Digital Commerce September 2018 Digital Commerce September 2018 Sector Dashboard [4]

Sectorwatch: Digital Commerce September 2018 Digital Commerce September 2018 Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [14]

7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. We publish our sectorwatch, a review of M&A and operational trends in the industries we focus.

Dashboard Valuation Comparison • Summary metrics on the sector • Graphical, detailed comparison of valuation • Commentary on market momentum by multiples for the public basket comparing the most recent 12-month performance against the last 3-year averages.

Public Basket Performance Recent Deals • Summary valuation and operating metrics • The most recently announced deals in the for a basket of comparable public companies sector

3 Dashboard

Operating Metrics Revenue Growth Momentum 1 - year revenue growth compared to revenue growth Median LTM GP Margin % 54.7% 0.09 average for last 3 years Current revenue growth rate exceeds the average of the last 3 years by this amount, indicating that market momentum is increasing Median LTM Rev. Growth % 21.8%

Pricing / Gross Margin Momentum Median LTM EBITDA Margin % 19.0% 1 - year gross profit % compared to gross profit % -4.0% average for last 3 years 0% 20% 40% 60% Current gross profit margin is less than the average of the last 3 years gross profit margins, indicating customer pricing power Valuation

Profitability Momentum Median Price / LTM Earnings 52.0x 1 - year EBITDA % compared to EBITDA % average for -3.0% last 3 years Median TEV / LTM EBIT 25.8x Current EBITDA margin is less than the average of the last 3 years EBITDA margins, which may signal further consolidation Median TEV / LTM EBITDA 11.6x

Median TEV / LTM Revenue 5.0x

0x 20x 40x 60x

4 Public Basket

Rev TEV / LTM Rev Growth EBITDA TEV / EBITDA Rev / Company TEV $m $m YoY GP % % Rev X X # FTEs FTE $k

PFSweb, Inc. 189 269 -5% 31% 7% 0.7 9.4 2,550 106

Pitney Bowes Inc. 4,183 3,819 19% 47% 17% 1.1 6.5 14,700 260 Shopify Inc. 14,962 854 68% 56% -6% 17.5 0.0 3,000 285 salesforce.com, inc. 120,144 11,793 25% 74% 9% 10.2 109.0 29,000 407

Adobe Systems Incorporated 131,436 8,572 24% 87% 36% 15.3 42.5 17,973 477 SAP SE 146,843 27,599 2% 70% 26% 5.3 20.2 88,543 312 International Business Machines Corporation 169,393 80,771 3% 46% 21% 2.1 9.9 366,600 220

Oracle Corporation 190,086 39,831 6% 80% 41% 4.8 11.6 137,000 291

Alibaba Group Holding Limited 428,602 42,451 59% 53% 30% 10.1 44.1 66,421 639 Amazon.com, Inc. 979,682 208,125 39% 39% 10% 4.7 47.5 566,000 368 Average 218,552 42,408 24% 58% 19% 7.2 30.1 129,179 336 Median 139,139 19,696 22% 55% 19% 5.0 15.9 47,711 301 share price as of 17Sep18

5 Public Basket Valuation Trends

30x Public EBITDA Multiples over Time

25x 30x 24x 18x 12x 20x 6x

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18

Sep-14 Sep-15 Sep-16 Sep-17 Sep-18

Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

Mar-15 Mar-16 Mar-17 Mar-18 15x Mar-14 17.4x TEV/EBITDA - Median TEV/EBITDA - Average

10x Public Revenue Multiples over Time 6x 4.2x 5x 4x

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18

Sep-14 Sep-15 Sep-16 Sep-17 Sep-18

Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18

Sep-14 Sep-15 Sep-16 Sep-17 Sep-18

Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 TEV/Revenue - Median TEV/Revenue - Average TEV/EBITDA - Median TEV/Revenue - Median TEV/EBITDA - Average TEV/Revenue - Average

6 Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

Adobe Systems Incorporated Oracle Corporation

Oracle Corporation Adobe Systems Incorporated

salesforce.com, inc. Alibaba Group Holding Limited

SAP SE SAP SE

Shopify Inc. International Business Machines Corporation

Alibaba Group Holding Limited Pitney Bowes Inc.

Pitney Bowes Inc. Amazon.com, Inc.

International Business Machines Corporation salesforce.com, inc.

Amazon.com, Inc. PFSweb, Inc.

PFSweb, Inc. Shopify Inc.

Median Median

- 40% 80% 120% (10%) 10% 30% 50%

7 Operational Metrics

LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s

Alibaba Group Holding Limited Shopify Inc.

Alibaba Group Holding Limited Adobe Systems Incorporated

Amazon.com, Inc. salesforce.com, inc.

salesforce.com, inc. Amazon.com, Inc.

Adobe Systems Incorporated SAP SE

Pitney Bowes Inc. Oracle Corporation

Oracle Corporation Shopify Inc.

International Business Machines Pitney Bowes Inc. Corporation

International Business Machines SAP SE Corporation

PFSweb, Inc. PFSweb, Inc.

Median Median

(10%) 20% 50% 80% $- $200 $400 $600 $800

8 Operational Metrics

Average Days Accounts Receivable Turnover Sales Outstanding

Shopify Inc. SAP SE

Amazon.com, Inc. PFSweb, Inc.

International Business salesforce.com, inc. Machines Corporation

Pitney Bowes Inc. Oracle Corporation

Adobe Systems Adobe Systems Incorporated Incorporated

Oracle Corporation Pitney Bowes Inc.

International Business salesforce.com, inc. Machines Corporation

PFSweb, Inc. Amazon.com, Inc.

SAP SE Shopify Inc.

Median Median

0x 20x 40x 60x 0 20 40 60 80 100

9 Valuation

TEV / LTM Revenue TEV / LTM EBITDA

Shopify Inc. salesforce.com, inc.

Adobe Systems Incorporated Amazon.com, Inc.

salesforce.com, inc. Alibaba Group Holding Limited Alibaba Group Holding Limited Adobe Systems Incorporated SAP SE SAP SE Oracle Corporation Oracle Corporation Amazon.com, Inc. International Business International Business Machines Corporation Machines Corporation PFSweb, Inc. Pitney Bowes Inc.

PFSweb, Inc. Pitney Bowes Inc.

Median Median

0x 4x 8x 12x 16x 20x 0x 40x 80x 120x

10 Valuation

TEV / LTM EBIT Price / LTM Earnings

salesforce.com, inc. salesforce.com, inc.

Amazon.com, Inc. Amazon.com, Inc.

Alibaba Group Holding PFSweb, Inc. Limited

Adobe Systems Adobe Systems Incorporated Incorporated

PFSweb, Inc. Oracle Corporation

Alibaba Group Holding SAP SE Limited

International Business SAP SE Machines Corporation

International Business Oracle Corporation Machines Corporation

Pitney Bowes Inc. Pitney Bowes Inc.

Median Median

0x 100x 200x 300x 0x 50x 100x 150x 200x

11 Valuation

Historical Valuation Multiples Historical Valuation Multiples versus Gross Profit versus Revenue Growth Rate

120x 100% 120x 80% 87.1% 90% 67.7% 79.7% 70% 100x 100x 80% 59.4% 74.0% 60% 70% 80x 80x 50% 56.5% 70.1% 60% 47.3% 40% 60x 50% 60x 38.6% 45.5% 52.8% 30% 40% 19.3% 40x 38.8% 40x 25.3% 20% 30% 2.1% 31.5% 5.6% 20% 3.0% 24.2% 10% 20x 20x 10% (4.7%) 0%

0x 6x 9x 10x 12x 20x 43x 44x 47x 109x

EBITDA(x) EBITDA(x) LTM GP% LTM 0x 6x 9x 10x 12x 20x 43x 44x 47x 109x

0x 0% 0x -10% RGR% LTM

EBITDA(x) LTM GP% EBITDA(x) LTM RGR%

12 Recent Transactions Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA

8Aug18 Gorilla, Inc. Wunderman Commerce - 40.00 - -

19Jun18 e2y Limited Dimension Data Holdings plc - - - -

21May18 Magento, Inc. Adobe Systems Incorporated 1,680.00 150.00 11.2x -

14Feb18 Surge, LLC Catalyst IT Services, Inc. - - - -

8Jan18 Altima SAS Accenture plc - - - -

7Nov17 BrandShop LLC Beringer Capital; Beringer Capital Fund III L.P. - - - -

20Sep17 Lyons Consulting Group, LLC Capgemini SE - - - -

6Sep17 Newgistics, Inc. Pitney Bowes Inc. 475.00 - 1.0x -

22Jun17 Clarity Consulting, Inc. Perficient, Inc. 9.44 27.00 0.3x -

21Jun17 Orckestra Inc. Mediagrif Interactive Technologies Inc. 1.53 - - -

15May17 Media Hive Accenture plc - - - -

28Apr17 ECommerce Systems, Inc. CGI Group Inc. - - - -

12Apr17 Govenda, LLC Digital Evolution Group LLC - - - -

7Apr17 EDL Consulting, Inc. Simplus - - - -

3Apr17 Blue Acorn, LLC Beringer Capital; Beringer Capital Fund III L.P. - - - -

23Mar17 ITELIOS SAS Cap Gemini S.A. (nka:Capgemini SE) - - - -

30Sep16 BT Expedite Limited Aptos, Inc. - - - -

28Jul16 NetSuite Inc. Oracle Corporation 7,082.96 897.49 9.7x NM

4Aug15 CrossView, Inc. (nka:CrossView, a PFSweb PFSweb, Inc. 55.37 - - - Company)

13 Digital Commerce September 2018 APPENDIX:

Public Basket

Constituents

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 14 Revenue Multiples - PFSweb, Inc. 1.5x Public Basket 1.2x 0.9x 0.6x 0.3x PFSweb, Inc. 0.0x PFSweb, Inc. provides omni-channel commerce solutions in the United States, Europe, Canada, and India. It operates through two segments, PFSweb, and Business and Retail Connect. The TEV/Revenue Average company offers strategic commerce consulting services, including commerce strategy, omni-channel consulting, digital EBITDA Multiples - PFSweb, Inc. opportunity audit, organizational/operational readiness, and 60x platform evaluation/selection services; and strategy, design, and 45x digital marketing services, such as digital strategy, design, user 30x experience, interactive development, SEO and paid search, 15x affiliate marketing, conversion optimization, storefront management, email marketing, and digital analytics. It also 0x provides technology services comprising commerce platform development, managed, quality assurance, and training services; order fulfillment services, including distribution facilities and TEV/EBITDA Average infrastructure, facility operations and management, and kitting and assembly services; and order management services, such as technology collaboration and information management services. In addition, the company offers customer care services comprising customer service application, customer assistance, quality monitoring, and customer self-help; and financial services consisting of business-to-business and direct-to-consumer financial management services. PFSweb, Inc. was founded in 1999 and is headquartered in Allen, Texas.

15 Revenue Multiples - Pitney Bowes Inc. Public Basket 3x 2x

Pitney Bowes Inc. 0x Pitney Bowes Inc. offers customer information management, location intelligence, and customer engagement products and TEV/Revenue Average solutions in the United States and internationally. The company operates in three segments: Small & Medium Business Solutions; Enterprise Business Solutions; and Digital Commerce EBITDA Multiples - Pitney Bowes Inc. 15x Solutions. The Small & Medium Business Solutions segment 12x provides mailing and office solutions; and financing services and 9x supplies for small and medium businesses. The Enterprise Business Solutions segment offers equipment and services that 6x enable large enterprises to process inbound and outbound mail. 3x This segment also provides production mail inserting and 0x sortation equipment, production print systems, and supplies and related support services, as well as mail presort services. Pitney Bowes Inc. was founded in 1920 and is headquartered in TEV/EBITDA Average Stamford, Connecticut. P/E Multiples - Pitney Bowes Inc. Date Key Development Headline 40x 7/1/18 Platinum Equity, LLC completed the acquisition of Pitney Bowes 30x Document Messaging Technologies Limited from Pitney Bowes Inc. (NYSE:PBI). 20x 6/4/18 NIIT Signs Learning and Development Partnership with Pitney 10x Bowes 4/29/18 Platinum Equity, LLC entered into a definitive agreement to 0x acquire Pitney Bowes Document Messaging Technologies Limited from Pitney Bowes Inc. (NYSE:PBI) for approximately $360 million. P/E Average

16 Revenue Multiples - Shopify Inc. Public Basket 30x 20x

10x

Shopify Inc. 0x Shopify Inc. provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. TEV/Revenue Average Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing. The company was formerly known as Jaded Pixel Technologies Inc. and changed its name to Shopify Inc. in November 2011. Shopify Inc. was founded in 2004 and is headquartered in Ottawa, Canada.

Date Key Development Headline 6/25/18 Shopify Inc. (NYSE:SHOP) acquired Solutions Alveo Inc. 5/1/18 Shopify Seeks Acquisitions

17 Revenue Multiples - salesforce.com, inc. 15x

Public Basket 10x

5x salesforce.com, inc. 0x salesforce.com, inc. develops enterprise cloud computing solutions with a focus on customer relationship management. The company offers Sales Cloud to store data, monitor leads and TEV/Revenue Average progress, forecast opportunities, and gain insights through analytics and relationship intelligence, as well as deliver quotes, EBITDA Multiples - salesforce.com, inc. 350x contracts, and invoices. It also provides Service Cloud, which 280x enables companies to deliver personalized customer service and support, as well as a field service solution that enables 210x companies to connect agents, dispatchers, and mobile 140x employees through a centralized platform, on which they can 70x schedule and dispatch work, and track and manage jobs in real- 0x time. The company was founded in 1999 and is headquartered in San Francisco, California. TEV/EBITDA Average

250x P/E Multiples - salesforce.com, inc. Date Key Development Headline 8/19/18 salesforce.com, inc. (NYSE:CRM) completed the acquisition of 240x Datorama Inc.. 230x 7/15/18 salesforce.com, inc. (NYSE:CRM) signed a definitive agreement 220x to acquire Datorama Inc. for approximately $760 million. 4/30/18 salesforce.com, inc. (NYSE:CRM) completed the acquisition of 210x MuleSoft, Inc. (NYSE:MULE). 200x 4/4/18 salesforce.com, inc. (NYSE:CRM) completed the acquisition of CloudCraze Software LLC. 3/20/18 MuleSoft, Inc., salesforce.com, inc. - M&A Call P/E Average

18 Revenue Multiples - Adobe Systems 30x Incorporated Public Basket 20x

10x

Adobe Systems Incorporated 0x Adobe Systems Incorporated operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium TEV/Revenue Average businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative EBITDA Multiples - Adobe Systems 80x Cloud, a subscription service that allows customers to download Incorporated and install the latest versions of its creative products. This 60x segment serves traditional content creators, Web application 40x developers, and digital media professionals, as well as their 20x management in marketing departments and agencies, companies, and publishers. The company’s Digital Marketing 0x segment offers solutions for how digital advertising and marketing are created, managed, executed, measured, and optimized. The company was founded in 1982 and is TEV/EBITDA Average headquartered in San Jose, California. P/E Multiples - Adobe Systems 300x Date Key Development Headline Incorporated 6/18/18 Adobe Systems Incorporated (NasdaqGS:ADBE) completed the acquisition of Magento, Inc. from Permira Advisers Ltd. and 200x Hillhouse Capital Management, Ltd. 5/21/18 Adobe Systems Incorporated, Magento, Inc. - M&A Call 100x 5/20/18 Adobe Systems Incorporated (NasdaqGS:ADBE) entered into a definitive agreement to acquire Magento, Inc. from Permira 0x Advisers Ltd. and Hillhouse Capital Management, Ltd. for $1.7 billion. 4/15/18 Adobe Systems Incorporated (NasdaqGS:ADBE) acquired Sayspring, Inc. P/E Average 12/15/17 Adobe Systems Mulls Acquisitions

19 Revenue Multiples - SAP SE 8x Public Basket 6x 4x 2x SAP SE 0x SAP SE operates as an enterprise application software, and analytics and business intelligence company worldwide. It offers SAP HANA, which enables businesses to process and analyze TEV/Revenue Average live data; SAP Data Hub, a solution that enables businesses to EBITDA Multiples - SAP SE manage data from various sources; SAP Cloud Platform, which 30x enables businesses to connect and integrate applications; SAP BW/4HANA, a data warehouse solution; SAP Leonardo, a 20x system that enables customers to make business sense and opportunity of disruptive technologies; and SAP Analytics Cloud, 10x which leverages the intersection of business intelligence, planning, and predictive analytics. SAP SE was founded in 1972 0x and is headquartered in Walldorf, Germany.

Date Key Development Headline TEV/EBITDA Average 8/15/18 Metalloinvest Opens Innovation Centre and Signs Memorandums of Cooperation with SAP and Accenture P/E Multiples - SAP SE 6/4/18 SAP SE (DB:SAP) acquired Coresystems AG. 45x 6/4/18 SAP SE to Team with Accenture, Capgemini and Deloitte to Accelerate Customer Adoption of SAP S/4Hana(R) Cloud in 30x Target Industries 5/8/18 Accenture plc Teams with SAP SE to Help High-Tech Companies 15x Create Digital As-A-Service Business Models Quickly and Easily 3/20/18 Accenture and SAP Build and Deploy Extended Planning 0x Solutions on SAP S/4HANA®

P/E Average

20 Revenue Multiples - International Business 5x Machines Corporation Public Basket 4x 3x 2x 1x International Business Machines Corporation 0x International Business Machines Corporation operates as an integrated technology and services company worldwide. Its Cognitive Solutions segment offers Watson, a cognitive TEV/Revenue Average computing platform that interacts in natural language, processes EBITDA Multiples - International Business big data, and learns from interactions with people and 20x computers. This segment also offers data and analytics Machines Corporation solutions, including analytics and data management platforms, 15x cloud data services, enterprise social software, talent 10x management solutions, and solutions tailored by industry; and 5x transaction processing software that runs mission-critical systems in banking, airlines, and retail industries. International 0x Business Machines Corporation was founded in 1911 and is headquartered in Armonk, New York.

TEV/EBITDA Average Date Key Development Headline 8/15/18 IBM and Synopsys, Inc. Accelerate 3-Nanometer Process P/E Multiples - International Business Development with DTCO Innovations 40x Machines Corporation 8/9/18 A.P. Moller -Maersk and IBM Announces the Creation of 30x TradeLens Blockchain Shipping Solution 7/17/18 Columbia University and IBM Establish New Center to Accelerate 20x Innovation in Blockchain and Data Transparency 10x 7/16/18 IBM, Banca Carige Launches Dock a USD 500 Million US Joint Venture 0x 6/14/18 International Business Machines Corporation (NYSE:IBM) acquired Oniqua Pty Ltd. from ASCO Holdings Limited.

P/E Average

21 Revenue Multiples - Oracle Corporation 8x Public Basket 6x 4x 2x Oracle Corporation 0x Oracle Corporation develops, manufactures, markets, sells, hosts, and supports application, platform, and infrastructure solutions for information technology (IT) environments TEV/Revenue Average worldwide. The company provides services in three primary layers of the cloud: Software as a Service, Platform as a Service, EBITDA Multiples - Oracle Corporation and Infrastructure as a Service. It offers human capital and talent 20x management, enterprise resource planning, customer 15x experience and relationship management, procurement, supply 10x chain management, project portfolio management, business 5x analytics and enterprise performance management, and industry-specific application software, as well as financial 0x management and governance, and risk and compliance applications. Oracle Corporation was founded in 1977 and is headquartered in Redwood City, California. TEV/EBITDA Average

P/E Multiples - Oracle Corporation Date Key Development Headline 60x 6/19/18 Oracle Mulls Acquisitions 6/5/18 Oracle Corporation (NYSE:ORCL) completed the acquisition of 45x DataScience.com. 30x 5/15/18 Oracle Corporation (NYSE:ORCL) signed an agreement to acquire DataScience.com. 15x 5/14/18 Oracle Corporation (NYSE:ORCL) completed the acquisition of 0x Grapeshot Limited from Albion Technology & General VCT PLC (LSE:AATG), Albion Capital Group LLP and others for approximately £330 million. 4/29/18 Oracle Corporation (NYSE:ORCL) acquired Vocado, LLC. P/E Average

22 Revenue Multiples - Alibaba Group Holding 40x Limited Public Basket 30x 20x 10x Alibaba Group Holding Limited 0x Alibaba Group Holding Limited, through its subsidiaries, operates as an online and mobile commerce company in the People's Republic of China and internationally, It operates Taobao TEV/Revenue Average Marketplace, a mobile commerce destination; Tmall, a third-party platform for brands and retailers; Rural Taobao program that EBITDA Multiples - Alibaba Group Holding enables rural residents and businesses to sell agricultural 80x Limited products to urban consumers; 1688.com, an online wholesale 60x marketplace; Alibaba.com, an online wholesale marketplace; 40x AliExpress, a retail marketplace; Lazada, an e-commerce 20x platform; and Lingshoutong, a digital sourcing platform. The company was founded in 1999 and is based in Hangzhou, the 0x People’s Republic of China.

TEV/EBITDA Average

Date Key Development Headline 9/11/18 Russian Direct Investment Fund, Alibaba Group, PJSC P/E Multiples - Alibaba Group Holding "MegaFon" and Mail.Ru Group Launch New Social Commerce 80x Limited Joint Venture in Russia and the CIS 60x 5/31/18 Canada Goose Plans to Open Two Stores in Beijing and Hong Kong, E-Commerce Operations in Partnership with Alibaba Group 40x 5/29/18 An unknown buyer acquired an unknown minority stake in Alibaba 20x Group Holding Limited (NYSE:BABA) from Suning.com Co., Ltd. (SZSE:002024) for $1.5 billion. 0x 5/17/18 Alibaba Group Holding Limited (NYSE:BABA) acquired a minority stake in ORDRE. 5/7/18 Alibaba Group Holding Limited (NYSE:BABA) acquired entire share capital of Jade E Services Pakistan (Pvt) Limited from P/E Average Rocket Internet SE (XTRA:RKET).

23 Revenue Multiples - Amazon.com, Inc. 6x

Public Basket 4x

Amazon.com, Inc. 0x Amazon.com, Inc. engages in the retail sale of consumer products and subscriptions in North America and internationally. TEV/Revenue Average It sells merchandise and content purchased for resale from vendors, as well as those offered by third-party sellers through EBITDA Multiples - Amazon.com, Inc. physical stores and retail Websites, such as amazon.com, 80x amazon.ca, amazon.com.mx, amazon.com.au, amazon.com.br, 60x amazon.cn, amazon.fr, amazon.de, amazon.in, amazon.it, amazon.co.jp, amazon.nl, amazon.es, and amazon.co.uk. As of 40x September 4, 2018, Amazon.com, Inc. operated three Amazon 20x Go cashier less convenience stores in Seattle. The company 0x was founded in 1994 and is headquartered in Seattle, Washington.

TEV/EBITDA Average

Date Key Development Headline 7/24/18 Amazon Expands Grocery Delivery from Whole Foods Market to 400x P/E Multiples - Amazon.com, Inc. Fort Lauderdale, Miami, Palm Beach, Long Island and New York City 300x 6/27/18 Amazon.com, Inc. (NasdaqGS:AMZN) entered into a definitive 200x merger agreement to acquire PillPack, Inc. 6/20/18 Amazon, Berkshire Hathaway and JPMorgan Chase Appoint Atul 100x Gawande as Chief Executive Officer of New Company; Amazon, 0x Berkshire Hathaway and JP Morgan Chase Announce the Formation of New Company 4/11/18 Amazon.com, Inc. (NasdaqGS:AMZN) completed the acquisition of Ring Inc. for approximately €810 million. P/E Average 2/26/18 Amazon.com, Inc. (NasdaqGS:AMZN) entered into an agreement to acquire Ring Inc.

24 Contact Information 7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close- knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. Securities offered through 7M Securities LLC.

Leroy Davis, Partner 704.899.5962 [email protected] Tripp Davis, Partner 704.899.5762 [email protected] Andy Johnston, Partner 704.899.5961 [email protected] Ben Lunka, Managing Director 704.496.2995 [email protected] Jeff Stoecklein, Managing Director 312.373.3737 [email protected] Kristina Sergueeva, Director 704.899.5149 [email protected] Neil Churman, Director 704.899.5960 x 121 [email protected]

John Cooper, Director 704.973.3996 [email protected] Tim Frye, Director 704.973.3994 [email protected] Casey Augustine, Business Development - Manager 704.973.3999 [email protected] Nicholas Prendergast, Financial Analyst 704.899.5960 [email protected] Ariail Siggins, Marketing Director 704.899.5960 x 123 [email protected] Sydney Larese, Associate 704.899.5960 [email protected] Marty Johnson, Associate 704.899.5960 [email protected]

Rory Julyan, Associate 704.899.5960 [email protected] Garth Martin, Associate 704.899.5960 x 109 [email protected] Chevonese Dacres, Analyst 360.499.1502 [email protected]