August 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 8 3 Additional Monthly M&A and Investment Activity Data 41 4 About Petsky Prunier 56 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 August 2017 M&A and Investment Summary for All Segments Transaction Distribution . A total of 622 deals were announced in August 2017, of which 337 were worth $33.7 billion in aggregate reported value . Software was the most active segment with 222 deals announced — 129 of these transactions reported $11.9 billion in value . Digital Media/Commerce was also active with 140 transactions announced, of which 106 were worth a reported $7.5 billion in value . Strategic buyers announced 286 deals (54 reported $12.7 billion in value) . VC/Growth Capital investors announced 304 transactions (273 reported $10.5 billion in value) . Private Equity investors announced 32 deals during the month (10 reported $10.5 billion in value) August 2017 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 222 36% $11,918.6 35% 83 $4,792.8 12 $4,102.1 127 $3,023.8 Digital Media/Commerce 140 23% 7,484.4 22% 38 2,522.4 2 20.0 100 4,942.0 Marketing Technology 89 14% 3,462.9 10% 36 2,147.3 5 590.0 48 725.6 Business Services 69 11% 6,820.5 20% 48 589.5 9 5,763.9 12 467.1 Agency & Marketing Services 46 7% 1,421.6 4% 40 208.9 4 22.7 2 1,190.0 Digital Advertising 24 4% 262.0 1% 16 211.0 0 - 8 51.0 Traditional Media 22 4% 465.1 1% 18 427.4 0 - 4 37.7 Information 10 2% 1,848.7 5% 7 1,830.0 0 - 3 18.7 Total 622 100% 33,683.8 100% 286 12,729.3 32 10,498.7 304 10,455.9 3 | M&A and Investment Summary August 2017 M&A and Investment Summary for All Segments Transaction Distribution . Reported transaction activity in August was up 20 percent from July 2017 and was up five percent from August 2016 . Strategic activity accounted for 90 percent of reported control transactions during the month and included significant transactions: • The majority stake taken by Disney in Major League Baseball online streaming platform BAMTec in a transaction valuing the company at $3.8 billion • The Advisory Board’s sale of its education business to Vista Equity Partners for $1.6 billion and health division to UnitedHealth Group for $1.3 billion • The acquisition of Active Networks by Global Payments from Vista Equity Partners in a transaction valued at $1.2 billion • DigiCert’s $950 million purchase of Symantec’s Website Security business • The $750 million acquisition of supply chain software company HighJump Software by Germany-based Korber • PRA Healthcare Sciences’ $530 million acquisition of Symphony Health Solutions $70.0 $500.0 $60.0 $51.2 $50.2 $400.0 $50.0 Tribune Scripps / $40.0 $36.2 Discovery $300.0 $33.7 $33.7 $29.3 $30.0 $25.4 $25.2 $24.6 $24.1 $200.0 HP Software $21.3 $20.8 $19.9 $20.0 TeamHealth $100.0 $10.0 473 463 449 419 415 457 449 545 471 520 569 519 622 $- $- Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 *Note, Discovery Communications’ $14.6 billion acquisition Scripps Networks, Oracle’s $9.3 billion acquisition of NetSuite, Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business, Sinclair Broadcast Group’s $6.6 billion acquisition of Tribune Media, and Blackstone’s $6.1 billion acquisition of TeamHealth have been excluded to limit comparative distortions. 4 | M&A and Investment Summary August 2017 Selected Transactions with Valuation Information Disclosed ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services AlliedPRA, Inc. Experiential Marketing CI Capital Partners LLC $ 22.7 $ 100.0 $ - 0.2x NA Sema Holdings Pty Ltd. DM Agency IVE Group Ltd. 11.7 30.8 2.4 0.4x 4.9x Business Services Transplace, Inc. Logistics TPG Capital 1,000.0 1,800.0 - 0.6x NA Aptuit, Inc. Healthcare Consulting Evotec AG 300.0 92.9 11.6 3.2x 25.8x Voxpro Group BPO Telus Corporation 172.7 34.8 - 5.0x NA Affecto Plc IT Consulting/Systems Integration CGI Nordic Investments Limited 112.8 91.9 5.9 1.2x 19.2x Decipher Works Pty Ltd. IT Consulting/Systems Integration Transaction Solutions International Limited 4.0 2.3 0.6 1.7x 6.7x Digital Advertising SpotXchange, LLC Ad Networks/Exchanges RTL Group 404.0 75.0 - 5.4x NA Tremor Video, Demand Side Platform Ad Networks/Exchanges Taptica, Inc. 27.5 115.0 (1.3) 0.2xNA NM Digital Media/Commerce Waimai eCommerce Ele.me 800.0 3,900.0 - 0.2x NA Eat24Hours.com eCommerce GrubHub, Inc. 287.5 888.7 - 0.3x NA JacTravel Group eCommerce Webjet Limited 263.5 55.0 25.8 4.8x 10.2x PlusMobile LLC Mobile Content/Apps AtmanCo, Inc. 2.5 4.7 - 0.5x NA Information Symphony Health Solutions Healthcare Information PRA Health Sciences 530.0 200.0 - 2.7xNA NA Marketing Technology DoubleVerify, Inc. Analytics & Targeting Providence Equity Partners, Inc. 350.0 70.0 - 5.0x NA On-Site.com, Inc. MRM/Workflow Management RealPage, Inc. 250.0 50.0 9.0 5.0x 27.8x Zoom Information, Inc. Marketing Data Great Hill Partners, LLC 240.0 39.8 - 6.0x NA MaxPoint Interactive, Inc. BI Tools Valassis Communications, Inc. 108.2 144.4 (8.9) 0.7x NM Rain King Software, Inc. SFA/Lead Management DiscoverOrg, LLC 100.0 33.9 - 2.9x NA Software Paysafe Group Plc Financial Software The Blackstone Group L.P. 4,013.7 1,043.5 265.7 3.8x 15.1x HighJump Software, Inc. ERP Software Korber AG 750.0 200.0 - 3.8x NA proALPHA Business Solutions GmbH ERP Software Intermediate Capital Group plc 460.6 105.4 - 4.4x NA Sequel Business Solutions Limited Financial Software Verisk Analytics, Inc. 322.5 33.8 15.6 9.5x 20.7x Numerex Corp. Application Management Software Sierra Wireless 130.3 65.4 - 2.0x NA MacroPoint LLC ERP Software The Descartes Systems Group, Inc. 107.0 12.5 - 8.6x NA MatsSoft Ltd. Software Development Tools Netcall plc 18.3 6.8 - 2.7x NA CMS Transport Systems Pty Ltd. ERP Software WiseTech Global 7.0 2.9 - 2.4x NA Traditional Media Katz Broadcast Networks Broadcast Television The E.W. Scripps Company 307.4 180.0 - 1.7x NA 5 | M&A and Investment Summary August 2017 Securities in Registration ($ in Millions) Aggregate LTM Company Name Country Segment Offering Value Rev EBITDA Despegar.com, Corp. Argentina Digital Media/Commerce $ 100.0 $ 465.7 $ 64.9 MongoDB, Inc. United States Software NA NA NA Stitch Fix, Inc. United States Digital Media/Commerce NA NA NA Vencore, Inc. United States Business Services 250.0 1,700.0 NA Best Logistics Group, Inc. China Business Services 1,000.0 1,300.0 NA Ancestry.com LLC United States Digital Media/Commerce NA NA NA Advantage Solutions Inc. United States Agency & Marketing Services 100.0 2,150.4 405.1 Sea Ltd. Singapore Digital Media/Commerce NA NA NA Tivit S.A. Brazil Business Services 319.3 2,031.8 287.2 ForeScout Technologies, Inc. United States Software NA NA NA EVRY AS Norway Business Services 151.1 12,859.5 NA AppNexus, Inc United States Marketing Technology NA NA NA Carbon Black, Inc. United States Software NA NA NA 6 | M&A and Investment Summary August 2017 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 Aug 31, 2017 1st Trading Day Jul-17 NasdaqGS:RDFN Redfin Corporation United States $12.00-$14.00 15.00 $21.72 up 45% 22.29 2.6% Jun-17 NYSE:APRN Blue Apron Holdings, Inc. United States 10.00-11.00 10.00 9.99, flat 5.24 (47.5%) Jun-17 NYSE:ATUS Altice USA, Inc. United States 27.00-31.00 31.00 32.71 up 9% 30.51 (6.7%) Jun-17 NasdaqGM:TNTR Tintri, Inc. United States 7.00-8.00 7.00 7.27 up 3.9% 5.96 (18.0%) May-17 NasdaqGM:APPN Appian Corporation United States 11.00-13.00 12.00 15.01 up 25% 22.89 52.5% May-17 NasdaqGM:VERI Veritone, Inc. United States 14.00-16.00 15.00 13.07 down 13% 15.56 19.1% Apr-17 NYSE:CVNA Carvana Co. United States 13.00-16.00 15.00 11.10 down 26% 17.85 60.8% Apr-17 NYSE:CLDR Cloudera, Inc. United States 12.00-14.00 15.00 18.10 up 21% 19.40 7.2% Apr-17 NasdaqGS:OKTA Okta, Inc. United States 15.00-17.00 17.00 23.51 up 38% 26.99 14.8% Apr-17 NYSE:NETS Netshoes (Cayman) Limited Brazil 18.00-20.00 18.00 16.10 down 10.5% 11.87 (26.3%) Apr-17 NYSE:YEXT Yext, Inc.