October 2016 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 8 3 Additional Monthly M&A and Investment Activity Data 40 4 About Petsky Prunier 52 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. 2 | M&A and Investment Summary October 2016 M&A and Investment Summary for All Segments Transaction Distribution . A total of 450 deals were announced in October 2016, of which 269 were worth $20.9 billion in aggregate reported value . Software was the most active segment with 150 deals announced — 105 of these transactions reported $2.2 billion in value . Digital Media/Commerce was also active with 97 transactions announced, of which 73 were worth a reported $5.7 billion in value . Strategic buyers announced 172 deals (40 reported $7.2 billion in value) . VC/Growth Capital investors announced 259 transactions (225 reported $3.4 billion in value) . Private Equity investors announced 19 deals during the month (four reported $10.3 billion in value) October 2016 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 150 33% $2,211.4 11% 40 $1,022.8 3 - 107 $1,188.6 Digital Media/Commerce 97 22% 5,704.0 27% 27 1,191.3 3 3,253.0 67 1,259.7 Marketing Technology 83 18% 1,378.8 7% 27 798.0 1 - 55 580.8 Business Services 52 12% 7,698.4 37% 35 1,791.5 9 5,737.3 8 169.6 Agency & Marketing Services 20 4% 1,773.4 8% 18 450.3 1 1,300.0 1 23.1 Digital* AT&T’s Advertising $108 billion acquisition of Time20 Warner has been4% excluded to limit 446.0comparative distortions2% 7 295.0 1 - 12 151.0 Information 14 3% 1,419.0 7% 7 1,386.0 1 - 6 33.0 Traditional Media 14 3% 318.7 2% 11 282.3 0 - 3 36.4 Total 450 100% 20,949.7 100% 172 7,217.2 19 10,290.3 259 3,442.2 3 | M&A and Investment Summary October 2016 M&A and Investment Summary for All Segments Transaction Distribution . Reported transaction activity in October remained flat from September 2016 and was up six percent from October of 2015 . Strategic activity accounted for 38 percent of reported deal activity during the month and included significant transactions: • Atairos Group’s acquisition of college sports marketing company Learfield Communications from Providence Equity Partners for a reported $1.3 billion • The acquisition of marketing data technology company Krux Digital by Salesforce for $762 million • Genstar Capital and Warburg Pincus’ $632 million sale of SaaS-based construction management services company ConstructConnect to Roper Technologies • Wipro’s $500 million acquisition of Salesforce and Workday–focused consultancy Appirio • The Ziff Davis acquisition of digital health marketing and communications company Everyday Health for $465 million $120.0 $500.0 $110.0 $100.0 $400.0 $90.0 $80.0 $73.1 $70.0 $300.0 LinkedIn / $60.0 Microsoft $50.0 $44.7 Supercell / $42.6 $200.0 Tencent $40.0 IMS Health NetSuite $33.7 $27.4 $29.3 $30.0 $23.7 $24.9 $21.3 $22.1 HP IT / CSC HP Software $20.9 $100.0 $20.0 Inter. Data $14.4 $13.7 MultiPlan $10.0 403 424 363 407 413 427 433 404 432 491 427 473 463 $- $- Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 *Note, Microsoft’s $26.2 billion acquisition of LinkedIn, Quintiles Transnational’s $13.5 billion acquisition of IMS Health, Tencent’s $10.2 billion acquisition of Supercell, Oracle’s $9.3 billion acquisition of NetSuite, Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division, Hellman & Friedman and Leonard Green & Partners’ $7.5 billion acquisition of MultiPlan, and Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data have been excluded to limit comparative distortions. 4 | M&A and Investment Summary October 2016 Selected Transactions with Valuation Information Disclosed ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Business Services TeamHealth, Inc. Staffing The Blackstone Group L.P. 5,704.7 4,137.0 388.5 1.4x 14.7x Pactera Technology International Ltd. IT Consulting/Systems Integration HNA Group 930.0 777.0 - 1.2x NA Appirio, Inc. IT Consulting/Systems Integration Wipro Limited 500.0 196.0 - 2.6x NA ASG Group Limited IT Consulting/Systems Integration Nomura Research Institute Ltd. 262.5 140.6 17.9 1.9x 14.7x Mouchel Limited Engineering Consulting WSP Global, Inc. 91.3 119.0 11.9 0.8x 7.7x Digital Advertising HookLogic, Inc. Search Marketing Criteo SA 250.0 38.0 - 6.6x NA Art of Click Pte. Ltd. Mobile Marketing Xurpas, Inc. 45.0 11.4 - 3.9xNA NA Digital Media/Commerce NA InnoGames GmbH Gaming Modern Times Group MTG AB 287.1 138.0 27.5 2.1x 10.4x etailz, Inc. eCommerce Trans World Entertainment Corporation 75.1 93.0 - 0.8x NA MyHammer Holding AG Classifieds/Auctions/P-to-P HomeAdvisor, Inc. 28.4 9.9 0.8 2.9x 36.4x Information Everyday Health, Inc. Healthcare Information Ziff Davis, Inc. 459.3 248.8 22.4 1.8x 20.5x PitchBook Data, Inc. Financial Information Morningstar, Inc. 225.0 31.1 - 7.2x NA The Radiant Group, Inc. Geo-Demo Information DigitalGlobe, Inc. 140.0 100.0 - 1.4xNA NA Software ConstructConnect Engineering Software Roper Technologies, Inc. 632.0 150.0 - 4.2x NA Traditional Media Adshel Street Furniture Pty Ltd. Traditional Outdoor APN News & Media Ltd. 410.5 126.8 31.2 3.2x 13.2x 5 | M&A and Investment Summary October 2016 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Oct-16 Carbon Black, Inc. United States Software $ - $ - $ - Sep-16 Tintri, Inc. United States Software 100.0 - - Aug-16 Gridsum Technology Co., Ltd. China Marketing Technology 75.0 NA NA Aug-16 Meitu Technology Co., Ltd. China Digital Media/Commerce 500.0 NA NA Jul-16 CBS Radio Inc. United States Traditional Media 100.0 1,220.0 310.0 Jul-16 FOTV Media Networks, Inc. United States Digital Media/Commerce 30.0 NA NA Apr-16 Optiv Security Inc. United States Business Services 100.0 NA NA Sep-15 PointClickCare Corp. United States Software 100.0 112.6 3.8 6 | M&A and Investment Summary October 2016 LTM IPO Performance 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 Oct 31, 2016 1st Trading Day Oct-16 NasdaqGS:BL BlackLine, Inc. United States $15.00-$17.00 17.00 $23.70 up 39% 22.75 (4.0%) Oct-16 NasdaqGS:COUP Coupa Software Incorporated United States 16.00-18.00 18.00 32.78 up 82% 25.00 (23.7%) Sep-16 NasdaqGS:NTNX Nutanix, Inc. United States 16.00-18.00 18.00 30.10 up 67% 24.50 (18.6%) Sep-16 NasdaqGM:TTD The Trade Desk, Inc. United States 16.00-18.00 18.00 30.10 up 67% 25.18 (16.3%) Sep-16 NasdaqGM:APTI Apptio, Inc. United States 13.00-15.00 16.00 22.55 up 40% 19.73 (12.5%) Sep-16 NasdaqGS:GSUM Gridsum Holding Inc. China 10.50-12.50 13.00 15.25 up 17% 14.07 (7.7%) Sep-16 NasdaqGM:EVBG Everbridge, Inc. United States 11.00-13.00 12.00 14.70 up 22% 14.72 0.1% Jul-16 Nasdaq:TLND Talend SA France 15.00-17.00 18.00 25.50 up 42% 21.67 (15.0%) Jul-16 NYSE:LN LINE Corporation Japan 31.00-33.00 33.00 41.58 up 27% 40.46 (2.7%) Jun-16 NYSE:TWLO Twilio, Inc. United States 12.00-14.00 15.00 28.79 up 92% 34.12 18.5% Jun-16 NasdaqGS:NH NantHealth, Inc. United States 13.00-15.00 14.00 19.47 up 39% 13.13 (32.6%) May-16 NYSE:COTV Cotiviti Holdings, Inc. United States 17.00-19.00 19.00 18.14 down 4.6% 30.87 70.2% Apr-16 NasdaqGS:SCWX SecureWorks Corp. United States 15.50-17.50 14.00 13.88 down 1% 11.79 (15.1%) Dec-15 NasdaqGS:TEAM Atlassian Corporation Plc Australia 18.00-20.00 21.00 27.78 up 32% 26.86 (3.3%) Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 29.00 218.7% Nov-15 NYSE:INST Instructure, Inc. United States 16.00-18.00 16.00 18.00 up 12.5% 25.45 41.4% Nov-15 NasdaqGS:MTCH Match Group, Inc. United States 12.00-14.00 12.00 14.74, up 23% 18.06 22.5% Nov-15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00-13.00 10.00 10.10, up 1.0% 20.24 100.4% 7 | M&A and Investment Summary October 2016 Digital Media/Commerce .