Piper Jaffray Cybersecurity Earnings Update

Fourth Quarter 2017

Greg Klancher Principal, Technology Investment Banking Piper Jaffray & Co.

Piper Jaffray Companies (NYSE: PJC) is an investment bank and asset management firm headquartered in Minneapolis with offices across the U.S. and in London, Zurich and Hong Kong. Securities brokerage and investment banking services are offered in the United States through Piper Jaffray & Co., member NYSE and SIPC, in Europe through Piper Jaffray Ltd., authorized and regulated by the Financial Conduct Authority, and in Hong Kong through Piper Jaffray Hong Kong, authorized and regulated by the Securities and Futures Commission. Asset management products and services are offered through three separate investment advisory affiliates registered with the U.S. Securities and Exchange Commission: Advisory Research Inc., Piper Jaffray Investment Management LLC and PJC Capital Partners LLC. Piper Jaffray & Co., Member SIPC and FINRA 11/17 Revenue Growth Remained Strong in Q4; Revenue Guidance for Q1 Mostly In-Line with Expectations Year-over-Year Revenue Growth in Q4 remained in-line with average growth in the past 6 quarters

Year-over-Year Revenue Growth – Post Q4 2017 Earnings Quarter-over-Quarter Revenue Growth – Post Q4 2017 Earnings

10.0% 9.0% 25.0% 8.3% 21.0% 8.0% 20.5% 20.0% 6.2% 6.7% 5.4% 20.0% 18.2% 6.0% 5.3% 16.3% 16.7% 15.6% 4.0% 15.0% 13.2% 2.0% 0.0% 10.0% (2.0%)

5.0% (4.0%) (4.2%) (6.0%) (5.7%) 0.0% (8.0%) C2Q16A / C3Q16A / C4Q16A / C1Q17A / C2Q17A / C3Q17A / C4Q17A / Q1 18 C2Q16A / C3Q16A / C4Q16A / C1Q17A / C2Q17A / C3Q17A / C4Q17A / Q1 18 C2Q15A C3Q15A C4Q15A C1Q16A C2Q16A C3Q16A C4Q16A Guidance C1Q16A C2Q16A C3Q16A C4Q16A C1Q17A C2Q17A C3Q17A Guidance vs. Q1 17 vs. Q4 17 Actual Actual Quarterly Revenue vs. Street T+1 Share Price Reaction Post Q4 2017 Announcement

4.0% 3.0% 2.5% 3.5% 3.4%

3.0% 2.0% 2.5%

2.0%

1.5% 0.9% 1.0% 1.0% 0.4% 0.5%

0.0% 0.0% Q4 17A vs Q4 17 Street Q1 18 Guidance vs Q1 18 Street Mean Median

Source: Company filings, S&P Capital IQ and FactSet; median of companies listed on page 2

PIPER JAFFRAY 1 Q4 Revenues Were Largely Better Than Street Expectations; Q1 Guidance is Mostly In-Line with Street Expectations

• Seven companies (PFPT, FSCT, MIME, VRNS, SAIL, SPLK, OKTA) reported YoY revenue growth in excess of 30% in Q4

T+1 Percent 4Q17 Q/Q Revenue 4Q17 Y/Y Revenue 4Q17 Actual vs. CQ1E QoQ CQ1E YoY Growth CQ1E Guidance CY18 YoY Growth CY18 Guidance Reaction 4Q17 Ticker Company 4Q17 Earnings Date growth growth Street Growth (Guidance) (Guidance) vs. Street (Guidance) vs. Street Announcement

Security SYMC Symantec Corporation 01/31/18 (2.5%) 16.1% (4.4%) (1.6%) 14.3% (7.0%) NA NA 0.5% CHKP Check Point Software Technologies Ltd. 01/31/18 11.3% 4.0% (0.5%) (11.1%) 3.3% (2.6%) 5.1% (1.0%) (0.4%) FTNT Fortinet, Inc. 02/05/18 11.3% 14.8% 1.9% (6.4%) 14.5% 0.1% 14.1% 0.9% 6.2% AKAM Akamai Technologies, Inc. 02/06/18 6.8% 7.7% 2.2% (1.6%) 7.2% 0.8% 7.5% 0.0% 1.3% PFPT Proofpoint, Inc. 02/06/18 8.3% 36.1% 4.1% 3.2% 32.5% 1.5% 28.6% 0.3% (2.6%) RDWR Radware Ltd. 02/07/18 10.2% 13.0% 4.5% (7.6%) 10.4% 2.1% NA NA (0.2%) FSCT ForeScout Technologies, Inc. 02/07/18 2.5% 33.4% 5.7% (16.6%) 24.0% (0.7%) 20.0% 1.2% (11.9%) LSE:SOPH Sophos Group plc 02/08/18 6.5% 23.4% 2.0% NA NA NA NA NA (1.6%) IMPV Imperva, Inc. 02/08/18 8.6% 16.2% (0.0%) NA NA NA NA NA 10.7% FEYE FireEye, Inc. 02/08/18 6.7% 9.5% 4.4% (3.8%) 12.0% 4.0% 9.2% 2.5% 9.3% MOBL MobileIron, Inc. 02/08/18 14.3% 7.4% 5.1% (10.9%) 2.9% (3.3%) 10.5% 4.3% 20.0% MIME Mimecast Limited 02/12/18 6.7% 39.2% 3.6% 6.2% 36.3% 4.8% NA NA 3.1% RPD Rapid7, Inc. 02/12/18 14.3% 28.2% 0.6% (4.2%) 22.2% (0.7%) 20.4% 0.7% 0.9% VRNS Varonis Systems, Inc. 02/12/18 36.6% 34.6% 10.4% (32.2%) 22.8% 1.4% 20.7% 4.8% 0.5% QLYS Qualys, Inc. 02/12/18 5.8% 20.5% 1.5% 1.3% 20.0% 1.5% 20.0% 3.5% 7.5% TSX:ABT Absolute Software Corporation 02/13/18 0.9% 3.4% 0.4% NA NA NA NA NA (3.4%) CYBR CyberArk Software Ltd. 02/15/18 24.0% 24.9% 6.3% (14.1%) 16.9% 0.1% 20.0% 2.5% (1.9%) SAIL SailPoint Technologies Holdings, Inc. 02/21/18 55.6% 52.8% 21.8% (34.3%) 25.5% 0.0% 19.3% 10.2% 11.4% VDSI VASCO Data Security International, Inc. 02/21/18 6.6% 14.5% 8.1% NA NA NA 4.5% 0.3% (11.2%) ZIXI Zix Corporation 02/22/18 1.3% 7.8% 0.5% (0.6%) 5.1% (2.9%) 3.9% (3.9%) (0.9%) PANW Palo Alto Networks, Inc. 02/26/18 7.3% 28.3% 3.4% 0.1% 25.8% 1.8% NA NA 2.3% SPLK Splunk Inc. 03/01/18 27.7% 37.0% 7.4% (29.5%) 22.1% 0.4% 27.9% 4.2% 9.3% OKTA Okta, Inc. 03/07/18 13.9% 59.3% 0.6% 1.0% 48.1% 4.4% 32.9% 0.5% 8.8%

Mean 12.4% 23.1% 3.9% (8.6%) 19.3% 0.3% 16.5% 1.9% 2.5% Median 8.3% 20.5% 3.4% (4.2%) 20.0% 0.4% 19.6% 1.1% 0.9%

Source: Company filings, S&P Capital IQ and FactSet

PIPER JAFFRAY 2 Impact of ASC 606 & Tax Reform Multiple companies stated impacts of ASC 606 and tax reform on their Q1 2018 and FY 2018 guidance

ASC 606

. Eight companies (out of the 23 companies covered on Page 2) provided Q1 2018 and FY 2018 guidance reflecting the adoption of ASC 606

• Three (PFPT, RPD, VRNS) provided guidance under both ASC 606 and ASC 605

• Five (FEYE, QLYS, OKTA, SPLK, VDSI) provided guidance only under ASC 606

. Most significant impacts of ASC 606 have generally been related to perpetual software license revenue recognition, capitalization and amortization of sales commissions, and treatment of contract costs

Tax Reform

. Six companies (SYMC, AKAM, MOBL, CYBR, PANW, SPLK) discussed or quantified the impact of U.S. tax reform under the U.S. Tax Cuts and Jobs Act 2017

. Most commonly stated impacts are re-measurement of deferred income tax liabilities / asset, repatriation (transition) taxes on foreign earnings, limitation on net operating loss carryforwards, and reduction of effective tax rates to ~22-25%

PIPER JAFFRAY 3 Top Performing Security Stocks in 2018

Year to Date Stock Price Change % of 52-Week High

OKTA 52.8% FTNT 99.8% SAIL 51.0% PANW 99.6% RPD 49.1% FEYE 99.4% PFPT 33.6% RPD 99.4% QLYS 30.7% SPLK 99.3% MIME 30.6% AKAM 99.0% PANW 28.5% MIME 98.9% FEYE 27.7% OKTA 98.8% SPLK 27.5% RDWR 98.7% MOBL 21.8% VRNS 98.7% VRNS 21.0% QLYS 98.6% CYBR 20.9% FSCT 98.5% FTNT 20.1% PFPT 98.3% IMPV 19.8% SAIL 91.5% RDWR 10.2% IMPV 90.7% FSCT 8.2% CYBR 90.0% AKAM 7.6% CHKP 88.1% CHKP 1.4% VDSI 85.7% ZIXI (2.5%) SYMC 79.6% SYMC (2.9%) ABT 73.8% ABT (5.4%) SOPH 73.4% VDSI (7.6%) MOBL 70.1% SOPH (13.1%) ZIXI 64.0%

(40.0%) (20.0%) 0.0% 20.0% 40.0% 60.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% YTD % Change % of 52-week high

Source: S&P Capital IQ, as of 03/07/2018

PIPER JAFFRAY 4 YoY Revenue Growth by Quarter Post IPO for Recent Cybersecurity IPOs Recent cybersecurity IPOs have grown, on average, 30-40% on a YoY basis in the first 10-12 quarters post-IPO

100.0%

90.0%

80.1% 80.0%

71.4%

70.0% 66.2% 66.6% 1st to 3rd Quartile Median 60.0% 56.0% 54.8% High Low 50.3% 48.6% 48.9% 50.0% 47.2% 45.3% 45.6% 43.5% 42.2% 42.0% 40.9% 41.4% 38.7% 40.0% 37.3% 36.0% 36.1% 34.3% 31.6% 35.0% 29.0% 30.0% 32.0% 31.0% 30.1% 28.8% 27.0% 25.3% 25.1% 24.8% 25.2% 24.0% 24.0% 24.1% 20.0% 23.5% 22.6% 20.5% 17.7% 18.0% 16.6% 16.4% 10.0% 13.4% 11.5% 11.0% 11.5%

0.0%

(10.0%) IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO +1 +2 +3 +4 +5 +6 +7 +8 +9 +10 +11 +12 +13 +14 +15 +16 +17 +18 +19 +20 +21 +22 +23 +24

Includes: OKTA, PANW, SPLK, CYBR, MIME, RPD, QLYS, FEYE, IMPV, MOBL, PFPT, FSCT, SAIL Note: High exceeds 100% if no marker is displayed on the chart Source: S&P Capital IQ

PIPER JAFFRAY 5 2018 “Rule of 40” – 2018E Revenue Growth + 2018E FCF Margin

12.0x MEDIAN EV/Rev: 2.5x

11.0x MEDIAN Rev Growth + FCF Margin: 14.8% OKTA

10.0x QLYS

9.0x PFPT SPLK y = 10.527x + 1.8648 SAIL CHKP 8.0x R² = 0.4072

7.0x MIME PANW 6.0x VRNS RPD 5.0x CYBR 2018E EV / Revenue FEYE FSCT AKAM LSE:SOPH FTNT 4.0x SYMC IMPV RDWR 3.0x ZIXI

2.0x TSX:ABT MOBL VDSI MEDIAN EV/Rev: 4.9x MEDIAN EV/Rev: 7.8x 1.0x SCWX MEDIAN Rev Growth + FCF Margin: 31.0% MEDIAN Rev Growth + FCF Margin: 51.4% 0.0x 0% 10% 20% 30% 40% 50% 60% 70% 2018E Rev Growth + FCF Margin

Source: S&P CapitalIQ as of 03/07/2018

PIPER JAFFRAY 6 Companies with High Quality Financial Models Continue to Trade at Premium Valuations

Enterprise Value / LTM Revenue Multiple Stock Price Index LTM

10.0x 60.0%

50.0% 8.0x 40.0%

6.0x 30.0%

20.0% 4.0x

10.0% 2.0x 0.0%

0.0x -10.0%

Revenue Growth + FCF Revenue Growth + FCF NASDAQ Revenue Growth + FCF HACK – Security ETF Margin > 40% Margin 20% to 40% Margin < 20%

Security Company Median Valuation Multiples & Operating Metrics Revenue Growth + FCF Revenue Growth + FCF Revenue Growth + FCF Revenue Growth + FCF Revenue Growth + FCF Revenue Growth + FCF Margin > 40% Margin 20% to 40% Margin < 20% Margin > 40% Margin 20% to 40% Margin < 20% 6.9x 6.5x 4.9x 4.1x 20.1% 17.1% 19.5% 18.0% 2.3x 2.1x 9.1% 9.4%

2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019

24.4x 22.6x 22.2x 22.6% 24.1% 19.8x 14.8x 12.4% 9.5x 10.8% 6.9% 4.3%

2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019

Source: Wall Street Research. Data as of 03/07/2018

PIPER JAFFRAY 7 Public Company Valuations

(in millions) Price Equity Enterprise Revenue Revenue Grow th EBITDA Margin FCF Margin TEV / Revenue TEV / EBITDA TEV / FCF P/E Company 3/7/2018 Value Cash Debt Value CY18 CY19 CY18 CY19 CY18 CY19 CY18 CY19 CY18 CY19 CY18 CY19 CY18 CY19 CY18 CY19 Revenue Grow th + FCF Margin > 40% Check Point Softw are Technologies Ltd. $105.04 $17,262 $3,848 $0 $13,414 $1,950 $2,065 5.1% 5.9% 53.8% 54.2% 51.9% 51.9% 6.9x 6.5x 12.8x 12.0x 13.1x 12.3x 18.4x 16.8x CyberArk Softw are Ltd. $50.04 $1,816 $330 $0 $1,486 $314 $368 20.1% 17.1% 20.7% 21.9% 21.6% 23.9% 4.7x 4.0x 22.8x 18.5x 27.2x 20.5x 41.0x 33.5x Fortinet, Inc. $52.47 $9,000 $1,361 $0 $7,639 $1,706 $1,923 14.1% 12.7% 22.6% 24.1% 30.2% 31.1% 4.5x 4.0x 19.8x 16.4x 26.7x 20.7x 36.7x 31.6x Palo Alto Netw orks, Inc. $186.27 $17,109 $2,358 $537 $15,288 $2,422 $2,826 21.8% 16.7% 25.9% 27.3% 37.5% 39.2% 6.3x 5.4x 24.4x 19.8x 28.9x 23.4x 42.4x 35.0x Proofpoint, Inc. $118.69 $5,999 $332 $198 $5,865 $694 $845 34.6% 21.8% 12.9% 15.2% 20.5% 24.2% 8.5x 6.9x 65.7x 45.6x NM NM NM NM Qualys, Inc. $77.60 $3,196 $356 $0 $2,840 $277 $326 20.0% 17.7% 35.9% 36.2% 32.7% 33.2% 10.3x 8.7x 28.6x 24.1x 38.9x 31.6x 54.6x 46.1x Splunk Inc. $105.65 $15,010 $1,171 $98 $13,938 $1,625 $1,993 31.0% 22.7% 12.9% 15.9% 17.1% 20.2% 8.6x 7.0x 66.6x 43.9x NM 48.4x NM NM Median $9,000 $1,171 $0 $7,639 $1,625 $1,923 20.1% 17.1% 22.6% 24.1% 30.2% 31.1% 6.9x 6.5x 24.4x 19.8x 27.2x 22.0x 41.0x 33.5x

Revenue Grow th + FCF Margin 20% to 40% Akamai Technologies, Inc. $69.99 $11,949 $1,280 $663 $11,333 $2,698 $2,949 7.8% 9.3% 37.1% 37.9% 17.8% 17.5% 4.2x 3.8x 11.3x 10.1x 19.7x 17.6x 23.6x 20.6x Imperva, Inc. $47.55 $1,644 $360 $0 $1,285 $371 $425 15.3% 14.6% 19.0% 20.0% 21.0% 22.3% 3.5x 3.0x 18.2x 15.1x 21.9x 17.7x 32.1x 27.3x Mimecast Limited $37.45 $2,165 $129 $41 $2,077 $304 $360 26.1% 18.4% 10.8% 12.4% 8.3% 12.5% 6.8x 5.8x 63.2x NM NM NM NM NM Okta, Inc. $39.14 $3,989 $230 $0 $3,760 $347 $457 33.8% 31.8% (20.3%) (5.9%) (8.6%) 6.6% 10.8x 8.2x NM NM NM NM NM NM SailPoint Technologies Holdings, Inc. $21.89 $1,969 $116 $68 $1,921 $222 $276 19.5% 24.1% 6.5% 8.6% 6.4% 9.3% 8.6x 7.0x NM NM NM NM NM NM Sophos Group plc $6.85 $3,208 $81 $303 $3,429 $697 $834 21.2% 19.7% 9.9% 12.1% 17.5% 19.7% 4.9x 4.1x 49.5x NM 61.5x 42.2x 68.5x 57.8x Symantec Corporation $27.24 $18,169 $2,864 $5,587 $20,892 $4,855 $5,177 2.4% 6.6% 48.7% 49.8% 26.1% 28.6% 4.3x 4.0x 8.8x 8.1x 9.6x 8.9x 15.7x 13.9x Varonis Systems, Inc. $58.75 $1,828 $137 $0 $1,691 $263 $310 20.9% 18.0% 2.9% 4.3% 4.7% 4.5% 6.4x 5.5x NM NM NM NM NM NM Zix Corporation $4.27 $235 $33 $0 $202 $68 $73 3.7% 7.3% 29.8% 31.3% 26.7% 27.8% 3.0x 2.8x 10.0x 8.8x NA NA 13.3x 12.0x Median $2,165 $137 $41 $2,077 $347 $425 19.5% 18.0% 10.8% 12.4% 17.5% 17.5% 4.9x 4.1x 14.8x 9.5x 20.8x 17.7x 23.6x 20.6x

Revenue Grow th + FCF Margin < 20% Absolute Softw are Corporation $5.04 $208 $33 $0 $175 $97 $106 4.8% 9.0% 10.4% 14.2% 1.4% 7.4% 1.8x 1.7x 17.3x 11.7x 23.0x 13.0x 50.4x 33.0x FireEye, Inc. $18.14 $3,475 $899 $780 $3,356 $820 $885 9.2% 7.9% 12.9% 15.1% (4.3%) 1.5% 4.1x 3.8x 31.6x 25.1x 49.1x 34.3x NM NM ForeScout Technologies, Inc. $34.49 $1,323 $187 $23 $1,160 $267 $323 20.8% 20.9% (12.8%) (1.5%) (3.6%) (4.5%) 4.3x 3.6x NM NM NM NM NM NM MobileIron, Inc. $4.75 $459 $93 $0 $366 $194 $213 9.9% 9.6% (0.6%) 4.4% (3.4%) 7.8% 1.9x 1.7x NM 39.0x NM NM NM NM Radw are Ltd. $21.37 $977 $344 $0 $633 $230 $251 8.9% 9.2% 10.5% 13.1% NA NA 2.7x 2.5x 26.2x 19.3x NA NA 66.8x 44.5x Rapid7, Inc. $27.82 $1,248 $92 $0 $1,157 $230 $280 14.5% 21.8% (7.7%) 3.9% 2.8% 0.2% 5.0x 4.1x NM NM NM NM NM NM SecureWorks Corp. $9.85 $799 $100 $0 $699 $505 $554 8.5% 9.7% (1.5%) 4.0% (2.4%) (1.4%) 1.4x 1.3x NM 31.6x NM NM NM NM VASCO Data Security International, Inc. $12.85 $513 $158 $0 $354 $203 $220 4.9% 8.5% 9.2% 9.4% 11.4% 8.9% 1.7x 1.6x 19.1x 17.0x 24.5x 21.7x 30.6x 27.9x Median $888 $129 $0 $666 $230 $266 9.1% 9.4% 4.3% 6.9% (2.4%) 1.5% 2.3x 2.1x 22.6x 22.2x 24.5x 21.7x 50.4x 33.0x

Source: S&P Capital IQ as of 03/07/2017

PIPER JAFFRAY 8 Precedent Transactions – Security

($ in millions) Transaction Multiples Transaction Values Revenue EBITDA Announced Target Acquirer Equity Enterprise LTM NTM LTM NTM 3/8/18TunnelBear Inc. McAfee LLC NANANANANANA 2/27/18 Phantom Cyber Corporation Splunk, Inc. $350 $350 NA NA NA NA 2/26/18 PhishMe, Inc. BlackRock, Inc.; Pamplona Capital Management LLP NA $400 NA NA NA NA 2/15/18 Zenedge LLC Oracle Corporation NA NA NA NA NA NA 2/6/18 Wombat Security Technologies, Inc. Proofpoint, Inc. $203 $225 NA 7.3x NA NA 2/1/18 Lieberman Software Corporation Bomgar Corporation NA NA NA NA NA NA 1/29/18 ThreatMetrix Inc. LexisNexis Risk Solutions Inc. $830 $830 NA NA NA NA 1/24/18 Skyport Systems, Inc. Cisco Systems, Inc. NA NA NA NA NA NA 1/24/18 Breaker 101 HackerOne NA NA NA NA NA NA 1/23/18 Confirm Inc. Facebook, Inc. NA NA NA NA NA NA 1/23/18 Sqrrl Data, Inc. Amazon Web Services, Inc. NA NA NA NA NA NA 1/17/18 Balabit Corp One Identity NA NA NA NA NA NA 1/16/18 Percipient Networks WatchGuard Technologies, Inc. NA NA NA NA NA NA 1/12/18 X15 Software, Inc. FireEye, Inc. $20 $20 NA NA NA NA 1/3/18 PhishLine, LLC Barracuda Networks, Inc. NA NA NA NA NA NA 11/29/17 Weblife.io Proofpoint, Inc. NA NA NA NA NA NA 11/29/17 NetWatcher Qualys NA NA NA NA NA NA 11/27/17 Skyhigh Networks McAfee NA NA NA NA NA NA 11/27/17 Barracuda Networks, Inc. (NYSE: CUDA) Thoma Bravo, LLC $1,553 $1,369 3.7x 3.5x 42.0x 18.4x 11/27/17 IMMUN.IO Inc. Trend Micro Incorporated NA NA NA NA NA NA 11/15/17 Datashield ADT Security NA NA NA NA NA NA 11/15/17 Actiance K1 Investment Management NA NA NA NA NA NA 11/8/17 Sonian Barracuda Networks, Inc. NA NA NA NA NA NA 11/7/17 SypherMedia Inside Secure NA $13 NA NA NA NA 11/7/17 Cloudmark, Inc. Proofpoint, Inc. NA $110 NA 4.9x NA NA 11/6/17 SurfEasy Symantec Corporation NA $39 NA NA NA NA 11/2/17 Black Duck Software Synopsys, Inc. NA $565 7.0x NA NA NA 11/1/17 Comodo CA Limited (Comodo certificate authority business)Francisco Partners Management LLC NA NA NA NA NA NA 10/24/17 Caradigm Identity and access management business Imprivata NA NA NA NA NA NA 10/17/17 SignalSense, Inc. Splunk Inc. NA NA NA NA NA NA 10/11/17jamf Vista Equity Partners LLC NANANANANANA 10/11/17 Nominum Akamai Technologies, Inc. NA NA NA NA NA NA 10/9/17 AppRiver Marlin Equity Partners NA NA NA NA NA NA 9/24/17 Gigya SAP SE NA NA NA NA NA NA 9/20/17 Core Security SDI Corp. SecureAuth Corp. NA NA NA NA NA NA 9/14/17 Entrust Data Card email encryption solution (EMS) Zix, Inc. NA NA NA NA NA NA 8/28/17 RedOwl Forcepoint NA NA NA NA NA NA 8/15/17 Securecast Webroot Inc. NA NA NA NA NA NA 8/8/17 Datablink, Inc. WatchGuard Technologies, Inc. NA NA NA NA NA NA 8/2/17 Symantec (website security and PKI solutions) DigiCert NA $950 NA NA NA NA 8/1/17Nevis Net Qualys NANANANANANA 7/26/17 Guidance Software Open Text Corporation $256 $245 2.3x 2.1x NM 20.6x 7/18/17 Komand Rapid7, Inc. $184 $205 NA NA NA NA 7/11/17 Skycure Ltd. Symantec Corporation $184 $205 NA NA NA NA 7/11/17 DataGravity Hytrust NA NA NA NA NA NA 7/6/17 Fireglass Symantec Corporation $225 $225 NA NA NA NA

Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 9 Precedent Transactions – Security (Cont’d)

($ in millions) Transaction Multiples Transaction Values Revenue EBITDA Announced Target Acquirer Equity Enterprise LTM NTM LTM NTM 5/25/17 EchoSat Communications Group, Inc. ControlScan, Inc. NA NA NA NA NA NA 5/24/17 Resolve Systems, LLC Insight Venture Partners LLC NA NA NA NA NA NA 5/24/17Hexadite Microsoft NANANANANANA 5/18/17 Are You a Human, LLC Distil, Inc. NA NA NA NA NA NA 5/11/17 Conjur CyberArk Software Ltd. $42 $42 NA NA NA NA 5/11/17 Digital Assurance F-Secure Oyj NA NA NA NA NA NA 5/1/17 Viptela, Inc. Cisco Systems, Inc. $610 $610 NA NA NA NA 4/25/17 TeleSign Corporation BICS $230 $230 2.3x NA NA NA 4/18/17 InfoReliance Corporation ECS Federal, Inc. NA NA NA NA NA NA 3/29/17 NuData Security Inc. Mastercard Incorporated NA NA NA NA NA NA 3/6/17 Stormpath Okta, Inc. NA NA NA NA NA NA 3/6/17 Veracode, Inc. CA, Inc. $614 $614 NA 7.7x NA NA 2/28/17 LightCyber Ltd. Palo Alto Networks, Inc. $105 $105 10.5x NA NA NA 2/8/17 Skyfence Networks Ltd. Okta, Inc. $40 $40 NA NA NA NA 2/8/17 Endgame, Inc., U.S. Federal Government Services Business Accenture plc NA NA NA NA NA NA 2/8/17 Invincea, Inc. Sophos Group plc $100 $120 12.2x NA NA NA 2/1/17 Delta ID Inc. Fingerprint Cards AB (publ) $106 $120 NA NA NA NA 1/31/17 Seculert Ltd. Radware Ltd. NA NA NA NA NA NA 1/24/17 AppDynamics LLC Cisco Systems, Inc. $3,700 $3,903 18.9x NA NM NA 1/9/17 Harvest.ai Amazon Web Services, Inc. NA NA NA NA NA NA 12/27/16 HexaTier Huawei NA $42 NA NA NA NA 12/6/17 Optiv Security KKR NA $1,900 2.0x NA NA NA 12/6/16InAuth, Inc. American Express Company NANANANANANA 11/23/16 iSheriff, Inc. Mimecast Limited $6 $8 NA NA NA NA 11/21/16 Dyn Oracle Corporation NA $650 6.5x NA NA NA 11/20/16 LifeLock, Inc. Symantec Corporation $2,338 $2,362 3.6x 3.3x 50.0x 24.0x 11/11/16 Virtual Security Research NCC Group NA $6 NA NA NA NA 11/7/16 Cigital, Inc. and Codiscope, LLC Synopsys, Inc. NA NA NA NA NA NA 11/4/16 Catbird Networks, Inc. BC Partners; Medina Capital NA NA NA NA NA NA 11/4/16 Easy Solutions Inc. BC Partners; Medina Capital NA NA NA NA NA NA 11/4/16 Cryptzone North America Inc. BC Partners; Medina Capital NA NA NA NA NA NA 11/1/16 Barricade Security Systems Sophos $2 NA NA NA NA NA 10/27/16 Palamida, Inc. Flexera Software LLC NA NA NA NA NA NA 10/25/16 FortyCloud Ltd FireMon, LLC NA NA NA NA NA NA 10/24/16 Masergy Communications, Inc. Berkshire Partners LLC NA NA NA NA NA NA 10/20/16Triumfant, Inc. Nehemiah Security, LLP NANANANANANA 10/20/16 FireLayers, Inc. Proofpoint, Inc. $38 $46 NA NA NA NA 10/4/16 Soha Systems, Inc. Akamai Technologies, Inc. NA NA NA NA NA NA 10/4/16 ValidSoft UK Management Buyout NA $3 NA NA NA NA 9/19/16 InfoBlox Vista Equity Partners NA $1,254 3.5x NA NA NA 9/19/16 CyberFlow Analytics, Inc. Webroot Inc. NA NA NA NA NA NA 9/18/16Palerra, Inc. Oracle Corporation NANANANANANA 9/15/16 Prelert Inc. ELASTICSEARCH GLOBAL BV NA NA NA NA NA NA 9/13/16EyeVerify Inc. Ant Financial Services Group NANANANANANA 9/7/16 Intel Security Inc. (nka:McAfee LLC) TPG Capital, L.P. $2,157 $4,157 NA NA NA NA

Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 10 Precedent Transactions – Security (Cont’d)

($ in millions) Transaction Multiples Transaction Values Revenue EBITDA Announced Target Acquirer Equity Enterprise LTM NTM LTM NTM 9/6/16 LaunchKey, Inc. iovation Inc. NA NA NA NA NA NA 8/26/16 PhenixID Clavister Holding NA $4,200 NA NA NA NA 8/24/16 Return Path - Email Fraud Protection Division Proofpoint, Inc. $18 $18 NA NA NA NA 8/17/16 Modulo Security SAI Global NA $5 NA NA NA NA 8/17/16 Sypris Electronics Analog Devices NA $42 NA NA NA NA 8/2/16UnboundID, Corp. Ping Identity Corporation NANANANANANA 7/26/16 Appcito A10 Networks NA $7 NA NA NA NA 7/25/16 OpenLimit WISekey NA $20 13.1x NA NA NA 7/25/16 Fireblade Ltd. StackPath, LLC NA NA NA NA NA NA 7/22/16 Damballa, Inc. Core Security Technologies, Inc. $9 $9 NA NA NA NA 7/19/16 Confer Technologies, Inc. Carbon Black, Inc. NA NA NA NA NA NA 7/13/16 Imprivata, Inc. Thoma Bravo, LLC; Thoma Bravo Fund XII, L.P. $489 $497 3.8x 3.5x NM NM 7/7/16 AVG Technologies N.V. Avast Software B.V. $1,326 $1,463 3.4x 3.3x 11.7x 9.0x 6/29/16 IDScan Biometrics GB Group NA $61 10.3x NA NA NA 6/28/16 CloudLock, Inc. Cisco Systems, Inc. $293 $293 NA NA NA NA 6/20/16 Dell Software, Inc. and Dell SonicWALL, Inc. Francisco Partners Management LLC; Elliott Manage $2,400 $2,400 NA NA NA NA 6/13/16 Arkin Net Inc. VMware, Inc. $67 $77 NA NA NA NA 6/12/16 Blue Coat, Inc. Symantec Corporation $3,073 $4,722 7.9x NA NM NA 6/7/16 AccelOps, Inc. Fortinet, Inc. $28 $32 NA NA NA NA 6/1/16 BrightPoint Security, Inc. ServiceNow, Inc. $20 $20 NA NA NA NA 6/1/16 Ping Identity Corporation Vista Equity Partners LLC; Vista Equity Partners FunNANANANANANA 5/18/16 Hexis Cyber Solutions, Inc., Hexis HawkEye G WatchGuard Technologies, Inc. NA NA NA NA NA NA 5/8/16Cyberinc aurionPro Solutions Limited NANANANANANA 5/6/16 Jumio Corporation Centana Growth Partners $1 $1 NA NA NA NA 5/5/16 Advanced Security Consulting Falanx Group NA $1 NA NA NA NA 4/27/16 ANXeBusiness Open Text Corporation NA $104 NA NA NA NA 4/21/16 DeviceAuthority, Inc. Cryptosoft Ltd. (nka:Device Authority Ltd) NA NA NA NA NA NA 4/18/16 CSIdentity Corporation Experian Information Solutions, Inc. $360 $360 NA NA NA NA 4/15/16 Click Security, Inc. Alert Logic, Inc. NA NA NA NA NA NA 4/12/16 Wave Systems Corp., Substantially all assets excluding certaESW Capital, LLC $4 $4 NA NA NA NA 4/8/16 Bluebox Security, Inc. Lookout, Inc. NA NA NA NA NA NA 4/1/16 Aimetis Corp. Senstar Corporation NA $22 2.1x NA NA NA 3/23/16 Sookasa Barracuda Networks, Inc. NA NA NA NA NA NA 3/10/16 Agata Solutions CyberArk Software Ltd. NA $3 NA NA NA NA 3/3/16 Safend SuperCom NA $2 NA NA NA NA 2/29/16 Resilient, an IBM Company International Business Machines Corporation NA NA NA NA NA NA 2/25/16 Sentrix Ltd. Trusted Knight Corp. NA NA NA NA NA NA 2/23/16 Arellia Corporation Thycotic Software Ltd. NA NA NA NA NA NA 2/18/16 ValidSoft Cross River Initiatives NA $13 NA NA NA NA 2/17/16 SMS Passcode A/S Censornet Ltd. NA NA NA NA NA NA 2/8/16 IronKey Enterprise Management Services DataLocker NA NA NA NA NA NA 2/8/16 Digital Footprints International LLC Infoblox Inc. NA $45 NA NA NA NA 2/1/16Invotas FireEye, Inc. NA$30NANANANA 1/20/16 iSight Security, Inc. FireEye, Inc. $275 $275 6.9x NA NA NA 1/5/16 TowerSec Inc. Harman Becker Automotive Systems Manufacturing $38 $76 NA NA NA NA

Mean 6.5x 4.4x 34.6x 18.0x Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings Median 3.8x 3.5x 42.0x 19.5x

PIPER JAFFRAY 11 Private Placements – Security

($ in millions)

Transaction Announced Target/Issuer Value Investors Business Description [Target/Issuer] 2/27/2018 Cyber X, Inc. 18.00 ff Venture Capital; Flint Capital; Glilot Capital Partners; Norwest Venture Partners; OurCrowd Ltd. Operates a platform for real-time security of the industrial Internet

1/29/2018 BehavioSec AB 17.50 Trident Capital Cybersecurity; Cisco Investments, ABN AMRO Bank N.V., Octopus Ventures, Conor Venture Partners Provides information security solutions for IT organizations

1/17/2018 Anomali, Inc. 40.00 Deutsche Telekom Capital Partners; General Catalyst Partners; GV; Institutional Venture Partners; Lumia Capital Develops a threat intelligence platform

12/14/2017 StrongAuth, Inc. 10.00 Systena America Develops enterprise key management solutions such as symmetric key management, encryption, tokenization and PKI software

12/13/2017 Upstream Security 9.00 Charles River Ventures, Gilot Capital Partners, Maniv Mobility Cybersecurity platform provider for connected cars and self-driving vehicles

12/11/2017 Menlo Security Inc. 40.00 American Express; HSBC; JPMorgan Chase Develops a security solution that eliminates the threat of advanced malware

12/5/2017 IRONSCALES 6.50 K1 Investment Management, RDC Automated phishing prevention, detection and response provider

11/30/2017 ReversingLabs 25.00 Trident Capital Cybersecurity; JPMorgan Chase Threat detection solutions company

11/30/2017 Pwnie Express 8.00 406 Ventures; Ascent Venture Partners; Fairhaven Capital; Vermont Center for Emerging Technologies Provides IOT security solutions

11/17/2017 CounterTack, Inc. N/A NTT DOCOMO Ventures Provides real-time endpoint threat detection and response solutions

11/13/2017 ThreatQuotient, Inc. 30.00 Adams Street Partners; Cisco Investments; NTT DOCOMO Ventures; New Enterprise Associates; Silicon Valley Bank Develops and operates a threat intelligence platform that enables organizations to manage threat intelligence

10/31/2017 Recorded Future 25.00 Insight Venture Partners; Balderton; Google Ventures; In-Q-Tel; IA Ventures; Atlas Venture Online platform in threat intelligence (TI)

10/26/2017 Skybox Security, Inc. 150.00 CVC Capital Partners' Growth Fund; Pantheon Provides cybersecurity management solutions for enterprises

10/24/2017 KnowBe4, Inc. 30.00 Goldman Sachs Growth Equity (GS Growth); Elephant Cybersecurity awareness training provider

10/19/2017 Contrast Security, Inc. 30.00 Battery Ventures; Acero Capital; General Catalyst Partners Develops application security software that stops hackers from stealing data through Web applications

10/18/2017 Duo Security 70.00 MeriTech Capital Partners; Lead Edge Capital; Workday; Index Ventures; Geodesic Capital; Redpoint Ventures Cloud-based access protection solution

10/12/2017 SecurityScorecard 27.50 Nokia Growth Partners; Moody's Corporation; Intel Capital; Sequoia Capital; GV Cybersecurity rating and continuous monitoring platform

10/3/2017 HYPR 8.00 RRE Ventures; Boldstart Ventures; Mesh Ventures Developer of a biometric security platform created to ensure user data is kept private across the IoT

9/28/2017 Onfido 30.00 Crane Venture Partners; Microsoft Ventures; Salesforce Ventures Provider of identity verification solutions

9/20/2017 Capsule8 6.00 Bessemer Venture Partners Cyberattack protection and response platform for cloud-native environments

9/20/2017 Digital Shadows 26.00 Octopus Ventures; World Innovation Lab; Industry Ventures; Passion Capital; Trinity Ventures London-based digital risk management company

9/20/2017 Sp0n 12.00 Sequoia Capital Developer of a crime tracking app

9/20/2017 Aqua Security 25.00 Lightspeed Venture Partners; Microsoft Ventures; TLV Ventures; Shlomo Kramer Israel-based container security platform provider

9/20/2017 Securonix 29.00 Volition Capital; Eight Roads Ventures Provider of big data security analytics

9/19/2017 Threat Stack 45.00 F-Prime Capital Partners; Eight Roads Ventures; Scale Venture Partners; .406 Ventures; Accomplice Provider of cloud security management

9/19/2017 Evident 8.80 New Enterprise Associates; Tom Noonan; Lane Bess; Mike Potts Cybersecurity solution for managing and sharing personal data

9/5/2017 ForgeRock 88.00 Accel Partners; KKR; Meritech Capital Partners; Foundation Capital Leading platform provider of digital identity management solutions

8/31/2017 Qadium 40.00 IVP (Institutional Venture Partners); TPG Growth; New Enterprise Associates; Founders Fund; Susa Ventures Developer of a global Internet-sensing platform designed to create and organize knowledge about the world's devices

8/23/2017 Versive 12.70 Formation 8; Vulcan Capital; Madrona Venture Group; Goldman Sachs; Mark Leslie Developer of an artificial intelligence cyber-security platform designed to reduce cyber-threats

8/21/2017 eSentire Inc. 100.00 Warburg Pincus LLC Provides managed security solutions to help guard the intellectual property and infrastructure of enterprises

8/9/2017 Socure Inc. 13.90 Commerce Ventures; Flint Capital; Work-Bench; Santander InnoVentures; Two Sigma Ventures Provides software-as-a-solution (SaaS)-based anti-fraud and compliance solutions

7/27/2017 CallSign Ltd. 35.00 Accel Partners; Allegis Capital; PTB Ventures Develops an artificial intelligence-based authentication platform designed to provide secure and seamless authentication

7/25/2017 Nyotron 21.00 DGB Investments; Mitvah Shamir; Gil Agmon; Shmuel Harlap Develops antivirus software for clients in Israel, Europe, and internationally

7/25/2017 PerimeterX 23.00 Canaan Partners; Vertex Ventures; Data Collective Develops cloud security solutions

7/25/2017 Bricata 8.00 Edison Partners Develops network security and data protection solutions and provides threat protection across network and cloud-based devices

7/17/2017 Awake Security 31.00 Greylock; Bain Capital Offers visibility into network operations and security

Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 12 Private Placements – Security (Cont’d)

($ in millions)

Transaction Announced Target/Issuer Value Investors Business Description [Target/Issuer] 7/12/2017 ZeroFox 40.00 Redline Capital Management; Silver Lake Waterman; NEA; Highland Capital Partners; Core Capital Provides real-time social threat analytics, intelligence, and advanced security protection via its cloud-based cyber platform

7/11/2017 Lastline, Inc. 28.50 Thomvest Ventures; Osage University Partners; Redpoint Ventures Develops and delivers security and malware protection platform to detect, stop, and manage attacks

6/27/2017 Sumo Logic, Inc. 75.00 Accel Partners; Institutional Venture Partners Provides a cloud-native machine data analytics service to build, run, and secure applications

6/20/2017 Cybereason Inc. 100.00 SoftBank Group Corp. (TSE:9984) Operates an automated platform to detect, visualize, and terminate cyber attacks

6/6/2017 Netskope, Inc. 100.00 Accel Partners; Sapphire Ventures LLC; Lightspeed Provides a SaaS based platform that helps people to get and use their favorite cloud applications

5/31/2017 Sqrrl Data, Inc. 12.30 Accomplice, LLC; Matrix Partners; Rally Ventures; Spring Lake Equity Partners LLC Enables organizations to target, hunt, and disrupt advanced cyber threats

5/30/2017 CounterTack, Inc. 20.00 SAP National Security Services, Inc.; Singtel Innov8 Pte. Ltd. Provides real-time endpoint threat detection and response solutions

5/22/2017 Karamba Security 12.00 Liberty Mutual Strategic Ventures; Paladin Capital Group; Presidio Ventures; Asgent Develops security systems for connected cars

5/18/2017 Wandera, Inc. 27.50 83 North; Bessemer Venture Partners; Sapphire Ventures LLC Provides Enterprise Mobile Security for mobile threat defense and content filtering protect data

5/17/2017 CrowdStrike, Inc. 100.00 Accel Partners; CapitalG; Warburg Pincus; March Capital Partners; Telstra Develops malware protection, threat intelligence, and response solutions

5/9/2017 Signal Sciences Corporation 15.00 CRV; Index Ventures; O'Reilly AlphaTech Ventures, LLC; Harrison Metal Capital Develops a software as a service platform to provide security for user's web applications

4/28/2017 Deep Sentinel Corp 7.40 Lux Capital Management; Shasta Ventures; Bezos Expeditions, LLC; UP2398 LLC Develops an artificial intelligence based security software for homes

4/25/2017 Twistlock Inc. 17.00 Polaris Partners; YL Ventures GP Ltd.; Rally Ventures; Ten Eleven Ventures Provides docker container security solutions for DevOps

4/14/2017 802 Secure, Inc. 6.00 Daylight Investors, LLC Security solutions and services for enterprises to deploy wireless and Internet of Things (IoT)

3/21/2017 SlashNext, Inc. 9.00 Norwest Venture Partners; Wing Venture Partners Develops cyber-security solutions

3/9/2017 KnowBe4, Inc. 5.20 Elephant Partners Cybersecurity awareness training provider

3/8/2017 Dyadic Security Ltd. 12.00 Goldman Sachs Principal Strategies; Innovation Endeavors; Citi Ventures, Inc. Provides distributed security module software solutions

2/27/2017 Fortscale Security Ltd. 7.00 Blumberg Capital; Intel Capital; Swarth Investments L.L.C.; Valor Capital Group; Evolution Equity Partners; UST Global Provides data security services developing system which analyzes information and tracks patterns of potential threats

2/7/2017 Exabeam, Inc. 30.00 Norwest Venture Partners; Lightspeed Venture Partners; Icon Ventures; Cisco Investments; Aspect Ventures Provides behavior-based security intelligence platform.

1/25/2017 Telos Corporation 11.00 Not Disclosed Provides information technology (IT) solutions and services worldwide

1/18/2017 Secret Double Octopus Ltd. 6.00 Jerusalem Venture Partners; Iris Capital; Benhamou Global Ventures LLC; Liberty Israel Venture Fund, LLC Develops network-level security solutions

1/18/2017 Jungle Disk, LLC 11.00 Not Disclosed Develops and provides data threat protection cloud solutions

1/17/2017 OPAQ Networks, Inc. 21.00 Columbia Capital, L.P.; Harmony Partners; Zero Gravity Corporation Operates as a Network Security as-a-Service company that enables organizations to simplify, centralize, and secure their networks

1/12/2017 SentinelOne Inc. 70.00 Redpoint Ventures; Third Point Ventures L.P.; The Westly Group; Granite Hill Capital Partners, LLC; Data Collective Provides endpoint security solutions

1/11/2017 Transmit Security, Inc. 40.00 Not Disclosed Designs and develops a platform that addresses problems in security and usability

1/10/2017 Phantom Cyber Corporation 13.50 Foundation Capital; Kleiner Perkins Caufield & Byers; In-Q-Tel, Inc.; Rein Capital, LLC; The Blackstone Group Provides security automation and orchestration platform

1/6/2017 Beijin Shenxing Technology Co. 100.00 Zero2IPO Ventures; Matrix Partners China; Kinzon Capital Develops facial recognition solutions based on artificial intelligence (AI)

1/4/2017 Demisto, Inc. 20.00 Accel Partners; Slack Technologies, Inc., Investment Arm; ClearSky Operates a security operations platform for security operations centers (SOCs)

1/1/2017 Cylance 2.50 Founders Equity Partners Provides cloud-based cyber-security platform designed to predict and prevent execution of advanced threats and malware

12/27/2016 Zimperium, Inc. 15.00 SoftBank Group Corp. (TSE:9984) Develops mobile intrusion prevention system

12/23/2016 Bitglass, Inc. 45.00 New Enterprise Associates; Norwest Venture Partners; SingTel Ventures (Pte) Ltd.; Australian Government Future Fund Provides security solutions that segments, tracks, and secures businesses’ sensitive data

12/15/2016 SenseTime group Limited 120.00 IDG Capital Partners; Dalian Wanda Group Co Ltd; CDH Investments; StarVC Develops face recognition technology that can be applied to payment and picture analysis for bank card verification

12/13/2016 Socure Inc. 13.00 ff Venture Capital; Santander UK plc, Investment Arm; Two Sigma Ventures; Flint Capital Provides software-as-a-solution (SaaS)-based anti-fraud and compliance solutions

12/7/2016 Kenna 15.00 Peakspan Capital; Costanoa Ventures; Hyde Park Angels; OurCrowd; The R-Group LLC; USVP Developer of vulnerability management and workflow automation software

12/6/2016 Cyber Secdo Ltd. 10.00 RDC - Rafael Development Corporation Ltd. Develops cyber solutions that enable security operations teams to detect, investigate, and remediate advanced threats

11/8/2016 Indeni Limited 10.00 Sequoia Capital Israel; CIRTech Fund Provides network security monitoring and troubleshooting devices

Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 13 Private Placements – Security (Cont’d)

($ in millions)

Transaction Announced Target/Issuer Value Investors Business Description [Target/Issuer] 11/17/2016 Prevalent 60.00 Insight Venture Partners Provider of risk management and cyber threat monitoring services

11/15/2016 Siemplify 10.00 83 North; G20 Ventures Provider of an online information security platform

11/1/2016 CounterTack, Inc. 10.00 Goldman Sachs Group, Merchant Banking Division; EDB Investments Pte. Ltd.; Siemens Venture Capital GmbH Provides real-time endpoint threat detection and response solutions

10/28/2016 RiskIQ, Inc. 30.45 Battery Ventures; Summit Partners LLP; Georgian Partners; MassMutual Ventures LLC Develops cloud-based security solutions that eliminate email threats and fraud

10/26/2016 Invincea, Inc. 10.00 New Atlantic Ventures; Comerica Bank; ORIX Growth Capital; Harbert Venture Partners, LLC; Dell Corporate Ventures Develops endpoint security software solutions.

10/21/2016 Nozomi Networks Inc. 7.50 Lux Capital Management; GGV Capital; Planven Investments SA Offers cybersecurity and operational visibility solutions for industrial control systems (ICS)

10/14/2016 HYPR 3.00 Undisclosed Developer of a biometric security platform created to ensure user data is kept private across the IoT

10/12/2016 tCell.io, Inc. 9.40 Allegis Capital; Menlo Ventures; SV Angel; A Capital; Webb Investment Network; CrunchFund Develops in-application instrumentation and cloud-based analytics solutions

10/11/2016 GigaMedia Access Corporation 20.00 Balance Point Capital Advisors, LLC Provides enterprise rights management software for content protection and authentication services

9/30/2016 Megvii Technology Inc. 20.00 Foxteq Holdings Inc. Operates a face detection, recognition, and analysis platform for Websites, mobile apps, and smart televisions

9/28/2016 Contrast Security, Inc. 16.00 General Catalyst Partners; Acero Capital Develops application security software that stops hackers from stealing data through Web applications

9/15/2016 BitSight Technologies, Inc. 40.00 Globespan Capital Partners; Menlo Ventures, Comcast Ventures; GGV Capital; Flybridge Capital Partners Offers data analytics and security software

8/25/2016 Asiasoft Security Limited 90.00 Beijing Teamsun Technology Co., Ltd. Develops and integrates dynamic password technology product solutions and provides related software services

8/24/2016 LeapYear Technologies 9.68 Not Disclosed Provides a security platform for data throughout its lifecycle

8/12/2016 SecureKey Technologies Inc. 20.57 Desjardins Business Capital régional et coopératif; Roynat Capital, Inc.; RBC Capital Partners; BMO Capital Partners Develops platform-as-a-service based hardware and software solutions for chip-based identity and payment technologies

8/8/2016 ThreatQuotient, Inc. 12.00 New Enterprise Associates; CIT GAP Funds; Blu Venture Investors, LLC Develops and operates a threat intelligence platform that enables organizations to manage threat intelligence

8/2/2016 Cyber X, Inc. 9.00 GlenRock Israel, Ltd.; Swarth Investments L.L.C.; ff Venture Capital; Glilot Capital Partners; Flint Capital Operates a platform for real-time security of the industrial Internet

7/27/2016 PhishMe, Inc. 42.50 Bessemer Venture Partners; Paladin Capital Group Provides phishing threat management solutions that empower employees to be a layer of human security sensors

7/26/2016 SafeBreach Inc. 15.00 Sequoia Capital Israel; Maverick Ventures; Hewlett Packard Ventures; Deutsche Telekom Capital Partners Management Develops a platform for users to protect their system and repair breaches from hackers

7/25/2016 StackPath, LLC 180.00 ABRY Partners, LLC Develops cyber security solutions

7/19/2016 GuardiCore Ltd. 20.00 Battery Ventures; 83 North; Cisco Investments Develops and delivers internal data center security and breach detection software

7/13/2016 Distil, Inc. 21.25 Bessemer Venture Partners; Foundry Group; TechStars, LLC; SVB Silicon Valley Bank, Investment Arm Provides public and private cloud security software that blocks malicious bots and automated computer programs

7/7/2016 PQ Solutions Limited 8.00 VMS Investment Group Limited; AM Partners Consulting Company LLC Provides data confidentiality, authenticity, and access control solutions

7/6/2016 Twistlock Inc. 10.00 YL Ventures GP Ltd.; Rally Ventures; Ten Eleven Ventures Provides docker container security solutions for DevOps with CI integration, API support, and a security framework

7/5/2016 Darktrace Limited 65.00 KKR & Co; Summit Partners LLP; SoftBank Capital; Softbank China & Indial SB ISAT Investment Fund Offers intelligence-led behavioral cyber defense solutions for cyber-attack vectors

6/30/2016 Bay Dynamics, Inc. 23.00 Comcast Ventures; Carrick Capital Partners, LLC Develops automated cyber security and risk solutions for enterprises

6/28/2016 RiskSense, Inc. 14.00 EPIC Ventures; CenturyLink, Inc. (NYSE:CTL); Paladin Capital Group; Sun Mountain Capital; Jump Capital Develops and provides a hosted Software-as-a-Service cyber security platform for organizations worldwide

6/22/2016 LightCyber Ltd. 20.00 Battery Ventures; Glilot Capital Partners; Amplify Partners; ClalTech Develops solutions for identifying and preventing cyber-attacks and advanced persistent threats (APT)

6/21/2016 Veriflow Systems, Inc. 8.18 Menlo Ventures; New Enterprise Associates Provides software-defined network breach and outage prevention solutions

6/20/2016 Tascent, Inc. 18.25 Not Disclosed Develops, delivers, and supports biometric and identity products

6/1/2016 Cylance 100.00 Blackstone Group; Insight Venture Partners; Khosla Ventures; Fairhaven Capital Partners; KKR; Dell Technologies Capital Provides cloud-based cyber-security platform designed to predict and prevent advanced threats and malware

5/25/2016 Demisto, Inc. 6.00 Accel Partners Operates a security operations platform for security operations centers (SOCs)

5/24/2016 vArmour Networks, Inc. 41.00 Highland Capital Partners; Allegis Capital; Menlo Ventures; Redline Capital Management S.A Provides software-defined security solutions for virtualized data centers for service provider, enterprise, and government

5/23/2016 Zimperium, Inc. 25.08 Warburg Pincus LLC; Sierra Ventures; Lazarus Management Company LLC; Telstra Ventures Pty Limited Develops Mobile Intrusion Prevention System

5/4/2016 DFLabs S.p.A 5.50 Evolution Equity Partners Develops and delivers an automated incident response technology to a portfolio of enterprise customers

5/3/2016 eyeSight Mobile Technologies Ltd. 20.00 KuangChi Science Limited, Investment Arm; Kuang-Chi GCI Fund & Incubator Develops machine vision and gesture recognition technology

Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 14 Private Placements – Security (Cont’d)

($ in millions)

Transaction Announced Target/Issuer Value Investors Business Description [Target/Issuer] 4/27/2016 Cyber adAPT, Inc. 6.00 Granite Point Capital Management, L.P.; Fundamental Capital Management, LLC; Alvin Fund LLC Provides real-time network-based threat detection solutions

4/21/2016 Anomali, Inc. 30.00 Institutional Venture Partners; In-Q-Tel Inc.; General Catalyst Partners; Paladin Capital Group; In-Q-Tel; GV Develops a threat intelligence platform

4/20/2016 Bayshore Networks, Inc. 11.05 Trident Capital, Inc.; Yokogawa Electric Corporation (TSE:6841); Benhamou Global Ventures LLC; Samsung NEXT Develops cyber security software for the industrial Internet of things (IoT)

4/13/2016 CoreOS, Inc. 31.00 Accel Partners; Kleiner Perkins Caufield & Byers; Intel Capital; Y Combinator Management LLC; GV; Fuel Capital Develops open source projects for Linux Containers and provides Internet security software solutions

3/31/2016 Hangzhou Gubel Electronics 70.00 China Merchants Technology Holdings Co., Ltd.; Sinovation Ventures Develops and manufactures WiFi smart home solutions

3/29/2016 Bluefin Payment Systems 6.00 Camden Partners Holdings, LLC; Napier Park Financial Partners Fund I, L.P.; Napier Park Financial Partners Provides secure payment technology for independent software vendors, enterprises, financial institutions

3/24/2016 Bromium, Inc. 40.00 Silver Lake Provides technology to address the enterprise security problems and protect end users against malware

3/15/2016 Skyport Systems Inc. 30.00 Sutter Hill Ventures; Index Ventures; Intel Capital; Thomvest Ventures, Inc.; Northgate Capital Group, L.L.C. Develops enterprise security and hyper-secured infrastructure solutions for critical IT and corporate assets

2/29/2016 Endgame, Inc. 9.80 Accenture plc (NYSE:ACN) Provides security intelligence and analytics solutions for federal and commercial customers/enterprises

2/17/2016 Qihoo 360 Software Co., Ltd. 100.00 360 Capital; Shanghai Ziyou Investment Management Co., Ltd. Provides a mobile security software application

2/10/2016 Cynet 7.00 Lazarus Management Company LLC Designs and develops cyber-attack detection and remediation software

2/10/2016 Hexadite Ltd. 8.00 YL Ventures GP Ltd.; Ten Eleven Ventures; Hewlett Packard Ventures Develops a security orchestration and automation solution to investigate and resolve cyber incidents

2/3/2016 eSentire Inc. 14.00 Edison Partners; Information Venture Partners; Cisco Investments; Georgian Partners; Northleaf Capital Partners Provides managed security solutions to help guard the intellectual property and infrastructure of enterprises

2/3/2016 Skybox Security, Inc. 96.00 Providence Equity Partners LLC Provides cybersecurity management solutions for enterprises

2/2/2016 KnowBe4, Inc. 8.00 Elephant Partners Cybersecurity awareness training provider

1/26/2016 Fireglass 22.00 Norwest Venture Partners; Lightspeed Venture Partners; SingTel Innov8 Holdings Pte. Ltd. Develops and offers cyber security solutions

1/21/2016 Malwarebytes Corporation 50.00 Fidelity Management & Research Company Provides malware prevention and remediation solutions to consumers, and SMBs and enterprise businesses worldwide

1/19/2016 F.TRON Inc. 900.00 Innovation Network Corporation of Japan Develops cyber security software solutions

1/19/2016 EiQ Networks, Inc. 9.60 Arrowroot Capital Provides unified situational awareness solutions for government, financial, telecommunications, retail, and healthcare enterprises

1/13/2016 Shape Security, Inc. 40.00 Kleiner Perkins Caufield & Byers; Norwest Venture Partners; Venrock; EPIC Ventures; EDB Investments Pte. Ltd. Develops and provides cyber security solutions to defend web and mobile applications from malicious automated attacks

1/13/2016 StorageCraft Technology Corporation 187.00 TA Associates Management, L.P. Develops and provides disk-based backup, disaster recovery, system migration, data protection, and security solutions

1/4/2016 TopSpin Security, Inc. 7.00 Not Disclosed Provides a malware detection technology

Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 15