Internet & Digital Media Sector Review | 3Q 2018

INTERNET & DIGITAL MEDIA SECTOR REVIEW | 3Q 2018

. M&A TRANSACTIONS – 3Q 2018 KEY FACTS . IDM M&A ACTIVITY . IDM SECTOR OVERVIEWS . Founded in 1991 . IDM PRIVATE PLACEMENTS . IDM PUBLIC COMPARABLES . 300+ professionals across eight offices globally . TECHNOLOGY IPOS . DEBT MARKETS . 160+ closed transactions in the last . APPENDIX: PUBLIC COMPARABLES DETAIL 24 months . 20th record year in 2017 . 10 industry groups Managing Director HW Office [email protected]

Managing Director [email protected]

SOFTWARE / SAAS INTERNET & DIGITAL MEDIA Managing Director [email protected] . Enterprise Software . IT and Tech-Enabled . Consumer Internet . Media, Content and Services Gaming . Data and Analytics . Online Marketing Managing Director . Infrastructure Software . Telecom and Data Center . Data Analytics . eCommerce [email protected] Solutions . Mobile

TMT VERTICAL FOCUS AREAS Managing Director [email protected] . Education Technology . Fintech . Public Sector . Energy Technology . Healthcare IT . Supply Chain and Logistics *[email protected] . Human Capital Management . Industrial Software

a wholly-owned has been acquired by affiliate of has received an has been acquired by has acquired has merged with has been acquired by has been acquired by has acquired has invested in has been acquired by has been acquired by investment from & has been acquired by

TECHNOLOGY, MEDIA & TELECOM PAGE | 1 IDM SECTOR REVIEW | 3Q 2018

• Pandora provides an internet radio platform that generates tailored playlists based on users’ favorite artists and songs. • The Company analyzes hundreds of attributes within each recording as part of its proprietary Music Genome Project, delivering highly personalized music to its 70 million monthly active users. Enterprise Value: $3,047M EV / Rev: 2.1x • Sirius’ acquisition of Pandora creates the world’s largest audio entertainment company, producing considerable revenue Rev: $1,451M EV / EBITDA: NA synergy potential across SiriusXM’s base of more than 36 million subscribers and Pandora’s base through the creation of unique audio packages and other cross-promotional opportunities.

• Marketo provides digital marketing software that includes solutions for CRM lead management, email, mobile, and consumer/customer marketing. • Taken private by Vista Equity in 2016 for $1.6B, the Company’s platform provides tools that drive marketing engagement, Enterprise Value: $4,750 EV / Rev: NA automation, and attribution power for clients across a diverse set of industries. Rev: NA EV / EBITDA: NA • The acquisition will combine Marketo’s multi-channel capabilities with Adobe’s expansive behavioral data to deliver new solutions across analytics, content, personalization, advertising, and commerce to the Adobe Experience Cloud.

• Dun & Bradstreet provides a comprehensive set of commercial data analytics, research, and insights solutions to businesses worldwide to accelerate sales, lower costs, manage risk, and transform operations. • The Company’s database contains more than 300 million business records worldwide, helping risk and finance, operations Enterprise Value: $6,524M EV / Rev: 3.7x and supply, and sales and marketing professionals make more informed decisions. Rev: $1,743M EV / EBITDA: 14.1x • The acquisition enables continued growth for the Company, increasing operational efficiencies and improving the D&B customer experience through enhanced business solutions.

• Datorama provides a cross-channel marketing analytics platform created to connect data, report across channels and campaigns, and surface insights real-time. • The Company’s marketing integration engine optimizes performance by making data actionable with goals, pacing, alerts, Enterprise Value: $850M EV / Rev: NA reports, and AI-powered insights to analyze marketing holistically. Rev: NA EV / EBITDA: NA • Following the acquisition, Salesforce will leverage Datorama’s data integration and intelligence capabilities to enhance its Marketing Cloud, strengthening its ability to empower brands.

• Acxiom Marketing Solutions provides customer and information management services that allow brands, agencies, media, and technology partners to harness data to improve every customer interaction. • A leading provider of consumer-related data solutions, the Company serves over 2,000 global clients, recognizes over 2.2 Enterprise Value: $2,300M EV / Rev: NA billion connected consumers, and manages 20 billion customer records. Rev: NA EV / EBITDA: NA • The acquisition enhances IPG’s service offerings in data strategy and management, performance media and analytics, further diversifying its revenue and earnings.

TECHNOLOGY, MEDIA & TELECOM PAGE | 2 IDM SECTOR REVIEW | 3Q 2018

(# of Transactions) . Activity increased slightly in 3Q 2018, and strategics are continuing to pay a 2018 4 premium for assets that align with their corporate strategies. 2017 . The most active strategic acquirers of IDM 11 assets made a combined 10 acquisitions in 2016 3Q 2018, bringing the total acquisition count amongst these acquirers to 23 in 2015 YTD 2018. 14 2 . Google (Alphabet) and Booking Holdings 3 1 outpaced all other notable strategic 7 1 2 1 3 buyers, Google adding one acquisition 4 1 4 2 2 1 2 7 6 3 1 1 1 and Booking Holdings two in 3Q 2018 to 1 6 2 2 7 6 3 bring their combined YTD acquisition total 4 4 4 2 2 3 3 2 to eight. 1

(# of Transactions) . 3Q 2018 saw a slight increase in M&A activity from the prior quarter with strategic M&A activity increasing by seven transactions quarter-over- quarter. . In addition to continued expansion YTD, 3Q 2018 YTD activity experienced a volume increase of 7.3% from 3Q 2017 YTD. 228 215 195 193 . However, 3Q 2018 activity is still down 164 161 41.2% from the four-year high of 228 141 133 134 119 117 123 115 127 deals back in 2Q 2015. 96

1Q - 15 2Q - 15 3Q - 15 4Q - 15 1Q - 16 2Q - 16 3Q - 16 4Q - 16 1Q - 17 2Q - 17 3Q - 17 4Q - 17 1Q - 18 2Q - 18 3Q - 18

Note: Includes control investments only.

TECHNOLOGY, MEDIA & TELECOM PAGE | 3 IDM SECTOR REVIEW | 3Q 2018

(# of Platform Transactions) . The 10 most active private equity investors in IDM assets remained very 2018 active with six platform acquisitions completed in 3Q 2018 and a total of 24 2017 YTD 2018. 8 . Vista Equity Partners remains one of the 2016 more prolific acquirers of new IDM 7 2015 platforms, logging three additional IDM 3 acquisitions in 3Q to bring their YTD 2018 3 4 4 acquisitions total to eight. 2 11 1 1 7 4 4 3 2 3 2 1 4 2 2 11 4 7 2 6 6 6 7 4 3 4 3 1

(# of Platform Transactions) . IDM M&A volume has maintained and continues to trend around a historical mean of 16 deals per quarter. . Private equity IDM M&A volume remained consistent quarter-over-quarter with financial sponsors staying active and aggressive.

22 21 18 16 17 15 15 15 14 12 12 12 9 10

1Q - 15 2Q - 15 3Q - 15 4Q - 15 1Q - 16 2Q - 16 3Q - 16 4Q - 16 1Q - 17 2Q - 17 3Q - 17 4Q - 17 1Q - 18 2Q - 18 3Q - 18

Note: Includes control new platform investments only. Excludes add-on acquisitions.

TECHNOLOGY, MEDIA & TELECOM PAGE | 4 IDM SECTOR REVIEW | 3Q 2018

3.3x

. Online Marketing M&A moderately 87 3.0x decreased in volume from the 2.9x previous quarter. 2.5x 68 . Strategics again dominated M&A 2.3x 2.3x activity in the sector while private 57 equity activity held constant 1.9x 1.9x 1.8x 1.7x between quarters. 47 1.6x 42 42 39 1.4x . Median multiples increased 47% 37 38 37 1.3x 35 1.3x quarter-over-quarter rising above 32 33 the historical mean. 28

2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

. Insight Venture Partners’ $1.1B Online Marketing acquisition of Episerver Pending Lithium Technologies, Inc. Spredfast, Inc. Provider of an integrated SaaS-based social media marketing automation platform. NA NA demonstrates the rising Pending S4 Capital Ltd. MediaMonks BV Provider of outsourced business-to-business lead generation services. $353 NA prominence of “Customer Pending Adobe Systems, Inc. Marketo, Inc. Provider of marketing engagement and automation platforms. $4,750 NA Experience Management” and 9/30/2018 Criteo SA Storetail Marketing Services SAS Provider of a digital retail media platform. $48 NA increasing digital transformation 9/10/2018 RealPage, Inc. LeaseLabs, Inc. Provider of search marketing and traffic conversion services for real estate. $117 NA (DX) spending, a market IDC 9/09/2018 Appstudioz India Pvt Ltd. Vizury Interactive Solutions Pvt Ltd. Provider of a multi-channel marketing platform. $10 NA projects to reach $1.7T by 2019. 9/06/2018 Insight Venture Partners Episerver, Inc. Provider of web content management and online community software platforms. $1,250 NA . Accel-KKR acquired SugarCRM for 9/04/2018 FMG Suite LLC MarketingPro, Inc. Provider of marketing automation services for financial professionals. NA NA $100M, a CRM software solutions 8/29/2018 Amazon.com, Inc. Coraza Technologies Pvt Ltd. Provider of a customer experience management platform. NA NA provider that leverages AI, 8/28/2018 Scout24 AG FINANZCHECK GmbH Provider of outsourced business-to-business lead generation services. $334 NA machine learning, and predictive 8/23/2018 Amobee, Inc. Videology, Inc. Provider of an online video advertising platform and solutions. $117 NA insights to intelligently manage 8/20/2018 salesforce.com, inc. Datorama, Inc. Provider of a cross-channel marketing analytics platform. $800 NA the full customer lifecycle. 8/15/2018 Accel-KKR LLC SugarCRM, Inc. Provider of an open source customer relationship management platform. $100 NA 8/09/2018 Salebuild, Inc. DemandShore Solutions Pvt Ltd. Provider of outsourced business-to-business lead generation services. NA NA 7/26/2018 Facebook, Inc. Redkix Israel Ltd. Provider of a communication application that fosters team collaboration. $100 NA

$117 #NUM!

TECHNOLOGY, MEDIA & TELECOM PAGE | 5 IDM SECTOR REVIEW | 3Q 2018

5.7x . Data Analytics M&A volume increased from the prior quarter, 67 5.0x 64 4.8x 4.8x with activity levels in-line with the 60 4.6x last three years. 59 58 4.4x 4.0x 3.7x . Volume of Data Analytics 47 3.6x transactions has increased 14% 42 41 41 41 3.1x year-over-year. 3.0x 3.0x 37 36 . Median revenue multiples in the 33 2.5x sector decreased to 3.7x, down 2.1x from the prior quarter but are in 23 line with previous quarters.

2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

. CPPIB and Technology Crossover Data Analytics Ventures made a strategic Pending Thomas H. Lee Partners LP Dun & Bradstreet Corp. Provider of commercial data and information services. $6,524 3.7x investment in Sportradar at a Pending Facebook, Inc. Bloomsbury AI Ltd. Provider of a language processing platform employed in data analysis. $29 NA valuation of $2.4B, underscoring Pending EagleView Technology Corp. Spookfish Ltd. Provides geospatial imagery and services. $80 10.0x the growing intrigue in the Pending Fortive Corp. The Gordian Group, Inc. Provider of construction cost software and data analytics. $775 NA evolving vertical of sports data Pending Interpublic Group of Cos., Inc. Acxiom LLC Provider of data solutions for managing customer experiences. $2,300 NA alongside Apax’s acquisition of 9/26/2018 Zoom Information, Inc. Datanyze, Inc. Provider of a sales prospecting tool to help businesses with technographic services. NA NA Genius Sports Group. 9/18/2018 Drilling Info, Inc. Transzap, Inc. Provider of data-driven solutions for the oil and gas industry. NA NA . Fortive’s acquisition of The 9/07/2018 Apax Partners Ltd. Genius Sports Group Ltd. Provider of sports data technology, distribution, and commercialisation services. NA NA Gordian Group enables entry into 9/05/2018 Nielsen Holdings Plc SuperData Research Holdings, Inc. Provider of a market intelligence platform for the online gaming community. NA NA the rapidly growing facilities 9/03/2018 TCV; CPPIB Sportradar AG Provider of live sports information and services. $2,400 NA maintenance and management 8/14/2018 AdSwerve, Inc. Analytics Pros, Inc. Provider of analytics services and solutions used to understand customers and their needs. $24 NA segment, while equipping Fortive 8/02/2018 Genstar Capital LLC Drilling Info, Inc. Provider of data analytics services for the oil and gas industry. NA NA with over 70 years of proprietary 8/02/2018 SVF Holdco Ltd. Treasure Data, Inc. Provider of a cloud-based data analytics platform that simplifies data management. $600 NA construction cost data amassed by 7/18/2018 Diligent Corp. Brainloop AG Provider of software solutions for managing confidential documents. NA NA Gordian. 7/18/2018 Brown & Brown, Inc. Tricast LLC Provider of a pharmacy data analytics platform. NA NA $688 6.9x

TECHNOLOGY, MEDIA & TELECOM PAGE | 6 IDM SECTOR REVIEW | 3Q 2018

. eCommerce M&A volume in 3Q 64 2018 remained flat around the 6.7x historical median of ~42 deals, 54 6.3x increasing the number of transactions from the previous 47 42 43 quarter. 40 38 37 37 4.2x 4.3x The median of the reported 35 35 35 . 32 33 multiples for 3Q is hovering right 3.3x above the historical mean of 3.0x. 2.7x

2.1x 2.3x 1.9x 1.7x 1.5x 1.6x 1.4x 1.3x

2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

. WeddingWire, backed by Permira eCommerce and Spectrum Equity, merged with Pending WeddingWire, Inc. XO Group, Inc. Provider of a multi-platform digital marketplace for young couples. $933 5.7x the publicly-traded event planning Pending GrubHub, Inc. LevelUp, Inc. Provider of mobile diner engagement and payment solutions. $390 NA company XO Group in a Pending Best Buy Co., Inc. GreatCall, Inc. Provider of mobile-based applications for aging consumers. $800 NA transaction valued at $933M. Pending Walmart, Inc. Cornershop, Inc. Provider of an online grocery shopping platform. $225 NA . Donuts’ sale to ABRY Partners will Pending Falabella SA Linio Group Provider of an online marketplace in Latin America. $138 NA provide the domain registry and Pending Amadeus IT Group SA TravelClick, Inc. Provider of cloud-based, data-driven solutions for hotel bookings and management. $1,520 NA web hosting provider capital to 9/27/2018 Rockpool Investments Meika Ltd. Provider of an online marketplace for garden products. NA NA make future acquisitions and 9/27/2018 HomeToGo GmbH Casamundo GmbH Provider of an online rental platform for holiday products. NA NA continue growth. 9/24/2018 GoDaddy, Inc. Plasso, Inc. Provider of an online payment-making platform. NA NA 9/18/2018 Talent Worldwide, Inc. eDirect Publishing, Inc. Provider of an eCommerce and electronic direct marketing platform. NA NA . Amadeus’ acquisition of 9/17/2018 ABRY Partners LLC Donuts, Inc. Provider of domain registration and web hosting services. NA NA TravelClick enhances its presence 8/18/2018 Walmart, Inc. Flipkart Internet Pvt Ltd. Provider of an eCommerce shopping portal that offers consumer products in India. $20,779 NA in the hospitality sector through 8/15/2018 Stamps.com, Inc. MetaPack Ltd. Provider of eCommerce delivery management software. $219 NA the addition of TravelClick’s cloud- 8/13/2018 Roomi, Inc. Open Dada Solution Lab SAPI de CV Provider of booking services used to find discounted lodging. NA NA based solutions for mid-chain and 7/23/2018 ezCater, Inc. GoCater SAS Provider of an online platform that facilitates catering delivery for business needs. NA NA independent hotels. $595 5.7x

TECHNOLOGY, MEDIA & TELECOM PAGE | 7 IDM SECTOR REVIEW | 3Q 2018

85 84 . There was a slight decrease in the level of M&A activity in the Media, 6.0x 5.9x Content and Gaming from 2Q 5.1x 2018 with strategics continuing to 62 4.8x represent the majority of acquirers. 58 53 4.2x . The median reported revenue 3.9x 46 47 multiple decreased to 2.5x, 43 42 40 38 moving further from the historical 36 2.9x 34 2.7x mean of 3.5x. 32 2.5x 2.5x 2.5x 2.3x 1.9x 1.7x

2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18 2Q '15 3Q '15 4Q '15 1Q '16 2Q '16 3Q '16 4Q '16 1Q '17 2Q '17 3Q '17 4Q '17 1Q '18 2Q '18 3Q '18

. Viacom acquired Media, Content & Gaming AwesomenessTV, one of the early Pending Tamedia AG Zattoo International AG Provider of an entertainment streaming platform. NA NA production houses funded through Pending Sirius XM Holdings, Inc. Pandora Media, Inc. Provider of online music and other related programs. $3,047 2.1x YouTube’s channel initiative, in a Pending Hiberus Tecnologías SL Digital Media News Provider of communications media software. NA NA deal that bolster’s Viacom’s Pending Northern United Media Ltd. Anhui Nazha Entertainment Ltd. Provider of mobile online games. $53 8.9x footprint in youth-oriented digital Pending Marc Benioff Time, Inc. (Time Magazine) Provider of media and marketing services. $190 NA content, a highly-competitive focus 9/14/2018 TUI AG Musement SpA Provider of an online tourism platform. NA NA area for the parent company of 9/05/2018 Encast, Inc. Soceana Provider of a social media platform that enables corporations to promote volunteerism. NA NA MTV and Nickelodeon. 8/14/2018 Sumo Group Plc The Chinese Room Ltd. Provider of video games that specializes in VR. $3 NA . AT&T acquired the remaining 8/13/2018 Facebook, Inc. Vidpresso, Inc. Provider of a graphics platform for professional live streams. NA NA stake in Otter Media – a top 10 8/07/2018 AT&T, Inc. Otter Media Holdings LLC Provider of digital branding and media services. $2,000 NA subscription video on demand 8/07/2018 Cherry AB Highlight Games Ltd. Provider of interactive entertainment products. NA NA (SVOC) provider it jointly founded 7/31/2018 PlayUp Ltd. 123gaming Ltd. Provider of a horse race wagering platform. NA NA with The Chernin Group in 2014 – 7/27/2018 Viacom, Inc. AwesomenessTV, Inc. Provider of a digital video production platform. $25 NA and will combine Otter with 7/24/2018 LINE GAMES Corp. NextFloor Corp. Provider of mobile and console game software. NA NA WarnerMedia post close. 7/17/2018 iQIYI, Inc. Skymoons, Inc. Provider of gaming software in China. $299 NA $121 5.5x

TECHNOLOGY, MEDIA & TELECOM PAGE | 8 IDM SECTOR REVIEW | 3Q 2018

ROUND TOTAL DATE COMPANY SECTOR ROUND SIZE RAISED INVESTORS (CURRENT ROUND) DESCRIPTION ($MM) ($MM)

Late 9/27/18 eCommerce $400 $1,110 SoftBank Group, Qatar Investment Authority Provider of a modern real estate platform. Stage

Access Technology Ventures, General Atlantic, Fifth Wall Provider of an online marketplace intended for buying and 9/27/18 eCommerce E $725 $1,550 Ventures, Invitation Homes, SoftBank Group selling real estate.

9/18/18 eCommerce E $300 $581 Tiger Global Management, Uncork Capital Provider of an on-demand delivery platform.

Insight Venture Partners, Opus Capital, Genesis Partners, Provider of business analytics software used to improve 9/12/18 Data Analytics E $70 $174 Battery Ventures, Bessemer Venture Partners data processing capabilities.

Napier Park Financial Partners, Information Venture Provider of corporate websites and social media solutions 9/12/18 Media, Content & Gaming C $38 $67 Partners, OpenText Enterprise Apps Fund for public companies.

Greenspring Associates, North Bridge Venture Partners, Provider of a cloud-based experience management 9/7/18 Online Marketing D $43 $98 Matrix Partners, Venrock, Four Rivers Group platform.

Late Perella Weinberg Partners, Great Hill Partners, 9/6/18 eCommerce $115 $288 Provider of a luxury consignment platform. Stage Springboard Growth Capital, Sandbridge Capital

Late Greylock Partners, Tiger Global Management, Altos Provider of an online social gaming platform that allows 9/5/18 Media, Content & Gaming $150 $253 Stage Ventures, Meritech Capital Partners, Index Ventures users to socialize, learn, and play in a virtual world.

Late Provider of a mobile advertising network that creates 8/23/18 Online Marketing $400 $1,380 Kohlberg Kravis Roberts Stage targeted ads.

8/16/18 eCommerce E $250 $971 DST Global, Coatue Management Provider of an on-demand food delivery application.

Kingdom Holding Company, Orange Digital Ventures, Provider of music streaming services designed to offer 8/2/18 Media, Content & Gaming E $185 $185 LBO France, Access Industries, Rotana Holding personalized music tracks.

Late Francisco Partners, GPI Capital, Franklin Templeton Provider of a legal technology platform that offers online 7/31/18 Data Analytics $500 $916 Stage Investments, TA Associates Management legal services.

Late 7/31/18 Online Marketing $100 $250 Sequoia Capital, Accel Partners, CapitalG Provider of a cloud-based customer support platform. Stage

Gemini Israel Ventures, Innovation Endeavors, Nauta Provider of an online video advertising platform designed to 7/19/18 Online Marketing E $12 $91 Capital, Qumra Capital, The Israel Secondary Fund assist organizations in the process of reaching customers.

Note: Financial information presented above represents reported capital raised only.

TECHNOLOGY, MEDIA & TELECOM PAGE | 9 IDM SECTOR REVIEW | 3Q 2018

1-Year Performance 3-Year Performance 3Q 2017 3Q 2018 18.0% Social Media 9.6x 165.8%

8.4x 53.5% Diversified/Marketing Cloud 118.1% 7.3x 26.2% Subscription Data 81.1% 6.0x 5.6x 5.7x 5.6x 5.6x 5.4x 5.4x 4.9x 24.0% 4.7x 4.8x Internet Bellwethers 4.4x 88.0% 4.1x 4.3x 3.8x 3.8x 3.8x 3.3x 3.3x 22.4% 2.9x 2.9x Diversified Data 2.6x2.6x 34.4% 2.5x 2.5x 2.0x 1.5x (0.8%) 1.3x Advertsiting Networks/Search Portals 1.3x 66.3% 0.7x

25.5% Consumer Data 46.1%

(4.5%) Travel 30.7%

44.9% Digital Media & Online Content 141.0%

6.1% Gaming 94.4% 3Q 2017 3Q 2018

(5.2%) Marketplace 62.3% 24.6x 23.1x 22.7x 37.9% 22.0x 21.3x Vertical eCommerce 113.4% 18.9x 18.8x 20.0x 19.5x 17.6x 17.2x 17.5x17.8x 17.8x 18.6x 17.9x 17.5x 17.8x 9.5% 16.9x 17.2x 16.5x 17.4x Online Advertising 15.7x 15.5x 86.5% 14.5x 13.9x 14.3x 14.3x (14.2%) 12.6x 10.9x Flash Sales / Promotional / Coupons 44.1% 9.0x 8.0x

(8.2%) Agencies (11.2%)

14.6% Digital Marketing 22.9%

TECHNOLOGY, MEDIA & TELECOM PAGE | 10 IDM SECTOR REVIEW | 3Q 2018

$0 - 50M $50 - 100M $100 - 250M $250M + . Following an active 2Q 2018, technology IPO activity slowed in 3Q as companies evaluate timing and private markets continue to offer 15 compelling valuations. . Public market investors continue to value growth over profitability as evidenced by 11 SurveyMonkey’s 42% surge on its opening day 9 9 of trading. 8 8 7 . Notable technology IPOs in 3Q 2018 include 6 SurveyMonkey, Eventbrite, Domo, and Farfetch. 5 5 4 3 3 3 2 1 0

3Q-14 4Q-14 1Q-15 2Q-15 3Q-15 4Q-15 1Q-16 2Q-16 3Q-16 4Q-16 1Q-17 2Q-17 3Q-17 4Q-17 1Q-18 2Q-18 3Q-18

2014 Total: 47 2015 Total: 31 2016 Total: 15 2017 Total: 20 2018 Total: 15

(All tech IPOs over the last 12 months) (All tech IPOs over the last 12 months) (All tech IPOs over the last 12 months)

$50 - 100M $100 - 250M $250M + $0-50M $50-500M $500M-$1B $1B+ < 25% 25 - 75% > 75%

9% 11% 8%

30% 33%

44% 26%

61% 58% 19%

TECHNOLOGY, MEDIA & TELECOM PAGE | 11 IDM SECTOR REVIEW | 3Q 2018

435.2% 450.0%

350.0%

250.0%

42.5% 150.0% 86.6% 56.6% 59.4% 57.2% 48.6% 55.9% 51.1% 38.5% 30.1% 15.6% 8.4% 12.6% 50.0% (25.4%)

(50.0%)

(150.0%)

350.0% 313.9%

300.0%

250.0% 189.0% 200.0%

150.0% 115.5% 113.3% 92.6% 91.0% 100.0% 65.1% 65.1%

50.0% 36.2% 33.6% 17.7% 0.0% 2.1% 0.0%

(50.0%) (30.5%) (38.9%)

Circle Size Denotes Revenue ($)

4/6/17 4/12/17 4/27/17 5/12/17 11/16/17 2/8/18 4/3/18 4/12/18 4/26/18 5/16/18 6/13/18 6/28/18 9/19/18 9/20/18 9/25/18 $17.00 $11.00 $15.00 $15.00 $8.00 $13.00 $0.00 $14.00 $22.00 $15.00 $282.55 $21.00 $23.00 $20.00 $12.00 $1,542.9 $940.4 $1,921.0 $208.2 $213.7 $253.8 $9,195.6 $1,127.6 $2,999.0 $897.2 $8,319.9 $455.5 $230.0 $5,000.0 $1,493.7 $187.0 $115.5 $225.0 $37.5 $180.0 $70.2 $0.0 $154.0 $462.0 $310.5 $999.6 $193.2 $230.0 $884.9 $180.0 313.9% 115.5% 17.7% (30.5%) (38.9%) 92.6% #DIV/0! 65.1% 91.0% 113.3% 189.0% 2.1% 65.1% 36.2% 33.6%

TECHNOLOGY, MEDIA & TELECOM PAGE | 12 IDM SECTOR REVIEW | 3Q 2018

About SurveyMonkey Financial & Valuation Information

. SurveyMonkey is a global provider of survey software solutions . LTM Revenue: $234M . Net Debt / Adj. EBITDA: 1.7x Zander Lurie designed to help collect and analyze data, enabling enterprise and CEO consumer clients to gain valuable insights from key constituents. . LTM Adj. EBITDA: $59M . EV / LTM Revenue: 10.2x . Market Cap on 9/28: $2.3B . EV / LTM Adj. EBITDA: 40.3x . On September 25th, 2018, the Company raised $180M in its initial public offering on the NASDAQ stock exchange, selling a total of 15M . EV on 9/28: $2.4B Tim Maly shares at $12 per share. CFO

Key Performance Indicators Market Reaction (9/26-9/28)

$22.00 Global $45B . The Company defines the market to include all U.S. and international knowledge Opportunity workers; approximately 62.5M workers in the U.S. $20.00 Revenue Mix Number of Paying Users Average Revenue Per User Domestic $18.00 $25B 620K 616K $420 9/28/18 Price Opportunity $400 $16.00 $16.03

62.5M U.S. ARPU 36% 605K $380 598K $14.00 knowledge workers $400 $351 64% 590K $340 IPO Price x $12.00 $12.00

575K $300 $10.00 U.S. International 2017 2018 2017 2018 Sept - 26 Sept - 27 Sept - 28 From Inception to IPO

Acquisitions

IPO 1999 2009 2010 2013 2014 2018

SurveyMonkey Founded Fundraising $64M $100M $350M $444 M $250M Rounds Venture Round Debt Financing Debt Financing Private Equity Round Private Equity Round

$1.4B EV ~$2.0B EV $2.4B EV

Source: SurveyMonkey S-1 Form.

TECHNOLOGY, MEDIA & TELECOM PAGE | 13 IDM SECTOR REVIEW | 3Q 2018

Defined as Issuers with EBITDA of $50 Million or Less Defined as Issuers with EBITDA of $50 Million or Less ($ in billions) . Median middle market LBO loan multiples FLD/EBITDA SLD/EBITDA Other Sr Debt/EBITDA Sub Debt/EBITDA $2.9 through 3Q 2018 were Institutional Pro Rata 5.5x, remaining in line 5.6x 5.5x 5.4x 5.5x with the prior four 5.3x 5.2x 4.8x quarters. 4.7x 4.7x 4.5x 4.5x $2.0 4.3x 4.2x 4.3x $1.9 . Middle market LBO loan $1.8 volume decreased 3.8x 3.8x $1.8 $1.6 slightly to $1.5 billion in 3.4x 3.3x $1.5 3Q 2018. $1.2 . In September, the $1.1 $1.1 Federal Reserve raised $0.9 $0.9 interest rates for the third $0.7 time in 2018 and hinted at another before year $0.4 end.

2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

YTD 2018 New Issue LBO Loans Percentage of Total Purchase Price . Technology companies were the largest Technology 24.3% recipients of middle 60% market LBO loans in 3Q 57% 58% Healthcare 15.2% 2018, representing 24.3% 55% 56% 55% of new issuance. 54% 53% 50% 50% Services & Leasing . Median LBO debt 11.7% percentages slightly increased to 55% of total Chemicals 8.9% purchase price through 3Q 2018. Buildings Materials 5.3%

Food & Beverage 3.2%

Other 31.4% 2009 2010 2011 2012 2013 2014 2015 2016 2017 3Q'18

TECHNOLOGY, MEDIA & TELECOM PAGE | 14 IDM SECTOR REVIEW | 3Q 2018

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TECHNOLOGY, MEDIA & TELECOM PAGE | 15 IDM SECTOR REVIEW | 3Q 2018

Internet Bellwethers Alphabet Amazon.com Facebook

Digital Marketing Bazaarvoice TechTarget QuinStreet, Inc. Matomy Media Harte-Hanks

Diversified / Marketing Cloud Microsoft Oracle IBM SAP Adobe salesforce.com HubSpot

Agencies WPP Omnicom Group Publicis Groupe Dentsu Interpublic Group

Endurance Online Advertising GoDaddy Wix.com Web.com Tucows Marchex

International OnlineMarketing

Advertising Networks / Search Portals Alphabet Baidu Yahoo NAVER Yandex

Consumer Data Experian Nielsen Equifax Alliance Data TransUnion Fair Isaac Dun & Broadstreet Acxiom

Diversified Data Thomson Reuters IHS Markit Verisk Analytics Informa Dun & Bradstreet

Data &Data Analytics Subscription Data S&P Global Moody's Wolters Kluwer Gartner MSCI FactSet Morningstar Forrester

Marketplace Amazon.com Alibaba Group JD.com eBay Rakuten Liberty Interactive MercadoLibre Shopify 58.com Wayfair

Marketplace (cont'd) LendingClub Overstock.com

Travel Priceline Ctrip.com Expedia TripAdvisor MakeMyTrip Trivago Travelzoo

eCommerce Flash Sales / Promotional / Coupons Groupon Quotient Technology

Vertical eCommerce GrubHub Cimpress Stamps.com Etsy Shutterfly Chegg Shutterstock PetMed Express 1-800-FLOWERS.COM eHealth

Digital Media & Online Content Tencent Netflix IAC SINA Corperation Sohu.com Sohu.com Pandora Blucora XO Group TechTarget

Digital Media & Online Content (cont'd) Leaf Group Townsquare Media

Gaming Social Media Facebook Twitter Snapchat Weibo Momo Match Group Spark

Media/ Content / Take-Two Ubisoft Gaming Nintendo Co. Activision Blizzard NetEase Electronic Arts Zynga GREE Glu Mobile Interactive Entertainment

TECHNOLOGY, MEDIA & TELECOM PAGE | 16 IDM SECTOR REVIEW | 3Q 2018

Enterprise Market % of 52 1-Year Stock 3-Year Stock Revenue Growth LTM EBITDA Enterprise Value / Price / Company Ticker Value Capitalization Week High Performance Performance LTM NTM Margin LTM Rev. NTM Rev. LTM EBITDA Earnings

Internet Bellwethers Internet Alphabet Inc. GOOGL $747,184 $778,388 93.5% 24.0% 88.0% 23.7% 17.8% 30.5% 5.7x 5.6x 18.8x 41.5x Bellwethers Amazon.com, Inc. AMZN 1,020,353 976,945 97.7% 108.4% 284.7% 30.8% 23.8% 11.5% 4.6x 4.3x 40.0x NM Facebook, Inc. FB 437,859 396,625 75.2% (3.8%) 80.8% 47.1% 27.1% 54.7% 8.4x 7.9x 15.4x 20.3x Digital Marketing Median $747,184 $778,388 93.5% 24.0% 88.0% 30.8% 23.8% 30.5% 5.7x 5.6x 18.8x 30.9x

Diversified / Marketing Cloud

Digital Marketing Agencies BrightView Holdings, Inc. BV-US $2,877 $1,644 68.5% NA NA 2.9% 7.4% 11.6% 1.3x 1.2x 10.9x NM TechTarget, Inc. TTGT-US 551 536 56.3% 62.6% 123.5% 1.8% 15.8% 18.5% 4.7x 4.5x 25.4x 25.8x Online QuinStreet, Inc. QNST 641 666 82.6% 84.6% 143.6% 34.9% 9.0% 6.2% 1.5x 1.4x 24.0x 33.7x Advertising Matomy Media Group Ltd MTMY-GB 65 39 30.3% (69.1%) (77.8%) (7.2%) NA 18.2% 0.3x NA 1.5x NM Harte-Hanks, Inc. HHS 34 44 58.6% (33.4%) (79.6%) (5.1%) 27.3% NM 0.1x 0.1x NM NM Advertising Median $551 $536 58.6% 14.6% 22.9% 1.8% 12.4% 14.9% 1.3x 1.3x 17.4x NM Networks/Search Portals

Consumer Data

Diversified/Marketing Cloud Microsoft Corporation MSFT-US $833,221 $878,077 99.2% 53.5% 156.4% 14.7% 9.9% 41.3% 7.3x 6.8x 17.6x 46.7x Diversified Data Oracle Corporation ORCL 204,720 195,307 96.4% 6.6% 42.3% 5.6% 1.4% 42.9% 5.1x 5.1x 11.9x 49.5x International Business Machines Corporation IBM 170,779 138,020 88.4% 4.2% 5.3% (1.0%) (0.2%) 19.7% 2.1x 2.1x 10.8x 24.1x Subscription Data SAP SE Sponsored ADR SAP 151,024 151,252 96.7% 12.2% 91.7% 9.8% 6.0% 27.3% 5.3x 5.3x 19.3x 30.3x Adobe Inc. ADBE 131,059 131,772 97.2% 81.0% 222.3% 24.6% 22.0% 35.9% 15.3x 14.6x 42.7x 54.6x salesforce.com, inc. CRM 124,060 120,338 98.7% 70.2% 118.1% 24.9% 26.5% 10.9% 10.5x 9.4x NM NM Marketplace HubSpot, Inc. HUBS 5,598 5,856 93.1% 79.6% 230.0% 38.6% 24.4% NM 11.8x 11.2x NM NM Median $151,024 $138,020 96.7% 53.5% 118.1% 14.7% 9.9% 31.6% 7.3x 6.8x 17.6x 46.7x

Travel

Flash Sales / Promotional / Agencies Coupons WPP Plc WPP-GB $25,131 $18,503 70.8% (21.1%) (29.5%) 6.1% (10.2%) 15.5% 1.2x 1.4x 8.0x 7.4x Omnicom Group Inc OMC 18,921 15,262 81.6% (8.2%) 3.2% (0.9%) 0.0% 15.3% 1.2x 1.2x 8.0x 12.9x Vertical eCommerce Publicis Groupe SA PUB-FR 17,439 14,067 75.8% (14.4%) (11.7%) (0.4%) 0.1% 20.7% 1.6x 1.6x 7.6x 14.7x Dentsu Inc. 4324-JP 15,483 13,381 93.3% 5.7% (11.2%) 10.8% 5.0% 18.2% 1.8x 1.8x 9.7x 14.2x Interpublic Group of Companies, Inc. IPG 10,559 8,777 87.9% 10.0% 19.2% 0.5% (1.6%) 14.2% 1.3x 1.3x 9.0x 15.4x Digital Media & Online Content Median $17,439 $14,067 81.6% (8.2%) (11.2%) 0.5% 0.0% 15.5% 1.3x 1.4x 8.0x 14.2x

Social Media

Gaming

TECHNOLOGY, MEDIA & TELECOM PAGE | 17 IDM SECTOR REVIEW | 3Q 2018

Online Advertising Internet GoDaddy, Inc. Class A GDDY $16,782 $13,802 98.5% 91.7% 229.7% 20.7% 12.6% 14.3% 6.5x 6.3x 45.8x NM Bellwethers Wix.com Ltd. WIX 5,357 5,787 98.8% 66.6% 584.0% 46.7% 39.8% NM 10.4x 8.9x NM NM Endurance International Group Holdings, Inc. EIGI 3,002 1,263 80.4% 7.3% (32.4%) 5.9% (0.6%) 27.1% 2.6x 2.6x 9.6x NM Digital Marketing Web.com Group, Inc. WEB 1,987 1,401 98.4% 11.6% 34.1% 5.5% 0.7% 20.5% 2.6x 2.6x 12.9x 26.1x Tucows Inc. TCX 660 591 77.7% (4.8%) 138.9% 73.5% (3.4%) 11.6% 1.9x 1.9x 16.2x 26.5x Marchex, Inc. Class B MCHX 36 102 75.8% (10.0%) (30.7%) (30.3%) (2.0%) NM 0.4x 0.4x NM NM Diversified / Marketing Cloud Median $2,494 $1,332 89.4% 9.5% 86.5% 13.3% 0.1% 17.4% 2.6x 2.6x 14.5x 26.3x

Agencies

Online Advertising Networks/Search Portals Advertising Alphabet Inc. Class A GOOGL $747,184 $778,388 93.5% 24.0% 88.0% 23.7% 17.8% 30.5% 5.7x 5.6x 18.8x NM Baidu, Inc. Sponsored ADR Class A BIDU 74,282 63,594 80.5% (7.7%) 66.3% 18.2% 16.1% 31.3% 4.9x 4.9x 15.7x NM Advertising NAVER Corp. 035420-KR 16,928 21,277 71.0% (0.8%) 39.1% 16.3% 15.2% 25.0% 3.5x 3.4x 13.8x NM Networks/Search Portals Yahoo Japan Corporation 4689-JP 15,922 18,550 70.8% (24.1%) (4.9%) 5.1% 2.1% 22.4% 1.9x 1.9x 8.4x NM Yandex NV Class A YNDX-US 10,337 9,555 73.9% (0.2%) 206.5% 42.3% 20.4% 25.9% 5.6x 5.6x 21.6x NM Consumer Data Median $16,928 $21,277 73.9% (0.8%) 66.3% 18.2% 16.1% 25.9% 4.9x 4.9x 15.7x NM

Diversified Data

Consumer Data Subscription Data Experian PLC EXPN-GB $27,156 $23,500 98.8% 27.8% 57.7% 5.7% 8.5% 34.5% 5.8x 5.6x 16.9x 27.8x Nielsen Holdings Plc NLSN 18,198 9,853 65.6% (33.3%) (38.4%) 4.2% (0.9%) 28.1% 2.7x 2.8x 9.8x 30.7x Equifax Inc. EFX 18,313 15,722 94.1% 23.2% 32.7% 6.9% 5.8% 29.4% 5.4x 5.3x 18.2x 35.2x Marketplace Alliance Data Systems Corporation ADS 22,666 12,976 84.8% 6.6% (10.0%) 8.1% 9.8% 28.9% 2.9x 2.8x 10.0x 13.7x TransUnion TRU 18,036 13,590 92.6% 55.7% 199.8% 13.4% 16.8% 35.4% 8.2x 7.7x 23.0x 32.3x Fair Isaac Corporation FICO 7,800 6,661 94.8% 62.7% 169.0% 10.8% 8.7% 22.9% 7.6x 6.9x 33.0x 46.8x Travel Dun & Bradstreet Corporation DNB 6,648 5,292 98.3% 22.4% 34.4% 2.3% 0.2% 32.5% 3.7x 3.8x 11.4x 22.7x LiveRamp Holdings, Inc. ACXM 3,966 3,837 95.9% 100.5% 151.0% 4.2% (65.7%) 11.7% 4.2x 14.1x 35.8x NM Flash Sales / Median $18,117 $11,414 94.5% 25.5% 46.1% 6.3% 7.1% 29.2% 4.8x 5.4x 17.5x 30.7x Promotional / Coupons

Vertical eCommerce

Diversified Data Digital Media & Thomson Reuters Corporation TRI-CA $39,034 $31,919 93.9% (0.4%) 12.9% (0.6%) (15.7%) 28.2% 5.6x 7.0x 20.0x 38.2x Online Content IHS Markit Ltd. INFO-US 27,772 21,269 96.4% 22.4% 85.2% 5.0% 13.8% 33.4% 7.1x 6.9x 21.4x 37.6x Verisk Analytics Inc VRSK-US 22,679 19,856 98.2% 44.9% 54.2% 7.5% 7.0% 47.4% 9.6x 9.5x 20.3x 30.2x Social Media Informa Plc INF-GB 12,166 12,440 86.6% 10.2% 27.2% 30.7% 46.1% 33.4% 5.0x 4.0x 15.0x 33.0x Dun & Bradstreet Corporation DNB 6,648 5,292 98.3% 22.4% 34.4% 2.3% 0.2% 32.5% 3.7x 3.8x 11.4x 22.7x Median $22,679 $19,856 96.4% 22.4% 34.4% 5.0% 7.0% 33.4% 5.6x 6.9x 20.0x 33.0x Gaming

TECHNOLOGY, MEDIA & TELECOM PAGE | 18 IDM SECTOR REVIEW | 3Q 2018

Subscription Data Internet S&P Global, Inc. SPGI $52,527 $49,141 89.9% 25.0% 121.1% 7.1% 6.9% 50.5% 8.3x 8.1x 16.5x 28.8x Bellwethers Moody's Corporation MCO 36,535 32,086 88.9% 20.1% 71.5% 16.6% 6.8% 47.2% 8.0x 7.9x 17.0x 29.6x Wolters Kluwer NV WKL-NL 19,853 18,101 96.3% 34.9% 102.6% 3.2% 2.0% 28.1% 3.9x 3.9x 13.9x 20.2x Digital Marketing Gartner, Inc. IT 16,563 14,395 98.3% 27.4% 90.7% 35.5% 10.4% 14.9% 4.2x 4.1x 28.5x 98.8x MSCI Inc. Class A MSCI 17,387 15,760 96.3% 51.8% 206.1% 10.7% 9.2% 53.7% 12.4x 12.1x 23.0x 37.5x FactSet Research Systems Inc. FDS 9,146 8,581 94.3% 24.2% 39.9% 10.6% 7.1% 32.4% 6.8x 6.4x 20.9x 32.1x Diversified / Marketing Cloud Morningstar, Inc. MORN 5,150 5,368 87.2% 48.1% 57.3% 14.2% NA 30.5% 5.2x NA 17.0x 29.9x Forrester Research, Inc. FORR 702 830 91.8% 9.7% 48.4% 3.6% 5.3% 9.0% 2.0x 2.0x 22.4x 68.6x Median $16,975 $15,077 93.0% 26.2% 81.1% 10.6% 6.9% 31.4% 6.0x 6.4x 18.9x 31.0x Agencies

Online Advertising Marketplace Amazon.com, Inc. AMZN $1,020,353 $976,945 97.7% 108.4% 284.7% 30.8% 23.8% 11.5% 4.6x 4.3x 40.0x NM Advertising Networks/Search Alibaba Group BABA 438,289 427,088 77.8% (4.6%) 179.9% 60.5% 45.9% 28.1% 9.3x 7.6x 33.0x 46.3x Portals JD.com, Inc. JD 35,073 31,412 51.5% (31.7%) (1.5%) 37.9% 25.4% 0.4% 0.5x 0.5x NM NM eBay Inc. EBAY 36,828 32,675 70.3% (14.1%) 32.6% 6.9% 11.2% 28.5% 3.6x 3.4x 12.6x NM Consumer Data Liberty Interactive QVCA 17,605 10,196 76.3% (5.8%) (15.9%) (2.3%) 17.7% 15.6% 1.4x 1.3x 9.3x 4.2x Rakuten, Inc. 4755-JP 14,062 10,998 67.6% (29.7%) (41.1%) 20.8% 13.1% 15.8% 1.5x 1.5x 9.7x 11.2x MercadoLibre, Inc. MELI 14,733 15,034 81.5% 31.5% 275.5% 58.0% 58.9% 0.5% 12.2x 10.0x NM NM Diversified Data 58.com Inc. WUBA 10,334 9,050 81.9% 16.6% 61.8% 30.6% 23.7% 18.8% 5.9x 5.4x 31.3x 44.2x Shopify, Inc. SHOP 15,961 15,479 93.1% 41.2% 368.9% 73.2% 44.7% NM 17.3x 15.5x NM NM Wayfair, Inc. W 13,272 8,810 97.7% 119.1% 311.9% 39.7% 31.9% NM 2.1x 2.0x NM NM Subscription Data LendingClub Corp LC 3,555 1,642 59.1% (36.3%) (70.5%) (1.4%) (32.9%) 48.4% 3.0x 5.1x 6.3x NM Overstock.com, Inc. OSTK 726 804 30.8% (6.7%) 62.8% (3.1%) 8.9% NM 0.4x 0.4x NM NM Median $15,347 $13,016 7 7 .1% (5.2%) 62.3% 30.7 % 23.7 % 15.8% 3.3x 3.9x 12.6x 27 .7 x Marketplace

Travel Travel Booking Holdings Inc. PCLN $96,289 $94,184 89.0% 8.4% 59.1% 18.0% 10.2% 39.7% 6.8x 6.7x 17.2x 33.7x Flash Sales / Promotional / Ctrip.com CTRP 23,703 20,266 65.8% (29.5%) 18.8% 37.2% 22.6% 12.9% 5.4x 5.2x 42.1x 63.9x Coupons Expedia Group, Inc. EXPE 21,706 17,830 84.6% (9.4%) 8.8% 14.7% 11.3% 16.0% 2.0x 1.9x 12.4x 40.1x TripAdvisor, Inc. TRIP 6,513 6,371 81.9% 26.0% (20.4%) 5.1% 9.2% 17.8% 4.1x 4.0x 23.0x NM Vertical MakeMyTrip Ltd. MMYT 2,544 1,598 65.8% (4.5%) 97.2% 50.9% 25.5% NM 4.5x 4.0x NM NM eCommerce trivago N.V. Sponsored ADR Class A TRVG 2,021 190 53.1% (43.2%) NA 41.7% 0.2% NM 1.8x 1.9x NM NM Travelzoo TZOO 134 146 56.0% 37.8% 42.6% (6.8%) 9.0% 7.5% 1.2x 1.2x 16.0x 38.6x Digital Media & Median $6,513 $6,371 65.8% (4.5%) 30.7% 18.0% 10.2% 16.0% 4.1x 4.0x 17.2x 39.4x Online Content

Social Media

Gaming

TECHNOLOGY, MEDIA & TELECOM PAGE | 19 IDM SECTOR REVIEW | 3Q 2018

Flash Sales / Promotional / Coupons Internet Groupon, Inc. GRPN $1,771 $2,143 62.9% (27.5%) 16.0% (5.6%) (1.3%) 6.0% 0.7x 0.7x 10.9x NM Bellwethers Quotient Technology Incorporated QUOT 1,283 1,474 86.8% (1.0%) 72.2% 17.1% 25.5% 4.4% 3.4x 3.2x NM NM Median $1,527 $1,809 74.9% (14.2%) 44.1% 5.7% 12.1% 5.2% 2.0x 1.9x 10.9x NM Digital Marketing

Diversified / Vertical eCommerce Marketing Cloud GrubHub, Inc. GRUB $12,971 $12,540 92.8% 163.2% 466.0% 38.5% 28.6% 21.7% 14.0x 13.2x NM 91.4x Cimpress N.V. CMPR 5,275 4,220 79.5% 39.9% 78.0% 21.4% 10.4% 12.8% 2.0x 1.9x 15.7x NM Agencies Stamps.com Inc. STMP 4,293 4,107 79.2% 11.6% 204.7% 28.7% 17.5% 37.3% 7.8x 7.6x 21.0x 24.7x Etsy, Inc. ETSY 6,388 6,153 96.5% 204.4% 263.1% 20.9% 33.1% 17.3% 11.8x 10.7x NM 76.0x Online Chegg, Inc. CHGG 3,066 3,240 86.6% 91.6% 298.7% 0.4% 21.1% 4.1% 10.3x 9.9x NM NM Advertising Shutterfly, Inc. SFLY 3,218 2,203 65.7% 35.9% 84.5% 4.9% 37.8% 11.6% 2.0x 1.6x 17.3x NM Shutterstock, Inc. SSTK 1,735 1,908 97.9% 64.0% 83.0% 12.7% 12.1% 11.3% 2.8x 2.7x 25.1x 45.6x Advertising PetMed Express, Inc. PETS 590 683 57.1% (0.4%) 105.8% 9.9% 7.0% 19.8% 2.1x 2.0x 10.4x 16.0x Networks/Search Portals 1-800-FLOWERS.COM, Inc. FLWS 836 425 78.7% 19.8% 28.1% (3.5%) 5.6% 6.0% 0.7x 0.7x 12.0x 11.6x eHealth, Inc. EHTH 523 542 85.7% 18.3% 121.0% (7.8%) 37.6% NM 2.9x 2.4x NM NM Consumer Data Median $3,142 $2,722 82.6% 37.9% 113.4% 11.3% 19.3% 12.8% 2.9x 2.5x 16.5x 35.2x

Diversified Data Digital Media & Online Content Tencent Holdings Ltd. 700-HK $403,851 $393,273 67.8% (4.0%) 147.6% 54.4% 35.9% 37.0% 9.4x 8.6x 25.5x 37.2x Subscription Data Netflix, Inc. NFLX 174,346 162,918 88.4% 106.3% 253.0% 32.4% 25.8% 60.1% 11.7x 11.0x 19.5x NM IAC IAC 19,012 16,780 96.9% 84.3% 232.3% 5.3% 12.2% 17.7% 4.6x 4.5x 26.2x 35.9x SINA Corp. SINA 4,274 4,966 55.8% (39.4%) 98.6% 53.6% 38.1% 25.8% 2.2x 2.0x 8.6x 31.7x Marketplace Sohu.com Limited Sponsored ADR SOHU (56) 774 28.1% (63.5%) (52.6%) 13.4% 15.3% 5.3% 0.0x 0.0x NM NM Pandora Media, Inc. P 2,930 2,565 94.4% 23.5% (54.1%) 5.9% 11.7% NM 1.9x 1.9x NM NM Blucora, Inc. BCOR 2,114 1,918 97.3% 59.1% 201.0% 11.8% 6.9% 19.0% 3.8x 3.8x 20.0x 25.0x Travel XO Group Inc. XOXO 774 893 96.2% 75.3% 146.1% 5.5% 8.8% 16.7% 4.7x 4.6x 28.2x 71.8x TechTarget, Inc. TTGT 551 536 56.3% 62.6% 123.5% 1.8% 15.8% 18.5% 4.7x 4.5x 25.4x 78.7x Flash Sales / Promotional / Leaf Group Ltd. DMD 218 250 83.0% 44.9% 141.0% 13.7% 16.7% NM 1.5x 1.4x NM NM Coupons Townsquare Media, Inc. TSQ 727 111 74.6% (21.7%) (19.4%) (1.7%) (15.9%) 19.5% 1.4x 1.7x 7.2x NM Median $2,114 $1,918 83.0% 44.9% 141.0% 11.8% 15.3% 19.0% 3.8x 3.8x 22.7 x 36.5x Vertical eCommerce

Digital Media & Online Content

Social Media

Gaming

TECHNOLOGY, MEDIA & TELECOM PAGE | 20 IDM SECTOR REVIEW | 3Q 2018

Social Media Internet Facebook, Inc. FB $437,859 $396,625 75.2% (3.8%) 80.8% 47.1% 27.1% 54.7% 8.4x 7.9x 15.4x 20.3x Bellwethers Twitter, Inc. TWTR 18,835 21,568 59.6% 68.7% 15.3% (3.4%) 11.7% 26.7% 6.6x 6.5x 24.6x 20.7x Snap, Inc. Class A SNAP 9,710 8,166 40.0% (41.7%) NA 104.0% 36.1% NM 9.0x 8.4x NM NM Digital Marketing Weibo Corp WB 16,336 8,876 51.5% (26.1%) 536.5% 76.4% 54.9% 37.0% 11.1x 9.1x 29.9x 25.1x Momo Inc MOMO 8,486 8,957 80.8% 39.8% 250.7% 139.8% 47.9% 28.3% 5.1x 4.2x 17.9x 28.0x Match Group, Inc. MTCH 18,050 3,878 95.0% 149.7% NA 19.0% 16.9% 34.3% 10.9x 10.5x 31.9x 10.9x Diversified / Marketing Cloud Spark Networks SE Sponsored ADR LOV 154 147 74.0% NA NA 178.9% 0.9% NM 1.2x 1.2x NM NM Median $16,336 $8,876 74.0% 18.0% 165.8% 76.4% 27.1% 34.3% 8.4x 7.9x 24.6x 20.7x Agencies

Gaming Online Nintendo Co., Ltd. 7974-JP $36,336 $51,711 77.6% (1.1%) 110.9% 115.8% 23.8% 19.3% 3.8x 3.2x 19.5x 37.4x Advertising Activision Blizzard, Inc. ATVI 63,593 63,425 99.3% 29.0% 169.2% 6.2% 9.1% 35.4% 8.7x 8.5x 24.6x NM Advertising NetEase, Inc. NTES 24,655 29,976 60.4% (13.5%) 94.4% 39.6% 30.3% 15.0% 2.8x 2.5x 18.4x 18.9x Networks/Search Electronic Arts Inc. EA 33,438 36,728 79.7% 2.1% 79.3% 7.3% 6.3% 28.0% 6.4x 6.3x 23.1x 37.9x Portals Take-Two Interactive Software, Inc. TTWO 14,624 15,707 98.8% 35.0% 383.5% 0.7% 54.0% 18.3% 8.1x 5.2x 44.1x 73.6x

Ubisoft Entertainment SA UBI-FR 13,474 12,217 86.4% 57.8% 425.8% 18.6% 7.5% 46.3% 5.6x 5.6x 12.2x 34.7x Consumer Data Zynga Inc. ZNGA 3,127 3,449 87.7% 6.1% 76.7% 16.2% 19.7% 7.5% 3.5x 3.3x 46.6x NM GREE, Inc. 3632-JP 370 1,143 64.9% (30.9%) 4.2% 19.2% 6.4% 12.9% 0.5x 0.5x 4.3x 25.9x Glu Mobile Inc. GLUU 980 1,056 95.5% 98.1% 79.5% 43.0% 16.2% NM 2.8x 2.6x NM NM Diversified Data Median $14,624 $15,707 86.4% 6.1% 94.4% 18.6% 16.2% 18.8% 3.8x 3.3x 21.3x 36.1x

Subscription Data

Marketplace

Travel

Flash Sales / Promotional / Coupons

Vertical eCommerce

Digital Media & Online Content

Social Media

Gaming

TECHNOLOGY, MEDIA & TELECOM PAGE | 21 IDM SECTOR REVIEW | 3Q 2018

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222 South 9th Street 800 17th St. NW Suite 3350 2nd Floor Minneapolis, Minnesota 55402 Washington, D.C. 20006 Phone: +1 (612) 359-2700 Phone: +1 (202) 207-2300

TECHNOLOGY, MEDIA & TELECOM PAGE | 22 IDM SECTOR REVIEW | 3Q 2018

1. FactSet.

2. PNC Capital Markets.

3. S&P LCD stats.

4. PitchBook.

5. HW proprietary transaction information.

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