PRIVATE & CONFIDENTIAL

February 2019

For client and institutional use only, not for public dissemination 1. Overview of Monthly M&A and Investment Activity

2. Monthly M&A and Investment Activity by Industry Segment

3. Additional Monthly M&A and Investment Activity Data

4. About CG Petsky Prunier

Driven by your success. Transaction Distribution

• A total of 626 deals were announced in February 2019 of which 292 were worth $19.4 billion in aggregate reported value

• Software accounted for nearly 40 percent of transactions with 246 deals announced— 144 of which reported $10 billion in value

• Software was also the most valuable segment, followed by Marketing Technology, with 106 transactions announced – 57 of which valued at $4.9 billion

• Strategic buyers announced 311 deals (33 reported $5.7 billion in value)

• VC/Growth Capital investors announced 296 transactions (254 reported $8.2 billion in value)

• Private Equity buyers announced 19 deals during the month (five reported $5.5 billion in value)

February 2019 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 246 39% $9,966.1 51% 87 $4,392.5 5 $1,500.0 154 $4,073.6 Marketing Technology 106 17% $4,892.8 25% 48 $222.9 3 $3,800.0 55 $869.9 Digital Media/Commerce 86 14% $3,118.5 16% 32 $449.2 3 $220.0 51 $2,449.3 Business Services 76 12% $474.3 2% 55 $13.7 5 - 16 $460.6 Agency & Marketing Services 53 8% $95.9 0% 46 $65.5 1 - 6 $30.4 Traditional Media 33 5% $534.0 3% 29 $390.5 2 - 2 $143.5 Digital Advertising 17 3% $269.0 1% 12 $191.0 0 - 5 $78.0 Information 9 1% $96.0 0% 2 - 0 - 7 $96.0 Total 626 100% 19,446.6 100% 311 5,725.3 19 5,520.0 296 8,201.3

*Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total for Februarydoes not includethe pending $11 acquisitionof UltimateSoftwarebya consortium of buyers.

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 2 Driven by your success. Transaction Distribution • M&A total deal activity was up eight percent compared with February of last year • Significant transactions reported during the month included:

‒ Thoma Bravo’s $3.7 billion acquisition of mortgage process automation software Ellie Mae

‒ The $1.5 billion sale of professional services automation software ConnectWise to Thoma Bravo

‒ The $1 billion round of funding freight forwarding services platform Flexport raised from SoftBank, Founders Fund, DST Global, Cherubic Ventures, Susa Ventures, and SF Express

‒ The acquisition of equity administration and financial reporting platform Solium by Morgan Stanley for $829 million

$100.0 $90.0 $80.0 $71.4 $70.0 $62.6 $57.9 $60.0 CA Red Hat/ Flipkart Technologies $50.0 / Walmart $46.3 IBM / Broadcom $42.7 $42.4 $44.4 $35.5 Github $37.2 $40.0 Sedgwick Qualtrics $35.7 BMC Software First Data/ $28.6 Tribune $30.5 $30.0 /KKR Fiserv MuleSoft Ultimate $20.0 713 Software 659 685 726 671 868 669 668 546 $10.0 654 747 626 $- Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 *Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total does not Salesforce’s $6.5 billion acquisition of MuleSoft, Walmart’s $16 billion majority investment in Flipkart, KKR’s $8.6 billion acquisition of BMC Software, Microsoft’s $7.5 billion TEV acquisition of GitHub, Broadcom’s $18.4 billion acquisition of CA Technologies, Carlyle Group’s $6.7 billion acquisition of Sedgwick Management Services, IBM’s pending $34 billion acquisition of Red Hat, SAP’s $8 billion acquisition of Qualtrics, Nexstar’s pending $6.4 billion acquisition of Tribune Media, Fiserv’s pending $22 billion acquisition of First Data Corporation, and Ultimate Software’s pending $11 billion sale to a consortium of buyers.

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 3 Driven by your success. Selected Transactions With Multiples Information Trailing Twelve Months Trailing Twelve Months Enterprise Enterprise Target Subsegment Buyer/Investor Enterprise Value Revenue EBITDA Value/Revenue Value/EBITDA

Agency & Marketing Services Soft Computing Digital Agency Publicis Groupe S.A. 50.0 52.3 3.5 1.0x 14.3x BJL Group Limited Digital Agency Dentsu Aegis Network, Inc. 15.5 8.2 - 1.9x NA Digital Advertising RhythmOne plc Mobile Marketing Taptica International Ltd. 176.00 316.00 15.20 0.6x 11.6x Digital Media/Commerce Graze.com eCommerce The Carlyle Group 200.0 69.3 5.6 2.9x 35.7x Warhorse Studios s.r.o. Gaming THQ Nordic AB 48.4 52.4 41.8 0.9x 1.2x Marketing Technology GoCanvas, Inc. MRM/Workflow Management K1 Investment Management, LLC 100.0 20.0 - 5.0x NA Explore.fr CRM Activa Capital 40.8 14.2 - 2.9x NA Determine, Inc. CRM Corcentric LLC 32.0 24.5 - 1.3x NA Software Ellie Mae, Inc. MRM/Workflow Management Thoma Bravo, Inc. 3,700.0 477.1 67.9 7.8x 54.5x Solium Capital, Inc. Financial Software Morgan Stanley & Co. Incorporated 829.0 104.6 7.9 7.9x 104.9x Webroot, Inc. Security Software Carbonite, Inc. 618.5 215.0 - 2.9x NA Attunity Ltd. Infrastructure Software Qlik Technologies, Inc. 560.0 86.3 9.1 6.5x 61.5x IDology, Inc. Credit/Risk Software GB Group PLC 300.0 38.2 16.3 7.9x 18.4x MicroPact, Inc. Legal Software Tyler Technologies 185.0 70.0 - 2.6x NA PCSYS A/S ERP Software TECSYS, Inc. 10.3 12.0 - 0.9x NA Traditional Media Pearson US Textbook Unit Consumer Book Publishing Nexus Group LLC 250.0 463.9 25.5 0.5x 9.8x

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 4 Driven by your success. Aggregate Last Twelve Months

Date Company Name Country Segment Offering Value Revenue EBITDA Dec-18 Futu Holdings LTD China Software $150.0 NA NA Oct-18 Caliburn International Corp United States Business Services 100.0 NA NA Sep-18 Valtech SE United Kingdom Agency & Marketing Services 100.0 298.0 21.0 Jul-18 Pintec Technology Holdings Limited China Software 70.0 784.5 10.3 May-18 Advantage Solutions Inc. United States Agency & Marketing Services 100.0 2,150.4 405.1 Apr-18 HeadHunter Group PLC Russia Software 250.0 75.7 31.6

*Source: Nasdaq Page 5 Driven by your success. Initial Offering Final Price Stock Price at Close Stock Price on % Change from

Date Ticker PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day Feb 28, 2019 1st Trading Day

Dec-18 QFIN Software 360 Finance, Inc. China $16.50-$18.50 $16.50 $16.49, down 0.1% $16.83 2.1%

Dec-18 TME Digital Media/Commerce Tencent Music Entertainment Group China 13.00-15.00 13.00 $14.19, up 9.2% 18.02 27.0%

Dec-18 MOGU Digital Media/Commerce MOGU Inc. China 14.00-16.00 12.00 $14.00, up 16.7% 15.30 9.3%

Nov-18 WEI Software Weidai Ltd. China 9.00-$11.00 10.50 $10.25, down 2.4% 11.60 13.2%

Oct-18 STNE Software StoneCo Ltd. Brazil 21.00-23.00 24.00 $31.35, up 30.6% 30.41 (3.0%)

Oct-18 SWI Software SolarWinds Corporation United States 15.00-16.00 15.00 15.03, up 0.0% 19.01 26.5%

Oct-18 PLAN Software Anaplan, Inc. United States 13.00-15.00 17.00 24.30, up 42.9% 37.51 54.4%

Oct-18 ESTC Marketing Technology Elastic N.V. United States 33.00-35.00 36.00 70.00, up 94.4% 90.56 29.4%

Oct-18 UPWK Digital Media/Commerce Upwork Inc. United States 12.00-14.00 15.00 21.18, up 41.2% 23.69 11.9%

Sep-18 CTK Digital Media/Commerce CooTek (Cayman) Inc. China 12.00-14.00 12.00 9.44, down 21.3% 9.95 5.4%

Sep-18 EB Marketing Technology Eventbrite, Inc. United States 19.00-21.00 23.00 36.5, up 58.7% 29.58 (19.0%)

Sep-18 FTCH Digital Media/Commerce Farfetch Limited United Kingdom 17.00-19.00 20.00 28.45, up 42.3% 24.50 (13.9%)

Sep-18 NYSE: LAIX Digital Media/Commerce LAIX Inc. China 11.50-13.50 12.50 12.65, up 1.2% 11.83 (6.5%)

Sep-18 Qtt Digital Media/Commerce Qutoutiao Inc. China 7.00-9.00 7.00 15.97, up 128.1% 13.60 (14.8%)

Sep-18 SVMK Marketing Technology SVMK Inc. United States 9.00-11.00 12.00 17.24, up 43.7% 15.17 (12.0%)

Jul-18 JG Software Aurora Mobile Limited China 8.50-10.50 8.50 $8.80, up 3.5% 8.50 (3.4%)

Jul-18 CANG Digital Media/Commerce Cango Inc. China 10.00-12.00 11.00 12.52, up 13.8% 8.85 (29.3%)

Jul-18 DAVA Business Services Endava plc United Kingdom 17.00-19.00 20.00 25.2, up 26.0% 29.56 17.3%

Jul-18 OPRA Digital Media/Commerce Opera Limited Norway 10.00-12.00 12.00 13.11, up 9.3% 8.99 (31.4%)

Jul-18 PDD Digital Media/Commerce Pinduoduo Inc. China 16.00-19.00 19.00 26.70, up 40.5% 29.94 12.1%

Jul-18 TENB Software Tenable Holdings, Inc. United States 20.00-22.00 23.00 30.25, up 31.5% 31.18 3.1%

Jun-18 NYSE:AVLR Software Avalara, Inc. United States 21.00-23.00 24.00 44.94, up 87.3% 52.21 16.2%

Jun-18 NasdaqGM:DOMOSoftware Domo, Inc. United States 19.00-22.00 21.00 27.30, up 30.0% 34.69 27.1%

Jun-18 NasdaqGM:EVERDigital Advertising EverQuote, Inc. United States 15.00-17.00 18.00 18.02, up 0.1% 7.64 (57.6%)

Jun-18 NasdaqGS:IIIV Software i3 Verticals, Inc. United States 11.00-13.00 13.00 18.35, up 41.2% 21.04 14.7%

Jun-18 NasdaqGS:UXINDigital Media/Commerce Uxin Limited China 10.50-12.50 9.00 9.67, up 7.4% 4.61 (52.3%)

May-18 NasdaqGS:GSKYSoftware GreenSky, Inc. United States 21.00-23.00 23.00 25.36, up 10.3% 11.30 (55.4%)

May-18 NasdaqGM:EVOPSoftware EVO Payments, Inc. United States 14.00-16.00 16.00 19.02, up 18.9% 26.72 40.5%

May-18 NYSE:HUYA Digital Media/Commerce HUYA Inc. China 10.00-12.00 12.00 16.06, up 33.8% 25.84 60.9%

May-18 NasdaqGS:PS Software Pluralsight, Inc. United States 12.00-14.00 15.00 20.00, up 33.3% 32.51 62.6%

May-18 NasdaqGS:CBLKSoftware Carbon Black, Inc. United States 15.00-17.00 19.00 23.94, up 26.0% 13.09 (45.3%)

Apr-18 NYSE:CDAY Software Ceridian HCM Holding Inc. United States 19.00-21.00 22.00 28.90, up 31.4% 49.02 69.6%

Apr-18 NasdaqGS:DOCUSoftware DocuSign, Inc. United States 26.00-28.00 29.00 39.73, up 37.0% 55.15 38.8%

Apr-18 NYSE:PVTL Software Pivotal Software, Inc. United States 14.00-16.00 15.00 15.73, up 4.9% 22.42 42.5%

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 6 Driven by your success. Initial Offering Final Price Stock Price at Close Stock Price on % Change from

Date Ticker PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day Feb 28, 2019 1st Trading Day

Apr-18 NYSE:PVTL Software Pivotal Software, Inc. United States 14.00-16.00 15.00 15.73, up 4.9% 22.42 42.5%

Apr-18 NYSE:SMAR Software Smartsheet Inc. United States 12.00-14.00 15.00 19.55, up 30.3% 38.24 95.6%

Apr-18 NYSE:ZUO Marketing Technology Zuora, Inc. United States 11.00-13.00 14.00 20.00, up 42.8% 23.76 18.8%

Mar-18 NasdaqGS:BILI Digital Media/Commerce Bilibili Inc. China 10.50-12.50 11.50 11.24, down 2.2% 18.98 68.9%

Mar-18 NasdaqGS:DBX Software Dropbox, Inc. United States 18.00-20.00 21.00 28.48, up 35.6% 23.86 (16.2%)

Mar-18 NasdaqGS:IQ Digital Media/Commerce iQIYI, Inc. China 17.00-19.00 18.00 15.55, down 13.6% 27.16 74.7%

Mar-18 NasdaqGS:ZS Software Zscaler, Inc. United States 13.00-15.00 16.00 33.00, up 106.3% 49.68 50.5%

Feb-18 NasdaqGM:CDLXSoftware Cardlytics, Inc. United States 13.00-15.00 13.00 13.37, up 2.8% 17.62 31.8%

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 7 Driven by your success. • Of the 86 transactions recorded in the Digital Media/Commerce segment in February, 54 announced $3.1 billion in reported value

• E-commerce was the most active subsegment across all subsegments with 37 transactions announced, of which 21 were reported for $1.9 billion, including:

‒ The $400 million round of funding DoorDash raised from Tamasek, Dragoneer Investment Group, Softbank, DST Global, Coatue Management, GIC, Sequoia Capital, and Y Combinator

‒ Unilever’s acquisition of healthy snack e-commerce company Graze from The Carlyle Group for $200 million

‒ The $100 million round of funding online sneaker marketplace Goat raised from Footlocker

‒ Viome’s acquisition of personalized nutrition company Habit from Campbell Soup Company

• Select Digital Media/Commerce transactions include: ‒ Spotify’s $340 million acquisition of podcast production companies Gimlet Media and Anchor FM ‒ The $300 million round of funding Reddit raised from Tencent, valuing the company at $3 billion

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 37 43% $1,940.7 62% 7 $40.6 2 $200.0 28 $1,700.1 Niche Content 17 20% 597.0 19% 11 244.4 0 - 6 352.6 Mobile Content/Apps 11 13% 314.9 10% 4 110.0 1 20.0 6 184.9 Digital Marketplace 9 10% 199.7 6% 2 - 0 - 7 199.7 Gaming 8 9% 54.2 2% 6 54.2 0 - 2 - Social Media/Apps 4 5% 12.0 0% 2 - 0 - 2 12.0 Total 86 100% $3,118.5 100% 32 $449.2 3 $220.0 51 $2,449.3

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 8 Driven by your success. ($ in Millions, except stock price data)

US-Based Digital Media and Internet Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Rev Growth EV/Rev EV/EBITDA Alphabet Inc. $1,126.55 -13% $ 780,846.4 $ 675,718.4 $ 136,819.0 $ 40,421.0 29.5% 23.4% 4.9x 16.7x Apple Inc. 173.15 -26% 816,450.7 844,753.7 261,612.0 79,523.0 30.4% 9.4% 3.2x 10.6x Facebook, Inc. 161.45 -26% 460,776.7 420,162.7 55,838.0 29,228.0 52.3% 37.4% 7.5x 14.4x Fitbit, Inc. 5.92 -24% 1,471.3 747.9 1,512.0 (131.7) NM -6.4% 0.5x NM Glu Mobile Inc. 8.98 -14% 1,286.4 1,188.5 366.6 (0.1) NM 27.8% 3.2x NM GoPro, Inc. 5.83 -23% 822.4 763.9 1,148.3 (39.9) NM -2.7% 0.7x NM IAC/InterActiveCorp 213.05 -5% 17,853.6 18,632.0 4,262.9 819.8 19.2% 28.9% 4.4x 22.7x j2 Global, Inc. 85.01 -7% 4,190.0 4,993.7 1,207.3 450.4 37.3% 8.0% 4.1x 11.1x Leaf Group Ltd. 8.13 -33% 205.8 173.0 155.0 (13.1) NM 20.2% 1.1x NM The Meet Group, Inc. 6.00 -4% 443.6 462.2 178.6 22.7 12.7% 44.3% 2.6x 20.4x Netflix, Inc. 358.10 -15% 156,346.0 162,911.5 15,794.3 1,688.4 10.7% 35.1% 10.3x 96.5x RealNetworks, Inc. 3.31 -15% 124.6 89.1 69.5 (18.7) NM -11.7% 1.3x NM Remark Holdings, Inc. 2.07 -79% 80.8 107.8 75.4 (30.4) NM 12.6% 1.4x NM Roku, Inc. 66.29 -15% 7,236.5 7,038.8 742.5 (6.9) NM 44.8% 9.5x NM Snap Inc. 9.80 -47% 12,946.2 11,683.9 1,180.4 (1,145.7) NM 43.1% 9.9x NM TheStreet, Inc. 2.21 -12% 110.9 70.1 60.8 1.5 2.4% 7.3% 1.2x 47.1x Twitter, Inc. 30.78 -36% 23,533.97 20,045.26 3,042.36 771.32 25.4% 24.5% 6.6x 26.0x Upwork Inc. 23.69 -5% 2,518.2 2,413.0 253.4 (6.8) NM 25.1% 9.5x NM Zynga Inc. 5.22 -3% 4,832.0 4,350.8 907.2 57.0 6.3% 5.3% 4.8x 76.3x

Average 4.7x 32.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.3x) and EBITDA multiples that are 1.0 standard deviations above the mean (64.0x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P CapitalIQ Page 9 Driven by your success. ***Note: Alphabet Inc. pricing represents (Nasdaq:GOOGL) ($ in Millions, except stock price data)

Internationally-based Digital Media and Internet Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Baidu, Inc. China $162.54 -43% $ 56,783.3 $ 47,840.6 $ 14,870.8 $ 4,535.9 30.5% 20.6% 3.2x 10.5x Bilibili Inc. * China 18.98 -16% 5,285.6 4,559.4 600.3 (61.7) NM 67.3% 7.6x NM CyberAgent, Inc. Japan 31.11 -50% 3,917.8 3,809.0 3,941.6 329.2 8.4% 13.0% 1.0x 11.6x DeNA Co., Ltd. Japan 15.40 -23% 2,238.1 1,332.6 1,165.8 208.3 17.9% -9.4% 1.1x 6.4x G5 Entertainment AB (publ) Sweden 12.01 -81% 107.9 92.9 163.2 17.0 10.4% 27.7% 0.6x 5.4x Gree, Inc. Japan 4.21 -30% 993.7 213.2 663.0 73.7 11.1% -4.5% 0.3x 2.9x HolidayCheck Group AG Germany 3.19 -29% 181.9 148.5 163.1 7.4 4.5% 17.7% 0.9x 20.1x HUYA Inc. * China 25.84 -49% 5,266.1 4,411.0 678.1 5.0 0.7% 113.4% 6.5x NM International Game Technology PLC United Kingdom 17.25 -44% 3,522.5 11,092.5 4,910.8 1,496.9 30.5% -0.1% 2.3x 7.4x iQIYI, Inc. China 27.16 -41% 19,654.8 19,357.7 3,633.4 954.9 26.3% 43.8% 5.3x 20.3x mixi, Inc. Japan 24.28 -38% 1,829.3 564.4 1,455.1 477.6 32.8% -20.0% 0.4x 1.2x Meitu, Inc. * China 0.41 -69% 1,716.3 1,151.6 664.7 (59.0) NM 38.7% 1.7x NM Ncsoft Corporation South Korea 409.79 -11% 8,708.2 7,641.4 1,540.6 587.9 38.2% -2.5% 5.0x 13.0x NAVER Corporation South Korea 118.23 -19% 17,282.6 17,906.0 4,807.4 1,111.6 23.1% 18.6% 3.7x 16.1x NetEase, Inc. China 223.22 -32% 29,315.2 24,935.0 9,764.4 1,450.5 14.9% 24.1% 2.6x 17.2x NEXON Co., Ltd. Japan 15.86 -11% 14,190.3 9,994.7 2,312.5 955.3 41.3% 8.0% 4.3x 10.5x Opera Limited Norway 8.99 -42% 982.9 808.5 172.3 58.0 33.7% 33.7% 4.7x 13.9x Pacific Online Limited China 0.18 -7% 199.5 148.7 147.6 19.3 13.1% 3.0% 1.0x 7.7x Phoenix New Media Limited * China 4.78 -20% 347.5 224.7 209.3 (8.7) NM -5.8% 1.1x NM Renren Inc. * China 1.46 -86% 100.7 208.7 436.7 (111.4) NM 435.9% 0.5x NM Sea Limited * Singapore 21.50 -14% 7,203.2 7,267.0 827.0 (904.9) NM 99.7% 8.8x NM Sogou Inc. China 6.23 -60% 2,410.0 1,373.5 1,124.2 94.3 8.4% 23.8% 1.2x 14.6x Spotify Technology S.A. * Luxembourg 140.14 -30% 25,345.2 23,671.3 6,021.3 (19.5) NM 28.6% 3.9x NM Tencent Music Entertainment * China 18.02 -4% 29,470.8 27,798.8 2,500.3 530.8 21.2% 99.4% 11.1x 52.4x Weibo Corporation China 72.25 -49% 16,090.5 15,377.0 1,718.5 635.1 37.0% 49.4% 8.9x 24.2x Wemade Entertainment Co.,Ltd. * South Korea 43.47 -21% 721.7 628.8 111.5 12.5 11.2% 20.5% 5.6x 50.4x Yandex N.V. Netherlands 34.40 -22% 11,170.6 10,665.3 1,838.3 475.2 25.8% 35.7% 5.8x 22.4x YY Inc. China 70.50 -48% 4,475.2 2,779.0 2,292.0 418.6 18.3% 36.0% 1.2x 6.6x

Average 3.1x 15.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.6x) and EBITDA multiples that are 1.0 standard deviations above the mean (29.3x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 10 Driven by your success. ($ in Millions, except stock price data)

US-based e-commerce Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA 1-800-FLOWERS.COM, Inc. $17.84 -3% $ 1,144.6 $ 985.4 $ 1,209.3 $ 80.7 6.7% 4.5% 0.8x 12.2x Alphabet Inc. 1,126.55 -13% 780,846.4 675,718.4 136,819.0 40,421.0 29.5% 23.4% 4.9x 16.7x Amazon.com, Inc. 1,639.83 -20% 805,489.2 813,528.2 232,887.0 27,762.0 11.9% 30.9% 3.5x 29.3x Apple Inc. 173.15 -26% 816,450.7 844,753.7 261,612.0 79,523.0 30.4% 9.4% 3.2x 10.6x Blucora, Inc. 26.89 -35% 1,291.9 1,492.7 560.5 105.0 18.7% 10.0% 2.7x 14.2x Blue Apron Holdings, Inc. 1.07 -74% 208.1 267.3 667.6 (77.7) NM -24.2% 0.4x NM Booking Holdings Inc. 1,697.04 -24% 76,388.4 78,778.4 14,527.0 5,780.0 39.8% 14.6% 5.4x 13.6x CarGurus, Inc. 42.73 -25% 4,734.1 4,576.4 454.1 28.2 6.2% 43.3% 10.1x NM Carvana Co. 44.86 -38% 1,848.3 2,556.9 1,955.5 (197.2) NM 127.7% 1.3x NM CDW Corporation 93.89 -3% 13,807.4 17,239.5 16,240.5 1,252.9 7.7% 9.5% 1.1x 13.8x Chegg, Inc. 39.63 -2% 4,592.0 4,407.6 321.1 18.2 5.7% 25.9% 13.7x NM Copart, Inc. 58.67 -13% 13,729.7 14,114.4 1,873.7 714.4 38.1% 14.9% 7.5x 19.8x Grubhub Inc. 81.58 -45% 7,399.4 7,515.9 1,007.3 161.5 16.0% 47.5% 7.5x 46.5x eBay Inc. 37.15 -16% 33,987.8 38,313.8 10,746.0 3,004.0 28.0% 8.3% 3.6x 12.8x Etsy, Inc. 71.27 -3% 8,521.5 8,179.7 603.7 97.8 16.2% 36.8% 13.5x 83.6x EVINE Live Inc. 0.52 -70% 35.2 80.7 631.7 6.9 1.1% -2.2% 0.1x 11.7x Expedia Group, Inc. 123.31 -12% 18,150.0 20,973.0 11,223.0 1,263.0 11.3% 11.6% 1.9x 16.6x FTD Companies, Inc. 1.74 -75% 49.1 281.9 1,044.8 26.5 2.5% -3.8% 0.3x 10.6x Grubhub Inc. 81.58 -45% 7,399.4 7,515.9 1,007.3 161.5 16.0% 47.5% 7.5x 46.5x IAC/InterActiveCorp 213.05 -5% 17,853.6 18,632.0 4,262.9 819.8 19.2% 28.9% 4.4x 22.7x Liberty TripAdvisor Holdings, Inc. 15.09 -27% 1,137.8 4,317.8 1,615.0 293.0 18.1% 2.9% 2.7x 14.7x Liquidity Services, Inc. 6.90 -25% 229.8 161.3 217.4 (15.6) NM -16.5% 0.7x NM Match Group, Inc. 55.38 -9% 15,420.5 16,749.5 1,729.9 587.2 33.9% 30.0% 9.7x 28.5x Overstock.com, Inc. 19.81 -69% 636.8 546.1 1,825.3 (171.1) NM 0.6% 0.3x NM PetMed Express, Inc. 23.05 -52% 472.1 379.0 286.2 54.6 19.1% 6.2% 1.3x 6.9x Qurate Retail, Inc. $18.01 -28% 7,823.6 14,663.6 14,070.0 1,979.0 14.1% 35.2% 1.0x 7.4x Shutterfly, Inc. 44.81 -55% 1,508.9 2,058.0 1,961.8 271.9 13.9% 64.8% 1.0x 7.6x Shutterstock, Inc. 46.33 -17% 1,625.3 1,394.5 623.3 53.2 8.5% 11.9% 2.2x 26.2x Spark Networks SE 10.70 -29% 139.0 143.6 112.6 (3.1) NM 20.7% 1.3x NM Stamps.com Inc. 93.99 -67% 1,701.41 1,648.30 586.93 220.99 37.7% 25.2% 2.8x 7.5x Stitch Fix, Inc. 27.82 -47% 2,769.1 2,510.8 1,297.2 55.8 4.3% 25.1% 1.9x 45.0x U.S. Auto Parts Network, Inc. 1.07 -53% 37.4 38.4 293.3 8.2 2.8% -4.1% 0.1x 4.7x Wayfair Inc. 165.68 -3% 15,094.0 15,052.3 6,779.2 (404.4) NM 43.6% 2.2x NM

Average 3.6x 15.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.2x) and EBITDA multiples that are 1.0 standard deviations above the mean (39.0x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 11 Driven by your success. ($ in Millions, except stock price data)

Internationally-based e-commerce Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA 58.com Inc. China $72.91 -19% $ 10,806.9 $ 10,236.7 $ 1,910.2 $ 410.4 21.5% 30.5% 5.4x 24.9x Alibaba Group Holding Limited * Hong Kong 183.03 -14% 474,446.7 479,607.0 50,202.5 12,965.4 25.8% 52.2% 9.6x 37.0x Cango Inc. China 8.85 -36% 1,337.3 888.5 157.5 38.8 24.6% 11.5% 5.6x 22.9x Cnova N.V. * France 3.87 -20% 1,336.7 1,563.1 2,489.5 29.2 1.2% 2.5% 0.6x 53.5x Despegar.com, Corp. Argentina 17.99 -51% 1,244.2 918.1 542.1 70.8 13.1% 10.4% 1.7x 13.0x Farfetch Limited * United Kingdom 24.50 -24% 7,175.0 6,130.3 602.4 (164.5) NM 56.1% 10.2x NM JD.com, Inc. * China 27.71 -40% 40,090.4 39,389.3 67,176.5 (115.0) NM 27.5% 0.6x NM Jumei International Holding Limited * China 2.65 -22% 397.7 (12.0) 769.8 (10.7) NM -14.4% NM 1.1x LightInTheBox Holding Co., Ltd. * China 0.72 -72% 48.0 10.5 261.6 (38.8) NM -19.1% 0.0x NM MercadoLibre, Inc. * Argentina 458.79 -4% 20,738.6 20,856.2 1,439.7 (23.7) NM 18.3% 14.5x NM MOGU Inc. * China 15.30 -40% 1,635.5 1,401.0 151.8 (50.1) NM 0.0% 9.2x NM Netshoes (Cayman) Limited * Brazil 2.40 -74% 74.5 138.5 466.7 (46.2) NM 1.6% 0.3x NM PChome Online Inc. * Taiwan 4.57 -26% 535.5 365.7 1,068.6 (66.7) NM 17.6% 0.3x NM Pinduoduo Inc. * China 29.94 -6% 34,554.0 31,282.5 1,258.6 (1,140.1) NM 0.0% 24.9x NM Rakuten, Inc. Japan 7.86 -9% 10,633.6 12,839.0 10,039.5 1,276.6 12.7% 16.6% 1.3x 10.1x Secoo Holding Limited China 9.43 -39% 473.8 481.1 728.9 25.5 3.5% 56.1% 0.7x 18.9x Travelport Worldwide Limited United Kingdom 15.72 -23% 1,988.8 4,037.2 2,551.1 431.5 16.9% 4.2% 1.6x 9.4x trivago N.V. * Germany 5.01 -44% 1,759.8 1,574.4 1,047.4 (7.5) NM -11.6% 1.5x NM Uxin Limited * China 4.61 -56% 1,347.9 1,517.1 414.8 (395.4) NM 78.2% 3.7x NM Vipshop Holdings Limited China 7.18 -62% 4,771.3 4,004.6 12,289.6 506.4 4.1% 15.9% 0.3x 7.9x X Financial China 7.30 -64% 1,102.6 889.9 496.0 226.9 45.8% 0.0% 1.8x 3.9x

Average 4.0x 14.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (17.3x) and EBITDA multiples that are 1.0 standard deviations above the mean (34.0x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 12 Driven by your success. • The Marketing Technology segment announced 106 transactions in February, of which 57 reported nearly $4.9 billion in value

• Transaction activity in the MRM/Workflow Management segment was up more than double from the 12 month average

• Select transactions:

‒ Insignia Capital Group’s investment in programmatic advertising platform MediaAlpha (a CG Petsky Prunier-led transaction)

‒ The $125 million acquisition of video conferencing company Altia Systems by GN Group

‒ The sale of workflow automation service GoCanvas to K1 Investment Management for $100 million

‒ Great Hills Partners’ sale of marketing data company Zoom Information to Carlyle Group-backed DiscoverOrg

‒ Alpine SG’s acquisition of marketing technology companies Cyfe, Reputology, SERPs, Social Network Analytics, and Verisearch, to form ASG MarTech

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM MRM/Workflow Management 21 20% $3,928.5 80% 6 - 2 $3,800.0 13 $128.5 Analytics & Targeting 16 15% 298.8 6% 7 13.8 0 - 9 285.0 CRM 9 8% 110.5 2% 6 72.8 0 - 3 37.7 Social Technology 8 8% 5.0 0% 6 - 0 - 2 5.0 Teleservices/eServices 8 8% 214.6 4% 2 125.0 0 - 6 89.6 Content Management 6 6% - 0% 5 - 1 - 0 - Email/Messaging Software 6 6% 84.5 2% 2 - 0 - 4 84.5 Other 32 30% 250.9 5% 16 11.3 0 - 18 305.8 Total 106 100% $4,892.8 100% 41 $222.9 3 $0.0 55 $869.9

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 13 Driven by your success. ($ in Millions, except stock price data)

US-based Marketing Technology Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Adobe Inc. $262.50 -5% $ 128,028.05 $ 128,933.63 $ 9,030.01 $ 3,186.86 35.3% 23.7% 14.3x 40.5x Alteryx, Inc. 76.31 -5% 4,684.2 4,528.1 253.6 34.2 13.5% 92.7% 17.9x 132.3x AppFolio, Inc. 72.28 -21% 2,450.7 2,409.8 190.1 24.6 12.9% 32.2% 12.7x 98.1x Blackbaud, Inc. 77.24 -36% 3,653.8 4,010.3 848.6 133.5 15.7% 7.6% 4.7x 30.0x Brightcove Inc. 8.87 -17% 325.0 296.0 164.8 (8.6) NM 5.7% 1.8x NM Cardlytics, Inc. 17.62 -38% 377.3 376.3 150.7 (37.6) NM 15.6% 2.5x NM ChannelAdvisor Corporation 12.93 -17% 353.6 309.8 131.2 (0.8) NM 7.1% 2.4x NM Cision Ltd. 13.02 -29% 1,931.6 3,045.8 730.4 233.6 32.0% 15.6% 4.2x 13.0x Eventbrite, Inc. 29.58 -27% 2,306.9 1,900.0 278.4 (12.6) NM 0.0% 6.8x NM eBay Inc. 37.15 -16% 33,987.8 38,313.8 10,746.0 3,004.0 28.0% 8.3% 3.6x 12.8x Elastic N.V. 90.56 -10% 6,460.0 6,154.2 240.6 (81.7) NM 0.0% 25.6x NM Endurance International Group 7.00 -36% 1,007.9 2,729.3 1,145.3 309.0 27.0% -2.7% 2.4x 8.8x Five9, Inc. 53.04 -8% 3,142.8 3,058.9 257.7 17.8 6.9% 28.7% 11.9x 172.0x GoDaddy Inc. 74.65 -12% 13,221.5 14,852.7 2,660.1 371.8 14.0% 19.2% 5.6x 39.9x HubSpot, Inc. 168.38 -6% 6,932.5 6,659.0 513.0 (35.4) NM 36.6% 13.0x NM IBM Corporation 138.13 -15% 122,917.2 156,937.2 79,591.0 16,710.0 21.0% 0.6% 2.0x 9.4x LivePerson, Inc. 27.96 -3% 1,787.7 1,721.2 249.8 2.4 1.0% 14.1% 6.9x NM Marin Software Incorporated 4.11 -66% 23.8 15.4 58.6 (21.0) NM -21.8% 0.3x NM MicroStrategy Incorporated 141.50 -6% 1,454.2 878.1 497.6 5.2 1.0% -1.2% 1.8x 169.4x Nuance Communications, Inc. 16.77 -8% 4,786.5 6,553.0 2,098.1 408.9 19.5% 10.5% 3.1x 16.0x Oracle Corporation 52.13 -3% 187,090.3 196,475.3 39,893.0 15,899.0 39.9% 2.8% 4.9x 12.4x PayPal Holdings, Inc. 98.07 -1% 115,056.6 107,945.6 15,451.0 2,733.0 17.7% 18.0% 7.0x 39.5x PROS Holdings, Inc. 42.60 -4% 1,596.5 1,526.2 197.0 (37.2) NM 16.7% 7.7x NM PTC Inc. 92.82 -14% 11,011.0 11,486.9 1,269.9 163.4 12.9% 7.2% 9.0x 70.3x salesforce.com, inc. 163.65 -2% 125,192.3 126,133.3 13,282.0 1,497.0 11.3% 26.7% 9.5x 84.3x Senvion S.A. 1.38 -90% 110.7 381.4 1,676.8 70.0 4.2% -31.6% 0.2x 5.4x SharpSpring, Inc. 15.05 -9% 129.3 128.3 18.7 (8.1) NM 38.7% 6.9x NM SVMK Inc. 15.17 -24% 1,921.2 2,076.8 254.3 (99.5) NM 16.3% 8.2x NM Square, Inc. 81.24 -20% 34,096.0 33,871.5 3,298.2 18.5 0.6% 49.0% 10.3x NM Tableau Software, Inc. 131.90 -2% 11,354.8 10,332.4 1,155.4 (54.0) NM 31.7% 8.9x NM Teradata Corporation 48.37 -2% 5,673.8 5,502.8 2,164.0 123.0 5.7% 0.4% 2.5x 44.7x Verint Systems Inc. 53.25 -2% 3,475.7 3,863.7 1,218.2 164.6 13.5% 9.5% 3.2x 23.5x Veritone, Inc. 6.17 -75% 119.3 68.2 27.0 (58.3) NM 87.7% 2.5x NM Zendesk, Inc. 79.02 -2% 8,562.5 8,594.0 598.7 (103.5) NM 39.2% 14.4x NM

Adjusted Weighted Average 6.6x 44.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (18.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (109.4x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 14 Driven by your success. ($ in Millions, except stock price data)

Internationally-based Marketing Technology Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Baozun Inc. China $37.45 -44% $ 2,137.60 $ 2,120.15 $ 784.13 $ 59.09 7.5% 30.0% 2.7x 35.9x Bitauto Holdings Limited China 19.56 -39% 1,397.0 5,350.9 1,477.7 30.9 2.1% 29.6% 3.6x 173.1x ChinaCache International Holdings Ltd. China 1.19 -29% 31.61 82.01 130.12 (31.96) NM -7.8% 0.6x NM MercadoLibre, Inc. Argentina 458.79 -4% 20,738.6 20,856.2 1,439.7 (23.7) NM 18.3% 14.5x NM Open Text Corporation Canada 37.92 -5% 10,160.7 12,184.5 2,842.5 846.7 29.8% 8.0% 4.3x 14.4x SharpSpring, Inc. United States 15.05 -9% 129.3 128.3 18.7 (8.1) NM 38.7% 6.9x NM Shopify Inc. Canada 189.15 -3% 20,926.8 18,947.6 1,073.2 (68.7) NM 59.4% 17.7x NM The Sage Group plc United Kingdom 8.79 -5% 9,540.2 10,402.9 2,408.2 639.2 26.5% 7.6% 4.3x 16.3x United Internet AG Germany 36.65 -45% 7,340.4 9,819.9 5,825.4 962.9 16.5% 25.7% 1.7x 10.2x Weborama SA France 7.23 -57% 29.5 33.0 43.8 2.5 5.7% 13.3% 0.8x 13.1x Wix.com Ltd. Israel 109.25 -13% 5,282.2 4,917.5 603.7 (19.1) NM 41.8% 8.1x NM

Adjusted Weighted Average 4.3x 18.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (18.4x) and EBITDA multiples that are 1.0 standard deviations above the mean (107.8x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 15 Driven by your success. • A total of 17 transactions were announced in the Digital Advertising segment, of which seven were valued at $269 million • The Digital Video segment accounted for more than 40 percent of segment activity • Select transactions:

‒ Taptica’s $175 million acquisition of mobile advertising platform RhythmOne

‒ The $58 million round of funding insurance comparison platform CoverHound raised from Hiscox, Chubb, Aflac Venture, and MS&AD

‒ The acquisition of affiliate marketing company OPM Pros by LaSalle Capital-backed Gen3 Marketing

‒ Outbrain’s acquisition of Ligatus, an ad network for publishers and programmatic buyers

‒ The sale of commercial streaming video solution ScreenPlay to Loop Media

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Video 7 41% $26.0 10% 5 $15.0 0 - 2 $11.0 Mobile Marketing 3 18% 182.5 68% 2 176.0 0 - 1 6.5 Online Lead Generation 2 12% 58.0 22% 1 - 0 - 1 58.0 Vertical Search 2 12% 2.5 1% 1 - 0 - 1 2.5 Ad Networks/Exchanges 1 6% - 0% 1 - 0 - 0 - Affiliate/CPA Network 1 6% - 0% 1 - 0 - 0 - Other* 1 6% 0.0 0% 2 0.0 0 - 0 0.0 Total 17 100% $269.0 100% 11 $191.0 0 5 $78.0

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 16 Driven by your success. ($ in Millions, except stock price data)

US-based Digital Advertising Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alliance Data Systems Corporation $173.00 -31% $ 9,168.6 $ 30,488.8 $ 7,791.2 $ 1,864.2 23.9% 0.9% 3.9x 16.4x Alphabet Inc. 1,126.55 -13% 780,846.4 675,718.4 136,819.0 40,421.0 29.5% 23.4% 4.9x 16.7x ANGI Homeservices Inc. 16.42 -31% 8,275.7 8,200.7 1,132.2 228.6 20.2% 53.8% 7.2x 35.9x AutoWeb, Inc. 3.60 -51% 46.6 31.5 126.7 (10.2) NM -15.1% 0.2x NM Care.com, Inc. * 25.19 -2% 801.0 733.6 186.7 13.2 7.1% 7.7% 3.9x 55.6x DHI Group, Inc. 2.65 -25% 141.0 151.8 161.6 21.9 13.5% -22.3% 0.9x 6.9x EverQuote, Inc. 7.64 -65% 191.2 152.5 163.3 (12.6) NM 29.4% 0.9x NM Facebook, Inc. 161.45 -26% 460,776.7 420,162.7 55,838.0 29,228.0 52.3% 37.4% 7.5x 14.4x Fluent, Inc. 5.11 -9% 384.7 427.1 244.6 20.3 8.3% 16.8% 1.7x 21.0x Groupon, Inc. 3.27 -41% 1,864.9 1,256.6 2,636.7 151.0 5.7% -7.3% 0.5x 8.3x Inuvo, Inc. 1.25 -19% 40.5 41.5 80.1 (1.9) NM 6.1% 0.5x NM LendingTree, Inc. 318.95 -19% 4,085.7 4,356.5 764.9 100.2 13.1% 23.8% 5.7x 43.5x QuinStreet, Inc. 13.39 -33% 666.9 604.5 446.4 26.3 5.9% 33.0% 1.4x 23.0x Quotient Technology Inc. 10.03 -37% 943.4 776.4 387.0 20.5 5.3% 20.1% 2.0x 37.9x Redfin Corporation 19.97 -23% 1,807.1 1,492.5 486.9 (35.5) NM 31.6% 3.1x NM RhythmOne plc 1.76 -49% 138.5 125.7 316.0 15.2 4.8% 60.6% 0.4x 8.3x Snap Inc. 9.80 -47% 12,946.2 11,683.9 1,180.4 (1,145.7) NM 43.1% 9.9x NM Telaria, Inc. 5.58 -6% 237.3 189.5 55.2 (7.2) NM 26.0% 3.4x NM The Rubicon Project, Inc. 5.87 -6% 302.5 214.5 124.7 (32.0) NM -19.8% 1.7x NM The Trade Desk, Inc. * 197.54 -2% 8,706.3 8,499.1 477.3 115.5 24.2% 54.9% 17.8x 73.6x TiVo Corporation 10.03 -35% 1,249.74 1,923.80 695.87 154.50 22.2% -15.8% 2.8x 12.5x Travelzoo 13.27 -37% 160.7 142.5 111.3 10.1 9.0% 4.5% 1.3x 14.2x TripAdvisor, Inc. 53.17 -23% 7,344.7 6,757.7 1,615.0 237.0 14.7% 3.8% 4.2x 28.5x TrueCar, Inc. 7.24 -50% 753.0 558.2 353.6 (21.4) NM 9.4% 1.6x NM Twitter, Inc. 30.78 -36% 23,534.0 20,045.3 3,042.4 771.3 25.4% 24.5% 6.6x 26.0x Yelp Inc. * 37.26 -29% 3,095.7 2,339.8 942.8 49.7 5.3% 10.8% 2.5x 47.1x Yext, Inc. 18.58 NA 1,874.1 1,767.0 213.0 (75.1) NM 34.9% 8.3x NM Zillow Group, Inc. 41.43 -37% 8,528.4 7,822.2 1,333.6 25.3 1.9% 23.8% 5.9x NM

Average 3.2x 19.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (46.9x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 17 Driven by your success. ($ in Millions, except stock price data)

Internationally-based Digital Advertising Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Cliq Digital AG Germany $3.12 -59% $ 19.3 $ 29.0 $ 77.2 $ 5.3 6.9% -4.1% 0.4x 5.4x Criteo S.A. France 27.14 -26% 1,743.7 1,407.0 2,300.3 227.0 9.9% 0.2% 0.6x 6.2x iClick Interactive Asia Group Limited Hong Kong 5.21 -40% 280.3 271.1 160.3 (21.4) NM 44.5% 1.7x NM MakeMyTrip Limited India 28.23 -32% 2,878.9 2,579.0 523.6 (143.4) NM -17.9% 4.9x NM Matomy Media Group Ltd. Israel 0.09 -90% 8.8 34.9 153.0 7.0 4.6% -43.1% 0.2x 5.0x Metaps Inc. Japan 13.37 -59% 180.8 150.7 152.9 13.3 8.7% 3.4% 1.0x 11.3x Pacific Online Limited China 0.18 -7% 199.5 148.7 147.6 19.3 13.1% 3.0% 1.0x 7.7x Perion Network Ltd. Israel 3.00 -26% 77.6 74.9 252.8 26.5 10.5% -7.7% 0.3x 2.8x Rightmove plc * United Kingdom 6.41 -10% 5,698.9 5,679.7 341.3 257.5 75.4% 10.1% 16.6x 22.1x Septeni Holdings Co., Ltd. Japan 2.24 -44% 283.8 152.3 139.6 8.7 6.2% 1.2% 1.1x 17.5x Taptica International Ltd Israel 2.03 -65% 139.0 96.6 289.3 38.2 13.2% 107.0% 0.3x 2.5x Tencent Holdings Limited * China 42.78 -29% 404,492.46 412,870.52 42,829.27 16,048.42 37.5% 36.7% 9.6x 25.7x TradeDoubler AB (publ) Sweden 0.38 -36% 16.92 23.99 132.00 4.38 3.3% 0.0% 0.2x 5.5x XLMedia PLC Jersey 0.74 -72% 159.6 118.0 128.8 39.4 30.6% 7.0% 0.9x 3.0x Yandex N.V. * Netherlands 34.40 -22% 11,170.6 10,665.3 1,838.3 475.2 25.8% 35.7% 5.8x 22.4x

Average 2.5x 11.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (18.9x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 18 Driven by your success. • With 53 transactions, activity in the Agency & Marketing Services segment in was up nearly 90 percent from February of last year

• Digital Agency was the most active subsegment and accounted for more than 40 percent of segment activity with 22 deals announced

• Select transactions:

‒ The sale of e-commerce loyalty company GiftCertificates.com to Tango Card (a CG-led transaction)

‒ Publicis’ $50 million acquisition of data marketing company Soft Computing

‒ The $15 million acquisition of BJL Group, a UK-based digital agency, by Dentsu

‒ The acquisition of digital transformation consulting agency valantic by DPE Deutsche Private Equity

‒ ChizComm’s acquisition of kid-focused media planning and buying agency Beacon Media

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 22 42% $65.5 68% 20 $65.5 0 - 2 - Specialty Agency 7 13% - 0% 7 - 0 - 0 - Public Relations 6 11% - 0% 6 - 0 - 0 - Loyalty/Retention 3 6% 10.0 10% 2 - 0 - 1 10.0 Marketing Consulting 3 6% - 0% 3 - 0 - 0 - Media Planning/Buying 3 6% - 0% 2 - 1 - 0 - DM Agency 2 4% - 0% 2 - 0 - 0 - Other 7 13% 20.4 21% 4 0.0 0 0.0 3 20.4 Total 53 100% $95.9 100% 46 $0.0 1 $0.0 6 $30.4

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 19 Driven by your success. ($ in Millions, except stock price data)

Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Cello Health plc United Kingdom $1.45 -22% $ 151.7 $ 158.9 $ 223.2 $ 16.5 7.4% 3.7% 0.7x 9.6x Dentsu Inc. Japan 41.75 -18% 11,768.9 13,432.7 9,283.3 1,562.0 16.8% NM 1.4x 8.6x Enero Group Limited Australia 0.99 -7% 83.3 57.9 165.2 13.8 8.3% 41.7% 0.4x 4.2x Hakuhodo DY Holdings Inc Japan 15.33 -16% 5,717.3 5,642.0 13,042.6 695.4 5.3% 8.7% 0.4x 8.1x Huntsworth plc United Kingdom 1.32 -30% 454.7 507.2 286.7 48.7 17.0% 14.2% 1.8x 10.4x M&C Saatchi plc * United Kingdom 4.81 -15% 427.8 431.0 456.3 30.1 6.6% 40.5% 0.9x 14.3x MDC Partners Inc. United States 3.32 -62% 191.0 1,367.4 1,485.3 172.6 11.6% -1.1% 0.9x 7.9x Next Fifteen Communications Group plc * United Kingdom 7.55 -6% 631.4 663.3 283.6 47.2 16.7% 8.7% 2.3x 14.0x Omnicom Group Inc. United States 75.70 -4% 16,933.4 19,024.2 15,290.2 2,344.0 15.3% 0.1% 1.2x 8.1x OPT Holding, Inc. Japan 15.24 -52% 348.9 295.3 794.9 24.8 3.1% 5.6% 0.4x 11.9x Publicis Groupe S.A. France 55.49 -22% 12,799.0 14,745.3 11,393.4 2,465.1 21.6% 2.7% 1.3x 6.0x The Interpublic Group of Companies, Inc. United States 23.03 -11% 8,864.5 12,132.6 8,031.6 1,240.2 15.4% 7.5% 1.5x 9.8x UDG Healthcare plc Ireland 7.69 -38% 1,912.6 1,975.1 1,315.2 171.3 13.0% 7.8% 1.5x 11.5x WPP plc United Kingdom 10.98 -39% 13,851.8 20,560.8 19,885.5 2,346.0 11.8% 2.2% 1.0x 8.8x

Adjusted Weighted Average 1.2x 8.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.3x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 20 Driven by your success. ($ in Millions, except stock price data)

Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Affinion Group Holdings, Inc. United States $1.00 -93% $ 9.2 $ 1,441.8 $ 699.8 $ 137.0 19.6% -26.6% 2.1x 10.5x Aimia Inc. Canada 2.89 -16% 439.6 394.4 1,287.5 150.7 11.7% 30.6% 0.3x 2.6x Alliance Data Systems Corporation United States 173.00 -31% 9,168.6 26,358.8 7,791.2 1,864.2 23.9% 0.9% 3.4x 14.1x Fluent, Inc. * United States 5.11 -9% 384.7 427.1 244.6 20.3 8.3% 16.8% 1.7x 21.0x CSG Systems International, Inc. United States 41.55 -13% 1,323.0 1,520.0 875.1 144.5 16.5% 10.8% 1.7x 10.5x Deluxe Corporation United States 46.53 -40% 2,032.3 2,884.4 1,998.0 463.0 23.2% 1.7% 1.4x 6.2x Fair Isaac Corporation * United States 247.82 -2% 7,204.4 7,956.7 1,062.4 246.9 23.2% 12.4% 7.5x 32.2x Harte Hanks, Inc. United States 3.92 -68% 24.5 23.9 314.3 (8.8) NM -20.3% 0.1x NM High Co. SA France 6.04 -11% 124.8 69.0 190.0 18.6 9.8% 8.0% 0.4x 3.7x Multiplus S.A. Brazil 7.11 -21% 1,152.4 789.1 535.2 94.4 17.6% 88.8% 1.5x 8.4x Pitney Bowes Inc. United States 7.19 -45% 1,353.5 3,692.8 3,522.4 561.6 15.9% 12.8% 1.0x 6.6x Points International Ltd. Canada 12.03 -34% 170.7 116.0 368.1 12.5 3.4% 7.5% 0.3x 9.3x Viad Corp United States 57.90 -7% 1,169.7 1,375.2 1,296.2 132.2 10.2% -0.8% 1.1x 10.4x

Adjusted Weighted Average 2.4x 11.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.5x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 21 Driven by your success. • Of the 33 transactions recorded in the Traditional Media segment in February, six were announced $534 million in reported value

• Entertainment Media continues to drive overall segment activity, accounting for 45 percent of segment deals announced

• Select transactions from the segment included:

‒ The $140 million round of funding media streaming service CuriosityStream raised from Blum Capital Ventures, TimesSquare Capital Management, and Stifel Investment Banking

‒ Mondadori’s $79 million sale of its France-based magazine portfolio to Reworld Media

‒ LiveNation’s acquisitions of Embrace Entertainment, Planet Events, and Neste Event Marketing

‒ Penske Media’s acquisition of music focused magazine Rolling Stone

‒ The majority stake Apollo Global Management took in Cox Media Group’s broadcast TV stations

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Entertainment Media 15 45% $143.5 27% 11 - 2 - 2 $143.5 B-to-B Media 7 21% - 0% 7 - 0 - 0 - Consumer Magazine Publishing 5 15% 79.0 15% 5 79.0 0 - 0 - Broadcast Television 2 6% - 0% 2 - 0 - 0 - Consumer Book Publishing 2 6% 250.0 47% 2 250.0 0 - 0 - Radio 2 6% 61.5 12% 2 61.5 0 - 0 - Other 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0 Total 33 100% $534.0 100% 29 $390.5 0 $0.0 2 $145.0

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 22 Driven by your success. ($ in Millions, except stock price data)

Large Cap Diversified Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA CBS Corporation United States $50.21 -16% $ 18,729.4 $ 28,559.4 $ 14,514.0 $ 3,124.0 21.5% 6.0% 2.0x 9.1x Discovery, Inc. United States 28.90 -17% 19,958.4 38,148.4 10,553.0 4,552.0 43.1% 53.5% 3.6x 8.4x Twenty-First Century Fox, Inc. * United States 50.43 -2% 93,429.4 93,162.4 31,037.0 7,137.0 23.0% 5.7% 3.0x 13.1x Viacom Inc. United States 29.22 -15% 12,021.4 20,741.4 12,960.0 3,037.0 23.4% -0.4% 1.6x 6.8x The Walt Disney Company United States 112.84 -6% 168,219.2 189,630.2 59,386.0 17,463.0 29.4% 6.6% 3.2x 10.9x

Adjusted Weighted Average 3.0x 10.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.0x)

($ in Millions, except stock price data)

B-to-B Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Ascential plc United Kingdom $4.89 -21% $ 1,957.9 $ 2,103.9 $ 444.2 $ 112.5 25.3% -7.3% 4.7x 18.7x Centaur Media Plc United Kingdom $0.66 -10% 95.6 93.2 92.8 6.9 7.4% 16.2% 1.0x 13.6x Emerald Expositions Events, Inc. United States $12.58 -42% 903.7 1,453.1 380.7 154.8 40.7% 11.4% 3.8x 9.4x Euromoney Institutional Investor PLC United Kingdom $17.02 -11% 1,829.6 1,725.6 509.1 255.7 50.2% 0.9% 3.4x 6.7x Informa plc United Kingdom 9.37 -18% 11,729.6 15,398.5 2,374.3 749.2 31.6% 11.6% 6.5x 20.6x MCH Group AG Switzerland 20.36 -62% 122.3 283.7 540.6 58.0 10.7% 34.4% 0.5x 4.9x ITE Group plc United Kingdom 0.90 -60% 665.2 806.8 229.2 40.9 17.9% 15.1% 3.5x 19.7x Tarsus Group plc Ireland 3.79 -11% 463.0 578.8 127.1 35.3 27.8% -15.2% 4.6x 16.4x TechTarget, Inc. * United States 16.58 -52% 460.8 450.6 121.3 21.2 17.4% 11.8% 3.7x 21.3x

Adjusted Weighted Average 5.6x 18.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.8x)

($ in Millions, except stock price data)

Radio Broadcasting Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Beasley Broadcast Group, Inc. United States $4.11 -67% $ 113.3 $ 343.2 $ 257.5 $ 45.5 17.7% 10.9% 1.3x 7.6x Emmis Communications Corporation United States 3.84 -34% 50.0 156.0 120.5 12.4 10.3% -25.5% 1.3x 12.6x Entercom Communications Corp. United States 6.16 -44% 851.5 2,600.8 1,462.6 291.3 19.9% 146.7% 1.8x 8.9x Salem Media Group, Inc. United States 2.78 -56% 72.8 323.2 262.8 41.3 15.7% -1.7% 1.2x 7.8x Sirius XM Holdings Inc. * United States 5.93 -23% 28,094.2 34,927.8 5,770.7 2,100.0 36.4% 6.4% 6.1x 16.6x Townsquare Media, Inc. United States 5.71 -42% 108.2 616.3 514.9 100.5 19.5% 19.0% 1.2x 6.1x Urban One, Inc. United States 2.06 -14% 92.9 998.9 439.1 128.5 29.3% -0.2% 2.3x 7.8x

Adjusted Weighted Average 1.7x 8.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.3x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 23 Driven by your success. ($ in Millions, except stock price data)

Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Altice Europe N.V. Netherlands $2.26 -77% $ 2,775.3 $ 44,085.6 $ 26,480.8 $ 10,008.9 37.8% 30.8% 1.7x 4.4x AMC Networks Inc. United States $65.71 -5% 3,714.6 6,563.0 2,971.9 926.3 31.2% 5.9% 2.2x 7.1x CVC Limited * Australia 1.80 -12% 214.7 183.9 43.3 10.2 23.4% -3.4% 4.2x 18.1x CBS Corporation United States 50.21 -16% 18,729.4 28,559.4 14,514.0 3,124.0 21.5% 6.0% 2.0x 9.1x Charter Communications, Inc. United States 344.91 -7% 77,726.8 157,989.8 43,634.0 15,966.0 36.6% 4.9% 3.6x 9.9x Comcast Corporation United States 38.67 -3% 175,019.0 285,153.0 94,507.0 30,024.0 31.8% 11.1% 3.0x 9.5x Discovery, Inc. United States 28.90 -17% 19,958.4 38,148.4 10,553.0 4,552.0 43.1% 53.5% 3.6x 8.4x DISH Network Corporation United States 32.51 -22% 15,210.9 28,753.4 13,621.3 2,869.6 21.1% -5.4% 2.1x 10.0x Entravision Communications Corporation United States 3.95 -40% 351.0 410.4 289.2 50.2 17.4% -45.7% 1.4x 8.2x Gray Television, Inc. United States 21.91 -7% 2,159.0 4,041.3 1,084.1 446.8 41.2% 22.8% 3.7x 9.0x Grupo Televisa, S.A.B. Mexico 2.34 -44% 6,775.8 12,690.0 5,154.2 1,906.7 37.0% 7.4% 2.5x 6.7x Liberty Global plc United Kingdom 26.35 -23% 19,045.0 47,832.6 11,957.9 4,963.6 41.5% 6.0% 4.0x 9.6x Nexstar Media Group, Inc. United States 97.73 -6% 4,470.7 8,322.8 2,766.7 1,047.6 37.9% 13.8% 3.0x 7.9x Stolt-Nielsen Limited United Kingdom 13.48 -20% 815.6 3,272.3 2,125.5 447.1 21.0% 6.4% 1.5x 7.3x Sinclair Broadcast Group, Inc. United States 36.10 -5% 3,327.1 6,168.4 3,055.1 921.0 30.1% 15.9% 2.0x 6.7x TEGNA Inc. United States 13.17 -15% 2,835.5 5,801.4 2,207.3 783.5 35.5% 16.0% 2.6x 7.4x The E.W. Scripps Company United States 21.15 -8% 1,706.2 2,265.7 1,208.4 209.1 17.3% 37.8% 1.9x 10.8x

Adjusted Weighted Average 3.1x 9.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.7x)

($ in Millions, except stock price data)

Entertainment Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Cineplex Inc. Canada $19.50 -31% $ 1,234.7 $ 1,672.1 $ 1,183.4 $ 186.3 15.7% 3.8% 1.4x 9.0x Eros International Plc United States 9.61 -35% 695.4 1,043.2 272.3 54.7 20.1% 12.5% 3.8x 19.1x Lions Gate Entertainment Corp. United States 15.45 -49% 3,229.5 6,431.7 3,807.2 464.8 12.2% -12.4% 1.7x 13.8x Live Nation Entertainment, Inc. United States 56.56 -9% 11,928.4 12,945.0 10,787.8 683.6 6.3% 11.4% 1.2x 18.9x Twenty-First Century Fox, Inc. United States 50.43 -2% 93,429.4 93,162.4 31,037.0 7,137.0 23.0% 5.7% 3.0x 13.1x Liberty Global plc United Kingdom 26.35 -23% 19,045.0 47,832.6 11,957.9 4,963.6 41.5% 6.0% 4.0x 9.6x Village Roadshow Limited Australia 2.27 -7% 441.9 676.1 684.6 50.8 7.4% -0.8% 1.0x 13.3x World Wrestling Entertainment, Inc. * United States 83.70 -14% 6,532.2 6,386.9 930.2 152.2 16.4% 16.1% 6.9x 42.0x

Adjusted Weighted Average 3.1x 13.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (29.4x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 24 Driven by your success. ($ in Millions, except stock price data)

Out-of-Home Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA APG|SGA SA Switzerland $325.96 -23% $ 976.1 $ 915.8 $ 308.7 $ 73.0 23.7% 0.5% 3.0x 12.5x Clear Channel Outdoor Holdings, Inc. United States 5.48 -14% 1,982.6 7,219.5 2,721.7 578.5 21.3% 5.0% 2.7x 12.5x Clear Media Limited Hong Kong 0.86 -10% 465.8 395.1 272.1 112.7 41.4% 11.1% 1.5x 3.5x JCDecaux SA France 30.86 -15% 6,567.8 7,204.2 3,543.1 576.1 16.3% 0.9% 2.0x 12.5x Lamar Advertising Company (REIT) United States 77.57 -4% 7,724.7 10,591.9 1,627.2 693.1 42.6% 5.6% 6.5x 15.3x National CineMedia, Inc. United States 7.74 -29% 595.8 1,732.8 441.4 191.4 43.4% 3.6% 3.9x 9.1x NTN Buzztime, Inc. United States 3.43 -59% 9.8 11.0 22.7 2.0 8.7% 3.4% 0.5x 5.6x Outfront Media Inc. United States 22.44 -2% 3,158.6 5,460.4 1,606.2 418.5 26.1% 5.6% 3.4x 13.0x Stingray Group Inc. Canada 5.45 -34% 415.5 688.1 125.2 36.0 28.8% 39.5% 5.5x 19.1x TOM Group Limited * Hong Kong 0.24 -22% 947.3 1,308.7 121.8 14.4 11.8% -2.5% 10.7x 90.8x

Adjusted Weighted Average 4.0x 13.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (35.6x)

($ in Millions, except stock price data)

Publishing Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA A.H. Belo Corporation United States $4.05 -30% $ 87.7 $ 29.2 $ 213.8 $ 7.5 3.5% -14.7% 0.1x 3.9x Daily Mail and General Trust plc United Kingdom 8.49 -17% 3,009.6 2,698.1 1,860.8 198.7 10.7% -8.8% 1.4x 13.6x Emmis Communications Corporation United States 3.84 -34% 50.0 156.0 120.5 12.4 10.3% -25.5% 1.3x 12.6x Gannett Co., Inc. United States 11.74 -2% 1,343.8 1,554.5 2,916.8 310.7 10.7% -7.3% 0.5x 5.0x Glacier Media Inc. Canada 0.43 -36% 46.8 91.4 145.8 6.5 4.5% -1.5% 0.6x 14.1x John Wiley & Sons, Inc. United States 51.89 -28% 2,972.2 3,390.6 1,786.1 309.5 17.3% 0.9% 1.9x 11.0x Meredith Corporation United States 57.27 -8% 2,598.1 5,559.7 3,047.1 636.0 20.9% 81.2% 1.8x 8.7x News Corporation United States 13.02 -22% 7,677.4 8,883.4 9,937.0 1,060.0 10.7% 2.4% 0.9x 8.4x Pearson plc United Kingdom 11.35 -14% 8,720.4 9,012.9 5,262.5 692.1 13.2% -8.5% 1.7x 13.0x Scholastic Corporation United States 42.31 -12% 1,490.7 1,146.1 1,664.0 114.2 6.9% 2.5% 0.7x 10.0x The E.W. Scripps Company United States 21.15 -8% 1,706.2 2,265.7 1,208.4 209.1 17.3% 37.8% 1.9x 10.8x The McClatchy Company United States 5.70 -47% 44.5 784.9 838.9 89.2 10.6% -8.9% 0.9x 8.8x The New York Times Company * United States 32.85 -3% 5,450.4 5,093.0 1,725.6 231.6 13.4% 4.0% 3.0x 22.0x

Adjusted Weighted Average 1.4x 10.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.5x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 25 Driven by your success. • Within the Software segment, Venture/Growth Capital transactions accounted for more than sixty percent of monthly activity in February with 154 deals announced, 131 of which worth $4.1 billion in value

• Financial Software was the segment with the most activity, with 43 deals announced, 29 of which reporting $2.3 billion

• Select transactions:

‒ The $700 million acquisition of payments platform WorldFirst by Ant Financial

‒ Carbonite’s $619 million acquisition of endpoint security tool Webroot

‒ The $560 sale of security orchestration, automation, and response company Demisto to Palo Alto Networks

‒ Qlik’s $560 purchase of data integration management software Attunity

‒ The sale of digital identity verification company IDology to GBG for $300 million

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial 43 17% $2,255.5 23% 13 $1,529.0 1 - 29 $726.5 ERP 41 17% 2,012.3 20% 12 1,378.5 0 - 29 633.8 HR 30 12% 266.6 3% 8 10.0 1 - 21 256.6 Collaboration 21 9% 2,331.0 23% 7 575.4 2 1,500.0 12 255.6 Security 16 7% 1,137.9 11% 6 14.8 0 - 10 1,123.1 Software Development Tools 15 6% 396.6 4% 7 300.0 0 - 8 96.6 Engineering 12 5% 246.3 2% 1 - 0 - 11 246.3 Other 68 28% 1,319.9 13% 33 584.8 1 0.0 34 735.1 Total 246 100% $9,966.1 100% 87 $4,392.5 5 $1,500.0 154 $4,073.6

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 26 Driven by your success. ($ in Millions, except stock price data)

Financial & Credit/Risk Management Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alfa Financial Software Holdings PLC United Kingdom $1.63 -74% $ 488.9 $ 440.6 $ 99.7 $ 34.3 34.4% -15.8% 4.4x 12.8x Anaplan, Inc. United States 37.51 -8% 4,687.4 4,360.5 240.6 (115.3) NM 42.9% 18.1x NM Avalara, Inc. United States 52.21 -12% 3,627.1 3,484.4 272.1 (54.1) NM 27.7% 12.8x NM BlackLine, Inc. United States 52.34 -10% 2,876.4 2,748.2 227.8 (11.0) NM 29.7% 12.1x NM Coupa Software Incorporated United States 94.19 -5% 5,599.1 5,364.4 239.2 (34.5) NM 39.9% 22.4x NM Donnelley Financial Solutions, Inc. United States 14.21 -34% 484.8 800.2 963.0 113.1 11.7% -4.2% 0.8x 7.1x Ebix, Inc. United States 58.27 -35% 1,822.1 2,364.5 497.8 162.9 32.7% 36.8% 4.7x 14.5x First Data Corporation United States 25.14 -6% 23,564.1 43,479.1 8,679.0 3,080.0 35.5% 6.8% 5.0x 14.1x GreenSky, Inc. United States 11.30 -58% 648.8 700.4 414.7 157.3 37.9% 27.2% 1.7x 4.5x Guidewire Software, Inc. * United States 91.74 -15% 7,433.9 6,651.0 732.6 69.7 9.5% 38.7% 9.1x 95.5x i3 Verticals, Inc. United States 21.04 -22% 193.1 320.3 331.2 28.0 8.5% 19.4% 1.0x 11.4x Intuit Inc. United States 247.13 -2% 64,024.7 63,104.7 6,233.0 1,779.0 28.5% 10.7% 10.1x 35.5x Model N, Inc. United States 17.30 -15% 545.7 547.1 150.6 (12.0) NM 6.0% 3.6x NM Performant Financial Corporation United States 2.30 -32% 121.9 156.7 149.2 13.0 8.7% 12.6% 1.0x 12.1x Q2 Holdings, Inc. United States 68.82 -4% 2,999.3 3,004.7 241.1 (16.2) NM 24.3% 12.5x NM RealPage, Inc. United States 61.21 -8% 5,586.9 5,955.7 869.5 140.6 16.2% 29.6% 6.8x 42.4x SS&C Technologies Holdings, Inc. United States 61.58 -4% 15,444.7 23,534.0 3,421.1 1,100.3 32.2% 104.2% 6.9x 21.4x StoneCo Ltd. * Brazil 30.41 -12% 8,597.6 9,052.5 149.2 (26.9) NM 0.0% 60.7x NM Tyler Technologies, Inc. United States 204.79 -19% 7,842.0 7,663.4 935.3 191.9 20.5% 11.2% 8.2x 39.9x Zuora, Inc. United States 23.76 -37% 2,578.0 2,418.5 221.0 (62.4) NM 0.0% 10.9x NM

Adjusted Weighted Average 8.4x 29.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (40.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (52.4x) ($ in Millions, except stock price data)

Healthcare Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Allscripts Healthcare Solutions, Inc. United States $10.72 -28% $ 1,836.7 $ 2,361.1 $ 1,750.0 $ 69.8 4.0% 16.8% 1.3x 33.9x Cegedim SA France 29.27 -40% 407.6 590.8 537.9 61.9 11.5% 5.3% 1.1x 9.5x Cerner Corporation United States 55.95 -17% 18,148.0 17,816.3 5,366.3 1,207.1 22.5% 4.4% 3.3x 14.8x Civitas Solutions, Inc. United States 17.76 -1% 644.8 1,340.3 1,613.4 172.9 10.7% 6.8% 0.8x 7.8x Computer Programs and Systems, Inc. United States 32.94 -5% 448.0 573.4 280.4 37.2 13.3% 1.3% 2.0x 15.4x Craneware plc United Kingdom 35.09 -27% 937.0 883.8 71.8 20.8 29.0% 15.5% 12.3x 42.5x HealthEquity, Inc. United States 80.48 -21% 5,021.0 4,690.8 271.9 87.8 32.3% 25.9% 17.3x 53.4x McKesson Corporation United States 127.16 -21% 24,392.5 34,000.5 213,518.0 4,099.0 1.9% 3.9% 0.2x 8.3x Medidata Solutions, Inc. United States 75.02 -16% 4,602.3 4,450.1 635.7 86.0 13.5% 16.8% 7.0x 51.7x NantHealth, Inc. United States 0.69 -82% 75.0 251.3 88.9 (49.0) NM 8.1% 2.8x NM NextGen Healthcare, Inc. United States 17.50 -26% 1,132.2 1,130.3 530.2 38.9 7.3% 0.5% 2.1x 29.1x Streamline Health Solutions, Inc. * United States 1.21 -35% 23.4 35.1 23.0 0.5 2.2% -6.6% 1.5x 70.2x Veeva Systems Inc. * United States 117.91 -5% 17,132.5 16,042.3 862.2 236.9 27.5% 25.8% 18.6x 67.7x

Adjusted Weighted Average 3.5x 19.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (18.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (56.8x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 27 Driven by your success. ($ in Millions, except stock price data)

HR Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA 51job, Inc. China $72.26 -37% $ 4,471.1 $ 3,473.6 $ 543.7 $ 176.5 32.5% 31.3% 6.4x 19.7x Benefitfocus, Inc. United States 49.12 -19% 1,573.8 1,621.2 258.7 (27.8) NM 9.2% 6.3x NM Castlight Health, Inc. United States 3.19 -46% 445.7 371.7 156.4 (32.9) NM 18.5% 2.4x NM Ceridian HCM Holding Inc. United States 49.02 -2% 6,888.0 7,340.5 746.4 116.7 15.6% 11.3% 9.8x 62.9x Cornerstone OnDemand, Inc. United States 56.50 -6% 3,339.2 3,285.9 537.9 13.2 2.5% 11.6% 6.1x NM DHI Group, Inc. United States 2.65 -25% 141.0 151.8 161.6 21.9 13.5% -22.3% 0.9x 6.9x Domo, Inc. United States 34.69 -6% 913.7 805.8 133.1 (151.6) NM 0.0% 6.1x NM Paycom Software, Inc. * United States 181.73 -2% 10,649.3 10,638.0 566.3 190.9 33.7% 30.8% 18.8x 55.7x Paylocity Holding Corporation * United States 87.57 -5% 4,633.8 4,529.8 417.7 43.6 10.4% 25.1% 10.8x 103.9x Pluralsight, Inc. United States 32.51 -15% 2,166.4 2,095.1 232.0 (101.5) NM 39.1% 9.0x NM The Ultimate Software Group, Inc. United States 331.50 -9% 10,385.2 10,235.3 1,140.5 123.0 10.8% 21.2% 9.0x 83.2x Workday, Inc. United States 197.93 -1% 43,544.6 42,971.0 2,822.2 (265.2) NM 31.7% 15.2x NM

Adjusted Weighted Average 12.2x 60.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (18.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (92.3x)

($ in Millions, except stock price data)

Security Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Absolute Software Corporation Canada $6.96 1% $ 282.2 $ 246.7 $ 96.2 $ 9.6 10.0% 4.0% 2.6x 25.7x Check Point Software Technologies Ltd. Israel 122.30 -1% 19,104.9 17,353.2 1,916.5 931.8 48.6% 3.3% 9.1x 18.6x Cisco Systems, Inc. United States 51.77 -1% 227,893.0 213,168.0 50,825.0 15,248.0 30.0% 5.7% 4.2x 14.0x Cheetah Mobile Inc. China 7.30 -53% 1,023.5 621.7 726.2 112.7 15.5% 2.6% 0.9x 5.5x CyberArk Software Ltd. Israel 109.77 -3% 3,958.5 3,531.5 343.2 57.4 16.7% 31.1% 10.3x 61.6x FireEye, Inc. United States 16.76 -19% 3,348.0 3,194.0 831.0 (106.1) NM 6.6% 3.8x NM Fortinet, Inc. United States 86.79 -8% 14,809.3 13,159.7 1,801.2 286.7 15.9% 20.5% 7.3x 45.9x Gemalto N.V. Netherlands 57.97 1% 5,258.6 5,889.9 3,399.0 412.5 12.1% -0.1% 1.7x 14.3x Juniper Networks, Inc. United States 27.08 -12% 9,421.7 8,050.4 4,647.5 794.5 17.1% -7.6% 1.7x 10.1x Mimecast Limited * United Kingdom 48.28 -7% 2,917.2 2,949.0 321.6 25.7 8.0% 33.5% 9.2x 114.9x Palo Alto Networks, Inc. United States 246.27 -6% 23,083.6 21,809.4 2,592.9 69.5 2.7% 30.4% 8.4x NM Proofpoint, Inc. United States 118.09 -9% 6,536.2 6,304.5 717.0 (28.2) NM 38.0% 8.8x NM SecureWorks Corp. United States 22.19 NA 1,813.0 1,698.3 508.9 (30.0) NM 9.2% 3.3x NM Symantec Corporation United States 22.49 -23% 14,376.0 16,842.0 4,752.0 994.0 20.9% 0.3% 3.5x 16.9x Tenable Holdings, Inc. United States 31.18 -21% 2,903.7 2,630.8 267.4 (67.0) NM 42.4% 9.8x NM Trend Micro Incorporated Japan 49.29 -27% 6,882.5 5,287.0 1,462.1 471.7 32.3% 7.8% 3.6x 11.2x VeriSign, Inc. United States 178.04 -2% 21,314.0 21,829.4 1,215.0 815.8 67.1% 4.3% 18.0x 26.8x Zscaler, Inc. * United States 49.68 -19% 6,073.4 5,733.4 242.9 (14.5) NM 57.4% 23.6x NM

Adjusted Weighted Average 5.7x 17.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (61.6x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 28 Driven by your success. ($ in Millions, except stock price data)

Engineering Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA ANSYS, Inc. United States $177.26 -7% $ 14,849.4 $ 14,072.0 $ 1,293.6 $ 539.3 41.7% 18.1% 10.9x 26.1x Dassault Systèmes SE France 146.51 -8% 37,366.7 35,378.3 3,981.5 1,195.8 30.0% 7.7% 8.9x 29.6x PTC Inc. * United States 92.82 -14% 11,011.0 11,486.9 1,269.9 163.4 12.9% 7.2% 9.0x 70.3x Synopsys, Inc. United States 101.68 -2% 15,219.0 15,174.5 3,172.0 557.4 17.6% 11.6% 4.8x 27.2x Trimble Inc. United States 40.01 -10% 10,063.1 11,859.5 3,108.4 583.7 18.8% 17.5% 3.8x 20.3x

Adjusted Weighted Average 8.0x 27.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (54.9x)

($ in Millions, except stock price data)

Infrastructure Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Adobe Inc. United States $262.50 -5% $ 128,028.1 $ 128,933.6 $ 9,030.0 $ 3,186.9 35.3% 23.7% 14.3x 40.5x Atlassian Corporation Plc United Kingdom 107.48 -4% 25,742.0 24,934.0 1,030.2 29.1 2.8% 38.4% 24.2x NM Bandwidth Inc. * United States 55.72 -6% 1,103.2 1,044.5 204.1 10.9 5.4% 25.3% 5.1x 95.5x Cloudera, Inc. United States 14.57 -35% 3,838.4 3,448.7 434.7 (140.5) NM 29.1% 7.9x NM Commvault Systems, Inc. United States 67.39 -7% 3,093.0 2,635.0 714.4 45.0 6.3% 4.9% 3.7x 58.6x DocuSign, Inc. United States 55.15 -19% 9,113.6 8,452.0 650.1 (335.8) NM 0.0% 13.0x NM Dropbox, Inc. United States 23.86 -45% 9,813.0 8,890.0 1,391.7 (327.2) NM 25.7% 6.4x NM Endurance International Group Holdings, Inc. United States 7.00 -36% 1,007.9 2,729.3 1,145.3 309.0 27.0% -2.7% 2.4x 8.8x First Data Corporation United States 25.14 -6% 23,564.1 43,479.1 8,679.0 3,080.0 35.5% 6.8% 5.0x 14.1x IBM Corporation United States 138.13 -15% 122,917.2 156,937.2 79,591.0 16,710.0 21.0% 0.6% 2.0x 9.4x Nutanix, Inc. United States 50.09 -23% 8,973.0 8,451.1 1,241.8 (319.3) NM 21.7% 6.8x NM Okta, Inc. United States 84.88 -3% 9,374.0 9,095.7 364.3 (115.1) NM 59.6% 25.0x NM Rapid7, Inc. United States 46.03 -3% 2,209.1 2,125.0 244.1 (41.0) NM 21.5% 8.7x NM Pivotal Software, Inc. United States 22.42 -28% 5,883.7 5,219.6 621.5 (129.2) NM 0.0% 8.4x NM salesforce.com, inc. * United States 163.65 -2% 125,192.3 126,133.3 13,282.0 1,497.0 11.3% 26.7% 9.5x 84.3x ServiceNow, Inc. United States 239.44 -2% 43,218.9 42,382.7 2,608.8 108.2 4.1% 36.0% 16.2x NM Smartsheet Inc. United States 38.24 -2% 3,966.3 3,760.9 158.5 (44.2) NM 61.8% 23.7x NM Synchronoss Technologies, Inc. United States 8.05 -34% 343.4 541.4 350.0 (55.3) NM -13.2% 1.5x NM Talend S.A. France 47.90 -35% 1,451.6 1,418.8 204.3 (36.3) NM 37.5% 6.9x NM Twilio Inc. United States 121.69 -3% 15,022.4 14,708.6 650.1 (91.8) NM 62.9% 22.6x NM Varonis Systems, Inc. United States 56.96 -31% 1,684.9 1,525.8 270.3 (25.0) NM 25.5% 5.6x NM

Adjusted Weighted Average 10.5x 24.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (25.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (80.6x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 29 Driven by your success. • The Information Segment had nine transactions, six of which reported $96 million in value

• The Financial Information subsegment accounted for more than 45 percent of segment value throughout the month

• Select transactions from the segment included:

‒ The $44 million round of funding credit report access platform Nav raised from Goldman Sachs, Point72, and Experian Ventures

‒ The $21 million Series B funding global freight market information platform FreightWaves raised from 8VC

‒ Health data network Clareto’s round of Series A funding from Health Catalyst Capital Management

‒ ACL’s acquisition of governance, risk, and compliance solution Rsam

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial Information 2 22% $44.0 46% 1 - 0 - 1 $44.0 Geo-Demo Information 2 22% 26.0 27% 0 - 0 - 2 26.0 Healthcare Information 2 22% 10.0 10% 0 - 0 - 2 10.0 Credit/Risk Management Information 1 11% 11.0 11% 0 - 0 - 1 11.0 Engineering/Scientific/Tech Information 1 11% 5.0 5% 0 - 0 - 1 5.0 Other* 1 11% 0.0 0% 1 0.0 0 - 0.0 0 0.0 Total 9 100% $96.0 100% 2 $0.0 0 $0.0 7 $96.0

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 30 Driven by your success. ($ in Millions, except stock price data)

Financial & Credit/Risk Management Information Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Broadridge Financial Solutions, Inc. United States $101.25 -27% $ 11,712.7 $ 12,656.8 $ 4,318.5 $ 812.3 18.8% 0.6% 2.9x 15.6x Computershare Limited Australia 12.26 -16% 6,657.2 8,119.8 2,409.7 727.8 30.2% 10.4% 3.4x 11.2x CoreLogic, Inc. United States 36.67 -34% 2,937.0 4,645.5 1,788.4 390.0 21.8% -3.4% 2.6x 11.9x CoStar Group, Inc. * United States 457.53 -6% 16,677.8 15,577.4 1,191.8 351.3 29.5% 23.5% 13.1x 44.3x Envestnet, Inc. * United States 61.01 -6% 2,789.5 2,959.5 812.4 87.1 10.7% 18.8% 3.6x 34.0x Equifax Inc. United States 109.51 -21% 13,217.8 15,677.6 3,412.1 744.3 21.8% 1.5% 4.6x 21.1x Experian plc Ireland 26.10 -4% 23,518.5 27,023.8 4,819.0 1,469.0 30.5% 8.1% 5.6x 18.4x FactSet Research Systems Inc. United States 235.17 -2% 8,944.8 9,321.8 1,372.6 457.2 33.3% 8.7% 6.8x 20.4x Fair Isaac Corporation * United States 247.82 -2% 7,204.4 7,956.7 1,062.4 246.9 23.2% 12.4% 7.5x 32.2x Fidelity National Information Services, Inc. United States 108.15 -2% 34,923.9 43,212.9 8,423.0 2,382.0 28.3% -2.8% 5.1x 18.1x IHS Markit Ltd. United Kingdom 53.17 -5% 21,236.4 26,801.4 4,009.2 1,324.6 33.0% 11.4% 6.7x 20.2x Moody's Corporation United States 173.12 -8% 33,117.9 37,178.3 4,442.7 2,108.1 47.5% 5.7% 8.4x 17.6x Morningstar, Inc. United States 126.56 -12% 5,399.1 5,073.2 1,019.9 269.7 26.4% 11.9% 5.0x 18.8x MSCI Inc. United States 184.72 -5% 15,576.2 17,247.5 1,434.0 762.2 53.2% 12.5% 12.0x 22.6x S&P Global Inc. United States 200.37 -8% 49,812.0 53,215.0 6,258.0 3,167.0 50.6% 3.2% 8.5x 16.8x SEI Investments Co. United States 52.75 -33% 8,107.2 7,352.6 1,624.2 474.5 29.2% 6.4% 4.5x 15.5x SS&C Technologies Holdings, Inc. United States 61.58 -4% 15,444.7 23,534.0 3,421.1 1,100.3 32.2% 104.2% 6.9x 21.4x Thomson Reuters Corporation Canada 54.35 0% 27,264.5 27,714.3 5,501.0 970.0 17.6% -51.5% 5.0x 28.6x TransUnion United States 64.56 -19% 11,988.8 15,926.2 2,317.2 819.8 35.4% 19.8% 6.9x 19.4x Verisk Analytics, Inc. United States 126.43 -1% 20,672.5 23,253.0 2,395.1 1,046.3 43.7% 11.6% 9.7x 22.2x Workiva Inc. United States 49.45 -1% 2,190.9 2,110.9 244.3 (36.5) NM 17.5% 8.6x NM

Adjusted Weighted Average 6.8x 19.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (29.4x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 31 Driven by your success. ($ in Millions, except stock price data)

Marketing Information Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alliance Data Systems Corporation United States 173.00 -31% 9,168.6 30,488.8 7,791.2 1,864.2 23.9% 0.9% 3.9x 16.4x comScore, Inc. United States 21.81 -19% 1,295.3 1,458.2 419.5 (73.5) NM 3.9% 3.5x NM Ebiquity plc United Kingdom 0.66 -38% 49.9 85.8 116.4 12.9 11.1% 2.6% 0.7x 6.6x InnerWorkings, Inc. United States 4.85 -53% 250.7 417.4 1,121.6 17.1 1.5% -1.5% 0.4x 24.4x INTAGE HOLDINGS Inc. Japan 7.61 -34% 313.4 265.1 477.8 47.9 10.0% 4.8% 0.6x 5.5x Ipsos SA France 26.42 -30% 1,150.7 1,826.4 2,003.1 225.3 11.2% -1.7% 0.9x 8.1x LiveRamp Holdings, Inc. * United States 53.75 -4% 3,667.6 2,120.8 964.8 68.2 7.1% 150.8% 2.2x 31.1x Nielsen Holdings plc United States 26.20 -25% 9,312.7 17,371.7 6,515.0 1,469.0 22.5% -0.9% 2.7x 11.8x SVMK Inc. * United States 15.17 -24% 1,921.2 2,076.8 254.3 (99.5) NM 16.3% 8.2x NM System1 Group PLC United Kingdom 2.79 -38% 35.1 30.5 34.3 2.6 7.7% -11.6% 0.9x 11.6x YouGov plc * United Kingdom 6.22 -7% 656.9 616.2 152.8 22.2 14.5% 8.9% 4.0x 27.8x

Adjusted Weighted Average 3.0x 13.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (25.5x)

($ in Millions, except stock price data)

Other Information Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Forrester Research, Inc. United States 50.20 -2% 916.9 772.4 357.6 35.3 9.9% 5.9% 2.2x 21.9x Gartner, Inc. United States 142.30 -12% 12,766.0 14,891.3 3,975.5 609.3 15.3% 20.1% 3.7x 24.4x HealthStream, Inc. United States 27.80 -13% 898.8 729.9 231.6 30.1 13.0% 7.8% 3.2x 24.2x IQVIA Holdings Inc. United States 140.10 -3% 27,711.7 38,034.7 10,412.0 1,795.0 17.2% 7.3% 3.7x 21.2x Informa plc United Kingdom 9.37 -18% 11,729.6 15,398.5 2,374.3 749.2 31.6% 11.6% 6.5x 20.6x National Research Corporation United States 38.93 -9% 965.5 998.0 119.7 40.6 33.9% 1.8% 8.3x 24.6x NIC Inc. United States 17.09 -3% 1,138.8 947.1 344.9 81.5 23.6% 2.5% 2.7x 11.6x National Research Corporation United States 38.93 -9% 965.5 998.0 119.7 40.6 33.9% 1.8% 8.3x 24.6x Premier, Inc. United States 36.58 -23% 2,333.4 2,330.2 1,682.7 559.8 33.3% 6.2% 1.4x 4.2x Proofpoint, Inc. United States 118.09 -9% 6,536.2 6,304.5 717.0 (28.2) NM 38.0% 8.8x NM Reed Elsevier plc(1) United Kingdom 22.98 -2% 45,030.6 53,401.4 9,548.7 2,895.7 30.3% 2.1% 5.6x 18.4x Wolters Kluwer N.V. Netherlands 66.03 -1% 17,967.6 20,274.8 4,877.5 1,370.5 28.1% -3.7% 4.2x 14.8x

Adjusted Weighted Average 4.9x 19.2x

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL) *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (25.7x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 32 Driven by your success. • February was an active month for the Business & IT Services segment with 76 transactions announced, 13 of which were valued at $474 million

• IT Consulting transactions accounted for 39 percent of all transactions throughout the month with 30 deals announced

• Strategic buyers announced 55 deals throughout the month

• Select transaction from the segment include:

‒ The $300 million round of funding on-demand logistics company Lalamove raised from Hillhouse Capital and Sequoia Capital

‒ SoftwareOne’s acquisition of cloud transformation company RightCloud and IT services provider COMPAREX

‒ The sale of IT consulting company Clear IT Architecture to AcquireTek

‒ WellSky’s purchase of acute care IT software developer Health Care Software

‒ The acquisition of public sector IT and cloud consulting companies Applied Technology Group and Stratus Solutions by Applied Insight

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting 30 39% $11.7 2% 26 $11.7 2 - 2 - Corporate Training 21 28% 77.4 16% 12 - 2 - 7 77.4 Staffing 8 11% 2.0 0% 8 2.0 0 - 0 - Financial Consulting 6 8% 52.7 11% 4 - 0 - 2 52.7 Logistics 3 4% 305.5 64% 1 - 0 - 2 305.5 BPO 2 3% 25.0 5% 0 - 1 - 1 25.0 Credit/Risk Consulting 2 3% - 0% 1 - 0 - 1 - Other 4 5% 0.0 0% 3 0.0 0 0.0 1 0.0 Total 76 100% $474.3 100% 55 $13.7 5 $0.0 16 $460.6

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 33 Driven by your success. ($ in Millions, except stock price data)

Consulting Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Accenture plc Ireland 161.38 -8% 102,871.5 98,905.9 40,294.7 6,569.6 16.3% 11.3% 2.5x 15.1x CRA International, Inc. United States 49.96 -15% 402.2 364.2 417.6 38.6 9.3% 12.9% 0.9x 9.4x FTI Consulting, Inc. United States 74.16 -9% 2,734.4 2,687.9 2,027.9 260.9 12.9% 12.2% 1.3x 10.3x Information Services Group, Inc. United States 4.31 -21% 194.8 280.6 274.5 24.4 8.9% 6.7% 1.0x 11.5x Navigant Consulting, Inc. United States 20.59 -25% 834.3 631.4 672.7 57.1 8.5% 5.6% 0.9x 11.1x ICF International, Inc. United States 75.52 -8% 1,420.8 1,609.6 1,338.0 120.7 9.0% 8.9% 1.2x 13.3x Huron Consulting Group Inc. United States 45.82 -20% 978.8 1,242.4 795.1 91.5 11.5% 8.5% 1.6x 13.6x The Hackett Group, Inc. United States 16.26 -29% 480.0 472.7 264.5 41.8 15.8% 0.5% 1.8x 11.3x

Adjusted Weighted Average 1.3x 10.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.4x) ($ in Millions, except stock price data)

HR Services Stock Price Chg % From Equity Ent. LTM LTM Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 153.03 -1% 66,664.4 67,083.7 13,839.4 3,231.5 23.4% 8.2% 4.8x 20.8x Barrett Business Services, Inc. United States 78.54 -20% 579.7 548.1 940.7 37.5 4.0% 2.2% 0.6x 14.6x Capita plc United Kingdom 1.65 -39% 2,730.3 3,952.0 5,436.2 535.5 9.8% -5.1% 0.7x 7.4x DHI Group, Inc. United States 2.65 -25% 141.0 151.8 161.6 21.9 13.5% -22.3% 0.9x 6.9x Edenred SA France 44.44 -3% 10,589.5 11,469.9 1,519.3 558.7 36.8% 4.3% 7.5x 20.5x Insperity, Inc. * United States 126.27 -5% 5,169.2 4,926.0 3,828.5 205.2 5.4% 16.0% 1.3x 24.0x Marsh & McLennan Companies, Inc. United States 93.02 -2% 46,985.2 51,816.2 14,950.0 3,470.0 23.2% 6.6% 3.5x 14.9x Paychex, Inc. United States 77.02 -1% 27,657.2 26,955.5 3,506.7 1,439.6 41.1% 9.9% 7.7x 18.7x TriNet Group, Inc. United States 61.29 -4% 4,300.7 4,431.7 3,503.0 273.0 7.8% 7.0% 1.3x 16.2x WageWorks, Inc. United States 32.90 -42% 1,304.0 656.5 461.7 91.7 19.9% 33.1% 1.4x 7.2x

Adjusted Weighted Average 4.8x 18.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.3x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 34 Driven by your success. ($ in Millions, except stock price data)

IT Consulting Stock Price Chg % From Equity Ent. LTM LTM Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 161.38 -8% 102,871.5 98,905.9 40,294.7 6,569.6 16.3% 11.3% 2.5x 15.1x Amdocs Limited United States 55.57 -23% 7,724.9 7,313.4 4,009.2 737.8 18.4% 3.1% 1.8x 9.9x Bechtle AG Germany 85.87 -16% 3,606.4 3,843.6 4,694.8 243.8 5.2% 17.7% 0.8x 15.8x Booz Allen Hamilton Holding Corporation United States 52.86 -3% 7,404.7 8,967.1 6,559.3 666.5 10.2% 7.2% 1.4x 13.5x Business & Decision SA * France 8.64 -7% 68.1 106.9 249.3 2.7 NA -3.7% 0.4x 40.1x Capgemini SE France 119.80 -12% 19,257.7 22,009.1 15,109.9 1,916.6 12.7% 5.4% 1.5x 11.5x Cerner Corporation United States 55.95 -17% 18,148.0 17,816.3 5,366.3 1,207.1 22.5% 4.4% 3.3x 14.8x CGI Inc. Canada 67.01 0% 18,319.6 19,715.1 8,540.5 1,439.0 16.8% 6.1% 2.3x 13.7x Cognizant Technology Solutions Corporation United States 70.98 -17% 40,820.5 37,054.5 16,125.0 3,320.0 20.6% 8.9% 2.3x 11.2x Digi International Inc. United States 13.20 -10% 365.3 288.8 245.7 28.5 11.6% 35.4% 1.2x 10.1x DXC Technology Company United States 65.86 -39% 17,668.3 23,087.3 23,880.0 5,507.0 23.1% 32.4% 1.0x 4.2x Endava plc * United Kingdom 29.56 -6% 1,567.7 1,502.7 329.2 47.5 14.4% 0.0% 4.6x 31.7x EPAM Systems, Inc. * United States 161.78 -2% 8,764.8 8,019.3 1,842.9 282.8 15.3% 27.1% 4.4x 28.4x Globant S.A. * Luxembourg 68.89 -7% 2,492.7 2,405.1 522.3 89.9 17.2% 26.3% 4.6x 26.8x Hexaware Technologies Limited India 5.01 -37% 1,490.9 1,375.8 667.8 104.4 15.6% 17.9% 2.1x 13.2x International Business Machines Corporation United States 138.13 -15% 122,917.2 156,937.2 79,591.0 16,710.0 21.0% 0.6% 2.0x 9.4x Infosys Limited India 10.37 -6% 45,078.6 41,387.6 11,545.0 3,014.0 26.1% 7.9% 3.6x 13.7x ITS Group France 5.53 -36% 43.1 58.8 208.7 9.3 4.4% -2.2% 0.3x 6.3x Larsen & Toubro Limited India 18.28 -12% 25,636.4 39,916.9 19,883.2 2,477.9 12.5% 18.3% 2.0x 16.1x Navigant Consulting, Inc. United States 20.59 -25% 834.3 631.4 672.7 57.1 8.5% 5.6% 0.9x 11.1x NTT DATA Corporation Japan 10.93 -24% 15,324.5 19,127.1 19,428.4 2,956.3 15.2% 2.1% 1.0x 6.5x Perficient, Inc. United States 28.61 -8% 949.1 1,024.2 498.4 60.1 12.1% 2.7% 2.1x 17.1x Presidio, Inc. United States 16.63 -7% 1,372.3 2,318.7 2,995.3 214.9 7.2% 9.4% 0.8x 10.8x Reply S.p.A. Italy 60.07 -13% 2,247.2 2,189.9 1,119.7 141.9 12.7% 12.2% 2.0x 15.4x SQLI SA France 25.00 -42% 109.1 137.5 262.9 19.3 7.3% 13.9% 0.5x 7.1x Synthomer plc United Kingdom 5.06 -34% 1,718.7 2,008.2 2,063.3 217.6 10.5% 9.4% 1.0x 9.2x Tata Consultancy Services Limited * India 28.00 -14% 105,085.3 98,761.3 20,190.8 5,474.1 27.1% 16.5% 4.9x 18.0x Wipro Limited India 3.92 -8% 23,530.3 20,002.6 8,239.5 1,500.5 18.2% 4.8% 2.4x 13.3x

Adjusted Weighted Average 2.3x 13.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.8x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 35 Driven by your success. ($ in Millions, except stock price data)

Outsourced Services Stock Price Chg % From Equity Ent. LTM LTM Multiples Company Name Headquarters 02/28/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation United States 5.98 -39% 48.6 36.6 40.5 1.6 4.0% 6.9% 0.9x 22.5x Cimpress N.V. Netherlands 82.50 -52% 2,544.6 3,751.2 2,681.8 270.1 10.1% 9.9% 1.4x 13.9x Clairvest Group Inc. Canada 37.97 -1% 577.8 314.2 129.7 90.8 70.0% -17.6% 2.4x 3.5x CSG Systems International, Inc. United States 41.55 -13% 1,323.0 1,520.0 875.1 144.5 16.5% 10.8% 1.7x 10.5x Donnelley Financial Solutions, Inc. United States 14.21 -34% 484.8 800.2 963.0 113.1 11.7% -4.2% 0.8x 7.1x Elanders AB (publ) Sweden 10.09 -4% 356.8 633.1 1,208.8 81.6 6.7% 15.0% 0.5x 7.8x Eniro AB (publ) Sweden 0.20 -71% 13.1 110.9 156.7 23.2 14.8% -12.7% 0.7x 4.8x ExlService Holdings, Inc. United States 61.40 -8% 2,107.5 2,112.5 883.1 118.3 13.4% 15.8% 2.4x 17.9x Firstsource Solutions Limited India 0.61 -49% 421.5 478.0 539.7 71.2 13.2% 6.4% 0.9x 6.7x Genpact Limited Bermuda 33.22 -2% 6,292.5 7,228.3 3,000.8 450.0 15.0% 9.6% 2.4x 16.1x InnerWorkings, Inc. United States 4.85 -53% 250.7 417.4 1,121.6 17.1 1.5% -1.5% 0.4x 24.4x j2 Global, Inc. United States 85.01 -7% 4,190.0 4,993.7 1,207.3 450.4 37.3% 8.0% 4.1x 11.1x Liq Participações S.A. Brazil 0.26 -81% 2.8 11.0 361.5 (1.1) NM -21.3% 0.0x NM Luxoft Holding, Inc. Switzerland 58.29 -1% 1,975.2 1,873.3 904.4 95.2 10.5% 3.0% 2.1x 19.7x LSC Communications, Inc. United States 8.46 -55% 281.9 1,027.9 3,826.0 214.0 5.6% 6.2% 0.3x 4.8x MAXIMUS, Inc. United States 70.68 -4% 4,509.2 4,582.7 2,433.7 348.2 14.3% -1.3% 1.9x 13.2x Quad/Graphics, Inc. United States 14.59 -47% 757.7 1,642.5 4,193.7 391.4 9.3% 1.5% 0.4x 4.2x IQVIA Holdings Inc. United States 140.10 -3% 27,711.7 38,034.7 10,412.0 1,795.0 17.2% 7.3% 3.7x 21.2x R.R. Donnelley & Sons Company United States 5.38 -44% 379.0 2,114.6 6,800.2 397.8 5.8% -2.0% 0.3x 5.3x Serco Group plc United Kingdom 1.72 -5% 1,875.2 2,132.0 3,615.6 160.6 4.4% -4.0% 0.6x 13.3x Steel Connect, Inc. United States 2.05 -17% 124.3 525.6 757.9 44.2 5.8% 81.4% 0.7x 11.9x SYNNEX Corporation United States 98.12 -24% 5,025.1 8,032.0 20,053.8 821.0 4.1% 17.6% 0.4x 9.8x Sykes Enterprises, Incorporated United States 29.59 -6% 1,265.8 1,239.1 1,625.7 158.7 9.8% 2.5% 0.8x 7.8x Teleperformance SE France 178.80 -8% 10,327.1 12,665.1 5,084.7 846.1 16.6% 6.2% 2.5x 15.0x TTEC Holdings, Inc. United States 34.26 -13% 1,582.6 1,769.4 1,509.2 169.0 11.2% 2.2% 1.2x 10.5x transcosmos inc. Japan 19.94 -27% 827.1 675.4 2,556.1 79.4 3.1% 8.0% 0.3x 8.5x Transcontinental Inc. Canada 14.39 -41% 1,276.8 2,358.7 2,167.3 408.6 18.9% 43.3% 1.1x 5.8x

Adjusted Weighted Average 1.3x 11.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.2x)

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 36 Driven by your success. Current Summary Trading Valuation Information

Revenue Multiples (Trailing Twelve Months) Public Company Index MEAN MEDIAN Weighted Average Adjusted Weighted Average* US-based Digital Media and Internet 4.6x 4.1x 5.3x 4.7x Internationally-based Digital Media and Internet 3.6x 2.9x 5.0x 3.1x US-based eCommerce 3.7x 2.2x 4.0x 3.6x Internationally-based eCommerce 4.7x 1.6x 9.6x 4.0x US-based Digital Advertising 4.0x 2.9x 6.0x 3.2x Internationally-based Digital Advertising 3.0x 1.0x 9.5x 2.5x US-based Marketing Technology 7.0x 6.2x 7.6x 6.6x Internationally-based Marketing Technology 7.3x 4.3x 10.6x 10.6x Agency 1.1x 1.1x 1.2x 1.2x Marketing Services 1.7x 1.4x 3.9x 2.4x Traditional Media 3.0x 2.4x 3.6x 3.2x Software 7.8x 6.8x 8.3x 7.9x Information 4.9x 4.1x 7.4x 7.0x Business Services 1.3x 0.9x 2.8x 2.3x

As of close of business on 02/28/19 *Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 37 Driven by your success. ***A listof companiescomprisingeach indicescan befound in the section of the report correspondingwiththe indicesname Current Summary Trading Valuation Information

EBITDA Multiples (Trailing Twelve Months) Public Company Index MEAN MEDIAN Weighted Average Adjusted Weighted Average* US-based Digital Media and Internet 34.2x 21.6x 19.6x 32.9x Internationally-based Digital Media and Internet 15.9x 13.0x 16.5x 15.2x US-based e-commerce 21.2x 14.2x 18.8x 15.2x Internationally-based e-commerce 18.4x 13.0x 29.4x 14.1x US-based Digital Advertising 27.2x 22.0x 16.5x 19.4x Internationally-based Digital Advertising 10.6x 6.2x 7.3x 11.0x US-based Marketing Technology 55.8x 39.5x 32.7x 44.2x Internationally-based Marketing Technology 43.8x 15.3x 8.9x 15.5x Agency 9.5x 9.2x 8.3x 8.3x Marketing Services 11.3x 9.8x 17.5x 11.2x Traditional Media 13.6x 9.8x 12.7x 11.0x Software 34.2x 25.9x 24.1x 19.8x Financial & Credit/Risk Management Software 25.7x 21.4x 29.9x 29.5x Healthcare Software 33.7x 31.5x 30.6x 20.1x HR Software 55.4x 59.3x 27.6x 60.9x Security Software 30.5x 17.8x 15.8x 17.1x Engineering Software 34.7x 27.2x 32.6x 27.2x Infrastructure Software 44.5x 40.5x 32.1x 24.6x Information 20.4x 19.5x 26.8x 19.4x Financial & Credit/Risk Management Information 21.5x 19.8x 21.0x 19.5x Marketing Information 15.9x 11.8x 14.7x 13.7x Other Information 19.1x 21.2x 18.2x 19.2x Business Services 11.5x 11.0x 14.5x 12.7x Consulting 11.8x 11.4x 11.6x 10.6x Outsourced Services 11.4x 10.5x 15.9x 11.9x HR Services 15.1x 15.6x 18.4x 18.2x IT Consulting 14.8x 13.4x 13.5x 13.2x

As of close of business on 02/28/19 *Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean

*The stock prices shownare as of 2/28/19 and should not berelied upon as currentthereafter. **Source: S&P Capital IQ Page 38 Driven by your success. ***A listof companiescomprisingeach indicescan befound in the section of the report correspondingwiththe indicesname Strategic Transactions

Strategic Reported Transaction Values Disclosed Target Target Segment Buyer/Investor Value

Solium Capital, Inc. Software Morgan Stanley & Co. Incorporated $ 829.0 World First UK Limited Software Ant Financial Services Group 700.0 Webroot, Inc. Software Carbonite, Inc. 618.5 Demisto, Inc. Software Palo Alto Networks 560.0 Attunity Ltd. Software Qlik Technologies, Inc. 560.0 IDology, Inc. Software GB Group PLC 300.0 Pearson US Textbook Unit Traditional Media Nexus Group LLC 250.0 Gimlet Media, Inc. Digital Media/Commerce Spotify Ltd. 230.0 Ushr, Inc. Software Dynamic Map Platform Co., Ltd. 200.0 Luminate Security Ltd. Software Symantec Corporation 200.0 MicroPact, Inc. Software Tyler Technologies 185.0 RhythmOne plc Digital Advertising Taptica International Ltd. 176.0 Altia Systems, Inc. Marketing Technology GN Group 125.0 Alooma, Inc. Software Alphabet Inc. 125.0 Anchor FM, Inc. Digital Media/Commerce Spotify Ltd. 110.0 Mondadori Magazines France SAS Traditional Media Reworld Media Societe 79.0 Catalyst Repository Systems, Inc. Software OpenText Corporation 74.8 Soft Computing Agency & Marketing Services Publicis Groupe S.A. 50.0 Warhorse Studios s.r.o. Digital Media/Commerce THQ Nordic AB 48.4 Explore.fr Marketing Technology Activa Capital 40.8 Digiphoto Entertainment Imaging LLC Digital Media/Commerce Thomas Cook (India) Limited 40.6 Determine, Inc. Marketing Technology Corcentric LLC 32.0 Delmarva Broadcasting Company, Inc. Traditional Media Forever Media, Inc. 18.5 BJL Group Limited Agency & Marketing Services Dentsu Aegis Network, Inc. 15.5 NEEO AG Software Control4 Corporation 15.4 Ooyala, Video Platform Business Digital Advertising Brightcove, Inc. 15.0 DigitalBox Publishing and Mashed Productions Digital Media/Commerce Polemos 14.4 Certus IT Limited Business Services SysGroup plc 11.7 Sorenson Media, Inc. Marketing Technology Nielsen Holdings B.V. 11.3 PCSYS A/S Software TECSYS, Inc. 10.3 myStrength, Inc. Software Livongo Health, Inc. 10.0 Delivery Biz Pro, LLC Software Getswift Limited 4.5

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 39 Driven by your success. Strategic Transactions

Strategic Reported Transaction Values Disclosed Target Target Segment Buyer/Investor Value

18POINT2 Pty Ltd. Digital Media/Commerce Koch Media GmbH $ 2.8 Montu Staffing Solutions Business Services SEEK Careers/Staffing 2.0 Banana Whale Studios Pte. Ltd. Digital Media/Commerce Velo Partners 2.0 LOT.TO SYSTEMS Limited Digital Media/Commerce Sportech PLC 1.0

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 40 Driven by your success. Strategic Transactions

Strategic Reported Transaction Values Undisclosed Target Target Segment Buyer/Investor Value

Armitage Communications Limited Agency & Marketing Services Napier Partnership Limited $ - Big Crayon Digital Agency & Marketing Services Flintriver Design Strategies - Big Sync Music Ltd. Agency & Marketing Services Songtradr, Inc. - Blue Dog Design Limited Agency & Marketing Services Lucid Group Communications Ltd - BLUE LIONS Agency & Marketing Services Altavia Group - Buyatab Online, Inc. Agency & Marketing Services Stored Value Solutions - CKR Interactive, Inc. Agency & Marketing Services TMP Worldwide - Cloverleaf Innovation LLC Agency & Marketing Services Elevation Marketing, Inc. - Digital Brand Architects Agency & Marketing Services United Talent Agency, Inc. - DSTNCT Pte. Ltd. Agency & Marketing Services Gushcloud - e3creative Limited Agency & Marketing Services Dept Agency - EMC Strategic Communications Agency & Marketing Services Jackson Marketing, Motorsports & Events - Forrest-Pruzan Creative LLC Agency & Marketing Services Funko, Inc. - GiftCertificates.com, Inc. Agency & Marketing Services Tango Card, Inc. - Gilbert & Sheppard Group Agency & Marketing Services Immersion Active - Goldeye Media Agency & Marketing Services MRKT360, Inc. - Goodfellas Group LLC Agency & Marketing Services TransCanna Holdings, Inc. - Happy Marketer Private Ltd. Agency & Marketing Services Dentsu Aegis Network, Inc. - Headline NFP Agency & Marketing Services DMA Media Limited - Hooplot Associates Agency & Marketing Services Fundamental Media Ltd. - Intermarket Communications Agency & Marketing Services Lansons - Leadbox, Inc. Agency & Marketing Services Drive Media Ltd. - Little Arrows, Inc. Agency & Marketing Services Gradient Group - Lucey Stepp Agency & Marketing Services Spectre Vision/Company X - Market Connections, Inc. Agency & Marketing Services Doxim Solutions ULC - Mediamark Proprietary Limited Agency & Marketing Services Kagiso Media Ltd - Merdeli Marketing Agency & Marketing Services Osprey Capital - Moorgate Communications Agency & Marketing Services Finn Partners, Inc. - O’Rourke Public Relations Agency & Marketing Services KWP Advertising Pty Ltd. - Othervox Agency & Marketing Services PinkNews.co.uk - Paykel Media Company Pty Ltd. Agency & Marketing Services Active International - Peak Ace AG Agency & Marketing Services My Media Group S.A.S. -

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 41 Driven by your success. Strategic Transactions

Strategic Reported Transaction Values Undisclosed Target Target Segment Buyer/Investor Value

Pilgrim PR Limited Agency & Marketing Services Resolve Public Relations & Public Affairs Ltd. $ - Postmark, Inc. Agency & Marketing Services Salem One, Inc. - Propulse Video Agency & Marketing Services TransPerfect Translations - PT BASE Agency & Marketing Services 9 Story Media Group - Pulley Project Agency & Marketing Services Artist Uprising LLC - Redshift Digital, Inc. Agency & Marketing Services Blink UX - Ritual Studio Agency & Marketing Services Hoorah Digital - Small Army Agency & Marketing Services Finn Partners, Inc. - The Beacon Media Group, LLC Agency & Marketing Services ChizComm Ltd. - Travelwatch, Inc. Agency & Marketing Services BranchUp, Inc. - VanGoGh Communication Agency Agency & Marketing Services AIM Group International - Wingnut Advertising Agency & Marketing Services Augeo Affinity Marketing - Applied Technology Group, Inc. Business Services Applied Insight LLC - Artisan Consulting Pty Ltd. Business Services PS&C Ltd. - Aventine Hill Partners, Inc. Business Services Vaco, LLC - Bamboo Talent Business Services Riviera Partners - C/D/H Business Services Red Level Networks, Inc. - clckwrk Limited Business Services RDX - Clear IT Architecture Business Services AcquireTek, Inc. - Cloudten Industries Pty Ltd. Business Services TSN - Cogeco Peer 1, Inc. Business Services Digital Colony - COMPAREX AG Business Services SoftwareONE AG - Corner Post Holdings, Inc. Business Services Underground Vaults & Storage, Inc. - Cygna Labs, Inc. Business Services N3K Informatik GmbH - DataCeutics, Inc. Business Services Navitas Life Sciences - Designertech Business Services Theta Systems Limited - Dynamics Group Business Services Fusion5 Pty. Ltd. - eCentric Solutions IT Staffing Business Business Services TeamLease Services - El Pescador Business Services KnowBe4, Inc. - FoodStaff Business Services Hospitality Staffing Solutions LLC - Future Focus Infotech Pvt., Ltd. Business Services en-japan, Inc. - Global Risk Innovations Business Services TargetSolutions, Inc. -

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 42 Driven by your success. Strategic Transactions

Strategic Reported Transaction Values Undisclosed Target Target Segment Buyer/Investor Value

Health Care Software, Inc. Business Services WellSky, Inc. $ - Healthtech Consultants Business Services Nordic Consulting Partners, Inc. - Independence Consulting Company Business Services Point B, Inc. - Internet Security Solutions GmbH Business Services DTS IT AG - Leapest B.V. Business Services EdCast, Inc. - Lobster Ink Business Services Ecolab, Inc.. - mAccounting Business Services inDinero, Inc. - MedAxiom, Inc. Business Services American College of Cardiology Foundation - Mediasmiths AB Business Services Switch Media Plc - National Association for Continuing Education, Inc. Business Services Haymarket Media Group - Nielsen+Partner Business Services Larsen & Toubro Infotech Limited - Onevinn AB Business Services Haven Cyber Technologies - PanOptis LLC Business Services Brevet Capital - Pixelbug Technologies, Inc. Business Services Besomebody, Inc. - Planet Software Pty Ltd. Business Services QSR International Pty Ltd. - Portfolium, Inc. Business Services Instructure, Inc. - Pragmatic Marketing Business Services The Data Incubator - Proactive Technologies LLC Business Services Abacus Group LLC - Prosperity.ae Business Services deVere Group GmbH - RightCloud Pte. Ltd. Business Services SoftwareONE AG - Salient IT, Inc. Business Services NuMSP - Sea Pine Technologies LLC Business Services Zurich Insurance Group AG - SecureData Europe Ltd. Business Services Orange SA - Securities Operations Forum Business Services Tabb Group - Sitec Professional Services Ltd. Business Services Belcan LLC - Strive Logistics Business Services Redwood Logistics - TalentRISE.com Business Services Aleron Shared Resources, Inc. - TruPoint Partners, Inc. Business Services Ncontracts, LLC - Veritas Risk Services LLC Business Services OneDigital Health and Benefits - Vitech Corporation Business Services Zuken, Inc. - Watermark Learning, Inc. Business Services Project Management Academy - WPATech LLC Business Services Eagle Point Technology Solutions, Inc. -

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 43 Driven by your success. Strategic Transactions

Strategic Reported Transaction Values Undisclosed Target Target Segment Buyer/Investor Value

ZuluDesk B.V. Business Services JAMF Software, LLC $ - BoldLeads.com, Inc. Digital Advertising Propertybase GmbH - Buzzeff MEA Digital Advertising Teads Mena, Inc. - Cohort AU/NZ Digital Advertising Unity4 Holdings Pty Ltd. - Empathy Marketing Digital Advertising Secret Escapes Ltd. - Flowplayer, Ltd. Digital Advertising ThirdPresence - GradConnection Pty Ltd. Digital Advertising Seek Ltd. - Ligatus GmbH Digital Advertising Outbrain, Inc. - OPM Pros Digital Advertising Gen3 Marketing LLC - ScreenPlay, Inc. Digital Advertising Loop Media, Inc. - Zentrick BVBA Digital Advertising DoubleVerify, Inc. - ArrivalGuides AB Digital Media/Commerce Lonely Planet Publications Pty Ltd. - auFeminin.com Digital Media/Commerce Television Francaise 1 SA - Belabumbum Digital Media/Commerce Adore Me - ClarityRx Clinical Skin Care, Inc. Digital Media/Commerce Topix Pharmaceuticals, Inc. - Clevver Media Digital Media/Commerce Hearst Communications, Inc. - CMX Digital Media/Commerce Bevy Labs, Inc. - Crypto Facilities Ltd. Digital Media/Commerce Kraken.com - CyclicMint Digital Media/Commerce AMBCrypto - Deliverance Warhorse Studios Digital Media/Commerce Koch Media GmbH - Etalktech Digital Media/Commerce Dricki IT Solutions - Gudog Digital Media/Commerce HouseMyDog Limited - Habit LLC Digital Media/Commerce Viome, Inc. - Hinge, Inc. Digital Media/Commerce Match Group, Inc. - JibJab Media, Inc. Digital Media/Commerce Catapult Capital - Masomo Limited Digital Media/Commerce Miniclip Limited - Molotov SA Digital Media/Commerce Altice N.V. - Packdat Digital Media/Commerce Passpod - Py Digital Media/Commerce Hired, Inc. - RateBeer LLC Digital Media/Commerce Anheuser-Busch InBev SA/NV - RollerCoaster.ie Limited Digital Media/Commerce dmg media limited - TasteDive Digital Media/Commerce Qloo, Inc. -

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 44 Driven by your success. Strategic Transactions

Strategic Reported Transaction Values Undisclosed Target Target Segment Buyer/Investor Value

Torontoist.com Digital Media/Commerce Daily Hive $ - TravelCar Digital Media/Commerce PSA Group - Vietnammm Co., Ltd. Digital Media/Commerce Woowa Brothers Corporation - Neutrino srl Information Coinbase, Inc. - Rsam Information ACL Services Ltd. - About.me Marketing Technology Broadly Inc. - APT Solutions Ltd. Marketing Technology ClearCourse Partnership LLP - Aspectiva Ltd. Marketing Technology WalMart Stores, Inc. - Celebros Search Marketing Technology Bridgeline Digital, Inc. - Certona Corporation Marketing Technology Kibo Software, Inc. - ClearVoice, Inc. Marketing Technology Fiverr International Limited - Connotate Technologies, Inc. Marketing Technology Import.io Corporation - Contactually, Inc. Marketing Technology Compass.com - Coolfront Technologies Marketing Technology FieldEdge - CTM Software Corporation Marketing Technology MRI Software LLC - CustomerLink Marketing Technology Natero, Inc. - Cyfe, Inc. Marketing Technology Alpine SG LLC - Data Tiger Marketing Technology Apple Inc. - Donseed UK Ltd. Marketing Technology Causeway Technologies Limited - Doxa S.p.A. Marketing Technology BVA Group - Euclid Analytics, Inc. Marketing Technology WeWork.com - FaithLauncher Marketing Technology GiveSendGo LLC - FMP Publishing A.B. Marketing Technology Icecat NV - GetSocial BV Marketing Technology Keywords Studios plc - GrokStyle, Inc. Marketing Technology Facebook - Indix Corporation Marketing Technology Avalara, Inc. - Jai Marketing Technology JobiJoba - Jinfonet Software Inc. Marketing Technology Logi Analytics - Kamidoo Ltd. Marketing Technology Connatix Ltd. - Nuzzel, Inc. Marketing Technology Scroll.com - OrchestraCMS Marketing Technology Bridgeline Digital, Inc. - Rayos and Rivista Marketing Technology TownNews.com -

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 45 Driven by your success. Strategic Transactions

Strategic Reported Transaction Values Undisclosed Target Target Segment Buyer/Investor Value RazorSync LLC Marketing Technology Celero Commerce, Inc. $ - ReachPod Marketing Technology Alembic - Reputology Holdings, Inc. Marketing Technology Alpine SG LLC - Research Into Action, Inc. Marketing Technology Opinion Dynamics, Inc. - Sawa Marketing Technology MailChimp - Seevolution, Inc. (Certain Assets) Marketing Technology Bridgeline Digital, Inc. - SERPs, Inc. Marketing Technology ASG MarTech - Showbox Ltd. Marketing Technology PowToon Limited - Slideworx AG Marketing Technology mTAB Survey Analysis - Social Report Marketing Technology ASG MarTech - SolidOpinion Marketing Technology Ideanomics, Inc. - Stacks, Inc. Marketing Technology EBSCO Industries, Inc. - Vantage Computing Limited Marketing Technology Asolvi.com - vocalize.ai, Inc. Marketing Technology Sensory, Inc. - Xverify, Inc. Marketing Technology TowerData, Inc. - Zinc, Inc. Marketing Technology ServiceMax, Inc. - Zoom Information, Inc. Marketing Technology DiscoverOrg, LLC - Adya, Inc. Software Qualys, Inc. - AetherPal, Inc. Software VMware, Inc. - AGEman Solutions, Inc. Software EquiSoft - Anaqua, Inc. Software Astorg Partners - Anova Data, Inc. Software Ribbon Communications, Inc. - API Healthcare Corporation Software symplr - Baltic Banking Service Software iSignthis Ltd. - BECPOS.com Software NCR Corporation - Bedrock Data, Inc. Software Formstack, LLC - BROWZ LLC Software Avetta LLC - Buymanager Software SupplyFrame, Inc. - Bwise Software SAI Global Ltd. - Containerchain Pty Ltd. Software WiseTech Global - Core Security Assets of SecureAuth Software HelpSystems, LLC - Corstem.ai Software Circle Cardiovascular Imaging, Inc. -

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 46 Driven by your success. Strategic Transactions

Strategic Reported Transaction Values Undisclosed Target Target Segment Buyer/Investor Value Cursor Data, Inc. Software DataRobot Inc. $ - DAHO Networks Software Zenlayer, Inc. - Data Harbor Software OffsiteDataSync, Inc. - Data Technologies, Inc. Software gWorks - DataEmerge Software MediQuant LLC - DataSense Software Microsoft Corporation - Dataturks Software WalMart Stores, Inc. - Dispatch.ai Software Amazon.com, Inc. - DollarAndSense Software FundMyLife - dotmodus.com Software Dynamic Technology Holdings - eero, Inc. Software Amazon.com, Inc. - Elecworks Software Dassault Systemes - Element42 Software Zebi Data India Pvt., Ltd. - EnterpriseDB Corporation Software EnergyIQ LLC - Enterworks, Inc. Software Winshuttle LLC - Fenris IV Software Dark Cubed, Inc. - Firmex, Inc. Software BDC Capital - Fixd Repair Software ANGI Homeservices, Inc. - HomeFront Software Software Hyphen Solutions LLC - Hotify, Inc. Software Sonasoft Corporation - hTRUNK Software Solutions Pvt Ltd. Software Temenos Group AG - in4mo Oy Software Solera Holdings, Inc. - Interset, Inc. Software Micro Focus International - Jenmar International Software EasyRx, LLC - KOPFWERK Datensysteme Ges.m.b.H. Software Henry Schein One, LLC - Lightning Bolt Solutions, Inc./CareWire, Inc. Software PerfectServe, Inc. - LP Software, Inc. Software Appriss Retail - Lumedic, Inc. Software Providence St. Joseph Health - Madumbo Software Datadog, Inc. - Mantica Italia S.r.l. Software TAS Group - MyCivic Apps Software Tyler Technologies - Navigator and Gateway business of petroWEB Software EnergyIQ LLC -

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 47 Driven by your success. Strategic Transactions

Strategic Reported Transaction Values Undisclosed Target Target Segment Buyer/Investor Value PortfolioCenter Software Tamarac, Inc. $ - ProOpti AB Software Enghouse Systems Limited - PullString, Inc. Software Apple Inc. - QUiVX.com Software Xact Data Discovery - Romonet Limited Software CBRE Group - Samebug, Inc. Software Rollbar, Inc. - SecureWave, Ltd. Software Exclusive Group - Shippable, Inc. Software Jfrog, Inc. - Shoplo Sp. Z o.o. Software SumUp Limited - SigmaFlow Software IPKeys Power Partners LLC - Singularity Networks, Inc. Software Cisco Systems, Inc. - SIP.US, LLC Software BCM One, Inc. - Sphere 3 Consulting Software Critical Alert Systems - StellarX Software Coinsquare Ltd. - SureWatch Software SchoolMint, Inc. - Tesis GmbH Software Vector Informatik GmbH - Thermopylae Sciences and Technology LLC Software Hexagon AB - Trunk Design Software Pty Ltd. Software InVision App, Inc. - Utilant LLC Software Aquiline Technology Growth Partners - VAD Software Exclusive Group - XimantiX Software GmbH Software Cegedim SA - Yuflow SAS Software PlayPass NV - ZeedSecurity Software Ricoh Co., Ltd. - Zillious Solutions Pvt. Ltd. Software Ebix, Inc. - Zybertech Construction Software Services Software Hyphen Solutions LLC - Atlas Music Publishing LLC Traditional Media Ithaca Holdings LLC - Blockfest Traditional Media Live Nation Entertainment, Inc. - Buzz 16 Productions Limited Traditional Media reach4entertainment enterprises plc - Collins Press Limited Traditional Media Gill Books - Cox Media Group's broadcast TV stations Traditional Media Apollo Global Management, LLC - Embrace Presents Traditional Media Live Nation Entertainment, Inc. - Facility House Broadcast Group Traditional Media NEP The Netherlands -

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 48 Driven by your success. Strategic Transactions

Strategic Reported Transaction Values Undisclosed Target Target Segment Buyer/Investor Value Futuri Media LLC Traditional Media Millpond Equity Partners, LLC $ - Healthy Diet Magazine Traditional Media Anthem Publishing Ltd. - Iberian Legal Group Traditional Media LC Publishing Group - InfoSec World Conference and Expo Traditional Media CyberRisk Alliance - INgrooves Music Group Traditional Media Universal Music Group, Inc. - InsightCity Traditional Media Industry Dive - JJ Marketing Ltd. Traditional Media Gravity Global - Kiplinger Washington Editors, Inc. Traditional Media Dennis Publishing Ltd - Koncept Events Traditional Media PRA, Inc. - Moshtix Traditional Media Ticketmaster Entertainment, Inc. - Neste Event Marketing, Inc. Traditional Media Live Nation Entertainment, Inc. - Planet Events SA Traditional Media Live Nation Entertainment, Inc. - Radiojar Traditional Media iHeartMedia, Inc. - Rollingstone.com Traditional Media Penske Media Corporation - TEN: Publishing’s Adventure Sports Network Traditional Media American Media, Inc. - The Bold Italic Traditional Media Medium Corporation - The Works Entertainment,Inc. Traditional Media Cirque du Soleil, Inc. - Vinelake's Internet of Business Traditional Media Cambridge Innovation Institute LLC - Xstream A/S Traditional Media SeaChange International -

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 49 Driven by your success. Buyout Transactions

Buyout Deals Reported Transaction Values Disclosed Target Target Segment Buyer/Investor Value

Ellie Mae, Inc. Marketing Technology Thoma Bravo, Inc. $ 3,700.0 ConnectWise, Inc. Software Thoma Bravo, Inc. 1,500.0 Graze.com Digital Media/Commerce The Carlyle Group 200.0 GoCanvas, Inc. Marketing Technology K1 Investment Management, LLC 100.0 Bud Financial Ltd. Digital Media/Commerce Goldman Sachs Merchant Banking 20.0

Buyout Deals Reported Transaction Undisclosed Target Target Segment Buyer/Investor Value

Lamark Media Group Agency & Marketing Services Trivest Partners, LP $ - BCM One, Inc. Agency & Marketing Services Thompson Street Capital Partners - Intelliteach, Inc. Agency & Marketing Services BV Investment Partners - Kivu Consluting, Inc. Agency & Marketing Services Bow River Capital Partners - Praetorian Digital, Inc. Business Services The Riverside Company - Study Group Ltd. Business Services Ardian SA - Health-E Commerce, Inc. Business Services Beecken Petty O'Keefe Company - SERgroup Holding International GmbH Business Services The Carlyle Group - Cambio Healthcare Systems AB Business Services Investcorp - Capsule Technologies, Inc. Business Services Francisco Partners - Exact Holding N.V. Business Services Apax Partners L.P. - Worksoft, Inc. Digital Media/Commerce Marlin Equity Partners - Tele Munchen Fernseh GmbH + Co Produktionsgesellschaft Marketing Technology Kohlberg Kravis Roberts Company L.P. - Universum Film GmbH Software Kohlberg Kravis Roberts Company L.P. -

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 50 Driven by your success. Venture/Growth Capital Transactions

VC/Growth Capital Reported Transaction Values Disclosed Target Target Segment Buyer/Investor Value

Flexport, Inc. Software Susa Ventures $ 1,000.0 DoorDash, Inc. Digital Media/Commerce Sequoia Capital 400.0 LimeBike Digital Media/Commerce Bain Capital Ventures 310.0 lalamove Business Services Sequoia Capital China 300.0 Reddit.com Digital Media/Commerce Tencent Holdings Ltd. 300.0 Databricks, Inc. Software Andreessen Horowitz 250.0 Zilingo Pte Ltd. Digital Media/Commerce Sequoia Capital 226.0 Jobvite, Inc. Software K1 Investment Management, LLC 200.0 Clutter, Inc. Digital Media/Commerce TechCrunch 200.0 CuriosityStream, Inc. Traditional Media Blum Capital Partners, L.P. 140.0 Raisin GmbH Software Index Ventures 114.0 DriveNets Ltd. Software Bessemer Venture Partners 110.0 Goat Digital Media/Commerce Foot Locker, Inc. 100.0 Health Catalyst, LLC Software Sequoia Capital 100.0 Starling Bank Limited Software Merian Global Investors 96.4 Mathem I Sverige AB Digital Media/Commerce Kinnevik AB 96.3 Ola Digital Media/Commerce (Private Investors) 92.0 Calm.com, Inc. Digital Media/Commerce TPG Growth 88.0 VAST Data, Inc. Software Norwest Venture Partners 80.0 GoCardless Ltd. Software Adams Street Partners, LLC 75.0 Mirakl Marketing Technology Bain Capital, LLC 70.0 CABIFY Digital Media/Commerce Blue Like An Orange Sustainable Capital 70.0 Figure Software RPM Ventures 65.0 Contrast Security Software Warburg Pincus LLC 65.0 Figure Technologies, Inc. Software RPM Ventures 65.0 Illumio, Inc. Software J.P. Morgan Asset Management 65.0 Tink AB Software Insight Venture Partners 63.6 YieldStreet, Inc. Software Edison Partners 62.0 Redis Labs, Inc. Software Francisco Partners 60.0 InfluxData, Inc. Software Norwest Venture Partners 60.0 CoverHound, Inc. Digital Advertising Aflac Ventures 58.0 ThirdLove Digital Media/Commerce L Catterton 55.0

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 51 Driven by your success. Venture/Growth Capital Transactions

VC/Growth Capital Reported Transaction Values Disclosed Target Target Segment Buyer/Investor Value

SendBird Marketing Technology Iconiq Capital $ 52.0 HVR Software, Inc. Software Level Equity 51.0 ThousandEyes, Inc. Software Google Ventures 50.0 FourKites, Inc. Software August Capital Management 50.0 Personal Capital Corporation Business Services IGM Financial 50.0 Alan.eu Software Index Ventures 45.0 Nav, Inc. Information Point72 Ventures 44.0 vArmour Networks, Inc. Software Allegis Cyber 44.0 PerimeterX, Inc. Software Scale Venture Partners 43.0 Tessian Ltd. Software Accel Partners 42.0 Ionic Security, Inc. Software Kleiner Perkins Caufield & Byers 40.0 Kryon Systems Software Oak HC/FT Partners LLC 40.0 Mojio, Inc. Digital Media/Commerce Innogy Venture Capital 40.0 Figma, Inc. Marketing Technology Sequoia Capital 40.0 Rapyd Limited Software Stripe, Inc. 40.0 Gong.io Ltd. Marketing Technology Battery Ventures 40.0 Affirmed Networks, Inc. Software QUALCOMM Ventures 38.0 Roadie, Inc. Digital Media/Commerce The Home Depot, Inc. 37.0 ClassDojo Business Services General Catalyst Partners LLC 35.0 Lytics, Inc. Marketing Technology JMI Equity 35.0 Signal Sciences Corporation Software Lead Edge Capital Management, LLC 35.0 Blue Hexagon, Inc. Software Benchmark Capital 31.0 Presto Marketing Technology Recruit Holdings Co., Ltd. 30.0 Remine, Inc. Business Services Stripes Group 30.0 Chainalysis, Inc. Software Accel Partners 30.0 Cuyana Digital Media/Commerce H.I.G. Growth Partners, LLC 30.0 Catalytic, Inc. Marketing Technology Intel Capital 30.0 Socure, Inc. Software Scale Venture Partners 30.0 Malt.com Digital Media/Commerce Idinvest Partners 28.3 Cluno GmbH Digital Media/Commerce Valar Ventures LP 28.0 Sight Diagnostics, Ltd. Software OurCrowd 27.8 Aetion, Inc. Software New Enterprise Associates 27.0

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 52 Driven by your success. Venture/Growth Capital Transactions

VC/Growth Capital Reported Transaction Values Disclosed Target Target Segment Buyer/Investor Value

Affinity, Inc. Marketing Technology Advance Venture Partners $ 26.5 Cloud Elements, Inc. Software Mercato Partners 25.0 Bishop Fox, Inc. Business Services ForgePoint Capital 25.0 RapidAPI Digital Media/Commerce Andreessen Horowitz 25.0 Nasuni Corporation Technology & Communications Flybridge Capital Partners 25.0 Teckro, Inc. Software Northpond Ventures 25.0 Rebag Digital Media/Commerce General Catalyst Partners LLC 25.0 Jetty National, Inc. Software Khosla Ventures 25.0 Ritual.com Digital Media/Commerce Norwest Venture Partners 25.0 Komprise, Inc. Software Canaan Partners 24.0 Overtime, Inc. Digital Media/Commerce Andreessen Horowitz 23.0 Mode Analytics, Inc. Marketing Technology Valor Equity Partners 23.0 brumbrum SpA Digital Media/Commerce Accel Partners 23.0 Virtuo Technologies SAS Digital Media/Commerce Intel Capital 22.3 Stratifyd, Inc. Marketing Technology Georgian Partners 22.0 KenSci, Inc. Software Polaris Partners 22.0 SpyCloud, Inc. Software Silverton Partners 21.0 FreightWaves, Inc. Information 8VC 21.0 Nivaura Ltd. Marketing Technology London Stock Exchange Group 20.0 Obsidian Security, Inc. Software Greylock Partners 20.0 Botify SAS Marketing Technology Idinvest Partners 20.0 90 Seconds Holdings Pte Ltd. Marketing Technology Sequoia Capital 20.0 Circle Media Labs, Inc. Software Relay Ventures 20.0 Peltarion AB Software EQT Ventures 20.0 Second Measure, Inc. Marketing Technology Bessemer Venture Partners 20.0 ShiftLeft, Inc. Software Bain Capital Ventures 20.0 Hydro by Crew Digital Media/Commerce L Catterton 20.0 Mattermost, Inc. Marketing Technology Y Combinator 20.0 Rockets of Awesome Digital Media/Commerce Foot Locker, Inc. 19.5 Tulip Interfaces, Inc. Software New Enterprise Associates 18.4 Healthy.io Ltd. Digital Media/Commerce Aleph Venture Capital 18.0 The Action Network Digital Media/Commerce The Chernin Group 17.5

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 53 Driven by your success. Venture/Growth Capital Transactions

VC/Growth Capital Reported Transaction Values Disclosed Target Target Segment Buyer/Investor Value

ChartIQ, Inc. Software Digital + Partners $ 17.4 Cequence Security, Inc. Software Shasta Ventures 17.0 Armorblox, Inc. Marketing Technology General Catalyst Partners LLC 16.5 Zededa, Inc. Software Energize Ventures 16.0 JOOR Marketing Technology Canaan Partners 16.0 Cmd Software Google Ventures 15.0 TheGuarantors Agency Software Alven Capital Partners 15.0 CipherTrace, Inc. Software Aspect Ventures 15.0 Ceros, Inc. Marketing Technology Greenspring Associates 14.0 Phylagen, Inc. Software Cultivian Sandbox Ventures 14.0 Dixa ApS Marketing Technology Project A Ventures 14.0 Zoovu Limited Marketing Technology Beringea LLC 14.0 Pinpoint Software, Inc. Software Storm Ventures LLC 13.5 Vinli, Inc. Software Hersh Family Investments 13.5 Stellar Cyber, Inc. Software Valley Capital Partners 13.2 Landit, Inc. Software New Enterprise Associates 13.0 ParkHub, Inc. Software Arrowroot Capital 13.0 Axonius, Inc. Software Bessemer Venture Partners 13.0 Bink Digital Media/Commerce Barclays Capital 12.9 RapidDeploy USA Corp Software GreatPoint Ventures 12.0 Everydays, Inc. Digital Media/Commerce Gordy Companies 12.0 Odaseva Technologies Sarl Software Partech Ventures 11.7 AccuRx Limited Software Atomico Investments 11.5 i2x GmbH Marketing Technology btov Partners 11.4 Healthware Group s.r.l. Agency & Marketing Services Fondo Italiano d'Investimento 11.4 Aidence B.V. Software Northzone 11.3 Vndly, Inc. Marketing Technology Battery Ventures 11.0 Anitian, Inc. Software ForgePoint Capital 11.0 Loom, Inc. (useloom.com) Software Kleiner Perkins Caufield & Byers 11.0 Wurk, Inc. Software Poseidon Asset Management 11.0 Aire Labs Ltd. Information Crane Ventures 11.0 Threads.com Marketing Technology Sequoia Capital 10.5

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 54 Driven by your success. Venture/Growth Capital Transactions

VC/Growth Capital Reported Transaction Values Disclosed Target Target Segment Buyer/Investor Value

Datical, Inc Software Mercury Fund $ 10.0 Eden Health, Inc. Software Greycroft Partners LLC 10.0 Influitive, Inc. Marketing Technology Georgian Partners 10.0 Bandura Cyber, Inc. Software Grotech Ventures 10.0 Tango Card, Inc. Agency & Marketing Services FTV Capital 10.0 Mobycy Digital Media/Commerce Venture Catalysts 10.0 Qu POS, Inc. Marketing Technology Cota Capital Management LLC 10.0 BeliMobilGue.co.id Digital Media/Commerce Frontier Car Group GmbH 10.0 Human API, Inc. Information BlueRun Ventures 10.0 2nd Address, Inc. Digital Media/Commerce Google Ventures 10.0 productboard, Inc. Marketing Technology Kleiner Perkins Caufield & Byers 10.0 CoreTigo Ltd. Software QUALCOMM Ventures 10.0 CULedger LLC Software Achieva Credit Union 10.0 Growth Street Ltd. Software Zeus Capital 9.8 Vantage Point Logistics Software Radian Capital 9.5 Castle Intelligence, Inc. Software Index Ventures 9.2 Pretto.fr Software Alven Capital Partners 9.1 Showfields Agency & Marketing Services Hanaco Venture Capital 9.0 Mojo Mortgages Software Maven Capital 9.0 Ketos, Inc. Software Broadway Angels 9.0 Imagen, Ltd. Digital Advertising Downing Ventures 8.5 Centage Corporation Software TVC Capital, LLC 8.5 Tillable LLC Digital Media/Commerce First Round Capital 8.3 Rightway Healthcare Software Tiger Global Management, LLC 8.0 Lightstream, Inc. Marketing Technology Drive Capital, LLC. 8.0 GoExpedi Software Crosslink Capital 8.0 Funnel Operations AB Software Balderton Capital 8.0 Rabbet, Inc. Software Goldman Sachs Merchant Banking 8.0 Skylar Body, Inc. Digital Media/Commerce FirstMark Capital 8.0 Smallcase Technologies Private Limited Software Sequoia Capital India 8.0 Elevate Security, Inc. Software Defy Partners 8.0 German Auto Labs GAL GmbH Marketing Technology Target Partners 7.9

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 55 Driven by your success. Venture/Growth Capital Transactions

VC/Growth Capital Reported Transaction Values Disclosed Target Target Segment Buyer/Investor Value

Casavo Management S.p.A. Digital Media/Commerce Project A Ventures $ 7.9 Signaturit Solutions S.L. Marketing Technology 360 Capital Partners 7.9 Mintigo, Inc. Marketing Technology Glilot Capital Partners 7.0 Elsa (English Language Speech Assistant) Digital Media/Commerce Monk's Hill Ventures 7.0 Pointivo, Inc. Software BIP Capital 7.0 Inshur, Inc. Software Munich Re/HSB Ventures 7.0 Polly Marketing Technology Madrona Venture Group 7.0 Complion, Inc. Software Beringea LLC 7.0 Deepomatic SAS Marketing Technology Alven Capital Partners 7.0 Little Spoon, Inc. Digital Media/Commerce (Private Investors) 7.0 Yolo srl Software Barcamper Ventures 6.9 Too Good To Go ApS Digital Media/Commerce (Private Investors) 6.8 Donde Fashion, Inc. Digital Advertising Matrix Partners 6.5 C2A Security Ltd. Software ICV Partners LLC 6.5 Curv, Inc. Software Team8 6.5 Senseon Ltd. Software MMC Ventures, LLC 6.4 hitRECord.org LLC Software Javelin Venture Partners 6.4 K2 Cyber Security, Inc. Software GreatPoint Ventures 6.0 zenloop GmbH Marketing Technology Nauta Capital 6.0 Tank Utility, Inc. Software Bullpen Capital 6.0 Jitta Dot Com Co., Ltd. Software Beacon Capital 6.0 Agile Stacks, Inc. Software Canaan Partners 6.0 Crayon.co Marketing Technology Baseline Ventures 6.0 Enfuce Financial Services Oy Software Finnvera Venture Capital 5.6 TeamApt Software Quantum Capital 5.5 Dipsea Digital Media/Commerce Thrive Capital 5.5 NXM Labs, Inc. Software (Private Investors) 5.5 LOGIVAN Technologies Pte. Business Services Alpha JWC Ventures 5.5 Socotra, Inc. Software 8VC 5.2 DataSine Ltd. Marketing Technology Propel Venture Partners 5.2 Sideqik Marketing Technology Jackson Square Ventures 5.0 Centriq Technology, Inc. Information HomeServe USA 5.0

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 56 Driven by your success. Venture/Growth Capital Transactions

VC/Growth Capital Values Disclosed Target Target Segment Buyer/Investor Reported TV

Better Mortgage Software Citigroup, Inc. $ 5.0 Vortexa Ltd. Information Notion Capital 5.0 Carbon Relay Software Foxconn Technology Group 5.0 Administrate Limited Business Services Scottish Investment Bank 4.9 Planxis GRP Limited Software BGF 4.6 Capitalise.com Ltd. Software QED Investors LLC 4.5 Evisort, Inc. Marketing Technology Village Global 4.5 Festicket Ltd. Digital Media/Commerce Edge Investments 4.5 Wait What, Inc. Digital Media/Commerce CUE BALL Capital 4.3 Kreatize GmbH Software Earlybird Venture Capital GmgH & Co. KG 4.3 Fyle Technologies Pvt Ltd. Software Tiger Global Management, LLC 4.2 sapling Software Gradient Ventures 4.0 Sapling Technologies, Inc. Software Gradient Ventures 4.0 Codecool Kft. Business Services Lead Ventures 4.0 Stratifyd, Inc. Marketing Technology Arsenal Venture Partners 4.0 ImageMoverMD Software Bain Capital Ventures 4.0 Roofr.com Marketing Technology Y Combinator 4.0 By Humankind, Inc. Digital Media/Commerce Lerer Hippeau Ventures 4.0 Perksy, Inc. Marketing Technology Bain Capital, LLC 4.0 TileDB, Inc. Software Intel Capital 4.0 Step Mobile, Inc. Software Crosslink Capital 3.8 Embleema Software TechStars, LLC 3.7 Medal BV Traditional Media Initial Capital 3.5 Breathe Life, Inc. Software Real Ventures 3.4 720 Degrees Oy Software J&T Ventures 3.3 Cofe App Digital Media/Commerce KISP Ventures 3.2 Medicus AI GmbH Software Atieh Capital 3.2 DeepCrawl Marketing Technology Beringea LLC 3.1 corrux GmbH Software Target Partners 3.1 MakerSights, Inc. Marketing Technology Baseline Ventures 3.1 Aureus Analytics, Inc. Digital Media/Commerce Connecticut Innovations, Inc. 3.1 Asperii Ltd. Marketing Technology Aman Group 3.0

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 57 Driven by your success. Venture/Growth Capital Transactions

VC/Growth Capital Reported Transaction Values Disclosed Target Target Segment Buyer/Investor Value

Briq Software Eniac Ventures $ 3.0 Solidus Labs, Inc. Software Hanaco Venture Capital 3.0 MakuSafe Corporation Software Next Level Ventures 3.0 Sweagle Software XAnge Private Equity 3.0 Zoba, Inc. Software CRV 3.0 SmartPath Financial Wellness Business Services Y Combinator 2.7 ShiftOne, Inc. Software Bowery Capital 2.6 Orca AI Ltd. Software MizMaa Ventures 2.6 Zone7, Inc. Software Resolute Ventures 2.5 StayTuned Digital, Inc. Digital Advertising Bowery Capital 2.5 Jointer.io Software (Private Investors) 2.5 Sortlist.be Digital Advertising Sambrinvest 2.5 Medstack, Inc. Software TELUS Ventures 2.4 1upHealth, Inc. Software Eniac Ventures 2.4 Orai Business Services Comcast Ventures 2.3 Haute Hijab, Inc. Digital Media/Commerce Ludlow Ventures 2.3 Architrave GmbH Marketing Technology PropTech1 Ventures 2.3 CherryCircle Software, Inc. Software ATX Seed Ventures 2.3 GetJenny Oy Marketing Technology (Private Investors) 2.2 3DEN, Inc. Digital Media/Commerce b8ta, Inc. 2.0 EyeLevel.ai Marketing Technology Birchmere Ventures 2.0 Datumize S.L. Marketing Technology SGH Capital 2.0 Ambler SAS Software Idinvest Partners 2.0 Outlaw, Inc. Software Bowery Capital 2.0 Socialsuite Software Salesforce Ventures 1.9 Valued, Inc. Software BootstrapLabs 1.7 TRM Labs, Inc. Software Blockchain Capital 1.7 Mockingbird Digital Media/Commerce (Private Investors) 1.6 SpotDraft Marketing Technology (Private Investors) 1.5 ThinkGenetic, Inc. Software Lafayette General Health System, Inc. 1.5 MyDataModels SAS Software Earlybird Venture Capital GmgH & Co. KG 1.5 Hostme LLC Marketing Technology Schaffer Family Trust 1.3 CourseStorm Business Services CEI Ventures 1.2 *The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 58 Driven by your success. Venture/Growth Capital Transactions

VC/Growth Capital Reported Transaction Values Undisclosed Target Target Segment Buyer/Investor Value

Power Digital Marketing Agency & Marketing Services Periscope Equity LLC $ - TAIT Agency & Marketing Services Providence Equity Partners, Inc. - valantic GmbH Agency & Marketing Services Deutsche Private Equity - Alphablock.org Business Services Real Ventures - Consolidated Analytics, Inc. Business Services Eos Partners LP - GradeSlam, Inc. Business Services Anges Quebec - LionPoint Group, LLC Business Services The Blackstone Group L.P. - Priority Power Management Business Services ARA Partners Group - Flashbreak Digital Media/Commerce Alven Capital Partners - One Night, Inc. Digital Media/Commerce SWaN & Legend Venture Partners - Questo Digital Media/Commerce (Private Investors) - Sermo, Inc. Digital Media/Commerce ABRY Partners, LLC - Zubie, Inc. Digital Media/Commerce BP Technology Ventures - Clareto Information Health Catalyst Capital - Accutrade, Inc. Marketing Technology TrueCar, Inc. - Engage3, Inc. Marketing Technology Wells Fargo Strategic Capital - MediaAlpha LLC Marketing Technology Insignia Capital Group, LLC - OneStream Software LLC Marketing Technology Kohlberg Kravis Roberts & Company L.P. - Opiniion, Inc. Marketing Technology BitWealth - VisBook AS Marketing Technology Standout Capital - Agilis Systems, Inc. Software Spectrum Equity Investors, LP - Aucerna Software Thoma Bravo, Inc. - Aurora Solar, Inc. Software Pear Ventures - Beamery Ltd. Software Workday Ventures - CloudSEK Info Security Pvt. Ltd. Software IDFC Ventures - Cloudsmith Ltd. Software Techstart Ventures - Digital Ware SA Software H.I.G. Capital LLC - Distributed Software Fuel Ventures - eCare Vault, Inc. Software EduLab Capital Partners - GreenCom Networks AG Software SET Ventures - Netography Software Andreessen Horowitz - Pr3vent, Inc. Software Skyview Capital, LLC -

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 59 Driven by your success. Venture/Growth Capital Transactions

VC/Growth Capital Reported Transaction Values Undisclosed Target Target Segment Buyer/Investor Value

PursueCare, Inc. Software Starboard Capital Partners, LLC $ - SafeRide Health, Inc. Software Fresenius Medical Care Ventures GmbH - SchoolAdmin LLC Software Quad Partners LLC - Syrenis Ltd. Software (Private Investors) - Terra Software Kakao Ventures - Turbonomic, Inc. Software Trend Forward Capital - Workit Health, Inc. Software Endeavor Catalyst - Yprime, Inc. Software Flexpoint Ford LLC -

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 60 Driven by your success. PitchBook M&A League Tables TOP ADVISORS SERVING THE MEDIA & INFORMATION SERVICES SECTORS

2018

Rank Advisor Deal Count

1 CG Petsky Prunier 23 2 Jordan Edmiston 12 2 Houlihan Lokey 12 4 GP Bullhound 9 4 Morgan Stanley 9 6 Moelis & Company 8 7 RBC 7 7 JP Morgan 7 9 Oaklins DeSilva & Phillips 6 9 Evercore 6

• With more than 80 transactions closed in the last 36 months, and more than 175 transactions closed since 2011 (across all industries in addition to Internet and Advertising), CG Petsky Prunier is one of the most active M&A practices within the marketing and advertising, e-commerce, and media industries

Page 61 Driven by your success. A portfolio company of Financial Advisor on sale Financial Advisor on of $150M significant investment Financial Advisor on from Financial Advisor on sale to Financial Advisor on sale to investment from Financial Advisor on significant to minority investment from

February 2019 February 2019 February 2019 February 2019 January 2019 December 2018

A portfolio company of Financial Advisor on Financial Advisor on sale to Financial Advisor on sale to acquisition of Has received a significant Financial Advisor on investment from Financial Advisor on investment acquisition of A member of And subsequently merged from with A portfolio company of

December 2018 December 2018 December 2018 December 2018 November 2018 October 2018

Financial Advisor on sale to Financial Advisor on sale to A portfolio company of A portfolio company of A portfolio company of

Financial Advisor on sale of a majority stake to A portfolio company of A portfolio company of Financial Advisor on sale to Financial Advisor on sale to Financial Advisor on sale to

September 2018 September 2018 September 2018 August 2018 July 2018 July 2018

Page 62 Driven by your success. • All transaction information has been publicly reported and is sourced from national news publications, industry trade journals and blogs, and public announcements by companies and investors.

• All trading data related to publicly-traded companies has been sourced from Capital IQ.

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 63 Driven by your success. Canaccord Genuity is the business name used by certain subsidiaries of Canaccord Genuity Group Inc., including Canaccord Genuity LLC, 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. All estimates, opinions and other information contained in this document constitute Canaccord Genuity's judgment as of the date of this document, are subject to change without notice and are provided in good faith but without legal responsibility or liability. Canaccord Genuity and its affiliates may choose to provide specific disclosures of the subject companies by reference, as well as its policies and procedures regarding the dissemination of investment research. To access this material or for more information, please send a request to Canaccord Genuity Research, Attn: Disclosures, P.O. Box 10337 Pacific Centre, 2200-609 Granville Street, Vancouver, BC, Canada V7Y 1H2 or [email protected]. Canaccord Genuity and its affiliates may have a relationship with the company that is contained herein and may trade in any of the securities mentioned herein either for their own account or the accounts of their customers. Accordingly, Canaccord Genuity or their affiliates may at any time have a long or short position in any such securities, related securities or in options, futures or other derivative instruments based thereon. This document is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. As a result, the securities discussed in this document may not be eligible for sale in some jurisdictions. This document is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. Investors should obtain advice based on their own individual circumstances before making an investment decision. To the fullest extent permitted by law, neither Canaccord Genuity, nor its affiliates nor any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of the information contained in this document. For Canadian Residents This document has been approved by Canaccord Genuity Group Inc., which accepts responsibility for this report and its dissemination in Canada. Canadian clients wishing to effect transactions in any security discussed should do so through a qualified salesperson of Canaccord Genuity in their particular jurisdiction. For United Kingdom Residents: This material is not for distribution in the United Kingdom to retail customers, as defined under the rules of the Financial Conduct Authority. Canaccord Genuity Limited accepts responsibility for this presentation and its dissemination in the United Kingdom. The information contained in this presentation is only intended for distribution in the UK to persons who qualify as professional clients or eligible counterparties as defined under the rules of the Financial Conduct Authority. This publication is not directed at private individuals in the United Kingdom or Continental Europe, and has not been approved by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000, as amended. Within the United Kingdom, it is directed only at persons falling within Article 19 (Investment Professionals) or Article 49 (High Net Worth Companies) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005. Any other person or persons who receive a copy of this presentation should not act upon it and Canaccord Genuity accepts no liability or responsibility whatsoever for any actions taken by such persons in reliance on this publication. The distribution of this publication in jurisdictions other than the United Kingdom may be restricted by law and, therefore, persons into whose possession this publication comes should inform themselves about and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities laws of any such jurisdictions. This publication is a brief summary and does not purport to contain all available information on the subjects covered. Further information is available on request. Copyright © Canaccord Genuity, a division of Canaccord Genuity Group Inc., 2018. Member IIROC/CIPF. Copyright © Canaccord Genuity Limited, 2019. Member LSE, Authorized and Regulated by the Financial Conduct Authority. Copyright © Canaccord Genuity LLC, 2019. Member FINRA/SIPC. All rights reserved. All material presented in this document, unless specifically indicated otherwise, is under copyright to Canaccord Genuity, a division of Canaccord Genuity Group Inc., Canaccord Genuity Limited, and Canaccord Genuity LLC None of the material, nor its content, nor any copy of it, may be altered in any way, or transmitted to or distributed to any other party, without the prior express written permission of the entities listed above.

Driven by your success.Page 64