October 2020

PRIVATE & CONFIDENTIAL

Technology, Media, Marketing, and Information Services Industry Sectors

October 2020

This is intended for client and institutionalDriven useby youronly, and success. may not be disseminated further 1. About Canaccord Genuity

2. Market Environment

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

4. Additional Information

Driven by your success. US Team Sanjay Chadda Jeff Barlow Dan Coyne Jen Pardi Andrew Pojani Co-Head of US Investment Banking President, Canaccord Genuity Co-Head of US Investment Banking Head of U.S. ECM Co-Head of US Technology Co-Head of US Technology Boston Boston Boston Boston New York +1 617 371 3713 +1 617 371 3887 +1 617 788 1554 +1 617 788 1635 +1 212 842 6022 [email protected] [email protected] [email protected] [email protected] [email protected]

Dudley Baker Lisa McClure Byrnes Scott Card Matthew Kratter Jed Laird Dylan Kearns Trevor Martin Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Nashville Boston Boston New York New York London Boston +1 615 490 8448 +1 617 371 3847 +1 617 371 3895 +1 212 842 6024 +1 212 842 7120 +1 212 842 6025 +1 617 788 1514 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

J.P. Michaud Tom O’Connor Jason Partenza Michael Petsky John Prunier Seth Rosenfield Mark Young Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Charlotte New York New York New York New York New York Boston +1 980 237 0380 +1 212 842 5996 +1 212 849 3976 +1 212 842 6001 +1 212 842 6021 +1 212 842 6018 +1 617 788 1584 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Christopher Heasman Matthew Kebel Anil Kuruganti Geoff Rhizor Lexia Schwartz Edin Trto Clayton Young Director Director Director Director Director Director Director New York New York New York San Francisco New York New York New York +1 212 842 6038 +1 212 842 5989 +1 212 842 7132 +1 415 229 0650 +1 212 842 7127 +1 212 842 6015 +1 212 842 6009 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Global Team Europe Canada Israel M&A & Financial Sponsors

Simon Bridges Mike Lauzon Myles Hiscock Shachar Familia David Istock Amy LaBan, CFA Isaiah Knouff Head of European IB & Head of Canadian TMT Managing Director Vice Chairman Managing Director Managing Director Managing Director Head of European Technology Toronto Toronto Tel Aviv Head of US M&A US Financial Sponsor Coverage US Financial Sponsor Coverage London +1 416 869 7238 +1 416 869 7232 +972 58 7782139 San Francisco Chicago Nashville +1 415 229 0667 +44 20 7523 4606 [email protected] [email protected] [email protected] +1 212-842-7126 +1 615 490 8484 [email protected] [email protected] [email protected] [email protected]

Page 2 Driven by your success. ⚫ Advisory credentials across a wide range of outcomes AI CRM DevOps Infrastructure Internet Marketing ⚫ Executed transactions up to $1B+ in value Collaboration Data, Information HCM Services IOT Media Vertical ⚫ Deep, extensive strategic & sponsor relationships

Financial advisor on Financial advisor on Financial advisor on Financial advisor on debt Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on investment in sale to acquisition of recapitalization by investment from acquisition of sale to recapitalization by sale to

October 2020 October 2020 October 2020 October 2020 September 2020 September 2020 September 2020 September 2020 August 2020

Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on sale to sale to sale to investment in recapitalization by acquisition of sale to sale to sale to

August 2020 August 2020 August 2020 July 2020 July 2020 June 2020 June 2020 March 2020 February 2020

Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on sale to sale to sale to merger with sale to sale to investment from sale to acquisition of

February 2020 February 2020 February 2020 February 2020 January 2020 January 2020 January 2020 January 2020 January 2020

Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on Financial advisor on sale to investment from acquisition of acquisition of sale to sale to recapitalization by sale to sale to

January 2020 December 2019 December 2019 December 2019 December 2019 November 2019 November 2019 October 2019 October 2019

Sources: Dealogic, Canaccord Genuity Inc. (includes transactions led by senior bankers with prior firms) Page 3 Driven by your success. ⚫ 250+ completed transactions since 2012 AI CRM DevOps Infrastructure Internet Marketing ⚫ Raised $47B+ capital Collaboration Data, Information HCM ⚫ 110+ as bookrunner or lead manager Services IOT Media Vertical ⚫ Unique access to global growth investors

$60,000,006 $175,750,000 $60,000,000 $172,000,000 $1,913,600,000 $3,864,000,000 $635,627,995 $189,750,000 $136,850,000

IPO IPO IPO IPO Equity Offering IPO Equity Offering Equity Offering Equity Offering

Joint Bookrunner Passive Bookrunner Joint Bookrunner Joint Bookrunner Passive Bookrunner Co-Manager Co-Manager Co-Manager Co-Manager

October 2020 October 2020 October 2020 October 2020 October 2020 September 2020 August 2020 August 2020 August 2020

$574,999,866 $248,940,000 $64,519,749 $538,200,000 C$150,000,000 A$40,00,000 $4,320,000 A$40,000,000 $1,840,000,000 Convertible Debt Equity Offering IPO Equity Offering IPO IPO Equity Offering Equity Offering Equity Offering Offering Co-Manager Co-Manager Joint Bookrunner Co-Manager Joint Bookrunner Sole Bookrunner Sole Placement Joint Bookrunner Co-Manager Agent August 2020 August 2020 August 2020 July 2020 July 2020 July 2020 July 2020 June 2020 June 2020

A$100,00,000 $614,790,000 $1,074,675,000 $184,000,000 $650,000,000 A$70,000,000 $862,500,000 $862,500,000 $17,267,250 Convertible Debt Convertible Debt Equity Offering Equity Offering IPO Equity Offering Equity Offering Equity Offering Equity Offering Offering Offering Joint Bookrunner Co-Manager Co-Manager Co-Manager Co-Manager Joint Bookrunner Co-Manager Co-Manager Sole Bookrunner

June 2020 June 2020 June 2020 May 2020 May 2020 May 2020 April 2020 February 2020 January 2020

$1,150,000,000 $160,703,261 $248,535,276 $782,718,750 $65,110,000 A$23,200,000 $1,160,000,000 $45,000,000 $655,216,848 Convertible Debt IPO IPO Equity Offering IPO Equity Offering IPO Debt Offering IPO Offering Co-Manager Co-Manager Co-Manager Co-Manager Joint Bookrunner Joint Bookrunner Co-Manager Sole Advisor Co-Manager

January 2020 December 2019 December 2019 December 2019 October 2019 September 2019 September 2019 September 2019 July 2019

Represents lead-managed transactions. Sources: Dealogic. Page 4 Driven by your success. # of Transactions # of Transactions Rank Firm Name 2019 Rank Firm Name 2017-2019 1 Canaccord Genuity 42 1 Canaccord Genuity 137 1 Raymond James 42 2 William Blair 133 3 William Blair 41 3 Raymond James 132 4 Goldman Sachs 36 4 Goldman Sachs 118 5 Jefferies 31 5 Houlihan Lokey 104 5 Piper Jaffray 31 6 J.P. Morgan 102 7 Bank of America 26 7 Morgan Stanley 95 8 Robert W. Baird 25 8 Jefferies 80 9 Morgan Stanley 23 9 Bank of America 79 9 Needham 23 10 Piper Sandler 78 11 JP Morgan 21 10 Needham 78 12 Houlihan Lokey 20 12 Stifel Financial 73 12 Stifel Financial 20 13 Robert W. Baird 67

• Numbers for Canaccord Genuity represent total transactions in Technology, Media & Telecommunications as tracked by PitchBook completed for Petsky Prunier LLC and Canaccord Genuity Group Inc., which merged in February 2019 • The table includes US-based Corporate & Strategic M&A, Private Equity, IPO/Liquidity, and Venture Capital transactions less than $500 million in the Technology, Media & Telecommunications industries as classified by PitchBook

Source: Pitchbook Page 5 Driven by your success. # of Transactions # of Transactions Rank Firm Name 2019 Rank Firm Name 2017-2019 1 Canaccord Genuity 21 1 Canaccord Genuity 65 2 Goldman Sachs 10 2 Goldman Sachs 28 3 JEGI 8 2 Houlihan Lokey 28 4 Raymond James 7 4 JEGI 26 4 GP Bullhound 7 5 Bank of America 23 6 Morgan Stanley 5 6 Raymond James 22 6 Bank of America 5 6 GP Bullhound 22 6 Houlihan Lokey 5 8 Morgan Stanley 20 6 Lincoln International 5 9 JP Morgan 15 6 Needham 5 9 RBC 15 6 Robert W. Baird 5 9 Credit Suisse 15 6 Stifel Financial 5 9 KPMG 15 13 Moelis 4 13 Deutsche Bank 14 13 JP Morgan 4 13 Moelis 14 13 Evercore 4 13 GCA Advisors 14 • Numbers for Canaccord Genuity represent total transactions in Media & Information Services as tracked by PitchBook completed for Petsky Prunier LLC and Canaccord Genuity Group Inc., which merged in February 2019 • The table includes Corporate & Strategic M&A, Private Equity, IPO/Liquidity, and Venture Capital transactions in the Media & Information Services industry as classified by PitchBook

Source: Pitchbook Page 6 Driven by your success. U.S. Mid-Market Healthcare Advisory 1

Rank Firm Name Deal Value ($M) # of Transactions

1 Piper Sandler $33,353 104

2 Canaccord Genuity 10,055 59

3 Stifel Financial 10,228 52

4 William Blair 15,783 45

5 Raymond James 2,916 27

6 Cowen & Company 9,173 20

7 Oppenheimer 2,702 19

8 Robert W Baird 4,972 17

9 JMP Securities 1,544 14

10 Needham 151 4

1 Dealogic data since 2010 for mid-market healthcare transaction activity Page 7 Driven by your success. Total Roles Lead Manager Co-Manager Bank Rank Total Value No. Rank No. Rank No. ($M)

JPMorgan 1 598,942.4 941 1 920 74 21 Goldman Sachs 2 637,524.5 937 2 911 66 26 Morgan Stanley 3 635,068.7 925 3 891 52 34 Canaccord Genuity Corp 4 73,465.5 775 6 565 1 210 BofA Securities 5 545,178.4 759 4 728 57 31 Citi 6 515,302.1 718 5 690 61 28 Credit Suisse 7 375,637.0 588 7 554 52 34 UBS 8 283,135.5 458 8 434 69 24 Stifel 9 128,780.0 455 12 275 3 180 Barclays 10 300,589.1 417 10 376 43 42

$72,000,000 $68,999,997 $202,112,500 $57,500,000 $1,913,600,000 $218,500,000 IPO US IPO IPO Follow-On Offering Follow-On Offering IPO Lead Manager Joint Bookrunner Passive Bookrunner Joint Bookrunner Passive Bookrunner Lead Manager October 2020 October 2020 October 2020 October 2020 October 2020 October 2020

Source: Dealogic as of 11/1/2020 Includes all IPO, FO, & CONV Page 8 Driven by your success. • Top-ranked, global investment bank dedicated to the digital advertising and marketing, e-commerce, digital media, software, information, business services, healthcare IT & services, and the Fintech industries ‒ Extensive sell-side M&A and capital raising expertise, with a transaction closing rate unmatched at our level of deal volume • Canaccord Genuity’s North American investment banking team has more than 100 focused professionals in offices in New York, Boston, San Francisco, Chicago, Nashville, Charlotte, Las Vegas, and Toronto

• Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, VC groups, family offices, and lenders • Global reach enhanced through Canaccord Genuity’s international network of offices and practice groups • Securities transactions are processed through Canaccord Genuity LLC, a registered broker-dealer regulated by the SEC and FINRA. Member SIPC.

• M&A Advisory and Sell-Side Representation • Advertising & Marketing – Privately-Owned Companies • E-commerce – Entrepreneur-Led Businesses • Digital Media – Private Equity Portfolio Companies • Software – VC-Backed Companies • Information – Corporate Divestitures • Business & IT Services – Selected Buy-Side Engagements • Healthcare IT & Services • Capital Raising and Private Placements • FinTech

Page 9 Driven by your success. PRIVATE & CONFIDENTIAL

Driven by your success. For client and institutional use only, not for public dissemination 4,500 $600 4,196

4,000 3,827 3,792 3,643 3,606 $478(1) $500 3,507 3,398 3,398 3,500 $452 $451 3,327 3,265 3,146 3,082 $434

$450 $398 3,000 $400 2,720 2,806 2,833 2,894

2,500 $303 $281 $300 $268 2,000 1,880 1,778 $239

1,422 $198 $194 1,500 $200 $169 $158 $145 $146

1,000 $116 $104 $100 $64 500 $54

0 $0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: The 451 Group, as of 10/31/20. (1) Represents YTD 2020 and 2020 on a run-rate basis. Page 11 Driven by your success. $1B+ Deals Strategic vs Financial Sponsor Transactions 42(2) 35 Strategic Financial Sponsor 30 28 300 25 238 250 210(2) 18 18 19 192 41 20 200 22 14 14 144 149 147 15 150 136 11 115 # of of # Deals 20 25 25 22

10 of # Deals 100 9 197 170 70 4 124 124 15 5 50 122 114 106 55 0 -- Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2019 2020

Consideration Mix(1) Median 30-Day Premium % Cash % Cash & Stock % Stock 50.0% 100% 7% 9% 10% 11% 2% 6% 6% 40.0% 36.2% 22% 34.6% 16% 23% 32.5% 80% 30% 25% 29% 21% 32.1% 30.8% 46% 27.4% 30.0% 25.8% 60% 34% 22.0% 20.0% 40% 75% 71% %Premium # of of # Deals 63% 66% 65% 68% 52% 10.0% 20% 44%

0% 0.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020 2019 2020

# of Deals 119 145 148 151 96 114 238 210(2) # of Deals 17 19 13 12 12 4 14 2

Source: The 451 Group, as of 10/31/20. (1) For all deals with disclosed forms of consideration. Page 12 Driven by your success. (2) Represents Q4’20 deals on a run-rate basis. Major Indices 2014 – October 2020 Major Indices October 2020, LTM 310.0% Summary Performance Summary Performance NASDAQ 163.4% NASDAQ 30.1% 280.0% S&P 500 78.5% 160.0% S&P 500 6.6% DJIA 61.2% DJIA (3.1%) 250.0% Russell 2000 33.7% Russell 2000 (3.2%) FTSE 100 (17.0%) 140.0% FTSE 100 (23.6%) 220.0% 120.0% 190.0%

160.0% 100.0%

130.0% 80.0% 100.0%

70.0% 60.0%

NASDAQ Russell 2000 S&P 500 DJIA FTSE 100 NASDAQ Russell 2000 S&P 500 DJIA FTSE 100

Major Indices Octoberr 2020, Last 3 Months VIX 2014 – October 2020 130.0% Summary Performance 90.00 NASDAQ 0.1% S&P 500 (0.7%) 80.00 DJIA (0.6%) 70.00 120.0% Russell 2000 2.1% FTSE 100 (7.6%) 60.00

50.00 110.0% 40.00

30.00 100.0% 20.00

10.00

90.0% -- 8/1/2020 9/1/2020 10/1/2020

NASDAQ Russell 2000 S&P 500 DJIA FTSE 100

Sources: Capital IQ, as of 10/31/20. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Past performance is not a guarantee of future results. Page 13 Driven by your success. Deal Value EV/LTM EV/LTM Premium Cash Mix % Announced Acquirer Target Segment ($mm) Revenue EBITDA (1 Month) 10/27/20 AMD Xilinx Semiconductors $35,000 11.9x 21.3x 27.4% -- 10/19/20 SK hynix Intel (NAND memory business) Semiconductors 9,000 ND ND ND 100% 10/29/20 Marvell Technology Group Inphi Semiconductors 8,196 16.6x 121.2x 25.5% 42% 10/12/20 Twilio Segment Application software 3,200 ND ND ND -- 10/04/20 NEC Avaloq Group Application software 2,227 ND ND ND 100% 10/13/20 WellSky CarePort Health Application software 1,350 13.0x ND ND 100% 10/01/20 SAP Emarsys eMarketing Systems Application software 940 7.2x 67.1x ND 100% 10/07/20 Dun & Bradstreet Bisnode Internet content & commerce 818 ND ND ND 75%

10/26/20 ANSYS Analytical Graphics Application software 700 ND ND ND 67% (1) 10/27/20 Teleperformance Health Advocate Application software 690 4.9x ND ND 100% 10/13/20 DouYu International Tencent (Penguin e-sports business) Internet content & commerce 500 ND ND ND 100% >$100M 10/19/20 Juniper Networks 128 Technology Enterprise networking 450 ND ND ND 100% 10/29/20 Alliance Data Systems Bread Mobility 450 ND ND ND 78% 10/05/20 Avalara Transaction Tax Resources Internet content & commerce 377 ND ND ND 100% 10/30/20 Parsons Braxton Science & Technology Group Systems 300 ND ND ND 100% 10/26/20 Pacific Architects and Engineers CENTRA Technology IT services & distribution 208 ND ND ND 100% 10/19/20 SMART Global Holdings Cree (LED products business unit) Semiconductors 175 0.4x ND ND 100% 10/06/20 Veeam Software Kasten Storage 150 ND ND ND 100% 10/29/20 Five9 Inference Solutions Application software 148 ND ND ND 100% 10/02/20 BlackLine Rimilia Application software 120 ND ND ND 100%

Mean: $3,250 9.0x 69.9x 26.5% 83.1% Median: $595 9.6x 67.1x 26.5% 100.0%

10/01/20 Cisco Portshift Security 80 40.0x ND ND 100.0% (2) 10/01/20 TransUnion Tru Optik Data Application software 80 8.0x ND ND 100.0% 10/13/20 Wipro Eximius Design IT outsourcing 80 ND ND ND 100.0%

$50-100M 10/27/20 Repay CPS Payment Services IT outsourcing 78 ND ND ND 100.0%

Mean: $80 24.0x NA NA 1.0x Median: $80 24.0x NA NA 1.0x

Mean: $2,722 12.8x 69.9x 0.3x 0.9x Blended Median: $450 10.0x 67.1x 26.5% 100.0%

Sources: The 451 Group and CG LLC proprietary database, as of 10/31/20. (1) Transactions include deals with disclosed values over $100mm. Page 14 Driven by your success. (2) Transactions include deals with disclosed values between $50-100mm. Deal Value EV/LTM EV/LTM Premium Cash Mix % Announced Acquirer Target Segment ($mm) Revenue EBITDA (1 Month) 10/14/20 CC Neuberger E2open Software $2,065 8.4x ND ND 100.0% 10/16/20 I Squared Capital Advisors GTT Communications (infrastructure division) Technology 2,020 ND ND ND 100.0% 10/01/20 Oaktree Acquisition Corporation Hims Digital Media/Commerce 1,927 ND ND 100.0% 15.0% 10/27/20 dMY Technology Group Genius Sports Group Software 1,500 11.5x ND ND 100.0% 10/19/20 South Mountain Merger Corp. Billtrust Software 1,493 12.8x ND ND 100.0%

10/13/20 Churchill Capital SkillSoft Software 1,300 ND ND ND 100.0% (1) 10/22/20 Acamar Partners Acquisition Corp. CarLotz Digital Media/Commerce 1,148 ND ND ND 38.0% 10/26/20 Francisco Partners Forcepoint Software 1,000 1.4x 7.7x ND 100.0% >$100M 10/08/20 ONEX OneDigital Health and Benefits Business & IT Services 960 ND ND ND 100.0% 10/19/20 Kainos Capital Nutrisystem Digital Media/Commerce 575 ND ND ND 100.0% 10/22/20 Triton Partners HiQ International Business & IT Services 417 ND ND ND 100.0% 10/30/20 Francisco Partners MyFitnessPal Digital Media/Commerce 345 ND ND ND 100.0% 10/07/20 Vector Capital MarkLogic Information 250 1.7x ND ND 100.0% 10/13/20 Churchill Capital Global Knowledge Training Business & IT Services 233 ND ND ND 100.0%

Mean: $1,088 7.2x 7.7x 100.0% 89.5% Median: $1,074 8.4x 7.7x 100.0% 100.0%

Sources: The 451 Group and CG LLC proprietary database, as of 10/31/20. (1) Transactions include deals with disclosed values over $100mm. Page 15 Driven by your success. Observations: • Private markets remain active and open • Exit environment (IPOs, M&A) constructive leading to more favorable private valuation discussions

Date of Latest Latest Round of Latest Total Funding Company Segment Funding Funding ($mm) Valuation ($mm) ($mm) Recent Lead Investor(s) Scopely Software 10/28/20 $340 $3,300 $799 NewView Capital, Wellington Management Arctic Wolf Business & IT Services 10/22/20 200 1,300 378 Viking Global Investors Applied Intuition Software 10/22/20 125 1,250 177 Andreessen Horowitz, Lux Capital Management, General Catalyst Tekion Software 10/21/20 150 1,000 186 Advent International Retool Software 10/20/20 50 925 70 Sequoia Capital Chime Software 10/15/20 534 14,549 1,541 Tiger Global Management, DST Global, Flourish Ventures Instacart Digital Media/Commerce 10/08/20 200 17,700 2,470 D1 Capital Partners, Valiant Capital Partners Dialpad Software 10/06/20 100 1,200 220 OMERS Growth Equity Unqork Software 10/06/20 207 2,000 365 BlackRock Tipalti Software 10/06/20 150 2,000 296 Durable Capital Partners Tanium Software 10/05/20 151 9,000 838 Salesforce Ventures, TrueBridge Capital, Fidelity Management & Research Uber Freight Software 10/02/20 500 3,300 500 Greenbriar Equity Group

Sources: PitchBook and CG LLC’s proprietary database as of 10/31/20. Note: List includes selected high profile financings with minimum Post Money Page 16 Driven by your success. Valuation of $800mm. ($USD in millions) Pricing Amount Mkt Cap % Mkt Cap % Premium/Discount to: Aftermarket Performance Observations: Issuer Date Offered at Offer @ Offer Primary Last Sale Filing Price Offer + 1 Day Offer/Current

Absolute Software Corp 10/28/20 $60.0 $676.3 8.9% 100.0% (30.8%) (9.6%) 0.0% 3.0% Phreesia Inc 10/21/20 184.0 1,234.9 14.9% 100.0% (1.6%) (1.0%) 13.4% 15.5% Accolade Inc 10/21/20 221.4 1,963.2 11.3% 100.0% (3.3%) (6.9%) (0.3%) (9.0%) Sapiens International Corp NV 10/16/20 100.0 1,547.1 6.5% 100.0% (4.2%) (9.2%) (1.5%) (8.0%) • Follow-on market activities track nCino Inc 10/07/20 555.3 6,954.7 8.0% 0.0% (5.6%) (4.8%) 9.3% (2.1%) Intermex 09/30/20 66.5 546.5 12.2% 0.0% (6.0%) (14.6%) 0.0% 3.0% broader market direction Par Technology 09/30/20 127.3 739.3 17.2% 100.0% (6.2%) (14.2%) 0.0% (2.7%) FuelCell Energy 09/29/20 91.4 612.8 14.9% 100.0% (18.0%) (18.0%) 1.9% (4.8%) Vroom 09/10/20 588.6 6,719.8 8.8% 100.0% (3.2%) (3.1%) (6.0%) (24.6%) Shift4 Payments 09/10/20 485.0 3,903.5 12.4% 20.0% (3.0%) (2.2%) (4.5%) 5.0% Lightspeed POS 09/10/20 397.7 2,516.2 15.8% 85.8% (4.9%) (6.4%) (0.8%) 5.0% i3 Verticals 09/10/20 87.8 699.4 12.6% 100.0% (7.6%) (12.5%) 1.7% (12.2%) • Better known, more liquid issuers Repay 09/10/20 344.8 1,734.7 19.9% 0.0% (1.0%) (1.0%) (2.6%) (6.1%) Mohawk Group 08/24/20 23.5 156.0 15.1% 100.0% (20.3%) (20.3%) 13.6% 14.9% using accelerating formats Sabre 08/20/20 250.0 1,936.8 12.9% 100.0% (0.3%) (11.3%) (2.7%) (6.9%) ZoomInfo 08/19/20 635.6 1,971.5 32.2% 0.0% (2.4%) (6.6%) 2.8% 2.7% Carparts.com 08/14/20 89.7 616.8 14.5% 66.7% (10.6%) (7.9%) 11.8% (2.4%) Sprout Social 08/12/20 189.8 1,206.7 15.7% 25.0% (6.7%) (0.9%) 11.0% 58.9% Vertiv 08/12/20 350.8 5,175.7 6.8% 0.0% (3.2%) (9.1%) 0.0% 15.7% Upland Software 08/11/20 136.9 879.6 15.6% 100.0% (1.9%) (14.7%) 0.0% 22.7% Overstock.com 08/11/20 204.1 3,715.0 5.5% 100.0% (8.2%) (8.2%) 5.2% (33.6%) • Average discount to last sale of Plug Power 08/11/20 314.4 3,928.0 8.0% 100.0% (9.4%) (9.4%) 3.7% 36.6% 2U 08/05/20 309.4 3,126.2 9.9% 100.0% (6.3%) (6.2%) (6.8%) (19.0%) (9.1%) for October deals vs. (6.2%) Calix 07/30/20 64.4 1,169.9 5.5% 100.0% (0.5%) 4.5% 6.3% 17.1% Ping Identity 07/08/20 330.4 2,912.2 11.3% 0.0% (2.7%) (2.6%) 4.3% (13.5%) for September deals. HealthEquity 07/08/20 257.6 4,227.5 6.1% 100.0% (5.4%) (3.6%) 0.1% (8.1%) Bill.com 06/10/20 614.8 5,434.5 11.3% 54.0% (1.0%) 9.4% (2.6%) 34.7% Pluralsight 06/09/20 228.4 2,187.7 10.4% 0.0% (2.7%) (11.9%) (0.3%) (19.5%) AudioCodes 06/04/20 91.0 1,068.3 8.5% 100.0% (2.5%) (8.1%) (5.8%) (17.2%) Globant 06/04/20 310.5 5,263.0 5.9% 100.0% (4.4%) (10.5%) 2.4% 33.8% Arco Platform 06/03/20 265.4 1,389.6 19.1% 0.0% (5.5%) (5.5%) (0.0%) (28.6%) Glu Mobile 06/03/20 159.6 971.1 16.4% 100.0% (3.2%) (7.0%) 2.5% (22.6%) Appian 05/29/20 141.3 2,059.8 6.9% 100.0% (4.7%) (4.7%) 0.8% 12.0% Repay 05/28/20 160.0 833.1 19.2% 100.0% (3.0%) (9.2%) 15.2% 12.7% Fiverr 05/28/20 120.0 1,939.9 6.2% 100.0% (1.2%) (3.8%) 8.5% 144.0% Fastly 05/21/20 286.4 4,089.1 7.0% 100.0% (2.4%) 6.3% 6.6% 53.0% RealPage 05/20/20 345.0 5,935.5 5.8% 100.0% (4.3%) (9.4%) 7.3% (5.6%) Alarm.com 05/20/20 266.8 2,430.2 11.0% 0.0% (4.7%) (4.7%) 0.1% 22.8% Carvana 05/19/20 465.0 6,316.0 7.4% 100.0% (5.7%) (5.7%) (4.4%) 99.3% Q2 05/13/20 362.2 3,854.4 9.4% 100.0% (2.8%) (6.1%) 2.2% 19.3% Ping Identity 05/13/20 234.6 1,946.9 12.0% 0.0% (1.4%) (15.4%) (3.2%) 15.4% Sequans 05/12/20 25.0 141.8 17.6% 100.0% (13.0%) (13.0%) 0.2% (20.0%) eHealth 03/03/20 238.1 2,812.3 8.5% 100.0% (4.1%) (7.2%) 27.0% (41.6%) Clarivate Analytics 02/05/20 558.9 6,303.2 8.9% 100.0% (1.4%) (1.5%) 5.6% 37.0% Rada Electronic Industries 01/08/20 22.0 241.9 9.1% 100.0% (16.5%) (16.5%) 14.5% 21.3% Phreesia 12/12/19 201.8 1,028.8 19.6% 0.0% (9.3%) (9.8%) 2.2% 42.2% Livongo Health 12/11/19 75.0 2,622.4 2.9% 0.0% (2.0%) (1.6%) 0.2% 417.7% EVO Payments 12/05/19 124.2 2,153.4 5.8% 100.0% (0.6%) (0.6%) (0.7%) (23.7%) Dynatrace 12/05/19 782.7 7,041.5 11.1% 0.0% (1.4%) (8.4%) (1.4%) 42.7% Plug Power 12/05/19 126.5 806.7 15.7% 100.0% (11.0%) (27.6%) 14.6% 409.1% TTEC Holdings 12/06/19 109.5 1,771.6 6.2% 0.0% (4.2%) (18.4%) 7.2% 50.1% Clarivate Analytics 12/04/19 857.0 5,354.7 16.0% 0.0% (1.7%) (3.9%) (0.9%) 60.9% GSX Techedu 11/21/19 289.8 3,434.3 8.4% 0.0% (3.9%) (16.4%) 15.7% 374.4%

Mean: $262.8 $2,647.2 11.5% 65.1% (5.5%) (7.7%) 3.3% 33.4% Median: $228.4 $1,971.5 11.0% 100.0% (4.1%) (7.2%) 0.8% 5.0% Indicates Canaccord Genuity Transaction Sources: Dealogic, Capital IQ as of 10/31/20. Past performance is no guarantee of future results. Page 17 Driven by your success. Represents issuers with deal values >$10MM and market cap between $125MM and $7.5B. PRIVATE & CONFIDENTIAL

Driven by your success. For client and institutional use only, not for public dissemination Transaction Distribution

• A total of 810 deals was announced in October 2020, 381 of which were worth $41.3 billion in aggregate reported value

• Software accounted for 52 percent of transactions with 418 deals announced – 238 of which reported $23.6 billion in value

• Business & IT Services was the most active segment with 117 transactions– 63 of which were valued at $4.6 billion

• Strategic buyers announced 407 deals

• VC/Growth Capital investors completed 344 transactions

• Private Equity buyers announced 57 deals during the month

October 2020 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 418 52% $23,577.7 57% 174 $13,033.5 23 $2,531.5 221 $8,012.7 Business Services 117 14% $4,589.7 11% 89 $874.7 15 $2,910.0 13 $805.0 Digital Media/Commerce 100 12% $3,682.9 9% 40 $209.0 12 $922.0 47 $2,551.9 Marketing Technology 107 13% $5,924.6 14% 52 $4,220.0 4 $0.0 51 $1,704.6 Agency & Marketing Services 27 3% $50.0 0% 25 $50.0 0 $0.0 1 $0.0 Information 22 3% $931.9 2% 14 $818.0 1 $0.0 7 $113.9 Digital Advertising 10 1% $58.1 0% 7 $51.6 1 $0.0 2 $6.5 Traditional Media 9 1% $2,511.5 6% 6 $2,008.5 1 $0.0 2 $503.0 Total 810 100% 41,326.4 100% 407 21,265.3 57 6,363.5 344 13,697.6

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 19 Driven by your success. Transaction Distribution • M&A total deal volume in October 2020 was up 18 percent compared with September 2020 • The largest transactions recorded during the month were:

‒ London Stock Exchange’s $5.1 billion sale of Milan Stock Exchange to Euronext

‒ The $3.2 billion acquisition of customer data software Segment by Twilio

‒ The $2.2 billion round of funding China-based online education platform Yuanfudao raised at a $15.5 billion valuation from Tencent, Hillhouse Capital, Boyu Capital, and IDG Capital

‒ NEC’s purchase of Switzerland-based financial management SaaS provider Avaloq for $2.2 billion from Warburg Pincus

‒ Callaway Golf’s $2 billion purchase of sports entertainment company Topgolf Entertainment Group $100.0 7000

$90.0

6000 $80.0

$70.0 5000 $63.0 $60.0 Ingenico/ $56.0 $54.1 4000 Worldline $51.5 $49.8 Credit Karma/ $50.0 ZeniMax/ Intuit Microsoft $41.3 Willis 3000 E*TRADE/ Livongo Health/ $40.0 $38.5 Towers $35.7 Morgan Stanley $35.0 Teladoc Health $35.0 Watson/ 58.com/ Aon Ebay Classifieds/ $30.0 Consortium 2000 Adevinta GrubHub/ CPA Global/ $20.0 JustEat Clarivate $14.1 $15.2 1000 810 $10.0 716 687 660 654 603 687 598 549 576 570 594

$- 0 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20

*Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total does not include the $6 billion acquisition of The Stars Group by Flutter Entertainment, the $13 billion acquisition of E*TRADE by Morgan Stanley, Worldline’s $8.4 billion purchase of Ingenico, and Credit Karma’s sale to Intuit for $7.1 billion, the $30 billion purchase of Willis Towers Watson by Aon, Just Eat’s $7.3 billion acquisition of GrubHub, and the $8.7 billion purchase of 58.com by Warburg Pincus, General Atlantic, and Ocean Link Partners, Ebay’s sale of its classifieds business to Adevinta for $9 billion, Clarivate’s $6.8 billion acquisition of CPA Global, Livongo’s pending $18.5 billion sale to Teladoc Health, and Microsoft’s $7.5 billion purchase of ZeniMax

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 20 Driven by your success. • Of the 107 transactions recorded in the Digital Media/Commerce segment in October, 54 were announced for $5.9 billion in reported value

• Transactions in the segment include: ‒ Tivity Health’s $575 million sale of direct-to-consumer nutrition company Nutrisystem has been acquired by Kainos Capital ‒ The $380 million round of funding consumer goods delivery platform goPuff raised at a $3.9 billion valuation from Accel, D1 Capital Partners, Luxor Capital, and SoftBank Vision Fund ‒ Under Armour’s sale of health app MyFitnessPal to Francisco Partners for $345 million ‒ The $309 million round of funding used car platform Cazoo raised at a $2.6 billion valuation from General Catalyst, D1 Capital Partners, and Fidelity, L Catterton, and Durable Capital ‒ The $200 million round of funding grocery delivery company Instacart raised at a $17.7 billion valuation from Valiant Peregrine, and Fund D1 Capital Partners

$20.0 110 $17.5 $18.0 $16.6 100 $16.0 90 $14.0 80 $12.0 70 $10.2 $10.0 $9.1 60 $8.0 50 $6.1 $6.0 $5.4 40 $4.0 $4.1 $5.6 $5.1 $3.7 $4.0 $3.7 30 $2.0 20 97 83 75 86 83 81 95 90 76 75 97 100 $0.0 10 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20

Marketing Technology 2Q20 3Q20 LTM Oct-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 81 $100.1 134 $2,833.2 401 $10,413.9 52 $209.0 Private Equity - Buyout 13 35.0 16 91.1 48 3,583.1 4 922.0 Private Equity - VC/Growth Capital 117 3,749.1 121 3,849.7 453 13,564.6 51 2,551.9 Total 211 $3,884.2 271 $6,774.0 902 $27,561.6 107 $3,682.9

*The information contained on this page is sourced from CG LLC's proprietary Page 21 database. A more detailed methodology may be found in the appendix. Driven by your success. ($ in Millions, except stock price data)

US-Based Digital Media and Internet Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alphabet Inc. $1,616.11 -6% $ 1,094,795.6 $ 989,294.6 $ 171,704.0 $ 48,075.0 28.0% 10.7% 5.8x 20.6x Apple Inc. 108.86 -21% 1,850,816.2 1,781,264.2 274,515.0 77,344.0 28.2% 5.5% 6.5x 23.0x Facebook, Inc. 263.11 -14% 749,414.3 704,938.3 78,975.0 35,221.0 44.6% 18.7% 8.9x 20.0x Fitbit, Inc. 7.04 -3% 1,898.9 1,533.7 1,298.8 (308.7) NM -16.2% 1.2x NM GoPro, Inc. 5.94 -18% 882.9 1,054.2 913.2 (44.9) NM -23.8% 1.2x NM J2 Global, Inc. 67.88 -35% 3,231.5 4,196.9 1,413.1 525.4 37.2% 12.1% 3.0x 8.0x Leaf Group Ltd. 5.70 -23% 156.1 143.0 192.2 (10.9) NM 23.7% 0.7x NM Netflix, Inc. 475.74 -17% 210,179.6 219,924.3 23,819.0 4,201.1 17.6% 26.2% 9.2x 52.3x Pinterest, Inc. 58.95 -14% 36,435.3 34,936.3 1,386.9 (263.9) NM 36.5% 25.2x NM RealNetworks, Inc. 1.40 -38% 53.6 57.4 172.0 (12.5) NM 45.9% 0.3x NM Remark Holdings, Inc. 1.06 -70% 105.5 98.2 3.7 (17.2) NM -56.3% 26.7x NM Roku, Inc. 202.40 -15% 25,240.9 24,786.1 1,349.0 (102.4) NM 48.9% 18.4x NM Snap Inc. 39.39 -11% 58,690.3 57,943.7 2,156.2 (833.9) NM 39.6% 26.9x NM Twitter, Inc. 41.36 -22% 32,812.9 29,480.4 3,434.6 294.6 8.6% 2.2% 8.6x NM Upwork Inc. 18.45 -13% 2,219.1 2,112.4 329.0 (25.2) NM 20.2% 6.4x NM Zynga Inc. 8.99 -16% 9,668.2 8,833.0 1,605.2 (5.5) NM 52.3% 5.5x NM

Average 7.4x 21.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (28.4x) and EBITDA multiples that are 1.0 standard deviations above the mean (41.3x)

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 22 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)

Internationally-based Digital Media and Internet Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Baidu, Inc. China $133.05 -10% $ 45,380.1 $ 35,744.9 $ 14,940.3 $ 4,319.5 28.9% -0.5% 2.4x 8.3x Bilibili Inc. * China 44.67 -17% 15,520.0 14,713.5 1,245.7 (96.4) NM 71.0% 11.8x NM CyberAgent, Inc. Japan 62.63 -7% 7,899.7 7,442.1 4,537.4 403.9 8.9% 5.5% 1.6x 18.4x DeNA Co., Ltd. Japan 17.05 -11% 2,105.5 1,618.2 1,113.6 208.2 18.7% -1.3% 1.5x 7.8x Fiverr International Ltd. * Israel 146.42 -21% 5,141.9 4,851.6 163.2 (10.8) NM 66.1% 29.7x NM G5 Entertainment AB (publ) * Sweden 44.74 -15% 395.7 387.0 141.7 9.8 6.9% 2.5% 2.7x 39.6x GREE, Inc. Japan 5.21 -6% 1,176.9 356.2 588.8 40.3 6.8% -9.4% 0.6x 8.8x HolidayCheck Group AG * Germany 1.82 -45% 109.3 98.3 81.8 (40.3) NM -49.6% 1.2x NM HUYA Inc. * China 22.40 -27% 4,982.0 3,473.8 1,393.2 81.6 5.9% 53.2% 2.5x 42.6x International Game Technology PLC United Kingdom 8.21 -49% 1,681.9 10,099.2 3,984.3 1,086.3 27.3% -17.0% 2.5x 9.3x iQIYI, Inc. China 24.70 -10% 18,121.0 19,570.9 4,240.3 1,334.5 31.5% 6.8% 4.6x 14.7x mixi, Inc. Japan 27.45 -8% 2,068.6 842.8 1,120.1 246.4 22.0% -7.3% 0.8x 3.4x Meitu, Inc. * China 0.18 -40% 756.4 424.9 151.7 (18.3) NM 15.8% 2.8x NM Ncsoft Corporation South Korea 683.20 -22% 14,078.9 12,582.2 1,835.3 429.7 23.4% 39.9% 6.9x 29.3x NAVER Corporation South Korea 255.32 -16% 37,114.2 37,952.2 5,825.8 1,367.1 23.5% 0.0% 6.5x 27.8x NetEase, Inc. China 86.79 -16% 59,973.9 51,123.1 9,288.6 2,540.8 27.4% -11.1% 5.5x 20.1x NEXON Co., Ltd. Japan 27.91 -2% 24,727.1 20,217.9 2,308.2 1,077.6 46.7% -5.2% 8.8x 18.8x Opera Limited Norway 9.10 -25% 1,069.8 916.4 416.9 66.8 16.0% 103.8% 2.2x 13.7x Pacific Online Limited China 0.14 -47% 154.6 108.4 124.8 29.7 23.8% -17.1% 0.9x 3.6x Phoenix New Media Limited * China 1.34 -63% 97.5 (124.5) 210.5 (17.7) NM 5.6% NM 7.0x Renren Inc. * China 3.70 -41% 87.2 138.2 349.8 (106.5) NM -29.8% 0.4x NM Sea Limited * Singapore 157.70 -11% 76,916.3 75,824.2 2,984.3 (911.0) NM 133.9% 25.4x NM Sogou Inc. * China 8.90 0% 3,449.6 2,287.7 1,134.4 63.4 5.6% 0.3% 2.0x 36.1x Spotify Technology S.A. * Luxembourg 239.89 -20% 45,479.8 44,191.7 8,885.6 (310.0) NM 18.2% 5.0x NM Tencent Music Entertainment * China 14.88 -17% 24,961.7 21,972.0 3,828.1 599.8 15.7% 22.9% 5.7x 36.6x Weibo Corporation China 41.55 -25% 9,409.5 8,763.6 1,646.7 513.8 31.2% -7.1% 5.3x 17.1x Wemade Co.,Ltd. * South Korea 34.82 -10% 571.1 507.6 90.9 (0.8) NM -12.6% 5.6x NM Yandex N.V. * Netherlands 57.57 -18% 20,286.8 18,675.1 2,555.6 423.8 16.6% 22.1% 7.3x 44.1x JOYY Inc. China 91.38 -8% 7,383.8 5,643.0 4,065.5 300.5 7.4% 44.9% 1.4x 18.8x

Average 5.4x 18.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.2x) and EBITDA multiples that are 1.0 standard deviations above the mean (33.4x)

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 23 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)

US-based e-commerce Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA 1-800-FLOWERS.COM, Inc. $19.83 -40% $ 1,278.4 $ 1,574.3 $ 1,586.1 $ 121.6 7.7% 25.2% 1.0x 12.9x Alphabet Inc. 1,616.11 -6% 1,094,795.6 989,294.6 171,704.0 48,075.0 28.0% 10.7% 5.8x 20.6x Amazon.com, Inc. 3,036.15 -15% 1,523,391.9 1,551,803.9 347,945.0 43,708.0 12.6% 31.1% 4.5x 35.5x Apple Inc. 108.86 -21% 1,850,816.2 1,781,264.2 274,515.0 77,344.0 28.2% 5.5% 6.5x 23.0x Blucora, Inc. 9.95 -62% 478.0 808.3 722.9 51.6 7.1% 17.3% 1.1x 15.7x Blue Apron Holdings, Inc. 4.30 -85% 75.4 119.8 426.7 (24.9) NM -22.8% 0.3x NM Booking Holdings Inc. 1,622.50 -23% 66,439.2 68,347.2 11,297.0 3,735.0 33.1% -23.4% 6.1x 18.3x CarGurus, Inc. 19.93 -51% 2,251.6 2,152.0 561.0 59.8 10.7% 6.8% 3.8x 36.0x CDW Corporation 122.60 -16% 17,491.3 21,049.5 18,199.5 1,488.0 8.2% 6.8% 1.2x 14.1x Chegg, Inc. 73.44 -18% 9,459.9 9,763.3 564.1 81.4 14.4% 48.0% 17.3x NM Chewy, Inc. 61.60 -18% 25,362.6 25,486.3 5,905.6 (194.5) NM 39.7% 4.3x NM Copart, Inc. 110.36 -7% 26,041.9 26,082.3 2,205.6 907.1 41.1% 8.0% 11.8x 28.8x eBay Inc. 47.63 -22% 32,833.2 37,311.2 11,803.0 3,694.0 31.3% 27.2% 3.2x 10.1x Etsy, Inc. 121.59 -21% 15,331.4 14,916.9 1,378.3 328.2 23.8% 84.2% 10.8x 45.4x Expedia Group, Inc. 94.15 -32% 13,296.5 20,408.5 9,080.0 58.0 0.6% -21.7% 2.2x NM Grubhub Inc. 73.96 -14% 6,824.9 6,975.5 1,657.5 (28.3) NM 31.7% 4.2x NM Lemonade, Inc. 50.29 -48% 2,845.2 3,066.9 98.6 (119.1) NM 142.9% 31.1x NM Liberty TripAdvisor Holdings, Inc. 1.78 -83% 228.4 2,985.4 1,099.0 55.0 5.0% -31.4% 2.7x 54.3x Liquidity Services, Inc. 8.53 -25% 290.4 228.0 208.8 (7.1) NM -5.3% 1.1x NM Lyft, Inc. 22.83 -58% 7,124.8 5,401.3 3,267.7 (1,654.3) NM 12.8% 1.7x NM Match Group, Inc. 116.78 -8% 30,364.7 33,788.8 4,894.5 865.9 17.7% 54.3% 6.9x 39.0x Overstock.com, Inc. 56.10 -56% 2,398.7 1,999.2 2,236.6 30.1 1.3% 45.1% 0.9x 66.4x Peloton Interactive, Inc. 110.21 -21% 32,088.7 30,878.8 1,825.9 12.9 0.7% 99.6% 16.9x NM PetMed Express, Inc. 29.58 -31% 594.2 487.9 305.8 38.6 12.6% 11.4% 1.6x 12.6x Qurate Retail, Inc. 6.77 -46% 2,824.5 8,646.5 13,604.0 1,859.0 13.7% -1.4% 0.6x 4.7x Revolve Group, Inc. 18.08 -26% 1,256.6 1,129.8 590.6 51.9 8.8% 6.8% 1.9x 21.8x Shutterstock, Inc. 65.45 -8% 2,370.8 2,030.6 652.1 78.4 12.0% 0.9% 3.1x 25.9x SmileDirectClub, Inc. 8.90 -34% 985.3 1,038.5 631.0 (628.6) NM 7.6% 1.6x NM Spark Networks SE 4.35 -36% 113.3 199.6 228.9 18.2 8.0% 104.1% 0.9x 11.0x Stamps.com Inc. 223.24 -31% 3,923.6 3,692.7 655.2 160.2 24.5% 11.3% 5.6x 23.1x Stitch Fix, Inc. 34.43 -12% 3,590.1 3,468.1 1,711.7 (29.0) NM 8.5% 2.0x NM Uber Technologies, Inc. 33.41 -20% 58,555.1 61,331.1 13,666.0 (4,316.0) NM 12.2% 4.5x NM CarParts.com, Inc. 12.69 -23% 600.5 598.6 339.0 5.1 1.5% 20.0% 1.8x NM Vroom, Inc. 41.10 -46% 5,348.6 4,823.8 1,324.7 (153.0) NM 0.0% 3.6x NM Wayfair Inc. 248.03 -29% 23,659.8 24,234.7 11,473.7 (360.4) NM 43.3% 2.1x NM

Average 5.7x 26.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (17.3x) and EBITDA multiples that are 1.0 standard deviations above the mean (41.9x)

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 24 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)

Internationally-based e-commerce Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alibaba Group Holding Limited China $304.69 -5% $ 824,380.4 $ 806,522.7 $ 77,649.3 $ 20,963.2 27.0% 33.5% 10.4x 38.5x Cango Inc. China 5.45 -45% 822.8 729.5 180.1 30.4 16.9% -1.7% 4.1x 24.0x Cnova N.V. Netherlands 2.68 -36% 925.3 1,668.9 2,530.0 89.2 3.5% 2.1% 0.7x 18.7x Despegar.com, Corp. Argentina 6.80 -56% 475.6 292.6 542.1 70.8 13.1% -31.3% 0.5x 4.1x Farfetch Limited * United Kingdom 28.13 -12% 9,552.9 9,516.8 1,333.8 (319.6) NM 87.0% 7.1x NM JD.com, Inc. * China 81.52 -6% 127,212.1 118,275.5 92,406.3 2,071.5 2.2% 27.8% 1.3x 57.1x Jumia Technologies AG * Germany 14.96 -37% 1,192.3 1,005.7 173.7 (215.6) NM 4.0% 5.8x NM LightInTheBox Holding Co., Ltd. * China 2.21 -43% 247.0 208.5 300.0 3.6 1.2% 42.1% 0.7x 57.3x MercadoLibre, Inc. * Argentina 1,214.05 -12% 60,350.4 59,081.7 2,807.8 3.5 0.1% 55.8% 21.0x NM MOGU Inc. * China 2.55 -63% 275.5 127.2 101.8 (47.1) NM -32.6% 1.2x NM PChome Online Inc. Taiwan 3.36 -35% 393.3 300.7 1,421.1 18.0 1.3% 14.3% 0.2x 16.7x Pinduoduo Inc. * China 89.98 -9% 107,762.4 102,081.9 5,243.4 (1,460.5) NM 77.6% 19.5x NM Rakuten, Inc. * Japan 9.71 -19% 13,193.6 11,233.0 12,579.0 (70.8) NM 15.3% 0.9x NM Secoo Holding Limited China 2.50 -66% 176.6 241.3 887.5 27.4 3.1% 0.3% 0.3x 8.8x trivago N.V. * Germany 1.35 -63% 477.0 326.1 632.4 (14.4) NM -34.1% 0.5x NM Uxin Limited * China 0.96 -75% 327.8 635.7 97.1 (416.4) NM -81.3% 6.5x NM Vipshop Holdings Limited China 21.40 -13% 14,466.1 13,257.1 13,000.0 941.8 7.2% 4.4% 1.0x 14.1x X Financial * China 0.81 -63% 130.0 134.7 344.9 (14.8) NM -25.7% 0.4x NM

Average 8.9x 38.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (17.4x) and EBITDA multiples that are 1.0 standard deviations above the mean (46.5x)

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 25 **Source: S&P Capital IQ Driven by your success. • The Marketing Technology segment announced 104 transactions in October 2020

• In addition to Twilio’s purchase of Segment, Marketing Technology transactions included: ‒ TransUnion’s purchase of advertising enablement SaaS specialist Tru Optik ‒ The acquisition of loyalty solution platform Loyalsys by SAP-owned Emarsys ‒ Navigate360’s purchase of enterprise social safety intelligence software Social Sentinel ‒ The sale of contact center CRM software Aria Solutions to Norwest Equity Partners-backed Avtex Solutions ‒ Contentsquare’s acquisition of web performance monitoring software vendor Dareboost

$7.0 130

$6.0 $5.9 110

$5.0 90

$4.0 $3.8 $3.3 70 $3.0 $2.8 $2.2 50 $1.8 $2.0 $1.6 $1.6 $1.1 $1.3 $1.2 30 $1.0 $0.7 79 70 76 78 75 74 73 64 89 84 98 107 $0.0 10 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20

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

US-based Marketing Technology Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Adobe Inc. $447.10 -17% $ 214,482.36 $ 213,944.36 $ 12,436.30 $ 4,558.89 36.7% 16.8% 17.2x 46.9x AppFolio, Inc. 142.87 -21% 4,900.0 4,958.7 288.8 22.1 7.6% 30.6% 17.2x 224.7x BigCommerce Holdings, Inc. 73.40 -55% 4,962.9 5,253.4 128.8 (31.7) NM 0.0% 40.8x NM Blackbaud, Inc. 49.34 -43% 2,382.3 2,885.7 908.5 118.8 13.1% 2.8% 3.2x 24.3x Brightcove Inc. 12.65 -10% 503.5 491.0 191.3 2.7 1.4% 7.6% 2.6x 178.9x Cardlytics, Inc. 73.82 -31% 2,014.3 1,929.7 199.4 (29.7) NM 19.3% 9.7x NM ChannelAdvisor Corporation 16.20 -27% 464.7 413.4 135.9 23.0 16.9% 4.1% 3.0x 18.0x Eventbrite, Inc. 9.23 -60% 838.5 508.8 222.2 (190.8) NM -28.7% 2.3x NM eBay Inc. 47.63 -22% 32,833.2 37,311.2 11,803.0 3,694.0 31.3% 27.2% 3.2x 10.1x Endurance International Group 5.81 -13% 817.7 2,421.1 1,100.6 278.5 25.3% -2.2% 2.2x 8.7x Five9, Inc. 151.72 -3% 10,010.7 9,886.7 399.3 11.2 2.8% 29.6% 24.8x NM GoDaddy Inc. 70.74 -21% 11,801.1 13,728.2 3,139.3 490.6 15.6% 11.2% 4.4x 28.0x HubSpot, Inc. 290.07 -12% 13,216.8 12,853.2 762.4 (30.8) NM 29.0% 16.9x NM IBM Corporation 111.66 -30% 99,495.4 154,413.4 75,030.0 15,690.0 20.9% -2.7% 2.1x 9.8x LivePerson, Inc. 53.46 -16% 3,537.7 3,541.7 343.6 (48.0) NM 23.5% 10.3x NM Marin Software Incorporated 2.47 -57% 17.2 21.8 39.0 (13.8) NM -28.9% 0.6x NM Medallia, Inc. 28.45 -29% 4,184.5 3,898.7 441.4 (121.3) NM 23.7% 8.8x NM MicroStrategy Incorporated 167.07 -11% 1,548.2 1,601.3 482.9 60.4 12.5% -0.4% 3.3x 26.5x Nuance Communications, Inc. 31.91 -10% 9,008.3 10,352.1 1,815.4 375.9 20.7% 12.5% 5.7x 27.5x Oracle Corporation 56.11 -10% 168,940.9 198,052.9 39,217.0 16,789.0 42.8% -0.8% 5.1x 11.8x PayPal Holdings, Inc. 186.13 -14% 218,386.3 215,056.3 19,218.0 3,660.0 19.0% 17.6% 11.2x 58.8x PROS Holdings, Inc. 28.17 -59% 1,223.6 1,156.3 257.7 (53.3) NM 8.9% 4.5x NM salesforce.com, inc. 232.27 -18% 211,365.7 208,270.7 19,380.0 2,093.0 10.8% 31.6% 10.7x 99.5x SharpSpring, Inc. 10.69 -23% 123.5 122.4 26.2 (7.0) NM 25.5% 4.7x NM Sprout Social, Inc. 43.70 -15% 2,298.8 2,194.2 116.5 (46.0) NM 28.3% 18.8x NM SVMK Inc. 20.93 -20% 2,936.0 3,060.0 342.8 (52.6) NM 23.8% 8.9x NM Square, Inc. 154.88 -20% 68,694.2 68,662.2 5,884.6 (3.8) NM 49.0% 11.7x NM GlobalData Plc 20.41 -10% 2,407.5 2,516.6 218.4 47.6 21.8% 3.1% 11.5x 52.9x Teradata Corporation 18.37 -42% 2,002.3 2,202.3 1,844.0 138.0 7.5% -10.5% 1.2x 16.0x Unity Software Inc. 94.88 -13% 25,344.0 25,685.4 640.3 (85.3) NM 0.0% 40.1x NM Verint Systems Inc. 48.52 -19% 3,173.2 3,663.7 1,260.5 178.3 14.1% -1.0% 2.9x 20.5x Veritone, Inc. 9.38 -52% 259.0 208.9 50.4 (48.3) NM 17.6% 4.1x NM Zendesk, Inc. 110.94 -5% 12,944.1 12,752.4 975.9 (93.0) NM 28.6% 13.1x NM ZoomInfo Technologies Inc. 37.99 -41% 6,107.1 7,105.0 383.3 63.2 16.5% 0.0% 18.5x 112.4x Zoom Video Communications, Inc. 460.91 -22% 131,092.5 129,683.3 1,346.5 251.3 18.7% 190.4% 96.3x NM

Adjusted Weighted Average 13.1x 49.6x *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (47.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (112.8x)

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 27 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)

Internationally-based Marketing Technology Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Baozun Inc. China $36.59 -23% $ 3,004.06 $ 3,026.17 $ 1,127.21 $ 85.17 7.6% 26.3% 2.7x 35.5x Bitauto Holdings Limited China 15.94 0% 1,135.6 2,570.9 1,262.8 (357.9) NM -21.5% 2.0x NM ChinaCache International Holdings China 0.08 -72% 2.18 74.69 131.93 (0.27) NM -0.4% 0.6x NM MercadoLibre, Inc. Argentina 1,214.05 -12% 60,350.4 59,081.7 2,807.8 3.5 0.1% 55.8% 21.0x NM Open Text Corporation Canada 36.73 -23% 9,963.0 12,747.0 3,109.7 910.9 29.3% 8.4% 4.1x 14.0x Shopify Inc. Canada 925.43 -19% 112,821.0 107,602.9 2,456.9 59.2 2.4% 73.4% 43.8x NM The Sage Group plc United Kingdom 8.23 -20% 8,999.0 9,307.3 2,432.7 732.1 30.1% 2.6% 3.8x 12.7x United Internet AG Germany 35.08 -31% 6,567.6 9,197.5 5,959.3 1,287.7 21.6% 3.6% 1.5x 7.1x Wix.com Ltd. Israel 247.32 -23% 13,760.9 13,217.8 853.4 (112.5) NM 25.6% 15.5x NM

Adjusted Weighted Average 7.2x 11.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (41.5x) and EBITDA multiples that are 1.0 standard deviations above the mean (29.8x)

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 28 Driven by your success. **Source: S&P Capital IQ • There were 10 transactions completed in the Digital Advertising segment in October 2020 • Select transactions in the segment include:

‒ The $51.6 million acquisition of iGaming lead generation platform Atemi Group by Better Collective

‒ ABRY Partners’ purchase of online healthcare advertising network operator OneCare Media

‒ The sale of living space finding platform HipFlat to Dot Property

‒ Araby Ads’ acquisition of mobile advertising network AdFalcon

‒ The purchase of digital advertising company Cisneros by Entravision Communications

‒ LeadHOOP’s acquisition of lead generation software MatchMaximizer

30 26

24 25 22 20 20

15 18

# # deals of 16 10 14 25 5 20 9 11 15 12 19 12 10 0 16 10 5 Nov-19 Dec-19 Jan-20 Feb-2017 Mar-20 Apr-2012 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Note: Deal values are not included in chart, as the majority of Digital Advertising transactions were reported without a value

Digital Advertising 2Q20 3Q20 LTM Oct-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 19 $100.1 22 $79.2 99 $3,216.5 7 $51.6 Private Equity - Buyout 2 35.0 2 0.0 8 1,100.0 1 0.0 Private Equity - VC/Growth Capital 8 3,749.1 11 356.4 64 2,149.2 2 6.5 Total 29 $3,884.2 35 $435.6 171 $6,465.7 10 $58.1

*The information contained on this page is sourced from CG LLC's proprietary Page 29 database. A more detailed methodology may be found in the appendix. Driven by your success. ($ in Millions, except stock price data)

US-based Digital Advertising Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alliance Data Systems Corporation $51.54 -55% $ 2,459.2 $ 16,974.5 $ 4,872.5 $ 764.1 15.7% -12.8% 3.5x 22.2x Alphabet Inc. 1,616.11 -6% 1,094,795.6 989,294.6 171,704.0 48,075.0 28.0% 10.7% 5.8x 20.6x ANGI Homeservices Inc. 10.60 -38% 5,256.6 5,109.4 1,397.6 170.9 12.2% 13.7% 3.7x 29.9x AutoWeb, Inc. 3.09 -48% 40.6 47.3 96.7 (4.2) NM -21.2% 0.5x NM CarGurus, Inc. 19.93 -51% 2,251.6 2,152.0 561.0 59.8 10.7% 6.8% 3.8x 36.0x DHI Group, Inc. 1.69 -56% 82.4 109.7 145.3 24.9 17.1% -4.0% 0.8x 4.4x EverQuote, Inc. 33.49 -47% 916.4 862.0 300.6 (3.4) NM 58.7% 2.9x NM Facebook, Inc. 263.11 -14% 749,414.3 704,938.3 78,975.0 35,221.0 44.6% 18.7% 8.9x 20.0x Fluent, Inc. 2.55 -35% 194.7 231.1 308.7 32.4 10.5% 13.3% 0.7x 7.1x GoHealth, Inc. 10.36 -61% 3,248.7 4,166.3 664.0 91.1 13.7% 0.0% 6.3x 45.7x GoodRx Holdings, Inc. * 48.39 -25% 18,834.9 20,181.5 471.7 176.4 37.4% 0.0% 42.8x 114.4x Groupon, Inc. 19.39 -69% 557.1 333.7 1,877.7 (8.8) NM -25.0% 0.2x NM Inuvo, Inc. 0.35 -68% 34.2 34.4 54.5 (5.0) NM -13.9% 0.6x NM LendingTree, Inc. 323.59 -18% 4,243.9 4,636.1 1,033.2 124.7 12.1% 9.9% 4.5x 37.2x QuinStreet, Inc. 16.01 -10% 842.9 752.8 503.0 17.8 3.5% 7.3% 1.5x 42.2x Quotient Technology Inc. 8.90 -22% 805.0 784.4 415.6 0.5 0.1% 0.5% 1.9x NM Redfin Corporation 41.77 -26% 4,155.1 3,976.3 876.5 (42.7) NM 53.2% 4.5x NM SelectQuote, Inc. 17.22 -41% 2,799.5 2,792.1 531.5 145.1 27.3% 57.5% 5.3x 19.2x Snap Inc. 39.39 -11% 58,690.3 57,943.7 2,156.2 (833.9) NM 39.6% 26.9x NM Magnite, Inc. 9.03 -31% 995.6 934.7 164.8 (12.7) NM 16.5% 5.7x NM MediaAlpha, Inc. 33.83 -12% 2,013.4 2,083.9 479.6 48.5 10.1% 0.0% 4.3x 42.9x The Trade Desk, Inc. * 566.45 -16% 26,602.2 26,425.9 680.2 89.7 13.2% 21.4% 38.9x 294.6x Travelzoo 7.42 -40% 83.9 58.7 72.9 (12.7) NM -32.7% 0.8x NM TripAdvisor, Inc. 19.11 -54% 2,569.2 2,596.2 1,099.0 1.0 0.1% -31.4% 2.4x NM TrueCar, Inc. 4.36 -33% 470.9 337.1 326.4 (7.3) NM -8.9% 1.0x NM Twitter, Inc. 41.36 -22% 32,812.9 29,480.4 3,434.6 294.6 8.6% 2.2% 8.6x 100.1x Yelp Inc. 19.67 -48% 1,438.5 1,133.8 950.2 (6.1) NM -1.8% 1.2x NM Yext, Inc. 16.58 NA 1,983.2 1,890.8 331.2 (116.5) NM 25.7% 5.7x NM Zillow Group, Inc. 89.33 -20% 20,162.5 18,870.4 3,583.3 (173.1) NM 103.4% 5.3x NM

Average 9.9x 25.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (29.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (135.8x)

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 30 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)

Internationally-based Digital Advertising Stock Price Change % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA AcuityAds Holdings Inc. * Canada $3.39 -10% $ 171.5 $ 183.6 $ 80.3 $ 2.5 3.1% 5.0% 2.3x 73.8x Cliq Digital AG Germany 18.06 -12% 111.7 121.8 92.4 11.2 12.1% 46.9% 1.3x 10.9x Criteo S.A. France 17.16 -7% 1,033.7 723.0 2,064.0 223.6 10.8% -9.4% 0.4x 3.2x iClick Interactive Asia Group Limited Hong Kong 7.97 -22% 720.3 739.4 218.0 (3.0) NM 27.7% 3.4x NM MakeMyTrip Limited India 18.77 -38% 1,938.1 1,762.2 279.2 (92.7) NM -44.7% 6.3x NM Metaps Inc. Japan 9.06 -22% 122.9 78.9 91.7 (2.1) NM 0.0% 0.9x NM Pacific Online Limited China 0.14 -47% 154.6 108.4 124.8 29.7 23.8% -17.1% 0.9x 3.6x Perion Network Ltd. Israel 6.94 -29% 184.9 169.4 288.1 15.4 5.3% 12.9% 0.6x 11.0x Rightmove plc * United Kingdom 8.01 -13% 6,968.2 6,917.9 297.4 209.5 70.4% -14.4% 23.3x 33.0x Septeni Holdings Co., Ltd. Japan 3.67 -2% 464.3 329.7 170.1 30.9 18.2% 6.8% 1.9x 10.7x Tencent Holdings Limited * China 76.21 -4% 725,055.3 738,692.3 60,296.3 21,815.7 36.2% 25.4% 12.3x 33.9x TradeDoubler AB (publ) Sweden 0.29 -43% 13.2 24.9 129.5 2.0 1.5% 0.5% 0.2x 12.7x XLMedia PLC Cyprus 0.29 -69% 54.0 34.5 65.0 14.2 21.9% -26.8% 0.5x 2.4x Yandex N.V. * Netherlands 57.57 -18% 20,286.8 18,675.1 2,555.6 423.8 16.6% 22.1% 7.3x 44.1x

Average 4.2x 15.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (17.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (31.4x)

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current Page 31 Driven by your success. **Sourcethereafter:.S&P Capital IQ • A total of 27 transactions was announced in the Agency & Marketing Services segment

• Select Agency & Marketing Services transactions include:

‒ Know IT AB’s purchase of Norway-based digital agency Creuna for $20 million

‒ The acquisition of outsourced sales data conversion services agency Presentify by Boathouse-backed Mediafly

‒ The sale of digital marketing firm DX Marketing to HIG Capital-backed Vision

‒ Thesis’ acquisition of marketing agency Bonfire

‒ W2O’s purchase of influencer marketing agency Starpower

‒ The acquisition of digital marketing companies Reamp and San Pancho by Jellyfish

70 60 50 40

# # deals of 30 20 10 48 39 60 54 53 23 24 16 27 26 29 27 0 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Note: Deal values are not included in chart, as the majority of Agency & Marketing Services transactions were reported without a value

Agency & Marketing Services 2Q20 3Q20 LTM Oct-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 52 $79.0 77 $3,300.0 354 $11,038.5 26 $50.0 Private Equity - Buyout 5 235.0 5 237.2 32 1,134.3 0 0.0 Private Equity - VC/Growth Capital 6 269.0 0 0.0 40 1,516.3 1 0.0 Total 63 $583.0 82 $3,537.2 426 $13,689.1 27 $50.0

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 32 Driven by your success. ($ in Millions, except stock price data)

Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Dentsu Group Inc. Japan $28.60 -29% $ 8,046.09 $ 11,123.19 $ 9,367.97 $ 1,551.63 16.6% NM 1.2x 7.2x Enero Group Limited Australia 1.19 -21% 103.4 83.4 186.3 18.0 9.6% 17.3% 0.4x 4.6x Hakuhodo DY Holdings Inc Japan 12.69 -28% 4,739.2 4,489.8 12,933.8 583.0 4.5% -4.2% 0.3x 7.7x M&C Saatchi plc United Kingdom 0.74 -68% 85.8 123.1 236.6 43.0 18.2% -55.0% 0.5x 2.9x Next Fifteen Communications Group United Kingdom 5.78 -21% 524.5 590.2 405.5 45.0 11.1% 6.5% 1.5x 13.1x Omnicom Group Inc. United States 47.20 -43% 10,146.7 14,495.7 13,555.3 2,086.2 15.4% -9.0% 1.1x 6.9x Digital Holdings, Inc. Japan 12.34 -35% 274.0 232.5 831.0 27.7 3.3% 5.2% 0.3x 8.4x Publicis Groupe S.A. France 34.73 -32% 8,523.3 14,730.1 12,841.5 2,190.0 17.1% 13.0% 1.1x 6.7x S4 Capital plc * United Kingdom 5.18 -5% 2,684.6 2,706.9 332.5 36.9 11.1% 0.0% 8.1x 73.4x The Interpublic Group of Companies, United States 18.09 -28% 7,055.7 11,317.6 8,213.1 1,295.5 15.8% -4.6% 1.4x 8.7x UDG Healthcare plc Ireland 9.40 -14% 2,360.0 2,546.3 1,335.5 188.4 14.1% 3.0% 1.9x 13.5x WPP plc United Kingdom 7.99 -43% 9,714.9 16,762.4 15,413.6 (1,834.4) NM 4.4% 1.1x NM

Adjusted Weighted Average 1.1x 7.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (33.9x)

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 33 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)

Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Aimia Inc. Canada $2.60 -19% $ 244.2 $ 153.1 $ 44.8 $ (87.5) NM NM 3.4x NM Dolphin Entertainment, Inc. United States 0.63 -75% 20.6 24.9 24.2 (0.4) NM 0.3% 1.0x NM Fluent, Inc. United States 2.55 -35% 194.7 231.1 308.7 32.4 10.5% 13.3% 0.7x 7.1x CSG Systems International, Inc. United States 37.88 -35% 1,209.9 1,517.6 992.1 166.5 16.8% 4.3% 1.5x 9.1x Deluxe Corporation United States 21.44 -59% 897.4 1,722.6 1,912.5 338.2 17.7% -4.9% 0.9x 5.1x Fair Isaac Corporation * United States 391.45 -14% 11,351.8 12,258.3 1,225.6 313.3 25.6% 10.3% 10.0x 39.1x Harte Hanks, Inc. United States 2.00 -46% 13.0 39.3 185.9 (4.4) NM -24.9% 0.2x NM High Co. SA France 5.12 -31% 106.4 50.9 179.3 16.9 9.4% -8.8% 0.3x 3.0x Kin and Carta plc United Kingdom 1.04 -29% 174.8 256.0 198.8 21.9 11.0% 14.5% 1.3x 11.7x Pitney Bowes Inc. United States 5.31 -31% 919.1 2,924.7 3,357.0 322.0 9.6% 3.9% 0.9x 9.1x Points International Ltd. Canada 10.16 -46% 129.4 67.2 328.6 8.8 2.7% -14.8% 0.2x 7.6x Viad Corp. United States 20.00 -72% 408.6 902.4 751.9 (19.6) NM -44.2% 1.2x NM

Adjusted Weighted Average 1.2x 7.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (23.0x)

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 34 Driven by your success. **Source: S&P Capital IQ • In October 2020, there were 9 Traditional Media transactions announced

• In addition to Callaway’s purchase of TopGolf, Traditional Media transactions included:

‒ The $500 million acquisition of movie studio company Silvercup Studios by Hackman Capital Partners and Square Mile Capital

‒ Coverture Group’s purchase of Australia-based taxi advertising company Adflow

‒ North Equity’s acquisition of enthusiast media properties Popular Science, Popular Photography, Saveur, Outdoor Life, Field & Stream, Better You, and Interesting Things from Bonnier Corporation

‒ The sale of lifestyle content company Big Stone Publishing by Pocket Outdoor Media

‒ Velocity’s purchase of digital signage retail advertising services provider Impax Media

35 30 25 20 15 10 5 16 28 28 30 21 18 13 10 11 6 10 9 0 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20

Traditional Media 2Q20 3Q20 LTM Oct-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 34 $364.5 22 $2,794.0 167 $9,077.2 6 $2,008.5 Private Equity - Buyout 3 37.3 3 275.0 15 1,033.3 1 0.0 Private Equity - VC/Growth Capital 4 413.0 2 121.3 17 1,345.5 2 503.0 Total 41 $814.8 27 $3,190.3 199 $11,456.0 9 $2,511.5

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 35 Driven by your success. ($ in Millions, except stock price data)

Large Cap Diversified Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Discovery, Inc. United States $20.24 -40% $ 12,995.1 $ 28,743.1 $ 10,776.0 $ 4,479.0 41.6% -2.0% 2.7x 6.4x Fox Corporation United States 26.14 -33% 15,739.2 19,936.2 12,303.0 2,779.0 22.6% 8.0% 1.6x 7.2x The Walt Disney Company * United States 121.25 -21% 219,106.4 278,063.4 69,762.0 11,879.2 17.0% 7.7% 4.0x 23.4x ViacomCBS Inc. United States 28.57 -34% 17,667.6 38,213.6 26,513.0 4,584.0 17.3% -22.6% 1.4x 8.3x Adjusted Weighted Average 3.6x 20.6x

*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 (19.4x)

($ in Millions, except stock price data)

B-to-B Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Ascential plc United Kingdom $3.58 -35% $ 1,440.9 $ 1,748.3 $ 401.5 $ 60.9 15.2% -18.1% 4.4x 28.7x Centaur Media Plc United Kingdom 0.29 -46% 41.6 37.2 52.9 (0.9) NM -14.6% 0.7x NM Emerald Holding, Inc. United States 2.62 -79% 187.3 511.8 227.2 20.6 9.1% -43.3% 2.3x 24.8x Euromoney Institutional Investor PLC United Kingdom 10.68 -41% 1,149.1 1,235.3 320.5 70.9 22.1% 7.0% 3.9x 17.4x Hyve Group Plc United Kingdom 0.66 -95% 175.0 436.4 260.4 (156.5) NM 0.5% 1.7x NM Informa plc United Kingdom 5.42 -52% 8,130.8 10,904.4 2,844.2 708.5 24.9% -18.5% 3.8x 15.4x MCH Group AG Switzerland 14.35 -56% 86.2 298.1 303.1 12.7 4.2% -33.5% 1.0x 23.4x TechTarget, Inc. * United States 43.80 -14% 1,206.1 1,203.4 135.9 28.6 21.0% 7.2% 8.9x 42.1x

Adjusted Weighted Average 3.8x 17.6x

*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 (34.9x)

($ in Millions, except stock price data)

Radio Broadcasting Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Beasley Broadcast Group, Inc. * United States $1.21 -77% $ 33.9 $ 313.2 $ 226.2 $ 9.4 4.2% -14.3% 1.4x 33.2x Emmis Communications Corporation * United States 1.52 -69% 20.4 (7.2) 39.7 (12.1) NM -0.5% NM 0.6x Entercom Communications Corp. United States 1.50 -71% 207.0 2,103.4 1,273.2 195.3 15.3% -13.9% 1.7x 10.8x Salem Media Group, Inc. United States 0.83 -68% 22.2 296.7 239.9 23.5 9.8% -7.0% 1.2x 12.6x Sirius XM Holdings Inc. United States 5.73 -23% 24,349.6 32,626.6 7,913.0 2,290.0 28.9% 9.5% 4.1x 14.2x Townsquare Media, Inc. United States 4.52 -56% 85.8 613.1 392.1 68.4 17.4% -6.9% 1.6x 9.0x Urban One, Inc. United States 0.95 -86% 46.9 923.9 387.8 107.9 27.8% -12.7% 2.4x 8.6x

Adjusted Weighted Average 4.1x 14.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.7x)

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 36 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)

Broadcast, Cable, and Satellite Television Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Altice Europe N.V. Netherlands $4.93 -38% $ 6,047.8 $ 49,811.0 $ 16,720.0 $ 4,792.1 28.7% 4.5% 3.0x 10.4x AMC Networks Inc. United States $21.25 -52% 876.3 3,410.3 2,884.5 842.7 29.2% -4.7% 1.2x 4.0x CVC Limited * Australia 1.21 -25% 141.7 209.1 11.2 6.9 61.6% -25.4% 18.7x 30.3x Charter Communications, Inc. United States 603.82 -9% 120,688.6 207,212.6 47,234.0 17,523.0 37.1% 4.4% 4.4x 11.8x Comcast Corporation United States 42.24 -12% 193,261.7 291,794.7 104,254.0 31,847.0 30.5% -3.8% 2.8x 9.2x Discovery, Inc. United States 20.24 -40% 12,995.1 28,743.1 10,776.0 4,479.0 41.6% -2.0% 2.7x 6.4x DISH Network Corporation United States 25.49 -40% 13,390.0 24,561.5 12,813.7 2,783.7 21.7% -2.2% 1.9x 8.8x Entravision Communications Corporation United States 1.83 -39% 154.1 275.0 249.0 34.6 13.9% -14.3% 1.1x 8.0x fuboTV Inc. * United States 13.49 -39% 886.2 1,515.8 55.7 (78.5) NM 0.0% 27.2x NM Gray Television, Inc. United States 12.68 -45% 1,205.7 5,240.7 2,081.0 655.0 31.5% 27.4% 2.5x 8.0x Grupo Televisa, S.A.B. Mexico 1.26 -43% 3,562.9 9,579.3 4,432.1 1,632.7 36.8% -2.4% 2.2x 5.9x Liberty Global plc United Kingdom 18.98 -26% 11,160.0 17,104.1 11,421.8 4,582.4 40.1% -1.5% 1.5x 3.7x Nexstar Media Group, Inc. United States 82.40 -38% 3,731.8 11,355.1 3,770.1 1,327.9 35.2% 36.3% 3.0x 8.6x Sinclair Broadcast Group, Inc. United States 18.58 -54% 1,381.8 14,122.8 5,639.0 1,669.5 29.6% 78.9% 2.5x 8.5x TEGNA Inc. United States 12.03 -34% 2,634.0 6,676.9 2,507.6 723.7 28.9% 12.2% 2.7x 9.2x The E.W. Scripps Company United States 9.08 -46% 740.4 2,730.4 1,599.5 180.0 11.3% 26.1% 1.7x 15.2x ViacomCBS Inc. United States 28.57 -34% 17,667.6 38,213.6 26,513.0 4,584.0 17.3% -22.6% 1.4x 8.3x

Adjusted Weighted Average 3.2x 9.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (18.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.9x)

($ in Millions, except stock price data)

Entertainment Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Cineplex Inc. Canada $3.83 -85% $ 242.3 $ 1,759.7 $ 857.5 $ 58.7 6.8% -27.9% 2.1x 30.0x Eros STX Global Corporation United States 1.92 -61% 340.4 575.8 155.5 (69.7) NM -42.5% 3.7x NM Lions Gate Entertainment Corp. United States 6.70 -42% 1,417.9 4,401.8 3,740.1 469.1 12.5% 0.8% 1.2x 9.4x Live Nation Entertainment, Inc. United States 48.80 -36% 10,351.9 14,199.5 8,102.9 (92.3) NM -28.4% 1.8x NM Fox Corporation United States 26.14 -33% 15,739.2 19,936.2 12,303.0 2,779.0 22.6% 8.0% 1.6x 7.2x Liberty Global plc United Kingdom 18.98 -26% 11,160.0 17,104.1 11,421.8 4,582.4 40.1% -1.5% 1.5x 3.7x Village Roadshow Limited Australia 1.57 -46% 306.5 853.4 508.9 (3.4) NM -25.2% 1.7x NM Warner Music Group Corp. * United States 26.53 -24% 13,530.3 16,401.3 4,461.0 110.0 2.5% 1.6% 3.7x 149.1x World Wrestling Entertainment, Inc. United States 36.36 -46% 2,828.6 2,992.6 1,058.8 339.7 32.1% 16.3% 2.8x 8.8x

Adjusted Weighted Average 2.2x 39.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (98.2x)

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 37 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)

Out-of-Home Media Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA APG|SGA SA Switzerland $194.73 -40% $ 583.6 $ 534.6 $ 291.1 $ 30.6 10.5% -11.3% 1.8x 17.4x Clear Channel Outdoor Holdings, Inc. United States 0.89 -71% 417.8 6,679.1 2,264.4 274.0 12.1% -16.0% 2.9x 24.4x Clear Media Limited * Hong Kong 0.92 -5% 497.4 800.8 151.9 14.2 9.3% -36.5% 5.3x 56.4x JCDecaux SA France 15.44 -52% 3,284.9 9,529.6 3,156.4 590.6 18.7% -17.1% 3.0x 16.1x Lamar Advertising Company (REIT) United States 61.96 -36% 6,246.2 10,453.0 1,674.7 693.4 41.4% -0.3% 6.2x 15.1x National CineMedia, Inc. United States 1.99 -80% 158.0 1,230.8 326.4 100.6 30.8% -24.9% 3.8x 12.2x NTN Buzztime, Inc. United States 1.79 -77% 5.3 6.4 12.9 (2.4) NM -41.3% 0.5x NM Outfront Media Inc. (REIT) United States 13.11 -58% 1,893.2 5,819.1 1,568.8 338.0 21.5% -7.6% 3.7x 17.2x Stingray Group Inc. Canada 4.29 -23% 315.8 591.3 204.8 74.0 36.2% 7.7% 2.9x 8.0x TOM Group Limited * Hong Kong 0.14 -28% 561.1 982.9 109.9 14.5 13.2% -7.9% 8.9x 67.6x

Adjusted Weighted Average 4.7x 15.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (44.6x)

($ in Millions, except stock price data)

Publishing Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA A.H. Belo Corporation United States $1.36 -63% $ 29.1 $ 10.8 $ 160.3 $ (1.9) NM -15.4% 0.1x NM Daily Mail and General Trust plc United Kingdom 8.76 -25% 2,006.5 1,745.7 1,660.0 175.0 10.5% 4.0% 1.1x 10.0x Emmis Communications Corporation * United States 1.52 -69% 20.4 (7.2) 39.7 (12.1) NM -0.5% NM 0.6x Gannett Co., Inc. United States 1.15 -87% 151.9 1,958.1 2,791.6 291.7 10.4% 75.7% 0.7x 6.7x Glacier Media Inc. Canada 0.17 -66% 21.6 57.6 124.3 3.0 2.4% -9.7% 0.5x 19.1x John Wiley & Sons, Inc. United States 30.96 -38% 1,732.3 2,654.9 1,839.3 299.2 16.3% 1.5% 1.4x 8.9x Meredith Corporation United States 11.00 -72% 647.7 4,007.1 2,857.6 541.5 18.9% -10.4% 1.4x 7.4x News Corporation United States 13.13 -17% 7,734.8 9,594.8 9,008.0 785.0 8.7% 2.4% 1.1x 12.2x Pearson plc United Kingdom 6.68 -27% 4,953.8 6,575.8 4,373.2 537.4 12.3% -13.7% 1.5x 12.2x Scholastic Corporation United States 19.76 -57% 675.9 641.9 1,469.7 49.8 3.4% -11.9% 0.4x 12.9x The E.W. Scripps Company United States 9.08 -46% 740.4 2,730.4 1,599.5 180.0 11.3% 26.1% 1.7x 15.2x The New York Times Company * United States 39.66 -17% 6,613.5 5,858.7 1,752.3 207.0 11.8% -0.9% 3.3x 28.3x

Adjusted Weighted Average 1.2x 11.6x

(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 (3.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.3x)

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 38 Driven by your success. **Source: S&P Capital IQ • A total of 418 transactions was announced in the Software segment, 238 of which were valued at $23.6 billion

• VC/Growth Capital transactions represented 52 percent of segment activity

• In addition to the NEC’s purchase of Avaloq and the $2.2 billion investment Yuanfudao received, deals completed in the segment include:

‒ AllScripts’ $1.3 billion sale of post hospital care booking platform Careport Health to Wellsky

‒ Ivanti’s purchase of IT management and security software MobileIron for $872 million.

‒ The $650 million investment Sweden-based payments platform Klarna raised at a $10.7 billion valuation from Silver Lake, GIC, BlackRock, HMI Capital, Merian Chrysalis, TCV, Northzone, and Bonnier

‒ The pending take-private acquisition of language instructional software provider Rosetta Stone for $792 million by Veritas Capital-backed Cambium Learning

‒ ANSYS’ purchase of aerospace and defense simulation and visualization software vendor Analytical Graphics for $700 million

$30.0 460 $26.5 410 $25.0‒ The $800 million purchase of retirement wealth management platform Allworth Financial by Lightyear Capital and Ontario Teachers $23.6 360 $20.0‒ Teleperformance’s acquisition of HR software$19.1 and services provider Health Advocate from Apollo Global-backed$19.3 Intrado 310 $15.7 260 $15.0 $14.0 $11.4 $12.1 210 ‒ The $485 million round of funding financial technology company Chime raised at a $14.5$10.5 billion valuation from Coatue, Iconiq, Tiger Global, $10.0 160 $7.3 $8.2 $6.2 Whale Rock Capital, General Atlantic, Access Technology Ventures, and Dragoneer DST Global 288 110 $5.0 60 268 277 294 286 358 418 225 200 269 314 292 329 $0.0 10 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20

Software 2Q20 3Q20 LTM Oct-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 294 $8,002.7 391 $23,077.3 1,387 $81,287.4 174 $13,033.5 Private Equity - Buyout 33 267.0 57 2,575.8 187 28,491.3 23 2,531.5 Private Equity - VC/Growth Capital 586 17,663.9 487 17,179.8 1,956 64,125.7 221 8,012.7 Total 913 $25,933.6 935 $42,832.9 3,530 $173,904.4 418 $23,577.7

*The information contained on this page is sourced from CG LLC's proprietary Page 39 database. A more detailed methodology may be found in the appendix. Driven by your success. ($ in Millions, except stock price data)

Financial & Credit/Risk Management Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Alfa Financial Software Holdings PLC United Kingdom $1.76 -10% $ 527.0 $ 461.7 $ 88.9 $ 22.8 25.6% 4.0% 5.2x 20.3x Anaplan, Inc. United States 55.35 -16% 7,736.4 7,484.6 398.0 (129.9) NM 36.5% 18.8x NM Avalara, Inc. United States 149.05 -7% 12,447.1 12,039.6 434.1 (43.8) NM 34.3% 27.7x NM Bill.com Holdings, Inc. * United States 100.00 -17% 8,101.0 7,405.7 157.6 (29.9) NM 45.5% 47.0x NM BlackLine, Inc. United States 97.68 -7% 5,557.9 5,453.8 336.7 (1.7) NM 24.2% 16.2x NM Coupa Software Incorporated United States 267.70 -24% 18,430.7 18,578.9 458.4 (42.7) NM 43.8% 40.5x NM Donnelley Financial Solutions, Inc. United States 12.63 -15% 427.3 821.1 860.9 90.2 10.5% -4.9% 1.0x 9.1x Ebix, Inc. United States 18.06 -59% 558.3 1,227.7 542.6 137.6 25.4% -1.7% 2.3x 8.9x GreenSky, Inc. United States 4.73 -52% 331.8 782.4 538.7 124.2 23.0% 15.6% 1.5x 6.3x Guidewire Software, Inc. United States 96.11 -23% 8,022.8 7,338.8 742.3 17.4 2.3% 3.2% 9.9x NM i3 Verticals, Inc. United States 20.63 -45% 388.9 575.0 220.4 25.6 11.6% -37.3% 2.6x 22.4x Intuit Inc. United States 314.68 -13% 82,385.5 78,971.5 7,679.0 2,372.0 30.9% 13.2% 10.3x 33.3x Model N, Inc. United States 35.23 -21% 1,217.1 1,141.2 156.2 (6.3) NM 10.5% 7.3x NM Performant Financial Corporation United States 1.04 -52% 56.9 109.2 159.4 7.5 4.7% 15.5% 0.7x 14.6x Q2 Holdings, Inc. United States 91.24 -14% 4,879.6 4,970.1 356.5 (46.3) NM 28.9% 13.9x NM RealPage, Inc. United States 55.69 -20% 5,505.4 6,197.7 1,072.2 179.8 16.8% 15.3% 5.8x 34.5x SS&C Technologies Holdings, Inc. United States 59.22 -11% 15,253.8 22,240.8 4,668.0 1,711.8 36.7% 2.8% 4.8x 13.0x StoneCo Ltd. * Cayman Islands 52.54 -14% 16,220.4 15,438.1 248.6 (11.8) NM 36.4% 62.1x NM Tradeweb Markets Inc. United States 54.48 -21% 10,250.9 10,005.2 774.8 229.2 29.6% 13.2% 12.9x 43.7x Tyler Technologies, Inc. * United States 384.38 -5% 15,467.8 15,084.4 1,111.9 209.4 18.8% 11.2% 13.6x 72.0x Zuora, Inc. United States 9.62 -46% 1,137.1 1,032.2 291.1 (68.8) NM 12.6% 3.5x NM

Adjusted Weighted Average 10.0x 31.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (41.7x)and EBITDA multiples that are 1.0 standard deviations ($ in Millions, except stock price data)

Healthcare Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Allscripts Healthcare Solutions, Inc. United States $10.08 -15% $ 1,592.5 $ 2,569.3 $ 1,676.0 $ 69.8 4.2% -4.9% 1.5x 36.8x Cegedim SA France 25.99 -33% 359.3 647.6 556.1 66.7 12.0% 1.7% 1.2x 9.7x Cerner Corporation United States 70.09 -13% 21,488.9 22,098.6 5,553.0 1,247.3 22.5% -1.1% 4.0x 17.7x Computer Programs and Systems, Inc. United States 27.89 -22% 393.1 483.8 268.6 34.5 12.8% -3.0% 1.8x 14.0x Craneware plc United Kingdom 20.15 -42% 533.7 485.7 71.5 21.0 29.3% 0.1% 6.8x 23.2x HealthEquity, Inc. United States 51.49 -42% 3,957.7 4,789.2 724.4 202.8 28.0% 126.4% 6.6x 23.6x McKesson Corporation United States 147.49 -14% 23,921.4 32,388.4 231,002.0 3,714.0 1.6% 6.2% 0.1x 8.7x NantHealth, Inc. United States 2.01 -69% 223.2 405.4 91.5 (16.0) NM 7.1% 4.4x NM NextGen Healthcare, Inc. United States 13.60 -26% 907.6 915.6 545.0 34.2 6.3% 2.5% 1.7x 26.8x Streamline Health Solutions, Inc. * United States 1.39 -25% 42.0 39.1 20.8 0.5 2.3% 26.3% 1.9x 82.8x Veeva Systems Inc. * United States 270.05 -14% 40,730.7 39,292.5 1,283.2 347.4 27.1% 32.5% 30.6x 113.1x

Adjusted Weighted Average 2.3x 14.8x *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (22.7x)and EBITDA multiples that are 1.0 standard deviations

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 40 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)

HR Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA 51job, Inc. China $70.10 -24% $ 4,707.9 $ 3,234.8 $ 530.0 $ 151.3 28.6% -4.2% 6.1x 21.4x Benefitfocus, Inc. United States 10.27 -60% 331.3 510.1 287.1 (2.3) NM 5.3% 1.8x NM Castlight Health, Inc. United States 0.88 -46% 133.0 105.8 146.5 (24.6) NM -4.6% 0.7x NM Ceridian HCM Holding Inc. * United States 86.22 -7% 12,676.2 13,160.9 839.4 106.7 12.7% 8.6% 15.7x 123.3x Cornerstone OnDemand, Inc. United States 37.99 -41% 2,444.3 3,627.5 629.0 59.8 9.5% 13.5% 5.8x 60.6x DHI Group, Inc. United States 1.69 -56% 82.4 109.7 145.3 24.9 17.1% -4.0% 0.8x 4.4x Domo, Inc. United States 31.77 -33% 929.9 960.9 190.6 (89.1) NM 20.1% 5.0x NM Paycom Software, Inc. * United States 364.09 -8% 20,973.0 20,912.5 792.4 255.5 32.2% 21.4% 26.4x 81.8x Paylocity Holding Corporation United States 185.52 -6% 10,063.3 9,959.3 561.3 88.5 15.8% 20.0% 17.7x 112.5x Pluralsight, Inc. United States 15.70 -31% 1,757.2 1,966.7 358.8 (139.5) NM 30.8% 5.5x NM Workday, Inc. United States 210.12 -16% 49,832.2 49,215.6 3,994.8 (46.5) NM 23.1% 12.3x NM

Adjusted Weighted Average 12.6x 80.9x

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

($ in Millions, except stock price data)

Security Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Check Point Software Technologies Ltd. Israel 113.56 -13% 15,921.1 12,024.7 2,045.1 922.7 45.1% 3.5% 5.9x 13.0x Cisco Systems, Inc. United States 35.90 -29% 151,534.6 137,694.6 49,301.0 15,822.0 32.1% -5.0% 2.8x 8.7x Cheetah Mobile Inc. * China 1.91 -56% 263.2 (172.2) 347.4 (107.0) NM -48.8% NM 1.6x Cloudflare, Inc. * United States 51.97 -16% 15,888.6 15,230.2 348.8 (97.7) NM 48.6% 43.7x NM CrowdStrike Holdings, Inc. * United States 123.84 -20% 27,176.5 26,157.6 654.3 (98.3) NM 86.4% 40.0x NM CyberArk Software Ltd. * Israel 99.15 -32% 3,840.2 3,224.0 451.1 45.8 10.1% 15.7% 7.1x 70.4x FireEye, Inc. United States 13.84 -25% 3,127.3 3,214.8 928.2 (59.2) NM 6.5% 3.5x NM Fortinet, Inc. United States 110.37 -27% 17,861.4 16,204.7 2,457.7 506.5 20.6% 20.0% 6.6x 32.0x Juniper Networks, Inc. United States 19.72 -26% 6,542.1 6,574.6 4,430.6 686.0 15.5% 0.3% 1.5x 9.6x McAfee Corp. United States 16.76 -15% 2,772.8 7,386.8 2,745.0 826.0 30.1% 0.0% 2.7x 8.9x Mimecast Limited United Kingdom 38.21 -30% 2,418.3 2,441.7 442.9 46.6 10.5% 22.6% 5.5x 52.4x Palo Alto Networks, Inc. United States 221.19 -20% 21,005.4 20,736.2 3,408.4 1.8 0.1% 17.5% 6.1x NM Proofpoint, Inc. United States 95.74 -28% 5,525.0 5,349.2 1,018.3 (3.4) NM 20.8% 5.3x NM Qualys, Inc. United States 87.85 -30% 3,447.8 3,056.8 342.4 117.7 34.4% 14.1% 8.9x 26.0x Rapid7, Inc. United States 61.93 -9% 3,158.8 3,300.8 368.1 (37.5) NM 29.9% 9.0x NM SecureWorks Corp. * United States 10.40 -43% 854.8 702.1 563.0 6.3 1.1% 5.6% 1.2x 111.9x Tenable Holdings, Inc. United States 34.11 -20% 3,517.3 3,310.1 419.2 (53.3) NM 26.0% 7.9x NM Trend Micro Incorporated Japan 55.94 -15% 7,752.4 5,988.5 1,572.7 522.9 33.2% 4.4% 3.8x 11.5x Tufin Software Technologies Ltd. Israel 6.44 -68% 230.0 147.8 100.0 (39.2) NM 4.0% 1.5x NM VeriSign, Inc. United States 190.70 -14% 21,760.8 22,404.9 1,255.3 864.7 68.9% 2.2% 17.8x 25.9x Varonis Systems, Inc. United States 115.57 -17% 3,666.7 3,614.8 270.1 (75.9) NM 0.3% 13.4x NM Zscaler, Inc. * United States 135.75 -17% 18,042.0 17,576.7 431.3 (77.3) NM 42.4% 40.8x NM

Adjusted Weighted Average 5.1x 13.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (37.8x)and EBITDA multiples that are 1.0 standard deviations

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 41 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)

Engineering Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Altair Engineering Inc. * United States $43.03 -9% $ 3,146.1 $ 3,113.2 $ 454.3 $ 23.8 5.2% 7.0% 6.9x 130.8x ANSYS, Inc. * United States 304.37 -15% 26,111.7 25,913.1 1,520.8 516.7 34.0% 9.4% 17.0x 50.1x Dassault Systèmes SE France 170.78 -11% 44,521.9 47,007.6 5,185.7 1,174.0 22.6% 13.8% 9.1x 40.0x PTC Inc. United States 83.88 -14% 9,740.0 10,625.8 1,458.4 333.0 22.8% 16.1% 7.3x 31.9x Synopsys, Inc. United States 213.86 -8% 32,455.8 32,084.7 3,510.9 758.1 21.6% 6.2% 9.1x 42.3x Trimble Inc. United States 48.13 -12% 12,042.9 13,792.5 3,133.8 626.8 20.0% -3.2% 4.4x 22.0x

Adjusted Weighted Average 10.2x 37.8x *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (18.8x)and EBITDA multiples that are 1.0 standard deviations

($ in Millions, except stock price data)

Infrastructure Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Adobe Inc. United States $447.10 -17% $ 214,482.4 $ 213,944.4 $ 12,436.3 $ 4,558.9 36.7% 16.8% 17.2x 46.9x Atlassian Corporation Plc Australia 191.62 -11% 47,752.1 46,726.2 1,710.3 63.6 3.7% 30.9% 27.3x NM Appian Corporation United States 63.30 -25% 4,421.6 4,218.1 280.4 (40.3) NM 16.5% 15.0x NM Alteryx, Inc. United States 125.35 -33% 8,295.2 8,313.7 464.9 25.1 5.4% 50.1% 17.9x NM Bandwidth Inc. United States 160.36 -19% 3,884.1 3,651.4 292.1 6.4 2.2% 31.0% 12.5x NM Cloudera, Inc. United States 9.72 -32% 3,005.9 2,643.5 834.8 (148.3) NM 28.9% 3.2x NM Commvault Systems, Inc. United States 39.59 -24% 1,865.9 1,492.0 685.2 28.3 4.1% -1.5% 2.2x 52.6x Datadog, Inc. United States 90.75 -23% 27,527.7 26,688.9 480.8 12.9 2.7% 80.8% 55.5x NM Elastic N.V. United States 101.41 -21% 8,748.8 8,430.6 466.8 (127.0) NM 53.2% 18.1x NM Endurance International Group Holdings, Inc. United States 5.81 -13% 817.7 2,421.1 1,100.6 278.5 25.3% -2.2% 2.2x 8.7x Fastly, Inc. United States 63.51 -53% 7,199.7 6,829.5 267.2 (39.8) NM 46.5% 25.6x NM Filinvest Development Corporation Philippines 0.20 -28% 1,728.3 3,775.5 1,637.2 560.5 34.2% 2.9% 2.3x 6.7x IBM Corporation United States 111.66 -30% 99,495.4 154,413.4 75,030.0 15,690.0 20.9% -2.7% 2.1x 9.8x Jamf Holding Corp. * United States 32.60 -36% 3,796.2 3,959.7 234.2 26.0 11.1% 0.0% 16.9x 152.3x JFrog Ltd. United States 72.43 -24% 6,548.4 6,546.4 127.9 (0.2) NM 0.0% 51.2x NM MongoDB, Inc. United States 228.47 -16% 13,449.8 13,515.5 501.6 (155.0) NM 45.0% 26.9x NM Nutanix, Inc. United States 24.34 -36% 5,015.7 4,939.5 1,307.7 (749.4) NM 5.8% 3.8x NM Okta, Inc. United States 209.83 -16% 26,876.8 26,304.0 703.7 (176.4) NM 44.6% 37.4x NM PagerDuty, Inc. United States 27.10 -27% 2,152.7 1,796.2 189.2 (51.2) NM 32.5% 9.5x NM Rapid7, Inc. United States 61.93 -9% 3,158.8 3,300.8 368.1 (37.5) NM 29.9% 9.0x NM Resonance Health Limited Australia 0.11 -45% 48.5 43.6 2.5 (0.7) NM 1.2% 17.2x NM SailPoint Technologies Holdings, Inc. United States 41.51 -14% 3,764.2 3,650.6 332.8 30.7 9.2% 23.3% 11.0x 118.7x salesforce.com, inc. United States 232.27 -18% 211,365.7 208,270.7 19,380.0 2,093.0 10.8% 31.6% 10.7x 99.5x ServiceNow, Inc. * United States 497.57 -7% 97,051.0 96,302.5 4,220.9 525.1 12.4% 30.9% 22.8x 183.4x Smartsheet Inc. United States 49.85 -18% 6,012.4 5,538.3 326.8 (102.5) NM 48.6% 16.9x NM Snowflake Inc. * United States 250.02 -22% 70,229.3 71,255.0 402.7 (343.4) NM 0.0% 177.0x NM Splunk Inc. United States 198.04 -12% 31,764.4 32,374.2 2,343.3 (471.4) NM 14.6% 13.8x NM Sumo Logic, Inc. United States 17.28 -39% 1,743.7 2,010.3 181.4 (88.2) NM 0.0% 11.1x NM Synchronoss Technologies, Inc. United States 2.77 -57% 120.5 381.8 296.5 (35.7) NM -10.5% 1.3x NM GlobalData Plc United Kingdom 20.41 -10% 2,407.5 2,516.6 218.4 47.6 21.8% 3.1% 11.5x 52.9x Talend S.A. France 37.64 -20% 1,187.8 1,182.3 265.7 (50.7) NM 17.0% 4.4x NM Twilio Inc. United States 278.97 -18% 42,113.1 39,476.3 1,544.9 (274.4) NM 53.3% 25.6x NM Varonis Systems, Inc. United States 115.57 -17% 3,666.7 3,614.8 270.1 (75.9) NM 0.3% 13.4x NM

Adjusted Weighted Average 17.3x 61.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (82.7x)and EBITDA multiples that are 1.0 standard deviations

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 42 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)

SaaS/Cloud Software Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Adobe Inc. United States $447.10 -17% $ 214,482.4 $ 213,944.4 $ 12,436.3 $ 4,558.9 36.7% 16.8% 17.2x 46.9x Anaplan, Inc. United States 55.35 -16% 7,736.4 7,484.6 398.0 (129.9) NM 36.5% 18.8x NM Asure Software, Inc. United States 7.07 -25% 112.1 124.4 68.5 (4.9) NM 13.8% 1.8x NM AppFolio, Inc. United States 142.87 -21% 4,900.0 4,958.7 288.8 22.1 7.6% 30.6% 17.2x NM Avalara, Inc. United States 149.05 -7% 12,447.1 12,039.6 434.1 (43.8) NM 34.3% 27.7x NM Benefitfocus, Inc. United States 10.27 -60% 331.3 510.1 287.1 (2.3) NM 5.3% 1.8x NM BigCommerce Holdings, Inc. United States 73.40 -55% 4,962.9 5,253.4 128.8 (31.7) NM 0.0% 40.8x NM BlackLine, Inc. United States 97.68 -7% 5,557.9 5,453.8 336.7 (1.7) NM 24.2% 16.2x NM Box, Inc. United States 15.50 -30% 2,426.4 2,608.8 736.6 (33.4) NM 12.4% 3.5x NM Carbacid Investments plc Kenya 0.08 -9% 19.9 13.1 6.1 2.7 44.0% 11.5% 2.2x 4.9x Ceridian HCM Holding Inc. United States 86.22 -7% 12,676.2 13,160.9 839.4 106.7 12.7% 8.6% 15.7x 123.3x ChannelAdvisor Corporation United States 16.20 -27% 464.7 413.4 135.9 23.0 16.9% 4.1% 3.0x 18.0x Coupa Software Incorporated United States 267.70 -24% 18,430.7 18,578.9 458.4 (42.7) NM 43.8% 40.5x NM DocuSign, Inc. United States 202.25 -30% 37,449.6 37,462.9 1,163.6 (133.0) NM 40.6% 32.2x NM Dropbox, Inc. United States 18.26 -24% 7,548.0 7,520.2 1,796.6 175.6 9.8% 17.9% 4.2x 42.8x Everbridge, Inc. United States 104.69 -37% 3,620.7 3,598.5 233.9 (42.0) NM 36.0% 15.4x NM HubSpot, Inc. United States 290.07 -12% 13,216.8 12,853.2 762.4 (30.8) NM 29.0% 16.9x NM LivePerson, Inc. United States 53.46 -16% 3,537.7 3,541.7 343.6 (48.0) NM 23.5% 10.3x NM Paycom Software, Inc. United States 364.09 -8% 20,973.0 20,912.5 792.4 255.5 32.2% 21.4% 26.4x 81.8x Paylocity Holding Corporation United States 185.52 -6% 10,063.3 9,959.3 561.3 88.5 15.8% 20.0% 17.7x 112.5x Pluralsight, Inc. United States 15.70 -31% 1,757.2 1,966.7 358.8 (139.5) NM 30.8% 5.5x NM Q2 Holdings, Inc. United States 91.24 -14% 4,879.6 4,970.1 356.5 (46.3) NM 28.9% 13.9x NM RealPage, Inc. United States 55.69 -20% 5,505.4 6,197.7 1,072.2 179.8 16.8% 15.3% 5.8x 34.5x RingCentral, Inc. United States 258.34 -19% 22,981.5 23,301.8 1,031.7 (17.3) NM 32.4% 22.6x NM salesforce.com, inc. United States 232.27 -18% 211,365.7 208,270.7 19,380.0 2,093.0 10.8% 31.6% 10.7x 99.5x Shopify Inc. Canada 925.43 -19% 112,821.0 107,602.9 2,456.9 59.2 2.4% 73.4% 43.8x NM Smartsheet Inc. United States 49.85 -18% 6,012.4 5,538.3 326.8 (102.5) NM 48.6% 16.9x NM SolarWinds Corporation United States 20.43 -9% 6,359.1 7,965.6 1,001.4 223.4 22.3% 10.5% 8.0x 35.7x SPS Commerce, Inc. United States 85.59 -3% 3,022.1 2,781.9 302.1 65.2 21.6% 11.2% 9.2x 42.7x Veeva Systems Inc. United States 270.05 -14% 40,730.7 39,292.5 1,283.2 347.4 27.1% 32.5% 30.6x 113.1x Workday, Inc. United States 210.12 -16% 49,832.2 49,215.6 3,994.8 (46.5) NM 23.1% 12.3x NM Workiva Inc. United States 55.31 -10% 2,641.3 2,457.9 324.1 (51.4) NM 20.6% 7.6x NM Yext, Inc. United States 16.58 -21% 1,983.2 1,890.8 331.2 (116.5) NM 25.7% 5.7x NM Zendesk, Inc. United States 110.94 -5% 12,944.1 12,752.4 975.9 (93.0) NM 28.6% 13.1x NM Zuora, Inc. United States 9.62 -46% 1,137.1 1,032.2 291.1 (68.8) NM 12.6% 3.5x NM

Adjusted Weighted Average 20.7x 47.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (82.7x)and EBITDA multiples that are 1.0 standard deviations

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 43 Driven by your success. **Source: S&P Capital IQ • The Information segment had 22 transactions in October 2020

• Select transactions from the segment included:

‒ The investment Morgan Stanley Capital Partners made in healthcare information company US HealthConnect (a Canaccord Genuity-led transaction)

‒ Ratos’ $818 million sale of business information company Bisnode to Dun & Bradstreet

‒ TrialCard-owned Policy Reporter’s purchase of healthcare information management platform Canary Insights

‒ The sale of online nonprofit impact analysis and ratings provider ImpactMatters to Charity Navigator

‒ Loop Insights’ purchase of location data intelligence platform Locally

‒ Mentice’s purchase of healthcare procedural database and analytics reference content firm Eqip

35 30 25

20 # # deals of

15 # deals of 10 5 21 14 30 19 9 15 7 10 19 12 11 22 0 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20

Note: Deal values are not included in chart, as the majority of Information transactions were reported without a value

Information 2Q20 3Q20 LTM Oct-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 18 $885.0 23 $135.0 107 $5,542.5 14 $818.0 Private Equity - Buyout 0 0.0 2 0.0 7 10.0 1 0.0 Private Equity - VC/Growth Capital 14 156.5 17 365.4 75 1,777.0 7 113.9 Total 32 $1,041.5 42 $500.4 189 $7,329.5 22 $931.9

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 44 Driven by your success. ($ in Millions, except stock price data)

Financial & Credit/Risk Management Information Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Broadridge Financial Solutions, Inc. United States $137.60 -6% $ 15,892.3 $ 17,620.8 $ 4,597.8 $ 932.3 20.3% 6.0% 3.8x 18.9x Computershare Limited Australia 8.55 -34% 4,625.0 6,276.7 2,280.4 553.4 24.3% -3.2% 2.8x 11.3x CoreLogic, Inc. United States 76.93 -2% 6,119.4 7,506.8 1,848.9 460.0 24.9% 6.3% 4.1x 16.3x CoStar Group, Inc. * United States 823.61 -12% 32,465.1 29,720.3 1,589.4 442.8 27.9% 18.6% 18.7x 67.1x Envestnet, Inc. United States 76.74 -17% 4,126.5 4,713.8 957.9 131.3 13.7% 14.4% 4.9x 35.9x Equifax Inc. United States 136.60 -25% 16,616.4 19,496.0 3,914.9 1,040.7 26.6% 13.9% 5.0x 18.7x Experian plc Ireland 36.50 -11% 33,147.4 37,571.1 5,179.0 1,578.0 30.5% 6.5% 7.3x 23.8x FactSet Research Systems Inc. United States 306.50 -16% 11,644.5 11,920.7 1,494.1 497.3 33.3% 4.1% 8.0x 24.0x Fair Isaac Corporation * United States 391.45 -14% 11,351.8 12,258.3 1,225.6 313.3 25.6% 10.3% 10.0x 39.1x Fidelity National Information Services, Inc. United States 124.59 -21% 77,309.2 95,322.2 12,578.0 4,451.0 35.4% 37.3% 7.6x 21.4x IHS Markit Ltd. United Kingdom 80.87 -4% 32,215.3 37,408.8 4,301.0 1,414.2 32.9% -1.4% 8.7x 26.5x Moody's Corporation United States 262.90 -14% 49,382.7 53,884.7 5,314.0 2,691.0 50.6% 14.1% 10.1x 20.0x Morningstar, Inc. United States 190.38 -6% 8,171.3 8,458.3 1,341.5 266.1 19.8% 20.9% 6.3x 31.8x MSCI Inc. * United States 349.84 -12% 29,000.0 31,237.2 1,658.3 914.7 55.2% 9.6% 18.8x 34.2x S&P Global Inc. United States 322.73 -15% 77,648.8 81,842.8 7,310.0 4,046.0 55.3% 12.4% 11.2x 20.2x SEI Investments Company United States 49.15 -29% 7,105.6 6,381.1 1,663.6 471.6 28.4% 2.0% 3.8x 13.5x SS&C Technologies Holdings, Inc. United States 59.22 -11% 15,253.8 22,240.8 4,668.0 1,711.8 36.7% 2.8% 4.8x 13.0x Thomson Reuters Corporation Canada 77.84 -6% 38,652.4 41,417.5 5,921.0 1,321.0 22.3% 3.5% 7.0x 31.4x TransUnion United States 79.66 -21% 15,159.3 18,446.9 2,703.5 972.8 36.0% 4.6% 6.8x 19.0x Verisk Analytics, Inc. United States 177.97 -9% 28,899.8 32,014.1 2,698.1 1,141.4 42.3% 8.3% 11.9x 28.0x Workiva Inc. United States 55.31 -10% 2,641.3 2,457.9 324.1 (51.4) NM 20.6% 7.6x NM

Adjusted Weighted Average 8.3x 23.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (38.2x) ($ in Millions, except stock price data)

Marketing Information Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA comScore, Inc. United States $2.00 -64% $ 142.1 $ 375.1 $ 367.6 $ 6.6 1.8% -10.6% 1.0x 56.5x Dun & Bradstreet Holdings, Inc. United States 25.84 -10% 10,925.0 15,982.8 1,656.8 493.7 29.8% 15.7% 9.6x 32.4x Ebiquity plc United Kingdom 0.27 -52% 21.3 41.3 74.5 5.0 6.8% -13.2% 0.6x 8.2x INTAGE HOLDINGS Inc. Japan 9.15 -7% 365.4 261.8 515.3 45.9 8.9% 0.0% 0.5x 5.7x Ipsos SA France 24.59 -34% 1,082.7 1,807.5 2,122.3 180.8 8.5% 1.0% 0.9x 10.0x LiveRamp Holdings, Inc. United States 66.09 -2% 4,353.8 3,723.0 397.5 (118.9) NM 30.0% 9.4x NM Nielsen Holdings plc United States 13.51 -39% 4,819.7 13,531.7 6,362.0 997.0 15.7% -1.3% 2.1x 13.6x SVMK Inc. United States 20.93 -20% 2,936.0 3,060.0 342.8 (52.6) NM 23.8% 8.9x NM System1 Group PLC United Kingdom 1.42 -64% 18.0 18.1 31.7 1.9 5.9% -5.3% 0.6x 9.7x YouGov plc United Kingdom 12.57 -8% 1,353.9 1,319.3 200.3 37.1 18.5% 11.7% 6.6x 35.5x ZoomInfo Technologies Inc. * United States 37.99 -41% 6,107.1 7,105.0 383.3 63.2 16.5% 0.0% 18.5x 112.4x

Adjusted Weighted Average 7.4x 26.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (17.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (66.3x)

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 45 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)

Other Information Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Forrester Research, Inc. United States $36.94 -26% $ 697.91 $ 814.35 $ 452.73 $ 48.17 10.6% 3.8% 1.8x 16.9x Gartner, Inc. United States 120.10 -27% 10,716.8 13,346.5 4,196.0 634.1 15.1% 3.6% 3.2x 21.0x HealthStream, Inc. United States 18.30 -39% 579.7 458.7 245.7 36.3 14.8% -2.2% 1.9x 12.6x IQVIA Holdings Inc. United States 153.99 -13% 29,523.9 41,301.9 10,956.0 1,772.0 16.2% 0.7% 3.8x 23.3x Informa plc United Kingdom 5.42 -52% 8,130.8 10,904.4 2,844.2 708.5 24.9% -18.5% 3.8x 15.4x National Research Corporation * United States 51.80 -27% 1,305.3 1,328.3 130.1 45.7 35.1% 5.3% 10.2x 29.0x NIC Inc. United States 22.42 -14% 1,502.8 1,279.2 406.4 81.1 20.0% 17.5% 3.1x 15.8x Premier, Inc. United States 32.73 -18% 3,995.9 4,043.6 1,299.6 545.8 42.0% 6.7% 3.1x 7.4x Proofpoint, Inc. United States 95.74 -28% 5,525.0 5,349.2 1,018.3 (3.4) NM 20.8% 5.3x NM Reed Elsevier plc(1) United Kingdom 19.79 -28% 38,099.4 48,011.9 9,270.2 2,638.6 28.5% -3.1% 5.2x 18.2x Wolters Kluwer N.V. Netherlands 81.09 -7% 21,366.5 23,993.2 5,291.5 1,564.3 29.6% 5.8% 4.5x 15.3x

Adjusted Weighted Average 4.3x 18.6x

(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 (8.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (23.4x)

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 46 Driven by your success. **Source: S&P Capital IQ • The Business & IT Services segment had 117 transactions

‒ Infosys’ acquisition of web development and systems integration firm Blue Acorn iCi from Beringer Capital for up to $125 million (A Canaccord Genuity-led transaction)

‒ Triton Partners’ $417 million purchase of Sweden-based systems integration and consulting firm HiQ

‒ The sale of tax consulting company Transaction Tax Resources to Avalara for $377 million

‒ Vector Capital’s acquisition of enterprise data integration platform MarkLogic

‒ Rhone Group’s $233 million sale of e-learning services provider Global Knowledge Training to Churchill Capital Corp

‒ Accenture’s purchase SAP and cloud solutions platform Zag for $45 million, health-focused IT consultancy OpusLine, cloud-native provider Enimbos, industrial operations consulting company Myrtle Consulting Group, and public sector-focused systems integrator company Avenai

$14.0 150

$11.7 $12.0 130

$10.0 110 $8.0 $8.0 90

$6.0 70 $4.4 $4.4 $4.6 $4.0 $3.2 50 $1.8 $2.0 $0.9 $1.2 30 132 $1.1 $0.7 101 117 98 117 107 98 89 72 $0.1 110 86 $0.0 10 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-2056 Jul-20 Aug-20 Sep-20 Oct-20

Business & IT Services 2Q20 3Q20 LTM Oct-20 Number of Reported Value Number of Reported Value Number of Reported Value Number of Reported Value Transactions ($MM) Transactions ($MM) Transactions ($MM) Transactions ($MM) Strategic 155 $754.5 214 $2,729.2 856 $18,069.4 89 $874.7 Private Equity - Buyout 19 0.0 36 2,605.0 124 18,643.0 15 2,910.0 Private Equity - VC/Growth Capital 43 156.5 44 986.5 203 5,323.4 13 805.0 Total 217 $911.0 294 $6,320.7 1,183 $42,035.8 117 $4,589.7

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 47 Driven by your success. ($ in Millions, except stock price data)

Consulting Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Accenture plc Ireland $216.91 -12% $ 137,426.79 $ 132,901.30 $ 44,327.04 $ 7,235.36 16.3% 2.6% 3.0x 18.4x CRA International, Inc. United States 40.95 -30% 318.4 488.2 490.2 45.7 9.3% 11.2% 1.0x 10.7x FTI Consulting, Inc. United States 98.46 -32% 3,414.7 3,622.3 2,436.9 314.5 12.9% 8.0% 1.5x 11.5x Information Services Group, Inc. United States 2.05 -46% 98.6 151.0 254.7 20.0 7.9% -4.9% 0.6x 7.5x ICF International, Inc. United States 65.39 -31% 1,232.5 1,842.4 1,482.8 127.2 8.6% 4.5% 1.2x 14.5x Huron Consulting Group Inc. United States 37.86 -47% 816.5 1,145.1 892.0 102.0 11.4% 7.6% 1.3x 11.2x The Hackett Group, Inc. United States 12.92 -32% 388.4 359.8 248.3 30.8 12.4% -4.5% 1.4x 11.7x

Adjusted Weighted Average 1.4x 11.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.9x)and EBITDA multiples that are 1.0 ($ in Millions, except stock price data)

HR Services Stock Price Chg % From Equity Enterprise Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Automatic Data Processing, Inc. United States $157.96 -13% $ 67,735.46 $ 68,537.96 $ 14,564.80 $ 3,808.80 26.2% 1.9% 4.7x 18.0x Barrett Business Services, Inc. United States 59.25 -38% 452.4 352.4 913.2 50.4 5.5% -2.3% 0.4x 7.0x Capita plc United Kingdom 0.32 -87% 529.8 2,161.0 4,345.1 401.9 9.2% -6.6% 0.5x 5.4x DHI Group, Inc. United States 1.69 -56% 82.4 109.7 145.3 24.9 17.1% -4.0% 0.8x 4.4x Edenred SA * France 46.66 -22% 11,470.1 13,548.0 1,684.7 624.6 37.1% 4.3% 8.0x 21.7x Insperity, Inc. United States 76.58 -29% 2,971.4 2,910.2 4,341.3 243.5 5.6% 6.2% 0.7x 12.0x Marsh & McLennan Companies, Inc. United States 103.46 -14% 52,473.9 65,231.9 17,072.0 4,734.0 27.7% 6.0% 3.8x 13.8x Paychex, Inc. United States 82.25 -9% 29,568.9 29,600.7 3,980.7 1,601.8 40.2% 2.0% 7.4x 18.5x TriNet Group, Inc. United States 68.92 -7% 4,592.4 4,630.4 3,989.0 437.0 11.0% 6.2% 1.2x 10.6x

Adjusted Weighted Average 4.9x 16.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.2x)and EBITDA multiples that are 1.0

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 48 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)

IT Consulting Stock Price Chg % From Equity Enterprise Value Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA Accenture plc Ireland $216.91 -12% $ 137,426.79 $ 132,901.30 $ 44,327.04 $ 7,235.36 16.3% 2.6% 3.0x 18.4x Amdocs Limited United States 56.38 -27% 7,499.6 7,388.1 4,146.3 787.2 19.0% 2.2% 1.8x 9.4x Bechtle AG Germany 171.66 -19% 7,209.6 7,629.7 6,234.4 337.0 5.4% 13.0% 1.2x 22.6x Booz Allen Hamilton Holding Corporation United States 78.50 -12% 10,817.5 12,308.7 7,794.7 795.9 10.2% 10.0% 1.6x 15.5x Capgemini SE France 115.53 -19% 19,548.7 28,103.7 16,541.8 2,085.3 12.6% 7.0% 1.7x 13.5x Cerner Corporation United States 70.09 -13% 21,488.9 22,098.6 5,553.0 1,247.3 22.5% -1.1% 4.0x 17.7x CGI Inc. Canada 62.13 -28% 16,035.9 18,493.9 8,967.3 1,571.3 17.5% 2.1% 2.1x 11.8x Cognizant Technology Solutions Corporation United States 71.42 -7% 38,184.1 37,092.1 16,752.0 3,250.0 19.4% 0.7% 2.2x 11.4x Digi International Inc. United States 14.73 -22% 427.7 468.4 271.1 31.1 11.5% 6.6% 1.7x 15.1x DXC Technology Company United States 18.42 -52% 4,682.3 13,234.3 19,189.0 2,927.0 15.3% -5.8% 0.7x 4.5x Endava plc * United Kingdom 63.90 -8% 3,474.7 3,415.3 434.5 39.2 9.0% 21.9% 7.9x 87.1x EPAM Systems, Inc. * United States 308.95 -13% 17,255.7 16,469.6 2,504.6 390.5 15.6% 22.4% 6.6x 42.2x Globant S.A. * Luxembourg 180.61 -10% 7,144.9 6,882.3 729.9 114.7 15.7% 26.2% 9.4x 60.0x Hexaware Technologies Limited India 6.31 0% 1,896.3 1,900.3 846.7 133.9 15.8% 17.3% 2.2x 14.2x IBEX Limited United States 15.11 -18% 267.3 351.6 405.1 34.1 8.4% 10.0% 0.9x 10.3x International Business Machines Corporation United States 111.66 -30% 99,495.4 154,413.4 75,030.0 15,690.0 20.9% -2.7% 2.1x 9.8x Infosys Limited India 14.22 -11% 60,346.0 57,523.7 12,873.0 3,274.0 25.4% 3.9% 4.5x 17.6x Larsen & Toubro Limited India 12.47 -37% 17,504.4 31,963.8 18,395.8 2,204.3 12.0% -10.2% 1.7x 14.5x NTT DATA Corporation Japan 11.24 -26% 15,757.8 20,412.0 21,061.3 1,332.0 6.3% 3.9% 1.0x 15.3x Parsons Corporation United States 31.52 -31% 3,174.8 3,584.3 4,011.1 249.1 6.2% 5.6% 0.9x 14.4x Perficient, Inc. United States 39.16 -27% 1,292.6 1,471.4 594.7 88.6 14.9% 7.7% 2.5x 16.6x Reply S.p.A. Italy 107.56 -13% 4,023.7 3,885.1 1,403.2 174.8 12.5% 10.6% 2.8x 22.2x SQLI SA France 20.57 -28% 93.6 159.6 254.4 15.8 6.2% -5.4% 0.6x 10.1x Synthomer plc United Kingdom 4.89 -13% 2,076.2 2,930.0 1,770.7 204.2 11.5% -7.6% 1.7x 14.4x Tata Consultancy Services Limited India 35.74 -8% 134,107.9 128,685.7 21,523.2 5,728.0 26.6% 3.8% 6.0x 22.5x Wipro Limited India 4.57 -11% 26,007.6 21,764.0 8,324.5 1,657.2 19.9% 2.2% 2.6x 13.1x

Adjusted Weighted Average 3.4x 16.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (37.7x)

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 49 Driven by your success. **Source: S&P Capital IQ ($ in Millions, except stock price data)

Outsourced Services Stock Price Chg % From Equity Enterprise Value Last Twelve Months Last Twelve Months Multiples Company Name Headquarters 10/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA AMREP Corporation United States $6.51 -5% $ 48.32 $ 36.75 $ 18.22 $ (3.97) NM NM 2.0x NM Cimpress plc Ireland 73.40 -49% 1,908.7 3,479.3 2,433.9 304.1 12.5% -13.0% 1.4x 11.4x Clairvest Group Inc. Canada 38.70 -7% 587.1 327.0 131.6 108.3 82.3% 24.9% 2.5x 3.0x CSG Systems International, Inc. United States 37.88 -35% 1,209.9 1,517.6 992.1 166.5 16.8% 4.3% 1.5x 9.1x Donnelley Financial Solutions, Inc. United States 12.63 -15% 427.3 821.1 860.9 90.2 10.5% -4.9% 1.0x 9.1x Elanders AB (publ) Sweden 9.08 -11% 321.1 724.5 1,235.6 51.6 4.2% -1.5% 0.6x 14.0x Eniro AB (publ) Sweden 0.12 -67% 8.3 2.5 102.3 43.7 42.7% -19.2% 0.0x 0.1x ExlService Holdings, Inc. United States 75.74 -5% 2,560.7 2,533.9 966.4 141.0 14.6% -0.3% 2.6x 18.0x Firstsource Solutions Limited India 0.94 -11% 652.6 742.9 596.2 74.7 12.5% 11.9% 1.2x 9.9x Genpact Limited Bermuda 34.37 -24% 6,556.8 7,966.0 3,652.8 556.7 15.2% 11.6% 2.2x 14.3x J2 Global, Inc. United States 67.88 -35% 3,231.5 4,196.9 1,413.1 525.4 37.2% 12.1% 3.0x 8.0x MAXIMUS, Inc. United States 67.58 -16% 4,143.5 4,392.2 3,292.7 379.1 11.5% 22.4% 1.3x 11.6x Quad/Graphics, Inc. United States 2.27 -67% 121.9 1,206.4 3,420.5 300.7 8.8% -14.7% 0.4x 4.0x IQVIA Holdings Inc. United States 153.99 -13% 29,523.9 41,301.9 10,956.0 1,772.0 16.2% 0.7% 3.8x 23.3x R. R. Donnelley & Sons Company United States 1.17 -74% 83.5 1,943.5 5,649.9 369.6 6.5% -2.7% 0.3x 5.3x Serco Group plc United Kingdom 1.68 -25% 2,059.7 2,716.4 4,451.4 258.8 5.8% 22.0% 0.6x 10.5x Steel Connect, Inc. United States 0.58 -70% 36.2 432.0 782.8 82.8 10.6% -4.5% 0.6x 5.2x SYNNEX Corporation United States 131.64 -16% 6,785.3 8,909.6 23,842.9 1,277.3 5.4% 4.9% 0.4x 7.0x Sykes Enterprises, Incorporated United States 34.24 -10% 1,366.9 1,489.1 1,650.8 176.6 10.7% 2.8% 0.9x 8.4x Teleperformance SE France 300.31 -8% 17,636.8 20,564.7 6,134.4 932.5 15.2% 10.5% 3.4x 22.1x TTEC Holdings, Inc. United States 54.78 -11% 2,560.1 3,018.8 1,742.1 234.8 13.5% 10.9% 1.7x 12.9x transcosmos inc. Japan 27.17 -10% 1,126.7 997.0 3,068.7 175.1 5.7% 8.3% 0.3x 5.7x Transcontinental Inc. Canada 11.86 -10% 1,033.2 1,770.8 2,018.9 360.2 17.8% -12.0% 0.9x 4.9x

Adjusted Weighted Average 1.4x 17.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.7x)

*The stock prices shown are as of 10/30/2020 and should not be relied upon as current thereafter. Page 50 Driven by your success. **Source: S&P Capital IQ PRIVATE & CONFIDENTIAL

Driven by your success. For client and institutional use only, not for public dissemination • All transaction information has been publicly reported and is sourced from national news publications, industry trade journals and blogs, and public announcements by companies and investors.

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

*The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may be found in the appendix. Page 52 Driven by your success. Canaccord Genuity is the business name used by certain subsidiaries of Canaccord Genuity Group Inc., including Canaccord Genuity LLC, Canaccord Genuity Limited, and Canaccord Genuity, a division of Canaccord Genuity Group Inc. Canaccord Genuity Group Inc. is listed on the TSX and LSE. Research Policy: Decisions regarding initiation and termination of research coverage will be made exclusively by research management. Investment banking is not able to request or have input into specific company coverage decisions. It is, however, our general practice to continue to provide coverage for companies for which we act as lead or co-manager in an equity offering. The information contained in this document has been compiled by Canaccord Genuity from sources believed to be reliable, but no representation or warranty, express or implied, is made by Canaccord Genuity, its affiliates or any other person as to its accuracy, completeness or correctness. All estimates, opinions and other information contained in this document constitute Canaccord Genuity's judgment as of the date of this document, are subject to change without notice and are provided in good faith but without legal responsibility or liability. Canaccord Genuity and its affiliates may choose to provide specific disclosures of the subject companies by reference, as well as its policies and procedures regarding the dissemination of investment research. To access this material or for more information, please send a request to Canaccord Genuity Research, Attn: Disclosures, P.O. Box 10337 Pacific Centre, 2200-609 Granville Street, Vancouver, BC, Canada V7Y 1H2 or [email protected]. 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This document is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. Investors should obtain advice based on their own individual circumstances before making an investment decision. To the fullest extent permitted by law, neither Canaccord Genuity, nor its affiliates nor any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of the information contained in this document. For Canadian Residents This document has been approved by Canaccord Genuity Group Inc., which accepts responsibility for this report and its dissemination in Canada. Canadian clients wishing to effect transactions in any security discussed should do so through a qualified salesperson of Canaccord Genuity in their particular jurisdiction. 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Any other person or persons who receive a copy of this presentation should not act upon it and Canaccord Genuity accepts no liability or responsibility whatsoever for any actions taken by such persons in reliance on this publication. The distribution of this publication in jurisdictions other than the United Kingdom may be restricted by law and, therefore, persons into whose possession this publication comes should inform themselves about and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities laws of any such jurisdictions. This publication is a brief summary and does not purport to contain all available information on the subjects covered. Further information is available on request.

Copyright © Canaccord Genuity Corp. 2020 – Member IIROC/Canadian Investor Protection Fund Copyright © Canaccord Genuity Limited. 2020 – Member LSE, authorized and regulated by the Financial Conduct Authority. Copyright © Canaccord Genuity LLC 2020 – Member FINRA/SIPC Copyright © Canaccord Genuity (Australia) Limited. 2020 – Participant of ASX Group, Chi-x Australia and of the NSX. Authorized and regulated by ASIC. All rights reserved. All material presented in this document, unless specifically indicated otherwise, is under copyright to Canaccord Genuity, a division of Canaccord Genuity Group Inc., Canaccord Genuity Limited, and Canaccord Genuity LLC None of the material, nor its content, nor any copy of it, may be altered in any way, or transmitted to or distributed to any other party, without the prior express written permission of the entities listed above.

Driven by your success.Page 53