2018 To Our Colleagues and Friends at IBC 2018

MediaBridge Capital Advisors is pleased to be attending IBC 2018. MediaBridge Co-founders and Managing Partners Ethan Jacks and John Bowen, and Industry Executive Advisors Courtney Spencer, Tom Ohanian (IBM Watson Media), Graham Sharp, David Schleifer, and Jeff Allen (Brandlive) will be in attendance throughout the Show. We look forward to meeting with our colleagues and partners in all market segments of the industry, discussing your strategic growth plans and options, and sharing our perspective on our recent transactions and other significant M&A and Private Equity financing transactions since last IBC.

Ethan E. Jacks John C. Bowen Managing Partner Managing Partner [email protected] [email protected] 617.592.2739 (m) 617.921.0075 (m)

2 MediaBridge – Recent Transactions … advising eight top-tier media technology companies over the last several years in both M&A and capital-raising transactions: Solid State Logic (‘SSL’), the iconic manufacturer of high-end broadcast, live and studio mixing consoles and systems in its sale to Audiotonix, a global market leader in the design, engineering and manufacturing of professional audio mixing consoles and related products for the professional broadcast and live sound markets. Ultimatte, the industry standard chroma key/matting technology for broadcast and virtual Production Suites, in its acquisition by Blackmagic Design. Final Draft, the maker of the industry-standard Final Draft scriptwriting software for the , television and other media industries, in its acquisition by Cast & Crew, a Silver Lake Partners portfolio company. Minnetonka Audio Software, the recognized world leader in file-based audio processing solutions for the professional marketplace, was acquired by The Telos Alliance. SVSi, the leader in IP-based Networked AV distribution and switching solutions, was acquired by . X2O Media, known for its HTML-5-based platform for advanced visual communications, was acquired by Barco, a global manufacturer of visual systems, for C$21 million. Teradek, an Irvine, California-based leader in wireless video technology, was acquired by UK-based The Vitec Group plc for $30.4 million. iZotope, a leader in and audio software based in Cambridge, Mass., received $12 million in growth capital from investor ABS Capital Partners, a top private equity firm based in Baltimore, Md.

3 Reasons to Choose MediaBridge

• Exclusive focus on media technology and of experience in media technology and IT markets

• Personal relationships with and knowledge of leading industry acquirers and investors

• Relevant and recent deal execution experience

• Consistent track record achieving strong valuations for our clients

• Success in representing founder-owned companies, on both valuation and post-closing relationship with buyer

• Commitment by senior bankers to transaction management leading to optimum results

• Broad financial, legal, and operational skills to best handle complex transactions

4 MediaBridge Co-Founders and Managing Partners

Our principals have advised on more than 40 mergers and acquisitions in the media sector worldwide. Leading the team are Ethan Jacks and John Bowen, who together have more than 50 years of experience in media technology with unmatched expertise in the film, video, audio, broadcast, , and markets.

• 30+ years experience as investment banker, corporate executive, and corporate lawyer • Co-founded MediaBridge with John Bowen in 2012 • Served as Avid Technology senior executive (EVP Corp Development, CLO, CFO) from 1999 to 2006. Led Avid during its most significant period of growth. Managed 12 strategic acquisitions, doubling the company’s revenue to $1 billion and growing market cap from $400 million to $2.5 billion • Co-founded an environmental technology company in the mid 90s, which achieved a public market cap of over $1 billion Ethan Jacks • BS from MIT and MBA from MIT Sloan School of Management; JD, Georgetown University Law Center

• 30+ years of investment banking, equity research, and operational IT experience • Prior to co-founding MediaBridge, led Covington Associates expansion into the digital media and technology sectors, representing both privately held and publicly traded companies • VP Equity Research at First Albany Corporation covering digital media technology, networking hardware and software, and enterprise software companies. Previously employed at Sybase, McDonnell Douglas, and Digital Equipment Corp. • Author of three significant industry research reports on media technology and CDN markets John Bowen • 15 years of experience in traditional and -media technology, and an additional 15 years of IT industry experience • BS in Mechanical Engineering with Digital Systems concentration from University of New Hampshire; MBA from Babson

5 Industry Executive Advisors • Managing Partner of CRX Partners, a media technology business development consultancy • Works with MediaBridge to provide the best combination of strategic and transaction expertise to the professional and consumer audio/video markets • 30+ years of executive experience in professional, broadcast, and commercial audio • Senior VP Business & Professional Group Americas (Allen & Heath, Calrec, D&M Pro), D&M Holdings • Full-time consultant, D&M Holdings (M&A and post acquisition integration focus) Courtney Spencer • VP/GM, Professional Audio, Sony Broadcast & Professional

• 25 years of experience in the media technology industry • COO of Primestream, Inc. a provider of a provider of Media and Asset Management Solutions to the Broadcast Sports and Entertainment markets. • Former Vice President of Strategic Planning for Avid Technology, and Vice President of Broadcast for Avid where he built and managed Avid’s growth into the broadcast market. VP of Sales and Marketing for Algolith, and full-time consultant for companies like WWE and others. David Schleifer

• 30 years of executive management experience in the media industry • Director of Media Asset Capital, a UK based full-service media consultancy, and AV3, a Web distribution channel • Former EVP and GM of Avid’s video division, a $470 million business with 1,500 employees • Executive management positions with Vitec PLC, Grass Valley Group, XtraNormal, Discreet Logic, and Dynatech Graham Sharp

6 Strategic Advisors

• 30+ years of experience in the media industry • Currently Global Sales Executive at IBM Watson Media • Former member of the digital media strategy team as • Former Chief Strategy Officer at Signiant • Corporate Fellow and member of founding team at Avid Technology Tom Ohanian • Academy Award and three-time Emmy Award recipient for scientific and technical invention • 20+ years leading start-ups and public companies, launching innovative cloud, SaaS, consumer electronics and consumer-facing businesses. He has worked closely with Accenture, , Samsung, Best Buy, ESPN, , Adobe and IBM, among others. • Currently CEO of Brandlive Inc. • Jeff’s leadership and strategy experience includes managing all aspects of marketing, product management, corporate development/M&A and finance. • Vice President for Business Development at Brightcove, Inc. • Jeff Allen As VP of Business Development at Clearleap, Jeff helped lead the sale of Clearleap to IBM in December 2015, forming the core of IBM’s new video cloud business unit. • Jeff is an expert in scalable architectures and cloud-based UX, and specializes in the application of sensors, video, and animation technologies to media and entertainment, finance and telco industries. • John Fargis is a senior executive with over twenty-four years of general management experience in the China market, in telecom, media and technology industries. Google has purchased three of the companies he helped manage. • John is currently co-founder and partner in BYG Advantage, a sales acceleration firm bridging top technology SME’s into APAC. • He is also a professor of Management, Strategy and Leadership at the Hult International Business School’s Shanghai campus. • John has run APAC for a number of software and hardware platforms including telecoms infrastructure, speech processing, video codecs, video conferencing, embedded touch technology, geo-location technology, open source data architecture, in- John Fargis memory database, and IT systems management software. • He has launched offices and built teams, numerous times in China, Hong Kong, Taiwan, South Korea, Japan, Singapore, India, and Australia. John lives in Beijing with his wife and two daughters. 7 Strategic Advisors

• 15+ years experience building new businesses in digital media, with a focus on content creation, production, and distribution • CEO and Founder of Have/Need • Former head of Media & Entertainment at Box.com • Former chief strategy officer of Final Draft Inc., the world leader in script-writing software • Former executive at Secure Technology, an enterprise cloud-based metadata company Josh Kline • Co-founder and former CEO of Sample Digital Inc., where he oversaw development of Emmy Award-winning Digital Dailies solution

• CEO of OpenDrives, where he is responsible for day-to-day operations and leads product development and technology strategy • 20-year veteran of the media and technology industry with executive positions held at EMC's Media & Entertainment practice in the Cloud Infrastructure Group, Echostar, and SecurePath Technology. Also built the digital media divisions of two high profile postproduction companies. • Began as an investment banker providing M&A advisory services to companies in the technology, gaming, and publishing industries Chad Knowles • Author of published works for the Picture Association

• 25+ years working in film, television, media technology, and entertainment. • Starting as an assistant to legendary Hollywood producer, Edgar J. Scherick (Take the Money and Run, The Heartbreak Kid, The Stepford Wives), he went on to become a writer-director-producer, editor, and media technologist. • Larry was the founder/co-owner of PostWorks, 's largest post production company, and was a trailblazer in the development of portable, location-based digital post-production systems. Lawrence Blume • Directed two television dramas; Martin & Orloff ( - 2002) for which he was named one of the "Ten Rising Stars of Comedy" by , and Tiger Eyes (Lifetime - 2013), which won numerous awards and is currently in release around the world. • He has worked as a production/distribution consultant on many independent feature and documentary and has lectured extensively on HDTV, Digital Cinema, and the convergence of television and the internet.

8 Strategic Advisors

• 20+ years experience in business development, strategic planning, M&A, IPO, private equity, and international operations • Former partner at North Ventures, covering communications, wireless, and software • Former senior executive at Shiva Corporation, contributing to a successful IPO, several acquisitions, and a rapid growth phase • Adjunct lecturer at Babson College and former senior lecturer at MIT Sloan • Graduate of Fordham University with an MBA from Harvard Business School Angelo Santinelli

• 20+ years in the entertainment industry including award-winning work as an editor, producer, and director • Director of digital media and technology at the University of Southern California’s School of Cinematic Arts • Worked on numerous feature films including the Academy Award-winning Harlan County, U.S.A. (1976), Arthur (1981), and Visions of Light (1992)

Meri Weingarten • 10+ years experience in the film and television industry, including Artist Management Group, Warner Brothers, and Untitled Entertainment. • President of InterMedia Entertainment, which published the IME Star Index, a research tool designed to assist advertisers in selecting and optimizing celebrity-driven advertising campaigns. • Launched the branded entertainment division of Untitled Entertainment in 2007 and ran the division successfully through 2012. • Board of Advisors of Source Digital, a big data and interactive entertainment technology platform Rob Levy • Started career in investment banking in at Houlihan, Lokey, Howard & Zukin. • Strategic advisor specializing in the evolution of the global IT market • CEO of UK-based IT security leader Corero Network Security • Co-founded or lead several technology companies as chairman or CEO, including Reva Systems (acquired by ODIN) and Xedia Corporation (acquired by Lucent) • Awarded “CEO of the Year” by Massachusetts Telecommunications Council Ashley Stephenson • Graduate of Imperial College, , and an Associate of the Royal College of Science

9 Representative Transactions

Undisclosed Undisclosed Undisclosed Undisclosed 2017 2016 2016 2016

Transaction closed during employment with: * Covington Associates; ** Silverwood Partners; *** Avid Technology

10 Representative Transactions

Transaction closed during employment with: * Covington Associates; ** Silverwood Partners; *** Avid Technology

11 Audiotonix Acquires Solid State Logic

• MediaBridge Capital Advisors served as exclusive investment banking advisor to Solid State Logic Holdings Limited (“SSL”), the iconic manufacturer of high-end broadcast, live and studio mixing consoles and systems in its sale to Audiotonix, a global market leader in the design, engineering and manufacturing of professional audio mixing consoles and related products for the professional broadcast and live sound markets.

• Headquartered in Oxfordshire, England, SSL is a world-leading manufacturer of digital and analog audio consoles and provider of creative tools for broadcast, live, film, and music professionals. SSL transformed the recording industry with its industry-standard analog music recording consoles, and has gone on to develop advanced digital mixing consoles for broadcast and live sound applications. Its brand is synonymous with reliability, innovation and excellence.

• SSL was majority owned by musician and innovator Peter Gabriel, whose Real World Studios has been an SSL customer for 35 years. Mr. Gabriel has become an investor in Audiotonix as part of the transaction.

• Audiotonix, based in Chessington, England is a portfolio company of Astorg, a leading European private equity firm that invests in high-growth industrial and services companies, with €4 billion under management.

The MediaBridge team was instrumental in both the initiation and execution of this transaction. They were with us from the outset in the complex acquisition process, and we are very appreciative of their industry experience and strategic advice during the transaction.

Mike Large, Director at SSL and Chief Operating Officer at Real World

The MediaBridge team are well known in the Pro-Audio marketplace, which was particularly beneficial in the introduction and initial discussion phase of the process.”

James Gordon, CEO of Audiotonix

12 Blackmagic Design Acquires Ultimatte

• MediaBridge Capital Advisors served as exclusive investment banking advisor to Ultimatte Corp, in connection with its acquisition in September 2016 by Blackmagic Design Pty. Ltd., a leading innovator and manufacturer of creative video technology.

• Based in Los Angeles, CA, Ultimatte pioneered the use of blue screen and green screen technology, and the brand is the “industry standard” in matting technology and keyers, having earned three Oscars and an Emmy for their work. No other manufacturer has been able to acquired by replicate similar quality.

• “Its hard to emphasize the importance of Petro and Paul Vlahos’ inventions. Those inventions made a whole genre of film possible — a genre that seems to make more money than any Undisclosed other. They created the whole of composite photography as we know it. 2016 - Bill Taylor, VFX Supervisor

“We could not have gotten through this without the MediaBridge team. Even our attorney commented that he has never seen financial advisors so involved before.

The quality of support MediaBridge provided was unbelievable. From Ethan’s determination over the years to find us the right buyer, to John’s contacts in the industry, and to Rob’s willingness to be at my beck and call, I am truly impressed.”

Lynne Sauve, President of Ultimatte

13 Cast & Crew Entertainment Services Acquires Final Draft

• MediaBridge Capital Advisors served as exclusive investment banking advisor to Final Draft, Inc. in connection with its acquisition in February 2016 by Cast & Crew, a portfolio company of Silver Lake Partners, a leading technology-focused private equity firm.

• Based in Calabasas, CA, Final Draft is the undisputed industry standard and clear market acquired by leader of screenwriting software.

• A trusted partner to major and independent film and television studios, Cast & Crew provides

its clients with a robust portfolio of critical services. These include payroll and residuals Undisclosed processing, the industry-leading PSL production accounting system and other software, as 2016 well as financial services.

“MediaBridge was an integral part of our team, and with us every step of the way during an accelerated acquisition process. We are deeply appreciative of their efforts in finding a great acquisition partner and completing this successful transaction.”

Marc Madnick, CEO and Founder of Final Draft

“This acquisition is an excellent example of a highly-strategic transaction in the professional media services sector, where two top-tier solution providers have combined to uniquely address essential customer and industry requirements.”

Ethan Jacks, co-founder and Managing Partner of MediaBridge Capital Advisors

14 The Telos Alliance Acquires Minnetonka Audio Software

• MediaBridge Capital Advisors served as exclusive investment banking advisor to Minnetonka Audio Software, Inc. (“MASI”) in connection with its acquisition in September 2015 by The Telos Alliance.

• Based in Minnetonka, MN, MASI is a recognized world leader in audio processing solutions for the professional marketplace, with a 20-year history in professional acquired by audio services and software application development.

• The Telos Alliance is a global leader in the research, development, and Undisclosed manufacturing of IP Audio, telephony, and high-performance audio processing 2015 equipment for broadcasters. Telos Alliance brands include Telos, Omnia, 25-Seven, Axia, and Linear Acoustic.

“MediaBridge’s industry connections and expertise in all aspects of the transaction, particularly multi-party negotiations, contract knowledge and closing execution, was critical.”

John Schur, President and Founder, MASI

“This acquisition demonstrates the importance of software and cloud-architected solutions in today’s media markets that enable the delivery of powerful and flexible solutions to customers.”

Ethan Jacks, co-founder and Managing Partner of MediaBridge Capital Advisors

15 Harman Acquires SVSi

• MediaBridge Capital Advisors served as exclusive investment banking advisor to Southern Vision Systems, Inc. (“SVSi”) in connection with its acquisition in June 2015 by Harman.

• Based in Huntsville, AL and founded in 2004, SVSi is the recognized leader in - generation IP-based media distribution and matrix switching solutions for the ProAV acquiredacquired by by industry.

• Harman is a global technology business leader specializing in high-quality video and audio systems to professional, automotive, and home markets. Harman Professional companies include AMX, AKG Acoustics®, BSS Audio®, ®, Professional®, JBL Undisclosed Professional®, Pro®, ®, and ®. 2015

“The MediaBridge team supported us through every step of the acquisition process, and we are deeply appreciative of their efforts in completing the transaction.”

Andy Whitehead, President and Founder, SVSi

“This acquisition is another example of the new dynamic in today’s media markets: a move toward standardized IP-based technologies that enable vendors to evolve and adapt more quickly to changing customer and business requirements.”

John Bowen, co-founder and Managing Partner of MediaBridge Capital Advisors

16 Vislink Acquires Pebble Beach Systems for $25 Million

• MediaBridge Capital Advisors served as exclusive investment banking advisor to Pebble Beach Systems Ltd in connection with its acquisition in March 2014 by Vislink plc. • Based in Weybridge, Surrey, UK, and founded in 2000, Pebble Beach Systems is a leading developer and supplier of automation, channel-in-a-box, and content management solutions for TV broadcasters, cable, and satellite operators. • Vislink plc is a global technology business leader specializing in high-performance wireless communications products and services for the broadcast, defense, and security markets.

“MediaBridge has been advising us for several years to secure the best strategic partner for our next stage of growth. With its fantastic global tier-1 client base in the broadcast sector, Vislink offers us an ideal platform for accelerated growth and expansion of our software solutions. MediaBridge was integral to this successful outcome.”

Peter Hajittofi, Co-Founder and Managing Dir., Pebble Beach Systems

17 Barco Acquires X2O Media for C$21 Million

• MediaBridge Capital Advisors served as exclusive investment banking advisor to X2O Media in connection with its acquisition in March 2014 by Barco NV. • Based in Montreal, Canada, X2O was established in 2006 as a spin-off from VertigoXmedia, a Montreal-based company with strong expertise in the field of broadcast graphics automation. X2O’s innovative platform enables the connection, management, and delivery of real-time data through dynamic and interactive channels, from any source to any screen, anywhere. • Barco, a global technology company, designs and develops visualization products for a variety of selected professional markets. Barco is active in more than 90 countries with 4,000 employees worldwide and sales of €1.158 billion in 2013. “X2O Media perfectly complements our offering and skills portfolio, and is an important step in our strategy to expand our portfolio beyond video and imaging. Customers’ expectations regarding workflow and content management shift to end-to-end and easy-to-use visualization systems and cloud- based solutions. X2O Media’s platform will play a crucial role in allowing Barco to tap into these new opportunities while differentiating itself further from competition.”

Eric Van Zele, CEO, Barco

“The MediaBridge team was with us every step of the way in our acquisition process with Barco,” said David Wilkins, founder and CEO of X2O Media. “MediaBridge’s expertise in all aspects of the transaction, particularly the transaction structure and closing execution, was superb. We are delighted to be joining the Barco family, and we are deeply appreciative of the effort from the MediaBridge team in completing the deal on excellent terms.”

David Wilkins, CEO, X2O Media

18 Vitec Group Acquires Teradek for $30 Million

• MediaBridge Capital Advisors served as exclusive investment banking advisor to Teradek LLC in connection with its acquisition in August 2013 by The Vitec Group plc. • Teradek is a world leader in wireless video devices and platforms used by broadcasters, filmmakers, businesses, and Web channels to wirelessly transmit high-quality images. Its products are used in live electronic news gathering, real-time monitoring and recording, aerial visual capture, and webcasting. • The Vitec Group plc is a leading international provider of products and services for the broadcast, photographic, and military-aerospace-government markets. The acquisition will not only strengthen Vitec's product offerings – particularly to the growing number of independent videographers and business users – but will complement Vitec's existing video activities, including its range of broadcast microwave systems, and allow Teradek's products to be sold through Vitec's global sales and distributor network.

“This represents a major step forward for Teradek, which I believe will expand our reach, fuel our continued growth, and enhance our focus on product innovation. We will undoubtedly benefit from the resources and reach of Vitec Videocom and will embrace the opportunity to work alongside some of its other market-leading brands.”

Nicol Verheem, CEO and Co-Founder, Teradek

19 iZotope Receives $12 Million Investment from ABS Capital

• MediaBridge Capital Advisors served as exclusive investment banking advisor to iZotope Inc. in connection with a $12 million investment from ABS Capital Partners, which closed in August 2013. • Leading audio technology company iZotope will use the funds to develop new products, expand its markets, and increase sales and marketing efforts. With over $2 billion raised since inception, ABS Capital Partners has invested in over 100 growth companies over the past two decades. • iZotope creates professional audio products for the music, entertainment, and education industries. Its product portfolio is comprised of solutions for audio creation, repair, mixing and mastering. iZotope’s clients include musical giants such as Depeche Mode, Garbage, Skrillex, and Wu-Tang Clan; and radio stations and TV programming such as CBS' “Survivor,” the Discovery Channel’s “Deadliest Catch,” the World Cup broadcast, and the Grammy Awards. iZotope technology is also directly integrated into products made by industry leaders such as Adobe, Avid, and Sony; video games from companies like Microsoft, , and Ubisoft; and a growing number of mobile phone applications.

“iZotope is a company driven by a wealth of creative brainpower. Coupled with our position as a market leader, this funding will enable us to realize more of our creative vision, accelerating innovation and new products for our loyal customer base.”

Mark Ethier, CEO and Co-Founder, iZotope

20 Market Trends A Market in Dramatic Transition

Consumer Demand and Changing Behaviors Content Production and Delivery Technology • Demand for multi-device playout • Traditional TV competing with many less expensive alternatives IT/IP Transition – In the early stages • OTT Delivery – , Amazon, , YouTube TV, Sling • Low-cost generic IT systems pushing down pricing and vendor margins – driving vendor consolidation • Alternative content - YouTube, Vimeo • Long-term shift to software-defined compute • Gaming – Xbox, Playstation, etc. resources and SaaS-driven business models • Integration with Smart Speaker and voice command inputs Content Supply • In current shift to IP, workflows and functionality • Strong demand for quality content have stayed the same production is driving up costs • Next-gen versions and AI will enable processes • Media content and distribution companies A Challenging Income Dynamic to be truly automatic, and more efficient. are consolidating for greater geographic • Micro services enable efficient software dev. reach and scale of operations. • Changing Ad Dollars – High growth in digital • Vendors need to survive the perpetual-to-SaaS- • Lumpy high-ad dollar sporting events • Direct-to-Consumer options enable targeted based licensing transition and world reach • OTT and Skinny bundles changing traditional media • Social and data-driven personalization for both content dynamics • Intensifying competitive pressure on and ad delivery - AI and ML will support efforts traditional media participants • Huge and growing volume of available content • Cloud-based infrastructures enable quick start-up and • Vertical integration of content and • High availability of alternative entertainment options scale (dial-up, dial down) to enable nimble operations distribution providers continue – all eyes on • Remote and Distributed workflow production AT&T/Time Warner • On-premise equipment will continue to provide • Demand for sports rights remain high control and lower-cost alternatives Addressing Changing Consumer Demands • Machine Learning and AI require ‘good data’ to • The cost of creating and producing content must drop to offset execute on the promise lower ad dollars and lowering revenue per unit of content trends • Better data creation processes and standards are • Speed of New Offerings must improve necessary. AI will enable true automation. • Operational efficiency must increase to better address the multi- • Security – A continual issue and need screen experience.

22 Vendor Consolidation Vendor Consolidation

Driver for M&A and a Primary Path to Liquidity for Business Owners • Large strategic companies with strong balance sheets and aggressive growth plans, as well as Private Equity (PE) backed private companies with access to large amounts of capital from their PE investor, have been active in consolidation-driven acquisitions in broadcast and media technology markets in the last several years. These acquisitions, if well executed, can have a major positive impact on the market value and strategic position of the buyer.

• For business owners looking for financial liquidity from the sale of their business, these types of acquisitions can be a primary source of full or partial liquidity for their equity position in their company. MediaBridge is very familiar with the major active buyers and can help position smaller businesses to be acquired on favorable valuations and terms.

• We will the recent M&A activity of two public companies – Belden and Vitec, and two PE backed companies – Telestream and Chyron. Each has been active in M&A in the last several years.

24 Consolidation Examples Public Company Examples Private Equity Examples BELDEN - Acquired five major companies in the last few years: TELESTREAM - Acquired five major companies: • Miranda (2012) Telestream is backed by San Francisco-based PE firm Genstar • Grass Valley (2014) Capital, whose latest fund is $4B. Telestream was previously backed by Thoma Bravo based in Chicago. It has acquired: • TripWire (2015) • ThinkLogical (2017) • IneoQuest (2017) • SAM (2018) • Vidcheck (2016) • Pandastream (2015) In that period Belden’s market cap has increased from $1.7B to $4.1B • CPC (2013) • Anystream (2010) THE VITEC GROUP - Acquired companies in last few years: • ADEAL (2018) CHYRONHEGO – Acquired eight companies: • DayMen Group (2017) (Assets including LowePro and JOBY Brands) Chyron was a public company that was taken private in 2014 by • RT Motion (2017) PE firm Vector Capital. ChyronHego has acquired: • Wooden Camera (2016) • Click Effects (2016) • OffHollywood (2016) • Hybrid (2016) • Paralinx (2015) • Sound & Video Creations, Inc. (2016) • SmallHD (2014) • Newsroom Solutions (2015) • Autocue (2014) • Vidigo (2015) • Teradek (2013) • WeatherOne (2014) • Camera Corps (2012) • ZXY Sport Tracking (2014) In that period Vitec’s market cap has increased from $420m to over • Hego merger (2014) $815m

25 MediaBridge Prepares Clients for Sale to Consolidation-Driven Buyers

➢ Large Strategic Companies and PE Platform Companies are looking for consolidation acquisition targets with the following key attributes: • Market Leading Products in the Buyer’s market sector (complementary or possibly overlapping) • Strong Brand Equity • Solid Relationships with top-tier (often common) customers • Profitability • Clean financials • Strong Prospect for Deal Synergy with the Buyer (based on revenue growth, costs savings, unique R&D/Technology, talent, etc.)

➢ Many of MediaBridge M&A deals have been driven by consolidation (including our recent sale of Solid State Logic to Audiotonix)

➢ We work closely with our clients to highlight the attributes most appealing to potential buyers

➢ Through our consulting services, we can work with companies well in advance of an M&A process to improve performance and present their most valuable attributes in a compelling manner to prospective buyers

26 (AI) and Machine Learning (ML) Increasing Relevance in Media Applications Artificial Intelligence - Moving Beyond the Hype

▪ Articles and white papers are being published daily about AI and Machine Learning becoming central to the future of media and entertainment (and all other industries for that matter).

▪ The following slides highlight AI’s application in the M&E industry, within Media Creation, Packaging, Delivery and Consumption functions.

▪ Major vendors like IBM, Google and AWS are offering a wide range of AI and ML services on a platform as a service basis.

▪ The primary objectives are lowering the cost of creating and delivering content, and providing a better user experience.

28 Leading AI and ML Application Vendors

29 Artificial Intelligence & Machine Learning – 3 Distinct Phases

• AI & ML will increasingly be applied to Media Creation, Packaging, Delivery and Consumption

• There will be three distinct phases that we will experience.

• Phase 1: Decreasing Human Workload

• Phase 2: Content Insight and Workflow Steering

• Phase 3: Automatic Content Production

Phase 1 solutions examples: Automated Closed Captioning: Automatic Speech Recognition (ASR) systems can provide RT speech recognition, subtitling, and closed caption creation in over 80 languages with 95-99% accuracy. Humans have an average 5.1% error rate. Phase 2 solutions examples: Through Image Recognition, Speech & Tonal Analysis, and Cognitive Metadata Extraction, automated workflows such as automated creation of highlight clips from real- time video streams can be enabled. Phase 3 solutions examples: In Phase 3, Content will be automatically created with reduced to no reliance on humans.

30 AI & ML Core Technologies Content Providers and Service Providers will rely on the following technology applications and will seek out technology partners. These technologies, in part or in whole, will address each phase of AI & Machine Learning adoption.

1. Video Search – Faces, Objects, Images

2. Logging and Shot Detection

3. Metadata Extraction

4. Recommendation Engines

5. Closed Captioning

6. Sentiment Analysis

7. Content Moderation/Compliance Review

8. Real-time Data and Statistical Integration and Analysis

9. General Automation Routines

10. Near Human Voice Quality Dubbing

31 AI & ML Examples

1. Auto-Editing of Multicamera Footage

2. Templated Editing of Single Camera Content

3. Synthetic Shot Fabrication

32 Technology Trends Technology Trends Trends Situation Prediction Commoditization From cameras to compute and storage resources, prices fall Consumer-off-the-shelf (COTS) hardware gradually takes for each new model. over. IP and the Cloud These are buzz words that are confusing the market. Its really IP will be used in Hybrid Islands as there is still a huge all about virtualizing software. amount of SDI in use. Cloud is still expensive and is waiting for software functionality, but it’s coming.

Software Virtualization Broadcast functionality is gradually being created as software, Once functionality becomes virtualized software, which and Move toward SaaS that can be virtualized and hosted On Premises and in Private can be instrumented, new business models can be and PaaS and Public clouds. Investors are looking for recurring revenues, established, such as PaaS, and SaaS. Not all customers but vendors must first survive the revenue hole and cash-flow want subscription billing. Product sales are less transition. demanding on cash and create faster growth. TaaS on the Rise Outsourced, but owned, special-purpose technology Many large media companies have substantial internal development that is operated in house or through a service development efforts (or outsourced) to better meet provider. Or, in-house development that is then sold to their specific needs. These developments can be used outside organizations. by other parties as to not reinvent the wheel. Sports and Events are the Viewers like watching in real time and Broadcasting is still the Events continue to drive the premium pricing model. kings of revenue best solution for one-to-many distribution. Media companies Production processes will become more automated so must be sensitive to shifting age and demographic viewership that smaller events can be captured at a lower cost. patterns. Video and audio will feed back to centrally-located control rooms vs. on-site mobile production units. Advertising Technology Advertising is becoming more sophisticated and cross Technology will create and drive new revenue models. platform. ATSC 3.0 and 5G Mobile will enable more personal Ads will be inserted at the viewing device or as close to advertising. the viewer as possible.

34 The Innovators Dilemma

The Buyer Landscape is Changing: ▪ Some consolidation has already occurred, there will be more to come ▪ Traditional Broadcast buyers are grappling with the Innovators Dilemma ▪ There are opportunities to build out platforms through roll ups ▪ OTT Companies are eyeing linear TV solutions but may need to buy expertise and functionality ▪ Telecoms and other peripheral businesses are entering the market in an attempt to add value

The evolutionary S-curves for technologies and industry along which the basis of competition changes ▪ Traditional Broadcast Hardware vendors find it harder to transition to the new virtualized software models because they have to maintain their existing revenue streams and support their existing customers. ▪ Consumer-off-the-shelf hardware enables smaller software companies to become much more agile than the incumbent hardware companies. ▪ Other Companies, such as Telecom service providers look to supply more complete solutions to increase their value add

35 IP Enables the Cloud Which Enables New Business Models

Hosting is dependent IP and Cloud are Functionality becomes virtualized technology enablers for On-Premise Remote on loading, volume of new business models software that can run locally, or in a data and complexity of cloud /Public processing

All distribution channels are served from a common Linear TV and OTT distribution merge content pool and driven according to metadata rules into one combined operation Current OTT vendors may provide Linear TV solutions

Public Cloud Broadcasters used to build for Services can easily be scaled by maximum throughput, but can now Private Cloud turning functions on and off in build for steady state and scale to software Steady State peak with pay as you go services

Usage

The transition to SaaS and SaaP models wreak havoc with traditional software sales revenues by creating a ‘V’ shape in future revenue

36 Virtualized Software Required ▪ As functionality is turned into software and virtualized, it creates new product classes while traditional products disappear – The total value of the product market decreases, and as software moves into the cloud, they are sold more as services. ▪ Companies have to follow these trends or they risk disappearing. ▪ A great example is Playout - transitioning from Individual Products, to Channel-in-a-Box, to Services in the Cloud.

Master Control Services Channel Automation in a Box $ Cloud-based Solutions Product Graphics Insertion

Master Control, Automation and Graphics Channel-in-a-Box revenue grows, but Channel-in-a-Box software becomes virtualized and Insertion product sectors all decline, replaced does not replace the revenue drop of can run in the cloud. It now has a completely new by growth in Channel in a Box the individual products pricing model and can be sold as a service.

37 What Does This Mean for Valuations

The Current Hot Spots That Valuations: • Innovation and technology – driven by reducing margins, reducing R&D Buzz spend forcing large companies to buy, not build • Recurring revenues attract premium valuations Recurring • Buzz: Software Virtualization, IP, Cloud, VR, Marketing Tech, Big Data, Live Revenues

Innovation and technology

Growth Profit The Tried and Trusted Valuation Drivers: • Sustained and controlled growth acts as a significant Revenue multiplier to revenue and profits • Worldwide distribution channel • Variable vs. fixed costs, efficient & flexible supply chain

38 Public Market Overview Publicly Traded Media Technology Companies Market Capitalization - Large Cap

($USD in millions)

August 2014 158,562 390,279 369,722 194,042 177,789 127,043 185,502 191,787 52,450 35,587 19,717 59,724

August 2015 242,447 447,472 351,111 252,818 132,061 133,098 159,654 145,499 53,541 39,269 31,885 48,157

August 2016 364,563 537,023 452,200 358,843 202,750 157,681 170,104 151,329 73,209 50,856 41,671 56,161

August 2017 454,084 639,644 560,877 483,026 281,504 157,202 203,690 133,957 99,170 74,726 48,568

August 2018 940,209 868,903 840,437 512,366 277,409 219,107 196,390 133,894 109,071 128,487 70,454

Amazon Alphabet Microsoft Samsung Cisco Oracle IBM Naspers Adobe Sony Dell Cash: 27,050 102,254 133,669 42,309 75,491 46,548 67,261 11,707 11,369 6,334 20,594 11,761 Total Debt: 45,789 3,981 87,508 121 14,479 25,569 60,777 45,581 4,741 1,884 11,905 6,279 Enterprise Value (EV): 958,948 770,630 794,276 470,178 223,073 198,128 190,404 167,896 103,672 124,038 67,618 0 EV/ LTM Revenue 4.6x 6.2x 7.2x 9.7x 1.0x 4.0x 4.8x 2.1x 18.6x 15.3x 0.9x 0.0x EV/ LTM EBITDA 46.5x 20.2x 17.7x 17.2x 2.9x 13.4x 11.6x 9.9x 36.1x 42.6x 6.9x 0.0x % of 52 Week High: 100.0% 97.5% 98.6% 81.2% 80.5% 99.4% 92.2% 85.7% 86.2% 99.5% 99.6% N/A

Source Capital IQ, SEC Filings. 1) Stock Prices as of 8/27

40 Publicly Traded Media Technology Companies Market Capitalization - Mid Cap

($USD in millions)

August 2014 34,747 28,020 12,192 40,392 12,704 10,779 2,833 9,326 4,793 4,403

August 2015 32,809 24,492 11,383 31,908 6,305 12,591 4,349 8,010 3,337 3,860

August 2016 30,966 23,395 15,472 24,093 8,024 9,664 6,022 6,752 5,035 5,175

August 2017 37,488 31,061 25,338 19,444 11,874 7,711 6,341 6,947 5,119 5,060

August 2018 34,444 28,287 33,886 28,410 11,375 12,630 8,694 6,800 7,019 7,445 4,579

Canon Panasonic Ericsson LG Akamai Yamaha NEC Dolby ARRIS Cash: 5,768 11,751 1,170 5,061 4,273 1,857 1,015 174 3,335 1,025 555 Total Debt: 4,356 11,606 1,587 3,769 9,610 1,530 139 0 4,728 0 2,158 Enterprise Value (EV): 35,057 29,634 34,304 27,233 18,148 12,303 7,835 6,625 9,976 6,426 6,198 EV/ LTM Revenue 1.0x 0.4x 15.2x 1.2x 0.3x 4.7x 2.0x 10.3x 0.4x 5.4x 0.9x EV/ LTM EBITDA 6.2x 4.9x NM 67.9x 4.4x 18.4x 14.5x NM 6.6x 16.4x 7.7x % of 52 Week High: 79.2% 74.8% 96.7% 99.7% 64.9% 89.7% 87.8% 99.4% 88.8% 96.7% 84.6%

Source Capital IQ, SEC Filings. 1) Stock Prices as of 8/27

41 Publicly Traded Media Technology Companies Market Capitalization - Mid Cap (cont’d)

($USD in millions)

August 2014 3,186 1,698 2,121 882 1,199 442 5,734 2,649 834 1,008

August 2015 2,136 1,753 934 750 842 420 6,345 2,597 733 1,200

August 2016 3,109 2,229 2,084 1,016 1,005 356 2,053 2,686 1,056 427

August 2017 3,118 2,858 2,189 1,176 1,096 1,270 567 1,314 1,502 701 724

August 2018 2,993 2,247 1,728 1,701 906 813 749 890 540 495 442

Belden Tata TiVo Barco Evertz Xperi Vitec Group GoPro Technicolor Kudelski Coship Cash: 261 218 297 274 73 95 36 140 230 121 79 Total Debt: 1,483 1,307 989 56 1 481 92 134 1,292 493 64 Enterprise Value (EV): 4,215 3,314 2,419 1,502 836 1,198 805 885 1,606 900 424 EV/ LTM Revenue 1.7x 1.4x 3.1x 1.2x 2.7x 3.4x 1.7x 0.8x 0.4x 0.9x 4.0x EV/ LTM EBITDA 9.4x 10.8x 13.0x 13.4x 12.9x 10.0x 12.4x NM 7.3x 28.9x NM % of 52 Week High: 84.5% 72.9% 69.6% 93.9% 78.0% 58.4% 91.0% 53.7% 33.7% 65.2% 48.9%

Source Capital IQ, SEC Filings. 1) Stock Prices as of 8/27

42 Publicly Traded Media Technology Companies Market Capitalization - Small Cap

($USD in millions)

August 2014 302 225 680 593 24 199 59 185 122 321

August 2015 295 243 372 137 500 20 170 36 157 117 322

August 2016 313 191 474 116 347 91 412 49 263 306 371

August 2017 369 395 508 218 266 90 242 219 143 268 188 207

August 2018 404 545 321 346 473 241 298 166 233 151 246 202

JVC Limelight EVS Focusrite Harmonic Vidente Brightcove Ateme Neulion Net Insight Avid Veritone Cash: 314 46 59 27 54 24 27 3 32 17 60 78 Total Debt: 625 0 17 0 128 15 0 7 0 0 232 0 Enterprise Value (EV): 745 500 281 320 547 233 271 170 202 134 418 124 EV/ LTM Revenue 0.3x 2.6x 2.1x 3.6x 1.4x 12.5x 1.6x 3.0x 2.2x 2.7x 1.0x 7.9x EV/ LTM EBITDA 3.1x 22.4x 7.0x 21.6x 52.6x 3.6x NM 24.5x NM 263.3x 23.0x NM % of 52 Week High: 72.1% 80.0% 59.7% 0.0% 97.3% 36.2% 77.2% 70.5% 95.2% 60.1% 76.9% 13.7%

Source Capital IQ, SEC Filings. 1) Stock Prices as of 8/27

43 Publicly Traded Media Technology Companies Market Capitalization - Small Cap (cont’d)

($USD in millions)

August 2014 303 249 53 31 59 360 119

August 2015 293 194 41 20 81 228 41

August 2016 158 98 85 29 57 217 25

August 2017 172 91 95 47 61 53 26

August 2018 80 57 86 61 39 19 24

Quantum SeaChange Synacor Dalet Espial Group Black Box Qumu Cash: 10 42 15 8 24 22 5 Total Debt: 128 0 5 5 0 159 8 Enterprise Value (EV): 198 15 75 58 15 156 27 EV/ LTM Revenue 0.4x 0.2x 0.5x 1.0x 0.7x 0.2x 1.0x EV/ LTM EBITDA 22.7x 8.3x 16.1x 17.2x NM NM NM % of 52 Week High: 35.1% 39.7% 75.9% 91.8% 66.1% 29.4% 78.4%

Source Capital IQ, SEC Filings. 1) Stock Prices as of 8/27

44 Publicly Traded Media Distribution Companies Market Capitalization - Large Cap

($USD in millions)

August 2014 164,497 4,519 28,525 5,573 20,362 180,214 204,899

August 2015 162,840 4,124 50,124 3,713 20,353 205,689 187,794

August 2016 67,984 157,999 3,596 41,835 3,262 20,292 250,263 212,253

August 2017 100,263 189,478 5,635 71,649 1,960 25,741 233,259 198,586

August 2018 70,565 166,920 4,716 158,759 2,170 35,001 31,506 238,411 226,637

Charter EchoStar Netflix Pandora Spotify Sirius AT&T Verizon Cash: 773 5,726 3,434 3,906 421 1,650 64 13,557 1,750 Total Debt: 72,117 64,580 3,620 8,342 250 0 6,448 191,762 115,698 Enterprise Value (EV): 150,108 228,166 4,917 163,195 2,506 33,351 37,891 417,766 342,136 EV/ LTM Revenue 3.5x 2.6x 2.4x 11.8x 1.7x 6.2x 6.8x 2.6x 2.6x EV/ LTM EBITDA 9.7x 8.0x 6.2x 113.3x NM NM 18.6x 9.2x 7.3x % of 52 Week High: 75.2% 82.8% 78.7% 86.1% 92.9% 97.8% 91.2% 82.5% 99.3%

Source Capital IQ, SEC Filings. 1) Stock Prices as of 8/27

45 Publicly Traded Media Distribution Companies Market Capitalization - Large Cap (cont’d)

($USD in millions)

34,194 August 2014 154,481 29,451 10,178 155,124

August 2015 22,000 17,058 7,959 15,727 172,448

August 2016 22,940 15,513 8,200 16,544 153,012

August 2017 25,686 12,646 5,965 7,887 12,154 158,068

167,062 August 2018 20,185 19,588 4,869 7,861 12,518

CBS Discovery Lions Gate News Corp Walt Disney Cash: 252 429 316 2,034 929 4,326 Total Debt: 9,850 18,329 2,503 1,952 10,088 23,673 Enterprise Value (EV): 29,783 39,588 7,180 8,985 21,987 191,529 EV/ LTM Revenue 2.1x 4.6x 1.8x 1.0x 1.7x 3.3x EV/ LTM EBITDA 9.7x 14.3x 17.8x NM 7.5x 10.9x % of 52 Week High: 82.6% 96.8% 64.3% 76.6% 86.1% 95.3%

Source Capital IQ, SEC Filings. 1) Stock Prices as of 8/27

46 Video M&A Overview Viewpoint on Recent M&A and PE Transactions

As the following tables prepared by MediaBridge indicate, there has been a healthy level of M&A and corporate financing activity in the professional Video and Audio marketplaces in 2016, 2017, and 2018 led by Strategic buyers and Private Equity (PE) and investors. MediaBridge has longtime personal relationships with the senior management at companies like these and is knowledgeable about the types of acquisitions and investments they are seeking. Notable recent transactions by Strategic buyers include: M&A: • Belden’s $94m acquisition of Snell Advanced Media • InterDigital’s $150m acquisition of Technicolor’s Patent Licensing Business • The sale of 51% of Ericsson Media Solutions to OEP Capital Advisors, L.P. • The $224 million sale of Vubiquity to Amdocs • Vimeo’s acquisition of Livestream • Synaptics $343 million acquisition of Conexant • Samsung’s $8b acquisition of Harman International • Tivo’s $1b acquisition by Rovi (and rebranding as Tivo) • Verizon’s acquisitions of Straight Path Communications, Yahoo!, AOL, Edgecast Networks, Vessel Group, Volicon and others Private Equity firms are becoming increasing active in both M&A and corporate finance in the media industry Important recent transactions by PE firms include: • Roku’s IPO (investors include Menlo Ventures, FirstHand Capital, British Sky Broadcasting, Twenty-First Century Fox, Globespan Capital Partners, and Netflix) • Spotify Technology’s IPO (investors include Dragoneer Investment Group ; TPG Capital, Dentsu, STELAC Capital Partners LLC) • TPG’s $450m investment in VICE Media • Silver Lake Partners’ $700m acquisition of Cast & Crew • Genstar’s acquisition of Telestream (from PE firm Thoma Bravo – amount not disclosed) • HG Capital’s $310m acquisition of The Foundry (from PE firm The Carlyle Group) • Vector Capital's $112m acquisition of ChyronHego

MediaBridge has managed many complex transactions involving both Strategic and PE buyers and investors, and works closely with its clients to evaluate the best options from the perspective of valuation, synergy generation, operational success and other relevant criteria.

48 Video M&A Select Transactions – Since Last IBC In Millions Value EV / LTM Date Target Name Acquirer Name Select Transactions ($MM) Revenue Sep-18 Magic Box Inc. $5 - Veritone, Inc. Aug-18 Videology 117.3 0.7x Amobee, Inc. Aug-18 Holdings, LLC - - Warner Media, LLC Aug-18 Babcock Media Services - - Encompass Digital Media, Inc. Aug-18 NEP (Crestview Partners investment) - - Carlyle Group Aug-18 SaaSfocus - - Cognizant Aug-18 Wazee Digital $15 0.8x Veritone, Inc. Aug-18 Performance Bridge Media 6-11m 1.6-3.0x Veritone, Inc. Aug-18 Vidpresso - - Facebook Aug-18 Kudelski Group’s Cond. Access and STB Businesses 20 - NEOTION May-18 Cisco’s Service Provider (SPVSS) business (NDS) 1,000 - Permira Jul-18 IronGrid Data Services - - VideoAmp Jul-18 Costar Technologies, Inc. - - Arecont Vision May-18 Rapt Media - - Kaltura May-18 Mautilus - - 24i Media May-18 Magento Commerce 1,680 - Adobe Systems Apr-18 Uru - - Adobe Systems Mar-18 ADEAL PTY LTD $3.9 - The Vitec Group, plc Mar-18 Vigour - - 24i Mar-18 NeuLion, Inc. (announcement) 241 2.3x Endeavor, LLC Mar-18 Technicolor Patent Licensing Business 150 - InterDigital Feb-18 Snell Advanced Media 104.5 ~0.9x Belden/Grass Valley Jan-18 WhoSay Inc. - - Amazon Jan-18 Ericsson Media Solutions (51% ownership) - - OEP Capital Advisors, L.P. Jan-18 Vubiquity 224 - Amdocs Jan-18 Avere - Microsoft Azure Nov-17 Vidispine AB - - Arvato Systems Gmbh (Bertelsmann SE & Co. KGaA) Nov-17 InVisage Technologies, Inc. - - Apple Inc. Sep-17 Regaind, SAS - - Apple Inc. Sep-17 Livestream - - Vimeo (IAC/InterActiveCorp) Source: Capital IQ, FactSet, Press Releases, Public Filings; Includes pending transactions 49 Video M&A Select Transactions Between NAB 2017 and IBC 2017 In Millions Value EV / LTM Select Transactions Date Target Name Acquirer Name ($MM) Revenue Aug-17 AIMatter - - Alphabet Inc. Aug-17 Bexel (Vitec Group divestiture) $35 0.6x NEP Group Aug-17 fayteq GmbH - - Facebook Jul-17 Source3, Inc. - Facebook Jun-17 Conexant 343 2.9x Synaptics Aug-17 SpotX (remaining 36.4% stake) 140 RTL Group Aug-17 Millarworld - - Netflix Jul-17 AMI Entertainment - - The Gores Group Jul-17 J & S Audio Visual Communications, Inc. 21.4 Ashford, Inc. Jul-17 Rocket Fuel Inc. 126.6 0.4x Sizmek Inc. Jul-17 Placed 135.2 Snap Inc. Jun-17 Mettle Communications Inc. - - Adobe Systems Jun-17 Software Generation Ltd. (SGL) - - Masstech Innovations Inc., FPE Capital LLP Jun-17 Audio Video Resources - - Ford Audio-Video Systems, LLC Jun-17 ZENLY S.A.S. 213.3 Snap Inc. Jun-17 Thinklogical 160 3.1x Belden Jun-17 VRB - - Co., Ltd. Jun-17 Panasonic Cloud Management Service Europe - - Eagle Eye Networks, Inc. Haigh-Farr non-core defense antennas May-17 business (Vitec Group divestiture) 25.8 - David and Norene Farr May-17 TV Data SA - Videohouse nv May-17 Ctrl Me Robotics, Inc. - - Snap Inc. May-17 Owlchemy Labs LLC - - Alphabet Inc. May-17 MindMeld 125 - Cisco Systems May-17 Lattice Data, Inc. 200 - Apple Inc. May-17 .com - - Apple Inc. May-17 Verizon, Cloud and Hosting Service Business 3,600 - IBM Apr-17 Straight Path Communications Inc. 2,300 - Verizon Communications Inc. Source: Capital IQ, FactSet, Press Releases, Public Filings; Includes pending transactions

50 Video M&A Select Transactions Between IBC 2016 and NAB 2017 EV / LTM Date Target Name Value ($MM) Acquirer Name Select Transactions Revenue Mar-17 Harman International Industries $8,877 1.3x Samsung Electronics America Mar-17 Teads 285 1.5x Altive N.V. Mar-17 Barco Lighting Systems - - Electronic Theatre Controls Mar-17 ObjectVideo 6 - Alarm.com Holdings Mar-17 Visible Measures Corp. 10 - AcuityAds Holdings Feb-17 GigPeak 210 3.6x Integrated Device Technology Feb-17 Cdnetworks Co 142 1.5x Hong Kong Wangsu Science & Technology Company Limited Feb-17 Wiredrive - - MediaSilo Feb-17 Highwinds Network Group - - StackPath Jan-17 IneoQuest Technologies - - Telestream, Genstar Capital Jan-17 Caption Colorado - - Vitac Corp. Jan-17 Watchup - - Inc. Jan-17 Watchwith - - Comcast Corp Dec-16 Opera TV AS 114 3.6x Moore Frères & Company Dec-16 VideoLink - - H.I.G. Capital, AVI-SPL Nov-16 Operative Media, Inc. 200 SintecMedia Nov-16 VOKE - - Corporation Nov-16 Sports New Media 102 28.4x Breaking Data Corp. Nov-16 Avesco Group Plc 159 0.8x The Carlyle Group, Crestview, NEP Group Nov-16 Nexsan Corp. 25 - Spear Point, NXSN Acquisition Corp. Nov-16 Vericom AB - - Deluxe Entertainment Services Group Nov-16 Avesco Group Plc 159 0.8x The Carlyle Group, Crestview, NEP Group Nov-16 TubeMogul 426 2.3x Adobe Systems Oct-16 CrowdTangle - - Facebook Oct-16 Vessel Group - - Verizon Communications Oct-16 Micoy Corp. 5 - Digital Domain Holdings Oct-16 Target Media & Communications Group - - Havas SA Oct-16 Level 3 Communications 34,522 4.2x CenturyLink Sep-16 Wooden Camera 35 - Vitec Group Sep-16 COVELOZ Technologies - - Ross Video Sep-16 Famebit - - Google Sep-16 Abekas - - Ross Video Sep-16 YuMe 117 0.7x AVI Partners Sep-16 ADman Interactive SL 9 0.9x Agile Content SA Source: Capital IQ, FactSet, Press Releases, Public Filings; Includes pending transactions 51 Video M&A Select Transactions Between NAB 2016 and IBC 2016 In Millions EV / LTM Date Target Name Value ($MM) Acquirer Name Select Transactions Revenue Sep-16 Ultimatte Corp - - Blackmagic Design Sep-16 Vidcheck - - Telestream Sep-16 Tivo $1,100 1.6x Rovi (then changed name to Tivo) Sep-16 Movidius - - Intel Aug-16 Scala - - Stratacache Aug-16 ON Events Services 92.5 - Viad (NYSE: VVI) Aug-16 Trilogy Communications 4.1 0.9x Clear-Com (HM Electronics) Aug-16 Beam Interactive - - Microsoft Aug-16 Arris (Whole Home Solutions) - - Espial Aug-16 Broadcast Solutions - - NEP, Crestview Partners and The Carlyle Group Aug-16 Sizmek 122 0.8x Vector Capital Aug-16 UUX 7.9 1.1x Agile Content Aug-16 Media.Net 900 3.9x Miteno Communication Technology Jul-16 ConvertMedia 100 2.0x Taboola ($500m runrate revenue) Jul-16 Big Data Partnership - - Teradata Jul-16 Citrix (GoTo business) 1,800 - Logmein Jul-16 Sound & Video Creations (Click Effects) - - ChyronHego, Vector Capital Jul-16 Anvato - - Alphabet Jul-16 Orban - - DaySequerra Jul-16 NextGuard Labs (Civolution’s watermarking business) - - Kudelski Group Jul-16 Polycom 2,000 1.3x Siris Capital Jun-16 Magic Pony Technology 150 - Jun-16 Wand Labs - - Microsoft Jun-16 Adgear 50 - Samsung Jun-16 Saffron Digital - - Neulion Jun-16 Broadcast Solutions - - NEP Broadcasting Jun-16 MTT Innovation - - Barco Jun-16 Deltatre 135.7 2.2x Bruin Sports Capital Jun-16 Accedo 10 0.4x SEB Private Equity May-16 QuickPlay Media - - AT&T May-16 Milestone Systems - - Kudelski Group May-16 VHX (Series B post-money valuation was $24.9m) - - Vimeo May-16 Livefyre (Series D post-money valuation was $306.8m) - - Adobe May-16 StickyADStv SAS 100 - FreeWheel Media (Comcast Corporation) Apr-16 Offhollywood - - The Vitec Group Source Pitchbook, Capital IQ, Press Releases, Public Filings, Includes pending transactions 52 Video M&A Select Transactions Between IBC 2015 and NAB 2016 In Millions EV / LTM Date Target Name Value ($MM) Acquirer Name Select Transactions Revenue Mar-16 SintecMedia $400 3.6x Francisco Partners Mar-16 Vanguard Video - - Beamr Mar-16 RoyaltyZone - - Filmtrack Mar-16 Volicon - - Verizon Digital Media Mar-16 RealD 551 14.3x Rizvi Traverse Management Mar-16 Replay Technologies 175 23.7x Intel Corporation Mar-16 OneTwoSee - - Comcast Feb-16 Stupeflix - - GoPro Feb-16 Vemory - - GoPro Feb-16 RRmedia 242 1.7x SES Platform Services Feb-16 Viant 155 - Time Feb-16 Deluxe AdServices Business - - Adstream Feb-16 Broadcom 37,000 4.4x Avago Technologies Feb-16 Outerwall (Coinstar, , ecoATM and Gazelle) 1,600 0.8x Apollo Global Management Jan-16 Provak Foto Film Video B.V. 1 The Vitec Group Jan-16 Ustream 130 - IBM Jan-16 FYI Television - - Ericcson Jan-16 Mantrics - - Snell Advanced Media Jan-16 HeyZap 45 2.2x RNTS Media (Fyber) Dec-15 Clearleap 210 - IBM Dec-15 PandaStream - - Telestream Dec-15 Thomson Video Networks 90 1.1x Harmonic Dec-15 Undertone Networks 180 0.9x Perion Network Oct-15 The Weather Company - - IBM Oct-15 1 Maintstream 125 - Cisco Systems Sep-15 Rentrak (merger) - - comScore (merger) Sep-15 Ramp (media business) 10 2.0x cXense Sep-15 Unruly 175 38.0x News Corporation Sep-15 The Mill 292 1.9x Technicolor Sep-15 Millennial Media 262 0.9x AOL Source: Capital IQ, FactSet, Press Releases, Public Filings; Includes pending transactions

53 Recent Video, Media and Ad Tech Transactions Media and Ad Tech M&A Select Media and Ad Tech Transactions Since IBC 2017 In Millions EV / LTM Date Target Name Value ($MM) Acquirer Name Revenue Select Transactions Aug-18 Credera Technologies - - Omnicom Aug-18 Music Choice, Inc. $120 - Stingray Digital Group Inc. Jul-18 AwesomenessTV Holdings - - Viacom Jun-18 Time Warner Inc. 81,783 3.8x AT&T Jun-18 AppNexus - - AT&T Jun-18 Scripps FM stations and 1 AM station in Tulsa 12.5 - Griffin Communications Jun-18 3 Arts Entertainment (majority stake) ~300-350 - Lionsgate Jun-18 Raycom Media Inc. 3,647 - Gray Television, Inc. (NYSE:GTN) May-18 EMI Music Publishing (from 30% to 90% stake) 2,300 7.2x Sony Corporation of America Apr-18 Sprint 26,000 - T-Mobile Mar-18 Weather Group Television, LLC 300 - Entertainment Studios Inc. Mar-18 Scripps Networks Interactive, Inc. 15,427 4.2x Discovery Communications Mar-18 Next Issue Media LLC - - Apple Inc. Mar-18 iHeart Radio – Filed for Bankruptcy protection - - Feb-18 Discovery Education 120 - Francisco Partners Feb-18 RLJ Entertainment, Inc. (an additional 27%) 88 - AMC Networks, Inc. Feb-18 CBS Radio Inc. 2,837 2.3x Entercom Communications Corp. (NYSE:ETM) Feb-18 Kapital Entertainment, LLC (50% stake) - - CBS Corporations Jan-18 Time, Inc. 3,137 1.1x Meredith Corporation (NYSE:MDP) Dec-18 Beachfront Media - - Growth Catalyst Partners and PSP Capital Oct-17 Imagina Media Audiovisual, S.L. 1,000 1.2x Orient Hontai Capital Sep-17 YuMe, Inc. 186.6 0.7x RhythmOne plc (AIM:RTHM) Sep-17 Bamtech Media (incremental 42% interest) 1,580 - The Walt Disney Company (NYSE:DIS) Aug-18 SpotXchange, Inc. (remaining 36.4% stake) 141.5 - RTL Group Aug-17 DGital Media, LLC (45% position) 9.7 - Entercom Communications Corp. (NYSE:ETM) Aug-17 ScanScout, Inc., Buyer Platform 50 0.2x Taptica Ltd Jun-17 Placed, Inc. 135 - Snap Inc. Jul-17 AMI Entertainment - - The Gores Group Source: Capital IQ, FactSet, Press Releases, Public Filings; Includes pending transactions

55 Media and Ad Tech M&A Select Media and Ad Tech Transactions Since IBC 2016 In Millions EV / LTM Date Target Name Value ($MM) Acquirer Name Select Transactions Revenue Apr-17 General Communication, Inc. $2,677 2.9x Liberty Ventures Mar-17 Nippon Columbia Co., Ltd. 46 0.4x Faith, Inc. Mar-17 ExeQuo SA - - Lionbridge Technologies, H.I.G. Capital Mar-17 Embark Ideas - - CricHQ Mar-17 Audience Partners - - Neptune Holding US Corp. Mar-17 Headway 47 - Entravision Communications Corporation Feb-17 Turn Inc. 310 - Amobee, Inc. Feb-17 Altra Entertainment 7 1.5x MEDIA DO Feb-17 General Specific - - Benchmark Capital Management, Feb-17 ProSmart Sports Development 4 - Sora Capital Corp. Feb-17 CBS Radio Inc. 1,486 - Entercom Communications Corp. Jan-17 Sun Video Group Hong Kong 51 - Wecast Network Jan-17 GixOO 81 - Kik Interactive Jan-17 Telegraaf Media Groep NV 320 0.6x Talpa Holding NV Jan-17 Synaptic Digital - - DMA Media Jan-17 Revolution Studios - - Content Partners Jan-17 Shufflebox Productions - - Weidenhammer Systems Corp. Gracenote, Gracenote Canada, Gracenote Dec-16 560 - Nielsen Holding and Finance B.V. Netherlands, Tribune Digital And Tribune Int’l Dec-16 Sports New Media 102 28.4x Breaking Data Corp. Dec-16 Kameleon Worldwide 13 - Be Heard Group Nov-16 TVB Network Vision Limited 90 - TVB Satellite TV (HK) Limited Nov-16 INVIDI (majority stake) - - AT&T Inc., WPP, Dish Networks Nov-16 DraftKings - - Fanduel Oct-16 Time Warner Inc. 83,072 3.8x AT&T Inc. Oct-16 Multimedia Polska SA 1,093 5.9x Liberty Global, UPC Polska Sp zoo Oct-16 Epoxy - - Onrtb Oct-16 Fuel TV - - Every Day Networks LLC Oct-16 Sfera Studious - - Deluxe Entertainment Services Group Sep-16 Stickyeyes 27 1.3x MediaBrands Worldwide Aug-16 Hulu (10% position) 583 - Time Warner Inc. Source: Capital IQ, FactSet, Press Releases, Public Filings; Includes pending transactions

56 Media and Ad Tech M&A Select Media and Ad Tech Transactions from January 2015 to August 2016 In Millions EV / LTM Date Target Name Value ($MM) Acquirer Name Select Transactions Revenue Aug-16 RCN Telecom Services $1,600 - TPG, Google Capital Aug-16 Grande Communications Networks 650 - TPG, Google Capital Aug-16 Gawker Media 135 - Univision Jul-16 Ultimate Fighting Championship 4,000 - WME IMG Jul-16 Odeon & UCI Cinemas £921 - AMC Entertainment Jun-16 4,400 2.6x Lionsgate Apr-16 DreamWorks Animation 3,800 4.4x Comcast Mar-16 Carmike Cinemas 1,100 1.5x AMC Entertainment Jan-16 Legendary Entertainment 3,500 - Dalian Wanda Group Sep-15 Universal Studios - Japan 2,941 5.4x Comcast / NBCU Sep-15 Meredith Corp 2,400 1.5x Media General Aug-15 iStreamPlanet - - Turner Broadcasting System Jul-15 Prime Focus - - Marina IV (Singapore) Jul-15 RMG Networks, Airline Media Network 6 - Global Eagle Entertainment Jun-15 Dailymotion SA 302 4.2x Vivendi Jun-15 Nativ Limited - - Ooyala / Telstra May-15 Time Warner Cable 78,224 3.4x Charter Communications May-15 Modern VideoFilm - - Point.360 May-15 AOL 4,282 1.7x Verizon Communications May-15 Cubiware Sp. z o.o 48 - TiVo May-15 The Foundry Visionmongers 310 - HgCapital Apr-15 Plaid Social Labs - - Corbis Entertainment Apr-15 ActiveVideo Networks 135 - Charter Communications, ARRIS Group Apr-15 Groupe Mikros Image 14 0.3x Technicolor Feb-15 Starz 4,343 2.6x Lions Gate Entertainment Feb-15 OuiDo - - Technicolor Feb-15 Yashi 33 - Nexstar Broadcasting Group Feb-15 Rentrak, Packaged Media Rental Business 7 - Vobile Jan-15 PremiumBeat 42 - Shutterstock Source: Capital IQ, FactSet, Press Releases, Public Filings; Includes pending transactions

57 Private Equity and Venture Capital Investments PE/VC Activity in Video Markets Select Transactions from 2016 - 2018

Select Investors

3 Rounds > $65m 7 Rounds 3 Rounds acquired by acquired by 10% stake acquired by minority stake acquired by

2 Rounds 5 Rounds $285M $110M $583M $1,000M 7 Rounds 4 Rounds

$20-65m 4 Rounds 3 Rounds 3 Rounds 4 Rounds 5 Rounds 4 Rounds 7 Rounds 4 Rounds

7 Rounds 6 Rounds 1 Round 5 Rounds 5 Rounds 2 Rounds 3 Rounds 3 Rounds 6 Rounds

5 Rounds $10-20m 5 Rounds acquired by 3 Rounds 3 Rounds

3 Rounds 1 Round

$0-10m 4 Rounds 2 Rounds 2 Rounds acquired by

3 Rounds 3 Rounds $50M

Source: Capital IQ, FactSet, Press Releases, Public Filings 59 PE/VC Activity in Video Markets Select Transactions from 2014 - 2015

Select Investors

4 Rounds 8 Rounds acquired by > $65m acquired by acquired by

$318M $310M 5 Rounds 8 Rounds 11 Rounds

$20-65m

4 Rounds 11 Rounds 6 Rounds 7 Rounds 4 Rounds

2 Rounds $10-20m 3 Rounds 3 Rounds Acquired by 2 Rounds

5 Rounds 7 Rounds

acquired by $0-10m 2 Rounds 4 Rounds 1 Round 2 Rounds 1 Round acquired by

$2.5M 3 Rounds 4 Rounds 2 Rounds 2 Rounds 1 Round

Source: Capital IQ, FactSet, Press Releases, Public Filings 60 Video/Audio Capital Raises Select Funding Transactions Since IBC 2017 In Millions Source: Capital IQ, FactSet, Press Releases, Public Filings; Includes pending transactions Post-money Amount Raised Date Target Name Valuation Investor Name ($MM) ($MM) Jul-18 PocketWatch, Inc. $15 - GC VR Gaming Tracker Fund, LP ; Greycroft ; UTA Ventures ; Viacom, Inc. (NasdaqGS:VIAB) Jul-18 Wicket Labs 2.8 - WestRiver Group. Existing investors Madrona Ventura group and Divergent Ventures also participated. Jul-18 TVision Insights, Inc. 11.5 - Accomplice Management LLC ; Jump CapitalFf Jun-18 , Inc. 41.37 - AMC Networks Inc. (NasdaqGS:AMCX) ; Discovery, Inc. (NasdaqGS:DISC.A) ; Viacom, Inc. (NasdaqGS:VIAB) Apr-18 Bitmovin Inc. 30 - Atomico Investment Holdings Ltd ; Constantia New Business GmbH ; Dawn Capital LLP ; Highland Europe (UK) LLP ; Y Combinator Management LLC Apr-18 PlaySight Interactive Ltd. 21 - CE Ventures ; Great White Shark; SOFTBANK Ventures Korea Inc. ; Verizon Ventures Apr-18 fuboTV Inc. 75 - AMC Networks Inc. ; Luminari Capital ; Northzone Ventures ; Scripps Networks Interactive, Inc. ; Sky plc (LSE:SKY) ; Twenty-First Century Fox, Inc. Raine Ventures, Liberty Global, Goldman Sachs, Antenna Group, 7 Global Capital, Dentsu Ventures, the family office of Kelly Loeffler and Jeff Sprecher. Mar-18 Cheddar 22 $160 AT&T, Amazon, Altice, New York Stock Exchange, Lorne Michaels’ Broadway Video, Comcast Ventures, Lightspeed Venture Partners and Ribbit Capital. Mar-18 Amobee, Inc. (sub of Sing-tel) 360.3 - Singapore Telecommunications Limited Alibaba Group Holding Limited (NYSE:BABA) ; Alphabet Inc. (NasdaqGS:GOOGL) ; EDB Investments Pte. Ltd. ; Fidelity Management & Research Mar-18/ Magic Leap 963 2,000 Company ; J.P. Morgan Investment Management Inc. ; Janus Henderson Group plc (NYSE:JHG) ; Organizações Globo Participações S.A. ; Public Oct-17 Investment Fund ; T. Rowe Price Group, Inc. (NasdaqGS:TROW) ; Temasek Holdings (Private) Limited Mar-18 SZ DJI Technology Co Ltd (DJI) 500 15,000 The company is seeking $500m in pre-IPO round at a valuation of $15 billion Feb-18 Vydia 7 - Vocap Investment Partners, Newark Venture Partners Feb-18 Piperworks (87.5% position) 17.5 1.6x DGB Investments, Northern Pacific Group, St. Cloud Capital, LLC Feb-18 Digital Barriers plc 36.1 1.1x Volpi Capital LLP Feb-18 Openwave Mobility Inc. 90 3.3x Enea AB (publ) (OM:ENEA) Jan-18 ComScore, Inc. 85 - Ramius, LLC; Starboard Value LP Jan-18 Qumu Corporation (QUMU) 10 - ESW Holdings, Inc Dec-17 Beijing Vion Technology Co., Inc. 20 - Samsung Electronics Co., Ltd., Tsing Capital, ABB Ltd, and Waterwood Investment Management Limited Dec-17 Cinedigm Corp. (NasdaqGM:CIDM) 10 Debt Nov-17 Dejero CAD$32 - Kayne Partners, Intelsat Nov-17 Fluenty Inc. - - Samsung Electronics Co., Ltd. Sequoia Capital; CDIB Capital Group; QUALCOMM Ventures; Gobi Partners; Himax Technologies, Inc. (NasdaqGS:HIMX); Thunder Software Technology Nov-17 Kneron, Inc. 15 - Co., Ltd. (SZSE:300496); Cyzone Investment Management Co., Ltd. Nov-17 Pixvana, Inc. 14 - Madrona Venture Group, LLC; Vulcan Capital; Hearst Ventures; Cisco Investments; Raine Ventures LLC; Microsoft Ventures Nov-17 Zoom Corporation (JASDAQ:6694) 0.8 - Mogar Music Spa Oct-17 Zype 4.9 - Runa Capital, Revel Partners, Alpine Meridian Ventures, Point Nine Capital, and Entrepreneurs Investment Fund Oct-17 Vemba 6 - Upfront Ventures, Bertelsmann Digital Media Investments Inc., Time Warner Investments, SpotX, Inc. Oct-17 Penthera 6 - Liberty Global Ventures Oct-17 DeePhi Technology Co., Ltd. 40 - Samsung, Ant Financial Services Group, China Merchants Venture Investment Management Co., Ltd., China Growth Capital Aug-17 Sirius XM Holdings Inc. 169.5 - Temasek Holdings (Private) Limited; Doughty Hanson & Co. Technology Ventures; Union Square Ventures; Atlantic Internet GmbH; Raine Ventures LLC Aug-17 Matterport 5 - Ericsson AB 61 Video/Audio Capital Raises Select Funding Transactions in 2017 In Millions Post-money Amount Raised Date Target Name Valuation Investor Name ($MM) ($MM) Aug-17 Inception VR Inc. $15.0 RTL Group SA (BDL:006146252) on August 1, 2017. The transaction included participation from James Packer, Gigi Levy-Weiss, and members of iAngels. Aug-17 TuneIn, Inc. 50 Causeway Management LLC; Comcast Ventures; General Catalyst Partners; Institutional Venture Partners; Marker LLC; Sequoia Capital Jul-17 Integrate.com, Inc. 8 Comcast Ventures; Forté Ventures LP; Foundry Group; Iron Gate Capital, LLC; Liberty Global Ventures; M/C Partners Jun-17 Cinedigm Corp. (NasdaqGM:CIDM) 30 Bison Holding Company Ltd. Free Stream Media Corp., DBA Jun-17 30 - Union Grove Venture Partners (lead), A&E Networks, Ambition VC, Draper Associates, MDC Ventures, Interpublic, Time Warner Samba TV Jun-17 Cinedigm Corp. (NasdaqGM:CIDM) 30 PIPE Bison Entertainment & Media Group Jun-17 Mic 6.5 WPP Group Great Big Story (CNN Digital Jun-17 40 Time Warner (CNN) Studio) Jun-17 Vice Media 450 5,700 TPG Jun-17 Pandora Media 480 Sirius XM Holdings Inc. Jun-17 Audio Burst 6.7 Advanced Media, Inc. (TSE:3773); 2B Angels; Flint Capital Mediaocean LLC, with participation from existing investors, RTL Group SA, GoAhead Ventures, Startup Capital Ventures, L.P., Anthem Venture Partners, May-17 VideoAmp 21.4 Wavemaker Partners, and Simon Equity, LLC. Altice USA, Inc. (NYSE:ATUS); Amazon.com Inc., Investment Arm; AT&T Inc. (NYSE:T); Broadway Video Ventures; Comcast Ventures; Lightspeed Venture May-17 Cheddar Inc. 19 Partners; NYSE Holdings LLC; Raine Ventures LLC; Ribbit Capital Mar-17 Dirac Research AB 4.9 AAC Technologies Goldman Sachs Group, Merchant Banking Division, Samsung Venture Investment Corporation, Delphi Automotive PLC, Israel Growth Partners, Apr-17 Valens Semiconductor 60 - MediaTek Ventures Apr-17 Propellerhead Software AB - - Verdane Capital Mar-17 SoundCloud Limited 70 - Twitter Ventures, GGV Capital, KPCB, Index Ventures, Union Square Ventures, Institutional Venture Partners Feb-17 MobiTV 21 - Oak Investment Partners, Ally Corporate Finance Feb-17 Vilynx 6 - Ridgewood Capital Management, Caixa Capital Risc SGECR SA, Kibo Ventures SL Feb-17 8i Corp. 27 - Time Warner Investments, Hearst Corp., Verizon Ventures, OneVentures Management, Baidu Capital Co., seed & GmbH Feb-17 Altia Systems 9 - Undisclosed Investors Feb-17 Dejero Labs 14 - Wellington Financial Feb-17 MediaSilo 7 - Schooner Capital Jan-17 The Players Tribune 40 - Institutional Venture Partners, New Enterprise Associates, Thomas Tull, Google Ventures, GenTrust Jan-17 Viibar 4 - Nikkei, Globis Capital Partners & Co., Dentsu Digital Holdings Jan-17 Avincel Group 4 - Undisclosed Investors Y Combinator, James Lindenbaum, SV Angel, Lowercase Capital, Advancit Capital, Susa Ventures Management, Haystack Fund, Liquid 2 Ventures, Jan-17 Mux 12 - Pathbreaker Ventures Source: Capital IQ, FactSet, Press Releases, Public Filings; Includes pending transactions 62 Video/Audio Capital Raises Select Funding Transactions in 2016 Post IBC In Millions Post-money Amount Raised Date Target Name Valuation Investor Name ($MM) ($MM) First Round Capital, Betaworks Studio, Investment Arm, Crosscut Ventures Management, Tandem Entrepreneurs Management Services, Boost VC, Dec-16 BoomTV $4 - BITKRAFT Esports Ventures GmbH & Co KG i.Gr. Dec-16 Beamr 4 - Verizon Ventures, Innovation Endeavors, Marker Nov-16 Grokker - - Comcast Ventures Sharp Corporation, Renault SA, Bpifrance Investissement, Naver Corporation, Foxconn (Far East) , ROC Nation , CM-CIC Investissement, Playground Nov-16 Devialet SAS 106 - Global, , Ginko Ventures Sarl, Future French Champions SAS, Korelya Capital Nov-16 Joya Communications 20 - Benchmark Capital Management, Battery Ventures, Matrix Partners China, Stanford University Nov-16 Buzzfeed 200 1,700 NBCUniversal Media Oct-16 Wochit 13 - ProSiebenSat.1 Media SE, Redpoint Ventures, De Benedetti Family, Cedar Fund, Marker Financial Advisors, SPH Media Fund Pte ProSiebenSat.1 Media SE, Scripps Networks Interactive, Sky Ventures, Presidio Management Group, Chicago Ventures, Luminari Capital Management, Oct-16 Pluto 30 143 Liontree Partners, Third Wave Digital Partners, Sallfort Privatbank Oct-16 26 - World Wrestling Entertainment, Pittco Capital Partners, HL Capital, Windsor Media, Seavest Capital Partners, 819 Capital, Melohn Group Oct-16 Jive Communications 75 - Undisclosed Investors Oct-16 Skullcandy (LBO) 165 - Mill Road Capital Management Oct-16 Soundtrap AB 6 - Industrifonden Sep-16 4C Insights 26 - Prime Ventures, Kayne Anderson Capital Advisors, Jump Capital Sep-16 YesVideo 3 - Undisclosed Investors Sep-16 OpenSesame 9 - Altos Ventures Management, Partech International Sep-16 Outerwall (Redbox, Coinstar) 895 - Apollo Global Management Sep-16 GfyCat 10 - Alsop Louie Management,Great Oaks Venture Capital, Pejman Mar Management, Stanford University, You & Mr. Jones Management, Jeong Kim Sep-16 Agent Video Intelligence 7 - KuangChi Science, Motorola Solutions Venture Capital Sep-16 Nemu Dialogue Systems Oy 3 - True Ventures, Lifeline Ventures Fund Management Oy Sep-16 Cheddar (New York) 10 - Lightspeed Management, Comcast Ventures, Ribbit Management Sep-16 Bitmovin 11 - Atomico, Dawn Capital, Speedinvest, Y Combinator, David Helgason, Chris Kaiser, Edward Kozel Sep-16 Vertebrae 10 - Undisclosed Investors Sep-16 Defy Media 70 - Wellington Management Company Sep-16 Molotov SA 24 - IDInvest Partners SA, Sky plc, TDF S.A.S. Advancit Capital, Haystack Fund, Ilya Sukhar, James Lindenbaum, John Collison, Liquid 2 Ventures, Lowercase Capital, Pathbreaker Ventures, Patrick Aug-16 Mux 3 - Collison, Susa Ventures Management Aug-16 Scratch Music Group 1 - Undisclosed Investors Aug-16 Coub 1 - Zillionize Aug-16 Hike 175 1,400 Hon Hai Precision Industry, Tiger Global Management, Tencent Holdings, Bharti Softbank Holdings Pte

Source: Capital IQ, FactSet, Press Releases, Public Filings; Includes pending transactions 63 Video/Audio Capital Raises Select Funding Transactions from March 2016 to August 2016 Post-money Amount Raised Date Target Name Valuation Investor Name ($MM) ($MM) Aug-16 FloSports $21 - Bertelsmann Digital Media Investments, Discovery Communications, Doll Capital Management, World Wrestling Entertainment Aug-16 Mightytv 2 - Canaan Management, Spark Capital Partners Aug-16 VICE Media 400 4,000 Walt Disney Aug-16 BAM Technologies 1,000 3,030 Walt Disney (33% stake + 4-year option to buy an additional one third stake) Aug-16 Kaltura 50 - Goldman Sachs Private Capital Investing Group Aug-16 Hulu (10% stake) 583 5,830 Time Warner Cable Aug-16 Zype 4 - Revel Partners Aug-16 FloSports 21 - DCM, World Wrestling Entertainment, Discovery Communications, Bertelsmann Digital Media Investments , Causeway Management Jul-16 Teads 47 - BNPP, Bank of China and HSBC Jul-16 Light 30 - GV, Bessemer Venture Partners, CRV, Eclipse Ventures, StepStone Group, Foxconn, Paul Jacobs Jul-16 OneUp Sports 7 100 Undisclosed Investors Jul-16 Baobao 15 - Meridian Capital China, Tencent Holdings, GGV Capital Jun-16 Interlude 75 - Sony Pictures Entertainment Jun-16 Eyeview 21.5 - Qumra Capital, Marker, Nauta Capital, Gemini Israel Ventures, Lightspeed Venture Partners Jun-16 Vemba 5 - Upfront Ventures, Bertlesmann Digital Ventures Jun-16 iZotope 2.5 - ABS Capital Jun-16 IRIS.TV 5 - Sierra Wasatch Capital, Progress Ventures, Bertelsmann Digital Media Investments Jun-16 Frequency 11 18 Liberty Global, YOU Holdings, Oakmont Corporation Jun-16 Jaunt 1 - Disney Accelerator Jun-16 SundaySky 30 - Viola Private Equity, Carmel Ventures, Globespan Capital Partners, Norwest Venture Partners, Comcast Ventures, NTT DOCOMO Ventures Jun-16 Amobee, Inc. 20 - SingTel Mobile Marketing, Inc. (acquired 5.87% stake in the company to retain its stake at 100%) May-16 MightyTV 2 - Canaan Partners, Spark Capital May-16 Roli 27 - Foundry Group, BGF Ventures, Founders Fund, Balderton Capital, Kreos Capital, FirstMark Capital, Index Ventures, Horizons Ventures, Universal Music May-16 PaperG 2 25 Not disclosed May-16 Kollective Technology 13 57 MK Capital, Pritzker Group Venture Capital, Cross Creek Capital, Hatteras Funds May-16 Musical.ly 100 500 GGV Capital, Qiming Venture Partners, , DCM Ventures May-16 360fly 40 101 L Catterto, Hydra Ventures, Qualcomm Ventures Apr-16 Collective 34 - Columbia Partners, iNovia Capital, Greycroft Partners, Accel Partners Apr-16 Altitude Digital Partners 18 - Bridge Bank, Multiplier Capital Mar-16 Spotify 1,000 - TPG Capital, Dragoneer Investment Group, Goldman Sachs' Wealth Management Clients Mar-16 Librestream 8 - Emerald Technology Ventures, BDC Industrial, Clean and Energy Technology Venture Fund Mar-16 Starman (LBO) 96 233 Providence Equity Partners Mar-16 45 - Sky UK and Elang Mahkota Teknologi Source: Capital IQ, FactSet, Press Releases, Public Filings; Includes pending transactions

64 Audio Markets Overview Audio and Music Trends to Watch 1. ATSC 3.0 Audio – As of March 2018, the FCC has given the green light for broadcasters to voluntarily adopt aspects of ATSC 3.0, but the practical timeline for adoption is uncertain, to say the least, given the economic considerations that this changeover will entail. Key audio elements, include the ability to optimize audio content for everything from mobile phones to highly-immersive home theater-style playback systems. The toolkit, based on Dolby’s AC-4, as the recommended (but not exclusive) standard in the US, has three Audio Element Formats: channel-based, object-based and scene-based. Channel-based audio is similar to current standards and includes mono, stereo and surround formats, adding height channels and some immersive audio features. Object-based further facilitates immersive mixes as well as enabling customization of audio in various ways.

2. Spectrum Squeeze – Fundamental RF spectrum changes are disrupting wireless usage, putting pressure on manufacturers to adapt quickly. Devices that operate in portions of the 617-652 MHz or 663-698 MHz frequencies must cease operation no later than July 13, 2020, since these frequencies are being transitioned by the FCC to meet increasing demand for wireless broadband services. Users of these devices may be required to cease operations earlier than that date if their operations could cause harmful interference to a 600 MHz service licensee's wireless operations on these frequencies. For example, T-Mobile is expected to begin using 600 MHz spectrum later this year, well ahead of expectations.

3. OTT and Mobile Viewing– The growing power and reach of OTT platforms, including Netflix, Amazon, and others, have popularized elements of advanced video and audio (UHD, HDR and Dolby Digital Plus) for quality-conscious consumers in the home, well ahead of the availability of next-gen content from traditional broadcast and cable. Dolby Digital Plus, with its next generation codec, delivers improved audio quality through fully featured audio systems, and scalability for various playback devices.

4. Consumer Audio – The big audio story in consumer continues to be speech-driven digital smart speakers/assistants, including a growing range of products from Google, Apple, Amazon, Sonos, and a number of others. Some products, including Google Home Max, Apple HomePod, and Alexa-enabled Sonos models, are designed to provide high-quality music playback, using advanced design techniques and sophisticated audio enhancement algorithms to compensate for their relatively small sizes. Advancements are also being made in voice intelligibility processing in the devices and in voice-to-text conversion accuracy in cloud-based AI speech recognition engines. Technological advancements are expected to drive systems of growing utility and complexity, in the consumer and business markets, over the next several years. According to a research report by Global Market Insights, smart speaker market size will reach or exceed $13 billion/100 million units by 2024.

5. Music Industry – According the IFPI in its Global Music Report 2017, music industry revenues declined by about 40% from 1999 to 2014, but the steep decline ended at that point, and revenues began to grow again, reaching nearly $16B in 2016. IFPI notes the fundamental transition from physical media to digital, with digital growing by almost 18% in 2016. Within this category, streaming grew by more than 60%. The RIAA recently published that U.S. revenues from recorded music grew 16.5% in 2017, boosted by paid music subscription services like Spotify, Amazon, , Tidal, Pandora and others, which grew by more than 50%. Spotify’s successful IPO was the second largest since 2010. 66 Audio M&A Select Transactions - Since Last IBC EV/ LTM Date Target Name Value ($MM) Acquirer Name Select Transactions Revenue Jul-18 Blue Microphone $117 1.75x Logitech Jul-18 Martin Audio - - LDC, Management Team led by Dom Harter Jun-18 Bonsai AI - - Microsoft Corporation May-18 Semantic Machines - - Microsoft Corporation May-18 Terra Speakers - - Leon Speaker May-18 Gibson (files for Chapter 11 protection) - - Apr-18 SaySpray - - Adobe Systems May-18 AdsWizz (pending Q2) 124.5 - Pandora Media, Inc. Feb-18 CakeWalk (Gibson Divestiture) - - BandLab Singapore Pte Ltd. Feb-18 Mike Balter Mallets - - Zildjian Feb-18 Audio Ltd. - - Sound Devices, LLC Feb-18 Archwave Technologies B.V. - - Riedel Communications Feb-18 Cymatic Audio - - Riedel Communications Feb-18 Merus Audio A/S - - Infineon Technologies AS Feb-18 Triton Digital Canada (announced - from Vector Capital) £134 - Audioboom Group plc (AIM:BOOM) Jan-18 NVF Tech Ltd. - - Alphabet Jan-18 Radial Engineering Ltd - - Regimen Equity Partners Jan-18 Classé Audio Inc (from Bowers & Wilkins Group Limited) - - Sound United Dec-17 Solid State Logic Holdings Limited (“SSL”) - - Audiotonix Dec-17 Entertainment Limited 400* *~6.4x Apple Inc. Nov-17 Soundtrap AB - - Spotify AB Nov-17 Musical.ly 1,000 - Beijing Byte Dance Telecommunications Co., Ltd. Oct-17 LOUD Technologies, Inc. - - Transom Capital Group Jul-17 A&R Cambridge Limited (JAM Industries Ltd.) - - Harman International Jul-17 Innoetics - - Samsung Electronics Co., Ltd. Source: Capital IQ, FactSet, Press Releases, Public Filings; Includes pending transactions, *Recode, MediaBridge Estimates

67 Audio M&A Select Transactions 2016 and 2017 EV/ LTM Date Target Name Value ($MM) Acquirer Name Select Transactions Revenue Jun-17 MHA Audio, Inc. Showcall Audio LLC Mar-17 Harman International Industries $8,877 1.3x Samsung Electronics America Mar-17 Bang & Olufsen Sro 19 - Tymphany HK Mar-17 Sonalytic - - Spotify Sweden AB Mar-17 TEAC Australia Pty 1 - TT International Limited Mar-17 TTA Holdings Limited 2 0.3x Jingyi Group Co Limited Feb-17 D&M Holdings - - Sound United Feb-17 Audiotonix £203 - Astorg Feb-17 Pacific Research & Engineering Corporation - - Wheatstone Corporation Jan-17 Phitek Systems 60 3.0x Amphenol Corp. Jan-17 Limes Audio AB - - Google Jan-17 Impulsonic - - Valve Corporation Dec-16 InvenSense 1,109 3.3x TDK Corp. Dec-16 Sinch AB 14 0.3x CLX Communications AB Olympus Advisors, Goldman Sachs PE Group, Franklin Dec-16 Southern Audio Visual - - Square Holdings, PSAV Dec-16 Impact Radio Accessories 9 - Founders Advantage Capital Corp. Nov-16 Auburn Audio Technologies - - Broadstream Capital Partners Nov-16 SoundField - - Rode Aust. Pty Nov-16 Soundness - - Auburn Audio Technologies Nov-16 Anderson AV - - H.I.G. Capital, AVI-SPL Oct-16 Bang & Olufsen a/s 64 1.2x Sparkle Roll Group Limited Oct-16 Vessel Group - - Verizon Communications Sep-16 Ultra-Stereo Labs - - QSC Audio Products Sep-16 DTS 946 5.8x Tessera Holding Corporation Sep-16 ASL Intercom BV - - Riedel Communications GmbH & Co. KG Sep-16 FairlightAU Pty - - Blackmagic Design Pty. Sep-16 Fxpansion Audio UK - - Horizons Ventures, ROLI Aug-16 Trilogy Communications 4 - Clear-Com May-16 Bowers and Wilkins 175 - EVA Automation Jan-16 Nexedia 135 - NICE Systems Source: Capital IQ, FactSet, Press Releases, Public Filings; Includes pending transactions

68 Audio M&A Select Transactions 2013 through 2015 EV/ LTM Date Target Name Value ($MM) Acquirer Name Select Transactions Revenue Nov-15 d&b audiotechnik - - Ardian Private Equity Oct-15 Apart Audio - - Audioprof Group International Oct-15 Community Professional - - Audioprof Group International Sep-15 Minnetonka - - The Telos Alliance acquired by Apr-15 TC Group International - - MUSIC Group Macao

Mar-15 Bang & Olufsen, Automotive Car Audio $145 - Harman International Undisclosed Aug-14 DiGiCo - - Electra Partners acquired by 2015 Jun-14 Abacast - - WideOrbit Jun-14 Pioneer Home Electronics - - ONKYO Corporation Undisclosed Jun-14 WorxAudio Technologies - - PreSonus Audio Electronics 2015 May-14 3,000 5.0x Apple Apr-14 WOOX Innovations 135 - Gibson Brands Mar-14 Calrec Audio £14 0.9x Electra Partners Mar-14 Revolabs - - Yamaha Corporation Mar-14 Sabine 10 - ClearOne Mar-14 - - Feb-14 Formosa Prosonic Industries 17 - Wistron Corporation Feb-14 Lastar - - Legrand Feb-14 ZUUS Media 30 - Ubiquity Broadcasting Dec-13 DPA Microphones A/S - - The Riverside Company Dec-13 Soundsphere - - MSE Audio Group Dec-13 line 6 - - Yamaha Corporation Oct-13 Duran Audio 25 - Harman International Oct-13 Bang & Olufsen of Chelsea - - Kensington Audio Visual Sep-13 Livio Radio 10 - Ford Global Technologies Sep-13 Cakewalk - - Gibson Brands Aug-13 Westwood One 252 1.1x Cumulus Media Jul-13 Blue Microphones - - The Riverside Company Jun-13 Allen & Heath £42 - Electra Partners May-13 Teraki 16 - Sunrise (China) Technology Group Source: Capital IQ, FactSet, Press Releases, Public Filings; Includes pending transactions

69 PE/VC Activity in Audio Market Select Transactions from 2013 through 2018

$468m $1,038m $15m $43m $98m $160m 10 Rounds 9 Rounds 2 Rounds 4 Rounds 7 Rounds 8 Rounds

> $10m

$0-10m

Source Capital IQ, FactSet, Press Releases, Public Filings

70 Global Reach, Vertical Depth

Ethan E. Jacks John C. Bowen Managing Partner Managing Partner [email protected] [email protected] 617.592.2739 (m) 617.921.0075 (m)

71