Boston San Francisco Munich London

Home , AcFun, ANGI Homeservices, Demandware, Felicis Ventures, Glu Mobile, Hungryhouse

Internet & Digital Media Monthly

August 2018

BOB LOCKWOOD JERRY DARKO Managing Director Senior Vice President +1.617.624.7010 +1.415.616.8002 [email protected] [email protected] BOSTON SAN FRANCISCO

HARALD MAEHRLE LAURA MADDISON Managing Director Senior Vice President +49.892.323.7720 +44.203.798.5600 [email protected] [email protected] MUNICH LONDON

INVESTMENT BANKING

Raymond James & Associates, Inc. member New York Stock Exchange/SIPC. Internet & Digital Media Monthly

TECHNOLOGY & SERVICES INVESTMENT BANKING GROUP OVERVIEW

Deep & Experienced Tech Team Business Model Coverage

Internet / Digital Media + More Than 75 Investment Banking Professionals Globally Software / SaaS

+ 11 Senior Equity Research Technology-Enabled Solutions Analysts Transaction Processing + 7 Equity Capital Markets Professionals Data / Information Services

Systems | Semiconductors | Hardware + 8 Global Offices BPO / IT Services

Extensive Transaction Experience Domain Coverage Vertical Coverage

Accounting / Financial B2B + More than 160 M&A and private placement transactions with an Digital Media Communications aggregate deal value of exceeding $25 billion since 2012 E-Commerce Consumer

HCM Education / Non-Profit + More than 100 public equities transactions raising more than Marketing Tech / Services Financial $10 billion since 2012 Supply Chain Real Estate

. Internet Equity Research: Top-Ranked Research Team Covering 25+ Companies

. Software / Other Equity Research: 4 Analysts Covering 40+ Companies

RAYMOND JAMES / INVESTMENT BANKING OVERVIEW

. Full-service firm with investment banking, equity research, institutional sales & trading and asset management – Founded in 1962; public since 1983 (NYSE: RJF) – $6.4 billion in FY 2017 revenue; equity market capitalization of approximately $14.0 billion – Stable and well-capitalized platform; over 110 consecutive quarters of profitability . Over 600 Equity Capital Markets professionals: over 350 investment bankers across 15 offices and over 200 institutional sales and sales traders in the U.S. and Europe . Over 6,600 financial advisors managing over $500 billion of assets for 2.6 million accounts; offices in all 50 states . Raymond James Bank operates with over $13.7 billion in total assets for lending and depository services

. 2017 M&A Advisor Awards “Cross-Border M&A Deal of the Year” for the Sale of November 2017 November 2017 BISAM Technologies to FactSet Research Systems . 2017 M&A Advisor Awards “Private Equity Deal of the Year” for the Sale of Paysimple to Providence Equity Cross-Border M&A Private Equity Deal of the Year Deal of the Year

M&A Advisor Awards M&A Advisor Awards

INVESTMENT BANKING Criteria for the awards can be found at https://www.raymondjames.com/about-us/accolades 1 Internet & Digital Media Monthly

RECENT INTERNET AND SOFTWARE INVESTMENT BANKING TRANSACTIONS

July 2018 June 2018 May 2018 May 2018 April 2018 March 2018

Has received debt Has received an (Media Properties) Has been acquired by Has been acquired by Has been acquired by financing from Has been acquired by investment from

Undisclosed Undisclosed Undisclosed $1,680,000,000 $150,000,000

February 2018 February 2018 February 2018 October 2017 September 2017 August 2017

Has received an Sale to Has merged with investment from Has been acquired by $70,200,000 $150,400,000 Initial Public Offering Initial Public Offering Co-Manager Undisclosed Co-Manager $75,000,000 $40,200,000

July 2017 July 2017 July 2017 June 2017 May 2017 April 2017 / September 2016 February 2017 / September 2016

Has acquired Subsidiary of $224,460,000 Has been acquired by Follow-on Offering $224,785,680 $111,280,000 from Follow-on Offering Has been acquired by $300,000,000 Follow-on Offering $84,000,006 $133,200,000 Initial Public Offering Initial Public Offering Initial Public Offering Co-Manager €400,000,000 Undisclosed Undisclosed Co-Manager Co-Manager

March 2017 February 2017 February 2017 August 2016 / May 2015 March 2016 / November 2015 March 2016

Has received an Sale to: Sale to: Investment from Has been acquired by Has been acquired by $329,906,250 Follow-on Offering (CRM Division) $150,535,000 Initial Public Offering (Studio Division) $15,400,000,000 $250,000,000 $233,000,000 Co-Manager Undisclosed $6,200,000

February 2016 February 2016 January 2016 November 2015 September 2015 August 2015

Sale to: Has received an (Baker Hill Business) Has been acquired by Has been acquired by Investment from Has Acquired: Has been acquired by (SEA Business)

(India Business) Undisclosed $1,110,270,453 $100,000,000 $925,000,000 $100,000,000 Undisclosed

March 2015 / October 2014 March 2015 January 2015 October 2014 July 2014 April 2013

A subsidiary of Sale to: Sale to: Sale to: $176,538,160 (Groups Business) Follow-on Offering $201,250,000 $366,850,000 $143,750,000 Initial Public Offering Initial Public Offering Initial Public Offering (Art Business) Co-Manager Undisclosed Co-Manager Co-Manager $350,000,000 Undisclosed

INVESTMENT BANKING 2 INTERNET & DIGITAL MEDIA Internet & Digital Media Monthly

SUMMARY METRICS BY SECTOR

EV / 2019E Revenue EV / 2019E EBITDA 24.5x 7.0x 25.0x 6.4x

6.0x 20.0x 5.0x 16.9x

15.0x 4.0x 3.2x 11.9x 3.0x 2.9x 10.5x 10.8x 3.0x 9.7x 2.4x 10.0x

2.0x 1.6x 5.0x 1.0x

0.0x 0.0x Digital E-Commerce Travel Digital Media Gaming SaaS Digital E-Commerce Travel Digital Media Gaming SaaS Marketing Technology Marketing Technology

Summary Operating / Trading Statistics

Digital Travel Digital E-Commerce Gaming SaaS Marketing Technology Media 2018E Revenue Growth 19.5% 19.7% 11.5% 24.1% 7.0% 23.5% 2019E Revenue Growth 17.0% 17.3% 10.3% 16.7% 11.6% 20.2% 2018E Gross Margin 67.9% 44.7% 81.2% 77.8% 62.5% 73.5% 2019E Gross Margin 68.2% 45.6% 81.9% 76.3% 63.6% 74.3% 2018E EBITDA Margin 14.9% 5.4% 22.0% 18.7% 23.8% 8.4% 2019E EBITDA Margin 22.6% 7.4% 22.6% 18.7% 27.4% 10.8% % of 52-Week High 80.8% 84.9% 82.0% 77.5% 78.0% 85.9% % Above 52-Week Low 53.0% 59.1% 42.3% 35.2% 29.0% 63.3%

LTM Stock Performance*

Digital Marketing 53.0% E-Commerce 91.0% 120.0% Travel Technology 21.4% Digital Media 54.8% 100.0% Gaming 50.4% SaaS 60.4% 80.0% NASDAQ 30.8%

60.0%

40.0%

20.0%

0.0% 07/17 09/17 11/17 01/18 03/18 05/18 07/18

* Indices are marked cap weighted.

INVESTMENT BANKING 3 Travel Digital Marketing E-Commerce Digital Media Gaming SaaS Technology Internet & Digital Media Monthly Internet & Digital Media Monthly

SUMMARY VALUATION METRICS

Historical EV / LTM Revenue Historical EV / LTM EBITDA 4-Yr Quarterly Average: 5.9x 4-Yr Quarterly Average: 16.5x

8.0x 25.0x

7.0x 20.0x 6.0x

5.0x 15.0x

4.0x

3.0x 10.0x

2.0x 5.0x 1.0x

0.0x 0.0x 6/14 3/15 12/15 9/16 6/17 3/18 6/14 3/15 12/15 9/16 6/17 3/18 *Quarterly summary bars are market cap weighted. *Quarterly summary bars are market cap weighted.

EV / 2018E Revenue

Search Advertising Technology Marketing Technology Web Hosting

8.0x 15.0x Median 12.0x 6.0x 5.4x Median 8.9x 9.0x 4.0x 6.0x Median Median 2.0x 0.8x 3.4x 3.0x 0.0x

0.0x

TTD

TAP

PERI

BIDU RUBI

TLRA

CDLX

WIX IOM

YNDX

TCX

EIGI

CRTO

RTHM

MTMY

CRM WEB

VERI UTDI

YEXT

ADBE

HUBS VRSN

SHOP

SCOR GDDY

ECOM

OTELLO GOOG.L

Note: Excludes multiples that are NA or NM. EV / 2018E EBITDA

Search Advertising Technology Marketing Tech Web Hosting

50.0x Median 40.0x 33.0x 30.0x Median 17.1x 20.0x Median Median 11.8x 6.3x 10.0x

0.0x

WIX IOM

TTD TAP

TCX EIGI

CRM WEB

PERI UTDI

BIDU

TLRA

ADBE

YNDX VRSN

CRTO

RTHM

GDDY

MTMY

ECOM

GOOG.L OTELLO Note: Excludes multiples that are NA or NM.

INVESTMENT BANKING 4 Travel Digital Marketing E-Commerce Digital Media Gaming SaaS Technology Internet & Digital Media Monthly Internet & Digital Media Monthly

SUMMARY VALUATION METRICS (CONT’D)

LTM Stock Performance* Advertising Technology 58.1% Marketing Technology 87.3% 150.0% Search 43.5% 120.0% Web Hosting 64.0% 90.0% NASDAQ 30.8% 60.0% 30.0% 0.0% (30.0%) 07/17 09/17 11/17 01/18 03/18 05/18 07/18 Advertising & Marketing Technology Composite: ADBE, BIDU, AIM:BLNX (Blinkx), BV, CDLX, CRTO, CRM, ECOM, EIGI, FUEL, GDDY, GOOG, HUBS, AIM:IOM, LSE:MTMY (Matomy Media), OB:OTELLO (AdColony), PERI, RUBI, SCOR, SHOP, TAP, TLRA, NasdaqCM:TCX, TTD, DB:UTDI, VERI NasdaqGS:VRSN, WEB, WIX, YNDX. * Indices are market cap weighted. PUBLIC MARKET ACTIVITY

Detailed Valuation Multiples and Metrics

Mean 21.0% 22.0% 21.6% 61.5% 62.0% 31.6% 33.3% 5.2x 4.3x 16.7x 13.0x Median 24.1% 21.0% 21.9% 58.3% 57.4% 29.9% 34.2% 5.4x 4.3x 17.1x 12.5x

Advertising Technology The Trade Desk $84.32 58.2% $3,552 $3,410 $434 $557 41.2% 28.3% 77.7% 77.5% 31.0% 31.3% 7.9x 6.1x 25.3x 19.6x Criteo (France) 32.13 (36.5%) 2,132 1,654 1,016 1,132 9.7% 11.4% 87.1% 87.8% 30.4% 31.4% 1.6 1.5 5.4 4.6 Cardlytics 18.82 71.1% 381 350 155 242 19.3% 56.3% 37.7% 41.1% (10.1%) 4.0% 2.3 1.4 NM 36.2 Otello (Norway) 2.38 (42.1%) 333 253 324 396 (23.3%) 22.4% 40.5% 41.1% 5.8% 11.7% 0.8 0.6 13.4 5.4 Taptica (Israel) 4.25 (15.7%) 288 292 329 363 56.2% 10.5% 35.5% 35.5% 12.2% 12.3% 0.9 0.8 7.3 6.6 RhythmOne 2.67 (43.2%) 209 222 381 445 61.8% 17.0% NA NA 12.1% 14.1% 0.6 0.5 4.8 3.5 Telaria 3.73 78.5% 195 130 59 75 33.2% 26.2% 92.8% 93.1% 10.5% 22.6% 2.2 1.7 20.9 7.7 The Rubicon Project 2.88 (38.7%) 143 39 109 120 (28.8%) 10.2% 46.4% 51.0% (26.2%) (2.9%) 0.4 0.3 NM NM Perion Network 1.06 (38.4%) 82 88 284 298 4.2% 5.0% NA NA 10.2% 10.4% 0.3 0.3 3.0 2.8 Matomy Media Group (Israel) 0.44 (67.6%) 43 67 262 271 2.1% 3.4% NA NA 9.5% 10.7% 0.3 0.2 2.7 2.3

Mean (7.5%) 17.6% 19.1% 59.7% 61.0% 8.5% 14.6% 1.7x 1.4x 10.4x 9.9x Median (37.4%) 14.5% 14.2% 46.4% 51.0% 10.3% 12.0% 0.8x 0.7x 6.3x 5.4x

Marketing Technology Adobe $244.68 67.0% $119,811 $115,361 $8,937 $10,620 23.3% 18.8% 88.2% 88.5% 44.5% 45.8% 12.9x 10.9x 29.0x 23.7x Salesforce.com 137.15 51.0% 101,890 98,719 13,126 15,773 25.7% 20.2% 76.6% 76.9% 22.8% 23.5% 7.5 6.3 33.0 26.6 Shopify 138.21 49.6% 14,708 13,133 1,029 1,421 55.9% 38.1% 58.2% 59.7% 3.6% 6.5% 12.8 9.2 NM NM HubSpot 124.10 71.5% 4,767 4,525 491 613 32.4% 24.8% 81.6% 82.2% 9.3% 10.9% 9.2 7.4 NM NM Yext 21.14 92.2% 2,047 1,923 226 298 33.1% 31.6% 75.3% 75.4% (16.1%) (10.7%) 8.5 6.5 NM NM comScore 20.00 (33.4%) 1,158 1,297 419 438 (31.3%) 4.4% 68.5% 68.7% (1.4%) 4.8% 3.1 3.0 NM NM ChannelAdvisor 13.90 32.4% 377 327 131 140 6.5% 7.1% 78.8% 79.2% 6.1% 7.6% 2.5 2.3 40.8 30.7 Veritone 14.93 63.2% 269 215 21 39 38.3% 85.2% 86.9% 81.7% (190.0%) (90.7%) 10.1 5.5 NM NM

Mean 49.2% 23.0% 28.8% 76.8% 76.5% (15.2%) (0.3%) 8.3x 6.4x 34.3x 27.0x Median 57.1% 29.1% 22.5% 77.7% 78.1% 4.9% 7.1% 8.9x 6.4x 33.0x 26.6x

Web Hosting Verisign $145.23 43.6% $17,706 $18,319 $1,214 $1,269 4.2% 4.6% 84.7% 84.5% 71.3% 71.1% 15.1x 14.4x 21.2x 20.3x GoDaddy 73.62 71.3% 11,546 13,290 2,634 2,945 18.4% 11.8% 65.9% 66.0% 28.2% 27.4% 5.0 4.5 17.9 16.5 United Internet (Germany) 53.66 (11.3%) 10,726 12,932 6,050 6,401 19.5% 5.8% 35.6% 36.2% 23.0% 24.1% 2.1 2.0 9.3 8.4 Wix.com (Israel) 95.00 54.0% 4,454 4,104 599 757 41.2% 26.5% 80.2% 80.5% 18.6% 23.2% 6.9 5.4 36.9 23.3 Web.com 25.15 14.6% 1,252 1,865 750 766 (0.6%) 2.1% 67.3% 67.8% 24.8% 25.4% 2.5 2.4 10.0 9.6 Endurance International 8.20 (11.4%) 1,172 2,954 1,148 1,146 (2.1%) (0.2%) 57.3% 54.5% 27.5% 27.8% 2.6 2.6 9.4 9.3 Tucows 58.75 7.5% 623 681 348 349 6.1% 0.3% 34.1% 34.5% 14.9% 18.6% 2.0 2.0 13.1 10.5 iomart (United Kingdom) 5.14 23.4% 556 594 138 149 5.9% 7.9% 64.4% 64.0% 41.1% 41.2% 4.3 4.0 10.5 9.7

Mean 24.0% 11.6% 7.4% 61.2% 61.0% 31.2% 32.4% 5.1x 4.7x 16.0x 13.4x Median 89.0% 6.0% 5.2% 65.2% 65.0% 26.2% 26.4% 3.4x 3.3x 11.8x 10.1x

INVESTMENT BANKING

(1) Represents price change since IPO for recently public companies. 5 Travel Digital Marketing E-Commerce Digital Media Gaming SaaS Technology Internet & Digital Media Monthly Internet & Digital Media Monthly

PUBLIC MARKET ACTIVITY (CONT’D)

Recent Equity / Equity-Linked Offerings

IPOs

($ in millions, except per share data) At Pricing Current IPO Offer Deal CY+1 Ent. Value / CY+1 CY+2 / CY+0 Price Return Company Date Price Size(1) Mkt Cap Ent. Val Revenue EBITDA Revenue EBITDA Rev. CAGR 7/31/18 From IPO Cardlytics 02/08/18 $13.00 $70 $254 $218 $157.2 ($12.1) 1.4x NM 34.5% $18.82 44.8% Veritone 05/11/17 15.00 38 209 209 17.6 (26.7) 11.8 NM 106.7% 14.93 (0.5%) The Trade Desk 09/20/16 18.00 84 771 715 241.9 66.9 3.0 10.7 23.8% 84.32 368.4% Shopify 05/20/15 17.00 131 1,265 1,088 159.8 (9.4) 6.8 NM 42.4% 138.21 713.0% GoDaddy 04/01/15 20.00 460 1,237 2,142 1,585.3 314.5 1.4 6.8 13.7% 73.62 268.1% HubSpot 10/09/14 25.00 125 759 643 138.0 (28.7) 4.7 NM 25.8% 124.10 396.4% TubeMogul 07/17/14 7.00 44 201 158 131.9 (17.9) 1.2 NM 38.9% Acquired Matomy Media Group (Israel) 07/10/14 3.81 69 340 307 290.1 34.0 1.1 9.0 18.0% 0.44 (88.5%) The Rubicon Project 04/01/14 15.00 102 521 422 109.8 (8.0) 3.8 NM 31.7% 2.88 (80.8%)

Follow-Ons / PIPEs / Other Offerings

($ in millions, except per share data) Current Offer Overnight Secondary Offering Price Return Company Date (Y/N) % Price Deal Size(1) Mkt Cap 7/31/18 From FO GoDaddy 05/21/18 Y 100.0% $71.00 $1,201 $11,133 $73.62 3.7% GoDaddy 02/28/18 Y 100.0% 59.21 1,002 8,634 73.62 24.3% Taptica 01/16/18 N 100.0% 6.19 30 418 4.25 (31.4%) GoDaddy 12/04/17 N 99.3% 47.32 344 6,202 73.62 55.6% GoDaddy 09/05/17 N 99.8% 44.00 882 5,481 73.62 67.3% The Trade Desk 05/23/17 N 100.0% 52.00 224 2,069 84.32 62.2% Shopify 05/18/17 N 0.0% 91.00 501 8,244 138.21 51.9% GoDaddy 05/04/17 N 99.6% 38.50 928 3,527 73.62 91.2% The Trade Desk 02/27/17 N 13.0% 35.50 259 1,389 84.32 137.5% Shopify 08/16/16 N 33.3% 38.25 287 3,255 138.21 261.3% GoDaddy 04/05/16 N 15.0% 30.25 499 4,823 73.62 143.4% TubeMogul 06/10/15 N 33.5% 15.75 83 532 Acquired HubSpot 03/17/15 N 79.3% 37.00 152 1,194 124.10 235.4% Endurance International 03/06/15 Y 100.0% 19.00 228 2,515 8.20 (56.8%)

(1) Excludes any applicable greenshoe.

INVESTMENT BANKING 6 Travel Digital Marketing E-Commerce Digital Media Gaming SaaS Technology Internet & Digital Media Monthly Internet & Digital Media Monthly

M&A AND PRIVATE PLACEMENT ACTIVITY

Selected Recent M&A Transactions

($ in millions) Date Transaction EV / LTM Announced Acquirer Target Value Revenue EBITDA

07/27/18 Indigo Slate, Inc. Zensar Technologies Limited (India) $18.0 -- -- 07/27/18 Quantum (France) AdUX SA (France) 1.2 -- -- 07/25/18 Ziff Davis Media Inc. [j2 Global] Revenu8 ------07/16/18 Salesforce Datorama 800.0 16.0x -- 07/02/18 Interpublic Group of Companies Acxiom 2,300.0 3.3x 11.5x 06/25/18 AT&T Appnexus 1,600.0 5.3x -- 06/25/18 Endeavor Business Media LLC SouthComm Inc. (B2B Assets) ------06/20/18 think3 MyAlerts ------06/18/18 Luxoft (Switzerland) Smashing Ideas ------06/13/18 Elite SEM Email Aptitude ------06/12/18 Telaria SlimCut (Canada) ------06/12/18 Validity BriteVerify ------06/11/18 Continuant JCI Marketing ------06/06/18 ICX Media Seen ------06/05/18 Astreya Hiremore ------06/05/18 Core Creative GS Design ------06/04/18 Vista Equity Partners Integral Ad Science Inc. 850.0 4.7x -- 06/01/18 Quotient Ahology 20.0 -- -- 05/30/18 Verve Receptiv ------05/15/18 8x8 Mariana ------05/10/18 Gannett WordStream 130.0 3.1x 12.4x 05/10/18 Overstock.com SiteHelix 4.2 -- -- 05/09/18 Deluxe Corp. LogoMix 43.0 -- -- 05/09/18 EMX Clearstream ------05/01/18 Cisco Systems Inc. Accompany 270.0 -- -- 04/30/18 Marketo Bizible ------04/26/18 Square Weebly Inc. 265.0 -- --

Selected Recent Private Placement Transactions

($ in millions) Date Transaction Announced Company Description Investor(s) Value

07/25/18 LoginRadius Inc. (Canada) Cloud-based customer identity and access platform Yaletown Venture Partners Inc.; Real Ventures; Add'l $17.0 07/19/18 Culture Amp (Australia) Survey platform for people and culture Sapphire Ventures LLC; Index Ventures; Felicis Ventures; Add'l 39.8 07/18/18 Wistia, Inc. Provides video hosting solutions to businesses Accel-KKR LLC 17.3 07/16/18 AppLovin Corporation Online platform for advertising KKR & Co. Inc. 400.0 07/10/18 MediaMath, Inc. Digital advertising media and data soultions Searchlight Capital Partners; LightTree Capital Solutions 225.0 06/30/18 Dolead SAS (France) Develops a campaign manager platform Xange Private Equity, S.A.; Ring Capital 15.2 06/27/18 Cordial Experiences, Inc. Intelligent messaging platform for modern marketers Upfront Ventures; High Alpha; PeakSpan Capital, LLC 15.0 06/26/18 Tencent Holdings (China) Internet VAS and online advertising Lippo Limited 44.3 06/25/18 Integrate Demand orchestration software for marketers Boulder Ventures; Foundry Group; Iron Gate Capital; Add'l 23.0 06/25/18 Diphda (India) Online classifieds company Info Edge (India) Limited ; SVF India Holdings (Cayman) 90.0 06/20/18 Urban Airship Personalized notification delivery across platforms Verizon Ventures; True Ventures; QuestMark Partners; Intel Capital 25.0 06/20/18 Beamery (UK) Recruitment CRM software EQT Ventures; Index Ventures; Edenred Capital Partners; Add'l 28.0 06/15/18 RFRSH (Denmark) Esports marketing and media rights company David Helgason 200.0 06/15/18 Kustomer Customer service tool for your business and customers Redpoint; Cisco Investments; Canaan Partners; Add'l 26.0 06/14/18 Pipedrive Sales CRM for companies with big ambitions Bessemer Venture Partners; Insight Venture Partners; Add'l 50.0 06/07/18 Podium Customer communication platform for businesses IVP; Y Combinator; Summit Partners; GV; Accel 60.0 05/10/18 Moloco Empowers mobile apps to run their own advertising Samsung Ventures; Draper Athena; Add'l 11.0 05/03/18 BounceX Enables clients to deliver tailored content Cross Creek Advisors 37.0 04/24/18 WeQ (Germany) Mobile ad tech provider Undisclosed 50.0 04/24/18 SEMrush Digital marketing toolkit Greycroft; e.ventures; Sigular Guff & Company 40.0 04/24/18 Uberflip (Canada) Allows marketers to create, manage and optimize contentUpdata Partners 32.0 04/24/18 SpotOn Consumer loyalty and merchant marketing platform Undisclosed 20.0 04/17/18 Drift Conversation-driven marketing and sales platform Sequoia Capital; CRV; General Catalyst; Add'l 60.0 04/17/18 Agentology Lead engagement and qualification platform Defy.vc 12.0

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M&A AND PRIVATE PLACEMENT ACTIVITY

Selected Advertising Technology M&A Precedents

($ in millions) Date Transaction EV / LTM Announced Acquirer Target Value Revenue EBITDA

07/02/18 Interpublic Group of Companies Acxiom $2,300.0 3.3x 11.5x 06/25/18 AT&T Appnexus 1,600.0 5.3x -- 09/05/17 RhythmOne YuMe 185.0 1.2x 18.0x 08/28/17 Valassis MaxPoint Interactive 95.0 0.7x -- 08/07/17 Taptica (Israel) Tremor Video DSP 50.0 0.4x NM 07/18/17 Sizmek Rocket Fuel 121.8 0.3x -- 04/18/17 Dentsu Aegis Network (UK) SVG Media Group (India) 144.8 1.4x -- 03/21/17 Altice (Luxembourg) Teads 229.5 1.2x -- 02/23/17 Amobee Turn 310.0 2.8x -- 11/29/16 SintecMedia (Israel) Operative Media 200.0 -- -- 11/10/16 Adobe Systems TubeMogul 540.0 2.5x -- 10/13/16 Xaxis Triad Retail Media 300.0 2.5x 10.0x 10/04/16 Criteo (France) HookLogic 250.0 1.9x -- 09/26/16 Orient Hontai Capital AppLovin 1,400.0 2.8x -- 08/22/16 Miteno Comm. Industrial Tech. (China ) Media.net Advertising (United Arab Emirates) 900.0 3.9x -- 08/16/16 Dentsu Aegis Network Merkle 1,500.0 3.4x 15.0x 08/03/16 Vector Capital Sizmek 75.2 0.4x 13.7x 07/18/16 Chinese consortium (China) Opera Software (certain assets) (Norway) 600.0 4.0x 17.6x 06/27/16 Gannett ReachLocal 156.0 0.4x -- 06/08/16 Spearhead Integrated Marketing Comm. Group (China) Smaato 148.0 1.6x -- 03/02/16 RNTS Media Interactive 72.0 1.7x -- 02/11/16 Time Viant 87.0 0.9x -- 02/10/16 Chinese consortium Opera Software 1,200.0 1.9x 11.2x 02/01/16 Telenor Tapad 360.0 6.3x -- 12/01/15 Perion Network Undertone 130.0 1.3x -- 09/16/15 News Corp Unruly Media 176.0 1.9x -- 09/10/15 IronSource Supersonic 150.0 -- -- 09/03/15 AOL Millennial Media 234.3 0.8x NM 06/29/15 Twitter TellApart 533.0 -- -- 05/12/15 Verizon AOL 4,400.0 1.6x 10.0x 03/31/15 Rubicon Project Chango (Canada) 122.0 2.5x -- 03/16/15 Cheetah Mobile (China) MobPartner (France) 58.0 1.9x -- 03/04/15 Nielsen eXelate 195.0 5.6x -- 12/17/14 21st Century Fox true[X] media 175.0 8.8x -- 11/11/14 Yahoo BrightRoll 640.0 1.7x -- 10/28/14 Publicis Groupe RUN 60.0 8.6x -- 10/16/14 Vista Equity Partners Mediaocean 720.0 -- -- 09/23/14 Millennial Media Nexage 107.5 NM -- 09/11/14 Alliance Data Systems Conversant 2,300.0 3.7x 11.6x 08/11/14 Telstra (Australia) Ooyala 270.0 4.2x -- 08/05/14 Rocket Fuel [x + 1] 230.0 2.6x -- 07/21/14 Yahoo Flurry 270.0 5.4x -- 07/02/14 Facebook LiveRail 382.0 5.5x -- 06/10/14 Amobee Adconion 229.0 1.2x -- 06/10/14 Amobee Kontera 155.8 6.0x -- 06/04/14 Adobe Efficient Frontier 400.0 5.7x -- 05/28/14 Adobe Auditude 120.0 6.0x -- 05/19/14 AliianceData Dotomi 295.0 3.7x -- 05/14/14 Acxiom LiveRamp 310.0 NM -- 05/06/14 Comcast Freewheel 375.0 NM -- 04/30/14 AliianceData Greystripe 70.0 1.9x -- 04/24/14 Google Admeld 400.0 13.3x -- 02/24/14 Oracle BlueKai 420.0 6.7x -- 01/21/14 Adobe Omniture 1,800.0 2.9x --

Mean 3.3x 13.2x Median 2.5x 11.6x

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M&A AND PRIVATE PLACEMENT ACTIVITY

Selected Marketing Technology M&A Precedents

($ in millions) Date Transaction EV / LTM Announced Acquirer Target Value Revenue EBITDA

07/16/18 Salesforce Datorama $800.0 16.0x -- 06/04/18 Vista Equity Partners Integral Ad Science Inc. 850.0 4.7x -- 05/10/18 Gannett Co. Inc. WordStream Inc. 130.0 3.1x 12.4x 04/26/18 NICE (Israel) Mattersight Corp. 102.7 2.5x -- 03/06/18 GTCR / Sycamore Partners CommerceHub 1,100.0 9.9x 31.9x 02/16/18 Bynder WebDAM, Inc. 49.1 3.0x -- 01/29/18 SAP America Callidus Software 2,484.0 10.0x -- 01/23/18 GoDaddy Main Street Hub 125.0 3.1x -- 09/27/17 Nielsen Visual IQ 180.0 4.0x -- 09/24/17 SAP SE (Germany) Gigya Inc. 350.0 7.8x -- 08/14/17 Great Hill Partners Zoom Information 252.0 5.0x -- 07/12/17 Spectrum Equity Bitly 80.0 4.0x -- 05/01/17 Aurea (ESW Capital) Jive Software 462.0 1.7x NM 04/18/17 Oracle Moat 850.0 10.6x -- 04/03/17 Vector Capital Experian Information Solutions (assets) (Ireland) 400.0 1.4x 7.7x 11/17/16 LiveRamp Arbor Technologies & Circulate 140.0 -- -- 11/10/16 Adobe Systems TubeMogul 540.0 2.5x -- 10/04/16 Criteo (France) HookLogic 250.0 1.9x -- 10/04/16 Salesforce Krux 680.0 13.1x -- 07/21/16 Monotype Imaging Olapic 130.0 9.3x -- 06/20/16 OpenText HP (customer communication mgmt. assets) 315.0 2.7x -- 06/01/16 Salesforce.com Demandware 2,800.0 11.0x NM 05/31/16 Vista Equity Partners Marketo 1,790.0 7.9x NM 04/22/16 Marlin Equity Partners Teradata Marketing Applications (assets) 90.0 0.6x -- 04/01/16 EQT Sitecore 1,131.2 5.2x 20.7x 02/11/16 Web.com Yodle 342.0 1.6x -- 01/21/16 IBM Ustream 130.0 5.2x -- 01/15/16 Internet Brands Demandforce ------01/05/16 Oracle AddThis 175.0 8.8x -- 12/15/15 Cision US PR Newswire Association 841.0 2.7x -- 11/05/15 Neustar MarketShare Partners 450.0 7.9x -- 11/03/15 Zeta Interactive eBay Enterprise (CRM assets) 75.0 1.4x -- 11/02/15 Endurance International Constant Contact 1,112.1 2.6x 24.0x 10/27/15 Spectrum Equity Litmus 49.0 1.4x -- 10/13/15 Spectrum Equity Rain King 67.0 -- -- 09/21/15 HGGC StrongView 105.0 3.2x -- 08/20/15 Oracle Maxymiser 170.0 4.3x -- 07/16/15 Sterling; Longview; Permira eBay Enterprise (assets) 925.0 0.8x -- 04/23/15 NetSuite Bronto Software 200.0 5.0x -- 01/08/15 Dun & Bradstreet NetProspex 125.0 6.3x -- 12/22/14 Oracle Datalogix 1,100.0 9.2x -- 08/20/14 GoDaddy Mad Mimi 42.0 8.4x -- 06/10/14 Amobee Kontera 150.0 5.8x -- 05/14/14 Acxiom LiveRamp 310.0 12.0x -- 05/06/14 Google Adometry 150.0 7.5x -- 05/06/14 AOL Convertro 101.0 8.1x -- 05/01/14 IBM Silverpop 270.0 3.4x -- 04/07/14 GTCR Vocus 446.5 2.2x -- 02/11/14 Lithium Technologies Klout 100.0 -- -- 02/01/14 Oracle BlueKai 408.0 6.4x --

Mean 5.5x 19.3x Median 4.9x 20.7x

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M&A AND PRIVATE PLACEMENT ACTIVITY

Selected Web Presence / Hosting M&A Precedents

($ in millions) Date Transaction EV / LTM Announced Acquirer Target Value Revenue EBITDA

07/1618 CentralNic Group (UK) KeyDrive (Luxembourg) $35.8 0.8x -- 12/05/17 iomart (Scotland) Sonassi Holding Company (UK) 26.4 -- -- 11/01/17 Web.com Acquisio (Canada) 9.7 0.6x 4.9x 07/18/17 BC Partners (UK) PlusServer (Germany) 443.0 4.0x -- 05/04/17 Oakley Capital (UK) Plesk (Switzerland) (51% stake) 27.4 1.9x 3.8x 02/23/17 Wix.com (Israel) DeviantArt 36.0 4.5x -- 01/31/17 Carbonite Double-Take Software 65.3 -- -- 12/15/16 United Internet (Germany) Strato (Germany) 588.5 4.5x 11.6x 12/06/16 GoDaddy Host Europe Group (Germany) 1,813.5 5.5x 12.9x 11/08/16 Warburg Pincus 1&1 Internet (United Internet) (Germany) 2,816.8 (1) 3.9x 12.5x 12/01/15 iomart (Scotland) UnitedHosting (UK) 11.3 3.1x 5.8x 09/09/15 GoDaddy Apptix (assets) 22.5 1.3x -- 08/04/15 Endurance International Site5.com 23.0 -- -- 08/04/15 Endurance International Verio (assets) 13.0 -- -- 07/10/15 1&1 Internet (United Internet) (Germany) home.pl (Poland) 172.7 5.7x 15.5x 06/08/15 iomart (Scotland) SystemsUp (UK) 13.8 2.3x -- 04/22/15 GoDaddy Marchex (domain portfolio assets) 28.1 3.8x -- 11/04/14 Endurance International BuyDomains 44.9 -- -- 10/28/13 Host Europe Group (Germany) domainfactory (Germany) 183.4 4.9x 9.5x 10/15/13 GoDaddy Media Temple 94.5 -- -- 10/01/13 iomart (Scotland) Backup Technology (UK) 37.1 4.4x 9.6x 09/09/13 Endurance International Directi Web Technology (India) 105.0 -- -- 09/05/13 iomart (Scotland) Redstation (UK) 10.3 1.3x 2.8x 08/19/13 1&1 Internet (United Internet) (Germany) Arsys (Spain) 184.2 3.5x 9.9x 07/19/13 Cinven (UK) Host Europe Group (Germany) 792.4 4.0x 11.4x 01/07/13 Demand Media Name.com 18.0 -- -- 08/16/12 iomart (Scotland) Melbourne Server Hosting (UK) 11.0 2.4x 11.1x 08/15/12 Endurance International Intuit (Websites business) 60.0 0.8x -- 07/18/12 GoDaddy Outright 19.7 1.0x -- 07/13/12 Endurance International HostGator 299.8 -- --

(1) Warburg Pincus acquired a 33% stake; indicates full enterprise valuation. Mean 3.1x 9.3x Median 3.5x 9.9x

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SUMMARY VALUATION METRICS

Historical EV / LTM Revenue Historical EV / LTM EBITDA 4-Yr Quarterly Average: 3.2x 4-Yr Quarterly Average: 26.4x 4.0x 35.0x

3.5x 30.0x

3.0x 25.0x

2.5x 20.0x 2.0x 15.0x 1.5x

10.0x 1.0x

0.5x 5.0x

0.0x 0.0x 6/14 3/15 12/15 9/16 6/17 3/18 6/14 3/15 12/15 9/16 6/17 3/18 *Quarterly summary bars are market cap weighted. *Quarterly summary bars are market cap weighted. **Excludes BABA and LC. **Excludes BABA and LC.

EV / 2018E Revenue

E-Commerce Marketplaces Online Retail

12.0x 10.0x

10.0x Median 8.0x 8.0x 7.5x 6.0x 6.0x 4.0x 4.0x Median 2.0x 2.0x 0.8x

0.0x 0.0x

ZAL

FTD

ZO1

G24

ASC

HFG

TME

SFIX

VIPS

MELI

SFLY

PRPL

ETSY SSTK

NETS

BABA EBAY LFGR LQDT

OSTK

STMP CVNA FLWS APRN

RAKU

AMZN

QLRO

GRUB TKWY ONDK

CMPR

OCDO CHGG

Note: Excludes multiples that are NA or NM.

EV / 2018E EBITDA

E-Commerce Marketplaces Online Retail

50.0x

40.0x Median 30.0x 21.7x Median 20.0x 16.4x

10.0x

0.0x

ZAL

G24

FTD

ASC

TME

VIPS

SFLY

ETSY SSTK

BABA EBAY

RAKU STMP FLWS

AMZN

ONDK GRUB

CMPR CHGG Note: Excludes multiples that are NA or NM.

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SUMMARY VALUATION METRICS (CONT’D)

LTM Stock Performance* E-Commerce Marketplaces 72.7% 120.0% Online Retail 102.5% 100.0% NASDAQ 30.8% 80.0% 60.0% 40.0% 20.0% 0.0% 07/17 09/17 11/17 01/18 03/18 05/18 07/18 E-Commerce Composite: AMZN, AIM:ASC (ASOS), BABA, CHGG, CMPR, CVNA, DANG, DB:HFG (HelloFresh), DB:ZO1 (Zooplus), EBAY, ETSY, FLWS, FTD, DB:G24 (Scout24), GRUB, JD, LSE:JE (Just Eat), JMEI, LC, LFGR, LITB, LQDT, LSE:AO (AO World), LSE:OCDO (Ocado), MELI, NETS, NZSE:TME (Trade ME), ONDK, OSTK, OM:QLRO (Qliro Group), PRPL, SFLY, SSTK, STMP, ENXTAM:TKWY, TSE:4755 (Rakuten), VIPS, W, XTRA:ZAL (Zalando). * Indices are market cap weighted.

PUBLIC MARKET ACTIVITY

Detailed Valuation Multiples and Metrics ($ in millions, except per share data) Enterprise Value / Price on LTM Price Market Enterprise Revenue Revenue Growth Gross Margin EBITDA Margin Revenue EBITDA 07/31/18 Chg. %(1) Cap. Value 2018E 2019E 2018E 2019E 2018E 2019E 2018E 2019E 2018E 2019E 2018E 2019E E-Commerce Marketplaces Alibaba (China) $187.23 20.8% $481,082 $467,588 $55,331 $78,449 63.5% 41.8% 59.2% 50.8% 34.9% 34.5% 8.5x 6.0x 24.2x 17.3x eBay 33.45 (6.4%) 33,100 38,334 10,805 11,651 12.9% 7.8% 78.7% 78.7% 33.5% 33.2% 3.5 3.3 10.6 9.9 MercadoLibre (Argentina) 342.91 18.9% 15,142 15,063 1,549 2,256 13.7% 45.7% 51.7% 51.5% 4.3% 7.8% 9.7 6.7 NM NM GrubHub 121.89 164.2% 10,998 10,638 981 1,252 44.3% 27.6% 56.0% 56.8% 27.1% 28.1% 10.8 8.5 40.0 30.2 Rakuten (Japan) 7.03 (42.4%) 9,475 10,478 9,575 10,839 15.3% 13.2% 80.2% 76.1% 16.6% 15.8% 1.1 1.0 6.6 6.1 Just Eat (England) 10.40 27.2% 7,042 6,974 965 1,160 35.7% 20.2% 78.5% 75.9% 24.6% 26.8% 7.2 6.0 29.3 22.4 Scout24 (Germany) 52.66 38.5% 5,666 6,362 612 674 6.2% 10.2% 89.8% 91.1% 54.8% 56.8% 10.4 9.4 19.0 16.6 Etsy 40.86 184.3% 4,882 4,591 588 747 34.4% 26.9% 66.4% 66.8% 22.4% 24.2% 7.8 6.1 34.8 25.4 Chegg 27.70 100.0% 3,157 2,967 310 379 22.9% 22.3% 74.5% 75.1% 25.8% 28.5% 9.6 7.8 37.1 27.5 Takeaway.com 66.82 46.9% 2,886 2,808 272 354 36.9% 30.2% 81.4% 79.4% (4.4%) 8.8% 10.3 7.9 NM NM LendingClub 4.12 (18.7%) 1,729 1,644 689 810 19.7% 17.6% 20.0% 19.0% 12.4% 16.4% 2.4 2.0 19.3 12.4 Shutterstock 46.07 9.3% 1,606 1,316 633 700 15.2% 10.6% 58.1% 58.1% 16.6% 18.0% 2.1 1.9 12.6 10.5 Trade ME (New Zealand) 3.30 (19.4%) 1,312 1,369 177 188 2.5% 6.5% 64.5% 64.6% 64.6% 64.4% 7.7 7.3 12.0 11.3 On Deck Capital 6.84 59.1% 508 1,189 381 429 9.8% 12.7% 47.4% 46.4% 7.2% 10.5% 3.1 2.8 43.3 26.5 Leaf Group (fka Demand Media) 11.70 55.0% 275 243 149 167 15.9% 12.1% 40.3% 40.5% (2.2%) 0.7% 1.6 1.5 NM NM Liquidity Services 7.05 3.7% 226 133 218 208 (17.7%) (4.7%) 45.5% 46.4% (7.1%) 2.6% 0.6 0.6 NM 25.1

Mean 40.1% 20.7% 18.8% 62.0% 61.1% 20.7% 23.6% 6.0x 4.9x 24.1x 18.6x Median 24.0% 15.6% 15.4% 61.9% 61.3% 19.5% 21.1% 7.5x 6.0x 21.7x 17.3x Online Retail Amazon $1,777.44 79.9% $866,931 $885,670 $234,847 $286,658 32.4% 22.1% 40.3% 41.9% 13.7% 14.8% 3.8x 3.1x 27.5x 20.8x JD.com (China) 35.86 (20.6%) 51,180 46,971 69,583 87,693 25.6% 26.0% 14.2% 14.9% 2.0% 2.9% 0.7 0.5 33.5 18.6 Zalando SE (Germany) 57.41 28.8% 14,184 13,024 6,464 7,861 19.8% 21.6% 43.4% 43.5% 5.9% 6.3% 2.0 1.7 34.2 26.3 Ocado (United Kingdom) 14.50 265.5% 9,755 9,659 2,129 2,392 9.0% 12.3% 34.0% 34.0% 4.9% 5.9% 4.5 4.0 NM NM Wayfair 108.82 42.5% 9,692 9,600 6,561 8,441 41.3% 28.7% 23.3% 23.6% (2.1%) (0.7%) 1.5 1.1 NM NM ASOS (UK) 79.59 4.5% 6,629 6,577 3,157 4,124 20.2% 30.6% 50.8% 50.8% 7.2% 7.1% 2.1 1.6 28.9 22.4 VIPShop (China) 9.65 (21.5%) 6,360 5,779 13,246 16,366 19.6% 23.6% 20.5% 20.7% 4.3% 4.7% 0.4 0.4 10.2 7.5 Stamps.com 261.00 76.2% 4,678 4,477 551 645 20.3% 17.1% 81.8% 82.6% 46.8% 48.3% 8.1 6.9 17.4 14.4 Cimpress (Netherlands) 146.07 65.5% 4,487 5,412 2,727 3,045 15.1% 11.6% 50.6% 51.0% 12.9% 14.8% 2.0 1.8 15.4 12.0 Stitch Fix 28.66 91.1% 2,805 2,518 1,352 1,597 38.4% 18.1% 43.5% 43.4% 3.6% 3.3% 1.9 1.6 NM 48.5 HelloFresh (Germany) 17.04 43.1% 2,742 2,367 1,460 1,846 34.5% 26.4% 60.1% 60.6% (3.8%) 2.3% 1.6 1.3 NM NM ShutterFly 82.26 67.7% 2,728 3,750 2,027 2,284 75.9% 12.6% 61.7% 62.4% 19.8% 18.6% 1.8 1.6 9.4 8.8 Carvana 43.00 120.3% 1,369 1,600 1,805 3,267 109.0% 81.0% 10.6% 12.7% (8.3%) (0.2%) 0.9 0.5 NM NM Zooplus (Germany) 172.03 (9.1%) 1,228 1,190 1,602 1,952 19.7% 21.9% 24.0% 23.7% 0.6% 1.2% 0.7 0.6 NM NM Overstock.com 35.65 122.8% 1,030 881 1,919 2,063 5.8% 7.5% 19.6% 19.6% (6.5%) (3.7%) 0.5 0.4 NM NM 1-800-Flowers.com 14.50 50.3% 937 868 1,177 1,214 1.5% 3.1% 42.7% 43.1% 7.5% 7.6% 0.7 0.7 9.8 9.4 AO World (United Kingdom) 1.87 20.3% 857 803 1,140 1,277 9.3% 12.0% 17.3% 17.8% 0.3% 1.4% 0.7 0.6 NM 44.3 Blue Apron 2.37 (76.3%) 454 468 806 914 (8.1%) 13.4% 34.6% 37.7% (7.0%) (0.3%) 0.6 0.5 NM NM Qliro Group (Sweden) 1.46 (29.0%) 218 210 377 412 (25.0%) 9.2% 17.2% 17.6% 0.5% 3.7% 0.6 0.5 NM 13.8 FTD Companies 3.61 (81.6%) 100 269 1,034 990 (4.5%) (4.3%) 35.2% 35.1% 3.7% 4.8% 0.3 0.3 7.0 5.7 Netshoes (Brazil) 2.46 (86.3%) 76 143 541 610 (8.0%) 12.6% 35.3% 35.5% (0.3%) 1.4% 0.3 0.2 NM 17.2 Purple Innovation 7.44 (24.1%) 72 82 315 453 38.9% 43.8% 44.0% 44.8% 0.1% 2.7% 0.3 0.2 NM 6.8

Mean 33.2% 22.3% 20.5% 36.6% 37.1% 4.8% 6.7% 1.6x 1.4x 19.3x 18.4x Median 35.7% 19.8% 17.6% 35.2% 36.6% 2.8% 3.5% 0.8x 0.7x 16.4x 14.4x

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PUBLIC MARKET ACTIVITY (CONT’D)

Recent Equity / Equity-Linked Offerings IPOs ($ in millions, except per share data) At Pricing Current IPO Offer Deal CY+1 Ent. Value / CY+1 CY+2 / CY+0 Price Return Company Date Price Size(1) Mkt Cap Ent. Val Revenue EBITDA Revenue EBITDA Rev. CAGR 7/31/18 From IPO Stitch Fix 11/16/17 15.00 120 1,431 1,311 977.1 52.7 1.3 24.9 27.3% 28.66 91.1% HelloFresh 11/01/17 11.91 322 1,569 1,510 864.8 (76.1) 1.7 NM 37.6% 17.04 43.1% Blue Apron 06/29/17 10.00 300 1,896 1,986 877.4 151.8 2.3 13.1 8.1% 2.37 (76.3%) Carvana 04/27/17 15.00 225 1,983 1,949 863.2 (144.5) 2.3 NM 136.5% 43.00 186.7% Netshoes 04/11/17 18.00 149 558 654 792.1 259.7 0.8 2.5 27.5% 2.46 (86.3%) Scout24 (Germany) 04/15/15 33.48 1,125 3,602 4,185 478.8 208.8 8.7 20.0 10.0% 52.66 57.3% Etsy 04/15/15 16.00 267 1,775 1,491 254.8 21.2 5.9 70.3 29.1% 40.86 155.4% On Deck Capital 12/16/14 20.00 200 1,323 1,469 245.7 (14.6) 6.0 NM 57.9% 6.84 (65.8%) LendingClub 12/10/14 15.00 870 5,421 7,232 342.5 30.2 21.1 NM 66.6% 4.12 (72.5%) Cnova (Netherlands) 11/19/14 7.00 188 3,072 3,008 5,467.4 182.9 0.6 16.4 26.2% Acquired Wayfair 10/01/14 29.00 319 2,400 2,000 1,572.0 (55.8) 1.3 NM 26.5% 108.82 275.2% Zalando (Germany) 09/30/14 27.13 664 6,741 5,686 3,531.8 348.6 1.6 16.3 24.0% 57.41 111.6% Alibaba (China) 09/18/14 68.00 21,767 167,620 155,318 12,448.0 6,246.0 12.5 24.9 42.6% 187.23 175.3% JD.com (China) 05/21/14 19.00 1,780 25,975 20,828 18,362.0 (515.0) 1.1 NM 56.8% 35.86 88.7% Just Eat (UK) 04/03/14 4.31 597 2,438 2,336 233.9 44.8 10.0 52.2 35.5% 10.40 141.3% GrubHub 04/03/14 26.00 193 2,038 1,857 221.5 56.0 8.4 33.2 42.7% 121.89 368.8%

Follow-Ons / PIPEs / Other Offerings

($ in millions, except per share data) Current Offer Overnight Secondary Offering Price Return Company Date (Y/N) % Price Deal Size(1) Mkt Cap 7/31/18 From FO Alibaba (China) 05/24/18 Y 100.0% $197.25 $1,124 $506,834 $187.23 (5.1%) Carvana 04/26/18 N 40.0% 27.50 303 815 43.00 56.4% GrubHub / Yum Restaurant Services 02/08/18 N 0.0% 70.91 200 6,348 121.89 71.9% Leaf Group (fka Demand Media) 02/07/18 N 0.0% 7.50 22 178 11.70 56.0% Chegg 08/02/17 N 0.0% 13.50 155 1,447 27.70 105.2% JD.com (China) 01/06/17 N 100.0% 26.10 104 36,171 35.86 37.4%

(1) Excludes any applicable greenshoe.

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M&A AND PRIVATE PLACEMENT ACTIVITY

Selected Recent M&A Transactions

($ in millions) Date Transaction EV / LTM Announced Acquirer Target Value Revenue EBITDA

07/30/18 Care.com Trusted Labs $4.5 -- -- 07/30/18 Care.com Town + Country Resources 5.0 -- -- 07/30/18 Care.com Galore 0.3 -- -- 07/28/18 Takeaway.com N.V. (Netherlands) 10bis.Co.Il Ltd. (Israel) 157.3 10.2x 23.7x 07/26/18 Swyft Inc. Utique Inc. ------07/25/18 Grubhub Inc. LevelUp 390.0 -- -- 07/24/18 TickPick LLC Rukkus Inc. ------07/18/18 Glamsquad Inc. Veluxe ------07/18/18 Scout24 (Germany) FINANZCHECK.de (Germany) 333.5 -- -- 07/17/18 Gilde Buy Out Partners BV (Netherlands) Caseking.de (Germany) ------07/16/18 La-Z-Boy Inc. Stitch Industries ------07/12/18 Bechtle AG (Germany) Inmac WStore (France) ------07/10/18 Liquidity Services Inc. Machinio Corp. 20.0 -- -- 07/10/18 Xometry Inc. MakeTime Inc. ------07/09/18 StorageTreasures.com [OpenTech Alliance Inc.] Storagestuff.bid ------07/06/18 Motorsport.com Inc. SportStadion (Netherlands) ------07/06/18 Wallenius Wilhelmsen Logistics ASA (Norway) Syngin Technology Inc. 22.0 -- -- 06/28/18 Amazon.com PillPack 1,000.0 -- -- 06/28/18 Culp Inc. eLuxury ------06/26/18 Batiweb Group SAS (France) helloArtisan SAS (France) ------06/20/18 YJ capital (Japan) Virtusize (Sweden) 12.7 -- -- 06/20/18 SnackNation EdgiLife Media ------06/20/18 SnackNation Love With Food ------06/19/18 Warburg Pincus Constructionline (UK) 210.8 11.4x 26.7x

Selected Recent Private Placement Transactions

($ in millions) Date Transaction Announced Company Description Investor(s) Value

07/30/18 ByeBuy Global (Germany) Subscription platform to rent technology products Varengold Investment Ag; Main Incubator GmbH; Add'l $43.1 07/26/18 RaiseMe Online financial aid platform Salesforce Ventures; Teamworthy Ventures; Add'l 15.0 07/25/18 Shenzhen Xingfu (China) Online-to-offline cake e-commerce platform ChinaEquity Group Inc.; ABC Capital Management Co., Ltd.; Add'l 57.0 07/25/18 ClassPass Inc. Online subscription to fitness classes L Catterton; Temasek Holdings (Private) Limited 85.0 07/25/18 Equidate, Inc. Marketplace for private investors Panorama Point Partners Limited; Operative Capital; Add'l 50.0 07/18/18 Framebridge Online custom framing service T. Rowe Price; New Enerprise Associates; Add'l 30.0 07/18/18 CARS24 Services (India) Used car buying platform Sequoia Capital India; KCK Global Limited 49.6 07/13/18 Mercari, Inc. (Japan) Develops and operates marketplace applications Daiwa Securities Co., Ltd., Investment Arm 72.4 07/13/18 Duanrong Peer-to-peer lending online platform Lanua Asia Fund 45.0 07/11/18 Next Insurance Online solution for business owners to find insurance Redpoint Ventures; American Express Ventures; Add'l 83.0 07/10/18 Convene Conference and meeting network ArrowMark Partners; Elysium Capital Management; Add'l 152.0 07/10/18 MoreTickets (China) Internet ticketing trading platform DCM Ventures; TPG Growth; Add'l 60.0 07/09/18 Zhuge.com (China) Real estate search engine Sequoia Capital China; Fosun RZ Capital; Add'l 22.7 07/05/18 FuRongBao (China) Platform for consumers to lend to companies Wanjiale Gas Appliances 120.6 07/03/18 PeerSpace, Inc. Marketplace for finding short-term work spaces Foundation Capital; GV; Red Bridge Partners 16.0 07/03/18 Bought By Many Ltd. (UK) Members-only service for esoteric insurance Marsh LLC; Munich Re Automation Solutions Ltd.; Add'l 19.8 07/03/18 Shanghai Zongdan (China) Online crowd sourcing distribution platform Legend Capital Management Co., Ltd.; Add'l 87.0 06/28/18 Hims Men's wellness brand Insitutional Venture Partners; Thrive Capital; Redpoint; Add'l 50.0 06/28/18 Away Modern travel and lifestyle brand Global Founders Capital; Comcast Ventures; Add'l 50.0 06/27/18 Roadster Online Inc. Online marketplace for buying new cars Costanoa Venture Capital 15.0 06/25/18 B-Stock Solutions Liquidation sales management solutions Spectrum Equity 65.0 06/21/18 Swiggy (India) Food ordering and delivery provider Naspers; DST Global; Coatue Management; Meituan-Dianping 210.0 06/21/18 Grailed Online site to buy and sell used men’s clothing Thrive Capital; Simon Ventures; Index Ventures 15.0 06/20/18 Hired Career marketplace matching talent with companies Investment Management Corporation of Ontario 30.0 06/20/18 Supermercato24 (Italy) Online delivery service for groceries and home items Innogest Capital; FII Tech Growth; Endeavor Catalyst; Add'l 15.1 06/19/18 Elastic Path (Canada) Java e-commerce platform and consulting Yaletown Partners; Sageview Capital; BDC Venture Capital 32.4 06/18/18 ezCater Online catering marketplace Wellington Management; Insight Venture Partners; ICONIQ Capital 100.0 06/15/18 Missoni (Italy) Online apparel company Fondo Strategico Italiano 81.4

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M&A AND PRIVATE PLACEMENT ACTIVITY

Selected M&A Precedents

($ in millions) Date Transaction EV / LTM Announced Acquirer Target Value Revenue EBITDA

07/28/18 Takeaway.com N.V. (Netherlands) 10bis.Co.Il Ltd. (Israel) $157.3 10.2x 23.7x 06/28/18 Amazon.com PillPack 1,000.0 -- -- 05/23/18 Kroger Home Chef 200.0 0.8x -- 05/21/18 Adobe Magento 1,680.0 11.2x -- 05/16/18 Landcadia Waitr 308.0 11.4x -- 05/09/18 Walmart FlipKart (India) 16,000.0 2.1x 3.5x 05/01/18 Groupon Inc. Cloud Savings Company (UK) $65.0 -- 13.0x 03/08/18 Vitruvian Partners (UK) EasyPark Group (Sweden) 350.0 4.7x 14.0x 12/13/17 Target Shipt 550.0 -- -- 09/20/17 Albertsons Plated 200.0 -- -- 08/24/17 Signet Jewelers (Bermuda) R2Net 328.0 2.7x -- 08/03/17 GrubHub Eat24.com (assets) 288.0 -- -- 06/21/17 ProSiebenSat.1 Media (Germany) Jochen Schweizer (Germany) 120.8 -- 11.0x 06/16/17 Walmart Bonobos 310.0 2.6x -- 06/09/17 Eventbrite Ticketfly 200.0 2.3x -- 04/18/17 PetSmart Chewy 3,350.0 3.7x -- 04/10/17 Harland Clarke Holdings RetailMeNot 467.7 1.7x 15.0x 04/10/17 Flipkart.com (India) eBay India (India) ------04/07/17 Samsonite International (Luxembourg) eBags 105.0 0.7x -- 03/22/17 Amazon.com Souq.com (United Arab Emirates) 650.0 1.6x -- 02/15/17 Wal-Mart Moosejaw 51.0 0.5x 10.2x 01/16/17 Palamon Capital Partners (UK) Happy Socks (Sweden) 85.4 0.8x -- 01/05/17 Jet.com ShoeBuy.com 70.0 -- -- 12/15/16 Just Eat (UK) hungryhouse.com (UK) 253.7 -- 14.8x 12/15/16 Just Eat (UK) SkipTheDishes (Canada) 83.8 4.7x -- 12/09/16 Delivery Hero (Germany) Foodpanda (Germany) ------11/07/16 Bain Capital Private Equity/Bow Street Blue Nile 500.0 1.1x 26.6x 08/29/16 Ritchie Bros. Auctioneers (Canada) IronPlanet 758.5 6.0x 13.0x 08/08/16 Wal-Mart Jet.com 3,300.0 3.3x (1) -- 07/20/16 Unilever Dollar Shave Club 1,000.0 6.6x -- 05/03/16 GrubHub LAbite 65.0 -- -- 04/12/16 Alibaba Lazada 1,000.0 3.6x -- 02/26/16 Jet.com Hayneedle 90.0 -- -- 02/17/16 DSW Shoe Warehouse Ebuys 117.5 -- -- 01/07/16 Hudsons Bay Company Gilt Groupe 250.0 -- -- 10/07/15 Pandora Ticketfly 450.0 6.7x -- 08/17/15 Liberty Interactive Zulily 2,068.2 1.6x NM 06/24/15 Accel Partners/Technology Crossover Ventures GoFundMe.com 600.0 -- -- 06/02/15 GameStop Geeknet 102.9 0.8x -- 04/20/15 Anchor Equity; KKR TicketMonster 260.0 2.3x -- 03/02/15 Vistaprint Exaprint 103.5 1.6x 6.1x 09/29/14 Capmark Financial Group Bluestem Brands 565.0 0.6x -- 09/27/14 SK Planet shopkick 200.0 -- -- 09/09/14 Rakuten Ebates 1,000.0 5.9x 73.0x 08/19/14 PetSmart Pet360.com 130.0 -- -- 07/31/14 Nordstrom Trunk Club 350.0 3.5x -- 07/30/14 FTD Provide Commerce 422.3 0.7x 7.5x 07/02/14 Kroger Vitacost.com 252.1 0.6x NM 05/22/14 Flipkart.com Myntra 300.0 -- -- 04/01/14 Vistaprint Pixartprinting 205.0 2.7x 7.7x 02/27/14 Essilor Coastal Contacts 382.2 2.0x NM

(1) Estimated run-rate gross merchandise sales. Mean 3.4x 17.1x Median 2.3x 13.0x

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SUMMARY VALUATION METRICS

Historical EV / LTM Revenue Historical EV / LTM EBITDA 4-Yr Quarterly Average: 6.1x 4-Yr Quarterly Average: 17.2x

8.0x 25.0x

7.0x 20.0x 6.0x

5.0x 15.0x

4.0x

10.0x 3.0x

2.0x 5.0x

1.0x

0.0x 0.0x 6/14 3/15 12/15 9/16 6/17 3/18 6/14 3/15 12/15 9/16 6/17 3/18

*Quarterly summary bars are market cap weighted. *Quarterly summary bars are market cap weighted. EV / 2018E Revenue 8.0x

6.0x

4.0x Median 2.6x

2.0x

0.0x

EDR

LMN

AMS

WEB TRIP

HSW

EHIC

TVPT

EXPE

CTRP SABR DESP

TRVG TZOO

BKNG TOUR MMYT

Note: Excludes multiples that are NA or NM.

EV / 2018E EBITDA 25.0x

20.0x Median 15.0x 11.8x

10.0x

5.0x

0.0x

EDR

AMS

TRIP WEB

HSW

TVPT

EXPE

CTRP

DESP SABR

TZOO BKNG

Note: Excludes multiples that are NA or NM.

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SUMMARY VALUATION METRICS (CONT’D)

LTM Stock Performance* 40.0% Travel Technology 21.4% 30.0% NASDAQ 30.8%

20.0%

10.0%

0.0% 07/17 09/17 11/17 01/18 03/18 05/18 07/18

Travel Technology Composite: ASX:WEB, BME:AMS (Amadeus), BME:EDR (eDreams Odigeo), CRRP, DESP, EHIC, EXPE, SWX:LMN (lastminute.com), LSE:HSW (Hostelworld), MMYT, PCLN, SABR, TRIP, TOUR, TVPT, TZOO. * Indices are market cap weighted. PUBLIC MARKET ACTIVITY

Detailed Valuation Multiples and Metrics

($ in millions, except per share data) Enterprise Value / Price on LTM Price Market Enterprise Revenue Revenue Growth Gross Margin EBITDA Margin Revenue EBITDA 07/31/18 Chg. %(1) Cap. Value 2018E 2019E 2018E 2019E 2018E 2019E 2018E 2019E 2018E 2019E 2018E 2019E Travel Technology Booking Holdings $2,028.72 0.0% $97,734 $99,164 $14,626 $16,564 16.3% 13.2% 99.3% 99.6% 39.0% 39.0% 6.8x 6.0x 17.4x 15.3x Amadeus (Spain) 85.43 39.2% 37,094 39,492 5,802 6,283 (0.4%) 8.3% 73.6% 73.6% 40.7% 40.6% 6.8 6.3 16.7 15.5 Ctrip (China) 41.15 (31.1%) 22,436 22,160 4,843 6,085 15.7% 25.6% 81.2% 81.9% 19.4% 22.6% 4.6 3.6 23.6 16.1 Expedia 133.84 (14.5%) 20,003 19,671 11,282 12,639 11.6% 12.0% 82.7% 82.7% 16.8% 17.3% 1.7 1.6 10.4 9.0 TripAdvisor 57.99 48.6% 7,968 7,290 1,635 1,774 6.0% 8.5% 94.9% 94.9% 22.0% 22.5% 4.5 4.1 20.3 18.3 Sabre 24.62 11.3% 6,774 9,836 3,821 4,028 6.7% 5.4% 38.8% 38.8% 28.8% 29.0% 2.6 2.4 8.9 8.4 MakeMyTrip (India) 32.75 0.6% 3,340 2,951 642 760 26.1% 18.3% 83.5% 85.4% (19.7%) (9.3%) 4.6 3.9 NM NM Travelport (United Kingdom) 18.90 32.2% 2,382 4,459 2,571 2,706 5.3% 5.3% 46.5% 46.5% 23.2% 23.5% 1.7 1.6 7.5 7.0 Trivago (Germany) 4.15 (62.3%) 1,456 1,341 1,098 1,167 (11.6%) 6.2% 99.3% 99.4% (2.6%) 1.3% 1.2 1.1 NM NM Decolar.com (Argentina) 21.02 (19.2%) 1,452 1,086 595 723 15.6% 21.5% 70.7% 70.5% 16.0% 16.2% 1.8 1.5 11.4 9.3 Webjet (Australia) 9.92 8.0% 1,176 1,205 232 279 14.8% 20.4% 73.0% 73.0% 31.6% 35.1% 5.2 4.3 16.4 12.3 Tuniu Corporation (China) 7.50 (5.8%) 947 470 378 467 12.6% 23.6% 54.8% 56.0% (7.5%) 0.4% 1.2 1.0 NM NM eHi Car Services (China) 12.87 35.5% 900 1,660 570 631 30.0% 10.7% NA NA 51.1% 51.3% 2.9 2.6 5.7 5.1 eDreams Odigeo (Luxembourg) 4.52 30.4% 491 809 590 620 (2.8%) 5.1% NA NA 23.2% 24.4% 1.4 1.3 5.9 5.3 Hostelworld (Ireland) 3.82 (1.7%) 365 339 103 113 (0.7%) 10.3% NA NA 27.1% 29.4% 3.3 3.0 12.2 10.2 lastminute.com (Switzerland) 13.09 5.4% 181 93 327 333 2.5% 1.9% NA NA 9.9% 10.4% 0.3 0.3 2.9 2.7 Travelzoo 13.00 23.8% 162 143 115 122 11.5% 6.2% 88.2% 87.8% 8.3% 10.0% 1.2 1.2 14.8 11.6

Mean 5.9% 9.4% 11.9% 75.9% 76.2% 19.2% 21.4% 3.1x 2.7x 12.4x 10.4x Median 5.4% 11.5% 10.3% 81.2% 81.9% 22.0% 22.6% 2.6x 2.4x 11.8x 9.7x

(1) Represents price change since IPO for recently public companies.

Recent Equity / Equity-Linked Offerings IPOs

($ in millions, except per share data) At Pricing Current IPO Offer Deal CY+1 Ent. Value / CY+1 CY+2 / CY+0 Price Return Company Date Price Size(2) Mkt Cap Ent. Val Revenue EBITDA Revenue EBITDA Rev. CAGR 7/31/18 From IPO Decolar.com (Argentina) 09/20/17 $24.50 $119 $1,649 $1,570 $509.4 $78.9 3.1x 19.9x 21.9% $32.00 30.6% Trivago 12/15/16 11.00 287 2,586 2,582 1,131.0 26.0 2.3 99.3 46.3% 4.15 (62.3%) Hostelworld (Ireland) 10/28/15 2.83 203 270 261 99.5 28.3 2.6 4.4 9.6% 3.82 34.8% eHi Car Services (China) 11/17/14 12.00 120 686 617 236.3 106.4 2.6 5.8 63.2% 12.87 7.3% Tuniu Corporation (China) 05/08/14 9.00 72 437 312 544.6 (48.0) 0.6 NM 82.0% 7.50 (16.7%) lastminute.com (Switzerland) 04/14/14 34.74 185 521 521 117.7 26.3 4.4 19.8 (11.1%) 13.09 (62.3%) eDreams Odigeo (Luxembourg) 04/03/14 7.48 274 784 1,012 312.2 86.1 3.2 11.8 5.5% 4.52 (39.5%)

(2) Excludes any applicable greenshoe.

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M&A AND PRIVATE PLACEMENT ACTIVITY

Follow-Ons / PIPEs / Other Offerings

($ in millions, except per share data) Current Offer Overnight Secondary Offering Price Return Company Date (Y/N) % Price Deal Size(1) Mkt Cap 7/31/18 From FO Decolar.com (Argentina) 03/20/18 Y 100.0% $29.75 $30 $2,221 $21.02 (29.3%) Qunar Cayman Islands (China) 06/04/15 N 0.0% 47.50 310 6,017 Acquired

(1) Excludes any applicable greenshoe.

Selected Recent M&A Transactions

($ in millions) Date Transaction EV / LTM Announced Acquirer Target Value Revenue EBITDA

07/09/18 Booking Holdings Inc. Hotels Combined Pty Ltd (Australia) ------07/05/18 CMAC Group (UK) Cabfind.com (UK) ------06/21/18 Cleartrip (India) Flyin (Saudi Arabia) ------06/20/18 Cabcharge (Australia) Mobile Technologies International (Australia) $4.9 -- -- 06/13/18 Play Delivery (Brazil) Pronto Rush ------06/11/18 Dnata (Dubai) DUBZ (Dubai) ------06/01/18 Lyft Motivate ------05/15/18 Livingbridge (UK) Love Holidays (UK) 243.0 -- -- 05/02/18 Rapido (India) Getbike (India) ------04/30/18 AccorHotels (France) Mövenpick Hotels & Resorts (Ghana) 582.5 -- -- 04/27/18 BlaBlaCar (France) Less (France) ------04/23/18 Turnkey Vacation Rentals Gilbert Avriette Vacation Rentals ------04/20/18 Booking Holdings Inc. FareHarbor Holdings Inc. ------04/04/18 Uber JUMP Bikes 200.0 -- -- 04/04/18 RLH Corporation Knights Inn 27.0 -- -- 04/01/18 Meituan-Dianping (China) Mobike (China) 2,700.0 -- -- 03/28/18 TUI (Germany) Destination Services (Spain) 135.0 -- -- 02/21/18 Bosch (Germany) SPLT ------02/20/18 Tritium Partners RVShare 50.0 -- --

Selected Recent Private Placement Transactions

($ in millions) Date Transaction Announced Company Description Investor(s) Value

07/13/18 GoGo Tech (Hong Kong) Mobile van hailing service China Investment Corporation; Add'l $250.0 07/09/18 Neutron Holdings, Inc. Provides bike rental services GV; Andreessen Horowitz LLC; Uber Technologies, Inc.; Add'l 335.0 06/26/18 HONK Technologies, Inc. Mobile towing service platform Venture51 Capital Fund LLP; Structure Capital; Altpoint Ventures 18.0 06/26/18 TourRadar GmbH (Austria) Online marketplace to compare and book travel Technology Crossover Ventures; Endeit Capital; Add'l 50.0 06/19/18 Peek Travel activities marketplace Pete Flint; Paul English; Manta Ray; Jack Dorsey; Add'l 23.0 06/12/18 Grab (Singapore) Ride-hailing platform Toyota 1,000.0 06/12/18 Skip Scooter rental company Y Combinator; Accel; Menlo Ventures 25.0 06/07/18 Gett On-demand black car service application provider Volkswagen; Access Industries 80.0 06/05/18 Lime On-demand scooter and transportation provider GV 250.0 05/23/18 Uber Ridesharing application Coatue Management; TPG; Altimeter Capital 600.0 05/08/18 Likechuxing (China) Car sharing company Ant Financial Services; Shunwei Capital 20.0 05/08/18 Dreamlines (Germany) Online travel specializing in cruises Princeville Global; Dimaventures; HV Holtzbrinck; Add'l 53.4 05/02/18 Caibeike (China) Online travel service Banyan Capital, Mafengwo.cn 20.0 04/26/18 Singulato Motors (China) Electric car start-up Undisclosed 474.4 04/24/18 Manbang Group (China) Truck-hailing company China Reform Fund Management; Softbank; Add'l 1,900.0 04/13/18 Hellobike (China) Smart-sharing bikes Ant Financial; Fosun Group 700.0 04/11/18 Oway (Myanmar) Online travel agency International Finance Corporation; Daiwa PI Partners; Add'l 14.7 04/10/18 TravelPerk (Spain) Business travel and booking platform Target Global; Sunstone Capital; Amplo; Add'l 21.0

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M&A AND PRIVATE PLACEMENT ACTIVITY

Selected M&A Precedents

($ in millions) Date Transaction EV / LTM Announced Acquirer Target Value Revenue EBITDA

07/11/18 Vacasa Book My Vacay ------07/10/18 Vacasa Laura's Vacation Rentals ------07/02/18 Vacasa Bali Hai Realty ------06/06/18 Vacasa Beachwalker Rentals ------04/23/18 Turnkey Vacation Rentals Gilbert Avriette Vacation Rentals ------04/20/18 Booking Holdings Inc. FareHarbor Holdings Inc. ------02/06/18 Vacasa Accomodation Services ------01/30/18 Vacasa Affordable Vacation Rentals ------01/24/18 Vacasa Mountain Vista Real Estate & Vacation Rentals ------01/23/18 Vacasa Marmot Vaction Rentals ------10/31/17 Ebix VIA (India) $74.9 2.3x 3.3x 08/03/17 PROS Holdings Inc. Vayant Travel Technologies (Bulgaria) 35.0 4.7x -- 02/15/17 Airbnb Luxury Retreats (Canada) 300.0 -- -- 02/07/17 Priceline Momondo.com (Denmark) 550.0 5.4x -- 11/23/16 Ctrip (China) Skyscanner (Scotland) 1,734.1 9.5x 51.0x 09/14/16 Concur Technologies Hipmunk ------06/23/16 Ocean Imagination (China) Qunar (China) 4,498.0 5.8x -- 05/11/16 LoveToKnow Demand Media (Trails.com assets) ------04/28/16 Cinven/Canada Pension Plan Investment Board Hotelbeds 1,343.8 0.1x -- 04/05/16 AccorHotels (France) onefinestay (UK) 168.5 -- -- 12/21/15 Flight Centre Travel Group (Australia) StudentUniverse.com 28.0 -- -- 11/04/15 Expedia HomeAway 3,900.0 6.1x 30.5x 08/19/15 Remark Media Vegas.com 25.0 -- -- 05/22/15 Ctrip (China); Keystone Lodging (China) + 2 Add'l eLong [Expedia] (62.4% stake) 670.9 4.9x NM 02/12/15 Expedia Orbitz Worldwide 1,639.0 1.8x 11.9x 01/23/15 Expedia Travelocity 280.0 0.7x NM 12/16/14 Bravofly Rumbo (Switzerland) Lastminute.com [Sabre] (UK) 120.0 0.3x -- 12/02/14 GuestLogix (Canada) OpenJaw Technologies (Ireland) 41.2 1.8x -- 10/17/14 Great Hill Partners Momondo Group 127.4 -- -- 07/24/14 TripAdvisor Viator 200.0 -- -- 07/06/14 Expedia Wotif Group (Australia) 658.0 4.0x 8.4x 06/13/14 Priceline OpenTable 2,600.0 12.5x 52.4x 05/25/14 TripAdvisor La Fourchette (France) ------04/15/14 Qunar (China) Ctrip (China) 3,150.0 3.7x 20.6x 03/18/14 Thoma Bravo & Genstar Capital TravelClick 930.0 -- --

Mean 4.2x 25.4x Median 4.0x 20.6x

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SUMMARY VALUATION METRICS

Historical EV / LTM Revenue Historical EV / LTM EBITDA 4-Yr Quarterly Average: 11.8x 4-Yr Quarterly Average: 23.4x 14.0x 30.0x

12.0x 25.0x

10.0x 20.0x

8.0x 15.0x 6.0x

10.0x 4.0x

5.0x 2.0x

0.0x 0.0x 6/14 3/15 12/15 9/16 6/17 3/18 6/14 3/15 12/15 9/16 6/17 3/18

*Quarterly summary bars are market cap weighted. *Quarterly summary bars are market cap weighted.

EV / 2018E Revenue

Social Digital Advertising / Online Listings Content

15.0x

10.0x Median 7.0x

Median Median 5.0x 2.5x 3.6x

0.0x

IAC

DHX NPN

LINE

MAIL SINA

ANGI

YELP NFLX

TREE

SNAP O1BC TRUE EVER EHTH SPOT

MEET RDFN QNST

CARS

QUOT TWTR MTCH

XOXO CARG GRPN

CRCM

MOMO

SPARK

NAVER TENCENT

Note: Excludes multiples that are NA or NM. EV / 2018E EBITDA

Social Digital Advertising / Online Listings Content 50.0x

40.0x

30.0x Median 19.7x Median Median 20.0x 14.9x 14.3x

10.0x

0.0x

IAC

DHX

LINE

MAIL SINA

ANGI

YELP

TREE

O1BC TRUE EHTH

QNST MEET CARS

TWTR MTCH QUOT GRPN

XOXO

CRCM

MOMO

SPARK

NAVER TENCENT Note: Excludes multiples that are NA or NM.

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SUMMARY VALUATION METRICS (CONT’D)

LTM Stock Performance* 150.0% Content 80.3% 120.0% Digital Ad. / Online Listings 47.4% Social 47.0% 90.0% NASDAQ 30.8% 60.0% 30.0% 0.0% 07/17 09/17 11/17 01/18 03/18 05/18 07/18 Digital Media composite: ANGI, CARG, CARS, CRCM, DHX, EHTH, XTRA:O1BC (XING), EVER, FB, FENG, GRPN, IAC, JSE:NPN (NASPER), KOSE:A035420 (NAVER), AMEX:LOV, MAIL.RU, MEET, MOMO, MWW, NASDAQ:A0357 (KAKAO), NFLX, P, QNST, QUOT, RATE, SEHK:700 (Tencent), SINA, SNAP, SPOT, TREE, TRUE, TSE:3938 (LINE), TWTR, WB, WBMD, XOXO, YELP, YHOO, YY, ZG. * Indices are market cap weighted. PUBLIC MARKET ACTIVITY

Detailed Valuation Multiples and Metrics

Mean 16.3% 35.4% 25.9% 65.6% 66.6% 23.5% 27.8% 6.8x 5.3x 20.4x 15.2x Median 9.5% 34.8% 25.4% 73.6% 74.1% 30.5% 33.8% 7.0x 6.1x 19.7x 16.8x Digital Advertising / Online Listings Zillow $56.37 24.1% $11,177 $10,672 $1,480 $2,076 38.1% 40.3% 83.6% 75.3% 18.7% 18.2% 7.2x 5.1x 38.5x 28.2x Match Group 36.12 97.9% 10,026 10,970 1,682 1,929 27.9% 14.7% 76.8% 76.3% 38.0% 38.8% 6.5 5.7 17.2 14.6 ANGI Homeservices 15.71 23.1% 7,549 7,561 1,121 1,384 53.5% 23.5% 95.1% 95.3% 24.4% 26.7% 6.7 5.5 27.7 20.4 CarGurus 43.35 170.9% 4,679 4,537 421 500 37.8% 18.8% 94.4% 93.5% 5.4% 4.6% 10.8 9.1 NM NM Yelp 36.88 13.4% 3,086 2,282 960 1,120 13.8% 16.7% 93.0% 93.1% 19.2% 21.2% 2.4 2.0 12.4 9.6 LendingTree 238.80 8.3% 3,061 3,012 757 922 24.4% 21.7% 96.8% 96.8% 20.0% 20.8% 4.0 3.3 19.9 15.7 Groupon 4.68 24.5% 2,642 2,203 2,653 2,689 (6.0%) 1.4% 51.8% 52.9% 10.8% 11.4% 0.8 0.8 7.7 7.2 Redfin 24.50 63.3% 2,144 1,953 485 611 32.5% 26.1% 27.9% 30.3% 2.5% 1.9% 4.0 3.2 NM NM Cars.com 28.37 16.7% 2,039 2,744 691 747 10.4% 8.1% 88.1% 88.8% 34.0% 34.7% 4.0 3.7 11.7 10.6 Quotient Technology 14.75 27.2% 1,391 1,184 387 455 20.4% 17.6% 55.4% 56.0% 17.9% 20.7% 3.1 2.6 17.1 12.6 TrueCar 11.12 (41.3%) 1,122 953 361 415 12.3% 14.9% 91.5% 91.8% 10.4% 12.9% 2.6 2.3 25.4 17.8 QuinStreet 13.26 240.9% 625 560 424 468 31.2% 10.3% 15.1% 16.7% 8.9% 10.6% 1.3 1.2 14.9 11.3 Care.com 18.02 24.0% 563 450 192 218 10.7% 13.5% 79.7% 79.5% 16.5% 17.3% 2.3 2.1 14.2 11.9 eHealth 23.74 39.6% 451 420 222 255 28.2% 15.1% 99.3% 99.0% 11.0% 14.0% 1.9 1.6 17.3 11.8 EverQuote 15.03 (16.5%) 373 377 156 187 23.9% 19.8% 94.0% 94.4% (2.0%) (0.1%) 2.4 2.0 NM NM MeetMe 4.06 (19.1%) 294 322 155 171 27.6% 10.0% 94.8% 94.9% 14.5% 16.7% 2.1 1.9 14.3 11.3 Spark Networks (Germany) 11.85 (4.5%) 153 147 125 137 5.8% 9.4% 37.0% 39.6% 11.1% 14.6% 1.2 1.1 10.6 7.3 DHI Group 2.10 (4.5%) 109 118 163 157 (20.9%) (3.8%) NA NA 20.3% 18.7% 0.7 0.7 3.5 4.0

Mean 38.2% 20.6% 15.5% 75.0% 74.9% 15.6% 16.9% 3.6x 3.0x 16.8x 13.0x Median 23.6% 24.1% 15.0% 88.1% 88.8% 15.5% 17.0% 2.5x 2.2x 14.9x 11.8x Content Netflix $337.45 85.8% $146,945 $151,381 $15,870 $19,746 35.8% 24.4% 40.0% 40.9% 13.0% 15.5% 9.5x 7.7x NM 49.3x Naspers (South Africa) 247.16 12.4% 106,806 100,178 7,433 8,502 14.5% 14.4% 41.3% 40.3% 7.7% 12.3% 13.5 11.8 NM NM Spotify 182.83 10.2% 32,869 31,219 6,126 7,878 NA 28.6% 25.3% 26.8% (4.1%) (1.7%) 5.1 4.0 NM NM NAVER (South Korea) 642.56 (10.2%) 18,510 18,510 5,006 5,733 14.6% 14.5% 53.0% 53.0% 23.8% 24.7% 3.7 3.2 15.5 13.1 IAC/Interactive Corp 147.25 40.7% 12,323 12,554 4,108 4,649 26.4% 13.2% 80.6% 80.4% 23.4% 25.2% 3.1 2.7 13.1 10.7 Sina (China) 80.48 (15.1%) 5,752 4,177 2,284 2,960 46.0% 29.6% 76.3% 76.3% 27.2% 30.6% 1.8 1.4 6.7 4.6 Pandora 6.74 (24.7%) 1,795 1,624 1,521 1,690 5.0% 11.1% 34.7% 37.5% (6.4%) (0.9%) 1.1 1.0 NM NM XO Group 28.18 54.2% 710 593 168 183 5.2% 8.9% 94.6% 94.9% 21.8% 22.9% 3.5 3.2 16.2 14.2

Mean 19.2% 21.1% 18.1% 55.7% 56.3% 13.3% 16.1% 5.2x 4.4x 12.9x 18.4x Median 11.3% 14.6% 14.5% 47.2% 47.0% 17.4% 19.2% 3.6x 3.2x 14.3x 13.1x

INVESTMENT BANKING 21 (1) Represents price change since IPO for recently public companies. Travel Digital Marketing E-Commerce Digital Media Gaming SaaS Technology Internet & Digital Media Monthly Internet & Digital Media Monthly

PUBLIC MARKET ACTIVITY (CONT’D)

Recent Equity / Equity-Linked Offerings

IPOs

($ in millions, except per share data) At Pricing Current IPO Offer Deal CY+1 Ent. Value / CY+1 CY+2 / CY+0 Price Return Company Date Price Size(1) Mkt Cap Ent. Val Revenue EBITDA Revenue EBITDA Rev. CAGR 7/31/18 From IPO EverQuote 06/27/18 $18.00 $84 $446 $450 $183.0 ($0.7) 2.5x NM 18.4% $15.03 (16.5%) CarGurus 10/11/17 $16.00 $150 $2,904 $2,871 $369.1 $22.8 7.8x NM 17.4% $43.35 170.9% Redfin 07/27/17 15.00 138 1,193 1,193 484.0 11.9 2.5 NM 31.3% 24.50 63.3% Snap Inc. 03/01/17 17.00 3,649 19,673 19,523 2,045.0 (220.0) 9.5 NM NA 12.50 (26.5%) Match Group 11/18/15 12.00 400 400 350 1,223.0 414.3 0.3 0.8 17.1% 36.12 201.0% Momo (China) 12/10/14 13.50 216 2,517 2,099 157.2 27.0 13.4 77.7 181.6% 41.02 203.9% Zhaopin (China) 06/11/14 13.50 76 674 517 187.7 52.4 2.8 9.9 22.7% Acquired TrueCar 05/15/14 9.00 70 639 540 191.0 5.9 2.8 91.6 40.1% 11.12 23.6% Weibo (China) 04/16/14 17.00 286 3,403 2,867 321.0 10.1 8.9 NM 57.8% 82.75 386.8% Everyday Health 03/27/14 14.00 100 415 403 177.5 33.4 2.3 12.1 14.4% Acquired Quotient 03/06/14 16.00 168 1,171 1,003 209.3 8.4 4.8 NM 28.4% 14.75 (7.8%) Care.com 01/23/14 17.00 91 506 385 106.2 (23.2) 3.6 NM 32.5% 18.02 6.0%

Follow-Ons / PIPEs / Other Offerings

($ in millions, except per share data) Current Offer Overnight Secondary Offering Price Return Company Date (Y/N) % Price Deal Size(1) Mkt Cap 7/31/18 From FO Redfin 07/18/18 N 0.0% $23.50 $99 $2,056 $24.50 4.3% Zillow 06/28/18 N 0.0% $57.00 $325 $7,376 $56.37 (1.1%) YY (China) 08/14/17 N 0.0% 70.00 463 3,171 93.23 33.2% TrueCar 04/26/17 N 88.9% 16.50 149 1,422 11.12 (32.6%)

(1) Excludes any applicable greenshoe.

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M&A AND PRIVATE PLACEMENT ACTIVITY

Selected Recent M&A Transactions

($ in millions) Date Transaction EV / LTM Announced Acquirer Target Value Revenue EBITDA

07/30/18 Imagine Learning, Inc. Reasoning Mind ------07/30/18 AMC Networks RLJ Entertainment $274.0 -- -- 07/18/18 Scout24 (Germany) Finanzcheck.de (Germany) 333.5 -- -- 07/18/18 Future US Inc. TechMediaNetworks Inc. ------07/13/18 LendingTree Inc. Student Loan Hero Inc. 60.0 -- -- 07/04/18 Fosun International Limited (China) Baihe Jiayuan Network Co. Ltd. (China) 600.8 -- -- 07/02/18 Purplebricks Group PLC (UK) DuProprio Inc. (Canada) 38.8 1.1x 11.6x 07/02/18 Uzabase Inc. (Japan) Quartz Media LLC 75.0 1.9x -- 07/02/18 Chegg StudyBlue 20.8 -- -- 06/29/18 Gather Technologies Inc. EVENTup 0.0 -- -- 06/27/18 Clearlake Capital Group L.P. EagleView Technologies Inc. 0.0 -- -- 06/27/18 Peloton Interactive Inc. Neurotic Media LLC 0.0 -- -- 06/27/18 VerticalScope Inc. (Canada) Fixya Ltd. 0.0 -- -- 06/21/18 Automattic Atavist ------06/21/18 Match Group Hinge ------06/20/18 S&P RateWatch 33.6 4.4x -- 06/19/18 Tron BitTorrent 140.0 -- -- 06/19/18 Cheddar Need2Know ------06/19/18 Acuris (UK) SparkSpread ------06/18/18 Microsoft FlipGrid ------06/18/18 Molina Ventures Long Beach Post ------06/06/18 Leaf Group Wellgood 10.0 -- -- 06/05/18 Showpad (Belgium) LearnCore 50.0 -- -- 06/05/18 Wuhan Zhongbang Lingchuang Technology Co. (China) Acfun (China) 23.0 -- -- 06/05/18 Patreon Kit ------06/05/18 InComm Gift Card Impressions ------06/05/18 Outbrain AdNgin (Israel) ------06/04/18 Microsoft GitHub 7,500.0 -- --

Selected Recent Private Placement Transactions

($ in millions) Date Transaction Announced Company Description Investor(s) Value

07/30/18 Finatext Ltd. (Japan) Mobile base investment learning platforms JAFCO Co., Ltd. ; KDDI Corporation; Add'l $54.1 07/30/18 Cure Fit Healthcare (India) Health management platform Accel Partners; Oaktree Capital Management, L.P.; Add'l 120.2 07/24/18 Skillshare, Inc. Global online learning community for creators Union Square Ventures; Amasia; Spero Ventures; Add'l 28.0 07/24/18 League, Inc. (Canada) Digital health and wellness platform Information Venture Partners; BDC Venture Capital; Add'l 47.1 07/19/18 Beijing Zhizhetianxia (China) Develops a question-and-answer website Capital Today; Tencent Holdings Ltd., Investment Arm 300.0 07/18/18 Zuoyebang Online education Q&A platform Goldman Sachs Group, Merchant Banking Division; Add'l 350.0 07/11/18 Monday.com Labs (Israel) Online project management tool Insight Venture Partners LLC; Stripes Group LLC; Entree Capital 50.0 06/27/18 Tastytrade, Inc. Operates an online financial network Technology Crossover Ventures 20.0 06/25/18 Naver Webtoon (South Korea)Operates a digital comics service platform NAVER Corporation 134.0 06/21/18 Kids Sports Entertainment Operates as a sports media company Liberty Global Ventures; Emil Capital Partners, LLC; Add'l 28.0 06/22/18 Aaptiv Provider of digital health and wellness content Warner Music Group; NWS Holdings; Add'l 22.0 06/21/18 Whistle Sports Cross-platform entertainment network Liberty Media; Jeffrey Katzenberg; Emil Capital Partners; Add'l 28.0 06/20/18 Calm Applications for individuals to relax their minds. Sound Ventures; Insight Venture Partners; Elefund 27.0 06/20/18 Blinkist (Germany) Condenses non-fiction books into 15 minute reads Insight Venture Partners; Greycroft; E.ventures; Add'l 18.8 06/19/18 VBrick Enterprise live stream and on-demand video service Morgan Stanley Expansion Capital; Add'l 20.0 06/14/18 M17 (Taiwan) Live streaming social media company Majuven; Infinity Ventures; Global Grand Capital, Add'l 35.0 06/12/18 Mars Finance (China) Chinese news and reports platform focusing on the blockchainCeyuan and Ventures; cryptocurrency Huobi Global sector Ecosystem Fund 51.5 06/12/18 Amino Apps Self-serve community-creation platform Venrock; Union Square Ventures; Time Warner Investments; Hearst Ventures;45.0 Goodwater Capital; GV 06/12/18 Medici Communication platform for practioners and patients Ken Griffin; Howard Jenkins; Antonio Gracias; Tom Meredith; Natie Kirsh; Brett22.4 Moody 06/11/18 Memrise (UK) Web and mobile language learning platform Octopus Ventures; Korelya Capital; Balderton Capital; Add'l 15.5 06/10/18 Freeview (UK) Digital terrestrial television platform BBC; ITV; Channel 4 167.1 06/05/18 Bigo (Singapore) Social video streaming application Xueling Li; YY.com 272.0 06/04/18 Babytree (China) Online parenting platform Alibaba 2,190.0 05/25/18 Codemao (China) Online education platform CMB International Capital; The Beijing News; Add'l 47.0

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M&A AND PRIVATE PLACEMENT ACTIVITY

Selected M&A Precedents

($ in millions) Date Transaction EV / LTM Announced Acquirer Target Value Revenue EBITDA

07/02/18 Uzabase Inc. (Japan) Quartz Media LLC $75.0 1.9x -- 05/23/18 Permira (UK) WeddingWire 350.0 -- -- 05/11/18 Silver Lake Zoopla (UK) 2,980.0 9.1x 41.4x 05/08/18 Recruit Glassdoor 1,200.0 7.0x -- 12/11/17 Apple Shazam (UK) 400.0 5.3x -- 09/20/17 The Meet Group LOVOO (Germany) 65.0 2.0x -- 09/07/17 ZPG (UK) Money.co.uk (UK) 103.7 3.4x 10.6x 08/08/17 The Walt Disney Company BAM Technologies 1,580.0 -- -- 07/24/17 Internet Brands WebMD Health 2,800.0 3.9x 16.4x 07/03/17 Red Ventures Bankrate 1,633.7 3.2x 15.1x 05/10/17 NBCUniversal Craftsy 230.0 3.7x -- 05/02/17 Spark Networks Affinitas (Germany) ------05/01/17 HomeAdvisor Angie's List 466.5 1.5x 23.3x 04/18/17 Dentsu Aegis Network (UK) SVG Media Group (India) 144.8 1.4x -- 04/03/17 TBG Treuhand Gunthardt (Switzerland) Telvent 900.0 4.2x -- 03/06/17 MeetMe If(we) 60.0 1.4x 6.0x 01/31/17 Zoopla (UK) Hometrack (UK) 150.0 7.7x 16.9x 01/24/17 RealPage Axiometrics Inc. (assets) 75.0 5.4x -- 01/12/17 Hubert Burda Media (Germany) Immediate Media (UK) 329.7 2.3x -- 12/23/16 MegaFon (Russia) Mail.Ru (Russia) (64% voting stake) 3,966.5 (1) 6.1x 18.1x 11/18/16 DraftKings FanDuel ------11/17/16 Warner Bros. Machinima ------11/16/16 LendingTree CompareCards 85.0 1.2x 5.6x 10/21/16 Ziff Davis Media Everyday Health 378.6 1.9x 71.6x 10/14/16 Morningstar PitchBook Data 225.0 7.2x -- 08/15/16 Snapchat Vurb 114.5 -- -- 08/09/16 Randstad Holding (Netherlands) Monster.com 302.8 0.6x 5.1x 07/25/16 Verizon Communications Yahoo! (operating business) 4,830.0 1.0x 6.2x 06/27/16 MeetMe Skout 54.6 2.3x -- 06/13/16 Microsoft LinkedIn 26,200.0 8.2x 74.0x 05/04/16 B. Riley Financial United Online 170.0 0.4x 4.6x 04/18/16 Verizon/Hearst Complex Media ------04/12/16 E. W. Scripps Demand Media (Cracked.com business assets) 39.0 3.6x -- 03/28/16 Snapchat Bitstrips 64.2 -- -- 01/12/16 Kunlun Grindr 93.0 2.3x -- 11/16/15 Pandora Rdio (assets) 75.0 -- -- 11/06/15 Alibaba.com (China) Youku Tudou (China) 3,700.0 4.6x -- 10/28/15 IBM Weather Company 2,284.0 -- -- 10/23/15 Naspers Avito.ru 1,200.0 15.7x 31.0x 09/29/15 Axel Springer (Germany) Business Insider 343.0 -- -- 09/25/15 Gartner Capterra 210.0 10.5x 21.0x 08/06/15 Adidas (Germany) Runtastic (Austria) 241.3 -- -- 07/14/15 IAC PlentyOfFish.com (Canada) 575.0 -- -- 06/30/15 Vivendi (France) Dailymotion (France) 242.3 -- -- 05/12/15 Verizon AOL 4,282.5 1.7x 9.7x 04/29/15 CoStar Group Apartment Finder 170.0 2.2x 7.4x 03/09/15 Twitter Periscope 50.0 -- -- 02/04/15 Under Armour Endomondo (Denmark) 85.0 -- -- 02/04/15 Under Armour MyFitnessPal 475.0 -- -- 01/12/15 Zomato Media (India) Urbanspoon 50.0 -- -- 12/12/14 Hearst Communications AwesomenessTV [DreamWorks Animation] 81.3 -- -- 09/30/14 News Corporation Move Inc. 950.0 4.0x 25.6x 08/05/14 Gannett Cars.com 1,800.0 -- -- 07/28/14 Zillow Trulia 3,305.5 17.7x -- 07/15/14 Realogy Holdings ZipRealty 166.0 2.1x NM 06/03/14 KKR Internet Brands 1,100.0 -- -- 04/21/14 Blucora HowStuffWorks [Discovery Communications] 45.0 -- -- 03/24/14 Walt Disney Maker Studios 500.0 -- -- 03/03/14 CoStar Group Apartments.com 585.0 6.8x --

Mean 4.5x 21.6x (1) Indicates implied enterprise valuation. Median 3.5x 16.4x

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SUMMARY VALUATION METRICS

Historical EV / LTM Revenue Historical EV / LTM EBITDA 4-Yr Quarterly Average: 4.5x 4-Yr Quarterly Average: 16.2x

6.0x 25.0x

5.0x 20.0x

4.0x 15.0x

3.0x

10.0x 2.0x

5.0x 1.0x

0.0x 0.0x 6/14 3/15 12/15 9/16 6/17 3/18 6/14 3/15 12/15 9/16 6/17 3/18

*Quarterly summary bars are market cap weighted. *Quarterly summary bars are market cap weighted. EV / 2018E Revenue 10.0x 8.0x

6.0x Median 3.4x 4.0x 2.0x

0.0x

SE EA

UBI

ATVI

NTES

GLUU ZNGA DENA

GREE

CYOU

TTWO

YOUZU

NEXON

NCSOFT

COM2US

GUNGHO

NINTENDO NETMARBLE Note: Excludes multiples that are NA or NM.

EV / 2018E EBITDA

25.0x

20.0x Median 13.4x 15.0x 10.0x 5.0x

0.0x

UBI

ATVI

NTES

GLUU ZNGA DENA

GREE

CYOU

TTWO

YOUZU

NEXON

NCSOFT

COM2US

GUNGHO NINTENDO

Note: Excludes multiples that are NA or NM. NETMARBLE

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SUMMARY VALUATION METRICS (CONT’D)

LTM Stock Performance*

80.0% Gaming 50.4% NASDAQ 30.8% 60.0%

40.0%

20.0%

0.0% 07/17 09/17 11/17 01/18 03/18 05/18 07/18

Gaming Composite: SZSE:002174 (Youzu Interactive), TSE:2432 (DeNA), TSE:3632 (Gree), TSE:3659 (Nexon), TSE:3765 (GungHo), TSE:7974 (Nintendo), KOSE:A036570 (NCsoft), KOSE:A251270 (Netmarble), KOSDAQ:A078340 (Com2uS), ATVI, CYOU, DKSY, EA, ENXTPA:UBI (Ubisoft), GLUU, NTES, TTWO, SE, ZNGA. * Indices are market cap weighted.

PUBLIC MARKET ACTIVITY

Detailed Valuation Multiples and Metrics

($ in millions, except per share data) Enterprise Value / Price on LTM Price Market Enterprise Revenue Revenue Growth Gross Margin EBITDA Margin Revenue EBITDA 07/31/18 Chg. %(1) Cap. Value 2018E 2019E 2018E 2019E 2018E 2019E 2018E 2019E 2018E 2019E 2018E 2019E Gaming Activision Blizzard $73.42 18.8% $55,888 $55,310 $7,521 $8,121 6.4% 8.0% 72.5% 73.7% 37.6% 41.5% 7.4x 6.8x 19.6x 16.4x Nintendo (Japan) 328.49 (3.2%) 39,460 32,042 10,680 11,340 24.1% 6.2% 37.9% 41.5% 22.3% 28.7% 3.0 2.8 13.4 9.8 Electronic Arts 128.75 10.3% 39,412 35,434 5,408 6,014 7.2% 11.2% 75.2% 76.7% 35.6% 38.5% 6.6 5.9 18.4 15.3 NetEase (China) 258.00 (17.1%) 33,883 29,139 10,666 13,533 29.0% 26.9% 41.5% 39.7% 14.0% 15.0% 2.7 2.2 19.5 14.3 TakeTwo Interactive 113.02 42.2% 12,865 11,768 2,526 2,709 26.4% 7.3% 56.9% 52.8% 25.5% 33.6% 4.7 4.3 18.2 12.9 Nexon (Japan) 14.34 38.1% 12,792 8,909 2,406 2,631 18.2% 9.3% 78.0% 78.6% 45.0% 45.8% 3.7 3.4 8.2 7.4 Ubisoft (France) 110.52 75.5% 12,415 13,090 2,321 2,891 6.3% 24.6% 83.1% 84.2% 43.8% 41.0% 5.6 4.5 12.9 11.0 Netmarble Games (South Korea) 129.68 1.8% 11,047 8,666 2,276 2,875 (1.0%) 26.4% 53.3% 61.1% 23.6% 27.2% 3.8 3.0 16.1 11.1 NCsoft (South Korea) 345.96 7.5% 7,352 5,885 1,569 1,963 (5.4%) 25.1% 86.9% 88.1% 39.1% 40.4% 3.8 3.0 9.6 7.4 Sea Limited (Singapore) 14.10 (6.0%) 4,724 4,297 543 543 34.2% 0.0% 11.9% 27.4% (115.3%) (85.4%) 7.9 7.9 NM NM Zynga 3.79 5.0% 2,921 2,528 929 1,101 9.8% 18.4% 69.4% 70.1% 19.6% 21.2% 2.7 2.3 13.9 10.8 DeNA (Japan) 18.81 (14.3%) 2,730 1,937 1,297 1,370 2.7% 5.7% 60.5% 57.6% 18.2% 24.4% 1.5 1.4 8.2 5.8 Youzu Interactive (China) 2.73 (40.2%) 2,429 2,503 653 850 22.6% 30.3% 47.7% 51.8% 22.1% 24.9% 3.8 2.9 17.4 11.8 Com2uS (South Korea) 136.32 33.4% 1,695 1,039 512 637 6.9% 24.5% 90.5% 91.0% 36.8% 39.0% 2.0 1.6 5.5 4.2 GungHo (Japan) 2.13 (21.1%) 1,513 941 726 719 (10.8%) (0.9%) 53.2% 55.8% 29.9% 27.6% 1.3 1.3 4.3 4.7 GREE (Japan) 5.53 (27.8%) 1,297 510 692 776 2.3% 12.1% 61.0% 63.0% 15.4% 14.3% 0.7 0.7 4.8 4.6 Glu Mobile 5.33 95.2% 744 679 367 415 16.7% 13.1% 63.9% 64.3% 9.3% 12.2% 1.8 1.6 19.9 13.4 Changyou.com (China) 13.64 (67.8%) 700 134 469 471 (20.7%) 0.3% 66.0% 66.7% 24.0% 25.4% 0.3 0.3 1.2 1.1

Mean 7.2% 9.7% 13.8% 61.6% 63.6% 19.3% 23.1% 3.5x 3.1x 12.4x 9.5x Median 3.4% 7.0% 11.6% 62.5% 63.6% 23.8% 27.4% 3.4x 2.9x 13.4x 10.8x

(1) Represents price change since IPO for recently public companies. Recent Equity / Equity-Linked Offerings

IPOs ($ in millions, except per share data) At Pricing Current IPO Offer Deal CY+1 Ent. Value / CY+1 CY+2 / CY+0 Price Return Company Date Price Size(2) Mkt Cap Ent. Val Revenue EBITDA Revenue EBITDA Rev. CAGR 7/31/18 From IPO Sea Limited (Singapore) 10/19/17 $15.00 $884 $5,318 $5,293 $543.3 ($461.2) 9.7x NM 44.4% $14.10 (6.0%) NetMarble Games (South Korea) 05/02/17 138.95 2,356 5,881 5,727 2,351.3 599.4 2.4 9.6 49.0% 129.68 (6.7%) iDreamSky (China) 08/06/14 15.00 116 635 481 298.0 76.0 1.6 6.3x 92.8% Acquired

(2) Excludes any applicable greenshoe.

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PUBLIC MARKET ACTIVITY (CONT’D)

Recent Equity / Equity-Linked Offerings (Cont’d)

Follow-Ons / PIPEs / Other Offerings

($ in millions, except per share data) Current Offer Overnight Secondary Offering Price Return Company Date (Y/N) % Price Deal Size(1) Mkt Cap 7/31/18 From FO Com2uS (South Korea) 08/03/15 N 0.0% $96.36 $155 $1,127 $136.32 41.5%

(1) Excludes any applicable greenshoe.

M&A AND PRIVATE PLACEMENT ACTIVITY

Selected Recent M&A Transactions

($ in millions) Date Transaction EV / LTM Announced Acquirer Target Value Revenue EBITDA

07/17/18 iQiyi (China) Skymoons (China) $189.8 -- -- 07/17/18 Niantic Seismic ------07/09/18 Bridgepoint Capital Ltd. (UK) Private Sport Shop SAS (France) ------07/09/18 Electronic Arts Inc. Industrial Toys ------06/19/18 AGS (Canada) Gameiom (UK) 5.0 -- -- 06/18/18 Penn National Gaming Absolute Games ------06/05/18 Paradox Interactive (Sweden) Harebrained Schemes 7.5 -- -- 05/23/18 Paddy Power Fan Duel 260.0 2.1x 7.0x 05/22/18 Electronic Arts Gamefly (Cloud streaming subsidiary) 54.0 -- -- 05/21/18 Adult Swim Big Pixel Studios (UK) ------05/21/18 Tencent (China) Grinding Gear (New Zealand) ------05/14/18 Bigben (France) Cyanide (France) 24.0 -- -- 05/10/18 Little Orbit GamersFirst (UK) ------04/21/18 The Stars Group Inc. (Canada) Sky Bet 4,710.5 5.6x 12.8x 04/19/18 Nordcurrent (Lithuania) Blam! Games Studios Ltd. (Ukraine) ------04/16/18 Unikrn ChallengeMe (Germany) ------04/12/18 Playtech plc (Italy) Snaitech S.p.A. (Isle of Man) 359.0 1.2x 5.5x 04/09/18 Momentous Entertainment Ignis Studios 21.5 -- --

Selected Recent Private Placement Transactions

($ in millions) Date Transaction Announced Company Description Investor(s) Value

07/24/18 Swift Operates online gaming websites and businesses Bessemer Venture Partners; Add'l $37.0 07/11/18 Kaiheikeji Digital (China) Mobile entertainment gaming application Morningside Venture Capital; Sequoia Capital China; Add'l 15.0 07/01/18 Whole Easy Internet game brand company - 67.0 06/28/18 Oh BiBi (France) Game developer and publisher for for smartphones Atomico Investment Holdings Limited; Korelya Capital 20.9 06/19/18 Scopely Mobile entertainment network for free games Horizon Ventures; Greenspring Ventures; Arnold Schwarzenegger 100.0 06/08/18 Agora Mobile-first, real-time communications for developers Shunwei Capital; SIG China; Morningside Group; IDG Capital; GGV Capital 30.0 06/04/18 PlayVS E-sports league New Enterprise Associates; Crosscut Ventures; Cross Culture Ventures; Coatue15.5 Management; 49ers Enterprises; Science; Michael Dubin; Kevin Lin 05/14/18 Star Stable (Sweden) Online horse game Nordisk Film 18.0 04/18/18 chiliZ A global sports and entertainment organization Private Token 27.0 03/15/18 Kahoot (Norway) Game-based learning platform Date Invest; Microsoft; Northzone; Add'l 17.0 03/09/18 KIXEYE Independent game developer Icon Ventures; Trinity Ventures; Lightspeed; Add'l 20.0 03/08/18 Douyu (China) Live video online platform Tencent 632.0 02/20/18 Small Giant Games (Finland) Independent game developer EQT Ventures; Spintop Ventures; Creandum; Add'l 41.0

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M&A AND PRIVATE PLACEMENT ACTIVITY

Selected M&A Precedents

($ in millions) Date Transaction EV / LTM Announced Acquirer Target Value Revenue EBITDA

05/23/18 Paddy Power Fan Duel $260.0 2.1x 7.0x 05/22/18 Electronic Arts Gamefly (Cloud streaming subsidiary) 54.0 -- -- 04/21/18 The Stars Group Inc. (Canada) Sky Bet 4,710.5 5.6x 12.8x 04/12/18 Playtech plc (Italy) Snaitech S.p.A. (Isle of Man) 359.0 1.2x 5.5x 03/05/18 GVC Holdings (Isle of Man) Mars (Georgia) 50.4 2.4x 3.4x 12/13/17 Keywords (Ireland) Sperasoft 27.0 1.4x 13.5x 12/06/17 Stillfront (Sweden) Goodgame Studios (Germany) 318.8 2.8x 9.1x 11/29/17 Aristocrat Technologies Big Fish Games 990.0 2.2x 11.9x 11/07/17 Zynga Peak Games (Turkey) 100.0 -- -- 09/20/17 Scientific Games NYX Gaming 631.0 3.6x NM 08/10/17 Aristocrat Technologies (Australia) Plarium Global (Israel) 500.0 3.3x 10.0x 06/20/17 Modern Times Group (Sweden) Kongregate 55.0 1.6x 15.7x 06/06/17 Fox Aftershock 100.0 -- -- 02/28/17 Ubisoft (France) Growtopia 34.0 3.9x 4.3x 02/23/17 Kindred Group (Malta) 32Red (Gibraltar) 218.5 2.9x 19.3x 02/01/17 Take-Two Interactive Social Point (Spain) 250.0 2.8x 12.6x 01/20/17 Outfit7 (UK) United Luck Group (consortium) (China) 1,000.0 9.4x 11.1x 12/19/16 Netmarble (South Korea) Kabam (Vancouver studio) 700.0 -- -- 11/03/16 Glu Mobile Crowdstar 45.5 -- -- 10/13/16 Modern Times Group (Sweden) InnoGames (Germany) (35% stake) 286.0 2.1x 10.4x 10/06/16 GREE PerBlue DragonSoul 35.0 2.0x -- 08/04/16 Penn National Gaming Rocket Games 170.0 -- 8.5x 08/04/16 Zynga PuzzleSocial 20.4 -- -- 07/30/16 Chinese consortium (China) Playtika (Israel) 4,400.0 4.9x -- 07/05/16 SGN TinyCo 100.0 -- -- 06/21/16 Tencent (China) Supercell (Finland) 8,568.0 3.7x 9.2x 03/22/16 Youzu (China) Bigpoint (Germany) 90.1 -- -- 03/06/16 Ali Fortune Investment Holding (China) AGTech Holdings (Hong Kong) 307.2 8.9x -- 02/10/16 Zynga Zindagi Games 15.0 -- -- 11/02/15 Activision Blizzard King (Ireland) 4,980.0 2.2x 5.7x 09/14/15 Zynga Rising Tide 162.0 -- -- 09/08/15 Imperus Technologies (Canada) Akamon Entertainment (Spain) 24.0 1.8x -- 09/04/15 GVC Holdings (Isle of Man) bwin.party (Gibraltar) 1,707.4 2.6x 15.1x 04/29/15 Tencent (China) Glu Mobile (14.6% stake) 126.0 3.2x NM 03/30/15 GSN Games Idle Gaming 10.0 2.5x -- 02/12/15 King (Ireland) Z2 150.0 -- NM 11/12/14 Churchill Downs Big Fish Games 885.0 1.5x 8.5x 10/10/14 Imperus Technologies (Canada) Diwip (Israel) 100.0 1.6x 3.3x 09/15/14 Microsoft Mojang (Sweden) 2,500.0 -- -- 08/25/14 Amazon Twitch 970.0 -- -- 07/30/14 Glu Mobile Cie Games 99.0 2.3x 8.0x 06/13/14 Amaya Gaming Group Rational Group [dba PokerStars.com] (UK) 4,900.0 4.3x 11.1x 06/05/14 Bally Technologies Dragonplay (Israel) 100.0 1.8x 5.5x 05/01/14 Glu Mobile PlayFirst 15.0 1.4x -- 03/17/14 Giant Investment Giant Interactive Group (China) 2,370.1 6.2x 9.6x 02/26/14 Game Show Network (GSN) Bash Gaming (India) 165.0 2.5x --

Mean 3.1x 9.6x Median 2.5x 9.4x

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SUMMARY VALUATION METRICS

Historical EV / LTM Revenue Historical EV / LTM EBITDA 4-Yr Quarterly Average: 8.3x 4-Yr Quarterly Average: 30.3x

12.0x 45.0x

40.0x 10.0x 35.0x

8.0x 30.0x

25.0x 6.0x 20.0x

4.0x 15.0x

10.0x 2.0x 5.0x

0.0x 0.0x 6/14 3/15 12/15 9/16 6/17 3/18 6/14 3/15 12/15 9/16 6/17 3/18

*Quarterly summary bars are market cap weighted. *Quarterly summary bars are market cap weighted.

EV / 2018E Revenue

High-Growth SaaS Mid-Growth SaaS Low-Growth SaaS 16.0x

Median 12.0x 9.7x Median 8.0x 5.9x Median 4.0x 2.2x

0.0x

MIX

ZEN

AYX

DBX

ZUO BOX HDP

DSG ULTI

RNG APTI

CRM

FIVN

NOW

YEXT BNFT LPSN

UPLD PCTY VEEV

OKTA SPSC SREV PAYC CLDR APPN

HUBS CARB EGHT

EVBG

SHOP SHOP BCOV

SMAR CSOD COUP TWLO SYMC

DOCU LOGM

ECOM WDAY SCWX QTWO

Note: Excludes multiples that are NA or NM.

EV / 2018E EBITDA

High-Growth SaaS Mid-Growth SaaS Low-Growth SaaS

60.0x Median 38.9x 50.0x Median 40.0x 26.9x 30.0x Median 13.6x 20.0x 10.0x

0.0x

MIX

DBX

DSG ULTI

CRM

NOW

UPLD PCTY

VEEV

PAYC SREV SPSC

CARB

CSOD SYMC

LOGM

WDAY ECOM

Note: Excludes multiples that are NA or NM.

INVESTMENT BANKING 29 Travel Digital Marketing E-Commerce Digital Media Gaming SaaS Technology Internet & Digital Media Monthly Internet & Digital Media Monthly

SUMMARY VALUATION METRICS (CONT’D)

Detailed Valuation Multiples and Metrics

($ in millions, except per share data) Enterprise Value / Price on LTM Price Market Enterprise Revenue Revenue Growth Gross Margin EBITDA Margin Revenue EBITDA 07/31/18 Chg. %(1) Cap. Value 2018E 2019E 2018E 2019E 2018E 2019E 2018E 2019E 2018E 2019E 2018E 2019E High-Growth SaaS ServiceNow $175.96 59.3% $31,088 $30,195 $2,604 $3,353 36.0% 28.8% 79.6% 80.6% 25.6% 27.6% 11.6x 9.0x 45.4x 32.6x Workday 124.02 21.5% 26,788 24,932 2,700 3,314 26.5% 22.7% 74.8% 75.9% 18.7% 20.6% 9.2 7.5 49.4 36.6 Shopify 138.21 49.6% 14,708 13,133 1,029 1,421 55.9% 38.1% 58.2% 59.7% 3.6% 6.5% 12.8 9.2 NM NM Paycom Software 106.25 51.6% 6,275 6,256 548 674 26.8% 23.0% 83.7% 84.0% 40.7% 40.9% 11.4 9.3 28.1 22.7 RingCentral 73.75 111.9% 5,805 5,598 643 793 29.2% 23.2% 76.9% 77.0% 11.7% 12.4% 8.7 7.1 NM NM Zendesk 54.47 85.8% 5,695 5,457 571 736 33.9% 28.8% 73.5% 74.4% 6.9% 9.1% 9.6 7.4 NM NM Twilio 57.89 98.5% 5,544 5,173 543 672 39.8% 23.7% 54.5% 55.1% 2.5% 5.3% 9.5 7.7 NM NM New Relic 97.70 108.0% 5,519 5,189 432 545 32.0% 26.0% 83.4% 83.0% 10.4% 11.8% 12.0 9.5 NM NM Okta 49.65 192.1% 5,293 5,006 357 471 37.6% 31.9% 73.3% 74.3% (15.0%) (5.9%) 14.0 10.6 NM NM HubSpot 124.10 71.5% 4,767 4,525 491 613 32.4% 24.8% 81.6% 82.2% 9.3% 10.9% 9.2 7.4 NM NM Coupa Software 61.31 99.5% 3,495 3,230 236 292 29.7% 24.1% 71.8% 73.5% (0.8%) 4.5% 13.7 11.0 NM NM Box 23.96 27.1% 3,364 3,237 607 736 19.9% 21.3% 74.1% 74.8% 3.1% 7.0% 5.3 4.4 NM NM Paylocity 58.00 27.6% 3,054 2,917 411 501 23.5% 21.9% 63.9% 65.2% 21.8% 23.7% 7.1 5.8 32.5 24.5 Zuora 24.53 75.2% 2,636 2,450 222 281 32.0% 26.9% 54.7% 55.6% (21.2%) (14.0%) 11.0 8.7 NM NM Q2 Holdings 59.15 52.1% 2,512 2,411 238 293 22.7% 23.2% 53.2% 54.3% 9.6% 11.9% 10.1 8.2 NM NM Alteryx 38.99 178.5% 2,363 2,201 186 246 44.7% 32.3% 87.1% 86.5% (5.7%) (1.2%) 11.9 9.0 NM NM BlackLine 42.70 10.1% 2,282 2,167 224 281 28.5% 25.1% 80.8% 80.4% 4.9% 6.8% 9.7 7.7 NM NM Smartsheet 21.50 43.3% 2,164 2,120 161 225 44.9% 39.6% 79.5% 79.2% (31.2%) (25.7%) 13.2 9.4 NM NM Yext 21.14 92.2% 2,047 1,923 226 298 33.1% 31.6% 75.3% 75.4% (16.1%) (10.7%) 8.5 6.5 NM NM Cloudera 13.39 (10.7%) 1,984 1,555 442 526 21.7% 19.1% 74.4% 76.2% (18.7%) (11.5%) 3.5 3.0 NM NM Everbridge 44.98 90.2% 1,293 1,279 139 175 34.4% 25.9% 71.9% 72.5% (2.4%) 1.5% 9.2 7.3 NM NM

Mean 73.1% 32.6% 26.8% 72.7% 73.3% 2.7% 6.3% 10.1x 7.9x 38.8x 29.1x Median 71.5% 32.0% 25.1% 74.4% 75.4% 3.6% 6.8% 9.7x 7.7x 38.9x 28.6x

Mid-Growth SaaS Salesforce.com $137.15 51.0% $101,890 $98,719 $13,126 $15,773 25.7% 20.2% 76.6% 76.9% 22.8% 23.5% 7.5x 6.3x 33.0x 26.6x Symantec Corporation 20.22 (34.8%) 12,568 15,275 4,796 5,024 (3.0%) 4.8% 84.6% 83.6% 43.1% 45.3% 3.2 3.0 7.4 6.7 Veeva Systems 75.63 18.6% 10,848 9,930 829 975 21.8% 17.6% 72.7% 73.5% 33.4% 33.7% 12.0 10.2 35.8 30.2 Dropbox 26.77 27.5% 10,719 9,905 1,357 1,582 22.6% 16.6% 73.8% 74.2% 21.3% 21.5% 7.3 6.3 34.3 29.1 The Ultimate Software Group 276.89 22.7% 8,639 8,464 1,139 1,319 22.0% 15.8% 64.9% 66.1% 24.3% 25.4% 7.4 6.4 30.6 25.2 DocuSign 53.90 85.9% 8,440 8,171 656 790 26.5% 20.4% 77.6% 78.1% 5.1% 9.1% 12.5 10.3 NM NM RealPage 55.10 42.2% 4,965 5,190 865 971 28.6% 12.2% 63.6% 63.8% 26.1% 27.9% 6.0 5.3 23.0 19.1 LogMeIn 81.05 (30.4%) 4,204 4,205 1,191 1,274 17.4% 7.0% 82.7% 83.4% 36.7% 37.4% 3.5 3.3 9.6 8.8 Cornerstone OnDemand 49.40 22.6% 2,850 2,748 510 559 5.6% 9.6% 75.2% 77.3% 17.8% 22.9% 5.4 4.9 30.2 21.5 The Descartes Systems Group 31.93 27.6% 2,453 2,468 276 304 16.6% 10.2% 72.9% 73.6% 34.0% 35.7% 8.9 8.1 26.2 22.7 Appian Corporation 31.08 159.0% 1,904 1,854 204 240 21.5% 17.7% 61.9% 64.7% (18.0%) (11.6%) 9.1 7.7 NM NM 8x8 19.95 57.1% 1,858 1,714 336 404 19.1% 20.2% 77.4% 76.9% (2.1%) 1.5% 5.1 4.2 NM NM Five9 31.90 44.6% 1,840 1,772 238 277 20.5% 16.8% 60.4% 61.5% 12.2% 14.2% 7.5 6.4 NM 44.9 SPS Commerce 85.79 48.4% 1,499 1,327 245 268 11.4% 9.4% 67.5% 67.8% 19.7% 21.2% 5.4 5.0 27.6 23.3 Apptio 33.57 89.1% 1,466 1,325 229 267 22.8% 16.9% 72.1% 73.5% 3.1% 6.0% 5.8 5.0 NM NM Hortonworks 17.42 30.0% 1,377 1,296 331 407 28.5% 23.1% 73.9% 75.3% (16.6%) (9.5%) 3.9 3.2 NM NM Carbonite 34.30 45.3% 1,153 1,277 307 346 25.0% 12.6% 76.8% 77.9% 27.2% 27.7% 4.2 3.7 15.3 13.3 Workiva 25.25 28.8% 1,079 1,017 237 268 14.5% 13.3% 72.1% 73.0% (11.2%) (7.0%) 4.3 3.8 NM NM Benefitfocus 30.10 (15.8%) 956 1,031 255 285 (0.4%) 11.6% 51.1% 53.3% 3.2% 7.3% 4.0 3.6 NM 49.9 Upland Software 31.32 27.1% 674 814 137 148 41.4% 7.7% 68.7% 69.2% 35.6% 36.5% 5.9 5.5 16.6 15.1

Mean 37.3% 19.4% 14.2% 71.3% 72.2% 15.9% 18.4% 6.4x 5.6x 24.1x 24.0x Median 89.2% 21.7% 14.6% 72.8% 73.5% 20.5% 22.2% 5.9x 5.2x 26.9x 23.0x

Low-Growth SaaS LivePerson $23.20 71.2% $1,409 $1,339 $241 $270 10.8% 11.9% 76.1% 75.7% 9.4% 10.9% 5.5x 5.0x NM 45.5x SecureWorks 12.82 17.2% 1,047 971 517 567 11.1% 9.8% 54.9% 55.3% (1.0%) 2.0% 1.9 1.7 NM NM MiX Telematics 0.69 116.4% 387 374 138 150 4.6% 8.8% 65.9% 66.2% 28.3% 29.9% 2.7 2.5 9.5 8.3 ChannelAdvisor 13.90 32.4% 377 327 131 140 6.5% 7.1% 78.8% 79.2% 6.1% 7.6% 2.5 2.3 40.8 30.7 ServiceSource International 3.50 (7.9%) 318 283 248 262 4.4% 5.9% 37.1% 38.7% 8.4% 10.8% 1.1 1.1 13.6 10.0 Brightcove 8.55 27.6% 307 280 168 181 7.8% 8.0% 61.2% 62.8% 1.3% 4.7% 1.7 1.5 NM 32.7

Mean 42.8% 7.5% 8.6% 62.3% 63.0% 8.8% 11.0% 2.6x 2.4x 21.3x 25.4x Median 30.0% 7.2% 8.4% 63.5% 64.5% 7.3% 9.2% 2.2x 2.0x 13.6x 30.7x

INVESTMENT BANKING 30 (1) Represents price change since IPO for recently public companies. Travel Digital Marketing E-Commerce Digital Media Gaming SaaS Technology Internet & Digital Media Monthly Internet & Digital Media Monthly

PUBLIC MARKET AND M&A ACTIVITY

LTMLTM StockStock Performance Performance(1)*

90.0% SaaS 60.4% NASDAQ 30.8% 60.0%

30.0%

0.0% 07/17 09/17 11/17 01/18 03/18 05/18 07/18 SaaS Composite: WDAY, NOW, PAYC, NYSE:TWLO, ZEN, NasdaqGS:OKTA, HUBS, BOX, NYSE:CLDR, NEWR, RNG, PCTY, NasdaqGS:BL NasdaqGS:COUP, QTWO, NYSE:YEXT, NYSE: AYX, HDP, NasdaqGM:EVBG, SHOP, CRM, VEEV, ULTI, RP, CSOD, TSX:DSG, FIVN, EGHT, NasdaqGM:APPN, BNFT, SPSC, WK, NasdaqGM:APTI, CARB, UPLD, SYMC, LOGM, NasdaqGS:SCWX, LPSN, BV, SREV, ECOM, BCOV, JSE:MIX, DBX, DOCU, SMAR, ZUO * Indices are market cap weighted. Selected M&A Transactions

($ in millions) Date Transaction EV / LTM Announced Acquirer Target Value Revenue EBITDA

8/3/2018 Intertek Group (UK) Alchemy Systems $480.0 -- -- 7/31/2018 DocuSign SpringCM 220.0 8.8x -- 7/25/2018 Stamps.com MetaPack 229.7 4.5x -- 7/11/2018 Boradcom CA 18,900.0 -- -- 7/10/2018 AT&T Alienvault 600.0 4.8x -- 7/10/2018 Thoma Bravo Centrify 500.0 3.3x -- 7/2/2018 EQT SUSE 2,535.0 7.9x -- 6/12/2018 Software AG (Germany) TrendMiner (Belgium) ------6/11/2018 Workday Adaptve Insights 1,550.0 -- -- 6/11/2018 Splunk VictorOps 120.0 -- -- 6/4/2018 Vista Equity Partners Integral Ad Science Inc. 850.0 4.7x -- 5/30/2018 OneSpan Dealflo 54.5 -- -- 5/29/2018 KKR BMC Software 8,500.0 -- -- 5/21/2018 Adobe Magento 1,680.0 11.2x -- 5/21/2018 IHS Markit (UK) Ipreo 1,855.0 -- -- 5/1/2018 Blackbaud Reeher 43.0 -- -- 4/26/2018 NICE (Israel) Mattersight Corp. 102.7 2.5x -- 4/23/2018 Vista Equity Partners Allocate Software 450.0 6.4x 22.5x 4/20/2018 RealPage Inc. ClickPay Services Inc. 218.5 11.3x -- 4/17/2018 Vista Equity Partners LogicMonitor Inc. 300.0 6.7x -- 4/3/2018 Zix Corporation Erado 15.0 5.0x -- 3/20/2018 salesforce.com MuleSoft 6,579.6 21.9x -- 3/12/2018 MINDBODY Booker 150.0 6.0x -- 3/6/2018 S&P Global Kensho Technologies 550.0 27.5x -- 3/6/2018 GTCR / Sycamore Partners CommerceHub 1,100.0 9.9x 31.9x 2/2/2018 Trimble e-Builder 500.0 9.4x -- 2/2/2018 Apptio Digital Fuel Technologies 42.5 4.3x -- 1/30/2018 Red Hat CoreOS 250.0 16.7x -- 1/29/2018 RELX Group (UK) ThreatMetrix 821.0 11.7x -- 1/29/2018 SAP America Callidus Software 2,484.0 10.0x -- 12/17/2017 Oracle Aconex 1,200.0 9.7x NM 11/2/2017 Synopsys Black Duck Software 565.0 7.5x -- 9/28/2017 Dassault Systemes (France) Exa Corporation 400.0 5.5x NM 9/27/2017 Nielsen Visual IQ 180.0 4.0x -- 9/24/2017 SAP SE (Germany) Gigya Inc. 350.0 7.8x -- 8/21/2017 Verisk Analytics Sequel Business Solutions (UK) 322.0 9.6x 20.7x 8/15/2017 Descartes Systems Group (Canada) MacroPoint 107.0 8.6x --

INVESTMENT BANKING

(1) Represents price change since IPO for recently public companies. 31 Travel Digital Marketing E-Commerce Digital Media Gaming SaaS Technology Internet & Digital Media Monthly Internet & Digital Media Monthly

M&A ACTIVITY

Selected M&A Transactions (Cont’d)

($ in millions) Date Transaction EV / LTM Announced Acquirer Target Value Revenue EBITDA

8/14/2017 Great Hill Partners Zoom Information 252.0 5.0x -- 7/25/2017 Sage Group (UK) Intacct 850.0 9.7x -- 6/16/2017 Equifax ID Watchdog 63.3 5.6x NM 5/30/2017 Vista Equity Partners Xactly 564.0 5.9x -- 5/1/2017 ESW Capital Jive Software 462.0 1.7x -- 4/25/2017 BICS (Belgium) TeleSign 230.0 2.3x 23.0x 3/29/2017 Akamai Technologies SOASTA 200.0 6.3x -- 3/7/2017 CA Technologies Veracode 614.0 5.6x -- 3/2/2017 Clearlake Capital Group NetDocuments 220.0 8.8x -- 2/2/2017 Hexagon (Sweden) MSC Software 834.0 3.6x -- 1/24/2017 Cisco Systems AppDynamics 3,700.0 17.4x -- 12/6/2016 Synchronoss Technologies Intralinks Holdings 821.0 2.9x 22.6x 12/1/2016 CA Technologies Automic Software 636.5 5.1x -- 11/20/2016 Symantec Corporation LifeLock 2,334.8 3.5x NM 11/14/2016 GE Digital ServiceMax 915.0 10.2x -- 10/4/2016 salesforce.com Krux 680.0 13.1x -- 9/8/2016 Google Apigee 625.0 6.5x -- 8/31/2016 Genesys Interactive Intelligence 1,400.0 3.3x NM 8/15/2016 salesforce.com BeyondCore 110.0 22.0x -- 8/9/2016 EQT AB (Sweden) Press Ganey Associates 2,213.8 6.8x 23.5x 7/28/2016 Oracle NetSuite 9,500.0 11.1x -- 7/21/2016 Monotype Imaging Olapic 130.0 9.3x -- 6/16/2016 Providence Equity Partners LogicMonitor 130.0 13.5x -- 6/2/2016 OpenText Corporation (Canada) Recommind 163.0 2.3x -- 6/1/2016 salesforce.com Demandware 2,800.0 11.0x -- 5/31/2016 Vista Equity Partners Marketo 1,790.0 7.9x -- 5/31/2016 Accel-KKR SciQuest 509.0 3.5x 23.2x 5/18/2016 NICE Systems (Israel) inContact 870.7 4.0x NM 5/2/2016 Oracle Opower 532.0 3.6x -- 4/28/2016 Oracle Textura 663.0 7.2x -- 4/18/2016 Vista Equity Partners Cvent Inc. 1,650.0 8.0x NM 3/22/2016 Micro Focus (UK) Serena Software 288.0 3.3x -- 3/21/2016 NASDAQ Boardvantage 200.0 4.7x 16.7x 1/11/2016 NICE Systems (Israel) Nexidia 135.0 2.7x -- 12/23/2015 salesforce.com SteelBrick 360.0 27.3x -- 11/5/2015 Neustar MarketShare Partners 450.0 7.9x -- 11/2/2015 Endurance International Group Constant Contact 1,100.0 2.6x 18.2x 10/27/2015 Cisco Systems Lancope 452.5 6.0x -- 10/21/2015 Silver Lake Partners/Thoma Bravo SolarWinds 4,500.0 9.1x 27.8x 9/21/2015 HGGC StrongView Systems 105.0 3.2x -- 8/10/2015 Blackbaud Smart Tuition 190.0 6.3x -- 8/10/2015 Envestnet Yodlee 660.0 6.0x -- 8/3/2015 Advance Publications/Newhouse Broadcast 1010data 500.0 10.0x -- 6/17/2015 Vista Equity Partners PowerSchool 350.0 3.6x -- 6/15/2015 Cox Automotive DealerTrack Holdings 4,000.0 5.1x 35.3x 5/27/2015 CA Technologies Rally Software Development 480.0 5.5x -- 4/30/2015 Francisco Partners ClickSoftware Technologies 438.0 3.2x --

INVESTMENT BANKING 32 Travel Digital Marketing E-Commerce Digital Media Gaming SaaS Technology Internet & Digital Media Monthly Internet & Digital Media Monthly

M&A ACTIVITY

Selected M&A Transactions (Cont’d)

($ in millions) Date Transaction EV / LTM Announced Acquirer Target Value Revenue EBITDA

4/23/2015 NetSuite Bronto Software 200.0 5.0x -- 4/7/2015 Citrix Systems Grasshopper 172.5 6.9x -- 4/7/2015 Singtel (Singapore) Trustwave 810.0 4.0x NM 3/24/2015 Lexmark International Kofax 1,013.6 3.2x 38.2x 2/5/2015 Insight Venture Partners E2open 273.0 3.3x -- 2/2/2015 SS&C Technologies Advent Software 2,504.6 6.8x 25.6x 1/8/2015 Dun & Bradstreet NetProspex 125.0 6.3x --

Mean 7.5x 25.3x Median 6.3x 23.2x

INVESTMENT BANKING 32 Internet & Digital Media Monthly

Notes & Disclosures

- CVT: Convertible Debt

- EBIT: Earnings Before Interest and Taxes

- EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization

- EV: Enterprise Value

- FO: Follow-on

- IPO: Initial Public Offering

- LTM: Last Twelve Months

- NA: Not Applicable

- NM: Not Meaningful

Sources of data include Capital IQ, FactSet and other news organizations. Information obtained from third-party sources is considered reliable, but we do not guarantee that the information herein is accurate or complete. This report was prepared within Raymond James & Associates’ Investment Banking Department and is for information purposes only. This report is not a product of Raymond James & Associates’ Research Department; recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision.

The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. Any performance mentioned does not include transaction fees and costs which would reduce an investor’s return. An investment cannot be made directly in a market index.

DISCLAIMER: This report includes logos or other words or devices that may be registered trademarks of their respective owners. Such use is solely for purposes of convenience in referring to the trademark owners and their products/services. This report and its contents are not endorsed, sponsored or affiliated with any trademark owner. Raymond James & Associates, Inc. and its affiliates are not affiliated with any trademark owner but may provide certain financial services to one or more trademark owners or their affiliates.

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