Q3 2017 Internet & Digital Media Market Snapshot

STRICTLY PRIVATE & CONFIDENTIAL

Robert Berstein Frank Cordek Managing Director Director [email protected] [email protected]

www.signalhill.com

Baltimore│Bangalore│Boston │ Mumbai│Nashville│NewYork│Reston│San Francisco Table of Contents

I. Public Company Universe and Trading Statistics

II. Mergers and Acquisitions Activity

III. Private Placement Activity

IV. IPO Activity

Strictly Private & Confidential 2 Quarterly Summary

Public Company Trading Statistics1 M&A Activity

6.0x $32,000 120 4.9x

5.0x 2 96 4.1x 100 4.0x $24,000 Number Deals of 4.0x 3.6x 3.7x 3.5x 72 80

3.0x 57 3.1x $16,000 48 51 60 2.5x 2.0x 2.8x 2.4x 2.3x

2.2x 40 3

EV/ CY'17E Revenue $8,000 21 1.0x

20 Aggregate Deal Value ($M)ValueDeal Aggregate 0.0x Q3 2016 Q3 2017 Q3 2016 Q3 2017 Q3 2016 Q3 2017 $0 0 Q3 2016 Q3 2017 Q3 2016 Q3 2017 Q3 2016 Q3 2017 Internet Content & Services e-Commerce Interactive Marketing & Marketing Services Internet Content & e-Commerce Interactive Marketing & Services Marketing Services Median Mean

Private Placement Activity4 IPO Activity

$4,000 40 34

2 $3,500 35 $32.00 28 $32.00 $3,000 30 Number Deals of $26.00 $26.54 $2,500 21 25 $25.09 $24.00 $2,000 20 14 $1,500 13 15 $16.00 $15.00 9 3 $14.00 $13.56 $1,000 10 $13.00 $11.50

AggregateDeal Value($M) $500 5 $8.90 $8.00 $0 0 Q3 2016 Q3 2017 Q3 2016 Q3 2017 Q3 2016 Q3 2017 Internet Content & Services e-Commerce Interactive Marketing & $0.00 Marketing Services RDFN DESP SECO ROKU ROVIO Offer Price Price as of 9/30/17

Source: Signal Hill Database of Core IDM Deals – Information collected from multiple industry sources Strictly Private & Confidential (1) Includes LTM’17 and ’16 Actuals (3) Includes only targets with significant North American operations 3 (2) Includes only values for which data is publicly available (4) Includes only transactions $10 million or greater PUBLIC COMPANY UNIVERSE I AND TRADING STATISTICS Signal Hill’s IDM Public Company Universe

Transitioning Interactive Marketing Internet Content & Services e-Commerce Media & Marketing Services

Diversified Traditional Marketing Technology Networks

Data & Analytics

Vertical Marketplace

Ad Tech

Diversified Publishers SMB-Focused

Marketing Services e-Commerce Enabling Technology

Note: IDM Universe excludes companies that have not achieved or maintained an Enterprise Value of at least $50M for the Strictly Private & Confidential previous 4 quarters (as of 9/30/2017) 5 IDM Public Companies Stock Price Performance

LTM Sub-Sectors Performance vs. S&P 500

80%

70%

60%

50%

40%

30%

20%

10%

-10%

-20%

-30% 9/30/16 12/31/16 3/31/17 6/30/17 9/30/17 Signal Hill IDM Composite Internet Content and Services e-Commerce Interactive Marketing Marketing Services S&P 500

Strictly Private & Confidential 6 Internet Content & Services

($ in millions, except per share amounts) % Dec./Inc. Fully Fully Enterprise Value / (Price as of 9/30/2016) Price from LTM Diluted Diluted YoY Revenue Growth Revenue EBITDA Enterprise Value CY Revenues Company 9/30/2017 High Low Eq. Val. Net Cash Ent. Val. CY '17E CY '18E LTM CY '17E CY '18E LTM CY '17E CY '18E Revenue EBITDA Internet Content & Services Google $973.72 (3.5%) 30.9% $669,590 $90,758 $578,832 22.2% 17.6% 5.8x 5.3x 4.5x NM 13.3x 11.2x 5.8x 17.6x Microsoft 74.49 (1.9%) 32.3% 573,740 40,403 533,337 8.5% 7.8% 5.9x 5.3x 4.9x 17.5x 13.7x 12.7x 4.6x 14.3x Facebook 170.87 (2.6%) 50.5% 496,240 35,452 460,788 43.2% 30.0% 13.9x 11.8x 9.0x 25.5x 18.6x 14.6x 15.6x 31.2x Netflix 181.35 (5.3%) 85.8% 78,298 (2,672) 80,969 30.5% 22.3% 7.9x 7.0x 5.8x NM NM 45.4x 5.6x NM Weibo 98.94 (8.6%) 146.6% 21,632 606 21,026 67.3% 43.8% 28.7x 19.3x 13.4x NM 49.9x 30.3x 19.3x NM Snap Inc. 14.54 (50.6%) 28.9% 17,407 2,782 14,625 NA 84.2% 23.4x 16.5x 9.0x NM NM NM NM NM Yandex 32.95 (2.2%) 90.7% 10,709 644 10,065 33.9% 21.9% 7.1x 6.2x 5.1x 27.1x 19.1x 15.0x 5.8x 19.0x Twitter 16.87 (33.2%) 19.5% 12,389 2,334 10,055 (6.0%) 6.1% 4.1x 4.2x 3.9x NM 14.5x 13.4x 5.7x NM IAC/InterActiveCorp 117.58 (1.6%) 94.7% 9,378 (283) 9,661 1.6% 13.0% 3.1x 3.1x 2.7x 21.5x 16.3x 12.8x 1.7x 14.3x CoStar Group 268.25 (6.8%) 49.7% 9,580 260 9,320 14.5% 13.9% 10.4x 9.7x 8.5x 42.3x 34.0x 25.7x 8.8x 40.8x Zillow 40.15 (21.1%) 28.8% 7,387 223 7,165 26.2% 20.2% 7.4x 6.7x 5.6x NM 31.3x 23.0x 8.1x NM Match Group 23.19 (5.0%) 31.5% 6,256 (692) 6,948 4.6% 14.5% 5.4x 5.4x 4.7x 18.8x 15.3x 12.8x 4.9x 19.1x TripAdvisor 40.53 (38.7%) 14.7% 5,624 637 4,987 6.5% 10.1% 3.3x 3.1x 2.9x 24.9x 15.3x 14.9x 5.8x 41.2x Yelp 43.30 (2.1%) 60.8% 3,542 512 3,030 20.8% 17.9% 3.8x 3.5x 3.0x NM 20.2x 15.8x 4.5x NM Roku 26.54 (10.9%) 68.5% 2,515 (180) 2,695 NA NA 6.2x NA NA NM NA NA NM NM Zynga 3.78 (6.0%) 57.5% 3,271 739 2,532 13.1% 9.3% 3.3x 3.0x 2.8x NM 21.2x 16.9x 2.3x NM Pandora 7.70 (48.5%) 13.9% 1,868 (298) 2,166 8.8% 13.4% 1.5x 1.5x 1.3x NM NM NM 2.5x NM Chegg 14.84 (7.0%) 128.0% 1,591 66 1,525 (2.7%) 22.5% 6.0x 6.3x 5.1x NM 36.7x 22.4x 2.2x NM Blucora 25.30 (2.5%) 130.5% 1,137 (294) 1,431 11.2% 7.1% 2.9x 2.8x 2.7x 15.5x 14.3x 12.0x 3.1x 15.8x TrueCar 15.79 (27.4%) 86.4% 1,555 153 1,403 19.4% 14.4% 4.6x 4.3x 3.7x NM NM 32.4x 2.7x NM Bankrate 13.95 (2.1%) 96.5% 1,240 (108) 1,349 14.5% 12.1% 2.8x 2.7x 2.4x 13.3x 10.6x 9.6x 2.4x 10.4x Rovio 13.59 (6.8%) 1.3% 1,059 41 1,018 NA NA 3.4x NA NA 23.0x NA NA NM NM XO Group 19.67 (6.3%) 31.2% 486 98 388 6.6% 9.5% 2.5x 2.4x 2.2x 27.5x 13.8x 10.2x 2.7x 17.7x eHealth 23.89 (6.9%) 274.4% 443 66 377 (7.8%) 11.7% 2.2x 2.2x 2.0x NM NM NM 0.7x 7.6x Brightcove 7.20 (47.8%) 33.3% 247 28 220 1.8% 6.2% 1.4x 1.4x 1.3x NM NM 35.4x 2.8x NM Dice Holdings 2.60 (69.2%) 48.6% 131 (46) 178 (7.4%) 1.0% 0.8x 0.8x 0.8x 4.5x 4.2x 3.9x 1.9x 8.3x Spark Networks 1.22 (27.4%) 61.1% 39 10 29 (24.8%) 0.5% 1.0x 1.1x 1.1x NM 17.0x 15.5x 0.9x NM Median 4.1x 4.2x 3.7x 22.2x 16.3x 14.9x 3.8x 17.6x Mean 6.3x 5.4x 4.3x 21.8x 20.0x 18.5x 5.0x 19.8x

Source: Capital IQ Median and Mean calculations exclude companies that have not achieved or maintained an Enterprise Value of $50m or more for four consecutive quarters EBITDA multiples >50x excluded All estimates from Capital IQ and calendarized unless otherwise noted (as of 9/30/17) Strictly Private & Confidential Enterprise Value calculated as Equity Value plus total debt, minority interest and preferred stock, less cash and equivalents 7 Internet Content & Services

Internet Content & Services Median 3.1x 3.0x 2.9x 11.6x 12.4x 11.2x 2.8x 10.0x Internet Content & Services Mean 4.9x 4.3x 3.6x 14.8x 15.2x 14.4x 4.0x 14.0x

($ in millions, except per share amounts) % Dec./Inc. Enterprise Value / (Price as of 9/30/2016) Price from LTM Diluted Diluted YoY Revenue Growth Revenue EBITDA Enterprise Value CY Revenues Company 9/30/2017 High Low Eq. Val. Net Cash Ent. Val. CY '17E CY '18E LTM CY '17E CY '18E LTM CY '17E CY '18E Revenue EBITDA Traditional Amazon $961.35 (11.3%) 35.4% $461,813 ($2,168) $463,981 27.1% 27.6% 3.1x 2.7x 2.7x 37.7x 25.2x 18.7x 3.3x 39.0x Alibaba 172.71 (4.5%) 100.8% 436,846 2,105 434,740 55.5% 34.2% 16.7x 13.4x 13.3x 40.4x 28.3x 20.3x 15.7x 46.7x JD.com 38.20 (22.0%) 63.4% 54,369 1,561 52,809 47.2% 27.8% 1.2x 1.0x 1.0x NM NM 30.4x 1.1x NM eBay 38.46 (1.1%) 41.0% 41,164 (2,449) 43,613 5.6% 6.4% 4.7x 4.3x 4.6x 14.9x 12.2x 11.2x 4.3x 12.4x Rakuten 10.90 (12.8%) 19.8% 14,805 (2,630) 17,435 21.1% 10.1% 2.3x 1.8x 2.1x 11.5x 9.5x 9.0x 2.7x 14.0x Liberty Interactive 23.57 (9.3%) 36.7% 10,653 (5,779) 16,432 (1.0%) 3.5% 1.6x 1.0x 1.6x 9.2x 5.4x 5.2x 1.6x 8.5x Mercadolibre 258.93 (13.1%) 73.8% 11,434 264 11,170 55.5% 38.3% 10.4x 8.8x 8.6x 44.8x NM 35.3x 11.4x 44.6x Etsy 16.88 (5.7%) 79.4% 1,996 274 1,722 19.9% 18.3% 4.3x 4.6x 4.0x NM 27.0x 18.9x 4.2x 45.0x SECOO 8.90 (29.9%) 14.0% 456 (307) 764 NA NA 1.8x NA NA 48.3x NA NA NM NM Overstock 29.70 (7.9%) 127.6% 743 50 693 3.3% 4.0% 0.4x 0.4x 0.4x NM 38.7x 33.6x 0.2x NM CafePress 1.81 (51.4%) 7.7% 30 30 0 (1.7%) 3.5% 0.0x 0.3x 0.0x NM NM NM 0.2x NM Median 2.3x 2.2x 2.4x 37.7x 25.2x 18.9x 3.0x 39.0x Mean 4.2x 3.8x 3.8x 29.6x 20.9x 20.3x 4.5x 30.0x Vertical Marketplace The Priceline Group $1,830.82 (11.5%) 28.7% $89,818 ($2,129) $91,947 16.7% 15.4% 8.0x 7.2x 7.3x 21.2x 18.9x 16.2x 7.7x 20.4x Expedia 143.94 (10.6%) 28.7% 21,827 (1,036) 22,862 16.3% 13.8% 2.4x 2.1x 2.2x 19.1x 12.0x 9.9x 2.5x 23.2x Live Nation 43.55 (0.7%) 64.9% 8,977 (676) 9,653 14.6% 6.9% 1.0x 0.9x 1.0x 14.7x 12.3x 11.0x 0.9x 11.4x Copart 34.37 (1.4%) 35.5% 7,932 (423) 8,355 12.8% 10.2% 5.8x 5.2x 5.4x 15.8x 14.6x 12.5x 5.2x 14.8x Wayfair 67.40 (19.9%) 144.2% 5,876 173 5,702 36.9% 28.2% 1.5x 1.3x 1.2x NM NM NM 1.1x NM GrubHub 52.66 (8.6%) 62.4% 4,549 374 4,176 33.0% 24.3% 7.3x 6.9x 6.4x 33.4x 25.9x 20.1x 8.1x 35.2x Cimpress 97.66 (5.1%) 23.9% 3,032 (1,058) 4,090 19.3% 7.4% 1.9x 1.3x 1.8x 32.4x 10.7x 9.3x 2.2x 17.4x Stamps.com 202.65 (8.0%) 127.0% 3,427 (39) 3,466 27.9% 17.2% 8.3x 7.5x 7.6x 20.2x 15.0x 12.5x 5.8x 16.8x LendingTree 244.45 (4.1%) 225.7% 2,933 123 2,810 54.7% 21.3% 5.8x 5.0x 4.8x 38.4x 27.8x 21.3x 2.9x 23.1x Redfin 25.09 (25.1%) NA 2,040 (736) 2,776 NA 31.7% 8.9x 5.6x 7.6x NM NM NM NM NM Groupon 5.20 (3.5%) 79.3% 2,891 384 2,507 (8.3%) 2.3% 0.8x 1.0x 0.9x 40.9x 13.0x 11.5x 0.8x NM Despegar.com 32.00 (4.2%) 14.7% 2,150 78 2,071 NA 20.4% 4.4x 4.1x 3.9x 31.9x 25.9x 18.6x NM NM Shutterfly 48.48 (10.2%) 15.7% 1,618 (225) 1,843 0.1% 6.0% 1.6x 1.4x 1.6x 13.2x 7.3x 6.1x 1.6x 13.7x Blue Apron 5.45 (50.5%) 9.0% 1,036 (348) 1,384 NA 12.4% 1.5x 1.2x 1.6x NM NM NM NM NM PetMed Express 33.15 (34.9%) 75.4% 675 69 607 8.6% 5.1% 2.3x 2.6x 2.3x 12.6x 14.8x 14.8x 1.5x 10.6x 1-800-Flowers.com 9.85 (13.6%) 26.3% 639 41 598 (3.7%) 1.6% 0.5x 0.6x 0.5x 7.5x 7.6x 6.7x 0.6x 8.8x Care.com 15.89 (3.7%) 111.6% 473 38 435 8.2% 9.4% 2.6x 2.7x 2.5x NM 23.0x 18.6x 1.5x NM Travelzoo 8.60 (33.6%) 13.9% 109 22 87 (18.1%) 3.5% 0.7x 1.0x 0.8x 8.6x 15.5x 13.3x 1.1x 13.6x Liquidity Services 5.90 (48.7%) 7.3% 186 114 72 (14.2%) NA 0.3x 0.7x 0.3x NM NM NA 0.7x NM Lending Club(1) 6.09 (10.2%) 31.3% 2,505 NA NA 22.2% 26.0% 5.1x 4.2x 3.3x NA 44.1x 18.9x NM NM Median 2.4x 2.4x 2.3x 19.7x 14.9x 12.9x 1.6x 15.8x Mean 3.5x 3.1x 3.2x 22.1x 18.0x 13.8x 2.8x 17.4x

Source: Capital IQ (1) Market Cap used as proxy for Enterprise Value for multiples Median and Mean calculations exclude companies that have not achieved or maintained an Enterprise Value of $50m or more for four consecutive quarters EBITDA multiples >50x excluded All estimates from Capital IQ and calendarized unless otherwise noted (as of 9/30/17) Strictly Private & Confidential Enterprise Value calculated as Equity Value plus total debt, minority interest and preferred stock, less cash and equivalents 9 e-Commerce

($ in millions, except per share amounts) % Dec./Inc. Fully Fully Enterprise Value / (Price as of 9/30/2016) Price from LTM Diluted Diluted YoY Revenue Growth Revenue EBITDA Enterprise Value CY Revenues Company 9/30/2017 High Low Eq. Val. Net Cash Ent. Val. CY '17E CY '18E LTM CY '17E CY '18E LTM CY '17E CY '18E Revenue EBITDA Marketing Technology Oracle $48.35 (9.0%) 28.5% $201,788 $13,199 $188,589 4.4% 3.8% 4.9x 4.8x 4.7x 12.7x 10.5x 9.8x 4.0x 10.1x IBM 145.08 (20.6%) 4.3% 135,206 (33,504) 168,710 (2.2%) (0.1%) 2.2x 2.2x 2.2x 9.8x 9.2x 9.0x 2.3x 10.3x SAP 109.44 (3.9%) 23.5% 131,212 (1,974) 133,185 21.4% 6.6% 5.0x 4.7x 4.4x 20.2x 13.5x 13.0x 4.8x 16.8x Adobe 149.18 (5.5%) 52.2% 73,537 3,479 70,058 24.2% 19.7% 10.1x 9.7x 8.1x 30.2x 23.0x 19.0x 9.3x 31.2x Salesforce 93.42 (4.9%) 40.6% 67,141 919 66,222 24.1% 19.8% 7.1x 6.4x 5.3x NM 29.5x 23.8x 6.7x NM HubSpot 84.05 (0.1%) 87.2% 3,112 203 2,909 36.8% 25.9% 9.1x 7.9x 6.3x NM NM NM 8.5x NM Callidus Software 24.65 (9.9%) 62.7% 1,667 172 1,495 20.2% 19.1% 6.6x 6.1x 5.1x NM 48.0x 33.6x 5.5x NM Cision 13.02 (2.5%) 30.2% 1,571 (1,089) 2,660 NA NA 4.4x 4.2x 4.1x 14.2x 12.0x 11.7x NM NM Yext 13.28 (12.1%) 10.2% 1,198 127 1,071 NA 32.6% 7.4x 6.3x 4.8x NM NM NM NM NM Bazaarvoice 4.95 (19.3%) 30.3% 417 58 360 1.5% 4.9% 1.8x 1.8x 1.7x NM 17.9x 13.7x 2.2x NM Median 5.8x 5.4x 4.7x 14.2x 15.7x 13.4x 5.1x 13.6x Mean 5.9x 5.4x 4.7x 17.4x 20.5x 16.7x 5.4x 17.1x Data & Analytics Alliance Data Systems $221.55 (16.8%) 12.1% $12,292 ($19,761) $32,053 7.8% 10.9% 9.9x 4.1x 3.7x 21.9x 16.2x 14.1x 4.4x 19.2x Experian 20.10 (12.2%) 8.6% 18,344 (3,450) 21,793 (5.9%) 8.7% 5.0x 5.0x 4.6x 14.4x 14.3x 13.5x 5.3x 16.9x Nielsen 41.45 (24.6%) 12.1% 14,780 (8,217) 22,997 4.3% 3.5% 3.6x 3.5x 3.4x 13.9x 11.3x 10.8x 4.3x 17.5x Teradata 33.79 (0.3%) 28.6% 4,423 532 3,891 (6.9%) (0.6%) 1.8x 1.8x 1.9x 15.6x 10.8x 10.7x 1.5x 9.7x NeuStar 1.17 (8.0%) 11.0% 605 (1,016) 1,621 41.7% 9.0% 20.0x 16.5x 15.2x 29.7x 32.4x 27.0x 20.0x 32.8x Acxiom 24.64 (18.9%) 13.1% 1,967 (67) 2,034 2.7% 11.2% 2.3x 2.3x 2.0x 26.1x 12.1x 9.9x 2.4x 24.5x comScore 28.75 (17.5%) 38.2% 1,647 1,647 - 18.1% 11.9% 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 4.4x 44.1x Marchex 3.09 (17.6%) 25.6% 134 102 31 (30.0%) 2.0% 0.3x 0.4x 0.3x NM NM 9.7x 0.1x NM Median 3.0x 2.9x 2.7x 15.6x 12.1x 10.8x 4.4x 19.2x Mean 5.4x 4.2x 3.9x 17.4x 13.9x 12.0x 5.3x 23.5x Ad Technology Criteo $41.50 (25.9%) 26.4% $2,710 $286 $2,424 32.6% 20.9% 1.2x 2.6x 2.1x 13.0x 8.2x 6.5x 1.2x 13.2x The Trade Desk 61.51 (2.1%) 179.6% 2,508 89 2,420 58.0% 26.7% 9.6x 8.0x 6.3x 37.7x 26.7x 19.9x 8.2x 26.1x TubeMogul 3.79 (17.1%) 33.5% 492 (327) 818 19.9% 30.8% 1.5x 1.3x 1.0x 22.5x 16.7x 8.1x 1.2x 17.4x RhythmOne 4.25 (36.5%) 10.3% 211 53 158 41.4% 75.7% 1.1x 0.6x 0.4x NM 12.7x 3.3x 1.0x NM YuMe 4.63 (23.6%) 48.9% 161 73 88 (100.0%) NA 0.6x NA NA 8.7x NA NA 0.4x NM The Rubicon Project 3.89 (57.9%) 15.3% 191 193 (2) (30.5%) (2.0%) 0.0x 0.0x 0.0x NM NM NM 0.7x 5.1x Marin Software 1.75 (36.2%) 75.0% 69 29 40 (100.0%) NA 0.5x NA NA NM NA NA 0.6x NM Median 1.1x 1.3x 1.0x 17.8x 14.7x 7.3x 1.0x 15.3x Mean 2.1x 2.5x 1.9x 20.5x 16.1x 9.4x 1.9x 15.4x

($ in millions, except per share amounts) % Dec./Inc. Fully Fully Enterprise Value / (Price as of 9/30/2016) Price from LTM Diluted Diluted YoY Revenue Growth Revenue EBITDA Enterprise Value CY Revenues Company 9/30/2017 High Low Eq. Val. Net Cash Ent. Val. CY '17E CY '18E LTM CY '17E CY '18E LTM CY '17E CY '18E Revenue EBITDA SMB - Focused Intuit $142.14 (3.1%) 37.7% $36,242 $289 $35,953 10.5% 10.1% 6.9x 6.7x 6.1x 22.1x 18.0x 16.3x 6.0x 19.4x j2 Global 73.88 (19.2%) 18.1% 3,571 (912) 4,483 32.4% 7.6% 4.5x 3.9x 3.6x 11.7x 11.5x 8.4x 4.3x 10.3x GoDaddy 43.51 (4.1%) 37.6% 5,420 (2,646) 8,066 20.2% 14.4% 4.0x 3.6x 3.2x 33.8x 19.5x 12.1x 2.1x 21.5x Deluxe Corp. 72.96 (3.9%) 22.7% 3,528 (686) 4,214 6.6% 3.2% 2.2x 2.1x 2.1x 9.3x 9.0x 7.9x 2.1x 9.0x Endurance International 8.20 (16.8%) 32.3% 1,174 (1,919) 3,092 5.8% 1.9% 2.6x 2.6x 2.6x 11.0x 11.3x 9.1x 3.5x 19.9x Wix.com 71.85 (16.6%) 85.9% 3,266 184 3,082 47.1% 32.1% 8.7x 7.3x 5.5x NM NM 22.9x 7.1x NM Web.com 25.00 (3.7%) 93.8% 1,175 (612) 1,787 3.8% 4.2% 2.4x 2.4x 2.3x 11.9x 10.1x 8.7x 2.5x 13.3x Townsquare Media 10.00 (23.1%) 23.2% 185 (534) 719 0.8% 4.0% 1.4x 1.4x 1.3x 6.9x 6.8x 5.8x 1.5x 8.2x Median 3.3x 3.1x 2.9x 11.7x 11.3x 8.9x 3.0x 13.3x Mean 4.1x 3.8x 3.3x 15.2x 12.3x 11.4x 3.6x 14.5x Marketing Services WPP $18.57 (28.2%) 3.0% $23,091 ($6,847) $29,938 16.0% 3.4% 1.5x 1.5x 1.4x 8.4x 8.6x 8.3x 2.1x 14.1x Omnicom 74.07 (17.4%) 3.4% 17,092 (3,798) 20,890 (0.9%) 3.5% 1.4x 1.4x 1.3x 9.0x 8.9x 8.5x 1.6x 10.8x Equifax 105.99 (27.9%) 18.3% 12,758 (2,489) 15,247 7.4% 5.0% 4.6x 4.5x 4.3x 12.5x 12.2x 11.7x 6.6x 19.4x Publicis 69.84 (14.4%) 6.8% 15,784 (2,487) 18,270 13.3% 2.5% 1.6x 1.6x 1.5x 9.3x 8.9x 8.3x 1.8x 9.9x Dentsu 43.87 (24.6%) 11.6% 12,367 (2,260) 14,627 17.1% 6.1% 1.9x 1.8x 1.7x 9.8x 9.1x 8.7x 1.6x 7.5x Interpublic Group 20.79 (19.1%) 6.2% 8,176 (1,435) 9,611 1.1% 3.9% 1.2x 1.2x 1.2x 8.8x 8.4x 7.9x 1.3x 9.9x Dun & Bradstreet 116.41 (15.0%) 15.9% 4,302 (1,318) 5,620 3.6% 3.3% 3.3x 3.2x 3.1x 13.1x 11.3x 10.7x 3.8x 15.5x Havas 10.93 (1.3%) 32.2% 4,626 (97) 4,722 15.0% 2.5% 1.8x 1.7x 1.7x 12.5x 11.1x 10.5x 1.5x 9.1x Hakuhodo 13.13 (8.0%) 26.9% 4,891 970 3,921 8.7% 3.0% 0.3x 0.3x 0.3x 7.8x 7.8x 7.3x 0.3x 6.3x MDC Partners 11.00 (3.7%) 300.0% 643 (1,097) 1,740 11.3% 5.6% 1.2x 1.1x 1.1x 11.5x 8.5x 7.6x 1.3x 11.1x TechTarget 11.94 (2.4%) 52.1% 327 (3) 331 4.9% 12.9% 3.2x 3.0x 2.6x 36.2x 14.7x 11.7x 2.0x 12.9x QuinStreet 7.35 (8.1%) 181.6% 336 50 287 3.4% 8.6% 1.0x 0.9x 0.8x NM 14.0x 10.2x 0.3x NM Harte-Hanks 1.07 (42.2%) 47.3% 66 44 23 (2.4%) NA 0.1x 0.1x 0.1x 13.2x 3.6x 2.0x 0.3x 8.9x Median 1.5x 1.5x 1.4x 10.6x 8.9x 8.5x 1.6x 10.3x Mean 1.8x 1.7x 1.6x 12.7x 9.8x 8.7x 1.9x 11.3x

Interactive Marketing & Services Median 2.3x 2.5x 2.2x 12.7x 11.3x 9.9x 2.2x 13.2x Interactive Marketing & Services Mean 3.7x 3.5x 3.1x 15.7x 13.8x 11.5x 3.5x 15.6x

($ in millions) Enterprise Value Target Business Acquirer Enterprise LTM LTM Date Acquirer Target Description Rationale Value (1) Revenue EBITDA 09/28/17 TaskRabbit provides a social networking-based online service that Enables IKEA consumers to hire TaskRabbit Taskers to NA NA NA enables users to post odd jobs and personal errands and accept bids build and assemble furniture. from other users who wish to perform the task. 09/26/17 automotiveMastermind provides marketing automation and behavior Opens up a key new market for IHS Markit and increases $392.0 NA NA prediction analytics SaaS for the automotive dealership industry. their presence in the vehicle retail space.

09/20/17 HTC's Pixel Smartphone employees design and manufacture Reinforces Google's commitment to smartphones and $1,100.0 NA NA Android and Windows mobile-based smartphones for businesses overall investment in its emerging hardware business. and consumers globally. 09/20/17 Plated provides an online premier meal kit delivery service for Allows Albertsons to offer customers more online options $300.0 NA NA consumers that delivers 30-minute recipes and ingredients to their along with distinctive recipes at their doorstep or through home. traditional shopping trips. 09/13/17 R2Net operates as an online retailer of diamond and engagement Signet presents a unique opportunity to enhance digital $325.0 NA NA rings via its subsidiary brand James Allen. capabilities and integrate their digital and physical retail platforms. 09/12/17 Dominion Enterprises operates real estate classified ads and Renters will have access to inventory of apartment $385.0 NA NA information websites for businesses and consumers. availabilities while advertisers will benefit from Dominion's leading leads-to-lease conversion. 09/08/17 Allconnect provides an online utility pricing and comparison shopping Positions Red Ventures to scale its home services NA NA NA service for electricity, natural gas, cable and satellite television, marketplace and expand its footprint within the valuable Internet and phone service, for consumers. movers segment. 09/06/17 Newgistics provides e-Commerce and order management software Accelerates Pitney Bowes’ expansion into the U.S. $475.0 NA NA and services for retailers and businesses. domestic parcels market at scale, enabling the Company to deliver a broader range of e-Commerce. 09/05/17 YuMe provides online video ad delivery and campaign management YuMe gives access to high-value connected TV inventory, $185.0 1.2x 18.0x SaaS for branded advertisers and web publishers. unique customer insights, cross-screen targeting and established demand relationships. 08/31/17 Simplifi provides demand side platform (DSP) and real-time bidding Will provide resources for product innovation and NA NA NA (RTB), automation and analytics SaaS for use in digital and display strategic acquisitions, allowing Simplifi's customers to marketing. better connect with target audiences. 08/28/17 Rain King Software provides marketing lead generation, sales Allows their joint customer base to have access to a NA NA NA intelligence, prospect targeting and customer analytics SaaS for portfolio of data, contextual buying insights and predictive technology sales and marketing professionals. intelligence. 08/23/17 DoubleVerify provides advertising quality assurance (QA) software Providence's sector expertise and strategic insight allows NA NA NA for advertising and marketing agencies and businesses globally. DV to capitalize on the outsized set of market opportunities and to launch new services. 08/14/17 Grand Junction provides same-day and local delivery management Grand Junction’s technology and algorithms will help $90.0 45.0x NA SaaS for the retail, shipping and distribution industries. Target deliver to guests faster and more efficiently.

08/08/17 BAMTech provides streaming video software and services for BAMTech’s full array of innovative technology will give $1,580.0 NA NA businesses to provide over-the-top (OTT) video content to Disney the power to forge connections, along with the consumers. flexibility to quickly adapt to shifts in the market.

Source: Signal Hill Database (1) Transaction value used as proxy where Enterprise value not available Strictly Private & Confidential (2) 451 M&A Knowledge Database 14 Q3 2017 Notable Internet & Digital Media M&A Activity

($ in millions) Enterprise Value Target Business Acquirer Enterprise LTM LTM Date Acquirer Target Description Rationale Value (1) Revenue EBITDA 08/03/17 Eat24 provides an online food ordering service for consumers. Eat24's large diner base will accelerate Grubhub's $287.5 NA NA mission to become the most comprehensive marketplace connecting takeout and restaurants. 07/31/17 Scripps Networks Interactive develops lifestyle-oriented content in Scripps Networks Interactive supports and accelerates $15,051.7 4.4x 9.8x the U.S., the U.K. and other European markets, the Middle East and Discovery's pivot from linear TV to a leading content Africa. provider across all screens and services. 07/24/17 WebMD provides web-based educational medical information and Internet Brands will help WebMD by leveraging combined $2,800.0 3.9x 14.4x publishing services to patients and healthcare markets. resources and presence in online healthcare to catalyze future growth in users. 07/18/17 Boomtrain provides customer analytics and marketing automation, Accelerates Zeta's investments and achievements in NA NA NA email marketing and recommendation SaaS for businesses. machine learning to enable the world's leading brands to deliver 1:1 marketing at scale. 07/18/17 Rocket Fuel provides advertising optimization SaaS to enable brands Sizmek will accelerate Rocket Fuel's growth and build out $145.0 0.3x NA globally to utilize AI and predictive modeling to bid on web, mobile, a robust buy side tech stack by offering an optimization video and social media advertising. platform and 3rd party ad server. 07/12/17 Bitly provides an online service that enables consumers and Enables Bitly to expand its link management capabilities $63.0 NA NA businesses to shorten and share URLs and track webpage viewer from a strong foothold in enterprise marketing to a diverse analytics. set of customers and teams. 07/06/17 A Place for Mom operates as an online network where consumers in Allows A Place for Mom to expand its service offering, NA NA NA the U.S. and Canada can locate local senior living service providers. provide better access, coordination and quality of care and make investments in its technology platform. 07/03/17 Bankrate provides an online financial interest rate and insurance Bankrate will help Red Ventures create a scaled and $1,400.0 3.0x 57.5x policy comparison service for consumers and businesses. diversified digital platform of consumer marketplaces.

Source: Signal Hill Database (1) Transaction value used as proxy where Enterprise value not available Strictly Private & Confidential (2) 451 M&A Knowledge Database 15 Leading Acquirer Activity

Select Recent Acquisitions Number of Acquisitions1 . 2017: Bitium (identity & access management SaaS)

. 2017: HTC Corporation (smartphone development employees) 40 33 30 27 . 2017: AIMATTER OOO (AI-enabled photo editing application) 20 20 20 16 16 10 6 4 5 . 2017: Senosis Health (health monitoring mobile applications) 1 0 . 2017: Halli Labs (machine learning systems development) 2011 2012 2013 2014 2015 2016 Q4 2016Q1 2017Q2 2017Q3 2017 . 2017: Owlchemy Labs (virtual reality-based online video games) Number of Acquisitions . 2017: AppBridge (document cloud migration software) . Deals (number) over trailing four quarters: 16 . 2017: Kaggle (subscription-based learning competitions) . Deals (value disclosed)2 over trailing four quarters: $1.1B . 2017: Clear Arts (image DRM SaaS) . 2017: fayteq (video editing & manipulation software) 20 16 15 12 11 9 . 2017: Ozlo (AI-based personal assistance mobile app) 10 7 5 4 4 . 2017: Source3 (online content IP rights management services) 5 0 0 0 . 2016: TheEyeTribe.com (sensor-based eye tracking software) 2011 2012 2013 2014 2015 2016 Q4 Q1 Q2 Q3 2016 2017 2017 2017 . 2016: FacioMetrics (mobile app analyzing facial expressions) Number of Acquisitions . 2016: CrowdTangle (social media monitoring SaaS) . Deals (number) over trailing four quarters: 8 2 . 2016: InfiniLED (inorganic LED micro display devices) . Deals (value disclosed) over trailing four quarters: NA . 2017: WideOpenWest (Chicago fiber network)

. 2017: Straight Path Communications (spectrum licensing) 15 12 10 . 2017: SocialRadar (social location space applications) 5 4 4 4 5 3 3 3 1 1 0 . 2017: Skyward IO (drone management SaaS) 0 2010 2011 2012 2013 2014 2015 2016 Q4 Q1 Q2 Q3 . 2016: LQD WiFI (metro scale WiFi systems) 2016 2017 2017 2017 . 2016: Vessel (subscription-based video-streaming website) Number of Acquisitions . 2016: Sensity Systems (LED sensing systems) . Deals (number) over trailing four quarters: 5 . 2016 Yahoo! (online content, internet advertising and email) . Deals (value disclosed)2 over trailing four quarters: $3.2B

Source: 451 M&A Knowledge Database (1) Includes only deals that were publicly announced, may not include acquisitions of intangible assets and smaller acquisitions Strictly Private & Confidential that were not announced 16 (2) Includes values for only publicly disclosed deal values Leading Acquirer Activity

Select Recent Acquisitions Number of Acquisitions1 . 2017: Wing.ae (mobile & web-based delivery application) 10 . 2017: ClipMine (smart online video indexing) 7 8 6 6 6 6 . 2017: Graphiq (online search, reference data & visualization) 6 4 4 3 1 1 . 2017: Game Sparks Technologies (video game development) 2 0 0 . 2017: Whole Foods Market (natural foods supermarkets) 2011 2012 2013 2014 2015 2016 Q4 Q1 Q2 Q3 2016 2017 2017 2017 . 2017: Souq.com (U.A.E. online retailer) Number of Acquisitions . 2017: Do.com (team meeting management SaaS) . Deals (number) over trailing four quarters: 8 . 2017: Thinkbox Software (visual effects software & SaaS) . Deals (value disclosed)2 over trailing four quarters: $14.3B . 2017: Drop Messages (augmented reality location app)

. 2017: Zenly (location-sharing mobile application provider) 6 5 4 . 2017: Placed (location-based mobile ad analytics SaaS) 4 3 2 2 1 . 2017: Mobil Media (geofilters patent) 0 0 0 . 2016: Cimagine (mobile augmented reality software) 2014 2015 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 . 2016: Flite (advertising creation SaaS & services) Number of Acquisitions . 2016: Verbify (mobile search application) . Deals (number) over trailing four quarters: 4 2 . 2016: Obvious Engineering (3D image capture software ) . Deals (value disclosed) over trailing four quarters: NA . 2017: Freetel (provides telecommunication through SIM cards) . 2017: ShopChat (mobile chat-based shopping app) 10 8 9 8 5 5 6 4 . 2017: ShopStyle.com (online women's clothing website) 3 4 2 2 2 . 2017: Cartera Commerce (loyalty & reward-based websites) 2 0 0 . 2016: Anser Insurance (insurance brokerage services) 2011 2012 2013 2014 2015 2016 Q4 Q1 Q2 Q3 2016 2017 2016 2017 . 2016: Soukai Drug Co (online retailer of health related goods) Number of Acquisitions . 2016: Fablic (mobile classified e-Commerce platform) . Deals (number) over trailing four quarters: 6 2 . 2016: getAbstract (online library of business book summaries) . Deals (value disclosed) over trailing four quarters: NA

Source: 451 M&A Knowledge Database (1) Includes only deals that were publicly announced, may not include acquisitions of intangible assets and smaller acquisitions Strictly Private & Confidential that were not announced 17 (2) Includes values for only publicly disclosed deal values Leading Acquirer Activity

Select Recent Acquisitions Number of Acquisitions1 . 2017: Cycle Computing (performance management software) 30 . 2017: Cloudyn (cloud monitoring & management SaaS) 20 20 11 11 . 2017: Heighten Software (salesforce automation software) 8 9 8 10 6 . 2017: Hexadite (automated cybersecurity SaaS) 0 2 1 0 . 2017: Intentional Software (software development services) 2011 2012 2013 2014 2015 2016 Q4 Q1 Q2 Q3 2016 2017 2017 2017 . 2017: Deis (web application deployment PaaS) Number of Acquisitions . 2017: SuSE LINUX (enables users to build binary packages) . Deals (number) over trailing four quarters: 9 . 2017: Donya Labs (3D optimization software & SaaS) . Deals (value disclosed)2 over trailing four quarters: NA . 2017: Moat (advertising analytics SaaS)

. 2017: Wercker (continuous integration & delivery SaaS) 15 11 9 9 . 2017: Webtrends (marketing data web analytics software) 10 7 8 5 2 2 2 . 2017: Apiary (API development software) 1 0 0 . 2016: Dyn: (managed domain name services) 2011 2012 2013 2014 2015 2016 Q4 Q1 Q2 Q3 2016 2017 2017 2017 . 2016: Palerra (premises network security management SaaS) Number of Acquisitions . 2016: LogFire (mobile workforce management SaaS) . Deals (number) over trailing four quarters: 5 . 2016: NetSuite (financial ERP & e-Commerce SaaS) . Deals (value disclosed)2 over trailing four quarters: $600.0M . 2017: Sequence (digital marketing services) . 2017: Unity&Variety (software & mobile game development) 15 13 10 8 . 2016: Twin Prime (mobile network connectivity software) 6 5 6 5 2 2 . 2016: Krux (real-time audience data management SaaS) 1 0 0 0 . 2016: Gravity Tank (technology and management consulting) 2011 2012 2013 2014 2015 2016 Q4 Q1 Q2 Q3 2016 2017 2017 2017 . 2016: HeyWire (CRM mobile text messaging applications) Number of Acquisitions . 2016: BeyondCore (big data predictive analytics SaaS) . Deals (number) over trailing four quarters: 4 . 2016: Quip (document management SaaS) . Deals (value disclosed)2 over trailing four quarters: $708.0M

Source: 451 M&A Knowledge Database (1) Includes only deals that were publicly announced, may not include acquisitions of intangible assets and smaller acquisitions Strictly Private & Confidential that were not announced 18 (2) Includes values for only publicly disclosed deal values PRIVATE PLACEMENT III ACTIVITY Q3 2017 Select IDM Private Placements

($ in Millions) Amount Date Company Description Investors Raised

09/28/17 letgo is a provider of a used goods marketplace designed to facilitate buying and Accel Partners, New Enterprise Associates, Insight $100.0 New York, NY selling of used goods. Venture Partners, FJ Labs, 14W, Eight Roads Ventures 09/25/17 RenRenChe is a provider of an online peer-to-peer platform intended to purchase and Didi Chuxing $200.0 Beijing, China sell used cars. 09/20/17 System1 is a developer of SaaS-based digital marketing and pre-targeting platform Court Square Capital Partners $270.0 Venice, CA designed for identifying and unlocking consumer intent. 09/20/17 mParticle is a provider of a customer data platform designed to integrate and Harmony Partners, Bain Capital Ventures, Social Capital $35.0 New York, NY orchestrate the entire growth stack. 09/19/17 Raise Marketplace is a provider of an online gift card marketplace designed for Accel Partners, Bessemer Venture Partners, New $60.0 Chicago, IL unused daily deals and unspent gift cards. Enterprise Associates 09/19/17 Smartly.io is a provider of a platform to automate Facebook and Instagram Highland Europe $20.0 Helsinki, Finland advertising. 09/14/17 Wish is a provider of a mobile e-Commerce platform intended to sell items directly Wellington Management $250.0 San Francisco, CA from the manufacturer. 09/14/17 Swrve is a developer of a mobile engagement platform for digital marketing. Summit Bridge Capital $25.0 San Francisco, CA

09/12/17 Lesara is an operator of an online fashion portal designed to offer popular fashion Undisclosed $40.0 Berlin, Germany and lifestyle products at competitive prices and with phenomenal discounts. 09/12/17 SendinBlue is a developer of an e-mailing platform. The Company helps businesses Partech Ventures $36.0 Paris, France to grow and build relationships through email and SMS. 09/12/17 Zilingo is a provider of an e-Commerce fashion marketplace. Burda Principal Investments, Sequoia Capital, $18.0 Singapore, Thailand Susquehanna International Group 09/11/17 ManoMano is an operator of an online marketplace for DIY and gardening products General Atlantic, Piton Capital, Partech Ventures $72.1 Paris, France intended to connect people to home improvement and merchants. 09/06/17 Fanatics is an operator of a multi-channel sports merchandise retailer. SoftBank $1,000.0 Jacksonville, FL

09/06/17 Turo is a provider of an online car-rental marketplace designed to rent a car from Daimler, SK Holdings, Canaan Partners, Founders $92.0 San Francisco, CA local car owners. Circle Capital, GV, Kleiner Perkins Caufield & Byers 09/06/17 Talkspace is an operator of an online therapy platform intended to offer therapy for Qumra Capital, NVP, SoftBank, Spark Capital $31.0 New York, NY all. 08/31/17 VideoAmp is a developer of an integrated TV operating system designed to optimize MediaOcean, RTL Group $21.4 Santa Monica, CA ad buys across TV and digital platforms.

Source: 451 M&A Knowledge Database (1) Includes only deals that were publicly announced, may not include acquisitions of intangible assets and smaller acquisitions that were not announced Strictly Private & Confidential (2) Includes values for only publicly disclosed deal values 20 Q3 2017 Select IDM Private Placements

($ in Millions) Amount Date Company Description Investors Raised

08/31/17 SuperAwesome is a developer of a digital marketing platform designed to meet data- Mayfair Equity Partners $21.0 London, U.K. privacy requirements of the global kids industry. 08/31/17 HowStuffWorks is a provider of entertainment and information based online podcast The Raine Group $15.0 Atlanta, GA content intended to engaged fan base across multiple platforms. 08/29/17 Appier is a provider of advertising technology services designed to make it easy for AMTD Group, SoftBa nk $33.0 Taipei, Taiwan businesses to use artificial intelligence. 08/29/17 Gigster is a provider of an on-demand smart software development service designed Redpoint $20.0 San Francisco, CA to outsource full-stack application development to building next-gen tech. 08/29/17 Amplero is a provider of a predictive customer lifetime value management platform Greycroft Partners, Ignition Partners, Wildcat Venture $17.5 Seattle, WA designed for marketers. Partners 08/22/17 Tulip Retail is a developer of a mobile application platform designed to enable next Kleiner Perkins Caufield & Byers, SoftTech VC $40.0 Tonronto, Canada generation retail workers with mobile-first, cloud-first enterprise software. 08/17/17 ThoughtSpot is a provider of relational search engine designed to analyze company Lightspeed Venture Partners, Capital One Growth $60.0 Palo Alto, CA data. Ventures 08/15/17 Poshmark is an operator of an online social commerce marketplace intended to help Undisclosed $50.0 Redwood City, CA users buy, sell and share their personal style. 08/15/17 HomeLight is a provider of an online marketplace designed to connect home sellers Menlo Ventures, Crosslink Capital $40.0 San Francisco, CA with real estate agents. 08/11/17 SoundCloud develops a music streaming services platform designed to help creators Temasek Holdings, The Raine Group $169.5 Berlin, Germany post and share music and other audio files. 08/09/17 Appboy is a developer of a life-cycle engagement platform designed to empower ICONIQ Capital, InVision, Sprinklr $50.0 New York, NY marketers to build better relationships with their customers. 08/08/17 Chef'd is a provider of an online food sales and delivery service intended to deliver Campbell Soup Company, Smithfield $35.2 El Segundo, CA personalized meal kits. 08/08/17 Signals Analytics developer of an Insights as a Service augmented intelligence Pitango Venture Capital, Qumra Capital, Sequoia $25.0 New York, NY platform. Capital 08/08/17 TYT Network is an operator of a multi platform network of an online video talk show. 3L Capital, Grecroft Partners, WndrCo, e.ventures $20.0 Los Angeles, CA

08/07/17 iflix is a provider of Internet television and online video streaming services. Hearst Communications, Adhan Enaya, Catcha Group, $133.0 Kuala Lumpur, Delta Partners, EDBI, Evolution Media Malaysia 08/02/17 Gimlet Media is an operator of a digital media network devoted to helping listeners Stripes Group, Betaworks, Cross Culture Ventures, $15.0 Brooklyn, NY better understand the world and each other through narrative podcasts. Emerson Collective

($ in Millions) Amount Date Company Description Investors Raised

08/01/17 Reddit is an operator of a social media platform designed to bridge communities and Alrai Capital, Andreessen Horowitz, Fidelity $200.0 San Francisco, CA individuals with ideas, latest digital trends and breaking news. Investments, Sequoia Capital, Vy Capital 07/30/17 Carwow is a provider of a car comparison platform intended to facilitate buying and Vitruvian Partners, Accel, Balderton Capital $39.0 London, England selling of new cars. 07/27/17 Traveloka is a operator of an online travel search engine designed to focus on Expedia $350.0 Jakarta, Indonesia domestic travel. 07/27/17 ExecOnline is a provider of school-certified online executive education programs NewSpring Capital, Kaplan, New Atlantic Ventures, $16.0 New York, NY designed to transform how companies deliver professional development. Osage Venture Partners, Thomas Lehrman 07/26/17 Within is a developer of a VR content and technology platform designed to explore Emerson Collective, Temasek Holdings, 21st Century $40.0 Los Angeles, CA and expand the potential of immersive storytelling. Fox, Andreessen Horowitz, Macro, Raine Ventures 07/26/17 Rebagg is an operator of an online marketplace designed to offer second-hand luxury General Catalyst, Novator, Big Sur Ventures, Crosslink $15.5 New York, NY handbags. Capital, FJ Labs, U-Start 07/26/17 6 River Systems is a provider of a next-generation mobile robot fulfillment platform Norwest Venture Partners, Eclipse $15.0 Waltham, MA designed to redefine fulfillment automation for e-Commerce and retail operations. 07/25/17 Toast is a developer of a restaurant management platform designed to simplify and Generation Investment Management, Lead Edge $101.0 Boston, MA streamline operations. Capital, Bessemer venture Partners, GV 07/25/17 SimilarWeb offers research tools that helps users understand insights about any Viola Growth, CE Ventures, Saban Ventures $47.0 Tel Aviv, Israel websites or mobile app. 07/25/17 Duolingo is a free language education platform that gamifies lessons and is available Drive Capital $25.0 Pittsburgh, PA in over 20 languages. 07/24/17 Leesa Sleep is a provider of sleep mattresses designed to help people sleep better. Better Ventures $23.0 Virginia Beach, VA

07/20/17 PebblePost is a provider of digital-to-direct mail platform designed to transform real- Silican Valley Bank, Horizon Technology Finance $27.0 New York, NY time online activity. 07/19/17 Shift is a provider of an online and mobile car marketplace designed to simplify the BMW i Ventures, DCM Ventures, Draper Fisher $38.0 San Francisco, CA process of buying and selling cars. Jurvetson, G2VP, Goldman Sachs investment 07/18/17 Artsy is a provider of an online platform for collection of contemporary art for art Avenir Growth Capital, L. Catterton, Shumway Capital, $50.0 New York, NY lovers. Thrive Capital 07/18/17 NewStore is a provider of an online order and workflow automation tool and platform. Acitvant Capital, General Catalyst $50.0 Boston, MA

07/18/17 SpotHero is a developer of an on-demand mobile parking application designed to Global Founders Capital, Insight Venture Partners, $30.0 Chicago, IL offer easy parking facilities. Autotech Ventures, Corazon Capital, e.ventures

($ in Millions) Amount Date Company Description Investors Raised

07/17/17 Brandless is a provider of everyday essentials products designed to offer a new New Enterprise Associates, Cowboy Ventures, GV, $50.0 San Francisco, CA concept in consumer commerce. Redpoint 07/14/17 Vroom is a provider of an online used-car marketplace designed to offer an online General Catalyst, L Catterton, T. Rowe Price $76.0 New York, NY direct car retailer. 07/13/17 Rover.com is an operator of a pet-sitter network developed to connect pet owners Spark Capital, Foundry Group, Menlo Ventures, $65.0 Seattle, WA with dog walkers and sitters. OMERS Ventures, StepStone Group, TCV 07/11/17 Voices.com is a provider of an online marketplace that connects businesses with Morgan Stanley Expansion Capital $18.0 London, Ontario professional voice talent. 07/11/17 Ephesoft is a developer of a data management software designed to unlock data from Mercato Partners $15.0 Laguna Hills, CA unstructured content.

Redfin (RDFN) Despegar (DESP) Secoo (SECO) . Date of IPO:7/27/17 . Date of IPO: 9/20/17 . Date of IPO: 9/21/17 . Exchange: NASDAQ . Exchange: NYSE . Exchange: NASDAQ . Offer Size: $138.0M . Offer Size: $332.0M . Offer Size: $140.5M . Revenue: $313.0M . Revenue: $466.0M . Revenue: $428.8M . EBITDA: ($15.0M) . EBITDA: $65.0M . EBITDA: $15.8M . YoY Growth: 66.9% . YoY Growth: 10.4% . YoY Growth: 29.1% . EV / Revenue (as of 09/30): 8.9x . EV / Revenue (as of 9/30): 4.4x . EV / Revenue (as of 9/30): 1.8x . Commentary: Redfin, an operator . Commentary: Despegar, an . Commentary: Secoo, an online of an online real estate brokerage operator of a B2C online travel lifestyle platform intended to platform, priced its IPO at $15.00 a agency, priced its IPO at $26.00 a provide luxury goods, priced its IPO share and ended its first day trading share and ended its first day trading at $13.00 a share and ended its first at $21.70 at $31.78 day trading at $10.00

$50 $20

$35 9/30 Price: $40 9/30 Price: $25.09 $28 $32.00 Offer Price: $30 $13.00 $21 $10 Offer Price: $20 $14 Offer Price: $26.00 9/30 Price: $15.00 $8.90 $7 $10

$0 $0 $0 7/1/2017 8/1/2017 9/1/2017 10/1/2017 7/1/2017 8/1/2017 9/1/2017 10/1/2017 7/1/2017 8/1/2017 9/1/2017 10/1/2017

Source: Capital IQ, Wall Street Research Strictly Private & Confidential 25 Q3 2017 IPOs

Roku (ROKU) Rovio (ROVIO) . Date of IPO: 9/27/17 . Date of IPO: 9/28/17 . Exchange: ROKU . Exchange: HLSE . Offer Size: $219.0M . Offer Size: $500.7M . Revenue: $436.0M . Revenue: $303.3M . EBITDA: ($28.0M) . EBITDA: $44.4M . YoY Growth: 36.3% . YoY Growth: 96.5% . EV / Revenue (as of 9/30): 6.2x . EV / Revenue (as of 9/30): 3.2x . Commentary: Roku, a provider of . Commentary: Rovio, a developer streaming technologies, priced its of animated mobile games, priced IPO at $14.00 a share and ended its IPO at $13.56 a share and its first day trading at $23.50 ended its first day trading at $13.46

$50 $30

$25 $40

9/30 Price: $20 $30 $26.54 Offer Price: $15 $13.56 $20 $10 Offer Price: 9/30 Price: $10 $14.00 $5 $11.50

$0 $0 7/1/2017 8/1/2017 9/1/2017 10/1/2017 7/1/2017 8/1/2017 9/1/2017 10/1/2017

Source: Capital IQ, Wall Street Research Strictly Private & Confidential 26