Technology, Media, and Telecommunications (TMT) Q1 2021

Deloitte Corporate Finance LLC | www.investmentbanking.deloitte.com Quarterly Update | Q1 2021 | TMT

TMT trends In this update • TMT trends Cybersecurity Prioritization1 AR/VR Adoption • TMT M&A trends & outlook In 2020, operational technology As corporations, social media • Economic outlook attacks increased over 2,000% platforms, and entertainment year-over-year. Expanding IoT companies continue to vie for • Industry analysis connectivity and COVID-19 / consumer attention, AR and VR • Appendix remote-working conditions innovations are seeing a surge increased opportunities for in adoption, driving costs down malicious attackers, on average in the process. These entities costing companies $4 million for are producing and modernizing Who we are every data breach. With value-add, attention-grabbing cybersecurity threats at an all-time mediums to attract consumers, Deloitte Corporate Finance LLC high, corporations should consider gaining market-share and is a leading global middle increasing designated personnel to staying ahead of the curve. fend off attacks and devise holistic market M&A adviser. Our and comprehensive risk-mitigation professionals have extensive strategies. knowledge in the TMT space and use their experience to Edge Computing2 Emotion AI3 help clients enhance value. Robots and automated machinery As society comes to terms with have assumed greater fundamental changes to the responsibilities during the workforce, the need for Contacts pandemic as businesses search emotionally intelligent Kevan Flanigan for automated solutions to a wide platforms that can recognize, range of problems. In the long- interpret, and process human [email protected] term, development of the robotics behavioral data at scale is +1 (213) 688-6560 ecosystem will likely be growing. Emotionally intelligent accelerated, necessitating technology, powered by AI, improved data transfer rates and human-centered design Byron Nelson decreased latency. By techniques, and groundbreaking [email protected] aggregating data storage and neurological research, are +1 (469) 417-2462 computing closer to end devices, expected to be critical in edge computing offers an helping HR leaders navigate the attractive alternative to challenges of remote/hybrid Michael Hakim traditional cloud computing, work and optimize employee [email protected] providing faster data processing performance, collaboration, and analysis, lower costs, and experience, and management. +1 (213) 593-4545 less network traffic.

TMT M&A trends & outlook • Global M&A activity carried forward the momentum of Q4 2020 and posted a strong performance in Q1 2021. TMT continued its reign atop the deal-making landscape with $262.6 billion in deal value in Q1 2021, comprising 29.7% of global M&A deal value. This represents an impressive year-over-year climb for TMT, with deal value jumping 64% from $160.0 billion in Q1 2020.4,5 • Global TMT M&A deal volume reached 3,051 deals in the first quarter of 2021, representing a 26% increase over Q1 2020. Of these transactions, 40.1% occurred in the United States and Canada, 35.2% occurred in Europe, 20.6% occurred in the Asia Pacific region, with the remaining 4.1% being consummated in Africa, the Middle East, Latin America, and the Caribbean geographies.5 • The pandemic also reinforced the Private Equity and Growth Equity industries’ interest in the TMT sector. TMT was the most active sector in PE deal-making globally, both in terms of value and volume. A total of 597 TMT PE deals worth $171.1 billion were announced in Q1, more than doubling Q1 2020’s value of $66.4 billion, while volume increased by 34%.6 • Healthy TMT M&A activity is expected to endure through 2021 as public companies come out of 2020 with increased buying power after bulking up balance sheet cash during the onset of the pandemic, record PE fundraising in Q1 2021 adds to high volumes of existing dry powder, and as business leaders continue to emphasize digital innovation and transformation as a top priority. Continued global COVID- 19 vaccination roll-out, unprecedented fiscal stimulus in the U.S., and robust global public capital markets activity are some of the other conditions supporting this favorable outlook.6

www.investmentbanking.deloitte.com | Page 2 Quarterly Update | Q1 2021 | TMT

Annual TMT global M&A transaction volume1

12,000 10,806 10,138 10,096 10,073 9,808 9,872 9,455 9,684 10,000 9,163 8,936 8,775 8,699

8,000 7,066

6,000

Number of Number of deals 4,000 3,048

2,000

0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q1 2021 Undisclosed <$100M $100M-$250M $250M-$500M $500M-$1B >$1B

TMT trading statistics2 • Since January 2018, returns from a broad index of publicly traded technology stocks1 have outperformed that of the broader S&P 500 by roughly 54%.

• The technology sectors’ resilience to COVID-19 and ability to disrupt inefficient and archaic processes and applications has emboldened public interest.

120.0% S&P 500 Index 47.37% NASDAQ Composite Index 89.05% Technology Index 101.08% 100.0% Media Index 42.47% Telecommunications Index 3.26% 80.0%

60.0%

40.0%

20.0%

0.0%

-20.0%

-40.0%

www.investmentbanking.deloitte.com | Page 3 Quarterly Update | Q1 2021 | TMT

Macroeconomic outlook

U.S. gross domestic product1,2 U.S. treasury yield curve $25.0 15.0% (nominal vs. real)3 2.5% $20.0 10.0% Change Percent YoY 2.0% 1.5% $15.0 5.0% 1.0% 0.5% $10.0 0.0% 0.0% $ in in $ Trillions $5.0 (5.0%) (0.5%) (1.0%) InterestRate $0.0 * (10.0%) (1.5%) * (2.0%)

GDP ($ in Trillions) YoY % Growth (Adj. for Inflation) Real Yield (%) Nominal Yield (%) * The IMF has not made GDP projections past 2022 due to COVID-19 induced uncertainty. U.S. unemployment rate ISM non-manufacturing index (% unemployed)4 and consumer confidence index5 10.0% 2,200 145.0 70.0 ISM Non ISM Jobless Claims (Thousands) Claims Jobless 2,000 135.0 9.0% 65.0 1,800 125.0 8.0% 60.0 1,600 - Manufacturing 1,400 115.0 7.0% 55.0 1,200 105.0 6.0% 1,000 50.0** 95.0 800

% Unemployed % 5.0% 85.0 45.0 600 ConsumerConfidence 4.0% 400 75.0 40.0 3.0% 200

Consumer Confidence ISM Non-Manufacturing ** An ISM Non-manufacturing index value above 50 signals economic Initial Jobless Claims Unemployment Rate (%) expansion.

COVID-19 impact on TMT trading multiples - LTM EV/EBITDA6,7

60.0x Shaded areas indicate U.S. recessions

50.0x

40.0x

30.0x

20.0x

10.0x

0.0x

Application Software/SaaS Internet & Digital Media IT Services Telecommunications

Hardware Traditional Media Automotive Technology S&P 500

www.investmentbanking.deloitte.com | Page 4 Quarterly Update | Q1 2021 | TMT

Software acquisition activity – strategic acquirors1,2

Top 10 most active strategic acquirors of software assets by volume 2016 90 2017 2018 71 75 2019

11 2020 60 2021 51 47 22 9 41 45 39 37 9 16 8 29 9 9 26 30 19 24 24

Dealvolume 10 16 11 11 9 13 7 10 8 8 8 10 6 1 3 15 9 7 5 4 5 15 3 4 4 4 6 4 9 7 9 8 2 9 4 3 0 3 1 2 4 4 4 2 Accenture Microsoft Alphabet Apple j2 Global Cisco Systems Salesforce IBM Facebook Oracle

Software acquisition activity – financial acquirors1,2

210 2016 Top 10 most active financial acquirors of software assets by volume 174 2017 175 2018 38 141 2019 135 140 2020 29 19 36 104 2021 105 24 27 27 34 72 32 39 Dealvolume 70 27 12 54 54 13 5 45 10 9 14 35 30 21 10 45 24 27 11 11 9 9 17 17 1 6 2 14 11 9 0 4 8 6 2 4 3 4 Vista Equity Providence TA Associates Kohlberg Kravis Accel-KKR GIC Private Summit Partners LKCM WJ Partners Insight Equity Partners Equity Partners Management Roberts Headwater Investments

Internet and digital media acquisition activity – strategic acquirors1,2

60 2016 Most 10 active strategic acquirors of internet and digital media assets by volume 2017 50 2018 2019 38 40 2020 2021 10 30 23 22 8 21

Dealvolume 5 3 17 17 20 4 5 14 4 8 11 7 6 5 9 7 4 5 10 2 1 3 6 2 4 4 2 5 5 1 4 4 4 1 7 7 5 3 1 5 2 4 4 3 1 11 0 1 1 1 1 1 1 1 1 Accenture Apple Microsoft Alibaba Group Alphabet Live Nation Cisco Systems j2 Global Oracle IBM Entertainment

Internet and digital media acquisition activity – financial acquirors1,2

60 2016 Top 10 most active financial acquirors of internet and digital media assets by volume 2017 50 45 2018 2019 38 40 9 2020 6 2021 30 11 4 25 25 4 2 2 6 18 9 7 17

Dealvolume 20 7 13 5 6 3 1 2 1 9 5 10 15 6 5 5 11 9 4 10 2 2 1 6 5 2 1 4 2 3 1 0 1 2 2 1 1 20 2 Providence Kohlberg Kravis GIC Private Vista Equity TA Associates Accel-KKR Summit Breakwater Wood Creek Digital Fuel Equity Partners Roberts Partners Management Partners Management Capital Capital Management

www.investmentbanking.deloitte.com | Page 5 Quarterly Update | Q1 2021 | TMT

Appendix

Public comparables analysis1,2

Last Twelve Months Next Twelve Months Revenue Enterprise % of 52 LTM CAGR LTM EBITDA Value EV/ EV/ EV/ EV/ Company (Ticker) Week High Revenue (3 Yr) EBITDA Margin ("EV") Revenue EBITDA Revenue EBITDA ($ in millions) Application Software / SaaS (23) Adobe Inc. (NasdaqGS:ADBE) 94.7 % $13,682 21.1 % $5,333 39.0 % $243,404 17.8 x 45.6 x 15.4 x 31.0 x AppLovin Corporation (NasdaqGS:APP) 81.1 1,795 NA 318 17.7 22,251 12.4 NM NA NA Autodesk, Inc. (NasdaqGS:ADSK) 90.9 3,790 22.6 742 19.6 64,349 17.0 NM 14.9 43.8 Automatic Data Processing, Inc. (NasdaqGS:ADP) 94.8 14,645 3.8 3,813 26.0 80,118 5.5 21.0 5.1 20.4 Cerner Corporation (NasdaqGS:CERN) 89.1 5,482 1.9 1,300 23.7 23,077 4.2 17.8 4.0 12.2 Check Point Software Technologies Ltd. (NasdaqGS:CHKP) 83.9 2,086 3.7 939 45.0 11,771 5.6 12.5 5.5 11.3 DocuSign, Inc. (NasdaqGS:DOCU) 76.8 1,453 41.0 (109) NM 43,517 29.9 NM 22.0 NM Dropbox, Inc. (NasdaqGS:DBX) 90.7 1,971 18.8 310 15.7 10,907 5.5 35.2 5.2 14.9 Fiserv, Inc. (NasdaqGS:FISV) 94.3 14,838 37.2 5,018 33.8 100,465 6.8 20.0 6.2 15.4 Intuit Inc. (NasdaqGS:INTU) 97.3 7,717 11.1 2,321 30.1 112,949 14.6 48.7 11.3 31.5 Microsoft Corporation (NasdaqGS:MSFT) 95.8 159,969 14.7 75,578 47.2 1,855,559 11.6 24.6 10.3 21.1 Oracle Corporation (NYSE:ORCL) 94.5 39,691 0.4 17,649 44.5 251,968 6.3 14.3 6.1 12.2 PagerDuty, Inc. (NYSE:PD) 72.8 214 38.9 (56) NM 3,216 15.1 NM NA NA Qualtrics International Inc. (NasdaqGS:XM) 65.2 826 37.9 (387) NM 19,298 23.4 NM NA NA Salesforce.com, inc. (NYSE:CRM) 81.0 21,252 26.3 3,123 14.7 206,856 9.7 NM 8.0 27.0 SAP SE (NYSE:SAP) 82.7 31,884 5.0 8,702 27.3 178,251 5.6 20.5 5.3 16.0 Slack Technologies, Inc. (NYSE:WORK) 95.1 903 60.0 (253) NM 23,986 26.6 NM NA NA ServiceNow, Inc. (NYSE:NOW) 84.6 4,833 32.5 613 12.7 98,634 20.4 NM 16.3 54.2 SolarWinds Corporation (NYSE:SWI) 69.3 1,029 10.9 207 20.1 6,978 6.8 33.7 NA NA UiPath Inc. (NYSE:PATH) 86.3 608 NA (99) NM 37,197 61.2 NM NA NA Workday, Inc. (NasdaqGS:WDAY) 87.4 4,318 26.3 124 2.9 58,956 13.7 NM 11.8 50.4 Zscaler, Inc. (NasdaqGS:ZS) 81.3 536 51.4 (139) NM 25,004 46.6 NM 34.0 NM Zoom Video Communications, Inc. (NasdaqGS:ZM) 54.3 2,651 159.6 699 26.3 93,701 35.3 NM NA NA Median 86.3 % 22.6 % 26.0 % 13.7 x 21.0 x 9.2 x 20.7 x Mean 84.5 % 29.8 % 26.3 % 17.5 x 26.7 x 11.3 x 25.8 x Internet & Digital Media (19) Alibaba Group Holding Limited (NYSE:BABA) 72.3 % $109,466 42.0 % $19,610 17.9 % $579,810 5.3 x 29.6 x 4.2 x 16.3 x Alphabet Inc. (NasdaqGS:GOOG.L) 96.8 196,682 18.8 63,002 32.0 1,469,910 7.5 23.3 6.0 15.8 Baidu, Inc. (NasdaqGS:BIDU) 59.3 17,194 7.5 5,976 34.8 62,217 3.6 10.4 3.2 13.1 Coupang, Inc. (NYSE:CPNG) 60.7 13761 NA (572) NM 69,329 5.0 NM 3.7 NM eBay Inc. (NasdaqGS:EBAY) 85.7 11,165 3.0 3,628 32.5 41,958 3.8 11.6 3.5 10.2 Facebook, Inc. (NasdaqGS:FB) 98.0 94,399 28.4 45,393 48.1 869,675 9.2 19.2 7.3 13.7 Netflix, Inc. (NasdaqGS:NFLX) 86.5 26,392 27.4 5,710 21.6 237,010 9.0 41.5 7.7 34.4 Fiverr International Ltd. (NYSE:FVRR) 61.9 224 NA (13) NM 7,119 31.8 NM NA NA iQIYI, Inc. (NasdaqGS:IQ) 50.8 4,582 16.5 1,211 26.4 12,867 2.8 10.6 NA NA Lyft, Inc. (NasdaqGS:LYFT) 81.5 2,018 NA (1,669) NM 16,294 8.1 NM NA NA Snap Inc. (NYSE:SNAP) 84.0 2,814 45.9 (780) NM 94,197 33.5 NM NA NA Pinduoduo Inc. (NasdaqGS:PDD) 63.0 9,112 224.3 (1,337) NM 157,083 17.2 NM NA NA Pinterest, Inc. (NYSE:PINS) 73.8 1,906 NA 102 5.4 40,364 21.2 NM NA NA Snap Inc. (NYSE:SNAP) 84.0 2,814 45.9 (780) NM 94,197 33.5 NM NA NA Spotify Technology S.A. (NYSE:SPOT) 65.1 9,600 23.6 (241) NM 46,827 4.9 NM NA NA Twitter, Inc. (NYSE:TWTR) 68.4 3,945 15.5 632 16.0 41,435 10.5 NM 8.3 29.0 Tencent Music Entertainment Group (NYSE:TME) 54.0 4,680 33.6 741 15.8 26,733 5.7 36.1 NA NA Yelp Inc. (NYSE:YELP) 89.6 855 (0.8) 8 0.9 2,544 3.0 NM 2.5 15.2 Uber Technologies, Inc. (NYSE:UBER) 85.5 10,794 NA (4,064) NM 106,058 9.8 NM NA NA Median 73.8 % 25.5 % 21.6 % 8.1 x 21.2 x 4.2 x 15.5 x Mean 74.8 % 38.0 % 22.9 % 11.9 x 22.8 x 5.2 x 18.5 x Diversified IT Services (8) Accenture plc (NYSE:ACN) 98.9 % $45,677 6.5 % $7,589 16.6 % $178,623 3.9 x 23.5 x 3.5 x 18.2 x Capgemini SE (ENXTPA:CAP) 97.9 19,386 8.2 2,422 12.5 20,155 1.0 8.3 1.0 6.1 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) 97.2 16,828 3.5 2,948 17.5 42,051 2.5 14.3 2.4 12.5 DXC Technology Company (NYSE:DXC) 97.9 18,159 0.2 2,531 13.9 12,262 0.7 4.8 0.7 4.9 HCL Technologies Limited (NSEI:HCLTECH) 84.3 10,175 10.4 2,612 25.7 31,698 3.1 12.1 2.7 10.8 Infosys Limited (NSEI:INFY) 91.7 13,561 7.4 3,682 27.2 74,663 5.5 20.3 4.7 17.6 Tata Consultancy Services Limited (NSEI:TCS) 90.5 22,441 10.1 6,157 27.4 147,530 6.6 24.0 5.8 20.1 Wipro Limited (BSE:507685) 96.2 8,467 4.4 1,901 22.5 33,021 3.9 17.4 3.3 14.6 Median 96.7 % 7.0 % 20.0 % 3.5 x 15.8 x 3.0 x 13.6 x Mean 94.3 % 6.3 % 20.4 % 3.4 x 15.6 x 3.0 x 13.1 x Hardware (17) Amphenol Corporation (NYSE:APH) 96.7 % $9,114 7.6 % $2,104 23.1 % $42,636 4.7 x 20.3 x 4.2 x 17.9 x Apple Inc. (NasdaqGS:AAPL) 90.6 325,406 9.6 99,820 30.7 2,124,128 6.5 21.3 5.9 19.3 Applied Materials, Inc. (NasdaqGS:AMAT) 90.9 18,202 5.6 5,249 28.8 120,858 6.6 23.0 5.5 17.2 Canon Inc. (TSE:7751) 94.9 29,119 (7.5) 3,502 12.0 25,258 0.9 7.2 0.8 6.6 Hewlett Packard Enterprise Company (NYSE:HPE) 96.5 26,866 (3.2) 4,325 16.1 33,083 1.2 7.6 1.2 6.3 Hitachi, Ltd. (TSE:6501) 97.6 78,927 (2.3) 8,923 11.3 57,120 0.7 6.4 0.7 5.5 Intel Corporation (NasdaqGS:INTC) 84.0 77,712 6.7 34,670 44.6 244,270 3.1 7.0 3.4 7.9 International Business Machines Corporation (NYSE:IBM) 95.4 73,779 (2.7) 15,822 21.4 176,762 2.4 11.2 2.4 9.2 Juniper Networks, Inc. (NYSE:JNPR) 91.2 4,522 (2.6) 658 14.5 8,878 2.0 13.5 1.9 9.3 Lenovo Group Limited (SEHK:992) 92.1 55,692 7.9 2,611 4.7 17,439 0.3 6.7 0.3 5.6 Murata Manufacturing Co., Ltd. (TSE:6981) 80.3 14,740 5.9 4,158 28.2 48,157 3.3 11.6 3.1 10.2 NXP Semiconductors N.V. (NasdaqGS:NXPI) 88.9 9,158 (0.6) 2,663 29.1 58,831 6.4 22.1 5.5 15.0 QUALCOMM Incorporated (NasdaqGS:QCOM) 82.6 29,409 9.3 10,374 35.3 160,740 5.5 15.5 4.8 12.0 Samsung Electronics Co., Ltd. (KOSE:A005930) 84.2 218,932 (0.4) 60,581 27.7 396,763 1.8 6.5 1.6 5.1 Taiwan Semiconductor Manufacturing Company (TSEC:2330) 87.1 33,408 8.6 22,025 65.9 202,012 6.0 9.2 NA NA Texas Instruments Incorporated (NasdaqGS:TXN) 91.4 15,421 0.2 7,342 47.6 166,269 10.8 22.6 9.4 18.4 Xerox Holdings Corporation (NYSE:XRX) 89.5 6,872 (12.5) 764 11.1 6,917 1.0 9.1 1.0 7.9 Median 90.9 % 0.2 % 27.7 % 3.1 x 11.2 x 2.7 x 9.3 x Mean 90.2 % 1.7 % 26.6 % 3.7 x 13.0 x 3.2 x 10.8 x

www.investmentbanking.deloitte.com | Page 6 Quarterly Update | Q1 2021 | TMT

Public comparables analysis1,2 (cont.)

Last Twelve Months Next Twelve Months

Revenue Enterprise % of 52 LTM CAGR LTM EBITDA Value EV/ EV/ EV/ EV/ Company (Ticker) Week High Revenue (3 Yr) EBITDA Margin ("EV") Revenue EBITDA Revenue EBITDA ($ in millions) Traditional Media (18) Discovery, Inc. (NasdaqGS:DISC.A) 48.2 % $10,780 12.5 % $3,799 35.2 % $37,689 3.5 x 9.9 x 3.0 x 10.2 x Fox Corporation (NasdaqGS:FOXA) 83.5 12,437 NA 3,112 25.0 24,786 2.0 8.0 2.0 10.4 Fuji Media Holdings, Inc. (TSE:4676) 87.9 4,701 (7.0) 303 6.4 3,423 0.7 11.3 0.7 8.0 Hakuhodo DY Holdings Inc (TSE:2433) 93.0 11,736 (0.9) 546 4.7 5,423 0.5 9.9 0.4 10.5 Lagardère SCA (ENXTPA:MMB) 78.6 5,480 (14.5) (190) NM 8,365 1.5 NM 1.4 24.3 Meredith Corporation (NYSE:MDP) 82.9 2,880 14.7 645 22.4 4,411 1.5 6.8 1.5 8.4 News Corporation (NasdaqGS:NWSA) 94.6 8,815 1.6 1,059 12.0 16,031 1.8 15.1 1.8 11.4 Omnicom Group Inc. (NYSE:OMC) 98.8 13,191 (4.9) 1,998 15.1 19,618 1.5 9.8 1.4 8.5 Pearson plc (LSE:PSON) 91.3 4,638 (9.0) 498 10.7 9,459 2.0 19.0 2.0 11.3 Publicis Groupe S.A. (ENXTPA:PUB) 96.8 13,196 5.0 2,274 17.2 19,642 1.5 8.6 1.6 7.2 Sirius XM Holdings Inc. (NasdaqGS:SIRI) 74.9 8,146 13.9 2,399 29.5 34,228 4.2 14.3 4.0 13.2 The Interpublic Group of Companies, Inc. (NYSE:IPG) 99.1 8,120 2.4 1,462 18.0 15,610 1.9 10.7 1.8 10.2 The New York Times Company (NYSE:NYT) 77.3 1,786 2.2 246 13.8 6,713 3.8 27.3 3.4 24.3 The Walt Disney Company (NYSE:DIS) 91.6 58,348 0.8 6,499 11.1 377,931 6.5 58.2 5.1 33.2 Thomson Reuters Corporation (TSX:TRI) 98.1 6,044 4.2 1,445 23.9 47,263 7.8 32.7 7.6 25.1 Vivendi SE (ENXTPA:VIV) 89.6 19,682 8.7 2,432 12.4 45,907 2.3 18.9 2.2 14.5 Wolters Kluwer N.V. (ENXTAM:WKL) 96.2 5,631 1.8 1,648 29.3 26,476 4.7 16.1 4.7 15.5 WPP plc (LSE:WPP) 97.6 16,387 (3.0) (2,740) NM 20,150 1.2 NM 1.5 8.4 Median 91.5 % 1.8 % 16.2 % 2.0 x 12.8 x 1.9 x 10.9 x Mean 87.8 % 1.7 % 17.9 % 2.7 x 17.3 x 2.6 x 14.1 x Telecommunications (18) Altice USA, Inc. (NYSE:ATUS) 94.8 % $9,923 2.1 % $4,332 43.7 % $43,628 4.4 x 10.1 x 4.3 x 9.6 x América Móvil, S.A.B. de C.V. (BMV:AMX L) 88.8 49,660 0.1 16,235 32.7 76,717 1.5 4.7 1.6 4.7 AT&T Inc. (NYSE:T) 94.5 172,920 2.8 52,396 30.3 421,925 2.4 8.1 2.5 7.8 China Mobile Limited (SEHK:941) 85.3 119,841 1.9 39,397 32.9 78,318 0.7 2.0 0.6 1.7 Comcast Corporation (NasdaqGS:CMCS.A) 95.8 104,160 6.1 30,878 29.6 351,900 3.4 11.4 3.0 10.2 Deutsche Telekom AG (XTRA:DTE) 92.2 129,467 13.1 42,061 32.5 246,107 1.9 5.9 1.9 5.3 Konica Minolta, Inc. (TSE:4902) 96.6 7,806 (5.8) 633 8.1 5,355 0.7 8.5 0.6 6.6 Liberty Global plc (NasdaqGS:LBTY.A) 99.1 12,720 2.9 4,778 37.6 29,160 2.3 6.1 2.0 5.3 Motorola Solutions, Inc. (NYSE:MSI) 97.6 7,532 4.7 2,044 27.1 36,236 4.8 17.7 4.5 15.6 Nippon Telegraph and Telephone Corporation (TSE:9432) 91.3 107,993 0.5 28,630 26.5 152,653 1.4 5.3 1.4 5.4 Nokia Corporation (HLSE:NOKIA) 79.6 25,839 (1.0) 3,547 13.7 23,422 0.9 6.6 0.9 8.0 Orange S.A. (ENXTPA:ORA) 89.1 51,706 1.1 15,765 30.5 72,192 1.4 4.6 1.4 4.7 Ricoh Company, Ltd. (TSE:7752) 93.4 15,209 (6.6) 569 3.7 6,430 0.4 11.3 0.4 6.2 SoftBank Corp. (TSE:9434) 93.7 47,067 NA NA NA 96,202 2.0 NA NA NA SoftBank Group Corp. (TSE:9984) 92.4 50,888 (15.0) 13,163 25.9 284,122 5.6 21.6 5.3 11.2 Telefónica, S.A. (BME:TEF) 76.9 50,411 (6.1) 12,782 25.4 80,616 1.6 6.3 1.6 4.8 Verizon Communications Inc. (NYSE:VZ) 93.3 129,549 0.4 48,435 37.4 409,754 3.2 8.5 3.0 8.3 Vodafone Group Plc (LSE:VOD) 96.0 51,419 (2.0) 18,317 35.6 115,589 2.2 6.3 2.2 6.5 Median 93.3 % 0.5 % 30.3 % 2.0 x 6.6 x 1.9 x 6.5 x Mean 91.7 % (0.0) % 27.8 % 2.3 x 8.5 x 2.2 x 7.2 x Automotive Technology (6) Aptiv PLC (NYSE:APTV) 89.9 % $13,863 1.2 % $1,799 13.0 % $40,485 2.9 x 22.5 x 2.6 x 16.7 x CDK Global, Inc. (NasdaqGS:CDK) 96.5 1,951 (4.9) 594 30.4 7,483 3.8 12.6 4.3 11.0 DENSO Corporation (TSE:6902) 90.9 44,636 (1.1) 4,437 9.9 49,510 1.1 11.2 1.0 7.1 NVIDIA Corporation (NasdaqGS:NVDA) 92.6 16,675 19.7 5,819 34.9 369,824 22.2 NM 16.5 52.3 Qiming Information Technology Co.,Ltd (SZSE:002232) 60.7 243 (1.7) 28 11.3 503 2.1 18.3 NA NA Visteon Corporation (NasdaqGS:VC) 82.6 2,651 (5.6) 187 7.1 3,441 1.3 18.4 1.1 12.4 Median 90.4 % (1.4) % 12.2 % 2.5 x 18.3 x 2.6 x 12.4 x Mean 85.5 % 1.3 % 17.8 % 5.6 x 16.6 x 5.1 x 19.9 x Cloud and Infrastructure Software / Services (16) Box, Inc. (NYSE:BOX) 80.5 % $771 15.0 % $28 3.7 % $3,519 4.6 x NM x 4.2 x 17.1 x Cloudera, Inc. (NYSE:CLDR) 65.6 869 32.7 (31) NM 3,640 4.2 NM 4.0 15.5 DigitalOcean Holdings, Inc. (NYSE:DOCN) 94.0 339 NA 65 19.2 4,028 11.9 NM 10.1 33.0 Inovalon Holdings, Inc. (NasdaqGS:INOV) 97.1 691 16.8 204 29.6 5,599 8.1 27.4 7.1 20.0 MicroStrategy Incorporated (NasdaqGS:MSTR) 50.0 492 (0.8) 81 16.5 8,076 16.4 NM 16.1 NM New Relic, Inc. (NYSE:NEWR) 79.3 668 23.4 (133) NM 3,756 5.6 NM 5.5 NM Nutanix, Inc. (NasdaqGS:NTNX) 76.0 1305 8.6 (659) NM 5,396 4.1 NM 3.8 NM New Relic, Inc. (NYSE:NEWR) 79.3 668 23.4 (133) NM 3,756 5.6 NM 5.5 NM Pegasystems Inc. (NasdaqGS:PEGA) 85.3 1065 7.1 (94) NM 10,515 9.9 NM 8.1 NM Rackspace Technology, Inc. (NasdaqGS:RXT) 94.1 2780 NA 618 22.2 9,106 3.3 14.7 3.0 11.5 Snowflake Inc. (NYSE:SNOW) 54.0 592 NA (534) NM 61,991 104.7 NM 56.8 NM Splunk Inc. (NasdaqGS:SPLK) 56.0 2229 19.4 (675) NM 21,551 9.7 NM 8.4 NM Teradata Corporation (NYSE:TDC) 83.0 1893 (4.5) 293 15.5 5,568 2.9 19.0 2.9 14.0 Verint Systems Inc. (NasdaqGS:VRNT) 62.5 1274 3.9 179 14.1 3,394 2.7 19.0 3.9 15.0 Verisk Analytics, Inc. (NasdaqGS:VRSK) 89.3 2821 8.3 1,283 45.5 33,632 11.9 26.2 11.3 23.1 VMware, Inc. (NYSE:VMW) 93.5 11767 12.2 2,781 23.6 68,714 5.8 24.7 5.4 15.5 Median 79.9 % 12.2 % 19.2 % 5.7 x 21.9 x 5.5 x 15.5 x Mean 77.5 % 12.7 % 21.1 % 13.2 x 21.8 x 9.8 x 18.3 x

www.investmentbanking.deloitte.com | Page 7 Quarterly Update | Q1 2021 | TMT

Sources cited

Page 2: 1. Sorainen, Top 10 TMT trends for 2021, https://www.sorainen.com/publications/top-10-tmt-trends-for-2021/, accessed May 2021. 2. CB Insights, What Is Edge Computing?, https://www.cbinsights.com/research/what-is-edge-computing/#advantages, accessed May 2021. 3. Deloitte, Executive summary - Tech Trends 2020, https://www2.deloitte.com/us/en/insights/focus/tech-trends/2020/executive-summary.html, accessed May 2021. 4. S&P Capital IQ, https://www.capitaliq.com, accessed May 2021. Data as of March 31, 2020. 5. Mergermarket, 1Q21 Global M&A Report with legal league tables, https://www.mergermarket.com/info/1q21-global-ma-report-legal-league-tables, accessed May 2021. Data as of March 31, 2021. 6. White & Case, Global PE deal value jumps to highest quarterly total since 2007 , https://mergers.whitecase.com/highlights/global-pe-deal-value-jumps-to- highest-quarterly-total-since-2007, accessed May 2021. Data as of April 9, 2021.

Page 3: 1. S&P Capital IQ, https://www.capitaliq.com, accessed May 2021. Data as of March 31, 2021. 2. Technology Index comprised of companies within the Application Software/SaaS, IT Services, Hardware, and Internet & Digital Media buckets on pages 6 & 7. Media Index comprised of companies within the Traditional Media bucket on pages 6 & 7. Telecommunications Index comprised of companies within the Telecommunications bucket on pages 6 & 7.

Page 4: 1. US Bureau of Economic Analysis, accessed April 2021. Data as of March 31, 2021. 2. Organisation for Economic Co-operation and Development, accessed April 2021. Data as of March 31, 2021. 3. US Department of the Treasury, accessed April 2021. Data as of March 31, 2021. 4. Bureau of Labor Statistics, accessed April 2021. Data as of March 31, 2021. 5. S&P Capital IQ, https://www.capitaliq.com, accessed April 2021. Data as of March 31, 2021. 6. S&P CapitalIQ, accessed May 2021. 7. Sub-industry indices are comprised of companies depicted in pages 6 & 7 within respective industry buckets. Sub-industry metrics are enterprise value weighted. Companies with an EV/EBITDA greater than 60.0x are excluded.

Page 5: 1. PitchBook, https://www.pitchbook.com, accessed May 2021. Data as of March 31, 2021. 2. S&P Capital IQ, https://www.capitaliq.com, accessed May 2021. Data as of March 31, 2021.

Pages 6-7: 1. S&P Capital IQ, https://www.capitaliq.com, accessed May 2021. Data as of April 30, 2021. 2. LTM and NTM EBITDA metrics greater than 60.0x and less than 0.0x are denoted as NM.

www.investmentbanking.deloitte.com | Page 8 Quarterly Update | Q1 2021 | TMT

Deloitte Corporate Finance LLC (DCF)

DCF provides deal execution and lead financial advisory services to large corporate, middle market, private equity and venture capital firms. DCF and its affiliates maintain a presence in key US financial centers. For additional information or to find out more about how DCF can assist the deal initiation and execution process, please contact one of our DCF managing directors:

Phil Colaco, CEO Lorin DeMordaunt Tom Spivey [email protected] [email protected] [email protected] +1 704 333 0533 +1 704 333 0591 +1 214 840 7014

Keith Adams Will Frame Lou Paone [email protected] [email protected] [email protected] +1 404 631 3455 +1 312 486 4458 +1 704 731 7202

Eric Andreozzi Simon Gisby Garett Poston [email protected] [email protected] [email protected] +1 704 333 0518 +1 212 436 2495 +1 213 593 4544

Tony Blanchard Bill Kerkam Matt Preece [email protected] [email protected] [email protected] +1 313 396 3738 +1 980 312 3613 +1 704 731 7186

Doug Bolt Jamie Lewin Justin Silber [email protected] [email protected] [email protected] +1 704 731 7219 +1 214 840 7057 +1 404 942 6960

Hector Calzada James Miller Michael Hakim [email protected] [email protected] [email protected] +1 404 631 3015 +1 704 731 8230 +1 213 593 4545

John Deering Byron Nelson [email protected] [email protected] +1 704 333 0574 +1 469 417 2462

Deloitte Corporate Finance Business Development Group:

Brad Heston John Lindsey Bill Pucci Senior Vice President Senior Vice President Senior Vice President [email protected] [email protected] [email protected] +1 404 631 3839 +1 469 417 2147 +1 973 602 4542

www.investmentbanking.deloitte.com

www.investmentbanking.deloitte.com | Page 9 Quarterly Update | Q1 2021 | TMT

This newsletter is a periodic compilation of certain completed and announced merger and acquisition activity. Information contained in this newsletter should not be construed as a recommendation to sell or a recommendation to buy any security. Any reference to or omission of any reference to any company in this newsletter shall not be construed as a recommendation to sell, buy or take any other action with respect to any security of any such company. We are not soliciting any action with respect to any security or company based on this newsletter. This newsletter is published solely for the general information of clients and friends of Deloitte Corporate Finance LLC. It does not take into account the particular investment objectives, financial situation, or needs of individual recipients. Certain transactions, including those involving early stage companies, give rise to substantial risk and are not suitable for all investors. This newsletter is based on information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to both known risks, uncertainties and other factors that may cause actual results to vary materially. We are under no obligation to update the information contained in this newsletter. We and our affiliates and related entities, partners, principals, directors, and employees, including persons involved in the preparation or issuance of this newsletter, may from time to time have “long” and “short” positions in, and buy or sell, the securities, or derivatives (including options) thereof, of companies mentioned herein. The companies mentioned in this newsletter may be: (i) investment banking clients of Deloitte Corporate Finance LLC; or (ii) clients of Deloitte Financial Advisory Services LLP and its related entities. The decision to include any company for mention or discussion in this newsletter is wholly unrelated to any audit or other services that Deloitte Corporate Finance LLC may provide or to any audit services or any services that any of its affiliates or related entities may provide to such company. No part of this newsletter may be copied or duplicated in any form by any means, or redistributed without the prior written consent of Deloitte Corporate Finance LLC.

About Deloitte Corporate Finance LLC Deloitte Corporate Finance LLC (DCF), a broker-dealer registered with the US Securities and Exchange Commission (SEC) and member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), is an indirect wholly-owned subsidiary of Deloitte Financial Advisory Services LLP and affiliate of Deloitte Transactions and Business Analytics LLP. Investment banking or other services that would require registration as a broker-dealer with the SEC and membership in FINRA would be provided exclusively by DCF. For more information, visit www.investmentbanking.deloitte.com. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.