August 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 August 2016 M&A and Investment Summary for All Segments Transaction Distribution . A total of 472 deals were announced in August 2016, of which 296 were worth $33.7 billion in aggregate reported value . Software was the most active segment with 158 deals announced — 104 of these transactions reported $10.2 billion in value . Digital Media/Commerce was also active with 122 transactions announced, of which 88 were worth a reported $7.1 billion in value . Strategic buyers announced 182 deals (42 reported $18.4 billion in value) . VC/Growth Capital investors announced 271 transactions (245 reported $6.9 billion in value) . Private Equity investors announced 19 deals during the month (nine reported $8.3 billion in value) August 2016 BUYER/INVESTOR BREAKDOWN Transactions Reported Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Software 158 33% $10,164.7 30% 51 $4,054.0 6 $4,404.7 101 $1,706.0 Digital Media/Commerce 122 26% 7,071.7 21% 36 4,294.8 1 67.8 85 2,709.1 Marketing Technology 67 14% 3,542.1 11% 20 1,733.8 4 276.5 43 1,531.8 Business Services 38 8% 1,976.1 6% 20 388.7 5 1,174.5 13 412.8 Agency & Marketing Services 28 6% 1,523.6 5% 26 1,502.6 2 21.0 0 - Digital Advertising 25 5% 1,753.4 5% 5 1,304.8 0 - 20 448.6 Traditional Media 22 5% 5,136.3 15% 19 5,128.8 0 - 3 7.5 Information 12 3% 2,502.0 7% 5 - 1 2,382.2 6 119.8 * Oracle’s $9.4 billion acquisition of NetSuite has been excluded to limit comparative distortions Total 472 100% 33,669.9 100% 182 18,407.6 19 8,326.7 271 6,935.6 3 | M&A and Investment Summary August 2016 M&A and Investment Summary for All Segments Transaction Distribution . Reported transaction activity in August was up nearly 10 percent from July 2016 and more than 20 percent from August of 2015 . Strategic activity accounted for 39 percent of reported deal activity during the month and included significant transactions: • Walmart’s acquisition of eCommerce company Jet.com for $3.3 billion • The $2.4 billion acquisition of SaaS-based fleet management solutions company Fleetmatics by Verizon • Dentsu Aegis Network’s majority stake acquisition in database marketing agency Merkle at a reported valuation of $1.5 billion • The acquisition of customer engagement solutions company Interactive Intelligence by Genesys Telecommunications for $1.4 billion • The $582 million acquisition of online word processing solutions company Quip by Salesforce $120.0 $500.0 $110.0 $100.0 $400.0 $90.0 $80.0 $73.1 $300.0 $70.0 LinkedIn / $60.0 Microsoft $50.0 $44.7 Supercell / $42.6 $40.4 $200.0 IMS Health Tencent $40.0 Sungard NetSuite $33.7 $26.7 $27.4 $30.0 Veritas $23.7 $24.9 $22.1 HP IT / CSC Solera $21.3 $100.0 $20.0 Inter. Data $14.4 $13.7 MultiPlan $10.0 376 403 424 363 407 418 427 433 404 432 491 427 473 $- $- Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-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, Oracle’s $9.3 billion acquisition of NetSuite, 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’ $6.7 billion acquisition of Solera Holdings have been excluded to limit comparative distortions. 4 | M&A and Investment Summary August 2016 Selected Transactions with Valuation Information Disclosed ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Agency & Marketing Services Merkle, Inc. Database/Analytics Dentsu Aegis Network, Inc. $ 1,500.0 $ 436.0 $ - 3.4x NA Business Services Matrix Medical Network 1 Healthcare Consulting Frazier Healthcare Partners 537.5 215.0 29.5 2.5x 18.2x Digital Advertising Media.net Ad Networks/Exchanges Miteno Communication Technology 900.0 232.0 - 3.9x NA Monster Worldwide, Inc. Vertical Search Randstad Holding nv 382.8 635.0 75.7 0.6x 5.1x Digital Media/Commerce IronPlanet, Inc. Classifieds/Auctions/P-to-P Ritchie Bros. Auctioneers, Inc. 758.5 - 58.5 NA 13.0x Information Press Ganey Holdings, Inc. Healthcare Information EQT VII 2,382.2 344.3 104.9 6.9x 22.7x Marketing Technology Interactive Intelligence, Inc. Teleservices/eServices Genesys Telecommunications Laboratories, Inc. 1,394.3 413.1 - 3.4x NA Atypon Systems, Inc. Content Delivery Network John Wiley & Sons, Inc. 120.0 31.0 - 3.9x NA Sizmek, Inc. Media Management System Vector Capital Corporation 76.5 185.2 9.0 0.4x 8.5x One Click Retail Analytics & Targeting Ascential plc 44.0 4.9 3.4 9.0x 12.9x Meme Global Media Group Media Management System Somoto Ltd. 13.0 9.0 4.1 1.4x 3.2x ZenContent, Inc. Content Management IZEA, Inc. 4.5 2.0 - 2.3x NA Software Rackspace Hosting, Inc. Cloud Computing Technology Apollo Global Management, LLC 4,404.7 2,073.4 588.4 2.1x 7.5x FleetMatics Group PLC Enterprise Mobility Verizon Communications, Inc. 2,400.0 282.4 - 8.5x NA QHR Corporation Healthcare Software Loblaw Companies Limited 119.8 23.6 - 5.1x NA Morrisey Associates, Inc. Healthcare Software HealthStream, Inc. 48.0 12.8 4.6 3.8x 10.5x Covalent Software Ltd. Credit/Risk Software Ideagen Plc 6.1 5.0 0.4 1.2x 15.0x Relay Software Limited Credit/Risk Software Applied Systems, Inc. 5.2 8.0 - 0.7x NA Traditional Media Taj Television Limited Broadcast Television Sony Pictures Entertainment, Inc. 385.0 95.0 - 4.1x NA Augustus Group Ltd. Entertainment Media The Marketing Group Plc 48.3 - 5.4 NA 9.0x 1 Represents a 60 percent stake acquisition 5 | M&A and Investment Summary August 2016 Securities in Registration ($ in Millions) Aggregate LTM Date Company Name Country Segment Offering Value Rev EBITDA Aug-16 The Trade Desk, Inc. United States Digital Advertising $ 86.3 $ 149.0 $ 47.1 Aug-16 Everbridge, Inc. United States Software 90.0 67.0 NA Aug-16 Gridsum Technology Co., Ltd. China Marketing Technology 75.0 NA NA Aug-16 Meitu Technology Co., Ltd. China Digital Media/Commerce 500.0 NA NA Aug-16 Apptio, Inc. United States Marketing Technology 75.0 142.7 NA Jul-16 CBS Radio Inc. United States Traditional Media 100.0 1,220.0 310.0 Jul-16 FOTV Media Networks, Inc. United States Digital Media/Commerce 30.0 NA NA Apr-16 Optiv Security Inc. United States Business Services 100.0 NA 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 August 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 Aug 31, 2016 1st Trading Day Jul-16 Nasdaq:TLND Talend SA France $15.00-$17.00 18.00 $25.50 up 42% 25.60 0.4% Jul-16 NYSE:LN LINE Corporation Japan 31.00-33.00 33.00 41.58 up 27% 42.75 2.8% Jun-16 NYSE:TWLO Twilio, Inc. United States 12.00-14.00 15.00 28.79 up 92% 53.62 86.2% Jun-16 NasdaqGS:NH NantHealth, Inc. United States 13.00-15.00 14.00 19.47 up 39% 13.11 (32.7%) May-16 NYSE:COTV Cotiviti Holdings, Inc. United States 17.00-19.00 19.00 18.14 down 4.6% 33.24 83.2% Apr-16 NasdaqGS:SCWX SecureWorks Corp. United States 15.50-17.50 14.00 13.88 down 1% 14.20 2.3% Dec-15 NasdaqGS:TEAM Atlassian Corporation Plc Australia 18.00-20.00 21.00 27.78 up 32% 29.48 6.1% Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 24.09 164.7% Nov-15 NYSE:INST Instructure, Inc. United States 16.00-18.00 16.00 18.00 up 12.5% 23.93 32.9% Nov-15 NasdaqGS:MTCH Match Group, Inc. United States 12.00-14.00 12.00 14.74, up 23% 16.19 9.8% Nov-15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00-13.00 10.00 10.10, up 1.0% 16.44 62.8% Nov-15 NYSE:SQ Square, Inc.