2Q21 Syndicate Summary & Outlook Special Report

Argus Custom Research for SPECIAL REPORT

July 2021

2Q21 SYNDICATE SUMMARY & OUTLOOK

The IPO market continued to surge in 2Q21. At this time a year ago, the IPO market was just beginning to recover after the coronavirus IPO DASHBOARD pandemic disrupted the world economy and the financial markets. One IPOsIPOs year later, with vaccines being distributed and investors forecasting 140 sharp, stimulus-driven growth in the economy for the next several 120 quarters, the IPO market is red hot. 100 80 60 IPO activity jumped 170% year-over-year in 2Q21, and was up 25% 40 compared to 1Q21. By the numbers, 125 operating companies raised 20 funds through IPOs in 2Q21, up from 46 in 2Q20 and from 101 last 0 2Q21 Last Quarter Year Ago quarter. Including SPACs, approximately 186 entities raised funds. Secondary offerings declined 28% year-over-year as compared SecondariesSecondaries 350 to 2Q20, when many listed companies tapped the debt markets to 300 strengthen their balance sheets amid the pandemic. 250 200 Performance 150 Investor demand was strong for IPOs, and investors often were reward- 100 50 ed. The average non-SPAC IPO opened 33% above its offering price in 0 2Q21, just above the 31% average in the prior quarter. Goldman Sachs 2Q21 Last Quarter Year Ago and Canaccord Genuity issues had the best returns in the quarter among TOP SECTORS the large banks, based on our analysis of the underwriters. Goldman Sachs Top Three IPO Sectors Top Three Secondary Sectors was in the syndicate for 38 issues that, on average, opened 23% above the Top 3 IPO Sectors Top 3 Secondary Sectors Other 18% offering price. Canaccord Genuity’s average issue was also up 23%; the Healthcare 32% company was in the syndicate for 12 issues. In third place was KeyBanc Other 43% Consumer Healthcare Cyclical 44% Capital Markets, with 14 issues that opened up, on average, 22%. Full 12% details on underwriter performance can be found in Table 4 of this report.

Real Estate (continued on next page) Technology Industrials 14% 26% 11%

VOLATILITY TRENDS & ISSUANCE HIGHLIGHTS

60 0 IPOs VIX (right scale, Inverted) Top 5 Opens Worst 5 Opens 50 10 Jiuzi Holdings Inc. 800% Data Storage Corporation(U) -25% 40 20 30 30 Alzamend Neuro, Inc. 480% iSpecimen Inc. -22% 20 40 E-Home Household Svc Holdings 269% Zivo Biosciences(U) -22% 10 50 Esports Technologies, Inc. 250% Vaccitech PLC -20% 0 60 JAN '15 JAN '16 JAN '17 JAN '18 JAN '19 JAN '20 JAN '21 Utime Limited 185% Missfresh Limited -18%

T R I A D S E C U R I T I E S C O R P. 111 BROADWAY, 11TH F L. • NEW YORK, NY 10006 MEMBER FINRA/SIPC • 800.221.8440 212.349.8060 2Q21 SYNDICATE SUMMARY & OUTLOOK

In 2Q, eight companies from a range of industries at least dou- IMPORTANT IPO THEMES FOR 2021 bled on their first day of trading. Here are some highlights from Profitable Unicorns Positive top-performing issues and issuers: • Jiuzi Holdings Inc. (JZXN) is a New Energy Vehicle retailer Biotech Companies Positive in China that opened up 800% on its first day of trading in a Chinese Companies + New Administration Positive deal that was led by Boustead Securities. SPACS Neutral Stock Market Valuations Neutral/Negative • Alzamend Neuro Inc. (ALZN) is a biopharmaceutical company focused on treatment of neurodegenerative diseases. It almost $12 billion. This compares to 1Q, when more than 300 opened up 480% and was brought public by Spartan Capital SPACs raised more than $88 billion. These “shell” or “blank- Securities Inc. check” companies emerge from their funding rounds as ready- • Janux Therapeutics Inc. (JANX), which is developing to-go corporations, seeking to add operations through M&A. next-generation therapeutics based on proprietary Tumor Many private companies are attracted to SPACs, which offer the Activated T Cell Engager (TRACTr) platform technology, companies a pathway to the public markets without the headache jumped 100% at the open in a deal led by BofA Securities. of their own IPO. The biggest SPACs in the quarter were Elliott Opportunity II Corp., whose sponsor is the activist investor Elliott • Aerovate Therapeutics Inc. (AVTE), a biopharmaceutical Investment Management and raised $530 million, and CM Life diseases, company focused on rare cardiopulmonary Sciences Inc. (CMLTU), which raised $480 million and is focused rose 100% at the open in a deal led by Jefferies & Co. on life sciences. Again, this compares to 1Q, when the environment • The China-based online recruiting platform Kanzhun Ltd. was more favorable to SPACs and four shell companies raised (BZ) was up 76% at the open in an offering led by Goldman more than $1 billion apiece. We expect the SPAC trend to contin- Sachs. ue to cool into 2H21, and note that an investment bubble may be emerging as SPACS all seeking to invest their money during their • Doximity Inc. (DOCS) is a med-tech digital platform company that two-year windows for investment could drive up prices for private opened 58% above its issue price in a deal led by Morgan Stanley. firms in the popular MedTech and FinTech industries.

Of course, not every IPO was a hit. Zivo Biosciences (HMPT), a In another emerging trend, some companies are listing directly biotech and agtech company, opened 22% below its offering price with stock exchanges, and forgoing the traditional IPO route. In in a deal led by Maxim Group and Joseph Gunnar & Co. iSpecimen the latest quarter, cryptocurrency exchange Coinbase Global Inc., Inc. (ISPC), a research and testing services company, opened 23% website building company Squarespace Inc., and employment below its offering price in a deal led by ThinkEquity Partners. company ZipRecruiter went public this way, following in the Finally, Data Storage Corp. (DTST), a company that offers data path of Roblox (1Q21), Spotify (2018), Slack (2019), and Palantir protection and disaster recovery solutions, opened 25% below its (2020). Discount broker RobinHood, and Instacart, the U.S. gro- offering price in a deal led by Maxim Group. cery delivery app, are considering the process as well.

Trends Outlook Unicorns found conditions favorable, and many firms left the ranks As we had expected, the IPO market has rebounded sharply in of private ownership to move to the public markets. We estimate recent quarters. In our 1Q20 Syndicate Summary & Outlook that nine Unicorns (privately held companies valued above $1 report, published during the depths of the COVID-19 bear mar- billion by venture capitalists) came public via IPOs in the quarter. ket, we noted that raising and allocating capital are among this They all performed well for IPO holders: Procore Technologies nation’s core competencies, and the U.S. is a global leader in the Inc. (PCOR, up 84% at the open), UiPath Inc. (PATH, up 66%), industry. Over time, we reckoned that the business would return. Flywire Corp. (FLYW, up 34%), WalkMe Ltd. (WKME, up 31%), Also as expected, investors with longer time horizons are once SentinelOne Inc. (S, up 31%), LegalZoom.com (LZ, up 31%), again willing to invest in financially strong, well-managed and Oatley Group AP (OTLY, up 22%), and DiDi Global Inc. (DIDI, growing companies. up 19%). We continue to think that IPO investors are seeking quality growth, profitability and fair ownership practices from The stock-market environment (a key indicator for IPOs) was Unicorns that come public. bullish for much of the latest quarter. The U.S. economy continued to rebound from the pandemic, with high-single-digit GDP growth Demand for SPACs cooled a bit. During the most-recent quarter, for 1H21. The unemployment rate fell from 6.2% at the start of the more than 60 Specialty Acquisition Corporations (SPACs) raised 2Q21 to 5.8% by the end. The Federal Reserve remains engaged

DISCLAIMER INFORMATION Copyright Argus Research Company. This report has been prepared for Triad Securities by Argus, an independent investment research company. This report has no regard to specific investment objectives, financial situations or the particular needs of any recipient. It should not be considered an individualized recommendation. All investors are encouraged to use multiple sources of investment information and to actively monitor their holdings. The security or industry discussed may not be suitable for everyone. THIS REPORT IS BASED ON INFORMATION FROM A VARIETY OF SOURCES AND STATISTICAL DATA BELIEVED TO BE RELIABLE, BUT IN NO WAY ARE WAR- RANTED AS TO ACCURACY, TIMELINESS, COMPLETENESS OR RELIABILITY. Any opinions expressed are statements of judgment by Argus as of the published date of this report and are subject to change without notice. We do not undertake to advise you, nor are we under any obligation to advise you, as to any changes in our estimates or views. This report is published for informational purposes only and is not to be construed as a solicitation or an offer to buy or sell any security. Argus, its affiliates, officers, directors, employees, stockholders or members of their families may have long and/or short positions in and may purchase or sell from time to time any of the above-mentioned or related securities. 2Q21 SYNDICATE SUMMARY & OUTLOOK in supporting markets, and no rate hikes are expected for at least In the tables on the following pages, we highlight select companies the next 12 months. The benchmark 10-year U.S. Treasury bond that our team of analysts thinks may be poised to enter the IPO yield remains low on an historical basis, around 1.5%. These low markets at potentially attractive prices. rates are supporting higher-than-normal earnings valuations for stocks, which is a risk for investors if rates reverse course and Table 1 features the Argus Top 20 Promising Potential IPO Candi- head sharply higher. For now, though, with earnings rebounding dates. This list has been selected from companies that have already strongly, U.S. stock market indices are expected to remain in the filed S-1s with the SEC. It is based on factors that Argus believes range of all-time highs. are important for success in an IPO, including sales and earnings growth, a clean balance sheet, brand names, attractive industries, Looking into the balance of 2021, we think the market for IPOs and experienced management/ownership. will remain strong. The IPO pipeline is in line with recent quarters, with about 138 companies having filed with the SEC (more than Table 2 is our Top 20 Intriguing Venture-Backed Private Compa- 440 including SPACs). There are a number of interesting recent nies, including Unicorns. This list includes companies in emerging filings, such as water management company Core & Main, Inc., industries such as cybersecurity and Big Data analytics, as well cell therapy company Artiva Biotherapeutics, and the financial as companies whose investors include well-known groups such services firm Caliber Home Loans Inc. as Kleiner Perkins and Andreessen Horowitz.

In addition, there are still some promising blockbuster Unicorns Table 3 shows the Performance of the Largest 2Q IPOs, and in the pipeline, including Stripe, a credit-card processing company Table 4 is our ranking of underwriters, based on deals done and serving websites, which had been valued at $95 billion; space performance generated. travel company Space Exploration Technologies, which had been valued at $74 billion; and TikTok parent ByteDance, which had been valued at $140 billion. These companies have likely learned John Eade, President, Argus Research from previous Unicorns such as Uber and SmileDirectClub that Jasper Hellweg, Security Analyst they should be showing profit projections and offering quality Taylor Conrad, Associate Financial Analyst ownership terms during their road shows.

Table 1. Argus Top 20 Promising Potential IPO Candidates

Company Underwriters Industry Notes S-1 Filing Date Artiva Biotherapeutics, Inc. Goldman Sachs; Cowen and Company; Healthcare Develops and commercializes off-the-shelf cell 4/8/21 Evercore ISI; Wedbush PacGrow therapies for patients with hematologic malignan- cies and solid tumors. Auna S.A.A. Morgan Stanley; Goldman Sachs Healthcare Offers occupational health, oncology programs, 9/30/20 and health care services. Auna serves patients in Peru

Blend Labs, Inc. Goldman Sachs; Allen & Co Inc; Wells Fargo Technology Provides a platform that focuses on mortgage 6/21/21 Securities lending.

Caliber Home Loans, Inc. Credit Suisse; Barclays Capital; Goldman Financials Provides commercial finance services. The com- 1/21/21 Sachs; BofA Securities; Citigroup; UBS pany offers home loans, refinance, consultancy, Investment Bank; Wells Fargo Securities; and military lending services. Caliber Home Loans Deutsche Bank; Keefe Bruyette; Drexel serves customers in the United States. Hamilton LLC; Loop Capital Markets Inc; R. Seelaus & Co.; Tigress Financial Partners

CDP Holdings, Ltd BofA Securities; Citigroup; Haitong Interna- Technology CDP is a leading human capital management, or 11/15/19 tional HCM, service provider that has been transform- ing how organizations manage human capital in China.

Centrexion Therapeutics Credit Suisse; SVB Leerink Healthcare Operates as a clinical-stage biopharmaceutical com- 12/23/19 pany. The company focuses on identifying, developing, and commercializing novel, non-opioid, and non-addictive therapies to address unmet medical need for the treatment of chronic pain.

CloudMinds Inc. Citigroup; Credit Suisse; J.P. Morgan; UBS Industrials Provider of an end-to-end cloud robot system, ca- 9/12/19 Investment Bank pable of operating a massive number of intelligent and secure robots simultaneously.

Table 1. Argus Top 20 Promising Potential IPO Candidates (continued)

Company Underwriters Industry Notes S-1 Filing Date Core & Main, Inc. Goldman Sachs; Credit Suisse; J.P. Mor- Industrials Provider of water and wastewater related products, 5/21/21 gan; BofA Securities; Baird; Citigroup; RBC including water, sewer, fire protection, pumping Capital Markets; Truist Financial; Nomura equipment and storm drain products. Securities; Natixis Securities; Drexel Hamil- ton LLC; R. Seelaus & Co.; Ramirez & Co., Inc.; Siebert Williams Shank

F45 Training Holdings Inc. Goldman Sachs; J.P. Morgan Consumer Discretionary Operates as a holding company. Through its sub- 6/21/21 sidiaries, the company provides fitness services including classes.

F5 Finishes Inc. Maxim Group; Zelman Partners LLC; Sand- Industrials Operates as a building finishing contractor. 2/7/20 ers Morris The company offers flooring solutions such as limitation, carpet, ceramic, concrete, cork, rubber, sports surfaces, stone, vinyl, and wood, as well as installation and maintenance services for exist- ing and new commercial buildings. F5 Finishes serves customers in the State of California.

Kaltura, Inc. Goldman Sachs; BofA Securities; Wells Far- Technology Provides live and on-demand video SaaS solu- 5/4/21 go Securities; Deutsche Bank; Canaccord tions including a video platform; video manage- Genuity; JMP Securities; Needham & Co.; ment, publishing and streaming. Oppenheimer & Co.

Meili Auto Holdings Ltd UBS Investment Bank; Deutsche Bank Financials A leader in China’s used car financing market, 10/30/19 Securities; Nomura; CICC; Needham & focusing on facilitating loans from financial institu- Company; Tiger Brokers tions to prime borrowers in used car transactions.

MeridianLink Inc. BofA Securities; Credit Suisse; Barclays Technology Operates as a software development company. 6/21/21 Capital; Citigroup; Raymond James; BTIG Provides web-based solutions and systems inte- LLC; Nomura Securities; Stifel; William Blair; grations for the financial sector. Blaylock Van; Ramirez & Co., Inc.; Roberts & Ryan; Tigress Financial Partners

Table 1. Argus Top 20 Promising Potential IPO Candidates (continued)

Company Underwriters Industry Notes S-1 Filing Date Navios South American Logistics BofA Securities; Itau BBA; UBS Investment Industrials Provides ports and barge for agricultural and for- 3/15/21 Inc. Bank; BTG Pactual; S Goldman Advisors est-related exports, mineral storage, transshipment, and refined petroleum products in South America.

Paycor HCM, Inc. Goldman Sachs; J.P. Morgan; Jefferies & Technology Provides human capital management, HCM. The 4/26/21 Co.; Credit Suisse; Deutsche Bank; Baird; company offers SaaS platform which enables Cowen and Company; JMP Securities; organizations to streamline HCM and payroll Needham & Co.; Raymond James; Stifel; workflows. Truist Financial

PowerSchool Holdings, Inc. Goldman Sachs; Barclays Capital; Credit Technology Provides cloud-based software for K-12 edu- 6/2/21 Suisse; UBS Investment Bank; BofA Se- cation. The company offers student information curities; Jefferies & Co.; Macquarie Capital; systems, enrollment, unified classrooms, unified RBC Capital Markets; Baird; Piper Sandler; administration, unified insights, and more. Raymond James; William Blair

Ryan Specialty Group Holdings, J.P. Morgan; Barclays Capital; Goldman Financials Provider of insurance services to brokers and 6/21/21 Inc. Sachs; Wells Fargo Securities; UBS Invest- agents. Offers marketing, underwriting, and claims ment Bank; William Blair; RBC Capital Mar- management services kets; BMO Capital Markets; Keefe Bruyette; Dowling & Partners; Nomura Securities; Capi- tal One Securities; CIBC World Markets; Loop Capital Markets Inc; PNC Capital Markets; Ramirez & Co., Inc.; Siebert Williams Shank

Southeastern Grocers, Inc. BofA Securities; Goldman Sachs; Deutsche Bank; Consumer Staples Owns and operates a chain of supermarkets. 1/26/21 BMO; Capital Markets; Truist Financial; Wells Fargo The company offers fruits and vegetables, meat, Securities bakery, and desserts.

Ximalaya Inc. Goldman Sachs; Morgan Stanley; BofA Technology Provides an audio sharing platform, including au- 4/30/21 Securities; CICC diobooks, music, variety entertainment programs, news, and more.

Zenvia Inc. Goldman Sachs; Morgan Stanley; Itau BBA; Technology Provides software solutions. The company's com- 6/1/21 Bradesco BBI; UBS Investment Bank; XP munication platform enables companies to create Investments unique journeys for their end-consumers across a variety of channels.

Table 2. Top 20 Unicorns

Company Industry Total Valuation Notes BYJU Consumer Defensive $16.5B Operates an educational platform that develops personalized learning programs for K-12. Investors include the Chan-Zuckerburg Initiative, Sequoia Capital India, Bond, Silver Lake, BlackRock, Sands Capital Management, Alkeon Capital Management, Sofina, Verlinvest, and Tencent.

ByteDance Communication Services $140B Parent company of Chinese news platform TouTiao and short video platform TikTok. Inves- tors include Primavera Capital Group, KKR & Co, Softbank, General Atlantic.

Canva Technology $15B Operates a graphic design platform. Offers solutions that enable users to design blog graph- ics, presentations, flyers, posters and invitations. Investors include Blackbird Ventures, Felicis Ventures, Sequoia Capital China, T. Rowe Price, and Dragoneer Investment Group.

Checkout.com Technology $15B Operates as a payment processing company. The company offers an online payment platform that focuses on accepting more transactions, currencies, and payment methods through one integration, providing complete transparency across the entire payment value chain. Checkout serves clients worldwide. Investors include Coatue, Blossom Capital, Tiger Global Management, Insight Partners, Greenoaks Capital, GIC, and DST Global

Chime Financials $14.5B A mobile banking company that offers both spending and savings accounts. The company does not charge monthly fees or foreign transaction fees, limits overdraft fees to $100, and does not have a minimum balance requirement. Investors include DST Global, Melno Ven- tures, Cathay Innovation, Aspect Ventures, and Crosslink Capital. Newest investors include Ac- cess Technology Coatue, Dragoneer, General Atlantic, Tiger Global and Whale Rock Capital.

Databricks Technology $28B Provides software solutions. The company offers software for analyzing and extracting value from data, as well as provides platform that deliver data. Databricks serves customers worldwide. Investors include Franklin Templeton, Fidelity, AWS, CapitalG, and Salesforce Ventures

DJI Technology $15B DJI Innovations is a Chinese company that produces commercial and recreational un- manned aerial systems. Investors include Sequoia Capital, Accel Partners.

Epic Games Communication Services $28.7B American video game development company that creates games, such as Fortnite, and offers its game engine technology to other developers. Investors include Tencent Holdings, Vulcan Capital, Kohlberg Kravis Roberts & Co. New investors include Baillie Gifford, Fideli- ty, Lightspeed Venture Partners.

Table 2. Top 20 Unicorns (continued)

Company Industry Total Valuation Notes Instacart Communication Services $39B North American leader in online groceries and one of the fastest-growing companies in e-commerce. Instacart offers same-day delivery and pickup services to bring fresh groceries and everyday essentials to busy people and families across the U.S. and Canada. Investors include Andreessen Horowitz, Whole Foods Market, D1 Capital Partners, Tiger Global Management, DST Global, T. Rowe Price.

Klarna Technology $45.6B Provides e-commerce payment systems and solutions. The company lets customers buy now and pay later in four interest-free installments when they shop online or in store with certain brands. Investors include Sequoia Capital, Manhattan West Asset Management, BlackRock Inc., HMI Capital, and Dragoneer Investment Group.

Lineage Logistics Industrials $18B Operates as a warehousing and logistics company. The Company provides logistic, public warehousing, port-centric warehousing, and cold chain solutions. Investors include Ben- tallGreenOak, D1 Capital Partners, Oxford Properties, CenterSquare Investment Manage- ment, MS Tactical Value and Conversant Capital, OP Trust and Cohen & Steers.

NuBank Financials $30B Provides financial services. The company issues, administrates, processes, and transfers payments related to post-paid credit cards and equity investment in other entities. NU Pagamen- tos serves clients in Brazil. Investors include Singapore’s GIC, Whale Rock, Invesco, Tencent, Dragoneer, Ribbit Capital, and Sequoia

Paytm (One97 Communications) Technology $16B Paytm offers mobile payment and commerce services to millions of mobile consumers through India’s most widely deployed telecom applications cloud platform. Investors include Sapphire Ventures, Ant Financial, Alibaba, Intel Capital, SoftBank, Berkshire Hathaway.

Plaid Technologies Technology $13.4B A financial services company based in San Francisco, California. Plaid hosts a data transfer network that powers fintech and digital finance products, enabling applications to connect with users’ bank accounts. Investors include Spark Capital, New Enterprise Associates, Gold- man Sachs Investment Partners, Index Ventures, Kleiner Perkins, and Altimer Capital.

Rivian Consumer Discretionary $27.6B Develops and manufactures automobiles. The company offers lightweight and aerodynamic platform cars, SUVs, and truck that enable fuel economy. Rivian Automotive serves customers in the United States. Investors include funds and accounts advised by T. Rowe Price Associates Inc., Fidelity, Amazon’s Climate Pledge Fund, Coatue and D1 Capital Partners

Table 2. Top 20 Unicorns (continued)

Company Industry Total Valuation Notes SHEIN Consumer Discretionary $15B The largest pure-play online fashion company globally, as measured by retail value of self-branded products sold in 2019, according to Euromonitor International. Investors include Greenwood Asset Management and IDG Capital.

Space Exploration Technologies Industrials $74B Founded by Elon Musk to revolutionize space travel. Investors include Elon Musk, Founders Fund, Capricorn Venture Partners, Draper Fisher Jurvetson, Google, Valor Equity Partners, Fidelity, Gigafund.

Stripe Technology $95B Credit card processing for websites. Investors include Khosla Ventures, Lowercase Capital, capital, Tiger Global Management.

Waymo Consumer Discretionary $30.75B Developer of an autonomous driving technology called Waymo Driver. Waymo One is the company's ride-hailing service, while Waymo Via focuses on transporting commercial goods. Investors include Alphabet, Silver Lake, Canada Pension Plan Investment Board and Mubadala Investment Company.

Yuanfudao Consumer Defensive $15.5B China's leading online education platform providing K-12 after school tutoring, pre-school enlightenment, and adult education services to over 400 million users across China. In- vestors include Temasek Holdings, DCP Capital, Danhe Capital, Ocean Link, DTS Global, Greenwoods Investment, Trustbridge partners

Source: www.sharespost.com; cbinsights.com; The Billion Dollar Start-up Club; www.techcrunch.com; www.crunchbase.com; www.wsj.com; www.bloomberg.com; www. fool.com; www.pitchbook.com; Argus Research.

Table 3. Performance of Largest 2Q IPOS

IPO Offer Issuer Issue 1st Day Open vs. Recent Rec. Pr. Pricing Date Size (M) Ticker Issuer Name Price ($) Open ($) Issue Price ($) vs. Issue 4/15/21 2000 APP Applovin Corporation $80.00 $70.00 -12.5% 84.86 6.1% 6/22/21 1568 YMM Full Truck Alliance Co. Ltd... $19.00 $22.50 18.4% 19.75 3.9% 5/26/21 1500 NBXG Neuberger Berman Next Gen. Connec. Fund $20.00 $20.00 0.0% 20.05 0.2% 5/20/21 1434 OTLY Oatly Group AB $17.00 $22.12 30.1% 24.40 43.5% 4/15/21 1351 TSP TuSimple Holdings Inc. $40.00 $40.25 0.6% 56.31 40.8% 4/21/21 1338 PATH UiPath, Inc. $56.00 $65.50 17.0% 69.75 24.6% 6/9/21 1227 MQ Marqeta, Inc. $27.00 $32.50 20.4% 28.50 5.6% 4/15/21 1072 AGL agilon health, inc. $23.00 $28.25 22.8% 39.34 71.0% 6/25/21 1000 WDI Western Asset Diversified Income Fund $20.00 $20.00 0.0% 20.00 0.0% 6/24/21 924 BHG Bright Health Group, Inc. $18.00 $17.00 -5.6% 17.20 -4.4% 6/11/21 912 BZ Kanzhun Limited $19.00 $33.50 76.3% 42.05 121.3% 6/24/21 828 CFLT Confluent, Inc. $36.00 $44.00 22.2% 46.15 28.2% 6/10/21 720 LFST Lifestance Health Group, In... $18.00 $20.00 11.1% 28.10 56.1% 5/20/21 634 PCOR Procore Technologies Inc. $67.00 $84.00 25.4% 94.75 41.4% 4/28/21 625 NPCT Nuveen Core Plus Impact Fun... $20.00 $20.00 0.0% 19.14 -4.3% 6/3/21 618 DLO DLocal Limited $21.00 $31.00 47.6% 47.79 127.6% 6/24/21 606 DOCS Doximity, Inc. $26.00 $41.17 58.3% 54.88 111.1% 5/27/21 580 FIGS FIGS, Inc. $22.00 $28.30 28.6% 43.46 97.5% 6/10/21 574 MNDY monday.com Ltd. $155.00 $173.15 11.7% 231.84 49.6% 4/1/21 570 ULCC Frontier Group Holdings, In... $19.00 $18.61 -2.1% 17.80 -6.3%

Data sources: Bloomberg, Triad Securities. Recent Prices as of close on 6/25/2021

Table 4. Underwriter Performance

Underwriter Number of Deals Average Performance JP Morgan 43 20% Goldman Sachs 38 23% BofA Securities 38 19% Morgan Stanley 38 16% Citigroup 24 17% Cowen and Company 24 21% Barclays Capital 23 12% William Blair 23 19% Jefferies & Co 22 14% Piper Sandler 21 20% UBS Investment Bank 16 21% RBC Capital Markets 14 16% KeyBanc Capital Markets 14 22% Credit Suisse 13 18% Needham & Co. 13 14% Oppenheimer & Co. Inc. 12 8% Siebert Williams Shank 12 18% Canaccord Genuity 12 23% Nomura Securities 12 17% SVB Leerink 12 22%

IMPORTANT DISCLOSURES

Copyright Argus Research Company. This report has been prepared for Triad Securities Corp. by Argus Research, a third- party investment research company. This report has no regard to specific investment objectives, financial situations or the particular needs of any recipient. It should not be considered an individualized recommendation. All investors are encouraged to use multiple sources of investment information and to actively monitor their holdings. The security or industry discussed may not be suitable for everyone.

THIS REPORT IS BASED ON INFORMATION FROM A VARIETY OF SOURCES AND STATISTICAL DATA BELIEVED TO BE RELIABLE, BUT IN NO WAY ARE WARRANTED AS TO ACCURACY, TIMELINESS, COMPLETENESS OR RELIABILITY.

Any opinions expressed are statements of judgment by Argus as of the published date of this report and are subject to change without notice. Argus does not undertake to advise you, nor is it under any obligation to advise you, as to any changes in its estimates or views. This report is published for informational purposes only and is not to be construed as a solicitation or an offer to buy or sell any security. Argus, its affiliates, officers, directors, employees, stockholders or members of their families may have long and/or short positions in and may purchase or sell from time to time any of the above-mentioned or related securities.

A registered principal of Triad Securities has reviewed and approved this report. Triad Securities believes this report to be reliable, to contain no untrue statement of material fact, and to be otherwise not false or misleading.

Triad has selected Argus to prepare research reports that Triad and Argus believe may be relevant for Triad’s customers. Triad Securities does not have any material conflict of interest that has influenced its choice of Argus to prepare research reports or the subject company of any of Argus’ reports. Triad does not manage or co-manage public offerings of securities, including securities of any subject company; has not received compensation for investment banking services from any subject company in the past 12 months; and does not expect to receive or intend to seek compensation for investment banking services from any subject company in the next three months. Triad does not beneficially own 1% or more of any class of common equity securities of any subject company. Triad does not make a market in any securities, including securities of any subject company. Triad does not know of any other material conflict of interest of Argus or Triad, or any of their personnel, which would influence the content of any research report.

T R I A D S E C U R I T I E S C O R P. 111 BROADWAY, 11TH F L. • NEW YORK, NY 10006 MEMBER FINRA/SIPC • 800.221.8440 212.349.8060