December 2017 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 41 4 About Petsky Prunier 55 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 December 2017 M&A and Investment Summary for All Segments Transaction Distribution . A total of 514 deals were announced in December 2017, of which 266 were worth $22.5 billion in aggregate reported value • December activity is highlighted by 79 reported Business Services transactions, the segments’ largest monthly total for 2017 . Software was the most active segment with 186 deals announced — 113 of these transactions reported $5.5 billion in value . Digital Media/Commerce was also active with 108 transactions announced, of which 77 were worth a reported $13.2 billion in value . Strategic buyers announced 237 deals (46 reported $7.8 billion in value) . VC/Growth Capital investors announced 252 transactions (216 reported $13.6 billion in value) . Private Equity investors announced 25 deals during the month (four reported $1.1 billion in value) December 2017 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 186 36% $5,520.9 25% 66 $3,244.7 4 $5.3 116 $2,270.9 Digital Media/Commerce 108 21% 13,167.8 58% 36 2,488.0 2 - 70 10,679.8 Business Services 79 15% 1,168.6 5% 50 38.1 13 1,063.5 16 67.0 Marketing Technology 66 13% 857.3 4% 27 294.7 2 41.5 37 521.1 Agency & Marketing Services 27 5% 778.1 3% 25 778.1 1 - 1 - Traditional Media 22 4% 598.8 3% 17 551.8 1 - 4 47.0 Digital Advertising 17 3% 114.8 1% 11 90.0 1 - 5 24.8 Information 9 2% 317.8 1% 5 309.4 1 - 3 8.4 Total 514 100% 22,524.3 100% 237 7,794.9 25 1,110.3 252 13,619.0 *Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions The aggregate total for December does not include Disney’s pending $69 billion TEV acquisition of 21st Century Fox, including an exchange of stock and the assumption of debt or Thales’ pending $6.6 billion TEV acquisition of Gemalto, including cash, stock, and net debt. 3 | M&A and Investment Summary December 2017 M&A and Investment Summary for All Segments Transaction Distribution . Reported strategic activity in December remained flat month-over-month with 238 deals announced, accounting for more than 46 percent of total transactions, the largest monthly percentage total of 2017 . Strategic activity accounted for 90 percent of reported control transactions during the month and included significant transactions: • Oracle’s $1.2 billion acquisition of Aconex, a provider of cloud collaboration solutions to the construction industry • The acquisition of casual games company Big Fish Games by Aristocrat Leisure from Churchill Downs for $990 million • Target’s acquisition of same-day-delivery company Shipt for $550 million • ModusLink’s acquisition of direct mail and marketing services company IWCO Direct in a transaction valuing the company at $476 million • The $340 million acquisition of accountant scheduling and time tracking automation company TSheets by Intuit $100.0 $22.5 $500.0 $90.0 Gemalto / Thales $80.0 $400.0 $70.0 $60.0 $300.0 $51.2 $50.2 21st Century $50.0 Tribune Fox / Scripps / $37.8 Disney $40.0 $36.2 Discovery $33.7 $200.0 $30.0 $25.2 $24.6 $24.1 $23.4 $25.0 $20.8 $19.9 $20.0 $100.0 $10.0 415 457 449 545 471 520 569 519 622 552 609 554 514 $- $- Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 *Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total does not include Sinclair Broadcast Group’s pending $6.6 billion TEV acquisition of Tribune Media, including cash, stock, and net debt, Discovery Communications’ $15 billion TEV acquisition of Scripps Networks, including cash, stock, and net debt, Disney’s pending $69 billion TEV acquisition of 21st Century Fox, including an exchange of stock and the assumption of debt, or Thales’ $6.6 billion TEV acquisition of Gemalto, including cash, stock, and net debt. 4 | M&A and Investment Summary December 2017 Selected Transactions with Valuation Information Disclosed ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value TTM Rev TTM EBITDA EV/REV EV/EBITDA Agency & Marketing Services IWCO Direct DM Agency ModusLink Global Solution, Inc. $ 476.0 $ 470.6 $ 82.2 1.0x 5.8x Goldbach Group Media Planning/Buying Tamedia 217.7 502.9 34.3 0.4x 6.3x DavidandGoliath Digital Agency INNOCEAN Worldwide, Inc. 71.7 45.0 - 1.6x NA Tangerine Promotions Ad Specialty/Premiums Superior Uniform Group 12.7 36.0 - 0.4x NA Digital Media/Commerce Big Fish Games, Inc. Gaming Aristocrat Leisure Limited 990.0 458.0 83.0 2.2x 11.9x Shazam Entertainment, Inc. Social Media/Apps Apple Inc. 400.0 54.7 - 7.3x NA Sperasoft, Inc. Gaming Keywords Studios plc 27.0 20.0 2.0 1.4x 13.5x CasinoGrounds Gaming LeoVegas Mobile Gaming Group 10.5 1.9 - 5.5x NA Evoke Gaming Ltd. Gaming Mr. Green & Co. AB 8.2 11.1 - 0.7x NA Information Power Advocate, Inc. Product/Price Information Verisk Analytics, Inc. 200.0 36.0 11.0 5.6xNA 18.2x Marketing Technology Clavis Insight Analytics & Targeting Ascential plc 119.0 17.0 - 7.0x NM DivX, Inc. Content Management Fortress Investment Group, LLC 41.5 20.7 - 2.0x NA Horisen Messaging AG Mobile Technology LINK Mobility AS 10.6 2.0 - 5.2x NM Simple SMS Group Mobile Technology LINK Mobility AS 2.4 2.4 - 1.0x NA Software Aconex Ltd. Collaboration Software Oracle Corporation 1,200.0 123.7 - 9.7x NA TSheets.com LLC HR Software Intuit, Inc. 340.0 40.0 - 8.5x NA TITUS, Inc. Security Software The Blackstone Group L.P. 100.0 40.0 - 2.5x NA Healthcare Communications UK Ltd. Healthcare Software IMImobile PLC 20.1 4.7 0.5 4.3x 38.7x Traditional Media Wenner Media LLC Consumer Magazine Publishing Penske Media Corporation 100.0 330.0 - 0.3x NA MEED Media FZ LLC B-to-B Media GlobalData Plc 17.5 25.4 2.3 0.7x 7.6x 5 | M&A and Investment Summary December 2017 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Jan-18 Spotify, Inc. United States Digital Media/Commerce NA NA NA Nov-17 Zscaler, Inc. United States Software NA NA NA Oct-17 Cardlytics , Inc. United States Marketing Technology NA NA NA Jun-17 Ancestry.com LLC United States Digital Media/Commerce NA NA NA May-17 Advantage Solutions Inc. United States Agency & Marketing Services 100.0 2,150.4 405.1 Apr-17 Tivit S.A. Brazil Business Services 319.3 2,031.8 287.2 Dec-16 AppNexus, Inc United States Marketing Technology NA NA NA Oct-16 Carbon Black, Inc. United States Software NA NA NA 6 | M&A and Investment Summary December 2017 LTM IPO Performance Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day Dec 31, 2017 1st Trading Day Dec-17 Digital Advertising iClick Interactive Asia Group Limited Hong Kong $8.00-$9.00 8.00 $9.00, up 12.0% 9.05 0.6% Nov-17 Software Bandwidth Inc. United States 20.00-22.00 20.00 21.19, up 6.0% 23.12 9.1% Nov-17 Digital Media/Commerce PPDAI Group Inc. China 16.00-19.00 13.00 13.33 up 2.5% 7.11 (46.7%) Nov-17 Software SailPoint Technologies Holdings, Inc. United States 9.00-11.00 12.00 13.00 up 8.3% 14.50 11.5% Nov-17 Marketing Technology SendGrid, Inc. United States 13.50-15.50 16.00 18.00 up 12.5% 23.97 33.2% Nov-17 Digital Media/Commerce Sogou Inc. China 11.00-13.00 13.00 13.50 up 3.8% 11.57 (14.3%) Nov-17 Digital Media/Commerce Stitch Fix, Inc. United States 18.00-20.00 15.00 15.15, flat 25.83 70.5% Oct-17 Software Altair Engineering Inc. United States 11.00-13.00 13.00 18.31, up 40.8% 23.92 30.6% Oct-17 Software ForeScout Technologies, Inc. United States 20.00-22.00 22.00 25.49 up 15.9% 31.89 25.1% Oct-17 Digital Media/Commerce CarGurus, Inc. United States 13.00-15.00 16.00 27.58 up 72.4% 29.98 8.7% Oct-17 Software MongoDB, Inc. United States 20.00-22.00 24.00 32.07 up 33.6% 29.68 (7.5%) Oct-17 Digital Media/Commerce Sea Limited Singapore 12.00-14.00 15.00 16.20 up 8.4% 13.33 (17.7%) Sep-17 Digital Media/Commerce Secoo Holding Limited China 12.00-14.00 13.00 10.01 down 23.1% 9.66 (3.5%) Sep-17 Business Services BEST Inc.