Internet & Digital Media Sector Report

INTERNET & DIGITAL MEDIA SECTOR REPORT Online Marketplaces’ Greatest Moment Q2 2020 EXECUTIVE SUMMARY Q2 2020 Internet & Digital Media Wrap-Up

» Internet & Digital Media continues to be a highly active category both in public and private markets — The sector witnessed successful IPOs of Warner Music Group ($1.9 billion raised on June 3rd), Vroom ($465 million raised on June 9th) and Agora ($350 million raised on June 26th) — In the private markets, a total of $14.3 billion in M&A volume and $14.2 billion in financing volume was announced or closed in Q2 2020 — M&A activity was up from the same period on 2019 with 13 transactions announced in the quarter — Financings in 2Q 2020 were down 8% from Q2 2019, while the aggregate dollar amount was down 6% » Q2 M&A activity saw several multi-billion dollar deals as well as numerous transactions close in the $100 – 250 million value range; private equity accounted for ~31% of the buyers — Zynga’s acquisition of Peak and General Atlantic, Warburg Pincus and Ocean Link’s acquisition of 58.com (NYSE:WUBA) represent approximately $10.5 billion of deal value in Q2 2020 — Other notable deals include: Amazon / Zoox (Automated Driving Technology), The Stagwell Group / MDC Partners (Advertising Technology) and Forge Capital / SharesPost (Mobile) » Several large financing rounds took place in Q2 with an aggregate of 721 financings across all stages — Larger financings include: Airbnb ($1 billion), Stripe ($850 million), DoorDash ($400 million) and Robinhood ($280 million) » From a trading perspective three sectors have lead the public trading pack: E-Commerce, Marketplaces and Social Media with year-over-year growth of 33.9%, 29.5% and 18.0%, respectively, and all trading at high 19x – low 20x EBITDA multiples

Select Q2 Active Buyers Select Q2 Active Investors

2 GCA OVERVIEW Leading Global Investment Bank Providing Strategic M&A and Capital Markets Advisory Services

STOCKHOLM

MANCHESTER LEEDS PARIS FRANKFURT BIRMINGHAM MUNICH KYOTO NAGOYA ZURICH TOKYO LONDON SHANGHAI NEW YORK LAUSANNE MILAN NEW DELHI OSAKA TEL AVIV SAN FRANCISCO FUKUOKA TAIPEI MUMBAI SINGAPORE HO CHI MINH CITY

Global platform: Sector expertise: Exceptional cross- 25 offices in key Experienced team: Expansive coverage border capabilities: markets across Over 500 employees and deep Half 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

REPRESENTATIVE FOCUS AREAS GCA SECTOR TEAM

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

INTERNET CONTENT SOCIAL MEDIA KEVIN WALSH THOMAS EGLI Managing Director Managing Director SEARCH & ONLINE GAMING San Francisco Zurich ADVERTISING [email protected] [email protected] +1 (415) 318-3629 +41 43 499 4341 MEDIA / PUBLISHING ENTERTAINMENT

SELECTED RECENT TRANSACTIONS

Notes: The above transactions represent a compilation of past and current deals that GCA entities, including GCA Advisors, LLC, GCA Advisors Corporation and GCA Altium, have advised on. 4 GCA OVERVIEW Selected Recent Internet & Digital Media Transactions

5 GCA OVERVIEW Experience in Consumer, E-Commerce and Marketplaces

Consumer E-Commerce Marketplaces

Online auction Children Audio systems Online optical Kitchen & Online bike Event Stock photo marketplace Insurance diapers retailer for children retail chain home hub retail Streaming marketplace technology marketplace

Online mobile Online Luxury watch Multi-channel Online HQ & fashion Insurance Online job Online B2B perfumery manufacturer streetwear pictures Online grocery retailer marketplace classifieds classifieds

Online Online travel Online fashion Sensual Online fashion Online bike Online sport education Online career Online agency retail wellness toys retail retail fashion retail portal portal classifieds

Online real Experience Online Sports Online pet Online board Digital sports estate Online golf Online gifts specialty sports equipment retailer sports retail content & retail classifieds retail marketplace

6 GCA OVERVIEW Case Study: SISTER’s Investment in The SpringHill Company Transaction Overview The SpringHill Company Overview

» On April 3, SISTER announced its $100 million Headquarters: Los Angeles, CA investment in The SpringHill Company Founded: 2015 » SISTER invested alongside the financial services companies Guggenheim Investments and UC Description: Provider of media content intended to create compelling stories Investments, as well as Jason Stein’s SC for television, features and digital. The company offers different Holdings feature films, webseries, television series and short films, enabling users to get an altogether different experience while » The company’s new board will include SISTER’s enjoying their favorite shows. The SpringHill Company was co- founder Elisabeth Murdoch, Serena Williams, founded by NBA star LeBron James and his business consortium Apollo Global Management’s co-founder Marc in 2015. Rowan, investment banker Paul Wachter, Live Nation CEO Michael Rapino and Boston Red Sox chairman Tom Werner Production Partners

Content Offering Overview

Television

What’s My Million Dollar The Wall Warriors of Student Athlete Shut Up & Name Mile Teams compete in Liberty City Explores the Dribble The story of Everyday athletes trivia for cash Series covering a business of college History of the NBA Selected Transaction Commentary Muhammad Ali compete in the prizes Miami youth sports and its impact on mile for $1 million football program pop culture I’ve always wanted to use the Together with our new partners “platform of basketball to empower “and incredible team, we are Feature Films those around me. Now I’m building a consumer and

incredibly excited about the entertainment business that’s

opportunity to build a company committed to diversity, that’s

“ that empowers“ creators, unafraid to stand up for what we consumers and everything it believe in and that’s resonating touches. with our community. More Than A Game I Am Giant Covers LeBron James’ high school basketball team in Akron Chronicles Victor Cruz’s improbable rise to football stardom, Ohio, detailing the story of five friends chasing victory and the life-shattering injury that derailed his career and his LeBron James, Maverick Carter, James’ path to superstardom dramatic attempt at a comeback Co-Founder, SpringHill Co-Founder, SpringHill

Notes: Sources: Pitchbook, LinkedIn, Press Releases, Company Website. 7 GCA OVERVIEW Case Study: Great Hill’s Acquisition of Storyblocks Transaction Overview Storyblocks Company Overview

» On June 25, Great Hill Partners announced its Headquarters: Arlington, VA acquisition of Storyblocks, the first and largest Founded: 2009 subscription-based stock media company Description: Operator of an online marketplace intended to provide high- » GCA served as exclusive financial advisor to quality stock media at a fraction of the cost. The company’s Great Hill Partners platform provides creators with royalty-free HD videos, » The partnership will allow Storyblocks to templates, images, music and sound effects through a flat-rate accelerate its mission of modernizing the model. Users can subscribe individually to the company’s video, creative process to better support affordable, audio or image libraries or subscribe to a bundle of the three. efficient video creation and to extend its current capabilities and product offerings Premium Enterprise Customers

Platform Overview

Video » Royalty-free library of millions of HD and 4K videos, all hand selected from industry-leading videographers

Audio » Constantly expanding library of music, sound effects and loops, Selected Transaction Commentary which creators can download and use royalty-free We have seen dramatic changes Flexible, affordable, high-quality “to workflows for customers ranging “content has become a prerequisite Images from freelancers to major for individuals and creative teams » Library containing millions of stock vectors, illustrations and production studios... We are looking to leverage social media

photos excited to partner with the Great and video platforms. Storyblocks is

Hill team because we share the uniquely positioned as a dynamic

“ belief that“ creatives are hungry for category leader to serve creatives Enterprise a new model to meet these new as the industry continues to » Enterprise Unlimited plans enable creative groups to license as needs. evolve. much media as they require for a flat cost with access to account TJ Leonard, Michael Kumin, representatives and service teams CEO, Storyblocks Partner, Great Hill

Notes: Sources: Pitchbook, LinkedIn, Press Releases, Company Website. 8 SECTION I GCA INTERNET & DIGITAL MEDIA: E-COMMERCE’S COVID BOOST

9 The coronavirus will provide a long-term boost for online retailers …”

GCA anticipates a strong increase in E-Commerce M&A activity when the crisis eases, as investors / buyers are realizing the attractiveness of the sector and want to invest / buy. The overall M&A market will lack attractive assets, as most companies will have suffered from the crisis and will need months to recover GCA INTERNET & DIGITAL MEDIA: E-COMMERCE’S COVID BOOST How E-Commerce Is Benefitting from the Current Situation Positive Development Across Most Product Verticals We See Impact on Three Levels

Revenues / » Strong growth since end of February 2020 Strong growth in orders … KPIs » KPIs strongly improving (CAC, re-purchase, AOV, etc.) » Growth for most product categories ✓✓✓ (except for luxury and few others) … driven by first-time customers and increased re-purchase rate of existing customers … Market » Offline players: We have been approached by some perception traditional retailers who have decided they need to strengthen E-Commerce inorganically ✓✓✓ … expected to result in lasting change in consumer behavior … » Consumers: Broadening customer base is here to stay due to convenience and speed. However, risk that current delivery lags in logistics might damage ✓✓ … and outperformance of 2020 budget reputation

» Brands / producers: Looking to partner with E- Commerce players as stores are closed. Better relationships will lead to better access going forward, also to key brands ✓✓✓

» PE investors: Growing interest, but targets need to be profitable ✓

Regulatory » Regulators are pushing / supporting E-Commerce as vital to provide supply for inhabitants ✓✓✓ » We expect the positive environment for E-Commerce to continue post COVID-19 ✓✓

GCA expects E-Commerce market perception from all stakeholders to strongly improve

Notes: Sources: Pitchbook, LinkedIn, Press Releases, Company Website. 11 GCA INTERNET & DIGITAL MEDIA: E-COMMERCE’S COVID BOOST E-Commerce Is Outperforming Stock Market Indices 1H S&P 500 Performance vs. Selected E-Commerce and Marketplace Players 80%

60% 60%

40% 28% 20%

0% (4%)

-20%

-40%

E-Commerce Marketplaces S&P 500

E-Commerce Marketplaces

60% 28% 1H Share Price Performance Notes: Sources: Capital IQ. 12 GCA INTERNET & DIGITAL MEDIA: E-COMMERCE’S COVID BOOST YTD Development of Valuation Levels EV / Revenue and EV / EBITDA – Multiples Have Fully Recovered EV / ’20 Revenue 2.5x 7.0x 6.5x 6.0x 2.0x 1.9x 5.0x

1.5x 4.0x

1.0x 3.0x Jan 2 Jun 30 Delta 2.0x 0.5x Marketplaces 5.4x 6.5x 19.5% 1.0x E-Commerce 1.3x 1.9x 44.6%

0.0x 0.0x Marketplaces 1/2/2020 2/1/2020 3/2/2020 4/1/2020 5/1/2020 5/31/2020 6/30/2020

Commerce EV / ’20 EBITDA - E 25.0x 25.0x

22.3x

20.0x 20.3x20.0x

15.0x Jan 2 Jun 30 Delta 15.0x Marketplaces 19.4x 20.3x 5.0%

E-Commerce 18.3x 22.3x 21.6% 10.0x 10.0x 1/2/2020 2/1/2020 3/2/2020 4/1/2020 5/1/2020 5/31/2020 6/30/2020

Notes: Sources: Capital IQ. 13 GCA INTERNET & DIGITAL MEDIA: E-COMMERCE’S COVID BOOST Valuation Overview – E-Commerce and Marketplaces

1 2

E-Commerce Marketplaces

EV / ’20 Revenue 1.9x EV / ’20 Revenue 6.5x

Revenue CAGR '19-'21 15.5% Revenue CAGR '19-'21 25.2%

EV / ’20 EBITDA 22.3x EV / ’20 EBITDA 20.3x

EBITDA margin 5.5% EBITDA margin 20.6%

Multiples have remained broadly constant despite COVID-19 and will benefit mid-term

14 GCA INTERNET & DIGITAL MEDIA: E-COMMERCE’S COVID BOOST Media and Analysts Expect a Boost of E-Commerce Businesses

15 GCA INTERNET & DIGITAL MEDIA: E-COMMERCE’S COVID BOOST What Buyers Are Looking For Our Experience from Recent Deals Key Criteria for E-Commerce Buyers

Growth Profitability P Sustainable PDouble-digit (cash) double-digit growth EBITDA margins

Customers Sourcing PAttractive cohorts (low P Gross margin churn, high purchase development / share of frequency, low CAC) private label What Excites PEs What Excites Strategics

✓ Credibility with customers ✓ Access to loyal ✓ Superior customer customer base Credibility economics ✓ Additional distribution ✓ High top-line growth AND channel PCredibility within its strong profitability ✓ Market leading position customer group key for ✓ USP against Amazon and ✓ Strong digital capabilities investors Zalando ✓ Truly international ✓ Strong management team footprint

16 GCA INTERNET & DIGITAL MEDIA: E-COMMERCE’S COVID BOOST Key Metrics for E-Commerce Models KPIs to Be Prepared and Presented to Potential Buyers / Investors

Market Trend Traffic Shop / Front-End Conversion Customers After Sales

Focus of analysis: Focus of analysis: Focus of analysis: Focus of analysis: Focus of analysis: Focus of analysis: » What are you » What are the sources » Benchmarking of » How are conversion » How high is the » Handling time, picking expecting in terms of of your traffic (paid, TV load times for rates developing repurchase rate of & shipping costs, overall market and related marketing specific searches across traffic sources? existing customers? expandability? growth? vs. unpaid)? vs. key competitors » How is cancellation » How high is the » What is share of orders » How is your market » What are the CPCs for » What is the exclusive rate developing? churn rate? delivered the segment benefiting the paid channels? (if any) and total # » How high is the » New customers next day? from the ongoing » How does the high of products? drop out rate? acquired on average » Share of drop online growth? brand credibility » Technology of » Do you have per month? shipping? » What is your drive direct traffic? front- / back-end retargeting measures » Main traffic source for » How is number of market share? » What is your net and how scalable and in place for customers new customers? SKUs developing? state-of-the-art is it? » Who are your key promoter score (NPS)? having dropped out » How high is the AOV / » Level of working capital competitors? » How is traffic » How good is the before completing CAC (split by new vs. requirements in order » How do you developing and what is filtering function? their order? existing customers)? to ensure high differentiate from the split of the » How mobile-ready » Do you track (in-house) » Are long-term availability? competitors? sources there? is the website? customer service KPIs customers spending » How high is the share » Mobile share in traffic? (response-time etc.)? more? of units in stock? » How high is the CPO? » Are there differences » How high is the share on a country by of returned goods? country basis? » What customer » How high are customer support KPIs are you satisfaction scores? tracking?

17 SECTION II Q2 ‘20 MARKET UPDATE

18 DEAL DASHBOARD

721 $14.2 Billion $14.3 Billion 13 Q2 2020 Financing Transactions (1)(2)(3) Q2 2020 Financing Volume (1)(2)(3) Q2 2020 M&A Volume (3)(4) Q2 2020 M&A Transactions (3)(4)

Select Q2 '20 Financing Transactions Quarterly Financing Volume ($Bn) (1)(2) Quarterly M&A Volume ($Bn) (4) Select Q2 '20 M&A Transactions

Company Amount ($MM) $20 $40 $35 Acquirer Target EV ($MM) $15 $30 $15 $13 $14 $28 $15 $12 $13 $13 $13 $12 $30 $24 $1,000 $20 $8,700 $17 $10 $20 $14 $15 $14 $850 $5 $10 $1,800 $0 $0 $400 $1,300

$280 $900

$250 850 Perfect Peony $405 783 787 40 32 710 721 30 25 $241 750 690 688 706 20 $260 671 656 16 16 15 17 20 11 13 650 $170 10 $259 550 0 $100 $112

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

50.0% 42.6% 41.1% 33.9% 30.0% 29.5% 18.0% 10.0% 7.8% (6.5%) (10.0%) (12.1%) (14.5%) (30.0%)

(50.0%) 6/30/2019 7/31/2019 8/31/2019 9/30/2019 10/31/2019 11/30/2019 12/31/2019 1/31/2020 2/29/2020 3/31/2020 4/30/2020 5/31/2020 6/30/2020

Search / Online Media / Diversified Marketplaces Social Media Internet Content E-Commerce Gaming Publishers 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. 19 Q2 2020 M&A DEAL DASHBOARD

ENTERPRISE VALUE / 2020E REVENUE ENTERPRISE VALUE / 2020E EBITDA 7.3x 6.7x 25.2x 5.9x 24.2x 19.5x 4.4x 4.4x 17.3x 4.1x 16.1x 15.6x 15.1x 13.4x 12.6x 2.8x 2.5x 2.3x

Social Media Search / Online Adv. Marketplace / New Gaming Diversified Internet Content Internet Commerce Publishers Media / Marketplace / New Internet Commerce Social Media Gaming Search / Online Adv. Internet Content Publishers Media / Diversified Social Search / MarketEconomy - Gaming DiversifiedMarketing Internet E-Commerce Publishers EntertainmentMedia / MarketEconomy - E-Commerce Social Gaming Search / Internet Publishers EntertainmentMedia / DiversifiedMarketing Media Online Adv. places Marketing Content Entertainment places Media Online Adv. Content Entertainment Marketing

INTERNET & DIGITAL MEDIA ECOSYSTEM

Social Search / Online Internet Media / Diversified Marketplaces E-Commerce Gaming Publishers Media Advertisement Content Entertainment Marketing

5.9x / 25.2x 7.3x / 19.5x 6.7x / 16.1x 4.1x / 15.6x 2.8x / 24.2x 4.4x / 17.3x 2.3 / 13.4x 2.5x / 15.1x 4.4x / 12.6x 2020E Revenue / 2020E EBITDA Multiple

Notes: Source: Capital IQ. Multiples <0x and >50x considered NM. Multiples represent mean value of sector group. 20 Q2 2020 M&A DEAL DASHBOARD

QUARTERLY M&A ACTIVITY (1)(2) SELECT Q2 2020 M&A TRANSACTIONS

($BN) Number of Deals M&A Volume ($MM) $34.5 Ann. Date Acquirer Target Enterprise Value

$29.8 6/26 $1,300 $27.5 6/25 $259 $24.3 6/22 $112 31 $20.4 $20.3 6/19 $128

25 6/14 Perfect Peony $405 20 $15.6 $15.3 $14.3 6/4 $100 17 17 16 15 6/1 $1,800 13 5/12 $160 11 5/4 $900

4/3 $260

4/2 $8,700 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

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. 21 Q2 2020 FINANCING DEAL DASHBOARD

QUARTERLY FINANCING ACTIVITY (1)(2)(3) SELECT Q2 2020 FINANCING TRANSACTIONS

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

Ann. Date Investor Target Amount Raised $14.8 $15.1 $14.2 6/29 $48 $13.4 $12.9 $12.7 6/18 $400 $12.3 $12.6 $11.7 6/16 $50

787 6/3 $241 783

721 5/28 $127

710 706 5/21 $100 690 688 5/7 $170 671

656 5/4 $280

4/21 $250

4/16 $850

4/6 $1,000 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20

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. 22 APPENDIX

23 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 6/30/20 Low High Value Equiv. Debt Value CY 19A CY 20E CY 21E CY 19A CY 20E CY 21E 19A/18A 20E/19A 21E/20E CY 19A CY 20E CY 21E Marketplaces Shopify Inc. $949.20 $282.08 $958.76 $113,303 $2,361 ($2,219) $111,083 NM NM 37.8x NM NM NM 47.0% 37.5% 35.4% 4.2% 3.1% 4.1% Uber Technologies, Inc. $31.08 $13.71 $45.63 $53,892 $8,996 $503 $54,395 3.8x 4.1x 3.0x NM NM NM 25.5% (7.0%) 39.4% (20.0%) (18.0%) (0.4%) MercadoLibre, Inc. $985.77 $422.22 $998.11 $49,003 $2,276 ($1,151) $47,851 20.8x 15.8x 11.3x NM NM NM 59.5% 31.9% 39.3% (3.1%) (1.2%) 2.3% eBay Inc. $52.45 $26.02 $52.75 $36,855 $4,430 $4,765 $41,620 3.9x 4.0x 3.8x NM 10.7x 10.3x 2382.2% (4.1%) 4.9% (1.7%) 37.4% 37.3% Delivery Hero SE $102.36 $43.27 $108.28 $20,375 $785 ($651) $19,724 14.2x 7.8x 4.9x NM NM NM 219.2% 83.1% 58.0% (13.6%) (24.5%) (4.9%) Copart, Inc. $83.27 $55.69 $104.88 $19,550 $306 $210 $19,760 8.9x 9.4x 8.4x 21.8x 24.2x 20.2x 18.8% (5.9%) 12.7% 40.8% 39.1% 41.4% Just Eat Takeaway.com N.V. $104.39 $66.17 $115.12 $15,524 $56 $247 $15,772 33.8x 7.2x 5.7x NM NM 38.4x 75.5% 369.5% 26.4% 7.6% 11.5% 14.8% Etsy, Inc. $106.23 $29.95 $107.32 $12,607 $804 $50 $12,657 15.5x 10.8x 9.1x NM 46.9x 38.4x 35.6% 43.4% 18.0% 22.5% 23.0% 23.8% Lyft, Inc. $33.01 $14.56 $68.33 $10,128 $2,670 ($2,137) $7,991 2.2x 2.8x 1.8x NM NM NM 67.7% (22.0%) 55.0% (19.8%) (25.6%) (5.5%) Grubhub Inc. $70.30 $29.35 $80.25 $6,484 $597 $196 $6,680 5.1x 4.3x 3.8x 37.1x NM 45.8x 30.3% 18.1% 14.4% 13.7% 4.3% 8.2% Farfetch Limited $17.27 $5.99 $22.11 $5,865 $422 ($129) $5,736 5.6x 4.2x 3.1x NM NM NM 69.5% 34.7% 33.2% (12.5%) (7.7%) 0.0% LendingTree, Inc. $289.53 $135.72 $434.94 $3,782 $51 $378 $4,160 3.8x 4.7x 3.9x 20.6x 32.6x 22.9x 44.7% (20.3%) 21.3% 18.3% 14.5% 16.9% CarGurus, Inc. $25.35 $14.25 $40.91 $2,856 $156 ($78) $2,778 4.7x 5.4x 4.3x 38.1x 39.8x 26.6x 29.7% (12.8%) 26.0% 12.4% 13.6% 16.1% TripAdvisor, Inc. $19.01 $13.73 $47.60 $2,551 $798 ($73) $2,478 1.6x 3.8x 2.3x 5.7x NM 9.9x (3.4%) (57.7%) 65.8% 27.9% (10.3%) 22.8% Moneysupermarket.com Group PLC $4.01 $2.60 $5.19 $2,150 $32 $14 $2,164 4.2x 4.7x 4.3x 11.7x 13.8x 12.1x 13.5% (10.7%) 8.9% 36.0% 34.1% 35.7% The RealReal, Inc. $12.79 $5.00 $26.81 $1,111 $303 ($169) $943 3.0x 3.2x 2.2x NM NM NM 48.8% (7.9%) 43.7% (23.1%) (31.3%) (11.2%) Cars.com Inc. $5.76 $3.25 $22.25 $387 $187 $657 $1,044 1.7x 2.0x 1.8x 6.1x 8.7x 6.4x (8.4%) (14.5%) 13.3% 28.1% 23.2% 27.7% Mean 8.3x 5.9x 6.6x 20.1x 25.2x 23.1x 185.6% 26.8% 30.3% 6.9% 5.0% 13.5% Median 4.5x 4.5x 3.9x 20.6x 24.2x 21.6x 44.7% (5.9%) 26.4% 7.6% 4.3% 14.8%

Social Media & New Platform Facebook, Inc. $227.07 $137.10 $245.19 $647,453 $60,289 ($49,475) $597,978 8.5x 7.8x 6.2x 15.1x 16.0x 12.4x 26.6% 9.1% 25.1% 56.0% 48.5% 50.1% Snap Inc. $23.49 $7.89 $24.90 $33,953 $2,830 ($883) $33,070 19.3x 15.7x 11.4x NM NM NM 45.3% 22.9% 37.8% (12.9%) (9.3%) 8.2% Twitter, Inc. $29.79 $20.00 $45.86 $23,329 $7,766 ($3,633) $19,696 5.7x 6.0x 4.9x 16.0x 24.4x 17.0x 13.7% (4.9%) 21.9% 35.5% 24.5% 28.9% LINE Corporation $50.28 $27.46 $50.46 $12,065 $1,739 $418 $12,483 6.0x 5.2x 4.5x NM NM 37.4x 10.8% 14.3% 15.9% (6.5%) 3.5% 12.0% Yelp Inc. $23.13 $12.89 $39.37 $1,663 $487 ($250) $1,413 1.4x 1.7x 1.5x 6.5x 18.1x 8.3x 7.6% (19.2%) 13.3% 21.5% 9.5% 18.3% Mean 8.2x 7.3x 5.7x 12.5x 19.5x 18.8x 20.8% 4.4% 22.8% 18.7% 15.3% 23.5% Median 6.0x 6.0x 4.9x 15.1x 18.1x 14.7x 13.7% 9.1% 21.9% 21.5% 9.5% 18.3%

Search / Online Advertising Microsoft Corporation $203.51 $130.78 $204.40 $1,543,306 $136,527 ($54,897) $1,488,409 11.1x 10.0x 9.0x 25.0x 22.1x 19.6x 13.3% 10.3% 11.8% 44.3% 45.4% 45.8% Alphabet Inc. $1,418.05 $1,008.87 $1,530.74 $967,990 $117,229 ($100,425) $867,565 5.4x 5.1x 4.3x 14.7x 15.2x 12.2x 18.3% 4.6% 20.2% 36.5% 33.8% 35.1% The Trade Desk, Inc. $406.50 $136.00 $421.06 $18,723 $446 ($76) $18,647 28.2x 27.1x 19.8x NM NM NM 38.5% 4.1% 36.8% 31.7% 25.5% 29.1% Yandex N.V. $50.02 $27.93 $50.75 $17,556 $2,528 ($1,239) $16,317 5.8x 5.9x 4.3x 19.1x 24.7x 15.8x 53.7% (1.5%) 35.5% 30.2% 23.7% 27.4% Magnite, Inc. $6.67 $4.09 $13.11 $716 $71 ($51) $666 4.3x 3.6x 2.8x 26.7x NM 16.5x 25.4% 18.7% 29.7% 16.0% (1.1%) 16.8% Criteo S.A. $11.39 $5.89 $20.77 $703 $437 ($272) $431 0.2x 0.6x 0.6x 1.5x 2.7x 2.3x (1.7%) (67.6%) 2.4% 12.8% 21.8% 24.8% QuinStreet, Inc. $10.46 $5.76 $17.13 $543 $97 ($83) $460 1.0x 1.0x 0.9x 13.6x 15.6x 9.5x 8.2% (5.2%) 9.4% 7.0% 6.4% 9.7% Marchex, Inc. $1.58 $1.10 $4.98 $69 $40 ($33) $35 0.3x 0.4x 0.4x 8.2x NM 14.1x 24.5% (18.0%) 7.0% 4.0% (9.6%) 2.7% Mean 7.0x 6.7x 5.3x 15.5x 16.1x 12.9x 26.0% 9.4% 19.1% 22.8% 26.1% 23.9% Median 4.8x 4.4x 3.5x 14.7x 15.6x 14.1x 21.4% 1.3% 16.0% 23.1% 22.8% 26.1%

Notes: Sources: Capital IQ, Wall Street Estimates. Multiples <0x and >50x considered NM. 24 APPENDIX – PUBLIC COMPANY VALUATIONS

E-Commerce Amazon.com, Inc. $2,758.82 $1,626.03 $2,796.00 $1,376,033 $49,292 $28,859 $1,404,892 5.0x 4.1x 3.4x 33.7x 31.4x 22.5x 20.5% 23.7% 17.6% 14.9% 12.9% 15.3% Alibaba Group Holding Limited $215.70 $151.85 $231.14 $578,885 $51,287 ($30,490) $548,396 7.8x 6.3x 5.0x 24.6x 21.1x 15.3x 39.9% 24.6% 24.4% 31.8% 29.7% 32.9% Netflix, Inc. $455.04 $252.28 $474.01 $200,128 $7,153 $10,555 $210,683 10.5x 8.5x 7.2x NM 45.9x 34.9x 27.6% 22.8% 18.1% 15.7% 18.5% 20.7% JD.com, Inc. $60.18 $25.77 $62.42 $92,725 $10,293 ($5,426) $87,299 1.1x 0.9x 0.7x 43.2x 30.5x 20.7x 23.3% 22.0% 19.1% 2.4% 2.8% 3.5% Booking Holdings Inc. $1,592.34 $1,107.29 $2,094.00 $65,176 $7,189 $2,025 $67,201 4.5x 9.8x 5.8x 11.5x NM 17.6x 3.7% (54.5%) 69.9% 38.8% 15.3% 32.9% Spotify Technology S.A. $258.19 $109.18 $271.71 $48,012 $1,649 ($949) $47,062 6.2x 5.3x 4.3x NM NM NM 26.1% 18.1% 21.1% 0.8% (0.8%) 0.9% Wayfair Inc. $197.61 $21.70 $221.54 $18,701 $891 $1,620 $20,321 2.2x 1.6x 1.4x NM NM NM 34.6% 37.6% 14.6% (5.4%) 0.2% 0.7% Chewy, Inc. $44.69 $20.62 $52.77 $17,946 $193 $52 $17,998 5.1x 2.7x 2.2x NM NM NM (0.0%) 87.8% 21.5% (2.7%) 0.1% 1.6% Zalando SE $70.65 $30.76 $74.30 $17,658 $1,238 ($634) $17,025 2.3x 2.0x 1.7x 37.1x 34.8x 26.0x 17.9% 16.2% 17.8% 6.3% 5.8% 6.6% Expedia Group, Inc. $82.20 $40.76 $144.00 $11,589 $4,099 $3,278 $14,867 1.2x 2.5x 1.6x 7.0x NM 9.8x 7.5% (50.6%) 53.1% 17.6% 0.1% 16.6% ASOS Plc $42.38 $12.07 $46.72 $4,217 $11 $621 $4,838 1.4x 1.4x 1.1x 32.7x 38.3x 17.7x 13.1% 5.0% 20.2% 4.3% 3.5% 6.4% Qurate Retail, Inc. $9.50 $3.01 $14.63 $3,959 $555 $6,490 $10,449 0.8x 0.8x 0.8x 5.2x 5.7x 5.6x (4.3%) (2.0%) 1.7% 14.8% 13.9% 13.9% Stamps.com Inc. $183.69 $44.03 $221.73 $3,138 $216 ($134) $3,005 5.3x 5.0x 4.6x 20.7x 19.6x 17.7x (2.6%) 5.4% 7.3% 25.4% 25.4% 26.2% Stitch Fix, Inc. $24.94 $10.90 $31.65 $2,559 $242 ($76) $2,483 1.4x 1.4x 1.1x NM NM NM 26.7% 2.9% 21.1% 1.4% (3.0%) (0.1%) Cimpress plc $76.34 $40.80 $145.09 $1,976 $228 $1,642 $3,618 1.3x 1.7x 1.4x 8.2x 11.6x 9.5x 4.1% (21.8%) 16.9% 15.8% 14.3% 15.0% 1-800-FLOWERS.COM, Inc. $20.02 $11.15 $26.81 $1,287 $232 ($65) $1,222 0.9x 0.8x 0.9x 13.8x 9.8x 12.0x 7.6% 18.6% (8.1%) 6.8% 8.1% 7.2% Shutterstock, Inc. $34.97 $28.76 $45.98 $1,246 $296 ($250) $996 1.5x 1.6x 1.5x 9.8x 11.1x 10.0x 4.4% (3.6%) 5.9% 15.5% 14.3% 15.0% Overstock.com, Inc. $28.43 $2.53 $29.75 $1,148 $145 ($72) $1,076 0.7x 0.6x 0.6x NM NM NM (20.3%) 21.6% 6.7% (5.6%) (2.1%) (1.1%) Revolve Group, Inc. $14.86 $7.17 $41.22 $1,031 $104 ($74) $957 1.6x 1.7x 1.4x 17.6x 37.0x 16.3x 20.5% (7.1%) 23.4% 9.0% 4.6% 8.5% trivago N.V. $1.97 $1.30 $5.38 $695 $231 ($122) $573 0.6x 1.5x 0.9x 7.6x NM 22.7x (10.2%) (59.3%) 60.3% 8.0% (12.0%) 4.1% Quotient Technology Inc. $7.32 $4.55 $11.99 $658 $197 ($19) $639 1.5x 1.4x 1.2x 14.6x 14.5x 9.4x 12.7% 1.9% 16.2% 10.0% 9.9% 13.1% Blue Apron Holdings, Inc. $11.09 $2.01 $28.84 $148 $30 $60 $209 0.5x 0.5x 0.4x NM 27.8x 9.6x (31.9%) (0.9%) 5.5% (1.7%) 1.7% 4.6% Travelzoo $5.64 $3.04 $15.73 $64 $12 $15 $79 0.7x 1.6x 1.0x 5.8x NM 11.7x 0.1% (56.0%) 65.3% 12.2% (12.2%) 8.4% Mean 2.8x 2.8x 2.2x 18.3x 24.2x 16.1x 9.6% 2.3% 22.6% 10.3% 6.6% 11.0% Median 1.5x 1.6x 1.4x 14.2x 24.4x 15.8x 7.6% 5.0% 18.1% 9.0% 4.6% 8.4%

Notes: Sources: Capital IQ, Wall Street Estimates. Multiples <0x and >50x considered NM. 25 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 6/30/20 Low High Value Equiv. Debt Value CY 19A CY 20E CY 21E CY 19A CY 20E CY 21E 19A/18A 20E/19A 21E/20E CY 19A CY 20E CY 21E Gaming Tencent Holdings Limited $64.33 $40.28 $65.16 $609,684 $28,214 $5,387 $615,071 11.6x 9.1x 7.5x 30.4x 25.3x 21.0x 18.6% 27.0% 21.5% 38.1% 36.1% 35.7% NetEase, Inc. $429.38 $209.01 $441.87 $59,342 $10,664 ($7,819) $51,523 6.1x 5.2x 4.6x 20.1x 19.1x 16.5x 14.3% 16.4% 13.2% 30.1% 27.3% 27.9% Activision Blizzard, Inc. $75.90 $44.81 $77.63 $58,480 $5,980 ($3,305) $55,175 8.5x 7.7x 7.3x 25.1x 18.8x 17.2x (13.5%) 10.3% 6.1% 33.9% 40.9% 42.3% Electronic Arts Inc. $132.05 $85.69 $133.60 $38,125 $5,735 ($4,515) $33,610 6.2x 6.1x 5.7x 17.8x 17.5x 16.3x 1.8% 3.0% 5.4% 35.1% 34.6% 35.2% NAVER Corporation $222.60 $93.38 $240.94 $32,358 $3,971 ($2,021) $30,337 5.3x 4.9x 4.2x 33.6x 25.0x 19.0x 13.8% 9.2% 16.3% 15.8% 19.5% 22.0% Ncsoft Corporation $742.84 $380.17 $797.87 $15,308 $1,667 ($1,375) $13,933 9.5x 6.0x 5.0x 28.6x 15.0x 11.5x (4.4%) 57.3% 19.8% 33.1% 40.1% 43.7% Ubisoft Entertainment SA $82.60 $44.89 $90.34 $10,080 $1,186 $378 $10,458 5.7x 4.4x 3.5x 12.9x 8.9x 7.2x (16.9%) 30.0% 23.6% 44.0% 49.2% 48.9% Zynga Inc. $9.54 $5.51 $9.92 $9,125 $1,261 ($542) $8,582 6.5x 4.9x 4.3x 28.1x 21.7x 18.3x 45.7% 33.8% 11.9% 23.1% 22.3% 23.7% Glu Mobile Inc. $9.27 $3.98 $10.72 $1,544 $115 ($75) $1,470 3.6x 2.8x 2.6x 36.6x 26.1x 18.8x 12.2% 28.2% 7.4% 9.8% 10.7% 13.8% DeNA Co., Ltd. $12.47 $9.68 $21.57 $1,540 $683 ($564) $975 0.9x 0.9x 0.7x NM 24.1x 4.7x (4.8%) (4.8%) 24.0% (15.8%) 3.8% 15.7% GungHo Online Entertainment, Inc. $17.83 $12.61 $29.03 $1,210 $743 ($740) $470 0.5x 0.7x 0.7x 1.6x 2.5x 3.1x 11.1% (25.7%) (7.9%) 32.0% 26.8% 23.8% GREE, Inc. $4.29 $3.16 $5.17 $979 $800 ($800) $179 0.3x 0.3x 0.3x 3.9x 4.2x 3.5x (6.6%) (7.5%) (7.3%) 7.5% 7.4% 9.7% Mean 5.4x 4.4x 3.9x 21.7x 17.3x 13.1x 6.0% 14.8% 11.2% 23.9% 26.6% 28.5% Median 5.9x 4.9x 4.3x 25.1x 18.9x 16.4x 6.5% 13.4% 12.5% 31.0% 27.1% 25.9%

Media Conglomerates / Selected Entertainment The Walt Disney Company $111.51 $79.07 $153.41 $201,417 $14,339 $45,216 $246,633 3.3x 3.8x 3.1x 13.3x 29.4x 14.3x 26.5% (13.2%) 22.9% 24.6% 12.8% 21.5% Comcast Corporation $38.98 $31.71 $47.74 $177,911 $8,516 $100,227 $278,138 2.6x 2.7x 2.5x 8.1x 9.4x 8.3x 15.3% (6.1%) 8.4% 31.5% 28.9% 30.1% Sony Corporation $68.50 $49.14 $75.26 $83,575 $8,944 $8,495 $92,070 1.4x 1.3x 1.1x 8.0x 12.2x 7.8x (3.2%) 12.8% 10.7% 17.8% 10.4% 14.6% Vivendi SA $25.70 $18.68 $29.73 $29,757 $2,667 $6,755 $36,511 2.0x 2.0x 1.9x 15.5x 14.9x 12.8x 10.9% 0.8% 7.0% 13.2% 13.6% 14.9% ViacomCBS Inc. $23.32 $10.10 $53.71 $14,351 $589 $19,789 $34,140 1.2x 1.3x 1.2x 5.8x 7.2x 6.6x 2.1% (5.0%) 6.7% 21.2% 18.0% 18.3% Discovery, Inc. $21.10 $17.12 $33.66 $14,139 $1,465 $14,643 $28,782 2.6x 2.8x 2.6x 6.1x 7.4x 7.0x 8.2% (4.9%) 7.4% 43.2% 37.7% 37.0% Mean 2.2x 2.3x 2.1x 9.5x 13.4x 9.5x 10.0% (2.6%) 10.5% 25.3% 20.2% 22.7% Median 2.3x 2.4x 2.2x 8.1x 10.8x 8.1x 9.6% (4.9%) 7.9% 22.9% 15.8% 19.9%

Notes: Sources: Capital IQ, Wall Street Estimates. Multiples <0x and >50x considered NM. 26 APPENDIX – PUBLIC COMPANY VALUATIONS

Diversified Marketing Experian plc $34.90 $22.58 $36.32 $31,674 $277 $4,245 $35,919 7.4x 7.2x 6.7x 21.2x 20.9x 19.5x 0.0x 0.0x 0.1x 0.3x 0.3x 0.3x Equifax Inc. $171.88 $103.01 $180.07 $20,864 $1,347 $3,028 $23,892 6.8x 6.5x 6.3x 20.3x 20.1x 18.4x 0.0x 0.0x 0.0x 0.3x 0.3x 0.3x HubSpot, Inc. $224.35 $90.84 $231.17 $9,788 $969 ($358) $9,430 14.0x 11.7x 9.7x NM NM NM 0.3x 0.2x 0.2x 0.1x 0.1x 0.1x WPP plc $7.81 $5.57 $13.44 $9,498 $3,932 $5,019 $14,517 0.8x 1.2x 1.2x 4.8x 8.2x 6.7x 0.1x -0.3x 0.1x 0.2x 0.2x 0.2x The Interpublic Group of Companies, Inc.$17.16 $11.63 $25.20 $6,686 $1,554 $4,314 $10,999 1.3x 1.4x 1.3x 7.6x 9.5x 8.3x 0.1x -0.1x 0.1x 0.2x 0.1x 0.2x Nielsen Holdings plc $14.86 $11.62 $24.69 $5,297 $359 $8,590 $13,887 2.1x 2.2x 2.2x 7.5x 7.8x 7.6x 0.0x 0.0x 0.0x 0.3x 0.3x 0.3x Alliance Data Systems Corporation $45.12 $20.51 $159.41 $2,149 $4,960 $14,772 $16,921 19.8x 3.5x 3.5x 13.0x 16.6x 14.1x -0.1x 4.7x 0.0x 1.5x 0.2x 0.2x Yext, Inc. $16.61 $8.56 $22.65 $1,955 $249 ($117) $1,838 6.2x 5.2x 4.3x NM NM NM 0.3x 0.2x 0.2x -0.2x -0.1x -0.1x MDC Partners Inc. $2.08 $1.01 $3.43 $150 $131 $824 $973 0.7x 0.6x 0.6x 5.6x 4.9x 4.5x 0.0x 0.0x 0.1x 0.1x 0.1x 0.1x Mean 6.6x 4.4x 4.0x 11.4x 12.6x 11.3x 7.3% 52.7% 8.2% 32.5% 17.3% 19.5% Median 6.2x 3.5x 3.5x 7.6x 9.5x 8.3x 2.8% 4.1% 5.5% 17.2% 15.1% 17.4%

Notes: Sources: Capital IQ, Wall Street Estimates. Multiples <0x and >50x considered NM. 27 APPENDIX – RECENT ACQUISITIONS

($MM)

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

6/26/2020 $1,300 NA NA NA NA

6/25/2020 $259 1.1x 7.5x NA NA

6/22/2020 $112 NA NA NA NA

6/19/2020 $128 5.4x NM 3.9x 12.0x

6/14/2020 Perfect Peony Holding Company $405 6.6x 43.0x 5.5x 19.3x

6/4/2020 $100 (1) 7.7x NA NA NA

6/1/2020 $1,800 NA NA NA NA

5/26/2020 $65 NA NA NA NA

5/12/2020 $160 NA NA NA NA

5/4/2020 $900 NA NA NA NA

4/23/2020 $75 7.3x 12.7x NA NA

4/3/2020 $260 1.6x 29.7x 1.3x 13.6x

4/2/2020 $8,700 3.6x 17.0x NA NA

Notes: Sources: Capital IQ, Wall Street Estimates. Multiples <0x and >50x considered NM. 28 APPENDIX – RECENT ACQUISITIONS

($MM)

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

3/31/2020 $235 NA NA NA NA

3/25/2020 $879 NA NA NA NA

3/17/2020 $440 (2) 2.4x NA NA NA

(1) 3/17/2020 $8,714 3.8x 11.9x NA NA

3/6/2020 San Vicente SPV $615 NA NA NA NA

3/5/2020 $513 (2) 2.5x 25.7x NA NA

(2) 2/24/2020 $1,395 5.4x 14.0x NA NA

2/21/2020 $52 NA NA NA NA

2/19/2020 $569 5.4x 9.2x NA NA

2/11/2020 $588 (1) 2.6x 12.5x NA NA

2/10/2020 $66 (1) 1.1x 5.2x NA NA

2/5/2020 $200 NA NA NA NA

2/4/2020 $140 NA NA NA NA

Notes: Sources: Capital IQ, Wall Street Estimates. Multiples <0x and >50x considered NM. 29 APPENDIX – RECENT ACQUISITIONS

($MM)

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

1/29/2020 $450 NA NA NA NA

1/22/2020 $65 NA NA NA NA

1/21/2020 $300 2.7x NA NA NA

1/14/2020 $73 (1) 1.9x 12.2x 1.5x 11.2x

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

Notes: Sources: Capital IQ, Wall Street Estimates. Multiples <0x and >50x considered NM. 30 APPENDIX – RECENT ACQUISITIONS

($MM)

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

(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

(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

Notes: Sources: Capital IQ, Wall Street Estimates. Multiples <0x and >50x considered NM. 31 APPENDIX – RECENT ACQUISITIONS

($MM)

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

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

(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

Notes: Sources: Capital IQ, Wall Street Estimates. Multiples <0x and >50x considered NM. 32 APPENDIX – IPOS IN PUBLIC REGISTRATION

($MM)

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

Oerating segments include Recorded Music and Music Publishing; Recorded Music Music 06/03/20 $1,925 business consists of the discovery and $4,509 5% $477 development of recording artists; Music Publishing is an intellectual property business

Operates an E-Commerce platform for buying, E-Commerce 06/09/20 $465 selling and trading new and used cars in the $1,332 (11%) ($143) United States

Develops communication solutions that enable Entertainment 06/26/20 $350 real-time video, audio and live interactive NA NA NA broadcasting

Notes: Sources: Capital IQ, Wall Street Estimates. Multiples <0x and >50x considered NM. 33 DISCLAIMER

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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.

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