PRIVATE & CONFIDENTIAL February 2019 For client and institutional use only, not for public dissemination 1. Overview of Monthly M&A and Investment Activity 2. Monthly M&A and Investment Activity by Industry Segment 3. Additional Monthly M&A and Investment Activity Data 4. About CG Petsky Prunier Driven by your success. Transaction Distribution • A total of 626 deals were announced in February 2019 of which 292 were worth $19.4 billion in aggregate reported value • Software accounted for nearly 40 percent of transactions with 246 deals announced— 144 of which reported $10 billion in value • Software was also the most valuable segment, followed by Marketing Technology, with 106 transactions announced – 57 of which valued at $4.9 billion • Strategic buyers announced 311 deals (33 reported $5.7 billion in value) • VC/Growth Capital investors announced 296 transactions (254 reported $8.2 billion in value) • Private Equity buyers announced 19 deals during the month (five reported $5.5 billion in value) February 2019 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 246 39% $9,966.1 51% 87 $4,392.5 5 $1,500.0 154 $4,073.6 Marketing Technology 106 17% $4,892.8 25% 48 $222.9 3 $3,800.0 55 $869.9 Digital Media/Commerce 86 14% $3,118.5 16% 32 $449.2 3 $220.0 51 $2,449.3 Business Services 76 12% $474.3 2% 55 $13.7 5 - 16 $460.6 Agency & Marketing Services 53 8% $95.9 0% 46 $65.5 1 - 6 $30.4 Traditional Media 33 5% $534.0 3% 29 $390.5 2 - 2 $143.5 Digital Advertising 17 3% $269.0 1% 12 $191.0 0 - 5 $78.0 Information 9 1% $96.0 0% 2 - 0 - 7 $96.0 Total 626 100% 19,446.6 100% 311 5,725.3 19 5,520.0 296 8,201.3 *Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total for Februarydoes not includethe pending $11 acquisitionof UltimateSoftwarebya consortium of buyers. *The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 2 Driven by your success. Transaction Distribution • M&A total deal activity was up eight percent compared with February of last year • Significant transactions reported during the month included: ‒ Thoma Bravo’s $3.7 billion acquisition of mortgage process automation software Ellie Mae ‒ The $1.5 billion sale of professional services automation software ConnectWise to Thoma Bravo ‒ The $1 billion round of funding freight forwarding services platform Flexport raised from SoftBank, Founders Fund, DST Global, Cherubic Ventures, Susa Ventures, and SF Express ‒ The acquisition of equity administration and financial reporting platform Solium by Morgan Stanley for $829 million $100.0 $90.0 $80.0 $71.4 $70.0 $62.6 $57.9 $60.0 CA Red Hat/ Flipkart Technologies $50.0 / Walmart $46.3 IBM / Broadcom $42.7 $42.4 $44.4 $35.5 Github $37.2 $40.0 Sedgwick Qualtrics $35.7 BMC Software First Data/ $28.6 Tribune $30.5 $30.0 /KKR Fiserv MuleSoft Ultimate $20.0 713 Software 659 685 726 671 868 669 668 546 $10.0 654 747 626 $- Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 *Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total does not Salesforce’s $6.5 billion acquisition of MuleSoft, Walmart’s $16 billion majority investment in Flipkart, KKR’s $8.6 billion acquisition of BMC Software, Microsoft’s $7.5 billion TEV acquisition of GitHub, Broadcom’s $18.4 billion acquisition of CA Technologies, Carlyle Group’s $6.7 billion acquisition of Sedgwick Management Services, IBM’s pending $34 billion acquisition of Red Hat, SAP’s $8 billion acquisition of Qualtrics, Nexstar’s pending $6.4 billion acquisition of Tribune Media, Fiserv’s pending $22 billion acquisition of First Data Corporation, and Ultimate Software’s pending $11 billion sale to a consortium of buyers. *The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 3 Driven by your success. Selected Transactions With Multiples Information Trailing Twelve Months Trailing Twelve Months Enterprise Enterprise Target Subsegment Buyer/Investor Enterprise Value Revenue EBITDA Value/Revenue Value/EBITDA Agency & Marketing Services Soft Computing Digital Agency Publicis Groupe S.A. 50.0 52.3 3.5 1.0x 14.3x BJL Group Limited Digital Agency Dentsu Aegis Network, Inc. 15.5 8.2 - 1.9x NA Digital Advertising RhythmOne plc Mobile Marketing Taptica International Ltd. 176.00 316.00 15.20 0.6x 11.6x Digital Media/Commerce Graze.com eCommerce The Carlyle Group 200.0 69.3 5.6 2.9x 35.7x Warhorse Studios s.r.o. Gaming THQ Nordic AB 48.4 52.4 41.8 0.9x 1.2x Marketing Technology GoCanvas, Inc. MRM/Workflow Management K1 Investment Management, LLC 100.0 20.0 - 5.0x NA Explore.fr CRM Activa Capital 40.8 14.2 - 2.9x NA Determine, Inc. CRM Corcentric LLC 32.0 24.5 - 1.3x NA Software Ellie Mae, Inc. MRM/Workflow Management Thoma Bravo, Inc. 3,700.0 477.1 67.9 7.8x 54.5x Solium Capital, Inc. Financial Software Morgan Stanley & Co. Incorporated 829.0 104.6 7.9 7.9x 104.9x Webroot, Inc. Security Software Carbonite, Inc. 618.5 215.0 - 2.9x NA Attunity Ltd. Infrastructure Software Qlik Technologies, Inc. 560.0 86.3 9.1 6.5x 61.5x IDology, Inc. Credit/Risk Software GB Group PLC 300.0 38.2 16.3 7.9x 18.4x MicroPact, Inc. Legal Software Tyler Technologies 185.0 70.0 - 2.6x NA PCSYS A/S ERP Software TECSYS, Inc. 10.3 12.0 - 0.9x NA Traditional Media Pearson US Textbook Unit Consumer Book Publishing Nexus Group LLC 250.0 463.9 25.5 0.5x 9.8x *The information contained on this page is sourced from CG LLC's proprietary database. A more detailed methodology may befound inthe appendix. Page 4 Driven by your success. Aggregate Last Twelve Months Date Company Name Country Segment Offering Value Revenue EBITDA Dec-18 Futu Holdings LTD China Software $150.0 NA NA Oct-18 Caliburn International Corp United States Business Services 100.0 NA NA Sep-18 Valtech SE United Kingdom Agency & Marketing Services 100.0 298.0 21.0 Jul-18 Pintec Technology Holdings Limited China Software 70.0 784.5 10.3 May-18 Advantage Solutions Inc. United States Agency & Marketing Services 100.0 2,150.4 405.1 Apr-18 HeadHunter Group PLC Russia Software 250.0 75.7 31.6 *Source: Nasdaq Page 5 Driven by your success. Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day Feb 28, 2019 1st Trading Day Dec-18 QFIN Software 360 Finance, Inc. China $16.50-$18.50 $16.50 $16.49, down 0.1% $16.83 2.1% Dec-18 TME Digital Media/Commerce Tencent Music Entertainment Group China 13.00-15.00 13.00 $14.19, up 9.2% 18.02 27.0% Dec-18 MOGU Digital Media/Commerce MOGU Inc. China 14.00-16.00 12.00 $14.00, up 16.7% 15.30 9.3% Nov-18 WEI Software Weidai Ltd. China 9.00-$11.00 10.50 $10.25, down 2.4% 11.60 13.2% Oct-18 STNE Software StoneCo Ltd. Brazil 21.00-23.00 24.00 $31.35, up 30.6% 30.41 (3.0%) Oct-18 SWI Software SolarWinds Corporation United States 15.00-16.00 15.00 15.03, up 0.0% 19.01 26.5% Oct-18 PLAN Software Anaplan, Inc. United States 13.00-15.00 17.00 24.30, up 42.9% 37.51 54.4% Oct-18 ESTC Marketing Technology Elastic N.V. United States 33.00-35.00 36.00 70.00, up 94.4% 90.56 29.4% Oct-18 UPWK Digital Media/Commerce Upwork Inc. United States 12.00-14.00 15.00 21.18, up 41.2% 23.69 11.9% Sep-18 CTK Digital Media/Commerce CooTek (Cayman) Inc. China 12.00-14.00 12.00 9.44, down 21.3% 9.95 5.4% Sep-18 EB Marketing Technology Eventbrite, Inc. United States 19.00-21.00 23.00 36.5, up 58.7% 29.58 (19.0%) Sep-18 FTCH Digital Media/Commerce Farfetch Limited United Kingdom 17.00-19.00 20.00 28.45, up 42.3% 24.50 (13.9%) Sep-18 NYSE: LAIX Digital Media/Commerce LAIX Inc. China 11.50-13.50 12.50 12.65, up 1.2% 11.83 (6.5%) Sep-18 Qtt Digital Media/Commerce Qutoutiao Inc. China 7.00-9.00 7.00 15.97, up 128.1% 13.60 (14.8%) Sep-18 SVMK Marketing Technology SVMK Inc. United States 9.00-11.00 12.00 17.24, up 43.7% 15.17 (12.0%) Jul-18 JG Software Aurora Mobile Limited China 8.50-10.50 8.50 $8.80, up 3.5% 8.50 (3.4%) Jul-18 CANG Digital Media/Commerce Cango Inc. China 10.00-12.00 11.00 12.52, up 13.8% 8.85 (29.3%) Jul-18 DAVA Business Services Endava plc United Kingdom 17.00-19.00 20.00 25.2, up 26.0% 29.56 17.3% Jul-18 OPRA Digital Media/Commerce Opera Limited Norway 10.00-12.00 12.00 13.11, up 9.3% 8.99 (31.4%) Jul-18 PDD Digital Media/Commerce Pinduoduo Inc.