November 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 November 2017 M&A and Investment Summary for All Segments Transaction Distribution . A total of 554 deals were announced in November 2017, of which 291 were worth $25.0 billion in aggregate reported value • November activity is highlighted by 39 reported Private Equity transactions, the second largest monthly total of the year . Software was the most active segment with 198 deals announced — 121 of these transactions reported $6.0 billion in value . Digital Media/Commerce was also active with 114 transactions announced, of which 75 were worth a reported $6.7 billion in value . Strategic buyers announced 242 deals (39 reported $11.6 billion in value) . VC/Growth Capital investors announced 273 transactions (244 reported $8.4 billion in value) . Private Equity investors announced 39 deals during the month (seven reported $5.0 billion in value) November 2017 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 198 36% $6,047.7 24% 67 $1,865.2 12 $2,055.6 119 $2,126.9 Digital Media/Commerce 114 21% 6,728.0 27% 38 2,331.8 2 - 74 4,396.2 Marketing Technology 75 14% 1,793.9 7% 24 276.6 3 458.9 48 1,058.4 Business Services 65 12% 5,221.5 21% 40 2,900.7 13 1,940.0 12 380.9 Agency & Marketing Services 43 8% 26.0 0% 37 16.0 4 - 2 10.0 Traditional Media 25 5% 3,753.8 15% 17 3,016.9 3 563.0 5 173.9 Digital Advertising 23 4% 239.7 1% 11 19.9 1 - 11 219.8 Information 11 2% 1,166.3 5% 8 1,150.0 1 - 2 16.3 Total 554 100% 24,976.9 100% 242 11,577.1 39 5,017.5 273 8,382.4 3 | M&A and Investment Summary November 2017 M&A and Investment Summary for All Segments Transaction Distribution . Reported strategic activity in November was flat month-over-month with 242 deals announced, the third largest monthly total of 2017 so far . Strategic activity accounted for 86 percent of reported control transactions during the month and included significant transactions: • Meredith Corporation’s pending acquisition of Time, Inc. in a transaction valuing the company at $2.8 billion, including debt • The acquisition of software development, engineering, and product design services firm Aricent by Altran Technologies in an acquisition valued at $2 billion • The majority stake taken by ION Investment Group in Dealogic from The Carlyle Group and Euromoney Institutional Investor in a deal valuing the company at a reported $1.2 billion • Open source software and code management company Black Duck Software’s pending sale to Synopsys for a reported $565 million • The $465 million pending acquisition of independent game development studio Respawn Entertainment by Electronic Arts $70.0 $500.0 $60.0 $51.2 $50.2 $400.0 $50.0 Tribune Scripps / $36.2 Discovery $37.8 $300.0 $40.0 $33.7 $30.0 $25.4 $25.2 $24.6 $24.1 $23.4 $25.0 $200.0 $20.8 $19.9 $20.0 $100.0 $10.0 419 415 457 449 545 471 520 569 519 622 552 609 554 $- $- Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 *Note, Discovery Communications’ $14.6 billion acquisition Scripps Networks, Sinclair Broadcast Group’s $6.6 billion acquisition of Tribune Media have been excluded to limit comparative distortions. 4 | M&A and Investment Summary November 2017 Selected Transactions with Valuation Information Disclosed ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value TTM Rev TTM EBITDA EV/REV EV/EBITDA Agency & Marketing Services The Corner Communications (London) Limited Digital Agency Be Heard Group plc $ 16.0 $ 7.6 $ 1.5 2.1x 10.7x Business Services Aricent, Inc. IT Consulting/Systems Integration Altran Technologies SA 2,000.0 687.0 192.0 2.9x 10.4x Duff & Phelps Corporation Financial Consulting Permira Advisers 1,750.0 700.0 - 2.5x NA Wall Street English Corporate Training Baring Private Equity Asia 100.0 175.0 22.9 0.6x 4.4x TATA Business Support Services Limited BPO Quess Corp Limited 46.1 102.0 8.6 0.5x 5.4x Syncordis SA IT Consulting/Systems Integration Larsen & Toubro Infotech Limited 33.1 13.3 - 2.5x NA Anisa Group Ltd. IT Consulting/Systems Integration Sanderson Ltd. 15.8 13.6 2.8 1.2x 5.7x Rockford IT Limited IT Consulting/Systems Integration SysGroup plc 5.2 5.7 - 0.9x NA Digital Media/Commerce Mashable, Inc. Niche Content Ziff Davis, Inc. 50.0 50.0 - 1.0x NA CapriCoast.com Home Solutions Pvt. Ltd. eCommerce HomeLane 14.0 35.0 - 0.4x NA Marketing Technology BazaarVoice, Inc. Social Technology Marlin Equity Partners 458.9 206.3 0.9 2.2x NM Qvidian SFA/Lead Management Upland Software, Inc. 50.0 19.5 - 2.6x NA Comapi Email/Messaging Software dotDigital Group plc 14.6 9.6 1.5 1.5x 9.7x Software Barracuda Networks, Inc. Security Software Thoma Bravo, Inc. 1,405.6 366.6 32.6 3.8x 43.1x Black Duck Software, Inc. Security Software Synopsys, Inc 565.0 75.0 - 7.5x NA IGE+XAO Group Engineering Software Schneider Electric SE 221.5 32.6 8.8 6.8x 25.1x Traditional Media Time, Inc. Consumer Magazine Publishing Meredith Corporation 2,812.9 2,884.0 388.0 1.0x 7.2x GV Holdings PLC, Headlong Assets Entertainment Media Ropso Malta 174.2 40.1 - 4.3x NA Multiplay Ltd. Entertainment Media Unity Technologies, Inc. 25.1 5.9 - 4.3x NA 5 | M&A and Investment Summary November 2017 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Nov-17 Zscaler, Inc. United States Software NA NA NA Oct-17 Cardlytics , Inc. United States Marketing Technology NA NA NA Oct-17 Loton Corp. United Kingdom Digital Media/Commerce 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 November 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 Nov 30, 2017 1st Trading Day Nov-17 Software Bandwidth Inc. United States $20.00-$22.00 20.00 $21.19, up 6.0% 21.84 3.1% Nov-17 Digital Media/Commerce PPDAI Group Inc. China 16.00-19.00 13.00 13.33 up 2.5% 9.60 (28.0%) Nov-17 Software SailPoint Technologies Holdings, Inc. United States 9.00-11.00 12.00 13.00 up 8.3% 14.70 13.1% Nov-17 Marketing Technology SendGrid, Inc. United States 13.50-15.50 16.00 18.00 up 12.5% 20.96 16.4% Nov-17 Digital Media/Commerce Sogou Inc. China 11.00-13.00 13.00 13.50 up 3.8% 12.30 (8.9%) Nov-17 Digital Media/Commerce Stitch Fix, Inc. United States 18.00-20.00 15.00 15.15, flat 20.04 32.3% Oct-17 Software Altair Engineering Inc. United States 11.00-13.00 13.00 18.31, up 40.8% 22.39 22.3% Oct-17 Software ForeScout Technologies, Inc. United States 20.00-22.00 22.00 25.49 up 15.9% 24.12 (5.4%) Oct-17 Digital Media/Commerce CarGurus, Inc. United States 13.00-15.00 16.00 27.58 up 72.4% 29.48 6.9% Oct-17 Software MongoDB, Inc. United States 20.00-22.00 24.00 32.07 up 33.6% 28.53 (11.0%) Oct-17 Digital Media/Commerce Sea Limited Singapore 12.00-14.00 15.00 16.20 up 8.4% 11.60 (28.4%) Sep-17 Digital Media/Commerce Secoo Holding Limited China 12.00-14.00 13.00 10.01 down 23.1% 8.69 (13.2%) Sep-17 Business Services BEST Inc. China 10.00-11.00 10.00 10.52 up 5.2% 9.84 (6.5%) Sep-17 Digital Media/Commerce Roku, Inc. United States 12.00-14.00 14.00 23.50 up 65% 43.90 86.8% Sep-17 Digital Media/Commerce Despegar.com, Corp. Argentina 23.00-26.00 26.00 31.92 up 23.1% 24.00 (24.8%) Jul-17 Digital Advertising Redfin Corporation United States 12.00-14.00 15.00 21.72 up 45% 22.78 4.9% Jun-17 Digital Media/Commerce Blue Apron Holdings, Inc.