November 2017 M&A and Investment Summary Table of Contents

1 Overview of Monthly M&A and Investment Activity 3

2 Monthly M&A and Investment Activity by Industry Segment 9

3 Additional Monthly M&A and Investment Activity Data 41

4 About Petsky Prunier 55

Securities offered through Petsky Prunier Securities, LLC, member of FINRA.

This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer registered with the U.S. SEC and a member of FINRA.

2 | M&A and Investment Summary November 2017 M&A and Investment Summary for All Segments

Transaction Distribution . A total of 554 deals were announced in November 2017, of which 291 were worth $25.0 billion in aggregate reported value • November activity is highlighted by 39 reported Private Equity transactions, the second largest monthly total of the year . Software was the most active segment with 198 deals announced — 121 of these transactions reported $6.0 billion in value . Digital Media/Commerce was also active with 114 transactions announced, of which 75 were worth a reported $6.7 billion in value . Strategic buyers announced 242 deals (39 reported $11.6 billion in value) . VC/Growth Capital investors announced 273 transactions (244 reported $8.4 billion in value) . Private Equity investors announced 39 deals during the month (seven reported $5.0 billion in value)

November 2017 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 198 36% $6,047.7 24% 67 $1,865.2 12 $2,055.6 119 $2,126.9 Digital Media/Commerce 114 21% 6,728.0 27% 38 2,331.8 2 - 74 4,396.2 Marketing Technology 75 14% 1,793.9 7% 24 276.6 3 458.9 48 1,058.4 Business Services 65 12% 5,221.5 21% 40 2,900.7 13 1,940.0 12 380.9 Agency & Marketing Services 43 8% 26.0 0% 37 16.0 4 - 2 10.0 Traditional Media 25 5% 3,753.8 15% 17 3,016.9 3 563.0 5 173.9 Digital Advertising 23 4% 239.7 1% 11 19.9 1 - 11 219.8 Information 11 2% 1,166.3 5% 8 1,150.0 1 - 2 16.3 Total 554 100% 24,976.9 100% 242 11,577.1 39 5,017.5 273 8,382.4

3 | M&A and Investment Summary November 2017 M&A and Investment Summary for All Segments

Transaction Distribution . Reported strategic activity in November was flat month-over-month with 242 deals announced, the third largest monthly total of 2017 so far . Strategic activity accounted for 86 percent of reported control transactions during the month and included significant transactions: • Meredith Corporation’s pending acquisition of Time, Inc. in a transaction valuing the company at $2.8 billion, including debt • The acquisition of software development, engineering, and product design services firm Aricent by Altran Technologies in an acquisition valued at $2 billion • The majority stake taken by ION Investment Group in Dealogic from The Carlyle Group and Euromoney Institutional Investor in a deal valuing the company at a reported $1.2 billion • Open source software and code management company Black Duck Software’s pending sale to Synopsys for a reported $565 million • The $465 million pending acquisition of independent game development studio Respawn Entertainment by Electronic Arts

$70.0 $500.0 $60.0 $51.2 $50.2 $400.0 $50.0 Tribune Scripps / $36.2 Discovery $37.8 $300.0 $40.0 $33.7

$30.0 $25.4 $25.2 $24.6 $24.1 $23.4 $25.0 $200.0 $20.8 $19.9 $20.0 $100.0 $10.0 419 415 457 449 545 471 520 569 519 622 552 609 554 $- $- Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17

*Note, Discovery Communications’ $14.6 billion acquisition Scripps Networks, Sinclair Broadcast Group’s $6.6 billion acquisition of Tribune Media have been excluded to limit comparative distortions.

4 | M&A and Investment Summary November 2017 Selected Transactions with Valuation Information Disclosed ($ in Millions)

Selected Transactions With Multiples Information

Target Subsegment Buyer/Investor Ent. Value TTM Rev TTM EBITDA EV/REV EV/EBITDA Agency & Marketing Services The Corner Communications (London) Limited Digital Agency Be Heard Group plc $ 16.0 $ 7.6 $ 1.5 2.1x 10.7x

Business Services Aricent, Inc. IT Consulting/Systems Integration Altran Technologies SA 2,000.0 687.0 192.0 2.9x 10.4x Duff & Phelps Corporation Financial Consulting Permira Advisers 1,750.0 700.0 - 2.5x NA Wall Street English Corporate Training Baring Private Equity Asia 100.0 175.0 22.9 0.6x 4.4x TATA Business Support Services Limited BPO Quess Corp Limited 46.1 102.0 8.6 0.5x 5.4x Syncordis SA IT Consulting/Systems Integration Larsen & Toubro Infotech Limited 33.1 13.3 - 2.5x NA Anisa Group Ltd. IT Consulting/Systems Integration Sanderson Ltd. 15.8 13.6 2.8 1.2x 5.7x Rockford IT Limited IT Consulting/Systems Integration SysGroup plc 5.2 5.7 - 0.9x NA

Digital Media/Commerce Mashable, Inc. Niche Content Ziff Davis, Inc. 50.0 50.0 - 1.0x NA CapriCoast.com Home Solutions Pvt. Ltd. eCommerce HomeLane 14.0 35.0 - 0.4x NA

Marketing Technology BazaarVoice, Inc. Social Technology Marlin Equity Partners 458.9 206.3 0.9 2.2x NM Qvidian SFA/Lead Management Upland Software, Inc. 50.0 19.5 - 2.6x NA Comapi Email/Messaging Software dotDigital Group plc 14.6 9.6 1.5 1.5x 9.7x Software Barracuda Networks, Inc. Security Software Thoma Bravo, Inc. 1,405.6 366.6 32.6 3.8x 43.1x Black Duck Software, Inc. Security Software Synopsys, Inc 565.0 75.0 - 7.5x NA IGE+XAO Group Engineering Software Schneider Electric SE 221.5 32.6 8.8 6.8x 25.1x

Traditional Media Time, Inc. Consumer Magazine Publishing Meredith Corporation 2,812.9 2,884.0 388.0 1.0x 7.2x GV Holdings PLC, Headlong Assets Entertainment Media Ropso Malta 174.2 40.1 - 4.3x NA Multiplay Ltd. Entertainment Media Unity Technologies, Inc. 25.1 5.9 - 4.3x NA

5 | M&A and Investment Summary November 2017 Securities in Registration ($ in Millions)

Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Nov-17 Zscaler, Inc. United States Software NA NA NA Oct-17 Cardlytics , Inc. United States Marketing Technology NA NA NA Oct-17 Loton Corp. United Kingdom Digital Media/Commerce NA NA NA Jun-17 Ancestry.com LLC United States Digital Media/Commerce NA NA NA May-17 Advantage Solutions Inc. United States Agency & Marketing Services 100.0 2,150.4 405.1 Apr-17 Tivit S.A. Brazil Business Services 319.3 2,031.8 287.2 Dec-16 AppNexus, Inc United States Marketing Technology NA NA NA Oct-16 Carbon Black, Inc. United States Software NA NA NA

6 | M&A and Investment Summary November 2017 LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day Nov 30, 2017 1st Trading Day Nov-17 Software Bandwidth Inc. United States $20.00-$22.00 20.00 $21.19, up 6.0% 21.84 3.1% Nov-17 Digital Media/Commerce PPDAI Group Inc. China 16.00-19.00 13.00 13.33 up 2.5% 9.60 (28.0%) Nov-17 Software SailPoint Technologies Holdings, Inc. United States 9.00-11.00 12.00 13.00 up 8.3% 14.70 13.1% Nov-17 Marketing Technology SendGrid, Inc. United States 13.50-15.50 16.00 18.00 up 12.5% 20.96 16.4% Nov-17 Digital Media/Commerce Sogou Inc. China 11.00-13.00 13.00 13.50 up 3.8% 12.30 (8.9%) Nov-17 Digital Media/Commerce Stitch Fix, Inc. United States 18.00-20.00 15.00 15.15, flat 20.04 32.3%

Oct-17 Software Altair Engineering Inc. United States 11.00-13.00 13.00 18.31, up 40.8% 22.39 22.3% Oct-17 Software ForeScout Technologies, Inc. United States 20.00-22.00 22.00 25.49 up 15.9% 24.12 (5.4%) Oct-17 Digital Media/Commerce CarGurus, Inc. United States 13.00-15.00 16.00 27.58 up 72.4% 29.48 6.9% Oct-17 Software MongoDB, Inc. United States 20.00-22.00 24.00 32.07 up 33.6% 28.53 (11.0%) Oct-17 Digital Media/Commerce Sea Limited Singapore 12.00-14.00 15.00 16.20 up 8.4% 11.60 (28.4%) Sep-17 Digital Media/Commerce Secoo Holding Limited China 12.00-14.00 13.00 10.01 down 23.1% 8.69 (13.2%) Sep-17 Business Services BEST Inc. China 10.00-11.00 10.00 10.52 up 5.2% 9.84 (6.5%) Sep-17 Digital Media/Commerce Roku, Inc. United States 12.00-14.00 14.00 23.50 up 65% 43.90 86.8%

Sep-17 Digital Media/Commerce Despegar.com, Corp. Argentina 23.00-26.00 26.00 31.92 up 23.1% 24.00 (24.8%) Jul-17 Digital Advertising Redfin Corporation United States 12.00-14.00 15.00 21.72 up 45% 22.78 4.9% Jun-17 Digital Media/Commerce Blue Apron Holdings, Inc. United States 10.00-11.00 10.00 9.99, flat 2.99 (70.1%) Jun-17 Traditional Media Altice USA, Inc. United States 27.00-31.00 31.00 32.71 up 9% 17.85 (45.4%) Jun-17 Software Tintri, Inc. United States 7.00-8.00 7.00 7.27 up 3.9% 5.33 (26.7%) May-17 Software Appian Corporation United States 11.00-13.00 12.00 15.01 up 25% 22.02 46.7% May-17 Software Veritone, Inc. United States 14.00-16.00 15.00 13.07 down 13% 23.96 83.3% Apr-17 Digital Media/Commerce Carvana Co. United States 13.00-16.00 15.00 11.10 down 26% 16.21 46.0%

Apr-17 Software Cloudera, Inc. United States 12.00-14.00 15.00 18.10 up 21% 15.83 (12.5%) Apr-17 Software Okta, Inc. United States 15.00-17.00 17.00 23.51 up 38% 29.21 24.2% Apr-17 Digital Media/Commerce Netshoes (Cayman) Limited Brazil 18.00-20.00 18.00 16.10 down 10.5% 6.26 (61.1%)

7 | M&A and Investment Summary November 2017 LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day Nov 30, 2017 1st Trading Day Apr-17 Digital Advertising Yext, Inc. United States $8.00-$10.00 11.00 $13.29 up 21% 14.31 7.7% Mar-17 Marketing Technology Alteryx, Inc. United States 12.00-14.00 14.00 15.50 up 10.7% 24.96 61.0% Mar-17 Software MuleSoft, Inc. United States 14.00-16.00 17.00 24.75 up 46% 22.95 (7.3%) Mar-17 Business Services Presidio, Inc. United States 14.00-16.00 14.00 14.25 up 1.8% 15.44 8.4% Mar-17 Digital Media/Commerce Snap Inc. United States 14.00-16.00 17.00 24.48 up 44% 13.78 (43.7%)

Dec-16 Digital Advertising trivago N.V. Germany 13.00-15.00 11.00 11.85 up 7.7% 6.85 (42.2%)

8 | M&A and Investment Summary November 2017 Digital Media/Commerce

. Of the total $6.7 million in value reported in the Digital Media/Commerce segment, $4.4 billion in venture/growth capital investments were announced, while more than $2.3 billion in strategic acquisitions were made . eCommerce was the most active subsegment with 47 transactions announced, of which 32 were reported for $1.1 billion. Select transactions from the subsegment include: • The $100 million acquisition of direct-to-consumer deodorant startup Native by Proctor & Gamble . Select Digital Media/Commerce transactions include: • The $2 billion post-IPO equity investment received by Snap from Tencent • Bytedance’s acquisition of China-based video sharing social media platform Musical.ly from Cheetah Mobile for a reported $1 billion • The acquisition of offline meetings social network MeetUp by WeWork for a reported $200 million • Augmented reality games developer Niantic’s $200 million round of funding from Spark Capital, Founders Fund, Meritech, and Javelin Venture Partners • Ziff Davis’ acquisition of Mashable in a transaction valued at a reported $50 million

DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM eCommerce 47 41% $1,090.9 16% 12 $114.0 2 - 33 $976.9 Mobile Content/Apps 24 21% 248.5 4% 7 - 0 - 17 248.5 Digital Marketplace 17 15% 1,058.8 16% 7 422.8 0 - 10 636.0 Social Media/Apps 10 9% 3,424.0 51% 3 1,200.0 0 - 7 2,224.0 Gaming 9 8% 750.8 11% 6 545.0 0 - 3 205.8 * Microsoft’s $26.2 billion acquisition of LinkedIn and Tencent’s $10.2 billion acquisition of Supercell have been excluded to limit comparative distortions Niche Content 7 6% 155.0 2% 3 50.0 0 - 4 105.0 Total 114 100% 6,728.0 100% 38 2,331.8 2 0.0 74 4,396.2

9 | M&A and Investment Summary November 2017 Digital Media Public Company Valuation (1/2)

($ in Millions, except stock price data) US-Based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alphabet Inc. $1,036.17 -4% $ 714,774.8 $ 618,595.8 $ 104,596.0 $ 34,441.0 32.9% 22.3% 5.9x 18.0x Apple Inc. 171.85 -2% 882,331.5 923,612.5 229,234.0 71,501.0 31.2% 6.3% 4.0x 12.9x Facebook, Inc. 177.18 -4% 514,851.2 476,562.2 36,490.0 20,270.0 55.5% 47.9% 13.1x 23.5x Fitbit, Inc. 6.86 -19% 1,624.3 965.1 1,618.5 (317.7) NM -29.9% 0.6x NM Glu Mobile Inc. 3.91 -17% 535.8 469.9 252.9 (52.8) NM 17.5% 1.9x NM GoPro, Inc. 8.54 -28% 1,167.9 1,099.2 1,385.6 (43.9) NM 28.1% 0.8x NM IAC/InterActiveCorp 127.27 -8% 10,423.4 11,338.1 3,167.8 344.5 10.9% -0.3% 3.6x 32.9x j2 Global, Inc. 75.46 -18% 3,652.9 4,249.6 1,053.3 394.0 37.4% 27.3% 4.0x 10.8x Leaf Group Ltd. 8.25 -12% 166.1 133.0 123.3 (21.3) NM 8.2% 1.1x NM The Meet Group, Inc. 2.54 -61% 182.4 157.8 112.9 27.1 24.0% 69.0% 1.4x 5.8x Netflix, Inc. 187.58 -8% 81,171.7 84,314.0 10,884.5 814.3 7.5% 33.1% 7.7x NM Pandora Media, Inc. 5.00 -65% 1,243.9 1,495.5 1,464.1 (294.2) NM 10.2% 1.0x NM RealNetworks, Inc. 4.18 -23% 155.9 96.8 125.1 (15.3) NM 5.2% 0.8x NM Remark Holdings, Inc. 8.97 -8% 241.7 266.0 67.0 (13.2) NM 19.2% 4.0x NM Roku, Inc. 43.90 -15% 4,294.5 4,516.2 471.8 (21.4) NM 0.0% 9.6x NM Snap Inc. 13.78 -53% 16,594.7 14,312.5 704.9 (3,241.2) NM 159.6% 20.3x NM TheStreet, Inc. 1.40 -10% 68.6 44.6 62.4 2.1 3.3% -3.3% 0.7x 21.8x Twitter, Inc. 20.58 -8% 15,221.87 12,736.27 2,428.95 225.95 9.3% -3.7% 5.2x 56.4x XO Group Inc. 19.33 -8% 477.4 376.5 159.2 16.3 10.2% 6.7% 2.4x 23.1x Zynga Inc. 4.10 -6% 3,569.2 2,797.0 818.7 (8.3) NM 11.1% 3.4x NM

Average 2.7x 17.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.5x) and EBITDA multiples that are 1.0 standard deviations above the mean (37.7x) *Note: Alphabet Inc. pricing represents (Nasdaq:GOOGL)

10 | M&A and Investment Summary November 2017 Digital Media Public Company Valuation (2/2)

($ in Millions, except stock price data) Internationally-based Digital Media and Internet Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baidu, Inc. China $238.58 -13% $ 82,841.0 $ 72,696.1 $ 11,944.6 $ 3,498.7 29.3% 11.9% 6.1x 20.8x CyberAgent, Inc. Japan 34.14 -8% 4,294.1 3,933.1 3,297.9 347.7 10.5% 19.5% 1.2x 11.3x DeNA Co., Ltd. Japan 22.68 -29% 3,292.5 2,480.2 1,248.7 301.9 24.2% -3.3% 2.0x 8.2x G5 Entertainment AB (publ) Sweden 29.78 -40% 262.1 250.2 118.1 11.8 10.0% 122.3% 2.1x 21.3x Gree, Inc. Japan 6.52 -35% 1,527.1 796.7 640.1 94.3 14.7% 10.1% 1.2x 8.4x HolidayCheck Group AG * Germany 3.30 -17% 187.8 157.5 140.9 (6.9) NM 9.1% 1.1x NM International Game Technology PLC United Kingdom 27.49 -6% 5,564.8 12,899.7 4,914.5 1,431.5 29.1% -5.4% 2.6x 9.0x mixi, Inc. Japan 46.53 -29% 3,639.8 2,346.9 1,898.2 832.2 43.8% 6.8% 1.2x 2.8x Meitu, Inc. * China 1.45 -51% 6,190.7 5,410.3 468.0 (53.8) NM 176.7% 11.6x NM NCsoft Corporation South Korea 402.16 -9% 8,546.0 7,346.1 1,320.3 461.8 35.0% 61.3% 5.6x 15.9x Naver Corporation South Korea 737.06 -18% 21,232.7 19,044.8 3,932.5 1,180.0 30.0% 17.5% 4.8x 16.1x NetEase, Inc. China 328.71 -12% 43,146.2 38,083.9 7,755.0 2,287.4 29.5% 51.8% 4.9x 16.6x NEXON Co., Ltd. Japan 28.70 -9% 12,669.9 9,343.7 2,002.6 1,074.1 53.6% 21.4% 4.7x 8.7x Pacific Online Limited China 0.17 -39% 195.9 149.3 139.9 25.0 17.9% -11.9% 1.1x 6.0x Phoenix New Media Limited China 6.72 -17% 480.7 396.5 229.3 12.2 5.3% 4.2% 1.7x 32.5x Renren Inc. * China 9.76 -19% 668.2 701.1 81.5 (67.9) NM 71.4% 8.6x NM Sea Limited * Singapore 11.60 -32% 3,793.7 4,102.0 378.0 (351.8) NM 0.0% 10.9x NM Sogou Inc. * China 12.30 -16% 4,815.7 4,687.0 802.2 119.7 14.9% 0.0% 5.8x 39.2x Sohu.com Inc. China 48.39 -32% 1,881.5 1,276.9 1,763.1 128.9 7.3% 3.4% 0.7x 9.9x Weibo Corporation * China 108.56 -12% 24,015.3 23,281.6 985.4 334.7 34.0% 66.4% 23.6x 69.6x WeMade Entertainment Co., Ltd. * South Korea 34.09 -7% 566.0 391.6 92.6 8.4 9.0% -12.3% 4.2x 46.8x Yandex N.V. Russia 33.11 -6% 10,786.4 10,118.9 1,535.0 360.1 23.5% 22.8% 6.6x 28.1x YY Inc. China 103.19 -16% 6,505.0 5,447.8 1,571.1 405.2 25.8% 37.2% 3.5x 13.4x

Average 2.5x 14.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.2x) and EBITDA multiples that are 1.0 standard deviations above the mean (37.0x)

11 | M&A and Investment Summary November 2017 eCommerce Public Company Valuation (1/2)

($ in Millions, except stock price data) US-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 1-800-FLOWERS.COM, Inc. $10.25 -10% $ 662.4 $ 760.6 $ 1,185.1 $ 83.3 7.0% 0.2% 0.6x 9.1x Alphabet Inc. 1,036.17 -4% 714,774.8 618,595.8 104,596.0 34,441.0 32.9% 22.3% 5.9x 18.0x Amazon.com, Inc. 1,176.75 -3% 567,043.1 585,919.1 161,154.0 12,934.0 8.0% 25.9% 3.6x 45.3x Apple Inc. 171.85 -2% 882,331.5 923,612.5 229,234.0 71,501.0 31.2% 6.3% 4.0x 12.9x Blucora, Inc. 20.55 -21% 947.9 1,232.3 498.5 91.9 18.4% 34.0% 2.5x 13.4x Blue Apron Holdings, Inc. 2.99 -73% 568.5 493.9 909.5 (151.3) NM 0.0% 0.5x NM CafePress Inc. 1.81 -51% 30.5 5.6 95.2 (2.3) NM -5.5% 0.1x NM CarGurus, Inc. 29.48 -17% 3,127.6 3,174.6 287.0 23.2 8.1% 0.0% 11.1x NM Carvana Co. 16.21 -32% 257.9 568.6 700.6 (135.3) NM 132.9% 0.8x NM CDW Corporation 70.01 -2% 10,715.9 14,589.2 14,845.4 1,100.8 7.4% 6.7% 1.0x 13.3x Chegg, Inc. 15.21 -8% 1,649.4 1,446.3 244.6 (6.2) NM -5.6% 5.9x NM Copart, Inc. 43.16 0% 9,983.1 10,343.3 1,521.2 585.1 38.5% 14.8% 6.8x 17.7x eBay Inc. 34.67 -12% 36,215.3 40,183.3 9,349.0 2,920.0 31.2% 5.0% 4.3x 13.8x Etsy, Inc. 16.46 -8% 2,003.4 1,704.4 415.2 33.5 8.1% 21.2% 4.1x 50.8x EVINE Live Inc. 1.45 -22% 94.6 149.3 646.0 14.5 2.2% -6.0% 0.2x 10.3x Expedia, Inc. 122.50 -24% 18,680.6 20,770.3 9,833.5 1,290.6 13.1% 17.4% 2.1x 16.1x FTD Companies, Inc. 6.74 -74% 185.7 410.1 1,086.6 83.5 7.7% -4.5% 0.4x 4.9x GrubHub Inc. 67.56 -3% 5,857.1 5,525.5 615.4 125.2 20.3% 35.0% 9.0x 44.1x HSN, Inc. 40.65 -5% 2,131.5 2,583.3 3,462.7 231.1 6.7% -3.6% 0.7x 11.2x IAC/InterActiveCorp 127.27 -8% 10,423.4 11,338.1 3,167.8 344.5 10.9% -0.3% 3.6x 32.9x Liberty Ventures 55.81 -11% 4,794.4 6,158.4 53.0 (41.0) NM -90.1% NM NM Liquidity Services, Inc. 5.75 -45% 181.1 67.2 287.2 (24.1) NM -9.5% 0.2x NM Match Group, Inc. 29.40 -11% 8,030.5 9,132.9 1,351.0 370.6 27.4% 23.9% 6.8x 24.6x Overstock.com, Inc. 47.10 -28% 1,178.6 1,139.1 1,814.6 (7.8) NM 3.5% 0.6x NM PetMed Express, Inc. 39.35 -23% 801.5 733.0 262.3 48.0 18.3% 9.5% 2.8x 15.3x The Priceline Group Inc. 1,739.71 -16% 84,844.9 87,228.9 12,226.4 4,688.8 38.3% 17.6% 7.1x 18.6x QVC Group $24.40 -6% 10,511.4 16,418.4 10,169.0 1,796.0 17.7% -1.5% 1.6x 9.1x Shutterfly, Inc. 44.18 -18% 1,450.5 1,762.3 1,157.7 146.2 12.6% 3.3% 1.5x 12.1x Shutterstock, Inc. 42.49 -23% 1,473.3 1,238.1 535.5 54.8 10.2% 11.5% 2.3x 22.6x Spark Networks, Inc. 4.51 -5% 473.3 463.4 137.2 36.1 26.3% 16.5% 3.4x 12.8x Stamps.com Inc. 168.40 -28% 2,943.42 2,908.08 442.14 173.93 39.3% 34.7% 6.6x 16.7x Stitch Fix, Inc. 20.04 -19% 1,912.1 1,843.7 977.1 39.3 4.0% 33.8% 1.9x 46.9x U.S. Auto Parts Network, Inc. 2.36 -43% 83.8 87.1 306.2 8.6 2.8% 2.1% 0.3x 10.1x Wayfair Inc. 69.99 -17% 6,147.3 5,947.6 4,266.4 (144.7) NM 36.1% 1.4x NM

Average 2.3x 14.3x

*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 (33.3x) 12 | M&A and Investment Summary November 2017 eCommerce Public Company Valuation (2/2)

($ in Millions, except stock price data) Internationally-based eCommerce Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA 58.com Inc. China $71.74 -10% $ 10,510.6 $ 10,345.1 $ 1,412.7 $ 290.3 20.5% 36.0% 7.3x 35.6x Alibaba Group Holding Limited * China 177.08 -8% 453,324.8 449,064.0 29,631.1 12,408.3 41.9% 57.5% 15.2x 36.2x Cnova N.V. * France 5.34 -20% 1,838.0 2,091.7 2,145.2 6.6 0.3% 115.1% 1.0x NM Despegar.com, Corp. Argentina 24.00 -31% 1,658.3 1,310.4 491.1 64.1 13.1% 0.0% 2.7x 20.4x JD.com, Inc. * China 37.45 -24% 53,327.4 51,909.2 50,114.9 500.5 1.0% 42.8% 1.0x NM Jumei International Holding Limited China 3.14 -38% 470.2 37.9 904.1 23.5 2.6% -14.5% 0.0x 1.6x LightInTheBox Holding Co., Ltd. * China 1.97 -38% 135.7 57.2 310.7 (8.4) NM 6.9% 0.2x NM Mercadolibre, Inc. * Argentina 275.14 -8% 12,149.5 11,847.2 1,217.4 226.7 18.6% 58.3% 9.7x 52.3x Netshoes (Cayman) Limited * Brazil 6.26 -77% 194.2 200.0 594.8 (8.0) NM 16.0% 0.3x NM PChome Online Inc. Taiwan 4.42 -52% 517.4 267.0 913.4 22.4 2.5% 10.6% 0.3x 11.9x Rakuten, Inc. Japan 10.23 -19% 13,863.6 16,758.5 7,984.0 1,756.1 22.0% 18.6% 2.1x 9.5x Travelport Worldwide Limited United Kingdom 13.39 -17% 1,678.0 3,758.9 2,419.1 463.3 19.1% 3.3% 1.6x 8.1x trivago N.V. * Germany 6.85 -72% 2,402.3 2,180.3 1,209.1 13.2 1.1% 49.5% 1.8x NM Secoo Holding Limited China 8.69 -32% 445.6 351.2 482.2 19.9 4.1% 0.0% 0.7x 17.7x Vipshop Holdings Limited China 8.23 -47% 4,844.2 5,009.4 10,185.5 600.7 5.9% 31.5% 0.5x 8.3x

Average 1.8x 18.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.7x) and EBITDA multiples that are 1.0 standard deviations above the mean (36.3x)

13 | M&A and Investment Summary November 2017 Digital Advertising

. A total of 23 transactions were announced in the Digital Advertising segment, of which 13 were worth $240 million in reported value . The Vertical Search subsegment was the most valuable subsegment in November with seven transactions worth more than $150 million . Select transactions: • The $75 million investment received by travel activities booking platform GetYourGuide from Battery Ventures, KKR, Spark Capital, and Sunstone Capital • Doctor reviews and appointment platform Doctolib’s $41.5 million round of funding from Bpifrance and Eurazeo • The $25 million round of funding raised by home services customer acquisition and search platform eLocal from LLR Partners • Catena Media’s acquisition of financial services-focused affiliate marketing company BeyondBits Media for $16.6 million • Private equity group Mountain Nazca’s acquisition of online discount and coupons company Peixe Urbano from Baidu

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Vertical Search 7 30% $156.0 65% 2 - 0 - 5 $156.0 Local Search 6 26% $42.4 18% 3 - 0 - 3 42.4 Affiliate/CPA Network 2 9% 16.6 7% 2 16.6 0 - 0 - Comparison Shopping 2 9% 15.0 6% 1 - 0 - 1 15.0 Digital Promotion/Coupon 2 9% 3.3 1% 1 3.3 1 - 0 - Digital Video 1 4% 1.4 1% 0 - 0 - 1 1.4 Other* 3 13% 5.0 2% 2 0.0 0 0.0 1 5.0 Total 23 100% 239.7 100% 11 19.9 1 0.0 11 219.8

14 | M&A and Investment Summary November 2017 Digital Advertising Public Company Valuation (1/2)

($ in Millions, except stock price data)

US-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alliance Data Systems Corporation $239.27 -10% $ 13,219.3 $ 33,376.0 $ 7,440.8 $ 1,502.9 20.2% 5.4% 4.5x 22.2x Alphabet Inc. 1,036.17 -4% 714,774.8 618,595.8 104,596.0 34,441.0 32.9% 22.3% 5.9x 18.0x ANGI Homeservices Inc. 11.58 -16% 5,528.4 5,577.0 636.8 (58.3) NM 0.0% 8.8x NM AutoWeb, Inc. 8.44 -45% 110.4 84.6 149.2 10.9 7.3% -2.3% 0.6x 7.7x Care.com, Inc. 18.97 -9% 570.7 523.9 173.4 11.1 6.4% 11.3% 3.0x 47.1x Cogint, Inc. 4.25 -33% 253.6 306.2 215.2 (16.4) NM 50.0% 1.4x NM DHI Group, Inc. 1.85 -73% 93.0 139.3 212.0 35.5 16.7% -10.6% 0.7x 3.9x Facebook, Inc. 177.18 -4% 514,851.2 476,562.2 36,490.0 20,270.0 55.5% 47.9% 13.1x 23.5x Groupon, Inc. 5.64 -6% 3,149.4 2,741.2 3,005.3 82.8 2.8% -0.7% 0.9x 33.1x Inuvo, Inc. 0.93 -60% 26.5 29.1 75.5 (1.6) NM 3.5% 0.4x NM LendingTree, Inc. 301.95 -2% 3,614.0 3,504.5 557.6 83.4 15.0% 54.1% 6.3x 42.0x Perion Network Ltd. 1.09 -54% 84.5 111.4 281.2 17.5 6.2% -4.9% 0.4x 6.4x QuinStreet, Inc. * 10.69 -3% 488.7 438.3 313.8 5.4 1.7% 5.0% 1.4x 80.5x Quotient Technology Inc. * 11.90 -33% 1,104.1 920.9 304.4 7.4 2.4% 13.1% 3.0x 124.4x Redfin Corporation 22.78 -32% 1,854.9 1,641.9 341.1 (10.1) NM 0.0% 4.8x NM RhythmOne plc 3.17 -53% 157.3 103.9 149.0 (3.5) NM 28.4% 0.7x NM Snap Inc. * 13.78 -53% 16,594.7 14,312.5 704.9 (3,241.2) NM 159.6% 20.3x NM The Rubicon Project, Inc. * 1.80 -80% 88.3 (50.7) 196.8 (8.5) NM -34.3% NM 6.0x TiVo Corporation 17.80 -19% 2,172.49 2,943.09 864.56 270.33 31.3% 58.3% 3.4x 10.9x Travelzoo 6.00 -51% 74.8 55.6 120.6 8.2 6.8% 0.9% 0.5x 6.8x The Trade Desk, Inc. 49.14 -27% 2,018.4 1,912.6 278.0 68.6 24.7% 60.5% 6.9x 27.9x Telaria, Inc. 4.04 -21% 206.9 129.7 176.8 (10.1) NM 150.8% 0.7x NM TripAdvisor, Inc. 34.62 -35% 4,808.0 4,317.0 1,551.0 175.0 11.3% 5.3% 2.8x 24.7x TrueCar, Inc. 12.19 -44% 1,218.8 1,051.5 314.1 (17.5) NM 17.6% 3.3x NM Twitter, Inc. 20.58 -8% 15,221.9 12,736.3 2,428.9 225.9 9.3% -3.7% 5.2x 56.4x Web.com Group, Inc. 23.00 -11% 1,085.3 1,743.2 747.6 151.7 20.3% 13.0% 2.3x 11.5x Yelp Inc. 44.55 -8% 3,692.7 3,134.6 823.4 49.5 6.0% 22.5% 3.8x 63.4x Yext, Inc. 14.31 NA 1,300.9 1,187.4 157.9 (58.9) NM 38.1% 7.5x NM YuMe, Inc. 3.56 -41% 124.4 85.6 159.9 14.5 9.1% -5.2% 0.5x 5.9x Zillow Group, Inc. * 41.06 -19% 7,544.8 7,244.7 1,022.1 44.9 4.4% 29.6% 7.1x 161.3x

Average 2.8x 15.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (80.5x)

15 | M&A and Investment Summary November 2017 Digital Advertising Public Company Valuation (2/2)

($ in Millions, except stock price data)

Internationally-based Digital Advertising Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cliq Digital AG Germany $8.77 -19% $ 54.3 $ 59.2 $ 78.7 $ 5.6 7.1% 19.9% 0.8x 10.6x Criteo S.A. France 33.35 -40% 2,200.9 1,869.9 2,189.5 203.8 9.3% 34.4% 0.9x 9.2x Just Dial Limited India 8.22 -15% 571.8 555.2 110.9 16.6 15.0% 7.6% 5.0x 33.5x MakeMyTrip Limited India 30.40 -26% 3,070.3 2,631.4 588.3 (156.3) NM 54.3% 4.5x NM Matomy Media Group Ltd. Israel 1.08 -41% 105.2 145.3 293.2 19.1 6.5% 8.4% 0.5x 7.6x Metaps Inc. * Japan 27.81 -35% 373.0 351.4 123.2 5.5 4.5% 52.7% 2.9x 63.8x Opera Software ASA Norway 2.71 -62% 385.7 326.5 469.5 12.5 2.7% -10.6% 0.7x 26.1x Pacific Online Limited China 0.17 -39% 195.9 149.3 139.9 25.0 17.9% -11.9% 1.1x 6.0x Rightmove plc * United Kingdom 54.45 -8% 4,957.5 4,933.6 300.9 220.9 73.4% 12.0% 16.4x 22.3x Septeni Holdings Co., Ltd. Japan 2.84 -27% 359.3 221.4 130.6 21.8 16.7% -13.8% 1.7x 10.1x Taptica International Ltd Israel 5.50 -13% 342.7 308.8 139.7 26.5 19.0% 49.1% 2.2x 11.6x Tencent Holdings Limited * China 50.96 -9% 480,270.87 480,134.37 32,351.61 13,391.15 41.4% 55.4% 14.8x 35.9x Tradedoubler AB Sweden 0.39 -46% 17.16 25.74 150.08 (2.54) NM -12.5% 0.2x NM XLMedia PLC Channel Islands 2.63 -2% 538.2 495.0 120.4 36.4 30.2% 16.1% 4.1x 13.6x Yandex N.V. Russia 33.11 -6% 10,786.4 10,118.9 1,535.0 360.1 23.5% 22.8% 6.6x 28.1x

Average 2.2x 16.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (37.7x)

16 | M&A and Investment Summary November 2017 Marketing Technology

. The Marketing Technology segment announced 75 transactions, of which 45 reported nearly $1.8 billion in value . Analytics & Targeting was the most active subsegments with announcing 18 transactions worth more than $425 million . Select transactions: • Marlin Equity Partners’ pending take-private of BazaarVoice in a transaction valuing the company at $521 million • The $117 million round of funding raised by SaaS-based analytics platform Uptake from Baillie Gifford, Revolution Growth, and GreatPoint Ventures • Snap’s acquisition of Metamarkets Group, a provider of analytics and campaign measurement solutions for the digital advertising space, in a transaction valued at less than a reported $100 million • The $50 million acquisition of RFP and sales proposal automation software company Qvidian by Upland Software • Mobile engagement and marketing platform Leanplum’s $47 million investment from Norwest Venture Partners, Canaan Partners, Kleiner Perkins Caufield & Byers, and Shasta Ventures MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Analytics & Targeting 18 24% $426.5 24% 4 $100.0 0 - 14 $326.5 Search & Discovery 8 11% 277.3 15% 3 - 0 - 5 277.3 SFA/Lead Management 7 9% 143.7 8% 2 50.0 1 - 4 93.7 Commerce Management 6 8% 181.0 10% 1 112.0 1 - 4 69.0 Content Management 5 7% 85.8 5% 1 - 0 - 4 85.8 MRM/Workflow Management 5 7% 10.3 1% 2 - 0 - 3 10.3 Social Technology 3 4% 460.4 26% 1 - 1 458.9 1 1.5 Other 23 31% 208.9 12% 10 14.6 0 - 13 167.8 Total 75 100% 1,793.9 100% 24 276.6 3 458.9 48 1,058.4

17 | M&A and Investment Summary November 2017 Marketing Technology Public Company Valuation (1/2)

($ in Millions, except stock price data) US-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated $181.47 -3% $ 89,454.37 $ 85,975.10 $ 6,903.33 $ 2,316.15 33.6% 24.3% 12.5x 37.1x Alteryx, Inc. 24.96 -10% 1,476.8 1,320.2 118.0 (17.6) NM 54.7% 11.2x NM AppFolio, Inc. 43.15 -17% 1,464.8 1,421.6 133.9 9.4 7.0% 36.7% 10.6x 150.8x Bazaarvoice, Inc. 5.45 -1% 469.1 403.8 206.3 0.9 0.4% 2.4% 2.0x NM Blackbaud, Inc. 98.45 -6% 4,626.5 4,947.5 769.6 138.4 18.0% 8.6% 6.4x 35.8x Brightcove Inc. 7.40 -20% 256.3 234.7 154.4 (14.4) NM 5.2% 1.5x NM ChannelAdvisor Corporation 8.60 -46% 228.5 175.2 120.2 (6.4) NM 8.4% 1.5x NM Cision Ltd. 11.70 -14% 1,434.8 2,559.1 611.1 191.1 31.3% 0.0% 4.2x 13.4x eBay Inc. 34.67 -12% 36,215.3 40,183.3 9,349.0 2,920.0 31.2% 5.0% 4.3x 13.8x Endurance International Group 9.35 -5% 1,341.6 3,229.2 1,174.7 276.6 23.5% 16.1% 2.7x 11.7x Five9,Holdings, Inc. Inc. 24.51 -12% 1,364.0 1,346.6 189.0 5.5 2.9% 22.8% 7.1x 245.2x GoDaddy Inc. 48.65 -5% 6,165.7 8,305.3 2,115.6 247.4 11.7% 18.4% 3.9x 33.6x HubSpot, Inc. 80.95 -9% 3,025.2 2,826.9 345.5 (35.9) NM 39.5% 8.2x NM Inter Industries Ltd. 2.68 -20% 24.8 34.8 98.6 2.4 2.4% 10.3% 0.4x 14.6x IBM Corporation 153.97 -16% 142,544.1 176,801.1 78,366.0 16,839.0 21.5% -2.3% 2.3x 10.5x LivePerson, Inc. 11.10 -26% 660.7 606.4 217.6 11.4 5.3% -3.6% 2.8x 53.0x Marin Software Incorporated 9.50 -50% 53.7 27.2 80.2 (15.9) NM -24.3% 0.3x NM MicroStrategy Incorporated 136.76 -34% 1,565.5 919.4 506.5 96.9 19.1% -1.8% 1.8x 9.5x MINDBODY, Inc. 32.60 -10% 1,522.5 1,312.2 171.1 (7.8) NM 32.6% 7.7x NM Nuance Communications, Inc. 15.54 -22% 4,510.9 6,284.0 1,939.4 345.2 17.8% -0.5% 3.2x 18.2x Oracle Corporation 49.06 -8% 204,751.2 191,552.2 38,320.0 14,893.0 38.9% 3.0% 5.0x 12.9x PayPal Holdings, Inc. 75.73 -5% 91,020.7 80,414.7 12,331.0 2,343.0 19.0% 18.4% 6.5x 34.3x PROS Holdings, Inc. 25.09 -18% 800.5 853.5 162.4 (58.6) NM 4.5% 5.3x NM PTC Inc. 63.68 -5% 7,394.9 7,808.9 1,164.0 110.6 9.5% 2.1% 6.7x 70.6x The Rubicon Project, Inc. 1.80 -80% 88.3 (50.7) 196.8 (8.5) NM -34.3% NM 6.0x Salesforce.com, inc. 104.32 -4% 75,350.3 74,309.9 9,923.0 553.4 5.6% 25.5% 7.5x 134.3x SendGrid, Inc. 20.96 -6% 881.7 942.2 103.2 6.2 6.0% 0.0% 9.1x 152.5x Square, Inc. 39.22 -21% 15,239.6 14,725.5 2,050.1 (24.7) NM 25.7% 7.2x NM Synchronoss Technologies, Inc. 10.04 -80% 477.0 600.8 476.8 54.3 11.4% 11.4% 1.3x 11.1x Tableau Software, Inc. 70.30 -15% 5,606.0 4,662.7 878.4 (112.3) NM 12.7% 5.3x NM Teradata Corporation 38.01 0% 4,599.2 4,300.2 2,156.0 170.0 7.9% -10.7% 2.0x 25.3x Verint Systems Inc. 43.75 -2% 2,788.4 3,195.6 1,090.5 97.5 8.9% 1.7% 2.9x 32.8x Veritone, Inc. 23.96 -68% 385.2 324.8 13.4 (41.2) NM 48.6% 24.2x NM Web.com Group, Inc. 23.00 -11% 1,085.3 1,743.2 747.6 151.7 20.3% 13.0% 2.3x 11.5x Zendesk, Inc. 33.61 -6% 3,411.7 3,185.1 395.7 (87.7) NM 38.3% 8.0x NM

Adjusted Weighted Average 4.3x 17.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (103.4x) 18 | M&A and Investment Summary November 2017 Marketing Technology Public Company Valuation (2/2)

($ in Millions, except stock price data) Internationally-based Marketing Technology Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Baozun Inc. China 28.35 -30% $ 1,550.02 $ 1,501.81 $ 579.59 $ 23.03 4.0% 23.0% 2.6x 65.2x Bitauto Holdings Limited China 29.63 -46% 2,050.9 6,191.6 1,177.5 47.5 4.0% 44.5% 5.3x 130.2x ChinaCache International Holdings Ltd. China 0.99 -70% 25.3 27.4 151.8 (50.4) NM -22.1% 0.2x NM Mercadolibre, Inc. Argentina 275.14 -8% 12,149.5 11,847.2 1,217.4 226.7 18.6% 58.3% 9.7x 52.3x Open Text Corporation Canada 32.61 -8% 8,657.4 11,051.2 2,440.1 664.1 27.2% 29.7% 4.5x 16.6x Opera Software ASA Norway 2.71 -62% 385.7 326.5 469.5 12.5 2.7% -10.6% 0.7x 26.1x The Sage Group plc United Kingdom 10.46 -6% 11,302.54 12,299.38 2,299.36 655.62 28.5% 9.3% 5.3x 18.8x SAP SE Germany 113.08 -6% 135,566.9 136,256.5 27,631.5 6,959.0 25.2% 7.8% 4.9x 19.6x SharpSpring, Inc. United States 4.36 -25% 36.8 30.5 12.5 (6.0) NM 11.0% 2.4x NM Shopify Inc. Canada 103.82 -16% 10,309.1 9,382.6 580.9 (35.6) NM 76.5% 16.2x NM United Internet AG Germany 68.04 0% 13,592.0 15,874.0 4,880.1 1,072.4 22.0% 9.0% 3.3x 14.8x Weborama SA France 11.91 -16% 40.5 41.6 39.7 2.4 5.9% 11.8% 1.0x 17.6x Wix.com ltd Israel 54.90 -36% 2,495.6 2,288.1 391.3 (35.8) NM 48.9% 5.8x NM

Adjusted Weighted Average 2.8x 19.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (78.3x)

19 | M&A and Investment Summary November 2017 Agency & Marketing Services

. There were 43 transactions announced in the Agency & Marketing Services segment in November. Digital Agency was the most active subsegment with 16 transactions . Select transactions: • Beringer Capital’s acquisition of Brandshop, a full service digital commerce provider for consumer brands, from Veronis Suhler Stevenson Partners (A Petsky Prunier-led transaction) • Be Heard Group’s acquisition of UK-based creative and digital design agency The Corner for $16 million • The acquisition of market research and human capital consulting services company Bug Insights by Deloitte • Moutaingate Capital-backed Elite SEM’s acquisition of social advertising agency OrionKCB • CAT Corporation’s acquisition of marketing and communications firm NeoNiche Strategies • The acquisition of Plowshare, a provider of advertising services for nonprofit organizations and governmental agencies, by Publicis

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 16 37% $16.0 62% 14 $16.0 2 - 0 - Public Relations 9 21% - 0% 9 - 0 - 0 - General Agency 5 12% - 0% 5 - 0 - 0 - Experiential Marketing 3 7% - 0% 2 - 1 - 0 - Loyalty/Retention 3 7% 10.0 38% 1 - 0 - 2 10.0 DM Agency 2 5% - 0% 2 - 0 - 0 - B-to-B Agency 1 2% - 0% 1 - 0 - 0 - Database/Analytics 1 2% - 0% 1 - 0 - 0 - Other 3 7% 0 0% 2 0.0 1 0.0 0 0.0 Total 43 100% 26.0 100% 37 16.0 4 0.0 2 10.0

20 | M&A and Investment Summary November 2017 Agency Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cello Group Plc United Kingdom $1.70 -10% $ 177.9 $ 187.1 $ 211.9 $ 15.4 7.3% 1.7% 0.9x 12.2x Dentsu Inc. Japan 45.28 -23% 12,763.9 15,959.8 8,056.7 1,475.3 18.3% NM 2.0x 10.8x Enero Group Limited Australia 0.74 -21% 62.0 40.4 138.8 9.0 6.5% -15.4% 0.3x 4.5x Hakuhodo DY Holdings Inc Japan 13.45 -8% 5,014.8 4,128.9 11,481.5 508.7 4.4% 4.1% 0.4x 8.1x Havas SA France 11.02 -2% 4,660.3 4,758.0 2,620.7 377.6 14.4% 2.5% 1.8x 12.6x Huntsworth plc United Kingdom 1.11 -2% 364.1 401.1 243.9 32.7 13.4% 9.4% 1.6x 12.3x M&C Saatchi plc * United Kingdom 4.60 -11% 370.4 389.3 319.8 21.7 6.8% 28.5% 1.2x 18.0x MDC Partners Inc. United States 11.60 -5% 677.0 1,785.1 1,501.5 191.4 12.7% 10.9% 1.2x 9.3x Next Fifteen Communications Group plc United Kingdom 5.13 -17% 388.3 416.9 242.5 38.7 15.9% 23.9% 1.7x 10.8x Omnicom Group Inc. United States 71.44 -20% 16,469.3 20,322.5 15,338.9 2,326.5 15.2% 0.1% 1.3x 8.7x OPT Holding, Inc. Japan 11.79 -20% 266.7 271.8 690.2 30.1 4.4% 14.3% 0.4x 9.0x Publicis Groupe S.A. France 66.45 -19% 15,018.6 17,524.2 11,207.1 1,969.2 17.6% 0.1% 1.6x 8.9x The Interpublic Group of Companies, Inc. United States 19.78 -23% 7,686.7 9,345.2 7,805.9 1,105.2 14.2% 0.4% 1.2x 8.5x WPP plc United Kingdom 17.65 -32% 21,908.3 28,806.2 19,813.5 3,569.6 18.0% 18.0% 1.5x 8.1x

Adjusted Weighted Average 1.5x 9.1x

*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 (13.2x)

21 | M&A and Investment Summary November 2017 Marketing Services Public Company Valuation

($ in Millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation * United States $27.25 -10% $ 2,158.6 $ 2,219.3 $ 885.9 $ 79.7 9.0% 0.9% 2.5x 27.9x Affinion Group Holdings, Inc. United States 10.00 -38% 91.6 1,873.9 954.0 202.9 21.3% -6.3% 2.0x 9.2x Aimia Inc. Canada 2.75 -63% 419.5 407.7 1,709.3 99.4 5.8% -8.4% 0.2x 4.1x Alliance Data Systems Corporation * United States 239.27 -10% 13,219.3 29,246.0 7,440.8 1,502.9 20.2% 5.4% 3.9x 19.5x Cogint, Inc. United States 4.25 -33% 253.6 306.2 215.2 (16.4) NM 50.0% 1.4x NM CSG Systems International, Inc. United States 45.89 -11% 1,538.2 1,614.0 779.5 138.7 17.8% 2.2% 2.1x 11.6x Deluxe Corporation United States 71.10 -6% 3,421.4 4,124.4 1,950.9 460.5 23.6% 6.5% 2.1x 9.0x DST Systems, Inc. United States 62.58 -1% 3,768.6 4,272.7 2,023.1 401.8 19.9% 31.3% 2.1x 10.6x Fair Isaac Corporation * United States 157.06 -1% 4,710.3 5,209.4 932.2 211.4 22.7% 5.8% 5.6x 24.6x Harte Hanks, Inc. United States 0.98 -41% 60.9 61.5 394.1 6.1 1.6% -4.1% 0.2x 10.0x High Co. SA France 5.87 -32% 121.5 54.3 172.0 16.0 9.3% -3.1% 0.3x 3.4x Multiplus S.A. Brazil 10.67 -26% 1,728.6 1,280.8 723.9 181.5 25.1% 2.3% 1.8x 7.1x Pitney Bowes Inc. United States 10.67 -36% 1,992.4 4,433.4 3,387.9 684.9 20.2% -2.0% 1.3x 6.5x Points International Ltd. Canada 11.64 -4% 170.8 117.5 341.6 9.0 2.6% 6.8% 0.3x 13.1x Viad Corp United States 57.60 -7% 1,175.7 1,321.5 1,286.1 140.4 10.9% 7.2% 1.0x 9.4x

Adjusted Weighted Average 2.8x 9.0x

*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 (19.1x)

22 | M&A and Investment Summary November 2017 Traditional Media

. Of the 25 transactions recorded in the Traditional Media segment in November, nine announced $3.8 billion in reported transaction value . Entertainment Media was the most active subsegment with 11 transactions announced . Select transactions: • The Carlyle Group’s sale of Eastern Broadcasting to Mao Te International for a reported $563 million • UBM’s acquisition of renewable energy events MIREC and AIREC from Green Power Global • Time’s sale of its SUNSET lifestyle brand and magazine publishing assets to private equity firm Regent • The undisclosed equity investment received by music licensing and publishing company Zync Music from independent music rights company Round Hill Music • MBN Events’ acquisition of UK Investor Show, operator of a tradeshow for private investors

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Entertainment Media 11 44% $221.3 6% 8 $204.0 0 - 3 $17.3 Broadcast Television 4 16% 563.0 15% 2 - 2 563.0 0 - B-to-B Media 4 16% 6.6 0% 3 - 0 - 1 6.6 Consumer Magazine Publishing 3 12% 2,812.9 75% 2 2,812.9 1 - 0 - Newspaper Publishing 2 8% - 0% 2 - 0 - 0 - Digital Place-Based Media 1 4% 150.0 4% 0 - 0 - 1 150.0 Total 25 100% 3,753.8 100% 17 3,016.9 3 563.0 5 173.9

23 | M&A and Investment Summary November 2017 Traditional Media Public Company Valuation (1/3)

($ in Millions, except stock price data)

Large Cap Diversified Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA CBS Corporation United States $56.06 -20% $ 21,470.3 $ 31,015.3 $ 13,289.0 $ 3,036.0 22.8% 7.7% 2.3x 10.2x Discovery Communications, Inc. United States 19.02 -37% 10,381.0 18,277.0 6,681.0 2,524.0 37.8% 3.2% 2.7x 7.2x Time Warner Inc. United States 91.51 -12% 71,249.0 91,720.0 30,551.0 8,968.0 29.4% 7.2% 3.0x 10.2x Twenty-First Century Fox, Inc. United States 31.94 -2% 58,539.0 73,438.0 28,996.0 7,105.0 24.5% 4.5% 2.5x 10.3x Viacom, Inc. United States 28.32 -39% 11,675.2 21,737.2 13,263.0 2,966.0 22.4% 6.2% 1.6x 7.3x The Walt Disney Company United States 104.82 -10% 158,310.9 184,421.9 55,137.0 16,770.0 30.4% -0.9% 3.3x 11.0x

Adjusted Weighted Average 3.0x 10.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.0x)

($ in Millions, except stock price data)

B-to-B Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ascential plc United Kingdom $4.78 -10% $ 1,915.8 $ 2,201.4 $ 448.6 $ 136.6 30.5% 35.8% 4.9x 16.1x Emerald Expositions Events, Inc. United States $22.35 -9% 1,614.0 2,156.0 340.7 142.3 41.8% 6.8% 6.3x 15.2x Euromoney Institutional Investor PLC United Kingdom $15.45 -6% 1,657.8 1,892.3 518.8 136.7 26.4% -4.0% 3.6x 13.8x Informa plc United Kingdom 10.13 -3% 8,343.4 10,461.5 2,095.4 658.3 31.4% 30.0% 5.0x 15.9x MCH Group AG Switzerland 66.40 -22% 398.9 595.8 417.2 58.8 14.1% -8.7% 1.4x 10.1x ITE Group plc United Kingdom 2.49 -7% 662.1 759.8 204.6 33.2 16.2% 13.5% 3.7x 22.9x Tarsus Group plc Ireland 4.32 -1% 486.9 606.2 105.4 29.5 28.0% 1.7% 5.7x 20.6x TechTarget, Inc. * United States 13.99 -1% 386.1 392.8 104.9 11.5 10.9% -4.1% 3.7x 34.3x UBM plc United Kingdom 10.09 -4% 3,968.0 4,765.7 1,209.6 329.9 27.3% 16.7% 3.9x 14.4x

Adjusted Weighted Average 4.6x 15.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (25.3x)

($ in Millions, except stock price data)

Radio Broadcasting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Beasley Broadcast Group, Inc. United States $11.35 -38% $ 326.7 $ 518.3 $ 227.4 $ 43.0 18.9% 104.2% 2.3x 12.1x Cumulus Media Inc. United States 0.00 NA 2.6 2,244.4 1,141.3 221.2 19.4% -0.8% 2.0x 10.1x Emmis Communications Corporation United States 3.69 -5% 46.9 216.1 182.8 16.1 8.8% -18.9% 1.2x 13.4x Entercom Communications Corp. * United States 11.60 -30% 1,628.2 2,125.2 466.3 93.0 19.9% 1.8% 4.6x 22.9x Pandora Media, Inc. United States 5.00 -65% 1,243.9 1,495.5 1,464.1 (294.2) NM 10.2% 1.0x NM Salem Media Group, Inc. United States 4.80 -42% 125.6 381.7 267.2 42.8 16.0% -2.0% 1.4x 8.9x Sirius XM Holdings Inc. * United States 5.50 -7% 25,277.0 31,936.0 5,324.2 1,911.3 35.9% 8.4% 6.0x 16.7x Spanish Broadcasting System, Inc. United States 0.00 NA 2.9 414.5 140.4 40.3 28.7% -1.6% 3.0x 10.3x Townsquare Media, Inc. United States 7.94 -39% 146.7 659.1 512.7 99.2 19.3% 0.5% 1.3x 6.6x Urban One, Inc. United States 1.55 -56% 71.7 1,020.5 444.6 114.1 25.7% -1.7% 2.3x 8.9x

Adjusted Weighted Average 2.8x 16.5x

*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 (17.2x) 24 | M&A and Investment Summary November 2017 Traditional Media Public Company Valuation (2/3)

($ in Millions, except stock price data)

Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Altice N.V. Netherlands $7.90 -72% $ 9,500.2 $ 74,903.7 $ 28,083.4 $ 9,501.4 33.8% 27.9% 2.7x 7.9x AMC Networks Inc. United States $51.54 -24% 3,188.4 6,012.2 2,808.4 875.8 31.2% 3.8% 2.1x 6.9x Sky plc * United Kingdom 12.65 -11% 21,658.0 30,694.4 16,774.5 2,375.4 14.2% 7.9% 1.8x 12.9x CVC Limited * Australia 1.86 -2% 222.7 197.0 36.5 27.4 75.1% -31.5% 5.4x 7.2x CBS Corporation United States 56.06 -20% 21,470.3 31,015.3 13,289.0 3,036.0 22.8% 7.7% 2.3x 10.2x Charter Communications, Inc. United States 326.21 -20% 81,099.2 156,416.2 41,254.0 14,781.0 35.8% 94.2% 3.8x 10.6x Comcast Corporation United States 37.54 -11% 175,453.4 238,489.4 83,636.0 28,419.0 34.0% 6.4% 2.9x 8.4x Discovery Communications, Inc. United States 19.02 -37% 10,381.0 18,277.0 6,681.0 2,524.0 37.8% 3.2% 2.7x 7.2x DISH Network Corporation * United States 50.65 -24% 23,621.0 38,499.2 14,542.5 2,962.5 20.4% -4.6% 2.6x 13.0x Entravision Communications Corporation United States 7.05 -5% 634.5 869.0 532.9 305.7 57.4% 110.1% 1.6x 2.8x General Communication, Inc. United States 39.91 -9% 1,445.5 2,849.3 916.0 262.0 28.6% -2.9% 3.1x 10.9x Gray Television, Inc. United States 14.40 -14% 1,016.8 2,682.0 886.7 326.8 36.9% 19.1% 3.0x 8.2x Grupo Televisa, S.A.B. Mexico 3.76 -34% 9,297.1 14,451.0 5,255.4 1,963.4 37.4% 1.6% 2.7x 7.4x Liberty Global plc United Kingdom 31.76 -16% 30,940.3 79,024.3 18,939.4 8,423.1 44.5% -2.7% 4.2x 9.4x Nexstar Media Group, Inc. United States 67.90 -8% 3,096.2 7,359.9 2,088.2 697.1 33.4% 99.7% 3.5x 10.6x Scripps Networks Interactive, Inc. United States 81.84 -7% 10,632.3 13,485.8 3,494.4 1,524.6 43.6% 3.9% 3.9x 8.8x Sinclair Broadcast Group, Inc. United States 34.05 -21% 3,464.3 6,884.0 2,797.8 847.5 30.3% 9.7% 2.5x 8.1x TEGNA Inc. United States 13.28 -50% 2,857.9 5,790.4 3,296.7 1,077.0 32.7% 45.7% 1.8x 5.4x The E. W. Scripps Company United States 15.07 -38% 1,234.2 1,505.7 932.0 139.7 15.0% 6.5% 1.6x 10.8x Time Warner Inc. United States 91.51 -12% 71,249.0 91,720.0 30,551.0 8,968.0 29.4% 7.2% 3.0x 10.2x

Adjusted Weighted Average 3.0x 9.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.3x)

($ in Millions, except stock price data)

Entertainment Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Cineplex Inc. Canada $30.05 -30% $ 1,904.3 $ 2,358.8 $ 1,211.5 $ 176.4 14.6% 0.9% 1.9x 13.4x Eros International Plc * United States 12.60 -27% 752.7 1,025.8 234.2 40.1 17.1% -12.8% 4.4x 25.6x Lions Gate Entertainment Corp. United States 32.71 -6% 6,632.9 8,951.5 3,954.5 416.2 10.5% 49.0% 2.3x 21.5x Live Nation Entertainment, Inc. United States 45.38 -3% 9,384.6 10,501.5 9,588.8 670.0 7.0% 15.6% 1.1x 15.7x Twenty-First Century Fox, Inc. United States 31.94 -2% 58,539.0 73,438.0 28,996.0 7,105.0 24.5% 4.5% 2.5x 10.3x Liberty Global plc United Kingdom 31.76 -16% 30,940.3 79,024.3 18,939.4 8,423.1 44.5% -2.7% 4.2x 9.4x Village Roadshow Limited Australia 3.04 -18% 491.6 902.2 786.0 85.9 10.9% -3.4% 1.1x 10.5x World Wrestling Entertainment, Inc. United States 28.49 -1% 2,196.8 2,149.8 784.3 99.2 12.6% 12.0% 2.7x 21.7x

Adjusted Weighted Average 2.9x 11.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.9x)

25 | M&A and Investment Summary November 2017 Traditional Media Public Company Valuation (3/3)

($ in Millions, except stock price data)

Out-of-Home Media Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $2.12 -36% $ 133.2 $ 13.4 $ 16.5 $ (76.0) NM -67.1% 0.8x NM APG|SGA SA Switzerland 453.54 -13% 1,360.2 1,319.8 326.3 78.8 24.1% 0.1% 4.0x 16.8x Clear Channel Outdoor Holdings, Inc. United States 4.70 -26% 1,690.8 6,885.6 2,598.2 585.7 22.5% -5.1% 2.7x 11.8x Clear Media Limited Hong Kong 1.07 -13% 581.9 509.9 239.2 105.4 44.1% 8.0% 2.1x 4.8x JCDecaux SA France 41.69 -1% 8,862.4 9,549.9 3,423.4 597.0 17.4% 2.3% 2.8x 16.0x Lamar Advertising Company (REIT) United States 75.23 -5% 7,405.0 9,825.0 1,529.5 650.7 42.5% 4.1% 6.4x 15.1x National CineMedia, Inc. United States 6.25 -60% 490.6 1,666.7 427.9 189.8 44.4% -3.1% 3.9x 8.8x NTN Buzztime, Inc. United States 4.80 -55% 12.1 13.2 22.0 0.8 3.7% -3.9% 0.6x 16.2x Outfront Media Inc. United States 23.46 -16% 3,252.4 5,473.6 1,516.6 387.9 25.6% 0.1% 3.6x 14.1x Stingray Digital Group Inc. Canada 7.33 -6% 412.5 463.1 89.8 17.9 19.9% 14.7% 5.2x 25.9x TOM Group Limited * Hong Kong 0.28 -3% 1,095.8 1,438.2 125.5 9.1 7.3% -12.5% 11.5x 157.3x

Adjusted Weighted Average 4.1x 15.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (58.3x)

($ in Millions, except stock price data)

Publishing Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA A.H. Belo Corporation * United States $4.75 -31% $ 103.3 $ 53.4 $ 250.6 $ 0.8 0.3% -6.1% 0.2x 64.7x Daily Mail and General Trust plc United Kingdom 7.22 -34% 2,420.0 3,063.1 2,097.3 278.6 13.3% -18.4% 1.5x 11.0x Emmis Communications Corporation United States 3.69 -5% 46.9 216.1 182.8 16.1 8.8% -18.9% 1.2x 13.4x Gannett Co., Inc. United States 11.46 -3% 1,280.9 1,545.9 3,159.2 343.0 10.9% 8.2% 0.5x 4.5x Glacier Media Inc. Canada 0.40 -40% 44.4 91.1 153.1 10.5 6.9% -5.9% 0.6x 8.7x John Wiley & Sons, Inc. United States 59.15 -1% 3,371.3 3,841.0 1,725.7 299.2 17.3% 1.0% 2.2x 12.8x Meredith Corporation United States 68.15 -4% 2,969.2 3,646.9 1,706.3 352.1 20.6% 2.5% 2.1x 10.4x News Corporation United States 16.16 -2% 9,467.1 8,279.1 8,232.0 812.0 9.9% 2.4% 1.0x 10.2x Scholastic Corporation United States 41.12 -17% 1,439.8 1,139.9 1,648.1 106.7 6.5% -6.6% 0.7x 10.7x The E. W. Scripps Company United States 15.07 -38% 1,234.2 1,505.7 932.0 139.7 15.0% 6.5% 1.6x 10.8x The McClatchy Company United States 10.25 -30% 78.8 867.5 921.1 140.7 15.3% -8.0% 0.9x 6.2x The New York Times Company United States 18.80 -7% 3,049.4 2,717.7 1,631.2 247.0 15.1% 4.5% 1.7x 11.0x Time Inc. United States 18.60 -9% 1,853.0 2,745.0 2,884.0 399.0 13.8% -6.7% 1.0x 6.9x

Adjusted Weighted Average 1.4x 10.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (29.4x)

26 | M&A and Investment Summary November 2017 Software

. Within the Software segment, more than $2.1 billion in reported value involved venture/growth capital investments, while nearly $1.9 billion in strategic transactions were announced . Financial Software was the most active subsegment in November with 40 transactions announced . Select transactions: • Thoma Bravo’s pending acquisition of data protection and security solutions company Barracuda Networks for $1.4 billion • The acquisition of automotive cybersecurity solutions company Argus Cyber Security by Continental for a reported $400 million • The $300 million in post-IPO equity received by Cornerstone OnDemand from Silver Lake and LinkedIn • Proofpoint’s acquisitions of Cloudmark, a provider of security solutions for messaging services providers, for $110 million and WebLife Balance, a provider of cybersecurity and malware protection solutions, for $60 million • Governance, risk, and compliance solutions company MetricStream‘s $65 million round of funding from Clearlake Capital Group, Goldman Sachs, and Sageview Capital

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial 40 20% $1,347.2 22% 14 $281.9 4 $650.0 22 $415.3 Healthcare 33 17% 237.8 4% 8 - 3 - 22 237.8 Security 26 13% 2,703.1 45% 10 1,135.0 1 1,405.6 15 162.5 HR 13 7% 360.0 6% 4 7.8 0 - 9 352.2 Infrastructure 12 6% 192.6 3% 4 - 0 - 8 192.6 Collaboration 11 6% 132.2 2% 5 - 1 - 5 132.2 *Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business has been excluded to limit comparative distortions Other 63 26% 811.3 13% 22 219 3 0 38 592.3 Total 198 100% 6,047.7 100% 67 1,865.2 12 2,055.6 119 2,126.9

27 | M&A and Investment Summary November 2017 Software Public Company Valuation (1/3)

($ in Millions, except stock price data) Financial & Credit/Risk Management Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Alfa Financial Software Holdings PLC * United Kingdom 6.55 -10% $ 1,965.3 $ 1,937.6 $ 116.5 $ 24.6 21.1% 0.0% 16.6x 78.9x Apptio, Inc. United States 22.31 -9% 901.1 765.6 180.5 (20.3) NM 19.4% 4.2x NM BlackLine, Inc. United States 36.67 -9% 1,938.4 1,829.1 162.1 (18.4) NM 44.4% 11.3x NM Coupa Software Incorporated United States 35.43 -6% 1,899.2 1,690.9 159.1 (33.5) NM 45.4% 10.6x NM Ebix, Inc. United States 77.30 -1% 2,431.5 2,713.3 339.3 119.0 35.1% 17.6% 8.0x 22.8x First Data Corporation United States 16.45 -14% 15,191.0 36,276.0 7,991.0 2,820.0 35.3% 1.7% 4.5x 12.9x Fidessa group plc United Kingdom 33.19 -8% 1,278.4 1,182.6 456.1 83.3 18.3% 14.0% 2.6x 14.2x Guidewire Software, Inc. * United States 74.39 -11% 5,714.1 5,153.0 528.3 36.5 6.9% 21.1% 9.8x 141.2x Intuit Inc. United States 157.22 -1% 40,193.3 40,291.3 5,285.0 1,634.0 30.9% 11.1% 7.6x 24.7x Management Consulting Group PLC United Kingdom 0.09 -68% 44.8 6.4 53.3 (15.2) NM -11.7% 0.1x NM Model N, Inc. United States 16.25 -3% 476.6 476.3 131.2 (28.2) NM 22.6% 3.6x NM Performant Financial Corporation United States 1.80 -54% 91.7 108.9 132.6 1.5 1.1% -10.8% 0.8x 71.8x Q2 Holdings, Inc. United States 41.85 -6% 1,744.0 1,655.1 184.4 (15.0) NM 33.2% 9.0x NM RealPage, Inc. United States 45.35 -3% 3,758.6 4,047.0 632.4 88.3 14.0% 16.9% 6.4x 45.8x SS&C Technologies Holdings, Inc. United States 41.29 -3% 8,500.0 10,613.9 1,637.9 610.1 37.2% 18.6% 6.5x 17.4x Tyler Technologies, Inc. United States 182.92 -1% 6,872.0 6,707.4 816.1 183.2 22.4% 13.1% 8.2x 36.6x

Adjusted Weighted Average 7.0x 23.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (72.1x)

($ in Millions, except stock price data) Healthcare Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Allscripts Healthcare Solutions, Inc. United States 14.30 -1% $ 2,583.7 $ 4,357.6 $ 1,714.4 $ 173.8 10.1% 16.6% 2.5x 25.1x athenahealth, Inc. * United States 132.89 -16% 5,318.0 5,471.7 1,179.3 130.1 11.0% 12.1% 4.6x 42.1x Cegedim SA France 38.79 -4% 540.9 825.5 520.2 38.3 7.4% 4.8% 1.6x 21.6x Cerner Corporation United States 70.69 -4% 23,498.4 23,181.4 4,987.9 1,387.4 27.8% 7.7% 4.6x 16.7x Civitas Solutions, Inc. United States 19.45 -7% 726.7 1,334.2 1,456.3 150.2 10.3% 4.3% 0.9x 8.9x Computer Programs and Systems, Inc. United States 30.30 -16% 407.5 551.0 263.4 27.5 10.5% 6.7% 2.1x 20.0x Cotiviti Holdings, Inc. United States 32.68 -29% 3,018.6 3,669.4 669.8 240.2 35.9% 10.0% 5.5x 15.3x Craneware plc United Kingdom 19.65 -23% 525.1 469.8 57.8 17.3 29.9% 15.9% 8.1x 27.1x HealthEquity, Inc. * United States 51.87 -6% 3,137.6 2,927.2 202.5 61.8 30.5% 30.9% 14.5x 47.3x McKesson Corporation United States 147.74 -13% 30,800.0 38,332.0 201,955.0 3,885.0 1.9% 4.0% 0.2x 9.9x Medidata Solutions, Inc. * United States 66.64 -22% 3,898.0 3,774.5 528.8 82.1 15.5% 20.8% 7.1x 46.0x NantHealth, Inc. United States 3.23 -73% 345.5 466.3 102.2 (96.4) NM 23.2% 4.6x NM Quality Systems, Inc. United States 14.43 -19% 918.8 947.2 523.8 59.2 11.3% 6.0% 1.8x 16.0x Streamline Health Solutions, Inc. United States 1.29 -54% 24.7 35.4 24.9 (3.8) NM -9.8% 1.4x NM Veeva Systems Inc. * United States 60.21 -12% 8,466.5 7,741.9 617.4 154.5 25.0% 30.7% 12.5x 50.1x

Adjusted Weighted Average 3.8x 13.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (41.3x) 28 | M&A and Investment Summary November 2017 Software Public Company Valuation (2/3)

($ in Millions, except stock price data) HR Software Stock Price Chg % From Equity Ent. LTM LTM Margin Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA 51job, Inc. China $57.50 -13% $ 3,552.5 $ 2,688.1 $ 401.7 $ 124.9 31.1% Benefitfocus, Inc. United States 27.10 -27% 847.5 912.7 252.6 (2.7) NM Castlight Health, Inc. United States 3.90 -29% 521.6 439.9 124.3 (52.0) NM Cornerstone OnDemand, Inc. United States 36.97 -16% 2,140.6 2,077.5 459.1 (47.8) NM DHI Group, Inc. United States 1.85 -73% 93.0 139.3 212.0 35.5 16.7% Paycom Software, Inc. United States 82.00 -5% 4,777.7 4,745.4 406.8 86.1 21.2% Paylocity Holding Corporation * United States 46.14 -14% 2,423.1 2,325.6 316.5 22.6 7.1% The Ultimate Software Group, Inc. United States 211.03 -10% 6,304.7 6,176.1 899.8 69.2 7.7% Workday, Inc. United States 103.00 -12% 21,630.0 19,892.3 1,995.1 (199.4) NM

Adjusted Weighted Average

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (96.9x)

($ in Millions, except stock price data) Security Software Stock Price Chg % From Equity Ent. LTM LTM Margin Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Absolute Software Corporation Canada $5.28 -24% $ 208.5 $ 176.7 $ 91.7 $ 11.9 12.9% Check Point Software Technologies Ltd. Israel 104.29 -13% 17,045.5 15,535.4 1,835.4 912.1 49.7% Cisco Systems, Inc. United States 37.30 -2% 184,397.1 148,734.1 47,789.0 14,440.0 30.2% Cheetah Mobile Inc. China 12.73 -8% 1,762.1 1,567.5 730.8 69.7 9.5% CyberArk Software Ltd. Israel 47.06 -15% 1,634.9 1,360.6 245.7 29.4 12.0% FireEye, Inc. United States 14.14 -21% 2,610.1 2,501.3 733.5 (139.3) NM Fortinet, Inc. United States 42.06 -1% 7,314.2 6,038.5 1,441.1 169.7 11.8% Gemalto N.V. Netherlands 38.01 -50% 3,416.5 4,417.7 3,450.3 530.5 15.4% Imperva, Inc. United States 41.25 -21% 1,403.1 1,059.9 309.0 (6.6) NM Juniper Networks, Inc. United States 27.76 -10% 10,408.0 9,258.0 5,173.3 1,192.5 23.1% Mimecast Limited United Kingdom 30.40 -5% 1,742.5 1,653.9 222.0 7.8 3.5% Mobileye N.V. * Israel 62.82 -3% 13,970.8 13,525.0 407.6 138.6 34.0% NQ Mobile Inc. * China 4.14 -8% 446.3 434.5 343.1 2.3 0.7% Palo Alto Networks, Inc. United States 145.75 -8% 13,392.8 12,420.6 1,869.0 (81.3) NM Proofpoint, Inc. United States 90.05 -8% 4,037.4 3,959.0 476.7 (33.7) NM SecureWorks Corp. United States 9.82 NA 796.2 698.4 455.8 (25.3) NM Symantec Corporation United States 28.97 -15% 17,960.9 22,143.9 4,571.0 596.0 13.0% Trend Micro Incorporated Japan 56.60 -3% 7,781.5 6,519.8 1,309.7 468.7 35.8% VeriSign, Inc. United States 115.10 -3% 11,345.4 11,386.1 1,155.9 751.8 65.0%

Adjusted Weighted Average

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (20.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (91.6x) 29 | M&A and Investment Summary November 2017 Software Public Company Valuation (3/3)

($ in Millions, except stock price data) Engineering Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Ansys, Inc. United States $148.19 -4% $ 12,575.5 $ 11,648.8 $ 1,063.5 $ 467.1 43.9% 9.7% 11.0x 24.9x Autodesk, Inc. United States 109.70 -16% 24,045.4 24,176.9 1,981.6 (328.0) NM -9.9% 12.2x NM AVEVA Group plc * United Kingdom 35.54 -2% 2,273.5 2,093.9 302.3 48.7 16.1% 10.7% 6.9x 43.0x Dassault Systèmes SE France 107.55 -2% 27,423.3 25,296.0 3,773.3 998.3 26.5% 7.2% 6.7x 25.3x

Adjusted Weighted Average 9.5x 25.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (41.4x)

($ in Millions, except stock price data) Infrastructure Software Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Incorporated United States $181.47 -3% $ 89,454.4 $ 85,975.1 $ 6,903.3 $ 2,316.2 33.6% 24.3% 12.5x 37.1x Atlassian Corporation Plc * United Kingdom 46.69 -13% 10,544.0 9,930.5 677.0 (23.9) NM 37.6% 14.7x NM Bandwidth Inc. United States 21.84 -2% 384.8 442.3 156.5 20.8 13.3% 0.0% 2.8x 21.3x CA, Inc. United States 33.07 -9% 13,841.2 13,941.2 4,078.0 1,199.0 29.4% 0.4% 3.4x 11.6x Cloudera, Inc. United States 15.83 -32% 2,204.9 1,810.3 309.5 (359.3) NM 0.0% 5.8x NM Commvault Systems, Inc. United States 53.90 -17% 2,489.4 1,994.8 673.4 5.0 0.7% 7.5% 3.0x NM Endurance International Group Holdings, Inc. United States 9.35 -5% 1,341.6 3,229.2 1,174.7 276.6 23.5% 16.1% 2.7x 11.7x First Data Corporation United States 16.45 -14% 15,191.0 36,276.0 7,991.0 2,820.0 35.3% 1.7% 4.5x 12.9x Hortonworks Inc. United States 19.01 -8% 1,340.8 1,277.6 238.8 (202.4) NM 40.5% 5.4x NM IBM Corporation United States 153.97 -16% 142,544.1 176,801.1 78,366.0 16,839.0 21.5% -2.3% 2.3x 10.5x MuleSoft, Inc. United States 22.95 -21% 2,982.6 2,801.1 263.1 (63.6) NM 57.9% 10.6x NM Nutanix, Inc. United States 32.80 -6% 5,239.6 4,873.7 853.9 (327.5) NM 63.0% 5.7x NM Okta, Inc. United States 29.21 -13% 2,792.0 2,578.8 205.1 (92.3) NM 0.0% 12.6x NM Opera Software ASA Norway 2.71 -62% 385.7 326.5 469.5 12.5 2.7% -10.6% 0.7x 26.1x Oracle Corporation United States 49.06 -8% 204,751.2 191,552.2 38,320.0 14,893.0 38.9% 3.0% 5.0x 12.9x Salesforce.com, inc. * United States 104.32 -4% 75,350.3 74,309.9 9,923.0 553.4 5.6% 25.5% 7.5x 134.3x Rapid7, Inc. United States 18.91 -7% 829.8 745.9 188.2 (39.8) NM 29.6% 4.0x NM ServiceNow, Inc. United States 123.00 -5% 21,243.0 20,727.7 1,772.3 (5.2) NM 37.3% 11.7x NM Talend S.A. France 39.97 -14% 1,164.9 1,070.3 137.5 (21.8) NM 42.6% 7.8x NM Twilio Inc. United States 26.66 -24% 2,480.2 2,196.2 365.7 (45.3) NM 48.2% 6.0x NM Varonis Systems, Inc. United States 50.30 -6% 1,400.3 1,271.8 198.6 (12.5) NM 29.0% 6.4x NM

Adjusted Weighted Average 6.0x 16.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (70.7x)

30 | M&A and Investment Summary November 2017 Information

. The Information segment reported 11 transactions worth $1.2 billion in value . Healthcare Information was the most active subsegments throughout the month with four transactions announced . In addition to ION Investment Group’s $1.2 billion acquisition Dealogic, select transactions from the segment include: • Arsenal Capital Partners-backed TractManager’s acquisition of Hayes, a leading provider of clinically focused, evidence-based research and analysis to health plans, insurers, hospitals, and healthcare systems (A Petsky Prunier-led transaction) • Independent investment research company Smartkarma’s $14 million round of funding from Sequoia Capital, Wavemaker Partners, and Jungle Ventures • The majority stake taken by Leonard Green & Partners in personalized healthcare and physicians network MDVIP from Summit Partners • Topspin Partners’ acquisition of health media brands and information company Remedy Health Media

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Financial Information 4 36% $1,166.3 100% 2 $1,150.0 0 - 2 $16.3 Healthcare Information 3 27% - 0% 2 - 1 - 0 - Engineering/Scientific/Tech Information 2 18% - 0% 2 - 0 - 0 - Geo-Demo Information 1 9% - 0% 1 - 0 - 0 - HR Information 1 9% - 0% 1 - 0 - 0 - Total 11 100% 1,166.3 100% 8 1,150.0 1 0.0 2 16.3

31 | M&A and Investment Summary November 2017 Information Public Company Valuation (1/2)

($ in Millions, except stock price data)

Financial & Credit/Risk Management Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Broadridge Financial Solutions, Inc. United States $90.26 -2% $ 10,520.0 $ 11,523.5 $ 4,172.1 $ 733.1 17.6% 30.5% 2.8x 15.7x Computershare Limited Australia 12.47 -2% 6,780.5 7,861.2 2,105.8 491.3 23.3% 7.2% 3.7x 16.0x CoreLogic, Inc. United States 43.61 -12% 3,592.3 5,240.4 1,871.9 395.9 21.2% 0.2% 2.8x 13.2x CoStar Group, Inc. * United States 304.97 -3% 11,023.3 10,705.8 929.6 235.3 25.3% 14.4% 11.5x 45.5x DST Systems, Inc. United States 62.58 -1% 3,768.6 4,272.7 2,023.1 401.8 19.9% 31.3% 2.1x 10.6x The Dun & Bradstreet Corporation United States 123.11 -2% 4,550.1 5,817.4 1,732.6 423.8 24.5% 2.8% 3.4x 13.7x Envestnet, Inc. * United States 49.15 -11% 2,177.6 2,387.8 656.3 58.4 8.9% 21.3% 3.6x 40.9x Equifax Inc. United States 114.12 -22% 13,703.5 16,159.9 3,324.9 1,163.7 35.0% 10.5% 4.9x 13.9x Experian plc Ireland 20.77 -10% 18,915.0 22,415.9 4,439.0 1,548.0 34.9% 7.1% 5.0x 14.5x FactSet Research Systems Inc. United States 199.88 0% 7,817.3 8,165.1 1,221.2 418.5 34.3% 8.3% 6.7x 19.5x Fair Isaac Corporation United States 157.06 -1% 4,710.3 5,209.4 932.2 211.4 22.7% 5.8% 5.6x 24.6x Fidelity National Information Services, Inc. United States 94.33 -2% 31,493.8 39,986.8 9,240.0 2,529.0 27.4% 6.6% 4.3x 15.8x Financial Engines, Inc. United States 27.90 -39% 1,766.6 1,568.8 468.0 97.5 20.8% 20.2% 3.4x 16.1x Moody's Corporation United States 151.82 -1% 29,012.8 33,875.4 3,980.7 1,895.0 47.6% 12.8% 8.5x 17.9x Morningstar, Inc. United States 92.30 -1% 3,925.5 3,806.5 880.8 240.6 27.3% 11.8% 4.3x 15.8x MSCI Inc. United States 128.70 -1% 11,591.9 12,870.2 1,232.2 632.5 51.3% 9.0% 10.4x 20.3x Reis, Inc. * United States 21.70 -8% 248.9 231.4 47.5 6.9 14.6% -5.4% 4.9x 33.5x SEI Investments Co. United States 70.36 -1% 11,079.8 10,434.8 1,487.1 416.5 28.0% 8.7% 7.0x 25.1x Thomson Reuters Corporation Canada 44.09 -11% 31,370.7 38,037.1 11,249.0 2,548.0 22.7% 0.5% 3.4x 14.9x Verisk Analytics, Inc. United States 96.42 -1% 15,879.6 18,615.6 2,081.0 963.0 46.3% 5.8% 8.9x 19.3x Workiva Inc. United States 21.75 -8% 911.9 854.1 199.7 (33.5) NM 16.0% 4.3x NM

Adjusted Weighted Average 5.6x 16.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (29.7x)

32 | M&A and Investment Summary November 2017 Information Public Company Valuation (2/2)

($ in Millions, except stock price data)

Marketing Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation * United States $27.25 -10% $ 2,158.6 $ 2,219.3 $ 885.9 $ 79.7 9.0% 0.9% 2.5x 27.9x Alliance Data Systems Corporation * United States 239.27 -10% 13,219.3 33,376.0 7,440.8 1,502.9 20.2% 5.4% 4.5x 22.2x Cello Group Plc United Kingdom 1.70 -10% 177.9 187.1 211.9 15.4 7.3% 1.7% 0.9x 12.2x Ebiquity plc United Kingdom 1.36 -21% 100.5 137.3 111.6 15.0 13.4% 0.0% 1.2x 9.2x GfK SE Germany 56.20 -10% 2,051.5 2,454.0 1,678.2 157.0 9.4% -3.1% 1.5x 15.6x Harte Hanks, Inc. United States 0.98 -41% 60.9 61.5 394.1 6.1 1.6% -4.1% 0.2x 10.0x InnerWorkings, Inc. United States 10.85 -10% 587.2 708.7 1,105.7 46.4 4.2% 1.4% 0.6x 15.3x Intage Holdings Inc. Japan 12.40 -8% 495.3 428.7 439.4 50.5 11.5% 6.2% 1.0x 8.5x Ipsos SA France 36.14 -15% 1,506.4 2,119.3 2,034.1 226.4 11.1% -0.2% 1.0x 9.4x Nielsen Holdings plc United Kingdom 36.72 -20% 13,078.5 21,064.5 6,467.0 1,675.0 25.9% 3.0% 3.3x 12.6x Pearson plc United Kingdom 9.56 -16% 7,644.4 10,067.6 6,146.9 1,067.6 17.4% 9.1% 1.6x 9.4x System1 Group PLC United Kingdom 5.30 -63% 66.1 61.4 39.9 5.9 14.8% 0.0% 1.5x 10.4x YouGov plc * United Kingdom 4.27 -4% 449.4 418.1 141.1 16.1 11.4% 21.4% 3.0x 26.0x

Adjusted Weighted Average 2.3x 10.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.0x)

($ in Millions, except stock price data)

Other Information Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Centaur Media plc United Kingdom $0.65 -16% $ 94.1 $ 107.6 $ 95.2 $ 8.8 9.3% 9.7% 1.1x 12.2x Cogint, Inc. United States 4.25 -33% 253.6 306.2 215.2 (16.4) NM 50.0% 1.4x NM Forrester Research, Inc. United States 46.45 -3% 834.9 701.0 330.7 36.5 11.0% 2.2% 2.1x 19.2x Gartner, Inc. * United States 120.89 -7% 10,958.9 13,678.7 3,000.2 367.0 12.2% 25.8% 4.6x 37.3x IHS Markit Ltd. United Kingdom 44.62 -8% 17,662.4 21,578.7 3,528.8 1,085.8 30.8% 46.0% 6.1x 19.9x Informa plc United Kingdom 10.13 -3% 8,343.4 10,461.5 2,095.4 658.3 31.4% 30.0% 5.0x 15.9x National Research Corporation United States 52.50 -8% 896.9 862.9 116.0 38.8 33.5% 8.1% 7.4x 22.2x NIC Inc. United States 16.60 -36% 1,100.1 947.8 331.4 83.2 25.1% 6.6% 2.9x 11.4x Premier, Inc. United States 29.02 -20% 1,660.4 1,707.6 1,532.0 447.2 29.2% 27.1% 1.1x 3.8x Proofpoint, Inc. United States 90.05 -8% 4,037.4 3,959.0 476.7 (33.7) NM 38.7% 8.3x NM Reed Elsevier plc(1) United Kingdom 23.34 -3% 46,679.3 53,527.5 9,553.5 2,885.8 30.2% 17.4% 5.6x 18.5x Tarsus Group plc Ireland 4.32 -1% 486.9 606.2 105.4 29.5 28.0% 1.7% 5.7x 20.6x TechTarget, Inc. * United States 13.99 0% 386.1 392.8 104.9 11.5 10.9% -4.1% 3.7x 34.3x UBM plc United Kingdom 10.09 -4% 3,968.0 4,765.7 1,209.6 329.9 27.3% 16.7% 3.9x 14.4x Wolters Kluwer N.V. Netherlands 51.83 -1% 14,609.0 17,318.3 5,053.1 1,342.8 26.6% 4.6% 3.4x 12.9x

Adjusted Weighted Average 5.2x 17.2x

(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 (8.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (27.7x)

33 | M&A and Investment Summary November 2017 Business Services

. The Business Services segment reported 65 transactions in November worth more than $5.2 billion in value . The IT Consulting subsegment accounted for 48 percent of total activity with 31 transactions . Select transactions: • The acquisition of valuation and corporate finance advisory Duff & Phelps by Permira Advisors in a transaction valuing the company at $1.8 billion • Resources Global Professionals’ $37.5 million acquisition of staffing and outsourced services provider Accretive Solutions • The $28 million acquisition of video training platform Practice XYZ by Instructure • The majority investment received by IT and digital transformation services provider Apps Associates from BV Investment Partners • PwC’s acquisition of Salesforce customer relationship management software and services provider cDecisions • The acquisition of outsourcing services provider Motif by TeleTech

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM IT Consulting 31 48% $2,102.2 40% 27 $2,054.1 1 - 3 $48.1 Corporate Training 11 17% 289.8 6% 3 28.0 3 190.0 5 71.8 HR Consulting 5 8% - 0% 0 - 4 - 1 - Healthcare Consulting 4 6% 856.0 16% 2 735.0 1 - 1 121.0 BPO 3 5% 83.6 2% 3 83.6 0 - 0 - Logistics 3 5% 140.0 3% 1 - 0 - 2 140.0 Financial Consulting 2 3% 1,750.0 34% 1 - 1 1,750.0 0 - Other 6 9% 0.0 0% 3 0.0 3 0.0 0 0.0 Total 65 100% 5,221.5 100% 40 2,900.7 13 1,940.0 12 380.9

34 | M&A and Investment Summary November 2017 Business Services Public Company Valuation (1/3)

($ in Millions, except stock price data)

Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 148.01 0% $ 90,984.4 $ 87,640.3 $ 34,850.2 $ 5,654.6 16.2% 6.0% 2.5x 15.5x CRA International, Inc. United States 45.20 -4% 366.5 346.4 352.6 30.7 8.7% 11.0% 1.0x 11.3x FTI Consulting, Inc. United States 43.01 -9% 1,592.2 1,895.3 1,781.9 159.6 9.0% -1.6% 1.1x 11.9x Information Services Group, Inc. * United States 4.52 -2% 196.2 289.5 257.2 15.7 6.1% 19.0% 1.1x 18.5x Navigant Consulting, Inc. United States 19.19 -31% 881.2 1,048.9 948.6 128.1 13.5% 4.1% 1.1x 8.2x ICF International, Inc. United States 54.05 -9% 1,007.6 1,231.2 1,197.5 113.4 9.5% 1.8% 1.0x 10.9x Huron Consulting Group Inc. United States 40.90 -26% 869.1 1,235.4 724.8 96.7 13.3% -1.2% 1.7x 12.8x The Hackett Group, Inc. United States 16.33 -21% 468.0 473.7 261.7 40.9 15.6% 1.7% 1.8x 11.6x

Adjusted Weighted Average 1.2x 11.1x

*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 (15.4x) ($ in Millions, except stock price data)

HR Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Automatic Data Processing, Inc. United States 114.46 -6% $ 50,761.8 $ 50,416.5 $ 12,541.7 $ 2,713.5 21.6% 5.7% 4.0x 18.6x Barrett Business Services, Inc. United States 66.36 -2% 484.5 452.5 896.8 31.8 3.5% 10.3% 0.5x 14.2x Capita plc United Kingdom 6.30 -35% 4,194.7 7,276.7 6,338.6 872.7 13.8% 3.8% 1.1x 8.3x DHI Group, Inc. United States 1.85 -73% 93.0 139.3 212.0 35.5 16.7% -10.6% 0.7x 3.9x Edenred SA France 28.63 -4% 6,681.3 8,364.1 1,363.4 450.7 33.1% 20.6% 6.1x 18.6x Insperity, Inc. United States 117.90 -1% 2,457.4 2,273.9 3,202.8 135.2 4.2% 11.9% 0.7x 16.8x Marsh & McLennan Companies, Inc. United States 83.93 -1% 42,834.2 47,329.2 13,703.0 3,267.0 23.8% 3.9% 3.5x 14.5x Paychex, Inc. United States 67.31 -1% 24,186.4 23,875.4 3,182.6 1,390.8 43.7% 5.6% 7.5x 17.2x TriNet Group, Inc. United States 44.76 -1% 3,110.2 3,278.3 3,238.5 239.1 7.4% 8.9% 1.0x 13.7x WageWorks, Inc. * United States 64.15 -20% 2,542.7 1,895.1 461.7 91.7 19.9% 33.1% 4.1x 20.7x

Adjusted Weighted Average 4.3x 16.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.7x)

35 | M&A and Investment Summary November 2017 Business Services Public Company Valuation (2/3)

($ in Millions, except stock price data)

IT Consulting Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accenture plc Ireland 148.01 0% $ 90,984.4 $ 87,640.3 $ 34,850.2 $ 5,654.6 16.2% 6.0% 2.5x 15.5x Amdocs Limited United States 65.29 -4% 9,490.2 8,510.6 3,867.2 725.5 18.8% 4.0% 2.2x 11.7x Bechtle AG Germany 85.39 -2% 3,586.3 3,557.3 4,059.2 219.4 5.4% 14.7% 0.9x 16.2x Booz Allen Hamilton Holding Corporation United States 38.69 -2% 5,641.5 7,158.5 6,022.4 568.9 9.4% 8.5% 1.2x 12.6x Business & Decision SA France 9.41 -5% 74.2 111.2 253.1 7.8 NA -1.5% 0.4x 14.3x Capgemini SE France 115.37 -9% 18,382.8 20,963.5 14,482.6 1,842.6 12.7% 1.0% 1.4x 11.4x Cerner Corporation * United States 70.69 -4% 23,498.4 23,181.4 4,987.9 1,387.4 27.8% 7.7% 4.6x 16.7x CGI Group Inc. Canada 52.83 -3% 14,955.8 16,333.0 8,676.8 1,449.7 16.7% 1.5% 1.9x 11.3x Cognizant Technology Solutions Corporation United States 72.28 -6% 42,619.6 38,729.6 14,444.0 2,876.0 19.9% 8.9% 2.7x 13.5x Digi International Inc. United States 10.25 -27% 273.3 163.1 181.6 12.5 6.9% -10.5% 0.9x 13.1x DXC Technology Company United States 96.14 -3% 27,425.7 33,646.7 15,882.0 2,196.0 13.8% 115.8% 2.1x 15.3x Globant S.A. * Luxembourg 40.00 -16% 1,404.0 1,369.6 385.3 52.9 13.7% 25.4% 3.6x 25.9x International Business Machines Corporation United States 153.97 -16% 142,544.1 176,801.1 78,366.0 16,839.0 21.5% -2.3% 2.3x 10.5x Infosys Limited India 15.13 -7% 34,582.8 29,084.3 10,499.0 2,835.0 27.0% 5.6% 2.8x 10.3x ITS Group France 8.07 -9% 62.0 66.6 208.7 8.3 4.0% -4.3% 0.3x 8.0x Navigant Consulting, Inc. United States 19.19 -31% 881.2 1,048.9 948.6 128.1 13.5% 4.1% 1.1x 8.2x NTT Data Corporation Japan 11.77 -4% 16,513.2 20,156.8 17,528.4 2,517.1 14.4% 19.5% 1.1x 8.0x Perficient, Inc. United States 19.36 -4% 675.8 738.4 458.5 51.0 11.1% -4.9% 1.6x 14.5x Presidio, Inc. United States 15.44 -9% 1,415.8 2,314.1 2,844.9 221.1 7.8% 3.1% 0.8x 10.5x Reply S.p.A. Italy 57.57 -10% 2,153.5 2,111.8 976.0 127.7 13.1% 12.2% 2.2x 16.5x SQLi France 41.97 -27% 161.3 183.9 225.7 16.9 7.5% 6.7% 0.8x 10.9x Tata Consultancy Services Limited India 40.87 -5% 78,232.9 73,182.1 18,296.3 4,892.4 26.7% 4.5% 4.0x 15.0x Wipro Limited India 4.52 -5% 21,895.6 18,229.8 8,378.6 1,692.1 20.2% 1.6% 2.2x 10.8x

Adjusted Weighted Average 2.5x 12.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.9x)

36 | M&A and Investment Summary November 2017 Business Services Public Company Valuation (3/3)

($ in Millions, except stock price data)

Outsourced Services Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AMREP Corporation United States $6.96 -9% $ 56.3 $ 43.2 $ 40.2 $ 2.4 5.9% -6.2% 1.1x 18.1x Cenveo, Inc. United States 0.91 -88% 7.8 1,060.5 1,507.9 118.1 7.8% -8.2% 0.7x 9.0x Cimpress N.V. Netherlands 121.80 -2% 3,780.8 4,800.8 2,255.0 144.9 6.4% 21.5% 2.1x 33.1x Communisis plc United Kingdom 0.83 -3% 172.6 211.1 484.4 32.3 6.7% 5.2% 0.4x 6.5x Contax Participações S.A. Brazil 1.31 -59% 5.4 419.2 581.9 44.2 7.6% -9.6% 0.7x 9.5x Convergys Corporation United States 24.68 -7% 2,280.7 2,380.0 2,860.8 356.8 12.5% -1.6% 0.8x 6.7x CSG Systems International, Inc. United States 45.89 -11% 1,538.2 1,614.0 779.5 138.7 17.8% 2.2% 2.1x 11.6x Elanders AB (publ) Sweden 9.80 -31% 346.4 657.6 1,114.4 71.6 6.4% 78.9% 0.6x 9.2x Eniro AB (publ) Sweden 0.01 -77% 5.8 213.9 208.5 24.5 11.8% -17.8% 1.0x 8.7x ExlService Holdings, Inc. United States 61.38 -3% 2,083.4 1,879.7 741.7 103.5 14.0% 10.0% 2.5x 18.2x Firstsource Solutions Limited India 0.66 -14% 452.3 533.4 540.2 60.4 11.2% 1.4% 1.0x 8.8x Genpact Limited Bermuda 32.24 -1% 6,223.7 7,004.5 2,684.3 450.3 16.8% 5.9% 2.6x 15.6x InnerWorkings, Inc. United States 10.85 -10% 587.2 708.7 1,105.7 46.4 4.2% 1.4% 0.6x 15.3x j2 Global, Inc. United States 75.46 -18% 3,652.9 4,249.6 1,053.3 394.0 37.4% 27.3% 4.0x 10.8x Luxoft Holding, Inc. SwitzerlandSwitzerland 51.50 -24% 1,729.0 1,674.4 848.3 92.4 10.9% 18.5% 2.0x 18.1x MAXIMUS, Inc. United States 69.08 0% 4,499.6 4,339.7 2,451.0 372.6 15.2% 2.0% 1.8x 11.6x Quad/Graphics, Inc. United States 22.51 -22% 1,166.9 2,206.6 4,165.5 468.9 11.3% -6.3% 0.5x 4.7x IQVIA Holdings Inc. United States 102.01 -8% 21,471.9 30,333.9 7,851.0 1,736.0 22.1% 72.9% 3.9x 17.5x R.R. Donnelley & Sons Company United States 9.39 -49% 658.2 2,696.4 6,935.4 448.7 6.5% 93.2% 0.4x 6.0x Serco Group plc United Kingdom 1.28 -37% 1,397.8 1,650.3 3,930.0 85.6 2.2% -1.0% 0.4x 19.3x St Ives plc United Kingdom 1.06 -41% 151.8 225.6 515.9 34.7 6.7% 7.0% 0.4x 6.5x StarTek, Inc. United States 9.80 -34% 158.2 180.8 298.1 15.6 5.2% -4.5% 0.6x 11.6x SYNNEX Corporation United States 136.20 -1% 5,443.3 6,255.4 15,620.7 633.7 4.1% 13.8% 0.4x 9.9x Sykes Enterprises, Incorporated United States 31.82 -8% 1,353.9 1,292.7 1,555.9 173.6 11.2% 10.5% 0.8x 7.4x Teleperformance SE France 148.09 -4% 8,553.5 10,329.5 4,610.4 709.0 15.4% 17.8% 2.2x 14.6x TeleTech Holdings, Inc. United States 40.50 -7% 1,856.9 2,040.1 1,395.7 171.0 12.3% 9.7% 1.5x 11.9x transcosmos inc. Japan 24.43 -8% 1,013.3 908.3 2,238.3 84.0 3.8% 8.2% 0.4x 10.8x Transcontinental Inc. Canada 21.57 -14% 1,679.1 1,830.7 1,636.0 328.1 20.1% 1.6% 1.1x 5.6x Cimpress N.V. Netherlands 121.80 -2% 3,780.8 4,800.8 2,255.0 144.9 6.4% 21.5% 2.1x 33.1x

Adjusted Weighted Average 1.3x 11.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.9x)

37 | M&A and Investment Summary November 2017 PPLLC Indices Valuation Summary

Current Summary Trading Valuation Information

Revenue Multiples (TTM) Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 4.6x 3.5x 7.0x 2.7x Internationally-based Digital Media and Internet 5.0x 4.2x 7.2x 2.5x US-based eCommerce 3.1x 2.3x 4.6x 2.3x Internationally-based eCommerce 3.0x 1.0x 12.9x 1.8x US-based Digital Advertising 4.1x 3.0x 8.8x 2.8x Internationally-based Digital Advertising 4.1x 2.2x 14.5x 2.2x US-based Marketing Technology 5.5x 4.6x 5.9x 4.3x Internationally-based Marketing Technology 4.8x 4.5x 5.7x 5.1x Agency 1.2x 1.3x 1.5x 1.5x Marketing Services 1.8x 1.8x 3.1x 2.8x Traditional Media 2.9x 2.5x 3.5x 3.1x Software 5.6x 5.0x 5.8x 5.7x Information 4.4x 3.6x 6.8x 5.2x Business Services 1.4x 1.0x 2.6x 2.1x

As of close of business on 11/30/17 *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

38 | M&A and Investment Summary November 2017 PPLLC Indices Valuation Summary

Current Summary Trading Valuation Information

EBITDA Multiples (TTM) Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG* US-based Digital Media and Internet 22.8x 21.8x 16.7x 17.3x Internationally-based Digital Media and Internet 20.2x 15.9x 22.2x 14.3x US-based eCommerce 20.1x 15.3x 22.5x 14.3x Internationally-based eCommerce 20.2x 14.8x 31.7x 18.4x US-based Digital Advertising 37.3x 23.5x 21.4x 15.9x Internationally-based Digital Advertising 21.4x 13.6x 35.3x 16.2x US-based Marketing Technology 41.6x 25.3x 32.5x 17.8x Internationally-based Marketing Technology 40.1x 19.6x 21.3x 21.6x Agency 10.1x 9.2x 9.1x 9.1x Marketing Services 11.9x 9.7x 16.2x 9.0x Traditional Media 15.6x 10.7x 12.0x 11.8x Software 36.6x 22.7x 24.7x 17.2x Information 18.9x 15.8x 25.3x 16.8x Business Services 12.3x 11.6x 14.1x 13.0x

As of close of business on 11/30/17 *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

39 | M&A and Investment Summary November 2017 PPLLC Indices LTM Share Pricing Trends

Digital Media/Commerce and Traditional Media Digital Advertising LTM Index Performance LTM Index Performance 150%

• S&P 500 –  20.8 % 140% • S&P 500 –  20.8 % 140%

130% • Digital Advertising –  37.3 % 125% • Digital Media/Commerce –  51.8 % 120% 110% • Traditional Media –  6.8 % 110%

100%

95% Index Performance (%) Performance Index Index Performance (%) Performance Index 90%

80% 80% Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17

Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce Digital Advertising S&P 500 Index (^SPX) Marketing Technology LTM Index Performance Agency & Marketing Services LTM Index Performance 150% 150% • S&P 500 –  20.8 % 140% • S&P 500 –  20.8 % 140%

130% • v 130% • Marketing Technology –  26.9 % Agency – (8.4 %)

120% 120% • Marketing Services –  14.2 % 110% 110%

100% 100%

90% Index Performance (%) Performance Index Index Performance (%) Performance Index 90% 80% 80% Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Marketing Technology S&P 500 Index (^SPX) Agency Marketing Services S&P 500 Index (^SPX) LTM Index Performance Software LTM Index Performance 150% Information & Business Services 150% • S&P 500 –  20.8 % 140% • S&P 500 –  20.8 % 140%

130% • Software –  27.1 % 130% • Information –  25.3 % 120% 120% 110% • Business Services –  11.8 % 110% 100% 100%

Index Performance (%) Performance Index 90% 90% 80% (%) Performance Index Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 80% Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Software S&P 500 Index (^SPX) Note: LTM as of 11/30/2017 Information Business Services S&P 500 Index (^SPX) 40 | M&A and Investment Summary November 2017 All Segments ($ in Millions)

Strategic Transactions Strategic Values Disclosed Target Target Segment Buyer/Investor Reported TV

Time, Inc. Traditional Media Meredith Corporation $ 2,812.9 Aricent, Inc. Business Services Altran Technologies SA 2,000.0 Dealogic (Holdings) plc Information ION Investment Group Ltd. 1,150.0 Musical.ly Digital Media/Commerce Beijing Byte Dance Telecommunications Co., Ltd. 1,000.0 RxCrossroads Business Services McKesson Corporation 735.0 Black Duck Software, Inc. Software Synopsys, Inc 565.0 Respawn Entertainment LLC Digital Media/Commerce Electronic Arts, Inc. 445.0 Skyhigh Networks, Inc. Software McAfee, Inc. 400.0 Argus Cyber Security Ltd. Software Continental AG 400.0 Encar.com Digital Media/Commerce carsales.com 360.6 IGE+XAO Group Software Schneider Electric SE 221.5 BravoSolutions SpA Software JAGGAER, Inc. 219.0 Meetup.com, Inc. Digital Media/Commerce WeWork.com 200.0 GV Holdings PLC, Headlong Assets Traditional Media Ropso Malta 174.2 Reckon Accountants Practice Management Software MYOB Technology Pty Ltd. 140.3 Outward, Inc. Marketing Technology Williams-Sonoma, Inc. 112.0 Cloudmark, Inc. Marketing Technology Proofpoint, Inc. 110.0 Native Deodorants Digital Media/Commerce Procter & Gamble Company 100.0 Peak Games, Inc., Mobile Card Game Studio Digital Media/Commerce Zynga, Inc. 100.0 Metamarkets Group, Inc. Marketing Technology Snap, Inc. 100.0 Cantaloupe Systems, Inc. Software USA Technologies, Inc. 86.6 Cash.jp Digital Media/Commerce DMM.com Group 62.2 Weblife Balance, Inc. Software Proofpoint, Inc. 60.0 Kartuku Software Go-Jek 55.0 Qvidian Marketing Technology Upland Software, Inc. 50.0 Mashable, Inc. Digital Media/Commerce Ziff Davis, Inc. 50.0 TATA Business Support Services Limited Business Services Quess Corp Limited 46.1 Accretive Solutions, Inc. Business Services Resources Connection, Inc. 37.5 Syncordis SA Business Services Larsen & Toubro Infotech Limited 33.1 Practice XYZ Business Services Instructure, Inc. 28.0 Multiplay Ltd. Traditional Media Unity Technologies, Inc. 25.1 BeyondBits Media Ltd. Digital Advertising Catena Media 16.6 The Corner Communications (London) Limited Agency & Marketing Services Be Heard Group plc 16.0 Anisa Group Ltd. Business Services Sanderson Ltd. 15.8 Comapi Marketing Technology dotDigital Group plc 14.6 CapriCoast.com Home Solutions Pvt. Ltd. Digital Media/Commerce HomeLane 14.0 Quinntessential Marketing Consulting Pty Ltd. Software ELMO Talent Management Software Pty Ltd. 7.8 Rockford IT Limited Business Services SysGroup plc 5.2 Sienna Films, Inc. Traditional Media Kew Media Group, Inc. 4.7 Tipsly LLC Digital Advertising Big Un Limited 3.3

41 | M&A and Investment Summary November 2017 All Segments ($ in Millions)

Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV

495 Communications LLC Agency & Marketing Services Cardiff International, Inc. $ - AGENCY212, LLC Agency & Marketing Services Fosina Marketing Group - atom42 Ltd. Agency & Marketing Services Cheil Worldwide, Inc. - Barnett Cox & Assoicates, Inc. Agency & Marketing Services AMF Media Group - Bell Pottinger Middle East Agency & Marketing Services Hanover Communications International Ltd. - Bug Insights LLP Agency & Marketing Services Deloitte LLP - Bulldawg Marketing, Inc. Agency & Marketing Services Hirschfeld Marketing Solutions - Central File, Inc. Agency & Marketing Services Anstandt Communications - Cinteo GmbH Agency & Marketing Services Daimler AG - Done+Dusted Agency & Marketing Services Hao Tian Development Group Limited - Eccolo Media, Inc. Agency & Marketing Services Elevation Marketing, Inc. - Excite Communications Limited Agency & Marketing Services Comprend.com - FXdirect, Inc. Agency & Marketing Services FuseMind, Inc. - Graphic Matter, Inc. Agency & Marketing Services Baldwin & Obenauf, Inc. - Green Touch Awareness, Inc. Agency & Marketing Services Direct Equity International, Inc. - Helios Interactive Technologies, Inc. Agency & Marketing Services Freeman Company - Hungry, Inc. Agency & Marketing Services Figliulo & Partners LLC - Immerse Group Agency & Marketing Services Havas - Infinia Services & Solutions JLT Agency & Marketing Services California Software Company Limited - JTA Hawaii Agency & Marketing Services Takami Bridal - Kamikaze Agency & Marketing Services Altavia Group - MA3 Agency Agency & Marketing Services Mazarine Group - Madaket and Compnay Limited Agency & Marketing Services Hume Brophy Communications - Moku Collective LLC Agency & Marketing Services Digital Evolution Group LLC - NeoNiche Stragegies LLC Agency & Marketing Services CAT Corporation - NewFusion BVBA Agency & Marketing Services LiveReach Media, Inc. - Onibi SAS Agency & Marketing Services Insign - OrionCKB LLC Agency & Marketing Services Elite SEM - Oxyma Group B.V. Agency & Marketing Services Dentsu Aegis Network, Inc. - Plowshare Group, Inc. Agency & Marketing Services Publicis Groupe S.A. - Roberts Communications, Inc. Agency & Marketing Services Partners & Napier, Inc. - The Gage Team Agency & Marketing Services Sandhills Publishing Company - The Trout Group Agency & Marketing Services The PNC Financial Services Group - Warner Communications Company, Inc. Agency & Marketing Services Millwright Holdings LLC - WebTegrity, Inc. Agency & Marketing Services CloudCommerce, Inc. - wildcard communications Agency & Marketing Services The Marketing Group Plc - a2media Corporation Business Services Link and Motivation, Inc. - Assimilated Communications Business Services CONNECT Communications Solutions - Avoltus Oy Business Services Vincit Group Oyj - Axonex Ltd. Business Services Vodat Communications Group - BC Technical, Inc. Business Services Alpha Source, Inc. - cDecisions Limited Business Services PricewaterhouseCoopers LLP - 42 | M&A and Investment Summary November 2017 All Segments ($ in Millions)

Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV

ConQuest Technology Services, Corp. Business Services United Data Technologies $ - Dominion Consulting, Inc. Business Services TeraThink Corporation - DZH Phillips LLP Business Services Squar Milner LLP - Enterprise Applications, Inc. Business Services Special Investigations Limited Company - e-Spatial Business Services Harrison Grierson Limited - First Hosted Ltd. Business Services RSM UK - Forsythe Technology, Inc. Business Services Sirius Computer Solutions - FuturTech Consulting LLC Business Services CloudScale365, Inc. - ITgen Business Services Magyar Telekom Telecommunications Public Limited Company - iversity GmbH Business Services Springer Nature - K2 Digital Business Services PureFacts Financial Solutions, Inc. - Laser Network Solutions, Inc. Business Services New England Systems, Inc. - Layer 3 Technology Business Services Avitus Group, Inc. - Motif, Inc. Business Services TeleTech Holdings, Inc. - Netserve365 LLC Business Services Magna5 - Nextlevel Information Technology, Inc. Business Services SDI Presence LLC - OrthoExecutive Ltd. Business Services Crowther Ballantyne Associates Limited - Premier Logic Business Services ALTEN Calsoft Labs, Inc. - Primary Integration Solutions Business Services Bureau Veritas SA - Raizlabs Corporation Business Services Rightpoint Consulting LLC - RiverPoint Group LLC Business Services Allant Group, LLC - Secure-24, LLC Business Services NTT Communications Corporation - Story & Heart LLC Business Services Inmagine Group - Terminus Consulting Corp. Business Services TechCanary - Trustis Limited Business Services Entrust Datacard Corporation - WumDrop Business Services Makro Technologies, Inc. - Direct Affiliate Digital Advertising Benefit Pte. Ltd - EliteProNet, Inc. Digital Advertising PlanHub, Inc. - EthosWell LLC Digital Advertising Simplafyi LLC - Hotelscan Digital Advertising Lastminute.com N.V. - Mednanny Digital Advertising Doctena S.A. - PokerScout.com Digital Advertising Catena Media - Trip.com Digital Advertising Ctrip.com International, Ltd. - Twizoo Ltd. Digital Advertising Skyscanner Limited - Accomable Limited Digital Media/Commerce Airbnb, Inc. - Animoca Brands Corporation Limited Digital Media/Commerce iCandy Interactive Limited - Blitsy, Inc. Digital Media/Commerce A.C. Moore Arts & Crafts Inc. - Carnet de Mode Digital Media/Commerce Bagora - CityInformation B.V. Digital Media/Commerce DigitalTown, Inc. - Evertoon, Inc. Digital Media/Commerce Niantic, Inc. - Experiment 101 AB Digital Media/Commerce THQ Nordic AB - FashInvest Digital Media/Commerce Penske Media Corporation - 43 | M&A and Investment Summary November 2017 All Segments ($ in Millions)

Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV

Fluently Digital Media/Commerce Samsung Group $ - Freight Match Digital Media/Commerce Zoom2u Pty. Ltd. - Frontmen.com Digital Media/Commerce RNB Retail and Brands AB - Holiday Planet Pty. Ltd. Digital Media/Commerce Imagine Cruising Limited - Indonesia Flight Digital Media/Commerce Blibli.com - Kamcord, Inc. Digital Media/Commerce Lyft, Inc. - Marinalife LLC Digital Media/Commerce Snag A Slip LLC - Motion Math, Inc. Digital Media/Commerce Curriculum Associates LLC - Neighbourly Ltd. Digital Media/Commerce Stuff - netprice.com, Limited Digital Media/Commerce Aucfan Co., Ltd. - Neybers AB Digital Media/Commerce KuuHubb Oy - Outbank Digital Media/Commerce ProSiebenSat.1 Media AG - Pixelberry Studios Digital Media/Commerce NEXON Korea Corporation - PupBox, Inc. Digital Media/Commerce Petco Animal Supplies, Inc. - Swing Technologies, Inc. Digital Media/Commerce Microsoft Corporation - Tradono Digital Media/Commerce Trendsales ApS - Tulumba LLC Digital Media/Commerce Ablak Holdings LLC - VarageSale, Inc. Digital Media/Commerce VerticalScope, Inc. - Vault Investments, Inc. Digital Media/Commerce Acorns Grow, Inc. - VetPronto, Inc. Digital Media/Commerce Vetted PetCare, Inc. - VetZoo AB Digital Media/Commerce Musti ja Mirri Oy - CASCAID Ltd. Information Xello - Chemical Market Resources, Inc. Information ADI Analytics LLC - Hayes, Inc. Information TractManager, Inc. - Mexico Business Directory Information Digital Map Products, Inc. - Oil-Law Records Corporation Information Drilling Info, Inc. - Relocation Specialist Information Constellation Web Solutions, Inc. - Remedy Health Media, LLC Information Topspin Partners LBO, LP - Acquisio, Inc. Marketing Technology Web.com Group, Inc. - Adbasis, Inc. Marketing Technology Airbnb, Inc. - Adphorus Marketing Technology Sojern, Inc. - BuilderFusion Marketing Technology GrowthZone, Inc. - Canned Banners LLC Marketing Technology Adacus LLC - Closely, Inc. Marketing Technology UpCurve, Inc. - Contondo, Inc. Marketing Technology BigTinCan Mobile Pty Ltd. - Elastic Grid Marketing Technology Zift Solutions, Inc. - EyeSee Solutions Marketing Technology OLAmobile - Giaran, Inc. Marketing Technology Shiseido Company Ltd. - Halo Business Intelligence, Inc. Marketing Technology Logility, Inc. - Loyalty Bay Limited Marketing Technology Perkbox - Picture Production Company Limited Marketing Technology SDI Media Group, Inc. - SUMOTEXT Corporation Marketing Technology IMImobile PLC - 44 | M&A and Investment Summary November 2017 All Segments ($ in Millions)

Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV

Swiftype Inc. Marketing Technology Elasticsearch BV $ - Taykey, Inc. Marketing Technology Innovid, Inc. - Viewics, Inc. Marketing Technology Roche Holdings, Inc. - WebLink International, Inc. Marketing Technology MemberClicks, Inc. - wywy GmbH Marketing Technology TVSquared Inc. - Xilopix SAS Marketing Technology Qwant SAS - 3DSIM LLC Software ANSYS, Inc. - Adra Software AS Software Trintech, Inc. - Ajubeo LLC Software Green House Data - Algorics, Inc. Software OmniComm Systems, Inc. - Allegory Law, Inc. Software Integreon, Inc. - Alpha Exchange Ltd. Software Visible Alpha LLC - Alpine Data Labs Software TIBCO Software, Inc. - Analytical Informatics, Inc. Software Koninklijke Philips Electronics NV - Arcadian Telepsychiatry LLC Software MYnd Analytics, Inc. - Ariett.com Software AvidXchange, Inc. - BlueCielo ECM Solutions BV Software Accruent LLC - Bytronics, Inc. Software irth Solutions, Inc. - Cadens Medical Imaging Software Imagia Cybernetics Inc. - Capture for Jira Software Zephyr - Careform Software ConnectiveRx - Conexsys Communications Limited Software Optiv Security, Inc. - Correct Communications Pty Ltd. Software Cirrus Networks Holdings Limited - Data Transfer Solutions LLC Software Atkins Global - DATASHIELD Software ADT LLC - Decision Lab LLC Software Optiv Security, Inc. - Docufill LLC Software Change Healthcare, Inc. - Ensenta Corporation Software Jack Henry & Associates, Inc. - Evercondo Software FRONTSTEPS - Exactal Group Limited Software RIB Software SE - FactorTrust Software TransUnion, LLC - Financial Aid Management for Education, Inc. (FAME) Software Constellation Software, Inc. - GeonX S.A. Software General Electric Company - HoldingsInsight Software Dynamo Software, Inc. - HotDocs Limited Software Abacus Data Systems, Inc. - Immunio, Inc. Software Trend Micro, Inc. - Mapmechanics Limited Software CACI International, Inc. - Masterkey Supreme Limited & Airlist Software Dubizzle Limited - MDDX LLC Software BioClinica, Inc. - Modestpark LLC Software SS&C Technologies Holdings, Inc. - NetWatcher Software Qualys, Inc. - Neumob, Inc. Software CloudFlare - 45 | M&A and Investment Summary November 2017 All Segments ($ in Millions)

Strategic Transactions Strategic Undisclosed Target Target Segment Buyer/Investor Reported TV

Omnipointment, Inc. Software Mirmir, Inc. $ - Order Simplicity LLC Software Myndshft Direct - Peoplenet, Inc. Software Bullhorn, Inc. - Pomello Software OutMatch, Inc. - Qumram AG Software Dynatrace LLC - Radio1033 LLC Software Tyler Technologies - Restlet SAS Software Talend S.A. - Silexx Financial Systems LLC Software Cboe Global Markets, Inc. - Solido Design Automation, Inc. Software Siemens AG - Sonian, Inc. Software Barracuda Networks, Inc. - Soundtrap AB Software Spotify Ltd. - Streamed Software Money Forward, Inc. - Technosens SAS Software SeniorAdom - TelaPoint, Inc. (WEX Software Division) Software Professional Datasolutions, Inc. - Teqqa LLC Software ILUM Health Solutions - ThreadKM Software NetDocuments - Tribe PM, Inc. Software PeopleVine - VeloCloud Networks, Inc. Software VMware, Inc. - Vikus Corporation Software HealthcareSource HR, Inc. - Zyme Solutions, Inc. Software E2open, Inc. - AIREC Traditional Media UBM plc - Azteca America Traditional Media HC2 Holdings, Inc. - Courrier Laval Traditional Media 2M Media - Cozy Games Traditional Media GVC Holdings PLC - Crocmedia Pty Ltd. Traditional Media Pacific Star Network Limited - Friends & Partners Traditional Media Eventim - Gravitas Ventures LLC Traditional Media Red Arrow Entertainment Group GmbH - MIREC Traditional Media UBM plc - PAPER Communications Traditional Media ENTech Media Group - Red House Records, Inc. Traditional Media Compass Records Group - Stanly News & Press Traditional Media Boone Newspapers, Inc. - UK Investor Show Ltd. Traditional Media MBN Promotions - Visyon Traditional Media ProBility Media Corp. -

46 | M&A and Investment Summary November 2017 All Segments ($ in Millions)

Buyout Transactions Buyout Deals Values Disclosed Target Target Segment Buyer/Investor Reported TV Duff & Phelps Corporation Business Services Permira Advisers $ 1,750.0 Barracuda Networks, Inc. Software Thoma Bravo, Inc. 1,405.6 ULLINK Software Nordic Capital Limited 650.0 Eastern Broadcasting Co., Ltd. Traditional Media Mao Te International Invesment Company 563.0 BazaarVoice, Inc. Marketing Technology Marlin Equity Partners 458.9 Wall Street English Business Services Baring Private Equity Asia 100.0 Studienkreis GmbH Business Services IK Investment Partners 90.0 Buyout Deals Undisclosed Target Target Segment Buyer/Investor Reported TV

BrandShop Agency & Marketing Services Beringer Capital $ - Experiential Events Group LLC Agency & Marketing Services Lead Lap Enterprises, LLC - NKP Medical Marketing, inc. Agency & Marketing Services BM Growth Advisors - Riddle & Bloom Agency & Marketing Services Teall Investments - Apps Associates LLC Business Services BV Investment Partners - BenefitMall, Inc. Business Services The Carlyle Group - Career Partner GmbH Business Services Oakley Capital Investments, Ltd. - HR Knowledge, Inc. Business Services ABRY Partners, LLC - IMS ExpertServices, Inc. Business Services Trinity Hunt Partners - ProService Hawaii Business Services FFL Partners LLC - TrialCard, Inc. Business Services Odyssey Investment Partners, LLC - Vaco, LLC Business Services Olympus Partners - Whitney, Bradley and Brown, Inc. Business Services H.I.G. Capital LLC - WorldStrides, Inc. Business Services Eurazeo - Peixe Urbano Digital Advertising Mountain Nazca - Epidemic Sound AB Digital Media/Commerce EQT Partners - iSecrets Digital Media/Commerce FatFish Global Ventures - MDVIP, Inc. Information Leonard Green & Partners, L.P. - CallRevu LLC Marketing Technology Serent Capital, L.P. - GenAlpha Technologies LLC Marketing Technology Shore Points Capital Management, LLC - ABC Financial Services, Inc. Software Thoma Bravo, Inc. - Actiance, Inc. Software K1 Investment Management, LLC - Applied Voice & Speech Technologies, Inc. Software StoneCalibre, LLC - Cytel, Inc. Software New Mountain Capital, LLC - Geopointe LLC Software The Ascent Group LLC - GOconnectIT B.V. Software Main Capital Partners B.V. - Medicat LLC Software Banyan Software - Meona GmbH Software EMERAM Capital Partners GmbH - Payfare, Inc. Software Hope Well Capital Corp. - PCMS Group plc Software Inflexion Private Equity LLP - B4U Television Network (India) Ltd. Traditional Media Abercross Holdings - SUNSET Magazine Traditional Media Regent L.P. - 47 | M&A and Investment Summary November 2017 All Segments ($ in Millions)

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

Snap, Inc. Digital Media/Commerce Tencent Holdings Ltd. $ 2,000.0 Souche.com Digital Media/Commerce Alibaba Group Holding Ltd. 335.0 Cornerstone OnDemand, Inc. Software Silver Lake Partners 294.0 SenseTime Marketing Technology Alibaba Group Holding Ltd. 227.0 Radius Payment Solutions Ltd. Software Inflexion Private Equity LLP 200.0 Niantic, Inc. Digital Media/Commerce Spark Capital 200.0 Maoyan.com Digital Media/Commerce Tencent Holdings Ltd. 150.0 Intersection Traditional Media Graham Holdings Company 150.0 Fullerton Healthcare Corporation Limited Business Services Ping An Ventures 121.0 Yunmanman Business Services Tiger Global Management, LLC 120.0 Xiaozhu.com Digital Media/Commerce Yunfeng Capital 120.0 UpTake Technologies, Inc. Marketing Technology Baillie Gifford & Company 117.0 i.am+ Marketing Technology Undisclosed 117.0 Farmers Business Network, Inc. Digital Media/Commerce T. Rowe Price Group, Inc. 110.0 Shouqi Group Digital Media/Commerce Baidu Capital 105.0 Phoenix Travel Worldwide Co., Ltd. Digital Media/Commerce CITIC Capital Partners 105.0 yMatou.com Digital Media/Commerce China Merchants Venture Capital Management 100.0 Compass.com Digital Media/Commerce Institutional Venture Partners 100.0 InVision App, Inc. Software Battery Ventures 100.0 Deliveroo Digital Media/Commerce Accel Partners 98.0 Poshmark, Inc. Digital Media/Commerce Menlo Ventures 87.5 Monzo Bank Limited Digital Media/Commerce Thrive Capital 82.3 CloudSense Ltd. Marketing Technology Vector Capital Corporation 77.0 Maimai.cn Digital Media/Commerce DCM Ventures 75.0 GetYourGuide, Inc. Digital Advertising Battery Ventures 75.0 Spire Global, Inc. Software Luxembourg Future Fund 70.0 UnitedMasters Marketing Technology Andreessen Horowitz 70.0 aCommerce Marketing Technology Emerald Media 65.0 MetricStream, Inc. Software Sageview Capital 65.0 Ayla Networks Software Run Liang Tai 60.0 Yotpo, LTD. Marketing Technology Bessemer Venture Partners 51.0 Graphcore Ltd Software Sequoia Capital 50.0 Collective Medical Technologies, Inc. Software Bessemer Venture Partners 47.5 Leanplum, Inc. Marketing Technology Kleiner Perkins Caufield & Byers 47.0 Kaseya Limited Business Services Ireland Strategic Investment Fund 44.6 Doctolib SAS Digital Advertising Bpifrance SA 41.5 H20.ai Software Nexus Venture Partners 40.0 Group Nine Media Digital Media/Commerce Discovery Communications LLC 40.0 Victoria Beckham Limited Digital Media/Commerce NEO Investment Partners 40.0 Globetouch, Inc. Software Hermes Growth Partners 40.0 ALO7 Business Services QUALCOMM Ventures 37.5 TransferMate Ltd. Software Allied Irish Banks 35.2 48 | M&A and Investment Summary November 2017 All Segments ($ in Millions)

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

1QB Information Technologies, Inc. Software Accenture plc $ 35.1 Globality, Inc. Digital Media/Commerce Raine Ventures 35.0 Health IQ Insurance Services Digital Media/Commerce Andreessen Horowitz 34.6 Malong Technologies Marketing Technology SoftBank Corporation 33.0 Dejero Labs, Inc. Software Kayne Anderson Capital Advisors, L.P. 32.0 Scoop Technologies, Inc. Digital Media/Commerce Index Ventures 31.0 Thrive Global Holdings, Inc. Digital Media/Commerce Lerer Hippeau Ventures 30.0 Arterys, Inc. Software GE Ventures 30.0 Syapse, Inc. Software GE Ventures 30.0 ThreatQuotient, Inc. Software New Enterprise Associates 30.0 Natural Cycles AB Digital Media/Commerce EQT Ventures 30.0 Cheche365.com Digital Advertising China Capital Group 30.0 Instart Logic, Inc. Marketing Technology Andreessen Horowitz 30.0 LightStep, Inc. Software Sequoia Capital 29.0 Kano Computing Ltd. Digital Media/Commerce Index Ventures 28.0 StrongBox Data Solutions, Inc. Software FTQ 27.0 LeanTaaS Marketing Technology Insight Venture Partners 26.0 ReversingLabs, Inc. Software Trident Capital 25.0 eLocal USA LLC Digital Advertising LLR Partners, Inc. 25.0 Spot.IM Ltd. Digital Media/Commerce Insight Venture Partners 25.0 Blockstream, Inc. Software DG Lab Fund 25.0 Pear Video Digital Media/Commerce People.cn 25.0 Tiff's Treats Cookie Delivery Digital Media/Commerce Morgan Stanley Private Equity 25.0 Qubole, Inc. Software Norwest Venture Partners 25.0 Jitterbit, Inc. Software Kohlberg Kravis Roberts & Company L.P. 25.0 BigPanda, Inc. Software Sequoia Capital 25.0 Mojio, Inc. Software Innogy Venture Capital 23.3 Logz.io Marketing Technology 83North 23.0 InstaCarro Comercio De Veiculos LTDA. Digital Media/Commerce FJ Labs 22.0 TaskEasy, Inc. Digital Media/Commerce Grotech Ventures 22.0 Atomist, Inc. Software Accel Partners 22.0 TrueAccord Corporation Software Nyca Partners 22.0 GoSpotCheck, Inc. Software Insight Venture Partners 21.5 Built Technologies, Inc. Software Index Ventures 21.0 Eque2 Limited Software LDC (Managers) Limited 21.0 Prognos.ai Software CIGNA Corporation 20.5 Prognos, Inc. Software Safeguard Scientifics, Inc. 20.5 Deposit Solutions GmbH Software e.Ventures 20.0 JumpCloud, Inc. Software Foundry Group 20.0 Scalyr.com Software Shasta Ventures 20.0 AXIOS Media Inc. Digital Media/Commerce Greycroft Partners LLC 20.0 NVXL Technology, Inc. Software Alibaba Group Holding Ltd. 20.0 49 | M&A and Investment Summary November 2017 All Segments ($ in Millions)

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

Behavox Ltd. Software Index Ventures $ 20.0 CargoX Transportes Business Services QUALCOMM Ventures 20.0 Shippo Software Bessemer Venture Partners 20.0 Glint, Inc. Software Bessemer Venture Partners 20.0 CYREN Ltd. Software Warburg Pincus LLC 19.6 Less.com Digital Media/Commerce Index Ventures 19.0 Pomelo Fashion Co., Ltd. Digital Media/Commerce Lombard Investments 19.0 Rx Savings Solutions, LLC Software McCarthy Capital 18.4 Quantum Circuits, Inc. Software Sequoia Capital 18.0 Revel-Health.com Software TT Capital Partners 17.0 EclecticIQ B.V. Software Keen Venture Partners 16.3 Panorama Education, LLC Business Services Spark Capital 16.0 ClimaCell, Inc. Digital Media/Commerce Canaan Partners 15.0 Candid Co. Digital Media/Commerce Bessemer Venture Partners 15.0 Trocafone Digital Media/Commerce FJ Labs 15.0 Goji Digital Advertising Hudson Structured Capital Management 15.0 Broker Genius Marketing Technology Volition Capital LLC 15.0 Hostmaker Digital Media/Commerce Ventech 15.0 Pixvana, Inc. Marketing Technology Hearst Ventures 14.0 Smartkarma Information Sequoia Capital 14.0 Putiandi Digital Advertising Eastern Bell Venture Capital 13.6 Tmeng.cn Traditional Media DT Capital Partners 13.5 Pretty Green Ltd. Digital Media/Commerce Rockpool Investments 13.1 Quidd, Inc. Digital Media/Commerce Sequoia Capital 13.0 AppZen, Inc. Software Redpoint Ventures 13.0 Oviva AG Digital Media/Commerce Albion Capital Group 12.0 Assemble Systems, Inc. Software Satterfield Vintage Investments 12.0 Tacton Systems AB Marketing Technology GRO Capital 12.0 Welkin Health, Inc. Software Thrive Capital 12.0 Treasury Intelligence Soluitons GmbH Software 83North 12.0 Vade Secure SAS Software ISAI Gestion 12.0 3YourMind USA Software AM Ventures 12.0 Shippeo SAS Software Partech Ventures 11.8 TheGuarantors Agency Digital Media/Commerce Alven Capital Partners 11.7 Roomi, Inc. Digital Media/Commerce Great Oaks Venture Capital 11.0 MyMusicTaste Digital Media/Commerce Stonebridge Capital 11.0 BeMyEye s.r.l. Marketing Technology Nauta Capital 10.5 SCADAfence Ltd. Software Jerusalem Venture Partners 10.0 BetterLesson, LLC Business Services Owl Ventures 10.0 AISense, Inc. Marketing Technology Horizons Ventures Ltd. 10.0 Kneron, Inc. Software Sequoia Capital 10.0 Trouva Digital Media/Commerce Index Ventures 10.0 50 | M&A and Investment Summary November 2017 All Segments ($ in Millions)

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

Flightdocs, Inc. Software Argentum Group $ 10.0 Crux Informatics, Inc. Software The Goldman Sachs Group, Inc. 10.0 Kissht Software Fosun International Limited 10.0 Ranger Health, Inc. Digital Media/Commerce Holt Ventures 10.0 Quip NYC, Inc. Digital Media/Commerce Sherpa Capital 10.0 Book a Tiger Digital Media/Commerce DN Capital 9.4 Framer Software Accel Partners 9.3 Affinio.com Marketing Technology Round 13 Capital 9.0 Reali, Inc. Digital Media/Commerce Signia Venture Partners 9.0 Rallyteam, Inc. Software Norwest Venture Partners 8.6 Fineway GmbH Marketing Technology Axel Springer SE 8.3 Pwnie Express Software .406 Ventures, LLC 8.0 Seebo Interactive Ltd. Software Pritzker Group 8.0 DiliTrust SAS Software Calcium Capital 8.0 Lessonly LLC Software OpenView Venture Partners 8.0 Resonate Networks, Inc. Marketing Technology Revolution Growth 8.0 YugaByte, Inc. Software Lightspeed Venture Partners 8.0 Zego Digital Media/Commerce LocalGlobe 7.9 Libra Services, Inc. Software Liberty City Ventures 7.8 VidMob, Inc. Digital Media/Commerce Manifest Investment Partners, LLC 7.5 HopSkipDrive, Inc. Digital Media/Commerce FirstMark Capital 7.4 Perlara, PBC Software Homebrew LLC 7.4 Hello Soda Marketing Technology NVM Private Equity Limited 7.3 Mytonomy, Inc. Software Philips Health Technology Ventures 7.0 Buildup.co Software TLV Partners 7.0 First Access, Inc. Software Bamboo Capital Partners 7.0 Pixelz, Inc. Marketing Technology (Private Investors) 7.0 Timely Ltd. Marketing Technology Movac Limited 7.0 Embodied Intelligence, Inc. Software Amplify Partners 7.0 LogDNA Software Initialized Capital 7.0 ThirdChannel, Inc. Marketing Technology Fung Capital 7.0 NeuVector, Inc. Software Hummer Winblad Venture Partners 7.0 Kaodim Digital Media/Commerce Square Peg Capital 7.0 Alodokter.com Software SoftBank Capital 7.0 Ink Labs, Inc. Digital Media/Commerce VTF Capital 7.0 Hims, Inc. Digital Media/Commerce Forerunner Ventures 7.0 Wahed Invest LLC Software CUE BALL Capital 7.0 SAM Labs Ltd. Business Services Touchstone Innovations 6.8 Tech in Asia Traditional Media Hanwha Investment & Securities 6.6 Replika.ai Digital Media/Commerce Khosla Ventures 6.5 Techloop.io Digital Advertising Springtide Ventures 6.0 Terbium Labs Software Glasswing Ventures 6.0 51 | M&A and Investment Summary November 2017 All Segments ($ in Millions)

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

MatchUpBox, Inc. Marketing Technology (Private Investors) $ 6.0 PayStand, Inc. Software BlueRun Ventures 6.0 Airside Mobile, Inc. Digital Media/Commerce Grotech Ventures 6.0 Choozle, Inc. Marketing Technology Undisclosed 6.0 Enview, Inc. Software Crosslink Capital 6.0 Funderbeam Markets OU Software (Private Investors) 5.8 Snatch Media Limited Digital Media/Commerce Simon Equity Partners 5.8 CrossEngage GmbH Marketing Technology Project A Ventures 5.8 Testim, Inc. Software Lightspeed Venture Partners 5.6 Umajin Immerse Marketing Technology (Private Investors) 5.5 Qless, Inc. Marketing Technology Palisades Growth Capital 5.5 Medigate Software Blumberg Capital 5.4 Emu Technology Software Samsung Venture Investment Corporation 5.0 Omniex Software Sierra Ventures 5.0 PacketZoom, Inc. Software Baseline Ventures 5.0 Sendwithus.com Marketing Technology BlueRun Ventures 5.0 Hopscotch, Inc. (gohopscotch.com) Digital Advertising March Capital Partners 5.0 Meural, Inc. Digital Media/Commerce Corigin Ventures 5.0 Nudge Rewards Agency & Marketing Services BDC Capital 5.0 HUM Nutrition, Inc. Digital Media/Commerce CircleUp Network, Inc. 5.0 Rollick Outdoor, Inc. Agency & Marketing Services Silverton Partners 5.0 Equalum, Inc. Software Innovation Endeavors LLC 5.0 PassionFlix, Inc. Digital Media/Commerce (Private Investors) 4.8 Artesian Solutions Marketing Technology Columbia Lake Partners 4.7 Versa Digital Media/Commerce Sequoia Capital 4.5 Supermetrics Oy Marketing Technology Open Ocean Capital Ltd. 4.2 Apexx Fintech Limited Software Forward Partners 4.0 Catalia Health, Inc. Software Khosla Ventures 4.0 Enveil, Inc. Software Thomson Reuters 4.0 Fisdom Digital Media/Commerce Saama Capital 4.0 Smaaash Entertainment Pvt Ltd. Traditional Media Sixth Sense Ventures 3.8 EatAndTheCity Oy Digital Advertising Wall Street Group 3.8 CleanCapital LLC Digital Media/Commerce SeedInvest 3.7 DPOrganizer Software Industrifonden 3.6 Proxyclick SA Marketing Technology Join Capital 3.6 Wunderflats GmbH Digital Advertising Creathor Venture Management GmbH 3.5 DreamQuark SAS Software CapHorn Invest 3.5 Tilson Technology Management, Inc. Business Services Rand Capital 3.5 Sourceress, Inc. Software Lightspeed Venture Partners 3.5 Opendorse Marketing Technology Serra Ventures, LLC 3.5 Coconut Software Marketing Technology Information Venture Partners 3.3 Demander Justice SAS Marketing Technology Partech Ventures 3.2 52 | M&A and Investment Summary November 2017 All Segments ($ in Millions)

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

Netlift.me Digital Media/Commerce BDC Capital $ 3.2 WireWheel.io Software New Enterprise Associates 3.1 Empiric Health, Inc. Software Intermountain Healthcare, Inc. 3.0 Twignature Digital Media/Commerce (Private Investors) 3.0 Heckyl Technologies Pvt. Ltd. Software Notion Capital 2.8 Mojiworks Limited Digital Media/Commerce Balderton Capital 2.8 Birdi Ltd. Software Frontline Ventures 2.6 Scurri Web Services Ltd. Software ACT Venture Capital Limited 2.6 Gainfully, Inc. Software MassMutual Ventures LLC 2.5 ScaleFactor, Inc. Software Techstars Ventures 2.5 Ikbenfrits Software Finch Capital 2.4 Envisagenics, Inc. Software Dynamk Capital 2.3 Car Next Door Digital Media/Commerce Caltex Australia Ltd. 2.3 Genialis, Inc. Software Redalpine Venture Partners AG 2.3 Cazana.com Information Passion Capital 2.3 ChartMogul Ltd. Marketing Technology Alven Capital Partners 2.2 CFX Markets LLC Software Origami Capital Partners 2.2 Pienso Software Eniac Ventures 2.1 Eventtus, Inc. Marketing Technology 500 Startups 2.0 ADAY Digital Media/Commerce SoGal Ventures 2.0 TrackStreet LLC Marketing Technology SaaS Capital, Inc. 2.0 Rightway Healthcare Software UHNW 2.0 Bridgit, Inc. Software StandUp Ventures 2.0 MindTrace Ltd. Software Accelerated Digital Ventures 1.7 Morressier GmbH Software Redalpine Venture Partners AG 1.7 Zeelo Ltd. Digital Media/Commerce InMotion Ventures 1.6 Switchboard Live, Inc. Marketing Technology Mosely Ventures 1.5 Visage Jobs Software GrowthX 1.5 ReFirm Labs, Inc. Software DataTribe 1.5 Twine Health, Inc. Software Qiming Venture Partners 1.5 PandaTree, Inc. Business Services (Private Investors) 1.5 Enjoius, Inc. Digital Media/Commerce (Private Investors) 1.4 Cinematique LLC Digital Advertising Pumori Capital 1.4 Overclock Labs Software CrunchFund 1.3 Vidrovr, Inc. Marketing Technology Verizon Ventures 1.3 No Agent Technologies Limited Software (Private Investors) 1.1

53 | M&A and Investment Summary November 2017 All Segments ($ in Millions)

Venture/Growth Capital Transactions VC/Growth Capital Undisclosed Target Target Segment Buyer/Investor Reported TV

Reliam, Inc. Business Services Great Hill Partners, LLC $ - The TEAM Companies, Inc. Business Services TorQuest Partners - AHA Taxis Digital Media/Commerce ah! Ventures - Ayopop Digital Media/Commerce Orange Growth Capital - Canopy Digital Media/Commerce Round Hill Capital - Pet Circle Digital Media/Commerce Francisco Partners - Pomelo Fashion Co., Ltd. Digital Media/Commerce Start Today Ventures - ScoreStream, Inc. Digital Media/Commerce Intel Capital - Trust Stamp Digital Media/Commerce Second Century Ventures, LLC - AdeptMind, Inc. Marketing Technology Fidelity Investments - ATCORE Technology Ltd. Marketing Technology Inflexion Private Equity LLP - Frontdesk Anywhere, Inc. Marketing Technology Glynn Capital Management - fusionZONE Automotive, Inc. Marketing Technology Primus Capital Funds - Mad Mobile, Inc. Marketing Technology Decathlon Capital Partners - Topbox LLC Marketing Technology Flyover Capital - Voxpopme, Inc. Marketing Technology Mercia Fund Management - Blueprint Software Systems, Inc. Software Vistara Capital Partners - CounterTack, Inc. Software NTT Docomo, Inc. - DEV/CON Detect Software Las Olas Venture Capital - E.care bvba Software EMERAM Capital Partners GmbH - Excelero, Inc. Software QUALCOMM Ventures - Forex Development Corporation Software Krypton Capital - Smart Reporting GmbH Software Eurostars - TeamFusion Software Aventures Capital - VisitPay Software Flare Capital Partners - VisitPay Software Norwest Venture Partners - Zync Music Group Traditional Media Round Hill Music LLC -

54 | M&A and Investment Summary November 2017 Petsky Prunier: Maximizing Shareholder Value

. Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information, business services, and healthcare services industries . Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume . Founded in 1999 . More than 50 focused professionals; growth of 40% since 2011 . New York, Las Vegas, Chicago, Boston, Charlotte . Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders . Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services . Global reach enhanced through our partnerships in China and India . Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity

. M&A Advisory and Sell-Side Representation . Advertising & Marketing . Business Current Situation Assessment and . Privately-Owned Companies . eCommerce Profit Improvement Planning . Entrepreneur-Led Businesses . Digital Media . Opportunity Mapping: Strategic Planning & Development . Private Equity Portfolio Companies . Technology . Competitive Landscape Analysis . VC-Backed Companies . Information . M&A Transaction Due Diligence Support . Buy-Side Targeting Criteria & Integration Strategy . Corporate Divestitures . Business Services . Custom Market Research . Selected Buy-Side Engagements . Healthcare Services . Publishing, Speaking, and Thought Leadership . Capital Raising and Private Placements

55 | M&A and Investment Summary November 2017 Ranked #1 by Bloomberg For Mid-Market Internet & Advertising Transactions

Bloomberg M&A League Tables, 2011-2016

TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS 2016 2011-2016 (6-Year) Rank Advisor Deal Count Rank Advisor Deal Count

1 Petsky Prunier 19 1 Petsky Prunier 103 2 Goldman Sachs 18 2 Goldman Sachs 89 3 JP Morgan 16 3 Morgan Stanley 68 3 KPMG Corporate Finance 16 4 PwC 67 5 Rothschild 15 5 Jordan Edmiston Group 65 6 Houlihan Lokey 13 6 KPMG Corporate Finance 63 6 PwC 13 7 China Renaissance Group 52 8 Avendus Capital 11 7 GCA Savvian Group 52 8 Daiwa Securities 11 7 JP Morgan 52 10 Bank of America Merrill Lynch 9 10 Nomura 51 10 Credit Suisse 9 11 Jefferies 46 10 Jefferies 9 12 Ernst & Young 45 10 Morgan Stanley 9 13 Rothschild 44 10 Deloitte Touche Tohmatsu 9 14 Credit Suisse 43 15 Citi 8 14 Daiwa Securities 43 15 GCA Savvian Group 8 16 Houlihan Lokey 37

Based on number of deals announced in 2011‐2016 valued at $500 million or less. Internet and Advertising is defined by Bloomberg. With more than 75 transactions closed in the last 36 months, and more than 125 transactions closed since 2011 (across all industries in addition to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising, eCommerce, and media industries

56 | M&A and Investment Summary November 2017 Representative Recent Transactions*

*For a more comprehensive list, please click here.

57 | M&A and Investment Summary November 2017