November 2016 Investment Banking

European Tech M&A Activity Continues Post-Brexit Referendum

In This Report SoftBank–ARM, Micro Focus–HP deals highlight ongoing activity in British European Technology Report tech Increased interest in Continental

EuropeanTalend becomes fin tech the latest European tech company to have a successful U.S. IPO

M&A, capital-raising, and public comps stats across European tech CONTENTS

Executive Summary 1

Market Update and Analysis 3

William Blair Global Technology Banking Franchise 5

Sector and Transaction Data 7

EXECUTIVE SUMMARY

European Tech M&A Activity Continues Post-Brexit Referendum

Innovative technology industry. Two major transactions in Trustmarque Solutions, an end-to-end companies across the the third quarter, SoftBank’s IT solutions and services provider to acquisition of ARM and Micro Focus’s the public and private sector in the Continent are drawing acquisition of Hewlett Packard United Kingdom, on its sale to Capita, significant interest from Enterprise’s software business, one of the United Kingdom’s leading potential buyers. illustrate the continued outbound and providers of technology-enabled inbound activity involving U.K.-based business process management and The United Kingdom’s intended technology companies. outsourcing solutions. In August, we withdrawal from the European Union advised Liberata, a provider of On July 18, Japan-based SoftBank will be a complicated, drawn-out business process outsourcing, announced that it was acquiring process, and Brexit’s full impact on services, and automation to the U.K. Cambridge-based microprocessor M&A and capital-raising activity will public sector, on its sale to Tokyo- manufacturer ARM for $32 billion. The not be known for several years. In the based Outsourcing Inc. The transaction, which is the largest near term, however, many bankers transaction increases Outsourcing’s takeover of a British company by an and other industry commentators U.K. footprint and gives the company a Asian company according to The Wall expected the Brexit vote to have a platform for existing U.K. operations Street Journal, shows the level of significant chilling effect on M&A and other strategic acquisitions in the confidence that acquirers have in activity in the United Kingdom and U.K. outsourcing market. Trustmarque British companies, particularly those Europe as a whole. and Liberata both were portfolio that are global exporters. companies of Endless, a British private While the uncertainty caused by the At William Blair, we have seen this equity firm based in Leeds. June 23 vote has created headwinds increasing confidence in the growth for deal-making, M&A activity The post-Brexit referendum M&A prospects for U.K.-based technology involving European technology activity involving British technology companies play out in several recent companies has continued at a fairly companies has not been limited to deal processes. We advised robust pace over the past several months. Over the first three quarters of 2016, M&A value involving European technology companies has European Technology M&A Values totaled approximately €89 billion. We While European technology M&A activity has slowed from 2015’s record levels, examine the impact of the Brexit deal-making involving European targets and acquirers has continued at a fairly referendum and other trends that are robust pace over the first three quarters of 2016. shaping M&A and capital-raising Transactions Involving European Technology Targets and/or Acquirers (€ millions) activity in European technology. € 174,494 € 152,381 € 139,194 SoftBank–ARM, Micro Focus–HP € 103,404 Deals Highlight Ongoing € 74,653 Activity in British Tech € 53,088 The assumption that corporate deal- making would shift to a wait-and-see mode after the Brexit vote has not 2011 2012 2013 2014 2015 2016-YTD played out in Britain’s technology Source: Dealogic, as of November 8, 2016 1

inbound processes. On September 8, region’s leading financial technology Talend Becomes the Latest Micro Focus announced that it was marketplace, offering consumers a European Tech Company to acquiring the software assets of range of financial solutions such as Have a Successful U.S. IPO Hewlett Packard Enterprise for $8.8 loans and insurance from Zmarta’s With its successful July debut on the billion. The acquisition tripled the size comprehensive partner network. Nasdaq, France-based Talend became of Micro Focus and resulted in the Zmarta recently expanded into the latest European technology company taking ARM’s place in the Germany, and Hamburg-based Bauer company to go public in the United FTSE 100 index. emerged as a compelling partner to States. William Blair served as an support the next phase of underwriter of the $109 million Increased Interest in Continental Zmarta’s growth. offering, which priced above the European Fin Tech range. Like many other European For the past decade, financial More financial sponsors are technology companies, Talend built a technology has been one of the most developing cross-functional strong customer base and established active sectors in European technology. its research and development London, thanks to its advanced capital expertise when it comes to expertise in Europe before expanding markets and governmental policy that financial technology to the U.S. market and eventually has helped incubate the nascent investing. This allows funds accessing public capital there. sector, has clearly been the European epicenter of much of the innovation in to identify and aggressively While this pattern creates some financial services. pursue the most promising political debate and consternation in European technology circles, we In the last several years, however, companies. believe that it does not undermine the many promising, high-growth vitality of Europe’s technology start- The interest in financial technology financial technology companies have up ecosystem. U.S. markets have companies has come from strategic emerged across the Continent. As a proved especially adept at allocating buyers and financial sponsors, alike. result, financial sponsors and strategic capital to fund high-growth, Traditionally, financial sponsors acquirers are looking to cities such as innovative technology companies. By have viewed the sector from the Paris, Amsterdam, Berlin, and going public where the cost of capital perspective of investing primarily Stockholm to find the next disruptive is the lowest and the valuations are in either financial companies or force in financial technology. Britain’s the highest, this allows companies like technology companies. Recently, exit from the European Union and Talend to invest more resources in however, more funds are developing ongoing reforms in the European European operations, continue cross-functional expertise. The ability Union’s financial regulatory system expanding globally, and create more to understand the disruptive forces could cause this trend to accelerate value for their early-stage that drive innovation in the over the next several years. European investors. technology world as well as the Zmarta’s recent sale to Bauer Media regulatory and balance sheet To learn more about these and other Group in Germany highlights buyers’ issues that financial services firms trends that are shaping deal-making growing interest in financial face, have allowed firms with this and capital-raising activity in technology companies that are cross-functional expertise to European technology, please do not focused on continental Europe. Based identify and aggressively pursue hesitate to contact us. in Sweden, Zmarta is the Nordic the most promising financial technology companies. William Blair 2

MARKET UPDATE AND ANALYSIS

M&A Valuations Across Sectors in European Technology Innovative financial technology companies across Europe are generating strong valuations and significant interest from strategic and financial acquirers. Although London remains the center of financial technology, cities across continental Europe are emerging as hubs of financial technology innovation.

Median EV/LTM Revenue Multiples

Software 2.99x

Financial Technology 2.53x

Internet & Digital Media 2.52x

Semiconductors 2.48x

Applied Technology & Systems 1.84x

European Communications 1.26x

Technology Services 0.98x

We look behind the numbers Sources: Selected transactions since 2014; S&P Capital IQ, Mergermarket, and William Blair to examine the market market analysis; data as of November 3, 2016 dynamics that are driving trends in the deal-making IPOs by European Technology Companies While IPO activity has slowed in the technology industry, promising companies and capital-raising landscape such as France-based Talend have had successful debuts in 2016. Like many in European technology. other European technology companies, Talend built a strong customer base and established its research and development expertise in Europe before expanding to the U.S. market and eventually accessing public capital there.

€ 13,814 50

52

32 € 8,309 32 24

€ 4,275 € 3,669 € 1,813

2012 2013 2014 2015 2016-YTD IPO Proceeds No. of transactions

Source: Dealogic, as of November 8, 2016

3

Enterprise Value Distribution by Geography (2012 - 2016) European Technology M&A Activity by Country/Region UK & Ireland Brexit’s long-term impact on M&A activity 21% Benelux remains to be seen, but U.K.-based buyers and 30% sellers remained very active in the three months 1% Nordics following the June 23 referendum vote. This 2% France activity was headlined by SoftBank’s acquisition of ARM and Micro Focus’s acquisition of Hewlett 7% Germany Packard Enterprise’s software business. Italy 10% 18% Spain 11% Other

Sources: Selected M&A transactions since 2012 (>€20 million); S&P Capital IQ, Mergermarket, and William Blair market analysis; data as of November 3, 2016

Enterprise Value Distribution by Sector (2012 - 2016) European Technology M&A Activity by Sector 4% Semiconductors 9% As Europe’s financial technology ecosystem Software continues to grow and evolve, the sector is 32% seeing increased investment and M&A activity. 11% Internet & Digital Media Many financial sponsors are developing cross- functional expertise across finance and Financial Technology technology, which allows these investors to 14% Communications develop distinct points of view on how technology is disrupting Europe’s highly Services regulated financial services industry. 16% 14% Applied Technology & Systems

Sources: Selected M&A transactions since 2012 (>€20 million); S&P Capital IQ, Mergermarket, and William Blair market analysis; data as of November 3, 2016

William Blair 4

WILLIAM BLAIR GLOBAL TECHNOLOGY INVESTMENT BANKING

Drawing on our deep sector expertise and the strength of our William Blair relationships, William Blair has built a leading global by the Numbers* technology franchise. Business owners turn to us for outstanding execution for their M&A and capital-raising objectives. 950+ completed advisory and financing Recent transactions include: transactions since 2011

$110+ billion aggregate M&A transaction value

30%+ cross-border M&A transactions

$290+ million average underwriting value

150+ IPOs and nearly 200 follow-on offerings

*Data for the past five years, as of September 30, 2016 5

Top Rankings in 2015 Greenwich Associates Survey With more than 300 bankers globally, William Blair has William Blair’s institutional equity research, sales, and trading groups received completed more than 950 multiple top rankings in the 2015 Greenwich Associates survey. Small- and advisory and financing midcap portfolio managers ranked William Blair No. 1, No. 2, or No. 3 in nine transactions since 2011 totaling categories in the Greenwich survey, which is the preeminent survey in the more than $240 billion in value institutional investor community. for our clients.*

No. 1 rankings

• Sales Raphael Grunschlag • Corporate access quality Head of European Technology +44 20 7868 4501 • Provide intensive service [email protected]

• Best coordinate access to analysts Simon Baertl Managing Director Technology No. 2 rankings +49 69 509527 613 [email protected] • Greatest knowledge of companies and industries Jonathan Skinner • Provide information and insights that generate “alpha” Global Head of Technology • Best tailor research calls and services to client-specific needs +1 312 364 5408 [email protected] No. 3 rankings Matthew Gooch • Most useful conferences and seminars Head of European Banking +44 20 7868 4478 • Make most calls and visits [email protected]

Access to Industry Leaders Stewart Licudi William Blair is committed to providing the global technology community access Head of European Financial to leading industry investors and companies around the globe. To learn more Sponsors Coverage about attending our upcoming conferences, please contact Gary Morabito +44 20 7868 4512 ([email protected]). [email protected]

*Data for the past five years, as of September 30, 2016 William Blair 6

European Technology

Sector and Transaction Data

SECTOR AND TRANSACTION DATA

Software (€ in millions) EV / Revenue EV / EBITDA Revenue Market Enterprise Growth LTM Margin Company Capitalisation Value CY16E CY17E CY16E CY17E CY16E-CY17E EBITDA SAP € 93,215 € 95,873 4.35x 4.10x 12.9x 12.0x 6.3% 26.6% Dassault Systemes € 18,186 € 16,704 5.50x 5.06x 15.3x 13.9x 8.6% 27.4% Sage Group € 8,451 € 8,795 5.07x 4.43x 17.1x 15.2x 14.4% 26.7% Micro Focus International € 5,362 € 6,149 5.48x 4.88x 13.9x 10.8x 12.3% 35.4% NICE Systems € 3,676 € 3,321 3.65x 3.15x 13.0x 11.2x 15.9% 24.1% Software Aktiengesellschaft € 2,515 € 2,422 2.75x 2.69x 8.6x 8.5x 2.2% 30.4% CompuGroup Medical € 1,988 € 2,338 4.17x 3.71x 18.6x 15.5x 12.5% 18.8% Nemetschek € 2,155 € 2,157 6.34x 5.53x 23.4x 20.5x 14.7% 21.5% Fleetmatics Group € 2,116 € 1,970 6.40x 5.35x 18.9x 15.5x 19.6% 33.8% Asseco € 1,011 € 1,656 0.90x 0.91x 6.8x 6.7x (0.3%) 13.6% Sophos Group € 1,165 € 1,357 2.97x 2.59x 21.4x 17.8x 14.8% 8.4% CyberArk Software € 1,399 € 1,186 6.16x 5.03x 23.8x 19.6x 22.5% 20.3% AVEVA Group € 1,292 € 1,155 5.11x 4.77x 17.8x 16.4x 7.1% 23.7% Opera Software € 963 € 1,125 1.73x 1.55x 12.3x 10.0x 11.4% 11.7% Median 4.71x 4.27x 16.2x 14.6x 12.4% 23.9% Average 4.33x 3.84x 16.0x 13.8x 11.6% 23.0% Mimecast € 994 € 901 6.05x 4.93x NMF NMF 22.6% 2.1% Cegid Group € 560 € 626 2.04x 1.94x 7.3x 6.8x 5.1% 10.2% EMIS Group € 577 € 580 3.22x 3.00x 9.6x 9.0x 7.2% 24.6% Axway Software € 582 € 575 1.86x 1.73x 11.4x 10.1x 7.0% 14.2% Talend € 551 € 554 5.92x 4.56x NMF NMF 29.8% NMF BasWare € 471 € 474 3.17x 2.84x NMF NMF 11.3% 2.2% Lectra € 510 € 443 1.72x 1.60x 10.6x 9.4x 7.6% 15.4% F-Secure € 493 € 412 2.61x 2.45x 16.3x 13.6x 6.7% 17.7% RIB Software € 548 € 379 3.89x 3.35x 13.9x 11.4x 16.1% 17.7% SDL € 388 € 372 1.34x 1.31x 11.3x 9.8x 2.2% 6.3% Comarch € 325 € 318 1.16x 1.07x 8.6x 8.0x 8.9% 15.0% IDOX € 244 € 262 2.90x 2.64x 10.8x 9.9x 9.6% 27.3% ESI Group € 228 € 253 1.89x 1.71x 18.0x 14.5x 10.4% 12.6% Myriad Group € 265 € 244 NA NA NA NA NA NMF Comptel € 229 € 236 2.23x 2.01x 13.6x 10.9x 11.3% 12.3% Mensch und Maschine Software € 210 € 234 1.39x 1.31x 14.9x 12.2x 6.6% 8.5% Sword Group € 255 € 232 1.44x 1.29x 9.3x 8.3x 11.3% 14.8% ATOSS Software € 225 € 207 4.15x 3.71x 15.0x 13.4x 12.0% 27.2% Blue Prism € 215 € 200 NMF 15.40x NMF NMF 30.1% NMF Median 2.23x 2.23x 11.3x 10.0x 10.0% 14.5% Average 2.76x 3.16x 12.2x 10.5x 12.0% 14.2% Init Innovation in Traffic Systems € 153 € 164 1.54x 1.38x 10.6x 9.6x 11.2% 12.2% PSI € 187 € 153 0.87x 0.77x 10.2x 7.9x 13.1% 7.6% Microgen € 123 € 121 2.78x 2.73x 11.2x 10.7x 2.0% 23.4% WANdisco € 54 € 57 5.48x 4.47x NMF NMF 22.6% NMF Cerillion € 42 € 41 2.46x 2.29x 11.9x 11.0x 7.6% 17.6% Intershop Communications € 38 € 30 0.79x 0.73x 11.5x 9.7x 8.2% NMF Median 2.00x 1.84x 11.2x 9.7x 9.7% 14.9% Average 2.32x 2.06x 11.1x 9.8x 10.8% 15.2% Overall Median 2.90x 2.71x 12.9x 10.9x 11.3% 17.7% Overall Average 3.28x 3.24x 13.6x 11.8x 11.6% 18.0% Note: All market data is as of November 1, 2016 7

SECTOR AND TRANSACTION DATA

Financial Technology (€ in millions) EV / Revenue EV / EBITDA Revenue Market Enterprise Growth LTM Margin Company Capitalisation Value CY16E CY17E CY16E CY17E CY16E-CY17E EBITDA IHS Markit € 13,863 € 16,682 6.74x 7.22x 18.8x 20.3x (6.7%) 26.4% Worldpay Group € 6,246 € 8,073 6.35x 5.76x 16.0x 14.1x 10.4% 43.1% Ingenico Group € 4,346 € 4,789 2.09x 1.94x 10.6x 9.5x 7.9% 23.0% Wirecard € 5,188 € 4,426 4.35x 3.45x 14.5x 11.5x 26.2% 27.9% Temenos Group € 3,763 € 4,004 7.04x 6.45x 18.5x 16.4x 9.2% 25.7% Paysafe Group € 2,364 € 2,832 3.36x 3.02x 11.6x 10.3x 11.3% 23.3% Worldline € 3,214 € 2,779 2.12x 1.72x 10.8x 8.6x 23.2% 16.3% Wincor Nixdorf € 1,972 € 2,068 0.80x 0.79x 9.5x 8.3x 1.3% 9.9% SimCorp € 1,747 € 1,719 5.86x 5.58x 24.2x 23.1x 5.0% 24.8% Median 4.35x 3.45x 14.5x 11.5x 9.2% 24.8% Average 4.30x 3.99x 14.9x 13.6x 9.8% 24.5% Equiniti Group € 648 € 983 2.21x 2.13x 9.5x 9.1x 4.0% 19.2% Fidessa € 1,036 € 962 2.65x 2.54x 10.0x 9.3x 4.4% 27.9% PayPoint € 807 € 705 3.11x 3.14x 11.1x 10.6x (1.1%) 26.3% First Derivatives € 570 € 589 3.95x 3.61x 20.6x 18.6x 9.3% 12.6% Sapiens International Corporation € 595 € 516 2.68x 2.34x 15.0x 12.7x 14.6% 14.9% Qiwi € 679 € 458 3.00x 2.67x 5.1x 4.7x 12.6% 31.4% Linedata Services € 298 € 311 1.81x 1.78x 6.2x 6.1x 2.1% 25.8% Median 2.68x 2.54x 10.0x 9.3x 4.4% 25.8% Average 2.77x 2.60x 11.1x 10.2x 6.5% 22.6% Dalenys € 107 € 97 1.40x 1.23x NMF NMF 14.0% NMF StatPro Group € 80 € 92 2.33x 2.23x 16.5x 14.8x 4.5% 13.1% Gresham Computing € 85 € 81 4.25x 3.69x 19.2x 14.1x 15.1% 14.9% Earthport € 90 € 73 2.51x 1.85x NMF NA 35.3% NMF msg life € 92 € 70 0.62x 0.60x 6.5x 5.7x 4.0% 6.5% Tungsten Corporation € 80 € 68 2.04x 1.65x NMF NMF 23.4% NMF Brady € 62 € 54 1.63x 1.55x 11.2x 9.9x 4.7% 0.4% Bango € 61 € 52 17.76x 9.59x NMF NMF 85.2% NMF Seamless Distribution € 41 € 40 1.34x 1.21x NMF NMF 10.4% NMF Monitise € 67 € 19 0.30x 0.34x NMF 33.5x (12.9%) NMF Median 1.83x 1.60x 13.9x 14.1x 12.2% 9.8% Average 3.42x 2.40x 13.4x 15.6x 18.4% 8.7% Overall Median 2.58x 2.28x 11.4x 10.6x 9.3% 23.1% Overall Average 3.55x 3.00x 13.3x 12.9x 12.2% 20.7% Note: All market data is as of November 1, 2016

William Blair 8

SECTOR AND TRANSACTION DATA

Communications (€ in millions) EV / Revenue EV / EBITDA Revenue Market Enterprise Growth LTM Margin Company Capitalisation Value CY16E CY17E CY16E CY17E CY16E-CY17E EBITDA Nokia Corporation € 22,979 € 18,112 0.75x 0.76x 6.5x 5.8x (0.6%) 9.9% Ericsson € 14,297 € 11,713 0.51x 0.51x 3.6x 3.4x (0.5%) 13.6% ARRIS International € 4,833 € 6,349 1.04x 1.01x 8.0x 7.3x 3.2% 12.5% Gemalto € 4,331 € 4,670 1.49x 1.42x 7.9x 7.1x 5.1% 17.6% Logitech International € 3,791 € 3,238 1.68x 1.60x 15.9x 14.5x 5.4% 10.3% u-blox Holding € 1,163 € 1,109 3.14x 2.66x 13.8x 11.8x 17.8% 20.3% Kudelski € 856 € 1,101 1.13x 1.08x 8.6x 8.5x 5.3% 11.4% Median 1.13x 1.08x 8.0x 7.3x 5.1% 12.5% Average 1.39x 1.29x 9.2x 8.4x 5.1% 13.7% Jenoptik € 887 € 925 1.33x 1.25x 9.8x 9.1x 6.4% 12.8% Ascom Holding € 563 € 556 1.66x 1.66x 15.8x 11.7x (0.1%) 6.8% Spirent Communications € 561 € 481 1.19x 1.15x 8.5x 7.5x 3.5% 15.0% Gamma Communications € 472 € 439 1.87x 1.77x 12.1x 11.4x 5.5% 16.1% EVS Broadcast Equipment € 420 € 410 3.09x 3.28x 8.3x 10.2x (5.6%) 38.8% CLX Communications € 355 € 361 1.78x 1.41x 27.6x 16.7x 26.7% 4.2% Telit Communications € 330 € 354 1.04x 0.89x 7.2x 5.8x 16.0% 7.1% ADVA Optical Networking € 348 € 327 0.58x 0.50x 5.1x 3.7x 14.2% 5.8% Median 1.49x 1.33x 9.2x 9.6x 6.0% 10.0% Average 1.57x 1.49x 11.8x 9.5x 8.3% 13.3% Sepura € 60 € 166 0.88x 1.05x 14.4x 8.9x (16.2%) 7.4% Netgem € 72 € 46 0.61x 0.58x 7.2x 5.9x 5.3% 9.5% Parrot € 240 € 9 0.04x 0.03x NMF NMF 15.6% NMF Median 0.61x 0.58x 10.8x 7.4x 5.3% 8.4% Average 0.51x 0.55x 10.8x 7.4x 1.6% 8.4% Overall Median 1.16x 1.11x 8.5x 8.5x 5.3% 11.4% Overall Average 1.32x 1.26x 10.6x 8.8x 5.9% 12.9% Note: All market data is as of November 1, 2016

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SECTOR AND TRANSACTION DATA

Internet & Digital Media (€ in millions) EV / Revenue EV / EBITDA Revenue Market Enterprise Growth LTM Margin Company Capitalisation Value CY16E CY17E CY16E CY17E CY16E-CY17E EBITDA United Internet € 7,570 € 9,422 2.35x 2.21x 11.1x 10.0x 6.3% 21.2% Zalando € 9,773 € 8,491 2.31x 1.88x 36.8x 27.3x 23.2% 4.8% Yandex € 5,685 € 5,080 4.76x 3.98x 13.5x 10.9x 19.5% 29.5% ASOS € 4,897 € 4,688 2.95x 2.26x NMF 32.6x 30.1% 5.1% Auto Trader Group € 4,152 € 4,640 14.05x 12.84x 21.5x 19.0x 9.4% 61.4% JUST EAT € 4,249 € 4,039 9.85x 7.79x 33.2x 22.6x 26.5% 27.6% Rightmove € 4,006 € 3,990 16.59x 15.25x 22.0x 20.2x 8.7% 73.6% Ubisoft Entertainment € 3,373 € 3,417 1.97x 1.88x 4.8x 4.0x 5.0% 13.3% Scout24 € 3,368 € 3,312 7.55x 6.89x 14.9x 13.2x 9.6% 43.2% Mail.Ru Group € 3,119 € 3,008 5.20x 4.57x 11.6x 10.1x 13.7% 33.9% Rocket Internet € 3,220 € 1,852 11.71x 10.04x NMF NMF 16.6% NMF Criteo € 2,108 € 1,787 2.77x 2.22x 9.8x 7.3x 25.0% 9.4% Moneysupermarket.com € 1,766 € 1,739 5.10x 4.76x 13.0x 12.1x 7.2% 35.5% Zoopla Property € 1,439 € 1,524 7.31x 6.11x 17.8x 15.7x 19.8% 35.9% boohoo.com € 1,594 € 1,499 5.52x 4.29x NA 39.0x 28.7% 10.9% Median 5.20x 4.57x 14.2x 14.4x 16.6% 28.5% Average 6.67x 5.80x 17.5x 17.4x 16.6% 28.9% XING € 1,023 € 943 6.46x 5.48x 20.5x 16.6x 17.8% 27.0% AO World € 762 € 729 0.96x 0.79x NMF NMF 21.3% NMF GlobalData € 490 € 518 5.02x 4.77x 28.7x 21.6x 5.2% 15.2% SRP Groupe € 566 € 483 0.90x 0.73x 15.0x 11.2x 22.4% 3.2% Grupa Wirtualna Polska € 368 € 416 4.26x 3.85x 13.8x 12.0x 10.8% 32.6% Catena Media € 364 € 359 8.85x 5.45x 16.5x 10.3x 62.3% 60.9% Hostelworld Group € 235 € 218 2.82x 2.72x 9.7x 9.3x 3.5% 14.3% auFeminin.com € 269 € 203 NA NA NA NA NA NMF Median 4.26x 3.85x 15.7x 11.6x 17.8% 21.1% Average 4.18x 3.40x 17.3x 13.5x 20.5% 25.5% XLMedia € 227 € 194 2.19x 1.92x 6.6x 6.1x 14.2% 28.1% Matomy Media Group € 139 € 161 0.65x 0.58x 9.8x 7.9x 13.3% 7.5% RhythmOne € 159 € 124 0.82x 0.76x NMF 36.4x 7.1% NMF lastminute.com € 182 € 112 0.42x 0.41x 4.1x 3.6x 2.7% 10.5% HolidayCheck Group € 127 € 95 0.90x 0.80x 13.6x 9.5x 12.3% 1.9% Loopup Group € 55 € 66 4.67x 3.52x 29.4x 19.6x 32.5% 4.5% Triboo Media € 75 € 66 1.68x 1.60x 6.4x 5.6x 5.1% 16.6% TradeDoubler € 23 € 25 NA NA NA NA NA NMF Median 0.90x 0.80x 8.2x 7.9x 12.3% 9.0% Average 1.62x 1.37x 11.7x 12.7x 12.5% 11.5% Overall Median 4.26x 3.52x 13.7x 12.0x 13.7% 18.9% Overall Average 4.85x 4.15x 16.0x 15.3x 16.5% 24.1% Note: All market data is as of November 1, 2016

William Blair 10

SECTOR AND TRANSACTION DATA

Services (€ in millions) EV / Revenue EV / EBITDA Revenue Market Enterprise Growth LTM Margin Company Capitalisation Value CY16E CY17E CY16E CY17E CY16E-CY17E EBITDA Amadeus IT Holding € 18,591 € 20,777 4.71x 4.40x 12.5x 11.8x 6.9% 38.1% Cap Gemini € 12,599 € 15,012 1.19x 1.16x 9.0x 8.5x 2.6% 12.3% Atos € 9,807 € 9,838 0.84x 0.81x 6.8x 6.4x 3.8% 12.7% Interxion Holding € 2,305 € 2,854 6.79x 6.02x 14.8x 13.0x 12.7% 40.6% Sopra Steria € 1,848 € 2,601 0.69x 0.67x 7.7x 7.0x 2.7% 7.6% Altran Technologies € 2,238 € 2,455 1.16x 1.06x 10.4x 9.1x 8.7% 10.2% Indra Sistemas € 1,794 € 2,391 0.88x 0.86x 10.2x 8.5x 2.5% NMF Alten € 2,189 € 2,250 1.29x 1.21x 12.0x 11.0x 7.1% 11.1% Tieto € 1,782 € 1,925 1.28x 1.24x 9.4x 9.0x 3.5% 13.9% Bechtle € 2,001 € 1,907 0.62x 0.57x 10.9x 10.0x 7.8% 5.5% Atea € 871 € 1,057 0.31x 0.31x 9.2x 8.3x 1.3% 2.9% Reply € 1,064 € 1,042 1.32x 1.21x 9.7x 8.5x 9.1% 13.0% Median 1.18x 1.11x 9.9x 8.8x 5.4% 12.3% Average 1.76x 1.63x 10.2x 9.3x 5.7% 15.3% Computacenter € 961 € 846 0.24x 0.24x 6.7x 6.5x 3.2% 3.2% Softcat € 709 € 627 0.81x 0.73x 11.6x 11.0x 11.6% 6.8% Cancom € 668 € 623 0.60x 0.55x 8.2x 7.3x 9.0% 6.9% NCC Group € 599 € 608 2.39x 2.07x 11.3x 9.5x 15.3% 19.5% GFI Informatique € 514 € 581 0.62x 0.61x 7.8x 7.6x 1.1% 7.8% GFT Technologies € 478 € 546 1.29x 1.17x 11.5x 9.9x 10.4% 12.1% Neurones € 545 € 442 1.00x 0.90x 9.6x 8.6x 10.2% 10.9% Devoteam € 379 € 348 0.63x 0.58x 7.2x 6.4x 9.6% 8.5% Tessi € 389 € 346 0.85x 0.79x 4.8x 4.4x 8.6% 15.5% iomart Group € 309 € 341 3.63x 3.33x 8.4x 7.8x 8.7% 39.4% HiQ International € 315 € 301 1.80x 1.68x 13.0x 12.2x 6.8% 13.5% Acando € 234 € 242 1.08x 1.00x 11.3x 9.7x 8.0% 9.5% iEnergizer € 167 € 224 1.79x 1.71x 7.9x 7.2x 4.5% 22.6% Secunet Security Networks € 216 € 194 2.02x 1.87x 18.0x 16.6x 8.0% 11.9% Median 1.04x 0.95x 9.0x 8.2x 8.7% 11.4% Average 1.34x 1.23x 9.8x 8.9x 8.2% 13.4% Ordina € 190 € 190 0.54x 0.52x 8.0x 6.5x 3.3% 5.4% SNP Schneider-Neureither & Partner € 176 € 155 1.99x 1.59x 17.0x 12.2x 25.3% 11.1% Enea € 133 € 114 2.30x 1.90x 8.4x 8.0x 21.0% 24.8% Cognosec € 85 € 84 NA NA NA NA NA NMF RM € 112 € 70 0.41x 0.41x 3.5x 3.5x 0.5% 10.5% Zalaris € 63 € 60 1.38x 1.22x 9.3x 7.5x 12.7% 10.0% Median 1.38x 1.22x 8.4x 7.5x 12.7% 10.5% Average 1.32x 1.13x 9.2x 7.5x 12.6% 12.3% Overall Median 1.16x 1.06x 9.4x 8.5x 8.0% 11.1% Overall Average 1.50x 1.37x 9.9x 8.8x 8.0% 13.9% Note: All market data is as of November 1, 2016

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SECTOR AND TRANSACTION DATA

Semiconductors (€ in millions) EV / Revenue EV / EBITDA Revenue Market Enterprise Growth LTM Margin Company Capitalisation Value CY16E CY17E CY16E CY17E CY16E-CY17E EBITDA ASML Holding € 40,161 € 38,490 5.79x 5.12x 19.8x 16.5x 13.0% 32.5% NXP Semiconductors € 30,104 € 37,298 4.35x 4.34x 13.8x 11.3x 0.3% 27.0% Infineon Technologies € 17,982 € 17,683 2.70x 2.49x 10.6x 9.4x 8.4% 24.8% STMicroelectronics € 7,229 € 6,877 1.09x 1.05x 7.8x 6.3x 4.1% 14.4% Melexis € 2,353 € 2,259 4.98x 4.55x 16.1x 14.5x 9.3% 30.2% Dialog Semiconductor € 2,628 € 2,049 1.87x 1.65x 7.0x 7.5x 13.8% 19.7% ASM International € 2,341 € 1,978 3.38x 2.90x 16.6x 12.9x 16.5% 23.6% ams € 1,718 € 1,971 3.59x 2.74x 13.1x 9.7x 30.9% 31.5% Median 3.48x 2.82x 13.5x 10.5x 11.2% 25.9% Average 3.47x 3.10x 13.1x 11.0x 12.0% 25.5% BE Semiconductor Industries € 1,114 € 982 2.69x 2.43x 11.7x 10.6x 10.8% 20.7% Siltronic € 933 € 758 0.83x 0.79x 5.7x 4.6x 5.3% 16.6% Imagination Technologies € 694 € 745 4.73x 5.25x NMF NMF (9.9%) NMF Soitec € 533 € 703 2.86x 2.58x 33.2x 15.0x 10.8% 19.8% Nordic Semiconductor € 594 € 569 3.15x 2.55x 26.4x 13.9x 23.9% 13.3% Aixtron € 515 € 353 1.95x 1.58x NMF NMF 23.5% NMF ELMOS Semiconductor € 273 € 276 1.22x 1.15x 5.7x 5.1x 6.1% 18.9% IQE € 220 € 264 1.90x 1.78x 7.4x 7.0x 6.9% 21.7% Median 2.32x 2.11x 9.6x 8.8x 8.8% 19.4% Average 2.42x 2.26x 15.0x 9.4x 9.7% 18.5% Sequans Communications € 136 € 133 3.23x 2.10x NMF NMF 53.6% NMF Nanoco Group € 128 € 109 NMF 6.79x NMF NMF NMF NMF Suss MicroTec € 121 € 92 0.52x 0.57x 5.9x 5.7x (7.2%) 6.5% ASK € 15 € 28 0.76x 0.68x NMF 18.4x 12.1% NMF Median 0.76x 1.39x 5.9x 12.1x 12.1% 6.5% Average 1.50x 2.53x 5.9x 12.1x 19.5% 6.5% Overall Median 2.70x 2.46x 11.7x 10.1x 10.8% 20.7% Overall Average 2.71x 2.65x 13.4x 10.5x 12.2% 21.4% Note: All market data is as of November 1, 2016

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SECTOR AND TRANSACTION DATA

Applied Technology & Systems (€ in millions) EV / Revenue EV / EBITDA Revenue Market Enterprise Growth LTM Margin Company Capitalisation Value CY16E CY17E CY16E CY17E CY16E-CY17E EBITDA Mobileye € 7,460 € 7,198 NMF 15.96x NMF 29.0x 43.5% 35.0% Median NMF 15.96x NMF 29.0x 43.5% 35.0% Average NMF 15.96x NMF 29.0x 43.5% 35.0% Smart Metering Systems € 527 € 624 9.44x 8.53x 17.4x 15.0x 10.6% 48.2% Oxford Instruments € 422 € 584 1.37x 1.32x 9.0x 8.5x 3.5% 13.1% Tobii € 612 € 577 5.51x 4.64x NMF NMF 18.8% NMF The Vitec Group € 304 € 392 1.02x 0.99x 6.1x 5.9x 2.8% 15.3% accesso Technology Group € 366 € 376 4.14x 3.79x 23.3x 18.4x 9.2% 13.5% TT Electronics € 239 € 326 0.52x 0.50x 5.7x 5.3x 3.7% 7.3% Store Electronic Systems € 292 € 275 1.62x 1.33x 17.1x 11.7x 21.1% 6.3% NEXT Biometrics Group € 246 € 226 NMF 6.63x NMF NMF NMF NMF Median 1.62x 2.56x 13.0x 10.1x 9.2% 13.3% Average 3.37x 3.47x 13.1x 10.8x 10.0% 17.3% LPKF Laser & Electronics € 148 € 194 2.07x 1.69x 26.4x 10.0x 22.4% 0.9% Kontron € 172 € 175 0.45x 0.43x NMF 12.6x 3.0% NMF Q-Free € 76 € 103 0.92x 0.82x 12.9x 7.0x 12.9% NMF Pricer € 102 € 80 1.07x 0.89x 11.1x 8.2x 20.8% 7.6% Elektron Technology € 13 € 12 NA NA NA NA NA 3.6% Median 1.00x 0.85x 12.9x 9.1x 16.8% 3.6% Average 1.13x 0.96x 16.8x 9.4x 14.8% 4.0% Overall Median 1.37x 1.33x 12.9x 10.0x 11.7% 10.3% Overall Average 2.56x 3.66x 14.4x 12.0x 14.4% 15.1% Note: All market data is as of November 1, 2016

13

SECTOR AND TRANSACTION DATA

Publicly Traded European Technology Companies Market Capitalisation

Germany 3% 3% 2% 3% Benelux Software 4% UK & Ireland 9% Semiconductors

France 30% Internet & Digital Media 9% 31% 11% Nordics Services

13% Spain 13% Communications

Switzerland Financial Technology 18% 22% 16% 13% Israel Applied Technology & Systems Other

Number of Companies

UK & Ireland

1% Germany Software 3% 7% 8% 4% France Services 10% 22% 33% Nordics Internet & Digital Media 7% Benelux 11% Financial Technology 12% Switzerland 18% Semiconductors Israel 14% Communications 15% 18% Spain 17% Applied Technology & Systems Other

M&A Transactions Enterprise Value

UK & Ireland Semiconductors Benelux 4% Software 21% 9% Nordics 30% Internet & Digital Media 1% 32% France 11% 2% Financial Technology 7% Germany 14% Communications Italy 10% Services 18% Spain 16% 14% 11% Applied Technology & Systems Other

All Transactions (Combined M&A and Private Financings) Number of Transactions

UK & Ireland Internet & Digital Media Germany 5% 3% 14% 5% Software Nordics 5% 3% 27% 36% Financial Technology France 7% 14% Services Benelux 10% Communications Spain 17% Semiconductors 27% 11% 16% Italy Applied Technology & Systems Other

Note: All market data is as of November 3, 2016 William Blair 14

SECTOR AND TRANSACTION DATA

Selected M&A Transactions

Selected Software M&A Transactions (€ in millions) Announced Enterprise EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA Oct-16 i:FAO (30% stake) Amadeus Corporate Business € 145.0 8.27x 30.1x Oct-16 Utimaco EQT Mid Market Investment Strategy - - - Oct-16 Zonar Systems Continental - - - Sep-16 Brite:Bill Amdocs - - - Sep-16 Active3D Sopra Steria - - - Sep-16 Hewlett Packard (Software business) Micro Focus € 7,767.0 2.80x 13.5x American Express, Global Business Travel Aug-16 Klee Data System - - - division Aug-16 Bond International Software Constellation Software € 34.0 - NMF Aug-16 ByBox Holdings LDC (Managers) € 123.9 1.44x - Aug-16 Fleetmatics Group Verizon Communications € 1,961.3 7.49x 32.9x Jul-16 CST - Computer Simulation Technology Dassault Systemes € 220.0 4.68x - Opera Software (parts of consumer Beijing Kunlun; Qihoo 360 Software; Golden Jul-16 € 541.5 4.03x 17.6x business) Brick Silk Road Fund Management Jul-16 AVG Technologies AVAST Software € 1,313.4 3.45x 11.7x Jun-16 IDscan Biometrics GB Group € 54.7 5.92x - Jun-16 AutoForm Engineering Astorg Partners € 649.9 9.03x 19.3x May-16 Enablon Wolters Kluwer Law & Business € 327.0 5.56x - Apr-16 The Property Software Group Zoopla Property Group € 94.9 4.72x 14.7x Apr-16 CSIdentity Experian Information Solutions € 318.0 - - Apr-16 Cegid Group Silver Lake; AltaOne Capital € 619.5 2.13x 14.2x Apr-16 OpenBet Technologies NYX Gaming Group € 338.6 4.19x 12.4x Apr-16 Sitecore Corporation EQT Partners € 1,000.0 5.00x 20.0x Mar-16 Raet HgCapital - - - Mar-16 InfoVista Apax Partners € 300.0 3.09x - Mar-16 Serena Software Micro Focus € 481.7 3.22x 6.5x Mar-16 Guestline Riverside - - - Mar-16 CONJECT Aconex € 64.4 2.63x 80.5x Mar-16 Fortnox Visma € 145.9 9.30x 46.2x Feb-16 Unifaun Vitruvian Partners - - - Feb-16 TouchType Microsoft Corporation € 226.2 29.72x NMF Dec-15 Solibri Nemetschek € 45.0 - - Dec-15 Travelonomy Flight Centre Travel Group € 25.6 - - Dec-15 SurfRight Sophos Group € 28.8 - - Dec-15 Trustev Transunion € 40.2 - - Dec-15 iText Group Thinkfree € 26.9 - - Industrial and Financial Systems Nov-15 EQT Partners € 939.3 2.67x 22.0x (63% stake) Industrial and Financial Systems Nov-15 EQT Partners € 922.4 2.63x 21.6x (25% stake) Nov-15 EidosMedia HgCapital - - - Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Software M&A Transactions (cont’d) (€ in millions) Announced Enterprise EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA Nov-15 Trust Group Sabre Corporation € 144.8 - - Nov-15 Acano Cisco Systems € 657.3 - - Oct-15 CliniSys Roper Technologies € 236.4 - - Oct-15 Vormetric Thales e-Security € 353.3 7.99x - Oct-15 We Are Cloud SAS (BIME Analytics) Zendesk € 39.5 - - Sep-15 Zinc Ahead Veeva Systems € 112.8 - - Sep-15 SMT Software Spólka Akcyjna Creston Investments € 24.7 - - Sep-15 Envivio Ericsson € 79.9 2.06x NMF Jul-15 Reward Gateway Great Hill Partners € 197.8 - - Jul-15 Datamine Vela Software International € 29.0 - - Jul-15 Mobile Travel Technologies Travelport Worldwide € 55.0 - - Jun-15 IBS Marlin Equity Partners - - - Jun-15 Software Innovation Tieto € 69.7 - - Jun-15 Fourth Insight Venture Partners - - - Jun-15 Hubwoo Perfect Commerce Holdings € 19.4 0.71x 20.8x Jun-15 6 Wunderkinder Microsoft - - - May-15 e-conomic (Core Scandinavian Business) Visma € 201.0 - - May-15 Privax AVG Technologies € 52.9 - - Apr-15 ClickSoftware Technologies Francisco Partners € 335.5 2.89x NMF Apr-15 Metrologic Group Astorg Partners - - - Apr-15 ProcServe Holdings Basware UK € 25.9 2.70x - Mar-15 Kofax Lexmark International Technology € 874.6 3.55x 47.7x Mar-15 SSP Holdings LDC; Scottish Equity Partners € 290.0 - - Feb-15 Kerridge Commercial Systems Accel-KKR - - - Feb-15 avocis Capita € 210.0 - - Jan-15 Constructionline Capita € 46.8 3.76x - Jan-15 Access Technology Group TA Associates € 315.2 - - Jan-15 8over8 AVEVA Group € 34.4 - - Jan-15 Travelfusion Ctrip.com International - - - Dec-14 Incadea Dealertrack Technologies € 154.9 3.74x NMF Dec-14 Gael Ideagen € 23.0 2.21x 11.2x Dec-14 Corelogic Servelec Group € 29.5 2.45x - Dec-14 Northgate Public Services Cinven € 427.8 1.58x 6.3x Dec-14 EPiServer Accel-KKR € 129.0 6.23x - Dec-14 Kirona Solutions Living Bridge € 25.3 6.16x 25.2x Dec-14 OpenJaw Technologies GuestLogix Ireland € 34.7 - - Nov-14 Advanced Computer Software Vista Equity Partners € 913.6 3.34x 23.6x Nov-14 VIZRT Nordic Capital € 296.6 2.30x 11.1x Nov-14 Norman Safeground AVG Technologies € 11.2 - - Oct-14 Perimeter Internetworking Corp. BAE Systems € 182.8 - - Oct-14 Telerik Progress Software Corp. € 207.5 4.38x - Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Software M&A Transactions (cont’d) (€ in millions) Announced Enterprise EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA Oct-14 Allocate Software HgCapital € 131.9 2.28x 15.3x Oct-14 Camstar Systems Siemens Aktiengesellschaft € 135.6 - - Oct-14 Exact Holding Apax Partners € 734.3 3.15x 16.2x Oct-14 Mojave Networks Sophos - - - Sep-14 Concur SAP € 6,560.6 11.50x NMF Sep-14 FeedHenry Red Hat € 63.5 - - Sep-14 The Attachmate Group Micro Focus International € 1,778.5 2.50x 13.7x Sep-14 XRS Corporation Omnitracs € 50.3 3.30x 28.9x Jul-14 Quintiq Holding Dassault Systèmes € 250.0 3.33x - Jul-14 Venda NetSuite € 37.3 - - Jun-14 Cegedim IMS Health Holdings € 385.0 0.91x 6.0x Jun-14 ReadSoft Hyland Software UK € 182.0 2.30x 20.0x Jun-14 eNovance Red Hat € 70.0 8.75x - Jun-14 AtegoTM PTC € 36.8 2.50x - Jun-14 Masternaut UK Summit Partners; FleetCor Technologies € 334.2 - - System C Healthcare (European Healthcare Jun-14 Symphony Technology Group - - - Tech. Ops.) May-14 Anite Travel LDC € 55.2 2.33x - May-14 Distimo App Annie € 79.9 - - May-14 Update Software Aurea Software € 27.0 0.80x NMF May-14 ReadSoft Lexmark International Technology € 190.2 2.11x 18.9x Apr-14 24 ORE Software TeamSystem Holding € 117.5 1.90x - Apr-14 Visma Cinven € 2,524.0 3.30x 15.9x Apr-14 Systar Axway Software € 37.9 2.71x - Apr-14 AMT-SYBEX Group Capita € 127.1 4.73x - Apr-14 i:FAO Amadeus Corporate Business € 75.7 4.97x 15.6x Mar-14 Blancco Regenersis € 60.1 4.89x - Mar-14 Fieldglass SAP € 724.9 - - Feb-14 Transics International WABCO Europe € 99.8 1.63x 7.2x Feb-14 Avast Software CVC € 739.0 - - Feb-14 Compass Computer Consultants Advanced Computer Software Group € 17.5 2.09x 3.6x Jan-14 Accelrys Dassault Systemes € 550.7 4.05x NMF Median 2.99x 9.2x Average 3.94x 12.0x Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Financial Technology M&A Transactions (€ in millions) Announced Enterprise EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA Aug-16 UniCredit (Business Integrated Solutions) SIA € 500.0 - 12.0x Jul-16 VocaLink Holdings MasterCard € 1,113.0 5.09x 33.3x Jul-16 Zmarta Group Heinrich Bauer Verlag - - - Jun-16 4Sight Financial Software Broadridge Financial Solutions € 35.7 3.33x - May-16 Ion Investment Group The Carlyle Group - - - May-16 Target Group Tech Mahindra € 147.2 2.20x - May-16 Nera Payments Solutions Ingenico € 56.9 2.57x - May-16 Prabhu Money Transfer Telenor - - - May-16 Smarthouse Media adesso € 24.0 1.50x - May-16 Setefi and Intesa Sanpaolo Card Mercury € 1,035.0 - - Apr-16 Payleven SumUp - - - Feb-16 Provus Service Provider Wirecard € 32.0 - - Dec-15 Dotpay MCI Capital € 27.1 - - Dec-15 Universalpay Entidad de Pago EVO Payments € 188.8 - - Dec-15 Klarna (1% stake) Försäkringsaktiebolaget Skandia € 2,173.1 - - Nov-15 Trayport Intercontinental Exchange € 802.4 10.98x - Nov-15 InterCard VeriFone Systems € 86.2 - - Nov-15 Fintrax Group Eurazeo € 368.3 1.86x - Nov-15 PAY.ON ACI Worldwide € 180.0 - - Nov-15 PaySquare Worldline € 72.0 0.96x - Nov-15 Equens (Merger) Worldline (Merger) - - - Nov-15 Visa Europe Visa € 21,200.0 - - Oct-15 Zencap Deutschland Funding Circle - - - Oct-15 Wincor Nixdorf Aktiengesellschaft Diebold € 1,705.7 0.70x 12.7x Sep-15 Leetchi Crédit Mutuel Arkéa € 58.1 - - Sep-15 Beanstream Internet Commerce Bambora - - - Sep-15 Exictos SGPS Asseco Poland Spólka Akcyjna € 35.0 0.84x - Aug-15 Innovation Group The Carlyle Group € 602.7 1.97x 16.5x Aug-15 Currencies Direct Palamon & Corsair Capital € 281.7 - - Aug-15 Fixnetix Computer Sciences Corporation € 102.4 - - Jul-15 360 Treasury Systems Deutsche Boerse € 725.0 14.50x - Jun-15 ICBPI Advent International; Bain Capital € 2,150.0 - - Jun-15 Self Trade Bank Boursorama € 67.4 - - Jun-15 Track Concepts Crowd Mobile € 26.3 1.56x 3.0x May-15 SAER Holding Qiwi € 147.3 - - Apr-15 Trade FX Playtech € 448.0 - - Mar-15 Realex Payments Global Payments € 114.2 - - Mar-15 Skrill Optimal Payments (Neteller) € 1,250.0 - 13.5x Mar-15 Wood Mackenzie Verisk Analytics € 2,605.2 8.91x 18.9x Mar-15 Payzone Ireland The Carlyle Group - - - Mar-15 Multifonds Temenos Group € 235.0 - - Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Financial Technology M&A Transactions (cont’d) (€ in millions) Announced Enterprise EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA Jan-15 eFront Bridgepoint Advisers € 300.0 4.11x 18.8x Nov-14 Ukash Skrill € 12.2 - - Oct-14 DIBS Payment Services Nets Holding € 84.9 4.22x 18.8x Oct-14 Bundesdruckerei Giesecke & Devrient € 47.4 - - Oct-14 Kx Systems First Derivatives € 45.1 9.40x - Oct-14 Mopay Boku - - - Sep-14 The Logic Group Barclaycard € 5.8 - - Sep-14 SuperDerivatives Intercontinental Exchange € 270.0 2.30x - Sep-14 Clear2Pay Fidelity National Information Services € 375.0 NMF NMF Sep-14 Aegis Security Services Cardtronics Europe € 52.2 0.57x - Jul-14 GFI Group CME Group, BCG Partners € 430.3 0.77x NMF Jul-14 Retail Decisions (ReD) ACI Worldwide € 166.6 3.96x 20.2x Jul-14 Agencyport Software Europe Xchanging € 80.9 3.39x 12.8x Jul-14 GlobalCollect Ingenico € 820.0 2.69x 16.4x Jun-14 Markco Media Monitise € 68.8 - - May-14 Euroline Nordic Capital € 243.5 NMF NMF Advent International, Bain Capital, ATP Mar-14 Nets Holding € 2,277.4 2.50x 12.8x Group Mar-14 HiFX Euronet Worldwide € 175.0 3.78x 13.4x Mar-14 Ullink HgCapital - - - Mar-14 Pozitron Yazilim Monitise € 72.3 - - Jan-14 TDX Group Equifax € 240.2 3.67x - Jan-14 Nordic Insurance Software Summit Partners € 67.0 NMF - Median 2.53x 16.4x Average 3.79x 16.1x Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Communications M&A Transactions (€ in millions) Announced Enterprise EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA Nov-15 Unify Atos € 390.0 0.33x - Aug-15 Nokia HERE AUDI; BMW; Daimler € 2,800.0 2.88x - Amartus, SDN Software Technology & Jul-15 Huawei Investment & Holding € 25.0 - - Team Jun-15 Orga Systems Redknee (Germany) € 38.0 0.63x - Jun-15 Anite Keysight Technologies € 455.5 2.80x 12.8x Jun-15 Acision Comverse € 357.8 2.11x 6.6x May-15 DXI 8x8 € 23.4 - - May-15 Cubiware TiVo € 44.1 - - May-15 TeleBilling Hansen Technologies € 21.4 1.34x - Apr-15 Pace ARRIS Group € 1,879.7 0.78x 7.3x Apr-15 Alcatel-Lucent Nokia € 15,842.3 1.18x 16.3x Apr-15 Ipanema Technologies InfoVista - - - Apr-15 Transmode Infinera € 270.8 2.54x 21.4x Feb-15 Optenet Allot Communications Spain € 33.5 - - Feb-15 Bluegiga Technologies Silicon Laboratories International € 53.0 - - Nov-14 Advanced Digital Broadcast 4T € 49.6 0.15x 8.4x Jun-14 Tail-f Systems Cisco Systems € 129.2 - - Mar-14 Conax Kudelski € 180.9 2.41x 6.2x Mar-14 Cyvera Palo Alto Networks € 143.8 - - Feb-14 DAX Technologies Spirent Communications € 26.9 - - Feb-14 Alcatel-Lucent Enterprise China Huaxin Post € 201.0 - - Feb-14 Octo Telematics Renova Group € 405.0 3.20x 5.5x Jan-14 skobbler Telenav € 17.6 - - Jan-14 Pilat Media Global SintecMedia € 59.3 1.60x 12.4x Median 1.26x 10.6x Average 1.47x 12.1x Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Internet & Digital Media M&A Transactions (€ in millions) Announced Enterprise EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA Oct-16 Jagex Shanghai Zhongji Enterprise Group € 413.0 - - Cinven; Permira Advisers; Mid Europa Oct-16 Allegro Group € 2,959.7 - - Partners Sep-16 Parship Elite ProSiebenSat.1 Media € 200.0 - - Aug-16 MyOptique Group Essilor € 140.0 1.91x NMF Aug-16 Monster Worldwide Randstad North America € 344.6 0.60x 5.1x Aug-16 JUST EAT (Benelux businesses) Takeaway.com € 22.5 - - Jul-16 Hailo Network Intelligent Apps (MyTaxi) - - - Jul-16 Comuto (BlaBlaCar) Vostok New Ventures € 36.8 - - Jul-16 Dollar Shave Club Unilever € 908.5 6.49x NMF Jul-16 brillen.de Optik TCV € 45.0 - - Jul-16 Moodstocks Google - - - Jun-16 Supercell Tencent € 8,312.5 - - Jun-16 Magic Pony Technology Twitter € 132.3 - - May-16 Betdigital NYX Gaming Group € 32.1 - - May-16 505 Games (Payday) Starbreeze € 27.2 - - May-16 TICKETBIS StubHub € 131.8 1.57x - May-16 Quickspin Playtech € 50.0 8.33x 23.8x May-16 STYLIGHT 7Commerce € 80.0 - - May-16 Paddle8 Auctionata - - - May-16 Searchbolt e-Therapeutics € 129.5 - - May-16 StickyADStv FreeWheel Media € 100.0 - - Apr-16 Privalia Venta Directa vente-privee.com € 500.0 0.98x - Apr-16 Lifealike (Onefinestay) Accor € 148.0 - - Mar-16 Bigpoint YOUSU € 80.0 1.33x - Mar-16 PriceRunner NS Intressenter € 108.0 3.97x - Mar-16 Jagex Shanghai Hongtou Network Technology € 270.1 - - Mar-16 Captain Train Trainline.com € 160.0 - - Mar-16 Replay Technologies Intel € 159.3 - - Mar-16 Inneractive RNTS Media € 66.5 1.67x - Feb-16 Grow Gorgeous The Hut Group - - - Feb-16 GameLoft Vivendi € 644.8 2.52x 45.2x Feb-16 The Hut Group Sofina € 178.6 0.39x 4.4x Feb-16 WEBS & Grupo Yamm JUST EAT - - - Dec-15 GlobalData GlobalData € 95.4 - - Dec-15 Statista Ströer Content Group € 72.6 - - Dec-15 Axel Springer Digital Classifieds Axel Springer € 3,144.4 - - Nov-15 ToBox Shunwei Fund € 590.0 - - Nov-15 jameda Burda Digital € 46.8 11.41x 42.5x Nov-15 King Digital Entertainment Activision Blizzard € 4,345.1 2.30x 6.7x Oct-15 Avito (51% stake) Naspers € 2,157.5 - - Oct-15 PhotoBox Electra Private Equity; Exponent € 545.4 - - Note: All market data is as of November 3, 2016

21

SECTOR AND TRANSACTION DATA

Selected Internet & Digital Media M&A Transactions (cont’d) (€ in millions) Announced Enterprise EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA Oct-15 Ubisoft Entertainment Vivendi € 1,809.5 1.24x 9.8x Sep-15 Unruly Group News Corp UK & Ireland € 156.4 - - Aug-15 runtastic Adidas € 220.0 - - Jul-15 Turtle Entertainment Modern Times Group € 105.4 - - Jul-15 Teddle Helpling € 32.0 - - Jun-15 Dailymotion Vivendi € 271.3 4.24x - Jun-15 Verivox 7Commerce € 262.5 5.83x - Jun-15 EliteMedianet Oakley Capital € 22.0 0.79x 8.5x Jun-15 Treatwell Holding Hotspring Ventures € 34.0 - - May-15 Menulog JUST EAT € 611.7 - - May-15 Blackcircles.com Michelin € 67.3 1.87x - May-15 Yemek Sepeti Delivery Hero € 528.2 - - May-15 Hotspring Ventures Recruit Holdings; RGIP € 166.7 NMF - Apr-15 uSwitch Zoopla Property Group € 260.8 3.02x 11.7x Apr-15 Smart AdServer Cathay Capital Private Equity € 37.0 2.64x - Mar-15 Net-A-Porter Group YOOX - - - Mar-15 Tomorrow Focus Publishing Burda Digital € 30.2 - - Mar-15 7Pixel Gruppo MutuiOnline € 74.2 4.94x 9.4x Mar-15 Delivery Hero Rocket Internet € 577.8 - - Mar-15 Quandoo Recruit Holdings € 213.8 - - Feb-15 The Kantar Group comScore € 60.8 - - Feb-15 Talabat General Trading Rocket Internet - - - Feb-15 Appsfire Mobile Network Group € 26.5 - - Feb-15 ricardo.ch Tamedia € 229.0 6.00x - Feb-15 sofa.com CBPE Capital - - - Feb-15 Grupo Yamm comida a domicilio SL Foodpanda € 80.0 2.00x - Feb-15 Endomondo Under Armour € 74.5 - - Jan-15 Aspiro S. Carter Enterprises € 42.9 1.32x NMF Jan-15 Trainline.com KKR € 588.6 5.48x 20.9x Dec-14 AdKarma Blinkx € 16.2 1.50x - Dec-14 Lastminute.com Bravofly € 97.5 - - Dec-14 Axel Springer Digital Classifieds Axel Springer € 446.0 - - Dec-14 Gocompare.com Esure Group € 120.8 1.70x - Nov-14 Sapient Publicis Groupe € 2,947.7 2.40x 19.2x Oct-14 Trovit Search Next Co. € 80.0 4.56x 13.6x Oct-14 Videoplaza Ooyala - - - Oct-14 Momondo Group Great Hill Partners € 100.9 - - Sep-14 Mojang Microsoft € 1,931.1 7.70x - Sep-14 Perform Group Access Industries € 552.6 2.77x 21.7x Aug-14 Supercell SoftBank € 259.1 3.74x 10.3x Aug-14 NonStop Games King Digital Entertainment € 67.4 - - Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Internet & Digital Media M&A Transactions (cont’d) (€ in millions) Announced Enterprise EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA Jun-14 Car&Boat Media Axel Springer Digital Classifieds € 72.0 2.91x - Apr-14 Vkontakte Mail.ru Group € 1,064.7 NMF NMF Mar-14 Car Trawler BC Partners € 452.6 - 14.5x Mar-14 Boursorama Societe Generale Group € 243.7 - - Feb-14 People & Print Group Vistaprint € 24.0 0.71x 8.0x Feb-14 Viber Media Rakuten € 657.5 - - Jan-14 NaturalMotion Zynga Game International € 388.9 - - Jan-14 Deepmind Technologies Google € 293.5 - - Median 2.52x 12.7x Average 3.34x 16.7x Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Services M&A Transactions (€ in millions) Announced Enterprise EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA Oct-16 Frontica Business Solutions Cognizant Technology Solutions € 114.5 0.69x 10.5x Visma (Business Process Outsourcing Sep-16 HgCapital € 504.0 2.22x - division) Sep-16 Attenda Ensono - - - Sep-16 Anthelio Healthcare Solutions Atos € 244.9 1.33x - Aug-16 Adapt Group Datapipe - - - Aug-16 Nebulas Solutions SecureLink (Investcorp) - - - Jun-16 Trustmarque Solutions Capita € 74.2 0.30x 9.0x Jun-16 Onyx Group Pulsant € 85.5 - - Jun-16 VISURA Tecnoinvestimenti € 21.9 1.27x 4.2x Jun-16 Tessi HLD € 424.7 1.46x 9.5x May-16 WinCore Transtema Group € 23.5 - - Apr-16 ANS Group - € 44.7 - - Apr-16 Engineering Ingegneria Informatica Apax Partners; Neuberger Berman € 663.9 0.78x 8.9x Apr-16 Synthesis Keywords Studios € 21.1 0.99x - Apr-16 Azzurri Communications Maintel Holdings € 60.0 0.42x 9.2x Mar-16 MMT Be Heard € 26.4 - - Dec-15 diva-e Digital Value Enterprise EMERAM Capital € 67.0 - - Dec-15 Telvent Trafico Y Transporte Kapsch TrafficCom € 23.0 0.17x - Dec-15 On:Trac Tracsis € 27.6 2.75x - Dec-15 cellent Wipro Cyprus € 73.5 0.84x - Dec-15 Laetus Danaher € 37.5 - - Nov-15 Fox-IT Group NCC Group € 132.2 5.34x - Nov-15 GFI Informatique Mannai; Apax Partners € 632.9 0.68x 9.1x Nov-15 Xchanging Computer Sciences Corporation (CSC) € 730.7 0.97x NMF Nov-15 Cybercom JCE; Tequity € 35.6 0.26x 3.9x Oct-15 AB Volvo (external IT business) HCL Technologies € 120.1 0.73x - Oct-15 Docdata Ingram Micro € 153.8 - - Sep-15 Electranet UK Capita € 50.1 2.45x - Sep-15 Infovide-Matrix Spólka Akcyjna Asseco Poland Spólka Akcyjna € 32.1 0.61x NMF Farminveste - Investimentos, Participações Sep-15 Glintt Global Intelligent Technologies € 72.1 0.86x 9.1x E Gestão Sep-15 Easynet Interoute Communications € 552.2 1.82x 10.7x Sep-15 Synchrone Technologies Groupe Siparex; Bpifrance Investissement - - - Aug-15 SoftwareONE KKR - - - Aug-15 Syzygy WPP Jubilee € 91.7 1.76x 18.2x Jul-15 NVision Group Mobile TeleSystems € 242.3 - - Jul-15 Bluefin Solutions MindTree € 60.6 - - Jul-15 Home.pl 1&1 Internet € 155.0 - - Jul-15 Groupe Cap Vert Finance The Carlyle Group € 137.0 - - Jun-15 Vertex Mortgage Services Capita € 49.4 1.53x - Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Services M&A Transactions (cont’d) (€ in millions) Announced Enterprise EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA Jun-15 Colt Group Fidelity Investments € 896.8 1.01x - Jun-15 Descom Solteq € 23.1 0.66x 8.9x Jun-15 Six Degrees Technology Group Charlesbank Capital Partners - - - Jun-15 Anite Keysight Technologies € 507.1 2.19x 25.7x Jun-15 IG Intelligent Group Waterland Private Equity Investments - - - Jun-15 eCommera Dentsu Aegis Network - - - May-15 Linedata Services Amanaat € 87.1 - - May-15 Phoenix IT Group Daisy Intermediate Holdings € 256.9 0.87x 7.1x May-15 The Foundry Visionmongers HgCapital € 280.2 - - May-15 Janson Computers Exertis € 33.4 0.17x - May-15 Wistron Infocomm Wistron € 32.9 - - May-15 Telecity Group Equinix € 3,673.1 7.62x 16.2x May-15 T'quila Accenture € 31.6 - - May-15 Itconic The Carlyle Group - - - Apr-15 KCS.net Holding Avanade - - - Apr-15 iGATE Capgemini North America € 3,610.0 2.72x 13.8x Apr-15 Saville Consulting Group Towers Watson & Co. € 58.7 - - Apr-15 How Splendid Creston € 33.7 - - Mar-15 Accumuli NCC Group € 66.5 2.69x 18.8x Mar-15 Quindell, Professional Services Division Slater and Gordon (UK), Investment Arm € 926.1 - - Mar-15 e-shelter NTT Communications € 859.4 - - Mar-15 Multiplay GAME Digital € 27.5 - - Feb-15 Nspyre Altran Technologies - - - Feb-15 Panaya Infosys € 175.6 - - Feb-15 Wireless Logic CVC - - - Feb-15 F-Secure, Personal Cloud Assets Synchronoss Technologies € 52.6 - - Feb-15 RD Trading Arrow Electronics € 74.2 0.96x - Jan-15 Damovo II Daisy Group ; Oakley Capital - - - Jan-15 Sofgen Holdings Tech Mahindra € 25.4 - - Xerox Corporation, IT Outsourcing Dec-14 Atos € 1,791.4 - - Business Dec-14 Intergenia Holding Host Europe WVS € 210.0 - - Dec-14 EVRY Apax Partners € 878.0 0.56x 6.8x Nov-14 Kelway Holdings CDW € 314.0 0.40x 7.0x Lufthansa Systems., IT Infrastructure Oct-14 IBM € 1,073.9 - - Division Aug-14 Royal Imtech, ICT Division VINCI Energies € 254.6 0.30x 7.8x Aug-14 Daisy Group Penta Capital; Toscafund Asset Management € 289.0 1.70x 10.8x Apr-14 Groupe Steria Sopra Group € 953.0 0.53x 7.0x Apr-14 Updata Infrastructure Capita € 96.5 2.40x 12.9x Mar-14 Groupe Telindus France Vivendi Société Anonyme € 95.0 0.39x - Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Services M&A Transactions (cont’d) (€ in millions) Announced Enterprise EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA Mar-14 Cision Meltwater Drive Sverige € 118.4 1.38x 12.6x Mar-14 Napa Classnk Nippon Kaiji Kyokai € 53.2 2.89x - Jan-14 ControlCircle Alternative Networks € 47.8 1.87x 20.7x Median 0.98x 9.2x Average 1.48x 10.7x Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Semiconductor M&A Transactions (€ in millions) Announced Enterprise EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA Nov-16 Carl Zeiss SMT (25% stake) ASML Holding € 4,016.1 - - Mikron Public Joint Stock Company (20% Sistema Public Joint Stock Financial Oct-16 € 678.3 6.59x 33.9x stake) Corporation Oct-16 NXP Semiconductors QUALCOMM € 42,211.4 5.48x 20.2x Jul-16 ams (NFC and RFID Reader assets) STMicroelectronics € 104.1 - - Jul-16 ARM Holdings SoftBank Group € 27,845.8 22.02x 50.4x Jun-16 LFoundry Semiconductor Manufacturing € 70.0 0.32x - NXP Semiconductors (standard products Jun-16 Beijing JianGuang AM; Wise Road Capital € 2,454.8 2.29x - business) May-16 Aixtron Grand Chip Investment € 487.6 2.73x NMF May-16 Apical ARM Holdings € 310.3 - - Apr-16 Okmetic NSIG Finland € 152.6 1.85x 7.3x Dec-15 Micronas TDK € 92.5 0.71x 10.6x Nov-15 CMOSIS ams € 220.0 - - Oct-15 Zentrum Mikroelektronik Dresden Integrated Device Technology Bermuda € 280.6 - - Sep-15 Atmel Dialog Semiconductor € 3,736.4 3.09x 23.2x Sep-15 MatriX Technologies Nordson Corporation € 46.0 1.77x -

Aug-15 MagnaChip Semiconductor Pleasant Lake Partners € 443.8 0.72x NMF

Jul-15 Powervation ROHM Co. € 63.8 - - Infineon Technologies (Majority of Patent Jun-15 Wi-Lan € 30.0 - - Portfolio) Oak Investment Partners; GSR Ventures Mar-15 Philips LumiLeds € 3,347.0 1.80x - Management Mar-15 Freescale Semiconductor NXP Semiconductors € 14,805.8 3.87x 17.3x Feb-15 Lantiq Deutschland Intel Corporation € 338.0 - - Dec-14 Eltek Deltronics (Netherlands) € 516.1 1.19x 11.3x Oct-14 CSR Qualcomm Global Trading € 1,862.0 2.70x 32.4x Apr-14 Wolfson Microelectronics Cirrus Logic € 327.7 2.67x - Sep-14 Qimonda, Patent Business Infineon Technologies € 125.0 - - Jul-14 OJSC Sitronics-Nanotechnologies JSC Mikron € 68.4 - - Apr-14 Metaforic INSIDE Secure € 11.7 - - Median 2.48x 20.2x Average 3.74x 22.9x Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Applied Technology & Systems M&A Transactions (€ in millions) Announced Enterprise EV/LTM EV/LTM Date Target Acquirer Value Revenue EBITDA Oberthur Technologies; Bpifrance Sep-16 Safran Identity and Security € 2,425.0 1.52x - Investissement Aug-16 VIA optronics (76% stake) Integrated Microelectronics € 62.4 1.84x 27.4x ICONIQ Capital; Norland Capital; RIT Capital Aug-16 CSL DualCom - - - Partners Jun-16 Allflex Europe Public Sector Pension Investment Board € 2,352.9 - - Apr-16 Withings Nokia € 170.0 - - Apr-16 JOT Automation Wuxi Lead Intelligent Equipment € 74.0 - - Feb-16 Thomson Video Networks Harmonic International € 80.8 - - Feb-16 Orolia Eurazeo € 101.5 1.03x 8.0x Feb-16 SOMACIS Quadrivio € 100.0 - - Aug-15 Imtech Marine Group Parcom Capital; Pon Holdings € 48.0 0.10x NMF Jul-15 Linxens France CVC € 2,000.0 7.91x - Jun-15 SimonsVoss Technologies Allegion Luxembourg Holding and Financing € 210.0 4.04x - Jun-15 Flexim Security ASSA ABLOY € 35.0 1.04x - May-15 Universal Robots Teradyne Holdings Denmark € 308.2 9.82x - May-15 Teltronic Sepura € 127.5 2.03x 12.6x Feb-15 AlertMe.com British Gas € 75.1 - - Feb-15 Axis Canon € 2,491.8 4.07x 26.1x Jul-14 Movea InvenSense International € 55.0 - - Mar-14 TDC Systems Q-Free € 15.1 2.66x 15.6x Mar-14 Euroscan Holdings ORBCOMM Netherlands € 24.7 - - Jan-14 Teseq Ametek € 67.4 1.73x - Median 1.84x 19.4x Average 3.19x 18.5x Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Private Capital Financings, IPOs and Follow-on Offerings

Selected Software Private Capital Financings (€ in millions)

Announced Transaction Date Target Value Investors Nov-16 Neo Technology € 32.4 Greenbridge Investment Limited Partnership e.ventures; TF1; Northzone; Mediaset; Caixa Capital Risc; Bonsai Venture Capital; Sabadell; Jul-16 Job Digital Networks € 22.5 CUBE Jelly Investment; Variv; Antai Venture Builder; Samaipata; Ithaca Investments Jul-16 Darktrace € 58.6 KKR; Summit Partners; SoftBank; Softbank China & India Holdings; PT Indosat; Ten Eleven Jun-16 Celonis € 24.2 Accel Partners; 83 North Apr-16 NEXThink € 35.5 Highland Capital; Auriga Partners; Waypoint Capital; Galeo Ventures Apr-16 Blis Media € 22.0 Beringea; Unilever Ventures; Endeit Capital Mar-16 eGym € 40.0 High-Tech Gründerfonds; Highland Capital; HPE Growth Capital Mar-16 M-Files € 31.8 Partech; Draper Esprit; Finnish Industry Investment Accel Partners; Goldman Sachs (Merchant Banking); Sapphire Ventures; Salesforce Feb-16 QuBit Digital € 36.4 Ventures OutSystems- Software em Feb-16 € 50.5 North Bridge Growth Equity Rede Bessemer Venture; Highland Capital; Technology Crossover Ventures; Eden Ventures; Jan-16 NewVoiceMedia € 27.6 Business Growth Fund; Salesforce Ventures Jan-16 HighQ Solutions € 46.0 Morgan Stanley Private Equity; Goldman Sachs Private Capital; One Peak Partners Jan-16 WISeKey € 54.9 Global Emerging Markets Dec-15 Siteimprove € 50.3 Summit Partners Dec-15 Signavio € 31.0 Summit Partners Dec-15 Thinkfree € 20.5 Hancom; STIC Investments Dec-15 Avecto € 66.0 JMI Equity Nov-15 Macat International € 27.6 - Oct-15 Runtime Collective € 30.7 Highland Capital; Partech International; Nauta Capital Oct-15 Qwant € 25.0 European Investment Fund Oct-15 2GIS € 36.2 Baring Vostok Capital Partners; ruNet Oct-15 UserZoom Technologies € 29.9 Trident Capital; StepStone Oct-15 TalentSoft € 25.0 Goldman Sachs, Merchant Banking Division Oct-15 adjust € 15.0 Highland Capital Partners Oct-15 Pyramid Analytics € 26.5 Sequoia Capital; Viola Private Equity Sep-15 Workable Software € 24.2 83 North; Balderton Capital; Notion Capital Partners Sep-15 Collibra € 20.5 Index Ventures; Dawn Capital Sep-15 iAdvize € 14.0 Iris Capital Sep-15 emarsys interactive services € 29.3 Vector Capital Advanced Manufacturing Aug-15 € 45.0 Insight Venture Partners Control Systems Jul-15 Darktrace € 20.7 Summit Partners IBB Beteiligungsgesellschaft; Nokia Growth Partners ; Reed Elsevier Ventures; Scottish Jul-15 Babbel € 19.9 Equity Partners; VC Fonds Technologie Berlin Jul-15 Fenergo € 68.1 Insight Venture Partners; Aquiline Capital Partners Jul-15 GENIAC UK € 31.0 Grant Thornton, Investment Arm Jun-15 Jimdo € 25.0 Spectrum Equity Management Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Software Private Capital Financings (cont’d) (€ in millions)

Announced Transaction Date Target Value Investors May-15 Omada € 21.5 C5 Capital Mar-15 SnapShot € 25.0 Shiji (Hong Kong) Mar-15 Improbable Worlds € 20.0 Andreessen Horowitz Mar-15 LINE (UK) € 66.2 LINE Corporation Feb-15 WeTransfer € 21.9 Highland Capital Partners Dec-14 Blue Yonder € 60.1 Warburg Pincus arago Institut für komplexes Oct-14 € 43.0 KKR Datenmanagement Sep-14 QuBit Digital € 20.5 Accel Partners; Balderton Capital; Salesforce Ventures Sep-14 BrandMaker € 23.0 L-EA Private Equity; Pinova Capital SVB Capital; Atlantic Bridge; OpenView Venture Partners; Oyster Capital Partners; Summit Sep-14 Fieldaware Group € 18.6 Bridge Capital Aug-14 Alfresco Software € 34.1 Accel Partners; Mayfield Fund; SAP Ventures; Sageview Capital DN Capital; Holtzbrinck Ventures; Vostok Nafta Investment; Texas Atlantic Capital Jul-14 Squido € 18.6 Partners; Piton Capital Jul-14 CycloMedia Technology € 13.8 ESO Capital Group Jul-14 Tagetik Software € 26.6 White Bridge Investments Bessemer Venture Partners; Highland Capital Partners; TCV; Salesforce.com; Eden Jul-14 NewVoiceMedia € 36.7 Ventures; Notion Capital Partners Jun-14 Definiens € 15.0 TVM Capital; Wellington Ventures; Cipio Partners; Gilde Healthcare Partners Jun-14 ForgeRock € 22.0 Accel Partners; Foundation Capital; MeriTech Capital Partners Jun-14 Webtrekk € 25.0 DPE Deutsche Private Equity Jun-14 Elasticsearch € 51.4 Benchmark Capital; New Enterprise Associates; Index Ventures Apr-14 Scytl Secure Electronic Voting € 77.8 Adams Street Partners; Vulcan Capital; SAP Ventures; Industry Ventures; Vy Capital Mar-14 Hoccer Betriebs € 50.0 Media Ventures Feb-14 eCommera € 29.6 West Coast Capital; Frog Capital; ePlanet Capital; Dawn Capital; WPP Digital Advanced Manufacturing Jan-14 € 23.5 Highland Capital Partners; Investec Ventures Ireland Control Systems Median € 27.6 Average € 32.9 Note: All market data is as of November 3, 2016

Selected Financial Technology Private Capital Financings (€ in millions)

Announced Transaction Date Target Value Investors Prime Ventures; Global Founders Capital Management; Acton Capital Partners; Talis Oct-16 iwoca € 24.4 Capital; Redline Capital Management; CommerzVentures IDInvest Partners; Horizons Ventures; Victory Park Capital Advisors; Speed Invest; Sep-16 FinanceApp € 25.1 Seedcamp; AngelList; Target Global; Salesforce Ventures Sep-16 Nav € 22.4 Experian Jun-16 Allied Wallet € 89.9 ePayWeb Asia Axel Springer Plug and Play Accelerator; Battery; Earlybird Venture; Horizons Jun-16 NUMBER26 € 35.5 Ventures; Redalpine Venture; Valar Ventures May-16 TrasferWise € 23.3 Andreessen Horowitz; Baillie Gifford; Valar Ventures Note: All market data is as of November 3, 2016 William Blair 30

SECTOR AND TRANSACTION DATA

Selected Financial Technology Private Capital Financings (cont’d) (€ in millions)

Announced Transaction Date Target Value Investors May-16 Aevi International € 30.0 HPE Growth Capital ACCION's Financial Markets and Services Department; e.ventures; Frog Capital; Greycroft May-16 Azimo € 13.2 Partners; MCI Capital; Rakuten, Inc. Apr-16 Onfido € 22.6 IDInvest Partners; Wellington Ventures; CrunchFund Apr-16 FFG FINANZCHECK € 33.0 HarbourVest; Highland Capital; Acton Capital Mar-16 LendInvest € 21.9 Atomico Investment Holdings Mar-16 Ezbob € 25.8 Leumi Partners; Oaktree Capital Mar-16 GoCardless € 11.7 Accel Partners; Balderton Capital; Notion Capital Partners; Passion Capital ECommerce Pay; HV Holtzbrinck Ventures; New Enterprise Associates; ru-Net Feb-16 Payleven € 8.8 II; Seventure Partners Feb-16 WorldRemit € 39.8 TriplePoint Venture Growth Jan-16 Starling € 64.3 - Nov-15 Ebury Partners € 77.2 83 North; Vitruvian Partners LLP BAMS Angels Fund; Capricorn Venture Partners; IDInvest Partners; Nausicaa Ventures; Oct-15 NGDATA € 9.2 Pamica; SmartFin Capital Aug-15 Payoneer € 44.6 Susquehanna Growth Equity; Wellington Management Group Aug-15 Prodigy Finance € 91.0 Balderton Capital; Credit Suisse Group, Investment Arm Jul-15 Iwoca € 18.3 Acton Capital Partners; CommerzVentures; Redline Capital Management Amadeus Capital Partners; Blumberg Capital; HPE Growth Capital; J.C. Flowers & Co.; Point Jul-15 Kreditech € 99.5 Nine Capital; Värde Partners Europe Eurazeo; Crédit Mutuel Arkéa; SGAM AG2R La Mondiale; Weber Investissements; Kima Jul-15 PRET d'UNION € 31.0 Ventures; Kernel Investissements; Schibsted Growth Anthemis Group; Atlas Venture; Notion Capital Partners; Rakuten; Sapphire Ventures; Jun-15 Currency Cloud € 16.1 Xange Private Equity Jun-15 LendInvest € 44.3 Beijing Kunlun Tech Co. Jun-15 Azimo € 17.8 e.ventures; Frog Capital; Greycroft Partners; MCI Management Spolka Akcyjna May-15 Kantox € 10.1 Cabiedes & Partners; IDInvest Partners; Partech Apr-15 Orange Money (ezbob) € 41.8 Oaktree Capital Management Temasek Holdings; BlackRock; Baillie Gifford & Co.; Sands Capital Management; DST Apr-15 Funding Circle € 139.8 Global Mar-15 Retail Money Market € 27.3 Artemis Investment Management; Woodford Investment Management Bezos Expeditions; DN Capital; Draper Fisher Jurvetson; QED Investors; Trilogy Equity Mar-15 Remitly € 11.8 Partners Feb-15 WorldRemit € 88.0 Accel Partners; TCV Feb-15 Borro € 17.5 Augmentum Capital; Canaan Partners; Eden Ventures; Rocket Internet Jan-15 TransferWise € 51.5 Andreessen Horowitz; IA Ventures; Index Ventures; Seedcamp; Valar Ventures Dec-14 Adyen € 200.2 General Atlantic; Index Ventures; Temasek Holdings; Felicis Ventures Nov-14 Powa Technologies € 64.4 Wellington Management Company Nov-14 Trustly Group € 23.0 Bridgepoint Development Capital Sep-14 KnCMiner € 10.8 Creandum Jul-14 Funding Circle € 48.0 Accel Partners; Index Ventures; Union Square Ventures; Ribbit Capital Nutmeg Saving and Jun-14 € 23.5 Schroders; Balderton Capital Investment Jun-14 Kreditech € 29.4 Blumberg Capital; Värde Partners Europe Limited; Point Nine Capital Jun-14 Adyen € 11.7 Index Ventures; Felicis Ventures Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Financial Technology Private Capital Financings (cont’d) (€ in millions)

Announced Transaction Date Target Value Investors May-14 auxmoney € 11.7 Foundation Capital; Partech International; Index Ventures; Union Square Ventures Greylock Israel Partners; Index Ventures; American Express Zouk Capital; Intel Capital; May-14 iZettle € 45.0 Northzone Ventures; MasterCard; Creandum; Hasso Plattner Ventures; SEB; Dawn Capital; Banco Santander Apr-14 Currency Cloud € 7.2 Atlas Venture; Anthemis; Notion Capital; Xange Private Equity Mar-14 Klarna € 90.0 General Atlantic; Sequoia Capital; Atomico Mar-14 WorldRemit € 28.9 Accel Partners Mar-14 Duedil € 12.3 Oak Investment Partners; Notion Capital Partners; Passion Capital Investments Feb-14 Tradeshift € 54.5 Scentan Ventures Feb-14 Funding Circle € 48.6 British Business Bank Jan-14 Powa Technologies € 14.4 Wellington Management Jan-14 Zopa € 18.3 Arrowgrass Capital Partners Jan-14 Iwoca € 6.1 Global Founders Capital; Redline Capital Management Median € 25.8 Average € 39.2 Note: All market data is as of November 3, 2016

Selected Communications Private Capital Financings (€ in millions)

Announced Transaction Date Target Value Investors May-16 Showpad € 44.6 Insight Venture; Hummingbird; Dawn Capital Amadeus Capital Partners; Investec Bank; GAM (UK); Environmental Technologies; Apr-14 Nujira € 14.8 Climate Change Capital Asset Management; RobecoSAM Private Equity; New Energy Solutions Management Mar-14 Anaveo Groupe € 8.4 Viveris Management; CM-CIC Capital Finance Jan-14 FON Wireless € 10.3 Google; Index Ventures; Deutsche Telekom; QUALCOMM Ventures; Coral Group; Atomico Median € 12.6 Average € 19.5 Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Internet & Digital Media Private Capital Financings (€ in millions)

Announced Transaction Date Target Value Investors Oct-16 Starbreeze € 40.0 AP Fonden 1 Oct-16 Play Hawkers € 50.0 Felix Ruiz (Tuenti), Hugo Arevalo (Jobandtalent), O'Hara Financial Sep-16 GoEuro € 62.4 Kleiner Perkins Caufield & Byers; Silver Lake Sep-16 Home24 € 20.0 Baillie Gifford; Kinnevik; Rocket Internet Sep-16 Comuto (BlaBlaCar) € 21.3 Baring Vostok Capital Partners Aug-16 Velocity Mobile € 20.1 Dragoneer Investment Group Aug-16 Notonthehighstreet € 24.6 Eight Roads; Hubert Burda Media; Index Ventures; Industry Ventures Highland Capital; HV Holtzbrinck Ventures; Mangrove Capital Partners; Northzone Aug-16 OUTFITTERY € 19.7 Ventures; Octopus Ventures Bridgepoint Advisers; DST Global; Entree Capital; General Catalyst; Greenoaks Aug-16 Roofoods (Deliveroo) € 248.2 Capital; Hermes GPE; Nokia Growth Partners Antai Venture Builder; Bonsai Venture; Caixa Capital; CUBE Jelly Investment; e.ventures; Ithaca Investments; Media Digital; Mediaset España Jul-16 Job Digital Networks € 22.5 Comunicación; Mediaset; Northzone Ventures; Sabadell Capital; Samaipata Ventures; TF1 Group; Variv Capital Jun-16 Jobs and talent € 37.0 Atomico Investment; Cygnus Asset Management; FJ Labs Jun-16 SoundCloud € 89.3 Twitter Ventures May-16 Gett € 268.9 Volkswagen Advent Venture Partners; Eurazeo; IDG Capital Partners; Index May-16 Farfetch.com € 95.2 Ventures; Temasek; Vitruvian Partners Apr-16 Drivy € 31.0 Index Ventures; Bpifrance Investissement; Nokia Growth Partners; Cathay Capital; Via-ID Apr-16 YOOX Net-A-Porter Group € 100.0 Alabbar Enterprises Apr-16 Maxi Mobility Spain € 113.1 Rakuten, Investment Arm Apr-16 thebigwebsite (Feelunique) € 17.6 Palamon Capital Mar-16 Home24 € 20.0 - Mar-16 Spotify Technology € 875.9 TPG Capital; Dragoneer Investment Group Mar-16 Blippar € 49.9 Khazanah Nasional Berhad Feb-16 Student.com € 53.5 Horizons Ventures; Vy Capital; Expa Feb-16 Lamudi € 29.0 HV Holtzbrinck Ventures; Tengelmann Ventures Management; Asia Pacific Internet Jan-16 Starbreeze € 37.0 Smilegate Entertainment Jan-16 Deezer € 100.0 Orange; Access Industries Jan-16 Citymapper € 36.4 Benchmark; Index Ventures Baillie Gifford; Khazanah Nasional Berhad; Vitruvian Partners; YJ Capital; Artemis Jan-16 Skyscanner € 170.9 Investment Jan-16 SoundCloud € 32.1 - Dec-15 AZUBU € 54.4 Sallfort Privatbank; Sapinda Holding Atomico; Battery Ventures; Goldman Sachs, Merchant Banking Division; Hommels Dec-15 GoEuro € 41.4 Holding; Lakestar Advisors; NEA Dec-15 E-PROP € 22.2 Toscafund Asset Management Accel Partners; Index Ventures; Hummingbird Ventures; DST Global; Greenoaks Capital Nov-15 Roofoods (Deliveroo) € 94.2 Partners Nov-15 Stuart € 22.0 GeoPost Highland Capital Partners; KKR; Nokia Growth Partners; Spark Capital Partners; Sunstone Nov-15 GetYourGuide € 46.6 Capital Nov-15 CCP € 27.9 New Enterprise Associates; Novator Partners Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Internet & Digital Media Private Capital Financings (cont’d) (€ in millions)

Announced Transaction Date Target Value Investors New Game Technologies Nov-15 € 27.9 Acero Capital; Atlantic Bridge Capital; Evolution Media Growth Partners; TPG Growth (Swrve) Nov-15 HotChalk € 214.0 Bertelsmann Caixa Capital; Octopus Investments; Atomico Investment Holdings; Shilling Capital Nov-15 Uniplaces € 21.9 Partners Oct-15 Sportradar € 40.0 Revolution Growth Sep-15 Vestiaire Collective € 33.0 IDInvest Partners; Eurazeo; Ventech; The Condé Nast Publications; Balderton Capital Jul-15 BlaBlaCar € 181.0 Insight Venture Partners; Lead Edge Capital; Luxor Capital Group; Vostok Ventures Jul-15 Benaulim € 74.4 Accel Partners; Lead Edge Capital; Project A Ventures Jul-15 Roofoods (Deliveroo) € 63.1 Accel Partners; Index Ventures; Hoxton Ventures; Greenoaks Capital Partners Jul-15 CarPrice € 36.4 Baring Vostok Capital Partners; Almaz Capital Partners Jul-15 Chrono24 € 21.0 Insight Venture Partners; Rocket Internet Bullpen Capital; Comcast Ventures; Google Capital; KKR; NBC Sports; Pentech Ventures; Jul-15 FanDuel € 249.4 Piton Capital; Shamrock Capital Advisors Jun-15 Wahanda € 57.9 Recruit Holdings Jun-15 Zilok Auto € 28.0 Société Nationale des Chemins de fer Français Jun-15 Delivery Hero € 98.9 US-based Funds Jun-15 Home24 € 120.0 Baillie Gifford; Rocket Internet Jun-15 Showroomprive.com € 60.0 Ten Gulf Investors DFJ Esprit; Index Ventures; Northzone Ventures; SEED Capital Denmark; Vitruvian May-15 Trustpilot € 67.4 Partners May-15 Foodpanda € 89.3 Goldman Sachs, Merchant Banking Division; Rocket Internet 14W; Accel Partners; Balderton Capital; DFJ Esprit; Draper Fisher Jurvetson; Groupe Apr-15 Lyst € 35.7 Arnault Apr-15 Spotify € 466.9 Goldman Sachs, Merchant Banking Division; TCV; D. E. Shaw & Co.; Northzone Ventures Mar-15 Westwing Home & Living € 30.0 Investment AB Kinnevik Mar-15 Helpling € 43.0 Mangrove Capital Partners; Rocket Internet; Kite Ventures; Lakestar Mar-15 Foodpanda € 103.9 Rocket Internet Mar-15 Blippar € 41.4 Undisclosed Mar-15 Farfetch.com € 77.6 Vitruvian Partners; DST Global; Conde Nast International Advent Venture Partners; Balderton Capital; Goldman Sachs, Merchant Banking Division; Mar-15 WorldStores € 34.5 Serena Capital Feb-15 Asia Internet Holding € 21.9 HV Holtzbrinck Ventures; Tengelmann Ventures Management; Asia Pacific Internet Group Feb-15 Delivery Hero Holding € 496.0 Rocket Internet Jan-15 Roofoods (Deliveroo) € 22.1 Accel Partners; Index Ventures; Hummingbird Ventures; Hoxton Ventures Jan-15 Saltside Technologies € 35.5 Investment AB Kinnevik; Hillhouse Capital Management; Brummer & Partners Jan-15 Shazam Entertainment € 42.8 Kleiner Perkins Caufield & Byers; DN Capital; America Movil; Buran Venture Capital Jan-15 Delivery Hero Holding € 22.2 ruNet; Texas Atlantic Capital Partners DN Capital; Goldman Sachs, Merchant Banking Division; Grazia Equity; Scottish Equity Jan-15 Mister Spex € 32.0 Partners; Xange Private Equity Jan-15 Westwing Home & Living € 25.0 Summit Partners; Investment AB Kinnevik; Rocket Internet Oct-14 Momondo Group € 100.9 Great Hill Partners Oct-14 Wahanda € 20.6 Fidelity Growth Partners Europe; Lepe Partners Oct-14 True Software Scandinavia € 47.3 Kleiner Perkins Caufield & Byers; Sequoia Capital; Atomico Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Internet & Digital Media Private Capital Financings (cont’d) (€ in millions)

Announced Transaction Date Target Value Investors Sep-14 Adcash € 80.0 Naxicap Partners Sep-14 Delivery Hero € 266.4 Insight Venture Partners; Vostok Nafta Investment; Kite Ventures Aug-14 Zvooq € 15.0 Essedel; Ulmart Aug-14 Foodpanda € 44.8 Rocket Internet; Falcon Edge Capital Jul-14 GetYourGuide € 18.7 Highland Capital Partners; Spark Capital Partners Jul-14 Social Point € 22.3 Highland Capital Partners; IDInvest Partners Jul-14 Supersonic € 11.1 Greylock Israel Partners; SAIF Partners Jul-14 eSKY € 11.5 Syntaxis Capital U.F. Jul-14 Mediakraft Networks € 16.5 Iris Capital; Shortcut Ventures; Iris Capnamic Management Jul-14 Jobs and Talent € 10.3 Qualitas Equity Partners; Cygnus Asset Management SGIIC Jul-14 BlaBlaCar € 73.3 Accel Partners; Index Ventures; Isai Gestion; Lead Edge Capital Jun-14 Saltside Technologies € 18.4 Investment AB Kinnevik May-14 Runtime Collective € 16.1 Highland Capital Partners; Nauta Capital Apr-14 Farfetch.com € 47.6 Advent Venture Partners; Vitruvian Partners; Conde Nast International Apr-14 Delivery Hero € 61.5 Luxor Capital Group Apr-14 Takeaway.com € 74.2 Prime Ventures; Macquarie Group Limited, Investment Arm Apr-14 Westwing Home & Living € 72.0 Odey Asset Management; FIL; Tengelmann Ventures Mar-14 AZUBU Europe € 25.0 Sapinda Deutschland Mar-14 Sportority € 13.1 Battery Ventures; Gemini Israel Funds; Dawn Capital Mar-14 Hoccer Betriebs € 50.0 Media Ventures Feb-14 Socialbakers € 18.9 Index Ventures; Earlybird Venture Capital Feb-14 True Software Scandinavia € 13.8 Sequoia Capital India; Open Ocean Capital GGV Capital; Index Ventures; Institutional Venture Partners; Kleiner Perkins Caufield & Jan-14 SoundCloud € 43.6 Byers; Union Square Ventures Jan-14 Delivery Hero € 64.5 Insight Venture Partners Draper Fisher Jurvetson; DFJ Esprit; Index Ventures; Northzone Ventures; SEED Capital Jan-14 Trustpilot € 18.3 Denmark Median € 40.0 Average € 75.1 Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Services Private Capital Financings (€ in millions)

Announced Transaction Date Target Value Investors RVC (Investment Arm); Da Vinci Capital Management; The European Bank for Aug-16 Softline € 36.1 Reconstruction and Development (Investment Arm) Jul-16 LINKBYNET € 50.0 Keensight Capital Jul-16 Sabio € 68.2 Lyceum Capital Partners Feb-16 MARU Group € 57.7 Primary Capital IDInvest Partners; Truffle Capital; Foxconn Electronics; Swisscom Ventures; Orange Jun-15 Actility € 22.0 Capital; Ginko Ventures Sarl; KPN Ventures FACELIFT brand building Feb-14 € 11.0 Corporate Finance Partners technologies Median € 43.0 Average € 40.8 Note: All market data is as of November 3, 2016

Selected Semiconductors Private Capital Financings (€ in millions)

Announced Transaction Date Target Value Investors Sofinnova Partners; Bpifrance Investissement; Valeo; CEA Investissement; Braemar Jun-15 Aledia € 28.4 Energy Ventures; Demeter Partners Foundation Capital; DFJ Esprit; Xilinx; Amadeus Capital Partners; Huawei Investment; Jul-14 XMOS € 19.4 Robert Bosch Venture Capital Teknoinvest; Wellington Partners Venture Capital; Foundation Asset Management; Nano Mar-14 glo € 21.6 Future Invest; Contango Kapital Median € 21.6 Average € 23.1 Note: All market data is as of November 3, 2016

Selected Applied Technology & Systems Private Capital Financings (€ in millions)

Announced Transaction Date Target Value Investors IBB Beteiligungsgesellschaft; HV Holtzbrinck Ventures; Picus Capital Management; Global May-16 Thermondo € 23.5 Founders Capital Management; E.ON Strategic Co-Investments Mar-15 TTTech Computertechnik € 50.0 AUDI; GE Ventures; Infineon Technologies Aug-14 Tobii Technology € 10.9 Sjätte AP-fonden Jan-14 Eyefreight € 9.0 De Hoge Dennen Capital; Global Cleantech Capital Fund Jan-14 Idex € 35.9 INVESCO Asset Management Median € 23.5 Average € 25.9 Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Technology IPOs (€ in millions) % of Total Offering Announced Offering % Chance Date Issuer Size Since IPO Primary Secondary Stock Exchange Sector Sep-16 Cognosec € 5.0 (28.4%) 100.0% 0.0% Nasdaq Stockholm Services Sep-16 Takeaway.com € 328.3 (5.2%) 53.3% 46.7% Euronext Amsterdam Internet & Digital Media OMX Nordic Exchange Sep-16 Nets € 2,112.7 (15.7%) 34.9% 65.1% Financial Technology Copenhagen London Stock Exchange Aug-16 Loopup Group € 9.9 23.0% 100.0% 0.0% Internet & Digital Media AIM Market Jun-16 Talend € 85.2 20.8% 100.0% 0.0% Nasdaq Global Market Software Apr-16 Paradox Interactive € 58.1 50.9% 0.0% 100.0% Nasdaq Stockholm Internet & Digital Media London Stock Exchange Mar-16 Blue Prism € 26.9 291.0% 47.4% 52.6% Software AIM Market London Stock Exchange Mar-16 Cerillion € 12.9 71.1% 100.0% 0.0% Software AIM Market Feb-16 Catena Media € 89.5 112.9% 28.3% 71.7% Nasdaq Stockholm Internet & Digital Media Oct-15 Equiniti Group € 439.4 16.1% 99.4% 0.6% London Stock Exchange Financial Technology Funding Circle (SME Income Nov-15 € 205.6 - - - London Stock Exchange Financial Technology Fund) Oct-15 Hostelworld Group € 183.6 3.2% 100.0% 0.0% London Stock Exchange Internet & Digital Media Oct-15 Softcat € 219.4 33.6% 0.0% 100.0% London Stock Exchange Services SRP Groupe Oct-15 € 226.3 1.7% 22.1% 77.9% Euronext Paris Internet & Digital Media (Showroomprive.com) Oct-15 Mimecast € 72.9 58.0% 100.0% 0.0% Nasdaq Global Select Software Oct-15 congatec € 52.5 - 76.6% 23.4% Nasdaq Global Market Semiconductors Sep-15 CLX Communications € 79.8 22.0% 0.0% 100.0% Nasdaq Stockholm Communications Sep-15 Worldpay € 2,930.6 22.4% 43.9% 56.1% London Stock Exchange Financial Technology Sep-15 Scout24 € 1,008.0 4.7% 22.6% 77.4% Frankfurt Stock Exchange Internet & Digital Media Jul-15 Kainos Group € 75.3 22.5% 3.0% 97.0% London Stock Exchange Services Jun-15 Sophos Group € 497.2 18.1% 22.4% 77.6% London Stock Exchange Software May-15 Siltronic € 330.0 (18.7%) 0.0% 100.0% Frankfurt Stock Exchange Semiconductors Applied Technologies & Apr-15 Tobii € 47.9 189.0% 89.4% 10.6% Nasdaq Stockholm Systems Apr-15 Grupa Wirtualna Polska € 72.9 69.4% 36.3% 63.7% Warsaw Stock Exchange Internet & Digital Media Feb-15 Auto Trader Group € 1,921.5 68.6% 100.0% 0.0% London Stock Exchange Internet & Digital Media Nov-14 CyberArk Software € 165.4 216.9% 100.0% 0.0% Nasdaq Global Select Software Oct-14 Rocket Internet € 1,400.0 (53.9%) 100.0% 0.0% Frankfurt Stock Exchange Internet & Digital Media London Stock Exchange Oct-14 Gamma Communications € 105.0 178.9% 0.0% 100.0% Communications AIM Market Sep-14 Zalando € 526.2 70.9% 100.0% 0.0% Frankfurt Stock Exchange Internet & Digital Media London Stock Exchange Sep-14 Crossrider € 58.8 (68.0%) 100.0% 0.0% Financial Technology AIM Market Jul-14 Matomy Media Group € 51.6 (49.1%) 100.0% 0.0% London Stock Exchange Internet & Digital Media Applied Technologies & Jul-14 Mobileye € 664.8 67.8% 100.0% 0.0% New York Stock Exchange Systems Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Technology IPOs (cont’d) (€ in millions) % of Total Offering Announced Offering % Chance Date Issuer Size Since IPO Primary Secondary Stock Exchange Sector Jul-14 Viadeo € 24.4 (93.4%) 100.0% 0.0% Euronext Paris Internet & Digital Media Jun-14 Worldline € 574.7 64.8% 44.4% 55.6% Euronext Paris Financial Technology London Stock Exchange Jun-14 IMImobile € 37.5 55.8% 100.0% 0.0% Software AIM Market Jun-14 ASK € 20.1 (82.2%) 100.0% 0.0% Euronext Paris Semiconductors Jun-14 Zalaris € 22.3 34.8% 26.8% 73.2% Oslo Bors Services Jun-14 Markit € 945.6 - 0.0% 100.0% Nasdaq Global Market Financial Technology Jun-14 Zoopla Property Group € 437.1 45.5% 0.0% 100.0% London Stock Exchange Internet & Digital Media Apr-14 JUST EAT € 435.7 107.7% 27.8% 72.2% London Stock Exchange Internet & Digital Media Apr-14 BravoFly (lastminute.com) € 210.7 (71.0%) 45.5% 54.5% Six Swiss Exchange Internet & Digital Media London Stock Exchange Mar-14 XLMedia € 50.1 87.8% 78.5% 21.5% Internet & Digital Media AIM Market London Stock Exchange Mar-14 boohoo.com € 361.8 95.5% 100.0% 0.0% Internet & Digital Media AIM Market Mar-14 Triboo Media € 24.0 (40.5%) 90.0% 10.0% Borsa Italiana Internet & Digital Media Feb-14 AO World € 514.9 (42.7%) 14.2% 85.8% London Stock Exchange Internet & Digital Media Feb-14 King Digital Entertainment € 362.6 - 70.0% 30.0% New York Stock Exchange Internet & Digital Media Median € 174.5 Average € 393.1 Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Technology FOs (€ in millions) % of Total Offering Announced Offering % Chance Date Issuer Size Since IPO Primary Secondary Stock Exchange Sector Sep-16 Travelport Worldwide € 99.5 4.2% 0.0% 100.0% New York Stock Exchange Services Sep-16 Sequans Communications € 22.3 (4.8%) 100.0% 0.0% New York Stock Exchange Semiconductors Sep-16 Mimecast € 59.0 99.1% 0.0% 100.0% Nasdaq Global Select Software London Stock Exchange Jun-16 GB Group € 30.4 (12.4%) 100.0% 0.0% Software AIM Market Jun-16 Sepura € 78.0 (91.9%) 100.0% 0.0% London Stock Exchange Communications SNP Schneider-Neureither & Jun-16 € 31.0 26.9% 100.0% - Deutsche Boerse AG Services Partner May-16 Soitec € 75.4 39.1% 100.0% 0.0% Euronext Paris Semiconductors May-16 CLX Communications € 66.4 (20.4%) 100.0% 0.0% Nasdaq Stockholm Communications Apr-16 Manz € 80.7 (4.2%) 100.0% 0.0% Frankfurt Stock Exchange Semiconductors Mar-16 Micro Focus € 200.6 29.8% 100.0% 0.0% London Stock Exchange Software London Stock Exchange Applied Technology & Dec-15 Digital Barriers € 39.0 (13.4%) 100.0% 0.0% AIM Market Systems Nov-15 NCC Group € 173.8 (31.7%) 100.0% - London Stock Exchange Services Nov-15 Parrot € 298.8 (70.7%) 100.0% 0.0% Euronext Paris Communications Sep-15 RIB Software € 48.2 - 100.0% 0.0% Deutsche Boerse AG Software London Stock Exchange Jul-15 Amino Technologies € 29.9 35.6% 100.0% 0.0% Communications AIM Market Applied Technology & Jul-15 REC Silicon € 40.2 (39.3%) 100.0% 0.0% Oslo Bors Systems Jul-15 Micro Focus International € 381.9 29.8% 0.0% 100.0% London Stock Exchange Software Jun-15 Globant € 89.4 11.7% 0.0% 100.0% New York Stock Exchange Software Jun-15 Playtech € 315.5 5.0% 100.0% 0.0% London Stock Exchange Software Jun-15 Cap Gemini € 505.9 (12.4%) 100.0% 0.0% Euronext Paris Services May-15 JUST EAT € 610.5 17.9% 100.0% 0.0% London Stock Exchange Internet & Digital Media London Stock Exchange May-15 Tungsten Corporation € 24.7 49.2% 100.0% 0.0% Financial Technology AIM Market May-15 Avanquest € 30.0 17.8% 100.0% 0.0% Euronext Paris Software Mar-15 Nanoco Group € 27.5 (19.6%) 100.0% 0.0% London Stock Exchange Semiconductors Applied Technology & Mar-15 Idex € 35.5 (40.4%) 100.0% 0.0% Oslo Bors Systems Optimal Payments London Stock Exchange Mar-15 € 629.0 - 100.0% 0.0% Financial Technology (Paysafe Group) AIM Market Mar-15 Globant € 58.9 11.7% 0.0% 100.0% New York Stock Exchange Software Feb-15 Rocket Internet € 588.5 (29.9%) 100.0% 0.0% Frankfurt Stock Exchange Internet & Digital Media London Stock Exchange Jan-15 WANdisco € 24.2 54.1% 100.0% 0.0% Software AIM Market Jan-15 NTT Com Security € 23.4 - 100.0% 0.0% Deutsche Boerse AG Services London Stock Exchange Sep-14 Bango € 33.9 (14.1%) 100.0% 0.0% Financial Technology AIM Market London Stock Exchange Sep-14 Earthport € 33.7 (26.3%) 100.0% 0.0% Financial Technology AIM Market Sep-14 United Internet € 352.0 (27.7%) 100.0% 0.0% Frankfurt Stock Exchange Internet & Digital Media Note: All market data is as of November 3, 2016

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SECTOR AND TRANSACTION DATA

Selected Technology FOs (cont’d) (€ in millions) % of Total Offering Announced Offering % Chance Date Issuer Size Since IPO Primary Secondary Stock Exchange Sector Sep-14 Myriad Group € 23.9 (1.2%) 100.0% 0.0% Six Swiss Exchange Software Sep-14 Amadeus IT Holding € 128.0 - 0.0% 100.0% Madrid Stock Exchange Services Sep-14 BasWare € 43.2 (10.3%) 100.0% 0.0% NASDAQ OMX Helsinki Software London Stock Exchange Sep-14 Tungsten Corporation € 15.3 49.2% 100.0% 0.0% Financial Technology AIM Market London Stock Exchange Jul-14 Rightster Group € 52.8 - 100.0% 0.0% Internet & Digital Media AIM Market Jun-14 Opera Software € 95.7 15.2% 100.0% 0.0% Oslo Bors Software Jun-14 Soitec € 83.1 39.1% 100.0% 0.0% Euronext Paris Semiconductors Applied Technology & Jun-14 Microwave Vision € 28.4 (30.4%) 100.0% 0.0% Euronext Paris Systems Jun-14 Volex € 22.6 (26.8%) 100.0% 0.0% London Stock Exchange Communications Jun-14 Qiwi € 235.0 (30.1%) 25.0% 75.0% Nasdaq Global Select Financial Technology Applied Technology & Jun-14 Next Biometrics Group € 24.3 27.8% 94.9% 5.1% Oslo Bors Systems May-14 Solocal Group € 440.4 (54.2%) 100.0% 0.0% Euronext Paris Internet & Digital Media May-14 NXP Semiconductors € 764.8 17.2% 0.0% 100.0% Nasdaq Global Select Semiconductors London Stock Exchange Mar-14 Monitise € 130.9 (13.3%) 100.0% 0.0% Financial Technology AIM Market Mar-14 Phoenix IT Group € 10.3 - 100.0% 0.0% London Stock Exchange Services Mar-14 Criteo € 236.3 2.6% 10.0% 90.0% Nasdaq Global Select Internet & Digital Media Feb-14 Magic Software Enterprises € 36.9 33.8% 100.0% 0.0% Nasdaq Global Select Software Feb-14 Wirecard € 366.8 (9.2%) 100.0% 0.0% XETRA Trading Platform Financial Technology Feb-14 Innovation Group € 80.1 - 100.0% 0.0% London Stock Exchange Software Applied Technology & Feb-14 Expert System € 17.3 (4.6%) 100.0% 0.0% Borsa Italiana Systems Applied Technology & Feb-14 Idex € 35.4 (40.4%) 100.0% 0.0% Oslo Bors Systems London Stock Exchange Jan-14 Incadea € 14.0 - 100.0% 0.0% Software AIM Market Median € 58.9 Average € 146.4 Note: All market data is as of November 3, 2016

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Disclosure

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William Blair’s investment banking group combines significant transaction experience, rich industry knowledge, and deep relationships to deliver successful advisory and financing solutions to our global base of corporate clients. We serve both publicly traded and privately held companies, executing mergers and acquisitions, growth financing, financial restructuring, and general advisory projects. This comprehensive suite of services allows us to be a long-term partner to our clients as they grow and evolve. From 2011 to 2015, the investment banking group completed more than 350 merger-and- acquisition transactions worth $95 billion in value, involving parties in 26 countries and About William Blair four continents, was an underwriter on more than 20% of all U.S. initial public offerings, Investment Banking and raised more than $120 billion in public and private financing.