Software Sector Summary Report

Software COMPANYSector PRESENTATION Summary Week of August 7, 2017

1 DEAL DASHBOARD Software $30.7 Billion 379 $24.1 Billion 59 Financing Volume YTD (1)(2) Financing Transactions YTD (1)(2) M&A Volume YTD (3) M&A Transactions YTD (3) Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume (3) Select M&A Transactions (4) Company Amount ($MM) $Bn 16% $Bn (23)% Target Acquirer EV ($MM) $14 $50 $12 $103 $10 $41 $3,903 $9 $6 $6 $6 $24 $101 $5 $1,370 $4 $16 $15 $15 $12 ( ) $6 $5 $75 ( ) $1,125 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q2'17 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 $67 $834 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3) ( ) 16% 2% $46 $614 156 160 127 123 118 111 $35 103 94 29 29 29 $531 86 24 24 25 21 $25 13 14 $344

$22 $270 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q2'17 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17

Last 12 Months Software Price Performance vs. S&P 500 (5) M&A EV/ NTM Rev. Over Time (6)

35% IGV SPX All Buyers Strategic Buyers PE Buyers ` Financing Activity by Quarter 30% 27% 6 5.3x 4.9x 25% 4.7x 5 4.5x 4.6x 4.2x 4.3x 3.9x 3.9x 4.0x 4.1x 20% 4 3.6x 3.7x 3.1x 2.9x 2.7x 2.9x 15% 3 2.5x 13% 2.2x 2.3x 2.2x 10% 2

5% 1

0% 0 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 2011 2012 2013 2014 2015 2016 2017 (5%) Notes: Source: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 08/04/2017. 1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include Software Venture and Private Equity Growth / Expansion activity. 3) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM. 4) Software M&A transactions reflect select transactions in CY2017. 2 5) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 6) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM. GCA OVERVIEW The GCA Software Team US Team Daniel Avrutsky Jimmy Orozco Josh Wepman Paul DiNardo Steve Fletcher Managing Director Managing Director Managing Director Managing Director Managing Director [email protected] [email protected] Software & Digital Media [email protected] Head of Software [email protected] [email protected] Gautam Garg Glen Kruger Mike Janovec Vice President Director Vice President [email protected] [email protected] [email protected]

Alex Vitale Arthur Kirsch Chris Gough Derek Bell Managing Director Managing Director Managing Director Managing Director Auto Tech Healthcare IT Real Estate Tech Business Services [email protected] [email protected] [email protected] [email protected]

John Lambros JT Herman Peter Bang Sean Minnihan Managing Director Managing Director Managing Director Managing Director Head of Digital Media Industrial Technology Financial Services FinTech [email protected] [email protected] Financial Software Financial Software [email protected] [email protected]

Executive Leadership Select Europe Team Select Asia Team Todd Carter *Adrian Reed *Phil Adams *Raiko Stelten **Akikazu Ida **Ryuichi Kanemaki Co-President & CEO Managing Director CEO of GCA Altium Director Co-Head of Asian Managing Director [email protected] [email protected] [email protected] [email protected] Technology & Media [email protected] [email protected] Clark Callander *Sascha Pfeiffer *Stephen Georgiadis *Tobias Schultheiss Sameer Jindal **Tomohiko Kubota Managing Director Co-Head of European Managing Director Managing Director Managing Director Managing Director Head of Investment Banking Technology & Media [email protected] [email protected] Head of Indian Operations CEO of AMPLIA [email protected] [email protected] [email protected] [email protected]

*Adrian Reed, Phil Adams, Sascha Pfeiffer, Stephen Georgiadis and Tobias Schultheiss are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. *Raiko Stelten is a Director at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. 3 **Akikazu Ida, Ryuichi Kanemaki and Tomohiko Kubota are Managing Directors at GCA Corporation. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months Last 3 Years

30% 75%

60% 21% 45%

12% 30%

15% 3%

Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 0% (6%) Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 (15%)

(15%) (30%)

Sector 3 Months 1 Year 3 Years Platform 2.4% 17.7% 44.4% Security 6.9% 17.8% 33.7% Infrastructure (0.6%) 13.4% 17.4% BI & Analytics (0.6%) 6.9% 10.5% Vertical (1.7%) 15.1% 49.9% SaaS / On Demand 5.4% 21.1% 64.1%

Notes: Source: Capital IQ. Market Data as of 08/04/2017. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, SAP. SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. 4 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD. TRADING COMPARABLES Valuation and Operational Metrics EV / 2017E Revenue EV / 2017E EBITDA

7.0x 40.0x 37.4x 6.1x 35.0x 6.0x Median: 4.7x 5.1x Median: 26.3x 5.0x 30.0x 28.1x 27.3x 5.0x 4.5x 25.4x 25.3x 4.0x 4.0x 25.0x 4.0x 20.0x 3.0x 15.0x 12.1x 2.0x 10.0x 1.0x 5.0x 0.0x 0.0x SaaS Vertical Infrastructure Platform BI & Analytics Security SaaS Security BI & Analytics Infrastructure Vertical Platform

2017E / 2016A Rev. Growth 2017E EBITDA Margin

40.0% 40.0% 36.4% 35.0% 35.0% Median: 16.4% Median: 22.0% 30.0% 30.0% 25.0% 25.1% 24.7% 23.2% 25.0% 25.0% 20.7% 20.0% 16.7% 16.1% 14.4% 20.0% 16.9% 14.0% 15.0% 11.8% 15.0% 10.0% 10.0% 5.0% 5.0% 0.0% 0.0% SaaS BI & Analytics Infrastructure Vertical Security Platform Platform Infrastructure Vertical Security SaaS BI & Analytics

Notes: Source: Capital IQ. Market Data as of 08/04/2017. Figures represent mean values of respective comp groups. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, SAP. SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. 5 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 5.1x 4.5x 4.1x 16.2x 12.1x 11.1x 27.4x 19.4x 18.2x 3.6% 11.8% 6.9% 31.0% 36.4% 37.0% Median 5.6 5.1 4.4 18.7 13.1 11.0 33.4 21.7 20.0 (0.6%) 17.3% 6.5% 32.4% 39.0% 39.2%

Infastructure VMware, Inc. $93.09 $38,019 ($6,485) $31,534 4.4x 4.1x 3.9x 17.0x 11.1x 10.8x 33.5x 18.9x 17.4x 6.7% 7.4% 5.8% 26.1% 37.4% 36.1% ServiceNow, Inc. $109.71 18,637 (552) 18,085 13.0 9.5 7.3 NM 43.1 29.4 NM 93.8 61.4 38.3% 37.2% 30.5% NM 22.0% 24.7% Red Hat, Inc. $98.36 17,455 (887) 16,568 7.1 6.1 5.4 41.6 22.9 19.3 75.1 38.7 32.4 17.9% 16.7% 13.8% 17.1% 26.6% 27.8% CA, Inc. $31.99 13,476 (44) 13,432 3.3 3.2 3.2 10.5 8.8 8.3 17.0 13.4 12.7 (0.1%) 3.0% 2.5% 31.8% 36.8% 38.1% Citrix Systems, Inc. $78.16 11,842 41 11,883 3.5 4.2 4.1 11.6 12.5 11.8 22.9 16.9 15.5 4.4% (17.5%) 4.0% 30.0% 33.6% 34.3% Splunk Inc. $59.75 8,268 (1,003) 7,264 7.6 6.1 4.8 NM 53.6 38.1 NM NM 80.0 42.1% 26.3% 25.6% NM 11.3% 12.7% Atlassian Corporation Plc $35.33 7,966 (550) 7,416 14.0 10.3 7.8 NM 39.6 29.0 NM 97.2 67.6 37.2% 35.6% 31.2% NM 26.0% 27.0% F5 Networks, Inc. $119.78 7,612 (1,014) 6,597 3.3 3.1 3.0 10.8 7.9 7.4 21.6 14.4 13.3 3.9% 4.1% 5.0% 30.2% 39.5% 40.5% Micro Focus International plc $27.58 6,337 1,411 7,748 5.7 5.6 5.6 14.8 11.9 11.7 40.1 15.2 14.5 9.3% 2.1% 0.9% 38.7% 47.1% 47.5% LogMeIn, Inc. $112.70 5,942 (285) 5,657 16.8 5.6 4.8 NM 15.7 12.7 NM 27.8 23.2 23.7% 5.6% 15.6% 12.2% 35.6% 38.0% Nutanix, Inc. $21.42 3,246 (350) 2,895 4.8 3.3 2.4 NM NM NM NM NM NM 83.4% 47.6% 33.4% NM NM NM Software Aktiengesellschaft $42.20 3,121 (18) 3,103 3.4 2.9 2.9 11.4 9.5 9.0 21.7 14.3 13.7 (2.9%) 14.5% 2.8% 29.5% 30.9% 31.7% NetScout Systems, Inc. $34.00 3,044 (100) 2,944 2.6 2.6 2.4 15.4 11.3 8.6 NM 19.5 14.5 43.1% 1.5% 8.3% 17.0% 22.8% 27.4% MuleSoft, Inc. $21.75 2,804 (256) 2,549 13.6 9.1 6.8 NM NM NM NM NM NM 70.3% 49.3% 34.5% NM NM NM Commvault Systems, Inc. $60.40 2,749 (481) 2,268 3.6 3.3 3.0 NM 23.9 18.4 NM 54.5 42.7 8.6% 8.8% 9.9% 2.6% 13.7% 16.2% Pure Storage, Inc. $12.82 2,676 (536) 2,140 2.9 2.1 1.6 NM NM 28.5 NM NM NM 65.3% 37.1% 30.5% NM 0.4% 5.8% New Relic, Inc. $46.02 2,509 (227) 2,282 9.4 7.0 5.5 NM NM 70.7 NM NM NM 49.6% 33.9% 27.3% NM 0.8% 7.8% Progress Software Corporation $31.45 1,519 (118) 1,400 3.5 3.5 3.5 12.9 8.7 8.7 NM 17.9 18.0 7.4% (2.6%) 0.9% 26.9% 40.9% 40.6% Appian Corporation $19.71 1,185 (78) 1,107 8.3 6.8 5.8 NM NM NM NM NM NM 19.5% 22.7% 16.8% NM NM NM A10 Networks, Inc. $6.80 481 (132) 349 1.5 1.5 1.4 NM 99.8 35.3 NM NM NM 15.6% 0.5% 8.9% NM 1.5% 3.9%

Mean 6.6x 5.0x 4.3x 16.2x 25.4x 21.0x 33.1x 34.0x 30.5x 27.2% 16.7% 15.4% 23.8% 25.1% 27.1% Median 4.6 4.2 4.0 12.9 12.5 12.7 22.9 18.9 17.7 18.7% 11.7% 11.8% 26.9% 26.6% 27.8%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 6 Market Data as of 08/04/2017. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 8/4/2017 Value Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E 16A/15A 17E/16A 18E/17E CY 16A CY 17E CY 18E Security Symantec Corporation $29.17 $17,875 $3,888 $21,763 5.8x 4.3x 4.0x 24.4x 9.7x 8.5x NM 18.9x 14.4x 4.2% 32.5% 7.8% 23.6% 44.7% 47.6% Check Point Software Technologies Ltd. $106.14 17,348 (1,599) 15,749 9.0 8.4 7.9 18.2 15.1 14.1 25.4 20.5 18.8 6.8% 7.5% 6.9% 49.7% 55.7% 55.9% Palo Alto Networks, Inc. $130.47 11,980 (854) 11,127 7.1 5.8 4.8 NM 24.5 19.1 NM 45.5 35.3 36.3% 22.8% 21.2% NM 23.6% 24.9% Splunk Inc. $59.75 8,268 (1,003) 7,264 7.6 6.1 4.8 NM 53.6 38.1 NM NM 80.0 42.1% 26.3% 25.6% NM 11.3% 12.7% Trend Micro Incorporated $50.07 6,875 (1,113) 5,762 5.1 4.3 4.1 14.8 12.7 11.7 32.7 29.6 26.2 9.3% 17.6% 6.7% 34.5% 34.1% 34.8% Fortinet, Inc. $36.84 6,478 (1,207) 5,270 4.1 3.5 3.1 55.0 17.4 14.1 NM 38.7 32.2 26.4% 16.9% 14.9% 7.5% 20.3% 21.8% Proofpoint, Inc. $86.28 3,833 (52) 3,781 10.1 7.5 5.8 NM 62.5 41.5 NM NM 86.3 41.5% 34.8% 27.8% NM 12.0% 14.1% FireEye, Inc. $14.36 2,616 (110) 2,506 3.5 3.4 3.1 NM 31.4 28.5 NM NM NM 14.6% 3.9% 8.1% NM 10.8% 11.0% Qualys, Inc. $46.25 1,735 (279) 1,457 7.4 6.4 5.5 30.5 19.3 16.6 92.5 51.2 44.9 20.5% 15.0% 16.0% 24.2% 33.1% 33.2% Mimecast Limited $27.93 1,588 (98) 1,490 8.7 6.5 5.2 NM 84.1 53.1 NM NM NM 26.1% 33.8% 24.9% NM 7.7% 9.8% Imperva, Inc. $43.90 1,484 (320) 1,165 4.4 3.6 3.1 NM 29.2 20.7 NM 54.5 47.0 12.9% 21.5% 18.1% NM 12.4% 14.8% CyberArk Software Ltd. $40.68 1,413 (287) 1,126 5.2 4.4 3.7 26.5 19.9 15.5 52.2 37.8 29.9 34.7% 17.9% 20.2% 19.6% 22.2% 23.6% Barracuda Networks, Inc. $22.71 1,203 (203) 1,000 2.9 2.7 2.5 28.7 15.0 12.0 NM 31.0 26.8 12.5% 7.0% 7.7% 10.0% 17.9% 20.8% SecureWorks Corp. $10.70 867 (92) 776 1.8 1.7 1.5 NM NM NM NM NM NM 26.5% 7.9% 10.3% NM NM 0.3% F-Secure Oyj $4.59 716 (103) 613 3.7 3.0 2.8 25.7 31.2 18.5 43.4 61.7 34.6 4.2% 20.8% 10.1% 14.3% 9.7% 14.9% Rapid7, Inc. $15.06 654 (84) 569 3.6 2.9 2.4 NM NM NM NM NM NM 42.4% 24.5% 21.0% NM NM NM VASCO Data Security International, Inc. $13.20 527 (156) 370 1.9 2.0 1.8 22.9 23.5 17.1 49.6 42.6 33.8 (20.4%) (2.7%) 9.1% 8.4% 8.4% 10.6% MobileIron, Inc. $4.40 414 (89) 325 2.0 1.8 1.6 NM NM NM NM NM NM 9.8% 9.8% 11.1% NM NM NM Zix Corporation $5.31 289 (30) 259 4.3 3.9 3.5 21.8 14.1 12.1 49.0 19.0 16.1 9.9% 10.5% 10.7% 19.8% 27.8% 29.0% Absolute Software Corporation $6.42 253 (35) 219 2.5 2.3 2.1 19.6 26.6 18.0 NM NM 36.3 (4.2%) 8.8% 10.5% 12.6% 8.5% 11.4% Guidance Software, Inc. $7.08 216 (13) 204 1.8 2.0 1.7 NM 16.2 12.9 NM 22.7 18.2 3.3% (6.4%) 16.7% NM 12.2% 13.1% iPass Inc. $0.67 44 (10) 34 0.5 0.6 0.5 NM NM 59.6 NM NM NM 1.1% (13.8%) 24.7% NM NM 0.8%

Mean 4.7x 4.0x 3.4x 26.2x 28.1x 22.7x 49.3x 36.4x 36.3x 16.4% 14.4% 15.0% 20.4% 20.7% 20.3% Median 4.2 3.6 3.1 24.4 21.7 17.1 49.0 37.8 33.0 12.7% 16.0% 13.0% 19.6% 15.2% 14.9%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 7 Market Data as of 08/04/2017. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 8/4/2017 Value Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E 16A/15A 17E/16A 18E/17E CY 16A CY 17E CY 18E SaaS Salesforce.com, inc. $90.45 $64,341 ($684) $63,657 7.6x 6.2x 5.2x NM 29.1x 23.5x NM 69.5x 53.9x 25.9% 22.6% 19.5% 6.0% 21.3% 22.0% Workday, Inc. $101.17 20,942 (1,574) 19,368 12.3 9.4 7.5 NM 65.0 46.0 NM NM NM 35.0% 30.8% 25.1% NM 14.5% 16.4% ServiceNow, Inc. $109.71 18,637 (552) 18,085 13.0 9.5 7.3 NM 43.1 29.4 NM 93.8 61.4 38.3% 37.2% 30.5% NM 22.0% 24.7% Shopify Inc. $96.28 9,489 (932) 8,556 22.0 13.2 9.2 NM NM NM NM NM NM 89.7% 67.0% 42.8% NM 1.8% 4.7% Veeva Systems Inc. $62.12 8,681 (664) 8,018 14.7 12.0 10.0 65.8 37.7 31.2 NM 74.9 62.2 32.9% 23.1% 19.6% 22.4% 31.8% 32.1% LogMeIn, Inc. $112.70 5,942 (285) 5,657 16.8 5.6 4.8 NM 15.7 12.7 NM 27.8 23.2 23.7% 5.6% 15.6% 12.2% 35.6% 38.0% The Ultimate Software Group, Inc. $196.24 5,832 (101) 5,731 7.3 6.1 5.1 84.8 27.1 21.4 NM 55.5 44.7 26.4% 19.8% 20.0% 8.7% 22.6% 23.9% Aspen Technology, Inc. $57.79 4,305 38 4,343 9.2 9.0 8.5 19.7 18.7 17.3 33.5 29.9 28.2 1.7% 2.1% 5.3% 46.7% 48.1% 49.5% Paycom Software, Inc. $69.48 4,139 (33) 4,106 12.5 9.5 7.6 60.4 33.1 26.0 94.2 59.7 48.4 46.5% 31.1% 25.0% 20.7% 28.7% 29.3% Blackbaud, Inc. $87.66 4,117 370 4,487 6.1 5.7 5.2 36.0 23.4 21.4 99.6 41.1 36.8 14.6% 7.7% 8.8% 17.1% 24.3% 24.5% j2 Global, Inc. $77.71 3,745 641 4,386 5.0 3.8 3.6 11.9 9.2 8.2 24.8 13.4 12.1 21.3% 30.6% 7.6% 42.3% 41.9% 43.6% RealPage, Inc. $40.10 3,314 71 3,386 6.0 5.1 4.4 41.6 20.8 16.8 NM 43.3 34.7 21.3% 17.0% 15.2% 14.3% 24.5% 26.4% Zendesk, Inc. $29.19 2,889 (240) 2,648 8.5 6.3 4.8 NM NM 95.3 NM NM NM 49.4% 35.5% 29.7% NM 3.1% 5.1% MuleSoft, Inc. $21.75 2,804 (256) 2,549 13.6 9.1 6.8 NM NM NM NM NM NM 70.3% 49.3% 34.5% NM NM NM HubSpot, Inc. $71.85 2,660 (203) 2,458 9.1 6.8 5.4 NM NM 80.4 NM NM NM 48.9% 34.4% 25.8% NM 4.5% 6.7% RingCentral, Inc. $35.05 2,635 (167) 2,468 6.5 5.0 4.1 NM 79.5 53.9 NM NM NM 28.2% 29.7% 23.7% NM 6.3% 7.5% Box, Inc. $18.69 2,526 (103) 2,423 6.1 4.8 3.9 NM NM NM NM NM NM 31.7% 26.8% 23.0% NM NM 3.1% New Relic, Inc. $46.02 2,509 (227) 2,282 9.4 7.0 5.5 NM NM 70.7 NM NM NM 49.6% 33.9% 27.3% NM 0.8% 7.8% 2U, Inc. $49.54 2,355 (22) 2,333 11.3 8.6 6.5 NM NM NM NM NM NM 37.1% 31.9% 31.3% NM 3.8% 5.3% Paylocity Holding Corporation $43.98 2,265 (101) 2,164 8.2 6.6 5.3 NM 37.9 28.9 NM 67.5 52.1 40.8% 25.0% 23.9% 2.7% 17.3% 18.3% Cloudera, Inc. $17.27 2,265 (222) 2,043 7.8 5.9 4.7 NM NM NM NM NM NM 57.2% 33.3% 26.0% NM NM NM Okta, Inc. $23.01 2,193 (224) 1,968 12.3 8.4 6.1 NM NM NM NM NM NM 86.6% 47.0% 36.2% NM NM NM Cornerstone OnDemand, Inc. $35.32 2,033 (67) 1,967 4.6 4.1 3.5 NM 30.6 21.6 NM 89.9 47.8 24.6% 13.7% 15.6% NM 13.4% 16.3% Qualys, Inc. $46.25 1,735 (279) 1,457 7.4 6.4 5.5 30.5 19.3 16.6 92.5 51.2 44.9 20.5% 15.0% 16.0% 24.2% 33.1% 33.2% Callidus Software Inc. $25.00 1,691 (172) 1,519 7.3 6.2 5.2 NM 49.5 34.9 NM 76.9 54.8 19.4% 19.4% 19.2% NM 12.4% 14.8% Coupa Software Incorporated $30.78 1,631 (238) 1,393 10.4 8.0 6.4 NM NM NM NM NM NM 59.9% 30.2% 24.7% NM NM NM Mimecast Limited $27.93 1,588 (98) 1,490 8.7 6.5 5.2 NM 84.1 53.1 NM NM NM 26.1% 33.8% 24.9% NM 7.7% 9.8% Alteryx, Inc. $22.98 1,350 (153) 1,197 14.0 9.5 7.0 NM NM NM NM NM NM 59.4% 46.3% 35.9% NM NM NM Appian Corporation $19.71 1,185 (78) 1,107 8.3 6.8 5.8 NM NM NM NM NM NM 19.5% 22.7% 16.8% NM NM NM Five9, Inc. $21.12 1,164 (11) 1,153 7.1 5.9 5.0 NM 91.9 59.1 NM NM NM 25.8% 20.2% 17.6% 1.1% 6.4% 8.5% Yext, Inc. $12.79 1,152 (134) 1,018 8.2 6.0 4.5 NM NM NM NM NM NM 38.5% 36.2% 32.9% NM NM NM

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 8 Market Data as of 08/04/2017. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 8.0x 6.1x 5.0x 48.8x 37.4x 34.7x 68.9x 55.8x 44.3x 32.1% 25.0% 21.0% 16.3% 16.9% 16.9% Median 7.6 6.1 5.1 43.0 31.6 26.4 92.5 59.7 44.9 26.1% 25.0% 19.8% 13.3% 14.5% 14.8%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 9 Market Data as of 08/04/2017. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 5.0x 4.0x 3.4x 17.2x 27.3x 29.0x 28.7x 24.0x 29.3x 25.2% 24.7% 19.7% 17.8% 14.0% 15.5% Median 4.2 3.2 2.9 16.4 19.0 16.2 33.6 26.7 24.7 19.8% 21.0% 17.8% 19.5% 14.1% 12.7%

Vertical Cerner Corporation $63.08 $20,916 ($94) $20,823 4.4x 4.0x 3.7x 15.8x 12.2x 11.1x 34.1x 25.2x 22.8x 8.2% 10.6% 8.2% 27.9% 32.8% 33.2% Constellation Software Inc. $552.85 11,716 (70) 11,646 5.5 4.8 4.2 28.6 18.3 16.0 56.7 25.2 21.7 15.6% 13.9% 13.6% 19.2% 26.2% 26.4% Veeva Systems Inc. $62.12 8,681 (664) 8,018 14.7 12.0 10.0 65.8 37.7 31.2 NM 74.9 62.2 32.9% 23.1% 19.6% 22.4% 31.8% 32.1% SS&C Technologies Holdings, Inc. $37.94 7,789 2,209 9,997 6.7 5.9 5.6 19.5 14.6 13.1 59.3 19.6 17.3 48.1% 13.5% 5.4% 34.7% 40.8% 42.9% athenahealth, Inc. $141.45 5,648 209 5,857 5.4 4.8 4.2 54.7 22.0 18.3 NM 74.0 57.8 17.1% 13.1% 13.6% 9.9% 21.7% 22.9% Guidewire Software, Inc. $70.99 5,280 (477) 4,803 10.7 8.8 7.5 NM 41.0 32.6 NM 82.8 62.5 13.6% 21.0% 17.1% 4.3% 21.5% 23.1% Medidata Solutions, Inc. $77.71 4,546 (96) 4,450 9.6 8.0 6.8 67.9 32.7 26.4 NM 60.6 51.5 18.1% 19.5% 18.4% 14.1% 24.6% 25.7% Blackbaud, Inc. $87.66 4,117 370 4,487 6.1 5.7 5.2 36.0 23.4 21.4 99.6 41.1 36.8 14.6% 7.7% 8.8% 17.1% 24.3% 24.5% CoreLogic, Inc. $45.48 3,834 1,552 5,387 2.8 2.9 2.8 12.8 11.4 10.6 37.0 19.6 17.6 27.8% NM 3.3% 21.5% 25.4% 26.5% RealPage, Inc. $40.10 3,314 71 3,386 6.0 5.1 4.4 41.6 20.8 16.8 NM 43.3 34.7 21.3% 17.0% 15.2% 14.3% 24.5% 26.4% Ellie Mae, Inc. $88.95 3,058 (334) 2,724 7.6 6.8 5.6 37.2 23.1 17.8 77.3 59.1 47.7 41.9% 12.0% 19.7% 20.3% 29.2% 31.6% WebMD Health Corp. $66.30 2,464 (63) 2,401 3.4 3.3 3.2 12.8 10.1 9.7 33.7 32.1 31.9 10.8% 2.6% 2.8% 26.7% 33.0% 33.2% Allscripts Healthcare Solutions, Inc. $13.12 2,370 1,264 3,633 2.3 2.0 1.8 23.9 10.3 9.1 NM 21.3 18.1 11.8% 14.6% 13.1% 9.8% 19.9% 20.0% Inovalon Holdings, Inc. $14.00 2,041 (280) 1,761 4.1 3.9 3.6 23.7 16.4 14.4 78.0 46.0 39.0 (2.2%) 5.4% 8.0% 17.3% 23.9% 25.1% AppFolio, Inc. $35.00 1,185 (32) 1,153 10.9 8.3 6.6 NM 66.2 45.4 NM NM NM 40.8% 30.8% 26.1% NM 12.6% 14.6% Instructure, Inc. $29.85 877 (26) 851 7.7 5.5 4.2 NM NM NM NM NM NM 51.5% 38.7% 31.0% NM NM NM HealthStream, Inc. $23.19 739 (116) 624 2.8 2.5 2.3 29.7 17.2 14.6 NM NM 80.0 8.1% 9.3% 9.4% 9.3% 14.7% 15.8% Silver Spring Networks, Inc. $11.17 594 (118) 476 1.5 1.6 1.4 NM 49.0 14.5 NM NM 38.4 (36.5%) NM 12.7% NM 3.2% 9.7% Castlight Health, Inc. $4.30 566 (90) 476 4.7 3.6 2.8 NM NM NM NM NM NM 35.0% 30.7% 27.5% NM NM NM Exa Corporation $14.04 209 (25) 185 2.5 2.4 2.2 41.3 30.0 18.5 NM NM NM 10.9% 5.7% 11.5% 6.2% 8.0% 11.7%

Mean 6.0x 5.1x 4.4x 34.1x 25.3x 19.0x 59.5x 44.6x 40.0x 19.5% 16.1% 14.3% 17.2% 23.2% 24.8% Median 5.4 4.8 4.2 29.7 21.4 16.4 58.0 42.2 37.6 16.4% 13.7% 13.3% 17.2% 24.4% 25.4% Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 10 Market Data as of 08/04/2017. PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW

Valuation Correlation to Growth Valuation Correlation to Growth & Free Cash Flow 15.0x 15.0x R = 0.66 R = 0.71

SHOP SHOP

12.0x VEEV 12.0x VEEV PCYG PCYG

WDAY AZPN PAYC AYX AYX 9.0x WDAY NOW MULE 9.0x AZPN PAYC NOW MULE TWOU OKTA TWOU OKTA CLDR CLDR COUP APPN NEWR PCTY NEWR HUBS HUBS APPN ULTICRM CALD QLYS QLYS ZEN MIME YEXT MIME 6.0x BLKB YEXT PCTY CALD 6.0x FIVN ZEN CRM FIVN BLKB ULTI LOGM INST INST LOGM RP RNG RP RNG CSOD BOX CSOD BOX JCOM CSLT

LPSN WK LPSN WK Enterprise Value / CY / 2017E Revenue Value Enterprise Enterprise Value / CY / 2017E Revenue Value Enterprise SPSC JCOM BNFT SPSC CSLT BNFT 3.0x APTI 3.0x AMBR AMBR APTI CARB CARB BV ECOM ECOM BCOV BV BCOV

0% 10% 20% 30% 40% 50% 60% 70% (10%) 0% 10% 20% 30% 40% 50% 60% 70% CY2017E Revenue Growth CY 2017E Revenue Growth % + CY 2017E FCF Margin %

Notes: Source: Capital IQ as of 08/04/2017. Consensus Estimates used for CY2017E figures. 11 Estimates for MRIN are not available. RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description Symantec Corporation DigiCert Inc. [Thoma The Website Security business and PKI assets of Symantec, which provides security SaaS and services for businesses and 8/3/17 (Website Security Application Software $950 NA 2.4x NA NA Bravo] consumers globally ( ) business(Website Security assets) Business Assets) Active Network Inc. The communities and sports divisions of Active Network, which provides administration, membership, donations and event 8/3/17 Global Payments Inc. [fka The Active Application Software $1,200 NA NA NA NA ( ) management SaaS for non-profit organizations (CommunitiesNetwork] & Sports [Vista Divisions)

Provides property management software featuring document management, electronic signatures, website development, 8/2/17 RealPage On-Site Manager Inc. (assets)Application Software $250 NA 5.0x NA NA background screening, legal contract management, payment processing and cloud computing

Provides customer service automation, billing, citation management, asset recovery, and transportation database systems 8/1/17 Navient [fka Sallie Mae]Duncan Solutions Inc. Application Software $80 1.5x NA NA NA and outsourced services for municipalities and toll authorities

7/27/17 Verisk Analytics Inc. G2 Web Services LLC Security $112 NA NA NA NA Provides merchant risk intelligence software for the investment and financial industries

Provides e-discovery and forensic investigation software that analyzes the contents of an individual or networked computer 7/26/17 Open Text Guidance Software Information Management $225 2.1x 1.9x NM 18.9x for businesses and law enforcement agencies globally

7/25/17 Sage Group Intacct Corp. Application Software $850 9.7x NA NA NA Provides accounting and financial management software as a service (SaaS) for businesses

Provides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS) 7/24/17 Partners Group Civica pl Application Software $1,370 NA NA NA NA ( ) and systems integration services for public sector agencies globally

Provides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read" 7/24/17 GENUI AG Acrolinx GmbH Information Management $60 NA NA NA NA content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content

Provides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the 7/12/17 Application Software $80 NA NA NA NA hospitality, dining, healthcare, entertainment, travel and education sectors

Provides SCM SaaS for businesses primarily within the US, UK and Europe. Software provides features for procurement, SRM, 7/7/17 Application Software $133 3.3x NA 20.6x NA contract management and spend analysis

Provides open-source and Windows-based software for businesses. Software provides features for data management, 7/6/17 Information Management $1,260 NA NA NA NA ( ) integration and backup

Provides enterprise IT automation and workspace management software to businesses. Features include IT store 7/5/17 Infrastructure Management $55 1.0x NA NA NA management, service desk optimization, on-boarding and off-boarding and workforce security

Provides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and 6/14/17 Hosted Services $200 2.0x NA 20.0x NA ( ) management services for businesses

6/14/17 Hosted Services $135 2.3x 2.2x NM 148.3x Operates as a domain name registry and provides domain name services to consumers and businesses

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 08/04/2017, where Enterprise Value is > $50MM. 12 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

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

6/5/17 Security $69 1.0x NA NM NA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses

Provides transaction and payment processing software, SaaS and services for businesses. Also provides related in-store 6/2/17 Infrastructure Management $260 NA NA NA NA payment terminals

Provides enterprise SQL Server administration, performance management, backup and recovery, and compliance software. 5/31/17 Infrastructure Management $1,125 NA NA NA NA ( ) Also provides Windows PowerShell interactive development environment (IDE) software

Provides sales performance and compensation management, analytics and planning software as a service (SaaS) for 5/30/17 Application Software $531 5.5x 4.7x NM NM businesses

5/26/17 Application Software $59 4.6x NA NA NA Provides payroll, workforce and business tax management software and data hosting services for businesses Asure Software Inc. iSystems( LLC )

5/11/17 Mobility $125 NA NA NA NA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers

Provides customer address verification software as a service (SaaS) to e-commerce companies and other businesses. Also 5/9/17 Information Management $96 5.6x NA 16.5x NA provides verification SaaS for other customer data such as phone numbers and email addresses

5/3/17 Infrastructure Management $490 6.1x 5.2x 14.0x NA Provides software, Web application and API code review, testing and quality assurance (QA) software for businesses ( )

Provides cloud-based WAN virtualization software that enables businesses to build unified carrier agnostic WAN and network 5/1/17 Enterprise Networking $610 24.4x 15.3x NA NA infrastructures that connect them to their facilities, users and applications

Provides social media-based team collaboration and social media monitoring and marketing software as a service (SaaS) for 5/1/17 Information Management $344 1.7x 1.7x 69.1x 15.1x businesses

Marlin Equity Provides telecom expense management, network provisioning, M2M and mobile device management software and SaaS for 4/28/17 Tangoe Mobility $270 NA 1.1x NA 10.3x Partners businesses. Also provides related business process outsourcing (BPO) services

Offers cloud-based APIs and SDKs to help prevent registration fraud, reduce the risk of account takeover and authenticate end 4/25/17 Security $230 2.3x 1.8x 23.0x NA users across account lifecycles

Provides networked business intelligence (BI) analytics and reporting SaaS for businesses. Software also provides features for 4/25/17 Application Software $75 1.9x NA NA NA data processing and aggregation, data warehouse automation, and the reporting and analysis of CRM, sales and supply chain analytics

Provides channel data management SaaS for the consumer electronics sector globally. Software enables companies to 4/12/17 Application Software $120 NA NA NA NA intelligently manage global indirect channel sales and inventory data, as well as increase channel visibility

Provides customer relationship management (CRM) SaaS that tracks and logs all telephone, text, chat and email-based 4/4/17 Application Software $80 0.7x NA NA NA communications for healthcare markets. Also provides customer analytics software and a directory of healthcare insurance plans

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 08/04/2017, where Enterprise Value is > $50MM. 13 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

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

Provides scholarship management SaaS for K-12 schools, universities and nonprofits. Software provides features for the 4/3/17 Application Software $50 NA NA NA NA digital management, awarding, reporting and stewardship of academic awards for students

4/3/17 Application Software $73 4.8x NA NA NA Provides mathematical data analysis and modeling software to engineering and scientific research markets

4/3/17 Infrastructure Management $92 0.5x NA NA NA Provides trading software, collaborative data management and EDI software for the securities trading sector

Experian's cross-channel marketing business, which provides marketing automation and email advertising SaaS and 4/3/17 Application Software $400 NA NA NA NA (Cross-channel Marketing Division) outsourced BPO services for businesses and ad agencies worldwide Operates as the Chinese division of NQ Mobile, which provides Android, Windows Phone, Symbian and BlackBerry smart 3/30/17 Security $366 NA NA NA NA phone anti-virus and anti-malware software for businesses and consumers globally. Also provides mobile call blocking and (Tongfang Investment (Beijing Feiliu Jiutian Fund Series SPC) Technology Co.) device optimization software

Provides Web and mobile application testing software for enterprises. Features include website performance testing and 3/29/17 Infrastructure Management $200 6.3x 4.4x NA NA management, application load testing, and performance analytics

Provides water resource and environmental management and simulation software to the utilities industry globally. Stantec 3/21/17 Application Software $270 NA NA NA NA ( ) obtained ownership of Innovyze through the 2016 acquisition of MWH Global

Provides investment portfolio business intelligence (BI) software for the investment and finance sector globally. Software 3/20/17 Application Software $205 7.3x NA NA NA ( ) provides features for data management, portfolio performance analytics, risk management and reporting

3/7/17 Security $614 5.6x NA NA NA Provides automated application penetration and network vulnerability testing SaaS for enterprise software developers

Provides on-premise and cloud-based accounting and performance management software and SaaS, including budgeting, 3/7/17 Application Software $317 5.3x NA NA NA planning, reporting and analytics, for businesses

Provides behavior-based profiling SaaS for enterprises, enabling breach-detection and visibility into advanced or targeted 2/28/17 Security $105 10.5x NA NA NA attacks, insider threats and malware that have circumvented traditional security controls

The multi-family housing business and product portfolio of Rainmaker, which provides revenue budgeting, forecasting and 2/27/17 Application Software $290 8.1x NA 29.0x NA revenue cycle management software for multi-family real estate sectors (Multi-Family Housing Business)

Provides software-based domain name services (DNS), Dynamic Host Configuration Protocol (DHCP) and IP address 2/23/17 Enterprise Networking $325 5.4x NA NA NA management SaaS for enterprises

Provides Web-based SaaS for the automation and management of performance appraisals, feedback, compensation 2/23/17 Application Software $175 2.4x 2.3x 27.5x 20.3x management, succession planning, job descriptions, learning management and recruiting for corporate HR departments ( ) Provides insurance policy and pharmacy claims processing software and SaaS for the insurance and pharmaceutical sector. 2/15/17 Application Software $102 1.3x NA NA NA Also provides colocation, disaster recovery, managed hosting and systems integration services

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 08/04/2017, where Enterprise Value is > $50MM. 14 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

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

2/14/17 Application Software $59 1.9x 1.6x NM 10.7x Provides wealth management and ERP and transaction processing SaaS for the investment and finance sector globally

Provides network management and operational support system (OSS) software and related managed services for telecom 2/9/17 Nokia Corporation Comptel Corporation Carrier Infrastructure $373 3.5x 3.1x 29.6x 17.5x service provides globally

Provides endpoint security software for small businesses and enterprises in the healthcare, financial services and 2/8/17 Sophos Invincea Security $120 12.2x NA NA NA government industries

MSC Software 2/2/17 Hexagon AB Application Software $834 3.6x NA NA NA Provides motion control, dynamics and acoustical vibration simulation and modeling software for businesses Corporation( )

2/1/17 Fingerprint Cards AB Delta ID Inc. Security $120 NA NA NA NA Provides iris recognition biometric systems for use in mobile devices and automobiles ( )

Provides on-site, hosted and cloud-based back-up and recovery, data protection and replication software for use in disaster 1/31/17 Storage $67 NA NA NA NA ( ) recovery for businesses

1/27/17 Application Software $128 NA NA NA NA Provides K-12 education assessment management software for schools and educators

Provides electronic medication prior authorization software for pharmacies, healthcare providers, and pharmaceutical 1/25/17 Application Software $1,400 NA NA NA NA companies. Software is integrated into electronic health records so that healthcare providers and doctors can provide electronic authorization Provides application performance management (APM) SaaS and mobile applications, enabling the monitoring and 1/24/17 Infrastructure Management $3,903 18.9x NA NM NA troubleshooting of applications, extensions, plugins, databases, and servers for businesses. Also provides related analytics reporting software

Provides domain name registration and related services to corporate and consumer website owners. Related services include 1/20/17 Hosted Services $84 NA NA NA NA ( ) web hosting and an auction service for website domain name resellers

Provides project and portfolio management SaaS and related systems integration services for enterprises. Software includes 1/19/17 Application Software $800 4.6x NA NA NA ( ) features for plan design, agile project portfolio management and cost analysis and control Provides backup and recovery storage systems and storage management software for businesses. Storage systems feature 1/17/17 Storage $650 6.5x NA NA NA virtual machine (VM) level management, in-line de-duplication and compression of data, including backup copies of VMs that can be replicated to secondary datacenters

Provides social collaboration online software for enterprise employees and consumers. Software allows employees and 1/9/17 Information Management $425 NA NA NA NA consumers to create "boards" where members collaborate to complete tasks for a project

Provides health benefits management SaaS for businesses. Software provides features for financial management, customized 1/4/17 Application Software $134 19.1x 7.0x NA NA health benefit plans, and data and analytics reporting

Provides cloud-based global import and export trade reference software and an online database of analysis content, cargo 12/23/16 Application Software $53 NA NA NA NA details and related company profiles for businesses at www.datamyne.com

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 08/04/2017, where Enterprise Value is > $50MM. 15 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

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

12/20/16 Application Software $67 NA NA NA NA Provides client reporting software and services for the investment and financial services sectors globally

Provides digital rights management SaaS for businesses and content producers, as well as an online digital music and video 12/20/16 Security $560 NA NA NA NA content recognition database for consumers and the entertainment sector ( ) Provides insurance policy administration and management software as a service (SaaS) and on-premise for property and 12/19/16 Application Software $160 3.9x NA NA NA casualty insurance companies. Features include claims management, billing and document management. Also provides related services

Designs and develops graphical user interfaces (GUI) for mobile phones and automotive displays, to automotive and other 12/19/16 Mobility $67 NA NA NA NA embedded display manufacturers

The vendor management software and related assets of Beeline, which provides vendor management systems (VMS) for 12/13/16 Application Software $130 NA NA NA NA ( ) ( ) businesses globally. Software provides spending management, procurement cycle automation and quality control monitoring

Provides on premise and cloud-based channel and contract management software for businesses in the life sciences industry. 12/12/16 Application Software $60 NA NA NA NA ( ) Software provides features for revenue management, contract lifecycle management and performance analytics reporting

The identity management business of 3M, which consists of 3M Cogent, a biometric identification system, and 3M's 12/9/16 Security $850 4.0x NA NA NA document reader and secure materials systems and software (Identity Management Business)

Sungard's public sector business, which provides ERP administration SaaS for government and public safety entities and the K- 12/7/16 (Public Sector & K-12 Application Software $850 NA NA NA NA / Education Businesses) 12 business, provides cloud-based administration and student management software for K-12 educators

Hosted Services / Managed Provides network and wireless network IT security auditing, compliance and penetration testing services for businesses and 12/6/16 $1,800 2.6x NA 29.4x NA Security Services government agencies globally ( )

Provides ERP, HR management, CRM and project management software, SaaS and systems integration services, for 12/6/16 Application Software $2,800 NA 5.2x NA 14.0x ( ) government contractors, professional services firms and other project-based businesses

Provides team collaboration SaaS enabling businesses globally in the life science, financial, oil and gas, technology and 12/6/16 Information Management $856 2.9x 2.7x 42.8x 13.5x manufacturing industries to securely exchange documents and sync files

12/2/16 Application Software $65 6.5x NA NA NA Provides IoT predictive analytics, data mining and event processing software and SaaS for businesses

Provides IT process automation and job scheduling software for businesses globally. Applications manage file transfers, 12/1/16 Infrastructure Management $636 5.1x NA NA NA virtual machine provisioning, application release management and error identification and remediation

All Software Median 4.6x 2.7x 27.5x 15.1x Mean 5.5x 4.0x 30.2x 29.8x

PE Acquirers Median 4.6x 0.6x 27.5x 15.1x Mean 4.0x 3.3x 26.6x 57.3x

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 08/04/2017, where Enterprise Value is > $50MM. 16 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

Provider of product serialization, traceability and compliance services for the life sciences and 8/3/17 rfXcel $30 Kayne Anderson Capital Advisors food and beverage industries.

8/2/17 17 Media $40 Developer of a photo-sharing and live video-streaming application. Golden Summit, KTB Ventures, Majuven, Vertex Ventures SE Asia & India, Yahoo JapanInfinity Venture Partners

8/2/17 Bread Operations $126 Developer of an online financing platform designed to boost merchant sales. Menlo Ventures, Bessemer Venture Partners, RRE Ventures

8/2/17 Dianrong $220 Provider of a peer to peer lending platform designed to lend and borrow money online. GIC, Simone Investment Managers, China Minsheng Investment

8/2/17 Neyber $27 Provider of an employee lending platform intended to provide fair rates and cut credit costs. Wadhawan Holdings

Provider of an Internet of Things (IoT) platform created to help businesses connect and manage 8/2/17 Particle $25 Qualcomm Ventures, Spark Capital their connected devices.

Augesco Ventures, Innogest, Mediaset España Comunicación, Randstad Innovation Fund, 5M Ventures, Caixa Capital Risc, Developer of a mobile recruiting platform created to facilitate connections between blue-collar 8/1/17 CornerJob $22 e.ventures, Media Digital Ventures, Mediaset, Northzone Ventures, Sabadell Capital, Samaipata Ventures, TF1 Group, Tv and service jobs. Azteca

8/1/17 Personal Capital $115 Provider of online wealth management services. IGM Financial

Developer of an implicit authentication platform created to simplify the personal authentication 8/1/17 UnifyID $23 Accomplice VC, Andreessen Horowitz, New Enterprise Associates, StartX process.

7/31/17 carwow $38 Provider of a car comparison platform to facilitate buying and selling of new cars. Vitruvian Partners, Accel, Balderton Capital

Provider of software-defined networking products designed to disrupt the status quo of Dell Technologies Capital, Index Ventures (UK), Intel Capital, Khosla Ventures, Morgenthaler Ventures, MSD Capital, 7/27/17 Big Switch Networks $31 networking by designing intelligent, agile and flexible networks. Redpoint Ventures, Silver Lake Management

Developer of a artificial intelligence-based authentication platform designed to provide the 7/27/17 Callsign $35 Accel, Allegis Capital, NightDragon Security, PTB Ventures most secure and seamless authentication experience for enterprises and users.

Developer of a machine learning automation platform designed to deploy accurate predictive 7/27/17 DataRobot $67 Open Field Capital, New Enterprise Associates models.

Developer of mobile identity scoring software designed to establish financial identities for the 7/27/17 Juvo $40 New Enterprise Associates, SignalFire, Wing Venture Partners people who are creditworthy, yet financially excluded.

Provider of an e-commerce software intended to offer software systems and combine payment China Broadband Capital Partners, China Renaissance, CyberAgent Ventures, Gopher Asset Management Company, Joy 7/27/17 ShopEx $103 channels for e-commerce merchants. Capital, K2VC, New Alliance Capital, Tianxing Capital

Notes: Source: Pitchbook. Reflects deal activity through 08/04/2017. 17 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

7/26/17 FabHotels $25 Operator of on online hotel portal designed to provide budget hotels in India. The Goldman Sachs Group, Accel

Provider of a payment platform intended to offer the world's first fully documented, open API 7/26/17 Marqeta $25 CreditEase, Visa83North, Commerce Ventures, CommerzVentures, Granite Ventures, IA Capital Group issuer payment processor.

Developer of a computational testing technology intended to replace physical testing with 7/26/17 Sentient Science $23 Georgian Partners virtual testing in materials, components, assemblies, and platforms.

Shanghai Liulishuo Information Provider of a AI based language learning application designed to make people speak English 7/26/17 $100 Cherubic Ventures, China Media Capital, GGV Capital, Hearst Ventures, IDG Capital, Trustbridge Partners, Wu Capital Technology fluently.

Developer of an enterprise guidance and engagement platform designed to help users who 7/26/17 WalkMe $75 Flint Capital, Giza Venture Capital, Insight Venture Partners, Mangrove Capital Partners, Scale Venture Partners don't have the time or inclination to study new features.

Developer of a virtual reality (VR) content and technology platform designed to explore and 7/26/17 Within (Virtual reality) $40 Emerson Collective, MACRO, Temasek Holdings, WPP Ventures, 21st Century Fox, Andreessen Horowitz, Raine Ventures expand the potential of immersive storytelling.

Developer of a language learning platform designed to help people to read, listen and speak 7/25/17 Duolingo $25 Drive Capital multiple languages.

Provider of a mobile application designed to give cash rewards against a purchase instead of 7/25/17 Ibotta $25 GGV Capital, Harbor Spring Capital, Haystack Partners, James Clark, Tom Jermoluk giving credit points.

Developer of an AI based semantic HD mapping for autonomous driving created to empower Daimler, Hillhouse Capital Group, NIO Capital, Sequoia Capital China, Unity Ventures, Shunwei Capital, Sinovation 7/25/17 Momenta.ai $46 self-driving cars to become a reality. Ventures

Developer of a restaurant management platform designed to simplify and streamline 7/25/17 Toast (restaurant management) $101 Generation Investment Management, Lead Edge Capital, Bessemer Venture Partners, GV operations.

Provider of an online ride-hailing platform created to offer booking services for taxis, private 7/24/17 Grab $2,500 Didi Chuxing, SoftBank Capital cars and motorbikes in Southeast Asia.

7/24/17 Nyotron Information Security $21 Developer of an antivirus software intended to secure the world. DGB Investments, Amos Malka, Mivtach Shamir Holdings, Saban Capital Group

7/24/17 PerimeterX $23 Provider of a cloud, network and web security platform designed to prevent automated attacks. Canaan Partners, Data Collective, Vertex Ventures US

7/24/17 Rimilia $25 Developer of cash allocation software. Eight Roads Ventures, Kennet Partners

7/21/17 Betterment $70 Provider of an online investment platform intended to offer financial advisory services. Bessemer Venture Partners, Francisco Partners, Kinnevik, Menlo Ventures

Notes: Source: Pitchbook. Reflects deal activity through 08/04/2017. 18 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

7/21/17 Borrowell $43 Developer of an online lending platform designed to offer personal loans and free credit scores. White Star Capital, Equitable Group, Portag3 Ventures

Developer of mobile application designed to offer automatic sync of credit card information and 7/20/17 Acorns $40 Bain Capital Ventures, Greycroft Partners make investments.

Baidu, Cerca Partners, ClalTech, Deutsche Telekom Capital Partners, Emerge, Global Founders Capital, La Maison 7/20/17 Dynamic Yield $31 Developer of software systems for maximizing Web-traffic monetization. Investments, Vertex Ventures Israel, Bessemer Venture Partners, Innovation Endeavors, Marker

Provider of digital-to-direct mail platform designed to transform real-time online activity into 7/20/17 PebblePost $47 RRE Ventures, Greycroft Partners, Tribeca Venture Partners personalized, dynamically rendered direct mail delivered to postal hubs within 12 to 24 hours.

Developer of a bookkeeping automation software designed to automatize small business 7/20/17 Receipt Bank $50 Insight Venture Partners bookkeeping.

Provider of a game-based learning platform designed to help teachers create tailored quizzes 7/19/17 Kahoot $20 Creandum, Microsoft Ventures, Northzone Ventures and exams.

General Motors, Greylock Partners, SoftBank Group, Allianz Ventures, BMW i Ventures, Draper Nexus, Playground Global, 7/19/17 Nauto $159 Provider of an online traffic monitoring device. Toyota Research Institute

Provider of a cloud-based product experience platform designed to increases trial conversions Meritech Capital Partners, Battery Ventures, Contour Venture Partners, Core Capital Partners, IDEA Fund Partners, 7/19/17 Pendo $25 and accelerates time to value. Salesforce Ventures, Spark Capital

Developer of an enterprise collaborative data platform designed to empower employees inside 7/18/17 Alation $23 Harmony Partners, Icon Ventures, Costanoa Venture Capital, Data Collective data-driven enterprises to find, understand and use the right data.

Developer of an artificial intelligence based trading software created to trade in financial 7/18/17 Capital.com $25 Larnabel Ventures, VP Capital instruments with their mobile devices.

Developer of a cloud-based small business accounting software designed to make online 7/18/17 FreshBooks $43 Accomplice VC, Georgian Partners, Oak Investment Partners invoicing easy and secure.

7/18/17 NewStore $50 Provider of an online order and workflow automation tool and platform. Stephan Schambach, Activant Capital Group, General Catalyst Partners

AutoTech Ventures, Corazon Capital, Daniel Hoffer, Global Founders Capital, Levy Family Partners, Math Venture 7/18/17 SpotHero $30 Developer of an on-demand mobile parking application designed to offer easy parking facilities. Partners, Sam Yagan, Bullpen Capital, Chicago Ventures, Draper Associates, Insight Venture Partners, OCA Ventures, Pritzker Group Venture Capital

Provider of an Internet of Things (IoT) platform created to help businesses connect and manage 7/17/17 Particle $20 Qualcomm Ventures, Spark Capital their connected devices.

Avenir Growth Capital, Greg Maffei, Joe Gebbia, Robert Pittman, Shumway Capital Partners, Dasha Zhukova, L Catterton, 7/17/17 Artsy $50 Provider of an online platform for collection of contemporary art for art lovers. Larry Gagosian, Richard Barton, Rockefeller family, Sky Dayton, Thrive Capital, Wendi Murdoch

Notes: Source: Pitchbook. Reflects deal activity through 08/04/2017. 19 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

7/14/17 VistaraIT $20 Developer of a SaaS platform created to manage modern IT operations. NA

Developer of compliance management software designed to help organizations collect data and Greenspring Associates, Business Development Bank of Canada, National Research Council Canada, OpenText Enterprise 7/14/17 Assent (Compliance Management) $31 stay in compliance with local and international regulations. Apps Fund, Royal Bank of Canada, Volition Capital

Provider of an in-home repair and installation platform intended to verify repairs and support 7/13/17 CellSavers $20 Red Dot Ventures, Carmel Ventures, Sequoia Capital Israel for smart device.

Operator of an industrial products distribution platform created to offer one-stop MRO 7/12/17 Zhenkunhang $53 Eastern Bell Venture Capital, Shenzhen Cowin Venture Capital Investments purchasing and management services.

Alpha Venture Partners, Bespoke Management, Spark Capital, StepStone Group, Foundry Group, Madrona Venture 7/12/17 Rover $65 Operator of a pet-sitter network developed to connect pet owners with dog walkers and sitters. Group, Menlo Ventures, OMERS Ventures, Technology Crossover Ventures

7/12/17 Revolut $66 Provider of mobile foreign exchange services designed to help in global money transfer. Balderton Capital, Index Ventures (UK), Ribbit Capital

Provider of advanced algorithms and data-driven analytics to clients in the futures and US cash 7/12/17 Quantitative Brokers $24 Centana Growth Partners treasury markets.

Provider of a business risk intelligence platform intended to empower intelligent decision 7/12/17 Flashpoint (threat intelligence) $28 Georgian Partners, Bloomberg Beta, Cisco Investments, Greycroft Partners, Jump Capital, Leaders Fund, TechOperators making.

Provider of cyber security for mobile and endpoints by applying deep learning designed to 7/12/17 Deep Instinct $32 Coatue Management, Nvidia, Columbus Nova Technology Partners protect against the most evasive unknown malware in real-time.

Developer of an enterprise security platform designed to detect and defend advanced malware Barracuda Networks, NTT Finance, Osage University Partners, Thomvest Ventures, WatchGuard Technologies, Redpoint 7/11/17 Lastline $29 in network. Ventures

Provider of a cloud security software designed to automate compliance and enforce security- Advance Venture Partners, Cisco Investments, EPIC Ventures, Fortinet, Intel Capital, Sway Ventures, Trident Capital, 7/11/17 HyTrust $36 based policies across private and public clouds. Vanedge Capital, VMware

Provider of a sales conversation intelligence platform created to improve calls and demos for 7/11/17 Gong (Software) $20 Next World Capital, Wing Venture Partners, Norwest Venture Partners, Shlomo Kramer sales teams.

Provider of an electronic credit trading platform created to unlock liquidity for institutional 7/10/17 TruMid $28 CreditEase, DB1 Ventures clients.

Developer of a mobile investment application designed to empower investors and provide 7/10/17 StashInvest $42 Coatue Management, Breyer Capital, Goodwater Capital, Valar Ventures access to financial opportunities.

Provider of cyber threat defense systems designed to detect and respond to previously 7/10/17 Darktrace $75 Insight Venture Partners, Kohlberg Kravis Roberts, Summit Partners, Ten Eleven Ventures unidentified threats.

Notes: Source: Pitchbook. Reflects deal activity through 08/04/2017. 20 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

Alibaba Entrepreneurs Fund, H&Q Asia Pacific, International Finance Corporation, SBI HoldingsACE & Company, Goldman 7/10/17 CompareAsiaGroup $50 Provider of a financial comparison platform designed to offer information on personal finance. Sachs Investment Partners, Nova Founders Capital, Route 66 Ventures

Operator of an online automobile marketplace designed to make buying and selling 7/5/17 Droom $20 Beenext Ventures, Beenos Asia, Digital Garage, Integrated Asset Management, Lightbox automobiles easy, quick and trusted.

Provider of a platform for finding local service professionals designed to expand service 7/3/17 UrbanClap $21 Vy CapitalAccel, Bessemer Venture Partners, SAIF Partners businesses.

6/30/17 Kinetica $50 Provider of GPU-accelerated relational database designed to run applications much faster. Canvas Ventures, Citi Ventures, Meritech Capital PartnersRaymond Lane

Provider of an open source-as-a-service platform designed to help companies manage their 6/28/17 Platform9 $22 Canvas Ventures, Hewlett Packard EnterpriseRedpoint Ventures cloud software deployments.

Provider of cloud-based machine data analytics service designed to deliver real-time continuous 6/27/17 Sumo Logic $75 intelligence from structured, semi-structured and unstructured data across the entire Sapphire VenturesAccel, DFJ Growth, Greylock Partners, IVP, Sequoia Capital, Sutter Hill Ventures application life-cycle and stack. Provider of information technology field services through a unique two-sided platform which 6/27/17 SiteHands $25 provides orchestration and simplification with end-to-end accountability and continuous FTV Capital optimization.

Developer of an e-commerce fraud-prevention technology designed to turn fraud management C4 Ventures, Capital One Growth Ventures, Groupe Arnault, Pascal Cagni, Pitango Venture CapitalGenesis Partners, 6/27/17 Riskified $33 into a growth engine for online retailers. Phoenix Insurance Company, Qumra Capital

6/27/17 Resolver $20 Provider of enterprise governance, risk and compliance software services. Klass Capital

6/27/17 DiffBlue $22 Developer of an automated testing software designed to improve code testing. Goldman Sachs Principal Strategic Investments, Oxford Investment Consultants, Oxford Sciences Innovation

Provider of cloud-management software to develop a service that complements, not displaces, 6/27/17 CloudHealth Technologies $46 Kleiner Perkins Caufield & Byers, Meritech Capital Partners.406 Ventures, Sapphire Ventures, Scale Venture Partners the existing infrastructure.

Mark NunnellyBob Doris, GE Ventures, General Catalyst Partners, Greylock Partners, Highland Capital Partners, Mark 6/27/17 Catalant Technologies $41 Provider of an online talent network designed to streamline access to expertise. Cuban, Scott Cook, The Kraft Group

Developer of a cloud based Identity as a Service platform designed to integrate directly, manage Meritech Capital Partners, NTT Docomo Ventures, Telstra VenturesBessemer Venture Partners, K9 Ventures, Trinity 6/27/17 Auth0 $30 identity and authentication into cloud platforms. Ventures

Provider of a data-driven cognitive computing analytics platform designed to harness real-time 6/26/17 SparkCognition $33 Boeing HorizonXVerizon Ventures sensor data.

Developer of a mobile financial management platform designed to make personal finances 6/26/17 Fintonic $28 ING Group, Premier Specialty Network available to all the public.

Notes: Source: Pitchbook. Reflects deal activity through 08/04/2017. 21 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. SOFTWARE CAPITAL MARKETS UPDATE Recent Software IPO Pricings

($MM) % Change % Change Market Cap Amount % Change Current / Offer Date (1) Name Pre IPO Filing Range Offer Price Offer / 1st Trading Day / @ IPO Date Raised Offer Price Midpoint Price Offer Price

25-May-17 $787 $75 11.00 - 13.00 $12.00 - 25.1% 64.3%

28-Apr-17 $2,318 $225 12.00 - 14.00 $15.00 15.4% 21.3% 15.1%

13-Apr-17 $1,146 $116 8.00 - 10.00 $11.00 22.2% 21.9% 16.3%

7-Apr-17 $2,134 $187 15.00 - 17.00 $17.00 6.3% 38.3% 35.4%

24-Mar-17 $873 $126 12.00 - 14.00 $14.00 7.7% 10.7% 64.1%

17-Mar-17 $3,118 $221 14.00 - 16.00 $17.00 13.3% 45.6% 27.9%

Notes: Source: Capital IQ and Company filings. Market Data as of 08/04/2017. 22 (1) First Trading Day listed as Offer Date. A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIES Strategic and Private Equity Exits Outweigh New Issues

210 PE Acquisitions Strategic Acquisitions IPO

200 6 195 (7) 11 (11) (5) 190 (11) (6) 7 (8) (4) 17 (9) 11 (10) Fortinet 17 CDC Software (7) LogMeIn 16 Medidata (6) 180 SolarWinds (9) Rosetta Stone SciQuest (6) RealPage (8) 9 IntraLinks (12) Envestnet Jive Workday Qlik Imperva Fleetmatics BroadSoft Carbonite Qualys Workiva Higher One Tangoe Eloqua Mavenir Hortonworks Convio New Relic 170 Responsys E2open Barracuda Atlassian SPS Commerce HubSpot Cornerstone ServiceNow Wix.com Mimecast SS&C CyberArk Epocrates Exa Covisint Instructure QuinStreet MobileIron Incadea RingCentral Rapid7 FireEye Kinaxis (9) Infloblox Sophos Twilio Cvent Zendesk Proofpoint AppFolio SecureWorks 6 (6) Gigamon Paycom Splunk Alarm.Com Talend Textura OPOWER ExactTarget Xactly Everbridge ChannelAdvisor Five9 Demandware Shopify Apptio 160 Marketo 2U 157 Bazaarvoice Apigee Gridsum Holding (4) Tableau Borderfree Greenway Box Nutanix Halogen Amber Road Mulesoft AVG Coupa Rally A10 Networks Alteryx Guidewire BlackLine, Inc. Marin Paylocity Okta Model N Varonis Systems Yext Cloudera Appian 150 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

2009 2010 2011 2012 2013 2014 2015 2016 2017 IPO + 6 + 11 + 7 + 17 + 16 + 17 + 11 + 9 + 6 Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 6 PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 4

Notes: Sources: Capital IQ, company filings. 23 Market Data as of 08/04/2017. VENTURE CAPITAL INDUSTRY TMT Transactions Since Q2 2002

$14 1,000

$12

800

$10

600

$8 $Bn

400 Number Number of Investments

200

$0 0 Q2 2002 Q2 2003 Q2 2004 Q2 2005 Q2 2006 Q2 2007 Q2 2008 Q2 2009 Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Quarter - Year

(1) Number of Deals Investment Amount

Notes: (1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications until Q3 2016. As of Q4 2016, TMT inclusive of Computer Hardware / Services, Electronics, Internet, Media (Traditional), Mobile / Telecommunications, Risk & 24 Security Systems, and Software. GCA OVERVIEW Deep Software Sector Expertise

Preferred Acquired by Acquired by Acquired by Acquired by Preferred Acquired by Acquired by Acquired by Stock Stock

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller

Preferred Acquisition of Acquired by Acquisition of Acquired by Acquired by Convertible Note Strategic Advisory Investment by Offering Services Stock

We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller Financial Advisor Financial Advisor We Advised the Seller Financial Advisor We Advised the Buyer

Acquisition of Acquired by Acquired by Acquired by Acquired by Preferred Acquired by Acquired by Acquired by Stock

We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller

Acquired by Acquisition of Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by

Fairness Opinion to We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller Buddy Media We Advised the Seller We Advised the Seller We Advised the Seller

Notes: The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based 25 transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.