2018 (Transactions in Excess of $20 Million)

Private Placement Activity Chris Hastings | Chris.Hastings@Dcsadvisory.Com | 917-621-3750 3/5/2018 – 3/9/2018 (Transactions in Excess of $20 Million)

Private Capital Group Private Placement Activity Chris Hastings | [email protected] | 917-621-3750 3/5/2018 – 3/9/2018 (Transactions in excess of $20 million)

Trends & Commentary

▪ This week, 14 U.S. private placement deals between $20 million and $50 million closed, accounting for U.S. VC Average Deal Size by Series $516 million in total proceeds, compared to last week’s 10 U.S. deals leading to $357 million in total $ in Millions proceeds. This week also had 5 U.S. deals between $50 million and $100 million yielding $320 million, $35 compared to last week’s 4 deals resulting in $279 million in total proceeds. ▪ The U.S. VC average deal size has been significantly increasing for early and late stage VC deals. Late $30 stage VC has increased by 8.8% CAGR 2008 – 2017 while early stage VC has grown by 7.4% CAGR 2008 – 2017. (see figure) ▪ Southern Cross, a PE fund that invests in energy, pharmaceuticals and technology in Latin America, has $25 decided against restructuring its third fund after receiving some interest from its LPs. It is largely because its third fund has been a weak performer, the discount on fund stakes would have been steep and that the $20 fund wanted more time to exit.

▪ Univision has filed to withdraw its pending IPO due to “prevailing market conditions”. Univision initially filed $15 plans to IPO in 2015. ▪ New State Capital Partners has closed its second institutional fund on its $255 million hard cap. The fund $10 can invest more than $50 million equity per deal in sectors such as business services, healthcare services and industrials. ▪ Travis Kalanick has launched 10100, a new investment fund. 10100 will focus on large-scale job creation $5 investments in real estate and e-Commerce companies in China and India, as well as a nonprofit focus on education and the future of cities. $- ▪ First-time VC funds raised $5.9 billion across 59 vehicles in 2017, a 21% YoY increase in capital raised and 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 37% YoY increase in the number of first-time funds. Angel / Seed Early VC Later VC

Highlights

▪ Atom, a developer of a movie ticket booking application, raised $60 million in Series C funding – Fidelity Investments led the round. ▪ True Fit, a provider of a data platform for fashion retailers to find online stores, raised $59 million in Series C funding at a $220 pre-money valuation – Georgian Partners led the round. ▪ TripActions, a developer of an online corporate and business travel management platform, raised $51 million in Series B funding at a $209 million pre-money valuation – existing investor Lightspeed Venture Partners led the round. ▪ Degreed, a provider of an employee learning platform, raised $43 million in Series C funding at a $175 million pre-money valuation – Owl Ventures and existing investor Jump Capital led the round. ▪ Qualia, a developer of a cloud-based real estate transaction platform, raised $33 million in Series B funding – Menlo Ventures led the round.

Source: PitchBook Data, Inc., NYSE, S&P Global Market Intelligence Strictly Private & Confidential Note: Bolded names in “Investors” column indicate existing investors participating in new deal 1 Private Placement Activity 3/5/2018 – 3/9/2018 (Transactions in excess of $20 million)

Company Company Amount Date Investors Series Company Description / Comments Name Location Raised ($M)

Information Technology

Provider of an online education platform intended to make learning a beautiful experience. The DST Global, H Capital, Shunwei Capital, company's platform provides interactive services and products as well as a complete set of data- 17zuoye 7-Mar-18 Beijing, China Temasek Holdings, Tiger Global Management, $200 Series E centric, intelligent, and efficient online and offline work for parents, students and teachers in K12 Toutiao, Xu Xiaoping education, primarily on mathematics and english language learning. Toutiao led the round.

GGV Capital, Hearst Ventures, IDG Capital, Provider of an online home decoration, furnishing and design platform intended to quickly generate Jingwei International, Linear Venture, Matrix design sketches to decorate and furnish homes. The company's platform offers information and Kujiale 9-Mar-18 Hangzhou, China $100 Series D Partners China, Pavilion Capital, Shunwei reviews on businesses related to home decoration and furnishing, enabling users to design and Capital, Yunqi Partners furnish their homes easily. Shunwei Capital led the round. $500 million pre-money valuation.

Developer of a movie ticket booking application designed to streamline the process of purchasing 21st Century Fox, Disney Accelerator, Fidelity tickets and concessions from any device. The company's application provides relevant reviews, Atom 8-Mar-18 Santa Monica, CA Investments, Lions Gate Entertainment, Oak $60 Series C trailers and synopses to help moviegoers make the best decision on what to see and users may then View Group, The Walt Disney Company invite friends via their contact lists or Facebook to purchase their own tickets and join them. Fidelity Investments led the round.

Breakaway Innovation Group, BYU Cougar Provider of an intelligent data platform created for fashion retailers to find online stores. The Capital, Cross Creek Advisors, Founder company's intelligent data platform connect data and API integrations AI/machine learning personal Collective, Georgian Partners, Guggenheim True Fit 6-Mar-18 Boston, MA $59 Series C experiences from thousands of leading apparel and footwear brands, anonymized consumer order Partners, Intel Capital, Jump Capital, Novel data from hundreds of retailers, and personal preference data from users. Georgian Partners led the TMT Ventures, Promus Ventures, Signal Peak round. $220 million pre-money valuation. Ventures

Developer of an online corporate and business travel management platform designed to help business travel managers and travelers in booking hotels and flights at a discounted price. The Lightspeed Venture Partners, SGVC, Zeev TripActions 7-Mar-18 Palo Alto, CA $51 Series B company's online corporate and business travel management platform offers a dashboard which Ventures shows information related to travel management reports, savings, itinerary details and conducts reward programs. Lightspeed Venture Partners led the round. $209 million pre-money valuation.

BYU Cougar Capital, Founders Circle Capital, Provider of a lifelong learning platform designed to help employees learn the right skills. The GSV Acceleration, GSV Advisors, Jump company's lifelong learning platform is an online service for identifying skill gaps and how to pick them San Francisco, Degreed 8-Mar-18 Capital, Kaplan EdTech Accelerator, Owl $43 Series C up, as well as track them, enabling employees improve their skills even more, and in the end become CA Ventures, Peak Ventures, Rethink, Signal Peak much more valuable to the employer. Jump Capital, Owl Ventures led the round. $175 million pre- Ventures, Techstars money valuation.

A.Capital Ventures, Andreessen Horowitz, Provider of an application programming interface designed to take production container operations Center Electric, CrunchFund, Data Collective, and data services automation to the next level. The company's interface combines data center servers San Francisco, Foundation Capital, FUEL Capital, Intel, Khosla Mesosphere 6-Mar-18 $40 NA and cloud instances into one shared pool from which any application or framework can be drawn, CA Ventures, Kleiner Perkins Caufield & Byers, enabling users to ensure their applications are performant and reliable, include DC/OS-native tools for Microsoft, SV Angel, Triangle Peak Partners, monitoring and troubleshooting. Two Sigma Ventures

Source: PitchBook Data, Inc., NYSE, S&P Global Market Intelligence Strictly Private & Confidential Note: Bolded names in “Investors” column indicate existing investors participating in new deal 2 Private Placement Activity 3/5/2018 – 3/9/2018 (Transactions in excess of $20 million)

Company Company Amount Date Investors Series Company Description / Comments Name Location Raised ($M)

Information Technology

Developer of desktop and cloud-based automated web application security scanners. The company Pinner, United specializes in finding and reporting web application vulnerabilities on all types of web applications, Netsparker 8-Mar-18 Turn/River Capital $40 NA Kingdom regardless of the platform and technology, enabling clients to audit the security of their websites through scanners which are automatic, accurate and easy-to-use. Turn/River Capital led the deal.

Developer of a cloud-based real estate transaction management and settlement platform designed to San Francisco, 8VC, Bienville Capital Management, simplify the real estate closing process. The company's real estate tech platform brings everyone Qualia 7-Mar-18 $33 Series B CA Formation 8, Menlo Ventures involved in the transaction, including lenders, realtors, title agents, home buyers and sellers, onto one shared, secure platform. Menlo Ventures led the round.

Co-Stone Capital, F&G Ventures, Fortune Developer of a real-time financial risk management platform created to provide risk management Venture Capital Company, Jinghong Capital, products for areas including ticketing, transport, telecom and public security. The company's financial BangSun Technology 5-Mar-18 Hangzhou, China $24 Series C Legend Capital, M Fund, SDIC Venture Capital, risk management platform develops real-time risk control system for the financial sector and anti-fraud Xinglu Investment products, based on a number of core technologies. SDIC Venture Capital led the round.

Developer of online strategy and combat games designed to help users to earn awards. The San Francisco, Icon Ventures, Lightspeed Venture Partners, Kixeye 9-Mar-18 $22 Series D company's online strategy and combat games create a custom profile and access chatting, enabling CA Nautilus Ventures, Trinity Ventures consumers to earn credits by playing multi-player games. Icon Ventures led the round.

Provider of a capital markets technology intended to transform the efficiency frontiers of businesses. The company's capital markets technology connects market participants and automates the currently Capitolis 6-Mar-18 New York, NY Index Ventures (UK), Sequoia Capital Israel $20 Series A manual workflow, enabling firms to mitigate inefficiencies linked to reserved regulatory capital, tightening client credit capacity and costs resulting from the manual process. Index Ventures led the round.

Operator of an online educational platform designed to provide demo examinations and tests to enhance English. The company's online educational platform provides demo and live examinations, Matrix Partners China, Northern Light Venture live teaching classes and free gift packages with full information regarding particular subjects, Kaochong 5-Mar-18 Beijing, China $20 Series C Capital, Tencent Holdings enabling students to build their knowledge and get themselves prepared for examinations, attend live- stream class, search and view educational classes and conferences. Tencent Holdings led the round.

Consumer Products and Services (B2C)

Alibaba Group, GV, JPMorgan Chase & Developer of human computing interfaces and software technology designed to superimpose 3D Company, Kleiner Perkins Caufield & Byers, computer-generated imagery over real world objects. The company's human computing interfaces Magic Leap 7-Mar-18 Plantation, FL Kohlberg Kravis Roberts, Qualcomm Ventures, $963 Series D and software technology uses virtual and augmented-reality technology with dynamic-image T. Rowe Price, Temasek Holdings, Vulcan computing. Saudi Arabia's Public Investment Fund, Temasek Holdings led the round. $5.5 Capital billion pre-money valuation.

Source: PitchBook Data, Inc., NYSE, S&P Global Market Intelligence Strictly Private & Confidential Note: Bolded names in “Investors” column indicate existing investors participating in new deal 3 Private Placement Activity 3/5/2018 – 3/9/2018 (Transactions in excess of $20 million)

Company Company Amount Date Investors Series Company Description / Comments Name Location Raised ($M) Consumer Products and Services (B2C)

Provider of bone broth protein supplementation intended for delivering real food and nutritional products that are formulated to provide ancient nutrients. The company's products include Bone Broth North Palm Hillhouse Capital Group, ICONIQ Capital, VMG Ancient Nutrition 8-Mar-18 $103 NA Protein, Multi Collagen Protein, Essential Oils, and Keto products, enabling customers to restore their Beach, FL Partners health, strength and vitality by providing healthy whole food nutrients to the modern world in a convenient form. VMG Partners led the deal.

Baring Vostok Capital Partners, Cisco Provider of an online e-commerce store created to sell shoes, accessories and apparel, book and Investments, e.ventures, Index Ventures (UK), other Russian goods. The company's e-commerce stores offers video, software, multimedia games, Ozon.ru 7-Mar-18 Moscow, Russia Infinity Venture Partners, Intel Capital, $77 NA electronic and digital goods, books, children's products and personal products, enabling consumers to Middleland Capital, Mobile TeleSystems, PJC, get the online store for wide range of products. Rakuten BoxGroup, Felicis Ventures, First Round Capital, General Catalyst Partners, Great Oaks Venture Provider of vintage-inspired prescription eyewear. The company's platform offers designer and Warby Parker 7-Mar-18 New York, NY Capital, Menlo Ventures, Red Swan Ventures, $75 Series E prescription glasses at affordable prices online or at any of the more than 50 stores nationwide, by Spark Capital, SV Angel, T. Rowe Price, Tiger circumventing traditional channels, designing glasses in-house and engaging with customers directly. Global Management

Amazon Alexa Fund, Carrier Corporation, Developer of Wi-Fi enabled thermostats created to deliver intelligent energy management services to Northleaf Capital Partners, Ontario Capital homeowners and businesses across North America. The company develops and sells Wi-Fi-enabled Ecobee 7-Mar-18 Toronto, Canada $61 Series C Growth Corporation, Relay Ventures, Tech smart thermostats with remote sensors for residential and commercial applications. Energy Impact Capital Partners, Thomvest Ventures Partners led the round.

Collaborative Fund, DBL Partners, Emerson Provider of school meals and ready-to-eat meal kits intended to transform the way people eat. The Collective, Oak Investment Partners, company's school meals and ready-to-eat meal kits offer snacks and vending machines in schools to Revolution Foods 7-Mar-18 Oakland, CA $46 Series I PaoCapital, Revolution, Tao Capital Partners, serve breakfast, lunch and snacks, enabling schools and educational institutions to access healthy The TCW Group affordable meals. $260 million pre-money valuation.

Developer of an online marketplace designed to offer home decor and furniture. The company's online Bertelsmann India Investments, InnoVen marketplace offers products from around the world including its own brand, across verticals such as Capital, Norwest Venture Partners, State Street Pepperfry 7-Mar-18 Mumbai, India $38 NA furniture, home decor, kitchen, dining and pet supplies, enabling users to choose from a variety of Global Advisors, The Goldman Sachs Group, items for decorating their home at an unbeatable price and with free shipping facility. State Street Zodius Capital Global Advisors led the round. Capnamic Ventures, Dumont Venture, Evoco Provider of an online marketplace designed for the retail used electronics and media. The company's (Zurich), Headway Capital Partners, Iris Capital platform is used for the trading of pre-owned goods and devices in multiple categories and upgrades reBuy reCommerce 5-Mar-18 Berlin, Germany Management, Jadeberg Partners, Mountain $26 NA second-hand goods according to the quality standards of the mass market, without any compromises Partners, NJF Capital, Orange-Publicis Venture in look or functionality, but with a great deal of price savings. Fund\

BeeChat, Funcity Capital, Future Capital Operator of a blockchain financial information portal. The company's platform offers 24-hour Huoxing24 6-Mar-18 China Development Fund, IDG Capital, OKEx, Pan- $24 Series A blockchain technology and industry trend news and information on the digital currency market, new City Capital currency dynamics and guides for novices.

Source: PitchBook Data, Inc., NYSE, S&P Global Market Intelligence Strictly Private & Confidential Note: Bolded names in “Investors” column indicate existing investors participating in new deal 4 Private Placement Activity 3/5/2018 – 3/9/2018 (Transactions in excess of $20 million)

Company Company Amount Date Investors Series Company Description / Comments Name Location Raised ($M) Business Products and Services (B2B)

Provider of environmental services. The company's services include separation and purification Mulgrave, Clean TeQ Holdings 8-Mar-18 Pengxin International Mining Company $118 PIPE technologies for water and metals recovery and for air pollution, enabling clients to meet their needs of Australia extraction and purification processing.

Developer of a payroll management platform intended to provide employee salary on time according Bain Capital Ventures, FirstMark Capital, to the enterprise compliance. The company's payroll management platform offers employee specific Justworks 6-Mar-18 New York, NY Index Ventures (UK), LocalGlobe, Peninsula $40 Series D paperwork and makes payment to employees, lenders, contractors and vendors. FirstMark Capital Canodrom, Redpoint Ventures, Thrive Capital led the round. $160 million pre-money valuation. Amasia, Bertelsmann CourtsideVC, Evolution Owner and operator of a sports media company. The company's subscription-based online sports San Francisco, Media, LionTree Advisors, Ore Ventures, The Athletic Media 5-Mar-18 $20 Series B information portal offer sports and athletics based news, reports, events and updates to their users. CA Precursor Ventures, Switch Ventures, Y Evolution Media led the round. $60 million pre-money valuation. Combinator

Energy

Operator of a full-service midstream company in Dallas, Texas. The company offers a full suite of integrated midstream services including natural gas gathering, processing, compression and treating, Mettle Midstream Partners 5-Mar-18 Dallas, TX NGP, Pearl Energy Investments $100 NA crude oil and condensate gathering and stabilization, produced water gathering, disposal and product marketing.

Developer of a wireless power distribution system. The company specializes in the development of a Texzon Technologies 8-Mar-18 Waxahachie, TX Undisclosed Investors $34 NA wireless technology which uses Zenneck surface wave for distribution of energy.

Financial Services

Anthemis Group, Banco Bilbao Vizcaya Operator of a mobile-only bank intended to offer internet banking services. The company's banking Durham, United Argentaria, Marathon Capital Management, Atom Bank 7-Mar-18 $208 NA services are offered with two market-leading Fixed Saver accounts and a loan offering for SMEs. Kingdom Toscafund Asset Management, Woodford Banco Bilbao Vizcaya Argentaria led the deal. Investment Management Provider of an API-based Banking-as-a-Platform (BaaP) designed to integrate banking services for Arvato, Banco Bilbao Vizcaya Argentaria, emerging digital-first companies. The company's API-based Banking-as-a-Platform (BaaP) provide an SolarisBank 8-Mar-18 Berlin, Germany FinLeap, Hegus, HitFox Group, Lakestar, SBI $70 Series B easy-to-integrate customizable platform enabling digital companies to create, innovate in finance, Holdings, UniCredit, Visa, Yabeo Capital banking tech and regulatory air cover to their financial needs.

Source: PitchBook Data, Inc., NYSE, S&P Global Market Intelligence Strictly Private & Confidential Note: Bolded names in “Investors” column indicate existing investors participating in new deal 5 Private Placement Activity 3/5/2018 – 3/9/2018 (Transactions in excess of $20 million)

Company Company Amount Date Investors Series Company Description / Comments Name Location Raised ($M) Healthcare Developer of proprietary genewave technology designed to overcome the immunogenicity associated Atlas Venture, Casdin Capital, Deerfield with viral-vector gene therapies. The company's proprietary genewave technology creates a Management, Fidelity Management & Research, breakthrough class of genetic medicines that deliver durable, high levels of gene expression and can Generation Bio 5-Mar-18 Cambridge, MA $100 Series B Foresite Capital Management, Invus Group, be re-dosed to titrate and sustain effect and to sustain impact over a lifetime, enable a new generation Leerink Partners people to live full lives unaffected by the inherited disease. Fidelity Management & Research led the round. $300 million pre-money valuation.

Adage Capital Management, BVF Partners, EcoR1 Capital, Omega Fund Management, Operator of a biotechnology company intended to develop novel biologic therapies. The company Prevail Therapeutics 8-Mar-18 New York, NY OrbiMed, Pontifax Venture Capital, RA Capital $75 Series A targets lysosomal dysfunction to treat patients with genetically-defined neurodegenerative diseases, Management, Tavistock Group, The Silverstein enabling doctors to treat patients effectively. Foundation for Parkinson's with GBA

AME Cloud Ventures, B Capital Group, Creative Developer of a drug discovery platform designed to analyze new medicines. The company's drug Destruction Lab, Data Collective, Draper discovery platform helps in drug hit discovery, binding affinity prediction and toxicity detection, San Francisco, Fisher Jurvetson, Khosla Ventures, Monsanto Atomwise 7-Mar-18 $45 Series A enabling scientists to discover small molecules for the treatment and investigation of human diseases. CA Growth Ventures, OS Fund, Runway Incubator, B Capital Group, Data Collective, Monsanto Growth Ventures led the round. $105 million pre- Tencent Holdings, The Next Canada, Y money valuation. Combinator

Accuitive Medical Ventures, American Equities Provider of medical technology for cold therapy. The company's proprietary platform technology Overseas, De Novo Ventures, Medicis Capital, Focused Cold Therapy is the treatment for conditions involving nerves. Its Iovera system uses Myoscience 7-Mar-18 Fremont, CA $45 NA NMT Capital, Saratoga Ventures, Valiance, precision targeting and the body's natural response to cold for immediate relief without the use of Western Technology Investment drugs.

i2E, MPM Capital, Oklahoma Life Science Fund, Developer of drugs for the treatment of inflammatory and thrombotic diseases. The company's Oklahoma City, Tetherex Pharmaceuticals 6-Mar-18 Presbyterian Health Foundation, RAIN Source $43 Series B treatment program is built around an antibody called SelK2 directed against the cell adhesion OK Capital, SeedStep Angels molecule P-Selectin Glycoprotein Ligand-1 (PSGL-1).

Developer of microbiome-based therapies created to treat serious and unmet medical needs. The Avenir Growth Capital, Draper Richards Kaplan company's microbiome-based therapies uses machine-learning algorithms informed by high- Foundation, Flight Partners Management, throughput molecular data to reverse engineer successful experiences with fecal transplantation, then Finch Therapeutics 5-Mar-18 Somerville, MA Morgan Noble Healthcare Partners, Shumway $36 Series B identifies the microbes that drive desirable clinical outcomes, and develops therapies that deliver Capital Partners, Takeda Pharmaceutical those microbial communities to patients, enabling healthcare institutions to identify strains that drive Company, Willett Advisors clinical outcomes. Developer of crystallin stabilizers intended to prevent and treat cataracts and presbyopia. The Asset Management Ventures, BVF Partners, company's crystallin stabilizers include VP1-001, which is a small molecule that is active in preclinical Lagunita BioSciences, Michigan Investment San Francisco, models of age-related cataracts via a target-based screening and optimization effort, enabling users to ViewPoint Therapeutics 5-Mar-18 in New Technology Startups, Mission Bay $35 Series B CA get drugs to prevent or reverse protein misfolding, which is implicated in numerous common disorders Capital, National Eye Institute, Novo Holdings, of aging including cataracts, presbyopia, and neurodegenerative diseases. The Rise Fund led the The Rise Fund round.

Source: PitchBook Data, Inc., NYSE, S&P Global Market Intelligence Strictly Private & Confidential Note: Bolded names in “Investors” column indicate existing investors participating in new deal 6 Private Placement Activity 3/5/2018 – 3/9/2018 (Transactions in excess of $20 million)

Company Company Amount Date Investors Series Company Description / Comments Name Location Raised ($M) Healthcare

Provider of an advanced AI-based algorithm platform intended to improve patient management and non-communicable disease management. The company's platform helps healthcare organizations Medial EarlySign 6-Mar-18 Kfar Malal, Israel aMoon Fund, Horizons Ventures $30 Series B accurately stratify populations to optimize care for individuals and prevent or delay serious health conditions, by leveraging routine blood test results and common labs and EHR data .aMoon Fund led the round.

Black Point Group, Celgene, Droia Oncology Developer of medicines designed to treat cancer and deoxyribonucleic acid (DNA) damaged cells. Ventures, JLABS, Lightstone Ventures, National The company's medicines reverses cancer cells and damaged deoxyribonucleic acid (DNA) cells Cyteir Therapeutics 8-Mar-18 Cambridge, MA Cancer Institute, National Institutes of Health, $29 Series B through an integrated drug development platform that modulates the imbalance between DNA U.S. Department of Health and Human damage and repair for the therapeutic effect to deliver a pipeline of small molecule therapeutics with Services, Venrock a range of potential disease state applications. Venrock led the round.

Accomplice VC, Atlas Venture, Collaborative Developer of performance optimization systems designed to understand human performance. The Fund, Founder Collective, Infosys, Mousse company's performance optimization systems offer a continuous understanding of strain and recovery Whoop 6-Mar-18 Boston, MA Partners, NextView Ventures, Promus $25 Series C to balance training, reduce injuries and predict performance, enabling athletes to understand their Ventures, Two Sigma Investments, UAE71 bodies and inner potential to avoid over-training. UAE71 Capital led the round. Capital, Valley Oak Investments

Source: PitchBook Data, Inc., NYSE, S&P Global Market Intelligence Strictly Private & Confidential Note: Bolded names in “Investors” column indicate existing investors participating in new deal 7 Fund Raises 3/5/2018 – 3/9/2018 (Funds in excess of $100 million in the U.S., Canada and Europe)

Sponsor Name Fund Name Fund Location Close Date Fund Type Sector Coverage Fund Size ($M) Comments

Closed Funds

Exploration, Production and Refining, Invests in e-Commerce, website CIC Partners CIC IV Dallas, TX 5-Mar-18 Buyout $195 Other Financial Services security and tech-enabled services

Turn/River Capital Turn/River Capital III San Francisco, CA 8-Mar-18 Buyout Information Technology $168

Financial Services, Information Anthemis Group Anthemis Venture Fund I London, United Kingdom 8-Mar-18 Venture Capital $106 Technology

Strictly Private & Confidential Source: PitchBook Data, Inc., NYSE, S&P Global Market Intelligence 8 Initial Public Offerings 2/26/2018 – 3/2/2018 (U.S. Based Exchanges)

Premium / Company Lead Offering Offer Price Latest Latest Market Company Name Description Offer Date File Date Discount Sector Underwriters Size Per Share Share Price Capitalization from IPO

Priced IPOs Barclays Capital, BioXcel Therapeutics, Inc. Develops drugs across neuroscience and immuno-oncology Pharmaceuticals BMO Capital 3/8/2018 2/12/2018 $60 $11 $11 0.0% $167 Markets Filed IPOs

Vrio Corp. Provides digital entertainment services in South America Entertainment - - 3/7/2018 $100

Financial Iqiyi, Inc. Offers commercial banking services to SMEs - - 3/5/2018 $20 Services

Strictly Private & Confidential Source: PitchBook Data, Inc., NYSE, S&P Global Market Intelligence 9 These materials have been prepared by DCS Advisory solely for informational purposes and do not constitute or form part of, and should not be construed as, an offer to sell or issue, a solicitation of an offer to buy, or a recommendation with respect to any securities. DCS Advisory LLC is a leading investment bank specializing in M&A and private capital raising. DCS Advisory is a wholly owned subsidiary of Daiwa Capital Markets America Holdings Inc. and is an indirect subsidiary of Daiwa Securities Group Inc. Along with sister company DC Advisory, other Daiwa affiliates, and alliance partners, DCS Advisory is part of an established global brand with more than 900 professionals in 37 offices throughout the Americas, Europe and Asia. DCS Advisory covers a broad range of industries including Aerospace, Defense & Government Services, Business and Tech-Enabled Services, Industrials, Consumer, Retail and Leisure, Media and Telecom, and Technology and Software. For more information please visit www.dcsadvisory.com.

Strictly Private & Confidential 10