HYDE PARK CAPITAL Investment Banking | Mergers & Acquisitions | Capital Raising

John Hill Senior Managing Director [email protected] (813) 383‐0205

John McDonald Senior Managing Director Technology [email protected] (813) 383‐0206 M&A Report Keith Hodgdon Managing Director Q3 2016 [email protected] (813) 383‐0208

Greg Bosl Vice President [email protected] (813) 597‐2649

Jami Gold Vice President [email protected] (813) 383‐0203

Jeffrey Hendricks Vice President [email protected] (678) 523‐3073

Kenneth Burnside Business Development Officer [email protected] (864) 905‐9633

Hyde Park Capital Advisors, LLC 701 N. Franklin Street Tampa, FL 33602 Tel: 813‐383‐0202 www.hydeparkcapital.com Member FINRA/SIPC Capital Markets Overview

Commentary Select Technology Public Offerings (Q3 2016)

Transaction Transaction  The S&P Global Information Technology Index increased 22.4% Offer Date Issuer Industry Sector Type Value ($mm)

during the 12‐month period ended September 30, 2016, while 08/01/16 Microsoft Corp. Technology Hardware Fixed‐Income $19,646 the Nasdaq increased 14.8% and the S&P 500 increased 12.7%. 07/28/16 Apple, Inc. Technology Hardware Fixed‐Income $6,986

 IPO activity in the Technology industry improved during Q3 09/13/16 Cisco Systems, Inc. Technology Hardware Fixed‐Income $6,245 2016 after a slow start to the year. Nutanix, Inc. 09/06/16 Advanced Micro Devices, Inc. Technology Hardware Secondary $1,300

(NasdaqGS:NTNX), which provides enterprise cloud platform 09/20/16 Atomera, Inc. Technology Hardware Secondary $304 solutions, raised $238 million in the largest IPO during the 08/01/16 Ellie Mae, Inc. Application Software Secondary $248 quarter. 09/29/16 Nutanix, Inc. Internet IPO $238

 The Software‐as‐a‐Service (SaaS) and Application Software 09/22/16 Apptio, Inc. Internet IPO $96

(Horizontal) sectors were the industry’s leaders with respect to 09/15/16 Everbridge, Inc. Application Software IPO $90 valuation during Q3 2016, trading at revenue multiples of 6.8x and 5.2x, respectively. 09/20/16 The Trade Desk, Inc. Internet IPO $84

Public Market Performance (LTM) Market Performance by Sector

130% Median Change in Stock Price Enterprise Value / LTM 22.4% 120% Industry Sector 3 Months 12 months Revenue EBITDA 14.8% Software Bellwethers 10.6% 20.5% 4.4x 12.7x

Application Software (Horizontal) 5.3% 17.7% 5.2x 20.1x 110% 12.7% Application Software (Vertical) 3.1% 12.3% 4.9x 20.2x

100% Software‐as‐a‐Service (SaaS) 4.8% 16.6% 6.8x 47.9x

Data & Analytics 7.7% (8.5%) 3.0x 15.9x

90% Infrastructure Services 12.1% 10.9% 3.5x 14.4x

Technology Hardware 14.9% 12.0% 1.0x 8.6x 80% Sep‐15 Dec‐15 Mar‐16 Jun‐16 Sep‐16 IT Services 1.9% 8.6% 2.4x 12.9x S&P Global Information Technology Index Nasdaq S&P 500 Internet 13.5% 34.6% 4.2x 17.8x

Source: S&P Capital IQ

HYDE PARK CAPITAL 2 Investment Banking | Mergers & Acquisitions | Capital Raising Annual Middle Market M&A Activity – Technology

Commentary Middle Market M&A Transactions by Deal Size – Technology

($ in billions)  As detailed in the charts below, Middle Market M&A activity in the Technology industry fell during the year‐to‐date period ended YTD '15 YTD '16 % Change September 30, 2016 to 181 closed transactions, a 31% decline from Deal Size Volume Value Volume Value Volume Value the 263 transactions closed the prior year period. Less than $100M 183 $6.6 107 $3.8 (42%) (42%) $100 ‐ $499M 60 $13.4 58 $14.0 (3%) 4%  The total value of completed Middle Market M&A transactions in $500 ‐ $1,000M 20 $13.7 16 $10.8 (20%) (21%) the Technology industry decreased by 19% during YTD 2016 to Total Middle Market 263 $33.7 181 $28.6 (31%) (19%) $28.6 billion, down from $33.7 billion in prior year period. % of Total Market Less than $100M 70% 20% 59% 13%  M&A activity declined within the Technology industry during YTD $100 ‐ $499M 23% 40% 32% 49% 2016 compared with the prior year period due to increased $500 ‐ $1,000M 7% 40% 9% 38% volatility in the capital markets which has slowed buying activity Total Middle Market 100% 100% 100% 100% from both strategic and financial buyers.

U.S. Middle Market M&A Activity – Annual Trends: VOLUME U.S. Middle Market M&A Activity – Annual Trends: VALUE billions)

in Total Transaction Volume Total Transaction Value ($

Less than $100M $100 ‐ $499M $500 ‐ $1,000M Less than $100M $100 ‐ $499M $500 ‐ $1,000M Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion)

HYDE PARK CAPITAL 3 Investment Banking | Mergers & Acquisitions | Capital Raising Quarterly Middle Market M&A Activity – Technology

Commentary Middle Market M&A Transactions by Deal Size – Technology

($ in billions)  Middle Market M&A activity in the Technology industry decreased during Q3 2016 compared with Q3 2015. Deal volume fell 51% to Q3 2015 Q3 2016 % Change 39 completed transactions in Q3 2016, while the total value of Deal Size Volume Value Volume Value Volume Value completed transactions decreased 28% to $8.6 billion. Less than $100M 51 $1.9 18 $0.8 (65%) (56%) $100 ‐ $499M 20 $4.1 16 $4.3 (20%) 5%  Transactions valued below $100 million had the steepest declines $500 ‐ $1,000M 9 $6.0 5 $3.5 (44%) (42%) during Q3 2016, as deal volume fell 65% and completed deal value Total Middle Market 80 $12.0 39 $8.6 (51%) (28%) dropped 56% compared with the prior year period. % of Total Market Less than $100M 64% 16% 46% 10%  Deal volume has fallen four straight quarters as macroeconomic $100 ‐ $499M 25% 34% 41% 50% uncertainty has weighed on M&A activity, however low interest and $500 ‐ $1,000M 11% 50% 13% 40% record amounts of cash held by corporate buyers and private Total Middle Market 100% 100% 100% 100% equity firms should support increased M&A activity.

U.S. Middle Market M&A Activity –Quarterly Trends: VOLUME U.S. Middle Market M&A Activity –Quarterly Trends: VALUE billions)

in Total Transaction Volume Total Transaction Value ($

Less than $100M $100 ‐ $499M $500 ‐ $1,000M Less than $100M $100 ‐ $499M $500 ‐ $1,000M Source: S&P Capital IQ (middle market includes all closed deals with disclosed deal value between $10 million and $1 billion) HYDE PARK CAPITAL 4 Investment Banking | Mergers & Acquisitions | Capital Raising Recent M&A Activity – Technology

Select Announced M&A Transactions (Q3 2016)

Enterprise EV / EV / Announced Date Target Buyer Industry Value ($mm) Revenue EBITDA

09/26/16 GovDelivery, Inc. Vista Equity Partners Internet $153.0 NA NA

09/23/16 Soft Machines, Inc. Intel Corp. Technology Hardware $270.0 NA NA

Beijing Shanhai Capital 09/22/16 Analogix Semiconductor, Inc. Technology Hardware $500.0 NA NA Management

09/20/16 DTS, Inc. Tessera Technologies, Inc. Technology Hardware $945.8 5.8x 28.1x

Avnet, Inc. 09/19/16 Tech Data Corp. Technology Hardware $2,593.1 NA NA (Technology Solutions Business)

09/19/16 Infoblox, Inc. Vista Equity Partners Software $1,254.3 3.5x NA

09/12/16 Intersil Corp. Renesas Electronics Corp. Technology Hardware $2,833.7 5.5x 30.0x

Dell EMC 09/12/16 Open Text Corp. Software $1,620.0 2.7x NA (Enterprise Content Division)

09/08/16 Apigee Corp. Google, Inc. Software $561.8 6.1x NA

Hewlett Packard Enterprise Co. 09/07/16 Micro Focus International Software $8,730.4 2.8x 13.3x (Software Business)

09/07/16 Intel Security, Inc. TPG Capital Software $6,078.4 NA NA

Genesys Telecommunications 08/31/16 Interactive Intelligence Group, Inc. Software $1,394.3 3.4x NA Laboratories, Inc.

08/26/16 Rackspace Hosting, Inc. Apollo Global Management IT Services $4,404.7 2.1x 7.5x

08/17/16 SunEdison Semiconductor Ltd. GWafers Singapore Pte., Ltd. Technology Hardware $671.4 0.9x NA

Source: S&P Capital IQ.

HYDE PARK CAPITAL 5 Investment Banking | Mergers & Acquisitions | Capital Raising Recent M&A Activity – Technology

Select Announced M&A Transactions (Q3 2016)

Enterprise EV / EV / Announced Date Target Buyer Industry Value ($mm) Revenue EBITDA

08/11/16 Silicon Graphics International Corp. Hewlett Packard Enterprise Co. Technology Hardware $285.5 0.5x 51.7x

08/09/16 Monster Worldwide, Inc. Randstad North America Internet $382.8 0.6x 5.1x

08/08/16 Jet.com, Inc. Wal‐Mart Stores, Inc. Internet $3,300.0 NA NA

08/01/16 Quip, Inc. salesforce.com, inc. Internet $582.0 NA NA

07/28/16 NetSuite, Inc. Oracle Corp. Software $8,698.9 10.3x NA

07/27/16 Epiq Systems, Inc. DTI IT Services $1,009.0 1.9x 11.6x

07/26/16 Linear Technology Corp. Analog Devices, Inc. Technology Hardware $14,209.5 10.0x 20.7x

07/26/16 Citrix Systems, Inc. LogMeIn, Inc. Internet $1,802.6 NA NA

07/25/16 Yahoo!, Inc. Verizon Communications, Inc. Internet $4,825.8NANA

Genesys Telecommunications 07/21/16 Hellman & Friedman Internet $3,800.0 NA NA Laboratories, Inc.

07/21/16 TouchCommerce, Inc. Nuance Communications, Inc. Internet $215.1 NA NA

07/14/16 Wolfspeed, Inc. Infineon Technologies AG Technology Hardware $850.0 5.3x NA

Thomson Reuters Corp. 07/11/16 Onex Corp. Internet $3,550.0 NA NA (IP & Science Business)

07/05/16 Epicor Software Corp. KKR & Co. Software NA NA NA

Source: S&P Capital IQ.

HYDE PARK CAPITAL 6 Investment Banking | Mergers & Acquisitions | Capital Raising M&A Activity by Technology Sector

U.S. Middle Market M&A Activity by Technology Sector: VALUE % Change ($ in millions)

$3.6 Software* 48% $1.9

$5.1 Internet 33% $3.4

$1.0 IT Services 66% $0.4

$2.4 Technology Hardware $3.0 26%

$0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0

Q3 2015 Q3 2016

U.S. Middle Market M&A Activity by Technology Sector: VOLUME % Change

21 Software* 67% 7

26 Internet 46% 14

13 IT Services 69% 4

20 Technology Hardware 30% 14

0 5 10 15 20 25 30

Q3 2015 Q3 2016

Source: S&P Capital IQ (includes all closed deals with disclosed deal value between $10 million and $1 billion).

HYDE PARK CAPITAL 7 Investment Banking | Mergers & Acquisitions | Capital Raising Private Equity Activity – Technology

Commentary Select Announced Private Equity Transactions (Q3 2016)

($ in millions)  Financial sponsors were active across many sectors of the Enterprise Announced Date Target Buyer Industry Value ($mm) Technology industry during Q3 2016, as shown in the table to the right. 09/29/16 T2 Systems, Inc. Thoma Bravo Internet NA

 Several notable private equity backed deals were announced 09/26/16 GovDelivery, Inc. Vista Equity Partners Internet $153 during the quarter, including: TPG Capital’s announced acquisition of Intel Security, Inc. for $6.1 billion; Apollo Global Management’s 09/19/16 Infoblox, Inc. Vista Equity Partners Enterprise Software $1,254 proposed purchase of Rackspace Hosting, Inc. for $4.4 billion; and 09/14/16 YuMe, Inc. AVI Partners, LLC Internet $117 Vista Equity Partner’s announced acquisition of InfoBlox, Inc. for

$1.3 billion. 09/12/16 Untangle, Inc. Providence Equity Partners Enterprise Software NA

 During Q3 2016, financial sponsors were most active in the 09/12/16 QualiTest Ltd. Marlin Equity Partners IT Services NA Application Software and Internet sectors, announcing 20 and 14 transactions, respectively. 09/07/16 Intel Security, Inc. TPG Capital Enterprise Software $6,078

09/06/16 Daxko, LLC GI Partners Application Software NA Financial Sponsors Industry Transactions

24 08/29/16 Calabrio, Inc. KKR & Co. Application Software NA

08/26/16 Rackspace Hosting, Inc. Apollo Global Management IT Services $4,405 20

08/26/16 Clearwater Analytics, LLC Welsh, Carson, Anderson & Stowe Internet NA

16 08/15/16 NetMotion Wireless, Inc. The Carlyle Group Application Software NA

12 08/10/16 VXI Global Solutions, LLC The Carlyle Group Application Software NA

8 07/29/16 Symplicity Corp. H.I.G. Capital Application Software NA Number of Transactions

07/19/16 Dominion Marine Media Apax Partners Internet NA 4

07/05/16 Epicor Software Corp. KKR & Co. Application Software NA 0 Application Internet IT Services Technology Enterprise Software Hardware Software Source: S&P Capital IQ. *Denotes Hyde Park Capital Transaction.

HYDE PARK CAPITAL 8 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

Commentary Software Bellwethers

130%  The charts included on the following pages detail the recent stock price performance by sector for the leading public companies within the Technology industry for the 12‐month period ended 120% September 30, 2016. The shaded section represents Q3 2016. 20.5%

 During the 12‐month period ending September 30, 2016, most sectors in the Technology industry had positive performance, led 110% 12.7% by Internet and Software Bellwethers, which increased 34.6% and 20.5%, respectively, while Data & Analytics had the worst performance, falling 8.5%. 100%

 All sectors within the Technology industry increased during Q3 2016, led by the Technology Hardware (up 14.9%) and Internet (up 90% 13.5%) sectors. Sep‐15 Dec‐15 Mar‐16 Jun‐16 Sep‐16

Software Bellwethers S&P 500

Application Software (Horizontal) Application Software (Vertical)

130% 130%

120% 120% 17.7% 12.7% 12.7% 110% 110% 12.3%

100% 100%

90% 90%

80% 80% Sep‐15 Dec‐15 Mar‐16 Jun‐16 Sep‐16 Sep‐15 Dec‐15 Mar‐16 Jun‐16 Sep‐16

Application Software (Horizontal) S&P 500 Application Software (Vertical) S&P 500

Source: S&P Capital IQ.

HYDE PARK CAPITAL 9 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

Software‐as‐a‐Service (SaaS) Data & Analytics

130% 130%

120% 16.6% 120% 12.7% 110% 12.7% 110%

100% 100%

8.5% 90% 90%

80% 80%

70% 70%

60% 60% Sep‐15 Dec‐15 Mar‐16 Jun‐16 Sep‐16 Sep‐15 Dec‐15 Mar‐16 Jun‐16 Sep‐16

Software‐as‐a‐Service (SaaS) S&P 500 Data & Analytics S&P 500

Infrastructure Software Technology Hardware

120% 120%

12.7% 12.7%

110% 10.9% 110% 12.0%

100% 100%

90% 90%

80% 80% Sep‐15 Dec‐15 Mar‐16 Jun‐16 Sep‐16 Sep‐15 Dec‐15 Mar‐16 Jun‐16 Sep‐16

Infrastructure Software S&P 500 Technology Hardware S&P 500

Source: S&P Capital IQ.

HYDE PARK CAPITAL 10 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview – Recent Stock Price Performance

IT Services Internet

130%

34.6%

120%

12.7% 110% 12.7% 8.6%

100%

90%

80% Sep‐15 Dec‐15 Mar‐16 Jun‐16 Sep‐16

IT Services S&P 500

Source: S&P Capital IQ.

HYDE PARK CAPITAL 11 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Software Bellwethers

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Google, Inc. GOOG $777.29 98.4% $541,674 $471,003 $81,761 $50,758 $26,903 62.1% 32.9% 5.8x 17.5x Microsoft Corp. MSFT $57.60 98.1% $461,549 $402,494 $85,320 $52,540 $27,170 61.6% 31.8% 4.7x 14.8x IBM Corp. IBM $158.85 96.3% $153,951 $188,015 $80,261 $39,230 $17,973 48.9% 22.4% 2.3x 10.5x Oracle Corp. ORCL $39.28 93.5% $167,225 $153,282 $37,194 $21,717 $14,612 58.4% 39.3% 4.1x 10.5x Cisco Systems, Inc. CSCO $31.72 99.3% $161,391 $124,266 $49,247 $30,958 $14,838 62.9% 30.1% 2.5x 8.4x SAP AG DB:SAP $91.41 98.5% $109,559 $114,137 $23,644 $16,145 $6,658 68.3% 28.2% 4.8x 17.1x salesforce.com, Inc. CRM $71.33 84.4% $47,990 $49,331 $7,475 $5,585 $560 74.7% 7.5% 6.6x* 88.2x* HP, Inc. HPQ $15.53 52.2% $27,407 $28,606 $99,884 $23,893 $9,359 23.9% 9.4% 0.3x* 3.1x*

Average 90.1% $208,843 $191,392 $58,098 $30,103 $14,759 57.6% 25.2% 4.0x 13.1x Median 97.2% $157,671 $138,774 $64,754 $27,426 $14,725 61.8% 29.1% 4.4x 12.7x

Source: S&P Capital IQ *Excluded from the average and median calculation.

HYDE PARK CAPITAL 12 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Application Software (Horizontal)

($ in millions, except per share)

Communication Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Nuance Communications, Inc. NUAN $14.50 66.4% $4,335 $6,181 $1,947 $1,179 $317 60.6% 16.3% 3.2x 19.5x Synchronoss Technologies, Inc. SNCR $41.18 94.3% $1,882 $2,050 $608 $338 $133 55.6% 21.8% 3.4x 15.4x BroadSoft, Inc. BSFT $46.55 97.0% $1,392 $1,323 $314 $229 $38 72.9% 12.2% 4.2x 34.6x Tangoe, Inc. TNGO $8.25 81.5% $321 $290 $219 $119 $10 54.1% 4.4% 1.3x 30.1x Jive Software, Inc. JIVE $4.26 81.8% $325 $220 $202 $129 ($14) 64.0% (6.8%) 1.1x NA MobileIron, Inc. MOBL $2.75 21.2% $226 $140 $158 $127 ($65) 80.7% (41.3%) 0.9x NA

Average 73.7% $1,414 $1,701 $575 $354 $70 64.6% 1.1% 2.6x 24.9x Median 81.6% $859 $806 $266 $179 $24 62.3% 8.3% 3.2x 24.8x

Enterprise Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA IBM Corp. IBM $158.85 96.3% $153,951 $188,015 $80,261 $39,230 $17,973 48.9% 22.4% 2.3x 10.5x Oracle Corp. ORCL $39.28 93.5% $167,225 $153,282 $37,194 $21,717 $14,612 58.4% 39.3% 4.1x 10.5x SAP SE DB:SAP $91.41 98.5% $109,559 $114,137 $23,644 $16,145 $6,658 68.3% 28.2% 4.8x 17.1x Adobe Systems, Inc. ADBE $108.54 98.9% $54,886 $52,356 $5,552 $4,748 $1,647 85.5% 29.7% 9.4x 31.8x Intuit, Inc. NASDAQGS:INTU $110.01 94.0% $29,153 $29,073 $4,694 $3,964 $1,458 84.4% 31.1% 6.2x 19.9x Sage Group plc LSE:SGE $9.61 98.7% $10,414 $10,804 $2,110 $1,980 $563 93.8% 26.7% 5.1x 19.2x Constellation Software, Inc. TSX:CSU $450.60 99.3% $9,549 $9,661 $1,988 $736 $467 37.0% 23.5% 4.9x 20.7x Open Text Corp. OTEX $64.86 97.0% $7,915 $8,766 $1,824 $1,324 $572 72.6% 31.3% 4.8x 15.3x TOTVS S.A. BOVESPA:TOTS3 $9.36 79.6% $1,537 $1,677 $654 $394 $101 60.3% 15.4% 2.6x 16.6x

Average 95.1% $60,465 $63,086 $17,547 $10,027 $4,894 67.7% 27.5% 4.9x 14.1x Median 97.0% $29,153 $29,073 $4,694 $3,964 $1,458 68.3% 28.2% 4.8x 17.1x

Source: S&P Capital IQ *Excluded from the average and median calculation.

HYDE PARK CAPITAL 13 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Application Software (Horizontal)

($ in millions, except per share)

Human Capital Management (HCM) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Paychex, Inc. PAYX $57.87 93.5% $20,997 $20,550 $3,014 $2,138 $1,291 70.9% 42.8% 6.8x 15.9x Workday, Inc. WDAY $91.69 99.2% $17,767 $16,219 $1,352 $921 ($209) 68.1% (15.5%) 12.0x NA The Ultimate Software Group, Inc. ULTI $204.39 91.2% $6,108 $6,020 $700 $432 $66 61.7% 9.5% 8.6x 90.7x Paycom Software, Inc. PAYC $50.13 94.7% $2,935 $2,883 $284 $246 $67 86.5% 23.6% 10.1x 43.0x Cornerstone OnDemand, Inc. CSOD $45.95 96.2% $2,516 $2,483 $389 $265 ($54) 67.9% (13.9%) 6.4x NA Paylocity Holding Corp. PCTY $44.46 89.5% $2,264 $2,177 $231 $133 $5 57.5% 2.1% 9.4x 446.4x* Benefitfocus, Inc. BNFT $39.92 88.8% $1,164 $1,172 $212 $97 ($36) 45.5% (17.1%) 5.5x NA Xactly Corp. XTLY $14.72 98.8% $437 $407 $87 $52 ($16) 59.5% (18.4%) 4.7x NA Halogen Software, Inc. TSX:HGN $7.76 97.4% $170 $135 $69 $52 $0 75.2% 0.5%1.6x*NA

Average 94.4% $6,040 $5,783 $704 $482 $124 65.9% 1.5% 7.0x 49.9x Median 94.7% $2,516 $2,483 $284 $246 $0 67.9% 0.5% 6.8x 43.0x

Marketing Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA salesforce.com, Inc. CRM $71.33 84.4% $47,990 $49,331 $7,475 $5,585 $560 74.7% 7.5% 6.6x 88.2x Criteo SA CRTO $35.11 73.4% $2,289 $1,929 $1,538 $549 $142 35.7% 9.2% 1.3x 13.6x HubSpot, Inc. HUBS $57.62 95.9% $1,984 $1,868 $225 $169 ($41) 75.4% (18.1%) 8.3x NA Callidus Software, Inc. CALD $18.35 84.8% $1,038 $944 $190 $119 ($0) 62.5% (0.1%) 5.0x NA Bazaarvoice, Inc. BV $5.91 98.8% $481 $431 $201 $125 ($10) 62.1% (4.9%) 2.1x NA ChannelAdvisor Corp. ECOM $12.93 81.3% $327 $265 $107 $85 ($7) 79.7% (6.9%) 2.5x NA

Average 86.4% $9,018 $9,128 $1,623 $1,105 $107 65.0% (2.2%) 4.3x 50.9x Median 84.6% $1,511 $1,406 $213 $147 ($4) 68.6% (2.5%) 3.7x 50.9x

Source: S&P Capital IQ *Excluded from the average and median calculation.

HYDE PARK CAPITAL 14 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Application Software (Horizontal)

($ in millions, except per share)

PLM & Engineering Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Dassault Systèmes SE ENXTPA:DSY $86.81 97.1% $22,335 $20,539 $3,240 $2,738 $842 84.5% 26.0% 6.3x 24.4x Autodesk, Inc. ADSK $72.33 99.4% $16,227 $15,652 $2,311 $1,947 ($27) 84.3% (1.2%) 6.8x NA Synopsys, Inc. SNPS $59.35 98.9% $9,238 $8,425 $2,376 $1,947 $419 81.9% 17.6% 3.5x 20.1x Cadence Design Systems, Inc. CDNS $25.53 97.3% $7,802 $7,790 $1,776 $1,526 $422 85.9% 23.8% 4.4x 18.5x Ansys, Inc. ANSS $92.61 93.6% $8,370 $7,527 $961 $854 $440 88.9% 45.8% 7.8x 17.1x PTC, Inc. NASDAQGS:PTC $44.31 99.0% $5,068 $5,540 $1,165 $846 $167 72.6% 14.3% 4.8x 33.3x Aspen Technology, Inc. AZPN $46.79 98.9% $3,898 $3,717 $472 $424 $222 89.7% 47.0% 7.9x 16.7x Mentor Graphics Corp. MENT $26.44 94.1% $3,011 $2,994 $1,110 $930 $151 83.8% 13.6% 2.7x 19.8x Nemetschek SE XTRA:NEM $61.32 94.1% $2,361 $2,348 $347 $183 $74 52.7% 21.2% 6.8x 31.9x AVEVA Group plc LSE:AVV $25.99 84.9% $1,665 $1,510 $290 $269 $69 92.7% 23.7% 5.2x 22.0x

Average 95.7% $7,998 $7,604 $1,405 $1,166 $278 81.7% 23.2% 5.6x 22.6x Median 97.2% $6,435 $6,534 $1,137 $892 $194 84.4% 22.4% 5.8x 20.1x

Supply Chain & Logistics Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Manhattan Associates, Inc. MANH $57.62 74.1% $4,216 $4,121 $588 $343 $187 58.2% 31.8% 7.0x 22.0x Fleetmatics Group PLC FLTX $59.98 95.4% $2,378 $2,211 $311 $230 $66 74.0% 21.4% 7.1x 33.3x The Descartes Systems Group, Inc. TSX:DSG $21.51 98.0% $1,644 $1,583 $195 $140 $64 72.0% 32.7% 8.1x 24.8x Kinaxis, Inc. TSX:KXS $50.92 98.4% $1,311 $1,196 $104 $73 $24 70.6% 22.9% 11.5x 50.4x SPS Commerce, Inc. SPSC $73.41 93.8% $1,252 $1,124 $176 $119 $18 67.6% 10.1% 6.4x 63.6x Amber Road, Inc. AMBR $9.65 85.5% $255 $261 $70 $33 ($17) 46.8% (24.9%) 3.7x NA American Software, Inc. AMSW.A $11.10 93.0% $323 $251 $112 $58 $13 51.7% 11.6% 2.2x 19.3x Park City Group, Inc. PCYG $11.80 94.5% $226 $218 $14 $10 $1 69.5% 9.3% 15.5x 167.1x* SciQuest, Inc. SQI $40.13 92.1% $159 $162 $206 $68 $15 33.2% 7.2% 0.8x* 10.9x Average 91.6% $1,307 $1,236 $197 $119 $41 60.4% 13.6% 7.7x 32.1x Median 93.8% $1,252 $1,124 $176 $73 $18 67.6% 11.6% 7.1x 24.8x

Source: S&P Capital IQ *Excluded from the average and median calculation.

HYDE PARK CAPITAL 15 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Application Software (Vertical)

($ in millions, except per share)

Energy Software Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA AVEVA Group plc LSE:AVV $25.99 84.9% $1,665 $1,510 $290 $269 $69 92.7% 23.7% 5.2x 22.0x Pason Systems, Inc. TSX:PSI $12.79 78.4% $1,074 $949 $155 $86 $23 55.2% 15.1% 6.1x 40.6x Silver Spring Networks, Inc. SSNI $14.18 87.6% $741 $627 $439 $216 $88 49.2% 20.0% 1.4x 7.1x EnerNOC, Inc. ENOC $5.41 55.3% $156 $174 $463 $169 ($37) 36.6% (7.9%) 0.4x*NA

Average 76.6% $909 $815 $337 $185 $36 58.4% 12.7% 4.3x 23.2x Median 81.7% $907 $788 $365 $193 $46 52.2% 17.5% 5.2x 22.0x

Financial Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Fidelity National Information Services, Inc. FIS $77.03 94.3% $23,856 $34,331 $7,939 $2,533 $2,000 31.9% 25.2% 4.3x 17.2x Fiserv, Inc. FISV $99.47 89.2% $22,918 $27,209 $5,375 $2,448 $1,670 45.5% 31.1% 5.1x 16.3x MSCI, Inc. MSCI $83.94 92.5% $8,607 $9,783 $1,111 $855 $535 77.0% 48.1% 8.8x 18.3x SS&C Technologies Holdings, Inc. SSNC $32.15 83.3% $6,565 $9,071 $1,279 $584 $406 45.7% 31.7% 7.1x 22.3x Jack Henry & Associates, Inc. JKHY $85.55 95.2% $6,821 $6,751 $1,355 $581 $472 42.9% 34.8% 5.0x 14.3x Black Knight Financial Services, Inc. BKFS $40.90 96.9% $2,781 $5,407 $969 $440 $340 45.4% 35.1% 5.6x 15.9x Envestnet, Inc. ENV $36.45 87.9% $1,461 $1,714 $495 $134 $44 27.0% 8.8% 3.5x 39.2x* Q2 Holdings, Inc. QTWO $28.66 93.3% $1,108 $1,013 $128 $60 ($21) 46.6% (16.4%) 7.9x NA Bottomline Technologies, Inc. EPAY $23.31 73.8% $885 $924 $343 $196 $40 57.2% 11.6% 2.7x 23.2x

Average 89.6% $8,334 $10,689 $2,111 $870 $609 46.6% 23.3% 5.5x 20.2x Median 92.5% $6,565 $6,751 $1,111 $581 $406 45.5% 31.1% 5.1x 17.2x

Source: S&P Capital IQ *Excluded from the average and median calculation.

HYDE PARK CAPITAL 16 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Application Software (Vertical)

($ in millions, except per share)

Healthcare IT Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Cerner Corp. CERN $61.75 90.4% $21,447 $21,402 $4,579 $3,886 $1,271 84.9% 27.7% 4.7x 16.8x Veeva Systems, Inc. VEEV $41.28 96.9% $6,022 $5,543 $472 $312 $91 66.1% 19.4% 11.7x 60.6x athenahealth, Inc. ATHN $126.12 74.0% $4,986 $5,146 $1,012 $610 $85 60.3% 8.4% 5.1x 60.2x Allscripts Healthcare Solutions, Inc. MDRX $13.17 83.5% $2,481 $3,966 $1,432 $706 $134 49.3% 9.3% 2.8x 29.7x Medidata Solutions, Inc. MDSO $55.76 98.2% $3,168 $3,106 $421 $322 $51 76.6% 12.2% 7.4x 60.7x Press Ganey Holdings, Inc. PGND $40.40 96.0% $2,143 $2,279 $344 $195 $105 56.8% 30.5% 6.6x 21.7x HMS Holdings Corp. HMSY $22.17 92.4% $1,916 $1,926 $490 $171 $94 34.9% 19.1% 3.9x 20.6x Inovalon Holdings, Inc. INOV $14.71 61.6% $2,236 $1,766 $453 $287 $111 63.4% 24.5% 3.9x 15.9x Quality Systems, Inc. QSII $11.32 64.7% $689 $750 $493 $266 $56 54.0% 11.5% 1.5x 13.3x

Average 84.2% $5,010 $5,098 $1,077 $751 $222 60.7% 18.1% 5.3x 33.3x Median 90.4% $2,481 $3,106 $490 $312 $94 60.3% 19.1% 4.7x 21.7x

Public Sector / Non‐Profit Software

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Constellation Software, Inc. TSX:CSU $450.60 99.3% $9,548 $9,660 $2,073 $913 $489 44.0% 23.6% 4.7x 19.8x Tyler Technologies, Inc. TYL $171.23 93.1% $6,556 $6,627 $722 $336 $163 46.5% 22.5% 9.2x 40.7x Blackbaud, Inc. BLKB $66.34 92.4% $3,104 $3,490 $684 $362 $114 52.9% 16.6%5.1x30.7x 2U, Inc. TWOU $38.29 98.4% $1,721 $1,533 $177 $141 ($22) 79.4% (12.2%) 8.7xNA NIC, Inc. EGOV $23.50 98.7% $1,547 $1,419 $305 $126 $81 41.3% 26.5% 4.6x 17.6x Instructure, Inc. INST $25.37 97.6% $493 $431 $92 $63 ($48) 68.9% (51.7%) 4.7x NA K12, Inc. LRN $14.35 99.3% $559 $376 $881 $329 $40 37.4% 4.5% 0.4x 9.4x

Average 97.0% $3,361 $3,362 $705 $324 $117 52.9% 4.3% 5.3x 23.6x Median 98.4% $1,721 $1,533 $684 $329 $81 46.5% 16.6% 4.7x 19.8x

Source: S&P Capital IQ.

HYDE PARK CAPITAL 17 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Software‐as‐a‐Service (SAAS)

($ in millions, except per share) Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA salesforce.com, Inc. CRM $71.33 84.4% $47,990 $49,331 $7,475 $5,585 $560 74.7% 7.5% 6.6x 88.2x Workday, Inc. WDAY $91.69 99.2% $17,767 $16,219 $1,352 $921 ($209) 68.1% (15.5%) 12.0x* NA ServiceNow, Inc. NOW $79.15 86.7% $12,883 $12,575 $1,290 $906 ($84) 70.2%(6.5%)9.7xNA NetSuite, Inc. N $110.69 99.9% $8,897 $8,721 $897 $585 ($54) 65.2% (6.0%) 9.7x NA The Ultimate Software Group, Inc. ULTI $204.39 91.2% $6,108 $6,020 $700 $432 $66 61.7% 9.5% 8.6x 90.7x Veeva Systems, Inc. VEEV $41.28 96.9% $6,022 $5,543 $472 $312 $91 66.1% 19.4% 11.7x* 60.6x athenahealth, Inc. ATHN $126.12 74.0% $5,049 $5,210 $1,052 $643 $89 61.1% 8.4% 5.0x 58.6x Atlassian Corporation Plc TEAM $29.97 85.2% $5,799 $5,056 $457 $381 $9 83.4% 1.9% 11.0x* 585.1x* Guidewire Software, Inc. GWRE $59.98 92.6% $4,424 $3,796 $424 $273 $25 64.2% 5.8% 8.9x 153.8x* Medidata Solutions, Inc. MDSO $55.76 98.2% $3,206 $3,136 $438 $333 $56 76.0% 12.8% 7.2x 55.8x Proofpoint, Inc. PFPT $74.85 92.8% $3,094 $3,043 $344 $241 ($63) 70.1% (18.4%) 8.9x NA Paycom Software, Inc. PAYC $50.13 94.7% $2,935 $2,883 $284 $246 $67 86.5% 23.6% 10.1x* NA Cornerstone OnDemand, Inc. CSOD $38.06 87.7% $2,084 $2,051 $389 $265 ($54) 67.9% (13.9%) 5.3x NA Zendesk, Inc. ZEN $31.86 64.3% $1,456 $1,624 $608 $338 $133 55.6% 21.8% 2.7x 12.2x Ebix Inc. EBIX $56.85 96.1% $1,914 $2,077 $281 $206 $105 73.5% 37.4% 7.4x 19.8x RealPage, Inc. RP $25.70 97.2% $1,974 $2,051 $514 $295 $68 57.4% 13.3% 4.0x30.0x Fleetmatics Group PLC FLTX $59.98 95.4% $2,378 $2,211 $311 $230 $66 74.0% 21.4% 7.1x 33.3x CyberArk Software, Ltd. CYBR $49.57 83.6% $1,772 $1,535 $189 $163 $38 86.4% 20.3% 8.1x 40.0x LogMeIn, Inc. LOGM $90.39 95.7% $2,340 $2,160 $309 $267 $36 86.5% 11.8% 7.0x 59.2x HubSpot, Inc. HUBS $57.62 95.9% $1,984 $1,868 $225 $169 ($41) 75.4% (18.1%) 8.3x NA RingCentral, Inc. RNG $23.66 92.2% $1,712 $1,576 $359 $268 ($10) 74.8% (2.8%) 4.4x NA Benefitfocus, Inc. BNFT $39.92 88.8% $1,164 $1,172 $212 $97 ($36) 45.5% (17.1%) 5.5x NA Alarm.Com Holdings, Inc. ALRM $28.86 87.1% $1,341 $1,214 $234 $148 $37 63.1% 15.9% 5.2x 32.6x Q2 Holdings, Inc. QTWO $28.66 93.3% $1,108 $1,013 $128 $60 ($21) 46.6% (16.4%) 7.9x NA Qualys, Inc. QLYS $38.19 96.1% $1,451 $1,237 $182 $144 $44 79.5% 24.3% 6.8x28.0x SPS Commerce, Inc. SPSC $73.41 93.8% $1,252 $1,124 $176 $119 $18 67.6% 10.1% 6.4x 63.6x Callidus Software Inc. CALD $18.35 84.8% $1,038 $944 $190 $119 ($0) 62.5%(0.1%)5.0xNA inContact, Inc. SAAS $13.98 99.9% $868 $860 $244 $127 $4 52.0% 1.7% 3.5x 206.5x* Bazaarvoice, Inc. BV $5.91 98.8% $481 $431 $201 $125 ($10) 62.1% (4.9%) 2.1x NA

Average 91.3% $5,189 $5,058 $687 $483 $32 68.2% 5.1% 6.5x 48.0x Median 93.3% $2,084 $2,077 $344 $265 $25 67.9% 7.5% 6.8x 47.9x

Source: S&P Capital IQ *Excluded from the average and median calculation.

HYDE PARK CAPITAL 18 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Data & Analytics

($ in millions, except per share)

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Splunk, Inc. SPLK $58.68 87.7% $7,634 $6,614 $793 $643 ($307) 81.1% (38.7%) 8.3x* NA Teradata Corp. NYSE:TDC $31.00 93.7% $4,077 $3,664 $2,415 $1,238 $374 51.3% 15.5% 1.5x 9.8x Tableau Software, Inc. DATA $55.27 52.7% $4,055 $3,220 $744 $655 ($84) 88.1% (11.3%) 4.3x NA Verint Systems, Inc. VRNT $37.63 75.7% $2,346 $2,736 $1,072 $699 $117 65.2% 10.9% 2.6x 23.4x Pegasystems, Inc. PEGA $29.49 97.6% $2,333 $2,196 $735 $509 $94 69.3% 12.8% 3.0x 23.3x Inovalon Holdings, Inc. INOV $14.71 61.6% $2,236 $1,766 $453 $287 $111 63.4% 24.5% 3.9x 15.9x MicroStrategy, Inc. MSTR $167.44 79.8% $1,934 $1,383 $515 $420 $129 81.6% 25.0% 2.7x 10.7x PROS Holdings, Inc. PRO $22.61 88.9% $678 $652 $158 $95 ($53) 60.4% (33.9%) 4.1x NA

Average 79.7% $3,161 $2,779 $861 $568 $48 70.0% 0.6% 3.2x 16.6x Median 83.8% $2,340 $2,466 $739 $576 $103 67.3% 11.9% 3.0x 15.9x

Source: S&P Capital IQ *Excluded from the average and median calculation.

HYDE PARK CAPITAL 19 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Infrastructure Services

($ in millions, except per share)

IT Operations & Management

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA VMware, Inc. VMW $73.35 89.1% $31,198 $24,444 $6,928 $5,882 $1,893 84.9% 27.3% 3.5x 12.9x Red Hat, Inc. RHT $80.83 95.7% $14,933 $14,332 $2,235 $1,901 $384 85.1% 17.2% 6.4x 37.3x CA, Inc. NASDAQGS:CA $33.08 94.5% $13,935 $13,247 $4,047 $3,458 $1,240 85.4% 30.6% 3.3x 10.7x Citrix Systems, Inc. CTXS $85.22 94.7% $13,345 $13,021 $3,415 $2,911 $1,082 85.3% 31.7% 3.8x 12.0x ServiceNow, Inc. NOW $79.15 86.7% $12,883 $12,575 $1,290 $906 ($84) 70.2% (6.5%) 10.4x* NA F5 Networks, Inc. FFIV $124.64 98.0% $8,474 $7,591 $1,995 $1,658 $613 83.1% 30.7% 3.8x 12.4x Micro Focus International plc LSE:MCRO $28.62 91.6% $6,511 $7,590 $1,245 $1,112 $440 89.3% 35.4% 6.1x 17.2x Arista Networks, Inc. ANET $85.08 98.5% $6,144 $5,361 $974 $624 $201 64.1% 20.6% 5.5x 26.7x Software AG XTRA:SOW $42.39 100.0% $3,245 $3,140 $973 $735 $296 75.5% 30.4% 3.2x 10.6x NetScout Systems, Inc. NTCT $29.25 72.6% $2,782 $2,788 $1,135 $756 $129 66.6% 11.4% 2.5x 21.6x Pegasystems, Inc. PEGA $29.49 97.6% $2,333 $2,196 $735 $509 $94 69.3% 12.8% 3.0x 23.3x New Relic, Inc. NEWR $38.32 95.5% $1,884 $1,688 $202 $161 ($61) 79.7% (30.1%) 8.4x* NA Progress Software Corp. PRGS $27.20 91.3% $1,358 $1,262 $400 $352 $103 87.9% 25.6% 3.2x 12.3x Infoblox, Inc. BLOX $26.37 99.8% $1,532 $1,273 $358 $282 $2 78.7% 0.5% 3.6x 782.2x* Radware Ltd. RDWR $13.74 79.1% $619 $397 $201 $165 $10 82.1% 4.9% 2.0x 40.4x

Average 92.3% $8,078 $7,394 $1,742 $1,427 $423 79.2% 16.2% 3.8x 19.8x Median 94.7% $6,144 $5,361 $1,135 $756 $201 82.1% 20.6% 3.5x 15.1x

Data Storage Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Iron Mountain, Inc. IRM $37.53 90.4% $8,296 $14,300 $3,133 $1,770 $943 56.5% 30.1% 4.6x 15.2x NetApp, Inc. NTAP $35.82 99.2% $10,442 $7,506 $5,505 $3,354 $722 60.9% 13.1% 1.4x 10.4x Brocade Communications Systems, Inc. BRCD $9.23 84.4% $3,878 $4,321 $2,277 $1,511 $490 66.4% 21.5% 1.9x 8.8x CommVault Systems, Inc. CVLT $53.13 98.7% $2,445 $2,005 $627 $543 $20 86.6% 3.1% 3.2x 121.3x* Box, Inc. BOX $15.76 99.4% $1,958 $1,843 $350 $245 ($143) 70.0% (41.0%) 5.3x NA Barracuda Networks, Inc. CUDA $25.48 98.9% $1,352 $1,176 $338 $260 $25 76.7% 7.3% 3.5x 72.6x* Nimble Storage, Inc. NMBL $8.83 36.5% $725 $531 $354 $228 ($123) 64.4% (34.6%) 1.5x NA Carbonite, Inc. CARB $15.36 99.2% $416 $372 $171 $122 $2 71.0% 1.0% 2.2x 228.5x*

Average 88.3% $3,689 $4,007 $1,594 $1,004 $242 69.1% 0.1% 2.9x 11.5x Median 98.8% $2,201 $1,924 $491 $401 $22 68.2% 5.2% 2.7x 10.4x

Source: S&P Capital IQ *Excluded from the average and median calculation.

HYDE PARK CAPITAL 20 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Infrastructure Services

($ in millions, except per share)

IT Security Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Cisco Systems, Inc. CSCO $31.72 99.3% $161,391 $124,266 $49,247 $30,958 $14,838 62.9% 30.1% 2.5x 8.4x Symantec Corp. SYMC $25.10 99.0% $16,384 $13,470 $3,572 $2,966 $933 83.0% 26.1% 3.8x 14.4x Palo Alto Networks, Inc. PANW $159.33 81.8% $13,878 $13,100 $1,379 $1,009 ($147) 73.2% (10.7%) 9.5x NA Check Point Software Technologies Ltd. CHKP $77.61 86.3% $13,843 $12,517 $1,689 $1,496 $861 88.6% 51.0% 7.4x 14.5x VeriSign, Inc. VRSN $78.24 83.3% $10,312 $10,274 $1,107 $911 $715 82.3% 64.6% 9.3x* 14.4x Gemalto NV ENXTAM:GTO $64.16 85.4% $5,736 $6,113 $3,462 $1,417 $609 40.9% 17.6% 1.8x 10.0x Fortinet, Inc. FTNT $36.93 82.7% $6,512 $5,527 $1,153 $837 $54 72.6% 4.7% 4.8x 102.7x* Trend Micro, Inc. TSE:4704 $34.66 64.4% $4,776 $3,565 $1,213 $1,002 $377 82.6% 31.1% 2.9x 9.5x Proofpoint, Inc. PFPT $74.85 92.8% $3,094 $3,043 $344 $241 ($63) 70.1% (18.4%) 8.9x* NA FireEye, Inc. FEYE $14.73 44.5% $2,326 $2,133 $693 $431 ($402) 62.1% (57.9%) 3.1x NA Cheetah Mobile, Inc. CMCM $12.46 58.3% $1,726 $1,624 $642 $458 $45 71.3% 7.0% 2.5x 36.1x CyberArk Software, Ltd. CYBR $49.57 83.6% $1,772 $1,535 $189 $163 $38 86.4% 20.3% 8.1x* 40.0x Imperva, Inc. IMPV $53.71 68.9% $1,693 $1,438 $254 $203 ($54) 79.8% (21.1%) 5.7x NA AVG Technologies N.V. NYSE:AVG $25.01 99.8% $1,309 $1,431 $431 $357 $125 83.0% 29.0% 3.3x 11.4x Qualys, Inc. QLYS $38.19 96.1% $1,451 $1,237 $182 $144 $44 79.5% 24.3% 6.8x28.0x Mimecast Ltd. MIME $19.13 95.2% $882 $779 $150 $107 $3 71.1% 2.1% 5.2x 249.4x* Varonis Systems, Inc. VRNS $30.10 98.3% $779 $671 $144 $131 ($15) 90.6% (10.7%) 4.7x NA Rapid7, Inc. RPD $17.65 71.3% $685 $600 $133 $99 ($52) 74.5% (39.4%) 4.5x NA

Average 82.8% $13,808 $11,296 $3,666 $2,385 $995 75.3% 8.3% 4.6x 18.7x Median 84.5% $2,710 $2,588 $668 $444 $45 77.0% 12.3% 4.5x 14.4x

Source: S&P Capital IQ *Excluded from the average and median calculation.

HYDE PARK CAPITAL 21 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Technology Hardware

($ in millions, except per share) PCs, Servers & Components

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Apple, Inc. AAPL $113.05 91.3% $629,980 $652,303 $220,288 $86,998 $73,962 39.5% 33.6% 3.0x 8.8x International Business Machines Corp. IBM $158.85 96.3% $153,951 $188,015 $80,261 $39,230 $17,973 48.9% 22.4% 2.3x 10.5x Samsung Electronics Co., Ltd. KOSE:A005930 $1,453.02 94.6% $216,500 $165,758 $178,427 $69,529 $42,666 39.0% 23.9% 0.9x 3.9x Hewlett‐Packard Co. HPQ $15.53 52.2% $27,407 $28,606 $99,884 $23,893 $9,359 23.9% 9.4% 0.3x 3.1x Xerox Corp. XRX $10.13 88.9% $10,425 $16,993 $17,652 $5,090 $1,706 28.8% 9.7% 1.0x 10.0x Lenovo Group, Ltd. SEHK:992 $0.66 58.3% $7,342 $8,726 $44,252 $6,512 $1,221 14.7% 2.8% 0.2x 7.1x NCR Corp. NCR $32.19 92.0% $4,756 $8,718 $6,357 $1,772 $895 27.9% 14.1% 1.4x 9.7x Pitney Bowes, Inc. PBI $18.16 83.3% $3,542 $6,182 $3,487 $1,967 $777 56.4% 22.3% 1.8x 8.0x Diebold, Inc. DBD $24.79 65.3% $1,629 $3,603 $2,290 $620 $168 27.1% 7.3% 1.6x 21.5x Lexmark International, Inc. LXK $39.96 99.9% $2,486 $3,371 $3,489 $1,349 $290 38.7% 8.3% 1.0x 11.6x ScanSource, Inc. SCSC $36.50 83.9% $974 $990 $3,540 $355 $115 10.0% 3.3% 0.3x 8.6x

Average 82.4% $96,272 $98,479 $59,993 $21,574 $13,558 32.3% 14.3% 1.2x 9.3x Median 88.9% $7,342 $8,726 $17,652 $5,090 $1,221 28.8% 9.7% 1.0x 8.8x

Electronic Manufacturing Services

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Flextronics International, Ltd. FLEX $13.62 98.6% $7,602 $8,821 $24,729 $1,662 $1,132 6.7% 4.6% 0.4x 7.8x Jabil Circuit, Inc. JBL $21.82 83.9% $4,206 $5,433 $18,353 $1,528 $1,231 8.3% 6.7% 0.3x 4.4x Sanmina‐SCI Corp. SANM $28.47 97.6% $2,279 $2,387 $6,452 $501 $322 7.8% 5.0% 0.4x 7.4x TTM Technologies, Inc. TTMI $11.45 97.4% $1,145 $2,014 $2,506 $394 $335 15.7% 13.4% 0.8x 6.0x Plexus Corp. PLXS $46.78 97.6% $1,596 $1,425 $2,572 $225 $158 8.8% 6.1% 0.6x 9.0x Celestica, Inc. TSX:CLS $10.81 81.7% $1,566 $1,389 $5,762 $407 $234 7.1% 4.1% 0.2x 5.9x Benchmark Electronics, Inc. BHE $24.95 98.9% $1,264 $920 $2,384 $214 $145 9.0% 6.1% 0.4x 6.3x

Average 93.7% $2,808 $3,198 $8,966 $704 $508 9.0% 6.6% 0.4x 6.7x Median 97.6% $1,596 $2,014 $5,762 $407 $322 8.3% 6.1% 0.4x 6.3x

Source: S&P Capital IQ.

HYDE PARK CAPITAL 22 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Technology Hardware

($ in millions, except per share) Storage and Network Components

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Western Digital Corp. WDC $58.47 67.7% $14,150 $22,766 $12,994 $3,491 $2,124 26.9% 16.3% 1.8x 10.7x Pure Storage, Inc. PSTG $13.55 65.8% $2,187 $1,617 $585 $378 ($172) 64.6% (29.4%) 2.8x NA

Average 66.7% $8,168 $12,191 $6,789 $1,934 $976 45.7% (6.5%) 2.3x 10.7x Median 66.7% $8,168 $12,191 $6,789 $1,934 $976 45.7% (6.5%) 2.3x 10.7x

Communications Equipment

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Cisco Systems, Inc. CSCO $31.72 99.3% $161,391 $124,266 $49,247 $30,958 $14,838 62.9% 30.1% 2.5x 8.4x QUALCOMM, Inc. QCOM $68.50 97.3% $104,000 $98,654 $22,826 $13,797 $7,668 60.4% 33.6% 4.3x 12.9x Harris Corp. HRS $91.61 97.4% $11,451 $15,482 $7,467 $2,356 $1,680 31.6% 22.5% 2.1x 9.2x Alcatel‐Lucent, SA ENXTPA:ALU $3.93 90.3% $12,750 $13,622 $15,199 $5,526 $1,389 36.4% 9.1% 0.9x 9.8x Juniper Networks, Inc. JNPR $24.06 74.3% $9,399 $9,188 $4,887 $3,078 $1,067 63.0% 21.8% 1.9x 8.6x Netgear, Inc. NTGR $60.49 99.5% $2,001 $1,649 $1,325 $401 $146 30.2% 11.0%1.2x11.3x ADTRAN, Inc. ADTN $19.14 89.3% $948 $854 $602 $278 $45 46.2% 7.5% 1.4x 19.0x*

Average 92.5% $43,134 $37,674 $14,508 $8,056 $3,833 47.2% 19.4% 2.1x 10.0x Median 97.3% $11,451 $13,622 $7,467 $3,078 $1,389 46.2% 21.8% 1.9x 9.5x

Source: S&P Capital IQ *Excluded from the average and median calculation.

HYDE PARK CAPITAL 23 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

IT Services

($ in millions, except per share) IT Consulting & Other Services

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Accenture plc ACN $122.17 97.8% $81,581 $77,334 $32,883 $10,277 $5,539 31.3% 16.8% 2.4x 14.0x Cognizant Technology Solutions Corp. CTSH $47.71 68.4% $29,175 $25,602 $12,991 $5,170 $2,592 39.8% 20.0% 2.0x 9.9x Cap Gemini S.A. ENXTPA:CAP $97.99 97.4% $17,717 $20,397 $13,953 $3,696 $1,716 26.5% 12.3% 1.5x 11.9x Wipro, Ltd. WIPRO $7.19 78.5% $17,704 $14,875 $7,788 $2,335 $1,608 30.0% 20.6% 1.9x 9.2x Computer Sciences Corp. CSC $52.21 73.4% $7,347 $9,851 $7,232 $1,903 $931 26.3% 12.9% 1.4x 10.6x CACI International, Inc. CACI $100.90 90.8% $2,503 $3,931 $3,744 $1,256 $334 33.6% 8.9% 1.0x 11.8x Syntel, Inc. SYNT $41.91 82.3% $3,530 $2,529 $996 $395 $293 39.7% 29.4% 2.5x 8.6x ManTech International Corp. MANT $37.69 90.4% $1,424 $1,384 $1,587 $232 $122 14.6% 7.7% 0.9x 11.4x SAIC, Inc. SAI $3.56 97.3% $758 $910 $425 $149 $89 35.0% 20.8% 2.1x 10.3x Unisys Corp. UIS $9.74 65.1% $487 $459 $2,945 $632 $203 21.5% 6.9% 0.2x 2.3x CIBER, Inc. CBR $1.15 29.5% $92 $122 $728 $175 ($18) 24.1% (2.5%) 0.2x NA Computer Task Group, Inc. CTG $4.70 60.9% $73 $67 $347 $65 $12 18.7% 3.4% 0.2x 5.6x

Average 77.6% $13,533 $13,122 $7,135 $2,191 $1,118 28.4% 13.1% 1.3x 9.6x Median 80.4% $3,016 $3,230 $3,344 $944 $314 28.2% 12.6% 1.4x 10.3x

Data & Transaction Processing

Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA PayPal Holdings, Inc. PYPL $40.97 98.1% $50,270 $45,313 $10,008 $4,782 $2,019 47.8% 20.2% 4.5x 22.4x Fidelity National Information Services, Inc. FIS $77.03 94.3% $23,856 $34,331 $7,939 $2,533 $2,000 31.9% 25.2% 4.3x 17.2x First Data Corp. FDC $13.16 73.2% $11,833 $33,709 $7,842 $4,552 $2,378 58.0% 30.3% 4.3x 14.2x Fiserv, Inc. FISV $99.47 89.2% $22,918 $27,209 $5,375 $2,448 $1,670 45.5% 31.1% 5.1x 16.3x Global Payments, Inc. GPN $76.76 96.0% $10,677 $14,662 $3,089 $1,751 $742 56.7% 24.0% 4.7x 19.7x Total System Services, Inc. TSS $47.15 83.2% $8,674 $11,882 $3,316 $1,052 $769 31.7% 23.2% 3.6x 15.5x Broadridge Financial Solutions, Inc. BR $67.79 94.5% $8,243 $8,538 $2,897 $921 $611 31.8% 21.1% 2.9x 14.0x Jack Henry & Associates, Inc. JKHY $85.55 95.2% $6,821 $6,751 $1,355 $581 $472 42.9% 34.8% 5.0x 14.3x ACI Worldwide, Inc. ACIW $19.38 78.7% $2,314 $2,996 $993 $533 $104 53.6% 10.5% 3.0x 28.9x

Average 89.2% $16,179 $20,599 $4,757 $2,128 $1,517 44.4% 24.5% 4.2x 18.0x Median 94.3% $8,674 $14,662 $3,089 $1,751 $769 45.5% 22.1% 4.3x 16.3x

Source: S&P Capital IQ.

HYDE PARK CAPITAL 24 Investment Banking | Mergers & Acquisitions | Capital Raising Industry Sector Overview –Public Company Analysis

Internet

($ in millions, except per share) Online Content and Search Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Google, Inc. GOOG $777.29 98.4% $541,674 $471,003 $81,761 $50,758 $26,903 62.1% 32.9% 5.8x 17.5x Facebook, Inc. FB $128.27 94.6% $369,289 $345,996 $22,160 $18,862 $11,075 85.1% 50.0% 15.6x* 31.2x Yahoo!, Inc. YHOO $43.10 95.9% $40,712 $35,630 $4,894 $2,535 $151 51.8% 3.1% 7.3x 235.8x* LinkedIn Corp. LNKD $191.12 74.0% $25,252 $23,119 $3,435 $2,966 $396 86.4% 11.5% 6.7x 58.4x* Twitter, Inc. TWTR $23.05 72.3% $15,808 $13,841 $2,476 $1,657 ($5) 66.9% (0.2%) 5.6x NA Scripps Networks Interactive, Inc. SNI $63.49 92.8% $8,240 $11,965 $3,338 $2,252 $1,490 67.5% 44.6% 3.6x 8.0x IAC/InterActiveCorp. IAC $62.47 85.4% $5,114 $5,617 $3,252 $2,474 $381 76.1% 11.7% 1.7x 14.7x WebMD Health Corp. WBMD $49.70 73.6% $2,827 $2,851 $671 $420 $163 62.6% 24.3% 4.3x 17.5x Yelp, Inc. YELP $41.70 99.4% $3,159 $2,761 $629 $570 ($9) 90.6% (1.4%) 4.4x NA

Average 87.4% $112,453 $101,420 $13,624 $9,166 $4,505 72.1% 19.6% 4.9x 17.8x Median 92.8% $15,808 $13,841 $3,338 $2,474 $381 67.5% 11.7% 5.0x 17.5x Software & Services Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Akamai Technologies, Inc. AKAM $52.99 69.4% $9,459 $9,220 $2,270 $1,493 $708 65.8% 31.2% 4.1x 13.0x Box, Inc. BOX $15.76 99.4% $1,958 $1,843 $350 $245 ($143) 70.0% (41.0%) 5.3x NM Rovi Corp. ROVI $14.56 84.2% $718 $713 $282 $165 $41 58.6% 14.5% 2.5x 17.5x

Average 84.3% $4,045 $3,925 $967 $634 $202 64.8% 1.6% 4.0x 15.2x Median 84.2% $1,958 $1,843 $350 $245 $41 65.8% 14.5% 4.1x 15.2x

e‐Commerce Enterprise Value / Closing Price % of 52 Equity Enterprise LTM LTM Margins LTM Company Ticker 9/30/16 Week High Value Value Revenue Gross Profit EBITDA Gross Profit EBITDA Revenue EBITDA Amazon.com, Inc. AMZN $837.31 99.7% $402,327 $403,647 $120,637 $41,494 $10,310 34.4% 8.5% 3.3x 39.2x priceline.com, Inc. PCLN $1,471.49 99.3% $74,338 $77,225 $9,807 $9,262 $3,714 94.4% 37.9% 7.9x 20.8x Netflix, Inc. NFLX $98.55 73.9% $43,166 $43,705 $7,625 $2,359 $314 30.9% 4.1% 5.7x 139.3x* eBay, Inc. EBAY $32.90 99.1% $39,019 $39,987 $8,788 $6,892 $3,072 78.4% 35.0% 4.6x 13.0x Expedia, Inc. EXPE $116.72 83.1% $16,702 $18,628 $7,736 $6,261 $838 80.9% 10.8% 2.4x 22.2x Cimpress N.V. CMPR $101.18 97.1% $3,344 $4,155 $1,788 $1,016 $231 56.8% 12.9% 2.3x 18.0x GODaddy Inc. GDDY $34.53 97.2% $2,408 $3,181 $1,726 $1,121 $169 64.9% 9.8% 1.8x 18.9x Shutterfly, Inc. SFLY $44.64 81.8% $1,566 $1,810 $1,101 $546 $129 49.6% 11.7% 1.6x 14.1x Etsy, Inc. ETSY $14.28 91.0% $1,604 $1,338 $321 $209 $30 65.3% 9.4% 4.2x 44.3x Blue Nile, Inc. NILE $34.42 88.3% $402 $366 $477 $93 $17 19.5% 3.6% 0.8x 21.2x

Average 91.0% $58,488 $59,404 $16,001 $6,925 $2,484 57.5% 11.5% 3.5x 23.5x Median 94.0% $10,023 $11,391 $4,706 $1,740 $272 60.9% 8.5% 2.9x 20.8x Source: S&P Capital IQ *Excluded from the average and median calculation.

HYDE PARK CAPITAL 25 Investment Banking | Mergers & Acquisitions | Capital Raising HYDE PARK CAPITAL Integrity | Expertise | Results Investment Banking | Mergers & Acquisitions | Capital Raising

John Hill Senior Managing Director [email protected] (813) 383‐0205 Recent Transactions

John McDonald Senior Managing Director [email protected] (813) 383‐0206

Keith Hodgdon Managing Director [email protected] (813) 383‐0208

Greg Bosl Vice President [email protected] (813) 597‐2649

Jami Gold Vice President [email protected] (813) 383‐0203

Jeffrey Hendricks Vice President [email protected] (678) 523‐3073

Kenneth Burnside Business Development Officer [email protected] (864) 905‐9633

Hyde Park Capital Advisors, LLC 701 N. Franklin Street Tampa, FL 33602 Tel: 813‐383‐0202 www.hydeparkcapital.com Member FINRA/SIPC