PRIVATE & CONFIDENTIAL

Driven by your success. For client and institutional use only, not for public dissemination Credit Markets & Sponsor-Related Transactions: Preview of 2021

Guest Speakers

Justin Kaplan Bill Beebe Chris York Partner Vice President, Managing Director & Co- Specialty Lending Group Head Life Sciences & Technology Finance Canaccord Genuity Moderators Isaiah Knouff Amy LaBan, CFA Managing Director, Managing Director, US Financial Sponsor Coverage US Financial Sponsor Coverage [email protected] [email protected]

For webcast replays visit: https://www.webcaster4.com/Webcast/Page/2332/38720

Page 1 Driven by your success. Prior to joining Balance Point, Mr. Kaplan was a Senior Vice President for BNY Mellon Alcentra Mezzanine Partners, L.P. where he was responsible for transaction sourcing, deal execution and the monitoring of portfolio companies. Mr. Kaplan was a member of the investment committee and served on the boards of directors of several portfolio companies. Mr. Kaplan began his career in the group of Justin Kaplan Veronis Suhler Stevenson, an independent investment and private equity fund specializing in the media industry, where he completed more than 25 corporate finance and private equity related transactions totaling over $2.0 billion in aggregate deal value. Mr. Kaplan received his B.A. from Cornell University and was awarded a Cornell Fellowship Scholarship.

Bill is a vice president in the Specialty Lending Group (“GSSLG”) of & Co., with an investment focus on the healthcare services, healthcare IT, and asset light logistics sectors. GSSLG provides senior secured debt financing for middle market companies and private equity sponsors across a broad variety of industries and financing structures, ranging from senior secured debt to structured equity. Prior to joining GSSLG in 2008, Bill spent 10 years in the healthcare lending sector with Silver Point Capital, Bill Beebe FirstLight Financial Corporation, and GE Capital. .

Chris York is currently head of originations for MidCap’s Life Sciences & Technology Finance Group. Mr. York brings more than 17 years of experience providing venture debt financing to private and public technology and life science companies. Mr. York was one of the founding members of the Lynch Capital Life Sciences Venture Debt team. Prior to Merrill Lynch Capital, Mr. York spent 6 years at Silicon Valley Bank where he was responsible for developing and maintaining relationships with venture capital and Chris York private equity firms throughout the East Coast. Prior to joining Silicon Valley Bank, Mr. York was a professional golfer for 2 years, playing on various professional tours throughout the world. Mr. York graduated from Georgetown University in Washington, D.C. with a B.S. in Finance.

Page 2 Driven by your success. Q: Where do you see the market now versus mid-year and post Labor Day? Have you seen certain sectors return to historical leverage and pricing levels despite the current travel restrictions?

March through August was very quiet. AT one point, our deal flow probably dropped about 75%. The only things that we were seeing were industries really impacted by COVID, like the fitness industry and what I’ll call “healthcare retail,” like dental and dermatology practices. In August, things started to pick up. Since September, it’s been full steam ahead. This is probably the busiest December that we have ever had in our 12 years in business. We’re seeing anything that touches the consumer really coming back. Probably the biggest winner that we’ve seen is anything that touches e- Justin Kaplan commerce technology and Amazon has been on fire. For those sectors, we’ve seen leverage levels go back to pre- COVID levels, and we’ve seen pricing come down to pre-COVID levels. For those areas that have been hit by COVID, I would still say leverage is lower, probably half a turn to 3/4 of a turn. Pricing is up probably 100 or 150 basis points.

I focus on the middle market, which we view as companies with $5-$40 million EBITDA. In March to June, nothing got done. If you wanted to do a deal, pricing was just astronomical. Healthcare services that got hit pretty hard in March and April, like dermatology, got absolutely hammered. Then you had the summer months, when we realized the world hadn’t ended. We started seeing a few a new opportunities pop up. Now we are the busiest we have ever been in December. For healthcare IT, pricing and leverage is back to where it was pre-COVID, if not more aggressive. I think within healthcare services, leverage is about half a turn to a turn inside of our where it was pre-COVID, and pricing is 50 Bill Beebe to 100 basis points wider, but deals are getting done.

My focus within midcap is venture debt-oriented opportunities with tech and life science companies. On the pharma and biotech side, it’s actually been strong throughout COVID. These businesses have really strong balance sheets, and there’s been a bunch of capital inflows to them. But for some clinical trials getting delayed, it’s been fairly business as usual – in some ways more tailwinds than headwinds, with all the work going on around COVID. Med-tech, though, continues to struggle. The uncertainty around elective surgeries being on again off again has created underwriting Chris York challenges. In healthcare IT, it has become professionally acceptable to receive healthcare virtually, and I think that trend becomes permanent. On the tech side, we obviously lived in a digital economy before COVID, and and that’s only been accelerated, whether it’s remote working software solutions, e-commerce as Justin mentioned, or even some food services-related technology.

Page 3 Driven by your success. Q: What kind of opportunities are you looking at right now that you find most attractive and actionable in terms of industry, business model, financials, and key metrics?

We’re trying to finance businesses that are recurring revenue and have in-elastic demand. That worked great until you got into the COVID period, and people were scared to go to the doctor and visit volume plummeted for office based physicians and dentists. Now those businesses are bouncing back. I think leverage is a little more conservative in certain sectors, and we spend a lot more time looking at liquidity. We’re still underwriting physician practice management deals. We have a deal, hopefully, we’ll get it signed up today in the ophthalmology space, a business that’s Bill Beebe back at 95% plus or minus of pre-COVID levels.

Our deal cadence is largely back to normal. We’re looking at the same types of companies that we were looking at pre- COVID. Obviously, we have a jaundiced eye towards things that continue to be affected by COVID. But, as we sit here in December, I think most management teams have worked their way through COVID. And, the ones that have survived are now turning their attention to post-COVID and making plans for growth, and, potentially, the necessary capital to support that growth, which is, obviously, what all of us here today ultimately provide. As far as sectors of focus, I touch Chris York Life Sciences and Technology. We have a food services-related technology deal we’re underwriting right now, venture capital-backed, that we’ll close this year. We’ve closed some biotech deals in the last couple of months. It feels a little bit like we’ve all got a light at the end of the tunnel now and are spending our time thinking more about greener pastures than we were in the summer months and spring months.

We look at the $5-$40 million dollar EBITDA market, both sponsor/nonsponsor-backed, and we’ve got buckets for credit and for equity. I’m surprised that we haven’t seen, and would very much like to see, what I’ll call, “good companies with bad balance sheets.” We expected to see a ton of those companies in 3Q. even earlier back in Q2, but, except for a handful, they have been non-existent, Maybe that’s more of a comment on our inability to market correctly. Justin Kaplan Regardless, I’ve spoken to enough people in the marketplace that I don’t think many people are seeing those companies. I just can’t figure out where those companies are and why aren’t we seeing them. PPP is only going to last for so long. I’m pretty sure everyone did amendments in March and June and kicked the can down the road. You would think we would have started to see those opportunities in September, October, November. But we still haven’t seen them, and I think I speak to the market enough to say the market hasn’t seen them.

Page 4 Driven by your success. Q: How have you handled due diligence for transactions during the pandemic? How has this evolved during the year? Has pricing increased? Has leverage decreased?

Zoom due diligence meetings are now the norm, and I don’t expect those to change anytime soon. Candidly, we were very resistant to conducting due diligence meetings via Zoom, but obviously had to capitulate. We place a ton of value on sitting in the room with the management team and were nervous we were going to be missing something without having that personal interaction. It’s been an adjustment. Our deal volume this year will be half of what it is in a normal year. I think Chris York a lot of that has to do with our reticence to conduct diligence remotely. But, I think we’ve entered the world of diminishing returns. I think office interaction and in-person diligence meetings are super important, and particularly critical for younger people in an organization. I’m worried that we’re missing an important part of folks’ development, particularly the younger folks in an organization.

We have spent the better part of this year on Zoom. Our pre-COVID policy before we funded a deal was two partners had to meet management in person. We have decided not to change that policy through COVID, and we’ve closed a couple deals. We test all of our team every Monday, which gives us an added layer of comfort and security. Even though our offices are technically closed, we have folks coming in and employees coming in, and everyone feels safe, given Justin Kaplan we’re testing on a weekly basis. For the most part, we’re doing Zoom. Then at the last minute, we’re getting on airplanes to meet the team.

If you told me in the last year we were going be doing remote management meetings, I’d say that’s crazy. But look, if you wanted to do deals, you had to do it. As long as the sponsor has met with a management team, we’re okay. So not ideal, but it’s what we’ve got to do this until we get wide vaccine distribution. Between Medicare Advances, PPP, and almost all the companies’ borrowed money to fully fund revolvers in March, companies got liquidity to get through to the Covid period. On any new deals or material amendments we are spending more time on analyzing true liquidity than we would have pre- Bill Beebe Covid.

Page 5 Driven by your success. Q: What are some creative ways you have approached getting deals done? Have you seen any COVID addbacks (EBITDAC)? Do you believe you'll be able to complete a transaction if you're not able to meet management in person before the transaction closes?

Everything has a COVID addback. By the way, some are legit, and some are aggressive. We’ve taken two approaches. On the credit side, we’re pretty flexible in terms of our cash and PIK mix. We’ve got more flexibility than some of my peers to use the cash and PIK lever, meaning if we need to have our interest rate PIK for 12 months or 18 months to Justin Kaplan give the company liquidity, we have no problem doing that. The other way that that we would address getting deals done is using our structured equity bucket. We’ve done a lot of deals this year where, for whatever reason, maybe the leverage isn’t fully there. We’ll put in some kind of preferred security that may have a liquidation preference and may convert at a higher price point or may have some warrants to it. That security is less dilutive to the equity, and it helps the sponsor get the deal done without having to put in either more equity or co-investment equity in.

Let’s say we have three different portfolio companies, the best was down 50% versus the worst down 80%. These are all good businesses, well run with good sponsors, but it’s a function of where you are. In big cities, you get hit a lot harder than if you’re in rural areas. For a COVID addback, we want to see progression – if the company was down 80% in March, it has started bouncing back. We want at least a good two or three months where you’re 95-105% pre- Bill Beebe COVID levels to make certain the rebound isn’t just pent-up demand followed by a drop back down again. If that’s the case, we look at COVID addbacks in two ways. One way is we do a run-rate post-COVID, say June to October. The other way is you can do these fancy calculations based on volume then and volume now and look at the leverage around that. If you do that latter approach, you need to make certain your EBITDA is not way out from 2019 levels.

In terms of creative things that we’ve done to get some deals done, I think of two areas. First example, we have a transaction with a business in the testing space. They produce a lot of the reagents associated with COVID testing, and we structured sort of a royalty on their sort of hyper growth expectations. That seems to be working out pretty well, got them some money quickly, and it’s been a nice return for us. Secondly, we lead with senior debt, but we often Chris York will get a right to invest equity. For reasons that I can’t pinpoint, we’ve ended up putting equity into more transactions recently. We’ve closed probably five deals during COVID, and we’ve done some meaningful equity investments alongside our debt in two or three of them, which is a lot relative to historical norms. These businesses are craving liquidity, and so the equity investment alongside the debt has been something that’s been received pretty well by management teams and sponsors.

Page 6 Driven by your success. Q: Are there industries, business models, and/or situations you're avoiding?

We tend to stay away from certain sectors, such as out of network focused models or certain PPM specialties. Let’s take physician practices, they’re not all created equal. You have anesthesia groups, ER physicians, radiology, all areas where the doctors don’t have leverage over you given your contract is with the hospital and you don’t visit a hospital for a particular ER physician. Compare that to specialties, like orthopedics, neurology, and cardiology that patients visit for a particular physician. If that physician leaves, so do the patients. Given that, we tend to focus on dermatology, Bill Beebe ophthalmology , dental and the hospital based physicians previously mentioned.

MedTech is the toughest place for us right now. Everyone in the space got slammed in March and April. The management teams put together a draconian kind of COVID plan, which a lot of them ended up outperforming, because things bounced back faster than a lot of folks thought. Some of this is a lot of elective surgeries that got pushed out of the hospital into the ASCs. But now, we’re starting to see elective surgeries get pushed again in certain geographies. MedTech is pretty hard to underwrite right now, given the lack of visibility. I’d also add that some business Chris York models that rely on big capex purchases or upfront software commitments have been tougher for us to get comfortable with, because those businesses are having a tough time closing deals with hospitals. . We’ve looked at a few COVID testing businesses and have had a hard time getting a handle on them. The projections are all over the place. It’s kind of hard to for us to figure out who’s capturing the business, whether it’s some of the smaller companies or the big labs like Quest. It maybe a bit counterintuitive, but the management teams for the testing companies we’ve looked at have had a hard time putting together projections that anybody can get behind comfortably

We’re a generalist firm, we cover the service economy. We do, however, have a specialization within the health and wellness sectors. It pains me to say this, because we love this sector, but we’ve seen some amazing brands, a bunch of Justin Kaplan gym or fitness concept opportunities, during this COVID period that we’ve had a really hard time underwriting. We just have no idea when and if people are going to come back to a box concept. If we were not in COVID, we would be running like hell to invest in these companies given their brand cachet. We’ve decided to take a pause on that for now.

Page 7 Driven by your success. Q: Have you walked away from a deal that was in process due to COVID?

We’ve had two situations. One was a MedTech business that was smack-dab in the middle of elective surgeries in the height of the shutdown. And, the business was, candidly, a marginal performer heading into COVID, and became totally untenable under a COVID lens. The second, as I previously mentioned, was actually in the COVID testing arena – a great company, great management team, but they just couldn’t get projections together. It wasn’t their fault. They were struggling with states that were promising testing business that then never delivered. Their other core customers were employers that wanted back-to-work testing programs, and those programs kept getting pushed, back as employers Chris York then decided to keep their office closed all year. We were getting a new set of projections from this company every week, and you can all guess which direction they were going.

We closed two deals during the March to August period, we didn’t walk away from anything. Chris’ example is actually the first time that I’ve heard that someone walked away from something focused on testing in COVID, although I have heard Justin Kaplan about deals being delayed.

We closed one deal, a dermatology business, the week of lockdowns. We then closed a healthcare IT deal on March 28th. Those deals were committed. For the deals that died, the issue was the sponsor stopped pursuing them, and we hadn’t yet committed to them. Our view was, if we told someone we’re going to do something, we’re committed. Frankly, most of the deals that were closer to getting done with sponsors were just put on hold. Looking back now, it may have been crazy to Bill Beebe lock down as hard as we did in March and April, but we didn’t know.

Page 8 Driven by your success. Q: Have virus cases surging through the fall had an impact on your activity?

It’s as busy as it’s ever been. When COVID hit back in March, I thought what we did was super creative and unique. We divided our portfolio into red, yellow, and green companies, with red being the most severely impacted by COVID. I subsequently learned that every other firm used the red, yellow, green. Right now, our red companies, which obviously Justin Kaplan got hit pretty hard in March and April and then rebounded, are starting to get hit again. Despite that trend, the market is on fire. It seems like people almost have blinders on, because deals are getting done. Deals are competitive, the market is as hot as it’s ever been. If our red companies are being impacted, other firms have to have their red companies being impacted as well. Maybe people just feel like, with the vaccine coming now in December and being distributed by second quarter next year, maybe that makes people see light at the end of the tunnel

Unfortunately, dermatology was red, but it’s bounced back. For the deals we’re chasing, as long as you have long-term liquidity, you can of ride out a second shut down. We have certain gym deals you can chase (i.e. focused on low cost monthly payments), but you can’t touch the more expensive gyms. You have to manage liquidity like the world’s shut Bill Beebe down.

I’m probably a bit more bullish than most given the space we’re in. Most of the companies that I lend to have pretty strong liquidity profiles. And, I think everyone has a view or is coming to the view that we’ll have two vaccines approved here probably next week, and then will start to roll out later this year and early January. No one goes to where the puck is today, they go where the puck is going to be, and I think we’re all starting to go where the puck is going to be, putting our current situation into our rearview mirror. I think it will be April, May 2021 when we start really feeling like things are back to normal. Our deal activity is kind of back to its normal cadence, and all the management teams we’re talking to Chris York have a handle on what their 2021’s are going to look like. And as I said at the beginning of the call, this has had a finite feel to it all along. We’re getting to the end of the tunnel where the light is.

Page 9 Driven by your success. Q: How are you managing risk versus relationships?

Managing risks with relationships is why we like to do business with the same sponsors. Working with the right sponsors was very relevant back in April, May, and June, and it will be relevant again shortly. If a company needed money and it was for liquidity, i.e., making payroll, we would over-advance. But if we put in a dollar, we expected the sponsor to put in a dollar. We think this was pretty consistent across the industry from talking to other lenders. One of the reasons sponsors get better economics than in non-sponsored deal is funds can put money in, and they can supplement management, which is very helpful to us. We’re Bill Beebe lenders, so we need to be focused on the downside.

It’s been no different than before COVID. Every company in my portfolio is burning cash, so there’s always some form of discussion going on around the future capital race. It may be a month from now, maybe nine months from now, but it’s always on the top of the VC’s mind. As a result, our portfolio is pretty high-touch, and we’re always talking to the sponsors and the management teams. There were companies that that hit speed bumps due to COVID, but those companies have bounced back faster than we thought they would, and things have opened back up faster than anyone thought would happen. And then there were the companies that were struggling before COVID, and, obviously ,COVID exacerbated their issues. In those Chris York situations, a sale process was accelerated most of the time. These companies may have gotten some soft offers before COVID, but the sponsors wanted to hold out for a better valuation. When COVID hit, everyone sort of threw their hands up and said let’s just sell this thing or start a sale process and get out.

When COVID hit, we wanted to be good partners to our sponsors. We were willing to share the pain, but we want our sponsor to share the pain as well. If we put in a $1, we expect a $1 contribution from the sponsor. We saw that across the red names in our portfolio. The more challenging scenario is the red names that are going to get impacted by this second wave of COVID. I’m not so sure that the sharing principle is going to apply, just because of the different risk return scenarios Justin Kaplan that we as creditors have versus what our sponsors as equity have. Balance Point is a fund structure, and we have a fiduciary duty to our LPs. What the sponsor is going to want is time, and what we are going to want is liquidity. There are a couple different ways to deal with this, but it’s probably going to be more of a contribution from the sponsor than from us.

Page 10 Driven by your success. Q: Do you have a point-of-view on what we'll see after the new year?

I continue to be optimistic. Q1 is clearly going to be about vaccine distribution worldwide. Pfizer and Moderna will get approved here very shortly. Both of those drugs are over 90% efficacious, which bodes well for things getting back to normal earlier than some think. We will have immunity or faster inoculation than I think some people originally thought. I continue to believe that April/May is a time at which we’re both professionally and personally going to be back to quite a bit of normalcy. The way the stock market works, and the way that perhaps the investment community works, you kind of go Chris York where the puck is going, not where it is, which supercharges everything that we’re doing right now. In our portfolio, many companies are talking about going public in the first half of next year. I think that’s only going to continue and bodes well for all of us. So, again, I’ll end on a positive note. I think the light is at the end of the tunnel, and we’re getting close.

I’m probably not as bullish as Chris, I think it’s going to take a little bit longer. Having said that, I don’t see any slowdown in M&A activity. I do see the pickup, and I think it’s probably going to start happening in second quarter with Justin Kaplan refinancings. I think you’ve got a lot of tired lenders and some beaten up, but good companies, but I think the lenders are just going to want to get out. The market is really going to ramp up late Q1, when it’s clear that the vaccine is being distributed. I’m probably a quarter behind where Chris is.

I think there’s going to be a lot of activity, probably late Q1, Q2. Other investment bankers I’ve talked to have mentioned a similar point-of-view. Healthcare IT has been active, and that area has a lot of interest from sponsors. People are willing to do very high recurring revenue deals on those transactions; there is a large cap deal in the market that’s 7.4 times gross leverage. Clearly, there’s money available. There are enough credit funds out there that, if deals don’t get done in 2021, it’s not going to be because there’s no financing available. I’m probably between Chris and Justin – I think 2021 is going to be a good year. The question is ,when does that really kick off? As busy as we are now, I think it will be early Q1. Bill Beebe

Page 11 Driven by your success. PRIVATE & CONFIDENTIAL

Driven by your success. For client and institutional use only, not for public dissemination Overview Global Presence

• Publicly-held with a strong balance sheet of C$534 million working capital(1)

• C$60.7 billion in client assets under management and Montreal Calgary Dublin administration(1) Toronto Vancouver Boston Nashville New York • Comprehensive coverage of the major growth-focused Tel Aviv investors – regardless of geography Houston Dubai • Operations in the U.S., Canada, the U.K. and Europe, the Hong Kong Middle East, and Asia Pacific and capabilities to list companies on 10 stock exchanges worldwide • Committed to further development in key markets and sectors, successfully acquired and integrated multiple Perth companies in the last ten years Sydney • February 2019 acquisition of 50-person tech, media, Melbourne marketing, and information services investment bank Petsky Prunier significantly broadens Technology Team’s Smaller locations not shown sector coverage

Investment Banking Equity Research Sales and Trading Wealth Management • 190+ investment bankers • 130+ research • Equities and Fixed Income • C$60.7 billion in client assets globally1 professionals1 • 200+ sales and trading under management and 1 • Range of services include • Broad industry coverage professionals1 administration M&A and Financial Advisory, across core sectors • 10+ fixed income • 475 investment advisors 1 Equity Capital Markets, Debt • Nearly 1000 companies professionals1 globally Advisory and Restructuring, covered • 2,260+ institutions covered • Wealth management offices and Financial Sponsors across Canada, UK, Guernsey, • Quest® – online valuation • Market making • FY2020: Led and participated tool with 95% global Isle of Man, Jersey, and – ~2,500 companies in 373 transactions globally, coverage Australia raising over C$51.7 billion for – 10 exchanges • On and offshore client services clients 1

Note: All dollar amounts are stated in Canadian dollars unless otherwise indicated (1) Company information as of March 31, 2020 Page 13 Driven by your success. Jeff Barlow Sanjay Chadda Andrew Pojani Lisa Byrnes Jeff Barlow Dudley Baker Dan Coyne President, Canaccord Genuity. Co-Head of US IB, Co- Co-Head of US TMMIS Managing Director, President, Canaccord Managing Director, Co-Head of US IB Industrials & Med Tech & Diagnostics Head of US TMMIS Boston TMMIS Genuity. Med Tech & Healthcare IT Sustainability Boston New York Boston Diagnostics Nashville Boston Boston Scott Card Matthew Kratter Ben Lunka Marc Marano Managing Director, Managing Director, Managing Director, Tom Pollard Tom O’Connor Managing Director, TMMIS TMMIS TMMIS Managing Director, Co-Head of US Industrials & Sustainability Sanjay Chadda Boston New York Charlotte Cannabis Healthcare Boston Co-Head of US IB, Trevor Martin J.P. Michaud Jason Partenza New York New York John Stack Co-Head of US TMMIS Managing Director, Managing Director, Managing Director, Eugene Rozelman Matt Steere Managing Director, New York TMMIS TMMIS TMMIS Co-Head of US Co-Head of US Aerospace & Defense Boston Charlotte New York Healthcare Healthcare New York Michael Petsky John Prunier Seth Rosenfield Biopharma & Specialty Med Tech & Diagnostics Managing Director, Managing Director, Managing Director, Pharma San Francisco Dan Coyne TMMIS TMMIS TMMIS New York Morgan Ley Managing Director, Co-Head of US IB New York New York New York Bernard Yuen Industrials & Sustainability Head of US Consumer & Retail Mark Young Principal, Boston Boston Managing Director, Biopharma & Specialty TMMIS Pharma Boston New York

Daniel Daviau Chris Blackwell Simon Bridges Jen Pardi Tom Gabel Isaiah Knouff David Istock Chief Executive Officer, Managing Director, Head Head of European IB, Global Head of ECM Managing Director, Managing Director, US Managing Director, Head Canaccord Genuity of Canadian IB Europe Boston Capital Markets Financial Sponsors Group of M&A Toronto Toronto London Origination Nashville San Francisco Shachar Familia Boston Marcus Freeman Mike Lauzon Vice Chairman, Amy LaBan, CFA Managing Director & CEO, Managing Director, Brian O’Connor Ron Sedran Technology Managing Director, US Asia Pacific Head of Canadian Managing Director, Tel Aviv Managing Director, Financial Sponsors Group Melbourne Technology IB Sachin Mahajan US ECM Canadian ECM Toronto Managing Director, Boston Toronto Head of MENASA Dubai

Page 14 Driven by your success. Deals Involving Investors Representing an Investor’s Portfolio Company vs. (on either side of the transaction) Founder/Management-owned:

30% 45%

55% 70%

Investors No Investors Portfolio Company Founder / Management- owned Sold to an Investor vs. Sell-side vs. Buy-side Strategic Buyer

6%

41%

59%

94%

Investor Strategic Buyer Sell-side Buy-side

Includes transactions from 01/01/17 – 12/31/19 Page 15 Driven by your success. Strategic combination in February 2019 created one of the most active mid-market, full-service investment in North America, with a team of +100 in the US alone

• Offices in Boston, New York, San Francisco, Nashville, Charlotte, and Chicago

• Affiliated offices internationally leveraging the firm’s global network (~200 bankers globally across industry groups)

Canaccord Genuity is now one of the largest and most active technology and services investment banking practices focused on growth companies in the software, media, marketing, and information services ecosystem, with a strong focus in the Healthcare vertical and specialty areas including Sustainability and Cannabis

In 2019, the US Team completed nearly 140 transactions and has maintained a significant level of activity in spite of 2020’s market challenges

The financial sponsor community is a cornerstone of Canaccord Genuity’s investment banking practice

• ~70% of engagements completed with investors on at least one side of the transactions

• More than 40% of transactions engaged to represent an investor’s portfolio company

Note: All dollar amounts are stated in Canadian dollars unless otherwise indicated (1) Company information as of March 31, 2020 Page 16 Driven by your success. Ranked #1 for TMT Deal Activity1 Ranked #1 for Media & Information Services Deal Activity1

# of Transactions # of Transactions Rank Firm Name 2019 Rank Firm Name 2019 1 Canaccord Genuity 42 1 Canaccord Genuity 21 2 Goldman Sachs 10 1 Raymond James 42 3 JEGI 8 3 William Blair 41 4 Raymond James 7 4 Goldman Sachs 36 4 GP Bullhound 7 5 Jefferies 31 6 5 5 Piper Jaffray 31 6 Bank of America 5 7 Bank of America 26 6 5 6 Lincoln International 5 8 Robert W. 25 6 Needham 5 9 Morgan Stanley 23 6 Robert W. Baird 5 9 Needham 23 6 Financial 5 11 JP Morgan 21 13 Moelis 4 12 Houlihan Lokey 20 13 JP Morgan 4 12 Stifel Financial 20 13 4

Leader in US Mid-Market Healthcare Advisory 2

# of Transactions Rank Firm Name 2019 1 Piper Sandler 104 2 Canaccord Genuity 59 3 Stifel Financial 52 4 William Blair 45 5 Raymond James 27 6 Cowen & Company 20 7 Oppenheimer 19 8 Robert W Baird 17 9 JMP Securities 14 10 Needham 4

1 League table numbers for the Media & Information Services and TMT league tables represent transactions tracked by 2 Dealogic data since 2010 for mid-market PitchBook. The tables include US-based Corporate & Strategic M&A, Private Equity, IPO/Liquidity, and Venture Capital Page 17 healthcare transaction activity Driven by your success. transactions less than $500 million in the Technology, Media & Telecommunications industries as classified by PitchBook Total Roles Lead Manager Co-Manager Bank Rank Total Value No. Rank No. Rank No. ($M)

Goldman Sachs 1 692,527.0 999 1 973 67 26 JPMorgan 2 631,960.3 993 2 968 70 25 Morgan Stanley 3 679,750.7 988 3 949 48 39 Canaccord Genuity Corp 4 76,962.8 824 6 611 1 213 BofA Securities 5 578,836.7 799 4 766 56 33 Citi 6 541,917.3 759 5 729 61 30 7 396,247.2 618 7 583 53 35 UBS 8 299,031.6 478 8 453 70 25 Stifel 9 135,927.8 470 12 285 3 185 Barclays 10 310,865.3 440 10 399 46 42

$112,125,000 $240,350,000 $68,999,997 $202,112,500 $57,500,000 $1,913,600,000 Follow-On Offering IPO US IPO IPO Follow-On Offering Follow-On Offering Passive Bookrunner Passive Bookrunner Joint Bookrunner Passive Bookrunner Joint Bookrunner Passive Bookrunner November 2020 November 2020 October 2020 October 2020 October 2020 October 2020

Source: Dealogic as of 12/2/2020 Includes all IPO, FO, & CONV Page 18 Driven by your success. Financial advisor on Financial Advisor on Financial Advisor on sale to sale to investment from Financial Advisor on Financial Advisor on Financial advisor on debt Financial Advisor on sale to sale to Financial Advisor on Financial advisor on recapitalization by investment from sale to sale to

December 2020 December 2020 December 2020 November 2020 November 2020 November 2020 October 2020 October 2020 October 2020

A fast growing digital media business Financial Advisor on focused on the Financial advisor on broader consumer Financial Advisor on sale to Financial Advisor on sale to Financial Advisor on recapitalization by Financial Advisor on health space has Financial advisor on recapitalization by investment from Financial Advisor on investment in received a significant investment in acquisition of investment from

October 2020 September 2020 September 2020 September 2020 August 2020 August 2020 July 2020 July 2020 June 2020

A fast growing provider of online Financial Advisor on Financial Advisor on customer acquisition sale to sale to solutions to the Financial advisor on insurance sector has Financial Advisor on Financial Advisor on Financial Advisor on Financial Advisor on Financial Advisor on sale to been sold to a sale to sale to sale to sale to sale to Strategic Buyer

June 2020 May 2020 March 2020 March 2020 March 2020 February 2020 February 2020 February 2020 January 2020

Makes an investment in Financial Advisor on Financial advisor on Financial advisor on strategic growth Financial Advisor on Financial Advisor on investment from sale to financing from Financial Advisor on Financial Advisor on Financial Advisor on sale to majority sale to sale to sale to sale to

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

Page 19 Driven by your success. $144,900,000 $165,600,000 $22,247,160 $34,510,000 $ 40,000,000 $150,000,000 C$17,000,000 C$69,100,000

IPO IPO Follow-on Offering Follow-on Offering ATM ATM IPO Follow-On Offering Offering Offering Passive Bookrunner Joint Bookrunner Joint Bookrunner Sole Bookrunner Sole Bookrunner Lead Bookrunner

December 2020 December 2020 December 2020 December 2020 December 2020 December 2020 November 2020 November 2020

C$28,800,000 $112,125,000 $240,350,000 C$201,000,000 $391,000,000 $60,000,000 C$15,000,000

Bought Deal Bought Deal Follow-On Offering IPO Equity Offering Equity Offering Equity Offering IPO

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

November 2020 November 2020 November 2020 November 2020 November 2020 November 2020 November 2020 October 2020

$221,375,000 $60,000,000 $175,750,000 $172,000,000 $1,913,600,000 $41,000,000 Up to $30,000,000 $57,500,000

IPO Equity Offering PIPE Private Placement Equity Offering IPO IPO Follow-on Offering

Joint Bookrunner Passive Bookrunner Sole Agent Sole Agent Co-Manager Joint Bookrunner Passive Bookrunner Joint Bookrunner

October 2020 October 2020 October 2020 October 2020 October 2020 October 2020 October 2020 October 2020

$11,000,000 $ 15,000,000 $72,000,000 C$40,000,000 C$12,600,000 $28,800,000 C$40,800,000 $218,500,000

Bought Deal Follow-On IPO Bought Deal Private Placement IPO Bought Deal RTO Financing

Sole Bookrunner Sole Bookrunner Lead Manager Lead Bookrunner Lead Agent Lead Manager Joint Bookrunner Joint Bookrunner

October 2020 October 2020 October 2020 October 2020 October 2020 October 2020 October 2020 September 2020

Sources: Dealogic, Canaccord Genuity Inc. (includes transactions led by senior bankers with prior firms) Page 20 Driven by your success. Page 21 Driven by your success. 2020 Conference Stats ⚫ In 2020, attended by 500+ private and public leading companies, 800+ PE/VC professionals and 1,400+ Registered Attendess 2020 2019 2020 2019 institutional investor attendees Institutional Investor 1458 768 Participating Companies 528 403

⚫ 10,000+ total meetings held with public and private Private Equity/VC 883 425 Company/Investor Meetings 9467 6198 companies Presenter 1223 858

⚫ ~3,900 individuals in attendance Representative 2020 Company Attendees

Representative Investor Attendees

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