July 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 July 2017 M&A and Investment Summary for All Segments Transaction Distribution . A total of 519 deals were announced in July 2017, of which 298 were worth $31.7 billion in aggregate reported value . Software was the most active segment with 192 deals announced — 123 of these transactions reported $8.6 billion in value . Marketing Technology was also active with 88 transactions announced, of which 56 were worth a reported $2.0 billion in value . Strategic buyers announced 219 deals (53 reported $15.3 billion in value) . VC/Growth Capital investors announced 266 transactions (234 reported $8.6 billion in value) . Private Equity investors announced 34 deals during the month (11 reported $7.8 billion in value) July 2017 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 192 37% $8,573.4 27% 62 $5,023.3 12 $1,390.0 118 $2,160.2 Marketing Technology 88 17% 2,007.1 6% 26 283.7 6 508.8 56 1,214.6 Digital Media/Commerce 87 17% 8,281.1 26% 24 3,752.8 1 - 62 4,528.3 Business Services 61 12% 3,089.4 10% 42 1,525.8 7 1,133.0 12 430.6 Traditional Media 27 5% 3,902.0 12% 19 2,887.4 4 954.6 4 60.0 Digital Advertising 19 4% 1,870.7 6% 11 1,708.7 1 - 7 162.0 Agency & Marketing Services 35 7% 157.4 0% 32 77.4 2 80.0 1 - Information 10 2% 3,806.5 12% 3 6.0 1 3,740.4 6 60.1 Total 519 100% 31,687.6 100% 219 15,265.0 34 7,806.8 266 8,615.8 * Discovery Communications’ $14.6 billion acquisition of Scripps Networks has been excluded to limit comparative distortions 3 | M&A and Investment Summary July 2017 M&A and Investment Summary for All Segments Transaction Distribution . Reported transaction value in July remained flat from June 2017 and was up six percent from July 2016 . Strategic activity accounted for 87 percent of reported control transactions during the month and included significant transactions: • The pending 62 percent controlling stake taken by Liberty Media in HSN in an all-stock transaction valuing the company at $2.1 billion • Red Ventures’ acquisition of Bankrate in a transaction valuing the company at $1.4 billion • Sage Group’s $850 million acquisition of accounting software developer Intacct • The $600 million Dex Media acquisition of YP Holdings • OpenText’s $222 million acquisition of security and eDiscovery solutions developer Guidance Software • The pending acquisition of Rocket Fuel in a transaction valuing the company at $145 million by Vector Capital-backed Sizmek $100.0 $500.0 $90.0 $80.0 $400.0 $70.0 $60.0 $300.0 $51.2 $50.2 $50.0 $42.6 Tribune Scripps / $40.0 $33.7 $36.2 Discovery $200.0 NetSuite $29.3 $30.0 $25.4 $25.2 $24.6 $24.1 HP Software $21.3 $20.8 $19.9 $20.0 TeamHealth $100.0 $10.0 427 473 463 449 419 415 457 449 545 471 520 569 519 $- $- Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-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 $6.1 billion acquisition of TeamHealth have been excluded to limit comparative distortions. 4 | M&A and Investment Summary July 2017 Selected Transactions with Valuation Information Disclosed ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services BIC Graphic North America Ad Specialty/Premiums H.I.G. Capital LLC $ 80.0 $ 300.0 $ - 0.3x NA The Creative Engagement Group Limited Digital Agency Huntsworth PLC 32.0 32.2 4.7 1.0x 6.8x Velocity Partners Limited B-to-B Agency Next Fifteen Communications Group plc 7.6 6.7 - 1.1x NA Business Services Programmed Maintenance Services Limited Staffing Persol Holding Co., Ltd. 586.9 2,044.7 51.0 0.3x 11.5x NCI, Inc. IT Consulting/Systems Integration H.I.G. Capital LLC 283.0 318.0 28.0 0.9x 10.1x OnX Enterprise Solutions Ltd. IT Consulting/Systems Integration Cincinnati Bell Inc. 199.0 614.0 29.0 0.3x 6.9x CDI Corporation Staffing AE Industrial Partners 182.5 818.4 - 0.2x NA PARX IT Consulting/Systems Integration Persistent Systems Ltd. 16.5 7.8 - 2.1x NA TechJini Solutions Private Limited IT Consulting/Systems Integration Datamatics Global Services Ltd. 8.5 5.0 - 1.7x NA Digital Advertising Bankrate, Inc. Online Lead Generation Red Ventures Limited 1,438.5 460.0 96.0 3.1x 15.0x Rocket Fuel, Inc. Ad Networks/Exchanges Sizmek, Inc. 149.9 446.7 - 0.3x NA Bettingpro.com Affiliate/CPA Network Catena Media 17.8 5.4 - 3.3xNA NA Digital Media/Commerce HSN, Inc. eCommerce Liberty Media Corporation 2,652.8 3,536.2 249.7 0.8x 10.6x Purple Innovaton LLC eCommerce Global Acquisition Partners 1,100.0 187.0 - 5.9x NA Information WebMD Health Corporation Healthcare Information Kohlberg Kravis Roberts & Company L.P. 3,740.4 700.6 181.7 5.3x 20.6x LexisNexis 150 Law Enforcement Publications Legal Information Blue360 Media LLC 6.0 4.8 1.2 1.3xNA 5.0x Marketing Technology PlusServer GmbH Website Creation/Hosting BC Partners Limited 448.8 105.4 42.2 4.3x 10.6x TXT Retail Segmentation/Data Mining Aptos, Inc. 95.4 40.4 - 2.4x NA The Experience Engine, Inc. Analytics & Targeting accesso Techology Group, plc 79.7 12.7 - 6.3x NA Software Bambora Financial Software Ingenico Group 1,683.1 278.0 - 6.1x NA Civica Group Ltd. Cloud Computing Technology Partners Group AG 1,349.4 352.0 101.9 3.8x 13.2x Intacct Corporation Financial Software Sage Group plc 850.0 88.0 - 9.7x NA Merchants' Choice Payment Solutions Financial Software Paysafe Group Plc 470.0 446.0 - 1.1x NA Guidance Software Inc. Data Management Software OpenText Corporation 223.9 108.6 - 2.1x NA Archway Technology Partners LLC Financial Software SEI Investments 88.0 17.9 3.6 4.9x 24.4x Enoro Holding AS Financial Software Hansen Technologies Limited 73.3 42.0 - 1.7x NA iBabs B.V. Data Management Software Euronext N.V 57.1 6.7 4.3 8.6x 13.3x InfoTrellis, Inc. Data Management Software Mastech Digital, Inc. 55.0 22.0 - 2.5x NA EcoOnline AS Engineering Software Summa Equity 42.0 10.3 1.4 4.1x 30.4x Netika SAS Healthcare Software Medasys S.A. 11.0 6.4 1.1 1.7x 10.4x Traditional Media Penguin Random House Consumer Book Publishing Bertelsmann SE & Co. KGaA 4,466.0 3,400.0 531.0 1.3x 8.4x YP LLC Yellow Pages Dex Media 600.0 1,600.0 - 0.4x NA Grupo Media Capital Broadcast Television Altice USA, Inc. 504.2 191.4 44.2 2.6x 11.4x Nova TV and Pop TV Broadcast Television United Group B.V. 258.1 114.8 13.9 2.2x 18.6x 5 | M&A and Investment Summary July 2017 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Jul-17 Stitch Fix, Inc. United States Digital Media/Commerce NA NA NA Jun-17 Vencore, Inc. United States Business Services 250.0 1,700.0 NA Jun-17 Best Logistics Group, Inc. China Business Services 1,000.0 1,300.0 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 May-17 Sea Ltd. Singapore Digital Media/Commerce NA NA NA Apr-17 Tivit S.A. Brazil Business Services 319.3 2,031.8 287.2 Feb-17 ForeScout Technologies, Inc. United States Software NA NA NA Jan-17 EVRY AS Norway Business Services 151.1 12,859.5 NA 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 July 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 Jul 31, 2017 1st Trading Day Jul-17 NasdaqGS:RDFN Redfin Corporation United States $12.00-$14.00 15.00 $21.72 up 45% 24.13 11.1% Jun-17 NYSE:APRN Blue Apron Holdings, Inc. United States 10.00-11.00 10.00 9.99, flat 6.61 (33.8%) Jun-17 NYSE:ATUS Altice USA, Inc.