Piper Jaffray Cybersecurity Earnings Update

Third Quarter 2017

Marc Steifman Greg Klancher Co-Head of Technology Principal Piper Jaffray & Co. Piper Jaffray & Co.

MINNEAPOLIS | | CHICAGO | HOUSTON | | LOS ANGELES | NEW YORK | | ZÜRICH

Piper Jaffray Companies (NYSE: PJC) is an investment bank and asset management firm headquartered in Minneapolis with offices across the U.S. and in London, Zurich and Hong Kong. Securities brokerage and investment banking services are offered in the through Piper Jaffray & Co., member NYSE and SIPC, in Europe through Piper Jaffray Ltd., authorized and regulated by the Financial Conduct Authority, and in Hong Kong through Piper Jaffray Hong Kong, authorized and regulated by the Securities and Futures Commission. Asset management products and services are offered through three separate investment advisory affiliates registered with the U.S. Securities and Exchange Commission: Advisory Research Inc., Piper Jaffray Investment Management LLC and PJC Capital Partners LLC. Piper Jaffray & Co., Member SIPC and FINRA 11/17 Piper Jaffray Case Study: Vista Equity Partners acquires majority stake in Jamf

Vista Equity Partners: Undisclosed . Vista Equity Partners is a U.S.-based investment firm with more than $30 billion in cumulative capital commitments, currently invests in , data and technology-enabled organizations. . The firm invests in middle market management and leveraged , growth and acquisition Has purchased a majority financing, recapitalizations, private transactions, spin-outs and corporate divestitures. stake in . The firm was founded in 2000 and is headquartered in Austin, Texas. Jamf:

. Jamf focuses on helping businesses, education and government organizations succeed with November 2017 Apple through its Jamf Pro and Jamf Now solutions. . Jamf Pro (formerly Casper Suite) is the only Mac and iOS management software developed exclusively for the Apple platform. Jamf Pro offers the breadth and depth of functionality in package building, inventory, image management, remote imaging, remote updates, iOS mobile device management and a powerful framework for automated support. Today, more than 13,000 global customers rely on Jamf to manage over eight million Apple devices. . Jamf was founded in 2002 and is headquartered in Minneapolis, Minnesota. Piper Jaffray Role:

. Piper Jaffray was an advisor to Vista Equity Partners on the transaction. . Piper Jaffray had a long-standing relationship with Jamf management and strong knowledge of the company and space.

PIPER JAFFRAY 1 Revenue Growth Accelerated in Q3; Revenue Guidance for Q4 Mostly In-Line with Expectations Year-over-Year Revenue Growth in Q3 accelerated to the highest level in the past 7 quarters

Year-over-Year Revenue Growth – Post Q3 2017 Earnings Quarter-over-Quarter Revenue Growth – Post Q3 2017 Earnings

20.0% 10.0% 9.0% 18.1% 18.0% 17.3% 16.0% 16.5% 8.0% 16.0% 6.0% 14.0% 6.0% 5.0% 5.1% 13.2% 14.0% 3.9% 4.1% 11.9% 4.0% 12.0% 10.9% 10.0% 2.0%

8.0% 0.0% 6.0% (2.0%) 4.0% (4.0%) (3.3%) 2.0% (4.0%) 0.0% (6.0%) C1Q16 A / C2Q16 A / C3Q16 A / C4Q16 A / C1Q17 A / C2Q17 A / C3Q17 A / 4Q 17 C1Q16A / C2Q16A / C3Q16A / C4Q16A / C1Q17A / C2Q17A / C3Q17A / 4Q 17 C1Q15A C2Q15A C3Q15A C4Q15A C1Q16A C2Q16A C3Q16A Guidance C4Q15A C1Q16A C2Q16A C3Q16A C4Q16A C1Q17A C3Q17A Guidance vs. 4Q 16 vs. 3Q 17 Actual Actual Quarterly Revenue vs. Street T+1 Share Price Reaction Post Q3 2017 Announcement 2.0% 0.0% 1.8% 1.7% (0.2%) 1.6% (0.4%) 1.4% (0.4%) (0.6%) 1.2%

1.0% (0.8%)

0.8% (1.0%) 0.6% 0.6% (1.2%)

0.4% (1.4%) 0.2% (1.6%) (1.6%) 0.0% Q3 '17A vs Q3 '17 Street Q4 '17 Guidance vs Q4 '17 Street (1.8%) Mean Median Source: Company filings, S&P Capital IQ and FactSet; median of companies listed on page 3

PIPER JAFFRAY 2 Q3 Revenues Were Largely Better Than Street Expectations; Q4 Guidance was Mostly In-Line with Street Expectations

• Four companies (OKTA, MIME, PFPT, VRNS) reported YoY revenue growth in excess of 30% in Q3 • Ten companies missed street expectations with Q4 and/or CY 17 guidance – those companies traded down 8% on average in the day post-announcement

T+1 Percent 3Q17 Q/Q Revenue 3Q17 Y/Y Revenue 3Q17 Actual vs. CQ4E QoQ Growth CQ4E YoY Growth CQ4E Guidance vs. CY17 YoY Growth CY17 Guidance vs. Reaction 1Q17 Ticker Company 3Q17 Earnings Date growth growth Street (Guidance) (Guidance) Street (Guidance) Street Announcement Security OKTA Okta, Inc. 12/06/17 11.8% 61.3% 8.6% 3.4% 44.4% 3.8% 57.5% 3.2% 2.5% PANW Palo Alto Networks, Inc. 11/20/17 (0.7%) 27.0% 3.4% 3.5% 23.8% 0.7% 38.1% 0.7% 4.8% SPLK Splunk Inc. 11/16/17 17.4% 34.3% 6.3% 18.4% 26.9% 1.4% 28.4% (1.6%) 17.9% TSX:ABT Absolute Software Corporation 11/13/17 (0.8%) 2.3% (3.1%) NA NA NA 7.2% (3.7%) (12.9%) TSE:4704 Incorporated 11/09/17 (13.7%) 18.6% NA NA NA NA NA NA (2.6%) MIME Mimecast Limited 11/08/17 8.4% 42.2% 5.1% 2.3% 33.4% 1.9% NA NA (2.8%) LSE:SOPH Group plc 11/08/17 10.2% 21.7% 4.0% NA NA NA NA NA (1.6%) IMPV Imperva, Inc. 11/08/17 12.7% 22.6% 0.1% 8.1% 15.7% (1.9%) 21.5% (0.4%) (4.5%) RPD Rapid7, Inc. 11/07/17 6.5% 25.2% 1.3% 8.1% 21.2% 0.6% 25.6% 0.5% 9.4% VRNS Varonis Systems, Inc. 11/02/17 6.8% 30.9% 6.2% 23.6% 21.8% 2.1% 27.8% 2.0% 16.0% CYBR CyberArk Software Ltd. 11/02/17 12.8% 17.9% 3.5% 16.5% 17.3% 0.0% 18.6% 0.8% (3.2%) SYMC Symantec Corporation(1) 11/01/17 5.5% 26.7% (2.5%) 2.0% 29.2% (4.9%) 33.7% (2.7%) (8.6%) RDWR Radware Ltd. 11/01/17 4.1% 13.2% 1.9% 5.6% 8.3% 1.4% NA NA 0.0% FEYE FireEye, Inc. 11/01/17 2.2% 1.7% 1.7% 1.8% 4.5% (1.4%) NA NA (10.3%) QLYS Qualys, Inc. 10/31/17 7.6% 16.7% 1.5% 4.1% 18.6% 2.4% 16.1% 1.0% 5.4% MOBL MobileIron, Inc. 10/31/17 0.2% 2.8% 0.1% 10.0% 3.4% 0.6% NA NA 0.0% CHKP Software Technologies Ltd. 10/31/17 (0.9%) 6.3% 1.0% 11.1% 3.8% (4.6%) NA NA (12.5%) VDSI VASCO Data Security International, Inc. 10/26/17 11.9% 17.1% 6.1% NA NA NA (2.5%) (0.1%) 11.2% FTNT , Inc. 10/26/17 3.0% 18.2% 1.0% 9.0% 12.4% (2.2%) 16.5% NA (3.4%) ZIXI Zix Corporation 10/24/17 1.3% 8.4% (1.4%) 0.7% 7.2% (3.5%) 9.1% (1.2%) (7.3%) AKAM Akamai Technologies, Inc. 10/24/17 2.1% 6.4% 1.8% 4.1% 5.0% 0.9% NA NA 4.0% PFPT Proofpoint, Inc. 10/19/17 9.8% 34.6% 2.0% 3.5% 30.1% 0.4% 35.6% NA 1.1% CUDA Barracuda Networks, Inc. 10/10/17 0.2% 7.3% 1.0% (0.9%) 5.3% (1.0%) 8.0% (0.7%) (12.0%)

Mean 5.1% 20.1% 2.3% 7.1% 17.5% (0.2%) 22.8% (0.2%) (0.4%) Median 5.5% 18.2% 1.7% 4.1% 17.3% 0.6% 21.5% (0.1%) (1.6%)

(1) Symantec Corporation revenue growth includes acquisitions Source: Company filings, S&P Capital IQ and FactSet

PIPER JAFFRAY 3 Top Performing Security Stocks in 2017

Year to Date Stock Price Change % of 52-Week High

SOPH 105.3% CUDA 99.4% VRNS 79.7% RDWR 98.6% QLYS 78.2% FTNT 96.7% OKTA 66.8% VRSN 95.1% MIME 56.6% SPLK 91.9% SPLK 52.5% RPD 90.7% RPD 50.9% PANW 90.6% VRSN 47.8% QLYS 90.5% RDWR 40.5% VRNS 89.8% FTNT 36.5% MIME 87.6% CUDA 28.7% CHKP 86.9% CHKP 22.6% PFPT 85.9% PFPT 19.0% OKTA 84.3% FEYE 15.6% SOPH 82.1% SYMC 14.9% VDSI 81.8% PANW 14.2% SYMC 80.2% IMPV 5.6% CYBR 80.0% MOBL 5.3% AKAM 78.8% ABT 4.9% IMPV 77.4% CYBR (2.2%) FEYE 76.4% VDSI (4.4%) ABT 75.9% ZIXI (14.4%) ZIXI 63.4% AKAM (15.4%) MOBL 58.3%

(80.0%) (40.0%) 0.0% 40.0% 80.0% 120.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% YTD % Change % of 52-week high

Source: S&P Capital IQ, as of 12/5/2017 Note: OKTA stock price change from IPO pricing of $17.00 on 4/7/2017

PIPER JAFFRAY 4 Q4 Cybersecurity IPO Activity

ForeScout Technologies, Inc. (NasdaqGM: FSCT) SailPoint Technologies Holdings, Inc. (NYSE: SAIL)

$116 M $240 M

10/26/2017 11/16/2017

Company Description: ForeScout offers a platform Company Description: SailPoint is the leading provider of enterprise that provides enterprises and government identity governance solutions. Their solutions agencies with agentless visibility and control of empower their customers to efficiently and traditional and non-traditional devices, securely govern the digital identities of including physical and virtual infrastructure. employees, contractors, partners, etc. and manage their constantly changing access rights to enterprise applications and data. Offer Date October 26, 2017 Offer Date November 16, 2017 Filing Range $20.00 - $22.00 Filing Range $9.00 - $11.00 Offer Price $22.00 Offer Price $12.00 Offer Size $116 million Offer Size $240 million Primary / Secondary Mix 100% Primary Primary / Secondary Mix 71% Primary / 29% Secondary Post-Deal Market Cap $987 million Post-Deal Market Cap $1,076 million % Change IPO to Current + 4.1% % Change IPO to Current + 23.2%

Metrics at IPO Metrics at IPO

CY18E / CY17E Revenue + 20% CY18E / CY17E Revenue + 25% Growth Growth

CY18E FCF Margin -8% CY18E FCF Margin + 8% CY18E “Rule of 40” + 12% CY18E “Rule of 40” + 33% EV / CY18E Revenue: 3.2x EV / CY18 Revenue: 5.0x

Source: SEC filings, Street estimates PIPER JAFFRAY 5 YoY Revenue Growth by Quarter Post IPO for Recent Cybersecurity IPOs • Recent cybersecurity IPOs have grown, on average, 30-40% on a YoY basis in the first 10-12 quarters post-IPO • Recent IPOs, ForeScout and SailPoint are expected by the Street to grow revenue at approximately 20% and 25% respectively on a YoY basis in their first year post-IPO 100.0%

90.0%

80.2% 80.0% 75.7%

70.0% 66.2% 66.6% 1st to 3rd Quartile Median 60.0% High 54.0% 50.3% Low 49.5% 48.9% 50.0% 47.7% 47.2% 44.9% 45.3% 45.6% 43.1% 43.5% 41.4% 40.9% 37.6% 38.7% 40.0% 36.0% 34.3% 31.6% 35.0% 30.4% 30.0% 32.0% 30.1% 26.9% 27.4% 27.3% 28.1% 27.0% 25.3% 25.9% 24.7% 25.2% 24.0% 24.0% 24.1% 20.0% 22.6% 21.2% 21.0% 17.7% 16.6% 18.6% 10.0% 13.8% 11.5% 11.0% 10.2%

0.0%

(10.0%) IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO +1 +2 +3 +4 +5 +6 +7 +8 +9 +10 +11 +12 +13 +14 +15 +16 +17 +18 +19 +20 +21 +22 +23 +24

Includes: OKTA, PANW, SPLK, CYBR, MIME, RPD, QLYS, FEYE, IMPV, MOBL, PFPT Note: High exceeds 100% if no marker is displayed on the chart Source: S&P Capital IQ

PIPER JAFFRAY 6 2018 “Rule of 40” – 2018E Revenue Growth + 2018E FCF Margin

10.0x MEDIAN EV/Rev MEDIAN EV/Rev MEDIAN EV/Rev 2.2x 4.1x 5.6x 9.0x MEDIAN Rev Growth + FCF MEDIAN Rev Growth + FCF MEDIAN Rev Growth + FCF Margin Margin Margin 8.0x 12.1% 29.7% 46.7% OKTA QLYS y = 8.9219x + 1.1932 7.0x CHKP R² = 0.5109 SPLK 6.0x SAIL LSE:SOPH MIME PFPT 5.0x TMICF VRNS PANW CYBR 4.0x FSCT SYMC 2018E EV / Revenue AKAM FEYE CUDA 3.0x ZIXI RPD RDWR IMPV 2.0x TSX:ABT MOBL VDSI 1.0x SCWX

0.0x 0% 10% 20% 30% 40% 50% 60% 70% 2018E Rev Growth + FCF Margin

Source: S&P CapitalIQ as of 12/5/2017

PIPER JAFFRAY 7 Companies with High Quality Financial Models Continue to Trade at Premium Valuations

Enterprise Value / LTM Revenue Multiple Stock Price Index LTM

9.0x 40.0%

8.0x 30.0% 7.0x 20.0% 6.0x

5.0x 10.0%

4.0x 0.0% 3.0x -10.0% 2.0x

1.0x -20.0%

Revenue Growth + FCF Revenue Growth + FCF NASDAQ Revenue Growth + FCF HACK – Security ETF Margin > 40% Margin 20% to 40% Margin < 20%

Security Company Median Valuation Multiples & Operating Metrics Revenue Growth + FCF Revenue Growth + FCF Revenue Growth + FCF Revenue Growth + FCF Revenue Growth + FCF Revenue Growth + FCF Margin > 40% Margin 20% to 40% Margin < 20% Margin > 40% Margin 20% to 40% Margin < 20% 7.2x 5.6x 4.3x 4.1x 21.6% 18.6% 18.7% 17.5% 2.3x 2.2x 6.5% 7.7%

2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 22.3% 23.5% 29.5x 23.0x 22.3x 18.5x 19.5x 11.3% 14.1x 10.3% 5.0% 0.9%

2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 Source: Wall Street Research. Data as of 12/5/2017

PIPER JAFFRAY 8 Public Company Valuations

(in millions) Price Equity Enterprise Revenue Revenue Growth EBITDA Margin FCF Margin TEV / Revenue TEV / EBITDA TEV / FCF P/E Company 12/5/2017 Value Cash Debt Value CY17 CY18 CY17 CY18 CY17 CY18 CY17 CY18 CY17 CY18 CY17 CY18 CY17 CY18 CY17 CY18 Revenue Growth + FCF Margin > 40% Check Point Software Technologies Ltd. $103.59 $17,212 $3,865 $0 $13,347 $1,855 $1,975 6.5% 6.5% 55.5% 55.2% 54.0% 51.8% 7.2x 6.8x 13.0x 12.2x 13.3x 13.0x 19.7x 18.1x Palo Alto Networks, Inc. $142.82 $13,125 $2,281 $531 $11,376 $1,912 $2,369 22.0% 23.9% 23.4% 25.9% 39.8% 37.3% 6.0x 4.8x 25.4x 18.5x 14.9x 12.9x 50.8x 38.2x Splunk Inc. $78.01 $10,954 $1,063 $0 $9,890 $1,241 $1,551 30.6% 25.0% 11.8% 13.4% 19.0% 21.4% 8.0x 6.4x 67.3x 47.7x 42.1x 29.9x NM NM Fortinet, Inc. $41.10 $7,356 $1,536 $0 $5,820 $1,487 $1,697 16.6% 14.2% 20.8% 21.7% 26.3% 28.0% 3.9x 3.4x 18.8x 15.8x 14.9x 12.3x 40.3x 34.5x Proofpoint, Inc. $84.07 $3,769 $460 $381 $3,691 $509 $658 35.6% 29.3% 12.7% 13.7% 20.6% 20.8% 7.2x 5.6x 57.0x 40.9x 35.1x 26.9x NM NM Qualys, Inc. $56.40 $2,273 $343 $0 $1,930 $230 $268 16.2% 16.6% 36.8% 37.0% 29.4% 30.1% 8.4x 7.2x 22.8x 19.5x 28.5x 23.9x 53.7x 48.2x CyberArk Software Ltd. $44.52 $1,611 $297 $0 $1,314 $257 $305 18.6% 18.7% 22.3% 23.5% 22.0% 23.3% 5.1x 4.3x 23.0x 18.3x 23.3x 18.5x 40.5x 34.0x Median $7,356 $1,063 $0 $5,820 $1,241 $1,551 18.6% 18.7% 22.3% 23.5% 26.3% 28.0% 7.2x 5.6x 23.0x 18.5x 23.3x 18.5x 40.5x 34.5x

Revenue Growth + FCF Margin 20% to 40% Symantec Corporation $27.44 $17,012 $2,185 $6,209 $21,036 $4,924 $5,135 30.4% 4.3% 44.1% 49.6% 14.7% 25.4% 4.3x 4.1x 9.7x 8.3x 29.1x 16.1x 19.1x 14.6x Akamai Technologies, Inc. $56.44 $9,680 $1,414 $657 $8,923 $2,488 $2,694 6.3% 8.3% 37.0% 35.9% 16.4% 14.6% 3.6x 3.3x 9.7x 9.2x 21.9x 22.8x 22.0x 21.5x Trend Micro Incorporated $55.38 $7,689 $1,747 $0 $5,942 $1,318 $1,413 11.4% 7.3% 32.4% 34.6% 20.9% 21.4% 4.5x 4.2x 13.9x 12.2x 21.6x 19.6x NA NA Sophos Group plc $7.19 $3,352 $81 $303 $3,574 $576 $692 11.7% 20.2% 9.2% 9.3% 16.7% 14.0% 6.2x 5.2x 67.5x NM 37.3x 36.9x NM 65.3x Okta, Inc. $28.36 $2,711 $213 $0 $2,498 $245 $331 52.7% 35.3% (28.6%) (20.6%) (16.8%) (2.8%) 10.2x 7.5x NM NM NM NM NM NM Mimecast Limited $28.04 $1,607 $123 $31 $1,515 $229 $293 33.7% 28.3% 8.2% 10.3% 6.6% 7.2% 6.6x 5.2x NM NM 99.7x 71.5x NM NM Barracuda Networks, Inc. $27.58 $1,506 $207 $0 $1,300 $366 $397 5.5% 8.4% 18.2% 20.5% 16.8% 18.8% 3.5x 3.3x 19.5x 16.0x 21.1x 17.4x 40.8x 31.5x Imperva, Inc. $40.55 $1,379 $343 $0 $1,036 $322 $378 21.6% 17.5% 13.3% 14.5% 15.6% 16.6% 3.2x 2.7x 24.2x 18.9x 20.7x 16.5x 43.6x 40.1x Varonis Systems, Inc. $48.15 $1,340 $128 $0 $1,212 $211 $250 28.0% 18.6% 3.8% 5.3% 5.9% 8.5% 5.8x 4.9x NM NM 97.6x 57.1x NM NM SailPoint Technologies Holdings, Inc. $14.66 $1,314 $57 $66 $1,323 $174 $218 31.6% 25.0% 11.3% 10.3% 7.6% 7.7% 7.6x 6.1x 67.5x 58.8x 99.5x 79.2x NM NM Rapid7, Inc. $18.37 $806 $85 $0 $721 $198 $238 25.6% 20.4% (10.8%) (5.4%) 2.6% 4.0% 3.6x 3.0x NM NM 139.2x 75.6x NM NM VASCO Data Security International, Inc. $13.05 $520 $163 $0 $358 $189 $205 (1.7%) 8.5% 9.7% 10.0% 12.7% 14.1% 1.9x 1.7x 19.5x 17.4x 14.9x 12.3x 33.9x 33.5x Zix Corporation $4.23 $233 $33 $0 $200 $66 $71 9.1% 7.9% 27.9% 30.8% 22.9% 26.8% 3.0x 2.8x 10.9x 9.2x 13.3x 10.5x 15.1x 12.8x Median $1,506 $163 $0 $1,323 $245 $331 21.6% 17.5% 11.3% 10.3% 14.7% 14.1% 4.3x 4.1x 19.5x 14.1x 21.9x 19.6x 28.0x 31.5x

Revenue Growth + FCF Margin < 20% FireEye, Inc. $13.76 $2,540 $879 $770 $2,431 $742 $801 3.9% 7.9% 11.1% 13.6% (4.8%) 3.0% 3.3x 3.0x 29.5x 22.3x NM 102.3x NM NM Radware Ltd. $20.48 $900 $331 $0 $569 $209 $224 6.3% 7.4% 6.8% 9.8% 0.0% NA 2.7x 2.5x 40.0x 25.8x NA NA NM 66.1x ForeScout Technologies, Inc. $21.92 $811 $73 $26 $1,054 $214 $258 28.1% 20.8% (18.3%) (10.3%) (5.6%) (7.6%) 4.9x 4.1x NM NM NM NM NM NM SecureWorks Corp. $8.95 $726 $100 $0 $626 $464 $511 8.1% 10.1% (4.9%) 0.1% (2.6%) (0.0%) 1.3x 1.2x NM NM NM NM NM NM MobileIron, Inc. $3.95 $379 $82 $0 $297 $175 $186 6.5% 6.6% (10.3%) (5.7%) (1.9%) 11.6% 1.7x 1.6x NM NM NM 13.8x NM NM Absolute Software Corporation $5.23 $208 $33 $0 $175 $94 $99 6.5% 4.9% 7.6% 10.6% (1.6%) 9.0% 1.9x 1.8x 24.4x 16.7x NM 19.7x NM 55.1x Median $768 $91 $0 $598 $211 $241 6.5% 7.7% 0.9% 5.0% (2.2%) 3.0% 2.3x 2.2x 29.5x 22.3x NM 13.8x NA 60.6x

Source: S&P Capital IQ as of 12/5/2017

PIPER JAFFRAY 9 Precedent Transactions – Security

($ in millions) Transaction Multiples Transaction Values Revenue EBITDA Announced Target Acquirer Equity Enterprise LTM NTM LTM NTM 11/29/17 Weblife.io Proofpoint, Inc. NA NA NA NA NA NA 11/29/17 NetWatcher Qualys NA NA NA NA NA NA 11/27/17 Skyhigh Networks McAfee NA NA NA NA NA NA 11/27/17 Barracuda Networks, Inc. (NYSE: CUDA) Thoma Bravo, LLC $1,553 $1,369 3.7x 3.5x 42.0x 18.4x 11/27/17 IMMUN.IO Inc. Trend Micro Incorporated NA NA NA NA NA NA 11/15/17 Datashield ADT Security NA NA NA NA NA NA 11/8/17 Sonian Barracuda Networks, Inc. NA NA NA NA NA NA 11/7/17 SypherMedia Inside Secure NA $13 NA NA NA NA 11/7/17 Cloudmark, Inc. Proofpoint, Inc. NA $110 NA 4.9x NA NA 11/6/17 SurfEasy Symantec Corporation NA $39 NA NA NA NA 11/2/17 Black Duck Software Synopsys, Inc. NA $565 7.0x NA NA NA 11/1/17 Comodo CA Limited (Comodo certificate authority business) Francisco Partners Management LLC NA NA NA NA NA NA 10/24/17 Caradigm Identity and access management business Imprivata NA NA NA NA NA NA 10/17/17 SignalSense, Inc. Splunk Inc. NA NA NA NA NA NA 10/11/17 jamf Vista Equity Partners LLC NA NA NA NA NA NA 10/11/17 Nominum Akamai Technologies, Inc. NA NA NA NA NA NA 10/9/17 AppRiver Marlin Equity Partners NA NA NA NA NA NA 9/24/17 Gigya SAP SE NA NA NA NA NA NA 9/20/17 Core Security SDI Corp. SecureAuth Corp. NA NA NA NA NA NA 9/14/17 Entrust Data Card email encryption solution (EMS) Zix, Inc. NA NA NA NA NA NA 8/28/17 RedOwl NA NA NA NA NA NA 8/15/17 Securecast Inc. NA NA NA NA NA NA 8/8/17 Datablink, Inc. WatchGuard Technologies, Inc. NA NA NA NA NA NA 8/2/17 Symantec (website security and PKI solutions) DigiCert NA $950 NA NA NA NA 8/1/17 Nevis Net Qualys NA NA NA NA NA NA 7/26/17 Guidance Software Open Text Corporation $256 $245 2.3x 2.1x NM 20.6x 7/18/17 Komand Rapid7, Inc. NA NA NA NA NA NA 7/11/17 Skycure Ltd. Symantec Corporation NA NA NA NA NA NA 7/11/17DataGravity Hytrust NANANANANANA 7/6/17 Fireglass Symantec Corporation $225 $225 NA NA NA NA 5/25/17 EchoSat Communications Group, Inc. ControlScan, Inc. NA NA NA NA NA NA 5/24/17 Resolve Systems, LLC Insight Venture Partners LLC NA NA NA NA NA NA 5/24/17 Hexadite NA NA NA NA NA NA 5/18/17 Are You a Human, LLC Distil, Inc. NA NA NA NA NA NA 5/11/17 Conjur CyberArk Software Ltd. $42 $42 NA NA NA NA 5/11/17 Digital Assurance F-Secure Oyj NA NA NA NA NA NA 5/1/17 Viptela, Inc. , Inc. $610 $610 NA NA NA NA 4/25/17 TeleSign Corporation BICS $230 $230 2.3x NA NA NA 4/18/17 InfoReliance Corporation ECS Federal, Inc. NA NA NA NA NA NA 3/29/17 NuData Security Inc. Mastercard Incorporated NA NA NA NA NA NA 3/6/17 Stormpath Okta, Inc. NA NA NA NA NA NA 3/6/17 Veracode, Inc. CA, Inc. $614 $614 NA 7.7x NA NA 2/28/17 LightCyber Ltd. Palo Alto Networks, Inc. $105 $105 10.5x NA NA NA 2/8/17 Skyfence Networks Ltd. Okta, Inc. $40 $40 NA NA NA NA 2/8/17 Endgame, Inc., U.S. Federal Government Services Business Accenture plc NA NA NA NA NA NA 2/8/17 Invincea, Inc. Sophos Group plc $100 $120 12.2x NA NA NA 2/1/17 Delta ID Inc. Fingerprint Cards AB (publ) $106 $120 NA NA NA NA 1/31/17 Seculert Ltd. Radware Ltd. NA NA NA NA NA NA 1/24/17 AppDynamics LLC Cisco Systems, Inc. $3,700 $3,903 18.9x NA NM NA 1/9/17 Harvest.ai Amazon Web Services, Inc. NA NA NA NA NA NA Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 10 Precedent Transactions – Security (Cont’d)

($ in millions) Transaction Multiples Transaction Values Revenue EBITDA Announced Target Acquirer Equity Enterprise LTM NTM LTM NTM 12/27/16 HexaTier Huawei NA $42 NA NA NA NA 12/6/17 Optiv Security KKR NA $1,900 2.0x NA NA NA 12/6/16 InAuth, Inc. American Express Company NA NA NA NA NA NA 11/23/16 iSheriff, Inc. Mimecast Limited $6 $8 NA NA NA NA 11/21/16 Dyn Oracle Corporation NA $650 6.5x NA NA NA 11/20/16 LifeLock, Inc. Symantec Corporation $2,338 $2,362 3.6x 3.3x 50.0x 24.0x 11/11/16 Virtual Security Research NCC Group NA $6 NA NA NA NA 11/7/16 Cigital, Inc. and Codiscope, LLC Synopsys, Inc. NA NA NA NA NA NA 11/4/16 Catbird Networks, Inc. BC Partners; Medina Capital NA NA NA NA NA NA 11/4/16 Easy Solutions Inc. BC Partners; Medina Capital NA NA NA NA NA NA 11/4/16 Cryptzone North America Inc. BC Partners; Medina Capital NA NA NA NA NA NA 11/1/16 Barricade Security Systems Sophos $2 NA NA NA NA NA 10/27/16 Palamida, Inc. Flexera Software LLC NA NA NA NA NA NA 10/25/16 FortyCloud Ltd FireMon, LLC NA NA NA NA NA NA 10/24/16 Masergy Communications, Inc. Berkshire Partners LLC NA NA NA NA NA NA 10/20/16 Triumfant, Inc. Nehemiah Security, LLP NA NA NA NA NA NA 10/20/16 FireLayers, Inc. Proofpoint, Inc. $38 $46 NA NA NA NA 10/4/16 Soha Systems, Inc. Akamai Technologies, Inc. NA NA NA NA NA NA 10/4/16 ValidSoft UK Management NA $3 NA NA NA NA 9/19/16 InfoBlox Vista Equity Partners NA $1,254 3.5x NA NA NA 9/19/16 CyberFlow Analytics, Inc. Webroot Inc. NA NA NA NA NA NA 9/18/16 Palerra, Inc. Oracle Corporation NA NA NA NA NA NA 9/15/16 Prelert Inc. ELASTICSEARCH GLOBAL BV NA NA NA NA NA NA 9/13/16 EyeVerify Inc. Ant Financial Services Group NA NA NA NA NA NA 9/7/16 Security Inc. (nka:McAfee LLC) TPG Capital, L.P. $2,157 $4,157 NA NA NA NA 9/6/16 LaunchKey, Inc. iovation Inc. NA NA NA NA NA NA 8/26/16 PhenixID Clavister Holding NA $4,200 NA NA NA NA 8/24/16 Return - Email Fraud Protection Division Proofpoint, Inc. $18 $18 NA NA NA NA 8/17/16 Modulo Security SAI Global NA $5 NA NA NA NA 8/17/16 Sypris Electronics Analog Devices NA $42 NA NA NA NA 8/2/16 UnboundID, Corp. Ping Identity Corporation NA NA NA NA NA NA 7/26/16 Appcito A10 Networks NA $7 NA NA NA NA 7/25/16 OpenLimit WISekey NA $20 13.1x NA NA NA 7/25/16 Fireblade Ltd. StackPath, LLC NA NA NA NA NA NA 7/22/16 Damballa, Inc. Core Security Technologies, Inc. $9 $9 NA NA NA NA 7/19/16 Confer Technologies, Inc. Carbon Black, Inc. NA NA NA NA NA NA 7/13/16 Imprivata, Inc. Thoma Bravo, LLC; Thoma Bravo Fund XII, L.P. $489 $497 3.8x 3.5x NM NM 7/7/16 AVG Technologies N.V. Software B.V. $1,326 $1,463 3.4x 3.3x 11.7x 9.0x 6/29/16 IDScan Biometrics GB Group NA $61 10.3x NA NA NA 6/28/16 CloudLock, Inc. Cisco Systems, Inc. $293 $293 NA NA NA NA 6/20/16 Software, Inc. and Dell SonicWALL, Inc. Francisco Partners Management LLC; Elliott Managem $2,400 $2,400 NA NA NA NA 6/13/16 Arkin Net Inc. VMware, Inc. $67 $77 NA NA NA NA 6/12/16 Blue Coat, Inc. Symantec Corporation $3,073 $4,722 7.9x NA NM NA 6/7/16 AccelOps, Inc. Fortinet, Inc. $28 $32 NA NA NA NA 6/1/16 BrightPoint Security, Inc. ServiceNow, Inc. $20 $20 NA NA NA NA 6/1/16 Ping Identity Corporation Vista Equity Partners LLC; Vista Equity Partners Fund NA NA NA NA NA NA 5/18/16 Hexis Cyber Solutions, Inc., Hexis HawkEye G WatchGuard Technologies, Inc. NA NA NA NA NA NA 5/8/16 Cyberinc aurionPro Solutions Limited NA NA NA NA NA NA 5/6/16 Jumio Corporation Centana Growth Partners $1 $1 NA NA NA NA Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 11 Precedent Transactions – Security (Cont’d)

($ in millions) Transaction Multiples Transaction Values Revenue EBITDA Announced Target Acquirer Equity Enterprise LTM NTM LTM NTM 5/5/16 Advanced Security Consulting Falanx Group NA $1 NA NA NA NA 4/27/16 ANXeBusiness Open Text Corporation NA $104 NA NA NA NA 4/21/16 DeviceAuthority, Inc. Cryptosoft Ltd. (nka:Device Authority Ltd) NA NA NA NA NA NA 4/18/16 CSIdentity Corporation Experian Information Solutions, Inc. $360 $360 NA NA NA NA 4/15/16 Click Security, Inc. Alert Logic, Inc. NA NA NA NA NA NA 4/12/16 Wave Systems Corp., Substantially all assets excluding certainESW Capital, LLC $4$4NANANANA 4/8/16 Bluebox Security, Inc. Lookout, Inc. NA NA NA NA NA NA 4/1/16 Aimetis Corp. Senstar Corporation NA $22 2.1x NA NA NA 3/23/16 Sookasa Barracuda Networks, Inc. NA NA NA NA NA NA 3/10/16 Agata Solutions CyberArk Software Ltd. NA $3 NA NA NA NA 3/3/16 Safend SuperCom NA $2 NA NA NA NA 2/29/16 Resilient, an IBM Company International Business Machines Corporation NA NA NA NA NA NA 2/25/16 Sentrix Ltd. Trusted Knight Corp. NA NA NA NA NA NA 2/23/16 Arellia Corporation Thycotic Software Ltd. NA NA NA NA NA NA 2/18/16 ValidSoft Cross River Initiatives NA $13 NA NA NA NA 2/17/16 SMS Passcode A/S Censornet Ltd. NA NA NA NA NA NA 2/8/16 IronKey Enterprise Management Services DataLocker NA NA NA NA NA NA 2/8/16 Digital Footprints International LLC Infoblox Inc. NA $45 NA NA NA NA 2/1/16Invotas FireEye, Inc. NA$30NANANANA 1/20/16 iSight Security, Inc. FireEye, Inc. $275 $275 6.9x NA NA NA 1/5/16 TowerSec Inc. Harman Becker Automotive Systems Manufacturing K $38$76NANANANA

Mean 6.5x 4.0x 34.6x 18.0x Median 3.8x 3.5x 42.0x 19.5x

Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 12 Private Placements – Security

($ in millions)

Transaction Announced Target/Issuer Value Investors Business Description [Target/Issuer] 12/5/2017 IRONSCALES 6.50 K1 Investment Management, RDC Automated phishing prevention, detection and response provider

11/30/2017 ReversingLabs 25.00 Trident Capital Cybersecurity; JPMorgan Chase Threat detection solutions company

11/30/2017 Pwnie Express 8.00 406 Ventures; Ascent Venture Partners; Fairhaven Capital; Vermont Center for Emerging Technologies Provides IOT security solutions

11/17/2017 CounterTack, Inc. N/A NTT DOCOMO Ventures Provides real-time endpoint threat detection and response solutions

11/13/2017 ThreatQuotient, Inc. 30.00 Adams Street Partners; Cisco Investments; NTT DOCOMO Ventures; New Enterprise Associates; Bank Develops and operates a threat intelligence platform that enables organizations to manage threat intelligence

10/31/2017 Recorded Future 25.00 Insight Venture Partners; Balderton; Ventures; In-Q-Tel; IA Ventures; Atlas Venture Online platform in threat intelligence (TI)

10/26/2017 Skybox Security, Inc. 150.00 CVC Capital Partners' Growth Fund; Pantheon Provides cybersecurity management solutions for enterprises

10/24/2017 KnowBe4, Inc. 30.00 Growth Equity (GS Growth); Elephant Cybersecurity awareness training provider

10/19/2017 Contrast Security, Inc. 30.00 Battery Ventures; Acero Capital; General Catalyst Partners Develops software that stops hackers from stealing data through Web applications

10/18/2017 Duo Security 70.00 MeriTech Capital Partners; Lead Edge Capital; Workday; Index Ventures; Geodesic Capital; Redpoint Ventures Cloud-based access protection solution

10/12/2017 SecurityScorecard 27.50 Nokia Growth Partners; Moody's Corporation; Intel Capital; ; GV Cybersecurity rating and continuous monitoring platform

10/3/2017 HYPR 8.00 RRE Ventures; Boldstart Ventures; Mesh Ventures Developer of a biometric security platform created to ensure user data is kept private across the IoT

9/28/2017 Onfido 30.00 Crane Venture Partners; Microsoft Ventures; Ventures Provider of identity verification solutions

9/20/2017 Capsule8 6.00 Bessemer Venture Partners Cyberattack protection and response platform for cloud-native environments

9/20/2017 Digital Shadows 26.00 Octopus Ventures; World Innovation Lab; Industry Ventures; Passion Capital; Trinity Ventures London-based digital risk management company

9/20/2017 Sp0n 12.00 Sequoia Capital Developer of a crime tracking app

9/20/2017 Aqua Security 25.00 Lightspeed Venture Partners; Microsoft Ventures; TLV Ventures; Shlomo Kramer Israel-based container security platform provider

9/20/2017 Securonix 29.00 Volition Capital; Eight Roads Ventures Provider of big data security analytics

9/19/2017 Threat Stack 45.00 F-Prime Capital Partners; Eight Roads Ventures; Scale Venture Partners; .406 Ventures; Accomplice Provider of cloud security management

9/19/2017 Evident 8.80 New Enterprise Associates; Tom Noonan; Lane Bess; Mike Potts Cybersecurity solution for managing and sharing personal data

9/5/2017 ForgeRock 88.00 Partners; KKR; Meritech Capital Partners; Foundation Capital Leading platform provider of digital identity management solutions

8/31/2017 Qadium 40.00 IVP (Institutional Venture Partners); TPG Growth; New Enterprise Associates; Founders Fund; Susa Ventures Developer of a global -sensing platform designed to create and organize knowledge about the world's devices

8/23/2017 Versive 12.70 Formation 8; Vulcan Capital; Madrona Venture Group; Goldman Sachs; Mark Leslie Developer of an artificial intelligence cyber-security platform designed to reduce cyber-threats

8/21/2017 eSentire Inc. 100.00 Warburg Pincus LLC Provides managed security solutions to help guard the intellectual property and infrastructure of enterprises

8/9/2017 Socure Inc. 13.90 Commerce Ventures; Flint Capital; Work-Bench; Santander InnoVentures; Two Sigma Ventures Provides software-as-a-solution (SaaS)-based anti-fraud and compliance solutions

7/27/2017 CallSign Ltd. 35.00 Accel Partners; Allegis Capital; PTB Ventures Develops an artificial intelligence-based authentication platform designed to provide secure and seamless authentication

7/25/2017 Nyotron 21.00 DGB Investments; Mitvah Shamir; Gil Agmon; Shmuel Harlap Develops for clients in Israel, Europe, and internationally

7/25/2017 PerimeterX 23.00 Canaan Partners; Vertex Ventures; Data Collective Develops cloud security solutions

7/25/2017 Bricata 8.00 Edison Partners Develops network security and data protection solutions and provides threat protection across network and cloud-based devices

7/17/2017 Awake Security 31.00 Greylock; Bain Capital Offers visibility into network operations and security

7/12/2017 ZeroFox 40.00 Redline Capital Management; Silver Lake Waterman; NEA; Highland Capital Partners; Core Capital Provides real-time social threat analytics, intelligence, and advanced security protection via its cloud-based cyber platform

7/11/2017 Lastline, Inc. 28.50 Thomvest Ventures; Osage University Partners; Redpoint Ventures Develops and delivers security and protection platform to detect, stop, and manage attacks

6/27/2017 , Inc. 75.00 Accel Partners; Institutional Venture Partners Provides a cloud-native machine data analytics service to build, run, and secure applications

6/20/2017 Cybereason Inc. 100.00 SoftBank Group Corp. (TSE:9984) Operates an automated platform to detect, visualize, and terminate cyber attacks

6/6/2017 Netskope, Inc. 100.00 Accel Partners; Sapphire Ventures LLC; Lightspeed Provides a SaaS based platform that helps people to get and use their favorite cloud applications

5/31/2017 Sqrrl Data, Inc. 12.30 Accomplice, LLC; Matrix Partners; Rally Ventures; Spring Lake Equity Partners LLC Enables organizations to target, hunt, and disrupt advanced cyber threats

5/30/2017 CounterTack, Inc. 20.00 SAP National Security Services, Inc.; Singtel Innov8 Pte. Ltd. Provides real-time endpoint threat detection and response solutions

5/22/2017 Karamba Security 12.00 Liberty Mutual Strategic Ventures; Paladin Capital Group; Presidio Ventures; Asgent Develops security systems for connected cars

5/18/2017 Wandera, Inc. 27.50 83 North; Bessemer Venture Partners; Sapphire Ventures LLC Provides Enterprise Mobile Security for mobile threat defense and content filtering protect data

5/17/2017 CrowdStrike, Inc. 100.00 Accel Partners; CapitalG; Warburg Pincus; March Capital Partners; Develops malware protection, threat intelligence, and response solutions Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 13 Private Placements – Security (Cont’d)

($ in millions)

Transaction Announced Target/Issuer Value Investors Business Description [Target/Issuer] 5/9/2017 Signal Sciences Corporation 15.00 CRV; Index Ventures; O'Reilly AlphaTech Ventures, LLC; Harrison Metal Capital Develops a software as a service platform to provide security for user's web applications

4/28/2017 Deep Sentinel Corp 7.40 Lux Capital Management; Shasta Ventures; Bezos Expeditions, LLC; UP2398 LLC Develops an artificial intelligence based security software for homes

4/25/2017 Twistlock Inc. 17.00 Polaris Partners; YL Ventures GP Ltd.; Rally Ventures; Ten Eleven Ventures Provides docker container security solutions for DevOps

4/14/2017 802 Secure, Inc. 6.00 Daylight Investors, LLC Security solutions and services for enterprises to deploy wireless and Internet of Things (IoT)

3/21/2017 SlashNext, Inc. 9.00 Norwest Venture Partners; Wing Venture Partners Develops cyber-security solutions

3/9/2017 KnowBe4, Inc. 5.20 Elephant Partners Cybersecurity awareness training provider

3/8/2017 Dyadic Security Ltd. 12.00 Goldman Sachs Principal Strategies; Innovation Endeavors; Citi Ventures, Inc. Provides distributed security module software solutions

2/27/2017 Fortscale Security Ltd. 7.00 Blumberg Capital; Intel Capital; Swarth Investments L.L.C.; Valor Capital Group; Evolution Equity Partners; UST Global Provides data security services developing system which analyzes information and tracks patterns of potential threats

2/7/2017 Exabeam, Inc. 30.00 Norwest Venture Partners; Lightspeed Venture Partners; Icon Ventures; Cisco Investments; Aspect Ventures Provides behavior-based security intelligence platform.

1/25/2017 Telos Corporation 11.00 Not Disclosed Provides information technology (IT) solutions and services worldwide

1/18/2017 Secret Double Octopus Ltd. 6.00 Jerusalem Venture Partners; Iris Capital; Benhamou Global Ventures LLC; Liberty Israel Venture Fund, LLC Develops network-level security solutions

1/18/2017 Jungle Disk, LLC 11.00 Not Disclosed Develops and provides data threat protection cloud solutions

1/17/2017 OPAQ Networks, Inc. 21.00 Columbia Capital, L.P.; Harmony Partners; Zero Gravity Corporation Operates as a Network Security as-a-Service company that enables organizations to simplify, centralize, and secure their networks

1/12/2017 SentinelOne Inc. 70.00 Redpoint Ventures; Third Point Ventures L.P.; The Westly Group; Granite Hill Capital Partners, LLC; Data Collective Provides endpoint security solutions

1/11/2017 Transmit Security, Inc. 40.00 Not Disclosed Designs and develops a platform that addresses problems in security and usability

1/10/2017 Phantom Cyber Corporation 13.50 Foundation Capital; Kleiner Perkins Caufield & Byers; In-Q-Tel, Inc.; Rein Capital, LLC; Provides security automation and orchestration platform

1/6/2017 Beijin Shenxing Technology Co. 100.00 Zero2IPO Ventures; Matrix Partners China; Kinzon Capital Develops facial recognition solutions based on artificial intelligence (AI)

1/4/2017 Demisto, Inc. 20.00 Accel Partners; Slack Technologies, Inc., Investment Arm; ClearSky Operates a security operations platform for security operations centers (SOCs)

1/1/2017 2.50 Founders Equity Partners Provides cloud-based cyber-security platform designed to predict and prevent execution of advanced threats and malware

12/27/2016 Zimperium, Inc. 15.00 SoftBank Group Corp. (TSE:9984) Develops mobile intrusion prevention system

12/23/2016 Bitglass, Inc. 45.00 New Enterprise Associates; Norwest Venture Partners; SingTel Ventures (Pte) Ltd.; Australian Government Future Fund Provides security solutions that segments, tracks, and secures businesses’ sensitive data

12/15/2016 SenseTime group Limited 120.00 IDG Capital Partners; Dalian Wanda Group Co Ltd; CDH Investments; StarVC Develops face recognition technology that can be applied to payment and picture analysis for bank card verification

12/13/2016 Socure Inc. 13.00 ff ; Santander UK plc, Investment Arm; Two Sigma Ventures; Flint Capital Provides software-as-a-solution (SaaS)-based anti-fraud and compliance solutions

12/7/2016 Kenna 15.00 Peakspan Capital; Costanoa Ventures; Hyde Park Angels; OurCrowd; The R-Group LLC; USVP Developer of vulnerability management and workflow automation software

12/6/2016 Cyber Secdo Ltd. 10.00 RDC - Rafael Development Corporation Ltd. Develops cyber solutions that enable security operations teams to detect, investigate, and remediate advanced threats

11/8/2016 Indeni Limited 10.00 Sequoia Capital Israel; CIRTech Fund Provides network security monitoring and troubleshooting devices

11/17/2016 Prevalent 60.00 Insight Venture Partners Provider of risk management and cyber threat monitoring services

11/15/2016 Siemplify 10.00 83 North; G20 Ventures Provider of an online platform

11/1/2016 CounterTack, Inc. 10.00 Goldman Sachs Group, Merchant Banking Division; EDB Investments Pte. Ltd.; Venture Capital GmbH Provides real-time endpoint threat detection and response solutions

10/28/2016 RiskIQ, Inc. 30.45 Battery Ventures; Summit Partners LLP; Georgian Partners; MassMutual Ventures LLC Develops cloud-based security solutions that eliminate email threats and fraud

10/26/2016 Invincea, Inc. 10.00 New Atlantic Ventures; Comerica Bank; ORIX ; Harbert Venture Partners, LLC; Dell Corporate Ventures Develops endpoint security software solutions.

10/21/2016 Nozomi Networks Inc. 7.50 Lux Capital Management; GGV Capital; Planven Investments SA Offers cybersecurity and operational visibility solutions for industrial control systems (ICS)

10/14/2016 HYPR 3.00 Undisclosed Developer of a biometric security platform created to ensure user data is kept private across the IoT

10/12/2016 tCell.io, Inc. 9.40 Allegis Capital; Menlo Ventures; SV Angel; A Capital; Webb Investment Network; CrunchFund Develops in-application instrumentation and cloud-based analytics solutions

10/11/2016 GigaMedia Access Corporation 20.00 Balance Point Capital Advisors, LLC Provides enterprise rights management software for content protection and authentication services

9/30/2016 Megvii Technology Inc. 20.00 Foxteq Holdings Inc. Operates a face detection, recognition, and analysis platform for Websites, mobile apps, and smart televisions

9/28/2016 Contrast Security, Inc. 16.00 General Catalyst Partners; Acero Capital Develops application security software that stops hackers from stealing data through Web applications

9/15/2016 BitSight Technologies, Inc. 40.00 Globespan Capital Partners; Menlo Ventures, Comcast Ventures; GGV Capital; Flybridge Capital Partners Offers data analytics and security software

8/25/2016 Asiasoft Security Limited 90.00 Beijing Teamsun Technology Co., Ltd. Develops and integrates dynamic password technology product solutions and provides related software services

8/24/2016 LeapYear Technologies 9.68 Not Disclosed Provides a security platform for data throughout its lifecycle Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 14 Private Placements – Security (Cont’d)

($ in millions)

Transaction Announced Target/Issuer Value Investors Business Description [Target/Issuer] 8/12/2016 SecureKey Technologies Inc. 20.57 Desjardins Business Capital régional et coopératif; Roynat Capital, Inc.; RBC Capital Partners; BMO Capital Partners Develops platform-as-a-service based hardware and software solutions for chip-based identity and payment technologies

8/8/2016 ThreatQuotient, Inc. 12.00 New Enterprise Associates; CIT GAP Funds; Blu Venture Investors, LLC Develops and operates a threat intelligence platform that enables organizations to manage threat intelligence

8/2/2016 Cyber X, Inc. 9.00 GlenRock Israel, Ltd.; Swarth Investments L.L.C.; ff Venture Capital; Glilot Capital Partners; Flint Capital Operates a platform for real-time security of the industrial Internet

7/27/2016 PhishMe, Inc. 42.50 Bessemer Venture Partners; Paladin Capital Group Provides phishing threat management solutions that empower employees to be a layer of human security sensors

7/26/2016 SafeBreach Inc. 15.00 Sequoia Capital Israel; Maverick Ventures; Hewlett Packard Ventures; Deutsche Telekom Capital Partners Management Develops a platform for users to protect their system and repair breaches from hackers

7/25/2016 StackPath, LLC 180.00 ABRY Partners, LLC Develops cyber security solutions

7/19/2016 GuardiCore Ltd. 20.00 Battery Ventures; 83 North; Cisco Investments Develops and delivers internal data center security and breach detection software

7/13/2016 Distil, Inc. 21.25 Bessemer Venture Partners; Foundry Group; TechStars, LLC; SVB Silicon Valley Bank, Investment Arm Provides public and private cloud security software that blocks malicious bots and automated computer programs

7/7/2016 PQ Solutions Limited 8.00 VMS Investment Group Limited; AM Partners Consulting Company LLC Provides data confidentiality, authenticity, and access control solutions

7/6/2016 Twistlock Inc. 10.00 YL Ventures GP Ltd.; Rally Ventures; Ten Eleven Ventures Provides docker container security solutions for DevOps with CI integration, API support, and a security framework

7/5/2016 Darktrace Limited 65.00 KKR & Co; Summit Partners LLP; SoftBank Capital; Softbank China & Indial SB ISAT Investment Fund Offers intelligence-led behavioral cyber defense solutions for cyber-attack vectors

6/30/2016 Bay Dynamics, Inc. 23.00 Comcast Ventures; Carrick Capital Partners, LLC Develops automated cyber security and risk solutions for enterprises

6/28/2016 RiskSense, Inc. 14.00 EPIC Ventures; CenturyLink, Inc. (NYSE:CTL); Paladin Capital Group; Sun Mountain Capital; Jump Capital Develops and provides a hosted Software-as-a-Service cyber security platform for organizations worldwide

6/22/2016 LightCyber Ltd. 20.00 Battery Ventures; Glilot Capital Partners; Amplify Partners; ClalTech Develops solutions for identifying and preventing cyber-attacks and advanced persistent threats (APT)

6/21/2016 Veriflow Systems, Inc. 8.18 Menlo Ventures; New Enterprise Associates Provides software-defined network breach and outage prevention solutions

6/20/2016 Tascent, Inc. 18.25 Not Disclosed Develops, delivers, and supports biometric and identity products

6/1/2016 Cylance 100.00 Blackstone Group; Insight Venture Partners; Khosla Ventures; Fairhaven Capital Partners; KKR; Dell Technologies Capital Provides cloud-based cyber-security platform designed to predict and prevent advanced threats and malware

5/25/2016 Demisto, Inc. 6.00 Accel Partners Operates a security operations platform for security operations centers (SOCs)

5/24/2016 vArmour Networks, Inc. 41.00 Highland Capital Partners; Allegis Capital; Menlo Ventures; Redline Capital Management S.A Provides software-defined security solutions for virtualized data centers for service provider, enterprise, and government

5/23/2016 Zimperium, Inc. 25.08 Warburg Pincus LLC; Sierra Ventures; Lazarus Management Company LLC; Telstra Ventures Pty Limited Develops Mobile Intrusion Prevention System

5/4/2016 DFLabs S.p.A 5.50 Evolution Equity Partners Develops and delivers an automated incident response technology to a portfolio of enterprise customers

5/3/2016 eyeSight Mobile Technologies Ltd. 20.00 KuangChi Science Limited, Investment Arm; Kuang-Chi GCI Fund & Incubator Develops machine vision and gesture recognition technology

4/27/2016 Cyber adAPT, Inc. 6.00 Granite Point Capital Management, L.P.; Fundamental Capital Management, LLC; Alvin Fund LLC Provides real-time network-based threat detection solutions

4/21/2016 Anomali, Inc. 30.00 Institutional Venture Partners; In-Q-Tel Inc.; General Catalyst Partners; Paladin Capital Group; In-Q-Tel; GV Develops a threat intelligence platform

4/20/2016 Bayshore Networks, Inc. 11.05 Trident Capital, Inc.; Yokogawa Electric Corporation (TSE:6841); Benhamou Global Ventures LLC; NEXT Develops cyber security software for the industrial Internet of things (IoT)

4/13/2016 CoreOS, Inc. 31.00 Accel Partners; Kleiner Perkins Caufield & Byers; Intel Capital; Y Combinator Management LLC; GV; Fuel Capital Develops open source projects for Linux Containers and provides Internet security software solutions

3/31/2016 Hangzhou Gubel Electronics 70.00 China Merchants Technology Holdings Co., Ltd.; Sinovation Ventures Develops and manufactures WiFi smart home solutions

3/29/2016 Bluefin Payment Systems 6.00 Camden Partners Holdings, LLC; Napier Park Financial Partners Fund I, L.P.; Napier Park Financial Partners Provides secure payment technology for independent software vendors, enterprises, financial institutions

3/24/2016 Bromium, Inc. 40.00 Silver Lake Provides technology to address the enterprise security problems and protect end users against malware

3/15/2016 Skyport Systems Inc. 30.00 Sutter Hill Ventures; Index Ventures; Intel Capital; Thomvest Ventures, Inc.; Northgate Capital Group, L.L.C. Develops enterprise security and hyper-secured infrastructure solutions for critical IT and corporate assets

2/29/2016 Endgame, Inc. 9.80 Accenture plc (NYSE:ACN) Provides security intelligence and analytics solutions for federal and commercial customers/enterprises

2/17/2016 Software Co., Ltd. 100.00 360 Capital; Shanghai Ziyou Investment Management Co., Ltd. Provides a mobile security software application

2/10/2016 Cynet 7.00 Lazarus Management Company LLC Designs and develops cyber-attack detection and remediation software

2/10/2016 Hexadite Ltd. 8.00 YL Ventures GP Ltd.; Ten Eleven Ventures; Hewlett Packard Ventures Develops a security orchestration and automation solution to investigate and resolve cyber incidents

2/3/2016 eSentire Inc. 14.00 Edison Partners; Information Venture Partners; Cisco Investments; Georgian Partners; Northleaf Capital Partners Provides managed security solutions to help guard the intellectual property and infrastructure of enterprises

2/3/2016 Skybox Security, Inc. 96.00 Providence Equity Partners LLC Provides cybersecurity management solutions for enterprises

2/2/2016 KnowBe4, Inc. 8.00 Elephant Partners Cybersecurity awareness training provider

1/26/2016 Fireglass 22.00 Norwest Venture Partners; Lightspeed Venture Partners; SingTel Innov8 Holdings Pte. Ltd. Develops and offers cyber security solutions

1/21/2016 Corporation 50.00 Fidelity Management & Research Company Provides malware prevention and remediation solutions to consumers, and SMBs and enterprise businesses worldwide

1/19/2016 F.TRON Inc. 900.00 Innovation Network Corporation of Japan Develops cyber security software solutions Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 15 Private Placements – Security (Cont’d)

($ in millions)

Transaction Announced Target/Issuer Value Investors Business Description [Target/Issuer] 1/19/2016 EiQ Networks, Inc. 9.60 Arrowroot Capital Provides unified situational awareness solutions for government, financial, telecommunications, retail, and healthcare enterprises

1/13/2016 Shape Security, Inc. 40.00 Kleiner Perkins Caufield & Byers; Norwest Venture Partners; Venrock; EPIC Ventures; EDB Investments Pte. Ltd. Develops and provides cyber security solutions to defend web and mobile applications from malicious automated attacks

1/13/2016 StorageCraft Technology Corporation 187.00 TA Associates Management, L.P. Develops and provides disk-based backup, disaster recovery, system migration, data protection, and security solutions

1/4/2016 TopSpin Security, Inc. 7.00 Not Disclosed Provides a malware detection technology

Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 16