Communications (London) Limited Digital Agency Be Heard Group plc 16.0$ 7.6$ 1.5$ 2.1x 10.7x

Business Services

Aricent, Inc. IT Consulting/Systems Integration Altran Technologies SA 2,000.0 687.0 192.0 2.9x 10.4x

Duff & Phelps Corporation Financial Consulting Permira Advisers 1,750.0 700.0 - 2.5x NA

Wall Street English Corporate Training Baring Private Equity Asia 100.0 175.0 22.9 0.6x 4.4x

TATA Business Support Services Limited BPO Quess Corp Limited 46.1 102.0 8.6 0.5x 5.4x

Syncordis SA IT Consulting/Systems Integration Larsen & Toubro Infotech Limited 33.1 13.3 - 2.5x NA

Anisa Group Ltd. IT Consulting/Systems Integration Sanderson Ltd. 15.8 13.6 2.8 1.2x 5.7x

Rockford IT Limited IT Consulting/Systems Integration SysGroup plc 5.2 5.7 - 0.9x NA

Digital Media/Commerce

Mashable, Inc. Niche Content Ziff Davis, Inc. 50.0 50.0 - 1.0x NA

CapriCoast.com Home Solutions Pvt. Ltd. eCommerce HomeLane 14.0 35.0 - 0.4x NA

Marketing Technology

BazaarVoice, Inc. Social Technology Marlin Equity Partners 458.9 206.3 0.9 2.2x NM

Qvidian SFA/Lead Management Upland Software, Inc. 50.0 19.5 - 2.6x NA

Comapi Email/Messaging Software dotDigital Group plc 14.6 9.6 1.5 1.5x 9.7x

Software

Barracuda Networks, Inc. Security Software Thoma Bravo, Inc. 1,405.6 366.6 32.6 3.8x 43.1x

Black Duck Software, Inc. Security Software Synopsys, Inc 565.0 75.0 - 7.5x NA

IGE+XAO Group Engineering Software Schneider Electric SE 221.5 32.6 8.8 6.8x 25.1x

Traditional Media

Time, Inc. Consumer Magazine Publishing Meredith Corporation 2,812.9 2,884.0 388.0 1.0x 7.2x

GV Holdings PLC, Headlong Assets Entertainment Media Ropso Malta 174.2 40.1 - 4.3x NA

Multiplay Ltd. Entertainment Media Unity Technologies, Inc. 25.1 5.9 - 4.3x NA

Selected Transactions With Multiples Information

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6 | M&A and Investment Summary November 2017

Securities in Registration ($ in Millions)

Aggregate

Date Company Name Country Segment Offering Value Rev EBITDA

Nov-17 Zscaler, Inc. United States Software NA NA NA

Oct-17 Cardlytics , Inc. United States Marketing Technology NA NA NA

Oct-17 Loton Corp. United Kingdom Digital Media/Commerce NA NA NA

Jun-17 Ancestry.com LLC United States Digital Media/Commerce NA NA NA

May-17 Advantage Solutions Inc. United States Agency & Marketing Services 100.0 2,150.4 405.1

Apr-17 Tivit S.A. Brazil Business Services 319.3 2,031.8 287.2

Dec-16 AppNexus, Inc United States Marketing Technology NA NA NA

Oct-16 Carbon Black, Inc. United States Software NA NA NA

LTM

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7 | M&A and Investment Summary November 2017

LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from

Date PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day Nov 30, 2017 1st Trading Day

Nov-17 Software Bandwidth Inc. United States $20.00-$22.00 20.00 $21.19, up 6.0% 21.84 3.1%

Nov-17 Digi ta l Media/Commerce PPDAI Group Inc. China 16.00-19.00 13.00 13.33 up 2.5% 9.60 (28.0%)

Nov-17 Software Sai lPoint Technologies Holdings , Inc. United States 9.00-11.00 12.00 13.00 up 8.3% 14.70 13.1%

Nov-17 Marketing Technology SendGrid, Inc. United States 13.50-15.50 16.00 18.00 up 12.5% 20.96 16.4%

Nov-17 Digi ta l Media/Commerce Sogou Inc. China 11.00-13.00 13.00 13.50 up 3.8% 12.30 (8.9%)

Nov-17 Digi ta l Media/Commerce Sti tch Fix, Inc. United States 18.00-20.00 15.00 15.15, flat 20.04 32.3%

Oct-17 Software Alta i r Engineering Inc. United States 11.00-13.00 13.00 18.31, up 40.8% 22.39 22.3%

Oct-17 Software ForeScout Technologies , Inc. United States 20.00-22.00 22.00 25.49 up 15.9% 24.12 (5.4%)

Oct-17 Digi ta l Media/Commerce CarGurus , Inc. United States 13.00-15.00 16.00 27.58 up 72.4% 29.48 6.9%

Oct-17 Software MongoDB, Inc. United States 20.00-22.00 24.00 32.07 up 33.6% 28.53 (11.0%)

Oct-17 Digi ta l Media/Commerce Sea Limited Singapore 12.00-14.00 15.00 16.20 up 8.4% 11.60 (28.4%)

Sep-17 Digi ta l Media/Commerce Secoo Holding Limited China 12.00-14.00 13.00 10.01 down 23.1% 8.69 (13.2%)

Sep-17 Bus iness Services BEST Inc. China 10.00-11.00 10.00 10.52 up 5.2% 9.84 (6.5%)

Sep-17 Digi ta l Media/Commerce Roku, Inc. United States 12.00-14.00 14.00 23.50 up 65% 43.90 86.8%

Sep-17 Digi ta l Media/Commerce Despegar.com, Corp. Argentina 23.00-26.00 26.00 31.92 up 23.1% 24.00 (24.8%)

Jul -17 Digi ta l Advertis ing Redfin Corporation United States 12.00-14.00 15.00 21.72 up 45% 22.78 4.9%

Jun-17 Digi ta l Media/Commerce Blue Apron Holdings , Inc. United States 10.00-11.00 10.00 9.99, flat 2.99 (70.1%)

Jun-17 Traditional Media Altice USA, Inc. United States 27.00-31.00 31.00 32.71 up 9% 17.85 (45.4%)

Jun-17 Software Tintri , Inc. United States 7.00-8.00 7.00 7.27 up 3.9% 5.33 (26.7%)

May-17 Software Appian Corporation United States 11.00-13.00 12.00 15.01 up 25% 22.02 46.7%

May-17 Software Veri tone, Inc. United States 14.00-16.00 15.00 13.07 down 13% 23.96 83.3%

Apr-17 Digi ta l Media/Commerce Carvana Co. United States 13.00-16.00 15.00 11.10 down 26% 16.21 46.0%

Apr-17 Software Cloudera, Inc. United States 12.00-14.00 15.00 18.10 up 21% 15.83 (12.5%)

Apr-17 Software Okta, Inc. United States 15.00-17.00 17.00 23.51 up 38% 29.21 24.2%

Apr-17 Digi ta l Media/Commerce Netshoes (Cayman) Limited Brazi l 18.00-20.00 18.00 16.10 down 10.5% 6.26 (61.1%)

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8 | M&A and Investment Summary November 2017

LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from

Date PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day Nov 30, 2017 1st Trading Day

Apr-17 Digi ta l Advertis ing Yext, Inc. United States $8.00-$10.00 11.00 $13.29 up 21% 14.31 7.7%

Mar-17 Marketing Technology Alteryx, Inc. United States 12.00-14.00 14.00 15.50 up 10.7% 24.96 61.0%

Mar-17 Software MuleSoft, Inc. United States 14.00-16.00 17.00 24.75 up 46% 22.95 (7.3%)

Mar-17 Bus iness Services Pres idio, Inc. United States 14.00-16.00 14.00 14.25 up 1.8% 15.44 8.4%

Mar-17 Digi ta l Media/Commerce Snap Inc. United States 14.00-16.00 17.00 24.48 up 44% 13.78 (43.7%)

Dec-16 Digi ta l Advertis ing trivago N.V. Germany 13.00-15.00 11.00 11.85 up 7.7% 6.85 (42.2%)

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9 | M&A and Investment Summary November 2017

Digital Media/Commerce

Of the total $6.7 million in value reported in the Digital Media/Commerce segment, $4.4 billion in venture/growth capital investments

were announced, while more than $2.3 billion in strategic acquisitions were made

eCommerce was the most active subsegment with 47 transactions announced, of which 32 were reported for $1.1 billion. Select

transactions from the subsegment include:

• The $100 million acquisition of direct-to-consumer deodorant startup Native by Proctor & Gamble

Select Digital Media/Commerce transactions include:

• The $2 billion post-IPO equity investment received by Snap from Tencent

• Bytedance’s acquisition of China-based video sharing social media platform Musical.ly from Cheetah Mobile for a reported $1 billion

• The acquisition of offline meetings social network MeetUp by WeWork for a reported $200 million

• Augmented reality games developer Niantic’s $200 million round of funding from Spark Capital, Founders Fund, Meritech, and

Javelin Venture Partners

• Ziff Davis’ acquisition of Mashable in a transaction valued at a reported $50 million

* Microsoft’s $26.2 billion acquisition of LinkedIn and Tencent’s $10.2 billion acquisition of Supercell have been excluded to limit comparative distortions

# % $MM % # $MM # $MM # $MM

eCommerce 47 41% $1,090.9 16% 12 $114.0 2 - 33 $976.9

Mobile Content/Apps 24 21% 248.5 4% 7 - 0 - 17 248.5

Digital Marketplace 17 15% 1,058.8 16% 7 422.8 0 - 10 636.0

Social Media/Apps 10 9% 3,424.0 51% 3 1,200.0 0 - 7 2,224.0

Gaming 9 8% 750.8 11% 6 545.0 0 - 3 205.8

Niche Content 7 6% 155.0 2% 3 50.0 0 - 4 105.0

Total 114 100% 6,728.0 100% 38 2,331.8 2 0.0 74 4,396.2

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

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10 | M&A and Investment Summary November 2017

Digital Media Public Company Valuation (1/2)

*Note: Alphabet Inc. pricing represents (Nasdaq:GOOGL)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Alphabet Inc. $1,036.17 -4% $ 714,774.8 $ 618,595.8 $ 104,596.0 $ 34,441.0 32.9% 22.3% 5.9x 18.0x

Apple Inc. 171.85 -2% 882,331.5 923,612.5 229,234.0 71,501.0 31.2% 6.3% 4.0x 12.9x

Facebook, Inc. 177.18 -4% 514,851.2 476,562.2 36,490.0 20,270.0 55.5% 47.9% 13.1x 23.5x

Fitbit, Inc. 6.86 -19% 1,624.3 965.1 1,618.5 (317.7) NM -29.9% 0.6x NM

Glu Mobile Inc. 3.91 -17% 535.8 469.9 252.9 (52.8) NM 17.5% 1.9x NM

GoPro, Inc. 8.54 -28% 1,167.9 1,099.2 1,385.6 (43.9) NM 28.1% 0.8x NM

IAC/InterActiveCorp 127.27 -8% 10,423.4 11,338.1 3,167.8 344.5 10.9% -0.3% 3.6x 32.9x

j2 Global, Inc. 75.46 -18% 3,652.9 4,249.6 1,053.3 394.0 37.4% 27.3% 4.0x 10.8x

Leaf Group Ltd. 8.25 -12% 166.1 133.0 123.3 (21.3) NM 8.2% 1.1x NM

The Meet Group, Inc. 2.54 -61% 182.4 157.8 112.9 27.1 24.0% 69.0% 1.4x 5.8x

Netflix, Inc. 187.58 -8% 81,171.7 84,314.0 10,884.5 814.3 7.5% 33.1% 7.7x NM

Pandora Media, Inc. 5.00 -65% 1,243.9 1,495.5 1,464.1 (294.2) NM 10.2% 1.0x NM

RealNetworks, Inc. 4.18 -23% 155.9 96.8 125.1 (15.3) NM 5.2% 0.8x NM

Remark Holdings, Inc. 8.97 -8% 241.7 266.0 67.0 (13.2) NM 19.2% 4.0x NM

Roku, Inc. 43.90 -15% 4,294.5 4,516.2 471.8 (21.4) NM 0.0% 9.6x NM

Snap Inc. 13.78 -53% 16,594.7 14,312.5 704.9 (3,241.2) NM 159.6% 20.3x NM

TheStreet, Inc. 1.40 -10% 68.6 44.6 62.4 2.1 3.3% -3.3% 0.7x 21.8x

Twitter, Inc. 20.58 -8% 15,221.87 12,736.27 2,428.95 225.95 9.3% -3.7% 5.2x 56.4x

XO Group Inc. 19.33 -8% 477.4 376.5 159.2 16.3 10.2% 6.7% 2.4x 23.1x

Zynga Inc. 4.10 -6% 3,569.2 2,797.0 818.7 (8.3) NM 11.1% 3.4x NM

Average 2.7x 17.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.5x) and EBITDA multiples that are 1.0 standard deviations above the mean (37.7x)

US-Based Digital Media and Internet

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11 | M&A and Investment Summary November 2017

Digital Media Public Company Valuation (2/2)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Baidu, Inc. China $238.58 -13% $ 82,841.0 $ 72,696.1 $ 11,944.6 $ 3,498.7 29.3% 11.9% 6.1x 20.8x

CyberAgent, Inc. Japan 34.14 -8% 4,294.1 3,933.1 3,297.9 347.7 10.5% 19.5% 1.2x 11.3x

DeNA Co., Ltd. Japan 22.68 -29% 3,292.5 2,480.2 1,248.7 301.9 24.2% -3.3% 2.0x 8.2x

G5 Entertainment AB (publ) Sweden 29.78 -40% 262.1 250.2 118.1 11.8 10.0% 122.3% 2.1x 21.3x

Gree, Inc. Japan 6.52 -35% 1,527.1 796.7 640.1 94.3 14.7% 10.1% 1.2x 8.4x

HolidayCheck Group AG * Germany 3.30 -17% 187.8 157.5 140.9 (6.9) NM 9.1% 1.1x NM

International Game Technology PLC United Kingdom 27.49 -6% 5,564.8 12,899.7 4,914.5 1,431.5 29.1% -5.4% 2.6x 9.0x

mixi, Inc. Japan 46.53 -29% 3,639.8 2,346.9 1,898.2 832.2 43.8% 6.8% 1.2x 2.8x

Meitu, Inc. * China 1.45 -51% 6,190.7 5,410.3 468.0 (53.8) NM 176.7% 11.6x NM

NCsoft Corporation South Korea 402.16 -9% 8,546.0 7,346.1 1,320.3 461.8 35.0% 61.3% 5.6x 15.9x

Naver Corporation South Korea 737.06 -18% 21,232.7 19,044.8 3,932.5 1,180.0 30.0% 17.5% 4.8x 16.1x

NetEase, Inc. China 328.71 -12% 43,146.2 38,083.9 7,755.0 2,287.4 29.5% 51.8% 4.9x 16.6x

NEXON Co., Ltd. Japan 28.70 -9% 12,669.9 9,343.7 2,002.6 1,074.1 53.6% 21.4% 4.7x 8.7x

Pacific Online Limited China 0.17 -39% 195.9 149.3 139.9 25.0 17.9% -11.9% 1.1x 6.0x

Phoenix New Media Limited China 6.72 -17% 480.7 396.5 229.3 12.2 5.3% 4.2% 1.7x 32.5x

Renren Inc. * China 9.76 -19% 668.2 701.1 81.5 (67.9) NM 71.4% 8.6x NM

Sea Limited * Singapore 11.60 -32% 3,793.7 4,102.0 378.0 (351.8) NM 0.0% 10.9x NM

Sogou Inc. * China 12.30 -16% 4,815.7 4,687.0 802.2 119.7 14.9% 0.0% 5.8x 39.2x

Sohu.com Inc. China 48.39 -32% 1,881.5 1,276.9 1,763.1 128.9 7.3% 3.4% 0.7x 9.9x

Weibo Corporation * China 108.56 -12% 24,015.3 23,281.6 985.4 334.7 34.0% 66.4% 23.6x 69.6x

WeMade Entertainment Co., Ltd. * South Korea 34.09 -7% 566.0 391.6 92.6 8.4 9.0% -12.3% 4.2x 46.8x

Yandex N.V. Russia 33.11 -6% 10,786.4 10,118.9 1,535.0 360.1 23.5% 22.8% 6.6x 28.1x

YY Inc. China 103.19 -16% 6,505.0 5,447.8 1,571.1 405.2 25.8% 37.2% 3.5x 13.4x

Average 2.5x 14.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.2x) and EBITDA multiples that are 1.0 standard deviations above the mean (37.0x)

Internationally-based Digital Media and Internet

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12 | M&A and Investment Summary November 2017

eCommerce Public Company Valuation (1/2)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

1-800-FLOWERS.COM, Inc. $10.25 -10% $ 662.4 $ 760.6 $ 1,185.1 $ 83.3 7.0% 0.2% 0.6x 9.1x

Alphabet Inc. 1,036.17 -4% 714,774.8 618,595.8 104,596.0 34,441.0 32.9% 22.3% 5.9x 18.0x

Amazon.com, Inc. 1,176.75 -3% 567,043.1 585,919.1 161,154.0 12,934.0 8.0% 25.9% 3.6x 45.3x

Apple Inc. 171.85 -2% 882,331.5 923,612.5 229,234.0 71,501.0 31.2% 6.3% 4.0x 12.9x

Blucora, Inc. 20.55 -21% 947.9 1,232.3 498.5 91.9 18.4% 34.0% 2.5x 13.4x

Blue Apron Holdings, Inc. 2.99 -73% 568.5 493.9 909.5 (151.3) NM 0.0% 0.5x NM

CafePress Inc. 1.81 -51% 30.5 5.6 95.2 (2.3) NM -5.5% 0.1x NM

CarGurus, Inc. 29.48 -17% 3,127.6 3,174.6 287.0 23.2 8.1% 0.0% 11.1x NM

Carvana Co. 16.21 -32% 257.9 568.6 700.6 (135.3) NM 132.9% 0.8x NM

CDW Corporation 70.01 -2% 10,715.9 14,589.2 14,845.4 1,100.8 7.4% 6.7% 1.0x 13.3x

Chegg, Inc. 15.21 -8% 1,649.4 1,446.3 244.6 (6.2) NM -5.6% 5.9x NM

Copart, Inc. 43.16 0% 9,983.1 10,343.3 1,521.2 585.1 38.5% 14.8% 6.8x 17.7x

eBay Inc. 34.67 -12% 36,215.3 40,183.3 9,349.0 2,920.0 31.2% 5.0% 4.3x 13.8x

Etsy, Inc. 16.46 -8% 2,003.4 1,704.4 415.2 33.5 8.1% 21.2% 4.1x 50.8x

EVINE Live Inc. 1.45 -22% 94.6 149.3 646.0 14.5 2.2% -6.0% 0.2x 10.3x

Expedia, Inc. 122.50 -24% 18,680.6 20,770.3 9,833.5 1,290.6 13.1% 17.4% 2.1x 16.1x

FTD Companies, Inc. 6.74 -74% 185.7 410.1 1,086.6 83.5 7.7% -4.5% 0.4x 4.9x

GrubHub Inc. 67.56 -3% 5,857.1 5,525.5 615.4 125.2 20.3% 35.0% 9.0x 44.1x

HSN, Inc. 40.65 -5% 2,131.5 2,583.3 3,462.7 231.1 6.7% -3.6% 0.7x 11.2x

IAC/InterActiveCorp 127.27 -8% 10,423.4 11,338.1 3,167.8 344.5 10.9% -0.3% 3.6x 32.9x

Liberty Ventures 55.81 -11% 4,794.4 6,158.4 53.0 (41.0) NM -90.1% NM NM

Liquidity Services, Inc. 5.75 -45% 181.1 67.2 287.2 (24.1) NM -9.5% 0.2x NM

Match Group, Inc. 29.40 -11% 8,030.5 9,132.9 1,351.0 370.6 27.4% 23.9% 6.8x 24.6x

Overstock.com, Inc. 47.10 -28% 1,178.6 1,139.1 1,814.6 (7.8) NM 3.5% 0.6x NM

PetMed Express, Inc. 39.35 -23% 801.5 733.0 262.3 48.0 18.3% 9.5% 2.8x 15.3x

The Priceline Group Inc. 1,739.71 -16% 84,844.9 87,228.9 12,226.4 4,688.8 38.3% 17.6% 7.1x 18.6x

QVC Group $24.40 -6% 10,511.4 16,418.4 10,169.0 1,796.0 17.7% -1.5% 1.6x 9.1x

Shutterfly, Inc. 44.18 -18% 1,450.5 1,762.3 1,157.7 146.2 12.6% 3.3% 1.5x 12.1x

Shutterstock, Inc. 42.49 -23% 1,473.3 1,238.1 535.5 54.8 10.2% 11.5% 2.3x 22.6x

Spark Networks, Inc. 4.51 -5% 473.3 463.4 137.2 36.1 26.3% 16.5% 3.4x 12.8x

Stamps.com Inc. 168.40 -28% 2,943.42 2,908.08 442.14 173.93 39.3% 34.7% 6.6x 16.7x

Stitch Fix, Inc. 20.04 -19% 1,912.1 1,843.7 977.1 39.3 4.0% 33.8% 1.9x 46.9x

U.S. Auto Parts Network, Inc. 2.36 -43% 83.8 87.1 306.2 8.6 2.8% 2.1% 0.3x 10.1x

Wayfair Inc. 69.99 -17% 6,147.3 5,947.6 4,266.4 (144.7) NM 36.1% 1.4x NM

Average 2.3x 14.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.8x) and EBITDA multiples that are 1.0 standard deviations above the mean (33.3x)

US-based eCommerce

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13 | M&A and Investment Summary November 2017

eCommerce Public Company Valuation (2/2)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

58.com Inc. China $71.74 -10% $ 10,510.6 $ 10,345.1 $ 1,412.7 $ 290.3 20.5% 36.0% 7.3x 35.6x

Alibaba Group Holding Limited * China 177.08 -8% 453,324.8 449,064.0 29,631.1 12,408.3 41.9% 57.5% 15.2x 36.2x

Cnova N.V. * France 5.34 -20% 1,838.0 2,091.7 2,145.2 6.6 0.3% 115.1% 1.0x NM

Despegar.com, Corp. Argentina 24.00 -31% 1,658.3 1,310.4 491.1 64.1 13.1% 0.0% 2.7x 20.4x

JD.com, Inc. * China 37.45 -24% 53,327.4 51,909.2 50,114.9 500.5 1.0% 42.8% 1.0x NM

Jumei International Holding Limited China 3.14 -38% 470.2 37.9 904.1 23.5 2.6% -14.5% 0.0x 1.6x

LightInTheBox Holding Co., Ltd. * China 1.97 -38% 135.7 57.2 310.7 (8.4) NM 6.9% 0.2x NM

Mercadolibre, Inc. * Argentina 275.14 -8% 12,149.5 11,847.2 1,217.4 226.7 18.6% 58.3% 9.7x 52.3x

Netshoes (Cayman) Limited * Brazil 6.26 -77% 194.2 200.0 594.8 (8.0) NM 16.0% 0.3x NM

PChome Online Inc. Taiwan 4.42 -52% 517.4 267.0 913.4 22.4 2.5% 10.6% 0.3x 11.9x

Rakuten, Inc. Japan 10.23 -19% 13,863.6 16,758.5 7,984.0 1,756.1 22.0% 18.6% 2.1x 9.5x

Travelport Worldwide Limited United Kingdom 13.39 -17% 1,678.0 3,758.9 2,419.1 463.3 19.1% 3.3% 1.6x 8.1x

trivago N.V. * Germany 6.85 -72% 2,402.3 2,180.3 1,209.1 13.2 1.1% 49.5% 1.8x NM

Secoo Holding Limited China 8.69 -32% 445.6 351.2 482.2 19.9 4.1% 0.0% 0.7x 17.7x

Vipshop Holdings Limited China 8.23 -47% 4,844.2 5,009.4 10,185.5 600.7 5.9% 31.5% 0.5x 8.3x

Average 1.8x 18.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.7x) and EBITDA multiples that are 1.0 standard deviations above the mean (36.3x)

Internationally-based eCommerce

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14 | M&A and Investment Summary November 2017

Digital Advertising

A total of 23 transactions were announced in the Digital Advertising segment, of which 13 were worth $240 million in reported value

The Vertical Search subsegment was the most valuable subsegment in November with seven transactions worth more than $150

million

Select transactions:

• The $75 million investment received by travel activities booking platform GetYourGuide from Battery Ventures, KKR, Spark Capital,

and Sunstone Capital

• Doctor reviews and appointment platform Doctolib’s $41.5 million round of funding from Bpifrance and Eurazeo

• The $25 million round of funding raised by home services customer acquisition and search platform eLocal from LLR Partners

• Catena Media’s acquisition of financial services-focused affiliate marketing company BeyondBits Media for $16.6 million

• Private equity group Mountain Nazca’s acquisition of online discount and coupons company Peixe Urbano from Baidu

# % $MM % # $MM # $MM # $MM

Vertical Search 7 30% $156.0 65% 2 - 0 - 5 $156.0

Local Search 6 26% $42.4 18% 3 - 0 - 3 42.4

Affiliate/CPA Network 2 9% 16.6 7% 2 16.6 0 - 0 -

Comparison Shopping 2 9% 15.0 6% 1 - 0 - 1 15.0

Digital Promotion/Coupon 2 9% 3.3 1% 1 3.3 1 - 0 -

Digital Video 1 4% 1.4 1% 0 - 0 - 1 1.4

Other* 3 13% 5.0 2% 2 0.0 0 0.0 1 5.0

Total 23 100% 239.7 100% 11 19.9 1 0.0 11 219.8

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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15 | M&A and Investment Summary November 2017

Digital Advertising Public Company Valuation (1/2)

($ in Millions, except stock price data)

US-based Digital Advertising

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Alliance Data Systems Corporation $239.27 -10% $ 13,219.3 $ 33,376.0 $ 7,440.8 $ 1,502.9 20.2% 5.4% 4.5x 22.2x

Alphabet Inc. 1,036.17 -4% 714,774.8 618,595.8 104,596.0 34,441.0 32.9% 22.3% 5.9x 18.0x

ANGI Homeservices Inc. 11.58 -16% 5,528.4 5,577.0 636.8 (58.3) NM 0.0% 8.8x NM

AutoWeb, Inc. 8.44 -45% 110.4 84.6 149.2 10.9 7.3% -2.3% 0.6x 7.7x

Care.com, Inc. 18.97 -9% 570.7 523.9 173.4 11.1 6.4% 11.3% 3.0x 47.1x

Cogint, Inc. 4.25 -33% 253.6 306.2 215.2 (16.4) NM 50.0% 1.4x NM

DHI Group, Inc. 1.85 -73% 93.0 139.3 212.0 35.5 16.7% -10.6% 0.7x 3.9x

Facebook, Inc. 177.18 -4% 514,851.2 476,562.2 36,490.0 20,270.0 55.5% 47.9% 13.1x 23.5x

Groupon, Inc. 5.64 -6% 3,149.4 2,741.2 3,005.3 82.8 2.8% -0.7% 0.9x 33.1x

Inuvo, Inc. 0.93 -60% 26.5 29.1 75.5 (1.6) NM 3.5% 0.4x NM

LendingTree, Inc. 301.95 -2% 3,614.0 3,504.5 557.6 83.4 15.0% 54.1% 6.3x 42.0x

Perion Network Ltd. 1.09 -54% 84.5 111.4 281.2 17.5 6.2% -4.9% 0.4x 6.4x

QuinStreet, Inc. * 10.69 -3% 488.7 438.3 313.8 5.4 1.7% 5.0% 1.4x 80.5x

Quotient Technology Inc. * 11.90 -33% 1,104.1 920.9 304.4 7.4 2.4% 13.1% 3.0x 124.4x

Redfin Corporation 22.78 -32% 1,854.9 1,641.9 341.1 (10.1) NM 0.0% 4.8x NM

RhythmOne plc 3.17 -53% 157.3 103.9 149.0 (3.5) NM 28.4% 0.7x NM

Snap Inc. * 13.78 -53% 16,594.7 14,312.5 704.9 (3,241.2) NM 159.6% 20.3x NM

The Rubicon Project, Inc. * 1.80 -80% 88.3 (50.7) 196.8 (8.5) NM -34.3% NM 6.0x

TiVo Corporation 17.80 -19% 2,172.49 2,943.09 864.56 270.33 31.3% 58.3% 3.4x 10.9x

Travelzoo 6.00 -51% 74.8 55.6 120.6 8.2 6.8% 0.9% 0.5x 6.8x

The Trade Desk, Inc. 49.14 -27% 2,018.4 1,912.6 278.0 68.6 24.7% 60.5% 6.9x 27.9x

Telaria, Inc. 4.04 -21% 206.9 129.7 176.8 (10.1) NM 150.8% 0.7x NM

TripAdvisor, Inc. 34.62 -35% 4,808.0 4,317.0 1,551.0 175.0 11.3% 5.3% 2.8x 24.7x

TrueCar, Inc. 12.19 -44% 1,218.8 1,051.5 314.1 (17.5) NM 17.6% 3.3x NM

Twitter, Inc. 20.58 -8% 15,221.9 12,736.3 2,428.9 225.9 9.3% -3.7% 5.2x 56.4x

Web.com Group, Inc. 23.00 -11% 1,085.3 1,743.2 747.6 151.7 20.3% 13.0% 2.3x 11.5x

Yelp Inc. 44.55 -8% 3,692.7 3,134.6 823.4 49.5 6.0% 22.5% 3.8x 63.4x

Yext, Inc. 14.31 NA 1,300.9 1,187.4 157.9 (58.9) NM 38.1% 7.5x NM

YuMe, Inc. 3.56 -41% 124.4 85.6 159.9 14.5 9.1% -5.2% 0.5x 5.9x

Zillow Group, Inc. * 41.06 -19% 7,544.8 7,244.7 1,022.1 44.9 4.4% 29.6% 7.1x 161.3x

Average 2.8x 15.9x

*Calculation i s market cap weighted and excludes revenue multiples that are 2.0 s tandard deviations above the mean (13.2x)and EBITDA multiples that are 1.0 s tandard deviations above the mean (80.5x)

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16 | M&A and Investment Summary November 2017

Digital Advertising Public Company Valuation (2/2)

($ in Millions, except stock price data)

Internationally-based Digital Advertising

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Cliq Digital AG Germany $8.77 -19% $ 54.3 $ 59.2 $ 78.7 $ 5.6 7.1% 19.9% 0.8x 10.6x

Criteo S.A. France 33.35 -40% 2,200.9 1,869.9 2,189.5 203.8 9.3% 34.4% 0.9x 9.2x

Just Dial Limited India 8.22 -15% 571.8 555.2 110.9 16.6 15.0% 7.6% 5.0x 33.5x

MakeMyTrip Limited India 30.40 -26% 3,070.3 2,631.4 588.3 (156.3) NM 54.3% 4.5x NM

Matomy Media Group Ltd. Israel 1.08 -41% 105.2 145.3 293.2 19.1 6.5% 8.4% 0.5x 7.6x

Metaps Inc. * Japan 27.81 -35% 373.0 351.4 123.2 5.5 4.5% 52.7% 2.9x 63.8x

Opera Software ASA Norway 2.71 -62% 385.7 326.5 469.5 12.5 2.7% -10.6% 0.7x 26.1x

Pacific Online Limited China 0.17 -39% 195.9 149.3 139.9 25.0 17.9% -11.9% 1.1x 6.0x

Rightmove plc * United Kingdom 54.45 -8% 4,957.5 4,933.6 300.9 220.9 73.4% 12.0% 16.4x 22.3x

Septeni Holdings Co., Ltd. Japan 2.84 -27% 359.3 221.4 130.6 21.8 16.7% -13.8% 1.7x 10.1x

Taptica International Ltd Israel 5.50 -13% 342.7 308.8 139.7 26.5 19.0% 49.1% 2.2x 11.6x

Tencent Holdings Limited * China 50.96 -9% 480,270.87 480,134.37 32,351.61 13,391.15 41.4% 55.4% 14.8x 35.9x

Tradedoubler AB Sweden 0.39 -46% 17.16 25.74 150.08 (2.54) NM -12.5% 0.2x NM

XLMedia PLC Channel Islands 2.63 -2% 538.2 495.0 120.4 36.4 30.2% 16.1% 4.1x 13.6x

Yandex N.V. Russia 33.11 -6% 10,786.4 10,118.9 1,535.0 360.1 23.5% 22.8% 6.6x 28.1x

Average 2.2x 16.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (37.7x)

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17 | M&A and Investment Summary November 2017

Marketing Technology

The Marketing Technology segment announced 75 transactions, of which 45 reported nearly $1.8 billion in value

Analytics & Targeting was the most active subsegments with announcing 18 transactions worth more than $425 million

Select transactions:

• Marlin Equity Partners’ pending take-private of BazaarVoice in a transaction valuing the company at $521 million

• The $117 million round of funding raised by SaaS-based analytics platform Uptake from Baillie Gifford, Revolution Growth, and

GreatPoint Ventures

• Snap’s acquisition of Metamarkets Group, a provider of analytics and campaign measurement solutions for the digital advertising

space, in a transaction valued at less than a reported $100 million

• The $50 million acquisition of RFP and sales proposal automation software company Qvidian by Upland Software

• Mobile engagement and marketing platform Leanplum’s $47 million investment from Norwest Venture Partners, Canaan Partners,

Kleiner Perkins Caufield & Byers, and Shasta Ventures

# % $MM % # $MM # $MM # $MM

Analytics & Targeting 18 24% $426.5 24% 4 $100.0 0 - 14 $326.5

Search & Discovery 8 11% 277.3 15% 3 - 0 - 5 277.3

SFA/Lead Management 7 9% 143.7 8% 2 50.0 1 - 4 93.7

Commerce Management 6 8% 181.0 10% 1 112.0 1 - 4 69.0

Content Management 5 7% 85.8 5% 1 - 0 - 4 85.8

MRM/Workflow Management 5 7% 10.3 1% 2 - 0 - 3 10.3

Social Technology 3 4% 460.4 26% 1 - 1 458.9 1 1.5

Other 23 31% 208.9 12% 10 14.6 0 - 13 167.8

Total 75 100% 1,793.9 100% 24 276.6 3 458.9 48 1,058.4

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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18 | M&A and Investment Summary November 2017

Marketing Technology Public Company Valuation (1/2)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Adobe Systems Incorporated $181.47 -3% $ 89,454.37 $ 85,975.10 $ 6,903.33 $ 2,316.15 33.6% 24.3% 12.5x 37.1x

Alteryx, Inc. 24.96 -10% 1,476.8 1,320.2 118.0 (17.6) NM 54.7% 11.2x NM

AppFolio, Inc. 43.15 -17% 1,464.8 1,421.6 133.9 9.4 7.0% 36.7% 10.6x 150.8x

Bazaarvoice, Inc. 5.45 -1% 469.1 403.8 206.3 0.9 0.4% 2.4% 2.0x NM

Blackbaud, Inc. 98.45 -6% 4,626.5 4,947.5 769.6 138.4 18.0% 8.6% 6.4x 35.8x

Brightcove Inc. 7.40 -20% 256.3 234.7 154.4 (14.4) NM 5.2% 1.5x NM

ChannelAdvisor Corporation 8.60 -46% 228.5 175.2 120.2 (6.4) NM 8.4% 1.5x NM

Cision Ltd. 11.70 -14% 1,434.8 2,559.1 611.1 191.1 31.3% 0.0% 4.2x 13.4x

eBay Inc. 34.67 -12% 36,215.3 40,183.3 9,349.0 2,920.0 31.2% 5.0% 4.3x 13.8x

Endurance International Group

Holdings, Inc.

9.35 -5% 1,341.6 3,229.2 1,174.7 276.6 23.5% 16.1% 2.7x 11.7x

Five9, Inc. 24.51 -12% 1,364.0 1,346.6 189.0 5.5 2.9% 22.8% 7.1x 245.2x

GoDaddy Inc. 48.65 -5% 6,165.7 8,305.3 2,115.6 247.4 11.7% 18.4% 3.9x 33.6x

HubSpot, Inc. 80.95 -9% 3,025.2 2,826.9 345.5 (35.9) NM 39.5% 8.2x NM

Inter Industries Ltd. 2.68 -20% 24.8 34.8 98.6 2.4 2.4% 10.3% 0.4x 14.6x

IBM Corporation 153.97 -16% 142,544.1 176,801.1 78,366.0 16,839.0 21.5% -2.3% 2.3x 10.5x

LivePerson, Inc. 11.10 -26% 660.7 606.4 217.6 11.4 5.3% -3.6% 2.8x 53.0x

Marin Software Incorporated 9.50 -50% 53.7 27.2 80.2 (15.9) NM -24.3% 0.3x NM

MicroStrategy Incorporated 136.76 -34% 1,565.5 919.4 506.5 96.9 19.1% -1.8% 1.8x 9.5x

MINDBODY, Inc. 32.60 -10% 1,522.5 1,312.2 171.1 (7.8) NM 32.6% 7.7x NM

Nuance Communications, Inc. 15.54 -22% 4,510.9 6,284.0 1,939.4 345.2 17.8% -0.5% 3.2x 18.2x

Oracle Corporation 49.06 -8% 204,751.2 191,552.2 38,320.0 14,893.0 38.9% 3.0% 5.0x 12.9x

PayPal Holdings, Inc. 75.73 -5% 91,020.7 80,414.7 12,331.0 2,343.0 19.0% 18.4% 6.5x 34.3x

PROS Holdings, Inc. 25.09 -18% 800.5 853.5 162.4 (58.6) NM 4.5% 5.3x NM

PTC Inc. 63.68 -5% 7,394.9 7,808.9 1,164.0 110.6 9.5% 2.1% 6.7x 70.6x

The Rubicon Project, Inc. 1.80 -80% 88.3 (50.7) 196.8 (8.5) NM -34.3% NM 6.0x

Salesforce.com, inc. 104.32 -4% 75,350.3 74,309.9 9,923.0 553.4 5.6% 25.5% 7.5x 134.3x

SendGrid, Inc. 20.96 -6% 881.7 942.2 103.2 6.2 6.0% 0.0% 9.1x 152.5x

Square, Inc. 39.22 -21% 15,239.6 14,725.5 2,050.1 (24.7) NM 25.7% 7.2x NM

Synchronoss Technologies, Inc. 10.04 -80% 477.0 600.8 476.8 54.3 11.4% 11.4% 1.3x 11.1x

Tableau Software, Inc. 70.30 -15% 5,606.0 4,662.7 878.4 (112.3) NM 12.7% 5.3x NM

Teradata Corporation 38.01 0% 4,599.2 4,300.2 2,156.0 170.0 7.9% -10.7% 2.0x 25.3x

Verint Systems Inc. 43.75 -2% 2,788.4 3,195.6 1,090.5 97.5 8.9% 1.7% 2.9x 32.8x

Veritone, Inc. 23.96 -68% 385.2 324.8 13.4 (41.2) NM 48.6% 24.2x NM

Web.com Group, Inc. 23.00 -11% 1,085.3 1,743.2 747.6 151.7 20.3% 13.0% 2.3x 11.5x

Zendesk, Inc. 33.61 -6% 3,411.7 3,185.1 395.7 (87.7) NM 38.3% 8.0x NM

Adjusted Weighted Average 4.3x 17.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (103.4x)

US-based Marketing Technology

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19 | M&A and Investment Summary November 2017

Marketing Technology Public Company Valuation (2/2)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Baozun Inc. China 28.35 -30% $ 1,550.02 $ 1,501.81 $ 579.59 $ 23.03 4.0% 23.0% 2.6x 65.2x

Bitauto Holdings Limited China 29.63 -46% 2,050.9 6,191.6 1,177.5 47.5 4.0% 44.5% 5.3x 130.2x

ChinaCache International Holdings Ltd. China 0.99 -70% 25.3 27.4 151.8 (50.4) NM -22.1% 0.2x NM

Mercadolibre, Inc. Argentina 275.14 -8% 12,149.5 11,847.2 1,217.4 226.7 18.6% 58.3% 9.7x 52.3x

Open Text Corporation Canada 32.61 -8% 8,657.4 11,051.2 2,440.1 664.1 27.2% 29.7% 4.5x 16.6x

Opera Software ASA Norway 2.71 -62% 385.7 326.5 469.5 12.5 2.7% -10.6% 0.7x 26.1x

The Sage Group plc United Kingdom 10.46 -6% 11,302.54 12,299.38 2,299.36 655.62 28.5% 9.3% 5.3x 18.8x

SAP SE Germany 113.08 -6% 135,566.9 136,256.5 27,631.5 6,959.0 25.2% 7.8% 4.9x 19.6x

SharpSpring, Inc. United States 4.36 -25% 36.8 30.5 12.5 (6.0) NM 11.0% 2.4x NM

Shopify Inc. Canada 103.82 -16% 10,309.1 9,382.6 580.9 (35.6) NM 76.5% 16.2x NM

United Internet AG Germany 68.04 0% 13,592.0 15,874.0 4,880.1 1,072.4 22.0% 9.0% 3.3x 14.8x

Weborama SA France 11.91 -16% 40.5 41.6 39.7 2.4 5.9% 11.8% 1.0x 17.6x

Wix.com ltd Israel 54.90 -36% 2,495.6 2,288.1 391.3 (35.8) NM 48.9% 5.8x NM

Adjusted Weighted Average 2.8x 19.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (78.3x)

Internationally-based Marketing Technology

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20 | M&A and Investment Summary November 2017

Agency & Marketing Services

There were 43 transactions announced in the Agency & Marketing Services segment in November. Digital Agency was the most active

subsegment with 16 transactions

Select transactions:

• Beringer Capital’s acquisition of Brandshop, a full service digital commerce provider for consumer brands, from Veronis Suhler

Stevenson Partners (A Petsky Prunier-led transaction)

• Be Heard Group’s acquisition of UK-based creative and digital design agency The Corner for $16 million

• The acquisition of market research and human capital consulting services company Bug Insights by Deloitte

• Moutaingate Capital-backed Elite SEM’s acquisition of social advertising agency OrionKCB

• CAT Corporation’s acquisition of marketing and communications firm NeoNiche Strategies

• The acquisition of Plowshare, a provider of advertising services for nonprofit organizations and governmental agencies, by Publicis

# % $MM % # $MM # $MM # $MM

Digital Agency 16 37% $16.0 62% 14 $16.0 2 - 0 -

Public Relations 9 21% - 0% 9 - 0 - 0 -

General Agency 5 12% - 0% 5 - 0 - 0 -

Experiential Marketing 3 7% - 0% 2 - 1 - 0 -

Loyalty/Retention 3 7% 10.0 38% 1 - 0 - 2 10.0

DM Agency 2 5% - 0% 2 - 0 - 0 -

B-to-B Agency 1 2% - 0% 1 - 0 - 0 -

Database/Analytics 1 2% - 0% 1 - 0 - 0 -

Other 3 7% 0 0% 2 0.0 1 0.0 0 0.0

Total 43 100% 26.0 100% 37 16.0 4 0.0 2 10.0

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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21 | M&A and Investment Summary November 2017

Agency Public Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Cello Group Plc United Kingdom $1.70 -10% $ 177.9 $ 187.1 $ 211.9 $ 15.4 7.3% 1.7% 0.9x 12.2x

Dentsu Inc. Japan 45.28 -23% 12,763.9 15,959.8 8,056.7 1,475.3 18.3% NM 2.0x 10.8x

Enero Group Limited Australia 0.74 -21% 62.0 40.4 138.8 9.0 6.5% -15.4% 0.3x 4.5x

Hakuhodo DY Holdings Inc Japan 13.45 -8% 5,014.8 4,128.9 11,481.5 508.7 4.4% 4.1% 0.4x 8.1x

Havas SA France 11.02 -2% 4,660.3 4,758.0 2,620.7 377.6 14.4% 2.5% 1.8x 12.6x

Huntsworth plc United Kingdom 1.11 -2% 364.1 401.1 243.9 32.7 13.4% 9.4% 1.6x 12.3x

M&C Saatchi plc * United Kingdom 4.60 -11% 370.4 389.3 319.8 21.7 6.8% 28.5% 1.2x 18.0x

MDC Partners Inc. United States 11.60 -5% 677.0 1,785.1 1,501.5 191.4 12.7% 10.9% 1.2x 9.3x

Next Fifteen Communications Group plc United Kingdom 5.13 -17% 388.3 416.9 242.5 38.7 15.9% 23.9% 1.7x 10.8x

Omnicom Group Inc. United States 71.44 -20% 16,469.3 20,322.5 15,338.9 2,326.5 15.2% 0.1% 1.3x 8.7x

OPT Holding, Inc. Japan 11.79 -20% 266.7 271.8 690.2 30.1 4.4% 14.3% 0.4x 9.0x

Publicis Groupe S.A. France 66.45 -19% 15,018.6 17,524.2 11,207.1 1,969.2 17.6% 0.1% 1.6x 8.9x

The Interpublic Group of Companies, Inc. United States 19.78 -23% 7,686.7 9,345.2 7,805.9 1,105.2 14.2% 0.4% 1.2x 8.5x

WPP plc United Kingdom 17.65 -32% 21,908.3 28,806.2 19,813.5 3,569.6 18.0% 18.0% 1.5x 8.1x

1.5x 9.1xAdjusted Weighted Average

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.2x)

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22 | M&A and Investment Summary November 2017

Marketing Services Public Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Acxiom Corporation * United States $27.25 -10% $ 2,158.6 $ 2,219.3 $ 885.9 $ 79.7 9.0% 0.9% 2.5x 27.9x

Affinion Group Holdings, Inc. United States 10.00 -38% 91.6 1,873.9 954.0 202.9 21.3% -6.3% 2.0x 9.2x

Aimia Inc. Canada 2.75 -63% 419.5 407.7 1,709.3 99.4 5.8% -8.4% 0.2x 4.1x

Alliance Data Systems Corporation * United States 239.27 -10% 13,219.3 29,246.0 7,440.8 1,502.9 20.2% 5.4% 3.9x 19.5x

Cogint, Inc. United States 4.25 -33% 253.6 306.2 215.2 (16.4) NM 50.0% 1.4x NM

CSG Systems International, Inc. United States 45.89 -11% 1,538.2 1,614.0 779.5 138.7 17.8% 2.2% 2.1x 11.6x

Deluxe Corporation United States 71.10 -6% 3,421.4 4,124.4 1,950.9 460.5 23.6% 6.5% 2.1x 9.0x

DST Systems, Inc. United States 62.58 -1% 3,768.6 4,272.7 2,023.1 401.8 19.9% 31.3% 2.1x 10.6x

Fair Isaac Corporation * United States 157.06 -1% 4,710.3 5,209.4 932.2 211.4 22.7% 5.8% 5.6x 24.6x

Harte Hanks, Inc. United States 0.98 -41% 60.9 61.5 394.1 6.1 1.6% -4.1% 0.2x 10.0x

High Co. SA France 5.87 -32% 121.5 54.3 172.0 16.0 9.3% -3.1% 0.3x 3.4x

Multiplus S.A. Brazil 10.67 -26% 1,728.6 1,280.8 723.9 181.5 25.1% 2.3% 1.8x 7.1x

Pitney Bowes Inc. United States 10.67 -36% 1,992.4 4,433.4 3,387.9 684.9 20.2% -2.0% 1.3x 6.5x

Points International Ltd. Canada 11.64 -4% 170.8 117.5 341.6 9.0 2.6% 6.8% 0.3x 13.1x

Viad Corp United States 57.60 -7% 1,175.7 1,321.5 1,286.1 140.4 10.9% 7.2% 1.0x 9.4x

2.8x 9.0xAdjusted Weighted Average

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.1x)

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23 | M&A and Investment Summary November 2017

Traditional Media

Of the 25 transactions recorded in the Traditional Media segment in November, nine announced $3.8 billion in reported transaction

value

Entertainment Media was the most active subsegment with 11 transactions announced

Select transactions:

• The Carlyle Group’s sale of Eastern Broadcasting to Mao Te International for a reported $563 million

• UBM’s acquisition of renewable energy events MIREC and AIREC from Green Power Global

• Time’s sale of its SUNSET lifestyle brand and magazine publishing assets to private equity firm Regent

• The undisclosed equity investment received by music licensing and publishing company Zync Music from independent music rights

company Round Hill Music

• MBN Events’ acquisition of UK Investor Show, operator of a tradeshow for private investors

# % $MM % # $MM # $MM # $MM

Entertainment Media 11 44% $221.3 6% 8 $204.0 0 - 3 $17.3

Broadcast Television 4 16% 563.0 15% 2 - 2 563.0 0 -

B-to-B Media 4 16% 6.6 0% 3 - 0 - 1 6.6

Consumer Magazine Publishing 3 12% 2,812.9 75% 2 2,812.9 1 - 0 -

Newspaper Publishing 2 8% - 0% 2 - 0 - 0 -

Digital Place-Based Media 1 4% 150.0 4% 0 - 0 - 1 150.0

Total 25 100% 3,753.8 100% 17 3,016.9 3 563.0 5 173.9

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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24 | M&A and Investment Summary November 2017

Traditional Media Public Company Valuation (1/3)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

CBS Corporation United States $56.06 -20% $ 21,470.3 $ 31,015.3 $ 13,289.0 $ 3,036.0 22.8% 7.7% 2.3x 10.2x

Discovery Communications, Inc. United States 19.02 -37% 10,381.0 18,277.0 6,681.0 2,524.0 37.8% 3.2% 2.7x 7.2x

Time Warner Inc. United States 91.51 -12% 71,249.0 91,720.0 30,551.0 8,968.0 29.4% 7.2% 3.0x 10.2x

Twenty-First Century Fox, Inc. United States 31.94 -2% 58,539.0 73,438.0 28,996.0 7,105.0 24.5% 4.5% 2.5x 10.3x

Viacom, Inc. United States 28.32 -39% 11,675.2 21,737.2 13,263.0 2,966.0 22.4% 6.2% 1.6x 7.3x

The Walt Disney Company United States 104.82 -10% 158,310.9 184,421.9 55,137.0 16,770.0 30.4% -0.9% 3.3x 11.0x

Adjusted Weighted Average 3.0x 10.4x

($ in Millions, except stock price data)

B-to-B Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Ascential plc United Kingdom $4.78 -10% $ 1,915.8 $ 2,201.4 $ 448.6 $ 136.6 30.5% 35.8% 4.9x 16.1x

Emerald Expositions Events, Inc. United States $22.35 -9% 1,614.0 2,156.0 340.7 142.3 41.8% 6.8% 6.3x 15.2x

Euromoney Institutional Investor PLC United Kingdom $15.45 -6% 1,657.8 1,892.3 518.8 136.7 26.4% -4.0% 3.6x 13.8x

Informa plc United Kingdom 10.13 -3% 8,343.4 10,461.5 2,095.4 658.3 31.4% 30.0% 5.0x 15.9x

MCH Group AG Switzerland 66.40 -22% 398.9 595.8 417.2 58.8 14.1% -8.7% 1.4x 10.1x

ITE Group plc United Kingdom 2.49 -7% 662.1 759.8 204.6 33.2 16.2% 13.5% 3.7x 22.9x

Tarsus Group plc Ireland 4.32 -1% 486.9 606.2 105.4 29.5 28.0% 1.7% 5.7x 20.6x

TechTarget, Inc. * United States 13.99 -1% 386.1 392.8 104.9 11.5 10.9% -4.1% 3.7x 34.3x

UBM plc United Kingdom 10.09 -4% 3,968.0 4,765.7 1,209.6 329.9 27.3% 16.7% 3.9x 14.4x

Adjusted Weighted Average 4.6x 15.6x

($ in Millions, except stock price data)

Radio Broadcasting

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Beasley Broadcast Group, Inc. United States $11.35 -38% $ 326.7 $ 518.3 $ 227.4 $ 43.0 18.9% 104.2% 2.3x 12.1x

Cumulus Media Inc. United States 0.00 NA 2.6 2,244.4 1,141.3 221.2 19.4% -0.8% 2.0x 10.1x

Emmis Communications Corporation United States 3.69 -5% 46.9 216.1 182.8 16.1 8.8% -18.9% 1.2x 13.4x

Entercom Communications Corp. * United States 11.60 -30% 1,628.2 2,125.2 466.3 93.0 19.9% 1.8% 4.6x 22.9x

Pandora Media, Inc. United States 5.00 -65% 1,243.9 1,495.5 1,464.1 (294.2) NM 10.2% 1.0x NM

Salem Media Group, Inc. United States 4.80 -42% 125.6 381.7 267.2 42.8 16.0% -2.0% 1.4x 8.9x

Sirius XM Holdings Inc. * United States 5.50 -7% 25,277.0 31,936.0 5,324.2 1,911.3 35.9% 8.4% 6.0x 16.7x

Spanish Broadcasting System, Inc. United States 0.00 NA 2.9 414.5 140.4 40.3 28.7% -1.6% 3.0x 10.3x

Townsquare Media, Inc. United States 7.94 -39% 146.7 659.1 512.7 99.2 19.3% 0.5% 1.3x 6.6x

Urban One, Inc. United States 1.55 -56% 71.7 1,020.5 444.6 114.1 25.7% -1.7% 2.3x 8.9x

Adjusted Weighted Average 2.8x 16.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (25.3x)

Large Cap Diversified Media

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.0x)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.2x)

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25 | M&A and Investment Summary November 2017

Traditional Media Public Company Valuation (2/3)

($ in Millions, except stock price data)

Broadcast, Cable, and Satellite Television

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Altice N.V. Netherlands $7.90 -72% $ 9,500.2 $ 74,903.7 $ 28,083.4 $ 9,501.4 33.8% 27.9% 2.7x 7.9x

AMC Networks Inc. United States $51.54 -24% 3,188.4 6,012.2 2,808.4 875.8 31.2% 3.8% 2.1x 6.9x

Sky plc * United Kingdom 12.65 -11% 21,658.0 30,694.4 16,774.5 2,375.4 14.2% 7.9% 1.8x 12.9x

CVC Limited * Australia 1.86 -2% 222.7 197.0 36.5 27.4 75.1% -31.5% 5.4x 7.2x

CBS Corporation United States 56.06 -20% 21,470.3 31,015.3 13,289.0 3,036.0 22.8% 7.7% 2.3x 10.2x

Charter Communications, Inc. United States 326.21 -20% 81,099.2 156,416.2 41,254.0 14,781.0 35.8% 94.2% 3.8x 10.6x

Comcast Corporation United States 37.54 -11% 175,453.4 238,489.4 83,636.0 28,419.0 34.0% 6.4% 2.9x 8.4x

Discovery Communications, Inc. United States 19.02 -37% 10,381.0 18,277.0 6,681.0 2,524.0 37.8% 3.2% 2.7x 7.2x

DISH Network Corporation * United States 50.65 -24% 23,621.0 38,499.2 14,542.5 2,962.5 20.4% -4.6% 2.6x 13.0x

Entravision Communications Corporation United States 7.05 -5% 634.5 869.0 532.9 305.7 57.4% 110.1% 1.6x 2.8x

General Communication, Inc. United States 39.91 -9% 1,445.5 2,849.3 916.0 262.0 28.6% -2.9% 3.1x 10.9x

Gray Television, Inc. United States 14.40 -14% 1,016.8 2,682.0 886.7 326.8 36.9% 19.1% 3.0x 8.2x

Grupo Televisa, S.A.B. Mexico 3.76 -34% 9,297.1 14,451.0 5,255.4 1,963.4 37.4% 1.6% 2.7x 7.4x

Liberty Global plc United Kingdom 31.76 -16% 30,940.3 79,024.3 18,939.4 8,423.1 44.5% -2.7% 4.2x 9.4x

Nexstar Media Group, Inc. United States 67.90 -8% 3,096.2 7,359.9 2,088.2 697.1 33.4% 99.7% 3.5x 10.6x

Scripps Networks Interactive, Inc. United States 81.84 -7% 10,632.3 13,485.8 3,494.4 1,524.6 43.6% 3.9% 3.9x 8.8x

Sinclair Broadcast Group, Inc. United States 34.05 -21% 3,464.3 6,884.0 2,797.8 847.5 30.3% 9.7% 2.5x 8.1x

TEGNA Inc. United States 13.28 -50% 2,857.9 5,790.4 3,296.7 1,077.0 32.7% 45.7% 1.8x 5.4x

The E. W. Scripps Company United States 15.07 -38% 1,234.2 1,505.7 932.0 139.7 15.0% 6.5% 1.6x 10.8x

Time Warner Inc. United States 91.51 -12% 71,249.0 91,720.0 30,551.0 8,968.0 29.4% 7.2% 3.0x 10.2x

Adjusted Weighted Average 3.0x 9.2x

($ in Millions, except stock price data)

Entertainment Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Cineplex Inc. Canada $30.05 -30% $ 1,904.3 $ 2,358.8 $ 1,211.5 $ 176.4 14.6% 0.9% 1.9x 13.4x

Eros International Plc * United States 12.60 -27% 752.7 1,025.8 234.2 40.1 17.1% -12.8% 4.4x 25.6x

Lions Gate Entertainment Corp. United States 32.71 -6% 6,632.9 8,951.5 3,954.5 416.2 10.5% 49.0% 2.3x 21.5x

Live Nation Entertainment, Inc. United States 45.38 -3% 9,384.6 10,501.5 9,588.8 670.0 7.0% 15.6% 1.1x 15.7x

Twenty-First Century Fox, Inc. United States 31.94 -2% 58,539.0 73,438.0 28,996.0 7,105.0 24.5% 4.5% 2.5x 10.3x

Liberty Global plc United Kingdom 31.76 -16% 30,940.3 79,024.3 18,939.4 8,423.1 44.5% -2.7% 4.2x 9.4x

Village Roadshow Limited Australia 3.04 -18% 491.6 902.2 786.0 85.9 10.9% -3.4% 1.1x 10.5x

World Wrestling Entertainment, Inc. United States 28.49 -1% 2,196.8 2,149.8 784.3 99.2 12.6% 12.0% 2.7x 21.7x

Adjusted Weighted Average 2.9x 11.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.3x)

LTM Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.9x)

LTM Multiples

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Traditional Media Public Company Valuation (3/3)

($ in Millions, except stock price data)

Out-of-Home Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

AirMedia Group Inc. China $2.12 -36% $ 133.2 $ 13.4 $ 16.5 $ (76.0) NM -67.1% 0.8x NM

APG|SGA SA Switzerland 453.54 -13% 1,360.2 1,319.8 326.3 78.8 24.1% 0.1% 4.0x 16.8x

Clear Channel Outdoor Holdings, Inc. United States 4.70 -26% 1,690.8 6,885.6 2,598.2 585.7 22.5% -5.1% 2.7x 11.8x

Clear Media Limited Hong Kong 1.07 -13% 581.9 509.9 239.2 105.4 44.1% 8.0% 2.1x 4.8x

JCDecaux SA France 41.69 -1% 8,862.4 9,549.9 3,423.4 597.0 17.4% 2.3% 2.8x 16.0x

Lamar Advertising Company (REIT) United States 75.23 -5% 7,405.0 9,825.0 1,529.5 650.7 42.5% 4.1% 6.4x 15.1x

National CineMedia, Inc. United States 6.25 -60% 490.6 1,666.7 427.9 189.8 44.4% -3.1% 3.9x 8.8x

NTN Buzztime, Inc. United States 4.80 -55% 12.1 13.2 22.0 0.8 3.7% -3.9% 0.6x 16.2x

Outfront Media Inc. United States 23.46 -16% 3,252.4 5,473.6 1,516.6 387.9 25.6% 0.1% 3.6x 14.1x

Stingray Digital Group Inc. Canada 7.33 -6% 412.5 463.1 89.8 17.9 19.9% 14.7% 5.2x 25.9x

TOM Group Limited * Hong Kong 0.28 -3% 1,095.8 1,438.2 125.5 9.1 7.3% -12.5% 11.5x 157.3x

Adjusted Weighted Average 4.1x 15.0x

($ in Millions, except stock price data)

Publishing

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

A.H. Belo Corporation * United States $4.75 -31% $ 103.3 $ 53.4 $ 250.6 $ 0.8 0.3% -6.1% 0.2x 64.7x

Daily Mail and General Trust plc United Kingdom 7.22 -34% 2,420.0 3,063.1 2,097.3 278.6 13.3% -18.4% 1.5x 11.0x

Emmis Communications Corporation United States 3.69 -5% 46.9 216.1 182.8 16.1 8.8% -18.9% 1.2x 13.4x

Gannett Co., Inc. United States 11.46 -3% 1,280.9 1,545.9 3,159.2 343.0 10.9% 8.2% 0.5x 4.5x

Glacier Media Inc. Canada 0.40 -40% 44.4 91.1 153.1 10.5 6.9% -5.9% 0.6x 8.7x

John Wiley & Sons, Inc. United States 59.15 -1% 3,371.3 3,841.0 1,725.7 299.2 17.3% 1.0% 2.2x 12.8x

Meredith Corporation United States 68.15 -4% 2,969.2 3,646.9 1,706.3 352.1 20.6% 2.5% 2.1x 10.4x

News Corporation United States 16.16 -2% 9,467.1 8,279.1 8,232.0 812.0 9.9% 2.4% 1.0x 10.2x

Scholastic Corporation United States 41.12 -17% 1,439.8 1,139.9 1,648.1 106.7 6.5% -6.6% 0.7x 10.7x

The E. W. Scripps Company United States 15.07 -38% 1,234.2 1,505.7 932.0 139.7 15.0% 6.5% 1.6x 10.8x

The McClatchy Company United States 10.25 -30% 78.8 867.5 921.1 140.7 15.3% -8.0% 0.9x 6.2x

The New York Times Company United States 18.80 -7% 3,049.4 2,717.7 1,631.2 247.0 15.1% 4.5% 1.7x 11.0x

Time Inc. United States 18.60 -9% 1,853.0 2,745.0 2,884.0 399.0 13.8% -6.7% 1.0x 6.9x

Adjusted Weighted Average 1.4x 10.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (58.3x)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (29.4x)

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27 | M&A and Investment Summary November 2017

Software

Within the Software segment, more than $2.1 billion in reported value involved venture/growth capital investments, while nearly $1.9

billion in strategic transactions were announced

Financial Software was the most active subsegment in November with 40 transactions announced

Select transactions:

• Thoma Bravo’s pending acquisition of data protection and security solutions company Barracuda Networks for $1.4 billion

• The acquisition of automotive cybersecurity solutions company Argus Cyber Security by Continental for a reported $400 million

• The $300 million in post-IPO equity received by Cornerstone OnDemand from Silver Lake and LinkedIn

• Proofpoint’s acquisitions of Cloudmark, a provider of security solutions for messaging services providers, for $110 million and

WebLife Balance, a provider of cybersecurity and malware protection solutions, for $60 million

• Governance, risk, and compliance solutions company MetricStream‘s $65 million round of funding from Clearlake Capital Group,

Goldman Sachs, and Sageview Capital

*Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business has been excluded to limit comparative distortions

# % $MM % # $MM # $MM # $MM

Financial 40 20% $1,347.2 22% 14 $281.9 4 $650.0 22 $415.3

Healthcare 33 17% 237.8 4% 8 - 3 - 22 237.8

Security 26 13% 2,703.1 45% 10 1,135.0 1 1,405.6 15 162.5

HR 13 7% 360.0 6% 4 7.8 0 - 9 352.2

Infrastructure 12 6% 192.6 3% 4 - 0 - 8 192.6

Collaboration 11 6% 132.2 2% 5 - 1 - 5 132.2

Other 63 26% 811.3 13% 22 219 3 0 38 592.3

Total 198 100% 6,047.7 100% 67 1,865.2 12 2,055.6 119 2,126.9

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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Software Public Company Valuation (1/3)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Alfa Financial Software Holdings PLC * United Kingdom 6.55 -10% $ 1,965.3 $ 1,937.6 $ 116.5 $ 24.6 21.1% 0.0% 16.6x 78.9x

Apptio, Inc. United States 22.31 -9% 901.1 765.6 180.5 (20.3) NM 19.4% 4.2x NM

BlackLine, Inc. United States 36.67 -9% 1,938.4 1,829.1 162.1 (18.4) NM 44.4% 11.3x NM

Coupa Software Incorporated United States 35.43 -6% 1,899.2 1,690.9 159.1 (33.5) NM 45.4% 10.6x NM

Ebix, Inc. United States 77.30 -1% 2,431.5 2,713.3 339.3 119.0 35.1% 17.6% 8.0x 22.8x

First Data Corporation United States 16.45 -14% 15,191.0 36,276.0 7,991.0 2,820.0 35.3% 1.7% 4.5x 12.9x

Fidessa group plc United Kingdom 33.19 -8% 1,278.4 1,182.6 456.1 83.3 18.3% 14.0% 2.6x 14.2x

Guidewire Software, Inc. * United States 74.39 -11% 5,714.1 5,153.0 528.3 36.5 6.9% 21.1% 9.8x 141.2x

Intuit Inc. United States 157.22 -1% 40,193.3 40,291.3 5,285.0 1,634.0 30.9% 11.1% 7.6x 24.7x

Management Consulting Group PLC United Kingdom 0.09 -68% 44.8 6.4 53.3 (15.2) NM -11.7% 0.1x NM

Model N, Inc. United States 16.25 -3% 476.6 476.3 131.2 (28.2) NM 22.6% 3.6x NM

Performant Financial Corporation United States 1.80 -54% 91.7 108.9 132.6 1.5 1.1% -10.8% 0.8x 71.8x

Q2 Holdings, Inc. United States 41.85 -6% 1,744.0 1,655.1 184.4 (15.0) NM 33.2% 9.0x NM

RealPage, Inc. United States 45.35 -3% 3,758.6 4,047.0 632.4 88.3 14.0% 16.9% 6.4x 45.8x

SS&C Technologies Holdings, Inc. United States 41.29 -3% 8,500.0 10,613.9 1,637.9 610.1 37.2% 18.6% 6.5x 17.4x

Tyler Technologies, Inc. United States 182.92 -1% 6,872.0 6,707.4 816.1 183.2 22.4% 13.1% 8.2x 36.6x

Adjusted Weighted Average 7.0x 23.5x

($ in Millions, except stock price data)

Healthcare Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Allscripts Healthcare Solutions, Inc. United States 14.30 -1% $ 2,583.7 $ 4,357.6 $ 1,714.4 $ 173.8 10.1% 16.6% 2.5x 25.1x

athenahealth, Inc. * United States 132.89 -16% 5,318.0 5,471.7 1,179.3 130.1 11.0% 12.1% 4.6x 42.1x

Cegedim SA France 38.79 -4% 540.9 825.5 520.2 38.3 7.4% 4.8% 1.6x 21.6x

Cerner Corporation United States 70.69 -4% 23,498.4 23,181.4 4,987.9 1,387.4 27.8% 7.7% 4.6x 16.7x

Civitas Solutions, Inc. United States 19.45 -7% 726.7 1,334.2 1,456.3 150.2 10.3% 4.3% 0.9x 8.9x

Computer Programs and Systems, Inc. United States 30.30 -16% 407.5 551.0 263.4 27.5 10.5% 6.7% 2.1x 20.0x

Cotiviti Holdings, Inc. United States 32.68 -29% 3,018.6 3,669.4 669.8 240.2 35.9% 10.0% 5.5x 15.3x

Craneware plc United Kingdom 19.65 -23% 525.1 469.8 57.8 17.3 29.9% 15.9% 8.1x 27.1x

HealthEquity, Inc. * United States 51.87 -6% 3,137.6 2,927.2 202.5 61.8 30.5% 30.9% 14.5x 47.3x

McKesson Corporation United States 147.74 -13% 30,800.0 38,332.0 201,955.0 3,885.0 1.9% 4.0% 0.2x 9.9x

Medidata Solutions, Inc. * United States 66.64 -22% 3,898.0 3,774.5 528.8 82.1 15.5% 20.8% 7.1x 46.0x

NantHealth, Inc. United States 3.23 -73% 345.5 466.3 102.2 (96.4) NM 23.2% 4.6x NM

Quality Systems, Inc. United States 14.43 -19% 918.8 947.2 523.8 59.2 11.3% 6.0% 1.8x 16.0x

Streamline Health Solutions, Inc. United States 1.29 -54% 24.7 35.4 24.9 (3.8) NM -9.8% 1.4x NM

Veeva Systems Inc. * United States 60.21 -12% 8,466.5 7,741.9 617.4 154.5 25.0% 30.7% 12.5x 50.1x

Adjusted Weighted Average 3.8x 13.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (41.3x)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (72.1x)

Financial & Credit/Risk Management Software

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29 | M&A and Investment Summary November 2017

Software Public Company Valuation (2/3)

($ in Millions, except stock price data)

HR Software

Stock Price Chg % From Equity Ent. LTM LTM Margin

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA

51job, Inc. China $57.50 -13% $ 3,552.5 $ 2,688.1 $ 401.7 $ 124.9 31.1%

Benefitfocus, Inc. United States 27.10 -27% 847.5 912.7 252.6 (2.7) NM

Castlight Health, Inc. United States 3.90 -29% 521.6 439.9 124.3 (52.0) NM

Cornerstone OnDemand, Inc. United States 36.97 -16% 2,140.6 2,077.5 459.1 (47.8) NM

DHI Group, Inc. United States 1.85 -73% 93.0 139.3 212.0 35.5 16.7%

Paycom Software, Inc. United States 82.00 -5% 4,777.7 4,745.4 406.8 86.1 21.2%

Paylocity Holding Corporation * United States 46.14 -14% 2,423.1 2,325.6 316.5 22.6 7.1%

The Ultimate Software Group, Inc. United States 211.03 -10% 6,304.7 6,176.1 899.8 69.2 7.7%

Workday, Inc. United States 103.00 -12% 21,630.0 19,892.3 1,995.1 (199.4) NM

Adjusted Weighted Average

($ in Millions, except stock price data)

Security Software

Stock Price Chg % From Equity Ent. LTM LTM Margin

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA

Absolute Software Corporation Canada $5.28 -24% $ 208.5 $ 176.7 $ 91.7 $ 11.9 12.9%

Check Point Software Technologies Ltd. Israel 104.29 -13% 17,045.5 15,535.4 1,835.4 912.1 49.7%

Cisco Systems, Inc. United States 37.30 -2% 184,397.1 148,734.1 47,789.0 14,440.0 30.2%

Cheetah Mobile Inc. China 12.73 -8% 1,762.1 1,567.5 730.8 69.7 9.5%

CyberArk Software Ltd. Israel 47.06 -15% 1,634.9 1,360.6 245.7 29.4 12.0%

FireEye, Inc. United States 14.14 -21% 2,610.1 2,501.3 733.5 (139.3) NM

Fortinet, Inc. United States 42.06 -1% 7,314.2 6,038.5 1,441.1 169.7 11.8%

Gemalto N.V. Netherlands 38.01 -50% 3,416.5 4,417.7 3,450.3 530.5 15.4%

Imperva, Inc. United States 41.25 -21% 1,403.1 1,059.9 309.0 (6.6) NM

Juniper Networks, Inc. United States 27.76 -10% 10,408.0 9,258.0 5,173.3 1,192.5 23.1%

Mimecast Limited United Kingdom 30.40 -5% 1,742.5 1,653.9 222.0 7.8 3.5%

Mobileye N.V. * Israel 62.82 -3% 13,970.8 13,525.0 407.6 138.6 34.0%

NQ Mobile Inc. * China 4.14 -8% 446.3 434.5 343.1 2.3 0.7%

Palo Alto Networks, Inc. United States 145.75 -8% 13,392.8 12,420.6 1,869.0 (81.3) NM

Proofpoint, Inc. United States 90.05 -8% 4,037.4 3,959.0 476.7 (33.7) NM

SecureWorks Corp. United States 9.82 NA 796.2 698.4 455.8 (25.3) NM

Symantec Corporation United States 28.97 -15% 17,960.9 22,143.9 4,571.0 596.0 13.0%

Trend Micro Incorporated Japan 56.60 -3% 7,781.5 6,519.8 1,309.7 468.7 35.8%

VeriSign, Inc. United States 115.10 -3% 11,345.4 11,386.1 1,155.9 751.8 65.0%

Adjusted Weighted Average

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (96.9x)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (20.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (91.6x)

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30 | M&A and Investment Summary November 2017

Software Public Company Valuation (3/3)

($ in Millions, except stock price data)

Engineering Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Ansys, Inc. United States $148.19 -4% $ 12,575.5 $ 11,648.8 $ 1,063.5 $ 467.1 43.9% 9.7% 11.0x 24.9x

Autodesk, Inc. United States 109.70 -16% 24,045.4 24,176.9 1,981.6 (328.0) NM -9.9% 12.2x NM

AVEVA Group plc * United Kingdom 35.54 -2% 2,273.5 2,093.9 302.3 48.7 16.1% 10.7% 6.9x 43.0x

Dassault Systèmes SE France 107.55 -2% 27,423.3 25,296.0 3,773.3 998.3 26.5% 7.2% 6.7x 25.3x

Adjusted Weighted Average 9.5x 25.2x

($ in Millions, except stock price data)

Infrastructure Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Adobe Systems Incorporated United States $181.47 -3% $ 89,454.4 $ 85,975.1 $ 6,903.3 $ 2,316.2 33.6% 24.3% 12.5x 37.1x

Atlassian Corporation Plc * United Kingdom 46.69 -13% 10,544.0 9,930.5 677.0 (23.9) NM 37.6% 14.7x NM

Bandwidth Inc. United States 21.84 -2% 384.8 442.3 156.5 20.8 13.3% 0.0% 2.8x 21.3x

CA, Inc. United States 33.07 -9% 13,841.2 13,941.2 4,078.0 1,199.0 29.4% 0.4% 3.4x 11.6x

Cloudera, Inc. United States 15.83 -32% 2,204.9 1,810.3 309.5 (359.3) NM 0.0% 5.8x NM

Commvault Systems, Inc. United States 53.90 -17% 2,489.4 1,994.8 673.4 5.0 0.7% 7.5% 3.0x NM

Endurance International Group Holdings, Inc. United States 9.35 -5% 1,341.6 3,229.2 1,174.7 276.6 23.5% 16.1% 2.7x 11.7x

First Data Corporation United States 16.45 -14% 15,191.0 36,276.0 7,991.0 2,820.0 35.3% 1.7% 4.5x 12.9x

Hortonworks Inc. United States 19.01 -8% 1,340.8 1,277.6 238.8 (202.4) NM 40.5% 5.4x NM

IBM Corporation United States 153.97 -16% 142,544.1 176,801.1 78,366.0 16,839.0 21.5% -2.3% 2.3x 10.5x

MuleSoft, Inc. United States 22.95 -21% 2,982.6 2,801.1 263.1 (63.6) NM 57.9% 10.6x NM

Nutanix, Inc. United States 32.80 -6% 5,239.6 4,873.7 853.9 (327.5) NM 63.0% 5.7x NM

Okta, Inc. United States 29.21 -13% 2,792.0 2,578.8 205.1 (92.3) NM 0.0% 12.6x NM

Opera Software ASA Norway 2.71 -62% 385.7 326.5 469.5 12.5 2.7% -10.6% 0.7x 26.1x

Oracle Corporation United States 49.06 -8% 204,751.2 191,552.2 38,320.0 14,893.0 38.9% 3.0% 5.0x 12.9x

Salesforce.com, inc. * United States 104.32 -4% 75,350.3 74,309.9 9,923.0 553.4 5.6% 25.5% 7.5x 134.3x

Rapid7, Inc. United States 18.91 -7% 829.8 745.9 188.2 (39.8) NM 29.6% 4.0x NM

ServiceNow, Inc. United States 123.00 -5% 21,243.0 20,727.7 1,772.3 (5.2) NM 37.3% 11.7x NM

Talend S.A. France 39.97 -14% 1,164.9 1,070.3 137.5 (21.8) NM 42.6% 7.8x NM

Twilio Inc. United States 26.66 -24% 2,480.2 2,196.2 365.7 (45.3) NM 48.2% 6.0x NM

Varonis Systems, Inc. United States 50.30 -6% 1,400.3 1,271.8 198.6 (12.5) NM 29.0% 6.4x NM

Adjusted Weighted Average 6.0x 16.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (70.7x)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (41.4x)

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31 | M&A and Investment Summary November 2017

Information

The Information segment reported 11 transactions worth $1.2 billion in value

Healthcare Information was the most active subsegments throughout the month with four transactions announced

In addition to ION Investment Group’s $1.2 billion acquisition Dealogic, select transactions from the segment include:

• Arsenal Capital Partners-backed TractManager’s acquisition of Hayes, a leading provider of clinically focused, evidence-based

research and analysis to health plans, insurers, hospitals, and healthcare systems (A Petsky Prunier-led transaction)

• Independent investment research company Smartkarma’s $14 million round of funding from Sequoia Capital, Wavemaker Partners,

and Jungle Ventures

• The majority stake taken by Leonard Green & Partners in personalized healthcare and physicians network MDVIP from Summit

Partners

• Topspin Partners’ acquisition of health media brands and information company Remedy Health Media

# % $MM % # $MM # $MM # $MM

Financial Information 4 36% $1,166.3 100% 2 $1,150.0 0 - 2 $16.3

Healthcare Information 3 27% - 0% 2 - 1 - 0 -

Engineering/Scientific/Tech Information 2 18% - 0% 2 - 0 - 0 -

Geo-Demo Information 1 9% - 0% 1 - 0 - 0 -

HR Information 1 9% - 0% 1 - 0 - 0 -

Total 11 100% 1,166.3 100% 8 1,150.0 1 0.0 2 16.3

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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32 | M&A and Investment Summary November 2017

Information Public Company Valuation (1/2)

($ in Millions, except stock price data)

Financial & Credit/Risk Management Information

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Broadridge Financial Solutions, Inc. United States $90.26 -2% $ 10,520.0 $ 11,523.5 $ 4,172.1 $ 733.1 17.6% 30.5% 2.8x 15.7x

Computershare Limited Australia 12.47 -2% 6,780.5 7,861.2 2,105.8 491.3 23.3% 7.2% 3.7x 16.0x

CoreLogic, Inc. United States 43.61 -12% 3,592.3 5,240.4 1,871.9 395.9 21.2% 0.2% 2.8x 13.2x

CoStar Group, Inc. * United States 304.97 -3% 11,023.3 10,705.8 929.6 235.3 25.3% 14.4% 11.5x 45.5x

DST Systems, Inc. United States 62.58 -1% 3,768.6 4,272.7 2,023.1 401.8 19.9% 31.3% 2.1x 10.6x

The Dun & Bradstreet Corporation United States 123.11 -2% 4,550.1 5,817.4 1,732.6 423.8 24.5% 2.8% 3.4x 13.7x

Envestnet, Inc. * United States 49.15 -11% 2,177.6 2,387.8 656.3 58.4 8.9% 21.3% 3.6x 40.9x

Equifax Inc. United States 114.12 -22% 13,703.5 16,159.9 3,324.9 1,163.7 35.0% 10.5% 4.9x 13.9x

Experian plc Ireland 20.77 -10% 18,915.0 22,415.9 4,439.0 1,548.0 34.9% 7.1% 5.0x 14.5x

FactSet Research Systems Inc. United States 199.88 0% 7,817.3 8,165.1 1,221.2 418.5 34.3% 8.3% 6.7x 19.5x

Fair Isaac Corporation United States 157.06 -1% 4,710.3 5,209.4 932.2 211.4 22.7% 5.8% 5.6x 24.6x

Fidelity National Information Services, Inc. United States 94.33 -2% 31,493.8 39,986.8 9,240.0 2,529.0 27.4% 6.6% 4.3x 15.8x

Financial Engines, Inc. United States 27.90 -39% 1,766.6 1,568.8 468.0 97.5 20.8% 20.2% 3.4x 16.1x

Moody's Corporation United States 151.82 -1% 29,012.8 33,875.4 3,980.7 1,895.0 47.6% 12.8% 8.5x 17.9x

Morningstar, Inc. United States 92.30 -1% 3,925.5 3,806.5 880.8 240.6 27.3% 11.8% 4.3x 15.8x

MSCI Inc. United States 128.70 -1% 11,591.9 12,870.2 1,232.2 632.5 51.3% 9.0% 10.4x 20.3x

Reis, Inc. * United States 21.70 -8% 248.9 231.4 47.5 6.9 14.6% -5.4% 4.9x 33.5x

SEI Investments Co. United States 70.36 -1% 11,079.8 10,434.8 1,487.1 416.5 28.0% 8.7% 7.0x 25.1x

Thomson Reuters Corporation Canada 44.09 -11% 31,370.7 38,037.1 11,249.0 2,548.0 22.7% 0.5% 3.4x 14.9x

Verisk Analytics, Inc. United States 96.42 -1% 15,879.6 18,615.6 2,081.0 963.0 46.3% 5.8% 8.9x 19.3x

Workiva Inc. United States 21.75 -8% 911.9 854.1 199.7 (33.5) NM 16.0% 4.3x NM

Adjusted Weighted Average 5.6x 16.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (29.7x)

LTM Multiples

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33 | M&A and Investment Summary November 2017

Information Public Company Valuation (2/2)

($ in Millions, except stock price data)

Marketing Information

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Acxiom Corporation * United States $27.25 -10% $ 2,158.6 $ 2,219.3 $ 885.9 $ 79.7 9.0% 0.9% 2.5x 27.9x

Alliance Data Systems Corporation * United States 239.27 -10% 13,219.3 33,376.0 7,440.8 1,502.9 20.2% 5.4% 4.5x 22.2x

Cello Group Plc United Kingdom 1.70 -10% 177.9 187.1 211.9 15.4 7.3% 1.7% 0.9x 12.2x

Ebiquity plc United Kingdom 1.36 -21% 100.5 137.3 111.6 15.0 13.4% 0.0% 1.2x 9.2x

GfK SE Germany 56.20 -10% 2,051.5 2,454.0 1,678.2 157.0 9.4% -3.1% 1.5x 15.6x

Harte Hanks, Inc. United States 0.98 -41% 60.9 61.5 394.1 6.1 1.6% -4.1% 0.2x 10.0x

InnerWorkings, Inc. United States 10.85 -10% 587.2 708.7 1,105.7 46.4 4.2% 1.4% 0.6x 15.3x

Intage Holdings Inc. Japan 12.40 -8% 495.3 428.7 439.4 50.5 11.5% 6.2% 1.0x 8.5x

Ipsos SA France 36.14 -15% 1,506.4 2,119.3 2,034.1 226.4 11.1% -0.2% 1.0x 9.4x

Nielsen Holdings plc United Kingdom 36.72 -20% 13,078.5 21,064.5 6,467.0 1,675.0 25.9% 3.0% 3.3x 12.6x

Pearson plc United Kingdom 9.56 -16% 7,644.4 10,067.6 6,146.9 1,067.6 17.4% 9.1% 1.6x 9.4x

System1 Group PLC United Kingdom 5.30 -63% 66.1 61.4 39.9 5.9 14.8% 0.0% 1.5x 10.4x

YouGov plc * United Kingdom 4.27 -4% 449.4 418.1 141.1 16.1 11.4% 21.4% 3.0x 26.0x

Adjusted Weighted Average 2.3x 10.9x

($ in Millions, except stock price data)

Other Information

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Centaur Media plc United Kingdom $0.65 -16% $ 94.1 $ 107.6 $ 95.2 $ 8.8 9.3% 9.7% 1.1x 12.2x

Cogint, Inc. United States 4.25 -33% 253.6 306.2 215.2 (16.4) NM 50.0% 1.4x NM

Forrester Research, Inc. United States 46.45 -3% 834.9 701.0 330.7 36.5 11.0% 2.2% 2.1x 19.2x

Gartner, Inc. * United States 120.89 -7% 10,958.9 13,678.7 3,000.2 367.0 12.2% 25.8% 4.6x 37.3x

IHS Markit Ltd. United Kingdom 44.62 -8% 17,662.4 21,578.7 3,528.8 1,085.8 30.8% 46.0% 6.1x 19.9x

Informa plc United Kingdom 10.13 -3% 8,343.4 10,461.5 2,095.4 658.3 31.4% 30.0% 5.0x 15.9x

National Research Corporation United States 52.50 -8% 896.9 862.9 116.0 38.8 33.5% 8.1% 7.4x 22.2x

NIC Inc. United States 16.60 -36% 1,100.1 947.8 331.4 83.2 25.1% 6.6% 2.9x 11.4x

Premier, Inc. United States 29.02 -20% 1,660.4 1,707.6 1,532.0 447.2 29.2% 27.1% 1.1x 3.8x

Proofpoint, Inc. United States 90.05 -8% 4,037.4 3,959.0 476.7 (33.7) NM 38.7% 8.3x NM

Reed Elsevier plc(1) United Kingdom 23.34 -3% 46,679.3 53,527.5 9,553.5 2,885.8 30.2% 17.4% 5.6x 18.5x

Tarsus Group plc Ireland 4.32 -1% 486.9 606.2 105.4 29.5 28.0% 1.7% 5.7x 20.6x

TechTarget, Inc. * United States 13.99 0% 386.1 392.8 104.9 11.5 10.9% -4.1% 3.7x 34.3x

UBM plc United Kingdom 10.09 -4% 3,968.0 4,765.7 1,209.6 329.9 27.3% 16.7% 3.9x 14.4x

Wolters Kluwer N.V. Netherlands 51.83 -1% 14,609.0 17,318.3 5,053.1 1,342.8 26.6% 4.6% 3.4x 12.9x

Adjusted Weighted Average 5.2x 17.2x

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (27.7x)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.0x)

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34 | M&A and Investment Summary November 2017

Business Services

The Business Services segment reported 65 transactions in November worth more than $5.2 billion in value

The IT Consulting subsegment accounted for 48 percent of total activity with 31 transactions

Select transactions:

• The acquisition of valuation and corporate finance advisory Duff & Phelps by Permira Advisors in a transaction valuing the company

at $1.8 billion

• Resources Global Professionals’ $37.5 million acquisition of staffing and outsourced services provider Accretive Solutions

• The $28 million acquisition of video training platform Practice XYZ by Instructure

• The majority investment received by IT and digital transformation services provider Apps Associates from BV Investment Partners

• PwC’s acquisition of Salesforce customer relationship management software and services provider cDecisions

• The acquisition of outsourcing services provider Motif by TeleTech

# % $MM % # $MM # $MM # $MM

IT Consulting 31 48% $2,102.2 40% 27 $2,054.1 1 - 3 $48.1

Corporate Training 11 17% 289.8 6% 3 28.0 3 190.0 5 71.8

HR Consulting 5 8% - 0% 0 - 4 - 1 -

Healthcare Consulting 4 6% 856.0 16% 2 735.0 1 - 1 121.0

BPO 3 5% 83.6 2% 3 83.6 0 - 0 -

Logistics 3 5% 140.0 3% 1 - 0 - 2 140.0

Financial Consulting 2 3% 1,750.0 34% 1 - 1 1,750.0 0 -

Other 6 9% 0.0 0% 3 0.0 3 0.0 0 0.0

Total 65 100% 5,221.5 100% 40 2,900.7 13 1,940.0 12 380.9

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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35 | M&A and Investment Summary November 2017

Business Services Public Company Valuation (1/3)

($ in Millions, except stock price data)

Consulting

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Accenture plc Ireland 148.01 0% $ 90,984.4 $ 87,640.3 $ 34,850.2 $ 5,654.6 16.2% 6.0% 2.5x 15.5x

CRA International, Inc. United States 45.20 -4% 366.5 346.4 352.6 30.7 8.7% 11.0% 1.0x 11.3x

FTI Consulting, Inc. United States 43.01 -9% 1,592.2 1,895.3 1,781.9 159.6 9.0% -1.6% 1.1x 11.9x

Information Services Group, Inc. * United States 4.52 -2% 196.2 289.5 257.2 15.7 6.1% 19.0% 1.1x 18.5x

Navigant Consulting, Inc. United States 19.19 -31% 881.2 1,048.9 948.6 128.1 13.5% 4.1% 1.1x 8.2x

ICF International, Inc. United States 54.05 -9% 1,007.6 1,231.2 1,197.5 113.4 9.5% 1.8% 1.0x 10.9x

Huron Consulting Group Inc. United States 40.90 -26% 869.1 1,235.4 724.8 96.7 13.3% -1.2% 1.7x 12.8x

The Hackett Group, Inc. United States 16.33 -21% 468.0 473.7 261.7 40.9 15.6% 1.7% 1.8x 11.6x

Adjusted Weighted Average 1.2x 11.1x

($ in Millions, except stock price data)

HR Services

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Automatic Data Processing, Inc. United States 114.46 -6% $ 50,761.8 $ 50,416.5 $ 12,541.7 $ 2,713.5 21.6% 5.7% 4.0x 18.6x

Barrett Business Services, Inc. United States 66.36 -2% 484.5 452.5 896.8 31.8 3.5% 10.3% 0.5x 14.2x

Capita plc United Kingdom 6.30 -35% 4,194.7 7,276.7 6,338.6 872.7 13.8% 3.8% 1.1x 8.3x

DHI Group, Inc. United States 1.85 -73% 93.0 139.3 212.0 35.5 16.7% -10.6% 0.7x 3.9x

Edenred SA France 28.63 -4% 6,681.3 8,364.1 1,363.4 450.7 33.1% 20.6% 6.1x 18.6x

Insperity, Inc. United States 117.90 -1% 2,457.4 2,273.9 3,202.8 135.2 4.2% 11.9% 0.7x 16.8x

Marsh & McLennan Companies, Inc. United States 83.93 -1% 42,834.2 47,329.2 13,703.0 3,267.0 23.8% 3.9% 3.5x 14.5x

Paychex, Inc. United States 67.31 -1% 24,186.4 23,875.4 3,182.6 1,390.8 43.7% 5.6% 7.5x 17.2x

TriNet Group, Inc. United States 44.76 -1% 3,110.2 3,278.3 3,238.5 239.1 7.4% 8.9% 1.0x 13.7x

WageWorks, Inc. * United States 64.15 -20% 2,542.7 1,895.1 461.7 91.7 19.9% 33.1% 4.1x 20.7x

Adjusted Weighted Average 4.3x 16.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.4x)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.7x)

LTM Multiples

LTM Multiples

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36 | M&A and Investment Summary November 2017

Business Services Public Company Valuation (2/3)

($ in Millions, except stock price data)

IT Consulting

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Accenture plc Ireland 148.01 0% $ 90,984.4 $ 87,640.3 $ 34,850.2 $ 5,654.6 16.2% 6.0% 2.5x 15.5x

Amdocs Limited United States 65.29 -4% 9,490.2 8,510.6 3,867.2 725.5 18.8% 4.0% 2.2x 11.7x

Bechtle AG Germany 85.39 -2% 3,586.3 3,557.3 4,059.2 219.4 5.4% 14.7% 0.9x 16.2x

Booz Allen Hamilton Holding Corporation United States 38.69 -2% 5,641.5 7,158.5 6,022.4 568.9 9.4% 8.5% 1.2x 12.6x

Business & Decision SA France 9.41 -5% 74.2 111.2 253.1 7.8 NA -1.5% 0.4x 14.3x

Capgemini SE France 115.37 -9% 18,382.8 20,963.5 14,482.6 1,842.6 12.7% 1.0% 1.4x 11.4x

Cerner Corporation * United States 70.69 -4% 23,498.4 23,181.4 4,987.9 1,387.4 27.8% 7.7% 4.6x 16.7x

CGI Group Inc. Canada 52.83 -3% 14,955.8 16,333.0 8,676.8 1,449.7 16.7% 1.5% 1.9x 11.3x

Cognizant Technology Solutions Corporation United States 72.28 -6% 42,619.6 38,729.6 14,444.0 2,876.0 19.9% 8.9% 2.7x 13.5x

Digi International Inc. United States 10.25 -27% 273.3 163.1 181.6 12.5 6.9% -10.5% 0.9x 13.1x

DXC Technology Company United States 96.14 -3% 27,425.7 33,646.7 15,882.0 2,196.0 13.8% 115.8% 2.1x 15.3x

Globant S.A. * Luxembourg 40.00 -16% 1,404.0 1,369.6 385.3 52.9 13.7% 25.4% 3.6x 25.9x

International Business Machines Corporation United States 153.97 -16% 142,544.1 176,801.1 78,366.0 16,839.0 21.5% -2.3% 2.3x 10.5x

Infosys Limited India 15.13 -7% 34,582.8 29,084.3 10,499.0 2,835.0 27.0% 5.6% 2.8x 10.3x

ITS Group France 8.07 -9% 62.0 66.6 208.7 8.3 4.0% -4.3% 0.3x 8.0x

Navigant Consulting, Inc. United States 19.19 -31% 881.2 1,048.9 948.6 128.1 13.5% 4.1% 1.1x 8.2x

NTT Data Corporation Japan 11.77 -4% 16,513.2 20,156.8 17,528.4 2,517.1 14.4% 19.5% 1.1x 8.0x

Perficient, Inc. United States 19.36 -4% 675.8 738.4 458.5 51.0 11.1% -4.9% 1.6x 14.5x

Presidio, Inc. United States 15.44 -9% 1,415.8 2,314.1 2,844.9 221.1 7.8% 3.1% 0.8x 10.5x

Reply S.p.A. Italy 57.57 -10% 2,153.5 2,111.8 976.0 127.7 13.1% 12.2% 2.2x 16.5x

SQLi France 41.97 -27% 161.3 183.9 225.7 16.9 7.5% 6.7% 0.8x 10.9x

Tata Consultancy Services Limited India 40.87 -5% 78,232.9 73,182.1 18,296.3 4,892.4 26.7% 4.5% 4.0x 15.0x

Wipro Limited India 4.52 -5% 21,895.6 18,229.8 8,378.6 1,692.1 20.2% 1.6% 2.2x 10.8x

Adjusted Weighted Average 2.5x 12.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.9x)

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37 | M&A and Investment Summary November 2017

Business Services Public Company Valuation (3/3)

($ in Millions, except stock price data)

Outsourced Services

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

AMREP Corporation United States $6.96 -9% $ 56.3 $ 43.2 $ 40.2 $ 2.4 5.9% -6.2% 1.1x 18.1x

Cenveo, Inc. United States 0.91 -88% 7.8 1,060.5 1,507.9 118.1 7.8% -8.2% 0.7x 9.0x

Cimpress N.V. Netherlands 121.80 -2% 3,780.8 4,800.8 2,255.0 144.9 6.4% 21.5% 2.1x 33.1x

Communisis plc United Kingdom 0.83 -3% 172.6 211.1 484.4 32.3 6.7% 5.2% 0.4x 6.5x

Contax Participações S.A. Brazil 1.31 -59% 5.4 419.2 581.9 44.2 7.6% -9.6% 0.7x 9.5x

Convergys Corporation United States 24.68 -7% 2,280.7 2,380.0 2,860.8 356.8 12.5% -1.6% 0.8x 6.7x

CSG Systems International, Inc. United States 45.89 -11% 1,538.2 1,614.0 779.5 138.7 17.8% 2.2% 2.1x 11.6x

Elanders AB (publ) Sweden 9.80 -31% 346.4 657.6 1,114.4 71.6 6.4% 78.9% 0.6x 9.2x

Eniro AB (publ) Sweden 0.01 -77% 5.8 213.9 208.5 24.5 11.8% -17.8% 1.0x 8.7x

ExlService Holdings, Inc. United States 61.38 -3% 2,083.4 1,879.7 741.7 103.5 14.0% 10.0% 2.5x 18.2x

Firstsource Solutions Limited India 0.66 -14% 452.3 533.4 540.2 60.4 11.2% 1.4% 1.0x 8.8x

Genpact Limited Bermuda 32.24 -1% 6,223.7 7,004.5 2,684.3 450.3 16.8% 5.9% 2.6x 15.6x

InnerWorkings, Inc. United States 10.85 -10% 587.2 708.7 1,105.7 46.4 4.2% 1.4% 0.6x 15.3x

j2 Global, Inc. United States 75.46 -18% 3,652.9 4,249.6 1,053.3 394.0 37.4% 27.3% 4.0x 10.8x

Luxoft Holding, Inc. SwitzerlandSwitzerland 51.50 -24% 1,729.0 1,674.4 848.3 92.4 10.9% 18.5% 2.0x 18.1x

MAXIMUS, Inc. United States 69.08 0% 4,499.6 4,339.7 2,451.0 372.6 15.2% 2.0% 1.8x 11.6x

Quad/Graphics, Inc. United States 22.51 -22% 1,166.9 2,206.6 4,165.5 468.9 11.3% -6.3% 0.5x 4.7x

IQVIA Holdings Inc. United States 102.01 -8% 21,471.9 30,333.9 7,851.0 1,736.0 22.1% 72.9% 3.9x 17.5x

R.R. Donnelley & Sons Company United States 9.39 -49% 658.2 2,696.4 6,935.4 448.7 6.5% 93.2% 0.4x 6.0x

Serco Group plc United Kingdom 1.28 -37% 1,397.8 1,650.3 3,930.0 85.6 2.2% -1.0% 0.4x 19.3x

St Ives plc United Kingdom 1.06 -41% 151.8 225.6 515.9 34.7 6.7% 7.0% 0.4x 6.5x

StarTek, Inc. United States 9.80 -34% 158.2 180.8 298.1 15.6 5.2% -4.5% 0.6x 11.6x

SYNNEX Corporation United States 136.20 -1% 5,443.3 6,255.4 15,620.7 633.7 4.1% 13.8% 0.4x 9.9x

Sykes Enterprises, Incorporated United States 31.82 -8% 1,353.9 1,292.7 1,555.9 173.6 11.2% 10.5% 0.8x 7.4x

Teleperformance SE France 148.09 -4% 8,553.5 10,329.5 4,610.4 709.0 15.4% 17.8% 2.2x 14.6x

TeleTech Holdings, Inc. United States 40.50 -7% 1,856.9 2,040.1 1,395.7 171.0 12.3% 9.7% 1.5x 11.9x

transcosmos inc. Japan 24.43 -8% 1,013.3 908.3 2,238.3 84.0 3.8% 8.2% 0.4x 10.8x

Transcontinental Inc. Canada 21.57 -14% 1,679.1 1,830.7 1,636.0 328.1 20.1% 1.6% 1.1x 5.6x

Cimpress N.V. Netherlands 121.80 -2% 3,780.8 4,800.8 2,255.0 144.9 6.4% 21.5% 2.1x 33.1x

Adjusted Weighted Average 1.3x 11.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.9x)

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38 | M&A and Investment Summary November 2017

PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*

US-based Digital Media and Internet 4.6x 3.5x 7.0x 2.7x

Internationally-based Digital Media and Internet 5.0x 4.2x 7.2x 2.5x

US-based eCommerce 3.1x 2.3x 4.6x 2.3x

Internationally-based eCommerce 3.0x 1.0x 12.9x 1.8x

US-based Digital Advertising 4.1x 3.0x 8.8x 2.8x

Internationally-based Digital Advertising 4.1x 2.2x 14.5x 2.2x

US-based Marketing Technology 5.5x 4.6x 5.9x 4.3x

Internationally-based Marketing Technology 4.8x 4.5x 5.7x 5.1x

Agency 1.2x 1.3x 1.5x 1.5x

Marketing Services 1.8x 1.8x 3.1x 2.8x

Traditional Media 2.9x 2.5x 3.5x 3.1x

Software 5.6x 5.0x 5.8x 5.7x

Information 4.4x 3.6x 6.8x 5.2x

Business Services 1.4x 1.0x 2.6x 2.1x

As of close of business on 11/30/17

Current Summary Trading Valuation Information

Revenue Multiples (TTM)

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2

standard deviations above the mean

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39 | M&A and Investment Summary November 2017

PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*

US-based Digital Media and Internet 22.8x 21.8x 16.7x 17.3x

Internationally-based Digital Media and Internet 20.2x 15.9x 22.2x 14.3x

US-based eCommerce 20.1x 15.3x 22.5x 14.3x

Internationally-based eCommerce 20.2x 14.8x 31.7x 18.4x

US-based Digital Advertising 37.3x 23.5x 21.4x 15.9x

Internationally-based Digital Advertising 21.4x 13.6x 35.3x 16.2x

US-based Marketing Technology 41.6x 25.3x 32.5x 17.8x

Internationally-based Marketing Technology 40.1x 19.6x 21.3x 21.6x

Agency 10.1x 9.2x 9.1x 9.1x

Marketing Services 11.9x 9.7x 16.2x 9.0x

Traditional Media 15.6x 10.7x 12.0x 11.8x

Software 36.6x 22.7x 24.7x 17.2x

Information 18.9x 15.8x 25.3x 16.8x

Business Services 12.3x 11.6x 14.1x 13.0x

As of close of business on 11/30/17

Current Summary Trading Valuation Information

EBITDA Multiples (TTM)

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2

standard deviations above the mean

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40 | M&A and Investment Summary November 2017

80%

95%

110%

125%

140%

Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17

Ind

ex P

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rman

ce (

%)

Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce

Marketing Technology

Digital Advertising

PPLLC Indices LTM Share Pricing Trends

Note: LTM as of 11/30/2017

LTM Index Performance • S&P 500 – 20.8 % • Digital Media/Commerce – 51.8 %

• Traditional Media – 6.8 %

LTM Index Performance • S&P 500 – 20.8 %

• Marketing Technology – 26.9 %

LTM Index Performance • S&P 500 – 20.8 % • Digital Advertising – 37.3 %

LTM Index Performance • S&P 500 – 20.8 %

• Agency – (8.4 %)

• Marketing Services – 14.2 %

Digital Media/Commerce and Traditional Media

Software LTM Index Performance • S&P 500 – 20.8 %

• Software – 27.1 %

Agency & Marketing Services

Information & Business Services LTM Index Performance • S&P 500 – 20.8 %

• Information – 25.3 %

• Business Services – 11.8 %

v

80%

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%)

Digital Advertising S&P 500 Index (^SPX)

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Marketing Technology S&P 500 Index (^SPX)

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Software S&P 500 Index (^SPX)

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41 | M&A and Investment Summary November 2017

All Segments ($ in Millions)

Strategic Transactions StrategicValues Disclosed Target Target Segment Buyer/Investor Reported TV

Time, Inc. Traditional Media Meredith Corporation 2,812.9$ Aricent, Inc. Bus iness Services Altran Technologies SA 2,000.0 Dealogic (Holdings) plc Information ION Investment Group Ltd. 1,150.0 Mus ica l .ly Digi ta l Media/Commerce Bei jing Byte Dance Telecommunications Co., Ltd. 1,000.0 RxCrossroads Bus iness Services McKesson Corporation 735.0 Black Duck Software, Inc. Software Synopsys , Inc 565.0 Respawn Enterta inment LLC Digi ta l Media/Commerce Electronic Arts , Inc. 445.0 Skyhigh Networks , Inc. Software McAfee, Inc. 400.0 Argus Cyber Securi ty Ltd. Software Continental AG 400.0 Encar.com Digita l Media/Commerce carsa les .com 360.6 IGE+XAO Group Software Schneider Electric SE 221.5 BravoSolutions SpA Software JAGGAER, Inc. 219.0 Meetup.com, Inc. Digi ta l Media/Commerce WeWork.com 200.0 GV Holdings PLC, Headlong Assets Traditional Media Ropso Malta 174.2 Reckon Accountants Practice Management Software MYOB Technology Pty Ltd. 140.3 Outward, Inc. Marketing Technology Wil l iams-Sonoma, Inc. 112.0 Cloudmark, Inc. Marketing Technology Proofpoint, Inc. 110.0 Native Deodorants Digi ta l Media/Commerce Procter & Gamble Company 100.0 Peak Games, Inc., Mobi le Card Game Studio Digi ta l Media/Commerce Zynga, Inc. 100.0 Metamarkets Group, Inc. Marketing Technology Snap, Inc. 100.0 Cantaloupe Systems, Inc. Software USA Technologies , Inc. 86.6 Cash.jp Digi ta l Media/Commerce DMM.com Group 62.2 Webl i fe Balance, Inc. Software Proofpoint, Inc. 60.0 Kartuku Software Go-Jek 55.0 Qvidian Marketing Technology Upland Software, Inc. 50.0 Mashable, Inc. Digi ta l Media/Commerce Zi ff Davis , Inc. 50.0 TATA Bus iness Support Services Limited Bus iness Services Quess Corp Limited 46.1 Accretive Solutions , Inc. Bus iness Services Resources Connection, Inc. 37.5 Syncordis SA Bus iness Services Larsen & Toubro Infotech Limited 33.1 Practice XYZ Bus iness Services Instructure, Inc. 28.0 Multiplay Ltd. Traditional Media Unity Technologies , Inc. 25.1 BeyondBits Media Ltd. Digi ta l Advertis ing Catena Media 16.6 The Corner Communications (London) Limited Agency & Marketing Services Be Heard Group plc 16.0 Anisa Group Ltd. Bus iness Services Sanderson Ltd. 15.8 Comapi Marketing Technology dotDigi ta l Group plc 14.6 CapriCoast.com Home Solutions Pvt. Ltd. Digi ta l Media/Commerce HomeLane 14.0 Quinntessentia l Marketing Consulting Pty Ltd. Software ELMO Talent Management Software Pty Ltd. 7.8 Rockford IT Limited Bus iness Services SysGroup plc 5.2 Sienna Fi lms, Inc. Traditional Media Kew Media Group, Inc. 4.7 Tips ly LLC Digi ta l Advertis ing Big Un Limited 3.3

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42 | M&A and Investment Summary November 2017

All Segments ($ in Millions)

Strategic Transactions StrategicUndisclosed Target Target Segment Buyer/Investor Reported TV

495 Communications LLC Agency & Marketing Services Cardi ff International , Inc. -$ AGENCY212, LLC Agency & Marketing Services Fos ina Marketing Group - atom42 Ltd. Agency & Marketing Services Chei l Worldwide, Inc. - Barnett Cox & Assoicates , Inc. Agency & Marketing Services AMF Media Group - Bel l Pottinger Middle East Agency & Marketing Services Hanover Communications International Ltd. - Bug Ins ights LLP Agency & Marketing Services Deloitte LLP - Bul ldawg Marketing, Inc. Agency & Marketing Services Hirschfeld Marketing Solutions - Centra l Fi le, Inc. Agency & Marketing Services Anstandt Communications - Cinteo GmbH Agency & Marketing Services Daimler AG - Done+Dusted Agency & Marketing Services Hao Tian Development Group Limited - Eccolo Media, Inc. Agency & Marketing Services Elevation Marketing, Inc. - Exci te Communications Limited Agency & Marketing Services Comprend.com - FXdirect, Inc. Agency & Marketing Services FuseMind, Inc. - Graphic Matter, Inc. Agency & Marketing Services Baldwin & Obenauf, Inc. - Green Touch Awareness , Inc. Agency & Marketing Services Direct Equity International , Inc. - Hel ios Interactive Technologies , Inc. Agency & Marketing Services Freeman Company - Hungry, Inc. Agency & Marketing Services Figl iulo & Partners LLC - Immerse Group Agency & Marketing Services Havas - Infinia Services & Solutions JLT Agency & Marketing Services Cal i fornia Software Company Limited - JTA Hawai i Agency & Marketing Services Takami Brida l - Kamikaze Agency & Marketing Services Altavia Group - MA3 Agency Agency & Marketing Services Mazarine Group - Madaket and Compnay Limited Agency & Marketing Services Hume Brophy Communications - Moku Col lective LLC Agency & Marketing Services Digi ta l Evolution Group LLC - NeoNiche Stragegies LLC Agency & Marketing Services CAT Corporation - NewFus ion BVBA Agency & Marketing Services LiveReach Media, Inc. - Onibi SAS Agency & Marketing Services Ins ign - OrionCKB LLC Agency & Marketing Services El i te SEM - Oxyma Group B.V. Agency & Marketing Services Dentsu Aegis Network, Inc. - Plowshare Group, Inc. Agency & Marketing Services Publ icis Groupe S.A. - Roberts Communications , Inc. Agency & Marketing Services Partners & Napier, Inc. - The Gage Team Agency & Marketing Services Sandhi l l s Publ ishing Company - The Trout Group Agency & Marketing Services The PNC Financia l Services Group - Warner Communications Company, Inc. Agency & Marketing Services Mi l lwright Holdings LLC - WebTegri ty, Inc. Agency & Marketing Services CloudCommerce, Inc. - wi ldcard communications Agency & Marketing Services The Marketing Group Plc - a2media Corporation Bus iness Services Link and Motivation, Inc. - Ass imi lated Communications Bus iness Services CONNECT Communications Solutions - Avoltus Oy Bus iness Services Vinci t Group Oyj - Axonex Ltd. Bus iness Services Vodat Communications Group - BC Technica l , Inc. Bus iness Services Alpha Source, Inc. - cDecis ions Limited Bus iness Services PricewaterhouseCoopers LLP -

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43 | M&A and Investment Summary November 2017

All Segments ($ in Millions)

Strategic Transactions StrategicUndisclosed Target Target Segment Buyer/Investor Reported TV

ConQuest Technology Services , Corp. Bus iness Services United Data Technologies -$ Dominion Consulting, Inc. Bus iness Services TeraThink Corporation - DZH Phi l l ips LLP Bus iness Services Squar Mi lner LLP - Enterprise Appl ications , Inc. Bus iness Services Specia l Investigations Limited Company - e-Spatia l Bus iness Services Harrison Grierson Limited - Fi rs t Hosted Ltd. Bus iness Services RSM UK - Forsythe Technology, Inc. Bus iness Services Sirius Computer Solutions - FuturTech Consulting LLC Bus iness Services CloudScale365, Inc. - ITgen Bus iness Services Magyar Telekom Telecommunications Publ ic Limited Company - ivers i ty GmbH Bus iness Services Springer Nature - K2 Digi ta l Bus iness Services PureFacts Financia l Solutions , Inc. - Laser Network Solutions , Inc. Bus iness Services New England Systems, Inc. - Layer 3 Technology Bus iness Services Avitus Group, Inc. - Moti f, Inc. Bus iness Services TeleTech Holdings , Inc. - Netserve365 LLC Bus iness Services Magna5 - Nextlevel Information Technology, Inc. Bus iness Services SDI Presence LLC - OrthoExecutive Ltd. Bus iness Services Crowther Bal lantyne Associates Limited - Premier Logic Bus iness Services ALTEN Calsoft Labs , Inc. - Primary Integration Solutions Bus iness Services Bureau Veri tas SA - Ra izlabs Corporation Bus iness Services Rightpoint Consulting LLC - RiverPoint Group LLC Bus iness Services Al lant Group, LLC - Secure-24, LLC Bus iness Services NTT Communications Corporation - Story & Heart LLC Bus iness Services Inmagine Group - Terminus Consulting Corp. Bus iness Services TechCanary - Trustis Limited Bus iness Services Entrust Datacard Corporation - WumDrop Bus iness Services Makro Technologies , Inc. - Direct Affi l iate Digi ta l Advertis ing Benefi t Pte. Ltd - El i teProNet, Inc. Digi ta l Advertis ing PlanHub, Inc. - EthosWel l LLC Digi ta l Advertis ing Simplafyi LLC - Hotelscan Digi ta l Advertis ing Lastminute.com N.V. - Mednanny Digi ta l Advertis ing Doctena S.A. - PokerScout.com Digita l Advertis ing Catena Media - Trip.com Digita l Advertis ing Ctrip.com International , Ltd. - Twizoo Ltd. Digi ta l Advertis ing Skyscanner Limited - Accomable Limited Digi ta l Media/Commerce Airbnb, Inc. - Animoca Brands Corporation Limited Digi ta l Media/Commerce iCandy Interactive Limited - Bl i tsy, Inc. Digi ta l Media/Commerce A.C. Moore Arts & Crafts Inc. - Carnet de Mode Digi ta l Media/Commerce Bagora - Ci tyInformation B.V. Digi ta l Media/Commerce Digi ta lTown, Inc. - Evertoon, Inc. Digi ta l Media/Commerce Niantic, Inc. - Experiment 101 AB Digi ta l Media/Commerce THQ Nordic AB - FashInvest Digi ta l Media/Commerce Penske Media Corporation -

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44 | M&A and Investment Summary November 2017

All Segments ($ in Millions)

Strategic Transactions StrategicUndisclosed Target Target Segment Buyer/Investor Reported TV

Fluently Digi ta l Media/Commerce Samsung Group -$ Freight Match Digi ta l Media/Commerce Zoom2u Pty. Ltd. - Frontmen.com Digita l Media/Commerce RNB Retai l and Brands AB - Hol iday Planet Pty. Ltd. Digi ta l Media/Commerce Imagine Cruis ing Limited - Indones ia Fl ight Digi ta l Media/Commerce Bl ibl i .com - Kamcord, Inc. Digi ta l Media/Commerce Lyft, Inc. - Marinal i fe LLC Digi ta l Media/Commerce Snag A Sl ip LLC - Motion Math, Inc. Digi ta l Media/Commerce Curriculum Associates LLC - Neighbourly Ltd. Digi ta l Media/Commerce Stuff - netprice.com, Limited Digi ta l Media/Commerce Aucfan Co., Ltd. - Neybers AB Digi ta l Media/Commerce KuuHubb Oy - Outbank Digi ta l Media/Commerce ProSiebenSat.1 Media AG - Pixelberry Studios Digi ta l Media/Commerce NEXON Korea Corporation - PupBox, Inc. Digi ta l Media/Commerce Petco Animal Suppl ies , Inc. - Swing Technologies , Inc. Digi ta l Media/Commerce Microsoft Corporation - Tradono Digi ta l Media/Commerce Trendsales ApS - Tulumba LLC Digi ta l Media/Commerce Ablak Holdings LLC - VarageSale, Inc. Digi ta l Media/Commerce Vertica lScope, Inc. - Vault Investments , Inc. Digi ta l Media/Commerce Acorns Grow, Inc. - VetPronto, Inc. Digi ta l Media/Commerce Vetted PetCare, Inc. - VetZoo AB Digi ta l Media/Commerce Musti ja Mirri Oy - CASCAID Ltd. Information Xel lo - Chemical Market Resources , Inc. Information ADI Analytics LLC - Hayes , Inc. Information TractManager, Inc. - Mexico Bus iness Directory Information Digi ta l Map Products , Inc. - Oi l -Law Records Corporation Information Dri l l ing Info, Inc. - Relocation Specia l i s t Information Constel lation Web Solutions , Inc. - Remedy Health Media, LLC Information Topspin Partners LBO, LP - Acquis io, Inc. Marketing Technology Web.com Group, Inc. - Adbas is , Inc. Marketing Technology Airbnb, Inc. - Adphorus Marketing Technology Sojern, Inc. - Bui lderFus ion Marketing Technology GrowthZone, Inc. - Canned Banners LLC Marketing Technology Adacus LLC - Closely, Inc. Marketing Technology UpCurve, Inc. - Contondo, Inc. Marketing Technology BigTinCan Mobi le Pty Ltd. - Elastic Grid Marketing Technology Zi ft Solutions , Inc. - EyeSee Solutions Marketing Technology OLAmobi le - Giaran, Inc. Marketing Technology Shiseido Company Ltd. - Halo Bus iness Intel l igence, Inc. Marketing Technology Logi l i ty, Inc. - Loyalty Bay Limited Marketing Technology Perkbox - Picture Production Company Limited Marketing Technology SDI Media Group, Inc. - SUMOTEXT Corporation Marketing Technology IMImobi le PLC -

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45 | M&A and Investment Summary November 2017

All Segments ($ in Millions)

Strategic Transactions StrategicUndisclosed Target Target Segment Buyer/Investor Reported TV

Swiftype Inc. Marketing Technology Elasticsearch BV -$ Taykey, Inc. Marketing Technology Innovid, Inc. - Viewics , Inc. Marketing Technology Roche Holdings , Inc. - WebLink International , Inc. Marketing Technology MemberCl icks , Inc. - wywy GmbH Marketing Technology TVSquared Inc. - Xi lopix SAS Marketing Technology Qwant SAS - 3DSIM LLC Software ANSYS, Inc. - Adra Software AS Software Trintech, Inc. - Ajubeo LLC Software Green House Data - Algorics , Inc. Software OmniComm Systems, Inc. - Al legory Law, Inc. Software Integreon, Inc. - Alpha Exchange Ltd. Software Vis ible Alpha LLC - Alpine Data Labs Software TIBCO Software, Inc. - Analytica l Informatics , Inc. Software Koninkl i jke Phi l ips Electronics NV - Arcadian Telepsychiatry LLC Software MYnd Analytics , Inc. - Ariett.com Software AvidXchange, Inc. - BlueCielo ECM Solutions BV Software Accruent LLC - Bytronics , Inc. Software irth Solutions , Inc. - Cadens Medica l Imaging Software Imagia Cybernetics Inc. - Capture for Ji ra Software Zephyr - Careform Software ConnectiveRx - Conexsys Communications Limited Software Optiv Securi ty, Inc. - Correct Communications Pty Ltd. Software Cirrus Networks Holdings Limited - Data Transfer Solutions LLC Software Atkins Global - DATASHIELD Software ADT LLC - Decis ion Lab LLC Software Optiv Securi ty, Inc. - Docufi l l LLC Software Change Healthcare, Inc. - Ensenta Corporation Software Jack Henry & Associates , Inc. - Evercondo Software FRONTSTEPS - Exactal Group Limited Software RIB Software SE - FactorTrust Software TransUnion, LLC - Financia l Aid Management for Education, Inc. (FAME) Software Constel lation Software, Inc. - GeonX S.A. Software General Electric Company - Holdings Ins ight Software Dynamo Software, Inc. - HotDocs Limited Software Abacus Data Systems, Inc. - Immunio, Inc. Software Trend Micro, Inc. - Mapmechanics Limited Software CACI International , Inc. - Masterkey Supreme Limited & Airl i s t Software Dubizzle Limited - MDDX LLC Software BioCl inica , Inc. - Modestpark LLC Software SS&C Technologies Holdings , Inc. - NetWatcher Software Qualys , Inc. - Neumob, Inc. Software CloudFlare -

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46 | M&A and Investment Summary November 2017

All Segments ($ in Millions)

Strategic Transactions StrategicUndisclosed Target Target Segment Buyer/Investor Reported TV

Omnipointment, Inc. Software Mirmir, Inc. -$ Order Simpl ici ty LLC Software Myndshft Direct - Peoplenet, Inc. Software Bul lhorn, Inc. - Pomel lo Software OutMatch, Inc. - Qumram AG Software Dynatrace LLC - Radio1033 LLC Software Tyler Technologies - Restlet SAS Software Talend S.A. - Si lexx Financia l Systems LLC Software Cboe Global Markets , Inc. - Sol ido Des ign Automation, Inc. Software Siemens AG - Sonian, Inc. Software Barracuda Networks , Inc. - Soundtrap AB Software Spoti fy Ltd. - Streamed Software Money Forward, Inc. - Technosens SAS Software SeniorAdom - TelaPoint, Inc. (WEX Software Divis ion) Software Profess ional Datasolutions , Inc. - Teqqa LLC Software ILUM Health Solutions - ThreadKM Software NetDocuments - Tribe PM, Inc. Software PeopleVine - VeloCloud Networks , Inc. Software VMware, Inc. - Vikus Corporation Software HealthcareSource HR, Inc. - Zyme Solutions , Inc. Software E2open, Inc. - AIREC Traditional Media UBM plc - Azteca America Traditional Media HC2 Holdings , Inc. - Courrier Laval Traditional Media 2M Media - Cozy Games Traditional Media GVC Holdings PLC - Crocmedia Pty Ltd. Traditional Media Paci fic Star Network Limited - Friends & Partners Traditional Media Eventim - Gravi tas Ventures LLC Traditional Media Red Arrow Enterta inment Group GmbH - MIREC Traditional Media UBM plc - PAPER Communications Traditional Media ENTech Media Group - Red House Records , Inc. Traditional Media Compass Records Group - Stanly News & Press Traditional Media Boone Newspapers , Inc. - UK Investor Show Ltd. Traditional Media MBN Promotions - Visyon Traditional Media ProBi l i ty Media Corp. -

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47 | M&A and Investment Summary November 2017

All Segments ($ in Millions)

Buyout Transactions

Buyout DealsValues Disclosed Target Target Segment Buyer/Investor Reported TV

Duff & Phelps Corporation Bus iness Services Permira Advisers 1,750.0$ Barracuda Networks , Inc. Software Thoma Bravo, Inc. 1,405.6 ULLINK Software Nordic Capita l Limited 650.0 Eastern Broadcasting Co., Ltd. Traditional Media Mao Te International Invesment Company 563.0 BazaarVoice, Inc. Marketing Technology Marl in Equity Partners 458.9 Wal l Street Engl ish Bus iness Services Baring Private Equity As ia 100.0 Studienkreis GmbH Bus iness Services IK Investment Partners 90.0

Buyout DealsUndisclosed Target Target Segment Buyer/Investor Reported TV

BrandShop Agency & Marketing Services Beringer Capita l -$ Experientia l Events Group LLC Agency & Marketing Services Lead Lap Enterprises , LLC - NKP Medica l Marketing, inc. Agency & Marketing Services BM Growth Advisors - Riddle & Bloom Agency & Marketing Services Teal l Investments - Apps Associates LLC Bus iness Services BV Investment Partners - Benefi tMal l , Inc. Bus iness Services The Carlyle Group - Career Partner GmbH Bus iness Services Oakley Capita l Investments , Ltd. - HR Knowledge, Inc. Bus iness Services ABRY Partners , LLC - IMS ExpertServices , Inc. Bus iness Services Trini ty Hunt Partners - ProService Hawai i Bus iness Services FFL Partners LLC - Tria lCard, Inc. Bus iness Services Odyssey Investment Partners , LLC - Vaco, LLC Bus iness Services Olympus Partners - Whitney, Bradley and Brown, Inc. Bus iness Services H.I.G. Capita l LLC - WorldStrides , Inc. Bus iness Services Eurazeo - Peixe Urbano Digi ta l Advertis ing Mountain Nazca - Epidemic Sound AB Digi ta l Media/Commerce EQT Partners - iSecrets Digi ta l Media/Commerce FatFish Global Ventures - MDVIP, Inc. Information Leonard Green & Partners , L.P. - Ca l lRevu LLC Marketing Technology Serent Capita l , L.P. - GenAlpha Technologies LLC Marketing Technology Shore Points Capita l Management, LLC - ABC Financia l Services , Inc. Software Thoma Bravo, Inc. - Actiance, Inc. Software K1 Investment Management, LLC - Appl ied Voice & Speech Technologies , Inc. Software StoneCal ibre, LLC - Cytel , Inc. Software New Mountain Capita l , LLC - Geopointe LLC Software The Ascent Group LLC - GOconnectIT B.V. Software Main Capita l Partners B.V. - Medicat LLC Software Banyan Software - Meona GmbH Software EMERAM Capita l Partners GmbH - Payfare, Inc. Software Hope Wel l Capita l Corp. - PCMS Group plc Software Inflexion Private Equity LLP - B4U Televis ion Network (India) Ltd. Traditional Media Abercross Holdings - SUNSET Magazine Traditional Media Regent L.P. -

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48 | M&A and Investment Summary November 2017

All Segments ($ in Millions)

Venture/Growth Capital Transactions VC/Growth CapitalValues Disclosed Target Target Segment Buyer/Investor Reported TV

Snap, Inc. Digi ta l Media/Commerce Tencent Holdings Ltd. 2,000.0$ Souche.com Digita l Media/Commerce Al ibaba Group Holding Ltd. 335.0 Cornerstone OnDemand, Inc. Software Si lver Lake Partners 294.0 SenseTime Marketing Technology Al ibaba Group Holding Ltd. 227.0 Radius Payment Solutions Ltd. Software Inflexion Private Equity LLP 200.0 Niantic, Inc. Digi ta l Media/Commerce Spark Capita l 200.0 Maoyan.com Digita l Media/Commerce Tencent Holdings Ltd. 150.0 Intersection Traditional Media Graham Holdings Company 150.0 Ful lerton Healthcare Corporation Limited Bus iness Services Ping An Ventures 121.0 Yunmanman Bus iness Services Tiger Global Management, LLC 120.0 Xiaozhu.com Digita l Media/Commerce Yunfeng Capita l 120.0 UpTake Technologies , Inc. Marketing Technology Bai l l ie Gi fford & Company 117.0 i .am+ Marketing Technology Undisclosed 117.0 Farmers Bus iness Network, Inc. Digi ta l Media/Commerce T. Rowe Price Group, Inc. 110.0 Shouqi Group Digi ta l Media/Commerce Baidu Capita l 105.0 Phoenix Travel Worldwide Co., Ltd. Digi ta l Media/Commerce CITIC Capita l Partners 105.0 yMatou.com Digita l Media/Commerce China Merchants Venture Capita l Management 100.0 Compass .com Digita l Media/Commerce Insti tutional Venture Partners 100.0 InVis ion App, Inc. Software Battery Ventures 100.0 Del iveroo Digi ta l Media/Commerce Accel Partners 98.0 Poshmark, Inc. Digi ta l Media/Commerce Menlo Ventures 87.5 Monzo Bank Limited Digi ta l Media/Commerce Thrive Capita l 82.3 CloudSense Ltd. Marketing Technology Vector Capita l Corporation 77.0 Maimai .cn Digi ta l Media/Commerce DCM Ventures 75.0 GetYourGuide, Inc. Digi ta l Advertis ing Battery Ventures 75.0 Spire Global , Inc. Software Luxembourg Future Fund 70.0 UnitedMasters Marketing Technology Andreessen Horowitz 70.0 aCommerce Marketing Technology Emerald Media 65.0 MetricStream, Inc. Software Sageview Capita l 65.0 Ayla Networks Software Run Liang Ta i 60.0 Yotpo, LTD. Marketing Technology Bessemer Venture Partners 51.0 Graphcore Ltd Software Sequoia Capita l 50.0 Col lective Medica l Technologies , Inc. Software Bessemer Venture Partners 47.5 Leanplum, Inc. Marketing Technology Kleiner Perkins Caufield & Byers 47.0 Kaseya Limited Bus iness Services Ireland Strategic Investment Fund 44.6 Doctol ib SAS Digi ta l Advertis ing Bpifrance SA 41.5 H20.a i Software Nexus Venture Partners 40.0 Group Nine Media Digi ta l Media/Commerce Discovery Communications LLC 40.0 Victoria Beckham Limited Digi ta l Media/Commerce NEO Investment Partners 40.0 Globetouch, Inc. Software Hermes Growth Partners 40.0 ALO7 Bus iness Services QUALCOMM Ventures 37.5 TransferMate Ltd. Software Al l ied Iri sh Banks 35.2

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49 | M&A and Investment Summary November 2017

All Segments ($ in Millions)

Venture/Growth Capital Transactions VC/Growth CapitalValues Disclosed Target Target Segment Buyer/Investor Reported TV

1QB Information Technologies , Inc. Software Accenture plc 35.1$ Global i ty, Inc. Digi ta l Media/Commerce Raine Ventures 35.0 Health IQ Insurance Services Digi ta l Media/Commerce Andreessen Horowitz 34.6 Malong Technologies Marketing Technology SoftBank Corporation 33.0 Dejero Labs , Inc. Software Kayne Anderson Capita l Advisors , L.P. 32.0 Scoop Technologies , Inc. Digi ta l Media/Commerce Index Ventures 31.0 Thrive Global Holdings , Inc. Digi ta l Media/Commerce Lerer Hippeau Ventures 30.0 Arterys , Inc. Software GE Ventures 30.0 Syapse, Inc. Software GE Ventures 30.0 ThreatQuotient, Inc. Software New Enterprise Associates 30.0 Natura l Cycles AB Digi ta l Media/Commerce EQT Ventures 30.0 Cheche365.com Digita l Advertis ing China Capita l Group 30.0 Instart Logic, Inc. Marketing Technology Andreessen Horowitz 30.0 LightStep, Inc. Software Sequoia Capita l 29.0 Kano Computing Ltd. Digi ta l Media/Commerce Index Ventures 28.0 StrongBox Data Solutions , Inc. Software FTQ 27.0 LeanTaaS Marketing Technology Ins ight Venture Partners 26.0 Revers ingLabs , Inc. Software Trident Capita l 25.0 eLocal USA LLC Digi ta l Advertis ing LLR Partners , Inc. 25.0 Spot.IM Ltd. Digi ta l Media/Commerce Ins ight Venture Partners 25.0 Blockstream, Inc. Software DG Lab Fund 25.0 Pear Video Digi ta l Media/Commerce People.cn 25.0 Ti ff's Treats Cookie Del ivery Digi ta l Media/Commerce Morgan Stanley Private Equity 25.0 Qubole, Inc. Software Norwest Venture Partners 25.0 Ji tterbit, Inc. Software Kohlberg Kravis Roberts & Company L.P. 25.0 BigPanda, Inc. Software Sequoia Capita l 25.0 Mojio, Inc. Software Innogy Venture Capita l 23.3 Logz.io Marketing Technology 83North 23.0 InstaCarro Comercio De Veiculos LTDA. Digi ta l Media/Commerce FJ Labs 22.0 TaskEasy, Inc. Digi ta l Media/Commerce Grotech Ventures 22.0 Atomist, Inc. Software Accel Partners 22.0 TrueAccord Corporation Software Nyca Partners 22.0 GoSpotCheck, Inc. Software Ins ight Venture Partners 21.5 Bui l t Technologies , Inc. Software Index Ventures 21.0 Eque2 Limited Software LDC (Managers ) Limited 21.0 Prognos .a i Software CIGNA Corporation 20.5 Prognos , Inc. Software Safeguard Scienti fics , Inc. 20.5 Depos it Solutions GmbH Software e.Ventures 20.0 JumpCloud, Inc. Software Foundry Group 20.0 Sca lyr.com Software Shasta Ventures 20.0 AXIOS Media Inc. Digi ta l Media/Commerce Greycroft Partners LLC 20.0 NVXL Technology, Inc. Software Al ibaba Group Holding Ltd. 20.0

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50 | M&A and Investment Summary November 2017

All Segments ($ in Millions)

Venture/Growth Capital Transactions VC/Growth CapitalValues Disclosed Target Target Segment Buyer/Investor Reported TV

Behavox Ltd. Software Index Ventures 20.0$ CargoX Transportes Bus iness Services QUALCOMM Ventures 20.0 Shippo Software Bessemer Venture Partners 20.0 Gl int, Inc. Software Bessemer Venture Partners 20.0 CYREN Ltd. Software Warburg Pincus LLC 19.6 Less .com Digita l Media/Commerce Index Ventures 19.0 Pomelo Fashion Co., Ltd. Digi ta l Media/Commerce Lombard Investments 19.0 Rx Savings Solutions , LLC Software McCarthy Capita l 18.4 Quantum Circuits , Inc. Software Sequoia Capita l 18.0 Revel -Health.com Software TT Capita l Partners 17.0 EclecticIQ B.V. Software Keen Venture Partners 16.3 Panorama Education, LLC Bus iness Services Spark Capita l 16.0 Cl imaCel l , Inc. Digi ta l Media/Commerce Canaan Partners 15.0 Candid Co. Digi ta l Media/Commerce Bessemer Venture Partners 15.0 Trocafone Digi ta l Media/Commerce FJ Labs 15.0 Goji Digi ta l Advertis ing Hudson Structured Capita l Management 15.0 Broker Genius Marketing Technology Vol i tion Capita l LLC 15.0 Hostmaker Digi ta l Media/Commerce Ventech 15.0 Pixvana, Inc. Marketing Technology Hearst Ventures 14.0 Smartkarma Information Sequoia Capita l 14.0 Putiandi Digi ta l Advertis ing Eastern Bel l Venture Capita l 13.6 Tmeng.cn Traditional Media DT Capita l Partners 13.5 Pretty Green Ltd. Digi ta l Media/Commerce Rockpool Investments 13.1 Quidd, Inc. Digi ta l Media/Commerce Sequoia Capita l 13.0 AppZen, Inc. Software Redpoint Ventures 13.0 Oviva AG Digi ta l Media/Commerce Albion Capita l Group 12.0 Assemble Systems, Inc. Software Satterfield Vintage Investments 12.0 Tacton Systems AB Marketing Technology GRO Capita l 12.0 Welkin Health, Inc. Software Thrive Capita l 12.0 Treasury Intel l igence Solui tons GmbH Software 83North 12.0 Vade Secure SAS Software ISAI Gestion 12.0 3YourMind USA Software AM Ventures 12.0 Shippeo SAS Software Partech Ventures 11.8 TheGuarantors Agency Digi ta l Media/Commerce Alven Capita l Partners 11.7 Roomi, Inc. Digi ta l Media/Commerce Great Oaks Venture Capita l 11.0 MyMusicTaste Digi ta l Media/Commerce Stonebridge Capita l 11.0 BeMyEye s .r.l . Marketing Technology Nauta Capita l 10.5 SCADAfence Ltd. Software Jerusalem Venture Partners 10.0 BetterLesson, LLC Bus iness Services Owl Ventures 10.0 AISense, Inc. Marketing Technology Horizons Ventures Ltd. 10.0 Kneron, Inc. Software Sequoia Capita l 10.0 Trouva Digi ta l Media/Commerce Index Ventures 10.0

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51 | M&A and Investment Summary November 2017

All Segments ($ in Millions)

Venture/Growth Capital Transactions VC/Growth CapitalValues Disclosed Target Target Segment Buyer/Investor Reported TV

Fl ightdocs , Inc. Software Argentum Group 10.0$ Crux Informatics , Inc. Software The Goldman Sachs Group, Inc. 10.0 Kissht Software Fosun International Limited 10.0 Ranger Health, Inc. Digi ta l Media/Commerce Holt Ventures 10.0 Quip NYC, Inc. Digi ta l Media/Commerce Sherpa Capita l 10.0 Book a Tiger Digi ta l Media/Commerce DN Capita l 9.4 Framer Software Accel Partners 9.3 Affinio.com Marketing Technology Round 13 Capita l 9.0 Real i , Inc. Digi ta l Media/Commerce Signia Venture Partners 9.0 Ra l lyteam, Inc. Software Norwest Venture Partners 8.6 Fineway GmbH Marketing Technology Axel Springer SE 8.3 Pwnie Express Software .406 Ventures , LLC 8.0 Seebo Interactive Ltd. Software Pri tzker Group 8.0 Di l iTrust SAS Software Calcium Capita l 8.0 Lessonly LLC Software OpenView Venture Partners 8.0 Resonate Networks , Inc. Marketing Technology Revolution Growth 8.0 YugaByte, Inc. Software Lightspeed Venture Partners 8.0 Zego Digi ta l Media/Commerce LocalGlobe 7.9 Libra Services , Inc. Software Liberty Ci ty Ventures 7.8 VidMob, Inc. Digi ta l Media/Commerce Manifest Investment Partners , LLC 7.5 HopSkipDrive, Inc. Digi ta l Media/Commerce Firs tMark Capita l 7.4 Perlara , PBC Software Homebrew LLC 7.4 Hel lo Soda Marketing Technology NVM Private Equity Limited 7.3 Mytonomy, Inc. Software Phi l ips Health Technology Ventures 7.0 Bui ldup.co Software TLV Partners 7.0 Fi rs t Access , Inc. Software Bamboo Capita l Partners 7.0 Pixelz, Inc. Marketing Technology (Private Investors ) 7.0 Timely Ltd. Marketing Technology Movac Limited 7.0 Embodied Intel l igence, Inc. Software Ampl i fy Partners 7.0 LogDNA Software Ini tia l i zed Capita l 7.0 ThirdChannel , Inc. Marketing Technology Fung Capita l 7.0 NeuVector, Inc. Software Hummer Winblad Venture Partners 7.0 Kaodim Digi ta l Media/Commerce Square Peg Capita l 7.0 Alodokter.com Software SoftBank Capita l 7.0 Ink Labs , Inc. Digi ta l Media/Commerce VTF Capita l 7.0 Hims, Inc. Digi ta l Media/Commerce Forerunner Ventures 7.0 Wahed Invest LLC Software CUE BALL Capita l 7.0 SAM Labs Ltd. Bus iness Services Touchstone Innovations 6.8 Tech in As ia Traditional Media Hanwha Investment & Securi ties 6.6 Repl ika .a i Digi ta l Media/Commerce Khos la Ventures 6.5 Techloop.io Digi ta l Advertis ing Springtide Ventures 6.0 Terbium Labs Software Glasswing Ventures 6.0

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52 | M&A and Investment Summary November 2017

All Segments ($ in Millions)

Venture/Growth Capital Transactions VC/Growth CapitalValues Disclosed Target Target Segment Buyer/Investor Reported TV

MatchUpBox, Inc. Marketing Technology (Private Investors ) 6.0$ PayStand, Inc. Software BlueRun Ventures 6.0 Ai rs ide Mobi le, Inc. Digi ta l Media/Commerce Grotech Ventures 6.0 Choozle, Inc. Marketing Technology Undisclosed 6.0 Enview, Inc. Software Cross l ink Capita l 6.0 Funderbeam Markets OU Software (Private Investors ) 5.8 Snatch Media Limited Digi ta l Media/Commerce Simon Equity Partners 5.8 CrossEngage GmbH Marketing Technology Project A Ventures 5.8 Testim, Inc. Software Lightspeed Venture Partners 5.6 Umajin Immerse Marketing Technology (Private Investors ) 5.5 Qless , Inc. Marketing Technology Pal isades Growth Capita l 5.5 Medigate Software Blumberg Capita l 5.4 Emu Technology Software Samsung Venture Investment Corporation 5.0 Omniex Software Sierra Ventures 5.0 PacketZoom, Inc. Software Basel ine Ventures 5.0 Sendwithus .com Marketing Technology BlueRun Ventures 5.0 Hopscotch, Inc. (gohopscotch.com) Digi ta l Advertis ing March Capita l Partners 5.0 Meural , Inc. Digi ta l Media/Commerce Corigin Ventures 5.0 Nudge Rewards Agency & Marketing Services BDC Capita l 5.0 HUM Nutri tion, Inc. Digi ta l Media/Commerce CircleUp Network, Inc. 5.0 Rol l ick Outdoor, Inc. Agency & Marketing Services Si lverton Partners 5.0 Equalum, Inc. Software Innovation Endeavors LLC 5.0 Pass ionFl ix, Inc. Digi ta l Media/Commerce (Private Investors ) 4.8 Artes ian Solutions Marketing Technology Columbia Lake Partners 4.7 Versa Digi ta l Media/Commerce Sequoia Capita l 4.5 Supermetrics Oy Marketing Technology Open Ocean Capita l Ltd. 4.2 Apexx Fintech Limited Software Forward Partners 4.0 Catal ia Health, Inc. Software Khos la Ventures 4.0 Envei l , Inc. Software Thomson Reuters 4.0 Fisdom Digita l Media/Commerce Saama Capita l 4.0 Smaaash Enterta inment Pvt Ltd. Traditional Media Sixth Sense Ventures 3.8 EatAndTheCity Oy Digi ta l Advertis ing Wal l Street Group 3.8 CleanCapita l LLC Digi ta l Media/Commerce SeedInvest 3.7 DPOrganizer Software Industri fonden 3.6 Proxycl ick SA Marketing Technology Join Capita l 3.6 Wunderflats GmbH Digi ta l Advertis ing Creathor Venture Management GmbH 3.5 DreamQuark SAS Software CapHorn Invest 3.5 Ti l son Technology Management, Inc. Bus iness Services Rand Capita l 3.5 Sourceress , Inc. Software Lightspeed Venture Partners 3.5 Opendorse Marketing Technology Serra Ventures , LLC 3.5 Coconut Software Marketing Technology Information Venture Partners 3.3 Demander Justice SAS Marketing Technology Partech Ventures 3.2

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All Segments ($ in Millions)

Venture/Growth Capital Transactions VC/Growth CapitalValues Disclosed Target Target Segment Buyer/Investor Reported TV

Netl i ft.me Digi ta l Media/Commerce BDC Capita l 3.2$ WireWheel .io Software New Enterprise Associates 3.1 Empiric Health, Inc. Software Intermountain Healthcare, Inc. 3.0 Twignature Digi ta l Media/Commerce (Private Investors ) 3.0 Heckyl Technologies Pvt. Ltd. Software Notion Capita l 2.8 Mojiworks Limited Digi ta l Media/Commerce Balderton Capita l 2.8 Bi rdi Ltd. Software Frontl ine Ventures 2.6 Scurri Web Services Ltd. Software ACT Venture Capita l Limited 2.6 Gainful ly, Inc. Software MassMutual Ventures LLC 2.5 Sca leFactor, Inc. Software Techstars Ventures 2.5 Ikbenfri ts Software Finch Capita l 2.4 Envisagenics , Inc. Software Dynamk Capita l 2.3 Car Next Door Digi ta l Media/Commerce Caltex Austra l ia Ltd. 2.3 Genia l i s , Inc. Software Redalpine Venture Partners AG 2.3 Cazana.com Information Pass ion Capita l 2.3 ChartMogul Ltd. Marketing Technology Alven Capita l Partners 2.2 CFX Markets LLC Software Origami Capita l Partners 2.2 Pienso Software Eniac Ventures 2.1 Eventtus , Inc. Marketing Technology 500 Startups 2.0 ADAY Digi ta l Media/Commerce SoGal Ventures 2.0 TrackStreet LLC Marketing Technology SaaS Capita l , Inc. 2.0 Rightway Healthcare Software UHNW 2.0 Bridgi t, Inc. Software StandUp Ventures 2.0 MindTrace Ltd. Software Accelerated Digi ta l Ventures 1.7 Morress ier GmbH Software Redalpine Venture Partners AG 1.7 Zeelo Ltd. Digi ta l Media/Commerce InMotion Ventures 1.6 Switchboard Live, Inc. Marketing Technology Mosely Ventures 1.5 Visage Jobs Software GrowthX 1.5 ReFirm Labs , Inc. Software DataTribe 1.5 Twine Health, Inc. Software Qiming Venture Partners 1.5 PandaTree, Inc. Bus iness Services (Private Investors ) 1.5 Enjoius , Inc. Digi ta l Media/Commerce (Private Investors ) 1.4 Cinematique LLC Digi ta l Advertis ing Pumori Capita l 1.4 Overclock Labs Software CrunchFund 1.3 Vidrovr, Inc. Marketing Technology Verizon Ventures 1.3 No Agent Technologies Limited Software (Private Investors ) 1.1

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All Segments ($ in Millions)

Venture/Growth Capital Transactions VC/Growth CapitalUndisclosed Target Target Segment Buyer/Investor Reported TV

Rel iam, Inc. Bus iness Services Great Hi l l Partners , LLC -$ The TEAM Companies , Inc. Bus iness Services TorQuest Partners - AHA Taxis Digi ta l Media/Commerce ah! Ventures - Ayopop Digi ta l Media/Commerce Orange Growth Capita l - Canopy Digi ta l Media/Commerce Round Hi l l Capita l - Pet Circle Digi ta l Media/Commerce Francisco Partners - Pomelo Fashion Co., Ltd. Digi ta l Media/Commerce Start Today Ventures - ScoreStream, Inc. Digi ta l Media/Commerce Intel Capita l - Trust Stamp Digi ta l Media/Commerce Second Century Ventures , LLC - AdeptMind, Inc. Marketing Technology Fidel i ty Investments - ATCORE Technology Ltd. Marketing Technology Inflexion Private Equity LLP - Frontdesk Anywhere, Inc. Marketing Technology Glynn Capita l Management - fus ionZONE Automotive, Inc. Marketing Technology Primus Capita l Funds - Mad Mobi le, Inc. Marketing Technology Decathlon Capita l Partners - Topbox LLC Marketing Technology Flyover Capita l - Voxpopme, Inc. Marketing Technology Mercia Fund Management - Blueprint Software Systems, Inc. Software Vistara Capita l Partners - CounterTack, Inc. Software NTT Docomo, Inc. - DEV/CON Detect Software Las Olas Venture Capita l - E.care bvba Software EMERAM Capita l Partners GmbH - Excelero, Inc. Software QUALCOMM Ventures - Forex Development Corporation Software Krypton Capita l - Smart Reporting GmbH Software Eurostars - TeamFus ion Software Aventures Capita l - Vis i tPay Software Flare Capita l Partners - Vis i tPay Software Norwest Venture Partners - Zync Mus ic Group Traditional Media Round Hi l l Mus ic LLC -

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Petsky Prunier: Maximizing Shareholder Value

M&A Advisory and Sell-Side Representation

Privately-Owned Companies

Entrepreneur-Led Businesses

Private Equity Portfolio Companies

VC-Backed Companies

Corporate Divestitures

Selected Buy-Side Engagements

Capital Raising and Private Placements

Advertising & Marketing

eCommerce

Digital Media

Technology

Information

Business Services

Healthcare Services

Business Current Situation Assessment and

Profit Improvement Planning

Opportunity Mapping: Strategic Planning & Development

Competitive Landscape Analysis

M&A Transaction Due Diligence Support

Buy-Side Targeting Criteria & Integration Strategy

Custom Market Research

Publishing, Speaking, and Thought Leadership

Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information,

business services, and healthcare services industries

Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume

Founded in 1999

More than 50 focused professionals; growth of 40% since 2011

New York, Las Vegas, Chicago, Boston, Charlotte

Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders

Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services

Global reach enhanced through our partnerships in China and India

Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity

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Ranked #1 by Bloomberg For Mid-Market Internet & Advertising Transactions

Bloomberg M&A League Tables, 2011-2016

TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS

2016 2011-2016 (6-Year)

Rank Advisor Deal Count Rank Advisor Deal Count

1 Petsky Prunier 19 1 Petsky Prunier 103

2 Goldman Sachs 18 2 Goldman Sachs 89

3 JP Morgan 16 3 Morgan Stanley 68

3 KPMG Corporate Finance 16 4 PwC 67

5 Rothschild 15 5 Jordan Edmiston Group 65

6 Houlihan Lokey 13 6 KPMG Corporate Finance 63

6 PwC 13 7 China Renaissance Group 52

8 Avendus Capital 11 7 GCA Savvian Group 52

8 Daiwa Securities 11 7 JP Morgan 52

10 Bank of America Merrill Lynch 9 10 Nomura 51

10 Credit Suisse 9 11 Jefferies 46

10 Jefferies 9 12 Ernst & Young 45

10 Morgan Stanley 9 13 Rothschild 44

10 Deloitte Touche Tohmatsu 9 14 Credit Suisse 43

15 Citi 8 14 Daiwa Securities 43

15 GCA Savvian Group 8 16 Houlihan Lokey 37

Based on number of deals announced in 2011‐2016 valued at $500 million or less. Internet and Advertising is defined by Bloomberg.

With more than 75 transactions closed in the last 36 months, and more than 125 transactions closed since 2011 (across all industries in

addition to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising,

eCommerce, and media industries

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Representative Recent Transactions*

*For a more comprehensive list, please click here.