GCA Semiconductor Sector Report Q4 2017

SEMICONDUCTOR SECTOR REPORT

Q4 2017 DEAL DASHBOARD Semiconductor

$155.7 Billion Q4 2017 M&A Volume (1)

Quarterly M&A Volume ($MM) (1) Quarterly M&A Deal Count (1) Top M&A Transactions - 2017 $155,739 $160,000 25 Acquirer Target Transaction Value ($MM)

$140,000 20 $147,105 20 18 $120,000 K.K. Pangea (2) $17,867 Flash Memory $100,000 15 13 12 $80,000 $15,004 $59,211 10 9 9 9 $60,000 $51,522 8 7 $6,843 $40,000 5 $17,021 $19,825 $12,320 $1,833 $20,000 $7,430 $6,494 $3,047 $0 0 Q4' 15 Q1' 16 Q2' 16 Q3' 16 Q4' 16 Q1' 17 Q2' 17 Q3'17 Q4'17 Q4' 15 Q1' 16 Q2' 16 Q3' 16 Q4' 16 Q1' 17 Q2' 17 Q3' 17 Q4' 17 $804

LTM Semiconductor Performance vs. SPX (3) Median M&A EV / NTM Revenue Over Time (4) 8.0x 50% ^SOX ^SPX

40% 38.2% 6.0x

30% 4.0x 3.4x 20% 19.4% 2.8x 2.3x 2.2x 1.9x 10% 2.0x 1.3x

0% 0.0x (10%) 2012 2013 2014 2015 2016 2017 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17

Notes: Source: Capital IQ and 451 Group. Q4 financial information as of 12/31/2017. (1) Criteria based on global semiconductor transactions announced with transaction values greater than or equal to $20MM. (2) A special purpose acquisition company formed and controlled by Bain Capital-led consortium. Members of the consortium include: Bain Capital, SK Hynix, Toshiba, Hoya Corp, Apple, Kingston Technology, Seagate Technology and Dell Technologies. (3) PHLX Semiconductor Sector Index (^SOX), used as a proxy for the semiconductor landscape. Top holdings in the ETF include NVDA, AVGO and TXN. 2 (4) Criteria based on global public semiconductor transactions announced with transaction values greater than or equal to $20MM. PERSPECTIVES ON CONSOLIDATION Semiconductor Industry Increasing Rate of Consolidation

10+ 6 4 Today Years Ago Years Ago Years Ago

Public Companies(1): Public Companies(1): Public Companies(1): Public Companies(1):

130 121 103 70 (7%) (15%) (32%)

Notable Acquisitions Notable Acquisitions Notable Acquisitions

$8BN $4.9BN $48BN $37BN Sponsors

$18BN

$31.5BN $18.2BN

$3.6BN $3.6BN K.K. Pangea

$17.9BN $17.3BN

$4.2BN $3.5BN

$15.7BN $15.4BN

Notes: 10+, 6 and 4 years ago time periods represent data as of 1/1/2006, 1/1/2011 and 1/1/2013, respectively. “Today” represents data as of 12/31/2017. Deal values represent total transaction value, calculated as implied enterprise value plus cash per Capital IQ. 3 (1) Represents U.S.-based public semiconductor companies with a market capitalization greater than $100MM. MARKET SUMMARY Industry Stock Market Performance

Last Twelve Months Last Three Years

70% 130%

60% 110%

50% 90%

40% 70%

30% 50%

20% 30%

10% 10%

0% (10%)

(10%) (30%)

(20%) (50%) Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17

Indexed Performance Over Time Sector 3 Months 1 Year 3 Years Automotive 8.7% 52.8% 111.9% (1) (2) Consumer 17.4% 30.9% 40.6% Automotive Consumer Datacenter 13.4% 17.4% 43.2% Diversified 9.7% 37.7% 93.1% Datacenter(3) Diversified(4)

Notes: (1) Automotive: Elmos, Infineon, Melexis NV, Renesas, u-blox Holding. (2) Consumer: Advanced Micro Devices, Ambarella, ams AG, Cirrus Logic, Dialog, Diodes, Intel, Knowles, Marvell, MaxLinear, Nordic, NVIDIA, Qorvo, Qualcomm, ROHM, Skyworks Solutions, Synaptics. (3) Datacenter: Cavium, Inphi, Macom, Mellanox. (4) Diversified: Analog Devices, Broadcom, Integrated Device Technology, Lattice, Maxim Integrated Products, Microchip Technology, Microsemi, Monolithic Power Systems, NXP, 4 ON Semiconductor, Power Integrations, Semtech, Silicon Laboratories, STMicroelectronics, Texas Instruments, Xilinx. MARKET SUMMARY Multiples and Margins by

CY 2017E EV / Revenue (1) CY 2017E EV / EBITDA (1)

6.0x 18.0x 5.1x 14.6x 5.0x 13.7x 13.5x 3.8x 4.0x 12.0x 3.2x 3.2x 10.2x 3.0x

2.0x 6.0x

1.0x

0.0x 0.0x Diversified Datacenter Consumer Automotive Datacenter Diversified Automotive Consumer

CY 2017E Revenue Growth LTM Gross Margin (%) 30.0% 70.0% 25.5% 24.0% 59.3% 57.1% 60.0% 46.9% 45.2% 20.0% 50.0% 40.0% 11.6% 11.2% 30.0% 10.0% 20.0% 10.0%

0.0% 0.0% Diversified Datacenter Consumer Automotive Automotive DatacenterNotes: Consumer Diversified Source: Capital IQ. Sub-Sector details: • Automotive: Elmos, Infineon, Melexis NV, Renesas, u-blox Holding. • Consumer: Advanced Micro Devices, Ambarella, ams AG, Cirrus Logic, Dialog, Diodes, Intel, Knowles, Marvell, MaxLinear, Nordic, NVIDIA, Qorvo, Qualcomm, ROHM, Skyworks Solutions, Synaptics. • Datacenter: Cavium, Inphi, Macom, Mellanox. • Diversified: Analog Devices, Broadcom, Integrated Device Technology, Lattice, Maxim Integrated Products, Microchip Technology, Microsemi, Monolithic Power Systems, NXP, ON Semiconductor, Power Integrations, Semtech, Silicon Laboratories, STMicroelectronics, Texas Instruments, Xilinx. (1) Calculations for revenue and EBITDA multiples exclude the following companies due to pending transactions: Qualcomm, Cavium, NXP 5 Values presented are the medians for their respective sub-sector. MARKET SUMMARY Semiconductor Trading Statistics ($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth Gross Margin 12/31/2017 Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E LTM CY 17E Automotive

Infineon Technologies AG $27.42 $30,990 ($604) $30,386 3.5x 3.2x 13.5x 11.8x 26.2x 21.6x 25.5% 9.3% 37.2% NA

Renesas Electronics Corporation $11.66 19,435 794 20,229 3.0 2.8 12.9 10.8 29.8 24.9 70.8% 6.3% 45.2% 44.8%

Melexis NV $101.31 4,058 (73) 3,985 6.5 6.0 20.8 19.0 30.5 28.3 28.1% 8.5% 46.0% 45.9% u-blox Holding AG $196.81 1,367 (52) 1,315 3.2 2.8 14.8 12.7 31.0 25.9 15.8% 14.8% 45.9% 46.5%

ELMOS Semiconductor AG $27.71 545 3 548 1.8 1.7 7.8 7.2 21.0 18.3 24.9% 6.3% 43.5% 43.2%

Mean 3.6x 3.3x 14.0x 12.3x 27.7x 23.8x 33.0% 9.0% 43.6% 45.1% Median 3.2 2.8 13.5 11.8 29.8 24.9 25.5% 8.5% 45.2% 45.3% ($MM, Except Per Share Data)

Intel Corporation $46.16 $216,029 $12,811 $228,840 3.7x 3.6x 8.9x 8.5x 17.2x 14.2x 5.4% 2.9% 62.3% 63.3%

NVIDIA Corporation $193.50 117,261 (4,306) 112,955 11.9 10.3 34.8 29.9 42.9 37.7 37.7% 15.1% 59.4% 59.5%

Skyworks Solutions, Inc. $94.95 17,446 (1,682) 15,765 4.2 3.8 9.5 8.5 14.1 12.8 16.0% 9.4% 50.5% NA

Advanced Micro Devices, Inc. $10.28 9,918 210 10,128 1.9 1.7 25.8 16.6 NM 28.7 23.8% 12.9% 34.2% 34.3%

ROHM Co., Ltd. $110.80 11,720 (2,745) 8,975 2.6 2.4 10.9 9.5 36.8 26.9 18.8% 8.2% 35.7% NA

Qorvo, Inc. $66.60 8,468 247 8,715 3.0 2.6 9.3 7.3 13.8 10.4 (1.6%) 14.5% 38.2% NA

Marvell Technology Group Ltd. $21.47 10,546 (1,732) 8,814 3.7 3.5 12.6 11.7 18.1 16.4 0.9% 3.4% 60.0% 61.1%

QUALCOMM Incorporated $64.02 94,793 (12,557) 82,236 3.5 3.6 10.0 9.0 16.0 17.4 (2.8%) (0.9%) 57.3% NA ams AG $90.76 7,662 1,040 8,702 6.9 4.7 33.9 14.9 44.2 20.0 117.9% 46.0% 38.5% 40.5%

Cirrus Logic, Inc. $51.86 3,302 (239) 3,062 1.9 1.8 6.4 6.4 10.8 11.1 13.4% 5.7% 49.6% NA

Dialog Semiconductor Plc $31.16 2,288 (634) 1,655 1.2 1.0 5.6 4.4 15.0 11.1 11.6% 18.9% 46.1% 46.5%

Notes: Source: Capital IQ and Capital IQ estimates. Multiples <0 or >50 considered NM. 6 Multiple calculations exclude the following companies due to pending transactions: Qualcomm, Cavium, NXP. MARKET SUMMARY Semiconductor Trading Statistics (cont’d) ($MM, Except Per Share Data)

Ambarella, Inc. $58.75 $1,957 ($414) $1,543 5.2x 5.1x 18.5x 25.6x 29.6x 37.6x (4.4%) 2.3% 64.3% 63.5%

MaxLinear, Inc. $26.42 1,769 276 2,045 4.9 4.0 15.6 12.4 18.2 14.6 8.5% 21.2% 49.5% 62.7%

Diodes Incorporated $28.67 1,416 61 1,477 1.4 1.3 7.8 6.5 21.5 16.7 12.3% 6.2% 34.1% 33.8%

Knowles Corporation $14.66 1,312 81 1,393 1.7 1.7 8.6 8.1 17.3 14.6 (2.8%) (0.0%) 40.1% 38.8%

Synaptics Incorporated $39.94 1,359 290 1,649 1.0 1.0 7.3 6.7 8.7 8.4 10.0% 0.7% 30.5% NA

Nordic Semiconductor ASA $5.13 828 (6) 822 3.5 3.0 30.8 18.2 46.7 34.8 22.6% 18.6% 46.9% 47.2%

Mean 3.7x 3.2x 15.4x 12.2x 23.7x 19.7x 16.9% 10.9% 46.9% 50.1% Median 3.2 2.8 10.2 9.0 18.1 15.5 11.6% 8.2% 46.9% 47.2%

($MM, Except Per Share Data)

MACOM Technology Solutions Holdings, Inc. $32.54 2,091 491 2,582 3.8 3.6 13.7 14.2 17.2 16.0 17.1% 5.2% 52.2% NA

Mellanox Technologies, Ltd. $64.70 3,295 (201) 3,094 3.6 3.2 28.2 11.2 30.5 22.6 0.1% 12.7% 65.2% 70.6%

Cavium, Inc. $83.83 5,797 503 6,300 6.4 5.7 16.5 14.7 29.6 23.6 63.5% 12.4% 51.9% 63.8%

Inphi Corporation $36.60 1,557 16 1,573 4.5 3.9 14.6 11.5 24.3 18.2 30.8% 16.5% 62.1% 69.4%

Mean 4.0x 3.6x 18.8x 12.3x 24.0x 18.9x 27.9% 11.7% 57.8% 67.9% Median 3.8 3.6 14.6 11.5 24.3 18.2 24.0% 12.5% 57.1% 69.4%

Notes: Source: Capital IQ and Capital IQ estimates. Multiples <0 or >50 considered NM. 7 Multiple calculations exclude the following companies due to pending transactions: Qualcomm, Cavium, NXP. MARKET SUMMARY Semiconductor Trading Statistics (cont’d) ($MM, Except Per Share Data)

Broadcom Limited $256.90 $105,165 $6,344 $111,509 5.9x 5.3x 8.3x 7.5x 14.8x 13.2x 20.7% 11.4% 62.6% NA

Texas Instruments Incorporated $104.44 102,932 (392) 102,540 6.9 6.6 14.7 14.0 23.0 22.4 12.4% 4.2% 64.3% 64.0%

Analog Devices, Inc. $89.03 32,820 6,803 39,623 6.9 6.8 13.8 15.6 17.7 17.1 61.8% 2.9% 67.0% NA

Microchip Technology Incorporated $87.88 20,556 1,940 22,496 5.8 5.4 13.1 12.5 16.8 15.3 23.7% 6.4% 60.1% NA

Xilinx, Inc. $67.42 16,919 (1,800) 15,120 6.1 5.8 19.4 17.8 27.2 24.2 7.3% 5.7% 69.9% NA

STMicroelectronics N.V. $21.86 19,298 (489) 18,809 2.3 2.1 11.4 9.2 23.8 18.5 18.2% 10.5% 39.2% 39.0%

Maxim Integrated Products, Inc. $52.28 14,716 (1,334) 13,382 5.6 5.5 13.6 13.6 21.5 20.3 7.0% 3.0% 65.0% NA

ON Semiconductor Corporation $20.94 8,882 2,003 10,885 2.0 2.0 8.7 8.1 14.7 12.6 39.7% 3.0% 35.9% 36.8%

Microsemi Corporation $51.65 6,069 1,744 7,813 4.3 4.0 12.2 11.3 12.9 11.8 4.3% 5.1% 63.8% NA

Monolithic Power Systems, Inc. $112.36 4,665 (299) 4,366 9.3 7.9 35.2 27.1 38.7 30.9 20.4% 17.6% 54.8% 55.6%

NXP Semiconductors N.V. $117.09 39,697 3,018 42,715 4.7 4.4 13.6 12.3 17.9 16.1 (3.8%) 5.2% 49.9% 53.0%

Integrated Device Technology, Inc. $29.73 3,949 92 4,042 5.1 4.5 17.3 13.6 20.7 16.6 6.8% 13.8% 58.4% NA

Silicon Laboratories Inc. $88.30 3,759 (422) 3,336 4.4 4.0 19.6 17.8 27.7 25.1 10.4% 8.4% 59.1% 59.0%

Semtech Corporation $34.20 2,269 (61) 2,208 3.7 3.4 12.1 10.8 18.3 15.8 10.3% 6.8% 59.6% 61.2%

Power Integrations, Inc. $73.55 2,186 (283) 1,903 4.4 3.9 20.8 17.5 26.0 21.9 11.9% 11.0% 49.5% 50.7%

Lattice Semiconductor Corporation $5.78 713 189 902 2.3 2.2 NA NA NM 31.5 (11.6%) 8.9% 56.1% 56.8%

Mean 5.0x 4.6x 15.7x 14.0x 21.7x 19.8x 15.0% 7.8% 57.2% 52.9% Median 5.1NM 4.5 13.7 13.6 21.1 18.5 11.2% 6.6% 59.3% 55.6%

Overall: Mean 4.2x 3.8x 15.6x 12.9x 23.5x 20.2x 19.1% 9.6% 51.5% 52.3% Median 3.7 3.6 13.6 11.8 21.5 18.3 12.9% 8.3% 51.2% 49.5%

Notes: Source: Capital IQ and Capital IQ estimates. Multiples <0 or >50 considered NM. 8 Multiple calculations exclude the following companies due to pending transactions: Qualcomm, Cavium, NXP. RECENT ACQUISITIONS Select Semiconductor Transactions

($MM) Announced Transaction EV / Revenue Date Acquirer Target Target Sector Value LTM NTM Target Description

Semiconductors Provides wireless semiconductor components, multimedia products and 12/25/2017 Gemtek Technology Co Ltd AMPAK Technology Inc. / WiFi semiconductor $32 NA NA components optical communications hardware for the optoelectronics industry.

Semiconductors 12/18/2017Shanghai Pudong Science and TechnologySemiconductor Investment Technologies Co. & Instruments Group $74 NA NA Designs, develops, and manufactures semiconductor equipment. / Semiconductor Equipment

Semiconductors Designs and manufactures microwave component assemblies and 12/03/2017 TTM Technologies Inc. Anaren Inc. / Microwave components $775 3.5x NA subsystems for wireless communications, satellite communications and designer & manufacturer military systems manufacturers.

Semiconductors Designs, develops, and markets semiconductor processors for intelligent and 11/20/2017 Marvell Technology Cavium, Inc. $6,843 7.0x 6.2x / Processors secure networks in the United States and internationally.

Ningbo Jiangbei Yize New Energy Semiconductors Develops and manufactures photovoltaic cells used in solar powered 11/10/2017 East Group Co., Ltd. $437 NA NA Technology Co. / Photovoltaic Cells equipment.

Designs, develops, manufactures, and markets digital communication 11/06/2017 Broadcom Limited QUALCOMM Incorporated Semiconductor $147,105 5.0x 5.1x products worldwide.

Semiconductors Develops silicon based computing and connectivity solutions for data 10/27/2017 The Carlyle Group L.P. $37 NA NA AMCC / Silicon Based Computing centers. Germany, Japan, Vietnam

Semiconductors The timing business assets of Vectron International, which provides network 10/26/2017 Microsemi Corporation / Frequency Control & $130 NA NA Vectron International Generation Products timing, reference distribution and input reference modules to businesses. Timing Business Assets

Semiconductors Designs, manufactures, and sells power, logic, and timing mixed signal 10/05/2017 Dialog Semiconductor Plc Silego Technology, Inc. $306 NA NA / Integrated Circuit integrated circuit (IC) products.

Semiconductors Provides flash memory semiconductors for smartphone OEMs and makers of 09/28/2017 K.K. Pangea (1) $17,867 NA NA / Memory other digital devices. Toshiba Memory Corp

Notes: Source: 451 Group and Capital IQ. Criteria based on global semiconductor transactions announced during 2017 with transaction values greater than or equal to $20MM. (1) A special purpose acquisition company formed and controlled by Bain Capital-led consortium. Members of the consortium include: Bain Capital, SK Hynix, Toshiba, Hoya 9 Corp, Apple, Kingston Technology, Seagate Technology and Dell Technologies. RECENT ACQUISITIONS Select Semiconductor Transactions (cont’d)

($MM) Announced Transaction EV / Revenue Date Acquirer Target Target Sector Value LTM NTM Target Description Provides and licenses semiconductor system-on-chip (SoC) intellectual Semiconductors / Design & 09/22/2017 804 4.1x 4.0x property for use in audio, video and graphics applications for computer and IP electronics manufacturers globally.

Semiconductors / Design & Provides embedded semiconductor IP cores and EDA software for 09/22/2017 65 NA NA IP semiconductor and electronics manufacturers globally.

Semiconductors / Electronic Designs and manufactures power semiconductors, including transistors, 08/28/2017 Components & 750 2.2x 2.0x rectifiers, and power modules, which convert and control electric power in Subassemblies electronic devices.

KAIAM Corporation Newton Aycliffe, UK-based 300,000 sq ft wafer Semiconductors / Foundry, 08/08/2017 80 NA NA fabrication facility with a 100,000 sq ft clean room, which manufactures Manufacturing & Assembly GaAs, SiC, and InP-based devices used in 3D sensing and 5G wireless. ( fabrication facility) Manufactures sensor-based thermistors and resistance temperature Semiconductors / Detectors, 07/10/2017 U.S. Sensor Corporation 24 NA NA detectors (RTD) for the home automation, healthcare, consumer goods, Sensors and MEMS military and defense, electronics and food processing industries.

Semiconductors / Detectors, Provides microelectromechanical (MEMS) and sonar ruggedized systems and 07/07/2017 235 0.8x NA Sensors and MEMS sensors for the biotechnology, manufacturing and military industries.

06/29/2017 Semiconductors / FPGAs 28 NA NA Manufactures audiovisual (AV) FPGA chipsets for AV equipment providers.

Designs system on chip (SoC) semiconductors for use in digital imaging and Semiconductors / Design & 06/12/2017 343 NA NA audio systems, video surveillance equipment and embedded modems for IP computer and electronics manufacturers globally.

The Multimedia Solutions Business of Marvell Technology Group which Semiconductors / Design & 06/12/2017 95 1.0x NA provides media processors for use in video and audio equipment and smart IP homes for consumers and businesses. (Multimedia Solutions Business) Semiconductors / Zhejiang Wansheng Jiangxin Zhiben Shanghai Foundry, Manufactures electronic transmitters, controllers, display converters and 05/29/2017 546 NA NA Co Ltd Technology Manufacturing & chips for businesses. Assembly

Notes: Source: 451 Group and Capital IQ. 10 Criteria based on global semiconductor transactions announced during 2017 with transaction values greater than or equal to $20MM. RECENT ACQUISITIONS Select Semiconductor Transactions (cont’d)

($MM) Announced Transaction EV / Revenue Date Acquirer Target Target Sector Value LTM NTM Target Description Semiconductors / Manufactures video processing semiconductors for Blu-ray machines, set top 05/18/2017 Electronic Components & 32 1.1x 1.5x boxes and other video delivery and streaming devices. Subassemblies

Semiconductors / Provides electronic components, sub-assemblies, antennas and test systems 05/02/2017 Electronic Components & 110 1.1x NA to companies that build wireless infrastructure. Subassemblies (Microwave Telecomm. Business) Semiconductors / Provides semiconductor manufacturing as well as video security, surveillance 04/26/2017 Foundry, Manufacturing & 1,833 1.2x 1.0x and production systems for businesses globally. Assembly

Semiconductors / The microelectronics filtration product line is used to eliminate contaminants 04/25/2017 Foundry, Manufacturing & 20 NA NA in the manufacturing of semiconductors, microelectronics and disk drives. Assembly (Microelectronics Filtration Business) Designs and manufactures high-value radio frequency, microwave and Semiconductors / 04/03/2017 41 3.2x NA millimeter wave sub-assemblies and components for the military, aerospace Microwave Devices and space sectors.

Semiconductors / Designs and manufactures analog and mixed-signal semiconductors for use 03/29/2017 Foundry, Manufacturing & 456 2.9x 3.7x in storage networking, power management and network security Assembly applications.

Designs and manufactures vertical cavity surface-emitting diode lasers for Semiconductors / 03/16/2017 $75 7.5x NA use in 3D depth cameras, LiDARs, IR illumination, and pumping of solid state Photonics lasers.

Manufactures the EyeQ platform which uses cameras, sensors and computer Semiconductors / System- 03/13/2017 15,004 41.9x 30.1x vision systems to enable autonomous driving and driver assistance focused on-Chip on anti-collision.

Semiconductors / Manufactures quantum cascade lasers for use in molecular detection and 03/07/2017 150 NA NA Photonics imaging systems.

Semiconductors / Designs and manufactures semiconductor integrated circuits and related 02/13/2017 210 3.6x 3.1x Photonics software for networking, video encoding and compression.

Notes: Source: 451 Group and Capital IQ. 11 Criteria based on global semiconductor transactions announced during 2017 with transaction values greater than or equal to $20MM. RECENT ACQUISITIONS Select Semiconductor Transactions (cont’d)

($MM) Announced Transaction EV / Revenue Date Acquirer Target Target Sector Value LTM NTM Target Description

Semiconductors / Design & The G.hn assets of Marvell designs networking transceiver chipsets for use in 02/08/2017 21 NA NA IP in-home networking and high bandwidth broadband internet access. (G.hn Assets) Provides semiconductor and electronic component lithography, laser- Semiconductors / 02/02/2017 557 2.9x 2.6x processing, wafer processing, atomic layer deposition and packaging systems Fabrication Equipment for semiconductor manufacturers globally.

Manufactures semiconductors and components for OEMs in South Korea 01/23/2017 Semiconductors / General 527 NA NA and globally.

Semiconductors / Design & Faraday Technology's surveillance business designs ASIC and SoC 01/03/2017 22 NA NA IP semiconductors for DVRs and IP cameras. (Surveillance Business)

Mean 5.6x 5.9x Median 3.1x 3.4x

Notes: Source: 451 Group and Capital IQ. 12 Criteria based on global semiconductor transactions announced during 2017 with transaction values greater than or equal to $20MM. GCA OVERVIEW Semiconductor Team

San Francisco Tokyo Frankfurt Zurich One Maritime Plaza, 25th Fl. 11-1 Marunouchi 1-chome Thurn-und-Taxis-Platz 6 Dufourstrasse 60 San Francisco, CA 94111 Chiyoda-ku, Tokyo 100-6230 60313 Frankfurt 8702 Zollikon United States Japan Germany Switzerland Phone: (415) 318-3600 Phone: +81 (3) 6212-7100 Phone: +49 69 204 34 6410 Phone: +41 (0) 43 499 43 43

Kamal Ahmed Clark Callander Geoff Baldwin Alex Vitale Kevin Walsh Managing Director and Co-Head of Investment Banking Co-President & CEO Managing Director Managing Director Head of Semiconductor Investment Banking Phone: (415) 318-3622 Phone: (415) 318-3680 Phone: (415) 318-3640 Phone: (415) 318-3618 Phone: (415) 318-3629 Mobile: (650) 213-2139 Mobile: (415) 515-2468 Mobile: (415) 867-9366 Mobile: (650) 799-7674 Mobile: (415) 816-1394 [email protected] [email protected] [email protected] [email protected] [email protected]

Shingo Yatsui Arthur Stein Aki Watanabe* Akikazu "Kaz" Ida* Shohei Taniguchi* Director Vice President Managing Director Managing Director Director

Phone: (415) 318-3642 Phone: (415) 318-3662 Phone: +81 (3) 6212-7102 Phone: +81 (3) 6212-7241 Phone: +81 (3)-6212-7236 Mobile: (650) 906-8665 Mobile: (415) 515-0820 Mobile: +81 (80)-3453-4181 Mobile: +81 (80) 9027-3023 Mobile: +81 (80)-9027-3010 [email protected] [email protected] [email protected] [email protected] [email protected]

Tobias Schultheiss** Sascha Pfieffer** Alex Grunwald** Managing Director Managing Director Managing Director

Phone: +49 69 20 434 6416 Phone: +49 69 20 434 6415 Phone: +41 43 499 43 47 Mobile: +49 160 534 6278 Mobile: +49 177 741 5643 Mobile: +41 79 620 00 93 [email protected] [email protected] [email protected]

*Aki Watanabe is a Managing Director, Akikazu Ida is a Managing Director and Shohei Taniguchi is a Director at GCA Corporation. 13 **Tobias Schultheiss, Sascha Pfieffer and Alex Grunwald are Managing Directors at GCA Altium AG, a wholly owned subsidiary of GCA Corporation. GCA OVERVIEW Deep Semiconductor Sector Expertise

Sale of Mass Flow Sale of Semiconductors Divestiture of Acquisition of Joint Venture Acquisition of Acquired by Acquisition of Controller and Related Encapsulating Materials Instrumentation Acquisition of Business to Division to Agreement with Product Lines to We advised We advised the Buyer We advised the Buyer the Buyer We advised the Buyer We advised the Seller We advised the Seller We advised the Buyer We advised DNP We advised the Seller $850MM $70MM $44MM Undisclosed Undisclosed $66MM $1.1Bn $1.1 Bn $63MM

Sale of Certain Strategic Assets of Acquisition of Sale of IP Assets Divesture of Investment & Strategic Acquisition of Acquired by DigitalOptics Micro- Acquired by Investment by to Cleanroom Integrated Optics Business to License by Solutions Business Semiconductor Business We advised the Seller We advised the Buyer We advised the Seller We advised SuVolta We advised the Seller We advised IMI We advised the Buyer We advised the Seller We advised the Seller Undisclosed $15MM Undisclosed Undisclosed $8MM $140MM $400MM Undisclosed $65MM

Sale of Acquisition of Sale of Acquired by Acquired by Communication Acquired by Preferred Acquired by Devices Business Acquisition of Silicon to Stock Valley Tech Center from to We advised the Issuer We advised the Buyer We advised the Seller We advised the Seller We advised the Seller We advised the Seller We advised the Seller We advised the Buyer We advised the Seller Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed Undisclosed $53MM Undisclosed Undisclosed

A wholly-owned Sale of Sale of IP Acquisition of Industrial subsidiary of Sale of Extended Acquisition of Timing Semiconductor Portfolio to & Consumer Laser Participation in IP Acquired by Solutions Business Automatic Test Diode & LED Business Acquisition of Factory Business to Acquisition of License Sale by from Equipment Assets to Back-End Production Zhuhai, China Facilities from facility of We advised the Seller We advised the Buyer We advised the Seller We advised the Seller We advised the Seller We advised the Buyer We advised RPX We Advised the Buyer We advised the Buyer $20MM Undisclosed Undisclosed Undisclosed Undisclosed $525MM Undisclosed Undisclosed $35MM