June 2016 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 40 4 About Petsky Prunier 52 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 June 2016 M&A and Investment Summary for All Segments Transaction Distribution . A total of 491 deals were announced in June 2016, of which 311 were worth $37.1 billion in aggregate reported value . Software was the most active segment with 164 deals announced — 116 of these transactions reported $11.2 billion in value . Digital Media/Commerce was the most valuable subsegment with 115 transactions announced, of which 80 were worth a reported $11.5 billion in value . Strategic buyers announced 178 deals (41 reported $17.7 billion in value) . VC/Growth Capital investors announced 294 transactions (265 reported $13.5 billion in value) . Private Equity investors announced 19 deals during the month (five reported $5.9 billion in value) June 2016 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 164 33% $11,152.4 30% 43 $6,632.6 8 $2,400.0 113 $2,119.8 Digital Media/Commerce 115 23% 11,517.0 31% 31 1,598.6 2 344.7 82 9,573.7 Marketing Technology 74 15% 6,951.1 19% 13 3,377.4 2 2,614.9 59 958.8 Business Services 32 7% 849.4 2% 25 773.2 1 - 6 76.2 Information 32 7% 1,218.3 3% 18 654.0 3 - 11 564.3 Digital Advertising 31 6% 977.8 3% 13 304.0 2 525.0 16 148.8 Agency & Marketing Services 24 5% 32.4 0% 23 32.4 0 - 1 - Traditional Media 19 4% 4,401.1 12% 12 4,369.3 1 - 6 31.8 Total 491 100% 37,099.5 100% 178 17,741.6 19 5,884.6 294 13,473.4 * Microsoft’s $26.2 billion acquisition of LinkedIn and Tencent’s $10.2 billion acquisition of Supercell have been excluded to limit comparative distortions 3 | M&A and Investment Summary June 2016 M&A and Investment Summary for All Segments Transaction Distribution . Reported transaction value in June was up 140 percent from May of 2016 and more than 100 percent from June 2015 . Strategic activity accounted for 36 percent of reported deal activity during the month and included significant transactions: • Symantec’s acquisition of cybersecurity company Blue Coat Systems for $4.7 billion • The $4.4 billion pending acquisition of media and entertainment company Starz by Lions Gate Entertainment • Salesforce’s pending acquisition of on-demand eCommerce solutions company Demandware for $2.8 billion • The Thoma Bravo pending take-private of business intelligence applications developer Qlik Technologies for $2.8 billion • The $400 million acquisition of revenue cycle management solutions provider Cardon Outreach by Mednax • Cisco’s acquisition of cloud security company CloudLock for $293 million $120.0 $500.0 $110.0 $100.0 $400.0 $90.0 $80.0 $73.5 $70.0 $300.0 LinkedIn / $60.0 Microsoft $50.0 $44.7 $40.4 Supercell / $200.0 $40.0 IMS Health Tencent Sungard $30.0 $26.7 $23.7 $27.4 $24.9 $23.1 Veritas $21.3 $22.1 HP IT / CSC $19.3 Solera $100.0 $20.0 Inter. Data $14.4 $13.7 MultiPlan $10.0 466 448 376 403 424 363 407 418 427 433 404 432 491 $- $- Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 *Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks, Microsoft’s $26.2 billion acquisition of LinkedIn, Quintiles Transnational’s $13.5 billion acquisition of IMS Health, Tencent’s $10.2 billion acquisition of Supercell, Fidelity National Information Services‘ $9.1 billion acquisition of SunGard Data Systems, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division, The Carlyle Group’s $8 billion acquisition of Veritas Systems, Hellman & Friedman and Leonard Green & Partners’ $7.5 billion acquisition of MultiPlan, Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data, and Vista Equity Partners’ $6.7 billion acquisition of Solera Holdings have been excluded to limit comparative distortions. 4 | M&A and Investment Summary June 2016 Selected Transactions with Valuation Information Disclosed ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services The BIO Agency Ltd. Digital Agency Tech Mahindra Limited $ 32.4 $ 18.4 $ - 1.8x NA Business Services DST Systems, NA Customer Communications Business Printing Services Broadridge Financial Solutions, Inc. 410.0 1,100.0 - 0.4x NA Lifetime Training Group Corporate Training Silverfleet Capital 175.0 63.0 16.7 2.8x 10.5x Trustmarque Solutions Limited IT Consulting/Systems Integration Capita plc 83.6 283.0 10.8 0.3x 7.7x Digital Advertising ReachLocal, Inc. Local Search Gannett Co., Inc. 156.0 320.0 17.7 0.5x 8.8x Digital Media/Commerce E-Commerce China Dangdang, Inc. eCommerce Imeigu Capital Management 344.7 1,400.0 19.8 0.2x 17.5x Information Enablon SA Engineering/Scientific/Tech Information Wolters Kluwer NV 279.0 50.2 - 5.6x NA eMarketer, Inc. Financial Information Axel Springer SE 250.0 45.5 13.5 5.5x 18.5x Healthiest You Corporation HR Information Teladoc, Inc. 125.0 16.0 - 7.8x NA Marketing Technology Demandware, Inc. Commerce Management Salesforce.com 2,661.9 365.2 - 7.3x NA Qlik Technologies, Inc. BI Tools Thoma Bravo, Inc. 2,614.9 630.5 3.8 4.1x 682.7x HP Customer Communications Management and Other Assets Teleservices/eServices OpenText Corporation 315.0 125.0 - 2.5x NA Recommind, Inc. Search & Discovery OpenText Corporation 163.0 75.0 - 2.2x NA Software Blue Coat Systems, Inc. Security Software Symantec Corporation 4,650.0 598.0 - 7.8x NA AutoForm Engineering GmbH Engineering Software Astorg Partners 721.0 - 38.0 NA 19.0x Cardon Outreach LLC Healthcare Software MEDNAX, Inc. 400.0 - 35.0 NA 11.4x Higher One Holdings, Inc. Financial Software Blackboard, Inc. 259.5 152.0 - 1.7x NA 4Sight Financial Software Limited Financial software Broadridge Financial Solutions, Inc. 40.0 12.0 - 3.3x NA Traditional Media Starz Entertainment, LLC Entertainment Media Lions Gate Entertainment Corporation 4,295.4 1,681.3 390.5 2.6x 11.0x UBM Tech & Electronics Media Portfolio B-to-B Media Arrow Electronics, Inc. 23.5 19.0 - 1.2x NA Content Marketing Institute B-to-B Media UBM plc 17.6 9.0 - 2.0x NA 5 | M&A and Investment Summary June 2016 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Jun-16 Talend SA United States Software $ 86.3 $ 90.0 NA Apr-16 Optiv Security Inc. United States Business Services 100.0 NA NA Apr-16 Medpace, Inc. United States Business Services NA NA 100.0 Apr-16 inVentiv Group Holdings United States Business Services 100.0 1,700.0 NA Dec-15 Nutanix, Inc. United States Software 200.0 283.1 NA Sep-15 PointClickCare Corp. United States Software 100.0 112.6 3.8 6 | M&A and Investment Summary June 2016 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 Jun 30, 2016 1st Trading Day Jun-16 NYSE:TWLO Twilio, Inc. United States $12.00-$14.00 15.00 $28.79 up 92% 36.50 143.3% Jun-16 NasdaqGS:NH NantHealth, Inc. United States 13.00-15.00 14.00 19.47 up 39% 12.50 (10.7%) May-16 NYSE:COTV Cotiviti Holdings, Inc. United States 17.00-19.00 19.00 18.14 down 4.6% 21.13 11.2% Apr-16 NasdaqGS:SCWX SecureWorks Corp. United States 15.50-17.50 14.00 13.88 down 1% 14.10 1.6% Dec-15 NasdaqGS:TEAM Atlassian Corporation Plc Australia 18.00-20.00 21.00 27.78 up 32% 25.90 (6.8%) Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 13.90 52.7% Nov-15 NYSE:INST Instructure, Inc. United States 16.00-18.00 16.00 18.00 up 12.5% 19.00 5.6% Nov-15 NasdaqGS:MTCH Match Group, Inc. United States 12.00-14.00 12.00 14.74, up 23% 15.08 2.3% Nov-15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00-13.00 10.00 10.10, up 1.0% 10.01 (0.9%) Nov-15 NYSE:SQ Square, Inc. United States 11.00-13.00 9.00 13.07, up 45% 9.05 (30.8%) Oct-15 NYSE:PSTG Pure Storage, Inc. United States 16.00-18.00 17.00 16.01, down 5.8% 10.90 (31.9%) Oct-15 NYSE:FDC First Data Corporation United States 18.00-20.00 16.00 15.75, down 1.5% 11.07 (29.7%) Jul-15 NasdaqGM:RPD Rapid7, Inc.