Digital Media | Internet Sector Report

INTERNET & DIGITAL MEDIA SECTOR REPORT

Q4 2019 EXECUTIVE SUMMARY Q4 2019 Internet & Digital Media Wrap-Up

» Internet & Digital Media continues to be a highly active category, with ~$24.3Bn in M&A volume and ~$12.7Bn in financing volume during Q4 ’19 - 20 M&A transactions in Q4 ‘19 as varied as: PayPay / Honey (eCommerce); Platinum Equity / Cision (PR Software and Services); Thoma Bravo / Instructure (Learning Management Software) - 706 financings across all stages -- from seed to LBO – in Q4 ’19 consistent with the similar volume in Q4 ’18 » High-profile, billion dollar M&A deals abounded in Q4 2019, with both strategic buyers and financial sponsors driving deal activity, as they look to build out their offerings / remain competitive and deploy capital / back innovators, respectively » At the end of 2019, a record 199 VC-backed private companies are valued at greater than $1BN, compared to just 149 a year ago; these unicorns are comprised heavily of consumer-facing start-ups who raised billions in 2019, such as Airbnb, SoFi, and Juul Labs » Q4 public capital markets activity saw 20 VC-backed technology IPOs, a slight drop from the 22 that occurred in Q3. Overall, technology IPOs experienced an increase in 2019 compared to 2018 » From a trading perspective, Marketplace companies lead the public company pack, trading at 7.0x EV / ’19E Revenue and 20.9x EV/ ’19E EBITDA on average

Select Q4 Active Buyers Select Q4 Active Investors

Notes: Sources: Capital IQ, PitchBook, PriceWaterhouseCoopers / NVCA MoneyTree Report, Wall Street Research. 2 GCA OVERVIEW Strong Sector Expertise across Internet & Digital Media Team

REPRESENTATIVE FOCUS AREAS GCA SECTOR TEAM

MARKETPLACE / DIVERSIFIED MARKETING JOHN LAMBROS JOSHUA WEPMAN NEW TECHNOLOGY TECHNOLOGY Managing Director Managing Director [email protected] [email protected] +1 (212) 999-7083 +1 (212) 999-7092 INTERNET COMMERCE HR TECHNOLOGY

INTERNET CONTENT SOCIAL MEDIA KEVIN WALSH CATHRYN McCARTHY SEARCH & ONLINE Managing Director Vice President GAMING ADVERTISING [email protected] [email protected] +1 (415) 318-3629 +1 (212) 999-7073

MEDIA / PUBLISHING ENTERTAINMENT

RECENT TRANSACTIONS

3 GCA OVERVIEW Selected Recent Internet & Digital Media Transactions

Notes: 1) The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Corporation, and GCA Altium, have advised on. 4 SECTION I GCA INTERNET & DIGITAL MEDIA: 2019 YEAR IN REVIEW

5 GCA INTERNET & DIGITAL MEDIA: 2019 YEAR IN REVIEW Selected Transactions Completed in 2019

6 GCA INTERNET & DIGITAL MEDIA: 2019 YEAR IN REVIEW We Advised Clients All Over the World

BABY CARE ECOMMERCE TOSHO PRINTING CO., LTD.

HOSPITALITY PAYMENTS APP FASHION CONTENT MARKETER

29 transactions Of these deals, ~65% ~20% of transactions completed in the were M&A while 35% included a cross- Internet / Digital were private border element Media space capital

$1.3BN+ ~50% of these deals worth of M&A and had strategic buyers private capital raised while the other 50% for Internet / Digital involved financial Media clients (1) sponsors

Notes: Logos represent the headquarters of target companies in the Internet & Digital Media space involved in GCA-ran processes in 2019. 1) Represents only disclosed transaction values. 7 GCA INTERNET & DIGITAL MEDIA: 2019 YEAR IN REVIEW Selected Highlighted Transactions

From international mobile marketing companies to global digital brands, GCA worked with leading companies throughout 2019.

Minority investment in Acquired by Acquired by Majority investment by

November 2019 October 2019 October 2019 September 2019 ~$400MM Undisclosed Amount ~$300MM $83MM

“CVC has a track record of “The combination with Oracle “Following a successful market “This injection of new capital successfully partnering with validates CrowdTwist’s world- entry in the UK last autumn, we unlocks tremendous growth companies to drive global class technology, employees want to continue to grow opportunities, allowing us to growth…They are the perfect and customers. We could not internationally and are reach new markets, create new partner for this next phase in have found a more delighted to have found the retail channels, and invest in our journey as we continue to compelling partner to ideal partner for this in the technologies that will serve our scale internationally…” advance our vision of industrial holding Armira.” community better.” - Tomar Bar-Zeev, CEO, IronSource customer loyalty at scale.” - Patric Fassbender, Co-Founder, Tonies - Amanda Hesser, CEO, Food52 - Scott Matthews, CEO, CrowdTwist

8 GCA INTERNET & DIGITAL MEDIA: 2019 YEAR IN REVIEW Global Trends Shaping the Industry

CONTINUED RISE OF ARTIFICIAL INTELLIGENCE » AI is helping companies analyze consumer behavior and search patterns and use data from social media and online platforms to help businesses understand how customers find their products and services » Consumer-facing companies are using AI to transform their basic communication, product recommendations, content creation, email personalization, eCommerce transactions, and more

IMPORTANCE OF PERSONALIZATION » Consumers are far more likely to engage with a brand that offers personalized experiences compared to generic ones » Personalization is increasingly being adopted to build loyalty and reduce churn, understand customer needs, convert visitors, and upsell / cross-sell products

USER-GENERATED CONTENT 2.0 » Companies are increasingly opting for both interactive and user-generated content as a means to build stronger connections with customers » Seen as more engaging and trustworthy than traditional, company-created text-based content, quizzes and polls, AR advertising, testimonials, and customer videos are becoming especially popular as a means to reach younger target audiences

EMPHASIS ON CONVERSATIONAL MARKETING » With consumers demanding “immediate” responses when doing research on products and services, businesses are turning towards conversational marketing to facilitate a one-to-one, real-time connection between themselves and their customers » Available across multiple channels, customers are better able to engage with brands on the devices, platforms, and time schedules at their own convenience » Underscoring this trend, “chatbots” are becoming a must for most businesses

CAPITALIZING ON MICRO-MOMENTS » Internet & Digital Media companies are increasingly rethinking the linear marketing funnel of awareness, consideration, and decision » Instead, many businesses are opting to focus on building and achieving micro-moments, an intent-rich moment when a person turns to a device to act (“I want to know, go, do, or buy”)

9 SECTION II Q4 MARKET UPDATE

10 DEAL DASHBOARD

2,891 $54.1 Billion $96.4 Billion 62 2019 Financing Transactions (1)(2)(3) 2019 Financing Volume (1)(2)(3) 2019 M&A Volume (3)(4) 2019 M&A Transactions (3)(4)

Select Q4 '19 Financing Transactions Quarterly Financing Volume ($Bn) (1)(2) Quarterly M&A Volume ($Bn) (4) Select Q4 '19 M&A Transactions

Company Amount ($MM) $20 $80 $65 Acquirer Target EV ($Bn) $15 $15 $13 $13 $13 $13 $13 $500 $15 $12 $12 $60 $4.7 $35 $10 $40 $28 $30 $20 $24 $14 $17 $400 $5 $20 $13 $4.1 $0 $0 $319 $4.0

$275 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count $3.2 $254 $2.9 850 40 796 783 787 32 800 745 30 25 $250 20 $2.0 750 710 706 17 690 688 20 14 16 16 15 700 671 11 $200 650 10 $0.7 600 0 $200 $0.2

Last 12 Months Digital Media & Internet Price Performance (5)

165.0%

150.0% 54.8% 42.6% 33.8% 135.0% 31.2% 30.3% 29.4% 120.0% 25.2% 22.5% 22.2% 105.0%

90.0% 12/31/2018 2/28/2019 4/30/2019 6/30/2019 8/31/2019 10/31/2019 12/31/2019

Marketplace / Search / Online Media / Diversified Social Media Internet Content Internet Commerce Gaming Publishers New Technology Advertising Entertainment Marketing

Notes: Sources: Capital IQ, PitchBook, PriceWaterhouseCoopers / NVCA MoneyTree Report. 1) Criteria based on U.S. internet/mobile/telecommunications Series A and subsequent rounds of financings. 2) Financings include Venture and Private Equity Growth/Expansion activity for U.S. internet/mobile/telecommunications sectors. 3) Figures reflect total transactions and volume through end of most recent quarter. 4) Criteria based on U.S. target internet/digital media M&A deals with transaction enterprise values greater than $50MM. 5) Details on companies included can be found on the following page. 11 PUBLIC COMPANY VALUATION

ENTERPRISE VALUE / 2019E REVENUE ENTERPRISE VALUE / 2019E EBITDA

7.0x 20.9x 6.3x 19.7x 17.7x 16.5x 5.2x 14.2x 14.1x 13.3x 4.1x 11.5x 3.7x 3.5x 10.7x 2.8x 2.5x 2.4x

Marketplace / New Social Media Search / Online Adv. Internet Content Diversified Gaming Publishers Media / Internet Commerce Marketplace / New Internet Content Internet Commerce Search / Online Adv. Social Media Publishers Gaming Diversified Media / MarketplaceEconomy Social Search / Internet DiversifiedMarketing Gaming Publishers EntertainmentMedia / Internet MarketplaceEconomy Internet Internet Search / Social Publishers Gaming DiversifiedMarketing EntertainmentMedia / / New Media Online Adv. Content Marketing Entertainment Commerce / New Content Commerce Online Adv. Media Marketing Entertainment Economy Economy

INTERNET & DIGITAL MEDIA ECOSYSTEM

Marketplace / Social Search / Online Internet Media / Diversified Internet Gaming Publishers New Technology Media Advertisement Content Commerce Entertainment Marketing

7.0x / 20.9x 6.3x / 14.2x 5.2x / 16.5x 4.1x / 19.7x 2.4x / 17.7x 3.5x / 13.3x 2.5 / 10.7x 2.8x / 14.1x 3.7x / 11.5x 2019E Revenue / 2019E EBITDA Multiple

Notes: Source: Capital IQ. Multiples <0 and >50 considered NM. Multiples represent mean value of sector group. 12 Q4 2019 M&A DEAL DASHBOARD

QUARTERLY M&A ACTIVITY(1)(2) SELECT Q4 2019 M&A TRANSACTIONS

($BN) Number of Deals M&A Volume ($MM)

$65.5 Ann. Date Target Acquirer Enterprise Value

12/20 $691

12/19 $441

32 12/17 $4,677

12/16 $3,197 25 $34.5 12/4 $2,010 $29.9 20 $27.5 11/25 $4,050 17 $24.3 16 16 $20.3 15 11/20 $4,000 14 $17.3 $14.0 11 11/18 $380 $12.6 10/22 $2,878

10/22 $215

10/21 $150 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

Notes: Sources: Capital IQ, PitchBook, Wall Street Estimates. 1) Criteria based on U.S. target internet/digital media M&A deals with transaction enterprise values greater than $50MM. 2) Details on companies included can be found in the appendix. 13 Q4 2019 FINANCING DEAL DASHBOARD

QUARTERLY FINANCING ACTIVITY(1)(2)(3) SELECT Q4 2019 FINANCING TRANSACTIONS

($BN) Number of Deals Financing Volume ($MM)

Ann. Date Company Selected Investors Amount Invested

12/6 $254 $15.1 $14.8 12/5 $500 $13.4 $12.7 $12.9 $12.7 12/4 $200 $12.3 $12.3 $12.6 11/20 $400

11/14 $200

796 11/13 $157 783 787

745 710 706 11/5 $165 690 688 10/29 $200 671

10/29 $319

10/7 $250

10/3 $275 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

15 APPENDIX – PUBLIC COMPANY VALUATIONS

($MM), Except Per Share Data Stock Trading Statistics Operating Metrics Price LTM Price Range Equity Cash & Net Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company 12/31/19 Low High Value Equiv. Debt Value CY 18A CY 19E CY 20E CY 18A CY 19E CY 20E 18A/17A 19E/18A 20E/19E CY 18A CY 19E CY 20E Marketplace / New Economy Uber Technologies, Inc. $29.74 $25.58 $47.08 $50,731 $12,650 ($5,074) $45,657 4.1x 3.2x 2.5x NM NM NM 42.1% 24.7% 29.5% (21.5%) (20.2%) (9.7%) Shopify Inc. $397.58 $129.48 $416.60 $46,086 $2,667 ($2,556) $43,530 40.6x 28.0x 20.6x NM NM NM 59.4% 44.9% 36.1% (6.4%) 4.3% 5.0% MercadoLibre, Inc. $571.94 $282.88 $698.98 $28,431 $2,775 ($1,866) $26,565 18.5x 11.7x 8.6x NM NM NM 18.3% 57.9% 35.7% (1.6%) (3.4%) (1.8%) Copart, Inc. $90.94 $46.65 $92.41 $21,139 $181 $360 $21,499 11.5x 9.7x 8.7x 30.1x 23.7x 20.9x 14.9% 18.8% 11.0% 38.1% 40.8% 41.6% Lyft, Inc. $43.02 $37.07 $88.60 $12,807 $3,116 ($2,668) $10,138 4.7x 2.8x 2.2x NM NM NM 103.5% 66.1% 28.5% (44.3%) (20.3%) (11.1%) Peloton Interactive, Inc. $28.40 $20.46 $37.02 $7,967 $1,476 ($993) $6,974 NA 5.8x 3.9x NA NA NM NA NA 47.5% NA - (10.4%) Just Eat plc $11.06 $7.54 $11.42 $7,521 $221 $82 $7,603 7.7x 5.6x 4.5x 35.8x 31.5x 25.4x 34.5% 37.4% 23.5% 21.4% 17.7% 17.7% Etsy, Inc. $44.30 $39.76 $73.35 $5,249 $852 $16 $5,265 8.7x 6.5x 5.1x NM 28.6x 22.9x 36.8% 34.6% 26.2% 16.2% 22.6% 22.4% TripAdvisor, Inc. $30.38 $27.66 $60.90 $4,235 $933 ($764) $3,471 2.1x 2.2x 2.1x 14.6x 8.0x 7.5x 3.8% (3.3%) 4.4% 14.7% 27.9% 28.4% LendingTree, Inc. $303.44 $211.11 $434.94 $3,944 $50 $326 $4,270 5.6x 3.8x 3.3x 42.6x 21.1x 18.3x 23.8% 45.6% 16.2% 13.1% 18.2% 18.0% CarGurus, Inc. $35.18 $28.65 $45.25 $3,938 $164 ($99) $3,840 8.5x 6.6x 5.4x NM NM 38.3x 43.3% 28.9% 21.0% 6.2% 12.4% 14.2% Farfetch Limited $10.35 $7.43 $31.60 $3,104 $318 ($218) $2,886 4.8x 3.0x 2.0x NM NM NM 56.1% 61.9% 51.3% (27.3%) (13.1%) (4.2%) Moneysupermarket.com Group PLC $4.38 $3.61 $5.56 $2,349 $16 $16 $2,365 5.2x 4.6x 4.3x 15.8x 12.6x 11.9x 1.7% 13.7% 6.1% 33.0% 36.3% 36.3% The RealReal, Inc. $18.85 $12.58 $30.05 $1,617 $370 ($370) $1,247 6.0x 4.0x 3.0x NM NM NM 54.9% 50.4% 32.1% (31.5%) (23.5%) (15.8%) Mean 9.8x 7.0x 5.5x 27.8x 20.9x 20.8x 37.9% 37.0% 26.4% 0.8% 7.1% 9.3% Median 6.0x 5.1x 4.1x 30.1x 22.4x 20.9x 36.8% 37.4% 27.4% 6.2% 8.4% 9.6%

Social Media & New Platform Facebook, Inc. $205.25 $128.56 $208.93 $585,321 $52,269 ($43,137) $542,184 9.7x 7.7x 6.3x 18.6x 14.4x 12.5x 37.4% 26.2% 21.8% 52.3% 53.3% 50.7% Spotify Technology S.A. $149.55 $108.59 $161.38 $27,475 $1,554 ($878) $26,598 4.4x 3.5x 2.8x NM NM NM 22.6% 26.8% 24.3% (0.3%) 0.8% 0.8% Twitter, Inc. $32.05 $27.87 $45.86 $24,834 $5,816 ($3,271) $21,563 7.1x 6.3x 5.4x 28.0x 17.6x 15.4x 24.5% 13.3% 14.8% 25.4% 35.6% 35.3% Snap Inc. $16.33 $5.35 $18.36 $22,862 $2,261 ($1,046) $21,816 18.5x 12.7x 9.3x NM NM NM 43.1% 45.4% 36.5% (97.1%) (12.9%) 4.4% LINE Corporation $49.23 $26.79 $49.69 $11,792 $2,032 $34 $11,825 6.3x 5.6x 4.7x NM NM NM 27.3% 12.8% 16.9% (0.2%) (6.3%) 7.6% Yelp Inc. $34.83 $30.12 $40.99 $2,445 $382 ($139) $2,306 2.4x 2.3x 2.0x 46.4x 10.6x 8.7x 10.8% 8.1% 11.8% 5.3% 21.4% 23.3% Mean 8.1x 6.3x 5.1x 31.0x 14.2x 12.2x 27.6% 22.1% 21.0% (2.4%) 15.3% 20.3% Median 6.7x 5.9x 5.1x 28.0x 14.4x 12.5x 25.9% 19.8% 19.3% 2.5% 11.1% 15.4%

Search / Online Advertising Microsoft Corporation $157.70 $97.20 $159.55 $1,203,063 $136,609 ($51,039) $1,152,024 9.7x 8.7x 7.8x 23.2x 19.4x 17.7x 15.8% 12.3% 11.3% 41.9% 44.7% 43.9% Alphabet Inc. $1,339.39 $1,022.37 $1,367.07 $923,760 $121,177 ($106,304) $817,456 6.0x 5.0x 4.3x 20.2x 13.8x 11.9x 23.4% 18.9% 17.8% 29.5% 36.3% 36.0% Yandex N.V. $43.49 $26.77 $44.28 $14,295 $1,363 ($1,238) $13,057 7.1x 4.6x 3.6x 28.2x 15.5x 11.5x 12.4% 54.2% 29.2% 25.2% 29.6% 30.9% The Trade Desk, Inc. $259.78 $109.38 $289.51 $11,725 $297 ($113) $11,612 24.3x 17.6x 13.5x NM NM 43.5x 54.9% 38.0% 30.6% 24.2% 31.8% 31.0% Criteo S.A. $17.33 $15.90 $30.85 $1,110 $409 ($220) $890 0.4x 0.4x 0.4x 2.9x 2.9x 3.0x 27.7% (1.4%) 6.9% 13.5% 13.6% 12.4% QuinStreet, Inc. $15.31 $10.15 $20.02 $784 $71 ($55) $729 1.6x 1.5x 1.4x 27.8x 21.5x 12.5x 33.0% 7.3% 11.5% 5.9% 7.1% 10.9% The Rubicon Project, Inc. $8.16 $3.60 $10.85 $433 $85 ($62) $371 3.0x 2.4x 2.1x NM 15.5x 10.9x (19.8%) 24.8% 14.2% (25.7%) 15.4% 19.2% Marchex, Inc. $3.78 $2.61 $5.57 $160 $52 ($45) $115 1.3x 1.1x 1.1x NM 27.0x 31.9x (5.6%) 21.4% 0.9% (1.7%) 4.1% 3.4% Mean 6.7x 5.2x 4.3x 20.5x 16.5x 17.9x 27.9% 25.3% 15.3% 23.4% 22.8% 23.5% Median 4.5x 3.5x 2.8x 23.2x 15.5x 12.2x 19.6% 20.2% 12.9% 18.8% 22.5% 25.0%

Notes: Sources: Capital IQ, Wall Street Estimates. Multiples <0 and >50 considered NM. 16 APPENDIX – PUBLIC COMPANY VALUATIONS

Internet Commerce Amazon.com, Inc. $1,847.84 $1,460.93 $2,035.80 $916,154 $43,401 $31,190 $947,344 4.1x 3.4x 2.9x 34.1x 22.8x 18.9x 30.9% 19.9% 18.6% 11.9% 14.9% 15.1% Alibaba Group Holding Limited $212.10 $129.83 $218.11 $569,006 $33,717 ($10,656) $558,350 11.1x 8.0x 6.2x 43.1x 25.0x 19.7x 44.0% 39.2% 29.8% 25.8% 31.9% 31.2% Netflix, Inc. $323.57 $252.28 $385.99 $141,805 $4,435 $9,104 $150,909 9.6x 7.5x 6.2x NM 47.9x 33.5x 35.1% 27.5% 21.3% 10.7% 15.6% 18.4% Booking Holdings Inc. $2,053.73 $1,637.02 $2,082.67 $85,960 $7,439 $1,672 $87,632 6.0x 5.8x 5.4x 15.2x 15.0x 13.9x 14.6% 3.4% 7.7% 39.8% 38.9% 38.9% eBay Inc. $36.11 $27.56 $42.00 $29,376 $3,086 $5,326 $34,702 3.2x 3.2x 3.2x 11.6x 9.4x 9.2x 8.3% 0.4% 1.8% 28.0% 34.1% 34.4% Expedia Group, Inc. $108.14 $93.53 $144.00 $15,668 $4,455 $1,008 $16,676 1.5x 1.4x 1.3x 13.2x 7.9x 7.4x 11.6% 7.8% 8.3% 11.3% 17.4% 17.3% Zalando SE $50.70 $24.49 $54.21 $12,609 $1,025 ($427) $12,182 2.0x 1.7x 1.4x NM 26.1x 22.5x 14.4% 17.5% 18.2% 3.2% 6.5% 6.3% Chewy, Inc. $29.00 $21.68 $41.34 $11,559 $136 $67 $11,626 3.3x 2.4x 1.9x NM NM NM 67.9% 36.9% 26.2% (7.1%) (2.0%) (0.2%) Wayfair Inc. $90.37 $78.61 $173.72 $8,416 $1,301 $1,034 $9,451 1.4x 1.0x 0.8x NM NM NM 43.6% 34.3% 27.9% (6.0%) (5.5%) (4.2%) Grubhub Inc. $48.64 $32.11 $87.98 $4,448 $426 $186 $4,634 4.6x 3.6x 3.2x 28.7x 25.8x 38.7x 47.5% 28.7% 12.3% 16.0% 13.9% 8.2% ASOS Plc $44.67 $26.93 $54.17 $3,738 - $110 $3,848 1.2x 1.1x 0.9x 27.4x 26.0x 15.4x 15.2% 10.1% 18.6% 4.4% 4.2% 6.0% Qurate Retail, Inc. $8.43 $7.72 $22.29 $3,505 $605 $7,529 $11,034 0.8x 0.8x 0.8x 5.6x 5.5x 5.5x 35.2% (4.4%) (0.9%) 14.1% 14.9% 14.9% Cimpress plc $125.77 $73.74 $145.09 $3,414 $31 $1,411 $4,825 1.8x 1.7x 1.7x 17.9x 10.9x 11.1x 9.9% 4.8% 3.3% 10.1% 15.7% 15.0% Stitch Fix, Inc. $25.66 $16.55 $37.72 $2,610 $297 ($143) $2,468 1.8x 1.4x 1.2x 43.8x NM NM 25.3% 26.8% 20.9% 4.1% 1.4% 2.0% Shutterstock, Inc. $42.88 $33.26 $50.09 $1,520 $285 ($230) $1,290 2.1x 2.0x 1.9x 24.3x 12.8x 12.6x 11.9% 5.2% 5.4% 8.5% 15.4% 14.8% Stamps.com Inc. $83.52 $32.54 $207.25 $1,426 $143 ($56) $1,370 2.3x 2.5x 2.5x 6.2x 9.4x 12.1x 25.2% (5.7%) (1.6%) 37.7% 26.3% 20.8% Revolve Group, Inc. $18.36 $14.35 $48.36 $1,264 $51 ($51) $1,213 2.4x 2.0x 1.6x 27.2x 22.2x 15.8x 24.8% 21.5% 22.0% 9.0% 9.0% 10.4% 1-800-FLOWERS.COM, Inc. $14.50 $11.82 $21.77 $937 $34 $140 $1,076 0.9x 0.8x 0.8x 13.3x 12.2x 11.0x 4.5% 7.9% 7.8% 6.7% 6.8% 7.0% trivago N.V. $2.62 $2.32 $6.43 $923 $224 ($114) $809 0.8x 0.9x 0.8x NM 10.7x 9.3x (15.8%) (9.5%) 4.6% (0.8%) 8.0% 8.8% Quotient Technology Inc. $9.86 $6.92 $11.99 $877 $238 ($65) $812 2.1x 1.9x 1.7x 39.6x 18.6x 12.9x 20.1% 10.5% 13.5% 5.3% 10.2% 13.0% Overstock.com, Inc. $7.05 $6.57 $29.75 $273 $84 ($35) $238 0.1x 0.2x 0.2x NM NM NM 4.4% (20.7%) 0.9% (10.5%) (5.5%) (2.2%) Travelzoo $10.70 $8.72 $22.85 $125 $12 $8 $133 1.2x 1.2x 1.1x 13.5x 9.7x 8.8x 4.5% 2.0% 4.8% 8.8% 12.0% 12.6% Blue Apron Holdings, Inc. $6.58 $6.10 $24.60 $87 $86 $69 $155 0.2x 0.3x 0.3x NM NM NM (24.2%) (31.4%) (0.9%) (11.6%) (1.8%) 0.2% Mean 2.8x 2.4x 2.1x 22.8x 17.7x 15.5x 20.0% 10.1% 11.8% 9.5% 12.3% 12.6% Median 2.0x 1.7x 1.6x 21.1x 13.9x 12.7x 15.2% 7.9% 8.3% 8.8% 12.0% 12.6%

Notes: Sources: Capital IQ, Wall Street Estimates. Multiples <0 and >50 considered NM. 17 APPENDIX – PUBLIC COMPANY VALUATIONS

($MM), Except Per Share Data Stock Trading Statistics Operating Metrics Price LTM Price Range Equity Cash & Net Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Company 12/31/19 Low High Value Equiv. Debt Value CY 18A CY 19E CY 20E CY 18A CY 19E CY 20E 18A/17A 19E/18A 20E/19E CY 18A CY 19E CY 20E Gaming Tencent Holdings Limited $48.22 $38.57 $51.41 $457,934 $28,166 $2,445 $460,379 13.5x 8.5x 6.9x 28.1x 22.9x 19.3x 14.2% 58.2% 24.2% 48.1% 37.3% 35.6% Activision Blizzard, Inc. $59.42 $39.85 $59.75 $45,650 $4,939 ($1,989) $43,661 5.8x 6.9x 6.3x 17.4x 19.7x 16.8x 6.9% (15.1%) 8.9% 33.4% 34.8% 37.5% NetEase, Inc. $306.64 $209.01 $325.00 $39,238 $8,587 ($6,357) $32,881 3.4x 3.6x 3.4x 22.7x 14.7x 12.7x 17.4% (5.5%) 3.4% 14.9% 24.3% 27.2% Electronic Arts Inc. $107.51 $77.20 $108.92 $31,391 $4,883 ($3,632) $27,759 5.2x 5.2x 5.3x 16.3x 14.7x 15.7x 3.9% 1.0% (3.0%) 32.1% 35.3% 34.1% NAVER Corporation $161.54 $92.25 $164.57 $23,496 $3,280 ($1,515) $21,981 4.4x 3.8x 3.3x 20.4x 23.3x 16.4x 14.6% 13.8% 15.4% 21.5% 16.5% 20.3% Ncsoft Corporation $468.61 $367.69 $487.66 $9,657 $1,449 ($1,150) $8,507 5.5x 5.8x 4.0x 14.8x 17.5x 9.6x (6.4%) (5.1%) 45.0% 37.3% 33.3% 41.6% Ubisoft Entertainment SA $69.11 $44.76 $95.99 $7,490 $1,227 $396 $7,886 NA 2.9x 3.5x NA 7.1x 6.7x NA NA (16.9%) NA 41.0% 52.4% Zynga Inc. $6.12 $3.87 $6.65 $5,789 $1,380 ($668) $5,121 5.6x 4.0x 3.2x NM 16.7x 14.6x 5.3% 41.9% 25.3% 6.3% 23.8% 21.7% DeNA Co., Ltd. $16.15 $14.65 $21.39 $2,198 $895 ($793) $1,404 1.2x 1.2x 1.1x 6.7x 6.7x 6.3x (7.0%) (2.9%) 10.0% 17.9% 18.4% 17.9% GungHo Online Entertainment, Inc. $21.31 $17.67 $39.75 $1,485 $770 ($768) $717 0.9x 0.7x 0.8x 2.8x 2.4x 3.1x 2.4% 17.1% (14.1%) 30.2% 30.8% 27.7% GREE, Inc. $4.54 $3.92 $5.13 $1,045 $785 ($785) $259 0.4x 0.4x 0.4x 3.5x 4.4x 4.1x (2.0%) (6.6%) 2.5% 11.1% 9.6% 9.8% Glu Mobile Inc. $6.05 $4.11 $11.75 $882 $102 ($61) $821 2.2x 2.0x 1.8x NM 20.7x 20.2x 27.8% 14.0% 9.2% (0.0%) 9.5% 8.9% Changyou.com Limited $9.79 $5.43 $22.27 $508 $248 ($248) $260 0.5x 0.6x 0.6x 1.9x 1.9x 2.1x (16.3%) (6.3%) (9.2%) 27.7% 30.6% 30.0% Mean 4.1x 3.5x 3.1x 13.5x 13.3x 11.3x 5.1% 8.7% 7.8% 23.4% 26.5% 28.1% Median 3.9x 3.6x 3.3x 15.6x 14.7x 12.7x 4.6% (1.0%) 8.9% 24.6% 30.6% 27.7%

Media Conglomerates / Selected Entertainment The Walt Disney Company $144.63 $105.94 $153.41 $260,681 $5,418 $41,568 $302,249 5.1x 4.0x 3.7x 17.3x 16.3x 15.6x 6.6% 26.6% 9.9% 29.4% 24.7% 23.5% Comcast Corporation $44.97 $33.42 $47.27 $204,580 $3,507 $101,938 $306,518 3.2x 2.8x 2.7x 10.2x 8.9x 8.5x 11.1% 15.1% 5.4% 31.8% 31.5% 31.6% Sony Corporation $68.10 $41.47 $69.06 $83,560 $6,627 $9,756 $93,315 1.4x 1.2x 1.2x 9.8x 8.2x 8.0x 4.2% 18.4% 2.7% 14.4% 14.5% 14.4% Vivendi SA $28.98 $23.34 $29.95 $34,660 $4,845 $4,812 $39,472 2.5x 2.2x 2.1x 21.6x 16.4x 14.6x 6.2% 11.2% 4.1% 11.5% 13.5% 14.6% ViacomCBS Inc. $41.97 $35.02 $53.71 $25,812 $196 $10,303 $36,115 2.5x 1.3x 1.2x 11.6x 6.1x 5.8x 6.0% 95.5% 5.3% 21.5% 20.9% 20.9% Discovery, Inc. $32.74 $24.11 $33.66 $22,683 $825 $15,474 $38,157 3.8x 3.4x 3.2x 8.4x 8.1x 8.0x 53.5% 10.9% 5.6% 45.2% 42.4% 40.4% Mean 3.1x 2.5x 2.3x 13.1x 10.7x 10.1x 14.6% 29.6% 5.5% 25.6% 24.6% 24.2% Median 2.9x 2.5x 2.4x 10.9x 8.6x 8.2x 6.4% 16.7% 5.4% 25.5% 22.8% 22.2%

Notes: Sources: Capital IQ, Wall Street Estimates. Multiples <0 and >50 considered NM. 18 APPENDIX – PUBLIC COMPANY VALUATIONS

Diversified Marketing Experian plc $33.80 $23.84 $34.98 $30,698 $156 $4,212 $34,910 7.3x 7.0x 6.5x 22.5x 20.6x 18.1x 6.2% 4.2% 7.3% 32.4% 33.8% 35.9% WPP plc $14.12 $10.48 $14.32 $17,762 $2,762 $8,408 $26,170 1.3x 1.5x 1.7x 11.2x 8.6x 9.3x (6.9%) (13.0%) (8.6%) 11.8% 17.6% 17.9% Equifax Inc. $140.12 $90.69 $148.59 $16,966 $168 $3,142 $20,108 5.9x 5.7x 5.4x 27.0x 17.1x 15.8x 1.5% 2.8% 5.7% 21.8% 33.6% 34.4% The Interpublic Group of Companies, Inc.$23.10 $19.56 $23.98 $8,957 $521 $4,791 $13,747 1.7x 1.6x 1.6x 11.1x 9.8x 9.3x 7.5% 7.4% 1.8% 15.4% 16.3% 16.9% Nielsen Holdings plc $20.30 $17.94 $27.57 $7,223 $389 $8,631 $15,854 2.4x 2.4x 2.4x 10.8x 8.5x 8.4x (0.9%) (0.5%) 1.6% 22.5% 28.7% 28.8% HubSpot, Inc. $158.50 $117.77 $207.98 $6,787 $949 ($372) $6,415 12.5x 9.6x 7.7x NM NM NM 36.6% 30.5% 23.8% (6.9%) 12.5% 12.6% Alliance Data Systems Corporation $112.20 $99.20 $182.95 $5,168 $4,513 $18,036 $23,204 3.0x 2.9x 2.8x 12.0x 11.2x 10.4x 8.1% 2.4% 5.7% 25.1% 26.3% 26.8% Yext, Inc. $14.42 $12.83 $23.32 $1,656 $245 ($126) $1,529 6.7x 5.1x 4.0x NM NM NM 34.1% 30.4% 27.9% (30.2%) (16.6%) (9.7%) MDC Partners Inc. $2.78 $1.65 $3.53 $200 $131 $824 $1,024 0.7x 0.7x 0.6x 7.6x 5.0x 4.6x (2.5%) 3.0% 5.5% 9.1% 13.4% 13.8% Harte Hanks, Inc. $3.58 $2.20 $4.46 $22 $23 $18 $41 0.1x 0.1x NA 4.9x NM NA (5.1%) (14.2%) NA 2.2% (0.8%) NA Mean 4.2x 3.7x 3.6x 13.4x 11.5x 10.8x 7.9% 5.3% 7.9% 10.3% 16.5% 19.7% Median 2.7x 2.7x 2.8x 11.1x 9.8x 9.3x 3.9% 2.9% 5.7% 13.6% 16.9% 17.9%

Notes: Sources: Capital IQ, Wall Street Estimates. Multiples <0 and >50 considered NM. 19 APPENDIX – RECENT ACQUISITIONS

($MM)

Announced Date Acquirer Target Enterprise Value EV / LTM Rev. EV / LTM EBITDA EV / NTM Rev. EV / NTM EBITDA

12/20/2019 $150 NA NA NA NA

(1) 12/20/2019 $691 2.7x NM 2.6x 27.6x

(1) 12/19/2019 $441 5.5x NM 4.8x NM

(1) 12/18/2019 $675 0.7x NM NA NA

(1) 12/18/2019 $145 5.5x NA NA NA

12/18/2019 $75 NA NA NA NA

(1) 12/17/2019 $4,677 3.7x 14.3x 3.5x 11.3x

(1) 12/16/2019 $3,197 2.5x 15.5x 2.4x 9.4x

12/5/2019 $51 NA NA NA NA

(1) 12/4/2019 $2,010 7.7x NM NM NM

(2) 11/25/2019 $4,050 3.6x NA NA NA

11/20/2019 $4,000 20.0x NA 11.4x NA

11/19/2019 $140 NA NA NA NA

Notes: Sources: Capital IQ, Wall Street Estimates. Multiples <0 and >50 considered NM. Disclosed transactions with Enterprise Value <$50MM not included. (1) Multiples based on Capital IQ consensus estimates. (2) Value based on Wall Street Estimates. 20 APPENDIX – RECENT ACQUISITIONS

($MM)

Announced Date Acquirer Target Enterprise Value EV / LTM Rev. EV / LTM EBITDA EV / NTM Rev. EV / NTM EBITDA

(1) 11/19/2019 $118 0.6x 6.4x 0.6x 5.7x

11/18/2019 $380 NA NA NA NA

(1) 10/22/2019 $2,878 3.7x 12.5x 3.5x 10.0x

10/22/2019 $215 5.4x NA NA NA

10/21/2019 $150 3.3x NA NA NA

10/16/2019 $110 NA NA NA NA

(1) 10/8/2019 $150 2.6x 14.6x NA NA

9/26/2019 $118 NA NA NA NA

9/24/2019 $100 NA NA NA NA

9/24/2019 $1,000 NA NA NA NA

9/5/2019 $3,500 NA NA NA NA

(1) 9/2/2019 MJR Theatres $152 1.9x NA NA NA

8/23/2019 $615 NA NA NA NA

($MM)

Announced Date Acquirer Target Enterprise Value EV / LTM Rev. EV / LTM EBITDA EV / NTM Rev. EV / NTM EBITDA

(1) 8/22/2019 $4,535 3.8x 37.0x 3.2x 15.2x

8/13/2019 $20,947 (1) 1.6x 6.7x 1.5x 6.9x

8/8/2019 $92 NA NA NA NA

8/5/2019 $68 NA NA NA NA

8/5/2019 $2,296 (1) 0.8x 7.9x 0.8x 7.9x

(1) 7/29/2019 $66 1.9x NA NA NA

(1) 7/26/2019 $906 3.5x 15.7x 3.4x 11.1x

(1) 7/24/2019 $53 1.6x 17.7x NA NA

7/1/2019 $79 NA NA NA NA

6/24/2019 $200 NA NA NA NA

6/24/2019 $150 NA NA NA NA

6/11/2019 $405 (2) 9.5x NA NA NA

(2) 6/6/2019 $2,600 28.9x NA 17.3x NA

($MM)

Announced Date Acquirer Target Enterprise Value EV / LTM Rev. EV / LTM EBITDA EV / NTM Rev. EV / NTM EBITDA

(1) 6/4/2019 $1,193 3.7x 32.9x 3.5x 17.3x

6/3/2019 $120 NA NA NA NA

5/3/2019 $10,600 2.8x NA NA NA

4/30/2019 $200 NA NA NA NA

4/17/2019 $262 NA NA NA NA

(1) 4/14/2019 $4,400 2.3x 8.2x NA NA

4/3/2019 $207 NA NA NA NA

3/26/2019 $56 NA NA NA NA

3/26/2019 $3,100 NA NA NA NA

3/25/2019 $300 NA NA NA NA

3/21/2019 $265 NA NA NA NA

3/15/2019 $60 (2) 2.5x NA NA NA

3/10/2019 $300 (1) 10.3x NM NA NA

($MM)

Announced Date Acquirer Target Enterprise Value EV / LTM Rev. EV / LTM EBITDA EV / NTM Rev. EV / NTM EBITDA

3/1/2019 $121 (1) 7.4x 14.7x NA NA

2/12/2019 $199 NA NA NA NA

2/11/2019 $767 (1) 7.1x NM 6.1x 34.0x

2/6/2019 $343 (2) NA NA NA NA

2/4/2019 $10,713 (1) 9.4x NM 8.2x 34.4x

2/1/2019 $185 (1) 2.6x NA NA NA

1/30/2019 $163 (1) 0.5x 10.7x 0.4x 3.3x

1/23/2019 $221 (1) 8.7x NA NA NA

1/22/2019 $340 (2) 4.8x NA NA NA

1/2/2019 $157 (2) 10.4x NA NA NA

12/24/2018 $1,829 (1) 8.0x NM 6.5x NM

12/21/2018 $105 (2) 6.3x 8.8x NA NA

12/17/2018 $65 (2) 0.8x NA NA NA

($MM)

Offering Amounts $10MM or Greater Primary Initial Initial Offering LTM Issuer Industry Filing Date Amount Description Revenue EBIT % Adj. EBITDA

Tapinator develops and publishes mobile games and applications on the iOS, Google Entertainment 10/31/19 $29 $4 NM NM Play, and Amazon platforms in North America, Europe, and Asia

Moving iMage designs and manufactures proprietary and custom designed equipment Entertainment 10/11/19 $10 and other off-the-shelf cinema products for $20 NM NM cinema requirements in the United States and internationally

Alight Inc. develops cloud-based human capital solutions software. Its software includes health Application Software 02/14/19 $800 solutions that enable employees to enroll in $2,378 13% $536 and manage their medical, dental, and voluntary benefits

PCI Media offers 3D animation, innovative visual effects, and digital content such as short- Advertising 01/14/19 $57 $57 NM NM themed branded films, ads, and site specific presentations

Notes: Sources: Capital IQ, SEC.gov. 25 APPENDIX – GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK Global investment bank providing strategic M&A / capital markets advisory services to growth companies and market leaders

MANCHESTER LEEDS PARIS FRANKFURT BIRMINGHAM MUNICH KYOTO NAGOYA ZURICH TOKYO LONDON SHANGHAI NEW YORK MILAN NEW DELHI OSAKA

TEL AVIV FUKUOKA SAN FRANCISCO TAIPEI MUMBAI SINGAPORE HO CHI MINH CITY

Global platform: Sector expertise: Exceptional cross- 23 offices in key Experienced team: Expansive coverage border capabilities: markets across Over 450 employees and deep Over a third of all America, Asia and across the globe specialization transactions Europe Broad spectrum Diversified Strong reputation of clients: business model: and track record: Leading Geographically High number of conglomerates, top balanced, synergistic repeat clients and private equity firms and complementary referrals and emerging high- focus areas growth companies

GCA operates as GCA in America and Asia, and GCA Altium in Europe. 26 GCA is a global investment bank that provides strategic M&A, capital markets and private funds advisory services to growth companies and market leaders. The firm offers worldwide coverage with over 450 professionals in 23 offices across America, Asia and Europe. Built by the people that run the business, GCA is a firm of experts who focus on deals that require commitment, original perspective, skill and exceptional networks. www.gcaglobal.com

This report was prepared by GCA Advisors, LLC, a registered broker-dealer and member of FINRA and SIPC. Sources of data include Capital IQ and other news organizations. Information obtained from third- party sources is considered reliable, but we do not guarantee that the information herein is accurate and complete. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. Recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision.

DISCLAIMER: This report includes logos or other words or devices that may be registered trademarks of their respective owners. Such use is solely for purposes of convenience in referring to the trademark owners and their products/services. This report and its contents are not endorsed by, sponsored by or affiliated with any trademark owners. GCA Advisors, LLC and its affiliates are not affiliated with any 27 trademark owner but may provide financial services to one or more trademark owners or their affiliates.