January 2018 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 January 2018 M&A and Investment Summary for All Segments Transaction Distribution ▪ A total of 615 deals were announced in January 2018, of which 316 were worth $34.2 billion in aggregate reported value • January activity is highlighted by 316 investments across all the segments, the largest single month total over the past 24 months ▪ Software was the most active segment with 248 deals announced, the most reported in a single month to date — 142 of these transactions reported $5.9 billion in value ▪ Digital Media/Commerce was also active with 137 transactions announced, of which 91 were worth a reported $6.7 billion in value ▪ Strategic buyers announced 264 deals (44 reported $19.2 billion in value) ▪ VC/Growth Capital investors announced 316 transactions (265 reported $10.4 billion in value) ▪ Private Equity investors announced 35 deals during the month (six reported $4.7 billion in value) January 2018 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 248 40% $5,929.4 17% 82 $1,514.0 7 $284.3 159 $4,131.1 Digital Media/Commerce 137 22% 6,744.3 20% 42 1,744.2 2 - 93 5,000.1 Marketing Technology 80 13% 3,692.8 11% 37 2,940.4 4 - 39 752.4 Business Services 74 12% 8,150.2 24% 49 7,221.4 14 568.6 11 360.3 Agency & Marketing Services 27 4% 4,042.8 12% 23 206.0 3 3,826.9 1 9.9 Traditional Media 21 3% 5,333.5 16% 16 5,331.0 3 - 2 2.5 Digital Advertising 18 3% 240.2 1% 12 152.8 0 - 6 87.4 Information 10 2% 107.2 0% 3 59.9 2 40.2 5 7.1 Total 615 100% 34,240.3 100% 264 19,169.6 35 4,719.9 316 10,350.8 *Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions The aggregate total for January does not include Blackstone’s pending $20 billion TEV acquisition of Thomson Reuters’ Financial and Risk division, including cash, stock, and net debt. 3 | M&A and Investment Summary January 2018 M&A and Investment Summary for All Segments Transaction Distribution ▪ Reported strategic activity in January was up 11 percent month-over-month with 264 deals announced, accounting for more than 43 percent of total transactions ▪ Strategic activity accounted for 88 percent of reported control transactions during the month and included significant transactions: • SS&C Technologies’ pending $5.4 billion acquisition of DST Systems • The pending acquisition of UBM by Informa in a transaction valuing the company at $5.3 billion • The pending $2.4 billion acquisition of Callidus Cloud by SAP America • RELX Group’s acquisition of cybersecurity and digital identity solutions provider ThreatMetrix for a reported $817 million • The acquisition of Nasdaq’s Public Relations Solutions and Digital Media Services assets by Apollo Global Management-backed West Corporation for $335 million $110.0 $500.0 $98.1 $100.0 $90.0 $400.0 Gemalto $80.0 / Thales $70.0 $300.0 $60.0 $50.2 $54.4 $51.4 21st Century Fox $50.0 Thomson Tribune / Disney Scripps $37.8 Reuters F&R $200.0 $40.0 $36.2 / Discovery $33.7 / Blackstone $30.0 $24.6 $24.1 $23.4 $25.0 $20.8 $19.9 $20.0 $100.0 $10.0 457 449 545 471 520 569 519 622 552 609 554 514 615 $- $- Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 *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, Thales’ $6.6 billion TEV acquisition of Gemalto, including cash, stock, and net debt, and Blackstone’s pending $20 billion acquisition of Thomson Reuters’ F&R business, including cash, stock, and net debt. 4 | M&A and Investment Summary January 2018 Selected Transactions with Valuation Information Disclosed ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value TTM Rev TTM EBITDA EV/REV EV/EBITDA Agency & Marketing Services Blackhawk Network, Inc. Loyalty/Retention Silver Lake Partners $ 3,826.9 $ 2,070.2 $ 150.7 1.8x 25.4x Business Services DST Systems, Inc. Financial Consulting SS&C Technologies Holdings, Inc. 5,400.0 2,023.1 658.9 2.7x 8.2x ECS Federal LLC IT Consulting/Systems Integration On Assignment, Inc. 775.0 586.4 67.6 1.3x 11.5x Northgate Public Services Limited IT Consulting/Systems Integration NEC Corporation 636.9 210.9 - 3.0x NA eInfochips Limited IT Consulting/Systems Integration Arrow Electronics, Inc. 280.4 76.8 - 3.7x NA Concept Life Sciences Limited Healthcare Consulting Equistone Partners Europe Limited 218.6 62.8 12.0 3.5x 18.2x Fliway Group Logistics Yang Kee Logistics Pte Ltd. 43.5 62.5 5.6 0.7x 7.8x SENTEL Corporation Engineering Consulting Vectrus, Inc. 36.0 107.0 - 0.3x NA Digital Advertising Good Game, Gambling-related Informational Websites Affiliate/CPA Network XLMedia PLC 18.4 2.1 - 9.0xNA NA Digital Media/Commerce Slacker, Inc. Mobile Content/Apps LiveXLive Media, Inc. 50.0 26.8 - 1.9x NA Information Real Estate 114, Inc. Financial Information Hyundai Development Company 59.9 13.1 - 4.6xNA NA Marketing Technology Callidus Software, Inc. SFA/Lead Management SAP America, Inc. 2,400.0 239.6 - 10.0x NM Junxure CRM AdvisorEngine, Inc. 16.0 6.4 - 2.5x NA Blaynmail Co., Ltd. Email/Messaging Software Rakus Co., Ltd. 14.0 5.7 - 2.5x NM Software Connecture, Inc. Healthcare Software Francisco Partners 104.3 78.0 (5.2) 1.3x NM Practice Fusion, Inc. Healthcare Software Allscripts Healthcare Solutions, Inc. 100.0 181.0 - 0.6x NA Traditional Media UBM plc B-to-B Media Informa PLC 5,290.0 1,209.6 343.5 4.4x 15.4x Belgian Women's Magazine Portfolio of Sanoma Consumer Magazine Publishing Roularta Media Group NV 41.0 94.0 - 0.4x NA 5 | M&A and Investment Summary January 2018 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Jan-18 Cardlytics , Inc. United States Marketing Technology 81.0 127.5 (14.4) Jan-18 Spotify, Inc. United States Digital Media/Commerce NA NA NA Nov-17 Zscaler, Inc. United States Software NA NA NA Jun-17 Ancestry.com LLC United States Digital Media/Commerce NA NA NA 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 January 2018 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 Jan 31, 2018 1st Trading Day Jan-18 Software PagSeguro Digital Ltd. Brazil $17.50-$20.50 21.50 $29.20, up 35.8% 27.94 (4.3%) Dec-17 Digital Advertising iClick Interactive Asia Group Limited Hong Kong 8.00-9.00 8.00 9.00, up 12.0% 7.81 (13.2%) Nov-17 Software Bandwidth Inc. United States 20.00-22.00 20.00 21.19, up 6.0% 23.34 10.1% Nov-17 Digital Media/Commerce PPDAI Group Inc. China 16.00-19.00 13.00 13.33 up 2.5% 7.65 (42.6%) Nov-17 Software SailPoint Technologies Holdings, Inc. United States 9.00-11.00 12.00 13.00 up 8.3% 16.73 28.7% Nov-17 Marketing Technology SendGrid, Inc. United States 13.50-15.50 16.00 18.00 up 12.5% 22.47 24.8% Nov-17 Digital Media/Commerce Sogou Inc. China 11.00-13.00 13.00 13.50 up 3.8% 10.28 (23.9%) Nov-17 Digital Media/Commerce Stitch Fix, Inc. United States 18.00-20.00 15.00 15.15, flat 20.67 36.4% Oct-17 Software Altair Engineering Inc. United States 11.00-13.00 13.00 18.31, up 40.8% 26.60 45.3% Oct-17 Software ForeScout Technologies, Inc. United States 20.00-22.00 22.00 25.49 up 15.9% 30.42 19.3% Oct-17 Digital Media/Commerce CarGurus, Inc. United States 13.00-15.00 16.00 27.58 up 72.4% 33.50 21.5% Oct-17 Software MongoDB, Inc.