PRIVATE & CONFIDENTIAL

Driven by your success. For client and institutional use only, not for public dissemination Canaccord Genuity hosted a panel discussion exploring the impact of COVID-19 on markets and sponsor-related transactions and expectations going into 2H20

Guest Speakers

John Schnabel Mark Solovy Brandon Graffeo Managing Partner & Co- Managing Director Head of Sponsor & Portfolio Manager Co-Head, Technology Finance Group Leveraged Finance

Canaccord Genuity Moderators Isaiah Knouff Amy LaBan, CFA Managing Director, Managing Director, US Coverage US Financial Sponsor Coverage [email protected] [email protected]

For webcast replays visit: https://www.webcaster4.com/Webcast/Page/2332/35118

Page 1 Driven by your success. John S. Schnabel, managing partner and co-portfolio manager, joined Falcon at its inception. John was previously a partner at Canterbury Capital Partners. Prior affiliations include Generation Partners and General Motors Investment Management Corporation. He has served on the board of directors of numerous companies, including current portfolio companies Encore Repair Services, Laney Directional Drilling, and Rapid Advance. John received a John Schnabel B.S. in Chemistry from Adelphi University, an M.B.A. with emphasis in Operations Research from Hofstra University, and an advanced studies certificate from New York University's Stern School of Business Administration.

Mark Solovy joined Monroe Capital in 2013 to start and lead the firm’s national technology and software investment vertical. He is responsible for originating, underwriting, executing, and monitoring direct lending, opportunistic private credit, and structured equity investments in software, tech-enabled business services, and technology companies for Monroe. Mark is also the primary investment professional responsible for Monroe’s co- sponsorship and PIPE investment activities with a series of financial technology-focused SPACs, Thunder Bridge Mark Solovy Acquisition, Ltd. and Thunder Bridge Acquisition II, Ltd. Prior to joining Monroe, Mark was a managing director with Hercules Capital, where he was responsible for venture investments in technology companies. Mark earned a JD Degree from the University of Pennsylvania and a BS in Business Administration summa cum laude from Washington University in St. Louis, where he was a teaching assistant for Federal Reserve System Governor, Laurence Meyers.

Brandon Graffeo leads SVB’s Sponsor & Leveraged Finance practice for Technology Banking where his team executes transactions in support of and corporate clients. Brandon has spent his entire career in and leveraged finance advising clients on complex corporate finance transactions, including senior and high yield debt financings, public and private placement equity offerings, and . Prior to joining SVB in 2016, his experience covered both middle market and large cap transactions while working at GE Capital, SunTrust Robinson Humphrey, Citigroup Global Markets, and Wachovia Securities. Brandon holds a Brandon Graffeo Bachelor of Science degree in Finance from Auburn University

Page 2 Driven by your success. Q: Are we in a different place now from your point of view than we were at the end of Q1?

If we look back to the end of March, we were figuring out what the new shelter-in-place / work-from-home reality meant for our families, our businesses, and our clients. We were deep into portfolio management triage. And we were engaged with our clients to ensure real-time dialogue, as we worked through this market shock together. If we fast forward to where we sit today, a lot of things feel much different. The Fed has pumped a ton of money into the economy in an attempt to stabilize it. Public markets have made a significant rebound, primarily led by a flight to quality in the tech and healthcare sectors . We have real-time evidence of which business models have been Brandon Graffeo most impacted and most resilient, which has given us a better sense of where we sit from a portfolio management perspective. While it's still early innings in what's going on in the market today, we remain cautiously optimistic for where we play in the tech and healthcare market and feel we are well positioned to support our clients.

In the first quarter, everything did come to a halt. We were talking about what can we do for liquidity? And so, after going through all that, you then try to come out of March and you started to see some evolution into April and to May. We found that brand new were largely being put on hold. Most businesses that were doing fine got through the triage part of things, and we then quickly flipped over into where were our strengths and where were our weaknesses. How do we take advantage of that? I think folks focused inward as opposed to outward. That's started to change now. What we're starting to see is some businesses steady – almost every business that we've John Schnabel looked at has been affected by the COVID-19 environment and so it's really a question of is it down 80 percent or is it down 20 percent? We've been looking more and more at transactions where you have to kind of figure out what are the goal posts of risk that you're willing to take.

At the beginning of all this, there was just so much rapid uncertainty in the markets. Everyone was taken off-guard by COVID and, because of that, there were some very interesting opportunities in the market from the credit standpoint, ones that had some very interesting values attached, but people were just very uncertain. I think now the difference is people have a little more certainty and they're feeling a little more comfortable with the equity markets, with the credit markets, and with the government putting capital into both of those, and so some of those Mark Solovy more interesting opportunities have disappeared. The result in Q2 is private credit firms are now back to being more focused on their core business, which is supporting private equity firms, growth equity firms, and firms on new opportunities, because there's not a lot of very opportunistic deals out there.

Page 3 Driven by your success. Q: What kind of opportunities are you looking at right now that you find most attractive and actionable in terms of industry and business models? What are some key metrics that have become critical for you in your decision-making?

Our analysis right now is really looking at businesses that seem to have weathered the storm and have put a plan in place, as opposed to just waiting for another day. We're generalists, so we are looking at all types of transactions right now. Even though consumer behavior has changed, I think it's very important to drill down to see what management has done and how they're dealing with this environment. Where we have the most difficulty is where John Schnabel we can't really figure out if this business will come back in three months, six months, or is it just the “strategy of hope,” and that has been very, very difficult .

The tech sector, as we've seen in Nasdaq and the markets, has in some ways been positively impacted, and in some ways been neutrally impacted in terms of equity valuations in the tech companies, so we continue spend a lot of time focused on those deals. We like recurring revenue businesses, we like the visibility, and we're really focused on how to assess the impacts of COVID. We look at deals that are not necessarily impacted by COVID directly, and we're seeing a lot of our tech companies hold up. FinTech has been another big sector for us, as Mark Solovy people have moved to more electronic payments and away from cash.

We have an absolute focus on the innovation economy, both in tech and healthcare. If you look at our market as a bullseye, the middle of our target is highly recurring software businesses. As you move out into the circles of the bullseye, that would represent more product, service-oriented and facilities-based companies where we continue to be more conservative, but believe there are deals to do there as well. Brandon Graffeo

Page 4 Driven by your success. Q: Have you closed any transactions since the outbreak of COVID? How did you handle these situations from a diligence perspective? Has pricing increased? Has leverage decreased?

We have closed a number of transactions since the outbreak of COVID, some of which have been deals that we had signed up pre-COVID. The second set of deals that we've closed have been supportive financings for our portfolio companies. We have also signed up some new deals that have started post-COVID that have been very interesting and haven't been impacted by COVID. When the outbreak started, pricing went up significantly, but now has gone down significantly from there. It's still higher than it was pre-COVID. In terms of leverage, that's gone down as well. Part of that is driven by the credit market, and part is also driven by the equity sponsors. I think a lot Mark Solovy of the deals we've been financing have been more growth-oriented, and our sponsors are looking for lower leverage anyway, as they want more flexibility in their deals. In terms of diligence, even pre-COVID, we were doing a lot of video conferences. While the preference is always to meet our companies in person, we have had to get used to the possibility of just doing deals electronically with the video conferencing.

We've supported our portfolio companies as they've had acquisition opportunities and have added a number of new clients during this period. I would agree that leverage has come down and pricing is a bit wide on a relative basis and both have continued to fluctuate for opportunities in April versus today in June. As it relates to diligence, we have been able to get comfortable moving to Zoom calls with management. The reality is that our sponsors clients have known the management teams for a good period of time prior to the transaction, which gives us Brandon Graffeo additional comfort.

We haven't done any deals since mid-March. We have five on deck to close in the July or early August timeframe. Two of them actually were deals that we thought were going to close in March, so purchase price has changed in our favor. We liked them before, we like them now, so the analysis hasn't been all that difficult. . I would say that, in terms of in diligence, I think my answer would have been different about two months ago to be honest. If we're doing something that's very equity-oriented, I think it's still very important for us to meet and greet or see the John Schnabel facilities, if that's important to the secret sauce of the business. If we're doing a more mezzanine approach and it's a business that's had a fine operating history and we know the sponsor, I think we've become more and more comfortable with Zoom or conference calls.

Page 5 Driven by your success. Q: Has PPP or the Main Street Lending Program impacted leverage or pricing on private company financings and ,if so, how?

We have not seen a large impact from these programs on our sponsor deals and have been working directly with our clients within the construct of our current financing structures and credit agreements. SVB has instituted a number of direct relief programs, many focused on earlier stage companies in our innovation economy. We did participate in the PPP program and processed approximately 5,000 for $2 billion in proceeds for our clients, but as we saw in the press, I don't think much ended up getting to sponsors’ portfolio companies given the headline risk. From a Main Street perspective, we're still continuing to monitor the program details as they are released by Brandon Graffeo the Fed, and I think many expect the program to continue to evolve over time.

Most of the deals that we've done with sponsors did not take it, and most of the non-sponsor deals that we are involved with did take it. Since we're minority investors, it's kind of interesting to see. Liquidity is the name of the game right now. So I think it's a good thing, but how you've used those funds is obviously now a concern, right? Being a good steward over those funds is important. The business getting traction while you've gotten that liquidity bridge is important. It's also been interesting to see how senior lenders have behaved in this environment. I think the overhang of PPP has made some traditional banks more friendly to deal with, to be honest. There’s also been John Schnabel some finance companies that have been more difficult to deal with.

From our perspective, it hasn't really impacted pricing or leverage. Certainly the programs were helpful for those that needed it and could obtain the financing. We try to provide some education to our companies, particularly non- sponsored ones, in terms of connecting them to the right people to allow them to capture some of that financing if it was possible. It has been helpful. Some of our companies have taken it. It has improved liquidity. Especially helpful for non-sponsored companies that may not have that backstop with a private equity or growth equity sponsor, but Mark Solovy overall, it hasn't really impacted our portfolio companies in terms of pricing or leverage.

Page 6 Driven by your success. Q: What are some creative ways you may be approaching getting deals done? Have you seen any COVID-related add-backs yet? Do you think you'll be able to complete a transaction, if you're not able to meet the management team in person before the transaction closes?

We see COVID adjustments all the time. There are businesses right now where it's very difficult to project. But for businesses that are down 10 percent or 20 percent, I think there's a justification for adjustments, especially if you have a that makes sense. Our posture at Falcon has always been that we want to invest in a company that not only has a long-term run to it, but also has the right sponsor attached to John Schnabel it . If we believe you're the right sponsor and that's the right group that should own this company, we want to be backers of that group . We want to be looked at as positive capital that only helps, so we understand that we might be taking some short-term risk, but are willing to be creative about it .

In our tech portfolio, we really haven't seen much, if anything, in terms of add-backs. There’s a set of tools that we all have to be creative. I think there’s been some good flexibility that we can provide in terms of creativity. We also think about our ability to co-invest in the equity, when there's an additional need for capital in the company. Sometimes people are looking for different prepayment penalties and for different terms Mark Solovy than they would traditionally look for. If your perspective is that rates are really high right now and that they're going to go down, then we've been flexible and allowing people to have some ability to prepay or have looked at how the markets change and have changed our facilities based on that.

We're a senior-only lender, so we don't have quite as much structural flexibility as John and Mark do at their firms. I would say in the new tech deals we have done, we have not seen much from a COVID-related add-back perspective. When I think about the situations in our portfolio we've needed to address, we’ve approached them more specifically through covenant relief. Brandon Graffeo

Page 7 Driven by your success. Q: Are there industries, business models and/or situations you're avoiding?

Mostly businesses that are potentially going to have a strong negative impact from COVID. Those are ones that we have a challenging time underwriting, especially if there's a second wave. How do we get comfortable with what's going to happen, particularly when we don't necessarily have the upside when we're providing the debt? The other thing that we're not avoiding but are careful about is the short-term lift that some of the technology companies may be gaining in terms of revenue from helping their clients transition their staff to work from home. Mark Solovy Is that sustainable revenue and how do we get comfortable with that? I think once there's better treatments or once there is a vaccine, then it'll be easier, but right now it's hard to underwrite the uncertainty.

Our bar is higher for software companies serving sectors that are more impacted such as hospitality, restaurant, or oil and gas. As we get 2Q compliance numbers in, we’re looking to see the resilience of the retention metrics on base business and understand impact on growth throughout the the back half of this year and next year as new contracts get pushed out. It's not that we're completely staying away from certain areas, but more cautious Brandon Graffeo about certain subsectors.

I would just say that being a generalist, we're looking at all industries. The one that we get the biggest groans on in the investment committee is the oil and gas services business, partly because we just don't know – even if you thought COVID was coming back quickly, that market feels like it's still going to be a while before folks are investing in it, and there's just geopolitical reasons why that might be. The restaurant sector, we've looked at a number of them, and the ones that we've looked at were strong franchises beforehand, so we’re trying to see if we can hang around the hoop and see if the business gets through the second quarter. One of the biggest things John Schnabel for us right now is market share. What was your market share pre-COVID? It's probably hard to figure out post- COVID, but what was it pre? Is there a reason for you to be around?

Page 8 Driven by your success. Q: Have you walked away from a deal that was in progress that, due to COVID, you decided you weren't going to do?

Fortunately we have not had to do that. We've had a number of companies where the sponsors put the process on hold to get a better sense of the true impact. Some of those have come back around, some have not yet resurfaced. We have had a number of quick passes due to our view on COVID implications, but those are all for new deal opportunities. Brandon Graffeo

I would say right now what's happened in the second quarter most of the time is just this languishing of deals where the conversation is started, it's put on hold, then we wait for the next month's results and try to read the tea leaves a little bit better. We've been surprised. There are these transactions that have had a pop or have not been affected all that much by COVID-19. There's a lot of liquidity still in the marketplace, and those deals get done. They're not that many of them, but the liquidity is there, and you can feel like it's a market that wants to spring back, John Schnabel but is yet unable to do so. So yes, we haven't overtly walked away from anything, but some things have just been difficult to push forward.

We haven’t walked away from a deal in the tech portfolio at Monroe, which is where my visibility is. We've stuck by everything that we have committed to. We have funded all the revolver draw requests that we have provided pre- COVID, we funded the delayed draws when people are making acquisitions. So everything that we had committed Mark Solovy to, we've done and haven't walked away from anything at Monroe.

Page 9 Driven by your success. Q: What's your point of view on what we'll see in third and fourth quarter?

Things are probably still going to be quiet in the beginning of the third quarter. I think there are a bunch of companies where things have not been so quiet. They're out of their liquidity rope, folks are anxious to see something happen to the capital structure, and so I think there's going to be more action in that part of the marketplace. We think there will be some more appetite for fix-it-up paper, where you could help de-lever a business. It's going to be well into August and then maybe touching the end of the third quarter. There will be opportunities for companies that have not had John Schnabel complete clarity to their business, but folks are going to have more desire to invest in their businesses.

I'm pretty optimistic. There's a ton of dry powder sitting on the sidelines in private equity, growth equity funds as well as in private credit funds, and people want to put that money to work. I think there will be more ability to have price discovery, as, hopefully, the equity markets and credit markets stabilize, and I think you'll be able to find more common ground between buyers and sellers of companies. There may be some more structure in there, there may be more earn-outs, there may be more seller notes, there may be different ways to compensate for some level Mark Solovy uncertainty and risk. With people wanting to do deals and wanting to put money to work, and with earnings from tech companies that seem to be looking pretty good, I think we're going to see a really good Q3 and Q4.

I think first and foremost there's going to be a continued priority on portfolio management, especially as we see Q2 results post. However, we do expect the market to pick up post-Labor Day, and we're actually already seeing new processes starting to percolate on the software side of things. I remain cautiously optimistic about the back half of the year for the tech and healthcare markets. I think we're going to see more of a bifurcation in valuations and financing alternatives for companies that have been most resilient versus those impacted. I think over time, we will see the resilient software companies approach pre-COVID structure and pricing, as we gain evidence from data Brandon Graffeo month-by-month that these companies are performing exceptionally well.

Page 10 Driven by your success. Q: How are you managing risk versus relationships?

We’re always doing that. The most important aspect of the private credit business, particularly in working with sponsors and management teams, is the relationships, and I think we've managed the risk by having really strong relationships with our partners. Many of our partners are ones that we have known and have worked with for years. We make equity co-investments in many of our companies that we're supporting. So, not only are we providing that debt, but we also have our equity hat on, and we're trying to do everything that we can to help increase the Mark Solovy value of those companies.. Us being aligned with our companies, with our management teams, with our sponsors is the best way for us to manage the risk that we're taking by providing debt

We have long-standing relationships with our sponsor clients. With a number of the companies that we're financing, we've seen them grow up through our early-stage portfolio, so we often know the management teams as well. We've really been able to see a lot of these companies over a longer period of time. But, we're extremely relationship-focused and start and lead with that aspect as we think about things. Brandon Graffeo

You're not a credible investor if you don't understand what the risk is today. So I think it is obvious. What can be less obvious is your relationships. When I look back at that '08, '09, '10 period, we forged some of the best relationships that we are now harvesting today because of how we dealt with a pretty difficult time with a sponsor with an issue on where we could be constructive. Given where we are and how obvious the risk is, I would say you have to really look at how you're managing your relationships. What I've been struck by in this environment is that there are some who naturally go to that position and there are some who don’t, and I would be worried about the John Schnabel latter group. I think this is a time actually to show who you are – are you thoughtful, are you being helpful – and that pays dividends.

Page 11 Driven by your success. PRIVATE & CONFIDENTIAL

Driven by your success. For client and institutional use only, not for public dissemination Overview Global Presence

• Publicly-held with a strong balance sheet of C$534 million working capital(1)

• C$60.7 billion in client and Montreal Calgary Dublin London administration(1) Toronto Vancouver Boston Paris Nashville New York • Comprehensive coverage of the major growth-focused San Francisco Tel Aviv investors – regardless of geography Houston Dubai • Operations in the U.S., Canada, the U.K. and Europe, the Hong Kong Middle East, and Asia Pacific and capabilities to list companies on 10 stock exchanges worldwide • Committed to further development in key markets and sectors, successfully acquired and integrated multiple Perth companies in the last ten years Sydney • February 2019 acquisition of 50-person tech, media, Melbourne marketing, and information services investment bank Petsky Prunier significantly broadens Technology Team’s Smaller locations not shown sector coverage

Investment Banking Equity Research Sales and Trading Wealth Management • 190+ investment bankers • 130+ research • Equities and Fixed Income • C$60.7 billion in client assets globally1 professionals1 • 200+ sales and trading under management and 1 • Range of services include • Broad industry coverage professionals1 administration M&A and Financial Advisory, across core sectors • 10+ fixed income • 475 investment advisors 1 Equity Capital Markets, Debt • Nearly 1000 companies professionals1 globally Advisory and Restructuring, covered • 2,260+ institutions covered • Wealth management offices and Financial Sponsors across Canada, UK, Guernsey, • Quest® – online valuation • Market making • FY2020: Led and participated tool with 95% global Isle of Man, Jersey, and – ~2,500 companies in 373 transactions globally, coverage Australia raising over C$51.7 billion for – 10 exchanges • On and offshore client services clients 1

Note: All dollar amounts are stated in Canadian dollars unless otherwise indicated (1) Company information as of March 31, 2020 Page 13 Driven by your success. Jeff Barlow Sanjay Chadda Andrew Pojani Lisa Byrnes Jeff Barlow Dudley Baker Dan Coyne President, Canaccord Genuity. Co-Head of US IB, Co- Co-Head of US TMMIS Managing Director, President, Canaccord Managing Director, Co-Head of US IB Industrials & Med Tech & Diagnostics Head of US TMMIS Boston TMMIS Genuity. Med Tech & Healthcare IT Sustainability Boston New York Boston Diagnostics Nashville Boston Boston Scott Card J.P. Michaud Matthew Kratter Marc Marano Sanjay Chadda Chris French Tom Pollard Managing Director, Managing Director, Managing Director, Managing Director, Co-Head of US IB, Managing Director, Managing Director, TMMIS TMMIS TMMIS Industrials & Sustainability Co-Head of US TMMIS Healthcare Cannabis Boston Charlotte New York Boston New York New York New York Trevor Martin Michael Petsky Jason Panzer, CFA John Stack Managing Director, Managing Director, Managing Director, Eugene Rozelman Matt Steere Managing Director, Dan Coyne TMMIS TMMIS TMMIS Managing Director, Managing Director, Aerospace & Defense Co-Head of US IB Boston New York New York Biopharma & Specialty Med Tech & New York Industrials & Sustainability Pharma Diagnostics Boston Jason Partenza Mark Young John Prunier New York San Francisco Managing Director, Managing Director, Managing Director, Morgan Ley Bernard Yuen TMMIS TMMIS TMMIS Managing Director, Principal, Mike Graham New York Boston New York Head of US Consumer & Retail Managing Director, Biopharma & Specialty Seth Rosenfield Pharma Boston Senior Internet Analyst Managing Director, New York New York TMMIS New York

Daniel Daviau Chris Blackwell Simon Bridges Jen Pardi Tom Gabel Isaiah Knouff David Istock Chief Executive Officer, Managing Director, Head Head of European IB, Head of US ECM Managing Director, Managing Director, US Managing Director, Head Canaccord Genuity of Canadian IB Europe Boston Capital Markets Financial Sponsors Group of M&A Toronto Toronto London Origination Nashville San Francisco Shachar Familia Boston Marcus Freeman Mike Lauzon Vice Chairman, Amy LaBan, CFA Managing Director & CEO, Managing Director, Brian O’Connor Ron Sedran Technology Managing Director, US Asia Pacific Head of Canadian Managing Director, Tel Aviv Managing Director, Financial Sponsors Group Melbourne Technology IB Sachin Mahajan US ECM Canadian ECM Toronto Chicago Managing Director, Boston Toronto Head of MENASA Dubai

Page 14 Driven by your success. Deals Involving Investors Representing an Investor’s Portfolio Company vs. (on either side of the transaction) Founder/Management-owned:

30% 45%

55% 70%

Investors No Investors Portfolio Company Founder / Management- owned Sold to an Investor vs. Sell-side vs. Buy-side Strategic Buyer

6%

41%

59%

94%

Investor Strategic Buyer Sell-side Buy-side

Includes transactions from 01/01/17 – 12/31/19 Page 15 Driven by your success. • Strategic combination in February 2019 created one of the largest technology and services investment banking practices focused on growth companies in the software, media, marketing, and information services ecosystem, with a strong focus in the healthcare vertical

• Top-ranked, global practice within Canaccord Genuity dedicated to the technology, media, marketing, and information services industries

• More than 100 Technology, Media, Marketing, & Information Services (TMMIS) team bankers located in Boston, New York, San Francisco, Nashville, Charlotte, and Chicago, as well as affiliated offices internationally (~200 bankers globally across industry groups)

• Completed +100 financing and advisory TMMIS transactions since 2018

• ~70% of engagements completed with investors on at least one side of the transaction; More than 40% of transactions engaged to represent an investor’s portfolio company • TMMIS, Canaccord Genuity’s largest and fastest growing industry group, complements additional practices in Healthcare, Industrial & Sustainability, and Consumer – and works closely with those groups, when TMMIS is a key part of the business model.

Note: All dollar amounts are stated in Canadian dollars unless otherwise indicated (1) Company information as of March 31, 2020 Page 16 Driven by your success. Ranked #1 for TMT Deal Activity1 Ranked #1 for Media & Information Services Deal Activity1

# of Transactions # of Transactions Rank Firm Name 2019 Rank Firm Name 2019 1 Canaccord Genuity 21 1 Canaccord Genuity 42 2 Goldman Sachs 10 1 Raymond James 42 3 JEGI 8 3 William Blair 41 4 Raymond James 7 4 Goldman Sachs 36 4 GP Bullhound 7 5 Jefferies 31 6 Morgan Stanley 5 5 Piper Jaffray 31 6 Bank of America 5 7 Bank of America 26 6 Houlihan Lokey 5 6 Lincoln International 5 8 Robert W. Baird 25 6 Needham 5 9 Morgan Stanley 23 6 Robert W. Baird 5 9 Needham 23 6 Stifel Financial 5 11 JP Morgan 21 13 Moelis 4 12 Houlihan Lokey 20 13 JP Morgan 4 12 Stifel Financial 20 13 4

Leader in US Mid-Market Healthcare Advisory 2

# of Transactions Rank Firm Name 2019 1 Piper Sandler 104 2 Canaccord Genuity 59 3 Stifel Financial 52 4 William Blair 45 5 Raymond James 27 6 Cowen & Company 20 7 Oppenheimer 19 8 Robert W Baird 17 9 JMP Securities 14 10 Needham 4

1 League table numbers for the Media & Information Services and TMT league tables represent transactions tracked by 2 Dealogic data since 2010 for mid-market PitchBook. The tables include US-based Corporate & Strategic M&A, Private Equity, IPO/Liquidity, and Venture Capital Page 17 healthcare transaction activity Driven by your success. transactions less than $500 million in the Technology, Media & Telecommunications industries as classified by PitchBook Total Roles Lead Manager Co-Manager Bank Rank Total Value No. Rank No. Rank No. ($M)

JPMorgan 1 390,713.7 647 1 630 67 17 Morgan Stanley 2 406,832.9 627 2 600 44 27 Goldman Sachs 3 412,779.3 614 3 594 57 20 Canaccord Genuity Corp 4 49,183.5 543 6 366 1 177 Citi 5 337,440.7 486 4 466 57 20 BofA Securities 6 345,360.9 481 5 460 55 21 Credit Suisse 7 250,573.9 379 7 356 47 23 Stifel 8 85,916.6 323 13 190 3 133 UBS 8 193,755.2 323 8 306 67 17 RBC Capital Markets 10 174,956.2 300 11 209 7 91

$934,500,000 $70,000,000 $179,226,031 C$57,546,000 $90,438,825 IPO Follow-On Offering IPO Follow-On Offering Registered Direct Co-Manager Lead Manager Co-Manager Sole Bookrunner Sole Bookrunner June 2020 May 2020 May 2020 May 2020 March 2020

Source: Dealogic as of 5/31/2020 Includes all IPO, FO, & CONV

Page 18 Driven by your success. Financial Advisor on Financial Advisor on sale to sale to Financial advisor on Financial advisor on Financial Advisor on Financial Advisor on Financial Advisor on Financial Advisor on sale to Financial Advisor on investment from sale to sale to sale to sale to sale to

June 2020 March 2020 March 2020 March 2020 February 2020 February 2020 February 2020 January 2020 January 2020

Financial Advisor on Makes an investment in Financial Advisor on sale to Financial advisor on strategic growth Financial Advisor on Financial Advisor on sale to financing from Financial Advisor on Financial Advisor on Financial Advisor on sale to majority sale to sale to sale to sale to

January 2020 December 2019 December 2019 November 2019 November 2019 November 2019 October 2019 September 2019 September 2019

Financial Advisor on Financial Advisor on Financial Advisor on Financial Advisor on Financial Advisor on growth financing from Majority Investment in sale to sale to sale to Financial Advisor on Financial Advisor on Financial Advisor on Financial Advisor on sale to Investment from sale to Investment from

September 2019 September 2019 July 2019 June 2019 June 2019 June 2019 June 2019 May 2019 May 2019

Financial Advisor on Financial Advisor on Financial Advisor on Financial Advisor on Financial Advisor on Financial Advisor on sale to sale to sale to sale to investment from sale to

Financial Advisor on Financial Advisor on Financial Advisor on sale to investment from sale to

May 2019 May 2019 April 2019 April 2019 March 2019 February 2019 February 2019 February 2019 January 2019

Page 19 Driven by your success. $617,790,000 $1,074,675,000 $86,250,000 $64,000,000 $124,999,992 $175,460,000 $70,000,000 $650,000,000 Convertible Debt Equity Offering IPO IPO Follow-On Offering Follow-on Offering Follow-on Offering Follow-on Offering Offering Co-Manager Co-Manager Lead Manager Joint Bookrunner Co-Manager Co-Manager Lead Manager Joint Lead Manager

June 2020 June 2020 June 2020 June 2020 May 2020 May 2020 May 2020 May 2020

$179,226,031 $200,000,000 $201,249,972 $80,499,991 $100,165,000 $46,000,000 $862,500,000 $287,500,000 Convertible Debt Convertible Debt Convertible Debt IPO Follow-on Offering Follow-on Offering Follow-on Offering Follow-on Offering Offering Offering Offering Co-Manager Co-Manager Co-Manager Lead Manager Lead Manager Lead Bookrunner Co-Manager Co-Manager

May 2020 May 2020 May 2020 May 2020 May 2020 April 2020 April 2020 April 2020

$230,000,000 $10,000,000 $862,500,000 $201,140,004 $110,000,000 $324,999,936 $17,267,250 $1,150,000,000 Convertible Debt Convertible Debt ATM Offering Follow-On Offering IPO Follow-On Offering Follow-On Offering Equity Offering Offering Offering Co-Manager Lead Agent Co-Manager Lead Manager Co-Manager Lead Manager Sole Bookrunner Co-Manager

April 2020 March 2020 February 2020 February 2020 January 2020 January 2020 January 2020 January 2020

$34,571,875 $92,450,000 $295,000,000 $97,750,000 $74,970,000 $150,000,010 $216,117,638 $782,718,750

Follow-On Offering Follow-On Offering Follow-On Offering Follow-On Offering Follow-On Offering IPO IPO Equity Offering

Sole Bookrunner Co-Manager Co-Manager Joint Bookrunner Lead-Manager Co-Manager Co-Manager Co-Manager

January 2020 January 2020 January 2020 January 2020 December 2019 December 2019 December 2019 December 2019

Sources: Dealogic, Canaccord Genuity Inc. (includes transactions led by senior bankers with prior firms) Page 20 Driven by your success. Page 21 Driven by your success. Attendee Firms Attended Type 1 x 1 Meetings ⚫ Attended by 400+ private and public leading companies and 300+ private equity, venture capital, and firms in 2019 Public Companies 272 Public Companies & Investors 2,790 Private Companies 131 Private Companies & PE/VC 1,354 ⚫ 6,200+ total meetings held with public and private companies Institutional Investors 328 Other 1 x 1 Meetings Held 2,054 PE/VC 308 ⚫ ~2,400 individuals in attendance Family Office 35

Representative Private Company Attendees - 2019 Representative Public Company Attendees - 2019

Representative Financial Sponsor Attendees - 2019

Page 22 Driven by your success. Canaccord Genuity is the business name used by certain subsidiaries of Canaccord Genuity Group Inc., including Canaccord GenuityLLC, Canaccord Genuity Limited, and Canaccord Genuity, a division of Canaccord Genuity Group Inc. Canaccord Genuity Group Inc. is listed on the TSX and LSE. Research Policy: Decisions regarding initiation and termination of research coverage will be made exclusively by research management. Investment banking is not able to request or have input into specific company coverage decisions. It is, however, our general practice to continue to provide coverage for companies for which we act as lead or co-manager in an equity offering. The information contained in this document has been compiled by Canaccord Genuity from sources believed to be reliable, but no representation or warranty, express or implied, is made by Canaccord Genuity, its affiliates or any other person as to its accuracy, completeness or correctness. 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