November 2015 M&A and Investment Summary Table of Contents 1 Overview of Monthly M&A and Investment Activity 3 2 Monthly M&A and Investment Activity by Industry Segment 9 3 Additional Monthly M&A and Investment Activity Data 43 4 About Petsky Prunier 53 Securities offered through Petsky Prunier Securities, LLC, member of FINRA. This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer registered with the U.S. SEC and a member of FINRA. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States. 2 | M&A and Investment Summary November 2015 M&A and Investment Summary for All Segments Transaction Distribution . A total of 363 deals were announced in November 2015, of which 242 were worth $27.4 billion in aggregate reported value . Digital Media/Commerce was the most active and highest reported value segment with 104 deals announced — 85 of these transactions reported $11.3 billion in value . The Software segment announced 79 transactions, of which 55 were reported worth $5 billion . Strategic buyers announced 142 deals (41 reported $23.2 billion of value) . VC/Growth Capital investors announced 212 transactions (200 reported $4.1 billion of value) . Buyout investors announced nine deals during the month (one reported $2.8 billion of value) November 2015 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 104 29% $11,252.0 41% 26 $8,968.8 0 - 78 $2,283.2 Software 79 22% 5,002.2 18% 29 1,658.1 1 2,775.2 49 568.9 Marketing Technology 68 19% 2,266.7 8% 20 1,732.5 3 - 45 534.2 Business Services 37 10% 2,974.7 11% 22 2,521.3 4 - 11 453.4 Digital Advertising 31 9% 4,830.8 18% 11 4,658.8 0 - 20 172.0 Agency & Marketing Services 23 6% 40.5 0% 21 32.5 0 - 2 8.0 Information 12 3% 306.8 1% 6 250.0 1 - 5 56.8 Traditional*Intercontinental Media Exchange’s $7.4 billion 9acquisition of Interactive2% Data has been680.2 excluded to limit2% comparative distortions7 628.2 0 - 2 52.0 Total 363 100% 27,354.0 100% 142 20,450.2 9 2,775.2 212 4,128.5 3 | M&A and Investment Summary November 2015 M&A and Investment Summary for All Segments Transaction Distribution . Aggregate reported transaction value of $27.4 billion in November was up 68 percent from October 2015 and up 89 percent from November 2014 . Strategic activity accounted for 75 percent of reported deal value during the month and included significant transactions: • Activision Blizzard’s $5.9 billion acquisition of mobile gaming company King Digital Entertainment • The purchase of vacation rental marketplace Homeaway by Expedia for $4.3 billion • Diebold’s acquisition of Wincor Nixdorf, a provider of IT Solutions for retailers, for $1.8 billion • Endurance International’s purchase of small-business marketing tools provider Constant Contact for $1.1 billion • Cisco’s $700 million purchase of collaboration solutions provider Acano $120.0 $500.0 $108.4 $110.0 $100.0 Bright $400.0 $90.0 House/ Charter $80.0 $70.0 $300.0 $60.0 Time $50.0 Warner/ $40.4 $200.0 $40.0 Charter Sungard $25.9 $26.7 $27.4 $30.0 $23.5 $23.1 Veritas $23.7 $18.8 $18.3 Solera $100.0 $20.0 Inter. Data $14.5 $11.2 $15.0 $10.0 410 380 385 425 456 492 458 466 448 376 403 424 363 $- $- Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 *Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks , Fidelity National Information Services‘ $9.1 billion acquisition of SunGard Data Systems, The Carlyle Group’s $8 billion acquisition of Veritas Systems, Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data, and Vista Equity Partners’ $6.7 billion acquisition of Solera Holdings have been excluded to limit comparative distortions. 4 | M&A and Investment Summary November 2015 Selected Transactions with Valuation Information Disclosed ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Business Services Wincor Nixdorf 1 IT Consulting/Systems Integration Diebold, Inc. $ 1,994.6 $ 100.0 $ - 19.9x NA GFI Informatique S.A. 2 IT Consulting/Systems Integration Mannai Corporation QSC 596.0 17.0 - 35.1x NA Polaris Consulting & Services Limited 3 IT Consulting/Systems Integration Virtusa Corporation 302.7 854.0 58.0 0.4x 5.2x B.E. Smith, Inc. Staffing AMN Healthcare, Inc. 160.0 298.2 34.2 0.5x 4.7x Geotext Translations, Inc. Legal Consulting Lionbridge Technologies, Inc. 17.3 2,427.0 154.0 0.0x 0.1x Digital Advertising Youku Tudou, Inc. Digital Video Alibaba Group Holding, Inc. 4,481.3 926.0 69.5 4.8x 64.5x OPTIMATIC Media, Inc. Digital Video Matomy Media Group 25.0 15.2 - 1.6x NA Digital Media/Commerce King Digital Entertainment Gaming Activision Blizzard, Inc. 4,759.5 2,104.4 725.7 2.3x 6.6x Homeaway.com,Inc. Classifieds/Auctions/P-to-P Expedia, Inc. 3,347.8 485.3 61.4 6.9x 54.5x iProperty Group Limited 4 Web Search/Portals REA Group Limited 543.6 20.0 (0.6) 27.2x NM Classmates, Inc. Social Media/Apps PeopleConnect Holdings, Inc. 30.0 52.4 - 0.6x NA Marketing Technology Constant Contact, Inc. Email/Messaging Software Endurance International Group, Inc. 931.4 353.5 43.9 2.6x 21.2x MarketShare Partners LLC Analytics & Targeting NeuStar, Inc. 390.0 57.0 - 6.8x NA Fluent, Inc. Marketing Data IDI, Inc. 255.0 126.0 19.9 2.0x 12.8x Software MedAssets, Inc. Healthcare Information Pamplona Capital Management 2,775.2 764.2 217.8 3.6x 12.7x Trust Group of Companies ERP Software Sabre Corporation 154.0 40.0 - 3.9x NA Fox-IT Group Security Software NCC Group, Inc. 140.6 30.0 - 4.7x NA Traditional Media DreamHack AB B-to-B Media Modern Times Group MTG AB 28.2 8.8 - 3.2x NA 1 92.8 percent stake acquisition, 2 51 percent stake acquisition, 3 59.4 percent stake, 4 77.3 percent stake purchase 5 | M&A and Investment Summary November 2015 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Nov-15 Yirendai Ltd. China Digital Media/Commerce $ 100.0 $ 156.8 NA Nov-15 Atlassian Corp. United States Software 250.0 319.5 NA Nov-15 Ameriquest, Inc. United States Business Services 100.0 65.0 NA Sep-15 PointClickCare Corp. United States Software 100.0 112.6 3.8 Jul-15 Apptio, Inc. United States Software NA 100.0 NA Mar-15 Veracode, Inc. United States Software 450.0 16.7 NA Mar-15 Truven Health Analytics United States Information 41.2 504.9 72.1 6 | M&A and Investment Summary November 2015 LTM IPO Performance (1/2) Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Nov 30, 2015 1st Trading Day Nov-15 NYSE:INST Instructure, Inc. United States $16.00-$18.00 16.00 $18.00 up 12.5% 18.74 4.1% Nov-15 NasdaqGS:MTCH Match Group, Inc. United States 12.00-14.00 12.00 14.74, up 23% 14.48 (1.8%) Nov-15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00-13.00 10.00 10.10, up 1.0% 10.11 0.1% Nov-15 NYSE:SQ Square, Inc. United States 11.00-13.00 9.00 13.07, up 45% 12.04 (7.9%) Oct-15 NYSE:PSTG Pure Storage, Inc. United States 16.00-18.00 17.00 16.01, down 5.8% 12.91 (19.4%) Oct-15 NYSE:FDC First Data Corporation United States 18.00-20.00 16.00 15.75, down 1.5% 16.80 6.7% Jul-15 NasdaqGM:RPD Rapid7, Inc. United States 13.00-15.00 16.00 26.75, up 67% 17.13 (36.0%) Jul-15 NYSE:TDOC Teladoc, Inc. United States 15.00-17.00 19.00 28.50, up 50% 21.25 (25.4%) Jun-15 NasdaqGM:APPF AppFolio, Inc. United States 12.00-14.00 12.00 14.10, up 17% 16.39 16.2% Jun-15 NYSE:XTLY Xactly Corporation United States 10.00-12.00 8.00 8.70, up 9% 9.78 12.4% Jun-15 NYSE:FIT Fitbit Inc. United States 17.00-19.00 20.00 29.68, up 48% 28.72 (3.2%) Jun-15 NasdaqGM:MB MINDBODY, Inc. United States 13.00-15.00 14.00 11.56, down 17.4% 17.65 52.7% Jun-15 NYSE:TGNA TEGNA Inc. United States 26.00-28.00 30.00 31.63, up 5% 28.25 (10.7%) Jun-15 NYSE:EVH Evolent Health, Inc.