Software COMPANYSector PRESENTATION Summary Week of June 5, 2017 1 DEAL DASHBOARD Software $21.9 Billion 266 $16.8 Billion 42 Financing Volume YTD (1)(2) Financing Transactions YTD (1)(2) M&A Volume YTD (3) M&A Transactions YTD (3) Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume (3) Select M&A Transactions (4) Company Amount ($MM) $Bn 37% $Bn 98% Target Acquirer EV ($MM) $14 $50 $41 $65 $9 $10 $3,903 $6 $6 $6 $24 $4 $5 $52 $15 $1,125 $3 $14 $15 $12 ( ) $5 $7 $50 $834 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 ( ) $48 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3) $610 20% 33% $31 156 $614 127 123 118 111 $30 103 27 29 27 $536 86 94 24 24 25 72 13 15 $20 7 $334 $20 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 $270 Last 12 Months Software Price Performance vs. S&P 500 (5) M&A EV/ NTM Rev. Over Time (6) 35% SPX IGV ` 30% 31% 25% 20% 15% 16% 10% 5% 0% Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 (5%) Notes: Source: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 06/01/2017. 1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include Software Venture and Private Equity Growth / Expansion activity. 3) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM. 4) Software M&A transactions reflect select transactions in CY2017. 2 5) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 6) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM. GCA OVERVIEW The GCA Software Team US Team Daniel Avrutsky Jimmy Orozco Josh Wepman Paul DiNardo Steve Fletcher Managing Director Managing Director Managing Director Managing Director Managing Director [email protected] [email protected] Software & Digital Media [email protected] Head of Software [email protected] [email protected] Gautam Garg Glen Kruger Mike Janovec Vice President Director Vice President [email protected] [email protected] [email protected] Alex Vitale Arthur Kirsch Chris Gough Derek Bell Managing Director Managing Director Managing Director Managing Director Auto Tech Healthcare IT Real Estate Tech Business Services [email protected] [email protected] [email protected] [email protected] John Lambros JT Herman Peter Bang Sean Minnihan Managing Director Managing Director Managing Director Managing Director Head of Digital Media Industrial Technology Financial Services FinTech [email protected] [email protected] Financial Software Financial Software [email protected] [email protected] Executive Leadership Select Europe Team Select Asia Team Todd Carter Adrian Reed Phil Adams Raiko Stelten Akikazu Ida Ryuichi Kanemaki Co-President & CEO Managing Director CEO of GCA Altium Director Co-Head of Asian Managing Director [email protected] [email protected] [email protected] [email protected] Technology & Media [email protected] [email protected] Clark Callander Sascha Pfeiffer Stephen Georgiadis Tobias Schultheiss Sameer Jindal Tomohiko Kubota Managing Director Co-Head of European Managing Director Managing Director Managing Director Managing Director Head of Investment Banking Technology & Media [email protected] [email protected] Head of Indian Operations CEO of AMPLIA [email protected] [email protected] [email protected] [email protected] 3 RECENT STOCK PERFORMANCE Index Performance Last 12 Months Last 3 Years 30% 60% 50% 25% 40% 20% 30% 15% 20% 10% 10% 5% 0% Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 0% (10%) Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 (5%) (20%) (10%) (30%) Sector 3 Months 1 Year 3 Years Platform 8.3% 26.5% 48.0% Infrastructure 5.5% 24.5% 24.2% Security 10.5% 28.7% 50.6% SaaS / On Demand 15.0% 29.8% 77.2% BI & Analytics 3.1% 9.2% 13.8% Vertical 16.7% 23.8% 54.0% Notes: Source: Capital IQ. Market Data as of 06/01/2017. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, SAP. SaaS / On Demand: AMBR, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. 4 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD. TRADING COMPARABLES Valuation and Operational Metrics EV / 2017E Revenue EV / 2017E EBITDA 7.0x 40.0x 6.2x 36.1x 6.0x Median: 4.7x 35.0x Median: 26.7x 5.1x 30.3x 4.9x 30.0x 28.6x 5.0x 4.5x 24.8x 4.2x 4.0x 25.0x 4.0x 21.2x 20.0x 3.0x 15.0x 12.2x 2.0x 10.0x 1.0x 5.0x 0.0x 0.0x SaaS / On Infrastructure Vertical Platform Security BI & Analytics SaaS / On Security BI & Analytics Vertical Infrastructure Platform Demand Demand 2017E / 2016A Rev. Growth 2017E EBITDA Margin 30% 40% 36% 35% 25% 23% Median: 16% Median: 22% 30% 19% 25% 20% 25% 23% 17% 16% 20% 15% 14% 20% 17% 17% 10% 15% 10% 10% 5% 5% 0% 0% SaaS / On BI & Analytics Infrastructure Security Vertical Platform Platform Infrastructure Vertical Security BI & Analytics SaaS / On Demand Demand Notes: Source: Capital IQ. Market Data as of 06/01/2017. Figures represent mean values of respective comp groups. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, SAP. SaaS / On Demand: AMBR, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. 5 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD. PUBLIC COMPANY VALUATIONS Software Trading Statistics $MM, Except Per Share Data Stock Trading Statistics Operating Metrics Price Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 6/1/2017 Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E CY 17E CY 18E Platform Alphabet Inc. $988.29 $683,652 ($88,502) $595,150 5.5x 4.8x 13.6x 11.6x 29.2x 24.6x 19.0% 16.2% 40.7% 41.1% Microsoft Corporation $70.10 541,208 (35,581) 505,627 5.1 4.7 13.1 11.9 22.6 20.2 16.6% 6.6% 38.6% 39.9% Oracle Corporation $45.79 188,411 (5,385) 183,026 4.8 4.7 10.8 10.2 16.7 15.5 2.2% 3.2% 44.5% 45.8% International Business Machines Corporation $152.67 143,433 32,091 175,524 2.2 2.2 9.5 9.4 11.1 11.0 (2.0%) (0.2%) 23.6% 24.0% SAP SE $107.20 128,487 799 129,286 4.8 4.5 14.0 12.9 22.6 20.6 15.3% 6.6% 34.4% 34.9% Mean 4.5x 4.2x 12.2x 11.2x 20.4x 18.4x 10.2% 6.5% 36.3% 37.1% Median 4.8 4.7 13.1 11.6 22.6 20.2 15.3% 6.6% 38.6% 39.9% Infrastructure VMware, Inc. $97.40 $39,779 ($6,485) $33,294 4.4x 4.1x 12.5x 11.7x 19.9x 18.5x 6.7% 6.4% 35.2% 35.2% ServiceNow, Inc. $106.51 18,094 (459) 17,635 9.4 7.2 42.9 29.4 91.4 62.1 35.0% 29.7% 21.9% 24.6% Red Hat, Inc. $90.72 16,128 (715) 15,413 5.8 5.1 22.1 18.5 36.5 30.6 14.0% 13.3% 26.3% 27.8% CA, Inc. $31.87 13,316 157 13,473 3.3 3.2 9.1 8.4 13.7 12.8 1.7% 2.2% 36.2% 38.4% Citrix Systems, Inc.