IPOX® PORTFOLIO HOLDING ANALYSIS 02/24/2021

To learn more, visit www.ipox.com; Email: [email protected] MARVELL TECHNOLOGY GROUP LTD (MRVL US) | AQUANTIA CORP (AQ US) Office: +1 (312) 526-3634 COMPANY DESCRIPTION Support +1 (312) 339-4114 ACQUIRER Founded in 1995, Marvell Technology Group is company headquartered in Santa Clara, CA. Marvell provides data infrastructure semiconductor solutions for data storage, processing, networking, security and connectivity. TARGET Founded in 2004, Aquantia Corp is a fabless semiconductor company that designs, develops and markets advanced high-speed communications integrated circuits (ICs) for Ethernet connectivity. TARGET IPO HISTORY Aquantia began trading on the NYSE on 11/3/2017 led by Morgan Stanley. The ICs developer sold 6,818,000 shares at $9.00 per share, below its expected price range ($10 to $12). With the 15% greenshoe options fully exercised, Aquantia was valued at ca. $300.09 million. The shares opened at $9.31/share and closed the first day higher at $9.51 (▲5.67%). Aquantia Corp entered the IPOX® Universe on the 7th day of trading. M&A HISTORY Marvell Technology Group announced to buy Aquantia for $452 million on 5/9/2019 at $13.25 per share in cash, which represented a 38.60% premium to Aquantia’s previous close. The acquisition of the Multi-Gig Ethernet company was completed on 9/19/2019. Marvell Technology Group was included in the IPOX® 100 U.S. Portfolio (ETF: FPX) on 3/23/2020 and currently weights approximately 4.90% of the portfolio. *Marvell Technology Group was added to the -100 Index® on December 21, 2020. HISTORICAL PERFORMANCE 250% $50 Aquantia Corp Marvell Technology Group 200% IPOX® 100 U.S. Index $45 S&P 500 Index 150% $40 Completion

100% $35 Acquisition

50% Announcement $30

Day Moving Average Average since Moving Day - Cumulative Return Price Cumulative 0% $25 IPOX® 100 U.S. Index Inclusion 100 -50% $20 2017-11 2018-05 2018-12 2019-06 2020-01 2020-07 2021-02 GROWTH OUTLOOK Notable Recent Marvell Technology Group Acquisitions Revenue COGS $4,000 R&D (incl. Acquisitions) Net income (loss)/share $3 Dividend/share Gross Margin Date Target Description Deal Term $3,000 $2 Semiconductor ca. $6.1 billion $2.34 7/6/2018 Cavium, Inc $2,000 processor provider in cash & stock $1.02 $1 High-speed $1,000 ca. $452 55.78% 60.68% 50.89% 9/19/2019 Aquantia Corp transceivers 45.97% 50.27% million in cash $0 manufacturer $0.04 $0 ($0.30) Avera ASIC business of ca. $650 -$1,000 11/5/2019

($1) Semiconductor GlobalFoundries million in cash Revenue/Cost in USD millions USD in Revenue/Cost

-$2,000 share per income/Dividend Net ($1.59) High-speed data ca. $10 billion Pending Inphi Corp -$3,000 ($2) interconnect platform in cash & stock 2016 2017 2018 2019 2020

INDUSTRY COMPARISON Stock IPO/Spin-off Initial Offer to Date 2021 Beta to Net Income Dividend Company Symbol Date Return (TR) YTD Benchmark In millions per Share MRVL US 6/27/2000 277.50% 1398.50% 3.11% 1.32 $1,584.39 $0.24 AQ US 11/3/2017 5.67% Aquantia was acquired by Marvell in 2019 for $452 million, a 38.60% premium AMD US went public in 1972 -7.29% 1.29 $2,490.00 -- AVGO US Broadcom went public in 1998 8.08% 1.18 $2,960.00 $13.00

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